View source for 3F0486-19, Forwards 1985 Annual Financial Repts for Florida Power Corp & Participants,Except Alachua

{{Adams
| number = ML20210N598
| issue date = 04/30/1986
| title = Forwards 1985 Annual Financial Repts for Florida Power Corp & Participants,Except Alachua
| author name = Widell R
| author affiliation = FLORIDA POWER CORP.
| addressee name = Denton H
| addressee affiliation = NRC OFFICE OF ADMINISTRATION (ADM), NRC OFFICE OF NUCLEAR REACTOR REGULATION (NRR)
| docket = 05000302
| license number = 
| contact person = 
| document report number = 3F0486-19, 3F486-19, NUDOCS 8605050199
| package number = ML20210N608
| document type = CORRESPONDENCE-LETTERS, INCOMING CORRESPONDENCE, UTILITY TO NRC
| page count = 990
}}

=Text=
{{#Wiki_filter:. __                     _ . _ _
No        OcI 0'
Power C OR PO R ATION April 30, 1986 3F0486-19 Mr. H. R. Denton, Director Office of Nuclear Reactor Regulation Attention: Document Control Desk Washington, DC 20555

==Subject:==
Crystal River Unit 3 Docket No. 5G-302 Operating License No. DPR-72 Annual Financial Reports for Florida Power Corporation and Participants

==Dear Sir:==

Florida Power Corporation (FPC) hereby submits the 1985 Annual Financial Reports for Florida Power Corporation and Participants (co-owners of Crystal River Unit 3) except Alachua. When Alachua supplies copies of its annual report, it will be submitted.             FPC submits the aforementioned reports in compliance with 10 CFR 50.71(b) and Regulatory Guide 10.1 " Compilation of Reporting Requirenents for Persons Subject to NRC Regulations".
Should you have any questions concerning this submittal, please contact this office.
Sincerely, h
R. Is Widell Mansjer, Nuclear Operations Licensing and Fuel Management DVH/feb xc:   Dr. J. Nelson Grace Regional Administrator, Region II Office of Inspection and Enforcement U.S. Nuclear Regulatory Cornission 101 Marietta Street N.W., Suite 2900 Atlanta, GA 30323
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                                                                                                                      \D GENERAL OFFICE 3201 Thirty-fourth Street South.P.O. Box 14042, bt. Petersburg, Florida 33733 813-8665151

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l Auditors' Reix>rt . ...       .. ... ...... .         1 Balance Sheets. . .      .        ... ........        2.
l Statements of Income and Accumulated                       1 Retained Earnings . . .         .    ..      .... . 4 Staten ents of Changes in Financial R>sition .        5 Notes to Financial Statements . .         . ..... . 6 e
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Ernst &Whinney               cenmed rennmeomos       m sous u mena m     uceec P.O. Ilos 3426 Orlando. Ilorida 32502 305 841 2050 Orlando Utilities Commission Orlando, Florida We have examined the balance sheets of the Orlando Utilities Commission as of September 30, 1984 and 1985, and the related statements of income and accumulated retained earnings and chaages in financial position for the years then ended.       Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other    auditing     procedures as we    considered necessary          in    the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of the Orlando Utilities Commission at September 30, 1984 and 1985, and the results of its operations and the changes in its financial position for the years             then ended,        in conformity with generally accepted accounting principles consistently applied except for the change, with which we concur, in the method of accounting for transfers to the General Fund of the City of Orlando for the year ended September 30, 1985, as described in Note F to the financial statements.
In connection with our examination, nothing came to our attention that caused us to believe that the Commission was not in compliance with any covenants, agreements or conditions of the Bond Resolution dated April 18, 1978 as amended and supplemented.       However, it should be noted that our examination was not directed primarily toward obtaining knowledge of such noncompliance.
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Orlando, Florida Noverr.be r 27, 1985 m_. -                                                                                    - - - - - - - - - - -_d

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n BALANCE SHEETS ORLANDO UTILITIES COMMISSION Septemler to AS E                                                                                                            1984                    198;.
UTillTY PLANT
             - in wrvice:
Ek< tric.   .         ..       ..                        .                               .      5    436,610,411 5        465,651.927
{
Water . . . . . .     .      .... .. ...                   . ...            . .. ...                  69,126,578           80.057,080
                 ~ Common . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                ...          14,833,137           17,846,290 Allowances for depreciation and amortizatk>n (deduction)                                            (139,840,489)        (155,680,193) 380,749,639          407.875,104 Construction nurk in progress - Note G.                         .       ...          ....        . .      157,946,741          242.341,685 538.696,180          650.216,789-RESTRICTED ASSETS-Note B Debt wrsice funds                        .                                                                )48.I64,122          216,557,!69 Construction and related furxl> .                     . .         .                  .                    245.506,780          200,306,281
        ~    .
Other..................                       .. .. .       . .       .. . . ... . . .                        383.508              1.463.933' 494,034,410          418,327,38i CURRENT ASSETS Cash.                                                                                                         831.510              I,910,055 Pooksi inustments . . . . .                                     .                                          21.078.277           37,565,157 Customer account > rec eivable, less alkman( e for doubtful accounts (1984 - $232.936; 1983 - 5450,438)                                        .      . .         14.032,976           16.373.217     -
Accrued utility resenues . . . .                      .         .            .              .. .           10,858,566           12,162,855 Fuel for t;eneration.             .. .                  ,       .                                          11,059,082             6,104,770 Materials and supplies .                                                                                    4,l'#9,1.19           4,12ti,150 Accrued interest rcceivabk-                                                                                 5,510,718             2.201,756 Miscellaneous receivahks and prepaul ex;wms .                                                                 468.466                 66I,784 68 080,754           til,129,744 I
   ^ ' DEFERRED ASSEIS Unamortized debt expenx5 .                                .
1,66tl,246             1,262,ill
                .                                                                                    TOTAL ASSE15   5 1,102,499.790 5 _1,151,136,237 94" fWW*4 f4 fifMf7 Mf %fdff171f *fD 2

september 30 CAPITALIZATION AND LIABILITIES                                                                          1984                 1985 CAPITALIZATION Equity:
Accumulated retained earnings:
Appropriated for debt servke .           .. .        .                                 5      99,604,112 5        90,543,333 Insested in or apptupriated for utilits plant and working capital . .                .        62,970,758        105,337,028 162,574,870         195,880,561 Contributed capital .       ..         . ..             .     ..                     .           19,841,709          27,097,681 182,416,579         222,978,242 Long-term debt - Notes C and G:
Bond principal.          .     ..                                       .. . .                 580,370,000         576,313,000 Bond anticipation notes. . . ... .               .. . .          . .                 ..        280,000,000         280,(X10,(X)0 Unamortized di3 count (deduction) .                     .                  .         .          (10,528,295)        (10,048,095) 849,841,705         846,266,905 TOTAL CAPITAllZATION               1,012,258,284       1,069,245,147 CURRENT LIABILITIES - payable from restrkted assets Accrued intere>t payable on long-temi debt . . ..                          ..         .             29,163,551          27,582,658 Current portion of long-temi debt - Note C . .                 .        .         .. ..              1,340,0(X)          4,055,(XX)
Accounts payable - construction funds                                                                6,582,179          20.230,707 37,085,730          51,868,365 CURRENT LIABILITIES - payable from current assets Accounts payable and accrued expenses .                                                             20,294,868          16,949,825 Customer meter deposits and interest thereon .                                                       3,831,054           4,028,791  ,
Colk<tions on betialiof state and polrtical sulxlivisw>ns .                                          1,206,549           1,385,268 Due to the Cmeral fund of the City of Orlando                                                          626.015             626 015 27,958,486          24,984,899 OTHER LIABillTIES Customer water and ele < trk line extension dep Wts                                                  5,197,290           5,042.826 10TAL CAPITAllZAllON AND LIAHillTIES                    5 1,102.499,790 $ 1,151.136,217 M1 ruirm to Iwex t.nl statovnots 3

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  , ' STATEMENTS OF INCOME AND ACCUMULATED RETAINED EARNINGS ORLANDO UTILITIES COMMISSION Year Ended September 30 1984               1985 Operating res enues . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     ........               . $ 182,727.754    5 .204,322,303
    .. Operating expenses:
Fuel and purchael power for generation                                                   .                 81,606,329          81,169,644 Pnxiuction            ..   . ...   .       ...                   .                               .          17,278,188         19,157,900 Transmission and distiibution . . . . ................                                     .     ....        9,136,186          8,112,300 Depreciation and amortization . . . . . . . . . . . . . . . . . ......... ...                              14,705,223          15,225,873 Customer accounting. . . . . .              . .......                 . .... .. .. . . ..                     3,480,696          4,186,354 General and administrative . . . . . . . . . . . . . . .                 ...         .     .               10,103,448          11,923,264 5 State utilities tax . ..           .                                                                         ),362,815         -2,525,071 Customer sersice informational and sales expenses .                                                           1,244,874          1,057,677 Payments to the General Fund of the City of Orlando- Note A .                                                6.231,000          6.211,000 146,148.759_       149,589,083 OPERATING INCOME                     36,578,995          34,733,222 Interest and other income . . . . . .             ....................... . . .                               28,071,351          55,748,146 64,650,346        110,481,368 Other deductions-principallv interest .                    .                     .       .     .. .. .         44,711,214          69.751,611 INCOME BEFORE OPERATING TRANSFER                                         19,919,132         40,729,757 Operating transfers to the General Fund of the City of Orlando-Notes A and F                                              .     .     ..                                 7,941,000 NET INCOME             _19,939,132         32,788,757
    . Accumulated retained earnings at beginning of year.                                                          149,203,273         162,574,870 Less transfers to the General Fund of the City of Orlando- Notes A and F                                       (7,941.000) 161,201,405        195,363,627 Depreciation of contributed utility plant - Note A                                                              1,373,465            516,93' ACCUMULATED RETAINED EARNINGS AT END Of YEAR                                          5 162,574 870_   $._195,880,56_1_
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STATEMENT OF CHANGES IN FINANCIAL POSITION ORLANDO UTILITIES COMMISSION Year Ended September 30 1984             1985 SOURCE OF FUNDS Net income. . . . . . . .      ....                              . .           . . . ...                   . $                                       19,939,132                    $  32,788,757 Charges to operations not requiring current outlay of working capital:
Depreciation and amortization of plant charged to operations .                                          .                                         15,192,472                       15,699,457 Depreciation and amortization charged to fuel costs .                           .       .               .                                                 3,191,081                  2,310,993 Amortization of bond discount and expenses . .                             . .             .                                                                            297,719       1,009,784 TOTAL FROM OPERATIONS                                                                   38,620,404                         51,808,991 Proceeds from sales of bonds ard bond anticipation notes                                                                                 579,000,000                                 280,000,000 Contributed capital          . .. . ..                  .                             .....                .                                                  3,668,810                 7,772,906 increase in restricted liabilities                           .           .     .           .          ..                                           20,829,201                         14,782,635 increase in other liabilities . .           .   .                ..                ..              .                                                           1,779,961 Decrease in restricted assets . . .             .. .                  ..                                                                                                              75,727,027 643,898,376                                 430,091,559 APPLICATION OF FUNDS Decrease in other liabilities . . . .         .   .            .      ..                           ..                                                                                      164,464 increase in restricted assets .               .   .       .                        .               .       .                             409,722,536 Additions to otility plant - net .                .                   .                            .                                       118,805,720                               129,530,859 Transfers to the General Fund of the City of Orlando                                         ...         .                                                    7,941,000 Reduction of long-term debt .                           . .                .          ..                                                           97,340,000                        284,055,000 Expenses attributable to sale of bonds and notes.                                                                                                            9.620.281                     123,659 643,429,537                                 413,873,982 INCREASE IN WORKING CAPITAL                                  $                                                            468,839 $   16,217,577 CHANGES IN COMPONENTS OF WORKING CAPITAL increase (decrease) in current assets:
Cash .            . ... .              .                    . ..                                          $                                                            737,479 5     1,076,525 Pookd inwstments               . .                ..      .                                             .                                                             (339,703)    16,486,880 Customer accounts receivable                   .                 .
(231,016)      2,340,241 Accrued utility revenues                       .       ..                                   .
2,794,864                1,304,289 Fuel for generation .               ..                      .                               ..                                                        (2,180,934)                   (4,954,312)
Materials and supplies .            ..                                .
246,326          129,011-Accrued interest receivables . .               . .                                                                                                         4,393,974                (3,326,962)
Miscellaneous receivables and prepaid expenses .                                                                                                                       135,484          193,318 5,556,474              13,248,990 increa<e (decrease) in current liabilities:
Accounts payable and accrued expenses.                                             .
6,593,557                (3,345.043)
Customer meter deposits and interest thereon                                       .          .
443,154          197,737 Collections on behalf of state and political subdivisions .                           .
(1,149,612)                       178,719 Due to the General Fund of the City of Orlando . ,                                                                                                                    (799,464) 5.087,635              (2,968,587)
INCREASE IN WORKING CAPITAL                                  $                                                            468,839 $   16,217,577, Sw rw>tes to hn.xv ut sta.wrn 5
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q NOTES TO FINANCIAL STATEMENTS ORLANDO UTILITIES COMMISSION September 30,1985 Note A-Summary of Significant Accountingibli(ies                      Depre(lation:
The financial statements of the Orlando Utilities Com-                Utihty plant is depret iated using the straight-line mission are presented in conformity with generally                    meth.xlior eac h of the sanous plant dassifications at rates accepted accounting prinuples and represent General                   w hk h w ill anun tite the costs owr the estimated et onomk Purpw financial Statements as definnt in Statement 1 -                 useful hses of the assets. Depreciation of whides and Gowrnmental Accountingand Iinancial Reporting Pnnci-                  ofher construc ion niuipment h ( harged to departmental           1 ples promulgated by T he National Courw il on G(w ernnwn-             operating espenses or (onstruction work in progress.
tal Accounting (NCGA and affirmed by the Gmemmental                   Amounts for all other awets are (harged to depreoatuen Accounting Standards Board (GASB). The statements are                 expense.
substanhally in conformity w ith accounting pnnciples and methods prescobed by the federal Ene'rgy Regulatory                   Undin ided inierest in foint Projects:
Commission and other regulatory authorities eu ept for the                The Cotumission accounts for its unda kfni ow nership meth(xl of aucunting for contnhuted capital descntwd                  interest in elec'ric generating taahtits owned wath other beknv                                                                 utihties (See Note D) based on the C(unmisuon's pn> rata share of the proje( t's ( onstruc tion ( osts and operating Reporting Entity:                                                     expenses.
Statement 3 of the NCGA requires that all funds and enti-ties controlled by or dependent on the Odando Utilities               Iboledim estments:
Commission be included in the Commission's financial                      The Commission maintains three pooled inwstment statements. The Orlando Utihties Commiwn>n (ontrols no                au ounts whk h indode all restricted and unrestritted other funds or entities other than those funds ucated under            imestments cu ept those in the investment Au ount de-the terms of its Bcnd Resolution.                                     % nhed in Note C. The investments ( onsist mainly of dire ( t The Orlando Utihtk s Commiwsion was ucated by the                 ohhgatnins of the U.1 Gowmment, debt instruments of Florida State I.egislature and is a part of the gowrnment of          federal agenues, and secuotkw he ld under repurt hase the City of Orlando, Flonda. The Commission (onusts of                agreements. These inwstments, at (osi (market value of ine members, in(luding the Mayor of the Citv. Members                  $4a1,1al,877 and $410.911,111 at september 10.1984 serw without salary and, with the eveption of the Masor               and 1983, respectnely) were dassinal as folkms; w ho is an ex-of ficio member of t he Commission, are nomi-nated by the Commission and elec ted by the Citv Counul.                                                       s mber to These financial statements do not include the City of                                                       '"d4              W Orlando. Florkla which is considered a separate gowrn-                gesino,4 assen .                  5 m4. Ial . n s 5CsUN mental entit y in accordanc e with c ritena set forth in NCGA         f urrmt me                          a n7n.2"          e seaw Statement 1.                                                                                   101 m s4ns zw w2 54n ue,sai Utility Plant:
Utihty plant is stated at onginal ( ost w hk h indudes uist       Customer Accounts Receisable; of (ontract work, labor, materials and albicated indan i                  The Conimiwion biHs c ustonin 3 monthly on a ( ydn al (harges for equipment, supervision and engmecong and                  haus and au rues rewnues at the end of the Incal year for labor related u>sts. The Commission (harges the cost of               enngy and water wM but not biUni.
repairs and minor replawments to maintenant e expense.
The cost of ele ( tric or water plant propert y ret uni or other-h MM m Mi                 dhMwd %#'m w ise disposed of, toget her w ith remos al ( osts Icw sais age,                    '        "" #          *W g * '"P"" "
statnianhe kiwa of asnagn ost onn.uket Nudear fuelis j
is charged to au umulatnj depreciation at suc h time as property is remmed fnirn servue. The estimated useful                 dandini as unhty plant and amor nini owr Se estnnarni hws are as follows:                                                   "'#N" "" Ih" ""L tintric Phnt                                                          Contributed Capital:
Gr-raum Punt:                                                          The Commisuotu onuders amounts rn eiwd f rom cus-sten .                                         to w""           tomers and others for ( onstrut tion of utiht y plant as capital it       wm Pl$ni .                                a       van     ( onthbunons N < on hngk Wew ( apid ( onthbunons e o.sinburm PLnt.-                                                   added to plant assets and are treated as a separate uunpo.
Owrhcad . ..                                   1s . In wars     nent of Commission equity. Depre(iation applicahle Undergrnund .                                  40 50 wars       gg (gggghgggl gg,Qy pl ant n ( hargni agairwt in( onle and, Nrn Pt. int                                                        ') t'ifer the ()( toher I .198 3, reduces ( onttihuted capital Pneton Plant                                      n - 50 wan       at u>unts ihn ( hange had no etic ( l on net int unie. The Dntnhufum Plant.                                  &O.M wan         $I,171,4h5 of depr(>(iatN)f) of (()ntnbuted utilltV p} ant g,,pg                                                                 for the }c.ir evided bepten)her 10, I984 ( onsists (if steue runs arwl mp%ements                          sowan           $ 194,084 asuK iated with the war ended Neptemlier 10, Unw e eyog ent                                     14ttran          1984 and $979,181 ( umulatiw deplet sation pnot to Vefw les and orfer t nnstruc tm equyment.          5 - h l van     ()( If >ht r l,198 l.
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          .. Debt Discount andEspenses:                                     operating te enues and has nmv been classified as a reduc-Debt discount and issue expenses are deferred and             tion to operating ewenses (see Note DJ.-
amortized to operations owr the liws of the related issues using the bonds outstanding method of amortization.              Note 8-Itestricted Amets
  !                                                                          RestrKtesi awet, umat d the hem og funik Rafes andResenues:                                                                                             September 30 Each year, the Commission's staff performs a rate ade-                                                    3984             "i gg g                          g quacy study to deternune the electnc and water rewnue               in,qn, %,unt m . ~                 5 20.930.176     5 a ut.867-requirements. Based on thus study, current cost of seruce           Pnnopalamiintee9 Atuiunt,             4 4.s73.ss7      is.a t 2.910 studies and regulations of the Florida Public Service Com-          cerne Reew rund, .                    sa36awi          59.4is.au mission regarding electric
* rate structure" the Commis-            1984 B"d ^n'"'Pd"* N de sion's staff dewlops its electric and water rate schedules.         ,9 N ,'g" i g g                      324#" A28 The Commission makes its determination or resenue                  interew rund.     .                                  96.6a4.s29 1 ;        requirements using the rate base method and includes                                                     p gi g ,22      2ius'.169 construction work in progress in the rate base. Therefore,       c mirut ton ami tu4aimumN c         ' in accordance with proper rate making theory, the Com-              Bond conorta ta c rumi . . .          '4.441.674           291957 -
1           mission does not use an alknvance for funds used during             1984 Bond ^n8'"Pd"* N *'
                                                                                ,03 @"'"
                                                                                     "                               isanis.111 r
construction (AFUDC) in determining re enue require-ments. Since the Commission's level of rewnue require-cc,w,,txt==t rurut . . . .   ..                    t a4.a i9.asi l-         ments and subsequent revenue is determined without                   Rawwal and Replxonmq Iw=1             13229J9          15,191,471 regard to AFUDC, the Commission does not capit lize                                                       us306;ao        2un. son.2ai interest on construction work in progress, Operating revenues are recorded based on actual                                                           g"""" 3"         ,,
billings to customers plus an accrued estimate for unbilled      o, hec
!          electric and water consumption. Effective for the 3 ear              Retamage and surety runds. .                               a36.i ta
,          ended September 30,1984 the Commiwion refined the                   Nx trar ce=-rai >n r.x do 1         - method of calculating accrued operating te enues to                   D" ""'""""'"mg h==L                     3aisna -       - 627.ais more appropriately match unbilled consumption. The                                                             183508         8.461.911 effect of this change in accounting estimate was an                                                     $494.054 410    5418.327.131
;           increase in operating rewnues and net income of apprmi-
!          mately $2,500,000 for 1984.                                      1he funds umis d:
i                                                                             Cash . . . .... ..                  5        7.497  $          3.176
,          Payments and Transfers to the City of Orlando:                      Un+11 su s, Treawry m untw
  !                                                                              d "*'
The Commission makes pay ments to the General fund 2          of the City of Orlando based on gross rewnues deriwd from sales of electricity and water to customers within the           [ [ ' E -T, '.....
1985 - $19.mts4m                    2n,271.126      :23.871.m6 boundaries of the City. This amount is considered an oper-         - Pt=&d mwenmer N>te ^ ,               4M.iat.nis      185.751,424 -
;-         ating expense for financial reporting and rate making pur-          '"'"e" a=' *              -             939M2            8 A"8 77 poses. In addition, the Commission transfers monies to the                                      1otAts 5494 m4.4 t o 54is.i27.lai General fund of the City of Odando based on the Commis-I          sion's income before the transfer (see Note F for change in      Note C-1.ong Term Debt
;          accounting principle).                                               During 1978. the Commission provi&d for the advance On March 30,1984, the Commissioners voted to freeze           refunding of all of its water and elec t ric rewnue tx>nds out-
          - the annual transfer to the City of Odando at the fixed          standing at April 1,1978 in the aggregate principal amount amount of $14,172,000 for the fiscal ye,m ending Sep-            of $123,325,000 (Refunded Honds) by the sale of .
tember 30,1984 through September ',o,1987, w hen Unit            $110,330,000 Water and Electric Rewnue Refundmg and
  !        No. I of the Curtis E. Stanton Ecergy Center ISEC 1) is          imprmement ikinds Series 1978 and $94,650,000 Spe-expected to be operational.                                      cial Obligation ihmds Series 1978. From the proceeds of the sale of the two issues, mon es were inwsted in United CompensatedAbsences7                                             States obligations in an irrevocable Esuow Deposit Trust
;             The Commission records compensation for unused                fund. Such United States obligations will mature at such t          vacation and sick lease as an espense in the year m  , w hic h   time and in suc h amounts so as to provide sufficient funds l          the vacation and sick leam ss earned in ac cordance with         for the payment of maturing principal and interest on the
,          Govemmental Accounting and Financial Reporting State-            Refunded Bonds. All interest earned or accrued on the 4          **"' 4 '                                                         United States obligations has been pledged and will be
;-         #eclassification:                                                used for the payment of the prinopal and interest on the i             For comparability purposes, certain redassifications          Special Obligation lionds, Series 1978. The $84,290,000 t
haw been made to the 1984 financial statements to con.           in Refunded Bonds outstanding at September 30,1985 form with the 1985 financial statement presentation,             are treated as extinguished debts for financial reporting induding $2,064,816, which was previously reported as            purposes.
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NOTES TO FINANCIAL STATEMENTS - CONTINUED                                                                                                  ?
ORLANDO UTILITIES COMMISSION Note C- Long Term Debt                                                                                                                     i in 1979 and 1980 the Commission issued the balance of          days from their respectiw dates of issuant e. T he Commis-              Y the authorized Water and Electric Refunding and improse-           sion enterniinto a Revolving Credit Agreement dated lanu-ment Bonds as Series 1978A and 1978B in the amounts of             ary 1,1985 with Morgan Guaranty Trust Company of New
      $40,000,000 and $75,000,000, respectnely.                          York. The Revolsing Crnfit Agreement permits the Com-In May of 1984, the Commission issued $250.000,000             mission to make bank borrowings to pay prinopal on                      i inWater and Electric Rewnue Bonds, Series 1984 A. These            maturing tavesempt commercial paper notes at any t:me bonds were issued on a parity with all other outstanding           until the earlier of the date of soluntary termination of the bonds. The proceeds of these bonds were usal to estin-             commitment of the Bank by the Commission or May 31, guish outstanding rnenue notes in the amount of $% mil-            1989. Ihe Tadesempt Commercial Paper Notes are hon, to pros ide additional funds for the construction of SEC      secured 1 y the pn> cents of the Tavesempt Commercial I and to fund 50% of the interest on the bonds through            Paper Notes, hgether with any Tavewmpt Commercial April 1,1986. The Series 1978,1978A,19788,1982 and                 Paper Note mostruction fund earnings thereon, and nel 1984A Bonds aie payable from and secured by a first hen           rnenues, whk h lien and pledge of net rnenues is junior, upon and pledge of the net resenues deriwd by the Com-             inferior ar d subordinate in all respet ts to that of the out-mission from the! peration of the water and etectric s3 stem       standing innds and Transfers of Funds as defined in the and irom irwestment inc ome carned on monies and obhga.            Bond Resolution. The proceeds of the Taeesempt Com-                      4 tions in certain sinking fund accounts.                            mercial Paper Notes are to be used to fund all of the interest          i Aiso in May,1984, the Commission issued                        requirements on the Tavewmpt Comn en ial Paper Notes                     1
       $280,000,000 of Water and Electric Revenue Bond Antici-           and to pros ide.x fditiona' monies for construc tion of SIC 1.
pation Notes IRAN's) Series 1984 maturing May 31,1989.             It is estimated that the piocenis from the bonds and the The proceeds of the BAN's were used to fund all of the             Tavesemp' Commeraal Paper Notes deposited in mn-interest requirements on the BAN's and to provide adds-           struction ftads together with projected rnenue will be tional monies for construction of SEC 1.                           suffioent to finance the Orlam o Utihties Commission's i
in January 1985, the Comrmssion refunded the BAN's             portion of St C 1. Interest paid on the Tavesempt Commer-with the proceeds of a safe of Water and Electric Bond             cial Paper Notes is based epon market rates in cife( t at the Anticipation Notes. Senes 1985 A ttas-ewmpt commer(ial             time of their sale. Annualimerest rates being paid on notes paper notes) with a prino,)al amount of $280,000,000.              outstandmg at September 30,1985 ranged from 4.50% to The notes ha e varying maturities of not more than 270            5.375 %
Bond, Tavewmpt Commercial Paper Notes and HAN poncipal cutstanding as of September 30 is as follows:
lua4          Aldum           wt.wwe ,              vias 1978 Serk% 3.8%-617%. due wrully I994 to 2006 and in term 6 wm w12008 .                                                         5110.110J xM                                     $110.llojuH 1978A Serk% 5.6V6.4%, due scrully 199 3 to 2tna .                      40 in oJ nio                                      aoJoaja n          j 19788 Serks 6.25%8 0%. due wruth through 2tM l .                       71, Im) 1.x o                 $   I,I to ano      70.04n oro 19s2 Senes s 5% to 9 62w. due wn. iiv 1981 to 2m t                   i10fnuJx o                                        itoinunu 1984A Scrks t0 5% v1 term 6 wm. due 2014, marwtitors redernto wi innn 2004 to 2014.                                               52 W JKOIap                                        250J00(xn) 1984 Bund Antksgutant Nstes retunrial hnuary.1981                    280/k UJ MU                       nu) o(O IN C 19aiA Series Tax-cwmpe Commert al Parer N >tes voth tmi riuturiin, due May 31.1989.                                                                  $2noJpojnw                        2nojno ooo
                                                                          $a61,7 0 000     52Moj n) t x o hat,140ino       ine,0.170 t x 0 tesuurrent portuun ks9: term debt .                                     1.140 tn>                                          4,oi ,J a n
                                                                          $860 }IOJh>)                                     $; lib, $ I 5,l)l N )
                                                                                                                                                 \
L

m
                                                                                                                                                           )
Note C-Long Term Debt (Continued)
Following is a schedule of annual long term debt senite requirements for the pas ments of bond and BAN punapal and interest:
hwal ' tear    Pas ments for   Pament For          Pa ment, f or            Pasment f or                 Pa ments f or Ending         5enal tlond      Ictm Borni            Baxi           T.wcwmpt Cantm ut              Taummp Cimnmial segember 30        Prnind         Pnnopal t I I        intenwt           Pwer %>te Prn tpal             Papa N,te irrerest i It        kga, t b
(                        4,2 % .000 I       1986.       $               $     3.923.904    5   50,lia '94                                         $ 2i Saun)            $      82.177,69p 1987             4.530 000        4.126.550         50.097.736                                           21 800 000                82 714g10e 1%d.             4 815,000        4:44079          49507.157                                             l l H00 J t00             Bl.It      P j      1989             3.127.000        5.062.122        49.432. 0 1           $280.u n 000                    15366,667               155.ii6        a 19% .            5 497.500        5 496.654        49.115.22;                                                                      60,10% l79 1991 .           SE87.500         5 % O003         48.703 642                                                                      60. W .lio
        !"2-             6.255.000        6.523.280        4 & 266.661                                                                     6104f r941 1993 ,         10.472.500         2,397 602        47A21362                                                                        60 t:4I,664 1994 .         14.5251100                          47.113 641                                                                      61.640 645 1995.          !5.512,500                          46.125.816                                                                      61.658,116 1946 .         I b.593 AX10                        4 3.04 h 4 ';                                                                   blA41.475 1997           17.7701XX)                           41E6 ? Eol                                                                     h l ,617 Sa l 1998.          19.080.000                          42.5n 1.010                                                                     61.641.080 1999 .         20 562.500                          41.0'8.109                                                                      61A40EO9 20t0 .         22.227.500                           19.411 PM0                                                                     616 5M580 2001 .         22.892.500                           3' MhA45                                                                       in 4'9.14 5 2002           24.783 000                           35 693 2h1                                                                     t4481266 200).          2n 842.500                           11 647.910                                                                     (A480,410 2004 .           4 617.500        9.910 U(0         11.29'.50'                                                                     43 84 LOO 7 2005.            4.1i3000       11.763 n10          29.'mi.~ lO                                                                    4i 84, 710 2006 .           3,462.500      11.90i1AK)         23 4 ' t .4 4'                                                                  4sH38.947 2007             1.377.500      l i 4 '3 0t X)      26.741212                                                                      45.547,712 2(o8 .           f.d45 0u0      19,0ikk o           22.9'i,163                                                                     4Ll't,163 2009                            21.020 000          IH B361TO                                                                      4I.%16 150 2010 .                          23 4401Fi           16 469.250                                                                     41.m M. 210 2011 .                          28.110 fm           11.798 HiO                                                                     41 908 050 2012 .                          I1.060,0u)          iO h46.500                                                                     41 %16fA) 738i.Jto 2013.                           34.320.000                                                                                         41.*K b.2i n 2014 .                          17,920.(M M)         1981.f 4 X)                                                                   41,901.f thi
                    $265.282.500     $283.lW.199       $1.Ol6Ei' 416             $ 280 000.000                $ 8' 266 667          $1.9 37 f 03.782 Interest of appanimately $87,000,tX)0 in the summary is furuleil from the promil, e dIhe IJ n-cwmpt Commert ial Paper Notet
: 0) The pay ments for principal through 199 i assumes pur.                O) Bawd c0 an awumer. interest rate of 8.%
chase of 81/4% U.S. Treasury Bonds at prices ranging Outstamhng bond prinopal of the Commission as of Sep-from 98 80% to 101.14% of par and the payment of tember 30.198. .3 n (omposed of the folioning:
accrued interest aggregating $1,088428. The princi-pal of such Treasury Bonds or other Insestment                      5"'di B""d P"'*d '" I" '""d"L                            $2"i2"2 N"
                                 .                                           Ter m Bonal Prn ipal to lie funde~t                        288 199,199 Account Secuntles is required under the Resolution to                iy33 7 ,,, gnna p,pg s,n1                                 23o n goon be used to pay for the retirement of $61,740 0001978                c mg sona P,me.%st Term Bonds that are due in 2008.                                      + of sep'ent er 1019m                                        1.147500 for purposes of this sc hedule it is assumed that the            Te"n B""d P""" pal. pun hannmi.
abuse referred Treasury Bonds will not be redeemed                    ,'$'"("'[,IQ"""h" I"l"83                                  3 ,,4 3,,,,
prior to their matunty, May 13,2003. In the esent suc h             Pun u.gnreona p,nnium to be Treasury Bond 3 are so redeemed by the U.S. Govern-                   fundnt thnwh 19n                                          i t . to i Ouo ment on february 15, 2000 or on any interest pas ment                                                                        $n,u i70 Om
                                                                                                                                      - ~ ~~
)        date thereaf ter, the Commission has the option to
/        redeem the 1978 Term Bonds at par or reinsest the                   Note D - Participation Ag ecments proceeds of such Treasury Bonds in other imestment                      in 1980 the Commisuon entered into a Participation Account Securities.                                                 Agreement w ith Ilooda Power and light Company (F PU to The payments for term bond prinopal in the im al                purc hase a 6.08931 ? , undnided ownership interest in St.
years 2004 to 20!4 relate to the mandatory redemp-                  1ucie Unit No. 2 nu(lear powcred elettrit generating faul-tion of the Water and Electric Resenue Bonds Senes                  ity construc ted by f PL This unit is presently rated at 850 1984A. No insestment assumptions are made with                     net megawat ts NW) and ( ommenc ed ( ommer c ial opera-respect to these payments, therefore they are pre"                  tion in August,198 5. The Commnsion has also entered sented as shown in the debt service requirement                     into a Reliabihty f u hange Agreement with f Pt The Reli-schedule estabbshed in the Bond Resolution.                         abihn I v hange %reement results in the Commisuon (2) Does not include earmngs from the Insestment and                     euhanging 50% of its share of the output from St. Luc ie Debt Servi (e Reserve Arc ounts.                                    Unit No. 2 for a hke amount from st. l u(ic Unit No.1.
9
                                                                                                                                                          )

r~                                                                                                                                        ,
NOTES TO FINANCIAL STATEMENTS - CONTINUED ORLANDO UTILITIES COMMISSION Note D - Participation Agreements (Continued)
Amounts from F PL for the output from St. L uoc Unit No. 2           Note G - Conunitments And C<mtingent Liability gnen to FPl. in accordance with the Rehabihty Exchang"               1. $IC 1 i,cunently unden onstrut tion and is exps ted to Agreement amounted to $2,064,816 and $2.342,754 for                     begin (ommer(ial operahons in luft Pla7 with a 415 the years en(kti September 30,1984 and 1985, respec-                    net megawatt t.apaoty. The Comnussion has exes uted tisely, and have been classiintl as a reduction to operatin4            contra ( ts for construt tion of the $[C 1 totaling appioxi-cxpenses in the financial statements. F PL has operational              mately $ 191 mdhon of whi(h $219 milhon has been control of this project-                                                paid thmugh September 30.1985. T he total ( ost of $1 C The Commission also has a Partic ination Agreement                   I and tert' ain land and related faohties is c urrently esh-with the City of Lakeland, Florida dated Apol 4,1978                    mated to cost $51 I milhon of whic h approximately Under the terms of this Agreement the Commission has a                  $100 milhon will be paxiley FMPA and the Kissirnrnee 40% interest in a 340 net MW refuse and coal-fired steam                Uhhty Authoritv. As of September 30,1985, $510 mil-generating unit (McIntosh Unit No. 3).1he City of take-                 Ian of Honds and lavhempt Commert ial Paper Notes land has operational c ontrol of this proje( t-                         haw lx en issued for the purpose ni funding the um-Since 1975, the Comrnission has owned a 1.6015%                     sinKtion of SIC 1.
undivkled interest in Fb wla Power Corporationi 846 net MW nuclear powerrd elet tric generahng plant de3ismated              2. Ihe Comnupon has entensi into a (oal supply (on-Crystal Rner UrQ No.1. This ownership interest was                      tract for a mimmum of 600,000 tons per scar for, acquired unde, the terms of a Participation Agreement                   d D"""I "I I"" "d'' """ ("""""C idl "W'Jh"" "'
SEC 1.
with Flonda h)wer Corp >rahon and ten other Ilorida uhli.
ties. Florida Poswr Corporation has operational control or           3. In 1969, the Orlando Utilities Commnsion pledged this proOct.                                                             $480.000 of its annual rewnues in conne( in>n w ith the in H84, the Commnsion entered into Participatmo                      issuance by the City of Orlando of $5.500,000 Agrwments with Florida Municipal Poswr Agern y (F MPA)                  Improsement Rewnue tionds. Ihis pledge is for a ar.d the Kiwimmee Utihty Authont y to sell a portion of SEC             peruxf oi 22 3 ears from the date of issuanw by the City
: 1. Under the terms of these agreements, FMPA has a                     of the improwment Rewnue lionds or suc h longer 14.8193% onnership mterest and the Kiwimmee Utihty                      period as shall be required to pay and retire all prinopal
   /.uthority has a 4.8193% ownenhip interest. In 1985, the                and interest on sut h bonds ihn hen on the rewnues Cornmission entered into two additional Partiopation                    denusj from the uhhtes shall be pumor and solninhnate Agreements with i MPA in which additional shares of                      to the Ien of holders of any obligahons of the unnmis-6.5060% and 5.3012% of ow nership interest were trans-                  som outstandmg or pari passu obbgabons hereinaf ter ferred from OUC to FMPA. The Commasion has opera-                        issued for purposes of the Comnnssion, but shall be tional control of this projet t. At September 10,1985                    poor and supenor to any hen, ph dge or encumbran( e ownership interests were as tolknvs:                                     hereafter madeof su( h rewnues for any purposes other           f Orlan<b e st M on m won.                              on war.            than sani obhgations of the Comnusuon for water or Florsb Munn ipal hu Awrw y                             it. (,16%         Ch-(1ric purpost%                                             -
ksem r Utihts Autbonty .                                4 H es i%
g,              Note H - IVrwkm Plan The Orlando Uhhhes ( wnmnuun has a defined lwncfit               ,
Note E - Capa(ity Commitment                                         pension plan ( ownng substantially all emplowes The in 1985, the Commnsion entered into an agreement                 total pension expense for the years 1984 and 1985 was with the Florida Municipal Power Agency (FMPA) to                    $2,665,011 and $2,818,44 5, respec tnely, w ha h in-provide FMPA w ith a total of 130 MW of the Comnussion's             dales nonnal(osts plus amortvahon of past sen a e unsts generating cap.wity on a take or pay basis. Pas ment to the          ouw a penod of appnniniately 10 wan. A< ( umulated Commisskm is based upon a 21.65% share of the oest of                pLn beneht nuonnahon, .n estunated by ( onsulhng .n tu-operation of the Commission's oil / gas bred Inchan Rner             ann .uid plan net assets are.
generating fachty. The 130 MW represents 21.65% of the                                                           ve mmber I total generating capauty of the Indian Rner facihtv Total                                                    W"          _
WM generating capacity of the Indian Rner f.fihty is appnni-              heuhent * "'
mately 600 MW The contrat term is espe (ted to begin                      " ' ",","j'" h '" b* *        , g , g, , , 3 gg,.g         ,
dunng 1986 and w dl extend 15 years. FMPA has an ophon                      %,,. .a                         4 niu 21        4 m u?
to renew the contra ( t for an additional fue years.                                                    3 ,,, om no g n na 3ja Note f - Change in Am>unting Principle                                 %4 au aatalan t-iik               $ in 914 m $ ii m un Poor to Oc tober 1,1984 the Commission ret onfed its                the assumed ran of return used in determinmg the transfers to rhe General F und of the Cit y of Orlando sinnlar      a tuarial present salue of .u c umuLied plan benetits to a dividend in the statement of ar( umulated retained              w , p,, ,
carrungs. To conform with Gowrnmental A< (ounting and financial Reportmg Ponoples - 5tatement I such transfer             Note 1 - Rcgulation is rnorded as an operating transfer and deducted in the                A< < on hng to emhng laa s of the State of I looda, the In e Commnsion's cak ulatuen of net eru orne for 1985.                    members of the ()rlando I!!ihhes ( onunnuun .n t as the 10 t

F l
l regulatory authority for the establi3hment of elecinc and           respet ting the standanh and prm edures. T hereiore, there water rates. The Flonda Pubhc Seruce Commission (F PSC)             is no assurance that the units in operatn>n, under ( onstruc-l           has authority to regulate the electric " rate structures
* of       tion, or contemplated w ill alw avs remain subjet t to the reg-municipal utihties in florida. It is behered that " rate struc-     ulat ons c urr ently in et fe( t, or w ill alway s be in c omphanc e tures" are clearly distingunhahle from the total amount             with future regulations.
of resenues which a particular utihty may receise from                 An inabihty to mmply with ensironmental standants or rates and that datin(tion has thus tar been (arefulh made           deadhnes could result in nxiut ed operating kwls or com-bs the FPSC.                                                        plete shutdown of indnidual elettnc generating umts or Prior to implementatton of any rate (hange, the Com-           w ater plant fauhties not m wmphanc c. F ur thermore, t om-
          , mi>sion has established the prerequisite of a Pubhc Notice          phante with ensironmental standards or deadhries may and the bokhng of a Public Hearing.                                 soldtantially int rease apital and operating wsts.
Florida Public Sersice Comminion:                                    Note l- Busines Segment As noted abose, the f PSC has jurisdiction to regulate             T he Commnsion operates in tu o huuness segments; the
      >     electric rate structures" of munit ipal utihties. In addition,       generation, transmiwion and dntnbution of elet tricit y and the Florida Energy Efiitiencs and ( onservation Att has              the produ( tion, treatment, transmission and datnbution of gnen the FPSC exclusise authontv to approse the con'                 water. A summary of the segment intormation is shown struction of new power plants under the Florida Elettrical           w v:
Power Plant Siting Ac t. The F PSC al-o eserc ise3 junsdit tion under the National Energy Act, including cle(tric use mn-sersation programs.
operating resenuesI"""Y""d"'"''"*"*"""".
for the years 1984 and 198 "I i
N*''K~I""*'I""'
fuelWe Act of 1978:
The Comr.ii3 ion is subject to the prosisions of the Iuct         h n the opinion of the Commnsion and its munsel, that Use Act of 19M. Under the original terms of this a( t the           the Udando Utihties Comnuwion is e empt from lederal Commission is mereh res'rit ted in the use of natural gas           and state in( ome taws.
as a fuel. Eftetthe August 13,1981, the Omniho Budget               Note L-Sulwcquent hent Reconciliation Act of 1981 amended the Fuel U e A( t. Ihe                 e Connunuon inwnds to reiund aH nNing bon amendment e s entiaHy chminated the prohilvaon against burning natura! gas, subject to the requiremen'. that the util-w1th a proposnJJ)omt inue &nn MO Bonk @of approsunawh                000,00R              e dodng of ge bomt ities submit consersation plans. The Commi<uon has sub-swue n npn ted to ou ur k Dn nnbn R WR>.
mitted its plan to the Department of Energs and re(ened                Prior to or simultaneously w ith the issuant e of the Senes approval for the plan and the burning of na> ural gas.               1985 Bonds the Commisuon shall proside for the re-Em ironmentaland Other Regulations:                                 tsrement oi its $280.000,000 Water anti Ela trit Bond Operations of the Commnsion are st tye(t to enuron-             Anticipation Notn, Senes 19M A by the issuance of mental regulation by Federal. State an.1 k> cal authonties          approumately 5280.000.000 Water and liettru Bond and to zoning regulations by local autharities. Federal and         Antuipation Notes, either in ihe form of sanable rate State standards and pro (edures that pern wntrol of the             demand obhgations or a ( ommen ta! loan pla( ni with a erwironment can (hange. These (hinges (an arise from                bank or other lendmg institution.
(ontinuing legislattse, regulator'. and ludKial at tion Businen Segment Summary (Note j) war frM septemic 30,1984:                                                   f W to,                   waver                     beal O lrrahng rewnum .                                                       $ t w H19.6 Hi             )   11.d h ia .1 1 r.   $ 1P1127'54 Depreoarm and amortezat m .                                                     11 118 Vel                1.137.171               14 '0i.121 Operseg enu av            ..                . .     .                           Il ' '6 't91               l & ID100              % 578,993 0;wra rng iranor s to the r,es ot oaanan c e<+ral f und .                         6 499.507               1.441.491                 7.941 t m M fflt f FTW . .    . .                                                        l f s N )H 24 '           $IU)003                 l')N 191 12 Contr txted rapal .                                                                I 164 9.'i           16.576 TM4                19 n4 l JD'8 Nirapral abbhor% .                                                           111 l'.0 638                66%0W                 11HSni]JO Ni MFhngLdpilM                                                                  l' ill) hj8 I Ii7 468                18 f*l81394 1AM awls . . . . .          .. ..
lOl4.I'MllO                  e di. lo9. iMU       l . l u!.499J40 lbrwh.lort oth*4 lors term lsdphba                                          H r),911.0 li                9 9J9 7 tin           H 49.8 41.70i li AM M{uff y .                                                              I m ~6 4 827              SI,6il 752              I M1.416.i79 k     kar Indnj 5epternlear 30,1981:
opera 6ng rmenun .                                                       $ ItW16ildt               $ 11.1 %.522           $ 104 U2toi Depret satwyt and anw erb /atws) .                                             1 IJ li li'                l .490 61b              15JJiE7i Operahng inr eme . ... .                                                       49 14 3, li9              i,'.H4 e6 I             ;4 711.211 j                                       . .. . .
operahng unte,s to rbe < in oi od.,ndo c-rmrai r und.
6 aim                    1.on'v66                 734: 000 Mi lnC Of1 W . .     .                                                         23 h41.201                4.4MH.ii6                11.78M 737 c;mf tdsutuj < andal .                                                           4.1 /11. 51 ;         22.97'.166                J 7,097.631 Ni t'apftJl Aldtit #ts                                                      I2I 61l.I44                  I 09\ pI t           j29.3Uld59 N4 wirbeg i apital .                                                          i 1.i'O 79M                J 769 n47               W l 19 E 4'i Ioial ants . .       ..     ...
Io'4 7'i019                   '6 161.118           1.131.116.217 Borwh arvi other long term lob &tw, .                                       n H,. Il' Joi               9.'819.700            846166 udi Ir /J1 iTIUliV .                                                            I6 l M i7 min             6\.!4I).164             /22.9'O 242 11 a                                                                                                                                                   J

ORLANDO UTILITIES COMMISSION I
COMMISSIONERS,1985 LAMES II. PUGil, JR., President ROYCE B. WALDEN, first Vice Pre 3ident GRACE C. LIN DBLOM, Second Vice President BILL FREDERICK, Afa>or                                     ,
W. M. SANDERLIN, Imnuxhate Past President ORLANDO UTILITIES STAFF ti. C. LUFF becutisc Vice President - General Atanager Secretary T. C. POPE Assistant General Afanager and Anistant Scaetary R. D. BROWN V. E. CRANE B. l. PERROW Assistant Scaetary L. E. STONE, Afanager                                                         A. R. BOYD, JR., Afanager Electric Operations Department                                                    Water Operations Department R. D. BROWN, Afanager                                                                    T. B. TART             l Financial Operations Department                                                            Staff Counsel            }
S. R WILLIS, Afanager                                                          D. E. MOORE, Afanager Customer Relations & Support Operations Department                                         Strategic Planning Department      j T. L. SMITH, Afanaging Director Communicoaons Division CONSULTANTS BLACK & VEATCti, llectric Consultants Kansas City. Miw>uri CH2M IllLL, Water Con:.ultants Gainessille, florida M. G. LEWIS & CO., INC., finarx ial Consultants Winter Park, Florida ERNST & WillNNEY IN TLRNAllONAL Certdied Pubhc Anountants Orlando, F lorida
                                                                                       'E u_._.._                                                                                          .     .. .                    . .

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                                                   )
CITY OF KISSIMMEE FLORIDA
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W COMPREHENSIVE                Ya  '
b    ANHUAL FINANCIAL REPORT
                                              ,a
 >      F/ SCAL YEAR ENDED                j SEPTEMBER 30,1985 I

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CITY OF KISSIMMEE, FLORIDA.
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COMPREHENSIVE ANNUAL FINANCIAL REPORT SEPTEMBER 30,1985
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FINANCE DEPARTMENT JEAN C. BENNETT
)                                                FIN ANCE DIRECTOR JOHN E. HEARN ASSIST ANT FIN ANCE DIRECTOR
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O CITY OF KISSIMMEE, FLORIDA O                            LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30, 1985 0                                   ELECTED OFFICIALS George A. Gant, M.D. - Mayor - Commissioner Naomi D. Winbush - Vice Mayor - Commissioner James W. Wells, Jr. - Mayor Pro Tem - Commissioner
:R
''                      Bruce R. Van Meter - Commissioner Kenneth C. Maher - Commissioner Q                                  APPOINTED OFFICIALS A. B. Preston - City Manager Edward Brinson - City Attorney O
DEPARTMENTAL OFFICIALS Rob *rt '- Bar2ia*kY                                       ^"*i"taat City "aaa9"r O
Jean C. Bennett                                                  Finance Director Dennis Foltz                                                    Planning Director James G. Thory                                          Central Services Director George W. Mann, Jr.                          Pubi te works s Engineering Director O
Frank J. Ross                                                        Police Chief Kenneth L. Kamp                                                        Fire Chief J. Pat Daugherty                                     Building and Zoning Director William E. Pa lmer                                  Parks and Recreation Director O
James C. Welsh                                          Electric Utility Director Brian L. Wheeler                                 Water and Sewer Utility Director Kathleen A. Gaylor                        Personnel and Labor Relations Director George R. Hoagland                                              Aviation Director Q
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n LA CITY OF KISSIMMEE. FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT                                                           q)
FOR THE YEAR ENDED SEPlEMbER 30, 1985 9
TABLE OF CONTENTS O
INTRODUCTORY SECTION TITLE PAGE............................................                                                              1 O'
PRINCIPAL CITY OrFICIALS..............................                                                           sts TABLE OF CONTENTS.....................................                                                      av   via LETTER OF TRANSMITTAL.................................                                                   A 4-19 9-ORGANIh 'IONAL CHANTS.................................                                                  A A-23 CERTIFICATE OF CONFORMANCE............................                                                  A A-27 FINANCIAL SECTION                                                                 ()
AU D I T O R ' S F E PO R T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          E-5 GENERAL PURPOSE FINANCIAu STATErENTS (COMBINED STATEMENTS - OVERVIEW)                                                                                              G Comoined Balance Sheet - All Fund Types and Account Groups.................................                                                D B-13 Combared Statement of Revenues. E<penditures and Changes in Fund Palances - All Governmental Fure Types and Empendable Trust Funds..........                                                B D-15 Combined Statement of Revenues, Empenditures and                                                                (p Changes in Fund Palances - Dudget and Actual -
All Governmental Fund Types....................                                                B B-21 Comba r.ed St at ement of Revenues, Expenses and Changes in Retained Earnings / Fund balances -
f411 Propriet.ery Fund Types and Similar Trust Funds............................. ............                                                P D-25   (>
Combined Statement of Changes in Financial Position - All Proprietary Fund Ty pes and Similar Trust Funds............................                                                D B-29 Notes to Financial Statements....................                                                 D D-61 9
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COMBINING STATEMENTS - BV FUND TYPE Governmental Fure Typer.1 General Fund -
l              Balance Sheet................................                 B-68 Statement of Changes an Fund Balance.........                 B-69 Statement of Revenues and Other F4nanctog Sources - Budget and Actual......          B B-71 Statement of Expenditures and Other
)                Financing Uses - Budget and Actual.........          B B-73 Special Revenue Funds -
l Combining Balance Sheet......................          B B-77 l
l              Combinar.g Statement of Revenues. Expenditures
}                and Changes an Fund Balances...............          B B-79 Statement of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual B-80 Utility Tax Fund.........................
f                  Federal Revenue Sharing Fund.............                 B-81 l                  Capital Improvement Fund.................                 B-82 Vehtele Replacement  Fund.................                B-83 Recreation Impact Fund...................                 B-84 Local Octson Gas Tax Fund................                 B-85 Bikeway Grant Fund.......................                 B-86 Debt Service Funds -
Combantng Balance Sheet......................                 B-88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances...............                 B-89 b              Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Downtown District Bonds Fund.............                 B-90 FmHA Bonds Fund..........................                 B-91 Capital Projects Funds -
Combining Balance Sneet......................          B-9* - b-95 b              Comb 1ntng Statement of Revenues, Expendatures and Changes an Fund Balances...............          B-% - B-9 7 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Downtown Development Fund................                 B-96 City Hall Cxpanston Fund.................                 B-99 b                  Lakefront Development Fund...............                B-100 Cormunit y Development Grant s Fund. . . . . . . .       B-101 Special Assessment Funds -
Combining Balance Sheet......................                B-104 Ccimoining Statement of Revenues, Expenditures and Changes in Fund Balances...............                B-105 b              Statement of Revenues. Expenditures and Changes an Fund Balance - Budget and Actual Paving Assessment Fund...................                B-106 i                  Butiding Demolition Assessment Fund......                B-107 l
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V 0

CI Procrietary Fund Tvces:
Entercrise Funds -
Combining Balance Sheet...................... B-112 - B-115                                          O Combining Statement of Revenues, Expenses and Changes in Retainec Earnancs............... B-116 - B-117 Combtntnc Statement of Changes in Financial Position......................... B-118 - B-119 Internal Service Funds -
Com b i n i n g Ba l a rc e Sh ee t . . . . . . . . . . . . . . . . . . . . . .                B-122 9 Combining Statement of Revenues, Expenses and Changes an Retatned Earnings...............                                                 B-123 Comeintna Statement of Changes an Financial Position.........................                                                 B-124 Fiduciary Fund Types:                                                                                     G Trust and Agency Funds -
Combining Balance Sheet - All Trust a nd Agency Funds............................... B-120 - B-129 Statement of Revenues, Expenditures and Cnanges in Fund Balance - E n pendable Trust Fund.................................                                                 B-130 0 Cemetning Statement of Revenues. Eupenses and Changes in Fund Balances - All Nonexpendable and per. sten Trust Funds...... B-132 - B-133 Combining Statement of Changes in Financial Position - All Nonexpendable and Pension Trust Funds................................ B-134 - B-135                                         O Comeining Statement of Changes in Assets and Liab111ttes - All Agency Funds.............                                                 B-136 General Ftwed Assets Account Group:
Schedule of General Fixed Assets By Source.....                                                   B-138 Schedule of General Fixed Assets - By Function                                                          G a nd A C t 1 V i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         B-139 Schedule of Changes in General Fined Assets -
By Function and Activity.....................                                                  B-140 SCHEDULES Senedule of Fined Assets and Depreciation -                                                               G Electric Uttlaty          Fund.......................... B-144 - B-145 Senedule of Fixed Assets and Depreciation -
Water a nd S e we r F u nd . . . . . . . . . . . . . . . . . . . . . . . . . . . B-146 - B-147 Schedule of F1ved Assets and Depreciation -
Airport Fund...................................                                           B-148 - B-149 Senedule of F1wed Assets and Depreciation -                                                               e Solid Waste Fund............................... D-150 - B-151 Schedule of Fixed Assets and Depreciation -
Central Services Fund.......................... B-152 - B-153 0
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O STATISTICAL SECTION O
STATISTICAL INFORMATION Table 1 - General Fund - Expenditures by Department - Last Ten Fiscal Years.. C C-5 Table 2 - General Fund - Revenues by Source -
Last Ten Fiscal Years...............      .C-6 Table 3 - Property Tax Levtes. Tax Collections
()                    and Assessed Valuations - L st Ten Fiscal Years........................        C-7 Table 4 - Senedule of Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years........................         C-8 Table 5 - Schedule of Special Assessment
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Collections - Last Ten Fiscal Years.         C-9 Table 6 - Computation of Legal Debt Margin.......        C-10 Table 7 - Computation of Direct and Overlapping Debt................................       C-11 Table 8 - Ratto of General Bonded Debt to
()                   Assessed Value and Net Bonded Debt per Capita - Last Ten Fiscal Years..       C-12 Table 9 - Ratto of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years....................       C-13
()      Table 10 - Schedule of Electric Revenue Bond Coverage - Last Ten Fiscal Years....       C-14 Table 11 - Schedule of Water and Sewer Revenue Bond Coverage - Last Ten Fiscal Years...............................       C-15 Table 12 - Schedule of Airport Revenue Bond
()                   Coverage - Last Ten Fiscal Years....       C-16 Table 13 - Table of Demographic Statistles.......       C-17 Table 14 - Tables of Property Values, Construction and Bank Deposits -
Osceola County......................       C-18 Table 15 - Schedule of Major Taxpayers...........       C-19 Table 16 - Miscellaneous Stattstical Data........       C-20
()     Table 17 - Ut:11ty Enterprise Funds Statistical Data................................       C-21 Table 18 - Schedule of Insurance in Force........        C-22 O
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March 4,  1966
)                 Mr. Richard G. Sanimons City Manager City of Kissimmee Kissimmee, Flortda

==Dear Mr. Stumons:==

The Comprehensive Annual Financial Report of the City of Kissammee, Florida, for the fiscal year ended September 30, 1985, is submitted herewsth pt'rsuant to Section 5-1-6 of the City Charter, Florida Statutes Chapter 166.241     (1) and Chapter 10.550 of the Rules of the
  ,               Auditor General of the State of Flortda.       This Comprehensive Annual J               Financial Report was prepared by the staff of the Finance Department and, therefore, responsibility for both the accuracy of the data and the completeness and fa)rness of the presentation, including all disclosures, rests with the City. We belteve the data, as presented, is accurate an all material aspectst that it is presented an a manner designed to fairly set forth the financial position and results of d               activity of its various fundst and that all disclosures necessary to enable the readers to gain the mawamum understanding of the City's financial activity have been included.
As required by Section 5-1-6 of the City Charter and Florida Statutes Chapter 11.45(3)(a>3,   the Comprehenstve Annual Financial Report has
  ->               been examined by a firm of andependent certified public accountants and their unqualifted opinion is included as part of this report.
ACCOUNTING SYSTEM AM EypDETARY, CONTROL 3
The City's accounting records for General, Special Revenue, Debt Service, Capital Projects, Special Assessments and certain Trust and Agency Funds are maintained on a modified accrual basis with revenues being recognized when they become measurable and available, while expenditures are recorded at the time liabilitles are incurred, l
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O Mr. Racnard G. S t enmons March 4    19E6 9
Acccunting records f or t he Ent erprise. I nt er r.a !            Serv ice ar.d certain Trust and Ag eric y Funds are maintaired :.n a full accrual basis.
Enterprise Funds are charuec for administrative, account ing and data processing services crovided by various departments in other funds.
This is dor.e wtth a view toward making t hese funds self-supporting and to provide a basis             for comparison with i n v e s t e r -ow ried   public uttltttes. The Internal Service Funds provide services of a support nature on a city wide basis for which user departmer,ts are charged service    fees. In developing ar# modifytog the Cit y's accounting                       II systen, consideration is given to the adecuacy of int ernal accour.t a ng controls.      Internal      accounting controls are designed to pr0 vide reasonable, but not absolute, assurance regardingt
: 1. The safeguarding of assets against loss f rco ur, author t red use or disposition; and                                                                 O
: 2. The rel1abt11ty of fananc1al              records for prepar a ng f I rianc a l stat ements and maint aining account abilit y for assets.
The concept of reasonable assurarce recognizes thatt 9
: 1. The cost cf a control should not exceed the benefits likely to be derived; and
: 2. The evaluation of costs and terefits requires estimates and judgment s by manacement.
4 All interrial cont e ol evaluat ions occur within the aDove framework.
We believe that the C i t y's internal accour. ting controls adequately safeguard assets and provide reasonable assurarice of proper recordtr<g of financial transactions.
budgetary    cor,t rol    i s Ma i nt a t r,ed at     tne sub tbject l ef ve l   by the       O enc umtsra rice of estimated purchase or c ont ract amounts.                   Dudgetary reports are issued ard reviewed e                w_,r,t h i . as outlined   in the City Charter. Sections 5-1-4 ard 5-1-7. Oper encumorances are reported as retervattent of fur.d talance at Septemtc                  30, 1965. Destqnations of fund balarces are used for approved prt Jects for which no formal encumbrance has been processed.                                                              ID
   ,                   TH niE041!NQ CNT I TY AND ! T5 UERy,1.C[.p Tne City of        Kassammee which occupies ten                    square males,     was     O locornorated in 1883.          The City t r, the county seat of asceola County, A-4 9

   )
Mr. Richard G. Simmons March 4,  1986                                                                    i Florida which is the geographical center of Florida. The City as                  i approximately 18 miles south of Orlando, Florida and seven miles east of the Walt Disney World/Epcot Center complex.                                    c
: 2)                                                                                        i The City, whose 1985 estimated population was 22,929,      has enjoyed a stable economic base due to its proximity to the Walt              Disney         l World/Epcot Center complex and numerous other tourist attractions and due to its surrounding cattle and citrus i ndust e t es.      The City's economy also consists of many diversified retail trade, lodging, food            ;
[)      and beverage and manufacturing establishments.
The City has a commission / manager form of government, with a Mayor-Commissioner and four other Commissioners who are elected at large for two year staggered terms. Elections are held on the last Tuesday of March of each year. The City employs a full-time manager
[)      who is the chief executive and administrative of ficer of the City.
The City provides a full range of municipal services,           including police,   fire,  sanitation,   soetal   services,  pubite improvements, planning,   zoning, recreational services and general administrattve              ,
services. In addition, public utilities (electric, water, wastewater
   )'   and water pollution control) and a municipal airport are provided.
The funds and entities related to the City of Kissimmee, included in our Comprehensive Annual Financial Report, are controlled by or dependent on the City. Determination of " controlled by or dependent on" is based on criterna outlined in National Council on Government
[)     and Accounting (NCGA) statements.      The basic criterion for inclusion is the exercise of oversight responsiblity by the City Commission.
Based on this criterion, the various funds and account groups shown l       in the table of contents are included in this report.        The report, together with the accounting and budgeting systems, has been designed to conform to the standards set forth by the National Council on
()      Governmental Accounting, American Institute of Certified Public Accountants and the Financial Accounting Standards Board, as affirmed by the Governmental Accounting St andards Board         (GASB)   in GASB Statement No. 1, " Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide". Furd structure has also been designed to comply with the legal requirements of the various revenue bond
   )    resolutions.                                                                     ,
FINANCIAL STATGMENT FORMAT t
I
{}    The report is arranged in the following sections:
1 A-5                         _,
4)
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mr. Richard G. 51mmens Parch 4,  1986 O
Section I:          Introductory Section - Cont ains the Letter of Transmittal and other such material as rna y be useful in understancing the reporting entity.
O Section II:         Financial Section This section of the report                        cont a t ris ccmbi ned, combining and                       Individual    fund and account groups      financial statements                       which present fairly    the f inancial                   position   and   results of ouerations                      for    the fiscal       year.      These     qb statements and schedules are divided into tnree parts:
Part 1.         General Purpose Financial Statements, which display financial data for the City as a wholet                                                                         GD Part 2.          Combining Statements - By Fund Type, which present data for homogeneous funds; and 9
Part 3.                      Supporting Schedules, which present supplementary data not                          necessary for fair             4D present at ion.
Section III:        Statistical Section This     section presents                       detailed historical information which will be beneficial to the reader in understanding the City's growth and                                 GD it s fut ure pot ent ial.
REDORTING AND EUDGETING ACHIEVEFENTS O
On September 5,   1985, the Government Finance Officers Association of the United States and Canada                           (GFDA)    awarded a Certificate of Conformance in Financial      Reporting to the City of Missimmee for its Annual Finarcial Report for the fiscal year ended September 30, 1984 In order to be awarded a Certificate cf Conformance, a government al unit must     publish an easily readable and efficiently organized                                     GD Comprehensive Annual Financial Report,                         the contents of which conform to industry standards.        Such reports most satisfy botn generally accepted accounting principles and applicable legal requirements.
A Certifteate of Conformance is valid for a period of one year onlv.
We believe our current report cont inues to conform to the Cert ificate                                 ID of Conformance Program recuirements and we are submitting at to GF04 A-6 0

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Pr. Richarc G. Samsons Maren 4, 1986 O
to cetermine its eligt b111t y for another cert i ficate.
3      The City     received the GFOA's award         for Distinguished Budget Presentation for its budget cocument for the fiscal year ending September   30, 1985. The award as valid for one year only.                 We believe our     current   budget    continues to conform         to program reautrements anc we are submitting        at to GFOA to determine its eligibtitty for another aware.
3 FINANCIAL CONDITION General Fund The following table presents         General Fund revenues and other financing sources en a comparative basis for fiscal years 1985 and 1984.
REVENUE AND OTHER                                      INCREASE cs     FINANCING SOURCES               FY 1985      FY 1984   (DECREASE)% CHANGE o
Property taxes              $ 1.250,295 $ 1,088,643 $ 161,652              14.8 Franchise taxes                   83,288      65,609         17,679       26.9 Licenses and permits            277.731      318,077      ( 40,346)      (12.7)
Federal, state and
  ,       local grants                    9,222          86          9,136         N/A State Revenue Sharing           633,471      555,190        78,281        14.1 Snared taxes and 12 censes                  1,023,570      857,456       166,114        19.4 Charges to other funds          618.139      411,483       206,656        50.2 Otner charges c3        for services                 117,136      116,603            533          .5 Fines and forfeitures           134,683      138,770     (    4,087)      (2.9)
County ambulance service        483,918      418,228        65,690        15.7 Interest earned                 204,570      168,978        35,592        21.1 Other revenue                    30,346       70,816     ( 40,470)       (57.1)
Fund transfers                3,203,323   2,928,503        274,820          9. 4
   ~'
TOTALS                     $ 8,069,692 $ 7,138,442    $ 931,250           13.0 Overall, revenues and other financing sources increased 13.0%.            Major components of this increase include:
3         Property taxes -
increased 14.8%, partially as a result of increasing the millage 8.0% above the rolled back rate,               and the A-7 c
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O Mr. Richard G. Simmons March 4,  1966 9
remainder resulting     from a    6.8%  increase    in new construction on the tax roll.
II Assessed property valuations of $344,792,659 for tax year 1984 represent an overall 11% increase over the toal valuation of $310.181,508 for 1983.        Current tax collections were 96. 7% of the total t ax levy.
Franchise taxes -
and cable   II Increased 26.9%     due to    increased gas television sales, upon which these fees are basec.      The franchise tax rate remained unchanged.
Licenses and permits -
decreased 12.7%, whlch reflects the decline in butiding 4
permit revenue coupled with a decline in the number of building permits assued. This reflects a leveling off from the construction activity of prev 1ous years.
State revenue sharing -
increased 14.1%,   reflecting an increase in the revenue from the sales of the items which rake up this source,       O as well as an increase in the City's populat ion, on which the allocation to the City is partially based.
Snared taxes and 12 censes -
Increased   19.4 A as a result of an increase in the I
receipts from the half-cent state-shared sales tax.
Charges to other funds -
Increased 50.2% as a result of the review and update of the andarect cost allocaticn plan cn which these charges are based.
O County ambulance service fees -
increased 15.7%. This is a result of increased amounts provided by the County for this service wh;ch              as operated on a cost re a rnbursament basis by the City.
Interest earnings -
increased 21.1% despite a decline in the overall rate of return on investments. This as due to the larger amount of cash available for investment.
Other revenue -
O declined 57.1%. This source will fluctuate greatly over time, as it is a revenue category for items that are n:,t A-8 9

Mr. Richard G. Simmons March 4,  1986 specifically tracked elsewhere such as reimbursements for damage to City property, sale of surplus equipment or scrap, etc.
All other 1985 sources -
show minor fluctuations when compared with 1984.
The following      table presents General Fund         expenditures on a functional comparative basis for fiscal years 1985 and 1984.
INCREASE FUNCTION                        FY 1985      FY 1986 (DECREASE)% CHANGE General government          $ 1,270,012 $ 1,176,621 s 93,391         7. 9 Public safety                 3,896,504    3,514,447      382,057   10.9
     )       Public works                  1,276,825    1,269,623        7,202     .6 Culture / Recreation            386,180      395,053 ( 8,873)      ( 2.2)
Fund transfers                  411,433      777,580    (366.147)  (47.1)
TOTALS                      S 7,240,954 S 7.133,324 s 107,630        1. 5
 )            The following table shows General Fund information for fiscal years 1985 and 1984 on an object of expenditure basis.
i                                                                    INCREASE CLASSIFICATION                  FY 1985      FY 1986 (DECREASE)% CHANGE i
[)           Salaries and wages         s 4,336,453 $ 3,933,695 s 402,758       10.2 l             Employee benefits              945,103      892,343       52,760    5. 9 Operating expenses           1,371,141    1,286,424       84,717    6. 6 j             General insurance                11,017       55,627 ( 44,610)    (80.2)
Charges from service l
organizations                  35,868       34,478       1,390    4. 0 I)            Capital outlay                  110,299      126,383    ( 16,084) (12.7)
Debt service                     19,640       26,794    ( 7,154)  (26.7)
Transfers                       411,433      777,580    (366,147) (47.1) l I
i             TOTALS                     $ 7,240,954 s 7,133,324 $ 107,630        1. 5 l
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O Mr. Rienard G. Simmons
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GD
                                                                                                                                        % OF TQTAL EXPENDIT_yRES 4
INCREASE                            -
CLASSIFICATION                      FY 1985       FY 1984    (DECREASE)
Salaries and wages                     59.9%        55.1%            4.8%
Employee benefits                      13.0%        12.5%             .5%
Operating expenses                     18.9%        18.0%             .9%
General insurance                        .2%           .8%         ( .6%)
Charges from service                                                                          II organizations                           .5%          .5%              -
Capital outlay                          1. 5%        1. 8%         ( .3)%
Debt service                              .3%          .4%         ( .1)%                          '
Transfers                               5. 7%       10.9%          (5.2)%
TOTALS                               100.0%        100.0%               -                     I Undesignated fund balance in         the General Fund increased from
                                                                                                               $1,563,887 in 1984 to $2,344,857 in 1985, an increase of 50%. A substantial portion of this f und balance forward has been anticipated as a source of funding for the FY 1985-86 budget.                                             II a
Special Revenue Funds Joecial Revenue Funds account       for revenue                                               II f ree; specific      revenue sources which are legally restricted for specified purposes. Ut ilit y ta.*es are pledged praraortly for the various obligations of the water and sewer ut111ty systems.         Federal Revenue Sharing funds are obligated to fund those specific items'so designated in the City's annual budget. The Capital    Improvemewt Fund was established to provide montes for major capital items benefit ing nonproprtetary                             I funds. The Vehicle Replacement Fund was established to provide a system of vehicle fleet replacement.        This fund was not used in 1985, with vehicles being acquired through Federal Pevenue Sharing or the Cap 1tal Improvement Fund. Recreation impact fees are designated for recreatzonal improvements throughout the City and are levned on each new living unit. The Local Opt,' ion Gas Tax fund was established to                       II' account for the City's share of 'the 4-cent Local Option Gas Tax which as used for      road i mproversent s.      The Bikeway     Grant Fund was established to account for{undsreceived from the Florida Department of Natural Resourbes to , construct           a bikeway near the City's lakefront.
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l A comparison of Soecial                          Revenue fund revenues for the last                                       three fiscal years is oresented in the following table.
1985                                 1984    1983 Utility tax                                                        $1,070,723 $ 836,023 $ 791,944
;                                 Federal revenue sharing                                               231,952                     257,305          258,979 r
Capital improvement                                                    52,423                        71,781         84,897 Vehicle replacement                                                                              26,850         27,312
   )                              Recreation ampact fees                                                 48,f03                        81,626         87,290 l                                 Local option gas tax                                                  503,620                     443,394              '
Bikeway Grant Fund                                                     43,229                                                                    ;
TOTALS                                                             $1,950,750 $1,716,979 $1,250,422 Capital Pro 1ects Funds l
Downtown Development The beautification of Kissimmee's downtown commenced in 1978 with the creation of a special district governed by a board appointed by the
   )                              C2ty Commission. The disbursement of funds is controlled by the Commission-appoi nt ed Downtown Develpment Board. Revenues from a I
special tax were used to fund the issuance of bonds which, in turn, fund various beautification projects.                                   This work has essentially been completed and the only remaining small projects are those funded from interest earnings on the remaining construction fund proceeds.
   )
City Hall Expansion The program                 was designed to                         increase the workable                            area by approximately 15,000 sq.                          ft. It enabled all City departments to be located in the same building and eliminated the need for rental of office space. The project was financed through an FmHA loan of
{)                               $500,000 at 5% for 40 years, as well as budgeted funds of $250,000 in the 1981 budget                        year.       For 1983, an                        additional $30,000 was appropriated to provide furnasnings for the expanded facility. This project has been completed.
Lakefront Development
   )                              This fund was established to account                                   for smprovements to the park on Lake Tohopekaliga.                      A five year development program was begun in i                                 fiscal year 1983.                       Financing is obtained from a combination of General Fund monies, donations, and grants.
j
')                                Community Development Grants Fund This fund was established an 1984 to account for insfrastructure improvements financed by various Community Development Block Grants.
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l Mr. Rachard G. Simmons March 4,                                                                                    1986                                                                                                                 ,
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Epecial Assessments Funds l
The Paving Assessments Fund accounts for assessments levned to finance public improvements specifically benefit ing the properties against which the assessments are levied.                                                                                                                                                                                         During 1985 two streets were completed and added to the assessment roll.
The Demolition Fund accounts for the costs of demolish 1ng condemned structures.                                                                                                                                   The cost of demolishing is assessed to the property owner.                                                                           There was increased activity in th3s fund in FY 1984-85.                                                                                                                   II General Fixed Alsets The general                                                                                                                          fixed assets of the City of Massammee are tnose fixed                                                                      .
assets used in the performance of general governmental functsons and                                                                                                                                                                                          '
exclude the faxed assets of the Proprietary Funds.                                                                                                                                                                                          As of September 30, 1985,                                                                                                       the general fixed assets of the City totaled S6.068,216.                                                                                       l This amount represents the ortganal cost of the assets and i s, therefore, considerably less than their present value. Depreciatlon of general fixed assets is not recognized in the City's accounting system.                                                                                                                                                                                                                                                     I The City will be embarking on.s fixed asset spectfac identification project in FY 1985-86 which will make signiftcant improvements not only to the General Fixed Assets Account Group records, but also to the records of the Enterprise Funds.
O EJectric Util:1y Fund Electric Utility Fund 1985 operating revenues increased $6,908,103 or 24.7% over fiscal year 1984.                                                                                                                                                                                           This increase is attributable to a financing strategy to partially defray the cost of required capital                                                                                                                                                                                          II improvements with Internally generated funds.                                                                                                                                                                                            Base rates were increased 6.2% during FY 1984-85.                                                                                                                                                                                         It is anticipated that with the continuing growth of the system only a 2.0% rate increase will be required for FY 1985-86.
The $28.4 million bond assue which was sold in September 1984 to                                                                                                                                                                                             II finarce the acquasation of a 4.8193% undivided ownershap Interest an the Curtas H. Stanton Energy Center Unat One being constructed by the Orlando Utilities Commission and to finance a portion of the cost of transmission and                                                                                                                                                                                        distributton system impeovements       was advance refunded to achieve a high to low interest rate savings in December 1985. The net effect of this transaction will be reflected in the                                                                                                                                                                                           II A-12 0

r Mr. Richard G. Simmons March 4,   1986 Comprehensive Annual Financial Report for the period ending September 30, 1986.
)    Effective October 1,      1985, the activities of the former Electric Utility Fund of the City of Kissimmee have been spun off to the Kissimme Utility      Authority (KUA)     (See Footnote      27A). It   is anticipated that separate financial statements for the KUA will be issued in FY 1985-86.
])   Comparative data for the last three fiscal years is presented in the following table:
1985         1984          1983 Total revenue (operating
[)    and interest)                     936,627,751 $29,504,645 $26,350,130 Income before extraordinary items                              4,409,977    1,444,927     2,953,745 Income available for debt service                           17,247,198 10.371,803       8,558,790 Debt service                         7,286,426   5,901,623      6,032,412
~[]  Debt Coverage (income available for debt service divided by maximum future debt service)                         2.37x        1.76x         1.42x Cash and investments (unrest rict ed)                  6,716,636   4,307,002      3,190,443
[)   Current ratio                         3.5 to 1     2.0 to 1      3.1 to 1 Water and Sewer Fund
,    Operating revenue in 1985 increased $569,316 or 18.0% over 1984.            A
[]   rate increase of 6.0% was implemented in 1985 and sales have increased due to growth and improved metering capability.
l Operating ex penses increased $385,926,       or 16.3% as a result of increased treatment costs.
[]   In 1983 the City was awarded $450,000 in Florida Department cF Environmental Regulation funds for construction and operation of a pilot project utilizing water hyacinths in the 3ewage treatment process. This project is seneduled to be completed in fiscal year 1985-86.
[) In July 1984, the City sold $10.7 million in revenue bonds to finance a major portion of the cost of design and construction of a new 6.0 A-13 i

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Mr. Richard G. Simmons March 4, 1986 O
mgd advanced wastewater treatment plant. This project is expected to be completed in fiscal year 1986-87 The Water and Sewer Fund has a healthy cash positton and current        O rat to due to inclusion of impact fees. lhese are anticipated to be used for plant expanston and the cash balance and current ratto will deeltne in subsequent years.
Comparative data for the last three fiscal years is illustrated in the following table:                                                    9 1985         1984        1983 Total revenue (operating and interest)                  $ 5,055,879 $ 4.140,722 $ 2,729,589 Net inceme                         1,681,595    1,099,182      97,942 Income available for                                                    O debt service                     2.474,532    1,703,426     874,890 Debt service                       1,754,063      888,181     675,840 Debt coverage (income available for debt service divided by debt service)                       1.41x        1.92x       1.29x Cash and investments                                                    9 (unrestrteted)                 10,740,967    8,879,719   5,680.265 Current ratto                      10.4 to 1     3.7 to 1    3.6 to 1 AtrDort Fund Airport operating revenue in 1985 increased $35,603 or 25.3% over       9 1984    Operating expenses decreased $2,682 cc 1. 5% from t9e previous year. Net income for the fiscal year ended September 30, 1985, was
$3,284.
A master development     plan for the airport       property has been completed. Development of the Airport Industrial Park has begun. O This should substantially increase airport revenue over the comsnq years. Also, city departnents are paying the fair market rental value of any airport leased space which has increased revenue and improved the debt coverage ratto.
Comparative data for the last three fiscal years is presented in the    e following table:
9 A-14 9

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Mr. Richard G. Simmons March 4,    1986
  )
1985      1984       1983 D   Total operating revenue           $     176,022 $  140,419 $  133,201 I   Net income (loss)                          3,284     3,933     (4,947)
Income available for debt serice                           35,135     34,994     36,350 Debt service                             29,454     30,672     31,466 Debt coverage (income
  )    available for debt service divided by maximum future debt service)                          1.19x     1.14x      1.16x Cash and investments (unrestricted)                        56,691     97,232     43,226 Current ratio                          1.2 to 1   1.3 to 1   4.9 to 1
  )
SoliQ Waste Fund In 1982 the City established the Solid Waste Fund to account for the provision of solid waste removal services to the residents of the City.      The fund is subsidized by an operating transfer from the
  ) General Fund. This is a result of a public policy decision that the cost of sanitation services should not necessarily be totally borne by rate payers, although the majority should be.
A $1.00 per month rate increase was approved in 1985 for this fund.
;)   The condition of the fund has improved significantly since its inception and it as anticipated that the subsidy from the General Fund will not be required in 1986.
Comparative data for the last three fiscal years is illustrated in the following table 0                                                1985      1984       1983 Total operating revenue            s    583,560 $  440,037 $  363,269 Net income                             141,394     76,542     16,761 Cash and investments (unrest rict ed)                    143,010     31,134        e)   Current ratio                         2.0 to 1    .5 to 1   N/A (1)
(1) Funds had a negative cash position at year end.
The Solid Waste system has no bonded indebtedness outstanding.
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O Mr. Richard G. Simmons March 4, 1986 O
Internal Service Funds The Central Services Fund accounts for services of a etty-wide                                                                                              II nature,   including building maintenance, central garage and data processing, as well as a central warehouse and petnting division.
Costs are charged to the using funds.
In fiscal year           1983, the City estabitsbed a new internal service fund. In response to consistent                increases in health care costs, the                                                                       I City opted to partially self-insure its health insurance coverage and to provide funding througn a combination of charges to employees and charges to various funds for the employers' portton.                                                                           The plan called for the City to bear individual expenses up to a specific stop loss of $25,000 with a plan stop loss coverage beyond $1,198 per employee per year.
In an attempt to contain etsing plan costs, the City rebad its health insurance in fiscal year 1985 and obtained coverage through Humana Care Plus, thus eliminating the need for the Self Insurance Fund.
O Trust and Agency Funds Trust and Agency Funds are nonbudgetary funds established to account for assets held my the City as trustee for individuals,                                                                                private organizations and other governmental units and/or funds.
The Section 8 Housing Assistance Payments Program Fund was created to account for receipts from the federal government where the City acts as a conduit for the disbursement of montes. The program has regulations governing the type of disbursements to be made and provides for periodic independent audits.
The Supplemental Care Fund was created to account for revenues received from the supplementary care program at the municipal cemetery. Tnis program is designed to accept advance payments from cemetery customers for the maintenance of cemetery plots.                                                                             Interest earnings on this trust fund are available to help defray maintenance gg costs borne by the General Fund.
The General Employees, Police and Firefighters Pension Trust Funds were created to account for the accumulation of resources to be used for tne reti*ement annuittes of all etty employees.
The Payroll Fund accounts for the receipt of montes from various funds for gross payroll and the disbursement c                                                                                net payroll and related employee liabilities.
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O Mr. Richard G. Simmons
() March 4,  1986 The Occupational      License Fund      accounts for the       receipt and
() disbursment to the General Fund of the City occupational Itcenses.
Occupational licenses are pledged for payment of debt service on the FmHA bonds.
CASH MANAGEMENT O
On October 2,   1984, the City entered into a depository contract with Sun Bank, N.A., coverang the period Augsut 1, 1984, through August 1, 1986, with a one year renewal option.         This contract followed an extensive competitive bidding process. The contract guarantees a return on all collected funds in the City's accounts above a
() compensating balance of $131,296, as follows:
      $ 1,000,000 and over          50 basis points below Federal    funds rate
      $ 1,000,000 to $1,999,999 75 basis points below Federal       funds  rate
      $   250,000 to $ 999,999 100 basis points below Federal       funds  rate
      $   100,000 to $ 249,999 200 basis points below Federal       Funds  rate o  The City uses a pooled cash concept for all funds under its control, except certain bond funds which may be specifically invested in accordance with applicable bond resolutions.         The cash management program involves a theory of keeping principal and earnings free from risk, maintaining reasonable liquidity to meet maturing obligations
() and maximizing return through the           use of a competitive rate comparison from various investment sources.         The City Invests in those instruments authorized by the State of Florida, the City Code, and applicable bond resolutions. A summary of interest earned on the City's pooled investments is shown in the following table.
  '() Fiscal Year           Interest Earned
* Averace Rate gf Return 1985                  $ 3,917,299                       9.8%
1984                    2,934,885                      12.1%
1983                    1,919,619                      10.9%
1982                    2,014,536                      12.6%
q[)   1981                    2,362,373                      14.8%
1980                    1,070,483                       8.8%
1979                      858,995                       9.3%
1978                      970,587                       8. 4%
      *Does not    include Pension Funds,       which are adminstered by an
:()  investment   firm,   or bond-related funds which have specifically l     identifiable investment instruments.
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      -.             - .       ..-            ~. --               - - . - . = . . _ . - -        _ _ - .
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5 Mr. Richard G. Simmons March 4,     1986 gg:
4 4
DEBT ADMINISTRATION I                                                                                                               GD i   Overlapping debt is that portion of the total Osceola County general obligation debt allocated to Kissammee's residents for purposes of ascertaining the total debt each resident is responsible for paying.
At September 30,         1985, total overlapping debt allocated to the City was $482,375,        or $21.04 per resident.         It should be noted that the City has no ad valoren supported general obligation debt of its own.                                        gg l   Bonc ratings for the five outstanding revenue bond issues are as follows:
j                                                 MOODY' S       STANDARD & POOR' S
'                                                                                                               GD Electric     Refunding Revenue Bonds,  Series 1982-A                       -
AAA l  Electric     System Revenue Bonds, Series   1984                                -
AAA Water and Sewer Revenue Bonds, Series 1977                                  A                                AAA                        gg Water and Sewer Revenue Bonds, Series 1981                                 -
AAA
;  Water and Sewer Revenue Bonds, t
Series 1984                                  Aaa                              AAA FINANCIAL POSITION AND FUTURE PROSPECTS The financial position of the City has continued to be sound over the past year,       with actual operating results better than originally estimated.      Some of the important factors which enabled the City to maintain this constant level weret                                                                           gg
: 1. All departrnents operatec within budget appropriations.
: 2. Estimated revenue was realized or exceeded.
: 3. Ao valorem tax collections remainec at a constant 96.7% of the levy.
: 4. Pooled investment incorne for the year totaled $3,917,299,                                                gg an increase of 33% over the previous year.
There were no significant or matertal changes in financial policy.
All     reautred principal and interest            payments on outstanding boncs were met.                                                                                                    gg Missammee's standards for services are considered excellent and its tax rates compare favorably to other area governments.                           The City has
                                         .\
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l  Mr. Richard G. Simmons March 4,   1986 t
established prudent budgetary policies that allow us to provide for g   future capital replacements and meet the demands of growth. ' Taxation r/  policies and exploration of impact fees for growth-related demands on
!  our infrastructure will permit us to meet the challenges of impending reductions in federal spending.
!                              ACKNOWLEDGEMENTS
)  The preparation of this report could not have proceeded smoothly without the diligent efforts of the entire Finance Department and the cooperation and assistance of the City's external auditors. A very special note of appreciation is due to John Hearn, Assistant Finance Director and Millie Doern,   Administrative Secretary, whose hard work is largely responsible for the preparation of this report.
Respectfully submitted, a.4  -
ean C. Bennett Finance Director l
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CITY C06MISS10N AllV ISORY                                                   CITY BOARDS                                                    ATTORNEY                               ,
CITY MANACER                                                          , ,
CITY OF                                                                                                                       ORGANIZATION KISSIMMEE, FLORIDA l                                                                                                                                                               CilART ASSISTANT                                                           ,
CITY MANACER 1
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i        U AIRPORT                                                       FINANCE                                                 FIRE                    IUI   I SERVICES                                             INSPECTION t
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ELECTRIC                                                  PUBl.!C WOHKS &               PERSONNEL &                   PARKS &
UTILITIES                                                   ENCINEERINC             LABOR RELATIONS                RECREATION
!                                                                                                                    WATER & SEWER Pl.ANNINC UTil.lTIES                                             ,
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h CITY             OF                                                                                        FINANCE KISSIMMEE,                       FLORIDA                                                                                  DEPARTMENT ORGANIZATION CITY                                                       CllART MANAGER
  ?                                                                          FINANCE
  $                                                                          DIRECTOR ACCOUNIING                                                  PURC: LASING l
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CERTIFICATE OF CONFORMANCE D
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"The Governmental Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Kissimmee for our Annual Financial Report for the fiscal year ended Septanber 30, 1984.
In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and   efficiently                           organized    Cmprehensive  Annual Financial Report, whose contents conform to industry standards. Such reports must satisfy both generally accepted accounting principles and applicable legal                           g requiranents.
A Certificate of Conformance is valid for a period of one year only. We believe our current report continues to conform to Certificate of Conformance program requirenents, and we are sutmitting it to                             g GFOA   to  determine                           its   eligibility  for another certificate."
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Cer:1::1ca~:e D                                                                         o:-
Con ~ormance 3                                                        in Financia Repor:ing Presented to a
City of l                                   Kissimmee, Florida b                                        For its Comprehensive Annual Financial Report
!                                                      for the Fiscal Year Ended l                                                              September 30, 1984 b                  A Certificate of Conformance in Financial Reporting is l
!              presented by the Government Finance Officers Asvactation of the United States and Canada to governmental units and public employee retirement systems whose comprehensive l             annual financial reports (CAFR's) are judged to substantially j
conform to program standards N
                $        ! "!E" 5
                         "                                       g                   President Nen h Al
                                                              ?
Executive Director e
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FINANCIAL SECTION 3
THIS SECTION CONTAINS THE FOLLOWING SUBSECTlONS:
)                AUDITOR'S REPORT GENERAL PURPOSE FINANCIAL STATEMENTS
)      COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES 3
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J MayZunaaa rea/W PA Au=nuno sJ q   To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida ACCOUNTANTS' REPORT                             '
U We have examined the combined financial statements of the City of Kissimmee, Florida, as of and for the year ended September 30, 1985, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting g     records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Kissimmee, Florida at September 30, 1985, and the results of its operations and the changes in financial position of 3    its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis con-sistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining, individual fund, and
    , account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Kissimmee, Florida. The infor-mation has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as
"     a whole. The information listed as statistical information has not been sub-jected to the auditing procedures applied in the examination of the cotbined financial statements and, accordingly, we express no opinion.
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Tampa, Florida November 20, 1985 O
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GENERAL PURPOSE O
FINANCIAL STATEMENTS (COMBINED STATEMENTS-OVERVIEW)
O THESE B ASIC FIN ANCI AL ST ATEMENTS PROVIDE A SUMMt.RY OVERVIEW OF THE FIN ANCI AL POSITION OF ALL FUNDS AND ACCOUNT OROUPS AS WELL AS THE OPERATING RESULTS OF ALL FUNDS. THEY ALSO SERVE AS AN INTRODUCTION TO O   THE MORE DET AILED ST ATEMENTS AND SCHEDULES TH AT FOLLOW IN THE NEXT SUBSECTION.
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O CITY OF KISS!mEE, FLORIDA COMBIED BALANCE STET ALL FUND TYK S AND ACCDUNT GROUPS SEPTEMBER 38, 1985                                                   9' GOVERMENTAL FUND TYKS SPECIAL            DEBT          CAPITAL        SPECIAL GENERAL          REVENUE          SERV!CE        PROJECTS      ASSESSMENTS  S ASSETS Eculty in pooleo casn ard investments      s 2,495,275 1        1,347,191   $        54,771 9        37,138 9     264,372 Receivables - (ret of allowances for uncollectiDIes):
Accrued interest                               -                -                -               -              21,933 $
Accounts (Note 3)                              56,963           -                -               -              -
Soecial As assments (Note 3)                   -                -                -               -
332,847 Due from cther funcs (Note 4)                     115,151           -                -               -              -
Due from other goverreents                          71,377          95,644           -
138,772         -
Notes receivable                                   -                -
Inventories                                          4,373          -                -               -              -
9 Prepaid expenses                                   -                -                -
Restrteted assets:
Sinking fonds-cash and 2nvest e ts               -                -                -
Str. king funds-accrued interest receivable                                     -                -
Construction Funes-cash and investments          -                -                -               -              -      O Construction Funds-accrued interest receivable                                     -                -
Bond asset replaceernt furds-cash and investments Custceer ceposits-eash a d investments           -                -                -               -              -
Land (hete 5)                                      -                 -               -               -              -      O Butidings (Note 5)                                 -                -                -
Eculpment (hete 5)                                 -                -                                -
Isarovements other than Dutidings thote 5)         -                -                -               -              -
Plant and equionent-net (Note 51                   -                -                -               -              -
Constructton in progress (hote 5)                  -                -                -
Inventory - nuclear fuel - (net)                   -                -                -               -              -      O Bond issue costs - (net)                           -                -
Lease accuisition costs                            -
Land held for future use                           -                -                -
Amount available for dect service in the Debt Service Fure reount to be proviced for cett service             -                -                -               -              -      O TOT A ASSETS                               S 2,653,153 $        1,443,835 1          54,771 $       175,982 $      615,152 E33F33E33333     133333332333    333323R333333   33333332EEWS    333335395S23 See accompanying notes to finarcial statments.
O B-10
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i D
PAGE 1 0F 2 FIDUCIARY PROPRIETARY FUND TYPES        FIAD TYPES                 ActXILAT 6AOLPS EERAL                     TOTALS EhTERPRISE        INTERPEAL      TRIST AfC          EDERAL             LING-TERM              (EMORA2UM (N.Y)
]       (W TE 25)       SERVICE           AGENCY       FIIED ASSETS             DEBT            1985              1964 s 17,657,3M $                 92 $ 7,853,187 $              -
S        -
t 29,615,322 s 23,198,669 151,227            -                   -
173,160           145, % 7 3,587,850          -                 -                -                   -
3,644,833         3,861,818 332,847           254,918 794           -                -                  -
115,945            72,134 64,477         -                -                -                   -
379,478            123,229 g          986,575 1,973,063 65,948 986,575 2,643,384 970,905 1,724,695 353           31,489             -                 -
31,642            74,548 16,417,997          -                -                 -                  -
16,417,997        29,442,688 g            18,862 22,244,457          -
18,862 22,244,457 13,725 24,196,548 512,661         -                -                 -                  -
512,661           309,721 1,883,786         -                -                -                   -
1,883,786        1,945,251 g          774,139 848,866 774,139 848,866 674,614 435,834 1,913,328               -
1,913.328        1,817,152 2,664,957               -
2,664,957         2,485,192 485,488              -
485,488           433,295 71,664,124         368,687           -                -                   -
72,928,731       78,338,248 g      18,892,633 599,983 154,815 155,577
                                                                                           !!,202,225 599,083 6,484,874 629,621 2,274,483         -                -                -                   -
2,274,483         2,355,838 2,929       -                -                -                   -
2,929            3,838 49g,34g g          -              -                -                -
54,771         54,771            46,6 %
995,165        995,165        1,901, % 5 l  s 151,549,543 $        589,809 $ 8,935,983 1 6,068,216 $ 1,M9,936 s 172,235,426 $ 163,593,824 9
{
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B-11 0

O.
CITY CF KISSIMIEE, FLORIDA COMBINED M.ANCE S4ET ALL FL90 TYPES AND FCCOLAT SROUPS SEPTDOER 30, 1985 00VEme! ENTAL RAD TYKS SPECIAL                                                                                DEBT          CAPITAL           SPECIAL GEERAL                                        REVENUE                                                                              SERV!CE         PROJECTS        ASSESS (NTS LIAEILITIES Ah3 FUhD EDu!T)
LIABILITIES Accounts payasle                          5        19.108 6                                       1,978 $                                                                             -
6     132,128 9             -
g Acerued Liabilities                             121,772                                         -                                                                                     -
880             -
Contracts /retagnages cayable                     -                                             -
Due to other funes mote 4)                        -                                             22,865                                                                                -               6,3#              -
Due to other gove'esents                          24,941                                        -                                                                                     -             -
Accumulatec unused coeoensated absences mote 21.24)                                     15,540                                       -                                                                                     -             -
g Deoostts payable (Note 11)                          8,571                                       -                                                                                     -             -
Liantlities payacle fece restrteted assets:
Accounts cayable                                -
Contracts /retatnages payasle                   -                                             -
Customer cesosits Accruec service ceoosit teterest                -                                             -                                                                                     -
g Revenue bonds payasle - current                 -                                             -
Accrued revenue bonc Interest                   -
Devenue bonds payaale - (net) motes 14,15,16,17,221                          -                                             -
Ge wral oeltgation bones payable Motes 18,19,20)                                -                                             -                                                                                     -             -                    -
g Deferrec revenue                                  -                                             -                                                                                     -             -
317,439 Dbligations urcer eacital leases mote 25)         -                                             -                                                                                     -
TOTAL LIABILITIES                            183,932                                        24,835                                                                                -
15,314             JU, afs CONT!46ENCIES RAD C0pa! TENTS Orate 26)
O PJaC EDUITY Investment in gereral fixed assets                -                                             -                                                                                      -
Ccetributec cacital (Note 22):
Ccetribution by gover*ments                     -
Contrisutton by ortvate sources                 -                                             -                                                                                     -
ContriDutton cy cther furds                     -                                             -                                                                                     -             -                    -
g Retaired earnings:
Reservec for revenue bord retirement            -
Reserved for eerd asset reolacemeet L+reservec INcte 23)
Furd balances:
Reserved for eneuserarces                       80.968                                       147.273 1,888              69.654             g Feserved for public safety empenditure          35,725                                        -                                                                                     -             -                    -
Reserved for ee:loyees rettreernt systees       -                                             -                                                                                     -
Reserved for deot service                       -                                             -                                                                                     14,771        -
Unreserved -
Designated for subsecuent years esperditures                                 1,677                                       30,8%                                                                                 -             -                    -
g Orcesignatec                              2,344,657                                     1.240,031                                                                                 -             35,568           227,859 70iAL RAD EQUITY                          2,463,227                                     1,418,29F'                                                                                34,771        Jt>,:,ss          cst, n J TOTAL LIABILITIES AND FUND EQUITY         $   2, f,53,159 $                                 1,443,035 1                                                                               54,771 l     175,902 $          615,152
                                                                                                                                                                                                            =
See accomoanying notes to f anareial statments.                                                                                                                                                     g H-12

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FIDLIIMY PR@RIETARY FUND TYPES           R AD TYPES                   ACC0lmT GROUPS                                 TOTALS ENTERPRISE      INTERNAL          TRUST AhD              EETRAL             GEEML L(N6-                 (EMORANDLR OKY)
(NOTE 25)      SERVICE               AGENCY          FIIED ASSETS           TE M DEBT              1985                  1984
  $    1,665,334 $       22,379 $               2,7N $            -
                                                                                              $ 1,843,627 $ 1,652,455 537,918           7,827             -                   -                    -
668,397               318,474 11,584      -                    -                   -                   -
11,584               88,007 14,263              72,511               -                   -
115,945                72,130 6,249             -                   -
31,190                 9,452 j         168,739        10,385              -                   -
197,765              392,429               329,530 1,850,977        -                    -                    -                   -
1,859,548             4,125,664 202,035        -                    -                   -                   -
202,035                51,657 24,850      -                    -                    -                   -
24,850                39,729 765,393        -                    -                   -                    -
765,393               667, 0 %
j             8,747      -                   -                    -                   -
8,747                7,518 15,000      -                    -                   -                   -
15,000                55,000 4,770      -                   -                    -                   -
4,770           3,673,4 %
     ;N,527,768         -                    -                   -                    -
IN,527,768             IN,208,764 j           -            -                   -                    -
847,000              847,000               863,600 1,446,751 465,956        -
43,352              -                   -
826,757 229,212       -                    -                    -
5,171            234,383               128,204 114,478,293        54,854              124,820              -
1,043,935     !!5,373,423            121,137,567 D
6,068,216               -
6,068,216             5,184,707 2,249,115        28,388               -                   -                    -
2,277,503             1,873,674 10,584,913        -                    -                   -                   -
10,584,913               6,449,992 g         114,250      268, % 9              -                   -                   -
383,219               376,652 16,418,789        -                    -                   -                   -
16,418,789           16,691,094 1,883,786        -                    -                   -                   -
1,683,786             1,905,142
!      5,820,397       237,598               -                   -                   -
6,057,995              t433,7%)
)          -
299,095 35,725 87,319 23,360 7,831,810               -                   -
7,831,810             6,434,856 i          -            -                    -                   -                   -
54,771                46,6 %
32,573                51,717 79,273_             -                   -
3,927,608             3,164,044 37,071,250       534,955           7,911,083           6,968,216               -
55,856, NJ            41,855,457
  $ 151,549,543 $      589,809 $ 8,035,903 $ 6,868,216 $ 1,049,936 $ 172,235,426 $ 163,593,024 g                                                     B-13 i
L

O CITY OF MISSIMMEE, FLORIDA COMBIWD STATEMENT OF REVE'CES, EXPEICITLRES AND D@iGES IN FUND BALANCES ALL 60VER'eqENTAL FUND TYPES AND EIPENDABLE TRUST FUNDS FOR T4 YEAR DCED SEPTE@ER 30, 1985                                         0 80WRpsOITAL FUND TYPES SPECIAL            DEST            CAPITAL GEKRAL          REkOLE            SERVICE          PROJECTS    O REVEMES Taxes                                                                                                                                                              $ 1,333,583 $        1.554,596 $           17,128 $        -
Licenses and persats                                                                                                                                                      277,731          -                 -                -
Intergovernmental revenues                                                                                                                                             2,154,181          255,778            -
362,162 Charges for services                                                                                                                                                      735,275          -                 -               -        O Fines and Forfeitures                                                                                                                                                     134,683          -                 -                -
Miscellaneous reve w                                                                                                                                                      234,916         140,374              3,962          13,434 Soecial assessments                                                                                                                                                         -                                -
TOTAL REVENUES                                                                                                                                                           4,866,369        1,950,750            21,118         375,5 %
9 EIE.NDITURES Current:
General goverreent                                                                                                                                                   1,278,012           -                 -                -
Public safety                                                                                                                                                        3.8 % ,564          -                 -               -
Puelic works                                                                                                                                                         1.276,825           -                 -               -
          .          Culture / recreation                                                                                                                                                    386,180          -                -                -        O elfare                                                                                                                                                                    -              -                 -               -
Capital outIay                                                                                                                                                             -
1,829,936            -
422,850 Debt service                                                                                                                                                                -              -
61,329           -
_=
TOTAL EIEr01TURES                                                                                                                                                         6,829,521       1,829,036            61,329          422,850 0
EXCESS OF REVENLES (NER (UNDER)
EIENDITURES                                                                                                                                                              (1,963,152)         921,714          (48,219)         (46,454)
OTK R FINANCING SOURCES (USES)
Coerating transfers in                                                                                                                                                 3,283,323          301,249           48,294           29,580 Doerating transfers out                                                                                                                                                  (411,433)     (1,176,842)           -                -        O TDTAL OTKR FINANCING SOURCES (USES)                                                                                                                                       2,791,890         (875,593)          48,294           29,580 EXCESS OF REVENUES AND OTK R SOURCES OVER (tNDER) EIPE@lTURES AND OTKR USES                                                                                                                                           828,738           46,121              8,875        (16,874)
O FtAD BALf4CES AT BEGIhh!NG OF YEAR                                                                                                                                        1,E34,469       1,371,237            46,6 %           54,384 RESIDUAL EQUITY TRf#aFER                                                                                                                                                      -
842           -
(842)
FUND BfLANCES AT END OF YEAR                                                                                                                                         $ 2,463,227 $        1,418,200 $          54,711 $         36,588 mmmm             mmmm             m mmm.           mm.m           O See acconcanying notes to financial statements.
B-14 0

O FIDUCIQRY FUND T)TES TOTALS SPECIAL           EXPENDABLE                (MEMORANDtB ORY) 3 ASSESSMENTS             TR'JSTS             1985               1964 t 2,985,389 $ 2,495,779 277,731             318,877
                   -                   418,481        3,178,682          2,387,138 q
735,275             528,866
                   -                     -              134,683             138,778 43,942                -
436,648             495,722 121,528                -
121,528             81,393 165,462               418,481       7,789,768          6,444,957 J
1,278,812          1,178,398 8, 778             -            3,985,274          3,514.447 53,428                -
1,338,253          1,266,259 q'
386,188             395,853
                   -                   483,736          483,736             333,926 37,924                -
1,483,818          1,251, 4 5
                   -                     -                61,329             63,991 m               188,122              493,736        8,845,734          8,822,631 65,348                   6,745    (1,856,826)        (1,577,676) 35,588                -
3,617,946          3,629,421
.n       '
(1,568,275)        (1,787,4211 35,588                -
2,829,671          1,922,888 188,848                   6,745       973,645             344,326 7,
1 % ,873               44,836       3,343,635          2,999,389
;q         $      297,713 8               % ,781 8 4,317,288 9 3,343,635 B-15 O

O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES                                                    II FOR THE YEAR ENDED SEPTEMBER 30, 1985 GENERAL FUND BUDGET (REVISED)                              ACTUAL REVENUES Taxes                                         S          1,279,986               $         1,333,583 Licenses and perra i t s                                       357,390                          277,731 Intergovernmental revenues                                                                             Gb 2,148,183                         2,150,181 Charges for services                                           735,272                          735.275 Fines and Forfeitures                                          103,900                          134,683 Miscellaneous revenue                                          183,800                         234,916 Saecial assessments                                                -                               -
TOTAL REVENUES                                            4,808,531                         4,866,369 EXPENDITURES Current:
General government                                   2,035,916                         1,270,012 Public safety                                        4,120,716                         3,896,504     gg Public works                                         1,444,000                         1,276,825 Culture / recreation                                        408,445                          386,180 Capital outlay                                                    -                               -
Debt service                                                      -                               -
TOTAL EXPENDITURES                                        8,009,077                         6,829,521      gg EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES                                            (3,200,546)                        (1,963.152)
OTnE9 FINANCING SOURCES (USES)
Ocerating transfers in                                  3,203,325                         3.203,323      gg Operating transfers out                                     (411,639)                         (411,433)
TOTAL OTHER FINANCING SOURCES (USES)                      2,791,686                         2,791,890 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES                           (408,860)                          828,738   gg-FUND BALANCES AT BEGINNING OF YEAR                         1,634,489                        1,634,489 RESIDUAL EQUITY TPANSFER                                           -                                -
FUND BALANCES AT END OF YEAR                    $          1.225,629               $        2,463,227
                                                   ============                       ============
g See accompanying notes to financial statements.
B-16 9

1 l                                                                                                                   PAGE 1 0F 3
[) .
SPECIAL REVENUE FUNDS
      -=_-          _ _                   ----_ -------------------- -- ----- ==-                                                                 --
VARIANCE                                                                                             VARIANCE
.g FAVORABLE                        BUDGET                                                              FAVORABLE
;            (UNFAVORABLE)                     (REVISED)                               ACTUAL                     (UNFAVORABLE)
                                       --                  =- =.                                        ---             .----
S             53,597 $               1,602,725                   S         1,554,598                $              (48,127)
(79,659)                       -                                     -                                   -
   )                        1,998                   276,925                               255,778                              (21,147) 3               -                                     -                                   -
30,783                        -                                     -                                  -
t 51,116                        61,557                              140,374                               78,817 l                        -                             -                                     -                                   -
57,838                 1,941,207                             1,950,750                                    9,543
             -- --               _- -     --------                    =          ____ -- ----                       - - - - - - - - - _ - -     _
l
\
l
(                       765,904                        -                                     -                                  -
l                       224,212                        -                                     -                                  -
'O 167,175                        -                                     -                                  -
22,265                        -                                     -                                   -
2,307,935                             1,029,036                           1,278,899
                         --            ==        -_ . ----                      ------------                     - - = _ -           - _ - - - -
1,179,556                   2,307,935                             1,029,036                           1,278,899 C)          =--           ----_-              ==              ==              ---                  - -_        -_------_----
1,237,394                      (366,728)                              921,714                         1,288,442
                                       -- ------------                          =_                      _--      -------------
(2)             301,249                              301,249                               -
e)                             206          (1,176,844)                           (1,176,842)                                                   2
             =-          ---_---          -----                    --           -----=                      --   -------------
l                                204               (875,595)                            (875,593)                                                 2 i
i 46,121                        1,288,444
   )               1,237,598                  (1,242,323) 1,371,237                             1,371,237                                 -
842                                     842                        -
             --.                    ==-   ------------                             _-        -------             -------------
S        1,237,598 $                      129,756               $          1,418,200                $          1,288,444 f)         =============                ==========..                          ............                     .............
B-17 O

O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL                                                  gg ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1985 DEBT SERVICE FUNDS BUDGET (REVISED)                       ACTUAL REVENUES Taxes                                     $               17,000      $             17,128 Licenses and permits                                     -                         -
gg Intergovernmental revenues                               -                         -
Charges for services                                     -                         -
Fines and Forfeitures                                    -                         -
Miscellaneous revenue                                      4,130                      3,982 Special assessments                                     -                          -
TOTAL REVENUES                                            21,130                     21,110 EXPENDITURES Current:
General governtaent                                   -                          -
Public safety                                          -                         -
gg Public works                                         -                          -
Culture / recreation                                   -
Capital outlay                                           -                         -
Debt service                                          112,783                      61,329 TOTAL EXPENDITURES                                      112.783                      61,329   gg EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES                                            (91,653)                    (40,219)
OTHER FINANCING SOURCES (USES)
Doerating transfers in                                   48,500                    48,894   gg Operating transfers out TOTAL OTHER FINANCING SOURCES (USES)                       48,500                    48,294 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES                     (43,153)                        8,075 gy FUND BALANCES AT EEGINNING OF YEAR                         46,696                    46,696 RESIDUAL EQUITY TRANSFER                                   -
FUND BALANCES AT END OF YEAR                $                3,543      $            54,771   gg See accompanytng r:otes to financial statements.
B-18 9

)
PAGE 2 0F 3
)
CAPITAL PROJECTS FUNDS VARIANCE                                                                                              VARIANCE FAVORABLE                             BUDGET                                                          FAVORABLE (UNFAVORABLE)                         (REVISED)                                ACTUAL                  (UNFAVORABLE)
         $                             128 $                  -
749,680                             362,162                         (387,518)
(148)                      1,530                               13,434                           11,904 (20)                751,210                             375,596                         (375,614)
              - - - - = - - - - - - - - - -
)                                                             -                                    -                               -
832,985                             422,050                           410,935 51,454                          -                                    -                                -
)              - - - -
                                             -   -_--                    --          =                [-    -       -----              [         _
51,434                         (81,775)                            (46,454)                          35,321 (206)                    29,580                               29,580                          -
D                             -                               -                                    -                               -
(206)                    29,580                               29,580                          -
              -------------                      ------------                        ------------                   ------~~-----
51,228                        (52,195)                             (16,874)                          35,321 54,304                               54,304                          -
l l
(842)                                (842)                        -
         $                    51,228 $                          1,267            $                 36,588         $                35,321 r
i D-19 J
f i
i

C CITY OF KISSIMMEE. FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL II ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMDER 30, 1985 SPECIAL ASSESSMENT BUDGET                                                                                         II (HEVISED)                             ACTUAL REVENUES Taxes                                        $                    -
5                   -
Licenses ano permits                                               -
Intergovernmental revenues                                        -                                -                                                     O Charges for services                                             -                                -
Fines end Forfettures                                             -
Mtscellaneous revenue                                           21,500                            43,942 Soecial assessments                                               40,000                        121,520 TOTAL REVENUES                                                     61,500                         105,402                                                  O EXPENDITURES Current:
General government                                              -                               -
Public safety                                                 50,000                                 8,770 Public worsu                                                  53,500                            53,*LO                                                 O Culture / recreation                                           -                                -
Capital outlay                                               108,000                              37,924 Debt service                                                    -                                 -
TOTAL EXPENDITURES                                            211,500                            100,122
_----.----._                      -------__--_                                                            G EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES                                                (150,000)                              65,340 OTHER FINANCING SOURCES (USES)
Operating transfers in                                          35,500                           35,500 Goeratsnq transfers out                                         -                                 -                                                      O TOTAL OTHER FINnNCING SOURCES (USES)                              35,500                           35.500 EXCESS Or 9EVENUES AND OTHEH SOURCES OVEH (UNDER) EXPENDITURES AND OrrER USES                         (114,500)                            100,640 0
FUND EALANCES AT bEGINNING OF FEAR                             196,h/J                           l's6, 0 7 2 RESIDUAL EQUIT( IRANSFER                                          -                                -
FUND DALANCES AT END OF   'r E AR             S                  02,3/3         $              29/,/13 u...........                      ............                                                            O See accompanying notes to finanraal st atument s.
11-20 0

O PAGE 3 0F 3
:D FUNDS                                                                   1985 TOTALS (MEMORANDUM ONLY)                                                                 1984 TOTALS (MEMORANDUM VARIANCE                                                                                                            VARIANCE                                    ONLY)
()                 FAVORABLE                                  BUDGET                                                                   FAVORABLE                         -         =-------
(UNFAVORABLE)                              (REVISED)                                   ACTUAL                      (UNFAVORABLE)                                ACTUAL s                     -
t        2,899,711                      8          2,995,389            s                        5,598 $                   2,495,779 r)                             -
357,390                                    277,731                             (79,659)                           318,977 3,174,788                                 2,768,121                             (496,667)                         2,848,883 735,272                                    735,275                                                    3           528,886 183,998                                    134,683                               38,783                            138,779 22.442                          272,517                                     436,648                            164,131                             495,722 81,529                              48,000                                  121,529                               81,529                              81,393
    )                                                                                                                                               ===_-_.                ..___.....__
103,962                        7,583,578                                 7,379,287                             (294,291)                        6,106,630
                                                                        =---__                   ------------                      -_ .... _----                           -_-_-_---_..
2,035,916                                 1,270,912                               765,904                         1,178,390 e)                             41,238                       4,179,716                                3,905,274                               265,442                         3,514,447 72               1,497,500                                 1,338,253                               167,247                         1,286,259 408,445                                   386,188                                22,265                            395,953 70,076                        3,248,929                                 1,489,919                           1,759,918                           1,251,465 112,783                                     61,329                              51,454                               63,891
()                          111,378                        11,474,280                                8,442,958                           3,032,222                           7,688,795
             ---__. .. _.                              .                            ==
215,340                        (3,890.782)                            (1,062,771)                            2,827,931                         (1,582,075)
()
3,618,154                               3,617,946                                          (288)                 3,629,421 (1,588,483)                            (1,588,275)                                             288              (1,707,421) 2,929,671                               2,829,671                                   -
1,922,000
             ----==__                           --     ------__                          -      ------------                      -------_ ----                           -----------_
()                          215,340                        (1,861,031)                                  966,900                         2,827,931                                 339,925 3,303,599                              3,303,599                                    -
2,963,674
             --               =-------                 ------ ...--                             ---------__.                      _------------                           -------_....
()
* 215,340 $                       1,442,568                     4        4,279,499              s             2,827,931 6                          3,383,599 r
ii- 21 lO

O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS / FUND BALANCES ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS                                           II FOR THE YEAR ENDED SEPTEMBER 38, 1985 PROPRIETARY FUND TYPES ENTERPRISE                          INTERNAL          II (Note 25)                           SERVICE OPERATING REVENUES Charges for services                        $ 39,188,784                     $             744,196 Interest Contributions                                               -
35,893    II Miscellaneous                                               -
9,234 Tap fees                                                 150,697                              -
TOTAL OPERATING REVENUES                            39,331,481                              789,323
____________                      __..              ==..
OPERATING EXPENSES                                                                                        A Power generation                                    7,093,283                                 -
Purchased power                                   18,571,234                                 -
Transeission                                             511,052                              -
Distribution                                        1,583,832                                 -
Operajions and maintenance                          1,843,614                              712,115 Administrative and general                          2,968,274                                 -         II Benefit payments                                            -
77,816 Refunds of contributions                                    -                                 -
Miscellaneous costs                                         -
18,174 Depreciation                                        2,525,613                                28,848 TOTAL OPERATING EXPENSES                            27,017,782                               836,953      II OPEATING INCOME                                     12,313,699                               (47,630)
NONOPERATING REVENUES (EXPENSES)
Interest revenue                                    3,132,377                                   9,510 Interest / amortization expense                   (6,619,402)                                 -         II Sain (loss) on disposition of assets                   (568,030)                              -
Operating grants                                            -                                -
Miscellaneous revenue (expense)                                (723)                          -
TOTAL NONOPERATING REVENUES (EXPENSES)              (4,047,778)                                   9,510
____________                       ____________           4D INCOME BEFORE OPERATING TRANSFERS                     8,265,921                              (38,120)
See accompanying notes to financial statements.
GD' n-22                                                            g,

O PAGE 1 0F 2 O
FIDUCIARY FUND TYPES PENSIDN                                    TOTALS O     NONEXPENDABLE                                TRUST                             (MEMORANDUM ONLY)
TRUST                           (Note 12)                        1985                     1984 S 39,924,900             $      32,159,681 2,991                          756,147                    759,138                   417,268 C)                  -
865,353                    981,246                1,347,441 9,234                  144,332 150,697                   227,394
___--________                         __           =_-_-__      ____..-_-_--              __.        ..______
2,991                      1,621,500               41,745,215                 34,d96,236 O
7,893,283                 18,197,937 18,571,234                   5,564,182 511,852                   484,498 1,563,832                   1,354,972 2,555,729                  2,295,822
  .O                  -                                    -
2,968,274                  2,904,266 126,136                    293,922                   694,138 26,912                     26,912                    15,896 71,528                     89,782                   55,613 2,554,461                  1,813,911 C)                 -
224,546             28,079,291                 25,289,437 2,991                     1,396,954                13,666,814                   9,096,799 3,141,887                  2,572,318
()                 -                                    -
(6,619,482)                 (5,929,682)
(568,938)                        1,298 32,035 (723)                    9,564
        ._-_____-_-__                         .-_____._-__               ........____             ____.=--             --
(4,938,268)                (3,314,471)
()   -------------                         ------------               ------------             -------------
2,991                     1,396,954                  9,627,746                  5,692,328 O
i 1
B-23 0

c O
CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS / FUND BALANCES ALL PROPRIET4RY FUND TYPES AND SIMILAR TRUST FUNDS                                                                                                                                           $'
FOR THE YEAR ENDED SEPTEMBER 30, 1985 PROPRIETARY FUND TYPES
]                                                                                                                                                                                   ____________________________
ENTERPRISE                     INTERNAL          g (Note 25)                     SERVICE OPERATING TRANSFERS Operattr.g transfers in                                                                                                                          192,929                       -
l                                            Operating transfers out                                                                                                                   (2,132,690)                          -
TOTAL OPERATING TRANSFERS                                                                                                                   (2,029,671)                          -
INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE                                                                                                                6,236,259                        (38,120)
CUMULATIVE EFFECT OF CHANGE IN                                                                                                                                                               0-ACCOUNTING PRINCIPLE (Note 24)                                                                                                                        -                          -
1 NET INCOME (LOSS)                                                                                                                             6,236,250                        (38,120)
RETAINED EARNINGS / FUND BALANCES AT BEGINNING OF YEAR                                                                                                                        17,886,722                         275,718       g-RETAINED EARNINGS / FUND BALANCES
;                                          AT END OF YEAR                                                                                                                         $ 24,122,972                 9          237,598 I
See accompanying notes to financial statements.                                                                                                           9 1
O' i
O I
b S'
B-24 i                                                                                                                                                                                                                                      G

O PAGE 2 OF 2 O
FIDUCIARY FUND TYPES PENSION                                    TOTALS O     NoNExPENDA8LE                   TRUST                               (MEMORANDUM OM.Y)
TRUST              (Note 12)                           1985                  1984 182,929                   78,000 (2,132,600)              (2,000,see)
C)    -_-__----                _____------_                  _____ _-__--          -              -_--_.
(2,829,671)              (1,922,000)
_-_.                   .        _-___--_-              ---- __---_           ---          =---_-_
2,991          1,396,954                   7,598,975                3,778,328 O
                    -                      -                            -                   (113,419)
_--                 --   _-_--                 =-_     -_-_-_--___-          __--.               ---_
2,991          1,396,954                   7,598,975                3,656,999 m
ks                  29,501          6,434,856                  24.626,797               29,969,888
    $               32,492 $        7,831,819              s 32,224,872          $      24,626,797 O
O n
%.9 O
B-25 O

n V
CITY CF KISSIMMEE. FLORIDA COFBINED STATEFENT OF CHANGES IN FINANCIAL POSITION ALL PRODRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 PROPRIETARY FLND TYPES                                             $
ENTERPRISE                          INTERNAL (Not e 25)                         SERVICE SOURCES OF WORKING CAPITAL                                                                                                             9 Frcm coerations:
Incorce before euromulat ive ef f ect of change in account t r.g pr i nc t ole           $        6.236,250               $              (38,120)
Acc: Expenses r.t creating current i1abt1it ies or using current assets:
depreciation and amortizattore                          2.606,194                               28,848                        $
interest exoense artsing from amort a rat ion of Donc discount                            374,005                            -
Working capital provided f ecta operat tons exclusive of cumulative effect of change in account t r g principle                           9,216,449                                  (9,272)                    e Cumulative effect of a chance t r, accounting princtole using working capital (Note 24)                                                    -                              -
9,216,449                                  (9.272)                    G Decrease in restricted assets                                  5,779,182                               -
Disposal of property and eauspreer=t r,e t of accumulated depreciation                                       350,792                               9,462 Decrease in otner essets                                             490,915                           -
Increase in liabilities payable from restricted assets                                                   -                                -
G Oroceeds from long-term debt issuance                                 185,318                           -
Contributions (Note 22)                                        4,539 I31                                   6,186 TOTAL SOURCES Oc WORKING CAPITAL                             20,561,787                                      0,376 APPLICATIONS OF WO4".ING CAPITAL                                                                                                       G Increase in restractec assets                                          93,825                          -
Acoutsition of fixed asset =                                  9,015,332                             135,146 Increase in otner assets Decrease in liabilities payable f rora restricted assets                                           3,473,702                               -
Gettrement of long-term debt                                         134.319                           -
G Decrease in contrtoutions TOTAL ADPLICATIONS OF WO9VING CAPITAL                         12,/17,178                              135,146 NET 1r4 CREASE (DECREASEi IN WORKINO CAPITAL                                                $         7,844,00')             $           (17.8,770)                         S
                                                          ....on.e...:                     =sn..             2.,n  r See accompanyanra nntes to fananc:al statements.
11 - 2 6 O

D PAGE 1 OF 2
[)                    FIDUCIARY FUND TYPES
_________-__. ._===-__-_-_-_
PENSION                                  TOTALS NONEXPENDABLE                            TRUST                           (MEMORANDUM ONLY)
TRUST                    (Note 12)                         1985                       1984
                                  ==__       -__---______             ------_-____               ---____--_-__
O
        $                      2,991 $            1,336,954       $         7,598,075        $           3,770,328
[)                     -                                -
2,635,042                     1,941,979 374,005                      342,498
              =.         ._-_____           ___.-______--             _-____--____               __---__-_____
[)                          2,991              1,396,954              10,607,122                      6,054,805 0                  (113,419) m sJ                        2,991               1,396,954              10,607,122                     5,941,386 l
5,779,182                           49,530 360,254                        23,645 490.915                        -
[)                    -                               -
0              2,001,843 185,318             38,060,574 4,545,317                    3,873,748 l
!                             2,931              1,396,954              21,968,108                   49,950,726 O
93,825            33,499,687 9.150,478                  11,178,312 0               1,249,406 i
3,473,702                               287 j)                      -                               -
134,319                      110,157 0                      45,412 i                      -                               -
12,852,324                   46,083,261
[) $                      2,991      $       1,396,954       $        9,115.784         $          3,867,465
          ..........===                    ............             ============               == ..........
B-27 O

n U
CITY OF KISSIMMEE, FLOGID4 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPHIETARY FUND TYEES AND SIMILAR T9UST rUNDS FOR THE VEAR ENDED SEPTEFDER 30. 1985                                                                                                     O PROPRIEIA9y FUND TYPLS ENTERPR!SE                           INTERNAL (Note 25)                          SERVICE                                          O CD*PONENT ELEFENTS OF NEr INCREASE (DECREASE) IN WORKING CAPITAL Ecutt, in pooled cash and investments        $       4.342,217               $            (146,290)
Accrueo interest receivable                                   -                                -
Accounts receivable                                       601,325                            (ae,773)                                  O Due t ror.t other funds                                      -
                                                                                                      /94 Due from other governr.;ents                                  14,766                           -
Notes receivable                                              15,670                           -
Inventorv                                                 315,686                                c,301 Prepaid encenses                                           (49,850)                                353 Accounts cayable                                        5122,476)                             50,364                                   O Accrued liabtittles                                     (321,403)                                   4*
Contracts /retatnages payable                                65,849                            -
Due to other funos                                           -
(14.c63)
Accumulated unused compensated absences                    (27,657)                                708 Deposits payable                                    2,271,853                                  -
Deferred revenue                                          756,861                              -                                       O Oblications uncer capital lease                           (18,2d6)                            -
NET INCREASE ' DECREASE) IN WOFKINri CADITAL                                         $      7,844,009                $           (128,770)
                                                  ... .            .....r         ......w.....
O See accompany t r y nctes to financial statements.
O O
O H-28 9

O PAGE 2 0F 2 O
FIDUCIARY FUND TYPES PENSION                            TOTALS N NEXPENDABLE                  TRUST                     (MEMORANDUM ONLY)
O          TRUST                  (Note 12)                  1985                 1984
    $           2,991 $             1,366,926      $     5,565,836      $       5,431,547
             -                            39,828              30,828                  14,334
  )           -                           -                  578,552                291,895
             -                           -                       794                 -
14,766                 33,193
             -                           -                    15,678                828,586
              -                           -                  317,987                707,962 (49,497)                49,858
,-)           -                           -                  (72,112)             (134,233)
(321,365)                (69,686) 65,849                (77,433)
(14,263)                -
              -                           -                  (26,949)             (152,175) 2,271,853            (2,182,181)
 )            -                           -                  756,861              (952,764)
             -                            -                  (18,226)                 (1,329)
    $           2,991 $            1,396,954      4      9,115,784      6       3,867,465
  )
O O
O q{}                                              B-29

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O
: 1. 

==SUMMARY==
OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Kissimmee conform to             II generally accepted      accounting principles as         applicable to governments. The following is a summary of the more signt'irant policies.
A. Entity Definition The accompanying financial statements present the financial          II position,   results of operations and changes in financial position of the applicable fund t ypes and account groups governed by the City Commission of the City of Kissimmee, Florida in accordance with NCGA Statement No.           3 " Defining the    Governmental     Report ing     Entity",    a nd   subsequent interpretation No. 7 clarifying the application of Statement      II No. 3. The reporting entity for the City includes all functions of government in which the City Commission exercises oversight responsibility.      Oversight responsibility includes, but is not limited to, financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations and accountability for            II fiscal matters. As a result of applying the above reporting entity criteria, no other component units entst in which the City has any oversight responsibilities which would require inclusion in the City's financial statements.
B. Organization of Accounts                                             II The City of Kissimmee organizes its accounts on the basis of funds and account groups,       each of which is ccnsidered a separate accounting entity. The various funds are grouped, in the financial statements in this report, into eight generic fund types and three broad fund categories as follows -
O Governmental Fund Types o General Fund - accounts for financial resources, which are not required to be accounted for in another fund.
o Special Revenues Funds - account          for the proceeds of specific revenue sources that are restricted by law or specific II administrative     action    to ex pendi t ure    for purposes.
o Capital Projects Funds - account for financial resources segregated    for    the    acquisition of      major    capital facilities.
o Debt Service Funds - account          for the accumulation of I
i resources for, and the payment of, interest and principal on general long-term debt.
11-30 er l

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
()
o Special Assessment Funds - account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied.
 )         Proprietary Fund Types:
o Enterprise Funds - account              for operations that are financed a nd operated in a manner similar to private business enterprises.
o Internal Service Funds            -
account for the financing of goods or services provided by one department to other
 )              depart ment s of the City or to other governments, on a cost-reimbursement basis.
Fiduciary Fund Types:
o Trust and Agency Funds - account           for the assets held by a governmental unit as a trustee or agent for individuals,
 )              private ceganizations and/or other governmental units.
Account Groups:
o General Fixed Assets - accounts for all fixed assets of the city, except fixed assets of Proprietary Funds and certain improvements other              than buildings,    including
 )             roads, bendges, curbs and gutters, streets and sidewalks, and deatnage systems.
o General Long-term Debt           -
Accounts for the outstanding principal balances on any general or special ob!!gation bonds of the city.
 )        Measurement Focus:
Governmental Fund Types - General,               Special Revenue, Debt Service,    Capital Projects and Special Assessment Funds are accounted for on a " spending" or " financial flow" measurement focus. Accordingly, the reported undesignated fund balances provide an indication of available, spendable or appropriable
()       resources.
Proprietary Fund Types - Enterprise Funds and Internal Service Funds are accounted for on a cost of services or " capital maintenance" measurement         focus. Accordingly, all assets and liabilities are included on their balance sheets, and the
()       reported fund equity         (total        reported assets    less total reported liabilities)       provides an indication of the economic net worth of the fund.        Operating statements for Proprietary Fund Types use an income determination measurement focus and, therefore,      report    i ncreases        (revenues)    and   decreases (ex penses) in total economic net worth.
O Accounting for the Electric utility Fund is in conformity with the requirements prescribed by the Florida Public Service 11 - 3 1 0

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985                                                           g Commission and the Federal Energy Regulatory Commission.
Fiduciary Fund Types - Agency and Expendable Trust Funds are accounted for Itke Governmental Fund Types; and Nonexpendable Trust Funds and Pension Trust Funds are accounted           for like  gp Proprietary Fund Types.
Fixed assets, which are not used in Proprietary or Fiduciary Fund       operations,    are   accounted    for   in   a   separate self-balancing General Fixed Assets Account Group.         Long-term debts,      which    are not int ended to      be financed through    gg Proprietary,       Fiduciary or    Special Assessment Funds, are accounted for in a separate self-balancing General Long-term Debt Account Group.
C. Basis of Accounting Basis of accounting refers to when revenues and em penditures         gg or expenses are recognized in the accounts and reported in the financial statements.
The modified accrual basis of accounting is followed by all Governmental Fund Types,        Expendable Trust Funds and Agency Fu nds. Under the modified accrual basis, expenditures other      gp than unmatured         interest on genera l long-term      debt are recognated        at the    time Itabilities     are incurred,     if measurable. Revenues are recognated in the accounting period when they become measurable and available.        Revenues which are susceptible to accrual are as follows -
9 Federal and State Revenue Sharing Interest Income State and Local Grants Proprietary, Nonexpendable Trust Funds and Pension Trust Funds are maintained on an accrual            basis with revenues being     ()
recognized        when   earned   and expenses     recognized   when incurred.
D. Budgets and Dudgetary Accounting The City         follows these procedures     in   establishing the budgetary data reflected in the financial statements -                ()
(1) The City Manager submits to the City Commission a proposed operating budget for the ensuing fiscal year.
The operating budget   includes proposed empenditures and the sources of receipts to finance them.
9 (2) Public hearings        are conducted to      obtain tampayer comments.
H-12 9
1

I g
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS g   SEPTEMBER 38, 1985 (3) The budget is approved by the Commission and becomes the basis for the millage levied by the Commission.
(4) The budget    is adopted on a line-item basis.      The City g               Manager is authorized to approve transfers between line l                  items within any department with all such adjustments l                 reported to the City Commission on a monthly basis.        ~
l                 Transfers between departments and increases or decreases in total budget   for a fund must have prior approval of
!                  the Commission.
I O           (5) Formal budgetary integration is employed as a management control device during the year for the General Fund, Special Revenue Funds,        Debt Service Funds, Capital Projects Funds and Special Assessment Funds.
(s) Budgets f r funds that have f rest budgetary integration O                are adopted on a         basis consistent with generally accepted accounting principles.
(7) Appropriations     lapse     at year    end. Encumbrances outstanding at year end are charged against the ensuing years budget and thus are not reflected in budget to O                actual presentations.
(8) The City received the Governmental Finance Officers Associat ion's     award      for    Distinguished    Budget Presentation for its budget document for fiscal year ending September se, 1985.
O (9) Budgeted amounts are as originally adopted, or as amended in accordance with City resolution. Following is a summary of budget revisions.
O O
O Il- 13 0

r
         ., ~
O
              . s CIT ( OF HISSINFEE, FLORIDA
                . NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30. 1985                                                                                                                         g Original                             Final Budget         Pevisions            Budget Geeeral Fund                8 8,202,670 S          218,946 4 8,420,716 Soscial Revenue Funds utility Tan                      897.400         173,325          1,070,72' Feoeral Revenue Sharing          425.419             2.800          428,299 Recreation lepact                321.1 %           -
327,1 %
Capstal leprovement             524,769          133,428            658,197 M acle Replaceernt                 22,000            9,233           31,233 Bakemay Geart                   12/,200           -
g 127,200 Local Dotion Ses fan            873,162            -
873,162 i                              Dett Service Funos Downtown District Bones            48,863          -
48,063
       /                          Fed Boncs                          64,720          -                  64,720 g
Capital Projects Funds Downtown Development               14,863            3,487            18,350 Lakefront Develoosent             50,000           14,955            64.955 City Hall (spansion               -
842              842 Community Development             -
749,640            749,680                                                g Soectal 4sessment Funes paving 4 sessment                161.500          -
161.500 Droolition 4 sessment             -
50,000             50,000 j                                                       $ 11,738,962 8 1,355,876 6 13,094,838                                                             g n ...           . . . . . - = .   .-=
E. Eausty in Pooled Cash a nd Investments The City of t(a ss arotece, for accountano and Invest rnent purposes, j                       Maintains a pooled cash and investments account                             for all Caty funds.      This otves the City the ability to invest                                  larpe a nounts of tale rash for short periods of time and to niaximtre                                                                     $
earning       potentsa).         The      "enutty        an        pooled cash           anc investments" reoresents the af400nt owned Dv cach                            f und of t hat City.
: e. Receavables Ut Isty ccerat ing revenues are ceneral1y                          reccgnized on the                                                 9 basts of cycle ballinos rendered taonthly.                         The cycle with the
;                       meter re.eding date closest to September 30                       is selected as the
,                       cutoff for accrual ourposes.                       The City        does not          accrue e ev enues for      services de1ivered durano tne fascal                        year that have not teen read by Septemt'er 30 9
,                       30eci al Asset.starint s recei va9 e accr uu             interest at the rate of in- 34 0

s             !
)                                        .
CITY OF KISSIMMEE, FLORIDA                                    ,
NOTES TO FINANCIAL STATEMENTS          ,
c SEPTEMBER 30, 1985
}
8%. Those accounts 'not paying within the due date are assessed a penalty of 1% per month on the unpaid principal balance. Both of these have beert, incerued at September 30, 1985 and are itemi:ed in the accrued 2nterest line item an the balanca sheet. An allowance for encollectibles has been
}           established for any account which has not made any payment during the fiscal year.
G. Investments                       .
Investments are recorded at cost, which approximates market.
)           Adjustments are made to cost for any premiums or discounts.
Premiums and discounts are amortized over the life of the investment.
H. Inventories Inventories are stated at the lower of cost (weighted average) or market.
}
I. Property Taxes The amount of taxes receivable at year-end is immaterial and therefore not accrued. Under Florida Law,       the assessment of all properties and the collection of all county, municipal and g           school board property taxes are consolidated in the of fices of the County Property Appraaser and County Tax Collector. The laws of the State regulating tax assessment are also designed to assure a consistent property valuation method statewide.
State Statutes oermit cities to levy property taxes at a rate of up to 10 mills. ' The . millage rate in ef fect for the fiscal year ended September 30, 1985 was 3.7486.
3 The tax levy of the City is established by the City Commf3sion      4 prior to October 1 of each year and the Osceola County Property Appraiser incorporates the millagt= into the total tax levy, which incluous the municipalities, independent districts and the County School Board tax requirements.
All property is reassessed according to its fair market value on January 1 of each year. Each assessment roll is submitted to the Executive Director of the State Department of Revenue      '
for review to determine if the rolls meet all of the appropriate requir+ments of state stotutes.
]
AlltaxesaredueandpayableonNovhber1ofedhyearoras soon thereafter as the assessment roll         is certified and delivered to t.he Tax Collector.      'All   unpaid taxes become delinquent on April 1 following the year in.which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January and 1% in the month of February.
i B-35 3

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O
The taxes paid in March are witnout discount.
Delinquent taxes on real     property bear interest of 18% per year. On or prior to June 1       following the tax year, certificates are sold for all delinquent taxes on real II property. Application f or a tax deed on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the County.
Delinquent taxes on personal property bear Interest of 18% per   8 year until the tax is satisfied either by seizure and sale of the property or by the five year statute of limitations.
The City does not accrue its portion of the County-held cerfificates due to the immaterial amount.
II J. Fixed Assets Fixed Assets purchased     in the Governtnental Fund Types are recorded as expenditures at the time of purchase. Such assets are capital 12ed at cost an the General Fixed Assets Account Group, except for certain improvements other than buildings, inclucing roads, brsdges, curbs and gutters, streets and sidewalks and drainage systems.      Gifts or contributions are recorded in the General Fixed Assets Account Group at fair market value when received. No depreciation has been provided on general fixed assets.
The fixed assets purchased an the proprietary Fund Types are capitalized at cost when purchased. Depreciation is provided using the straight-line method. The estimated useful 11ves of the various classes of depreciable assets are as follows -
ASSETS                         YEARS II Electric System                    10 - 50 Sewer System                        6 - 100 Water System                        5- 50 Bu11 dings                         10 - 40
  -                   Imorovements other
      <                  than buildings                   4-    12 II Equipment                           5-    20 K. Long-Term Debt Long-term debt of Proprietary Funds is accounted for an those funds. Unamortized bond d1scounts and assuance costs on long-term debt are amortized over the life of the issue on a straight-line basis. Long-term debt of Governmental Funds as B-36 9

r lO CITY OF kISSIMMEE. FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 20 1985 z) accounted for in the General Long-term Account Group. Current debt service is accounted for in the Debt Service Funds.                                                                                     The City has no special assessment long-term debt outstanding.
L. Nuclear Fuel
   )        Amortization of nuclear fuel is based on the cost,                                                                                      which as ororated by fuel assembly batch an accordance with the thermal energy that each assembly produces. Due to the uncertaan future of       the nuclear         fuel reprocessing                                                                          tndustry and government approvals for reprocessing and plutonium recycling, the City is estimating no value for restdual credits or costs
{)        for future reprocessing.
M. Deferred Revenues Revenues which are measurable, but not available or earned.
are reported as deferred revenues.          In the governmental funds.
deferred revenues include the portton of Special Assessments
   )        receivable due in excess of one year, since these receivables do not represent available scendable resources.                                                                                         Deferred revenue in the Enterprise funds represent the Electric utility Fur.d's cost of power adjustment revenues collected, but for which costs have not been incurred.
O      N. Penston Plans The City sponsors and administers three penston plans covering substantially all the full-time employees. General employees are covered by a plan established during 1968 that was amended and restated       in 1975.       Employees of the Police and Fire Departments were enrolled in separate retirement plans adopted
   )        by the City effective January 1, 1976, superseding the previous state established plans.              Annual costs for the pension      plans       are   actuarially    computed                                                                   and             include amoett:ation of past service costs over a period of 30 to 40 years. General employees contribute 4% of their annual salary to their plan.           The City's policy is to fund the annual
   )        pensten costs in the annual budget.          (See Note 12.)
O. Reserves Governmental Funds and certain Fiduciary Funds - Reserves are used to indicate that a portton of the fund balance is not appropetable for expenditure or is legally segregated for a
()        specific future use. Usage of reserves has been limited to the following items -
o Reserve for Encumbrances - andacates a portion of the fund balance that has been segregated for expenditure upon vendor performance.
   )                                                  This consists of purchase orders outstanding at the balance sheet date.
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l O
CITY OF MISSIMMEE, FLO9 I DA NOTES ro rINANCI AL STATEMENTS SEDTE.*BER 20, 1985                                                                                                                                  gg
              .- Reserve for cublic Safety Expenditures - Indicates a certton of fund balance that has been segregated for Montes receiv?d that are restricted for public safety expenditures only, o Reserve for Debt Service - indicates tne portion of fund balance which has been segregated for the payment of future principal and                                                                                interest coming due on general long-term debt.
Preortetary Funds and certain Fiductary Funds - Reserves are                                                                                g used to indicate a segregation of a portion of retained earnings equal to the net current assets that are restricted for necting various covensnts as may be spectfled and defined in 6. h e vernous revenue bond indentures.                                                                              Usage of reserves has been limited to the following items -
o Reserve for Bond Retirement - restrteted for future servicing of the revenue bonds.
o Reserve for Bond Asset Replacement - restricted for meeting of various contingencies as may be so specified end def:ned in the indenture (frequently referred t o as                                                                                g renewal. replacement and Improvement).
o Reserve for Employees Rettreroent Systems - restricted for payment of retirement benef i t s.
P. Encumbrances                                                                                                                                   gg Encurebrances represent cont ract ual commit ments                                                                            in the form of purchase orders and contracts.                                                                                 Such encumbrances are not recordec as excerditures, but rather as reservettons of fund balance.      They                                                                            will    become expenditures      upon   vendor performance and will be charged against the ensuing year's budget.                                                                                                                                       g D. Total Columns on Comoined Statements - Overview Total columns on the combined statements - overview are captioned Memorandum Only to indicate that they are presented only to aid in financial analysts.                                                                                Data in these columns do not present financial                                                                               position,   results of operations,    or  gg char.nes   in firancial                                                                            position in conformity with generally accepted     accounting principles.                                                                                These colurans    do not F         represent consolidated amount s because interfund eltmanat:ons have not been made.
P. Reciassifacatnons                                                                                                                             g Certain September                                                                               20,   1984 account    balances    have been B-38 9

;O l
l CITY OF KISSIMPEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
:O reclassified in this report                  to conform with the ftnancial statement presentation used in 1985.
: 2. IMPACT FEES O         Pooled cash and investments in the Enterortse Funds include
            $7.289,477 in water and sewer impact fees. These fees can only be used for ortmary water or primary sewer system extensions.
: 3. ACCOUNTS RECEIVABLE O         The accounts receivable and allowances for uncollectibles at Seotember 30, 1985 were as follows:
4.L0eCE ACCOLNTS         FOR LtCII.-
O                                         ECEIVABLE         LECT!BLES         ET Cv eral Fund             s      89,314 8          32,331 6       56,983 Paving Assessments Fund        413,166            86,448       326,718 Building Demolition Assessernts Fund               6,129           -
6,129 O             Electric Utility Fund       3,815,586           238,889      3,585,417 Airport Fund                     2,433           -
2,433 Section 8 H. A.P.D. Fund         1,388             1,388        -
TOTAL                    $ 4,327,928 9          350,248 $ 3,977,640 8                **  E233 3333333 O     4 INTERFUND BALANCES Individual       fund interfund receivable and Dayable balances at September 30, 1985, are as follows:
INTERFUND               INTERFUND O
RECEIVABLES                 PAYABLES General Fund                          $     115,151            $        -
Special Revenue Fund Bikeway Grant                               -
22,865 Capital Projects Fund -
O                  Commun1ty Deve1coment                        -
6,306 Internal Service Fund -
Central Serv 2ces                              794                14,263 Excendable Trust Fund Section 8 H.A.P.P.                           -
5,348 Acency Fund -
Q                  Occuoational Lacense                         -
67,163 TOTALS                               S      115,345            5 115,945
                                                       ===========               =========
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__ _ _ _ _ _ _ _ _ _ . ____.--___J

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985                                                                                         g
: 5. FIXED ASSETS The following is a summary of changes in general                                     fixed assets during the year ended September 30, 1985:
O BAUSCE                                                    BALMCE OCTCBER 1                                                SEPTDOER 30 1964          ADDITI(MS       DELETIOp6                   1985 Lard                     s      435,034 6          413,932 s          let t               645,866   g Butidings                     1,817,152            128,895        24,719               1,913,326 Equipuent                     2,445,192            282,634       102,869               2,664,957 Improvements other than buildings                433,295             52,283        -
485,486 Construction in progress                       14.124           153,695        12,242                  155,577   g TOTAL                    $ 5,164,707 6 1,023,439 $               139,930 8 6,068,216 Construction in progress is composed of the followings                                                g PROJECT        EIPD CED TD                                IEUUllED AlmORIZA-       !EPTDER            FUTUIE                   FUTUIE TICM              1985       CGellTTED               Fil80EII6 Traffic signal, Oak and Central        $       22,005 $           16,638 8        2,000 $                  3, %7 Bikemay                          127,200             86,465        -
44,735 Boat Docks                           850               850        -
Lakefront Development Project                         93,135            51,524        -
41,511   g TOTAL                    $      243,190 $          155,577 6        2,000 $                85,613 At September 30,        1985, the Proprietary Fund plant and equipment consisted oft                                                                                          g O
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l l
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
]
PLANT                 LESS:
Ale             A(nft1ATED EDUIPPENT          DEPRECIATION        NET D
Electric                $ 72,757,328 $ 14,100,684 8 58,656,644 luter ard Se.er            13,738,748            2,439,881     11,298,947 Airport                     1,929,621               595,124     1,334,497 Solidleaste                   501,343               131,387       378,836 Central Services              428,755                 68,148      368,687 3                                          $ 89,355,795 6 17,327,064 6 72,828,731 TOTAL Construction an          progress at Sept ember 30,                  1985 consisted principally of costs associated with the construction of Orlando g        Utilities Commission's Stanton Energy Center Unit 1                            (see note 7).
: 6. CONSTRUCTION PROJECT INTEREST COST In accordance with Statement of Financial Accounting Standards g        No. 62, " Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants," the City has recorded interest cost as construction in progress that has been financed by long-term debt. The amount of net interest cost (income) recorded in construction projects for the fiscal year ended September 30, 1985 was:
ELECTRIC UTILITY WATER & SEWER FUND           FUND
                                                         =_- ------ _- -__                 __---
O        Total interest expense allocable to construction projects                     $2,931,025 $ 1,085,000 Less: Interest earned in construction funds                              2,003,026           1,004,744
'O         NET COST (INCOME) CAPITALIZED                   $ 927,999            $     80,256 I
: 7. ELECTRIC FUND MAJOR PROJECTS g        A. Stanton Energy Center Unit No.             1 (SEC 1)
The City has entered         into a Participation Agreement with Orlando Utilities Commission (OUC) to acquire a 4.8193% (20 i
l B-41 P
l'

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985                                                                      gp MW) undivided ownership interest in SEC 1 and to participate in the use of related common and external faciltiles. The capacity and energy of the City's ownership interest in SEC 1 will be transmitted through DUC's transmission fac111 ties to the City's transmission facilities.                    SEC 1 is part of the    (b Stanton Energy Center, which involves the development of an approximately 3.200 acre plant site located approximately 20 miles northeast of the City.                      In addition to SEC 1, the Stanton Energy Center is capable of accommodating three more units with a total capacity at the Stanton Energy Center of approximately 2000 MW.                                                         gb The total estimated cost of SEC 1, certain land and related facilities as of October 10, 1985 is $511,069,000.                         The estimated cost of the initial coal inventory is $18,090,000.
The City's respective share of SEC 1 costs and initial coal inventory together with the City's 4. 8193% ownership share                    ()
applied to 60 percent of the 00C's interest costs during construction on common and external facilities are estimated by OUC to total $17,436,000.                  At the Balance sheet date, the City's construct ion in progress was $9,366,572.
The City does not exercise significant influence or control                     ()
over operating or financial policies of DUC.
B. Major Transmission System and Substation Improvements The    City engaged                  consulting engineers      to conduct    a transmission system planning study to develop a plan for the expansion of the City's transmission syst em.                       The study   gp determined that                   additional   interconnection    capacity is required.      The                study   recommended    increases    in   the interconnection capacity by reconductoring a portion of the City's 69 kV interconnection with Florida Power Corporation (FPC),   installing a 69kV interconnection between Taft and Buenaventura Lakes Substations, and installing an additional                    (p 230 kV - 69kV transformer at Marydia Substation. The study also recommended improvement to the system protection and 69 kV-13.2 kV      distributton substation                  equipment. Studies performed by the City indicate the need for two additional 69 kV13.2 kV substations to serve increasing loads in developing areas of the City's service territory.                      The total cost of   gp these major transmission and substation improvements is estimated to be $14,200,000                      and such ex pendi t ures are scheduled to be made over the next five years.
Some of the cost of such improvements are expected to be financed from the proceeds of the 1984 Bonds and the                            gp remainder is expected to be financed through internally generated funds of the System.
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CITY Ce KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
: 8. OTHER PARTICIPATION AND POWER SUPPLY AGREEMENTS The Electric Utility Enterprise Fund as party to the following agreements:
C)            A. In 1975,   the City entered into a Part icloat ion Agreement with Florida Power Corporation (FPC) to purchase a .6754%
undtvided interest an their 806 net MW nuclear powered electric generating plant designated Crystal River Unit No.
: 3. The City is billed for its share of operating and capital costs. Capi t al costs are included in Plant and I)                  Equipment and operatang costs          are included as power generation expenses.
Tne City does not exercise signifteant influence or control over the operating or financial policies of FPC.
: 2)            5. In 1981,    the City entered a Power Supply Acquisition Agreement with the Florida Municipal Power Agency (FMPA).
Under the agreement, the City is to recetve approximately 7 MW of power.      FMPA has an 8.806% undivided interest in Florida Power & Light's (FP & L) St. Lucie Unit No.            2 nuclear powered electric generating facility.          They also I)                have a Reliability Exchange Agreement with FP &L that enables them to share in FP & L's St. Lucie Unit No.           1.
Costs ~ associated with this        agreement are included in purchased power expenses.
: 9. WASTEWATER TREATMENT FACILITY PROJECT In July of 1984 the City sold $10,655,000 of Water and Sewer Revenue Bonds. The proceeds of the 1984 Bonds will be used for a major portion of the cost of design and construction of a wastewater treatment       plant. In   July,   1985,   the Florida Department of Environmental Regulations offered the City of
()           Kissimmee a $3,000,000 grant to be used in conjunction with this project. The remaining funds for construction of a wastewater treatment plant will be supplied by sewer impact fees and EPA grant funds. The wastewater treatment plant will be located on lands to the west of the present Martin Street Plant.             The wastewater treatment plant will include an influent pump station; C)           grit and comminution equipment; secondary reactors and settling tanks; hyacinth advanced waste treatment basins and chlortnation basans; sludge handling systems; an operations building ancluding control room,    laboratory, offices, maintenance areas, and other miscellaneous facilities; and an effluent pump station and force main discharging to Reedy Creek or to alternative sites as may be
()          designated by the       City. Total cost is      estimated to be
             $25,000,000. Anticipated completion date is July 1, 1987.
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p v
C:TY OF kISSIMMEE CLORIDA NOTES 10 FINANCI AL ST ATEMENTS SEPTEMBER 20. 1965                                                                                                   O The Cit y is coerat ina it s wastewat er t reat ment factllties under a temporary one,ating cermit issued by the Flortoa Department of Environmentel Regulation in February,            1985. The permit recuires the City to have its new factitty operational by July 1              1987.
II
  !?. LOSS ON DISPOSAL 0; ASSETS Durtn; fiscal year 1985. the City transferred a one-story administration butiding, related land and a site held for future use from the Electric utility Fund to the Cit y's General Fixed Asset Account         Group. The City also transferrec a ene-story cownunit y building and relat ed land from the General Fixed Asset                                               gg Account      Group to the Electric Utility           Fund. These transfers resulted in a net loss of $558,270 which as reflected in the Electric Utility Func as a loss on disposal                 of assets.                                The engineers certified that the propert ies disposed of by the Electric Ut ilit y Fund are not necessary for cont inued operat ion and w1]l not acversely affect the revenues to be certved from the                                                 gg n v st ern.
There was, in adotticn to the above. a sMall loss on disposal of some other fixec assets amounting to $1.237                 in the Electric Uti11ty Fund ar# $523 1n the Airport Fund.
O l'. LINE EXTENSION POLIC<
In fisca; year :985. the Electric Utility Fund changed its policy related to e<tenctnq electric lines for c us t orcers. In prior fears, the custoner paid the cost of entension anc was retrnbursed over a three year period cased on usage of electricity. Tnts usually resulted in the customer being reimbursed the entire                                                      gg amount paid         for    the line extenston.       These agreernents were recorded in the balance sheet as deposits payable.                   Deposits payable were reduced from $1,515.697 at Sept ember 30, 1984 to
       $931,82E at Sept ember 30, 1985.            They will continue to cecrease untti       rettnbursemente     related     to   existing   line    extension
       ;greements terminate.                                                                                             g i r. the current      year,   the policy was changed t a recurre the customer to pay          70y. of tne cost of itne extensions with no reimbursement.        Under the new policy the payments are recorced as c_,nt ri but t or;s f ec m    private sources on the         balance sheet.
       $473.111 was collected in fiscal year 1985.                                                                        gp
: 12. PENSIONS A. General Employees Penston plan The General Employees Pension Plan was established in 1968 ano amenced a r.o      restated    in 1975 to cover sunstantially all                                             gp full-time employees, except police officers and firefighters.
Annual costs of the pension plan are actuarially computeo and B .44 9
l

)
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
).
include amortization of past service costs over a 30 to 40 year period beginning January 1, 1974.                                                              The employees contribute 4% of their annual salary to the plan.                                                                  An actuarial study was conducted at January 1, 1985 and reflected
)           a net actuarial deficiency of $1,968,731. The actuarial value of pension fund assets of $4,567,591 exceeded the present value of           the actuarially                                                    computed vested    benefit s of
            $2,642,518 by $1,925,073 at January 1, 1985.                                                                Nonvest ed benefits totaled $328,033.
The City's contribut ton to the plan was $386,535 for fiscal
 )           1985.         This included the actuarial funding requirement of
            $345,507 and $41,028 in administrative costs.
B. Municipal Police Officers Retirement Plan The Municipal Police Officers Retirement Plan, which covers all         full-time sworn officers, was amended and restated in
{. )         1976.         Annual costs of the pension plan are actuarially computed and include amortization of past service costs over a 30 year period beginning January 1, 1982. An actuarial study was conducted at January 1, 1985 and reflected a net actuarial deficiency of $239,283. The actuarial value of pension fund assets of $1,590,792 exceeded the actuarially computed vested
 )          benefits of           $844,282 by $746,510 at                                                      January  1,  1985.
Nonvested benefits totaled $104,387.
The City's contribution to the plan was $119,105 for fiscal 1985.          This included the actuarial funding requirement of
            $99,596 and $19,509 in administrative costs.
 )
C. Municipal Firefighters Retirement Plan The Municipal Firefighters Retirement Plan, which covers all full-time firefighters, was amended and restated in 1976.
Annual costs of the retirement plan are actuarially computed and include amortization of past service costs over a 30 to
   )        40 year period beginning January 1, 1976. An actuarial studi was conducted at January 1, 1985 and reflected a net actuarial deficiency of $144,246. The actuarial value of pension fund assets of $889,434 exceeded the actuarially computed vested benefits of           $413,083 by $476,351 at                                                     January 1, 1985.
Nonvested benefits totaled $60,948.
The City's contribution to the plan was $71,303 for fiscal 1985.          This included the actuarial funding requirement of
            $60,312 and $10,991 in administrative costs.
g        The Entry-Age Normal-Level percentage of Pay actusrial cost method was utilized in the January 1, 1983 valuations for all three funds.         The significant assumptions for these plans are B-45 0

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985                                                                              gg (1) life expectancy is calculated using the GA-1951 Male Mortality projected to 1965 by Scale C with a five year set-back for       females,   (2) an interest                return of 7.5%
compounded annually, (3) a salary increase of 6% per year.
: 13. DEFERRED COMPENSATION PLAN The City offers its employees two deferred compensation plans created in accordance with Internal Revenue Code Section 457.
The plans are administered by Mutual of New York (MONY) and International City Managers Association (ICMA) . The plans,                                gg available to all City employees, permit them to defer a portion of their salary until future years.       The deferred compensation is not available to employees until termination or unforeseeable emergency (ancluding death, retirement and disability).
All amounts of compensation deferred under the plan, all property                          gg and rights        purchased with those amounts,                    and all income attributable to those amounts, property, or rights are (until paid or made avaialble to the employee or other beneficiary) solely the property and rights of the City (without being restracted to the provisions of benefits under the plans),
subject only to the claims of the City's general creditors.                                 gg Part ici pant s'   rights under the plans are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant.
MONY and        ICMA are     responsible for investment                    of f u nd s, distribution of benefits and reporting to participants.                         The City    gg believes that it       is unlikely that it will use the assets to satisfy the claims of general creditors in the future.
The following 1s a summary of the increases and decreases of the fund for the plan year ended October 31, 1985 (MONY) and December 31, 1985 (ICMA).                                                                            gg Fund assets (at market value) at beginning of plan year                   s 72,121                  $ 15,189 Deferrals of compensation                        20,974                    6,228 Earnings and adjustment to market                                                           g value                                            9,158                   1,348 payments to eligible participants and beneficiaries                              (1,500)                     -
Administrative expenses                               (75)                       (12)
Fund assets (at market value) at                                                            g end of plan year                         $100,678                   s 22,753 B-46 O

       . ..        _ ~ _ _ .               ._-        - _. ___._. .-_ _                     ._ . _ .           _ _ _ .   . __
a CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS j)          SEPTEMBER 30, 1985 14 ELECTRIC REVENUE BOND CONVENANTS i                The Electric Revenue Bond resolutions provide for:
A. Establishment and maintenance of various funds
     )                         (1)    Revenue Furd              records all operating                 revenues and
,                                    expenses of the system; (2)    Sinking       Fund               recoras    principal           and    interest recuirements; (3)    Bond Amortization Fund records funds held for the retirement of term bonds;
     )                        (4)    Reserve Fund records funds held for the maximum annual
  ,                                  debt service requirement; 5
(5)    Renewal, Replacement and Improvement Fund as to be used only      for      making             improvements,        extensions           and replacements to the system; and (6)    Construction Fund records the cost of major additions
()                               to the system financed by revenue bonds.
]
B. Restrictions on the use of cash from operations in order of
)
priority (1)    Deposits are made to the Revenue Fund to meet current l)                           (2) operations according to the budget; Deposits to the Sinking Fund account are required on or                                      ;
before the 25th day of each month equal to one-sixth                                         L (1/6)     of    the interest               coming due on             the next semi-annual interest payment                      date and one-twelfth
;                                    (1/12)     of the principal                  coming due on the next
:CI principal payment date; i
(3) Deposits to the Bond Amortization Fund are required on or before the 25th of each month equal                             to one-sixth (1/6) of the amortization installment coming due on the
;                                   next semi-annual payment date; (4)    Deposits to the Reserve Fund are to be made wnen required       to maintain                the Fund     at the           reserve
!()                                 requirement (maximum annual debt servlee); and j                           (5)     Deposits to the Renewal, Replacement and Improvement Fund are required each month in an amount equal to                                            -
one-twelfth (1/12) of the adopted budget for that fund.
The total annual deposit may not be less than 5% of the gross revenues for the preceding fiscal year after
')                                                                                                                         '
deducting 100% of the fuel expense and the energy l                                   component of purchased power expenses incurred in such l                                   preceding fiscal year.                      However, no such monthly l                                   deposit shall be required when the amount in such fund snall at least equal $1,500,000.
lC)            e, g,rly reeemotion l                  The             bond ordinance                provides for         early redemption                of f
f B-47 i C) t

O
                                                                  ~
C!rY OF %ISSIMMEE. eLORID4 NOTES TO FINANCIAL STATEMENTS SEPT & EER 30, 1985                                                                                          g outstanding bonds,               except ortganal                   issue discount bonds, at call rates varying from 100% to 102% of the instrutnents' face value, deper. dent upon tne cal 1 date.                              Or1ganal 1ssue otscount bones raay _ be receemed early at call rates of 80% to 100% of the face value, cepencent upon the call date.                                                       g D. Investment restrictions (1)    Funds of the Sinking Fund,                               Bona Arnort t rat ion Func, Reserve Fund            ar.d     Renewal,          Replacement      and Improvernent Fund are required to be cont inuously secured in the same manner as municipal deposits of funds are reautred                                  g to be secured by the Laws of the State of Flor da; and (2)    Montes on deposat                    in the S1nk1ng Fund and the Bond Amorttzation Fund shalI be invested only tn dtrect obligations of, or obitgations the principal of and anterest on whien are guaranteed by the United States of Ameraca and whach do not perm 1t redernpt ion pr1or to                                g maturity at the option of the City. Montes on depostt n r. the          Revenue Fund,                Reserve Fund            and Renewal, Pepl acernent and Improvernent Fund snay be anvested as described above as well as in obligations of agencies of the United States of America, obligations rating an "A"     or better from Moody's Investors Service,                                 Inc.,  g barek time deposits represented by certificates of depostt and bankers acceptances, repurchase agreements, corarneretal paper which has the highest investment grace rating and shares of                     investment compantes which invest principelly in United St ates governroent securt t les.
E. The refuncing and revenue bor.c s consist of the following seraa; anc term bonds AM0uhi OUTSTANDIMi INTEREST                FINRL          ORIGINAL     SEPTEGER 30, DESCRIPTICN               RATES / DATES            NATURITY         AMOUNT          1965     0 Electete Refurding Feyenue 5.B5-9.1255 Bords, Series 1982A               4/1;10/1               10/01/12     8 71,580,000 8 71,500,000 Electric Revenue                 7.255-10.755 O
fionds. Series 1984               4/l:10/1               10/01/17     9 28,400,000 $ 28,400,000 n = ==       ..
In accordance with the insurance policy covering the City's
                                               $28,400,000 Electric Pevenue Bor,cs, Series 198*, proceecs from                                      g the bonds, totaling 53,718,811, were segregated within the construction func and are being used, together with interest 11 - 4 8 9

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 earned thereon,        for the payment of one-half of the interest coming due on      such bonds through Detober 1, 1987.
: 15. WATER AND SEWER REVENUE BOND COVENANTS
()            The Water and Sewer Revenue bonds resolutions provide for A. Establishment and maintenance of various fur.ds (1)     Revenue Fund      records all operating                                                                               revenues and expenses of the systeel (2) Sinking Fund records all debt            service requirements
,()                           which    includes the      Sinking   Fund account,                                                                                        bond amortization account and reserve account; (3) Renewal, Replacement and Improvement Fund is to be used only    for    making     improvements,                                                extensions                                          a nd replacements to the system; and (4) Construction Fund records the cost of major additions i()                           to the system financed by revenue bonds.
l B. Restrictions on the use of cash from operations in order of priority (1) Deposits are made to the Revenue Fund to meet current operations according to the existing bond ordinance; C)                  (2) Deposit s to the Sinking Fund account are required monthly equal to one-sixth (1/6) of the interest coming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal payment date; (3) Deposits to the bond amortization account are required
()                          monthly equal to one-sixth (1/6) of the amortization installment coming due on the next semiannual payment date.
(4) Deposits to the reserve account are to be equal                                                                                                  to one-sixtieth (1/60) of the reserve requirement (maximum principal and interest)       and are to be transferred
()                        monthly; and (5)     Deposits to the Renewal, Replacement and Improvement Fund are required in each month equal to one-twelfth (1/12) of the adopted budget     for that fund.                                                                                      The total annual deposit may not be more than 10% nor less than
()                         5% of the gross revenues for the preceding fiscal year.
However,      no such nonthly deposit shall be required whenever the amount     in such fund shall at least equal
                              $375,000.
C. Early redemption The    bond ordinance         provides for     early redemption                                                                                        of
()             outstanding bonds at call rates varying from 100% to 103% of the instruments' face value, dependent upon the call date.
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O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O
D. Investment restrictions (1) Funds of the sinking fund account, bond amortization account, reserve account and renewal, replacement and impro+; *:ent  fund are                 required to be continuously secures , ,,in the same manner as municipal deposits of                         g funds at;e required to be secured by the Laws of the State o-l Florida; and (2)    All mor.ies deposited shall be continuously invested in direct obligations of the United States of America, obligations of its several agencies or Time Deposits in banks, trust companies or savings and loan associations O
represented by Certificates of Deposit.
E. The revenue bonds consist of the following serial and term bonds y
OUTSTANDIE O
INTEEST                 FINAL      ORIGINAL     SEPTD GER 30, DEERIPTI(N         RATES / DATES            MATURITY     m(RMT           1985 Water and Seier Revenue   4.801-5.505 4/1;10/1               10/01/07 8 5,525,000 8 5,525,000       0 Bonds, Series R Water and Sauer Revenue   8.005-12.255 Bonds, Series 1981        4/1110/1               10/01/95 8 2,600,000 $ 2,485,000 Water and Sauer Revenue    7.00-10.401 Bonds, Series 1964        4/1;10/1               10/01/15 8 10,655,000 $ 10,655,000 0
: 16. REFUNDED BONDS O
The City presently has outstanding serial bonds, which were refunded through the full cash defeasance method on January 4, 1978 and through the net cash defeasance method on February 25, 1982 and January 25, 1983 as follows:
O O
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O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
()
ELECTRIC, WATER AND SEWER        AMOUNT DUTSTANDING AT BOND ISSUES                  SEPTEMBER 30, 1985 1954                          $    29,000 d-                               1963                            1,865,000 1965                              540,000 1967                            1,175,000 1971                              850,000 1971-A                            540,000 1973                            3,295,000
   )                               1975                            3,520,000 STATE OF FLORIDA POLLUTION CONTROL BONDS,     SERIES F          1,320,000
    )               ELECTRIC REVENUE BONDS Series A                                       18,400,000 197o-1                                         2,580,000 1982                                         47,500,000
    )
TOTAL                               $ 81,614,000 Since governmental obligations are held in escrow for the payment e        of principal and          interest on these bonds,        they are not
  '-)      liabilities to the City.
: 17. AIRPORT REVENUE BOND COVENANTS The Airport Revenue Bonds resolution provides for:
A. Establishment and maintenance of various funds (1) Airport Revenue Fund records gross revenues from the operation of the Airport facilities; (2)      Airport Revenue Bonds, Series 1971 Sinking Fund records all the debt service requirements of the issue which includes the principal,     interest, sinking fund and
.)                       reserve requirements; and (3)      Renewal and Replacement Fund is to be used only for making    extensions,   enlargements,      additions  and replacements to the Airport facilities.
  ,,       B. Restrictions on the use of cash in order of priority
^J              (1) Deposits to the Sinking Fund are required on or before the 15th day of each month equal to one-sixth (1/6) of B-51 iC) t

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 9
the interest coming due on the next semiannual interest payment date and one-twelfth          (1/12) of the principal coming due on the next principal maturity date; (2) Deposits to the Renewal and Replacement Fund in an amount equal to one-twelfth (1/12) of five percent (5%)                  gg of the gross revenues of the facilities for the previous fiscal year, until there shall be on deposit
                    $50,000; and (3)    Balance remaining can be used for any lawful purpose
* af ter making all of the above required payments.
II C. Investment restrictions (1) Funds of the revenue fund,                sinking fund, reserve account and the renewal and replacement fund are required to be continuously secured in the manner by which the deposits of public funds are authorized to be secured by th'e Laws of the State of Florida; and (2) All monies deposited shall be continuously invested or secured by direct obligations of the United States of America or time deposits in banks and trust companies represented by certificates of deposit.
D. The revenue bonds (serial) consist of the following O
mas (RJTSTfud)lldi INTEIEST       FIML         ORI6IML      SEPTDEER 38, DEERIPTI(Di     MTES/ DATES    MTURITY         fBE1MT          1985 9
airport Rewne Boeds     5.5e54.58s Series 1971             6/1;12/1      12/01/95    t    350,000 8     245,000
: 18. LIMITED AD VALOREM TAX BOND COVENANTS O
The Limited Ad Valorem Tax Bonds resolution provides for the establishment and maintenance of a Sinking Fund to be held and administered by the City for the purpose of paying the principal and interest on the bonds as they become due.                    In each year, while any such bonds are outstanding, there shall be levied and II collected a special limited ad valorem tax not exceeding five (5) mills in eacn year, levied on all taxable property in the special taxing district comprising the municipal development district of the City over and above all other taxes authorized by law.
The Limited Ad Valorem Tax Bonds                (serial) consist of the II following:
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D CITY OF HISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
()
ftGMT (UTSTf00)!fei INTEIEST                                       FINRL                              ORI6!let.                                            !EPTEER 30, DEERIPTI(>         IWITES/ DATES                             MATURITY                                   funtfT                                                   1905 O
Limited Ad Valores        5.255/6.005 Tan Bonds                 10/1;4/1                                 10/01/93                             6                 171,000 $                                   109,000
: 19. EXCISE TAX REVENUE BOND COVENANTS
   )
The $265,000 and $500,000 Excise Tax Revenue Bonds resolutions provide for:
A. Establishment and maintenance of various funds (1)   Revenue Fund records all pledged excise tax revenues
   )                             received by the City and required transfers to other funds as stated below; (2)  Bond and Interest Sinking Fund records all debt service requirements         of the                                                         issue,                                               which includes                     the principal,        interest,                                                         sinking                                               fund    and                   reserve requirements; and (3) Construction Fund records the cost of the project financed by excise tax revenue bonds.
B. Restrictions on the use of cash in order of priority (1)  Deposits of excise taxes are made promptly to the Revenue Fund as they are received;
    )                       (2)  Deposits to the Bond and Interest Sinking Fund are required on or before the 15th day of each month equal to one-twelf th (1/12)                                                             of the principal of the bonds maturing on the next succeeding anniversary date; (3)  Deposits to the reserve account                                                                                                              in the Bond and Interest Sinking Fund are required on or before the
    )                            15th day of each month equal to $130 until such time as the funds total $15,600 for the $265,000 bonds; and
                                 $242 until such time as the funds total $29,025 for the
                                 $500,000 bonds; and (4)  Balance remaining may be used for any lawful purpose f3                             after making all of the above required payments.
v C. Early redemption The bond     resolution provides                                                                for early                                                redemption of outstanding bonds at call rates varying from 100% to 105% of the instrument's face value, dependent upon the call date.
D. Investment restrictions (1) Funds of the sinking fund account and reserve account B-53 0
_ ..                                                                                              _ - - _ _ - - - - - _ - _ _ - - _ - - - _ _-                                     - _ - _ - -- J

I o
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g
are required to be continuously secured in the same manner as municipal deposits of funds are required to be secured by the Laws of the State of Floridal and (2)    Montes in the sinking fund and reserve accounts may be invested in direct obligations o f,                   or obligations                      g guarar. teed by, the United States of America.              Montes on deposit in the Revenue Fund shall not be invested at any time.
E. The revenue bonds (serial) consist of the following O
AN0 twt QJTSTA$1NG INTEEST           FINAL       ORIGINAL     EPTDGER 30, DESCRIPTION        RATES / DATES      MATURITY       ANIMT           1985 O
Escine Tam Revenue Bonds, 0265,000             5%i9/1        9/01/2019   8     265,000 8     253,000 Excise Tan Arverwe Bonds, 8500,000             55l9/1        9/01/2022   0    500,000 $      445,000
                                                                                                                . . - -                       G
: 29. CHANGES IN LONG-TERM DEBT The following is a summary of bond transactions of the City for the year ended September 30, 1985:
ELECTRIC    WATER AND 9
LinlTED         EICIE UTILITY       SEER            AIRPORT      AD VALOREA        TAI            TOTAL Bones Payaele At 18/1/84                s 99,500,000 s 18,745,000 $         260,000 s     119,000 $      744,600 $ !!9,768,600     9 fiew Bones Issued                   -             -                -
Bones Retired                       -
(80,000)         (15,0W)       (10,000)        (6,600)       (111,600)
BOM6 PAYAELE AT 9/30/85 $ 99,900,000 $ 18,665,000 s              245,000 $     109,000 $     738,000 $ !!9,657,000 The annual requirements to amortize all debt outstanding as of                                           e September 30, 1985, including interest payments of $205,229,889, are as follows:
O B-54 9

D CIT /OFKISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS
')                SEPTEMBER 30, 1985 YEAR ENDING             ELECTRIC       WATER AND                                       LIMITED            EICISE SEPTEMBER 30             UTILITY             SEER                  RIRPCRT             AD VALOREM           TAI           TOTAL
                              $ 9,863,748 $ 1,828,286 $                         28,879 s               17,400 $       44,700 $ te,983,$13 3            1986 1%7                 9,067, sea       1,830,032                    28,016                 17,784         44,510     18,987,350 1988                 9,151,347        1,831,888                    32,$10                 17,112         45,310     11,077,667 1989                9,247,685        1,828,365                    30,860                 17,440         44,150     11,168,500 1990                9,250,485        1,828,221                    29,695                 17,660         45,125     11,171,186 1991-1995             47,865,124        9,131,328                   153,153                 52,700        223,165     57,425,470
'g         19 W 2000             47,545.451        9,129,681                    30,825                 -
222,465     56,928,422 2001-2005             46,340.181        9,130,947                    -                      -
223,045     55,694,173 2006-2010             46,132,937        6,509,250                    -                      -
223,750     52,865,937 2011-2015             27.901,513        5,790,080                    -                      -
222,665     33,914,258 2016-2920              6,237,975             -                       -                      -
208,190      6,446,165 2021-2022                 -                  -                       -                      -
58,000         58,000 3                               267,803,454       48,838,078                   333,438                140,096      1,605,155    318,720,221 TOTALS 4
Less: Amount representing interest    ;       171,971,426       32,271,775                    88,438                 31,096        867,155    205,229,890 3  Add: Aeount represent rg bond amortization fund 2nvestment purchases and interest arcome       (4,067,972)      (2,098,697)                   -                      -              -
(6,166,669) 3                             $ 99,900,000 $ 18,665,000 6                      245,000 $
TOTAL AT PRESEhT Valli                                                                             !#9,000 $      738,000 1 119,657,000
: 21. CHANGES IN LONG-TERM ACCUMULATED UNUSED COMPENSATED ABSENCES g                      Following is            a summary of changes                               in accumulated unused compensated absences during f2 seal year 1985.
General Long-Term Debt Account Group O
Liability at 9/30/84                                                       $161,444 Net accumulation (usage) during the year                                                               36,321 O
Liability at 9/30/85                                                       $197,765
                                                                                                       ========
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O CITY OF d.ISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g
Accumulated unuseo              comoensated absences                  in     Enterprise and Internal Service Funes are considered current liaDilattes.
: 22. CONTRIBUTIONS Tne #ollowing as a summary of changes an c,)ntracuted ca pt t al during the year enced September 30, 1985.
WATER AND                             SOLID           CE.% TRAL ELECTRIC         SEWER            AIRPORT            WESTE           SERVICES       TOTAL
                                                                                                                                 -- g C0hT419UTED cap!TAL Octoser 1,1984              5        -
S 6,915,721 s 1,450,946 $                   43,380 $       291,171 9 8,700,318 G
tieter ard! sewer tooact fees g
3,274,755             -                -                -
3,274,755 Contribution for entruct acn:
Federal Goverreen              -                -
134,488            -                -
134,488 State Sove-reent               -
261.273               8,066          -                -
269,339 Contrioutton fros sundaviceas g
473,111         387,955            -                 -                -
860,!66 Contribution from General Fund                      -               -
383          -                -
383 Contrieutton free Capital Isorevement Furt!
e 6,186        6,186 CONTRIBUTED C# 1TA Seatevner 30, 1985         5       473,t11 9 19,'.38,864       $ 1,592,983 $           43,380 s        297,357 $ 13,245,635 EE23E23232E3    ESEBRE2WEESS      ESSESSEWEESE      R33332853595     333333333323  533333333333
: 23. NEGATIVE fiETAINED EARNINGS g
Tne following fund recorded                        negative retained earnings at September 30, 1985:
Airoort      (Enterprise Fund)             - $317,345.             There as an industrial cark under develooment which should enhance earnings.                                                                g 24 CHANGE IN ACCOUNTING PRINCIPAL During the year ended September                     30, 1984, the C1ty changed it5
                ><ethod of account ing for accumulated unused corneensated absences to ccnform to the reautrements of NCGA Statement 4                                  Statement 4                      g reautres the accrual of certain accumulated unused cornpensated absences as current and/or long terrn liabilittes in the financial B-56 9

O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
  .O statements.          In the past the amount of accumulated unused compensated absences had been disclosed in the footnotes only.
The City's accumulated unused compensated absences that meet the criteria of Statement 4 are accumulated medical and vacation I)                leave.       The      current City policy allows                              each employee to accumulate no more than 70 days of vacation leave.                                  All vacation leave over 70 days must be used within one month or it will be forfeited.      The majority of employees use their vacation leave within one year of accrual.                Employees are allowed to accumulate up to 60 days medical leave. Any amount over 60 days is paid at
 .E)                 the rate of one-half of the employee's normal pay rate in December of each year.
l The following acjustments were made to retained earnings in the fiscal year ended September 30, 1984 to record the cumulative effect of this change in accounting principle on prior years.
Electric Fund                                 S 78,743 Water & Sewer Fund                                   19,901 Airport Fund                                          2,410 Solid Waste Fund                                      2,878 Central Services Fund                                 9,487
:C)                                                                  ____
TOTAL                                         $113,419 The City's           financial records did not                            provide information E)               sufficient to segregate the liability for accumulated unused compensated absences by funds prior to September 30, 1984.
,            25. SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains four Enterprise Funds which provide water and
 ^)
sewer services, electric services, airport services and solid waste collection services.                 Segment             information for the year ended September 30, 1985 is as follows:
!C)
.O B-57
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CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 TOTAL ELECTRIC      IdATER                        SILID        ENTEIFRl!E ,
UTILITY     APG SEER        AllFORT         IdRSTE          F100)6 Operating revenes        8 34,842,642 $ 3,729,217 $         176,022 6      583,560 $ 39,331,441     g Depreciation aM amoritration expense      2,646,192       273,050         23,170         37,787      2,WS,199 Operating income (loss)     11,286,787       978,030           4,765        44,117     12,313,699 9
Operating transfers In                            -            -
7,919        95,918         102,929 Out                      (2,132,600)       -              -              -
(2,132, feel leet income (loss)          4,409,977    1,681,595            3,284       141,394      6,236,250 0
Current espital centributions                473,111   3,923,083         142,937         -
4,539,131 Property, plant and equipment:
Additions                 7,037,456    1,627,505         164,172        186,119      9,015,332   g Deletions (net)             350,269        -
523       -
350,792 ht working capital          8,779,394   10,640, % 9          16,061        71,772     19,508,1 %
Total assets              112,442,574   37,002,345      1,591,578         513,046    151,549,543 9
operating grants                -            -              -              -               -
Bonds aM other long-ters liabilities payable from operating revenues 99,900,000    18,(65,nse         230,000        168,657    118,963,657 O
Total equity                17,810,754   17,711,707      1,275,638         273,151     37,071,250
: 26. CONTINGENCIES AND COMMITMENTS A. The City is an the process of defending a class action suit which alleges discriminatory practices by the City and seeks Federal Revenue Sharing funds as relief.                  Management believes             O the final outcome will have no adverse financial effect on the City.
B. The City owns a portion of Florida Power Corporation's nuclear power plant at Crystal             River,    Florida.        This plant           is scheduled to be decomm ssioned in about the year 2008.                         The        O City     will  be       liable for        approximately          S668,000         in B-58 9

 )
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 decommissioning costs at that time.                 In fiscal year 1985, the City began escrowing a portion of this amount.
C. Leases (1)    The property under capital lease consists of five garbage trucks and a telephone system at the Police Department.         All    leases have terms of five years.
Title to the equipment shall be transferred to the City at the end of the lease terms and upon the vendor's receipt of one dollar.             As of Sept ember 30,                  1985
: 7)                    $90,292 in principal payments had been made on this equipment.
The following is a schedule by year of future minitum lease payments under capital leases, together with the
  ,                   present value of the net minimum lease payments, as of
'>                    September 30, 1985.
GENERAL LONG-TERM                SDLID YEAR ENDING                          DEBT ACCOUNT               WASTE SEPTEMBER 38                                 GROUP                FUND 1986                             $            5,484 $ 78,144 1987                                            -
63,426 1988                                            -
63,426 g,
1989                                            -
44.928 1990                                            -
22,464 TOTAL MINIMUM LEASE PAYMENTS                      5,484       272,388 Less: Amounts representing interest                             313       43,176 PRESENT VALUE OF NET MINIMUM LEASE PAYMENTS                $           5,171 $229,212 gg                                                        ............ ........
(2)    In addition,        the City is lessor on various leases at the Airport.         The following is a schedule of minimum future      rentals          on      noncancelable                 operating gg leases:
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  )

C CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985                                                                      gg YEAR ENDING SEPTEMBER 30 1986                                           $        84,875        gg 1987                                                    80,069 1988                                                    97,886 1989                                                   97,086 1990                                                  114,418 After 1990                                           10,058,035
_          -=_
TOTAL MINIMUM FUTURE RENTALS                                     $18,930,769 Total income on noncancelable operating leases for the                     gg year ended September 30, 1985 was $95,237,
: 27. SUBSEQUENT EVENTS O
A. Kissimmee Utility Authority Created On October 1, 1985, the Kissimmee Utility Authority was created by an ordinance amending the Charter of the City of Kissammee. The Authority is responsible for the development, production, purchase and distribution of all electricity and such other utility services as may be designated by resolution                   gg by the     City Commission.              The Authority       has exclusive Jurisdiction, control and management of the said utilities of the City and all its operations and facilities. The Authority shall operate as a separate unit of the City government. The Electric Utility is the                only utility service that was separated on October 1.               It   is anticipated that,       in the     gg Comprehensive Annual Financial Report for the fiscal year ending September 30,            1986, the Electric utility Fund will be excluded and reported as a separate entity.
B. Electric Utility Bonds Refunded On December 31, 1985, the Kissimmee Utility advance refunded                     gp the $28,400,000 Electric Revenue Bonds Series 1984 with the Electric Revenue Refunding Bonds,             Series 1985. Par amount of the new issue is $36,875,000.
C. Neighborhood Redevelopment Grant Awarded In April,   1985, the Florida Department of Community Affairs                    gg awarded the City a grant in the amount of $354,858.                        In November, 1985 the grant was amended to increase the total B-60 9

O                                                                                                                         :
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBEP 30, 1985 J,
l                          grant award to $650,000.         The main purpose is to provide infrestructure improvements to the targeted area. Expected completion date is September,          1986. No activity occured on                             ,
this grant during fiscal year 1985.
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a
)   COMBINING AND INDIVIDUAL FUND                                          -
AND ACCOUNT GROUP STATEMENTS AND SCHEDULES THESE FIN ANCIAL ST ATEMENTS PROVIDE A MORE DET AILED VIEW OF THE *GENER AL PURPOSE FINANCIAL STATEMENTS
* PRESENTED I     IN THE PRECEDING SUBSECTION.
COMBINING ST ATEMENTS ARE PRESENTED WHEN THERE ARE MORE THAN ONE FUND OF A GIVEN FUND TYPE. INDIVIDUAL FUND AND l    ACCOUNT GROUP STATEMENTS ARE PRESENTED WHEN THERE IS l    ONLY ONE FUND OF A GIVEN TYPE AND FOR THE ACCOUNT GROUP.
THEY ARE ALSO NECESSARY TO PRESENT BUDGETM4Y COMPARISONS.
)     FINANCIAL SCHEDULES ARE ALSO PRESENTED THAT PROVIDE GRE ATER DETAILED INFORM ATION THAN REPORTED IN THE FIN ANCIAL STATEMENTS.
SCHEDULES ALSO PRESENT INFORMATION TH AT IS SPREAD THROUGHOUT l    THE STATEMENTS THAT CAN BE EROUGHT TOGETHER AND SHOWN IN GREATER DET AIL.
2

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GOVERNMENTAL FUND TYPES L
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0 CENERAL FUND To account                          for   resources  traditionally associated with g         governments which are not required to be accounted for in another fund.
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O CITY OF KISSIMMEE, FLORIDA BALANCE SHEET GENERAL FUND SEPTEMBER 30, 1985                                                            II 1985                       1984 ASSETS Equity in pooled cash and investments              $      2,405,275          $         1,640,429              ID Accounts recesvable                                               89,314                      50,340 less: Allowance for doubtful accounts                       (32,331)                      -
Due from Bikeway Grant Fund                                       22,865                      -
Due from CDBG Grant Fund                                           6.256                     -
Due frem Central Services Fund                                    14,263                      -
Due from Section 8 H.A.P.P. Fund                                    4,604                      13,391         II Due from Occupational License Tax Fund                            67,163                      58,739 Due from other governments                                      71,377                       15,394 Inventory of materials and suppines                               4,373                        3,671 TOTAL ASSETS                                            2,653,159                    1,781,964
                                                                   ============              ============                    GD LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable                                               19,108                     25,432 8,056                        6,291         II Accrued Taxes Payable Accrued Salaries                                            113,716                        87,555 Deposits Payable                                                 8,571                       2,834 Due to other Governments                                      24,941                         9.452 Accumulated unused compensated absences (Note 24)                                                    15,540                       15,911
                                                                   =          =_______        ______                    ___  GD TOTAL LIABILITIES                                         189,932                     147,475 CONTINGENCIES AND COMMITMENTS (Note 26)
FUND EQUITY II Fund Balance:
Reserved for encumbrances                                    80,968                      42,370 Reserved for public safety expenditure                      35,725                       23,360 Unreserved -
Designated for subsequent years expenditures                                              1,677                       4,872 Uncesignated                                      2,344,857                   1,563,887                II TOTAL FUND EQUITY                                    2,463,227                   1,634,489 TOTAL LIABILITIES AND FUND EQUITY                $       2,653,159         $         1,781,964
                                                                    ============               ============
0 See accompanying notes to finanetal statements.
B-68 9

)
l l
l                              CITY OF KISSIMMEE, FLORIDA STATEMENT OF CHANGES IN FUND BALANCE GENERAL FUND
 )                        FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985               1984 FUND BALANCE AT BEGINNING OF YEAR                  $      1,634,489      $      1,629,371 Cnanges during the current year Revenues and other financing sources                  8,069,692             7,138,442 Expenditures and other financing uses                (7,240,954)          (7,133,324)
FUND BALANCE AT END OF YEAR                        s      2,463,227      $      1,634,489
                                                             ============         --..........
See accompanying notes to financial statements.
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B-69 O

CITY OF KISSIMMEE FLORIDA STATEMENT OF REVENUES AND OTHER FINANC}NG SOURCES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985 vHn HNLt      II BUDGET                        FAVORABLE (REVISED)         ACTUAL      (UNFAVORABLE)
REVENUES Taxes:
General property taxes -
current and deltnquent       $    1.220,536   $   1,250,295  $       29,759    II Franchise taxes                         59,450         83,288          23,838 Total                             1,279,986       1,333,583          53,597 Licenses and permits:
Business licenses                      135,240        119,420         (15,820)
Butiding permits                      219,250         154,826         (64,424)
Other Itcenses and permits                2,900          3.485              585  II Total                               357,390         277,731         (79,659)
Intergovernmental revenues:
Federal, state, local grants              8,500          9,222              722 State Revenue Sharing                 615,822         633,471            17,649 Shared taxes and licenses             988,705       1,000,043            11,338 II County Shared Revenue                   22,297         23,527             1,230 County ambulance service              512,859         483,918         (28,941)
Total                             2.148,183       2,150.181             1,998 Charges for services:
General Government enarges               19,700        30,812            11.112 General Government charges 617,508         618,139               631  II to other funds Pubite Safety charges                   38,047         29,492            (8,555) physical Environment charges            24,500         28,915             4,415 Transportation charges                    5,900          6,308              408 Culture /Recreatton charges             29,617         21,609            (8,008)
Total                               735,272         735.275                 3 II Fines and forfettures Court fines and costs                 103,900         134,683          30,783 Miscellaneous revenue:
Interest earnings                      116,000        204,570          88,570 Rents                                     8,200          6,793          (1,407)
Other revenue                           44,100           8,006        (36,094)
II Sales of cemetery lots                  15,500         15,547                47 Total                                183.800        234,916          51,116 TOTAL REVENUES                      $    4,8BE,51T   $  4,866,369   $       57,838 OTHER FINANCING SOURCES Transfers from other funds:
Capital Improvement Fund       S        -
Electric utility Fund               2,132,600      2,132,600           -         II Utility Tax Fund                    1,070,725       1,070,723                (2)
TOTAL OTHER FINANCING SOURCES            3,203,325      3,203,323                 (2)
TOTAL REVENUES AND OTHER FINANCING SOURCES                      8,011,856      8,069.692           57,836 II APPROPRIATED FUND BALANCE                  408.860          -
(408,860)
TOTALS                              $    8,420,716   $  8,069,692   $    (351,024)
See accompanying notes to financial statements.
B-70                                    g

O
  )                                       VAR 1ANCE BUDGET                           FAVORABLE (REVISED)        ACTUAL          (UNFAVORABLE)
     $  1,017,000   $  1,088,643     $           71,643 40,363         65,609                25,246 1,057,363      1,154,252                 96,889 155,000        126,646            (28,354) 125,647        188,727                63,080
'')          2,500          2,704                          204 283,147        318,077                 34,930 8,355              86                (8,269) 575,115        555,190             (19,925)
()        549,000         857,386            308.386 1,000              70                        (930) 427,673         418,228                 (9,445) 1,561,143      1,830,960             269,817 14,900         18,006                  3,106 O
411,483        411,483                -
17,000         41,334               24,334 31,000         27,023                (3,977) 3,000          5,102                  2,102 15,950         25,138                  9,188 493,333        528,086               34,753 e) 75,556       138,770               63,214 110,000        168,978               58,978 7,500          6,781                        (719) 40,500         46,312                 5,812
()         12,000         17,723                 5,723 1/5,pww        cJV,/V4              by,/V4 D  4,b95,D9d   D  4,cWW,v44     5       569,397
    $      92,480  $      92,480    $
  )    2,000,000      2,000,000 837,000        836,023                        (977) 2,929,480      2,928,503                        (977) 6,570,022      7,138,442             568,420 b)      866,426        719,742            (146,684)
    $  7,436,448   $  7,858,184     $       421,736
()                                B-71

O CITY OF KISSIMMEE, FLORIDA STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL GENERAL FUND                                                                                                    (D FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985
                                                               =--- ..        __ -- -- -----.__                                                     -----
VARIANCE BUDGET                                                  FAVORABLE                                       (D (REVISED)                       ACTUAL                 (UNFAVORABLE)
EXPENDITURES GENERAL GOVERNMENT City Commission               $              89,935       $               85,419        4                        4,516 City Manager                            1,109,200                      449,727                               659,473                              GD Community Development                        94,018                       88,937                                 5,081 Legal                                      126,650                        44,284                              82,366 Financa                                    332,595                      321,210                               11.385 Personnel                                  122,215                      119,132                                  3,083 Central Services Charges                   161,303                      161,303                               -
                                                                                                            .                  . _-_--                             gp TOTAL GENERAL GOVERNMENT                  2,035,916                  1,270,012                                 765,904 PUBLIC SAFETY Police                                  2,446,124                  2,275,510                                 170,614 Fire                                    1,446,260                  1,407,507                                  38,753 228,332                      213,487                                14,845                             UD Inscection
                                                  -_=_-_                --
TOTAL PUBLIC SAFETY                       4,120,716                  3,896,504                                 224,212 PUBLIC WORKS                              1,444,000                   1,276,825                                167,175 CULTURE / RECREATION                         408,445                      386,180                               22,265                              GD TOTAL EXPENDITURES                           8,009,077                  6,829,521                      1,179,556 OTHER FINANCING USES Transfer to Capital Improvement Fund                          237,649                      237,649                                -
GD Transfer to Solic Waste Fund                                    95,910                       95,910                              -
Transfer to Lakefront Development Fund                             29,580                       29,580                              -
Transfer to Debt Service Fund                                  48,500                       48,294                                                  206            GD TOTAL OTHER FINANCING USES                      411,639                      411,433                                                    206 TOTAL EXPENDITURES AND OTHER FINANCING USES             $        8,420,716          4        7,240,954            $        1,179,762
                                                    ............                ............                  ............                                          qp See accompanying notes to financial statements.
B-72 9

O' I
l l
3 1984 VARIANCE
()                             BUDGET                                                                                FAVORABLE (REVISED)                                               ACTUAL                        (UNFAVORRBLE)
S                        89,785                 $                      83,559               s                     6,226
,)-
s                              466,667                                            410,594                                    56,073 92,339                                        75,650                                  16,689 50,500                                        46,684                                     3,816 317,697                                            314,423                                       3,274 107,106                                               88,712                                  18,394 156,999                                             156,999                                   -
C)                                                                _ - - - -                                -_-
1,281,093                                           1,176,621                                   104,472
                  -=-                                                -_                     = _ _ - -         ---------
2,200,593                                        2,100,541                                      100,052 1,256,257                                         1,218,006                                        38,251 C)                            207,905                                             195,900                                   12,005 3,664,755                                         3,514,447                                     150,308
                               -=-                                   ------------                             -------
1,299,686                                           1,269,623                                      30,063
                    -----                    __=                                   __ -----
L)                           412,693                                            395,053                                    17,640 6,658,227                                       6,355,744                                      302,483
__                               _                 -==                       _ _ -          ------------
()                            641,742                                            641,742                                    -
78,000                                        78,000                                  -
8,479                                           8,479                                -
()                                   50,000                                        49,359                                            641
                       - _ _ .             ==---                     ------------                             ------------
778,221                                            777,580                                              641
                    ------                       _=                  -------                     --           ------------
                $           7,436,448                           $           7,133,324                       $              303,124 C)              ............                                     ............                             ............
B-73 0

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O O
O H-74 g

)
SPECIAL REVEEUE FUNDS 3
Utility Tax -                                 To account for the receipt and disbursement of an 8% tax on all purchases of electric, water, gas, telephone and telegraph services. Monies collected from this tax are a secondary pledge on the outstanding Water and Sewer Bonds.
)                                               Monies are purposes.
typically used for General Fund Federal Revenue Sharing -                     To account for the receipt and disbursement of Federal Revenue Sharing Entitlement Funds.      A separate accounting is required by Federal 3                                               Law.
Capital Improvement -                         To account for the acquisition of various capital items. Money is transferred from this fund to a Capital Projects Fund for major capital projects.       These acquisitions are 3                                               funded by transfers from the General Fund.
Vehicle Replacement -                         To account for the systematic replacement of City vehicles. These acquisitions are funded by transfers from the General Fund.
$ Recreation Impact ~-                          To account for impact fees designated for the various City parks.      Impact fees are <.harged to each new living unit constructed.
Local Option Cas Tax -                        To account for gas taxes that are designated for road improvements.
O Bikeway Grant -                              To     account   for  proceeds   of  grant   from the Florida Department of Natural Resources to construct a bikeway.
O 3
e B-75 C

O CITY [F KISS!fGE, FLORIDA CWWINIPE BAutG SEET AL SPECIAL EVEM.E FLseS SEPTEMBER 30, 1985 g
FEDEML UTILITY            EWMK            CAPITAL      VEhlCLE TAX              SHARING      If M 0 0 0 T   ERACDENT ASSETS O
Equity in pooled cash and investments                            8        -
                                                            $       174,674 8       576,068 s      -
Due from other goverreents                         -
52,615          -             -
g TOTAL ASSETS                                       -
227,289         576,968        -
LIABILITY AND Ft>D EDUlTY LIABILITIES Accounts Payable                                 -
137          1,861      -
Due to General Fund                              -                 -               -            -
TOTR.LIABILIT!ES                             -
137          1,061      -
CONTINIBCIES Ape CINTINIBCIES (Note 26)
FUND EDulTV Fund Balances:                                                                                       g.
Reserved for encusarances                    -
76,330            2,793      -
Unreserved -
Designated for subsequent years espenditures                       -
3,868           8,126      -
Uncesignated                               -
146,954        564,868        -
g TOTAL RMD EQUITY                             -
227,l'2 .       574,987        -
TOTAL LIABILITIES AND FUIC EQUITY                            $        -
                                                           $       227,289 8       576,048 6      -
See acceepanying notes to financial statearnos.
O 11-76 9

O
'O LOCAL                                          TOTALS ECEATIGI          @T!@d              BIMEWAY IismCT          GAS TAI              GlWWIT             1985             1984 O
l t    225,271 $          371,198 9          -
t 1,347,191 $ 1,319,954 l
0
                                               '3'22'           '5' 2**          5'' "3 225,271            371,198            43,229        1,443,e35        1,374,413 O
772             -                 -
1,978            3,176 22,865           22,865           -
772             -
22,865           24,835             3,176 O
O       -
68,158            -
147,273           26,507 700             18,202            -
30,896           4,845 223,799            284,8 4            2s,364        1,24e,sai        i,297,885 O
224,499            371,198            at,364        1,418,200        1,371,237 6    225,271 6          371,198 9           43,229 6 1,443,435 8 1,374,413
                                                           ~
O O
Il-77 O

O CITY OF KISSIfmEE, FLORIDA COPEINING STATEENT OF REVEMJES, EIPENDITUES AND DiRNGES IN FUG BALANCES ALL SPECIAL EVDeJE FIMDS FOR TE YEAR ENDED SEPTEMBER 30, 1985 O
FEMRAL UTILITY                            REVENE            CAPITAL                       VEHICLE TAI                             SHARING         l@ROVEENT                     REPLACDENT REVEMJE O
Tanes:
Water revenue tan                       s         44,685 5                          -
t      -
Electric revenue tan                            849,022                             -                  -
Bottled gas revenue tas                           72,950                            -                    -                         -
Telechore revenue tas                           104,066                             -                    -
ecreatioe. impact fees                           -                                 -                      -                       -
Local oction gas ta                               -                                 -                     -                        -          O Intergover mental revenue:
State Grant Federal Revenue Sharing                           -
212,549                 -                       -
Interest earnings                                         -                                  19,443                52,423                   -
Piscellareous revenue O
TOTAL REVENES                                                        1,070,723                            231,952                 52,423                   -
EXPENDITURES - CAPITit DUTLAY General Goverwet                                            -                                    9,664        107,936                        -
Public Safety                                              -
141,759                    15,288               -
                                                                                                -                                 49,105                          3,534          -         O Public Works Culture / Recreation 8,189                         6,792          -
TOTAL EIPENDITUDES 208,717           133,460                        -
EXESS OF REVDUES OVER (LNDER)
EIf0 0!TURES f40 OTE R USES                           1,070,723                              23,235          (81,837)                        -        0 OTHER FI M CING SOURCES (USES)
Operating transfers in                                     -                                 -              237,649                         -
Coerating transfers out                              (1,070,723)                             -              (196,119)                       -
TOTAL OTHER FINANCING SOURCES (USES)                              (1,070,723)                             -
131,530                        -         O EICESS OF REVENUES AND OTHER SOURCES OVER (thDER) EIKNDITURES f40 OTT R USES
                                                                                                 -                                 23,235                     50,493              -
FuhD BAUEES AT BEGhNING OF YEAR 203,917           492,420                         31,232    O RESIDUAL EQUITY TRfd6FER 32,074          (31,232)
FUND Bf4ANCES AT END OF YEAR                                S           -
t      227,152 6        574.981 $                        -
                                                                                        .======                             ======            = = = = = = =                 ======
0 See accompanying notes to financial statements.
                                                                         ,                                             B-78 e
i

D D
LOCAL                                   TUTALS RECREATION           @T10N         BIKEWAY I44CT            GAS TAI         GRANT              1985              1984 0
t      44,685 $          33,932
              -                 -              -               849,622           644,764 72,958            57,616 184,966            99,771 27,333            -              -
27,830            62,815
              -               456,845          -
456,845           425,931
              -                 -              43,229           43,229            -
212,549           217,843 21,773            46,775         -
148,374           168,142 7,125 48,883         563,620           43,229       1,950,750         1,716,979 117,600             5?,228 479,666
'g            -                  -              -
157,047 449,156 568,671          -
621,318 31,723            -              66,465         133,879             99,945 31,723         568,671           86,465       1,029,836         1,680,995 0              17,860          (65,G31)       (43,236)         921,714           635,964 63,600         381,249           641,742 (1,176,842)         (928,503)
O             -                  -
63,600        (875,593)         (286,761) 17,883         (6",851)          29,364          46,121           349,223 O           207,419           436,249           -
1,371,237         1,822,814 842             -
     $       224,499 $         371,198 $         29,364 $ 1,418,290 $ 1,371,237
       " ' ~ " " " " " "   " ~ ~ ~ ""     "'' ~ " ~ "      ~ " ~ '" ~       " ' ' * " ' " ' ~
O H-79 0

O CITY OF MISS!! WEE, FLORIDA STATEENT OF RENDLES, EIPD0!TURES AND CHAleES IN FLOG BRUWCE - BUDGET AND ACTURL                                          $
UTILITY TAI FLOC FOR TE YEAR ENDED SEPTDOER 30, 1985 VARIANCE FAVORROLE          1984 BUDGET              ACTURL         ttsFAVORABLE)        ACTUAL     9 REVD4JES Tanes:
6 dater revenue tan              6         40,000 $            44,685 8             4,685 $       33,932 Electric revenue tan                      873,325              849,022            (24,303)        644,704 Bottled gas                                                                                                e revenue tan                               49,480              72,950            23,550          57,616 Telephore revenue tas                      108,000             104,066              (3,934)        99,771 TOTAL REVEMES                                1,070,725           1,070,723                   (2)       836,023 0
EIPD0!iURES                                      -
EICESS OF REWMES OVER (t00ER) EIPD0!TLRES                       1,070,725           1,070,723                   (2)       836,023   e OTMER FINANCING SD,,GS (USES)
Operating transfers out                   i1,070,725)         t1,070,723)                   2       I836, 0231 EXCESS OF REVENUES APO OTrER                                                                                     S SOURI S OVER (UNDER)
EI E 2 !TURES AND OTE R USES FUND BAlfdCE AT BE61NNI'6 0F YEAR O
FLpiD BMNCE AT De OF YEAR             $          -
S          -
S      -
                                           = = . - = .         ===.-              . - - . . .        --.--
See accespanying notes to financial statements.
O.
O I
11 - 8 0 9
{

CITY OF MISSIPUEE, FLORIDA STATEENT OF REVEMIS, EIPDCITURES AND CHAMBES IN FU@ BALANCE - RJDGET ABC ACTUAL FEDEARL EVDCE SHARIN6 FLMD FOR T)E YEAR DCED SEPTDGER 30, 1985 VARIANCE FAV0pAELE           1964 g                                                                                BUDGET          ACTUAL     (LMAVORABLE)        ACTUAL EVOCES Intergovermental revenue -
Revenue sharing entitlement funds                                                S      213,325 8      212.549 s         (7761 s       217,643 g                Interest earnings                                                  11,057         19,443          8,34            39,462 TUTAL END4ES                                                         224,382        231,952          7,578          257,305 EIPDCITURES - CAPITAL DUTLAY O               senerai sover-ent                                                  13,8es           9,664         4,136           i5,3ei Public Safety                                                      145,999        141,759          4,244          371,384 Public Works                                                      259,500          49,185      218,395            -
Parks & Recreation                                                    9,000          8,189           811           -
TOTAL EIPD elTURES                                                   428,293        298,717       219,582           386,685 O
EICESS (F EVEMES (NER (UWER) EIPE21TURES                                              (293,917)         23,235      227,152          (129,380)
FLMD BAUNCE AT BEGIGING OF YEAR                                      293,917        293,917        -
333,297 3
FlhD BALANCE AT END OF YEAR                                   s       -
t     227,152 s     227,152 s         293,917 See accompanying notes to financial stateserts.
O O
O Il- 81
:O

O CITY OF MISSIMMEE, FLORIDA STATENENT OF REVEM.ES, EXI9elTURES AND 4
DeGES IN FIN) BAUKE - BUD 6ET AND ACTIFa.
O CAPITAL IMPROVD U T FUND FOR THE YEAR E2 ED SEPTEMBER 30, 1985 VARIANCE FAVORABLE            1964 BUDGET          ACTUAL       (LWM)RABLE)           ACTUAL
                                                                                              .                       O REVEMES Interest Earnings                           -              52,423           52,423             71,781 EXPEWITUGES - CAPITAL OUTLAY                                                                                      O 394,083         107,936         286,067             36,927 General Goverreent 31,236         15,286          15,948             38,128 Publ c Safety 115,864          3,534         112.326            163,606 Pubite Works 10,979          6,702             4,277           81,441 Culture / Recreation 552,078         133,460         418,618            320,062 TOTAL EXPENDITURES O
EICESS OF REVENUES OVER (UhDER)
(552,078)        (81,037)        471,041           (248,281)
EXPENDITURES OTHER FlhAhCING SOURCES (USES) 237,649        237,649           -                399,974 Operatteg transfers in                                                                                         O (196,119)       (196,119)          -                (92,400)
Operating transfers out TOTAL OTHER FINRNCING SQJACES 131,530        131,530           -                307,494 (USES)
EXCESS OF REVENLES 24) OTHER O
SOUR IS OVER (L M ER)
EIPE2 1TURES AND OTE R USES               (420,548)         50,493         471,M1              59,213 492,420        492,420           -                 433,207 FUhD BAUME AT BE61mlE OF YEAR RESIDUAL EQUITY TRANSFER                       32,075         32,074                 (1)         -
O Fu@ BALANCE AT END OF YEAR            S       103,947 6      574,987 9       471.044 6          492,420
                                             = = . . - = . . ======          = . . . . . .      = = . . . = .
See acconcanying notes to finarcial statseents.
O O
H-82 0

O CITY OF MISS14EE, FLORIDA STATEMENT OF EVEMES, EIPE21TUES AhD O                                DGNBES IN FUhD BALANCE - REGET AG ACTUAL VEHICLE EPLACDENT FLpe FOR Tit YEAR EW ED SEPTUEER 30, 1985 WWillWCE FAV0AABLE       1964 O                                                  BUDGET         ACTUAL        (L9FIM)RAILE)    ACTUAL EMUES Interest earnings                   S            -          $   -
S            -
6     19,Tc5 miscellaneous Aevenue                            -              -                     -           7,125 O TOTAL REVEMES 26,854 EIPDelTUES - CAPTIAL OUTLAY Pub! e Safety                                     -              -                    -
70,154 Public biorks                                    -              -                     -
278,405 Culture /Recreatton                               -                                   -
10.5%
TOTAL EIPE21TUES                                    -              -                     -       359,155 EICESS OF EVDtES OVER (LNDER)
EIPO@lTURES
                                                       -              -                     -      (332,385) lO OTitR rinANCr m S0uRCES (uSES)
Operating transfers in                           -              -                     -       241,768 EICESS OF EVDtES AM) OT)(R SOURES OVER (tseER) EIPDCITURES f40 OTE R USES                                    -             -                     -
(90,537)
FUhD BALANE AT BESl*IM OF YEM                       31,232         31,232                -
121,769 RESIDUAL EQUITY TRANSFER                          (31,233)       (31,232)                 1 O  Fue BAuvCE AT E@ (F YEAR              $                  (1) $     -
S              1 8     31,232
                                                               .                  .                . - -      j See accompanying notes to finarcial statements.
O O
D-83 O

O CITY OF K15 SIPS (E. FLORIDA STATEENT OF REVENUES, E1PDelTUAES AND DHs0ES IN RM) BALAPCE - BUDGET AhD ACTUAL                                              $
RECREATION IMPACT FIN)
FOR TE YEM ENDED SEPTEMR 30, 1985 VMIANCE FAWOMGli       1964 10DGET           ACTUAL                (UlfAWOMBLE!    ACTUAL         g REVENUES Recreation !spect Fees               S       N,000 $          27,030 $                (52,970) 6    62,815 Interest earnings                            25,500           21,773                   13,727)      18,811 TOTAL REVENUES                                105,500           48,883                  (%,697)       81,626      9 EXPOCITU8ES - CAPliAL QUTLAY Culture / Recreation                        327,1%            31.723                  295,473        7,948 EICESS OF REVENUES OVER (UNDER)                                                  ,
EIPEN0!TURES                               (221,6%)           17,000                  238,776       73,678      9 FlhD BALANCE At BEGINNING 0F YEM              207,419          207,419                   -
133,741 FUND BALANCE AT De OF YEM              S      (14,277) 6       224,499 $                238,776 6   207,419 9
See accompanying notes to financial statements.
O 9
9 9
H-84 9

)
CITY OF KISS!mEE, FLORIDA STATEeT F 004KS, EIPDGITURES Ape CHANGES IN RDO BALANCE - BUDGET Ape ACTUAL
}                                           LOCAL @TI(h GAS TAI FtMD FOR THE YEM DOED SEPTEMBER 30, 1985 VARIANE FAVORABLE     1984 BUDGET          ACTUAL      (LDFAVORABLE)   ACTLA.
Local Option 6as Tax              6       452,000 $       456,845 t          4.845 s  425.031 Interest earnings                          25,000          46,775          21,775      18,363 TDTAL O DtKS                                 477,000         503,620          26,620     443,394
]
EIPENDITURES - CAPITAL OUTLAY Public Works                              873,162         568,671         304,491        7,145 l'      EICESS & BENLES OVER (Lf0ER)
EIPDGITURES                              (396,162)        (65,051)        331,111     436,249 FUND BufCE AT BEBINNIN6 0F YEAR              436,249         436,249          -           -
s J
FL#C BAUWEE AT DC OF YEM             $        40,087 4       371,198 6       331,111 6   436,249 See accespanying notes to financial statements.
O J
J e
B-85 O

O CITY OF MISSINEE, FLORIDA STATEENT F REVEMES, EIPENDITU4ES AND 04AMES IN FLND BALANLE - BLEGET AND ACTUAL                                       g B!KEWAY 6thT Fist FOR T)E YEAR ENDED SEPTEER 30, 1985 VARIANCE FAVOAABLE     1984 RfDGET           ACTUAL                 (LMAVOAABLE)    ACTUAL g REVENUES State Grant                          s       63,600 6         43,229 s                 (20,371) 9   -
EIPENDIT M S - CAPITAL OUTLAY Culture /Resertion                         127,200            86,465                    44,735      -
g EICESS OF REVEMES DVER (tNDER)
EIPOCITURES                                 (63,688)         (43,2361                   29.364      -
OTER FINANCIE, S(LRCES (USES)
Cperating transfers in                       63,680           63,600                    -           -
g EXCESS OF REVERES Al0 DTER S(ERES OVER (tPCER)
EIDENDITURES AND OTE R USES                  -
29,364                    E8,364      -
FUC BALANT AT BEB121NG OF YEAR                 -
g Flpe IWUWCE AT DC F YEAR               S       -
S       20,254 9                  20,364 6    -
See accompany 1og notes to f anancial stateeen s.
G:
O 9
9 Il-86 9

  .)
    )
()                             DEBT SERVI *E FUNDS Municipal Development
[)       Authority -        To accumulate monies for the payment of the 1978
                              $171,000 Limited Ad Valorem Tax Serial Bonds with final maturity in 1993. Property taxes are levied against   the Downtown Development District to finance the payment of the principal and interest.
()    FnRA Bonds -          To accumulate monies for the payment of 1980 Excise Tax Revenue Bond, $265,000; and 1981 Excise Tax Revenue Bond, $500,000. Occupational licenses are pledged for payment of the principal and interest.
Monies are transferred from the General Fund.
O O
O O
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B-87 0

O CITY OF MISSIMEE, FLORIDA COMINING BAUKE 9(ET ALL DEBT EWICE FU@S SEPTDGER 30, 1985 O
D0letT0lm                                                TOTALS O! STRICT IM6             FuMA B M S                       1905          1964 O
ASSETS Ecuity in pooled cash and                    S      33,998 6         20,773 $                      54,771 l      %,6%
investsents 54,771        %,6%                    O TOTAL ASSETS                                        33,996           28,773 LIABILITIES M F M EDulTY LIABILITIES g
C0hTIMiDCIES M CDeIIMTS (Note 26)
FIAD EQUITY Fund balarres -                                                                                                                      O Reserved for debt service                    33,998          29,773                         54,771        %,6%
TOTAL LIABILITIES W F M EmjlTY               l      33,996 $         20,773 4                      54,771 l       %,6%
O See accompanying notes to finarcaal statseents.
O O
O Il-88 9

O CITY 0F MISS!IEEE, FLORIDA CDP 91NING STATENENT F REVEWES, EIPDGITURES AND CHAMBES IN Flpe BALANCES
  '3 ALL DEBT SERV!CE FUSS FOR T4 YEAR EleED SEPTDGER 30, 1965 D0mT0m                                       TOTALS DISTRICT FWtA B0pGS g                                                     BOWS                               1985            !?e4 REVENUES Taxes - Property taxes                    $       17,128 $        -
t        17,128 $         17,658 Interest earnings                                   3,982         -
3,982           4.242 g       TOTAL EVDtES                                    21,110          -
21,110           21,900 EIPDCITtmES Debt Service      ,
17,499         43,830            61,329           63,991 El SS OF REVDES OVER (INDER)
  ,     EIPDGITURES                                         3,611        (43,830)          (48,219)         (41,191)
  .)
CTER FIMMCIN6 SOURCES (USES)
Transfer free General Fund                        -
46,294            48,294           49,359 Transfer from Capital Projects Fund               -               -                 -                 1, 338 TOTAL OTER FINANCING SOURCES (USES)             -
48,294            48,294           $8,697 3
EIESS OF REW)tKS AIC OTER SOURCES OVER (t#@ER) EXPOelTURES A2 OTWR USES                                                3,611           4. W4             8,075           9,586 O
FlMD BALANCE AT BEGINNIE OF YEAR                     30,387           16,309           46,6 %           37,190 Fl#O BRJWCE AT DO 0F YEAR                    $       33,998 8        29, T73 $         54,771 l         46,6 %
g See accompanying notes to finarc:al statearnts.
D J
11-89 0

O CITY OF KISS!mEE, FLORIDA l
STATEEhT [F REVEMES, EIPDe!TIKS Ale CHMES IN FlM) IIALANCE - REGET ADO ACTUAL DGMTOW DISTRICT BGeS Flpe                                                                                                                                                O FOR TE YEAR DOED SEPTDER 30, 1985 VARIAICE FAV0lWl0LE i                                                                                                                                                            BUDGET           ACTUAL                                                        (tM AVORROLE)                                                       1964
_                                                                                    O REVENUES Taxes - Property taxes                i       17,000 8        17,128 6                                                                                                            128 9        17,658 Interest earnings                               4,130           3,982                                                                                                      11481                4,242 l
TOTAL REVDRES                       21,130          21,110                                                                                                              (20)         21,900
                                                                                                                                                                          ...        _                                                                                                                               _  ',     O EXPDelTURES                                                                                                                                                                                                             .
Debt Service                                  48,063          17,499                                                                                        30,564                             18,1%
EICESS OF REWNLES OVER (lMER)
!                                                                                                                  EIPCCITURES                                 (26,933)           3,611                                                                                       30,544                              3,904
!                                                                                                                                                                                                                                                                                                                              O 1
CTER FIWNCl4 SMCES (USES)
!                                                                                                                   Transfer from Capital Projects Fum          -               -                                                                                              -                                  1,338 l                                                                                                                                                                                   __                                                                                                                    _
l EIESS OF EVEMES A10 SOURCES OVER O
(tpeER) EIPENDITURES (WD OTER USES        (26,933)           3,611                                                                                       30,544                              5,042
(
l l                                                                                                   FlM) BAUSE AT BEGIm!E OF YEAR                               30,387          30,387                                                                                        -
25,345 l
i FUND BR.AN AT EhD OF YEAR                           S         3,454 6       33,998 8                                                                                       30,544 8                          30,307        0
                                                                                                                                                                   - . .  .           ,                                                                                                                     -.m.
See acceepaying notes to financial statements.
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B-90 9
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O CITY (F KISS!spEE, FLORIDA STATDENT OF EVEMES, EXPEWITURES M
: n.                                    CHANES IN FU@ BALANE - BL3lET A@ ACTUAL V                                                   FaHA BGC Fue FOR TE YEM DCED SEPTEMBER 30, 1905 VARIANCE FAVORABLE       1964 BUDGET           ACTUAL       (LDFm0RABLI)     ACTUlt.
RERMES                               S       -
6       -
8       -
S   -
EIPENDITUIES Debt Service                               64,729          43,lL18          29,890       44,895 EIESS OF EVDtES OVER (UWER)
         ,   EIPDGITURES                               (64,720)        (43,lkle)         20,090      (44,895)
OTER FINftCDEi S(UEES (UKS)
Transfer free Geferal Fund                48,500          48,294              (206)     49,359 EXESS OF EVDA.ES Ape OTER SOURCES OWR (180ER) EIPOCITUES AfC OTER USES                                      (16,220)           4,44           29,684         4,464 Ft#6 BALMEE AT BEGle!E OF YEM                16,309          16,309           -
11,845 0
FUW Bf0fCE AT EW OF YEM              S           89 6        20,773 8         29,644 5     16,309 See accompanying notes to financial statements.
     /
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CAPITAL PROJECTS FUNDS                                                                                                        I Municipal Development Authority                  -
To account for improvements to the Downtown g                                                                                      Development District.
fiscal           year             1979                     and Construction began in was      substantially completed during fiscal 1982.                                                                  Financing was provided through the sale                                                                   of  $171,000 of Limited Ad Valorem Tax Bonds.
g          Ctty Hall Expansion -                                                       To account for the construction of an addition to       the              current                 City                            Hall.          Design   and construction started during fiscal year 1981                                                                               ,
and was substantially completed in late 1982.
Financing is provided by $250,000 from the Capital Improvement Fund and $500,000 from FmHA                                                                            g j                                                                                      Bonds.
Lakefront Development -                                                     To account for improvements to the park on Lake Tohopekaliga.                        A five year development was begun in fiscal year 1983.                                                               Financing will be obtained from a combination of General Fund p                                                                                      monies, donations and grants.
Comraunity development Grants.                        -
To       account              for infrastructure                                                 improvanents financed by various Community Development Block grants.                                                                                                                    l 3
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s B-93 lO I
     , y p ----,,,g--.----,.w,,,         , , , -n-m.,,,,.,,        ,4 ,nn,.,pm_,          ,,w,      .--w-,,v-m _     ,c-<,,        ,,,.,,, , ,-,,,.,,,-,,,,,, -_,,, ,,,-, -- --                       v-  ,,n , ,

O CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS                                                      (D SEPTEMBER 30, 1985 DOWNTOWN                    CITY HALL DEVELOPMENT                      EXPANSION
__-             =.---         ..=-               __--
ASSETS                                                                                       db Equity in pooled cash and investments                      $                10,063          $             -
Due from other governments                             -                               -
O TOTAL ASSETS                                            10,063                         -
LIABILITIES AND FUND EQUITY LIABILITIES                                                                                            GD Accounts Payable                                     -                               -
Due to General Fund                                  -                              -
Due to Central Services Fund                         -                               -
Accrued taxes payable                                -                              -
Accrued salaries payable                             -                               -
___---______                   _____--              _ - _  gp TOTAL LIABILITIES                                 -                              -
                                                            --         =      ---    _==-___-
CONTINGENCIES AND COMMITMENTS (Note 26)
FUND EQUITY                                                                                            GD Fund balances:
Reserve for encumbrances                         -                               -
Unreserved                                        10,063                         -
                                            -_- =_=                 __
                                                                                             - - - =
TOTAL FUND EQUITY                                 10,063                         -
GD
                                                       = ==---             ----_-_.                  -
TOTAL LIABILITIES AND FUND EQUITY                          $               10,063            $            -
Jy See accompanying notes to financial statements.
O B-94 9

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COMMUNITY                                      TOTALS
!               LAKEFRONT                 DEVELOPMENT           - - - - - - - -
DEVELOPMENT                       GRANTS                       1985                                    1984
                                                           ==   --
           $         26,710             $               357   $                 37,130                  $                55,579
                     -                           138,772                    138,772                                      -
__                    _==_                               __     ____________
l 26,710                      139,129                    175,902                                      55,579
             ............                 ==..........          ............                              ............
L D                              185               131,943                    132,128                                        1,275 l
                     -                              6,256                         6,256                                  -
50                                 50                           -
58                                 58                           -
822                             822                              -
:)            _                  __
185             139,129                    139,314                                        1,275                    '
___      __                                      =-
l             _                     ___                                                                                                _
l l
)
l l                         1,000                   -
1,000                                  18,442 25,525                      -
35,588                                   35,862
_      ==_            _                                  _ _            __
 ;)                   26,525                      -
36,588                                   54,304
;          $          26,710            $        139,129      $             175,902                     $                55,579 l              ............               ............             ............                           =======.....
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4 B-95 l

n)
CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES                                                gg ALL CAPITAL PROJECTS FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 DOWNTOWN              CITY HALL DEVELOPMENT                 EXPANSION Federal and State grants             $               -
Donation from private sources                        -                         -
Interest Revenue                                        1,221                  -
TOTAL REVENUES                                            1,221                  -
EXPENDITURES - CAPITAL PROJECTS Construction Contracts                               -
Other costs                                             8,264                  -
g TOTAL EXPENDITURES                                        8,264                  -
EXCESS OF REVENUES OVER                                                                         g (UNDER) EXPENDITURES                                  (7,043)                  -
OTHER FINANCING SOURCES (USES)
Operating transfers in                               -                         -
Operating transfers out                              -                         -
g TOTAL OTHER FINANCING SOURCES (USES)                                       -                          -
EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES                            (7,043)                  -
FUND BALANCE AT BEGINNING OF YEAR                       17,106                           842 RESIDUAL EDUITY TRANSFER (842)
FUND BALANCE AT END OF YEAR             S               10,063   $                -
                                             ============            ============
See accompanying notes to finaneral statements.                                      g, l
B-96 9
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COMMUNITY                                               TOTALS LAKEFRONT                                  DEVELOPMENT                    - - - - - - - - - - - -              ----------------
DEVELOPMENT                                           GRANTS                              1985                                             1984
                                                     = - - -            ._          -==                            _ _ .            ------------
D
                                                   $            362,162           $              362,162                       $                    -
8,000                                   -
8,000                                            4,000 4,213                                   -
5,434                                            6,276 D                      12,213                                   362,162                          375,596                                             10,276
_ - _                __=-                 .......-----                   ---_                         __                 ----__ _ - - - -
50,749                                    259,403                          310,152                                            52,059 875                             102,759                          111,898                                               1,769 D      -----                                 _-      ----==                -=-      ------------                                                 -
51,624                                    362,162                          422,050                                            53,826 D                 (39,411)                                        -
(46,454)                                          (43,550)
_ - - - - - -              ------------                   ------------                                              - - - _ = _ - - - - -
29,580                                      -
29,580                                              8,479 (1,338)
D                __ _                           __   -____-______                    --          _ ._____                           ___-________
29,580                                     -
29,580                                              7,141 s
(9,831)                                   -
(16,874)                                         (36,409) 36,356                                      -
54,304                                           90,713 l.
(842)                                     -
     $                 26,525                      $               -
                                                                                  $                 36,588                     $                    54,304 mmmmmmmmmmma                                  sm4mmmmmmmma                   saammassmans                                   maammmmmmans 9
B-97
   /

O CITY OF KISSIMMEE, FLORIDA STRTEMEhT OF REVENLES, EIFOiDITURES AND CHMES IN FLN) BALANE - BUD 6ET A@ ACTUAL 00lMTOWN DEWLOFMNT FUW                                                                                                                                         O FOR TT YEAR EhDED SEPTEMBER 30, 1985 VARIANCE FAVOAABLE BUDGET                                                                   ACTUAL                                             (LWAVORABLE)        1964 9EVENUES O
Interest revenw                      $        1,530 5                                                                                     1,221 $                               (399) $      2,433 EXPENDITURES - CAPITAL PROJECTS Construction Contracts                      -                                                                                     -                                        -               -        O Other costs                                  18,350                                                                                      8,264                              19,086          10,009 TOTAL EIPEhD1TURES                                         18,354                                                                                       8,264                             If,086          18,199 EICESS OF REENLES OVER
(!NDER) EIPEM)1TURES                       (16,828)                                                                                 (7,043)                                  9,777         (7,576)  O GTTR FINAhCING SQJRCES (USES)
Operating transfers out                     -                                                                                     -                                        -
1,338 O
EIESS OF REVENLES AND OTHER SOURCES OVER (LADER) EIPENDITL1tES AND OTHER USES                                 (16,829)                                                                                 (7.043)                                  9,777          (8,914)
FUND BALANCE AT BE61Nh!N6 O
OF YEAR                                      17,1E                                                                                  17,1M                                  -
26,829 FUND BALANCE AT EPC 0F YEAR                                 S          2E $                                                                               le,E3 $                                   9,777 s       17,im O
See accompanying notes to financial statements.
O O
H-98 9

O CITY OF HISS!IGEE, FLORIDA STATEENT OF REVEMJES, EIPDOITtMS M neS IN FtM) BAuur - BUDGET M ACTUAL O                                                  CITY HALL EIPANSION F M FOR TE YEAR EWED SEPTDOER 3B,1985 VARIADE FAVORABLE    1984 BUDGET               ACTUAL      (LW M RAILE)   AClDAL O
REVDES Interest revenue                             6       -
9   -
n EIPDCITURES - CAPITAL PROJECTS Construct 1on Contracts                              -                   -               -
997 Other costs                                          -                   -               -
962 TOTAL EIPD elTURES                                      -                   -               -
1,959 EIT95 7 REVDES DVER (INDER)
O                                                         -                   -               -
(1,959)
EIPDCITURES Ft.90 BfLANCE AT BEGINNING F YEAR                           842                842          -            2,881 RESIDUAL EallTY TRANSFER                                   (842)              (842)         -          -
O FtM) BALAICE AT E2 0F YEAR                      S       -
S        842 See accespanying notes to financial statsments.
O                                                       ,
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O CITY OF MISSIMEE, FLORIDA STATEENT OF REVEMES, EIPENDITURES AND CHAMEES IN FLN) Bft.ANCE - BUDGET AND ACTUAL                             g LAKEFRONT DEWLWENT FLN)
FOR THE WAR ENDED SEPTDEER 30, 1985 VARIANCE FAVORABLE        1984 BUDGET            ACTUAL       (LWAVORABLE)     ACTUAL    g REVENUES Donation frce private sources        4       -
t         8,000 $         8,000 6       4,000 Interest revenue                             -
4,213           4,213         3,843 TOTAL REVENUES                                  -
12,213          12,213         7,843 g EIPEM)!TURES - CAPITAL PROJECTS Construction Contracts                       58,075            50,749            7,326        41,051 Otner costs                                     6,880              875           6,005           807 9
TOTAL EIPENDITURES                             64,T5             51,624          13,331         41,858 EXCESS OF REVEMKS DER (thDER)
EIPENDITURES                                (64,955)          (39,411)         25,544       (34,015)
OTER FINANCING SOURCES (USES)                                                                           g Operating transfers in                       29,580            29,580          -
8,479 EXCESS OF EVENLES AND OTER SOURCES OVER (UNDER) EIPDOITURES AND OTE R USES                              (35,375)           (9,831)        25,544        (25,536) G FLMD BALANCE AT BESDes!'6 0F YEAR               36,356            36,356         -
61,892 FLhD BALANCE AT DO OF YEAR             S             %1 S        26,525 8        25,544 s       36,356
                                           = = = - .        ---             ---             .   . - .   ,
See accompanying notes to financial statseents.
G 9
B-100 9

)
CITY OF KISSIleEE, FLORIDA STATDENT OF REVEWES, EXPENDITURES AND CHANIES IN FUG BAUINCE - BUDGET A2 ACTUAL j
CGetMITY DEVELIHENT GRANTS FlM)
FOR TE YEAR ENDED !EPTDGER 30, 1985 VARIANCE FAVORABLE ACTUAL                   (l#FAV0W.El     1%4
)                                                                                                                   BUDGET REveoES Federal and State Grants                                                                                 t     749,680 $         362,162 $                   (387,518) 8  -
EIPENDITI E S - CAPITAL PROJECTS Construction Contracts                                                                                        641,712           259,443                      342,309     -
Other costs                                                                                                    147,968           102,759                       45,299     -
TOTAL EIPO O!TURES                                                                                               749,680           362,152                      387,518     -
)   EXCESS & IEVDES OVER (LBCER) EIPDOITURES Flp0 BALANCE AT BESIm!!G OF YEAR                                                                                  -                          -                   -          -
)   FUG BUDCE AT END OF YEAR                                                                                   $      -
See accompanying notes to financial statements.
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l                          SPECIAL ASSESSMElrf FUNDS l-Paving Assessments -   To account for the costs of paving and drainage
)                            improvements. One-third of the project cost is paid by a transfer from the General Fund and two-thirds is assessed to property owners.
Building Demolition Assessments -        To account for the costs of demolishing condemned
)
structures. Costs of demolishing are assessed to the property owner.
3
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B-103
  $)-

O CITY OF MISS!MEE, FLGRIDA CM!hlN6 BALANE SEET ALL SPECIAL ASSESSMENT F M S SEPTEMER 30, 1985 O
BUILDIMi                 TOTALS
                                                                          ~
PAVING       DENOLITION ASSESSENTS       ASSESSENTS        1985            1984 ASSETS Equity in pooled cash aM investsents                    s        212,923 s        47,449 6    260,372 $       151,725 Special assessments receivable               413,166            6,129     419,295         287,938 less: allossarce for doubtful assessments                               (86,448)        -
(E,448)        (33,828)       O Acerued interest on special assessments                          21,933         -
21,933         24,768 561,574         53,578       6     52 TOTAL ASSETS                                                                              43             g LIABILITIES AM) FUND EQUITY LIABILITIES Contracts /retainages                                                                                  g payable                                    -             -              -
18,574 Deferred revenue                           317,439         -
317,439         223,964 TOTAL LIABILITIES                             317,439         -
317,439         234,538 C(MTIMiENCIES M C0pWITENTS (Note 26)
FlM) EQUITY Reserved for encueorances                    69,854        -
69,854         -
Fund balances - unreserved                 174,281         53,578       227,859         1 % ,873 g
TOTAL FlM) EDUITY                          244,135         53,578       297,713         1 % ,873 TOTAL LIABILITIES M FIN) EQUITY      s        561,574 8       53,578 6     615,152 8       431.all See accompanying notes to financial statseents.
O B-104 9

CITY OF MISSINEE, FLORIDA l
COMBlh!NG STATEENT F IDDtES, EIPDCITURES Ale CHAMBES IN FL30 BALANES ALL SPECIAL AS!ESSENT FLDOS
}                                    FOR TE YEAR DOED SEPTDGER 30, 1985 BUILDIN6                 TOTALS PAVING        DENDLITION ASSESSENTS      AS!ESSENTS        1985              1984 D    REVENUES Interest earnings en investments                     $       17,774 $         2,876 $      20,650 $          19,950 Interest and penalttes on assessments                          23,290         -
23,298           36,5 %
Special assessments                      112,073            9,447      121,520            81,393
}       Miscellaneous revenue                           2         -
2             9,597 TDTAL REVDAES                               153,139           12,323      165,462           147,536 D    EIPDelTURES Street panng                              37,924          -
37,924           118,413 Butiding demolition                       -
8,770         8,770           -
Bad debt erpenses                         53,428          -
53,428            16,636 D    TOTAL EIPD OITURES                           91,352            8,770      100,122           135,049 EXCESS F IDDLES OVER (t#0ER) EIPD0!TURES                       61,787            3,553       65,340            12,487 D    OTER FINANCIN6 SOURES (USES)
Operating transfers in                    -
35,500        35,500            -
EIESS OF EVDLES AhD OTER SOURCES OVER (LDOER) EIPENDITURES g       AND OTE R USES                            61,787          39,153       100,840            12,487 FLIO BALANCE AT BEBlWING OF YEAR            182,348          14,525       1 % ,873          184,386 Flf0 BALAK E AT END OF YEAR           $     244,135 8        53,578 $     297,713 $         196,873 g                                            -                                    --
See accompanying notes to financial statseents.
l f) l B-105 I)

O CITY OF KISS]MEE, FLDRlDA STATEEhi 0F REVENUES, EIKNDITUES AND DWNSES IN FU2 BALANCE - BUDGET AND ACTUAL PAVING ASSESSENT FlM)
O-FOR TE YEAR ENDED SEPTEMBER 30, 1985 VARI M I FAVORABLE       1984 BUDGET          ACTUAL       (UNFAVORABLE)  ACTUAL S
REENUES Interest earnings on investments                      $        6,500 $       17.774 6         11,274 $    18,730 Interest 4 penalties on assessments                          15,000          23,290            8,290      36,5 %
Special assessments                       40,000         112,073          72,073       75,799 O
Miscellaneous revenue                     -
2               2       9,597 TOTAL REEMES                                61,500         153,139          91,639     140,722 EXPENDITURES Street paving                            108.000          37,924          70,076     !!8,413 Bad debt expense                          53,500          53,428               72      16,636 TOTAL EIPEhDITURES                         161,500          91,352          70,148     135,049 EXCESS OF REVENLES OWR (!MDER)
EXPE2!TURES                             (100,000)         61,787         161,787        5,673 FLMD BAUNCE AT BE61*ING OF YEAR            182,348         182,348          -
176,675 FLhD BMNCE AT EM) 0F YEAR           S       82,348 6      244,135 l        161,787 $   182,348 g
See accespanying notes to finavtal statements.
O O
O B-106 O

D CITY OF KISSIIeEE, FLORIDA STATDENT T IDEMES, EIPDCITURES AND CHANGES IN FUC BAUSCE - BUDGET Afe ACTUAL BUILDIlti DDO.ITI(W FIN)
FOR TIE YEAR DEED SEPTEMR 30, 1905 VARIAIG FAVOMBLE        1964 BUDGET           ACTUAL     (LDFAVORABLE)   CUR.
nEvENuES Interest earnings on investments                    S       -
                                                          $        2,876 $         2,076 $      1,220 Special assessments                       -
9,447           9,647       5,594 b    TOTAL IDEMES                                -
12,323         12,323        6,814 EIPDelTURES Building Demolition                       50,000            8,770         41,230      -
  -  EI&SS & IEVDGES OVER (Lf0ER)
EIoDCITURES                              (50,000)           3,:J3         53,553        6,814 OTER FINANCDei SQJACES (USES)
Operating transfers in                    35,500           35,500         -           -
EXCESS T IEVDLES Ap0 OTER O-   SOUR &S DVER (LNDER) EIPDEITURES l      AND OTER USES                            (14,500)          39,053        53,553         6,814 FlM) BALANCE AT BESDMIMi 0F YEAR            14,525           14,525        -
7,711 l
FlM) BALAIG AT END OF YEAR          S           25
* 53,578 9       53,553 $     14,525 See accompanying notes to fincial statements.
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D.
'O ElrrERPRISE FUNDS Electric Utility -        To account for the provision of electric service to the residents of our service g                             area. All activities to provide such service are accounted for in this fund, including,    but      not     limited,    to, administration, generation, transmission, distribution and customer service.
O Water and Sewer -         To account for the provision of water and sewer services to the residents of the City and some county residents.             All activities necessary to the provision of these services are accounted for in this 3                             fund,    including, but not        limited  to, administration,        plants       and    line maintenance.
Airport   -
To    account    for    the    operation and g                             maintenance of the municipal airport.
All activities related to the airport are I                             accounted for in this fund.
Solid Waste -             To account for the provision of solid
'O                            waste removal service to the residents of the City. All activities necessary to the    provision    of    this    service are accounted for in this fund.
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B-111 O

a                                                                                     O CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET - ALL ENTERPRISE FUNDS SEPTEMBER 30, 1985 ELECTRIC UTILITY         ID ASSETS CURRENT ASSETS Equity in pooled cash and investments                         $         6,716,636 II Accounts receivable                                                      3,815,506 less: allowance for doubtful accounts                                 (230,089)
Due from other governments Notes receivable                                                           32,543 Inventory                                                               1,937,759 Prepaid expenses
__      - _____    ap TOTAL CURRENT ASSETS                                                 12,272,355 RESTRICTED ASSETS Sinking funds - cash and investments                                   13,716,004 Sinking funds - accrued interest receivable                                  10,437      GD Construction funds cash and investments                                12,708,370 Construction funds - accrued interest receivable                           326,565 Bond asset replacement fund - cash and investments                      1,500,000 Customer deposits - cash and investments                                   774,139 29,035,515         ID TOTAL RESTRICTED ASSETS FIXED ASSETS Property, plant and equipment (Note 5)                                72,757,328 less: accumulated depreciation                                 (14,100,684)
O 58,656,644 Construction in progress (Note 5)                                      10,248,045 Inventory - nuclear fuel                                                  599,003 69,503,692         II
,       TOTAL FIXED ASSETS                                              _
OTHER ASSETS Unamortized bond costs                                                  1,631,012 Lease acquistion costs 4D Land held for future use (Note 10)                              =- .
                                                                                    = ____
TOTAL OTHER ASSETS                                                   1,631,012
_________~__
TOTAL ASSETS                                                     $ 112,442,574
                                                                     ............            O See accompanying notes to financial statements.
B-112 0

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l WATER AND SEWER                     AIRPORT SOLID WASTE                               1985 TOTALS 1984 l
    $ 10,740,967 $                              56,691 $                       143,010 $ 17,657,304 $                                         13,315,087
 ])           -
2,433                          -
3,817,939                           3,017,483 (230,089)                            (30,958) 39,852                            24,625                           -
64,477                            49,711 954,032                            -                                 -
986,575                           970,905 35,304                            -                                 -
1,973,063                           1,657,377
                                                                                        -----        ----=                      --
11,770,155                            83,749                          143,010                  24,269,269                           19,029,455 2,651,273                            50,720                            -
16,417,997                           20,402,608
 ])                                                                                                                  18,062                          13,725 7,625                          -                                 -
9,536,087                             -                                -
22,244,457                           24,190,540 186,096                            -                                 -
512,661                           309,721 375,000                               8,786                          -
1,883,786                           1,945,251 774,139                           674,614
 }                                              59,506 12,756,081                                                             -
41,851,102                           47,536,459
                                      ---- =----=                                 -------                    -
                                                                                                                                                                - - =
13,738,748                    1,929,621                             501,343                    88,927,040                           85,187,058
 ])       (2,439,801)                      (595,124)                         (131,307)                  (17,266,916)                      (15,126,766)
                                                                                                --- --- =-                             ------------
11,298,947                    1,334,497                             370,036                    71,660,124                           70,060,292 539,221                          105,367                            -
10,892,633                            6,322,920 599,003                           629,621
 ;)              -_-_--            --
11,838,168                    1,439,864                             370,036                    83,151,760                           77,012,833 637,941                               5,530                         -
2,274,483                            2,355,030 2,929                         -
2,929                           3,038
 ])           -                                 -                                -                                 -
490,840 637,941                               8,459                         -
2,277,412                            2,848,908
      ---                ==     ------------                       ------------                     ------------                       --             ------
l
    $ 37,002,345 $                      1,591,578 $                           513,046 $ 151,549,543 $ 146,427,655
 ])   ............              ............                       ............                     ............                       ............
I B-113 3

C CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET - ALL ENTERPRISE FUNDS SEPTEMBER 30, 1985 ELECTRIC    gg UTILITY LIABILITIES AND FUND EQUITY CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable                                                                                                                                                                     $    1.493,369 Accrued taxes payable                                                                                                                                                                       454,236  gg Contracts /retainages payable                                                                                                                                                                    283 Accrued salaries                                                                                                                                                                             59,556 Accumulated unused compensated absences (Note 24)                                                                                                                                           129,585 Deposits payable                                                                                                                                                                            901,836 Revenues collected in advance                                                                                                                                                               454,096 Obligations under capital lease                                                                                                                                                              -
gg TOTAL CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)                                                                                                                                J, 4ve,161 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS)
Accounts payable from construction funds                                                                                                                                                    152,101 Accounts payable - other                                                                                                                                                                     -
Contracts /retainages payable from construction funds                                                                                                                                        24,850  gg Contracts /retainages payable - other Accrued interest on customer deposits                                                                                                                                                          8,747 Accrued interest payable - revenue bonds                                                                                                                                                     -
Customer deposits                                                                                                                                                                           765,393 Revenue bonds payable                                                                                                                                                                        -
TOTAL CURRENT LIABILITIES (PAYABLE FROM RESTRICTE9 ASSETS)                                                                                                                                951,09f  gg OTHER LIABILITIES Revenue Bonds payable (Notes 14,15,16,17,20)                                                                                                                                            99,900,000 Obligations under capital lease (Note 26C)                                                                                                                                                   -
less:                          unamortized bond discount                                                                                                                              (9,712.232)
TOTAL OTHER LIABILITIES                                                                                                                                                               90,187,768   gg TOTAL LIABILITIES                                                                                                                                                                     94,631,820 CONTINGENCIES AND COMMITMENTS (Note 26)
FUND EQUITY                                                                                                                                                                                            gg Contributed capital (Note 22):
Governments                                                                                                                                                                                -
Private sources                                                                                                                                                                           473,111 Other funds                                                                                                                                                                                -
4/J,Ill Retained earnings:                                                                                                                                                                                   gg Reserved for revenue bond retirement                                                                                                                                                  13,726,441 Reserved for bond asset replacement                                                                                                                                                    1,500,000 Unreserved - (deficit) (Note 23)                                                                                                                                                       2,111,202 17,337,643 TOTAL FUND EQUITY                                                                                                                                                                     17,810,754 TOTAL LIABILITIES AND FUND EQUITY                                                                                                                                                      $ 112,442,574 See accompanying notes to financial statements.
B-114 O

O PAGE 2 OF 2 SOLID                                                                                                   TOTALS
')        WATER AND SEWER           AIRPORT         WASTE                                                                                  1985                          1984
     $      129,435 $          42,113 $             417 $                                                    1,665,334 $                                     1,542,858
-3 1,166                462             275                                                                         456,139                         149,325
'>             5,000             6,301        -
11,584                77,433 16,545               1,772           3,906                                                                                   81,779                 67,184 27,899               5,170           6,085                                                                          168,739                        141,082 949,141            -              -
1,850,977                                      4,122,830
             -                 11,870         -
465,966                      1,222,827
             -                 -              60,555                                                                                      60,555                 42,329 1,129,186             67,688         71,238                                                        4,761,0/4                                        /,JbL,abe 49,934            -               -
202,035                         14,414 37,243 24,850                37,620
  )          -                 -               -                                                                                           -
2,109 8,747             7,518 4,770       -
4,770        3,673,496 765,393                       667,096 15,000        -
15,000              55,000 49,934             19,770                                                                         1,ede,/vo                                     4,434,4yb
 ,)
18,665,000            230,000          -
118,795,000                                                    118,850,000 168,657                                                                                 168,657                      62,658 (553,482)             (1,518)       -
(10,267,232)                                                  (10,641,236) 18,111,518            228,482       168,657                                         108,696,423                                                   1e8,271,422
 ,)
19,290,638            315,940       239,895                                         114,478,293                                                   128,131,786 0
725,704        1,523,411            -
2,249,115                                      1,845,286 10,108,227                3,575         -
10,584,913                                            6,449,992 4,873            65,997          43,380                                                                               114,250                    113,869 10,838,804         1,592,983            43,380                                                 12,948,278                                            8,409,147 0       2,658,898              33,450          -
16,418,789                                          16,691,094 375,000               8,786         -
1,883,786                                   1,905,142 3,839,005           (359,581)      229,771                                                             5,820,397                                      (709,514) 6,872,903           (317,345)      229,771                                                   24,122,97d                                            17,886,/dd 17,711,707          1,275,638        2/J,151                                                  J/,0/1,23e                                            26,d93,669
   )  $ 37,002,345 $        1,591,578 $     513,046 $ 151,549,543 $ 146,427,655 B-115 O

O CITY OF MISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 II ELECTRIC UTILITY OPERATING REVENUES Metered sales                                                         S 34,894,968 Sales to other utilities                                                     183,380 Lease revenue                                                                          II Solid waste disposal fees Other operating revenues                                                     565,162 Tap fees TOTAL OPERATING REVENUES                                              34 s42,~552-OPERATING EXPENSES                                                                        II Power generation                                                           7,893,283 Purchased power                                                          19,571,234 Transmission                                                                 511,852 Distribution                                                                 765,448 Plant operations Airport operations Solid waste operations Administrative and general                                                 2,374,446 Depreciation                                                               2,239,552 TOTAL OPERATING EXPENSES                                              23,3s3,815 OPERATING INCOME (LOSS)                                                      11,286,787     ,
NONOPERATING REVENUE (EXPENSES)
Interest revenue                                                          1,785,149 Operating grants Interest expense                                                         (5,914,540)
Aeortization expense                                                          (55,312)
Loss on disposition of assets (Note 10)                                      (559,507)
I Miscellareous revenue (expense)
TOTAL NONOPERATING REVENUE (EXPENSES)                                  te,/99,casi INCDME BEFORE OPERATING TRANSFERS                                            6,542,577 II OPERATING TRANSFERS Operating transfers in Operating transfers out                                                   (2,132,680)
TOTAL OPERATING TRANSFERS                                              (2,132,655) s INCOME BEFORE CUMULATIVE EFFECT OF A CHANC# IN                                            O ACCOUNTING PRINCIPLE                                                      4,409,977 Cueulative effect of a change in accounting
                                                                       \            -
principle (Note 24)
NET INCOME                                                                   4,489,977 II RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR                            12,927,666 RETAINED EARNINGS (DEFICIT) AT END OF YEAR                               $ 17,337,643 See accompanying notes to financial statements.
b-116                                             gg

D       WATER                           SOLID                  TOTALS AND SEWER    AIRPORT              WASTE             1985               1984
    $ 3,569,985 $      -
                                                  $ 37,664,045 $ 29,649,670 183,380           595,123 174,597             -
174,597            138,870 II         -           -
490,620          490,620           366,229 8,535       1,425            92,940          668,962           697,570 150,697       -                  -
150,697           227,394 3,723,217      176,822            583,560     39,331,401         31,674,856 II        -            -                  -
7,093,283          8,595,640 10,571,234          7,165,579 511,852           484,400 738,384       -                  -
1,583,832           1,354,972 1,193,150       -                  -
1,193,150           1,073,733 148,808             -
148,808           152,012 II        -            -
501,656          501,656           369,357 593,828       -                  -
2,968,274          2,793,715 225,825       22,449             37,787      2,525,613           1,789,767 2,751,187      171,257            539,443     27,017,702         23,779,175 978,030         4,765            44,117     12,313,699          7,895,681 1,326,662         7,921             12,645     3,132,377          2,565,519 32,035 (598,409)     (14,594)           (11,278)    (6,538,821)        (5,837,466)
(24,688)          (581)          -
(80,581)           (92,216)
E         -
(523)          -
(560,030)             (1,340)
(723)          -
(723)                   9,560 703,565        (8,500)             1,367    (4,047,778)        (3,323,908) 1,681,595        (3,735)           45,484      8,265,921          4,571,773 D
7,019            95,910          102,929             78,000 (2,132,600)        (2,000,000) 7.019            95,910   N 29,671)            ( 1,9EE~BBBl O      1,681,595         3,284           141,394      6,236,250          2,649,773 (103,932) 1,681,595         3,284           141,394      6,236,250          2,545,841 0    5,191,308    (320,629)             88,377     17,886,722         15,340,881
    $ 6,872,903 $   (317,345) $
229,771 $ 24,122,972 $ 17,886,722 B-117 9
m                                     u      u        .             ___        _ . _      _ . _ __                                     . _ _ l

i O
CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 ELECTRIC                     gg UTILITY SOURCES OF WORKING CAPITAL From ooerations:
Income before cumulative effect of a change in accounting principle                                              $    4,409,977                       i Add: Expenses not creating current liabilities or                                                     gg using current assets -
depreciation and amortization                                          2,294,864 interest expense from amortization of bond discount                       351,328 Working capital provided from operations exclusive of cumulative effect of a change in accounting principle                     7,056,169 9
Cumulative effect of a change in accounting principle working capital (Note 24) 7,936,169 Decrease in restricted assets                                               5,779,182 Disposal of fixed assets net cf accumulated depreciation                       350,269 Decrease in other assets                                                       490,915                   gg Increase in liabilities payable from restricted assets                           -
Proceeds from long-term debt Cont ri but ions (Note 22)                                                     473,111 TOTAL SOURCES OF WORKING CAPITAL                                              14.149.646 APPLICATIONS OR WORKING CAPITAL                                                                             gg Increase in restricted assets Acquisition of fixed assets                                                 7,037,456 Increase in other assets Decrease in liabilities payable from restricted assets                      2,778,329 Maturities of long-term debt                                                      -
Decrease in centributtons                                                                                gg TOTAL ADPLICATIONS OF WORKING CAPITAL                                         9,815,785 NET INCREASE (DECREASE) IN WORKING CAPITAL                                  $  4,333,861               ,
COMPONENT ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL                                                                                                  gg Equity in pooled casn and investments                                    $   2,409,634 Accounts receivable (net)                                                      604,627 Due from other governments Notes receivable                                                                  32,543 Inventory                                                                      313,272 Prepaid expenses                                                                (49,850)                 gp Cash overdraft                                                                     -
Accounts payable                                                                (17,719)
Accrued taxes payable                                                        (306,583)
Contracts /retainages payable                                                         (283)
Accrued salaries                                                               (12,418)
Accumulated unused compensated absences                                         (20,827)              ,
gp Deposits payable                                                               613,861 Revenues collected in advance                                                  767,604 Obligations under capital lease NET INCREASE (DECREASE) IN WORKING CAPITAL                                 $   4,333,861 See accompanying notes to financial statements,                                             gg B-118

Ql 0          WATER                          SOLID                   TOTALS AND SEWER     AIRPORT            W4STE             1985             1984
         $ 1,681,595 $          3.284 $      141,394 $     6,236,250 $      2,649,773
   )
250,513         23,030           37,787      2,606,194         1,917,835 22,537             140         -
374,005           342,498 1,954,645         26,454         179,181       9,216,449        4,910,106
   )
(103,932) 1,954,645         26,454         179,181       9,216,449        4,806,174 5,779,182            49,530
  -s            -
523          -
350,792              1,340
  'J            -             -                -
490,915            -
2,001,843 185,318         185,318       38,060,574 3,923,083       142,937            -
4,539,131        3,846,410 5,877,728      169,914           364,499      20,561,787       48,765,871 0
86,084           7,741          -
93,825      33,499,687 1,627,585      164,172           186,119       9,015,332       10,999,038 1,249,406 695,085             288         -
3,473,702                287 40,000         15,000           79,319        134,319           110,157
   )           -             -                -                -
45,412 2,448,754      187.201           265,438      12,717,178       45,903,987
         $ 3,428,974 $      (17,287) $        99,061    $  7,844,609 $      2,861,884 O
         $  1,861,248 $     (40,541) $       111,876 $     4,342,217 $      4,401,153 l
(3,302)        -
601,325           269,122 15,971         (1,205)        -
14,766           33,103 (16,873)       -                -
15,670          828,506 2,414      -                -
315,686           700,125 g3           -             -                -
(49,850)           49,850 34,169 (87,320)     (24,874)              7,437      (122,476)         (107,401)
     ,             (121)          (41)             (69)     (306,814)          (56,653) 2,388      63,744           -
65,849          (77,433)
(1,705)           493             (965)      (14,595)          (15,370) l)              (5,020)          (818)            (992)      (27,657)         (141,082) 1,657,992        -                -
2,271,853       (2,102,181)
               -           (10,743)           -
756,861          (952,704)
(18,226)        (18,226)           (1,320)
         $ 3,428,974 $     (17,287) $         99,061    5  7,844,603    5   d,ebl,Ba4 C)                                    B-119

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B-120 e

)~
l t-INTERNAL SEEVICE FUEDS 4
Central     Services  -
To   account   for    the  costs   of   operating
)~       -c                        centralized     services     (Data    Processing, Warehouse,      Central     Garage,      Building
            --    s Maintenance, Printing / Graphics) of the City.
,4                                 Costs are billed to other City departments at
'-"           s.                   actual cost.
   '1
)'
Self-Insurance -           To account for the provision of health and life insurance benefits to City employees and dependents. The City pays employee premiums
,c< t                              and employees pay dependent premiums.
j~
x D
i f
t e
I, B-121 0

O.
CITY OF KISSIMEE, FLORIDA CDP 6thlNG BALANE SKET - All. INTERNAL SERVICE FlkDS SEpTDGER 30, 1985 CENTRAL              SELF                    TOTALS SERVICES          INSURANCE         1985            1984         O ASETS CURRENT ASSETS Equity in pooled casn and investments 8                92 $         -
                                                                             $            92 $       146,390 Accounts receivable                              -                  -             -
22,773 Due from other funds                                  794           -
794           -         O Inventory                                        65,948             -
65,948           63,647 Prepaid empenses                                      353           -
353           -
TOTAL CURRENT ASSETS                           67,187             -
67,187         232,810 FIIED ASSETS                                                                                                     O Property, plant and equipment (Note 5)         428,755              -
428,755          314,534 less: accumelated depreciation                  (68,148)            -
(60,148)        (36,578) 368,687              -
368,687          277,956 Cmtrw: tion in progress                         154,815             -
154,915          147,830 0
TOTAL FIIED (MTS                             522,622              -
522,622          425,786 TOTAL ASSETS                                $     589,809 $            -
                                                                             $     589,809 $        658,5 %
LIABIGTIES APO FIND EQUITY                                                                                  O CURRENT LIABILITIES Accounts payaEe                          $       22,379 $          -
                                                                             $       22,379 $         72,743 Accrued taxes payaele                                 515           -
515               515 Accrued salaries payable                           7,312            -
7,312             7,356 Accumulated unused compensated absences                                                                        O (Note 24)                                      19,385            -
18,385           11,893 Due to other Funds                                14,263            -
14,263           -
TOT 4. CURHENT LIABILITIES                     54,854            -
54,854           91,787 C0hTINGENCIES AND CONMITMENTS (hote 26)                                                                          O FUPO EQUITY Contributed capital (hote 22):
Governments                                  28,388            -
28,388           28,388 Other funds                                268, % 9            -
268, % 9         262,783 0
297,357             -
297,357          291,171 Retained earnings - unreserved                 237,598             -
237,5 %          275,718 TOTAL FUPO EQUITY                            534,955             -
534,955          566,889 TOTAL LIABILITIES AND FUND EQUITY           $     589,889 $           -
                                                                             $     589,809 $        658,5 %
amm.m             ...________.   == mm.             .        - - -
See accompanying notes to financial stateuents.
B-122 e

O CITY OF MISSIMEE, FLORIDA COMINIE STATEENT OF REVDGES, EXPENSES AM) CHANGES IN ETAIE EMNING6 ALL INTEMAL EWIE FlfeS FOR TE YEAR EEED SEPTDEER 30,1985 Oc CENTRAL            ELF                   TOTALS SEWICES        IMiUMMCE         1985              1984 OPEMTIE REVEMES City contribution                       s     -
s        15,670 s    15,670 s        449,631 O'    Employee centributions                        -
20,223      20,223           139,169 Charges for services:
Other funds                                738,935             -
738,935           6 % ,380 Others                                        5,261            -
5,261            15,959 Miscellaneous revenue                              92            -
92              2,937 0     "'i"*"'''''"' ''' "'''' 'i l''' "'
                                                                         ''''       ''''             ' '3'5 TOTAL (FEMTING EVDRES                          744,288            45,035     789,323         1,445,471 OPEMTING EIPENSES Data Processing                              193,446             -
193,446            187,082 o     Warehouse                                    192,671            -
192,671           197,965 Central Garage                               223,323             -
223,323            105,673 Building Maintenance                          52,025            -
52,025             71,548 Printing / Graphics                           50,690             -
54,690             47,652 Employee claims                               -
44,074      40,074           209,816 Dependent claims                              -
37,742     37,742           352,500 Insurance premiums                            -
12,494      12,494            79,732 g'                                                                                 5,680            30,819 Claims administration costs                   -
5,680 Depreciation                                  28,848            -
28,848             24,144 TOTAL OPE MTING EIPENSES                       744, % 3           95,990     836,953         1,306,931 CFEMTING INCDE                                    3,325          iW,955)     (47,630)          178,540 O
NOEPEMTING EVDGES (EIPENSES)
Inte m t revenue                                2,633              6,877      9,510             6,799 Gain on disposition of fixed assets           -                 -           -
2,638 TOTAL NDEPEMTIMi REVEMES (EIPENSES)               2,633              6,877      9,510             9,437 O
INCDE BEF0E CL8t1ATIVE EFFECT &
OtANE IN ACCD)(TING PRINCIPLE                   5,958          (44,078)    (38,120)          187,977 CLMLATIVE EFFECT OF CHANGE IN ACC0twTING PRINCIPLE (Note 24)                -                 -           -
(9,487)
.O ET INCOE                                          5,958          (44,078)    (38,120)          178,490 ETAIED EARNINGS AT BE61 WING & YEAR            231,640            44,078     275,718             97,228 ETAIED EAMINGS AT DO 0F YEM              $     237,596 $          -
t 237,598 $         275,718 O
See accompanying notes to financial statements.
B-123 O

O' CITY OF KISSIleEE, FLORIDA COMBINING STATEE hi 0F CHANGES IN FINANCIAL POSITION ALL INTERNAL SERVICE FUNDS FOR THE N EM)ED SEPTENBER 38, 1985 CENTRAL              SELF                         TOTALS                             O SERVICES         INSUlW8dCE          1985                 1964 SOURCES OF MING CAPITAL Frce ooerations:
Income before cumulative effect ef a change in accounting princtole                                $          5,958 $        (44,878) $       (38,128) $           187,977                   O Acc: Expenses not creating current liabilities or using currect assets: depreciation                                                     28,848              -
28,848              24,144 leerking capital proviced from coera-tions exclusive of cumulative effect                                                                                                                         9 of char.ge in accounting principle                                          34,886           (44,878)            (9,272)          212,121 Cusulative effeet of a change in accounting principle using working caottal (Note 24)                                                           -                  -                -
(9,487) -
9 34,886           (44,978)           (9.272)           282,634 Disposal of fineo assets net of accumulated depreciatton                                                      9,462            -                  9,462             E2,385 Contributiens (Note 22)                                                               6,186            -
6,186             27,338 TOTAL SOURCES OF WOAKING CAPITAL                                                       50,454            (44,878)             6,376           252,277                    O USES OF M ING CAPITAL Accussition of fined assets                                                       135,146              -
135,146              179,274 NET INCREASE (DECREASE) IN WORK!Mi Cr#1TAL                                                                           (84,692)           (44,878)       (128, 774)              73,883                   O COMP 0ENT ELEENTS OF NET INCREASE (C{CSEASE) IN M ING CAPITAL Ecutty in pooled cash are investeents                                               (64,874)          (81,424)       (146,298)                68,284 Accounts Receivable                                                                  -
(22,773)         (22,773)              22,773                    O Due from other furds                                                                      794          -
794           -
Inventory                                                                             2,381           -
2,381               7,837 Prepaid esoenses                                                                         353           -
353            -
Cash overcraft                                                                       -                  -                -                    17,777 Accounts payable                                                                      (9.755)           64,119           58,364             (26,832)
Accrued tanes payable                                                                -                  -                -
2,286                  O Acerued salaries payable                                                                    44          -
44                51 Accumulatec unused compensated absences                                                   788           -
788          (11,993)
Due to other Funes                                                                  (14,263)            -              (14,263)              -
hET INCREASE (DECREASE) IN WORMING s      (64,692) 6        (44,078) 6     (128,778) $             73,883                    O CAPITAL nonnon            .non.nu          ======                .= =. nun See accessanytng notes to financial statements.
B-124 O

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I FIDUCIARY FUND TYPES O
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B-125 O

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O B-126 9

l l
TRUST AND AGENCY FUNDS
(
Expendable Trust Fund j        Section 8 H.A.P.P.       To account for the receipt of federal monies designated for housing cost assistance and the related expenditures for housing cost assistance and administration of the program.
Nonexpendable Trust Fund j        Supplemental Care -      To account for monies provided by people buying l                                 supplemental     care    in    the   City    cemetery.
!                                 Principal and interest will be retained in the fund through fiscal year 1984.            After this, interest may be transferred to the General Fund to defray the cost of cemetery operation and maintenance.
Pension Trust Funds:
General Employees -      To account for the accumulation of resources to be used for the retirement annuities of all
:                                 employees, except police officers and firemen.
}
l Employees pay a flat rate as determined by the pension plan and the City contributes an amount l                                 determined by an annual actuarial study.
Police Officers -        To account for the accumulation of resources to be used for the retirement annuities of all police officers.       The state contributes money based upon the number of police officers and the City contributes an amount determined by an
;                                 annual actuarial study.
Firefighters -           To account for the accumulation of resources to be used for the retirement annuities of all
}                                 firemen. The state contributes money based upon l
the number of firemen and the City contributes an amount determined by an annual actuarial study.
Agency Funds:
Payroll -                To account     for the     receipt of monies      from various    funds    for   gross    payroll   and    the disbursement of net payroll and related employee liabilities.
Occupational License -   To account for the receipt and disbursement to the    General     Fund     of   City    occupational licenses. Occupational licenses are pledged for
,                                 payment of debt service on FmHA Bonds.
I 1
4 B-127

C CITY OF <!SSleMEE, FLDRIDA COMBINING BALANCE SHEET ALL TRUST AND A6DCf PJICS EPTEMBER 30, 1985                                             O, TRUST i                                                  EXPENDABLE          NON-EIPENDABLE O
SECT!0h 8          SUPPLEMENTAL       G'NERAL H.A.P.P.               CARE         EMROYEES 4
ASSETS Ecuity in pooled cash ano investments        t             78,241 4        32,492 6          -     O Pension casn and investments                               -               -
4,938,442 Accrued interest receivable                                -               -                97,900 Accounts receivable                                          1,360         -                -
less: allowance for doubtful accounts                       (1,380)        -                -
Precaid enpenses                                           31,489          -                -
Due from other goverreents                                 -               -                -      O TOTAL ASSETS                                 S         181,738 6           32,492 6 5,028,422 FESSESS$3RSS          33333535353W    E33333335328 LIABILITIES AND FLhD EQUITY O
LIAEILITIES Accounts payaole                                         -
Tases to De resittet                                     -
Due to General Fund                                        4.644 Due to Certral Services Fune                                 744 Due to otner governments                                   6,249         -                -      O Revenues collected in ad ence                            43,352          -                -
TOTAL LIABILITIES                                      54.949
_ _ _         .                            =
CONTINGENCIES AND COMITMENTS (Note 26)
O FUND EQUITY Fund balances lieserved for ecoloyees retireernt systses                                             -               -            5,#28,422 Unreserved                                             46,781          32.492           -      O TOTAL PJhD EQUITY                                      46,781          32.492       5,028,422 TOTAL LIABILITIES khD FUND EDUlTY           $        101.738 $             32,492
* 5,828,422 O
See acccepanying rr,tes to f snancaal statesents.
B-128 9

O O
AsDcv PD6I(M (Note 12)
'O P(LIE                                                                      TOTALS l      (FFIERS       FIEF 19fTERS                   DELMTI(MAL ETIBENT         ET!WENT       PAYHILL           LICDOE              1985               1984 O
                                  $       2,708 8        67,163 $         172,644 8          119,156 1,754,800          995,341      -                 -
7,688,583            6,313,657
,          33,295          19,952      -                 -
151,227            121,199 l          -               -           -                 -
1,300             1,380 (1,300)          -
O        -               -           -
31,489            24,698 3,652
    $ 1,788,095 $ 1,015,293 $             2,708 $        67,163 4 8,435,983 $ 6,583,742 0
2,708          -
2,708             6,971 248 744           -
O        -               -           -
67.163             71.767            72,13e 6,249           -
43,352            -
2,708          67,163            124,820            79,349 O
O     1,788,095       1,015,293       -                 -
7,831,810           6,434,856 79,273            69,537 1,788,095       1,015,293       -                 -
7,911,083           6,504,393
    $ 1,788,095 $ 1,015,293 $             2,708 $         67,163 $ 8,835,903 $ 6,583,742 O                  - -- - ===                     ~              - - -- - -            ~~
B-129 O

O CITY OF KISSIMMEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE                                                                              g EXPENDABLE TRUST FUND - SECTION 8 H.A.P.P.
FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985                             1984 REVENUES Intergovernmental - federal grants                                   S       410,481            S             338,327
                                                                                                           -=___       .-___
EXPENDITURES Welfare expenditures                                                                                                                        g' Administrative salaries and expenses                                     44,857                              41,719 Nonexpendable equipment                                                  -
137 Housing assistance payments                                             358,879                          292,070 TOTAL EXPENDITURES                                                             403,736                          333,926 EXCESS OF REVENUES OVER EXPENDITURES                                              6,745                                 4,401 FUND BALANCE AT BEGINNING OF YEAR                                               40,036                              35,635 i                                                                                                                                                                               O'
 !                                FUND BALANCE AT END OF YEAR                                            $        46,781            S                 40,036
                                                                                                           ============               ============
See accompanying notes to financial statements.
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CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENTS OF REVENUE 5 EXPENSES AND CHANGES IN FUND BALANCES ALL NONEXPENDAELE AND PENSION TRUST FUNDS                                                                                            db FOR THE YEAR ENDED SEPTEMBER 30, 1985 NONEXPENDABLE SUPPLEMENTAL CARE                                                                        db 1985                         1984 OPEP9 TING WEVENUE3
  !nterest                                     S                  . 431       S                3,018 Contricution by employees                                    -
Contr1Dut ton by City                                        -                             -                                                        O Cent ribution by St ate TOTAL OPERATING REVENUES                                          2,991                        3.018 OPERATING EXPEN5ES                                                                                                                                    S Benefit payments                                             -                             -
Refuncs of contributtons Administrative costs TOTAL OPERATING EXPENSES
                                                               -                             -                                                        G NET INCOME                                                        2,991                        3,018 FUND BALANCES AT PEGINNING OF YEAR                             29,501                        26,483
____________                   ____________                                                          (b FUND EALANCES AT END OF YEA 9                  $               32,492         S              23,501 ESEECMEMBERS                   W33B3R53B255 See accompar11ng nctes to financial st at ement s.
O O
9 11-132 9

n_
PENSION (Note 12)
_-------_--_---__-_----__------_----~_----_-
POLICE                                                                  TOTALS
 )          GENERAL EMPLOYEES OFFICERS' RETIREMENT FIREFIGHTERS RETIREMENT 1985                             1984
    $             502,795     $             160,536   $               92,816       $             756,147            $              414,250 158,767                    -                       -
158,767                           141,573
 $)               386,535                   119,105                   71,303                     576,943                           474.229
                    -                         79,598                  50,045                      129,643                          102,839 1,048,097                      359,239                 214,164                  1,621,500                        1,132,891 D
89,594                    27,591                     8,921                   126,106                           131,822 23,591                    -                          3,321                     26,912                           15,896 41,028                    19,509                  10,991                       71,528                           55,613
      -- ==-            ---      -------_-_--           ---_--___---                 ---_-__-----                      --_ ----- _-
: 2)               154,213                     47,100                  23,233                    224,546                          203,331 893,884                   312,139                 190,931                 1,396,954                             929,560 4,134,538                 1,475,956                    824,362                 6,434,856                        5,505,296
[)   ----_---__ _               __-----__-__           - _ - - - - _ - - _ - . .    -__-----_-_.                     --_ ---- _.-
    $      5,028,422         $        1,788,095      $        1,015.293           $       7,831,810                $       6,434,856
      ............              ............            ............                 ===......===                     ............
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CITY OC KISSIMMEE, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ALL NONEXPENDABLE AND PENSION TRLST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985                                            d>.
NONEXPENDADLE SUPPLEMENTAL CARE 1985                           1984        d> '
SOURCES OF WORKING CAPITAu Operations Net Income                              $                2,991         $                3,018 ApptICATIONS OF WORKING CAPITAL                             -                              -
G NET INCREASE IN WORKING CAPITAL                               2,991                          3,018
                                               ============                   ============
COMC'ONENT ELEMENTS OF NET INCREASE                                                                  e (DECREASE) IN WORKING CAPITAL Eculty in pooled cash and investments                                          2,991                          3,018 Pension cash and investments Interest receivable G
NET INCREASE IN WORKING CADITA'_             $                2.991         S                3,018 ss==========                   ============
See accomoanying notes to financial statements.
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O O
PENSION (Note 12)
POLICE                                                               TOTALS
()          GENERAL                  OFFICERS'               FIREFIGHTERS                ---                         =-          =-----
EMPLOYEES                   RETIREMENT                   RETIREMENT                       1985                     1984
                   -- -_-_        --_-_-=-                   ---- _                  -   --__--------             ------------
   $             893,884        6          312,139         $           190,931         $      1,396,954         $           929,560 0                   _                        -                            _                           -                        _
893,884                   312,139                     190,931                1,396,954                     929,560 O
878,542                   305,397                     183,027                1,366,926                     915,226
()                  15,382                      6,742                         7,904                   30,028                   14,334
   $            893,884         $          312,139         $           190,931         $      1,396,954         $           929,560 O
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B-135 0

O CITY OF KISSI M E, FLORIDA CMINING STATEENT (F 04MES IN ASSETS M LIABILITIES ALL AGDCY FMS g
FOR TK YEAR DEED SEpTDOER 30, 1985 BAUKE                                         BALANCE OCTOBER 1,                                   SEPTEMBER 30, 1984          ADDITI(NS      DEDUCTI M        1985 PAYROLL F M Assets:
Equity in pooled cash and investeents                         $         7,219 8 2,942,309 $ 2,94,829 $                2,708 Liabilities:                                                                                           g Accounts payable                                6,971        1,272,836      1,276,299          2,708 Tames to be reestted                               248       1,670,273      1,670,521        -
7,219        2,942,309      2,94,829           2,788 OCD PATIGeAL LICENSE F M Assets:
Equity in pooled cash and investsents                                  58,739           120,355        !!!,931       67,163
                                             = = -            ===== -.        .=====.      = = = = .
Liabilities:
Due to General Fund                            58,739          129,355         111,931       67,163
                                               .-- - - ,.     .- ====.        ..-====      . . . - - . -
TOTALS - ALL AGENCY FUOS Assets:                                                                                                g Eaunty in pooled cash and investeents                                  65,958        3,0f2,664      3,858,751        69,871 Liabilities:
recounts payable                                6,971        1,272,836      1,276,299          2,798 g Tanes to be reettted                               248       1,670,273      1,670,521        -
Due to Gewral Fund                             58,739          129,355         !!!,931       67,163
                                           $       65,958 $ 3,862,664 6 3,058,751 6              69,871
                                             . . - - - .      .       --      ======         - = = = =
O See accoepanyang notes to fanancial statearnts.
O D-136 O

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~7              CENERAL FIIED ASSETS ACCOUNT GROUP
,, To account for fixed assets not used in proprietary J  fund operations or accounted for in trust funds.
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O CITY OF KISSIMMEE, FLORIDA SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE SEPTEMBER 30, 1985 O
GENERAL FIXED ASSETS (Note 5)
Lano                                      S              848,866 Dutlcinos                                          1,913,:500    OI Eculoment                                         2,664.957 Irnorove:nents other than bu11 dings                                            485.488 Construction in arcaress                                 155,577 O'
TOTAL GENERAL FIXED ASSETS                  S       6,068.216
                                              ============
INVESTMENT IN GENERAL                                  Ol FIXED ASSETS Amounts 2nvested tc October 31, 1971 '1)                                     787,520 Amvuntt 2nvested after Everrber 1,   1971:                                              O' General Fund revenuet                             2,209,445 State and feceral grants                          1,321,u76 Gifts and contributions                                 607,665 Capital projects                                  1,142,310 TOTAL INVESTMENT IN GENEAAL                                        II' FIXED ASSETS                              S      6,068,d16
                                              ===c========
(1) Investment recorcs are not read 11y available for II years prior to feovernber 1. 1971.
See accomoanytnc notes to financta' statements.
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H-138 9

D CITY OF KISSI mEE, FLC41DA SCHEDLLE Or GENERAL FIXED ASSETS BY FLNCT! M hD ACTIVITY b                                                   SEPTEMBER 30, 1985 IMPROVEMENTS      WCHINERf OTE R THAN           AND FUNCT]QN ED ACTIVITY                TOTAL              LhD            BUILDINGS        BUILDINGS        EQUIPMENT D
GENERAL GOVE N T City Manager                 t      144,399 $          -
t      58,975 $           4,899 8         76,525 Consunity Development                44,832            -                -
20,862            19,970 Finarce                              45,076            -
233            3,704           41,139 O    Personnel                             3,332            -
593          -
2,739 Gereral Goverreent buildings     1,199,080           282,739           978,868           17,473            -
TOTAL GENERAL GOVERmENT            1,428,719           202,739         1,838,669           4,938            144,373 O
PLBLIC SWETY Police                           1,149,697             93,661          298,484           41,447           716,145 Fire                             1,134,249             -
369,879             5,021          759,349 Inspection                           44, % 1           -                -                -
44, % 1 TOTAL PUBLIC SAFETY                2,324,907             93,661          668,363           %,428         1,516,455 PUBLIC WORKS                       1,013,866            29,941              8,616         111,638          873,571 l
l CULTl;RE/ RECREATION               1,145.147           532,425           197,680          280,484          134,558 i
!   TOTAL BENERAL FIXED ASSETS (O    ALLOCATED TO FUNCTIONS           5,912,639           848,866         1,913,328          485,488        2,664,957 l
l   CONSTRUCTION IN PR06AESS             155,577 l
:   TOTAL GENERAL FIIED ASSETS     S 6.866.216 O                                  .. ..       ..
See accoscanying notes to finarcial statements.
O fi-139 O

O CITY OF NISSIMMEE, FLORIDA SCEDLLE OF CHANGES IN GOERAL FIIED ASSETS -
BY FWCTim AND ACTIVITY FOR TE YEAR EleED SEPTEMBER 30, 1985                                O BALANCE                                          BALANCE DCTOBER 1,                                     SEPTEMBER 30, 1984        ADDITIONS       DELETIONS            1985 GENERAL 60E Ris O T O
City Manager                 6      120,345 $        29,415 6          9,361 $       144,399 Community Develocuent                 44,543           3,660            3,371          44,832 Finance                              30,339          17,222            2,485          45,076 Personnel                              2,849           1,253              770           3,332 Gervral Government O
buildings                        990,108         208,972           -
1,199,000 TOTAL GEER GOVEl00ENT               1,184,184         264,522           15,987       1,428,719 PLTrLIC SAFETY                                                                                   O Police                            1,183,782           98,436          52,521       1,149,697 Fire                              1,091,422           52,731            9,904      1,134,249 Inssection                           36,188           6,759            1,986          44, % 1 TOTAL PL'BLIC SAFETY                2,231,392          157,926          64,411       2,324,907   0 NBLIC WORKS                           954,286           72,214          12,634       1,013,866 CULTURE / RECREATION                  800,721         379,082           34,656       1,145,147 CONSTRUCTION IN PROGRESS                14,124        153,695           12,242         155,577   O TOTALS                         S 5,184,707 $ 1,023,439 8               139,930 6 6,068,216 See accompanying notes to financial statements.
e 9
B-140 9

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J                                           SCHEDULES FIN ANCIAL SCHEDULES ARE PRESENTED TO PROVIDE GRE ATER 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 CL ARITY FIN ANCIAL SCHEDULES ARE NOT NECESSARY FOR FAIR PRESENTATION IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
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CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION ELECTRIC UTILITY FUND                                                                      (D FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS
_          --- .        - =__     - .==-      ---
BALANCE                       ADDITIONS                   BALANCE                 -
OCTOBER 1,                              AND             SEPTEMBER 30,     ,        ()
1984                       DELETIONS                       1985
_         _______                ____________             - === = = -_
Nuclear production               $      3,037,408                $             -
                                                                                                                   $      3,037,408 Other production                       39,440,312                           (302,313)           39,137,999 Transmission plant                    11,551,841                              216,227            11,768,068              (D Distribution plant                    15,848,362                        1,431,728                17,280,090 General                                  1,375,667                            158,096             1,533,763 TOTALS                           $ 71,253,590                     $      1,503,738         $ 72,757,328
                                                            =...........                     ...........=            .===========
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ACCUMULATED DEPRECIATIDN
                       =........... -----                  -_====.==              _ - _ _ _ - - - - - - - _ - - - _ - - - - - - -
BALANCE                                                                               BALANCE DCTOBER 1                                                                           SEPTEMBER 30,                            NET
    )                  1984                   DEPRECIATION                  RATE                               1985                 ASSET VALUE S         621,407              $           91,118                 3%               $              712,525            $      2,324,883 4,056,663                         904,920                  3%                         4,961,583                    34,176,416 924,218                        283,969             2 - 4%                           1,208,187                   10,559,881
()                 6,084,592                        601,349           2.5 - 4%                          6,685,941                    10,594,149 557,995                         (25,547)         3 - 10%                                532,448                    1,001,315
             $ 12,244,875                   s       1,855,809
* 14,100,684                      s 58,656,644
               ============                   ============                                           ============                    ============
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O B-145 0

O CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECI ATION WATER AND SEWER FUND                                                                                      gg FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS BALANCE                                  ADDITIONS                              BALANCE DCTOBER 1                                           AND                       SEPTEMBER 30,       gg 1984                                DELETIONS                                   1985 WATER PLANT IN SERVICE Property and plant              $             66,523                     $                 -
                                                                                                                  $               66,523 Machinery and equipment                        79,806                                      -
79,806  gg Highlands Plant - land                          6,000                                      -
6,000 Highlands Plant - machinery and equipment                             125,408                                        -
125,408 Water lines                            3,779,461                                        363,762                        4,143,223 TOTAL WATER PLANT IN SERVICE             4,057,198                                        363,762                        4,420,960       gg SEWER PLANT IN SERVICE Pre-1954 system                             398,098                                        -
398,098 Land                                    1,523,141                                          -
1,523,141 Sewer treatment plants                 3,658,292                                        252,947                        3,911,239       gg Highlands additions                         190,051                                     248,423                             438,474 Sewage lines                           2,188,197                                        253,894                        2,442,091 Lift stations                               253,453                                          5,920                          259,373 Equipment                                   274,405                                        70,967                           345,372 TOTAL SEWER PLANT IN SERV?CE             8,485,637                                        832,151                        9,317,788       gg TOTALS                            $    12,542,835                            $        1,195,913                 $ 13,738,748 O
O O
Il- 14 6 9

)                                                                                           ,
,)
ACCUMULATED DEPRECIATION
__---_-_____--__--___===--                   _            -__         -_-_-__________..
BALANCE                                                                       BALANCE OCTOBER 1,                                                                  SEPTEMBER 30,                NET
  )                1984              DEPRECIATION                      RATE                     1985       ASSET VALUE
____-____            _--               ... ...-_=_                    ..____.._-__.        _..._.______
      $              13,970        S              1,330                 2%        $               15,300 $            51,223        n.
61,096                       7,008                20%                       68,104               11,702-     '
  )                  -                         -                                                 -
6,000 20,065                       2,508                 2%                       22,573             102,835 838,598                      75,590                   2%                     914,188         3,229,035
        --_-_.--               =     _____.._____                                     __------ -..         ____.._____.
 )      _ _ . -
_ _ '_       [__    ___[_           [_ _
323,952                         5,971                1.5%                    329,923                68,175 1,523,141 516,028                       73,166                  2%                     589,194         3,322,045
 )-                  30,408                       3,801                 2%                        34,209            404,265 170,170                     21,882                    1%                     192,052        2,250,039 76,668                       5,069                 2%                        81,737            177,636 163,021                     29,500                 16.66%                    192,521             152,851 II      - 1. i__. _                  ____          1. .                                __ [. [__           ___[.        _[ . .
      $      2,213,v/6             $         225,825                              $        2,439,801     $ 11,298,947 4D  ,
4D                                                                                                                       ,               ,
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i'  :u CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION AIRPORT FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985 I
ASSETS BALANCE               ADDITIONS              BALANCE DCTOBER 1,                   AND            SEPTEMBER 30,   g 1984              DELETIONS                  1985 Land                             $             7,973     $           -
                                                                                       $           7,973 Land improvements                              3.037                 -                     3,037 Buildings                                  241,301                    15.138            256,439 Runway improvements                        470,052                 839,364           1,309,416 Improvements other than buildings                                 308,580                   -                 388,580 Equipment                                    44,466                      (290)            44,176
                                         $      1,075,409        9         854,212     $     1,929,621    II TOTALS
                                            ============            ============          ============
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O C)
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ACCUMULATED DEPRECIATION                                                                      <
_-_------------....-_-------____ -_--____-__--__.                                     ...                           4                   4 BALANCE                                                         BALANCE DCTOBER 1,                                                    SEPTEMBER 38,                            NET
     )             1984             DEPRECIATIDN                RATE               1985                  ASSET VALUE 8             -
S              -
t                 7,973, 3,037 134,229                       4,468       5 - 10%               138,688                         117,751
()              336,789                        7,865      5.3 - 5.9%             344,654                         964,762 78,982                      5,721      3.8 - 7.6%               83,723                        224,857                  ,
25,384                      2,675       9 - 14%                 28,959                           16,117               (
         --------_---               =====_             __.                    ..--------                 .-_ ---.----
O    $          574,395       $              20,729                  s           595,124           4        1,334,497
         .. =========               ======== ..                          ............                    ............
O                                                                                        /                  ',
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CITY OF KISSIMMEE, FLORIDA
  >                                                                                                             SCHEDULE OF FIXED ASSETS AND DEPRECIATION SOLID WASTE FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985                                                                                      O ASSETS BALANCE                       ADDITIONS                                 BALANCE OCTOBER 1,                                     AND                    SEPTEMBER 30, 1984                      DELETIONS                                      1985                        O Garbege trucks                                                                                             s         305,158              9                    185,218             S           490,476 Other equipment                                                                                                         10,966                                                 801                        10,867 TOTALS                                                                                                     $         315,224              $                    186,119             $           501,343 7     /
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__          ___-                       _       . _ - . _ . _ -                       _ _ _ _          ...m__            _ _ - . . __ _    .. -___ _ ._._~                            _           _ _ _ _ . _ _ _ . _ _ _ _
O                                                                                                                                                                                                                                       I O-ACCUMULATED DEPRECIATION BALANCE                                                                                       BALANCE CTOBER 1,                                                                             SEPTEMBER 30,                                      NET
'O                                                                1984                  DEPRECIATION                                    RATE                       1985                  ASSET VALUE
_ _ =              __--           ___________ ....______                                     _____________                         ____________
t                 93,198         4                31,757                          12.5%      S                   124,955             $              365,521 32                        s,e3e                    le - 2ex                             s,352                               4,515 0
                                                  $                 93,520         $                37,787                                     $                   131,307             $              370,036
                                                      ==..........                      ............                                               ............                          ............
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(1 CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION CENTRAL SERVICES FUND                                                                               gg FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS BALANCE                      ADDITIONS                            BALANCE OCTOBER 1,                                    AND               SEPTEMBER 30,               gg 1984                     DELETIONS                                  1985
                                                                  --- =--                                      -----     ---            ==---
Buildings                          S            51,001        $                          -
                                                                                                                       $             51,001 Data processing equipment                     140,143                                     13,049                  153,192 Other data processing                                                                                                               gg machinery and equipment                        9,175                                   (1,019)                    8,156 Warehouse:
Improvements other than buildings                                 54,202                                    13,358                    67,560 Machinery and equipment                     27,299                                    14,456                    41,755 Garage - machinery and                                                                                                              gg equipment                                    15.510                                   62,387                    77,897 Building maintenance -
machinery and equipment                             915                                12,465                   13,380 Graphics - machinery and equipment                                    16,289                                        (475)                 15,814 TOTALS                           $           314,534        $                          114,221     $            428,755 1
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i ACCUMULATED DEPRECIATION BALANCE                                                        BALANCE OCTOBER 1                                                     SEPTEMBER 38,                     NET.
1984              DEPRECI ATION            RATE                 1985              ASSET VALUE
     $          3,923       $           1,962          3.8%         $            5,885      $              45,116 8,118                  10,765       10 - 12.5%                 18,883                   134,309 5,104                   1,341       6.67 - 10%                   6,445                      1,711 9,771                   4,886          9. 0%                   14,657                      52,903 1,154                  2,223        5 - 15%                     3,377                     38,378 5,662                   1,183        5 - 15%                     7,045                     70,852 327                   (177)       5 - 15%                          150                  13,230 2,319                   1,387        10 - 15%                    3,706                     12,108
     $         36,578       $          23,570                       $         60,148        $           368,607
       ============           ============                            ============            ============
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b STATISTICAL SECTION 1
l STATISTICAL TABLES DIFFER FROM FINANCIAL STATEMENTS BECAUSE       '
THEY USUALLY COVER MORE THAN ONE FISCAL YEAR AND MAY PRESENT NONACCOUNTING DATA. THESE TABLES REFLECT SOCIAL AND ECONOMIC DATA, FINANCIAL TRENDS AND THE FISCAL CAPACITY OF THE GOVERNMENT.
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O CITY OF stSSinREE. FLOR 1DA TABLE 1 GENER AL FUND - EIPEND1TURES BY DEPARTRENT (1)
LAST TEN FISCAL TEARS FEDERAL TOTAL        CITY         CITY                      & STATE      Con 4UN1TV                                        O FISCAL                                                               GRANTS     DEVELOPMENT                          LEGAL (4)
EIPENDITURES CONNISSION     MANAGES       PERSONNEL TEAR 1945     e 6,829.521 e      SS.419 e     449.727 e     119.132 e      -      e                           68.937 e     44.244 83.539       410.594        48.712        a                                  7S.650       44.644 1944       6.335.744                                                                                      75.135     30.691 1943       S.665.0S8        62.407      414.126        92.361        -
73.704      3SS.63S        96.510        -                                   90.792      39.099 1942       S.304.944                                                 S4.770                                67.223    St.443 194142)     4.946.009       41.719      315.446        64.16S 1940        3,904.432       11.634       97.522        23.015       117.539                                44.744    12.020      g 109.052        14.036       142.591                                47.967    11.470 1979        3.499.704       13.294 155.063                                40.764    15.024 1974        3.216.SS9        8.769       94.264         8.362 2,644.949        7.750       44.878         9.120         -                                    S0.103     13.143 1977                                                                                                                  16.499 1976        2.296.916        6.339       60.30S          7.036        -                                    -
til Ad3usted for division trenefore between departmente.
(2) Nondepartmental expenditures recteemisted and charged to appropriate departmente.
(3) Internet Servlee Fund created to account for Centrol Services in Flecal Year 1943.                                              $
Beginning in Flecal Year 1942. than column containe charges from the Centret Services Interne! Service Fund.
(4) Includee judicial empenditures throu9h Flecal Year 1941.
(S) Data Processing established se Internet Service Fund in Flecal Year 1942.
(65 Sanitation Diviaton eaten 11ehed as Enterprise Fund in Fiscal Teer 1942.
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4 O                            CENTRAL       PUBLIC                                             CULTURE /      NON.
FINANCE (5)    SERVICE (3)   WORKS (6)     POLICE         FIRE      INSPECTION   RECREATION DEPARTMENTAL s     321,210 e      161,303 e  1,276.825 e 2,275,510 e   1,407,507 e    213,487 s    386,180 s     -
314,423        156,999    1,269,623   2,100,541     1,218,006      195,900      395,053       .
311,713        284,088      983,267   1,717,302     1,080,369      148,410      464,789       .
305,6 %        311,116      914,907   1,428,393     1,085,916      141,871      461,305       .
888,773      106,975      321,399       .
$               395,003 55,580 263,382 62,736 1,013,637 732,387 1,361,594 1,041,040       666,537       74,322      262,093      703,259 92,643         55,368      645,106     882.847       375,944       66,915      237,736      804.693 92,069        103,545      479,143     804,316       346.544       71,746      231,190      761,712 44,023        133,533      492.646     704,027       325,352       61,850      204,669      717,855 73,048         76,789      441,722     647,268       271,794       59,564      174,157      441,575 0
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CITY OF EISSINNEE. FLORIDA TABLE 2 GENERAL FUND . REVENUES SY SOURCE LAST TEN FISCAL YEARS LICENSES                     CHARGES                                OTNER FUND AND           INTER.         FOR       FINES AND        RIS.      CONTRI.           lD FISCAL       TOTAL                                                                                                SUT10NS(1)
TAXES      PERN!TS      GOVEMMMENTAL    SERVICES    FORFEITURES    CELLANEOUS REVENU ES TEAR 735.27S e                  234.916 e 3,203.323 1945  e s 069.692 e             1.333.543 e    277.731 e 2.150.181 e                      134.643 e 2.924.503 7.134,442             1,154,252      314,077      1,830,960       524,046       138.770      239.794 1944                                                                                       110.692       279.643   2.747.554 1943      6.646.436             1.141,659      311.433      1.623.368       472.043 S 912.731             1.378.303      215.656      1,04S 704       449,23S        62.701      249.114    2.472.014 1942                                                                                       64,S64       136.03S   2,372,444 1941      S.199.890             1,149,429       203.507        941.625      247.442 913.036      291.310        67.224       224,432   1,87S.641        gg 1940      4.635.206             1.106.494      137.02S 3,733.164             1.000.816       118,872        639.136       166.097       66.275       12S 790   1.616.17s 1979                                                                                       26.664       122.829   1.269,662 1978      3.313.102                995,336      101,339        644,760       152.292 634.S61       144.373       30.728        54,049   1,200.a79 1977      3.069.240                920,000       44.650 2,529.639                962,699       64,190        418.345       137.665       51,482        37.251      433.747 1976 (1) Contributtone include trenefer from Federel Revenue Shering Fund for Flecel Years 1976 1940.
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D CITT OF KISSINREE. FLORIDA TASLE 3 PACPEnTT T43 LEvtES. TAI COLLECT 10m3 AND ASSESSED WALUAftomS LAST TER FISCAL YEARS RAfto CF TOTAL
]      FISCAL         ASSESSED     Tax RATE TOTAL TAE CURRENT TAE PERCENT OF LEvT DELINGUENT TAI TOTAL TAI COLLEC. ACCunULATED
                                                                                                                                 ?!Ou TO     DELluGUEnf YEAR        VALUAT10mtla tu MILLS                   LEvT      COLLECT!0m3 COLLECTED COLLECTtomS            COLLECT!Cs3 TAE LEWT      TantS (2) 1945     e    344.792.659     3.7466 e         1.292.490 e 1.249.942                 96.7 e          3S3 e   1.250.29S        96.7 e     .
1944          310.141.S0s     3.6300           1.123.959         1,046.377           96.S          2.266     1.044.643        96.7       .
1943          274.027.674     4.0740           1.116.349         1.07e.377           96.6          3.549     1.041.964        96.9       .
1942         251.S34.064     S.0610           1.273.034         1.214.S23           95.7         42.393     1.260.916        99.0         2.402 1941          213.273.352     S.4460           1.172.379         1.061.242           90.S          2.667     1.063.909        90.7         2.402 1940         130.S69.394     7.2920           1,097.952         1.029.613           93.4          4.89S     1.034.SO4        94.6         4.069 1979         139.640.774     7.2940           1.019.390           94S.914           92.8         14.042        9S9.976       94.2        15.712 1978         136.644.429     7.30S0                 994.184       952.127           95.4          3.391        95S.518       95.7         8.314 1977         129.313.449     7.1100                 919.433       e62.440           93.8         11.226        473.666       9S.O        13.343 1976         118.109.253     7.2700                 439.599       79e.139           92.9        1e0.091        934.230     101.1         36.275 (1) Effective tenoble venue from Property Appreteer's Fora ORS 20 for swee eding year. for satywlee levy enty.
(2) Thie Sete le ne langer eve 11eele free the Tea Ce1&octor*e efface.
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O CITY OF KISSINEE, FLORIDA TABLE 4 K1EDLLE OF PROPERTY TAI RATES - ALL OVERLAPPIMi 90WN0GTS LAST TEN FISCAL YERS O
MILLS ($1 M R $1,000 VALURTION)
SQJTH FLORIDA WATER FISCAL                        MANAGO O T DEE000EE                      SD00L YEAR  CITY        COUNTY      DISTRICT        BASIN        LIBRARY     BOARD    TOTAL     O 1985   3.7486       4.2690       0.1430         0.2840        0.2340    7.1710  15. 84 %
1964   3.6300       4.2690       8.1390         0.2600        0.2450    7.4200  15.9710 1983   4.0740       4.2690       8.1340         8.2500        8.2550    6.4790  15.4610 1982   5.0610       4.9730       0.1150         0.2430        0.2790    7.0800  17,7510  0 1981   5.4460       4.9730       0.1520         0.2500        0.2790    6.3320  17.4320 1980   7.2920       6.2650       0.1640         0.2620        0.3510    7.2670  21.5970 1973    7.2980      6.3980        0.1570        0.2400        -
8.5250  22.6180 1978   7.3050       5.7000       0.1950         0.2920        -
8.5660  21.9680 1977    7.1100      5.6200        8.3650        -             -
8.6070  21.7020 1976   7.2780       5.7500       0.3750         -             -
8.6870  22.0900  0 9
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CITY OF KISSIMMEE, FLORIDA TABLE 5 SCHEDULE OF SPECIAL ASSESSMENT COLLECTIONS
)                     LAST TEN FISCAL YEARS FISCAL YEAR                            COLLECTIONS
______             -             - -    - - - -       ==
1985                          9 106,445 1984                                  97,464 1983                                  92,149 1982                                  56,747 1981                                  38,687      -
1980                                     7,885 1979                                   16,318 I)          1978                                  22,669 1977                                  25,859 1976                                  63,264 NOTE: Special assessments are not a primary source of financing in Kissimmee.
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O CITY OF KISSIMMEE. FLORIDA TABLE 6 COMPUTATION OF LEGAL DEBT MARGIN SEPTEMBER 30, 1985                                                                                  II Assessed Value                                                                $ 344,792,659 Debt Limit: 20% of Assessed Value
* 68,958,532                                                                         UD 5           Amount of Debt Outstanding                                                                -
LEGAL DEBT MARGIN                                                             $ 68,958,532 O
The above computation pertains only to general obligation bonds.                                                  Revenue bonds, as issued by the Enterprise Funds, do not have a debt limit per ses but rather are restricted by the ability to raise revenue to 1.25 times O
maximum outstanding debt.                                As long as that figure is maintained, revenue bonds may be issued without further restrictions.                                          Special obligation or limited obligation bonds, such as those scaued in December, 1978 by the Municipal O
Development Board, are not considered as general obligation debts.
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l                                CITY DF KISSIMMEE, FLORIDA l                                         TABLE 7 COMPUTATION OF DIRECT AND OVERLAPPING DEBT
! .3..                               SEPTEMBER 30, 1985 i
PERCENTAGE            AMOUNT j                                                       APPLICABLE        APPLICABLE
  ,                                        NET DEBT     TO CITY OF        TO CITY DF NAME OF GOVERNMENTAL UNIT      DUTSTANDING    KISSIMMEE(1)       KISSIMMEE l
DIRECT DEBT j      City of Kissimusee                     -              -                     -
DVERLAPPING DEBT School Board of Osceola County General Obligation l()       Debt                             2,370,000           20.353            482,375 1                                                                       -----------
TOTAL AD VALOREM TAX SUPPORTED DEBT                                                 $          482,375 mamammenoma RATIOS O       Overall debt to FY 1985 taxable valuation                                0.1399 %
j         Overall debt per capita                                     $               21.04 (1) Determined by ratio of assessed valuation of property subject to
!           taxation in the City of Kissammee to valuation of property subject to 1
   )
   -        taxation in overlapping unit.
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O CITY OF KISSIMEE, FLORIDA TIMILE 8 MTIC (F GEEML BGGED DEBT TO ASSESSED VM Ape ET BGGED DEBT PER CAPITAL g
LAST TEN FISCAL YEMS MTIO OF ET DEBT SERVIE                   BG GED DEBT ET BGGED FISCAL             ASSESSED     GROSS BONDED      M(kIES       ET B0leED TD p w w n       DEBT PER g
YEAR PGRATION       VALUE          DEBT         AVAILABLE       DEBT          VALE        CAPITA 1985    22,929 $ 344,792,659 8       -
S     -
8      -
8 1964    20,659    310,181,506        -               -            -             -
1963    18,322    274,827,674        -               -            -             -
251,538,868 g
1982   -17,863                       -               -            -             -
1981    16,866    215,273,352        -               -            -             -
1980    15,487    150,569,394        -               -            -             -
1979    14,500    139,680,774        -               -            -             -
1978    13,688    136,644,429        -               -            -             -
1977    12,708    129,315,449        -               -            -             -
29,800            3,1%                       0.02 g
1976    12,088    118,109,253                                     25,864                      2.14 9'
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O CITY IF KISSlpeEE, FLORIDA TAeLE 9 MTIO 0F AfstlAL DEBT SEWICE EXPENDITufES FOR O                    teen B0ieED DEBT TO TOTAL EDERAL EXPENDITURES LAST TEN FISCAL YEARS 1
RATIO OF TOTAL                     DEBT SEWICE GEERAL OBLIGATIM DEBT         GOERAL           EDERAL      TO TOTE.
O   FISCAL                                CILiliATim       EIPENDI-      GOERAL YEAR     PRINCIPAL INTEEST          DEBT SE WICE      TUIES(1)   EXPDelTUfES 1985 $       -
                                                          $ 7,919,886         -
1 1984         -            -              -
7,499,83e       -
O      1983         -            -              -
6,e31,4e5       -
1982         -            -              -
5,581,175       -
1981
                     -            -              -            5,296,792       -
1980         -            -              -
3,949,634       -
1979         -            -              -
3,465,289       -
1978         -            -              -
3,216,559       -
O     1977        29,ess         1,157           3e,357     2,939,le6           2.e3 1976        32,ese        2,298            34,298     2,331,214          1.47 (1) includes 6eferal, Special Revenue and Debt Service Funds.
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O CITY OF KISSIMMEE, FLORIDA TABLE 10 SCHEDULE OF ELECTRIC REVENUE BOND COVERAGE
* LAST TEN FISCAL YEARS                                                    GD DPERATION              NET REVENUE AND               AVAILABLE              DEBT FISCAL             GROSS      MAINTENANCE                      FOR            SERVICE YEAR       REVENUES          EXPENSES               DEBT SERVICE REQUIREMENTS COVERAGE
_ _ _ - - - - - - -      ______________- - - __           ______ --       -_ gp.
1985   $ 38,563,461 $ 21,316,263 $                      17,247,198 8 7,286,426                 2.37 X 1984     29,659,637           19,287,834                 10,371,803        5,901,623           1.76 1983     26,615,463          18,056,673                   8,558,790        6,032,412           1.42 1982     21,096,368          14,996,300                   6,100,068        3,932,798           1.55 1981     19,775,045          14,087,782                   5,687,263        1,540,834           3.69     GD 1980     14,609,276          10,776,161                   3,833,115        1,265,432           3.03 1979     10,590,156            8,070,793                  2,519,363        1,145,011           2. 20 1978       9,766,729            6,828,890                 2,937,839        1,319,917           2.23 1977       9,236,705           5,9*8,805                  3,287,900        1,140,215           2.88 1976       8,555,726            5,669,043                 2,886,683        1,199,264           2.41 O
* Prior to 1978, information represents the comoined Electric and Water Systems.       In 1978, Water System was combined with the Sewer System.
NOTE: Maximum debt service in any subsequent year is $9,583,142.
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D CITY OF KISSIMMEE, FLORIDA TABLE 11 SCHEDULE OF WATER AND SEWER REVENUE BOND COVERAGE *
[)                                       LAST TEN FISCAL YEARS OPERATION        NET REVENUE AND         AVAILABLE         DEBT FISCAL             GROSS        MAINTENANCE              FOR       SERVICE
      ' YEAR         REVENUES          EXPENSES         DEBT SERVICE REQUIREMENTS COVERAGE
:)                 ___-          ____________-                                     _____________
1985
* 4,999,894 $            2,525,362 $        2,474,532 $ 1,754,063                1.41 X 1984         3,865,289           2,161,863          1,703,426      888,181               1.92 1983         2,686,472            1,811,582             874,890    675,840               1.29 1982         2,091,112            1,372,136             718,976    575,113               1.25
[)     1981          2,056,529            1,112,256             944,273   354,515                2.66 1980          1,914,801           1,058,788             856,013    355,805               2.41 1979           1,640,134               842,788           797,346   357,100                2.23 1978          1,483,124               896,693           676,431    405,512               1.67 1977             559,802              473,997            85,805     63,611               1.35 1976             534,187              446,519            87,668     63,656               1.38
* Prior to 1978, information represents the combined Electric and Water Syst ems.      In 1978, Water System was combined with the Sewer System.
NOTE: Maximum deot service in any subsequent year is $1,836,429.
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O-CITY OF KISSIMMEE, FLORIDA TABLE 12 SCHEDULE OF AIRPORT REVENUE BOND COVERAGE                                    gg LAST TEN FISCAL YEARS OPERATION       NET REVENUE AND           AVAILABLE                  DEBT FISCAL         GROSS            MAINTENANCE          FOR                  SERVICE YEAR        REVENUES           EXPENSES       DEBT SERVICE REQUIREMENTS COVERAGE              gp
               -----       .-   -------         -------       --     ---------.-----         ._      =-
1985      $   183,943 $           148,808 $            35,135 $             29,454    1.19 X 1984          187,006             152,012              34,994               30,672    1.14 1983          161,806             125,456              36,350               31,466    1.16 1982          124,600              92,575              32,025               27.773    1.15    gg 1981          132.270              87,449              44,821               27,923    1.61 1980          118,384              55,551              62,833               28,321    2.22 1979          109,836              76,414             33,422                29,049    1.15 1978           96,494              65,668              30,826               29,698    1.04 1977           68,891              54,771              14,120               30,347    0.47 1976           63,488              39,190             24,298                20,679    1.18    gp NOTE: Maximum cebt service in any subsequent year is $33,450.
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D CITY OF KISSIMMEE, FLORIDA TABLE 13 TABLE OF DEMOGRAPHIC STATISTICS J
CITY OF KISSIMMEE                                                      OSCEOLA COUNTY
                                                         -                __                      __ --             --- --=         --
PERCENT INCREASE                                           PERCENT INCREASE OVER PRIOR YEAR                                            OVER PRIOR YEAR O    YEAR    POPULATION                                  LISTED                      POPULATION                     LISTED 1950             4,310                                -
11,406                          -
1960             6,845                                                  58.8       19,029                                  66.8 1970             7,119                                                    4. 0    25,267                                   32.8 1976           12,680                                                   69.7      37,676                                   49,1 0,    1977           12,700                                                     5.1     37,944                                    9. 7 1978           13,600                                                     7.1     38,500                                    1. 5 1979           14,500                                                     6.6     42,344                                   10.0 1980           15,487                                                     6. 8    49,287                                   16.4 1981           16,866                                                     8.9     55,332                                   12.3
  ,,    1982           17,883                                                     6. 0    59,185                                    7. O V     1983           18,322                                                     2. 5    63,8 %                                    8.0 1984           20,659                                                   12.8      71,983                                   12.7 1985           22,929                                                   11.0      77,374                                    7. 5 AS PROJECTED (1)
               = . = -                         ----
O     1990           40,591                                                  77.0       98,900                                   27.8 1995           47,519                                                   17.1     124,000                                   25.4 2000            55,030                                                   15.8     147,500                                   19.0 2010            63,300                                                   15.0     181,500                                   23.1 2020            65,262                                                     3.1    200,000                                   10.2 O            AGE DISTRIBUTION AS OF 1980 CENSUS (2)
OSCEOLA COUNTY                                          STATE OF FLORIDA AGE                                        % POPULATION                                                % POPULATION
                                                    =_                                                            -
O   e - 14                                                2e. 5                                                       19.3 15 - 44                                                40.7                                                        41.8 45 - 64                                                21.0                                                        21.6 65+                                              17.8                                                        17.3 (1) City of Kissimmee 201 Facilities Plan and City of Kissimmee
.O Planning Department for City projections; Bureau of Economic and Business Research Bulletin 74 for County Projection.
(2)   1984 Florida Statistical Abstract, Table 1.38.                                                                                l l
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O CITY OF KISSIMMEE, RORIDA TABLE 14 TAKES OF PROPERTY VALUES, 0016TRUCT10N AND BAfM DEPOSITS - OSCEOLA COUNTY O
FISCAL YEAR    PR(FERTY VALLES(1) NET NEW C0p6TRtETICN(1) 1985 $        1,694,833,see $         104,829,935 1%4          1,462,687,655            183,817,482 0
1%3           1,24,880,737             64,713,726 1982         1,183,822,74              37,753,845 1981            926,667,363            27,173,852 1980            684,111,968            18,649,900 1979            643,833,486                   N/A N/A O
1978            628,679,847 1977            619,112,325            13,825,43 1976            563,264,568            13,464,297 BA* Dff0 SITS O
(MILLIONS)
SAVil65 APE) LOAN COMERCIAL BANKS (3)                                    ASSOCIATIONS (4)
DEMAND                    TIE          TOTAL O
FISCAL         PERSONAL YEAR        ! E ME (2)              DEPOSITS                 DEPOSITS    DEPOSITS                                  SAVINGS 1985 $                  N/A $                 N/A       $          N/A $     328.3                        $          283.7 1984                    N/A                   N/A                  N/A       284.0                                   251.8 1983                    N/A                  52.5                179.2       231.7                                      N/A N/A                  48.9                137.7       173.6                                     N/A O
1982 1981                  387.8                  39.7                107,3       147.0                                    72.2 1980                  300.6                  53.2                 93.8       147.0                                    88.3 1979                  275.9                  45.8                 81.9       127.7                                    89.1 1978                  225.6                   N/A                  N/A           h/A                                   N/A 1977                  189.2                  27.3                 %.5         73.8                                    89.7 1976                  165.0                  29.2                 42.1        71.3                                    84.0  0 SDJRES:
(1) Osceola Courty Property Appraiser's Office.
(2) JE fhrica Statistical Abstract (Table 5.99). Data is only available through 1982.
9 (3) Florida 6anners' Association. Data no longer available on a separate basis.
(4) Florida League of Finarcial Institutions, as of March 1985 and March 1964, respectively.
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O CITY OF KISSIMMEE, FLORIDA TABLE 15 SCHEDULE OF MAJOR TAXPAYERS
()
PERCENTAGE TAXABLE ASSESSED
* OF TOTAL VALUATION AS OF           ASSESSED TAXPAYER                    JANUARY 1, 1984         VALUATION
   -----        -                                    -                     --=        -
(3 United Telephone Company                S           14,620,657              4.24 Dorado Realty Company                                6,946,700              2.01 Humana, Inc.                                         5,575,602              1.62 Medical Center of Kissimmee, Inc.                    4,924,924              1.43 Melvin F. Sembler                                    4,896,330              1.42
() Stagecoach Inn Assoc., Ltd.                          4,086,850              1.19 Security Spring & BOE                                3,847,751              1.12 Newco Three Fountains Association, Inc.                               3,644,200              1. 06 Samuel Zell, Trustee                                 3,642,700              1. 06 The Martin Brower Co.                                3,110,500              0. 90
()                                              _---                --_            --
TOTAL                                   s           55,296,214             16.04 Source:     1984 City of Kissimmee Tax Roll, prepared by the Osceola County
()             Property Appraiser's Of fice.
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O CITY OF KISSIMMEE, FLORIDA TAELE 16 MISCELLR EDUS STATISTICAL DATA O
FORM OF GOVERNMENT Cosetssion-Manager PRESENT O CRTER ADOPTED O
DATE OF INCORPORATION 1883 1%5 TERMS OF 0FFICE Mayor /Ccastssioner - Two Years O
Fcur Commissioners - Two Years City Manager - Appointed Ar#Ul. SALARIES OF 0FFICERS
                                             $44,013                Butleing Director           $36,005 9 City Manager 43,285               Parks 8 Recreation Director  29,932 Assistant City Mana;er 29,354                Electric tjttlity Director   47,944 Finance Director 33,663               Water & Sewer Director       35,000 Central Services Director 32,511               Aviation Director            33,852 planning Director Pol ce Chief                                 36,879               Puelie Works Director /
33,941                  City Engineer             44,304  9 Fire Chief Personnel / Labor Relat1ons Director                  32.740 AREA 0F CITY 13.0 Scuare Miles - Montespal Boundaries 85 Square Miles - Electric Service Area 4
AREA 0F C0lNTY 1,313 Square Miles BulLDING PERMIT ACTIVITY (CITY) 9 YEAR       PUGER               Am0thT 1%5        1,571            $44,252,748 1984       1,632             42,032,116 1%3         1,517             48,623,372 9
1582       1,1E6             38,851,e97 1981         W0              12,688,719 1980       1,015             21,566,987 1979         640             15,371,8'D 1978          647            10,'W,281 654            12,687,672 9
1977 1976          656              6,975,542 C-20 9

)
CITY & HISSIl0EE, FLORIDA TABLE 17 l
l UTILITY ENTEIPRISE Fl#0S STATISTICAL DATA t
l                                                                                       ELECTRIC UTILITY FIN)
I ET OPEE-                   INCDE (LDSS)
TOTAL                           TIldi INCDE                 BEFDE EITRA-FISCAL                                              fU SER E                       OPEETIN6                            (LOSS) AFTER                  ORDINARY YEAR                                                CUSTWERS(l)                   REVDE                              DEPECIATI(M                   ITEMS (2) 1985                                                        20,752             S 34,842,602                         $ 11,286,787                8 4,409,977 1984                                                        19,285               27,934,499                             7,119,036                  1,444,927 1983                                                        16,905               24,706,847                            5,617,941                   2,953,745 1982                                                        15,756               19,928,883                             3,956,029                  1,984,999 1%1                                                         14,507               19,069,330                            4,060,939                   2,845,585 1980                                                        13,105               14,204,112                             2,697,286                  1,167,051 1979                                                        12,065               te, %7,296                             1,735,000                     676,226 1978                                                       11,293                9,055,288                             1,539,258                     489,251 2,232,901                   1,052,438 g    1977 1976 10,865 10,348 8,476,805 7,791,590                             1,917,169                  1,184,729 WATER Ald) SEER FIN)
ET (FEMTING              INCDE (LOSS) IEF0E
  )-                                                                               TOTAL                           IICDE (LOSS)                ETTRADRDINARY FISCAL    M1. 7 CUST3ERS                                              (FEMTIMi EVERE                       AFTER DEPECIATI(N                  ITEMS YEAR      WTER                                              SCER     WTER            SEER                 WATCR          !EER         WATER          SEWER 1985      8,258                                             6,616      $3,729,217(3)                       $ 978,O'le(3)               $1,681,595(3) 1984      7,695                                             6,000        3,159,901(3)                          794,640(3)               1,119,083(3)
  "     1983      6,315                                             5,290        1,861,023(3)                         (155,817)(3)                  97,942(3) 1982      5,994                                             5,104        1,565,730(3)                           39,572(3)                  207,014(3) 1981      5,639                                             4,8%         1,55!,672(3)                          271,319(3)                  647,144(3) 1980      5,155                                             4,534        1,700,756(3)                          514,177(3)                  560,081(3) 1979      4,779                                             4,267        1,758,694(3)                          669,988(3)                  474,988(3) 1978      4,310                                             4,012 $  779,964 $       654,215 $            434,866 8        92,502          444,786(3) g       1977      4,171                                             3,187    339,996         413,674               75,807        (111,503)$    13,677 8     (191,771) 1976      4,021                                             3,687    356,607         391,706               33,082        (194,814)     54,533       (168,125)
(1) Average customer count for fiscal year, (2) After transfers to/from other funds and accounting change.
g  (3) Combined by consolidation of furufs.
O C-21 3

O CITY OF MISSIPDIEE, FLORIDA TABLE 18 SCK DULE OF INSURANCE IN FORCE SEPTEMBER 30, 1985 g
EXP! RATION TYPE OF CO W RAGE 8 INSURER   POLICY MJMBER     DATE               DETAILS                 LIMITS LIABILITY:                                                                                                         $
American Insurance Co.                1479        10/26/85 Hangarkeeper's 11 ability $100,000/asrcraft        ;
                                                                                                                    $500,000/ occurrence Internattenal Insurance Co.          GP60008     10/15/85 Property liability, Auto laatility, Physical                               g damage, equipment, etc. 61,000,000 Safety Mutual Casualty Corc.          R6491FL     10/01/85 Lhbrella                     $5,000,000 International Insurance Co.      524 050782-3 10/01/85 Public Officials Profpssional Liability $1,000,000                 g City Insurance Cespany             pPL1726421     10/15/85 Police Professional          6500,000/ person Liability                $1,000,000 aggregate Feceral Insurance Ccepany           81083542      10/15!85 Fiduciary Liability         $5,000,000 kOWERS COMPENSATION:                                                                                                0[
Zurich-American Insurance Co.       WC6300!M      10/01/85 Workers Ccepensation        Statutory FICE FAD EXTEADED COVER <A6E; 4:palachian Insurance Co.             C8999       10/15/85 Excess Procerty             $24.400,000 Hartford Steau Betler O
Inspection 8 Insurance Co. AT9413979-05 10/01/85 Boiler 8 sachirery broad blanket coverage         $20,000,000 ACCIDENTAL [EATH & DISMEMBERMENT:
Hartford Accident 8 Indeontty Co. ETB12462     10/01/85 Acendental Death             550,000                   g E40YEE TDLTH 4ND LIFE:
haana, Irc.                          61852-M1       12/1/85 Group health insurance      Per schedule Sun Life of Canaca                     47462       12/1/85 Group 1 fe insurance         $15,000 - $50,000 tijCLEpR pprSERTY DAMAGE AND LIABILITY:
O Purenased in cooperation with Flors:fa Power Corporatton as a party to the Participation Agreement.
Covera;es are mandated tnrough Federal regulattom and are in addition to those shoem above.
9 C-22 9

I' UTILITIES      COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA
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I Financial Statements I
I                    and I          Auditors' Report II    September 30,1985 and 1984 L
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I UTILITIES C050tISSION CITY OF NEW SMYRNA BEACH, FLORIDA l
i FINANCIAL STATEMENTS AND AUDITORS' REPORT September 30, 1985 and 1984 0FFICIALS l
James A. Pence, Chairman John J. Hill, Vice-Chairman H.J. Van Auken, Secretary-Treasurer Dallas Alsup, Assistant Secretary-Treasurer       ,
Jeanne K. Diesen, Conmissioner I DIRECTOR OF UTILITIES                 CONTROLLER R. Ronald Hagen                Valois Pagan, CPA ATTORNEY i
John F. Bolt, Esquire
'I INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Brent Millikan & Co., P.A.
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E I                                                    UTILITIES COMMISSION CITY OF NEW SMYRNA BEACll, FLORIDA TABLE OF CONTENTS              Page 1 of 2 g                                                                                 REFERENCE      PACE INTRODUCTORY SECTION Title Page ................................................                                i Organization Chart ........................................                                iv Certificate of Conformance ................................                               v General Letter of Transmittal, Director of Utilities ......                             vi-vii Financial Letter of Transmittal, Controller ...............                           viii-xv FINANCIAL SECTION i
I    AUDITORS' REPORT ..........................................                                  1 BASIC GENERAL PURPOSE FINANCIAL STATEMENTS:
Comparative Balance Sheets ..............................             Statement 1      2-3 Statement of Revenues, Expenses and Changes in Retained Earnings .....................................             Statement 2          4 Statement of Changes in Financial Position ..............             Statement 3      5-6 Notes to the Financial Statements .......................                              7-26 SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS:
Combining Statenent of Revenues, Expenses and Changes in Retained Earnings ..................................             Exhibit A-1     27-28 Statement of Revenues and Expenses
              - Budget and Actual - Electric System ........                      Exhibit A-2          29 Statement of Revenues and Expenses j              - Budget and Actual - Water System ...........                     Exhibit A-3          30 l           Statement of Revenues and Expenses
              - Budget and Actual - Pollution Control System                      Exhibit A-4         31 SUPPLEMENTAL SCHEDULES:
Schedule of Restricted Assets ...........................             Schedule 1           32 Schedule of Operating Expenses - Electric System ........             Schedule 2           33 Schedule of Operating Expenses - Water System ...........             Schedule 3          34 Schedule of Operating Expenses - Pollution Control System Schedule 4                       35 Schedule of Restricted Investments ......................             Schedule 5      36-37 Schedule of Bonds Payable ...............................             Schedule 6      38-41 i
Schedule of Interest Earnings ...........................             Schedule 7          42 I
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I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA TABLE OF CONTENTS                                                             Page 2 of 2 REFERENCE             PAGE STATISTICAL SECTTON Schedule of Expenses by Function - Last Ten Fiscal Years...        Table I               43-44 Schedule of Revenues by Source - 1.ast Ten Fiscal Years     .... Table II              45-46 Schedule of Revenue Certificate Coverage .................. Table        III                47 Demographic Statistics .................................... Table        IV                 48 Property Value, Construction and Bank Deposits - 1.ast Ten Fiscal Years ........................................ Table        V                  49 I  Schedule of Insurance in Force ............................
Ten Largest Water Customers ............................... Tabic Ten of the Largest Electric Customers and Their Total Table VI VII 50-51 52 Kilowatt Hours Purchased ................................ Table        VIII               53 General Utilities Commission Information ..................        Table IX              54-58 SUPPLEMENTAL SECTION Auditors' Report on Supplemental  Information...............                             59-60 Comparative Balance Sheets - September 30, 1985, 1984, 1983, 1982, and 1981......................................                              61-64 Statement of Revenues, Expenses and Changes in Retained Earnings - For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981...............................                              65-68 Statenent of Changes in Financial Position - For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981................................................                              69-72 I  Selected Segment Information - September 30, 1985, 1984, 1983, 1982, and 1981.....................................
Schedule of Revenue Certificate Coverage - For the Fiscal 73-74 4
I    Years Ended September 30, 1985, 1984, 1983, 1982, and 1981.................................................
Schedule of Selected Financial Ratios - For the Fiscal 75-76   i Years Ended September 30, 1985, 1984, 1983, 1982, and 1981................................................                              77-78 I
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ORGANIZATION CHART I
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UTILITIES COFSilSSION CITY OF NEW SMYRNA BEACH, FLORIDA I                      ORGANIZATION CHART Utilities Commission I
 'I               I                                         l g*         Consultants       Director                Attorney g                               of Utilities I
I              I                        I                 I I   Electric Operations Department Engineering Department Finance Department Water and Pollution Control Department I
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I                                UTII.ITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA CERTIFICATE OF CONFORMANCE for the year ended September 30, 1984
 '          A Certificate of Conformance is awarded by the Government Finance Officers Association of the United States and Canada only to the governmental units whose financial report is I      judged to conform substantially to the high standards for financial reporting established by the Association. These         !
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!           standards are contained in publications of the National Council on Governmental Accounting.            It is management's f belief   that    the financial statements contained herein        ,
continue to conform with these standards.
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I             Con:!ormance in Financia g                    Reaor:ing Presented to I
Utilities Commission City of l  New Smyrna Beach, Florida For its Comprehensive Annual I                        Financial Report for the Fiscal Year Ended September 30,1984 I      A Cert;ficate of Conformance in Finanual Rep <>rting is presented by the Government Finance Officers Assoaation of the United States and Canada to goternmental un;ts I and pubhc employee retirement systems whose comprehernite annual fmancial reports (CAFR's) are lodged to substantia!!y conform to program standards E                                    -f- /pg/
     /;[$oI@.1 President gg 3     g%                               m c _ o _ c,,,
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sl        GENERAL LETTER OF TRANSMITTAL           i DIRECTOR OF GTILITIES 4
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I R. Ronald Hegen                                       UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA ELECTRIC. WATER, POLLUTION CONTROL Post Ofike Box 519120 Sams Ave.
New Smyrna Beach, Florida 32069 (904)427-1361 l
January 31, 1986 I
To the Chairman and Members                                        ,
of the Utilities Commission City of New Smyrna Beach, Florida The comments found in this letter relate to the period and conditions existing as of September 30, 1985. In accordance with state statutes and I        Resolution financial report of the Number  28-78,    I hereby transmit the comprehensive annual Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and for the fiscal year then ended.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Management of the Utilities Commission. Management helieves that the data, as presented, is accurate in all material aspects; that it I        is presented in a manner designed to fairly set forth the financial position and results of operations of the Utilities Commission as measured by the financial activity of its various functions;                                          and that all disclosures necessary to enable the reader to gain the maximum understanding of the Utilities Commission's financial affairs have been included.
I          In developing and evaluating the Utilities Commission's accounting system, consideration is given to the adequacy of internal accounting controls.
Internal accounting controls are discussed in the accompanying financial I believe that the I           letter of transmittal, and within that framework, Utilities Commission's internal accounting controls adequately safeguard assets and provide reasonabic assurance of proper recording of financial transactions.
This report has been prepared following the guidelines recommended by the Federal Energy Regulatory Commission, American Institute of Certified Public I           Accountants, Financial Accounting Standards Board, Governmental Accounting Standards Board, and the Government Finance Officers Association of the United States and Canada.                                The Covernnent Finance Officers Association awards Certificates of Conformance to those governmental entities whose I             annual financial reports are judged to conform substantially with high standards of public financial reporting,                                     including generally accepted accounting principles promulgated by the Governmental Accounting Standards vi I

Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida Page Two Ig       Board and the National Council on Governmental Accounting. The Utilities 3   Commission,    City of New Smyrna Beach, Florida, has been awarded a Certificate of Conformance for its annual financial reports for fiscal years 1978 through 1984    It is my belief that the accompanying fiscal year 1985
;        financial report continues to meet program standards and                   it will be submitted to the Government Finance Officers Association for review.
2 In accordance with the above mentioned guidelines, the accompanying report
!        consists of three parts:
(1)  Introduction section,        including     the    financial     letter         of transmittal, 4
(2)  Financial    section,    including     the financial statements and
,I                  supplemental data of the Utilities Commission accompanied by our
!                   independent auditors' opinion, and (3)  Statistical    section,    including   a number of tables of data depicting certain financial         information      of   the     Utilities Commission, information on revenue certificate debt coverage and other miscellaneous information.
State laws and Resolution Number 28-78 requires that the                     financial statements of the Utilities Commission, City of New Smyrna Beach,               Florida, be audited by a certified public accountant selected by the Utilities Commission. This requirement has been complied with, and the auditors' opinion by the firn of Brent Millikan &                Co.,   P.A., Certified Public Accountants, is included in the financial section of this report.
Our basic business is supplying adequate and reliable utilities service at a j        competitive cost.       This objective requires           long-term    planning      and construction activities spanning many years.          These activities require a long-term commitment to the future of this area. This commitment requires financial resources and dedicated work of those who comprise the Utilities
;        Commission. The employees of our system, the customers, and the Utilities Commission all have an important role in the accomplishments to be made within our systen.        In our community the basic interests of these three groups are not in conflict. Rather, they supplement each other.
The preparation of this annual           financial report could not have been iB    accomplished without the dedicated effort of the entire staff of the Finance
   !g i
Department. Their efforts over the past years toward upgrading the accounting and financial reporting systems of the Utilities Commission, City of New Smyrna Beach, Florida, have led substantially to the improved quality l     of the    information being reported to the Utilities Commission, the New 1
Smyrna Beach City Commission, and our customers whom we proudly service.
Respectfully submitted, 4            6 R. Ronald Hagen /
Director of Utilities vii

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I FINANCIAL LETTER OF TRANSMITTAL 1
CONTROLLER I
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    "                                     UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH. FLORIDA                                   i ELECTRIC. WATER. POLLUTION CONTROL                         -
Poet Office Bom $19-120 Same Ave.
l OFFICE OF VALOIS PAGAN                    New Smyrna Beach, Florida 32069 l     CONTROLLER                                          (904)427 1361 January 31, 1986 l
l I         To the Chairman and Members of the Utilities Commission
,I            City of New Smyrna Beach, Florida The Comprehensive Annual Financial Report of the Utilities Commission, City of New Smyrna Beach, Florida, for the fiscal year ended September 30, 1985, is submitted herewith.        The preparation of this report is the responsibility of the Finance Department. Responsibility for both the accuracy of the presented I         data and the completeness and fairness of the presentation, including all disclosures, rests with the Management of the Utilities Commission.                         We believe the data, as presented, is accurate in all material aspects; that it I          is presented in a manner designed to fairly set forth the financial position and results of operations of the Utilities Commission as measured by the and that all disclosures financial activity of         its various functions; I          necessary to enabic the reader to gain the maximum understanding of the Utilities Commission's financial affairs have been included.
Internal Accounting Controls and Budgetary Control In developing and evaluating tbc Utilities Commission's accounting system, consideration is given to the adequacy of                       internal accounting controls.
I           Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding:             (1) the safeguarding of assets against         loss I           from unauthorized use or           disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonabic assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; I           evaluation of costs and benefits requires estimates and judgements by management.
and (2) the All internal control evaluations occur within the above framework. We believe i
that the Utilities Commission's internal accounting controls adequately safeguard assets and provide reasonabic assurance of proper recording of financial transactions.
I                                                             viii I

January 31, 1986                                                                                    g Utilities Commission                                                                                g l
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The Utilities Commission's accounting records are maintained on a full accrual I   basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits                        g received, notwithstanding that the receipt of the revenue or the payment of                         3 the expenditure may take place, in whole or in part, in another accounting period. Your attention is directed to the summary of significant accounting policies in Note I                       to the Financial Statements which states fully the accounting practices for the presentation of the report.
The electric, water and pollution control systems were combined into a single                       l utilities enterprise fund originally by Resolution No. 16-75, passed in a                           E special meeting of the Utilities Commission of the City of New Smyrna Beach, Florida, on May 28, 1975. This was done in the spirit of making these funds                        g self-supporting and to provide                   a  comparable basis with other public and         g privately owned utilities.
Budgetary control is maintained through the use of monthly financial reports and the use of purchase orders.
The Reporting Entity and Its Services The Utilities Commission, City of New Smyrna Beach, Florida, was created in                         g 1967 through the passage of Chapter 67-1754, Laws of Florida, Special Acts of                       g 1967    (House Bill                  1669) which anended the Charter of the City of New Smyrna Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach.
In a referendum held October 2, 1984, the voters of the City of New Smyrna
  ;  Beach, Florida, approved amendments to the City Charter. The amendments limit I  a Utilities Commissioner's term to three years instead of five with no more than three consecutive terms, require City Commission approval for extensions                       g of utility services outside the city limits, give the City Commission the                           3 right to review and approve the Utilities Commission budget, and require C(ty Commission approval before issuing or refunding revenue certificates and entering into contracts exceeding four years.
The funds and entities related to the operation of                      the Utilities Commission which are included in these financial statements are a component unit of the                        l City of New Smyrna Beach, Florida, and an integral                          part of   the City's   E reporting entity as defined                      in National Council on Governmental Accounting (NCGA) Statement 2 Defining The Governmental Reporting Entity. The Component                       E Unit Financini                    Report of the Utilities Commission is issued separately as       g provided for in NCGA Statement 7,                      Financial Reporting For Component   Units Within The Governmental Reporting Ent it y .
Audited financial statements of the City of New Smyrna Beach, Florida, which have also been awarded the Certificate of Conformance, are available upon request from the City of New Smyrna Beach, 210 Sans Avenue, New Smyrna Beach,
                                                                                          ~
g Florida, 32069.                                                                                    3 The Utilities Commission, City of New Smyrna Beach, Florida, provides the full range of electric, water and pollution control services to its customers both inside and outside the city 1imits. These activities are fully accounted                     for in this financial report, fx 11

January 31, 1986 Utilities Commission l
Page Three                                                                                      :
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Electric, Water and Pollution Control System-Enterprise Fund
'E jE In compliance with Resolution No. 16-75, the electric, water and pollution control systems are accounted for as a single enterprise fund.                          As of j
;                             September 30, 1985, there were 12,468 accounts being actively billed for ig                            electric service, 8,122 being actively billed for water services, and 6.539 g                           accounts actively billed for pollution control services.                   Pre-1981 customer account tabulations contained the estimated and actual number of total accounts whether active or inactive.                  For 1981, and subsequent years, all I                           accounts are tabulated on the basis of " active" operating accounts only.
Service totals for the last ten years are summarized below:
I                                 Fiscal Year 1976 Accounts Included estimated active / inactive Electric Customers 8,938 Water Accounts 5,700 Sewer Accounts 4,500 1977       estimated active / inactive           9,550         6,033        4,603 I                                 1978 1979 actual actual active / inactive active / inactive 10,214 10,455 6,676 6,842 5,476 5,694 1980       actual         active / inactive     11,049         7,004        5,797 I                                 1981 1982 1983 actual actual actual active active active 11,178 11,323 11,640 7,103 7,241 7,460 5,296 5,540 6,026 1984       actual         active                12,105         7,864        6,344 1985       actual         active                12,468         8,122        6,539 The current year's operating revenues from the combined utilities systens I                           totaled $19,535,978, an increase of 11.50% over last year's $17,521,727.
increase was caused by general economic growth. The amount of revenue from various sources and the increases over last year are shown in the following The tabulation:
I                                                                                                         Increase Amount        Percent        over 1984 Operating Revenue Source                      _ (000'n)      of Total        (000's)
I                                Electric system Water system
                                                                              $15,474 2,615 79.21%
13.39 S1,673 185 Pollution control system                      1,447         7.40             156 i
119 d l6       100,00%         jM_14 I                           The current year's operating expenses from the conbined utilities system totaled $18,284,206, an increase of 14.957 over last year's adjusted amount of
                              $15,906,372. Increases in the levels of expenses for the individual systems I                           over the preceding year are shown in the following tabulation:
Amount        Percent Increase Over 1984 l
Function                             (000's)      of Total        (000's)
Electric system                            $14,339         78.42%         $ 2,043 Water system                                  2,031        11.11              203 Pollution control system                      1,914        10.47               132 m 83           my              mz8 I                                                                         x I

January 31, 1986                                                               g
   > Utilities Commission                                                           E Page Four 4
i Debt Administration I
j  The revenue certificate debt coverage is a useful indicator of the Utilities Commission's debt position. The current year's revenue certificate coverage is 1    2.16 times and is sumarized in the following tabulation:
Operating revenues                                 $19,535,978 Interest and other income (excluding gain of $3,291 and construction fund interest of $242,300 g
l' 1,010,940            g Connection fees                                         806,705
 !        Assessment collections                                  210,910
 !        Gross income                                        21,564,533
:        Operating expenses (net of depreciation and required payments to the City)               15,536,465 Income available for debt service                 _$_6.028.068 j        Annual debt service requirement                    S 2.794.72R
  ;               COVERAGE RATIO                              2.16 Times A summary of revenue certificate coverage for the last ten years is detailed below:
Fiscal Year                          Coverage 1976                                  1.66x 1977                                  2.32x                        g 1978                                  1.48x                        3
 ,               1979                                  2.18x 1980                                  1,94x l'               1981                                  2.46x l                1982                                  2.14x 1983                                  1,79x l-1984                                  2.37x                        g 1985                                  2.16x                        3 l
On August   29,   1978,  the Utilities Commission provided for the advance refunding of the following revenue certificates / bonds:
Waterworks and Electric:
Series 1955 - 3.75% due serially to 1993 Series 1962 refunding - 3.5% due serially to 1987, $35,000 in 1999 Series 1962 - 3.9% to 4.2% due serially to 2000 l-l         Series 1965 - 4.2% and 4.25% due serially to 2004 I      Sewer:                                                                        E l        Series S - 1963 - 3.9% due serially to 2002
 !        Series T - 1963 - 4.0% due 2003 Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities:
Series 1975 - 3.75% to 6.27 due serially to 2004 Series 1975A - 5.0% to 6.6% due serially to 2005 1
Series 1976 - 4.5% to 5.3% due serially to 1986 Water and Sever Revenue General Obligation Bonds:
Series 1976 - 4.5% to 6.2% due serially to 2001 l                                              xi

i January 31, 1986 j               Utilities Commission Page Five
!I The refunding of the          refunded revenue certificates was provided for by the sale of $25,810,000 Utilities System Revenue Refunding and improvement jl             Certificates, Series       1978,   and $22.335,000 Special Obligation Certificates,
  !u            Series 1978. From the proceeds of the sale of the two issues, sufficient
 ;              monies were deposited into an irrevocable escrow account to be invested in
 !              United States obligations that, together with the interest earned thereon, will provide sufficient funds for the payment of maturing principal and                                                      t j               interest on the refunded revenue certificates / bonds and the $22,335,000 Special Obligation Certificates, Series 1978. The proceeds of the certificate                                                !
sale also provided for the funding of the re se rve fund, an amount which j               equaled the maximum annual debt service requirement and provided over six                                                    -
 ;              million dollars for the acquisition, construction, additions, and improvements i               to the utility system.            The refunded revenue certificates are treated as                                           '
j               extinguished         debts in    accordance                      with generally accepted accounting l             principles.
 !              The $22,335,000 Special Obligation Certificates, Series 1978 which were issued
,               as a part of the advance refunding are not a liability of the Utilities                                                    l l               Commission in accordance with generally accepted accounting principles, because the interest and principal payments will be serviced from the earnings j               and proceeds of the net advance refunding which were placed in an irrevocable i               trust fund at the First National Bank of Florida, Tampa, Florida.
 !E
 'g             on May 9, 1985, the Utilities Commission provided for the advance refunding of the Utilities System Revenue Improvements Certificates, Series 1982 (1982 Certificates) through the sale of the $7,515,000 Utilities System Refunding
 '  I           Revenue Certificates, Series 1985 (1985 Certificates). From the proceeds of the sale of the 1985 Certificates, sufficient monies were deposited into an I
irrevocable escrow account invested in United States obligations that, I           together with the interest earned thereon, will provide sufficient funds for the payments of maturing principal and interest on the refunded Certificates. The 1982 Certificates consisted of $6,190,000 in 12.625% serial 1982 j
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I           bonds maturing in various amounts from April 1, 2012 through April 1, 2016.
The refunded 1982 Certificates are treated as extinguished debts in accordance with generally accepted accounting principles.
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As of September 30, 1985, the Utilities Commission had outstanding $32,115,000 revenue certificates payable. The obligations are secured by a first lien on                                               j and a pledge of the net revenue on the system. These revenue certificates                                                  (
I           continue to have the same ratings which they had when they were issued. These ratings are as follows:
[
j Moody's Investor Service Standard & Poor's I             Utilities System Revenue Refunding and Improvement                                                                                              i I               Certificates, Series 1978 Utilities System Refunding A                           BBB+
l Revenue Improvenent                                                                                                   '
I                Certificates, Series 1985                                 A                           AAA (AMBAC Insured) i The debt service requirements on these ohligations are detailed in Note 7 to                                               j '
the financial statements.
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January 31, 1986 Utilities Commission Page Six Commitments I
During   1983, the Utilities Commission and several Florida cities, acting through the Florida Municipal Power Agency (FMPA), participated in the purchase of a portion of Florida Power and Light Company's St. Lucie Unit No.
2, a nuclear generating unit with an original estimated net capability rating of 802 Mk'. St. Lucie No. 2 was subsequently uprated and now has a seasonally adjusted rating of approximately 840       MV.         The Commission's participation provides for a 9.884% entitlement share of FMPA's 8.806% undivided ownership                 g interest. Under the participation agreement, the Commission is obligated to              E provide payments of approximately $2.47 million annually.
Cash Management Cash temporarily idle during the year was                 invested through the use of a
,      competitive bid procedure in time deposits ranging from overnight to medium                  l
!      short-term investments.        Shorter investment periods were utilized by the               W
,      Utilities Commission due to the rapid changes and uncertainties of                interest I      rates experienced during the fiscal year. The interest rates and maturity                    g dates of the Utilities Commission's investments are detailed in the Schedule                 3 Section of the financial statements. The amount of interest earned during the year was $1,091,630.
The Utilitics Commisston is extremely proud of the banking service agreement consummated with a lecal bank. This agreement was obtained by a competitive bid procedure in which all local banks were allowed the opportunity to                       l participate. The service agreement obtained provides the Utilities Commission             W many services free of charge and provides an open-ended repurchase agreement at a ninimum amount of <53,000 and in increments of $10,000 thereafter by any                E l    amount which the conbineo t otal of all Commission accounts covered in the                   g l      agreement exceed the compensating balance. The following table summarizes the interest income and rates received from the Utilities Commission's checking accounts as the result of the banking service agreement for fiscal year ended September 30, 1985.
Int e re s t Monthly Interest Rate              Income       l Low              High                    5 October                                 8.250%          11.375%   $ 32,556 November                                8.375           10.125         30,213 December                                6.875             8.900        24,642 January                                 7.750             8.700        28,672 Februarv    '
7.500             8.750        27,148 March                                   8.050             8.950        23,927          .
April                                   7.250             8.750        29,796          -
May                                     7.250             8.R75        35,609 June                                    6.400             7.750        24,277 July                                    7.250             7.850        26,453 August                                  7.375             8.250        32,716 Septenber                               7.300             8.125        44,324         .
For Year                                      6
                                                      . ._.400%
11.3757
                                                                       ---         1__.360_t3 _13--
xiii IL

I January 31, 1986
;     Utilities Commission 1
Page Seven l
l Utility Plant The fixed assets of the Utilities Commission are used to provide its customers electric, water and pollution control utility services.
i    The utility plant by department is summarized below:
l                                               Pollution Electric         Water       Control             Total       <
I Utility plant in service                  $28,647,262     S13.321,248  $17,368,078 $59,336,588 Less: allowance for I   depreciation and amortization              11,394,799 17,252,463 3,135,131 10,186,117 3,046,062 14,322,016 17,575,992 41,706,596     !
Construction work in progress                 1,359,934         232,237        63,847       1,656,018 f                                                                                             i NET UTILITY PLANT          SIR,61?,397     $10,418,354  $ 14, 3 R 5. 8 fd $43,416,614 Prospectt. For Future The Commission's power supply program is reviewed periodically by the j     Commission's engineering department in conjunction with outside engineering
  ;   consulting services.      Since the Commission is interconnected at il5kV with Florida Power and Light Company (FP&L) a r.d , therefore, with the statewide transmission systems in Florida and Georgia, it is able to consider varied long range power supply alternatives.
In 1984, the Commission, in compliance with Resolution No. 28-78, had an I     engineering firm prepare a Triennial Report for 1981, 1982, and 1983 which               ,
l     included projections for Fiscal Years 1984, 1985 and 1986.         The results of this report, concluded in the executive summary, state "...that the electric, water, and pollution control systems are in good condition, needing only the customary attention to maintenance and improvements to continue to provide the iI i
l customer with reliable and efficient service during Fiscal Years 1984, and 1986."
1985
'g    The aforementioned Triennial Report         recommended    the    engineering       and 3 construction of waste lime sludge handling facilities at the Glencoe Water Treatment Plant, estimated to amount to $100,000 in capital costs, expressed in 1984 dollars. Evaluations of this recommendation, including alternatives
'I    are currently under way by the Utilities Commission engineering department.
Otherwise no major future water system capital improvenents are currently anticipated at the Glencoe Water Treatment Plant through 1986 l
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January 31, 1986 I
Utilities Commission Page Eight
 )
No maj or pollution control system capital improvements are projected through the year 2000 for treatment and effluent disposal.                 Additional wastewater l$
W collection system projects will be necessary in order to reet the needs of normal systen inprovenents and to provida such extension and expansion as are required to serve normal growth within the service area.
Independent Audit 4
;               Resolution Number 28-78 and other local and state statutes require an arnuni audit of the books of account, financial records and transactions of all administrative departments of the Utilities Commission by an independent                         l i
certified public accountant selected by the Utilities Commission.                        This    W requirement has been complied with and the auditors' opinion by the firm Brent Millikan & Co., P.A., Certified Public Accountants, has been included in this I
report.
Certificate of Conformance The Government Finance Of ficers Association of the l'rited States and Canada (GFOA) awarded a Certificate of Conforrance in Financial P.e po r t in g to the I               Utilities Commission, City of New Smyrna Beach, Florida, for its Corprehensive Annuni Financial Report for the fiscal year ended September 30, 1984.
l 1
In order to be awarded a Certificate of Conformance, a governmental unit rust                    g j
publish an easily readable and efficiently organized comprehensive annual                        g financial report, whose contents confern to program standards.                  Such reports must satisfy both generally accepted acceunting principles and applicable legal requirements.
;               A Certificate of Conformuce is valid for a period of one year only.                        We l               believe our current report continues to conform to Certificate of Conformance                    g Program requirements, and we are submitting it to GFOA to determine its                          3 j               eligibility for another certificate.
1 Acknowledgerents I
The prepaiation of this report on a timely basis could not be accomplished                       g j               without the efficient and dedicated services of the entire staff of the                          g Finance Department. We would like to express our appreciation to all members l               of the Utilities Commission's staff who assisted and contributed to its
{               preparation.      We would also like to thank the members of the Utilities
!               Commission for their interest and support in planning and conducting the 2
financial operations of the Utilities Commission in a most responsible and j               progressive manner, j               Respec t f t       ,itted, I
i tr agri, CPA, Controller 4
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,I l                       FINANCIAL SECTION
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;     This section is composed of the following four parts:
AUDITORS' REPORT I
BASIC GENERAL PURPOSE FINANCIAL STATEMENTS
}         SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS                              I i                     SUPPLEMENTAL SCHEDULES il
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                               -- _ -     -    m       m.h .-.... -., ,. .-. ---___-.-_-_ _ _ ------ a - -
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AUDITORS' REPORT lI l
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Brent Millikan & Company, P.A.
CERTIFIED PUBLIC ACCOUNT ANTS I                                       P O BOX 1226       205 M AGNOLI A STREE T T E L E PHON E (9046 42 7-133 3
* 252 3821 NEW SMYRN A BE ACH, FLORIDA 32070 1226 MEMBER OF                                                                           ME MBE RS OF AMERIC AN INSTITUTE OF                                                               AME RIC AN AND FLORID A CE RTIFIED PUBLIC ACCOUNT AN TS                                                                INSTITUTE S OF PRIV ATE COMP ANIES                                                           CE RilFIE D PUBLIC AC COUN T A N TS PR ACTICE SECTION Utilities Commission City of New Smyrna Beach, Florida New Smyrna Beach, Florida AUDITORS' REPORT We have examined the balance sheets of the Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and 1984, and the related statements of revenues, expenses and changes in retained earnings, I          and changes in financial position for the years then ended appearing on pages 2 through 26. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered I          necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly I          the financial position of the Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and 1984, and the results of its operations and the changes in its financial position for the years then in conformity with     generally accepted accounting principics applied I          ended, on a consistent basis.
Our examinations were made for the purpose of forming an opinion on the I          basic financial statements taken as a whole. The supplemental combining exhibits of individual utility systems, schedules, and tables listed on pages 11 and 111 of the table of contents are presented for purposes of I           additional analysis and are not a required part of the basic financial statements of the Utilities Commission, City of New Smyrna Beach, Florida.
The information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is
.I          fairly stated in all material respects in relation to the basic                                financial statements taken as a whole.
In connection with our examination, nothing came to our attention that caused us to believe that the Utilities Commission, City of New Snyrna Beach, Florida, was not in compliance with any of the terms, covenants, I           provisions, or conditions of section 16 of Resolution No. 28-78 dated June 30,     1978.      However,     it should be noted that our examination waa not directed prinarily toward obtaining knowledge of such noncompliance.
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New Smyrna Beach, Florida                                                                           V January 4, 1986                                              Certified Fublic Accountants I
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I I                                 BASIC GENERAL PURPOSE FINANCI AL STATEMENTS (Combined Statements - Overview)
These basic financial statements provide a summary overview of the financial position as well as the operating results of the Utilities Commission. They also serve as an introduction to the more detailed statements and schedules that follow.
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UTILITIES COMMISSION                             Statement 1                             l CITY OF NEW SMYRNA BFACll, FLORIDA                                                                            E COMPARATIVE BALANCE SilEETS September 30, 1985 and 1984 i
ASSETS                                                              1985                         1984                       '
) l'TILITY PLANT:
!    In Service:
Electric system                                                     $28,647,262            $29,655,705                                  '
!       Water system                                                         13,321,248             12,396,688 l       Pollution Control systen                                             17,368,078             16,472,265 j                                                                            59,336,588             58,524,658 Less: Allowance for depreciation and anortization                       17,575,992              17,394.821                                l 41,760,596             41,129,837                                   .
Construction work in progress                                             1,656,018                 2,306,190 UTILITY PLANT-NET                                                  43,416,614             43,436,027 RESTRICTED ASSETS:
Debt Service funds                                                       4,357,878                  4.247,817 Renewal and Replacement funds:
Renewal and Replacement fund                                           1,937,957                  1,543,920 Water and Pollution Control Connection Fee fund                        1,155,787                                     -
7 Construction funds                                                        2,314,408                  3,509,755                            ;
Customers' deposits                                                               673,636                      660,209 CR-3 Decommissioning fund                                                           68,173                              -
TnTAL RESTRICTED ASSETS                                            10,507,839                  9,961,701 CURRENT ASSETS:
Cash                                                                              976,264            1,491,270 500,00G l
W Investnent                                                                           -
Accrued interest receivable                                                         63,730                            76,277 Accounts receivable (net of allowance of $70,755 and $66,570 for doubtful accounts)                                     1,006,914                            947,311                   ,
Unbilled accounts receivable                                              1,456,396                  1,217,672 Due from the City of New Smyrna Beach                                               99,170                            '7,922 Due from other governments                                                          62,504                            '9,966 Inventories                                                              1,041,73(                             P14,737 Prepaid expenses and other assets                                                  116,109                       194, 2 20 Assessments receivable                                                             138,310                       166,66' TOTAL CI'RRENT ASSETS                                               4,961,131                  S, W;,037 r
DEFERRED CilAPGES AND OTMFR ASSETS:
Unamortized debt expense                                                          555,240                       463,785                   !
Deferred charger. and other assets                                                  26,633                            ?7,293 Assessments receivable - noncurrent                                               476,659                      655,214 TOTAL DEFERRED CilARGES AND OTi!ER ASSETS                            1.058,532                  1,146,?q2 TOTAL ASSETS                                                              $59,944,118 $60,049,957 I
The accompanying notes are an integral part of the financial statenents.
2                                                                             g W.
sw  -----em--_mm                      .mmm.

LIABILITIES AND UTILITY EQUITY                      1985           1984 UTILITY FQUITY:
Contritated capital                                  $14,580,916 S13,591,323 Retained Earnings:
Reserved for net restricted assets                   7,896.516       7,425,519 I          Unreserved                                            1,001,592       4,n44,432 9,798,0!8 _lf , 'y , % I TOTAL UTILITY EQUITY                              24,378,954      '5,061.274 LONG-TERM DEBT:
Revenue certificates payable (net of I          current portion)
Less: Unamortized debt discount 31,415,000 722,938 30,595,000 702,283 TOTAL LONC-TER'i DERT                             30,692,062      29,802,717 DEFERRED CREDITS AND OPERATING RESERVES:
Deferred compensated absences                              257,951         244,784 I       Re se rve for ruclear re-fueling and maintenance outage Reserve for nuclear plant decommissioning costs 14,933 68,173 133,652 36,000 TOTAL DEFERRED CREDITS AND OPERATING RESERVES         341,057         414,436 CURRENT LIABILITIES (Payabic fron current assets):
I       Accounts payable Accrued liabilities 1,152,989 480,477 861,238 414,801 Due to the City of New Smyrna Beach                        287,256          156,082 Energy cost adjustments payable                                -           567,755 Nuclear fuel disposal fees payable                             -            145,472 1,920,722      2,145,348 CURRENT LIABILITIES (Payable from restricted assets):
Accounts payable                                           163,858          163,381 Customers' deposits                                        556,411         561,969 I        Revenue certificates payable (current portion)
Accrued interest payable 700,000 1,191,054 360,000 1,250,832 2,611,323      2,536,182 TOTAL CI'PRENT LI ABILITIES                        4,532,045       4,681,530 TOTAL LIABILITIES                                 35,565,164      34,988,683 I    TOTAL LIABILITIES AND UTILITY EQUITY                     $59,944,118 560,049,957 I
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UTILITIES COMMISSION                                              Statement 2      g CITY OF NFW SMYRNA BEACll, FLORIDA                                                         E STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Fiscal Years Ended September 30, 1985 and 1984 1985            1984 OPERATING REVENUES:
Sales              -                                                               $19,395,812 $17,380,658 Other rewaues                                                                           140,166         141,069 TOTAL OPERATING REVENUES                                                       19,535,978     17,521,727 OPERATING EXPENSES:
Production expenses                                                                 10,637,458       8,686,618 Transmission, distribution and sewage collection                                      1,868,923      1,710,284 Customer accounting                                                                     547,952         496,921 Administrative and general                                                            2,311,726      2,214,716 Required payments to the City of New Smyrna Beach                                    1,122,521      1,047,779 State utilities tax                                                                     170,406        145,297 Depreciation                                                                         1,625,220      1,604,757 18,284,206     15,906,372 TOTAL OPFRATING EXPENSES OPERATING INCOME                                                                1,251,772      1,615,355      I ADD: NONOPERATING REVENUE:
Interest earnings                                                                    1,091,630       1,076,576 Other income                                                                            161,610        411,860 Gain on disposal of fixed assets                                                           3,291               301 TOTAL NONOPERATING REVENUE                                                      1,256,531       1,488,737 TOTAL INCOME                                                                    2,508,303       3,104,092         s LESS: NONOPERATING EXPENSES:
Interest and debt expense                                                           2,376,681       2,465,284 other expenses                                                                            63,926           -
g Loss on disposal of fixed assets                                                              560        16,414     5 TnTAL N050PERATING EXPENSE                                                       2,441,167      2,481,698 NET INCOME (LOSS) BEFORE INFREOPENT AND EXTRAGPDINARY ITEMS                                                              67,136        622,394 INFREnnp;r ITEM:
Losn fror -ale of steam generating plant                                                532,377            -
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM                                   (     465,241)       622,394 EXTRAGRDINAPY ITEM:
Loss fron defensance of debt                                                         1,206,672              -
NET INCOME (LOSS)                                                            ( I,671,913)         622,394 PETAINED t'APNINGS - BEGINNING PF YEAR                                                 11.469,951     10,847,557 R m 1 nee m x1xc - F       eF mR                                                     mm.m m.z. .m The accorpanyinc notes are an integral pa rt of the financial statenent<.
4 I

I                                     UTILITIES COMMISSION CITY OF NFW SMYRNA BEACH, FLORIDA Statement 3 Page 1 of 2 STATEMENT OF CHANCES IN FINANCI AL POSITION For the Fiscal Years Ended September 30, 1985 and 1984 1985         1984 SoliRCES OF WORKING CAPITAL:
!l     Operations:
l5        Net income (loss) before extraordinary item            $( 465,241) S      622,394 j         Items not requiring working capital:
Depreciation and amortization                           1,716,276    1,742,271 j            Increase in deferred compensated absences                  13,167       27,921 4
Increase (Decrease) in unfunded nuclear re-fuel and outage reserve                         (    118,719)     111,921 j           Increase (Decrease) in unfunded reserve i
for nuclear plant decommissioning costs            (     36,000)      36,000 i           (Cain)/ Loss on disposal of utility plant-net             529,646       16,113 1
;           TOTAL FROM OPERATIONS BEFORE EXTRAORDINARY ITEM         1,639,129    2,556,620 Extraordinary loss from defcasance of debt              (1,206.672)           -
a 1
:          TOTAL FROM OPERATIONS AND E"TRM m.ni: LY ITEM 4                 432,457   2,556,620 l
l     Contributions in aid of construction                            989,593   1,437,342 Decrease in noncurrent receivables                              178,555      201,124 Increase in other liabilities payable from restricted assets                                             75,141            -
Proceeds from sale of utility plant                             244,708       19,737 Decrease in other assets                                             660      19,452 Increase in reserve nuclear plant
;         decommissioning costs                                         68,173            -
Proceeds from sale of utilities system refunding revenue certificates (not of I      carrying value of refunded debt of $5,884,293 and discount of $194,488)
Decrease in restricted asaets 1,436,2!9 1,175,614 TOTAL SOURCES OF WORKING CAPITAL                        3,425,506    5.409,889 USES OF WOREING CAPITAL
* Additions to utility plant                                   2,456,659    2,746,825 Increase in restricted assets                                   546,138   1,161,824 Reduction of long-term debt                                     505,000     180,000 Expenses of sale of refundinc revenue certificate               237,887         -
Decrease in other liabilities payable from restricted assets                                               -
471,405 TOTAL USES OF WoFKING CAPITAL                           1,745,684   4.762,054 NET INCREASE (DECRI:ASE) IN WORKING CAPITAL         (( l{fM78) (J@K1j I       The accompanying notes are an integral part of the financial statementt,,
5

UTILITIES COMfISSION                                                      Statement 3 l
CITY OF NEW SSWRNA BEACH, FLORIDA                                        Page 2 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION                                                    ,
For the Fiscal Years Ended September 30, 1985 and 1984 1985          1984 Increase      Increase (Decrease)    (Decrease)
ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL:
Cash                                                  $( 515,006) $       324,886 Investments                                             ( 500,000)        200,000 Accrued interest receivable                             (    l',547)  (     8,555)
I Accounts receivable (net)                                    59,603        28,789 l
Unbilled accounts receivable                                238,724       239,670     W Due from the City of New Smyrna Beach                        71,248        16,506
;         Due from other governments                                   12,638        17,341     g Inventory                                                   206,999   (   134,048)    g Prepaid expenses                                        (    78,111)      148,151 Assessments receivable (current)                        (    28,352)  (    23,999)
Accounts payable                                        ( 291,751)        507,286 l
]                                                                                               =
l         Energy cost adjusteents payable                             567,755   ( 567,755)
Accrued liabilities                                     (    65,676)  (    33.370)
Due to other governments                                (   131,174)       78,405     g Nuclear fuel disposal fees payable                          145,472   (   145,472)    g NET INCREASE (DECREASE) IN WORKING CAPITAL       }( 320.l78) S _ 647.R35 i
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The accompanying notes are an integral part of the financial staterentn.
6

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NOTES TO THE FINANCIAL STATEMENTS I
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CITY OF NEW SMYRNA BEACH, FLORIDA t                                        NOTES TO TFE FINANCIAL STATEMENTS September 30, 1985 and 1984                 Page 1 of ?0
: 1. 

==SUMMARY==
OF SIGNIFICANT ACCOUNTING POLICIES i                 The accounting policies of the Utilities Commission, City of New Smyrna Beach, l
(The " Utilities Commission") cenform to the generally accepted accounting principles as promulgated by the American Institute of Certified Public ig                Accountants, the Financial Accounting Standards Board, the Governnertal                           l
,3                Accounting Standards Board, the Federal Energy Regulatory Commission, and the                     l l                 National Council on Covernmental Accounting. The following is a num .:.rv o f the significant policies:
A. ORGANIZATION l
ll                    The Utilities Commission, City of New Smyrna Beach, Florida, was created
'm                    in 1967 through the passage of Chapter 67-1754, Laws of Florida, Special                    ;
Acts of 1967 (House Bill 1669) which amended the Charter of the City of                     l New Smyrn- Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach. In a referendum held October 2, 1984, the voters of the City of New Smyrna Beach, Florida, approved nmendments ta the City Charter. The amendments lin't a Utilities Commissioner's term to three                      l
   .                  years instead of five with no more than three consecutive terms, require City Commission approval for extensions of utility services outside the city limits, give the City Commission the right to review and approve the l
Utilities Commission budget, and require City Commission approval before issuing or refunding revenue certificates and entering into contracts exceeding four years.
B. REPORTING ENTITY The funds and entities related to the operation of the Utilities Commission which are included in these financial statements are a component unit of the City of New Smyrna Beach, Florida, and an integral part of the City's reporting entity as defined in National Council on Governcental Accounting (NCGA) Statement ?, Defining The Governnental Reporting Entity.         The Component Unit Financial Report of the Utilities Commission is issued separately as provided for in NCCA Statement 7 I                   Financial Reporting For Component Units Within The Governmental Reporting Entity.
In 1983, the Utilities Commission entered into a participation agreement with Florida Municipal Power Agency (FMPA) for an entitlement share of                      ,
electric capacity and electric energy from FMPA's undivided ownership interest    in Florida Power and Light Corpany's St. Lucie Unit No. 2, a nuclear generating unit.       The Utilities Commission's role in the agreement             !
is limited to that of a participant contractually obligated to purchase                     ;
electric capacity and electric energy. The agreement does not constitute a joint venture between the Utilities Commission and FMPA since it does not meet the criteria for inclusion within the reporting entity of the Utilities Commission.
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AI STATEMENTS Septenber 30, 1985 and 1984                                                                                                                  Page 2 of 20
: l. SlTfAP.Y OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. FUND ACCOUNTING On May                 28,       1975, the Utilities Commission, City of New Smyrna Beach, Florida, passed Resolution Number 16-75, which established the electric, water and pollution control                          systems as a singic utility fund. This utility fund is accounted for as an enterprise fund. Enterprise funds are used to account for operations that are financed and operated in a manner                                                                          E where the intent of the governing body is that the costs (expenses,                                                                                g including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
D. BASIS OF ACCOUNTING l                             Basis of accounting refers to when revenues and expenses are recognized in l                             the accounts and reported in the financial statements.                                                                                   Basis of l                             accounting relates to the tining of the measurements made, regardless of l                             the measurement focus applied. The Utilities Commission, City of New Smyrna Beach, utilizes the accrual basis of accounting.                                                 By utilizing this method, revenues are recognized when they are earned, and expenses are recognized as they are incurred. Unbilled electric, water and pollution control utility service receivables are recorded at year end so as to i
provide a better natching of service revenues and the costs of providing l
the s e rvice .                                                                                                                                        l i
E. BUDGET AND BUDGETARY ACCOUNTING An annual budget was adopted for the electric, water and pollution control                                                                             ,
utility systems.                        The budget was prepared on the accrual basis for the By use of the                    !
period beginning October 1, and ending September 30 accrual method of budgeting, revenues and expenses are budgeted for specific periods of time and are recorded as incurred, along with acquired assets, without regard to the date of receipts, or payment of cash. Budget appropriations are prepared by the administrative staff and authorized by the Utilities Commission.                           Budgetary control          is exercised at                                                 the   !
departmental level. Budget amendments, if any, can be requested by the Director of Utilities. However, all budget amendments must be approved by the Utilities Commission. Unexpended appropriations for operations lapse at year end.                         During the fiscal year ended September 30, 1985, the                                                            ;
Utilities Commission, City of New Smyrna Beach, did not make any amendments to the approved budget and no supplemental appropriations were necessary.
l                       F. CASH l                             The Utilities Conmission invests all cash balances in excess of a $120,000 minimum daily balance                         in overnight bank repurchase agreements. These                                                       g!
residual investments are classified for reporting purposes as cash rather Earnings from these inventments cre appropriate 1v Ei' than investments.
allocated to the investing fund accounts based upon the investment equity                                                                            :
and are used, where applicable, to finance general utilities commission operations.
8

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984                                                  Page 3 of ?0 II                                                                                   -
: 1. 

==SUMMARY==
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. INVESTMENTS Investments are recorded at cost or amortized cost, which at.croximates market. Adjustments are made to cost, for any premium or discount, which is amortized over the maturity of the investment.
,3           H. RECEIVABLES ig Allowance for uncollectibic accounts Accounts     receivable     have been reported net of the allowance for uncollectible accounts which has been provided based upon management's analysis     of     historical trends. Those amounts of allowances for uncollectible accounts at September 30, 1985, and 1984, totaled $70,755 and $66,570, respectively.
Estimated unbilled revenue Utility operating sales are recognized on the basis of cycle billings rendered nonthly. Unbilled accounts receivable are accrued at September 30,  to recognize the sales revenues earned between the last meter reading date made through the end of the fiscal year.
I. INVENTORIES Inventories are priced at cost by the use of the "first-in, first-out" nethod of accounting. The effect of this method is to flow the costs of the materials and supplies in the order in which they are purchased and to assign a balance sheet          inventory valuation more nearly at current replacement value. Electric line transformers, electric neters, water meters and replacement units for the generating plants are classified as utility plant in accordance with accepted industry practices set forth by the National Association of Regulatory Utilitics Commissioners.
J. UNAMORTIZED DEBT DISCOUNT AND ISSUE COSTS Bond discounts and issuance costs are deferred and amortized over the term of the hands using the bond outstanding method which approximates
!               the interest method.          Bond discounts are presented on the fir:ancial statements as such and issuance costs are presented as other assets.
K. RESTRICTED ASSETS                                                              !
Proceeds from debt, funds required to be set aside for the payment of enterprise fund revenue bonds debt service and contingencies, and other specific enterprise fund assets cet aside for restricted purposes which cannot be used for routine operations are classified as restricted assets since their exclusive use is limited by applicabic bond covenants and other Icgal indentures.
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                                            Page 4 of 20
: 1. 

==SUMMARY==
OF SIGSIFICAST ACCOUNTING POLICIES (Continued)
L. UTILITY PLANT Utility plant is stated at historical or estimated historical cost.                                        The costs of additions, replacements, and renewals of units of property are added to utility plant. The cost (estimated, if not known) of units of property retired, less net salvage, is charged to accumulated depreciation and the appropriate asset account. Donated utility plant is stated at its estimated fair market value on the date donated. Maintenance and repairs of property and replacements and renewals of items determined to be less than units of property, are charged to operating expenses--maintenance.
Construction period interest is calculated and capitalized in accordance with Financial Accounting Standards Board Opinion No. 34.
Depreciation is provided for by utilization of the straight-line method calculated on a service-life basis to amortize the cost over the assets' economic estimated useful lives which are as follows:
Electric System:
Production plant:
Nuclear production                             27  years Diesel production                           20-40  years                                               l Transmission plant                            30-55  years Distribution plant                            28-45  years General plant:                                                                                           g Structures and improvements                   40 years                                                3 Other general plant                         5-20 years Water System:
Source of supply plant                        25-50  years Pumping plant                                     35 years Water treatment plant                         40-50  years Transmission and distribution plant           25-50  years General plant:
Structures and improvements                    35 years Other general plant                        10-35 years Pollution Control System:
Collection plant                              35-50 years Pumping plant:
Structures and improvements                    50 years Punping equipment                              25 years Treatment and disposal plant                  25-40 years                                                 l W
General plant                                 10-50 years Common Plant:
Structures and improvements                      35 years Other general plant                            5-15 years I
10

l                                                                                                                         i UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984                                                                      Page 5 of 20
: l. 

==SUMMARY==
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. ACCRUED PAYROLL AND ACCUMULATED UNPAID VACATION AND SICK PAY The portion of employees payroll costs paid                     subsequent                  to    year-end attributable     to services pe r f o rmed prior to year-end is recorded and recognized as a current liability.
Employees earn annual vacation leave at the rate of 80 hours per year for one through five years of service and 80 hours plus eight hours for each two years service over the first five years to a maxinum of 160 hours per year. All outstanding vacation leave is payable upon termination.
Employees accumulate eight hours of sick leave credit for each month on regular pay status.        Generally, employees make an irrevocable election regarding the accumulation of credits and the amounts of credits which can be received upon t e rmina t ion .        One option provides for the payment of all unused sick leave at 75% of the existing pay rate at termination.                                       The j             second option requires the " banking" of at least 240 accumulated hours.
I         Hours accumulated in excess of 240 hours will be paid annually at 75% of the preceding July 1st pay rate.
N. CONTRIBUTIONS Contributions of capital      to a proprietary fund from any source received are recorded in an appropriately captioned contributed capital account.
O. RESERVES i
i             Funded reserves are used to record a pcrtion of retained earnings which must be segregated for some future use and which                          are,             therefore, not available for further appropriation or expenditure.
 !            The reserve for nuclear re-fueling and maintenance outage is an F.E.R.C.
  ;           operating reserve established to account for the estimated charges to be
  '"           incurred for the removal and installation of nuclear fuel assemblics.
Charges are made against the reserve at the time the actual re-fueling
   -l
  .E takes place. The reserve for nuclear plant decommissioning costs was established to account for         the      estimated         costs       of              nuclear    plant decommissioning. Charges against the reserve will be made at the actual time of deconmissioning.
P. RATES , REVENUES AND FUEL EXPENSES l             Revenues are recognized based on monthly cycle billings to customers. The
!             rate schedules are approved by the Utilities Commission.                                    The electric rate     schedule contains an energy cost adjustment clause which reflects the cost of fuel as well as the energy and fuel components of purchased power.      Generally, the effect of the increases and/or decreases in the cost of energy is recovered over a four month period and is determined as the dif ference between actual applicable fuel costs and the costs actually billed during the same period.
The cost of nuclear fuel is anortized to fuel expense based on the l
quantity of heat produced for generation of electric energy in relation to j              the quantity of heat expected to be produced over the life of the nuclear
    =          fuel core.
11

                                      .- - -         =   -.                     .__
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACF, FLORIDA                                                                               l NOTES TO THE FINANCIAL STATEMENTS                                                                               i September 30, 1985 and 1984                                                                 Page 6 of 20        '
I
: 2. FIXED ASSETS                                                                                                 I i
A summary of utility plant at September 30, 1985, is as follows:
i Pollution Electric          Water       Control           Total Land and land rights              S 1,234,156 $              99,830 $           4,914     $ 1,338,900
                                                                                                                  )
Structures and inprovements                1,927,168      2,461,353     4,284,254           8,672,775       ,
Production plant, nuclear                                                                                   J fuel and treatment plant             8.753,590      3,951,972     4,200,981          16,906,543       j Transmission, distribution                                                                                  l and collection plant Other general plant and equipment 15,663,485 1,068,863 6,156,558 651,535 8,325,876 552,053 30,145,919 2,272,45i l'
M, l
28,647,262       13,321,248 17,368,078             59,336,588       !
Less: Accumulated depreciation                       11,394,799        3,135,131     3,046,062          17,575,992 17,252,463 10,186,117          14,322,016          41,760,596       i I
Construction work in progress                              1,359,934        232,237            63,847       1,656,018       l
                                        $18.612.397 $10.418.354 $14.385.R63
                                                                                                $43.416.614       1 A summary of utility plant at September 30, 1984, is as follows:                                            '
Electric            Water Pollution Control               Total,__
Ei g
Land and land rights              $ 1,234,156 $              99,830 $           4,914     $ 1,338,900 Structures and improvements                2,877,834      2,408,034     3,638,238           8,924,106 Production plant, nuclear fuel and treatment plant             9,549,804      3,919,558     4,131,961          17,601,323 Transmission, distribution and collection plant                15,280,751       5,484,950     8,304,034          29,069,735    E.
E Other general plant and equipment                               713,160        484,316           393,118       1,590,594 29,655,705 12,396,688 16,472,265                   58,524,658    g Less:    Accumulated                                                                                     g' depreciation                       11,846,444        2,912,917     2,635,460          17,394,821 17,809,261       9,483,771    13,836,805          41,129,837 Construction work in progress                              1,157,609        381,650           766,931       2,306,190 UTILITY PLANT-NET             $18.966.870 $ 9.865.421,$14.603.736                    $43.436.027
: 3. CAPITALT2ED INTEREST lt is the policy of the Utilities Commission to capitalize construction period interest in accordance with Statement of Financial Accounting Standards No.
: 34.      During the years ended September 30, 1985 and 1984, interest and debt expense totaling $2,483,975 and $2,573,408, respectively was incurred by the                                )
Utilities Commission of which $107,294 and $108,124,                             respectively, was appropriately capitalized as construction period interest based on average                                  :
accumulated construction expenditures.
12                                                      )

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                                      Page 7 of 20
: 4. RESTRICTED ASSETS Restricted assets consist of the following:
September 30, 1985 I                                                                        Accrued Interest September 30, 1984 i
I       Utilities System Revenue Refunding and Inprovement                                                                                                 ,
Certificates:                                                                                               I Series 1978 Fund:
Sinking fund        $1,051,675            S        -
S   5,698 S 1,057,373 S1,053,000 Construction fund    1,134,994                     -                 -
1,134,994       1,580,587 2,186,669                     -
5,698             2,192,367      2,633,587 Series 1982 Fund:
Sinking fund                     -                -                  -                 -          394,901 Construction fund    1,179,414                    -                  -          1,179,414      1,929,168 1.179,414                    -                 -           1,179,414      2,324,069 i              Series 1985 Fund Sinking Fund           355,711                    -           1,537               357,248             -
Rese rve fund           265,809              2,619,955        57,493             2,943,257      2,799,916 Renewal and replacement fund      3,093,744                    -                 -           3,093,744      1,543,920 Customers' deposits         673,636                     -                -
673,636         660,209 i
CR-3 decomnissioning fund                      68,173                    -                 -              68,173             -
TOTAL RESTRICTED ASS ETS               $7.823.156            $2.619.955 3 64.728 S10.507.839 $9.961.701
: 5. ACCOUNTS RECEIVABLE A summary of Accourts Receivable at September 30, 1985 and 1984 is as follows.
September 30,                      September 30 I       Utility customers receivables Less: Allowance for doubtful 1985
                                                             $1,064,083 1984
                                                                                                $1,009,470 70,755                             66,570 I
accounts 993,328                            942,900 Notes receivable                                      13,586                              4,411 ACCOUNTS RECEIVABLE                            A1,0061 9l_4                       S  447,11_1 13

_.. _ _ _ _ _ _ _ - _ . .                                        m,         _ __
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO TFE FINANCIAL. STATEMENTS September 30, 1985 and 1984                                                                                           page 8 of 20
: 6. INVENTORIES A summary of Inventories at September 30, 1985 and 1984 is as follows:
i September 30,            September 30, l
1985                          1984 Materials and supplies                                                $1,005,492                   S 735,941 l                                                                                                                                         ,
I        Fuel oil                                                                  36,244                       98,796 INVENTORIES                                                     11_,041,736                  1 _834_ l 3_7_
: 7. LONC-TERM DEBT On August       29,                        1978,                the Utilities Commission provided for the advance refunding of the fo11cving revenue certificates / bonds which are referred to herein as refunded revenue bonds:
l Waterworks and Electric:                                                                                                  g Series 1955 - 3.75% due serially to 1993                                                                             l Series 1962 refunding - 3.5% due serially to 1987 and $35,000 in 1999 Series 1962 - 3.9% to 4.2% due serially to 2000 Series 1965 - 4.2% and 4.25% due serially to 2004 Sewer:
Series S - 1963 - 3.9% due serially to 2002 Series T - 1963 - 4.0% due 2003 I                  Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities:
Series 1975 - 3.75% to 6.2% due serially to 2004                                                                     E Series 1975A - 5.0% to 6.6% due serially to 2005                                                                     E Series 1976 - 4.5% to 5.31 due serially to 1986 Water and Sewer Revenue General Obligation Bonds:
Series 1976 - 4.5% to 6.2% due serially to 2001 The refur. ding of the refunded revenue bonds was provided for by the sale of     $25,810,000                                    Utilities System Revenue Refunding and Improvement                  l Certificates, Series 1978 (1978 Certificates) and $22,335,000 Special                                                     E Obligation Certificates, Series 1978.                                           From the proceeds of the sale of the two issues,                                        sufficient monies were deposited into an irrevocable escrow account invested in United States obligations that, together with the interest earned thereon, will provide sufficient funds for the l             payments of maturing principal and interest on the refunded revenue certificates / bonds and the $22,335,000 Special Obligation Certificates, Series 1978. The proceeds of the bond sale also provided for                                                          the funding of the reserve funds, an amount which equaled the maximum annual debt service requ i re rent and provided over                                                    $6 nillion      for the  l acquisition, construction, additions and inprovements to the utility                                                      E system.        In accordance with generally accepted accounting principles the
               $22,335,000 Special Obligation Certificates,                                                 Series 1978, which were issued as a part of the advance refundi..a are fully defensed and are not                                              a liability of the Utilities Commission 1 cause the interest and principal
;             payments will be serviced from the earnings and proceeds of the advance l
refunding which were placed in an irrevocable trust fund at the First i
National bank of Florida, Tampa, Florida.
i
!                                                                                       14 L          __                                           _ _ _ _ _ _ _ _ _.

I       UTILITIES COMMISSION CITY OF NEW SMYRNA BEACF, FLORIDA NOTES TO Tile FINANCIAL STATEMENTS September 30, 1985 and 1984                                                                       Page n of 20
: 7. LONG-TERM DEBT: (Continued)
On May 9, 1985, the Utilities Commission provided for the advance refunding of of the Utilities System Revenue Improvements Certificates, Series 1982 (1982
,             Certificates)      through the sale of the 97.515,000 Utilities Systen Refunding Revenue Certificates, Series 1985 (1985 Certificates).                           From the proceeds of the sale of the 1985 Certificates, sufficient monics were deposited into an irrevocable escrow account invested in United States obligations that, together with the interest earned thereon, will provide sufficient funds for the payments of maturing principal and                            interest on the refunded 1982 Certificates.         The                   1982 Certificates      consisted        of    $6,190,000      in 12.625% serial bonds maturing in various amounts from April                            1, 2012 through April     1,   2016.           The refunded 1982 Certificates are treated as extinguished debts in accordance with generally accepted accounting principles.
l
, I           The authorization for the 1978 Certificates and the 1985 Certificates provides that the Utilities Commission will not issue additional obligations except for the construction and acquisition of additions, extensions and improvements to l
I           the system or for refunding purposes and excent upon the conditions provided in the authorizing resolution.
I The 1978 Certificates and the 1985 Certificates are payable from and secured by a first lien upon and pledge of the net revenues derived from the operation
;             of the system. The 1978 Certificates and the 1985 Certificates do not constitute general indebtedness of the Utilities Commission or the City of New Smyrna Beach, Florida (City) and the City is not obligated to levy any taxes for the payment thereof.
The 1978 Certificates were                       issued as coupon bonds, in the denomination of
              $5,000 each, registerable as to principal only. The 1985 Certificates were l             issued as fully registerable bonds in the denomination of $5,000 each.
l             Semi-annual principal and interest ( April 1 and October 1) are payable at the principal office of the First Mational Bank of Florida, Tampa, Florida, for the 1978 Certificates, and at the principal office of the Florida National Bank, Jacksonville, Florida, for the 1985 Certificates. The 1978 Certificates and 1985 Certificates are subject to redemption prior to naturity, commencing October 1,       1988 and April 1, 1993, respectively. The 1978 Certificates consisted of $5,400,000 in 5.35% to 6.40% serial bonds maturing in various I
amounts from April 1, 198?, through October 1, 1993; S9,075,000 in 7.00% term certificates due October 1, 2002, and $11,335,000 in 7.1257 term certificates due October 1, 2010. The 1985 Certificates consisted of $2,250,000 in 5.75% to 9.20% serial bonds maturing in various amounts from April 1,                               1986, through I           April 1,     1999; $2,135,000 in 9.375% term bonds subject to mandatory redemption in part, by lot, in various anounts from April 1, 2000, through April 1, 2005; and $3,130,000 in 9.50% tern bonds subject to mandatory redemption in part, by lot, in various amounts from April 1, 2006, through April 1, 2011.
Under the terms of the long-tern debt agreements, the Utilities Commission has agreed to maintain certain restricted funds (see Note 4) and to comply with I           the covenants contained in such agreements.                          Certain of these agrecrents contain the following provision relating to the rights of the obligation holder:
15

UTrLITIES COMMISSION CITY OF NEW SMYRNA BEACil, FLORIDA NOTES TO THE FINANCIAL STATFMENTS September 30, 1985 and 1984                                                  Page 10 of 20
: 7. LONG-TERM DEBT:     (continued)
I "Any holder of certificates or any coupons appertaining thereto issued under the provision hereof or any trustee acting for the holders of such certificates may by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and                                 g enforce any and all rights, including the right to the appointment of a receiver, existing under the laws of the State of Florida, or 5
granted and contained herein, and may enforce and compel the performance of all duties herein required or by any applicabic statutes to be per f o rmed by the Commission or by any officer thereof.
Nothing herein, however, shall be construed to grant to any holder of the certificates any lien on any real property of the Commission I
or the City."
Revenue certificates / bonds outstanding at Septenber 30, 1985, and 1984, are as follows:
A. Defeased debt funded from the earnings and proceeds of the advance refundings:
Balances Due at                     g 9-30-85                    9-30-84 l
(000 omitted)                      5l 1978 Refunding:
Waterworks and Electric:
Series 1955 - 3.75% due serially to 1993 Outstanding principal                      $       904               $     938 Less amounts to be retired by Trustee         ( 904)        $       ( 938)       $          Series 1962 Refunding - 3.5% due serially to 1987 and $35,000 in 1999 Outstanding principal                              163                      223 Less anounts to be retired by Trustee         (    163)            ( 223)                      Series 196? - 3.9% to 4.2% due serially to 2000                                                                                  )
Outstanding principal                            1,825                   1,880                   '
Less amounts to be retired by Trustee         (1,825)              (1.880)                ,
Series 1965 - 4.2% and 4.25% duc serially to 2004 Outstanding principal                            1,980                   2,010 Less amounts to be retired by Trustee         (1,980)              (2,010)                     Sewer:
Series S - 1963 - 3.9% due serial'y to 2002 Outstanding principal                              380                       400 Less anounts to be retired bv Trustee          (   380)            (     400)            ;
Series T - 1963 - 4.0% due 2003 Outstanding principal                              888                       918 Less amounts to be retired by Trustee          ( 888)              / 918)                                                                                                                          ,
16
                                                                                                             )

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS Septenber 30, 1985 and 1984                                                Page 11 of 20 3
j                              7. LONC-TERM DEBT:     (Continued)
:                                                                                                Balances Due at 9-30-85          ___
9-30-84 (000 omitted)
Series B - 1965 - 3.7% to 4.1% due serially to 2003 Outstanding principal                         S     490                      $      510 Less anounts to be retired by Trustee         ( 490)       $              ( 510) $                                       Utilities:
Series 1975 - 3.75% to 6.2% due serially to 2004 Outstanding principal                           2,610                          2,670 Less amounts to be retired by Trustee         (2,610)                    (2,670)                                                      Series 1975A - 5.0% to 6.6% due serially to 2005
        ,                               Outstanding principal                           3,420                          3.515 i                                       Less amounts to be retired by Trustee         (3,420)                    (3,515)                '
Series 1976 - 4.5% to 5.3% due serially to 1986 I                                       Outstanding principal                               30                            110 Less amounts to be retired by Trustee         (     30)                  (    110)              l Water and Sewer Revenue General l                                     Obligation Bonds:
Series 1976 - 4.5% to 6.2% due serially to 2001 Outstanding principal                           5,565                          5,725 Less amounts to be retired by Trustee         (5,565)                    (5,725)                                                    1985 Refunding:
Utilities:
Series 1082 - 12.625% due serially from 2012 to 2016 Outstanding principal                           6,190                            -
Less amount to be retired by Trustee          (6,190)                        -                                                                                TOTAL                                $                                    S       I                        B. Long-tern debt to be financed from revenues derived from the operation of the utilities systems:
Balances Due at 9-30-85                             9-30-84 (000 omitted)
Utilities System Revenue Refunding and Improvement Certificates, Series 1978:
Outstanding principal                       $24,600                            $24,965 Utilities System Refunding Revenue Certificates, Series 1985:
Outstanding principal                           7,515                                     -
Utilities Systen Revenue Inproverent Certificates. Feries 1982:
Outstanding principal                             -                              6,100 10 m                                        mm                                 mu 17

F UTILITIES COMMISSIO"                                                                     g CITY OF NEk' SMYRN A BEACH , F10RIDA                                                     g NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                Page 12 of 20
: 7. LONG-TERM DFBT:        (continued)
The current maturities of long-tern debt at September 30, 1985 and 1984, were as follows:
September 30, 1985                1984 Utilities System Revenue Refunding and Improvement Certificates, Series 1978:     $600,000           $560,000 Utilities Systen Refunding Revenue Certificates, Series 1985              100,000               -
TOTAL                                        $700.000           3560.000 The schedule of debt service requirements to naturity on the S25,810,000 Utilities System Revenue Refunding and Improvement Certificates, Series, 1978, is as follows:
Payment                           Coupon                            Total Date              Principal       Rate     Interest          Requirements 10-1-85             $     195,000      5.650%  $   849,861          S 1,044,861 04-1-86                   200,000      5.750       844,352             1,044,352 10-1-86                   205,000      5.750       838,602             1,043,602 04-1-87                   210,000      5.900       832,708             1,042,708  g 10-1-87                   215,000      5.900       826,513             1,041,513  g 04-1-88                   220,000      6.000       820,171             1,040,171 10-1-88                   230,000      6.000       813,571             1,043,571 04-1-89                   235,000      6.100       806,671             1,041,671 10-1-89                   245,000      6.100       799,503             1,044,503 04-1-90                   250,000      6.200       792,031             1,042,031 10-1-90                   260,000      6.200       784,281             1,044,281  E 04-1-91                   265,000      6.300       776,221             1,041,221  g 10-1-91                   275,000      6.300       767,873             1,042,873 04-1-92                   285,000      6.350       759,211             1,044,211 10-1-92                   290,000      6.350       750,162             1,040,162 04-1-93                   300,000      6.400       740,o"!             1,040,954 10-1-93                 310,000      6.400        731,354            1,041,354 04-1-94                   320,000      7.000       721,434             1,041,434 10-1-94                 330,000      7.000        710,234            1,040,234 04-1-95                    345,000     7.000       698,684             1,043,684 10-1-95                  355,000     7.000        686,609            1,041,609      j 04-1-96                    370,000     7.000        674,184            1,044,184      j 10-1-96                 380,000     7.000        661,234            1,041,234 04-1-97                    395,000     7.000        647,934            1,042,934 10-1-97              410,000      7.000        634,109            1,044,109 04-1-98                  425,000      7.000        619,754            1,044,759 10-1-98               435,000     7.000        604,884            1,039,884 04-1-99                   455,000      7.000       589,659            1,044,659   l 10-1-99               470,000     7.000        573,734            1,043,734   5 04-1-00                  485,000      7.000       557,284            1,042,284 18                                              '
II .

  ,g  UTILITIES COFHISSION g CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO TFE FINANCIAI, STATEMENTS September 30, 1985 and 1984                                                                 Page 13 of 20
_ _ _ _ _ -                    - _          _ __          ___          i
: 7. LONG-TERM DEBT: (Continued)
Payment                        Coupon                                               Total
___Date            Principal          Rate                    Interest            Requirements 10-01-00        $     500,000      7.000%                  $     540,309          $   1,040,309 04-01-01              520,000      7.000                         522,809              1,042,809 10-01-01              540,000      7.000                         504,609              1,044,609 04-01-02              555,000      7.000                         485,709              1,040,709 i
I          10-01-02 04-01-03 10-01-03 575,000 595,000 615,000 7.000 7.000 7.000 466,285 446,160 425,335 1,041,285 1,041,160 1,040,335 04-01-04              640,000      7.125                         403,810              1,043,810 10-01-04              660,000      7.125                         381,010              1,041,010 04-01-05              685,000      7.125                         357,497              1,042,497 10-01-05              710,000      7.125                         333,094              1,043,094 I         04-01-06 10-01-06 735,000 760,000 7.125 7.125 307,800 281,616 1,042,800 1,041,616 04-01-07              790,000      7.125                         254,541              1,044,541 I          10-01-07 04-01-08 10-01-08 815,000 S45,000 875,000 7.125 7.125 7.125 226,397 197,363 167,259 1,041,397 1,042,363 1,042,259 i
04-01-09              905,000      7.125                         136,088              1,041,088 10-01-09              940,000      7.125                         103,847              1,043,847 04-01-10              970,000      7.125                           70,359             1,040,359 10-01-10           1,005,000      7.125                           35,803             1,040,803 l
TOTAL        $ 24.600.000                              _$_2 8 . 5 61. 4 81    f_53,161.481_         i The schedule of debt service requirements to maturity on the $7,515,000 Utilities System Refunding Revenue Certificates, Series 1985, is as follows:
Payment                      Coupon                                                  Total Date           Principal       Rate                       Interest              Requirements 10-1-85        S                                         $     341,193            $   341,193 04-1-86              100,000     5.750%                        341,193                441,193 10-1-86                                                        338,318                338,318 04-1-87              100,000     6.500                         338,318                438,318 10-1-87                                                        335,068                335,068 04-1-88                          7.000 I                                 110,000                                   335,068                445,068 10-1-88                                                        331,218                331,218 04-1-89              115,000     7.250                         331,219                446,219 10-1-89                                                        327,049                327,049 04-1-90              125,000     7.500                         327,050                452,050 10-1-90                                                        322,362                322,362 04-1-91              135,000     7.750                         322,362                457,362 10-1-91                                                        317,130                317,130 04-1-92              145,000     8.000                         317,131                462,131         !
10-1-92                                                        311,331                311,331 04-1-93                          8.200                         311,330                466,330 I
155,000 10-1-93                                                        104,976                304,976 04-1-94              170,000     8.400                         304,975                474,975 10-1-94                                                        297,836                297,836 04-1-95              185,000     8.600                         297,835                4S2,835 10-1-95                                                        289,880                289,880 19 ll

UTILITIFS COMMISSION                                                                                      l CITY OF NEW SMYP.NA BEACH, FLORIDA                                                                        E NOTFS TO THE FINANCIAL STATFMENTS September 30, 1985 and 1984                                                            Page 14 of 20
: 7. LONC-TERM DEBT: (continued)
Payment                      Coupon                                  Total Date           Principal     Rate      Interest                Requirements 04-1-96             200,000   8.800            289,881                489,881 10-1-96                                       281,081                 281,081 04-1-97             215,000   9.000            281,080                496,080 10-1-97                                        271,406                271,406 04-1-98             235,000   9.100           271,406                 506,406 10-1-98                                       260,713                 260,713 04-1-99             260,000   9.200           260,713                 520,713 10-1-99                                       248,753                 248,753 04-1-00             280,000   9.375           248,753                 528,/53 10-1-00                                       235,628                 235,628 04-1-01             310,000   9.375           235,628                 545,628 10-1-01                                       221,097                 221,097            l 04-1-02             335,000   9.375           221,097                 556,097            5 10-1-02                                       205,394                 205,394 04-1-03             370,000   9.375           205,394                 575,394            g 10-1-03                                        188,050                188,050 E
04-1-04             400,000   9.375            188,050                588,050 10-1-04                                        169,300                169,300 04-1-05             440,000   9.375            169,300                609,300 10-1-05                                        148,675                148.675 04-1-06             480,000   9.500            148,675                628,675 10-1-06                                        125,875                125,875            g' 04-1-07             525,000   9.500             125,875               650,875            E 10-1-07                                        100,938                100,938 04-1-08             575,000   9.500%           100,937                675,937 10-1-08                                             73,625              73,625 04-1-09             630,000   9.500                 73,625            703,625 10-1-09                                             43,700              43,700 04-1-10             690,000   9.500                 43,700            733,700 10-1-10                                             10,925              10,925 04-1-11             230,000   9.500                 10,925            240,925 10-1-11 Total        }7_,515,000             $12,203,041               #13.3 718,041 The aggregate annual debt service requirements for the certificates in each of the next five years are as follows:
1986                         $ 2,867,465 1987                           2,857,607                                       l 1988                           2,860,028                                       E
 ;                                                  1989                           2,859,442 1990                           2,860,724
                                                                                 $14.105,266 I
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g UTILITIES COMMISSION g  CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                       Page 15 of 20
      --          . = =    = .
: 8. COMPENSATED FMPLOYEE ABSENCES Pursuant to the Utilities Commission's collective bargaining agreements and employment      contracts,     the    Commission     provides    compensatory      wages for accumulated vacation and sick leave credits that vest with employees. The Commission's        liability    for    accumulated     compensated absences totaled as follows:
September 30, 1985             September 30, 1984 Current         Deferred        Current        Deferred Portion         Portion         Portion        Portion I            Vacation credits Sick leave credit
                                         $ 116,912 84,968
                                                         $ 29,228 228,723
                                                                         $ 117,748 78,368
                                                                                        $ 29,437 215,347 i
                                         $ 201.880       $ 257.951       $ 196.116      $ 244.784
: 9. CONTRIBUTED CAPITAL I      Contributions in aid of construction from any source received by the Utilities Commission are recorded in an appropriately captioned contribution equity account. The following is a summary of contributed capital:
l Source                                     1985               1984 l
l              Covernmental grants                              S 7,208,024       $ 7,079,009 Connection fees                                    4,512,944         3,706,239 Special assessments                                1,717,736         1,717,260 Contributions for construction                                     1,142,212         1,088,815
                                                                $14.580.916       $13.591.123               ,
: 10. REOUIRED PAYMENT TO THE CITY OF NEW SMYRNA BEACH, FLORIDA The 1cgislation that created the Utilities Commission requires the Commission to pay to the general fund of the City of New Smyrna Beach, Florida, a sum equal      to   six percent (6%) of the gross revenues from utilities under Commission centrol.          This payment is subordinate to             the    debt    service requirement of all utilities revenue certificates. The amounts required to be paid to the City totaled $1,122,521 and $1,047,779 for the years ended                           ;
September 30, 1985, and 1984, respectively. The accrued balances due to the City at September 30, 1985, and 1984, totaled                    $222,103     and    $105,932,   !
respectively.
A summary of the Due to the City of New Smyrna Beach at September              30,   1985 and 1984 is as follows:
September 30       September 30, 1985               1984 6% Required payment                                     $222,103          $105,931               l Carbage billings                                          65,153             50,151 l
l          DUE TO THE CITY OF NEW SMYRNA BEACH                     $_287 g 2p           (1 3 082 21

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984                                                   Page 16 of 70
: 11. EMPLOYEE PENSION PLAN The Utilities Commission, City of New Smyrna Beach, Florida, has provided a pension plan for all its employees which assets are included in the Florida              l Retirement System of the State of Florida.              The funding methods and          ;
determination of benefits payable are provided in the various acts of the Florida Legislature, which created the fund, including subsequent amendments             j thereto. In previous years, these acts provided, in general, that funds were          ;
to be accumulated from employee contributions, employer contributions and income from the investment of accumulated funds.                Subsetaent amendments    !
require that the plan be non-contributory for the employees. The act also                l provides that, should the accumulated funds in the fund at any time be                 l' insufficient to meet and pay the benefits due, the Commission shall supplement         3 the funds by an appropriation from current funds, or from any revenues which may lawfully be used for said purposes, in an amount sufficient to make up the deficiency.
The actual contributions and contribution rates in effect for the year ended September 30, 1985, and 1984, were as follows:
Empicyer's contributions                                 $389.732       $318.810 _
Percent of employce's gross earnings Normal cost                                            6.53%         6.17%
Past service cost                                      5.71          4.76 l                                                                   12.24%         10.93%
The most recent actuarial information concerning the statewide Florida              l E
Retirement System is set forth below:
Most recent valuation date                         July 1, 1983 Actuarial cost method used                          Entry age-normal cost Unfunded prior service cost                         $6,503,123,000 i
i Period of amortization                               30 years Interest rate used in determining costs                             9.0%
Total assets of pension fund                        $6,511,446,000 i              Valuation basis of assets                          Bonds-amortized value Stocks-market value i
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I UTTI.ITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                                     Page 17 of 20 I                             - - _ _                                                                  __       --
: 12. SECMENT INFORMATION                                                                                            <
I      The Utilities Commission provides electric, water end pollution control services to the public. In accordance with NCGA Interpretation No. 2, the l
i following is a summary of the segment information for the electric, water and pollution control systems.
I Pollution Electric                Water              Control System              System                System           Tctal     l I       Operating revenue Depreciation Operating income (loss)
                                                $ 15,473,671 837,482 1,134,359 S 2,615,605 S 1,446,702 S 19,535,9/8 309,663 584,151 478,075
( 466,738) 1,625,220 1,251,772 g       Required payments to City of g          New Smyrna Beach                      884,966                    153,583            83,972      1,122,521 Net income (loss)                   (    685,780)         ( 354,042) ( 632,091) ( 1,671,913)
Contributions in aid of construction                           340,617           3,754,527 10,485,772                  14,580,916 Utility plant acquisitions             1,235,742                   972,978          898,111        3,106,831 Utility plant retirements              2,244,185                      48,646            2,070      2,294,901 Revenue certificates payable          15,246,330          10,236,900              6,631,770       32,115,000 Utility equity                         7,012,091            6,193,927           11,172,936        24,378,954 Total assets                          24,984,122          15,814,799 19,145,197                   59,944,118 l
l
: 13. INFREOUENT ITEM In February 1985, the Utilities Commissien approved the disposal of the Swoope Unit Number 1, a steam generating plant. Three engineering studies conducted for the Utilities Commission concluded that under existing conditions, it would not be economical to operate the plant in either a I      cycling / peaking mode or as a base load unit.
February 1983, and, subsequent to that The plant was last operated in time, had been maintained in an
            " extended cold-standby" condition under a continued maintenance program. A
(
[
recorded loss cf $532,377 was realized from disposal of the plant.
: 14. EXTRAORDINARY ITEM In connection with the May 9, 1985 advance refunding of the Utilities System Revenue Improvement Certificates, Series 1982 (1982 Certificates), explained in Note 7, a loss was recognized in accordance with generally                                  accepted accounting principles.         The 1982   Certificates                have  been    treated    as   fully defeased since the escrow account described in Note 7 is sufficient                                     in amount so that operating revenues will not be needed to meet the debt se rvic e  requirements        of   the 1982 certificates.                         Accordingly,       the transaction has been recognized as a complete refinancing.
I 23 iII l

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                                                Page 18 of 20
: 14. EXTRAORDINARY ITEM (Continued)
The recorded loss of $1,206,672 was computed as follows:
New securities issued:
Utilities System Refunding Revenue Certificates, 1985 Series                                                       $7,515,000         I Less discount and issue costs of new issue to                                                      !
be amortized over the life of the new issue                           424,035 7,090,965 Net carrying amount of refunded debt                           $6,190,000 Less unamortized discount and issue costs                           305,707          5,884.293 LOSS FROM DEFEASANCE OF DEBT                                        $1.206.672
: 15. LEGAL MATTERS Florida Power & Light Company has notified Utilities Commission attorneys that it might assert a claim against New Smyrna Beach for approximately
       $320,000 of alleged undercollections under Florida Power & Light Company's fuel adjustment clause.             If legal action is commenced, the Commission intends                 l vigorously to contest               it and has been advised by its attorneys that                        E substantial defenses will be available to it.
The Utilities Commission is also engaged in other routine litigation incidental to the                 conduct of its municipal utilities affairs. In the opinion of the Counsel to the Commission, no legal proceedings are pending against the Commission not covered by insurance which would inhibit the Comnission's ability to perform its operations or materially affect its financial condition.
: 16. COMMITMENTS Acting through the Florida Municipal Power Agency (FMPA), the Utilities                                  g l      Commission is a participant in a portion of Florida Power and Light Company's                            g St. Lucie Unit            No. 2, a nuclear generating unit with an original estimated net capability rating of 802 MW. St. Lucie Unit No.                      2 was subsequently uprated and now has a seasonally adjusted rating of approximately 840 MV.
FMPA issued St. Lucie Project Revenue Bonds, Series 1983, in the amount of
       $290,000,000 for an 8.806% undivided ownership interest of St. Lucie No. 2 together with rights to receive electric capacity and electric energy under a reliability exchange agreement.                 The Utilities Commission's participation provides for a 9.884% entitlement share of FMPA's 8.8067 undivided ownership interest.
A reliability exchange agreement provides for FMPA's exchanging 50% of its I
output from St. Lucie No. 2 for a like amount from St. Lucie No.                              I to mitigate the potential for economic loss resulting from an extended or                                   l m
l      permanent outage of St. Lucie No. 2.
l 24

I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                            Page 19 of 20 l     16. COMMITMENTS (Continued) l          The Utilities Commission is not obligated to pay the St. Lucie Project l          Revenue Bonds, Series 1983, and neither the faith and credit nor the taxing
!          power of the Utilities Commission and/or the City of New Smyrna Beach is pledged to payment of the 1983 Bonds.
The Utilities Commission, as a participant, has entered into a power sales contract which requires payment on a "take-and-pay" basis for the Utilities Commission's entitlement share of the project capability for the St. Lucie Project for each month during any portion of which electric capacity and electric energy are available to the Utilities Commission from the St. Lucie Project, including electric capacity and electric         energy     under   the reliability exchange agreement with FP&L. In the event payment is not required for any month under the Utilities Commission's power sales contract, it is required to make payment for such month under its project support contract on a     "take-or-pay" basis. The payment under the project support contract would be the amount the Utilities Commission would have been I      required to pay under its power sales contract for such month if any electric capacity and electric energy from the St. Lucie Project had been made available to them.
As a result of these agreements, the Utilities Commission is obligated to provide payments of approximately $2,469,221 annually.
I      In the year 2008, the Utilities Commission's share of decommissioning costs applicabic to its participation in Florida Power Crystal River Unit No. 3, a nuclear generating unit, Corporation's is expected to be approximately $2,260,000.      An operating reserve has been established to account for these estimated costs. The reserve will be funded beginning in  1985 with payments of approximately $36,000 annually.            Based on an assumed interest rate of 8% per annum, these annual payments,           plus the I      interest earned thereon, will be sufficient decommissioning costs.
to   meet    the    expected On March 21, 1985, The Florida Supreme Court entered an order requiring the Florida Public Service Commission (FPSC) to approve a pending territorial agreement between Florida Power & Light Company (FPL) and the Utilities Commission. On August 8, 1985, the FPSC approved the agreement.
Under the terms of the agreement, approximately 115 present customers of the
'g        Utilities Commission will be transferred to FPL and approximately 3,214       FPL be transferred t the Uti ities C mmissi n. The lE        cust m rs Commission wi will be required to purchase Utilities FPL's distribution facilities in the service areas to be transferred at a purchase price of one and one-half times reproduction costs.          FPL has notified the Utilities Commission that it has computed a purchase price of $6,117,764 for the facilities.
I 25

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984                                           Page 20 of 20
: 16. COMMITMENTS     (Continued)
The Utilities Commission has engaged an engineering firm to assist in           l negotiations, cost estimates and a power supply study in connection with the    W territorial acquisition from FPL. A preliminary report by the firm indicates the acquisition will result      in  a net annual increase in revenucs of       l approximately $2.745 million and in associated power costs and operation and    3 maintenance expenses of approximately $1.855 million.      The report further states   that,   based on present conditions,     the increase in annual net operating income of approximately $890,000 will be sufficient to provide for debt service on a revenue bond issue that will generate approximately $7.963 million in net proceeds availabic for the acquisition. Validation of a $6.5 million bond issue for the territorial acquisition is currently pending before the City Commission, City of New Smyrna Beach.
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I I                               SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, I                                   WATER AND POLLUTION CONTROL SYSTEMS These financial statements provide a more detailed view of the " Basic General Purpose Financial Statements" presented in the preceding subsection.
Resolution Numbers 16-75 and 28-78 established the electr.ic, water and pollution control systems as a single enterprise g         fund.               These statements are presented to provide detailed B         information on the individual electric, water and pollution control utility systems and to present                    the              budgetary comparisons and are not necessary for a fair presentation in I         conformity with generally accepted accounting principles.
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                 .-p, .------.--%                           w,,-----    _,--._,-----.w           ---w

UTILITIES COMMISSION                                Exhibit A-1 l                                                     CITY OF NEW SMYRNA BEACH, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Fnded September 30, 1984 1985                           l Utilities Systems Allocations               E Pollution Electric           Water          Control OPERATING REVENUES:
Sales                                                        $15,355,438       S 2,593,672     S 1,446,702 Other revenues                                                       118,233          21,933                 -
TOTAL OPERATING REVENUES                                  15,473,671        2,615,605         1,446,702 OPERATING EXPENSES:                                                                                                  l Production expenses                                             9,982,008           655,450                  -
E Transmission, distribution and sewage collection                                                        738,176        254,328           876,419     g Customer accounting                                                  343,777         125,141            79,034    g Administrative and general                                       1,382,497          533,289           395,940 Required payments to the City of New Smyrna Beach                                                  884,966         153,583            83,972 State utilities tax                                                  170,406               -                  -
Depreciation                                                         837,482         309,663          478,075 TOTAL OPERATING EXPENSES                                  14,339,312         2,031,454         1,913,440 OPERATING INCOME (LOSS)                                      1,134,359          584,151     (     466,738)
ADD: NONOPERATING REVENUES:                                                                                          l Interest earnings                                                    318,774         382,114           390,742    E Other income                                                         138,516           16,322             6,772 Gain on disposal of fixed assets                                          -             3,291                  -
TOTAL NONOPERATING REVENUE                                      457,290         401,727           397,514 TOTAL INCOME (LOSS)                                          1,591,649          985,878     (       69,224)
LESS: NONOPERATING EXPENSES:
Interest and debt expense                                        1,137,684          760,597           478,400 Other expenses                                                         63,926               -                   -
m Loss on disposal of fixed assets                                           560               -                  -
g TOTAL NONOPERATING EXPENSES                                  1,202,170          760,597           478,400 NET INCOME (LOSS) BEFORE INFREQUENT                                                                           l AND EXTRAORDINARY ITEMS                                         389,479        225,281      (    547,624)    W INFREOUENT ITEM:
Loss from sale of steam generating plant                             532,377            -                 -
NET INCOME (LOSS) BEFORE EXTRA 0RDINARY ITEM                                       (     142,898)        225,281     (     547,624)
EXTRAORDINARY ITEM:
Loss from defensance of debt                                         542,882         579,323            84,467 NET INCOME (LOSS)                                         (     685,780)   (    354,042)     ( 632,091)
RETAINED EARNINGS - BEGINNTNG OF YEAR                               7,357,254        2,793,442         1,319,255 RL'TAINED EARNINGS - END OF YEAR                                y 6,671,474       j_2g 439j_400           6R7,164 27                                                        .

I I       1985 Combined 1984 Combined System       System
    $ 19,395,812   $17,380,658 I       140,166 19,535,978 141,069 17,521,727 10,637,458    8,686,618 I     1,868,923 547,952 2,311,726 1,710,284 496,921 2,214,716 1,122,521    1,047,779 170,406      145,297 1,625,220    1,604,757 18,284,206   15,906,372 1,251,772    1,615,355 1,091,630    1,076,576 161,610      411,860 3,291           301 1,256,531    1,488,737 2,508,303    3,104,092 2,376,681    2,465,284 I
63,926           -
560      16,414 2,441,167    2,481,698 67,136      622,394 532,377         -
(    465,241)     622,394 1,206,672           -
( 1,671,913)      622,394 11,469,951   10,847,557
    $ 9.798,038    $11.469,951 g                             28

UTILITIES COMMISSION                     Exhibit A-2 CITY OF NEW SMYRNA BEACH, FLORIDA STATEMENT OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - ELECTRIC SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985                       1984 Variance Favorable OPERATING REVENUES:
Electric sales                        $15,560,876 $15,355,438 $(205,438)     $13,678,928 Other revenues                             169,000        118,233 ( 50,767)        121,459 g
TOTAL OPERATING REVENUES         15,729,876     15,473,671  (256,205)    13,800,387  E OPERATING EXPENSES:
Power production and fuel              10,800,553      9,982,008    818,545     8,108,726 Transmission and distribution              585,965       738,176  (152,211)       661,525 Customer accounting                         547,588       343,777    203,811       310,704 i      Administrative and general                1,071,466     1,382,497  (311,031)     1,383,098
;        Required payments to the City of New Smyrna Beach                     881,042       884,966  ( 3,924)        831,409 State utilities tax Depreciation 153,150 973,204 170,406  ( 17,256)       145,297  g 837,482    135,722       855,679  3 TOTAL OPERATING EXPENSES                15,012,968    14,339,312     673,656    12,296,438 I              OPERATING INCOME                     716,908     1,134,359    417,451     1,503,949
:    ADD: NONOPERATING REVENUES:
l       Interest earnings                          482.559       318,774  (163,785)       335,648 i
Other income                                196,000       138,516  ( 57,484)       275,012 TOTAL NONOPERATING REVENUES                 678,559       457,290  (221,269)       610,660
 )            TOTAL INCOME                        1,395,467     1,591,649    196,182     2,114,609 LESS: NONOPERATING EXPENSFC-                                                                  gI l                                                1,213,965      1,137,684 Interest and debt expense                                            76,281     1,198,693  3 Other expenses                                    -         63,926 ( 63,926)            -
Loss on disposal of fixed assets                  -
560 (     560)        16,414 l
TOTAL NONOPERATING EXPENSES        1,213,965      1,202,170     11,795     1,215,107 NET INCOME (LOSS) BEFORE INFREQUENT AND EXTRAORDINARY ITEMS                                 181,502       389,479    207,977       899,502 l
l INFREQUENT ITEM:
i       Loss from sale of steam                                                                     M l
generating plant                              -
532,377  (532,377)            -
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM                    181,502   (   142,898) (324,400)            -
l     EXTRAORDINARY ITEM:
l Loss from defcasance of debt                     -
542,882  (542,882)            -
W l             NET INCOME (LOSS)               $     181.502 $( 685.780) $(867,287)    $    899.502 29

I                                          UTILITIES C0VMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Exhibit A-3 STATEMENT OF REVENUES AND EXPENSES -
I                                   BUDGET AND ACTUAL - WATER SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985                                    1984 Variance I                                                  Budget               Actual Favorable (Unfavorable)               Actual l        OPERATING REVENUES:
l          Metered water sales                   S 2,548,500 S 2,593,672 $                          45,172    $ 2,410,406 Other revenues                                19,500              21,933                   2,433         19,610 l
TOTAL OPERATING REVENUES            2,568,000             2,615,605                 47,605      2,430,016 OPERATING EXPENSES:
ll i
i3 Water production Transmission and distribution Customer accounting 646,273 245,272 220,589 655,450 254,328 125,141
(
(
9,177) 9,056) 95,448 577,892 202,637 132,708 l
Administrative and general                  411,548              533,281             (  121,741)       484,545         l l 3        Required payments to the City g        of New Smyrna Beach                       152,400              153,583             (     1,183)       141,522 Depreciation                                693,329              309,663                383,666        288,791         i TOTAL OPERATING EXPENSES 2,369,411             2,031,454                337,957      1,828,095 OPERATING INCOME                       198,589              584,151                385,562        601,921 ADD: NONOPERATING REVENUES:
Interest earnings                                                                       109,904 272,210              382,114                               386,742 Other income                                 22,568               16,322             (    6,246)         89,942 Gain on disposal of fixed assets                                         -
3,291                  3,291               301 TOTAL NONOPERATING j               REVENUES                               294,778              401,727                106,949        476,985 TOTAL INCOME                           493,367              985,878                492,511      1,078,906 LESS: NONOPERATING EXPENSE:
Interest and debt expense                   84?,097              760,597                 81,500        811,580 l
i              TOTAL NONOPERATING                                                                                                ,
EXPENSE                                842,097              760,597                 81,500        811,580         l
,               NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEF                (    348,730)             225,281                574,011        267,326 EXTRAORDINARY ITEM:
Loss from defeasance of debt                  -
579,323           (    579,323)            -
i NET INCOME (LOSS)                 $(    348,730) $(          354 2 042) $(              5,312)  $    767,126 I
 'g 30

UTILITIES COMMISSION                            Exhibit A-4 CITY OF NEW SMYRNA BEACH, FLORIDA STATEMENT OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - POLLUTION CONTROL SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985                              1984 Variance Favorable Budget        Actual   (Un f avo rab le)     Actual OPERATING REVENUES:
Pollution control service charges                   S 1,433,377 S 1,446,702 S          13,325    S 1,291,324 OPERATING EXPENSES:
Collection and treatment g
3 system                                 957,446       876,419          81,027         846,122 Customer accounting                        135,441        79,034          56,407           53,509  g Administrative and general                 336,384       395,940    (     59,556)        347,073 Required payments to the                                                                           5 City of New Smyrna Beach                  86,002        83,972           2,030           74,848 Depreciation                               167,663       478,075    ( 310,412)           460,287 TOTAL OPERATING EXPENSES         1,682,936     1,913,440    ( 230,504)         1,781,839 OPERATING INCOME (LOSS)         ( 249,559)   ( 466,738)     ( 217,179)       ( 490,515)
ADD: NONOPERATING REVENUES:
Interest earnings                          292,973       390,742          97,769         354,186 Other income                                 2,277         6,772           4,495           46,906 TOTAL NONOPERATING REVENUES                           295,250       397,514         102,264         401,092 TOTAL INCOME (LOSS)                 45,691   (    69,224)   (    114,915)    (     89,423)
LESS: NONOPERATING EXPENSES:
Interest and debt expense                  480,372       478,400           1,972         455,011 l
E TOTAL NONOPERATING EXPENSES                           480,372       478,400           1,972         455,011 NET INCOME (LOSS)
BEFORE EXTARORDINARY ITEM       ( 434,681)   ( 547,624)     (   112,943)     (   544,434)
EXTRAGRDINARY ITEM:
Loss from defcasance of debt                   -
84,467    (     84,467)             -
NET INCOME (LOSS)             $( 43L 681) $( 632,091) $(        1972 410)   $(   544,434) l l
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SUPPLEMENTARY SCHEDULES 1
Financial schedules are presented to provide greater detailed 1
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. Financial schedules are not necessary for a
,l                     fair presentation in conformity with generally accepted i 5                    accounting principles.
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  !I._ _ _ _ _ _ _ _ _

t I                                        UTILITIES COMMISSION                             Schedule 1 CITY OF NEW SMYRNA BEACH, FLORIDA
                                                                                                        ~
SCHEDULE OF RESTRICTED ASSETS September 30, 1985, With Comparative Totals for September 30, 1984 1985                          1984 Combined                      Combined System                         System RESTRICTED ASSETS:
Debt Service Funds:
Cash                                                $ 1,673,195                   $ 1,575,851 I      Investments Accrued interest 2,619,955 64,728 4,357,878 2,607,753 64,213 4,247,817 I   Renewal and Replacement Funds:
Cash                                                  3,093,744                        536,573 I      Investments Accrued interest                                              -
3,093,744 1,000,000 7,347 1,543,920 I   Construction Funds:
Cash                                                  2,314,408                        690.880 Investments                                                   -
2,800,000 Accrued interest                                              -
18,875 2,314,408                     3,509,755 I   Customers' Deposits:
Cash                                                    673,636                         48,286 Investments                                                   -
600,000 Accrued interest                                              -                         11,923 673,636                        660,209 CR-3 Decommissioning Fund:
Cash                                                      68,173                            -
Investments                                                  -                              -
Accrued interst                                               -                             -
68,173                            -
TOTAL RESTRICTED ASSETS                           110.507.839                   $ 9.961.701 I
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32

!I UTILITIES COMMISSION                                           Schedule 7 CITY OF NEW SMYRNA BEACil, FLORIDA
>I j;
ELECTRIC SYSTEM SCHEDl!LE OF OPFRATING EXPENSES For the Fiscal Years Fnded September 30, 1985 and 1984 i
1985                               1984
:I Power Production and Fuel:
s l   Steam Power Generation:
E      Operation                                                    S         21,472          $             32,002 Maintenance                                                                      372                  1,708 g
'                                                                                                                       i Nuclear Power Generation:
g      Fuel                                                                   94,920                       167,298 -
Operation                                                             329,714                       196,164 Maintenance                                                           326,106                      327,516 Diesel Power Generation:
l           Fuel                                                                  721,704                      766,045 Operation                                                             369,489                      326,655 I      Maintenance Other Power Supply:
Purchased power 38,925 7,861,508 39,494 6,071,278 System control and load dispatching                                   217,798                      180,566 9,982,008                       8,108,726 Transmission and Distribution:
l   Operation                                                                605,569                      592,164
     "   Maintenance                                                              132,607                        69,361 738,176                      661,525
,      Customer Accounting:                                                                                             t Operation                                                                343,777                      310,704 Administrative and General:                                                                                      I Ope ra t ion                                                      1,304,279                         1,297,555 Maintenance                                                               78,218                        85,543 1,382,497                       1,383,098 l      Required Payments to the City of New Smyrna Beach                                                   884,966                      831,409 State Utilities Taxes                                                      170,406                      145,297 1
Depreciation                                                               837,482                      855,679
;           TOTAL OPERATING EXPENSES                                       a 339.312- - - _ -
11_4                     1L7,796,438 I
33

UTILITIES COMMISSION                                    Spiedu le 3   ,
CITY OF NEW SMYRNA BEACH, FLORIDA                                             l i
WATER SYSTEM SCHEDULE OF OPERATING EXPENSES                                              i For the Fiscal Years Ended September 30, 1985 and 1984 1985        1984 i
Water Production:
Source of Supply:                                                                                    i Operation                                                               S     44,094 $    32,147 Maintennnce                                                                   11,796       1,528 Pumping:
Operation                                                                    143,610     157,250 Maintenance                                                                    9,700       5,951 Water Treatment:                                                                                   g Operation                                                                    414,715     366,091 l Maintenance                                                                   31,535      14,925 655,450    577,892 Transmission and Distribution:
Operation                                                                      221,735     170,210 l     Maintenance                                                                     32,593      32,427 254,328    202,637 Customer Accounting:
Operation                                                                      125,141     132,708   !
l   Mainistrative and General:
Operation                                                                      502,504    450,835 Maintenance                                                                     30,785      33,710    <
533,289    484,545 Required Payments to the City of New Smyrna Beach                                                         153,583     141,522 Depreciation                                                                     309,663     288,791 l
TOTAL OPERATING EXPENSES                                              .S 2.031.454 11_,818.095 Il I
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14

UTILITIES COMMISSION                  Schedule 4 CITY OF NEW SMYRNA BEACH, FLORIDA POLLUTION CONTROL SYSTEM SCHEDULE OF OPERATING EXPENSES For the Fiscal Years Ended September 30, 1985 and 1984 1985        1984 Collection and Treatment System:
Collection Expenses:
Operation                                                  $   154,750 $  137,333 Maintenance                                                     28,502     17,176
'I                                       Pumping Expenses:
Operation Maintenance 158,764 10,953 137,549 10,022     .
Treatment and Disposal Expenses:
Operation                                                      489,213    515,965 Maintenance                                                     34,237     28,077 876,419    846,122 Custoner Accounting:
;                                        Operation                                                             79,034     53,509 Administrative and General:
Operation                                                            371,322    332,824 Maintenance                                                            24,618     14,249 395,940    347,073 Required Payments to the City of New Smyrna Beach                                                     83,972     74,848
.;                                Depreciation                                                                478,075    460,287 TOTAL OPEP\ TING EXPENSES                            $ 1,913,440 $1.781,839 I
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35 I

UTILITIES COMMISSION                               Schedule 5 I
CITY OF NEW SMYRNA BEACH, FLORIDA                         Page 1 of 2 SCHEDULE OF RESTRICTED INVESTMENTS September 30, 1985 Interest                       Unamortized         Total Identification Rates      Maturity   Par       Premiums           Book Numbers       (%)       Dates   Value     (D is count s)      Value Debt Service Funds:
Investment in U.S.
Treasury Obligations Held by Federal Reserve:                                                                        -
U.S. Treasury Bonds     4200331     7.2193 07-01-98 $    19,400 $         -
                                                                                          $    19,400 4200332     7.2193  01-01-99     31,300           -
31,300   g 4200333     7.2193  07-01-99     19,200           -
19,200   3 4200334     7.2193  01-01-00     32,500           -          32,500 4200335     7.2193  07-01-00    20,300            -
20,300   g 4200336     7.2193  01-01-01     35,300           -
35,300   g l                                 4200337     7.2193  07-01-01     15,600           -
15,600 l                                 4200338     7.2193  01-01-02    37,300            -
37,300 l                                 4200339     7.2193  01-01-03    37,900            -
37,900
;                                 4200340     7.2193  01-01-04     33,600           -
33,600 l                                 4200341     7.2193  01-01-05    21,300            -
21,300 4200362     7.2193  01-01-95    24,500            -
24,500 4200363     7.2193  07-01-95     16,800           -
16,800 4200364     7.2193  01-01-96    25,700            -
25,700 4200365     7.2193  07-01-96     17,800           -
17,800 4200366     7.2193  01-01-97    27,100            -
27,100 4200367     7.2193  07-01-97     18,400           -
18,400 4200368     7.2193  01-01-98    28,500            -
28,500 4200371     7.2193  01-01-94    22,900            -
22,900 l                                 4200372     7.2193  07-01-94     15,900           -
15,900 4200377     7.2193  07-01-92     11,900           -
11,900 4200378     7.2193  01-01-93    24,600            -
24,600 4200379     7.2193  07-01-93     12,600           -          12,600 4200383     7.2193  01-01-89    20,300            -
20,300 4200384     7.2193  07-01-89     10,300           -
10,300 4200385     7.2193  01-01-90    21,200            -
21,200 4200386     7.2193  07-01-90     10,900           -
10,900 4200387     7.2193  01-01-91    22,400            -          22,400 4200388     7.2193  07-01-91     11,600           -          11,600 4200389     7.2193  01-01-92    23,200            -
23,200 U.S. Treasury Notes - SLGS          4113687     7.2193  01-01-86     18,200           -
18,200   g 4113688     7.2193  07-01-86      9,500           -
9,500 5
4113689     7.2193  01-01-87     17,900           -
17,900 4113690     7.2193  07-01-87      9,900           -
9,900 4113691     7.2193  01-01-88     19,600 .._       -
19,600   l 4113692     7.2193  07-01-88      9,900~        - -
9,900   W I
36 i

I UTILITIES COMMISSION                                                                                        Schedule 5 CITY OF NEW SMYRNA BEACH, F10RIDA                                                                           Page 2 of 2 SCHEDULE OF RESTRICTED INVESTMENTS September 30, 1985 Interest                                Unanortized                    Total Ident ification Rates       Maturity         Par         Premiums                       Book Numbers       (%)         Dates       Value         (Discounts)                    Value Debt Service Funds: (continued)
Investments in U.S.
Treasury Obligations Held by Atlantic National Bank of Florida:
U.S. Treasury Notes                13.5000 02-15-86     $       49,000 $           41                S    49,041 13,5000 02-15-86             10,000       (     26)                     9,974 I                                           13.5000 9.3750 8.0000 02-15-86 05-15-86 08-16-86 20,000 750,000 250,000
(
246 376)
( 3,537) 20,246 249,624 246,463 I?.7500   n2-15-87        200,000         ( 1,920)                    198,060 12.7500   02-15-87           15,000            153                     15,153 10.2500   03-15-87         545,000          1,853                     546,853 11.0000     11-15-87      290,000              531                    290,531 -
13.2500   04-15-88        240,000         ( 1,310)                    238,690 TOTAL DEBT SERVICE FUNDS                                    ' 624,300
                                                                      ,                 ( 4,345)                  2,619,955 TOTAL RESTRICTED INVESTMENTS                              M._624,300_ fi_ M 44) g2f l9,955 i
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37

UTILITIES COMMISSION                   Schedule 6 CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 SCHEDULE OF BONDS PAYABLE September 30, 1985 Interest                 Final       Annual Rates (7.)       Issue  Maturity     Serial And Dates         Date    Date      Payments RENENUE BONDS:
Utilities System Revenue Refunding and Improvement Certificates.
Series 1978                     5.650 (10/1)        07/01/78   10/01/10 $195,000 (85) 5.750 (4/1; 10/1)                        200,000 (86) 205,000 (86) 5.900 (4/1; 10/l)                        210,000 (87) 215,000 (87)  g 6.000 (4/1; 10/l)                        220,000 (88)  3 230,000 (88) 6.100 (4/1; 10/1)                        235,000 (89) 245,000 (89) 6.200 (4/1; 10/1)                        250,000 (90) 260,000 (90) 6.300 (4/1; 10/1)                        265,000 (91) 275,000 (91) l m
6.350 (4/1; 10/1)                        285,000 (92) 290,000 (92) 6.400 (4/1; 10/l)                        300,000 (93) 310,000 (93) 7.000 (4/1; 10/l)                       320,000 (94) 330,000 (94) 345,000 (95) 355,000 (95) 370,000 (96) 380,000 (96) 395,000 (97) 410,000 (97)  g 425,000 (98)  g 435,000 (98) 455,000 (99) 470,000 (99) 485,000 (00) 500,000 (00) 520,000 (01) 540,000 (01) 555,000 (02) 575,000 (02) 595,000 (03) 615,000 (03)
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38

I                                                                                l I
I                            Bonds Authorized      Issued       Retired  Outstanding l
I                                                                                 ,
          $ 32,000,000   $ 25,810,000 $ 1,210,000 $ 24,600,000 I                                                                                :
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n

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Schedule 6  g Page 2 of 2 m GCHEDULE OF BONDS PAYABLE September 30, 1985 Interest                  Final        Annual Rates (%)         Issue  Maturity      Serial REVENUE BONDS: (continued)                                                                ,
Utilities System Revenue Refunding and Improvement Certificates, Series 1978(Continued)    7.125 (4/1; 10/l) 7/1/78   10/1/10   $    640,000 (04) 660,000 (04) 685,000 (05) 710,000 (05) 735,000 (06) 760,000 (06) 790,000 (07) 815,000 (07) 845,000 (08)
* 875,000 (08) 905,000 (09) 940,000 (09) 970,000 (10) 1,005,000 (10) j?4.600.000 Utilities System Refunding Revenue Certificates, Series 1985                5.750 (10/1;  4/1) 4/1/85   4/1/11   S    100,000 (86) 6.500 (10/1;  4/l)                        100,000 (87) 7.000 (10/1;  4/1)                        110,000 (88) 7.250 (10/1;  4/1)                        115,000 (89) 7.500 (10/1;  4/1)                        125,000 (90) 7.750 (10/1;  4/1)                        135,000 (91) 8.000 (10/1;  4/1)                        145,000 (92) 8.200 (10/1;  4/1)                        155,000 (93) 8.400 (10/1;  4/1)                        170,000 (94) 8.600 (10/1;  4/l)                        185,000 (95) 8.800 (10/1;  4/1)                        200,000 (96) 9.000 (10/1;  4/1)                        215,000 (97) 9.100 (10/1;  4/1)                        235,000 (98) 9.200 (10/1;  4/l)                        260,000 (99) 9.375 (10/1;  4/1)                        280,000 (00) 310,000 (01) 335,000 (02) 370,000 (03) l                                                                            400,000 (04) l 440,000 (05) 9.500 (10/1; 4/1)                         480,000 (06) l                                                                            525,000 (07) 575,000 (08) 630,000 (09) 690,000 (10)  l 230,000 (11)  E 3 2 111 000 I
40 g

Bonds Authorized      Issued        Retired   Outstanding    l
,I                                                           i I
l
      $ 7,515,000 $ 7,515,000     $     -
S 7,515,000 l
i I
l il I                                                      I l
l
      $39.515.000 $31.325,000     1L 710,000 132.115_,000  L i
1

E UTILITIES COMMISSION               Schedule 7 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF INTEREST EARNINGS For the Fiscal Years Ended September 30, 1985 and 1984 1985       1984 INTEREST EARNINGS BY SOURCE:
From Investments:
I)'
Sinking funds                                            $ 338,519  $ 344,374 Renewal and replacement funds                               217,095     76,110 Construction funds                                          242,300    387,698   i Customers' deposits                                          58,596     76,713   1 Other                                                       112,178    138,411
.                                                                  968,688  1,023,306   '
From Assessments                                              122,942     53,270   '
TOTAL INTEREST EARNINGS                                $1.091.630 $1.076.576 m l
INTEREST EARNINGS BY SYSTEM:
Electric system                                          $ 318,774  S 335,648 Water system                                                382,114    386,742 Pollution control system                                    390,742    354,186 TOTAL INTEREST EARNINGS                               11_3091.630 $1.076.576 l
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I STATISTICAL SECTION Statistical tables differ from financial statements because they usually cover more than one fiscal year and may present non-accounting    data. These tables reflect social and economic data and financial trends         of   the   Utilities Commission, City of New Smyrna Beach.
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UTILITIES COMMISSION                                 Table I I
CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF EXPENSES BY FUNCTION I.AST TEN FISCAL YEARS Operating Expenses Required Transmission,                                 Payments Distribution                  Administrative to City of Fiscal      Total   Production           and            Customer      and       New Smyrna Year     Expenses    Expenses      Collection Accounting           General         Beach 1976   $ 6,558,957 $ 3,117,952      $ 543,129 $ 192,683 $ 524,505               $ 375,261 1977     7,430,153    3,462,915         663,209          201,261     691,71?        417,188 1978     8,205,483    3,650,129         802,469          206,113     964,959        440,795 1979     9,367,152    4,207,711         846,639          237,152     894,164        484,199 1980    11,121,048    5,347,656         980,960          259,025   1,213,890        598,205 1981    12,284,939    5,744,288      1,113,301           304,241   1.612,993        705,868 1982    14,921,572    7,297,762      1,409,742           315,595   1,776,286        826,719 1983    16,968,400    8,241,667      1,420,397           400,372   2,079,755        877,629 1984    18,388,070    8,686,618      1,710,284           496,921   2,214,716     1,047,779 1985    20,725,373   10,637,458       1,868,923          547,95?   2,311,726      1,122,521 l
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43

i l
l             Operating Expenses                           Nonoperating Expenses l
State                             Total    Interest         Other         Total Utilities                      Operating     and Debt     Nonoperating Nonoperating Tax      Depreciation       Expenses      Expense         Expenses      Expenses S 38,220     $ 558,692        $ 5,350,442  $ 1,208,515      $     -       $ 1,208,515 1
44,696        699,121          6,180,101   1,250,052            -
1,250,052
;     55,177        852,169         6,971,811    1,233,672            -
1,233,672 54,645        911,124          7,635,634   1,731,518            -
1,731,518 55,155        962,197          9,417,088   1,703,960            -
1,703,960 57,196      1,008,326        10,546,213    1,527,731        210,995       1,738,726 84,350      1,284,052        12,994,506    1,9'7,066            -
1,927,066 i
84,181      1,515,523        14,619,524    2,314,563         34,313       2,348,876 145,297      1,604,757        15,906,372    2,465,284         16,414       2,481,698 l
170,406      1,625,220        18,294,206    2,376,681         64,486       2,441,167 l
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                                                //
44

                                !!TILITIES COMMISS10N                                          Table II CITY OF NEW SMYPNA BEACil, FLORIDA SCHED11LE OF REVENiiES BY SoliRCE                                              j LAST TFN FISCAI. YFARS Oferating Revenues Fiscal      Total    Electric          Water      l'ollut ion Cont rol Year     Revenues    System          Sys_ rem                  System                    Total
                                                                                                         )
1976   S 6,882,200 $ 4,772,120 $ 782,419                    $   724,345            $ 6,278,904 1977     7,828,676   5,387,100        859,666                   759,764              7,006,530 1978     7,950,622   5,866,939        884,646                   810,419              7.562,024 1979     9,536,222   6,480,125        955,378                   f62,521              8,298,224 l
1980    11,457,983   8,128,944      1,143,160                   H61,954             10,134,058
; 1981    13,218,442   9,810,442      1,154,658                 1,020,688             ll,985,78R 1982    14,937,949  11,152,100      1,456,125                 1,111,216             13,719,441 i
1983    16,541,534  12,026,330      1,980,611                 1,178,922             15,185,863 1984    19,010,464  13,800,387      2,430,016                 1,?91,124             17,521,727 1985    20,792,509  15,473,671      2,615,605                 1,446,702             19,535,978 1
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f Nonoperating Revenues Interest       Other I  Earnings S 590,153 Income
                   $ 13,143 Total
                                  $ 603,296 435,660      386,486           822,146 362,467       26,131           388,598 j    1,073,772      164,226         1,237,998 1,153,818      170,107         1,323,925 1,010,548      222,106         1,232,654 1,111,615      106,893         1,218,508 1,144,035      211,636         1,355,671 1,076,576      412,161         1,488,737 1,091,630      164,901         1,256,531 I
I 46

UTILITIES COMMISSION                              Table III I
CITY OF NEW SMYRNA BEACll, FLORIDA SCHEDULE OF REVENUE CERTIFICATE COVERAGE Last Ten Fiscal Years (000's Omitted)
Gross                      Net Revenue      Expenses    Revenue            Annual Debt                   Net Per          Per     Available Service Requirements          Less      Debt Fiscal Certificate Certificate For Debt                                Funded   Service Coverage Year Resolution Resolution      Service Principal Interest Total Interest      Payments Ratio 1976 $ 6,677       $ 4,416      $2,261      S348     $1,014    $1,362  $-      $1,362    1.66x 1977    7,869        5,064        2,805      334        877     1,211    -
1,211    2.32x 1978    7,973 (1)    5,679 (2)    2,294      355      1,217     1,572    21     1,551    1.48x 1979    9,027 (1)    6,240 (2)    2,787       -       1,766     1,766   485     1,281    2.18x 1980   10,958 (1)    7,857 (2)    3,101       -
1,766     1,766   166     1,600    1.94x 1981   12,960 (1)    8,832 (2)    4,128       -       1,766     1,766    85     1,681    2.46x 1982   15,342 (1)   10,883 (2)    4,459      325      2,031     2,356   269     2,087    2.14x 1983   16,733 (1)   12,226 (2)    4,507      345      2,526     2,871   351     2,520    1.79x 1984   20,030 (1)   13,254 (2)    6,776      350      2,507     2,857    -      2,857    2.37x 1985   21,565 (1)   15,536 (2)    6,028      365      2,430(3) 2,795     -
2,795    2.16x (1)   Includes operating revenues, miscellaneous income including interest income (except on construction fund investments), penalty charges, special assessment collections, connection fees and rentals.
l        (2)   Includes current expenses paid and accrued of operation, maintenaace and repair of the system except for reautred payments to the City and I              depreciation expense, l
I (3)   Includes interest on Utilities System Revenue Improvement Certificates, Series 1982, through May 9, 1985.      Includes interest on Utilities System Refunding Revenue Certificates, Series 1985, after May 9, 1985.
47 I

I                                        UTILITIES COMMISSION                                                     Table IV CITY OF NEW SMYRNA BEACil, FLORIDA DEPOCRAPHIC STATISTICS
!                                          LAST TEN FISCAL YEARS New Smyrna Beach's             Per         County                                            School (5)
Fiscal            Estimated         Capita      Unemployment                                             Percent Year            Population (l)    Income (2)     Rate (4)      Enrollment Attendance
;   1976                14,987        $ 5,3?8         11.8                3,553                                  46 5 1977                15,682           5,847         9.9                3,502                                  96 1978                10,128          6,516          6.7                3,455                                  96 i
1979                16,500          7,277          7.6                3,412                                  96 1980                13,310 (6)      8,139          6.5                3,391                                  96 l   1981                13,634          9,057          4.8                3,375                                  96 l
1982                13,653          9,734 (4)      6.8                3,318                                  97 l
1983                13,829         10,220 (3)      6.7                3,665                                  97 l
1984                14,104         10,629 (3)      5.2                3,710                                  97
!   1985               14,697 (7)      11,593          4.4                3,862                                  97 (1) Obtained from University of Florida. Bureau of Economics and Business Research.
(2) Obtained from U.S. Department of Commerce, Bureau of Economic Analysis.                                                                '
(3) Estimated, actual amounts not available.
(4) State of Florida, Departnent of Labor and Employment Security.
(5) Volusia            County School Board - includes grades E-12, Coronado Beach                                                          i Elementary, Faulkner Street Elementary, New Smyrna Beach .lunior and Senior liigh, Read-Pattillo Elementary and Sacred licart , a private school.
(6) Beginning with 1980, New Smyrna Beach's Estimated Population reflects only the estimated number of permanent residents based on the 1980 census data complied by the U.S. Departnent of Commerce, Bureau of the Census. Prior to 1980,      the Estimated Population included residents of New Smyrna Beach who were not considered permanent residents for census purposes.
(7)    Estimated population obtained from the Planning and Zoning Department of the City of New Smyrna Beach.
I 48

UTILITIES COMMISSION                                 Table V CITY OF NEW SMYRNA BEACH, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS (1)
LAST TEN FISCAL YEARS Savings                            II -
Const ru ct ion                                    and Number        Value             Bank                  Loan Fiscal                          Of            Of            Deposits              Deposits  Assessed Year                      Permits Construction             (000's)               (000's)     Value 1976                       425        $ 5,676,610          $ 54,838     S 45,428           $188,331,404 1977                       566          11,312,965           63,473              102,970    199,621,346 1978                       582          10,405,696           71,334              122,525    214,43),769 1979                       552          22,521,582           84,663              142,396    225,695,148 l
1980                       582          21,103,303           93,460              167,018    246,627,345 1
1981                       539          25,229,289          100,676              182,271    315,992,191 1982                       550          11,111,417          104,324              192,305    421,495,317 i
 ;          1983                       718          23,730,247          123,924              222,419    479,806,754 l           1984                       937          35,666,534          144,154              260,142    550,410,029                 l l
1985                   2006             32,782,563          166,126              267,464    632,540,204 l
t Sources-                                                                                                                I
!                 Construction - City of New Smyrna Beach, Florida Building Departnent Deposits - Confirmed directly by banks and saving9 and loan associations I
Assessed value - Volusia County, Florida Finance Department (1) The above data is related exclusively to area within the municipal limits of the City of New Smyrna Beach, Florida I
II:
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r I                                            UTILITIES COMMISSION                         Table VI CITY OF NEW SMYRNA BEACH, FLORIDA                  Page 1 of 2 SCHEDULE OF INSURANCE IN FORCE September 30, 1985 Coverage and               Policy         Policy                             Liability Insuring Company             Number         Period    Details of Coverage       Limits Special Multi-Peril Fireman's Fund      248MXX64800704            10-01-84 Property: building     $14,861,165 all 11-01-85     and contents -       risk with I                                                                blanket Accounts receivable
                                                                                            $10,000 deductible
                                                                                          $850,000 all risk with $500 deductible Valuable papers       $100,000 all I
risk with $500 deductible Blanket crime        $100,000 with
                                                                                            $1,000 de-ductible Liability:            $500,000cs1 Comprehensive I                                                                General liability:
Broad form CGL Employee benefit linbility I                                                                Electronic data processing:
Equipment      $150,000 Data and Media $ 5,000 Extra Expense  $ 5,000 Scheduled Property Floater Fireman's Fund      248MXX64800704            10-01-84 Contractors equipment $175,510 with 11-01-85 and mobile equipment $500 deductible Commercial Umbrella Liability Integrity Insurance             ISX117028     10-01-84 Commercial umbrella    $3,000,000 with 12-01-85                        $10,000 scif-I                                                                                      insured retention lI
'I 50
  . - - - -          _ _ - ~ -      _ _ _ _                  _

UTILITIES COMMISSION                                                             Table VI CITY OF NEW SMYRNA BEACH, FLORIDA                                                Page 2 of 2 g SCHEDULE OF INSURANCE IN FORCE September 30, 1985                                                                           E Coverage and            Policy     Policy                                 Liability Insuring Conpany           Namber     Period         Details of Coverage      Limits Business Auto Policy Firenan's Fund        248MXX64800704   10-01-84 Uninsured Motorist          $100,000 11-01-85 Liability and personal injury    $500,000 Comprehensive        Actual cash value Collision            $500 deductible Boiler & Machinery Chubb Insurance             78274432    9-30-82 Breakdown due to            $5,000,000 with 9-30-85          accideat             $10,000 deductible Workmen's Compensation Florida Municipal Self-        109     10-01-84 Statutory coverage          Statutory Insurers' Fund                       10-01-85 Employers liability         $100,000 Nuclear Energy Danage American Nuclear Insurers      1807 &  10-09-84 Primary property            $500 million and Mutual Atonic Energy     TA1566  10-09-85 Liability Underwriters American Nucient Insurers,     X8448, 11-15-84 Excess property              $595 million Mutual Atomic Energy        XTA1567  11-15-85 Liability Underwriters         and and Nuclear Electric        X84-015 Insurance Limited American Nuclear Insurers      NF195  12-31-84 Primary liability            $160 million and Mutual Atomic Energy    & MF-91 12-31-85 Liability Underwriters American Nuclear Insurers      NS-347 12-31-84 Suppliers and                $160 million and Mutual Atomic Energy      and   12-31-85 transporters Liability Underwriters       MS-65                   liability Public Officials and Enpinyee Linbility                                                      I Pacific Insurance          019607       7-22-84 Public officials and $1,000,000 Company                               1-01-86          employee liability   with $2,500 deductible cach insured   g l                                                                               and $5,000     g aggregate per loss 51 i

UTILITIES COMMISSION                                 Table VII CITY OF NFW SMYRNA BEACH, FLORIDA TEN LARGEST WATER CUSTOMERS September 30, 1985 Consumption                Revenues Billed Gallons     Percent of                     Percent of (000's)                  Total     Amount    Total Pelican Association                    20,552                   2.07% $ 28,764     1.11%
Broadway, LTD                          16,635                   1.67     18,132    0.70 Islander Beach Lodge                    15,642                  1.57     23,086    0.89 Oceanview Towers Condominium            12,808                  1.29     22,987    0.89 Brandywine Enterprises                  10,988                  1.10     14,066    0.54 Oceanview Restorium                     10,188                  1.02     13,273    0.51 Sandpiper Owner's Association            9,219                  0.93     17,020    0.66 Fish Memorial Hospital                   8,825                  0.89     12,365    0.48 Errol by the Sea Condominium             7,812                  0.79     15,177    0.58 Rinkers Material                         7,340                  0.74      8,821    0.34 120.009                  12.07% S173.691     6.70%
I I
I I                                      ,2

l UTILITIES COMMISSION                     Table VIII E CITY OF NEW SMYRNA BEACH, FLORIDA TEN OF THE LARGEST EI.ECTRIC CUSTOMERS AND THEIR TOTAL KILOWATT HOURS PURCHASFD September 30, 1985 Kilowatt Hour Sales        Revenues Billed Percent of              Percent of Ancunt(kWh) Total           Amount     Total Fish Memorial Hospital              3,168,880     1.85%  $    249,094   1.62%
Publix Supermarket                  2,871,360     1.68        224,473   1.46 Utilities Commission Water Pollution Control Plant          2,387,200     1.40        185,541   1.21 Islander Beach Lodge                1,966,080     1.15        159,380   1.03
;  New Smyrna Beach Junior i     High School                      1,913,960     1.12        169,956   1.1I Winn Dixie Store #2302              1,913,760     1.12        148,529   0.96 I
Super X Drug Store                  1,698,240     0.99        132,009   0.86 Food Fair Supermarket               1,546,200     0.90        119,603   0.78 Specialized Ice                     1,448,448     0.84        117,713   0.77 l Winn Dixie Store #2204              1,427,520     0.84        109,911   0.72 1
i a   a                  ab   a       .
l l
l l    1 I
,                                                                                    l' l                                                                                    I 5,
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UTILITIES COMMISSION                  Table IX CITY OF NEW SMYRNA BEACll, FLORIDA           Page 1 of 5 GENERAL UTILITIES COMMISSION INFORMATION I                                    THE COMMISSION The Commission was established in 1965 and chartered in        1967 through the passage of Chapter 67-1754, Laws of Florida, (The Enabling Act) which amended
;   the Charter of the City of New Smyrna Beach, Florida. Approved by referendum j   vote of the citizens of New Smyrna Beach on October 24, 1967, the Enabling j   Act created the Utilities Commission as an appointive body with full          and j   exclusive authority to the extent permitted by law over the management,
;   operation and control of the City's utilities.
l The Commission consists of five members who are appointed by the City Commission. Members are paid a salary of $100 each month. Officers of the
 ,g Commission consist of a chairman, vice-chairman, secretary-treasurer and
'3  assistant secretary-treasurer elected by and from the membership which also appoints a birector of Utilities. The Commission has the duty to fix rates and the power to sell revenue certificates. All revenue certificates by the Commission are obligations of the Commission. The Commission has no power to l   pledge the full faith and credit of the City of New Smyrna Beach.
i In a referendum held October 2, 1984, the voters of the City of New Smyrna
'lm Beach approved amendments to the City Charter.         The amendments limit a Commissioner's term to three years instead of five with no more than three consecutive terms, require City Commission approval for extensions of utility
!   services outside the city limits, give the City Commission the right to review and approve the Commission budget, and require City Commission i   approval before issuing or refunding revenue certificates and entering into contracts exceeding four years.
The following information describes the five current members of the Utilities Commission and the Director of l'tilities.
James A. Pence, Chairman    (term expires September, 1986)
Mr. Pence has over thirty years experience in the public utilities field with a nationwide telecommunications common carrier, Western Union. lie is a former chairman of the Republican Party in Volusia County, and is currently employed by a full service real estate firm. Mr. Pence was first appointed to the Commission in 1976 and served as Chairman from Septenber 1980 to September 1051.
John J.11111, Vice Chairnan     (term expires September, 1987)
Mr.11111, a native of New Smyrna Beach, holds a Bachelor of Science degree in Electrical Engineering from Georgia Tech and is a Senior Merrber of the Institute of Electrical and Electronic Engineers. lie was associated with the Westinghouse Electric Corporation for forty-one years in various management 54                                        ,

UTILITIES COMMISSION                                                   Table IX I
i   CITY OF NEW SMYRNA BEACH FLORIDA                                       Page 2 of 5 g CENERAL UTILITIES COMMISSION INFORMATION                                           g John J. Hill, Vice Chairman     (continued) i positions dealing primarily with investor-owned and consumer-owned electric l    utilities. He served five years in the U.S. Army Signal Corps during Wo rld War II, attaining the rank of Lieutenant-Colonel as a Battalion Commander. He
!    is a member of the Policy Board's Advisory Council of the American Public j    Power Association (APPA).      Mr. Hill was appointed to the Commission in i
September, 1982.
l H. J. Van Auken, Secretary-Treasurer      (term expires September,1988) l E
l
(    Mr. Van Auken was employed by CTE Sylvania for thirty-five years before I    retiring in New Smyrna Beach in 1976. As Plant Services Engineer, he was responsible for electric, water, waste treatment, gas and bulk chemicals services at a GTE Sylvania facility in Pennsylvania. His responsibilities included financial as well as engineering and operational management of these plant services and administration of a $20 million annual budget. After his retirement, Mr. Van Auken managed a local New Smyrna Beach business for three and one-half years before his appointment to the Commission in September, 1983.
Dallas D. Alsup, Assistant Secretary-Treasurer          (term expires September, 1989) l l   Mr. Alsup has over twenty years of electric utility experience in the areas of operations, accounting and management as an employee of Consumers Power Company in Michigan.       He is a graduate of Kansas State College (now Kansas l
E State University) and a World War II Army veteran with over five years l    service and five Battle Stars. Mr. Alsup has lived in New Smyrna Beach since j    1976 and was appointed to the Commission in September, 1984.
l    Jeanne K. Dienen, Commissioner     (term expire- September, 1988)
Ms. Diesen has a Phd. in Educational Administration, Foundations of Education from the University of Florida.            She   is present1v the Director for tbc i
off-campus center (South Volusia Center) of Daytona Beach Community College.       l She was formerly a Research Analyst for the University of Florida, served as       E an editorial assistant for the Journal of Educational Finance,       and also as the Area Coo rd ina t o r for Daytona Beach Community College.      Ms. Diesen was g appointed to the Commission in September, 1985.                                    g
 )
;    R. Ronald Hagen, Director of Utilities Mr. Hagen has over twenty-six years of progressively responsible municipal utility management experience, including twenty years with the Jacksonville Elec tric Authority (JEA) and over six years with the Utilities Continston,        g He has a degree from Jacksonville University and has substantially broadened       E his background through attendance and presentation of papern at industry seminars and conferences.        During his tenure with the City of Jacksonville I    and the JEA, he headed the Statistical and Accounting Department and was Division Chief of the Budget and Cost Division and Director of Construction and Maintenance. Later he served as Director of Custoner Service, a position l
55 I

e I UTILITIES COMMISSION                                                  Table IX CITY OF NEW SMYRNA BEACH, FLORIDA,                                    Page 3 of 5 GENERAL UTILITIES COMMISSION INFORMATION R. Ronald Hagen, Director of Utilities (continued)                                   j i
he held until his retirement in 1976.          In 1978 he was employed to fill the   l newly created position of Controller for the Utilities Commission. Mr. Hagen was appointed Director of Utilities in June, 1982.
THE UTILITIES SYSTEM I The municipal utilities system has been servirg residents of New Smyrna Beach since before 1920.        Today the Commission serves over 12,000 electric customers, over 7,000 water customers and over 6,000 sewer customers. The I
electric utility is one of 33 municipal systems in Florida which together          .
serve more than 750,000 customers.                                                 [
l                                        Electric System                                  ,
The Commission currently provides electric service to most incorporated areas
'Eg      f the City. The Commission's distribution lines also extend west from the City limits to serve unincorporated areas.                                         ;
1 l
l      Generation Resources                                                               !
:                                                                                         l i      The system's power and energy requirements are met with a combination of self-generation and purchased power.
The Commission's generating facilities include the W.E. Swoope Generating Station which consists of three diesel engine generators with a corhined
;    g nameplate rating of 5,235 kU; the Diesel Plant located on Smith Street which consists of four diesel engine generators with a combined nameplate capacity lg of 4,740 kW nnd three 2,000 kW quick-start remotely controlled peaking units; the North Causeway Plant 750 kW diesel peaking unit;        and the Glencoe Road Plant 750 kW diesel peaking unit.
l l
The Commission owns a        0.5608"'   undivided  interest    in  Florida   Power
;l     Corporation's(FPC) Crystal River No. 3 Nuclear Unit (CR-3),       with a maximun 1    E nameplate capacity of 4,991 kW available to the Commission. FPC operates l      CR-3 on hehalf of itself , the Commission and ten other participants pursuant      I
'g     to a participation agreemert.         CR-3 is used as a primary base load resource l g of the Commission's electric system.
l The Commission's total innta11ed naneplate generation capacity,          including CK-3,   is 22,466    kW,   which provided approximately 17% of the Commission's j      total enerrv requirements during Fiscal Year 1985.
I Purchases from Florida Power and Iight Corpany          (FPL), Orlando Utilities Commission (OUC), Florida Municipal Power Agency (FMPA) and economy purchases under    the Energy Broker svstem have provided the remainder for the              '
Cormission's power and energy requirements.
I                                                        The Conn!nalon has executed interchange agreenentn prov? ding for the purchase and sale of economy energy with FPL and fifteen other investor owned and municipal utilities in Florida, and also has an agreement with OUC for the purchase of approxinately 7 MW of firm power.
                                                ,6

UTILITIES COMMISSION                                                        Table IX CITY OF NEW SMYRNA BEACH, FLORIDA                                          Page 4 of 5 CENERAL UTILITIES COMMISSION INFORMATION St. Lucie Nuclent Project The Commission's electric system is currently one of twenty-five individual municipal electric systems within the state which are members of the Florida Municipal Power Agency (FMPA). FMPA is a joint action power agency which was formed        to provide bulk electric power to its members through joint j
cooperation with other electric utilities in Florida. The Commission has agreed to purchase 9.884 percent or approximately 7 megawatts, of FMPA's i      entitlement share in the St. Lucie Project.                   The Commisalon also has a              )
 ;      reliability exchange agreement through the FMPA to exchange 507, of its output                       )
j      from St. Lucie No. 2 for a like amount from St. Lucie No. 1.                                         '
i Energy Control Center l
The Commission has operated an Energy Control Center since April, 1977, which is staffed around the clock by power coordinators who schedule the economic loading of its generating resources and the interchange of power over the                            )
interconnt etion with FPL. Telemetering of tie line enere,y is provided along with " hot line" voice communication and teletype circuits to all major power                     E system control centers in Florida.                                                                EI i
Transmission and Distribution Facilities The     Commission's     transmission   f acilities    consist       of   three   major           I installations:      the 115 kV/23 kV Smyrna and     Field Street Substations and the
 ]
115 kV transmission line between the two.            The distribution system is supplied from The Swoope Station and The Diesel Plant as well as from the Smyrna and Field Street Substations. There are eight 23 kV/4 kV substations j      on the Commission's distribution systen.       Energy is delivered to customers by i      a network of 23 kV and 4 kV lines.      A nunber of residential developments are now being served by underground electric facilities.
WATER SYSTEM i
The current service area of the Commission's water system is an area of approximately 15 square miles, most of which is located within the City.            The Commission also provides water service to the unincorporated aceth henchside area.                                                                                               '
l i
;       The raw       water supply is derived from twelve wells drawing from the Floridan l       Aquifer. Seven wells, with a total capacity of 5.3 million gallons per day j       (MCD)    are located at the Glencoe Road Water Treatnent Plant site. During FY 1982, five additional wells were constructed and put              in operation. These i       additional wells are located reven miler west of the Glencoe Treatnent Plant l       and are over ten miles inland to n i t i c.a t e salt water intrusion.              The           E i       additional five wells increased total cap irity from 5.3 MGD to 9.4 MCD.                          E
\
4 57 f
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I UTILITIES COMMISSION                                                 Table TX CITY OF NEW SMYRNA BEACH, FLORIDA                                    Page 5 of 5      l GENERAL UTILITIES COMMISSION INFORMATION                                              j Water System (continued)                                                              l The raw water supply is projected to be suffleient through 1995. The Commission has implemented both a salt water intrusion monitoring progran and a water supply management program to ensure the continued cost effective use of existing facilities,                                                               j Raw water is treated at the Glencoe Plant, which provides complete water I treatment,   including aeration, softening, pH adjustment, filtration, and disinfection. The facility has a capacity of 6.2 MCD, and was designed for future expansion.      Since its completion in 1977, this plant has received I
numerous top honors fron the Florida Department of Environmental Regulation.
I The storage, transmission and distribution system includes 4.62 million               '
gallons of storage capacity, three pumping stations, and approximately 133 miles of transmission lines.
f                                                                                           i i                                POLLUTION CONTROL SYSTEM l
l-    The present service area of the Comuission's pollution control system includes approximately ten square miles, located primarily within the City
-l    limits. Major system facilities include the Pollution Control Plant and the l     collection system.
l
!     The Pollution Control Plant, located on the North Causeway, was originally constructed in 1964 as a 1.2 million gallon per day (MGD) plant.          In 1981, the plant was expanded to a capacity of 4.0 MGD. The expanded facility utilizes the oxygenation activated sludge process whereby pure oxygen is used I for biological stabilization of sewage waste. This process was designed to provide nore than three times the previous treatment capacity and produce better quality effluent, with fewer plant additions and lower capital investment than a more conventional process would require.
The collection system includes approximately 120 miles of associated gravity sewers and force mains.       There are presently nore than 42 wastewater lift stations in service.
In the past few years substantial improvements have been made in order to I expand availability of service, improve operation and curb infiltration and inflow seurces. In  1981, sanitary sewer service was extended to five previously unsevered areas within the City.           A major collection system extension into the unincorporated south beachside area was completed in       1984 I to replace package treatment plants used by condominiums along the south beach.
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I          SUPPLEMENTAL INFORMATION I
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I                                     Brent Millikan & Company, P. A.
CERTIFIED PUBLIC ACCOUNT ANTS i
l I                                        P O BOu 1226          20$ M AGNOll A $T RE E T T E L E P H O'.E 190 4l 4 2 7 13 3 3
* 25 2 3 6 21 NEW SMYRN A BE ACH, FLORID A 32070-1226 M E M BE RS OF UEMBER OF I     AM ERIC AN INSTIT UT E OF CE RTIFIE D PUBLIC 4CCOUN T AN TS PRIV ATE Coup ANTE S Auf A sC AN AN D F L ORID A INSTITu f E S OF C E R TIFIE D DUB LIC A C C OUN T A N T S PR ACTiCE SE C TION I
Utilities Commission, City of New Smyrna Beach New Smyrna Beach, Florida AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION Our examinations were made for the purpose of forming an opinion on the basic financial statements of the Utilities Commission, City of New Smyrna I           Beach taken as a whole for the years ended September 30, which are presented in pages 1-26 of this report. The supplemental information presented hereinafter is presented for purposes of additional 1985 and             1984, I           analysis and is not a required part of the basic financial statements.
Such information for the years ended September 30, 1985, 1984, 1982 has been subjected to the auditing procedures applied 1983, and in the examinations of the basic financial statements, and, in our opinion,                                                    is fairly stated in all material respects in reintion to the basic financini statements taken as a whole.
The supplemental information on pages 61-78 pertaining to the year ended September 30, 1981 has been subjected to the auditing procedures applied in the examination of the basic financial statements, and, in our opinion, I            except for the effects of not accounting for accrued compensated ahcences and for the change in accounting for the capitalization of utility nlant acquisitions and retirements as explained in the following paragraph, such information is fairly stated in all material respects in relation to the basic financial statements taken as a whole after restatement for the change, with which we concur, in the method of accounting for contributed capital as deceribed in the second following paragraph.
The supplemental information referred to above pertaining to tha vear ended September 30, 1981 does not reficct the effects of the change in I             accounting for accrued compensated absences and the change in accounting for the capitalization of utility plant acauisitions and retire-ents. The cumulative effect of the change in accounting for accumulated unpaid employee compensatory benefits resulted in a decrease in retained earnings I             of $167,171         for the years ended prior to September cumulative effect of the change in accounting for the capitalization of 30, 1082. The physical utility plant acquisitions and retirements pursuant to a inventory and cost revaluation at September                                    30, 1982 resulted in an increase in retained earnings of $1,178,613 for the years ended prior to September 30, 1982.
I 59 I                                                                                                                                            1

Utilities Commission, City of New Smyrna Beach Page Two I       The supplemental information referred to in the second preceding paragraph pertaining to the year ended September 30, 1981 has been restated for the effect of the change in accounting for contributed capital as a component of fund equity rather than as an amortized reduction of utility plant as I       was previously reported.
utility equity originally reported increased $7,821,742 for 1981. Net As a result of this change,                                                                                 the amount of income increased $46,160 for the effect of the amortization of contributed capital previously recorded as a reduction of depreciation expense.
                                                                                                                                                                                                                  ~~
New Smyrna Beach, Florida I
January 4, 1986                                                                                   Certified Public Accountants I
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liTILITIES COvMISSION                               l CITY OF NTW SMYRNA BEACH, FLORIDA              Page 1 of 2    5 COMPARATIVE BALANCE SHEETS September 30, 1985, 1984, 1983, 1982, and 1981 ASS ETS                                     1985          1984 UTILITY PLANT:
In Service:                                                                         l Electric system                                       $28,647,262 $29,655,705     E Water system                                           13,321,248    12,396,688 Pollution Control system                               17,368,078    16,472,265   g 59,336,588    58,524,658   g Less: Allowance for depreciation and acortization        17,575,992    17,394,821 41,760,596    41,129,837 Construction work in progress                             1,656,018     2,306,190 UTILITY PLANT-NET                                   43,416,614    43,436,027 RESTRICTED ASSETS:
Debt Se rvice funds                                       4,357,878     4,247,817 Renewal and Replacement funds:                                                      g Renewal and Replacement fund                          1,937,957      1,543,920 Water and Pollution Control Connection Fee fund       1,155,787           -
E Construction funds                                        2,314,408     3,509,755 Customers' deposits                                          673,636       660,209   l CR 3 decommissioning fund                                     68,173          -      W TOTAL RESTRICTED ASSETS                             10,507,839     9,961,701 CURRENT ASSETS:
Cash                                                         976,264     1,491,270 Investment                                                      -
500,000 Accrued interest receivable                                   63,730        76,277 Accounts receivabic (net of allowances of $70,755
             $66,570, $80,016, $87,063, and $92,219 for doubtful accounts)                                 1,006,914        947,311 Unbilled accounts receivable                              1,456,396      1,217,672 Due from the City of New Smyrna Bench                         99,170        27,922   g Due from other governments                                    62,504        49,866   g Inventories                                               1,041,736        834,737 Prepaid expenses and other assets                            116,109       194,220 Assessments receivable                                       138,310       166,662 TOTAL CURRENT ASSETS                                 4,961,133      5,505,937 DEFERRED CHARGES AND OTHER ASSETS:
Unamortized debt expense                                     555,240       463,785 Deferred charges and other assets                             26,633         27,293   E Loan to the City Library fund - noncurrent                       -             -
g Assessments receivable - noncurrent                          476,659       655,214 TOTAL DEFERREn CHARGES AND OTHER ASSETS               1,058,532     1,146,792 TOTAL ASSETS                                              $59,944,118 $60,049,957 l
et ll

i 1983       1982            1981
    $26,900,862 $25,980,911    $20,753,941 11,006,185  10,643,745      7,759,279 15,942,561  15,853,717      4,912,724 I  53,849,608 15,734,884 38,114,724 52,478,373 14,189,128 38,289,245 33,425,944 10,624,255 22,801,689 4,339,379   2,583,248     12,668,185 42,454,103  40,872,493     35,469,874 I   4,165,204   2,692.583      2,192,090 464,709     358,492        282,838 4,462,844   7,143,247      3,384,921 882,734     779,964        648,912 9,975,491  10,974,286      6,508,761 1,166,384     413,496        559,037 I     300,000 84,832 500,000 95,065 23,643 918,522     886,136        891,891 978,002     521,489        655,747 8,000          4,000       4,000 I      35,941 968,785 46,069 34,646 972,909 31,105 538,979 929,545 67,889 190,661     145,411         22,171 4,697,196   3,604,257      3,692,902 I     468,957     461,484        333,836 46,745      46,169         54,703 I       4,000 852,338 8,000 1,138,843 12,000 72,965 1,372,040   1,654,496        473,504
    $58,498,830 $57,105,532    $46,145,041 I
62 1

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA                                         Page 2 of 2 Comparative Balance Sheets September 30, 1985, 1984, 1983, 1982 and 1981                                           ,
l           LIABILITIES AND UTII,ITY EQUITY                          1985       1984 l
UTILITY EOUITY:
l W
l    Contributed capital                                      $14,580,916 $13,591,323
;    Retained Earnings:                                                                  g j       Reserved for net restricted assets                        7,896,516   7,425,519  3 Unreserved                                                1,901,522   4,044,432 i                                                                 9,798,038  11,469,951    ,
TOTAL UTILITY EQUITY                                   24,378,954  25,061,274    l LONG-TERM DEBT:                                                                       g Revenue certificates payable (net of                                               E current portion)                                         31,415,000  30,595,000 Less: Unamortized debt discount                                722,938     702,283 TOTAL LONG-TERM DEBT                                   30,692,062  29,892,717 DEFERRED CREDITS AND OPERATING RESERVES:                                              l Deferred compensated absences                                  257,951     244,784  "
Reserve for nuclear re-fueling and maintenance outage                                           14,933     133,652  g l    Reserve for nuclear plant decommissioning costs                 68,173      36,000  3
!         TOTAL DEFERRED CREDITS AND OPERATING RESERVES             341,057     414,436 CURRENT LIABILITIES (Payable from current assets):
Accounts payable                                             1,152,989     861,238 Accrued liabilities                                            480,477     414,801 Due to other governments                                       287,256     156,082 Energy cost adjustments payable                                    -       567,755 Nuclear fuel disposal fees payable                                 -       145,472 1,920,722   2,145,348 CURRENT LIABILITIES (Payable from restricted assets):
Accounts payable                                               163,858     163,381 Customers' deposits                                            556,411     561,969 Revenue certificates payable (current portion)                 700,000     560,000 Accrued interest payable                                     1,191,054   1,250,832 2.611,323   2,536,182 l
m TOTAL CURRENT LIABILITIES                               4,532,045   4,681,530 TOTAL LIABILITIES                                      35,565,164  34,988,683 I
TOTAL LIABILITIES AND UTILITY EOUITY                        $59,944,118 $60,049,957 63

I 1983           1982           1981 I $12,153,981     $11,200,933    S 7,964,261 6,965,904       8,176,177      4,772,022 3,881,653       3,098,246      5,474,582 10,847,557      11,274,423     10,246,604 23,001,538      22,475,356      18,210,865 I   30,975,000      31,330,000     25,485,000 710,331        718,153        554,915 30,264,669      30,611,847     24,930,085 I        216,863        181,831             -
I          21,731         31,402            -
238,594        213,233             -
1,368,524         599,029        641,374 I        381,431 234,487 282,153 125,805 193,822 107,156 1,984,442       1,006,987        942,352 409,014     1,743,847      1,147,324 810,116         709,267       589,415 530,000        345,000        325,000 I     1,260,457 3,009,587 2,798,109      2,061,739 4,994,029       3,805,096      3,004,091 35,497,292     34,630,176     27,934,176 I
I  ''* ''"'*'      ''''' ''''     ''' '''' ''
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UTILITIES COMMISSION                                            l CITY OF NEW SMYRNA BEACH, FLORIDA                  Page 1 of 2          M STATEMENT OF REVENUES , EXPENSES AND CilANGES IN El:TAINED EARNINGS For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985          1984 OPERATING REVENUES:
Sales                                                    $19,395,812      $17,380,658 Other revenues                                                 140,166          141,069 TOTAL OPERATING REVENUES                             19,535,978       17,521,727 OPERATING EXPENSES:
Production expenses                                        10,637,458        8,686,618 Transmission, distribution and sewage collection            1,868,923        1,710,284 Customer accounting                                            547,952          496,921 Administrative and general                                  2,311,726        2,214,716 Required payments to the                                                                       g City of New Smyrna Beach                                  1,122,521       1,047,779         g State utilities tax                                            170,406          145,297 Depreciation                                                 1,625,220       1,604,757 TOTAL OPERATING EXPENSES                              18,284,206       15,906,372         I OPERATING INCOME                                        1,251,772       1,615,355 ADD: NONOPERATING REVENUE:
Interest earnings                                            1,091,630       1,076,576          g Other incone                                                    161,610         411,860         g Gain on disposal of fixed assets                                   3,291             301 TOTAL NONOPErATING REVENUE                              1,256,531        1,488,737 TOTAL INCOME                                            2,508,303       3,104,092 LESS: NONOPERATING EXPENSES:
Interest and debt expense                                   2,376,681       2,465,284 Other expenses                                                   63,926              -
Loss on disposal of fixed assets                                      560         16,414 TOTAL NONOPERATING EXPENSE                             2,441,161        2,481,698 NET INCOME (LOSS) BEFORE INFREQUENT AND EXTRAORDINARY ITEMS                                     67,136         622,394 INFREQUENT ITEM:
Loss from sale of steam generating plant                       532,377               -
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM                                                  ( 465,241)                -
EXTRA 0RDINARY ITEM:                                                                               l Loss from defeasance of debt                                 1,206,672                -
E NFT INCOME (LOSS)                                   S(1,671,913) S         622,394 65 I

I 1983         1982         1981
    $15,061,672 $13,644,748   $11,894,457 124,191       74,693        91,331 15,185,863   13,719,441    11,985,788 8,241,667    7,297,762     5,744,288 1,420,397    1,409,742     1,113,301 400,372      315,595       304,241 2,079,755    1,776,286     1,612,993 877,629      826,719       705,868 84,181       84,350        57,196 1,515,523    1,284,052     1,054,506 14,619,524   12,994,506    10,592,393 I
566,339      724,935     1,393,395 1,144,035    1,111,615     1,010,548 I     211,636 100,499 6,394 222,106 1,355,671    1,218,508     1,232,654 1,922,010    1,943,443     2,626,049 I   2,314,563 1,927,066 1,527,731 34,313           -        210,995 2,348,876    1,927,066     1,738,726 I  ( 426,866)       16,377       887,323
    $( 426,866) $      16,377 $    887,323 I
66 J

UTILITES COMMISSION CITY OF NEW SMYRNA BEAC1!, FLORIDA                                     Page ? of 2 Statement of Revenues, Expenses, and Changes in Retained Earnings For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, 1981 l
E 1985           1984 RETAINED EARNINGS - BEGINNINC OF YEAR AS PREVIOUSLY REPORTED l
PRIOR PERIOD ADJUSTMENTS:
Resulting from a physical inventory and revaluation of utility plant Resulting from a change in accounting for sick leave RETAINED EARNINGS - BEGINNING OF YEAR -
AS RESTATED                                              $ 11,469,951   $ 10,847,557 NET INCOME (I.0SS)                                   ( 1,671,913)       622,394 RETAINED EARNINGS - END OF YEAR                          $ 9.798.038 S 11.469.951 I
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r 1983           1982        1981       i I               $10,246,604 I
1,178,613 I                    167,171)
(
S 11,274,423    11,258,046  $ 9,359,281 l
(   426,866)       16,377      887,323
    $ 10.847.557 $11.274.423    310.246.604 lE l
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f UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA                Page 1 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION                       l For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981          W 1985          1984 SOURCES OF WORKING CAPITAL:
Operations:
Net income (loss) before extraordinary item          $( 465,241) $       622,394 Items not requi ing working capital:                                              l E
Depreciation and amortizatien                          1,716,276     1,742,271 Increase in deferred compensated absences                 13,167        27,921 Increase (Decrease) m unfunded nuclear                                         g re-fuel and outage reserve                        (   118,719)      111,921  g Increase (Decrease) in unfunded reserve for nuclear plant decommissioning costs           (    36,000)       36,000 (Cain)/ Loss on disposal of utility plant-net           529,646        16,113 TOTAL FROM OPERATIONS BEFORE EXTPAORDINARY ITEM        1,639,129     2,556,620 Extraordinary loss from defeasance of debt           (1,206,672)           -
TOTAL FROM OPERATIONS AND EXTRAORDINARY ITEM             432,457     2,556,620 Contributions in aid of construction                         989,593     1,437,342 Decrease in noncurrent receivables                           178,555       201,124 Increase in other liabilities payable from                                          l W
restricted assets                                           75,141            -
Proceeds from sale of utility plant                          244,708        19,737 Decrease in other assets                                         660        19,452 Increase in reserve nuclear plant decommissioning costs                                                       68,173            -
Proceeds from sale of revenue certificates (net)           1,436,219            -
Decrease in restricted assets                                    -
1,175,614 1
i        TOTAL SOURCES OF WORKING CAPITAL                       3,425,506     5,409,889 USES OF WORKING CAPITAL:
Additions to utility plant                                 2,456,659     2,746,825 Increase in restricted assets                                546,138     1,161,824  E Reduction of long-term debt                                  505,000       380,000  g Expenses of sale of refunding revenue certificates           237,887            -
Increase in unamortized revenue bond discount and debt issue costs                                  -
Increase in other assets Decrease in other liabilities payable from restricted assets                                              -         473,405      .
Increase in noncurrent receivables                               -
TOTAL USES OF WORKING CAPITAL                          3,745,684     4,762,054 NET INCREASE (DECREASE) IN VCRKING CAPITAL         $( 320.178) $       647,835 I
69

I 1983             1982            1981 I S( 426,866)      $       16,377  $     887,323 1,633,401       1,382,833       1,132,811 35,032           37,097              -
(      9,671)         31,402              -
34,313    (      6,394)       210,995 1,266,209       1,461,315       2,231,129 1,226,209       1,461,315       2,231,129 953,048       2,731,377       3,931,424 294,408               -               -
l             211,478         716,370         326,784 19,337           6,394           6,406 8,304           4,000 6,190,000                -
2,680,403               -       4,029,103 5,424,883     11,113,760       10,528,846 I      3,255,812 1,681,608 5,090,354 4,465,525 9,509,131 414,391 355,000         325,000                -
I          12,500        302,077                 -
4,479              -
160
                    -       1,061,648           78,925 5,309,399      11,244,604      10,002,607
        $      115.484   S(    130,844)  S     526,239 I                                                       :

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA                                        Page 2 of 2 STATEMENT OF CHANCES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985           1984 Increase       Increase (Decrease)     (Decrease)
ELEMENTS OF NET INCREASE (DECREASE)
IN WORKING CAPITAL:
Cash                                            S(     515,006) $     324,886 Investments                                       ( 500,000)         200,000 Accrued interest receivable                        (    12,547)   (     8,555)
Accounts receivabic (net)                               59,603         28,789 Unbilled accounts receivable                           238,724        239,670 Due from the City of New Smyrna Beach                   71,248         16,506 Due from other governments                              17,638         17,341 l           Inventory                                             206,999    (   134,048) g l          Prepaid expenses                                   (    78,111)       148,151  g Assessments receivable (current)                   (    28,352)   (    23,999)
Accounts payable                                  ( 291,751)          507,286 Energy cost adjustments payabic                        567,755    ( 567,755)
Accrued liabilities                               (     65,676)   (    33,370)
Due to other governments                          (    131,174)        78,405 Nuclear fuel disposal fees payable                     145,472    (   145,472)
NET INCREASE (DECREASE)
IN WORKING CAPITAL                 $( 320.178) $         647.835 I   :
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1 I             1983         1982                         1981 Increase     Increase                      Increase (Decrease)   (Decrease)                    (Decrease)
              $ 752,888 $( 145,541)    $                     108,454
( 200,000)    500,000                            -
( 10,233)      71,422                         23,643 32,386  (    5,755)                   (   180,569)
I             456,513 1,295 4,000
( 134,258)
( 504,333) 154,723 157,158
(   4,124)     43,364                         58,310 14,964  ( 36,784)                     (     6,174) 45,250     123,240                          6,842
( 769,495)     42,345                        299,088 I                  _
( 99,278)
( 108,682)
( 65,895)
(   18,649)
(
103,605) 8,369
              $ 115.484 $( 130.844)      $                   526.239 I
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72

F                                                                                             7 l'TILITIES COMMISSION CITY OF NEW SMYRNA BEACil, FLORIDA                             I m
SELECTED SEGMENT INFORMATION September 30, 1985, 1984, 1983, 1982, and 1981 Pollution Electric       Water       Control               l System       System       System       Total    W September 30, 1985 Operating revenue                     S15,473,671    S 2,615,605 S 1,446,702 S19,535,978 Depreciation                                837,482      309,663      478,075   1,625,220 g j   Operating income (loss)                  1,134,359       584,151  ( 466,738)    1,251,772 g Required payments to City of New Smyrna Beach                          884,966      153,583       83,972   1,122,521 Net income (loss)                      ( 685,780)     ( 354,042) ( 632,091) (1,671,913)
Contributions in aid of construction                              340,617    3,754,527  10,485,772   14,580,916 Utility plant acquisitions               1,235,742 2,244,185 972,978      898,111   3,106,831 g Utility plant retirements                                 48,646         2,070  2,294,901 E Revenue certificates payable           15,246,330     10,236,900    6,631,770 32,115,000 Utility equity                           7,012,091     6,193,927  11,172,936 24,378,954 September 30, 1984 operating revenue                     $13,800,387 $ 2,430,016 $ 1,291,324 $17.521,727 Depreciation                                855,679      288,791      460,287   1,604,757 Operating income (loss)                  1,503,949       601,921  ( 490,515) 1,615,355 Required payments to City of New Smyrna Beach                          831,409      141,522       74,848   1,047,779 Net income (loss)                           899,502      267,326  ( 544,434)      622,394 Contributions in aid of construction                             ,302,273    3,191,546  10,097,504   13,591,323     l Utility plant acquisitions               2,857,807     1,391,979      530,229   4,780,015     ,
Utility plant retirements                   102,959         2,005         -
104,964 gI Revenue certificates payable           14,825,501      9,699,886    6,629,613 31,155,000  3 l   Utility equity                           7,659,527     5,984,988  11,416,759 25,061,274       I l
September 30, 1983 Operating revenue                     $12,026,330 $ 1,980,611 S 1,178,922 $15,185,863 Depreciation                                794,560      268,117      452,846   1,515,523 l
m Operating income (loss)                     611,392      352,852  (   397,905)    566,339 Required payments to City of New Smyrna Beach                          694,580      113,909       69,140     877,629 Net income (loss)                      (     23,530)      41,587  ( 444,923) ( 426,866)
Contributions in aid of construction                              264,161    2,485,925    9,403,895  12,153,981 Utility plant acquisitions               1,140,396     1,316,508      798,908   3,255,812 Utility plant retirements                    95,943       28,323         4,181    128,447 Revenue certificates paynble           14,994,925      9,793,592    6,716,483 31,505,000 Utility equity                           6,721,913     5,012,041  11,267,584 23,001,538
,                                                  73 l

Pollution I                                   Electric System Water System Control System       Total September 30, 1982 Operating revenue             $11,152,100 $ 1,456,125 $ 1,111,216 $13,719,441 I   Depreciation Operating income (loss)
Required payments to City of 768,008 817,839 233,738 41,749 (
282,306 134,653) 1,284,052 724,935 New Smyrna Beach                673,977         85,551        67,241    826,719 Net income (loss)                 273,912      ( 143,190) (   114,345)     16.377 Contributions in aid of construction                    264,161      2,088,154    8,848,618  11,200,933 Utility plant acquisitions      2,997,232        940,775    1,152,347   5,090,354 Utility plant retirements          20,058         67,306      133,850     221,214 Revenue certificates payable   15,076,297      9,840,026    6,758,6'7  31,675,000 Utility equity                  6,745,442      4,572,682 11,157,?32    22,475,356 September 30, 1981 Operating revenue             $ 9,810,442 $ 1,154,658 S 1,020,688 $11,985,788 Depreciation                      770,570        160,303       123,633  1,054,506 Operating income (loss          1,251,898    (     67,143)    208,640   1,393,395 Required payments to City of New Smyrna Beach                576,058          69,156       60,654    705,868 Net income (loss)                 904,526    (     96,876)      79,673    887,323 Contributions in aid of construction                    248,153      1,285,250    6,430,858   7,964,261 Utility plant acquisitions      1,345,768      1,805,622    6,357,741   9,509,131 Utility plant retirements         219,983                     296,403     516,386 I
Revenue certificates payable   12,448,163      6,955,795    6,406,042 25,810,000 Utility equity                  5,163,041      4,534,550    8,513,274  18,210,865 I
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r UTILITIES COMMISSION CITY OF NEW SMYRNA BEACll, FLORIDA SCHEDULE OF REVENUE CERTIFICATE COVERAGE
;       For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985         1984 I   Gross Revenue Per Certificate Resolution                                            g Operating revenues                                    $ 19,535,978  S 17,521,727  m Interest and other income (excluding construction fund interest earnings)                  1,010,940     1,100,738 Connection fees                                             806,705    1,216,240 Assessment collections                                      210,910      191,210 21,564,533    20,029,915 Expenses Per Certificate Resolution Operating expenses Less: Depreciation expense 18,284,206    15,906,372  g
( 1,122,521)  ( 1,604,757) g Required payments to the City                   ( 1,625,220)  ( 1,047,779) 15,536,465    13,253,836 INCOME AVAILABLE FOR DEBT SERVICE                 6,028,068     6,776,079 Annual Debt Service Requirements Principal                                                   365,000      350,000 Interest                                                 2,429,728     2,506,508 Less: Interest funded from construction fund monies                                               -           -
                                                            $ 2,794,728   $ 2,856,508 COVERAGE RATIO (TIMES)                               2.16        2,37 I
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1983                    1982            1981
            $ 15,185,863            S 13,719,441       S 11,985,788 837,868                     723,398         621,646 I              448,832 260,404 413,580 485,396 342,606 10,268 16,732,967                  15,341,815      12,960,308 14,619,524                  12,994,506      10,592,393
( 1,515,523)                ( 1,284,052)    ( 1,054,506)
(    877,629)               (    826,719)   (    705,868) 12,226,372                  10,883,735       8,832,019 4,506,595                   4,458,080       4,128,289 345,000                     325,000              -
2,525,534                   2,030,964       1,766,066
(    351,125)               (    269,178)   (     84,985)
:           S 2,519,409            $ 2,086,786         S    1,681,081 1.79_                       2.14           ?.46 I
76

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA E
3 SCHEDULE OF SELECTED FINANCIAL RATIOS For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985    1984 Current ratio - current assets (unrestricted) divided by current liabilities (for unrestricted)         (Times)      2.58    2.57 Quick ratio - current assets (unrestricted) less inventories divided by current liabilities (for unrestricted)                                    (Times)       2.04    2.18 Current assets (unrestricted) divided by total assets                                            (Percent)     8.28%   9.17%
Current liabilities (total) divided by total liabilities                                       (Percent)    12.74%  13.38%
Current liabilities (unrestricted) divided by total liabilities                                        (Percent)     5.40%   6.13%
Current liabilities (total) divided by utility equity                                           (Percent)    18.59%  18.68%
Contributed capital divided by utility equity                                           (Percent)    59.81%  54.23%
Total liabilities divided by utility equity                                           (Times)       1.46    1.40 Revenue certificate debt (net) divided by utility equity                                           (Times)       1.26    1.19 Current liabilities (total) divided by total assets                                             (Percent)     7.56%   7.80%
Long-term debt divided by total assets                                              (Percent)    51.20%  50.47%
Total liabilities divided by                                                           l W
total assets                                             (Percent)    59.33%  58.27%
Sales divided by average accounts receivable                                       (Times)     19.99   18.78 Average collection period - average billed accounts receivable divided by average daily sales                                    (Days)      18.01   19.17 l
l 77

F I
1983   1982  1981 2.37   3.58   3.92 1.88  2.61   2.93 8.03%  6.31%  8.00%
l 14.07% 10.99% 10.75%
I 5.59%  2.91%  3.37%
21.71% 16.93% 16.50%
52.84% 49.84% 43.73%
1.54   1.54   1.53 l      1.32   1.36   1.37 l
1 8.54%  6.66%  6.51%
52.14% 53.98% 54.03%
60.68% 60.64% 60.54%
16.98  15.54  12.25 21.20  23.17  29.39 I
78

l   COMPREHENS VE i   ANNUAL FIN A \lCIAL g   R EPORT Fiscal Year Ended September 30,1985
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CITY OF
!sg                                            LEESBURG m.ce cw W '{! }. [. $l3
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LEESBURG, FLORIDA g

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COMPREHENSIVE ANNUAL FINANCIAL REPORT I                                O.THE CITY OF LEESBURG, FLORIDA
!                               FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1985 g
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FINANCE DEPARTMENT JAMES C. SCHUSTER FINANCE DIRECTOR I -  _ _ _ - - _                               _-      . _ _ - - _ - _ _ -_ -

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I CITY OF LEESBURG, FLORIDA I    COMMISSION - MANAGER FORM OF GOVERNMENT I
City Commission CHARLES C. STRICKLAND - Mayor C. JOE KNOWLES - Vice Mayor                                TED BOWERSOX I       SANNA HENDERSON                                         C. ROBERT LOVELL REX TAYLOR - City Manager I                           Finance Department JAMES C. SCHUSTER i                                     Finance Director I
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CITY OF LEESBURG, FLORIDA LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1985 ELECTED OFFICIALS Mayor-Commissioner                                Charles C. Strickland Commissioner Vice Mayor                                 C. Joe Knowles I Commissioner Commissioner Commissioner Sanna Henderson Ted Bowersox C. Robert Lovell APPOINTED OFFICIALS City Manager                                                  Rex Taylor City Attorney                                           Dewey Burnsed Directorof Finance                                   James C. Schuster Director of Economic & Community Development /
l      Ass't. City Manager                                 Greg A.Beliveau Director of Public Work & Engineering                  Richard Shanklin Police Chief                                              James Brown l
l   Fire Chief                                                   Jerry Works Directorof Parks & Recreation                  Clifford H. " Sonny" Bell Electric Utility Directcr                             Joseph Tardugno WastewaterTreatment Director                           Charles Bowman Gas and Water Director                                     Don L. Napier i
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I CITY OF LEESBURG, FLORIDA I                          COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTEIES Title Page Principal City Officials I         Table of Contents Chief Executive Officers' Letter of Transmittal Organization Charts FINANCIAL SECTION PAGE AUDITORS' REPORT                                               1 I         COMBINED STATEMENTS - OVERVIEW (" LIFTABLE" GENERAL PURPOSE FINANCIAL STATEMEIRS)
EXHIBIT 1    Combined Balance Sheet - All Fund Types and Account Groups    2-5 I    2    Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Go"ernmental Fund Types               6 3    Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget (GAAP Basis) and Actual General, Special Revenue, and Capital Projects Fund Types            7-8 4    Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types and Similar Trust Funds                                                  9 5    Corbined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds             10-11 6    Notes to Financial Statements                                12-30 I
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I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CCNTINUED PAGE COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES General Fund A-1   Balance Sheet                                                      31 A-2   Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget (GAAP Basis) and Actual                                   32 A-3   Statement of Revenues, Budget (GAAP Basis) and Actual             33-34 A-4   Statement of Expenditures, Budget (GAAP Basis) and Actual         35-41 A-5   Statement of Other Financing Sources and Uses, Budget (GAAP Basis) and Actual                                         42 I
Special Revenue Funds B-1   Combining Balance Sheet                                             43 B-2   Combining Statement of Pevenues, Expenditures, and Changes in Fund Balances                                                     44 B-3   Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Federal hevenue Sharing Fund        45 B-4   Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Ccmmunity Development Fund          46 B-5   Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual - Housing Assistance Fund                       47 I
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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CONTINUED PAGE I     COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (CONTINUED)
I     Debt Service Funds C-1 Combining Balance Sheet                                                                                                                                     48 C-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances                                                                                                                                          49 Capital Projects Funds D-1 Combining Balance Sheet                                                                                                                                     50 D-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances                                                                                                                                             51 I D-3 Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Airport Improvement                                                                                                                   52 D-4 Statement of Revenues, Expenditures and Changes in Fund Balance -
,         Budget and Actual - Industrial Park Development                                                                                                           53 D-5 Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - City Hall Renovation                                                                                                                  54 D-6 Project - Length Schedule of Contruction Projects                                                                                                           55 I     Enterprise Funds E-1 Combining Balance Sheet                                                                                                                                    56-59 E-2 Combining Statement of Operations and Changes in Retained Earnings (Deficit)                                                                                                                                               60-61 l E-3 Combining Statement of Changes in Financial Position                                                                                                       62-63 I
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I CITY OF LEESBURG, FLORIDA I
COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CONTINUED e
PAGE CCMBINING AND INDIVIDUAL FUND AND ACCCUNT GROUP STATEMENTS AND I
SCHEDULES (CONTINUED)
I Internal Service Fund F-1 Balance Sheet - Motor Pool Service Fund                                64 F-2 Statement of Revenues, Expenses and Changes in Retained Earnings -
Motor Pool Service Fund                                              65 F-3 Statement of Changes in Financial Position - Motor Pool Service Fund                                                                66 Fiduciary Fund Types G-1 Combining Balance Sheet                                                67 G-2 Combining Statement of Pevenues, Expenses and Changes in Fund              l Balances                                                             68  5 G-3 Combining Statement of Changes in Financial Position                    69 Account Groups H-1 Statement of General Fixed Assets By Sources                            70 H-2 Statement of General Fixed Assets - By Functions and 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 I
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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 I                               TABLE OF CONTENTS CONTINUED PAGE
                                                                                   ~
c-COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATU!ENTS AND SCHEDULES (CONTINUED)
I        Schedules I-1   Summary Schedule of Utility Plant in Service - Combined Utility Funds                                                          74 Schedule of Utility Plant in Service:
I-2        Electric Utility Fund                                       75 I-3        Gas Utility Fund                                            76 I-4        Water Utility Fund                                          77 I-5        Sanitary Sewer and Wastewater Treatment Fund                78 I  I-6 I-7 Sanitation Services Fund Motor Pool Fund 79 60 I-8   Combined Schedule of Investments - All Funds                    81-84 I-9   $19,999,999 Refunding Utilities Revenue Bonds, Series 1984 Debt Service Requirements to Maturity                          85 I-10  Utility Rate Schedules                                          86-90 I Tables 1   General Governmental Expenditures - By Function                   91 2   General Revenue - By Source                                       92 3   Property Tax Levies and Collections                               93 4   Assessed Value of Exempt and Taxable Property                   94-95 5   Property Tax Rates - All Overlapping Governments                  96 I
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I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 l
TABLE OF CONTENTS CONTINUED                  I l
Tables                                                            PAGE Tables (Concluded) l 6   Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures                 97      ,
l 7   Computation of Legal Bonded Debt Margin                     98 8   Computation of Overlapping Debt                             99 l
9   Ratio of Annual Debt Service Expenditures for General               l Bonded Debt to Total General Expenditures                100 10   Combined Utility Funds Schedule of Revenue Bond Coverage   101 11   Demographic Statistics                                     102 12   Property Value, Construction and Bank Deposits             103 13   Principal Taxpayers                                        104 14   Miscellaneous Statistical Data                             105 15   Miscellaneous Statistics                                   106 16   Corporate Limits and Annexations                           107 17   Schedule of Insurance in Force                           108-110 I
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       .                               CITV
  ' ***                                 OF
         ..                              LEESBURG The Complete City I.          ,. p g g s
       %                                b                     ['     d e
March 1, 1986 Honorable Mayor & Members of the City Commission City of Leesburg Leesburg, Florida                                             32748 Ladies and Gentlemen:
I                                                          The Comprehensive Annual Financial Report of the City of Leesburg, Florida, for the Fiscal Year ended September 30, 1985, is herewith submitted. This report was prepared by the City's Finance Department . Responsibility for the I            accuracy of the presented data and the completeness and fairness of the presen-tation including all disclosures, rests with the City. We believe the data, as 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 I            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 maintained on the accrual basis.
In developing the City's accounting system consideration is given to the adequacy of internal accounting controls.                                                                Internal accounting controls are I            designed to provide reasonable, but not absolute assurance regarding:
: 1. the safeguarding of assets against loss from unauthorized use or disposition, and
: 2. the reliability of financial records for pre-paring financial statements and maintaining I                                                                     accountability for assets.
The concept of " reasonable assurance" recognizes that:
: 1. the cost of a control should not exceed the benefitn likely to be derived, and i
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I                                                           post offce bo/ 630 - leesburg flonaa 32749-0630                             904-787-4313

Honorrble Mayor, Mrmbers of the City Commission I
March 1, 1985
: 2. the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework.            We believe that the City's internal accounting controls adequately safeguard assets       l and provide reasonable assurance of propet recording of financial transactions,        u Budgetary control is a general management control function and is accom-modated through the integration of budgetary and financial accounting. Budget-g g
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 Comission.
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-          g closure in the financial statements. The content of the notes provides narra-tive descriptions of accounting methods and practices employed by the City and g
discloses additional financial data that may be more informative to the state-ment user.
The Peporting Entity and It's Services The funds and entities related to the City of Leesburg included in the comprehensive annual financial report are controlled by or dependent on the City. Determination of " controlled by or dependent cn" is based on criteria developed by the U.S. Federal Bureau of the Census.          The criteria relates to existence as an organized entity, governmental character, and substantial l
m autonomy. Based on these criteria, the various funds and account groups (being all the fund and account groups of the City) listed in the Table of contents are included in this report.
The City provides the full range of municipal services contemplated by statute or charter. This includes public safety (police and fire) , highways and        l streets, airport operations, sanitation, recreational and cultural services,            E public improvements, comprehensive planning and general administrative services.
In addition, the City operates and maintains electric, water, gas, and waste-water treatment / sanitary sewer utilities.
General Governmental Functions Revenues, for general government functions included in the General Fund, Special Pevenue Funds, the Debt Service Fund and the Capital Project Fund, totaled     $3,468,995. Other   financing  sources   totaling   04,854,241  were B
principally comprised of operating transfer from utilities of $2,659,861 and            g bond proceeds of $2,194,380.         The Electric Utility operating transfer was increased by $500,000 for Fiscal Year 1984 and reduced the like amount for Fiscal Year 1985.      In effect, part of the utility transfer for 1985 was booked in 1984 to help stabilize the Electric system's rates for the projected Crystal River #3 nuclear plant downtime expense in 1985.
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Honorabla Mayor, M:mburs of thn City Commission March 1, 1985 The following table presents the various financing sources for general government and the increase (decrease) over the prior year:
All Governmental Funds Increase 1984           1985                 Percent     (decrease)
Amount         Amount                of total     from 1984 Financing Sources Revenues:
I      Property taxes Licenses and permits Intergovernmental revenues:
S     965,947 113,216 S 1,052,868 127,475 12.65 1.53 S 86,921 14,259 Shared revenue                                                                                        940,778      1,098,502                 13.20       157,724       ,
Operating Grants                                                                                      298,521        270,516                  3.25     ( 28,005)       l Capital Grants                                                                                        324,458        238,133                  2.86     ( 86,325)
Charges for services                                                                                    119,118        158,588                  1.91        39,470 I    Fines and forfeits Other revenues Total Revenues 117,993 214,098 3,094,129 143,904 379,009 3,468,995 1.73 4.55 41.68 25,911 164,911 374,866 I    Other Financing Sources:
Debt proceeds Operating transfers 1,600,000 3,211,477 2,194,380 2,659,861 26.36 31.96 594,380 (551,616)
Total Other Financing Sources                                                                              4,811,477      4,854,241                 58.32        42,764 Total Revenues and Other Financing Sources                                                                             S 7,905,606       S 8,323,236                100.00    $ 417,630 Current tax collections were 99.8% of the tax levy, up 3.40% from last year. This is the twelfth consecutive year in which current property tax collections have exceeded 96%.                                                                          Delinquent tax collections were 0.01% of the total tax levy. The ratio of total collections (current and delinquent) to the current tax levy was 99.8%, an increase of 3.40% from last year. Allocations of l   property tax rate (per $1,000 of taxable value) by purpose for 1985 and the preceding two fiscal years are:
Purpose                                                                                                         1985            1984                        1983 General Fund                                                                                                 S 3.967         S 3.727                    S 3.910 General Obligation Debt                                                                                                                                          Total tax rate                                                                                         S 3.967         $ 3.727                    $ 3.910 Operating grants decreased primarily due to the decrease in activity of the Community Development Program.                                                                         The capital grant decrease reflects the de<;ree of completion of the airport capital improvement project. Shared revenues have I experienced          positive growth reflecting the current economic recove ry, the City's half-cent portion of the state's additional one-cent cales tax, and new revenues from the local option (two-cents) gas tax.
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Honorable Mayor, M:mbers of the City Commission March 1, 1985 Expenditures for general government functions totaled $7,713,896 which excludes operating transfers of $305,026.            Total expenditures increased
$1,708,376 from $6,005,520 to $7,713,896. Changes in expenditures by function and operating transfers over the preceding year are presented as follows:
Increase 1984        1985      Percent     (decrease)
Amount       Amount     of total     from 1984 Other Financing Uses                '
Expenditures by Function:
General Government             S   521,701   S   592,568      7.39 $      70,867 Public Safety                    2,190,947     2,257,055     28.15        66,108 Physical Environment               250,424       250,850      3.13           426 Transportation                      590,267      795,043      9.91       204,776 Economic Environment                112,726        20,723      .26   (    92,003)
Human Services                      135,498      166,630      2.08        31,132 Culture and Recreation           1,209,820     1,356,032     16.91       146,212 Capital Projects Fund              949,833       359,099      4.48   ( 590,734)
Debt Service Fund                    44,304    1,915,896     23.89     1,871,592 Total Expenditures                    6,005,520     7,713,896     96.20     1,708,376  l Other Financing Uses                                                                 5 Operating Transfers                954,773       305,026      3.80   ( 649,747)
Total Expenditures and Other Financing Sources           S 6,960,293   $ 8,018,922    100.00 S 1,058,629 The debt service increase is due to the issuance of a $2,250,000 bond issue for various capital improvements. The operating transfer decline is due to the one-time transfer to the Debt Service Fund of amounts sufficient to pay the principal due on a short term note.
Long-Term Debt Issues The City issued $2,250,000 in refunding and capital improvements bonds to finance the renovation of City Hall, City Hall Annex, Community Building and Library and to finance an industrial park. The bond proceeds were used to make principal payments on notes used as interim financing.
The City refunded its Utility Revenue Bonds, Series 1977 in the amount of
$12,020,000 by the issuance of the S19,999,999 Pefunding 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 2 on page 16 provides additional discussion of the transaction, including an extraordinary gain of S3,669,458.
Table 10 in the Statistical Table section presents the revenue bond cover-age for the combined utilities.       For 1985 the utilities' ratio of net revenues available to debt service requirements was 2.59 which is a 0.48 decrease over 1984. This descrease is primiarily due to the increase in debt service required under the refunding.                                                                   g iv                                         3 I

Honorablo M_yor, M:mbers of th2 City Commission March 1,1985 I             n--        _      ;                                 _-
Cash Nanagement Cash temporarily idle during the year was invested in U.S. Treasury Bills and Bonds of various maturities and in other U.S. Obligations as shown on the I   Combined Schedule of Investments. 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 this year was
    $658,801, a decrease of $303,090 over interest earned on temporary investments in Fiscal Year 1984.
Capital Projects Funds I        The City continued its improvements to the airport through Federal, State and Local grants totaling $238,133.
continue through 1986.
This improvement program is expected to General Fixed Assets The general fixed assets of the City are those fixed assets used in the I   performance of general governmental functions and exclude the fixed assets of Enterprise and Internal Service Funds. As of September 30, 1985, the general fixed assets of the City amounted to $10,923,171. This amount repre.mnts the original cost of the assets and is considerably less than their present value.
Depreciation of general fixed assets is not recognized in the City's acccunting system.
City Utilities On the whole the City's electric, water, natural gas, and wastewater I   utilities changes in financial position were as e xpected.            The combined utilities current asset to current liability ratio was 2.30 for 1985 which compares favorably with the same ratio of 1.95 for 1984.         Net income be fore operating transfer in 1985 was $3,281,489 compared to $3,724,739 for 1984, a I   decrease of $443,250 or 11.9%.       This performance is primarily due to the refueling outage of the Crystal River #3 nuclear generating plant. Anticipating the refueling outage in 1985 the City transferred an additional $500,000 in 1984
* and reduced the 1985 transfer accordingly, thus attempting to equalize the two years. Consequently, the net income after operating transfer for these Combined Utilities totaled $926,653 for 1985 as compared to $568,035 for 1984. Retained I   earnings increase from $14,942,191 to $15,868,844. The net income (loss) for the individual utilities for the periods ending September 30, 1983, 1984 and 1985 was as follows:
1983            1984            1985 Electric                   $   24,870       S 392,749       S 595,089 Gas                            69,113          37,066          59,349 Water                         103,144         109,458         188,838 Wastewater Treatment and Sanitary Sewer         116,626          28,762          83,377 S 313,753        S 568,035       S 926,653 v
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Honorablo Mayor, Memb:ra of th3 City Comission March 1, 1985                                                                         4 The Elect ric utility haa experienced fluctuations in prior years' net incore 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 and the current years' net income    l reflects this stabilization.                                                        m The Gas, Water and Wastewater Utilities have generally maintained their       g financial position. The Gas system's performance has reflected the impact of      g the citrus freezes of 1984 and 1985. However, the improved positions of both the Water and Wastewater systems have offset this decline.
Independent Audit The City Charter requires an annual audit of the books of account,            g financial records, and transactions of all departments of the City by inde-         3 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.
Reporting Standards The Governmental Finance Officers Association c ~ the United States and Canada (GFOA) awarded a Certificate of Conformance in F.nancir.1 Reporting to the City of Leesburg, Florida for its comprehensive annual fie Acial report for the     g Fiscal Year ended September 30, 1982, the second of the City's reports to be so     g awarded. However, due to a qualified opinion for Fiscal Year 1983 referencing General Fixed Assets and utility plant accounts, the GFOA would not review the subsequent reports for conformance to program standards.
In order to be awarded a Certificate of Conformance, the City must publish an easily readable and efficiently organized comprehensive annual financia          E report, whose contents conform to program standards. Such reports must satisfy      3 both generally accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only. With the exception stated in the qualified opinion, it is believed that the current report would continue to conform to Certificate of Conformance Program require-ments, and the report would have been submitted to GFOA to determine its            l eligibility for another certificate.                                                5 Auditors' Peport 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. Although historical costs had been accumulated in plant accounts, unit property records are not readily subject to inventory. The City, however, does not necessarily agree that current valuations are materially incorrect vis a vis historica          E cost. The auditors' exception to the propriety of amounts in the property,        g plant and equipment of the Enterprise Funds and General Fixed Assets Group vi I

Honorable Mayor, Members of the City Commission March 1, 1985 Accounts is due primarily to the exclusion of administrative overhead cost to I force accounts for assets constructed by the City for its own use. The majority of assets are constructed for the City by private contractors and the amount of increase in historical cost due to assignment of administrative overhead cost would not necessarily materially increase the value of fixed assets.
Acknowledgements The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I would like to express my appreciation to all members of the i
g Department who assisted and contributed to its preparation. I should also like 5 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.
Respectfully submitted, i                                     Rex' Taylor 1
S f1 City Manager cr_         !
Jam *s C. Schu ter C y Clerk /Fi ance Director I
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FINANCE                    CITY CLERK &           ORGANIZATION FINANCE DIRECTOR DEPARTMENT                                     .
CHART EXECUTIVE SECRETARY CITY CLERK ACCOUNTING                COLLECTIONS OFFICE DATA                     CUSTOMER PROCESSING                   SERVICE

m m m     m      m     m    m     m    m      m      m      m   m m     m     e   e e e City cf Lee: burg ORGANIZATION CHART CITY COMMISSION l
I CITY CLERK &                      CITY                     CITY            I FINANCE DIRECTOR                   MANAGER                  ATTORNEY FINANCE             ENGINEERING &             PERSONNEL       PURCHASING DEPARTMENT            PUBLIC WORKS              DEPARTMENT      DEPARTMENT 1                        I                I FIRE                  POLICE                    CITY         PARKS AND DEPARTMENT             DEPARTMENT                 LIBRARY       RECREATION I                    I                        I                I WATER & GAS            WASTEWATER                ELECTRIC       COMMUNITY &
DEPARTMENT              TREATMENT               DEPARTMENT    ECONOMIC DEVEL.

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This Section Contains the Following Subsections:
AUDITORS' REPORT I  GENERAL PURPOSE FINANCIAL STATEMENTS COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS SCHEDULES I
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PURVIS GRAY AND COMPANY CERTIFIED PUBUC ACCOUNTANTS                                 naassonne oF I
AusRfCAN SNeTTTUTE .P
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      ,"'                         Post omcE aox assee         222 NOMTHEAST teT STREET                          gg CanTytan Pueue AccouwTawve e E.c. PeacTica sacTiome             TELEPHONE 378 2483 AREA CODE 904 GAINESVILLE. FLORIDA 32602 I
AUDITORS' REPORT Honorable City Commissioners City of Leesburg Leesburg, Florida We have examined the combined financial statements of the City of Leesburg, Florida, as of and for the year ended September 30, 1985, as listed in the table of contents.
Except as explained in the following paragraph, our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
We did not obtain 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 I       presented at cost or estimated 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 in the Enterprise Funds and the propriety of amounts recorded as fixed assets in the general fixed assets group of accounts, the combined financial statements referred to above present fairly the financial position of the City of Leesburg, Florida, at September 30, 1985, 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 applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole.               The combining, individual fund and account group statements listed in the table of contents and columns on the accompanying combined financial statements captioned " Total (Memarandum Only)" are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Leesburg, Florida.                  The information has been subjected to the auditing procedures applied in the examination of the combined financial I       statements and, in our opinion, except for the effects of such adjustments, if any, related to the matters discussed in the second paragraph, is f airly stated in all material respects in relation to the combined financial statements taken as a whole.
January 17, 1986                                             ,
A        MM       %D I
OFFICES IN GAINESVILLE AND OCALA

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I I              GENERAL PURPOSE I         FINANCIAL STATEMENTS I          (Combined Statement-Overview)
I These basic financial statements provide a summary overview of l the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detailed statements and schedules that follow in the next g Subsection.
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CITY OF LEESBt1tc. FI0RIDA I
COMBINED BALANCE SHEET - A1.1. FUND TYPES AND ACCOUNT GROUPS September 30, 1985                                        Exhibit 1 Governmental Fund Types Special              Debt            Capita!   '
General               Revenue             Service          Pre' e Assets Cash in Cash Investments                       $ 2,209,333           $    85,127        * $ 542,192         $ 390,770 Investments at Market Value Receivables:
Custooer Accounts A11cwance for doubtful accounts Accrued Interest                                   30,469 Other Receivables                                  26,925               69,776 Due from Other Funds                               114,757                                                     33,100 Due from other Governments                           64,700               54,743                              177,657 Inventory, at Cost             ,                      8,015 Restricted Assets Cash & Cash Investments Property Plant and Equipment at Cost I
General Fixed Assets Accumulated Depreciation Construction in Progress Estimated 1.andfill Closure Cost Long-Term Receivables Deferred Issue Cost, Net Amount Available in Debt Service Funds Amount to be Provided for Retirement of General Long-Term Debt Total Assets                                 $ 2,454,199             $ 209,646          $ E'.192          $ 601,527 See Accompanying Notes                                (Continued) 1 of 4 I
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I                                            CITY OF 1EESBI,'RC, RORIDA COMBINED SA1MCE SHEET - All F1'ND TYPES AND ACC0t;NT CROl'PS Septester 30, 1985                                           Exhibit 1 9
Fiduciary Preprietary Fund Tvves         Fund M e                  Acccunt Groups General           General                   Totals Internal       Trust And           Fixed             Long-              (Hemorandum Only)
Enterprise      Service          Agency           Assets           Ters Debt           1985                 19 %
S 3,845,359      $ 48,344      $   934,096      $                 $               $ 8,055,225          $ 5,607,275 5,841,066                                            5,841,066             4,611,620 I (
3,832,997
        $15,293) 227,958                      130,349
(
3,832,897 515,293) 388,776
(
3,118,230 414,329) 258,778 I       168,955 36,291 78,371 132,992 395,183 297,100 94,717 1,108,415 155,539 823,106       8,218                                                               839,339               779,009 7,931,037                                                                          7,931,037             9,867,579 46,774,661       35,458                                                            46,810,119            43,664,224 I ( 13,757,721) 1,763,578 (28,463) 10,923,171                         10,923,171 (13, *B 6,18 4) 1,763,578 10,160,579 (12,026,396) 1,074,172 1,723,303                                                                          1,723,303                     0 I        27,254 163,511 435,842 27,254 163,511 435,842 31,656 170,322 103,501 2,467,044         2,467,044             2,194,028
  $ 53,Cc8,605     5 63,561      $ 7,020,173     $ 10,923,171       $ 2,902,886     $ 77,725,960         $ 70,578,919 See Accorpanying Notes                                 (Continued) 2 of 4 I
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CITY OF IIESBiltC, F1.0RIDA (IF.BDTD BALANCE SIEET - ALL PJND ITPES AND ACCOUNT CROUPS September 30, 1985                                       Exhibit 1 W Coverreental Fund Wres Special            Debt           Ca pital Ceneral            Revenue           Service         Pre! acts Liabilities Accounts Payable                                  S    149,764          S 55,139         $                $ 51,281 Accrued Expenses                                         1,964 Custceer Advances for Construction Due tc Other Goverreents                                                   86,763 Due te Otber Funds                                      63,597             13,314                           126,376 Payable from Restricted Assets:
Customer Deposits Accrued Interest on Revenue Bonds                                                        106,350 Reveeue Bonds Payable Other Notes Payable Estimated Landfill Closure Costs Payable Refunding Revenue Bonds Payable, Series 1984                                                                         W Accrued Interest on Capital Appreciation Revenue Bonds Unamortized Discount Unearned Revenues                                       57,435 Total Liabilities                               272,760            155,216          106,350          177,657 Fund Ecuity Contributed Capital Invest =ent in General Fixed Assets Retained Earnings:
Reserved Unreserved Fund Balances Reserved                                              19,777              5,506          435,842          423,870 Unreserved                                         2,161,662             48,924 Total Fund Equity                             2,181,439             54,430          435,842          423,870 Total Liabilities and Fund Equity         S 2.454,199           $ 209,646        $ $42,192        S 601,527 See Acccepanying Nctes                            (Continued) 3 of 4 I
4

I I                                              CITY OF t.EESBURG, FIIRTDA I                            COMBINED BALANCE SNEET - ALL Ft'ND TYPES AFD ACCOUNT GROUPS September 30, 1985                                      Exhibit 1 Fiduciary Proprietarv Fund Types         Fund Tvpe                  Account Croups General          Gene ral                  Totals Internal       Trust And              Fixed            Long-             (Memorandum ontv)
Enterertse      Service         A t enev            Assets          Terls Debt        1985                1984 I$   2,755,128 567,116 144,745
                    $ 11,544 3,787 5         100      $                $
342,695
                                                                                     $ 3,022,956 915,562 144,745 S 1,838,904 973,425 138,776 I        132,942         474             8,480 86,763 395,183 77,761 1,108,416 909,300                                                                          909,300            816,589 976,433                                                                        1,082,783            518,355 2,415,000        2,415,000            205,000 145,191          145,191          1,765,472 1,619,000                                                                          1,619,000                   0 19,999,999                                                                         19,999,999         19,999,999 I
68,993                                                                           68,993 I(       121,451)                                                                    (    121,451) 57,435
(    126,515) 52,292 27,102,205        15,805             8.580                         2,002,886       30,741,459         27,368,474 I
I   10,131,891        15,979 10,923,171 10,147,870 10,923,171 9,966,973 10,160,579 3,025,547                                                                          3,025,547          2,377,359 12,748,962        31,777                                                           12,780,739         12,355,218 I                                  7,011,593                                            7,696,588 2,210,586 5,968,902 2,381,414 25,906,400        47,756       7,011,593          10,923,171                       46,984,501         43,210,445 S 53,cca,605     $ 63,561      S 7,020,173       $ 10,923,171      S 2,902,886    $ 77,725,960        $ 70,578,019 I
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I Cl*Y OF LEESB11tc. F1.0RIDA CCMBINED STA*EMIST OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCES - ALL COVERNMENTAL FUND TYPES Year Ended September 30, 1985                                 Exhibit 2 Governmental Fund Tvres Totals Special       Debt     Capital        memorandum only)
General      Revenue      Service   Pro!ects       1985          1984 Revenues:
Taxes                                  S 1,052,868 $             $            $           $ 1,052,868 S     965,947 Licenses and Permits                        127,475                                           127,475       113,216 Intergevernmental Revenue                               270,516                  238,133      508,649       622,979 g Shared Revenues                           1,098,502                                         1,098,502       940,778 g Charges for Services                        158,588                                           158,588       119,118 Fines and Forfeitures                       143,904                                           143,904       117,993 Miscellaneous                               368,912                                           368,912       114,098 10,097               "
Interest Income                                                                   10,097                          0 Total Revenues                      2,950,249     270,516                  248,230    3,468,995    3,094,129 Expenditures:
Current:
General Government                        577,510      15,058                               592,568       521,701 Public Safety                           2,257,055                                         2,257,055    2,190,947  =
Pbysical Envircement                      250,850                                           250,850       250,424 Transportation                            726,618      68,425                               795,043       590,267 Economic Envirotrzent                                  20,723                                20,723       112,726 Human Services                              8,436     158,194                               166,630       135,498 Culture / Recreation                    1,356,032                                         1,356,032    1,209,820 Capital Projects                                                                 359,099      359,099       949,833 l Debt Service                                                       1,915.896                1,915,896        44,304 W Iotal Expenditures                  5,176,501     262,400 1,915,896        359,099    7,713,896    6,005,520 Excess (Deficiency) of Revenues
,         over Expenditures                  (2,226,252)      8,116 (1,915,896)     (110,869)  (4,244,901)  (2,911,391)
Other Financing Sources (Uses):
Bond and Note Proceeds                                             1,949,318     245,062    2,194,380    1,600,000 Operating Transfers In                    2,354,836                  298,919       6,106    2,659,861    3,211,477  g Operating Transfers Out                  ( 305,026)                                        ( 305,026) ( 954,773)    g Total Other Financing Sources (Uses)                      2,049,810                2,248,237     251,168    4,549,215     3,856,704 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Uses        ( 176,442)       8,116      332,341     140,299      304,314       945,313 Fund Balances at Beginnleg of Year          2,357,881      46,314      103,501     283,571    2,701,267    1,845,954 Fund Balances at End cf Year             $ 2,181,439 $ 54,430 $ 435,842 $ 423,870 $ 3,095,581 $ 2,791,067 See Accompanying Notes 6-

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g Cm 0F IIESBURC, 710RIDA CCMBINED SIAIEME2.T CF REVESTES, EXPENDI!i"RES, AND CHANCE 3 IN R*ND BALANCES - BCDGET (CAAP BASIS) Abt ACTUAL GINERAL, SPECIAL REVEN1'E AND CAPITAL PROJECTS FUD TYPES Year Erded September 30, 1985                                   Exhibit 3 Ceneral Fund Variance Favorable Budaet                 Actual               (t'nf averable)
Taxes                                               S 1,047,000            S 1,052,868               S         5,868 Licenses and permits                                   115,100                127,475                       12,375 Shared Revenues                                      1,049,900              1,098,502                       48,602 Charges for services                                   180,800                158,588                  (    22,212)
Fines and forfeitures                                  137,000                143,904                         6,904 Miscellaneous                                          l'8,300                368,912                      190,612 Interest Income Total Revenues                                     2,708,100              2.950,249                      242,149 Expenditures:
General Government                                     718,000                577,510                      140,490 Public Safety                                        2,353,000              2,257,055                       95,945 Physical Environment                                   262,100                250,850                       11,250 Iransportation                                          780,900               726,618                       54,282 Eccccsic Environment Human Services                                            8,900                  8,436                          464 Culture / Recreation                                 1,463,100              1,356,032                      107,068 Capital Projects Total Expenditures                                5,586,000              5.176,501                      409,494 Excess (Ceficiency) of Revenues Over Expenditures                               ( 2,877,900)           ( 2,226,252)                     651,648 Other Financing Sources (Uses):
Bond and Note Proceeds 2,354,900              2,354,336                (           64) l g
Operating Transfers In Cperating Transfers Out                            (     63,300)          (    305,026)             (      241,726)
Tctal Other Financing Sources (Uses)              2,291,600              2,049,810               (      241,790)
Excess (Deficiency) of Revenues and Otber Sources over Expenditures and                                                                               E Cther Uses                                      (    586,300)          (   176,442)                     400,858   g Fund Balances at Beginning of Year                     1,744,858              2,357,881                      608,023 Fund Balances at End of Year                         S 1,163,558            $ 2,181,439               $ 1,017,841 I
See Accompanying Notes                          (Continued) 1 of 2
                                                             -7*
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I CITY OF IIESBiltC, FLORIDA COM3INEt STAMYll CF REVEhu$, EXPENDITURES, AND CHANCES IN ftND BAI.ANCES - BCDGET (GAAP EASIS) AND ACTUAL I
GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS 7TND TYPES Year Ended September 30, 1985                               Exhibit 3 Special Reverue b d Tvret                                     Capital Projects Fund Tvpes Variance                                                     Variance Favorable                                                    Favorable Budget               Actual           (t'nf avorable)             Budget           Actual          (Unfavorable)
I $                 S                        S                    $                 $                     $
340,704             270,516                 { 70,188)            123,150           238,133                 114,983 10.097                  10,097
    % 0,704             270,516                 ( 70,188)            123,150           248,230                 125,080 9,800              15,058                 ( 5,258)
I    91,900              68,425 20,723 23,475 10,681 31,404 251,900             158,194                   93,706 422,050           359,099                  62,951 385,004             262,400                  122,604             422,050           359,099                  62,951
( 44,300)               8,116                   52,416            (298,900)         (110,869)               188,031 283,550           245,062               ( 38,488)
I                                                                     15,350             6,106               ( 9,244) 298,900           251,168               ( 47,732)
( 44,300)               8,116                   52,416                               140,299                140,299 44,300              46,314                     2,014                              283,571                283,571
  $                   $ 54,430                 $ 54,430           $                 $ 423,870            $ 423,870 I
See Acceepanying Notes                        (Concluded) 2 of 2 I
I

C!N OF LEISBtTC, FifRfDA I
COMSINED STATEME ."2 0F REVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS ALL PRCPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS Year Ended Septeeber 30, 1985                                  Exhibit 4 Fidetarv Fund Typeg Proprietarv Fund Tvres                  Non-                  Tctals              W Internal     Pensien Expendable           memorandues entv)
Enterprise    Service        Trust     Trust          1985             1984 Operating Revenues:
Charges for Services               S 28,108,542 $ 195,403 $                $         $ 28,303,945      $ 24,470,951 Other Operating Revenue                   355,239                                            355,239          309,202 Investment Incese                                                  904,480     3,265         907,745          485,895 Contributions                                                      641,596   504,465      1,146,061           638,048 Total Operating Revenues           28,463,781     195,603    1,546,076    507,730     30.712,990       25,004,096 Operating Expenses:
Generatien and Transmission              972,079                                             972,079       1,011,804 Purchased Energy                      16,966,832                                         16,966,832       13,874,714 Operating and Maintenance              2,958,290
* l 2,958,290        2,677,007   W Administrative Expenses                1,634,592     166,701        51,719    45,377      1,898,389        1,556,022 Depreciation and Amortization          1,751,824       3,844                              1,755,668        1,547,625 Refunds                                                                                                        10,654 Benefit Payments                                                  146,270    357,896         504,166           86,505 Investment Losses                                                                                             109,950 Total Operating Expenses            24,283,617     170,545      197,989    403,273     25,055,424       20,874.281 Operating Income                     4,180,164      24,858    1,348,087    104,457      5,657,566        5,029,815 Noncperating Revenues (Expense's):
Interest Earnings                        658,801                                             658,801          961,891 Interest Expense                    ( 1,528,735)                                       ( 1,528,735)     ( 1,392,457)
Other Income and Expenses                  93,457                                             93,457           77,657  g Total Non-operating Revenues                                                                                         g (Expenses)                     (    776,477)                                      (     776,477)   (     352,909)
Income Before Operating Transfers                         3,403,687      24,858    1,348,087    104,457      4,881,089        4,676,906 Operating Transfers Out               ( 2,354,836)                                       ( 2,354,836)     ( 3,156,704)
Net Incere before extraordinary item                              1,048,851      24,858    1,348,087    104,457      2,526,253        1,520,202 Extraordinary ites - gain er advance refunding cf I
long-term debt                                                                                        3,669,458 Net Incore                           1,048,851      24,858    1,348,087    104,457      2,526,253        5,189,660 Retained Earnings / Fund Balances at Beginning of Year                  14,725,658       6,919    5,559,049                20,291,626       15,101,966 Retained Larnings/ Fund Balances at End of Year                      $ 15,774,509 $ 31,777 $ 6.907,136 $ 104,457 $ 22,817,879            $ 20,291,626 See Accompanying Notes 9

CITY OF IIESBURG, FirRfDA I                                 COMBINED STATEMENT OF CHANCES IN FINANCIAL POSITION ALL PROPRIETART ITND TYPES AND SIMILAR IPI'ST FI'NDS Year Ended Senterber 30, 1985                              Exhibte !
I                                      Proprietarv Fund *vres Internal Fiduciarv Fund Tvres Non-
                                                                  ' Pension Expendable Totals (Memorandums cniv)
Enterprise    Service       Trust      Trust     1985             1984 Sources of Working Capital:
Operationst I     Net Incces before extraordisar7 items Items not affecting S 1,048,851    $ 24,858 $ 1,348,087 $ 104,457  $ 2,526,253      5 1,520,202 Working Capital:                                                                                             '
I       Depreciation and Amortization Working Capital Provided 1,769,200       3,844                          1,773,044        1,565,562 I
by Operations before extraordinary items               2,818,051      28,702   1,348,087    104,457   4,299,297        3,086,064 Extraordinary items                                                                                 3,669,458 I     Woriting Capital provided by Operations                     2,818,051      28,702   1,348,087    104,457   4,299,297        6,755,522 I
Decrease in Restricted Assets         2,098,983                                     2,098,983 Net Increase in Current Liabilities Payable from Restricted Assets                     $50,789                                         550,789         166,612 I   Decrease in Other Assets Decrease in Deferred Issue Costs Contributed Capital 4,402 180,897 4,402 180,897 13,297 28,790 269,909 I
Net Long-Ters Debt Issued -
Advance Refunding                                                                                  19,873,484 Increase in Landfill Closure Liability                           1,619,000                                      1,619,000 I   Book Value of Equipment Disposals Accrued Interest on Capital Appreciation Revenue Bonds 197,284 68,993 7,172                             204,456 68,993 Total Sources of I        Working Capital Uses of Working Capitalt 7,538,399      35,874   1,348,087    104,457   9,026,817       27,107,614 I   Increase in Restricted Assets Additions to Property and Equipment 162,441 3,937,171      10,953 162,441 3,948,124 3,260,749 1,869,463 Additions in Nuclear Fuel                73,014                                          73,014         152,278 I   Increase in Landfill Closure Costs 1,723,303 Advance refunding of net Long-Ters Debt 1,723,303 20,121,069 Total Uses of Working Capital      5,995,929      10,953                          5,906,882       25,603,559 Net Increase fa. Working Capital (See Schedule en following page)$ 1,642,470      $ 24,921 S 1,348,08 7 $ 104,457 S 3,119,935    $ 1,504,0$$
I See Accompanying Notes                       (Centinued) 1 of 2 I
I CITY OF LEESPtTC, FIDRIDA COMBINED STATEMENT OF CHANGES IN TINANCIAL POSITION ALI. PROPRIETARY FUND TYPES A M SIMILAR TRUST FTNDS Year Ended September 30, 1985                                Fxhibit 5  m Fiduciarv Fund Types Preprietarv Fund Types                    Non-               Totals Internal     Fension Expendable        neceorandue On!v)
Enterprise    Service       Trust       Trust      1985             1994 Changes in Working Capital                                                                                          l Ev Cecronent                                                                                                3 Current Assets - Increase (Decrease)
Cash and Cash Investments Equivalents                   $ 1,401, 16    $ 45,307 $ 1,318,813 $ 68,266     $ 2,833,802      $ 1,138,364 Custerer Accounts (Net)              613,703                    29,183     36,291     679,177         (431,414) l Power Refund Receivable                                                                               (250,823) 5 Accrued Interest                     107,321                                          107,321         ( 38,081)
Due frce Other Funds              ( 139,818)     (19,877)                          ( 159,695)         (149,264)
Inventory                            60,690     ( 2,907)                              57,783          132,036 Current Liabilities - Decrease (Increase)
Accounts Payable                  (1,020,434)       3,549               (    100)  (1,016,985)          363,736 Accrued Expenses                      50,925     ( 1,180)           91                 49,836         (192,202) l g
Customer Advances for Construction                   (    5,969)                                      (    5,969)        ( 11,711)
Due to Other Funds                   574,636           29                             574,665          914,697 Deferred income                                                                                          28,717 Net Increase in Working Capital      $ 1,642 3 $ 24,921 $ _1,348,087 $ 104,457        $ 3,119,935     $ 1,504,0$$
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CITY CF LEESBURG, FI.ORIDA NOTES 'IV FINANCIAL STA*EMENTS September 30, 1985 NOTE 1 SUPJ1ARY CF SIGN!FICANT ACCCUNTING PCLICIES The acccunting policies of the City of Leesburg, Florida conform to generally accepted accounting principles for governmental entities. The following is a summary of significant accounting policies.
Fund Accounting The accounting system and financial reporting of the City are organized and operated en a fund basis.       A fund is defined as a fiscal and acccunting I         entity with a self-balancing se .: of accounts recording cash and other financial rescurces, together with all related liabilities and residual equities or balances, cnd changes therein which are segregated for the I
purpose of carrying en specific activities or attaining certain objectives in accordance with special regulations, restrictions', or limitations.
Fund and Account Group Categories The categories of funds and account groups of the City are summarized as follows:
(1) Governmental Type Funds are those through which most gove rnment functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities I               (except those accounted for in proprietary funds) are accounted for through governmental type funds. Governmental funds used by the City are as follcws:
General Fund   -
to account for all financial resources which are not required to be accounted for in another fund.
I              Federal Revenue Sharing Fund, Concunity Cevelopment Block Grant, and Housing Assistance Program Fund - these funds are Special Revenue Funds which account for the proceeds of specific revenue sources (cther than special assessments, expendable trusts, or for major capital I              proj ects) that are legally restricted to expenditures for specified purposes.
I              Cebt Service Fund - used to account for the accumulation of resources fo r , and the payrent of, principal and interest for general icng-tem debt.
Capital Projects Funds - are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds) .
(2) Proprietar*/ Funds are used to acccunt for a government's ongoing activities which are similar to those found in the private sector.
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                                              - 12 =

CITY CF IIESBURG, FLCRIDA I
NCTES TO FINANCIAL STATEPINTS NOTE 1    

==SUMMARY==
CF SIGNIFICANT ACCCUNTING PCLICIES (Continued)
(Fund and Acccunt Group Categories) - (Proprietary Funds)
The two types of proprietary funds used by the City are:
Enterprise Funds - to account for activities that are operated in a manner similar to private businesses where the costs of providing gceds and services are primarily recovered through user charges.        Enterprise funds cf the City are as follows:
Electric Utility Fund Gas Utility Fund Water Utility Fund Sanitarv Sewer and Wastewater Treatment Fund Sanitation Services Fund Internal Service Funds - to account for the financing of gocds and services provided by one department to other departments of the City on a cost-reimbursement basic. The Motor Pool Service Fund is the Internal Service Fund operated by the City.
(3) Fiduciary funds are used to account for assets held in a trustee capacity for others. The City's fiduciary funds are as fo11cws:
Municipal Police Officers' Retirerent Trust Fund Municipal Firemen's Retirement Trust Fund General Employees' Pension Fund General Employees' Health Insurance Fund (4) Account Groups record and control the government's general fixed assets                                               l and general long-tem debt. The account groups are not funds and do not                                              W reflect available financial resources and related liabilities.                                           The following account groups are maintained by the City.
General Fixed Assets - to account for property and equipment not used in Proprietary Fund operations or accounted for in Trust Funds.
General Long-Term Debt - to account for un=atured principal of leng-tem general obligation indebtedness that is not a specific liability of a Proprietary or Fiduciary Fund.
Basis of Acccunting Covernmental Fund revenues and expenditures are recognized cn the modified l
accrual basis. This cathed recognizes revenues in the accounting period in                                             a which they beccme available and measurable. Expenditures are recognized in the period in which the fund liability is incurred (except unmatured interest on general long-term debt which is recogrized when due).
Governmental Fund Type revenues that are susceptible to accrual include property taxes, franchise fees, Federal and State Pevenue sharing revenues ,                                              l and    reimbursements   frem   grants   for  authorized   expenditures                  through                           3 September 30.
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                                             ~"~

I CI*Y CF LEESBUFG, FLCRIDA NCTES TO FINANCIAL STA*EMENTS UC E 1    SUMMAFY CF SIGNIFICANT ACCCCN ING PCLICIES (Continued)
(Basis of Accounting)
Budget data, when presented in the financial statements, is prepared cn the same basis of accounting as described for each fund.               Encumbrances outstanding at year end are deemed cancelled and amounts sufficient to re-establish the ec:::mitment are included in the appropriations for the subsequent year.
Fund balances are reserved within the General Fund for inventory (S8,015) and police expenditures (S11,762); within the Debt Service Fund (3435,842) for retirement of debt; within the Capital Projects Fund            (3423,870)   for I            construction; and within the Special Revenue Funds (SS,506) for certain capital improvements in the Cormninity as a result of a litigaticn settlecert.
I Preprietarv Fund revenues and expenses are recognized en the accrual basis.
Revenues of the enterprise funds are recognized on the basis of services rendered. Billing cycles of the Utility Funds which overlap September 30 are prorated based upon meter reading dates. Total unbilled revenues for the combined Utility Funds amount to $1,448,434 at September 30, 1985.
Fiduciarv Funds of the City consist of nonexpendable Pension Trust and E=ployee Health Insurance Funds and are accounted for en the accrual basis.
Transfers Transfers are recognized in the accounting period in which the interfund I            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-Preprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as non-operating revenues. Such resources externally restricted for capital I            acquisitions or construction are reported as contributed capital, tierating expenses include depreciation on all depreciable fixed assets.
Cash and Cash Investments I           The City has a cash management program which provides that the pooled cash balances exceeding a minimum amount be invested in overnight repurchase agreements at an interest rate tied to the Federal Funds rate.              These I            repurchase agreements consist of securities guaranteed by the United States government. The City also invests excess cash in treasury obligat1cns of the United States Government, and with the Florida State Beard of Administration.
Investments In all funds except the Pension Trust Funds, investments are stated at amortiz ed cost. In accordance with Statement of Financial Accounting I            Standards No. 35 - Accounting and Reporting By Defined Benefit Pension Plans, the investments within the Pension Trust Funds are stated at market value.
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                                               . I. .

CITY CF LEESBURG, F?CRIDA I
NC*ES TO FINANCIAL STATEMENTS MOTE 1     

==SUMMARY==
CF SIGNIFICANT ACCCCUTING PCLICIES (Continued)
Inventories Inventeries 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 consumptien. The amount thereof has been recorded for information purposes as an asset, offset by a reserve of an equal amount.
Accounts Feceivable Custc=er acecunts receivable are presented at estimated net realizable value.
The allowance method is used for determining estimated uncollectible acccunts.
Arcrtizatien Bond issue costs are amortized over the life of the bonds.
Fixed Assets (Preprietarv Funds)
Fixed    Assets   (Proprietary  Funds)   are recorded at historical cost,      g Cepreciation is computed by the straight-line method over the estimated        g useful lives of the assets as follows:
Utility Funds:
Buildings                                  10 to 50 years l
W
                     !=provements Other Than Buildings                              20 to 50 years              g Machinery, Equipment and                                               g vehicles                                4 to 20 years Nuclear Fuel                                  5 years I
Sanitation Services Funds                                                g Equipment Vehicles 5 to 10 years             g 5 to 7 years Motor Pool Service Fundr I
Equipment                                    3 to 10 years vehicles                                       6 years General Fixed Assets                                                           l General Fixed Assets purchased are recorded as expenditures           in the  'E 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 te report public demain fixed assets such as streets, right-o f-way s ,
sidewalks, drainage systems and similar assets.      Donated fixed assets are valued at their estimated fair value at the time of acquisition. Genoral Fixed Assets include the City's cost of assets of Leesburg Pegional Medical Center. Cepreciation is not provided on General Fixed Assets.
I

I  CITY OF LEESECEG, F?.CRIDA
   ?!CTES TO FINANCIAL STATEMENTS I  NC'*E 1    SUMMAPY CF SIGNIFICANT ACCOUN*ING PCLICIES (Continued)
Accumulated Unpaid Vacation and Sick Pay I
              *he City accrues accu =ulated unpaid vacation and sick pay for Governmental and Proprietary Funds. 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 I,            funds at September 30, 1985, are as follows:
VACATICN FAY         SICK PAY Internal Service Fund                            $   2,618         $    1,095 Enterprise Funds:
I                Electric Utility Fund Gas Utility Fund Water Utility Fund 35,613 11,632 13,077 33,343 9,510 13,160 Wastewater Treatment Fund                        22,164             16,221 I                Sanitation Services Fund Governmental Type Funds (Note 5)
TCTAL 12,299 207,485
                                                               $ 304,888 9,868 135,212
                                                                                 $ 210,409 I             Eudgeting I             The City's procedures in preparing and adopting the annual budget are as follows:
(1) The City Manager is re sponsible for preparing a preposed ope rating I                   budget for the upccming 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 ccreents 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 Ccemission.      The budgetarf data presented is in I                   agreerent with the originally adopted budget as amended by the Cit'/
Ccemission.
(4)  Fo r.nal budgetary integration is employed as a management centrol I           '
device during the year for all funds.      Eudgets are adopted on a basis consistent with generally accepted accounting principlen.
budgeted fund expenditures within the governmental type funds may nct Total be exceeded legally. Appropriations lapse at the and of the year.
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CITY CF I.EESBURG. FI.CRIDA NOTES TO FINANCIAI. STATEMEN"'S NCTE 1      

==SUMMARY==
CF SIGNIFICANT ACCCUNTING PCLICIES (Centinued)
Tctal columns en the Combined Statements-Overview Total columns on the Ccmbined Statements-Cverview are captioned Memorandum Cnly to indicate that they are presented cnly to facilitate financial analysis. Data in these columns do not present financial position, results of operaticns, or changes in financial position in conformity with generally accepted accounting principles.        Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregaticn of this data.                                                                 =
Proper *y Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are censolidated in the of fices of the Ccunty Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a censistent property valuation method state-wide.         State Statutes pemit =
            =unicipalities to levy property taxes at a rate of up to 10 mills.
The tax levy of the City is established by the City Comission prior ts October 1 of each year and the Lake County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Beard tax requirements.
All property is reassessed according to its fair market value January 1 of each year. Each assessment roll is submitted to the Executive Director of   g the State Department of Revenue for review to determine if the rolls meet all g of the appropriate requirements of State Statutes.
All taxes are assessed on November 1 of each year or as socn thereafter as    l the assessment roll is certified and delivered to the County Tax Collector. 5 All unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4%  g in the month of November, 3% in the month of December, 2% in the month of     g January and in in the month of February. The taxes paid in March are without discount.
Cn or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real p rope rty.       After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application   g for a tax deed on any unredeemed tax certificates may be made by the          g certificate holder after a period of two years. Unsold certificates are held by the County.
Delinquent taxes en personal prcperty bear interest of 18% per year until the tax is satisfied either by seizure and sale of the prcperty or by the five-year statute of limitations.
The City does not accrue its portien of the County-held tax sale certificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date.
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I   CITY CF LEESBURG, -F?CRIDA NC"ES TO FINANCIAL STATEMDJ S NOTE 2    EXTRACFDINARY ITEM - ADVANCE REFUNDIhG CF LONG-TERM DEBT By ordinance adepted on September 24, 1984, the City provided for the re funding of all utility revenue bonds and bond anticipation notes outstanding in the aggregate principal amount of $20,520,000 frem the sale of I             refunding utilities revenue bonds, series 1984 in the aggregate principal amount of $19,999,999.       In addition to the refundin9 of prior debt outstanding, proceeds of the 1904 bonds are to be used to pay the cost of I             certain utility construction projects, fund a reserve account for the 1964 bonds and to pay the costs and expenses of issuance of the 1984 bonds.
As a result of the advance refunding, an extraordinary gain was recognized in I             fiscal year ended September 30, 1984 by the City's utility funds. Such gain was computed as follows:
I             REFUNDED DEBT:
CCMBINED CTILITY FUNDS Refunded Bonds and Bond Anticipation I                  Notes (Unamortized Discount and Issue Costs)
Net Carrying Value of Refunded Debt S 20,520,000
(    357,820) 20,162,180 I             INVESTMDIT IN REFUNDING:
Refunding Bonds Issued (Original Discount and Issue Costs) 19,999,999
( 1,224,575)
City Cash Contributed                                     3,716,493 I                (City Cash Received)
(Net Investment in Refunding)
GAIN CN REFUNDING:
( 6,926,934)
(15,564,983)
I Gain on Refunding Before Elimination of Discount and Issue Costs                            4,597,197 Elimination of Discount and Issue Cests (Partial)                                      (    927,739)
Gain en Advance Refunding of Long-Term Debt          S    3,669,458 BCTE 3    RESTRICTED ASSE*S AND RESERVED PE*AINED EAPJ1INGS Utility Funds - Bond Service Requirements As of September 30, 1985, bcnd funding requiremec :s are current. The Refunding Revenue Bcnd Resoluticns required the establishment of the following accounts.
Refunding Pevenue Bond Debt Service In accordance with terms of the bond resolution, the City deposits cash monthly into a separate acccunt to I                   fund upcoming pr4.ncipal and interest payments on the bcnds. Such cash and investments are reflected in the financial statements as restricted assets.
Pefunding Revenue Bond Peserve In addition to debt service 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 I                   sinking fund are insufficient therefore. Deposits into this account are to be made until the amount of deposit equals the raximum amount of principal and interest becoming due in any ensuing fiscal year.
I CITY OF LEESBURG, FLCRIDA I
NCTES TO FINANCIAL STATEMENTS NCTE 3     RESTRIC*ED ASSETS AND RESERVED PETAINED EAFl!INGS (Continued)
Renewal and Replacement The City must make monthly deposits to a separate acccunt which is restricted for paying the . costs of ex1Eensicns, enlargements or additions to, or replacement of capital assets and emergency repairs thereto. The deposit requirement is 1/12 of 5% of the l
a year's gross revenues after deducting the cost of purchased energy.
Bond Proceeds - Ccnstruction Account The proceeds of the bond issue have been segregated and are re stncted to payment of acquisition and construction costs of capital improvement projects.
Designated Retained Earnings The depreciation acccunt and potable water account are funds set aside by city canagement.              They should be distinguished from reserves, since managerial plans are subject to             g change and may never be legally authorized or result in actual expenditure s.
g NOTE 4    GENERAL FIXED ASSETS AND PRCPERTY, PLANT AND ECU!PMENT A su==ary of changes in general fixed assets follows:
BALANCE                                   BAIANCE 10/1/84      ADDITICNS      DELETICNS    09/30/85 Land                        5 1,264,857     $              S          S 1,264,857 Buildings             ,
4,813,505      213,669                    5,027,174 Improveme'nts Other Than Buildings                  1,674,346        87,164                   1,761,510 Equipment                      2,375,875      195,040        ( 7,172)    2,563,743 Construction in Progress          31,996      305,887        (31,996)        305,887 =
TOTAL                   $ 10,160,579    5 801,760      $(39,168) $ 10,923,171 A summar/ of prcprietary fund
* type p rope rty , plant and equipment at September 30, 1985 follows:
IbiEFRAL ENTERPRISE                SERVICE Intangible Plant                             S        79,230            S Land                                               1,161,926                         g Buildings                                          3,160,101                         g Improverents Other Than Buildings                 37,024,627 Equipment                                          5,348,777                35,458 Construction in Progress                           1,763,578 TOTAL                                         48,538,239                35,458 l
m (Accumulated Depreciation)                     ( 13,757,721)              (28,463)
NET                                         $ 34,780,518             $ 6,995 I
CITY CF LEESBURG, FLCRIDA NOTES TO FINANCIAL STATEMENTS NOTE 4    GETEFAL FIXEO ASSETS AND PRCFER'"Y, PLANT AND EQUIPMENT (Continued)
Capitalized Interest The City has included net capitalized interest expen se/ (inccme ) , in the cost of its utility plant and General Fixed Assets, financed from the proceeds of I           certain tax exempt bond issues.
expense / (inecme) are as follows:
The amounts of net capitalized interest I
1965                  1984 Utility Funds Electric                         $(51,667)               $ 13,842 Gas                                  5,368                  1,996 I             Water Wastewater Total Utility Funds 5,218
( 9,088)
(5C,169) 47,3 4 589 63,751 I
General Fixed Asset Grcup of Accounts                  2_9,331 Total                        $ (20,838)              J 63,751 NCTE 5    LCNG-TERM LIABILITIES The following is a su= mary of all long-term liabilities of the City.
Utility Funds Refunding Utilities Pevenue Bonds, Series 1984, Dated September 1, 1984, Issued September 27, 1984                                               $19,999,999 The 1984 bends are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the nat revenues of the utilities system. Bond maturity dates and debt service requirements are as follows:
(Please see tha following page for bcnd maturity dates debt service requirements)
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I CITY OF LEESBURG, FLORICA NOTES TO FINANCIAI STATEMENTS NOTE 5     LCNC-TERM LIABILITIES (Continued)
BCND MATURITIES              DEBT SERVICE REQUIRDtENTS TOTAL BCND TEBM AND                    (INCCME                       MATURITIES  ',
CAPITAL     REQUIRED          FROM                        AND DEBT DUE     SERIAI. APPRECIATICN   SECURITY       SECURITY        INTEREST        SERVICE CC"CBER    BCNDS         BCNCS      PUFCHASES   PURCHASES)          EXPENSE     REQUIREMENTS 1985 S            S              $   342,440 S(       24,956) $    2,115,601 S    2,433,085 1986                                 379,319   (      52,181)      1,952,863      2,280,001 1987                                 405,661   (      82,088)      1,952,863      2,276,436 l
m 1988                                 432,003   (    114,263)       1,952,863      2,270,603 1989                                 474,150    (   148,294)       1,952,863      2,278,719 g 1990                                 511,029    (   185,831)       1,952,863      2,278,06 1991                                 553,176    (   226,256)       1,952,863      2,279,783 5 1992                                 595,322   (    269,775)       1,952,863      2,278,410 1993      600,000                              '(    313,913)      1,952,863      2,238,950
(    313,913) l 1994      650,000                                                  1,900,363      2,236,450 m 1995      705,000                               (   313,913)       1,841,863      2,232,950 1996      770,000                              (    313,913)       1,776,650      2,232,737 1997      345,000                               (   313,913)        1,703,500     2,234,587 1998                     925,000               (    313,913)       1,621,113      2,232,200 1999                   1,020,000                (   313,913)        1,528,613     2,234,700 2000      .
1,120,000                (   313,913)       1,426,613      2,232,700 g 2001    1,230,000                               (   313,913)       1,314,613      2,230,700 g 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 g 2008                   1,830,000                                      398,919     2,228,919 g 2009                   2,015,000                                      209,056     2,224,056 TCTAL3 $ 4,800,000 S 15,199,999 5 3,693,100 $(0,989,513)           $ 41,658,204 $ $6,361,790 Esticated Landfill closure Costs The City will be closing its present landfill site over the anxt four to five years at an e sti:nated total cost of $1,723,303. An asset and related              g liability have been recorded in the balance sheet of the City's Sanitation          g Fund to reflect this cost and related liability. The cost of the closure is expected to be financed by increased user fees. Amortization of the cicsure cost will be over the period (six years) that rates are increased to pay off        l W
future long-term debt and other associated costs. A five-year cumary of reductiene in the estimated liability follows:
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I CITY CF LEESBURG, FLORIDA NCTES TO FINANCIAL STATEMENTS NCTE 5    LCNG-TERM LIABILITIES (Continued)
Estimated Landfill Closure Costs (Ccntinued)
I                                 1986 1987 1986 S
262,581 273,912 I                                 1989 1990 THEREAFTER 301,097 330,980 450,430 TOTAL                   S1,619,000 I           General Ieng-Term Debt:
Public Improvement Revenue Certificates These certificates are collateralized by cigarette tax revenues. The raturi-ty dates and interest rates of the certificates are as follows:
PUBLIC IMPROVEMENT REVENUE CERTIFICATES I           MATURITY DATE INTEREST RATE       AMCUNT MATURITY DATE IhTEREST RATE    AMOUNT 01/01/86        4.2%     $40,000     01/01/88       4.2%   $ 40,000 01/01/87        4.2        40,000    01/01/89       4.2      45,000 I           Note Payable, Unco 11ateralized, Due in Monthly S 165,000 Installments of $2,123 Including Interest at 84                      106,191 Mortgage Notes Payable Collateralized by Real Estate, Due in Annual Installments of 51,000 with Interest at 44                                                                  18,000 Mortgage Note Payable, Collateralized by Real Estate, Due in Annual Installments of $3,000 with Interest I             at lot Refunding and Capital Improvement Fevenue Bonds 21,000 Payable Issued in November, 1984                                    2,250,000 Employee Compensated Absences Payable at September 30, 1985 (Mete 1)                                                         34!,695 TOTAL                                                         $ 2,902,686 I
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CITY CF LEESBURG, FLCRIDA I
NOTES TO FINANCIAL STATEMENTS NOTE 5     LCNG-TERM LIABILITIES (Centinued)
General Lone-Term Debt: (Continued)
Maturities Cf General Long-Term Debt Maturities of general long-term debt for years ending September 30, are as follcws:
1986                   S 428,790 1987                      111,951 1988                      112,848                             g 1989                      118,790                             g 1990                       99,780 THEREAFTER                   2,030,727 TCTIAL                  S2,902,886 The following is a su= mary of changes in general long-tern debt for the year ended September 30, 1985:
BALANCE                                    BALANCE OCTCBER 1,                               SEPTE:tBER 30, g 1984          ADDITIONS   DEDUCTICNS       1985      g Public Improvement Revenue Certificates      5 205,000      3            S(   40,000)  S 165,000 Bond Anticipation                                                           .
Notes Payable              1,600,000                   (1,600,000)
Refunding and Capital Improvement Bonds                          2,250,000                 2,250,000    g Mortgages and Notes 145,191 g
Payable                      165,472                   (   20,281)
Employee Ccepensated Absences Payable             327,057         305,697   ( 290,059)      342,695 TOTAL                    $2,297,529     S2,555,697 S3 ,950,340)    $2,902,886 Fefunding And Capital Improvement Bonds In November 1984, the City issued $2,250,000 of Refunding and Capital Im-provement Revenue Bonds to provide funds for the constructicn of the Improve-cent Project, the completion cf the Library Expansion and the refunding and payment of the City's Fefunding and Capital Improvement Fevenue Bcnd Antici-pation Notes totalling $1,600,000, Series 1984.
The 1984 Bcnds are fully registered bonds without coupons in dencminations of 55,000 each and are collateralized by a pledge of Local Government Italf-cent Sales Tax Revenue and income of certain investments. Bond maturities and            "
interest payments are as follows:
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I CITY CF LEESBURG0 FZ.CRICA NOTES TO FINANCIAL STATEMENTS NOTE 5     LCNG-TERM LIABILITIES (Centinued)
Fefunding And Capital Ieprovement Bends: (Continued)
TOTAL PAYABLE         U."!EREST                        ASECCIATED       PRINCIPAL AND CC"tBER 1.          RATE         PRINCIPAL          INTEREST     , INTEREST CUE 1985            6.75%       $     25,000     3     212,700        S   237,700 1986             7.00%            50,000           211,012            261,012 1987             7.25%            50,000           207,513            257,513 I               1968 1989 1990 7.50%
7.754 8.00%
50,000 75,000 75,000 203,887 200,138 194,325 253,887 275,138 269,325 I               1991 1992 1993 8.25%
8.50%
8.75%
75,000 75,000 75,000 188,325 182,137 175,763 263,325 257,137 250,763 1994            9.00%            100,000           169,200            269,200 I               1995 1996 1997 9.20%
9.40%
9.60%
100,000 100,000 125,000 160,200 151,000 141,600 260,200 251,000 266,600 I               1998 1999 2000 9.80%
9.904 10.25%
125,000 150,000 150,000 129,600 117,350 102,500 254,600 267,350 252,500 2001           10.254           175,000             87,125            262,125 2002           10.25%           200,000             69,187            269,187 2003           10.25%            225,000            48,688            273,688 2004           10.254            250,000            25,625            275,625 I               TCTAL                       $ 2,250,000      $ 2,977,875          $ 5,227,875 NCTE 6     ELECTRIC PCWER AGREEMENTS Crystal Fiver Unit s3 Participation Agreement The City is a pa rticipant in an agreement with Florida Power Corporation I            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 in the nuclear steam electric generating unit. Participants are entitled to I
energy output of the unit based upon their respective generation entitlement share.
Florida Power Corporation has been appointed by the participants to act as I            their agent and has sole authority to manage, control, maintain and cyrate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a menthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corpor-ation and participants share in the operating and . maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance.
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I CITY CF LEESBURG, FLCRICA NCTES TO FINANCIAL STATEMENTS NOTE 6     EI.EC"RIC PCWER AGREEMENTS (Continued)
Crystal River Unit s3 Participation Agreement (Continued)
.          The participation agreement provides for reversion of the ownership interest of the unit to Florida Pever Corporation upon retirement from service. The               l book value of the investment included in Utility Plant in Service amounts to             5
           $3,816,660 as of Septerter 30, 1965.
St. L'ucie No. 2 Pcwer Purchase Agreement The City has negotiated an agreement with Florida Power and Light Corporation guaranteeing the City the right to purchase up to 2.326 megawatts of gener-ating capacity frem the St. Lucie No. 2 nuclear generatinc plant. The plant              l W
became cperational in 1984. The cost of this agreement has been capitalized and will be amortired over the plant's expected useful life.
In addition, the City has agreed to sell ene-half of the capacity and energy from its respective entitlement shares frem St. Lucie No. I to certain purchasing systems.
NOTE 7     GRAITTS The City participates in a nurter of State and Federal grant programs, principal of which are the following HUD Ccmunity Development Block Grants Section 8 - Housing Assistance Payments Procram Airport Improvements Grants These programs are subject to program compliance audits by the grantors or their representatives.       The audits of tlsse programs for or including the year ended September 30, 1985, either (ve not yet been cenducted by the grantees or have not been accepted /apprtved by the grantors.              Accordingly, the final determination of the City's ecepliance with applicable grant                   g requirements will be established at a future date. The amount, if any, of                g expenditures which may be diaallcwed by the granting agencies cannot te determined although the City expects such amounts, if any, to be irr.aterial.
NCTE 8     SEGMENT *NFCPMATICN FCP ENTERPRISE FUNOS:
The City operates five enterprise funds.                     Segment information as of Septerter 30, 1985, is as follows:
(Please see the following page)
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CITY CF LEESBURG, FLCRIDA NOTES t FINANCIAL STATEMENTS NCTE 8     SECMENT INFCRMATICN FCR Eh"TERPRISE FUNDS (Continued)
I SANITARY I                               ELECTRIC UTILITY GAS UTILITY WATER UTILITY SEWER AND WASTEWATER TREATMENT SANITATICM SERVICES FUND         FUND          FUND         FUND        FUND Cperating Revenues          S 21,691,863 $ 2,810,332 S 1,439,487 $ 1,650,061 S 872,C38 Depreciation                     997,193      80,812      247,464        357,727     68,268 I Cperating Incere Cperating Transfers To General Fund 2,756,541 1,690,296 424,112 389,040 541,926 154,900 336,646 120,600 120,939 I Net Income                       595,089      59,349      188,838         83,377    122,198 CurTent Year Capital      -
Centributiens                   90,041                   84,540          6,316 Froperty and Equipment Additions                    3,103,254     278,698      175,392        358,933     93,908 Net Working Capital            3,349,602     243,737      430,364        657,882     51,466 Iong-Term Liabilities I   Payable Frem Operating Fevenues (Net)
Total Fund Equity 12,188,430 11,293,943 28,022,400 1,502,456 1,348,847 3,312,552 1,606,667 3,113,979 7,000,301 2,549,988 9,802,999 12,660,413 1,619,000 346,632 2,012,939 Total Assets NOTE 9     CTHER DISCICSURES (1) There is no excess of expenditures over appropriations in individual governmental funds.
(2) Deficit retained earnings / fund balance of individual funds:
FUND                                AMOUtri Proprietary Fund Type Sanitation Services                      S(94,335)
(3)  Individual fund interfund receivable and payable balances:
I            (Please see following page interfund receivable and payable balances)
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CITY OF LEESBURG, FLCRIOA NOTES TO FINANCIAL STATEMDT"S NCTE 9    CTHER DISCLCSUPES (Continued)
                                                      .INTERFUND                    INTERFUND FC;D                           RECEIVABLES                    PAYABLES General Fund                                  $ 114,757                   3 63,597 Federal Revenue Sharing                                                            180                  g Corr: unity Development                                                      13,000                     g Housing Assistance                                                                134 Capital Pro;ects Fund                            33,100                     126,376 Electric Utility                                168,955                       6,231 Cas Utility                                                                 145,773 l
5 Water Utility                                                                26,236 Sanitary Sewer Utility                                                        2,463 Sanitation Services                                                           2,239 Motor Pool                                                                       474 Pension Trust Funds                              78,371                       8,480 TOTAL                                     $ 395,183                  $ 395,183 NOTE 10   PENSION PLANS The City has established three defined benefit pension plans for employees.
The following brief description of the plans is presented for information only.                                                                                                   m (1) Eligibility The Municipal Police Officers' Retirement Trust Fund covers policemen upon eeployment who have attained eighteen years of                age.            The            l Municipal Firemen's Retirement Trust Fund covers firemen who have                                 W completed one year of employment and attained eighteen years of age.
The Pension Fund for General Employees covers en:ployee s (other than firemen) who have completed one year of employment and attained eighteen years of age.
(2)   Plan Description The plans have dif fering provisions for pension, death and disability l
a benefits. The a:ost recent actuarial valuations are as follows:
General Employees' Pension Fund              October 1, 1984 Police Officers' Pensien Fund                October 1, 1983 Firemen's Pension Fund                      October 1, 1982 (3) Funding Policy Municipal Police Officers' Petirement Tntet Fund Funding of the Police Pension Fund            is provided     from policemen contributions (54 of their annual corrensation) and 14 excise tax.                The excise tax is levied en gross preniums collected on casualty insurance policies covering property within the corporate limits of the City. The State collects and contributes the tax to the fund under Florida Statute 185. The City does not contribute to the fund since po licemen CITY CF I.EESBURG, FI.CRIDA NCTES TO FINANCIAI, STATEPJENTS NCTE 10     PENSICN PLANS (Continued) centributions and excise tax monies are sufficient to fund the plan.
Policemen accumulated refundable centributions at September 30, 1985, were S191,506.
Municical Firemen's Petirement Plan Firemen cent i rute 5% of their annual compensation to the plan. A 14 excise tax i.   :. ire insurance premiums sold within the corporate limits is remitted to the fund by the State of Florida. The City accrues and contributes an additional amcunt, 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, 1985, I                  amounted to $60,302 (8.66% of covered payroll) which has been adequately funded. This amount is recorded as revenue in the pension fund and as expense    in  the    General    Fund. Firemen   accumulated   re fundable contributions at September 30, 1985, were $222,906.
Retirement Plan For General Employees The General E=ployees' 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, 1985, I                  amounted to 5430,587 adequately funded.
(12.4% of covered payroll) which has been This amount is recorded as revenue in the pension fund and as expense in the various governmental and proprietary funds.
I             (4) Actuarial Information Accumulated plan benefits are those future periodic payments that are attributable under the plan's provisions to the service employees have rendered. Benefits payable under all circumstan es (retirement, death, disability, and termination of employment) are included to the extent they are deemed attributable to employee service rendered to the valuation date.
The following is a summary of actuarial present value of accumulated plan benefits (most recent valuation information available):
I                   (Please see folicwing page for valuation information)
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CITY OF LEESBURG, FLCRIDA NOTES "'O FINANCIAL STATEME!CS NCTE 10    PENSICN PLANS (Continued)
MUNICIPAL        MUNICIPAL      RETIREMENT PCLICE          FIREMEN'S       PLAN FCF RETIREMENT       RETIREMENT        GENEFAL TRUST FUND       TRUST FUND       EMPLOYEES 10/01/83         10/01/82        10/01/84 Vested Benefits:
Participants Currently Receiving Payr.ents               S      38,350    $     19,577    $    832,255   g Other Participants                       210,700          703,542       1,447.722   g Total Vested Benefits                    249,050          723,119       2,279,477 Ncn-Vested Benefits                                        93,847         328,70 Total Actuarial Present Value Of Accumulated Plan Benefits      $    249,050   $      816,966    $ 2,608,180 Net Assets Available For Benefits                          S    843,989     $ 1,019,734     $ 3,056,826 Rate of Return Used To Determine The Actuarial Present Value of Plan Benefits                                84               84              64 NOTE 11    SELF-INSURANCE - EMPI4YEE HEALTH INSURANCE FUND Effective Cetober 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,          l which is managed by the City and its administrative agent. Employee claims          W up to $35,000 per person are paid from the assets of the self-insurance fund, with amounts in excess of $35,000 up to a maximum of $1,000,000 per year being paid from a .reinsurance policy purchased by the City.          The financial positicn and results of operatiens of the fund are presented in the Fiduciary Fund Section of the Combining Financial i
* atements.
WOTE 12    CCNTINGENT LIABILITY The City is currently a co-defendant alor.g with Florida Power Corporation in       g a case whereby a minor came in contact with a power line while climbing the         g guy wires of a utility pole.         The parents of the minor have alleged negligence against the City, claiming faulty design and construction of the utility pole and creation of an attractive nuisance.         Legal Counsel for the City expects that the City will incur little or no liability for the l
e incident.
                                                                                          )
CITY CF LEESBURG, FLCRIDA WCTES TO FINANCIAL S*ATEMENTS NCTE 13   SUBSECt'E!C EVE!C Ef fective January 1, 1986, the City established a self-insurance program for the payment of employee Workmen's Compensation claims. The program provides   ,
for Cit? contributions into a self-insurance fund which is managed by the     l City and its administrative agent.
Employee claims up to S150,000 per occurrence are paid from the assets of the i self-insurance fund with amounts in excess of $150,000 up to a maximum of     1 32,000,000 per occurrence being paid from a reinsurance policy purchased by   )
the City.
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I COMBINING AND INDIVIDUAL FUND I                             AND g
ACCOUNT GROUP STATEMENTS These financial statements provide a more deta!!ed view of the " General Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund of a given fund type. Individual fund and ac-I   count group statements are presented when there is only one fund of a given type and for the account group. They are also necessary to present budgetary comparisons.
This section contains the following subsections:
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* Combining and Individual Fund and Account Group Statements I
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I GENERAL FUtm I       The General Fund accounts for all revenues and expenditures of the City which are not required to be accounted for in other funds.          It receives a greater variety and number of taxes and other general revenues than any other fund.
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1 CITY OF LEESBURG, FLCRIDA GENEPAL FUMD BALANCE SHEET                                  g Septe=ber 30, 1985                               g   ,
With Cc=parative Amounts for September 30, 1984            A-1 Totals 1985             1984 Assets Cash and Cash Investments                             S 2,209,333      S 1,938,512 Due Frem Other Governments                                 64,700 Assessments Receivable                                      6,612            3,963 Other Accounts Receivable (Net of Allcwance for Doubtful Accounts of $4,392 and $4,302)                  20,313           19,271 Interest Receivable                                        30,469           30,469 Due frem Other Funds                                      114,757          687,257 Supplies Inventory at Ccst                                  8,015            5,468 Total Assets                                     5 2,454,199      $ 2,684,942 I,
Liabilities And Fund Balance Liabilities:
Accounts Payable                                          149,764           88,010 Accrued Wages and Payroll Tax                                               24,065 Due to other Funds                                         63,597          161,694 Deposits                                                    1,964            1,000 Unearned License Revenue                                   57,435           52,292 l
Total Liabilities                                    272,760          327,061 i
Fund Balance:
Fese rved:
For Inventory                                           8,015            5,468 For Police Education                                    5,549            4,085 l
m i l
l      For Police Expenditure                                  6,213            5,875 l    Unreserved                                            2,161,662        2,342,453 l
l       Total Fund Balance                                 2,181,439        2,357,881 Total Liabilities & Fund Balance                 S 2,454,199      5 2,684,942 1
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O CITY OF LEESBURG, FLCRIDA GENERAL FUND STATEMEN'" CF REVENUES, EXPENDITURES , AND CHANGES IN FUND 8ALANCE - BUDGET (GAAF BASIS) AND ACTUAL Year Ended September 30, 1985 With Cc=parative Actual Amounts for Year Ended September 30, 1984              A-2 Variance Favorable         1984 Budget              Actual     (Unfavorable)      Actual Revenues:
Taxes                       S 1,047,000          $ 1,052,868   S      5,868    $    965,947 I   Licenses and permits Shared Revenues Charges for services 115,100 1,049,900 180,800 127,475 1,098,502 158,588    (
12,375 48,602 22,212) 113,216 940,778 119,116 I
Fines and forfeitures             137,000             143,904         6,904         117,993 Miscellaneous                     178,300             368,912       190,612         202,971 Total Revenues             2,708,100.           2,950,249       242,149       2,460,023 Expenditures:
General Government                718,000             577,510       140,490         516,263 Public safety                  2,353,000            2,257,055        95,945       2,190,947 Physical environment              262,100             250,850        11,250         250,424 Transportation                    780,900             726,618        54,282         493,280 Human Services                       8,900              8,436           464           8,283 Culture / Recreation           1,463,100            1,356,032       107,068       1,209,820 Total Expenditures         5,586,000___         5,176,501       409,499       4,669,017 Excess (deficiency) of Revenues Over Expenditures     (2,877,900)           (2,226,252)      651,648      (2,208,994)
Cther Financing Sources (Uses):
Proceeds of Bond Anticipation Notes                                                                900,000 I   Operating Transfers In Operating Transfers Cut      (
2,354,900 63,300) 2,354,836
( 305,026)
(       64)
( 241,726) 3,156,704
( 954,773)
Total Other Financing Sources (Uses)             2,291,600            2,049,810    ( 241,790)       3,101,931 Excess of Revenues & Other Sources over Expenditures &
I Other Uses Fund Balance at Beginning
( 586,300) 1,749,858
( 176,442) 2,357,881 409,858 608,023 892,937 1,464,944 of Year Fund Balance at End of Year S 1,163,558            3 2,181,439   $ 1,017,881     S 2,357,881 CITY CF LEESBUFG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, BUDGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984        A-3 Variance Favorable       1984 Budget      Actual    (Unfavorable)    Actual Taxes:
Ad Valcrem                         S 1,016,000 S 1,022,465  $      6,465    $  937,894 Franchise Fees                           31,000      30,403   (      597)       28,053 Tctal                          1,047,000    1,052,868        5,668       965,947 Licenses and Permits:
Professional and Occupational            54,000      56,285        2,285        49,207 Buildino Permits                         42,500      41,123   (    1,377)       40,187 Other Permits                            18,600      30,067       11,467        23,822 Total                             115,100     127,475       12,375       113,216 Shared Revenues:
Insured Agents-County Licenses            1,000         850   (      150)        1,150 Two-Cent Cigarette Tax                   72,000      79,824        7,824        77,006 State Revenue Sharing                   351,000     383,684       32,684       371,933 Mobile Home Licenses                     18,000      16,748   (    1,252)       18,064 Alcoholic Beverage License               15,000      14,962   (       38)       14,958 g Municipality Share of County                                                           3 Impact Collection Fees                              1,710        1,710 Rebate on Municipal Vehicles             15,400      11,189   (    4,211)        6,045 Municipality Share of Road and Bridge Tax                                                                    45,603 Local Option Gas Tax                    130,000     123,653   (    6,347)
Municipality Share of County Cccupational Licenses                  17,000      16,347   (      653)       16,370 Half-Cent Sales Tax                     340,000     343,969        3,969       296,252 One Percent Fuel Tax                     90,500     105,566       15,066        93,397 Total                          1,049,900    1,098,502       48,602       940,778 Charges for Services:
General Government Charges                5,400       5,527          127         5,325 g Cther Public Safety Charges               9,000       9,028           28         5,610 g Police Dispatch Fees                      6,500       5,400   (    1,100)        7,400 Other Physical Environment Chgs.         16,100      19,198        3,090         1,E96 Librarie s                                9,300      10,094          794         9,725 Program Activitists Fees                 80,000      66,106   (   13,894)       65,731 Swimming Pools i                         24,000      12,388   (   11,612)       11,693 Cther Recreaticr.", Fees                  5,000       5,963          963         2,270 Marina Charges     ,
3,000       2,736   (      264)        6,140 Communijy Building                       22,500      22,148   (      352)        3,328 g
p   >
Total                             180,800     158,588   (   22,212)      119,118 (Continued) 1 of 2

I CITY OF LEESBURG, FLCRIDA GENERAL FUND STATEMENT CF REVENUES, BUDGET (CAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984         A-3 I                                         Budget      Actual Varit.nce Favorable (Unfavorable) 1984 Actual Fines and Forfeitures:
Court Fines                        S     95,000 3 100,137     3     5,137 S     92,148 Library Fines                             6,500      5,752      (     748)       5,823 Cther Fines and Forfeitures              35,500     38,015          2,515       20,022 Total                            137,000     143,904          6,904      117,993 Miscellaneous Revenues:
I   Interest, including Profit en Investments Rents and Percentages 125,100 3,000 321,213 3,789 196,113 789 104,922 3,115 I   Airport Rental Sale of Land Sale of Purniture and Equipment 35,000 8,000 32,666 2,627
( 2,334)
( 5,373) 42,494 10,250 8,433 Contributiens-Private Sources                                                       276 I   Cther Incomi Insuranca Co pensation Trust Fund Contributions 1,100 1,000 5,100 2,590 928 5,099
(
(
1,490 72) 1)
3,838 2,006 27,627 Total                            178,300     368,912        190,612      202,971 Total Revenues              S 2,708,100 5 2,950,249     S 242,149 5 2,460,023 I                                                   .
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(Concluded) 2 of 2 i
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CITY CF LEESBURG, FLCRIDA GENERAL FUND                                             l STATEMENT OF EXPENDITURES, BUDGE *" (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amcunts for Year Ended September 30, 1984                A-4 Variance Favorable          1984   =
Function / Activity /Subactivity/Cb$ect       Budget       Actual     (Unfavorable)       Actual General Government Services:
Legislative:
City Cor: mission:
Personal Services                   S 24,200     $ 26,476   S(     2,276)    S     17,546 Cperating Expenses                      16,100       17,799            301          23,403 Cost Recovered                        ( 21,700)    ( 21,650)    (       50)    (    19,950)
Total City Cc::: mission            20,600       22,625     (   2,025)          20,999 Boards and Commissiens:
Personal Services                        7,500        7,454             46 Cperating Expenses                       5,400        4,606            794           4,861 Total Boards & Commissions          12,900       12,060            840           4,861 Total Legislative                   33,500       34,685   (     1,185)          25,860 Executive:
City Manager's Office:
Personal Services                      80,000      107,057     ( 27,057)           72,491 Operating Expenses                      12,500       12,587     (       87)         11,038 Capital Outlay                             200                         200 Cost Recovered                       ( 55,600)    ( 55,620)            20     (    49,920)
Total City Manager's Office         37,100       64,024     ( 26,924)           33,609 City Clerk / Finance Director:
Perscnal Services                     131,800      132,704     (      904)        123,437 Operating Expenses                     16,300       16,618     (      318)         20,281 Capital Outlay                          1,200                      1,200              513 Cost Recovered                       (112,000)    (111,975)    (       25)    ( 102,525)
Total City Clerk / Finance          37,300       37,347     (       47)      ,
41,706 Total Executive                     74,400      101,371     ( 26,971)           75,315 Finance and Administrative:
Accounting Office:
Personal Services                     121,800      122,261     (      461)        110,514 Cperating Expenses                     25,900       25,914     (       14)         20.048  l Capital Cutlay                           4,200        3,627            573             826  5 Cost Recovered                       ( 76,000)    ( 75,950)    (       50)    (    71,050)
Total Acccunting Office             75,900       75,852             48          60,340 Collections Office:
Personal Services                      73,300       72,389            911          62,598 Cperating Expenses                      13,700       12,468         1,212           12,356 Capital Outlay 52,950)
E g
Cost Recovered                       ( 65,300)    ( 65,250)    (       50)    (
Total Collections Office            21,700       19,627         2,073           22,004 Data Processing:
Personal Services                      73,000       72,876            124          72,672 Cperating Expenses                     47,000       33,061        13,939           42,288 Capital Cutlay                          8,000        7,167            833 Cost Recovered                                    ( 97,600)                  ( 103,920)
( 97,600) 14,896           11,040 E
g Total Cata Prccessing               30,400       15,504 (Contir'ued) 1 of 7

I                                                                                   .
CITY CF LEESBURG, FLCRIDA GENERAL FUND STATEMENT OF EXPENDITURES, BUDGET (GAAP BASIS) AND ACTUAL I                                          Year Ended September 30, 1985 With Cceparative A-tual Amounts for Year Ended September 30, 1984                       A-4 Variance Favorable           1984 Fun ction /A ctivi ty/ S uba ct ivi t y/Cb j e ct       Budget        Actual  (Unfavorable)       Actual I General Government Services (Cent'd):
Finance and Administrative (Cont'd)
Custcmer Service:
Personal Services                            S 121,100      $ 122,496   S(    1,396) S 184,391 I        Operating Expenses Capital Outlay 41,100 300 41,083 294 17 6
45,622 Cost Recovered                                ( 162.500) ( 162,500)                    ( 225,800)
I          Total Custcmer Service Meter Reading:
Personal Services 69,330 1,373 68,476
(    1,373) 824 4,213 Cperating Expenses                               12.500        11,721           779 I        Cost Recovered Total Meter Reading Purchasing Office:
(___ S1,800) (
(
81,800) 1,603)        1,603 Personal Services                                48,600        48,693    (       93)       44,830 Operating Erpenses                               11,600        12,379    (      779)       11,074 Capital Outlay                                    4,500         3,814           686            166 Cost Recovered                                ( 57,100)     ( 57,024)    (       76) (     49,192)
Total Purchasing Office                         ~,600         7,862    (      262)        6,898 Personnel Office:
Personal Services                                60,500        60,578    (       78)       57,156 Cperating Expenses                               10,800         8,474         2,326         7,305 Cost Recovered                               ( 32,100)      ( 32,085)    (       15) (     30,015)
Total Personnel Office                         39,200        36,967         2,233        34,446 Tctal Finance & Administrative                174,800       155,582        19,218       138,941 Legal Services:
City Attorney's Office:
I        Cperating Expenses Cost Recovered Total Legal Services 67,300
( 33,7CO) 33,600 56,017
( 33,650) 22,367
(
11,283
: 50) (
11,233 28,888 20,000) 8,888 I   Cc== unity & Econcmic Development:
Planning Office:
Perscnal Services                                75,200        76,533    (    1,333)       55,201 I        Cperating Expenses Capital Cutlay Eebt Service 12,400 800 57,600 13,226 766
(      826) 34 57,600 44,197 1,097 Cost Recovered                               ( 37,200)      ( 36,700)    (      500) (     18,550)
Total Ccemunity & Economic Development                                108,800        53,825        54,975        81,945 (Centinued) 2 cf 7 I
CITY OF LEESBURG, FLORIDA GENERAL FUht STATDiENT CF EXPENDITUFIS, BUDGET (GAAP BASIS) Aht ACTUAL Year Ended September 30, 1985 With Cceparative Actual Amounts for Year Ended September 30, 1984                   A-4 Variance                  l Favorable         1984    5 Function / Activity /Subactivity/Cbject         audget        Actual      (Unfavorable)      Actual General Government Se rvices (Cent'd):
Cther General Government Services (Cont'd):
Warehouse Services:                                                                               l Personal Services                  S     59,600   0     59,517  $          83     $    46,925  g Operating Expenses                        6,300          6,085           215            6,879 Capital Outlay                               700         5,206     (   4,506)              313 Cost Recovered                        ( 58,600)      ( 58,608)               8      (  49,896)
Total Warehouse Services                8,000         12,200     (   4,200)           4,221 Printing and Reproduction:
Personal Services                        19,600         19,487           113           18,327 Operating Expenses                        1,600          1,643  (          43)             535 Capital Outlay                            4,500                        4,500 Cost Recove red                    (      9,000)  (      8,995) {            5)     (   6,545)
Total Printing & Reproduction          16,700         12,135         4,565           12,317 Public Information Office:
Personal Services                        11,500         11,644   (       144)           9,900 12,800         11,021         1,779           10,38 Operating Expenses                                                                             E Capital Outlay                                                                             600 g Cost Recovered                     (     12,200)  (     12,150) (          50)      (  11,200)
Total Public Info. Office              12,100         10,515         1,585            9,681 Civic Functions Support:                                                                          l 5
Operating Expenses                       28,600         29,310   (       710)          29,094 Total Civic Funct. Support             28,600         29,310   (       710)          29,094 Public Buildings:
Personal Services                        81,400         79,031         2,369           61,301 Operating Expenses                       49,100         50,563   (     1,463)          39,135 Capital Cutlay                           19,600         20,175   (       575)          24,115 Debt Service                             40,100          7,159        32,941            4,124 Cost Recovered                      (    28,600)   (    28,530)  (         70)      (  17,640)
Total Public Buildings                161,600        128,398        33,202          111,045 Switchboard:
Personal Services                        12,500         12,550   (         50)         12,387 Cperating Expenses                       18,800         17,203         1,597           13,237 Capital Cutlay                                                                             116 Cost Recovered                      (    15,700)   (    15,650)  (         50)      (  15,300)
Total Switchboard                      15,600         14,103         1,497           10,440 Elections:
Operating Expenses                           300           145            155              639 Total Elections                            300           145            155              639 (Continued) 3 of 7 I
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I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPENDITURES, BUEGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual A= cunts for Year Ended September 30, 1984                A-4 I Function / Activity /Subactivity/Cbject       Budget        Actual Variance Favorable (Unfavorable) 1984 Actual I General Government Services (Cont'd):
Other General Govern =ent Services (Cent'd):
Miscellaneous & Contingencies:
Cperating Expenses                 S    50,000     $    2,874 S    47,126     5       7,877 Total Misc. & Contingencies           50,000          2,874      47,126             7,877 Total Cther General Government Services                292,900        209,680      83,220           185,314 Total General Gcvernment             718,000        577,510     140,490           516,263 Public Safety:
Law Enforcement:
Police Depart =ent:
I        Personal Services Cperating Expenses Capital Outlay 1,059,200 189,800 61,700 1,032,382 190,278 35,130
(
26,818 478) 26,570 984,807 182,369 54,030 Total Law Enforcement              1,310,700     1,257,790       52,910         1,221,206 Fire Control Fire Departments Personal Services                      857,900       838,349       19,551           798,457 Operating Expenses                      81,900        84,372    (   2,472)           66,731 Capital Outlay                          42,000        21,640       20,360            34,188 Total Fire Control                   981,800       944,361       37,439           899,376 Protective Inspections:
I     Building and Inspections:
Personal Services Operating Expenses 81,700 11,400 77,312 10,177 4,388 1,223 72,046 12,985 I        Cost Recovered Total Protect. Inspections A=bulance Department:
(    32,600) 60,500
(    32,585) 54,904
(      15) 5,596
(    27,615) 57,416 Cperating Expenses                                                                   12,949 I          Total Ambulance Department Total Public Safety                2,353,000     2,257,055       95,945 12,949 2,190,947 Physical Environment:
Cther Physical Environment:
Street Cleaning:
I        Personal Services Cperating Expenses Cebt Service 12,900 13,400 13,143 11,558
(     243) 1,842 17,100 9,735 Total Street Cleaning                 26,300        24,701        1,599            26,835 (Continued) 4 of 7 I
I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPENDITURES, BCDGET (GAAP BASIS) AND AC*UAL                      g Year Ended September 30, 1985                                   g With Comparative Actual Amcunts for Year Ended September 30, 1984              A-4 Variance                 l Favorable        1984    W Punction/ Activity /Subactivity/Cb3ect       Budget     Actual     (Unfavorable)     Actual Physical Environment (Cont'd):
Other Physical Environment: (Cont'd)
Engineering:                                                                              l Personal Services                S 137,800 S 137,336 S             464    S    113,441  g Operating Expenses                      11,600     10,529        1,071           8,962 Capital Outlay                           8,300      5,895        2,405           9,101  g Cost Recovered                    ( 118,300) ( 118,275) (
39,400     35,485 25) 3,915
( 100,950) 30,554 g
Total Engineering Cemeteries:
Personal Services                                                                   302 Operating Expenses                                                               9,172 l
g Total Cemeteries                                                               9,474 Public Works Office:
Personal Services                       71,200     69,563        1,637          65,100 Cperating Expenses                      22,400     20,901        1,499          11,018 Capital Outlay                           1,400      1,356            44             193 Cost Recovered                    (     23,700) (  23,700)
E Total Public Works Office             71,300     68,120        3,180          76,311  g Grounds & Beautification:
Personal Services                       86,700     86,175          525          80,134 Cperating Expenses                      38,400     36,369        2,031          23,267 3,849  =
Capital Outlay Total Grounds and Beautification                    125,100    122,544        2,556         107,250 Total Physical Environment           262,100    250,850       11,250         250,424 Transpcrtation:                                                                               l W
Roads and Streets:
Street Maintenance:
Personal Services                      120,100    122,747  (     2,647)         64,562  E 322,000    287,082       34,918         128,342 Cperating Expenses                                                                      E Capital Outlay                          51,500     51,270          230          13,952 Total Street Maintenance             493,600    461,099       32,501         226,856 Storm Crainage:
Personal Services                       11,200      6,251        4,949           8,736 Operating Expenses                      39,000     27,726       11,274          15,416 Total Storm Drainage                  50,200     33,977       16,223          24,152  g Street Lighting:
18,005 E
Personal Services                       20,400     23,356 (      2,956)
Cperating Expenses                     141,5C0    138,237        3,263         133,021 914 Capital outlay 161,900    161,593          307         151,940 l
W Total Street Lighting (Continued) 5 of 7 I
CITY CF LEESBURG, FLCRIDA GENEPAL FUND STATEMENT OF EXPENDITURES, BUOGET (GAAP BASIS) AND AC'IUAL Year Ended September 30, 1985 With Comparative Actual A= cunts for Year Ended September 30, 1984              A-4 Variance I Function / Activity /Subactivity/Cbject      Budget       Actual Favorable (Unfavorable) 1984 Actual Transportation (Cent'd):
Roads and Streets (Cont'd):
Traffic Control:
Personal Services               S       16,500 S    16,367 S        133    S   12,246 I         Cperating Expenses Capital Outlay Total Traffic Control 15,300 1,500 33,300 17,969 1,391 35,727
( 2,669)
(
109 2,427) 12,785 4,662 29,693 Total Roads and Streets              739,000     692,396       46,604       432,641 Airport Maintenance:
I         Personal Services Cperating Expenses Total Airport Maintenance 20,300 21,600 41,900 17,740 16,482 34,222 2,560 5,118 7,678 16,445 22,984 39,429 Parking Facilities:
Personal Services                                                              12,663 Cperating Expenses                                                               2,847 Debt Service                                                                     5,700 Total Parking Facilities                                                     21,210 Total Transportation                 780,900     726,618       54,282       493,21 0 Human Services:
Anigal Control:
Perscnal Services                        8,800       8,426          374          8,258 Cperating Expenses                          100          10           90            25 l
W           Total Human Services                   8,900       8,436          464          8,283 I
Culture and Recreation:
Library:
Personal Services                      169,400     180,435    ( 11,035)       173,160 Cperating Expenses                      54,400      66,258    ( 11,858)        52,651 I         Capital Cutlay Cebt Service Total Library 32,300
                                                  '113,300 369,400 39,730 31,060 317,483
( 7,430) 82,240 51,917 38,064 92,871 356,766 I
Parks and Recreation:
Recrea*.icn Cffice:                               /
Personal Services                      151,5CO     160,394    ( 8,894)        153,323 operating Expanses                     133,700     124,671        9,029       130,819 I         Capital Outlay Total Recreation Office 7,700 292,900 7,544 292,609 156 291 11,521 295,663 (Continued) 6 of 7 I
I CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPEND}'"URES , BUDGE'" (GAAP BASIS) AND ACTUAL Year i nded September 30, 1985 With Conparative Actual Amounts for Year Ended September 30, 1984              A-4 Variance Favorable       1984 l
5 Function / Activity /Subactivity/Cbject      Budget      Actual      (Unfaverable)    Actual Culture and Recreation ' Cont'dl:
Swimming Pools:
Personal Services                S      42,300 $    30,984 S     11,316   $     29,247 Cperating Expenses                      60,000      57,643        2,357         53,354 Capital Cutlay                          141,500     145,239 (      3,739)
Total Swimming Pcols                 243,800     233,866        9,934         82,601 Parks and Canals:                                                                            ,
Perscnal Services                       238,700     233,135        5,565        215,509 Cperating Expenses                       43,000      44,241    (   1,241)        40,046 Capital Outlay                             9,300      9,802    (     502)        16,776 Tctal Parks and Canals               291,000     287,178        3,822        272,331 Athletic Fields:
l g
Personal Services                        64,100      57,949        6,151         49,142 Operating Expenses                      51,500      59,865    (   S,365)        45,006 Capital Cutlay                           16,400      20,903    (   4,503)        21,942 Debt Service                               1,800                   1,800          7,710 Total Athletic Fields                133,800     138,717    (   4,917)       123,800 Total Parks and R'ecreation          961,500     952,370        9,130        774,3'95 Cultural Services:
Cultural Arts Evilding:
Cperating Expenses                         3,500      4,099    (     599)         3,086  =
Capital Cutlay                                                                   13,685 Total Cultural Arts Building            3,500      4,099    (     599)        16,771 Special Recreational Facilities:
Marina:
Cperating Expenses                                    1,557    (   1,557)            474 Total Marina                                       1,557    (   1,557)            474 m Coccunity Euilding:
Personal Services                        48,100      47,941          159         47,481  g Operating Expenses                       20,700      19,339        1,361         13,933  g Capital Outlay                             2,600      3,007    (     407)
Debt Service                             57,300      10,236       47,064 Total Cor= unity Building            128,700      80,523       48,177         61,414 Total Spec. Fec. Facilities          128,700      82,000       46,620     ,
61,868 Total Culture and Pecreation 1,463,100         1,356,032      107,068      1,209,820 Total Expenditures             S 5,586,000 $ 5,176,501 S 409,499        $ 4,669,017 (Concluded) 7 of 7 I

I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF CTHER FINANCING SOURCES AND USES EUDGET(GAAP EASIS) AND ACTUAL Year Ended September 30, 1985 With Co::carative Actual Amounts for Year Ended September 30, 1984           A-5 I   Function / Activity /Subactivity/Cbject      Sudget     Actual Variance Favorable (Unfavorable) 1984 Actual Cther Financing Sources (Uses):
Cperating Transfers In:
Electric Utility Fund             S 1,690,300 S 1,690,296 S(            4)  S 2,450,000 Gas Utility Fund                         389,100     389,040    (      60)      500,004 Water Utility Fund                       154,900     154,900                     74,604 Sanitary Sewer and Wastewater I        Treatment Fund Proceeds of Bcnd Anticipation Note 120,600     120,600                    132,096 900,00C I     Cperating Transfers Cut:
Debt Service Fund Capital Projects Fund
(
(
47,800) 15,500)
( 298,920)
(    6,106)
(251,120) 9,394
(
(
44,304) 10,469)
I       Payment of Bend Anticipation Note                                                                       ( 900,000)
Total other Financing Sources (Uses)             S 2,2'91,600 S 2,049,810 S(241,790)       $ 3,101,931 l
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I SPECIAL REVENUE FUNOS Special Revenue Funds are used to account for the proceeds I   of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes.
Certain Administrative expenses are paid by the General fund.
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CITY OF IEESisORG, FIDRIDA SPECIAI,HEVENUE FUNDS COMBINING 11AIANCE SHEET September 30, 1985 With Comparative Totals For Sel>tember 30, 1984                            B-1 Federal Revenue          Comunity          Housing Sharing         Development      Asuistance            , Tot a l s Fund              Fund              Fun         1985                1984 Assets Cash                                      $ 67,834           $     635       5 16,658   5 85,127           $ 32,223 Due trotn Other Governments                 21,991             14,865          17,887       54,743             19,640 Due from other Funds                                                                                             3,750 llousing At.sistance Ioans                                     69,776
* 69,776              71,481 Total Assets                       S 89,825           $ 85,276        S 34,545   S 209,646          S 127,094 Liabilities And Fund Balances I.iabilities:
Accounts Payable                            54,790                                341       55,139                 655 Due to Other Funds                             180             13,000             134       13,314               2,364 Housing Assistance Payments                                                    14,487       *1,487 Due to Other Governments                                       72,276                      72,276              77,761 Total Liabilities                    54,978             85,276          14,962     155,216              80,780 Pund Da lanee-s:
Fe se rved :
For Capit al Improvements                 5,506                                           5,506               7,353 Unreserved:                                 29,341                             19,583      48,924              38,961 Total Fund Balances                  H.847                              19,583      54,430              46,314 Total Liabilitzen and Fund Balances                    S 89,825           $ 85,276        S 34,545   S 209,646          S 127,094 m      W               W      W    W                          W               W

E   E                                   E                            E                                     E CITY OF LEESBURG, FIORIDA SPFCIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUFS, EXPENDITilRES, AND CliANGES IN PUND BALANCES Year Ended September 30, 1985 With Comparative Totals For The Year Ended September 30, 1984                              is-2 Federal                                                     -
Revenue        Cosmnuni ty         llousing Sharing       Development        Assistance             Totals Fund             Fund              Fund           1985          1984 Revenue:
Intergovernmental Revenue                      $ 88,771         $ 20,723          $ 161,022    $ 270,516    $ 298,521 Expenditures:
General Government Services                      15,058                                           15,058          5,438 Transportation                                   68,425                                           68,425         96,987 Economic Environment                                               20,723                         20,723        112,726
  ,     Human Services                                                                      150,194      158,194        127,215 p            Total Expenditures                        83,483            20,723           158,194      262,400        342,306 Excess of Revenues Over (Under) Expenditures        5,288                               2,828        8,116       ( 43,845)
Fund Balances at Beginning of Year                 29,559                              16,755       46,314         90,159 Fund Balances at End of Year                     $ 34,847         $                 $ 19,583    S 54,430      $ 46,314

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I CITY OF LEESBURG, FLORIDA FEDERAL REVENUE SHARING FUND STATEMENT CF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - ECDGET AND ACTUAL For The Year Ended September 30, 1985 With Cceparative Actual Amounts For The Year Ended September 30, 1984           B-3 1985 variance                   =
Favorable         1984 Budget      Actual     (Unfavorable)      Actual Revenues:
Intergovernmental Revenue Federal Revenue                  S 57,400      $ 88,771        S 31,371 5     78,554 Expenditures General Governmeht Financial and Administratives Other Services and Charges            600       7,352         ( 6,752)
Cperating Supplies                    500         649          (    149)       110 Capital Cutlay                     8,700        7,057             1,643      5,328 Total General Government         9,800       15,058         ( 5,258)       5,438 Transportation:
Perscnal Services                               3,374         ( 3,374)       3,053 Capital Outlay                    91,900       65,051            26,849     93,934 Total Transportation            91,900       68,425            23,475     96,987 Total Expenditures             101,700       83,483            18,217    102,425 Excess of Revenues (Under)
Over Expenditures                   ( 44,3C0)       5,288            49,588  ( 23,871)
Fund Balance at beginning of year      j4,300        29,559         (14,741)      53,430 Fund Balance at end of Year         S             S 34,847         $ 34,847 $ 29,559 I
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CITY OF LEESBURG, FLCRIDA I                                   CCMMUNITY DEVEI4PMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1985 With Ccerarative Actual Amounts For the Year Ended September 30, 1964         B-4 I                                                           1985 Variance Favorable        1984 Budget     Actual  (Unfavorable)      Actual Revenues:
Intergovernmental Revenue:
HUD Revenues                         S          S   3,819 5       3,819  S    4,478 Ccs::munity Development Block Grant Revenue                          31,404    16,904     ( 14,500)      85,075 Total Revenues                        31,404    20,723     ( 10,681)      89,553 Expenditures:
Economic Environment:
Housing and Urban Development I         Personal Services Cperating Expenditures                 25,404 843 19,880
(     843) 5,524 17,383 89,240 Capital Cutlay                          6,000                   6,000       6,103 Total Expenditures                    31,404    20,723        10,681     112,726 Excess of Revenues Cver (Under)
Expenditures                                                                 ( 23,173)
Fund Balance at Beginning of Year                                                                        23,173 Fund Balance at end of Year              S          S           S            S I
I CITY OF LEESBURG, FLORIDA HOUSING ASSISTANCE FUND STATEMENT CF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1995 With Cceparative Actual Amounts For The Year Ended Septetrter 30, 1984    B-5 Variance Favorable       1984 Budget        Actual   (Unfavorable)    Actual Revenues:
Intergovernmental Revenue:
HUD Contributions                  S 251,900 S 161,022     S (90,878)    5 130,414 Expenditures:                                                                              g Human Services:                                                                          3 Welfare:
Personal Services                    18,600     18,658      (     58)     17,558 Cperating Expenses                 233,300     139,536        93,764     109,657 Total Current Expenditures        251,900     158,194        93,706     127,215 Excess of Pevenue Over (Under)
Expenditures                                           2,828         2,828       3,199 Fund Balance at Beginning 16,755        16,755      13,556 of Year S 19,583     S 19,583     5 16,755 rund Balance at end of Year              S I
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DEBT SERVICE FUNDS Debt Service Funds are used tc account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.
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-.o CITY OF LEESBURG, FLCRIDA
        .                               CEBT SERVICE FUNDS CCMBINING BALANCE SHEET September 30, 1985 With Comparative Totals for September 30, 1984                                                                              C-1 1983 Fefunding          1960 Fevenue          Revenue                                  Totals Bonds        Certificates      1985                                                                     1984 Assets I
Cash                               S 233,368       5 103,501     S 336,869                                                                 5 35,121 Investments                          205,323                       205,323                                                                   100,513 Total Assets               S 438,691       S 103,501     3 542,192                                                                 S 135,634 Liabilities And Fund Balances Accrued Interest Payable             106,350                       106,350                                                                              .
Due to Other Funds                                                                                                                            32,133 Fund Balances (Reserved for Oebt Service)                      332,341         103,501       435,842                                                                   103,501 Total Liabilities and and Fund Balances        S 438,691       S 103,501     S 542,192                                                                 S 135,634 I
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CITY OF IIESEURG, I'IDRIDA DEBT SERVICE FfM S COG 1NING ST. CEMENT OF REVENL'ES, EXPENDITURES, Al@ CHANGES IN ITND BAIANCES Year Ended September 30, 1985 With Cecrarative Totals for the Year Ended September 30, 1984                            c-2 1983 Notes and                       Refunding       1960 I
Bond Mortgages     Anticipation       Revenue      Revenue               Tetals Pavable            Notes         Bonde   Cartificates        1985            1984 I Revenues:                          $            $               $             $           $                $
Expenditures Retirement of Principe's            4,000        1,600,000                       40,000    1,644,000          35,000 Interest and Issue Costs            3,159                        260,987          7,750       271,896          9,304 I       Total Expenditures              7,15 9       1,600,000       260,987       J7,750      1,915,896         44,304 Excess (deficiency) of revacues over expenditures                 (7,139)      (1,600,000)     (260,987)     ( 47,750)   (1,915,896)      ( 44,304)
I Other Financing Sources:
Operating Transfers In 1983 Refunding Revenue 7,159                        244,011         47,750       298,920        44,304 Bond Issued                                    1,600,000       349,317                   1,949,317 Tetal Other Financing Sources                       7,159        1,600,000       593,328         47,750    2,248,237         44,304 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures                                                332,341                      332,341 Fund Estances at Eeginning of Year                                               103,501        103,501       101,501 Fund Balances at End of Year       S            $               $ 332,341     $ 103,501      $ 435,842     $ 103,501 I
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CAPITAL PROJECTS FUNDS Capital Projects Funds are used to acccunt for financial re-sources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds).
Airport Improvement Project - to account for the costs of resur-facing and lighting runways and taxiways, and the construction and purchase of various navigational aids.                                           Ninety-seven and one-half percent (97.5%) of the estimated cost of $2,094,745 is being financed through Federal Grants (904), State and County Grants (7.5%), 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.
I This development area is to be sold to coccercial and industrial enterprises. Financing is provided by bond proceeds.
City Hall Renovation - to account for the costs to renovate the City Hall and Annex Building.                                         Financing is provided by bond proceeds.
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CT''Y CP LEESEt'RC, M.0RIDA I )
CAPIIAL PROJECIS R'NDS COMBINING BALANCE SHEEI Septes:ber 30, 1985 With Comearative Totals For September 30, 1984                                                                                 D-1 1
j Airport            Industrial        City Improvement              Park           Hall                                                           ,
Totals          !
Profeet            Development    Renovation                                                           1985          1984 Assets                                                                                                                                                 1 Cash                               $                     $ 229,474      $ 161,296                                                       $ 390,770     $ 277,459 Due free Cther Governments            177,657                                                                                              177,657      135,899 Due from Other Funds                                        11,162         21.938                                                           33,100        16,893 Total Assets                  $ 177,657             $ 240,636      $ 183,2%                                                        $ 601,527     $ 430,251 Liabilities And Fund Balances Liabilities:
Accounts Payable                     51,281                                                                                               51,281           450 Contractors Derssits                                                                                                                                       655 Due to Other Funds                  126,376                                                                                              126,376      145,575 Total Liabilities                177,657                                                                                              177,657      146,680 Fund Balances (Reserved for Construction)                                            240,636        183,2 %                                                          423,870      283,571 Total Liabilities and Fund Balances                $                     S 240,636      $ 183,2%                                                        $ 601,527     $ 430,251 1
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i CITY OF LEESBt'RC, FLORIDA CAPIIAL PROJECTS n'NDS COMBINING STAIEMENT OF PD'ENUES, EXPENDITURES AND CHANGES IN R:hV BALANCES Year Ended September 30, 1985                 .
With Coeparative Tetsts For the Year Ended September 30, 1984                         D-2 Airport        Industrial        City Improvement           Park         Hall                  Totals Project        Development   Renovation          1985          1984 Federal Aviation Administration Crant Reimbursement                 $ 219,915        $             $            $'219,815        $ 297,897 Florida Dept. of Transportation Grant Reimbursement                    12,212                                        12,212          18,334 Lake County Grant Reimburs.cocat           6,106                                          6,106          8,227 I             Contributions Interest Income Total Revenues                    238,133 5,929 5,929 4,168 4,168 10,097 248,230 11,127 335,585 Expenditures Construction Contracts                   204,598                                     204,598           669,764 Engineering and Other                     39,641                          65,9 %     105,637            69,166 Land Purchase                                               48,864                     48,864          210,903 Total Expenditures                244,239            48,864        65.9 %     359,099           949,833 Excess of Revenues Over (Under)
I Expenditures Otber Financing Sources
( 6,106)          ( 42,935)     ( 61,828)   (110,859)        (614,248)
I             Cperating Transfers frem General Fund Bond Proceeds 6,106 245,062 6,106 245,062 10,469 700,000 I
Total Other Financing Sources                          6,106                         245,062     251,168           710,669 Excess of Revenues and Other Financing Sources Over (Under) 3            Expenditures                                              ( 42,935)      183,234     140,299            96,221
          ,         . Fund Balances at Beginning of Year                                               ,
283,571                   283,571          187,350 Fund Balances at End of Year           $                  $ 240,636     $ 183,234    $ 423,870        $ 283,571 4
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I CITY OF LEESBURG, FLCRIDA CAPITAL PROJECTS FUNDS AIRPCRT DIPROVEMENT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AhT ACTUAL Year Ended September 30, 1985                              D-3 Variance Favorable Budget      Actual  (Unfavorable)
Revenues:
Federal Aviation Administration                                                            l W
Grant Reiznbursements                   S 102,150     S 219,815     S 117,665 Florida Department of Transportation Grant Reimbursements                          5,700       12,212           6,512         g Lake County Grant Reimbursements                2,800        6,106           3,306         g Contributions                                  12,500                   ( 12,500)
Total Revenues                             123,150       238,133        114,983 Expenditures:
Construction Contracts                         86,800      204,598      (117,798)
Engineering and Cther                          51,700       39,641         12,G:i9 Total Expenditures                       138,500       244,239      ( 10 5 ,
* 3_9 )
Excess of Revenues Over (Under)               ( 15,350)     ( 6,106)           9,244 Expenditures Other Financing Sources Operating Transfers from General Fund          15,350        6,106      ( 9,244)
Excess of Revenues and Other Financing Sources over Expenditures Fund Balance at Beginning of Year Fund Balance at End of Year                 S             S             S I
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I                                  CITY OF LEESBURG, FLCRIDA I                                   CAPITAL PROJECTS FUNDS INDUSTRIAL PARK DEVEI4PME!C STATEMENT OF REVENUES, EXPENDITURES AND I                         CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1985 D-4 Variance Favorable Budcet          Actual   (Unf avorable )
I            -
5,929_  $     5,929 R venues:                                     S S
Interest Inccme 39,850 39,850 IExpenditures: Miscellaneous and Contingency          179,600          48,864      130,736 48,864      170,586 Land Purchase                                    219,450 Total Expenditures
( 42,935)      176,515 Excess of Revenues Over (Under)                  (219,450)
Expenditures 283,571         64,121 219,450 Fund Balance at Beginning cf Year S 240,636     S 240,636 S
Fund Balance at End of Year I
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I CITY OF LEESBURG, FLCRIDA CAPITAL PROJECTS FUNDS CITY HALL RENOVATICN STATEMENT CF REVENUES, EXPENDITURES AND                         g CHANGES IN FUND BALANCE - BUDGET AND ACTUAL                        g For the Year Ended September 30, 1985                    D-5 Variance Favorable Budget      Actual    (Unfavorable)
Fevenues:
I Interest Inceme                               S            S    4,168   $    4,168 Expenditures:
Engineering and Other                             64,100       65,996     ( 1,896)
Excess of Revenues Over (Under)
Expenditures                                    ( 64,100)    ( 61,828)       2,272 Other Financing Sources:
Bond Proceeds                                    283,550      245,062     ( 38,488)
Total Other Financing Sources                 283,550      245,062     ( 38,488)
Excess of Revenues and Other Financing Sources Over (Under) Expenditures                219,450      183,234     ( 36,216)
Fund Balance at Beginning of Year                 (219,450)                  219,450 Fund Balance at End of Year                     S            S 183,234    5 183,234 I
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CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUNDS I                       PROJECT - LENGTH SCHEDULE OF CONSTRUCTION PROJECTS Beginning of Projects to September 30, 1985               D-6 Airport      Industrial     City I                                                  Improvement Project Park Renovation Hall Renovation Total Project Authorization                  S 2,094,745      S 500,500   $ 272,130 Revenues and Other Financing Sources:
Intergovernmental                            1,361,285 Operating Transfers In                           48,346 I      Bond and Note Proceeds Interest Income
                                                  $ 1,409,631 495,039 5,929 3 500,968 245,062 4,168 3 249,230 Expenditures:
Land Purchase                                                 259,767 Constructier Costs                           1,155,382 Engineering and Other                           254,249            565     65,996 I                                                 $ 1,409,631      S 260,332   3 65,996 I
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I I                         EMERPRISE FUNDS Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business I
enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the I governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appro-priate  for capital maintenance, public policy, management control, accountability, or other purposes.
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CITY OF IIEShtJRC, FIDRIDA ENTERPRISE MINDS COMBINING BAIJLNCE SalELT September 30, 1985 With Comparative Totals For September 30, 1984                                                         E-1 Other Sanitary                     Enterprise Sewer and                       Fund Electtic           Cas            Water       Wastewater    Cosbined         Sanitation Utility         Utility         Utility       Treatment     Utility         Services                Totals Fund            Fund            Fund           Fund         Ihnda            Fund            1985          19M4 Assets Current Assets:
Cash and Cash investments:
Operating Account                    $    685,390 $                $               $    173,005  $    858,395    $     32,929  $    891,324   S    752,978 Depteciation Account                    1,555,681       376,843          176,955        551,309     2,660,788                     2,660,788      1,545,318 Potable Water Account                                                     89,847                        89,847                       89,847         77,847 Crystal River Decomelaston                203,400                                                     203,400                       203,400         67,800
 ,   Receivables:
y     Customer Account s                      3,504,438        71,917           82,415        108,283     3,767,053          65,844     3,832,897      3,118,230
 ,     Allwance inr Doubtful Accounts         ( 507,877)   (       781)     (     ),337)      ( 5,298)    ( 515,293)                    ( 515,293)     ( 414,329)
Accrued Intetest                          153,649        42,278           22,011         10,020        227,958                      227,958        120,637 Due from Other funds                        168,955                                                      168,955                      168,955        308,773 Inventory, at cost                          608,512        94,816          116,615           3,103      823,106                       823,106        762,416 Total Current Assets               6,372.148       585,133          486,506        840,422     8,284,209          98,773     8,382,982      6,339,670 Restricted Assets:
Cash and Cash Investments:
Accrued Bond Interest                     601,775        73,721          176,051        124,886       976,433                       976,433        518,355 Revenue Bond Debt Se rv ice               399,889        48,978          117,020         82,972       648,859                       648,859        316,099 Revenue Bond Neserve                    1,269,770       523,557          119,038                    1,912,3t>5                    1,912,365      1,700,000 Renewal and Replacement                  298,668        20,906           75,385         69,164       464,323                       464,323        361,260 Const ruct ion Accommt-Eond Proceeds    1,408,657       381,193          894,517        335,390     3,019,757                     3,019,757      6,155,276 Customer Deposits                         815,706        46,132           47,462                      909,300                       909,300        816,589 Total Restricted Assets           4,794,665     1,094.487        1,429,473        612,412     7,931,037                     7,931,037      9,867,579 (Cwtinued) I of 4 m     W                    m       M        M         M       M                   M        M         M     M          M                M         M

M                  M       M    M          M      M                   M         M          M               M                  m         M CITY OF l.EESill!RC, FIf))DA                                                                       ,
ENTERPRISE 111NDS (XHBINING BALANCE SilEET September 30, 1985 With Comparative Totals for Septestier 30, 1984                                                          F. - l Other Sanitary                      Enterprise Sewer and                        Fund Electric           Cas            Water         Wastewater     Combined        Sanitation Utility         Utility         Utility         Treatment      Uttitty        Services                 Totals Fund           Fund            Fund              Fund         Funds           Fund             1985         1984 Property, Plant and Equipment at Cost:
Rights to Purchase Power         $       79,230 $                $               $              $      79,230  $               $     79,230 $        79,230 Property and Equipment              21,854,084     2,692,126        6,761,514       13,208,195     44,515,919        574,648     45,090,567     42,040,086 Nuclear Fuel                          1,604,864                                                     1,604,864                     1,604,864      1,531,849 Accumulated Depreciation and Amortization                      ( 8,232,623)   (1,081,056)      (1,720,422)     ( 2,339,835)   (13,373,936)   (    83,785) (13,757,721) (12,000,395)
Construction in Progress             1,414,741         6,012           27,158           315,667     1,763,578                     1,763,578      1,074,172 Net Property, Plant and
  .        Equipment                      16,720,296     1,617,082        5,068,250       11,184,027     34,589,655        190,863     34,780,518     32,724,942 U
  , Ottaer Assets:
Fatinated Landfill Closure Costa                                                                                   1,723,303      1,723,303 1     tong-Tera peceivable                     27,254                         ,
27,254                        27,254          31,656 Deferred Issue Costs (Net)              108,037       15,850           16,072            23,552       163,511                       163,511         170,322 Total Other Assets              135,291       15,850           16,072            23,552       190,765      1,723,303      1,914,068         201,978 Total Assets         $ 28,022,400   $ 3.312.552      $ 7,000,301     $ 12,660,413   $ 50,995,666   $ 2,012,939 $ 53,008,605 $ 49,134,169 i
(Continued) 2 of 4

CITY OF IIESHlfRG, FifCII3 FKrERPRISE FUNDS COMBININC BALANCE SilltT Sept embe r 30, 1985 With Comparative Totals for September 30, 1984                                                                       E-1 Otteer Sanitary                         Enterprise Sewer and                           Fund Electric               Cas                Water       Wastewater      CosLined           Sanitation Utility          lit t l i t y         lit tlity      Treatment      lit t i t t y     Se rvices                  Totals Fund               Fund                 Fund            Fund           hands            Fund               1985           19ts4 1.tabilltles Current Liabilities:
Accounts Payable                    $      244,261  $     116,688          $        3,669   $     100,225  $      464,843     $      22,899 $      487,742   $    207,122 Accounts Payable aurchased Energy        2,214,612           52,774                                           2,267,386                          2,267,386      1,527,572 Accrued Espenses                           454,164           26,161                26,237          38,385          544,947           22,169        567,116        618,041 Customer Advances for Construction         103,278                                                 41,467         144,745                          144,745        138,776 Due to other kunds                           6,231         145,773                 26,236           2,463          180,701            2,239        182,942        757,578 Total Current Liabilities            3,022,546         341,3 %                 56,142         182,540      3,602,624             47,307      3,649,931      3,249,089
. Current Liabilities (Payable f rom                 ,.
g  Restricted Assets):
,   Customer Depostas                          815,706           46,132                47,462                         909,300                          909,300        816,589 Accrued Interest cm Revenue Bonds          601,775           73,721               176,051         124,886         976,433                          976,433        518,355 Total Current Liabilities (Pay-able from Restricted Assets)        1,417,481         119,853                223,513         124,886     1,885,733                          1,885,733      1,334,944 tong-Tern Liabilities:                                                                                                                                                          .
Estimated Landtill Closure Costs Payable                                                                                                                  1,619,000       1,619,000 Refunding Revenue Ikmds Payable, Series 1984                           12,326,157      1,509,020              3,606,164        2,558,658    19,999,999                         19,949,999     19,999,999 Accrued Interest on Capital Appreciation Revenue Borm!s               42,521             5,209               12,439           8,824           68,993                          68,993 1 % eortized Discount                 (     80,248)   (      11,773)         (     11,936)    (    17,494) (       121,451)                   (    121,451) (     126,515)
Total 8c.g-Tern Liabilities         12,288,430      1,502,456              3,606,667        2.549,988    19,947,541          1,619,000      21,566,541     19,873,484 heal Liabilities               16,728,457      1,963,705              3,886,322        2,857,414    25,435,898          1,666,307      27,107,205     24,457,517 (Continued) 3 of 4 m                  M        M       M          M        M                          M       M          M                    M       M         M          M                  m

m         M          M      M         M           M        M        M      M        M        M        M        M          M        M CITY OF IEESBimC, FIDRIllA ENTERFkISE FUNDS UttBINING BAl.ANCE SIlEET September 30, 1985 With Comparative Totale for September 30, 1984                                                         E-3 Other Sanitary                    Enterprise Sewer and                      Fund Electric           Cas             Water       Wastewater    Combined        Sanitation Utility        Uttitty           Utility       Treatment     Utility        Services                  Totals Fund            Fund              Fund           Fund        Funds           Fund           1985            1984 Fund Equity Contributed Capital:
Federal Government             $       17,987 $      6,512       $     48,768  $ 8,011,471   $ 8,084,738 $               $ 8,084,'738     $ 8,084,738 Custtmers and Developers             730,827                          401,356        474,003    1,606,186                   1,606,186        1,425,289 Ceneral Fund                                                                                                    440, % 7      44 0, % 7        440,967 Total Contributed Capital        748,814         6,512            450,124      8,485,474    9,690.924       440,967    10,131,891        9,950,9 %
g Retained Earnings:
,    Reserved:
Revenue Bond Debt Service           399,889       48,978            117,020         82,972      648,859                     648,859          316,099 Revenue Bond Reserve             1,269,770       523,557            119,038                   1,912,365                   1,912,365        1,700,000 kenewaI and Replacement            298,868        20,906             75,385         69,164      464,323                     464,32)          361,260 Unreserved:
Designations:
Depreciation                    1,555,681       376,843            176,955        551,309    2,660,788                   2,6to,788        1,545,318 Fotable Water Account                                               89,847                      89,847                      89,847           77,347 thatcaignated (Deficit)           7,020,921       372,051         2,085.610         614,080   10,092,662   (    94,335)    9,998,327       10,725,1 %
* Total Retained Earnings (Deficit)                 10.545,129    1, % 2,3 15        2,663,855       1,317,525   15,868,844   (    94,335)   15,774,509       14,725,658 Tot al Fund Equi t y         11,293, % 3   3,%8,847           3,113,979       9,802,999   25,559,768       %6,632     25,966,400       24,676,652 Total I.t.t.111ttes and Fund Equity            $ 28,022,400   $ 3,312,552        $ 7,000,301   $ 12,660,413  $ 50,995,666 $ 2,012,939    $ 53,008,605 $ 49,134,169 (Concluded) 4 of 4

CITY OF IEESEURG, 51DRIDA FNTERPRISE E1]NDS CletBINING STATINENT OF OPERATIONS AND CHANGS IN RETAIN 12) EAkNING"> (DEFICIT)
For the Year Ended Septemtser 30, 1985 With Comparative Tntals for the Year Fnded Septestser 30, 1984                                                 E-2 Other Santtary                   Enterprise Sewer and                     Fund Electric             Cas           Water       Wastewater      Combined    Sanitatten Utility           t!ttitty       Utility       Trea tmen t     Utility     Services               Totals Fund              Nnd             Fund           Fund          Nnds         Nnd            1985           1984 Operating Revenue:
User Ctatges                   $ 21,475,9%      $ 2,784,965      $ 1,418,878     $ 1.556,727 $ 27,236,504     $ 872,038 $ 28,108,542     $ 24,279,203 Other Operating Revenue              215,929          25,367           20,609          93 ,3 %      355,239                    355,239          309.202 Total Operating Revenue     21,691,863      2,810,332        1,439,487        1,650,061    27,591,743     872,038     28,463,781      24,588,405 Operating Expenses:
Power Cenerat tm                     760,488                                                        760,488                    760,488         794,759 Nrthased Energy                   15,080,460      1,886,372                                      16,966,832                 16,966,832      13,874,714
,   Transainston                         211,591                                                        211,591                    211,591         217,045 g   Supply and Pumping                                                     88,078         111,621       199,699                    199,699         171,168
,   Treatment                                                            186,336          431,003       617.339                    617,339         592,699 Distritmttwa and Collection          511,609          88,074           84,465          54,805       738,953                    738,953         707,763 Customer Acccents                    380,632         130,888         100,249          108,059       719,828                    719,828         601,885 Administration and Ceneral           993,349         200,074         190,969          250,200     1,634,592                  1,634,592       1,346,253 Operating Expenses                                                                                              682,471        682,411         603,492 Depreciation and Amorttration        997,193          80,812         247,464          357,727     1,683,196      68,628      1,751,824       1,543,163 Total Operating Eapenses    18,935,322      2,386,220          897.561        1.313.415    23,532,518     751,099     24,783,617      20,452,941 Operating income                     2,756,541         424.112         541,926          336,646     4,059,225     120,939      4,180,164       4,135,464 Monoperating Revenue (Expense):
Interest income                      401,046         123,210           65,429          67,857       657,542       1,259        658,b01         961,891 Other Nonoperating Income              78,372           3,959           2,498          69,073       153,902                    153,902         123,207 Interest Expense                (    950,574)    ( 102,892)       ( 266,115)      ( 2C9,154) ( ),528,735)                 ( 1,528,735)    ( 1,392,457)
Other Monoperatang Expense                                                        (    60,445) (     60,445)              (     60,445)   (      45,550)
Total Nonoperating Revenue (Empense)       (    471,156)         24,277      ( 198,188)      ( 132,669) (      777,736)      1,259   (    776,477)   (    352,909)
Incase t,etore Operating Transfer (b. sward)                2,285,385         448,189          343,738         203,977      3,281,489    122,198      3,403,687       3,782,555 r
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m                        m       m   m          M        M          M          M        M         M       M        M      M       M         M         M        M CITY OF IEESBURC, MDRIDA ENTERPRISE FUNDS (IMBINING STATEMFNT OF OPERATIONS AND CHANCES IN RETAINED EARNINGS (DEFICIT)
For tlie Year Ended Septeet,er 30, 1985                                                            ,
With comparative Totals for the Year Ended September 30, 1984                                                E-2 Other Sanitary                   Enterprime Sewer and                     Fund Electric           Cas               Water       idas tewa te r    Combined   Sanitation Utility         Utility            Utility        Treatment        Utility    Se rvices             Totals Fund            Fund               Fund            Fund            Funds       Fund         1985             1984 Income before Operating Transfer (Forward)             $ 2,285,385      $    448,389       $    343,738       $ 203,917    $ 3,281,489   $ 122,198 $ 3,403,687 $ 3,782,555 (perating Transfer:
Transfers Out                   ( 1,690,296)      ( 38 9,0.:0)       ( 154,900)       ( 120,600)    ( 2,354,836)             ( 2,354,836) ( ),156,704)
Net income Betore Entraordinary Itcs            595,069          59,349            188,838            83,377       926,653    122,198     1,048,851         625,851 Extraordinary Itam - Cain on
  ,   Advance Ref unding of tag-Term Debt                                                                                                                                           3,669,458 Net income                      595,089          59,349            188,838            83,377       926,653    122,198     1,048,851       4,295,309 Retained Earnings (Deficit)
Beginning of Year                  9,950,040       1,282,986          2.475,017        1,234,148     14,942,191   (216,533)   14,725,658     10,430,149
-   Retained Earwings (Deficit)
Fnd of Year                    $ 10,545,129     $ 1,%2,335         $ 2,663,855      $ 1,317.525    $ 15,868,844  $( 94,315) $ 15,774,509 $ 14,725,658 (Concluded) 2 of 2

CITY OF IX.ESBURC, F1CIDA ENTERPRISE WNDS GWBININC STATEMENT OF QiANCES IN FINANCI AL MASITION For the Year Ended September 30, 1985 With Cteparative Totals for the Year Ended Septemtser 30, 1984                                                 E-3 Other Santtary                     Enterprise Sewer and                       Fund Electric           Cas             Water      Wastewater       Combined     Sanitation Utility        Utility          Utility       Treatment        Utility      Se rvices                Totals Fund            Fund             Fund           Fund           Funds         Fund          1985             1984 Smrces of Writng Capital:
Ope ations:
.       Net incme                             $ 595,089       $ 59,349         $ 188,838        $ 83,377   $    926,653 $   122,198    $ 1,048,851      $     625,851 Items not af f ecting Wrking Capital Depreciation and Amortization        1,005,849          81,963          253,323         359,437     1,700,572      68,628      1,769,200         1,561,400 W Ling Capital Provided by Opera-tions tefore Estraordinary Ites      1,600,938         141,312          442,161         442,814     2,627,225     190,826      2,818,ts51        2,187,251 Estraoudinary item                                                                                                                                 3,f,69,45H Wik f ug Capital FrowtJed Frm
  ,       operations                           1,600,938         141,312          442,161         442,814     2,627,225     190,826      2,818,051         5,856,709 g   Decicase in Restricted Assets            1,818,024          90,053                          190,906     2,098,983                  2,098,983
  ,   Decrease in Other Asr.ets                    4,402                                                          4,402                         4,402          42,087 Net lacrease in Current Liablittles rayable f rom Restricted Assets          360,429          42,305          118,757          29,298       550,789                     550,789           166,612 Contributed Capital                         90,041                           84,540            6,316      180,897                     180,897           269,909 Net 1or:g-Tera Det,t Issued-Refunding                                                                               1,619,000      1,619,000        19,873,484 Increase in landill! Closure Liability Book Value of Equipment Disposals          197,284                                                        197,284                     197,284 Increase in Capital Appreciation kevenue Bond Accrued Interest             42,521           5,209           12,439            8,824       68,993                        68,993 Total Sm rces of Working Capital 4,113,639            278,879          657,897         678,158     5,728,573   1,809,826      7,538,399        26,208,801 116es of Working Capital:
Inc rease in Restricted Asset s                                             162,441                       162,441                     162,441        3,260,749 Additions to Preperty and Equipment      3,030,240         278,698          175,392         358,933     3,843,263      93,908      3,937,171         1,869,463 Additions in Nuclear Fuel                   73,014                                                         73,014                        73,014         152,278 lixtease in Lardfill Clcsure Cost                                                                                                  1,723,303 AJvance Refunding of Net                                                                                            1,723,303 Long-Tern Debt                                                                                                                                    20,321,069 Total Uses of Wik ti.g Og**[j       3,103,254         276,69ts         337,833         3',8,933    4,078,718   1,817,211      5,895,929        25,603,559 Met Itgrease (Drcrease) in W iking Capital (Below)                    $ 1,010,3d5      $       181      $ 320,064        $ 319,225  $ 1,649,855 $(     7.385)   $ 1,M.2,4 70     $     A05,242 U                                                               S          S        S        &         M      M        M        S            -
5          S        S

m       m        m          m       W        W        W         W          W        W                  W                   W       W                  W          W         W CITY OF IEESBUNC, FIDRIDA ENTERFK:SE Fl!NDS GilB1NING STATEMENT OF OIAhCES IN FINANCIAL IUSITION For the Year Ended September 30, 19b5
* Wi th Coswrative Totale for the Year Ended September 30, 19 %                                                      E-3 Otter Sanitary                    Enterprise Sewer and                       Fund Electric            Cas            Water      Wastewater       Combined    Sanitation Utility          Utility         Utility      Treatment        Utility     Services                 Totals Fund             Fund            Ftand         Fund            Flands        Fund          1985             1984 Changes in Wiking Capital By Cmponent Current Assets-Increase (Decrease)
Cash and Cash investments               $     909,025       $( 47,506)      $ 141,207       $ 387,314   $ 1,390,040     $ 11,376    $ 1,401,416       $ 333,368
    . Customer Accounte (Net)                       879,436         ( 91,160)       (172,422)      ( 40,308)       575,546       38,157       613,703         (474,819)
   ,    Power Refund Receivable                                                                                                                                 (250,823)
    ,   Accrued Ir.tereni                              61,988            28,012           7,301         10,020       107,321                     107,321        ( 38,081)
Due f ree other Funds                     (    80,649)                                                   (    80,649)    (59,169)    ( 139,E18)         ( 14,306)
Inventory                                      25,976            20,951         17,522       (     503)       63,946     ( 3,256)         60,690         145,159 Current I.1 abilities-Decrease (Increase)
Accousats Payable                         ( 858,438)          ( 68,245)           4,984      ( 97,829)   (1,019,528)     (    906)   (1,020,434)          337,268 Accrued Expenses                               49,276             9,976       ( 2,509)       ( 2,607)         54,136     ( 3,211)         50,925        (191,012)
Custmer Advances for Const ruction        (        $16)           2,023                      ( 7,476)    (      5,969)               (     5,969)       ( 11,711)
Due to Other Funds                             24,287          146,130         323,981          70.614       565,012        9,624
* 574,636         770,219 Met Increase (Decrease) in                                                                                                                                           ,
Wortiog Capital                     $ 1,010,385         $       181     $ 320,064       $ 119,225   $ 1,649,855     $(1385) $ 1,642,470           $ 605,242 (Concluded) 2 of 2

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I                          INTERNAL SERVICE FUND The Motor Pool Service Fund has been established to account for the cost of maintaining autecotive vehicles for the various departments of the City. Costs are billed at estimated actual cost which includes I depreciation on maintenance equipment. Such billings are recognized as cperating revenue in the Motor Pool Service Fund and as expenses or expenditures of the various departments and other funds. The Motor Pool I Service Fund is a proprietary fund and is maintained on the accrual basis.
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CITY CF LEESBURG, FLORICA MOTCR PCCL SERV *0E FL7:D BALANCE SHEET September 30, 1985 With Comparative Totals For September 30, 1984                  F-1 "
Totals 1985           1984 Assets Current Assets:
Casa                                                    S 48,348        $ 3,041       g Cue from Other Funds                                                       19,877     3 i     Inventory, at Cost                                          8,218          11,125 56,566          34,043 Property, Plant and Equipment, at Cost I
Machinery and Equipment                                    35,458          33,059 Less: Accumulated Depreciation                            (28,463)        (26,001) 6,995           7,058 Total Assets                                     S 63,561        5 41,101 Liabilities And Fund Equity Liabilities:
Accounts Payable                                           11,544          15,095     g Cue to Cther Funds                                            474 3,787 501 2,607 g
Accrued Vacation and Sick Pay Total Liabilities                                   15,805          18,203 Fund Equity:
Contributed Capital - General Fund                         15,979          15,979 Petained Earnings                                          31,777           6,919 Total Fund Equity                                   47,756          ::,898
  ,          Total Liabilities and Fund Equity                3 63,561        S 41,101 I
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I CITY CF LEESBURG, FLORIDA MCTOR POCL SERVICE FUNS STATEMENT CF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS I                         For The Year Ended Septerter 30, 1985 With Comparative Totals For the Year Ended Septerrber 30, 1984          F-2 Totals 1985                 1984 I Operating Revenues:
Charges for Services                               S 195,403            5 191,748 Cperating Expenses:
Personal Services                                      73,450               69,370 Insurance and Professional                              4,230                3,647 Repairs and Maintenance                                 3,130                2,695 Operating Supplies                                     17,344               16,030 Lubricants and Oil                                           4               4,649 Gasoline                                                   576               3,255 Diesel                                                     198                  208 Major Vehicle Parts                                    45,020               49,759 Tires and Batteries                                    22,749               22,713 Depreciation                                            3,844                4,462 Total Operating Expenses                       170,545              176,788 Net Income                                      24,858               14,960 I Retained Earnings (Ceficit) at Beginning of Year                                       6,919 S 31,777
( 8,041) 6,919 Petained Earnings at End of Year                                          5 I
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CITY CF LEESBURG, FLCRIDA MOTCP PCCL SERVICE FUND STATEMENT OF CHANGES IN FINANCIAL POSITICN For The Year Ended September 30, 1985 With Ccecarative Totals For The Year Ended September 30, 1984           F-3 Totals                g 1985               1984      g Sources of Working Capital:
Cperations:                                                                           =
Net Income                                        5 24,858            $ 14,960 Oepreciation not requiring the use                                                  g of Working Capital                                   3,844              4,462     g Working Capital Provile:d by (Used in)
Operations                                            28,702             19,422 Sale of Property and Equipment                           7,172 Total sources of Working Capital                     35,874             19,422 g
Uses of Working Capital:                                                                W Purchase of Prcperty and Equipment                      10,953 Net Increase in Working Capital (See schedule below)                                $ 24,921         $ 19,422 Changes in Working Capital By Ccmponent Current Assets - Increase (Decrease)                                                    l Cash                                                  45,307              3,041     W Due from Other Funds                                 (19,877)         (134,958)
Invento ry                                           ( 2,907)         ( 13,123)
Current Liabilities - Cecrease (Increase)
Accounts Payable                                       3,549             21,083 Cue to Other Funds                                        29            144,569 Accrued vacation and sick pay                        ( 1,180)         (   1,190)
Net Increase in Working Capital                         $ 24,921         $ 19,422 I
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I                                 l'TD'.*0I ARY FUND TYPE Fiduciary type funds are used to account for the assets of the City's employee pension funds. Certain administrative expenses are paid by the General Fund.          The primary cbjective of the I              following section is to provide financial infomation that is useful in assessing each plan's present and future ability to pay benefits when due.
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CITY OF LEESBilRG, FIDHIDA FIDUCIARY FUND TYPES cot 4BINING BALANCE StiEET September 30, 1985 Wit h Comparat ive Totals f or September 30, 1984                                     G-1 Nonexpendable Pension Trust Funds                  Tru st Fund Municipal         Municipal      General     General Police           Firemen's    Employees'  E nployees '
Eetirement         Fetirement      Pension   liealth Ins.             Totals Trust Fund         Trust Fund       Fund         Fund          1985             1984 Assets Cash and Cash Fquivalents           S     186,291       $    237,942  $    441,597  0 68,266     $   934,096     S    776,463 Investzwnt s at Fair Value Municipal Bonds                                                          156,562                   156,562          170,754 U. S. Government Bonds                  729,454          1,142,672       940,093                 2,812,219        2,099,632 Federal A9ency Bonds                    199,166            295,645       473,061                   967,872        1,513,997 Corporate Bonds                          52,687            105,375       995,220                 1,153,282          346,500 Common Stock                                                             751,131                   751,131          480,737 Total Investments at Fair
,        Valun                              981,307          1,543,692     3,316,067                 5,841,066        4,611,620 C
, Feceivables Insurance Claim                                                                       36,291        36,291 Accrued Interest                         16,107             28,196        86,046                   130,349          107,672 Due from Other Funds                                         4,406        73,965                    70,371           71,865 Total Feceivables                     16,107             32,602       160,011      36,291       245,011          179,537 Total Assets                      1,183,705           1,814,236     3,917,675    104,557      7,020,173        5,567,620 Liabilities And Fund Equity Liabilitles:
Accounts Payable                                                                           100           100 Due to Other ibnds                          8,480                                                      8,480            8,571 Total I. labilities                    8,480                                          100         8,580            8,571 Fund Equity:
Fund falances:
1:ese rved f or ETployee benefits     1,175,225          1,814,236     3,917,675     104,457     7,011,593        5,559,049 Total Laabalities and Iurd Fquity                  S 1,183,705        S 1,814,236   $ 3,917,6 5   $ 104,557    $ 7,020,173     5 5,567,620 m       m      m       m       m   m       m         m        m             m     m       m     m              m       m   m

m                m     m       m                 W      W               W                     W      W      W                W                  m              m CITY OF 11ESBURG, FIDRIDA FIDUCIARY FUND TYPES                                                                               l COMBINING STATEMENT OF IEVENUES, EXPENSES AND CIIANGES IN FUND BAI.ANCES For The Year Ended September 30, 1985 With Comparative Totals For The Year Ended September 30, 1984                                                               G-2     l Nonexpendable                                                       l Pension Trust Funds                  Trust Fund Municipal       Municipal       General      General Police         Firemen's     Employees'   Employees' Retirement      Retirement       Pension    Health Ins.                                   Totals Taust Fund      Trust Fund        Fund         Fund           1985                                  1984
_ Operating Revenues Investrwnt Income:
Unrealized Increase in Fair value et Investments                          S    15,466     S     40,748   $    152,906 S              S   209,120                          $
Interest and Dividend Income                        109,665          168,315        335,863       3,265        617,108                               485,895 Cain on Sale of Investments                           21,504           30,647         29,366                     81,517 Total Investment Income                          146,635          239,710        518,135       3,265        907,745                               485,895 Contributions:                                                                                                                                                     3 1.mp loye r                                                            60,302        430,587     366,763        857,652                               504,190     I
  ,    Fmployee                                             39,426           28,323                    137,702        205,451                                59,043.
g   State of Florida                                      49,108           33,850                                    82,958                                74,815
  ,       Total Contributions                               68,534          122,475        430,587     504,465      1,146,061                            _ 638,048 Total Operating l<evenues                        235,169          362,185        948,722     507,730      2,053,806                             1,123,943 q=: rating Expenses:
Eefunds                                                                                                                                               10,654 benefit Payments                                      25,486           28,162         92,622     357,896        504,166                                e6,505 Administrative Expenses                                3,041            7,129         41,549      45,377         97,096                                37,443 Unrealized decrease in Fair Value of Investments                                                                                                                                96,231 Losc <>n Sale o1 Investments                                                                                                                          13,719 Total operating Exg;enses                         28,527           35,291        134,171     403,273        601,262                               244,552 Net I ncoe=-                                     206,642          326,894        814,551     104,457      1,452,544                               879,391 tund balances at Beginning of Year                     968,583        1,487,342      3,103,124                  5,559,049                             4,679,658 Pund Balar.ces at End of Year                      S 1,175,225     $ 1,814,236   S 3,917,675     S 104,457    5 7.011,593                          S 5,559,049

CITY OF LEESHtlis, FIDHIDA FIDUCIARY FUND TYPES COMBINING STATEME7JT OF CHANGES IN FINANCIAL POSITION For The Year Ended Septemler 30, 1985 With . v trativu 2atals for The Year Ended September 30, 1984                                                                                                                 Cy HonexpendabIe                                                                             ,_
Pension Trust Funds                      Trust Fund Municipal      Municipal          General        General Police        Firemen'a        Employees'     Employees' Retirement        Retirement          Pension      llealth Ins.                                                                                   To t. a l s Trust Fund        Trust Fund           Fund           Fund                                                                                1985                    1984 Sources of Wiking Capital Wrking Capital Provided From Operations - Net Income           $ 206,642           $ 326,894         5 814,551 $ 104,457                                                             $ L 452,544                            $ 879,391 Net Increase in Working capital (below)                   $ 206,642           $ 326,894         $ 814,551 $ 104,457                                                             $ 1,452,544                            $ 879,391 Changes in W rking Capital by Cwponent current Assets - Increase (beerease)
                        *                                         ( 35,675)                    73,843     51,199       68,266                                                                             157,633                 330,463 Cash and cash Equivalents
                        $         Investments                         244,224                 250,809    734,413                                                                                        1,229,446                 471,492 Feceivables                     (     1,907)                  2,242     28,848       36,291                                                                              65,474                  43,425 Current Liabilities - Decrease (Increase)
Account s Payable                                                                  (     100)                                                                    (          100)                  5,385 Due to Other Funds                                                             91                                                                                              91             (      91)           ,
IVferred Income                                                                                                                                                                                  28,717 Net Increase in Working Capital (Above)                          $ 206,642           $ 326,894         $ 814,551 $ 104,457                                                            $ 1,452,544                             $ 879,391

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ACCCUh"r GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the I                        unnatured principal of its general long-term debt.
account groups are not funds; they do not reflect available financial resources and related liabilities.
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CITY OF LEESBtFG, FLORIDA I
STATEMENT OF GENERAL FIXED ASSETS BY SCURCES SEPTEMBER 30, 1985 With Comparative Totals For September 30, 1984                   H-1 Totals 1985               1984 H neral Fixed Assets:
Land                                                    $ 1,264,857       $ 1,264,857 Building                                                   5,027,174   .      4,813,505 Improve.ments Other than Buildings                         1,761,510          1,674,346 Equipment and Vehicles                                     2,563,743          2,375,875 Construction Work in Progress                                305,887             31,996 Total General Fixed Assets                      $ 10,923,171      $ 10,160,579 Investments in General Fixed Assets From:
General Cbligation Bonds and Revenue Certificates          2,677,384          2,562,524 Capitalized Bond Interest                                     29,331 Capital Projects Funds:
Economic Development Administration Grants                 430,079            430,079 Special Improvement Fund                                    62,657             62,657 Hospital Construction Fund                               2,174,204          2,174,204 Federal, State and tocal Grants                          1,597,674          1,359,541 General Fund Fevenues                                      3,315,297          2,942,085 Special Pevenue Fund Revenues                                327,258            320,202 Utility Pevenue Fund Pevenues                                 69,607             69,607 Gifts and other                                              239,600            239,680 Total Investment in General Fixed Assets        $ 10,923,171       $ 10,160,579 I
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M        W             W CITY C"' LEESHURG, Fif7IDA STATEMFilT OF GENERA 1. FIXED ASSETS - LY FUNCTIONS AND AC?!VITIES September 30, 1985                                                                                       H-2 Ljulpment Improvements Other Than                                                                  anal Function and Activity                                                          Total              Land           huildings       Building                                                Vehicles General Covernment :
Iw islative~                                                        $        787,524       5    665,331     S               S   220,318                                              $      1,875 Executive               .                                                    138,736                                                                                                     13f;,736 Financia1 and Administrative                                                 186,699                                               82,544                                                104,155 Other Genera 1 Covernment                                                    114,692             65.709                             37t oy                                                 11,910 Total General Government                                             1,227,651            731,0-10                        239,935                                                  256,676      ;
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Itblic Safety :
law Enforcement                                                              721,049              5,452           43,664        162,453                                                  509,480 Fire control                                                                 737,840              5,452            1,298        275,559                                                  455,531 Detention and Correction                                                       5,002                                                                                                        5,002 Protective Inspection                                                         14,042                                                                                                       14,042 Total Public Safety                                                  1,477,933             10,904           44, % 2       438,012                                                  984,055 Physical Fnvironment                                                           325,563                              14,462           66,908                                                244,193 1
  , Transportationi:                                                                                                                                                                                       1 s   Roads and Street                                                             190,907             17,433                            47,918                                                125,556 1,294,132             43,050        1,192,469           49,467                                                   9,146 7   Airport Palking Facilities                                                            36,504             36,504 Total Transportation                                                 1,521,543             96,987        1,192,469           97,385                                                134,702 Economic Environewnt                                                           235,287            217,005               558                                                                  17,724 Hospit als and Human Services                                                2,179,114           '31,430                        2,147,684 Culture and Fecreation:
Coeruniity Building                                                          421,169                                            418,162                                                     3,007 Libraries                                                                  1,266,301             51,000                         861,244                                                  354,057 Parks and Recreation                                                       1,074,927             49,249          224,189        299,021                                                  502,468 Cultural Services                                                            236,549                               1,470        232,551                                                     2,528 Special Recreational Facilities                                              651,247             77,242          283,400        226,272                                                   64,333 Total Culture and Fecreation                                        3 650,193             177,491          509,059      2,037,250                                                  926,393 10,617,264       $ 1,264,857      S 1,761,510     $ 5,027,174                                              $ 2,563,743 Construction Work in Progress                                                  305,887 Tctal General Fixed Am-ts                                    S 10,923,171

[
CITY OF LEESBURG, FII)RIDA STATEMENT OF CHANGES Ill GENERAL FIXED ASSETS - IlY FUNCTIntiS AND ACTIVITIES Year Ended Septend,cr 30, 1985                                                 y General                                                             General Fixed Assets                                                        Fixed Asceta Ptmetion and Activity                             10/1/84               Additions           Deductions                9/30/85 General Government:
Irgislative                               $      785,749          $       1,775        $                      $      787,524 Executive                                        138,736                                                             138,736 Financial and Administrative                       78,764              107,935                                       186,699 other General Government                         114,692                                                             114,692 Total General Government                    1,117,941               109,710                                     1,227,651 ltblic Safety:
Iaw Enforcement                                  687,962                33,087                                       721,049 Fire control                                     727,100                10,740                                       737,840 Detention and Correction                            5,002                                                              5,002 Protective Inspection                              14,042                                                             14,042 Total Public Safety                         1,434,106                43,827                                     1,477,933 Physical Environment                                298,137                27,426                                       325,563
   ,   Tran rix)rtat ion :
g      Roads and Streets                                 137,263               60,816                    7,172              190,907
   ,      Airport                                        1,268,247                25,885                                     1,294,132 Parking Facilities                                 36,504                                                             36,504 Total Transportation                       1,442,014                86,701                    7,172            1,521,543 Leoav2:dc Environment                           ,
234,521                   766                                      235,287 Ilospit als and Ifunwn Services                   2,179,114                                                           2,179,114 Culture and Pecreation:
Conounity Buildian                               418,162                  3,007                                      424,169 Lib ra ri es                                   1,226,571                39,730                                    *1,206,'01 Parks and Hecreation                             897,765               177.162                                     1,074,917 Cultural Services            ,
236,549                                                            236,549 Special Recreational Facilit.na                   F,3,703                 7,544                                      651,237-Total Cultura and Recreat ha               3,422,750        ,
227,443                                     3,650,193 Cxwat ruction Work in Progress                        31,9 %              '605,887                  31,9 %              305,887 Totat @rta al Fixed Assets            S 10,160,579            $    Byl,760         $,        39,168       $ 10,923,171 M
M                      M      M    M                      M                    M                    W. M     sM       M
 -      -                                                                                                                 -             ~

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I
                   , .i
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CITY OF LEESBUPG, FLORIDA STAWINT OF GENERAL IENG-TERM DEBT September 30, 1985
                  .                          With Comparative Totals For September 30, 1984                 H-4 Totals 1985              1984 Amount Available And To Be Provided For The Payment Of General Iong-Tem Debt Serial Bonds - Public Improvement Revenue Certificates:
I- -
Amount Available in Debt Service Fund Amount to be Provided S   435,842 1,979,158 S   103,501 101,499 Total - Serial Bonds                            2,902,886          2,297,529 Other Ieng-Term Liabilities:
Amount to be Provided                                     487,886          2,092,529 Total Available and to be Provided            $ 2,902,886        $ 2,297,529 General Long-Term Debt Payable Refunding and Capital Improvement Revenue Bonds, Series 1983                                      2,250,000 Refunding and Capital Improvement Revenue
   ,                      Bond Anticipation Note                                                     1,600,000 Public Improvement Revenue dertificates Payable             165,000            205,000 Employee Ccmpensated Absences Payable                       342,695            327,057 Feal Estate Notes Payable                                   145,191            165,472 Total General Long-Term Debt Payable          S 2,902,886        5 2,297,529 1
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'I I                                       SCHEDULES I
l     Financial schedules are presented to provide greater detailed information than reported in the preceding financial statements.
This information in many cases has been spread throughout the l     report and is brought together here for greater clarity. Financial schedules are not necessary for fair presentation in conformity with Generally Accepted Accounting Principles.
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m    W            W          W         W        W                 W         W          W       M          M      M          M                    4         m             W CITY OF l.EESBURC, FLORIDA SlettARY SCitEDUI.E OF UTILITY PLAT 6 IN SERVICE CotiBINED UTIL11T FUNDS Year Ended September 30, 1985                                                            I-1 ASSETS                                               ACCitttfl.ATED DEPRECTATION Balance                                         Balance    Balance     Current Year                       Balance 10/1/84    Additions           Disposals        9 /30/85   10/1/84     Depreciatinn        Disposals      9/30/85 Electric Plant
* Intangible                                $     79,230  $                  $             $      79,230 $      3,4 35    $      2,290      $         $       5,725 land                                             16,156        37,767                            53,923 Buildings                                      660,112                                         660,112      158,872          12,712                       171,584 Improvements Other than Buildings           20,141,608     2,034,994            197,264    21,979,318    6,663,803          772,381                     7,436,184 Construction in Progress                        395,456     1,414,741            395,456     1,414,741 ttachinery and Equipment                        754,385        19,108                           793,493     408,507           44,687                       453,194 Total Electric Plant               3 046,947      3,526,610            592,740    24,980,817    7,234,617          H32,070                   3 066,687 Cas Plant I.a nd                                          19,650                                          19,650 Buildings                                       12,704                                          12,704        1,525                254                      1,779 Improvements Other than Buildings            2,205,923       225,707                        2,431,630      895,643           69,470                       965,113 e   Construction in Progress                         12,640         6,012             12,640           6,012 E   ttachinery and Equipment                        168,523        54,359                           222,832      103,077          11,088                       114,165 Total Cas Plant                     2,419,440       286,078             12,640     2,692,878    1,000,245           80,812                    1,081,057 Water Plant land                                             36,770                                          36,770 Hutidings                                       131,595                                        131,595        30,977           6,581                        37,558 Improves.cnts Other than Buildings           5,003,810       743,829                        5,747,639    1,260,512          187,268                    1,447,780 Construction in Progress                        636,699        27,158            636,699         27,158 Machlaery and Equipment                         804,407        36,668                          841,075      176,781           58,304                       235,085 Total Water Plant                   6,613,281       807,655            636,699     6,784,237    1,468,270          252,153                    1,720,423 Sanitary Sewer and Wastewater Treatment Plant land                                          1,018,868         4,015                        1,022,883 Buildings                                     2,320,752        34,937                        2,355,689      199,825           54,693                       254,518 lsiprovements Other than Buildings           6,870,547        14,787                        6,885,334    1,177,768          161,692                    1,339,460 Cons t ruc t ion in Progress                     29,378       315,667             29,378       315,667 Itachinery and Equipment                      2,925,385        19,994                        2,945,379      604,515          141,343                       745,858 Tutal Sanitary Sewer and Uastewater Treatment Plant 13,164,930              389,400             29,378    13,524,952    1,982,108          357,728                    2,339,836 TUI'A1. 00tlHlf;FD UTILITY Pl. ANT S 44,244,598 $ 1 009,743        $ 1 271,457 $ 47,982,884 $ ly8hg             $ L 522,763       $          $ 13,208,003

I                                                                                                                                                            1 CITY OF l.EESBURC, FIDRIDA SCllEDifLE OF LTTILITY PLAffT IN SERVICE ELECTh!C ITTILITY FlpD Year Ended September 30, 1985                                                                1-2 ASSETS                                                            ACCl#ffff.4TED DEPRECI ATION Balance            Balance Current 7 ar Balance Balance Disposals         9/30/85            10/1/84 Depreciativ.i          Disposate      9 /10 /85 10/1/84     Additions s
Intangible Property:                                                                                                                                                5,725 79,230                  $               $       79,230 $           3,435  $      2,290         $           $
Rights to Purchase Pwer                S              $
16,156       37,767                             53,923 Land:
Buildings:                                                                                                                                                       138,433 466,516                                          466,516          129,593          8,840 Wa rehouse                                                                                                                                                       25,504 145,801                                          145,801            22,588         2,916 Cencrat Plant                                                                                                                                                     5,327 33,295            4,661           666 City llall                                     33,295 14,500            2,030            290                            2,320 Repair Shop-Transformers                       14,500 660,112          158,872         12,712                          171,584 Total Buildings                         660,112 Is.provements Other Than Buildings:                                                                                            135,985                         1,120,351 1,531,849        73,014                         1,604,863           984,366 Nuclear fuel                                                                                                                 191,157                         1,481,612 4,855,202       443,071                         5,298,273         1,290,455 e     Crystal River #3 Nuclear Plant                                                                                                                               2,829,824 6,139,125       513,448          197,284        6,455,289         2,638,107       191,717 3     Overhead Conductors and Devices                                                                                                                                  56,811 463,726       168,774                            632,500            40,365        16,446
     ,      linderground Conductors & Devices                                                                                                                             821,737 2,021,668       373,954                          2,395,622          756,789         64,948 I.ine Transformers                                                                                                                                              40,411 349,411       321,020                            670,431            25,114        15,297 Distribution Plant                                                                                             277,835        27,101                          304,936 865,757        73,907                            939,664 Electric Meters                                                                                                               23,082                          297,930 l
724,590       67,806                            792,396          274,848 Street Lights and Signals                                                                                                                                        1,655 l                                                                                                                 1,655      1,655 Rental Lights                                  1,655 3,188,625           374,269       106,648                          480,917 Power Substattoas                         3,188,625 395,456    1,414,741           395.456        1,414,741 Construction in Progress Total Improvements Other                                                                                                 772,381                        7,436,184 20,537,064     3,449,735           592,740      23,394,059         6,663,803 Than Buildings Machinery and Equipment:                                                                                                                                          34,724 84,402        28,642                            113,044           29,785         4,939 Plant and Test Equipment 104,136           20,576         4,947                            25,523 Tools and Work Equipment                     93,670        10,466 170,548           52,553        16,654                            69,207 Office Equipment                             170,548 405,765           305,593        13,147                           323,740 Vehicles                                    405,765 793,493          408,507        44,687                           453,194 Total Machinery and Equipment           754,385        39,108 592,740    $ 23 980,817 $ L234 6t?           $   832,070          $           $ 8,066,687 Total Electric Plant              $ 22,046,947   $ 1 526,610      $
m        W           W       W        W           W               W          W         W        W                m       M       M         M           M           m          m     m

e      e         m        m                          m         e        e          m         W       m      m         W        4         m        W     W CITY OF IEESBtIRC, FIJ1k1DA SCllEDUIE OF iTI1LITY PLAfff IN SERVICE CAS ITI1LITY RIND Year Ended September 30, 1985                                                     1-3 ASSETS                                              ACCitiULATED DEPHECIATION Balance                                     Balance     Balance   Current Year                      Balance 10/1/84    Additions      Disposals         9/30/85     1 0/1/84  Depreciation      Disposals       9/30/85 f.and                              $    19,650 $                $             $     19,650 $            $                 $           $
Buildings:
City liall                           12,704                                      12,704        1,575         254                           1,779 Total Buildings                12,704                                      12,704        1,525         254                           1,779 Improvements Other than Buildings:
Natural Cas System                1,795,974      68,414                       1,864,388     814,331      50,331                          864,662 Cate Station                        145,540      19,415                         164,955      20,360       4,270                           24,630
* Cas tkters                          264,409     137,878                         402,287      60,952      14,869                           75,821 M     Construction in Progress             12,640       6,012         12,640            6,012                                         .
* Total Improvements Other than Buildings            2,218,563     231,719         12,640        2,437,642     895,643      69,470                          965,113 t*xhinery and Equipment System Equipment                     35,057                                      35,057      27,889       1,069                           28,958 Tools and Shop Equipment             40,939      18,406                          59,345       9,461       2,836                           12,297 Difice Equipment                     23,485      20,307                          43,792        7,955      1,742                            9,697 Vehicles                             69,042      15,646                          84,688      57,772       5,441                           63,213 Total Machinery and Equipment                   168,523      54,359                         222,882     103,077      11,088                          114,165 Total Cas Plant                     $ 2,419,440 $   286,078      $ 12,640     $ 2,692,878 $ L OOO,245    $   80,812        $           $ 1,081,057 1

I CITY OF IEESHCC, Fl.cQ1DA SCllEDULE OF UTILITY PLAlfr IN SERVICE WATER UTILITY FUND Year Ended September 30, 1985                                                        1-4 ASSETS                                                ACCIHill.ATFD DEPHECI ATION Halance                                     Balance      Balance Current Year            ,               Balance 10/1/84    Additions      Disposals         9/10/85      10/1/84   Depreciation         Disposals        9/30/85 land                                $     36,770 $              $               $      36,770 $              $                  $            $
itulldings:
Vehicle Storage                         24,784                                      24,784        1,851         1,239                               3,090 IMmping Plant                           49,694                                      49,694        8,023         2,486                             10,509 Warclumse - Water                       22,618                                      22,618        8,481         1,131                              9,612 Warehouse - Improvement                 32,699                                      32,699       12,262         1,635                             13,897 City Hall                                1,800                                        1,800          360            90                                450 Total Buildings                  131,595                                     131,595       30,977         6,581                             37,558 Iniprovements other than Buildings:
Water Meters                            73,054      25,173                          98,227       11,303         8,563                             19,866
* Water Works                          2,116,533     528,531                      2,645,064       672,028       119,040                            791,068 0   Water Distribution                      41,253      38,877                          80,130        3,471         1,215                              4,686 e   Fire Hydrants                           47,122       4,081                          51,203       16,715         2,461                             19,176 Water Hains and Potable Water Wells                       2,460,833      147,167                      2,608,000       850,892        50,688                           501,580 Well and Spring Pumps                  265,015                                     265,015      106,103         5,301                           111,404 Construction in Progress               636,699      27,158        636,699           27,158 Total Improvements Other than Buildings              5.640,509      770,987        636,699       5.774,797     1,260,512       187,268                         1,447,780 Nchinery and Equipment System Equipment                       630,653                                     630,653       65,254        31,532                             96,786 Tools and Shop Equipment                51,281      11,337                          62,618       37,802        14,893                             52,695 office Equipment                        13,397      20,240                          33,637        3,928         1,198                              5,126 Vehicles                               109,076       5,091                         114,167       69,797        10,681                             80,478 Total Machinery and Equipment                      804,407      36,668                         841,075      176,781        58,304                           235,085 Total Water Plant           $ b 613,281  $   807,655    $   636,699    $ 6,784,237 $ L468,270       $   252,153        $            $ 1,720,423 W    W          W        W                         W    W         W        W        W          W       W        W        W          M        M           M      W

E       E             E      E                E          E      E        E          E          E         E       E      E          E                E          E   E CITY OF 1.EESBifRG, FlJDRIDA SCilEDlfl1 OF IfTILITY Pl.Atff IN SERVICE SANITARY SEWER AND WASTEWATER TREATHENT HJND Year Ended September 30, 19'15                                                     1-5 ASSETS                                                 ACCUHlfl.ATED DEPRECTATION Balance                                          Balance     Balance  Current Year                       Balance 10/1/84      Additions       Disposals         9/30/85      10/1/84  Depreciation        Disposals      9/30/85 I.and I.and Sewer System                 $      39,383   $     4,015       $           $        43,398 $            $                $            $
Treatment Plant                           45,258                                          45,258 201 Farm                                 934,227                                         934,227 Total I.and                   1,018,868          4,015                        1,022,883 Buildings truck Shed                                 7,668                                           7,668       1,151           153                          1,304 City llall                                 4,499                                           4,499       2,735           307                          3,042 Treatment Plant                          727,459        32,386                           759,845      60,501      16,552                          77,053 office                                     2,310                                           2,310       2,079           231                          2,310 1.41,                                    301,388 30),388      24,678       6,373                           31,051 g      Disposal Plant                           249,541                                         249,541      36,728      10,493                          47,221
   ,    Pump Stations                         1,027,887          2,551                       1,030,438        71,953      20,584                          92,537 Total Buildings                2,320,752         34,937                       2,355,689       199,825      54,693                         254,518 Improvements Other than Buildings:
Sewer Lines and Hanholes              1,591,611         14,787                       1,606,398       426,730      39,976                         466,706 Disposal Expansion                    1,007,435                                      1,007,435       396,971      20,148                         417,119 1 rea t men t Plant                      594,156                                         594,156      49,888      14,254                          64,142 Disposal Plant                           766,463                                         766,463     101,833      29,096                         130,929 Pi pe l lt.e s                        2,910,882                                      2,910,882       202,346      58,218                         260,564 Construction in Progress                  29,378       315,667          29,378           315,667 Total Improvements             6,899,925        330,454          29,378       7,201,001     1,177,768     161,692                      1,339,460 Machinery and Equipnent:
System Equipnent                      2,641,865         10,724                       2,652,589       480,545     113,414                         593,959 Office Equipment                          19,155                                          19,155      11,969       1,160                          13,129 Vehicles                                 264,365         9,270                           273,635     112,001      26 1769                        13P ,7 70 Total Hachinery & Equipment    2,925,385         19,994                       2.945,379       604,515     141,343                         745,858 Total Sanitary Sewer and Wastewater Treatment Plant $ 13,164,930     $ 389,400        $ 29,378 $ 13,524,952 $ 1,987,108         $ 357,728        $            $ 2,339,836 e

I CITY OF I.EESBtIRC, FIDRIDA SCilEDUll OF SOLID WAS11 EQUIPMENT SANITATION SERVICES FUND Year Ended September 30, 1985                                               I-6 ASSETS                                             ACCtHlH.ATED DEPRECIATION Balance                                     Balance     Balance   Current Year                   Balance 10/1/84   Additions       Disposals         9 /30/85    10/1/84   Depreciation        Disposals  9/30/85 e
g Machinery and Equipment 1.andfill Equipment            S 97,090   $                 $               $ 97,090     $ 51,301    $ 13,486         $           $ 64,787 Trucks and Other Vehic1,cs        383,649      65,208                         448,857      763,856      55,142                      318,998 Total Solid Waste Hachinery & Equipment S 480,739  $    65,708       $               $ 545,947    $ 315,157   $ 68,678         $           $ 381,785

W   W         W W              W    W W W               W         W         W         W  W        W      W         4        W       W       W 6
CITY OF l.EESBtfRC, FIDRIDA SCllEDU!I 0F PROPERTY AND EQUIPMENT HmT>R POOL FUtm Year Ended Septeniber 30, 1985                                              I-7 ASSETS                                        ACCtN1ft.ATED DEPRECIATION Balance                                   Balance  Balance   Current Year                    Balance 10/1/84 Additions       Disposals         9/10/85  10/1/84   Depreciation      Disposals     9/30/85 Machltwry and Equipsient Tools and Equipment              $ 21,405 $ 2,656         $     400         $ 23,661 $ 15,027    $ 3,108          $    400     $ 17,735 8
   ,  Vehicles                           11,654    7,172            8,154           10,672   10,974       7,852            8,154       10,672 Total Motor Pool Machinery and Equipawnt  $ 33,059 $ 9,828         $   8,554         $ Ej3]   $ 6 0]0     $ 10,960         $ 8,554      $ 3407

I CITY OF LEESBURG, FLORIDA CCMBINED SCHECULE OF INVESTMENTS - ALL FUNDS Septe:ter 30, 1985                                    I-8 PAR VALUE/
INVESTMENTS STATED AT                                           I!CEREST       MATURITY      NUMBER CF        MARKET E 7 VALUE                                                 RATES     (%)     DATES        SHARES          VALUE Municipal Police Officers' Retirement                                                                                 3 Trust Fund Money Market Dreyfus Cash Management                                                                 $     126,100 S      126,100 U.S. Government Bonds:
U.S. Treasury Note                                              12.00            1988           50,000         53,093 l
U.S. Treasury Note                                              11.625           1992         400,000        425,500  W U.S. Treasury Note                                                9.875          1990         250,000        250,860 Federal Agency:
Federal Home loan Bank Cons.                                    11.10            1987         100,000        102,687 Corporate Bonds:
Chevron                                                          12.75           1987           50,000         52,688 Bonds:
Federal Home Loan Mtg. Corp.                                     10.50           2009         100,238          96,479 S 1,076,338   S 1,107,407 Municipal Firemen's Retirement Plan                                                                                  g Money Market:                                                                                                        3 Dreyfus Cash Management                                                                  S    203,800 S     203,800 U.S. Government Bonds:
U.S. Treasury                       Notes                        8.25            1988          50,000         48,984 U.S. Treasury                      Notes                       10.75            1989          50,000         51,781 U.S. Treasury                       Notes                       10.50            1987         100,000       102,812  g U.S. Treasury                      Notes                       12.0             1988         100,000       106,187  g U.S. Treasury                      Notes                       11.625           1992         500,000       531,875 9.875           1990         300,000       301,032 I
U.S. Treasury                      Notes Federal Agency:
Federal Home Loan Banks Cons.                                   11.10            1987         100,000       102,687 Bonds:
Chevron                                                         12.75            1987         100,000        105,375 Federal Home Loan Mtg. Corp.                                    10.50            2009         200,476        192,959 5 1,704,276    S 1,747,492 Retirement Plan for General Employees Money Market:
Dreyfus Cash Management                                                                  S    332,500 S      332,500 I
(Continued) 1 of 4

I CITY CF LEESBURG, FLORIDA CCM8INED SCHECULE CF INVESTMENTS - ALL FUNDS I
September 30, 1985                                  I-8   ,
PAR VALUE/
INVESTMENTS STATED AT                         INTEREST    MATURITY    NUMBER OF        MAPJIT MARKET VALCE                            RATES     (%)    DATES     SHARES          VALUE Retirement Plan for General E=ployees (Continued)
I U.S. Govern =ent Bonds:
U.S. Treasury Notes                              9.0         1987  S    100,000    $    100,625 U.S. Treasury Notes                              8.25        1988       100,000           97,969 U.S. Treasurf Notes                             10.75        1989       100,000         103,562 U.S. Treasury  Notes                           13.75        1987       100,000         108,094 I U.S. Treasury  Notes                           14.875       1986       200,000         210,688 U.S. Treasury  Notes                           11.875       1993       100,000         108,031 U.S. Treasury  Notes                           12.5         1987       200,000         211,124 Federal  Agency:
Federal   National Mtg. Assn.                   12.25        1987       100,000         104,406 I Federal Federal National Mtg. Assn.
National Mtg. Assn.
13.65 11.45 1987 1990 150,000 200,000 160,780 207,874 Municipal Bonds:
I Alaska St. Housing Finance Corporate Bonds:
12.30         1993       150,C00         156,562 I Chrysler Financial Corp.
American Express Credit Corp.
Household Finance Corp.
13.50 11.50 11.80 1991 1989 1989 100,000 150,000 200,000 105,750 157,313 210,220 Federal Express Co.                            10.625        1995       150,000         149,250 National Med. Enterprises, Inc.                              1999       150,000         157,688 I Private Expt. Fdg. Corp.                       12.875        1994       200,000         215,000
                                                                     $ 2,782,500    S 2,897,436 Common Stocks.
Foods:
General Foods Corp.                                                         300      S   35,512 Hospital Supplies:
Baxter Travenol Lab, Inc.                                                 1,500          19,125 Johnson t. Johnson                                                          500          22,188 Hospital Management:
Hospital Corp. of America                                                   450          17,494 Publishing - Newspapers:
Times Mirror Co.                                                            600          27,150 Tribune Co.                                                                 700          31,325 Auto Parts:
Cana Co rp .                                                                700          16,100 Lear Siegler, Inc.                                                          600          28,575 I                                                                            (Continued) 2 of 4 g                                                .2

I CITY OF LEESBURG, FLCRIDA CCMBINED SCHEDULE CF INVESTMENTS - ALL FUNDS September 30, 1985                               I-8 PAR VALUE/
INVESTMENTS STATED AT                      INTEREST     MATURITY    NUMBER CF      MAFJIT MARKET VALUE                          RATES     (%)   DATES      SHARES        VALUE Fetirement Plan for General E=ployees (Continued)
Tires:
Goodyear Tire and Rubber Cor pany                                  S       700 S      19,162 Building Materials:
American Standard, Inc.                                                    900        26,888 Hc=e Builders:
Ryan Homes , Inc.                                                          900        22,950 Air Transport:
Airtourne Fght. Corp.                                                    1,000        22,000 Cec =:unication:
American Information Technologies Corp.                                    400        35,150 Electric:
Ccemonwealth Edison Co.                                                    700        19,950 Oetroit Edison Co.                                                       1,200        17,250 Paper:
Willamette Ind., In c.                                                     550        24,063 Railroads:                                                                                   l W
CSX Corp                                                                   900        21,712 Norfolk Southern Corp.                                                     300        20,437 Conglomerates:
Calfed, Inc.                                                             1,500        26,063 Infor ation Processing (Ex. IBM):
Honeywell, Inc.                                                            300        18,562 =
NCR Corp.                                                                  600        19,875 Sperry Corp.                                                               400        20,250 IBM:
International Business Machines                                            200        24,775 Casualty Insurance General Fe. Corp.                                                          400        32,950 Multi Line Insurance:
Cigna Corp.                                                                500        27,0C0 Hanover Insurance Co.                                                      600        25,500 Banks - Ex New York City:
First Interstate Bancorp                                                   800        37,500 (Continued) 2 of 4 g

CITY CF LEESBURG, FLORIDA CCMSINED SCHEDULE CF INVESTMENTS - ALL FUNDS Sectember 30, 1985                                          I-8 PAR VALUE/
s         INVESTMENTS STATED AT                                                                        INTEREST   MATURITY   NUMBER CF       MARYET MA %7 VALUE                                                                            RATES (%)     DATES     SHARES         VALUE t
Retirement Plan for General Employees
[           (Continued)
Financial Services:
American Express Co.                                                                                             S        500   S    20,750 Phibro-Salcmon, Inc.                                                                                                      400        14,050 Reit & Related:
Merrill Lynch & Co. , Inc.                                                                                                700        19,075 I          Paine Webber Group, Inc.                                                                                                  500        14,500 i
Savings & Lean:
Home Fed. Svgs. & Ln. San Diego, CA                                                                                     1,200        23,250 Total Ccemon Stocks Stated at Market Value                                                                                                            751,131 s           Total Investments Stated at
                  . Market Value                                                                                                           S 6,503,466 INVESTMLNTS STATED AT                                                                        INTEREST   MATURITY      PAR         MiCRTIZED AMORTIZED COST                                                                          RATES   (%)  DATES       VALUE          COST General Fund U.S. Treasury Notes                                                                           14.625      1989   S   900,000    S   903,611 U.S. Treasury Notes                                                                           11.25       1989       900,000        944,264 1,800,000      1,847,875 Cembined Utility Funds Revenue Send Debt Reserve:
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l U.S. Treasury Notes Revenue Sond Sinking Fund:
12.00       1986     1,643,700      1,643,700 U.S. Treasury Notes                                                                            8.25       2005       305,000        311,533 l          1984 Construction Account:
U.S. Treasury Notes                                                                           10.125      1993     2,000,000      1,957,884 U.S. Treasury Notes                                                                           11.25       1989     1,000,000      1,046,963 i
3,000,000      3,004,847 l          Cepreciation Account:
U.S. Treasury Notes                                                                           11.75       1988     1,000,000      1,009,909 I          U.S. Treasury Notes                                                                           11.25       1989     1,000,000      1,048,443 2,000,000      2,058,352 Cebt Service Fund U.S. Treasury Notes                                                                           14.625      1989       100,000        100,401 U.S. Treasury Notes                                                                           11.25       1989       100,000        104,918 200,000        205,319 Total Investment Stated at Acortized Cost                                                                                       S 8,948,700    0 9,071,626 (Concluded) 4 of 4 l
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CITY CF LEESBURG, FLORIDA
                     $19,999,999 REFUNDING U*ILITIES REVENUE BCNDS, SERIES 1984 DEBT SERVICE REQUIREMEN*S TO MATURITY                           I-9
~
BCND MA'; 1ITIES              DEST SERVICE REQUIREMENTS            TOTAL BCND
                              . :A AND                       (INCCME                   MATURITIES   W t..PITAL      REQUIRED         FRCM                      AND DEBT DUE      SERIAL        APPRECIATICN     SECURITY       SECURITY       INTEREST     SERVICE 2
CCTCBER     BCNDS             BCNDS        PUFCHASES      PURCHASES)      EXPENSE REQUIREMENTS 1985    S              S                S   342,440 S(       24,956) S 2,115,601 S 2,433,085 1986                                        379,319          52,181)   1,952,863     2,280,001 1987                                       405,661
(
(     82,088)   1,952,863     2,276,436 l
e 1988                                        432,003    ( 114,263)      1,952,863     2,270,603 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   W 1995        705,000                                    ( 313,913)      1,841,863     2,232,950 1996        770,000                                    ( 313,913)      1,776,650     2,232,737   g 1997        845,000 925,000
( 313,913)
( 313,913) 1,703,500     2,234,587   g 1998                                                                   1,621,113     2,232,200 1999                       1,020,000                   ( 313,913)      1,528,613     2,234,700 2000                       1,120,000                   ( 313,913)      1,426,613     2,232,700   l 2001      1,230,000                                    ( 313,913)      1,314,613     2,230,700   5 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 4
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   E 2008                       1,830,000                                      398,919    2,228,919   5 2009                       2,015,000                                      209,056    2,224,056 TCyrALS S 4,800,000     5 15,199,999     $ 3,693,100 5 (8,989,513) S 41,658,204 $ 56,361,790
: 1. The amounts show under the column headed " Income From Security Purchases" is deducted frem the sum of the amount shown under each other column to equal the amount shown under the column headed " Total Bond Maturities and Debt Service Requirements".
: 2. Total Cebt Service does not include Debt Service Reserve earnings.                           g
: 3. Debt Service Payable for the period ending October 1,1985 includes $162,739 of               3 interest attributable to the City during Fiscal Year 1984.
: 4. Criginal principal anount of Capital Appreciation Bonds.
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I CITY OF LEESBURG, FLORIDA I
UTILITY RATE SCHEDULE                                  <
Septerber 30, 1985                       I-10 Schedule of rates, fees, and charges of the system and nurier of customers in each class of service as of September 30, 1985 m                                                                                                                                                                    I The following schedules are provided for compliance with Section 15 Covenants of the Issuer (Item J) of the Refunding and Capital Improvements Utilities Revenue Bcnds, Series 1977 Bond Resolution.
ELECTRIC RATE SCHEDULE I
Residential Service Charge                                                            -
5.00 I                                            All KWH (per KWH)
S
                                                                                                                                                                 .0647 Minimum monthly charge                                                                                 S   5.00 I                                            Deposit Cut-on Charge - When cut off for non-payment of bill S 75.00 S 10.00 Number of Residential electric customers 9/30/85                                                         11,213 General Service Non-Demand Service Charge                                                                                         S   6.00 All KWH (per KWH)                                                                                           .0790 Minimum monthly charge                                                                                     6.00 I
S Deposit - Estimated bill for two months' service Cut-on Charge - When cut off for non-payment of bill                                                   S  10.00 I                                            Nurter of General Service Non-Demand customers 9/30/85                                                    1,900 General Service Demand Service Charge                                                                                         S 17.00 Cemand (per KWH)                                                                                            .0414 Demand (per KWH)                                                                                           8.00 l      I                                            Minimum =onthly charge                                                                                 S 17.00
)                                                   Power Factor correction if customer's power factor l                                                      drops below 90%.
Deposit - Estimated bill for two months' service Number of General Service Demand Customers 9/10/85                                                          211 I                                     Flat Rate Service This rate shall apply in those cases where the city chooses to not install I                                           an electrical meter and to negotiate a flat rate in lieu thereof.
Schedule (Continued) 1 of 5 I
CITY CF LEESBURG, FLCRICA UTILITY RATE SCHEOULE Septerter 30, 1985                            I-10 BULK PCWER CCST ADJUSTMENT
~
In addition, all of the feregoing rates, except the flat rate, shall be adjust-ed by cne of the following:
Bulk Power Cost Adjustment - Non-Demand (BPCAnd) times the kwh billed to     g the customer will be applied as a credit or charge to each customer not on   g a demand metering basis for tilling purposes.
The Bulk Power Cost Adjustment per kwh to be used for billing to non-demand customers in any given month is computed by:
Total Power Cost                 minus                   Base Power Cost Total Kwh Billed                                            Kwh Billed Where: Total power cost equals the total of the demand, energy c.ad fuel adjustment charges billed by Florida Pcwer Corporation for other than the    l City's share of Crystal River Nuclear Unit No. 3 plus the fixed operating    E charges for this share; as billed or accrued in the second month prior to the given month.                                                             g g
Total xwh billed equals the total billed by the City of Leesburg to its customers during the second month prior to the given month.
WATER RATE SCHEDULE Water Service - All Customers Availability Charge, exclusive of use                          S   6.50 Charge Per 100 cubic feet in addition to availability charge                                          S   0.58 Minimum monthly charge bill per month                          5   6.50 Deposit                                                        S 20.00 Cut-on Charge - When cut off for nonpayment for bill           S 10.00 Number of Water Custcmers as of 9/30/85                           5,539 GAS RATE SCHEDULE Residential and Small Commercial Service Charge                                                 S   2.50 First 20 therms (per therms)                                       0.55123   g Over 20 therms (per therms)                                        0.51123   g Minimum renthly charge                                         $   2.50 Oeposit                                                        S 20.00 Cut-on Charge - When cut off for nonpayment of bill            5  10.00 Number of Residential and Small Comercial Gas Customers 9/30,85                                           4,880 Schedule (Continued) 2 of 5 I
CITY OF LEESBURG, FLCRIDA UTILITY RATE SCHEDULE                               l Septerter 30, 1985                           I-10
  -I                                                                  GAS RATE SCHEDULE (Continued) l Heating Only Service Charge                                                            $   2.75 First 20 the =s (per therm)                                                   0.59123 Over 20 thems (per them)
I                                Minimum =cnthly charge                                                     S 0.56123 2.75 Oeposit                                                                   S 20.00 Cut-on Charge - When cut off for nonpayment of bill                       S 10.00 Number of Heating Only Residential and Commercial Gas Customers 9/30/85                                                749 Public Buitding, Larcer Comercial and Small Industrial I                                 Service Charge First 20 therms (per therm)
Over 50 therms (per therm)
S   6.00 0.55123 0.50123 Minimum monthly charge                                                     S   6.00
   -I        .                       Deposit Cut-on Charge - When cut off for nonpayment of bill S 20.00 S 10.00 Number of Small Industrial Gas Customers 9/30/85                                115 Interruptible The rate shall be as fixed from time to time by motion by the City Com-mission, or by contract between the City and its interruptible rate consumer, negotiated by the City Manager, with the approval of the City Commission. Under this rate the City shall have the right to terminate
,                                   the service at any time without notice.
Deposit                                                                  S    50.00 Cut-on Charge - When cut off for nonpayment of bill                      S    10.00 l                                   Nurber of Interruptible Gas Customers 9/30/85                                     2 GAS RATE ADJUSTMENT The rates set forth herein shall be automatically adjusted by the City Clerk / Finance Director for gas price increases effective subsequent to July 31, 1978, which gas price increases are charged to the City by its supplier. This increase in rates to the customer shall be the exact same increase per therm that is charged the City by its supplier.
I I                                                                                             Schedule (Continued) 3 of 5
                        ,                                                            . As -

CITY OF LEESBURG, FLORIDA UTILITY EATE SCHEDULE Septerter 30, 1985                           I-10 PCLLU*"ICN ABATEMENT RATE SCHEDULE
~
Cccestic Availability Charge                                             S 11.50 Per 100 cubic feet or fraction thereof of metered water                        g not to exceed S3.00                                               .15       g Minimum Menthly Charge                                            11.50 Nurter of Derestic Users 9/30/85                                  5,918 Cc=mercial - Class I Service Charge                                                    12.25 Per 100 cubic feet or fraction therof of metered water               .25 Minimum Monthly Charge                                            12.25 Nurter of Cce=ercial Class I Users 9/30/85                           719 Comercial - Class II Service Charge                                                   20.00
                                                                              .30 l
Per 100 cubic feet or fraction thereof of metered water Minimum Monthly Charge                                           20.00 Number of Ccenercial Class II Users 9/30/85                         140 Comercial - Class III Service Charge                                                    50.00 Per 100 cubic feet of fraction thereof of metered water              .40 Mini =um Monthly Charge                                           50.00 Nurter of Cet=ercial Class III Users 9/30/85                         114 Industrial Charges for Industrial Users will be set by contract between the City and the User.
Nurter of Industrial Users 9/30/85                                 8 SAMITATICN SERVICE RATE SCHEDULE Residential Monthly Service Charge                                            8.75 Nurter of Fesidential Users 9/03/85                              5,064 Schedule (Continued) 4 of 5 I
I                                CITY CF LEESBURG, FLCRIDA L7!LITY RATE SCHEDULE Septerter 30, 1985                           I-10 SANITATICN SERVICE RATE SCHEDULE (Continued) l g
g Cc=mercial Roll-Out Centainers l
Minimum Monthly Service Charge                                   510.25 Nurter of Cecmercial Roll-Cut Container Users 9/30/85               601 Come rcial/ Industrial (Dump ste rs '
I Service Charge per cubic yard not to exceed 8 yards                2.00 Minimum Menthly Service Charge                                    10.25 Nu=er of Cemercial/ Industrial Users 9/30/85                        330 I  Landfill Charge per cubic yard                                              2.00 I   -
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'I STATISTICAL TABLES
'I Statistical tables differ from financial statements because they
'g          cover more than two fiscal years and present nonaccounting
'5          data. The statement tables reflect social and economic data, financial trends, and the fiscal capacity of the City.
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m    M      M      M      M      M      M        M       M      M      M        M    M      M      M     M       M     M      M CITY OF LEESBURG, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION last Ten Fiscal Years Table 1 Miscel-Fiscal   General      Itblic     Physical     Transpog-     Economic       fluman Culture &      Debt     laneoug 2
Year    Government    Safety   Envi ronnent    tation      Environment Se rvice s Recreation    Service & Other      Total 1976      627,215     996,317     519,079       326,931      55,646      465,266     465,266    60,162  '408,891  3,477,390 1977      633,314   1,111,987     410,816       335,952      20,403      531,743     531,743    61,939   634,195  3,761,592 1976      741,695   1,160,341     542,150       400,440      79,539      671,839     671,839    47,550   638,792  4,305,548 1979    1,020,925   1,430,900     615,998       380,810     573,777      117,119     813,732    48,044    52,128  5,053,433 1980    1,030,852   1,611,337     234,792       293,335     607,894      928,781     928,781    45,254    61,495  4,927,592 1981    1,146,425   1,708,637     245,367       326,815     281,282      161,159   1,017,084    43,621   105,264  5,035,654 1982    1,262,196   1,967,448     254,125       474,211      47,620      149,392   1,056,506    53,020   119,899  5,384,417 1983      465,806   2,215,564     226,112       613,419      68,397      152,282   1,021,193   794,308   699,926  6,257,007 1984      517,567   2,190,947     250,424       584,567     112,726      135,498   1,109,239   154,719   954,773  6,010,460 1985      592,568   2,257,055     250,850       795,043      20,723      166,630   1,356,032 1,915,896   305,026  7,659,823 (1)  Includes General, Special Revenue and Debt Service Funds.
(2)  In 1979 through 1982, An.bulance 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.

I CITY OF LEESBURG, FLORIDA GENERAL REVENUES DY SOURCE Iast Ten Fiscal Years Table 2 Intergovern-Licenses        mental and       Charges         Fines        Miscel-Fiscal                          and            Shared            for           and         laneous 3              4 2                                                  Total Years         Taxes          Permits           Revenue        Se rvices    Forefeits    and Other      Transfers 404,656           52,838           871,971       526,669       126,918        287,830       1,495,365      3,766,797 1976 458,762           71,551           896,191       547,456        85,754        328,693       1,654,539      4,042,946 1977 79,746         1,542,556       445,389        88,335        450,235       1,747,654      4,846,309 1978         492,394 76,778         1,384,119        440,803       89,939        479,650       1,965,014      4,945,326 1979         509,023
 , 1980         545,845           76,647         1,431,881        122,714      102,552        848,678       1,951,975      5,080,292
$                                                                              104,341        923,902       2,528,621      5,487,219
 , 1981         655,651           80,496         1,056,259        137,949 1982         986,279           66,228           815,269        191,688      114,252      1,196,195       2,194,639      5,564,550 1983        950,283           76,565         1,115,229        191,522      105,473        841,256       3,269,444      6,549,772 1984        965,947          113,216         1,239,299        119,118      117,993      1,102,971       3,201,008      6,859,552 1985      1,052,868          127,475         2,369,018        158,588      143,904      2,318,230       2,653,755      7,823,838 1    Includes General, Special Revenue and Debt Service Ebnds.
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.
3    Effective in Fiscal 1983 accounting, billing, meter reading and data processing, formerly shown as General Fund expenditures with of f setting reimbursement revenue    from the Utilities Ebnd are charged directly to the Utility Fund.
4    Includes transfers from special revenue and enterprise funds.
M      M       M       M        M       M      M      M       m       m      m      m     m       m      m       m       m     mm

M     M       M       M      M      M       M        M     M       M      M      M     M       M     M      M        M       M      M CITY OF LEESBURG, FLORIDA PHOPERTY TAX LEVIES AND COLLECTIONS                                      -
last Ten Fiscal Years Table 3 2                              1 Percent                      Percent of 3
Percent       Deliquent                    of total tax   Outstanding     delinquent Fiscal       Total     Current tax        of levy           tax         Total tax     collections    delinquent      taxes to Year       tax levy    collections      collected 3    collections     collections    to tax levy       taxes        tax levy 1976       403,541         390,744           96.8           310         391,054           96.9                              1977       451,9$6         436,774           96.6            97         436,871           96.7                              1978       483,135         467,uS2           96.0                   467,052           96.tt                             1979       493,598         475,514           96.3           649         476,163           96.5                            , 1980       518,141         513,210           99.0         1,371         514,501           99.3                        1 1981       639,396         622,864           97.4         2,043         624,907           97.7                        !
l    1982       9f14,022        957,309           97.3           926         958,235           97.4                        '
1983       950,141         915,181           96.3           523         915,704           96.4                              1984 970,938         935,650           96.4         2,244         937,894           96.6                              1985     1,019,451       1,016,944           99.8         5,521       1,022,465          100.3                         l 1 Property tax assessments and collections are perfonned for the City by Lake County. This information was not available f rom take County.
2  S. 197.012 of Florida Statutes allows a discount for early payment of 4% in November, 3% in Decembe r , 2 % in January and 1% in February.

i CITY OF I.EESul)RG, Fl.ORIDA ASSESSED VAI.tJE OF EXEMPT AND TAXABI.E PROPERTY Iast Ten Fiscal Years Table 4 Exempt                            Taxable Assessed Valuation Fiscal         Assessed                                             Centrally                   Assessed Year           Valuation     Real               Personal             Assessed     Total         Valuation 1976          52,777,660  99,956,286           29,320,580             479,033  129,755,899     182,533,559 1977          54,460,280 103,822,050           41,042,470             458,804  145,323,324     199,783,604 1978          55,204,060 105,537,140           45,350,457             621,692  151,509,289     206,713,349 1979          61,258,460 109,289,340           44,831,660             612,665  154,133,665     215,992,525 1980          67,618,300 114,584,750           46,831,900             672,627  162,089,277     229,707,577 99,776,130 146,364,880           53,282,610             664,594  200,312,084     300,088,214 h1981 1982          81,909,004 164,693,026           59,735,848             696,273  225,125,147     307,034,151 l
i     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
(
l 1985         119,103,978 224,234,145           73,561,036             432,492  298,227,673     417,331,651 See following page l
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CITY CF LEESBURG, FLORIDA ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY
                                       .          Last Ten Fiscal Years Table 4 (Continued)
Notes                                                                                 I l
1     Florida Statutes Chapter 193 require that all property shall be assessed at just 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 subsecuent fyear. Discounts are allowed at the rate of 4% in the month of November, 3%
            . in December, 2% in January and 1% in February.
Chapter 193, Florida Sta56tes provides that all items of inventory (in personal property) rshall be assessed at 10% of -just valuation except gouds-in-process and raw materials which shall be assessed at it.
Furthermore agricultural properties are assessed at agricultural value as
[         opposed to (tir 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 2'
County is approsimately 95% of fair market value as of Fiscal Year 1982, (Tax year 1981).
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I CITY OF LEESBURG, PLORIDA PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (PER S1,000 OF ASSESSED VALUE)
Iast Ten Years Table 5 Northwest      Water             Water School                           Ambulance      ilospital  Conservation      Management Tax                                                                                   Authority        District           Total District         County            District       District Year       City 0.920             -         0.150           0.250           15.676 1975       3.11           7.596          3.650 0.125           0.570           15.771 1976       3.11           7.916          3.650              0.400             -
0.100           0.330            15.676 1977       3.19           7.916          3.650              0.490             -
0.080           0.231            15.307 1978      3 19           7.916          3.400              0.490             -
0.080           0.251            14.243 1979      3.16           6.750          3.400              0.502             -
e 0.537             -         0.398           0.234            13.946 1980      3.192          6.005          3.580 1.000       0.090           C.316            15.594 1981      4.371          6.060          3.318              0.439 0.421           0.960       0.046            0.224           33.771 1982       3.91          5.478           2.732 0.422           0.934        0.049           0.281           15.749 1983       3.727         7.073           3.273 0.412          0.966        0.047           0.281           14.551 1984       3.967         5.606           3.272 1
1    Tax year is equivalent to subs quent Fiscal Year, i.e. , Tax Year 1981 corresponds to Fiscal Year 1982.
M     M       M      M       M     M        M          M        M    M       M M      M      M      M        M'M            M

M       M      M      M       M     M      M      M       N       m            W      M      M       M      M  M      M       M P
CITY OF LEESBURG,' FIDRIDA RATIO OF NET CENERAL BONDED DEBT TO ASSESSED VAIAIE AND NET BONDED DEBT PER CAPITA Last Ten Fiscal Years Table 6 Assessed                Gross                  Ratio of            Net' Bonded Tax                                         Taxable                Bonded                Bonded Debt           Debt Per 3
Year              Population                 Value                  Debt              to Assessed Value         Capita 1975                 12,530              129,755,899                                                           1976                 12,663              145,323,324                                                           1977                 12,795              151,509,289                                                           1978                 12,927              154,733,065                                                         . 1979                 13,059              162,089,277                                                         t
  . 1980                 13,192              200,312,084                                                           1981                 13,260              225,125,147                                                           1983                 13,663              243,002,082                                                           1984                 14,482              260,514,566                                                           1985                 15,327              298,227,673                                                           Data Sources 1    Estimates from 1970 census, 1980 Preliminary Census and City Planning Department.
2    See Notes to Financial Statements (Note 3) for Public Improvement Revenue Certificates and Table 10<

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I CITY OF LEESBURG, FLORIDA COMPUTATION OF LEGAL BCNDED DEBT MARGIN September 30, 1985                         Table 7 Net Assessed Value                                                    S 298,227,673 Plus Exempt Property                                                    119,103,978 Total Assessed Value                                            S 417,331,651 Amount of Debt Applicable to Debt Limit:
Total Bonded Debt (including Special Revenue Bonds and Revenue Bond Anticipation Notes)                                  S 2,415,000 Less:
Other Deductions Allowed by Law:
l W
Special Revenue Bonds                      S 165,000 Total Amount of Debt Applicable to Debt Limit                                                     2,250,000 l
m Legal Debt Margin                                               S 122,949,495 Data Sources I
1     The City has no ordinance which limits General Cbligation Debt to a percentage of Assessed Property Values.
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CITY CF LEESBURG, FLORIDA Cverlapping Debt I
September 30, 1985 Table 8 Percent         Total I                Tyoe of Debt cutstanding Debt Allocated To City Allocated To City DIRECT DEBT:
NON-SELF SUPPORTING DEBT Public Improvement Rev. Scnds (1960)   S     165,000 I      Refunding & Capital Improvement Revenue Bonds, Series 1983 Mortgage Notes Payable 2,250,000 145,191 Total          2,560,191
     - Less: Debt Service Reserve              (    435,842)
Net Non Self-Supporting Debt               2,124,349        100%      S 2,124,349 I   SELF-SUPPORTING REVENUE DEBT Refunding Revenue Bonds, Series 1984 Equipment Mortgage 19,999,999 8,183 Total         20,008,182 I      Less: Sinking Fund & Reserve Net Self-Support Debt
( 2,561,234) 17,446,958        100%         17,446,958 I      Total Net Direct Debt OVERLAPPING DEBT 19,571,307        100%         19,571,307 I   Lake County Certificates of Indebtedness Lake County Board of Public Instruction Pace Track & Jai-Alai Rev. Certificates 1,540,000 455,000 2,085,000 I   State of Florida Bd. of Education Bonds Less: Debt Reserve Funds Total
(
4,075,000 8,155,000 1,582,960)
Net Overlapping Debt                       6,572,040         15%            985,806 TOTAL DIRECT AND OVERLAPPING DEBT         S 26,143,347                   S 10,557,113 I 1    Allocated based on City / County total taxable assessed valuat_on ratio.
I I
I                                            ~-

I CITY OF LEESBURG, FLORIDA RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL AND SPECI AL REVENUE BONDED DEBT TO TOTAL GENERAL EXPENDITURES Last Ten Fiscal Yearn Table 9 Batio of Total              Total               Debt Service Fiscal                                                      Debt              General                       #
l                  g                  3                    2 Year             Principal           Interest           Service         Expenditu res        General Expenditures 1976                 25,000             19,081              44,081            3,476,390                1.27 1977                 25,000             18,144              43,144            3,761,592                1.15 1978                  30,000            17,406              47,406            4,881,575                0.97 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 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 M  M       M       M      M       M      M      M       M      M        M     m      m       m           m       m       m m

M      M      M                    M               M     M      M      M              M       M      M       M     M                                           q       m       W    W CITY OF LEESBURG, FLORIDA COMBINED UTILITY FUNDS SCilEDULE OF REVENUE BOND COVERAGE last Ten Fiscal Years Table 10 Operation &                                   Debt Service Requirements Fiscal         Gross                             Maintenagee         Net                                       Sinking Year         Revenues                               Costs          Revenue       Principal      Interest        Fund                                       Total       Cove rage 1976         9,733,944                             7,368,578    2,635,366         175,000         428,763                                              593,763         3.98 1977        11,296,977                             9,032,831    2,265,146         182,000         568,042                                              750,042         3.02 1978        12,610,000                            10,270,338    2,339,662                     635,320     200,195                                      835,515         2.80 1979        14,170,822                            11,736,822    2,434,000                     709,790     216,000                                      925,790         2.63 1980        18,056,392                            15,516,277    2,540,115                     740,573     231,806                                      972,379         2.61
 , 1981        22,696,527                            17,662,529    5,033,998                     770,023     247,611                                    1,017,634        4.95 o
1982        22,770,000                            18,820,674    3,949,326                   1,455,240     273,952                                    1,729,192        2.28 l'383       25,321,236                            21,071,010    4,250,226                   1,386,473     295,025                                    1,681,498        2.52 1984        25,072,853                            19,833,257    5,239,596                   1,392,457     316,099                                    1,708,556        3.07 1985        28,403,187                            22,111,542    6,291,645                   2,115,601     317,484                                    2,433,085        2.59 1     Excludes interest expense and depreciation.

I I
I CITY OF LEESBURG DEMOGRAPHIC STATISTICS Last Ten Fiscal Years                    Table 11 Education Level in Per                  Years of                 Unemploy-   l Fiscal                 g Capita        Median      Formal     School        meng      5 Year      Pooulation      Income 8        Age     Schooling  Enrollment 8   Rate 1976          12,663          5,401         Not         Not       5,292          9.4 1977          12,795          5,981     Available   Available     5,326         10.6 1978          12,927         6,814                                5,260          8.8 1979          13,059          7,534                               5,309          9.3     g 1980          13,192          8,376                               5,198          9.5     g 1981          13,260          9,176                               5,192         15.1 1982          13,399           N/A                                5,237         13.1 1983          13,538           N/A                                5,177         12.3 1984          14,842           N/A                                5,260         11.7 1985          15,327           N/A                                4,896         12.0 I
Data Sources i
1      U.S. Census Bureau and City Planning Office based on active residential electric meter count.
2      Data for Lake County was obtained from the U.S. Department of Commerce, Economic Analysis.
3      Annual school census by Board of Education. Figures represent elementary and secondary, public and private schools. Students in community colleges         =
are not included.
l 4      U.S. Department of Labor - These estimated figures are based on the County l              as a whole. No individual figures are available for the City of Leesburg.
Data prior to 1974 not comparable due to major methodology change.
l                                                                                                I I
I                                                                                                I
                                                    - 102 -

m  W      W        W        W      M      M      M        M         M      M   M        M M     M      4      m       M  M CITY OF LEESBURG, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS Iast Ten Fiscal Years Table 12 Commercial                  Residential                                 Assessed Taxable Construction              Con s t ruct ion                                Property Value           e 2
Fiscal     Ntimbe r o f                   Number of                          Bank Year        Units             Value       Units                Value     Deposits     Taxable        Non-Taxable 1976           24            1,361,400       25                  983,300  220,164,431 129,755,899        52,777,660 1977           16            2,756,411      165                1,010,500  238,645,000 145,322,324        54,460,2110 1978           21            3,731,398      128                2,520,100  298,030,000 151,509,289        55,204,060 1979           26            5,281,789      145                3,461,745  348,210,000 154,733,065        61,258,460 1980           10            4,113,024      177                4,991,300  410,990,000 162,089,277        67,618,300
 ,  1981           17            1,896,000      172                5,020,488  409,163,000 200,312,084        99,776,130 1982           12            3,482,844       32                1,886,200  460,518,000 225,125,147        81,909,004 1983           16            1,567,698      172                3,894,750      N/A     243,002,882        96,371,174 1984           24            5,465,755      230                6,983,577      N/A     260,514,566       107,899,539 1985           23            6,526,773      224                6,173,656      N/A     298,227,673       119,103,978 1      Based on building permits issued by City Department of Building and Zoning Codes. Property values are estimated construction costs. Excludes Mobile Home units.
2      Bank deposits for 1972-1977 include balances in commercial banks, savings banks, and savings and loan associations. Data provided by Florida Bankers Association. Dalances for 1982 provided by individual banks.
Balances for 1983 not available.
3      Lake County Assessor's Of fice.

I I
CITY OF LEESEURG, FLCRIDA I
PRINCIPAL TAXPAYERS September 30, 1985 Table 13 Percentage of Assessed  Total Assessed Taxcayers                      Tvpe of Business           Valuation    Valuation Florida Telephone Corporation (United)       Telephone               S 35,122,321     11.706 Coca Cola - Foods Division     Citrus                     8,825,637      2.941 Lake Hospital Corporation (Lake Community Hospital)      Hospital                   3,796,332      1.265 Citizens Bank                  Banking                    2,441,956       .813     m Sun Bank                       Banking                    2,407,448       .802 Walling Enterprises (Palm Plaza)               Shopping Center            2,724,307       .908 Leesfair - Southern Realty     Shopping Center            2,373,280       .791 Leesburg Associates (K-Mart Plaza)              Shopping Center            2,306,059      .768 Mid-Florida Freezer            Warehouse                  2,087,030      .695 William Gross (Holiday Inn)                  Hotel                      1,883,457      .627 5 63,967,827     21.316 Data Source Lake County Tax Assessor's Office I
I I
                                            - 104 -

l l
CITY CF LEESBURG, FLORIDA MISNTJANECUS STATISTICAL DATA Table 14 FORM OF GOVERNMENT Comissioner - Manager DATE OF INCCRPORATICN                                                        PRESENT CHARTER ADOPTED 1875                                                                        1953 TERM CF CFFICE Mayor /Comissioner and 4 Comissioners - Three Years I -
City Manager - Appointed City Clerk / Finance Director - Appointed ANNUAL SALARIES OF CFFICERS I City Manage r. . . . . . . . . . . . . . . . $ 50,190          Parks & Recreation Director.S 36,712 Finance Director............                   44,885          Electric Utilities Director. 45,802 Planning Director...........                   35,568          Wastewater Director......... 35,672 Police Chief................                   33,821          Water & Gas Director........ 38,542 I Fire Chief..................
Building Director...........
Personnel & Safety Director.
29,224 25,314 33,821 City Engineer & Public Works Director..................
Library Director............
41,538 24,960 I Purchasing Director.........                   27,456 AREA CF CITY 10.54 Square Miles - Municipal Boundaries 71.05 Square Miles - Electric Service Area AREA OF CCLTTY 1,163 Square Miles I
I g                                                         .m.

                   -                                                             1 1
I CITY CF LEESBURG, FLCRIDA                        Il MISCEI LANECUS STATISTICS Septerter 30, 1985 Table 15
~
Miles of streets                                   69.5 Nurter of street lights                            1,217                     l Fire Protecticn:
Nurter of stations                               2 Nurber of firemen and officers                   30 Police Protection:
Nurler of stations                               1                      W Nurler of policemen and officers                 32 Education (elementary only) :
Attendance Centers (public schools only)         3 Nurter of classrooms                             66 Nurber of teachers                               85 Nurler of students                               1,410 l
W Municipal Water Department:
Nurber of consumers - Residential                4,255 Average daily consumption                        1.1 Million gallons Miles of water rains                             300 Municipal Gas Department:
Number of consumers - Residential                4,880 Average daily consumption                        .80 therms Miles of gas mains                               172 Municipal Electric Department:
Number of consumers - Residential                11,213                 l Average monthly consumption                      682 kwh                5 Miles of primary electric lines within the City                                        155 Wastewater and Sanitary Sewers:
Sanitary sewers                                  91.5 miles Storm sewer                                        4.1 miles Building permits issued                            840 Pecreation and culture:
Number of parks                                  7 with 155 acres Nurter of libraries                              1 Number of volumes                                107,271 Total employees for the City overall:
Full time employees                              297 Part-time e=ployees                              13 1  Elementary includes grades 1 through 4.
                                         ...                                   g

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[                                                                                                                                                             CITY OF LEESBURG, FLCRIDA L
Corporate Limits and Annexations y                                                                                                                                                                  Last Ten Years
[                                                                                                                                                                                                      Table 16 Annexations                               Corporate Limits j                                                                                                                           Year                 Acres                          Acres              Squares Miles L
1975                   1.33                       6,060.20                    9.47 1976                  99.80                       6,061.53                    9.47 1977                  78.34                       6,161.33                    9.63 1978                   27.40                       6,239.67                    9.75 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 I~
L                                                                                                                           1983                  32.70                       6,510.70                   10.17 1984                  109.98                       6,620.68                   10.35 m
l L-                                                                                                                         1985                  121.02                       6,741.70                   10.54 Source: City of Leesburg Department of Planning and Community Development 3
p.
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                                                                                                                                                      . eSh i
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I CITY OF LEESDURG, FLORIDA SCHEDULE OF INSURANCE IN FORCE As of September 30, 1985 Table 17 Type of Coverage      Policy   Policy Period                                              Liability        Annual Name of Company       Number     From - To                Details of Coverage              Limits          Pregnium Public Officials    UPP-2229     10/01/85       Insures City for all sums legally       S  1,000,000   S     5,521 1.iability Ins.                  04/01/86       obligated to pay as damage under Vanguard Ins. Co.                               Public Of ficials I. lability Policy Police Prof.        83LE005574   10/01/85       Insures City for all sums legally       S  1,000,000   $     8,133 I.i ab . Ins.                    10/01/86       obligated to pay as damages under       Comb. single Imperial Cas. &                                 Police Professional Liability               limit Ind. Co.                                        Policy.
Dusiness Auto       BAP0762      10/01/85       Insures all City vehicles as per        S    500,000 $ 67,750
, Polciy              88476        10/01/86       schedule against bodily injury,         Single limit g U.S. Pidelity &                                 property damage claims aris,ing out     for bodily in-
* Guaranty Co.                                    of the use of the vehicles. Also        jury and/or insures against claims arising out      property damage of the usc of non-owned or hired vehicles. Also pays for loss or damage to specified vehicles on actual cash value basis.
boiler & Machinery  BM2630092  10/01/84         Insures against direct loss or        S     500,000      $ 7,019 Policy                         10/01/89         accidental damage boilers, machines,  Per accident Cincinnati Ins. Co.                             electrical aparatus as per schedule,  repair or re-Also liability coverage to pay for    placement on bodily injury or property damage      equipment as and defense against such claims.      per schedule All Risk-Computer    ED8073025 10/01/85         All Risk on Electronic Data Process-  S     160,271      S     767 Software & Hardware  030       10/01/86         ing Equipment U.S. Fide lity Gua ranty Co.
(Continued) 1 of 3 m                 W          W              W               W              W          W       M         M  4

M      M                                  M CITY OF LEESBURG, FLORIDA SCHEDtlLEOFINSURANCE[NFORGE As of September 30, 1985 Table 17 Type of Coverage        Policy   Policy Period                                             Liability        Annual Name of Comguny         Number     From - To              Details of Coverage               Limits          Premium Airport Liability      RAL-11252 10/07/85        Insures City against and txxlily      $   2,000,000      $   2,500 USAIG Co.                        10/07/86        injury or property damage claims      Single limit arising out of ownership of Lees-     of liability burg Airport. Does not insure any     for both bod-owned aircraf t or operation          ily injury &
of the Airport by the City            property damage bond - City Clerk    79-0170-00  1/01/86         Bond on City Clerk, Auditor and     $     100,000        S     750
   & Fin. Director      227-57-0    1/01/87         Treasurer protecting City from ti. S . Fidelity &                               wrongful abstraction of funds, Guaranty Co.                                     embeZZelment Dond - City          79-0080-    10/01/85        Public Employees Blanket Bond       S      25,000        $ 1,183 h
'a Employees            0019157-5   10/01/88        covering all employees of City U.S. Fidelity &                                  excluding City Clerk, Auditor, Gua ranty Ins. Co.                               Treasurer Monies & Se c-       MSP0385-    1/01/86         Covers loss of money E securities   S      12,000        $     191 urities Policy       0442        10/01/86        by robbery both inside and outside         Inside U.S. Fidelity &                                  premises of insured.                S      12,000      (Short term Guaranty Co.                                                                                Outside         gross)
Fire Insurance      MP06409       10/01/85      All risk coverage on buildings          S  5,806,000    S 20,340 huildings and       6395          10/01/86      and contents of City as per                Buildings Contents                                         schedule on file with company.          S  2,592,000 ti.S. Fidelity &                                 Blanket Coverage.                          Contents Guaranty Company Fire Rescue Boat,                 10/01/85      All risk on fire rescue boat, motor     S       2,125 S        234 Motor, Trailer &                  10/01/86      trailer and equipment. All risk Equit: ment                                     Recreation Dept., boat, motor and       S       2,236 tt.s. Fidelity &                                trailer.
Guaranty Co.
(Continued) 2 of 3

l CITY OF LEESBURG, FLORIDA SCllEDULE OF INSURANCE IN FORCE As of September 30, 1985 Table 17 Type of Coverage       Policy Policy Period                                               Liability      Ahnual Name of company        Number   From - To                Details of Coverage               Limits        Premium Mural - Couununity              10/01/85       All risk on Mural by Artist, Sid        $        5,000 $        22 PuiIding                        10/01/86       Smith.
II . S . Fias.;ty &
Coaranty Co.
All Risk Water                  10/01/05       All Risk to 3 water tanks, 4 base       $ 285,000 on     $ 1,176 Tanks, and Radio                10/01/86       stations, antennas and transmitter        water tanks
  . t.quigeent                                     equipment                               $ 15,950 on (f.S.P. a. G .                                                                        Communcation Ecp11pmen t
    . All Risk on Con-              10/01/85         All Risk coverage on schedule of        $      370,797   $ 3,506 p tractors Equipment            10/01/06         equipment, mowers, cranes, street U.S. Fidelity &                                sweepers, etc.
Guaranty Co.
Coctrc hensive                  10/01/85       Insures against Bodily Injury and       S      500,000 $ 112,193 General Liability               10/01/86       Property Damage claims the city may     Single limit U.S. Fidelity &                                be legally obligated to pay as a        for bodily Guaranty Co.                                   result of accident or injury to         injury and members of public, including products   property liability of Water Dept. Also pro-     damage tects City against personal injury claims resulting from slander, libel, etc.
l All Risks on Farm  tiP06409    10/01/85       All risk coverage on schedule of      $       113,500    $    970 Equipment          b395        10/01/86       equipment located at spray field U. S. Fidelity &                               (Scheduled)
Guaranty Co.
(Concluded) 3 of 3 E                    E

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                                                          ..n n I                                    Gity of Ocala 131 s. E. (Osceola Aucnue (Otala. Flortba l                 Entupreliensiuc Annual 3 financial IReport (Of tlic Citij of locula. Iflorida
      -l_                Ifor tile Ucar Enheb &cptcluber 3tl. l!1115                                    i City Council - 19111 - 19113 (fi eralb E. Ergic. Urcstbent IUagne E. Eubinas. fHagar 3ames E. Cunningham, fr.
(> reg 6. Clark eallu A. Knope fHithat! E. Uape                                              !
a                                     City (Officials                                       s City fHanager                                                    stattu 3. Anbrems Assistant Ettu fHanager                                          Etchard E. Ermio Assistant Ettu fHanager                                          30seph E. Cone I      Buttbing (Official City Attorneu Donalb E. Noxon
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Ettu Elerk                                                       fH. Anne fHilam J3      Eity Engineer                                                    Doug (0, 3annarelli
                                                                                                         }
Data Urocessing fHanagcr                                         Chester E. liollomag I      Domutown Deurlopment fHanager Electric littittu Direttor Finante Director (sail (3. Gallins Uran (3. eham Eubert F. 6prinkle I;     Fire Chief f>olf pro /fHanager IUtiltam E. IUnabs 3ames fH. Uanteg 3nterun! Aubitor                                                 Ertt 3. Ecmcren3 I      Elbrary Director Uersonnel Director Ulanning Director flan E. Eustetter Robert 3. Erardmore liomarb fH. Eupper Dollte Chief                                                     A. Ecc fHt(schte Dubitt IUcrks Director                                           (>ary E. 6tewart Uurchasing Agent                                                  Dauth U. (salnor Bettration Director                                              fHark fH. Egnatten IUnter and 6emer Director                                         Etcharb A. Dauts Y     -

I          _ _ _ _ _ _
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I 3ntroductory B'cction g
Ellis &cctipli cotituitin tlic follatuing dubsections:
Enble of Ent1tenta                     l Ectter of Eratteluittal I
Ecrtificate of Conformance l                    City of (Ocala (Organt3ation Eliarts i
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'I CITY OF OCALA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT I                         FOR THE YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS I
I. INTRODUCTORY SECTION I          Letter of Transmittal ........................................ v-xvii Certificate of Conformance ...................................
City of Ocala Organization Charts ............................
xviii xix II. FINANCIAL SECTION Report of Certified Public Accountants                 ....................... xx General Purpose Financial Statements (Combined Statements - Overview)
I e Combined Balance Sheet - All Fund Types and Account Groups           ..................................         1-4        i l
e Combined Statement of Revenues, Expen-I             ditures and Changes in Fund Balances -
All Governmental Fund Types            ...............................          5 I          e Combined Statement of Revenues, Expen-ditures and Changes in Fund Balances -
Actual and Budget - General and Special Revenue Fund Types   ........................................                 6-7 I          e Combined Statement of Revenues, Expenses and Changes in Fund Equity - All Proprietary Fund Types and Trust Fund .................................                     8 e Cembined Statement of Changes in Financial I             Position - All Proprietary Fund Types and
               . uSt Fund ................................................                     9 e No*es to Financial Statements             .............................. 10-36 I
I I                                                                                   - _         _-______

I Pages I
I Individual Fund and Combining Financial Statements by Fund Type Governmental Fund Types Special Revenue Funds e Combining Balance Sheet .................................                       37-38                  g e Combining Statement of Revenues,                                                                       g Expenditures and Changes in Fund Balances - Actual and Budget ...........................                      39-40 e Schedule of Revenues, Expenditures                                                                     l W
and Changes in Fund Balance - Actual and Budget:
Federal Revenue Sharing Fund .........................                         41                 g Occupational License Fund ............................                         42                 g Central Florida Regional Library Fund ................                         43 Off-Street Parking Fund ..............................                         44 Downtown Developmen* . Fund ............................                       45 Local Gasoline Tax Fuad ..............................                         46 Debt Service Funds e Combining Balance Sheet .................................                           47 e Combining Statement of Revenues,                                                                       g Expenditures and Changes in                                                                          g Fund Balances   ........ .................................                        48 Capital Project Funds j       e Combining Balance Sheet         .................................                   49 e Combining Statement of Revenues,                                                                       g l
Expenditures and Changes in                                                                          3 Fund Balances   ..........................................                        50 Proprietary Fund Type 1
Enterprise Funds j        e Combining Balance Sheet          ...............................               51-52 e   Combining Statement of Revenues, l
Expenses and Changes in Fund Equity ..................                      53-54                 g e Combining Statement of Changes in                                                                    3 i              Financial Position ...................................                      55-56 1
:                                                                                                                I I
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[
Pages
(                e Electric and Bulk Power Supply Revenue Funds:
Consolidating  Balance Shtet ........................                 57-58 Consolidating  Statement of Revenues, Expenses and  Changes in lund Equity ...............                    59 Consolidating  Statement of Changes in Financial  Position .............................                    60 Pension Trust Funds e  Combining Balance Sheet       ...............................               61 e Combining Statement of Revenues.
Expenses and Changes in Fund Balances
{
                                                                           ................ 62 e Combining Statement of Changes in Financial Position ................................                     63 General Fixed Asset Account Group e  Schedule of General Fixed Assets by Function and Activity ................................                     64 i
f,               e Schedule of Changes in General Fixed Assets by u                    Function and Activity ................................                     65 Single Audit Report e Schedule of Grant Activity ............................                   66-67
{
e Reports of Certified Public Accc>untants on:
Internal Accounting Control .........................                  68-69 Compliance with Applicable Laws, Regulations y                       and Agreements ....................................                  70-73 L_
III. STATISTICAL SECTION e   General Governnental Revenues by Source              ..................... 74-75 e   General Governmental Expenditures by Function                  ............... 76-77 e   Property Tax Levies, Tax Collections and Assessed Valuations                                                           78-79
[
e   Property Tax Rates and Levies - All Overlapping Governments ....................................                      80 E
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l Pages e Special Assessment Collections                                       ..............................                                  81 e Computation of Legal Debt Margin ............................                                                                        82 e Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded l               Debt Per Capita ............................................                                                                        83 t
e Ratio of Annual Debt Service for General l
Obligation Bonded Debt to Total General l               Expenditures ...............................................                                                                        84 e Schedules of Bond Coverage l
l               Electric and Power Supply                                                                                                                        ,
Revenue Bonds, Se r ie s 1977 and 1983 .......................                                                             85-86 Water and Sewer Revenue and Refunding Revenue i                   Bonds, Series 1968 and 1983 and Anticipation Notes ........                                                                     87 l
Improvement Revenue Bonds, Series 1982 .....................                                                                   88-89     g Refunding and Improvement Excise Tax                                                                                                     3 Bonds, Series 1965 and 1972 ...............................                                                                     90 Street Improvement Revenue Bonds,                                                                                                                l Series 1966, 1967, 1975 and 1978 ..........................                                                                     91           '
Pollution Control Revenue Bonds, Series C ..................                                                                        92 e Debt Service Requirements to Maturity All Bonded Debt              ............................................                                                           93 Improvement Bonds, Series 1982 .............................                                                                        94   g Refunding and Improvement Excise Tax Bonds -                                                                                             g 1965 Issue and 1972 Issue .................................                                                                95-96 Electric and Power Supply Revenue Bonds, Series 1977 97-99 and Series 1983 ..........................................
Water and Sewer Refunding Revenue Bonds, Series 1983 .......                                                                      100 Street Improvement Bonds - 1975 Issue and 1978 Issue                                                               ....... 101-102 e Computation of Direct and Overlapping General Obligation Debt              ............................................                                                        103 e Miscellaneous Statistical Data                                       ..............................                               104 l
l            e Demographic Statistics                              ......................................                                        105 i
l            e List of Ten Largest Taxpayers                                    ...............................                                   106 e Schedule of Insurance In Force                                       ..............................                           107-108 e Property Value, Construction and Bank Deposits                                                       ..............                109
                                                                                                                                                  !!O e List of Officers' Salaries                                ..................................
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(                                                                                 FINANCE DEPARTMENT P. O. BOX 1270, OCALA. FLORIDA 32678 January 31, 1986                                                                                   ,
E  City Manager and Council City Hall Ocala, Florida        32678 The Comprehensive Annual           Financial                           Report    (CAFR) of      the   City of Ocala, Florida for          the   year    ended                         September 30. 1985 is submitted herewith.
Accgug11gg_agd_Beggr11gg_P t ac11geg F
L  The City     submitted       their    Comprehensive Annual Financial Report for the year ended        September      30,                 1984           to   the    national    Governmental Finance Officers Association and their prestigious certification was bestowed for that         year. The certificate of conformance is included at the end      of    my    letter. The                        accounting principles and reporting practices of the         City continue                             to   conform to generally accepted I  accounting principles applicable to municipal governments adopted by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).                                      The City reports investments in the Pension Trust Fund at              fair market value in accordance with FASB Statement Number 35.
The presentation         of   the    Comprahensive                           Annual    Financial Report is controlled by and is the responstbility of the City. We b e l l erv e that it   fairly presents          the    finaniial                          position     and   results of       the operations      of the City.         Further,                          the   City's    chart    of   accounts
[  substantially        complies      with                         t .YU   State Chart       of   Accounts,     as L  prescribed by the Department             of                        Barik ing and Finance of the State of Florida.
The City's accounting system                   is                   d+> eloped     to ensure that the dual obj ec t ives of     (1)    providing reasonable assurance                                   that assets are safeguarded and (2)           that     transactions                          are    executed    and recorded properly to permit the preparation of reliable financial records are met. The financial        reports     presented                          herewith are the work of the financial staff of the City and                                       full   responsibility for diligent application of these two           concepts is assured and is an integral part
[  of these reports.
I L
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I The accounting      records     for    general government      operations   are maintained on a       modified accrual basis. Under this basis               of accounting,   revenues     are     generally      recorded when earned      and expenditures are    recorded when incurred. The accounting records          for City utilities and other proprietary           funds are maintained on      the accrual basis of accounting.
Open encumbrances are recognized as fund balance reservations in the General, Special Revenue,        and Capital Proj ects Funds balance sheet       g presentation.
5 Budgetary control is maintained on an annual allotment basis, based on prior year working capital and revenue proj ec t ions for the current year. Both expenditures      and encumbrances are recorded against budgeted appropriations.        At mid-year       City department    heads are required to reassess their appropriations             for the remainder of the year, from which a     full budget revision is prepared and submitted to the legislative body for ratification.            The entire budget process is coordinated by a full time budget officer.           In addition, two separate reviews are made by Finance for final annual appropriations approval.
After the end of the year, unliquidated purchase order balances, as of September 30,     are  reappropriated       in   the form of a supplemental appropriation resolution,      which     is  adopted    by   the elective body.
Monthly budget comparison reports and a schedule of investments and cash allocations, by fund, are submitted to management and council.
The monthly       budget comparison       reports    reflect both unrealized revenues and unencumbered / unexpended appropriations.             In addition, Department Directors are furnished monthly budget progress reports for the divisions of the City that they are responsible for managing.
The single audit concept       continues to be         in effect for financial audit and compliance for federal grants and federal revenue sharing.
The auditor's reports and findings are presented at the end of the               g second section of our Comprehensive Annual Financial Report.                     g Tho Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance                in  Financial Reporting to The City of Ocala, Florida for its comprehensive annual financial report for the fiscal year ended September 30, 1984.
In order to be awarded     a   Certificate of Conformance, a governmental unit must publish an       easily readable and efficiently            organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only,             g We believe our current report continues to conform to Certificate of             3 Conformance Program requirements, and we are rubmitting it to GFOA to determine its eligibility for another certificate.
Ibe_ City The City provides the public with general services including police              l and fire protection,      general government,         culture and recreation,    B
                                   -vi-

I l
I   highway and         drainage             maintenance and library services.                 The Library services a         three county                consortium,          with the Ocala Administrative j   Services Division                  functioning as headquarters.                   In order to provide
,5  both financial support and                      a vested higher quality of service to its l   citizens, the City                   also owns and operates, for public service, seven enterprise funds                  as    follows:         two    championship       golf   courses with I   clubhouse facilities, a trash and pick up service (both back door and curbside), water                  and     sanitary        sewer     servises, a membership tennis l
f facility, electric                   service,        a    commuter     air service airport (Ocala Municipal Airport / Jim Taylor Field), and a municipal trailer park.
The City continues to grow in population at a fast pace.                                     The growth I seems       to   be           independent underlying reasons continue to be and its proximity to Daytona of      any Beach, national      economic    trends.
its central location in the county Tampa,     and    Disney World.
The The l
major business continues to                                             thoroughbred            Arabian I
be     the                      and horsebreeding industry, although light manufacturing has moved into a i   much tighter second place.                       Retail       employment continues to grow.            In I   spite of the inner-city and urban                            growth, the City and environs have I not lost any natural scenic                        beauty.       Thousands still enj oy the world famous Silver Springs Natural Attraction and the hunting and fishing offered in the adjoining wildlife regions                                  of   the    Ocala National
;   Forest.
l I
The       City   expended             $282,318         on inner city streets as compared with
    $487,761        last           year.      This     reduction        in   outlay     can   be partially attributed         to          the engineering             staff     being tied up with water and sewer       work     and partially due to a conscious effort to conserve cash collections from the county for gasoline tax, which is dedicated to
.l
.5 streets bypass and    highways,              in order to widen 14th Street into an artery around overcrowded inner city streets.                           This project has been engineered at a cost of $8,000,000.                             Through an interlocal agreement, 40%
I the       county     will          beer      about              of   this     cost. Over and above construction          coct,            the county will also assist in bearing the right of   way       cost           estimated at $1,385,000.               As of September 30,       1985 the City       has   expended             $233,446         in    rights     of    way   acquisition. The I construction          phase           will     begin        in April of 1986 and will be funded from the' City of Gulf Breeze, Florida Secondary Loan Fund, along with a State Department of Transportation Grant.
The growth potential of the City continues to be virtually limitless.
General city growth has been taking place at a relatively rapid pace.
Attendant        with this growth are growing financial strains on the City I General maintain Government's ability to keep up with the dollars required to commensurate               services safety, engineering, recreation, and public workn.
for    the   major functions of public The dollar outlay is growing at a faster pace than general revenueu.
The City          is          well     on    its way toward solving the shortage of sewer I treatment capacity.
Grants were approved Two State Department of Environmental Regulatiun during        the    year adJition, on October 30, 1985, the City closed on Serles 1985-A Water totalling 12.7/8.612.          In and       Sower    revenue             bonds      in     the    printipal amount of $37.0H0.000.
These- proceeds                  wili     be   used       tor ewpanston to the water and sewor system'as follows:
                                                         -vil-

I Malgr_L*rgieg1                                                                                            Eg11galgd_Qggt Water Treatment Plant Capacity Expansion                                                                     s   4,628,000 Extension of Sewer Collection and Transmission Mains and Lift Station Construction                                                                            4,121,000 Expansion of Sewer Treatment Plant #1                                                                            7,821,000          g Expansion of Sewer Treatment Plant #2}}