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Annual Financial Rept for Yr Ending Sept 1978
	ML19309E172
Person / Time
Site:	Crystal River
Issue date:	12/06/1978
From:	; SEBRING, FL
To:	;
Shared Package
ML19309E142	List: ML19309E140; ML19309E148; ML19309E151; ML19309E155; ML19309E160; ML19309E165; ML19309E172; ML19309E174;
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	NUDOCS 8004180500
	Download: ML19309E172 (147)
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CITY OF TALLAHASSEE, FLORIDA ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED September 30, 1978 l

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8 004180 {gg i

WILLI AMS, COX. WEIDNER AND COX CERTtfizo PueLac AccouMTANYs

- - _ _ _ _ _ _ . - - _ - . - _ - _ _ ~

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t p CITY OF TALLAHASSEE, FLORIDA k Neal D. Sapp Mayor-Commissioner b

Sheldon E. Hilaman Mayor Pro Tem-Commissioner

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w s James R. Ford Commissioner i

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9 Hurley W. Rudd Commissioner 4

s Richard P. " Dick" Wilson Commissioner Daniel A. Kleman City Manager Herbert J. Seckel City Auditor-Clerk Bryan W. Henry City Attorney James C. Kirkland. Director of Finance WILLI AMS, COX. WEIDNER AND COX Craterste Pustic accouMTAmte

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L TABLE OF CONTENTS PAGE ACCOUNTANT'S REP 0RT............................................... 1 COMBINED FINANCIAL SECTION Combined Balance Sheet - All Funds and Account Groups.......... 3 Schedule ~ o f Inves tmen ts - All Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Combined Schedule of Bonds Payable............................ 27 FINANCIAL SECTION Balance Sheet................................................. 30 Analys is o f Changes in Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 J

Statement of Revenue - Budgeted and Actual.................... 32 Statement of Expenditures and Encumbrances -

Appropriated and Actual..................................... 34 Notes to Financial Statements................................. 36 SPECIAL REVENUE FUNDS Balance Sheet................................................. 38 Analysis of Changes in Fund Balances.......................... 39 Statement of Revenue and Expenditures......................... 40 Notes to Financial Statements................................. 41 GENERAL AND SPECIAL DEBT SERVICE FUNDS Balance Sheet................................................. 43 Statement of Revenue, Expenditures and Fund Balances.......... 44 Notes to Financial Statements................................. 45 CAPITAL PROJECTS FUNDS Balance Sheet................................................. 53 Analysis of Changes in Fund Balances.......................... 54 Statement of Revenues......................................... 55 Notes to Financial Statements................................. 56 l

WILLIAMS, COX, WEIDNEft AND COM CSRTIFIRO PUBLIC ACCOUNTANTS '

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f 7 PAGE ENTERPRISE FUNDS Electric Fund Balance Sheet................................................. 58

,2 Analysis of Changes in Reserves, Contributions and Re t a in e d Ea rn in g s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0

, Statement of Revenue and Expense.............................. 61 Statement of Changes in Financial Position.................... 62 Schedule of Operating Revenue................................. 64 Schedule of Generating Expense................................ 65 Schedule of Transmission Expense.............................. 66 Schedule of Distribution Expense.............................. 67 Schedule of Customer Accounts Expense and Administrative Expense...................................... 68 Notes to Financial Statements................................. 69 Gas Fund Balance Sheet................................................. 77 Analysis of Changes in Reserves, Contributions and Re ta in e d Ea rn in6 s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 p Statement of Revenue and Expense.............................. 79 4 Statement of Changes in Financial Position.................... 80 c Schedule of Distribution Expense.............................. 81 Schedule of Customer Accounts Expense and Administrative Expense...................................... 82 Notes to Financial Statements................................. 83 Sewer Fund Balance Sheet................................................. 85 Analysis of Changes in Reserves, Contributions and Retained Earnings........................................... 86 Statement of Revenue and Expense.............................. 87 Statement of Changes in Financial Position.................... 88 Schedule of Collection System, Pumping Stations and Treatment Plants Expense................................ 89 Schedule of Customer Accounts Expense and Administrative Expense...................................... 90 Notes to Financial Statements................................. 91 Water Fund Balance Sheet................................................. 93 Analysis of Changes in Reserves, Contributions and Re ta in e d Ea rn ings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Statement of Revenue and Expense.............................. 95 Statement of Changes in Financial Position.................... 96 Schedule of Production Expense................................ 97 Schedule of Distribution Expense.............................. 98 Schedule of Customer Accounts Expense and Administrative Expense...................................... 99 Notes to Financial statements................................ 100 WILLI AMS COM. WEIDNER AND COX canTIFIso pueLic Accountants

a PAGE ENTERPRISE FUNDS (Continued)

Airport Fund i Balance Sheet................................................. 102 Analysis of Changes in Reserves, Contributions and Retained Earnings........................................... 103 Statement of Revenue and Expense.............................. 104 Statement of Changes in Financial Position.................... 105 Schedule of Operating Expense................................. 106 Notes to Financial Statements................................. 107 Tallahassee Transit Fund Balance Sheet................................................. 108 Analysis of Changes in Retained Deficit....................... 109 Statement of Revenue and Expense.............................. 110 Statement of Changes in Financial Position.....................lll Schedule of Operating Expense................................. 112 Notes to Financial Statements................................. 113 INTRAGOVERNMENTAL SERVICE FUNDS Balance Sheet................................................. 116 Statement of Revenue, Expenditures and Retained Earnings.......ll7 Notes to Financial Statements................................. 118 TRUST AND AGENCY FUNDS Balance Sheet................................................. 120 Analysis of Changes in Fund Balances.......................... 122 Statement of Cash Receipts and Disbursements.................. 124 No t e s to Financ ial S ta t emen ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 6 SPECIAL ASSESSMENT FUND - STREET PAVING Balance Sheet................................................. 131 Analysis of Changes in Fund Balance........................... 132 Statement of Cash Receipts and Disbursements.................. 133 Notes to Financial Statements................................. 134 GENERAL FIXED ASSET GROUP OF ACCOUNTS Statement of General Fixed Assets............................. 136 GENERAL LONG-TERM DEBT Statement of General Long-term Debt........................... 138 SUPPLEMENTAL SCHEDULES Summary of Debt Service Requirements until Maturity........... 140 Schedule of Debt Service Requirements Special City Debt until Maturity.................................... 142 Schedule of Debt Service Requirements Electric System until Maturity.............................................. 144 Schedule of Debt Service Requ'.rements Utility System until Maturity.............................................. 145 1

l WILLI AMS, COM. WEIDNER AND COX

l. CsateFisO PUBL8C ACCOUNTANTS

Williams Cox Weidner Cox Certsfeed Pubhc Accountants 369 OFFICE PLAZA e TALLAHASSEE. FLORIDA 32301 e TELEPHONE 904/8771118 "w's"I'."E.En .asriruva oP ' V' "" "'"'aus. C e.a.

!bb b ~ b!' "'"' "'*"v" "O c R M. G R E GO R Y F LOWE RS. C.P. A.

The Honorable Mayor-Commissioner, -

City Commissioners ^

,,,a,,','Ac,^0 , ll:1 City of Tallahassee, Florida af,g,a ag*l4','.g;;;

JOHN t HAR RsSON. C.P. A.

We have examined the financial statements of the various funds and account groups of the City of Tallahassee, Florida for the years ended September 30, 1978 and 1977 as listed in the fore-going Table of Contents (Pages 1 to 138, inclusive) except for Tallahassee Memorial Regional Medical Center. 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.

Due to the nature of the City's records for acquisitions and retirements for General Fixed Assets, we were unable to satisfy ourselves as to the reasonableness of the General Fixed Asset Group of Accounts by means of other auditing procedures.

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 satisfy ourselves as to the reasonableness of the General Fixed Asset Group of Accounts, the financial statements listed in the foregoing Table of Contents present fairly the financial position of the various funds and account groups of the City of Tallahassee, Florida, except for Tallahassee Memorial Regional Medical Center, at September 30, 1978 and 1977, and the results of operations of such funds for the years then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the Preceding year.

Williams, Cox, Weidner and Cox l

December 6, 1978

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COMBINED FINANCIAL SECTION

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WILLIAMS, COM, WEIONER AND COK CSATif1ED PUBLIC ACCOUNT ANT $

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CITY OF TALLAHASSEE, FLORIDA COMBINED BALANCE SHEET - ALL~ FUNDS AND ACCOUNT GROUPS ,

September 30, 1978 General Fund ASSETS AND OTHER DEBITS Equity in Treasurer's Account $ 33,700 Cash -

Cash with Fiscal Agent Investments - At Cost 3,170,900 Accrued Interest Receivable -

Accounts Receivable - Net 351,700 Taxes Receivable -

Assessments Receivable -

Due from Other Funds 534,100 Notes Receivable -

Inventories - At Cost -

Restricted Assets -

Fixed Assets - Net of Accumulated Depreciation -

Amount Available for Payment of General Long-term Debt -

Amount to be Provided for Payment of General Long-term Debt -

Other Assets - Net of Amortization -

TOTAL ASSETS AND OTHER DEBITS S4.090.406 LIABILITIES, RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS LIABILITIES Accounts and Contracts Payable $ 63,400 Deposits Payable -

Customer Construction Advances -

Accrued Interest and Commissions Payable -

Due to Other Funds -

Bonds Payable -

Notes Payable -

Other Liabilities -

Total Liabilities 63,400 RESERVES, CONTRIBUTIONS AND FUND BALANCES /

RETAINED EARNINGS Reserve for Encumbrances 403,300 Reserves Required by Bond Resolutions -

Restricted Fund Balance / Retained Earnings 3,099,000 Other Reserves , Contributions and Fund '

Balance / Retained Earnings 524,700 TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS $4.090.400

'"".i'h7.U"..".".,,*".

General and Special Special Debt Capital Revenue Service Projects Electric Fund Funds Funds Fund

$ 72,400 $ 9,300 $ 90,500 $ 279,300

- - - 5,821,400 t

675,200 4,386,900 8,614,200 11,483,900 1,600 -

137,200 249,300 3,260,100 8,770,500 151,700 597,900

> - - - 3,868,900 733,200 - 24,917,400 132,935,600

- - - 4,796,300 S749.200 S5.129.400 S12.253.700 S193,720.500 S _

$ 654,000 $ 2,905,900 1,769,000

- - - 641,500 3,631,400 822,900 239,800 132,097,500 I - 47,500 - 29,7d0

- 47,500 1,476,900 141,314,800

- - 4,204,500 -

3,050,300 - -

749,200 2,031,600 6,572,300 52,405,700-

$749.200 -$5.129.400 '$12.253.700 $193.720.500

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cameente evous accovevaeve

r CITY OF TALLAHASSEE, FLORIDA COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS September 30, 1978 Gas Fund-ASSETS AND OTHER DEBITS Equity in Treasurer's Account $ '226,600 Cash -

Cash with Fiscal Agent -

Investments - At Cost 462,000 Accrued Interest Receivable -

Accounts Receivable - Net 203,300 Taxes Receivable -

Assessments Receivable -

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Due from Other Funds 91,300 f Notes Receivable -

Inventories - At Cost 87,900 Restricted Assets 105,900 Fixed Assets - Net of Accumulated Depreciation 3,016,800 Amount Available for Payment of General Long-term Debt - -

Amount to be Provided for Payment of-General Long-term Debt -

Other Assets - Net of Amortization -

TOTAL ASSETS AND OTHER DEBITS S4.193.800 LIABILITIES, RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS LIABILITIES Accounts and Contracts Payable $ 143,900 Deposits Payable 49,100 Customer Construction Advances -

Accrued Interest and Commissions Payable 10,900 Due to Other Funds Bonds Payable 924,500 Notes Payable -

Other Liabilities 1,500 Total Liabilities: 1,129,900 RESERVES, CONTRIBUTIONS AND FUND BALANCES /

RETAINED EARNINGS Reserve for Encumbrances' -

Reserves Required by Bond Resolutions -

Restricted Fund' Balance / Retained Earnings -

Other Reserves,' Contributions.and: Fund Balance / Retained Earnings 3,063,900' TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS $4.193.800-

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Tallahassee Sewer Water Airport Transit Fund Fund Fund Fund

$ 16,500 $ 13,800 $ 9,500 $ 3,200 200 -

3,300 300,100 132,200 - -

294,400 554,500 115,000 -

302,100 219,100 224,500 400,900 59,600 65,600 - -

18,500 65,600 3,113,200 2,371,400 - -

25,498,900 8,397,800 4,291,800 2,632,200

- - - 28,500 S29.584.800 Sll.754.600 S4.659.300 S3.133.700 i

$ 1,638,100 $ 654,500 $ 29,500 '

$ 18,700 206,800 20,000 -

545,200 491,100 -

3,100 207,600 88,700 - -

- - 144,200 411,100 7,707,500 3,308,000 - -

457,900 -

10,098,400 4,749,100 651,600 432,900 19,486,400 7,005,500- 4,007,700 _2,700,800

$29.584.800 $11.754.600- $4.659.300 $3.133.700

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CITY OF TALLAHASSEE, FLORIDA COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS September 30, 1978 Intragov-ernmental Service Funds ASSETS AND OTHER DEBITS Equity in Treasurer's Account S 87,900 Cash -

Cash with Fiscal Agent -

Investments - At Cost 1,000,000 Accrued Interest Receivable -

Accounts Receivable - Net 62,900 Taxes Receivable -

Assessments Receivable -

Due from Other Funds -

Notes Receivable -

Inventories - At Cost 2,398,500 Restricted Assets -

Fixed Assets - Net of Accumulated Depreciation 397,800 Amount Available for Payment of General Long-term Debt -

Amount to be Provided for Payment of General Long-term Debt -

Other Assets - Net of Amortization -

TOTAL ASSETS AND OTHER DEBITS S3.947.100 LIABILITIES, RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS LIABILITIES Accounts and Contracts Payable $ 188,200 Deposits Payable -

Customer Construction Advances -

Accrued Interest and Commissions Payabla -

Due to Other Funds -

Bonds Payable -

Notes Payable -

Other Liabilities -

Total Liabilities . 188,200 RESERVES, CONTRIBUTIONS AND FUND BALANCES /

RETAINED EARNINGS Reserve for Encumbrances. -

Reserves Required by. Bond Resolutions -

Restricted Fund Balance / Retained Earnings -

1 000,100 Other Reserves, Contributions and Fund Balance / Retained Earnings 2,758,800 TOTAL LIABILITIES,-RESERVES, CONTRIBUTIONS AND FUND BALANCES / RETAINED EARNINGS z$3.947.100-2 ""00 *., I,"*7.7..".".*,.*.*,"

General General Trust and Special Fixed Assets Long- -

Agency Assessment Group of term Funds Fund Accounts Debt S 76,400 $ 400 $ -

22,758,500 196,000 - -

12,900 16,800 - -

635,300 - - -

156,900 - -

25,300 - - -

457,900 - - -

251,000 -

35,349,000 -

5,129,400 33,670,600 3,200 - - -

S24.220.500 S370.100 S35.349.000 S38.800.000

$ 58,400 $ -

38,000 - - -

147,300 - - -

.38,800,000 147,100 - -

243,700 147,100. -

38,800,000-251,000 - - -

23,725,800 223,000 35,349,000 -

! $24.220.500 $370.100 $35.349.000 $38.800.000 1

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CITY OF TALLAHASSEE, FLORIDA .

SCHEDULE OF INVESTMENTS - ALL FUNDS d '

September 30, 1978 i

s-i Equity in j Pooled g POOLED INVESTMENTS __

Investments i Gas Fund $ 49,100 i Water Fund 2,130,200 Sewer Fund 3,014,400 TOTAL EQUITY IN POOLED INVESTMENTS - See Pages 7-11 for detail -$5.193.700 l

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WILLI AMS. COE, WEIDNER AND COM CEnf tFIED PueL8C ACCQU8ef atef t

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-CITY OF TALLAHASSEE,' FLORIDA SCHEDULE'0F INVESTMENTS - ALL FUNDS September 30, 1978 Fund and Description Cost

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POOLED INVESTMENTS i

, Municipal Utility Revenue Bonds, i

Series of 1970, Reserve Fund:

1 Certific ate of Deposit 6.257. Maturity 7-1-86 $ 362,000 Municipal 'Jtility Revenue Bonds ,

Series of 1970, Construction. Fund:

l Certificate of Deposit

, 7.437. Maturity 10-23-78 1,000,000 8.75% Maturity 3-21-79 100,000 l

Municipal Water and Sewer Line Extension and Depreciation Fund:

l Certificate of Deposit 7.157. Maturity 11-30-78 200,000

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. TOTAL POOLED INVESTMENTS IN 1

CERTIFICATES OF DEPOSIT $1.662.000 - _

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c WILLIAMS, COM. WEIONER AND COM j .- CamTarste pueLuc accouestaaste

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CITY OF TALLAHASSEE, FLORIDA SCHEDULE 0F INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value POOLED INVESTMENTS (Continued)

Municipal Utility Revenue Bonds, Series of 1970, Reserve Fund:

U. S. Treasury Bills S 30.000 $ 29,400 $ 29,200-Repurchase Agreements Blyth, Eastman, Dillon and Company 7.91% Due 10-31-78 28,500 28,000 28,300 Paine, Webber, Jackson and Curtis 9.00% Due 3-28-79 52,300 50,000 50,000 Total 80,800 78,000 78,300 Bonds U.S. Treasury 4.00% Due 2-15-80 95,000 94,800 90,000 U.S. Treasury 4.00% Due 2-15-93 20,000~ 20,000 15,600 U.S. Treasury 4.00% Due 2-15-93 5,000 5,000 3,900 Tennessee Valley Authority 7.75% Due 7-1-98 27,000 27,200. 24,800 Tennessee Valley Authority 7.75% Due 7-1-98 12,000 12,000 11,000 .i Texaco, Incorporated 7.75% Due 6-1-2000- 15,000 15,800 13,600-Sedco Maritime, Incorporated 7.15% Due 12-31-92 50,000 50,000 43,000

-Total 224,000 224,800 201;900.

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WILLI AMS, COM, WEIONER AND COM .

CanTirito PueLic ACCot' Jet Amste

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value POOLED INVESTMENTS (Continued)

Municipal Water and Sewerage Revenue Bonds, Reserve Fund:

Bonds U. S. Treasury 4.00% Due 2-15-80 $ 33,000 $ 32,900 $ 31,300 Texaco, Incorporated 7.75% Due 6-1-2000 145,000 153,000 131,200 Total 178,000 185,900 162,500 Municipal Utility Revenue Bonds, Series of 1970, Sinking Fund:

Repurchase Agreement Blyth, Eastman, Dillon.and Company 9.15% Due 3-28-79 11,000 10,500 10,500 Municipal Utility Revenue Bonds, Series of 1970-A, Sinking Fund:

Repurchase Agreement Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 6,800 6,500 6,500 Municipal Water and Sewerage Revenue i

Bonds,-Series of 1958, Sinking Fund:

! Repurchase Agreements l Blyth, Eastman, Dillon and Company i 7.91% Due 10-31-78 12,200 12,000 12,100 )

Blyth, Eastman, Dillon and i Company 9.15% Due 3-28-79 22,500 21,500 21,500

, Total 34,700 33,500 33,600 l

WILLI AMS. COR. WEIDNER AND COX cERTersto PueLec accounTA,sts

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value POOLED INVESTMENTS (Continued)

Municipal Water and Sewerage Revenue Bonds, Series of 1964, Sinking Fund:

Repurchase Agreements Blyth, Eastman, Dillon and Company 7.91% Due 10-31-78 $ 22,400 $ 22,000 $ 22,200 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 38,200 36,500 36,500 Total 60,600 58,500 58,700 Municipal Water and Sewer Line Extension and Depreciation Fund:

U.S. Treasury Bills 206,000 202,000 204,200 Repurchase Agreements Blyth, Eastman, Dillon and Company 7.91% Due 10-31-78 146,600 144,000 145,600 1

Blyth, Eastman, Dillon and Company .

9.15% Due-3-28-79 52,300 50,000 50,000 Paine, Webber, Jackson and Curtis 8.08% Due 10-23-78 252,800 247,700 251,500 l Total _451,700 441,700 447,100 Municipal Utility Revenue Bonds, Series of 1970, Construction Fund:

U._S. Treasury Bills 590,000 578,800 585,000 30,000 28,800 29,000 Total 620,000 607,600 614 000 WILLI AMS. COX. WEIDNER AND COX 1

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value POOLED INVESTMENTS (Continued)

Municipal Utility Revenue Bonds, Series of 1970, construction Fund (Continued)

Repurchase Agreements Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 $ 346,900 $ 340,000 $ 345,200 Paine, Webber, Jackson and Curtis 8.50% Due 11-1-78 948,900 920,300 941,900 Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 401,400 385,000 387,700 Paine, Webber, Jackson and Curtis 9.00% Due 3-28-79 8,400 8,000 8,000 Total 1,705,600 1,653,300 1,682,800 TOTAL POOLED INVESTMENTS IN SECURITIES $3.609.200 $3.531.700 $3.529.300 TOTAL POOLED INVESTMENTS $5.193.700 i

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l WILLI AMS, COX, WEIDNER AND COM CERTIFIED PUBLIC ACCOUNTANTS

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CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Interest Maturity Fund and Description Rate % Date Cost INVESTMENTS IN CERTIFICATES OF DEPOSIT CAPITAL PROJECTS FUNDS-Capital Improvement Fund: 7.85 10-23-78 $ 100,000 TOTAL CAPITAL PROJECTS FUNDS $ 100.000 ELECTRIC FUND Electric Operating Fund: 7.15 11-30-78 $ 500,000 7.15 11-30-78 700,000 7.15 11-30-78 300,000 7.05 10-26-78 600,000 7.05 10-26-78 300,000 7.05 10-26-78 800,000 7.05 10-26-78 300,000 7.05 10-26-78 1,500,000 8.626 2-27-79 1,300,000 8.51 2-27-79 500,000 6.10 11-1-78 500,000 6.125 11-1-78 500,000 7.30 12-5-78 1,000,000 6.16 3-1-79 395,000 6.16 3-1-79 300,000 6.16 3-1-79 300,000 7.95 10-23-78 500,000 y 7.85 10-23-78 500,000 7.43 10-23-78 500,000 7.30 12-5-78 4,500,000

-1 TOTAL ELECTRIC FUND $15.795.000 TRUST AND AGENCY FUNDS Municipal- Employees '

Pension Fund: 8.52 9-27-86 $ 500,000 8.85 9-27-88 500,000 8.375 9-27-88 800,000 Total 1,800,000 l

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' WILLI AMS, COM, WEIDNER AND COK CERTIFito PUBLlC ACCOU80TAteiS

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Interest Maturity Fund and Description Rate % Date Cost INVESTMENTS IN CERTIFICATES OF DEPOSIT (Continued)

TRUST AND AGENCY FUNDS Firemen's Pension Fund: 8.51 9-27-88 $ 500,000 TOTAL TRUST AND AGENCY FUNDS $ 2,300.000 DEBT SERVICE FUNDS General Long-term Debt Reserve Fund: 7.05 10-26-78 $ 1,299,400 TOTAL DEBT SERVICE FUNDS $ 1.299.400 TOTAL INVESTMENTS IN CERTIFICATES OF DEPOSIT $19.494.400 4

WILLIAMS. COK. WEIDNER AND COM Cam?IFIED PUSLIC ACCOUNTANT 9

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CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS .ALL FUNDS September 30, 1978 Maturity Market Fund Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

GENERAL FUND General Fund:

U. S. Treasury Bills $ 55,000 $ 54,200 $ 54,500 Repurchase Agreements Paine, Webber, Jackson, and Curtis 8.08% Due 10-23-78 493,200 483,300 490,700 Blyth, Eastman, Dillen and Company 7.91% Due 10-31-78 557,700 547,800 553,900 Paine, Webber, Jackson and Curtis 8.50% Due 11-1-78 5,300 5,100 5,200 Paine, Webber, Jackson and Curtis 8.12% Due 12-29-78 20,800 20,200 20,400 Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 10,700 10,300 10,400 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 52,300 50,000 50,000 Capital City First National Bank 7.85% Due 10-3-78 2,001,300 2,000,000- 2,000,400 Total 3,141,300 3,116,700 3,131,000 TOTAL GENERAL FUND $3.196.300 $3.170.900 $3.185.500 WILLI AMS. COX. WEIDNEpl AND COE .

CERTIFIED PUSLtc ACCOU,eT A,eTS

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

SPECIAL REVENUE FUNDS Special Insurance Reserve Fund:

U. S. Treasury Bills j 90,000 $ 88,300 $ 89,200 Repurchase Agreement Paine, Webber, Jackson and Curtis 9.00% Due 3-28-79 438,900 420,000 420,100 Tallahassee Bikeways Fund:

U. S. Treasury Bills 8,000 7,900 7,900 Federal Revenue. Sharing Fund:

Repurchase Agreement Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 165,800 159,000 160,100 TOTAL SPECIAL REVENUE FUNDS $702.700 $675.200 $677.300 t

' WILLI AMS, COM, WEIDNEft AND COX castlFato PueLIC accountamTo

r CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS

_ September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

GENERAL AND SPECIAL DE3T SERVICE FUNDS Capital Bonds, Series of 1978, Sinking Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 11-1-78 $ 122,700 $ 119,000 $ 121,800 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 627,000 600,000 600,100 Capital City First National Bank 7.85% Due 10-3-78 625,400 625,000 625,100 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 78,400 75,000 75,000 Merrill, Lynch, Pierce, Fenner and Smith 8.50% Due 10-19-78 1,175,100 1,168,500 1,169,900 Total _ 2,628,600 2,587,500 2,591,900 Bonds Arco Pipeline Bonds 8.00% Due 1-15-82 500,000 500,000 488,800 2007 Invested Sinking Fund Securities:

U.S. Treasury Bonds 4.00% Due 11-15-2007 735,000 694,500 -

Total 1,235,000 1,194,500- 488,800 TOTAL GENERAL AND SPECIAL DEBT SERVICE FUNDS $3 863,600 S3.782.000 $3.080.700

Invested sinking fund securities were purchased by the City and.placed in a trust account held by a bank as trustee. The securities were pledged as collateral to the holders of the 2007 term bonds. See Page 50, Note 2 for a more detailed explanation.

WILLI AMs. COM. WEtDNER AND CO, CI ATIFiso PuBLIC ACCOUSETAfeTS 11

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Date Cost Value INVESTMENTS IN SECURITIES (Continued)

CAPITAL PROJECTS FUNDS Capital Improvement Fund:

U. S. Treasury Bills $615,000 $611,700 $613,300 225,000 220,700 223,100 Total 840,000 832,400 836,400 Repurchase Agreements Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 216,800 212,500 215,700

~

Capital City First National Bank 7.85% Due 10-3-78 460,300 460,000 460,100 Total 677,100 672,500 675,800 Capital Bonds, Series of 1973, Construction Fund:

Repurchase Agreements Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 773,900 740,000 740,200 Paine, Webber, Jackson and Curtis-8.08% Due 10-23-78 155,400 152,300 154,600

Total 929,300 892,300 894,800 l Capital Bonds, Series of 1976,

Construction Fund

U. S. Treasury Bills 50,000 49,000 49,900 Repurchase Agreement

, Blyth, Eastman, Dillon

l. and Company-l 9.15% Due 3-28-79 366,000 350,000 350,100

-Total- 416,000 399,000 400,000 WILLIAMS COR. WEIDNEft AND Cox canTerato PueLec Accou,sT Aeste

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

CAPITAL PROJECTS FUNDS (Continued)

Capital Bonds, Series of 1978, Construction Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 11-1-78 $1,085,600 $1,053,000 $1,077,600 Paine, Webber, Jackson and Curtis 8.50% Due 2-1-79 789,500 750,000 767,500 Paine, Webber, Jackson and Curtis 8.50% Due 5-1-79 987,800 920,000 941,500 Paine, Webber, Jackson and Curtis 8.50% Due 8-1-79 854,400 780,000 798,200 Paine, Webber, Jackson ,

and Curtis 8.50% Due 11-1-79 636,800 570,000 583,300' Paine, Webber, Jackson and Curtis 8.50% Due 2-1-80 1,195,800 1,050,000 1,074,500 Paine, Webber, Jackson and Curtis 8.50% Due 5-1-80 690,100 595,000 608,900 Total 6,240,000 5,718,000 5,851,500 i TOTAL CAPITAL PROJECTS FUND $9.102.400_ $8.514.200 $8.658.500

"$.U:a*.N.5? e~5",A", ." "

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS l September 30,.1978 l

Maturity Market !

Fund and Description Value Cost Value INVESTMENTS IN SECURITIES '

(Contineud)

ENTERPRISE FUNDS ELECTRIC FUND Electric Operating Fund:

U. S. Treasury Bills $ 23,000 $ 21,900 $ 22,200 385,000 378,200 384,000 990,000 971,100 981,600 100,000 98,100 99,200 Total '1,498,000 1,469,300 1,487,000 Repurchase Agreements Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 416,300 408,000 414,200 Merrill Lynch, Pierce, Fenner and Smith 8.50% Due 10-19-78 1,841,900 1,831,500 1,833,600 Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 17,300 17,000 17,300 Paine, Webber, Jackson and Curtis 7.30% Due 10-31-78 3,119,000 3,004,500 3,100,100 Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 1,464,300 1,435,000 1,456,900 Paine, Webber, Jackson and Curtis 7.30% Due 10-31-78 1,592,500 1,534,000 1,582,800 Paine, Webber, Jackson and Curtis 7.30% Due 10-31-78 567,700 546,900 564,300 Paine, Webber, Jackson and'Curtis 8.50% Due 2-27-79 160,500 154,000- 155,100

- WILLI AMs. COX, WEIONER AND COX CESTIFito Pust.ic Accou,ef Amsts a

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS-September 30, 1978 Maturity Market Fund and Description Value- Cost Value INVESTMENTS IN SECURITIES (Continued)

ELECTRIC FUND (Continued)

Repurchase Agreements (Continued)

Paine, Webber, Jackson and Curtis 9.00% Due 3-28-79 $1,580,000 $1,512,000 $1,512,400 Paine, Webber, Jackson and Curtis 8.08% Due 10-23-78 1,311,200 1,285,000 1,304,600 Blyth, Eastman, Dillon and Company 7.91% Due 10-31-78 655,600 644,000 651,200 i

Blyth, Eastman, Dillon and Company 8.06% Due 11-15-78 1,023,100 1,000,000 1,012,800 Paine, Webber, Jackson and Curtis 8.12% Due 12-29-78 2,054,700 1,99.,000 2,014,100 Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 156,400 150,000 151,100 l

Paine, Webber, Jackson and Curtis 8.08% Due 10-23-78 862,300 845,000 857,900 Paine, Webber,- Jackson and Curtis 7.30% Due 10-31-78 997,600 961,000 991,600 i

Merrill Lynch,-Pierce, 1 Fenner and Smith !

7.18% Due 11-30-78 962,800 920,000 951,600 1

-Total 18,783,200 18,244,900 18,571,600 TOTAL ELECTRIC FUND $20.281.200- $19.714.200 $20.058.600 l 1

'l I

WILLI AMS COXI WEIDNER AND COM CE4flFIED PUBLlC ACCOU,eT Asett

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

ENTERPRISE FUNDS (Continued)

GAS FUND Gas Operating Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 $ 87,900 $ 84,300 $ 84,900 Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 6,300 6,000 6,000 Paine, Webber, Jackson and Curtis 8.50% due 2-27-79 261,300 250,700 252,400 Total , 355,500 341,000 343,300 Bond Federal Land Bank - Series B 7.30% Due 10-20-82 120,000 121,000 113,900 TOTAL GAS FUND $475.500 $462.000 $457.200 SEWER FUND Sewer Operating Fund:

Repurchase Agreement ;

Blyth, Eastman, Dillon ;

and Company I 8.08% Due 10-23-78 S 5,200 $ 5,100 $ 5,200 Blyth, Eastman, Dillon and Company 8.08% Due 10-23-78 295,200 289,300 293,700 '

Total 300,400 294,400 298,900 TOTAL SEWER FUND $300.400 $294.400 $298.900 WILLI AMS. COX. WEIONE,t AND COX C tateFIED PueLIC ACCoussf asets

r %

bi k

t:

CITY OF TALLAHASSEE, FLORIDA b SCHEDULE OF INVESTMENTS - ALL FUNDS b September 30, 1978 [;.

e-Maturity Market 7 Fund and Description Value Cost Value ? '

INVESTMENTS IN SECURITIES (Continued)

ENTERPRISE FUNDS (Continued) [3 c

WATER FUND y K

Water Operating Fund: f:

Repurchese Agreements e Blyth, Eastman, Dillon h and Company ';.

8.08*/. Due 10-23-78 $ 10,300 $ 10,100 $ 10,300 $,

V Paine, Webber, Jackson and Curtis

( 1 8.50% Due 2-27-79 260,600 250,000 251,800 j t

Blyth, Eastman, Dillon i and Company E 8.087. Due 10-23-78 300,400 294,400 298,900 t:i y

571,300 554,500 561,000 0 Total tt TOTAL WATER FUND $571.300 $ 554.500 $561.000 j; C

AIRPORT FUND g t:

Airport Operating Fund: y y,

Repurchase Agreement i Capital City First [

National Bank }

7.857. Due 10-3-78 $115,100 $ 115,000 $115,000 j TOTAL AIRPORT FUND $115.100 1 115.000 $115.000

_ TOTAL ENTERPRISE FUNDS 12L140.100 WILLI AMS, COM. WEIDN ER AND COM CEllTIFIED PUBL8C ACCOUNT ANTS

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES 4

(Continued)

INTRAGOVERNMENTAL SERVICE FUNDS Garage Operating Fund.

Repurchase Agreement Capital City First National Bank 7.85% Due 10-3-78 $1,000,700 $1,000,000 $1,000,200 TOTAL GARAGE FUND $1.000.700 $1.000.000 $1.000.200 TOTAL INTRAGOVERNMENTAL SERVICE FUNDS $1,000,700 $1.000.000 $1,000.200 TRUST AND AGENCY FUNDS Downtown Improvement Authority:

U. S. Treasury Bills $ 47,000 $ 46,100 $ 46,600 Total 47,000 46,100 46,600 Stadium Construction Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis .

8.50% Due 2-27-79 18,800 18,000 18,100 Paine, Webber, Jackson

-and Curtis 9.00% Due 3-28-79 10,500 10,000 10,000 Total 29,300 28,000 28,100 l

WILLI AMS. COM. WEIDNER AND COM Canterato Pustic ACCou, eta,eto

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVF3TMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENT IN SECURITIES (Continued)

TRUST AND AGENCY FUNDS (Continued)

Municipal Employees' Retirement Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 $ 312,800 $ 300,000 $ 302,100 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 376,500 360,000 360,100 Total 689,300 660,000 662,200 Bonds Standard Oil of Indiana Due 8-1-89 300,000 300,000 299,600 General Investment Account -

Massachusetts Mutual Life Insurance Comptny 4,006,100 4,006,100 3,879,400 Municipal Employees' Pension Fund:

Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 166,800 160,000 161,100 i

Blyth, Eastman, Dillon j and Company 9.15% Due 3-24-79 146,400 140,000 140,000 i Total 313,200 300,005 301,100 i General Investment Account-l Massachusetts Mutual Life Insurance Company 8,771,100 8,771,100 8,492,600 l

WILLI AMS. COM, WEIDNER AND COX Cantirsso rustic ACCOUNT ANTO .

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

TRUST AND AGENCY FUNDS 4

(Continued)

Police Pension Fund, Article II:

U. S. Ireasury Bills $ 9,000 $ 8,800 $ 8,900 Repurchase Agreements Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 36,500 35,000 35,200 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 334,400 320,000 320,100 Total 370,900 355,000 355,300 Bonds Standard Oil of Indiana Due 8-1-89 200,000 200,000 199,800 General Investment Account -

Massachusetts Mutual Life Insurance Company 1,885,600 1,885,600 1,826,500 Police Officers' Retirement Fund:

Repurchase Agreement Blyth, Eastman, Dillon -

and Company 9.15% Due 3-28-79 167,300 160,000 160,000 General Investment Account -

Massachusetts Mutual Life Insurance Company 38,800 38,800 37,100 l

WILLI AMS. COM, WEBONEft AND COX CastisFito rustic accou, eta,ete -

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1978 Maturity Market Fund and Description Value Cost Value INVESTMENTS IN SECURITIES (Continued)

TRUST AND AGENCY FUNDS (Continued)

~

Firemen's Pension Fund:

Repurchase Agreement Paine, Webber, Jackson and Curtis 8.50% Due 2-27-79 $ 41,700 $ 40,000 $ 40,300 Bonds Federal Land Bank -

Series B 7.30% Due 10-20-82 100,000 100,000 94,900 General Investment Account - Massachusetts Mutual Life Insurance Company 3,559,100 3,559,000 3,446,200 TOTAli TRUST AND AGENCY FUNDS $_2Qm52_8 400 $ 20.458.500 $ 19.878.600 SPECIAL ASSESSMENT FUNDS Street Paving Fund:

Repurchase Agreements Blyth, Eastman, Dillon and Company 7.91% Due 10-31-78 $ 118,100 $ 116,000 $ 117,300 Blyth, Eastman, Dillon and Company 9.15% Due 3-28-79 83,700 80,000 80,000 Total 201,800 196,000 197,300 TOTAL SPECIAL ASSESSMENT FUNDS $ 201.800 $ 196.000 $ 197.300 WILLI AMS. COM, WElDNEft AND COM CERftFIED PbSLIC ACCouleT A,eTe

CITY OF TALLAHASSEE, FLORIDA COMBINED SCHEDULE OF BONDS PAYABLE September 30, 1978 CAPITAL BONDS, SERIES 1976, ANTICIPATION NOTES REVENUE BONDS PAYABLE SPECIAL CITY DEBT Municipal Hospital Utility Tax Revenue Bonds, Series of 1967 Municipal Hospital Utility Tax Revenue Bonds, Series of 1957 Municipal Hospital Utility Tax Revenue Bonds Capital Bonds, Series 1973 Capital Bonds, Series 1976 Capital Bonds, Series 1978 Total Special City Debt ELECTRIC SYSTEM Electric Revenue Bonds, Series 1977 UTILITY SYSTEM Municipal Utility Revenue Bonds, Series 1970 Municipal Utility Revenue Bonds, Series 1970-A Total Municipal Utility Revenue Bonds, Series 1970 Municipal Gas Revenue Bonds, Series C Municipal Gas Revenue Bonds, Series B Municipal Gas Revenue Bonds, Series A Municipal Water and Sewerage Revenue Bonds, Series of 1964 Municipal Water and Sewerage Revenue Bonds, Series of 1958 Total Utility System TOTAL REVENUE BONDS PAYABLE i

i l TOTAL ANTICIPATION NOTES AND BONDS PAYABLE i

l

""ZI, *I.',7. "fl..".7,* ,l

Final Balance i Icsue Maturity September 30, Date Date Authorized Issued Retired 1978 1-10-77 1-10-79 $ 7,000,000 $ 7,000,000 $ 7,000,000 $ -

5-1-67 5-1-94 3,000,000 3,000,000 3,000,000 -

5-1-57 5-1-86 300,000 300,000 300,000 -

5-1-56 5-1-6.2 1,500,000 1,500,000 1,500,000 -

10-1-73 10-1-00 25,000,000 25,000,000 25,000,000 -

Not Issued '10,000,000 - - -

6-15-78 11-15-07 38,800,000 38,800,000 - 38,800,000 78,600,000 68,600,000 29,800,000 38,800,000 3-30-77 10-1-06 134,245,000 134,245,000 - 134,245,000 10-1-70 10-1-96 10,600,000 7,300,000 325,000 6,975,000 10-1-76 10-1-96 - 3,150,000 50,000 3,100,000 10,690,000 10,450,000 375,000 10,075,000 1-1-57 1-1-87 5J0,000 500,000 275,000 225,000 1-1-56 1-1-86 500,000 500,000 300,000 200,000

, 1-1-55 1-1-85 1,000,000 1,000,000 640,000 360,000 l 5-1-64 5-1-87 2,000,000 2,000,000 1,100,000 900,000 L 5-1-68 5-1-81 1,200,000 1,200,000 1,020,000 180,000 l 15,800,000 15,650s000 3,710,000 -11,940,000 228,645,000 218,495,000 33,510,000 184,985,000

$235.645.000 $225.495.000 $40.510.000 $184.985-000 .

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I FINANCIAL SECTION I

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f WILLI AMS. CON. WEIDNCR ANO Colt CtatertenruaLecAccountANte

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GENERAL FUND .

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WILLI AMS CO R. w tlDN E R A P.D s*Og .

)- s e se t te et te rs pa s. og.cua.i ee,t, .

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CITY OF TALLAHASSEE, FLORIDA-GENERAL FUND BALANCE SHEET September 30, 1978 and 1977 1978 1977 ASSETS ASSETS Equity in Treasurer's Account S 33,700 $ 901,600 Investments at Cost ' Page 14 3,170,900 -

Accounts. Receivable - Note 2 351,700 800,300 Due from Other Funds 534,100 4,698,300 TOTAL ASSETS $4.090.400 $6.400.200 LIABILITIES, RESERVES AND FUND BALANCES LIABILITIES Accounts Payable $ 63,400 $ 108,500 Due to Other Funds - 141,900 Total Liabilities .

63,400 250,400 RESERVES AND FUND BALANCES Reserve for Encumbrances 403,300' 1,230,000 Restricted Fund Balance - Page 31 3,099,000 3,030,600 Fund' Balance - Page 31 ' 524,700 1,889,200 Total Reserves and Fund Balance 4,027,000 6,149,800 i

TOTAL LIABILITIES, RESERVES AND FUND .!

BALANCES S4.090J400 $6.400.200 l

.The. accompanying notes are.an_ integral 1part of these financial statements.

WILLI AldS. COX. WEIDNER AND COE

- CentaresO Puntsc ACcountasete

' CITY OF TALLAHASSEE, FLORIDA GENERAT. FUND ANALYSIS OF CHANGES IN FUND BALANCES For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 FUND BALANCE - Beginning of Period $ 1,889,200 $-1,111,700 Add: Appropriated Fund Balance 3,030,600 -

Total Fund Balance - Beginning of

. Period 4,919,800 1,111,700 Add: Revenue - Pages 32-33 23,025,700 23,177,600 Deduct: Expenditures and Encumbrances - Pages 34-35 24,321,800 19,369,500 Total 3,623,700 4,919,800 Reserve of Fund Balance -' Note 3 3,099,000 3,030,600 FUND BALANCE - End of Period S 524.700 $ 1.889.200 The accompanying; notes are.an integral part of_these-financial statements.

I WILLI AMS. COM, WEIDNER AND COX i camTIPsto PueLIC AccouesrAsets -

r-CITY OF TALLAHASSEE, FLORIDA GENERAL FUND STATEMENT OF REVENUE - BUDGETED AND ACTUAL For the Fiscal Years Ended September 30, 1978 and 1977 1978 REVENUE FROM TAXES Property Taxes $2,663,100-

-l Additional Homestead- .

Exemption for Elderly 44,100 Telephone Taxes 631,000 l 10% Utility Tax 2,167,800 Total Revenue from Taxes 5,506,000 LICENSES AND PERMITS Occupational License 246,000 Building Permits 100,000 City Share - County Occupational License 63,000 Telephone Franchise 108,500 Park'-~ Meter Receipts 86,000 Mobii. aone License Tax 8,500 Beverage Licenses 47,500 Cable T.V. Franchise 10,000 Total Licenses and Permits 669,500 FINES, FORFEITURES AND OTHER PENALTIES Parking Violations 118,000 Court Fines 124,000 Animal Fines 7,500 Total Fines, Forfeitures and Other Penalties 249,500 REVENUE FROM USE OF MONEY AND PROPERTY Interest on Invested Funds 77,400 Lease of Land 500 Rent of Buildings 4,900 Sale of Cemetary Lots 45,000 Swimming Pool Revenue '15,500 Recreation Fees 217,900 Rental of Equipment 3,000 Sale of Scrap and Surplus Equipment 300 Total Revenue from Use of Money and Property 364,500

REVENUE FROM CURRENT SERVICES Police Protection 20,000 Traffic Signal Control 10,000 Garbage Fees 1,983,000 Grave Fees 30,000 Planning Fees 10,000 Property.and Maintenance --1,800 L The accompanying notes are an integral part of these financial:

statements.

" * *".", * ."CI" .'."., *,".

Over 1978 (Under) Actual Actual ___

Budget 1978 1977

_$2,605,800 $(57,300) S2,528,ouu 44,100 - 34,700 702,000 71,000 626,300 2,034,700 (133,100) '2,056,000 5,386,600 (119,400) 5,245,800 239,500 (6,500) 250,000 87,700 (12,300) 94,400 65,500 2,500 66,700 108,500 -

102,200 87,800 1,800 83,200 7,100 (1,400) 8,500 46,300 -(1,200) 47,600 10,800 800 -

653,200 (16,300) 652,600 117,900 (100) 113,400 134,800 10,800 106,900 6,700 (800) 11,400 259,400 9,900 231,700 184,200 ,

106,800 200 1,300 800 900 1,600 (3,300) 5,000 54,500 9,500 53,300 19,900 4,400 17,500 233,900 16,000 -

258,100 1 3,900 900 -

2,400 ~2,100 3,400 501,700 137,200 338,400 21,700 1,700 20,000-10,700 700_ 9,700 1,975,900 (7 ',100) 1,971,300 28,000 (2,000) 27,900 6,000 (4,000)' 19,900.

5,300- 3,500 ;7,100_ ,

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CITY OF TALLARASSEE, FLORIDA GENERAL FUND STATEMENT OF REVENUE - BUDGETED AND ACTUAL For the Fiscal Years Ended September 30, 1978 and 1977 1978 Budgeted REVENUE FROM CURRENT SERVICES (Continued)

Other Revenue $ 102,400 Total Revenue from Current Services 2,157,200 REVENUE FROM OTHER AGENCIES Cigarette Tax 296,000 State of Florida Revenue Sharing 2,780,000 Leon County Funding of Planning Department 100,000 Federal Revenue Sharing 797,800 Total Revenue from Other Agencies 3,973,800 TRANSFERS FROM OTHER FUNDS Airport Fund -

Land Acquisition Fund -

Cemetary Maintenance Fund -

Data Processing Fund -

Warehouse Fund -

Tallahassee Memorial Regional Medical Center 1,300,000 Municipal Utilities Revenue Bonds, 1970 Depreciation and Improvement Fund -

Gas Operating Fund -

Water Operating Fund -

Sewer Operating Fund -

Electric Fund -

Reading, Billing and Collecting Fund -

Accounting Fund -

Urban Renewal Fund -

Carpool -

Capital Improvement Fund -

Recovered Costs -

Total Transfers from Other Funds 1,300,000 OTHER REVENUE Applied Expense -

Cancelled Expenses from Prior Years 100,000 Total Other Revenue -100,G00 TOTAL REVENUE - BUDGETED AND ACTUAL $14.320.500 The accompanying notes are an integral'part of these financial statements.

wf LuateS COR. WEIDesEA A880 CO2

- Castimes pwous acteusetente

Over 1978 (Under) Actual Actual Budget 1978_ 1977

$ 95,700 $ (6,700) $ 131,300 2,143,300 (13,900) 2,187,200 278,200 (17,800) 288,900 2,849,100 69,100 2,780,200 87,200 (12,800) 40,000 567,700 (230,100) -688,000 3,782,200 (191,600) 3,797,100 53,100 53,100 -

88,800

- - 189,600 9,500 111 000 1,351,200 51,200 1,091,,400 200 200 -

357,400 357,400 511,400 895,000 895,000 974,600-458,300 6,486,200 6,486,200 7,008,400 112,400 60,000 60,000 22,000 3,400 8,700 8,700 -

477,100 477,100 -

382,000 382,000 -

10,070,900 8,770,900 10,580,800 38,700 38,700 24,600 189,700 89,700 119,400-228,400 128,400 144,000

$23.025.700 $8.705.200 $23.177.600 WILLI AtBS. COE. WEIO8sSR A8e9 COE Ceefsete evetsc assevotees,e

e CITY OF TALLAHASSEE, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES AND ENCUMBRANCES APPROPRIATED AND ACTUAL For the Fiscal Years Ended September 30, 1978 and 1977 1978 Appropriated GENERAL GOVERNbENT City Manager $ 160,900 City Commission 68,900 Director of Finance 201,700 Legal 186,800 Special Appropriations 6,465,800 Management and Budget 176,500 Auditor Clerk-Treasury 183,100 Personnel 312,500 Engineering 340,100 General Purchasing 158,700 Community Development 101,300 Planning 613,000 Public Relations 86,600 Maintenance 97,300 Administration 313,600 Total General Government 9,466,800 PUBLIC SAFETY Building Inspection 255,000 Communication 117,400 Street Lighting 347,100 c Traffic Engineering 241,500 Fire Department 2,192,700 Police Department 3,513,200 Total Public Safety 6,666,900 STREETS AND SIDEWALKS Street Maintenance 676,800 Traffic Engineering 297,000 Construction 198,400 Total Streets and Sidewalks 1,172,200 SANITATION AND WASTE REMOVAL Solid Waste - Refuse -

Collection - -

2,000,000

. Sanitary Land Fill. 241,500 Total Sanitation and Waste Removal 2,241,500

-The accompanying notes are an integral part of these_ financial statements.

- ' wiLuAase. COE, WEIO8eER A,e9 COM -

Castimet PwSUC ACCSwep?& arts

1978 Over 1978 (Under) 1977 Actual Appropriated Actual

$ 155,200 $ (5,700) $ 111,800 68,900 -

66,500 192,400 (9,300) 214,500 167,700 (19,100) 184',800 6,172,000 (293,800) 1,790,700 176,600 100 134,100 180,500 (2,600) 158,300 290,500 (22,000) 246,200 334,300 (5,800) 412,500 146,600 (12,100) 137,700 67,500 (33,800) 87,100 600,600 (12,400) 684,600 83,100 (3,500) 76,300 103,600 6,300 128,300 266,800 (46,800) 266,600 9,006,300 (460,500) 4,700,000 245,000 (10,000) 267,400 117,400 -

102,300 299,100 (48,000) -316,200 219,200 (22,300) 223,200 2,060,600 (132,100) 2,092,200 3,337,600 (175,600) 3,204,700 6,278,900 (388,000) 6,206,000 640,200 (36,600) 646,700 309,600 12,600 402,400 155,900 (42,500) 153,100 l 4 1,105,700 (66,500) 1,202,200 25,000- 25,000 -

1,924,000 (76,000) 1,861,700 230,100 (11,400) 422,500 2,179,100 (62,400) 2,234,200-1 i

4

"""". *C."" .' .*.*,:

. CITY OF. TALLAHASSEE, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES AND ENCUMBRANCES APPROPRIATED AND ACTUAL For the Fiscal Years Ended September 30, 1978 and 1977 1978 Aporopriated PARKS AND RECREATION Recreation - Armory $ 25,100 Physical Cultural Center 102,200 Administration 212,900 Lafayette Park 86,700 Jake Gaither Golf Course 69,900 Parks 186,000.

Lafayette Arts and Crafts 50,200 Palmer Monroe 72,200 Aquatic Athletics 109,500 General Athletics 197,400 Dade Street Recreation 53,500 Fourth Avenue Recreation 19,900 Jake Gaither Center 51,700 Bond Center Recreation 93,800 Playground 46,900 Maintenance 404,500 Total Parks and Recreation 1,782,400 COMMUNITY DEVELOPMENT Code Enforcement 80,800 Lincoln Neighborhood Center 66,700 Administrative 56,500 Senior Citizens 51,200 Total Community Development 255,200 MISCELLANEOUS Cemeteries 538,200 TRANSFERS TO OTHER FUNDS Capital _ Bond of 1973 Sinking Fund -

General Improvement Bond 1969 -

Combined Payroll -

Airport Fund -

Tallahassee Transit Fund -

Capital Improvement Fund -

Purchasing -

. Insurance Reserve -

Garage -

Stadium Operation and Maintenance -

Warehouse -

D.I.A. Parking Garage -

Total Transfers to Other Funds -

TOTAL EXPENDITURES $22.123.200

'* 0.',*,,U~,U Z "..U.",* ".

l-

f -

Over 1978 (Under) 1977 Actual Aporopriated. Actual

$ 24,900 $ -(200) $. 24,000'

-96,500 (5,700) 98,600 210,500 (2,400) 202,200-

84,200 (2,500) 78,600

69,600 '(300) '70,100

. .162,900 (23,100) 157,600 40,200 (10,000) 40,700-65,900 (6,300) 60,800

101,000 (8,500) 118,500 211,900 14,500 189,100 3

51,200 (2,300) -54,900 20,300 400 9,600-49,600 (2,100) 45,200 99,600 5,800 79,500' 58,600 11,700 51,100 375,800 (28,700) 339,500 i

1,722,700 (59,700) 1,620,000 i

69,800 (11,000) 67,600L 60,300 (6,400) 52,300-51,000 (5,500) 14,900 18,400 (32,800) -

199,500 (55,700) 134,800 501,300 (36,900) 585,800 ,

1 2,368,400

- - 8' -32,300 100~

-31,200 184,000 184,000 161,000' 22,200

-22,000~ -

22,000 21,300

. 250,000 250,000 -

1,103,3001 1,103,400- --

-15,000 15,000 -

l',700,-000- 1,700,000- -

3

, '54',0001 54,000 -

l 3,328,-300 -3,328,300 2,636,500 ;

, -$24.321i800 $2.198.600 $19.369.~500 I

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CITY OF TALLAHASSEE, FLORIDA GENERAL FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - The General Fund uses the modified accrual basis of accounting.

NOTE 2 - Accounts receivable consisted of the following:

1978 1977 Consumer (Garbage) Accounts Receivable S146,600 S141,900 General Accounts Receivable 232,400 682,200 Taxes Receivable - 5,000 Subtotal 379,000 829,100 Less: Allowance for Uncollectible Accounts 27,300 28,800 Net Accounts Receivable S351.700 S800.300 NOTE 3 - Reserves of Fund Balance were established at the end of the fiscal years as follows:

1978 1977 Advance to Grants - Working Capital S 150,000 S Advance to Tallahassee Transit - Working Capital 400,000 -

Reserve for Fiscal Year 1978-1979 Budget 242,700 -

Reserve for Uncollected Receivables 300,000 -

Reserve for Deficiencies and Emergencies 2,006,300 -

Reserve for Contingencies -

3,030,600 Restricted Fund Balance S3.099.000 S3.030.600 NOTE 4 - The budget appropriations presented in this report were approved by the City Commission subsequent to September 30, 1978.

I l

i WILLIAMS COX. WElDNER AND COX CamTIFIED PutuC ACCOUNTANTS

SPECIAL REVENUE FUNDS 1

1 i

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6i l wiLLtAus. COx. WEIDNER AND COX ,

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CITY OF TALLAHASSEE, FLORIDA

-SPECIAL REVENUE FUNDS BALANCE SHEET September 30, 1978 Special~

Insurance Reserve Total Fund ASSETS Equity in Treasurer's Account S 72,400 $ 3,800 Accrued Interest Receivable 1,600 500 Investments - At Cost - Page 15 675,200 508,300 TOTAL ASSETS M $512.600 LIABILITIES AND FUND BALANCES FUND BALANCE (DEFICIT) - Page 39 $749,200 $512,600-TOTAL LIABILITIES AND FUND BALANCES $749.200 $512.600 2

The accompanying notes are an integral part-of these financial statements.

! , WILLIAest. CON. W810008A ASIS COM

- cesteries Pwous aseewetaeve 1

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-Federali i Tallahassee Carpool Revenue

Bikeways- Matching- . Sharing-Fund - Fund Fund

$ 900 $- $-67,700

- - 1,100

, 7,900 - -159,000 I

$8.800 $none $227.800 1

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$8,800 $. - $227,800" i $8.800 $none $227.800 a

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1 CITY OF TALLAHASSEE, FLORIDA l SPECIAL REVENUE FUNDS I

' ANALYSIS OF CHANGES IN FUND BALANCES For the. Fiscal Year Ended September 30, 1978 J

e Special Insurance Reserve Total Fund FUND BALANCE - October 1, 1977 $ 266,100 $249,600 1

Add: Revenue - Page 40 1,028,900 263,000 Deduct: Expenditures - Page 40 545,800 -

FUND BALANCE - September 30, 1978 $749.200 $512.600 The accompanying notes are an integral part of these financial s tat.emen ts .

~

WILL8 Asst. COR. WElpeeEA Asse COM teaterise Pwout accognestaeste

A Federal-Tallahassee Carpool ' Revenue Bikeways -Matching Sharing Fund Fund Fund

$8,200 _$8,600 $ (300) 600 100, 765,200 8,700 537,100

$8.800 $ none' $227'.800 s

- IIrlLLIAIAS, COE.41880808m Asse ces -

castinee Pwetes assoweete ,

_i__-_-__-------------_'---- _

CITY OF TALLAHASSEE, FLORIDA SPECIAL REVENUE' FUNDS STATEMENT OF REVENUE AND EXPENDITURES For the Fiscal Year Ended September 30, 1978 Special Insurance Reserve Total Fund REVENUE Interest Earned $ 15,800 $ 13,000 Revenue from Federal Government 762,800 -

Transfer from Other Funds 250,300 250,000 TOTAL REVENUE $1.028.900 $263.000 EXPENDITURES Operating Expenses $ 537,100 $ -

Transfer-to Other Funds - -

Transfer of Fund Balances 8,700 -

TOTAL EXPENDITURES $545.800 -S -

')

i l

1 The accompanying notes are an integral part ofLthese financial statements.

WILL6Abst. COM. UUSID8sSA ApeO COE CSGTIRSS PWSMG ACCOWWTANTS l

l Federal Tallahassee Carpool Revenue Bikeways Matching Sharing Fund Fund Fund

$600 $ 100 $ 2,100 762,800_.

300

.$1QQ $ 100 $765.200 S- $ -

$537,100 8,700 -

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$- '$8.700 $537.100

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CITY OF TALLAHASSEE, FLORIDA l SPECIAL REVENUE FUNDS l NOTES TO FINANCIAL STATEMENTS !

1 September 30, 1978 The Special Revenue Funds use the modified accrual method of accounting.

NOTE 1 - The "Special Insurance Reserve Fund" was created as a reserve against excessive losses by the City. The City is "self-insured" in so far as workmen's compensation type insurance is concerned. The accompanying statement does not attempt to reflect any liability for possible future losses.

NOTE 2 - The " Tallahassee Bikeways Fund" was created to account for moneys donated by private citizens and matching funds from the City of Tallahassee and Leon County for development of a system of bicycle trails.

NOTE 3 - The "Carpool Matching Fund" was closed during fiscal year ending September 30, 1978 and the fund balance was transferred to the General Fund.

NOTE 4 - The " Federal Revenue Sharing Fund" was created to account for moneys received through revenue sharing from the Federal Government.

l l

1 WILLI AMS COM. WEIDNEft AND COX csafarlso PusuC ACCOUNTANTS

4 GENERAL AND SPECIAL DEBT SERVICE FUNDS WILLI AMS, COX. WEIDNER AND COK CERTIFIED PUSLIC ACCOUNTANTS 4

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS BALANCE' SHEET September 30, 1978 Municipal Municipal Hospital Hospital Utility Tax Utility Tax Revenue Bonds- Revenue' Bonds Series 1967 Series 1957 Total Sinking Fund Sinking Fund ASSETS CURRENT ASSETS Equity in' Treasurer's Account $ 9,300 $ -

Investment - At Cost -

Pages 13 and 16 4,386,-900 - -

2007 Invested Sinking Fund Securities - Page 16 and Note 2 694,500 _ _

Total Current Assets 5,090'700 , none none OTHER ASSETS Deposits - Note 1 38,700 none none TOTAL ASSETS $5.129.400 $none $none LIABILITIES, RESERVES AND FUND BALANCES LIABILITIES Deferred Interest S 47,500 $none Snone RESERVES AND FUND BALANCES Reserve Required by Bond Ordinance for Principal and Interest ~ Retirement 3,050,300 none none Fund Balances 2,031,600 none none Total Reserves and f Fund Balances- 5,081,900 none none.

TOTAL LIABILITIES, RESERVES- .

AND FUND BALANCES $5.129.400 $none $none The accompanying notes are an integral part of these financial-statements. q

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Municipal Hospital Utility Tax . . Capital Bonds Capital Bonds ' Capital' Bonds Revenue ~ Bonds Series 1973 Series 1976 Series 1978 Sinking Fund Sinking Fund Sinking Frqd_ Sinking Fund

$ 9,300 4,386,900 4

- - - 694,500 none .none none 5,090,700 none none none 38,700

$none $none $none $5 129.400

$none $none $none $ 47,500-none- none none 3,050,300 none none none 2,031,600

none none none 5,081,900

$none $none $none $5.129.400 l

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' CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS

. STATEMENT OF REVENUE, EXPENDITURES AND-FUND BALANCES

'For the Fiscal Year Ended September 30, 1978 Municipal Municipal Hospital Hospital.

Utility Tax Utility Tax i Revenue Bonds Revenue Bonds i -

Series 1967 Series 1957 Total Sinking Fund Sinking' Fund RESERVES AND FUND BALANCES - October 1, 1977 $ 2,151,800 $ 148,300 $ 34,200 REVENUE Sale of Bonds - Note 1 33,082,000 1,937,000 125,400 From Other Funds 7,934,700 88,000 11,000

, Interest Earned 194,400 9,400 1,200 Total Revenue 41,211,100 2,034,400 137,600 i

EXPENDITURES i Bond Discount - Note 1 908,500 47,200 3,100 Issue Costs - Note 1 252,100 13,100 900-Interest and Commission 910,000 99,100 6,100 Redemption of Bonds 220,000 100,000 10,000 Transfer to Other Funds 5,078,600 46,600 30,200 Total Expenditures 7,369,200 306,000 50,300 f

1 OTHER REVENUE Gain on Advance Refund- '

4 ing of Debt - Note 1 2,844,200 223,300 14,500-

OTHER EXPENDITURES i

Retirement of Principal -

Note l_ 33,756,000 2,100,000 136,000

, RESERVES AND FUND BALANCES -

September-30, 1978 $ 5.081.900 $ none $ none The1 accompanying' notes' are sul integral: part of these' financial-statements.

-44~

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- Municipal-Hospital Utility Tax ~ . .

Revenue' Bonds- Capital Bonds Capital Bonds Capital Bonds Series 1956 Series 1973 Series 1976 Series-1978

' Sinking' Fund Sinking Fund- Sinking Fund Sinking Fund S 63,700 $ 1,905,600- $ -

i 433,400 22,184,000 7,200,900 1,201,300 86,400 1,282,400 279,800 6,187,100 1 3,700 66,700 1,400 112,000 523,500 23,533,100 7,482,100 7,500,400 10,500 540,400 157,300 150,000 i 2,900 149,900 43,600~ 41,700 i 17,000 638,400 149,100 300 110,000 - - -

26,900 2,616,300 132,100 2,226,500 f 167,300 3,945,000 482,100 2,418,500 1

50,100 2,556,300 none none.

470,000 24,050,000 7,000,000 none l- - $' none $- none S none

$5'.081.900 4

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i

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES The General and Special Debt Service Funds utilize the modified accrual basis of accounting.

NOTE 1 - Advance Refunding of Debt '

During the year ended September 30, 1978, the City determined that it was in its best interest to refund $2,706,000 aggregate princi-pal amount of its outstanding Municipal Hospital Utility Tax Revenue Bonds dated May 1, 1956, May 1, 1957, and May 1, 1967;

$24,050,000 aggregate principal amount of its outstanding Capital Bonds, Series 1973; and $7,000,000 aggregate principal amount of its outstanding Capital Bonds Series 1976 and 1977 Anticipation Notes (collectively referred to herein as the " Refunded Bonds") .

The refunding program was undertaken by the City to effect a pro-jected overall reduction in net bond service requirements applicable to the Refunded Bonds, and to revise certain covenants and pledges made for the holders of the Refunded Bonda, all to the benefit of the City.

On June 15, 1978, the City issued the Capital Bonds Series, 1978 in the amount of $38,800,000. The bonds were issued to finance the cost of refunding the Refunded Bonds and to construct certain municipal capital projects and to provide a reserve fund. The types of bonds issued were as follows:

. Serial Bonds $15,695,000 Term Bonds 23,105,000 Total Bonds Issued $38.800.000 Simultaneously with, and as a condition to the issuance of, the Capital Bonds Series 1978, the City issued $22,510,000 principal amount of its 1978 A Special Obligation Bonds to provide a portion of the moneys necessary to effect the refunding.

A portion of the proceeds of the Series 1978 Bonds and the net proceeds-of the.1978 A Bonds will provide moneys equal to the principal of and interest to maturity, on the Refunded Bonds.

.Such moneys will be deposited in a separate escrow fund created under an Escrow Deposit Agreement entered into by and between the

. City and Barnett Bank of Jacksonville, N.A., Jacksonville, Florida.

WILLI AMS, COX, WEIDNER AND COX '

CEltTIFIED PUSLIC ACCOUNTANTS

. CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - Advance Refunding of Debt (Continued)

Upon such deposit, the Refunded Bonds will be deemed to have been paid and the respective resolutions authorizing the Refunded Bonds will be discharged. The moneys deposited in the. Escrow Fund will be applied to the purchase of book-entry United States Security Obligations - State and Local Government Series (the " Federal Securities) in an aggregate principal amount which, when due, together with uninvested cash will provide moneys sufficient to pay the principal of the Refunded Bonds at maturity and the interest on the Refunded Bonds when due. The maturing principal of the Federal Securities is not pledged to and will not be available to pay the Series 1978 Bonds or the 1978 A Bonds.

The interest income earned on the Federal Securities will be suffi-cient to pay, when due, all principal and interest on the 1978 A Bonds. The interest income on the Federal Securities is not pledged to and will not be available to pay the Refunded Bonds on the Series 1978 Bonds.

Principal of and interest on the Special Obligation Bonds are pay-able solely from and secured by a pledge of and first lien on all receipts of Escrow Deposit Income under and pursuant to the Escrow Deposit Agreement, which will consist of interest payments on the Federal Securities. Although the City covenants that it will promptly pay the principal of and interest on the Special Obliga-tion Bonds on the dates and in the manner provided therein, such obligation of the City is limited to the Escrow Deposit Income, and the City is not otherwise liable for the payment of principal of or interest on the Special Obligation Bonds.

The Escrow Deposit Agreement provides that there must remain on hand in the Escrow Fund at all times an amount of cash and principal amount of Federal Securities at least equal to the sum of the princi-pal and interest accrued and to acc" rue on the Refunded Bonds. Such principal amounts are not available for payment of the Special Obligation Bonds or the Series 1978 Bonds.

The Series 1978 Bonds resolution provides that the payment of the Series 1978 Bonds and any additional parity obligations issued under the Resolution (" Additional Bonds", which together with the Series 1978 Bonds are herein called collectively the " Bonds") is secured equally and ratably by an irrevocable first or prior lien on certain revenues of the City (the " Pledged Revenues").

The '

l I

WILLI AMS, COM, WEIDNER AND COX cEstisFtro PumLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - Advance Refunding of Debt (Continued)

Resolution also provides that the City is to deposit all the Pledged Revenues received in each fiscal year into its General Fund and use the Pledged Revenues pursuant to its annual budget and appropriation resolution only as provided in the Resolution.

Pursuant to the terms of the Resolution, the City covenants to set up and appropriate in the annual budget for expenditures in each fiscal year sufficient amounts of the Pledged Revenues to pay 100% of the Bond Service Requirement becoming due in such year on all the outstanding Bonds, plus 100% of all other payments required by the Resolution, including payments to a Reserve Account. The Resolution provides that the first Pledged Revenues received on or after the twentieth day of each month are to be applie~d first to make the required deposit for such month to the Bond Service Fund and then to the Reserve Account established under the Resolution.

The Resolution further provides that the balance of any Pledged Revenues remaining in the General Fund after the required transfers to the Bond Service Fund and the Reserve Account may be used for any lawful purpose. The Resolution provides that the covenant of the City to budget and appropriate sufficient amounts of the Pledged Revenues to make all payments required by the Resolution shall be cumulative and shall continue until the Pledged Revenues in amounts sufficient to make all required payments shall have been budgeted, appropriated and actually paid as required in the Resolu-tion.

The aforementioned covenants are the principal security for the Series 1978 Bonds and secure all the Bonds ratably. Certain priorities with respect to the application of the Pledged Revenues deposited in a special sub-account in the Sinking Fund Account in the Bond Service Fund have been established in favor of the Series 1978 Bonds due in 2007 (the "2007 Term Bonds").

Pledged Revenues are a'l those revenues of the City now or hereafter legally available to make the payments required by the Resolution, except revenues of the City derived from ad valorem taxation and from the operation of its municipal hospital and its airport.

Current principal sources of Pledged Revenues include monthly -

revenues from current services (principally fees for garbage collection); State Revenue Sharing (guaranteed entitlement portion);

proceeds of a 10% tax on purchases of electricity, metered or bottle gas, local telephone and telegraph services and water services; licenses and permits; and uncommitted revenues" of the City's electric generating and distribution, gas and water systems.

WILLI AMS, COX. WEIDNEft AND COX CERTtFIED PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - Advance Refunding of Debt (Continued)

~

The Resolution defines uncommitted revenues of these systems to mean the revenues thereof remaining after provision for payment of the operation and maintenance expenses of the system, bond debt service on bonds now outstanding and hereafter issued and payable solely from the revenues of such system and all other payments required under the instruments authorizing such bonds. The holders of the Series 1978 Bonds do not have a lien on the City's electric, gas, water or sewer system revenues except such uncommit-ted revenues, and there can be no assurance that uncommitted revenues will continue to be derived from such systems.

The Series 1978 Bonds do not constitute general obligations of indebtedness of the City, of Leon County, the State of Florida or any other political subdivision of the State, within the meaning of any constitutional, statutory, or other provision or limitation, and the holders thereof shall never have the right to require or compel the exercise of the ad valorem taxing power of the City for the payment of the principal of or interest on the Series 1978 Bonds.

From the proceeds of the Series 1978 Bonds and other available funds deposited in the Reserve Account in the Bond Service Fund established under the Resolution an amount equal to the maximum Bond Service Requirement for the Series 1978 Bonds for any fiscal year. The Resolution requires that the City maintain in the Reserve Account an amount equal to the maximum Bond Service Require-ment for any fiscal year on all Bonds outstanding. If the City issues Additional Bonds and does not deposit in the Reserve Account an amount equal to the maximum Bond Service Requirement for such Additional Bonds, the Resolution provides that the City is required to deposit to the Reserve Account monthly 1/12 of 20%

of the difference between the amount deposited in the Reserve Account upon the delivery of such Addit'ional Bonds and the maximum Bond Service Requirement after such delivery.

The Resolution provides that moneys in the Reserve Account shall ,

be used only for payment of maturing principal of or interest on I or Amortization Installments (hereinafter defined) for the Bonds !

whenever the moneys in the Bond Service Fund are insufficient for that purpose. Any excess moneys therein over the then current maximum Bond Service Requirement may be transferred to the Bond Service Fund at the City's option.

1 WILLI AMS. COX, WEIDNER AND COX crsitorsto PuellC ACCOUNTANTS -

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - Advance Refunding of Debt (Continued)

The 2007 Term Bonds are additionally secured by a pledge of the moneys and investments in a sub-account (the "2007 Sinking Fund Account"), established in the Sinking Fund Account and held by a bank or trust company as trustee. In the event of failure by the City to pay principal of or interest on or Amortir.ation Install-ments for any Bonds when due, the holders of 2007 Term Bonds and the interest coupons applicable thereto shall have a prior lien on all moneys and investments in, and all future earnings of, the 2007 Sinking Fund Account and shall have a prior right to payment of principal and interest from the 2007 Sinking Fund Account without regard to the sufficiency or insufficiency of other funds of the City, and to the extent that moneys on deposit in the 2007 Sinking Fund Account are insufficient to pay such principal and~

interest, the holders of 2007 Term Bonds shall, to the extent of any unpaid amount, share equally as to all available Pledged Revenues with all other holders of Bonds at i coupons applicable thereto.

As a result of the refunding procedures described above, the City incurred a gain on refunding in the amount of $2,844,200 computed as follows:

Reacquisition Price of Refunded Debt:

1978 Bond Issue (Allocated as Follows)

Municipal Hospital Utility Tax Revenue Bonds Series'1967 S.F. $ 1,937,000 Municipal Hospital Utility Tax Revenue Bonds Series 1957 S.F. 125,400 Municipal Hospital Utility Tax i Revenue Bonds Series 1956 S.F. 433,400 Capital Bonds Series 1973 S.F. 22,184,000 Capital Bonds Series 1976 S.F. 7,200,900 Capital Bonds Series 1978 S.F. 1,201,300 Capital Bonds Series 1978 Construc-tion 5,718,000 Total 1978 Bond Issue $38,800,000 Less:

Related Issue Cost 252,100 Bond Discount 908,500 Total Cost (1,160,600)

Less: . Cash Returned to City Immediately (6,688,900).

Less: Deposits to be Returned to City in the Future (38,700)

Total Reacquisition Price 30,911,800 WILLIAMS. COX, WEIDNER AND COE CERTIFIED PUBLIC ACCou, ETA, eye

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 -' Advance Refunding of Debt (Continued)

Carrying Amount on Refunded Debt:

Municipal Hospital Utility Tax Revenue Bonds Series 1967 $ 2,100,000 Municipal Hospital Utility Tax Revenue Bonds Series 1957 136,000 Municipal Hospital Utility Tax Revenue Bonds Series 1956 470,000 Ccpital Bonds Series 1973 24,050,000 Cal ttal Bonds Series 1976 Anticipation Notes 3,000,000 Capital Bonds Series 1977 Anticipation Notes 4,000,000 Carrying Amount of Refunded Debt $33,756,000 Gain on Advance Refunding _$ 2.844.200 NOTE 2 - 2007 Invested Sinking Fund Prior to the delivery of the Series 1978 Bonds, an agreement (the

" Securities Purchase Agreement") was entered into among the City, Industrial National Bank of Rhode Island, Providence, Rhode Island (the " Bank") and a bank or trust company as trustee (the " Sinking Fund Trustee"), pursuant to which the City will agree to buy and the Bank will agree to sell, at fixed prices, and deliver to the Sinking Fund Trustee, specified investments in the amounts and on-the dates set forth in the Resolution. Such investments will be held by the Sinking Fund Trustee for the benefit of the holders of the Series 1978 Bonds.

On delivery date of the Series 1978 Term Bonds, the City deposited from available funds into the 2007 Sinking Fund Account the 1 amount required to acquire $735,000 principal amount of direct I obligations of the United States of America maturing on November 15, !

2007 and bearing interest at an annual rate of 7 1/8% (" Sinking J Fund Investments"), which securities may be redeemed at par value :

plus accrued interest on or after November 15, 2002 at the sole option cf the United States Government. Under the Resolution, the City is required to make monthly payments (the " Amortization l Installments") into the 2007 Sinking Fund Account in the Bond Service Fund, so that such deposits together with the earnings thereon will be sufficient to purchase Sinking Fund Investments-(hereinafter defined) the principal of which at their maturity will be sufficient to pay the principal-of the outstanding 2007 Term Bonds at their maturity. Under the Resolution, the City's obliga-tion to make the Amortization Installment payments is on a parity with its obligation to make payments with respect to principal of~

WILLI AMS, COM. WEIDNER AND COE CERTIFIED PUSLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GENERAL AND SPECIAL DEBT SERVICE FUNDS NOTES TO FINANCIAL STATEMENTS

_ September 30, 1978 NOTE 2 - 2007 Invested Sinking Fund (Continued) and interest on the Bonds. The Amortization Installments are to be paid over by the City to the Bank, which is to acquire Sinking Fund Investments and deposit them with the Sinking Fund Trustee on each May 15 and November 15, commencing on November 15, 1978 and ending on May 15, 1993. Until May 15, 1993, the Amortization Installments are to be used pnly to purchase Sinking Fund Invest-ments pursuant to the Securities Purchase Agreement. The Amorti-zation Installments are calculated to provide sufficient funds to make the purchases at the prices fixed in the Securities Purchase Agreement. If the City fails to purchase or the Bank fails to deliver the Sinking Fund Investments in accordance with the Securities Purchase Agreement, the Securities Purchase Agreement provides for options to terminate and payment of damages and-the City is then obligated to acquire direct obligations of the United States maturing not later than the due date of the 2007 Term Bonds for deposit with the Sinking Fund Trustee in accordance with the schedule of required deposits set forth in the Resolution.

Holders of the 2007 Term Bonds have a pledge of, first lien on, and security interest in the Sinking Fund Investments deposited with the Sinking Fund Trustee, together with the income earned or accrued thereon from time to time. So long as there has been no failure by the City to pay principal of or interest on or Amortiza-tion Installments for any Bonds when due, earnings on the Sinking Fund Investments will be paid to the City for deposit in the Bond Service Fund and applied as a credit against the' current Bond Service interest on the 2007 Term Bonds and any excess shall be paid into the Bond Service Fund.

The City has covenanted not to redeem the 2007 Term Bonds from moneys in the 2007 Sinking Fund Account unless the principal amount of moneys and Sinking Fund Investments in the 2007 Sinking Fund Account shall be at least equal to the 2007 Term Bonds outstanding after such*redemption.

principal amountIf the of the United States Government redeems the Sinking Fund Investments prior to their maturity, the 2007 Term Bonds may be redeemed in whole or in part at'any time thereafter. Assuming no such prior redemption or maturity of the Sinking Fund Investments, all the investments therein (which must mature on or'before November 15, 2007) will be-used by the Sinking Fund Trustee to pay the principal of the_2007 Term Bonds at-their stated maturity.

No bonds other than the 2007 Term Bonds will be-secured by or pay-able from the principal of the-Sinking Fund Investment in the 2007 Sinking Fund Account.

Wit.LI AMS, COX. WEIDNER AND COX CEmitFtED PueLIC ACCOUNTANTS

4 J

CAPITAL PROJECTS FUNDS I

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' WILLI AMS, COX, WEIDNER AND COX CanTIFtEO PuSLIC ACCOUNTANTS .

CITY OF TALLAHASSEE, FLORIDA CAPITAL PROJECTS FUNDS' BALANCE SHEET September 30, 1978 Total Capital All Capital Improvement Project Funds Fund ASSETS Equity in Treasurer's Account. $ 90,500 $ 20,300 Investments - At Cost - Page 12, 17-18. 8,614,200 1,604,800 Accounts Receivable 3,260,100 26,700 Assessment Liens Receivable - -

Accrued Interest Receivable 137,200 5,100 Due from Other Funds 151,700 151,700 T01AL ASSETS $12.253.700 $1.808.600 LIABILITIES AND FUND BALANCES LIABILITIES Contracts and Accounts Payable $ 654,000 $ 476,100 Due to Other Funds 822,900 822,900 Total Liabilities 1,476,900 1,299,000 RESERVE FOR ENCUMBRANCES 4,204,500 -

FUND BALANCES (DEFICIT) - Page 54 6,572,300 509,600 TOTAL LIABILITIES AND FUND BALANCES $12.253.700 $1.808.600

'The- accompanying notes are an integral. part of these financial statements.

i e ri e accow a e

Capital Bonds Capital Bonds Capital Bonds

~ Street Series 1973 Series 1976 Series 1978 Paving Construction Construction Construction Fund Fund Fund Fund S -

$ 60,700 $ 9,500 $ -

- 892,300 399,100 5,718,000 3,233,400 - -

300 131,800

_$none $4.186.400 $408.900 $5.849.800

$ 169,100 $- 8,800 $ --

none 169,100 8,800 none 3,601,200 603,300 -

none 416,100 (203,200) 5,849,800

$none- $4.186.4'00 !$408.900- $5.849.800

- WILLIAtet CO2.115EIO885R Asse COE toeve,eee oweve accovevante

I CITY OF TALLAHASSEE, FLORIDA CAPITAL PROJECTS FUNDS ANALYSIS OF CHANGES IN FUND BALANCES 4 .For-the Fiscal Year Ended September 30, 1978 Total .

_ Capital All Capital Improvement Project Funds Fund l FUND BALANCES (DEFICIT) . - October 1, 1977 $ (840,900) $325,'900 Adjustment to October 1, 1977 l Balance - Note 1 4,508,200 -

i Adjusted Fund Balance - October 1, 1977 3,667,300 325,900 i

i i Add: Prior Year Encumbrances

. Re-es tablished 4,683,200 -

Revenues - Page 55 6,675,100 572,000-

Total Additions to Fund Balance 11,358,300 572,000 i

Deduct: Trans fer - . Note 2. 379,700 -

i.

Expenditures 3,869,100 388,300-Encumbrances 4,204,500 -

~

Total Deductions from Fund.

Balance 8,453;300 388,300 FUND BALANCES (DEFICIT) - - _ September 30,

$6.572.300 $509.600 1978 Note 3 .

The. accompanying notes are'an integral part of these financial

statements.

= . .

WILLIAaBS, CON. WRIORIEW AssO COM -

" Seipn,ees pwout accewes,eeste '-

, . - -~ 1 -

. 4 ,, 4

Capital Bonds Capital Bonds Capital Bonds Street Series 1973 Series 1976 Series 1978 Paving Construction Construction Construction Fund Fund Fund Fund

$379,700 $(2,584,300) $1,037,800 $ none 4,508,200 - -

379,700 1,923,900 1,037,800 none 4,683,200 - -

186,800 66,500 5,849,800

- 4,870,000 66,500 5,849,800 379,700 - - -

2,776,600 704,200 .-

3,601,200 603,300 ___

379,700 6,377,800 ~ 1,307,500 -

.$ none S '416.100 _S (203.200)' ~$5'.849.800 e

""'O ""O. """.C ""

CITY OF TALLAllASSEE, FLORIDA CAPITAL PROJECTS FUNDS

, STATEMENT OF REVENUES For the Fiscal Year Ended September 30, 1978 FUND AND REVENUE SOURCE CAPITAL IMPROVEMENT FUND Proceeds from Suit $ 110,000 Interest Earned 143,700 Transfers from Other City Funds 318,300 Total $ 572.000 STREET PAVING FUND

$ none CAPITAL BONDS SERIES 1973 CONSTRUCTION FUND Interest Earned $ 118,900 Transfers from Other City Funds 67,900 Total $ 186.800 CAPITAL BONDS SERIES 1976 CONSTRUCTION FUND Interest Earned $ 66,500 Total $ 66.500 CAPITAL BONDS SERIES 1978 CONSTRUCTION FUND l

Sale of Bonds - Note 1, Page 45 $5,718,000 '

Interest Earned 131,800 Total $5.849.800 The accompanying notes are an integral part of these financial-statements.

- '.*
  
  ;.' "'.*:::: "".c

CITY OF TALLAHASSEE, FLORIDA CAPITAL PROJECTS FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 Summary of Significant Accounting Policies I,' Assets, liabilities, revenues and expenditures are accounted for on the accrual basis of accounting.

NOTE 1 - The increase in Fund Balance as of October 1, 1977 results from the accrual of revenues from federal, state and county organizations for which encumbrances were established in prior years.

i .

NOTE 2 - The transfer- of Fund Balance of the Street Paving Fund results from the fund now being accounted for as a Special Assessment Fund rather than a Capital Projects Fund. Refer to Special Assessment Fund Page 131.

NOTE 3 - The deficit in fund balance as of September 30, 1978 of the Capital Bonds Series 1976 Construction Fund results from the establishment of the Reserve for Encumbrances of $603,300.

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WILLI AMS. COX. WEl.3NER AND COX

~ CERTIFIED PUSLaC ACCOUNTAseTS

i

! ENTERPRISE FUNDS i

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WILLI AMS, COX. WEIDNER AND COM l CanTtrato PusLtC ACCOUNTANTS

i CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND BALANCE SHEET September 30, 1978 and 1977 ASSETS 1978 1977 CURRENT ASSETS Equity in Treasurer's Account $ 279,300 $ 371,200 Cash -

195,900 Accrued Interest Receivable 249,300 -

Investments At Cost - Page 12 and 20 11,483,900 15,864,100 Accounts Receivable - Notes 2 and 3 8,770,500 13,142,800 Due from Other Funds 597,900 2,727,700 Fuel Inventory 3,868,900 2,811,600 Total Current Assets 25,249,800 35,113,300 RESTRICTED ASSETS Cash with Fiscal Agent 5,821,400 4,255,300 Cash 1,800 -

Equity in Treasurer's Account 173,300 82,300 Accrued Interest Receivable 717,000 -

Equity in Pooled Investments -

5,717,300 Investments At Cost - Page 12 and 20 24,025,300 6,758,400 Accounts Receivable -

8,700 Total Restricted Assets 30,738,800 16,822,000 OTHER ASSETS Unamortized Bond Issue Cost - Note 4 814,700 872,700 Other Accounts Receivable - Notes 2 and 3 3,981,600 8,428,500 Total Other Assets 4,796,300 9,301,200 UTILITY PLANT IN SERVICE 132,935,600 131,076,200 TOTAL ASSETS $193.720.500 $192.312.700 The accompanying notes are an integral part of_these'finanical statements.

'"'"'.*::: t.::L" : :, .*

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND BALANCE SHEET September 30, 1978 and 1977 LIABILITIES, DEFERRED REVENUE, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS 1978 1977 CURRENT LIABILITIES (Payable from Current Assets)

Accounts Payable $ 2,181,000 $ 2,784,100 Construction Contracts Payable 664,400 958,500 Customer Construction Advances 173,700 -221,100 Due to Other Funds -

1,913,500 Total Current Liabilities 3,019,100 5,877,200 CURRENT LIABILITIES (Payable from Restricted AssetsT Accrued Interest and Commissions Payable 3,631,400 4,236,500 Bonds Payable - Notes 4 and 5 2,190,000 -

Due to Water Fund 194,400 173,400 Due to Gas Fund 45,400 43,800 Customer Deposits Payable 1,769,000 1,622,900 Total Current Liabilities (Payable from Restricted Assets) 7,830,200 6,076,600 DEFERRED REVENUE - Note 7 29,700 368,600 OTHER LIABILITIES Bonds Payable - Notes 4 and 5 129,907,500 131,945,600 Construction Contracts Payable 60,500 100,300 Customer Construction Advances 467,800 543,000 Total Other Liabilities 130,435,800 132,588,900 RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS - Page 60 52,405,700 47,401,400 TOTAL LIABILITIES,_ DEFERRED REVENUE, RESERVES, CONTRIBUfIONS AND RETAINED EARNINGS $193.720.500 $1-92 . 312 . 7 00 The accompanying notes are an integral part of these financial statements.

WILLI AB48. COK. WEIDNER AND COM CERTIFIED PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND ANALYSIS OF CHANGES IN RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS For the Fiscal Years Ended September 30, 1978 and 1977 I

1978 1977 BALANCE - Beginning of Period $47,401,400 $41,251,500 Additions: Net Income - Page 61 11,020,200 13,158,300 Contributions in Aid of Construction 276,300 -

Total 58,697,900 54,409,800 Deductions: Transfers to Other Funds - Net 6,292,200 7,008,400

, BALANCE - End of Period $52.405.700 $47.401.400 The accompanying notes-are an integral part~of these financial statements.

- WILLI AMS, COM. WEIDNER AND COK Csafirsso PueLac ACCOUNTANTS

CITY OF-TALLAHASSEE, FLORIDA-ELECTRIC FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATING REVENUE Page 64 S55,696,400 S41,891,000 OPERATING EXPENSES Generating Expense - Page 65 31,684,900 17,445,700 Purchase of Power 403,900 4,430,800 Transmission Expense - Page 6f, 223,300 225,900 Distribution. Expense - Page 67 1,354,500 1,251,400 Automotive and Equipment. Charges 239,800 206,500 Less: Automotive and Equipment Charges Transferred (146,700) (111,600)

Customer Accounts Expense - Page 68 1,067,400 1,401,000 Administrative Expense - Page 68 1,297,200 1,215,900 Total Operating Expenses Before Depreciation 36,124,300 26,065,600 INCOME BEFORE AMORTIZATION, DEPRECIATION AND EXTRAORDINARY ITEM 19,572,100 15,825,400 Less: Amortization - Note 4 209,900 106,300 Depreciation 4,508,600 2,799,100 Total 4,718,500 2,905,400 OPERATING INCOME - Before Extraordinary Items 14,853,600 12,920,000 EXTRAORDINARY ITEMS Litigation Settlement - Note 3 -

4,600,600 Gain on Refunding of Bonds - Note 4 -

2,222,000 Total Extraordinary Items -

6,822,600 Add: Nonoperating Income Interest-Earned 3,426,800 1,066,300 Cancelled Expense of Prior Years -

56,400 Gain on Sale of. Property -

3,300 Total Nonoperating Income 3,426,800 1,126,000 Less: Nonopera, ting Expense.

Interest 7,260,200 7,540,600 l Loss on Sale of Securities -

169,700 l Total Nonoperating Expense. -7,260,200 7,710,300-NET INCOME $11.020.200 $13.158.300 l l

l The accompanying notes are an integral-par't of these financial H statements.

WILLI AMS. COX. WEIDNER AND COX castt1FIED PUBLIC ACCOUNTANTS

=

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 WORKING CAPITAL PROVIDED BY OPERATIONS Net Income $ 11,020,200 $ 6,335,700 Add: Items Not Requiring the Use of Working Capital:

Depreciation 4,508,600 2,799,100 Amortization 209,900 106,300 Total Working' Capital Provided by Operations 15,738,700 9,241,100 WORKING CAPITAL P_ROVIDED BY EXTRAORDINARY ITEMS Litigation Settlement -

4,600,600 Gain on Bond Refunding -

2,222,000 Total Working Capital Provided l by Extraordinary Items -

6,822,600 t OTHER SOURCES l Decrease in Accounts Receivable 4,446,900 -

l Issuance of Bonds -

134,245,000 Sale of Property in Service 374,700 4,300 I

Contribution in Aid of Construction 276,300 -

Increase in Customer Construction Advances -

543,000 Decrease in Restricted Assets -

732,100 Adjustments to Retained Earnings -

182,900 Total Other Sources 5,097,900 135_,707,300 OTHER APPLICATIONS Increase in Plant in Service 6,742,700 57,904,300 l Decrease in Noncurrent Bonds Payable 2,190,000 -

Decrease in Noncurrent Construction

, Contributions Payable 39,800 43,700 l Decrease in Noncurrent Customer l Contribution Advances 75,200 -

Transfer to Other Funds 6,292,200 7,008,400 Increase in Restricted Assets 13,916,800 .

Increase in Bond Discount -

2,376,400 Decrease in Unamortized Bond Issue Costs -

901,200 Retirement of Bonds -

50,245,000 Increase in Noncurrent Accounts Payable -

8,428,500 Total Other. Applications 29,256,700 126,907,500 INCREASE (DECREASE) IN WORKING CAPITAL. $ (8.420.100_) $ 24.863.500 ?

b-The accompanying notes are an integral part of these financial- ;

statements.

}

f WILLI AMS, COX, WEIDNER AND COX

' canter:Ep PumuC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND

-STATEMENT OF CHANGES IN FINANCIAL POSITION (Continued)

For the Fiscal Years Ended September 30, 1978 and 1977 1

1 1978 1977 -

Increase Increase (Decrease) (Decrease)

ELEMENTS OF INCREASE (DECREASE) IN 1

WORKING CAPITAL Current Assets:

Equity in Treasurer's Account S (91,900) S -371,200 Cash (195,900) .1,000 Investments at Cost (4,380,200) 15,864,100 Accounts Receivable (4,372,300) 10,249,300 Due from Other Funds (2,129,800) 1,324,400 Fuel Inventory 1,057,300 621,300 Accrued Interest Receivable 249,300 -

Total (9,863,500) 28,431,300 1

Current Liabilities:

Payable from Current Assets:

Accounts-Payable (603,100) 1,233,300 Construction Contracts Payable (294,100) 673,200 Customer Construction Advances (47,400) (347,500)

Due to Other Funds (1,913,500) (233,100)

Deferred Revenue (338,900) 368,600 Payable from Restricted Assets:

Accrued Interest and Commissions Payable (605,100) 3,032,200' Customer Deposits Payable 146,100 290,700 Due to Water Fund 21,000 173,400 Due to Gas Fund 1,600 43,800 Current: Portion of Bonds Payable 2,190,000 _(1,625,000)

Accounts Payable -

(41,800) .

Total (1,443,400) 3,567,800

- INCREASE-(DECREASE) IN WORKING CAPITAL $(8.420.100)- S 24.863.500 F

The accompanying notes are an integral-part'of these financial statements.

263-- _

WILLI AMS. COM. WEIONER AND COM .

- cteTirito PueLic Accouestasete

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND SCHEDULE OF OPERATING REVENUE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 SALES OF ELECTRICITY TO CUSTOMERS Residential Sales $19,869,600 $19,570,800 General Services 4,468,700 4,483,300 Small Power 9,215,100 3,399,800 Large Power 20,023,400 12,387,700 Churches 257,000 256,600 Security Lights 198,400 201,200 Total Sales of Electricity to Customers 54,032,200 40,299,400 SALES OF ELECTRICITY TO OTHER FUNDS Street Lights 268,900 278,500 Water Works Power 482,900 280,000 Other 535,600 584,500 Total Sales of Electricity to Other Funds 1,287,400 1,143,000 OTHER REVENUE Forfeited Discounts 70,600 227,500 Initiating Service 118,400 101,800 Pole and Land Rentals 83,300 51,300 Electric Cut-ins 12,100 7,700 Electric Cut-fees 45,900 22,300 Other .

46,500 38,000 Total Other Revenue 376,800 448,600.

TOTAL OPERATING REVENUE- '$55.696.400 $41.891.000

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The. accompanying notes are an integral part of these financial statements.

1'. ; * *:.*:::: *::.c

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND SCHEDULE OF GENERATING EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATION Fuel $29,598,400 $15,755,100 Electrical 356,500 208,300 Steam 626,800 330,600 Supervision and Engineering 326,100 218,000 Miscellaneous 13,700 190,700 Nuclear 180,900 271,400 Total Operation Expense 31,102,400 16,974,100 MAINTENANCE Supervision and Engineering 53,400 50,300 Structures and Improvements 16,000 6,400 Boiler Equipment 414,700 304,/00 Electrical Equipment 59,200 83,300 Nuclear 39,200 26,900 Total Maintenance Expense 582,500 471,600' TOTAL GENERATING EXPENSE $31.684.900 S17.445.700 The accompanying notes are an integral part of these financial l statements.

"Y.0; * ". !:"!",,,^.". ".*

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND SCHEDULE OF TRANSMISSION EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 '377 OPERATION Supervision and Engineering $ 12,500 $ 10,500 Load Dispatching 74,600 68,500 Station Expense 35,700 31,300 Lines and Meters 7,700 6,700 Rents 18,500 18,500-Transmission of Electricity by Others 51,700 52,500 Total Operation Expense 200,700 188,000 MAINTENANCE Stations 18,600 27,700 Lines 4,000 10,200 Total Maintenance Expense 22,600 37,900 l

TOTAL TRANSMISSION EXPENSE $223.300 $225.900 '

4 The accompanying notes are an integral part of these financial statements.

WILLI AMS, COM, WEIDNER AND COM CastTIFito PueLtc ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND SCHEDULE OF DISTRIBUTION EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATION Supervision and Engineering $ 31,900 $ 12,400 Load Dispatching 76,300 68,100 Station Expense 80,100 74,700 Overhead Lines 146,400 147,600 Underground Lines 38,900 29,900 Meter Expense 185,400 181,900 Miscellaneous 521,600 443,400 Total Operation Expense 1,080,600 958,000 MAINTENANCE Overhead Lines 176,100 190,400 Underground Lines 60,900 46,400 Substation Equipment 23,600 43,400 Line Transformers -

100 Meters 8,300 10,300 Miscellaneous Equipment 5,000 2,800 Total Maintenance Expense 273,900 293,400 TOTAL DISTRIBUTION EXPENSE $1.354.500 $1.251.400 The accompanying notes are an integral partlif these financial statements.

WILLI AMS. COX. WEIDNER AND COX CanTIFIED Pusuc ACCOUNT ANTS

CITY OF-TALLAHASSEE, FLORIDA ELECTRIC FUND-SCHEDULE OF CUSTOMER ACCOUNTS EXPENSE AND ADMINISTRATIVE EXPENSE For the FiscaltYears Ended September 30, 1978 and 1977 i

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1978 1977 CUSTOMER ACCOUNTS EXPENSE Records and-Collection $ 849,900 $ 786,600 Uncollectible Accounts 217,500 614,400

TOTAL CUSTOMER ACCOUNTS EXPENSE $1.067.400 $1.401.000 i

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ADMINISTRATIVE EXPENSE-Salaries 78,500. -166,900' Office Supplies 1,100 130,300

Outside Service 109,300 =239,400.

Property Insurance .-1,700 '

-51,600 Injuries and Damages 534,400 340,800 Employee Pension'and-Benefits 570,600 524,000

', Miscellaneous 113,600: 52,000 Less: Administrative. Expense. Transferred (112,000) (189,100) l '

' TOTAL ADMINISTRATIVE EXPENSE $1.297.200 $1.215.900-A i

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-The accomphnying notesJare an integral part ofJthese-financial i . statements.~

' wituam Jcox. wriDNER AND COE

- CEftTIFIEO PUSLIC ACCOU,ein,uTS s

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 Summary of Significant Accounting Policies Assets, liabilities, revenue and expenses are recognized on the accrual basis of accounting.

The Electric Fund has been consolidated with its related Debt Service, Capital Projects and Customer Deposit Funds. The Electric Fund was also combined with the Bulk Power Supply System Fund as of September 30, 1977. The restricted assets are those of the Debt Service, Capital Projects and Customer Deposits Accounts.

Fuel inventory is stated at the lower of cost or market based upon a moving average cost.

Utility Plant in Service is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method at a rate of three percent per annum, see Note 5 for composition.

The City's accounting records do not distinguish between reserves, contributions and retained earnings; consequently, _ they are shown as one amount in this statement.

NOTE 1 - Bulk Power - During October of 1977, the Bulk Power Supply System began generating power.

NOTE 2 - Accounts Receivable - Accounts receivable at September 30, 1978 and 1977 consisted of the following:

1978 1977 Customer Accounts Receivable 53,213,500 5 2,966,800 Chemical- Bank (77 Bond Refunding) 4,469,900 9,853,500 Other _

1,396,500 684,000 Less: Allowance for Uncollectible Accounts (309,300)- (361,500) l Total Accounts Receivable. S8.770.600 S13.142.800 l

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' WILLI AMS. COX. WEIDN ER AND COM CERT'FitJ PUBLIC ACCOUNTANTS t

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 3 - Other Accounts Receivable Other accounts receivable at September 30, 1978 and 1977 consisted of the following: ,

1978 1977 Florida Gas Trasmission -53,981,600 S3,981,600 Chemical Bank (1977. Bond Refunding) -

4,446,900 S3.981.600 S8.428.500 During the fiscal year ended September 30, 1977,-4he City approved a settlement between the City of Tallahassee and Amoco Production Company and Florida Gas Transmission Companp. As a result of this settlement the City is to receive che following:

Cash $ 619,000 Dollar Equivalent in Gas 3,981,600 S4.600.600 The suit is in settlement of damages incurred by the City during the years 1973-1976 due to gas being diverted from the City of Tallahassee to other areas. This caused the City to purchase other gas at higher. prices than were contracted for with Amoco Production Company and Florida Gas Transmission Company.

NOTE 4 - Bond Refunding - During the Year Ended September 30, 1977 a refunding program was undertaken to permit the City's separate electric system and-power supply system to be combined into a single system, to effect an overall reduction in net interest cost applicable to bonded indebtedness issued to finance the Facilities, to equalize the lien status of all outstanding indebtedness of the Facilities, to amend the rate covenant and conditions pursuant to which additional parity bonds may be issued and to restructure the debt of the_ City in anticipation of future capital requirements.

On March 1, 1977, the City issued ths Electric Revenue Bonds Series 1977 in the amount of $134,245,000. The'1977 Bonds are issued to finance a part of the cost.of refunding $50,245,000 in aggregate principal amount of outstanding Municipal Electric Revenue' Bonds, Series of 1955, 1958, 1959, 1963, 1964, 1969 and 1972,-

$72,000,000 in aggregate' principal amount of outstanding Power Supply Revenue Bonds, Series A-1974, Series'A-1975 and Series A-1976 and $7,000,000 in aggregate principal amount of-outstanding-Power Supply Revenue Completion Bonds, Series A-1976 and to 4

WILLIAnts. COX. WEBONEft At1D COX CEaTIFIED PUSLIC ACCOUNTA GTS

4 CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 4 - (Continued) - finance the cost of the construction and acquisition of additions, extensions and improvements to the combined electric system of the City.

Simultaneously with, and as a condition to, the issuance of the 1977 Bonds, the City issued $64,120,000 principal amount of its 1977A Bonds to provide a portion of the moneys necessary to effect the refunding. The total moneys required to refund the Refunded Bonds and defease the resolutions authorizing the Refunded Bonds is provided by a portion of the net proceeds of the 1977 Bonds and the entire net proceeds of.the 1977A Bonds and from certain moneys of the City, including moneys made available by such defeasance. Such funds were applied to the purchase of direct obligations of the United States of America (" Government Obligatior.s" or " Federal Securities") in the aggregate principal amount of $202,534,400. The proceeds of the maturing principal of and the interest on the Government Obligations will be paid to and held by the Chemical Bank, New York (The " Escrow Holder"),

under an Escrow Deposit Agreement dated as of March 30, 1977 (the " Escrow Deposit Agreement"), by and between the City.and the Escrow Holder. The Government Obligations will mature at such times and in such amounts so that sufficient moneys will be available from such maturing principal to pay, when due, all principal of, premium, as required, and interest on the Refunded Bonds. The principal of the presently outstanding Electric Bonds will be paid at their stated maturity dates. The principal of the presently outstanding Power Supply Bonds and Power Supply Completion Bonds will be paid at their stated maturity date or at the earliest date at which such bonds are subject to redemption as a whole together with the. applicable redemption premium, whichever is earlier. The interest income earned on the Government Obligations will be sufficient to pay, when due, all principal of and interest on the 1977A-Bonds. The interest income on the Government Obligations is not pledged to and will not be available to pay the Refunded Bonds.

Proceeds of the 1977 Bonds and 1977A Bonds will also be used to pay the related bond discount, legal and other professional fees, printing and other costs relating to the issuance of the 1977 Bonds and to deposit from the net proceeds of the 1977 Bonds

$7,200,000 in the construction fund for additions, extensions and improvements to the Facilities.

-The' resolution authorizing the 1977A Bonds.provides that the interest income-earned.on the Government Obligations over and l above the amounts required to pay, when due, all principal of.and interest on the 1977A Bonds shall be deposited in the City of l

WILLIAMS. COM WEIDNER AND COX

. CEIITIFIED PUBLIC ACCOUNTANTS

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CITY.'0F' TALLAHASSEE, FLORIDA ELECTRIC FUND ,

i -NOTES TO. FINANCIAL STATEMENTS j ,

September 30,.1978 r

NOTE 4 - (Continued) Tall'ahassee Electric Revenue Fund (the

" Revenue Fund") created and established by the Resolution. Such deposits are calculated to. amount to'$5,019,427 on October 1,-

.1977, $4,834,083 on' April 1, 1978'and.$4,446,912 on October 1, 1978. The gross revenues derived from the operations of the i Facilities are also required to be-deposited into the Revenue j Fund. '

From the moneys on hand in the Revenue Fund, the Resolution .

4 provides that, after paying the: cost of operation and maintenance

! of the Facilities and interest.on.and principal.of the 1977 Bonds, specific deposits be made to.the Reserve Account in the Amounts of $1,400,000 on October 2, 1977, $5,000,000 on April 2, 1978,

$4,000,000 on October 2,.1978 and an amount on April 2, 1979 so that the required deposits to the Reserve Account by April 2, 1979 will equal the maximum bond service requirement on all outstanding.1977 Bonds becoming due in any. ensuing fiscal year

($10,800,423).

In addition, a deposit into the Renewal, Replacement and Improvement Fund is required on October 2, 1977 in the amount'of

$3,500,000, such payment being in addition to the otherwise required monthly deposit to the Renewal, Replacement and Improvement Fund.

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As a result of the refunding procedures described above'the City incurred.a gain on. refunding in the amount of $2,222,000 computed

as follows

1-

[. REACQUISITION' PRICE OLD REFUNDED DEBTi i

1977-Bond Issue $134,245,000 I Less: Related Bond Discount $ 2,376,400

! .Related Issue Cost._ 902,000

~ Cash Returned to City Immediately: '

Construction Fund $ 7,200,000' .

1 Financed. Interest. 4,235,100. 11=,435,100 Future Cash toLbe returned' to the ' City :

October'1, 1977 .5,019,400 April 1, 1978 4,834,100 i October.1,~1978 _

4,446,900 14,300,400 '(29,013,~900)

Add: City Money.Placed in-

1. Escrow .24,374,300-Accrued: Interest. Received' 584,900 :24,959,200 True Reacquisition.Pri'ce 130,190,300' i -

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wnuanes. cox, waionsa Ano cox

. CastteFito PueLec ACCouestasets -

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 4 - (Continued)

Carrying Amount of Refunded Debt:

Principal Amount:

Municipal Electric Revenue Bonds Series of 1955

$ 400,000 1958 1,200,000 1959 3,850,000 1963 2,695,000 1964 8,300,000 1969 11,400,000 1972 22,400,000 $50,245,000 Bulk Power Supply Revenue Bonds Series A, 1974 25,000,000 1975 30,000,000 1976 17,000,000 72,000,000 Bulk Power Supply Revenue Completion Bonds Series A-1976 7,000,000 $129,245,000 Unamortized Discounts or Premium -

Financial Accrued Interest and Commission Payable 3,890,400 True Carrying Amount of Refunded Debt 133,135,400 EXCESS OF AMOUNT RETIRED OVER AMOUNT ISSUED IN REFUNDING $ 2.945.100 The excess of amount retired over amount issued in refunding is composed of the following:

Future Cash to be Returned to the City $14,300,400 Less: Pre'sent Value of Future Cash to be Returned to City 13,577,300 Interest Portion of Cash to be Returned to the City 723,100 Refunding Gain 2,222,000 Excess of Amount Retired Over Amount Issued In Refunding S 2.945.100 NOTE 5 - Unamortized Bond Discount and Issue Cost - The Bond Discount relevant to the 1977 Bond Issue and the related Bond Issue Cost are being amortized over the life of the 1977 Bond Issue using the bonds outstanding method computed as follows:

3978 1977 Bond Discount 52,376,400 S2,376,400 Accumulated Amortization (228,900) (77,000)

Unamortized Bond Discount S2.147.522 S2.299.400 WILLI AMS. COX. WEIDNElt AND COE CERTIFIED PUSL8C ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA.

ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 Note 5 - (Continued) 1978 1977 Bond Issue Cost S901,200 S901,200 Accumulated Amortization 86,500 28,500 Unamortized Bond Issue Cost S814.700 S872.700 Bonds payable is presented net of the unamortized discount as follows:

1978 1977 Total Bonds Payable S134,245,000 S134,245,000 Unamortized Discount (2,147,500) (2,299,400)

Bonds Payable - September 30 S132.097.500 S131.945.600 Current $ 2,190,000 $

Noncurrent 129,907,500 131,945,600 Total Bonds Payable S132.097.500 S131.945.600 NOTE 6 - Utility Plant In Service - Utility Plant in Service consists of the following at September 30, 1978 and 1977:

1978 1977 Plant In Service S158,141,100 S 97,341,100 Construction In Progress 9,874,900 64,306,800 Accumulated Depreciation (35,080,400) (30,571,700)

Utility Plant In Service 11322 935.600 S131.076.200 NOTE 7 - Deferred Revenue - Deferred Revenue at September 30, 1978 and 1977 consists of the following:

1978 1977 Interest Portion of~ Cash to be Returned to the City (Computed Note 4) $ - $723,100 Advance Pole Rental 29,700 -

Less: Amount Accrued through September 30, 1977 - -(354,500).

Total Deferred Revenue S29.700 S368.600 NOTE 8 - Principal and interest,_ reserve fund, and other payments required by the 1977 Bond Resolution are paid solely from the operation of the Electric System. No property of the City is pledged against these bonds,'nor can any real estate: taxes be

" t'. 0 2 2.*f !",0*/

CITY OF TALLAHASSEE, FLORIDA ELECTRIC ~ FUND NOTES TO FINANCIAL STATEMENTS-

,. September 30, 1978

)

NOTE 8 - (Continued) - levied for payment of same.

The City is required to. periodically. transfer an amount of money from the Electric Operating Account to.the Sinking Fund which will be sufficient.to pay the next semi-annual interest payment'and next maturing principal _ payment.

The City is required to transfer to ti'e Reserve Account the following amounts at the following times: $1,400,000 on or.

before October 2, 1977; $5,000,000 on or before April 2, 1978;

$4,000,000 on or before October 2, 1978-and on or before April 2, 1

1979 an amount sufficient to equal the maximum principal and:

interest becoming due in any' ensuing fiscal year. No further payments need.to be made into the Reserve Fund as long as the l balance therein ie' equal to the maximum principal and interest.

In addition to the initial deposit into the Renewal Replacement' and Improvement Fund of $3,500,000 to be made on or before 1

October 2, 1979 the City shall transfer on a monthly basis to the

Reserve Account an amount equal to one-twelfth of $1,500,000 plus one-twelfth for the previous fiscal year plus revenues received in such fiscal year from bulk sales of power under agreements in effect on January 1, 1977, after deducting from i such revenues a sum equal to one hundred per centum (100%) of the

, fuel expense and the energy component of purchased power expenses i incurred during such previous fiscal year. -The monies in the

Renewal, Replacement and Improvement Fund shall be used only for l the purpose of paying the cost of construction or acquisition of l- necessary improvements, betterments, extensions, enlargements _or additions to, or_the renewal and replacement of capital assets of the facilities and for unusual or extraordinary repairs thereto.

Moneys in the Sinking Fund may be invested and reinvested in i direct obligations of the. United States of America or time.

deposits in banks,- trust companies or savings- and loan associ-ations represented.by Certificates of Deposit' secured or insured.

.in a manner required by the State of_ Florida. - Moneys in the' Reserve Fund and Renewal, Replacement'and Improvement Fund'may be invested and reinvested in investments authorized:by the City'sl Charter.

~

The Municipal 1 Gas'and-Electric Revenue. Bonds,-dated. October 1, 1956,'have.been.fullyEfunded1through an~ irrevocable trust agree-ment .with Chemical -Bank of. New York. The entire balance due including-principal,: interest,and coupon; cost has been placed in

, trust to pay the bonds as"they are' presented for payment. ; The

. WILLI AMS. COM. WE10NEft AND COX?

canterste pueLec accouestasere .

g 9 -he c' w 4

CITY OF TALLAHASSEE, FLORIDA ELECTRIC FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 8 - (Continued) - funds held in trust and the bonds remaining to be presented for payment are not presented in this report.

NOTE 9 - Statements of Changes in Financial Position - The Statements of Changes in Financial Position for the fiscal year ended September 30, 1977 was restated to the working capital format so that the comparative statements would be consistent.

NOTE 10 - Certain account reclassifications have been made to the financial statements for the year ended September 30, 1977 for comparative purposes.

l WILLI AMS. COM. WEIDNER AND COM CantartED Pustic ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GAS FUND BALANCE SHEET September 30, 1978 and 1977 1978 1977 ASSETS CURRENT ASSETS Equity in Treasurer's Account $ 226,600 $ 135,100

Investments - At Cost - Page 21 462,000 -

Accounts Receivable - Note 1 203,300 137,700 Due from Other Funds 91,300 132,000 Gas Inventory 87,900 160,000 Total Current Assets 1,071,100 564,300 RESTRICTED ASSETS Equity in Treasurer's Account 3,800 14,200 Cash 100 2,600 Cash with Fiscal Agent 6,100 5,600 Accrued Interest Receivable 300 -

Equity in Pooled Investment - Page 6 49,100 256,500 Investments - At Cost - 219,200 Due from Electric Fund 45,400 43,800 Land Deposit 1,100 1,600 Total Restricted Assets 105,900 543,500 UTILITY PLANT IN SERVICE - Note 2 3,016,800 2,920,800 TOTAL ASSETS S4.193.80Q S4.029.100 LIABILITIES, RESERVES, CONTRIBUTICMS AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable $ 143,900 $ 191,000 CURRENT LIABILITIES (Payable from Restricted assets)

Bonds Payable 102,000 96,500 Accrued Interest and Commissions 10,900 11,900 Customer Deposits Payable 49,100 46,300.

Other Payables 1,500 1,300 Total Current Liabilities (Payable from Restricted Assets) 163,500 156,000 Total Current Liabilities 307,400 347,000 OTHER LIABILITIES Bonds Payable 822,500. 924,500 Total Liabilities 1,129,900 1,271,500 RESEPVES, CONTRIBUTIONS AND RETAINED ,

l EARNINGS - Page 78 3,063,900 2,757,600

,. TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS l AND RETAINED EARNINGS $4.193.800 $4.029.100 l

The accompanying notes'are an integral part.of these financial-statements.

WILLI AMS, COK. WEIDNER AND COX CEstTIFIED PusLsC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GAS FUND ANALYSIS OF CHANGES.IN RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS For the Fiscal Years-Ended September 30, 1978 and 1977 1978 1977 BALANCE - Beginning of Period $2,757,600 $2,254,600 Additions: Net Income - Page 79 810,400 838,100 Deductions: Trans fers - Net 504,100 335,100 i

l BALANCE - End of Period - Note 3 $3.063.900l $2.757.600 l

l

_ The accompanying notes are an integral part of these- financial statements.

WILLIAMS COM. WEIDNER AND COX CERTIFIED PWBLIC ACCOUNT ANTS '

CITY OF TALLAHASSEE, FLORIDA GAS FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATING REVENUE Residential Sales $1,277,300 $1,192,800 Commercial Sales 1,369,800 1,159,000 Industrial Sales 1,130,600 1,114,900 Delinquent Fees 5,800 18,100 Initiating Service 11,100 15,100 Tapping Fees 1,000 500 Cut Fees 10,000 2,800 Utility Surcharge ~35,400 59,400 Other 1,400 8,200 Total Operating Revenue 3,842,400 3,570,800 OPERATING EXPENSE Purchase of Gas 2,054,300 1,834,600 Distribution Expense - Page 81 566,700 489,800 Automotive and Equipment Charges 32,200 38,100 Less: Automotive and Equipment Charges Transferred (41,500) (40,200)

Customer Accounts Expense - Page 82 177,600 176,200 Administrative Expense - Page 82 130,200 106,800 Total Operating Expense Before Depreciation 2,919,500 2,605,300 OPERATING INCOME BEFORE DEPRECIATION 922,900 965,500 Less: Depreciation 112,600 106,900 OPERATING INCOME 810,300 858,600 Add: Non-operating Income - Interest Earned 36,500 19,400 Less: Non-operating Expense - Interest Expense 36,400 39,900 NET 1 INCOME- $ 810.400 $ 838.100 The accompanying notes are an integral'part-of these. financial

statements.

l WILLI AMs. COX. W EIDNEft AND COE CamTirito PueLIC ACCOUNTANTS u

CITY OF TALLAHASSEE, FLORIDA-GAS FUND STATEMENT- OF CHANGES IN FINANCIAL POSITION-For the Fiscal Years Ended September 30, 1978 and 1977 1- 1978 1977 WORKING' CAPITAL PROVIDED BY OPERATIONS Net Income . $ 810,400 $ 838,100 Add: Items not Requiring Use of Working Capital - Depreciation 112,600 106,900 Total Working Capital Provided by

-Operations 923,000 945,000-OTHER SOURCES Reduction of Restricted Assets 437,600 -

Total Other Sources 1,360,600 945,000 OTHER APPLICATIONS Transfers to Other Funds - Net 504,100 335,100 l Increase in Restricted Assets -

242,900

Increase in Utility Plant in Service 208,600 268,500 Reduction of Non-current Portion of Bonds Payable 102,000 96,500

[

Total Other Applications 814,700 943,000-INCREASE IN WORKING CAPITAL $ 545.900 $ 2.000

~

l ELEMENTS OF INCREASE IN-WORKING CAPITAL Increasef Increase-(Decrease) (Decrease)

CURRENT ASSETS Equity in Treasurer's Account $ 91,500' S-133,100 Investments - At Cost 462,000- -

Accounts Receivable 65,600 (254,400)

Due from Other Funds (40,700)- (122,900).

Gas Inventory (72,100) 88,800-Total ~ 506,300 (155,400)-

l CURRENT LIABILITIES (Payable from Current l Assets) l Accounts Payable -(47,100) 6,400 l Due to Other Funds -

(164,900)

L Total (47,100) (158,500).

l CURRENT LIABILITIES _(Payable from' Restricted Assets) . .

Bonds Payable 5,~500 (4,500)

Accrued. Interest and' Commissions: (1,000) -(800)_

Customer ~ Deposits. Payable: '2,800_ 5,100 Other1Payables 200 1,300 Total 7,500 -1,100

-INCREASE'INJWORKING CAPITAL .

. S 545.900 $ 2.000

-The accompanying notes.are:an integral 1part-of thesenfinancial

statements.

WILLI Atte, COM. WEIONER AND COM CSR?tFISO PueLtc ACCOUSIT& sets

- m -.- d - 4

CITY OF TALLAHASSEE, FLORIDA GAS FUND SCHEDULE-OF DISTRIBUTION EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 J

1978 1977 OPERATION Fuel for Peak Shaving Plant $196,100 $120,000 Communications 300 500 Supervision and Engineering 30,200 41,700 Maintenance and Service 35,500 35,300 Measuring and Regulating Stations 16,200 17,100 Meters and House Regulating 42,400 54,100 Customer Installation 16,000 16,000 Miscellaneous 30,100 33,400 Total Operation Expense 366,800 318,100 MAINTENANCE Peak Shaving Plant 40,900 16,100 Supervision and Engineering 30,600 43,600 Structures and Improvements -

200 Measuring and Regulating Stations 2,500 1,100 Gas Mains 67,600 55,300 Services 22,400 29,000 Meter and House Regulating 33,600 22,300 other Operating Equipment 2,300 4,100 Total Maintenance Expense 199,900 171,700 TOTAL DISTRIBUTION EXPENSE $566.700 $489.800 f The accompanying notes are an integral part of these financial statements.

[

- ?":;.;;t.*:L" :,2*.*

CITY OF TALLAHASSEE, FLORIDA GAS FUND SCHEDULE OF CUSTOMER ACCOUNTS EXPENSE AND ADMINISTRATIVE EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 CUSTOMER ACCOUNTS EXPENSE Records and Collection $136,600 $137,700 Uncollectible Accounts 41,000 38,500 TOTAL CUSTOMER ACCOUNTS EXPENSE $177.600 _1_1J6_._200 ADMINISTRATIVE EXPENSE Administrative and General Salaries S 600 $ 1,000 Outside Services Employed 100 100 Property Insurance 10,000 6,500 Insurance and Damages 10,900 6,000 Employee Pensions and Benefits 53,400 49,400 Miscellaneous 65,400 52,500 Less: Administrative Expense Transferred (10,200) (8,700)

TOTAL ADMINISTRATIVE EXPENSE $130.200 $106.800 The accompanying notes are an integral part of these. financial statements.

WILLI AMS. COM. WEIDN ER AND COM CrailFitD PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA GAS FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 and 1977

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Assets, liabilities, revenues and expenses are recognized on the accrual basis of accounting.

The Gas Fund presented in this statement has been consolidated with its related Debt Service, Capital Proj ects , and Customer Deposits Funds. The Restricted Assets are those of the Debt Service , Capital Proj ects and Customer Deposits Funds .

Fuel inventory is stated at the lower of cost or market, first-in, first-out.

Utility Plant in Service is stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method at a rate of two and one half percent per annum.

NOTE 1 - Accounts Receivable consisted of the following:

1978 1977 Customer Accounts S 230,700 S 151,900 Systems Extensions 6,800 4,000 Less: Allowance for Doubtful Accounts (34,200) (18,200)

Total Accounts Receivable S 203.300 S 137.700 NOTE 2 - Utility Plant in Service consisted of the following:

1978 1977 Gas Plant and Equipment S4,649,000 S4,503,500 Construction in Progress -185,500 122,400 Less: Accumulated Depreciation (1,817,700) (1,705,100)

Total Utility Plant in Service 33.016.800 S2.920.800 NOTE 3 - The City's accounting records do not distinguish between reserves, contributions and retained earnings ; consequently , they _ ,

are shown as one amount on.this statement.

i NOTE 4 - All series of -Municipal Gas Revenue Bonds are issued on a pari passu basis. The Gas Fund provides two percent of the Debt Service requirements of the Municipal Utilities Revenue Bonds, Series of 1970. Principal and interest, Reserve Fund and other WILLI Ah45. COX. WEIDNER AND COE CEftTIFIED PUBLIC ACCOWecT Apets t

CITY OF TALLAHASSEE, FLORIDA GAS FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 and 1977 NOTE 4 (Continued) payments required by the resolutions are paid solely from revenues derived from the operation of the gas system. No property of the City is pledged against these bonds, nor can any real estate taxes be levied for payment of same.

The City is required to periodically transfer an amount of money from the Gas Operating Account to the Sinking Funds which will be sufficient to pay the next semi-annual interest payment and-next maturing principal payment.

The Bond Indentures provide that no further payments to the Reserve Fund are required when the amount therein is equal to six percent of the total bonds issued Series, A, B, and C and the largest amount required for the payment of maturing principal and interest in any succeeding year for the Municipal Utility Revenue Bonds Series of 1970.

Into the Renewal and Replacement Fund an amount equalling ten percent of the gross revenues from the operation of the gas system during the preceding year is required to be transferred from the Gas Operating Account. Moneys deposited therein are restricted to extensions, improvements, additions to or replacement of the capital assets of the gas system.

Moneys in the Debt Service Funds may be invested in direct obligations of the United States. Moneys in the Renewal and Replacement Fund may be invested as provided by City Charter.

NOTE 5 - The Statement of Changes in Financial Position for the' year ended September 30, 1977 was re-stated to the working capital format so that the comparative statement would' be consistent.

l l NOTE 6 - Certain account reclassifications have been made to the l financial statements for the year ended September 30, 1977 for l comparative purposes.

WILLI AMS. COX, WEIDNER AND COX CteTtrato PuSLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA

/ SEWER FUND BALANCE SHEET

- September 30, 1978 and 1977 ASSETS 1978 1977 CURRENT ASSETS Equity in Treasurer's Account $ 16,500 $ -

Accounts Receivable - Note 1 302,100 636,200 Investments - At Cost - Page 21 294,400 -

Due from Other Funds 59,600 -

Total Current Assets 672,600 636,200 RESTRICTED ASSETS Equity in Treasurer's Account 15,100 134,200 Cash with Fiscal Agent 300,100 283,200 Accounts Receivable 2,000 -

Equity in Pooled Investments - Page 6 3,014,400 2,851,800 Accrued Interest Receivable 37,000 -

Various Restricted Assets 44,700 48,000 Total Restricted Assets 3,413,300 3,317,200 UTILITY PLANT IN SERVICE - Note 2 25,498,900 24,249,800 TOTAL ASSETS S29.584,800 S28.203.200 LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS CURRENT LIABILITIES - (Payable from Current Assets)

Accounts Payable $ 73,600 $ 96,900 Construction Contracts Payable - Note 3 389,800 555,000 Customer Construction Advances 422,000 '96,800 Due to Other Funds - 81,100 Total Current Liabilities (Payable from Current Assets) 885,400 829,800 CURRENT LIABILITIES (Payable from Restricted Assets)

Bonds Payable 221,500 202,000 Accrued Interest and Commission 207,600 212,100 Other Payables - 50,400 Total Current Liabilities (Payable from Restricted Assets ) 429,100 464,500 i

Total Current Liabilities 1,314,500 1,294,300 OTHER LIABILITIES Bonds Payable 7,486,000 7,707,500 Construction Contracts Payable - Note 3 1,174,700 1,243,000 Customer Construction Advances 123,200 457,500 Total Other Liabilities 8,783,900' 9,408,000 Total Liabilities 10,098,400 10,702,300 RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS - Page 86 19,486,400 17,500,900 TOTAL LIABILITIES, RESERVES,-CONTRIBUTIONS AND RETAINED EARNINGS $29.584,800 $28.203.200 The accompanying notes _are.an integral part of these financial

-statements.

' WILLI AMS. COX. WEIDNER AND COM CERTIFIED PUBLeC ACCouseTAfeTS

CITY OF TALLAHASSEE, FLORIDA SEWER FUND ANALYSIS OF CHANGES IN RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS For the Fiscal Years Ended September 30, 1978-and 1977 1978 1977 BALANCE - Beginning of Period $17,500,900 $16,968,000 Additions:

Net Income - Page 87 1,167,100 1,236,000 l Contributions from Federal Government 96,800 171,500 Transfers - Net 721,600 -

l i

Total 19,486,400 18,375,500 l

l Deductions:

Transfers - Net -

874,600 l

BALANCE - End of Period - Note 4- $19.486.400 $17. 500.9 00 I

l The accompanying l notes are an. integral part of_these financial.-

l statements.

' WILLI AMS. COM. WEIDNER AND COM cantireso rustsc AccouMTANTS -

.=.

CITY OF TALLAHASSEE, FLORIDA SEWER FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal ~ Years Ended September 30, 1978 and 1977 1978 1977 OPERATING REVENUE Sewer Services $4,458,600 $4,374,100 Sewer Tapping Fees 85,700 90,600 Digester Fees 4,400 4,000 Other 14,000 28,200 Total Other Revenue 4,562,700 4,496,900 OPERATING EXPENSE Collection System. Expense - Page 89 384,400 387,100 Pumping Stations Expense - Page 89 328,900 294,300 Treatment Plants Expense - Page 89 1,309,500 1,384,300 Automotive and Equipment Charges 147,600 134,100 Less: Automotive and Equipment Charges Transferred (139,700) (150,500)

Custome- Accounts Expense - Page 90 344,200 383,700 Administrative Expense - Page 90 359,500 292,400 Total Operating Expense before Depreciation 2,734,400 2,725.400 OPERATING INCOME BEFORE DEPRECIATION 1,828,300 1,771,500 Less: Depreciation 569,600 369,800

! OPERATING INCOME 1,258,700 1,401,700

! Add: Non-operating Income:

! Interest Earned 311,700 242,600 Prior Year Cancelled Expense 18,100 22,800 Total Non-operating Income 329,800 265,400 Less: Non-operating Expense:

Interest. Expense 421,400 431,100 NET INCOME $1.167.100 $1.236.000 The accompanying. notes are an integral part of these financial-statements.

WILLI AhlS. COM. WEtDNER AND COM Castiersto puoLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA SEWER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal. Years Ended September 30, 1978 and 1977 1978 1977 WORKING CAPITAL PROVIDED BY OPERATIONS Net Income $1,167,100 $1,236,000 Add: Items not Requiring the use of Working Capital - Depreciation 569,600 369,800 Total Working Capital Provided by Operations 1,736,700 1,605,800 OTHER SOURCES Increase in Noncurrent Portion of Customer Construction Advances - 457,500 Increase in Noncurrent Portion of Bonds Payable -

1,480,500 Contributions from Federal Government 96,800 171,500 Transfers from Other Funds - Net 721,600 -

Total Other Sources 818,400 2,109,500 OTHER APPLICATIONS Increase in Restricted Assets 96,100 937,900 Purchase of Plant and Equipment 1,818,700 1,245,800 Reduction of Noncurrent Portion of Bonds Payable 221,500 202,000 Reduction of Noncurrent Portion of Construction Contracts Payable 68,300 362,200 Reduction of Noncurrent Portion of Construction Advances 334,300 -

Transfers to Other Funds - Net - 874,600 Total Other Applications 2,538,900 3,622,500 INCREASE IN' WORKING CAPITAL S 16.200 S 92.800 ELEMENTS OF INCREASE. IN WORKING Increase Increase CAPITAL (Decrease) (Decrease)

Current Assets:

Cash $ 16,500 $ (17,500) l Accounts Receivable (334,100) 379,600 l Investments - At Cost 294,400 -

l Due from other Funds 59,600 (193,300) l Total 36,400 168,800

! Current Liabilities:

Accounts Payable (23,300) 19,500 Current Portion of Construction Contracts Payable (165,200) 20,000 Current Portion of Customer Construction Advances 325,200 (13,800)

Current Portion of Bonds Payable 19,500 43,000-Accrued Interest Payable (4,500) 37,900

! Other Payables (50,400) (64,100) i Due to Other Funds. (81,100) 33,500 Total 20,200 76,000

! -INCREASE IN' WORKING CAPITAL S 16.200 _S 92.800 The accompanying notes are an integral part of these financial statements.

WILLI AMS, COM. WEIDN ER AND COX CSittlFIED PUBLIC ACCOUNT ANTS

CITY OF TALLAHASSEE, FLORIDA SEWER FUND SCHEDULE OF COLLECTION SYSTEM, PUMPING STATIONS AND TREATMENT PLANTS EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 COLLECTION SYSTEM Operation and Maintenance - Labor and Equipment $ 384.400 $ 387.100 PUMPING STATIONS Labor and Expense $ 160,600 $ 167,800 Power Purchased 16),200 126,000 Miscellaneous 5,100 500 TOTAL PUMPING STATIONS EXPENSE $ 328.900 $ 294.300 TREATFENT PLANTS EXPENSE Operations:

Supervision and Engineering $ 168,000 $ 128,000 Labor and Expense 252,000 250,500 Purification 68,600 79,800 Power Purchased 420,500 440,400 Miscellaneous and Overhead 108,800 134,600 Total Operating Expense 1,017,900 1,033,300 Maintenance:

Supervision and Engineering 25,600 20,100 Treatment Equipment 195,400 264,600 <

Buildings and Grounds 63,200 58,000 Other Equipment 7,400 8,300 Total Maintenance Expense 291,600 351,000 TOTAL TREATMENT PLANTS EXPENSE $1.309.500- $1.384.300 The accompanying notes are an integral part of these financial statements.

WILLI AMS. COM. WEIDN ER AND COM ctattrito PueLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA SEWER FUND SCHEDULE OF CUSTOMER ACCOUNTS EXPENSE AND ADMINISTRATIVE EXPENSE For the Fiscal Years Ended September-30, 1978 and 1977 1978 1977 4

CUSTOMER ACCOUNTS EXPENSE f

Records and Collection $317,200 $318,900 Uncollectible Accounts 27,000 64,800 TOTAL CUSTOMER ACCOUNTS EXPENSE $344.200 $383.700 ADMINISTRATIVE EXPENSE Pensions and Benefits $199,200 $190,800 Injuries and Damages 60,800 43,100 Property Insurance -

1,900 Outside Services ~ Employed 4,000 26,300 Other 112,500 76,100 Less: Administrative Expense Transferred (17,000) (45,800) h TOTAL ADMINISTRATIVE EXPENSE $359.500 $292.400 The accompanying notes are at. integral part of these financial j s ta tements . !

WILLIAMS, COM, WEIDNER AND COM ;

CaertriED PueLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA SEWER F"ND NOTES TO FINANCIAL STATEMENTS September 30, 1276 ,

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Assets, liabilities, revenues and expenses are recognized on the accrual basis of accounting.

The Sewer Fund presented in this statement has been censolidated with its related Debt Service and Capital Projects Funds. The restricted assets are those of the Debt Service and Capital Pro-jects Funds Utility Plant in Service is stated at cost less accumulated depre-ciation. Depreciation is computed using the straight-line method at an annual rate of two percent.

NOTE 1 - Accounts Receivable consisted of the following:

1978 1977 Utility Customers S 333,400 S 299,200 Less: Estimated Uncollectible Accounts 32,800 35,900 Net Utility Customers 300,600 263,300 Systems Extensions - 372,900 Other 1,500 -

Total S 302.100 S 636.200 NOTE 2 - Utility Plant in Service consisted of the following:

1978 1977 Sewer Plant and Equipment S23,412,200 S22,783,300 Less: Allowance for Depreciation 2,444,500 1,874,900 Net Plant and Equipment 20,967,700 20,908,400 Construction in Progress 4,531,200 3,341,400 Total S25.498.900 S24.249.800 NOTE 3 - Construction contracts payable primarily represent liabilities for refundable syr* ems extensions. Payments on these liabilities are based on annual revenues _ generated by the projects. ,

NOTE 4 - The City's accounting records do not distinguish between Reserves, Contributions and Retained Earnings; consequently, they are shown as one amount on the statement.

NOTE 5 - All series of Municipal Water and Sewerage Revenue Bonds are issued on a pari passu basis. The Sewer Fund provides 75% of the l Debt Service requirements of the Water and Sewerage Revenue Bonds i Series of 1958 and'1964, 78%_of the Debt Service requirements of

( the Municipal ~ Utilities Revenue Bonds, Seriesaaf 1970 and 47% of the Debt Service Requirements of the Municipal Utilities Revenue Bonds, Series of 1970-A.

WILLI AMS, COM. WEIDNER AND COX CEstitFIED Puetic Accouestasets

1 1

CITY OF TALLAHASSEE, FLORIDA !

SEWER FUND i NOTES TO FINANCIAL STATEMENTS l September 30, 1978 l i

NOTE 5 - (Continued)

I Principal and interest, Reserve Fund, and other payments required by the resolution are paid solely from revenues of the Sewer l System. No property of the City is pledged against these bonds 1 nor can any real estate taxes be levied for payment of same. l The City is required to periodically transfer an amount of money ,

from the Sewer Operating Account to the Sinking Funds which will be sufficient to pay the next semi-annual interest payment and next maturing principal payment.

The Bond Indentures provide that no further payments to the Reserve l Fund are required when the amount therein is equal to six percent of the total bonds issued Series 1958 and 1964 and the largest amount required for the payment of maturing principal and interest in any succeeding year for the Municipal Utility Revenue Bonds, Series of 1970 and 1970-A.

Into the Renewal and Replacement Fund, an amount equal to ten percent of the gross revenues from the operation of the Sewer System during the preceding year is required to be transferred from the Sewer Operating Account. Moneys deposited therein are restricted to extensions, improvements, add.'.tions to or replace-ment of the capital assets of the Sewer System.

Moneys in the Debt Service Funds may be invested in direct obligations of the United States. Moneys in the Renewal and Replacement Fund may be invested as provided by City Charter.

NOTE 6 - Statements of Changes in Financial Position The Statement of Changes in Financial Positon for the fiscal year ended September 30, 1977 was restated to the working capital format so that the comparative statements would be consistent.

NOTE 7 - Reclassifications j Certain account reclassifications have been made to the financial i statements for the year ended September 30, 1977, for comparative purposes.

l l

l WILLI AMS, COM. WEIDN ER AND COM Canttrito PueLIC ACCOUNT ANTS

CITY OF TALLAHASSEE, FLORIDA WATER FUND BALANCE SHEET September 30, 1978 and 1977 ASSETS _1978 1977 CURRENT ASSETS Equiry in Treasurer's Account $ 13,800 $ 208,500 Investments - At Cost - Page 22 554,500 -

Accounts Receivable - Note 1 219,100 317,300 Due from Other Funds 65,600 141,900 Total Current Assets 853,000 667,700 RESTRICTED ASSETS Equity in Treasurer's Account 16,8 00 56,000 Cash 200 8,700 Cash with Fiscal Agent 132,200 128,700 Equity in Pooled Investments - Page 6 2,130,200 2,630,700 Accrued Interest Receivable 18,500 -

Due from Other Funds - 1,200 Due from Electric Fund 194,400 173,400 Land Deposit 11,500 11,500 Total Restricted Assets 2,503,800 3,010,200 UTILITY PLANT IN SERVICE - Note 2 8,397,800 7,307,100 TOTAL ASSETS 111.754.600 S10.985.000 LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS CURRENT LIABILITIES (Payable from Current Assets)

Accounts Payable $ 12,900 $ 13,600 Construction Contracts Payable 183,100 233,000 Customer Construction Advances 173,900 97,400 Total Current Liabilities (Payable from Current Assets) 369,900 344,000 CURRENT LIABILITIES (Payable from Restricted Assets)

Bonds Payable 86,500 81,500 Accrued Interest and Commissions 88,700 90,800 1 Customer Deposits Payable 206,800 182,100 Other Payables - 12,900 Total Current Liabilities (Payable from Restricted Assets) 382,000 367,300 j Total Liabilities 751,900 711,300 OTHER LIABILITIES Bonds Payable 3,221,500 3,308,000 Construction Contracts Payable 458,500 581,200 Customers Construction Advances 317,200 241,500

Total Other Liabilities 3,997,200 4,130,700 l Total Liabilities ~ 4,749,100 4,842,000 l

RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS - Page 94 7,005,500 6,143,000 l TOTAL LIABILITIES, RESERVES,-CONTRIBUTIONS AND RETAINED EARNINGS $11.754.600 $10.985.000 l

The accompanying notes are an integral part of these financial statements.

irf; *O. ! !",f".*

CITv OF TALLAHASSEE, FLORIDA WATER FUND ANALYSIS OF CHANGES IN RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 BALANCE - Beginning of Period $6,143,000 $5,554,800 Additions:

Net Income - Page 95 1,273,700- 1,481,000 Contributions in Aid of Construction 24,800 36,700 i

Total 7,441,500 7,072,500 Deductions:

Transfers - Net 436,000 929,500 f

BALANCE - End of Period $7.005.500 $6.143.000~

The accompanying notes are an integral part of.these financial statements.

i l WILLI AMS, COM. WEBONEft AND COX csatiriso pu 6sc accov=raar.

CITY OF TALLAHASSEE, FLORIDA WATER FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal Years Ended September- 30, 1978 and 1977 1978 1977 OPERATING REVENUE Metered Sales $3,223,100 $3,256,200 Water Tapping Fees 106,200 100,200 Hydrant Rental 45,500 38,600 Delinquent Fees 27,600 20,800 Private Fire Protection 6,600 6,900 Other 1,500 900 Total Operating Revenue _3,410,500 3,423,600

,0PERATING EXPENSE Production Expense - Page 97 582,300 483,700 Distribution Expense - Page 98 515,900 488,800 Automotive and Equipment Charges 56,500 62,300 Less: Automotive and Equipment Charges Transferred (67,000) (63,700)

Customer Accounts Expense - Page 99 441,000 453,500 Administrative Expense - Page 99 90,700 114,900 Total Operating Expenses before Depreciation 1,619,400 1,539,500 OPERATING INCOME.BEFORE' DEPRECIATION 1,791,100 1,884,100 Less: Depreciation 339,100 323,100 OPERATING INCOME 1,452,000 1,561,000 Add: Non-operating Income Interest Earned 127,400 64,000 Sale of Surplus Equipment and Scrap 6,000 5,000 Gain on Sale of Property - 34,900 Total Non-operating Income 133,400 103,900 Less: Non-operating Expense Interest Expense 311,700 183,900 i NET INCOME $1.273.700 $1.481.000 l

The accompanying notes are an integral part of these financial statements.

"E.^5,$.5 /u'.5I1"lo" **,1*"

i l

I CITY OF TALLAHASSEE, FLORIDA WATER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 WORKING CAPITAL PROVIDED BY OPERATIONS Net Income $1,273,700 $1,481,000 Add: Items not Requiring Use of Work-ing Capital - Depreciation 339,100 323,100 Total Working Capital Provided by Operations 1,612,800 1,804,100 OTHER SOURCES Contribution in Aid of Construction 24,800 36,700 Decrease in Restricted Assets 506,400 -

Increase in Noncurrent Portion of Bonds Payable -

1,669,500 Increase in Noncurrent Portion of Customer Construction Advances 75,700 241,500 Sale of Plant -

67,400 Total Other Sources 606,900 2,015,100 ,

OTHER APPLICATIONS '

Increase in Utility Plant in Service 1,429,800 272,600 Transfers to Other Funds - Net 436,000 929,500 Reduction in Noncurrent Portion of Bonds Payable 86,500 21,500 Decrease in Noncurrent Portion of Construction Contracts Payable 122,700 216,100 Increase in Restricted Assets -

2,350,500 Total Other Applications 2,075,000 3,790,200 INCREASE IN WORKING CAPITAL S 144.700 S 29.000 ELEMENTS OF-INCREASE IN WORKING CAPITAL Increase Increase Current Assets: (Decrease) (Decrease)

Equity in Treasurer's Account 5 (194,700) S 198,800 Investments - At Cost 554,500 -

Accounts Receivable (98,200) 71,000 Due from Other Funds (76,300) (494,400)

! Total 185,300 (224,600)

Current Liabilities: (Payable from Current Assets)

Accounts Payable (700) 5,300 l

Construction Contracts Payable (49,900) (5,100) i Customer Construction Advances 76,500 (76,100)

Due to Other Funds -

(211,700)

Total 25,900 (287,600) l Current Liabilities: (Payable from Restricted' Assets)

Bonds Payable 5,000 (28,500F Accrued Interest and Commissions (2,100) 45,100

! Customer Deposits Payable 24,700 36,500 Other Payables (12,900) (19,100)

Total 14,700 34,000 l

INCREASE IN WORKING CAPITAL S 144.700 S 29.000-The accompanying notes'are an integral part of these financial statements.

"?.*:::"'.::L" " *.", .c"

=

i CITY OF TALLAHASSEE, FLORIDA WATER FUND SCHEDULE OF PRODUCTION EXPENSE For the Fiscal Years Ended September 30~, 1978 and_1977 i

1978 _

1977 OPERATION Electric Power $331,000 $286,500 Pumping 152,200 137,900 Treatment 8,400 14,300 i Supervision and Engineering 11,300 16,000 l

Miscellaneous 50,400 8,900 Total Operation Expense 553.300 163,600 MAINTENANCE l

l Pumping Equipment 16,900 1,600 Structures and Improvements 2,400 7,200 Electrical Equipment 5,300- 7,700 Treatment Equipment 4,400 3,600 l

l Total-Maintenance Expense 29,000 20,100 TOTAL PRODUCTION EXPENSE $582.300 $483.700 The accompanying notes are an integral part of these financial statements.

WILLI AMS, COX. WEIONEft AND COM CamT4 eso Pust C ACCOUNT A,gTS -

CITY OF TALLAHASSEE, FLORIDA WATER FUND SCHEDULE OP DISTRIBUTION EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATION Meters $ 75,800 $ 81,500 Supervision and Engineering 25,200 14,800 Transmission and Distribution Lines 22,600 15,700 Customer Installations 100 100 Miscellaneous 69,700 '39,300 Total Operation Expense 193,400 151,400 MAINTENANCE Services 110,800 132,500 Meters 110,200 110,100 Transmission and Distribution Mains 73,200 64,100 Supervision and Engineering 15,600 11,000 Structures and Improvements 100 1,100 Hydrants 11,900 10,900 Other 700 7,700 Total Maintenance Expense 322,500 337,400 TOTAL DISTRIBUTION EXPENSE $515.900 $488.800 The accompanying notes are an integral part of these financial statements.

! l WlLLI AMS. CON. WEIONER AND COR l Canfersso puSLIC ACCOUNTANTS

' CITY OF TALLAHASSEE, FLORIDA WATER FUND SCHEDULE OF CUSTOMER ACCOUNTS EXPENSE AND ADMINISTRATIVE EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 CUSTOMER ACCOUNTS EXPENSE Records and Collection $424,400 $399,500 Uncollectible Accounts 16,600 54,000 TOTAL CUSTOMER ACCOUNTS EXPENSE $441.000 $453.500 ADMINISTRATIVE EXPENSE Employee Pensior' and Benefits S 83,300 $ 80,900 Administrative and General Salaries 15,200 14,000 Outside Services Employed 5,000 2,300 Property Insurance -

6,500 Miscellaneous Expenses 19,900 59,200 Less: Administrative Expenses Transferred (32,700) (48,000)

TOTAL ADMINISTRATIVE EXPENSE $ 90.700 $114.900 i

The accompanying notes are an integral part of these financial statements.

I WILLI AMS. COX. WEIDNEfl AND COM -

Canferito PusL4C ACCOUNTANTS -

CITY OF TALLAMASSEE, FLORIDA WAT2R FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Assets, liabilities, revenue and expenses are recognized on the accrual basis of accounting.

The Water Fund presented in this statement has been consolidated with its related Debt Service, Capital Proj ects and Customer Deposit Funds. The restricted assets are those of the Debt Service, Capital Proj ects and Customer Deposit Funds.

Utility Plant in Service is stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method at a rate of three percent per annum.

NOTE 1 - Accounts Receivable consisted of the following:

9-30-78 9-30-77 Utility Customers @ 233,800 S 209,900 Systems Extensions 3,900 132,600 Less: Allowance for Doubtful Accounts (18,600) 25,200)

Accounts Receivable } 219.100 h_ (317. 300 NOTE 2 - Utility Plant in Service consisted of the following:

9-30-78 9-30-77 Plant in Service 511,839,200 Sll,302,800 Construction in Progress 1,370,200 476,900 Less: Accumulated Depreciation (4,811,600) (4,472,600)

Utility Plant in Service _S 8.397.800 S 7.307.100 NOTE 3 - Construction contracts payable primarily represent liabilities-for refundable systems extensions. Payments on these liabilities are based on ar.nual revenue generated by the projects.

NOTE 4 - The City's accounting records do not distinguish between Reserves, Contributions and Retained Earnings. Consequently, they are shown as one amount on the statement.

NOTE 5 - All series of Municipal Water and Sewerage Revenue Bonds are issued on a pari passu basis. The Water Fund provides 25%

of the debt service r.equirements of the Water and Sewerage Revenue Bonds Seriei of 1958 and 1964, 20% of the debt service requirements of the Municipal Utilities Revenue Bonds, Series of i l 1970, and 53% of the' debt service requirements of the Municipal Utilities Revenue Bonds, Series of 1970-A.

-100-WILLI AMS COX. WEIDNER AND COK castTfrito PueLec ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA WATER FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 5 - (Continued)

Principal and interest, Reserve Fund and other payments required by the Resolutions are paid solely from revenue of the Water System. No property of the City is pledged against these bonds, nor can any real estate taxes be levied for payment of same.

The City is required to periodically transfer an amount of money from the Water Operating Account to the Sinking Fund which will be sufficient to pay the next semi-annual interest payment and next maturing interest payment.

The Bond Indentures provide that no further payments to the Reserve Fund are required when the amount therein is equal to six percent of the total bonds issued Series 1958 and 1964, and the largest amount required for the payment of maturing principal and interest in any succeeding year for the Municipal Utility Revenue Bonds, Series of 1970 and 1970-A.

Into the Renewal and Replacement Fund, an amount equal to ten percent of the gross revenue from the operation of the Water System during the preceding year is required to be transferred from the Water Operating Account. Moneys deposited therein are restricted to extensions, improvements, additions to or replace-ment of the capital assets of the Water System.

Moneys in the Debt Service Funds may be invested in direct obliga-tions of the United States. Moneys in the Renewal and Replacement Fund may be invested as provided by the City Charter.

NOTE 6 - The Statement of Changes in Financial Position for the year ended September 30, 1977 was restated to the working capital format so that the comparative statement would be consistent.

NOTE 7 - Certain account reclassifications have been made to the financial statements for the year ended September 30, 1977 for ;

comparative purposes. .

l l

I

-101-WILLI AMS, COX. WEIDNER AND COE CERTIPato PWStac ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND BALANCE. SHEET September 30, 1978 and 1977 1978 1977 ASSETS CURRENT ASSETS Equity in Treasurer's Account $ 9,500 $ 608,100 Cash - 200 Investments - At Cost - Page 22 115,000 -

Accounts Receivable - Note 3 224,500 127,800 Inventory 18,500 20,800 Total Current Assets 367,500 756,900 PROPERTY SERVICE - Note 4 4,291,800 4,279,400 TOTAL ASSETS $4.659.300 $5.036.300 LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable $ 29,500 $ 54,400 Loan from Municipal Retirement Fund -

Note 2 18,400 17,100 Due to Other Funds 144,200 557,400 Total Current Liabilities 192,f66 628,900 OTHER LIABILITIES Customer Advances Payable 20,000 -

Loan from Municipal Retirement Fund -

Note 2 439,500 457,900 Total Other Liabilities 459,500 457,900 RESERVES, CONTRIBUTIONfi AND RETAINED-EARNINGS - Note 1 and Page LUJ 4,007,700 3,949,500 l

L TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS jp.659.300 $5.036.300 i

i t

The accompanying notes are an integral part of these financial statements.

-102-WILLI AMS. COR. WEIDNER AND COR CanTIFIED PUSLic ACCOUNTAteTS

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND ANALYSIS OF CHANGES IN RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 BALANCE - Beginning of Period $3,949,500 $4,338,900 Add hederalGovernmentContributions 84,000 -

State Government Contributions 14,200 -

City Government Contributions 14,500 -

Net Income - Page 104 23,800 -

Deduct:

Net Loss - Page 104 - 164,400 Transfers - Net 78,300 225,000 l BALANCE - End of Period - Note 1 $4.007.700 $3.949.500 i

The accompanying notes are an integral part of these financial s tatemen ts .

-103-WILLI AMS. COM, WEIDNER AND COM

' CEfiTIFIE9 PueLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATING REVENUE Sale of Gas and Oil $ 970,400 $ 678,400 Landing Fees 135,500 135,200 Tie Down Fees 11,700 12,900 Other Airport Income 8,500 2,600 Public Transportation Franchise Receipts - 9,000 Hangar Rental 33,200 29,100 163,800 124,200 Building Lease o $ Land and Parking Rental 9,000 7,200 Security Guard Fees 66,400 70,700 Franchise Receipts 291,500 190,600 Total Operating Revenue 1,690,000 1,259,900 OPERATING EXPENSE - Page 106 1,443,100 1,219,600 INCOME BEFORE DEPRECIATION 246,900 40,300 Less: Depreciation 166,900 161,200 OPERATING ~ INCOME (LOSS) 80,000 (120,900)

Add: Non-operating Income:

Interest Earnings 26,300 -

Less: Non-operating Expense:

Interest Expense 82,500 43,500 NET INCOME (LOSS) $ 23.800 $ (164.400)

The accompanying notes are an integral part of these financial statements.

-104-WILLI AMS, COK. WElONEft AND COK CE47tPl8D PUSLIC ACC^UNTANTS 5

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 WORKING CAPITAL PROVIDED (USED) BYOPERATIONS Net Income (Loss) $ 23,800 ($164,400)

Add: Items not re the use of I Working Capital quiring Deprec iation 166,900 161,200 Total Working Capital Provided (Used) by Operations 190,700 (3,200)

OTHER SOURCES Decrease in Restricted Assets -

382,100 Federal Government Contributions 84,000 -

State Government Contributions 14,200 -

City Government Contributions 14,500 -

Customer Advances Payable 20,000 -

Increase in Long-term Debt -

457,900 Total Other Sources 132,700 840,000 OTHER APPLICATIONS Purchase of Property in Service 179,300 587,600 Reduction of Noncurrent Debt 18,400 -

Transfers to Other Funds (Net) 78,300 225,000 Total other Applications 276,000 812,600 INCREASE IN WORKING CAPITAL $ 47.400 $ 24.200 ELEMENTS OF NET INCREASE IN WORKING CAPITAL Increase Increase (Decrease) (Decrease)

Current Assets:

Equity in Treasurer's Account ($598,600) $608,100 Cash .(200) (600)

Securities Owned 115,000 -

Accounts Receivable 96,700 (44,900)-

Due from Other Funds -

(56,900)

Inventory (2,300) 5,000 Total (389,400) 510,700 Current Liabilities:

Accounts Payable (24,900) (88,000)

Loan from Municipal Retirement Fund -

Current Portion 1,300 17,100 Due to Other Funds (413,200) 557,400 Total (436,800) 486,500 NET INCREASE IN WORKING CAPITAL $ 47;400 $ 24.200 The accompanying notes are an integral part of these financial statements.

-105-

~

""t^"f;.*L"'n""" ^",".* "

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND SCHEDULE OF OPERATING EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 Salaries and Wages $ 425,400 $ 424,300 Other Personal Services 41,200 40,100 Cleaning and Laundry 4,800 4,600 Data Processing 2,300 2,100 Professional Fees -

3,500 Repairs to Buildings 4,100 8,300 Repairs to Equipment 22,300 10,500 Articles Purchased for Resale 676,900 495,200 Reproduction 2,400 1,400 Telephone and Telegraph 5,000 4,400 Utilities 95,000 97,800 Vehicle Services 17,200 14,000 Other Contractual Services 23,400 19,500 Chemical and Medical Supplies 800 1,400 Gas, Oil and Lubricants 7,000 5,700 Office Supplies and Postage 1,700 1,500 Uniforms and Clothing 1,000 200 Materials and Supplies 12,600 11,500 Insurance 38,200 -23,500 Meetings and Schools 2,000 2,000 Memberships 600 300 Pensions 28,300 25,500 Social Security 1,800 1,900 Bad Debts -

800 Advertising 200 100 Accounting 24,900 16,100 Purchasing 3,700 3,400 Travel and Training 300 -

i i

TOTAL OPERATING EXPENSE $1.443.100 $1.219.600 l

The accompanying notes are an integral part of these financial statements.

-106-

"Y'?.0,la N.5lIie"llA",.".***

CITY OF TALLAHASSEE, FLORIDA AIRPORT FUND:

NOTES TO FINANCIAL. STATEMENTS September 30, 1978

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Assets, liabilities, revenue and expenses are recognized on.the accrual basis of accounting. ,

Inventories cre stated at the lower of cost or market based-upon-a moving average cost.

Property in Service ~is stated at cost lesi accumulated.deprecia-tion. Depreciation is computed using the straight-line method .

j at an annual rate of three percent.

NOTE 1 - Reserves, contributions and retained earnings are shown as one amount in these financial statements because the City's i accounting records do not readily reflect the cumulative balances of these individual accounts.

NOTE 2 - The City Commission approved a loan from the Municipal Retirement Fund to the Airport Fund for airport concourse con-struction in the amount of $475,000. This loan is to be repaid over a period of 15 years at $4,500 per month beginning October, 1977, including eight percent annual interest. Funds to repay this loan will be provided by revenue from leases of the concourse area to various airlines, or if insufficient, by City funds.

NOTE 3 - Accounts Receivable are presented net of allowance for i uncollectible accounts as shown below:

1978 1977' Accounts Receivable $ 229,200 5. 132,800 Allowance for Uncollectibles ( 4, 7_00) (5,000) j Accounts Receivable - Net _S 224.556 S -127.800 NOTE 4 - Property in Service is presented net of accumulated deprecia-

! tion and includes Construction in Progress. Details are shown below:

~1978 1977 Property and Equipment . .

56,089,400 .55,562,700 Less: Accumulated Depreciation (1,941,700) '(1,774,800)

Construction in Progress 144,100- ' 491',500 1 Property in Service S4.291.800. S4.279.400 3

.. 1

[. NOTE 5 - The Statement of Changes in Financial Position for'the fiscal 'l

, year ended-September 30, 1977 was restated to the working; capital

~

l format so'that-the comparative statements would be consistent. l

-NOTE'6 -.Certain ac' count. reclassifications have been made to the i

financialistatements.for the year ended September 30, 1977 fort

~

l comparative purposes. H

-107-l

- WILLIAAAS, COM. WEIDNER AND COX

' CEST1 PIES PUSLIC ACCOU80TA8,TS '-

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND BALANCE SHEET September 30, 1978 and 1977 1978 1977 ASSETS CURRENT ASSETS Equity in Treasurer's Account S 3,200 $ -

Cash 3,300 3,300 Accounts Receivable - Note 1 400,900 278,100 Inventory - Note 2 65,600 55,100 Total Current Assets 473,000 336,500 RESTRICTED ASSETS -

10,600 PROPERTY, PLANT AND EQUIPMENT - Note 3 2,632,200 2,552,300 OTHER ASSETS Goodwill - Note 4 28,500 34,300 TOTAL ASSETS $3.133.700 $2.933.700 LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED DEFICIT CURRENT LIABILITIES Accounts Payable $ 18,700 $ 500 Customer Advances 3,100 4,700 Due to Other Funds 411,100 250,000 Total Liabilities 432,900 255,200 CONTRIBUTIONS From Municipality. 959,000 777,400 From Federal Government 2,808,000 2,462,400 From State of Florida 305,000 281,900 From Leon County, Florida 108,400 99,200 Total Contributions 4,180,400 3,620,900

RETAINED (DEFICIT) - Page 109 (1,479,600) (942,400) i TOTAL LIABILITIES, CONTRIBUTIONS AND l RETAINED DEFICIT $3.133.700 $2.933.700 l

l l

The accompanying notes are an integral part of thesel financial.

statements. -108-WILLI AMS. COM. WEIDN ER AND COM CentlFise PueLIC ACCouMTA,eTS

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND ANALYSIS OF CHANGES IN RETAINED DEFICIT September 30, 1978 and 1977 1978 1977 DEFICIT - Beginning of Period $ (942,400) $(575,600)

Add: Transfers - Net -

(25,400) i i

Add: Net Loss for Year - Page 110 (537,200) (341,400)

DEFICIT - End of Period $(1.479.600) $(942.400)

The accompanying notes are an integral part of these financial statements.

-109-

! WILLIAMS, COX. WEIDNER AND COK I

Castfirito PUBLIC ACCOUNT ANTS

l CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND STATEMENT OF REVENUE AND EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 OPERATING REVENUE Transportation Fees S 437,100 $ 393,400 OPERATING EXPENSE - Page 112 817,900 706,900 OPERATING LOSS BEFORE DEPRECIATION (380,800) (313,500)

Less: Depreciation 163,600 29,800 OPERATING LOSS (544,400) (343,300)

Add: Non-operating Income Fuel Excise Tax Refunds 7,600 6,500 Gain on Sale of Property 1,500 -

Insurance Claims 3,800 1,100 Total Non-operating Income 12,900 7,600 Less: Non-operating Expense Amortization 5,700 5,700 NET LOSS $(537.200) $(341.400) t.

The-accompanying notes are an integral part of these financial statements.

-110-

- ?.;":.;l'.*:L":,:."*."

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 WORKING CAPITAL PROVIDED (USED) BY OPERATIONS Net Income (Loss) $(537,200) (341,400)

Add: Items not Requiring the Use of Working Capital:

Amortization 5,700 5,700 Depreciation 163,600 29,800 Total Working Capital Provided (Used) by Operations (367,900) (305,900)

OTHER SOURCES Decrease in Restricted Assets 10,600 1,541,400 Retirement of Property, Plant and Equipment 2,900 -

Increase in Contributions from Municipality 181,600 194,000 Increase in Contributions from Federal Government 345,600 812,500 Increase in Contributions from State of Florida 23,100 95,500 Increase in Contributions from Leon County, Florida 9,200 33,700 Total Other Sources 573,000 2,677,10]Q OTHER APPLICATIONS Purchase of Property, Plant and Equipment 246,300 2,342,800 Transfers to Other Funds - 25,400 Total Other Applications 246,300 2,368,200 INCREASE (DECREASE) IN WORKING CAPITAL S (41.200) S 3.000 l

ELEMENTS OF INCREASE (DECREASE) IN WORKING Increase Increase CAPITAL (Decrease) (Decrease)

Current Assets:

j Equity in Treasurer's Account $ 3,200 $ -

l Cash - (9,100)

Accounts Receivable 122,800 145,000 Inventory 10,500 19,400 Total 136,500 155,300 1

Current Liabilities:

Accounts Payable .18,200 -

Customer Advances (1,600) 4,700 Due to Other Funds 161,100 147,600 Total 177,700 152,300

INCREASE (DECREASE) IN WORKING' CAPITAL S (41.200). S 3.000 The accompanying notes are an integral part. of these -financial-statements.

-111-

"T[.",I.*,I.Ull"II,f" .*

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND SCHEDULE OF OPERATING EXPENSE For the Fiscal Years Ended September 30, 1978 and 1977 1978 1977 Accounting Expense S 9,500 S 8,900 Advertising 6,500 9,200 Automotive Expense 111,200 101,800 Bad Debt Expense 11,700 -

Insurance 54,700 48,900 Office Expense 21,800 6,500 Other Expense 10,600 6,200 Pensions and Payroll Taxes 68,800 63,400 Professional Fees 1,700 4,900 Purchasing Expense 3,700 3,400 Rent 11,600 24,900 Salaries and Wages 491,500 419,400 Supplies 8,300 6,000 Uniform Expense 6,300 3,400 l

TOTAL OPERATING EXPENSE $817.900 $706.900 l

l l

l The accompanying notes are an integral part of these financial statements.

-112-

"E[.Ul U"J.5Il c~Io"J" .*

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 Summary of Significant Accounting Policies Assets, liabilities, revenue and expenses are recognized on the accrual basis of accounting.

These financial statements included certain assets and contribu-tions accounted for in the Combined Grant Fund, and which have been related to the City's Mass Transit System.

NOTE 1 - Accounts Receivable - Net 1978 1977 Accounts Receivable S412,600 S278,100 Less: Allowance for Uncollectible Accounts (11,700) -

Net Accounts Receivable S400,900 5271.100 NOTE 2 - Inventory is stated at the lower of cost or market using the first-in, first-out inventory method.

Inventory at September 30, 1978 and 1977 consisted of:

1978 1977 Fuel Stores Ell,700 Sll,800 Material Stores 53,900 43,300-Total Inventory S65.600 S55.100 NOTE 3 - Property, Plant and Equipment 1978 1977 Property, Plant and Equipment S2,830,800 S2,665,100 Less: Accumulated Depreciation (269,400) (112,800)

Add: Construction In Progress 70,800 -

Net Property, Plant and Equipment S2.632.2U6 S2.552.300 i Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation has been computed using the straight-line method over a period ranging from five to ten years.

NOTE 4 - Goodwill 1978 -1977 l l Goodwill S57,100 . S57,100

! Less: Accumulated Amortization- ( 28,600) ( 22,800)

Goodwill- S28.500 S34.300

-113-WILLI AMs. COM. WEIDNEll AND COX l CERTIFIED PUBLIC ACCOUesTA, eft - l

CITY OF TALLAHASSEE, FLORIDA TALLAHASSEE TRANSIT FUND NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 4 - (Continued) - Intangible assets are amortized using the straight-line method over a period of ten years.

NOTE 5 - Statement of Changes in Financial Position - The Statement of Changes in Financial Position for the fiscal year ended September 30, 1977 was restated to the working capital format so that the comparative materials would be consistent.

NOTE 6 - Reclassifications - Certain account reclassifications have been made to the September 30, 1977 financial statements for i comparative purposes.

i

-114-WILLI AMS. COM, WEIDNEft AND COX -

. CERTIFIED PUBLIC ACCOUNTANTS e

INTRAGOVERNMENTAL SERVICE FUNDS l

WILLI AMS. COX. WEIDNER AND COM Canfirino PumLic ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA INTRAGOVERNMENTAL SERVICE FUNDS BALANCE SHEET September 30, 1978 Reading, Billing and Collection Total Fund ASSETS CURRENT ASSETS Equity in Treasurer's Account $ 87,900 $ 19,700 Investments - At Cost - Page 23 1,000,000 -

Accounts Receivable - Note 1 62,900 34,700 Inventory - Materials and Supplies 2,398,500 -

Total Current Assets 3,549,300 54,400

BUILDINGS AND EQUIPMENT 787,200 136,300 Less: Accumulated Depreciation (389,400) (106,100)

Net Buildings and Equipment 397,800 30,200 TOTAL ASSETS $3.947.100 $ 84.600 LIABILITIES AND RETAINED EARNINGS LIABILITIES Accounts Payable $ 188,200 $ 5,900 J

Total Liabilities 188,200 5,900 RETAINED EARNINGS - RESTRICTED - Note 2 1,000,100' -

RETAINED EARNINGS - Page 117 2,758,800 78,700 TOTAL LIABILITIES AND RETAINED EARNINGS $3.947.100 $ 84.600 The accompanying notes are_an. integral part of these financial

. statements.

-116-

. u.. ..co. . ... c..

CReferite eveut attoweetaarts

, Data Central Processing Accounting Stores Purchasing Garage Fund- Fund Fund Fund Fund t

$ 4,700 $19,100 $ 6,200 $ 6,300 $ 31,900

- - - - 1,000,000 r 20,000 - 8,200 - -

- - 2,231,200 18,600 148,700 24,700 19,100 2,245,600 24,900 1,180,600 32,300 6,200 268,000 11,700 332,700 (14,900) (1,700) (131,500) (2,700) (132,500) 17,400 4,500 136,500 9,000 200,200

$42.100 $23.600 $2.382.100 $33.900 $1.380.800 1; $22,300 $10,000 $ 115,700 $ 5,300 $ 29,000-22,300 10,000 115,700 5,300 29,000 1,000,100 19,800 13,600 2,266,400 28,600 351,700

$42.100 $23.600 $2.382.100 $33.900 $1.380.800-

WILUAGAS, CO E,11BEIDeeER AseO COE castimes eveuc accoweevante -

n.

CITY OF TALLAHASSEE, FLORIDA INTRAGOVERNMENTAL SERVICE FUNDS STATEMENT OF REVENUE, EXPENDITURES AND RETAINED EARNINGS For the Fiscal Year Ended Septerber 30, 1978 Reading, Billing and Collection Total Fund

Retained Earnings -

Unrestricted -

October 1,.1977 $ 700,800 $ 28,700 Retained Earnings - Restricted -

October 1, 1977 114,100 -

TOTAL RETAINED EARNINGS - October 1, 1977 814,900 28,700 REVENUE Billings to Departments 7,038,200 1,283,700 Miscellaneous 31,200 -

Contributions from Other Funds 2,827,500 -

Total Revenue 9,896,900 1,283,700 EXPENDITURES Operating Expense 3,587,000 1,209,000 Depreciation 80,400 24,700 Contribution to Other Funds 60,000 -

Cost of Goods Furnished 3,225,500 -

Total Expenditures 6,952,900 1,233,700 RESTRICTION OF RETAINED EARNINGS 1,000,100 -

RETAINED EARNINGS:- September'30,'1978 $2.758.800- S 78.700

.The accompanying notes are an integral part of these financial statements.

-117-WW1LUAeBS. COR. WEIOesER A800 COR testesise Pwout attovevante

i I

Data Central Processing Accounting- Stores- -Purchasing Garage Fund RFund Fund Fund- Fund '

$ (300) $. 3,400' S- 508,500 $ 8,700 $ 151,860

- - - - 114,100 (300) 3,-400 508,500 8,700 265,900 8

i

~ 724,700 646,900 2,554,100 173,800 1,655,000 24,200 - -

6,300 700

- - 1,701,400 22,000 ~1,104,100-

_ 748,900 646,900 4,255,500 202,100 2,759,800 j- 725,600 575,800 259,000 158,200- 659,400 3,200 900 26,800 1,800 23,000 60,000 - - --

- - 2,211,800 ~22,200 991,500' 728,800 ~636-'700

, 2,497,600 182,200 1,673.900 i

I a

- - - - 1,000,100-2 F

L $ 19.800 ES-13.600 $2.-266.400 $ 28.600- R$ 351.700

^

L t

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p ,

CITY OF TALLAHASSEE, FLORIDA INTRAGOVERNMENTAL SERVICL FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1972

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Assets, liabilities, revenue and expenses are recognized on the accrual basis of accounting.

Inventories of materials and supplies are recorded at cost based on a weighted average method.

Depreciation is computed using the straight-line method over the estimated useful lives of the fi ced assets from five to 30 years.

NOTE 1 - Accounts Receivable Allowance 4

for Net Accounts Uncol- Accounts Fund Name Receivable lectibles Receivable Reading, Billing and Collecting $34,700 $ - $34,700 Data Processing 20,000 -

20,000 Accounting - - -

Control Stores 11,100 (2,900) 8,200 Purchasing - - -

Garage - - -

Totals $65.800 ($2.900) $62.900 NOTE 2 - Retained Earnings of $1,000,100 was reitricted in the Garage Fund for the Fleet Reserve.which was established by restricting $114,100 in 1977 and increased by $886,000 in 1978.

.-118-WILLI AMS, COM. WE!DNER AND COM CERTlFIED PW3LtC ACCOUNTANtg i

A J

l t

1 TRUST AND AGENCY FUNDS I

l L

l WILLI AMS. COX. WEIDNER AND COX canitrego Pustic ACCOUNTANTS

CITY OF TALLAHSSEE, FLORIDA TRUST AND AGENCY FUNDS BALANCE SHEET September 30, 1978 Municipal City Employees Employees Retirement Pension Total Fund Fund ASSETS Equity in Treasurer's Account $ 76,400 $ 700 $ 100 Investments - At Cost -

Pages 12-13 and 23-26 22,758,500 4,966,100 10,871,000-Investments in City Assessment Liens 3,200 - '2,300 Accounts Receivable 635,300 20,500 28,700 Accrued Interest Receivable 12,900 6,200 -

Due from Other Funds 25,300 - -

Note Receivable 457,900 457,900 -

Athletic Stadium 251,000 - -

TOTAL ASSETS $24.220.500 $5.451.400 110.902.100

$ LIABILITIES, FUND ~ BALANCES, AND FUND DEFICIT -

Overdraft in Equity in Treasurer's Account $ 4,200 $ -

Bank Overdraft 34,300 - -

Accounts Payable 19,900 - -

Due to Other Funds 147,300 - -

Customer Advances 38,000 - -

Total Liabilities 243,700 - -

APPROPRIATED FUND BALANCE -

Page 120 251,000- - -

FUND BALANCES- Pages 122-123 23,745-,800 5,451,400 10,902,100 FUND (DEFICIT) - Page 123 (20,000) - -

TOTAL LIABILITIES, FUND

~

BALANCES AND FUND DEFICIT $24.220.500 $5.451.400 $10.902.100

~The accompanying. notes are an integral part of.these financial statements.

-120-

- weLLeaa,0. COR. WEIDeeSe A,e9 COM coetemte Pwout accewartaeve :

Stadium Firemen's Policemen's Combined- Construc-

' Pension Pension Payroll tion Fund Fund Fund Fund J

$ 9,800 $ 4,400 $34,500 $ 3,200 4,199,100 198,800 -

28,000 900 - - -

25,900 - -

100 3,500 - - -

251,000 l _$4.239.200 $203.200 $34.500 $282.300 i

34,300 -

200 -

34,500 -

251,000 4,239,200 203,200 -

31,300 l

$4.239.200 $203.200 $34.500 $282.300 l

I

, wtLUAast. COR. WSIOpeSR AMO COE costss5se ewout accovetants -

CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS BALANCE SHEET September 30, 1978 Stadium Operations Downtown and Improvement Maintenance Authority Fund Fund ASSETS Equity in Treasurer's Account $ 2,300 $ 4,200 Investment s - At Cost -

Pages 1.-13 and 23-26 - 46,100 Investments in City Assessment Liens - -

Accounts Receivable 9,100 -

Accrued Interest Receivable -

200 Due from Other Funds - -

Note Receivable - -

Athletic Stadium - -

TOTAL ASSETS $11.400 $50.500 LIABILITIES, FUND BALANCES AND FUND DEFICIT Overdraft in Equity in Treasurer's Account $ -

4 -

Bank Overdraft - -

Accourais rayable - -

Due to Other Funds - -

Customer Advances - -

Total Liabilities - --

APPROPRIATED FUND BALANCE -

Page 120 - -

FUND BALANCES- Pages 122-123 11,400 50,500 FUND (DEFICIT) - Page 123; - -

TOTAL LIABILITIES, FUND BALANCES AND FUND DEFICIT $11.400 $50.500 The accompanying notes.are an integral part of these financial statements.

-121-WILLIAGBS. COR. WSIO90ER A800 COE castemse evous accovevants

f

~

Downtown Improvement Authority Police Combined Parking Pension Disbursement Grant Garage Fund Fund Fund Fund Article II

$ 2,100 $15,100 $ -

- - - 2,449,400 539,900 2,900 8,200 3,000 25,300 - -

$none $567.300 $18.000 $2.460.600

$ 4,200 19,700 - -

147,300 - -

38,000 -

f 167,000 38,000 4,200 400,300 -

2,456,400 (20,000) -

$none $567.300 $18.000 '$2.460.600 j wituaans cos. weicessa meno coa '

. ........... .. .u ..... .

CITY OF TALLAHASSEE, FLORIDA TRUST-AND AGENCY FUNDS ANALYSIS OF CHANGES IN FUND BALANCE For the Fiscal Year Ended September 30, 1978 Municipal Employees Retirement Total Fund FUND BALANCES,(DEFICIT) -

~~-

October 1, 1977 $19,611,200 $3,964,200 Additions:

Contributions by City 3,080,700 881,300 Contributions by Employees 1,159,400 522,900 Contributions by County 16,300 -

Contributions by State 1,293,900 -

Centributions by Federal Gove rnment 599,200 5,400 Contributions by School Board 3,200 -

Contributions by Others 2,600 -

Earnings on Managed Investments 1,618,400 404,600 Sale of Tickets 8,500 -

Property Tax 36,600 -

Bent 37,700 -

Transfers from Other Funds 83,298,000 -

Miscellaneous Receipts 400 -

Total Additions 91,154,90H 1,814,200 Totals 110,766,100 5,778,400 Deductions:

Transfers to Other Funds 62,961,800 -

Operating Expense 22,596,900 9,400 Refund of Contributions 380,400 242,100 Pensions Paid 680,900 -

Medical and Insurance Expense 159,300 75,500 Miscellaneous Expenditures 10,000 -

Total Deductions 86,789,300 327,000 FUND BALANCES (DEFICIT) j September 30, 1977 $23.976.800 $5.451.400 l

I l

l The accompanying ' notes are an integral part of these financial

-statements.

-122-

. m . c . . . ... c .

centerige twout accewatante

City Employees Firemen's Policemen's Combined Pension Pension Pension Payroll Fund Fund- Fund Fund

$ 9,425,300 $3,670,900 $230,100 $ none 1,068,400 328,200 - -

377,600 111,400 - -

700 - - -

705,000 299,700 11,200 -

20,270,200 2,151,700 739,300 11,200 _20,270 200

_11,577,000 4,410,200 241,300 20,270,200

1,900 500 - -

12,400 3,900 -

20,270,200 101,400 9,000 13,800 -

498,700 144,700 23,500 -

52,900 11,300 - -

7,600 1,600 800 -

674,900 171,000 38,100 20,270,200

$10.902.100- $4.239.200 $203.200 $ none i

1 l

nu c . .,,.. . .

.,~

t CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS ANALYSIS OF CHANGES IN FUND BALANCES For the Fiscal Year Ended September 30, 1978 Stadium Operation Stadium and Construction Maintenance Fund Fund FUND BALANCES (DEFICIT)

October 1, 1977 $278,300 $(2,500)

Additions:

Contributions by City - 3,200 Contributions by Employees - -

Contributions by County - 3,200 Contributions by State - -

Contributions by Federal Government - -

Contributions by School Board - 3,200 Contributions by Others - -

Earnings on Managed Investments 1,500 -

Sale of Tickets 8,500 -

Property Tax - -

Rent - 4,700 Transfers from Other Funds -

15,000 Miscellaneous Receipts - -

Total Additions 10,000 29,300 Totals 288,300 26,800 Deductions:

Transfers to Other Funds - -

Operating Expense 6,000 15,400 Refund of Contributions - -

Pensions Paid - -

Medical and Insurance Expense - -

Miscellaneous Expenditures - -

Total Deductions 6,000 15,400 FUND BALANCES (DEFICIT)

September 30, 1978 $282.300 $11.400 The accompanying notes are an integral part of these financial' statements.

-123-

..w c... . .. . c .

Stettmas pwout acteuervante

~.

Downtown Downtown Improvement Police Improvement Combined Authority Pension Authority Disbursement Grant Parking Fund -

Fund Fund Fund Garage Fund Article II

$43,600 $ none $ 270,300 $(58,200) $1,789,200

- - 655,900 - 143,700

- - - - 147,500

- - 13,100 - -

- - 1,058,600 - 235,300

- - 593,100 - -

2,600 - -

5,400 - - - 191,000 36,600 - - - -

- - - 33,000 -

- 62,958,800 - 54,000 -

400 - - - -

42,400 ~32,958,800 2,323,300 87,000 717,500 86,000 62,958,800 2,593,600 28,800 2,506,700 62,958,800 - -

600 35,500 - 2,193,300 48,800 2,000

- - - - 14,100

- - - - 14,000

- - - - 19,600 l _ _

35,500 62,958,800 2,193,300 48,800 50,300 S50.500- S none S 400.300 $(20.000) S2.456.400 l^

f

w. mans. cos. weionse ano con sees. ee e.es.< asse..,s.,e

CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS For the Fiscal Year Ended September 30, 1978 Municipal Employees Retirement Total Fund CASH BALANCE AND EQUITY IN TREASURER'S ACCOUNT - October 1, 1977 $ 1,238,100 $ 23,900 RECEIPTS Contributions by City 3,080,700 881,300 Contributions by Employees 1,159,400 522,900 Contributions by County 16,300 -

Contributions by State 1,293,900 -

Contributions by Federal Government 599,200 5,400 Contributions by School Board 3,200 -

Contributions by Others 2,600 Investment Securities Redeemed 18,794,600 6,475,800 Earnings on Managed Investments 1,618,400 404,600 Sale of Tickets 8,500 -

Property Tax' 36,600 -

Rent 37,700 -

Decrease in Receivables 1,013,200 16,100 Increase in Payables 71,200 -

Transfers from Other Funds 83,298,000 -

Miscellaneous Receipts 400 -

Total Receipts 111,033,900 8,306,100 TOTAL CASH AVAILABLE 112,272,000 8,330,000 DISBURSEMENTS Transfers to Other Funds 62,961,800 -

Operating Expense 22,596,900 9,400 Refund to Contributions 380,400 242,100 Pensions Paid 680,900 -

Medical and Insurance Expenses 159,300 75,500 Miscellaneous Expense 10,000 -

Investment Securities Purchased 23,078,300 8,002,300 Increase in Receivables 577,000 -

Decrease in Payables 1,751,000 -

Total Disbursements 112,195,600 8,329,300 CASH BALANCE AND EQUITY IN TREASURER'S ACCOUNT - September 30, 1978 $ 76.400 $ 700

' ~

The accompanying notes are an integral part of these financial statements.

-124-

"'"~:',12.:.*" ".::'::;

City Employees Firemen's Policemen's Combined Pension Pension Pension Payroll Fund u F_urid Fund Fund S 7,000 $ 30,700 $ 1,300 $ 5,500 1,068,400 328,200 - -

377,600 111,400 - -

700 - - -

4,556,800 2,955,900 200,400 -

705,000 299,700 11,200 -

12,900 2,700 - -

- - - 29,000 20,270,200

. 6,721,400 3,697,900 211,600 20,299,200.

6,728,400 3,728,600 212,900 20,304,700 1,900 500 - -

12,400 3,900 -

20,270,200 101,400 9,000 13,800 -

498,700 144,700 23,500 -

52,900 _11,300 - -

7,600 .1,600 800 -

6,053,400 3,547,800 170,400 -

6,728,300 3,718,800 208,500 20,270,200

-$ 100 $ 9.800 $ 4.400 - S 34.500.

..m. ... . .. ...

- gestepige evoses accevevante

b

' CITY OF TALLAHASSEE, FLORIDA

' TRUST AND AGENCY FUNDS STATEMENT OF CASH RECEIPTS'AND DISBURSEMENTS For the~ Fiscal Year Ended September' 30, 1978

~l Stadium '

Operation i Stadium and I Construction Maintenance Fund Fund-CASH BALANCE AND EQUITY IN TREASURER'S .

ACCOUNT - October 1,-1977 $ 100 $ none g

RECEIPTS

! Contributions'by City- - 3,200 -l

' Contributions by = Employees - -

l Contributions by County - 3,200

Contributions by - State -

Contributions by Federal Government - -

Contributions by School Board - 3,200 ,

j Contributions by Others .

Investment Securities Redeemed 59,100 -

l Earnings on Managed Investments 1,500 -

i Sale of Tickets 8,500 -

! Property Tax - -

t i Rent - - 4,700 Decrease in Receivables 7,200 -

Increase in Payables .

i Transfers from Other Funds - 15,000 t

Miscellaneous Receipts - -

l Total Receipts- -76,300 29,300 TOTAL CASH AVAILABLE 76,400- 29,300 t-

!' DISBURSEMENTS-

Transfers to Other Funds - -

Operating Expense 6,000 -15,400

}

Refund of Contributions - -

Pensions Paid- - -

Medical = and Insurance Expenses - -

Miscellaneous Expense' .

l Investment' Securities Purchase ~d 67,200 -

Increase in Receivables -

~

4,300 l- Decrease?in Payables. - , 7,'300

! Total Disbursements. -73,200 27,000 1 CASH BALANCE?AND EQUITY IN TREASURER'S . . . .

ACCOUNT --September.30, 1978_ $ 3: 200. .

S-2'.300

[

t

~

' The accompanyinginotes are 'an; integral part of these financial-

~

x p . statements.

I' 125-

.~ ,

~' '

e t

a% -r+ y & ~

Downtown Improvement Downtown Authority Police Improvement Combined Parking Pension Authority Disbursement Grant Garage Fund -

Fund Fund Fund Fund Article II

$ 18,600 $ 1,189,200 $ none $(58,200) $ 20,000

- - 655,900 - 143,700 147,500

- - 13,100 - -

- - 1,058,600 -

235,300

- - 593,100 - -

- - 2,600 - -

251,300 - - -

4,295,300 5,400 - - -

191,000 36,600 - - - -

- - - 33,000 -

- - 974,300 - -

- - - 38,000 4,200 62,958,800 -

54,000 -

400 - - - -

293,700 62,958,800 3,297,600 125,000 5,017,000 312,300 64,148,000 3,297,600 66,800 5,037,000 62,958,800 - -

600 35,500 - 2,193,300 48,800 2,000 14,100

- - - - 14,000 19,600 254,900 - - - 4,982,300 200 - 565,200 2,900 4,400 17,500 1,189,200 537,000 - -

308,100 64,148,000 3,295,500 51,700 5,037,000

$ 4.200 $ none $ 2.100 $ 15.100 $ none l

WILLIM COE. WEISO,SA A8sO Com cents,see twous actever,aave

CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 NOTE 1 - The City has five pension funds covering substantialif all of its employees, all of which use the accrual basis of accounting,

! except interest income is recorded from all investments, when received, other than the accounts with Massachusetts Mutual Life r Insurance Company. The actuarial funding method used in valuing the City of Tallahassee Pension Funds is the entry age normal funding method. Effective January 1, 1978, the minimum monthly benefit payable under all plans at age 65 and above was established at $400.00 per month. Where a participant is entitled to benefits j from two plans, the minimum is prorated. This has caused the

unfunded past service cost liability to increase over last fiscal l year in the City Employees' Pension Fund and the Policemen's Pension Fund, Article II.

l A. The City Employees' Pension Fund covers all employees employed

. prior to October 1, 1973 not covered by one of the other plans.

l The plan is funded through contributions of employees and a matching contribution by the City. The total contribution is equal to 10% of the gross salaries of covered employees, 5% from employees and 5% from the City. There also is an additional 2%

contribution added by employees who elected to be covered by an additional death benefit. This is matched equally by the City of Tallahassee.

The City's contribution to the plan for the fiscal year ended September 30, 1978 was $1,068,400 which includes amortization of past service liability over a period of 30 years.

, At the conclusion of each fiscal year a determination is made of l the unfunded past service liability. The study for the fiscal year ended September 30, 1978, was not available at the date of this report; however, an independent actuarial study of the City Employees' Pension Fund, which was issued in April, 1978, as of October 1, 1977, disclosed the fund has an unrecorded and unfunded past service liability of approximately $12,985,800 l as of September 30, 1978. The assumptions used in this study were annual salary increases of 2.5% and investments earnings of 5%.

B. The Municipal Employees' Retirement Fund covers all new employees after October 1, 1973 and those employees who elected to transfer from other City plans.

-126-WILLI AMS, COM. WEIDNEft AND Coat ceafmso Pusuc accouseTAseTe

' CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 The plan is funded through contributions of covered employees and a matching contribution by the City. This amounts to 14% of the gross salaries of covered employees, 7% from employees and 7%

from the City. The City is also required to make any additional contributions to ensure the actuarial soundness of the fund.

The City's contribution to the plan for the fiscal year endai September 30, 1978 was $881,300 which includes amortization of past service liability over a period of 30 years.

At the conclusion of each fiscal year a determination is made of the unfunded past service liability. The study for the fiscal' year ended September 30, 1978 was not available at the date of this report; however, an independent rctuarial study of the Municipal Employees' Retirement Fund, which was issued in April, 1978, as of October 1, 1977, disclosed that the fund has an unrecorded and unfunded past service liability of approximately

$1,522,600 as of September 30, 1977. The assumptions used in this study were annual salary increases of 2.5% and investment earnings of 5%.

C. The Firemen's Pension Fund covers all firemen employed by the City prior to October 1, 1973.

The plan is funded through employee contributions and contributions from the State of Florida. The employee contribution is equal to 5% of gross salaries. The State contribution is derived from an assessment against insurance companies who sell fire and tornado insurance on property located within the City limits of Tallahassee. If this assessment does not equal the employee contributions , the City is required to make up the difference.

There is also an additional 2% contribution added by employees who elected to be covered by an additional death benefit.

The City's contribution to the plan for the fiscal year ended September- 30, 1978, was $328,200 which includes amortization of past service liability over a period of 30 years.

At the conclusion of each fiscal year, a determination is made of the unfunded past service liability. The study for the fiscal year ended September 30, 1978 was not available at the'date of this report; however, at independent actuarial study of the Firemen's Pension Fund, which was' issued in April, 1978, as of October 1, 1977, disclosed that.the fund has an unrecorded and unfunded past service' liability of approximately $4,316,200 as of September 30, 1977. The assumptions used in this study were annual salary increases of 2.5% and-investment earnings of 5%.

-127-

' WILLI AMS. COM, WEIDMER AND COX CanTirsto PuotsC ACCOU80TA8eTS -

i CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 D. The Policemen's-Pension Fund covers all policemen not covered under any other plan.

The plan is funded by employee contributions in the amount of 5% of their salaries and contributions from the State of Florida.

The City made no contribution to this Fund for the fiscal year ended September 30, 1978.

At the conclusion of each fiscal year a determination is made of the unfunded past service liability. The study for the fiscal year ended September 30, 1978 was not available at the date of th's report; however, an independent actuarial study of the Policemen's Pension Fund, which was issued in April, 1978, as of October 1, 1977, disclosed that the plan was fully funded as of September 30, 1976.

E. The Policemen's Pension Fund - Article II covers all policemen not covered under any other plan.

The plan is funded through contributions of covered employees,

matching contributions by the City and contributions from the i

State of Florida. The City is also required to make any additional contributions to ensure the actuarial soundness of the fund.

The City's contribution to the plan for the fiscal year ended September 30, 1978 was $143,700, which included amortization of past service liability over a period of 30 years.

At the cc clusion of each fiscal year a determination is made i of the unfunded past service liability. The study for the fiscal !

year ended September 30, 1978 was not available at the date of l this report; however, an independent actuarial study of the Policemen's Pension Fund - Article II, which was issued in ;

April, 1978, as of October 1, 1977, disclosed that the fund has l an unrecorded and unfunded past service liability of approximately

$3,046,500 as of September 30, 1977. The assumptions used in l this study were annual salary increases of 2.5% and investment l earnings of 5%.

)

NOTE 2 - All the following funds use the accrual basis _of accounting, except they record interest income only.when received. ;

A. The Stadium Construction Fund was established to construct a football stadium for use of the residents of the City of Tallahassee. This fund receives $.25 per ticket sold at-all events held in the stadium. The proceeds are used to fund improvements to the stadium as required.

-128-WILLI AMS, COX, WEIDNER AND TOX CERTIFIED PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA TRUST AND AGENCY FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 1978 B. The Stadium Operation and Maintenance Fund was established to operate and maintain the stadium constructed by the Stadium Con-struction Fund. This fund receives a rental fee from the sale of tickets for events held at the stadium. For varsity football games, this fee is $125 per game, or $.10 per ticket (whichever is greater) to a maximum amount of $4,000. Any rental in excess of $4,000 is reduced to $.05 per ticket sold. For junior varsity games, the rental fee is $75. Any deficit incurred is funded equally by the City of Tallahassee, Leon County, and Leon County School Board.

C. The Payroll Fund is a." revolving fund" used to account for moneys transferred from other funds to cover City payroll checks issued by this fund.

D. The Disbursement Fund is a " revolving fund" used to pay vendors for merchandise and services received by the City.

E. The Downtown Imp'rovement Authority Fund was established to account for moneys appropriated to the Downtown Improvement Authority, an agency created by the Florida Legislature to regulate down-town growth, for its operations .

F. The Combined Grant Fund was created to account for moneys received from the City of Tallahassee, Leon County, the State of Florida, and various federal agencies as they relate to the various types of grants and projects administered by this fund.

The Combined Grant Fund consists of various grants obtained by the City of Tallahassee from numerous local, state and federal agencies. Virtually all of these grants are based on contractual agreements between the City and the grantor. The various grant agreements have not been audited for compliance with the terms of the grant agreements.

G. The DIA Parking Garage Fund was established to account for revenue and expenditures of the Downtown Improvement Authority l Parking Garage. !

l l

l

-129-WILLI AMS, COX, WEIDNER AND COX CEntireto rusLac AccouMTANTe ,

l l

4 l

l 4

SPECIAL ASSESSMENT FUND i

V l

l I

I WILLIAMS, COX. WEIONER AND COM CERTIFIED PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA SPECIAL ASSESSMENT FUND - STREET PAVING BALANCE SHEET l September 30, 1978 1

Proj ect Proj e ct i

Total No. 20 No. 21 l ASSETS l

Equity in Treasurer's Account $ 400 $ -

S -

Accrued Interest Receivable 16,800 -

4,600 Special Assessments Receivable:

Current 20,900 -

1,700 Delinquent 17,700 -

4,000 Deferred 118,300 -

6,300 Investments - At Cost - Page 26 196,000 -

14,900 TOTAL ASSETS $370.100 $ none $31.500 LIABILITIES AND FUND BALANCE LIABILITIES Certificates Payable $147,100 $ 2,100 $ 4,900 FUND BALANCE 223,000 (2,100) 26,600 i

TOTAL LIABILITIES AND FUND BALANCE _$370.100 $ none $31.500 The accompanying notes are an integral part of these financial statements.

I

-131-w.....

eauvistes twoue steewer,aarve

Proj ect Project Project Proj ect Proj ect Proj ect No. 22 No. 23 No. 24 No. 26 No. 28 No. 29

$ 300 $ -

$ 100- $ -

7,900 100 1,400 100 2,300 400 13,300 200 2,100 200~ 3,000 400 6,900 200 1,200 200 4,600 600 89,100 - 20,200 1,800 -

900 136,600 200 29,400 2,700 9,600 2,600

$254.100 $ 700 $54.400 $5.000 $19.500 $ 4.900

$ 72,500 $ 9,400 $31,700 $5,600 $ 9,300 $11,600 181,600 (8,700) 22,700 (600) 10,200 (6,700) l i

$254.100 $ 700 $54.400 $5.000 $19.500 $ 4.900 I l l I en e e asse, a

CITY OF TALLAHASSEE, FLORIDA SPECIAL ASSESSMENT FUND - STREET-PAVING ANALYSIS OF CHANGES IN FUND BALANCES For the Fiscal Year Ended September 30, 1978 Proj ect Project Total No. 20 No. 21 FUND BALANCE - October 1, 1977 $ 379,700 $(2,100) $39,000 Adjustment to Fund Balance -

October 1, 1977 - Note 1 (184,500) -

(14,000)

ADJUSTED FUND BALANCE - October 1,

~

1977 195,200 (2,100) 25,000 Additions:

Sale of Liens 6,200 - -

Excess of-Interest Earned over Interest Expense 25,700 -

1,900 TOTAL BALANCE AND ADDITIONS 227,100 (2,100) 26,900 Dedactions:

Expenditures 4,100 -

300 FUND BALANCE - September 30, 1978 $ 223.000 M) $26.600 l

l The accompanying notes are an integral part of these finc:cial-

! statements.

--132-

"*71*,".C"U.'U *".

L_...

Project Proj ect Proj ect Proj ect Proj ect Proj ect No. 22 No. 23 No. 24 No. 26 No. 28 No. 29

$ 295,100 $(8,500) $ 47,100 $(4,500) $18,100 $(4,500)

(128,600) (200) (27,700) (2,600) (9,000) (2,400) l 166,500 (8,700) 19,400 (7,100) 9,100 (6,900) 6,200 - -

17,900 -

3,900 400 1,300 300 184,400 (8,700) 23,300 (500) 10,400 (6,600) 2,800 -

600 100 200 100 1,.181.600 $(8.700) $ 22.700 $ (600) $10.200 $(6.700) l

"~' ""O.". J..~,"l

CITY OF TALLAHASSEE, FLORIDA SPECIAL' ASSESSMENT FUND - STREET PAVING STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS For the Fiscal Year Ended September 30, 1978 Project Proj ect Total No. 20 No. 21 CASH BALANCE - October 1, 1977 $ 29,500 $ -

$ 2,200 RECEIPTS Current Special Assessments 12,700 -

900 Delinquent Special Assessments 42,800 1,100 900 Interest on Assessments 26,100 -

2,000 Sale of Securities 496,900 -

37,800 Sale of Liens 6,200 - -

Total Receipts 584,700 1,100 41,600 TOTAL CASH AVAILABLE 614,200 1,100 43,800 DISBURSEMENTS Reduction of Certificates Payable 37,500 -

2,900 Securities Purchased 559,300 -

42,500 Interest 17,000 -

1,300

Total Disbursements 613,800 none 46,700 CASH BALANCE - September 30, 1978 $ 400 -$1.100 $(2.900)

The accompanving notes are an integral part of these financial statements.

l -133-

""7.m%.'1"[ ~."

I Proj ect Proj ect Proj ect Project Proj ect Project No. 22 No. 23 No. 24 No. 26 No. 28 No. 29

$ 20,600 $- $ 4,400 $ 400 $ 1,500 $ 400 9,700 100 800 - 1,000 200 30,700 100 7,200 600 800 1,400 18,200 - 3,900 400 1,300 300 346,300 500 74,500 7,000 24,300 6,500

- - - 6,200 - -

404,900 700 86,400 14,200 27,400 8,400 425,500 700 90,800 14,600 28,900 8,800 26,200 - 5,600 500 1,800 500 389,800 600 83,900 7,800 27,400 7,300 11,900 - 2,600 200 800 200 427,900 600 92,100 8,500 30,000 8,000

$ (2.400) gigg ,$(1.300) $ 6.100 $(1.100) $ 800

'*O** Z7"..O**,l

CITY OF TALLAHASSEE, FLORIDA SPECIAL ASEESSMENT FUND - STREET PAVING NOTES TO FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 1978 t

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Special Assessment Funds are presented on the accrual basis except that interest income on assessments receivable and interest expense on certificates payable is not accrued unless fully matured and not paid.

NOTE 1 - In prior years, the Street. Paving Fund was presented as a l Capital Proj ects Fund. Since t'.11s is the first year of presenta-l tion as a Special Assessment Ft.nd, the necessary expensing of prior years' retirement of lie.is resulted in the adjustment to j beginning fund balance. See Note 2, Page 56.

l l

l 1

-134-

, WILLIAMS. COM. WEIDMER AND COX convictes meeLa', AccounTAatts

6 i

GENERAL FIXED ASSET GROUP OF ACCOUNTS l

I' f

WILLI AMS, COM, WEIDNER AND COX CERTIFIED PUBLIC ACCOUNTANTS

CITY OF TALLAHASSEE, FLORIDA STATEMENT OF GENERAL FIXED ASSETS September 30, 1978 GENERAL FIXED ASSETS Land S 3,663,700 Buildings 3,907,100 Teprovements Other than Buildings 345,200 Equipment 5,768,000 Construction in Progress 21,665,000 TOTAL GENERAL FIXED ASSETS $35.349.000 1

INVESTMENT IN GENERAL FIXED ASSETS FROM:

Capital Proj ects Funds $22,234,300 General Fund Revenues 12,729,600 Gifts 385,100-TOTAL INVESTMENT IN GENERAL FIXED ASSETS _S35.349.000 l

-136-WILLI AMS, COM, WEIDNER AND COM Cantiress PUSLIC ACCOUNTA,sTS

d GENERAL LONG-TERM DEBT 1

I 1

I i

I i I

WILLI AMS. COK. WEIONER ApeO Cox CERTIFito PueLIC ACCOUNTA8879

CITY OF TALLAHASSEE, FLORIDA STATEMENT OF GENERAL LONG-TERM DEBT September 30, 1978 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT General City Debt:

Amount Available in Debt Service Funds $ 5,129,400 Amount to be Provided 33,670,600 Total Available and Provided $38.800.000 GENERAL LONG-TERM DEBT PAYABLE Serial Bonds $15,695,000 Term Bonds 23,105,000 TOTAL GENERAL LONG-TERM CITY DEBT $38.800.000 1

-138-WILLI AMS, COM. WEIONEft AND COE -,

CanftPIES PUSLlC ACCOUNTANTS

SUPPLEMENTAL SCHEDULES I

l

.]

I l

l l

I WILLI AMS. COM. WEIDNER AND COM -

Cantwice pueLac ACCOUNTAhte

CITY OF TALLAHASSEE, FLORIDA

SUMMARY

OF-DEBT SERVICE REQUIREMENTS UNTIL MATURITY September 30, 1978 Fiscal Total Annual Requirement Year Ending Principal Interest Total 1979 $- 2,600,000 $ 10,042,510 $ 12,642,510 1980 3,900,000 10,177,911 14,077,911 1981 4,135,000 10,026,437 14,161,437 1982 4,260,000 9,855,131 14,115,131 1983 4,480,000 9,666,913 14,146,913 1984 4,715,000 9,462,786 14,177,786 1985 4,925,000 9,241,877 14,166,877-1986 5,100,000 9,004,439 14,104,439 1987 5,370,000 8,752,679 14,122,679 1988 4,740,000 8,501,703 13,241,703 1989 5,115,000 8,247,572 13,362,572 1990 5,395,000 7,969,051 13,364,051 1991 5,670,000 7,670,080 13,340,080 1992 5,985,000 7,349,915 13,334,915 1993 6,325,000 7,005,791 13,330,791 1994 8,735,000 ~6,604,221 15,339,221 1995 9,150,000 6,083,879 15,233,879 1996 9,805,000 5,531,270 15,336,270 1997 6,885,000 5,048,264 11,933,264 1998 6,165,000 .4,668,911 10,833,911 1999 6,605,000 4,282,555 10,887,555 2000 7,035,000 3,863,046 10,898,046-2001 6,425,000 3,414,708 9,839,708 2002 6,480,000 3,039,875 9,519,875 2003 4,850,000 2,648,885 7,498,885 2004 5,150,000 2,343,885 7',493,885 2005 5,460,000 2,020,280- 7,480,280 2006 5,795,000 1,677,002 7_,472,002' 2007 6,155,000 1,312,528 8,467,528 2008 17,575,000 562,400 18,137,400 1.

I TOTALS $184.985.000 $186.076.504 $371.061.504

-140-

"'" O *O U T O.0 %l

Special City Debt Principal Interest Total

$ 2,190,873 $ 2,190,873 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,055,000 2,412,840 4,467,840 2,085,000 2,292,242 4,377,242 2,290,000 2,163,740 4,453,740 2,440,000 2,022,324 4,462,324 2,605,000 1,869,166 4,474,166 2,765,000 1,703,170 4,468,170 2,965,000 1,524,916 4,489,916-2,110,000 1,332,320 3,442,320 1,910,000 1,228,480 3,138,480 1,124,800 1,124,800 1,-124,800 -1,124,800 1,124,800 1,124,800 1,124,800 1,124,800 1,124,800 1,124,800 17,575,000 562,400 18,137,400

$38.800.000 $59.112.231 $97.912.231 f'

t i

w.e,a cos. . ..,,.e..

centimes pwout accowsevante

CITY OF TALLAHASSEE, FLORIDA I

SUMMARY

OF DEBT SERVICE REOUIREMENTS UNTIL MATURITY September 30, 1978 l

Fiscal Electric System Year Ending Principal Interest Tctal 1979 $ 2,190,000 $ 7,225,667 $ 9,415,667 1980 3,490,000 7,129,227 10,619,227 1981 3,700,000 6,996,055 10,696,055 1982 3,860,000 6,844,735 10,704,735 1983 4,005,000 6,677,531 10,682,531 1984 4,210,000 6,495,697 10,705,697 l 1985 4,395,000 6,298,788 10,693,788 l 1986 4,600,000 6,086,205 10,686,205 1987 4,820,000 5,857,715 10,677,715 1988 4,265,000 5,633,000 9,898,000 1989 4,490,000 5,410,757 9,900,757 1990 4,720,000 5,170,060 9,890,060 1991 4,970,000 4,910,790 0,880,790 1992 5,235,000 4,632,638 9,867,638 1993 5,525,000 4,333,976 9,858,976 1994 5,830,000 4,010,206 9,840,206 1995 6,165,000 3,662,350 9,827,350 1996 6,565,000 3,293,180 9,858,180 1997 3,445,000 3,002,890 6,447,890 1998 3,560,000 2,799,745 6,359,745 1999 3,840,000 2,579,385 6,419,385 2000 4,070,000 2,338,130 6,408,130 2001 4,315,000 2,082,388 6,397,388 l 2002 '

4,570,000 1,811,395 6,381,395 i 2003 4,850,000 1,524,085 6,374,085 l 2004 5,150,000 1,219,085 6,369,085 2005 5,460,000 895,480 6,355,480 2006 5,795,000 552,202 6,347,202 2007 6,155,000 187,728 6,342,728 2008 - - -

$134.245.000 $119.661.090 $253.906.090 l

-141-

""'"l,,,*LT ".Y..'", *,.* ,l

4 Utility System Principal Interest Total

\

$ 410,000 $ 625',970 $ 1,035,970 410,000 606,844' 1,016,844 435,000 588,542 1,023,542 400,000 568,556 968,556 475,000 547,542 1,022,542 505,000 525,249 1,030,249

, 530,000 501,249 1,031,249 500,000 476,394 976,394 550,000 '453,124- 1,003,124

475,000 426,863 901,863 625,000 394,975 1,019,975 675,000 357,151 1,032,151 700,000 317,450 1,017,450 750,000 275,437 1,025,437 800,000 229,975 1,029,975 850,000 181,175 1,031,175- '

900,000 129,287 1,029,287 950,000 74,350 1,024,350 1,000,000 '23,050 1,023,050 W

W m M

M M

M W m W W W -

e - -

W m W

$11.940.000 $7.303.183 $19.243.183 1

m ,-

' WILUAsse, COE. WS40,,BS A,,9 COM seem,ses pwous aseewetaswa

T l

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF DEBT SERVICE REQUIREMENTS SPECIAL CITY DEBT UNTIL MATURITY September 30, 1978 Total Annual Fiscal Year Six Months Requirements Ending Ending

$ 2,190,873 1979 2,441,840 1980 2,441,840 1981 2,441,840 -1982 2,441,840 1983 2,441,840 1984 2,441,840 1985 2,441,840 1986 2,441,840 1987 2,441,840 1988 2,441,840 1989 2,441,840 1990 2,441,840 1991 2,441,840 1992 2,441,840 1993 November 15 4,467,840 1994 May 15 November 15 4,377,242 1995 May 15 November 15 4,453,740 1996 May 15 November 15 4,462,324 1997 May 15 November 15 4,474,166 1998 May 15 November 15 4,468,170 1999 May 15 November 15 4,489,916 2000 May 15 3,442,320 2001 3,138,480 2002-1,124,800 2003 1,124,800 2004 1,124,800 2005 1,124,800 2006 1,124,800 2007 18,137,400 l

l $97.912.231 j -142-

"""2,**lT* *"*.".0".* **

Serial Bonds Term Bonds Coupon . Coupon Principal Rate % Principal Rate % Interest

$ - - $ 2,190,873 2,441,840 2,441,840

- - - - 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840 2,441,840

- - - - 2,441,840 2,441,840 2,441,840 2,441,840 1,000,000 5.80 - -

1,220,920 1,055,000 5.90 - -

1,191,920 995,000 5.90 - -

1,160,797 1,090,000 6.00 - -

1,131,445 1,125,000 6.00 - -

1,098,745 1,165,000 6.10 - -

1,064,995 1,200,000 6.10 - -

1,029,462 1,240,000 6.20 - -

992,862 1,280,000 6.20 - ,- 954,423 1,325,000 6.30 - -

914,743

1,360,000 6.30 - -

873,005 L 1,405,000 6.35 - -

830,165 1,455,000 6.35 - -

785,556 l

1,510,000 6.40 739,360 l

2,110,000 6.40 1,332,320 6.40 1,910,000 1,228,480 1,124,800 1,124,800 1,124,800 1,124,800 1,124,800 17.575.000 6.40 562,400

$15.695.000 $23.105.000 $59.112.231 i

UptLLIAa,S COR. WStOS,ER Asse COE testemme pwous accovevaaste

CITY OF TALLAHASSEE, FLORIDA SCHEDULE'OF DEBT SERVICE REQUIREMENTS SPECIAL CITY DEBT UNTIL MATURITY September 30, 1978 The Series 1978 Bonds are redeemable at.the election of the' City, on or after November 15, 1988, as-a whole at any time, or in'part on-any interest payment date in inverse order of maturity-(and by lot within a maturity), at the respective redemption prices,-expressed as percentages of the principal amount of the Series 1978 Bonds to be redeemed, set forth below, together with accrued interest, if any, to the redemption date.

Redemption. Period Redemption (both dates inclusive)

Price November 15, 1988 to. November 14, 1989_ 1027.

November 15, 1989 to November 14, 1990 101-1/2 November 15, 1990 to November 14, 1991 101 November 15, 1991 to November 14, 1992 100-1/2 November 15, 1992 and thereafter 100 In addition, the -2007 Term Bonds vill be redeemable at: the election of the City as a whole'at.any time or in part by~1ot at.any time, if

~

and to the extent the Sinking Fund Investments' mature, or are redeemed prior.to their maturity by the United States Government.

The Series 1978 Bonds due in 2002 (the "2002 Term Bonds'i) 'are subject -

to mandatory rcdemption from moneys on de osit in a'special sub-account in the Sinking Fund - Account- (the p'2002 Sinking Fund Account") .

on May 15, and November 15 of each year, beginning May 15, 2000 and ending on November- 15,_2001, in the following principal amounts on the following dates.

Redemption Dates Amounts-May 15, 2000 J1,510,000 November- 15', 2000 1,555,000 May 15,'2001 555,000 NovemberL 15,-2001 '580,000 The balance ofLthe principal amount of the 2002 Term Bonds,

.$1,330,000 is scheduled.to mature.on'May 15,:2002.

~

The 2002 Term Bonds are not. secured by the 2007 SinkingIFundLAccount'.

-143-

- WILLIAMS, COM WEIONEst AND COR '-

~

- Centerise PUBLIC ACCOU, ETA,0TS -

+

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF DEBT SERVICE REQUIREMENTS ELECTRIC SYSTEM UNTIL MATURITY September 30, 1978 Fiscal Year Electric Revenue Bonds, Series 1977 Coupon Ending Principal Interest Total Rate %

1979 5 2,190,000 5 7,225,667 @ 9,415,667 3.15 1980 3,490,000 7,129,227 10,619,227 '3.55 1981 3,700,000 6,996,055 10,696,055 3.85 1982 3,860,000 6,844,735 10,704,735 4.15 1983 4,005,000 6,677,531 10,682,531 4.35 1984 4,210,000 6,495,697 10,705,697 4.50 1985 4,395,000 6,298,788 10,693,788 4.65 1986 4,600,000 6,086,205 10,686,205 4.80 1987 4,820,000 5,857,715 10,677,715 4.90 1988 4,265,000 5,633,000 9,898,000 5.00 1989 4,490,000 5,410,757 9,900,757 5.15 1990 4,720,000 5,170,060 9,890,060 5.30 1991 4,970,000 4,910,790 9,880,790 5.40 1992 5,235,000 4,632,638 9,867,638 5.50 1993 5,525,000 4,333,976 9,858,976 5.60 1994 5,830,000 4,010,206 9,840,206 5.80 1995 6,165,000 3,662,350 9,827,350 5.80 1996 6,565,000 3,293,180 9,858,180 5.80 1997 3,445,000 3,002,890 6,447,890 5.80 1998 3,560,000 2,799,745 6,359,745 5.80 1999 3,840,000 2,579,385 6,419,385 6.10 2000 4,070,000 2,338,130 6,408,130 6.10 2001 4,315,000 2,082,388 6,397,388 6.10 2002 4,570,000 1,811,395 6,381,395 6.10 2003 4,850,000 1,524,085 6,374,085 6.10 2004 5,150,000 1,219,085 6,369,085 6.10 2005 5,460,000 895,480 6,355,480 6.10' 2006 5,795,000 552,202 6,347,202 6.10 2007 6,155,000 187,728 6,342,728 6.10 TOTALS $134.245.000 $119.661.090 $253.906.090 EARLIEST CALL OPTION DATES October 1, 1987 @ 103.0 October 1, 1988 @ 102.5 October 1, 1990 @ 102.0 October 1, 1992 @ 101.5 October 1, 1994 @ 101.0 October 1, 1996 @ 100.5 October 1, 1998 @ 100.0 l The 1977 Bonds.will be redeemable at the election of the City, on or'after October 1,1987, upon not less than 30 days published notice, as a whole et any time, or in part on any interest payment date in inverse order of maturity (and by lot within a maturity), at the respective redemption j prices, expressed as percentages of the principal amount of the 1977 l Bonds'to be redeemed, together with accrued interest, if any, to the redemption date.

-144-

"?::::%*:i" ",,*1c"

CITY OF TALLAHASSEE, FLORIDA.

SCHEDULE OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY September 30, 1976 Municipal Utility Revenue Fiscal Total Annual Requirement Bonds, Series of 1970-A Year Coupon Ending Principal Interest Total Principal Interest Rate %

1979 $ 410,000 $ 625,970 $ 1,035,970 $~ 50,000 $ 168,025 -7.50 1980 410,000 606,844 1,016,844 50,000 164,275 7.50 1981 435,000 588,542 1,023,542 50,000 160,525 7.50 1982 400,000 568,556 968,556 75,000 155,837 7.50 1983 475,000 547,542 1,022,542 125,000 150,337 4.30 1984 505,000 525,249 1,030,249 150,000 144,275 4.50 1985 530,000 501,249 1,031,249 150,000 137,412 4.67 1986 500,000 476,394 976,394 150,000 130,325 4.80 1987 550,000 453,124 1,003,124 150,000 123,012 4.95 1988 475,000 426,863 901,863 175,000 114,838 5.10 1989 625,000 394,975 1,019,975 175,000 105,826 5.20 1990 675,000 357,151 1,032,151 200,000 95,976 5.30 1991 700,000 317,450 1,017,450 200,000 85,276 5.40 1992 750,000 275,437 1,025,437 200,000 74,374 5.50 1993 800,000 229,975 1,029,975 200,000 63,275 5.60 1994 850,000 181,175 1,031,175 200,000 51,975 5.70 1995 900,000 129,287 1,029,287 250,000 39,087 5.75 1996 950,000 74,350 1,024,350 250,000 24,650 5.80 1997 1,000,000 23,050 1,023,050 300,000 8,700 5.80 TOTALS $11.940.000 $7.303.183 $19.243.183 $3.100.000 $12 998 000 EARLIEST CALL OPTION DATE October 1, 1986 @ 103 October 1, 1989 @ 102 October 1, 1992 @ 101 Bonds may be called for redemption and payment at designated call price l plus accrued interest in reverse numerical order, on any interest pay-ment date fixed by resolution upon giving not less than 30 days notice of redemption prior to said date designated for. redemption.

I i

i

-145 -

WILLIAMS, COM, WEIDNER AND COX CEnTirlso Pusuc AccounTamis

CITY OF TALLAHASSEE, FLORIDA

. SCHEDULE OF DEBT SERVICE REQUIREMENTS.

UTILITY SYSTEM UNTIL MATURITY-September 30, 1978 f

Municipal Utility Revenue Municipal Gas Revenue Fiscal Bonds, Series of 1970 Bonds, Series C

. Year Coupon Coupon Ending Principal- Interest Rate % Principal' Interest Rate %

1979 $ 100,000 $ 403,525. 6.10 $-25,000 $ 7,682 3.70 1980 100,000 397,424 6.10 25,000 6,788 3.70 1981 125,000 390,563 6.10 25,000 5,862 3.70 1982 125,000 382,937 6.10 25,000 4,950 3.60 1983 150,000 374,550 6.10 25,000 4,050 3.60 1984 150,000 365,399 6.10 25,000 3,150 3.60 i 1985 175,000 355,488 6.10 25,000 2,250- 3.60 l 1986 200,000 344,050 6.10 25,000 1,350 3.60 1987 275,000 329,562 6.10 25,000 450 3.60-1988 300,000 312,025 6.10 - - -

1989 450,000 289,149 6.10 - - -

1990 475,000 261,175 6.00 - - -

l 1991 500,000 232,174 5.90 - - -

1992 550,000 201,063 5.95 - - -

1993 600,000 166,700 6.00 - - -

1994 650,000 129,200 6.00 - - -

l 1995 650,000 90,200 6.00 - - -

l 1996 700,000 49,700 6.00 - - -

-1997 700,000 14,350 4.10 - - -

TOTALS $6.975.000 $5.089.234 $225.000 $36.532 EARLIEST CALL OPTION DATE October 1, 1986 @ 103 January- 1, 1977 @ 100 October 1,~1989 @ 102 October 1, 1992 @ 101 Bonds may be called for redemption and' payment-at designated call price plus accrued interest in reverse numerical order, on any interest pay '

ment date fixed by resolution upon giving not less than 30 days' notice of redemption prior to said date designated for redemption.

l 1-146-i

, weLUAa,8. COE. WEIS888A Afee COR costi,ies pwous assewataar,e r4 . _ _ _ _ _ _ _ _ _.___.._1 _ _ _ _ _ _

[.

Municipal Municipal Gas Revenue Gas Revenue Bonds, Series B Bonds, Series A Coupon Coupon Principal Interest Rate % Principal Interest Rate %

$ 25,000 $ 7,031 3.75 $ 50,000 $10,887 3.25 25,000 6,094 3.75 50,000 9,263 3.25 25,000 5,155 3.75 50,000 7,637 3.25 25,000 4,219 3.75 50,000 6,013 3.25 25,000 3,218 3.75 50,000 4,387 3 25 25,000 2,344 3.75 55,000 2,681 3.25 25,000 1,405 3.75 55,000 894 3.25 25,000 469 - - - -

l I

$200.000 $29.935 $360.000 $41.762 1

January 1, 1976 @ 100 January 1, 1976 @ 100 4 4 WILUAtet. COE. WEIOseER AteO COM

CITY OF TALLAHASSEE, FLORIDA SCHEDULE OF DEBT SERVICE REQUIREMENTS

-UTILITY SYSTEM i UNTIL MATURITY September 30, 1978 Municipal Water Municipal Water and Sewerage Revenue and Sewerage Revenue Fiscal Bonds, Series of 1964 Bonds, Series of 1958 Year Coupon Coupon Ending Principal Interest Rate % Principal Interest Rate %

1979 $100,000 $ 25,400 3.60 $ 60,000 $3,420 3.70 1980 100,000 21,800 3.60 60,000 1,200 1.00 1981 100,000 18,200 3.60 60,000 600 1.00 1982 100,000 14,600 3.60 - - -

1983 100,000 11,000 3.60 - - -

1984 100,000 7,400 3.60 - - -

1985 100,000 3,800 3.60 - - -

1986 100,000 200 0.10 - - -

1987 100,000 100 0.10 - - -

l

)

TOTALS $900.000 $102.500 $180.000 j5,220 l

EARLIEST CALL OPTION DATE May 1, 1980 @ 100 May 1, 1971 @ 100 l

l

! l l

l Bonds may be called for redemption and payment at designated call price plus accrued interest in reverse numerical order, on any interest pay-ment date fixed by resolution upon giving not less than 30 days notice of redemption prior to said date designated for redemption.

-147-WILLI AMS, COX. WEIDNER AND COX CanttrlEO PusLIC ACCOUNTA80TS

UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA CO p ,

ii p:

F 0*N SMi%k GENERALPURPOSE Audited Financial Statements SEPTEMBER 30,1979 BRENT M IL LI K AN CER'* 1 PIED PUBLIC ACCOUNT AN T

L, t

UTILITIES COMMISSION

[ CITY OF NEW SMYRNA BEACH, FLORIDA E

OFFICIALS Barbara L. Bidwell, Chairman 7 James A. Pence, Vice-Chairman L Dennis D. Higginbotham, Secretary-Treasurer Richard M. Canfield, Assistant Secretary-Treasurer Paul D. Roche, Commissioner r

L DIRECTOR OF UTILITIES CONTROLLER B. W. Wait, li t , P.E. R. Ronald Hagen E

ATTORNEY

[ John F. Bolt, Esquire

[

CONSULTING ENGINEERS

[ Electric System Water and Pollution Control Systems R. W. Beck and Associates Russell and Axon, Inc.

INDEPENDENT AUDITORS Firm of Brent Millikan, Certified Public Accountant l

[

E E

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l UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA TABLE OF CONTENTS .

SEPTEMBER 30, 1979

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I REFERENCE PAGE l

A U D I T O R S' R E PO R T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 GENERAL PURPOSE FINANCIAL STATEMENTS:

Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S ta t e m e n t 1 2-3 Statement of Revenues, Expenses and Changes l in Retained Ea rnin gs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S tatement 2 4 Combined Statement of Changes in Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S tatement 3 5-6 Schedule of Bonds Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule A 7-10 Schedule of Debt Service Requirements to Ma t u ri t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S c hed u le B 11-12 NOTES TO THE 1:lNANCI AL STATEMENTS .................... 13-19 1

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I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA 1

CERTIFICATE OF CONFORMANCE AWARDED SEPTEMBER 30, 1978 The Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial Reporting to the Utilities Commission, City of New Smyrna Beach, Florida, for its September 30, 1978, Comprehensive Annual Financial Report. This report was judged to substantially conform to the highest standards for financial reporting as promulgated by that Association and the National Council on Governmental Accounting.

The Certificate of Conformance is valid for a period of three years subject to continued compliance which is determined by two annual reviews and followed by a Supplemental review every third year.

We believe the Comprehensive Annual Financial Report continues to !

comply with the high standards of that Association and it will be ,

l submitted for the annual review. A copy of the Comprehensive ]

1 Annual Financial Report is available from the Utilities Commission. I l

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'I Certificate ,

g of !

Conformance I in Financial

g Reporting l Presented to lI ttLLities Comnitssion of !

JIew SmyrnaBeach5Lorbict !

I For its Annual Financial Report for the Fiscal Year Ended September 30,1978 1

A Certificate of r.onformance in Financial Reporting is presented by the Municipal Fina.tce Officers Association of the United States and Canada to government 4 units whose annual financial reports are judged to I substantiall.i conform to the financial reporting principles and standards promulgated by the National Council on Governmental Accounting.

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Executive Director W

! Date October 17,1970 I

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! AUDITORS' REPORT 1

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Brent Millikan CERTIFIED PUBLIC ACCOUNTANT P.O. BOX 1226 205 MAGNOLIA STREET NEW SMYRNA BEACH, FLORIDA 32069 TELEPHONE 904-427-1333 Utilities Commission City of New Smyrna Beach, Ficrida 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 30,1979, and 1978, and the related statements of revenues, expenses and changes in retained earnings, and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing i 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 Utilities Commission, City of New Smyrna l Beach, Florida, at September 30,1979, and 1978, 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 during the period subsequent to the change, with which we concur, made as of October 1,1978, in the method of accounting for interest costs incurred during construction as described in Note 6 to the financial statements. ;

l New Smyrna Beach, Florida ,

February 28, 1980 l l

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I GENERAL PURPJSE FINANCI AL STATEMENTS I :

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UTILITIES COMMISSION Stattm:nt 1 CITY OF NEW SMYRNA BEACH, FLORIDA BALANCE SHEET l

SEPTEMBER 30, 1979 ASSETS 1979 1978

-UTILITY PLANT: (Note 1) i In Service $ 29,212,033 $ 28,170,106 Less: Allowance for Depreciation and Amortization 8,659,129 7,688,967 l

TOTAL UTILITY PLANT IN SERVICE $ 20,552,904 $ 20,481,139 Construction Work in Progress 895,494 611,159 TOTAL FIXED ASSETS $ 21,448,398 $ 21,092,298 l

RESTRICTED ASSETS:

Revenue Bond Debt Service $ 2,145,478 $ 2,558,170 Revenue Bond Renewal and Replacement Fund 183,640 121,811 l Construction Funds 8,942,591 9,220,942 Customers' Deposits 479,303 369,099 TOTAL RESTRICTED ASSETS $ 11,751,012 $ 12,270,022 CURRENT ASSETS-Cash $ 126,257 $ 255,088 l Investments (Note 1) -

180,000 Accounts Receivable (Net of an Allowance of $33,500 and $22,500 for Uncollectible Accounts) 612,977 553,760 ~

Unbilled Accounts Receivable 406,875 3'30,107 Notes Receivable 5,240 -

R Inventory of Materials and Supplies (Note 1) 673,122 604,213 J Prepaid Expenses and Other Assets 86,245 88,479 Assessments Receivable 16,835 19,277 q Due from Florida Power and Light Company 49,265 -

j TOTAL CURRENT ASSETS $ 1,976,816 $ 2,040,924 l

DEFERRED CHARGES AND OTHER ASSETS: "

Unamortized Debt Expense (Note 1) $ 333,836 $ 335,800 Notes Receivable - Noncurrent 3,057 -

R Assessments Receivable - Noncurrent 2,173 2,173 J Loan to the City Library Fund 24,000 28,000 Deferred Charges _

38,112 -

TOTAL DEFERRED CHARGES AND OTHER ASSETS $ 401,178 ,$_ 365,973 J

TOTAL ASSETS $ 35,577,404 'i 35,769,217 s

The accompanying notes are an integral part of the financial statements.

L i A B i L. I T I E S AND 1979 1978

'C A P I T A l l Z A T I O N CAPITALIZATION: ,

Retained Earnings:

Reserved for Revenue Bond Retirement $ 2,145,478 $ 2,558,170 Unreserved 6,973,207 6,391,445 TOTAL FUND EQUITY $ 9,118,685 $ 8,949,615 Long-Term Debt: :

Revenue Certificates Payable (Note 4 ) $ 25,810,000 $ 25,810,000 l Less: Unamortized Debt Discount 554,915 554,915 Net Long-Term Certificates $ 25,255,085 $ 25,255,085 Deferred Liabilities 38,112 - !

Notes Payable - Less Amount due Currently 198 547 NET LONG-TERM DEBT $ 25,293,395 $ 25,255,632 TOTAL CAPITALIZATION $ 34,412,080 $ 34,205,247 i CURRENT LIABILITIES:

Notes Payable $ 299 $ 50,249 Accounts Payable 537,552 530,245 ,

Accrued Expenses 67,887 53,834 !

Due to Other Governments 80,595 77,391

$ 686,333 $ 711,71 9 CURRENT LI ABILITIES (Payable from Restricted Assets):

I Accrued Revenue Bond interest Payable Customer's Deposits 478,991 441,516 410,735 l TOTAL CURRENT LI ABILITIES $ 1,165,324 $ 1,563,970 l I i

TOTAL LI ABILITIES AND CAPITALIZATION $ 35,577,404 $ 35,769,217 l

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UTILITIES COMMISSION Statement 2 CITY OF NEW SMYRNA 53EACH, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30,1979 AND 1978 1979 1978 I OPERATING RiiVENUES:

Sales $ 8,229,861 $ 7,468,561 I Other Revenues 68,363 93,463 TOTAL OPERATING REVENUES $ 8,298,224 $ 7,562,024 OPERATING EXPENSES:

Production Expenses $ 4,207,711 $ 3,650,129 Transmission, Distribution and Collection 846,639 802,469 Customer Accounts Expenses 237,152 206,113 Administrative and General 894,164 964,959 Required Payments to the City of New Smyrna Beach 484,199 440,795 Taxes and Assessments 54,645 55,177 Depreciation 911,124 852,169 TOTAL OPERATING EXPENSES $ 7,635,634 $ 6,971,811 NET OPERATING INCOME $ 662,590 $ 590,213 ADD: NONOPERATING REVENUE:

Interest Earnings $ 1,073,772 $ 362,467 Other income 26,131 52,483 -

Settlement - Submarine Cable Damage Dispute 39,224 -

Settlement - Florida Power and Light Company 72,519 -

TOTAL NONOPERATING REVENUE $ 1,237,998 $ 388,598 l

TOTAL INCOME $ 1,900,588 $ 978,811 l l LESS: NONOPERATING EXPENSES:

Interest and Debt Expense $ 1,731,518 $ 1,233,672 !

l lNCOME (LOSS) BEFORE EXTRAORDINARY ITEM $ 169,070 $( 254,861)

EXTRAORDINARY ITEM:

Gain on Advance Refunding of Bonds (Note 5) -

3,084,778 NET INCOME $ 169,070 $ 2,829,917 RETAINED EARNINGS - Beginning of Year 8,949,615 6,119,698 RETAINED EARNINGS - End of Year $ 9,118,685 $ 8,949,615 The accompanying notes are an integral part of the financial statements.

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UTILITIES COMMISSION Statement 3 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED SEPTEMBER 30, 1979 AND 1978 1979 1978 SOURCES OF WORKING CAPITAL:

OPERATIONS:

Income (Loss) Before Extraordinary item $ 169,070 $( 254,861)

Items not Requiring (Providing) Working Capital: '

Depreciation 911,124 852,169 Amortization of Nuclear Fuel Cost 59,038 33,715 Amortization of Deferred Charges -

5,958

$ 1,139,232 $ 636,981 Extraordinary item - Gain on Advance Refunding of Bonds (Note 5) -

3,084,778 WORKING CAPITAL PROVIDED BY OPERATIONS $ 1,139,232 $ 3,721,759 Contributions in Aid of Construction 340,505 256,814 increase in Liabilities Payable from Restricted Assets -

432,205 l Decrease in Restricted Assets 519,010 - !

Reduction of Loan to City Library Fund 4,000 4,000 !

Other 1,964 896 l Proceeds from Sale of Utilities System Revenue Refunding and improvement Certificates and i Water and Sewer Revenue General Obligation . ,

Bonds (1978 - Net of Proceeds Deposited with Escrow Agent of $17,316,481, Proceeds Deposited in a Restricted Asset Account of $7,938,604 and Bond Discount of $554,915) - -

TOTAL-SOURCES OF WORKING CAPITAL $ 2,004,711 $ 4,455,674 USES OF WORKING CAPITAL:

Additions to Utility Plant $ 1,666,767 $ 715,105 Reduction of Notes Payable 349 405,000 Decrease in Liabilities Payable from Restricted Assets 373,260 -

Increase in Long-Term Notes Receivable 3,057 -

Other -

349 Restriction of Extraordinary item -

3,084,778 increase in Restricted Assets -

705,812 TOTAL USES OF WORKING CAPITAL $ 2,043,433 $ 4,911,044 NET DECREASE IN WORKING CAPITAL $( 38,722) $( 455,370)

The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Statement 3 CITY OF NEW SMYRNA BEACH, FLORIDA Pagm 2 of 2 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION FORTHE YEARS ENDED SEPTEMBER 30, 1979 AND 1978 1979 1978 INCREASE INCREASE (DECREASE) (DECREASE)

ELEMENTS OF NET DECREASE IN WORKING CAPITAL:

Cash $( 128,831) $( 271,449)

I Investments Accounts Receivable

( 180,000) 59,217

( 122,354) 125,235 Unbilled Accounts Receivable 66,768 57,831 Notes Receivable I 5,240 -

Inventory of Materials and Supplies 68,909 ( 15,445)

Prepaid Expenses ( 2,234) 53,926 Assessments Receivable ( 2,442) 2,709)

I Due from Florida Power and Light Company Notes Payable 49,265 49,950

(

316,621) 249)

Accounts Payable ( 7,307) ( 90,364)

I Contracts Payable Accrued Expenses and Other Liabilities (

14,053) 48,800 51,355 Due to Other Governments ( 3,204) 26,674 NET DECREASE IN WORKING CAPITAL $( 38,722) $( 455,370)

FINANCIAL AND INVESTING ACTIVITIES NOT AFFECTING WORKING CAPITAL:

1979 I increase in Deferred Charges of $38,112 and a Corresponding increase of $38,112 in Deferred Liabilities.

I 1978 TWsfer of $1,625,108 from Restricted Asset Account to the Escrow Agent as a Part of the Bond Refunding.

I Increase in the Customer Deposits of $83,089 and a Corresponding increase in the Restricted Asset Account.

The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Schedule A Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF BONDS PAYABLE SEPTEMBER 30, 1979 INTEREST RATES FINAL ANNUAL AND ISSUE MATURITY SERIAL DATES DATE DATE PAYMENTS REVENUE BONDS:

Utilities System Revenue Refunding ,

and improvement Certificates, Series 1978 i 5.350%(4/1; 10/1) 7/1/78 10/1/10 $ 160,000 (82) i 165,000 (82) 5.450 (4/1; 10/1) 170,000 (83) 175,000 (83) 5.550 (4/1; 10/1) 175,000 (84) 180,000 (84) 5.650 (4/1; 10/1) 185,000 (85) 195,000 (85) 5.750 (4/1; 10/1) 200,000 (86) 205,000 (86) 5,900 (4/1; 10/1) 210,000 (87) 215,000 (87) 6.000 (4/1; 10/1) 220,000 (88) 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) 6.350 (4/1; 10/1) 285,000 (92) 290,000 (92) 6.400 (4/1; 10/1) 300,000 (93) 310,000 (93) i 7.000 (4/1; 10/1) 320,000 (94) i 330,000 (94) l 345,000 (95) !

355,000 (95) l 370,000 (96) !

380,000 (96) l 395,000 (97) l 410,000 (97) l l

The accompanying notes are an integral part of the financial statements. '

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i BONDS i 1

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$ 32,000,000 $ 25,810,000 $ -

$ 25,810,000 !

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UTILITIES COMMISSION Schedule A CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 SCHEDULE OF BONDS PAYABLE SEPTEMBER 30, 1979 INTEREST RATES FINAL ANNUAL AND ISSUE MATURITY SERIAL DATES DATE DATE PAYMENTS 7.000 (4/1; 10/1) $ 425,000 (98) 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) 7.125 (4/1; 10/1) 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) g 970,000 (10) g 1,005,000 (10) l I

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BONDS !

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$ 32,000,000 $ 25,810,000 $ -

$ 25,810,000 .

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UTILITIES COMMISSION Schedula B Pagn 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF DEBT SERVICE REQUIREMENTS TO MATURITY UTILITIES SYSTEM REVENUE REFUNDING AND IMPROVEMENT CERTIFICATES SERIES 1978 SEPTEMBER 30, 1979 I PAYMENT DATE PRINCIPAL COUPON RATE INTEREST TOTAL REQUIREMENTS 883,033 883,033 I 04-1-80 10-1-80 04-1-81 883,033 883,033 883,033 883,033 1 0 81 883,033 883,033 t I 04-1-82 10-1-82

$ 160,000 165,000 5.350%

5.350 883,033 878,753 1,043,033 1,043,753 1,044,339 04-1-83 170,000 5.450 874,339 10-1-83 175,000 5.450 869,707 1,044,707 04-1-84 175,000 5.550 864,938 1,039,938 10-1-84 180,000 5.550 860,082 1,040,082 1,040,087 I 04-1-85 10-1-85 04-1-86 185,000 195,000 200,000 5.650 5.650 5.750 855,087 849,861 844,352 1,044,861 1,044,352 10-1-86 205,000 5.750 838,602 1,043,602 I 04-1-87 10 87 210,000 215,000 5.900 5.900 832,708 826,513 1,042,708 1,041,513 1,040,171 04-1-88 220,000 6.000 820,171 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 0 4 91 265,000 6.300 776,221 1,041,221 1 0 91 275,000 6.300 767,873 1,042,873 04 92 285,000 6.350 759,211 1,044,211 1 0 92 290,000 6.350 750,162 1,040,162 1 04-1-93 300,000 6.400 740,954 1,040,954 I 10-1-93 04-1-94 10-1-94 310,000 320,000 330,000 6.400 7.000 7.000 731,354 721,434 710,234 1,041,354 1,041,434 1,040,234 i

04 95 345,000 7.000 698,684 1,043,684 10-1-95 355,000 7.000 686,609 1,041,609 04 96 370,000 7.000 674,184 1,044,184

, 10-1-96 380,000 7.000 661,234 1,041,234 04 97 395,000 7.000 647,934 1,042,934 l 10-1-97 410,000 7.000 634,109 1,044,109 04 98 425,000 7.000 619,759 1,044,759 ;

10-1-98 435,000 7.000 604,884 1,039,884 l 04-1-99 455,000 . 7.000 589,659 1,044,659 10-1-99 470,000 7.000 573,734 1,043,734 l The accompanying notes are an integral part of the financial statements.

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UTILITIES COMMISSION Schedule B i CITY OF NEW SMYRNA BEACH, FLORIDA P5ge 2 of 2 SCHEDULE OF DEBT SERVICE REQUIREMENTS TO MATURITY i UTILITIES SYSTEM REVENUE REFUNDING l AND IMPROVEMENT CERTIFICATES SERIES 1978 SEPTEMBER 30, 1979

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PAYMENT COUPON TOTAL DATE PRINCIPAL RATE INTEREST REQUIREMENTS ,

04-1-00 $ 485,000 7.000% $ 557,284 $ 1,042,284 10-1-00 500,000 7.000 540,309 1,040,309 04 01 520,000 7.000 522,809 1,042,809 10 01 540,000 7.000 504,609 1,044,609 04-1-02 555,000 7.000 485,709 1,040,709 10-1-02 575,000 7.000 466,285 1,041,285 04-1-03 595,000 7.000 446,160 1,041,160 10-1-03 615,000 7.000 425,335 1,040,335 04-1-04 640,000 7.125 403,810 1,043,810 10-1-04 660,000 7.125 381,010 1,041,010 J 04-1-05 685,000 7.125 357,497 1,042,497 10-1-05 710,000 7.125 333,094 1,043,094 04-1-06 735,000 7.125 307,800 1,042,800 10-1-06 760,000 7.125 281,616 1,041,616 04-1-07 790,000 7.125 254,541 1,044,541 10-1-07 815,000 7.125 226,397 1,041,397

', 04-1-08 845,000 7.125 197,363 1,042,363 .

10-1-08 875,000 7.125 167,259 1,042,259 l 04-1-09 905,000 7.125 136,088 1,041,088 10-1-09 940,000 7.125 103,847 1,043,847 04-1-10 970,000 7.125 70,359 1,040,359 10-1-10 1,005,000 7.125 35,803 1,040,803

$ 25,810,000 $ 38,179,552 $ 63,989,552 The accompanying notes are on integral part of the financial statements.

- - - * * - - h - _- - _-.___...u_. a .._e- m -- .- - aua a ___ _.2 , - - . - --- -

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I UTILITIES COMMISSION Page 1 of 7 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS -

SEPTEMBER 30, 1979

1.

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies are described below to enhance the usefulness of the financial statements to the reader.

t (a) FINANCIAL STATEMENTS:

l The Financial Statements of the Utilities Commission reflect the combination of the Electric, Water and Pollution Control Operations into a single enterprise tund. The full accrual basis of accounting is utilized.

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(b) BUDGET AND BUDGETARY ACCOUNTING:

An annual budget was adopted as required by Florida law. The budget was prepared on the accrual basis. By use of this metbad of accounting, revenues and expenses are identified with specific periods of time and are ,

recorded as incurred, along with acquired assets, without regard to the date of receipts or payment.of cash. The financial statements which are ,

prepared on this basis conform to the practices of business organizations !

in general, with respect to such items as receivables, inventories, prepayments, and accrual of liabilities.

(c) RATES AND REVENUES AND FUEL EXPENSE:

Revenues are recognized based on monthly cycle billings to customers. ,

The rate schedules are approved by the Utilities Commission. The electric '

l rate schedule contains a fuel adjustment clause which- reflects the cost i of fuel as well as the energy and fuel components of. purchased power.

Generally, the effects are reflected in customer billings about two months I after the changes occur. The cost of nuclear fuel is amortized to fuel ,

expense based on the quantity of heat produced for generation of electric l energy in relation to the quantity of heat expected to be produced over lE the ~ life of the nuclear fuel core.

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l (d) UTILITY PLANT AND DEPRECI ATION- l The cost of additions, replacements, and renewals of units of property I is added to utility plant. The cost (estimated, if not known) of units ;

of property retired, less net salvage, is charged to accumulated depreciation l and the appropriate asset account. 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.

Depreciation is provided on a straight-line service-life basis by primary accounts and the estimated useful lives are as follows:

I I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Paga 2 of 7 NOTES TO THE FINANCI AL STATEMENTS SEPTEMBER 30, 1979

1.

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(d) UTILITY PLANT AND DEPRECI ATION: (continued)

Electric System:

Production Plant:

Steam Production 20-35 years Nuclear Production 22 years Diesel Production 25-35 years Transmission Plant 24-33 years Distribution Plant:

Underground Conduit 60 years Other Distribution Plant 19-33 years General Plant:

I Structures and improvements Other General Plant 50 10-36 years years Water System:

Source of Supply Plant 50 years Pumping Plant 25-33 years Water Treatment Plant 50 years Transmission and Distribution Plant:

Transmission and Distribution Plant 50-67 years i Meters and Meter installations 25 years I General Plant:

Structures and improvements 50 years Other General Plant 6-25 years Pollution Control System.

Collection Plant 25-50 years Pumping Plant:

Structures and improvements 50 years Pumping" Equipment 25 years Treatment and Disposal Plant 25 years i General Plant 10-12 years (c) CONTRIBUTIONS IN Af D OF CONSTRUCTION Contributions in aid of electric plant construction have been credited to the electric plant accounts in accordance with accepted industry practice established by the Federal Energy Regulatory Commission (formerly the i Federal Power Commission) . Water and Pollution Control contributions in i aid of construction, including connection fees and tap charges, are also treated as reductions to plant accounts. The following is a summary of i

1 the contributions credited to the Fixed Asset Accounts:

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l CONTRIBUTIONS ORIGINAL IN AfD OF I UTILITY PLANT IN SERVICE Electric COST

$18,443,556 CONSTRUCTION

$ 149,203 NET COST

$18,2 94,.353 I l

Water 7,400,486 747,669 6,652,817 i Sewer 4,709,714 444,851 4,264,863 l TOTAL $30,553,756 $1,341,72 3 $2 9,212,033 i Paga 3 of 7 UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FIN ANCI AL STATEMENTS I SEPTEMBER 30, 1979

1.

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (contiriued)

(f) INVESTMENTS :

Investments are stated at amortized cost.

(g) INVENTORY OF MATERI ALS AND SUPPLIES:

The inventory is priced at cost by the use of the "first-in, first-out" method of accounting.

Electric line transformers, electric meters, water meters and replacement units for the steam and diesel generating plants, are classified as utility plant in accordance with accepted industry practices set forth by the I National Association of Regulatory Utility Commission.

DEFERRED CHARGES ASSOCI ATED WITH LONG-TERM DEBT:

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(h)

Costs relating to the issuance of Utilities System Revenue Refunding and ,

improvement Certificates Series 1978 are being amortized using the bonds outstanding method.

2. REQUIRED PAYMENT TO THE CITY OF NEW SMYRNA BEACH, FLORIDA The legislation 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 per cent (6%) of the gross revenues from utilities under Commission control.

This payment is subordinate to the debt service requirement of all utilities revenue certificates and bonds.

3. PENSION PLAN The Utilities Commission has provided for the participation of its employees in the Florida non-contributory Retirement System which is administered by the

,I State of Florida. Contributions to the plan are based upon the employees'

! gross wages and are required to be paid 100% by the Commission. In September 1974, the Commission approved funding up to 10 years past service (between

! January 1,1962 and January 1,1972) for all then present employees. Pension expense for the years ended September 30,1979, and 1978, was $160,016 and

$136,147 respectively, which includes amortization of past service costs over a period of 15 years, t

4. LONG-TERM DEBT Revenue certificates / bonds outstanding at September 30, 1979, are as fo!!ows: I l

OUTSTANDING Water Works and Electric:

I Series 1955 - 3.75% due 1993 Outstanding Principal Less Amounts to be Retired by Trustee

$ 1,089,000 (1,089,000) $

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UTILITIES COMMISSION Page 4 of 7 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS SEPTEMBER 30, 1979 __

4. LONG-TERM DEBT (continued)

I Water Works and Electric (continued)

Series 1962 Refunding - 3.5%

OUTST ANDING Due serially to 1987 and

$35,000 in 1999 Outstanding Principal $ 563,000 Less Amounts to be Retired by Trustee ( 563,000) $ -

Serial 1962 - 3. 9% to 4.2%

Due serially to 2000 Outstanding Principal $ 2,070,000 Less Amounts to be Retired by Trustee (2,070,000) -

Serial 1965 - 4.2% and 4.25%

Due serially to 2004 Outstanding Principal $ 2,130,000 Less Amounts to be Retired by Trustee (2,130,000) -

Sewer:

Series S - 1963 - 3.9% due serially to 2002 Outstanding Principal $ 480,000 Less Amoun: 's ce Retired by Trustee _( 480,000) -

Series T - 1963 - 4.0%, due 2003 Outstanding Principal $ 1,063,000 Less Amounts to be Retired by Trustee (1,063,000) -

Series B - 1965 - 3.7% to 4.1% due serially to 2003 Outstanding Principal $ 590,000 Less Amounts to be Retired by Trustee ( 590,000) -

Utilities:

Series 1975 - 3.75% to 6.2% due serially to 2004 Outstanding Principal $ 2,930,000 Less Amounts to be Retired by Trustee (2,930,000) -

Series 1975A - 5.0% to 6.6% due

serially to 2005 l Outstanding Principal $ 3,925,000 l Less Amounts to be Retired by Trustee (3,925,000) -

Series 1976 - 4.5% to 5.3% due serially to 1986 Outstanding Principal $ 495,000 Less Amounts to be Retired by Trustee ( 495,000) -

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UTILITIES COMMISSION Page 5 of 7 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS I SEPTEMBER 30, 1979

4. LONG-TERM DEBT (continued) OUTSTANDING Water and Sewer Revenue General: Obligation Bonds:

Series 1974 - 7.2% to 7.5% due serially to 2004 Outstanding Principal $ 6,305,000 Less Amounts to be Retired by Trustee (6,305,000) $ -

Series 1976 - 4.5% to 6.2% due serially to 2001 !'

Outstanding Principal $ 6,305,000 Less Amounts to be Retired by Trustee (6,305,000) -

Utilities System Revenue Refunding and '

improvement Certificates:

Series 1978 Outstanding Principal $25,819,000 Less Amounts to be Retired by Trustee -

$25,810,000 TOTAL $25,810,000 On August 29, 1978, the Utilities Commission, provided for the advance refunding of the following revenue . certificates / bonds which will be referred to thereafter as refunded revenue bonds:

Waterworks and Electric:

Series 1955 - 3.75% due serially to 1993 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 in 2003 Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities:

Series 1975 - 3.75% to 6.2% due serially to 2004 Series 1975A - 5.0% to 6.6% due serially to 2005 Series 1976 - 4.5% to 5.3% due serially to 1986 Water and Sewer Revenue General Obligation Bonds:

Series 1976 - 4.5% to 6.2% due serially to 2001 The refunding of the refunded Revenue Bonds was provided for by the sale of

$25,810,000 Utilities System Revenue Refunding and improvement Certificates Series 1978 and $22,335,000 Special Obligation Certificates 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 interest on the refunding revenue 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 fund, an amount which equaled the maximum annual debt service requirement and

- UTILITIES COMMISSION Page 6 of 7 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1979 ,

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4. LONG-TERM DEBT (continued) l provided over six million dollars for the acquisition, construction, additions, I

- and improvements to the utility system. The refunded revenue bonds are treated as extinguished debts in the accompanying financial statements as 7 explained in Note 5. The debt service of the utilities system revenue refunding and improvements certificates is funded monthly from the operating account by paying one-sixth of all interest coming due on certificates on the next semi-annual interest payment date and one-sixth or one-twelfth of all principal maturing on the serial certificate on the next semi-annual or annual maturity date. The utilities system revenue refunding and improvement certificates series 1978 resolution provides that the certificates shall be secured forthwith E equally and ratably by the first lien on and a pledge of the net revenues of L the system.

7 in accordance with generally accepted accounting principles the $22,335,000 L SPecial obligation certificates, Series 1978 which was issued as a part of the advance refunding is not a liability of the Utilities Commission because the interest and principal payments will be serviced by the First National Bank of

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Florida, Tampa, Florida, from the earnings and proceeds of the advance refunding which were placed in irrevocable trust funds.

5. EXTRAORDINARY ITEM in connection with the August 29, 1978, advance refunding of the revenue certificates / bonds (refunded bonds) explained in Note 4, a gain was recognized h in accordance with generally accepted accounting principles.

Although there is no provision for legal defeasance, from a practical standpoint

) there has been a quasi-defeasance since the escrow account described in Note 4 is sufficient in amount so that operating revenues will not be needed to meet debt service requirements of the refunded revenue bonds. Accordingly, the transaction has been recognized as a completed refinancing.

The recorded gain of $3,084,778 was computed as follows:

l New Securities issued:

1 Portion of Series 1978 Utilities System Revenue !

l Refunding and improvement Certificates which were allocated to the refunding debt $19,273,831 Less the portion of the discount and issue costs of the new issue which were allocated to the I refunding debt and will be amortized over the life of the new issue 668,042

$18,605,789 Carrying amount of the refunded debt

{I including the accrued interest Less unamortized discount and

$22,315,805 issue costs 625,238 21,690,567

} GAIN ON ADVANCE REFUNDING OF BONDS $ 3,084,778 l

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UTILITIES COMMISSION Page 7 of 7 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THd FINANCIAL STATEMENTS SEPTEMBER 30, 1979

6. CH ANGE IN ACCOUNTING METHODS:

On October 1, 1978, the Utilities Commission changed its method of accounting for interest costs incurred during construction to be in conformity with I Financial Accounting Standards Board Statement Number 34 which established a new standard of accounting for interest incurred during construction. As required by Statement Number 34, the Utilities Commission applied this change prospectively for fiscal years beginning after September 30, 1978. For the fiscal year ended September 30, 1979, the Utilities Commission incurred interest cost of $1,782,085 of which $50,567 was capitalized in a fixed asset account as interest incurred during construction and $1,731,518 was expensed. For the years beginning before October 1,1978, the Utilities Commission followed the policy of not capitalizing interest incurred during construction. For the fiscal year ended September 30, 1978, the Commission had interest expense of $1,233,672.

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7. CONSTRUCTION WORK IN PROGRESS September 30, 1979, construction work in progress consisted, for the most part of engineering and planning costs in connection with the expansion of the pollution control (sewer) plant and the construction of new sewers, water and electric lines and facilities to serve areas presently without service, and to expand the existing facilities. The estimated sewer treatment plant expansion cost is approximately $6,166,900 with $3,300,000 being funded by grants from the Environmental Protection Agency and the residual will be paid from the construction funds which were provided from the sale of the revenue certificates described more fully in Note 4.

8. CONTINGE'NT LI ABILITIES The Utilities Commission is engaged in 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 which would inhibit the Commission's ability to perform its operations or materially affect the financial condition of the Utilities Commission.

9. VACATION AND SICK LEAVE lt is the Utilities Commission policy to grant employees vacation leave and sick leave. As of September 30, 1979, the Utilities Commission has a potential committment for vacation and sick pay of $278,321.06.

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I I I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA I

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<na+ l I Audited Financial Statements !

And Other Financial Information SEPTEMBER 30,1978 l

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UTILITIES COMMISSION j CITY OF NEW SMYRNA BEACH, FLOhlDA I OFFICI ALS Nathan R. Haworth, Chairman James A. Pence, Vice-Chairman i

Barbara L. Bidwell, Secretary-Treasurer Dennis D. Higginbotham, Assistant Secretary-Treasurer Richard M. Canfield, Commissioner ,

i DIRECTOR OF UTILITIES CONTROLLER B. W. Wait, Ill, P.E. R. Ronald Hagen l ATTORNEY John F. Bolt, Esquire CONSULTING ENGINEERS Electric System Water and Pollution Control Systems R. W. Beck and Associates Russell and Axon, Inc.

INDEPENDENT AUDITORS Firm of Brent Millikan, Certified Public Accountant I

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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA TABLE OF CONTENTS SEPTEMBER 30, 1978 REFERENCE PAGE !

PREFACE T i t l e Pa g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Organization Chart ..................................... iv INTRODUCTORY SECTION, Section 1 Letter of Transmittal from Utilities Director . . . . . . . . . . . . . 1 Letter of T ransmittal from Controller . . . . . . . . . . . . . . . . . . . . 2-4 Report of Independent Auditor ......................... 5 FINANCIAL STATEMENTS, Section 2 Combined Statements and Schedules:

B a la n ce S h ee t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement 1 6 i Analysis of Changes in Retained Earnings . . . . . . . . . . . . Statement 2 7 Statement of Revenue and Expense . . . . . . . . . . . . . . . . . . . Statement 3 8-9 ;

Statement of Ca sh Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement 4 10 Sc hedule of B ond s Pa yable . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule 1 11-12 l Sched"!e of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule 2 13-14 '

Enterprise Fund: ,

B a l a n ce S he e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exhibit A-1 15-16 i Analysis of Changes in Retained Earnings. . . . . . . . . . . . . Exhibit A-2 17 Comparative Statement of Revenue and Expense -

Budgeted and Actual:

E l ec t r i c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exhibit A-3 18-19 Water ......................................... Exhibit A-4 20-21 Poll u tion Con t rol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exhibit A-5 22-23 i I Schedule of Operating Expenses:

Electric ..........................................

Water ............................................

Exhibit A-6 Exhibit A-7 24 o i Exhibit A-8 Poll u tion C on t rol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Statement of Changes in Financial Position ........... Exhibit A-9 27-28 l Schedule of Restricted Assets . . . . . . . . . . . . . . . . . . . . . . . . Exhibit A-10 29 l Schedule of Fixed Assets and Depreciation ........... Exhibit A-11 30 l l

N OTES TO TH E FIN AN CI AL STATEMENTS . . . . . . . . . . . . . . . . . . 31- 39 STATISTICAL SECTION Section 3 Schedule of Revenue Bond C o v e ra g e . . . . . . . . . . . . . . . . . . . . Table 1 40 Debt Service Requirement to Maturity - l Utilities System Revenue Refunding and improvement Certificates Series 1978 . . . . . . . . . .. . . . Table 11 41 P :

l Schedule of Insurance in Force ......................... Table 111 43-44 i Ten of the Largest Water Customers and Their !

A ssociated Sewer Billings . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table IV 45

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UTILITIES COMMISSION Page 2 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA TABLE OF CONTENTS SEPTEMBER 30, 1978 REFERENCE PAGE l STATISTICAL SECTION, Section 3 (continued)

Ten of the Largest Electric Customers and Their i Total Kilowatt Hour Sales for Year. . . . . . . . . . . . . . . . . . . . Table V 46 !

General Utilities Commission Information . . . . . . . . . . . . . . . . . Table VI 47-50 !

G e n e ra l I n fo rm a ti o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51- 53 I

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ORGANIZATION CHART 8

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m m m m UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA ORGANIZATION CHART UTILITIES COMMISSION CONSULTANTS DIRECTOR ATTORNEY OF UTILITIES 1

TRANSMISSION AND GENERATION COMMERCI AL WATER AND POLLUTION DISTRIBUTION DEPARTMENT DEPARTMENT DEPARTMENT CONTROL DEPARTMENT 120 - POSITIONS 114 - Full Time 6 - Part Time r

I SECTION 1 INTRODUCTORY SECTION 6

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i I LETTER OF TRANSMITTAL UTILITIES DIRECTOR l

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UTILITIES COMMISSION sutsa PE<f CITY OF NEW SMYRNA BEACH POST OFFICE BOX Sit 120 SAMS AVENUE NEW $MYRN A BE ACH, FLOR:D A 32069 BasiaARA L seowta .

Seustat freaseer 19041 427 1361 "Cl .Z'O*'" 'o*. dC ftCH # ELD JOH BOLT March 19,1979 To the Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida The annual financial report for the year ended September 30, 1978, is submitted herewith in compliance with provisions of the City Charter of the City of New Smyrna Beach and Resolution No. 28-78, Section 16 (G) of the Utilities Commission. This report will serve as both the financial report and the audit report of the Utilities Commission. The opinion of the independent accounting Firm of Brent Millil:an, Certified Public Accountant, is contained herein.

Your attention is called to the detailed electric, water and pollution control systems section found in Exhibit A and the statistical section of the report. These sections portray additional financial information which

is useful in evaluating the overall financial position of the Utilities ,

Commission and gives a perspective for the current year's operation.

I Respectfully submitted, E

B. W. Wait, 111, P. d.

Director of Utilities m _

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"'";%", "'" UTILITIES COMMISSION t

CITY OF NEW SMYRN A BEACH u sa met

POST OF FICE BOM 519 - 120 sam 5 AvtNUE l 3 NE W SMYRN A BE ACH. F LORID A 32049 BARBARA L BID *hl 5.u.'s y Teoes.nas 1904) 427 1341 Of *pe$ D McGG8N80TMAM $ W WAIT.In P E s- T _ a. .

JOMN F BOLT RCHA IELD I To the Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida The Annual Financial Report of the Utilities Commission, City of New Smyrna Beach, I Florida, for the Fiscal Year ended September 30, 1978 is submitted herewith.

ACCOUNTING SYSTEM AND REPORTS -

The :ltilities Commission's accounting records are maintained on a full accrual basis of acceunting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received, notwithstanding i

that the receipt of the revenue or the payment of the expenditure may take place, in whole or in part, in another accounting period. Your attention is directed to the summary c f significant accounting policies in Note 1 to the Financial Statements which

< states fully the accounting practices for the presentation of the report.

- ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS The City's electric, water and pollution control systems were ccmhined into a single utilities system by Resolution No. 16-75, passed in a special meeting of the Utilities Commission of the City of New Smyrna Beach, Florida, on Mz.y 28, 1975. The Authority ,

for this resolution's adoption was made pursuant to Chapter 67-1754, Laws of Florida, Special Acts of 1967, and other applicable provisions of the Law.

As of September 30, 1978, there were 10,214 accounts being actively billed for electric l service, 6,t,76 accounts being actively billed for water services, and 5,476 accounts

being actively billed for pollution control services. These actual service totals have ,

been compared with the prior four years' average number of accounts below ELECTRIC WATER SEWER FISCAL YEAR CUSTOMERS ACCOUNTS ACCOUNTS 1974 estimated 7,684 5,100 4,325 l 1975 estimated 8,265 5,400 4,400

': 1976 estimated 8,938 5,700 4,500 1977 estimated 9,550 6,033 4,603

.; 1978 10,214 6,676 5,476 The current year's operating revenues from the combined utilities systems totaled

., $7.562 million, an increase of 7.92% over last year's $7.007 million. The amount of revenue from various sources and the increase over last year are shown in the following tabulation:

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To the Chairman and f.iembers of the Utilities Commission Page 2 INCREASE AMOUNT PER CENT OVER 1977 OPERATING REVENUE SOURCE (000's) OF TOTAL (000's)

Electric System $ 5,867 77.58% $ 480 Water System 885 11.70 25 Pollution Control System 810 10.72 50

$ 7,562 100.00% $ 555 The current year's operating expenses from the combined utilities system totaled

$6.120 million, an increase of 11.65% over last year's $5.481 million. increases in levels of expenses for the individual systems over the preceding year are shown in the following tabulation:

INCREASE AMOUNT PER CENT OVER 1977 FUNCTION (000's) OF TOTAL (000's)

Electric System $5,008 81.83% $ 480 ,

Wa ter. System 656 10.72 71 Pollution Control System 456 7.45 88

$6,120 100.00% $ 639 The current year's revenue bond coverage is presented in the following tabulation:

Operating Revenues $ 7,562,024 Interest and Other income (excluding Construction Fund Interest Earnings) 190,195 Connection Fees 218,085 Assessment Collections 2,709 Gross income I Operating Expenses income Available for Debt Service 7,973,013 5,678,847 2,294,166 Annual Debt Service Requirements 1,572,472 I Coverage 1.46 times During the yea.- $260,000 of regularly maturing revenue bonds were retired and

$95,000 in General Obligation Bonds were retired. Additions to the Electric, Water and Pollution Control Utility Plant totaled $715,105 for the year.

In July,1978 the Utilities Commission underwent an advance bond refunding with the issuance of $25,810,000 Utilities System Revenue Refunding and Improvement Certificates,-

l S2 ries 1978. One purpose of this issuance was to provide moneys to pay or refund all of the outstanding Utilities Revenue Certificates of the Commission and certain General Obligation Bonds and Revenue Certificates of the City of New Smyrna Beach issued for I

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I To the Chairman and Members of the Utilities Commission Page 3 the system payable out of revenues derived from the operation of the system. Another purpose of the issuance was to provide additional funds to finance the cost of certain acquisitions and improvements to the combined utilities system. An additional significant benefit of the Refunding Program was to eliminate or modify certain restrictive covenants established pursuant to the resolutions under which the out-standing obligations were issued and to provide the Utilities Commission with greater flexibility in financing future expansion and growth. The debt service requirements for the Utilities System Revenue Refunding and improvement Certificates, Series 1978 ,

are shown on Table ll found in the Statistical Section of this report. i INDEPENDENT AUDIT Utilities Commission Resolution No. 28-78, Section 16(G) requires an annual audit to be made of the books of account, financial records, and transactions of all administrative departments of the Utilities Commission by a Certified Public Accountant selected by the Utilities Commission. This requirement has been complied with and the auditors' opinion by the Firm of Brent Millikan, Certified Public Accountant, has been included in this report.

ACKNOWLEDGEMENTS I would like to thank you and all the members of the Utilities Commission for their interest and support in planning and conducting the financial operations of the ,

Utilities Commission in a responsible and progressive manner.

Also, I would like to commend Mr. Brent Millikan and his staff for tha courtesies shown during the audit, as well as complement the professional manner in which it was carried out.

Respectfully Submitted, b

R. Ronald Hagen, Controller l

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AUDITORS' REPORT j i

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Brent Millikan CERTIFIED PUBLIC ACCOUNTANT P. O. BOX 1226 - 205 MAGNOLIA STREET NEW SMYRNA BEACH, FLORIDA 32069 TELEPHONE 904-427-1333 Utilities Commission City of New Smyrna Beach '

New Smyrna Beach, Florida AUDITORS' REPORT We have examined the balance sheets of the Utilities Commission, City of New Smyrna Beach, as of September 30, 1978 and the related statements of revenue and expense, retained earnings, changes in financial position and other related statements and schedules listed in the foregoing table of contents for the years then ended. 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 i circumstances, in our opinion, the financial statements referred to above present fairly the financial position of the Utilities Commission, City of New Smyrna Beach at September 30, 1978 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 during the period subsequent to the change, with which we concur, made as of October 1, 1975, in the method of accounting for utility revenues as described in Note 9 to the financial statements.

The financial statements for the prior year were examined by other certified public accoun tan ts.

The accompanying supplemental schedules and related information presented on pages 40 to 53 are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. This infermation has been subjected to the tests and other auditing procedures applied in the examination of the financial statements mentioned above and, in cur opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

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New Smyrna Beach, Florida I March 19, 1979 I

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SECTION 2 FINANCIAL STATEMENTS l

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GLOSSARY OF TERMINOLOGY b FOR STATEMENT 1 THROUGH STATEMENT 4 AND SCHEDULE 1 AND SCHEDULE 2 COMBINED STATEMENTS AND SCHEDULES i

The diverse nature of a Utilities operation and the necessity of l complying with certain provisions require accounting systems unlike those commonly used by many commercial enterprises. ,

i The combined statements and schedules were prepared to allow i the user of the financial report to obtain an overview and broad i

perspective of the Utilities Commission, City of New Smyrna ^

Beach's financial position ahead of the comparable data on a more detailed basis.

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UTILITIES COMMISSION Statement 1 CITY OF NEW SMYRNA BEACH, FLORIDA BALANCE SHEET SEPTEMBER 30,1978 AND 1977 ASSETS 7978 1977 UTILITY PLANT: (Note 1)

In Service $ 28,170,106 $ 27,852,869 LESS: Allowance for Depreciation and Amortization 7,688,967 6,803,083 TOTAL UTILITY PLANT IN SERVICE $ 20,481,139 $ 21,049,786 Construction Work in Progress 611,159 510,105 TOTAL FIXED ASSETS $ 21,092,298 $ 21,559,891 RESTRICTED ASSETS:

Revenue Bond Debt Service $ 2,558,170 $ 2,182,134 Revenue Bond Renewal and Replacement Fund 121,811 252,470 Construction Funds 9,220,942 2,467,734 Customers' Deposits 369,099 265,286 TOTAL RESTRICTED ASSETS $ 12,270,022 $ 5,167,624 CURRENT ASSETS:

Cash $ 255,088 $ 526,537 Investments (Note 1) 180,000 302,354 Accounts Receivable (Net of an Allowance of $22,500 and $20,000 for Uncollectible Accounts) 553,760 428,525 Unbilled Accounts Receivable 340,107 282,276 Inventory of Materials and Supplies (Note 1) 604,213 619,658 Prepaid Expenses and Other Assets 88,479 34,553 Assessment Receivable 19,277 21,986 Due from Florida Power and Light Company _

316,621 TOTAL CURRENT ASSETS $ 2,040,924 $ 2,532,510 DEFERRED CHARGES AND OTHER ASSETS: (Note 1)

Unamortized Debt Expense $ 335,800 $ 337,284 Assessment Receivable - Non-current 2,173 2,173 Loan to the City Library Fund 28,000 32,000 TOTAL DEFERRED CHARGES AND l

OTHER ASSETS $ 365,973 371,457 l

l TOTAL ASSETS $ 35,769,217 $ 29,631,482 i

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LIABILITIES AND 1978 1977 CAPITAL 1ZATION CAPITALIZATION:

Unappropriated Retained Earnings $ 6,391,445 $ 3,937,564 Appropriated Retained Earnings:

Reserve for Revenue Bond Debt Service 2,558,170 2,182,134 TOTAL RETAINED EARNINGS $ 8,949,615 $ 6,119,698 Long-Term Debt:

Revenue Certificates Payable (Note 4) $ 25,810,000 $ 15,984,000 Water and Sewer Revenue General Revenue Obligation Refunding Bonds - Subordinated (Note 4) -

6,495,000 TOTAL LONG-TERM DEBT $ 25,810,000 $ 22,479,000 LESS: Unamortized Debt Discount 554,915 293,913 NET LONG-TERM DEBT $ 25,255,085 $ 22,185,087 Notes Payable - Less Amount Due Currently $ 547 $ 50,000 ,

TOTAL CAPITALIZATION $ 34,205,247 $ 28,354,785 CURRENT LIABILITIES (Excluding Current :

Maturities of Long-Term Debt):

Notes Payable $ 50,249 $ 50,000 Accounts Payable 530,245 439,881 Contracts Payable -

48,800 Accrued Expenses and Other Liabilities 53,834 105,189 Due to Other Governments 77,391 104,065

$ 711,719 $ 747,935 CURRENT LIABILITIES (Payable from Restricted Assets):

Accrued Revenue Bond Interest Payable 441,516 201,116 Customer Deposits 410,735 327,646 TOTAL CURRENT LIABILITIES $ 1,563,970 $ 1,276,697 TOTAL LIABILITIES AND CAPITAllZATION $ 35,769,217 $ 29,631,482 The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Statement 2 CITY OF NEW SMYRNA BEACH, FLORIDA ANALYSIS OF CHANGES IN RETAINED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30,1978 AND 1977 '

t 1978 1977 BALANCE OF RETAINED EARNINGS, AT THE BEGINNING OF THE YEAR $ 6,119,698 $ 6,161,830 ADD:

Net income (from Statement 3) 2,829,917 -

f TOTAL BALANCES AND ADDITIONS $ 8,949,615 $ 6,161,830 DEDUCT: ,

Net Loss -

( 42,132) t BALANCES OF RETAINED EARNINGS, AT THE END OF THE YEAR (to Statement 1) $ 8,949,615 $ 6,119,698 i

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The accompanying notes are an integral part of the financial statements. l 1

UTILITIES COMMISSION Statement 3 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS STATEMENT OF REVENUE AND EXPENSE I FOR THE YEAR ENDED SEPTEMBER 30, 1978 POLLUTION TOTAL ELECTRIC WATER CONTROL ALL SYSTEM SYSTEM SYSTEM SYSTEMS OPERATING REVENUES:

Sales $ 5,789,809 $ 868,313 $ 810,439 $ 7,468,561 Other Revenues 77,130 16,333 -

93,463 TOTAL OPERATING REVENUES w .,,366,939 $ 884,646 $ 810,439 $ 7,562,024 LESS: OPERATING REVENUE i DEDUCTIONS BEFORE DEPRECI ATION :

Operating Expenses:

Production Expenses $ 3,366,590 $ 283,539 $ -

$ 3,650,129 i Transmission, Distribution and Collection 471,152 71,666 259,651 802,469 Customer Accounts Expenses 117,974 69,569 18,570 206,113 Administrative and General 655,128 179,578 130,253 964,959 lI Required Payments to the City of New Smyrna Beach 341,762 51,394 47,639 440,795 State Utilities Tax 55,177 - -

55,177 l TOTAL OPERATING REVENUE DEDUCTIONS I

BEFORE DEPRECIATION $ 5,007,783 $ 655,746 $ 456,113 $ 6,119,642 NET OPERATING INCOME BEFORE DEPRECI ATION $ 859,156 $ 228,900 $ 354,326 $ 1,442,382 LESS: DEPRECIATION 615,277 136,444 100,448 852,169 NET OPERATING INCOME $ 243,879 $ 92,456 $ 253,878 $ 590,213 The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Statement 3 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2

. ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS STATEMENT OF REVENUE AND EXPENSE FOR THE YEAR ENDED SEPTEMBER 30, 1978 POLLUTION TOTAL ELECTRIC WATER CONTROL ALL SYSTEM SYSTEM SYSTEM SYSTEMS ADD: NON-OPERATING INCOME:

Interest Earnings $ 125,295 $ 47,542 $ 189,630 $ 362,467 Other income 20,905 2,613 2,613 26,131 TOTAL NON-OPERATING INCOME $ 146,200 $ 50,155 $ 192,243 $ 388,598 TOTAL INCOME $ 390,079 $ 142,611 $ 446,121 $ 978,811 LESS: NON-OPERATING EXPENSES:

Interest and Debt Expense 651,150 302,011 280,511 1,233,672 INCOME (LOSS)

BEFORE EXTRAORDINARY t ITEMS $( 261,071) $( 159,400) $ 165,610 $( 254,861)

EXTRAORDINARY ITEM:

Gain on Advance Refunding I of Bonds (Note 5) 1,443,676 863,121 777,981 3,084,778 NET INCOME (LOSS)

TO RETAINED EARNINGS

$ 1,182,605 $ 703,721 $ 943,591 $ 2,829,917 The accompanying notes are on integral part of the financial statements.

UTILITIES COMMISSION Statement 4 CITY OF NEW SMYRNA BEACH, FLORIDA COMBINED STATEMENT OF CASH BALANCES SEPTEMBER 30, 1978 UNRESTRICTED CASH $ 255,088 RESTRICTED CASH:

Revenue Bond Debt Service $ 6,943 Revenue Bond Renewal and Replacement Funds 20,905 Construction Funds 363,494 Customers' Deposits 51,236 TOTAL RESTRICTED CASH 442,578 TOTAL COMBINED CASH BALANCE $ 69i,666 BALANCES CLASSIFIED BY DEPOSITORY:

Change and Petty Cash Funds $ 1,275 Southeast Bank of New Smyrna 568,607 First National Bank of Volusia County 39,004 First Federal Savings and Loan Association of New Smyrna 16,788 I First Federal Savings and Loan Association of Mid-Florida Sun First National Bank of Orla do 16,784 16,391 l

Security First Federal Savings and Loan !

Association of New Smyrna 16,156 i Coronado Beach Bank 11,573 Atlantic National Bank of Jacksonville 6,943 Bradford Trust Company of New York 4,145 l

TOTAL BALANCES, SEPTEMBER 30, 1978 $ 697,666 l l

l The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Schedule 1 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF BONDS PAYABLE SEPTEMBER 30, 1978 1

INTEREST RATES FINAL ANNUAL AND ISSUE MATURITY SERIAL DATES DATE DATE PAYMENTS REVENUE BONDS: g:

g; Utilities System Revenue Refunding and improvement Certificates, Series 1978 5.350%(4/1; 10/1) 7/1/78 10/1/10 $ 160,000 (82) 165,000 (82) 5.450 (4/1; 10/1) 170,000 (83) 175,000 (83) 5.550 (4/1; 10/1) 175,000 (84) 180,000 (84) 5.650 (4/1; 13/1) 185,000 (85) :

195,000 (85) ;

5.750 (4/1; 10/1) 200,000 (86) !

205,000 (86) l S.900 (4/1; 10/1) 210,000 (87) ;

215,000 (87) ,

6.000 (4/1; 10/1) 220,000 (88) 230,000 (88) ;

6.100 (4/1; 10/1) 235,000 (89) l 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) I 6.350 (4/1; 10/1) 285,000 l22) 290,000 (92) i 6.400 (4/1; 10/1) 300,000 (93) 310,000 (93) 7.000 (4/1; 10/1) 320,000 (94) 330,000 (94) !

345,000 (95) 355,000 (95) 370,000 (96) 380,000 (96) 395,000 (97) 410,000 (97) l I

I l

BONDS l

AUTHORIZED ISSUED RETIRED OUTSTANDING i

l I $ 32,000,000 $ 25,810,000 $ -

$ 25,810,000 l

t I

i I

I

)

i I

l l i ;

i The accompanying notes are :an integral part of the financial statements. l l

UTILITIES COMMISSION Schedule 1 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 SCHEDULE OF BONDS PAYABLE SEPTEMBER 30, 1978 . !

INTEREST RATES FINAL ANNUAL AND ISSUE MATURITY SERIAL DATES DATE DATE PAYMENTS '

7.000 (4/1; 10/1) $ 425,000 (98) 435,000 (98) '

455,000 (99) 470,000 (99) 485,000 (00) 500,000 (00) ,

520,000 (01) ,

540,000 (01) ,

555,000 (02) j 575,000 (02) ;

595,000 (03) !

615,000 (03) 7.125 (4/1; 10/1) 640,000 (04) 660,000 (04) i 685,000 (05) '

710,000 (05) 735,000 (06) 760,000 (06) 790,000 (07) 815,000 (07) 845,000 (08) gl 875,000 (08) E!

905,000 (09) ;

940,000 (09) .

970,000 (10) 1,005,000 (10) '

t I

l i

I BONDS L L

i t

AUTHORIZED ISSUED RETIRED OUTSTANDING r

I L

r

)

i l

l 1

r i

?

k

$ 32,000,000 $ 25,810,000 $

$ 25,810,000 :

i i

i I

4 d

(I l

\ l l

The accompanying notes are on integral part of the financial statements.

l l

l

l l

UTILITIES COMMISSION Schedule 2 ,

Page 1 of 2 l CITY OF NEW SMYRNA BEACH, FLORIDA COMBINED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1978 INTEREST CERTIFICATE RATES DESCRIPTION NUMBERS ( %)

UNRESTRICTED INVESTMENTS:

Certificates of Deposit:

Southeast Bank of New Smyrna 2190 7.000 Southeast Bank of New Smyrna 12196 5.500 i Coronado Beach Bank 215 5.500 TOTAL UNRESTRICTED INVESTMENTS ,

t RESTRICTED INVESTMENTS:

REVENUE BOND DEBT SERVICE:

investment in U.S. Treasury Obligations Held by Federal Reserve book entry 7.2193 U. S. Treasury Bonds - 1978 912810B L1 6.3750 m ;i U. S. Treasury Notes - 1974 912827DY 5 7.8750 U. S. Treasury Notes - 1977 912827GQ 9 7.0000 g; U. S. Treasury Bills - 1978 -

7.3485 U. S. Treasury Bills - 1978 -

8.3226 Certificates of Deposit:

Metropolitan Bank of Tampa 12075 7.5000 City National Bank of Miami 21785 8.0000 First National Bank of Fort Lauderdale 5041 7.5000 TOTAL REVENUE BOND DEBT SERVICE REVENUE BOND RENEWAL AND REPLACEMENT FUND: :

Certificate of Deposit: '

Southeast Bank of New Smyrna 2401 7.2500 CONSTRUCTION FUNDS:

Investment in U.S. Treasury Obligations l Held by Southeast Bank of New Smyrna 5.2500 1

6.2379 -

6.6376 7.0000 7.2500 7.3232 I

I TOTAL MATURITY PAR UN AMORTIZED UNAMORTIZED BOOK I DATES VALUE PREMlUMS DISCOUNTS VALUE 02/10/79 $ 100,000 $

$ 100,000 50,000 I 12/18/78 50,000 - -

11/25/78 30,000 - -

30,000

$ 180,000 $ -

$ 180,000 I

l various $ 915,400 $ -

$ 915,400 02/15/82 315,000 -

16,055 298,945 05/15/79 100,000 134 -

100,134 ,

! 05/15/82 50,000 -

166 49,834 12/28/78 290,000 -

5,1 31 284,869 12/28/78 160,000 -

3,392 156,608 l

1 01/01/85 287,750 - -

287,750 07/01/84 250,000 - -

250,000 01/01/85 187,964 - -

187,964

,g $ 2,556,114 $ 134 $ 24,744 $ 2,531,504 I3 01/10/79 $ 100,000 $ -

$ 100,000 12/31/78 $ 120,000 $ -

$ 376 $ 119,624 12/21/78 10,000 -

140 9,860 12/28/78 15,000 -

259 14,741 various 163,000 -

1,469 161,531 1 2/31 /81' 37,000 -

265 36,735 -

12/28/78 20,000 -

343 19,657 The accompanying notes arc on integral part of the financial statements.

UTILITIES COMMISSION Schedule 2 E CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 g; COMBINED SCHEDULE OF INVESTMENTS ;

SEPTEMBER 30, 1978 ,

INTEREST CERTIFICATE RATES DESCRIPTION NUMBERS ( %)

7.3750 7.7500 7.8750 '

7.9000 8.0390 8.1250 9.0000 Certificates of Deposit:

Southeast Bank of New Smyrna 2154 7.0000 Southeast Bank of New Smyrna 2155 7.0000 Southeast Bank of New Smyrna 2159 7.0000 Southeast Bank of New Smyrna 2191 7.0000 Southeast Bank of New Smyrna 2192 7.0000 Southeast Bank of New Smyrna 2211 7.0000 Southeast Bank of New Smyrna 2212 7.0000 Southeast Bank of New Smyrna 2264 7.2500 -

Southeast Bank of New Smyrna 2265 7.2500 :

Southeast Bank of New Smyrna 2351 7.2500 Southeast Bank of New Smyrna 2352 7.2500 Southeast Bank of New Smyrna 235t 7.2500 Southeast Bank of New Smyrna 2354 7.2500 Southeast Bank of New Smyrna 2355 7.2500 Southeast Bank of New Smyrna 2356 7.2500 TOTAL CONSTRUCTION FUNDS CUSTOMERS' DEPOSITS: ..

U.S. Treasury Note - 1976 7.8750 U.S. Treasury Note - 1976 9.0000 Certificates of Deposit:

Southeast Bank of New Smyrna 2158 7.0000 First Federal Savings and Loan Association of New Smyrna 10033051 7.7500 TOTAL CUSTOMERS' DEPOSITS TOTAL RESTRICTED INVESTMENTS TOTAL COMBINED INVESTMENTS l

l l

l I

N N

l TOTAL MATURITY PAR UNAMORTIZED UNAMORTIZED BOOK DATES VALUE PREMlUL. DISCOUNTS VALUE !

02/15/81 $ 128,000 $ 149 $ -

$ 128,149 36,465 I 35,000 1,465 -

04 va/15/81 rious 131,000 2,402 -

133,402 10/30/78 3,387,823 - -

3,587,823 12/28/78 1,700,000 34,482 1,665,518 I

12/31/81 25,000 142 -

25,142 i 00/15/80 474,000 2,664 -

476,664 I 01/21/79 10/23/78 10/23/78 250,000 300,000 200,000 250,000 300,000 200,000 1

01/11/79 125,000 - -

125,000 02/18/79 125,000 - -

125,000 02/10/79 125,000 - -

125,000 03/10/79 125,000 125,000 I

04/10/79 175,000 - -

175,000 05/11/79 175,000 - -

175,000 06/27/79 125,000 - -

125,000 07/11/79 125,000 - -

125,000 08/11/79 125,000 - -

125,000 06/11/79 125,000 - -

125,000 ,

$ 8,795,823 $ 6,822 $ 37,334 $ 8,765,311 l

05/15/79 $ 40,000 $ -

$ 40,000 08/15/80 60,000 - -

60,000 01/21/79 180,000 - -

180,000 04/06/84 31,185 - -

31,185 m $ 311,185 $ -

$ 311,185 g

$11,763,122 $ 6,956 $ 62,078 $11,708,000

$11,943,122 $ 6,956 $ 62,078 $11,888,000 l l

l l

)

The accompanying notes are an integral part of the financial statements. l

)

l

GLOSSARY OF TERMINOLOGY FOR EXHIBITS A-1 THROUGH A-11 ENTERPRISE FUND ,

i Enterprise Funds are established to account for the financing of self-supporting activities which render services on a user charge basis to the general public. In the Utilities Commission, i

City of New Smyrna Beach, the Electric, Water and Pollution !

Control operations are operated as an enterprise activity. '

The significant characteristic of an Enterprise Fund is that the accounting system makes it possible to determine whether the acGvity is operated at a profit or a loss. All reports of En;2rprise Funds are self-contained. In this way, creditors, legislators, and the general public can evabsate the performance I of the enterprise on the same basis as investor-owned enterprises in the same industry, i

l l

UTILITIES COMMISSION Exhibit A-1 Page 1 ef 2 CITY OF NEW SMYRNA BEACH, FLORIDA BALANCE SHEET DETAll OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS SEPTEMBER 3(,, 1978 AND 1977 ASSETS POLLUTION ELECTRIC WATER CONTROL UTILITY PLANT:

In Service $17,083,405 $ 6,801,129 $4,285,572 LESS: Allowance for Depreciation and Amortization 5,100,058 1,317,953 1,270,956 TOTAL UTILITY PLANT $11,983,347 $ 5,483,176 $3,014,616 Construction Work in Progress 246,039 42,629 322,491 TOTAL FIXED ASSETS $12,229,386 $ 5,525,805 $3,337,107 RESTRICTED ASSETS: (from Exhibit A-10)

Revenue Bond Debt Service $ 1,197,224 $ 715,775 $ 645,171 Revenue Bond Renewal and Replacement Fund 57,007 34,083 30,721 Construction Funds 1,674,012 2,981,453 4,565,477 Customers' Deposits 295,279 55,365 18,455 TOTAL RESTRICTED ASSETS $ 3,223,522 $ 3,786,676 $5,259,824 CURRENT ASSETS:

Cash $ 155,805 $ 31,024 $ 68,259 investments -

150,000 30,000 Accounts Receivable - Net of Allowance for Uncoilectible Accounts) 462,350 46,524 44,886 Unbilled Accounts Receivable 265,013 36,725 38,369 inventory of Materials and Supplies, 555,581 43,636 4,996 Prepaid Expenses and Other Assets 57,887 20,283 10,309 Assessment Receivable - -

19,277 Dua from Florida Power and Light Company - - -

TOTAL CURRENT ASSETS $ 1,496,636 $ 328,192 $ 216,096 DEFERRED CHARGES AND OTHER ASSET 3:

Unamortized Debt Expense $ 157,154 $ 93,957 $ 84,689 Assessment Receivable - Noncurrent - -

2,173 Loan to the City Library Fund 22,400 4,200 1,400 TOTAL DEFERRED CHARGES AND OTHER ASSETS $ 179,554 $ 98,157 $ 88,262 TOTAL ASSETS $17,129,098 _$ 9,738,830 $ 8, 901,289 1

I 1978 1977 1977 COMBINED COMBINED POLLUTION SYSTEM SYSTEM ELECTRIC WATER CONTROL

$28,170,106 $27,852,869 $16,588,044 $6,920,135 $4,344,690 7,688,967 6,803,083 4,451,066 1,181,509 1,170,508

$20,481,139 $21,049,786 $12,136,978 $5,738,626 $3,174,182 611,159 510,105 269,578 -

240,527

$21,092,298 $21,559,891 $12,406,556 $5,738,626 $3,414,709

$ 2,558,170 $ 2,182,134 $ 1,309,027 $ 362,742 $ 510,365 121,811 252,470 145,974 30,244 76,252 9,220,942 2,467,734 48,988 8,100 2,410,646 369,099 265,286 212,228 39,794 13,264

$12,270,022 $ 5,167,624 $ 1,716,217 $ 440,880 $3,010,527

$ 255,088 $ 526,537 $ 378,514 $ 98,320 $ 49,703 180,000 302,354 -

175,000 127,354 553,760 428,525 347,651 44,596 36,278 340,107 282,276 218,345 32,826 31,105 604,213 619,658 568,474 46,492 4,692 88,479 34,553 20,037 7,476 7,040 19,277- 21,986 - -

21,986 316,621 316,621 - -

$ 2,040,924 $ 2,532,510 $ 1,849,642 $ 404,710 $ 278,158

$ 335,800 $ 337,284 $ 223,062 $ 64,992 $ 49,230 2,173 2,173 - -

2,173 28,000 32,000 25,600 4,800 1,600

$ 365,973 $ 371,457 $ 248,662 $ 69,792 $ 53,003

$35,769,217 $29,631,482 $16,221,077 $6,654,008 $6,756,397 l

l The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Exhibit A-1 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 BALANCE SHEET DETAIL OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS SEPTEMBER 30, 1978 AND 1977 AND l" LiABlL1 TIES CAPITALIZATION ELECTRIC WATER CONT L CAPITALIZATION:

Unappropriated Retained Earnings $ 2,860,592 $ 2,588,000 $ 942,853 Appropriated Retained Earnings:

Reserve for Revenue Bond Debt Service 1,197,224 715,775 645,171 TOTAL RETAINED EARNINGS

( from Exhibit A-2) $ 4,057,816 $ 3,303,775 $1,588,024 Long-Term Debt:

Revenue Certificates Payable $ 12,079,080 $ 7,221,638 $ 6,509,282 g Water and Sewer Revenue General g Obligation Refunding Bonds-Subordinated - - -

TOTAL LONG-TERM DEBT $12, 079,080 $ 7,221,638 $6,509,282 1 LESS: Unamortized Debt Discount ( 259,700) ( 155,265) ( 139,950)

NET LONG-TERM DEBT $11,819,380 $_7,066,373 $6,369,332 Notes Payable - Less Amount Due Currently $ 437 $ 82 $ 28 TOTAL CAPITALIZATION $15,877,633 $10,370,230 $7,957,384 CURRENT LIABILITIES (Excluding Current Maturities of Long-Term Debt):

Note Payable $ 50,200 $ 37 $ 12 Accounts Payable 472,316 29,680 28,249 Contracts Payable - - -

Accrued Expenses and Other Liabilities 44,681 5,125 4,028 Due to Other Governments 68,397 4,829 4,165

$ 635,594 5 39,671 $ 36,454 CURRENT LIABILITIES (Payable from Rastricted Assets):

Accrued Revenue Bond Interest Payable 206,630 123,536 111,350 Customer Deposits 328,588 61,610 20,537 TOTAL CURRENT LIABILITIES $ 1,170,812 $ 224,817 $ 168,341 INTERSYSTEM ACCOUNTS $ 80,653 $( 856,217) $ 775,564 TOTAL LIABILITIES AND CAPITALIZATION $17,129,098 $ 9,738,830 $8,901,289 1

1978 1977 1977 COMBINED COMBINED POLLU TION SYSTEM SYSTEM ELECTRIC WATER CONTROL

$ 6,391,445 $ 3,937,564 $ 1,566,184 $2,237,312 $ 134,068 2,558,170 2,182.134 1,309,027 362,742 510,365

$ 8,949,615 $ 6,119,698 $ 2,875,211 $2,600,054 $ 644;433

$ 25,810,000 $ 15,984,000 $ 11,905,600 $ 1,570,645 $ 2,507,755 6,495,000 -

3,695,655 2,799,345

$25,810,000 $22,479,000 $11,905,600 $5,266,300 $5,307,100

( 554,915) ( 293,913) ( 98,236) ( 111,340) ( 84,337)

$25,255,085 $22,185,087 $11,807,364 $5,154,960 $5,222,763

$ 547 $ 50,000 $ 50,000 $ -

$34,205,247 $28,354,785 $14,732,575 $7,755,014 $5,867,196 I $ 50,249 $ 50,000 $ 50,000 $ -

530,245 439,881 408,897 17,825 13,159 48,800 48,860 - -

53,834 105,189 79,650 14,715 10,824 I $

77,391 711,719 $

104,065 747,935 $

94,592 681,939 $

4,048 36,588 $

5,425 29,408 441,516 201,116 159,172 16,478 25,466 410,735 327,646 262,117 49,147 16,382

$ 1,563,970 $ 1,276,697 $ 1,103,228 $ 102,213 $ 71,256

$ 385,274 $(1,203,219) $ 817,945

$35,769,217 $29,631,482 $16,221,077 $6,654,008 $6,756,397

? The accompanying notes are on integral part of the financial statements.

UTILITIES COMMISSION Exhibit A-2 CITY OF NEW SMYRNA BEACH, FLORIDA ANALYSIS OF CHANGES IN RETAINED EARNINGS DETAll OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS FOR THE YEAR ENDED SEPTEMBER 30, 1978 AND 1977 1978 POLLUTION ELECTRIC WATER CONTROL SYSTEM SYSTEM SYSTEM BALANCE OF RETAINED EARNINGS AT THE BEGINNING OF YEAR $ 2,875,211 $ 2,600,054 $ 644,433 ADD:

Net income (from Exhibiis A-3; A-4; A-5) 1,182,605 703,721 943,59i.

TOTAL BALANCES AND ADDITIONS $ 4,057,816 $ 3,303,775 $ 1,588,024 DEDUCT:

Net Loss (from Exhibits A-4; A-5) - - -

BALANCE OF RETAINED EARNINGS AT THE END OF YEAR (to Exhibit A-1) $ 4,057,816 $ 3,303,775 $ 1,588,024 f

l I

1977 1978 1977 POLLUTION COMBINED COMBINED ELECTRIC WATER CONTROL SYSTEM SYSTEM SYSTEM SYSTEM SYSTEM

$ 6,119,698 $ 6,161,830 $ 2,586,134 $ 2,865,112 $ 710,584 2,829,917 289,077 289,077 - -

$ 8,949,615 $ 6,450,907 $ 2,875,211 $ 2,865,112 $ 710,584 ;

i 331,209 -

265,058 66,151 l

i

$ 8,949,615 $ 6,119,698 $ 2,875,211 $ 2,600,054 $ 644,433 l

l i

l l

i The accompanying notes are an integral part of the financial statements.

l UTILITIES COMMISSION Exhibit A-3 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA ELECTRIC SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL FOR THE YEARS ENDED SEPTEMBER 30, 1978 AND 1977 1978 1977 i OVER ACTUAL (UNDER) PRIOR BUDGET ACTUAL BUDGET YEAR i OPERATING REVENUES:

Electric Sales $ 5,580,000 $ 5,789,809 $ 209,809 $ 5,373,750 Other Revenues 117,000 77,130 ( 39,870) 13,350 TOTAL OPERATING REVENUES $ 5,697,000 $ 5,866,939 $ 169,939 $ 5,387,100 l LESS: OPERATING REVENUE !

DEDUCTIONS BEFORE DEPRECIATION Operating Expenses: (from Exhibit A-6)

Power Production Expenses $ 3,364,000 $ 3,366,590 $ 2,590 $ 3,209,804 Transmission and ;

Distribution 282,000 471,152 189,152 380,457 Customer Accounts Expense 120,000 117,974 ( 2,026) 115,173 Administrative and General 410,000 655,128 245,128 457,375 Required Payments to the City of New Smyrna Beach 336,000 341,762 5,762 320,867 State Utilities Tax -

55,177 55,177 44,696 TOTAL OPERATING REVENUE DEDUCTIONS BEFORE DEPRECI ATION $ 4,512,000 $ 5,007,783 $ 495,783 $ 4,528,372 NET OPERATING INCOME BEFORE DEPRECIATION $ 1,185,000 $ 859,156 $( 325,844) $ 858,728 LESS: DEPRECI ATION - 520,000 615,277 95,277 496,787 NET OPERATING INCOME $ 665, Lod $ 243,879 $( 421,121) $ 361,941 <

ADD: NON-OPERATING INCOME:

Interest Earnings $ 180,000 $ 125,295 $( 54,705) $ 202,560 -

Other Income -

20,905 20,905 28,535 Refund From Florida Power and Light Company - - -

346,957 TL 'AL NON-OPERATING INCOME $ 180,000 $ 146,200 $( 33,800) $ 578,052 The accompanying notes are an integral part of the financial statements.

UTILITIES COMMISSION Exhibit A-3 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 ELECTRIC SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED l$ND ACTUAL FOR THE YEARS ENDED SEPTEMBER .' 1978 AND 1977 1978 1977 OVER ACTUAL (UNDER) PRIOR BUDGET ACTUAL BUDGET YEAR TOTAL INCOME $ 845,000 $ 390,079 $( 454,921) $ 939,993 1.ES S : NON-OPERATING EXPENSES:

Interest and Debt Expense 758,000 651,150 ( 106,850) 650,916 INCOME (LOSS) BEFORE l EXTRAORDINARY ITEM $ 87,000 $( 261,071) $( 348,071) $ 289,077 EXTRAORDINARY ITEM:

Gain on Advance Refunding of Bonds (Note 5) -

1,443,676 1,443,676 -

NET INCOME TO RETAINED EARNINGS (to Exhibit A-2) $ 87,000 $ 1,182,605 $ 1,095.605 $ 289,077 I

l l

l The accompanying notes are on integral part of it.e financial statements.

UTILITIES COMMISSION Exhibit A-4 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA WATER SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL FOR THE YEARS ENDED CEPTEMBER 30,1978 AND 1977 I 1978 OVER (UNDER) 1977 ACTUAL PRIOR BUDGET ACTUAL BUDGET YEAR OPERATING REVENUES:

Metered Water Sales $ 821,000 $ 868,313 $ 47,313 $ 847,215 Other Revenues 60,000 16,333 ( 43,667) 12,451 TOTAL OPERATING REVENUES $ 881,000 $ 884,646 $ 3,646 $ 859,666 LESS: OPERATING REVENUE DEDUC FlONS BEFORE DEPRl!CIATION Opdating Expenses: (from Exhibit A-7)

%ater Production Expenses $ 367,000 $ 283,539 $( 83,461) $ 253,111 Transmission and Distribution 77,000 71,666 ( 5,334) 70,216 Customer Accounts Expense 60,000 69,569 9,569 69,107 Administrative and General 120,000 179,578 59,578 141,318 Required Payments to the City of New Smyrna Beach 49,000 51,394 2,394 50,670 TOTAL OPERATING REVENUE DEDUCTIONS BEFORE DEPRECIATION $ 673,000 $ 655,746 $( 17,254) $ 584,422 ,

NET OPERATING INCOME BEFORE DEPRECIATION $ 208,000 $ 228,900 $ 20,900 $ 275,244 LESS: DEPRECIATION 158,000 136,444 _ ( 21,556) 100,525 NET OPERATING INCOME $ 50,000 $ 92,456 $ 42,456 $ 174,719 ADD: NON-OPERATING INCOME: ;

interest Earnings $ 120,000 $ 47,542 $( 72,458) $ 117,866 Other income -

2,613 2,613 3,567 TOTAL NON-OPERATING I INCOME $ 120,000 $ 50,155 $( 69,845) $ 121,433 TOTAL INCOME $ 170,000 $ 142,611 $( 27,389) $ 296,152 l

l The accompanying notes are an integral part of the financial statements. ,

1 l

1

UTILITIES COMMISSION Exhibit A-4 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 WATER SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL FOR THE YEARS ENDED SEPTEMBER 30, 1978 AND 1977 1978 1977 OVER ACTUAL (UNDER) PRIOR BUDGET ACTUAL BUDGET YEAR LESS: NON-OPERATING EXPENSE:

Interest and Debt Expense $ 408,000 $ 302,011 $(105,989) $ 310,477 INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS $(238,000) $(159,400) $ 78,600 $( 14,325)

EXTRAORDINARY ITEMS:

ADD:

Gain on Advance Refunding of Bonds (Note 5 ) -

863,121 863,121 -

DEDUCT:

Loss on Advance Refunding of Revenue Bonds (Note 5 ) - - -

(250,733)

NET INCOME (LOSS)

TO RETAINED EARNINGS (to Exhibit A-2) $(238,000) $ 703,721 $ 941,721 $(265,058) t l

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The accompanying notes are on integral part of the financial statements.

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UTILITIES COMMISSION Exhibit A-5 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA POLLUTION CONTROL SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL FOR THE YEARS ENDED SEPTEMBER 30,1978 AND 1977 1978 1977 OVER ACTUAL (UNDER) PRIOR BUDGET ACTUAL BUDGET YEAR OPERATING REVENUES:

Pollution Control Service Charges $ 769,000 $ 810,439 $ 41,439 $ 759,764 LESS: OPERATING REVENUE DEDUCTIONS BEFORE DEPRECIATION: ;

Operating Expenses: (From Exhibit A-8)

Collection System Expenses $ 229,000 $ 259,651 $ 30,651 $ 212,536 Customer- Accounts Expense 15,000 18,570 3,570 16,981 Administrative and General 90,000 130,253 40,253 93,018 Required Payments to the City of New Smyrna Beach 46,000 47,639 1,639 45,651 TOTAL OPERATING REVENUE DEDUCTIONS BEFORE DEPRECIATION $ 380,000 $ 456,113 $ 76,113 $ 368,186 NET OPERATING INCOME BEFORE DEPRECIATION $ 389,000 $ 354,326 $( 34,674) $ 391,578 LESS: DEPRECI ATION 110,000 100,448 ( 9,552) 101,809 NET OPERATING INCOME $ 279,000 $ 253,878 $( 25,122) $ 289,769 ADD: NON-OPERATING INCOME:

Interest Earnings $ 120,000 $ 189,630 $ 69,630 $ 115,234 Other income -

2,613 2,61 3 3,567 Net Gain from Early Retirement of Debt - - -

3,860 TOTAL NON-OPERATING !

INCOME $ 120,000 $ 192,243 $ 72,243 $ 122,661 TOTAL INCOME $ 399,000 $ 446,121 $ 47,121 $ 412,430 l LESS: NON-OPERATING EXPENSE: l Interest and Debt Expense 399,000 280,511 (118,489) 288,659 i

The accompanying notes are an integral part of the financial statements. l

UTILITIES COMMISSION Exhibit A-5 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 POLLUTION CONTROL SYSTEM COMPARATIVE STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL E FOR THE YEARS ENDED SEPTEMBER 30, 1978 AND 1977 E

1978 1977 OVER ACTUAL (UNDER) PRIOR BUDGET ACTUAL BUDGET YEAR INCOME BEFORE EXTRAORDINARY ITEM $ -

$ 165,610 $ 165,610 $ 123,771 gEXTRAORDINARY ITEMS:

BADD:

Gain on Advance Refunding of Bonds (Note 5 ) -

777,981 777,981 -

j DEDUCT: i Loss on Advance Refunding !

of Revenue Bonds (Note 5) - - -

189,922 ,

NET INCOME (LOSS)

TO RETAINED EARNINGS i (to Exhibit A-2) $ -

$ 943,591 $ 943,591 $( 66,151) (

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l The accompanying notes are an integral part of the financial sta:ements. l I UTILITIES COMMISSION Exhibit A-6 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF OPERATING EXPENSES - ELECTRIC SYSTEM FOR THE YEAR ENDED SEPTEMBER 30, 1978 i

POWER PRODUCTION EXPENSES:

Steam Power Generation:

Operation $ 1,183,279 Maintenance 32,189 Nuclear Power Generation:

Operation 90,985 Maintenance 46,376 Diesel Power -Generation:

Operation 66,021 Maintenance 14,494 Other Power Supply Expenses:

Purchased Power 1,848,482 System Control and Load Dispatching 84,764 r TOTAL POWER PRODUCTION EXPENSES $ 3,366,590 TRANSMISSION AND DISTRIBUTION EXPENSES:

Operation $ 372,451 Maintenance 98,701 TOTAL TRANSMISSION AND DISTRIBUTION EXPENSES 471,152 CUSTOMER ACCOUNTS EXPENSES:

Operation 117,974 ;

ADMINISTRATIVE AND GENERAL EXPENSES: [

Operation $ 652,723 Maintenance 2,405 i TOTAL ADMINISTRATIVE AND r GENERAL EXPENSES 655,128 REQUIRED PAYMENTS TO THE CITY OF NEW SMYRNA BEACH 341,762 STATE UTILITIES TAX 55,177 TOTAL OPERATING EXPENSES (to Exhibit A-3) ,$ 5,007,783 The accompanying notes are on integral part of the financial statements.

I UTILITIES COMMISSION Exhibit A-7 CITY OF NEW SMYRNA BEACH, FLORIDA -

SCHEDULE OF OPERATING EXPENSES - WATER SYSTEM FOR THE YEAR ENDED SEPTEMBER 30, 1978 WATER PRODUCTION EXPENSES:

Source of Supply Expenses:

Operation $ 12,483 Maintenance 998 Pumping Expenses:

Operation 58,545 Maintenance 2,432 Water Treatment Expenses:

Operation 204,593 Maintenance 4,488 TOTAL WATER PRODUCTION EXPENSES $ 283,539 TRANSMISSION AND DISTRIBUTION EXPENSES:

Operation $ 56,666 Maintenance 15,000 TOTAL TRANSMISSION AND :

DISTRIBUTION EXPENSES 71,666 CUSTOMER ACCOUNTS EXPENSES:

Operation 69,569 ADMINISTRATIVE AND GENERAL EXPENSES:

Operation $ 178,576 Maintenance 1,002 TOTAL ADMINISTRATIVE AND GENERAL EXPENSES 179,578

, REQUIRED PAYMENTS TO THE CITY l OF NEW SMYRNA BEACH 51,394 l i TOTAL OPERATING EXPENSES i (to Exhibit A-4) $ 655,746 i

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l The accompanying notes are on integral part of the financial statements.

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UTILITIES COMMISSION Exhibit A-8 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF OPERATING EXPENSES - POLLUTION CONTROL SYSTEM FOR THE YEAR ENDED SEPTEMBER 30, 1978 COLLECTION SYSTEM EXPENSES:

Collection Expense:

Operation $ 85,678 Maintenance 16,394 Pumping Expenses:

Operation 59,757 Maintenance 3,936 Treatment and Disposal Expenses:

Operation 90,209 Maintenance 3,677 TOTAL COLLECTION SYSTEM EXPENSES $ 259,651 CUSTOMER ACCOUNTS EXPENSE:

Operation 18,570 ADMINISTRATIVE AND GENERAL EXPENSES:

Operation $ 129,652 Maintenance _

601 TOTAL ADMINISTRATIVE AND GENERAL EXPENSES 130,253 ;

REQUIRED PAYMENTS TO THE CITY OF NEW SMYRNA BEACH 47,639 TOTAL OPERATING EXPENSES (to Exhibit A-5) -

$ 456,113 l

The accompanying notes are on Integral part of the financial statements. )

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UTILITIES COMMISSION Exhibit A-9 Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA STATEMENT OF CHANGES IN FINANCIAL POSITION ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS FOR THE YEAR ENDED SEPTEMBER 30,1978 AND 1977 1978 1977 SOURCE OF FUNDS OPERATION:

Income (loss) Before Extraordinary item $( 254,861) $ 398,523 ADD: Charges to Operations Not Requiring Current Outlay of Working Capital:

Depreciation 852,169 699,121 I Amortization of Nuclear Fuel Cost Amortization of Deferred Charges 33,715 5,958 30,141 41,803

$ 636,981 $ 1,169,588 Extraordinary items - Gain (Loss)

On Advance Refunding of Bonds (Note 5) 3,084,778 ( 440,655)

Amortization Charged to Operations not Requiring Current Outlay of Working Capital -

80,655 TOTAL FI'OM OPERATIONS $ 3,721,759 $ 809,588 Proceeds from Sale of Utilities System >

Revenue Refunding and Improvement Certificates ;

and Water and Sewer Revenue General Obligation Bonds (1978 - Net of Proceeds Deposited with Escrow Agent of $17,316,481,

. Proceeds Deposited in a Restricted Asset Account of $7,938,604 and Bond Discount ,

of $554,915; 1977 - Net of Proceeds Deposited '

I with Escrow Agent of $9,840,000, Discount of $208,900 and Bond Debt Expense of

$126,690) -

269,410 Contributions in Aid of Construction 296,814 329,483 Increase in Liabilities Payable from Restricted - Assets 432,205 - '

Decrease in Restricted Assets -

2,757,109 Reduction of Loan to City Library Fund 4,000 4,000 i Other 896 52,618 !

l Decrease in Working Capital _

455,370 -

TOTAL SOURCE CF FUNDS ,f. 4,911,044 $ 4,222,208 The accompanying notes are an integral part of the financial statements.

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UTILITIES COMMISSION Exhibit A-9 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS FOR THE YEARS ENDED SEPTEMBER 30, 1978 AND 1977 1978 1977 APPLICATION OF FUNDS Restriction of Extraordinary Income $ 3,084,778 $ -

Additions to Utility Plant 715,105 3,185,683 Reduction of Long-Term Debt 405,000 334,000 increase in Restricted Assets 705,812 _

Other 349 -

Increase in Working Capital -

702,525 TOTAL APPLICATION OF FUNDS

$ 4,911,044 $ 4,222,208 INCREASE INCREASE (DECREASE) (DECREASE) ;

VARIOUS ELEMENTS OF NET INCREASE (DECREASE)

IN WORKING CAPITAL:

Cash $( 271,449) $ 299,580 investments ( 122,354) ( 59,757)

Accounts Receivable 125,235 43,433 Unbilled Accounts Receivable 57,831 14,555 Inventory of Materials and Supplies ( 15,445) 95,164 l Prepaid Expenses and Other Assets 53,926 ( 28,843)

Assessment Receivable ( 2,709) ( 9,452)

Due from Florida Power and Light Company ( 316,621) 316,621 i Noter, Payable ( 249) ( 50,000) l Accounts Payable ( 90,364) ( 99,147) l Contracts Payable 48,800 221,003 Accrued Expenses and Other Liabilities 51,355 ( 14,137) :

Due to Other Governments 26,674 ( 2G,495)

I INCREASE (DECREASE) IN <

WORKING CAPITAL $( 455,370) $ 702,525 l FINANCING AND INVESTING ACTIVITIES NOT AFFECTING WORKING CAPITAL Transfer of $1,625,108 from restricted asset account to the escrow agent as a part of the bond refunding.

Increase in the customer deposits of $83,089 and a corresponding increase in the l restricted asset account.

l The accompanying notes are on integral part of the financial statements.

UTILITIES COMMISSION Exhibit A-10 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF RESTRICTED ASSETS SEPTEMBER 30, 1978 I ELECTRIC SYSTEM WATER SYSTEM POLLUTION CONTROL SYSTEM COMBINED SYSTEM RESTRICTED ASSETS:

REVENUE BOND DEBT SERVICE:

Cash $ 3,250 $ 1,942 $ 1, 751 $ 6,943 investments (Note 1) 1,184,744 708,315 638,445 2,531,504 Accrued Interest Receivable 9,230 5,518 4,975 19,723 TOTAL REVENUE BOND DEBT SERVICE $ 1,197,224 $ 715,775 $ 645,171 $ 2,558,170 REVENUE BOND RENEWAL AND REPLACEMENT FUND:

Cash $ 9,784 $ 5,849 $ - 5,272 $ 20,905 Investments (Note 1) 46,800 27,980 25,220 100,000 Accrued Interest Receivable 423 254 229 906 I TOTAL REVENUE BOND RENEWAL AND REPLACEMENT FUND $ 57,007 $ 34,083 $ 30,721 $ 121,811 CONSTRUCTION FUNDS:

Cash $ 81,529 $ 145,205 $ 136,760 $ 363,494 investments (Note 1) 1,582,016 2,817,605 4,365,690 8,765,311 Accrued Interest Receivable 10,467 18,643 63,027 92,137 l

l TOTAL CONSTRUCTION i FUNDS $ 1,674,012 $ 2,981,453 $ 4,565,477 $ 9,220,942 l

CUSTOMERS' DEPOSITS:

Cash $ 40,989 $ 7,685 $ 2,562 $ 51,236 Investments (Note 1) 248,948 46,678 15,559 311,185 Accrued Interest Receivable 5,342 1,002 334 6,678 TOTAL CUSTOMERS' l DEPOSITS $ 295,279 $ 55,365 $ 18,455 $ 369,099 TOTAL RESTRICTED ASSETS (to Exhibit A-1) $ 3,223,522 $ 3,786,676 $ 5,259,824 $ 12,270,022 The accompanying notes are an integral part of the financial statements,

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i UTILITIES COMMISSION Exhibit A-11 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION DETAll OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS FOR THE YEAR ENDED SEPTEMBER 30, 1978 ASSETS BALANCES BALANCES (BEGINNING (END OF YEAR) ADDITIONS DEDUCTIONS OF YEAR)

Electric Utility Plant in Service $16,588,044 $528,774 $ 33,413 $17,083,405 Water Utility Plant in Service 6,920,135 65,619 184,625 6,801,129 Pollution Control Plant in Service 4,344,690 19,658 78,776 4,285,572 TOTAL PLANT IN SERVICE $27,852,869 $614,051 $296,814 $28,170,106 Construction Work in Progress:

Electric System $ 269,578 $ 25,261 $ 48,800 $ 246,039 Water System -

42,629 -

42,629 Pollution Control System 240,527 81,964 -

322,491 TOTAL CONSTRUCTION WORK IN PROGRESS $ 510,105 $149,854 $ 48,800 $ 611,159 TOTAL FIXED ASSETS $28,362,974 $763,905 $345,614 $28,781,265 :

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I ALLOWANCE FOR DEPRECIATION NUCLEAR FUEL AMORTIZATION BALANCES AND BALANCES (BEGINNING DEPRECIATION (END NET ASSET OF YEAR) TAKEN OF YEAR) VALUE

$4,451,066 $ 648,991 $5,100,058 $11,983,347 1,181,509 136,444 1,317,953 5,483,176 1,170,508 100,448 1,270,956 3,014,616

$6,803,083 $ 885,884 $7,688,967 $20,481,139 l

$ 246,039 42,629 322,491

$ 611,159 i

$6,803,083 $ 885,884 $7,688,967 $21,092,298 I

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The accompanying notes are on integral part of the financial statements.

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l I NOTES TO THE FINANCIAL STATEMENTS I

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UTILITIES COMMISSION Page 1 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS i SEPTEMBER 30, 1978 l

1. The following is a summary of the significant accounting policies of the Utilities Commission, City of New Smyrna Beach, Florida FINANCIAL STATEMENTS:

The Financial Statements of the Utilities Commission reflect the combination of

the Electric, Water and Pollution Control Operations into an enterprise fund.

The full accrual basis of accounting is utilized.

UTILITY PLANT The Utility Plant is stated at original cost and is being depreciated using the straight-line method of depreciation over the assets estimated useful lives. ,

The estimated useful lives are as follows: !

Electric System:

~ Production Plant:

Steam Production 20-35 years '

Nuclear Production 40 years Diesel Production 25-35 years ,

Transmission Plant 24-33 years ;

Distribution Plant: i Underground Conduit 60 years '

Other Distribution Plant 19-33 years General Plant:

Structures and improvements 50 years i Other General Plant 10-36 years Water System:

Source of Supply Plant 50 years Pumping Plant 25-33 years Water Treatment Plant 50 , years Transmission and Distribution Plant:

Transmission and Distribution Plant 50-67 years Meters and Meter Installations 25 years General Plant:

Structures and improvements 50 years Other General Plant 6-25 yea rs ;

Pollution Control System:

Collection Plant 25-50 years Pumping Plant i I Structures and Improvements Pumping Equipment Treatment and Disposal Plant 50 25 25 years years years l

General Plant 10-12 years l ;

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UTILITIES COMMISSION Page 2 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978 CONTRIBUTIONS IN AlD OF CONSTRUCTION Contributions in aid of electric plant construction have been credited to the electric plant accounts in accordance with accepted industry practice established by the Federal Energy Regulatory Commission (formerly the Federal Power .

Commission) . Water and Pollution control contributions in aid of construction, including connection fees and tap charges, are also treated as reductions to plant accounts. The following is a summary of the contributions credited to the Fixed Asset Accounts: CONTRIBUTIONS I UTILITY PLANT IN SERVICE ORIGINAL COST IN AlD TO CONSTRUCTION NET COST ,

Electric $ 17,179,058 $ 95,653 $ 17,083,405 Water 7,330,614 529,485 6,801,129 Sewer 4,661,653 376,081 4,285,572 TOTAL $ 29,171,325 $ 1,001,219 _$ 28,170,106 INVESTMENTS Investments are stated at amortized cost.

INVENTORY OF MATERIALS AND SUPPLIES The inventory is priced at cost by the use of the "first-in, first-out" method of accounting.

Electric line transformers, electric meters, water meters and replacement units for the steam and diesel generating plants, are classified as utility plant in accordance with accepted industry practices set forth by the National Association of Regulatory Utility Commission.

DEFERRED CHARGES Costs relating to the issuance of Utilities Revenue Certificates and the Water and Sewer Revenue General Obligation Refunding Bonds are being amortized using the bonds outstanding method.

2. REQUIRED PAYMENT TO THE CITY OF NEW SMYRNA BEACH, FLORIDA The legislation that created the Utilities Commission requires the Commission to pay to the general fund of the City of New Smyrna Beach a sum equal to six per cent (6%) of the gross revenues from utilities under Commission control.

This payment is subordinate to the debt service requirement of all utilities revenue certificates and bonds.

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UTILITIES COMMISSION Page 3 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978

3. PENSION PLAN The Utilities Commission has provided for the participation of its employees in the Florida Retirement System which is administered by the State of Florida.

Contributions to the plan are 9% of each employee's gross wages and are required to be paid 100% by the Commission. In September 1974, the Commission approved funding up to 10 years past service (between January 1,1962 and January 1, 1972) for all then present employees. Pension expense for the years ended September 30,1978 and 1977 was $136,147 and $109,830 respectively, which includes amortization of past service costs over a period of 15 years.

4. LONG-TERM DEBT Revenue certificates / bond outstanding at September 30, are as follows:

Water Works and Electric: 1978 1977 Series 1955 - 3.75% due 1993 Outstanding Principal $1,113,000 Less Amounts to be Retired by Trustee (1,113,000) $ -

$ 1,139,000 Series 1962 Refunding - 3.5%

<E Due serially to 1987 and g $35,000 in 1999 Outstanding Principal $ 633,000 Less Amounts to be . Retired by Trustee ( 633,000) -

673,000 Serial 1962 - 3. 9% to 4.2%

I Due serially to 2000 Outstanding Principal Less Amounts to be Retired

$2,100,000 by Trustee (2,100,000) -

2,150,000 Serial 1965 - 4. 2% and 4. 25%

Due serially to 2004 Outstanding Principal $2,150,000 Less Amounts to be Retired j by Trustee (2,150,000) -

2,170,000 TOTAL WATER AND ELECTRIC $ -

$ 6,132,000 as

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UTILITIES COMMISSION Pags 4 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978

4. LONG-TERM DEBT (continued) 1978 1977 Sewer:

Series S - 1963 - 3.9% due serially to 2002 Outstanding Principal $ 495,000 Less Amounts to be Retired by Trustee ( 495,000) $ -

$ 510,000 Series T - 1963 - 4.0% due 2003 Outstanding Principal $1,088,000 Less Amount to be Retired by Trustee (1,088,000) -

1,097,000 Series B - 1965 - 3.7% to 4.1% due serially to 2003 Outstanding Principal $ 605,000 Less Amounts to be Retired by Trustee ( 605,000) -

640,000 TOTAL SEWER $ -

$ 2,247,000 Utilities:

Series 1975 - 3.75% to 6.2% due I serially to 2004 Outstanding Principal $2,970,000 Less Amounts to be Retired by Trustee (2,970,000) $ -

$ 3,000,000 Series 1975A - 5.0% to 6.6% due serially to 2005 Outstanding Principal $3,925,000 Less Amounts to be Retired by Trustee (3,925,000) -

4,000,000 Series 1976 - 4.5% to C.3% due serially to 1986 Outstanding Principal $ 570,000 Less Amounts to be Retired I by Trustee ( 570,000) -

605,000 TOTAL UTILITIES $ -

$ 7,605,000 l i

Water and Sewer Revenue General Obligation Bonds:

Series 1974 - 7.2% to 7.5% due I serially to 2004 Outstanding Principal $6,400,000 j Less Amounts to be Retired I by Trustee (6,400,000) $

$ - l

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I UTILITIES COMMISSION Page 5 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978 1978 1977

4. LONG-TERM DEBT (continued)

Series 1976 - 4.5% to 6.2% due serially to 2001 Outstanding Principal $6,400,000 ,

Less Amounts to be Retired 4 by Trustee (6,400,000) $

$ 6,495,000 [

TOTAL $ -

$22,479,000 The Utilities Commission (originally the City of New Smyrna Beach) has issued Waterworks and Electric Revenue Certificates and Sewer Revenue Certificates.

I These certificates and the coupons appertaining thereto are payable from and secured by a lien on the net revenues derived from the operations of the water-works and electric systems and the sewer (pollution control) system, respectively.

The principal and interest on the Sewer Revenue Certificates are also, to the extent necessary, payable from the proceeds of the special assessments levied against all property specially benefited by the construction and the authorized projects, the proceeds of the cigarette tax and, for the 1965 issue only, the utilities services taxes levied by the City. ,

The pledge of the net revenues derived from the operation of the sewer system for the 1965 issue of Sewer Revenue Certificates is subject to the prior payment of all payments required to be made for the benefit of the outstanding Sewer Revenue Certificates of the 1963 issue.

I in accordance with the authorizing resolution for the 1963 issue of Sewer Revenue Certificates, the Commission makes deposits into the Special Redemption Fund for that issue in relatively equal annual amounts so as to provide for the payment of principal and interest of all outstanding 1963 Sewer Revenue Certificates by their stated maturity dates. As funds become available in the Special Redemption Fund, Series T certificates (maturing in 2003) are redeemed.

The Utilities Revenue Certificates are payable from and secured by a lien upon and pledge of the net revenues derived from the electric, water and pollution control operations. The lien on the revenues by these certificates is junior, subordinate and inferior to the liens of the outstanding Waterworks and Electric Revenue Certificates and the outstanding Sewer Revenue Certificates.

The authorizations for the Utilities Revenue Certificates provide that the Utilities Commission will not issue additional obligations that relate to the resolutions authorizing the outstanding Waterworks and Electric Revenue Certificates and Sewer Revenue Certificates.

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l UTILITIES COMMISSION Page 6 of 9 I CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978 l

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4. LONG-TERM DEBT (continued)

The Water and Sewer Revenue General Obligation Bonds issued by the City of l New Smyrna Beach with the concurrence of the Utilities Commission, are payable i from and secured by a lien on the revenues derived from the operation of the I water and sewer (pollution coqtroll systems. This lien is junior, inferior and subordinate to the lien of the holders of any and all bonds or other obligations now outstanding or hereafter ta be issued and outstanding and payable from ;

such revenues. The levying of ad valorem taxes by the City will not be l necessary unless such revenues from the water and sewer systems are not i sufficient to make the required payments as provided for in the authorizing l resolution i in Decernber 1976, the City and the Utilities Commission, provided for the advance l refunding of the Series 1974 Wa:er and Sewer Revenue General Obligation Bonds (Refunded Bonds) by the sale c.f $6,580,000 Water and Sewer Revenue General Obligation Refunding Bonds Series 1976, $3,260,000 Special Refunding Revenue Bonds Series 1976A and $605 000 Utilities Revenue Refunding Certificate Series I 1976. From the proceeds of the sale of the three issues, sufficient monies were deposited into an irrevocable escrow account, to be invested in United States obligations that, toge'!.er with the interest earned thereon, will Provide sufficient funds for the paymont of maturing principal and interest on the U76A Series I Bonds, principal arid interest on the Refunded Bonds (Series 1974) through July 1,1984 and the $5,725,000 outstanding principal at July 1, 1984 and call premium on the Refunded Bonds. In accordance with the provisions of the i Authorizing Resolution, the Refunded Bonds will be called for redemption and ;

payment on July 1,1984 at a call premium of $171,750. The Refunded Bonds are treated as extinguished debts in the accompanying financial statements as I explained in Note 5. Although the principal and interest requirements of the Refunded Bonds are provided for currently, the bond holders still have a claim on the net revenues of the water and sewer system on a par with the Series i

1976 Bonds.

On August 29, 1978, the Utilities Commission, provided for the advance refunding of the following revenue bonds which will be referred to thereafter as refunded revenue bonds:

Waterworks and Electric:

Series 1955 - 3.75% due serially to 1993 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 7 Series 1965 - 4.2% and 4.25% due serially to 2004 r lI Sewer:

Series S - 1963 - 3.9% due serially to 2002 Series T - 1963 - 4.0% due in 2003 Series B - 1965 - 3.7% to 4.1% due serially to 2003 1

I UTILITIES COMMISSION I

Page 7 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA .

NOTES TO THE FINANCIAL STATEMENTS l SEPTEMBER 30, 1978

4. LONG-TERM DEBT (continued) i Utilities:

Series 1975 - 3.75% to 6.2% due serially to 2004 Series 1975A - 5.0% to 6.6% due serially to 2005 Series 1976 - 4.5% to 5.3% due serially to 1986 ;

Water and Sewer Revenue General Obligation Bonds:

Series 1976 - 4.5% to 6.2% due serially to 2001 The refunding of the refunded Revenue Bonds was provided for by the sale of

$25,810,000 Utilities System Revenue Refunding and improvement Certificates Series 1978 and $22,335,000 Special Obligation Certificates Series 1978. From the proceeds of the sale of the two issues, sufficient monies were deposited into an irrevocable escrow account to be ir. rested in United States obligations that, together with the interest earred t'tereon, will provide sufficient funds for the payment of maturing principal and interest on the refunding revenue 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 fund, an amount which equaled the maximum annual debt service requirement and provided over six million dollars for the acquisition, construction, additions, and improvements to the utility system. The refunding revenue bonds are treated as extinguished debts in the accompanying financial statements as explained in note 5. The debt service of the utilities system revenue refunding and improvements certificates is funded monthly from the operating account by paying one-sixth of all interest coming due on certificates on the next semi-annual interest payment date and one-sixth or one-twelfth of all principal maturing on the serial certificate on the next semi-annual or annual maturity date. The utilities system revenue refunding and improvement certificates series 1978 resolution provides that the certificates shall be secured forthwith equally and ratably by the first lien on and a pledge of the net revenues of the system.

In accordance with generally accepted accounting principles the $22,335,000 special obligation certificates, Series 1978 which was issued as a part of the advance refunding is not a liability of the Utilities Commission because the interest and principal payments will be serviced by the First National Bank of Florida, Tampa, [

Florida, from the earnings and proceeds of the advance refunding which were placed in irrevocable trust funds.

5. EXTRAORDINARY ITEMS:

in connection with the December,1976 advance refunding of the Series 1974 Water and Sewer Revenue General Obligation Bonds explained in Note 4, a loss was

recognized in accordance with generally accepted accounting principles. Although there is no provision for legal defeasance, from a practical standpoint there has been a quasi-defeasance since the escrow account described in Note 4 is sufficient in amount so that operating revenues will not be needed to meet debt service requirements of the Series 1974 Bonds. Accordingly, the transaction has been '

recognized as a completed refinancing.

I The recorded loss of $440,655 was computed as follows:

l UTILITIES COMMISSION Page 8 of 9 CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1978

5. EXTRAORDINARY ITEMS: (continued)

New securities issued:

Series 1976 Water and Sewer Revenue General Obligation Refunding Bonds $6,580,000 Series 1976 Utilities Revenue Refunding Certificates 605,000

$7,185,000 Less discount and issue costs of new issue to be amortized over the life of the new issue 245,000

$6,940,000 Net carrying amount of refunded debt $6,580,000 Less unamortized discount and issue costs 80,655 6,499,345 LOSS ON ADVANCE REFUNDING OF BONDS $ 440,655 In connection with the August 29, 1978, advance refunding of the revenue certificates / bonds (refunded bonds) explained in note 4, a gain was recognized in accordance with generally accepted accounting principles.

Although there is no provision for legal defeasance, from a practical standpoint there has been a quasi-defcasance since the escrow account described in Note 4 is sufficient in amount so that operating revenues will not be needed to meet debt service requirements of the refunded revenue bonds. Accordingly, the transaction has been recognized as a completed refinancing.

The recorded gain of $3,084,778 was computed as follows:

New Securities issued:

Portion of Series,1978 Utilities System Revenue Refunding and Improvement Certificates which i were allocated to the refunding debt $ 19,273,831 Less the portion of the discount and issue costs of the new issue which were allocated to the refunding debt and will be amortized over the life of the new issue 668,042

$ 18,605,789 Carrying amount of the refunded debt including the accrued interest $22,315,805 Less unamortized discount and

@q issue costs 625,238 21,690,567 l GAIN ON ADVANCE REFUNDING OF BONDS $ 3,084,778 1

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UTILITIES COMMISSION Page 9 of 9 I CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS SEPTEMBER 30, 1978 I 6. CONTINGENT LIABILITIES The Utilities Commission is engaged in 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 to perform its operations or materially affect the financial condition of the utilities System.

7. CONSTRUCTION WORK IN PROGRESS September 30, 1978, construction work in progress consisted, for the most part, of engineering and planning costs in connection with the expansion of the pollution control (sewer) plant and the construction of new sewers to serve areas presently without service. This is estimated to cost approximately

$5,330,000 with $3,300,000 being funded by grants from the Environmental Protection Agency. The electric system construction work in progress consisted for the most part of construction which was substantially completed but not yet placed in service.

8. REFUND FROM FLORIDA POWER AND LIGHT COMPANY During the year ended September 30,1977 the Federal Power Commission issued a ruling on the wholesale rates of Florida Power f, Light Company which apply I to the Commission. As a result of this ruling the Commission recorded refunds amounting to $516,242. Of this amount, $169,285 was credited against current The remaining $346,957 relates to amounts paid in prior operating expenses.

years.

9. CHANGE IN ACCOUNTING METHOD Effective October 1,1975, the Utilities Commission began accruing unbilled utility revenues so as to provide a better matching of service revenues and the cost of providing the service. The change to the accrual method had the effect of increasing income before the cumulative effect of the change for the year ended September 30, 1976, by $44,819. The adjustment of $206,902 represents the retroactive cumulative effect as of September 30, 1975, of the new method of accounting net of the required payments to the City. This amount is included in income for 1976. l i

10. VACATION AND SICK LEAVE l It is the Utilities Commission policy to grant employees vacation leave and sick leave. As of September 30,1978 the Utilities Commission has a potential l committment for vacation and sick pay of $235,056.59.

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i SECTION 3 STATISTICAL SECTION i

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TABLEI UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF REVENUE BOND COVERAGE LAST FIVE FISCAL YEARS (000's OMITTED)

NET REVENUE AVAILABLE DEBT SERVICE REQUIREMENTS FISCAL GROSS FOR DEBT YEAR REVENUE EXPENSES SERVICE PRINCIPAL INTEREST TOTAL COVERAGE ,

1974* $ 4,818 $ 3,191 $ 1,627 $ 249 $ 376 $ 625 2.60x 1975 5,665 3,718 1,947 469 566 1,035 1.88x 1976 6,677 4,416 2,261 348 1,014 1,362 1.66x 1977 7,869 5,064 2,805 334 877 1,211 2.32x 1978 7,973 5,679 2,294 355 1,217 1,572 1.46x ,

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The Utilities Commission, City of New Smyrna Beach, Florida, was established as an enterprise fund on October 1, 1973. .

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TABLE 11 UTILITIES COMMISSION Page 1 of 2 CITY OF NEW SMYRNA BEACH, FLORIDA DEBT SERVICE REQUIREMENTS TO MATURITY UTILITIES SYSTEM REVENUE REFUNDING AND IMPROVEMENT CERT!'ICATES SERIES 1978 PAYMENT COUPON TOTAL DATE PRINCIPAL RATE INTEREST REQUIREMENTS 04/1/79 $ 1,324,550 $ 1,324,550 10/1/79 883,033 883,033 '

04/1/80 883,033 883,033 10/1/80 883,033 883,033 04/1/81 883,033 883,033 1 0/1 /81 883,033 883,033 04/1/82 $ 160,000 5.350% 883,033 1,043,033 10/1/82 165,000 5.350 878,753 1,043,753 04/1/83 170,000 5.450 874,339 1,044,339 10/1/83 175,000 5.450 869,707 1,044,707 04/1/84 175,000 5,550 864,938 1,039,938 10/1/84 180,000 5.550 860,082 1,040,082 04/1/85 185,000 5.650 855,087 1,040,087 10/1/85 195,000 5.650 849,861 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 l 04/1/87 210,000 5.900 832,708 1,042,708 ,

10/1/87 215,000 5.900 826,513 1,041,513 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 04/1 /91 265,000 6.300 776,221 1,041,221 ,

1 0/1 /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 6.400 740,954 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 l

I 10/1/95 04/1/96 10/1/96 355,000 370,000 380,000 7.000 7.000 7.000 686,609 674,184 661,234 1,041,609 1,044,184 1,041,234 l 04/1/97 395,000 7.000 647,934 1,042,934 10/1/97 410,000 7.000 634,109 1,044,109 l 04/1/98 425,000 7.000 619,759 1,044,759 l 10/1/98 435,000 7.000 604,884 1,039,884 I

TABLE 11 Page 2 of 2 UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA DEBT SERVICE REQUIREMENTS TO MATURITY UTILITIES SYSTEM REVENUE REFUNDING AND IMPROVEMENT CERTIFICATES SERIES 1978 PAYMENT COUPON TOTAL DATE PRINCIPAL RATE INTEREST REQUIREMENTS 04/1/99 $ 455,000 7.000% $ 589,659 $ 1,044,659 10/1/99 470,000 7.000 573,734 1,043,734 04/1/00 485,000 7.000 557,284 1,042,284 10/1/00 500,000 7.000 540,309 1,040,309 04/1/01 520,000 7.000 522,809 1,042,809 1 0/1/01 540,000 7.000 504,609 1,044,609 04/1/02 555,000 7.000 485,709 1,040,709 10/1/02 575,000 7.000 466,285 1,041,285 04/1/03 595,000 7.000 446,160 1,041,160 10/1/03 615,000 7.000 425,335 1,040,335 04/1/04 640,003 7.125 403,810 1,043,810 10/1/04 660,000 7.125 381,010 1,041,010 04/1/05 685,000 7.125 357,497 1,042,497 10/1/05 710,000 7.125 333,094 1,043,094 04/1/06 735,000 7.125 307,800 1,042,800 10/1/06 760,000 7.125 281,616 1,041,616 04/1/07 790,000 7.125 254,541 1,044,541 10/1/07 815,000 7.125 226,397 1,041,397 04/1/08 845,000 7.125 197,363 1,042,363 10/1/08 875,000 7.125 167,259 1,042,259 04/1/09 905,000 7.125 136,088 1,041,088 10/1/09 940,000 7.125 103,847 1,043,847 04/1/10 970,000 7.125 70,359 1,040,359 10/1/10 1,005,000 7.125 35,803 1,040,803

$ 25,810,000 $ 40,387,135 $ 66,197,135 I

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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA '

SCHEDULE OF INSURANCE IN FORCE SEPTEMBER 30, 1978 i TYPE OF COVERAGE AND POLICY POLICY PERIOD '

NAME OF INSURING COMPANY NUMBER FROM TO GENERAL PROPERTY AND LIABILITY Continental Insurance Company CBP 700982 5/1/78 5/1 /81 I;

COMPREHENSIVE GENERAL LIABILITY Continental insurance Company CBP 700982 5/1/78 5/1 /81 i

i COMPREHENSIVE AUTO LIABILITY Continental Insurance Company CBP 700982 3/1/78 5/1/81

DETAILS OF COVERAGE LI ABILITY LIMITS Blanket coverage, utility machinery including pumps, motors, air conditioners, equipment, etc. 90% co-insurance, maximum $7,973,955 Building and Contents Disappearing Deductible $1,000 Boiler and Machinery (steam fired, internal combustion, and electrical generators ) Deductible $10,000 Boiler and Machinery (unfired, other) Deductible $ 1,000 Covers all sums which the insured shall become legally obligated to pay as damages Bodily injury: $300,000 each person

$300,000 aggregate Property Damage: $ 25,000 each person ,

$ 25,000 aggregate Personal injury Liability insurance $100,000 Aggregate, Insured's participation 25%

Contractual Uability Blanket Coverage Bodily injury: $300,000 each occurrence I Property Damage: $ 25,000 each occurrence

$ 25,000 aggregate Comprehensive Auto Liability arising Bodily injury: $100,000 each person from use of any motor vehicle $300,000 each occurrence i Property Damage: $ 25,000 each ;

occurrence l Fleet Automatic-Auto Physical Damage Any one covered auto $25,000 l All covered autos-l one location $100,000 ;

l All covered autos- $100,000 j l Uninsured Motorists Bodily injury: $ 10,000 each person

$ 20,000 each l accident !

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TABLE Ill Page 2 of 2 UTILITIES COMMISSION

CITY OF NEW SMYRNA BEACH, FLORIDA l

SCHEDULE OF INSURANCE IN FORCE SEPTEMBER 30, 1978 TYPE OF COVERAGE AND POLICY POLICY PERIOD t

NAME OF INSURING COMPANY NUMBER FROM TO WORKMEN'S COMPENSATION Continental Insurance Company WC 62123t40 5/1/78 5/1/79 COMPREHENSIVE CRIME Continental Insurance Company CBP 700982 5/1/78 5/1 /81 PUBLIC EMPLOYEE HONESTY BLANKET BOND Continental Insurance Company CBP 700982 5/1/78 5/1/81 i

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DETAILS OF COVERAGE LI ABILITY LIMITS Workmen's Compensation Statutory Coverage Employer Liability $100,000 i

Money, securities, checks other tnan $ 7,500 inside premises payroll checks and other property $ 7,500 outside premises t

Employee dishonesty blanket l position coverage. Personnel covered. ;

Utilitics Director $ 25,000

.9 nance Director / Controller $ 20,000 !

Bookkeepers,2 at $ 20,000 each l Chief Clerk $ 15,000 l

Payroll Officer $ 10,000 i Billing Clerks, 6 at $ 2,000 l C & D Clerk $ 2,000 i Meter C & D $ 2,000 .

Cashier $ 2,000 !

Lineman $ 2,000 I

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TABLE IV UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA l

TEN OF THE LARGEST WATER CUSTOMERS AND THEIR ASSOCI ATED SEWER BILLINGS SEPTEMBER 30, 1978 YEARLY USAGE YEARLY POLLUTION (000) GALLONS WATER CONTROL W. E. Swoope - Steam Plant 16,243 $ 7,628 $ -

Islander Beach Lodge 9,496 6,585 5,772 Fish Memorial Hospital 8,909 4,573 4,116 ;

Florida East Coast Railroad 4,703 2,711 -

Oceanview Restorium ?.995 2,811 2,530 Chisholm 7th Grade Center 2,922 1,816 1,562 Chateau by the Sea - Pool & Sprinkler 2,622 1,581 -

Rinker Materials Corp. 2,217 2,393 -

Indian River Shopping Center 2,054 1,605 1,448 A.P. Stedman Laundry 1,945 1,283 1, 031 '

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TABLE V UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA TEN OF THE LARGEST ELECTRIC CUSTOMERS AND THEIR TOTAL KILOWATT HOUR SALES FOR YEAR SEPTEMBER 30, 1978 K ILOWATT HOUR SALES Publix 'Jupermarket 2,708,640 '

Fish hemorial Hospital 2,543,705 i

Pant y Pride Grocery 1,960,840 Islander Beach Lodge 1,786,560 Winn Dixie Grocery 1,424,000 ,

Leonard's Grocery Boy 1,080,640 ,

Smith Street Water Plant 736,000 ,

Florida East Coast Railroad 657,100 '

Clencoe Road Water Plant 637,440 '

Pollution Control Plant 557,680 I

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TABLE VI Page 1 of 4 UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA GENERAL UTILITIES COMMISSION INFORMATION THE COMMISSION The Commission was created 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 New Smyrna Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach. This Special Act was approved by a referendum vote of the people, and the Commission was established.

Pursuant to Chapter 67-1754, the Commission has full and exclusive authority to the extent permitted by law over the management, operation and control of the City's utilities.

The Commission consists of five members who are appointed by the City Commission for terms of five years. Members are paid a salary of $100 each month. Officers of the Commission consist of a chairman, vice-chairman, secretary-treasurer and assistant secretary-treasurer elected by and from the membership which also appoints a Director of Utilities. The Commission has the power and duty to fix rates anc' the power to sell revenue certificates. All revenue certificates issued by the Corrmission are obligations of the Commission. The Commission has no power to pledge the full faith and credit of the City of New Smyrna Beach.

The current members of the Utilities Commission are:

Nathan R. Haworth, Chairman (Term expires September, 1979)

Mr. Haworth is a retired educator and held the position of Superintendent of schools in both Georgia and Alabama. He is also a formerCity Commissioner of Elbertc,n, Georgia.

James A. Pence, Vice-Chairman (Term expires September,1981)

Mr. Pence has over thirty years experience in the public utilities ' field with a nation-wide telecommunications common carrier Western Union. He is President of the '

Republican Club for Southeast Volusia County and Vice-Chairman of the President's Forum of the Republican Clubs of Volusia County.

Barbara L. Bidwell, Secretary-Treasurer (Term expires September,1980)

Mrs. Bidwell was formerly with the State of lilinois, Division of Unemployment ,

Compensation, and has other wide business experience. She currently serves as a member of the American Public Power Association Legislative Committee, Florida Municipal Utilities Association Legislative Committee and is Chairman of the Planning I Committee of the Florida Municipal Power Agency.

TABLE VI Page 2 of 4 UTILITES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA CENERAL UTILITIES COMMISSION INFORMATION Dennis D. Higginbotham, Assistant Secretary-Treasurer (Term expires September,1982)

Mr. Higginbotham holds a degree in Business Administration from Auburn University and was associated with Chevrolet Motor Division of General Motors Corporation for over 12 years while serving in various managerial and executive positions.

Richard M. Canfield, Commissioner (Term expires September,1983)

Mr. Canfield holds a Bachelors of Science Degree in Business Administration from the Wharton School of Finance and Commerce, University of Pennsylvania and a Masters Degree from tu University of Miami and has over fourteen years of experience in teaching, business and finance. Prior to being appointed as a member of the Utilities Commission, Mr. Canfield held the position of Director of Finance of the Utilities Commission from April 1975 to March 1977.

B. W. Wait, Ill, P.E. , Director of Utilities Mr. Wait holds a Bachelor of Electrical Engineering Degree from the University of I Florida and is a Registered Professional Engineer in Florida, Alabama, North Carolina and Virginia, with over twenty years experience in investor owned and municipal utility systems, including consulting, planning design, financing and management !

activities. He is currently a Southeastern Electric Reliability Council Representative and a member of the American Public Power Association Power Supply Planning Committee.

ELECTRIC SYSTEM The Commission owns, operates, and maintains an electric generation, transmission, and d'stribution system that supplies electric power to its customers both inside and out-side the City limits. The municipal electric system has been serving the electrical energy requirements of its customers since 1920 when the first diesel generating units were installed.

The Commission owns and operates two generating plants. The W. E. Swoope Steam Plant with a nameplate capability of 7500 kW which is located north of the downtown area on the intracoastal Waterway and a diesel plant having a total nameplace ca,_ ability fo 13,440 kW consisting of six low speed units and three mobile peaking i units. The Commission owns a 0.56% undivided interest in Crystal River Nuclear '

Unit No.3 ("CR-3") which has a current net seasonal winter and summer capability of 812 MW and 797 MW, respectively. Florida Power Corporation operates CR-3 on behalf ;

of itself, the Commission, and the other participants under a participation agreement j pursuant to which the Commission is required to pay its proportional share of all ,

costs associated with CR-3 and is entitled to receive its proportional share of the l output. l I On July 31, 1975 the Commission purchased its undivided ownership share of CR-3; end in December,1975 it concluded negotiations with FPf,L for a 115 kV interconnection and an interchange agreement.

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TABLE VI Page 3 of 4 UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA GENERAL UTILITIES COMMISSION INFORMATION The Commission has operated an Energy Control Center since April,1977 which is staffed at all times by trained power coordinators who schedule the economic loading of .

the generating units and the interchange of power over the tie line, including commit-ments for the Commission's share of CR-3. Telemetering of tie line energy is provided along with " hot line" voice communication and teletype circuits to all major power system - ,

control centers in the State of Florida.

The Electric Distribution System is supplied from switching stations at the steam and diesel plants and the Field Street Substation which steps down the 115 kV inter-connection voltage. The primary distribution voltage from these sources is 23kV.

I Eight 23 kV/4kV substations and a network of 23 kV and 4kV lines comprise the Distribution System. A number of residential developments are now being served by underground electric lines, and padmounted tranformers and additional underground facilities are currently being installed in new developments. The Commission collects from the property developer a contribution in aid of construction because of the higher cost of such underground service relative to overhead service.

An underground electric system, funded in part from a Federal Economic Development Administration grant to the City, is scheduled to be installed in an industrial park at the City's airport at no cost to the Commission. Upon completion the underground electric facilities will be owned and operated by the Commission.

WATER SYSTEM The raw water supply of New Smyrna Beach consists of seven wells located on an 80 acre City-owned site approximately four miles west of the City on Glencoe Road.

These wells produce a maximum flow of approximately 6.2 million gallons per day (MCD) . Five of the wells are equipped with auxiliary power.

The raw water is of good quality requiring only conventional softening, filtration and disinfection. The raw water is pumped to a new water treatment plant located on the same Glencoe Road site. This 6.2 MGD capacity lime softening plant removes the dissolved hydrogen sulfide gas and reduces the total hardness of the raw water to an aesthetically acceptable level.

The existing distribution and transmission system consists of approximately 115 miles of water mains, two booster pumping stations, three ground storage reservoirs with l 2,500,000 gallons capacity, one elevated tank with 75,000 gallons capacity and 372 fire

( hydrants. Generally, pressures and flows are adequate throughout the system.

1 POLLUTION CONTROL SYSTEM The Pollution Control Plant was originally constructed in 1964 as a 1.2 MGD conventional cctivated sludge plant. In the past few years, there have been several improvements made, both to improve operation and to curb surging from Infiltration /Infica sources.

As a result an application was made to the State DER and permission for a flow increase to 1.5 MGD average daily flow was received in March 1978.

The existing collection system consists of approximately 100 miles of associated sewer

,I cnd force mains.

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TABLE VI Page 4 of 4 UTILITIES COMMISSION r CITY OF NEW SMYRNA BEACH, FLORIDA GENERAL UTILITIES COMMISSION INFORMATION I There are currently 28 lift stations in service, three of which were recently installed ;

by Utilities Commission personnel. The stations are generally in a very good state e of repair and are checked daily by regularly assigned routemen. The outfall system consists of 155 feet of 24-inch RCP, which discharges the plant's effluent 35 feet from the shoreline of the Indian River. i

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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA I GENERAL INFORMATION New Smyrna Beach,- the major community-of Southeast-Volusia County, is located -

directly on the Atlantic Ocean. It is approximately 13. miles south of Daytona Beach, 63 miles northbound of Orlando, 50 miles north of Cape Kennedy and the Spaceport Complex. U.S. Highway #1, Interstate Highway 95 and Highway 44 provide access to the City.

The City presently comprises approximately 16.9 square miles. The estimated I population as of July 1, 1975 was 14,912 as per the University of Florida, Bureau of Economic and Business Research. The estimated population at September 30, 1978, was 17,020. There are approximately 31,500 residents within a 10-mile .

radius and approximately 219,175 within Volusia County. New Smyrna is one of the oldest settlements in Florida, being founded in 1766. The town was incor- i porated in 1887 and the City in 1903. !

The City Government is the Commission-Manager form. The City Commission l consists of a Mayor, elected at. large from the City for a two year term, and i four Commissioners elected one each from four zones for four year overlapping I

terms. The four Commissioners are residents of a zone, but elected at large. ,

There is also a separate Utilities Commission created-by Ordinance in 1965, and L by Legislative Act in October, 1967. This Commission is responsible for the management of the City-owned Utilities system consisting of electrical, water and sewage facilities. The Utilities Commissioners are appointed-by the City Commission for five-year overlapping terms. ;

Of a sub-tropical nature, the climate is clear and sunny with a mean average f temperature of 71 degrees. During four days per year, the temperature is less than or equal to 32 degrees during some portion of the 24-hour period. During

, 66 days per year, the temperature equals or exceeds 90 degrees during some l portion of the 24-hour period. The average annual rainfall is 49.95 inches.

t (Latitude 29 degrees, 3 minutes, Longitude 80 degrees, 57 minutes.) Maximum ,

elevation is 15 feet and the average is 9 feet.

The white sand beach, 8 miles in length, is the greatest natural attraction. Known -"

g as the "World's Safest Bathing Beach", the gradual slope affords facilities for bath- '

g ing, picnicking, and automobile driving. Lifeguards and Beach Patrol are provided year around. On the north end is Ponce de Leon inlet, and with the construction of '

the jetties to stabilize the inlet, this has become a popular fishing area. -Ponce de ,

Leon inlet is the only access to the Atlantic Ocean between St. Augustine and Port <

Canaveral . Five miles of the scenic Indian River and U.S. Intracoastal Waterway l

flow through the City. j I Modern and efficient natural gas supplied by South Florida Natural Gas Company, and bottled gas are available. . Southern Bell Telephone Company provides service; j

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I also, Teleprompter provides cable television to the area under a franchise agreement with the City. Two (2) area daily, one bi-weekly and one weekly newspapers, two local radio stations, along with major television networks provide news and i

i entertainment. . Within the City is a 34,000 volume library, a 74-bed hospital, 38 churches and a number of service and civic clubs which offer facilities to all.

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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA GENERAL INFORMATION The City maintains ten (10) parks within the City. These parks are both neighborhood and waterfront.

I New Smyrna Beach has a City-wide recreation program which provides projects for children, teenagers and adults throughout the year. Some of these activities are baseball, basketball, football, tennis, horse shoes, golf, water skiing, scuba diving, surfing and fishing. Professional sports may be seen or attended in Daytona Beach, about 14 miles north.

The City owns and operates an eighteen (18) hole golf course which is used exten- ,

sively year-around. Also, nine tennis courts and two areas consisting of thirty- ;

seven shuffleboard courts are operated year-around. The City-owned harbor '

yacht basin is greatly used year-around.

Some of the best fishing in the world exists here throughout the year. Deep sea, river and fresh water surf-casting are some of the favorite means of fishing. !

Docking and marine services are available. The U.S. Coast Guard has radio tower signals to benefit boaters.

Tourism is the major industry both summer and winter. Construction, citrus grow-ing and processing, commercial fishing, seafood processing, machine shops, concrete products, printing, fabric and garment industries are located in the area. In addition, the City Commission has created an Authority which has been working in coordination with the Florida Department of Commerce to bring light industry into the area. This Authority is composed of individuals appointed by the City Commission to promote and develop industry. Chain stores in the area include Sears, Roebuck and Company, McCrory's, Winn-Dixie, Pantry Pride, Publix, Bealis Department Store, Eckerd Drugs and Gray's Drugs along with numerous locally ;

owned enterprises. Medical and dental services are excellent. There are adequate l numbers of doctors, surgeons and dentists, with several moving into the area this i past year. l L

Located immediately within the City is a fully accredited high school, a junior high j school,- four elementary schools, and one parochial school. -Stetson University, '

Daytona Beach Community College, and Bethune-Cookman College - three of Volusia County's finest institutions of higher learning - are located close to New Smyrna Beach. Florida Technological University, offering both undergraduate and graduate degree programs in:a wide variety of academic disciplines,-is within 45 miles of New Smyrna Beach, and Embry-Riddle Aeronautical University is 15 miles north in Daytona Beach.

Transportation : The City has 79.5 miles of paved streets and 15.6 miles unpaved.

U.S. #1 north and south, State Road #44 east and west and A1A provide access to the beach. U.S. Interstate #4 interchanges 14 miles west of the City, U.S. Inter-state #95 interchanges 4 miles west of the City. Rail service is provided to New Smyrna Beach by Florida East Coast Railway which has scheduled daily freights.

Greyhound Bus Line serves New Smyrna Beach with bus service north and south daily. Charter airplane service from -the City-owned airport is available and daily commercial flights are available at Daytona Beach Regional Airport 14 miles north l

of New Smyrna Beach.

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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA GENERAL INFORMATION ;

Banking: Three (3) banks and four (4) savings and loan associations offer a full range of service.

The City of New Smyrna Beach's Police Department is made up of forty-five i full-time positions. The City's Fire Department is made up of four stations +

and forty-two full-time positions. Several of the firemen are certified Emergency Medical Technicians. The City personnel are covered under a Merit Ordinance. It provides for longevity compensation and incentive sick leave. The total employment consists of 176 full-time employees and 40 part-time employees.

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