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Forwards Annual Financial Repts 1981 for Fl Power Corp,City of Kissimmee,Fl,City of Tallahassee,Fl,City of Leesburg,Fl & Orlando Utils Commission.Financial Statements & Auditors Rept Encl
	ML20052H150
Person / Time
Site:	Crystal River
Issue date:	05/12/1982
From:	Mardis D; FLORIDA POWER CORP.
To:	Harold Denton; Office of Nuclear Reactor Regulation
Shared Package
ML20052H151	List: ML20052H150; ML20052H156; ML20052H160; ML20052H167; ML20052H170; ML20052H173;
References
	3F-0582-05, 3F-582-5, WPN215, NUDOCS 8205200003
	Download: ML20052H150 (127)
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i .P..o..w..e.. r May 12, 1982

3F-0582-05 File: 3-0-3-a-3 WPN215 Mr. Harold Denton, Director Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Washington, D.C. 20555

Subject:

Crystal River Unit 3 Docket No. 50-302 Operating License No. DPR-72 Annual Financial Reports for Florida Power Corporation and Participants

Dear Mr. Denton:

j' Pursuant to 10 CFR 50.71(b) and in accordance with Regulatory Guide 10.1

" Compilation of Reporting Requirements for Persons Subject to NRC Regu-lations," Florida Power Corporation hereby submits 1981 Annual Financial Reports for Florida Power Corporation and ten out of eleven Participants (co-owners of Crystal River Unit 3). The information pertaining to Sebring Utilities Commission has not yet been received and is therefore, absent from this submittal. A supplemental submittal will be made upon receipt of their annual financial report.

Should you have any questions concerning this submittal please contact this office.

Very truly yours,

- Y0 arbE. -

David G. Mardis Acting Manager Nuclear Licensing Heath (F01)C4 1 8205200003 PDR ADOCK gg@2 Enclosure I PDR cc: Mr. J. P. O'Reilly, Regional Administrator Office of Inspection and Enforcement 0)L 9g U.S. Nuclear Regulatory Commission l 101 Marietta Street, N.W., Suite 3100 Atlanta, GA 30303 h i N6 [pg Q

General Office 3201 Thirty fourin street souin. P O Box 14042. St Petersburg, Flonda 33733 813-866-5151

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FINANCIAL STATEMENTS AND AUDITORS' REPORT CITY OF ALACHUA ALACHUA, FLORIDA SeerzseeR so. 1,S1 g

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FINANCIAL STATEMENTS AND

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AUDITORS' REPORT CITY OF ALACHUA J ALACHUA, FLORIDA SEPTEMBER 30, 1981

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CONTENTS

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-' AUDITORS' REPORT l-2 COMBINED FINANCIAL STATEMENTS

- Combined Balance Sheet - All Fund Types and Account Groups 3-4 Stztement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Governmental (General) Fund

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Combined Statement of Revenues, Expenses, L cnd Changes in Retained Earnings - All I L. Proprietary Fund Types 6

Combined Statenent of Changes in Financial L Position - All Proprietary Fund Types 7 NOTES TO FINANCIAL STATEMENTS 8-17 E ACCOMPANYING INFORMATION - Combining ani Individual L Fund Statements G;neral Fund Statement of Revenues - Budget and Actual 18 Statement of Expenditures - Btidget and Actual 19-20 ,

E Preprietary Funds

' Combining Balance Sheet 21-22 Combining Statement of Revenues, Expenses, and E Changes in Retained Earnings 23 L Combining Statement of Changes in Financial Position 24 i

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FINANCIAL STATEMENTS

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AUDITORS' REPORT CITY OF ALACHUA J ALACHUA, FLORIDA SEPTEMBER 30, 1981

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CONTENTS

- PAGE 4 AUDITORS' REPORT 1-2 u

COMBINED FINANCIAL STATEMENTS

- Coxbined Balance Sheet - All Fund Types cnd Account Groups 3-4 E Ststement of Revenues, Expenditures and I

Changes in Fund Balance - Budget and Actual - Governmental (General) Fund l Type 5 Coxbined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types 6 Combined Statenent of Changes in Financial 1 Position - All Proprietary Fund Types ,

7 NOTES TO FINANCIAL STATEMENTS 8-17 ACCOMPANYING INFORMATION - Combining and Individual Fund Statements C:ncral Fund Statement of Revenues - Budget and Actual 18 Statement of Expenditures - Budget and Actual 19-20 ,

Proprietary Funds Combining Balance Sheet 21-22 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 23 Combining Statement of Changes in Financial Position 24 e

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PURVIS, GRAY AND COMPANY l l

essaseenS o, CERTIFIED PUBLJC ACCOUNTANTS , , , , , , , , , or AmesmeCAN SHSTNX OP POST OPPnCE DON SOS 232 NOFITHEAST SST ST,tECT MIDA $NSTf M a OF ;

r- TEL.EPHONE 378 2461 ARE A CODE 904 L . GAINESVR.I.E. Fl_ORIDA 3 2602 F

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- j AUDITORS' REPORT l

g (H:nstableCityCommission City of Alachua d Alechua, llorida -

~ Wa have examined the combined financial statements of the City of Alachua, Florida, as of

- cnd for the year ended September 30, 1981, as listed in the table of contents. Except as ,

1 explained in the following paragraph, our examination was made in accordance with '

- grnarally accepted auditing standards and, accordingly, included such tests of the

_ cccounting records and such other auditing procedures as we considered necessary in the circumstances.

.During the year ended September 30, 1981, the City contracted with an outside party for a complete inventory and cost value of its electric distribution plant in service as of September 30, 1981. While the financial records of the City have been adjusted to reflect

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the cost determined by the inventory, we were unable to examine sufficient evidential

- matter to support the cost of electric plant in service as of September 30, 1981. This matter is discussed in greater detail in Note 2 to the accompanying financial statements.

Also during the year, the City completed physical inventories of its materials and supplies in the electric and water funds and adjusted its financial records to agree with the physical inventories. While such inventories had not been properly accounted for i p to Ftbruary 1, 1981, the entire adjustment after giving effect to the electric distribution plant adjustment described in Note 2 to the accompanying financial statements, was recorded during fiscal year ended September 30, 1981, as an increase and decrease in maintenance of

~ g:nnral plant expense in the electric and water funds, respectively. The quantitative

- offects of this adjustment are as follows: electric fund general and administrative expenses and net loss increased by approximatcly $110,000; water fund general and

~ cdninistrative expenses and net loss decreased by approximately $15,000; proprietary fund typcc general and administrative expenses and net loss increased by the net effect cf approxivtately $95,000.

[ es dascribed in the preceding paragraph and except for the effects of such adjustments,In cu if any, as might have been determined to be necessary had we been able to examine adequate in service as described in the second

{ documentation preceding paragraph, to support the the cost offinancial combined electric statements plant referred to above present fairly tha financial position of the City of Alachua, Florida, at September 30, 1981, and the racults of bperations and the changes in financial position of its proprietary fund types

[ for the year then ended, in conformity with generally accepted accounting principles cpplied on a basis consistent with that of the p, receding year.

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i t l IHonorableCityCommission City of Alachua l Alachua, Florida i lI l

AUDITORS' REPORT (Concluded) l 1

1 Our examination was made for the purpose of forming an opinion on the combined financial i

ctatements taken as a whole. The combining and individual fund statements and columns on tha accompanying combined financial statements captioned " Total (Memorandum Only)" are I presented for purposes of additional analysis and are not a required part of the combined fin:ncial statements of the City of Alachua, Florida. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements Iend,exceptfortheeffectsofthemattersdiscussedinthefollowingthreeparagraph~s,is fairly stated in all material respects in relation to the combined financial statements tsken as a whole. l l

R I, AS TO 1981 AND 1980 ACCOMPANYING INFORMATION As discussed in the second paragraph of our report, we were unable to examine sufficient l Ecvidentialmattertosupportthecostofelectricutilityplantinserviceasof '

September 30, 1981.or as of September 30, 1980.

Aleo, as discussed in detail in the third paragraph of our report, the results of cperations and changes in financial position for the year ended September 30, 1981, include the effect of adjusting materials and supplies inventory to physical amounts E although such inventories had not been properly accounted for during periods previous to end during the fiscal year ended September 30, 1981.

AS TO 1980 ACCOMPANYING INFORMATION For the reasons described in the preceding paragraph and the third paragraph of this report, we were unable to examine sufficient evidential matter to support the amount of Ematerialsandsuppliesinventoriesof$145,329 as of September 30, 1980. ,

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E CITY OF ALACIIUA, FLORIDA e

, COMBINED FINANCIAL STATEMENTS F

These basic statements provide a summary overview of the financial position of all funds

and account groups and of the operating results of all funds. They also serve as an introduction to and summary of the more detailed statements included in the accompanying information.

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COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1981 ;;

CITY OF ALACilUA, FLORIDA e

g' i ASSETS Cash I -

Investments, At Amortized Cost .

F Raccivables (Net of Allowances For Uncollectibles l f Parenthetically Indicated):

Taxes Accounts ($37,126)

Sewer Assessments

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Accrued Interest and Penalties Due From Other Funds Due From Other Governments

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Advance to Sewer Fund Inventory of Fuel and Supplies ..,

I Prepaid Expenses Restricted Assets:

Cash. Investments and Accrued Interest Property, Plant and Equipment - Cost Less Accumulated Depreciation For Proprietary Fund Types; Cost For {

General Fixed Asset Account Group ,

l Unamortized Bond Issue Costs and Deferred Debits {

Amount To Be Provided For Retirement of General J Long-Term Debt l

1 TOTAL ASSETS I I

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The accompanying " Notes to Financial Statements" form an integral part of this statement.

This statement is subject to commentis in the accompanying " Auditors' Report" containing a qualified opinion.

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GOVERNMENTAL PROPRIETARY ACCOUNT GROUPS TOTALS FUND TYPE FUND TYPES GENERAL GENERAL (MEMORANDUM ONLY) ;

GENERAL ENTERPRISE FIXED ASSETS LONG-TERM DEBT 1981 1980 k!

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$ 47,697 $ 15,058 $ 62,755 $ 46,141 l 32,376 54,974 87,350 195,556 L

( 8,994 8,994 8,553 307 212,911 213,218 235,180 !

249,969

, 113 29,268 249,969 29,381 302,062 39,648 ;

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3.319 175,413 178,732 .227,429 10,925 10,925 17,505 154,000 154,000 0

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[ 333 101,668 102,001 145,861 16,601 16,601 12,225 L s;

. 841,703 841,703 668,642 r I:

4,825,037 $1,074,492 5,899,529 5,687,924 66,498 66,498

$76,079 73,733 y[

76,079 l l:

$258.064 $6.589.100 $1.074.492 $76.079 $7.997.111 $7.660.459

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Tha cecompanying " Notes to Financini Statements" form an integral part of this statement.

This statement is subject to comments in the accompanying " Auditors' Report" containfng a qualified opinion.

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COMBINED BALANCE SHEET h g

ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1981 CITY OF ALACilUA, FLORIDA (Concluded)

LIABILITIES AND FUND EQUITY LIABILITIES Accounts and Retainages Payable 1 Other Accrued Expenses ,

Customer Deposits Payable From Restricted Assets: ,

Accounts Payable s Accrued Interest Current Portion of Bonds Payable s Du; to Other Funds

} D2ferred Revenues and Credits I Advance From General Fund 7 i Tcx Anticipation Notes Payable i In;tallment Notes Payable l

B:nd Anticipation Notes Payable ,

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Ravenue Bonds Payable ,

l TOTAL LIABILITIES

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I FUND EQUITY L Contributed Capital Investment in General Fixed Assets Retained Earnings:

, Reserved For Revenue Bond Retirement g Unreserved I Fund Balance:

Reserved For Inventory j

' Reserved For Advance to Sewer Fund i Unreserved TOTAL FUND EQUITY

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i TOTAL LIABILITIES AND FUND EQUITY l

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i The accompanying "Nutes to Financial Statements" form an integral part of this statement.

h7 This statement is subject to comments in the necompanying " Auditors' Report" containing a l

' qualified opinion.

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l G09ERNMENTAL PROPRIETARY ACCOUNT GROUPS TOTALS FUND TYPE FUND TYPES GENERAL GENERAL (MEMORANDUM ONLY)

GENERAL ENTERPRISE FIXED ASSETS LONG-TERM DEBT 1981 1980

$ 19,697 $ 322.100 $ 341,797 $ 456,247 7,571 13,386 20,957 11,442 88,673 88,673 78,385 l

29,860 29,860 0 131,211 131,211 39,347 7,800 7,800 0 ,

18,738 159,994 178,732 227,429 j

1,551 77,200 78,751 2,283 154,000 154,000 0 ;

154,000 154,000 0 ,

$76,079 76,079 0 500,000 500,000 500,000 3,752,649 l 3,747,489 3,747,489 ..

. 201,557 5,231,713 $ 0 76,079 5,509,349 5,067,782 [

i 1,339,764 1,339,764 1,324,323 a 1,074,492 1,074,492 955,430

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736,383 736,383 215,281 .

(718,760) (718,760) 65,015 l l

333 333 332 l 154,000 154,000 0 j (97,826) ( 97,826) 32,296 j 56,507 1,357,387 1,074,492 0 2,488,386 2,592,677 1U82 064 $6.589.100 11.074.492. $76.079 $7.997.732 $7.660 431 1

The accompanying " Notes to Financial Statements" form an integral part of this statement.

This statement is subject to comments in the accompanying " Auditors' Report" containing a ,

qu211fied opinion. '

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STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCE - % l BUDGET AND ACTUAL l COVERPMENTAL (GENERAL) FUND TYPE FOR Tile YEAR ENDED SEPTEMBER 30, 1981 'l CITY OF ALACHUA, FLORIDA i 1981 1980 VARIANCE TOTAL FAVORABLE (MEMORANDUM ONLY)

BUDGET ACTUAL (UNFAVORABLE) ACTUAL %

REVENUES i Texes $ 277,282 $ 288,235 $ 10,953 $ 213,025 Licenses and Permits 23,622 11,863 ( 11,759) 13,355

Intergovernmental 341,719 438,407 96,688 395,312-Charges For Services 44,000 59,269 15,269 1,224 Fines and Forfeitures 12,500 17,302 4,802 12,563 i Miscellaneous 111,586 5,419 (106,167) 5,245 TOTAL REVENUES 810,709 820,495 9,786 640,724 EXPENDITURES 2 General Government Public Safety 97,147 394,539 98,801 362,597

( 1,654) 31,942 77,689 218,033 l

Ilighways and Streets 42,699 28,035- 14,664 35,105 Sanitation 106,475 103,546 :2,929 111,657 g Health 0 0 0 3,105 .

Culture and Recreation 56,550 19,590 36,960 14,579 '

Urban Redevelopment and g l

Housing 200,000 247,602 ( 47,602) 199,346 g Non-Departmental Items 15,846 12,462 3,384 13,736 Dsbt Service 0 278 ( 278) 0 (TOTAL EXPENDITURES) (913,256) (872,911) 40,345 (673,250)

EXCESS (DEFICLENCY) 0F REVENUES OVER EXPENDITURES (102,547) ( 52,416) 50,131 ( 32,526)

OTilER FINANCING SOURCES '

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Operating Transfers In 37,645 0 ( 37,645) 0 g Proceeds From Chattel E Mortgage 75,000 75,000 0 0 Proceeds From Installment -

Loan TOTAL OTHER FINANCING SOURCES 112,645 0 1,295 76,295 1,295

( 36,350) 0 0

l EXCESS (DEFICIENCY) 0F REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES 10,098 23,879 13,781 ( 32,526)

FUND BALANCE, BEGINNING OF YEAR 32,628 32,628 0 65,154 FUND BALANCE, END OF YEAR $ 42.726 $ 56.507 $ 13.781 $ 32,_6288 j (E

The cecompanying " Notes to Financial Statements form an integ"ral part of this statement.

This statement is subject.to comments in the accompanying " Auditors' Report" containing a '{

qualified opinion.

. k COMBINED LTATEMENT OF REVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS h ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1981 CITY OF ALACHUA FLORIDA PROPRIETARY TOTAL FUND TYPES (MEMORANDUM ONLY)

ENTERPRISE 1980 OPERATING REVENUES $ 1,865,537 $ 1,613,185 OPERATING EXPENSES P:wir Production Expense 1,285,472 1,153,332 Customer Accounts 47,412 52,009 ,

D:preciation 151,193 124,991 -

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Distribution Expenses 95,378 139,993 GInaral and Administrative 281,978 104,827 Tsx:s 4,264 3,815 Trcnsmission Expense 24,825 22,555

,Tractment 15,302 13,346 (TOTAL OPEPATING EXPENSES) (1,905,824) (1,614,868)

OPERATING (LOSS) ( 40,287) ( 1,683)

NON07ERATING REVENUES (EXPENSES) 1 Interest Income 71,218 85,294 1

, Interest on Long-Term Debt ( 287,139) ( 269,689) l Amortization of Bond Issue Costs ( 6,981) ( 7,256) };

l Miscellaneous (Expense) Income 516 ( 1,241)

( 222,386) ( 192,892) l

{TOTALNONOPERATINGREVENUES(EXPENSES)

NET (LOSS) ( 262,673) ( 194,575)

(RETAINEDEARNINGS,BEGINNINGOFYEAR: '

A9 Previously Reported 829,245 1,039,866 '

Adjustments ( -548,949) ( 564,995)

A3 Restated 280,296 474,871 RETAINED EARNINGS, END OF YEAR $ 17.623 $ 280.296

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s Th2 accompanying " Notes to Financial Statements" form an integral part of this statement.

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(Thiostatementissubjecttocommentsintheaccompanying" qu211fied opinion. Auditors' Report"containinga 'i 1

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- l COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION _

ALL PROPRIETARY FUND TYPES 30, 1981 FOR THE YEAR ENDED SEPTEMBER CIT 1 OF ALACHUA, FLORIDA PROPRIETARY "

FUND TYPES ENTERPRISE _

$ 262,673 r USE OF WORKING CAPITAL N:t Loss Items Not Requiring Outlay of ( 151,193)

Working Capital: 9,895_)

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Depreciation 101,585 Amortization 243,735 W:rking Capital Applied To Operations 173,061 Property, Plant and Equipment Additions Increase in Restricted Assets 507,800 Decrease in Long-Term Liabilitics - Reclassified As Current (1,026,202)

Increase in Miscellaneous Deferred Debits (TOTAL USE OF WORKING CAPITAL) 154,000 SOURCE OF WORKING CAPITAL .

. Advance From General Fund 129,524 )

Increase in Current Liabilities 15,441 Payable From Restricted Assets ,

Contributions 63,038_

Reclassification of Sewer Assessments As 362,003_

Current TOTAL SCURCE OF WORKING CAPITAL ( 664.199)

(DECREASE) IN WORKING CAPITAL (BELOW)

CHANGES IN WORKING CAPITAL BY COMPONENT ( 891)

Current Assets Increase (Decrease):

( 115,252)

Cash 21,484)

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Investments 49,269)

Receivables (

( 43,861) i Due From Other Funds 4,376 ,

Inventory j Prepaid Expenses 100,292 Current Liabilitics - Decrease (Increase): ( 6,447)

Accounts Payable 10,288)

Other Accrued Expenses (

55,825 Customer Deposits Due to Other Funds Deferred Credits ( 500,000_)

Electric Revenue and Improvement Bond Anticipation Notes p( 664 g

! (DECREASE) IN WORKING CAPITAL (ABOVE)

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t The accompanying " Notes to Financial Statements" form an integral part of this sta " containing a This statement is subject to comments in the accompanying " Auditors' Report qualified opinion. - _____-__ _ _ _ _

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NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CITY OF ALACHUA, FLORIDA E NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES Fund Accounting The City's accounting records are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity, with a self-balancing set of accounts recording all financial resources with all related liabilities, reserves and residual equities, or balan'ces or changes therein, which are segregated for j the purpose of carrying on specific activities or attaining certain objectives.

Amounts receivable from or payable to other funds are shown in the accounts of an individual fund and separately presented in the accompanying financial statements until liquidated by payment or an interfund transfer.

The following fund types and account groups are used in accounting for the 5 financial operations of the City:

Governmental (General) Fund Type E (1) General Fund - to account for all financial resources not properly accounted for in another fund; Proprietary Fund Types '

(2) Enterprise Funds - to account for operations that are financed and

, operated in a manner similar to private business enterprises - where the intent of the governing body is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; Account Groups (3) The Account Groups are used to establish accounting control and accountability for the government's general fixed assets and general long-term debt. These account groups are not considered funds since E they do not reflect available financial resources and related liabilities.

Bases of Accounting The Governmental (General) Fund Type is maintained on the modified accrual basis of accounting. Under this method of accounting, revenues are generally recognized when they become measurable and available. Revenues which are E susceptible to accrual, i.e. , being recorded when carned, include property taxes, refuse collection charges and lot clearing and certain other fees. Other revenues are not susceptible to accrual since they do not meet the two criteria E previously mentioned. Expenditures are generally recorded on an accrual basis, i.e., when incurred, except as follows:

(1) Accumulated vacation and sick pay are not accrued; (2) Expenditures are not divided between years by the recording of prepaid expenses.

The Proprietary Fund Types are maintained on the accrual basis of accounting.

This method of accounting relates costs and expenditures to the period in which E

(Continued)

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NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CITY OF ALACHUA. FLORIDA l (Continued)

NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Bases of Accounting (Concluded) benefits of the outlays are received. It is intended to provide an accurate matching of these benefits with associated revenues. Under the accrual basis of accounting, revenues are recognized when earned and measurable and expenses recognized when incurred.

I Investments Investments are stated at amortized cost.

Inventory !

Inventory is valued at cost as determined by the average unit cost methou.

Inventory in the General Fund consists of gasoline. Inventory in the General Fund is charged to expenditures when purchase 1 Reported inventories in the General Fund are equally offset by a reservation of fund balance which indicates that they do not constitute available spendable resources. Inventory in the Proprietary Fund Types consists of supplies held for consumption or capital improvements.

Property, Plant and Equipment and Depreciation

, Property, plant and equipment in the Proprietary Fund Types are recorded at historical cost or at fair market value on the date donated (see Note 2 regarding certain adjustments). Ordinary maintenance and repairs are charged to expense as incurred. ,

Provision has been made for the depreciation of such property, plant and equipment using the straight-line method. The straight-line rate is computed g using the period of years considered as the normal service life of the property. c I Such rates are as follows:

Electric Plant '

3% to 20%

Water Plant 3% to 20% I Sewer Plant 2.5% to 10% !

t Construction work in progress is not depreciated until completed and placed into j service. ;

All other property and equipment owned by the City is reflected at cost in the ,

General Fixed Asset Group of Accounts and shown as an expenditure in the fund j purchasing the property or equipment. Certain improvements such as streets and '

sidewalks are capitalized along with other general fixed assets. No provision for depreciation is made for general fixed assets. _

Bond Discount and Issue Costs Amortization The bond discount and issue costs on Utility Revenue Bonds are being amortized over the life of the bonds using the straight-line method which doer. not t materially differ from the interest method.

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NOTES TO FINANCIAL STATDtENTS 5 SEPTEMBER 30, 1981 CITY OF ALACllUA. FLORIDA (Continued)

NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Concluded)

I Long-Tern Liabilities Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type liabilities. They are instead reported as liabilities in the General Long-Term Debt Account Group.

Noncurrent portions of long-term receivables and advances due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. However, special reporting treatments are used to indicate that such amounts should not be considered availabic, spendable resources since they do not I represent net current assets. Noncurrent portions of such receivables and advances are therefore offset by fund balance reserve accounts.

Reclassifications Certain amounts for prior years accompanying information have been reclassified i to conform with current years' classifications in order to provide more )

meaningful comparative data. 1 NOTE 2 - ACCOUNTING ADJUSTMENTS l[ During the fiscal year ended September 30, 1981, the City contracted with an outside party for a complete inventory and cost determination of its electric distribution plant in service as of September 30, 1981.

Accordinb to the party contracted to conduct the inventory, the following procedures and assumptions were used in the process:

1. The electric facilities were field surveyed and at,cd by use of pole birthmarks. A 1981 cost figure was given to each item. The following items were added to this figure:

a. Labor - cost of $6.85 per manhour,

b. Labor fringe benefits of 19%,

c. Equipment costs which were figured on bucket, line, boom and pick-up.

trucks of $25,00 per hour, '

d. Warehouse charge of 6% that was derived by taking the warehouse employee's salary and dividing it by the total amount of materials used in 1981 and an added 1% for purchasing of materials, and

c. Administration and general at 15% was derived by taking 25% of the salaries of the City Manager and Assistant City Manager and 50% of the Utility Directors salary and dividing it by the total construction labor costs for 1981.

(NOTE: The above percentages were obtained from city personnel.).

2. The aging of the system was derived by use of the Handy Whitman Index. The multiplier for the appropriate year is based on a ratio of Index numbers.

(Continued)

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NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CITY OF ALACHUA, FLORIDA (Continued)

NOTE 2 - ACCOUNTING ADJUSTMENTS (Concluded) the balance of retained earnings of Using the above inventory of electric plant, the electric fund as of September 30, 1980, has been restated to reflect the

following:

Decrease in Book Value (Cost) of Electric Plant ]

Resulting From Inventory of Electric Distribution $ (766,060) d l Plant

Decrease in Accumulated Depreciation Resulting From 217.111 Above Decrease Net Decrease in Electric Fund Retained Earnings At 1(348M 49_)

October 1, 1980 l

However, it should be noted that all of the above adjustment does not result from the City's failure to properly maintain its inventory and work order systems.

When the City engaged an engineer for an electric plant distribution inventory as of September 30, 1977, the plant was valued using costs as of September 30, 1977, l

rather than historical costs as required by generally accepted accounting principles. The current plant inventory does use historical cost as determined using the llandy Whitman Index - such historical cost would be considerably less '

than cost at September 30, 1977.

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j NOTE 3 - DETAIL OF PROPERTY, PLANT AND EQUIPMENT

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General Fixed Assets Account Group l

A summary of changes in general fixed assets for the year follows:

BALANCE NET BALANCE OCTOBER 1, 1980 INCREASE SEPTEMBER 30, 1981 City Park - Structures and 7,459 14,821 Improvements $ 7,362 "$ $

3,068 0 3,068 Jail and Equipment 138,852 138,852 0 City llall - Equipment 23,928 2,557 26,485 City llall - Building 70,306 0 70,306

) Fire Station ,

14,939 0 14,939 4 New Parking Lot - Land ,

274,959 274,959 0 Street Paving and Sidewalks 94,347 176,562 Fire Trucks and Other Equipment 82,215 i 2,425 0 2,425 j Mosquito Spraying Equipment 0 224,698 224,698 1 Land Sanitation Equipment 50,325 0 50,325 )

f Police Department - Cars and ,

14,700 55,264 40,564 i Equimpent 0 18,192 Streets and Roads Equipment 18,192 l 3,597 0 3,597_

i Hiscellaneous TOTAL PROPERTY, PLANT AND _$ 1.074 . 493,

$955.430_ $119.06_1 EQUIPMENT - At Cost a (Continued)

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. J NOTES TO FINANCIAL STATEMENTS SEPTEMBER ^', 1981 f'

CITY OF ALACHUA, FLORIDA (Continued)

NOTE 3 - DETAIL OF PROPERTY, PLANT AND EQUIPMENT (Concluded) i l ,

Proprietary Fund Types A summary of property, plant and equipment in the Proprietary Fund Types at September 30, 1981, follows:

j Electric Plant $1,368,796 f Water Plant 1,662,440 '

Sewer Plant 2,642,159 5,673,395 (Accumulated Depreciation) (848,358) ;

UTILITY PLANT - Cost Less Accumulated Depreciation $4.82 M 31 Included in electric plant is a .0779% undivided interest in the Florida Power Corporation Crystal River Unit Number 3 ("CR-3") . "CR-3" is a nuclear generating plant which began generating and transmitting electricity during April, 1977.

I The City's share of nuclear fuel on hand at "CR-3" and included in plant was

$62,881 as of September 30, 1981.

NOTE 4 - EMPLOYEES' RETIREMENT SYSTEM The City of Alachua participates in the Florida Retirement System, a pension plan covering all employees. Employee contributions were made prior to October 1, I*- 1975, and these contributions are refundable if employment terminates prior to retirement. Pension benefits generally vest after 10 years of service but cannot be drawn until normal retirement at age 62, or 58 if 35 years of service have been rendered. Total pension expense was $46,056 for the year ended September 30, 1981. Contributions are made by the City of Alachua to the Florida Retirement System based on 13.5% of Police Department earnings and 9.1% of all other employees' earnings. The City's policy is to fund pension costs accrued.

The amount of unfunded vested benefits, if any, has not been actuarially calculated.

NOTE 5 - INTERFUND RECEIVABLES AND PAYABLES The balances of interfund receivables and payables at September 30, 1981, were as follows:

INTERFUND I

General Fund Proprietary Fund Types:

RECEIVABLE

$ 3,319 PAYABLE

$ 18,738

( 37,397 117,424 Electric Fund l

I Water Fund Sewer Fund 117,424 20,592 21,165' 21,405 l

Total Proprietary Fund Types 175.413 159,994 TOTAL .$178.732 _$ 17 8,]_3 2_

I I (Continued)

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NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CITY OF ALACHUA, FLORIDA (Continued)

NOTE 6 - LONG-TERM AND OTilER DEBT General Long-Term Debt The following is a summary of the changes in general long-term debt of the City during the fiscal year ended September 30, 1981:

GENERAL LONC-TERM DEBT Balance, October 1, 1980 $ 0 Installment Notes - Proceeds -

Purchase of Fire Truck 75,000 -

Purchase of Radar Equipment 1,295 Principal Paid During Year Equipment Note Payable (216)

Balance, September 30, 1981 _$76.079 The chattel mortgage secured by the fire truck is payable in annual installments -

of $19,838, which includes interest of 10.75%. The first payment is due February 20, 1982. The other chattel mortgage is payable in monthly installments of $46 which includes interest of 17%. All general fund revenues other than ad .

valorem taxes or utility taxes are pledged for payment of these debts.

. The following tabulation indicates the annual amounts of principal and interest required to satisfy the above general long-term debt.

FISCAL YEAR ENDED PRINCIPAL AND INTEREST SEPTEMBER 30, REQUIRED 1982 $ 20,392 1983 20,392 1984 20,115 1985 19,838 1986 19,838 ,

1987 2,250 TOTAL $102.82_1 Proprietary Fund Types - Utilities Refunding and Revenue Bonds of 1978 On April 15, 1978, the City adopted a resolution to issue the Utilities Refunding -

and Revenue Bonds of 1978. These bonds were issued to finance the cost of I refunding the City's Utilities Revenue Bonds dated Ap'ril 1, 1976, and the '

Utilities Revenue Bonds, Series A and B, dated April 1, 1974.

Net revenues, utilities service taxes and special assessment proceeds are pledged i as collateral for the revenue bonds which have a coupon rate ranging from 5.85%

to 6.40%. The bond ordinances required the establishment of a sinking fund to [

meet debt service requirements, a reserve account to" pay only interest and [

principal if sinking fund monies are insufficient, a renewal and replacement fund and an op'eration and maintenance fund to pay operating expenses. Operating j revenues from the utility facilities must be disbursed in the following order:

[

A. To meet operating and maintenance c::panses befor,e depreciation.

B. To satisfy current debt service requirements.

(Continued) l t

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NOTES TO FINANCIAL STATEMENTS Q SEPTEMBER 30, 1981 CITY OF ALACilUA, FLORIDA (Continued) l NOTE 6 - LONG-TERM AND OTilER DEBT (Continued) l

. Proprietary Fund Types - Utilities Refunding and Revenue Bonds of 1978 l (Concluded) l P C. To fund a reserve account to the maximum amount of $212.036.

d T) . To fund a renewal and replacement fund in the amount of 1/12 of 5% of the gross revenues of the facilities for the previous year until the balance of the fund equals 25% of the gross revenues of the facilities for the previous Q year.

The $2,990,000 issue of 1978 consist of $975,000 of Term Bonds and $2,015,000 of Serial Bonds which mature as indicated in the following schedule:

FISCAL YEAR ENDED SEPTEMBER 30, PRINCIPAL AMOUNT E 1991 1992

$ 80,000 85,000 1993 90,000 0, 1994 1995 95,000 105,000 1996 110,000 1997 115,000 E' 1998 130,000 1999 135,000 2000 145,000 E 2001 2002 150,000 160,000 2003 160,000 2004 170,000 2005 175,000 2006 110,000 2007 E Subtotal - Par Value 975,000 2,990,000 Unamortized Discount at September 30, 1981 (65,511)

TOTAL S2.924.489 Allocated Between Proprietary Funds Electric Fund $ 357,008 Sewer Fund 2,567,481 TOTAL $ 2.92MH2.

Proprietary Fund Types - Utilities Revenue Bonds of 1979 On August 6, 1979, the City adopted a resolution to issue the Utilities Revenue Bonds of 1979. These bonds were issued on December 17, 1979, to partially E finance the cost of construction of additions to the utility system.

Net util'ity revenues, utilities service taxes and certain special as'sessments are pledged as collateral for the revenue bonds which have a coupon rate of 5%. The liens on revenues by the 1979 bonds is junior to the Utilities. Refunding and (Continued)

- R NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CIT'Y OF ALACilUA, FLORIDA (Continued) 4 NOTS 6 - LONG-TERM AND OTHER DEBT (Continued)

Proprietary Fund Types - Utilities Revenue Bonds of 1979 (Concluded)

Revenue Bonds of 1978. Amounts deposited in the revenue fund created by the bond resolution must be disbursed in the following order:

A. To meet operation expenses.

B. To satisfy debt service requirements.

C. To fund a reserve account to be used for repairs, improvements and to -

satisfy debt service.

The issue consists of $830,800 of Serial Bonds - $7,800 of which is duc during the fiscal year ended September 30, 1982, and the long-term remainder which h 4

matures as indicated in the following schedule:

FISCAL YEAR ENDED SEPTEMBER 30, PRINCIPAL AMOUNT 1983

$ 8,000 1984 8,000 ,

9,000 1985

- 1986 9,000 1987 10,000 1988-1992 57,000 1993-1997 73,000 1998-2002 93,000 2003-2007 119,000 g 2008-2012 151,000- g 2013-2017 193,000 2018-2019 93,000 TOTAL $823.0R Summary of Principal and Interest Payments Required For tiext Five Years PRINCIPAL AND INTEREST PAYMENTS REQUIRED DURING FISCAL YEAR ENDED SEPTEMBER 30, 1982 1983 1984 1985 1986 j General Long-Term Debt ,

$ 20,392 $ 20,392 '$ 20,115 $ 19,838 $ 19,838 l Utilities Refunding and Revenue Bonds of 1978 188,383 188,383 188,383 188,383 188,383 Utilities Revenue Bonds of 1979 49,145 48,950 48,550 49,125 48,675 Bond Anticipation Notes '

of 1979 532,500 Tax Anticipation Notes 163,122 1913_,14_2_ _S257.725 1257.048 1257.346 $256.896 Bond Anticipation Notes On September 5, 1979, the City adopted a resolution to issue $500,000 revenue and improvement bond anticipation notes. The purpose of these notes was to provide g immediate funds for the commencement of the project of acquisition and j construction of additions, extensions and improvements to the combined electric, (Continued) a _ _ _ _ _ _ _

l \

NOTES TO FINANCIAL STATEMENTS 0 SEPTEMBER 30, 1981 CITY OF ALACHUA, FLORIDA (Continued)

NOTE 6 - LONG-TERM AND OTHER DEBT (Concluded)

Bond Anticipation Notes (Concluded)

Q water and sewer system of the City as prescribed in the bond resolution adopted by the City on July 2, 1979.

The payment of the principal of and interest on the notes shall be secured, equally and ratably, by a prior lien upon and a pledge of the proceeds derived from the sale of the bonds and, if necessary, by a prior lien upon and pledge of the proceeds of the Revenue Sharing Funds.

E Notes were issued on September 29, 1979, in the principal amount of $500,000 to mature on April 1, 1982, with a 6.5% per annum rate of interest. These were reclassified as'a current liability for the year ended September 30, 1581.

Tax Anticipation Notes On September 28, 1981, the City adopted a resolution to issue $154,000 of tax anticipation notes. The purpose of these notes was to provide funds to be transferred to the sewer fund to meet October 1, 1981, debt service and reinstate the debt service reserve account of the refunding and revenue issue of 1978.

- The payment of principal and interest is secured by the ad valorem taxing power

~

of the City for the fiscal year 1981-1982 at an annual rate not to exceed ten (10) mills on the dollar of assessed value.

Notes were issued on September 28, 1981, in the principal amount of $154,000 to I mature on April 1, 1982, with an 11.75% per annum rate of interest.

NOTE 7 - CONTINCENT LIABILITIES The City participates in a number of federally assisted grant programs, principal of which are the Federal Revenue Sharing and Community Development Block Grant programs. These programs are subject to compliance audits by the grantors or E their representatives. The audits of these programs whose year ended during or coincided with the Cf ty's fiscal year end of September 30, 1981, have either not l

been completed or accepted by the grantor. Accordingly, the final determination of the City's compliance with applicable grant requirements will be established at a future date. The amount of expenditures which may be disallowed by the granting agencies cannot be determined although the City expects such amoimts, if any, to be immaterial.

As a member of the Florida Municipal Power Agency (FMPA), the City has signed certain documents with FMPA which provide that if FMPA defaults on certain loans, E

the Cie would be required to satisfy its share of the payment. The approximate amoun* this contingency at September 30, 1981, is $30,500.

l N

4 (Continued)

NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 CITY OF ALACHUA, FLORIDA (Concluded)

NOTE 8 - COMMITMENTS Revenue Bonds As the issuer of revenue bonds and bond anticipation notes, the City has agreed to various covenants. However, the City has not complied with all provisions contained in the bond resolutions.

Various separate accounts required by the resolutions have not been established.

Further, payments which are required to be made monthly to various debt service accounts were not always made on a timely basis. However, the total amounts required in such accounts were paid by September 30, 1981, except as follows:

The Bond Interest and Sinking Account of the $830,800 Utilities Revenue Bonds of 1979 should total $67,990 as of September 30, 1981, and such amount is included in retained earnings reserved for debt service in the accompanying financial strtements. However, the " Account" contained $40,000 as of September 30, 1981.

NOTE 9 - SUBSEQUENT EVENTS Monthly payments are required to be made to various debt service accounts created

- by bond and tax anticipation note resolutions which authorize such outstanding

- debt. As of January 22, 1981, none of the required monthly payments had been made subsequent to September 30, 1981, into the bond debt service accounts nor .

had the deposits required by the tax note resolution been made as required by such resolution.

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U CITY OF ALACilUA, FLORIDA COMBINING AND INDIVIDUAL FUND STATEMENTS These statements provide a more detailed view of the General Purpose Financial Statements.

Combining statements are presented when there are more than one fund of a given fund type.

Individual fund statements are presented when there is only one fund of a given fund type.

They are also necessary to present budgetary comparisons.

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STATEMENT OF REVENUES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1981, WITII COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1980 I CITY OF ALACHUA, FLORIDA 1981 1980 I BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) ACTUAL Taxes IREVENUES Property Taxes $121,601 $120,037 $( 1,564) $ 80,211 Franchise Taxes 4,896 5,676 780 4,620 Utility Taxes 150,785 162,522 11,737 128,'194 Total Taxes 277,282 288,235 10.953 213,025 Licenses and Permits I Occupational Licenses Building Permits Other 2,200 14,285 7,137 4,133 7,730 0_

1,933

( 6,555)

( 7,137) 2,212 11,143 0

I Total Licenses and Permits 23,622 11,863 ( 11,759) 13,355 Intergovernmental Federal:

Community Development Block Grant 200,000 258,000 58,000 200,000-Revenue Sharing 40,000 40,105 105 37,008

- State:

Alcoholic Beverage Licenses 0 2,945 2,945 3,192 I-' Homestead Exemption Trust 6,500 9,543 3,043 6,360 j

Mobile Hone Licences 0 2,361 2,361 3,496 Revenue Sharing Including Fuel I Tax Rebate Various Grants 80,676 4,543 109,410 4,543 28,734 0

105,714 29,542 Alachua County:

Public Safety - Fire Protection 10,000 11,500 1,500 10,000 Total Intergovernmental 341,719 438,407 96,688 395.312 Charges For Services I Sanitation Fines and Forfeitures Court Fines 44,000 12,500 59,269 17,302 15,269 4,802

. 1,224 12,563 Miscellaneous I Interest Other 1,586 5,000 1,799 3,620 (

213 1,380) 1,569 3,676

l Land Sales 105,000 0 (105,000) 0 I Total Misec11aneous TOTAL REVENUES 111,586 810,709 5,419 820,495 (106,167) 9,786 5,245 640,724 IOT11ERFINANCINGSOURCES operating Transfers In 37,645 0 ( 37,645) 0"

. Proceeds From Chattel Mortgage 75,000 75,000 0 0 Proceeds From Installment Loan 0 1,295 1,295 0 I TOTAL OTHER FINANCING SOURCES 112,645 76,295 ( 36,350) 0 TOTAL REVENEUS AND OTHER FINANCING SOURCES 1123.354 1896.790 $( 26.564) 1640,74-m-- _

STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND 30, 1981, WITH FOR THE YEAR ENiiED SEPTEMBER 30, 1980 COMPARATIVE ACTUAL AMOUNTS CITY OF ALACHUA, FLORIDA FOR THE YEAR ENDED SEPTEMBER

. 1981 1980 _

VARIANCE FAVORABLE (UNFAVORABLE) ACTUAL _

BUDGET _

ACTUAL _

EXPENDITURES General Government $ 7,777 $ 10,538 l Executive: $ 29,192 $ 21,415 0 179)

Personal Services 0 179 ( q '

677 23 Operations 700 _ 10,538 7,621_

Capital Outlay 29,892_ 22,271_

[>

Total Executive 3,250 26,503 F Finance and Administration: 25,043 21,793 13,889 Personal Services 24,590 25,864 ( 1,274) 119_ y Operations 3,150 3,000 15Q

_ 40,511_ j Capital Outlay 50,657 2,126

_ 52,783 Total Finance and Administration

( 3,257_) 8,914 f

l Legal: 9,200 12,457 _

Operations 12,208 Community Development: 4,499_ 773

- 5,272

Operations 5,518 Other General Government: 0 8,917 ( 8,917)

~ ( 1,654) 77,689 Operations 97,14f 98,801_

Total General Government >

Public Safety _ 132,905 Law Enforcement: 181,796 175,154 6,642 9,824 40,119 Personal Services 56,350 46,526 23,162 Operations 14,699 4,251 18,950 ~196,186 Capital Outlay 236,379 20,717_

257,096 Total Law Enforcement -

1,598 17,330 Fire Control: 21,157 19,559 Operations 100,000 94,346 5,654 346_

7,252 17,676 Capital Outlay 121,157_ 113,905 Total Fire Control 0 Protective Inspections: 3,050 4,000 ( 950)

Operations 0 Rescue: 6,554 2,478 4,076 847 4,171 Personal Services 6,682_ 5,835 4,923 4,171 Operations 13,236_ 8,313_

31,942 218,033__

Total Rescue __ 394,539 362,597_

Total Public Safety 12,908 Highways and Streets 19',088 340 19,428 11,954 8,947 2,581

~ Personal Services 11,528 11,743_ 10,243_

Operations O_

14,664 _ 35,105_

Capital Outlay 11,743 __ 28,035_

_ 42,699 _

Total Highways and Streets 66,462 70,718 940 Sanitation ~ 71,658 1,989 32,161 Personal Services

34,817 32,828 13,0_3_4 0 0 Operations 0 111,657 Capital Outlay 106,475 103,546_ }

2,929 Total Sanitation (Continued)

STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1981, WITH COMPARATIVE ACTUAL AMOUNTS FOR Ti!E YEAR ENDED SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA 1981 1980 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Concluded)

Health Operations $ 0 $ 0: $ 0 $ 3,105-Culture and Recreation ,

Personal Services 2,350 1,832 518 1,113 Operations 9,200 10,299 ( 1,099) 7,086 Capital Outlay 45,000 7,459 37,541 6,380 Total Culture and Recreation 56,550 19,590 36,960 14,579 Urban Redevelopment and Housing Parsonal Services 0 0 0- 2,881 [

Operations 15,000 800 14,200 197 i Capital Outlay 185,000 246,802 (61,802) 196,268 Total Urban Redevelopment and l y

llousing 200,000 247,602 (47,602) 199,346

.Non-Departmental Items ;:

Insurance 15,846 12,462 3,384 10,318

[

- Miscellaneous 0 0 0 3,418 ?

Total Non-Departmental Items 15,846 12,462 3,384 13,736 I

. Dabt Service !

Principal Retirement 0 216 , ( 216) 0 Interest Paid 0 62 ( 62) 0 Total Debt Service 0 278 ( 278) 0 TOTAL EXPENDITURES .$113. 2_56 $872.911 .$_4_0. 345 $673.250 i

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I COMBINING BALANCE SIIEET PROPRIETARY FUNDS SEPTEMBER 30, 1981, WITH COMPARATIVE TOTALS FOR Tile YEAR ENDED SEPTDiBER 30, 1980 CITY OF ALACllUA, FLORIDA R

ASSETS CURRENT ASSETS l Cash (Overdraf t)

Investments, At Amortized Costs Receivables (Net of Allowance For Uncollectibics As Parenthetically Indicated):

Accounts ($37,126)

Sewer Assessments, Current Portion .;

Accrued Interest and Penalties l Due From Other Funds Inventory, At Cost Prepaid Expenses

. TOTAL CURRENT ASSETS

[RESTRICTEDASSETS k

Revenue Bond Construction Account Revenue Bond Debt Service Accounts TOTAL RESTRICTED ASSETS PROPERTY, PLANT AND EQUIPMENT Utility Plant in Service Construction in Progress (Accumulated Depreciation)

TOTAL PROPERTY, PLANT AND EQUIPMENT - Cost Less Depreciation OTilER ASSETS

==

Sewer Assessments, Less Current Portion of

$88,559 Unamortized Bond Issue Costs Miscellaneous Deferred Debits TOTAL OTilER ASSETS "

TOTAL ASSETS

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TOTALS ELECTRIC

{

_ WATER SEWER ,

1981 1980 '

. i l~

~

$ 1,884 $ 15,689 $( 2,515) $ 15,058 $ 15,949

- 54,974 54,974 170,226 .

l 212,911 212,911 235,073 88,559 88,559 77,614 '

s 228 29,040 29,268 39,535 ;

37,397 117,424 20,592 175,413 224,682 ;'

77,322 24,346. 101,668 145,529 ,

16,601 16,601 12,225

- 401,317 157,459 135,676 694,452 920,833 !

I 39,119 39,119 92,825 11,303 40,000 751,281 _

802,584 575,817 k 1

11,303 79,119 751,281 841,703 668,642

~

1,368,796 1,662,440 2,642,159 5,673,395 5,290,'037 0 0 0 0 139,623 1,368,796 1,662,440 2,642,159 5,673,395 5,429,660 (255,968) (249,691) (342,699) (848,358) (697,166) 1,112,828 1,412,749 2,299,460 4,825,037 4,732,494

, 161,410 161,410 224,448 9,518 50,510 60,028 67,284 6,470 0 0 6,470 6,449 15,988 0 211,920 227,908 298,181

=

i

.$1. 541.4 36 $1.649.327 $3.398.337 .$6.589.100 16,h10,11Q I:

b '

_ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ u

COMBINING BALANCE SilEET I

PROPRIETARY FUNDS SEPTEMBER 30_ , 1981, WITH 30, 1980 CO?dPARATIVE TOTALS FOR Tile YEAR ENDED SEPTEMBER CITY OF ALACIIUA, FLORIDA f

(Concluded)

LIABILITIES AND FUND EQUITY _

CURRENT LIABILITIES, PAYABLE FROM CURRENT ASSETS _

Accounts Payable Other Accrued Expenses .

Customer Deposits Due to Other Funds Deferred Credits Electric Ravenue and Improvement Sond Anticipation Notes TOTAL CURRENT LIABILITIES, PAYABLE FROM CURRENT ASSETS I

CURRENT LIABILITIES, PAYABLE FROM RESTRICTED ASSETS _

Accounts Payable .

Accrued Interest Current Portion of Long-Term Liabilities 3

TOTAL CURRENT LIABILITIES, PAYABLE FROM RESTRICTED <

ASSETS LONG-TERM LIABILITIES Advance From General Fund Electric Revenue and Improvement Bond Anticipation Notes Utilities Revenue Bonds of 1979, Less Current Portion of $7,800 Utility Refunding and Revenue Serial Bonds of 1978 Utility Refunding and Revenue Term Bonds of 1978 TOTAL LONG-TERM LIABILITIES TOTAL LIABILITIES FUND EQUITY _

Contributions:

Customers EDA and HUD

, Farmers Home Administration Retained Earnings:

Reserved For Debt Service Unreserved Total Retained Earnings

, TOTAL FUND EQUITY .

I TOTAL LIABILITIES AND FUND EQUITY

u i r

L TOTALS

. ELECTRIC WATER SEWER 1981 1980 l

~

$ 309,989 $ 6,786 $ 5,325 $ 322,100 $ 422,392 i 11,438 970 978 13,386 6,939 '

88,673 88,673 78,385 117,424 21,165 21,405 159,994 215,819 i 77,200 77,200 0 ;

i 500,000 500,000 0 1

- 1,104,724 28,921 27,708 1,161,353 723,535 l

- l

~

29,860 29,860 0 i 27,553 20,770 82,888 131,211 39,347 l

. 7,800 7,800 27,553 58,430 82,888 168,871 39,347 r

~

\

154,000 154,000 500,000 823,000 823,000 830,800 240,592 1,730,259 . 1,970,851 1,969,072 116,416 837,222 953,638 952,777 357,008 823,000 2,721,481 3,901,489 4,252,649 1,489,285 910,351 2,832,077 5,231,713 5,015,531

=.

5,465 86'0,716 866,181 856,877 23,859 22,424 46,283 40,146 '

246,900 180,400 - 427,300 427,300 67,990 668,393 736,383 215,281 52,151 394,762 (1,165,673) ( 718,760) 65,015 52,151 462,752 ( 497,280) 17,623 280,296 52,151 738,976 566,260 1,357,387 1,604,619

=

$1.541,431 112 649.327 $_3.398.332 j6_,389.100 16J2_q@, _

l. . .

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

COMBINING STATEMENT OF REVENUES, EXPENSES AND CIIANCES IN RETAINED EARNINGS PROPRIETARY FUNDS SEPTEMBER 30, 1981, WITH COMPARATIVE TOTALS FOR Tile YEAR ENDED SEPTEMBER 30, 1980 CITY OF ALACHUA, FLORIDA APERATING REVENUES pPERATINGEXPENSES Power Production Expenses: .

Nuclear Power Generation Purchased Power and Other Customer Accounts Depreciation Distribution Expenses General and Administrative:

Nonrecurring Inventory Adjustment Other (Recurring) Expenses Taxes Transmission Expense - Operation

. Treatment ,

(TOTAL OPERATING EXPENSES)

OhERATING INCOME (LOSS)

NONOPERATING REVENUES (EXPENSES) ,

Interest Incone Interest and Fiscal Charges Amortization of Bond Issue Costs Miscellaneous (Expense) Income =

TOTAL NONOPERATING REVENUES (EXPENSES)

NET (LOSS)

-~

RETAINED EARNINGS, BEGINNING OF YEAR As Previously Reported Adjustments As Restated RETAINED EARNINGS, END OF YEAR s

=

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TOTALS ELECTRIC WATER SEWER 1981 1980

$1,579,153 $ 140,363 $ 146,021 $1,865,537 $1,613,185 o

122,382 122,382 172,564 1,163,090 1,163,090 980,768 29,180 9,663 8,569 47,412 52,009 41,375 47,881 61,937 151,193 124,991 22,448 30,395 42,535 95,378 139,993 110,000 ( 15,000) 95,000 0 128,108 31,828 27,042 186,978 104,827 4,264 4.,264 3,815 24,825 24,825 22,555 1,945 13,357 ;, 15,302 13,346

(.1,645,672) ( 106,712) ( 153,440) (1,905,824) (1,614,868) 66,519) 33,651 ( 7,419) ( 40,287) ( l',683) 9,742 61,476 71,218 85,294

( 59,603) ( 41,086) ( 186,450) ( 287,139) ( 269,689)

( 5,000) ( 1,981) ( 6,981) ( 7,256) 908 ( 392) 516 ( ~ 1,241)

( 53,953) ( 41,086) . ( 127,347) -- ( 222,386) ( 192,892)

( 120,472) ( 7,435) ( 134,766) ( 262,673) ( 194,575) 8 721,572 470,187 ( 362,514) 829,245 1,039,866 i( 548,949) , ( ' 548,949) ( 564,995) i 172,623 470,187 ( 362,514) 280,296 474,871

$ 52.151 $ 462.752 $( 497.280) S 17.623 $ 280.29,1

. . m.

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... 4 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION PROPRIETARY FUNDS FOR Tile YEAR ENDED SEPTEMBER 30, 1981 CITY OF ALACilUA, FLORIDA ,

USE OF WORKING,_ C APITAL j

Net Loss 1 Items Not Requiring Outlay of Work!ng Capital:

Depreciation ,

i Amortization I

Working Capital Applied to (Provided From) Operations .

Prcperty, Plant and Equipment Additions Increase (Decrease) in Restricted Assets Decrease in Long-Term Liabilities - Reclassifed As Current (

Increase in Miscellaneous Deferred Debits (TOTAL USE OF WORKING CAPITAL)

SOURCE OF WORKING CAPITAL Advance From General Fund Increase in Current Liabilities Payable From _-

Restricted Assets h W

. Contributions Reclassification of Sewer Assessment As Current

.' TOTAL SOURCE OF WORKING CAPITAL Ii (DECREASE) INCREASE IN WORKING CAPITAL (BELOW) i CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): l Cash

- s Investments l Receivables g Duc From Other Funds [

Inventory Prepaid Expenses "

Current Liabilities - Decrease (Increase):

Accounts Payable Other Accrued Expenses Customer Deposits l I

Due to Other Funds Deferred Credits ""

Electric Revenue and Improvement Bond g Anticipation Notes l (DECREASE) INCREASE IN WORKING CAPITAL (AB0VE)

= -

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E TOTAL

[. ELECTRIC WATER SEWER 1981

$ 120,472 $ 7,435 $ 134,766 $ 262,673

( 41,375) (47,881) ( 61,937) ( 151,193)

~

( 5,607) ( 4,288) ( 9,895)

- 73,490 (40,446) 68,541 101,585 145,899 96,257 1,579 243,735

- 11,303 (13,706) 175,464 173,061 500,000 7,800 507,800 21 21 (730,713) (49,905) _ (245,584) (1,026,202)

~

154,000 154,000 11,053 35,583 82,888 129,524 10,723 4,718 15,441 63,038 63,038

- 11,053 46,306 304,644 362,003 (719.660) ( 3.599) 59.06Q '

( 664.199) 2.710 6,435 ( 10,036) (

(115,252) ~ 891)

( 115,252)

( 31,717) 10,233 21,484)

(

( 41,667) (18,741) 11,139 49,269)

( 59,878) -(

16,748 ( 731) ( 43,861) 4,376 4,376 96,048 3,957 ' 287 100,292

( 5,433) ( 285) ( 729) 6,447)

( 10,288) (

( 10,288) 18,641 (11,713) 48,897 55,325

( 77,200) ( 77,200)

(500,000) "

( 500,000) .

$(719.66_Q) j( 3.599) $ 59.060 I

$( 664.199)

- =.

L

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f E

E CITY OF OCALA, FLORIDA ANNUAL FINANCIAL REPORT

[ FOR THE YEAR ENDED SEPTEMBER 30, 1981 E

E E

E c

E CITY OF OCALA, FLORIDA ANNUAL FINANCIAL REPORT

( FOR THE YEAR ENDED SEPTEMBER 30, 1981 TABLE OF CONTENTS

[

Pages REPORT OF CERTIFIED PUBLIC ACCOUNTANTS 1

[ SECTION I - COMBINED FINANCIAL STATEMENTS - OVERVIEW

[ Combined Balance Sheet - All Fund Types and Account Groups 3-6 Combined Statement of Revenues, Expen-( ditures and Changes in Fund Balance -

All Governmental Fund Types and Expendable Trust Fund 7-8 Combined Statement of Revenues, Expen-ditures, and Changes in Fund Balance -

Actual and Budget (Non-GAAP Budgetary E- Basis) - General and Special Revenue Fund Types 9-10

[ Combined Statement of Revenues and Expenses - All Proprietary Fund Types and Nonexpendable Trust Fund 11 Combined Statement of Changes in Fund Equity - All Proprietary Fund Types and Nonexpendable Trust Fund 13-14 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and

{ Nonexpendable Trust Fund 15-16 Notes to Financial Statements 17-42 REPORT OF CERTIFIED PUBLIC ACCOUNTANTS ON SUPPLEMENTAL INFORMATION 45 E

E i

L f

L

[ Pages L

, SECTION II - INDIVIDUAL AND COMBINING

[ FUND FINANCIAL STATEMENTS BY FUND TYPE Governmental Fund Types Special Revenue Funds Combining Balance Sheet 47-48 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Actual and Budget (Non-GAAP

( Budgetary Basis) 49-50 Statement of Revenues, Expenditures

[ and Changes in Fund Balance (Deficit) -

L Actual and Budget (Non-GAAP Budgetary Basis):

r Occupational License Fund 51

[ Central Florida Regional Library Fund 52 Off-Street Parking Fund 53 Downtown Development Fund 54 Debt Service Funds

[ Combining Balance Sheet 55 L Combining Statement of Revenues, Expenditures and Changes in Fund Balance 57-58 Capital Project Funds

[ Combining Balance Sheet 59 L

Combining Statement of Revenues, Expenditures and Changes in Fund Balance 60 Proprietary Fund Type Enterprise Funds

(

Combining Balance Sheet 61-62

[ Combining Statement of Revenues and L Expenses 63-64 Combining Statement of Changes in Fund Equity 65-66

( Combining Statement of Changes in Financial Position 67-68 it e

[

[ Pages Electric and Bulk Power Supply

( Revenue Funds:

Consolidating Balance Sheet 69 Consolidating Statement of Revenues and Expenses 71-72

[ Consolidating Statement of Changes in Fund Equity 73-74 Consolidating Statement of Changes

[ in Financial Position 75 Fiduciary Fund Types Trust Funds Combining Balance Sheet 76

[ Statement of Revenues ,

Expenditures and Changes in Fund Balance - Expendable Federal Revenue

( Sharing Trust Fund Statement of Revenues and Expenses -

77 Nonexpendable Consolidated Retirement

[ Trust Fund Statement of Changes in Fund Equity -

78 Nonexpendable Consolidated Retirement Trust Fund 79

( Statement of Changes in Financial Position - Nonexpendable Consolidated Retirement Trust Fund 80

[ SECTION III - STATISTICAL SECTION Schedule of Insurance Coverage 83

{

[

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I

>* 1510 SOUTHE AST N ATIONAL BANK BUILDING I 1,1Cc_,

Taterlouse eo sox 2ssa

st"="'8 '

January 20, 1982 Honorable City Council City of Ocala, Florida We have examined the combined financial statements of the City of Ocala, Florida as of and for the year ended September 30, I 1981 as listed in Section I of the table of contents. 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.

In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Ocala, Florida at September 30, 1981 and the results of its operations and the changes in financial position of its proprietary and similar fiduciary fund types for the year then I ended, in conformity with generally accepted accounting principles which, except for the changes, with which we concur, in the methods of accounting for depreciation and interest, as I described in Note 3 to the financial statements have been applied on a basis consistent with that of the preceding year after giving retroactive effect to the accounting changes, with which we concur, as described in Note 3 to the financial statements.

Certified Public Accountants I

i I 1

[

[.

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~

SECTION I - COMBINED FINANCIAL STATEMENTS - OVERVIEW These basic financial statements provide a summary

[ overview of the financial position of all funds and account groups as well as the operating results of all funds.

[

E F - - - -- --

i I

CITY OF OCALA, FLORIDA l

COMBINED BALANCE SHEET E <

l ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1981 i

Governmental Fund Types Special Debt Capital General Revenue Service Projects Assets Current assets:

Cash and investments $ 196,519 $125,503 $ 160 Equity in pooled cash and 343,603 88,917 104,183 l

g investment fund Accounts receivable, net of allowances for doubtful accounts 119,291 750 Accrued interest receivable 745 Accrued unbilled revenues Current and delinquent special assessments receivable Due from other governments 26,574 Due from other funds 12,917 l Interfund loans receivable 38,719 g Inventories Other current assets 741 Total current assets 711,790 215,915 130,917 Restricted assets:

Cash and investments 12,514 $583,679 Equity in pooled cash and investment fund 261 Accrued interest and dividends receivable 5,340 l Due from other governments Due from other funds l

Other Florida Power refund escrow 15 20,433 ll 3

r l Total restricted assets 12,529 609,713 Interfund loans receivable af ter one year 326,718 Deferred special assessments receivable ,

Construction assets: I Cash and investments '

Equity in pooled cash and ,

investment fund $

Other Total construction assets (

Property, plant and equipment, net l Issuance costs on long-term [

debt ;

=

Amount available in debt I service funds l

Amount to be provided for retirement of general long-term debt ,

t Toeal assets M3&5_0j 12,2,8,,444 .

_$_6_0 9 dl,3, 11JOdll j t

I See accompanying notes to financial statements.

i e

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Fiduciary Proprietary Fund Types Fund Types Account Groups General General Total Special Internal Fixed Long-Term (Memorandum Assessment Enterprise Service Trust Assets Debt Only)

$ 1,675 $ 150 $ 324,007

$ 917,332 72,565 1,026,971 2,553,571 2,653,821 1,285 2,775,147 745 2,047,430 2,047,430 F 126,759 126,759

[ 26,574 173,551 197 186,665 38,719

- 1,556,576 64,211 1,620,787 117,971 118,712 1,044,091 6,623,589 1,092,814 9,819,116 2,629,233 $6,747,433 9,972,859 2,008,543 723,041 2,731,845 20,726 112,044 138,110 87,979 87,979 61,075 61,075 20,448 106,364 106,364 4,764,866 7,731,572 13,118,680 326,718 315,692 315,692 45,929 45,929 6,567,171 6,567,171 9,229 9,229 6,622,329 6,622,329 42,877,701 737,306 $8,550,739 52,165,746 260,290 260,290

$ 609,713 609,713 2,737,156 2,737,156 Mk119 71} g(A41,JJ} }l,13Rd2R },7,,131,5J,2, 31,310d3% $ 3 . 34_6_. 86,9 j8JJ7)&

8 E

e

CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT CROUPS SE PTEMBER 30, 1981 (continued)

Governmental Fund Types Special Debt Capital General Revenue Service Projects Liabilities and Fund Equity "

Current liabilities:

Accounts payable $ 317,058 $ 14,554 $ 12,508 Notes payable within one year Due to pooled cash and investment fund 37,284 13,145 Due to other funds 45,531 1,912 543 Customer deposits Deferred revenue 1,202 109,027 538 Interfund loans payable 23,719 Total current liabilities 363,791 186,496 26,734 Liabilities payable from restricted assets:

Accounts payable Accrued interest payable Bonds payable within one year Florida Power refund payable to customers Total liabilities payable from restricted assets Interfund loans payable after one year 23,718 Bonds and notes payable after one year Deferred special assessment revenue Total liabilities 363,791 210,214 26,734 Fund equity:

Investment in general fixed assets Contributed equity / employee pension contributions Retained earnings:

Reserved for debt se rvice Reserved for renewal and replacement Total reserved retained earnings ___

Unre se rved:

Designated for alternate energ, study Undesignated Total unreserved retained earnings Total retained earnings W Fund balance (deficit):

Reserved for debt service $609,713 Reserved for retirement benefits Reserved for noncurrent. interfund receivables 326,718 Reserved for encumbrances 109,246 7,670 7,966 Reserved for restricted assets 12,529 Total reserved fund balance 435,964 20,199 609,713 1,966 Unreserved 238,753 (1,969) 96,217 Total fund balance 674,717 18,230 609,713 104.183 Total fund equity 674,717 18,230 609,713 104,183 Total liabilities and fund equity 11.038.508 122_8.444 1609.713 $130.917 See accompanying notes to financial statements.

[

Fiduciary Proprietary Fund Types Fund Type Account Groups General General Total

[ Special Assessment Enterprise Internal Service Trust Fixed Assets Long-Term Debt (Memorandum Only)

I L

$ 3,060,229 $ 42,996 $ 3,447,345 28,620 8,434 37,054 5,618,000

[ 196,105 3,649 5,668,429 247,740 1,227,543 1,227,543 110,767 p 15,000 38,719

[ 10,145,497 55,079 10,777,597 133 $ 5,850 5,983 f 633,713 633,713 1,110,000 $ 276,773 1,386,773 106,364 106,364 1,850,210 5,850 276,773 2,132,833 303,000 326,718

$ 410,000 24,745,484 29,440 L 315,692 3,070,096 28,255.020 315,692 725,692 37,044,191 84,519 5,850 3,346,869 41,807,860

$8,550,739 8,550,739 4,563,573 1,280,832 1,600,319 7,444,724 2,868,952 2,868,952

[ 45,704 45,704 2,914,656 2,914,656

[ 100,000 100,000

[ 16,526,355 464,769 16.991,124 16,626,355 464,769 17,091,124 19,541,011 464,769 20,005,780 609,713 5,314,644 5,314,644 326,718 124,882 12,529 5,314,644 6,388,486 634,091 810,759 1,777,851 634,091 6,125,403 8,166,337 L 634,091 24,104,584 1,745.601 7,725,722 8.550,739 44,167,580 LIA359.783 16 M g 11 ,83 M 20 MRM 18 S Mm 13 346,869 $85.975.440

[

I CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FfMD BALANCE ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1981 Governmental Special Debt General Revenue Service Revenues:

Property taxes Other taxes $1,459,151634,002 $ 37,436 Federal and state revenue sharing 1,173,529 l Other intergovernmental revenues 74,883 390,063 g Parking meters 15,365 Licenses and permits 177,564 249,312 Fines and forfeitures 245,796 9,215 Charges for services 91,251 Special assessment levies Interest income 86,708 17,913 $ 123,158 Gifts 14,616 Other Total revenues 70,850 15,470 g

4,013,734 749,390 123,158 W Expenditures:

General government and administration 1 308,029 Public safety 3,,999,582 Public works 1,613,386 Culture and recreation 1,109,349 600,184 Nondepartmental appropriations 21,184 Capital outlay 1,202,504 78,482 Housing rehabilitation Principal payments 17,700 2,852 2,225,000 Interest and paying agent fees 2,969 1,127 294,975 Other 2,128 48,758 Total expenditures 9,274,703 684,773 2,568,733 Excess (deficiency) of revenues over expenditures (5,260,969) 64,617 (2,445,575)

Other financing sources (uses):

5,011,906 g

Trans fers from other funds 230,933 1,691,965 E Transfers to other funds (406,365) (345,658)

Total other sources (uses) 4,605,541 (114,725) 1,691,965 Excess (deficiency) of revenues l and other sources over expen- E ditures and other uses, before extraordinary item (655,428) (50,108) (753,610)

( Gain on advance refunding of pollution j control bonds (Note 10) 486,048 um Excess (deficiency) of revenues and other sources over expenditures and other uses (655,428) (50,108) (267,562) l Fund balance at beginning of year, as

' etated (Note 3) 1,330,145 68,338 877,275 l l .3 balance at end of year S 674.717 $ 18.230 $ 609.713 I

I See accompanying notes to financial statements.

I E

[

E Fund Types Total Capital Special Expendable (Memorandum Projects Assessment Trust Only)

$ 1,671,438 459,151

$351,910 1,525,439

$292,599 757,545 f 15,365 L 426,876 255,011 91,251

$112,614 112,614 23,922 99,254 51,527 402,482 14,616 31,469 117,789 316,521 243,337 403,437 5,849,577 26,022 1,334,051 3,999,582 1,613,386 f 1,709,533 L 21,184 367,506 11,371 28,019 1,687,882 120,222 120,222 2,245,552 36,100 335,171 11,035 4,197 66,118 524,785 51,668 28,019 13,132,681 (208,264) 191,669 375,418 (7,283,104) 9,200 19,480 6,963,484 (250,000) (1,002,023) 9,200 (250,000) 19,480 5,961,461 (199,064) (58,331) 394,898 (1,321,643) 486,048 (199,064) (58,331) 394,898 (835,595) 303,247 692,422 415,861 3,687,288.

f L M04_ J83 16M 18,1 3 $ 2.851.693 E

[ -

CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANCES IN FUND BALANCE ACTUAL AND BUDCET (NON-CAAP BUDGETARY BASIS)

CENERAL AND SPECIAL REVENUE FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1981 Ceneral Special Adjustments Adjustments to Actual on Favorable to Budgetary a Budgetary (Unfavorable) Budgetary Actual Basis Basis Budget Variance Actual Basis Revenues:

Property taxes $1,634,002 $1,634,002 $1,928,678 ($294,676) $ 37,436 Other taxes 459,151 459,151 461,896 (2,745)

State revenue sharing 1,173,529 1,173,529 1,269,000 (95,471)

Other inter-governmental revenues 74,883 74,883 74,883 390,063 Parking meters 15,365 Licenses and permits 177,564 177,564 168,000 9,564 249,312 Fines and forfeitures 245,796 245,796 215,200 30,596 9,215 Chcrges for services 91,251 91,251 82,712 8,539 Interest income 86,708 86,708 102,000 (15,292) 17,913 Cifts 14,616 Other 70,850 70,850 64,935 5.915 15,470 Total revenues 4,013,734 4,013,734 4,367,'04 (353,570) 749,390 Expenditures:

General government and administra-tion 1,308,029 $ 418 1,308,447 1,302,691 (5,756)

Public safety 3,999,582 4,897 4,004,479 3,920,056 (84,423)

Public works 1,613,386 54,761 1,668,147 1,575,738 (92,409)

Culture and recreation 1,109,349 1,220 1,110,569 1,092,197 (18,372) 600,184 $7,195 Nondepartmental appropriations 21,184 21,184 15,970 (5,214)

Capital outlay 1,202,504 47,950 1,250,454 1,343,457 93,003 78,482 475 Principal payments 17,700 17,700 17,700 2,852 Interest and paying agent fees 2,969 2,969 2,969 1,127 Other 2,128 Total expenditures 9,274 3 109,246 9,383,949 9 270,778 (113,171) 684,773 7,670 Excess (deficiency) 3 of revenues over expenditures (5,260,969) (109,246) (5,370,215) (4,903,474) (466,741) 64,617 (7,670)

Oth2r financing sources (uses):

Operating transfers from other funds 5,011,906 5,011,906 5,011,906 230,933 Operating transfers to other funds (406,365) (406,365) (407,195) 830 (345,658)

Total other sources (uses) 4,605,541 4,605,541 4,604,711 830 (114,725)

Excess (deficiency) of revenues and other sources over expendi-tures and other uses before fund balance allocation (655,428) (109,246) (764,674) (298,763) (465,911) (50,108) (7,670)

Fund balance allocation 298,763 (298,763)

Excess (deficiency) of revenues and other sources over expenditures and other uses after fund balance allocation (655,428) (109.246) (764,674) (764,674) (50,108) (7,670)

Fund balance at beginning of year 1,330,145 1,330,145 1,330,145 68,338 Fund balance at end M of year $_ 674E (1WM) M du 1MQg (34g) MQ (Qd7,2)

See accompanying notes to financial statements.

L Totals Revenue (Memorandum Only)

Adjustments Actual on Favorable to Actual on Favorable a Budgetary (Un f avorable) Budgetary a Budgetary (Unfavorable)

[ Basis Budget Variance Actual Basis Basis Budget Variance S 37,436 $ 36,015 $ 1,421 $1,671,438 $1,671,438 $1,964,693 ($293,255) 459,151 459,151 461,896 (2,745) 1,173,529 1,173,529 1,269,000 (95,471) f 390,063 15,365 392,261 15,100 (2,198) 265 464,946 15,365 464,946 467,144 (2,198)

[ 15,365 15,100 265 249,312 248,395 917 426,876 426,876 416,395 10,481 9,21) 9,045 170 255,011 255,011 224,245 30,766

[ 91,251 91,251 82,712 8,539 17,913 15,680 2,233 104,621 104,621 117,680 14,616 12,516 (13.059) 2,100 14,616 14,616 2,100 12,516 15,470 15,205 265 86,320 86,320 80,140 6,180

[ 749,390 733,801 15,589 4,763,124 4,763,124 5,101,105 (337,981) 1,308,029 $ 418 1,308,447 1,302,691 (5,756) 3,999,582 4,897 4,004,479 3,920.056 (84,423) 1,613,386 54,761 1,668,147 1,575,738 (92,409) 607,379 603,253 (4,126) 1,709,533 8,415 1,717,948 1,695,450 (22,498) 21,184 21,184 15,970 (5,214) 78,957 73,171 (5,786) 1,280,986 48,425 1,329,411 1,416,628 87,217 2,852 2,853 1 20,552 20,552 20,553 1

( )

2,127

,128 1,130 2,050 3

(78) 4,096 2,128 4,096 2,128 4,099 2,050 3

(78) 692,443 632,457 (9,986) 9,959,476 116,916 10,076,392 9,953,235 (123,157)

[ 56,947 '51,344 5,603 (5,196.352) (116,916) (5,313,268) (4,852,130) E61,138) 230,933 230,933 5,242,839 5,242,839 5,242,839 (345,658) (345,658) (752,023) (752,023) (752,853) 830 (114,725) (114,725) 4,490,816 4,490,816 4,489,986 s30 (57,778) (63,381) 5,603 (705,536) (116,916) (822,452) (362,144) (460,308) 63,381 (63,381) 362,144 (362,144)

(57,778) (57,778) (705,536) (116,916) (822,452) (822,452) 68,338 68,338 1,398,483 1,398,483 1,398,483 OM $ 11 ADS SD.7.a US) M il 2M (1 R6,glp) W QU & l9,8J $) ((8,(R 4,1R)

F L

F 1 - - _-__

CXTY OF OCALA, FLORIDA COMBINED STATEMENT REVENUES AND EXPENSES ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND -

FOR THE YEAR ENDED SEPTEMBER 30, 1981 Proprietary Fund Types Nonexpendable I

Consolidated Total Internal Retirement (Memorandum Enterprise Service Trust Only)

Operating revenues:

Sale of electricity $34,239,558 $34,239,558 Sale of water 1,310,461 1,310,481 Sewer and sanitation service charges 2,676,373 2,676,373 Fees and rentals 432,450 $1,724,066 2,156,516 Commissions 49,419 49,419 City and state contributions $538,930 538,930 l

g Other 606,191 6,832 613,023 Total operating revenues 39,314,472 1,730,898 538,930 41,584,300 Operating expenses:

Purchase of electricity 22,983,784 22,983,784 E Distribution 2,464,127 2,464,127 Back-up 1,431,365 1,431,365 Transmission 268,708 268,708 operation and maintenance 2,725,946 2,725,946 Water and sewer treatment 875,261 875,261 Sewer collection 306,389 306,389 Municipal garage 1,234,106 1,234,106 Data processing, central reproduction and records management 337,037 337,037 Building maintenance 257,274 257,274 Net depreciation in fair value of investments 603,959 603,959 Pension payments 190,250 190,250 Administration 1,216,733 33,212 1,249,945 Depreciation and amortization 2,203,690 39,293 2,242,983 l Other 419,061 419,061 g Total operating expenses 34,895,064 1,867,710 827,421 37,590,195 Operating income (loss) 4,419,408 (136,812) (288,491) 3,994,105 Nonoperating revenues (expenses):

Interest income 1,033,761 99,885 686,902 1,820,548 Interest expense (1,404,990) (5,006) (6,106) (1,416,102)

Total nonoperating revenues (expenses) (371,229) 94,879 680,796 404,446 Income (loss) before operating transfers 4,048,179 (41,933) 392,305 4,398,551 Operating transfers:

From other funds 20,713 20,713 l

E To other funds (5,982,174) (5,982,174)

Total operating transfers (5,961,461) (5,961,461)

Net income (loss) before cumulative effect of change in accounting principle (1,913,282) (41,933) 392,305 (1,562,910)

Cumulative ef fect of change in accounting principle (Note 3) 651,170 7,380 ____658,550 Net income (loss) (jA2,6,2m 1JJ) (L Eji5.3,) 1R2.315, ( L 904A 60,)

See accompanying notes to financial statements.

l E

E E

BLANK E

E

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I CITY OF OCALA, F1,ORIDA COMBINED STATEMENT OF CHANCES IN FUND EQUITY ALL PROPRIETARY Fl!ND TYPES AND NONEX5ENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1981 Enterprise Funds Internal Service Fund Retained Contributed Retained Contributed Earnings Equity Total Earnings Equity Total Fund equity at W beginning of year, as previously reported $24,451,332 $3,731,457 $28,182,789 $433,239 $1,280,832 $1,714,071 Effect of retro-actively applying changes in accounting methods (3,648,209) 66,083 66,083 (Note 3) (3,648,209)

Fund equity at beginning of year, as restated 20,801,123 3,731,457 24,534,580 499,322 1,280,832 1,780,154 Nec income (loss) (1,262,112) (1,262,112) (34,553) (34,553)

Capital contributions /

contributions from employees 832,116 832,116 Refunds to employees Fund equity at end of year $19.541.011 M6M $24.104.584 $464.769 11,280JU $1.745.601 I

I I

I See accompanying notes to financial statements.

I I

(

l

( Nonexpendable Totals Consolidated Retirement Trust Fund (Memorandum Only)

Employee Contributed Equity /

Fund Pension Retained Earnings / Employee Pension Balance Contributions Total Fand Balance Contributions Total

$4,922,339 $1,409,723 $6,332,062 $29,806,910 $6,422,012 $ 36,22 8,922

( (3,582,126) (3,582,126) 4,922,339 1,409,723 6,332,062 26,224,784 6,422,012 32,646,79 A 392,305 392,305 (904,360) (904,360) 273,379 273,379 1,105,495 1,105,495 (82,783) (82,783) (82,783) (82,783)

LM44, LL6,0.0 0 Q9 M6J $25.320.424 $7.444.724 [32.765.13 A'

(

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/ ,

F -

. . . ? ' ' _ _ _ . . _ . - _ _ _ _ _ - - -

CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CHANCES IN FINANCI AL POSITION ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1981 Proprietary Internal Enterprise Service Financial resources were provided by (used for):-

Net income (loss) before cumulative effect of change in accounting principle ($ 1,913,282) ($ 41,933)

Add charges not affecting working capital:

Depreciation and amortization of property and equipment and issuance costs on long-term debt 2,203,690 39,293 Amortization of bond discount 36,367 Loss on disposal of property and equipment 114,473 30 Working capital provided by (used for) operations of the period 441,243 (2,610)

Cumulative ef fect of change in accounting principle 651,170 7,380 Proceeds from issuance of notes payable and revenue bonds 6,629,970 45,895 Employee pension contributions Proceeds from sale of property and equipment 17,033 Capital contributions 832.116 Total financial resources provided 8.571,537 50,665 j Financial resources were used fer:

Decrease in accumulated depreciation resulting from change in accounting principle 651,170 7,380 Refunded employee contributions Additions to property and equipment 4,216,795 223,299 Reduction of revenue bunds and notes payable after one year 1,138,620 16,455

,, eduction in interfund loans payable a f ter one year 15,000 l LIncrease) decrease in liabilities payable from restricted assets 4,059,028

, increase in restricted assets 1,068,923

Increase in constructicn assets 718,772 Issuance costs on long-term debt 22.137 Total financial resources used 11.890,445 247,134 Decrease in working capital ($ 3.31_82) ($196 469)

Analysis of Changes in Components of Working Capital Incros-e (decrease) in current assets:

Cash and investments ($ 39,525)

Equity in pooled cash and investment fund (293,399 ($ 77,038)

Accounts receivable (371) l Accrued unbilled revenues (1(433,527 217,191 Due from other fund s (133,600) (170,748)

Inventories 134,190 (1,872)

Other current assets 12,875 Total decrease in current assets (1,970,177) (250,029)

(Increase) decrease in current liabilities:

Accounts payable 794,629 6,332 Notes payable within one year (28,620) 50,877 Due to pooled cash and investment fund (2,101,044)

Dae to other funds 111,046 (3,649)

Customer deposits (124,742)

Total (increase) decrease in current liabilities (1,348,731) 53,560 Decrease in working capital ( M 3,1,8 E ) (119 3 ) W I

I i

See accompanying notes to financial statements.

5 l

3

~

I L.

x

)

W x

e g .t "onexpendable- Total '

r + Consolidated (Femorandus Retirement Trusi Only)

$392,305 ($ 1,562,9t0)

, \

2,242,993 36

+ 114,36.2

,503' l '

.352,305 ' 830,943 058,550

' 6,675,865 273,379 273,379

. 17,033 832.1!4 665,684 9,287,886 a

i t

'i

~ . , .658,550 82,783 62,763 4,440,094 ,.

,s 1,155,075 F 15,000

, (5,850) 4,053,178 g , 568,751

~

1,657,674 g 718,772 *

in 22,137

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1 4,684' ^*

12,803,263 g-S _ ($ 3,515.,377) .

t 5

$ ($ 39,525)

(370,437)

(1,433,898) j e. (217,191) ,

(304,348)

< 132,318 12,875' -

(2,220,206),

L-800,961

, , ." g . , 22,257 (2,101,044) 107,397'

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(124,742)

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(1,295,171)

}^ (M1JM)

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- l , _. _ _ _ ..-___ _ _ - - _ - _ _ - - _ . _ - _ _ _ _ .

I CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1981 NOTE 1 - DESCRIPTION OF FUNDS The City of Ocala (the " City") operates under a council-manager form of government and provides the following services as authorized by its charter: public safety, public works, public utilities, culture, recreation and community development. Public 3 housing services are provided by the Ocala Housing Authority, a 5 separate governmental entity. Although the City appoints the board of the Ocala Housing Authority, the City does not have the ability to significantly influence its operations and is not accountable for its fiscal matters. Accordingly, the financial statements of the Ocala Housing Authority are not included in this report.

The accounts of the City are organized on the basis of funds and account groups. The operations of each fund are accounted for within a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the accompanying financial statements into eight generic fund types and three broad fund categories: governmental funds, proprietary funds g and fiduciary funds . 3 Homogeneous funds are consolidated for purposes of financial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds which are similar by type but not homogeneous are combined. Inter-fund transactions and balances are not eliminated on funds which are combined rather than consolidated.

GOVERNMENTAL FUNDS Governmental funds include the general, special revenue, debt service, capital project, and special assessment funds. The measurement focus of governmental funds is determination of financial position and sources and uses of resources rather than net income determination. The funds are maintained on the modified accrual basis of accounting. Generally, only current assets and E current liabilities are included on their balance sheets. Their W reported fund balance is considered a measure of available spendable resources. The following is a description of the g governmental funds of the City: 3 I

(

General Fund The general fund is the general operating fund of the City. It is used to account for revenues, general operating expenditures and capital outlay expenditures not specifically required by law or

[ administrative action to be accounted for in another iund.

Special Revenue Funds

( Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administrative 1y restricted to expenditure for specific purposes. Special revenue

{ funds used by the City are:

Occupational License Business license and permit revenues which are pledged as j security for the Refunding and Improvement Excise Tax Bonds dated July 1, 1965 and January 1,1972 are recorded in this fund.

( Revenues collected are transferred to the appropriate debt service fund as required.

Central Florida Regional Library This fund is used to account for federal, state and county

( contributions, and general fund subsidies which are restricted for the operation of the regional library.

Off-Street Parking

{

This fund accounts for the proceeds from the City's parking system. Off-street parking revenues are pledged as security for

[ the Improvement Bonds dated July 1, 1966.

Downtown Development

[ This fund accounts for property taxes levied against downtown property owners. These property tax revenues are used for debt service on the Improvement Bonds dated July 1, 1966.

{

Debt Service Funds

( Debt service funds are used to account for the accumulation of resources for, and the payment of, principal, interest and related costs of the City's general long-term debt not paid from special assessment funds.

{

Capital Project Funds Capital project funds are used to account fcr resources ear-marked for the acquisition and construction of major capital facilities and other project oriented activities other than those

( financed by proprietary and special assessment funds.

[

Special Assessment Fund I

The special assessment fund is used to account for financial resources and long-term debt obtained for the financing aad construction of public improvements that are to be fully or g partially paid for by assessments levied against benefited property owners.

3 It is the policy of the City to levy special assessments subsequent to completion of the related capital improvement projects. Construction costs of the public improvements against which special assessments are levied are primarily budgeted in other funds and are not accounted for within the special assessment fund. Expenditures of the special assessment fund consist E primarily of operating transfers to other funds as reimbursements 3 of the costs of capital improvements.

PROPRIETARY FUNDS Proprietary funds include enterprise and internal service funds. The measurement focus of proprietary funds is determination of net income, financial position and changes in financial position. The generally accepted accounting principles for proprietary funds are those applicable to businesses in the private a sector and thus these funds are maintained on the accrual basis of accounting. Accordingly, all assets and liabilities associated 5

with their activity are included on their balance sheets. Their reported fund equity is segregated into contributed equity and retained earnings components. Proprietary funds used by the City are as follows:

Enterprise Funds Enterprise funds are used to account for operations that are a financed and operated in a manner similar to priv. ate businesses I where the intent of the governing body is that the costs (including depreciation) of providing certain goods and services to the general public be financed or recovered primarily through user charges or where the governing body has deemed that periodic determination of net income is appropriate for purposes of monitoring capital maintenance, accountability or other purposes.

Enterprise funds used by the City are as follows:

Bulk Power Supply Revenue and Electric Revenue Funds For legal E owned portion of purposes, transactions Crystal River Nuclearpertaining (CR-3)

Plant No. 3 areto the City- 5 accounted for in a fund (bulk power supply revenue fund) separate from the fund which accounts for the transactions of the City's 3 electric system (electric revenue fund) . However, for financial 3 accounting and reporting purposes, these funds are consolidated and all interfund transactions, consisting primarily of sales and related purchases of electricity, are eliminated in consolidation.

l On a consolidated basis, the electric and bulk power supply revenue i fund is used to account for the construction, operation, and maintenance of the City-owned portion of CR-3 and the City-owned electric system as well as sales of electricity and other services to the general public. Electricity rates charged to customers are

{~ set by City Council within the rate structure established by the Florida Public Service Commission.

Water and Sewer Fund This fund accounts for the construction, operation and i maintenance of the City-owned water and sewer system.

Sanitation Fund

( This fund accounts for the operation and maintenance of the City's refuse collection system.

( Municipal Golf Course Fund This fund accounts for the construction, operation and f maintenance of the City's golf courses.

Fort King Tennis Court Fund l

( 1 l This fund accounts for the operation and maintenance of the Fort King tennis courts.

( Municipal Trailer Park Fund This fund accounts for the operation and maintenance of the

( City-owned trailer park.

Jim Taylor Airport Fund

( This fund accounts for the construction, operation and maintenance of the City's airport which is leased to a fixed-base operator.

( Internal Service Fund The internal service fund accounts for the operation of the

( municipal garage, data processing, central reproduction and building maintenance departments. The revenues of the internal service fund are derived from user fees charged to other City funds.

FIDUCIARY FUNDS

[ Fiduciary funds of the City include expendable and nonexpendable trust funds. Trust funds are used to account for assets held by the City in a trustee capacity. The measurement

( focus and basis of accountin fund are the same as governmental funds. Theg of measurement the expendable trust focus and basis of

I accounting of the nonexpendable trust fund are similar to proprietary funds . The following fiduciary funds are used by the City:

Expendable Federal Revenue Sharing Trust Fund Revenues received under the State and Local Fiscal Assistance Act of 1972 (as amended) and related expenditures are accounted for in this fund.

Nonexpendable Consolidated Retirement Trust Fund This fund accounts for the financial transactions of the City-administered pension plan.

ACCOUNT GROUPS Fixed assets and long-term liabilities associated with governmental funds are accounted for in the General Fixed Asset and General Long-Term Debt Account Groups. The two account groups are not funds and are concerned only with the measurement of financial i position. l General Fixed Asset Account Group Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Account Group. Public domain (infrastructure) general fixed assets consisting of certain improvements other than buildings such as roads, sidewalks and drainage systems are not, however, capitalized as general fixed assets.

i General Long-Term Debt Account Group l l

Long-term liabilities, except for special assessment bonds which are accounted for in the special assessment fund, expected to be financed from governmental funds are accounted for in Phe General Long-Term Debt Account Group.

I, NOTE 2 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City conform to generally accepted accounting principles applicable to governments. The following is a summary of the more significant policies and principles used by the City in the preparation of the accompanying financial statements.

Basis of Accounting The financial statements of proprietary and nonexpendable trust a funds are presented on the accrual basis of accounting.

method of accounting, revenues are recognized when they are earned Under this 3 l

I l and expenses are recognized when they are incurred. The financial statements of governmental and expendable trust funds are presented I on the .aodified accrual basis of accounting. Under the modified accrual method of accounting, revenues are recognized when they become measurable and available as a resource to finance operations of the current year. Revenues of a material amount not received at the normal time of receipt are also accrued or deferred, as appropriate.

I Under the modified accrual basis, expenditures are generally recognized when the related liability is incurred except:

I a. Inventory of governmental and expendable trust funds is recorded as en expenditure when purchased.

b. Principal and interest on general long-term debt are recognized as expenditures in the debt service funds when due.

c. Interest income on special assessments receivable and interest exyense on related long-term debt are not accrued.

d. Expenditures are not divided between years by the recording of prepaid expenses.

e. Accumulated vacation and sick pay are recorded when paid (Note 14).

Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the e::penditure of monies are recorded in order to reserve a portion of the applicable budget appropriation, is utilized by the governmental funds of the City. Encumbrances outstanding at year-end are reported as reserves of fund balance of governmental funds since they do not constitute expenditures or I liabilities. They are recognized as expenditures in the period in which the actual goods or services are received and a liability is incurred.

Total Columns on Combined Statements - Overview The columns headed " Total (Memorandum Only)" included in the Combined Overview Financial Statements are presented only to facilitate financial anclysis. Data in these columns do not present financial position, results of operations , or changes in financial position in conformity with generally accepted accounting principles as the bases of accounting varies by fund type. These total columns are not comparable to consolidated financial I information. Interfund eliminations have not been made in the aggregation of this data.

Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and generally are liquidated monthly. Interfund advances are liquidated in accordance with the City Council's resolution and may bear interest (Note 8) . Noncurrent portions of interfund advances receivable of governmental fund types are presented as a reserve of fund balance as these amounts do not constitute available spendable resources.

Investments Investments, except those of the nonexpendable consolidated retirement fund, are stated at cost, which together with the accrued interest receivable approximates market. Investments of the nonexpendable consolidated retirement fund consisting of commercial paper, money market funds, repurchase agreements, stocks and bonds are stated at fair market value based on quoted market prices at the end of the fiscal year.

The City maintains a pooled cash and investment fund which allows the various funds of the City to pool monies for investment purposes. The City maintains appropriate records to identify the g equity of each fund investing in the pool as well as amounts 3 borrowed from the pool (Note 5). Investment earnings of the pool are recorded as earned and are allocated to the participating funds based on the respective fund's equity in the pool at the end of each month.

Income from other investments owned by the individual funds is recorded in the respective funds as earned.

Capital Grants and Contributions Program and capital grants received by governmental funds are recorded in the applicable governmental fund as receivables and revenues at the time reimbursable costs are incurred and all significant grant restrictions are satisfied. Grant revenues received in advance of meeting all major grant restrictions are deferred. Capital grants for general fixed asset additions prior to October 1, 1977 are recorded in the general fixed asset account group as investments by the governmental fund which expended the grant monies. Capital grants for general fixed asset additions subsequent to September 30, 1977 are recorded in the general fixed asset account group as contributions from federal or state grants.

Capital grants received by proprietary funds are also recorded as receivables when reimbursable project costs are incurred or as deferred credits if the grant money is received in advance of project expenditures. Capital grants and other contributions for g fixed asset additions to the proprietary funds prior to October 1, g 1977 are recorded as additions to retained earnings. Capital grants and other contributions for fixed asset additions to the proprietary funds subsequent to September 30, 1977 are recorded as

[

additions to contributed equity. Depreciation on proprietary fund

[ assets purchased with capital grants or other capital contributions is recorded as a reduction of retained earnings.

Inventories

{

Inventories held by the proprietary funds consist primarily of equipment and supplies held for use in capital improvements and are

[ stated at average cost. Obsolete and unusable items have been reduced to estimated salvage values.

( Property and Equiprent Proprietary Funds

[ Property, plant and equipment of proprietary funds, except '

for extensions and improvements other than buildings of the electric revenue fund, were recorded in detail fixed asset

[ subsidiary records in 1976. Extensions and improvements other than buildings of the electric revenue fund were recorded in detail fixed asset subsidiary records in 1981 (Note 3). Property and

( equipment of the proprietary funds are valued at historical cost, if known, or estimated historical cost. The use of estimated historical cost was necessary since the City had not previously

[ fully maintained the appropriate detail property records.

used appraisals and other estimation techniques (indices) to The City estimate, where necessary, the original historical cost of the units of property and equipment. Since the development of detail

( property records, all additions to fixed assets of proprietary funds have been recorded at cost in the detail records with retirements recorded using the established actual or estimated

{ historical cost (net of accumulated depreciation).

Depreciation is provided on all exhaustible fixed assets of proprietary funds on the straight-line method over the following

[ estimated useful lives:

Buildings 30 years

( Extensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years

{

An annual depreciation rate of 3.6% is applied to the r historical cost of Crystal River Unit No. 3 (CR-3). This annual L depreciation rate was approved by the Florida Public Service Commission for use by Florida Power Corporation, the majority owner of the project. The City's share of nuclear fuel, which is

[ included in the CR-3 investment account, is amortized on a unit-of production method at a rate based on actual BTU's of energy produced.

Additions, improvements and expenditures that significantly extend the useful life of assets held by proprietary funds are r capitalized. Other expenditures for repairs and maintenance are L charged to operations as incurred.

F

I Interest costs on assets constructed or otherwise produced for use by proprietary funds is capitalized, as appropriate (Note 3).

Governmental Funds General fixed asset additions are recorded as capital outlay in the respective governmental fund and are simultaneously capitalized at cost, if appropriate, in the general fixed asset a account group. Unit costs of property and equipment recorded in g the general fixed asset account group were initially established in fiscal year 1976 at historical cost or estimated historical cost in a manner similar to fixed assets of proprietary funds. Deprecia- l tion is not provided on general fixed assets. W Bond Discounts and Issuance Costs Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the bonds outstanding method (which approximates the interest method).

Bond discounts are presented as a reduction of the face amount of the related bonds payable and issuance costs are recorded as other assets.

Annual Budgets An annual budget is prepared for all governmental, proprietary and fiduciary funds except the special assessment, capital project, debt service and the consolidated retirement funds. The budget amounts presented in the accompanying financial statements for the governmental funds are as originally adopted, or as amended, by the City Council during the year ended September 30, 1981. The City 3 Manager is authorized to transfer budgeted amounts between depart- E ments within any fund; however, any budget amendments that alter the total expenditures of any fund must be approved by the' City Council. Budget appropriations may not be legally exceeded on a fund basis. The budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP) except that encumbrances are treated as expenditures. l Budgetary comparisons presented for the governmental funds in the u accompanying financial statements are on this non-GAAP budgetary basis. Appropriations lapse at the end of each fiscal year.

Accrued Revenues Revenues of enterprise funds are accrued based on estimated unbilled services provided to the general public at the end of the fiscal year.

Property Taxes Property taxes levied by the City are billed and collected by the County and normally attach as an enforceable lien on property as of January 1. Generally taxes are levied on November 1 and are 1

I I payable on or before June 1. During the current year, however, the City did not receive property appraisals from the county tax appraiser at the normal time. Consequently, taxes were not billed until June of 1981 and are payable through November 17, 1981.

Property tax revenues are recognized when levied or billed to the extent that they result in current receivables.

The City is permitted under its charter to levy taxes up to $10 per $1,000 of assessed valuation for general government services other than the payment of principal and interest on general long-term debt and in unlimited amounts for the payment of principal and interest on long-term debt. Additional taxes

g assessed for the payment of general long-term debt issues of the 3 City must be approved by the public. The tax rate assessed by the City for the year ended September 30, 1981 was $3.17 per $1,000 of assessed property value.

I Reserves of Retained Earnings and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in net assets restricted for debt service and renewal and replacement. These increases result from earnings on restricted assets included in consolidated net income of the proprietary funds and transfers to the restricted accounts.

Increases in restricted assets decrease unreserved retained earnings and increase reserved retained earnings. The use of the restricted assets generates a restoration of unreserved retained earnings as debt payments are made and as renewal and replacement expenditure requirements are met.

Fund balances of governmental funds are reserved for assets which have been legally segregated for specific future uses or which are not available for expenditure. Increases to these reserves are created by transfers to restricted accounts, earnings on restricted assets and gifts designated by the donor for a specific use. Fund balances are also reserved for noncurrent portions of interfund loans receivable as these assets are not available spendable resources. In addition, open encumbrances at year-end are reported as reservations of fund balance to reserve that portion of the current year budget appropriation which has not been recognized as an expenditure or a liability.

Administrative Fees Certain administrative expenses are incurred by the City's electric revenue fund on behalf of the water and sewer and sanita-tion funds. The electric revenue fund charges for these services based on the receiving fund's original budgeted appropriations.

The reimbursement for these services is recorded as an operating expense of the water and sewer and sanitation funds and as a reduction of administrative expense of the electric revenue fand.

I The City's general fund also incurs certain administrative expenditttres on behalf of other funds of the City. The general fund is reimbursed for these expenditures based on actual cost 3 allocations. The amounts reimbursed are recorded as a reduction of 3 expenditures of the general fund. The related reimbursements are recorded as either an operating expense of the proprietary funds or as an expenditure of the governmental funds.

NOTE 3 - ACCOUNTING CHANGES During the year ended September 30, 1981, the City fully adopted the accounting principles required by Statements 1 and 2 of the National Council on Governmental Accounting and other authoritative pronouncements issued by the Financial Accounting Standards Board. A description of the new accounting methods adopted in the accompanying financial statements is set forth below.

Special Assessment Fund The City has accounted for and recognized revenues derived from special assessment levies on the modified accrual basis of accounting for the year ended September 30, 1981. Under this method of accounting, special assessment revenues are recognized in the period in which.they become measurable and available as a resource to finance operations of the current year. In prior years, revenues derived from special assessment levies were recognized in the period the special assessments were levied. The financial statements of the special assessment fund for the year g ended September 30, 1980 have been restated to retroactively apply 3 the new accounting method. The restatement had the effect of decreasing fund balance of the special assessment fund at September 30, 1980, as previously reported, by $428,138, from $1,120,560 to

$692,422. The fund balance, as restated, is presented in the accompanying financial statements. The change in accounting method l

had the effect of increasing the deficiency of revenues over expenditures and other uses for the year ended September 30, 1980 as previously reported by $150,500.

Electric _ Revenue Fund During the year ended September 30, 1981, the City established detail property records for extensions and improvements other than buildings of the electric revenue fund (Note 2) . In previous years, detail property records were not maintained for extensions and improvements other than buildings of the electric revenue fund 3 and depreciation expense was provided annually at approximately 3% B of the recorded cost of such assets. The financial statements of the electric revenue fund for the year ended September 30, 1980 m have been restated to retroactively reflect the net reduction in I the recorded cost of extensions and improvements other than buildings resulting from the establishnent of the detail property records. The retroactive application had the effect of decreasing net income of the electric revenue fund for 1980 as previously reported by approximately $8,000.

l1

Internal Service Fund The City has recorded the inventory balances of the internal service fund as assets for the year ended September 30, 1981. In f prior years, inventories were expensed as purchased. The new method of accounting was established to more closely reflect internal service fund assets and to charge the cost which will benefit future periods against the revenues of the periods

{ benefited. The financial statements of the internal service fund for the year ended September 30, 1980 have been restated to retroactively apply the new accounting method. The change in

( accounting method had the effect of increasing net income of the internal service fund for the year ended September 30, 1980 as previously reported by $23,000.

( Proprietary Fund Types

[ Depreciation of property, plant and equipment for the year i ended September 30, 1981 has been computed based on the actual date property, plant and equipment is placed in service. Depreciation of plant, property and equipment in previous years was computed

( based on a full year of depreciation in the year of acquisition and none in the year of retirement. The new method of depreciation was adopted to more closely charge the cost of assets that benefit future periods against the revenues of the periods benefited and

{ has been applied retroactively to acquisitions of prior years. The change in accounting method had the effect of increasing net income r of the enterprise and internal service funds before the cumulative

( effect of the accounting change for the year ended September 30, 1981 by approximately $35,000 and $7,000, respectively.

Adjustments of $651,170 and $7,380 to apply retroactively the new f method of accounting are included in income of the enterprise and internal service funds, respectively, for the year ended September 30, 1981.

During the year ended September 30, 1981, the City capitalized interest costs incurred during the construction of assets for use

( by proprietary funds as part of the cost of those assets. Interest

( costs incurred during the construction of proprietary fund assets were expensed in prior years. The new method of accounting for interest costs was adopted to obtain a measure of asset acquisition cost that more closely reflects the total investment in constructed

( assets of proprietary funds and to charge the cost that relates to the acquisition of assets that benefit future periods against the

( revenues of the periods benefited. The change in accounting was

( applied prospectively and had the effect of increasing net income of the enterprise funds for the year ended September 30, 1981 by

$49,725.

Nonexpendable Consolidated Retirement Trust Fund During the year ended September 30, 1981, the City changed its actuarial cost method from the frozen initial liability cost metbod to the entry age normal cost method. The new method of accounting l

I was adopted to more closely reflect pension costs incurred by the various funds of the City for benefits accruing to employees during the current fiscal year. The change in accounting method was E applied prospectively and did not have a material effect on the net E income or the excess of revenues over expenditures of the various fund types of the City.

NOTE 4 - FINANCIAL SEGMENT INFORMATION OF ENTERPRISE FUNDS Each of the City's enterprise operations is accounted for within a separate fund. Over 95% of the combined assets, revenues, a and expenses of the enterprise funds are attributable to utility g funds used to account for the transactions of the City's electric and bulk power, water and sewer, and sanitation systems. Other enterprise funds are used to account for the operations of golf, tennis, trailer park and airport facilities provided for the benefit of the general public. Following is a summary of significant financial information of the enterprise funds:

Electric and Bulk Power Supply Water and Revenue Sewer Sanitation Other Total Current assets S 6,235,902 $ 226,314 $ 77,879 $ 83,494 $ 6,623,589 Current liabilities 9,401,941 462,597 215,290 65,669 10.145,497 Working capital (deficit) ( W 6,6 ,0j9,) (L21628J)($ 137_.411,) $ 17 825 ($ 3.521.908)

Property, plant, and equipment:

Additions QS2JL44J $ J ,]07,28Q 1,,}14,J,6,) $ 224.20J $ 4.216.795 Deletions $ 235.031 $ 5. 61J $ 6.534 $ 5.685 $ 252.869 Total property, plant and equipment 170.501.944 $20.572.730 $ 404.211 $1.398.816 $42.877.701 Restricted assets S 3.017.491 $ 1.747.375 $ $ $ 4.764.886 Construction assets S 5.035.408 $ 1.586.921 $ $ _$ 6.622.329 Total asseta 4

$3_.994.956

$24.189.419 $ 482.090 $1.482.310 $61.148.775 Liabilities payable from restricted assets $__1._3 92 . 912 $ 457.298 $ ,

S $ 1.850.210 Total equity $ 8.245.895 $14.541.638 $ 3.410 $1.313.641 $_2_4.104 . 5 84 Total operating revenues $34,670,125 $ 2,465,132 $1,694,617 $ 484,598 $39,314,472 Operating expenses (less depreciation) 28,693,507 1,837,462 1,698,366 462,039 32,691,374 Depreciation and amortization 1,361,375 514,951 157,865 169,549 2,203,690 operating income (loss) 4,615,293 112,719 (161,614) (146,990) 4,419,408 Operating transfers from other funds 20,713 20,713 Operating transfers to other funds (4,585,000) (1,395,764) (1,410) (5,982,174)

Interest income 705,951 312,321 15,489 1,033,761 Interest expense (899,271) (495,255) (4,464) (6,000) (1,404,990)

Net loss before cumulative effect of change in accounting principle ($ 163,027) ($ 1,465,979)($ 166,078)($ 118,198) ($ 1,913,282)

Cumulative ef fect of change W in accounting principle (Note 3) 84,582 340,074 85,985 140,529 651,170 Net income (loss) ($ 78.4Q) ($ 1.12 5.905)($ 80.093) $ 22.331 ($ 1.262.112)

Capital contributions $ 186.435_ $ 468.294 $ Q3,8J, S 832.116 Long-term debt and interfund loans payable of individual er.terprise funds are presented in Note 9.

L-r L

r NOTE 5 - POOLED CASH AND INVESTMENTS L

Funds not prohibited by bond covenants have pooled their cash y

balances in order to maximize investment earnings. The assets of L

the City's pooled cash and_ investment fund at September 30, 1981 are as follows:

Maturing Interest Book

[

L Security Through Rate Value

- Repurchase agree-L ments October, 1981 12.48-17.91% $ 690,597 Commercial paper October, 1981 13.76% 4,057,336 U.S. government I securities August, 1986 4.25-8.0% 1,018,558 L Accrued interest receivable 91,507 r Interfund L receivables 5,668,429 Cash 326,160 r Total equity of L participating funds $11.852.587 L The concept of the pooled cash and investment fund permits participating funds to borrow cash for current operations from the e pooled fund. The amounts invested and borrowed by the various L funds of the City are presented as equity in pooled cash and investment fund and as due to pooled cash and investment fund, y respectively, in the accompanying financial statements. At l

September 30, 1981, the total equity of restricted and construction accounts of proprietary and trust funds in the pooled fund was

$9,299,016 as compared to assets of the pooled fund as of that

- date, exclusive of interfund receivables, of $6,184,158.

L Investments of all governmental and proprietary fund types not

~ participating in the pooled fund as of September 30, 1981 are L summarized ~as follows:

Maturing Interest Book

[ Security Through Rate Value Repurchase agree-r ments October, 1981 12.48-17.21% $ 864,714 L Commercial paper October, 1981 13.76% 919,326 Certificates of

~ deposit December, 1982 6.5% 575,000 L $2.3591 040 P The market value of investments of the nonexpendable consoli-L dated retirement fund at September 30, 1981 is as follows: common stock - $2,734,531; bonds - $1,903,547; and repurchase agreements, I y money market funds and commercial paper - $2,108,572.

L

_ ,. . _ . - _ _ _ _ . - - . . _ , _ - ~ _ . . . _ . _ _ __ _ _ _ __

, _ _ U

I NOTE 6 - PENSION PLAN The City maintains a defined benefit contributory pension plan covering full-time firemen, policemen and all other general employees of the City. The City accounts for the pension plan on the accrual basis in a nonexpendable trust fund. It is the City's a policy to fully fund pension costs determined by an actuarial g valuation performed as of the beginning of each fiscal year. The actuarial cost method was changed during the current year (Note 3) as well as actuarial assumptions concerning employee termination rates, future salary increases and the investment earnings rate.

As a result of the change in the cost method and changes in assumptions, a new unfunded accrued liability for unfunded prior service costs was established. The new unfunded accrued liability is being amortized over a 30 year period. In previous years, the unfunded accrued liability was amortized over a 40-year period. In combination, these changes had the effect of decreasing the City's contribution rate , which includes a provision for amortization of prior service costs, as a percentage of employees' compensation from 4.9% in 1980 to 4.35% in 1981. The changes did not have a material effect on the net income or excess of revenues over expenditures of the various fund types of the City.

Funding to the pension trust based on the constant percentage of employees' compensation during the year has resulted in current year funding in excess of the minimum amount recommended in the actuarial valuation. Current year contributions expended or expensed by fund groups are as follows:

Contributory Fund General $222,606 Special revenue 11,359 Capital projects 2,627 Enterprise 138,192 Internal service 21,621

$396.405_

The City's contributions to the pension trust are based upon an g actuarial valuation as of October 1, 1980, the most recent date for E which accrued benefit information is available. As of October 1, 1980, the actuarial present value of vested and non-vested accumulated plan benefits was $4,754,884 and $131,810, retiectively. The rate of return used to determine these actuarial pretent values was 7%. The net assets of the pension trust l

available for providing benefits as of October 1, 1980 was

$6,332,062 which exceeded the actuarial present value of vested plan benefits as of that date by $1,577,178.

NOTE 7 - PROPERTY AND EQUIPMENT Property and equipment of the proprietary fund types at September 30, 1981 is summarized as follows:

l

[

( Internal Enterprise Service Funds Fund

[ Buildings S 847,063 $ 48,237 Extensions and improvements other than buildings 42,654,342

[ Crystal River Unit No. 3 8,514,762 Fixtures, vehicles and equipment 2,634,979 459,320 54,651,146 507,557

{ 17,084,831 195,168 Less - accumulated depreciation 37,566,315 312,389 Land 815,793 285,304 Construction in progress 4,495,593 139,613

[ $42 y8,7_7,701 $737.306 The cost of Crystal River Unit No. 3 (CR-3) represents the

( City's - 1.333% share of the ownership of a nuclear power generating plant (bulk power supply system) acquired through a participation agreement with Florida Power Corporation (FPC). Under the parti-cipation agreement, FPC is acting as agent for the City in the

[ maintenance and operation of the plant. The City is committed to pay its ownership share of the operational costs of the plant as well as capital improvements and nuclear fuel procurements. For

( its investment, the City receives the ratio of its percentage ownership in the net energy output of the CR-3 plant.

[ In 1976, the City Council adopted resolution 76-44 which authorized the construction of the Utility Public Works Complex which will house the operations of the electric, water and sewer and other public works activities of the City. The cost of the

[ Complex has been partially financed by contributions from various City funds and is being accounted for within the internal service fund since operations of the Complex will be funded by user charges.

( to the respective funds utilizing the Complex. At September 30, 1981, construction of the Complex had not commenced; however, land had been purchased for the site of the Complex and architectural

[ and engineering costs had been incurred for its planning and design. It is anticipated that capital improvement bonds will be issued to further finance the construction of the Complex (Note 15).

The following is a summary of the changes in the City's general fixed assets for the year ended September 30, 1981:

[

Balance at Balance at October 1, Retire- September 30, 1980 Additions ments 1981 Property, plant g and equipment: g Land $2,672,858 $203,232 $2,876,090 Buildings 2,940,810 128,907 3,069,717 Equipment, furniture and fixtures 2,234,983 413,718 ($43,769) 2,604,932 jl,8_4_8_ dil_ $241,8J7, ($43.769) .$8 d5A 7J9 Net investment in general fixed assets:-

Investment in property acquired prior to September 30, 1975 $5,614,770 ($14,834) $5,599,936 Investment in property acquired after September 30, 1975:

Capital project funds - bonds 263,194 $ 94,019 357,213 General fund 830,975 547,783 1,378,758 Special revenue funds 193,228 76,036 (523) 268,741 Trust funds -

federal entitle-ments 521,004 28,019 (28,412) 520,611 Special assessment fund 35,170 35,170 Federal and state grants 390,310 390,310

$ 7 _. 8 4 ( 6,11_ .$745. 857 ($4_3 4 9_) $8.550._73j NOTE 8 - INTELFUND ADVANCES Enterprise Funds on July 18, 1978, the City Council authorized a loan of

$118,000 from the general fund to the municipal golf course fund.

This loan was later increased to $148,000 under a resolution dated January 2, 1979. As of September 30, 1981, $30,000 of this loan g had been repaid leaving an outstanding balance of $118,000. The 3 current portion of this advance of $15,000 is based upon the fiscal year 1982 budget adopted by the City Council. Interfund interest recognized on the loan in fiscal year 1981 is $6,000.

N

( On August 15, 1980, the City Council authorized a $200,000 loan from the general fund to the sanitation fund. This loan is non-interest bearing and there are no current provisions fo'r repayment.

{

Special Revenue Funds

( The City Council authorized a 13% interest-bearin loan of

$47,437 to the regional library fund on August 11,19kl. The loan is to be repaid in two annual instalments of $23,719 and $23,718 in

( fiscal years 1982 and 1983, respectively.

r NOTE 9 - PROPRIETARY FUNDS I s

LONG-TERM DEBT L

Enterprise Funds Following is a maturity schedule of outstanding debt of the enterprise funds:

Water and Fiscal Electric Bulk Power Water and Sewer Bonds Sanitation Total Year Ended Revenue Revenue Supply Sewer Anticipation Equipment Septeeber 30, Bonds Principal Bonds Revenue Bonds Notes Note Due 1982 $ 850,000 $ 260,000 $28,620 $ 1,138,620 1983 885,000 270,000 $6,600,000 30,623 1984 925,000 280,000 7,785,623 32,767 1,237,767 1985 965,000 290,000

[. 1986 1,010,000 305,000 1,255,000 1987 - 2006 1,185,000 $11,180,000 1,315,000 1,035,000 13,400,000

[Totallong-term deb 2 5,820,000 11,180,000 2,440,000 6,600,000 92,010 26,132,010 Less - current portion 850,000 260,000 28,620 Less - unamortized 1,138,620

-'scount di 47,8S1 147,941 52,114 247,906

. Total long-term portion p h 12,2 R $11.032.059 R1,83 $6.547.886 M 124.745.484 Interest rate 3.3 - 4.97, 4.6 - 5.73 1 9 - 6.0J 9.75J 7.07.

The electric revenue, bulk power revenue and water and sewer revenue bonds are each secured by the net operating revenues of the respective fund. The City is in compliance with all significant limitations and restrictions contained in the various bond

[ indenturco with the exception of a rate covenant pertaining to the water and sewer revenue bonds.

{ The water and sewer revenue bond covenants require that the exce<,s of water and sewer operating revenues over operating anses, exclusive of depreciation, must be sufficient to meet exp%

125 of the highest debt service requirement secured by the net

[ revenues of the system in any succeeding year plus system renewal and replacement requirements equal to 57. of the gross revenues of the preceding year. In 1981, water and sewer revenues were below

[

(. .

the required amount by $800,357 or 32.57.. The deficiency is related to the issuance of the water and sewer revenue bonds, l series 1979-2 anticipation notes discussed below. The City has l contracted an outside firm to perform a water and sewer rate study i in compliance with indentures of the series 1979-2 anticipation l notes. As an interim measure pending completion of the study, City l Council has authorized a temporary rate increase effective in fiscal year 1982. l The water and sewer revenue bonds, series 1979-2 anticipation notes were issued on June 25, 1981 and are payable in full on July 1, 1983. The principal portion of the anticipation notes is secured by the unissued $6,900,000 1979 water and sewer revenue E bonds authorized by the City Council and the unlevied 31,000 series 5 special assessments. It is expected that the 31,000 series special assessments will be levied against benefited property owners for approximately $1,400,000 once certain capital improvement projects are completed. The interest due under the terms of the notes is secured'by the net revenues of the City's water and sewer system.

The $6,600,000 in proceeds from the series 1979-2 anticipation notes were used to redeem the series 1979-1 anticipation notes which matured on June 30, 1981, to assist in the advance refunding of the pollution control bonds, series C (Note 9), and to further finance water and sewer system expansions.

Following is a schedule of debt service re maturity for all outstanding debt of the City'quirements s enterprise tofunds as of September 30, 1981:

Water and Total Electric Bulk Power Water and Sewer Bond Sanitation Principal Fiscal Revenue Supply Revenue Sewer Anticipation Equipment and Interest Year Bonds Bonds Revenue Bonds Notes Note Due 1982 S1,078,452 $ 609,528 $ 402,500 $ 643,500 S 33,672 $ 2,767,652 1983 1,075,397 609,528 396,750 7,082,625 33,574 9,197,874 1964 1,074,235 609,528 390,400 33,471 2,107,634 1985 1,069,845 609,528 383,450 2,062,823 1986 1,067,375 609,528 380,825 2,057,728 1987 714,255 948,197 382,225 2,044,677 1988 495,000 936,278 382,334 1,813,612 1989 918,998 381,151 1,300,149 1990 920,378 920,378 1991 915,627 915,627 1992 914,463 914,463 1993 911,843 911,843 1994 912,463 912,463 1995 911,272 911,272 1996 913,205 913,205 1997 908,505 908,505 1998 906,870 906,870 1999 907,990 907,990 2000 906,830 906,830 2001 903,692 903,692 2002 902,938 902,938 2003 895,188 895,188 2004 894,475 894,475 2005 891,175 891,175 2006 890,000 890,000 1 Q 4,5_g }g(R18Jll $3.099.635 jL12,6A5,5 1100.717 $38.759.063 b

{

Internal Service Fund

(' On September 16, 1980, the City Council adopted resolution 80-108 authorizing the City to enter into a secured capital lease

- obligation for the purchase of copying equipment. The lease obligation payable' bears interest at 7.5% and is payable as

{ follows:

Principal

( Fiscal Principal and Interest Year Due Due

{

1982 $ 8,434 $10,988 1983 9,088 10,988 1984 9,794 10,988 1985 10,558 10,988

$37.874 $43.952 k

NOTE 10 - GENERAL LONG-TERM DEBT The following is a summary of changes in the City's general

[- long-term debt for the year ended September 30, 1981:

[

Ceneral Debt Balance at Long-Term Service Balance at r October 1, Debt Funds September 30,

( 1980 Retired Operations 1981 Amount available in debt service I funds $ 877,275 ($267,562) $ 609,713 Amotint to be provided:

Serial bonds 4,645,725 ($2,225,000) 267,562 2,688,287 Notes payable 53,100 (17,700) 35,400

( Capital lease obligation 16,320 (2,851) 13,469 4,715,145 (2,245,551) 267,562 2,737,156 Total amount available and to be provided $5.592.420 ($2.245.551) $ $3 J46 852 1

General obligation debt payable:

Serial bonds $5,523,000 ($2,225,000) $3,298,000 Notes payable- 53,100 (17,700) 35,400 Capital lease

['. obligation 16,320 (2,851) 13,469 Total general obligation debt payable @)S_._592.420 Q2._245.551,)

1 g.346.869

[

General long-term debt matures as follows:

Refunding and Improvement Excise Tax Bonds Fiscal Dated Dated Unsecured Capitalized Total Year Ended July 1, January 1, Improvement Bank Lease Principal 1972 Bonds Notes (Note 14) Due September 30, 1965

$180,000 40,000 $36,000 $17,700 $ 3,073 $ 276,773 1982 $

288,012 1983 185,000 45,000 37,000 17,700 3,312 195,000 45,000 3,569 243,569 1984 253,515 1985 200,000 50,000 3,515 1986 210,000 55,000 265,000 2,020,000 2,020,000 1987-1993 12,M,2QS 1?L,0fQ 1M@ 11M6J 13)46,869 MJ0.9 Interest 4.7 - 5.5 -

rate hk4 4JJ hh6J L8M 1:,7# 5J. 7JJ_

Refunding and Improvement Excise Tax Bonds The refunding and improvement excise tax bonds were issued to finance various municipal improvements including a public works complex, arterial street improvements, city building renovations, and a downtown parking garage. Occupational license taxes and cigarette taxes are pledged to secure this issue. In accordance with bond indentures, the City has established debt service and reserve funds which are consolidated in the accompanying financial statements.

Improvement Bonds The improvement bonds, dated July 1, 1966, were issued to finance the acquisition of land and construction of off-street parking facilities. Off-street parking and cigarette tax revenues are pledged to secure this issue and, therefore, these bonds are subordinate to the refunding and improvement excise tax bonds described above. The debt service sinking and reserve funds established in compliance with bond indenture provisions are consolidated in the accompanying financial statements.

Pollution Control Bonds, Series C In 1981, the City entered into an advance refunding transaction under the full cash defeasance method to retire the pollution control bonds, series C. The purpose of the advance refunding was to eliminate restrictions associated with state revenue sharing entitle-ments which were pledged to secure the debt and to consolidate all debt associated with the City's water and sewer system. State revenue sharing entitlements, sewer availability charges, and certain special assessment revenues had been pledged to secure the bonds. A portion of the proceeds of the water and sewer revenue bonds, series 1979-2 anticipation notes (Note 9) and the cash and investments in the debt service funds of the refunded issue totaling approximately $1,558,000 were deposited in an irrevocable escrow account and invested in I

~

U.S. Government Treasury obligations which, together with the interest earned thereon, will provide amounts sufficient for future payment of all principal and interest on the pollution control bonds. In accordance with the irrevocable escrow arrangement, the refunded bonds will be payable under their original debt service schedule extending to the year 1998. The refunded pollution control bonds are not included in the City's outstanding general long-term debt since the City has legally satisfied its obligat with respect thereto through the advance refunding transaction. As a mesult o f the transaction,

~

the fundsCityof$486,048 recorded representingan extraordinary primarilygain the in the combined difference debt service between the

- principal of the refunded bonds outstanding prior to refunding and the cash and investments transferred to the irrevocable escrow account.

~

Debt service requirements to maturity for all outstanding general long-term debt are as follows:

Refunding and Improvement Excise Tax Bonds Total Fiscal Dated Dated Unsecured Principal Year Ended July 1, January 1, Improvement Bank Capitalized and Interest September 30, 1965 1972 Bonds Notes Lease Due I 1982 1963 1984

$ 223,165 220,155 221,923

$ 155,255 158,095 155,800

$39,431 38,739

$19,680 18,690

$ 3,979 3,979 3,979

$ 441,510 439,658 381,702 1985 218,245 158,505 3,647 380,397 1986 219,345 160,955 380,300 1987 378,150 378,150 1988 374,125 374,125 1989 374,590 374,590 1990 373,990 373,990 1991 366,980 366,980 1992 355,030 355,030 1993 197,600 197,600 S & l32 13 A 219J7J 17M }3MO 11153 $4.444.032 NOTE 11 - SPECIAL ASSESSMENT DEBT Special assessment long-term debt matures as follows:

Street Improvement Bonds February 1, 1975 July 1, 1978 Fiscal Series Series Total Year Ended 13,000- Series 26,000 Principal September 30, 17,000 24,000 & 27,000 Due 1

1982 1983 $ 50,000 $ 50,000 1984 $100,000 100,000 1985 1986 1987-89 $200,000 60,000 260,000

_$_2 0_0 ,0 0 ,0 _S110 A00 M0.000 $410 ._00_0_

Interest rate 6.5% 6.0%

6.75%

l l

Each of these issues is secured by and payable solely from the special assessment series indicated above. City Council authorized by resolution the issuance of $280,000 in bonds for the 26,000 and 27,000 series special assessments; however, only $100,000 in bonds have been issued.

Debt service requirements of special assessment debt through maturity as of September 30, 1981 follows:

Street Improvement Bonds February 1, 1975 July 1, 1978 g Total B Fiscal Series Series Principal Year Ended 13,000- Series 26,000 and Interest September 30, 17,000 24,000 & 27,000 Due 1982 $ 13,000 $ 6,600 $ 6,750 $ 26,350 1983 13,000 56,600 6,750 76,350 1984 13,000 3,600 106,750 123,350 1985 13,000 3,600 16,600 1986 13,000 3,600 16,600 g 1987 213,000 3,600 216,600 3 1988 3,600 3,600 1989 63,600 63,600

_$278,000 (144,800 $120.250 1543.050 NOTE 12 - ELECTRIC RATE REFUND During 1981, the City received an electric rate refund of

$1,190,487 from Florida Power Corporation. The refund was recorded as a reduction of operating expenses of the electric and bulk power supply revenue fund. The refund was also recorded as a reduction of operating revenues since the refund is being distributed to customers of the electric and bulk power system. As of September 30, 1981, $106,364 of the refund had not yet been distributed to the customers and is presented in the accompanying financial statements as a restricted asset and as a payable of the enterprise funds.

NOTE 13 - OPERATING DEFICITS Following is a summary of net losses of individual proprietary funds and deficiencies of revenues and other sources over expenditures and other uses of individual governmental funds for the year ended September 30, 1981 which are included in the accompanying combined financial statements:

Proprietary Funds Net Loss Enterprise Funds -

Electric and Bulk Power Supply Revenue $ 78,445 Water and Sewer 1,125,905 Sanitation 80,093 Jim Taylor Airport 17,565 Internal Service Fund 34,553 Governmental Funds Deficiency I General Fund Special Revenue Funds-Occupctional License

$655,428 27,979 Central Florida Regional I Library Off-Street Parking 24,617 3,135 Debt Service Funds-Pollution Control Bonds 337,187 Capital Project Funds-1972 Municipal Improvement 3 Construction 198,279 E CDBG Construction 785 Special Assessment Fund 58,331 Furthermore, actual expenditures on a budgetary basis of certain individual governmental funds exceeded budgeted appropriations approved by City Council by the following amounts:

General Fund $113,171 Special Revenue Funds:

Off-Street Parking 79 Central Florida Regional Library 9,908 Following is a summary of fund balance or retained earnings deficits as of September 30, 1981 of individual funds included in the accompanying combined financial statements:

Deficit Special Revenue Funds:

Central Florida Regional I Library Off-Street Parking

$80,645 6,433 NOTE 14 - COMMITMENTS AND CONTINGENT LIABILITIES Employee Benefits City employees are entitled to accrue a maximum of 90 days sick leave and 12 days vacation. If the individual leaves the employ of the City, he or she is entitled to be paid for unused vacation, but l not for unused sick leave. Unused sick leave (not to exceed 90 1

l days) is paid only at normal retirement based on a percentage ranging from 25% to 50% depending on years of service. Expendi-tures or expenses for vacation and sick leave are recorded at the E time benefits are paid. At September 30, 1981, accumulated sick E leave and vacation for each fund type is as follows:

Sick Leave Vacation General $ 753,970 $156,828 Special Revenue 42,121 8,284 Capital Project 2,798 1,029 Enterprise 549,791 109,591 Internal Service 61,739 16,005 Combined total 111410.419 $291.737 Capital Leases During the year ended September 30, 1980, the City entered into a lease purchase agreement for copying machines for the regional library. The lease expires in five years at which time the equipment becomec the property of the City. Fair market value of the equipment at the date of the lease agreement was $16,548. The g cost of this equipment has been capitalized as equipment in the g general fixed asset account group. Consistent with other general fixed assets of the City, depreciation will not be taken on this equipment. A schedule of future minimum lease payments is presented in Note 10. Total interest expenditures to be incurred over the life of the lease are approximately $3,300.

During the year ended September 30, 1981, the City entered into a non-cancellable capitalized lease for certain copying equipment.

The cost of the equipment ($45,895) and the related liability are recorded in the internal service fund. A schedule of future minimum lease payments is presented in Note 9. Total interest expense to be incurred over the life of the lease is approximately

$9,200.

Grants The City receives significant financial assistance from federal agencies primarily in the form of capital grants. The disbursement of funds received under these programs generally requires compliance with terms and conditions specified in the grant agree-ments and is subject to audit by the grantor agencies. Disallowed claims, if any, resulting from such audits may become liabilities of the City. However, in the opinion of management, disallowed l claims will not have a material effect on the City's financial m statements.

Litigation The City is a defendant in a class action suit in which the plaintiffs have charged the City with racial discrimination in supplying municipal services to certain disadvantaged areas of the City.

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In the event of an adverse outcome against the City on all points in this case, the City could incur a liability (a repayment of federal revenue sharing entitlements) in excess of $2,800,000 in addition to substantial court costs and legal fees; however, in the l opinion of the City attorney, the possibility of such an outcome is slight. Related to this case, the same plaintiffs have filed suit I

against the Office of Revenue Sharing seeking to have revenue sharing funds either refunded, suspended, terminated or escrowed.

In the opinion of the City attorney, there are no other potential liabilities resulting from pending or threntened I litigation or claims.

Other Commitments i

Outstanding commitments of governmental funds are presented in the cccompanying combined financial statements as reserves of fund

balance. The outstanding commitments of the internal service and I

enterprise funds for goods or services not received as of September .

I 30, 1981 were $3,950 and $774,452, respectively. These commitments are evidenced by signed purchase orders and contracts which were entered into prior to September 30, 1981.

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B NOTE 15 - SUBSEQUENT EVENTS On October 6, 1981, the City Council authorized the issuance of

, $12,500,000 Capital Improvement Revenue Bonds to be issued in the I name of the City. The proceeds of the bonds are to be used for the construction of the utility public works complex end for certain road improvements. It is expected that the City will enter into an l interlocal agreement with Marion County, Florida prior to issuance of the bonds and that non-ad valorem revenues of Marion County will be pledged to secure the principal and related interest payments on i the amount of the bond proceeds allocated to the road improvement I projects. The bond principal and related interest costs applicable I

l to the bond proceeds to be used to finance construction of the utility public works complex will be payable from and secured by a lien upon and pledge of non-ad valorem revenues of the City.

On October 27, 1981, the City Council finalized a resolution j authorizing the issuance of Industrial Development Revenue Bonds at an amount not to exceed $2,500,000. The proceeds of the bonds are to be used by an independent real estate developer for the i construction of a commerical project within an area of the City l designated as blighted. The bonds will not represent debt or an obligation of the City and are secured solely from the gross revenues of the completed project. The completed project and all-l revenues derived therefrom, subsequent to the payment of all debt service requirements, will belong exclusively to the developer.

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L SECTION 11 - INDIVIDUAL FUND AND COMBINING FINANCIAL STATEMENTS BY FUND TYPE The following financial statements presented as additional data provide a aore detailed view of the combined financial statements presented in the preceding section.

Combining statements are presented when there are more than one fund of a given fund type.

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)'CC TI , 1510 SOUTHEAST NATION AL BANK BUILDING eo sox 2sse faterlouse ;;M" # "* '

January 20, 1982 Honorable City Council City of Ocala, Florida In our opinion, the accompanying individual fund and combining financial statements and schedule, as listed in Sections II and III of the table of contents, are fairly stated in all material respects in relation to the combined financial statements, taken as a whole, of the City of Ocala, Florida as of lI and for the year ended September 30, 1981 which are covered by our report dated January 20, 1982 presented in the first section I of this document. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. This information is presented for purposes of additional analysis and is not a required part of the combined financial statements. Such information has been subjected to the auditing procedures applied in the examination of the combined financial statements.

@id Certified Public Accountants I

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I CITY OF OCALA, FLORIDA I

SPECZAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1981 I Central Occupational Florida Regional License Library Cash and investments $124,638 $ 865 Equity in pooled cash and investment fund Accounts receivable 37 E Accrued interest receivable 745 5 Restricted assets:

Cash 12,514 Accounts receivable 15 l

Total assets $125.383 $ 13.431 Liabilities and E Fund Balance E Interfund loans payable $ 47,437 Accounts payable 14,460 Due to other funds 1,912 Due to pooled cash and investment fund 30,267 Deferred revenue $109,027 Total liabilities 109,027 94,076 Fund balance (deficit):

Reserved for encumbrances 7,670 Reserved for restricted B assets __

12,529 g Total reserved fund balance 20,199 Unreserved 16,356 (100,844)

Total fund balance (deficit) 16,356 (80,645)

Total liabilities and fund balance 1115o 383 $ _13,4_31 l

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1 _---_-_-____- ______-- _ ___

E

[ Off-Street Parking Downtown Development Total

$125,503

$88,917 88,917

$ 678 35 750 745 12,514 i

15

[ $ 678 $88.952 $228.444 E $ 47,437

$ 94 14,554 1,912

{

7,017 37,284 109,027 7,111 210,214

{ 7,670 12,529 20,199 (6,433) $88,952 (1,969)

.y (6,433) 88,952 18,230

_$ 678 $88.952 _$228.444 E l

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CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS W COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET (NON-CAAP BUDGETARY BASIS)

FOR THE YEAR ENDED SEPTEMBER 30, 1981 Actual Central Florida Occupational Regional Off-Street Downtown License Library Parking Development Total Revenues:

Intergovernmental revenues $390,063 $390,063 E Parking meters $15,365 15,365 Licenses and permits $249,312 249,312 Property taxes $37,436 37,436 E Fines and forfeitutes 9,215 9,215 Gifts 14,616 14,616 E Interest income 10,884 7,029 17,913 Other income 460 15,005 5 15,470 Total revenues 260,656 428,899 15,370 44,465 749,390 Expenditures:

Culture and recreation 600,184 600,184 ,

Principal payments 2,632 2,852 Interest and paying agent fees 1,127 1,127 Capital cutlay 76,036 2,446 78,482 Other expenditures 505 1,623 2,128 Total expenditures 680,199 505 4,069 684,773 Excess (deficiency) of revenues over expenditures 260,656 (251,300) 14,865 40,396 64,617 Other financing sources (uses)

Transfers from other funds 226,683 4,250 230,933 Transfers to other funds (288,635) (18,000) (39,023) (345,658)

Total other sources (uses) (288,635) 226,683 (18,000) (34,773) (114,725)

Excess (deficiency) of revenues and other sources over expenditures and other uses before fund balance allocation (27,979) (24,617) (3,135) 5,623 (50,108)

Fund balance allocation Excess (deficiency) of revenues and other sources over g expendit..res and other uses (27,979) (24,617) (3,135) 5,623 (50,108)

Fund balance (deficit) at beginning of year 44,335 (56,028) (3,298) 83,329 68,338 Fund balance (deficit) at end of year S 16.356 ($ 80.645) ($_ 6_ t433,) 18,8 3 S 18.230 I

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Budget Adjustments to Budgetary Total Central Basis Actual on a Florida Favorable (Csntral Florida Budgetary Occupational Regional Off-Street Downtown (Unfavorable)

Rtgional Library) Basis License Library Parking Development Total Variance

$390,063 $392,261 $392,261 ($ 2,198)

I 15,365 $15,100 15,100 265 L 312 $248,395 395 917 249,436 37, $36,015 248,015 36, 1,421 9 215 9,045 9,045 170 14,616

, 2,100 2,100 12,516 17,913 10,000 5,680 15,680 2,233 l 15,470 409 14,790 6 15,205 265 749,390 258,804 418,196 15,106 41,695 733,801 15,589

$7,195 607,379 603,253 603,253 (4,126) 2,852 2,853 2,853 1 1,127 1,130 1,130 3 475 78,957 70,725 2,446 73,171 (5,786) 2,128 426 1,624 2,050 (78) 7,670 692,443 577,961 426 4,070 682,457 (9.986)

(7,670) 56.947 258,804 (259,765) 14,680 37,625 51,344 5,603 230,933 226,683 4,250 230,933 (345,658) (288,635) (18,000) (39,023) (345,658)

(114,725) (288,635) 226,683 (18,000) (34,773) (114,725)

I (7,670) (57,778) (29,831) (33,082) (3,320) 2,852 (63,381) 5,603 L 29,831 33,082 3,320 (2,852) 63,381 (63,381)

(7,670) (57,778) (57,778) 68,338 44,335 (56,028) (3,298) 83,329 68,338 (R,670) $ 10.560 $ 44,335 ($ 56,028) ($ 3.298) M S 68.338 ($_57. 7 78)

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I CITY OF OCALA, FLORIDA OCCUPATIONAL LICENSE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET (NON-GAAP BUDGETARY BASIS) l FOR THE YEAR ENDED SEPTEMBER 30, 1981 I Actual f and l

! Actual on Favorable I a Budgetary (Un favorable)

Basis Budget Variance f Revenues: l Licenses and permits $249,312 $248,395 S 917 m Interest income 10,884 10,000 884 other income 460 _

409 51 Total revenues 260,656 258,804 1,852 Expenditures Excess of revenues over expenditures 260,656 258,804 1,852 Other financing uses- g Transfers to other funds (288,635) (288,635) W Deficiency of revenues over expenditures and other uses E before fund balance allocation (27,979) (29,831) 1,852 m Fund balance allocation 29,831 (29,831)

Deficiency of revenues over expenditures and other uses (27,979) (27,979)

Fund balance at beginning of year 44,335 44,335 Fund balance at end of year $ 16.356 $ 44.335 ($ 27 . 979.)

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( CITY OF OCALA, FLORIDA CENTRAL FLORIDA REGICNAL LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND DEFICIT - ACTUAL AND BUDGET (NON-GAAP BUDGETARY BASIS)

FOR THE YEAR ENDED SEPTEMBER 30, 1981 Adjustments to Favorable Budgetary Actual on a (Unfavorable)

Actual Basis Budgetary Basis Budget Variance Revanues:

[- Intergovernmental revenues $390,063 $390,063 $392,261 ($ 2,198)

Finns and forfeitures 9,215 9 9,045 170

(- Gifts 14,616 14,215

,616 2,100 12,516

( Other income 15,005 15,005 14,790 215 Total revenues 428,899 428,899 418,196 10,703 Expanditures:

Culture and recreation 600,184 $7,195 607,379 603,253 (4,126)

Principal payments 2,852 2,852 2,853 1 Interest and paying egsnt fees 1,127 1,127 1,130 3 Capital outlay 76,036 475 76,511 70,725 (5,786)

Total expenditures _680,199 7,670 687,869 677,961 (9,908)

Dsficiency of revenues over expsnditures (251,300) (7,670) (258,970) (259,765) 795 Othar financing sources-Transfers from other funds 226,683 226,683 226,683 Dsficiency of revenues and

[ othar sources over expanditures before futid balance allocation (24,617) (7,670) (32,287) (33,082) 795 33,082 (33,082)

(Fundbalanceallocation Dsficiency of revenues and othar sources over expanditures (24,617) (7,670) (32,287) (32,287)

Fund deficit at beginning (56,028)

(. of ysar Fund deficit at end (56.028) (56,028) of ysar ($ 80.645) ($7.670) (_$_88. 315) ($ 56.028) (M)

(

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I CITY OF OCALA, FLORIDA 0FF-STREET PARKING FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND DEFICIT - ACTUAL AND BUDGET (NON-GAAP BUDGETARY BASIS)

FOR THE YEAR ENDED SEPTEMBER 30, 1981 Actual and Actual on Favorable 3 a Budgetary (Unfavorable) g Basis Budget Variance Revenues:

Parking meters $15,365 $15,100 $ 265 Other income 5 6 (1)

Total revenues Expenditures:

15,370 15,106 264 l

Other expenditures 505 426 (79)

E Total expenditures 505 426 (79) m Excess of revenues over expenditures 14,865 14,680 185 Other financing uses-Transfers to other funds (18,000) (18,000)

Deficiency of revenues over expenditures and other uses before fund balance allocation (3,135) (3,320) 185 Fund balance allocation Deficiency of revenues 3,320 (3,320) l over expenditures and other uses (3,135) (3,135)

Fund deficit at beginning of year (3,298) (3,298)

Fund deficit at end of year (S_6,4_33 ) (S 3.298) (S3.135)

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l CITY OF OCALA, FLORIDA DOWNTOWN DEVELOPMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET (NON-GAAP BUDGETARY BASIS)

FOR THE YEAR ENDED SEPTEMBER 30, 1981 I Actual and Actual on Favorable I a Budgetary Basis Budget (Unfavorable)

Variance Revenues:

Property taxes $37,436 $36,015 $1,421 Interest income 7,029 5,680 1,349 Total revenues 44,465 41,695 2,770 Expenditures:

2,446 2,446 I Capital outlay Other expenditures Total expenditures 1,623 4,069 1,624 4,070 1

1 I Excess of revenues over expenditures 40,396 37,625 2,771 Other financing sources (uses):

Transfers from other funds 4,250 4,250 Transfers to other funds (39,023) (39,023)

Total other sources (uses) (34,771) (34,773)

I Excess of revenues and other sources over expenditures and other uses before fund balance I allocation Fund balance allocation 5,623 2,852 (2,852) 2,771 2,852 Excess of revenues and other I sources over expenditures and other uses 5,623 5,623 Fund balance at beginning of year 83,329 83,329 Fund balance at end of year 188 3 183.3,29 15.623 I

i 1

I CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1981 I

Excise Pollution Tax Improvement Control 3 Bonds Bonds Bonds Total E Assats Cash and investments $527,432 $56,247 $583,679 Accrued interest receivable 4,864 476 5,340 g Equity in pooled cash 5 and investment fund 233 28 261 Other assets 20,433 20,433 Total restricted assets 1552.962 $56.751 $609.713 Fund Balance Funa balance -

Reserved for debt service 1552,M 156,75_11 $609.713_

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I CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1981 I

Excise Tax Bonds Revenues: 3 Interest income $ 76,844 g Total revenues 76,844 Expenditures:

. Bond principal payments 210,000 l Bond interest and paying agent fees 171,671 Loss on sale of investments Total expenditures 381,671 Deficiency of revenues g over expenditures (304,827) g Other financing sources-Transfers from other funds 371,370 Excess (deficiency) of revenues and other sources over expenditures and other uses, E before extraordinary item 66,543 E Gain on advance refunding of pollution control bonds Excess (deficiency) of revenues and other sources over expenditures and other uses 66,543 g l Fund balance at beginning of year 486,419 Fund balance at end of year 15_52J6%

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Pollution Improvement Control

[ Bonds Bonds Total

$ 8,822 $ 37,492 $ 123,158

_ 8,822 37,492 123,158 35,000 1,980,000 2,225,000 5,513 117,791 294,975 48,758 48,758 40,513 2,146,549 2,568,733 (31,691) (2,109,057) (2,445,575) 34,773 1,285,822 1,691,965

[ 3,082 (823,235) (753,610) 486,048 486,048 3,082 (337,187) (267,562)

[ 53,669 337,187 877,275 jl6_d51 S $ 609.7_13

[

I CITY OF OCALA, FLORIDA I

CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1981 1972 I

Municipal E CDBG Improvement g Construction Construction Total Assets Cash $ 160 $ 160 Equity in pooled cash ar.d

$104,183 104,183 3

g investment fund Due from federal government 26,574 26,574 Total assets 126,734 p10_4,1_8_3 1(3_Q.917 l Liabilities and Fund Balance I

Accounts payable $12,508 $ 12,508 Due to pooled cash and investment fund 13,145 13,145 Due to other funds 543 543 Deferred revenue 538 538 Total liabilities 26,734 26,734 l

Fund balance:

Reserved for encumbrances 5,396 $ 2,570 7,966 Unreserved Total fund balance (5,396) 101,613 104,183 96,217 104,183 l

l Total liabilities and i fund balance 12 & 7_ 3 .$104,18_3 11,3_0_,917 I

i I

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s CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS

( COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1981 1972 Municipal

[ CDBG Improvement Construction Construction Total Revenues:

[ Federal grants $292,599 S292,599 Interest income $ 23,922 23,922 Total revenues 316,521

( Expenditures:

292,599 23,922 Administration 26,022 26,022 Housing rehabilitation 120,222 120,222

{ Capital outlay-Street and storm drainage improvements 145,305 222,201 367,506

[ Other 11,035 11,035 Total expenditures 302,584 222,201 524,785

( Deficiency of revenues over expenditures (9,985) (198,279) (208,264)

Other financing sources-

[ Transfers from other funds 9,200 9,200 Deficiency of revenues and other sources over expen-

[ ditures (785) (198,279) (199,064)

Fund balance at beginning of year 785 302,462 303,247

{ Fund balance at end of year S $104.183 1104.183

[

s

l CITY OF OCAtA. FI.ORIDA ENTERPRISE FUNDS E

COMBINING BALANCE SHEET SEPTEMBER 30, 1981 Electric and Bulk Power Water yply Revenue S and Gewer Sanitation Assets current assets:

Cash $ 1,225 $ 300 m Equity in pooled cash and investment fund Due from other funds 97,658 $ 75,893 Accounts receivable, net 2,635,979 5,077 1,986 Accrued unbilled revenues 2,047,430 Inventories 1,461,307 95,269 Other current assets 89,961 28,010 Total current assets 6,235,902 226,314 77,879 Restricted assets:

Cash end investments 1,580,777 1,048,456 Equity in pooled cash and investment fund 1,318,899 689,644 Accrued interest receivable 11.451 9,275 Florida Power refund escrow 106,364 Total restricted assets 3,017,491 1,747,375 Construction assets: "

Cash and investments 45,929 Equity in pooled cash and investment fund 5,035,408 1,531,763 Other 9,229 Total construction assets 5,035,408 1,586,921 Property, plant and equipment, net 20,501.944 20,572,730 404,211 lasuance costs on long-term debt 204,211 56,079 Total assete $34.994.956 $24.189.419 $482.090 Liabilities and Fund Equity Current liabilitias:

Accounts onyable $ 2,638,944 $ 373,158 $ 26,073 Notes payable 28,620 Due to pooled cash and investment fund 5,350,844 84,652 154,989 Due to other funds 184,610 4,787 5,608 Customer deposits 1,227,543 E Interfund loan payable Total current liabilities 9,401,941 462,597 215,290 Liabilities payable from restricted assets:

Accounts payable 133 Accrued interest payable 436,415 197,298 Revenue bonds payable within one year 850,000 260,000 Florida Power refund payable to customers 106,364 Total liabilities payable from restricted assets 1.392,912 457,298 Interfund loan payable after one year 200,000 Revenue bonds and note payable af ter one year 15,954,208 8.727,886 63.390 Total liabilities 26,749,061 9,647.781 478,680 Contributed equity 186,435 3,616,486 Retained earnings: W Reserved for debt service 1,624,579 1,244,373 Reserved for renewal and replacement 45,704 I Total reserved retained earnings 2 624,579 1,290,077 if nre s e rved :

Designated for alternate energy study 100,000 ifndesignated 6,334,881 9,635,075 _ 3,410 Total unreserved retained earnings 6,434,881 9,635,075 3,410 Total retained earnings 8.059,460 10,925,152 3,410 g Total fund equity 8.245,895 14,541,638 3.410 l

Total liabilities and fund equity hQ4&6, 124.18,9.4,19 14j2.0,9,0, I

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L Fort King Municipal Municipal Tennis Trailer Jim Taylor Colf Course Court Park Airport Total

[

$ 50 $ 100 $ 1,675 f $ 66,741 5,824 72,565 L 173,551 932 28 18 $ 9,801 2,653,821 2,047,430 1,556,576 L 117,971 67.673 78 5,942 9,801 6,623,589 2,629,233 2,008,543 20 726 106,,364 4,764,866 45,929 171 6,567,229 9,

6,622,329 305.900 38,487 9,031 1,045,398 42,877,701 260,290 j)J7,1,1U M $14.973 $1.055.199 $61.148.775

$ 18,249 $ 1,484 $ 1,042 $ 1,279 $ 3,060,229 28,620 3,609 23,906 5,618,000

[ 850 116 134 196,105 1,227,543 15,000 15,000 34,099 5,209 1,176 25,185 10,145,497 133 633,713 1,110,000 106,364 1,850,210 103,000 303.000 24,745,484 137,099 5,209 1,176 25,185 37,044,191 760,652 4,563,573 2,868,952 45,704 2,914,656 L 236,474 33,356 13,797 269,362 100,000 16,526,355 236,474 33,356 13,797 269.362 16,626.355 236,474 33,356 13,797 269,362 19,541,011 236,474 33,356 13,797 1,030,014 24,104,584 1Lu du 1MdM IMau L1 qu J22 fil lfL2u 8 I l CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDFD SE"TEMBER 30, 1981 Electric and Bolk Power Water 5 Supply Revenue and Sewer Operating revenues:

Sale of electricity $34,239,558 Sale of water $1,310,481 Sewer and sanitation service charges 981,863 Fees and rentals Cc.mmis s ions 430,567 172,788 E

g Other Total operating revenues 34,670,125 2,465.132 Operating expenses:

Purchase of electricity 22,983,784 Distribution 2,156,483 307,644 B ack-u p 1,431,365 Transmission 268,708 Operation and maintenance 687,573 875,261 E

g Water and sewer treatment Sewer collection 306,389 Administration 823,003 285,124 Depreciation and amortization 1,361,325 514,951 g Other 342,591 63,044 Total operating expenses 30,054,832 2,352,413 Operating income (loss) 4,615,293 112,719 Nonoperating revenues (expenses):

Interest income 705,951 312,321 Interest expense (899,271) (495,255)

Total nonoperating revenues (expenses) (193,320) (182,934)

Income (loss) before operating t rans fe rs 4,421,973 (70,215)

Operating transfers:

From other funds E To other funds (4,585,000) (1,395,764) g Total operating transfers (4,585,000) (1,395,764)

Net income (loss) before cumulative ef fect of change in accounting principle (163,027) (1,465,979) l Cumulative ef fect of change in accounting g principle 84,582 340,074 Net income (loss) ($ 78.445) ($1.12 5. 905)

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Fort King Municipal Municipal Tennis Trailer Jim Taylor Sanitation Golf Course Court Park Airport Total

$34,239,558 1,310,481

$1,694,510 2,676,373

$318,731 $36,317 $63,757 $ 13,645 432,450 34,379 15,040 49,419 107 879 42 1,110 698 606,191 1,694,617 353,989 36,359 64,867 29,383 39,314,472 22,983,784 2,464,127 1,431,365 268,708 1,584,745 315,788 44,232 56,083 37,525 2,725,946 875,261 306,389 108,606 1,216,733 157,865 29,899 9,877 1,976 127,797 2,203,690 5,015 432 8 7,971 419,061 1,856,231 346,119 54,117 58,059 173,293 34,895,064 f

L (161,614) 7,870 (17,758) 6,808 (143,910) 4,419,408 l l

13,748 846 895 1,033,761 (4,464) (6,000) (1,404,990)

(4,464) 7,748 846 895 (371,229)

(166,078) 15,618 (16,912) 7,703 (143,910) 4,048,179 11,713 9,000 20,713 (1,410) (5,982,174) 11,713 (1,41n) 9,000 (5,961,461)

(166,078) 15,618 (5,199) 6,293 (134,910) (1,913,282) 85,985 13,185 8,511 1,488 117,345 651,170

($ 80.093) $ 28.80} $ 3.312 QR (S 17.565) (S 1.262.112)

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CITY OF OCA1.A. FLORIDA I i i

ENTERPRISE FUNDS COMBIN1NC STATEMENT OF CHANCES IN IUND EQUITY I FOR THE YEAR ENDED SEPTEMBER 30, 1981 Electric and Bulk Power Supply Revenue Water and Sewer Sanitation Retained Contritated Retained Contributed Retained Earnings Equity Total Ea rnine,s Equity Total Ea rnings Fund equity at beginning of year, as previously reported $11,786,114 $11,786,114 $12,051,057 $3,148,192 $15,199,249 $83,503 Etiect of retroactively applying change

, in accounting j method (3,648,209) (3,648,209) i Fund equity at beginning of year, as restated 8.137,905 8,137,905 12,051,057 3,148,192 15,199,249 83,503 Net income (loss) (78,445) (78,445) (1,125,905) (1,125,905) (80,093)

Capital contribu- W tions $186,435 186.435 468,294 468,294 l Fund equity at end of year $ 8.059.460 1M $ 8.245.895 $10.925.152 Rh4% $_14.541.638 Mg

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[ Fort King Municipal Municipal Tennis Trailer Colf Course Court Park Jim Taylor Airport Combined h Retained Retained Retained Retained Contributed Retained Contributed

( Earnings Earnings Earnings Earnings Equity Total Earnings Equity Total

$207,671 $30,044 $ 6,016 $286,927 $583,265 $ 870,192 $24,451,332 $3,731,457 $28,182,789

[

(3,648,209) .(3,648,209) 207,671 30,044 6.016 286,927 583,265 870,192 20,803,123 3,731,457 24,534,580 28,803 3,312 7,781 (17,565) (17.565; (1,262,112) (1,262,112) 177,387 177,387 832,116 832,116

$236.474 Alldih 1 1 19J 1269.

2 M2 (

17.60.6JJ 1030,0.14 1],9,d4M1J Md6J@ {24 1_04.5843 L

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CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMRINING STATEME*iT OF CHANCES IN FINANCIAL POSITION FOR THE YEAR ENDED, SEPTEMBER 30, 1981 Electric and Bulk Power Vater Supply Revenue and Sewer Sanitation Financial resources were provided by (used for):-

Net income (loss) before cumulative ef fect of change in accountirg principle ($ 163,027) ($1,465,979) ($166,078)

Add (deduct) charges (credits) not affecting working capital:

Depreciation and amortization of property and equipment and issuance costs on long-term debt 1,361,325 514,951 157,865 Amortization of bond discount 26,441 9,926 Loss (gain) on disposal of property and equipment 111,368 (1,910) 5,015 Working capital provided by (used for) operations of the period 1,336,107 (943,012) (3,198) 3 Cumulative ef fect of change in accounting principle 84,582 340,074 85,985 Proceeds from issuance of notes payable and revenue bonds 6,537,960 92 n10 Proceeds f rom sale of preparty and equipment 14,936 2,097 Capital contributions 186,435 468,294 Total financial resources provided 1,622,060 6,405,413 174,797 Financial resources were used for:

Decrease in accumulated depreciation resulting from change in accounting principle 84,582 340,074 85,985 Additions to property and equipment 2,520,443 1,307,280 164,863 Ruduction in revenue bonds and notes payable after one year 850,000 260,000 28,620 Reduction in interfund loans payable after one year Decrease in liabilities payable from restricted assets 403,979 3,647,152 Increase (decrease) in restricted assets 296,857 780,037 increase in construction asssts 411,146 307,626 Issuance costs on long-term debt 22,137 Total financial resources used 4,567,007 6,664,306 279,468 Increase (decrease) in working capital ($2,944.947) ($ 258.893) ($_104.671)

Analysis of Changes in Components of Working Capital increase (decrease) in current assets:

Cash and investments ($ 39,475)

Equity in pooled cash and investment fund (293,713)

Accounts receivable ($1,441,504) 5,077 $ 1,971 Accrued unbliled revenues (217,191)

Due from other funds (77,546) (6.125 (49,929)

Inventories 135,042 (852 Other current assets 18,825 (5,950 Total increase (decrease) in current assets (1,582,374) (341.038) (47,958)

(Increase) decrease in current liabilities:

A. counts payable 694,102 94,038 5,217 Due to pooled cash and investment fund (1,917,596) (84,652) (87,034)

Due to other funds (14,337) 72,759 53,724 Customer deposits (124,742)

Notes payable (28,620) t acal (increase) decrease in current liabilities (1,362,573) 82,145 (56,713) ancrease (decrease) in working c.pital ($,2 ,93 g )

, ($ 258.893) Qlg4g) ll

[

Fort King Municipal Tennis Municipal Jim Taylor Colf Course Court Trailer Park Airport Total f $15,618 ($ 5,199) $6,293 ($134,910)($ 1,913,282) b f 29,899 9,877 1,976 127,797 2,203,690

[ 36,367 114.473 45,517 4.678 8,269 (7,113) 441,248 13,185 8,511 1,488 11),345 651,170 6,629,970 17,033 177,387 832,116 58,702 13,189 9.757 287.619 8,571,537 13,185 8,511 1,488 117,345 651,170 38,220 3,991 1,440 180,558 4,216,795 1,138,620 15,000 15,000 7,897 4,059,028 (7,971) 1,068,923 718,772 22,137 66,405 12,502 2.928 297.829 11,890.445 (LL7.0J) W $6.829 ( M O,)( W i&908,)

($ 50) ($ 39,525)

($ 5,510) 824 (293,399) 932 $ 28 5(933) $ 902 (1,433,527)

(217,191)

(133,600) 134,190 12,875

[ (4,578) 28 4,841 902 (1,970,177)

L (2,275) 163 1,257 2,127 794,629 612 865 (13,239) (2,101,044)

(850) (116) (134) 111,046 (124,742)

(28,620)

(3.125) 659 1,988 (11,112) (1,348,731)

(uau) t_e.u aan (uum(uosaw

CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FLHDS CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 1981 Bulk Power Electric Supply Revenue Revenue Eliminatione Consolidated Assera Current assets:

Cash $ 1,225 $ 1,225 Accounta receivable, less allowance for doubtful accounts of $84,094 2,635,979 2,635,979 Accrued unbilled revenues 2,047,430 2,047,430 Inventories 1,461,307 1,461,307 Due from other funds $ 2,738,934 ($2,738,934)

Other current aasets 5,834 __ _ 84,127 89,961 Total current assets 6,151,775 2,823,061 (2,738,934) 6,235,902 Restricted assets:

Cash and investments 1,580,777 1,580,777 Accrued interest receivable 11.451 11,451 Equity in pooled cash and investment fund 628 1,318,271 1,318,899 Florida Power refund escrow 106,364 106,364 Total restricted assets 1,699,220 1,318,271 3,017,491 Construction assets: m Equity in pooled cash and investment fund 5,035,408 5,035,408 Property, plant and equipment, net 11,515,783 8,986,161 20,501,944 Issuance costs on long-term debt 49,908 154,303 204,211 Total assets $24.4 52.094 $13.281.796_ ($2.738.934) $34.994.956 Liabilities and Fund Equity Current liabilities:

Accounts payable $ 320,486 $ 2,318,458 $ 2,638,944 Due to pooled cash and investment fund 4,093,605 1,257,239 5,350,844 Due to other funds 2,923,544 ($2,738,934) 184,610 Customer deposits 1,227,543 1,227,543 Total current liabilities 8,565,178 3,575,697 (2,738,934) 9.401,941 Current liabilities payable from restricted assets:

Accounts payable 133 133 Accrued interest payable 131,651 304,764 436,415 Revenue bonds payable within one year 850,000 850,000 Florida Power refund payable to customers 106,364 106,364 Total current liabilities psyable from restricted assets 1,088,148 304,764 1,392,912 Revenue bonds payable after one year 4,922,149 11,032,059 15,954,208 Total liabilities 14,575,475 14,912,520 (2,738,934) 26,749,061 Contributed equity 186,435 736,111 (736,111) 186,435 i

Retained earnings (deficit):

Reserved for debt service 611,072 1,013,507 1,624,579 l Unreserved l Designated for alternate energy study 100,000 100,000 Undesignated 8,979,112 (3,380,342) 736,111 6,334,881 Total unreserved retained earnings (deficit) 9,079,112 (3,380,342) 736,111 6,434,881 Total retained earnings (deficit) 9,690,184 (2,366,835) 736,111 8,059,460 Total fund equity 9,876,619 (1,630,724) 8,245,895 Total liabilities and fund equity $24.452.094_ $13.281.796 ($2.738.934) $34.994.956 s

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CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 1981 I

Electric Revenue Operating revenues: E Sale of electricity

$34,430,567239,558 5

Other income Total operating revenues 34,670,125 g Operating expenses:

Purchase of electricity 28,623,559 Distribution 2,156,483 Back-up Transmission Operation and maintenance g Administration 823,003 g Depreciation and amortization 845,742 Other 342,348 Total operating expenses 32,791,135 Operating income 1,878,990 Nonoperating revenues (expenses):

Interest income 539 Interest expense (280'400 610)

Total nono erating revenues (expenses 258,790 Incom'e.before operating transfers 2,137,780 Operating transfers:

From other funds 2,170,445 g To other funds ,

(4,585,000) E l Total oper~ating transfers (2,414,555)

( Net income (loss) before cumulative effect of change in accounting principle (276,775)

Cumulative effect of change in accounting principle 22,693 Met income (loss) ($_ 2 5_4._08 2_)

l o I

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1. ,-

,1 _

iv B'IlkPower "Supp1p-

's Revenue Eliminations Consolidated ,

$28,Idl,854 ($28;U1,854) $34,239,558 h -

430,567

.__28,611,854 (28,611,'854) 34,670,125 L 22[572,079 _28,611,854)

(' 22,98?,,o4 -

. 2,156,483 r-> 1,43,1,365 1,431,365 L 268~,708 268,708 687,573 687,573 823,003

(

515,583 1,361,325 243 _ 342,591 .

~

25,875,551 (28,611,854) 30,054,832 '

[ '2,736,303

~

4,615,293 L

166,551 705,951

~~

-- (618,66'1) (899,271) -

F - (452,110) (193,320)

Q-

-'2,284,193 4,421,9h3 ,

(2,170,445) g __(2,170,445) 2,170,445 (4,585,000) ,,

h (2,170,44'5_) (4,585,000) ,

~

F 113,7_48 (163,027)

L 61,889 84,582

~

[~ k_=115JJZ $_ _ . (S 78,445)

, , [ _ .

_ =

1 CITY OF OCALA, FLORIDA I

ELECTRIC AND EULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING STATEMENT OF CHANCES IN FUND EQUITY FOR THE YEAR ENDED SEPTEM3ER 30, 1981 1

Electric Revenue Fund Bulk Power Supply Revenue Fund Retained Contributed Retained Contributed Earnings Equity Total Earnings Equity Total Fund equity (deficit) at beginning of year, as previously reported $13,592,475 $13,592,475 ($2,542,472) $736,111 ($1,806,361) W Effect of retroactively applying change in accounting method (3,648,209) (3,648,209)

Fund equity (deficit) at beginning of year, as restated 9,944,266 9,944,266 (2,542,472) 736,111 (1,806,361)

Net income (loss) (254,082) (254,082) 175,637 175,637 Capital contributions $186,435 186,435 Fund equity (deficit) at end of year S 9.690.184 R8Mg S 9.876.619 ($2.366.835) $736.111 ($1.630.724)

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Eliminations ._

Consolidated Retained Contributed Retained Contributed Earnings Equity Earnings Equity Total

$736,111 ($736,111) $11,786,114 $11,786,114 (3,648,209) (3,648,209) 736,111 (736,111) 8,137,905 8,137,905 (78,445) (78,445)

S186,435 186,435

$736.111 (d3 M ) $ 8.059.46_Q E8MU $ 8.245.895

[

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[ _ _ _ _ _ _ - _ _ _ _ - _

CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FLHDS CONSOLIDATING STATFMENT OF CilANGES IN.

FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1981 Bulk Power Electric Supply Revenue Revenue Eliminations Consnlidated Financial resources were provided by (used for):-

Net income (loss) before cumulative effect of change in accounting principle ($ 276,775) $11 ,748 ($ 163,027)

Add (deduct) charges (credits) not affecting working capital:

Depreciation and amortization of property and equipment and issuance costs on long-term debt 845,742 515,583 1,361,325 Amortization of bond discount 17,308 9,133 26,441 Loss on disposal of property and equipment 111,368 111,368 Working capital provided by operations of the period 697,643 638,464 1,336,107 Cumulative ef fect of change in accounting pri..eiple 22,693 61,889 84,582 Proceeds from sale of property and equipment 14,936 14,936 Capital contributions 186,435 186,435 Total financial resources provided 921,707 700,353 1,622,060 Financial resources were used for:

Decrease in accumulated depreciation resulting from change in accounting principle 22,693 61,889 84,582 Additions to property and equipment 2,012,199 508,244 2,520,443 Reduction of revenue bonda payable after one year 850,000 850,000 Decrease in restricted liabilities 325,166 78,813 403,979 Increase in restricted assets 260,391 36,466 296,857 Increase in construction assets 411,146 411,146 Total financial resources used 3,881,595 _6P,5,412 4,567,007 Increase (decrease) in working capital ($ 2. 9 59. 88_g) $ 14.941 ($2.944.947)

Analysis of Changes in Components of Working Capital Increase (decrease) in current assets:

Accounts receivable ($1,441,504) ($1,441,504)

Accrued unbilled revenues (217,191) (217,191)

Due from other funds (77,546) ($537,431) $537,431 (77,546)

Inventories 135,042 135,042 Other current assets 5.178 13,647 18,825 Total increase (decrease) in current assets (1,596,021) (523,784) 537,431 (1,582,374)

(Increase) decrease in current liabilities:

Accounts payable (1,101) 695,203 694,102 Due to pooled cash and investment fund (1,761,118) (156,478) (1,917,596)

Due to other funds $23,094 (537,431) (14,337)

Customer deposits (124,742) (124,742)

Total (increase) decrease in current liabilitics (1,363,867) 538,725 (537,431) (1,362,573)

Increase (decrease) in working capital ({245M88) (1&93 L (12,y,4 M )

L CITY OF OCALA, FLORIDA TRUST FUNDS

{ COMBINING BALANCE SHEET SEPTEMBER 30, 1981 Expendable Federal Nonexpendable f Revenue Consolidated Sharing Retirement Trust Fund Trust Fund Total l l l

Assets I Cash and investments $6,747,433 $6,747,433 Equity in pooled cash and investment fund $722,780 261 723,041 l Accrued interest and i dividends receivable 112,044 112,044 l Due from federal g-zernment 87,979 87,979 I i Due from other furn 61,075 61,075 l

Total assets $810_,15,9, $1 d20.813, _ $1_73152%

=

Liabilities and Fund Equity f Accounts payable $ 5,850 $ 5,850 Total liabilities _

5,850 5,850 Employee pension contributions 1,600,319 1,600,319 Fund balance:

l Reserved for retirement benefits 5,314,644 5,314,644 Unreserved fund balance $810,759 810,759 l Total fund balance 810,759 5,314,644 6,125,403 Total fund equity 810,759 6,914,963 7,725,722 Total liabilities and l fund equity $_8_10.75j

_ 16420._813_

L 7A ,_572 I

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la CITY OF OCALA, FLORIDA EXPENDABLE FEDERAL REVENUE SHARING TRUST FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1981 Revenues:

Federal revenue sharing entitlements $351,910 Interest income 51,527 Total revenues 403,437 Expenditures:

Capital outlay 28,019 Total expenditures 28,019 Excess of revenues over expenditures 375,418 other financing sources-Transfers from other funds 19,480 Excess of revenues and other sources g over expenditures 394,898 g Fund balance at beginning of year 415,861 Fund balance at end of year $810.759 I

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f CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 1981

( Revenues:

Interest and dividend income $ 686,902 City contributions 396,405 State ' funded contributions 142,525

( . Total revenue 1,225,832 r Expenses:

( Net depreciation in fair value of investments 603,959 Pension payments 190,250 I Custodial and investment fees 33,212 s

Interest expense on refunds 6,106 Total expenses 833,527

-l Net income $ 392.305_ {

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CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT OF CHANGES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1981 Employee Pension Fund Contributions Balance Total Fund equity at beginning of year $1,409,723 $4,922,339 $6,332,062 Net income 392,305 392,305 Contributions from employees 273,379 273,379 Refunds to employees (82,783) (82,783)

Fund equity at end of year $1,600,319

$5,314,644

((s914,963 i

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(' CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1981

[

{ Financial resources were provided by: I Net income $392,305 l

[ Total financial resources provided by operations 392,305 Employee pension contributions 273,379

( Increase in liabilities payable from restricted assets 5,850 Total financial resources provided 671,534 Financial resources were used for:

( Refunded employee contributions 82,783 L Increase in restricted assets 588,751 Total financial resources used 671,534

{ Increase in working capital _$ __

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SECTION III - STATISTICAL SECTION

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I CITY OF OCALA. FLORIDA I SCHEDULE OF INSURANCE COVERAGE SEPTEMBER 30, 1981 Ef fectis e Dates Limit of Company Policy Number From To Coverage Coverage Premium Aetna Life and Casualty LTD 47875-973 3/1/81 3/1/82 Employees' Life Health Various - as and Disability Income specified in policy 709,560 United Fidelity Life Insurance Co. BAC 1263 10/7/80 10/7/81 Police L Fire Accidental Death 10,000/250,000 898 U.S. Fidelity

& Guaranty Co. 33-0080-719-77 10/5/80 10/5/81 Public Employees' Honesty Blanket Position Bond:

All employees 5,000 City Manager 45,000 Assistant City Manager 25,000 Finance Director 95,000 Director of Utilities 15,000 Utility Business Manager 25,000 Golf Pro 20,000 Purchasing Agent 5,000 1,119 U.S. Aviation Underwriters LG 17352 2/1/81 2/1/82 Aviation Catastrophe Loss 5,000,000 2,833 Vanguard Under-writers Insurance I Co.

International 79110383-UM 11/1/80 11/1/81 Public Official Liability 1,000,000 4,510 Surplus Lines l Insurance Co. XL1320 3/1/81 3/1/82 Excess General and 500,000 Automobile List 11ty 50,850 American Centennial Insurance Co. WC6913 3/1/81 3/1/82 Workmen's compensation 100,000 86,454 I

Exployees Insurance of Wausau 1462-40-063849 3/1/81 3/1/82 Blanket Building and Contents:

Real Property 13,305,016 18,572 Contractor's Equip-ment 282,202 1,765 1421-00-063849 3/1/81 3/1/82 General Liability:

Bodily Injury 100,000/100,000 l

Property Damage 100,000 121,159 1421-02-063849 3/1/81 3/1/82 Comprehensive Auto Liability:

Bodily Injury 100,000/100 000 Property Damage 100,000/100,000

, 32,640 1433-00-063849 3/1/81 3/1/82 Money and Securities Broad Form Coverage:

Loss inside premises 25,000 Loss outside l premises 25,000 3,493 I

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