ML19347E098
| ML19347E098 | |
| Person / Time | |
|---|---|
| Site: | Saint Lucie, Crystal River  |
| Issue date: | 04/15/1981 |
| From: | Baynard P FLORIDA POWER CORP. |
| To: | Harold Denton Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML19347E099 | List: |
| References | |
| 3-041-19, 3-41-19, NUDOCS 8104230415 | |
| Download: ML19347E098 (400) | |
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- o, o '9 April 15,1981 g YN 4 File: 3-0-3-a-3 - e (3 $ q #3-041-1 9 I to - 3
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9- s ~ 2 Mr. Ilarold Denton - '@ #
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Director 1 A Office Of Nuclear Reactor Regulation
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U. S. Nuclear Regulatory Commission M;rs _., ' f
' . Washington, DC 20555 Il j
Subject:
Crystal River Unit 3 u Docket No. 50-302 e Operating License No. DPR-72 Annual Financial Reports for 3
- Florida Power Corporation and , Participants
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Dear Mr. Denton:
I' I Pursuant to 10 CFR 50.71(b), Florida Power Corporation ' hereby submits i the following Annual Financial Reports for Florida Power Corporation and
.,2 Participants (co-owners of Crystal River Unit 3).
l . Florida Power Corporation 8 copies E
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. Alachua, City of 8 copies 4 . Bushnell, City of 8 copies
. Gainesville, City of 8 copies
. Kissimmee, City of 8 copies
- New Smyrna Beach, City of 8 copies j:'j .
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Ocala, City of Orlando, City of 8 copies 8 copies j . Sebring, City of 8 copies
? . Seminole, City of 8 copies
. Tallahassee, City of 8 copies
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[I, The Annual Financial Report for the City of 1.eesburg, Florida has not b), been included as it was not available at this time. This report will be forwarded to you when it becomes available. If" Sincerely,
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suff Y ag P. Y. Mynard i! Manager
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i Nuclear Support Services THIS DOCUMENT CONTAINS Enclosures 8104230415 P00R QUALITY PAGE5 4 B1ake(T03)DN99-1 j General Office 320i Tnary.tourin street sourn . P O Box 14042. st Petersbuty Florda 33733 813-BW5151
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_. -. . . . . .- . - _. _ l I ll I COMPREHENSIVE , I ANNUAL FINANCIAL REPORT I OF THE ,I CITY OF TALLAHASSEE, FLORIDA g FOR THE I Fiscal Year Ended September 30,1980 l I 'I
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! Department of Finance
, Jim C. Kirkland, CPA Director of Finance Member of Municipal Finance Officers Association of The United States and Canada
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CITY OF TALLAHASSEE, FLORIDA LISTING OF CITY OFFICIALS As of September 30,1980 I ELECTED OFFICIALS MayorCommissioner . Richard P. Wilson Mayor Pro Tem-Commissioner . . Hurley W. Rudd Commissioner . . James R. Ford Commissioner .Sheldon E. Hilaman Commissioner . Carol Bellamy I APPOINTED OFFICIALS City Manager . Daniel A. Kleman City Auditor-Clerk . . Herbert J. Seckel City Attorney . Bryan W. Henry Internal Auditing Director . James Gould DEPARTMENT DIRECTORS Assistant City Manager. . Joe B. Dykes, Jr. Assistant to the City Manager for Management Services . . E. Dean Block Director of Finance . Jim C. Kirkland Administrator of Budget & Research . Charles F. Cuthbertson City Treasurer . Robert Inzer Director of Planning . . Frank Branan General Services Director . Charles Barrier Director of Employee Relations . Evelyn A. Brion Fire Chief . . Edwin Ragans Chief of Police . . Melvin Tucker Director of Tallahassee Transit . John L. Carter Airport Director. . Robert Johnson Director of Electric Utilities .Kenneth Morgan Director of Underground Utilities . . Thomas P. Smith Director of Public Works .Rhett Miller Community Improvement Director Darryl T. Gorham Parks and Recreation Director Randy Trousdell Affirmative Action Officer . . Sharon Strong i
su 5 TABLE OF CONTENTS INTRODUCTORY SECTION PAGE LISTING OF CITY OFFICIALS . i TABLE OF CONTENTS ii CHIEF EXECUTIVE OFFICER'S LETTER OF TRANSMITTAL. v FINANCE DIRECTOR'S LETTER OF TRANSMITTAL . vii CITY OF TALLAHASSEE ORGANIZATION CHART xv FINANCIAL SECTION AUDITOR'S REPORT AND BOND COMPLIANCE REPORT A-1 GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW) Combined Balance Sheet - All Fund Types and Account Groups A-6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - All Governmental Fund Types and Expendable Trust Funds . A-8 Combined Statement of Revenues and Expenditures - , Budget and Actual - General Fund & Special Revenue Fund Types A-9 Combined Statement of Revenues, Expenses and Changes in Retained Earnings or Fund Balance - All Proprietary Fund Types and Pension Trust Funds A-10 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Pension Trust Funds A-11 Notes to Financial Statements B-1 COMBINING STATEMENTS - BY FUND TYPE Governmental Fund Types General Fund Balance Sheet. C-1 E Schedule of Revenue by Source - Budget and Actual C-2 g Schedule of Expenditures - by Department - Appropriated and Actual . C-4 Special Revenue Funds Combining Balance Sheet. D-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balance D-3 Combining Statement of Revenues and Expenditures - Budget and Actual D-4 Capital Project Funds Combining Balance Sheet E-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balance . E-3 ii
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PAGE Proprietary Fund Types Enterprise Funds Combining Balance Sheet F-2 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings F-4 Combining Statement of Changes in Financial Position F-6 Schedule of Operating Expenses - Tallahassee Transit Fund F-8 Internal Service Funds Combining Balance Sheet G-1 Combining Statement of Revenues. Expenses, and Changes in Retained Earnings G-2 Combining Statement of Changes in Financial Position G-3 Fiduciary Fund Types Combining Balance Sheet H-2 Combining Statement of Revenues, Expenses and Changes in Fund Balances - Pension Trust Funds. H-4 Combining Statement of Changes in Financial Position - Pension Trust Funds. H-5 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - I Expendable Trust Funds Statement of Changes in Asset. and Liabilities - Agency Fund . H-6 H-7 STATISTICAL SECTION I Auditor's Report on Statistical Schedules 1-1 Comments Relative to Statistical Section 1-2 General Government Expenditures by Function - Last Ten Fiscal Years 1-3 General Revenues by Source - Last Ten Fiscal Years . 1-4 Tax Revenue by Source - Last Ten Fiscal Years I-5 Property Tax Levies and Collections - Last Ten Fiscal Years I-6 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years I-7 I Assessed Valuations, Millages and Taxes Levied and Collected - Last Ten Fiscal Years . l-8 l-9 Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years Special Assessment Collections - Last Ten Fiscal Years . 1-10 Computation of Legal Debt Margin 1-11 Computation of Direct and Overlapping Debt 1-12 Schedule of General Revenue Bond Coverage - Last Ten Fiscal Years 1-13 Debt Service Requirements to Maturity
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Capital Bonds, Series 1978 l- i . Electric Revenue Bonds, Series 1977 l-16
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Municipal Gas Revenue Bonds, Series A. ,i I Municipal Gas Revenue Bonds, Series B Municipal Gas Revenue Bonds, Series C l-18 l-19 Municipal Water and Sewerage Revenue Bonds, Series 1958 l-20 I Municipal Water and Sewerage Revenue Bonds, Series 1964 l-21 iii
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PAGE Municipal Utility Revenue Bonds, Series 1970 1-22 Municipal Utility Revenue Bonds, Series 1970A l-23 Municipal Utility Revenue Bonds, Series 1979 l-24 Principal Taxpayers 1-25 Schedule of Insurance in Force . 1-26 Salaries and Surety Bonds of Principal Officials . 1-27 Miscellaneous Statistical Data . 1-28 Demographic Statistics 1-34 l i I
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RICH ARD P. " DICK" WILSON D ANIEL A. KLEM AN Maron CommissioNsR ClTT MAN 4GER HURLEY W. RUDD HERBERT J. SECKEL wavor PMo Ttu-Commissioner ClTV A U DI Toe -CL E R E I BRYAN W. HENRY
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C AROL BELLAM Y co m mis sioN E R CITY AffoResty JAMES R. FORD c o m mis sioNE R oag E TELEPHONE SHELDON E. HILAM AN (904) 599-8100 comuassioNER CITY HALL 32301 December 31, 1980 I Honorable Mayor and Members of the City Commission City of Tallahassee, Florida Ladies and Gentlemen: In accordance with state statutes and local charter provisions, I hereby transmit the Annual Financial Report of the City of Tallahassee as of September 30,1980 and for the fiscal year then ended. Responsiblity for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. Management believes that the data, as presented, is accurate in all material aspects, that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. in developing and evaluating the City's accounting system, consideration is given to the I adequacy of internal accounting controls. Internal accounting contro!s are discussed by the finance director in his accompanying letter of transmittal, and within that framework, I believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. This report has been prepared following the guidelines recommended by the Municipal Finance Officers Association of the United States and Canada. The Municipal Finance Officers Association awards Certificates of Conformance to these governments whose annual financial reports are judged to conform substantially with high standards of public financial reporting including Generally Accepted Accounting Principles promulgated by the National Council on Governmental Accounting. It is my belief that the accompanying fiscal year 1980 firicincial report meets the program standards and it will be submitted to the Municipal Finance Officers Association for Certificate of Conformance review. In accordance with the above-mentioned guidelines the accompanying report consists of three parts:
- 1) Introductory section, including the finance director's letter of transmittal
- 2) Financial section, including the financial statements and supplemental data of the government accompanied by our independent auditor's opinion v
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Letter to City Commission Page 2 December 31,1980
- 3) Statistical section, including a number of tables of unaudited data depicting the financial I
history of the goverr' ment for the past 10 years, information on overlapping govern-ments, and demographic and other miscellaneous information State law requires that the financial statements of the City of Tallahassee be audited by a certified public accountant selected by the City Commission. This requirement has been complied with, ar.d our auditor's unqualified opinion is included in the financial section of this report. Although the City of Tallahassee concluded fiscal year 1980 in a sound financial condition, there are external areas of concern which may require special attention by the Mayor and Members of the City Commission during the present fiscal period. The City continues to face significant increases in fuel costs. This is especially important in the City's electric generation function since such large fuel inventories are consumed. As in the just concluded fiscal year, it will be necessary for the City to keep our cash position under close scrutiny. A task force has been established for this purpose and reports will be immediately forwarded to you if problems appear to arise in this area again. Certainly such reports will include my recommendations as to how I feel we should handle such situations. The general state of the economy also continues to require constant review. With inflation continuing at high levels we must keep the City in a position to successfully provide the necessary services to our City. As the senior executive of the City of Tallahassee, I assure you that I will continue to do everything in my power to hold current and future expenditures within our revenue limitations. Certainly the City Commission should be applauded for its support in this critical area. The preparation of this annual financial report could not have been accomplished without the dedicated effort of the finance director and his entire staff. Their efforts over the past years j toward upgrading the accounting and financial reporting systems of the City of Tallahassee have l lead substantially to the improved quality of the information being reported to the City l Commission, state government, and the citizens of tne City of Tallahassee. l
) Respectfully submitted, I
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r; , Daniel A. Kleman City Manager I v, y
RICH ARD P.
- DICK- WILSON DANIEL A. NLEM AN u a v on-Con
- M e s s,0N E m Ct,7 asANAGER
, HURLEY W. RUDD HERBERY J. SECKEL M avom Pao ,sw.commissioevam g cerv AuoeTom.cLann CAROL BELLAMY f J# .ip f BRYAN W. HENPY co.......... g g ... A,,.....
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C ...o T"a %@# , ,,,,,,,, I SHELDON E. HILAM AN COMMISSIONER CITY HALL 32301 (904) 599 8100 December 31, 1980 Honorable Mayor, Members of the City Commission and City Manager City of Tallahassee, Florida Ladies and Gentlemen: The Comprehensive Annual Financial Repo,rt of the City of Tallahassee, Florida for the fiscal year ended September 30,1980 is submitted herewith pursuant to Section 49 of the City Charter, Florida Statutes Chapter 166.241(4) and Chapter 10.500 of the Rules of the Auditor General of the State of Florida. The Annual Financial Report was compiled by the staff of the Finance Department with close cooperation of the External Auditors and represents the official report of the City financial opecations and condition to the citizens, City Commission, management personnel of the City, rating agencies, and other interested persons. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. Accounting System and Budgetary Control In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgements by management. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. vii
I Budgetary control in conformance with Section 27 of the City Charter and Florida Statutes, g Chapter 166.241(3) is maintained through the use of detailed monthly budget reports and g quarterly interim financial statements. The Comprehensive Annual Financial Report, together with the accounting and budgetary systems, has been designed to conform to the standards set forth by the National Council on Governmental Accounting, American Institute of Certified Public Accountants, and the Financial Accounting Standards Board. Fund structure has been designed to compIy with the legal requirements of the various revenue bond resolutions and the Charter and ordinances of the City. The fiscal year of the City begins October 1 and ends September 30 as required by Florida Statutes. All references tc years in this Report are to the fiscal year ending September 30 of the referenced year. This Report includes all the funds and account groups of the City. It includes all activities considered by the U. S. Bureau of Census to be part of (controlled by or dependent on) the City. The City provides the full range of municipal services contemplated by statute or character. This includes public safety (police and fire), streets and sidewalks, garbage collection, recreation, public improvements, planning and zoning, general administrative services, four utilities (electric, gas, water, and sewer), a mass transit bus system and a municipal airport. General Government Functions The General Fund encompasses the general governmental functions of the City not required to be accounted for in other funds. Revenues from general governmental functions, including g Transfers from Other Funds, totaled $27,322,000 in 1980, an increase of 10.5% over 1979, g primarily due to increased tax revenues, charges for services (garbage collection) and Transfers from Other Funds. Presented below is a comparison of the current fiscal year funding compared to last fiscal year. Increase Percent (Decrease) Financing Sources Amount of Total From 1979 Taxes S 6,569,600 24.1 % $ 905.100 g Licenses and Permits 895,000 3.3% 111,400 g Intergovernmental Revenues 5,941,700 21 7 % (48,300) Charges for Services 2,652,800 9.7 % 532,400 g Fines and Forfeits 287,600 1.1 % (6,000) W Other Revenues 800,300 2.9 % (331,300) Transferr from Other Fun +: 10.175,000 37.2 % 1,435,700 TOTAL $27,322,000 100.0 % $2,599,000 Assessed property valuation of $1,133,300,400 (according to the Leon County Tax Collector) for 1980 represents a 29.2% increase over the $877,107,600 valuation for 1979. The City levied a 3.5 mil property tax, all of which is for operating purposes and has no uncollected ad valorem taxes. Operating expenditures and Transfers Out amount to $27,185,000 for 1980. This was an increase of 9.0% from 1979. This increase primarily resulted from inclusion in teneral government expenditures of current year general fund debt service requirements of the Capital Vl'li
g Bonds of 1978 and increased expenditures for public safety and reductions of transfers to other B funds. Increases in levels of expenditures for major functions of the General Fund over the preceding year are shown in the follo'aing tabulation: increase Percent (Decrease) Function Amount of Total From 1979 General Government S 8,341,200 30.7 % $2,694,000 Public Safety 8,354,700 30.7 % 991,900 Highways and Streets 1,602,900 5.9 % 190,900 I Sanitation Health Welfare 2,762,800 669,300 307.200 10.2 % 2.5 % 1.1 % 49,900 96,800 49,500 I Culture and Recreation Transfers tc Other Funds 2,196,900 2,950,000 8.1 % 10.8 % 330,600 (2,151,000) TOTAL $27,185,000 100.0 % $2,252,600 I In 1979 General Fund Sources exceeded General Fund Uses by $137,000. This represents an increase in Fund Balance in the General Fund. While this small percentage is not necessarily excessive within itself, it is important to note that the General Fund operated within its applicable sources this year in spite of the extreme inflation experienced. It is extremely important that the local government operate on a balanced current revenue - current expenditure basis such that the " pay-as-you-go" theory is practiced. Special Revenue Funds Specia! Revenue Funds account for revenue from special revenue sources which are legally restricted for specific purposes. The following represents an analysis of sources and uses in the Special Revenue Funds for 1980: Changein I Fund Special Insurance Reserve Sources
$ 81,200 $-
Uses Fund Balance
$ 81,200 Deficiencies & Emergencies 830,500 - 830,500 Water & Sewer Line Extension and I Depreciation Fund Special Capital Projects Fund 1,058,700 5,594.800 535,400
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523,300 5,594,800 TOTALS $7.565,200 $535,400 $7,029,800 The Water and Sewer Line Extension and Depreciation Fund was established for the purpose of collecting system impact fees from new water and sewer customers to be used for major capital additions for these utilities. Debt Administration The City has no outstanding General Obligation Bonds since the decision has been made instead to finance with General Revenue Bonds for general government capital improvements. The City currently has outstanding $38,800,000 of such General Revenue Bonds and $2,500,000 of ix
General Revenue Bond Anticipation Notes. Additionally, the City has outstanding $124,868.000 of Electric Revenue Bonds and $22,942,000 of Utility Revenue Bonds. In 1979, the ratings of the Municipal Utility Revenue Bonds were upgraded by Moody's from "A" to "A1" This year all bonds remained rated as in the previous year. The following is a schedule of the City's bond ratings-Standard & Bonds Moody's Poor's Capital Bonds - Series 1978 A1 A General Re/enue Bond Anticipation Notes Not Rated Not Rated Electric Revenue Bonds A1 AA Municipal Utility Revenue Bonds A1 A+ Municipal Gas Revenue Bonds Not Rated A g Municipal Water & Sewerage Revenue Bonds A1 AA E All reserve requirements mandated by bond covenants are fully funded at the prescribed levels. Enterprise Funds Enterprise Funds are tnose that are financed and operated in a manner similar to a private business enterprise .vhere the intent of the governing body is that the cost of providing goods and services on a continuing basis be financed through user charges or where the governmental body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, budget policy, management control- E accountability, or other purposes. The City accounts for its Electric, Gas, Sewer, Water, Airport, g and Transit Funds as enterprise operations. These Funds are primarily supported by user charges. Net income as used in these Funds is a defined accounting term which is primarily different from Budgetary income in that depreciation and transfers have been deducted but not bond principal payments, contributions to the Renewal, Replacement and Improvement sub-funds nor capital purchases. Electric Fund Electric Fund operating reven';es increased to $71,023,300 or $11,756.700 over 1979. This represents a '19.8% increase, primarily attributable to increased base rates and increased fuel escalation costs which are passed through to the consumer. Operating expenses increased to 553,340,000 or $9,145,800, a 20.7% increase over 1979. This is primarily attributable to fossil fuel costs wnich increased by $7.871,900. Net income decreased to $1,946.500 or $3,608,900 below 1979. This 65.0% decrease is tne result of increased transfers out. Electric customers increased by 2,472 to 55,165 or 4.7% in 1980. Comparative data for the last two fiscal years are presented below: 't 1980 1979 Operating Revenues $71,023,300 559,266,600 g Net income After Transfers 5 1,946,500 $ 5,555,400 g Net Revenues Available for Debt Service $22,837,000 $24.455.100 Maximum Debt Service $10,800,400 $10,800,400 g Debt Coverage 2.12(X) 2.26(X) E
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1 The following recap of sales indicates that a larger percentage of increased revenue dollars I were received from our retail customers as opposed to sales for resale purposes. Increase Revenue Source 1980 1979 (Decrease) % Change Retail Customers $54,392,900 $43,959,800 $10,433,100 23.7 Sales for Resale 16,630,400 15,306,800 1,323,600 8.7 TOTAL $71,023.300 $59,266,600 $11,756,700 19.8 Below is a genera! presentation of kilowatt hours sold both to the retail customers and to other companies for resale. Increase 1980 1979 (Decrease) % Change Retail Customers-KWH 1,114,487,500 1,062,485,117 52,002,383 4.9 Sales for Resale-KWH 351,296,000 508,113,000 (156,817,000) (30.9) TOTAL 1,465,783,500 1,570,598.117 (104,814,617) (6.7) The Electric Fund activities must be closely monitored to assure that increasing fuel costs and I conservation efforts do not prove to be financially negative to this operation. Municipal Utility System The City of Tallahassee maintains separate accounting records for its gas, sewer, and water I operations. However, the outstanding bonds are principally Municipal Utility Revenue Bonds secured by the revenues of the combined operations of these Funds which are often called the Municipal Utility System. The Municipal Utility System does not include the Electric Fund. Therefore, I feel it is reasonable to show certain combined computations as presented below: 1980 1979 I Operating Revenues $14,597,800
$ 3,134,200
$12,770,500
$ 4,524,500 Net income After Transfers Net Revenues Available for Debt Service $ 5,851,800 $ S,067,500 Maximum Debt Service $ 1,929,269 $ 1,929,269 Debt Coverage 3.03(X) 2.63(X)
Net income in the Gas Fund increased from $68,700 in 1979 to $354,200 in 1980 or $285,500. This 416% increase is primarily attributable to gas rebates from our supplier which related to prior years. Gas sales in the aggregate remained fairly stable showing only a 4,397 MCF decrease from 1979. This .3% decrease resulted in sales of 1,394,598 MCF in 1980. Gas customers increased by only 45 customers to 7,235. Net income in the Sewer Fund decreased from $3,422,100 in 1979 to $1,323,300 in 1980. A!I of this was due to changes in transfers to and from the Sewer Fund in 1979. Customers increased by 1,401 to 28,352 in September of 1980. Net income in the Water Fund increased from $1,013,700 in 1979 to $1,456,700 in 1980 or
$443,000. This 43.7% increase primarily resulted from smaller transfers out in 1980. Metered water customers increased by 1,805 to 33,042 and hydrant rental customers increased by 3,927 to 6,035 in 1980. Water sales increased by 86,553,900 gallons to 5,321,404,700 gallons in 1980.
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I Airport Fund Net income in the Airport Fund increased from a loss of $65,900 in 1979 to a profit of $714,500 in 1980. This primarily resulted from transfers of $604,300 to the Airport in 1980 as opposed to a transfer from the Airport in 1979 of $105,700. The Airport continues to basically be a break-even type operation net of transfers. Tallahassee Transit Fund The Tallahassee Transit Fund accounts for the City-owned bus system. The capital assets of the system were primarily funded through federal grants from the Urban Mass Transit Authority (UMTA). Additionally, each year the operating loss, exclusive of depreciation and capital purchases, is 50% funded by e Section V operating grant from UMTA. The net loss increased from $603,500 in 1979 to $886,400 in 1980 or an increased loss of $282,900. By increasing the budget for fiscal year 1981, the City Commission has decided to continue funding these deficits from general revenues. Internal Service Funds Internal Service Funds are established to account for the financing of goods and services provided by one department or agency to other departments or agencies of the gnvernmental unit on a cost-reimbursement basis. The City of Tallahassee accounted for its Reading, Billing, and Collection activities, Data Processing, Accounting, Central Stores, Purchasing, Garage, Human Resources, and Pension Administration activities as Internal Service Funds in 1980. The expenses associated with these funds are billed to other City departments through allocation methodologies deemed most reasonable for each activity. These allocation methodologies were developed and are included in the City's Cost Allocation Plan. Trust & Agency Funds I Trust and Agency Funds are established to account for assets held by the governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units. and/or other funds. The largest trust funds in the City are the various retirement plans whlch g include the Municipal EmWoyees' Retirement, City Employees' Pension, Firemen's Pension, 3 Policemen's Pension, and Police Pension Article 11 Funds. The City Commissioners serve as Trustees of these pension funds with assets of $34,199,500. Other trust and agency funds g include the Stadium Construction, Stadium Operations and Maintenance, Downtown u Improvement Authority, Tallahassee Memorial Regional Medical Center Capital Improvement, Combined Grant, and the Downtown improvement Authority Parking Garage Fund. These Funds have assets of $2,950,000 and serve various purposes in the best interest of the City. Special Assessment Fund A Special Assessment Fund is established to account for the financing of public improvements or services determined to benefit the property against which special assessments are levied. xii
g The Street Paving Fund is accounted for as a special assessment fund to allow the cost of g certain street paving and sidewalk construction to be levied against adjacent property owners. Upon completion of a project, the property owner is assessed a pro-rata portion of the cost of I such project and given 30 days to make full payment. If payment is not received within this tic period, a lien is placed upon the property and the owner can repay the City over a period of up to 10 years with interest thereon not exceeding eight percent (8%). I General Fixed Assets Group of Accounts The General Fixed Assets of the City are those assets used in the performance of general governmental functions and exclude the fixed assets of the Enterprise Funds and Internal Service Funds. Governmental accounting dictates that these assets be accounted for separately from the General Fund since they do not represent financial resources available for expenditure. In accordance with generally accepted accounting principles, the City of Tallahassee does not record depreciation in the General Fixed Assets Group of Accounts. The City of Tallahassee has
$ 15.437,800 worth of general fixed assets which were acquired from General Fund Revenues, bonds, and gM!s. As allowed by Generally Accepted Accounting Principles for Local Governments, roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, lighting systems, and similar assets that are immovable and of value only to the governmental unit are not recorded as general fixed assets.
,I l Acknowledgements lI l A comprehensive financial report of this nature and magnitude presenting the results of operations of the highly diversified activities of the City could not have been prepared without ! the dedicated efforts of all the members of the Accounting Division of the Finance Department. Additionally, special mention must be made of the Treasury Department for the many hours of I assistance they provided. I also feel that the cooperation and technical assistance c rovided by the External Auditors, Williams, Cox, Weidner and Cox, Certified Public Accountants, should not go unmentioned. I would also like to thank you for your interest and continued support in planning and conducting the financial operations of the City in a progressive and respormible manner. Additionally, I am appreciative for the continued support by the City Commission. Herbert J. Seckel, City Auditor-Clerk, and Bryan Henry, City Attorney, without which most of the progress made in the last few years would not have been possible. Respectfully submitted, I kCbAA Q Jim C. Kirkland
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Director of Finance JCKaf xm
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ORGANIZATIONAL CHART OF THE CITY OF TALLAHASSEE 1 CITIZENS OF TALLAH ASSEE <
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8~'"---- CITY COMMISSION < s ! I I ,
' City-County Planning Commission City Attorney City Manager Auditor Clerk Internal Audit l E . l 3 l ' i Affirmative Management &
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3 I I I l Planning Finance General Services Employee Relations ! I ' I I I l l Fire Police Taltran Aviation
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i i i ! Parks and Community Underground Public Recreation improvement Electric l Utilities Works L l i I I ! ! i _ ______ _ _ _ _ _ _
Williams l Weidner Cox I Cox Certified Public Accountants 369 OFFICE PLAZA e TALLAHASSEE FLORIDA 32301 e TELEPHONE 904/8771118 UU'"r'nic'as u sustitute or # * ,'.",7,'c^ot % I [FN=5on"NeNEr Ic^r"n*v*riso "I"v'*.ou'as*c'o"In"; ' l l eucuc accou=ramts e,a a a,e e o c , a a'sUa^ M I'd I The Honorable Mayor-Ccmmissioner ao.s av a .aca c , a and City Commissioners I
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City of Tallahassee, Florida We have examined the combined financial statements of the City of Tallahassee, Florida, as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in ac-I cordance 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 Tallahassee, Florida, at September 30, 1980, and the results of its operations and I the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining financial I statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Tallahassee, Florida. I The information has been subjected to the auditing procedures applied in the examination of the combined financial statements, and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. I W =", Weidner and CoxM Williams, Cox ' December 5, 1980 I l I l A-1
' I Williams-l Weidner Cox l Cox Certified Public Accountants 369 OFFICE PLAZA e TALLAHASSEE. FLORIDA 32301 e TELEPHONE 904/8771118 HE MERICAN INSTITUTE OF C GA VCo C F R DA NS I EO CERT FIED LT AS C Pu;LIC ACCOUNTANTS . SU"*'4 * "88 D C P 4-f J R AS C [C AEGsN4 A PoppgLL.C P A _ ROSE AT E SACON. C P A.
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Q The Honorable Mayor-Commissioner O*'fS3":*:1 g and City Commissioners "^* * "^*~' City of Tallahassee, Florida I We have examined the combined financial statements of the City of Tallahassee, Florida, for the year endea September 30, 1980, and have issued our report thereon dated December 5, 1980. Our examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such I other auditing procedures as we considerad necessary in the circum-stances. During our examination, we reviewed the financial covenants as pre-scribed in the authorizing ordinances for the following bond issues: Revenue Bonds Special City Debt Capital Bonds, Series 1978 Capital Bonds, Series 1979 Renewal Notes Electric System Series 1977 I Utility System Municipal Utility Series 1970 I Series 1970 A Series 1979 Itunicipal Gas I Series A Series B Series C Municipal Water and Sewerage Series 1958 I Series 1964 I e g
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The Honorable Mayor-Commissioner ' and City Commissioners December 5, 1980 Page 2 l In the course of our review, nothing came to our attention that E caused us to believe there has been a lack of compliance with the 5 covenants of the above bonds during fiscal year ended September 30, 1980. h/ ?cy h h ?-/ h} Williams, Cox, Weidner and Cox December 5, 1980 . I l ! I l I I ' I winiams, cox, weidner and cox, P. A. A-4
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CITY OF TALLAHASSEE, FLORIDA COMBINED BALANCE SHEET - Al.L FUND TYPES AND ACCOUNT GROUPS September 30,1980 Fit ucary Governmental Fund Types Propretary Fund Types pd Type Account Groups Totais Special Debt Capstal Special ifhernal Trust Gerwal General Long Wemorandum W ASSETS General Revenue Service Protects Assessment E nterprise Servce end Agency Fmed Assets terra Debt Sept. 30 1960 Sept 30 1979 Cash 8 - $ - $ - $ - $ ~ $ 249,500 $ - $ 13.000 $ - $ - $ 263.100 $ 71.200 Equity m Pooled Cash 106.900 200,700 9.200 336.500 1.400 917.100 212.800 172.700 - - 1.957.300 1.113 700 investment at Cost 763.000 11.061.100 6.692.500 2.839 500 - - - 34.866.300 - - 56.222.400 50.962.300 RecenraDies Specul? ;s - - - - 1 014.000 - - - - - 1.014.000 125.300 Accrued Interest Receivable 6.000 3^6.700 181.400 102.500 20.600 - - 239.100 - - 886.300 640.900 Note Re.swable - - - - - 419.400 - 419.400 - - 838.000 439.400 Customers 353.800 - - - - 5.756.400 - - - - 6.110.000 4 913.700 Omer 354.100 - - 990.000 - 5.215.200 103.800 1,189.200 - - 7.852.300 8.015.000 Less Allowance foi Doubtful Accounts (32.100) - - (255.800) - (564.40 @ - - - - (852.300) (466.400)
.No from Other Funds 547.100 - -
739.000 - - 3.900 - - - 1.290.000 6.076.900 Deposits - - - - - 108.000 - 11.000 - - 119 000 - Inventory - - - - - 7,610.800 2.552.900 - - - 10.163.700 9.442.800 Restricted Assets Cash - - - 30.000 - - - - - - 30.000 - > Equity m Pooled Cash - - - - - 592.100 254.600 - - - 846.700 817.000 & Investments at cost Accrued eterest recewable
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2.245.100 - - 45.782.300 1.046.300 - - - 49.073.700 50.407.000
- - 70.500 - -
1.113.30c 28.000 - - - 1.2 n l.000 1.589.000 Accounts Receivable - - - - - 452.400 - - - - 452.WO 917.800 Land Deposit - - - - - 57.300 - - - - 57.300 57.300 Deposits - - 38.700 - - - - - - - 38.700 38.700 Land - - - - - - - - 2.323.100 - 2.323.100 2,088.400 Plant in Servce - - - - -- 232.386.400 - - - - 232.386.400 222.403.900 Busidings - - - - - - 406.800 251.000 4.902.100 - 5.559.900 10.863.100 Improvements Other than Buengs - - - - - - - - 3.078.500 - 3.078.500 2.976,600 Equipment - - - - - - 6,113.000 4.081.600 10.194.600
- - 3.947.600 Accumunated Deprecation - - - - -
(58.870.300) (3,146.100) - - - (62.016.4005 (55.505.200) Construction m Progress - - - - - 36.047.000 38.400 5.700 1.052.500 - 37.143.600 22.456.000 Other Assets - - - - -- - - - - - - 754.000 Goodwin - - - - - 17.100 - - - - 17.100 22.800 Unamortued Bond issus Cost - - - - - 852.900 - - - - 852.900 892.900 Amount available m Debt Servce Funds - - - - - - - - - 9.237.400 9.237.400 7.925.000 Amount to be provced for Retirement ot General Lorgterm Debt - - - - - - - - - 32.062.800 32.062 600 33 375.000 Total Assets $ 2 098 600 $11.598 500 $ 9 237.400 $ 4 781.700 $ 1036 000 $278142 500 $ 7 614 400 $37.168 000 $15 437 800 $41.300.000 $408 414 900 $387.562.500 LIABILITIES AND FUND EOutTY Liabdstes Accounts Payabie $ 51.700 $ - $ - $ 621.500 $ - S 4.926.200 $ 113.400 $ 17.100 $ - $ - $ 5.789 900 $ 4.126.900 Contracts Payab6e - 100.200 -- - - 2.247.300 - - - 2,347.500 2.914 800 Retamage Payable - - - 156.300 - - - 118 600 - - 274 900 197.900 Due to Other Funds 32.000 - - - 107.000 397.100 3.900 150.000 - - 1.290.000 6.076,900 Advance trom Muncipality - General Reve*=se Bonds - - - - - 1.442.100 - - - - 1.442.100 1.461.200
- E E E E E E Customer Advances for Construction - - - - -
752.100 - - - - 752.100 937 600 Utdaty Depos.ts Payable - - - - - 3.006.600 - - - - 3,006.600 2.586.000 Loan from Mur ccal Retirement Fund - - - - - 419.400 - - - - 419.400 439 400 Other Current Lebdites - - - - - 3.100 - - - - 3.100 3.100 Payabe from Restricted Assets Accrued interest and Commisses Payabe - - - - - 14.400 - - - - 14.400 74 900 Revenue Bonds Payable - - - - - 260.000 - - - - 260.000 260.000 Retainage Payable - - - - - 70.900 - - - - 70.900 - Deterred Revenue - - - - - 30.500 - 328.500 - - 359.000 29.600 Customer Advances Payable - - - - - 900 - - - - 900 1.900 Revenue Bonds Payabe - - - - - 147.550.000 - - - 38.800.000 186.350.000 190.485.000 Bnt'd Decount - - - - - (1.866.900) - - - - (1.866.900) (2.010.9001 Specel Assessments Certitcates Payab6e - - - - 170 600 - - - - - 170.800 106.600 Antcipate Notes Payable - - - - - - - - - 2.500.000 2 500.000 2.500.000 Totai tebdites 83.700 100 200 - 777.800 877600 159.253.700 117.300 __ 674 200 - 41.300 000 203.184 500 210.190.900 Fund Euuity Contributed Capital - - - - - 21.586.100 64.100 - - - 21.650.200 12.237.000 investerent in General Fixed Assets - - - - -
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15.437.800 - 15.437.800 14.281.500 Retained Earnings Reserved for Fleet Management - - - - - - 1.328.900 - - - 1.328.900 1.087,700 Reserved for Revenue Bonds Debt Service - - - - - 36.500 - - - - 36.500 341.400 F6eserved for Revenus Bonds - - - - - 12.907.400 - - - - 12.907.400 12,919.400 Reserved for Revenue Bonds Construction - - - - - 16.908.300 - - - - 16.908 300 18.081.600 y Reserved for Other Constructa - - - - - 3.418.000 - - - - 3.418.000 3.712.800 y Reserved for Revenue Bonda Renewan w3 Replacement - - - - - 14.571.100 - - - - 14.571.100 15.790.700 Unreserved - - - - - 49.461.400 6.104.100 - - - 55.565.500 45.600.100 Fund Balances Reserved for Encumbrances 347.700 - - 2.971.000 20.500 - - - - - 3.339.200 4.365,800 Reserved for CETA Workmen s Compensata 81.900 -- - - - - - - - - 81.900 50.800 Reserved for Maintenance and Replacement of water and Sewer L*nes - - - 110.000 - - - - - - 110.000 110.000 Reserved for Law Enforcement Trust Fund - - - 65.000 - - - - - - 65.000 50,000 Reserved for Construction - - - - - - - 251.000 - - 251.000 - Reserved for Employee Retirement Plans - - - - - - - 34.199.500 - - 34,199,500 27.650.000 Reserved for Community and Rehabilitative Trust - - - - - - - 13.600 - - 13.600 - Reserved for Restrcted Tax Receipts - - - - - - - - - - - 515,700 Reserved for Debt Servce - - 2.354.N0 - - - - - - - 2.'154.300 1.676.500 Unreserved Designated for Debt Servce - - 6.883.100 - - - - - - - 6.883.100 6.248.500 Undesignated 1 585 300 11.498.300 - 657.900 137.900 - - 2.029.700 - - 16.109 100 12.452.100 Total Fund Equity 2.014.900 11.498.300 9 237.400 4.003 900 158 400 118 888 800 7.497.100 38.491 800 15.437.800 - 205.230.400 177.371,6(y) Total Liabdites and Fund Equity $ 2.098 600 $ 11.598 500 $ 9 237 400 $ 4 781.700 $ 1.036.000 $ 278.142.500 $ 7 614.400 5 37.168.000 $ 15 437.800 5 41.300.000 $ 408 414 900 $ 387.562.500 The Accompanying Notes are an entegral part of these financial statements
_-. -. I CITY OF TALLAHASSEE, FLORIDA ; COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS For the Fiscal Year Ended September 30,1980 Fiduciary Tota's Wemorandum Ont, Govemmentai Fund Tyces Fund Type Year Ended Scecial Debt Capital Soecial Expendase Septe-cer September General Revenue Serwce Projects 30,1980 30.1979 Assessraent _ Trust Fund Ba:ances - Octccer 1-As Prevousry Reported $ 1.439.500 $ 4.610.200 $7.925.000 $1.939.700 $ 239.700 $ 4.433.800 $20.587.900 $18.035.900 Restatement - A0;usted due to Change .n Accountng for Encumcances 304.900 - - 4 060.900 - - 4.365.800 4.607.700 g Fund Bafances - C toter 1 - g As Restated 1.744.400 4 610.200 7.925.000 6.000.600 239.700 4.433.800 24.953.700 22.643.600 1 Revenves Tanes 6.569.600 - - - - 33.900 6.603 500 5.987.000 Scec.a) assessments ;ev+ed - - - - 914 000 - 914.000 17.600 W bcenses and permits 895.000 - - - - - 895,000 783 600 intergovernmental revenues 5.941.700 - - 380.000 - 10.697.900 17,019.700 10.840.500 , Charges for serwces 2.652.800 797.800 - - - 76.500 3 527.100 3.407.900 Fres and forfe ts 287.600 - - - - - 287.600 293 600 Ime est eamed 648.100 629 W 162 600 483.900 19.200 252.100 2.195,700 1.729.500 M sceManeous revenues 152.200 - - 36.100 - - 188 300 597.500 Total Aevenues 17.147.000 1.427.600 162.600 900.100 933 200 11.060.400 31.630 900 23.657.200 i Encend tures Cur rent General govemment 8.341.200 - - 483 900 7.500 t .754.300 10.586.900 10.533.600 Pubuc sa'ey 8.354.700 - - - - - 8.3F 4.700 7.389.800 H-gnways and streets 1.602.900 - - 972.800 - B3.400 2.659.100 1.756.300 Sandaton 2.762.800 - - 7.500 - 59 600 2.829 900 2.966.400 weattn 699.300 - - 15.000 - 71.500 755 800 572.500 We: fare Cuiture and recreat:on 307.200 2.196.900
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7.500 60.000
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-
917.500
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1.232.200 2.256.900 833.000 2.011.100 l g Educaton - - - - - 95.300 95.300 214.900 Capdal out:ay - 143,100 - 2.012.700 '.006 900 11.503.900 14 666.600 4.872.700 Debt serv.ce Prmc: pal ret ren ent - - 2.5(X).000 - - - 2.500.000 - Inte est and f, scal charges - - 2.649.200 - - - 2.649.200 2.267.800 Totaf Espend tu esr 24.235.000 143.100 5.149 200 3.559 400 1.014.400 14.485 500 48.586.600 33.468.100 Encess of Pevenues over (uncer) m E=cend tures (7.088 000) 1.284 500 4 4.986 60C) (2 659.30Q (81.2001 (3.425 100) (16.955.700) 19.810 9CO l O!ner Fmaacng Sources (Uses) ! Proceeds from sa'e of rrcoeay - - - 125.000 - - 125 000 - Proceeds from ant,c'paion
&ctes - - -
2.500.000 - - 2.500.000 2.500 000 ; Coeratng transfe s in 10.175.000 6.137.600 6.299.000 1.800 600 - 1.285.600 25.697.800 18.401.500 Coeratmg transfers out (2.950.000) (392.300) - (3.771.2001 - - (7.113.500) 19 451.800) Tcta! Other Fmancing Sources (Uses) 7.225 000 5.745.300 6.299.000 654.400 - 1.285.600 21.209 300 11.449.700 l Encess of Aevenues I anu Other Sources l over (under) Expend-tures and Other Uses 137.000 7.C29.800 1.312 400 (2.004.900) (81.200) (2.139 500) 4.253 600 1.638.800 l Pescual Eau ty Trans'ers j trom (to) other funds 133.500 (141.700) - 8.200 - - - 671.300 l Fund Batances-Sectencer 30 $ 2.014.900 $ t 1.498.300 $9 237.400 $4.003 900 $ 15-8 500 $ 2.294 300 129.207.300 $24 953.700 The accomcanyinc notes are an ctegraf part et taese franc.ai statemeats A-8 _ _ _ ___ _ _._ _ ___ _ _._.~__ __..____ _ ___ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ . __ i il i jg CITY OF TALLAHASSEE, FLORIDA
- E COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL lI i
GENERAL AND SPECIAL REVENUE FUND TYPES For the Fiscal Year Ended September 30,1980 Special Revenue Funds ! General Fund 1 1 Variance Varence i Favorabie Favorabie l Encum- Budgetary (Unfa# (Unfav- , Actual brances Basis Budget or ab!e) Actual Budget orabie) ! Revenues. i Tanes $ 6.569.000 $- $ 6.569 600 $ 6.412.800 $ 156.800 $ - $ - $ - l Special assessments levied - - - - - - - - j Licenses and permits 895.000 - 895.000 765.400 129.600 - - -- 1 Intergovernmental revenues 5,941.700 - 5.941.700 6.186.000 (244.300) - - - j Charges for servtces 2.652.800 - 2.652.800 2.749.900 (97.100) 797.800 797.800 - l Fines and forfeits 287.600 - 287.600 267.500 20.100 - - -
- interest earned 648,100 -
649.100 422.000 226.100 629.800 629.800 - 152.200 47.900 104.300 j M:scehaneous revenues 152.200 _- - - - l Total Revenues 17.147.000 - 17.147.00s 16.851.500 295.500 1.427.600 1.427.600 - ! ! 3 E spend tures I j g Current Generai government 8.341.200 15.800 8.357.000 8.559.200 202.200 - - - , Pubhc safety 8.354.700 123.400 8.478.100 8.675.500 197.400 - - - l H.ghways and streets 1.602.900 26.800 1.629.700 1.701.000 71.300 - - - Sanitation 2.762.800 - 2.762.800 2.760.000 (2.900) - - - Heattn 669.300 1.400 670.700 667.900 (2.800) - - - Welfare 307.200 2.000 309.200 343.300 34.100 - - - Culture and recreation 2.196.900 38.100 2.235.000 2.215.900 (19.100) - - - , Capital out:ay - - - - - 143.100 143.100 - Total Expend.tures 24.235.000 207.500 24.442.500 24.922.800 480.300 143.100 143.100 - l Excess of Revenues over j (under) Espend,tures (7.088.000) (207.500) (7.295.500) (8 071.300) 775.800 1.284.500 1.284.500 - f Other Financing Sources (Uses) { Operat:ng transfers in 10.175.000 - 10.175.000 8.405.900 1.769.100 6.137.600 6.137.600 - l Operating transfers out (2.950.000) - (2.950.000) (334.600) (2.615.400) (392.300) (392.300) ~ { Total Otner Financing Sources (Uses) 7.225.000 - 7.225 000 8.071.300 1846.300) 5.745.300 5.745.300 - l l Encess of Revenues and j otner Sources over j (under) Expend.tures { and Other Uses $ 137.000 $(207.500) $ (70 500) $ - $ (70.500) $ 7.029.800 $7.029.800 $ i 3 The accompanying notes are an integral part of these financial statements !I
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I CITY OF TALLAHASSEE, FLORIDA g COMBINED STATEMENT OF REVENUES, EXPENSES, AND g CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS g For the Fiscal Year Ended September 30,1980 m i Totals Proprietary Fiduciary Wemoranduni Only) Fund " .oes Fund Type Year Ended Intemal Pension 5 aptember September Enterprise Serv c e Trust 30.1980 30.1979 [ Retained Earnings - October 1 - As Previously Reponed $32.976 400 16.707.500 528.365.700 $128 049 600 $t10.b3 100 Less Adjustment to Remove Contr:Duted Capital (2.150200> - - (2.150200) - Add Adiustment Due to Tangibie Asset inventory - 76.100 - 76.100 - Reta.ned Earnings - October 1 - As Restated 90 826 200 6183.600 28.365 700 125 975.500 110.629.100 Operating Reventes Charges for Services 89 401.500 9.500.500 - 98 902.000 83.028.100 interest - - 3.055.300 3.055.300 4.371.400 Contnbubons - - 4.477200 4 417 200 2.159.300 Otrer - 26 300 6 800 33.100 60.800 Total Operahng Revenues 89 401 500 9 526 800 7.539.300 106 467.600 89 619 600 Operating Espenses Fossit Fuei 40 238 600 - - 40 238 600 32.366 700 Nuclear 371.600 - - 371.600 353.900 I Purchase of Pe*er 270.800 - - 270 800 272.300 i Purchase of Gas 3537200 - - 3 537./00 2.828.300 Production 4.756 900 - - 4.756.900 4.C80.600 iransmiss<,n 535 600 - -
$35 600 640.900 Distribubon 3 401.000 - -
3 401.000 2.687.3C0 Administratwe : 34.300 - 112 200 2 546 500 2.168 800 Automotwe and Equipment 1 092.000 - - t .092.000 908.300 Less Apphed Eau +pment Charges (1.039 200) - - (1 039 2003 (177.300) Materia, and Suppbes 93 500 60200 - 153.700 132 400 Personai Services 1.387200 2 846.000 - 4.233 200 3.493.000 Contractual Services 2.218.100 5.392.500 - 7.610 600 6 082.700 Customer Accounts Espense 2 414.300 - - 2.414.300 2.173.700 Research - - - - 42.100 Benett Payments - - 1.021 900 1.021.900 819.600 Retonas - - 270 000 270.000 249200 Med: cal and insurance - - 294.600 294.600 333 400 l Deprectahon 6 599 800 717.400 - 7.317200 6 097.700 ' Amori za:on 207.800 - - 207.800 1.017.500 Other 93 300 440.700 6 800 540 800 472.400 Totai Operating Eapenses 68.612 600 9 456 800 1 105.500 79 775 100 66.463.5C; I Operahng income 20.788 700 70 T O 5 833.800 26 692.500 23.156.100 Nonoperabng Revenues (Empenses) Interest 6.192 200 96200 - 6.888.400 5.084 900 Ga:n on Sate of Surpius Property 76.800 78.100 - 154.900 5.300 Recovered Costs 21 400 - - 21.400 14.900 Federal Grant Revenue 347.900 - - 347.900 1.031.100 insurance Claims 700 - - 700 22 700 Other Revenues 16200 - - 16200 76.900 Fuei Encrse Tan Refunds - - - - 5.100 interest and Ccmmissron Expenses (8 395.2001 - - (8.3952001 t 7.946.100) Loss Oue to Tnett (2.000) - - (2.000) - Loss on Saie of Securibes - - - - (5.100) Loss on Sate of Property - - - - (152001 Amorblation (Goodwilt) (5 700) - - (5 700) (5.700) Other Expenses (3 700) - - (3.700) (1 600: Total Nonocerating Revenues (Empenses) (1,151 400) 114.300 - (977.100) (1332800) income Before Operating Transfers 19 637.300 244.300 5.833 800 25115 400 21.423.300 Operating Transfers in (Out) - Net (13.177.800) 405.100 - (12.772.700) (5 622.200) , Nei income 6.459 500 649 400 $ 833 800 12.942.700 15.801.000 l , Oisposition of Net income ' Deprec.aton on Contr.buted Assets 17.000 - - 17.000 - Rescual Equity Transfer - - - - 1 619.400 Nel increase in Retained Earnings 6 476 500 643 400 5.833 800 12.959 700 17.420.500 Retained Earnings - September 30 197.302 100 $ 7.433.000 134.199 500 5138 935200 5 28 049 600 The accompanying notes are an integral part of these financial statements W A-10
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i i i i I i i I CITY OF TALLAHASSEE, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS 1 ' For the Fiscal Year Ended September 30,1980 Totals
- Propretary Fidaciary Wemorandum Ony) 9 Fund Types Fund Type Year Ended
! Internas Pens:on September September l Enterprise Service Trust 30,1980 30. 1979 t j Sources of Working Capital j Operat.ons j Net income 1 6.459 500 $ 649.000 55.833 800 5 t 2.942.700 $15.801.100 items not requireng (providingt workeg capitat DepreciaSon 6.599.800 717.400 - 7.317200 6 911.500 l ' - I Amort =zaton Working Capitai Provided by Operations increase m Customer Contracts Payabie Decrease en Long Term Port,on of Note Receivabte 213.500 13272.800 133 200
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1.366.800
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5.833.800
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21.700 213.500 20.473 400 133200 21.700 209 400 22.922.000
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167.500 I Conte but'ons 9.366 000 64.100 - 9 430.100 4 630.700 increase in Reta+ red Earnings Due to Tang Die [ Assef Inventory Adiustment - 76.000 - 76 000 - i Decrease en Restr:cted Assets 3.160 200 - - 3.160200 - i increase en Unreserved Retaced Eamings - - - - 2.498.000 ( Decrease in Omer Accounts Rece+vaDie 748.400 - - 743 400 907.600 j Re!.remant of Psant en Serv <e 83.000 - - 83 000 60 600 j increase m Customer Advances for Construction - - - - 38 900 i increase in Deterred Revenue 900 - - 900 - l increase in Payable for Restocted Assets 500 - - 500 43.800 Increase in Bonds Payable - - - - 11 721.000 l ' Total Sources of Working Capitai 26 765.000 1.506 900 5 855.500 34.127.400 42.990.100 Uses of Working Cap.tal Acowsition of Plant and Equipment 22.694.100 833.000 - 23.527.100 22.360.600
- Int.rease in Restricted Assets 69 800 241 200 -
311.000 14.221.800 Note Receivatie Due from Airunes for Construct.an of Concourse Area 397.700 - - 397.700 - Increase in Depos.ts 104 300 - - 104.300 - Decrease in Customer Advances for Construc tion 175 400 175 400 760.900 I
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Decrease in Bonds Payable 4.135.000 - - 4.135 000 3 594 000 Adjustment to Retained Earnings 2.150200 - - 2.150200 - Increase en Bond issue Cost 23.800 - - 23 800 134.300 Reducion in Advance trorn Munopacty 19 100 - - 19,100 17200 Decrease en Customer Contracts Payable 551.400 55 t .400 101.700 I
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Residual EQu ty Transfer - - - - 878.600 Reductron of Loan from Munic: pal Retirement Fund - - - - 20.000 Decrease in Deterred Revenue 21.700 - - 21 700 100 Decrease in Payab;e from Restncted Assets 17.700 - - 17.700 7.800 Total Uses of Wor &ng Capitai 30 360200 1.074 200 - 31 434 400 42 097.000 Net increase (Decrease) m Working Cap tal $ 43 595200) $ 432.700 55 855.500 5,2 693.000 5 893.100 E)ements of Net increase (Decrease) in Workang Capital I Casn Equity in Pocied Cash Accrued in!erest Receivable investments - at Cost 5 178 300 384 200 (50.7006 16 794 100)
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28.800 t50.400) (163 200) 5 - 51.500 (55 000) 5.856.000 1 178.300 464.500 (156.100) (1.101.300) 5 (86.800) 207.700 296.300 6 276.800 Accounts Recervab:e t .096.000 34.700 1.300 1.132.000 (3.168.500) I inventorv Ut+ty Depos,t Due from Other Funds Notes Rece.vabte 468 500 3.700 (326 400) 21.700 252 400
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3.900
-
-
(1.900) 1.700 720 900 3 700 (324.400) 23400 3 003 400
-
(983.700) (18 500) investments in Property L ens (32001 I
- - - -
Bank Overdraf t - - - - 4 200 Accounts Payatte (1.450 8001 270 400 - (1.160.400) (1 209.900) Customer Contracts Pavabie 196 600 - - 1 % 600 (99.7001 Customer Advances for Construction 11.100 - - t 1.100 18200 I Due to Other Funds 3 116 600 56.100 1,900 3.174 600 (2.780 500) Utety Deposits Payab4e (420 600) - - 1420.600) (561 200) Reta:nage Payante (27 600) - - (27.600) - Loan f rom Munopa: Retirement Fund (1.7001 - - (1.700) (i 200) Net increase (Decrease) m Wetng Capitai 1(3.595200) $ 432.700 $5.855 500 $ 2.693 300 $ 893.100 The accompanying notes are an integral part of these financial statements A-11 ____ _ _ __ _--_ _____._
I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 1 - Summary of Significant Accounting Policies The City of Tallahassee maintains its accounting records in accordance with generally accepted accounting principles applicable to governmental units. The following is a summary of the more significant principles and practices used in the preparation of these financial statements. A. Fund Accounting The accounting records of the City are organized on the basis of funds and groups of accounts. A fund is defined as a fiscal and operating entity, with a self-balancing set o' accounts recording cash and other financial resources together with all related liabilities, res~ dual equities, or balances and charges therein which are segregated for the purpose of carry'ng on the specific
.
activities, or attaining certain objectives in accordance with special regulations, restrictions or limitations. For reporting purposes, the various funds of the City are classified into three basic fund types: governmental funds, proprietary funds and fiduciary funds. GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funos are used to account for the proceeds of I soecific revenue sources (other than special assessments, expendable trusts, or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Capital Projects Funds - Capital Projects Funds are used to account for financial resources I to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds, and Trust Funds). Special Assessment Funds - Special Assessment Funds are used to account for the financing of public improvements or services deemed to benefit the properties against which I special assessments are levied. l I PROPRIETARY FUNDS I I Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Internal Service Funds - Internal Service Funds are used to account for the financing of l I goods or services provided by one department or agency to other departments or agencies of the City, or to other governments, on a cost-reimbursement basis. B-1 l
CITY OF TALLAHASSEE, FLORIDA g NOTES TO FINANCIAL STATEMENTS 3 September 30,1980 NOTE 1 - (Continued) FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency Funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. These include Expendable Trust, Pension Trust, and Agency Funds. Pension Trust Funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. Expendable Trust Funds are accounted for in g essentially the same manner as governmental funds. Agency Funds are custodial in nature g (assets equal liabilities) and do not involve measurement of results of operations. B. Fixed Assets and Long-Term Liabilities The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus. Al' Governmental Funds and
.
Expendable Trust Funds are accounted for on a spending or " financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Group of Accounts, rather than in governmental funds. Public domain general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized. No depreciation has been provided on general fixed assets. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by non-current liabilities. Since they do not affect current assets, such long-term amounts are not recognized as governmenta, 'und type expenditures or fund liabilities. They are instead reported as as liabilities in the General Long-Term Debt Account Group. The two account groups are not " funds". They are concerned with the measurement of financial position and are not involved with the measurement of results of operations. All Proprietary Funds and Nonexpendable Trust and Pension Trust Funds are accounted for on a cost of services or " capital maintenance" measurement focus. This means that all assets and g all liabilities (whether current or noncurrent) associated with their activity are included on their g balance sheets. Their reported fund equity (net total asuts) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present g increases (revenues) and decreases (expenses) in net total assets. m B-2
I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980
.
NOTE 1 - (Continued) Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight line method, with no depreciation recorded in the year of addition and a full year's depreciation recorded in the year of retirement. The estimated useful lives are as follows: Internal Service Funds Buildings 30 years Equipment 5 years Enterprise Funds Equipment 5-15 years Buildings 30 years Plant-in-Service 33-50 years Plant-in-Service refers to those fixed assets in the following Enterprise Funds: Electric, Gas. Water, Sewer and Airport. The City is currently having an inventory of all fixed assets of these funds in order to classify these assets in more detail. The inventory is expected to be completed by September 30,1981. C. Basis of Accounting Basis of accounting refers to when revenues or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All Governmental Funds and Expendable Trust Funds are accounted for using the modified ccru I b sis f cc unting. Their revenues are recognized when they become measurable and iE available as net current assets. The following revenues are considered to be susceptible to
- E l
accrual: rent revenues, cigarette tax revenue, telephone tax revenue, mobile home taxes and lg federa! revenue sharing. Interest earned on special assessment levies and interest expense on l 5 offsetting long-term debt is not accured unless fully matured and unpaid.
- Expenditures are generally recognized under the modified accrual basis of accounting when the I related fund liability is incurred. Exceptions to this general rule include
- (1) accumulated unpaid l
vacation and sick leave which are not accrued; and (2) principal and interest on general long-l term debt which is recognized when due. All Proprietary Funds and Pension Trust Funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and expenses when they are incurred. Utility (Electric, Gas, Sewer, Water and Utility Taxes) operating revenues are consistently l recognized on the basis of cycle billings rendered monthly. The cycle of September 28 is con-sistently selected as the cutoff for accrual purposes since the next cilling occurs on October 2. I B-3
I CITY OF TALLAHASSEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 1 - (Continued) D. Budgets and Budgetary Accounting The City follows the following procedures in establishing the buugetary data reflected in the financial statements:
- 1) Prior to August 1, the City Manager submits to the City Commission a proposed operating budget for the fiscal year commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them.
- 2) Public hearings and workshops are conducted to obtain taxpayer comments.
- 3) Prior to September 30, the budget is legally enacted through passage of an ordinance.
- 4) The City Manager is authorized to transfer budgeted amounts within departments; however, any revision that alter the total expenditures of any department or fund must be approved by the City Commission.
- 5) The General Fund budget is prepared on the modified accrual basis of accounting including open purchase orders and discretionary encumbrances. Actual results of operations presented in accordance with generally accepted accounting principles (GAAP) and the City's accounting policies do not recognize encumbrances (open purchase orders and discretionary encumbrances) as expenditures until the period in which the actual goods or services are received and a liability is incurred. Encumbrances reported are for budgetary control purposes only and represent commitments of the City.
The results of operations of the General Fund included in the Combined Statement - All Governmental Fund Types and Expendable Trusts is prepared on a GAAP basis as described in Note 1(C). Results of operations included in the Combined Statement - Budget and Actual - General and Special Revenue Fund Types are prepared on a budgetary basis to conform with the principles of Statement 1. The primary difference between the two bases of accounting is the same as the difference described above.
- 6) Budgets for the Special Revenue Funds are prepared on the modified accrual teacis of accounting. These budgets were approved by the City Commission subsequent to September 30, 1980 in order to conform with widespread budgetary procedures. In future years, budgets for these funds will be approved prior to the end of the fiscal year.
- 7) The City has a five year capital budget. However, budget versus actual financial statements are not presented for the Captial Projects Funds since most projects have completica cycles that span more than one year. Therefore, we are of the opinion that such statements would possibly be confusing to the users of the financial statements.
E. Encumbrances I Encumbrances accounting, under which purchase orders, contracts, and other commitments for g the expenditures of monies are recorded to reserve that portion of the applicable appropriation, g is employed as an extension of formal budgetary integration in the General Fund, Capital Projects Funds and Special Assessment Fund. Encumbrances outstanding at year end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. B-4
I CITY OF TALLAHASSEE, FLORIDA I NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 1 - (Continued) F. Investments Investments, consisting of certificates of deposit, repurchase agreements and treasury bills, notes and bonds are stated at cost. Adjustments are made to cost, for any premium or discount, which is amortized over the maturity of the investment. It is generally the policy of the City to hold all investments until maturity. I Income from investments owned by individual funds is recorded in the respective fund as it is earned. In addition, the City maintains a centralized bank account to maximize investment yields. Investment income resulting from pooling of investments (generally short-term I repurchase agreements) is allocated based on the adjusted daily cash balances of the respective funds. G. Bond Discounts and issuance Costs Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the bond outstanding method which approximates the interest method. Bord discounts are pre-I sented on the financial statements as such and issuance costs are presented as other assets. H. Inventory Fuel inventory in the Electric and Tallahassee Transit Funds are stated at lower of cost or market based upon a moving average cost. Fuel inventory in the Gas and Airport Funds are stated at lower of cost or market utilizing the first-in, first-out (FIFO) method. Material inventory in the Tallahassee Transit Fund, consisting of maintenance parts and tires, are stated at lower of cost or market utilizing the first-in, first-out (FIFO) method. Inventories held in the internal Service Funds consist of general office supplies, maintenance parts, tires and fuel held for consumption are stated at weighted average cost. Appropriate allowances have been recorded for obsolete items. Perpetual inventory records are maintained for all significant inventories. None of the Governmental Funds maintain inventories since such are accounted for in the l, Internal Service Funds. ! l. Total Columns on Combined Statement - Overview Total columns on the Combined Statements - Overview are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do l ' not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. J. Account Classification of Enterprise Funds Classification of the Electric and Gas systems expenses are accounted for and presented in ac-cordance with the Uniform Chart of Accounts as promulgated by the Federal Energy Regulatory ' B-5
I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 1 - (Continued) Commission. Classification of the Water and Sewer Systems expenses are accounted for and presented in accordance with the Uniform System of Accounts for Class A and B Wate Utilities as promulgated by the National Association of Regulatory Utility Commissioners. NOTE 2 - Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the State regulating tax assessment are also designed to assure a consistent property valuation method statewide. State statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The current millage rate assessed by the City is 2.796. The tax levy of the City is established by the City Commission prior to October 1 of each year and the Leon County Property Appraiser incorporates the City millages into the total tax levy, which includes Leon County and Leon County School Board tax requirements. All property is reassessed according to its fair market value January 1 of each year. Each assessment roll is submitted to the Executive Director of the State Department of Revenue for Review to determine if the ralls meet all of the appropriate requirements of State statutes. All taxes are cue and payable on November 1 of each year or as soon thereaf ter as the assess ~ ment roll is certified and delivered to the lax Collector. All unpaid taxes become delinquent on E 3 April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November,3% in the month of December,2% in the month of g January and 1% in the month of February. The taxes paid in March are without discount. g Delinquent taxes on real property bear interest of 18% per year. On or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real property. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application for a tax deed on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Delinquent taxes on personal property bear interest of 18% per year untP the tax is satisfied l either by seizure and sale of the property or by the five year statute of limitations. The City does not accrue property tax revenues when levied since the collection of property taxes does not coincide with the end of the fiscal year and since the City consistently has no l uncollected property taxes at year end. l 1 I l I I 8-6 I
g CITY OF ' EE,
, FLORIDA 3 NOTES TO t . ~ % STATEMENTS Septembe. ,,f880 NOTE 3 - Changes in General Fixed Assets During the fiscal year ended September 30,1980, the following changes in general fixed assets occurrei Baiance Balance I October 1, 1979 Adaitions Retirements September 30, 1980 Cost Land $ 2,088,400 $ 251,600 $ (16,900) $ 2,323,100 Buildings 4,168,800 733,300 -
4,902,100 Improvements other than buildings 2,976,600 101,900 - 3,078,500 Equipment 3,947,600 169,100 (35,100) 4,081,600 Construction in Progress 1,100,100 1,052,500 (1,100,100) 1,052,500
$14,281,500 $2.308,400 $(1,152,100) $15,437,800 investment in General Fixed Assets Cepital Projects Funds $ 7,881,100 $2,133,300 $(1,100,100) $ 8,920,300 General Fund Revenues 6,086,200 169,100 (52,000) 6,203,300 Gifts 314,200 - - 314,200
$14,281,500 $2,308,400 $(1,152,100) $15,437,800 il I
I lI I lI l I . . _ .
- - _ _ - _ - _ - _ _ _ . . _ _ . . .
B-7
.. - . . _ ._ _ .. -- . _ _ _ _ _
_ _ - _ _ _ _ _ _ _ _ _ _ I CITY OF TALLAHASSEE, FLORIDA g NOTES TO FINANCIAL STATEMENTS g September 30,1980
.
NOTE 4 - Financial Segment Information of Enterprise Funds The City maintains six Enterprise Funds which provide electric, gas, sewer, water, airport and mass transportation services. Segment information for the year ended September 30,1980 was as follows: Ta!!ahassee Total Electnc Gas Sewer Water Airport Transit Enterprise Fund Fund Fund Fund Fund Fund Funds Operating Revenues $ 71.023.300 $ 5.060.800 $ 5.801 100 $ 3.735.900 $ 3.198.200 $ 582.200 $ 89.401.500 Depreciation and Amortizat.on Expense $ 5.266.700 $ 118.200 $ 636.500 $__ 409.000 $ 217.300 $ 165.600 $ 6.813.300 Operating income or (Loss) $ 15.767.100 $ 631.400 $ 2.417.700 $ 1.604.600 $ 110.200 $ (894.900) $ 19.636.100 l m Operat:ng Transfers. In 5 2.300 $ -
$ 440.300 $ 514.800 $ 604.300 $ -
$ 1.561.700 Out 5 13.822.900 $ 269.900 $ 1.534.700 $ 662.700 $ -
$ -
$ 16.290.200 Net locome or (Loss) $ 1.946.500 $ 354.200 $ 1.323.300 $ 1.456.700 $ 714.500 $ (886.400) $ 4.908.800 Current Capital Contobut;ons $ 59.200 $ _ $ 7.094.600 $ 127.500 $ 1.115.400 $ 969.300 $ 9.366.000 Restncted Assets $ 31.276.7CO $ 595.100 $ 11.447.700 $ 4.652.800 $ -
5 -
$ 47.972.300 Property. Plant and Equipment Add:tions $ 9.715,900 $ 215.100 $ 12.293.600 $ 2.114.800 $ 1.272.500 $ 16.000 $ 25.627.900 Delet:ons $ 83.000 $ --
S -
$ -
$ -
$ -
$ 83.000 Net Working Capital $ 6.122.500 $ 276.800 $ *(350.000) $ 16.100 $ 853.100 $ 288.600 $ 7.207.100 Total Assets $190.728.700 $ 4.383.300 $ 51.875.300 $ 16.131.800 $ 12.8E "00 $ 3.067.500 $279.030.400 l Bonds and Other Long-term W Liabikt es.
Payab!e from Operating Revenues $123.141.700 $ 718.000 $ 17.101.900 $ 6.135.100 $ 1.821.600 $ - $148,918.300 Total Equ;ty 5 51628.000 $ 3.337.000 $ 33.904.100 $ 9.324.300 $ 10.940.700 $ 2.642.600 $119,776.700
- Net working cap tal def. cit in the sewer fund is be;ng funded by budgetary appropriati on of 5510.900 in fiscal year ended September 30.1981 This is a result of accrued utthty extension rebates payab'e on Octooer 30,1980.
B-8
-- .. . - - . _ . _ . - . _ - - - - - _ - - . _ . _ . - - _ _ - _ _ - _ - _ _ _ - _ - _ _ _ .
. .. _. . - -
i I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 5 - Changes in Reserved Retained Earnings - Proprietary Funds The followino changes occurred in reserved retained earnings of the various proprietary furds I during the year ended September 30, 1980: Total Enteronse internat Funds (Memo- Service f und-Electnc Gas Sewer Water A,rport randum Only) Garage Reserved Retained Earnings
- October 1,1979 Reserved for i Hevenue Bonds Debt Service $ -
$ -
5 319.700 $ 21.700 $ - 5 341.400 $ - W Revenue Bonds Reserve 10.980.100 139.400 1.320.600 479.300 - 12.919.400 - Rene Bonds Renewal x- 1 Acolacement 15.013.800 287.200 290.100 199.600 - 15.790.700 - I Reo ve Bonds Construction Otrer Construction Fieet Management 3.213.700 3.712.800
-
-
-
17.600 10.716.00
-
-
4.134.300
-
-
-
-
-
18.081.600 3.712.800
-
-
-
1.087.700 Total Reserved Returned Earnings - October 1.1979 32.S.0.400 444.200 12.646.400 4.834 900 - 50.845.900 1.087.700 Add I Income Earned on Restncted Assets Transters f rom Other Funds - 372.900
-
23,200 1.259.700 99 800 390.100 417.800 200 25.000 2.046.100 542.600 - 96.200 I increase in Fleet Management Reserve increase in Dett Service Reserve Renewat and Repiacement Fund:ng
-
-
5.844 400
-
140.100 360 000
-
775.500 475.000
-
311.300 360.000
-
-
-
-
1.226.900 7.039 400
-
-
145.000
increase in Bonds Construct:on Reserve - - 347.900 65.000 - 412.900 - Daduct Payment of Bond Ponc, pal (102.500) (241.000) (91.500) (435.000) - I
- -
Transfer to Other Funcs - (120.900) (1.334.600) (12.900) - (1.468.400) - Decrease in Revenue Bonds Reserve (13.900) (400) - - - (14.300) - I interest and Fiscal Charges - (38.2007 (948.100) (215 400) - (1 201.700) - Transfer of Faed Assets (7.244.100) (192.000) (1.669.200) (1.444 800) - (10.550.100) - Decrease in Boncs ConstNctron Reserv e (283.000) - - - - (283,000) - I Decrease in Other Construction Reserve Net increase (Decrease) in Reserved Retained Earnings (320.000) - 69.300
-
(1.235.000)
-
(194.600)
-
25 200 (320.000) (3.004.600)
-
241.200 (1.643.700)
$ 31.276 700 $ 513.500 $11411.400 $ 4.614 500 $ 25.200 47.841.300 $ 1.328.900 Reserved Retained Earnings -
Septemter 30.1980 Reserved for Revenue Bonds Debt Serv,ce $ -
$ 4.000 $ 24.100 $ 8.400 $ -
$ 36.500 $ -
Revenue Bonds Reserve 10.966.200 132.000 1.337.300 471.900 - 12.907.400 - Revenue Bonds Renewal and Replacement 13.614.100 353.500 274.500 329.000 14.571.100 - I
-
Revenue Bonds Construct on 3.303.600 24.000 9.775.500 3.805.200 - 16 908.300 - 0:ner Construct on 3 392.800 - - - 25.200 3.418.00 - Fleet Management - - - - - - 1.328.900 Total Reserwed Reta ned Earnings
- September 30.1980 $ 31.276.700 $ 513 500 $11.411.400 $ 4.614.500 $ 25.200 $ 47.841.300 $ 1.328.900 B-9 l
,
-
--.n.w ,.-,-n-n-,---,.- ,,m.m--m,_,--.
I CITY OF TALLAHASSEE, FLORIDA g NOTES TO FINANCIAL STATEMENTS g September 30,1980 NOTE 6 - Long Term Debt GENERAL LONG TERM DEST CAPITAL BONDS, SERIES 1978 AND 1979 RENEWAL NOTES The Series 1978 Bonds and the 1979 Renewal Notes are dated June 15,1978 and March 1, 1980 and were issued in the original principal amount of $38,800,000 and $2,500,000 respectively. The 1979 Renewal Notes were authorized and validated for $10,000,000; only
$2,500,000 have been issued. The Series 1978 Bonds and the Series 1979 Notes are pari passu issues and are equally secured by a gross pledge and first lien upon certain non ad valorem revenues of the City.
The proceeds of the 1978 Bonds were used to: refund the outstanding Capital Bonds Series 1973 and Capital Bonds Series 1976 and 1977 Anticipation Notes in the aggregate amount of
$31,050,000; refund the outstanding Municipal Hospital Utility Tax Revenue Bonds Series 1956, 1957 and 1967 in the aggregate principal amount of $2,706.000; and provide additional bond proceeds to construct hospital, bridge, and other general government projects. The Capital Bonds Series 1978 refunding program used the invested sin'<ing fund technique whereby United States Treasury Bonds, maturing November 15, 2007 (Invested Sinking Fund Securities), are purchased by the City at a fixed price pursuant to a securities purchase contract with the Industrial National Bank of Providence, Rhode Island and held in trust by Capital City First National Bank of Tallahassee for the retirement of the Term Bonds due in 2007.
The security purchases began with the issuance of the Series 1979 Bonds and will continue through April 15,1993 at which time there wiil be accumulated in the escrow account an amount sufficient to retire the 2007 Term Bonds when they become due. During this time, the City deferred all principal payments with retirement of principal resuming on November 15,1993. Under the Resolution, the City is required to rnake monthly payments (the Amortization Installments) into the 2007 Sinking Fund Account in the Bond Service Fund for the purchase of the Invested Sinking Fund Securities, such payments are on a parity with its obligation to make payments with respect to principal and interest on the Series 1978 Bonas. The Amortization Installments are to be paid over by the City to the Bank, which is to acquire Sinking Fund Investments and deposit them with the Sinking Fund Trustee on each May 15 and November 15. If the City fails to purchase or the Bank fails to deliver the Sinking Fund Investments in accordance with the Securities Purchtse Agreement, the Securities Purchase Agreement provides for options to terminate and payment of damages and the City is then obligated to acquire direct obligations of the United States maturing not later than the due date of the 2007 Term Bonds for deposit with the Sink.1g Fund Trustee in accordance with the schedule of requireo deposits set forth in the Resolution. Holders of the 2007 Term Bonds have a pledge of, first lien on, and security interest in the Sinking Fund Investments deposited with the Sinking Fund Trustee, together with th. income E 3 earned or accrued thereon from time to time. So long as there has been no failure by the City to pay principal of or interest on or Amortization Installments for any Bonds when due, earnings on g the Sinking Fund investments will be paid to the City for deposit in the Bond Service Fund and W B-10
'I CITY OF TALLAH ASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 6 - (Continued) applied as a credit against the current Bond Service interest on the 2007 Term Bonds and any excess shall be paid into the Bond Service Fund. Pursuant to the terms of the Resolution, the City covenants to set up and appropriate in the annual budget for expenditures in each fiscal year sufficient amounts of the Pledged Revenues I to pay 100% of the Bond Service Requirement becoming due in such year on all the outstanding Bonds, plus 100% of all other payments required by the Resolution, including payments to a I Reserve Account. The Resolution provides that the first Pledged Revenues received on or after the twentieth day of each month are to be applied first to make the required deposit for such month to the Bond Service Fund and then to the Reserve Account established under the Resolution. The Resolution further provides that the balance of any Pledged Revenues remaining in the General Fund after the required transfers to the Bond Service Fund and the Reserve Account may be used for any lawful purpose. The Resolution provides that the covenant of the I City to udget and appropriate sufficient amounts of the Pledged Revenues to make all payments required by the Resolution shall be cumulative and shall continue until the Pledged Revenues in amounts sufficient to make all required payments shall have been budgeted, appropriated and actually paid as required in the Resolution. Pledged Revenues are all those revenues of the City now or hereaf ter legally available to make the payments required by the Resolution, except revenues of the City derived from ad valorem taxation and from the operation of its municipal hospital and its airport. Current principal sources of Pledged Revenues include monthly revenues from current services (principally fees I for garbage collection); State Revenue Sharing (guaranteed entitlement portion); proceeds of a 10% tax on purchases of electricity, metered or bottle gas, local telephone and telegraph services and water services; licenses; and " uncommitted revenues" of the City's electric generating and distribution, gas and water systems. The Resolution defines uncommitted revenues of these systems to mean the revenues thereof reinaining after provision for payment of the operation and maintenance expenses of the system, bond debt service on bonds now outstanding and hereafter issued and payable solely from the revenues of such system and all other payments required under the instruments authorizing such bonds. The holders of the Series 1978 Bonds do not have a lien on the City's I electric, gas, water or sewer system revenues except such uncommitted revenues, and there can be no assurance that uncommitted revenues will continue to be derived from such systems. I The Series 1978 Bonds do not constitute general obligations of indebtedness of the City, of Leon County, the State of Florida or any other political subdivision of the State, within the meaning of any constitutional, statutory, or other provision or limitation, and the holders thereof shall never have the right to require or compel the exercise of the ad valorem taxing power of the City for the payment of the principal of or interest on the Series 1978 Bonds. The 1979 Rerewal Notes were sold March 11,1980 to mature October 1,1981 with interest I payable semi-annually April 1 and October 1. The proceeds were used to retire $2,500,000 of Capital Bonds. Series 1979 Bond Anticipation Notes due April 1,1980. The City subsequent to >g the sale of the Series 1979 Renewal Notes appropriated and deposited into the Sinking Fund an W amount together with interest earnings to pay the Series 1979 Renewal Notes when due. B-11
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 6 - (Continued) FROPRIETARY FUNDS ELECTRIC REVENUE BONDS, SERIES 1977 The Series 1977 Electric Revenuo Bonds dated March 1,1977 were issued in the principal amount of $134.245,000. The bonds mature annually beginning October 1,1978 with final maturity on October 1,2006. Interest is due and payable semi-annually on April 1 and October 1 of each year. The Bonds are secured by a first and prior claim on the net revenues of the municipal electric system. The proceeds of this issue were used to refund $129,245,000 of outstanding e!ectric revenue and power supply bonds (various issues) and provide $7,200,000 for ddditional electric improvements. The covenants require prior to the issuance of additional parity bonds that:(1) the city not be in default of any of the covenants and obligations required in the resolution have been met;(2) that a ceri;ficate from a CPA shall be obtained stating that the rate covenant has been met;(3) that the City shall have its consulting engineer certify that the ennual net revenues of the facilities from date of delivery of the obligations through the first full year following commercial obligation are at least 1.40 times the bond service requirement (excluding capitalized interest);(4) the City shall obtain a certificate from its consulting engineer showing that the net revenues of the facilities by the second full year following commercial obligation are 9 qual to 1.40 times maximum debt service (without reduction for capitalized interest). The City further covenants to maintain rates and charges such that the net revenues of the system are at least 125% of the bond service requirement, and provide 100% of the funds necessary to make the other required deposits into the Re^erve Fund and Renewal Replacement and Improvement Fund are made monthly and equal to 1/12 of $1,500,000 plus 15% of the gross revenues of the facilities from retail sales for the previous years plus bulk power sales af ter deducting 100% of the fuel expense. All funds remaining on deposit after all operating and maintenance expenses, debt l service payments, required reserve deposits, renewal replacement and improvement deposits, may be used for any other legal purpose including transfers to the General Fund. l WATER AND SEWER REVENUE BONDS l SERIES 1958 and 1964 j The Series 1958 and 1964 Bonds dated May 1,1958 and May 1,1964 were issued in the original principal amount of $1,200,000 and $2,000,000 respectively and have a first and prior claim on the revenues of the Water and Sewer Systems. Principal maturities are on May 1 with interest due semi-ann fally on November 1 and May 1 of each year with final maturity of the Series 1964 Bonds on Mc/1,1987. The proceeds of these issues were used to finance the construction of additional water and sewer transmission and treatment facilities, and such proceeds were l divided between water and sewer projects as follows: SERIES 1958 SERIES 1964 l WATER 25 % 25 % SEWER 75 % 75 % l B-12 ,
.
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 6 - (Continued) The City subsequent to the sale of these issues in the resolution authorizing the Municipal Utility Revenue Bonds covenanted not to issue any additional bonds on a parity with the Water and Sewer Revenue Bonds. All future water and sewer expansions, extensions and improvements will be financed through the sale of Municipal Utility Revenue Bonds. MUNICIPAL GAS REVENUE BONDS, SERIES A, B, AND C The Series A Bonds dated January 1,1955; Series B Bonds dated January 1,1956 and Series C Bonds dated January 1,1957 were issued in the original principal amount of $1,000,000;
$500,000 and $500,000 respectively and are parity bonds with a first and prior claim on the net revenues of the Gas System. Principal maturities are on January 1 of each year with interest becoming due and payable on January 1 and July 1 of each year. The final maturities of the I Series C Bonds is on January 1,1987. The proceeds of these issues were used to finance improvements and extensions to the gas system. The City subsequently pledged in the resolution authorizing the Municipai Utility Revenue Bonds, not to issue any additional gas revenue parity bonds.
MUNICIPAL UTILITY REVENUE BONDS SERIES 1970,1970 A AND 1979 The Series 1970 Bonds dated October 1,1970; the Series 1970-A Bonds dated October 1,1970 and the Series 1977 Bonds dated April 1,1979 were issued in the original principal amount of
$7,300,000; $3,150,000 and $12,000,000 respectively and are parity bonds and are subordinates as to lien and security for payment to the outstanding Municipal Gas Revenue Bonds Series A, B and C, and the outstanding Municipal Water and Sewage Revenue Bonds, Series 1958 and 1964, from the net revenues of the Municipal Gas, Water and Sewer Systems. Principal maturities are on October 1 of each year with interest becoming due and payable April 1 and October 1 of each year. Final maturity of the Series 1979 Bonds is on October 1,2001. The proceeds of the issues were used for construction among the various utilities in the following percentages:
GAS WATER SEWER I MUNICIPAL UTILITY OF 1970 MUNICIPAL UTIL:TY OF 1970-A 2%
-
20 % 53 % 78 % 47 % MUNICIPAL UTILITY OF 1979 - 23 % 77 % The bonds payable, related to the Municipal Utility Revenue Bond issues, reported in the Gas, Water and Sewer Funds are based upon the same percentages. Prior to the issuance of any I additional parity bonds, the net revenues of the Municipal Utility System shall be (a) at least 135% of the Maximum Debt Service during the immediately preceding two fiscal years as determined by a certified public accountant; (b) at least 150% of the Maximum Debt Service I during any 12 consecutive months period in the immediately preceding 24 months as adjusted by the consulting engineer for known changes;(c) at least 150% of the Maximum Debt Service I as estimated by the consulting engineer in each of the three fiscal years immediately following as adjusted by the consulting engineer for known changes. The City further covenants in the B-13 1
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 6 - (Continued) resolution to: (1) maintain rates and charges in each fiscal year at least equal to 125% of all debt service requirements to come due in such fiscal years and provide for 100% of all payments or deposits required to be made; (2) deposit annually into a depreciation and improvement fund an amount equal to 10% of the prior years gross revenues to be used for improvements and extensions to the gas, water, and sewer system; (3) not render any free service; (4) annually cause the books and records of the systems to be audited by a certified l public accountant. l l The following is a summary of band transactions of the City for the year ended September 30, 1980. General Long-term Debt Proprietory Funds Debt General Revenue Anticipation Revenue Total City Bonds Notes Bonds Debt i Bonds Payable at October 1,1979 $38.800.000 $2,500,000 $151,945.000 $193.245,000 New Bonds issued: l 1979 Renewal Anticipation Notes - 2,500.000 - 2,500,000 Bonds Retired - (2.500.000) (4.135.000) (6.635.000) Bonds Payable at September 30.1980 $38.800.000 $2.500.000 $147.810.000 $189.110.000 I I I I B-14 _ - - _ ___- ___-_
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE t. - (Continued) Schedule of Principal Requirements - All Funds General Long Term Cebt Proprietary Fund Fiscal Year General Water & Municipal Total Ending Revenue Anticipation Sewer Utility Principal September 30, Bondsm Notes (2) Electric Gas Bonds Bonds Payments 1981 $ 760,000 $2,500,000 $ 3,860,000 $100,000 $160,000 $ 375,000 $ 7,755,000 1982 835,000 4.005,000 100,000 100,000 450,000 5,490,000 1983 810,000 4,210,000 100,000 100.000 480,000 5,700,000 1984 930,000 4.395,000 105,000 100,000 515 000 6.045,000 1985 1,010,000 4,600,000 105,000 100,000 550,000 6,365,000 1986 1,090,000 4.820,000 50,000 100,000 635,000 6,695,000 1987 1,185,000 4,265,000 25,000 100,000 700,000 6,275,000 1988 1,275,000 4,490,000 860,000 6.625,000 1989 1,380,000 4,720,000 925,000 7,025,000 1990 1,490,000 4,970,000 965,000 7,425,000 1991 1,640,000 5.235,000 1,030,000 7,905,000 1992 1,760,000 5.525,000 1.095,000 8,380,000 1993 1,815,000 5,830,000 1,165,000 8,810,000 1994 2,055,000 6,165,000 1,235,000 9,455,000 1995 2,085,000 6,565,000 1,305,000 9.955,000 1996 2,290,000 3,445,000 1,375,000 7.110,000 1997 2,440,000 3,560,000 1,405,000 7,405,000 1998 2,605,000 3,840,000 1,490,000 7,935,000 1999 2,765,000 4,070,000 1,580.000 8,415,000 2000 2,965,000 4,315,000 1 680,000 8,960,000 2001 2,110,000 4,570,000 1,785,000 8,465,000 2002 1,910,000 4,850,000 6,760,000 2003 5,150,000 5,150,000 2004 5,460,000 5,460,000 2005 5,795,0C0 5,795,000 2006 6,155,000 6,155,000
$37,205.000 $2,500,000 $124.865,000 $585,000 $760,000 $21,600,000 $187,515,000
- 1. Portions of the principal requirements relating to the Capital Bonds, Series 1978, are required purchases of U. S.
Treasury Bonds to be held by a trustee for the retirement of the $17,575,000 Term Bond (2007 Term Bond) to I
become due on November 15,2007. The City will be required to have purchased an amount of November 15,2007 i U. S. Treasury Bonds by May 15,1993 such that the 2007 Term Bond can be fully retired from the proceeds of the I aforementioned U. S. Treasury Bonds.
- 2. On April 1,1980, the 1979 Capital Bonds Anticipation Notes matured and were retired from the proceeds of the 1979 Capital Bonds, Series 1979, Renewal Anticipation Notes. These notes mature on October 1,1981 and are payable fro ~i the first proceeds of the Capital Bonds, Series 1979.
I ' B-15
L _
___________
,d CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 6 - (Continued)
Schedule of Bond Service Requirements - All Funds General Long Term Debt Proprietary Fund Water and Municipal Fiscal Year General Electnc Gas Sewer Utility Ending Revenue Anticipation Revenue Revenue Revenue Revenue September 30 Bonds Notes Bonds Bonds _ Bonds Bonds Total 1981 $ 2,985,390 $2,725,000 $ 10.784,830 $118,654 $178,800 $ 1,631,815 $ 18.424.489 g 1982 2.997,359 10.769,640 115,182 114,600 1,682,628 15,679,409 g 1983 2.908,437 10,800,423 111,655 111.000 1,687,165 15.618,680 1984 2,959,129 10,795.972 113,175 107,400 1,695,015 15,670,691 1985 2,962.879 10.796,605 109,549 103,800 1,700,490 15,673,323
'
1986 2,% 0,422 10,795,805 51,819 100,200 1,753,590 15,661,836 1987 2, % 5,926 10,004,625 25.450 100,100 1,781,265 14.877,366 1988 2,959,575 10.016,375 - - 1,899,977 14,875,927 1989 2,960,356 10.015,140 - - 1.913,740 14,889.236 1990 2,957,925 10,014,980 - - 1,900,890 14,873,795 1991 2.985,403 10.011,600 - - 1,911.015 14,908.018 1992 2,972,702 10.013.675 - - 1,916.890 14,903.267 1993 2,886,638 10,009,275 - - 1,923,170 14.819.083 1994 3,025,928 10,006,135 - - 1,925,130 14,957,193 1995 2.935,330 10.048,565 - - 1,920,985 14,904,880 1996 3,011,828 6.549,795 - - 1,914,072 11,473.695 199) 3.020,412 6,462.985 - - 1,876,223 11,359.620 i 1998 3.032,252 6,536.505 - - 1,879,030 11,447,787 1999 3.026,258 6,532,265 - - 1,881.120 11,439,643 2000 3.048,004 6,528,995 - - 1,887,900 11,464.899 2001 2,000,407 6.520,780 - - 1,892.100 10.413.287 2002 1,696,567 6.522.010 - - - 8.218,577 2003 (317.113) 6,526,160 - - - 6.209,047 2004 (317,113) 6,522,010 - - - 6,204,897 2005 (317.113) 6,523.950 - - - 6.206,837 2006 (317.113) 6.530,455 - - - 6.213,342 2007 (317.113) - - - - (317,113) 2008 (158.556) - - - - (158.556) 561.515.006 52,725.000 $226,637,555 $645.484 $815,900 $38,574,210 $330,913.155 I B-16
I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 7 - Investments Investments held by the various fund types at September 30,1980 are as follows: Maturing Coupon Book Market Security Through Rate (%) Value Value Governmental General Fund Repurchase Agreement 12/80 10.55 $ 763,000 $ 769,200 Special Revenue Funds Repurchase Agreement 12/80 10.55 723,000 728,900 FFCB Bonds 1/81-2/81 7.90-8.95 4,063,000 3,993,100 FNMA Bonds 4/82 15.30 2,7E5,700 2,873,700 FHL Bonds 11/80 9.30 488,900 484,800 U. S. Treasury Obligations 2/81-5/81 10.71-12.625 3,000,500' 3,218,000 11,061,100 11,298,500 Debt Service Fund Repurchase Agreement 12/80 10.55 1,487,000 1,499,000 I FLH Bonds 2007 invested Sinking Fund Securities: 7/81 15.80 2,500,000 2,553,000 I 2,245,100
- U. S. Treasury Bonds 11/2007 7.875 Corporate Bonds:
Standard Oil of Ohio 12/99 9.75 509.000 421,300 Southern California Edison 11/03 9.625 996,300 735,000 Common Wealth Edison 10/08 9.125 496,500 335,600 Union Light, Heat and Power 12/08 9.50 504,600 350,000 Houston Light and Power 12/08 9.25 199,100 144,000 8,937,600 6.037,900 Capital Project Funds International Bank for Reconstruction Bonds 7/81 8.00 196,300 191,200 FFCB Bonds 1/81 7.90 635,000 624,100 FNMA Bonds 9/81-4/82 9.70-15.30 1,201,500 1,190,600 U. S. Treasury Obligations 10/80-10/81 11.50-12.625 806,700 815,700 2,839.500 2,821,600 Total Governmental Fund Types $23.601,200 $20,927,200 Proprietary Enterprise Funds Restricted Investments I Repurchase Agreement FHL Bonds 12/80 11/80 10.55 9.30
$ 6,416,200 1,177,600
$ 6,468,200 1,167,900 GNMA Mortgage Backed Bonds 2/93-10/08 8.50-9.00 3,655,900 2,881,100 FFCB Borids 1/81-2/81 7.90-8.95 1,751,000 1,748,100 International Bank for Reconstruction Bonds 7/81-7/86 8.00-8.375 2,156,800 2,165,500 U. S. Treasury Obligations 2/81-2/93 4.00-12.625 3,445,000 3,528,900 FNMA Bonds 9/81-9/86 7.90-15.30 10,278,100 10,046,600 B-17
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 7 - (Continued) Proprietary (Continued) Ma'uring Coupon Book Market Security Through Rate (%) Value Value Certificates of Deposit 5/82 10.15-10.80 1,100,000 1,100,000 National Marine Fisheries 3/89-2/94 9.83-9.85 1,180,700 1,180,700 Federal Land Banks 10/82-10/96 7.30-7.95 1,530,000 1,226.100 Participation in Construction Loans 2/81-5/82 9.50-13.00 8,748,200 8,748,200 Other Bonds: Sedco Maritime 12/92 7.15 50,000 35,600 Tennessee Valley Authority 7/98 7.75 39,100 25,500 Texaco 6/01 7.75 166,400 102.600 Public Service of Colorado 8/02 7.50 167,500 110,000 Public Service Gas & Electric 11/08 9.375 503,500 370,000 Ford Motor Credit Corp. 1/86 8.875 494,600 400,000 N.W. Bancorp 9/86 7.875 472,700 403,100 Bank of N. Dakota 12/93 9.25 500,000 390,0'9 Consolidated Natural Gas 7/95 9.25 499,500 383,800 El Paso - Columbia 3/08 9.25 489,000 375,900 Pennsylvania Power & Light 4/04 9.25 486,600 340,000 DuOuesne Light 6/06 9.00 473.200 332,500 45,782.400 43,530,000 Internal Service Funds Restricted Investments Repurchase Agreement 12/80 10.55 45,000 45,400 FFCB Bonds 3/81 8.55 1,001,300 981,500 1.046,300 1,026,900 Total Proprietary Fund Type $46,828,700 $44,556,900 Fiduciary Fund Types Pension Trusts Repurchase Agreement 12/80 10.55 $ 22,000 $ 22,200 FHL Bonds 11/80 9.30 830,000 823,200 U. S. Treasury Obligations 5/80-10/81 8.23-12.625 3,170,700 3,344,500 Certificates of Deposit 10/81-9/es 8.52-12.25 3.038.500 3.038.500 FNMA Bon.ds 4/82 15.30 478.100 493,200 GNMA Sonds 12/09-1/10 11.00 3,888,500 3,491.100 International Bank Bonds 12/80-5/82 7.00-8.35 280,100 276,400 FLB Bonds 10/82 7.30 100,000 90,300 General investment Account - Massachusetts Mutual - - 21,598,800 17,706.800
33,406,700 29,286,200 Expendable Trusts U. S. Treasury Obligations 10/81 12.625 1,364,100 1,340,300 Repurchase Agreement 12/80 10.55 44,500 44,900 FFCB Bonds 2/81 8.95 51,000 50,100 1,459,600 1,435,300 Total Fiduciary Fund Types $34,866,300 $30,721,500
- hvested sinking fund securities were purchased by the City and placed in a trust account held by a bank
as trustee. These securities were pledged as collateral to the holders of the 2007 term bonds; therefore, ' no market value is shown. B-18 l
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 8 - Downtown improvement Authority Parking Garage Fund Deficit The deficit in the Downtown Improvement Authority Parking Garage Fund was established in fiscal year ended September 30,1977 when the Garage was opened. Since 1977 the deficit has been reduced as revenues exceed expenditures. The City projects that the deficit will be eliminated by fiscal year ended September 30,1983. NOTE 9 - Other Required Individual Fund Disclosures I Generally accepted accounting principles require disclosure as part of the Combined Statements -- Overview, of certain information concerning individual funds including: A) Segment information for certain individual Enterprise Funds. This requirement is met by note 4. B) Summary disclosures of debt service requirements to maturity for all types of outstanding debt. This requirement is met by note 6. C) Summary disclosures of changes in general fixed assets by major asset class. This requirement is met by note 3. D) Summary disclosures of changes in general long-term debt. This requirement is met by note 6. E) Deficit fund balances or retained earnings balances of individual funds. The requirement is met by note 8. No funds, other than the Downtown improvement Authority Parking Garage Fund, reflected such balances at September 30,1980. F) Individual fund interfund receivable and payable balances. Suc" balances at September 30, 1980 were: Interfund Interfund Fund Receivables Payables General Fund $ 547,100 $ 32,000 Capital Projects Fund: Capital Improvement Fund 739,000 - I Special Assessment Fund Enterprise Fund: 707,000 397,100 Tallahassee Transit Fund Internal Service Fund: Accounting Fund 3,900 Reading, Billing and Collection Fund 3,900 Trust and Agency Fund: Combined Grant Fund 150,000
$1,290,000 $1,290,000 I
B-19
CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOTE 10 - Retirement Commitments The City maintains five separate single employer pension plans for firemer,, police officers and substantially all other full-time employees. All plans are contributory with the employee contribution ranging frcm 5% to 7% of their gross salaries. In addition, by pension ordinance, the City is required to contribute such additional sums as are necessary to maintain actuarial adequacy in meeting on a current and annual basis the past service and normal costs of the plans. The City Commission shall, in the preparation of the annual budget for the City, place in such budget an appropriation of sufficient sum to meet its agreed-upon share of these costs. Pension expense, including normal cost and amortization of past service cost over a period of thirty (30) years, is based on en actuarial valuation utilizing the entry age normal method. All administrative costs of the plans are borne by the Pension Administrative Fund. As of October 1,1979 (date of the most recent valuation), unfunded past service costs for eacn of the plans were as follows: City Employees' Pension Fund $12,780,000 Municipal Employees' Retirement Fund S 854.000 Firemen's Pension Fund S 3,774,000 Police Officers' Retirement Fund $ 2,947,200 Policemen's Pension Fund $ (6,500) The City's contributions to the plans during fiscal year ended September 30,1980 were as follows: City Employees' Pension Fund $ 1.200.200 Municipal Employees' Retirement Fund S 859,500 Firemen's Pension Fund 5 307,700 Police Officers' Retirement Fund $ 355,300 i Policemen's Pension Fund S NOTE 11 - Adjustments to October 1,1979 Fund Balances / Returned Earnings l l Governmental Funds in prior years, the City utilized the " encumbrance method of accounting", under which encumbrances were treated as expenditures in year end fir.ancial statements. During fiscal year l ended September 30,1980, the City discontinued the use of this method, and accordingly prior year fund balances have been adjusted tc reflect this change. Enterprise Funds in prior years, the City's financial statements did not distinguish between contributed capital and retained earnings. The adjustment is to separate contributed capital from retained earnings at October 1,1979. . B-20
I CITY OF TALLAHASSEE, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30,1980 NOT E 11 - (Continued) Internal Service Funds During the year ended September 30,1979, the City performed an inventory of all tangible personal property in these funds. An adjustment to October 1,1979 Retained Earnings was made to adjust the recorded tangible personal property to the actual amount, based upon the inventory, at September 30,1979. NOTE 12 - Receipts from Tallahassee Regional Memorial Medical Center, Inc. Tallahassee Regional Memorial Medical Center, Inc., a not-for-profit corporation, pays the City of Tallahassee as rent each year an amount equal to the entire debt service (including principal I and interest) necessary to retire all bonds or certificates, or the pro rata share thereof, issued by the City of Tallahassee for enlargement or extension of its municipal hospital, to acquire furnishings or equipment or to purchase any sites therefore. Payments are made in monihly installments and will continue until the bond indebtedness has been retired or refunded. The transfer of the rent payment to the Debt Service Fund is included in the Special Appropriations account of the General Fund and is recorded as revenue in the Debt Service Fund. The following is a schedule by years of the payments to be received as of September 30,1980: I Year Ending September 30: 1981 1982
$ 1,595,800 1,575,900 1983 1,570,300 1 1984 1,579,900 1985 1,580,800 Later Years 25,210,700 Total Payments Required $33.113,400
' NOTE 13 - Contingencies . A) Accrued Vacation and Sick Leave All full-time employees earn vacation and sick leave starting with the first day of employment; all part-time employees earn vacation and sick leave in proportion to the number of hours in their normal work day. Vacation leave is accrued based on years of continuous and creditable service as follows: Years of Service Total Days Per Year I Up to 5 5 to 10 12 15 l 10 to 20 18 l Over 20 21 A maximum of 30 days vacation leave time may be carried over from one fiscal year to the next. An I employee who terminates employment with the City is paid for any unused vacation leave accumulated to the time of termination. B-21
CITY OF TALLAHASSEE, FLORIDA g NOTES TO FINANCIAL STATEMENTS 3 September 30,1980 NOTE 13 - (Continued) Sick leave is accrued at the rate of eight hours for each month of service with no maximum limit on the number of hours which may be accumulated. An employee who terminates'from the City for any reason other than retirement (as defined by the provisions of the appropriate City Pension Plan) or death, does not receive payment for unused sick leave. If the employee retires or dies, the employee (or his beneficiary or estate)is paid one quarter of the tota! amount of sick leave accumulated by him or her on the effective date of his or her retirement. As of September 30,1979 the City is contingently liable for approximately S1,346,700 of annual vacation leave earned but not taken and $5,567,000 of sick leave accumulated but not taken. B) Water and Sewer Rebates The Water and Sewer Line Extension and Depreciation Fund receives its revenue from sewer and water system charges levied against persons requesting water or sewer service when such E service is initially requested. Each year the City is required to reimburse developers for 3 approved water and sewer line extensions. The amount required to be reimbursed is equivalent to one hundred per cent (100%) of the systems charges paid within a development in the first g twenty (20) years af ter initial service up to the amount of offsite water and sewer line extension 5 costs advanced by said developer. The City remains contingently liable for those portions of extensions not currently reimbursed. At September 30,1980, the contingent liability for these g rebates was approximately $394,500. 3 C) Litigation The City is involved in several pending lawsuits. The City Attorney estimates that the potential claims against the City not covered by insurance resulting from such litigaEcq wouia not materially affect the financial statements of the City. D) Federal Grants ' The City participates in a number of federally assisted programs, principal of which are the Environment Protection Agency 201, General Revenue Sharing, Community Development Block Grant, Comprehensive Employment Training Act and the Federal Aviation Authority programs. These programs are subject to program complairice audits by the grantees under Office of Management and Budget Circular f-1P ~ ttachment P. The audits of these programs for or including the year ended September o0,1980 have not yet been completed. Accordingly, the City's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immateria! l I i l B-22
CITY OF TALLAHASSEE, FLORIDA GENER.~.L FUND BALANCE SHEET September 30,1980 Totals September September 30,1980 30,1979 ASSETS Equity in Pooled Cash $ 106,900 $ 44,700 investments at Cost 763,000 - I Receivables: Accrued interest Customers 6,000 353,600
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142,500 Other 354,100 222,900 Less: Ailowance for Doubtful Accounts (32,100) (21,900) Due from Other Funds 547,100 3,361,600 Total Assets $2,098,600 $3,749,800 LIABILITIES AND FUND EOUlTY I Liabilities Accounts Payable $ 51,700 $ 38,400 Due to Other Funds 32,000 1,967,000 Total Liabilities 83,700 2,005,400 I Fund Equity Reserve for Encumbrances 347,700 81,900 304,900 50,800 Reserve for CETA Workmen's Compensation Undesignated 1,585,300 1,388,700 Total Fund Equity 2,014,900 1,744,400 Total Liabilities and Fund Equity $2,098.600 $3,749,800 i
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I CITY OF TALLAHASSEE, FLORIDA GENERAL FUND SCHEDULE OF REVENUE BY SOURCE: BUDGETED AND ACTUAL For the Fiscal Year Ended September 30,1980 Variance Favorable Budget Actual (Unfavorable) Revenues: Taxes: Property Taxes $3,032,800 $2,992,300 $(40,500) Additional Homestead Exemption 50,000 75,600 25,600 Telephone Taxes 740,000 813,700 73,700 10% Utility Tax 2,300,000 2,388,300 88,300 Cigarette Tax 290.000 299,700 9,700 Total Taxes 6,412,800 6.569,600 156,800 Licenses and Permits: Occupational License 275,000 315,000 40,000 Building Permits 100,000 123,900 23,900 City Snare - County Occupational License Telephone Franchisa 84,000 115.400 120.300 119,500 36.300 4,100 l Parking Meter Receipts 93,000 74,400 (18,600) Mobile Home License 10,000 11,600 1,600 3everage Licenses 48,000 54,900 6,900 40,000 35,400 Catte T.V. Franchise 75.400 g Totai Licenses and Permits 765,400 895,000 129,600 5 Intergovernrnental Revenues: g Recovered costs from cost allocation plan - 100,000 100,000 g State of Florida Revenue Sharing 2.850,000 2,818,700 (31,300) Recovered costs from Federal Government 710,800 681,000 (29,800) E Federal Revenue Sharing 800,000 618.100 (181,900) g Leon County Funding of Planning Department 211,600 108.500 (103,100) Tallahassee Regional Memorial Medical Center 1,557,500 1,584,700 27,200 g Recovered costs from other local grants 56,100 30,700 (25,400) m Total Intergovernmental Rcvenues 6,186,000 5,941,700 (244,300) Charges for Services: Swimming Pool Revenue 20,000 45,600 25,600 Recreation Fees 265,000 277,600 12,600 g Police Protection 20,000 20,000 - a Traffic Signal Control 11,500 12,100 600 Garbage Fees 2,255,000 2,116,800 (138,200) Cemetery Fees 30,000 33,400 3,400 Planning Fees 15,000 8,400 (6,600) (Continued on Next Page) C-2
I CITY OF TALLAHASSEE, FLORIDA I GENERAL FUND SCHEDULE OF REVENUE BY SOURCE: BUDGETED AND ACTUAL For the Fiscal Year Ended September 30,1980 I (Continued) Variance Favorable Charges for Services: (Continued) Property and Maintenance 1 3,500 $ 8,800 $ 5,300 Other Revenue 129.900 130.100 200 Total Charges for Services 2.749,900 2,652,800 (97,100) Fines and Forfeits Animal Shelter Fines 2,500 40,000 37,500 Court Fines 140,000 114,000 (26,000) . Parking Violations 125,000 133,600 8,600 Total Fines and Forfeits 267,500 287,600 20,100 Interest 422,000 618,100 226.100 Miscellaneous revenues I Lease of Land Rent of Buildings Sa:e of Cemetery Lots 1,000 6,000 40,000 1,3t 0 11,200 43,700 300 5,200 3,700 I Rental of Equipment Sale of Scrap and Surplus Equipment - 900 - 57,700 37,400 (900) 57,700 37,400 Applied Expense - Sale of Land - 900 900 Total Miscellaneous Revenue 47,900 152,200 104,300 Total Revenues $16,851,500 $17,147,000 $295,500 I
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1 CITY OF TALLAHASSEE, FLORIDA i GENERAL FUND l SCHEDULE OF EXPENDITURES - BY DEPARTMENT - APPROPRIATED AND ACTUAL For the Fiscal Year Ended September 30,1980 Variance Actual Encum-brances Budgetary Basis Budget Favorable g (Unfavorable) g Expenditures: Current: General Government:
- internal Audit $ 72,000 $ 200 $ 73,100 $ 86,400 $ 13,300 City Manager 237,900 -
237,900 238,700 800 City Commission 76,900 - 76,900 86,700 9,800 Dia-ctor of Finance 120,800 200 121,000 125.300 4.300 Lega: 250,000 - 250,000 187,600 (62,400) Special Appropriations 4,701,200 Management and Budget 170,700 4,800 3,800 4,706,000 4,668,600 (37,400) g l 174,500 187,400 12,900 3 Auditor Clerk-Treasury 227,400 400 227.800 249,300 21,500 Personnel 4,900 - 4,900 - (4,900) Engineenng 381,600 4,200 385,800 435,700 49,900 Community Development 351,800 - 351,800 469,300 117,500 Planning 678 700 - 678,700 711.200 32,500 l Public Relations 243,000 1,600 244,600 271,400 26,800 l Maintenance 99,700 - 99,700 104,700 5,000 l Administration 723.700 600 724,300 736,900 12.600 Total General
Government 8,341,200 15.800 8.357,000 6.559,200 l 202.200 3 Public Safety: Building Inspection 298,000 700 298.700 301,900 3.200 Communication 111,800 6,500 118.300 135,400 17,100 Street Lighting 349,200 - 349.200 349,900 700 Traffic Engineering 335,800 200 356,000 367,900 11,900 Fire Department 2,581,500 73,600 2,655,100 2,681,700 26,600 Police Department 4,658,400 42,400 4,700,800 4,838,700 137,900 Total Pub!ic Safety 8.354,700 123.400 8.478,100 8.675.500 197.400 Highways and Streets: Street Sweeping 91,100 - 91,100 98,600 7,500 Street Maintenance 957.900 23,600 981,500 961,800 (19,700) Traffic Engineering 354,000 2,700 356,700 393,800 37,100 Construction 199,900 500 200,400 246,800 46.400 l Total highways and g streets 1,602.900 26,800 1.629,700 1.701,000 71,300 m l Sanitation: Solid Waste Collection 2.426,000 - 2,426,000 2,450,000 24,000 Sanitary Land Fill 336,800 - 336.800 310,000 (26,800) Total Sanitation 2,762.800 - 2,762.800 2,760.000 (2,800) Cemeteries 669.300 1.400 670,700 667,900 (2,800) l l (Continued on Next Page) C-4 l
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-=e CITY OF TALLAHASSEE, FLORIDA GENERAL FUND SCHEDULE OF EXPENDITURES - BY DEPARTMENT - APPROPRIATED AND ACTUAL I For the Fiscal Year Ended September 30,1980 (Continued)
Variance Encum- Budgetary Favorable Actual brances Basis Budget (Unfavorable) Welfare: Code Enforcement S 93.600 $- $ 93,600 $ 92,200 $ (1,400) Lincoln Neighborhood Center 78,700 2,000 80,700 81,400 700 Administrative 78.600 -- 78.600 87,500 8,900 Senior Citizens 56.300 _ 56.300 82.200 25.900 Total Welfare 307.200 2,000 309.200 343.300 34.100 Culture and Recreation: Recreation - Armory 26,800 1,600 28,400 25,900 (2,500) I Physical Cultural Center Administration Lafayette Park 112,200 420,600 98.400 100 4,900 600 112,300 425,500 99,000 112,500 433,400 96,500 200 7.900 (2,500) Jake Gaither Golf Course 84,700 3,700 88,400 84,400 (4,000) ,I Parks 200,000 5,500 205,500 199,800 (5,700) ' Lafayette Arts and Crafts 48,700 1.100 49.803 47,900 (1,900) Palmer Monroe 74,400 300 74,700 77,300 2,600 Aquatic Athletics 134,300 2,000 136,300 135.900 (400)
,I General Athletics 245.800 15,900 261,700 246,60G (15,100)
Dade Street Recreation 58,800 200 59.000 57,800 (1,200;
- I Fourth Avenue Recreation 23,100 23,100 24.400 1,300
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Jake Gaither Center 52,900 100 53,000 55,400 2,400 Bond Center Recreation 102.800 600 103,400 109,300 5,900 Playground 57.600 600 58,200 58,300 100 l I Maintenance Total Culture and 455.800 900 456.700 450,500 (6,200) Recreation 2.196,900 38,100 2.235,000 2.215,900 (19,100) I Total Expenditures $24.235,000 $207,500 $24,442,500 $24.922,800 $480.300 I I I !I I C-5 _ .- - - - - _-_____
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_ CITY OF TALLAHASSEE, FLORIDA
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SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET September 30,1980 Water and Sewer Line a Special Special Deficiencies Extension Totals g Capital Insurance and and September 30, September 30 Projects Reserve Emergencies Depreciation 1980 1979 ASSETS Equity in Pooled Cash $ 26.900 $ 2.800 $ 1,400 $ 169,600 $ 200.700 $ 30.100 investments - At Cost 5.394.300 644.300 2.935.900 2.086.600 11.061,100 4.477.800 Accrued interest Receivable 173.600 9.200 94.500 59.400 336.700 155.000 l WI Total Assets $5.594.800 $656.300 $3.031.800 $2.315.600 $11.598.500 $ 4.662.900 LIABILITY AND FUND BALANCES Contracts Payable $ - 5 - $ - 5 100.200 $ 100.200 $ 52.700 FUND BALANCES 5.594.800 656.300 3.031.800 2.215.400 11.498.300 4 610.200 , Total Liabilities and Fund Balances $5.594.800 $656.300_ $3.031.800 $2.315.60C $11.598.500 $14.662.900 . 1 I , I I I I I D-2
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! .l jg CITY OF TALLAHASSEE, FLORIDA !3 SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES iIg E For the Fiscal Year Ended September 30,1980 1 1 I i Water and Deficien- Sewer Une Totals f Special Special c.es and Federal Extension Year Ended l i Capital Insurance Tailanassee E mer. Revenue and 9e- September September j Projects Reserve B:keways gencies Sharing preciation 30,1980 30.1979
- Fund Balances - Octoter 1 $ - $575.100 $ 8.200 $2.
- ?01.300 $ 133.500 $1.692.100 $4.610.200 $3.785.200 Re 4 ues' biergovernmental revenues - - - - - - -
693.700 Charges for services - - - - - 797.800 797.800 943.900
, interest earned 12.200 81.200 -
275.500 - 260.900 629 800 417.500 l Total Revenues 12.200 81.200 - 275.500 - 1.058.700 1.427.600 2.055.100 i
- Expend 6tures i Capital Outlay - - - - -
143.100 143.100 1.118.900 f Total Enrenditures - - - - - 143.100 143.100 1.118.N0 j Excess cf Revenues over
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E xpend.tures 12.200 81.200 - 275.500 - 315.600 1.284.500 936 200 t l Other Financ:ng Sources (Uses) - I Operating transfers in 5.582.600 - - 555.000 - - G.137.600 - ! Operating transfers out - - - - - (392.300) (392.3%) (111.200) ! Total Otner Financing l Sources (Uses) 5.582.600 - - 555 K0 - (392.300) 5 745.300 (111.200) l fI
Encen of Revenues and other Sources over Excand<tures and Other Uses 5.594,800 81.200 - 850.500 - 523.300 7.029 800 825.000 Resdual Eau;ty Transfers to ( other funds - - (8.200) - (133 500) -
$141.700) -
l , Fund Balance - September 30 $5.594.800 $656.300 $- _$g031.800 $ - $2.215.400 $11.498 300 $4.610.200 _ __ I I I I I D-3
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I CITY OF TALLAHASSEE E SPECIAL REVENUE FUNDS g COMBINING STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL g i For the Fiscal Year Ended September 30,1980 g; Specia: Caodal Pro;ects Special Insurance Peser.e Variance Vartance Favorat;e Favora0 e ; Actual Bacget (Unf avorao:e) Actual Budeet (Unf avorao:e) Revenues Cnarges for services 5 - 5 - 5 - 5- 5- 5 - Interest earned 12.200 12 200 - 81.200 81.200 - Total revenues 12 200 12.200 - 81.200 81.200 - Espend.tures Capital Out ay - - - - - - Total e pend:tures - - - - - _ Excess of revenues over escend tures 12.200 12.200 - 81.200 81.200 - Otner Financing Sources (Uses) Operattrg transfers in 5.582,600 5.582.600 - - - - g Operaterg transfers out - - - - - - g Total otner f nancing sources 'uses! 5.Se2.600 5.582.600 - - - - Excess of rm snues anc other sou rces l oser empenc tures and other uses 55.594 800 55.594 800 5 - _ 581.200 581.200 5 - W I I' 1 1 l ! I I. I. , D-4
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I i I l 1 l i l Water and Sewer Line I Deficiencies and Emergencies Variance Extension and Depreciation Variance Total Variance l i 1 Favorable Favorable Favorable Actual Budget (Unfavorable) Actual Budget (Unfavorable) Actual Budget (Unfavorable _)
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$- $ - $ -
S 797.800 $ 797.800 $ -
$ 797,800 $ 797.800 $ -
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275.500 275.500 - 260.900 260.900 - 629.800 629.800 - 275.500 275.500 - 1.058.700 1.058.700 - 1.427.600 1.427.600 -
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143.100 143.100 - 143.100 143.100 -
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143.100 143.100 - 143.100 143.100 - 275.500 275.500 - 915.600 915.600 - 1.284.500 1.284.500 - 555.000 555.000 - - - - 6.137.600 6.137.600 -
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(392.300) (392.300) - (392.300) (392.300) - 555.000 555.000 - (392.300) (392.300) - 5.745.300 5.745.300 - ,
$830.500 $830.500 $ -
$523.300 $523.300 $ - $7.029.800 $7,029.800 -
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CITY OF TALLAHASSEE, FLORIDA CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET September 30,1980 Totals Capital Year Ended g Capital Bonds September September a improvement Construction 30,1980 30,1979 ASSETS Cash - Restricted $ 30,000 $ -
$ 30,000 $ -
Equity in Pooled Cash 8,200 328,300 336,500 110,900 investments 738,700 2,100,800 2,839,500 4,179,700 Accounts Receivable 72,300 917,700 990,000 1,359.800 Allowance for Uncollectibles (2,000) (253,800) (255,800) (700) Accrued Interest Receivable 24,600 77,900 102,500 237,200 g Due from Other Funds 739,000 - 739,000 420,000 g Total Assets $1,610,800 $3,170,900 $4,781,700 $6,306.900 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ 431,800 $ 189.700 $ 621,500 $ 4,100 g Due to Other Funds - - - 104,300 m Retainage Payable - 156.300 156.300 197,900 Total Liabilities 431,800 346,000 777,800 306,300 Fund Balar.ces: Reserved for Encumbrances 954,700 2,016,300 2,971,000 4,060,900 Reserved for Maintenance and Replacement of Water and Sewer Lines 110,000 - 110,000 110,000 Reserved for Law Entorcement Trust Fund 65,000 - 65,000 50,000 Undesignated 49,300 808.600 857.900 1,779.700 Total Fund Balances 1,179,000 2.824,900 4,003,900 6,000,600 Total Liabilities and Fund Boiances $1.610.800 $3,170.900 $4,781,700 $6,306,900 I I E-2
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. I i CITY OF TALLAHASSEE, FLORIDA CAPITAL PROJECT FUNDS .
COMBINING STATEMENT OF REVENUES, EXPENDITURES, ,
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AND CHANGES IN FUND BALANCES For the Fiscal Year Ended September 30,1980
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I Capital Capital Bonds September Totals Year Ended September improvement Construction 30.1980 30,1979
; Fund Balances - October 1 - As Previously Reported $1.076.900 $ 862,800 $1.939.700 $6.572.400 Restatement - Adjustment due to Change in Accounting for j Encumbrances 945.300 3.115.600 4.060.900 4.204.400 '
Fund Balances - October 1 -
, As Restated 2.022.200 3.978.400 6.000.600 10.776.800 Revenues:
Intergovernmental Revenues 52.500 327,600 380,100 - Interest Earned 200 900 283.000 483.900 497.800 Miscellaneous 18.300 17.800 36.100 85.500 l Total Revenues 271.700 628.400 900.100, 583.300
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Expenditures: Current:
- General government 76.800 407,100 483.900 2.483.200
- Highways and streets 885.300 87.500 972.800 222.400 i Sanitation 7.500 -
7.500 32.000
;g Health 15.000 -
15.000 - 4 g Welfare 7,500 - 7.500 -
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Culture and recreation 60.000 - 60.000 16.000 Capital Outlay 450.200 1.562.500 2.012.700 2.848.100 , Total Expenditures 1.502.300 2.057.100 3.559.400 5.601.700 l Excest., of Revenue over ' (under) Expenditures (1.230.600) 11.428,700) (2.659.300) (5.018.400) Other Financing Sources (Uses): Proceeds from sale of anticipation notes - 2.500.000 2.500.000 2.500.000 Proceeds from sale of property 125.000 - 125.000 - Operating Transfers in 999.200 801.400 1.800.600 1.270.900 Operating Transfers Out (745.000) (3.026.200) (3.771.200) (4.200.000) Total Other Financing Sources (Uses) 379.200 275.200 654.400 (429.100) Excess of Revenue and other sources over (under) Expenditures and other uses (851.4C0) (1.153.500) (2.004.900) (5.447.500) Residual Equity Transfers from other funds 8.200 - 8.200 671.300 Fund Balances - September 30 $1.179.000 $2.824.900 $4,003.900 $6,000.600 lI E-3
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__ _ _ _ _ _ . _. _. . _ _ _ CITY OF TALLAHASSEE, FLORIDA g ENTERPRISE FUNDS g COMBINING BALANCE SHEET September 30,1980 Totals Tallahas- September September Electric Gas Sewer Water Airport see Transit 30.1980 30.1979 5 ASSETS ' Current Assets-Cash $ 243.800 $ 100 $ - $ 200 $ - $ 5.400 $ 249.500 $ 71.200 Equity in Pooled Cash 164.100 73.000 33.400 403.400 202.300 40.900 917.100 532.900 l Accrued Interest Recervab!e - - - - - - - 50.900 investmenn - At Cost - - - - - - - 6.819.100 Accounts Reesvable Customers 4.180.400 247.700 479.400 282.900 566.000 - 5.756.400 5.771.200 Other 2.505.800 206.900 3.100 - - 586 600 3.302.400 3.071.000 Less: Allowance for Doubtful Accounts (420.700) (45,600) (45.800) (27.600) (8.400) (16.300) (564.400) (443.800) Due from Other Funds - - - - - - - 326.400 Utility Deposit 3.700 - - - - - 3.700 -
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inventory. Fossil Fuel 6.610.100 116.500 - - 23.500 29.600 6.779,700 6.677.400 Nuclear Fuen 1.165,800 - - - - - 1.165.800 684.300 Accumulated Amortization of ( Nuclear Fuel (402.000) (277,500)
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(402.000) Other inventory - - - - - 67.300 67.300 58.100 Note Receivable - - - - 21.700 - 21.700 - Total Current Assets 14.051.000 598.600 470.100 658.900 805.100 713.500 17.297.200 22.341.200 Restrected Assets-Revenue Bonds Debt Service. Equity in Pooled Cash - 16.200 2.000 700 - - 18S00 22.600 investments at Cost - 65.500 78.000 26.300 - - 169.PJO 530.400 Accrued interest Receivable - 3.900 - - - - 3.900 5.100 Revenue Bonds Reserve: Equity in Pooled Cash 163.700 7.500 3.800 1,300 - - 176.300 103.400 lovestments - At Cost 10.636.700 121.000 1.307.200 461.000 - - 12.525.900 12.617.3n0 Accrued Interest Receivable 165.800 3.500 26.300 9.600 - - 205.200 198.703 Revenue Bonds Construcuon Equity in Pooled Cash 11.600 300 15.300 4.100 - - 31.300 86,700 investments - At Cost 3.156.400 19.400 8.876.600 3.705,700 - - 15.846.100 16.985.300 Accrued interest Recervable 135.600 3.200 298.500 83.900 - - 521.200 379.700 Accounts Receivable - - 452.400 - - - 452.400 570.600 Land Deposit - 1.100 44.700 11.500 - - 57.300 57.300 Other Construction: Eautty in Pooled Cash 21.500 - - - - - 21.500 63.600 investments - At Cost 3.304.800 - - - 25.000 - 3.329.800 3.291.600 Accrued interest Recervable 66.500 - - - 200 - 66.700 357.600 Revenue Bonds Renewal and Replacement. Equity in P; :ed Cash 64.400 3.000 274.500 2.200 - - 344.100 538.700 investments - At Cost 13.244.000 350.500 - 316.200 - - 13.910.700 14.307.900 Accrued ;aterest Receivable 305.700 - - 10.600 - - 316.300 596.900 Accounts Receivable - - - - - - - 347.200 l Total Restricted Assets 31.276.700 595.100 11.467.300 4.633.100 _ _ 25.200
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47.997.400 51.062.600 Other Assets-Goodwill - - - - - 17.100 17.100 22.800 Other Accounts Recervable 1.912.800 - - - - - 1.912.800 2.661.200 Deposits - - 104.300 - - - 104.300 - Unamortized Bond Issue Cost 704.200 - 114.500 34.200 - - 852.900 892.900 Note Receivable - - - - 397.700 - 397.700 - Total Other Assets 2.617.000 - 218.800 34.200 397.700 17.100 3.284,800 3.576.900 Utility Plant in Service: l Utrhty Plant in Service 173.835.800 4.897.900 28.376.700 14.293.900 8.078.000 2.904.100 232.386.400 222,403.900 l Less: Accumulated Depreciaton (44.794.100) (2.036.300) (3.571.900) (5.540.600) (2.337.100) (590.300) (58.870.300) (52.358.300) Construction in Progress 13.638.900 328.000 14.218.400 2.052.300 5.770.600 38.800 36.047.000 21.355.900 Total Utikty Plant in Service ~142.680,600 3.189.600 39.023.200 10.805.600 11.511.500 2.352.600 20E '3.100 191.401.500 Total Assets $190.625.300 $4.383.300 $51.179.400 $16.131.800 $12.739.500 $3.083.200 $278.m.500 $268.382.200 F-2
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CITY OF TALLAHASSEE, FLORIDA
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j ENTERPRISE FUNDS j COMBINING BALANCE SHEET j September 30,1980 (Continued) ! Totals Tallahas. September September Electric Gas Sewer Water Airport see Transit 30.1980 30, 1979 LIABILITIES AND FUND EQUITY $I Current Liabihties-Accounts Payable 5 4.383.000 $ 219.400 $ 88.700 $ 169.700 $ 40.700 $ 24.700 $ 4 926.200 $ 3.475.400 Customer Contracts Payable 677.300 36.300 220.500 171.400 - - 1.105.500 1.302,100 .I 1 l Advance f rom Municipality - General Revenue Bonds Customer Advances for
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19.100 - 19.100 19 100 1 Construction 72.000 6,000 510.900 151.400 - - 740.300 751.400 l Due to Other Funds - - - - - 397.100 397.100 3.513.700 Utility Deposits Payable 2.796,200 60,100 - 150.300 - - 3.006.600 2.586.000 l , J Loan f rom Municipal Ret..e-I ment Fund - - - - 21.700 - 21.700 20.000 l Other - - - - - 3.100 3.100 _ 3.100 Total Current Liabikties 7.928.500 321.800 820.100 642.800 81.500 424.900 10.219 600 11.670.800 Payable from Restncted Assets. Accrued Interest and lI [ Commissions Payable Bonds Payable Retainage Payable
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6.500 100.000
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120.000 5.900 43.300 2.000 40.000 27.600
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14.400 260.000 70.900 - 74.900 260.000 ! Total Payabie from ' Restncted Assets - 106.500 169.200 69.600 - - 345.300 334.900 l ! Otner Liabilities. Deferred Revenue 30.500 - - - - - 30.500 29.600 I Customer Advances Payab;e Customer Contracts Payable Customer Advances for Construction
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133.200
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726.400
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282.200 11.600
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900 -
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f.141.800 11.800 900 1.900 1.560.000 186.200 I Bonds Payable 124.865.000 618.000 16.263.500 5.803.500 - - 147.550.000 151.685.000 Less Bond Discount (1.856.500) - (8.000) (2.400) - - (1.866.900f (2.010,900) Loan from Municipal Retirement Fund - - - - 397.700 - 397.700 419.400 Advance from Municipahty - General Reveaue Bonds - - - - 1.423.000 - 1.423.000 1.442.100 Total Other Liabihties 123.172.200 618.000 16.981.900 6.095.100 L821.600 - 148.688.800 153.313.300 Total Liabitifies 131.100.700 1.046.300 17.971.200 6.807.500 1.903.100 424.900 159.253.700 165.319.000 I Fund Eauity Contributed Capital Retained Earnings 59.200 - 9.235.700 123.100 6.540.300 5.627.800 21.586.100 12.237.000 Reserved for Revenue I Bonds - Debt Service Reserved for Revenue Bonds Reserved for Revenue Bonds
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10.966.200 4.000 132.000 24.100 1.337.300 8.400 471.900
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12.907.400 36.500 341.400 12,919.400 Construction 3.303.600 24.000 9.775.500 3.805,200 - - 16.908.300 18.081.000 I Reserved for Other Construction Reserved for Revenue Bonds Renewal and Replacement 3.392.800 13.614.100
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353.500
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274.500
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329.000 - 25.200 -
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3.418.000 14.571.100 3.712.800 15,790.700 Unreserved 28.188.700 2.823.500 12.561.100 4.586.700 4.270.900 (2.969.500) 49.461.400 39.980.300 Total Fund Equity 59.524.600 3.337.000 33.208.200 9.324.300 10.836.400 2.658.300 118.888.800 103.063.200 Total Liabikttes and Fund Equity $190.625.300 $4.383.300 $51.179.400 $16.131.800 $12.739.500 $3.083.200 $278.142.500 $268.382.200 I I F-3
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CITY OF TALLAHASSEE, FLORIDA g ENTERPRISE FUNDS g COMBINING STATEMENT OF REVENUES, EXPFNSES AND CHANGES IN RETAINED EARNINGS l For the Fiscal Year Ended September 30,1980 Tota!s For the Year Ended i Tallahas- SepterT'ber September , Electnc Gas Sewer Water Airport see Transit 30,1980 30.1979 Retained Earn:ngs (Deficit) - October 1.1979 - As l Prev.ousty Reported $57.518.900 $2.982.800 $23.136.500 $7.738.800 $9.110.800 $(2.083.100) $98.404.700 $89.046.200 g Less Adjustment to Remove Contnbuted Capital - - (2.150.200) - (5.428.300) - (7.578.500) - l Reta,ned Earnings (Deticit) - October 1.1979 - As Restated 57.518.900 2.982.800 20.986.300 7.738.800 3.682.500 (2.083.100) 90.826.200 89,046.200 l g Operatrng Revenues Charges f; t Services i f Residential Sa:es 23.511.500 1.291.800 2.388.600 1.760.600 - - 28.952.500 25.555.700 '
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Commercial and industnat Sa'es 25.807.500 3.644? 00 2.707.700 1.182.400 - - 33.341.700 27.132.000 Pubhc Street and Hig%ay Lignting 420.500 420.500 327.800 Sa:es for Resaie 16.630.400
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- 16.630,400 15.306 800 l
g Sa:es to Other Funds 2.249.100 29.000 132.500 143.300 - - 2.553.900 2.163.500 Surcharge 1.919.100 23.600 466.600 367.400 - - 2.796.700 780.200 Tapping Fees - 2.400 60.700 144.000 - - 207.100 216.100 Safe of Gas and Ort - - - - 2.251.900 - 2.251.900 1.406.000 Landing and Tie Down Fees - - - - 158.000 - 158.500 137.200 Forfeited Discounts 89.700 8.600 - - - - 98.300 68.900 init:ating Service 65.700 10.800 - 49.900 - - 126.400 142.000 Renta:s 122.000 - - 39.800 779.600 - 941.400 828.100 Cut ins and cut-fees 69.800 12.700 - 43.000 - - 125.500 111.200 Transportation Fees - - - - - 582.200 582.200 521.600 Other 138.000 37.800 25.000 5.500 8.200 - 214.500 87.800
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Total Operating Revenues 71.023.300 5.060 800 5.801.100 3.735.900 3.198.200 582.200 89.401.500 74.784.900 Operating Expenses Fossri Fuel 40.238.600 - - - - - 40.238.600 32.366.700 Nuclear 371.600 - - - - - 371.600 353.900 l Purchase of Power 270.800 - - - - - 270.800 272.300 g Purchase of Gas - 3.537.200 - - - - 3.537.200 2.828.300 Production. Opera!.ng 1.923.800 - 937.600 568.000 - - 3.429.400 2.947.600 Ma:ntenance 842.700 - 482,900 1.900 - - 1.327.500 1.133.000 Trannission' Operating 255.500 - 118.000 - - - 373.500 504.400
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Maintenance 76.500 - 85.600 - - - 162.100 136.500 Destributton Operating 1.197.000 214.800 733.400 114.700 - - 2.259.900 1.825.300 Maintenance 402.900 251.300 2.100 484.800 - - 1.141.100 862.000 Administrative 1.298.900 157.500 665.100 312.800 - - 2.434.300 2.188.800 Automotive Eau pment Expense 312.700 70.100 299.600 133.900 - 275.700 1.092.000 908.300 l Less- Apphe1 Eau pment Charges
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(443.200) (77.500) (353.300) (165.200) - - (1.039.200) (777.300) 5 Matenals and Supphas - - - - 30.400 63.100 93.500 82.300 Depreciation 5.068,900 118.200 628.800 406.700 217.300 159.900 6.599.800 5.683,500 ,
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Amortization 197.800 - 7.700 2.300 - - 207.800 1.017.500 Customer Accounts Expense 1.325.500 157.800 440.200 484,800 6.000 - 2.414.300 2.173.700 Personal Services - - - - 579.900 807.300 1.387.200 1.183.700 Contractual Services - - - - 2.099,800 118.300 2.218.100 1.314.200 Research - - - - - - - 42.100 Other - - - - 40.500 52.800 93.300 104.900 i Total Operating Expense 53.340.000 4.429.400 4.047.700 2.344.700 2.973.900 1.477.100 68.612.800 57.151.700 Operating income (Loss) 17.683.300 631.400 1.753.400 1.391.200 224.300 (894.900) 20.788.700 17.633.200 (Continued on Next Page) , F-4 I _ _ _ _ -
I ' CITY OF TALLAHASSEE, FLORIDA ENTERPRISE FUNDS
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COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Fiscal Year Ended Septemt:er 30,1980 I (Continued) Totals Fct the Year Ended Tanahas- September Sep: ember Electr,c Sewer W ater Airport see Transit 30.1980 30.1979 _ Gas Nonoperating Revenues (Espenses) Interest Revenue $ 5.096.200 $ 23200 $ 1.259.700 $ 401.600 $ 11.500 $ - $ 6.792.200 $ 4.979.600 600 5.300 I Ga:n on Sa,e of Surplus Property 57.500 - - 18.700 - 76.800 Recovered Costs - - 8.500 - - 12.900 21.400 14 900 Federal Grant Revenue - - 347.900 - - - 347.900 1.031.100 Other Revenues - 7.700 - 8.500 - - 16 200 76.900 Insurance Claims 700 700 22.700 I
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Fuel Excise Tan Refunds - - - - - - - 5.100 interest and Comm ssion Espenses (7.069.900) t38 200) (948.100) (215 A'Xa (123.600) - (8.395.2CC) (7.946.100) Loss Doe to Thef t (2.000) - (2. COO) - I
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Loss on Sa:e of Secunt es - - - - - - - (5,10C) Loss on Saie of Prcoerty - - - - - - - (15.200) Amortrzation of Goodwol - - - - - (5 700) (5 700) (5100) Other Espenses - _
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(3.700) - - - ( 3.70C) (1.600) Total Nonocerating Revenucs (Empenses) (1.915.200) (7.300) 644.300 213 400 (114.100) 8.500 (1.151.400) (1.838.100) Income (Loss) Bef ore I Operating Transfers O perat:ng Transfers in (Out) Operat ng Transfers in 15.767.100 2.300 624.100
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2.417.700 1.604 600 2.094.000 516.100 110.200 604 300 (886.400) 19 637.300
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3.216.700 15.795.100 2.850.700 Operatrng Trans'ers (Out) (* 1822.900) f269.900 (1 534.700) (662.700) (104.300) (16.394 500) (8.408.700) I
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Net income (Loss) 1.946.500 354.200 2.977.000 1.458.000 610.200 (886 400) E 459.500 10 237.100 i Disocsition of Net income l Depreciation on Contr:buted { Assets - - 9.200 4.400 3A00 - 17.000 - a Rescual Eowty Transfer - - - - - - - (878 600) Net increase (Decrease) in Retaired Earnings 2.986.200 1.462.400 613 600 (886.400) 6.476.500 9.358.500 1.946.500 _ 354 200 Retained Earnings (Def: cit) - SepteTber 30.1980 159.465.400 $3.337.000, $23 972.500 $9 201.200 $4 296.100 $(2 969 500) $97.302.700 $34.404.700 I I I ' I iI F-5
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I , CITY OF TALLAHASSEE, FLORIDA g ENTERPRISE FUNDS E COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Year Ended September 30,1980 '
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Totals For the Year Ended Tanahas- September September Eiectric Gas Sewer Water A.rport see Transit 30.1980 30.1979 Sources of Working Capital. Operat.ons g Net income poss) $ 1.946.500 $354 200 $ 2.977.000 $1.458.000 $ 610.200 $(886.400) $ 6.459.500 $10.237.100 l Items not requiring (provcng) working cap-tal l
.
Deprecaton 5.068.900 118.200 628.800 406.700 217.300 159.900 6.599.800 6.497.300 g Amorteation 197.800 - 7.700 2.300 - 5.700 213.500 209.400 Wonung Capoa' Provded (Used) by Operations increase in Customer Contracts 7.213.200 472.400 3.613.500 1.867.000 827.500 (720.800) 13.272.800 16.943.800 l, ' W Payable 133.200 - - - - - 133.200 167.500 Decrease in Other Accounts Recrvab!e 746.400 - - - - - 748.400 907.600 Retiremer't rf P' ant in Service 83.000 - - - - - t 1,000 60.600 increase in Customer Advances for Construction - - - - - - - 38.900 increase in Deferred Pevenue 900 - - - - 900 - Decrease in Restricted Assets 1.643.700 - 1.282.100 234.400 - - 3.160.200 - 3 Contrcutons 59.200 - 7.094.600 127.500 6.543 700 969.300 14.794.300 2.287.400 increase in Payable from Restricted Assets 500 '.,00 43.800 Increase in Bonds Payable
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11.721.000 l g Total Sources of Working Capital , 9.881.600 472.900 11.990.200 2.228.900 7.371.200 248.500 32.193.300 32.170.600 Uses of Woriong Cap:tal I, Note Pecewable Due from Airines i for Construct on of Concourse Area 397.700 397.700 l Acquisiton of Piant in Service
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9.612.500
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215.100
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9.427.800 2.134.500 1.272.500
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31.700 22.694.100
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16.704.500 l g increase in Deposits - - 104.300 - - - 104.300 - Decrease in Customer Advance for Constructon 134.700 38 900 800 1.000 175.400 760.900 Decrease in Bonds Payable 3,700.000 102.500
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241.000 91.500 -
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4.105.000 3.594.000 l g Ad;ustment to Retained Eamings - - 2.150 200 - 5.428.300 - 7.578.500 - Increase in Bond issue Cost - - 18.300 5.500 - - 23.800 134.300 Reduction of Advance f rom Municipahty - - - - 19.100 - 19.100 17.200 Decrease in Customer Contracts Payable - - 456.600 94.800 - - 551.400 101.700 Residual Equity Transfer - - - - - - - 878.600 Increase in Restricted Assets - 69.800 - - - - 69.800 13.134.100 Reducton of Loan from Munic. cal Rebrement Fund - - - - 21.700 - 21.700 20.000 Decrease in Deterred Revenue - - - - - - - 100 Decrease in Payable from Restricted Assets - - 3.700 14.000 - - 17.700 7.800 Total Uses of Work.ng Cap <tal 13.447.200 426.300 12.401.900 2.341.100 7.140.300 31.700 35.788.500 35.353.200 Net increase sDecrease) in Working Capital 5(3 565 600) $ 46.6w $ (411.700) $ (112.200) $ 230.900 $ 216.800 $ (3 595.200) $ (3.182.600) W (Continued on Next Page) F-6
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! j CITY OF TALLAHASSEE, FLORIDA j ENTERPRISE FUNDS i COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Year Ended September 30,1980 lgE . (Continued) l ! ! ' Tota!s For the Year Ended Tallahas- September September i ! I El ements of Net increase (Decrease) in Working Capital. Electoc Gas Sewer Water A+rport see Transit 30.1980 30.1979 3 Cash 5 176.500 5 100 5 - 5 100 5 - 5 1.600 5 178.300 $ (86.800) ! Equity in Pooreo Cash 67.300 (25.000; 27.500 123.500 193.800 (2.900) 384.200 57,300 j Accrueo Interest Rece:vab'e (48.800) - - - (1.900) - (50.700) 46.500 1 Investments - At Cost (6.708.200) - - - (85.900) - (6.794.100) 2.247.300
- Accounts Recewabie 313.100 180.800 96.200 41.400 261.7CO 202.800 1.096 000 (3.185.600)
, inventory 465 400 (4.400) - - (19.900) 27.400 468.500 3.101.400 l Util ty Deposit 3.700 - - - - - 3.700 - i Due f rom Other Funds - 158.000) - (164,100) (104.300) - (316.400) (985.600) i No'es Rece vable ^1.700 - 21.700 - f Accounts Pavabte (1.241.000) (3.900) (21.900) (139.300) (32.600) (12.100) (1.450 800) (1.014.300)
- 5 Customer Contracts Payable 140.500 (36.300) (2 600) 95.000 - -
196.600 (99.700) j Customer Adsances for a Construction 5d 7.000 (6.000) (510.900) (59.000) - - 11.100 18.200 l Due to Other Funds 3.116 600 - - - - - 3.116.600 (2.718.600) l Utary Depos.ts Payaute (437.7001 (700) - 17.800 - - (420.600) (561.200) i Reta<nage Payable - - - (27.600) - - (27.600) - ! Loan from MumctDal Ret.rement Fund - - - - (1.700) - (1.700) (1.500) j Net Mcrease (Decrease) in ] Working Capital 5(3.565.600) 5 46.600 $ (411.700) 5 (112.200) 5 230.900 5 216.800 $ (3.595 200) $ (3.182 600)
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---m----r--w-,. ,. --,e.c. .,,,--------..------,...-.-e, . ---w-,,,-..,w-,-_-_~-.-__..-,m._+-_-_w--- -
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I ! I , CITY OF TALLAHASSEE, FLORIDA g l SCHEDULE OF OPERATING EXPENSE g TALLAHASSEE TRANSIT FUND For the Fiscal Year Ended September 30,1980 Automotive: $ 275,000 Materials and Supplies: Office 44,000 Supplies 9,800 Uniforms 9.300 63.100 Depreciation: 159.900 I Personal Services: 1 Pensions and payroll taxes 80,100 Salaries and wages 727.200 l l 807.300 Contractual Services: Accounting 53.900 Advertising 42.900 g Professional fees 18,300 3 Purchasing 3.200 118.300 Other: Insurance 40,600 Rent 3,500 Miscellaneous 8.700 52.800 Total Operating Expense 51,477,100 I
I I I i F-8 1 _ _ _ _ _ _ _ _ _ . _ _ . _ _ _ _ - - __ _ . . , - _ _ _ _ _ _ _ . - . _ _ . _ . . _ _ . . . _ _ _ _ , _ _ _ _ _ - - _ _ . , . . - _ . . _ . _ , _ _ . _ _ _ , . , _ - . - - - - . _ . . , _
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II CITY OF TALLAHASSEE, FLORIDA INTERNAL SERVICE FUNDS j COMBINING BALANCE SHEET i September 30,1980 1 1 1 Reading Totats ]
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Bang and Data Centrar Human Pension September September j Co#iecton Process.ng Accounting Stores Purchasing Garage Resources Administration 30. 1980 30.1979 j ASSE7S j Current Assets l Eqwty in Pooied Cash $ 47.200 $ 29 900 $ 16.900 $ 57.500 $ 17.700 $ 27.900 $ 14 300 $ 1.400 $ 212.800 $ 184 000 i i investments - At Cost - - - - - - - - - 132 200 Accounts Receivab.e 60.100 23 800 - 2.400 - 17.500 - - 103.800 69.100
! Accrued In'erest Receivable - -- - - - - - - -
50.400 Due from Otner Funds - - 3 900 - - - - - 3.900 - 1 inventory - - - 2 199 200 21 900 331.800 - - 2.552.900 2.300.500 Totai Cur'ent Assets 107.300 53 700 20 800 2 259100 39 600 377 200 14 300 1.400 2 873.400 2.767.200 Restr<ted Assets Equty in Pociad Cash - - - - - 245 foO - - 254 600 - Investments -. Al Cost - - - - - 1 046.300 - - s.045.300 1.087.700 Accrued Interest Receivable - - - - - 28.000 - - 28.000 - Total Restricted Assets - - - - - 1 328 900 - - 1.328.900 1.087.700 Baldings and Eawpment r Buengs - - - 176.300 - 230.500 - - 406.800 383.100 I Equipment 81 E00 49 30U 59 400 t200 20.100 5 852.100 36.700 4.600 6.113.000 6.060 200 Less Accumulated Depreciaton (78.100) (28.000) (12 900) 462.000) (7.800) (2.940.400) (14 600) (2.300) (3 146.100) (3.146 900) Construction in Progress - - - - - 38 400 - - 38 400 - I Tota! Assets LIABILITIES AND F UND EQUITY
$ 110 8_00 $ 75 000 $ 67.300 $2.382 600 $ 51.900 $4.886 700 $ 36 400 $
_ _ 3.700 $ 7.614.400 $ 7.151.300 Liabilities Accounts Payabie $- $ 2 400 $ 400 $ 52.900 $ - $ 56.200 $ 300 5 1 200 $ 113.400 $ 383.800 Due to other Funds 3.900 - - - - - - - 3 900 60.000 _ Tatar babihties 3.900 2 400 400 52 900 - 56 200 300 1.200 117.300 443 800 Fund Equiry Contributed Cap tas - - - - - 38.400 24.500 1.200 64.100 - Retained Earnings Reserved for Fleet Management - - - - - 1.328.900 - - 1.328.900 1.087.700 Unreserved 106.900 72 600 66 900 2.329 700 51 900 3.463 200 11.600 1.300 6.104 100 5 619 800 Total Fund Equ ty 106 900 72.600 66 900 2.329 100 51 900 4.830 500 36 100 2.500 7.497.100 6 707.500 Total babihtes and Fund Eau.ty
$ 110.800 $ 75 00_0 $ 67.300 $2.382 600 $ 51.900 $4 886.700 $ 36 400 $ 3.700 $7.614.400 $ 7.151.300 I
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l CITY OF TALLAHASSEE, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Fiscal Year Ended September 30,1980 . !
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Reading Bilhng and Data Central Human Pension Year Ended Copecten Process 6ng Accounting Stores Purchassng Garage Resources Admastraton September Septenter Fund Fund Fund Fund Fund Fund Fund Fund 30.1980 30.1979 Retaned Eamings - October 1 - As Prees Reported 5 45.300 5 38 800 5 13.500 12.104.700 5 32200 54 473 000 5 - 5- 56 707.500 53 758 900 Ad!vstment Due to Tangte Asset inventory - 3200 50 100 17.800 5 000 - - - 76.100 - Retaned Ea negs - October 1 - As Restated 45 300 42.000 63.600 2.122 500 37.200 4 473 000 - _- 6 783 600 3.758/900 Operatog Revenues Cha ges for Serv <e 1.517.500 856 400 793.900 2.755 300 221.900 2 880.7CC 362.600 112200 9.500.500 8.243200 M scenaneous - 1.700 100 300 10 900 13 300 - - 26 300 60 600 Tote Operamg Revenues 1 517.500 858.100 794 000 2.755.600 232.800 2 894 000 362.600 112200 9 526 800 8 303800 Orerating Eenses Personai Services 726,300 453 500 521 900 100 100 109 900 607 800 311.800 14 700 2.846 000 2.309 300 Contractual Servces 705 400 51.400 212.500 2.606 500 82.300 1.582 200 57200 95 000 5 392.500 4 168.500 Materes and Supoies 12.100 4.100 7.700 4 600 5 800 15.600 9.700 600 60200 50100 Ciner 12.100 312.700 37200 400 1a400 29 900 31 600 400 440 700 352 200 Depreciat.on - 6 800 11.400 5 800 3 700 68) 800 5.700 200 717 400 414 200 Total Operatog E=penses 1.455 000 829 500 790.700 2.717.400 218.100 2 919 300 416 000 110 900 9 456 800 7.894 300 Operat.ng income (Loss) 61.600 29 600 3.300 38 200 14 700 (25 300) (53 400) 1.300 (70 000) 409.500 Non<Oeratq Revenues Gain en Sale of Surpius Property - - -- 22.100 - 56.000 - - 78.100 - inte est Revenue - - - - - 96 200 - - 96 200 105.300 Totaf Non.cceratng Revenues - - - 22.100 - 152 200 - - 174 300 _ 105.300 Operatog Trans+ers in tout) - 1.000 - 146 900 - 192200 65 000 - 405.100 if-4 200) Net income 61 600 30 600 3.300 207200 14.700 319.100 11.600 1.300 649 400 450 600 Resdus Euty Transfer from Otrer Funds - - - - - - - - - 2498000 Retained Earnogs - l l Secremoer 30 5 106 900 5 72 600 5 66 900 $2.329 700 5 51 900 54 792.100 5 11 600 5 1.300 57 433.000 16.707 500 l l l l l l l G-2 l l
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' CITY OF TALLAHASSEE, FLORIDA j INTERNAL SERVICE FUNDS ' COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
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For the Fiscal Year Ended September 30,1980 i
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Totals Read ng Fiscal Year Ended Bang and Data Central Human Penson September September Conecton ProcesSog Accounting Stores Purchasing Garage Resources Aamrustraton 30.1980 30.1979 Sour ces of Worong Captal , Oter a'ons j Net income $ 61.600 $ 30 600 $ 3.300 $ 207200 $ 14 700 $ 319100 $ 11.600 $ 1.300 $ 649 400 $ 450.600 I Items not requiring I (provoing) worong c&plal Dep<ec.aton - 6800 11 400 5800 3 700 683.800 5.700 200 717400 414 200 _ I Worming Castal Pravded by Opera'ons 61.600 3?.400 14.700 213.000 18.400 1.002.900 17.300 1.500 1.3f4.800 664 800 Contreutons - - - - - 38.400 24 500 1 200 M100 2.343.300 increase o Retaired
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Ea4n.ngs Due to Tangoe Asset Inventory ,
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Adystment - 3 200 50.000 17.800 5 000 - - - 76 000 - Residual Equity Transte. - - - - - - - - - 2 498 000 Tota Suurces of Worong Cap 4tal 61 600 40 600 64 700 230 800 23.400 1.041.300 41 890 2.700 1.506.900 5 706100 Uses of Wnrong Caocal Acques. ton of Punt and Equipment 3 500 12.000 2,700 2300 1.400 705.000 27.800 2 500 757.000 5 656.100 increase e Plant n Servce Due to Targue Asset inventory Ad i sutment - 3 200 50 G00 17 80! 5.000 - - - 76f40 - Increase n Restr cted Assets - - - - - 241 200 - - 241200 1.087.700 Total Uses of Worong Captal 3 500 t5200 52 700 19 900 6.400 946 200 27.800 2.500 1.074200 6 743 800 Net increase (Decreasel in Working Capta' $ 58.t 00 $ 25 400 $ 12.000 $ 210 900 1 17.On0 $ 95 100 $ 14.000 $ 200 $ 432.700 $(1.037.700) j Eeerts of Net increase j (Decrease) in W0rbng Capital Equitv in Pooied Cash $ 3 t 600 $ 23.600 $ 7.900 $ 53 000 1 14 300 $ (124 300) $ 14.300 $ 1.400 $ 2b ouo $ 96.100 investments - At Cost - - - - - (163 2001 - - t 163200) (836 800' Accrued Intevest Receivabie - - - - - (50.400) - - (50.400) 50.400 Accounts Rece vabe 20.000 2.400 - (4 300) - 16.600 - - 34 700 6 200 Due from Omer Funds - - 3.900 - - - - - 3.900 - i Invertory - Materta:s and Supones - - - 126 000 300 126 100 - - 252 400 (98 000) Accounts Payabe 3 400 1600) 200 (23 800) 2400 290.300 (3001 (1200) 270 400 (195 600) Due to Other Funds (3.900) - - - - - - 56.100 (60 000) 60.000_ Net increase tDec rease) in Worang Captat 5 58 100 $ 25 400 $ 12 000 $ 210.900 $ 17000 $ 95100 $ 14 000 $ 200 $ 432 700 $ t t .037.700) G-3 _ _ __ _ _ . _ . _... _ _ _ _ _ . _ _ _ . _ . _ _ _ _ . _ _ _ _ _ _
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COMBINING BALANCE SHEET '
- September 30,1980 1
1 ( Person Trust Funds Municipal City Polic e. Police ' Employees' Employees' Fireman s men s Penson Total Retirement Penson Pension Pension Article 11 Pensons l ASoETS ( Cash $ - $ - $ - $- $ - $ - Equity m Pooted Cash 19.100 60.200 11.000 3.500 27.000 120 800 investments at Cost 8 237.800 14 889.100 5 695.000 200.000 4.384.800 33.406.700 Accrued interest Decervable 51200 40 800 22 600 5.100 58.800 178 500 l Accour.ts Receivable 18.100 30 400 25 600 - - 74.100 Decosits - - - - - - l Due from Other Funds - - - - - - l Notes Receivable 419.400 - - - - 419.400 Co1structon m Progress - - - - - - r j Atn.e:ic staourn - - - - - - a Total A* sets $8.745.600 $15.020.500 $5.754 200 $208 600 $4.4 70.600 $ 34.199 500 LIABitifiES AND FUND BALANCES LiaMitres " Accounts Payac e ! - $ - $ - $- $ -- $ - Due to Otner Fends - - - - - - Reta-nage Payabie - - - - - - Deferreo Revenue - - - - - - Total Liabihties - - - - - - Fund Balances ! Reserved for Construction - - - - - - Reserved for Employee Reisement Pians 8,745 600 15.020 500 5.754.200 208 600 4 470 600 34,199 500 Reserved for Community and Rehab htattve T'ust - - - - - - Reserved for Restricted Tau Recetts - - - - - - Unreserved - - + - - - Total Fund Batances 8.745 600 15.020.500 5.754.200 208.600 4 34.199.500 _ .470.600 total L abilit.es and Fund Ba.ances 5208 600 $4 4 70.600 $34199 500 18.745 600 $15 020 500 $5.754 2] I I , l I H-2 l
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I Agency Expendabie Trust Funds Fund I Tarlanassee Regional Memorial Medical Downtown Stadium Center improvement Totals Operation Downtown Capital Authority Total Leon County Year Ended Stadium and improvement improvement Parking Combined E spendable F ranchise September 30. Septemoer 30. CJnstruction Maintenance Authority Trust Garage Grants Trusts Fee 1980 1979
$ - $- $- $ - $- 5 13 600 $ 13.600 $- $ 13.600 $ -
400 300 1.000 1.000 4 800 25.900 33 400 18.500 172.700 161.800 29 500 - 80,500 1,334 600 15.000 - 1.459.600 - 3a.866.300 31.179 600 1.300 - 1.000 58200 100 - 60 600 - 239.100 236.900 1.000 16.700 - - 6.400 1.091.000 1.515.100 - 1.189200 631 800 11.000 - - - - - 11 000 - 11.000 -
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1.900
- - - - - - - - 419.400 439.400 5.700 - - - - -
5.700 - 5.700 - 251.000 25 t .000 251.000 , 25t 000 -- - _- - - _-
$2iN 900 $ i 7.000 $82.500 $13932 X) 526.300 $1.130.dOO $2 950 000 $18.500 $ 37.168.000 $32.902.400 l
l $ 3.400 $ 1.000 $- $ - $38.000 $ 16200 $ 58 600 $ ? 6.500 $ 77,100 $ 91.000
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150.000 150.000 - 150.000 ?I 900 f 116 600 118.600
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116.600 - - - -
- - - - -- 3?P.500 328.500 _-_ 328.500 -
3.400 1.000 - 118 60C 38.000 494.'"i0 355.70G 18.500 674200 102.900 251 000 - - - - - 251.000 - 251,000 -
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34 159 500 27,8 W 000
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13 600 13.600 - 13.600 --
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515.700 45 500 1 A.000 82.500 1.275200 0 1.700) 672.200 2 029 700 - 2.029.700 4.4 33.8U. 296.50C 16.000 82.:40 1275200 (11.100) 635.800 2 294.300 - 36.493,800 32.799.500
$2?9 900 $17.000 $82 500 $1.393.800 $26.300 $1.130.500 $2 950 000 $18.500 $37.168.000 $32.902.403 I
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__ I CITY OF TALLAHASSEE, FLORIDA ' PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES g For the Fiscal Year Ended September 30,1980 g 'l Totals Municipal City Police- Police Year Ended l l Employees' Employees' Firemen's men's Pension September September I l Retirement Pension Pension Pension Article 11 30,1980 30.1979 I I Fund Balance - October 1 $6.915.000 $12.794.900 $5.000.700 $206.100 $3.449.000 $28.365.700 $23.252.300 ' Operating Revenues Interest Contnoutions 842.300 1.531.200 1.286.200 1.691.600 476.000 546.100 - 18.700 432.100 708.300 3.055.300 4.477.200 4.371.400 2,159.300 ll mj Miscellaneous - - _
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6.800 - 6.800 200 j Total Operatino Revenues 2.373.500 2.977.800 1,022.100 25.500 1.140.000 _ 7.539.300 6.530.900 1 Operating Expenses Benefit Payments 105.400 606.300 223.800 23.000 63.400 1.021.900 819.600 Refunds 225.500 27.600 12,000 - 4.900 270.000 249.200 Medical and insurance 155.900 84,600 21.600 - 32,500 294.600 333.400 Administrative L t.100 33.700 11.200 - 11.200 112 200 - Miscellaneous - - - - 6.800 6.800 15.30J Total Operating Expenses 542.900 268.600 23.000 118 800 1.705.500 1.417.500 B g 752.2_00 Net income 1.830.6CO 2.225.600 753.500 2.500 1.021.600 5.833.800 5.113.400 Fund Bal.ince - September 30 $0.74';.600 $15.020.500 $5.754.200 $208.600 $4.470.600 $34.199.500 $28.365.700 I l l l l I H-4
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, I CITY OF TALLAHASSEE, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Year Ended September 30,1980 Totals Municipal I City Police- Police Year Ended ' Employees' Employees' Firemen's men's Pension September September Retirement Pension Pension Pension Article ll 30.1980 30,1979 S ources of Working Capital. Operations lI , Net income $1,830.600 $2.225.600 $753.500 $2.500 $1,021.600 $5.833,800 $5.113.400 Decrease in Long Term Portion of Note Receivable 21.700 - - - - 21.700 - l Net increase in Working Capital $1.852.300 $2.225.600 $753.500 $2.500 $1.021.600 $5.855.500 $5.113.400 ! l g Elements of Net increase in ! I g Working Capital. Equity in Pooled Cash 5 6,200 $ 46.000 $ 4.100 $ (400) $ (4.400) $ 51,500 $ 54.300 Investments at Cost 1,841:200 2,263,000 750.600 (1.300) 1.002,500 5.856,000 4.866.300 I Accrued Interest Receivable Accounts Receivable Due from Otner Funds - 1.900 1,300 (91.300)
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7,900
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700 (1.900) 2.300
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31.400 (6.000) (1.900) (55,000) 1.300 (1.900) 199,400 10.900 1,900 ! Current Portion Note Receivable 1.700 1,700
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(18.500) i investments in Property Liens - - - - - - (3.200)
Due to Other Funds - - - 1.900 - 1,900 (1.900) ,i Bank Overdraft - - - - - _
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4.200 Net increase in Working Capital $1.852.300 $2.225.600 $753.500 $2.500 $1.021600 $5.855.500 $5,113.400
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I CITY OF TALLAHASSEE, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES For the Fiscal Year Ended September 30,1980 Talla-hassee Regional Memonal
, Medical Downtown '
Stadium Center improve. Operation Downtown Capital ment Totals Stadium and improve- Improve- Authonty Year Ended Construc- Mainte- ment ment Parking Combined September September tion nance Authority Trust Garage Grants 30.1980 30.1979 Fund Balances (Deficit) - October 1 $288.300 $16,000 $69.200 $3.593.000 $(21.800) $ 489.100 $ 4.433.800 $ 724.500 Revenues: Taxes - - 33.900 - - - 33.900 36.600 Intergovernmental Revenues - 28.700 - - - 10.669.200 10.697.900 3.863.400 g Charges for Services 4.500 7.600 - - 64.400 - 76.500 62.400 g intere.1 4.700 - 10.100 237.300 - - 252.100 321.300 Miscellaneous Revenue - - - - - - - 2.700 Total Revenues 9.200 36.300 44.000 237.300 64.400 10.669.200 11.060.400 4.286.400 Expenditures: Current:
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General Government 1.000 36.300 30.700 - 54.300 1.632.000 1.754.300 2.2 - Highways and Streets - - - - - 83.400 83.400 121.wu Sanitation - - - - - 59.600 59.600 221.500 Health - - - - - 71.500 71.500 - l Welfare - - - - - 917.500 917.500 625.300 l Education - - - - - 95.300 95.300 214.900 Culture and Recreation - - - - - - - 128.800 Public Safety - - - - - -- - 27.000 Capital Outtay - - - 2.555.100 - 8.948.800 11.503.900 905.700 Total Expenditures 30.700 2.555.100 54.300 11.808.100 14.485.5C0 4.531.000 1.000 _ 36.300 Excess of Revenues Over (Under) Expenditures 8.200 - 13.300 (2.317.800) 10.100 (1,138.900) (3.425.100) (244.600) Other Financing Sources (Uses) Operating Transfers in - - - - - 1.285.600 1.285.600 3.993.500 Operating Transfers Out - - - - - - - (39.600) g i Total Ott.er Financing Sources (Uses) - - - - - 1.285.600 1.285.600 3.953.9W Excess of Revenues and Other Sources Over l (Under) Expenditures 8.200 - 13.300 (2.317.800) 10.100 146.700 (2.139.500) 3.709.300 Fund Balances (Deficit) - September 30 $296.500 $16.000 $82.500 $1.275.200 $(11.700) $ 635.800 $ 2.294.300 $4.433.800 l I H-6
'I CITY OF TALLAHASSEE, FLORIDA i- AGENCY FUND - LEON COUNTY FRANCHISE FEE l COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES For the Fiscal Year Ended September 30,1980
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- Balance Balance
! October 1,1979 Additions Dele. ions September 30,1980 i l ASSETS i Equity in Pooled Cash $ --
$18,500 $ -
$18,500
!I , LIABILITIES i3 Accounts Payable $ - $18,500 $ - $18,500
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I Williams
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l Cox Weidner I Cox Certified Public Accountants 369 OFFICE PLAZA e TALLAHASSEE, FLORIDA 32301 e TELEPHONE 904/877-1118
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Y,'t SEcIiCas iNsterurt or ""[iN'$ai[l^ C
=====...u PUSLIC ACCouNrANr$
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$ E R A RE E D. C F A.
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l ' lit."!'an ';i The Honorable Mayor-Commissioner I and City Commissioners City of Tallahassee, Florida I The accompanying statistical information (pages I-3 through I-35) is not essential for a fair presentation of the combined
, 3 financial statements of the City of Tallahassee, Florida, but
' 5 is presented as additional analytical data. The information has not been audited by us, and accordingly, we do not express an opinion on them. A r k ,op e n ds Williams, Cox, Weidner and Cox December 5, 1980 ! I I I I I I
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I CITY OF TALLAHASSEE, FLORIDA g COMMENTS RELATIVE TO STATISTICAL SECTION g September 30,1980 The following statistical tables recommended by the National Council on Governmental I Accounting are not included for the reasons stated below: a) Tables which concern general obligation debt are omitted because the City has no general obligation debt. The City does have general revenue bonds which are not general g obligation debt and these corresponding tables are included. E b) Ten year debt services coverage schedules for enterprise revenue bonds have not been prepared. Due to refundings of the majority of outstanding City bonds within the last three years and the amount of additional bonds issued during this period of time, they would be confusing to the reader. The City enjoys high bond ratings and its coverage has been adequate to sustain these ratings. In several cases, its ratings have increased. Additional schedules which are felt to be useful to various users, principally investors, underwriters and rating agencies have been included in this section. , I I I I l l I I l I I l-2
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4 lI i CITY OF TALLAHASSEE, FLORIDA
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- 3 GENERAL GOVERNMENT EXPENDITURES BY FUNCTION I Last Ten Fiscal Years
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i Streets Culture Fiscal Total General Pub;ic and and Transfer to Year Expenditures Government Safety Highways Sanitation Recreation Health Welfare Other Funos i 1971 5 8.594.100 $ 1.566.400 33.256.000 $1.091.800 $1.410.000 $ 945.500 $324.400 $ -
$ -
f 1972 9.748.292 2.136.113 3.986.936 951.876 1.482.352 1.016.482 174.533 - - !gW I 1973 11.127.879 2.519.905 4.337.965 801.473 1.824.815 1.412.661 190,646 40.414 -
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i 1974 15.030.507 3.087.976 4.649.977 1.048.296 1.746.048 1.342.512 255.617 45.924 2.854.157 1975 16.089.605 3.305.215 5.435.655 730.244 1.785.104 1.556.176 230.896 47.461 2.998.854 i 1976 17.312.322 3.722.436 5,698.606 1.1 7.326 2.113.976 1.560.104 442.037 105.637 2.492.200 1.202,200 1,620.000 I 1977 19,369.500 4.700.000 6.206.000 2.284.200 585.800 134.800 2.636.500 1978 24.321.800 9.006.300 6.278.900 1.105.700 2.179.100 1,722.700 501.300 199.500 3.328.300 f 1979 24.932.400 10.485.400 7.362.800 1.412.vA 2.712.900 1.866.300 572.500 257.700 262.800 1980 27.185.000 8.341.200 8.354.700 1.602.900 2.762.800 2.196.900 669.300 307.200 2,950.000 4
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CITY OF TALLAHASSEE, FLORIDA g GENERAL REVENUES BY SOURCE E Last Ten Fiscal Years Licenses Fines Charges Intergov- Miscel-Total and and for ernmental Transfers laneous Year Revenue Taxes Permits Forfeits Services Interest Revenues in Revenues 1971 $ 8.542,910 $2.451.118 $501.089 $418.607 $1,455.671 5 8.988 $ -
$ 3,656,793 $ 50,644 1972 10.012.333 3,254,364 822,623 438.976 1,779,197 8.404 - 3,633,325 75.444 1973 11.232.054 2,630,197 582,526 286,531 2,045.963 29.749 1,956.341 3.630.124 70.623 1974 15.062.067 4.422.017 685,159 294,720 2.023,835 143 2,442,944 5.013.580 179,669 1975 16.453.759 5.640.614 607,457 184,721 2.471.212 314 4.087,192 3,348,782 113.467 l
g 1976 17.552.083 6.173.954 602.241 240,221 2.270.021 11 3.909.205 4.253.094 103.336 1977 23,177,600 5,468.700 652.600 297.700 2,462.800 200 4.599.600 9.489.400 206.600 1978 23.025.700 5,664.800 653.200 259.400 2,397,100 184.200 5.237,200 8,337,700 292,100 1979 24,723.000 5.950,400 783,600 293.600 2.401,600 341.100 6.283,400 8.160,000 509.300 l W 1980 27,322,000 6.569.600 895.000 287,600 2,652,800 648,100 5.941,700 10,175.000 152,200 I, I I' I I I I I I I l-4 _ . . . . _ . . - . _ - _ _ _ _ . , , _ _ _ _ . . , _ _ _ _ _ . ____
__ __ lI l l CITY OF TALLAHASSEE, FLORIDA l TAX REVENUE BY SOURCE j Last Ten Fiscal Years l Additional j General Homestead i Fiscal Total Property Telephone Utility Exemption Cigarette Gasoline j Year Taxes Taxes Taxes Taxes for Elderly Tax Taxes l 1971 $2.451,118 $1,167,588 $- $ 835,849 $- $441,681 $- 1972 3,254,364 1,278,082 - P 49,788 - 744,562 381,932 l j 1973 2,630,197 1,362,223 - 993,903 - 232,671 41,400 j 1974 4,422,017 1,488,040 - 2,507,935 - 426,042 - l 1975 5,640,614 2,399,647 535,954 2,356,663 30,270 318,080 - 1 1976 6,173,954 2,488,258 619,093 2,747,540 37,815 281,248 -
- g 1977 5,468,700 2,528,800 626,300 1,990,000 34,700 288,900 -
1978 5,664,800 2,605,800 702,000 2,034,700 44,100 278,200 3 - 1979 5,950,400 2,664,900 767,000 2,160,500 72,100 285,900 - l 1980 6,569,600 2,992,300 813,700 2,388,300 75,600 299,700 - 1 i l I i ! 4
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CITY OF TALLAHASSEE, FLORIDA PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Fiscal Years Total Taxable Fiscal Assessed Assessed Tax Percent Year Valuation Valuation Levy Collection (1) 1971 $ 786,990,223 $ 374,059,369 $1,309,207 $1,278,082 97 1972 984,263,951 398,801,551 1,395,805 1,362,223 98 1973 (2) 1,078,178,739 438,977,189 1,536,420 1,488,040 97 1974 (2) 1,561,689,103 714,037,947 2,499,132 2,399,647 96 1975 (2) 1,654,962,040 729,603,502 2,553,612 2,488,258 97 1976 1,487,121,878 745,149,899 2,608,025 2,528,800 97 1977 1,619,802,032 767,861,047 2,687,5i3 2,605,800 97 1978 1,707,374,215 787,979,770 2,757,929 2,664,900 1,812,233,421 877,107,600 97 g 1979 3,069,877 2,992,300 97 g 1980 2,234,694,574 1,133,300,388 3,168,708 N/A N/A (1) Florida Statutes provide for a discount of up to four percent for early payment of ad valorem taxes. All unpaid taxes become delinquent on April 1, and are sold at auction on June 1 of each year as tax certificates. The City, after all tax certificates are sold, has fully collected all ad valorem tax revenues. (2) The reports received from Leon County Property Appraisers Office included a value of approximately $190 million outside the corporate City limits of Tallahassee. (Both the original and the revised figures were supplied by the Leon County Tax Appraisers Office). ' I I I l-6
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i i s i ! CITY OF TALLAHASSEE, FLORIDA l ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY i Last Ten Fiscal Years i j Real Property Personal Property Centrally Assessed Totals Estimated Estimated Estimated Estimated Ratio of Total l ! Fiscal Assessed Actual Assessed Actual Assessec Actual Assessed Actual Assessed to Total l Year Value Value Value Value Value Value Value Value Estimated Actual Value 1971 $320.545.720 $599.168.720 $ 52.589.600 $186.897.454 $ 924.049 $ 924.049 5 374.059.569 $ 786.990.223 47.5 % 1972 336.773.210 809.092.760 61.087.920 174.230.770 940.421 940.421 398.801.551 984.263.951 40 5 % 1973 3G4.675.130 846.817.770 73.314.550 230.373.460 987.509 987.509 438.977.189 1.078.178.739 40.7 % i 1974 618.272.980 1.262.842.164 94.784.730 297.866.702 980.237 980.237 714.03 t.947 1.561.689.103 45.7 % l 1975 622.431.703 1.323.518.908 106.185.870 330.457.203 985.929 985.929 729.603.502 1.654.% 2.040 44.1 % l 1976 630.408.399 1.147.589.595 113.772.700 338.563.483 % 8.800 968.800 745.149.899 1.487.121.878 501 % j 1977 646.843.779 1.323.381.595 119.759.830 295.162.999 1.257.438 1.257.438 767.661.047 1.619.802.032 47 4 % j 1978 662.601.849 1.395.453.095 124.145.300 310,688.499 1.232.621 1.232.621 787,979.770 1,707.374.215 46.2 % l 1979 736.387.730 1.475.325.750 139.452.958 335.640,759 1.266.912 1.266.912 877.107.600 1.812.233.421 48 4 % 1980 977.298.600 1.871,964.177 154.777.360 361.505. % 9 1.224.428 1.224.428 1.133.300.388 2.234.694.574 50.7 % lI ! , l I i
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I CITY OF TALLAHASSEE, FLORIDA , ASSESSED VALUATIONS, MILLAGE AND TAXES
I LEVIED AND COLLECTED l Last Ten Fiscal Years 1971 1972 t973 1974 t 975 1976 1977 1978 1979 1980 _ TOTAi V AtuA70NS 57A6 9 36 234 5985.593 52' 11078178 739 115'6 689103 $1654 M2 040 St 4> T21878 $16'9 602 C32 Si 707 374 2t5 1 812 233 421 52 234 694 574 AE AL E STATE E rf UpT0NS l Ag%%'s. Ahvereat - - - - - 78 546 78 546 78 546 153 750 233 677
- Fece'a. Govewen' 6 833 700 10.?33 906 12 613 830 16 650 2 % 1 983 9 455 600 14 657 238 16 747.073 19 645 781 217M257 f
Sta e Gove'nrneni 83 462 343 123 778 220 t 42 000170 t 87 440 224 340.930.140 228 796 690 233.239 562 203.239 562 238.268 X5 264 276 703 5'a'e wer s.tv e'c 163 575 130 242 566 920 245 790 760 324 443 8C3 196248 055 23a 798 950 3A3 55? 35i 385 191.142 388 048 834 406 233372 Canty C ove'nraeN 6 669100 9 937 113 9 976 990 13 169 627 13 905 662 12 313 7CC 14 993 542 14 373 736 16 858 431 18 696 647 Cos.Ny Sr.wA. etc 32 S3C 600 48 646 9eC 49 438 625 65 256 965 E>J 915 416 3 7 C49 290 43154 8 a 5 43 113 483 43433.337 45.4 % 688 C 4y 25 68.3 440 38 CMS 310 66 358 545 87 7ee 455 92 7 % 015 69 354 087 47 362 778 52 C?9 721 61 C53 043 67.717413 h2 v=La or avesresa E se%tes 57693 850 57 774 480 58 289 D60 58 647 360 6 7 BM 100 64 640 550 72.3C4110 72 996 830 73 956 122 170677 9's3 O'** CF4'4acie r E se%tes 35 395 4U0 52 468 770 54 133 570 94 214 446 9e 994 9C 7 49 752 537 43 389 863 43196 5C4 43 7'8 458 45 767169 FE Ast%AL PACPE A7v ADJu$iVEN7 Dre'ence be'**en ir ven'o'y at Ave'ege A4'e and 25% W wa:ve (13% tot 19?9 arvJ 1 W) - - - - 30 22t 260 27 732 029 29 205 100 40 345 C72 49 993 030 635303t0
,70f AL E sEMP!CN AND AD JUS TME NT 4'2113 7F/3 % 3 444 750 639 2'31 550 871 561669 84 7 65 t .' % 925 358 538 741 971 979 851 940 985 935.125 821 1 901.394 186 TA* A8LE vAWAT0N 3374 822 474 5402 548 771 $ 4 3e 97 7.t B9 5 669 037 947 5 '29 603 502 5 745 t49 899 5 767861047 1 635 8t2 546 5 877.107 600 St 133 300 388 M_L LAGE LE v E D cet.t se,,.ce _ _ _ _ _ _ _ _ _ _
C>tv Gene'a' 3 40 3 50 3 50 3 50 1 50 3 50 3 50 3 50 3 50 2 796 Tcea. M ra9e teved 3 43 3 50 3 50 3 50 3 50 1 50 3 50 3 50 3 50 1FM TCtAL T A s HOLL 1 1 509 06' i t 395 854 1 1 536 423 5 2 4 H 133 $ 2 553 612 5 2 608 025 5 2 687 513 5 2 75? 9.9 5 3 C69 877 5 3 168 738 ten Abswed 4 4 C v our's 22.254 23 938 50 756 - 43 929 82 806 74 796 78 686 m.P oCeiS MroceSS Net Tae Ac*e 5 ' ?ts6 813 5 13749*6 5 1485E64 $ 2 4W 133 $ 2 509 684 5 2 525 25 9 $ 2 612 717 5 26?9243 h. Process WP'ocess NE T CCtLEC?E Cit 3 3 ;p 3 tg g , 32s 794 $ 1 477 982 1 23?9647 5 2 448 258 5 2 524 125 5 2 598 '20 $ 26649:0 1 2 992 321 M'oc ess
.o Fuca 5: aves cvowoe 'or a escount oft,p to W pe'ceat 'or ea", oac+at of ad vao em tases Aa ma ta es becce ceurg.+nt on Ap'd i and a e 5050 at aucte on Ju% i of each yea' as !as ce". cates f *e C/y a"er di 14s certo ch'es d'e SO4 Mas % CCri ec'ed an ad waoreM tas ' eve %es I-8
l CITY OF TALLAHASSEE, FLORIDA PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS l Las Ten Fiscal Years City of Tallahassee County School Board Leon County Fiscal vebt Debt Debt Year Operating Service Operating Service Operating Service Total 1971 3.40 0 10.743 2.019 6.455 0 22.617 1972 3.50 0 10.000 2.019 7.250 0 22.769 I 1973 1974 3.50 3.50 0 0 10.000 7.800 1.650 0.000 7.250 4.250 0 0 22.400 15.550 1975 3.50 0 7.970 0.500 4.330 0 16.300 1976 3.50 0 8.000 0.500 4.400 0 16.400 1977 3.50 0 8.000 0.730 5.500 0 17.730 1978 3.50 0 8.000 0.720 5.640 0 17.860 1979 3.50 0 6.750 0.634 3.640 0 14.524 1980 2.796 0 6.159 0.551 4.846 0 14.352 I I I l-9
CITY OF TALLAHASSEE, FLORIDA SPECIAL ASSESSMENT COLLECTIONS < Last Ten Fiscal Years Total Total Assessments Ratio of Outstanding Due - Current Collections Assessments Fiscal Beginning of Assessments To Amount End of Year Fiscal Year Collected Due Fiscal Year l 1971 $558,148 $296,504 53.12 % $ 264,349 1972 264,349 154,042 58.28 % 195,069 1973 195,069 109,070 55.92 % 173,456 1974 173,456 85,517 49.31 % 183,500 1975 183,500 62,811 34.23 % 176,735 1976 176,735 35,851 20.29 % 151,308 1977 151,308 56,600 37.41 % 221,000 1978 221,000 55,500 25.12 % 156,900 1979 156,900 31,700 20.20 % 125,300 1980 125,300 25,114 20.06 % 1,014,040 The Charter of the City of Tallahassee allows the City Commission to assess the costs of street paving and sidewalks construction to the adjacent owners. Normally, this is collected in equal principal installments over a ten-year period with interest computed at eight percent. This assessment constitutes a lien against the property which can be foreclosed upon default. I I I I I l-10
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CITY OF TALLAHASSEE, FLORIDA ]g3 COMPUTATION OF LEGAL DEBT MARGIN l September 30,1980
4 . ' TAXABLE ASSESSED VALUE $1,133,300,380 t Debt Limit 20 Percent of Assessed Value $ 226,660,076 ' Amount of Debt Applicable to Debt Limit:
- Total Bonded Debt $ -
'I Other Debt -
Less: Assets in Debt Service Funds - Other Deductions Allowed by Law - - I l Legal Debt Margin $ 226,660,076
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. , The City of Tallahassee has no outstanding general obligat,on debt.
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_ CITY OF TALLAHASSEE, FLORIDA g COMPUTATION OF DIRECT AND OVERLAPPING DEBT 5 September 30,1980 DIRECT DEBT I City Tax Supported Ad Valorem Debt 5 - Non Self-Supporting Revenue Debt: Capital Bonds, Series 1978 (Dated 6-15-78) $ 38.800.000 Capital Bonds Series 1979 Renewal Notes (Dated 3/1/80) 2,500,000 Less: Sinking and Reserve Funds (9.258.200) $ 32,041,800 Total Non Self-supporting Revenue Debt 32,041,800 Self-Supporting Revenue Debt: Electric Revenue Bonos, Series 1977 (Dated 3/1/77) 124,865,000 Less: Sinking and Reserve Funds (10.800.400) 114,064.600 Water and Sewer Revenue Bonds (Dated 5n!58-64) 760.000 Gas Revenue Bonas, Series A B, and C (Dated 1/1/55-56-57) 585,000 Municipal Utility Revenue Bonds (Dated 10/1/70-79) 21,600,000 g Less: Sinking and Reserve Fund (2,127.500) 20.817.500 g Total Self-Supporting Revenue Debt 134.882.100 Total Direct Debt 166,923,900 OVERLAPPING l Tax Supported Ad Valorem Debt i Special Tax School District No.1 School Bonds (Dated 2/1/64-10/1/68) 6.350.000 Less: Sinking and Reserve Funds (652.500) 5,697,500 , Non Self-Supporting Revenue Debt: l Leon County Capital Improvement Series 1976-77 g Revenue Bonds Civic Center (Dated 10/1/76) 7,270.000 m Less: Sinking and Reserve Funds (613.300) 6.656.700 Leon County Capitat improvement Series 1977 l
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Revenue Bonds Land Fill (Dated 7/1/78) 1.645.000 Less: Sinking and Reserve Funds (148.000) 1.497.000 Total Overlapping Debt 5 13.851.200 CITY SHARE OF NET OVERLAPPING DEBT (1) 7.479.600 g i e TOTAL CITY DIRECT AND OVERLAPPING DEBT 5174.403.500 (1) City share calculated based on 1980 County Taxable Valuation of $2,097,521,729 and City Taxable Valuation of 51,133.300.388, percent overlapping 54% , 1-12 ,
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I CITY OF TALLAHASSEE, % LORIDA SCHEDULE OF GENERAL REVENUE BOND COVERAGE Last Ten Fiscal Years Percent of Debt Service Fiscal Gross Cebt Service Requirements Coverage to General Ycar Revenue Expenses Principal InterestW Total Ratio % Expenditures 1971 $ 8,542,910 $ 8,594,100 $ 308.000 $ 336,069 $ 644,069 13.3 7.5 1972 10,012,333 9,748,292 195,815 327,790 523,605 19.1 5.4 1973 11,232,054 11,127,879 186,941 253,206 440,147 25.5 4.0 1974 15,062,067 15.030,507W 186,941 997,296 1,184,237 12.7 7.9 1975 16,453,759 16,089,605 495.654 1,481,882 1,977,536 8.3 12.3 1976 17,552,083 17,312,322 539,444 1,464,645 2,004,089 8.8 11.6 1977 23,177,600 19,369,500m 596,100 1,440,300 2,036,400 11.4 10.5 1978 23,025,700 24,321,800(3) 955,000 9 910,000 1,865,000 12.3 7.7 1979 24,723,000 24,932,400 920,000 2,208,644 3,128,644(6) 7.9 12.5(6) 1980 27,322,000 27,185,000 3,175,000 2,488,281 5,663,281 4.8 11.6 (1) The City consolidated many of its Special Revenue Funds into the General Fund beginning in 1974. Revenues and expenditures within these funds were not included as part of the General Fund. Expenditures within these Special Revenue Funds during 1973 amounted to over $1,800,000. (2) By City Commission action, the City of Tallahassee created a Reserve for Deficiencies and Emergencies in the amount of $2,006,300. (3) At the end of fiscal year 1977-78, the City Commission authorized transfers to other funds in the amount of
$3,078,000 for the creation of reserve to further strengthen the City's financial position. This amount included
$250,000 for the Insurance Reserve Fund, $1,927,000 to fund permanent inventories for the Warehouse, Garage, and Purchasing Funds, $15,000 for working capital of the Stadium Operation and Maintenance Fund and $886,000 for Fleet Management. If these transfers had not been made, the General Fund would have had an excess of revenues over expenditures of $1,781,900.
(4) Interest expenses reflect only that which was paid from current revenues and does not include any capitalized interest. (5) The City advance refunded all of its outstanding General City Debt using the invested Sinking Fund technique. Some of the principal payments shown actually reflect the purchase of direct U.S. Government Obligations which are irrevocably pledged and held by a trustee for the payment of principal. (6) On March 1979 the City sold $2,500,000 of Capital Bonds, Series 1979. Anticipation Notes to mature April 1,1980 I at 6% On March 28,1980 the City issued $2,500,000 of Capital Bonds, Series 1979, Renewal Anticipation Notes to mature October 1,1981 at 9% The proceeds of the Renewal Notes were used to retire the 1979 Notes at maturity. The City has subsequently set aside from other evailable funds, monies ufhient to retire the Renewal Notes at maturity. The retirement of the 1979 Notes and the Renewal Notes are rh reflected in " Percentage of Debt Service to General Expenditures.' l-13
CITY OF TALLAHASSEE, FLORIDA g SPECIAL CITY DEBT 3 CAPITAL BONDS - SERIES 1978 September 30,1980 Principal Invested invested Amount of Sinking Sinking Net Sinking Fund Fund Payment Coupon Fund Principal Interest Purchases Earnings Due Rate % Purchases 11-15-80 $ -
$1,220,920 $356,047 $ 91,744 $1,485,223 -
$365,000 5-15-81 -
1,220,920 385,362 106,116 1,500,166 - 395,000 11-15-81 - 1,220,920 395.175 121,669 1,494,426 - 405,000 5-15-82 - 1,220,920 419,628 137,616 1,502,932 - 430,000 11-15-82 - 1,220,920 370,891 154,547 1,437,264 - 380,000 5-15-83 - 1,220,920 419,762 169,509 1,471,173 - 430,000 11-15-83 - 1,220,920 444,239 18S,441 1,478,718 - 455,000 5-15-84 - 1,220,920 463,847 204,356 1,480,411 - 475,000 11-15-84 - 1,220,920 478,578 223,059 1,476,439 - 490,000 5-15-85 - 1,220,920 507,872 242,353 1,486,439 - 520,000 11-15-85 - 1,220,920 517,842 262,828 1,475,934 - 530,000 5-15-86 - 1,220,920 547,266 283,697 1,484,489 - 560,000 11-15-86 - 1,220,920 566,927 305,747 1,482,100 - 580,000 5-15-87 - 1,220,920 591,490 328,584 1,483,826 - 605,000 g 11-15-87 - 1,220,920 606,292 352,406 1,474,806 - 620,000 3 5-15-88 - 1,220,920 640,669 376,819 1,484,770 - 655,000 11-15-88 - 1,220,920 660,393 402,609 1,478,704 - 675,000 g 5-15-89 - 1,220,920 689,920 429,188 1,481,652 - 705,000 m 11-15-89 - 1,220,920 714,575 456,947 1,478,548 - 730,000 5-15-90 - 1,220,920 744,146 485,691 1,479,375 - 760,000 g 11-15-90 - 1,220,920 788,433 515,616 1,493,737 - 805,000 W j 5-15-91 - 1,220,920 818,058 547,313 1,491,665 - 835,000 l 11-15-91 - 1,220,920 842,809 580,191 1,483,538 - 860,000 l 5-15-92 - 1,220,920 882,297 614,053 1,489,164 - 900,000 l 11-15-92 - 1,220,920 907,111 649,491 1,478,540 - 925,000 5-15-93 - 1,220,920 873,090 685,913 1,408,097 - 890,000 11-15-93 1,000,000 1,220,920 - 720,956 1,499,964 5.80 - l 5-15-94 1,055,000 1,191,920 - 720,956 1,525,964 5.90 - l 11-15-94 995,000 1,160,797 - 720,956 1,434,841 5.90 - 5-15-95 1,090,000 1,131,445 - 720,956 1,500,489 6.00 - 11-15-95 1,125,000 1,098,745 - 720,956 1,502,789 6.00 - 5-15-96 1,165,000 1,064,995 - 720,956 1,509,039 6.10 - 11-15-96 1,200,000 1,029,462 - 720,956 1,508,506 6.10 - 5-15-97 1,240,000 992,862 - 720,956 1,511,906 6.20 - 11-15-97 1,280,000 954,422 - 720,956 1,513,466 6.20 - l (Continued on Next Page) 1-14
_ I CITY OF TALLAHASSEE, FLORIDA SPECIAL CITY DEBT CAPITAL BONDS - SERIES 1978 September 30,1980 I (Continued) I Invested Sinking Invested Sinking Net Principal Amount of Sinking Fund Fund Payment Coupon I 5-15-98 Principal
$ 1,325,000 $
Interest 914,742 $ Purchases
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$
Earnings 720,956 Due
$ 1,518,786 Rate %
6.30 Fund Purchases
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1,360,000 873,005 720,956 1,512,049 I 11-15-98 6.30
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5-15-99 1,405,000 830,165 - 720,956 1,514,209 6.35 - 11-15-99 1,455,000 785,556 - 720,956 1,519,600 6.35 - 5-15-00 1,510,000 739,360 - 720,956 1,528,404 6.40 - 11-15-00 1,555,000 691,040 - 720,956 1,525,084 6.40 - 5-15-01 555,000 641,280 - 720,956 475,324 6.40 - 11-15-01 580,000 623,520 - 720,956 482,564 6.40 - 5-15-02 1,330,000 604,960 - 720,956 1,214,004 6.40 - 11-15-02 - 562,400 - 720,956 (158,556) - - 5-15-03 - 562,400 - 720,956 (158,556) - - 11-15-03 - 562,400 - 720,956 (158,556) - - 5-15-04 - 562,400 - 720,956 (158,556) - - 11-15-04 - 562,400 - 720,956 (158,556) - - I 5-15-05 11-15-05 5-15-06
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-
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562,400 562,400 562,400
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-
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720,956 720,956 720,956 (158,556) (158,556) (158,556)
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11-15-06 - 562,400 - 720,956 (158,556) - - 5-15-07 - 562,400 - 720,956 (158,556) - - 11-15-07 17,575,000 562,400 - 720,956 17.416,444 6.40 - TOTALS $38.800.000 $54,479,516 $15,632,719 $29,822,227 $79,090,008 Bonds Dated: June 15,1978 Original issue Amount: $38,800,000 Principal Due: June 15 and November 15 of each year beginning November 15,1993
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Interest Due: June 15 and November 15 of each year beginning November 15,1978 Paying Agent: Industrial National Bank of Rhode Island Bonds Maturing Call Premium November 15,1988 to November 14,1989 Two Percent I November 15,1989 to November 14,1990 November 15,1990 to November 14,1991 November 15,1991 to November 14,1992 One and One-half Percent One Percent One-half of One Percent November 15,1992 and Thereafter Par Security: The Bonds are secured and payable by an irrevocable first or prior tien on certain revenues of current services, State Revenue Sharing,10% Utility Tax, and " Uncommitted Revenues" of the City's Electric, Water, Gas and Sewer System. I Bond Ratings: Moody's A1, Standard & Poor's A Note: On May 15,1978, the City refunded all of its outstanding Capital Revenue Bonds ($31,050,000) and the outstanding Municipal Hospital Utility Tax Bonds ($2,706.000) and acquired $5,718,000 in new construction funds. This was accomplished by using the Invested Sinking Fund technique through advanced refunding. 1-15
I CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS ELECTRIC SYSTEM UNTIL MATURITY g September 30,1980 g Electric Revenue Bonds, Series 1977 Fiscal g Year Coupon g Ending Principal Interest Total Rate % 1981 $ 3,860,000 $ 6,924,830 $ 10,784,830 4.15 E 1982 4,005,000 6,764,640 10,769,640 4.35 E 1983 4,210,000 6,590,423 10,800,423 4.50 1984 4.395,000 6,400,972 10,795,972 4.65 1985 4,600,000 6,196,605 10,796,605 4.80 1986 4,820,000 5,975,805 10,795,805 4.90 1987 4,265,000 5,739,625 10,004,625 5.00 1988 4,490,000 5,526,375 10,016,375 5.15 1989 4,720,000 5,295,140 10,015,140 5.30 1990 4,970,000 5,044,980 10,014,980 5.40 1991 5,235,000 4,776,600 10,011,600 5.50 1992 5,525.000 4,488,675 10,013,675 5.60 1993 5,830,000 4,179,275 10,009,275 5.80 1994 6,165,000 3,841,135 10,006.135 5.80 1995 6.565,000 3,483,565 10.048,565 5.80 1996 3,445,000 3,102,795 6.547,795 5.80 1997 3,560,000 2.902,985 6 462,985 5.80 1998 3,840,000 2,696,505 6.536,505 6.10 1999 4,070,000 2,462,265 6,532,265 6.10 2000 4,315,000 2.213,995 6,528,995 6.10 2001 4,570,000 1,950,780 6,520,780 6.10 2002 4,850,000 1,672,010 6,522,010 6.10 2003 5,150,000 1,376,160 6,526,160 6.10 2004 5,460,000 1,062,010 6,522,010 6.10 2005 5,795,000 728,950 6,523,950 6.10 2006 6,155,000 375,455 6.530,455 6.10 TOTALS $124.865,000 $101,772,555 $226,637,555 Bonc Dated: March 1,1977 Original Issue Amount: $134,245,000 (Refunded $129,245,000 Outstanding bonds of various issues and provided $7,200,000 of new money). Principal Due: October 1, beginning 1978 Interest Due: April 1 and October 1 of each year, beginning October 1,1977 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium October 1,1987 to September 30,1988 Three Percent October 1,1988 to September 30,1990 Two and One Half Percent October 1,1993 to September 30,1992 Two Percent , October 1,1992 to September 30,1994 One and One Half Percent October 1,1994 to September 30,1996 One Percent October 1,1996 to September 30,1998 One Half of One Percent g October 1,1998 and thereafter Par 3 Security: The Bt.nds are secured and payable frorr. a first lien upcn and pledge of the net revenues of the Municipal Electric System. Ratings: Moody's A1, Standard and Poor's AA l-16
I CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY I September 30,1980 Municipal Gas Revenue Bonds, Fiscal Series A Year Coupon Ending Principal Interest Rate % 1981 $ 50,000 $ 7,637 3.25 1982 50,000 6,013 3.25 1983 50,000 4,387 3.25 1984 55,000 2,681 3.25 1985 55,000 894 3.25 TOTALS
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$260,000 $21,612 I Bond Dated: January 1,1955 Original Issue Amount: $1,000,000 Principal Due: January 1, beginning 1957 Interest Due: January 1 and July 1 of each year, beginning July 1,1955 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium January 1,1980 and thereaf ter Par Security: The Bonds are secured and payable, on a parity with the outstanding Municipal Gas I Revenue Bonds, Series B and C, from a first lien upon the net revenues of the Municipal Gas System.
> Bond Rating: Moody's NR, Standard and Poor's A l
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CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY September 30,1980 Municipal Gas Revenue Bonds, I Fiscal Series B Year Coupon Ending Principal Interest Rate % 1981 $ 25,000 $ 5,155 3.75 1982 25,000 4,219 3.75 1983 25,000 3,218 3.75 1984 25,000 2,344 3.75 1985 25,000 1,405 3.75 1986 25,000 469 - TOTALS $150,000 $16,810 Bond Dated: January 1,1956 Original Issue Amount: $500,000 Principal Due: January 1, beginning 1958 g interest Due: January 1 and July 1 of each year, beginning July 1,1956 E Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium ' January 1,1980 and thereafter Par Security: The Bonds are secured and payable, on a parity with the outstanding Municipal Gas Revenue Bonds, Series A and C, from a first lien upon the net revenues of the Municipal Gas System. Bond Rating: Moody's NR, Standard and Poor's A I I I I l-18
CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY September 30,1980 I Municipal Gas Revenue Bonds, Fiscal Series C Year Coupon Ending Principal Interest Rate % 1981 $ 25,000 $ 5,862 3.70 , 1982 25,000 4,950 3.60 1983 25,000 4,050 3.60 1984 25,000 3,150 3.60 1985 25,000 2,250 3.60 i 1986 25,000 1,350 3.60 , 1987 25,000 450 3.60 TOTALS $175,000 $22,062 I Bond Dated: January 1,1957 Original Issue Amount: $500,000
- I Principal Due
- January 1, beginning 1959 interest Due: January 1' and July 1 of each year, beginning July 1,1959 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium January 1,1980 and thereafter Par Security: The Bonds are secured and payable, on a parity with the outstand ng Municipal Gas
, Revenue Bonds, Series A and B, from a first lien upon the net revenues of the Municipal Gas System.
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Bond Rating: Moody's NR, Standard and Poor's A 4
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CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY September 30,1980 Municipal Water and Sewerage Fiscal Revenue Bonds. Series of 1958 Year Coupon Ending Principal Interest Rate % 1981 560.000 5600 1.00 TOTALS $60.000 S600 Bond Dated: May 1,1958 Original issue Amount: $1,200,000 Principal Due: May 1, beginning 1960 Interest Due: May 1 and November 1 of each year, beginning May 1,1959 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium May 1,1980 and thereaf ter Par Security: The Bonds are secured and payable, on a parity with the Water and Sewerage Revenue Bonds, Series 1964, from a first lien upon the net revenues of the Water and Sewerage System. Bond Rating: Moody's A1, Standard and Poor's AA I i I , I l I l I l i I i l l-20 ! \ I
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CITY OF TALLAHASSEE, FLORIDA
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SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM I UNTIL MATURITY September 30,1980 I Municipal Water and Sewerage Fiscal Revenue Bonds, Series of 1964 Year Coupon
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Ending Principal Interest Rate % 1981 $100,000 $18,200 3.60 1982 100,000 14,600 3.60 1983 100,000 11,000 3.60 -E 'E 1984 100,000 7,400 3.60 1985 100,000 3,800 3.60 1986 100,000 200 0.10
- 1 1987 100,000 100 0.10 TOTALS $700,000 $55,300 Bond Dated
- May 1,1964
- g Original issue Amount
- $1.700,000
- 3 Principal Due
- May 1, beginning 1966
, Interest Due: May 1 and November 1 of each year, beginning May 1,1964 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium May 1,1980 and thereaf ter Par Security: The Bonds are secured and payable, on a parity with the Water and Sewerage Revenue Bonds, Series 1958, from a first hen upon the net revenues of the Water and Sewerage System. Bond Rating: Moody's A1, Standard and Poor's AA !I !I
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CITY OF TALLAHASSEE, FLORIDA g
SUMMARY
OF DEBT SERVICE REQUIREMENTS g UTILITY SYSTEM UNTIL MATURITY September 30,1980 Municipal Utility Revenue Bonds, Series 1970 Fiscal g Year Coupon W Ending Principal Interest Total Rate % 1981 $ 125,000 $ 386,750 $ 511,750 6.10 1982 150,000 379,125 529.125 6.10 1983 150,000 369,975 519,975 6.10 1984 175,000 360,825 535,825 6.10 1985 200,000 350,150 550,150 6.10 1986 275,000 337,950 612.950 6.10 1987 300,000 321,175 621,175 6.10 1988 450,000 302,875 752,875 6.10 1989 475,000 275,425 750,425 6.00 1990 500,000 246,925 746,925 5.90 550,000 217,425 767,425 E 1991 5.95 5 1992 600,000 184,700 784,700 6.00 1993 650,000 148,700 798,700 6.00 650,000 109,700 759,700 E 1994 6.00 3 1995 700,000 70,700 770,700 6.00 1996 700,000 28,700 728,700 4.10 TOTALS $6,550,000 $4,091.100 $10,741,100 Bond Dated: October 1,1970 g Original issue Amount: $7,300,000 g Principal Due: October 1, beginning 1972 Interest Due: April 1 and October 1 of each year, beginning October 1,1972 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium October 1,1986 - September 30,1989 Three Percent October 1,1989 - September 30,1992 Two Percent October 1,1992 and thereafter poor to maturity One Percent Security: The Bonds are secured and payable, on a parity with the Outstanding Municipal Utility Revenue Bonds, Series 1970-A and 1979, as subordinate as to lien on and security for payment to the outstanding Municipal Gas Revenue Bonds and outstanding Municipal Water and Sewerage Revenue Bonds, from the net revenues of the Municipal Gas, Water and Sewerage Systems. Bond Ratings: Moody's A ' . Standard and Poor's A + I I l-22
I CITY OF TALLAHAS SEE, FLORIDA I
SUMMARY
OF DEBT SERV OE REQUIREMENTS UTILITY SYSTliM I UNTIL MATURITY September 30,1980 Fiscal Municipal Utility Revenue Bonds, Series 1970-A Year Coupon Ending Principal Interest Rate % 1981 $ 75,000 $ 158,650 7.5 1982 125,000 153,025 4.3 1983 150,000 147,650 4.5 1984 150,000 140,900 4.65 1985 150,000 133,925 4.80 I 1986 1987 1988 150,000 175,000 175,000 126,725 119,300 110,375 4.95 5.1 5.2 I 1989 1990 1991 200,000 200,000 200,000 101,275 90,675 79,875 5.3 5.4 5.5 I 1992 1993 1994 200,000 200,000 250,000 68,875 57,675 46,275 5.6 5.7 5.75 1995 250,000 31,900 5.8 i 1996 300,000 17,400 5.8 TGTALS $2,950,000 $1,584,500
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Bond Dated: October 1,1970
- Original Issue Amount
- $3,150,000
- Principal Due
- October 1, beginning 1977 j interest Due: April 1 and October 1 of each year, beginning April 1,1977 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium l
October 1,1986 to April 1,1989 Three Percent
- October 1,1989 to April 1,1992 Two Percent j October 1,1992 and thereafter
' prior to maturity One Percent g Security: The Bonds are secured and payable, on a parity with the Outstanding Municipal Utility Revenue 3 Bonds, Series 1970 and 1979, as subordinate as to tien on and security for payment to the outstanding Municipal Gas Revenue Bonds and outstanding Municipal Water and Sewerage Revenue Bonds, from the net revenues f the Muni ip I Gas, Water and Sewerage Systems. !E Bond Ratings: Moody's A1, Standard and Poor's A+ 3 lI 'I Ig 1-23
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I CITY OF TALLAHASSEE, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS UTILITY SYSTEM UNTIL MATURITY E September 30,1980 W Fiscar Municipal Utility Revenue Bonds Series 1979 Year Coupon 5 3 Ending Principal Interest Rate % 1981 5 175,000 $ 711,415 6.25 1982 175,000 700,478 6.25 1983 180,000 689,540 6.25 1984 190,000 678,290 6.25 1985 200,000 666,415 6.25 1986 210,000 653,915 6.25 1987 225,000 640,790 6.25 1988 235,000 626,727 6.25 1989 250,000 612.040 5.50 1990 265,000 598,290 5.50 280,000 583,715 E 1991 5.50 5 1992 295,000 568,315 5.60 1993 315,000 551,795 5.60 g 1994 335,000 534,155 6.20 3 1995 355,000 513.385 5.75 1996 375,000 492,972 5.80 g 1997 1,405,000 471,223 5.85 g 1998 1.490,000 389,030 5.90 1999 1,580,000 301,120 5.90 g 2000 1,680,000 207,900 6.00 g 2001 1,785.000 107.100 6.00 TOTALS $12,000.000 $11,298.610 Bond Dated: April 1,1979 Original issue Amount: $12,000,000 Principal Due: October 1, beginning 1981 Interest Due: April 1 and October 1, beginning April 1,1980 Paying Agent: Chemical Bank, New York Bonds Maturing Call Premium October 1,1989 to September 30,1991 Three Percent October 1.1991 to September 30,1994 Two Percent October 1,1994 to September 30,1998 One Percent October 1,1998 and thereafter Par Security: The Bonds are secured and payable, on a parity with the Outstanding Municipal Utility Revenue Bonds Series 1970 and 1970-A, and subordinate as to tien on and security for payment to the outstanding Municipal Gas Revenue Boncs and outstanding Municipal Water and Sewerage Revenue Ponds, from the net revenues of the Municipal Gas Water and Sewerage System-Bond Ratings: Moody's A1, btandard and Poor's A + 1
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I CITY OF TALLAHASSEE, FLORIDA PRINCIPAL TAXPAYERS September 30,1980 I I Real Assessed Valuation Tangible Personal Percentage of Total Assessed Taxpayer Property Property Total Valuation Central Telephone $ 4,829,800 $68,612,740 $ 73,452,540 8.4 % Tallahassee Mall 15,912,800 17,140 15,929,940 1.8 14,335,000 I Northwood Mall 14,335,000 1.6
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Governor's Square Mall 12,953,000 144,760 13,097,760 1.5 1.B.M. - 9,470,080 9,470,080 1.1 I First Financial Corp. Taltrusco (Barnett Bank) Holiday Inn 7,650,000 5,503,800 4,424,500 894,750 467,430 664,700 8,544,750 5,971,230 5,089,200 1.0
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.6 I Meridian Place Apartments Hilton Hotel 4,183,400 3,677,200 48,160 281.290
$80,601,050 4,231,560 3,958,490
$154,070,550
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$73,469,500 17.7 %
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CITY OF TALLAHASSEE, FLORIDA g SCHEDULE OF INSURANCE IN FORCE 5 September 30,1980 I Estimated Policy Period Annual Name of Company Pohcy Number From To Details of Coverage Liability Limit Premium Travelers, One Tower Square Hartford, Connecticut E TRNSL-123T496-4 77 10/1/77 10/1/80 Automobile General Liabihty $100,000-81 g
$300,000-PD Philman Mutual Insurance, Valley Forge, Philadelphia C 2520 4/1/76 10/1/80 Boiler and Machinery $20,000,000 113,077 Repubhc insurance Group Dallas, Texas 77060059-UM 6/17/80 6/17/81 Pubhc Official Liabihty $1.000,000 11,930 Safeco, Seattle, Washington APL401109 10/1/77 10/1/80 Airport Liabihty $10,000,000 13,692 lowa National Mutual
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Cedar Rapids, Iowa RG-90-125-129 3/29/80 3/29/81 Plate Glass Airport Replacement Cost 774 INA. Philadetphia, Pennsylvania BBF118765 6/26/77 6/26/82 Robbery-Safe Burglary $62.000 742 New Hampshire insurance Company, Los Angeles, Accidental Death (Firemen = Cahtornia 1-10-0498 10/1/77 10/1/80 and Policemen) $20,000 4.908 Albed Insurance Company, Fire, Windstorm, E.C. Los Angeles, Cahtornia SFC-54 725 10/1/77 10/1/80 (Building and Equipment) Replacement Cost 199,407 Alhed Insurance Company, Fire (Reporting From Los Angeles, Cahfornia SFC-544-701 10/1177 10/1/80 Warehouse) Replacement Cost 5,873 g Firemen Fund, San Francisco, Cahfornia VP100-50-27 11/9/79 11/9/82 Valuable Papers (Fire) $100,000 117 Athed insurance Company Los Angeles, Cahfornia SFA902 747 4/17/80 4/17/81 Windstorm (Water Tank) Replacement Cost 4,478 t USF & G , Baltimore, Maryland 33-0170-1052-74 7/1/80 7/1/81 Public Official Board (Auditor Clerk) $50,000 450 South Carohna insurance Company, Columbia, Honesty Blanket Position South Caroiina FS901513 2/2/78 2/15/81 Bond $10,000 1,279 I I I l-26
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I CITY OF TALLAHASSEE, FLORIDA I SALARIES AND SURETY BONDS OF PRINCIPAL OFFICIALS September 30,1980 I I Name Title Annual Salary Amount of Surety Bond James Ford City Commissioner $ 7,100 $- Sheldon Hilaman City Commissioner 7,100 - Hurley Rudd City Commissioner 7,100 - Carol Bellamy City Commissioner 7,100 - I Richard Wilson City Commissioner 7,100 - Daniel Kleman City Manager 48,000 50,000 I Joe Dykes Assistant City Manager 40,763 10,000 Director Underground I Thomas Smith R. A. Miller, Jr. Utility Director Public Works 38,025 37,842 10,000 10,000 I Jim Kirkland Herbert Seckel Dean Block Director Finance Auditor-Clerk Assistant City Manager 36,747 35,959 100,000 50,000 I Kenneth Morgan Lynne Brion for Management Services Director Electric Director Employee Relations 34,522 33,766 32,245 10,000 10,000 10,000 I Fred Joiner Randy Trousdell Director Data Processing Director Parks and Recreation 31,701 31,637 10,000 10,000 James Gould Internal Auditor 30,371 10,000 Melvin Tucker Police Chief 30,876 10,000 Edwin C. Ragans Fire Chief 28,899 10,000 Bob inzer Treasurer 27,270 15,000 Larry Carter Director Taltran 25,796 10,000 Bob Johnson Director Airport 25,431 10,000 Darryl Gorham Director Community Improvement 23,910 10,000 Sharon Strong Director Aff. Action 19,651 10,000 .I Charles Messer Kenneth Branch Comptroller Cashier 31,543 21,814 15,000 15,000 Terry Barfield Purchasing Administrator 26,067 15,000 ,E Waldo Thomas Supply Superintendent 16,024 15,000
- 3 Charles Barrier Director General Services 31,454 10,000 lI il r I l-27
CITY OF TALLAHASSEE, FLORIDA g MISCELLANEOUS STATISTICAL DATA 5 September 30,1980 Date of incorporation 1825 Date First Charter Adopted 1825 Date Present Charter Adopted 1919 Form of Government: Type: Commission - Manager Commission Composed of: Mayor and Four Commissioners Terms of Office: Mayor - 1 Year Term
- Commissioners - 3 Year Term E
g Manager - Appointed by Commission Area: Square Miles by Ten Year Periods for Last Forty Years: Land Area increase Area New Total 1941 4.15 0.75 4.90 1951 4.90 7.00 11.90 1961 11.90 3.30 15.20 g 1971 15.20 10.94 26.14 5 1979 26.14 1.86 28.00 Average Annual Temperature: 67.7 Degrees Average Annual Rainfall: 61.58 inches Community Facilities Electric System: Generating Plants 2 Generating Capacity 537,570 KW Net System Energy Generated 1,198,930,265 KWH Average Number Residential Customers 44,439 Average Residential Monthly Bill $44.06 Miles of Transmission Lines 155 Primary Distribution Sub-System Capacity 475,000 KVA Square Miles of Service Area 209 Sewage System: Miles of Sanitary Sewers 435 Number of Lif t Stations 93 Daily Average Treatment (Gallons) 14.5 MGD Maximum Capacity of Treatment Plants 15.4 MGD Number of Disposal Plants 4 Number of Service Connections 28,400
- Each year the Commissioners, from among themselves, elect the Mayor for the City of Tallahassee, Florida (Continued on Next Page) 1-28
I CITY OF TALLAHASSEE, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30,1980 (Continued) Water System: Mi;es of Water Mains 485 I Daily Average Consumption (Gallons) Plant Capacity (Galions) 15,000,000 44,000,000 Number of Service Connections 33,200 I Deep Wells Number of Fire Hydrants 16 1,300 I Gas System: Miles of Gas Lines Daily Average Consumption (MCF) 232 3,833 MCF I Plant Capacity (MCF) Number of Service Connections 4,000 MCF 7,300 Number of Street Lights 5,422 Miles of Streets: Streets - Paved 341 Education: Senior High Schools: 4 Number of Classrooms 292 I Number of Administrative Personnel Numbe < of Teachers Number of Students 17 277 11,544 University High School: 2 Nurnber of Classrooms 63 Number of Administrative Personnel 8 Number of Teachers 87 Number of Students 1,366 I Middle Schools: Number of Classrooms Number of Administrative Pt.rsonnel 6 240 7 I Number of Teachers Number of Students Elementary Schools: 221 4,853 20 I Number of Classrooms Number of Administrative Personnel Number of Teachers 403 39 464 Number of Students 9,981 Vocational High School: 1 Number of Classrooms 5 I Number of Adminstrative Personnel Number of Teachers 4 5 4 Number of Students 120 (Continued on Next Page) l-29
CITY OF TALLAHASSEE, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30,1980 (Continued) Major Educational Institutions: Florida State University Florida A & M University Tallahassee Community College Lewis M. Lively Vocational Technical College Fall Enrollment (Over a Ten-Year Period) Year FSU FAMU TCC Lively 1960 9,019 2.961 - - 1970 16,992 4,891 2,100 - 1980 21,735 5,900 3,300 1,107 Faculty - Staff Employment (Monthly Average) g Year FSU FAMU Lively 5,427 TCC
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1971 816 120 - 1980 7,594 1,078 280 275 E Fire Protection: E Number of Stations 5 Number of Employees 125 Police Protection: Number of Employees 219 Number of Vehicular Patrol Units 88 g Number of Law Violations: g Physical Arrests 1,165 Traffic Violations 6,594 Parking Violations 78,707 Jai: Population: Maximum Occupancy 276 Average Occupancy 150 Recreation: Arts and Craf ts Center 1 Baseball a'nd Sof tball Fields 71 Golf Course - Jake Gaither Municipal 9 Holes Parks 350 Acres Recreation Centers 6 g Supervised Playgrounds 15 W Tennis Courts 23 Theaters: g Ta!iahassee Little Theatre Playhouse - Seating Capacity 125 g Florida State University: Conradi Theater - Seating Capacity 300 g Fine Arts Theater - Seating Capacity 500 g Moore Auditorium 300 Opperman Music Hall- Seating Capacity 400 Ruby Diamond Auditorium 1,500 Tully Gym - Seating Capacity 4,000 Presents a variety of productions annually. One-fifth of these are free admission. g (Continued on Next Page) E l-30 1
CITY OF TALLAHASSEE, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30,1980 (Continued) Florida A & M University: Chrles Winterwood theater - Seating Capacity 712 Foster-Tanner Fine Arts - Seating Capacity 160 Lee Hall - Seating Capacity 1,425 Perry Page Auditorium - Seating Capacity 420 Presents 50% admission free productions and shows annually. Other Recreation Activities: Tennis, Basketball, Volleyball, and Shufflebond Courts 32 Swimming Pools 4 Motkn Pictures 9 Golf Courses 5 Skate Rinks 3 Annual Events: Annual Capital City invitational Track and Field Meet Cultural Art Day I North Florida Jr. Championship Tennis Tournament Springtime Tallahassee Tennis Tournament Annual Spring Show Tallahassee Open Golf Tournament, PGA Springtime Tallahassea Festival F.S.U. Annual Circus News, Radio and Television: Newspapers: Local Daily 1 I Radio: Area Daily and Sunday Local and Area Stations 6 13 Television: CBS WCTV Florida State University - Educational WFSU ABC WECA Transportation: Airport: Tallahassee Municipal Airport - Flights daily by Eastern, Republic and Air Florida serving all sections of the United States. Bus Lines: Local - Taltran Interstate - Greyhound Bus Lines Trailways Bus System I Highways: U.S. #90, U.S. #27, U.S. #319 Interstate #10 State Road #20, #369 (Continued on Next Page) l-31
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I CITY OF TALLAHASSEE, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30,1980 (Continued) Railroad: Seaboard Coast Line Railroad Trucking Facilities: Area Served by 9 Transport Common Carriers Utilities and Communications: City-owned Utilities: Electricity, Gas, Water, and Sewage Centel Telephone Company Building Permits: Fiscal Year Permits Building Ending issued Valuations 1970 1,082 $22,248,912 g 1971 1,151 50,029,286 g 1972 1,050 47,283,804 1973 1,080 34,570,727 1974 1,014 43,749,375 1975 1,034 75,857,217 1976 1,124 27,164,059 1977 1,133 31.127,549 1978 1,129 27,778,939 1979 1,252 52,031,364 1,291 50,419,541 1980 g Employees as of September 30,1980 1,623 s Elections: Number of Registered Voters 42,187 Number of Votes Cast in: Percentage of Registered Voters Voting Last General Election 16,107 38.2 % Last Municipal Election 11,614 27.5 % Population Census (Last Four U.S. Censuses) 1940 16,240 , 1950 27,237 l 1960 48,174 1970 72,586 1980 Est. 80,820 , Economic Dimensions , j Employment: Income Trends: 1959-1979 (Over a 20-Year Period) Average Year Household Income $0-7,999 $8-9,999 $10-14.999 $15-24,999 $25,000 + 1959 $ 6,603 76.7 % 13.5 % 9.8 % - - l 1970 10,210 55.7 % 12.3 % 32.0 % - - 1978 19.242 25.8 % 7.1 % 16 % 24.9 % 26.2 % 1979 21,186 23.1 % 6.7% 15.1 % 24 % 31.1 % g (Continued on Next Page) g l-32 1 1
I CITY OF TALLAHASSEE, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30,1980 (Continued) Sources of Personal income: 1960 - 1979 Source of Income 1960 % 1968 % 1978 % 1979 % Agriculture 1.6 0.6 - - Manufacturing 6.7 5.0 3.7 3.4 Construction 8.1 7.2 4.4 4.5 Mining 0.1 - - - Transportation, Communication and Public Utilities 2.4 3.5 3.2 I Trade Finance, insurance, Real Estate 4.5 18.9 6.4 17.0 5.6 20.3 4.4 21.8 4.5 $ Services 13.9 12.1 13.0 16.5 Other Private Industry 0.1 0.5 - - Government 39.7 49.6 50.7 46.1 100.0 % 100.0 % 100.0 % 100.0 % Due to the State Government and State Education Institutions, the City has a large number of professional and white-collar employees. State Noninstitutional Employment of Tallahassee and Capitol Center Estimated Tallahassee Estimated Capitol Estimated Annual State Year Employment Center Employment Payroll in Tallahassee 1970 7,130 6,400 $ 49,688,970 1979 14,000 12,000 274,159,240 Industrial: Major Manufacturing Plants (Ranging from prestressed concrete products to national-ly known quality mobile homes). Indices of Growth (Over a Year Period): Motor Public Vehicle Airline School Tele-Bank Regis- Pass- Postal Enroll- phone Year Deposits tration engers Receipts ment Stations 1960 $ 64,373,068 21,618 43,816 $ 1,498,291 14,959 26,831 1970 169,230,670 43,432 14S,116 3,575,344 20,600 62,628 1978 504,392,939 108,049 306,524 11,443,514 21,378 113,143 1979 509,002,538 107,353 320,209 14,272,934 21,349 116,538 I l-33
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CITY OF TALLAHASSEE, FLORIDA DEMOGRAPHIC STATISTICS For Years indicated Tasable 9) Retad (4) Inc.ome (4) Savings & Loan Estimated (4) Assessed Sales Per Association Building (4) Motor (2) Year Population Vatuation (000's) Household Bank Assets
- Assets
- Permits Vehicles 1960 48.174 $116.053.625 $ 82.600 $ 6.670 $ 64.370.068 $ 42.163.388 $ 14.490.322 21.618 1961 49.800 118.854.319 91.408 6.988 71.435.810 46.322.986 14.576.345 22.618 1962 50.500 124.054.736 101.968 6.956 72.390.739 51.789.143 13.277.680 23.362 1963 52.200 134.232.250 115.474 7.187 77.375.876 58.243.952 26.848.028 26.614 1964 55.700 149.472.365 94.651 7.674 86,0'7.633 63.275.336 27.618.501 26.497 1965 60.500 157.508.255 104,133 8.146 95.952.940 67.847.211 42.341.387 29.237 1966 62.700 '164.711.466 111.291 8.438 104.331.767 68.712.764 28.078.645 31.394 1967 63.300 219,181.060 123.675 9.337 120.219,527 78.373.129 34.254.502 34.910 1968 64.700 243.691.220 143.712 9.938 132.867.353 82.419.666 40.164,194 37.719 ,
' ' 1969 69.400 262.274.920 180.488 10.330 148,123.714 84.333.950 43.738.497 41.332 19_70 72.586 342.730.400 200.875 10.210 169.230.670 87.928.047 41.034.984 43.432 k0 Change 19C0 70 50 7 % 195 3 % 143 2 % 531% 162 9 % 1085% 183 2 % 100 9 % 1971 73.070 $374.059.369 $273.361 $10.812 $ n/a $ n/a $ 75.613.643 51,0 %
's72 74.986 398.801.551 297.320 11.723 291.019.897 825.948.937 155.186.167(3) 60.517 1973 76.944 438.977.189 391.217 12.648 350.281.933 959.709.257 31.457.507 75.753 f 1974 78.167 714.037.947 428.320 14.016 360.383.274 1.133.670.452 88.919,275 83.038 1975 78.599 729.603.502 438.979 14.304 373.420.269 1.352.801.881 67,710.684 87.056 1976 78.730 745.149.899 396.952 15.780 390.711.222 1.508.788.359 62.818.956 106.680
( 1977 78.%5 767.861.047 428.174 17.286 415.464.766 1.710,196.066 97.159.052 104.651 1978 79.300 787.979.770 474.180 19.242 504.392.939 2.328.661.224 134.817.287 ,108.049 1979 80.257 877,107.600 408.942 21.186 509.002.538 2.160.285.480 110.908.929 107.353 ,
% r Change Since 1970 10 6 % 155 9 % 103 6 % 107.5 % n/a n/a 170.3 % 147.2 %
Source Research Department, TaNahassee Area Chamber of Commerce and City records. (1) U S Bureau of Census 1960. 1970. other year estimates by Sales Management. Survey of Buying Power. (2) Leon County statistics (3) Unusual increase prompted by State moratonum on construction in urban areas potentraHy subject to pollution due to increases in population density (4) City of Tauahassee statistics
*Due to merger. Florida Federal Savings & Loan Association's figures are not avadable during 1971.1972, and 1973. The assets of financial institut!ons are now used to more reliably retlect worth (Continued on Next Page) l I
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jg CITY OF TALLAHASSEE, FLORIDA jg DEMOGRAPHIC STATISTICS
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For Years Indicated 1 (Continued)
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Water Electnc Consumed Gas Used Leon County Telephone Airkne KWH Used (Gals) (Cu. Ft ) Postal School Year Stations Passengers (000's) (Mdhons) (Milhons) Receipts Enronment
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} 1960 26.831 43.816 192.126 1,955 3 642.727 $ 1,498.291 14.959 j 1961 28.424 45.307 216.543 2,169 2 834.542 1.621,133 14.413 jE 1962 31,548 39.803 209.811 2,309 9 893,191 1,613.206 15.213 1 1%3 31,830 52,020 153,823 2.412.4 957,721 2.036,743 16.017
! 1964 34.359 55,576 277.901 2.470 2 1.004.872 2.148.105 16.717 I
1965 36,733 62.% 6 203,167 2,698 4 956.230 2,270.970 17.215 1966 41,182 68.112 339.972 2.847.6 1,329.483 2,457.119 17,439 1%7 46.021 100.222 380,669 2,952.5 1.460,720 2.660.227 18,613 1968 51,453 120.001 460.368 3.283.0 1,621,463 3.092.407 18.319 l 1969 56,386 142.494 524.557 3,350.2 1.640.844 3.221,266 20,507 1970 62,268 148,116 630.689 3.687.6 1.688,160 3.575,344 20.600
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. Change I 1960 70 132.1 % 238 0 % 228.3 % ' 88 6 % 162.7 % 138 6 % 37.7 % I 4 ) 1971 68,587 170.501 654.671 3.922.0 1.852.076 $ 4.621,010 23.073 l 1972 75.639 196,132 736.943 4,377.9 1.832.116 5.557,681 19.694 ' 1973 85.850 219,365 850.101 4.252 9 2,021,293 6.063.260 20,925 1974 91,852 234.555 811.785 4,376.1 1.783.425 7,096,521 21.191 , 1975 95.406 219.403 878.945 4.658 5 1,757.823 7.340,812 21.543 i 1976 99,577 232.242 927,721 5.008.2 1.947,381 9.005,414 21.576 [ 1977 107,032 272,657 1,001,891 5.148.1 1,535.655 9.458.748 21,498 l 1978 113.143 306,524 1,304.360 5.195.5 1,409.957 11.443.514 21,378 l 1979 116.538 320.209 1.553,792 5.152.2 1,459.978 14,272.934 21,349 i
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Change Since 1970 87.2 % 116 2 % 146.4 % 39.7 % (13.5%) 299.2 % 3 64 % Source City Records - Electnc, Water and Gas data Other data f rom Research Department Tallahassee Area Chamber of Commerce. 1-35 _ _ _ _ . . _ - _ - - - - _ . _ _ _ - _ - - . _ _ . - . _ . . - - . - . - - - - , _ _ -
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UTILITIES COMMISSION CITY OF NEW SMYRNA i;EACH, FLORIDA , SEPTEMBER 30, 1980 OFFIC. ALS James A. Pence, Chairman l Dennis D. Higginbotham. Vice-Chairman
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Richard M. Canfield, Secr,tary-Treasurer i Paul D. Roche, Assistant Sec. etary-Treasurer Barbara L. Bidwell, Commissione-
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I i CONTROLLER DIRECTOR OF UTILITIES B . W. Wait, Ill, P.E. R. Ronald Hagen
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t ATTORNEY John F. Bolt, Esquire ., I i INDEPENDENT AUDITORS Firm of Brent Millikan, Certified Public Accountants, P.A.
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i t UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA l TABLE OF CONTENTS REFERENCE PAGE GENERAL PURPOSE FINANCI AL STATEMENTS ) A u d i t o r s ' R e po r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 J B a la n c e S h ee t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement 1 2-3 Statement of Revenues, Expenses and Changes in Retained Earnings. . . . . . . . . . . . . . . . . . . . . Statement 2 4 Statement of Changes in Financial Position ......................................... Statement 3 5-6
, Notes to the Financial Statements ................... 7-16 f
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w I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA , CERTIFICATE OF CONFORMANCE AWARDED SEPTEMBER 30, 1979 i A Certificate of Conformance is awarded by the Municipal
- Finance Officers Association of the United States and Canada
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only to the governmental units whose financial report is judged to conform substantially to the high standards for f;nancial 1 reporting established by the Association. These standards are i contained in publications of the National Council on Governmental Accounting. It is management's belief that the financial statements
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Cern. .ca:e
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of I Cordormance in Financia: Repor:ing Presented to l Utilities Commission City of New Smyrna Beach, Florida Forits Comprehensive Annual ! Financial Report l for the Fiscal Year Ended f September 30,1979 A Certificate of Conformance in Financial Reporting is presented by the Municipal Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards. l ; g g President i Trit"
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Executive Director / I' lli I
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< i i i , ! l- ! l ! AUDITORS' REPORT i 4 ( i i l ! l ' ! 1 ! }
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P90R OR!GlN
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- 205 MAGNOUA STREET POST OFFICE BOX 1226 NEW SMYRNA BEACH. FLORIDA 32069 TELEPHONE (904) 427-1333 AMERCAN sNSTITUTF OF CPA'S FLORt0A thSTITUTE OF CPAS Utilities Commission City of New Smyrna Beach, Florida New Smyrna Beach, Florida AUDITORS' REPORT We have examined the balance sheets of the Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1980, and 1979, and the related statements of revenues, expenses and changes in retained earnings, and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of the Utilities Commission, City of New Smyrna Beach, Florida, at September 30, 1980,and 1979, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles which have been consistently applied during the periods except as to the adoption, with which we concur, made as of October 1,1978, in the policy of capitalizing interest costs incurred during construction as described in Note 6 to the financial statements. N W New Smyrna Peach, Florida February 28, 1981 I
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I GENERAL PURPOSE FINANCIAL STATEMENTS ! . k i
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UTILITIES COMMISSION Statement 1 CITY OF NEW SMYRNA BEACH, FLORIDA BALANCE SHEET September 30, 1980 and 1979 ASSETS 1980 1979 UTILITY PLANT : (Note 1) E in Service $ 30,307,382 $ 20,212,033 g Less: Allowance for Depreciation and Amortization 9,694,090 8,659,129 TOTAL UTILITY PLANT IN SERVICE $ 20,613,292 $ 20,552,904 Construction Work in Progress (Note 7) 2,761,165 895,494 TOTAL FIXED ASSETS $ 23,374,457 $ 21,448,398 RESTRICTED ASSETS: Revenue Bond Debt Service $ 2,167,552 $ 2,145,478 Revenue Bond Renewal and Replacement Fund 176,467 183,640 Construction Funds 7,414,024 8,942,591 Customers' Deposits 365,430 479,303 TOTAL RESTRICTED ASSETS $ 10,123,473 $ 11,751,012 CURRENT ASSETS: Cash $ 200,583 $ 126,257 E Investments (Note 1) 250,000 - g Accounts Receivable (Net of an Allowance of $39,000 and $33,500 for Unco 11ectible Accounts) 1,069,403 612,977 Unbilled Accounts Receivable 501,024 406,875 Due from Other Covernments 381,821 - Notes Receivable 3,057 5,240 Inventory of Materials and Supplies (Note 1) 871,235 673,122 l Prepaid Expenses and Other Assets 74,063 86,245 l 15,329 16,835 ' Assessments Receivable Due from Florida Power and Light Company - 49,265 TOTAL CURRENT ASSETS $ 3,366,515 $ 1,976,816 i DEFERRED CHARGES AND OTHER ASSETS:
- Unamortized Debt Expense (Note 1) $ 333,836 $ 333,836 Deferred Charges and Other Assets 82,035 41,169 l Loan to the City Library Fund 20,000 24,000 E i
2,173 2,173 l Assessments Receivable - Noncurrent TOTAL DEFERRED CHARGES AND OTHER ASSETS $ 438,044 $ 401,178 TOTAL ASSETS $ 37,302,489 $ 35,577,404 The accompanying notes arc on integral part of the financial statements.
1 FUND EQUITY AND LIABILITIES 1980 1979 FUND EQUITY : Retained Earnings: (From Statement 2) Reserved for Net Restricted Assets $ 8,713,518 $ 11,199,897 Unreserved (Deficit) 742,102 ( 2,081,212)- TOTAL FUND EQUITY $ 9,455,620 $ 9,118,685 LONG -TERM LI ABILITIES: Revenue Certificates Payable (Note 4) $ 25,810,000 $ 25,810,000 Less: Unamortized Debt Discount 554,915 554,915 Net Long-Term Certificates $ 25,255,085 $ 25,255,085 Deferred Liabilities 35,625 38,112 TOTAL LONG-TERM LIABILITIES $ 25,290,710 $ 25,293,197 CURRENT LIABILITIES: Over Night Cash Overdrafts (Note 10) $ 354,605 $
-
Accounts Payable 585,857 465,925 Accrued Expenses 90,217 67,887 Due to Other Governments 115,525 80,595
$ 1,146,204 $ 614,407 CURRENT LIABILITIES (Payable from Restricted Assets):
Accounts Payable 844,566 72,124 Customers' Deposits 565,389 478,991 TOTAL CURRENT LIABILITIES $ 2,556,159 $ 1,165,522 TOTAL LI ABILITIES $ 27,846,869 $ 26,458,719 TOTAL FUND EQUITY AND LIABILITIES $ 37,302,489 $ 35,577,404 I UTILITIES COMMISSION Statement 2 CITY OF NEW SMYRNA BEACH. FLORIDA I STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended September 30, 1980 and 1979 1980 1979 OPERATING REVENUES: Sales $ 10,063,347 $ 8,229,861 Other Revenues 10,711 68,363 TOTAL OPERATING REVENUES $ 10,134,058 $ 8,298,224 OPERATING EXPENSES: Production Expenses $ 5,347,656 $ 4,207,711 Transmission, Distribution and Collection 980,960 846,639 Customer Accounts Expenses 259,025 237,152 Administrative and General 1,213,890 894,164 Required Payments to the City of New Smyrna Beach 598,205 484,199 Taxes and Assessments 55,155 54,645 Depreciation 962,197 911,124 TOTAL OPERATING EXPENSES $ 9,417,088 $ 7,635,634 NET OPERATING INCOME $ 716,970 $ 662,590 ADD: NONOPERATING REVENUE: Interest Earnings $ 1,153,818 $ 1,073,772 Other income 170,107 164,226 TOTAL NONOPERATING REVENUE $ 1,323,925 $ 1,237,998 TOTAL INCOME $ 2,040,895 $ 1,900,588 LESS: NONOPERATING EXPENSES: Interest and Debt Expense 1,703,960 1,731,518 NET INCOME $ 336,935 $ 169,070 RETAINED EARNINGS - Beginning of Year 9,118,685 8,949,615 RETAINED EARNINGS - End of Year (To Statement 1) $ 9,455,620 $ 9,118,685 I The accompanying notes are on integral part of the financial statements. t t
I UTILITIES COMMISSION Statem:nt 3 CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 ST ATEMENT OF CHANCES IN FINANCIAL POSITION For the Years Ended September 30, 1980 and 1979
-- -
1980 1979 g SOURCES OF WORKING CAPITAL: E O Perations: 336,935 169,070 Net income $ $ items not Requiring Working Capital: Depreciation 962,197 911,124 Amortization of Nuclear Fuel Cost 72,764 59,038 WORKING CAPITAL PROVIDED BY OPERATIONS $ 1,371,896 $ 1,139,232 Contributions in Aid of Constructions 2,691,114 340,505 Decrease in Restricted Assets 1,627,539 519,010 Increase in Liabilities Payable From Restricted Assets 858,840 -
- Other 7,057 5,964 TOTAL SOURCES OF WORKING CAPITAL $ 6,556,446 $ 2,004,711 USES OF WORKING CAPITAL:
Additions to Utility Plant $ 5,652,134 1,666,767 I
$
Increase in a Deferred Charge 46,410 - Decrease in Liabilities Payable From 9estricted Assets - 301,136 3,604 Other - TOTAL USES OF WORKING CAPITAL $ 5,698,544 $ 1,971,507 NET INCREASE IN WORKING CAPITAL $ 857,902 $ 33,204 The accompcnying notes are an integral part of the financial statements. I ._. -
UTILITIES COMMISSION St:ttm:nt 3 CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended September 30, 1980 and 1979 1980 1979 increase increase (Decrease) ( Decrease) ELEMENTS OF NET INCREASE IN WORKING CAPITAL: Cash $ 74,326 $( 128,831) Investments 250,000 (180,000) Accounts Receivable 456,426 59,217 Unbilled Accounts Receivable 94,149 66,768 Notes Receivable ( 2,183) 5,240 inventory of Materials and Supplies 198,113 68,909 Prepaid Expenses ( 12,182) ( 2,234) Assessments Receivable ( 1,506) ( 2,442) Due from Florida Power and Light Company ( 49,265) 49,265 Due from Other Governments 381,821 - I Cash Overdraf ts Notes Payable (354,605)
-
(119,932) 50,249 64,320
-
Accounts Payable I Accrued Expenses Due to Other Governments ( 22,330) ( 34,930) ( 14,053) ( 3,204) NET INCREASE IN WORKING CAPITAL $ 857,902 $ 33,204 FINANCIAL AND INVESTING ACTIVITIES NOT AFFECTING WORKING CAPITAL: 1980 Decrease in Deferred Charges of $2,487 and a Corresponding Decrease of
$2,487 in Deferred Liabilities.
1979 increase in Deferred Charges of $38,112 and a Corresponding increase of
$38,112, in Deferred Liabilities.
The accompanying notes are an integral part of the financial statements. ___
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA I NOTES TO THE FINANCIAL STATEMENTS I September 30, 1980 Page 1 of 10
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The Utilities Commission, City of New Smyrna Beach, Florida, was created in 1967 through the passage of Chapter 67-1754, Laws of Florida, Special Acts of 1967 (House Bli! 1669) which amended the Charter of the City of New Smyrna Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach. The special act was approved by a referendum vote of the people . Pursuant to Chapter 67-1754, the Commission has full and exclusive authority o the extent permitted by law over the management, operation and control of tae City's electric, water, and pollution control utilities system. The accounting policies of the Utilities Commission conform to the generally accepted accounting principles as promulgated by the American Institute of Certifiqd Public Accountants, the Financial Accounting Standards Board, the Federat dnergy Regulatory Commission, and the National Council on Governmental Accounting. The following is a summary of the significant policies: A. FUND ACCOUNTING On May 28, 1975, the Utilities Commission of New Smyrna Beach, Florida, passed Resolution Number 16-75, which established the electric, water, and pollution control systems as a single utility fund. This utility fund is accounted for as an enterprise fund. Enterprise funds are used to account for operations that are financed and operated in a manner where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. B. UTILITY PLANT AND DEPRECIATION I The cost of additions, replacements, and renewals of units of property is added to utility plant. The cost (estimated, if not known) of units of property retired, less net salvage, is charged to accumulated depreciation and the appropriate asset account. Maintenance and repairs of property, and replacements and renewals of items determined to be less than units of property, are charged to operating expenses--maintenance. Depreciation is provided on a straight-line service-life basis by primary accounts and the estimated useful lives are as follows: Electric System: Production Plant: Steam Production 20-35 years Nuclear Production 22 years Diesel Production 25-35 years Transmission Plant 24-33 yea rs Distribution Plant: Underground Conduit 60 years
- Other Distribution Plant 19-33 yea rs
! General Plant: l Structures and improvements 50 years Other General Plant 10-36 years .
UTILIT!ES COMMISSION CITY C F NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 2 of 10 __ Water System : Source of Supply Plant I Pumping Plant Water Treatment Plant 50 yea rs 25-33 years 50 years Transmission and Distribution Plant: I Transmission and Distribution Plant Meters and Meter Installations 50-67 yea rs 25 years General Plant: I Structures and improvements Other General Plant 50 years 6-25 years I Pollution Control System: Collection Plant Pumping Plant: 25-50 years Structures and improvements 50 yea rs Pumping Equipment 25 years Treatment and Disposal Plant 25 yea rs General Plant 10-12 years C. CONTRIBUTIONS IN AID OF CONSTRUCTION Contributions in aid of electric plant construction have been credited to I the electric plant accounts in accordance with accepted industry practice established by the Federal Energy Regulatory Commission (formerly the Federal Power Commission) . Water and Pollution Control contributions in aid of construction, including connection fees and tap charges, are also treated as reductions to plant accounts. The following is a summary of the contributions credited to the Fixed Asset Accounts: Contributions Original in Aid of Net Cost Construction Cost I UTILITY PLANT IN SERVICE Electric Water
$ 19,105,041 7,639,581
$ 223,327 1,011,122
$ 18,881,714 6,628,459 Sewer 5,152,730 355,521 4,797,209 I TOTAL $ 31,897,352 $ 1,589,970 $ 30,307,382 I CONSTRUCTION WORK IN PROGRESS Electric $ 1,487,854 $
-
$ 1,487,854 Water 214,841 -
214,841 Sewer 3,501,338 2,442,868 1,058,470 TOTAL $ 5,204,033 $ 2,442,868 $ 2,761,165 GRAND TOTAL $ 37,101,385 $ 4,032,838 $ 33,068,547 D. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. l
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 3 of 10 The Utilities Commission utilizes the accrual basis of accounting. The revenues are recognized when they are earned, and the expenses are recognized when they are incurred. Unbilled Electric, Water and Sewer Fund utility service receivables are recorded at year end. E. RATES AND REVENUES AND FUEL EXPENSE Revenues are recognized based on monthly cycle billings to customers. The rate schedules are approved by the Utilities Commission. The electric rate schedule contains a fuel adjustment clause which reflects the cost of fuel as well as the energy and fuel components of purchased power. Generally, the effects are ieflected in customer billings about two months after the changes occur. The cost of nuclear fuel is amortized to fuel expense based on the quantity of heat produced for generation of electric energy in relation to the quantity of heat expected to be produced over the life of the nuclear fuel core. F. BUDGET AND BUDGETARY ACCOUNTING An annual budget was adopted for the Electric, Water, and Pollution Control Utility System. The budget was prepared on the accrual basis for the period beginning October 1 and ending September 30. By use of the-accrual method of budgeting, revenues and expenses are budgeted for specific periods of time and are recorded as incurred, along with acquired assets, without regard to the date of receipts or payment of cash. Budget appropriations are prepared by the staff of the Utilities Commission and authorized by resolution by the Utilities Commission. Budgetary control is exercised at departmental level . During the fiscal year ended September 30, 1980, the Utilities Commission incurred operating expenses in excess of appropriations in the following departments: Total (Excess) Appropriated Actual Expenses Elect ric $ 6,980,617 $ 7,686,237 $( 705,620) Water 974,071 1,036,942 ( 62,871) Pollution Control 652,265 693,909 ( 41,644) TOTAL $ 8,606,953 $ 9,417,088 $( 810,135) G. _IN VESTMENTS investments are stated at amortized cost. H. INVENTORY OF MATERIALS AND SUPPLIES The inventory is priced at cost by the use of the "first-in, first-out" method of accounting. Electric line transformers, electric meters, water meters and replacement units for the steam and diesel generating plants, are classified as utility plant in accordance with accepted industry practices set forth by the National Association of Regulatory Utility Commission. l l !
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA I NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 4 of 10
- 1. DEFERRED CHARGES ASSOCIATED WITH LONG-TERM DEBT Costs relating to the issuance of Utilities System Revenue Refunding and improvement Certificates Series 1978 are being amortized using the bonds outstanding method.
J. RESERVES Reserves are used to record a portion of retained earnings which must be segregated for some future use and which is, therefore, not available for further appropriation or expenditure.
- 2. REQUIRED PAYMENT TO THE CITY OF NEW SMYRNA BEACH, FLORIDA The legislation that created the Utilities Commission requires the Commission to pay to the general fund of the City of New Smyrna Beach, Florida, a sum equal
- to six percent (6%) of the gross revenues from utilities under Commission control.
This payment is subordinate to the debt service requirement of all utilities revenue certificates.
- 3. PENSION PLAN The Utilities Commission, City of New Smyrna Beach, Florida, has provided for all full time employees a pension plan which assets are included in the Florida Retirement System of the State of Florida. The funding methods and determination of benefits payable are provided in the various acts of the Florida Legislature, which created the fund, including subsequent amendo.ents thereto. In previous years, these acts provided, in general, that funds were to be accumulated from employee contributions, Utilities Commission contributions, State appropriations and income from investments of accumulated funds. Recent amendments require that the plan be non-contributory for the employees. The act also provides that, should the accumulated funds in the fund at any time be insufficient to meet and pay the benefits due, the Utilities Commission shall supplement the funds by an appropriation from current funds, or from any revenues which may lawfully be used for said purposes, in an amount sufficient to make up the deficiency.
The Utilities Commission's contribution and contribution rates in effect for the year ended September 30, 1980, were as follows: Utilities Commission's Contributions $ 185,418 Percent of Employees Gross Earnings 9.10% The most recent actuarial information concerning the Florida Retirement System is set forth below: Most Recent Valuation Date July 1, 1977 Actuarial Cost Method Used Entry Age Normal Cost Unfunded Prior Service Cost $3.5 billion Period of Amortization 30 years from 7/1/77 Interest Rate used in Determining Costs 7% Total Assets of Pension Fund $2.5 billion (7/1/77)
$3.4 billion (6/30/79)
Valuation Basis of Assets Lower of Amortized Cost or Market
UTILIT!ES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 5 of 10
- 4. LONG-TERM DEBT Revenue certificates / bonds outstanding at September 30, 1980, are as follows:
Water Works and Electric: OUTSTANDING Series 1955 - 3.75% due 1993 Outstanding Principal $ 1,062,000 Less Amounts to be Retired by Trustee (1,062,000) $ - Series 1962 Refunding - 3.5% Due serially to 1987 and
$35,000 in 1999 Outstanding Principal $ 493,000 Less Amounts to be Retired by Trustee ( 493,000) $ -
Serial 1962 - 3.9% to 4.2% Due serially to 2000 Outstanding Principal $ 2,040,000 Less Amounts to be Retired by Trustee (2,040,000) $
-
Serial 1965 - 4.2% and 4.25% Due serially to 2004 Outstanding Principal $ 2,110,000 Less Amounts to be Retired by Trustec (2,110,000) $
-
Sewer: Series S - 1963 - 3.9% due serially to 2002 Outstanding Principal $ 465,000 Less Amounts to be Retired by Trustee ( 465,000) $ - Series T - 1963 - 4.0% due 2003 Outstanding Principal $ 1,038,000 Less Amounts to be Retired .by Trustee (1,038,000) $
-
Series B - 1965 - 3.7% to 4.1% due serially to 2003 Outstanding Principal $ 575,000 Less Amounts to be Retired by Trustee ( 575,000) $
-
U tilities : Series 1975 - 3. 75% to 6.2% due serially to 2004 Outstanding Principal $ 2,880,000 Less Amounts to be Retired by Trustee (2,880,000) $
-
Series 1975A - 5.0% to 6.6% due serially to 2005 Outstanding Principal $ 3,850,000 Less Amounts to be Retired by Trustee (3,850,000) $
-
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 6 of 10 I Utilities: (continued) Series 1976 - 4.5% to c.3% due serially to 1986 OUTSTANDING Outstanding Principal $ 420,000 Less Amounts to be Retired by Trustee ( 420,000) $ - Water and Sewer Revenue General Obligation Bonds: I Series 1974 - 7.2% to 7.5% due serially to 2004 Outstanding Principal $ 6,200,000 Less Amounts to be Retired by Trustee (6,200,000) $ - Series 1976 - 4.5% to 6.2% due I serially to 2001 Outstanding Principal Less Amounts to be Retired by Trustee
$ 6,200,000 (6,200,000) $
-
Utilities System Revenue Refunding and improvement Certificates: Series 1978 Outstanding Principal $25,810,000 Less Amounts to be Retired by Trustee -
$25,810,000 TOTAL $25,810,000 On August 29, 1978, the Utilities Commission provided for the advance refunding of the following revenue certificates / bonds which will be referred to thereafter as refunded revenue bonds:
Waterworks and Electric: Series 1955 - 3.75% due serially to 1993 Series 1962 refunding - 3.5% due serially to 1987 and $35,000 in 1999 Series 1962 - 3.9% to 4.2% due serially to 2000 Series 1965 - 4.2% and 4.25% due serially to 2004 Sewer: Series S - 1963 - 3.9% due serially to 2002 I Series T - 1963 - 4.0% due in 2003 Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities : Series 1975 - 3.75% to 6.2% due serially to 2004 Series 1975A - 5.0% to 6.6% due serially to 2005 Series 1976 - 4.5% to 5.3% due serially to 1986 Water and Sewer Revenue General Obligation Bonds: Series 1976 - 4.5% to 6.2% due serially to 2001 The refunding of the refunded Revenue Bonds was provided for by the sale of
$25,810,000 Utilities System Revenue Refunding and improvement Certificates Series 1978 and $22,335,000 Special Obligation Certificates Series 1978. From the proceeds of the sale of the two issues, sufficient monies were deposited
.I 1 UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 7 of 10 into an irrevocable escrow account to be invested in United States obligations that, together with the interest earned thereon, will provide sufficient funds for the payment of maturing principal and interest on the refunding revenue bonds and the $22,335,000 special obligation certificates series 1978. The proceeds of the bond sale also provided for the funding of the reserve fund, an amount which equaled the maximum annual debt service requirement and provided over six million dollars for the acquisition, construction, additions, and improvements to the utility system. The refunded revenue bonds are treated as extinguished debts in the accompanying financial statements as explained in this note. The debt service of the utilities system revenue refunding and improvements certificates is funded monthly from the operating account by paying ona-sixth of all interest coming due on certificates on the next semi-annual interest payment date and one-sixth or one-twelfth of all principal I maturing on the serial certificate on the next semi-annual or annual maturity date. The utilities system revenue refunding and improvement certificates series 1978 resolution provides that the certificates shall be secured forthwith equally and ratably by the first lien on and a pledge of the net revenues of I the system. in accordance with generally accepted accounting principles the $22,335,000 I special obligation certificates, Series 1978 which was issued as a part of the advance refunding is not a liability of the Utilities Commission because the interest and principal payments will be serviced by the First National Bank of I Florida, Tampa, Florida, from the earnings and proceeds of the advance refunding which were placed in irrevocable trust funds.
- 5. SEGMENT INFORMATION The Utilities Commission provides electric, water, and pollution control services to the puulic. The following is a summary of the segment information for the I electric, water, and pollution control systems.
Pollution Electric Water Control Total Operating Revenue $ 8,128,944 $ 1,143,160 $ 861,954 $ 10,134,058 Operating Expenses 7,686,237 1,036,942 693,909 9,417,088 Operating income $ 442,707 $ 106,218 $ 168,045 $ 716,970 Nonoperating Revenue 435,868 507,689 380,368 1,323,925 Nonoperating Expense ( 827,943) ( 456,914) (419,103) ( 1,703,960) NET INCOME $ 50,632 $ 156,993 $ 129,310 $ 336,935 Pollution I Allocation of Balance Sheet Electric Water
~
Control Total Total Assets $ 18,588,93} g y 98,995 $ 8,204,961 $ 37,302,489 Total Liabilities $ 13,790,0;- t , t02,546 $ 7,054,267 $ 27,846,869 In.rasystem Accounts 772,554 M7,974 ( 881,524) - Fund Equity 4,026,327 3,397,3M 2,032,218 9,455,620 Total Liabilities and Fund Equity $ 18,588,933 $ 10,508,595 $ 8,204,961 $ 37,302,489
I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 8 of 10
- 6. CHANGE IN ACCOUNTING METHODS:
On October 1, 1978, the Utilities Commission changed its method of accounting for interest costs incurred during construction to be in conformity with Financial Accounting Standards Board Statement Number 34 which established a new standard of accounting for interest incurred di iing construction. As required by Statement Number 34, the Utilities Com.. ssion applied this change I prospectively for fiscal years beginning after September 30, 1978. For the fiscal years ended September 30, 1980 and 1979, the Utilities Commission incurred interest costs of $1,785,341 and $1,782,085 respectively of which $81,381 and
$50,567 respectively were capitalized in a fixed asset account as interest incurred during construction and $1,703,960 and $1,731,518 respectively were expensed.
For the years beginning before October 1, 1978, the Utilities Commission followed the policy of not capitalizing interest incurred during construction.
- 7. CONSTRUCTION WORK IN PROGRESS The September 30, 1980, electric construction work in progress consisted of substation additions, subdivision, and project extensions and engineering and planning costs in connection with the expansion of the electrical system. The water construction work in progress as of September 30, 1980, consisted of engir% ring and planning costs in connection with the expansion of the water system and the raw water supply wells and Transmission Main improvement Prog ra m . The pollution control work in progress consisted, for the most part of the sewer treatment plant expansion project. The construction work in progress will be paid primarily from the construction funds and renewal and replacement funds provided for from the sale of the revenue certificates described more fully in Note 4 and one grant from the Environmental Protection Agency .
- 8. CONTINGENT LIABILITIES T he Utilities Commission is engaged in routine litigation incidental to the conduct I s( its municipal utilities affairs. In the opinion of the Counsel to the Commission, no legal proceedings are pending which would inhibit the Commission's ability to perform its operations or materially affect the financial condition of the Utilities Commission.
- 9. VACATION AND SICK LEAVE It is the Utilities Commission's policy to grant employees vacation leave and sick l ea ve . As of September 30, 1980, the Utilities Commission has a potential commitment for vacation and sick pay of $262,248.
- 10. OVER NIGHT CASH OVERDRAFTS The Utilities Commission entered into a banking service agreement with the Southeast Bank of New Smyrna on November 20, 1979. This agreement provides for a daily open-ended repurchase agreement. As a result of the repurchase ag reement, the cash checking account balances in excess of the minimum amount are automatically invested in an open-ended repurchase agreement causing the Utilities Commission's accounting records to reflect a credit balance in certain checking accounts as the result of these automatic daily investments.
-
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FIN ANCIAL STATEMENTS September 30, 1980 Page 9 of 10
- 11. SUBSEQUENT EVENT - EPA GRANT On February 2, 1981, the Utilities Commission received a grant award from the Environmental Protection Agency of $1,228,500. This grant will pay for 75% of the cost of seven lift stations and 6.6 miles of force mains which are required to lift and pump sewage from collectors and interceptor lines to the pollution control plant in places where gravity sewers are not effective.
- 12. UTILITIES SYSTEM REVENUE REFUNDING AND IMPROVEMENT CERTIFICATES SERIES 1978 I As described in Note 4 to the Financial Statements, on August 29, 1978, the Utilities Commission, City of New Smyrna Beach, issued $25,810,000 Utilities System Revenue Refunding and improvement Certificates. The Revenue Certificates outstanding on September 30, 1980, totaled $25,810,000. The debt service requirement to maturity is detailed below:
Payment Coupon Total Date Principal Rate Interest Requirements 883,033 883,033 I 04-1-81 10-1-81 04-1-82 $ 160,000 5.350%
$
883,033 883,033
$
883,033 1,043,033 10-1-82 165,000~ 5.350 878,753 1,043,753 04-1-83 170,000 5.450 874,339 1,044,339 10-1-83 175,000 5.450 869,707 1,044,707 04-1-84 175,000 5.550 864,938 1,039,938 10-1-84 180,000 5.550 860,082 1,040,082 04-1-85 185,000 5.650 855,087 1,040,087 10-1-85 195,000 5.650 849,861 1,044,861 I 5.750 04-1-86 200,000 844,352 1,044,332 ' 10-1-86 205,000 5.750 838,602 1,043,602 04-1-87' 210,000 5.900 832,708 1,042,708 , 10-1-87 215,000 5.900 826,513 1,041,513 ' 04-1-88 220,000 6.000 820,171 1,040,171 10-1-88 230,000 6.000 813,571 1,043,571 04-1-89 235,000 6.100 806,671 1,041,671 10-1-89 245,000 6.100 799,503 1,044,503 04-1-90 250,000 6.200 792,031 1,042,031 10-1-90 260,000 6.200 784,281 1,044,281 04-1-91 265,000 6.300 776,221 1,041,221 10-1-91 275,000 6.300 767,873 1,042,873 04-1-92 285,000 6.350 759,211 1,044,211 10-1-92 290,000 6.350 750,162 1,040,162 l i I 04-1-93 10-1-93 300,000 310,000 6.400 6.400 740,954 731,354 1,040,954 1,041,354 1,041,434 l 04-1-94 320,000 7.000 721,434 I 10-1-94 04-1-95 10-1-95 330,000 345,000 355,000 7.000 7.000 7.000 710,234 698,684 686,609 1,040,234 1,043,684 1,041,609 04-1-96 370,000 7.000 674,184 1,044,184 i 5 1,041,234 lg 10-1-96 380,000 7.000 661,234 l l
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1980 Page 10 of 10 Payment Coupon Total Date Principal Rate Interest Requirements 04-1-97 $ 395,000 7.000% $ 647,934 $ 1,042,934 10-1-97 410,000 7.000 634,109 1,044,109 04-1-98 425,000 7.000 619,759 1,044,759 7.000 I 10-1-98 435,000 604,884 1,039,884 04-1 " 455,000 7.000 589,659 1,044,659 10 470,000 7.000 573,734 1,043,734 04-1-00 485,000 7.000 557,284 1,042,284 10-1-00 500,000 7.000 540,309 1,040,309 04-1-01 520,000 7.000 522,809 1,042,809 10-1-01 540,000 7.000 504,609 1,044,609 I 04-1-02 10-1-02 04-1-03 555,000 575,000 595,000 7.000 7.000 7.000 485,709 466,285 446,160 1,040,709 1,041,285 1,041,160 10-1-03 615,000 7.000 425,335 1,040,335 04-1-04 640,000 7.125 403,810 1,043,810 10-1-04 660,000 7.125 381,010 1,041,010 04-1-05 685,000 7.125 357,497 1,042,497 10-1-05 710,000 7.125 333,094 1,043,094 04-1-06 735,000 7.125 307,800 1,042,800 10-1-06 760,000 7.125 281,616 1,041,616 04-1-07 790,000 7.125 254,541 1,044,541 10-1-07 815,000 7.125 226,397 1,041,397 04-1-08 845,000 7.125 197,363 1,042,363
-g 10-1-08 875,000 7.125 167,259 1,042,259 i3 04-1-09 905,000 7.125 136,088 1,041,088 10-1-09 940,000 7.125 103,847 1,043,847 04-1-10 970,000 7.125 70,359 1,040,359 10-1-10 1,005,000 7.125 35,803 1,040,803
$ 25,810,000 $ 36,413,486 $ 62,223,486
. t , a ' _ _ CITY OF BUSHNELL, FLORIDA I TABLE OF CONTENTS SEPTEMBER 30, 1980 Page i AUDITORS' REPORT 1- 2 BOND COVENANT COMPLIANCE REPORT 3 GEWERAL PURPOSE FINANCIAL STATEMENTS: Exhibit A Combined Balance Sheet - All Fund Types and Account Groups 4- 7 Exhibit B Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General and Special Revenue Fund Types 8- 9 Exhibit C Combined Statement of Revenues, Expenses, and Changes in Retained Earnings -
- Proprietary Fund Type 10 I Exhibit D Combined Statement of Changes in Financial Position - Proprietary Fund Type 11 NOTES TO THE FINANCIAL STATEMENTS 12-22 COMBINING STATEMENTS - BY FUND TYPE
Exhibit E Combining Balance Sheet - Special Revenue Funds 23-24 Exhibit F Combining Statement of Revenues, Expenditures,
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and Changes in Fund Balances - Special Revenue Funds 25-26 Exhibit G Combining Balance Sheet - Enterprise Funds 27-28 Exhibit H Combining Statement of Revenues, Expenses, and Changes in Retained Earnings - Enterprise Funds 29 Exhibit I Combining Statement of Changes in Financial Position - Enterprise Funds 30-31
I CITY OF BUSHNELL, FLORIDA I TABLE OF CONTENTS (CONTINUED) SEPTEMBER 30, 1980 Page INDIVIDUAL FUND STATEMENTS: Exhibit J Statement of Changes in Assets and Liabilities - Agency Fund 32 I Exhibit K Statement of Revenues - Budget and Actual - Special Revenue Funds 33-34 I Exhibit L Statement of Expenditures - Budget and Actual - Special Revenue Funds 35-36 SUPPLEMENTAL INFORMATION: AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION 37 Schedule 1 Schedule of Revenues - Budget and Actual - General Fund 38-39 Schedule 2 Schedule of Departmental Expenditures -
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Budget and Actual - General Fund 40-43 Schedule 3 Schedule of Insurance in Force 44 AUDITORS' FINDINGS AND RECOMMENDATIONS 45-47 I I
g g " CERTIFIED PUBLIC ACCOUNTANTS BROOKSVILLE, FLORIDA 33512 123 N. MAIN STREET PHONE 796-1444 NICHOLAS J. BELLA (1932-1971) W. ANDREW MUELLER, JR. I REMY HERMIDA RAYMOND S. OLIVER HERMAN VIDAL JESSICA B. MANN H. LEO GlLLMAN JAMES E. HURN WILLIAM H. HANCOCK R. READ PEASLEE I CORDON H. SHIRAH I January 26, 1981 I City Council City of Bushnell, Florida We have examined the combined financial statements of the City of Bushnell, I Florida, and the combining and individual fund financial statements of the City as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we consider necessary in the circumstances. I The City does not record depreciation on its Water Utility Fund fixed assets, nor are detailed records maintained on said assets. The amounts by which the financial statements of the Water Utility Fund would change if deprecia-tion were recorded and detailed records maintained cannot be determined. Additionally, the City does not maintain detailed records of its General Fixed Assets Account Group. The amounts by which the financial statements of the General Fixed Assets Account Group would change if detailed records were maintained cannot be determined. Because of the omissions described in the second paragraph, which are at I variance with generally accepted accounting principles (see Note 3A), in our opinion, the financial statements of the Proprietary Fund Type and the Gen-eral Fixed Assets Account Group do not present fairly their financial position at September 30, 1980, or the results of operations or changes in financial I position of the Proprietary Fund Type for the year then ended in conformity with generally accepted accounting principles. I In our opinion, other than the financial statements of the Proprietary Fund Type and the General Fixed Assets Account Group, the combined financial state-ments referred to in the table of contents, present fairly the financial I position of the City of Bushnell, Florida at September 30, 1980, and the re-sults of its operations for the year then ended, in conformity with generally I VAMPA PLANT CITY BROOKSVILLE I '
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1 accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, other than the Water Utility Fund component of the Combining Enterprise Funds financial statements, the com-bining and individual fund financial statements referred to in the table of contents, present fairly the financial position of the individual funds of j the City of Bushnell, Florida, at September 30, 1980, and the results of ' operations of such funds and the changes in financial position of individual proprietary funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Respectfully submitted, BELLA, HERMIDA, OLIVER 6 GILLMAN
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l 5 g Il bg k bbb CERTIFIED PUBLIC ACCOUNTANTS 307 HYDE PARK AVE. TAMPA, FLA. 33606 PHONE 253-2851 NICHOLAS J. BELLA (19521971) W. ANDREW MUELLER, ]R. I RIMY RERMIDA RAYMOND 5. OLIVER HERMAN VIDAL JESSICA B. MANN H. LEO GILLMAN lAMES E. HURN WILLIAM H. HANCOCK R. READ PEASLEE GORDON H. SHIRAH January 26, 1981 ' ' City Council City of Bushnell, Florida We have examined the combined financial statements of the City of Bushnell, Florida, and the combining and individual fund financial statements of the City as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. , ' I During our examination we reviewed the financial covenants as prescribed in the authorizing ordinance for the City of Bushnell, Florida, Utilities System Revenue Bonds, Series 1976. ' In our opinion, the City is in compliance, in all material respects, with the aforementioned covenant at September 30, 1980. Respectfully submitted, , BELLA, HERMIDA, OLIVER & GILLMAN
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j GENERAL PURPOSE FINANCIAL STATEMENTS t j These basic financial statements provide a siimmary
; g overview of the financial position of all funds and i5 account groups as well as the operating results of all funds. They also serve as an introduction to i the more detailed statements and schedules that follow the general purpose financial statements.
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CITY OF BUSHNELL, FLORIDA I COMBINED BALANCE SHEET I ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1980 E g COVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE ASSETS FUND FUNDS CURRENT ASSETS: Cash $2,376 $24,512 Investments, At Cost 6,504 Accounts Receivable 228 Less, Allowance for Uncollectibles (228) Accrued Interest Receivabic Due From Other Funds 2,871 1,338 Due From Other Governments 1,081 Inventory of Supplies, At Cost Prepaid Expenses, Net Total Current Assets 6,328_ 32,354 RESTRICTED ASSETS: Cash Investments, At Cost Due From Other Funds Accrued Interest Receivable Total Restricted Assets FIXED ASSETS: Property, Plant and Equipment Less, Accumulated Depreciation l Total Fixed Assets OTHER ASSETS: Prepaid Expenses, Net, Non-Current Portion AMOUNT TO BE PROVIDED FOR RETIREMENT l OF GENERAL LONG-TERM DEBT TOTAL ASSETS $6,328 $32,354 0 Restated For Comparative Purposes The Accompanying Notes are an Integral Part of These Financial Statements 4
_ _ _ _ _ _ _ _ _ _ EXHIBIT A P ge 1 I -
.E PROPRIETARY FIDUCIARY .g FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS (MEMORANDUM ONLY)
GENERAL GENERAL ENTERPRISE AGENCY FIXED LONG-TERM FUNDS FUND ASSETS DEBT 1980 1979*
- l $ 55,923 $852 $ $ $ 83,663 $ 79,797 5 a,600 10,104 6,095 91,953 92,181 76,078 i
g ( 2,835) ( 3,063) ( 1,513)
- g 5,823 5,823 5,217 3,916 8,125 7,837
! 1,081 18,677 18,677 13,743 6,759 6,759 9,285 g 183,816 852 223,350 196,539 .5 i l 37,254 37,254 34,432 163,650 1633 650 191,884
, 977 977
. 318 318 202,199 202,199 226,316
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908,704 375,197 1,283,901 1,233,738 , (191,424) (191,424) (166,571) 717,280 375,197 1,092,477 1,067,167 5,043 5,043 11,801
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70,963 70,963 91,634
$1,108,338 $852 $375,197 $70,963 ,
$1,594,032 $1,593,457 I
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CITY OF BUSHNELL, FLORIDA I COMBINED BALANCE SHEET I ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1980 GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE LIABILITIES AND FUND EQUITY FUND FUNDS CURRENT LIABILITIES: Vouchers / Accounts Payable S 3,050 $ Accrued Liabilities 8,759 Due to Other Funds 950 35 Due to Other Governments Notes Payable Total Current Liabilities 12,759 35 CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETS: Matured Bond Interest Payable E 3 Accrued Bond Interest Payable Customers' Deposits Payable Due to Other Funds Revenue Bonds Payable Total Current Liabilities Payable From Restricted Assets LONG-TERM LIABILITIES: Notes Feyable g 3 Revenue Bonds Payable (Net of Unamortized Discount) Total Long-Term Liabilities FUND EQUITY: Contributed Capital l Investment in General Fixed Assets ! Retained Earnings: l Reserved For Bond Retirement l Reserved For Renewal and Replacement Reserved For Capital Improvenent ' Unreserved Fund Balances: l Reserved For Escrow l Reserved For Petty Cash and Change Fund 535 Unreserved (6,966) 32,319 l 1 Total Fund Equity (6,431) 32,319 TOTAL LIABILITIES AND FUND EQUITY $ 6,328 $32,354 l ORestated For Comparative Purposes l The Accompanying Notes are an Integral Part of These Financial Statements
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EXHIBIT A Page 2 [ - I PROPRIETARY FIDUCIARY FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS (MEMORANDUM ONLY) I ENTERPRISE AGENCY GENERAL FIXED GENERAL LONG-TERM FUNDS FUND ASSETS DEBT 1980 1979*
$ 76,851 $ $ $ $ 79,901 $ 60,373 7,197 15,956 6,893 I 7,717 8,702 7,837 852 852 818 19,427 19,427 20,672 91,765 852 19,427 124,838 96,593 1 548 16,850 16,850 17,408 26,865 26,865 23,666 1 400 400 10,000 10,000 10,000 1 54,115 54,115 51,622
_ 1 51,536 51,536 70,962 451,552 451,552 460,528 451,552 51,536 503,088 531,490 313,351 313,351 313,351 375,197 375,197 364,317 51,121 51,121 59,504 I 5,000 88,278 5,000 88,278 5,000 36,267 53,156 53,156 93,538 4,000 535 535 25,353 37,240 510,906 375,197 911,991 913,752 I $1,108,338 $852 $375,197 $70,963 $1,594,032 $1,593,457 l b i _
CITY OF BUSHNELL, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUND TYPES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 GENERAL FUND VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) REVENUES: Taxes $ 55,100 $ 58,106 $ 3,006 Licenses and Permits 3,000 4,169 1,169 Intergovernmental Revenue 12,770 15,735 2,945 Charges For Services 33,000 33,334 134 Fines and Forfeits 20,000 17,111 ( 2,389) Miscellaneous 4,446 7,576 3,130 Tota 1 Revenees 128,316 136,031 7,715 EXPENDITURES: General Government 57,069 57,428 ( 359) Public Safety 94,866 101,645 ( 6,779) Physical Environment / Transportation 78,729 84,923 ( 6,194) Culture / Recreation 1,900 2,664 ( 764) Total Expenditures 232,564 246,660 (14,096) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (104,248) E (110,629) ( 6,381) g OTHER FINANCING SOURCES (USES): Operating Transfers In 107,248 92,092 (15,156) Operating Transfers Out ( 15.000) ( 9,000) 6,000 Total Other Financing Sources (Uses) 92,248 83,092 ( 9,156) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES '( 12,000) ( 27,537) (15,537) FUND BALANCES, OCTOBER 1 20,571 20,571 FUND BALANCES, SEPTEMBER 30 $ 8,571 $( 6,966) $(15,537)
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EXHIBIT B I . I SPECIAL REVENUE FUNDS TOTALS (MEMORANDUM ONLY) I BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) ACTUAL PRIOR YEAR
$31,500 $24,800 $(6,700) $ 86,600 $ 82,906 $( 3,694) $ 80,931 3,000 4,169 1,169 3,879 59,819 58,677 (1,142) 72,589 74,412 1,823 76,447 I 800 1,029 229 33,000 20,000 5,246 33,334 17,111 8,605 334
( 2,889) 3,359 30,690 19,826 6,575 92,119 84,506 (7,613) 220,435 220,537 102 218,348 I 22,398 19,964 2,434 79,467 77,392 2,075 83,574 6,500 6,500 101,366 101,645 ( 279) 94,650 I 8,400 20,173 2,827 7,565 5,573 12,608 87,129 22,073 87,750 10,229 ( 621) 11,844 76,341 12,035 57,471 30,356 27,115 290,035 277,016 13,019 266,600 34,648 54,150 19,502 (69,600) (56,479) 13,121 (48,252) I 15,000 5,000 (58,648) (47,500) (10,000) 11,148 122,248 (73,648) 97,092 (56,500) (25,156) 17,148 105,147 (73,990) (43,648) (42,500) 1,148 48,600 40,592 ( 8,008) 31,157 I(9,000) 11,650 20,650 (21,000) (15,887) 5,113 (17,095) 20,669 20,669 41,240 41,240 58,335
$11,669 $32,319 $20,650 $ 20,240 $ 25,353 $ 5,113 $ 41,240 I
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EXHIBIT C , CITY OF BUSHNELL, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE FOR THE FISCAL YEARS ENDED SEPTEMBER 30, J 980 AND 1979 1980 1979 OPERATING REVENUES: Charges For Services $745,884 $605,473 Miscellaneous Revenue 5,591 2,944 Total Operating Revenue 751,475 608,417 OPERATING EXPENSES: Personal Services 69,221 60,564 I Other Services and Charges Depreciation 598,114 24,853 464,288 24,256 Total Operating Expenses 692,188 549,108 OPERATING INCOME 59,287 59,309 I NON-OPERATING REVENUES (EXPENSES): I Interest Earnings Bond Interest Paying Agent Fees ( 19,432 (33,707) 150) ( 18,386 (34,816) 300) Amortization Bond Discount ( 1,024) ( 1,024) Total Non-Operating Revenues (Expenses) (15,449) (17,754) INCOME BEFORE OPERATING TRANSFERS 43,838 41,555 OPERATING TRANSFERS IN (0UT) (40,592) (33,381) NET INCOME 3,246 8,174 RETAINED EARNINGS, OCTOBER 1 194,309 186,135 RETAINED EARNINGS, SEPTEMBER 30 $197,555 $194,309 The Accompanying Notes are an Integral Part of These Financial Statements 10
EXHIBIT D CITY OF BUSHNELL, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION PROPRIETARY FUND TYPE FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 1979 SOURCES OF WORKING CAPITAL: Net Income $ 3,246 $ 8,174 Items Not Requiring Working Capital: Depreciation Expense 24,853 24,257 , Amortization Expense 10,308 1,025 l Removal of Fixed Assets to Inventory 1,299 l Net Decrease in Restricted Assets 39,570 Reclassification of Prepaid Costs 6,759 Total Sources of Working Capital 86,035 33,456 I USES OF WORKING CAPITAL: Acquisition of Fixed Assets Retirement of Long-Term Debt 40,582 10,000 19,968 10,000 Prepaid Costs - Net 11,914 Net Increase in Restricted Assets 9,642 10,498 Total Uses of Working Capital 60,224 52,380 NET INCREASE (DECREASF) IN WORKING CAPITAL $ 25,811 $(18,924) I CHANGES IN C0tiPONENTS OF WORKING CAPITAL: Increase (Decrease) in Assets: Cash $ 14,223 $( 2,604) Inv: tments 3,600 Accounts Receivable, Utility - Net 14,553 7,374 I Accrued Interest Receivable Due From Other Funds Inventory 3,896 341 4,934 ( 921 25) 1,242 Prepaid Costs - Current Portion 6,759 ( 7,9/.'i Total Increase (Decrease) in Assets 48,306 ( 1,034) Increase (Decrease) in Liabilit as: Accounts Payable 18,394 17,751 Accrued Liabilities 3,991 769 Due to Other Funds 110 ( 630) Total Increase in Liabilities 22,495 17,890 I NET INCREASE (DECREASE) IN WORKING CAPITAL $ 25,811 $(18,924) The Accompanying Notes are an Integral Part of These Financial Statements 11
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CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 . NOTE 1:
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES A. Nature and Purpose of Funds The financial statements of the City of Bushnell, Florida, presented herein are divided into various categories designated as funds and account groups. The financial statements of these units are presented separately in recognition of the divergent purpose of each and in com-pliance with legal requirements and generally accepted accounting prin-ciples. A listing of these funds and account groups and a brief des-cription of the nature of each is as follows: GOVERNMENTAL FUNDS General Fund, The General Fund is established to account for the general governmental
activities of the City and to finance those governmental activities not otherwise designated to be recorded and financed separately. Special Revenue Funds Special Revenue Funds account for monies received by the City, the ex-penditure of which is limited to a certain purpose. As presented in j this report, the City has five special revenue funds as follows: the Cigarette and State Revenue Sharing Tax Fund; the Utility Tax Fund; the Federal Revenue Sharing Fund; the Parks and Recreation Fund; and the Comprehensive Plan Fund. PROPRIETARY FUND Enterprise Funds Utility Funds The Utility Funds account for the financing of those self-supporting activities of the City which render services on a user charge basis to the general public. As presented in this report, the Utility Funds account for the water and electric systems of the City. ill 1 l I i 1 12
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CITY OF BUSHNELL, FLORIDA I NOTES TO THE FINANCIAL STATEMENTS SEPTEM2ER 30, 1980 NOTE 1:
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I FIDUCIARY FUND Agency Fund Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, I and/or other funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. The City maintains one agency fund: the Bail Bond Fund.
- ACCOUNT GROUPS General Fixed Assets The General Fixed Assets Group of Accounts is used to account for those fixed assets of the City not accounted for in Enterprise Funds.
These asset balances are recorded for informational purposes only. No detailed records on these assets are maintained. General Long-Term Debt The General Long-Term Debt Group of Accounts is used to account for those obligations of the City supported by general revenues of the City as a whole. l l B. Basis of Accounting l The Governmental Funds record revenues and expenditures on the modified accrual basis. Under this method, revenues are recognized in the ac-counting period in which they become available and measurable. Ex-l penditures are recognized in the accounting period in which the fund ! liability is incurred, if measurable. I Proprietary Fund revenues and expenses are recognized on the accrual basis. Revenues are recognized in the accounting period in which they are earned and become measurable and expenses are recognized in the period incurred, if measurable. Agency Fund assets and liabilities are accounted for on the modified accrual basis. 13
CITY OF BUSHNELL, FLORIDA I NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 I NOTE 1:
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Budgets The City follows these procedures in establishing the budgetary data reflected in the financial statements:
- 1. Prior to October 1, the City Clerk submits to the City Council a proposed operating budget for the fiscal year commencing October 1. The operating budget includes proposed expenditures and the means of financing them.
- 2. Budgets are advertised and public hearings are conducted to ob-tain taxpayer comments.
- 3. Prior to October 1, the budget is legally enacted through passage of an ordinance.
- 4. Budgeted amounts are shown in the financial statements as origin-ally adopted. The General Fund budget was overspent during the current year and the budget should have been amended to reflect changes in the financial environment.
D. Inves treent s Investments, consisting of certificates of deposit, are stated at cost. It is generally the policy of the City to hold all investments until maturity. E. Inventories Inventory for the utility funds are stated at cost. F. Accumulated Unpaid Vacation and Sick Pay A liability exists for accrued unpaid vacation and sick pay. T4 lia- , bility is not reported on the balance sheet; however, records are maintained for employees showing the number of days accrued. An employee can accrue a maximum of 160 hours vacation leave and there is no limit on the nunber of hours of unused sick leave an employee may accrue, although an employee will not be paid for unused sick leave upon termination. l Amounts representing accrued annual leave and sick pay, however, will be paid in future years and recorded as part of the normal operations of the City, i i 14
CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 I NOTE 1:
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) G. Total Columns on Combined Statements Total columns on the Combined Statements are captioned Memorandum Only to indicate that they are presented only to facilitate financial analy-sis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data compar-I able to a consolidation. the aggregation of this data. Interfund eliminations have not been made in NOTE 2: ADOPTION OF GOVERNMENTAL AND FINANCIAL REPORTING PRINCIPLES During the preceding fiscal year, " Governmental Accounting and Financial Reporting Principles - Statement 1" was adopted and published by the Na-tional Council on Governmental Accounting. The statement became effective I for fiscal years ending after June 30, 1980. The financial statements presented herein comply with all material provisions of Statement 1. I NOTE 3: PROPRIETARY FUND TYPE
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A. Non-Compliance With Generally Accepted Accounting Principles The amounts representing proprietary fund type on the combined balance sheet are comprised of the electric utility fund and the water utility fund. The water utility fund does not record depreciation on its fixed assets, nor are detailed records maintained on such assets. These omissions are contrary to generally accepted accounting principles. Financial statements of the proprietary fund type, in summary form, follow: ASSETS, LIABILITIES AND EQUITY ELECTRIC WATER UTILITY UTILITY ASSETS FUND FUND TOTALS Current Assets $165,726 $ 18,090 $ 183,816 I Restricted Assets Utility Plant In Service, Net Other Assets 189,411 522,288 5,043 12,788 194,992 202,199 717,280 5,043 l lI TOTAL ASSETS $882,468 S225,870 $1,108,338 15 !
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CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS I SEPTEMBER 30, 1980 NOTE 3: PROPRIETARY FUND TYPE (CONTINUED) A. Non-Compliance With Generally Accepted Accounting Principles (Continued) ELECTRIC WATER UTILITY UTILITY LIABILITIES AND EQUITY FUND FUND TOTALS I current Liabilities Current Liabilities Payable Fron Restricted Assets
$ 87,903 54,115
$ 3,862 $ 91,765 54,115 Long-Term Liabilities 405,397 46,155 451,552 Equity:
Contributed Capital 146,922 166,429 313,351 Retained Earnings: Reserved 131,611 12,788 144,399 Unreserved 56,520 (3,364) 53,156 TOTAL LIABILITIES AND EQUITY $882,468 $225,870 $1,108,338 REVENUES, EXPENSES AND CliANGES IN RETAINED EARNINGS Operating Revenues $702,141 $ 49,334 $ 751,475 I Operating Expenses Before Depreciation Depreciation 621,976 24,853 45,359 667,335 24,853 Total Operating Expenses 646,829 45,359 692,188 Operating Income 55,312 3,975 59,287 Non-Operating Revenues (Expenses) (12,690) ( 2,759) (15,449) ' Operating Transfers In (Out) (61,333) 20,741 (40,592) Net Income (18,711) 21,957 3,246 Retained Earnings, October 1 206,842 (12,533) 194,309 RETAINED EARNINGS, SEPTEMBER 30 * $188,131 $ 9,424 $ 197,555 16
CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 NOTE 3: PROPRIETARY FUND TYPE (CONTINUED) A. Non-Compliance With Generally Accepted Accounting Principles (Continued) f CHANGES IN FINANCIAL POSITION I ELECTRIC WATER UTILITY UTILITY FUND FUND TOTALS SOURCES (USES) 0F WORKING CAPITAL: Net Income (Loss) $(18,711) $21,957 $ 3,246 Items Not Requiring Working Capital 35,059 102 35,161 Removal of Fixed Assets to Inventory 1,299 1,299 Net (Increase) Decrease in l Restricted Assets 39,570 ( 9,642) 29,928 Reclassification of Prepaid Costs 6,759 6,759 Acquisition of Fixed Assets (29,507) (11,075) (40,582) Retirement of Long-Term Debt ( 9,000) ( 1,000) (10,000) l
! NET INCREASE (DECREASE) IN WORKING CAPITAL $24,170 $ 1,641 ,
$25,811
' CHANGES IN COMPONENTS OF WORKING CAPITAL: Cash $12,379 $ 1,844 $14,223 Investments 3,600 3,600 Accounts Receivable, Net 14,553 14,553 Accrued Interest Receivable 3,261 635 3,896 Due From Other Funds ( 37) 378 341 I Inventory Prepaid Costs - Current Portion Accounts Payable 3,437 6,759 (17,760) ( 1,497 634) 4,934 6,759 (18,394) Accrued Liabilities ( 2,236) ( 1,755) ( 3,991) Due to Other Funds 214 ( 324) ( 110) I NET INCREASE (DECREASE) IN WORKING CAPITAL $24,170 $ 1,641 $25,811 1 1 17
I CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 I NOTE 3: PROPRIETARY FUND TYPE (CONTINUED) B. Electric Utility Fund
- 1. Utility Plant in Service and Accumulated Depreciation Fixed assets are stated at cost (r appraised value at the time that the inventory of fixed assets vas made.
The following is a schedule of fixed assets and accumulated deprecia-tion as per classification: USEFUL ACCUMULATED NET BOOK LIFE BASIS DEPRECIATION VALUE Distribution Plant 25 to 40 Years $462,896 $121,858 $341,038 Land 2,300 2,300 Structures and Improvements 32 Years 9,187 4,306 4,881 I Transportation Equipment 6 Years 4,298 4,298 Tools, Shop and Garage Equipment 12 Years 2,827 1,332 1,495 Power Operated Equipment 10 Years 41,772 33,710 8,062 Communication Equipment 12 Years 2,075 1,903 172 City's Entitlement
- of Crystal River 3 28 Years 188,357 24,017 164,340 TOTALS $713,712 $191,424 $522,288
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I CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMFNTS SEPTEMBER 30, 1980 I NOTE 3: PROPRIETARY FUND TYPE (CONTINUED) B. Electric Utility Fund (Continued)
- 2. Prepaid Costs The amount of net prepaid costs represent the unamortized payments made to engineers in prior years in connection with the three year electric rate study and the electric plant appraisal project. The costs are being amortized over three and five years, respectively.
I NOTE 4: BONDS PAYABLE - ELECTRIC AND WATER UTILITY FUNDS I The bonds were issued in 1976 and are payable solely from, and secured by, a first lien upon, and pledge of, the gross revenues of the combined elec-tric and water utility systems. The bonds consist of $140,000 serial bonds at interest rates of 5.5% to 6.7%, due April 1, 1981-89, and $340,000 of term bonds, subject to candatory redemption by lot beginning April 1, 1990, and ending April 1, 1999, at an interest rate of 7.3%. A. Reserve for Bond Retirement The following is a comparison of reserve requirements to actual assets at September 30, 1980:
ACTUAL ASSETS:
= cash $24,294 Investments 53,650 Due From Other Funds 27 l Total Actual Assets $77,971 REQUIRED:
Interest Due October 1, 1980 16,850 Reserve Account (Maximum Due in 1999) 53,650 l Total Required 70,500 l ACTUAL OVER REQUIRED $ 7,471 l I 19
I CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 NOTE 4: BONDS PAYABLE - ELECTRIC AND WATER UTILITY FUNDS (CONTINUED) B. Reserve for Renewal and Replacement The reserve was established by bond resolution and the moneys can only be used for the purpose of paying the cost of extensions, enlargements or additions to, or the replacement of capital assets of the systems and emergency repairs thereto, or unusual costs of operation and maintenance. However, the balance of moneys on hand in said fund shall not be reduced I below an amount equal to one-and-one-half percent of the gross revenues, less fuel costs, of the utilities systems for the previous fiscal year except for payment of the cost of emergency repairs or unusual costs of operation and maintenance. As of September 30, 1980, the City has moneys in excess of requirenents. C. Debt Service Charges A summary of debt service charges until maturity for the bonds payable follows: YEAR ENDING 1976 ISSUE SEPTEMBER 30 TOTAL PRINCIPAL INTEREST 1981 $ 43,700 $ 10,000 $ 33,700 1982 43,120 10,000 33,120 I 1983 1984 1985 47,530 46,615 45,685 15,000 15,000 15,000 32,530 31,615 30,685 1986 44,740 15,000 29,740 1987 48,780 20,000 28,780 1988 47,480 20,000 27,480 1989 46,160 20,000 26,160 I 1990 1991 1992 49,820 47,995 46,170 25,000 25,000 25,000 24,820 22,995 21,170 1993 49,345 30,000 19,345 1994 47,155 30,000 17,155 1995 49,965 35,000 14,965 1996 47,410 35,000 12,410 I 1997 1998 49,855 51,935 40,000 45,000 9,855 6,935 1999 53,650 50,000 3,650
'
TOTAL $907,110 $480,000 $427,110 20
CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 NOTE 5: GENERAL FIXED ASSETS A summary of changes in general fixed assets follows: BALANCE BALANCE OCTOBER SEPTEMBER 1, 1979 ADDITIONS DELETIONS 30, 1980 GENERAL FIXED ASSETS: Land S 23,087 $ 6,000 $325 $ 28,762 Buildings 105,513 105,513 Improvements 117,632 1,460 119,092 Machinery and Equipment 118,085 3,745 121,830 TOTAL $364,317 $11,205 $325 $375,197
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INVESTMENT IN GENERAL FIXED ASSETS $364,317 $11,205 $325 $375,197 NOTE 6: GENERAL LONG-TERM DEBT A. Changes in General Long-Term Debt A summary of changes in General Long-Term Debt follows: BALANCE BALANCE OCTOBER SEPTEMBER 1, 1979 ADDITIONS RETIREMENTS 30, 1980 GENERAL LONG-TERM DEBT PAYABLE: Notes Payable $84,617 $ $18,955 $65,662 Florida Retirement System Payable 7,017 1,716 5,301 TOTAL GENERAL LONG-TERM DEBT $91,634 $ $20,671 $70,963
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21
CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1980 NOTE 6: GENERAL LONG-TERM DEBT (CONTINUED) B. General Long-Ters Debt Payable DESCRIPTION OF INTEREST OUTSTANDING I COLLATERAL RATE BALANCE __ Revenues 5% $28,489 Revenues 5.5% 35,474 1976 GMC Truck 5% 1,699 Unsecured (Florida State Retirement System) 6.5% 5,301
$70,963 NOTE 7: EMPLOYEES' RETIREMENT SYSTEM The City is under the State of Florida retirement system. All contributions to the system are paid by the City for the employees' benefit. For all en-ployees, other than police personnel, the City contributes approximately 9%
of the total gross salary and for the police it contributes approximately 13% of their gross salary. NOTE 8: CONTINGENCIES The City is a recipient of federally shared revenue. The use of these l funds are subject to compl' ance audits. The compliance audit of these l funds for the year ended September 30, 1980, has not been conducted. I Accordin,1y, the City's compliance with requirements of the Office of Revenue Sharing will be established at some future date. The amount, if any, of expenditures which may be disallowed by the Office of Revenue Sharing cannot be determined at this time. 22
._.- ___ _. _ , - _ - - _ __ _ _ _ _ _ . . _ _ . . .. - - --
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. i l. COMBINING STATEMENTS - BY FUND TYPE ]I ! , These financial statements provide a more detailed l view of the " General Purpose Financial Statements" i presented in the preceding section. i Combining statements are presented when there are j more than one fund of a given fund type. i l !I . . ]
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CITY OF BUSHNELL, FLORIDA COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS l E SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 I CIGARETTE UTILITY TAX AND STATE TAX REVENUE REVENUE ASSETS l FUND SHARING FUND E Cash $2,449 $ 7,725 Investments 6,504 Due From Other Funds 1,338 TOTAL ASSETS $3,787 $14,229 y I LIABILITIES AND FUND EQUITY g gl Due to Other Funds $ 35 $ Fund Balances 3,752 14,229 l TOTAL LIABILITIES AND FUND EQUITY $3,787 $14,229 I 1,. A _ ....n.E N <.s .r. . 1.<.Er.1 F. m e o .s. F1 _ e.1 St.c.... . I 2' I
____ EXdIBIT E 4 l I l I FEDERAL PARKS AND REVENUE SHARING RECREATION COMPREHENSIVE TOTALS FUND FUND PLAN FUND 1980 1979
$12,405 $1,933 $ $24,512 $12,796 6,504 6,095 1,338 1,813 i
I
$12,405 $1,9 33 $ $32,354 $20,704 i
i I
$ $ $ $ 35 $ 35 12,405 1,933 32,319 20,669
- ]I $12,405 $1,933 $ $32,354 $20,704 1 I l3 24 R
CITY OF BUSHNELL, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 CIGARETTE UTILITY TAX AND STATE TAX REVENUE REVENUE FUND SHARING FUND REVENUES: Taxes $24,800 $ Intergovernmental Revenue 44,638 Miscellaneous 409 Total Revenues 24,800 45,047 EXPENDITURES: General Government 6,640 13,024 Public Safety Physical Environment / Transportation Culture and Recreation Total Expenditures 6,640 13,024 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 18,160 32,023 OTHER FINANCING SOURCES (USES): Operating Transfers In Operating Transfers Out (18,500) (29,000) Total Other Financing Sources (Uses) (18,500) (29,000) EXCESS OF REVENUE AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES ( 340) 3,023 FUND BALANCES, OCTOBER 1 4,092 11,206 FUND BALANCES, SEPTEMBER 30 $ 3,752 $14,229 Il I l The Accompanying Notes are an Integral Part of These Financial Statements 25
. . ..
- __
[ [ [ [ FEDERAL PARKS AND REVENUE SHARING RECREATION COMPREHENSIVE TOTALS [ FUND FUND PLAN FUND 1980 1979 [ $ 12,239
$
1,800
$ $24,800 58,677 1,029
$27,881 61,295 1,879 620 b 12,239 2,420 84,506 91,055 E 300 19,964 20,498 6,636 2,827 2,827 17,265
[ L 1,761 5,804 7,565 10,226 2 4,888 5,804 30,351 54,625 7,351 (3,384) 54,150 36,430 I 5,000 5,000 12,790 (47,500) (63,000) 5,000 (42,500) (50,210) I 7,351 1,616 11,650 (13,780) 5,054 317 20,669 34,449
$12,405 $1,9 33 $ $32,319 $20,669
,
1 26 L .- _-
CITY OF BUSHNELL, FLORIDA l COMBINING BALANCE SHEET I,' ENTERPRISE FUNDS SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 ELECTRIC WATER UTILITY UTILITY TOTALS ASSETS FUND FUND 1980 1979* CURRENT ASSETS: Cash $ 45,713 $ 10,210 $ 55,923 $ 41,700 l Investments 3,600 3,600 5 Accounts Receivable - Utility 91,953 91,953 76,078 Less, Allowance For E Unco 11ectibles ( 2,835) ( 2,835) ( 1,513) Accrued Interest Receivable 5,088 735 5,823 1,927 E Due From Other Funds 550 3,366 3,916 3,575 Inventory of Supplies, At Cost 14,898 3,779 18,677 13,743 Prepaid Expenses, Net 6,759 6,759 9,285 Total Current Assets 165,726 18,090 183,816 144,795 RESTRICTED ASSETS: Debt Service: Cash With Paying Agent 24,294 24,294 23,782 Investments 53,650 53,650 53,650 Due From Other Funds 27 27 28 Renewal and Replacement: Investments 5,000 5,000 5,000 Capital Improvemente: Cash 5,890 2,788 8,678 16,267 g Investments 70,000 10,000 80,000 20,000 E Construction: Cash 500 500 8,951 Investment 75,000 Interest Receivable 3,290 Customers' Deposits: Cash 3,782 3,782 8,666 E Investments 25,000 25,000 15,000 E Due From Other Funds 950 950 Accrued Interest Receivable 318 318 Total Restricted Assets 189,411 12,788 202,199 229,634 FIXED ASSETS: l Utility Plant In Service 713,712 194,992 908,704 869,421 5 Less, Accumulated Depreciation (191,424) (191,424) (166,571) Total Utility Plant In Service - Net 522,288 194,992 717,280 702,850 OTHER ASSETS: Prepaid Expenses, Net 5,043 5,043 11,801 TOTAL ASSETS $882,468 $225,870 $1,108,338 $1,089,080 CRestated For Comparative Purposes The Accompanying Notes are an Integral Part of These Financial Statements 27
EXHIBIT G ELECTRIC WATER UTILITY UTILITY TOTALS LIABILITIES AND FUND EQUITY FUND FUND 1980 1979* CURRENT LIABILITIES: I Accounts Payable Accrued Liabilities Due to Other Funds
$ 75,730 4,953 7,220
$ 1,121 2,244 497
$ 76,851 7,197 7,717
$ 58,457 3,206 7,607 Total Current Liabilities 87,903 3,862 91,765 69,270 CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETS:
Matured Bond Interest Payable 548 I Accrued Bond Interest Payable Customers' Deposits Payable Due to Other Funds 16,850 26,865 400 16,850 26,865 400 17,408 23,666 Revenue Bonds Payable 10,000 10,000 10,000 Total Current Liabilities Payable From Restricted Assets 54,115 54,115 51,622 LONG-TERM LIABILITIES: Revenue Bonds Payable (Net of Unamortized Discount) 405,397 46,155 451,552 460,528 1 Total Long-Term Liabilities 405,397 46,155 451,552 460,528 l I FUND EQUITY: Contributed Capital Retained Earnings: 146,922 166,429 313,351 313,351 I Reserved For Bond Retirement Reserved For Renewal and Replacement 51,121 5,000 51,121 5,000 59,504 5,000 Reserved For Capital Improvement 75,490 12,788 88,278 36,267 Unreserved 56,520 (3,364) 53,156 93,538 Total Retained Earnings 188,131 9,424 197,555 194,309 Total Fund Equity 335,053 175,853 510,906 507,660 I TOTAL LIABILITIES AND FUND EQUITY $882,468 $225,870 $1,108,338 $1,089,080 28
EXHIBIT H _ CITY OF BUSHNELL, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS I ENTERPRISE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 ELECTRIC WATER UTILITY UTILITY TOTALS FUND FUND 1980 1979 OPERATING REVENUES: Charges For Services $696,648 $49,236 $745,884 $605,473 Miscellaneous Revenue 5,493 98 5,591 2,944 Total Operating Revenue 702,141 49,334 751,475 608,417 OPERATING EXPENSES: Personal Services 40,155 29,066 69,221 60,564 -I Other Services and Charges Depreciation 581,821 24,853 16,293 598,114 24,853 464,288 24,256 Total Operating Expenses 646,829 45,359 692,188 549,108 OPERATING INCOME 55,312 3,975 59,287 59,309
.
NON-OPERATING REVENUES (EXPENSES): , Interest Earnings 17,066 2,366 19,432 18,386 Bond Interest (28,684) ( 5,023) (33,707) (34,816) Paying Agent Feen ( 150) ( 150) ( 300) Amortization Bond Discount
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( 922) ( 102) ( 1,024) ( 1,024) Total Non-Operating Revenues
. (Expenses) (12,690) ( 2,759) (15,449) (17,754) ,
INCOME BEFORE OPERATING TRANSFERS 42,622 1,216 43,838 41,555 OPERATING TRANSFERS IN (OUT) (61,333) 20,741 (40,592) (33,381) NET INCOME (18,711) 21,957 3,246 8,174 I RETAINED EARNINGS, OCTOBER 1 206,842 (12,533) 194,309 186,135 RETAINED EARNINGS, SEPTEMBER 30 $188,131 $ 9,424 $197,555 $194,309 , I The Accompanying Notes are an Integral Part of These Financial Statements 29
EXHIBIT I Pigo 1 CITY OF BUSHNELL, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION E g ENTERPRISE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 I ELECTRIC WATER .lE UTILITY FUND UTILITY FUND 1980 TOTALS 1979 E SOURCES OF WORKING CAPITAL: 'E Net Income S $21,957 4 21,957 $ 8,205 Items Not Requiring Working Capital: Depreciation Expense 24,853 24,853 24,257 Amortization Expense 10,206 102 10,308 1,025 Removal of Fixed Assets 'g to Inventory 1,299 1,299
- g Net Decrease in Restricted Assets 39,570 39,570 Reclassification of Prepaid
.I Costs to Current 6,759 6,759 Total Sources of Working
. Capital 81,388 23,358 104,746 33,487 I USES OF WORKING CAPITAL: Net Loss 18,711 18,711 31 Acquisition of Fixed Assets 29,507 11,075 40,582 19,968 'I Retirement of Long-Term Debt 9,000 1,000 10,000 10,000 Prepaid Costs - Net 11,914 I Net Increase in Restricted Assets 9,642 9,642 10,498 I Total Uses of Working Capital 57,218 21,717 78,935 52,411 il E NET INCREASE (DECREASE) IN i5 WORKING CAPITAL $24,170 $ 1,641 $ 25,811 $(18,924)
.
The Accompanying Notes are an Integral Part of These Financial Statements
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EXHIBIT I Paga 2 CITY OF BUSHNELL, FLORIDA I COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ENTERPRISE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 AND COMPARATIVE TOTALS ONLY FOR 1979 I ELECTRIC WATER I UTILITY FUND UTILITY FUND 1980 TOTALS 1979 CHANCES IN COMPONENTS OF WORKING CAPITAL: Increase (Decrease) in Assets: Cash $12,379 $1,844 $14,223 $( 2,604) Investments 3,600 3,600 Accounts Receivable, Utility - Net 14,553 14,553 7,374 I Accrued Interest Receivable Due Fron Other Funds Inventory 3,261 ( 37) 3,437 635 378 1,497 3,896 341 4,934 ( 921 25) 1,242 Prepaid Costs - Current Portion 6,759 6,759 ( 7,942) Total Increase (Decrease) in Assets 43,952 4,354 48,306 ( 1,034) I ncrease (Decrease) in I I Liabilities: Accounts Payable 17,760 634 18,394 17,751 Accrued Liabilities 2,236 1,755 3,991 769 Due to Other Funds (214) 324 110 ( 630) Total Increase in Liabilities 19,782 2,713 22,495 17,890 I I I NET INCREASE (DECREASE) IN WORKING CAPITAL $24,170 $1,641 _
$25,811 $(18,924)
I , I The Accompanying Notes are an Integral Part of These Financial Statements 31
. - _ _ _ _ _ _ _ _
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j INDIVIDUAL FUND STATEMENTS i These statements present information on the individual ig funds where the City has only one fund of a specific
,g type or detail to assure disclosure sufficient to meet reporting objectives is not presented in the combining ; statements. These statements also present budgetary data and prior year comparative data. ;
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EXHIBIT J
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CITY OF BUSHNELL, FLORIDA STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980 , I BALANCE OCTOBER 1, 1979 ADDITIONS DEDUCTIONS 3ALANCE SEPTEMBER 30, 1980 BAIL BOND FUND , ASSETS
,
E Cash $818 $4,182 $_4_ ,148 A852 TOTAL ASSETS $818 $4,182 $4,148 $852 .
-
LIABILITIES
! ,
Due to Other Governments $818 $4,182 $4,148 $852
- I TOTAL LIABILITIES $818 $4,182 $4,148 $852
_ I I The Accompanying Notes are an Integral Part of These Financial Statements
32 1 I
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I CITY OF BUSHNELL, FLORIDA STATEMENT OF REVENUES - BUDGET AND ACTUAL SPECIAL REVENUE FUNDS l' 3 FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) UTILITY TAX REVENUE FUND: Utility Taxes $ 31,500 $24,800 $( 6,700) Total Utility Tax Revenue Fund 31,500 24,800 ( 6,700) CIGARETTE TAX AND STATE REVEhTE SHARlliG FUND: Cigarette Tax 9,000 8,092 ( 908) State Revenue Sharing 36,546 36,546 E Interest Earnings 409 409 E Total Cigarette Tax and State Revenue Sharing Fund 45,546 45,047 ( 499) FEDERAL REVENUE SHARING FUND: Federal Shared Revenue ,13,673 12,239 ( 1,434) Total Federal Revenue Sharing Fund 13,673 12,239 ( 1,434) PARKS AND RECREATION FUhT: Contributions 600 1,800 1,200 Rent 800 620 ( 180) Total Parks and Recreation Fund 1,400 2,420 1,020 COMPREHENSIVE PLAN FUND: State Grant I TOTAL REVENUES $ 92,119 $84,506 $( 7,613) __ The Accompanying Notes are an Integral Part of These Financial Statements 33 g
EXHIBIT K 1979 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE)
$30,000 $27,881 $(2,119) 30,000 27,881 (2,119)
I 7,991 8,407 416 36,549 36,549 i I 384 384 44,540 45,340 800
10,448 12,869 2,421 l I 10,448 12,869 2,421 l i i 1,495 1,495 ) ' 1,495 1,495 i 3,470 3,470 . 1
$84,988 $91,055 $6,067 .I 34
_ _ ___ - . - _____-_ _ __ _ _ _ _ _ _ _ _ _ _
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CITY OF BUSHNZLL, FLORIDA STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL SPECIAL REVENUE FUNDS FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979
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i
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1980 ,
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VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) UTILITY TAX REVENUE FUND: Other Services and Charges S 2,000 $ 276 $ 1,723 Debt Service 6,374 6,364 10 Total Utility Tax Revenue Fund 8,374 6,640 1,734 CIGARETTE TAX AND STATE REVENUE SHARING FUND: Debt Service 13,024 13,024 Total Cigarette Tax and State Revenue Sharing Fund 13,024 13,024 FEDERAL REVENUE SHARING FUND: Other Services and Charges 11,673 3,127 8,546 Capital Outlay 8,000 1,761 6,239 Total Federal Revenue Sharing Fund 19,673 4,888 14,785 PARKS AND RECREATION FUND: Other Services and Charges 16,400 5,804 10,596 Capital Outlay Total Parks and Recreation Fund 16,400 5,804 10,596 COMPREHENSIVE PLAN FUND: Other Services and Charges 3 g Total Cociprehensive Plan Fund TOTAL EXPENDITURES $57,471 $30,356 $27,115 me A _ ,an,1n , N.t.s ar. an 1nt. m Fa m e .s. F1 _ c m Stat. _ ts I 3, g
EXHIBIT L
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f 1979 i VARIANCE
. FAVORABLE i BUDGET ACTUAL (UNFAVORABLE)
{ $ $ 319 $( 319) ' 6,374 6,363 11 1
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6,374 6,682 ( 308) l 13,024 13,023 1
- 13,024 13,023 1 8,320 7,078 1,242 8,168 9,864 ( 1,696) i 16,488 16,942 ( 454) 1 1B 2,684 2,684 jg
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834 834 l 3,518 ( 3,518)
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l 14,460 (14,460) 14,460 (14,460) )
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'E S35,886 $.54,625 $(18,739)
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- g h0%xsemMa@caww a@Emm CERTIFIED PUBLIC ACCOUNTANTS 307 HYDE PARK AVE. TAMPA, FLA. 33606 PHONE 253 2851 NICHOLAS J. BELLA (1952-1971) W. ANDREW MUELLER, JR.
' RIMTHERMTUF HERMAN VIDAL RAYMOND 5. OLIVER H. LEO CILLMAN JESSICA B. MANN WILLIAM H. HANCOCK JAMES E. HURN GORDON H. SHIRAH R. READ PEASLEE
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!I ' January 26, 1981 !I City Council ,5 ' ' "" "'" " ' ' ' r i d "
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! Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole and on the combining and individual fund financial statements. The accompanying supplemental information is presented , for purposes of additional analysis and is not a required part of the combined
!*
financial statements of the City of Bushnell, Florida. The information has been subjected to the auditing procedures applied in the examination of the
;
combined, combining and individual fund financial statements and, in our opin-ion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. Respectfully submitted,
;l
'H BELLA, HERMIDA, OLIVER & GILLMAN
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Certified Public Accountants W W I
;I I TAMPA PLANT CITY BROOKSVILLE 37
_ _ _ _ _ I SUPPLEMENTAL INFORMATION Supplemental schedules, although not necessary for a fair presentation in conformity with generally accepted accounting principles, are presented to: (a) provide a greater detail of information. (b) provide a budget versus actual comparison for fund types not requiring such compari-sons in the general purpose financial state-ments.
CITY OF BUSHNELL, FLORIDA SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) TAXES: Ad Valorem $ 42,000 $ 42,871 $ 871 Municipal Taxes 12,000 13,918 1,918 Franchise Fees 1,100 1,317 217 Total Taxes 55,100 58,106 3;dD06 LICENSES AND PERMITS: Building Permits 1,500 2,170 670 Occupational Licenses 1,500 1,999 499 Dog Licenses Total Licenses and Permits 3,000 4,169 1,169 INTERGOVERNMENTAL REVENUE: County Fire Fee 6,000 6,060 60 Mobile Home Licenses 2,500 3,239 739 Municipal Share of County Occupational Licenses 1,500 2,950 1,450 Local Government Additional Homestead Exemption 1,400 1,639 239 State of Florida Refund - Cleaning Community Center 750 750 Alcoholic Beverage Licenses 570 570 Rebate on Municipal Vehicles 800 527 ( 273) CETA Refund Total Intergovernmental Revenue 12,770 15,735 2,965 CHARGES FOR SERVICES: Garbage / Solid k'aste Revenue 32,000 32,272 272 Fire Department Calls 500 700 200 Mowing 500 362 ( 138) Total Charges For Services 33,000 33,334 334 FINES AND FORFEITS: Court Fines 20,000 17,111 (2,889) MISCELLANEOUS REVENUE: Rents and Royalties 2,546 2,546 Interest Earnings 400 293 ( 107) E Qualifying Fees 50 50 E Miscellaneous 1,500 4,687 3,187
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Total Miscellaneous Revenue
'
4,446 7,576 3,130 TOTAL REVENUES $128,316_ $136,031 $7,715 38 i
_ _ _ - SCHEDULE 1 I 1 l I 1979 I VARIANCE
- FAVORABLE BUDGET ACTUAL (UNFAVORABLE)
$ 38,817 $ 41,145 $2,328
- I 12,000 1,100 10,773 1,132 (1,227) 32 l
51,917 53,050 1,133 I 800 1,500 50 2,001 1,875 3 ( 1,201 375 47) 2,350 3,879 1,529 6,000 6,002 2 2,500 3,168 668 1,500 2,094 594 1,400 1,728 328 550 550 570 570 800 538 ( 262) 502 502 12,770 15,152 2,382 I 30,000 30,242 242 1,000 (1,000) I 500 448 ( 52) 31,500 30,690 ( 810) 17,500 19,826 2,326 I 2,546 2,546 500 60 ( 440) 50 50 1,000 2,040 1,040 4,046 4,696 650
$120,083 $127,293 $7,210 39
CITY OF BUSHNELL, FLORIDA SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR TIE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) GENERAL GOVERNMENT: Financial and Administrative: Personal Services $ 29,983 $ 26,759 $ 3,224 Other Services and Charges 27,086 30,669 ( 3,583) Total General Government 57,069 57,428 ( 359) PUBLIC SAFETY: Law Enforcement: Personal Services 78,006 79,095 ( 1,089) Other Services and Charges 7,750 12,170 ( 4,420) Capital Outlay 2,333 ( 2,333) Total Law Enforcement 85,756 93,598 ( 7,842) Fire Control: Personal Services 3,500 3,270 230 Other Services and Charges 3,610 4,477 ( 867) Capital outlay 2,000 300 l 1,700 5 Total Fire Control 9,110 8,047 1,063 Total Public Safety 94,866 101,645 ( 6,779) PHYSICAL ENVIRONMENT / TRANSPORTATION: Sanitation and Streets: Personal Services 46,156 43,880 2,276 Other Services and Charges 24,500 29,892 ( 5,392) . Capital Outlay 3,000 812 2,188 Debt Servia.e 3,398 3,397 1 Total Sanitation and Streets '77,054 77,981 ( 927) Bushnell Cemetery: Other Services and Charges 1,675 942 733 Capital Outlay 6,000 ( 6,000) Total Bushnell Cemetery 1,675 6,942 ( 5,267) Total Physical Environment / Transportation 78,729 84,923 ( 6,194) 40
. _ . . _ _ - _ _ _
Page 1 - I i 1979 VARIANCE FAVORABLE I BUDGET ACTUAL (UNFAVORABLE)
$ 23,437 $ 21,458 $ 1,979 I 36,495 41,618 (5,123) 59,932 63,076 (3,144) 1 70,740 67,862 2,878 11,350 9,392 1,958 500 60 440 82,590 77,314 5,276 1
4,000 4,165 ( 165) 3,703 1,713 1,990 2,000 4,822 (2,822) 1 9,703 10,700 ( 997) 92,293 88,014 4,279 I 38,576 33,038 5,538 21,096 24,226 (3,130) 4,000 337 3,663 63,672 57,601 6,071 1,650 1,475 175 1,650 1,475 175 65,322 59,076 6,246 41 l _
CITY OF BUSHNELL, FLORIDA SCHEDULE ')F DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) CULTURE / RECREATION: Bushnell Library: Other Services and Charges $ 1,800 $ 1,897 $( 97) Total Bushnell Library 1,800 1,897 ( 97) Special Events 100 767 ( 667) Total Culture / Recreation 1,900 2,664 ( 764) TOTAL EXPENDITURES $232,564 $246,660 $(14,096) E I 42 I
_ ___ _ _ __ SCHEDULE 2 Page 2 l
i
;
1 i iI 1979 VARIANCE l FAVORABLE ll g BUDGET ACTUAL (UNFAVORABLE)
; $ 2,000 $ 1,809 $ 191 2,000 1,809 191
! j 2,000 1,809 191 l
$219,547 $211,975_
$7,572
_ l I I l I l l I I , 43 I
t'EEDULE 3 CITY OF BUSHNELL, FLORIDA SCHEDULE OF INSURANCE IN FORCE SEPTEMBER 30, 1980 PROPERTY OR LIABILITY INSURED EXPIRATION AND/OR COVERACE LIMIT OR AMOUNT DATE Blanket Employees Fidelity Bond $5,000 2/8/81 Fidelity Bond for City Clerk $25,000 1/4/81 Volunteer Fireman's Accident $10,000 Death / ' 12/4/80 Dismemberment
$80/ Weekly Disability
$40/ Weekly Partial Disability for 104 .
Weeks Workmen's Compensation Statutory
$100,000 Em-ployee Liability 10/1/80 Fidelity Bond for Tax Collector $5,000 12/4/80 Policemen Accidental Death $20,000 11/8/80 Auto Liability and Physical 100/300/50 Damage on Scheduled Autos Liability 15/30 Uninsured Motorist Protection 2,000 Medical Payments Comprehensive and Collision 10/1/80 Fire and General Liability $464,000 Fire ' s.
I S4,000 Theft Money sa00,000 Bodily Injury Liability
$50,000 Property Damage Liability 10/1/80 44
_ _ _ _ _ . _ _ _ _ . _ _ . _ _ _ . _ _ _ _ _ _ _ _ . _ _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ . _ . _ _ _ _ _ . . _ _ _ - _ . _ _ _ _ _ _ .
'I jI t
J l l
,
,
l J AUDITORS' FINDINGS AND RECOMMENDATIONS ! !
- ,
<
l i l il , i lI , l I I I _- _- _
_ _ _ _ _ _ _ _ _ _ _ _ . . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ l 1 mmxsemusswse mesa CERTIflED PUBLIC ACCOUNTANTS 123 N. MAIN STREE1 BROOK 5VILLE, FLORIDA 33512 PHONE 796-1444 NICHOLAS J. BELLA (1952-1971) W. ANDREW MUELLER, JR. REMY HERMIDF HERMAN VIDAL i MYMOND H. LEO GILLMAN S. OLIVER JESSICA B. MANN JAMES E. HURN WILLIAM H. HANCOCK R. READ PEASLEE GORDON H. SHIRAH I January 26, 1981 1 City Council City of Bushnell. Florida l We have examined the combined financial statements of the City of Bushnell, Florida, and the combining and individual fund financial statements of the I City as of and for the year ended September 30, 1980, and have issued cur report thereon dated January 26, 1981. As part of our examination, we made a study and evaluation of the City's system of internal accounting control to the extent we considered necessary to evaluate the system as required by I generally accepted auditing standards. The purpose of our study and evalua-tion was to determine the nature, timing and extent of the auditing proce-dures necessary for expressing an opinion on the City's financial statements. I Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole. I The management of the City of Bushnell is responsible for establishing and maintaining a system of internal accounting control. responsibility, estimates and judgments by management are required to assess In fulfilling this the expected benefits and related costs of control procedures. The objectives I of a system are to provide management with reasonable, but not absolute, as-surance that assets are safeguarded against loss from unauthorized use or dis-position, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. I Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in condi-tions or that the degree of compliance with the procedures may deteriorate.
'
TAMPA PLANT CITY BROOKSVILLE 45
Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the sys-tem. Accordingly, we do not express an opinion on the system of internal accounting control of the City of Bushnell, taken as a whole. However, we offer for your review the following: I. FIXED ASSETS A. There is no detail listing of property and equipment for the general fixed assets nor the water utility plant assets. No depreciation is computed on the water utility plant assets as required by generally accepted accounting principles. A complete historical listing of all property, plant and equipment should be compiled and all moveable fixed assets should be labeled. The following information should be compiled:
- 1. Date acquired
- 2. Description
- 3. Cost or estimated cost
- 4. Location
- 5. Depreciation method, useful life and residual value, if any
- 6. Accumulated depreciation and depreciation expense by year Items (5) and (6) above pertain only to the water utility plant assets.
I B. Work order additions to the electric utility plant in service were not reconciled to the City's general ledger. The work order additions to utility plant in service should be recon-ciled to the City's general ledger on a quarterly basis. Reconciliation on a quarterly basis will enable any mathematical errors to be corrected on a timely basis. II. GENERAL FUND OVERSPENT The operation of the general fund for the fiscal year under audit resulted in an over expenditure of the budget by $15,537, which contributed to the > deficit fund balance at September 30, 1980 of $6,966. I Purruant to Chapter 166.241, Florida Statutes, the governing body of each municipality shall make appropriations for each fiscal year which, in any one year, shall not exceed the amount to be received from taxation or other revenue sources. III. WRITTEN POLICIES WD PROCEDURES The City has not adopted a formailzed written plan of organization nor has it adopted written policies and procedures of financial management. 46
III. WRITTEN POLICIES AND PROCEDURES (CONTIhW D)
- l
!E Pursuant to Chapter 10.C. Rules of the Auditor General, municipalities subject to annual financial audits shall: (a) Adopt a written plan of organization which specifies the division of duties and areas of responsibilities concerned with accounting and administrative controls relating to the safeguarding of assets, custody of financial records, and the reliability of financial statements.
'l (b) Adopt a manual of written policies and procedures covering all E phases of financial management.
We recommend that steps be taken to develop these items. IV. UTILITY BILLING ! It is difficult to ascertain the breakdown of the billings by department
at a time subsequent to the billing date. It is our understanding that the City is anticipating a new form for bills. We recommend the City add a fourth copy to the bills and utilize it as a file copy. V. GASOLINE INVENTORY The police department does not provide records (of gasoline removed from
- the tank) to the City Clerk for reconciliation to the general ledger. The utility, street and sanitation departments do keep records of gasoline
- removed from tanks, but this could not be reconciled to pump readinFs.
The City should determine how many gallons are in each tank and records should be maintained on gallons placed in and removed from the tanks. This should be reconciled back to pump readings monthly. We also suggest that the City develop a system of maintenance and operating cost records for motor vehicles. VI. PRIOR YEAR FINDINGS
Of the comments addressed in the prior year audit, all but two have been
'
resolved and they are repeated this year as comment I(A) and I(B).
>
VII. ANNUAL FINANCIAL REPORT
- l " The annual financial report which is filed with the Department of Banking and Finance was examined. There were no material differences with said financial report and the financial statements contained herein.
lg Respectfully submitted, lg
!
BELLA, HERMIDA, OLIVER & GILLMAN C(, & A t CertJfied Public Accountants 47
__ _ _ _ _ - _ ORLANDO UTILITIES COMMISSION 500 SOUTH ORANGE AVENUE e P. O. BOX 3193 e ORLANDO, FLORIDA 32802 e 305/423-9100 GRACE C. LINDBLOM
#'"'#'"'
April 2, 1981 : i
!
H E. GENE JOHNSON forst Voce Pres. dent Mr. John L. cheidt ! Staff Engin er-System Operations GR0vER C. BRYAN UMN*%M%WM#
- second voce Pres.aent P.O. Box 4042 St. Pete sburg, FL 33733
Dear Jo n:
BILL FREDERICK Per your request, enclosed are eight copies of
^r '
our financial statement for the fiscal year beginning October 1, 1979 through September 30, 1980. Yours very truly, CHARLES J H AW KINS Immediate Past Presodeet j ,,-
-
fLouis f m .lE.- Stone, a _' %. Manager Electric Operations CURTIS H. STANTON' Esecuture Vice Presodent
& General \ tanager LES:sw
Enclosures:
8
.
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!
I BALANCE SilEETS : E ORLANDO UTILITIES COMMISSION I
;
i September 30 , 1980 1979 g ASSETS $, UTILITY PLANT g In service: r Electric S206,692,496 S201,202,982 I k'a t er 49,853,316 47,911,304 d Common 12,183,709 11,838,795 g Allowances for depreciation and ] amortization (deduction) (96,946,574) (90,266,585) J 171,782,947 170,686,496 2 L
.
Construction work in progress--Note E 65,758,685 24,955,636 l 237,541,632 195,642,132 li ll IF RESTRICTED ASSETS--Notes A and B i Debt service funds 33,467,974 22,602,963 Construction and related funds 65,938,341 44,826,980 99,406,315 67,429,943 CURRENT ASSETS Cash 1,044,258 161,270 i Pooled investments--Note A 12,941,235 10,900,283 . Customer accounts receivable, less 5 allowance for doubtful accounts (1980--$139,446; 1979--$217,318) 11,071,524 11,367,933 Tl Accrued utility revenues 5,169,132 4,767,912 g Fuel for generation 15,687,664 4,091,404 u l l Materials and supplies Accrued interest receivable 3,780,842 239,917 2,959,591 154,524
}j Fuscellaneous receivables, prepaid g expenses and deferred charges 1,628,692 293,868
- 51,563,264 34,696,785 I
.
b
]
f18_8,511_,2_1_1 1297.768.860
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l i September 30 1980 1979 4 CAPITALIZATION AND LIABILITIES CAPITALIZATION , Equity: Accumulated retained earnings: j Appropriated for debt service $ 26,037,701 S 17,962,375 Invested in or appropriated for l utility plant and working capital 102,093,935 103,994,673 128,131,636 121,957,048 Contributed capital 7,716,508 5,884,072 135,848,144 127,841,120-Long-term debt--Note C: Bond principal 225,330,000. 150,330,000 i Unamortized discount and expense (deduction) (1,208,550) (469,732) 224,121,450 149,860,268 359,969,594 277,701,388 CURRENT LIABILITIES--payable from restricted assets Accrued interest payable on long-term debt 7,430,273 -4,640,588' Accounts payable--construction funds 276,151 7,706,424 4,640,588 CURRENT LIABILITIES--payable from current assets Accounts payable and accrued expenses 12,940,983 6,525,003 Customer meter deposits and interest thereon 2,121,207 2,252,249, Collections for state and political subdivisions 2,283,805 2,153,374 Due to the General Fund of the City of Orlande 990,410 2,099,070 18,336,405 13,029,696 OTHER LIABILITIES Customer water and electric line extension deposits 2,498,788 2,397,188 CObD1ITMENTS AND CONTINGENT LIABILITIES--Note E S388.111.211 _$297.768.860 See notes to financial statements
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W STATEMENTS OF INCOME AND ACCUMULATED RETAINED EARNINGS ORLANDO UTILITIES COMMISSION N Year Ended September 30 p 1980 1979 il o h Operating revenues $134,149,984 $118,948,769 Operating expenses: \_
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Production 89,873,856 76,158,045 6,319,382 5,000,302 ji 1ransmission and distribution Customer accounting 2,273,776 2,092,358 L U General and administrative 5,419,110 5,527,792 1,409,324 1,065,693 t State utilities tax " Consumer education 132,519 118,844
. Payments to the General Fund of the l City of Orlando--Note A 3,767,432 3,032,403 li 109,195,399 92,995,437 [
OPERATING INCOME 24,954,585 25,953,332 5 Depreciation--Note A 7,853,812 7,496,659 17,100,773 18,456,673 Interest and other income 7,101,788 5,466,360 24,202,561 23,923,033 s' Other deductions--principally interest 10,735,973 7,601,185 [ NES INCOME 13,466,588 16,321,848 g
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Accumulated retained earnings at i beginning of year 121,957,048 115,904,200 F 135,423,636 132,226,048 i l
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Less transfers to the General Fund of (7,292,600) (10,269,000)
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n the City of Orlando--Note A L ACCUMULATED RETAINED EARNINGS AT END OF YEAR S128.131.636 _S121. 957h_048 f a
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STATEMENTS OF CllANGES IN FINANCIAL POSITION
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3 ORLANDO UTILITIES COMMISSION s
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Year Ended September 30 L 1980 1979 i b
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SOURCE OF FUNDS Net incore S 13,466,588 $16,321,848 ! Charges to operations not requiring current 3 outlay of workirig capital: Depreciation and amortization 8,271,787 7,948,773 3 Amortization of bond discount and expense 20,961 2,747 ! TOTAL FROM OPERATIONS 21,759,336 24,273,368 i
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Proceeds from the sale of revenue bonds 75,000,000 40,000,000 Contributed capital 1,832,436 1,369,058 . Increase in restricted liabilities 3,065,836 1,212,141 l Increase in other liabilities 101,600 9,842 s 101,759,208 66,864,409
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APPLICATION OF FUNDS Additions to utility plant--net 50,171,287 26,054,866 . I Transfers to the General Fund of the City of Orlando 7,292,000 10,269,000 l Increare in restricted assets 31,976,372 33,362,558 1 Expens s attributable to sale of revenue bonds 759,779 472,479 l 90,199,438 70,158,903 INCREASE (DECREASE) IN WORKING CAPITAL S 11.559.770 S(3.294.494) i i
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CilANCES IN COMPONENTS OF WORKING CAPITAL
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Increase (decrease) in current assets: Cash $ 882,988 $ (194,814)
- Investments 2,040,952 (3,804,717) l' Customer accounts receivable (296,409) 3,056,120 Fuel for generation 11,596,260 1,324,681 l Materials and supplies 821,251 (83,921) l:
Other receivables and accounts 1,821,437 922,298 16,866,479 1,219,647 ) Increase '.d ec rea se) in current liabilities: Accounts payable and accrued expenses 6,415,980 2,724,568 Customer meter deposits and interest thereon (131,042) (58,939) : J Collections for state and political subdivisions 130,431 234,020 i Due to the General Fund of the City of Orlando (1,108,660) 1,614,492 j 5,306,709 4,514,141 INCREASE (DECREASE) IN WORKING CAPITAL l_1J 531 770 }_(L294.494) See notes to financial staten nts (
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! 4 l 1 i ! l CONTENTS 4 Pages !ll
! Accountants' Report 1 l . ~' , Financial Statements: i I e Balance Sheets 2 i Statements of Operations 3 1, l Statements of Changes of Patronage Capital j and Other Margins and Equities (Deficits) 4
! Statement s of Changes in Financial Position 5 i ! i Notes to Financial Statements 6-11 i ll i 1 l } ! , 1 e' !
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COOPERS & LY B R A N D CE RTIFIED PUBLIC ACCOUNTANTS I Board of Trustees Seminole Electric Cooperative, Inc.: We have examined the balance sheets of Seminole Electric Coopera tive , Inc . as of December 31, 1980 and 1979, and the related I statements of operations, changes of patronage capital and other margins and equities (deficits), and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of Seminole Electric Cooperative, Inc. as of December 31, 1980 and 1979, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
'rr + t Tampa, Florida February 24, 1981 1
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SEMINOLE ELECTRIC C00PERA1 BALANCE SHEETS , December 31,1 ASSETS 1980 1979 Utility plant (Notes 2, 3 and 5): Equi At original cost $10,269,024 $ 9,902,458 Construction work in progress 79,791,324 15,873,071 Me 90,060,348 25,775,529 Pr Less accumulated depreciation (1,289,256) (946,900) Ot Acquisition adjustment, less amortization 13,624 14,552 Dr Net plant 88,784,716 24,843,181 Nuclear fuel, less amortization 561,712 380,226 Nuclear fuel in process of refinement and enrichment 570,619 513,891 Long Utility plant, net 89,917,047 - 25,737,298 Cons Investments in associated organizations, at cost (Note 4) 256,245 125,267 Curr Current assets: Cash 169,831 118,396 No Temporary cash investments 2,190,000 - Tr Accounts receivable from members 1,027,547 206,934 Ta Other receivables 412,766 5,346 Ot Accrued unbilled revenues 1,487,426 754,192 Materials and supplies, at cost 131,668 360,751 Prepayments and other 145,023 192,418 Total current assets 5,564,261 1,638,037 Come Deferred charges (Note 10) 1,351,112 744,502
$97,088,665 $28,245,104 1
\ See accompanying no 2
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_. - _ - - . . . . , i IVE, INC . 980 and 1979 EQUITY AND LIABILITIES- 1980 1979 3y (Note 6): ' trships _$ 1,200 $ 1,200 ronsge capital 597,713 377,925 er margins and equities (deficit) (75,215) (77,242) ted capital- 17,919 17,919 Total equities 541,617 319,802 " term debt (Note 5) 76,369,647 14,878,023 3ruction contracts retention payable 5,359,659 772,278 nt liabilities: e peyable (Note 7) - 9,688,000 ,da and construction accounts payable 14,258,331 1,998,128 es and interest accrued 467,023 560,524 r current and accrued liabilities 92,388 28,349 Total current liabilities 14,817,742 12,275,001' itments and contingencies (Notes 4 and 12)
$97,088,665 $28,245,104 1 i
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STATEMENTS OF OPERATIONS for the years ended December 31, 1980 and 1979 1980 1979 Operating revenues and patronage capital (Note 2) $17,732,500 $7,269,951
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Operating expenses: Operation: Fuel 177,656 185,691 Other production expenses (Note 8) 805,287 507,047 Purchased power 13,943,058 4,315,759 Tran smiss ion 452,330 399,066 Administrative and general 632,242 325,935 Depreciation and amortization (Note 2) 362,939 340,678 Taxes (Note 9) 176,128 137,712 Other 39,659 35,796 16,589,299 6,247,684 Operating margins before interest charges 1,143,201 _f.,022,267 Interest charges: Long-term obligations 4,226,660 911,730 Current obligations 412,548 939,285 other 15,874 2,314 Less interest charged to construction (Note 2) (3,731,669) ( 990,856) 923,413 862,473
" Net operating margins 219,788 159,794 Non-operating margins, net 2,027 2,640 Net margins S 221,815 $ 162,434 l
I See accompanying notes. 3
STATEMENTS OF CHANGES OF PATRONAGE CAPITAL AND OTHER MARGINS AND EQUITIES (DEFICITS) for the years ended December 31, 1980 and 1979 Other Margins and ' Patronage Equities Capital (Deficits) Total Balance, December 31, 1978 $218,131 $(79,882) $138,249 Net margins, 1979 159,794 2,640 162,434 Balance, December 31, 1979 377,925 (77,242) 300,683 Net margins, 1980 219,788 2,027 221,815 Balance, December 31, 1980 $597,713 $(75,215) S522,498 I See accompanying notes. 4
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STATEMENTS OF CHANGES IN FINANCIAL POSITION for the years ended December 31, 1980 and 1979 1980 1979 Funds provided by: Operations: Net margins $ 221,815 $ 162,434 Add items not affecting working capital: Depreciation and amortization of plant 362,939 340,678 Amortization of nuclear fuel (Note 2) 176,393 184,255 Total funds provided by operations 761,147 687,367 Increase in long-term debt 61,496,000 5,429,000 Increase in construction contracts retention payable 4,587,381 573,684 Decrease in working capital - 5,923,653
$66,844,528 S 12,613,704 Funds used for:
Property additions, including interest ch arged to construction $64,719,081 $ 12,030,983 Payments on long-term debt 4,376 9,762 Increase in investments 130,978 67,270 y- Increase in de ferred charges 606,610 505,689 Increase in working capital 1,383,483 - S66,844,528 S 12,613,704 Changes in components of working capital: Increase (decrease) in current assets: Cash and invested cash $ 2,241,435 $ 76,368 Accounts receivable from members and others 1,228,033 57,335 l Accrued unbilled revenues 733,234 491,848 Materials and supplies (229,083) 360,751 , Prepayments and other (47,395) 185,722 l ' 3,926,224 1,172,024 i Increare (decrease) in current liabilities: Note payable (9,688,000) 5,773,000 Traie and construct ion accounts payable 12,260,703 828,647 Taxes and interest accrued (93,501) 480,668 Ot'aer current and accrued liabilities 64,039 13,362 2,542,741 7,095,677 Increase (decrease) in working capital S 1,383,483 $ (5,923,653) See accompanying notes. 5
NOTES TO FINANCIAL STATEMENTS
- 1. The Cooperative:
Seminole Electric Cooperative, Inc. (Seminole) is a generation and transmission cooperative. It is responsible for meeting the electric power and energy needs of its eleven distribution cooperative members operating within the State of Florida. At the present time, the Seminole-owned resources for supplying its members' electric power and energy requirements are its 1.6994% undivided ownership interest in the Crystal River Unit #3 (CR3) nuclear power plant operated by Florida Power Corporation and various transmission lines connecting individual members to other power suppliers. The balance of its members ' needs are supplied by wholesale purchases of electricity from other power suppliers. In order to supply a larger share of its members' projected needs, Seminole is constructing two new generating facilities (Seminole Unit I and Unit 2) near Palatka, Florida, with approximately 600 megawatts output per unit. These units will be connected to the Florida bulk power supply grid through several 230 kv transmission lines and associated f acilities also being contructed by Seminole. Site certification was received on September 18, 1979 and construc-tion commenced October 1, 1979. As of December 31, 1980, engineering and design is 81% complete for Unit 1 and 32% complete for Unit 2. The overall construction progress for Unit 1 is 14% complete and on schedule as of December 31, 1980. It is anticipated that Seminole Unit I will be in operation for at least six months during 1983.
- 2. Summary of Significant Accounting Policies:
Seminole maintains its accounts in accordance with policies prescribed or permitted by the Rural Electrification Administration (REA), which l conform with generally accepted accounting principles in all material respects. The more significant of these policies are as follows: (A) Utility Plant - Utility plant is stated at original cost. Such cost includes applicable supervisory and overhead cost, plus interest charged during construction (See Note 2-E). The cost of maintenance and repairs, including renewals of minor items of property, is charged to operating expense. The cost of replacenent l of depreciable property units, as distinguished from minor items, is charged to utility plant. The cost of units replaced or retired, including cost of removal, net of any salvage value, is charged to accumulated depreciation. l (B) Operating Revenues and Patronage Capital - Seminole has wholesale power contracts with each of its members, whereby the members must purchase all electric power and energy which the member shall require for its system within the State of Florida to the extent that Seminole shall have such power and energy and facilities available; provided, however, that the member shall (Continued) 6
NOTES TO FINANCIAL STATEMENTS, Continued
- 2. Summary of Significant Accounting Policies, continued:
have the right to continue to purchase power under any existing contract with a supplier other than Seminole during the remainder of the terms of these existing contracts or until such time as Seminole requests these contracts be terminated. Payments I received and disbursed by Seminole on behalf of its members under these existing contracts are not recognized either as a revenue or as a cost. Operating revenues and patronage capital consist of billings for sales of electric power by Seminole to its members, a member adjustment f actor, ar.d a facilities use charge for Seminole's transmission lines servicing a single member cooperative. Revenues and patronage capital are accrued monthly to match costs incurred in generation at CR3 and transmission line ownership or billings received for purchased power. (C) Depreciation - Seminole provides for depreciation using the straight-line method at annual rates which will amortize the original cost of depreciable property over its estimated useful service life. The rates for 1980 and 1979 were as follows: 1980 1979 Nuclear production plant 3.6% 3.6% Transmission p' ant 2.75% 2.75% General plant 13.2% 13.6% The nuclear production plant rates include an estimated negative salvage value of 12%, representing estimated cost of removal and disposal. (D) Amortization of Nuclear Fuel - The cost of nuclear fuel is amortized to fuel expense based on the quantity of heat produced for generation of electric energy in relation to the quantity of heat expected to be produced over the life of the nuclear fuel core. Although there is no facility presently in operation to process spent nuclear fuel and it may be necessary to store spent nuclear fuel for an indefinite peciod, no provision has been made in these statements for these costs. (E) Capitalization of Interest - In accordance with procedures permitted under the Uniform System of Accounts prescribed by the REA, a portion of interest on borrowed funds, at rates of approximately 11.6% and 12.6% for 1980 and 1979, respectively, is capitalized as a component of the cost of construction work in progress, and is reflected as a reduction of interest expense. (Continued) 7
NOTES TO FINANCIAL STATEMENTS, Continued
- 2. Summary of Significant Accounting Policies, continued:
(F) Reclassifications - Certain reclassifications have been made to the 1979 statements to conform to current classifications.
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- 3. Utility Plant:
The original cost of Utility Plant at December 31,1980 and 1979, was as follows: 1980 1979 Ownership (1.6994%) in nuclear plant S 8,207,535 $ 8,214,073 Transmission plant 1,797,494 1,578,786 General plant 263,995 109,599 10,269,024 9,902,458 Construction work in progress 79,791,324 15,873,071
$90,060,348 $25,775,529 Substantially all of the Utility Plant assets are pledged as colla-teral for the REA and CFC mortgage notes.
- 4. Investment in Associated Organizations:
Investments in associated organizations consist of the following: December 31, 1980 1979 Florida Rural Electric Cooperative Association S 10,786 $ 10,786 National Rural Utilities Cooperative Finance Corporation (CFC): I Membe rshi p Capital Term Certificates (CTC) Patronage Capital Certificates 1,000 111,685 132,774 1,000 63,307 50,174 S 256,245 ,$ 125,267 (Continued) 8
NOTES TO FINANCIAL STATEMENTS, Continued
- 4. Investments in Associated Organization, continued:
Seminole is obligated to purchase CTC's issued by CFC. Based on anticipated revenues, Seminole's future obligation for purchase of CTC's is as follows: 1981 - S 69,000 1982 - S 74,000 1983 - S 80,000 1984 - $974,000 These certificates mature beginning in 2025 and bear interest at the rate of 3% annually.
- 5. Long-Term Debt:
Long-term debt consists of the following at December 31, 1980 and 1979: 1980 1979 First mortgage note payable to Federal Financing Bank (FFB), guaranteed by REA, due 2011, interest payable quarterly t 7.442% to 8.215%, first principal payment due in 1983. S 8,931,000 $ 8,931,000 First mortgage note payable to REA, due 2008, payable in quarterly installments of approxi-mately $4,400 including interest at 5%. 264,847 269,223 I
$4,597 of principal is due in 1981.
First mortgage note payable to REA, due 2014, under agreement for total borrowings of $3.7 million. Interest payable quarterly at 5%, first principal payment due in 1982. 2,887,000 1,252,000 First mortgage note payable to CFC, under an int ermed ia te term loan agreement for $60 million, with a specific subordination of mortgage lien granted by REA. Interest payable quarterly at prime, as defined, plus 1/2%, due 1984, guaranteed by members. - 4,177,000 First mortgage note payable to FFB guaranteed by REA. Interest payable quarterly at 8.397% to 14.965%, due 1982 and 1983. (See below) 64,038,000 - Advances from members, unsecured, with no interest or due date. 248,800 248,800 S76,369,647 S14,878,023 (Continued) < (
NOTES TO FINANCIAL STATEMENTS, Continued
- 5. Long-Term Debt, Continued In September 1979, Seminole received a comitment from FFB and REA for a loan by FFB to Seminole, in the amount of $1,104,388,000 to be used for long-term financing of the Seminole Unit 1, Unit 2 and related transmission facilities project and a guarantee thereof by REA. On January 18, 1980, Seminole received the first adv ance against this loan, the proceeds of which were used to satisfy the CFC mortgage note.
Under the terms of the Loan Commitment Agreement, dated August 14, 1974, between FFB and REA, all advances are subject to the approval I of REA. The maturity date of each advance may be not less than two years nor more than seven years, af ter the date of the advance; provided, however, at the option of the borrower, such maturity dates may be extended for a period of 34 years from the end of the year in which advances were made. Interest on each advance shall be the respective rate established at the time of the advance, or upon extension shall be the rate established at that time. Of the $64,038,000 advanced at December 31, 1980, on the FFB note,
$31,744,000 is due in 1982, and $32,294,000 is due in 1983. It is anticipated that these amount together with future additional bor-rowings from FFB will be extended to the maximum maturity dates.
- 6. Return of Equity Restrictions:
! Under provision of the agreements relating to the REA mortgage notes, until the total of equities and margins equals or exceeds forty percent of total assets, the return by Seminole to members of capital contributed is limited generally to twenty-five percent of the patronage capital or margins received by Seminole in the next preceding year.
- 7. Note Payable - CFC Line of Credit:
At December 31, 1980, there were no borrowings under a $12 million line of credit with the CFC. The interest rate is the prime rate, as defined. On January 16, 1981, prior to the expiration of this line of credit, Seminole secured a new line with the CFC for the same amount and interest rate for an additional year commencing January 1981.
- 8. Other Production Expenses:
Other production expenses consist of CR3 operating and maintenance costs which represent Seminole's portion of all expenses incurred by Florida Power Corporation attributable to the operation of CR3 and properly recordable in accordance with the operating expense instruc-tions and in appropriate accounts as set forth in the Uniform System of Accounts. These payments are made to Florida Power Corporation in accordance with the Crystal River Unit #3 Participation Agreement. 10
NOTES TO FINANCIAL STATEMENTS, Continued
- 9. Taxes:
Seminole files income tax returns with the Internal Revenue Service as an organization exempt from Federal income taxes under Section 501(c)(12) of the Internal Revenue Code. Tax expense represents property, gross receipt and payroll taxes.
- 10. Deferred Charges:
At December 31, 1980, deferred charges includes $335,400 of unamor-tized debt expense. Additional amounts consist of costs incurred in negotiating possible joint ownership participation in a Florida Power and Light Company nuclear unit presently under construction, costs associated with securing a supply of coal for the planned Seminole generating units and other miscellaneous deferrals.
- 11. Retirement Plan:
Substantially all employees are covered by a pension plan which is, I funded through participation in a National Rural Electric Cooperative Association group plan. Pension costs were approximately $144,770 and
$71,750 for the years ended December 31,1980 and 1979, respectively.
- 12. Commitments and Contingencies:
Seminole anticipates making expenditures of approximately $209 million for Seminole Unit I and 2 project-related activities during 1981 (See Note 1). In addition, Seminole anticipates the expenditure of approximately
$23 million during 1981 for transmission facilities to meet the needs of its member systems and serve to connect the proposed generating units to the Florida bulk power supply grid.
' At December 31, 1980, total executed project-related commitments approximated $442 million. ! l i \ i l 11 l
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, l SEBRItG UTILITIES C)MMISSION tl i lE SEBRI?C, FIDRIDA REPORT T EXAMINATION AS OF AND KR 'IEE YEARS ENDED SEPTEMBER 30, 1980 AND 1979 l I
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l l l WICKS, BROWN & WILLIAMS CERTIFIED PUBLIC ACCOUNTANTS I i.. S. COMMERCE ave ~uE, p. O. Ox 58 7 ,_"*"*,',," ,,, CH ARLES F. W3C KS SEBRING, FLOnsOA 338 70 ,,% ,w,,,,, ,, c p a . J. RICHARD SMOWN ($13) 3821157 FR ANK L. WILLI AMS LAKE PLACID OFF8CE (883) 465 2835 I COBE RT p. M A RCHEWK A AVON PARK OFF8CE C. MicH AE L PET PV (813) 453 7525 I Sebring Utilities Conmission Sebring, Florida We have examined the balance sheets of Sebring Utilities Commission an of I September 30, 1980 and 1979, and the related statements of retained earnings, sources of funds used for construction, and income for the years then erded. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other cuditing procedures as we considered necessary in the circumstances. As discussed in Note 11 to the financial statements, the Commission has included in incone for 1980 a cash settlement which may be required to be repaid if certain conditions are met. Management and counsel believe that the requirement of such repayment in a substantial amount is unlikely, but the ultimate outcome of thic I uncertainty cannot presently be determined. No provision for any liability that may result has been made in the financial st'.tements. I In addition, as nore fully desc xd in Note 11, the Commission has capitalized certain expenditures in 1980 in cor .sction with a power project. 'Ihe ultimate realization of the amount mpital' ad is contingent upon obtaining financing to ocuplete the project. Management is atter fting to obtain financirs through the sale of bonds, but it is not possible at this time t. %termine if their efforts will be successful. In our opinion, subject to the i effects on the 1980 financial statements of such adjustments, if any, as might have bet required had the cutcome of the uncertainties referred to in the preceding paragraphs men known, the financial statements examined by us present fairly the financial position of the Sebring Utilities Commission at September 30, 1980 and 1979, and the results of its operations and sources of funds used for construction for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. I , h Wicks, Brown & Williams January 30, 1981 I I
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l ,+ SEBRIN3 UTILITIES (DreiISSION BAIANG SHEETS
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SEPTEMBER 30, 1980 AND 1979 1980 1979
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ASSETS
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4 PIOPERTY, PIANT AND B2OIPMENT,'at cost: i- Property, plant and equipment in service $19,702,282 $16,770,241 Iass: Accumulated depreciation 6,453,154 5,857,072
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Total 13,249,128 10,913,169
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Construction work in progress 55,421 1,284,598 , Nuclear fuel, at anortized cost 281,229 188,972 Total property, plant and equipment 13,585,778 12,386,739 RESTRICTED ASSEFS: Sinking fund 786,388 786,388
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Renewal and replacement fund 391,300 113,022 Construction fund 7,842 564,736 Total restricted assets 1,185,530 1,464,146
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CURRENT ASSETPS:
!F Cash 113,938 37,789 iL Accounts receivable, net oc allowan y for doudeful accounts of $42,583 for 1980 and $20,718 for 1979 903,896 658,453 Inventories of fuel arxl materials 469,934 403,381 Accrued interest 1,874 5,694
' '- Prepaid expenses 52,677 46,173
'Ibtal current assets 1,542,319 1,151,490 t'
' L. DEFERRED CHARGES: Unanortized bond expense 173,880 196,190 l[ Other deferred charges 426,901 77,287 ,L Total deferred charges 600,781 273,477 l
'IOrAL ASSEUS $16,914,408 S15,275,852 l7 iL i
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1980 1979 LIABILITIES AND CAPITALIZATION CAPITALIZATION: Iong-term debt: Revenue bonds payable S 8,160,000 $ 8,280,000 Unamortized discount ( 99,603) ( 112,400) Revenue rtificate payable, less anount due currently 150,000 200,000 Customer deposits 476,434 426,599 Obligation under mpital lease 82,792 - Total long-term debt 8,769,623 8,794,199 Equity: Contributed by City of Sebring 712,648 712,648 Retained earnings 4,840,170 4,450,410 Total equity 5,552,818 5,163,058 Contributions in aid of construction 747,580 613,930 Total e pitalization 15,070,021 14:571,187 l CURRENT LIABILITIES: Current portion of revenue rtificate 50,000 50,000 Current obligation under capital lease 21,598 - Accounts payable 1,110,366 556,817 Accrued pension liability 62,232 27,590 Other accrued expenses 100,191 70,258 Total 1,344,387 704,665 Bond anticipation revenue rtificate 500,000 - Total current liabilities 1,844,387 704,665
'IDIAL LIABILITIES AND CAPITALIZATION $16,914,408- $15,275,852 e
'Ihe notes to the financial statements are an integral part of this statemant.
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. SEBRING UTILITIES 00MMISSIQ4 I STATEMENTS CF RETAINED EARNINGS FOR 'IHE YEARS ENDED SEFfEMBER 30, 1980 AND 1979 RETAINED EARNItGS - BEGINNItG OF YEAR: As previously reported $4,548,097 $4,688,874 Adjuste nt (Note 3) ( 97,687) ( 472,367) As restated 4,450,410 4,216,507 Net incom for the year 804,945 592,217 Transfers to the City of Sebring: Cash 200,000 185,000 I Receivables balances 215,185 415,185 173,314 358,314 RETAINED EARNINGS - END OF YEAR $4,840,170 $4,450,410 l l l I l I l I I 'Ihe notes to the financial stateents are an integral part of this stateent. I _ ._ _
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I I SEBRING UfILITIES CDMMISSION STATEMENTS OF SOURCES OF FUNDS USED FCR COETRUCTION FOR 'IllE YEARS ENDED SEPfD4BER 30,1980 AND 1979 1980 1979 Funds derived from operations: I Net income for the year Add: Items charged to net ineme not requiring msh outlay:
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$ 804,945 $ 592,217 Depreciation 628,860 543,235 Anortization of nuclear fuel 36,605 46,203 Bond expense and discount anortization 35,107 37,332
. Total funds derived fran operations 1,505,FT 1,218,987 Decrease in net current assets 846,580 ~ 95,284 Funds from financing and other sources: Proceeds from revenue certificate, less current portion - 200,000 Accrued interest on bonds payable - ( 44,313) l Obligation under mpital lease, less current prtion 82,792 - Bonds redeemed ( 120,000) ( 120,000) Repayment of revenue certificate ( 50,000) - Increase in d6ferred charges ( 349,614) ( 85,053) Net decrease in restricted assets 278,616 1,114,466 Payments and coninitments to the City of Sebring ( 415,185) ( 358,314) Contributions in aid of construction 133,650 141,564 Customer deposits 49,835 66,602 ( 389,906) 914,952 FUNM USED ETR CONSTRUCTION S1,962,191 $2,229,223 CHANGES IN NETF CURRENT ASSE fS: Increase (decrease) in current assets: Cash $ 76,149 ($ 100,888) I Accounts receivable Inventories of fuel ard nuterials Accrued interest ( 147,756 66,553 3,820) ( ( 276,029 61,216) 9,944) 6,504 7,548 I Prepaid expenses Decrease (increase) in current liabilities: Current portion of revenue certificate - ( 50,000) Current obligation under capital lease ( 21,598) - 553,549) 127,473)
'I Accounts payable Accrued pension liability
( ( 34,642) ( ( 25,273) Other accrued expenses ( 29,933) ( 4,067) Bond anticipation revenue certificate ( 500,000) -
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DEX'REASE IN NET CURRENf ASSE7fS ($ 846,580) ($ 95,284)
'Ihe notes to the financial statements are an integral part of this statement.
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I I SEBRIl0 UfILITIES CDMMISSION I STATEMENTS OF INCOME FOR 'IllE YEARS D4DED SEFID4BER 30,1980 AND 1979 1980 1979 OPERATItG REVE2EE: Sales $7,539,473 $5,342,263 Gas supplier recovery 310,494 - Other 159,287 153,069 Total operatiryJ revenue 8,009,254 5,495,332 OPEPATItU EXPENSES 6,767,449 4,621,191 OPERATItG INCOME 1,241,805 874,141 INTEREST INCOME (Af ter credit to construction costs of $9,097 in 1980 and S25,650 in 1979) 101,748 157,922 1,343,553 1,032,063 INTEREST EXPENSE (After charge to construction costs of S42,543 in 1980 and $129,755 in 1979) 538,608 439,846 NET INCOME $ 804,945 $ 592,217 I I I I
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SEBRItG UTILITIES CDMMISSION fores TO 'IllE FINANCIAL STATEMENTS Note 1 - he Sebring Utilities Comission is an irdependent special district that is I incorporated under the laws of the State of Florida. Note 2 - Sumnury of Significant Accounting Policies: W e financial statements have been prepared on the accrual basis of accounting based upon the Uniform System of Accounts prescribed for electric utilities by the Federal Energy Regulatory Comission and upon the Uniform Systen of Accounts for I Water Utilities issued by the National Association of Regulatory Utility Commissioners. Property, plant and equipment are stated at cost. Construction costs include payroll ard the related costs, such as taxes, pensions and other fringe benefits, and allocation of irdirect charges for engineering, supervision ard transportation I expenses. Construction period interest is capitalized. We assets are depreciated over estimated useful lives ranging from 5 to 50 years, using the straight-line method of depreciation. A summary of property, plant ard equipment aM accumulated depreciation is included in Note 13. Maintenance is charged with the cost of repairs of property, aM the plant accounts are charged with the cost of renewals and replacements. Nuclear fuel is carried in the electric plant accounts at cost, net of estimated energy consumed. We anount consumed is charged to nuclear fuel expense. Annrtization of energy consumed has been determined by the unit-of-production I method, based on engineering estimates. Nuclear fuel expense does not include a provision for salvage value nor a provision for future disposition costs. Unbilled utility revenues are accrued based on the estimated usage between the last meter reading dates and year end. I Inventories are stated at the lower of cost or market. Cost is determined generally on an average cost method, except for fuel inventory costs, which are determined using the last-in, first-out (LIED) method. Reusable naterials that have been renoved from service are included in inventories at the carryirs value of I similar new materials. Issuance discount and expenses related to the boMs payable are cbferrcd ard anortized over the life of the bonds on the bonds outstandire method. Note 3 - Prior Period Adjustments: Due to a nuthenutical error in ocmputing unbilled water revenuc at September 30, 1979, a prior period adjustment to retained earnings has been tecorded. We effect of the adjustment is a $97,687 decrease in water revenue and endity accounts I receivable for 1979. Subdividers and customers are required to pay part of the cost required to install ard connect water lines and services. Prior to 1979, such anounts received by the I . .
SEBRI?G UTILITIES (DMMISSION tUrES 'IO 'IllE FINANCIAL STATEMENTS Note 3 - Prior Period Adjustments (Continued): Commission were included in revenue. In order to conform with generally accepted accounting principles, amounts received in 1980 and 1979 were creditM to the contributions account in the talance sheet, and retained earnings as of October 1, 1978 has been restated. 'Ihe effect of the restatement was to decrease 1979 I beginning retained earnings by S472,367, and to chcrease net income for 1979 by
$141,563.
tbte 4 - Long-Term Debt: Revenue bonds outstanding at Septenber 30, are as follows: I Series of 1978, 5.5% to 6.8% due serially to 2000 1980 1979
$8,160,000 $8,280,000 In September,1978, the Conmission provided for advance refunding on the Series 1964,1973 and 1975 revenue bonds (Refunded Bonds) by the sale of $8,400,000 Utilities System Revenue Bonds (Series 1978) aM Utilities System Special I Obligation Bonds (Series 1978A). From the proceeds of the sale of the two issues, and other sources, sufficient monies were deposited into irrevocable escrow accounts, and invested in United States obligations that will provide sufficient I funds for the payment of the maturing principal ad interest on the Series 1964, 1973 and 1975 outstanding revenue bonds. 'Ihe Refunded Bonds have teen treated as extinguishd debts. If for any reason the funds held in escrow are not sufficient to make payments on the Refunded Bonas, the holders of the bonds will have a claim I on net revenues superior to the holders of the 1978 series bonds to the extent required to make up the insufficiency.
The Utilities System Revenue Bonds (Series 1978) are meured by a pledge of the net revenues of the Conmission. 'Ihe Utilities System Special Obligation Bonds (Series 1978A) are secured by a pledge on the interest to be paid on the escrow funds. The bond resolutions provided, aaong other things, that revenues shall te used as follows (anounts shown are nonthly requirements for fiscal 1981): First, to Iny operating and nuintenance expense $511,550' Next, to debt service fund: For principal 10,833 For interest 43,213 Next, to the sinking fund: I R2 serve (no addition is required, as the reserve is fully funded) Next, to fund plant renewals and replacements:
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For renewal aM replacement account, expendable for I normal improvements For emergency and facilities account, expendable only 41,788 19,446 for extraorainary plant renewals Total nonthly requirenunt $626,830 I I
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4 SEBRItG UfILITIES G)MMISSION NCTTES 'IO 'IEE FINA?EIAL STATEMENTS
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g ' 2e maturity schedule for the Utilities System Revenue Bonds (Series 1978) is as , follows: '
'Ibtal Year Ending Principal Principal October 1 Arrount Interest and Interest 1981 S 130,000 $ 518,560 S 648,560 1982 130,000 511,410 641,410 1983 140,000 504,260 644,260 1984 290,000 496,560 786,560 1985 300,000 480,320 780,320 1986 310,000 463,220 773,220
- l5 1987 1988 330,000 350,000 445,240 425,770 775,240 775,770 1989 370,000 404,770 774,770 1990 390,000 382,200 772,200 1991 410,000 358,020 768,020 1992 430,000 332,190 762,190 1993 460,000 305,100 765,100 1994 490,000 275,660 765,660
-I 1995 520,000 243,810 763,810 1996 550,000 209,490 759,490 1997 580,000 173,190 753,190 1998 620,000 134,330 754,330 1999 660,000 92,480 752,480 2000 700,000 47,600 747,600
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$8,160,000 S6,804,180 $14,964,180 he revenm certificate is payable $50,000 annually, plus interest at 7.25%. We certificate is subordinate to the revenue bonds.
We bond anticipation revenue certificate is payable March 29, 1981, plus interest at 7%. We certificate is subordinate to the revenue bonds aM revenue certificate. Proceeds frm the anticipated bond issue that the Commission plans to
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Note 5 - Employee Pension Plan: The Commission has a pension plan covering the majority of its sployees. Pension expense amounted to $87,471 and $70,189 in 1980 aM 1979, respectively, including anortization of prior service costs cner forty years. At September 30,1980, the value of the pension fund is in excess of the actuarially emputed value of vested benefits. Unfunded prior service cost is cpproximately $353,700 at Septenber 30, 1980. I
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?OTES 'IO 'IIIE FINANCIAL STATEMENTS Note 6 - Capital Irases:
I. During 1980, the Commission leased cxxnputer equipment under a (npital lease which expires in 1985. Followirg is a schedule of future mininum lease payments by years: Fiscal Year Minimum Payment 1981 S 29,599 I 1982 1983 29,599 29,599 1984 29,599 I 1985
'1btal Less: Amount representire interest 24,473 142,869 38,479 Present value of minimum lease payments $104,390 Depreciation of leased property under capital leases is $3,600 and interest expense is S1,327 for 1980. 'Ihe plant accounts include $107,990 capitalized cost and S3,600 accunulated depreciation as of September 30, 1980.
Note 7 - Insurance in Force: Coverage Limits Workmen's Compensation & Employer's Liability S 500,000 Autonobile Bodily Injury - Each Person $1,000,000
- Each Occurrence $1,000,000 Property Damage - Each Occurrence S 100,000 General Liability I Bodily Injury - Each Occurrence Property Damage - Each Occurrence Fire, Lightning aml Extended Coverages
$1,000,000 S 100,000 Listed Items - 80% Co-Insurance $4,174,400 I Listed Items - 100% Co-Insurance Boiler and Machinery - Each Accident
$2,558,050
$7,500,000 Mote 8 - Budget Analyses:
1980 1979 Budget Actual Budget Actual Operatire revenue I Operating expense Net interest expense
$6,728,400 $8,009,254 S5,188,000 $5,495,332 4,791,567 437,600 6,101,984 401,753_
3,699,950 447,700 4,031,753 244,592 Net income before depreciation and anortization $1,499,233 S1,505,517 $1,040,350 $1,218,987 Variance S 6,284 S 178,637 .I ! 1 I L
I SEBRItG UTILITIES CDMMISSION tUrES TO IME FINANCIAL STATEMENTS Note 9 - Rate Revisions: We Commission increased electric rates 2 mills ef fective Decenber 1,1979, ard increased water rates 25% effective November 1,1979. Note 10 - Investment of Restricted Funds: Restricted fund investments are carried at cost. At Septenter 30,1980, the I emergency ard facilities account was invested in a short-term trust for U. S. Government securities. We sinking fund reserve was invested as follows: Cost Market Value 9/30/80 9/30/80 U. S. Treasury Bond $178,888 $129,551 607,500 607,500 I Certificates of Deposit Totals $786,388 $737,051 Note 11 - Contingencies and Commitments: Gas Supplier Recovery - The Commission, together with seven other nunicipal utilities, asserted a joint claim against a natural gas supplier for damages resulting from breach of agreements to supply natural gas. W e damages were incurred during several prior fiscal years. As a result of a settlement, the Commission received $310,494 in July,1980, which is included in inome for 1980. I Under the settlement agreement, if the supplier provides sufficient gas deliveries prior to July 1,1982, the Commission may have to repay all or part of the cash received. Management and counsel believe that the requirement of such repayment I in a substantial amount is unlikely. tb provision for any liability that may result has been nude in the financial statements. I Power Project - Included anong other deferred charges in the balance sheet as of September 30, 1980, are investments in a large slow-speed diesel generation plant anounting to approximately $363,000. We investments are primarily in chsign, engineerin) and contract procurement. In addition, the Cmmission has incurred I significant costs subsequent to Septenter 30, 1980. We Commission plans to finance the total cost of the installation by selling revenue bonds in February of 1981. We Commission estimates the total direct construction cost of the installation will anount to approximately S60,000,000. The Conmission plans to provide for a3vance refunding of the Utilities System Revenue Bonds (Series 1978) with the anticipated proceeds of the 1981 issue. We I total amount of the 1981 issue is estimated at @ proximately $90,000,000. We ultimate realization of the $363,000 invested at September 30, 1980, and I similar advance costs incurred subsequent to that date is contingent on the successful sale of the 1981 bond issue. I
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SEERItG UTILITIES (DMMISSION j tDrES 'IO 'IHE FINAtCIAL STATEMENTS tbte 12 - Violation of Bond Resolutions:
'Ihe bond resolutions althorizing the Utilities System Revenue Bonds (Series 1978) require that certain accountirg entries be made monthly to reflect the various account and fund restrictions created by the resolutions. 'Ihese entries were not made nonthly. Management is of the opinion that since sufficient funds were in I the various accounts and @propriately restricted at Septenber 30, 1980, that it is highly unlikely that any bondholder could assert any claim for nonetary dainages as a result of the violation.
I Note 13 - Property, Plant and Equipment in Service: September 30, 1980 1979 Accumulated Accunulated Cost Depreciation Cost Depreciation Land S 218,250 S
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S 218,250 $ - Electric generation plants 7,817,089 3,106,631 7,339,257 2,919,796 Electric transmission system 1,876,494 206,671 905,392 157,925
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Electric distribution system 5,490,222 1,406,437 4,670,557 1,234,498 Water system 3,338,647 1,296,268 2,943,228 1,174,070 Equipment 857,987 407,363 611,121 345,537 Storage buildings 103,593 29,784 82,436 25,246 S19,702,282 $6,453,154 $16,770,241 $5,857,072 I I I I
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W I I SUPPLEMENTARY FINANCIAL INFORMATION I Our examinations were made for the purpom of forming an opinion on the basic financial statements taken as a whole. 'Ihe supplementary schedules of income for the electric ard water systems are presented for purposes of additional analysis ard are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the examinations of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial I statements taken as a whole. {,0 AA, h & l Wicks, Brown & Williams January 30, 1981 I I I I _ -
SEBRI?G UTILITIES 03MMISSION SUPPLEMENTARY SOIEDUIES OF INCOME I ELECTRIC SYSTDi EOR 'IHE YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 1979 OPERATItB REVENUE: I Sale of electricity Interdepartmental sales Gas supplier recovery
$6,772,968 70,547 310,494 S4,774,111 66,794
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Miscellaneous sales and service 79,719 73,064 Total operating revenue 7,233,728 4,913,969 OPERATItG EXPENSES: Generation and transmission: Fuel 1,929,347 1,062,244 Purchased power 2,360,021 1,455,845 Operation and maintenance 993,675 791,913 Transmission system operation an:1 maintenance 75,667 30,148 Distribution system operation and maintenance: Operatirs expenses 34,415 15,247 Maintenance expenses 141,843 156,516 Depreciation 212,264 202,867 General and administrative expenses 439,751 410,325 State utility taxes 72,791 49,432
'Ibtal operating expenses 6,259,774 4,174,537 OPERATItG INCOME S 973,954 S 739,432 I -
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a SEBRI?G UTILITIES (DMMISSICN SUPPLDiENTAR'l SOIEDUIES OF INCOME HATER SYSTD4 E0R 'IllE YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 1979 OPERATI?U REVENUE: Sale of water $766,505 $568,152 Interdepartmental sales 3,300 3,600 Miscellaneous sales and service 5,721 9,611 Total operatire revenue 775,526, 581,363 OPERATItG EXPENSES: . Production cperation ard maintenance: Electricity for punping 70,547 63,806 Operatirg expenses 53,884 57,754 Maintenance expenses 26,903 9,018 Transmission ard distribution operation ard maintenance: Operating expenses 21,931 14,356 Maintenance expenses 47,034 46,967
- Depreciation 131,258 119,806
- General ard administrative expenses 156,118 134,947
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'Ibtal operating expenses 507,675 446,654 i
OPERATItG INCOME $267,851 S134,709
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- g FINANCIAL STATDIENTS i AND I
AUDITORS' REPORT l ,_ CITY OF ALACllUA, FLORIDA
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I SEPTEMBER 30, 1980 t . I
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FINANCIAL STATEMENTS
.@D AUDITORS' REPORT CITY OF ALACHUA, FLORIDA SEPTEMBER 30, 1980 n
CJ ITENTS PAGE AUDITORS' REPORT 1 , COMBINED FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types And Account Group 2 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Governmental (Cencral) Fund Type 3 Combined Statement of Revenues, Expenses, And Changes in 'letained Earnings - All Proprietary Fund Types 4 Combined Statement of Changes in Financial Position - All Proprietary Fund Types 5 NOTES TO FINANCIAL STATEMENTS 6 - 12 ACCOMPANYING INFORMATION - Combining and Individual Fund Statements General Fund Statement of Revenues - Budget and Actual 13 Statement of Expenditures - Budget and Actual 14 - 15 Proprietary Funds Combining Balance Sheet 16 - 17 Combining Statement of Revenues, Expenses,
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And Changes in Retained Earnings 18 Combining Statement of Changes in Financial Position 19
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eneumtn oP PURVIS, GRAY AND COMPANY Aus nec AN snever ng oP CCRTIFicD PUBLIC ACCOUNTANTG MCMutng OF E Cantaneo PusuC ACCOUNTANTS PnivATE CouPANtt e ANO pgg7 gpg,.lC E DOK 99 9 222 NORTHCAST 997 STREET $N S TITUT C S OF SEC. PnActsca escTIOMg TELEPHONE 378-2459 ARE A CODC 904 Cantunto Pues.so ACCOUNT ANTS GAINcsVILLC. Ft ORIDA 32002 E AUDITORS' REPORT ' lionorable City Commission City of Alachua Alachua, Florida We have examined the combined financial statements of the City of Alachua, Florida, as of and for the yeai ended September 30, 1980, as listed in the foregoing table of con-tents. Our examination was made in accordance with generally accepted auditing stand-ards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. During the 1980 fiscal year, the inventory work order system was not maintained on a current basis and we were therefere unable to examine sufficient evidential matter to soupport the amount of construction work in process of $472,808 and materials in-ventory of $145,529 in the accompanying financial statements. The ultimate effects of the work order distribution on the accompanying financial statements cannot be reason-ably determined. In our opinion, except for the matters discussed in the preceding paragraph, the com-M bined financial statements referred to above present fairly the financial position of the City of Alachua, Florida, at September 30, 1980, and the results of its operations and changes in financial position of its proptietary fund types for the year then end-ed, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year after giving retroactive effect to the change, with which we concur, in the method of accounting for reserves as described in Note 2 to the financial statements. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining and individual fund statenents and columns on the accompanying combined financial statements captioned " Total (Memorandum only)" are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Alachua, Florida. The information has been subject-ed to the auditing procedures applied in the examination of the combined financial state-ments and, in our opinion, except for the matters discussed in the second paragraph of this report, is fairly stated in all material respects in relation to the combined finan-cial statements taken as a whole. , 4 February 17, le81 9. .1,,za, 47 a.,a 99 n n i
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h W h CITY OF ALACllUA, FLORIDA COMBINED FINANCIAL STATEMENTS 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 ac-companying information. W W W W . E W e E E E
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. 1 COMBINED BALANCE SilEET ALL FUND TYPES AND ACCOUNT CROUP SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA
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ASSETS
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Cash -' Investments, At Amortized Cost Receivables (Not of Allowances For Uncollectibles Parenthetically Indicated): - Taxes Accounts ($28,095) Accrued Interest .l5 Due From Other Funds Due From Other Governments Fuel and Supplies Inventory, At Cost or Amortized Cost l 3 Prepaid Expenses Restricted Assets: ] Cash and Investments, At Amortized Cost Special Assessments Accrued Interest # Property, Plant and Equipment - Cost Less Accumulated Depreciation For Proprietary l Fund Types; Cost For Cencral Fixed Asset Account Group 5 Unamortized Bond Discount and Deferred Debits TOTAL ASSETS 1 LIABILITIES AND FUND EQUITY g LIABILITIES Accounts Payable 5
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Contracts Payable Other Accrued Expenses Payable From Restricted Assets: Customers' Deposits
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Deferred Revenues Revenue Bonds and Anticipation Notes Payable g TOTAL LIABILITIES 5 FUND EQUITY 1
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Con *ributed Capital Investment bt Cencral Fixed Assets Retained Earnings: , Reserved For Debt Service
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f Reserved For Inventory ' Unreserved g . TOTAL FUND EQUITY [ TOTAL LIABILITIES AND FUND EQUITY 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 qualified opinion.
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h E GOVERNMENTAL PROPRIETARY ACCOUNT GROUP TOTALS FUND TYPE FUND TYPES (;ENERAL O!EMORANDUM ONLY) GENERAL ENTERPRISE FIXED ASSETS 1980 1979 l $30,192 $ 17,773 $ 47,965 $ 43,115 25,330 339,580 364,910 1,004,242 l 8,553 8,553 0 107 235,073 235,180 161,183 113 12,233 12,346 9,300 2,747 438,995 441,742 518,040 17,505 17,505 9,050 332 145,529 145,861 43,867 12,225 12,225 44,432 491,801 491,801 415,452 302,062 302,062 398,740 32,965 32,965 45,960 5,281,443 $955,430 6,236,873 5,236,919 l 141,885 141,885 151,'.45 84,879 7,451 M 955,430 8,491,873 8,081,945, 26,863 422,392 449,255 308,668 6,992 6,992 0 4,503 6,940 11,443 14,362 78,385 78,385 64,022 39,347 39,347 108,246 11,610 430,132 441,742 517,788 2,283 2,283 0 4,320,800 ' 4,320,800 4,220,800 52,251 5,297,996 0 5,350,247 5,23.3,886 1,324,323 1,324,323 1,049,277 955,430 955,430 693,762 l 215,281 215,281 242,672 613,964 613,964 797,194 332 332 332 32,296 32,296 64,822 32,628 _2 d51 568 955,430 3,141,626 1 848,059
.$84,879 $ 7 ,,4,51_, 5 M $955,430 $8,491,873 $8,081,945 The acco.apanying " Notes to Financial Statements" form an integral part of this statement.
f This statenent is subject to comments in the accompanying " Auditors' Report" containing a qualified opinion. l_ _ - _ _ _ _ _ - _ _ _
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STATD1ENT OF REVENUES, EXPENDITURES' AND CllANGES IN FUND BAIANCE - BUDGET AND ACTUAL COVERNMENTAL (GENERAL) FUND TYPE FOR Ti!E YEAR ENDED SEPTEMBER 30, 1980 CITY OF AIACilUA, FLORIDA 1980' TOTAL VARIANCE (MEMORANDUM ONLY) 1980 1980 FAVORABLE 1979 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Taxes $-229,290. $ 213,025 $( 16,265) $ 175,255 Licenses and Permits '21,486 16,547 ( 4,939) 23,858 Intergovernmental 512,092 382,120 (129,972) 223,021 Charges For Services 71,000 11,224 ( 59,776) 11,005 Fines and Forfeitures 12,500 12,563 63 14,921 Misec11aneous 6,800 5,245 ( 1,555) 22,354 TOTAL REVENUES 853,168 640,724 (212,444) 470,414 EXPENDITURES General Government 62,891 77,689 ( 14,798) 53,075 Public Safety 220,114 218,033 2,081 156,396 liighways and Streets 63,295 35,105 28,190 95,091 Sanitation 80,067 111,657 ( 31,590) 75,779 IIcalth 3,000 3,105 ( :105) 2,404 Culture and Recreation 14,850 14,579 271 5,746 Urban Redevelopment and Housing 375,000 199,346 175,654 58,404 Non-Departmental Items 33,951 13,736 20,215 20,872 (TOTAL EXPENDITURES) (853,168) (673,250) 179,918 (467,767) EXCESS (DEFICIENCY) 0F REVENUES OVER EXPENDITURES 0 ( 32,526) ( 32,526) 2,647 OTilER FINANCING USES (Operating Transfers Out) 0 0 0 ( 31,126) (DEFICIENCY) 0F REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES 0 ( 32,526) ( 32,526) ( 28,479) FUND BALANCE, BEGINNING OF YEAR 65,15_4_ 65,154 0 93,633-FUND BALANCE, END OF YEAR $ 65,154_ $ 32,628 j( 32,526) $ 65,154
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This statement is subject to comments in the accompanying " Auditors' Report" containing a qualified opinion.
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COMil1NED STATEMENT OF REVENUES, EXPENSES AND CilANGES IN RETAINED EARNINGS ALL Pl!OPRIETARY FUND TYPES FOR Tile YEAR ENDED SEPTEMBER 30, 1980 CITY OF AI.ACllUA, FLORIDA PROPRIETARY TOTAL FUND TYPES (MEMORANDUM ONLY) ENTERPRISE 1979
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OPERATING REVENUES. $ 1,613,185 $ 1,277,356 OPERATING EXPENSES Power Production Expense 1,191,849 895,411 Customer Accounts 52,009 35,308 Depreciation 141,037 126,825 Distribution Experses 106,664 66,031 General and Administrative 104,827 96,965 Taxes 3,815 2,082 Transmission Expense 22,555 21,218 Treatment 1,317 2,109 Source of Supp'.y and Pumping 6,841 3,906 (TOTAL OPERATING EXPENSES) (1,630,914) (1,249,855) OPERATING (LOSS) INCOME ( 17,729) 27,501 NONOPERATING REVENUES (EXPENSES) Interest Income 85,294 85,350 Interest on Lung-Term Debt ( 276,945) ( 209,883) Miscellaneous (Expense) Incott.c ( 1,241) 240 TOTAL NONOPERATING REVENUES (EXPENSES) ( 192,892) ( 124,293) (LOSS) BEFORE OPERATING TRANSFERS ( 210,621) ( 96,792) OTilER FINANCING SOURCES Operating Transfers In 0 31,125 NET INCOME ( 210,621) ( 65,667) RETAINED EARNINGS, PEGINNING OF YEAR As Previously Reported 698,337 798,247 Adjustment 341,529 307,286 As Adjusted 1,039,866 1,105,533 RETAINED EARNINGS, END OF YEAR $ 829,245 S 1,039,866 The accompanying " Notes to Financial Statenents" form an integral part of this statement. This statement is subject to comments in the accompanying " Auditors' Report" containing a qualified opinion. ___________ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ . _ _ -
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? i COMBINED STATE!!ENT OF CllANCES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES f FOR Tile YEAR ENDED SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA .
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PROPRIETARY g FUND TYPES l ENTERPRISE USE OF WORKING CAPITAL Net Loss $ 210,621 Items Not Requiring Outlay of l Working Capital: Depreciation and Amortization ( 152,395)' l Working Capital Applied to Operations 58,226 i Property, Plant and Equipment Additions 879,322 Decrease in Current Liabilitics Payable From Restricted Assets 54,536 L Payment of Utilitics Revenue Bonds Anticipation Notes 730,800 Increase in Miscellaneous Deferred Debits 1,599 (TOTAL USE OF WORKING CAPITAL) -(1,724.483) SOURCE OF WORKING CAPITAL Decrease in Restricted Assets 33,324 Proceeds From Utilities Revenue Bonds of 1979 830,800 ,, Contributions 275,046 TOTAL SOURCE OF WORKING CAPITAL 1,139,170 (DECREASE) IN WORKING CAPITAL (BELOW) ( 585,313) CIIANCES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): - Cash 6,480 Investments ( 639,349) Receivabics 81,202 Due From Other Funds ( 54,639) Inventory 101,994 . Prepaid Expenses ( 32,207) l j Current Liabilitics - Decrease (Increase): Accounts Payable ( 141,292) Other Accrued Expense 4,842 l
- Duc To Other Funds 87,656 I (DECREASE) IN WORKING CAPITAL (ABOVE) _$_ ( 585,313) i The accompanying " Notes to Financial Statements" form an integral part of this statement.
l This statement is subject to comments in the accompanying " Auditors' Report" containing a qualified opinion.
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l NOTES TO FINANCIAL STAT 121ENTS E SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA NOTE 1 - SUfD!ARY 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-balanc-E ing set of accounts recording all financial resources with all related liabilities, reserves and residual equities, or balances or changes there-in, which are segregated for the purpose of carrying on specific activities or attaining certain objectives. Amounts receivable from or payable to E other funds are shown in the accounts of an individual fund and separate-ly presented in the accompanying financial statements until liquidated by payment or an interfund transfer. The following fund types and account groups are used in cccounting for the financial operations of the City: Governmental (General) Fund Type (1) Cencral Fund - to account for all financial resources E not properly accounted for in another fund; 6 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 govern-ing 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 Group l (3) The Account Group is used to establish accounting con-trol and accountability for the government's general fixed assets. This account group is not considered a E fund since it does not reflect available financial re-sources and related liabilities. Bases of Accounting The Governmental (General) Fund Type is maintair.ed on the modified accrual basis of accounting. Under this method of accounting, revenues are general-ly recognized when they become measurable and available. Revenues which are 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 cot meet the two criteria previously mentioned. Expenditures are general-E ly recorded on an accrual basis, i.e., when incurred, except as follows: (1) Accumulated vacation and sick pay are not accrued; E (2) Expenditures are not divided between years by the recording of prepaid expenses. (Continued)
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NOTES TO FINANCIAL STATE!!ENTS SEPTEMBER 30 1980 CITY OF ALACllUA, FLORIDA (Continued) NOTE 1 - SIRDIARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4 Bases of Accounting (Concluded) The Proprietary Fund Types are maintained on the accrual basis of account-ing. This method of accounting relates costs and expenditures to the period in which benefits of the outlays are received. It is intended to l provide an accurate matching of these benefits with associated revenues. Under the accrual basis of accounting,' revenues are recognized when earn-ed and measurable and expenses recognized when incurred. . Investments Investments are shown at cost or at amortized cost. Inventory Inventory is valued at cost as determined by the average unit cost method. Inventory in the General Fund consists of gasoline and inventory in the Proprietary Fund Types consists of supplies and .cquipment held for consump-tion or capital improvements. Inventory is charged to expenditures using the consumption method. Reported inventories are equally offset by a re- ; servation of fund balance which indicates that they do not constitute avail-abic spendable resources. Property, Plant and Equipment and Depreciation Property, plant and equipment in the Proprietary Fund Types are recorded
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at historical cost or at fair market value on the date donated. 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 com- 5
' puted using the period of years considered as the normal service life of ' the property. Such rates are as follows:
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Electric Plant 3% To 20% Water Plant 3% To 20% Sewer Plant 2.5% To 10% l Construction work in progress is not depreciated until completed and plac-ed into service. All other property and equipment owned by the City is reficcted at cost in the General Fixed Asset Group of Accounts and shoug as an expenditure in the fund purchasing the property or equipment. Certain improvements such as streets and sidewalks are capitalized along with other general f fixed assets. Bond Discount and Issue Costs The bond discount and issue costs on Utility Revenue Bonds are being amortized over the life of the bouds using the straight-line method g which does not materially differ from the interest method. 5 (Continued) f
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NOTES TO PINANCIAL STATEMENTS SEPTEMnl:R 30, 1980 CITY OF AI.ACllUA, FLORIDA (Continued) NOTE 1 - SUM!!ARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded) Reclassifications Certain amounts for prior years have been reclassified to conform with current years' classifications in order to provide more meaningful com-parative data. NOTE 2 - ACCOUNTING ADJUSTMENTS AND RECLASSIFICATIONS During 1980, the City retroactively changed its method of accounting for I reserves by reclassifying such reserves as retained earnings. This ch.inge was made to comply with Statement 1 - Governmental Accounting and Financial Reporting Princip1cs issued by the National Council on Governmental Account-ing (NCGA). The following is a summary by fund type of the effect of the adjustment described above: BEGINNING OF YEAR RETAINED EARNINGS l Proprietary Fund Types Retained Earnings, As Previously Reported $ 698,337 Reclassification of Reserve For Debt Service 341,529 Retained Earnings, As Adjusted $1,039,866 NOTE 3 - DETAIL OF PROPERTY, PLANT AND EQUIPMENT Ceneral Fixed Assets Account Group A summary cf chaages in general fixed assets for the year follows: l r BALANCE NET BALANCE OCTOBER 1, 1979 INCREASE SEPTEMBER 30, 1980 E City Park - Structures And Improvements $ 982 $ 6,380 $ 7,362 Jail and Equipment 3,068 0 3,068 E City llall - Equipment City llall - Building 138,852 23,492 0 436 138,852 23,928 , ' Fire Station 69,960 346 70,306 New Parking Lot - Land 14,939 0 14,939 Street Paving and Side-walks 274,159 800 274,959 E Fire Trucks and Other Equipment 82,215 0 82,215 Mosquito Spraying Equipment 2,425 0 2,425 Land 16,313 208,385 224,698 E Sanitation Equipment Police Department - Cars 37,292 13,033 50,325 and Equipment 17,403 23,161 40,564 E l (Continued)
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. NOTES TO FINANCIAL STATEMENTS SEPTF.MBI.R 30, 1980 CITY OF AIACilUA, FLORIDA (Continued) NOTE 3 - DETAIL OF PROPERTY, PLANT AND EQUIPMENT (Continued) E General Fixed Assets Account Group (Concluded) BALANCE NET BALANCE OCTOBER 1, 1979 INCREASE SEPTEMBER 30, 1980 Streets and Roads Equipment $ 9,065 $ C,127 $ 18,192 E Misec11ancous 3,597 0 3,597 E TOTAL PROPERTY, PLANT AND y EQUIPMENT - At Cost $693,762 $261,668 $955,430 5 Proprietary Fund Types A summary of property, plant and equipment in the Proprietary Fund Types at September 30, 1980, follows: Electric Plant $1,651,102 Water Plant 1,448,536 . Sewer Plant 2,618,604 Construction in Process - Utility 472,808 g Construction in Process - CR-3 4,670 E 6,195,720 (Accumulated Depreciation) (914,277)
" ?! TTY PLANT - Cost Less Accumulated Dep e ton $5,281,443 included in electric plant is a .07797. 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 elec- [
tricity during April, 1977. The City's share of nuc1 car fuel on hand E at "CR-3" was $46,929 as of September 30, 1980. NOTE 4 - EMPLOYEES' RETIREMENT SYSTEM The City of Alachua participates in the Florida Retirement System, a defined contribution pension plan covering all employees. Employee contributions were made prior to October 1,1975, and these contributions "re refundabic if employment terminates prior to retirement.
. Pension benefits generally vest after 10 years o f service but cannot be drawn g until normal retirement at age 62 or 58 if 35 years of service have been 5 rendered. Total pension expense was $37,978 for the year ended September 30, 1930. Contributions are made by the City of Alachua for the Florida Retire-ment System based on 13.57. of Police Department earnings and 9.17. of all other employees' earnings. The City's policy is to fund pension costs accru-ed. The amount af unfunded vested benefits, if any, has not been actuarially calculated.
(Continued)
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NOTES TO FINANCIAL STATE? TENTS SI:PTE!!BER 10; 1980 CITY OF ALAcilUA, fl.0RIDA (Continued) NOTE 5 - LONC-TERI! DEBT (PROPRIETARY FUND TYPES) 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 refunding the City's Utilities Revenue Bonds dated April 1, 1976, and the Utilities Revenue Bonds, Series A and B, dated April 1, 1974. Net revenues, utilities service taxes and certain special assessments N ! are pledged as collateral for the revenue bonds which have a coupon rate ranging fron 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 monics are insufficient, a renewal and replacement fund and an oper-ation and maintenance fund to pay operating expenses. Operating revenues from the utility facilities must be disbursed in the follow-ing order: A. To meet operating and maintenance expenses before depreciation. E { B. C. To satisfy current debt service requirements. To fund a reserve account to the maximum amount of $212,036. I D. 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 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 schedule presented later in this footnote.
l On August 6, 1979, the City adopted a recolution to issue the Util-1 ities Revenue Bonds of 1979. These bonds were issued on December 17, 1979, to partially finance the cost of construction of additions to i the utility system. Net utility revenues, utilities service taxes and certain special , assessments are pledged as collateral for the revenue bonds which have a coupon rate of 5%. ' The liens en revenues by the 1979 bonds is junior to the Utilities Refunding and Revenue nonds 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 usca for repairs, improve-ments and to satisfy debt service. The issue consists of $830,800 of Serial Bonds which mature as indicated in the following schedule. . (Continued)
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NOTES TO FINANCIAL STATEMENTS SEPTD4Br.R 30, 1980 CIT'Y OF ALACllUA, FLORIDA (Contir.ued) NOTE 5 - LONG-TERM DEBT (PROPRIETARY FUND TYPES) (Continued) PRINCIPAL AMOUNT PRINCIPAL AMOUNT f YEAR 1978 I!ONDS 1979 BONUS 1982 $ 7,800 8,000 1983 l 1984 8,000 1985 9,000 1986 9,000 ;
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1987 10,000 1988 10,000 1989 11,000 1990 12,000 1991 $ 80,000 12,000 1992 85,000. 12,000 1993 90,000 13,000 1994 95,000 14,000 1995 105,000 1.5,000 1996 110,000 15,000 1997 115,000 16,000 1998 130,000 17,000 1999 135,000 18,000 2000 145,000 18,000 2001 150,000 19,000 2002 160,000 21,000
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2003 160,000 21,000 i 2004 170,000 23,000 2005 175,000 24,000 2006 110,000 25,000 2007 975,000- 26,000 2008 27,000 2009 29,000 2010 30,000 2011 32,000 2012 33,000 2013 35,000 2014 37,000 2015 38,000 2016 40,000 2017 43,000 ' 2018 45,000 1 2019 48,000 I TOTAL LONG-TERM DEBT $2,990,000 _$830,800 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 immediate funds for the commencener.t of the project 6 of acquisition and construction of additions, extensions and improvements-to the combined electric, water and sewer system of the City as prescrib-ed in the bond resolution adopted by the City on July 2,1979. (Continued) _ i
________ - _ _ - _____ _ _ _ - _ _ _ _ _ _ _ NOTES TO FINANCTAL STATEMENTS SEPTEMBER 30, 1980 CITY OF AI.ACilITA, FLORIDA _ (Concluded) NOTE 5 - LONC-TERM DEBT (PROPRIETARY FUND TYPES) (Concluded) . 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 de-j1 rived from the sale of the bonds and, if necessary, by a prior lien upon and pledge of the proceeds of the Revenue Sharing Funds. .
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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. Inter-A est is payable on April 1, 1980, and semiannually thereafter on April 1, and October 1. NOTE 6 - CONTINGENT LIABILITIES, The City participater in a number of federally assisted grant programs, prin-E cipal of which are the Federal Revenue Sharing and Community Development Block Grant programs. These programs are subject to program compliance audits by the grantors - their representa,1ves. The audits of these programs for the year ended :.stember 30, 1980, have not yet been conducted or accepted by the grantor. Accordingly, the final determination of the City's compliance with applicabic grant requirements will be established at a future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined although the City expects such amounts, if any, to be immaterial. NOTE 7 _ COMMITMENTS
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The City has agreed to various covenants as issuer of revenue bonds, but has not fully complied with all provisions of the bond resolutions. Separate accounts for the " Excise Taxes Fund" and " Renewal and Replacement Fund" created by the 1978 Bond Resolution, and the "Alachua Utilities System Revenue Fund" created by the 1979 Bond Resolution have not been established. No amounts have been set aside to fund the Renewal and Replacement Fund. Though separate accounts were not established, no amounts required to be paid from the " Excise Taxes Fund" or the "Alachua Utilities System Revenue Fund" described above were unpaid at September 30, 1980. Payments are required to be made monthly to various debt service accounts. These monthly payments were not always made on a timely basis, but the total amounts required were paid by September 30, 1980. NOTE 8 - SUBSEQUENT EVENT 1 Monthly payments are required to be made to various debt service accounts created by bond resolutions authorizing the outstanding revenue bonds. As of February 17, 1981, none of the required payments had been made subsequent to E September 30, 1980. I E E __ __ _ -
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_ _ _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ -_ _ _ . . lE M 'E CITY OF ALACllUA, FLORIDA COMBINING AND INDIVIDUAL FUND STATEMENTS 1 These statements provide a more detailed view of the General Purpose Financial State-ments. 1 Combining statements are presented when there are more than one fund of a given fund ' E type. Individual fund statemeats are presented when there is only one fund of a given fund type. They are also necessary to present budgetary comparisons. E
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STATEMENT OF REVEN!!ES - BUDGET AND ACTUAL GENERAL FUND FOR Tile YEAR ENDED SEPTEMCER 30, 1980 CITY OF ALACilUA, FLORIDA 1980 VARIANCE (MEMORANDUM ONLY) 1980 1980 FAVORABLE 1979 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Taxes Property Taxes $ 75,316 $ 80,211 $ 4,895 $ 65,291 Franchisc Taxes 4,225 4,620 395 3,296 Utility Taxes 149,749 128,194 ( 21,555) 106,668 Total Taxes 229,290 213,025_ ( 16,265) 175,255 Licenses and Permits occupationM Liccases 1,400 2,212 812 3,118
%i s ing Turmits 14,286 11.143 ( 3,143) 17,817 s e- r 5,800 3,192 ( 2,608) 2,923 Total Licenses and Permits 21,486 16,547 ( 4,939) 23,858 Intergovernmental Federal:
Community Development Block Grant 375,000 200,000 (175,000) 42,000 Revenue Sharing 32,192 37,008 4,816 32,196 S ta te : llomestead Exemption Trust 9,144 6,360 ( 2,784) 3,045 Mobile llome Licenses 0 3,496 3,496 2,992 Revenue Sharing, Fuel Tax Rebates and Additional Cigarette Tax 95,756 105,714 9,958 138,137 Various Grants 0 29,542 29,542 4,651 Total Intergovernmental 512,092 382,120 (129,972) 223,021 Charges For Services Public Safety 10,000 10,000 0 10,000 Sanitation 51,000 1,224 ( 59,776) 1,005 Total Charges For Services _71,000 11,224 ( 59,776) 11,005 Fines and Forfeitures Court Fines 12,500 12,563 63 14,921 Miscellaneous Interest 2,000 3,676 1,676 3,746 Other 4,800 1,569 j 3,231) 18,608 Total Miscellaneous 6,800 5,245 ( 1,555) 22,354 TOTAL REVENUES $853,165 $640,724 $(212,444) $470,414 _
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STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR TIIE YEAR ENDED SEPTEMBER 30,'1980 CITY OF ALACilUA, FLORIDA 1980 VARIANCE _(MEMORANDUM ONLY) 1980 1980 FAVORABLE 1979 , BUDGET ACTUAL (UNFAVORABLE)- ACTUAL EXPENDITURES General Government Executive: Personal Services $ 12,212 $ 10,538 $ 1,674 $ 10,089 l'inance and Administrative: , Personal Services 9,382 26,503 ( 17,121) 9,279 Operations 11,849 13,889 ( 2,040) 13,455 Capital Outlay 0 119 ( 119) 191 Total Finance and Adminis-trative 21,231 40,511 ( 19,280) 22,925 Legal: Operations 6,131 8,914 ( 2,783) 6,529 Community Development: Operations 17,409 ___12,208 5,201 8,827 Other General Government: Operations 5,908 5,518 390 4~,705 Total General Government 62,891 77,689 ( 14,798) 53,075 $
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' Law Enforcement: Personal Services 152,999 132,905 20,094 115,993 Operations 23,440 - 40,119 ( 16,679) 14,217 Capital Outlay 10,939 23,162 ( 12,223) 2,045 Total Law Enforcement 187,378 196,186 ( 8,808) 132,25_5 Fire Control: Operations 16,547- 17,330 ( 783) 15,957 Capital Outlay 10,000 346 9,654 4,565 Total Fire Control 26,547 17,676 8,871 20,522 Protective Inspections: Operations 2,100 0 2,100 2,000 Rescue: Operations 4,089 4,171 ( 82) 1,619 Total Public Safety 220,114 218,033 2,081 156,396 liighways and Streets
Personal Services 22,584 12,908 9,676 18,935 Operations 28,534 11,954 16,580 25,852 Capital Outlay 12,177 10,243 1,934 50,304 Total liighways and Streets 63,295 35,105 28,190 -95,091 Sanitation Personal Services 52,242 66,462 ( 14,220) 51,798 Operations 27,825 32,161 ( 4,336) 23,981 Capital Outlay _0 _ 13,034 ( 13,034) 0 l Total Sanitation 80,067 111,657 ( 31,590) 75,779 l l i (Continued) l !
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STATI2fENT OF EXPENDITURES - P.UDGET AND ACTIIAL GENERAL FU_ND, FOR Tile YEAR ENDED SEPTEMP.ER 30, 1980 CITY OF ALACilUA, FLORIDA (Concluded) 1980 VARIANCE (ME!!0RANDUtf ONLY) 1980 1980 FAVORABLE 1979 BUDGET ACTUAL (UNFAVORABLE) ACTUAL FXPENDITURES (Concluded) lica l th operations $ 3,000 .$ 3,105 $( 105) $ 2,404 Culture And Recreation Personal Services 2,350 1,113 1,237 81 Operations 12,500 7,086 5,414 5,665 Capital Outlay 0 6,380 ( 6,380) 0 Total Culture and Recreation 14,850 14,579 271 5,746 Urban Redevelopment And llousing Personal Services 0 2,881 ( 2,881) 0 Opera tions 10,000 197 9,803 12,662 Capital Outlay 365,000 196,268 168,732 45,742 Total Urban Redevelopment And I!ousing 375,000 199,346 175,654 58,404 Non-Departmental Items Insu rance 26,265 10,318 15,947 15,252 Misec11aneous 7,686 3,418 4,268 5,620 Total Non-Departmental Items 33,951 13,736 20,215 20,872 TOTAL EXPENDITURES 853,168 673,250 179,918 467,767 OTilER FINANCING USES Operating Transfers Out 0 0 0 31,126 TOTAL EXPENDITURES AND OTilER FINANCING USES $853; 168 $673,250 $ 179,918 $498,893 l
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2 COMBINING BALANCE SilEET I PROPRIETARY FUNDS I
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SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA ASSETS CURRENT ASSETS Cash Investments, At Amortized Cost Receivables (Net of Allowance For Uncollectibics As Parenthetically Indicated): Accounts ($28,095) Accrued Interest Due From Other Funds Inventory, At Cost Prepaid Expenses TOTAL CURRENT ASSETS RESTRICTED ASSETS
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Customers' Deposits Revenue Bond Construction Account Bond Interest and Sinking Accounts, Savings, and Certificates of Deposit Accrued Interest Receivable Sewer Assessments: Savings and Certificates of Deposit Assessments Receivable Accrued Interest Receivable l TOTAL RESTRICTED ASSETS s PROPERTY, PLANT AND EQUIPMENT g Utility Plant in Service l Construction in Progress (Accumulated Depreciation) TOTAL PROPERTY, PLANT AND EQUIPMENT - Cost Less Depreciation OTilER ASSETS 'l Unamortized Bond Discount and Issue Costs l Miscellaneous Deferred Debits TOTAL OTilER ASSETS I TOTAL ASSETS I I l
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TOTALS r
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ELECTRIC WATER SEWER 1980 1979
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$( 826) $ 9,254 $ 9,345 $ 17,773 $ 11,293 ,
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91,842 247,738 339,580 978,929 235,073 235,073 156,917 [. 9,783 2,450 12,233 9,187 11,549 136,165 291,281 438,995 493,634
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137,200 7,598 731 145,529 43,535 l 12,225 12,225 44,432 496,846 153,017 551,545 1,201,403 1,737,927 l [ 78,385 - 78,385 64,022 92,825 92,825 0 r 212,068 212,068 338,519 ' s 3,213 3,213 3,213 108,523 108,523 12,911 I 302,062 302,062 390,740 ' 29,752 29,752 42,747 , 78,385 92,825 655,618 826,828 860,152 l L 1,651,102 1,448,536 2,618,604 5,718,242 4,975,801 f 337,855 117,648 21,975 477,478 340,597 L 1,988,957 1,566,184 2,640,579 6,195,720 5,316,398 (431,704) (201,811) (280,762) (914,277) (773,241) r 1,557,253 1,364,373 2,359,817 5,281,443 4,543,157 ,
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7,500 127,936 135,436 146,794 L 6,449 6,449 4,851 p 13,949 0 127,936 141,885 151,645 ;
$2,146,433 $1,610,215 $ 3,694_,916 $7t451,564 $7,292,881_ ;
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COMBINING BALANCE SilEET PROPRIETARY FUNDS SEPTEMBER 30, 1980 CITY OF ALACilUA, FLORIDA (Concluded) - E LIABILITIES AND FUND EQUITY CURRENT LIABILITIES PAYABLE FROM CURRENT ASSETS Accounts Payable Other Accrued Expenses Due To Other Funds TOTAL CURRENT LIABILITIES PAYABLE FROM CURRENT ASSETS CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETS Customers ' L)eposits Accrued Interest TOTAL CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETS LONG-TERM LIABILITIES Electric Revenue and Improvement Bond Anticipation Notes g. Utilities Revenue Bond Anticipation Notes E l Utilities Revenue Bonds of 1979 ! Utility Refunding and Revenue Serial Bonds of 1978 Utility Refunding and Revenue Term Bonds of 1978 TOTAL LONG-TERM LIABILITIES l TOTAL LIABILITIES l FUND EnULTY ' , Contributed Capital: y l Customers [ l EDA ! Farmers Home Administration ! Retained Earnings: l Reserved For Debt Service ' Unreserved Total Retained Earnings g TOTAL FUND EQUITY m TOTAL LIABILITIES AND FUND EQUITY E i E . I
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5 TOTALS N ELECTRIC WATER SEWER (MEMORANDUM ONLY) 1980 1979
$ 406,037 $ 10,743 $ 5,612 $ 422,392 $ 281,100 6,006 685 249 417,933 6,940 11,782 9,452 2,747 430,132 517,788 829,97_6 20,880 8,608 859,464 810,670 "
78,385 78,385 64,022 16,500 22,847 39,347 108,246 94,885 22,847 0 117,732 172,268 500,000 500,000 500,000 0 730,800 830,800 830,800 0 2,015,000 2,015,000 2,015,000 975,000 975,000 975,000 500,000 830,800 2,990,000 4,320,800 4,220,800 1,424,861 874,527 2,998,608 5,297,996 5,203,738 856,877 856,877 856,877 12,000 12,000 12,000 246,900 180,400 427,300 180,400 E 6,601 21,545 28,146 0 215,281 215,281 242,672 721,572 470,187 (577,795) E 721,572 735,688 696,308 613,964 2,153,568 797,194 2,089,143
$2,146,433 $1,610,215 $3,694,916_
_ _$_7,4 7 51,5 64 $7 , 292,88_l, I I I
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b COMHINING STATEMENT OF REVENUES, EXPENSES AND CilANGES IN RETAINED EARNINGS PROPRIETARY FUNDS-FOR Tile YEAR ENDED SEPTEMBER- 30, 1980 CITY OF ALACilUA, FLORIDA ~ l OPERATING REVENUES OPERATING EXPENSES Power Production Expenses: g Nuclear Power Generation l Operation Maintenance .
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Purchased Power and Other Customer Accounts Depreciation Distributior. Expenses: Operatio: Mainterance General and Administrative Taxes l 5 Trans.iission Expense - Operation Treatment Source of Supply and Pumping (TOTAL OPERATING EXPENSES) f OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Interest Income g Interest on Long-Term Debt g Miscellaneous (Expense) Income TOTAL NONOPERATING REVENUES (EXPENSES) (LOSS) BEFORE OPERATING TRANSFERS I' OTilER FINANCING SOURCES Operating Transfers In NET INCOME RETAINED EARNINGS, BEGINNING OF YEAR As Previously Reported l Adjustment As-Adjusted RETAINED EARNINGS, END OF YEAR l I
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TOTALS (ME?iORANDID1 ONLY) ELECTRIC WATER SEWER 1980 1979
$1,368,569 $ 118,240 $ 126,376 $ 1,613,185 $ 1,277,356 160,179 160,179 124,701 12,385 12,385 8,034 980,768 2,847 35,670 1,019,285 762,676 21,058 10,854 20,097 52,009 35,308 55,889 23,642 61,506 141,037 126,825 13,522 693 3,690 17,905 16,946 36,107 41,316 11,336 88,759 49,085 62,132 22,632 20,063 104,827 96,965 3,815 3,815 2,082 22,555 22,555 21,218 1,317 1,317 2,109 6,841 6,841 3,906 U,368,410) (108,825) (153,679) (1,630,914) (1,249,855) 159 9,415 ( 27,303) ( 17,729) 27,501 25,288 4,662 55,344 85,294 85,350
( 60,536) ( 45,589) (170,820) ( 276,945) ( 209,883) ( 1,241) ( 1,241) 240 ( 36,489) ( 40,927) (115,476) ( 192,892) 124,293) ( ( 36,330) ( 31,512) (142,779) ( 210,621) 96,792) ( 0 0 0 0, 31,125 ( 36,330) ( 31,512) (142,779) ( 210,621) 65,667) ( L 757,902 501,699 (561,264) 698,337 798,247 0 0 341,529 341,529 307,286 y 757,902 501,699 (219,735) 1,039,866 1,105,533
$ 721,572 3 0,187 $(362,5 l) 829,245 i _$ $1,039,863
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COMBINING STATEMENT OF CIIANGES IN FINANCIAL POSITION PROPRIETARY FUNDS
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FOR Tile YEAR ENDED SEPTEMBER 30, 1980 CITY OF ALACllUA, FLORIDA USE OF WORKING CAPITAL Net Loss Items Not Requiring Outlay of Working Capital: Depreciation Amortization Working Capital Applied To (Provided From) Operations Property, Plant and~ Equipment Additions Decrease (Increase) in. Current Liabilities Payable From Restricted Assets Payment of Utilities Revenue Bonds Anticipation Notes Increase in Miscellaneous Deferred Debits-(TOTAL USE OF WORKING CAPITAL)
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l\ SOURCE OF WORKING CAPITAL Decrease (Increase) in Restricted Assets Proceeds From Utilities Revenue Bonds of 1979 Contributions TOTAL SOURCE OF WORKING CAPITAL (DECREASE) IN WORKING CAPITAL (BELOW) CllANGES IN UORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): Cash Investments Receivables ! Due From Other Funds l Inventory ! Prepaid Expenses Current Liabilities - Decrease (Increase): j Accounts Payable
Other Accrued Expenses ! Due To Other Funds (DECREASE) IN WORKING CAPITAL (ABOVE) i
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TOTAL
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(MEMORANDU31 ONLY)- ELECTRIC WATER SENER 1980
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$ 36,330 $ 31,512 $ 142,779 $ 210,621
( 55,889) ( 23,642) ( 61,506) ( 141,037)'
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( 5,000) ( 1,462) ( 4,896) (' 11,358) ( 24,559) 6,408 76,377 58,226 151,554 674,206 53,562 879,322 ( 19,560) ( 8,792) 82,888 54,536 I 730,800 730,800 H 1,599 1,599 ' p (109,034) (1,402,622) (212,827) (1,724,483)
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*( 14,363) (- 92,825) 140,512 33,324 S30,800 830,800
[ 253,501 21,545 275,046 ' r ( 14,363) 991,476 162,057 1,139,170 F ( (123,397) ( 411,146) ( 50,770) ( 585,313) I L u 17,122 ( 10,538) ( 104) 6,480 F (238,598) ( 424,998) 24,247 ( 639,349) L 87,939 ( 7,184) 447 81,202 , 11,549 14,845 ( 81,033) ( 54,639) 1 7 101,994 101,994 ( 32,207) 32,207) L ( (
- (160,451) 16,762 2,397 ( 141,292) -
5,560 ( 547) ( 171) 4,842
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3,447
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83,695 514 87,656 J,(123,397) ,$ ( 411,146) S( 50,770) $_( 585,313) l I L I i L r ' A < b H i
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ANNUAL FINANCIAL REPORT OFTHE CITY OF KISSIMMEE, FLORIDA FORTHE FISCAL YEAR ENDED SEPTEMBER 30,1980 Prepared FINANCE DEPARTMENT r 4 cr oix o _j_ . _ . . . _ _ _ - _ _ . . _ , . . _ _ . , _ , _ , _ . _ _ _ ______ _ . _ _ . . _ _ , _ . _ _ _ . , _ _ _ . _ _ _ . _ , _ _ _ _ . . _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ . _ _
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CITY OF KISSIMMEE, FLORIDA COMMISSION-M AN AGER FORM OF GOVERNMENT CITY COMMISSION KENNETH Y. SMITH, MAYOR GEORGE A. GANT, M.D., Vice-Mayor KENNETH C. MAHER C. ALLEN SMITH DRUCE R. VAN METER CITY MANAGER KENNETH R. HAMMONS FINANCE DEPARTMENT DAVID V. ASTON FIN ANCE DIRECTOR JOHN E. HEARN CHilf ACCOL%T ANT I l l , i !
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< s City of Kissimmee, Florida LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1980
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ELECTED OFFICIALS Mayor-Commissioner Kenneth Y. Smith Commissioner, Vice Mayor George A. Gant, M.D. Commissioner C. Allen Smith Commissioner Kenneth C. Maher Commissioner Bruce R. Van Meter APPOINTED OFFICIALS City Manager KennetF '1. Hammons City Attorney Eoward Brinson Assistant City Manager Robert L. Berlinsky Director of Finance David V. Aston Director of Planning Lewis L. Dismukes , Central Services Director Allen L. Rushlow l Director of Public Works & Engineering George W. Mann, Jr. Police Chief Jimmie J. Watford Fire Chief Kenneth L. Kemp Director of Building and Zoning J. Pat Daugherty Parks and Recreation Director William E. Palmer Electric Utility Director Jack T. Danforth Water and Sewer Utilities Director Paul D. Egleston l I
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t I CITY OF KISSIMMEE, FLORIDA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1981 TABLE OF CONTENTS INTRODUCTORY SECTION TITLE PAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 PRINCIPAL CITY OFFICIALS . . . . . . . . . . . . . . . . . . . . iii - v TAB LE OF CONTENTS . . . . . . . . . . . . . . . . . . . . . . . . vi i - i x LETTER OF TRANSMITTAL . . . . . . . . . . . . . . . . . . . . . . 1 - 13 ORGANIZATIONAL CHARTS. . . . . . . . . . . . . . . . . . . . . . 16 - 17 CERTIFICATE OF CONFORMANCE . . . . . . . . . . . . . . . . . . . 20 - 21 FINANCIAL SECTION AU D I TORS' R EP ORT . . . . . . . . . . . . . . . . . . . . . . . . . 25 GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW) Combined Balance Sheet - All Fund Types and Account Groups . . . . . . . . . . . . . . . . . . . . . . . 30 - 33 Conbined Statement of Revenues, Expenditures and Cnanges in Fund Balances - All Governmental Fund Types and Expendable Trust Funds . . . . . . . . . . . . . . . 34 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General and Special Revenue Fund Types . . . . . . . . . . . . 35 Combined Statement of Revenues, Expenses and Changes ' in Retained Earnings / Fund Balances - All Proprietary Fund Types and Similar Tru;t Funds . . . . . . . . . . . . . . 36 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds . . . . . . 37 Statement of Changes in General Fixed Assets . . . . . . . . . . 38 Notes to Financial Statements. . . . . . . . . . . . . . . . . 39 - 52 AUDITORS ' REPORT . . . . . . . . . . . . . . . . . . . . . . . . . 53 COMBINING STATEMENTS - BY FUND TYPE Governmental Fund Types: Special Revenue Funds - Combining Balance Sheet. . . . . . . . . . . . . . . . . . . 57 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual . . . . . . 58 - 59
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Combining Balance Sheet. . . . . . . . . . . . . . . . . . . 60 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . . . . . . . . 61 Capital Projects Funds - Combining Balance Sheet. ...... . . . . . . . . . . . . 62 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . . . . . . . . 63 Proprietary Fund Types: Enterprise Funds - Combining Balance Sheet. . . . . . . . . . . . . . . . . . 64 - 65 Combining Statement of Revenues, Expenses and Changes in Retained Earnings . . . . . . . . . . . . . . . 66 Combining Statement of Changes in Financial Position . . . . 67 Fiduciary Fund Types. Trust and Agency Funds - Combining Balance Sheet - All Trust and Agency Funds . . . 68 - 69 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - All Trust Funds . . . . . . . 70 - 71 Ccmbining Statement of Changes in Financial Position - All Nonexpendable Trust Funds. . . . . . . . . . . . . . . 72 Combining Statement of Changes in Assets and Liabilities - All Agency Funds . . . . . . . . . . . . . . 73 Individual Fund Financial Statements: General Fund - Balance Sheet. ...... . . . . . . . . . . . . . . . . 74 Statement of Changes in Fund Balanca . . . . . . . . .
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75 Statement of Revenues and Transfers - Budget and Actual. . 76 - 77 Statement of Expenditures and Transfers - Budget and Actual . . . . . . . . . . . . . . . . . . . . . . . . 78 SCHEDULES Schedule of Fixed Assets and Depreciation - El ectri c Util i ty Fund . . . . . . . . . . . . . . . . . . . . . 81 Schedule of Fixed Assets and Depreciation - Water and Sewer Fund . . . . . . . . . . . . . . . . . . . . . 82 Schedule of Fixed Assets and Depreciation - Airport Fund . . . . . . . . . . . . . . . . . . . . . . . . . 83 l l STATISTICAL SECTION
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ACCOUNTANTS' REFORT. . . . . . . . . . . . . . . . . . . . . . . . 87 STATISTICAL INFORMATION Table 1 - General Fund - Expenditures by Department - Last Ten Fiscal Years . . . . . . . . . . . . . . 90 - 91 Table 2 - General Fund - Revenues by Source - Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 92 - 93 Table 3 - Property Tax Levies, Tax Collections and Assessed Valuations - Last Ten Fiscal Years. . . . . . . . 94 - 95
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_ , , . Table 4 - Schedule of Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years . . . . . . . . 96 Table 5 - Schedule of Special Assessment Collections - Last Ten Fiscal Years . . . . . . . . . . . . . . . 97 Table 6 - Computation of Legal Debt Margin. . . . . . . . . . . 98 Table 7 - Computation of Direct and Overlapping Debt. . . . . . 99 Table 8 - Schedule of Electric and Water Revenue Certificate Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . 100 Table 9 - Schedule of Water and Sewer Utility Revenue Certificate Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . 101 Table 10 - Schedule of Airport Revenue Bond Coverage - Last Seven Fiscal Years . . . . . . . . . . . . . . 102 Table 11 - Table of Demographic Statistics . . . . . . . . . . . 103 Table 12 - Tables of Property Values, Construction and Bank Deposits - Osceola County. . . . . . . . . . . 104 Table 13 - Schedule of Major Taxpayers . . . . . . . . . . . . . 105 Table 14 - Miscellaneous Statistical Data. . . . . . . . . . . . 106 Table 15 - Utility Enterprise Funds Statistical Data . . . . . . 107 Table 16 - Schedule of Insurance in Force. . . . . . . . . . . . 108 Background . . . . . . . . . . . . . . . . . . . . . . . . . . 109 - 111
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L O R 10 February 27, 1981 Mr. Kenneth R. Hamons, City Manager City of Kissimmee Kissimmee, Florida
Dear Mr. Hammons:
The Comprehensive Annual Financial Report of the City of Kissimmee, Florida, for the fiscal year ended September 30, 1980, is submitted herewith pursuant to Section 5-1-7 of the City Charter, Florida Statutes Chapter 166.241 (4) and Chapter 10.500 of the Rules of the Auditor General of the State of Florida. This Comprehensive Annual Financial Report was prepared by the staff of the Finance Department and, therefore, responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of activity of its various funds; and that all disclosures necessary to enable the readers to gain the maximum understanding of the City's financial activity have been included. As required by Section 5-1-6 of the City Charter and Florida Statutes Chapter 166.241 (4), the Comprehensive Annual Financial Report has been examined by a firm of independent certified public accountants and their unqualified opinion is included as part of this report. ACCOUNTING SYSTEM AND BUDGETARY CONTROL The City's accounting records for General, Special Revenue, Capital Projects, Debt Service, Special Assessments and certain Trust and Agency Funds are maintained on a modified accrual basis with revenues being recogrized when they become measurable and available, while expenditures are recorded at the time liabilities are incurred. Accounting records for the Enterprise and certain Trust and Agency Funds are maintained on a full accrual basis. Enterprise Funds are charged for administrative, accounting and data pro-cessing services, which are performed by various departments of the General Fund. This is done within the framework of making these funds self-supporting and to provide a comparable basis with other public utilities that are privately owned. _
s s Mr. Kenneth R. Hamons, City Manager February 27, 1981 Page Two In developing and altering the City's accounting system, consideration is i given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding:
- 1. 'The safeguarding of assets against loss from unauthor-ized use or disposition; and
- 2. The reliability of financial records for preparing financial statements and maintaining accountability
, for assets. i The concept of reasonable assurance recognizes that:
- 1. The cost of a control should not exceed the benefits likely to be derived; and
- 2. The evaluation of costs and benefits requires esti-mates and' judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained at the sub-function level by the encumbrance ' of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders, which would result in an overrun of sub-function balances, are no Nieased until additional appropriations are made available or unless authorned by legislative action. Budgetary reports are issued 1 and reviewed monthly as outlined in the City Charter, Sections 5-1-4 and 5-1-7. Open encumbrances are reported as reservations of fund balance at ! September 30, 1980. THE REPORTING ENTITY AND ITS SERVICES The funds and entities related to the City of Kissimee included in our Comprehensive Annual Financial Report are controlled by or dependent on the , Ci ty. Determination of " controlled by or dependent on" is based on criteria l developed by the Federal Bureau of the Census. The criteria deal with existence as an organized entity; governmental character; and substantial , autonomy. Based on these criteria, the various funds and account groups l shown in the table of contents are included in this report. The report,
- together with the accounting and budgeting systems, has been designed to conform to the standards set forth by the National Council on Governmental Accounting, American Institute of Certified Public Accountants and the Financial Accounting Standards Board. Fund structure has also been designed to comply with the legal requirements of the various revenue bond resolutions.
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__ , . Mr. Kenneth R. Hamons, City Manager Fcbruary 27, 1981 Page Three This report is arranged in the following sections: Section I: Introductory Section Section II: Financial Section Part 1: General Purpose Financial Statements Part 2: Combining Statements - By Fund Type Part 3: Supporting Schedules Section III: Statistical Section The Financial Section of the report contains combined, combining and balanced account groups which present fairly the financial position and results of operations for the fiscal year. These statements and schedules are divided into three parts:
- 1. General Purpose Financial Statements, which display financial data for the City as a whole;
- 2. Combining Statements - By Fund Type, which present data for homogeneous funds; and
- 3. Supporting Schedules, which present supplementary data not necessary for fair presentation.
The Statistical Section presents detailed historical information which will be beneficial to the reader in understanding the City's growth and its future potential, The City of Kissimmee provides the full range of municipal services contem-plated by statute or character. This includes police, fire, sanitation, social services, public improvements, planning, zoning, recreational services and general administrative services. In addition, public utilities (electric, water, sewerage and water pollution control) and aviational activities are provided. On September 8,1980, the Municipal Finance Officers Association of the United States and Canada (MF0A) awarded a Certificate of Confomance in Financial Reporting to the City of Kissimee for its Annual Financial Report for the fiscal year ended September 30, 1979. In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive Annual Financial Report, the contents of which conform to industry standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Conformance is valid for a period of one year only. We believe our current report continues to conform to the Certificate of Conformance Program requirements and we are submitting it to MF0A to determine its eligibility for another certificate.
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Mr. Kenneth R. Hammons, City Manager February 27, 1981 Page Four GENERAL FUND The General Fund encompasses the general governmental functions of the City and all other functions not accounted for in other separate funds. Revenues from general governmental functions totaled $4,635,206 in 1980, a 24% increase over 1979, mainly due to revenues received for the first time from Osceola County for administering the county-wide emergency medical service and due to an increase in the sanitation collection revenue of 71". over 1979 and the increase in the Electric Fund transfer of 16% over the previous year. Property taxes accounted for 22% of total revenues in 1980, as compared to 25% in 1979. This decrease reflects the continual effort of the City to maintain a stable tax rate, as well as increases in other revenue sources. Property taxes, nationally, account for less than 50". of general revenue sources and the percentage has been declining annually. License and permit revenues increased 32% over 1979. This increase includes an increase in building permit revenue over 1979 of 53".. The building recession has obviously had no effect on this area. Florida is one of our nation's fastest growing states and the Central Florida regional growth reflects the desire of individuals to establish both residences and commer-cial enterprises in this area. We anticipate that building permit activity will continue to be strong in the coming years. Fines and forfeitures increased by 45% over 1979. Along with the growth in the area mentioned above, there is an increase in traffic activity. This results in an increase in fines. A continuing pleasant surprise is the growth in invest:nent earnings. Interest earnings showed an increase of 70". over 1979. While some of this increase can be tied to the soaring interest rates, we feel that our contract with a local banking institution, that maximizes the interest returned on idle funds, has also played a significant role in the increase. Interest earnings in 1980 were the equivahnt of approximately one mill of tax revenue. Presented below is a comparison of the current fiscal year revenues, as compared to the last fiscal year: INCREASE REVENUE SOURCE F/Y 1980 F/Y 1979 (DECREASE) " CHANGE
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Property taxes 5 1,038,058 $ 945,914 5 92,144 9.7 ". Franchise taxes 68,436 54,902 13,534 24.7 ". Licenses and pennits 157,025 118,872 38,153 32.1 ". Federal and state grants 141,276 105,715 35,561 33. 6 ". State Revenue Sharing 384,256 456,470 (72,204) (15.8)". County road and bridge tax 51,281 29,288 21,993 75.1 " Shared taxes and licenses 152,455 47,663 104,792 219.9 ". Garbage and trash fees 254,658 149,012 105,646 70.9 ". _ _ _ __ _
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Mr. Kenneth' R. Hammons, City Manager February 27, 1981 Page Five INCREASE REVENUE SOURCE - (continued) F/Y 1980 F/Y 1979 (DECREASE) % CHANGE Fines and forfeitures 67,228 46,275 20,953 45.3 % County ambulance service 183,758 - 183,758 100.0 % Interest earned 183,892 107,930 75,962 70.4 % Other revenue 77,192 54,945 22,247 40.5 % Fund transfers 1,875,681 1,616,178 259.503 16.1 % TOTALS S 4,635,206 5 3,733,164 5 9023042 Assessed property valuations of $145,188,232 for F/Y 1980 represent a 3.9% increase over the 5139,680,744 valuations for 1979. Current tax collections were 97.3% of the total tax levy. - Expenditures for the fiscal year of the various functions within the General Fund, as compared with those of the previous year, are presented as follows: INCREASE FUNCTIONS F/Y 1980 F/Y 1979 (DECREASE) % CHANGE General Government $ 499,116 5 556,789 $ (57,673) (10.4)% Public Safety 1,707,577 1,257,457 450,120 35.8 % Public Works 732,387 678,194 54,193 8.0 % Parks and Recreation 262,093 235,875 26,218 11.1 % Nondepartmental 703,259 819,693 (116,434) (14.2)% Fund Transfers 236.496 173,047 63,449 36.7 % TOTALS S 4,140.928 5 3,721,055 5 419.873 l Expenditures for the Public Safety function increased 35.8% this fiscal ' year, mainly cue to the implementation of a county-wide emergency medical l service administered by the City and reimbursable from County funds. The 1 36.7% increase in F/Y 1980 expenditures, under the heading of Fund Transfers, reflect the increased emphasis placed on upgrading of City streets through a paving project funded by means of assessments. The entire cost of the j project was born by the General Fund through a transfer to the street assess-l ment fund. Monies for this project will be collected over an eight-year l period. The following table shows the entire listing of line items of all departments without the departmental limitation. Information provided will reflect how much was spent for the classifications of salaries, utilities, capital l outlay, etc. for the entire General Fund. l l l l
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Mr. Kennett. R. Hamons, City Manager February 27, 1981 Page Six INCREASE CLASSIFICATIONS F/Y 1980 F/Y 1979 (DECREASE) % CHANGE Salaries and wages $ 2,633,939 5 2,239,360 $ 394,579 17.6 % Other contractual 258,572 219,634 38,938 17.7 % Maintenance and repairs 201,609 171,361 30,248 17.7 % Gas, oil and grease 104,473 66,755 37,718 56.5 % Utilities 164,857 145,840 19,017 13.0 % Materials and supplies 161,631 137,262 24,369 17.8 % Training and travel 21,914 55,715 (33,801) (60.7)% Contingency - 4,863 (4,863) -
%
Capital outlay 270,879 384,737 (113,858) (29.6)% Lc.3s : Allocations to Enterprise Funds (617,809) (540,767) (77,042) (14.2)% Allocations to other departments - (29,048) 29,048 -
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5 3,200,065 5 2,855,712 5 344,353 Employee benefits 567,787 574,806 (7,019) (1.2)% Other 373,076 290,537 82,539 28.4 % TOTALS $ a.140,928 5 3.721,055 5 419.873 11.3 %
% OF TOTAL EXPENDITURES CLASSIFICATIONS 1980 19{9 1978 1977 Salaries and wages 61 % 60 % 64 % 68 %
Other contractual 6 6 7 7 Maintenance and repairs 5 5 6 6 Gas, oil and grease 3 2 2 2 Utilities 4 4 4 4 Materials and supplies 4 4 4 4 Training and travel 1 1 1 1 Contingency - - - - Capital outlay 8 10 4 8 Employee benefits 14 15 16 16 Other 9 8 8 12 Less: Allocations (15) (15) (16) (28) . TOTALS 100 % 100 % 100 % 100 % Unreserved fund balance was maintained at an adequate level. The General Fund unreserved fund balance was up $494,278 or 41% from fiscal year 1979.
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a e Mr. Kenneth R. Hamons, City Manager February 27, 1981 Page Seven ELECTRIC UTILITY FUND Electric Utility Fund operating revenues increased $3,736,816 or 35.7% over last year. This increase can be attributed to a combination of increased kilowatt hours sold (KWH) of 9.2% and an increase in the Cost of Power Adjustment (COPA) of $3,092,525 or 249.6%. Average monthly COPA, added to the fiscal 1980 bills, was $12.87 per 1,000 KWH, as compared to $10.71 per KWH in 1979. Of course, it should be mentioned that the same COPA monthly figure applied to two different months of usage, can yield vast differences in revenue. An example would be a high COPA amount for a month also experienc-ing a high usage. Operating expenses, on the other hand, increased 31.8% over last year. Fuel costs increased 20.7% or $357,617 over last year while purchased power increased $2,132,382 or 37.1% over fiscal year 1979. This latter statistic has caused the City to look to other sources for power, especially the possibility of increasing the size of our present generating facility by means of a major bond issue. The tremendous demand on the system has crystal-lized the concern for conservation measures as evidenced in the recent program of cash rebates for citizens who install energy conservation equip-ment in their residences. While revenues recorded a dramatic increase in 1980, expenses continued to show an even more rapid acceleration. As a result, the income available for debt service an' ' debt coverage factor were affected accordingly. Realizing i the value of a utility system, the City Commission approved an overall ' rate increase a, . aging 10% in November of the 1981 fiscal year. First quarter totals confirm the wisdom of this decision. Comparative data for the last three fiscal years is presented in the following tabulation: 1980 1979 1978 Total revenue (recurring) $ 14,954,836 $ 11,201,912 $ 9,766,699 Net income 1,167,851 676,226 139,667 Income available for debt service 4,178,675 3,131,119 2,937,839 Maximum debt coverage 1,385,657 1,166,853 1,181,592 Debt coverage (income available for debt service divided by maximum future debt service) 3.02 x 2.7 x 2.5 x
- Cash and investments 1,056,217 629,676 428,019 l Current ratio 2.2 to 1 2.7 to 1 3.2 to 1 In early fiscal 1980, the City validated $8,500,000 of Electric Revenue Bonds and, subsequently, issued $2,700,000, Series 1979-1 of this validated
' amount for the purpose of expanding the electric distribution system. This ( series was payable on a parity with the 1977 Revenue Bonds and carried a I rating of AAA by Standard and Poor's and A from Moody's. It is anticipated that the remainder of the validated amount will be issued as parity bonds in March of 1981 for additional electric distribution needs.
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s Mr. Kenneth R. Hammons, City Manager February 27, 1981 Page Eight AIRPORT FUND Airport operations experienced an increase in revenues of $4,307 or 6.1% over 1979. Expenses showed a decrease for the first time in several years of $15,916 or 10.8% over last year. While the operations continued to record a net loss, the loss was $25,050 or 42.7% less than 1979. The City is actively pursuing a vigorous program of leasing terminal space, industrial
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sites and hangars through the Airport Advisory Board, Airport Manager and Industrial Development Director. We have begun work on preparation of a master development plan for the airport property that will hopefully begin to show results in increased revenues within the next two years. Comparative data for the last three fiscal years is presented in the following tabulation: 1980 1979 1978 Total operating revenue $ 75,099 $ 70,792 5 57,896 Net loss (33,604) (58,654) (57,792) Income available for debt service 62,833 33,422 30,826 > Maximum future debt service 35,300 35,300 35,300 Debt coverage (income available - for debt service divided by maximum future debt service) 1.80 x .9 x .9 x Cash and investnents (23,102) (34,297) (24,168) Current ratio Negative Neptive Negative WATER AND SEWER FUND Gross operating revenues increased $168,854 or 11% over last year primarily due to increased usage and a growth af 7.1% in total water and sewer customers. Operating expenses increased $219,184 or 22.7% over fiscal year 1979 due to utilities cost increase of $44J13 or 35.7%, maintenance and repair increases of $27,564 or 48.9% and increased personnel costs of $41,430 or 14.1%. These increases were caused by demands on the facilities, inflation and the attempt to maintain an aging facility, at present governmental standards. The City is continuing efforts to pursue the 201 program that will provide for a new sewer facility for the area. We expect to begin Phase II of the project, which involves site acquisition and plan preparation, in the 1981 fiscal year.
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Mr. Kenneth R. Hamons, City Managtr February 27, 1981 Page Nine Comparative data for the last three fiscal years is illustrated in the following table: 1980 1979 1978 Total revenues (recurring) $ 2,062,970 S 1,779.521 5 1,578,160 Net income 560,081 495,816 588,787 Income available for debt service 1,004,186 936,733 771,467 Maximum future debt service 372,448 372,448 372,448 Debt coverage (income available for debt service divided by maximum future debt service) 2.7 x 2.5 x 2.0 x Cash and investments 1,758,136 1,002,167 30,221 Current ratio 45.2 to 1 59.6 to 1 6.8 to 1 SPECIAL REVENUE FUNDS Special Revenue Funds account for revenue from specific revenue sources which are legally restricted for specified purposes. Utility taxes are pledged primarily for the various obligations of the electric, water and sewer utility systems. Federal Revenue Sharing funds are obligated to fund those soecific items so designated in the City's Annual Budget. A comparison of major revenue sources for the last three fiscal years is presented in the following table: 1980 1979 1978 Utility taxes S 507,069 5 463,971 5 449,853 Federal Revenue Sharing 222.797 221,478 178,852 TOTALS $ 729.866 5 685.449 $ 628,705 Utility taxes reflected a 543,098 or 9.3% increase over fiscal year 1979. , Revenue Sharing showed an increase of $1,319 or .6% over the previous year. Current cost records reflect a continuation of the previous trend, wherein it is more eco70m-l cal for the City to generate power thP.n to purchase it. However, the availability of natural gas will continus to determine the validity of the previous statement in future years. The last four fiscal years are shown in the following tabulation: MILS (DOLLARS PER THOUSAND KILOWATT HOURS) FISCAL YEAR PRODUCED PURCHASED l' 1980 23.9 47.1 l 1979 18.1 37.7 1978 17.6 29.5 l 1977 18.5 24.5 l
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Mr. Kenneth R. Hammans, City Manager Fobruary 27, 1981 Page Ten The significant changes from fiscal year 1977 to 1979 show the result of increasing natural gas quantities during 1979-1980, along with the receipt of nuclear generated power (least expensive fuel alternative). The nuclear power generated electricity was received from our .006754% share of Florida Power Corporation's CR-3 Nuclear Pcwer Plant that came on-line March 13, 1977. However, during a portion of 1980 this plant was inoperative due to various problems and the City was forced to purchase expensive thermal generation power. Total generation increased 8.3% during 1980, as reflected in the following tabulation: XILLOWATT HOURS 1980 1979 1978 1977 Produced 117,843,000 106,192,800 101,554,800 84,225,200 Purchased 107,749,557 98,145,661 95,280,531 91,485,162 CR-3 Nuclear 22,930,356 25,159,093 17,140,800 16,284,510 TOTALS 248,522,913 229,497,55a 213,976,131 191,995,872 CASH MANAGEMENT On August 1,1980, the City entered into a two-year depository contract with a local banking institution after having competitively bid its banking services. This contract guarantees that all funds deposited in the City's account above $75,000 will earn interest at the same Fed Funds este that the banking institution receives. The City uses a pcoled cash concept for all funds under its control. The cash management program involves a theory of keeping principal and earnings free from risk, maintaining reasonable liqui-dity to meet obligations and maximizing return througn the use of a competi-tive rate comparison from various investment sources. The City invested in those instruments collaterali:ed as required by the State of Florida. A summary of interest earned on the City's investment is shown in the following table: ! AVERAGE RATE FISCAL YEAR INTEREST EARNED
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- 1980 $ 1,070,483 8.8 %
1979 858,995 9.3 % 1978 970,587 8.4 % 1977 397,005 5.0 % 1976 426,686 5.8 %
*Coes not include Pension Fund, which is administered by an investment firm.
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l Mr. Kenneth R. Hamons, City Manager February 27, 1981 ' Page Eleven TRUST AND AGENCY FUNDS Trust and Agency Funds are nonbudgetary funds established to account for assets held by the City as trustee for individuals, private organizations and other governmental units and/or funds. Funds have been created for the Community Development Block Grant Program and the Section 8 Housing Assistance Payments Program. In both cases, the City acts as a conduit for the Federal Government in disbursement of the monies. Both programs have separate regulations governing the type of disbursements to be made and providing for periodic independent audits. A fund was also created to account for revenues received from the supple-mentary care program at the municipal cemetery. This program is designed to accept advance payments from cemetery customers for the maintenance of cemetery plots. During 1980, revenues totaled $11,475, up 420.4% over 1979, the year of inception. DEBT ADMINISTRATION Overlapping debt is that portion of the total Osceola County general obliga-tion debt allocated to Kissimmee's residents for purposes of ascertaining the total debt each resident is responsible for paying. At September 30, 1980, total overlapping debt allocable to the City was $514,080 or $33.57 per resident. It should be noted that the City has no general obligation indebtedness of its own. Bond ratings for the three revenue bond issues are as follows: MOODY'S STANDARD & POOR'S Electric Revenue Bonds 1979-1 A AAA Electric Revenue Bonds 1977 A AAA Water and Sewer Revenue Bonds 1977 A AAA ! In June of 1980, the City sold a $265,000 bond to FmHA for the purpose of constructing a fire station to service the eastern portion of Kissimmee. Principal and interest are payable semiannually on October 1 and April 1 from 1981 through 2021 at the rate of 5%. , SPECIAL ASSESSMENTS FUND The Special Assessments Fund accounts for assessments levied to finance public improvements, specifically benefiting the procerties against which the assessments are levied.
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Mr. XennQth R. Hamons, City Manager Fcbruary 27, 1981 Page Twelve r There has been little activity in the fund this year, aside frcm annual repayments from the Forrest and Lavon Projects for 1976 and the Nebraska Project for 1978. During the 1980 fiscal year, a major project was comenced involving the paving of Ocean Street. Payments for this project will be received during the next year. CAPITAL PROJECTS FUNDS The City's various capital projects programs are concentrated on four areas, namely, downtown beautification, fire station construction, sanitation vehicle replacement and recreation facilities construction. The beautification of Kissimee's downtown was comenced in 1978 through the creation of a special district governed by a board appointed by the City Comission. Although the Comission appoints the board, the disbursement of funds is controlled by the appointed Downtown Development Board. Revenues from a special tax are used to fund the issuance of bonds which, in turn, fund various beautification projects. The construction of an additional fire station was completed during 1980 through the sale of bonds to FmHA and $13,544 in City funds. The total cost of this project was $278,544. The Sanitation Renewal and Replacement Fund was created during the 1980 fiscal year for the purpose of replacement of equipment utilized in the collection of garbage and trash. The General Fund transferred $23,957 this year to be used for fleet replacement. The Recreation Impact Fee Fund had total revenues of 56,545 in fiscal year . 1980. These revenues cara from developers who pay $125 per dwelling unit to be used for construction of new recreation facilities within the City. GENERAL FIXED ASSETS The general fixed assets of the City of Xissimee are those fixed assets used in the performance of general governmental functions and exclude the fixed assets cf the Proprietary Funds. As of September 30, 1980, the general fixed assets of the City totaled $3,013,363. This amount represents the original cost of the assets and is, therefore, considerably less than their present value. Depreciation of general fixed assets is not recognized in the City's accounting system.
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Mr. Kenneth R. Hamons, City Manager February 27, 1981 Page Thirteen ACKNOWLEDGEMENTS The preparation of this report, on a timely basis, could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I wish to express my appreciation to all members of the department who assisted and contributed to 'ts preparation. A special note of thanks is due to John Hearn, Chief Accountant, who worked diligently in the preparation of the financial statements. I would also like to thank you for your interest and support in planning and conducting the financial operations of this City in a progressive and respon-sible manner. espectfully submitted, N
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David V. Aston, Finance Director i l
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ORGANIZATION CHARTS
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CNIEF FISCAL OFFICER FINAllCIAL PLANNING , ' BUDGET ADMINISTRATION DEBT ADMINISTRATION , RETIREMENT ADMIN. I l DATA PROCESSING - ACCOUNTING
I , UTILITY BILLING GENERAL ACCOUNTING PAYROLL PROCESSlHG PAYROLL a GENERAL ACCOUNTING ACCOUNTS PAYABLE
G BUDGET PROCESSING PROPERTY CONTROL PROPERTY CONTROL GRANTS ACCOUNTING PROCESSING l i STORES INVENTORY PROCESSING
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m G b TFIE PEOPLE ' OF TFIE { CITY OF l CITY iciosiMmun !, OF OR GA NIZ ATION ) KISSIMMEE CHART ! FLORIDA CITY , COMMIDBION l
i l 1 i I l CITY CITY
- M A N.s oEn ATTORNEY
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CENTMAL COMMUNITY ELECTntC I NUIN BERVICES DEVELOPMENT UTILITIES i
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CERTIFICATE OF CONFORMAtlCE l t , 1 > ,
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"The Municipal Finance Officers Association of the United States and Canada (MFCA) awarded a Certifi-cate of Conformance in Financial Reporting to Kissim ee, Florida for our Annual Financial Report for the fiscal year ended September 30, 1979.
In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organiced comprehensive Annual Financial Report, whose contents conform to industry standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Confor=ance is valid for a period of one year only. We believe our current report continues to conform to Cerfificate of Conformance program requirements, and we are submitting it to MFCA to determine its eligibility for another certi-ficate." i I
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In rinancia. Reporting Presented to City of Kissimmee, F orida Forits Comprehensive Annual Financial Report
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for the Fiscal Year Ended September 30,1979 A Certificate of Conformance in Financial Reporting is presented bv the Municipal Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards. President
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FINANCIAL , SECTION . This Section Contains the Following Subsections: AUDITOR'S REPORT GENERAL PURPOSE FINANCIAL STATEMENTS i COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES i i
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. . MayZimasco. Cemfwd PuNe Accountana To the Honorable Mayor, City Comissioners and City Manager City of Kissimmee, Florida AUDITORS' REPORT We have examined the combined financial statements of the City of Kissimmee, Florida as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in accordance with generally accepted cuditing 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 Kissimmee, Florida at September 30, 1980, and the results of its operations and changes in financial position of its Proprietary Fund Types and Similar Trust Funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. f,' ab.
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Daytona Beach, Florida December 31, 1980 25.
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GENERAL PURPOSE FINANCIAL STATEMENTS (Combined Statements-Overview) These basic financial statements provide a summary overview of the financial position of a!! funds and account groups as well as the operating results of all funds. They also serve as an introduc-tion to the more detailed statements and schedules that follow in the next Subsection. , t l l l l l
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C8TY CF K855IMMEE, FLORIDA COMBINED 3ALANCE $HEET ALL FUND TYPES AND ACCOUNT GRCUPS SEPTD'9ER 30,1980 00VER'WENTAL AJND TY8E5 SPECIAL OEST CAPITAL GENERAL REVENUE SERVICE '900ECT3 AISETS Suity in pooled casa and invescents 3 1,460,530 $ 215.381 3 25,343 5 112,365 Receivaales - (net of allcwances for uncollectibles): AccrJed interest 258,575 . . . Ac: cunts 5,319 . . . Note . . . . Taxes 4,069 . . . Special assess:aents . . . . Due frem otner goverments 97,232 55,019 . . Oue from other funds 35,520 . . . Inventories . at cost 43,050 . . . Prepaid expenses 3,500 . . . Advance to otner funds 2,000 . . . Oecosi ts . . . . Restricted assets: Sinking funds - cash and invescents . . . . ConstrJCtion funds . Cisn and invescents . . . . 3cnd assat replacement funds . cash and invescents . . . . OJstamers' cecosits . casn anc invescents . . . . Pension funcs - casa and invescents . . . . Lanc . . . . Buildings . . . . u1: ment . . . . 5:rovenents other tnan buildings . . . .
?lant and ecutement - net . . . .
C:nstr;ction wort in : regress . . . . Invent:ry nuclear fuel (net) . . . . Sand issue :ssts - (net) . . . . Airecrt itas*ar Plan . (net) . . . . Amount availacle for debt service in the Oeot Service Fund . . . . Amount to :e provided for deot service . . . . TOTAL ASSET 3 5 1.765.395 3 ? 0.?00 $ ?S.?al 5 "?.35?
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PAGE 1 0F 2 FRUPRI iant r ILUCIARf FUND TYPE! FUND TYPE 3 AC00UNT GROUPS GDER.M. TOTALS SPE !AL TRUST AND GENERAL LONG-TERM (MEMORAN00M ONLY) ASSESSMENTS E?(TERDDISE AGEN0Y FIXED A$3ET! DEBT 1980 1979
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$ 125,986 $ 2,814,353 3 81,180 $ - 3 - 5 4,837,238 $ 3.J93,011 4.763 16.060 60,011 - - 339,409 126,206
- 1,204,036 - - - 1,810,355 1,375,933
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- - - - - 4,069 14,062 146,522 - - - - 146,522 90,944
- 60,000 - - - 212,251 181,287
- - 1,351 - - 86,971 32,300
- 889,250 - - - 937,300 347,807 4 - 31,551 19,522 - - 54,609 49,502
- - - - - 2,000 2,000
- - - - - - 7,500
- 4,231,886 - - - 4,231,335 3,454,772
- 1,694,992 - - - 1,694,992 1,141,648
- 1,153,837 - - - 1,153,287 1,075,000
- 650,233 - - - 660,233 613,245
- - 2,925,650 - - 2.926,650 2,255,563
- - - 359,700 - 359,700 359,700
- - - 861,498 - 361,498 577,137
- - - 1,534,611 - 1,534,611 1,228,099
- - - 241,978 - 241,979 235,745
- 27,463,405 - - - 27,463,405 20.323,379
- 313,725 - 15,576 - 829,201 5,704,044
- 396,587 - - - 396,537 264,697
. 923,295 - - - 923,296 816,973
- 43,022 - - - 43,022 45,412
- - - - 25,943 26,943 2,166
- - - - 586,994 586.904 163.334
! ?t- ??? $ 43,00' 31? $ 3 rce,??0 $ ?,013,363 5 613.937 5 52.370.706 ? 44.960.406 31.
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CITY OF K!$31.9 PEE, FLCR10A COMBINED 3ALANCE $HEET ALL FUND TYPE 5 AND ACCOUNT GROUPS SEPTEMBER 20, 1980
- GOVERNMENTAL FUND TY9ES SPECIAL OEST CAPITAL GENERAL REVENUE SERVICE #80dECTS LIABILITIES AND FUND ECU!TY LIABILITIES Accounts payable $ 35,413 $ - 3 - $ 32 Accrued liabilities 144,941 - - -
Oeoosits payaole 11,700 - - - Que to otner funds 1,351 34,244 - - Advance from other funds - - - - Contracts payable - retained percentage - - - 13,012 Restricted assat liabilities: Accounts payaole - - - - Accrued service deposit interest - - - - Retainages payable - - - - Castomer deposits - - - - Revenue bond payable - current . - - - Accrued revenue bond interest - - - - Revenue bonds cayaole - (net) (Notas 314) - - - - General coligation conds payable (Notes 517) - - - - Oeferred revenue 4069 - - - Obligations under capital leases (Note 11) - - .. - TOTAL LIABILITIE3 5 247,574 $ 34,224 5 - 3 13,044 CONTINGENCIES AND COWI*MENTS (Note 2) FUND ECUITY invesc=en: in geners) fixed assets 5 - $ -
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Contributed escital: Contribution by ;overnments - - - - Contribution oy private sources - - - - Contribution by other funds - - - - Retained earnings: Reserved for revenue bcnd retirement - - - - Reserved for bond asset reolacement - - - - Unreserved . - - - Fund balances: Reserved for encumorsnc ' 17,724 - - - Reserved for advances tt atter *unds 2,000 - . - Reserved for encloyees' retirement systems - - - - Unreserved - Cesignated for deot service - - 25,943 - Designated for specific cacital projects - - - 99,321 Undesignated 1.578,287 225,556 - - TOTAL FUND ECUITY $ 1,713,221 5 '225,556 3 25,343 5 99,321 TCTAL LIABILITIES AND FUND ECUITY $ 1.965.395 5 ?7n.900 $ ?S 943 $ 11?.?65 ! See secompanying notas to finsncial statements. ! 32.
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PAGE 2 0F 2 MOPRIETARY FI;ucIAar . FUND TYPES FUNO TY8ES 4C 00NT 320U85 GENERA- TOTALS SPE01AL TRUST AND GENERAL LONG-TEPJ4 (MEMORANDLH ONLY) 2!3ESSMENTS ENTE *PR!!! 4GE'CY F!IE0 ASSETS DEST 1990 1979 5 34,325 $ 1,422,528 $ 2,347 $ - $- - 3 1,545,146 3 825,644
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151.343 19,123 - - 315.417 252,564
- 194,752 - - - 205,552 190,753
- - 51,375 - - 86,971 82,300
- - 2,000 - - 2,000 2,000 14,756 12,000 - - - 39,768 -
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- 9,53 5 - - - 9,535 7.050
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4F.309 - - - 45,309 250,252
- 640,562 - - - 640,562 567,307
- 35,000 - - - 35,000 10,000
- 763,703 - - - 763,703 569.209
- 25,414,374 - - - 25,414,874 23,786,042
- - - - 420,000 420,000 153,000
- 225 - - - 4,294 14.062
- - - - 193,937 193.937 -
5 49,532 $ 29.689.936 $ 74,351 3 - 5 613.937 5 30,723.258 $ 27,175.!!7 5 - $ - 3 - 3 3.013.353 3 - 3 3.013,353 $ 2,438,377
- 345,323 - - - 845,32S 777,615
- 1.057,401 - - . - 1,057,401 753,155
- 745,002 - - - 745,0C2 740,602
- 1,791,555 - - - 1,791,555 1,595.129
- 1,158,357 - - - 1,158.337 1,075,000
- 7,712,703 - - - 7,712,703 5.297,553
- - - - - 17,734 20,210
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- - 2,986,661 - - 2,086,551 2,239,713 I
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- - - - - 25,943 2.155 l - - - - - 99,321 127,451 l 227.639 - 27,208 - - 2,190.040 1,654,732 3 227.589 $ 13,311.376 5 3,013,969 5 3,013,363 $ - $ 21,547.438 $ 17,784,849 5 ?2.370.706 $ 14.960,40' Q ! ?,"01,712 ! ?.ao9.?!q ! 3.013.363 ! 61?.937 l
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w ,A City of K15SitME, ILOHila COMulNLD SIAllHfNI Of ktVil40ES, EXPINDilukl$ AND CliANGES IN ION 0 BAUueCES Att 60VikfMENIAL lul40 BYPLS M4D EXPihhAbl[ ikUSI FUNDS
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f t* litt VIAM INOTO StPitMif R 30,19U0 ffliddlAlff 60Vikf4NtNIAL IUND IVPIS IUNO IVPES 101ALS SP[ClAl~ lui CAfilAL 9fCIA F ~ P.PfM0AMI (HtMORANUUM ONLY) . GINf rat RIVINHC SIHVICL PH0JECf5 AS$[S$HINIS ikuSIS 19H0 1919 RfVINU[S
~~ fames $ l.106,494 $ 501.069 $ 10,252 $ 6,545 $ -
$ - $ 1,638,360 $ 1,482,538 Licenses and pensits 151,025 - - - - - 157,025 118,872 Intergoversweental revenues 91),036 222,791 - - - 244,l'3 1,380,006 1,159,114 Charges for services 291,310 - - - - - 291,310 189,960 fines and forfeitures 67,228 - - - - - 61,228 46,275 fliscellaneous revenue 224.432 30,823 6,558 13,750 15.216 2,048 292,881 141,001 Special assessments levied _
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112.011_ 75,69[ 10lf! REVENUES L 2 8 525 $ 7{0,{l!9 ) 24,tJo_ J j 20,295 $ _ 121,293 $ 246,221 $ 3,938,833 $ 3,213.463 EXPINulIURIS 7 urrent: General Covenement $ 499,116 $ -
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$ 499,116 $ 556,789 Public Safety 1,707,511 - - - - - 1,701,571 1,257,457 Public Wosks 732.381 - - - - - 732,387 678.194 Parks and Recreation 262,093 - - - - - 262,093 235,875 Horklepar taental 703,259 - - - - - 703,259 819,693 WeI fde e - - - - - 260,461 260,461 290,013 Debt Service - - 45,202 - - - 45,202 15,585 Capital Outlay - - - 334,691 204,263 - 538,960 158.321 10lAL EXP[NulIUNES $ 3,904,43 $ -
$ 45,202 $ 334,691 } 204,2,63 $ 260,461 $ 4,749,055 $ 4,011,993 EXCESS Of REVINUES OVER (UNutR)
EXPENDiluktS $(1,144,9,,01)} 760,689 L J o,392) $ . (314,402)$ (7G,910) $ ( & 240) $ (810,222) $ (798,g) OlllEst fif4ANCING SOURCIS (U$tS) l'rocceifs frWbonds $ -
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$ 265,000 $ -
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$ 265,000 $ 171,000 Operatin9 transfers in 1,815,t;UI - 45,169 31,501 122,800 9,500 2,090,651 1,760,118 Operatin9 transfers out 12}6,496) (174,946) -
2 ( 16,2_29,) - (135) jl.028,406) (839,225) IUIAL OllKR flNANCING SOURCis(USLS) L1,639,185 $ Q 14,94,6) L 4hl69 $ 286,212, [ 122,13 $ 8,[{5 L L 3,2_[,241 4 $ 1,09_h9_5} EXCESS of HtVENUL5 AND UllitR SOURCES OvtR (UseDIN) EXPENDlIUHt$ AND Oll![R USES $ 494,218 $ (14,257) $ 24,711 $ (28,130) $ 45,830 $ (5,475) $ 517.023 $ 291.423 fui40 BAI Am.[5 Al lifGINNING DFVIAl,t 1,223,943 250,M 2,1r,6_ 121,4,51 IHI,8599 17,926 1,g ,258 1,510,8h IUf40 BAL Af4015 Al ING Of VI AR LJ.ilLH.El 1_f.L6es 1_?Jidil 5 %311 1 - m.m i 12A51 1_2 nlast 1,_1,in 2_5g
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CIIY 01 KisSIIslit, iluRIDA CoftilNf D SIAILHINT Of REVENtils, IXPENDiltlRES AND tilAffGIS IN TUND BAI ANCIS - RtHCIT A!H1 ACillAL ClflLRAL AND SPECIAL REVtNtE filND IYPIS FOR Ilit YIAR finl[D StrIltWitR 30, _1_98_0 _ GENIRAL
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SPECIAL REVilAl[ VAttlAist-- (HtHURANDUM ONLY)VARIAiKC
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VAHIAiRE-BUiiGLi fAV0HADLE IlUDGE I IAVORA81[ BtfDGEi iAVORABLE (RLVISED) ACIUAL (llNT AVORADt [) (RLVISID) ACIUAL (UhlAVORABIEj (REVISIDj ACIHAL (tNII AVORABL E ) REVENUES Taxes $ 1.069,614 $ 1,106,494 $ 36,880 $ 516,850 $ 501.069 $ (29,781) $ 1.6%,464 $ 1,613.563 $ 7,099 t Icenses arut permits 111,100 157,025 45,925 - - - 111.100 157,025 45,925 Intergoversmiental revenues 917,311 913.036 (4,335) 222,000 222,191 791 1,139,311 1,135,833 (3,538) Char 9es for services 273,600 291.310 11,110 - - - 213.600 291.310 17,710 f ines anil forfeitures 45,000 67,278 22.228 - - - 45,000 67,228 22.228 Hiscellaneous revenue 105,100 224,432 119,332 - 30,823 30,823 105,100 255,2M 150,155 10lAL REVENUIS $ 2,521,785 $ 2,759,525 j _ 231,140 $ 75fl,850 $ 760,089j 1,839 $ 3,280,635 $ 3,520,214 $ 239,579 [XPENDIIURES
~f.eneraffdvernment $ 624,662 $ 499,116 $ 125,546 $ -
$ -
$ -
$ 624.662 $ 499,116 $ 125,546 Public Safety 1,753,337 I,701,571 45,760 - - - I,753,337 1,701,571 45,760 Public lkirks 135.569 732,381 3,182 - -
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- 735,569 732,387 3.182 Parks 4>l Recreation 260,890 262,093 (1,203) - - - 260,890 262,093 (1,203)
Hosmicpartmental 906,837, 703,259 203,518 - - - 906,831 703,259 203,578 IUIAL LXPENDlIURES } J ,281,295 $ 3,904,432 $ 316,863 $ -
$ -
$ -
$ 4,28_L 295 $ 3,904.432 $ 316,863 EXCESS Of R[ VENUES OVER (tRIDER) IXPINDITURES M 759 510) 3 M I,144,907)$ 614,601 $ 150,850 $ 760,@9$ 1,839 }_(1,0f10,660)$
_ (384,218)} 616,442 OIHER IINANCING SOURCES
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'Disrating transfers in $ 1,887,611 $ I,875,681 $ $ l.881,611 $ 1,815,681 $
(11,930) $
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$ -
$ -
(11,930) Operatin9 transfers out (194,93) (236,496) (41,549) _ _(187,611) (711,9_16) 12,665 (982,558),_11,011,442) (28,884J IDIAL OlllER FINANCING SfAIRCES (USES) $ 1,692,664 $_ l,639,185 $ (53,419) $ (181.,611)$ _ (7]4,946)$ 12,665 $ 905,053 $ c64,239 $ (40,8_14) EXCESS OF REVENUES AND OlHtR SOURCES OVER (UNDIR) EXPfHul10RLS N40 0!HER USES $ (66,846)$ 494,218 $ $61,124 $ (28,761)$ (14,251)$ 14,504 $ (95.601)$ 480,021 $ 515,628 IUND BALANCES AI BLGINNING DFTfAR 1,223,943 1,223,943 - 250,913 250,913 - 1,474,856 1,474,856 - filND BALANCES Ai [ND~ ~ - OFVLAR ,$, 1 1,57, 5 3 $_ 1,718,22,1,.$ 561 df,4, LE2,,jg $ 236,656,},. 14,504 $ 1.379.249 Q .954.811 $ 57h63 See accompanying notes to financial statements. i
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CITY OF K!131?9'EE, FLCRICA CCMBINED STATDENT CF RDENUE3, EXPENSES AND CHANGES IN RETAINED EARNING 3/FUNO 3ALANCE3 ALL PROPRIETARY FUND TYPE 3 AND SIMILAR TRUST FUNDS FCR TFE YGR ENDED SEPTE?'8ER 10,1990 PRGPRIETARY FI ACIARY FUND TYPE 3 PJNO TYPES 14Gt4- TOTALS EXPENDA8LE PENSION (MENORANOUM CNLY)
- ENTERPR!$E TRUST TRUST 1980 1979 CPERATING REVE'!UES cnar9es for services 3 15,979,367 5 11.475 3 - 3 15,391,442 $ 12.072,195 Revenue earned on invest =ents - 981 314,156 315.147 194.331 Contributions - - 520,103 520,103 290.744 TOTAL OPERATING RDENUES $ 15,979,767 5 12,256 $ 334,259 $ 16,325,592 $ 12,757,370 OPERATING EXPENSES Operations 5 11,890,496 $ - 3 - $ 11,390.496 $ 3,389,995 Ceorecia tion 933,716 - - 933,716 855,520 3enefit Payments . - 98,125 38,125 71,544 Refunds of contributions - - - - 17,415 Miscellaneous costs - - 19.195 39,195 36,132 TOTAL CPERATING EXPENSES $ 12,324,212 5 - ! 137,321 5 12,961,533 $ 9,971,106 CPERATING INCCME $ 1,155,755 $ 12,456 3 696,948 $ 1,365,159 $ 2.7?6,754
'sCNCPGATING # EVE?!UES (EXPE*15ES) interest revenue $ 1,113,468 3 - $ - $ 1,118,468 3 392,233 Interest / amortization excense (1,517,550) - - (1,517,650) (1,392,531)
G4in on sale of equipment - - - - 26,424 TOTAL NCNCPERATING RDENUES (EXPENSES) $ I'99.192) $ - $ - $ (199,192) $ (373,374) INCCME SEFORE CPERATING TRANSFERS $ 2,756,573 $ 12,2?6 5 696,73 $ 3,265,977 $ ?,412,390 CPE8ATI'tG TRANSFERS c;erating cransrers in 3 37,755 $ - 5 - 3 37,755 $ 23.04~ C:ersting transfers out (1,100,000) - - (1,100,000) (950,000) TOTAL CPEPATING TRANSFERS $ (1,062,225) $ - 5 - $ (1,062,215) $ (920,954) INC0tdE 3EFORE CD1ULATDE EFFECT j CF AN ACCOUNTING CHANGE $ 1,594,329 3 12,456 3 596,348 $ 2,403,732 3 1,491,335 Camulative effect on prior , years' of an nc:cunting - enange (Note 9) - - - - 77,192 NET INCCME $ 1,694,323 $ 12,456 $ 596,944 5 2,103,732 $ 1,569,123 ' 1E*AINED GENINGS/ A;NO 9ALANCES AT 5EGiMeu,5 GF ru.a. as I nEvicusu aE?caTE] $ 9, C75,466 5 2,301 $ 2,239,713 $ 11,267,480 $ 9,591,103 Prior ;eriod adjustment (Note 3) (1C6,649) - - (106,649) - i 4E*AINED EARNINGS /m1ND 3ALANCES Ai sEGIN4U G GF vEAa, 45 RE w .c] $ 3,968,317 3 2,301 $ 2,239,72 5 11,250,331 5 9.691,703 1ETAINED EARNING 5/PJNO 3ALANCES AT E!0 GF
- EAR $ 10.863.115 $ 11.?57 $ ' 995,541 $ 13.f64,563 $ !! ?'O.331
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See Sc:cmCanying notes to financial statements. 36. i _. __ , _ _ _ _ - __
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CITY OF KIS3Im EE, FLORICA COMBINE 0 STATEMENT OF CHANGES IN FINANCIAL POSITION j ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUN 05
- FOR HE YEAR ENDED SEPTEMBER 30, 1980 PRCDRIETARY FIDU IARY FUND TYDES FUNO TYPES tiGN- TOTALS EXPENDABLE PENSION (MEMORANDUM ONLY)
ENTERPRISE TRUST TRUST 1980 1979
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SOURCES OF WORKING CA9??AL Opera:1ons: Income before cumulative effe:: of an accounting enange $ 1,594,328 $ 12,456 5 696,948 $ 2,403,732 $ 1,491,936 i !tems not recuiring (providing) worxing car :tal - depreciation and amortization 987,809 - - 987,809 977,933 __ WORKING CAPITAL PROVIDED FROM CPERATIONS EXCLUSIVE OF AN ACCOUNTING CHANGE $ 2,582,137 $ 12.456 $ 696,948 $ 3.391.541 $ 2,469.869 Accounting enange (Note 9) - - - - 77,192 5 z.664,13i 5 12,3 ' T 696,945 5 3,391,541 5 Z,547,;51 Disposal of procerty and ecutoment net of ac:umulated depreciation - - - - $4,023 4 Proceecs frem sale of tends 2,646,000 - - 2.646,000 - Contributions 366.848 - - 366,343 157,725 Decrease in restricted assets 27,839 - - 27,339 - TOTAL SOURCES OF WORKING CAPITAL $ 5,722,324 ! 12.456 $ 696,948 $ 6,432,229 $ 2,758,314 , APDLICATION OF WORKING CAD!TAL , Accuisition of fixec assets $ 2,338,008 $ - $ - 3 2,838,0C8 5 6.071,563 Retirement of long-term debt 35,000 - - 35,000 10,000 Increase in restricted assets 1,489,171 - - 1,489,171 - Increase in other assets 140,195 140,195
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Decrease in liabilities payable from restricted assets 350,464 - - 350,464 - i - TOTAL APPLICATION OF WORKING CAPITAL $ 4,852,803 $ - $ - $ 4,852,338 $ 6.081,563 NETINCREASE(DECREASE)IN l WORKING CAPITAL ! 960.986 $ 12.456 5 696.Q48 $ 1.570.?90 ? I3.222.749) ELEMEN*S OF NET INCREASE l (DEcAEA5E. IN acRG;a CAPITAL I Equity in DQQiec casn anc I investments 5 1,193,705 $ 12,456 $ - $ 1,206,161 5 (1,738.035) l Restricted casn and investments - - 661.087 661,087 556,744 l Ac:ounts receivable 430,254 - - 430,254 63,430 Accrued interest receivable (71,500) - 35,861 (35,639) (35,7321 Oue from otner govemments (51,671) - - (51,671) (3.150) Inventory 100,506 - - 100,506 213,941 i Prepaid expenses 1,429 - - 1,429 (12,324) Accounts payable (707.494) - - (707.494) (1,593,329) Ac: rued listilities (0,019) - - (9.019) (559,609) Decesits payable (3,999) - - (3,999) (114,585)
- Contracts payable - retsined
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percentage (12,000) - - (12,000) - Revenues colle:ted in aoyance _ (225) - - f225) - NET INCREASE (CECREASE) IN WORKING CAPITAL 5 169.996 $ 12.156 3 696.939 3 1.!79.390 $ f3.222.*:9) See ac:cmoanying notes to financial statements. 37.
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CITY CF K!!3INEE, FLCR!CA STATEMENT CF CPANGES IN GDERAL FIJC A33ETS FCR %E YEAR DCED SEPTD'8ER 30,1980 3AUNGE 5ALANCE CC*C8ER 1, S U TDSER 20, 1979 AC0!TIONS 2ETf20'ENTS !990 GDEPAL afXED A33ETS Lano 5 359,700 $ . $ . 3 357,700 Sulldings 577,137 234,351 - 861.498 Ecuipment 1,238,C99 331,511 34,399 1,534,611 1morovements other than buildings 235,725 5,233 - 241,378 Constr action in progress 27,596 !$,576 27,596 15,576 f 2.478 ?77 5 537.831 1 52.'99 $ 1.0!?.?!? I'WE5*NDT IN 1DEPAL FtXD ASSETS Amunes investaa ta ;ctacer 31,1371(1) 5 1,043,332 $ - $ 25,236 $ 1,317,046
/ccants invested af tar ,*;ove-cer 1,1371:
Senarsl Fund revenues 1.101.788 277,221 3.313 1,372,596 i Stata and fecers) 3rsnts 221,192 52,423 . 233,521 lifts and c:ntributions 53,547 2,492 4C3 55,539 Canttal ;rojects 13,513 255.243 - ??4,361 5 ?.1??.?77 3 809.985 f ?*,909 $ 1.St?.?6? 1
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(1) Invest:nent ree:rcs are not resdtly ava11 sole for years :rior :s %vec::er 1,1371. See ac:::::anying notes is financial stataments. .i 38.
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CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Bases of Accounting: The modified accrual basis of accounting is followed by all Governmental Fund Types and Expendable Trust Funds. Under the modified accrual basis, expendi-tures other than accrued interest on general long-tena debt are recorded at the time liabilities are incurred and revenues are recorded when received in cash, except for material and available revenues, which should be accrued to reflect revenues earned. ' Revenues which are susceptible to accrual are as follows: Federal and State Revenue Sharing Ccmprehensive Employment and Training Act Grant Interest Income Proprietary and Nonexpendable Trust Funds are maintained on an accrual basis with revenues being recognized when earned and expenses recognized when incurred. Other Fiduciary Funds (Agency and Expendable Trust Funds) are accounted for on the modified accrual basis.
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Measurement Focus: Governmental Fund Types - General, Special Revenue, Debt Service, Capital Projects and Special Assessment Funds are accounted for on a " spending" or
" financial flow" measurement focus. Accordingly, the reported undesignated
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fund balances provide an indication of available, spendable or appropriable resources. Proprietary Fund Types - Enterprise Funds are accounted for on an " income determination" measurement focus. Accordingly, all assets and liabilities are included on their balance sheets, and the reported fund equity (total reported assets less total reported liabilities) provides an indication of the economic net worth of the fund. Operating statements for Proprietary Fund Types (on an income determination measurement focus) report increases (revenues) and decreases (expenses) in total economic net worth. Accounting for the Electric Utility Fund is in conformity with the requirements prescribed by the Florida Public Service Commission and the Federal. Energy Regulatory Commission. Fiduciary Fund Types - Agency and Expendable Trust Funds are accounted for like Governmental Fund Types; and Nonexpendable Trust Funds are accounted for like Proprietary Fund Types. 39.
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CZTY OF X8SS8tHEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980 Fixed assets, which are not used in Proprietary or Fiduciary Fund operations, are accounted for in a separate self-balancing General Fixed Assets Account Group. Long-term debts, which are not intended to be financed through Proprietary, Fiduciary or Special Assessment Funds, are accounted for in a separate self-balancing General Long-Term Debt Account Group. Purpose of Funds and Account Groups: Governmental Fund Types -
. General Fund - to account for all unrestricted resources, except those required to be accounted for in another fund.
. Special Revenue Fund - to account for the proceeds of specific revenue parces that are restricted by law or administrative action to expenditure for specific purposes.
. Capital Projects Funds - to account for financial resources segregated for the acquisition of major capital facilities.
. Debt Service Funds - to account for the accumulation of resources for, and the payment of, interest and principal on general long-term debt.
. Special Assessment Funds - to account for the financing of public improvements or services deemed to benefit the croperties against which special assessments are levied.
Proprietary Fund Types - *
. Enterprise Funds - to account for operations that are financed and operated in a manner similar to private business enterprises.
Fiduciary Fund Types -
. Trust and Agency Funds - to account for the assets held by a governmental unit as a trustee or agent for individuals, private organizations and/or other governmental units.
Account Groups -
. General Fixed Assets - to account for all fixed assets of the city, except fixed assets of Proprietary Funds and certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems.
. General Long-term Debt - to account for the outstanding principal balances on any general or special obligation bonds of the city.
Equity in Pooled Cash and Investments: The City of Kissimmee, for accounting and investment purposes, maintains a pooled cash and investments account for all City funds. This gives the City the ability +4 invest large amounts of idle cash for short periods of time and to maximize earning potential . The " equity in pooled cash and investments" represents the amount owned by each fund of the City. 40. _ _
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l CfTY OF KfSSfMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
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Receivables: Utility (electric, water, sewer and utility taxas) operating revenues are generally recognized on the basis of cycle billings rendered monthly. The cycle with the meter reading date closest to September 30 is selected as the cutoff for accrual purposes. The City does not accrue revenues for services delivered during the next fiscal year that have not been read or billed by September 30. Inves tments: Investments are recorded at cost, which approximates market. Adjustments are made to cost, for any premium or discount, which is amortized over the maturity of the investment. Inventories : Supplies and fossil fuel inventories are stated at the lower of cost (deter-mined on the first-in, first-out method) or market. Inventories in the governmental furds are accounted for by the consumption method (determined on the first-in, first-out method), wherein inventories are charged as expendi-tures when used. The effect of the first-in, first-out method is to flow costs through the statement of revenues and expenses in the order in which they are purchased and assign a balance sheet valuation more nearly at current replacement value.
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Taxes Receivable: Taxes receivable are measurable, but not available as of the end of the fiscal year and thus are shown as deferred revenue. The deferred revenues will be recognized as revenue in the fiscal year that it becomes available. Fixed Assets: Fixed assets purchased in the Governmental Fund Types are recorded as expendi- , tures at the time of purchase. Such assets are capitalized at cost in the .
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General Fixed Assets Account Group, except for certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems. Gifts or contributions are recorded in the general fixed assets at fair market value at the time received. No depreciation has been provided on general fixed assets. The fixed assets purchased in the Proprietary Fund Types are capitalized at cost when purchased. Depreciation is provided using the straight-line method. The estimated useful lives of the various classes of depreciable assets are as follows: ASSETS YEARS Buildings 30 - 50 Improvements other than buildings 10 - 100 Equipment 5 - 25 41.
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C!TY OF KfSSIMMEE, FLORIDA NOTES TO FIttANACTAL STA.TEMENTS 3 SEPTEMBER 30, 1980 l l Unamortized Bond Discounts and Issuance Costs: The discounts and issuance costs on the Proprietary Fund's long-term debt are amortized using the straight-line method over the terms of the related issues. Nuclear Fuel: Amortization of nuclear fuel is based on the cost, which is prorated by fuel assembly batch in accordance with the thermal energy that each assembly produces. Due to the uncertain future of the nuclear fuel reprocessing industry and government approvals for recrocessing the plutonium recycling, the City is estimating no value for rasidual credits or costs for future reprocessing. Pension Plans: The City has three pension plans covering substantially all the full-time employees. General employees are covered by a plan established during 1968 that was amended and restated in 1975. Employees of the Police and Fire Departments were enrolled in separate retirement plans adopted by the City effective January 1,1976, superseding the previous state established plans. Annual costs of the pension plans are actuarially computed and include amorti-zation of past service costs over a period of 30 years for the general emolayees' plan and 40 years for the police and fire plans. General employees contribute 4% of their annual salary to tneir plan. The City's policy is to fund the annual pensica costs in the annual budget. Reserves: Governmental Funds and Certain Fiduciary Funds - Reserves are used to indicate that a portion of the fund balance is not appropriable for expenditure or is legally segregated for a specific future use. Usage of reserves has been limited to the following items:
. Reserve for Encumbrances - indicates a portion of the fund balance that has been segregated for expenditure upon vendor performance.
, This reflects items that have been ordered or committed for at year-end which have not been received nor paid for.
. Reserve for Advances (Specific Fund) - indicates portion of the fund balance that has been segregated for a long-term (more than one year) advance to another fund. Amount is unavailable for appropriation for at least a year.
Proprietary Funds and Certain Fiduciary Funds - Reserves are used to indicate a segregation of a portion of retained earnings equal to the current assets that are restricted for meeting various covenants as may be specified and defined in the revenue bond indentiare. Usage of reserves has been limited to the following items:
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Reserve for Bond Retirement - restricted for future servicing of the revenue bonds (maximum amount of debt service d'Je in any ensuing year). . 42. _ _. - _ _
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. . CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
. Reserve for Bond Asset Replacement - restricted for meeting of various contingencies as may be so specified and defined in the indenture (frequently referred to as renewal, replacement and improvement).
. Reserve for Employees' Retirement Systems - restricted for payment of retirement benefits.
Encumbrances: Encumbrances represent contractual commitments in the form of purcahse orders and contracts. Such encumbrances are not recorded as expenditures, but rather as reservations of fund balance for subsequent years' appropriation. Budgetary Accounting: The annual budgets for all Governmental, Proprietary and Fiduciary Funds, that were adopted by the City Commission, were prepared on the same basis of accounting utilized by those specific fund types. Reclassifications: Certain September 30, 1979 account balances have been reclassified in this report to conform with the financial statement presentation used in 1980.
- 2. COMMITMENTS AND CONTINGENCIES The City is contingently liable for accumulated and unpaid vacation leave and sick leave. Current policy allows each employee to accumulate up to 20 days of vacation leave. Time accrued beyond that is forfeited. The majority of employees utilize their annual accrual of vacation leave during the year :
accrued. Employees are allowed to accumulate up to 60 days of sick leave. Time accrued beyond that is paid to the employees every year at the rate of one-half pay. Accrued estimated liabilities not reflected in the accounts of the City, for vacation and sick leave benefits to which the employees are entitled, are as follows at September 30, 1980: Vacation leave $ 132,777 Sick leave 417,318 TOTAL $ 550,095 43.
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CETY OF KISSXMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
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- 3. The Electric Revenue Bonds, Series A, the Water and Sewer Revenue Bonds, Series A, and the Electric Revenue Bonds, Series 1979-1, resolutions provide for:
A. Establishment and maintenance of various funds -
- 1. Revenue Fund records all operating revenues and expenses of the system;
- 2. Sinking Fund records all debt service requirements which includes the Sinking Fund account, bond amortization account and reserve account;
- 3. Renewal., Replacement and Improvement Fund records all the improvements, extensions and replacements of the system; and
- 4. Construction Fund records the cost of major additions to the system financed by revenue bonds.
B. Restrictions on the use of cash from operations in order of priority -
- 1. Deposits are made to the Revenue Fund to meet current operations according to the existing bond ordinance;
- 2. Deposits to the Sinking Fund account are required on or before the 20th day of each month equal to one-sixth (1/6) of the interest ccming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal ccming due on the next principal payment date;
- 3. Deposits to the bond amortization account are required -
on or before the 20th of each month equal to one-twelfth (1/12) of the amortization installment coming due on the next semiannual payment date; 4 Deposits to the reserve account are to be equal to one-sixtieth (1/60) of the reserve requirement (maximum principal and interest) and are to be transferred on or before tne 20th day of each month; and
- 5. Deposits to the Renewal, Replacement and Improvement Fund are required in each month equal to one-twelf th (1/12) of the adopted budget for that fund. The total annual deposit may not be more than 10% nor less than 5% of the gross revenues for the preceding fiscal year, however, that no such monthly deposit shall be required whenever the amount in such fund shall at least equal
$1,000,000 and $375,000, respectively, for the Electric Utility Fund and the Water and Sewer Fund.
C. Early redemption - The bond ordinance provides for early redemption of outstanding bonds at call rates varying from 100% to 103% of the instruments' face value, dependent Jpon the call date. 44.
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CITY OF KfSSTMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980 D. Investment restrictions -
- 1. Funds of the sinking fund account, bond amortization account, reserve account and ' renewal and replacement account are required to be continuously secured in the same manner as state and municipal deposits of funds .are required to be secured by the Laws of the State of Florida; and
- 2. All monies deposited shall be continuously invested in direct obligations of the United States of America, obligations of its several agencies or Time Deposits in banks, trust companies or savings and loan associa-tions represented by Certificates of Deposit.
E. The revenue bonds consist of the following serial and term bonds - INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Electric Revenue Bonds, 4.80% to 5.50% Series A 4/1;10/1 10/1/07 Water and Sewer Revenue Bonds, 4.80% to 5.50% Series A 4/1;10/1 10/1/07 Electric Revenue Bonds, 6.60% to 7.20% Series 1979-1 4/1;10/1 10/1/10
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AMOUNT-ORIGINAL OUTSTANDING AT DESCRIPTION AMOUNT SEPTEMBER 30, 1980 l Electric Revenue Bonds, Series A $ 18,400,000 $ 18,400,000 Water and Sewer Revenue Bonds, Series A 5 5.525,000 $ 5,525,000 Electric Revenue Bonds, Series 1979-1 $ 2,700,000 $ 2,700,000
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CETY OF KZSSZMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980 F. The City presently has outstanding serial bonds, which were refunded on January 4,1978, as follows: AMOUNT OUTSTANDING AT SEPTEMBER 30, 1980 ELECTRIC, WATER AND SEWER BOND ISSUES 1954 $ 163,000 1963 2,665,000 1965 590,000 1967 1,435,000 1970 3,370,000 1971 850,000
-1971-A 650,000 1973 3,445,000 1975 3,800,000 STATE OF FLORIDA POLLUTION CONTROL BONDS, SERIES F 1,435,000
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S 18.403.000 Since governmental obligations are held in escrow for the payment of the principal and interest, these bonds are not liabilities to the City.
- 4. The Airport Revenue Bonds resolution provides for:
A. Establishment and maintenance of various funds -
- 1. Airport Revenue Fund records gross revenues from the operation of the Airport facilities;
- 2. Airport Revenue Bonds, Series 1971 Sinking Fund to record all the debt se.vice requirements of the issue which includes the principal, interest, sinking fund and reserve requirements; and 3, Renewal and Replacement Fund records all extensions, enlargements, additions and replacements to the Airport facilities.
B. Restrictions on the use of cash in order of priority -
- 1. Deposits to the Sinking Fund are required on or before the fifteenth day of each month equal to one-sixth (1/6) of the interest coming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal maturity date; 46.
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CfTY OF K!SSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
- 2. - Deposits to the renewal and replacement fund an amount equal to one-twelfth (1/12) of five percentum (5%) of the gross revenues of the facilities for the previous fiscal year, until there shall be on deposit 550,000; and
- 3. Balance remaining can be used for any lawful purpose after making all of the above required payments.
C. Investment restrictions -
- 1. Funds of the revenue fund, sinking fund, reserve account and the renewal and replacement fund are required to be continuously secured in the manner by which the deposits of public funds are authorized to be secured by the Laws of the State of Florida; and
- 2. All monies deposited shall be continuously invested or secured by direct obligations of the United States of America or Time Deposits in banks and trust companies represented by Certificates of Deposit.
D. The revenue bonds (serial) consist of the following - INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Airport Revenue Bonds, 5.50% to 6.50%
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Series 1971 6/1;12/1 12/1/95 ORIGINAL AMOUNT AMOUNT OUTSTANDING AT DESCRIPTION ISSUED SEPTEMBER 30, 1980 Airport Revenue Bonds, Series 1971 S 350,000 S 310,000
- 5. As explained in Note 3, the resolution requires that specified monies be placed in various funds. The City is not in compliance with this resolution regarding the amount of monies transferred into the Renewal, Replacement and Improvement Fund. During the year ended September 30, 1980, expenditures were made which reduced the balance in this fund below the required level. No monthly transfers have been made to replenish these funds as required by the resolution. However, the budget for the next fiscal year provides for complete restoration of these amounts.
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CZTY OF KISSZMMEE, FLORIDA NOTES TO FINANCZAL STATEMENTS SEPTEMBER 30, 1980
- 6. The Limited Ad Valorem Tax Bonds resolution provides for the establishment and I maintenance of a Sinking Fund to be held and administered by the City for the purpose of paying the principal and interest on the bonds as they become due.
In each year, while any such bonds are outstanding, there shall be levied and collected a special limited ad valorem tax not exceeding five (5) mills in each year le/ied on all taxable property in the special taxing district comprising the municipal development district of the City over and above all other taxes authorized by law. The Limited Ad Valorem Tax Bonds (serial) consisted of the following: INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Limited Ad Valorem Bonds 5.25% to 6.00% 10/1;4/1 10/1/93 ORIGINAL AMOUNT AMOUNT CUTSTANDING AT DESCRIPTION ISSUED SEPTEMBER 30, 1980 Limited Ad Valorem Bonds 3 171,000 3 155,0C0
- 7. The $265,000 Excise Tax Revenue Bonds resolution provides for:
A. Establishment and maintenance of various funds -
- 1. Revenue Fund records all pledged excise tax revenues received by the City and required transfers to other funds as stated below;
- 2. Bond and Interest Sinking Fund records all debt service requirements of the issue, which includes the principal, interest, sinking fund and reserve requirements; and
- 3. Construction Fund records the cost of the project financed by excise tax revenue bonds.
B. Restrictions on the use of cash in order of priority -
- 1. Deposits of excise taxes are made promptly to the Revenue Fund as they are received;
- 2. Deposits to the Sand and Interest Sinking Fund are required on or before the 15th day of each month equal to one-twelfth (1/12) of the amount of one year's interest on all the bonds then outstanding and one-twelfth (1/12) of the principal of the bonds maturing on the next succeeding anniversary date; 48.
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CITY OF KfSSIfdEE, FLORfDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
- 3. Deposits to the reserve account in the Bond and Interest Sinking Fund are required on or before the 15th day of each month equal 'w $130 until such time as the funds total $15,600; and
- 4. Balance remaining may be used for any lawful purpose after making all of the above requireo payments.
C. Early redemption - The bond resolution provides for early redemption of out-standing bonds at call rates varying from 100% to 105% of the instrument's face value, dependent upon the call date. D. Investment restrictions -
- 1. Funds of the sinking fund account and reserve account are required to be continuously secured in the same manner as municipal deposits of funds are required to be secured by the Laws of the State of Florida; and
- 2. Monies in the sinking fund and reserve accounts may be invested in direct obligations of, or obligations guaranteed by, the United States of America. Monies on deposit in the Revenue Funa shall not be invested at any time.
E. The revenue bonds (serial) consist of the following - INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Excise Tax Revenue
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Bonds 5%; 9/1 9/1/2019 ORIGINAL AMOUNT , AMOUNT OUTSTANDING AT j DESCRIPTION ISSUED SEPTEMBER 30, 1980 l Excise Tax Revenue Bonds S 265,000 S 265,000 1
- 8. PENSIONS A. General Employees' Pension Fund:
- The General Employees' Pension Plan was established in 1968 i and amended and restated in 197F. Annual costs of the pension plan is actuarially computed ana includes amortization of past service costs over a 40-year period beginning January 1, 1974.
l The employees contribute 4% of their annual salary 'a the plan. l An actuarial study was conducted at January 1,1980 and reflected a net actuarial deficiency of $1,015,914. The pension fund assets exceeded the present value of the actuarially computed vested benefits by $354,071 at January 1,1980. The City's cor.tribution to the plan was $257,323 for fiscal 1980. 49.
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CITY OF KZSSfMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
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B. Municipal Police Officers' Retirement Plan: The Municipal Police Officers' Plan was amended and restated in 1976. Annual costs of the pension plan is actuarially computed and includes snortization of past service costs over a 40-year period beginning January 1, 1976. An actuarial study was conducted at January 1,1980 and reflected a net actuarial deficiency of $258,545. The pension fund assets exceeded the actuarially computed vested benefits by $369,809 at January 1, 1980. The City's contribution to the plan was $86,000 for fiscal 1980. C. Municipal Firemen's Retirement Plan: The Municipal Firemen's Plan was amended and restated in 1976. Annual costs of the pension plan is actuarially computed and includes amortization of past service costs over a 40-year period beginning January 1, 1976. An actuarial study was conducted at January 1,1980 and reflected a net actuarial deficiency of ~
$127,919. The pension fund assets exceeded the actuarially computed vested benefits by $189,079 at January 1,1980.
The City's contribution to the plan was $43,269 for fiscal 1980.
- 9. ACCOUNTING CHANGE AND PRIOR PERIOD ADJUSTMENT -
The wire stock of the Electric Utility Fund was first treated as an inventori-able good, accounted for under the first-in, first-out method for the fiscal year ended September 30, 1979. Prior to October 1,1978, wire stock has been expensed upon purchase to the appropriate fixed asset or expense account. When the wire inventory was recorded at September 30, 1979, two pricing errors occurred which resulted in a $106,649 overstatement of its balance. To correct this error, a prior period adjustment was made to retained earnings in the Electric Utility Fund as of October 1,1979. In addition, the cumula-tive effect of adopting the new method in 1979 was reduced by the same amount, from $183,841 to $77,192.
- 10. CASH IN LIEU OF GAS Ouring the year ended September 30, 1980, the City, along with several other participating municipalities, received payments in lieu of gas _ from an agree-ment with Florida Gas Transmission Company and Amoco Oil Ccmpany. The total
, received in the current year was $576,632. This amount has been reflected as a reduction of fuel expense on the statement of revenues, expenses and changes in retained earnings. 50. __ _. _~ . . _ _ _ _ . _ - _____ _ _
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CITY OF XISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980
- 11. LEASES A. The property under capital leases consist of three sanitation trucks, one street sweeper and one dump truck. All leases are for twenty quarters. Title to the equipment shall be transferred to the City at the end of the lease terms and upon the vendor's receipt of one dollar. As of September 30, 1980, $14,944 in principal pay-ments had been made on this equipment.
The following is a schedule by years of future minimum lease pay-ments under capital leases, together with the present value of the net minimum lease payments, as of September 30, 1980: YEAR ENDING SEPTEMBER 30, 1981 $ 52,867 1982 52,867 1983 52,866 1984 . 52,866 1985 29,020 TOTAL MINIMUM LEASE PAYMENTS S 240,486 Less: Interest 46,549 PRESENT VALUE OF NET MINIMUM LEASE PAYMENTS S 193,937 B. In addition, the City is lessor on various leases at the Airport. The following is a schedule of minimum future rentals on noncancelable operating leases: i YEAR ENDING SEPTEMBER 30, 1981 S 27,320 , 1982 29,320 ' 1983 28,520 1984 28,520 1985 27,145 After 1985 396,960 TOTAL MINIMUM FUTURE RENTALS S 537,785 Total income on noncancelable operating leases for the year ended September 30, 1980 was $671,736. i , 51. l
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C8TY OF KISSTMMEE, FLORIDA NOTES TO FINANCTAL STATEMENTS SEPTEMBER 30, 1980 ,
- 12. At September 30, 1980, the Proprietary Fund plant and equipment consisted of:
PLANT LESS: AND ACCUMULATED EQUIPMENT DEPRECIATION NET Electric 5 29,068,905 S 7,792,936 5 21,275,969 Water and Sewer 7,289,016 1,516,718 5,772,298 Airport 910,402 495,264 415,138 TOTAL S 37,268,323 $ 9,804,918 5 27,463,405
- 13. BOND COMPLIANCE As explained in Note 3, the resolution requires that specified monies be placed in various funds. The City is not in compliance with this resolution regarding the amount of monies transferred into the Rerewal, Replacement and Improvement Fund. During the year ended September 30, 1980, expenditures were made which reduced the balance in this fund below the required level. No monthly transfers have been made to replenish these funds as required by the resciution. Subsequent to year-end, the Electric Revenue Fund transferred sufficient monies to the Renewal, Replacement and Improvement Fund to comply with the bond provision.
- 14. SUBSEOUENT EVENTS The City has been notified that a lawsuit has been filed alleging that the City practices discriminatory activities in its use of Federal Revenue Sharing funds. The suit seeks an equalization of City services, an issuing of a declaratory judgment that past practices have been in violation of law, and an award of attorney's fees. The City plans to request a dismissal, but no action has yet been taken by the court. The outcome of this suit cannot be estimated at this time.
The City has received approval from the Farmers Home Administration, U. S. Department of Agriculture, for the sale of $500,000 bonds for the construction of a new City Hall. An architect has been hired and plans are being drafted. 52.
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MayZimasco. Cemfwd Pubbe Accoum.mu To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida AUDITORS' REPORT We have examined the combining and individual fund financial ' statements of the City of Kissimmee, Florida as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combining and individual fund financial statements referred to above present fairly the financial position of those individual funds of the City of Kissimmee, Florida at September 30, 1980, and the results of operations of such funds and the changes in financial position of individual Proprietary Funds and individual Nonexpendcble Trust Funds for the year then ended, in ennfonnity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. I Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole and on the combining, indivi-l dual fund, and account group financial statements. The accompanying financial l information listed as supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the combined financial statements of the City of Kissimmee, Florida. The information has been subjected to the auditing procedures applied in the examination of the combined, combining, individual fund, and account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole.
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COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES These financial statements provide a more detailed view of the
" General Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund of a given fund type. Individual fund and account group statements are presented when there is only one fund of a given type and for the account group. They are also necessary to pre-sent budgetary comparisons.
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Financial schedules are also presented that provide greater l detailed information than reported in the financial statements. l Schedules also present information that is spread throughout the statements that can be brought together and shown in greater detail. l l
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CITY OF KISSIMf1EE, FLORIDA - C0!!BIlliflG BALANCE SilEET ALL SPECIAL REVEllVE FUtlDS SEPTEMBER 30, 1980 FEDERAL UTILITY REVENUE TOTALS TAX SilARING 1980 1979 , ASSETS Equity in pooled cash and investments $ 215,881 $ -
$ 215,881 $ 250,479 Accrued interest receivable - - -
434 Due from other gover nments - 55,019 55,019 55,371 TOTAL ASSETS $ 215,J@B1, ,$ 55,019 $ 270,900 .$_ 306 t284
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LIABILITIES AND FUND EQUITY LIABILITIES Due to General Fund $ -
$ 34,244 $ 34,244 $ 55,371 FUND EQUITY Fund balances -
Unreserved 215,881 20,775 236,656 250,913 TOTAL LIABILITIES AND FUND EQUITY ,$_ 215,881 $ 55,019 j___ 270,900 $ _ 306,284 See accompanying notes to financial statements.
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CZTY OF KISSXMMEE, FLORfDA l l COMBINING STATEMENT OF REVENUES, EXPENDITURES AND l CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL SPECIAL REVENUE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1980 UTILITY TAX FEDERAL VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) BUDGET REVENUES Taxes: Water revenue tax $ 17,100 $ 17,177 5 77 $ - Electric revenue tax 387,000 346,326 (40,674) - Bottled gas revenue tax 27,750 34,766 7,016 - Telephone revenue tax 105,000 108,800 3,800 ,
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Intergovernmental revenue - Revenue Sharing entitlement funds - - - 222,000 Interest earnings - 23,510 23,510 - TOTAL REVENUES S 536,850 $ 530,579 $ (6,271) 5 222,000 EXPENDITURES - - - - EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $. 536,850 5 530,579 5 (6,271) $ 222,000 OTHER FINANCING SOURCES (USES) Operating transfers out (536,850) (536,850) - (250,761) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ - 3 (6,271) 5 (6,271) 3 (28,761) FUNO BALANCES AT BEGINNING OF YEAR 222,152 222,152 - 28,761 FUND BALANCES AT END OF YEAR S 222,I52 3 215.881 S (6,271) 3 - See accompanying notes +a financial statements. 58.
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1980 REVENUE SHARING __ TOTALS VARIANCE VARIANCE 1979 FAVORABLE FAVORABLE TOTALS ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE) ACTUAL
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S - S - 5 17,100 $ 17,177 5 77 5 17,012
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387,000 346,326 (40,674) 321,600
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27,750 34,766 7,016 28,520
- - 105,000 108,800 3,800 96,839 222,797 797 222,000 222,797 797 221,478 7,313 7,313 - 30,823 30,823 2,804 S 230,110 $ 8,110 $ 758,850 $ 760,689 $ 1,839 S 688,253
_ _ _ _ _ _ S 230,110 $ 8,110 $ 758,850 $ 760,689 $ 1,839 5 688,253 !
! (238,096) 12.665 787,611 774,946 12,665 656,178 5 (7,986) S 20,775 $ (28,761) $ (14,257) $ 14,504 S 22,076 28,761 - 250,913 250,913 - 228,838 5 20.775 5 20,77,5 5 222.152 S 236,656 S 1/.,504 5 250,913 59.
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_ _ ._ _ m CITY OF KISSliV4EE, FLORIDA
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COMBINIfiG BALANCE SilEET ALL DEBT SEl(VICE FUNDS
' SEPTy1BER 30, 19fl0 MUNICIPAL FIRE DEVELOPMENT DEPARTHENT CAPITAL TOTALS AUTil0RITY SUB-STATION LEASES 1980 1979 , , ASSETS l Equity in pooled cash and investments .$ .__ 25,152 .$_.__.1,791 .$..._.__ ___ .i____26,943 1 _ _ _ 2,1% I.IABILITIES AND FUND EQUITY LIABILITIES $ -
$ -
$ -
$ -
$ -
FullD EQUITY Fund balances - Designated for debt service 25,152 1,791 - 26,943 2,166 TOIAL LIABILITIES AND FUND EQUITY $_____25,152 .$_____l,791 1_ __ ___
.$. _ _26,.943 $.__._2,166
! 1 q See accotilpanyin9 notes to financial statements.
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CITY OF KISSitV4EE, FLORIDA '
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COMBINIllG STATEMENT OF REVEllUES, EXPENDITURES AND CitANGES IN FUND BALANCES ALL DEBT SERVICE FUNDS FOR Tile YEAR ENDED SEPTEMBER 30, 1980
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l tfilfil~CIIML F1RE DEVELOPMENT DEPAR1 MENT CAPITAL TOTALS AUil10RITY SUB-STATION LEASES 1980 1979 REVENUES Taxes - property taxes $ 18,252 $ -
$ -
$ 18,252 $ 17,751 Interest ecrnings 6,558 - -
6,558 - TOTAL REVENUES $ 24,810 $ -
$ -
$ 24,810 $ 17,751 EXPENDITURES Principal retirement $ 8,000 $ -
$ 14,944 $ 22,944 $ 8,000 Interest and fiscal costs 10,053 3,303 8,902 22,258 7,585 TOTAL EXPENDITURES $ 18,053 $ 3,303 $ 23,846 $ 45,202 $ 15,585 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ 6,757 $ (3,303) $ (23,846) $ (20,392) $ 2,166 OTilER FINANCING SOURCES (USES)
Transfer fcc.m General Fund $ -
$ 5,094 $ 23,846 $ 28,940 $ -
Transfer from Capital Projects Fund 16,229 - - 16,229 - TOTAL OTilER FINANCING SOURCES (USES) $ 16,229 $ 5,094 $ 23,846 $ 45,169 $ - EXCESS OF REVENUES AND OTilER SOURCES OVER (UNDER) EXPENDITURES AND OTilER USES $ 22,986 $ 1,791 $ -
$ 24,777 $ 2,166 FUND BALANCES AT BEGINNING OF YEAR 2,166 - -
2,166 - FUND BALANCES AT END OF YEAR $ 25,152 1 1,791 $ -
$
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; CITY OF KISSIMMEE, FLORIDA COMBINIflG BALANCE SilEET ALL CAPITAL PROJECTS FUNDS
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_____ SEPTEMBER 30, 1980 MUNICIPAL FIRE SOLID WASTE DEVELOPMENT DEPARTMENT RENEWAL AND RECREATION TOTALS AUTil0RITY SUB-STATION REPLACEMENT IMPACT 1980 1979 ASSETS Equity in pooled cash and investments $ 62,974 $ 13,012 $ 29,834 $ 6,545 $ 112,365 $ 145,846 Accrued interest receivable - - - - - 1,389 TOTAL ASSETS .$ . 62,974 $_. 13,012 $_ _ 29_,fl34 1 6,545 .$___112,365 .L __ .14 L 235 LIABILITIES AND FUND EQUITY
~~ LIABILITIES Accounts payable $ 32 $ -
$ -
$ -
$ 32 $ 1,266 Due to General Fund - - - - -
18,518 Contracts payable - retained perce itage - 13,012 - - 13,012 - TOTAL LIABILITIES $ 32 $ 13,012 $ -
$ -
$ 13,044 19,784
$
FullD EQUITY fund balances - Designated for future expenditures 62,942 - 29,834 6,545 99,321 127,451
- TOTAL LIABILITIES AND FUND EQUITY .$__ _ 62,97.4 $_ _..1L 012 l_ 29,834 $_ _ _6,545 .$_ _ 112,365 1 __147,235 See accompanying notes to financial statements.
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CITY OF KISSIftf1EE, FLORIDA . COMBINING STATEf1EllT OF REVEllUES, EXPEllDITURES AtlD CIIAllGES Ill FUND BALAtlCES ALL CAPITAL PRNECTS FUNDS FOR Tile YEAR ENDED SEPTEMBER 30, 1980 liUNICIPAL FIRE SOLID WASTE DEVELOPMENT DEPARTMENT REllEWAL AND RECREATION TOTALS AUTil0RITY SUB-STATI0fl REPLACEMEllT IMPACT 1980 1979 REVEllUES Recreation impact fees $ -
$ -
$ -
$ 6,545 $ 6,54 5 $ -
Surcharge on garbage and trash collection fees - - - - - 3,863 Interest revenue 10,397 1,339 2,014 - 13,750 5,832 TOTAL REVENUES $ 10,397 $ 1,339 $ 2,014 $ 6,545 $ 20,295 $ 9,695 EXPENDITURES Capital outlay 73,332 261,365 - - 334,697 53,244 EXCESS OF REVEllUES OVER (UNDER) EXPENDI1URES $ (62,935) $ (260,026) $__ 2,014 $ 6,545 $ (314,402) $ (43,549) 0 tiler FINANCING S00"CES (USES) Proceeds from bonds $ -
$ 265,000 $ -
$ -
$ 265,000 $ 171,000 Operating transfers in -
13,544 23,957 - 37,501 - Operating transfers out (16,229) ,- - - (16,229) - TOTAL 0 tiler FINANCING SOURCES (USES) $ (16,229) $ 278,544 $ 23,957 5 -
$ 286,272 $ 171,000 EXCESS OF REVEllVES AND OTilER SOURCES OVER (UNDER) EXPENDITURES AND OTilER USES $ (79,164) $ 18,518 $ 25,971 $ 6,545 $ (28,130) $ 127,451 FullD BALAllCES AT BEGINNING OF YEAR - (deficit) 142,106 (18,510) 3,863 -
127,451 - FUND BALANCES AT END OF YEAR $ 62,942 $ ,,,, $ 29 t834 $ 6.545 $ 99,321 $ 127 t451 See accompanying notes to financial statements. O.
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l C87f 0F N2SSIMMEE, FLORIDA COMBINING BALANCE SHEET ALL ENTERPRISE FUNOS SEPTEMBER 30, 1980 4ATER ELECTRIC AND TOTALS UTTLITY SEWER AIRPORT 1980 1979 ASSETS CURRENT ASSETS Etuity in pooled essa and investments 3 1,056,217 $ 1,753,136 $ - 3 2,314,353 5 1,531,343 Ac: rued interest receivanle 13.058 3,002 - 16,060 37,560 Ac:ounts receivable 1,311.139 - 361 1,812,100 1.373,782 less: allowance for douotful accounts (8,064) - - (8,064) - Due from other governments - - 50,000 50,000 11,571 Inven tory 854,136 35,114 - 389,250 788,744 Prepaid expenses 22,217 7,399 1,255 31,581 30,152 TOTAL C"RRENT ASSET 3 5 3,713,303 5 1,304,151 5 52,225 5 5,515,280 5 4,023,752 RESTRICTED ASSETS sinxing funcs - casn and investments 5 3,350,771 3 838,303 3 42,307 5 4,231,386 3 3,454,772 C:nstruction funds - casn and inves t=ents 588.958 1,0C6,034 - 1,594,392 1,141,548 3cnd asset replacement fund - casa and invest =ents 739,567 359,220 50,000 1,158,387 1,075,000 Cust:mer decosits - casn and
- investments 560,233 - - 560,233 613.215 5 5,439.529 5 2,213.562 5 i2,507 5 i.745,isa 5 5.c54,565 FIXED ASSETS erocerty, plant and equipment 3 29,C63,905 5 7,239,015 5 310,402 5 37,258,323 5 29,599,532 less: ac:*amulated decreciation (7,792,336) (1.516,719) (495.254) (9.304,319) (3,371.203) 5 1, 75,ios 5 5,772,isa 5 415.128 5 7,463,465 5 20.J25,37 3 Construction in progress 753,457 50,258 - 313,725 5,575,343
!nventory - nuclear fuel __ 396,537 - - 396,537 254.597 5 22,436,013 5 5.522,566 5 415.i3d 5 23,573,717 5 45.759,-24 GTHER ASSETS Jnamor:1:ed bond costs 3 7?8,761 5 176,543 5 7,391 3 923,295 5 315,373 Unsnorti:ed mastar plan - - 43,022 43,022 25,212 5 733,761 5 L75.543 5 50,313 5 966.317 5 i52,235 TOTAL ASSETS 5 32.363,305 5 10.015.9?? $ 421.224 5 23,*01.31? 5 ?7."20.225
, See ac::mcanying notes to financial statements.
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nATER ELECTRIC ANO TOTALS UTILI7Y $ EWER Alpp097 1980 1979 LIABILITIES ANO UNO ECU!TY CURRENT LIABILIT!!S (PAY 4BLE FROM CURRENT A55ET5; . casn overcraf: 3 - $ - $ 23,102 3 23,102 5 34,297 Ac:sunts payanle 1,375,241 21,211 1,974 1,399,425 591,932 Ac: rued taxes payable 86,545 2.515 1,089 90,150 99,952 Accrued salaries 44 ,754 14,997 1,147 51,198 J1,377 Extension deposits payaole 193,532 1.220 - 194.752 190,753 Revenues cellected in advance - - 225 225 - Contracts payacle - retained cercentage , 12,000 - - 12,000 - TOTAL CURRENT LIABILITIES (FAYABLE FROM OURRENT ASSETS) $ 1,713.072 3 39.944 5 27.337 5 1.730.353 3 1.059.311 00RDE'IT LIABILITIES (PAYABLE FR0" RE5TRI;TEL -55ET5; accruec interest on customer de:osi: 3 9,535 5 - 3 - S 9,535 5 7,050 Centra::s payable - retained cer:entage 45,309 - - 45,309 255,343 Ac: cunts payacle - - - - 235,25 Ac: rued interes: ayable - revenue bones 504,535 153,043 5,C24 753,703 559,209 Cast:mer demasits 540,562 - - 540,552 557,307 Revenue tones :ayaole 25.000 - 10.000 25.0C0 10.000 TOTAL CURRENT LIA2!LITIE3 (PAYABLE FROM RESTRICTE0 ASSETS) 5 1,325,142 $ 153.043 5 15.024 5 ' 194.209 5 1,S4 .573
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OTHER LIABIL: TIES sevenue :encs oayaele 5 21,075,000 5 5,525,000 3 200,000 $ 25,900,000 3 24,235,000 less: unaecrti:ec :ond dis:ount (333.457) (99.451) (2.213) f 85.125) fa18.953) 5 20.esl,543 5 5.425.549 5 237.752 5 25.414.57; 5 13,786 242 FUND EOUITY contricu ea :scital: Sovernments 3 - $ 327,000 $ 518,32S 3 845,32S 5 777,515 Private sources - 1,053,326 2,575 1,057,401 753,15: Otne- funes - 525.245 113.757 7:5,002 7:0.6:; ! 5 - 5 2.uG7.071 2 541.160 5 2.5-5.231 5 E.451,353 Retained carnings: Reserved for conc . w:1remen: $ 1,335,557 5 372,448 5 33,450 $ 1,791,555 3 1,595,129 Reservec for cond asset reolacement 739,667 359,220 50,000 1,158,387 1,075,000 Unrtserved - (ceficit) 5,508.225 1,549,547 f 45.159) 7.712.703 5.297,552 5 3,633,549 5 2.391.315 5 i361.719) 5 10.663.;45 5 3.965.517 70TAL FUNO EQUITY 5 3.533.549 1 4.392.236 5 279.441 $ 13.311.375 $ 11.250.?00 TOTAL LIABIL! TIES ANO UNO EQUITY ! ?2.?!?.?^5 ! 10.015.922 5 52'.091 5 d3.001.?!2 ! ?7.940.225 .
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CITY OF KISSI! PEE, FLORICA COMBINING STATDCIT OF REVENUES, EXPENSES AND CHAT:GES IN RETAINED EARNINGS ALL ENTERPRISE FUNOS FCR THE YEAR ENOED SEPTDBER 30, 1980 nATER ELECTRIC AND 70TALS UTILITY SE'4ER AIRPORT 1980 1979 0*ERATING 2 EVE'tuES charges for services $ 14,204.112 $ 1,700,755 $ 75,099 5 15,979,967 5 12,059,990 CPrRATING EXPENSES Ocersc1cns ano maintenance 3 10,775,151 5 1,058,734 5 55.551 5 11,390,496 5 8,989,995 Oecreciation 730,565 127,795 75,255 933,716 955.620 TOTAL CPERATING EXPENSE 3 $ 11,505,325 $ 1,135.579 3 130,307 $ 12,324,212 5 9,345,515 CPERATING INCOME (LOSS) 5 2,697,235 5 514,177 $ (55,708) 5 3.155,755 1 2,222,375
':CNCPE:AT!NG 4D EMUE (EXPENSES)
Interest reve.2e 5 750,724 5 352,214 3 5,530 5 1,113,463 3 992,233 Interes:/amorti:stien excense (1,130,159) (315,310) (21.131) (1,517,550) (1,392,531) Gain on sale of equi: ment - - - - 25,424
'OTAL N0?!CPERATING RE'IENUE (EXPCISES) 3 (429,135) 5 25.904 5 (15,551) $ (399,132) $ (373,372)
INCOME (LOSS) 3EFCRE 0PERATING TRANSFERS S 2,257,351 $_ 550,031 $ (71,359) 5 2.755,573 $ 1,350,501 CPERATING ~7ANSFE75 c::erating :ransfers in 3 - $ - 3 37,755 $ 37,755 5 29,046 0::ersting trsnsfers ca: (1,100.000) - - (1,100,000) (350,000) TOTAL CPERATING *RANSFERS 3 (1,100,000) $ - 3 37,755 5 (1,062.225) 5 f??O,954) INCOME (LOSS) SEFCRE C'M.'LATIVE EFFECT OF AN ACCOUNTI?:G OHANGE 3 1,157,351 $ 550,081 5 (33,5C4) $ 1,594,323 3 929,347 Cwmulative effect on criar years' Of an ac=unting tange (Note 9) - - - - 77,132 NET INCOME (LOSS) 5 1.157,351 5 560,081 3 /23,504) $ 1,594,323 5 1,0C6,739 RE I?:E3 E.aRNINM AT 3EGINNING OF f EAa, 45 MD ICLSL! <UGUE] - geric1:a 5 7,572,347 5 1,331,234 5 (323,115) 5 9,375,466 $ 7,952,073 Pater Periac adjus :ent (Mc:a 3) f105,549) - - (105,549) - 4ETAINED EARNING 5 AT 3EGINN!NG OF rEAa, A5 4E57 ATE] - geft:i:; $ 7,155,598 5 1,331,233 $ (3"3,1151 3 3,963,317 3 7,762.073 RE AINED EAPNINGS AT E'to 0F YEAR - (cefict:; 5 3.533.549 i ?,391.315 5 I?!!.719) 3 10.661.125 i 3.?68.?!? See acercanying notes :s financial statements. 66, _ - - _ . -_ _ _. - _ _ _- - - . - _ --- _ _ . .-
- , ,
CITY OF FISSIMMEE, FLORICA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEoTEMBER 30, 1980 AbIkk ELEC1RIC AND TOTALS UTILITY S E'4ER 4IRPORT 1980 1979 SOURCES OF WORK!NG CAPITAL Laera: ions: Income (loss) before cumulative effect of an ac:cunting enange $ 1,167,851 $ 560,081 3 (33,604) 1 1,694,328 $ 929,547 Items not requiring (pr.Niding) worcing cacital - depreciation and amorti:ation 771,53.' 138.019 78.253 987,309 977,933 ' WORKING CAPITAL PROVIDED FRCM GPERATIONS EXCLUSIVE OF AN ACCOUNTING CHANGE $ 1,939,383 : 698,100 3 44,654 3 2,682,137 5 1,907,480 Accounting change (Note 9) - - - - 77.192 5 1,539,353 5 695,100 5 44,554 5 2,652,137 5 1,954,5}Z
- Oiscosal of proper:y and ecuipment ne: Of accumulated de reciation - - - - 54,C29 Proceecs from sale of benas 2,646,000 - - 2,646,000 -
Contributions - 290,661 76,137 366,848 157,775 Cecrease in restricted assets - - 27,S39 27,329 - TOTAL SOURCES OF WORKING CAPITAL ! 4,585,383 $ 988,751 $ 148,620 $ 5,722.824 S 2.196,425 PDLICATION OF WORKING CADITAL Ac uisition of fixe asse:s 5 2,489,431 S 278,758 3 69,819 5 2.S38,0C8 5 6,071,563 Retirement of long-tem dett 25,000 - 10,000 35,000 10,000 Increase in restricted asse:s 1,466,779 22,392 - 1,489,171 - Increase in otner assets 140,195 - - 140,195 - Cecrease in liacilities payacle from restrictec assets 247,692 102,555 217 350,464 - 70TAL APPLICATION OF WORK NG CAPITAL $ 4,369,097 $ a03.705 $ 80.035 5 4,352.383 I 6.081.563
'iET INCREASE (CECREASE) IN WORKING CAPITAL $ ?!6.206 5 ??5.056 5 63.faa ! 269.c96 $ M.??S. ??)
ELEw!'tTS OF N5T INCREASE (DECREASE) ! IN .0A G.5 U.a. Tat i:;uity in coles cash and invest =ents S 426,541 $ 755,969 5 11,195 5 1,193,705 5 (1,740,336) Ac: cunts re:eivaDie 443,157 (13,356) 443 430,254 63,430 Ac:m ed interest receivaale (39,574) (30,623) (1,303) (71,500) (39,076) Due from other governments - (111,671) 60,000 (51,671) (3.150) Inventory 96,708 3,793 - 100,506 213,941 Precaid excenses 499 755 175 1.J29 (12,324) Ac: cunts payable (691,713) (15,492) (289) (707,494) (1,593,329) Accrued liabilities (3,293) (4,374) (1,352) (9,019) (659,609) Cecosits paya:1e (4,049) 50 - (3,999) (114,685) Contracts cayable - retainec percentage (12,000) - - (12,000) - Revenues collected in advance - - (225) (225) - NE INCREASE (DECREASE) !N WORKING CAPITAL i 216.206 5 585,096 5 48.*aa $ 260 096 $ O.??5.133) See ac:ommanying notes to financial statements. I 67.
--- . _ - _ _ . . - _ - . , - .- - . ~ . . -- . - . -
.
. .
CITY CF KISSIPMEE, FLORf0A CCMBINING BALANCE SHEE' ALL TRUST AND AGENCY FUN 05 SEPTD'BER 20, 1980 TRU5T lio;4-EXPENCABLE EXPENCABLE GM);e L Tt CEYELCPMENT SECTION 3 SUPPLEME? ITAL GENERAL BLCCX GRANT 4.A,A.P. CARE EMPLOYEES' ASSETS Quity in pooled cash and investments 5 - $ 27,282 3 14,757 $ - Restricted cash and inves cents - - - 1,345,084 Ac: rued interest receivable - - - 34,384 Ac: cunts receivable - - - - Allowance for dountful accounts - - - - Note receivable - - - - Oue from General Fund - - - - Oue from Payroll Fund - - - - Cue from Cecrmnity Cevelopment 31ock Grant Fund - - - - Prepaid excenses - 19,523 - - TOTAL ASSE S 5 - $ 16.313 5 12.757 5 ' 1.380.M2 LIABILITIES AND Fi)ND ECUITY L! ABILITIES ac: cunts cayaale S - 5 257 $ - 5 - Taxes to be remitted - - - - Oue :: 3eneral Fund - 34,102 - - Cue to Cef. red Comcensation Fund - - - - Cue to Section 3 - H.A.A.?. Fund - - - -
*dvance from W.eral Fund - - - -
TOTAL L!ASILITIES 5 - S 34,259 5 - $ - FUNO ECUIT/ Funo caiances: Reserved f:e emoloyees' retirement systems 3 - 5 - 3 - 5 1,380,058 Unreserved - 12.451 11.757 - , TOTAL :UND EQUITY $ - $ 12.151 3 13.757 5 1.380,068 TOTAL LIABILITIES AND FUND ECUITY $ - 3 16.810 3 II.'*7 3 i .?*0.M9 See ac::mcanying notes to financial statements. 6b.
. . _ . _. -. .-. . - ._ -- - .-. . - - . - - _ .
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_____ _ ___________ _ _- - __---_____ _ --__-____ ---______-_- N P CllY Of KISSittlIL,110HIDA COHillNING SIAllilitti Ol' litVtNut5, [XPtHDiluHis Artu (llAtlGES IN IUND DAt ANCf 5 At1 ikUSI ItlNDS
. --
IDH 1111 Yt AR E N. Df D $[PilHillH 30t 19110
.-- -
-
_ t XPI Hl!All! I ~i XPi NDAllt L~~ P[NSION CTHl0NlYY l'Ulilff DIVit0PHfNI SICIlull 8 SilPPilHI NI AL GI Ni ltAt. 01fIC[RS' 10lAl 5 DIOCK GRANT ll. A. A.P. CAHL IHP10Vt[S' It[IlRIMI NI flHIMlH'S 1980 1979 RLVENut$ Intergovensnental - feileral grants $ -
$ 244,173 $ -
$ -
$ -
$ -
$ 244,173 $ 298,500 Revenue earned on invest-ments - Intc.est - -
981 202,965 71,740 39,461 315,147 194,931 Contrilastion by employees - - - 71,836 1,940 - 73,776 66,060 Contritation by City - - - 267,323 !!6,000 43,269 396,592 381,317 Contrll>ution by state - - - - 28,958 20,777 49,735 43,367 Supplemental care - - 11.475 - - - 11,475 2,205 Miscellasicous seveinse - 2,(g - - - - 2,g - 10l AL ;<f vf NUES 1 _ j 246,2R j 12,456 } $42,124, j 188,63 $ 103,f07, j ___ ),092,94_6 ) 906g EXPtNullOHtS
^^ ET(are expenalltures:
Rebabilitation expenses $ 14,456 $ -
$ -
$ -
$ -
$ -
$ 14,456 $ 65,732 A4ninistrative salaries ami expenses 2,851 29,723 - - - - 32,574 34,744 Relocation expenses - - - - - - - 1,387 Public Works facilities expemiltures - - - - - - - 9,500 leonexpemlable equiunent l 4.714 - - - -
4.714 - lluusing Assistance paymellts 208,717 - - * - 200,717 118,710 Pension expemlitures:
!!cnefit payments - - -
70,406 12,772 14,948 98,126 71,644 Hefumis of contributions - - - - - - - 17,415 fliscellaneous costs _
- -
_ 21,575 10,0]5 5,545 39, M 36,432 10lAl LXPstIDiluHtS } 17,301 } 243,154, $ -
)__ 91,9J81 1 22,8R j 20,493 $ 397,782 } 415,564 tXCL55 Of HtVfNtil5 OVtR (UNDIR) [XPLHDilUHis $ flTM) $ 1,(j6], }. 12,45_6 } 448,143 }J65,79_l, $ 83,014 $ 695,,164 } 570,816
.
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. - . . . . . . . _. ..
.
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.
.
. _ .
.
.
Oill[R FINANCING SOURCIS (USLS)
~DpTrillsflishiffrsIE $ 9,500 $ -
$ -
$ -
$ -
$ -
$ 9,500 $' -
Operatin9 transfers out 1735) - - - _
- -
_(f)S) - TOTAL Olll[R IINANCING SOURC[S (US[S) $ 8,765 $ -
$ -
$ -
$ -
} -
Lj,765, { - ,
'
EXCESS Of REVLNUES AND OINIR SIRIRCESOVFR(llNDER)IXPEN0llVRLS AND Dillf R US[S $ (8.512) $ 3,067 $ 12.456 $ 44H,143 $ 165,791 $ H3,014 $ 703,929 $ 570,816 IUND BAl AfKES Al D[ GINNING 0FVfAN 8,542 9,381 2,301 1,431,9,25_ 548,1]T3 3093 6_15 2,309,910 1,739,124
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f UNil bat ANCES AT [ND Of YEAR $ - _ _ ,) _12,4J[ L_1,{d51 ,j,18p&g8 ,j, 713,964 } 39?.629 $ 32 Q , M 1_ 2.309.9_4_0 1 k I 3 i i
! !
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. CllY Of KIS$ltttfE. IlORIDA CMullNING SIAllHINT Of CilAtHil5 IN FINANCIAL POSill0N AtL louN[XPLNDABLE 1 RUST IUtiDS '
10R IHf YLAR ENDED SEPilit)(H 30, 1980 NON- [XPl'NHABIE PfNSION PDEICL SUPPitMLNIAL CE Nt HAl. UlflCERS' 10iAt$ CARE IMPIOVIES' RETIRIHfNT flHlHEN'S 1980 1919 500HCES Of WORKING CAPITAL Villoins - Net liitome $ 12,4S6 1 448,143 $ 165,791 $ 83,014 $ 709,404 $ 562,389 APitICATION Of WOHKING CAPIIAl. - - - - - - NET INCR[ASC IN WORKING CAPITAL 1_ l2,456 1 448,141 1 M191 $ _ _0LOM $__ 709,404 1 562,3 3 00ftl1Hiff4T litMEf4IS OF Nfl INCHIASES (DECHIASES) IKholikTW,'CAFlYAL
'
~1< patty in pooleJ cassi aral 1 ivestmeiits $ 12,456 $ -
$ -
$ -
$ 12,456 $ 2,301 Restricted casti avid investments - 427,540 155,407 78,140 661,087 556,144 Interest receivable -
20,603 10,384 4,8]4_ 35,861 3,344
- lati ItKkl ASE IN WmKING CAP 11AL $ __ gg $_ _448,1{1 1__ 165,791 1_. _ _ Uh014 1_ 109,404 j___562,389 4
4 i See acconiipariylsig riotes to firiaticial statesisesits.
~
I 1 j . 4 i I i I;
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, .
CITY OF KISSIMMEE, FLORICA COM3INING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNOS FOR THE YEAR E'CES SEDTE"BER 30, 1920 5ALAh;i 5ALANCE OCTOBER 1, SEPTEMBER 30, 1979 ADDITIONS CEOUCTIONS 1980 PAYROLL FUND Assets: Ecuity in pooled cash and investments 3 21,247 5 6,S24,305 5 6,323,685 $ 21,357 Due from General Fund 700 1,351 700 1,351 5 21.c47 5 6.025.6:6 5 E.024.?c5 i ??.219 Liabilities: Ac: cunts sayable 3 2,814 5 464,316 5 465,040 $ 2,090 Taxes to be remitted 16,335 813,125 310,332 19,123 Due to Deferred Compensation Fund 798- - 798 - Acvance frem General Fund 2,000 - - 2,000
$ 21.957 5 ' 277.d41
, 5 1.?76.!?0 $ ??.?!9 OEFERRED COM ENSATION CUNO nssets:
Equity in ;coled casn and investments 5 11,705 5 2,094 3 13,300 5 - A:: rue: interest receivacle 513 734 1,297 - Cue frem Payroll Fund 792 - 798 -
! !?,017 ? ?.278 ? 15.o95 $ -
Lia:ilities: A:::unts payable 5 !? ?!? 5 783 $ !?.?09 s - CCCUPATICNAL LICENSE TAX FUND asse ts: E:uity in poolec casn and investments ! - ! ??.252 5 6.!a0 $ ** ?7 Liabilities: Due to General Fund 5 - ! ??.354 ! 6. ton s 17 - a ICTALS ALL AGENCY TUNOS Assets: E uity in :colec casn and investments 5 32,953 $ 6,849,353 5 6,543,665 3 39,141 Ac:ruec interest reteiva:1e 513 784 1,297 - Oue from otrer funes 1.193, 1,251 1.498 1.351 1 5 ?d.964 5 6,251.909 $ 6.246.463 $ 10.492 1 Liabilities: Ac: unts payable $ 15,831 5 a65,090 $ 478,340 5 2,090 813,125 810,332 19,128 Taxes to te remitted 15.335 6,978 17,274 Due :: otner funds 798 23,454 l 2.000 Acvance from General Fund 2,000 - ___
-
l
$ ta.*64 5 ' ?01.E79
. 5 1.?c'.!*0 ! 20.292 l
l l l l See a:: moanying notes to financial statements. l l -73. 1
. .
CZTY OF KISS 1MMEE, FLORIDA BALANCE SHEET GENERAL FUND SEPTEMBER 30, 1980 1980 1979 ASSETS Equity in pooled cash and investments 3 1,460,530 $ 1,199,276 Accrued interest receivable 258,575 11,465 Accounts receivable - (net of $6,783 and
$175 allowance for doubtful accounts) 6,319 2,156 Taxes receivable 4,069 14,C62 Due from Capital Projects Fund - 18,518 Due from Community Development Block Grant Fund - 2,210 Due from Occupational License Tax Fund 17,274 -
Due from Section 8 - H. A. A.P. Fund 34,102 3,605 Due from Federal Revenue Sharing Fund 34,244 55,371 Due frcm other governments 97,232 14,845 Inventory of materials and supplies 48,050 59,063 Prepaid exnenses 3,500 3,500 Deposits - 7,500 Advance t. roll Fund 2,000 2,000 _ ASSETS S 1,965,895 $ 1,393,571 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable 5 S5,413 $ 50,866 Sales tax payable 195 194 Accrued salaries and payroll taxas cayable 144,746 103,806 Deposits payable 11,900 - Due to Payroll Fund 1,351 700 i Deferred revenue 4,069 14,062 , TOTAL LIABILITIES $ 247,674 5 169,628 ' , l FUND EQUITY l~ Fund balance: Reserved for encumbrances 5 17,734 5 20,210 Reserved for advance to Payroll Fund 2,000 2,000 Unreserved 1,698,487 1,201,733 TOTAL FUND EQUITY S 1,718,221 5 1,223,943 TOTAL LIABILITIES AND FUND EQUITY 5 1,965,895 $ 1,393,571 See accompanying notes to financial statements. l 74
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CfTY OF KISS 1MMEE, FLORfDA STATEMENT OF CHANGES IN FUND BALANCE GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1980 1980 1979 FUND BALANCE AT BEGINNING OF YEAR $ 1,223,943 S 1,211,834 Changes during the current year: - Revenues 4,635,206 3,733,164 Expendi tures (4,140,928 (3,721,055) FUND BALANCE AT END OF YEAR $ 1,718,221 S 1,223,943 See accompanying notes to financial statements. - l l i 75.
~ . - _ _ _ . _ _ _ _ .__._ _ . . . _ _ . _ . - . . _ . - . _ - . . , . . . . _ . .
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E 62 4 35 2 9023 0 23260 7 EL 85 3 74 7 4716 7 15265 9 ELB 0, 8, 2 6,5, 8, 9,4,7,6, CBA 3 3, 0,3,2,4,7, 0, NAR 41 2 28 5 5085 - 3 32721 2 ARO 4 4 (1 1 41 3 6 2( 3 I OV ( ( ( RVA AAF VFN J t ( $ $ $ $ $ $ $ $ 42 6 75 2 5083 6 27260 7 10 1 24 7 1786 3 14265 9 L 9, 9, 8, 3, 5, 8, 7,4,2,6, 1
, 0,6,2,4,7, 0, 9 A 54 0 17 l f 5697 - 9 94777 6 7 U 45 0 56 i 0524 3 4 1 8 9
1 T C 9 0, l 14 6 1 1 A 1
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- 5 1 1 T UE C BR 1 A (
D $ $ $ $ $ $ $ $ N 0 A 8 ) ) )) ) ) ) 9 46 0 38 5 44153 5 8i850 Et E. T 0 1 98 8 91 2 23851 3 5t l 688 1 E G , ELll CBA 6,1 8, , 6, 6, 9, 7,7,2,7,9, 3, 6,3,1, 4 7, 7, A D 0 NAR 15 6 39 5 45240 4 1 15 1 7 D u 3 ARO 21 3 (4 4 4(264 ( 1( 1 I l l I OV ( ( R R RVA 0 - E AAF 1 B VFN F S M U R D f ( $ $ $ $ $ $ $ $
,
E N T E f u P - E S f E f l 6 4 7 11 5 66158 6 i 9850 t 0 I N S 53 9 01 2 76855 3 51 6f 8 l M I A R L A D L 0, 4, 4, 4, 6, 0, 2,2,2,4,7, 0, 6,1 2,4,7, 3,
,
1 S 1 R E 0 A t f 8 6 33 7 1 4123 3 44597 1 S E D 8 u 36 0 50 5 41 1558 1 5 1 9 I D N N9 l 0, 1 1 1 1 3 11 9 2 2 K N E E 1 C , A G A 1 1 f R O E A Y U N E Y
$ $ $ $ $ $ $ _$
T E I V E 40 4 00 0 00001 1 00000 0 C E l i ) 65 1 00 0 00007 7 00000 0 t i T D 3, 2, 6, 10, 1 0,0,0,7,6, 3 0, 5,1, 0, 0, TE , , 6, f R ES 63 9 74 1 60974 7, 35096 3 O O GI 1 5 6 55 1 89282 1 4 1 7 T F DV uE 0, 0, 1 1 3 2 9 2 2 N l R l 1 1 E ( M E $ $ $ $ $ $ $ $ T A T S s se
- s ec t
n ss ee gi et sc rv se un eni s ar ei p naggev e h e xt erndcr e cs ari : v giii e : f ti s e rrl s s td ye l t s reab . eh nn ies t i t de cs ea tds r e n st nni l aSd nc at nan i asm vrens edx pna een pcn t sea a rt eres n u sl e f el t oat L i e L ednd eu L sd vao L r A dl p A mneaxb A nnosl A pt e T n T navoam T raoG I ns 0 asg 0 r ert a 0 o i yy O l ei 1 sn 1 el R 1 f eL l rr T arli sei va yd y gaaee rrc end oret et saert t S : eun sil get nrn ebreee E snca nsi uau grcnmm U N ee xG F r euu cBB r d a. o h o eet tfSCSC raeeee aGRGCC E a i n h VT L I C E R-i < : i; i l ;' l t : il
.
'
Fines and forfeitures: Court fines and costs $ 45,000 $ 67,228 $ 22,228 $ 27,000 $ 46,275 $ 19,275
'
Hiscellaneous revenue: Interest earnings $ 88,000 $ 183,892 $ 95,892 $ 10,000 $ 107,910 $ 97,930 Donations from private sources - 12,000 12,000 - - - Rents 3,600 4,708 1,108 3,550 3,664 114 ' Sales of surplus materials 7,500 4,742 (2,758) 7,00P 5,879 (1,121) Other revenue 6,000 19,090 13,090 10,00 8,317 (1,683) TOTAL $ 105,100 $ 2241 432 $ 119,332 $ 30,5L. $ 125,790 $ 95,240 TOTAL REVENUES $ 2,521,785 $ 2,759,525 $ 237,740 $ 1,933,366 $__2,116,986 $ 183,620 TRANSFERS FROM 011tER FUNDS Federal Revenue Sharing Fund $ 250,761 $ 238,096 $ (12,665) $ 198,852 $ 221,478 $ 22,E26 Electric Utility Fund 1,100,000 1,100,000 - 950,000 950,000 - < Utility Tax Fund 536,850 536,850 - 444,700 444,700 - , Connunity Development Block Grant Fund - 735 735 - - - TOTAL TRANSFERS FROM l 0 tiler FUNDS $ 1,887,611 $ l$875,681 $ (11,930) $ 1,593,552 ) 1,616,178 $ 22,626 10TAL REVENUE AND TRANSFERS }_4_,409,396 U ,635,2_0f6 $ 225,810 j__3,526,918 $ 3.733 g } 206,246
<
j T See accompanying notes to financial statements.
!
y
!
. .
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? CilY Of KISSitVltE It 0RIDA
, SIAlltKNI 01 EXP[ttultuRis AFID 1RANSitRS - UUDGEi AND ACIUAL l GLHfRAL'IUNU IOR lill YI AR [NDED SEPlff tutR 30, 1980
,
~~T960
~ 1979 TAlilANCE~ VAlilANCT-IlulCET FAVORABLE BUDGEI FAVORA8tE J RfVISED) ACIUAL (UNFAVORAhl[] (REVISFD)_ ACIUAl FNCUHERANCES (UNFAVORABLI)
GENfRAt COVIRNMENT
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CI't'y CoTiJiTs'slon~ 1 12,454 $ 11.638 $ 816 $ 12,155 $ 13,294 $ - (1,139)
$
City itsnager 102,713 97.522 5,191 114,157 109,052 - 5,105 Conaminity Developaent 57,268 44,744 12,524 52,660 47,967 - 4,693 te941 7,312 7,221 91 10,600 8,211 - 2,337 Judicial 4.667 4,799 (132) 3,547 3,199 - 34 8 finance 95,089 ~2,617
/ 22,472 113,649 94,119 (3,451) 22,981 Central Services 77,491 68,714 8,711 19,229 71,381 - 7,848 Inspec t ion 73,968 74,322 (354) /0,?8/ 66,915 - 3,372 Iederal/ State Grants 193,700 111,539 76,lg 154,7H I42,591 -
12,122 101AL GlNfRAL GOVERNHfNT j 624,p62 1 499,lJ6, $ 125,546 } 611,005 $ 556,789 $ (3,4,51)1 57,667 PU81IC SAFELY
~ Mlice $ 1,012,431 $ 1,041,040 $ (0,609) $ 875,318 $ 881,513 1 1,374 $ (7,549) fire 720,906 666,537 54,369 376,266 375,944 -
322 IUIAI l'UBLIC SAIElY 5 b l53,31,J, j l 101,577 j 45,760 $ 1,251,604 $ 1,z57,457 $ 1,374 1 (7,227) I'UBLIC WORKS $ 735,s6_91 } 132,381, $_ 3,182 j 592,555 L 0/8,194 $ (33,088) $ (52,551)
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PARKS AND RICHIAl10ft j 260,8j)0 $ 262,0y$ (1,203) 231,660 $ 235,8f5 $ 1,861 $
$ (76) i NotIDt PARININ fAL j 906,83f,. j 101,259 $ 203,578 $ 817.f3 $ 819,6jg $ (15,000) $ 33,1f 9_
' 10lAt EXPtNullVRES W ,281, M j j ,904,,4,12 $ 3/6,863 $ 3,530,696 } 3,548,008 1 (48,304)1 3093 g 1RANSItRS
~ Ensfer T to Solid Easte Renewal ark!
Replaccinent f und 5 -
$ 23,951 $ (23,951) $ -
$ -
$ -
$ -
Transfer to Capital Projects f und - 13,544 (13,544) - - - - Iransfer to Consuunity Develoimient fund 9,500 9,500 - - - - - Iransfer to Als port f und 21,675 37,755 (10,080) 29,698 29,047 - 651 Iransfer to Special Assessment fund 122,800 122,f500 - 144,000 144,000 - -
- fransfer to Debt Service f um! 34,9,12 28,M 6,012 - - - -
j 10iAL IRANSitRS } 191,911 j 236,4 % } ( g ds49) { 173,698 $ 173,047 $ 651
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1 IUIAl EXPLNulluf tS AND TRANSflRS Lfd/M,{{ Lidt!3 1__3MJll LM&[9,1 $ _3J21,055 $ (4! LID 4) 1__ _31,6 0 i See accompanying notes to financial statements.
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SCHEDULES , Financial schedules are presented to provide greater detailed information than reported in the preceding financial statements. This information in many cases has be.en spread throughout the report and is brought together here for greater clarity. Financial schedules are not necessary for fair presen:ation in conformity with Generally Accepted Accounting Principles. 1 l [ r 4 i l _ - _ _ _ . - _ _
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CliY U1' KISSittt[[, IloftlDA SCliflilH E Ol' F lXID ASSEIS AFID DIPRICIAlluti Et[ClRIC UllLITY IHilD 10lt IllE YEAR If40LD SEPlfilllLR 30,19fl0 A55L15 ACClflVI AT[li DLT>ltrC1MIPI BAI AiitE AliDIll5 tis BAl Alitt~ - DA[AIiCF--- BAI AlitF-OCTOBLR 1, AND SEPittlHLR 30, DC10llLR I. S[rffMBER 30, NLI 1919 Dil E TI0 tis 1980 _1919 DIPRECIAll0N RAIE 1980 ASSET VAtUE iluclear pralaction $ 2,968,110 $ 5.330 $ 2.914,040 $ 116,031 $ 89,051 3% $ 265,088 1 2,108,952 Other pro <luction 6.891.541 22,368 6,913,909 2,558,440 704,256 31 2,162,696 4,151,213 Iransmission plant 1,524,285 5,390,852 6,915,131 214,165 31,113 2 - 2.9% 251,938 6,663,199 Distribution plant 9,453,016 1,320,001 10,113,161 3.835,206 366.1116 .5 - 4% 4,201,392 6,511,111 General 632,628 250,2fla 882,916 218,429 33,393 3 - 101 311,822 511,094 Plant held for future use 609,740 - 609,140 - - - - 609,@ TOTALS .L22,,019,,gi0, Lei,9ari,925 .$ 29,iya,,9J05 n 1.1,062,2JJ j 130,ff65 L 1,, E 93j 1 21 215,969 See accompanying notes to financial statements.
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c) P CIIV of Kl':Sittit L, fluitIDA SClillallE Of fittp ASSfl5 AND DIPHICIAll0N WAllR AND SLWLR lilltu 106t lilE VfAR ENDID SEPillitifft 30, 1980 AMrTS ~ AYCleitlFATED~liEPHTCIAiloid
~15Al AkN R41110t:5 isAl?.14CF 7t'ANCE IlAlWICF OCIOufR 1, AND SEPTIllutR 30, UCIOUIR 1, SIPlLHilEN 30, h[i 1979 D[tIlluHS 19fl0 1979 DEPHf CI ail 0N HAIE 1980 ASSET vat UE WAltR PL ANI IN SLRVICE
~Propertyari3Taliid- $ 45,822 $ -
$ 45,822 $ 8,162 $ 917 21 9,079 $ 36,743 Hachinery aski equlsinent $
i 44,766 12,252 57,018 16,280 7,956 201 24,236 liighlarids plasit - 14 id 32,782 6,000 - 6,000 - - - - 6,000 liighlaakls plarit - siaclaf siery aiki equignent 125,40f1 - 125,408 7,524 2,509 21 10,033 ll5,375 Wter lines 2,639,716, 109,778 2,749,4,94 539,904 52,793 _ 21 592,697 2,156,79] 10lAL WAI!R PLANT IN SfHVICE .$ 2,861,7 g $ 122,0]O $ 2,9113 ,74 2_ [ 571,0jo j 64,175 -
$ 636215 j l 341,697
(
! SfWIR Pt All! IN 5[HVICE
~tre-M4 sirstem $ 398,093 $ -
$ 398,098 $ 294,095 $ 5,972 1.5% $ 300,067 $ 98,031 2
l aski 663,643 - 663,643
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Sewer tre.stniesit plants
- - - -
653,643 1,583,667 - 1,583,667 286,383 31,673 21 317,856 1,265,811 Highlands additions 190,051 - 190,051 11,403 3,301 21 15,204 Sewage 1ines 174,847 727,703 387,588 1,115,291 103,875 1,277 11 111,152 1,004,139 Lif t stations 243,913 - 243,913 52,087 4,878 21 186,948 Equlgwent 56.965 110,232 379 IIMQ 69,411 10,018 201 79,429 31,182 101AL SEWER PLANI IN 5LRVICE L 3a917,307 [ 3fl1,967, U ,305,274 }_ 1117,03 } 63,63 --
$ 11110,6 7 3 $ 3,424,601 TOIALS $ _6JJ9Aj9 L _509,*M/_ $ 7,289,916 $.1,3Hil,924 .$ _ _ l{f3L91 -
1 _ 1,516,7111 L 5 M,298 i See accoangiasiying siotes to financial statestiesils.
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CliY OF KIS$1Ff t[E, il0RIDA ',
- SCit[DUIE Of IIXED ASSEIS AND IllPitECIATION AIRPORI Illfill I IUit illE YEAR [NDID SEPilill[R 30~~ ~3 19110 A$$lls WCTlHil AT[li~tDiiRI AlllTN
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~ BAIMCE Aldilil0NF DALANCE ~ ~BAI ANCE DAIANC F OC10HLR 1, AND $[PitHUER 30, OC100ER 1, 5[PilHlifR 30, NET
- 1979 DftLil0NS 1980 1979 DIPRECIAll0N RAIE 1980 ASSET VALUE Land $ 7,973 $ -
$ 7,973 $ -
$ - - 7,973
$ -
$
laskt improvements - parking lot 26,372 - 26,372 13,627 2,638 101 16,265 10,107
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i Bullilings 241,526 - 241,526 96,211 15,492 5 - 101 111,703 129.823 Runway improvements 526,469 - 526,409 294,097 52,646 101 346,743 179,726 ! Improvements other than buildings - 65,419 65,419 - - 101 - 65,419 Di ulleent 38,243 4 400 12,643 16,073 4,4t!0 201 20,553, 22t090
i TOTALS L . f y!g $ 69.819 L93402 $ 420.008 $ J156 - 1 495, M $ 415.138 , , i 1 See accompanying notes to financial statements.
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STATISTICAL SECTION Statistical tables differ from financial statements because they usually cover more than one fiscal year and may present non-accounting data. These tables reflect social and economic data, financial trends and the fiscal capacity of the government.
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. . MayZimaeco. Cemfwd Pubbe Accountants To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida ACCOUNTANTS' REPORT Our examination was made for the purpose of forming an tvinion on the combined financial statements taken as a whole and on the combining and individual fund financial statements. The accompanying financial informa-tion listed as statistical information in the table of contents is presented for purposes of additional analysis and is not a required part of the combined financial statements of the City of Kissimmee, Florida. Such information has not been subjected to the auditing procedures applied in the examination of the combined, combining and individual fund financial state-ments and, accordingly, we express no opinion. l,^ ~+ k. f Daytona Beach, Florida December 31, 1980 87.
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City of Kirgi=t;o, Florida Table 1 GENERAL FUND - EXPENDITURES BY DEPARTMENT
- LAST TEN FISCAL YEARS FEDERAL FISCAL TOTAL' CITY CITY STATE LEGAL AND YEAR EXPENDITURES COMMISSICN MANAGER GRANTS PLANNING JUDICIAL 1980 S4,140,928 S11,638 $ 97,522 $117,539 S44,744 S12,020 1979 3,691,270 13,294 109,052 142,591 47,967 11,470 1978 3,216,559 8,769 98,288 155,063 40,784 15,028 1977 2,888,949 7,750 84,878 - 50,103 13,143 1976 2,296,916 6,339 80,305 - - 16,499
1975 2,099,626 7,941 73,635 - - 20,000 1974 1,839,507 8,820 70,805 - - 21,414 1973** 1,240,495 4,563 23,970 - - 20,241 1972 1,266,812 7,396 25,059 - - 11,169 1971 1,082,942 5,241 16,829 - - 11,889
- Adjusted for division transfers between departments.
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** Fiscal Year - 11 Months.
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PUBLIC INSPEC- PARKS / NON-DE-FINANCE SERVICES WORKS POLICE FIRE TION RECREA. PART.V. ENTAL S72,617 S 68,714 S732,387 $1,041,040 S666,537 $74,322 5262,093 $939,755 90,668 71,382 789,106 882,887 375,944 66,915 237,736 852,258 86,083 117,893 479,143 804,316 346,544 71,746 231,190 761,712 80,722 145,954 492,646 704,027 325,352 61,S50 204,669 717,855 69,776 87,917 441,722 647,268 271,794 59,564 174,157 441,575 72,397 80,071 462,162 609,415 194,277 58,518 152,875 368,335 56,549 69,280 452,053 476,902 213,824 57,945 129,470 2S2,445 37,635 41,719 319,261 292,848 155,058 33,682 64,718 246,800 23,789 34,999 314,301 436,392 138,139 23,958 67,785 183,825 13,627 14,356 338,934 239,741 96,339 24,081 75,245 246,660 ! , l l , F , 91. _ _ _ _ ._ _ _ _ .- _ _
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City of Kissi=mee, Florida Table 2 GCE.FAL FUND - RFvT;UES SY SCURCE
- LAST TE! FISCAL YEARS L2 CRISES FISCAL TOTAL AND I'i!.RICV-YEAR REVE.'CES TA US PERMIM ERMME;TAL*-
1980 54,635,206 S1,106,494 S157,025 S1,151,132 1979 3,733,164 1,000,316 118,372 639,136 1978 3,313,102 995,336 101,339 814,871. 1977 3,069,280 920,000 34,650 390,392 1976 2,529,639 962,699 88,190 622,01,3 1975 2,314,870 300,264 62,101 603,325 1974 2,107,880 680,065 91,488 573,738
,
1973** 1,531,448 4C0,748 143,536 513,190
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1972 1,3.^4,205 330,130 156,127 416,144 1971 1,033,017 276,763 49,962 224,289
- Includes Federal Fevenue Sharing Fund Transfers.
** Fiscal Year - 11 Menths.
92. _. _ _ - - _ _ _ _ _ - _ - _ _ - - - _ _ _ _ - _ _ .
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, a l M rS FOR FINES AND OTHER FUND
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SERVICES FORFEITURES MISC ~M OUS CONTRIBUTIONS 4 S291,310 567,228 S224,432 S1,637,585 186,097 46,275 125,790 1,616,178 152,292 26,864 122,829 1,099,571 144,373 30,728 54,089 945,048 137,865 51,482 37,251 630,134 141,402 63,076 77,147 567,555 ! 242,260 63,006 60,558 401,765 159,557 92,491 23,121 193,805 95,289 84,966 32,314 189,235
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68,924 75,313 50,048 287,713 , I 93.
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City of Kisr24 = ea, Floridn Table 3 PRCPE.'E"? TAX L2"/2ES, TAX CONC:'ICNS AND ASSESSED VALCATIONS LAST TEN ?! SCAL YEARS Assessed Valuation Total Current (100% At Tax Rate Tax Tax Year Market) In Mills Lavv Collections GENERAL CPERATICNS 1979/1980 5145,188,232 7.292 S1,058,713 $1,029,613 1978/1979 139,680,774 7.298 1,019,390 945,914 1977/1978 136,644,429 7.305 998,138 952,127
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1976/1977 129,315,419 7.110 919,433 362,440 1975/1976 113,306,0C0 7.279 324,641 798,139 1974/1975 115,688,600 6.763 782,402 773,973 1973/1974 95,842,142 7.095 680,000 534,476 1972/1973 50,749,296 3.0 405,994 383,699 1971/1972 40,696,457 3.0 325,577 320,758 1970/1971 35,644,750 8.0 2SS,C04 275,013 CE3T SETITCE 1979/1980 168,135,073 .000 1973/1979 151,105,C69 .CCO l 1977/1978 147,323,309 .CCO l i
'976/1977 140,098,769 .300 42,030 39,487 l
' 1975/1976 123,742,222 .300 37,123 35,840 1974/1975 122,051,329 .191 23,320 23,109
- 1973/1974 134,490,566 .265 27,690 22,154
'972/1973 59,277,336 .5 29,639 28,C67 l
1971/1972 48,699,402 .5 24,350 23,853 1970/1971 43,476,420 .5 21,738 21,1C6 i [ 94.UCTE: State law mandates assess =ents to be at 100% cf Market (actual) value. l !
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Per Cent Delinquent Total Ratio of-Total Accumulated Of Levy Tax Tax Collection Delinquent Collected Collections Col.'.ections To Tax Levv Taxes 97.3 S 8,895 S1,038,058 98.1 S 8,586 92.8 14,062 959,976 94.2 '15,712
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95.4 3,391 955,518 95.7 8,318 93.8 11,226 873,666 95.0 15,343 96.8 140,091 938,230 113.8 36,275 98.9 118,796 892,769 114.1 28,911 78.6 65 534,541 78.6 147,707 94." 13,142 396,841 97.7 2,183 98.5 6,390 327,178 100.4 3,755 96.5 8,04S 283,056 99.3 3,760
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- 11,142
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- -11,142
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4 4 - 11,142 t ! 93.9 441 39,928 95.0 11,146 I 96.5 2,828 38,668 104.2 7,219 J 99.1 2,969 26,078 111.8 3,262 i 80.0 1 22,156 80.0 6,020 94.7 887 28,954 97.7 484 98.0 432 24,285 99.7 1,174 l , 97.1 726 21,832 100.4 1,175 95. I
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City of Kissiru: lee, Florida TABLE 4 SCHEDULE OF PROPERTY TAX RATES - ALL OVERLAPPING GOVER.NS LAST TEN FISCAL YEARS MILLS ($1 car $1,000 valuation) FISCAL YEAR SO. FLA. WATER OKEECHOBE's
. SCHCOL ENDING CITY COUNTY MG?fr. DIST. BASIN LIBRARY BO7RD 1981 5.446 4.973 .152 .250 .279 6.332 1980 7.292 6.265 .160 .262 .351 7.267 1979 7.298 6.398 .157 .240 8.525 1978 7.305 5.700 .105 .297 8.566 1977 7.410 5.620 .365 8.607 1976 7.578 5.750 .375 8.687 1975 6.954 5.380 tr/A 8.600 1974 7.360 5.380 N/A 9.310 1973 8.500 5.750 N/A 8.830 1972 8.500 6.230 N/A 8.830
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City of KLssimmee, Florida TABLE S SCHEDULE OF SPECIAL ASSESSMENT CGI. LECTIONS LAST TEN FISCAL YEARS . Fiscal Year Ended Collections . 1980 S 7,085 4 1979 16,318 1978 22,669 1977 25,059 1976 63,264 1975 205 1974 8,004 l 1973 12,155 1972 6,834 1971 : Special assessments are not a primary source of .inancing Ln KLssLmmee. i
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City of Kissimmee, Florida Table 6 C MPUTATICN OF LEGAL OEBT MARGIN As of September 30, 1980 Assessed Value S145,188,232 Debt Limit: 20% of Assessed Value S 29,037,646 Amount of Debt Outstanding Legal Debt Margin S 29,037,646 The above computation pertains only to general obligation bonds. Revente bonds, as issued by tha Enterprise Funds, do not have a debt limit per se: but rather are res ciet-ed by the ability to raise revenue to 1.25 times maximum outstanding debt. As long as that figure is maintained, revenue bonds may be issued without further restrictions. Special obligation or limited obligation bonds, as that issued in December, 1978 by the Municipal Development Board, are not considered as general obligation debts.
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- City of Kissimee, Florida TABLE 7 COMPUTATICN OF DIRTCT AND OVERLAPPING DEBT September 30, 1980 Applicable to Net Debt City of Kissimmee Name of Governmental t; nit Outstand 1nc % Amount (1)
Direct Debt City of Kissimmee S None S Overlappine Debt
-School Board of Osceola County General Obligation Debt $3,400,000 15.12 514,080 Total Ad Valorem Tax Supported L'ebt 514,080 Fatios Overall Debt to 1980 Taxable Valuation .332 Overall Debt Per Capita 5 33.47
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III l Determined by ratio of assessed valuation of property subject to taxation in ' overlapping unit to valuation of property subject to taxation in City cf Kissimmee. I i ! i > I I , { , e ! i 99.
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City of X.issi:nmee, Flcrida TABLE 8 SCHEDULE CF ELECTRIC AND WATER REVINUE CERTI?ICATE COVERAGE" LAST TEN FISCAL WAPS uE: Rcro n.rE FISCAL AVAILABLE FOR DE3T SERVICE RFQUIRE:a :r TrS U.AR 3EVENCES EXPENSES DE3T iERVICE Principal Interest Total COVERACE 1980** $14,954,836 $10,776,161 54,178,675 S392,038 $ 977,512 S1,269,550 3.29 1979** 11,201,911 8,070,792 3,131,119 352,338 1,019,850 1,372,188 2.28 1978 9,766,729 6,828,890 2,937,839 691,737 628,180 1,319,917 2.23 1977 9,226,705 5,948,805 3,287,900 195,000 945,215 1,140,215 2.38 1976 8,555,726 5,669,043 2,886,683 335,000 364,264 1,199,264 2.41 1975 6,532,669 4,895,188 1,636,481 280,000 .799,153 1,079,153 1.52 1974 5,995,954 4,010,536 1,985,418 271,000 309,702 1,080,702 1.34 1973* 3,585,470 2,366,543 1,213,927 247,000 581,689 328,689 1.47 1972 2,684,073 1,798,168 885,905 239,000 593,242 332,242 1.C6 1971 2,209,987 1,402,565 807,422 215,000 327,393 542,393 1.49 {
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- Fiscal Year - 11 F.cnths.
** Water separated frem Electric and ccmbined with Sewer.
y2 vd - Cebt Serrice in any subsequent year is $1,385,657. 1 l l l l l t i 100. l L
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City of Kissi::cnee, Florida TABLE 9 SCHEDULE OF WATER A!Q SEWER UTILITY REVENUE CERTIFICA3 COVERAGE IAST EN TISCAL YEAF.S NET Pa saus FISCAL GROSS OPERATI% Ah"JGLE FOR DEST SERVICE PEQUIFIMEtrIS YEAR FIVENCES EXPENSES DEST SERVICE Princi=al Interest _ Total COVERAGE 1980 32,C62,970 $1,058,784 $1,004,186 5 79,400 S306,086 S385,486 2.60 1979 1,758,694 849,331 909,363 69,476 306,C36 375,562 2.42 1978 1,618,042 806,693 811,349 157,063 84,408 241,471 3.36 1977 559,802 473,997 85,805 32,000 31,611 63,611 1.35 1976 534,187 446,519 87,668 31,000 32,656 63,656 1.38 1975 559,464 391,748 167,716 30,000 33,671 63,671 2.63 1974 372,616 260,641 111,975 29,000 34,656 63,656 1.76 1973* 278,329 130,541 147,788 29,000 35,656 64,626 2.29 1972 183,799 73,415 110,384 23,000 36,481 59,481 1.86 1971 171,721 77,190 94,531 22,000 37,205 59,205 1.60 i ! l l }
- Fiscal Year - 11 Men-us Maxi:m:m Debt Service in any subsequent year is $372,448.
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Cit */ of Kissi:::mee, Florida ; i TABLE 10 SCZZOULE OF AIRPORT RE7ENUE BCND COVERAGE LAST SEVEN FISCAL Y2.US NET REVETUE 2:5 CAL GRCSS CPERATING AVAILABLE FCR CEST SET /!CE F2QUIREME1TS YEAR REVENUES EXPETSES DEST SETIICE Principal Interest Total COVERAGE 1980 S118,384 S55,551 $62,833 310,000 $18,321 528,321 2.22 1979 109,836 76,414 33,422 10,000 19,049 29,049 1.15 1978 96,494 65,668 30,826 10,000 19,698 29,698 1.04 1977 68,891 54,771 14,120 10,000 20,347 20,347 .47
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1976 63,488 39,190 24,298 20,673 20,673 1.13 1975 60,342' 32,363 23,479 20,673 26,673 1.38 1974 73,696 22,915 50,781 20,673 20,673 2.46
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- C""E: M * -d m 2eht Se: rice in any subsequent year is $33,450.
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City of Kissimmee, Florida
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TABLE 11 TABLE OF DEMOGRAPHIC STATISTICS POPULATION CITY OF KISSIMMEE OSCEOLA COUNTY ** Year Population % Increase Population % Increase 1950 4,310 - 11,406 - 1960 6,845 58.8 19,029 66.8 1970 7,119 4.0 25,267 32.8 1976 12,080 (est. ) 69.7 37,676 (est. ) 49.1 1977 12,700 (e st. ) 5.1 37,944 (est. ) * * ,7 1978 13,600 (est. ) 7.1 38,500 (ert. ) 1.5 1979 14,500(est.) 6.6 42,344 (es t. ) 9.9 1980 15,500(est.) .7 49,103 (est. ) 16.0 AS PROJECTED
- 1980 17,000 25.0 47,000 22.1 1985 20,000 17.6 54,750 16.5 1990 22,000 10.0 62,500 14.2
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1995 23,800 8.2 69,900 11.8 2000 25,500 7.1 77,300 10.6 2005 30,000 17.6 87,850 13.6
- East Central Florida Regional Planning Council.
**Osceola County ranked 35th out of 67 counties in population.
Osceola County has 1,313 square miles which makes it the 6th largest county in Florida. . Osceola County has 32.2 people per square mile which is 43th largest county in Florida. Age Distribution: Osceola County State of Florida AGE %Poculation % Population 0-14 23.7 21.1 15-44 32.6 39.4 45-64 22.4 22.0 65 + 21.3 17.5 Figures are not maintained for individual cities. Prepared from " Florida Estimates of Population - 1980". 103.
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, o City of Kissimmee, Florida TABLE 12 TABLES CF PEOPERTY VALUES, CCNSTRUCTICN AND BANK DEPOSITS - OSCEOLA COUNTY
- Year Procertv Values Construction 1973 5568,383,016 S N/A 1974 568,004,186 N/A 1975 571,796,038 13,460,297 1976 618,771,355 13,825,463 1979 686,203,535 18,049,900 1980 988,111,269 27,173,852 Source: Osceola County Department of Building Inspection.
City of Kissi==ee Department of Suilding Inspection. Sank Cecosits Savings & Loan Ccemercial Banks Associations , Personal Cemand Time Income Oeposits Oeposits Savings Year (Milliens) (Millions) (Milliens) (Milliens) 1966 5 41.6 510.4 5 5.0 $21.7 1967 47.6 11.3 5.9 24.8 1968 56.5 12.4 7.3 27.3 ' 1969 66.5 13.4 3.5 30.0 1970 76.7 17.4 11.1 33.8 1971 89.4 21.4 17.5 42.2 1972 107.4 26.7 20.1 53.1 1973 141.4 26.1 28.0 62.0 1974 155.8 28.0 29.5 66.4 1975- 161.8 27.9 35.5 76.1 1976 N/A 29.2 42.1 84.0 1977 N/A 27.3 46.5 89.7 1979 N/A 45.8 81.9 89.1 1980 N/A 53.2 93.8 98.3
- Figures hown are for entire county since City residents only comprise 35% of the entire county's population. To show figures for only the City would be misleading.
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City of Kissimmee, Florida TABLE 13 SCHED*"2 OF MAJOR TAXPAYEPS Taxable Assessed Valuation As Of. January 1, 1980 Florida Telephone Corporation $15,465,136 Dorado Apartments 7,003,542 Woodside Apartments 3,883,265 K-Mart /Publix Shopping Center 3,446,217 Outrigger village Apartments 3,333,381 Three Fountain Apartments 3,225,897 Emerald Green Apartments 2,956,947 ' Community Hospital 2,830,640 Robert Larson (Kissimmee Red Carpet) 2,336,440 Ketch Key 1,783,640 1 , Scurce: Osceola County Property Appraiser's office. i l i ! 1 t i i l
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City of Kissimmee, Florida Table 14 MISCELLANECUS STATISTICAL DATA FORM OF GOVERNMENT Commissioner - Manager CATE OF INCORPORATION PRESENT CHARTER ADOP"'ED 1883 1965 TERMS OF OFFICE Mayor / Commissioner and 4 Commissioners - Two Years City Manager - Appointed ANNUAL SALARIES OF OFFICERS
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City Manager........... ....532,956 Suilding Director........... 326,418 Assistant City Manager..... 29,120 Parks & Recreation Director. 23,085 Finance Director........... 25,502 Electric Utilities Director. 31,000 Central Services Director.. 21,400 Water & Sewer Director...... 26,655 Planning Director.......... 23,160 Aviation Director........... 23,400 Police Chief............... 25,943 Public Works Director / Fire Chief................. 23,14~r City Engineer.......'... 29,590 AREA CF CITY 10.0 Square Miles - Municipal Ecundries 85 Square Miles - Electric Service Area AREA CF COUN'"I 1,313 Square Miles l BUILDING PERMIT ACTI*II"'Y (CIM) l YEAR NUMBER AMOUNT l 1980 1,015 $21,586,987 1979 840 15,371,899 1978 847 10,900,281 i 1977 654 10,087,672 1976 656 6,075,542 l 1975 623 2,248,397 1974 ' 506 5,619,651 , 1973 1,055 25,223,063 ' 1972 790 36,141,259 1971 490 8,692,735
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. o City of Kissi=mee, Ficrida TABLE 15 t."r:LI"'Y ENTERPPlSE EWCS STATISTICAL OATA M O*"PlC U*ILI"Y FUNO Net Operating Income (Loss)
Number of. Total Incese (Less) Before Fiscal Customers' operating After Extracrdinary Year Electric Revenue Depreciation Ite=s' 1979/1980 13,105 S14,204,112 S2,697,286 51,167,851 1978/1979 12,065 10,467,296 1,735,300 676,226 1977/1978 11,680 9,055,288 1,539,258 489,251 1976/1977 10,865 8,476,885 2,232,901 1,052,438 1975/1976 10,348 7,791,590 1,917,169 1,184,729 1974/1975 9,883 5,895,456 763,999 333,319 1973/1974 9,977 5,257,095 871,949 475,903 1972/1973 9,803 3,172,384 940,537 261,910
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1970/1971 7,040 1,967,664 492,088 274,747 WATER A:C SE".En U"'n.: 2:FS FUID Year Water Sewer Water Sewer Water Sewer Water Sewer 1979/1980 5,155 4,534 31,700,756 3 S560,081 3 S560,081 3 1978/1979 4,779 4,267 1,758,694 3 669,988 3 474,988 3 1977/1978 4,310 4,012 779,964 654,215 434,866 92,502 444,796 1976/1977 4,171 3,847 339,996 413,674 75,807 (111,503) 13,677 (191,771) 1975/1976 4,021 3,687 356,607 391,706 93',082 (104,814) 54,533 (168,125) 1974/1975 3,623 3,295 326,390 338,407 108,931 (107,527) 86,264 (164,933) ! 1973/1974 3,595 3,252 340,676 314,980 161,436 18,654 140,591 (5,314) 1972/1973" 3,478 3,176 272,738 243,041 138,042 80,259 91,720 53,139 1971/1972 3,562 3,244 213,416 124,489 93,938 17,469 85,419 {11,252) 1970/1971 2,851 2,611 146,222 124,912 34,150 17,057 26,143 8,725 l l l I , l t t
,'Averace Custc=ar Count for Fiscal Year.
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'After .ransfers to/frc= cther funds and accounting change.
3 Cc=bined by consolidation c' -ds. i
*11 months - Chanced by Florida Statute to end Septe=ber 30th. *
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City of Kissimmee, Florida TABLE 16 SCHEDULE OF IUOURANCE IN FORCE September 30, 1980 TYPE OF COVERAGE PERSCN /CCCURRENCE/ AGORZOATE COMPREHENSIVE AUTOMCBILE-GENERAL LIABILITY Comprehensive Bodily Injury. Liability S S1,300,000 S1,300,000 General Prcperty Damage Liability 1,100,000 1,100,000 Comprehensive Bod _ly Injury Liability 1,100,.000 1,300,000 Automobile Property Damage Liability 1,050,000 Contrsctual Bodily Injury Liability 1,300,000 Liability Property Damage Liability 1,100,000 1,100,000 Personal Injury Liability 1,300,000 Automobile Physical Damage Collision - ACV lesc $250 deductibic Fire and theft - ACV INSTITUTICNAL - FIRE AND EXTENDED COVERAGES Buildings - $1,000 deductible, 80% co-insurance 4,783,200 Personal Property S1,000 deductible, 80s co-insurance 399,000 Property Floater - 350 deductible 16,857
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Police Equipment - S50 deductible 65,000 Centractors Equipment Special Endorsement 145,471
'laluable Papers and P.ecords Endorsement 10,000 Cri=e - Inside/Cutside - 5250 deductible 20,000 3CI!J.R AND MACHINERY - BRCAD 3LANKET COVERAGE S2,500 to $30,000 object schedule deductible 1,000,000 WORKER'S CO2GENSATION AND EMPLCYERS LIABILITY Statutory Statutory 100,000 l LAW ENFCRCEMENT CFFICER'S CCMPREHENSIVE l
IRCFESSICNAL LIABILITY 250,000 500,000 1,000,000 l [ AIRPORT-HANGARKEEPERS LIABILITY Sodily Injury and Property Da= age Liability 1,000,000 Hangarkeepers Liability - 5500 deductible 100,000 300,000 PUBLIC EMPLOYEES BLANKET 3CND - All employees 500,000
- PCSITICN SCHEDCLE - City Manager 125,090 i
PUBLIC CFFICIAL LIABILITY - Elected and Appointed 1,000,000 1,000,000 GRCUP LIFE AND HEALTH - EMPLOYEES PER SCHEOULE NUCLEAR PROPERTY CAMAGE AND LIABILrrY COVERAGE Purchased in ccoperation with Florida Power Corporation as a party to the Par.icipation Agreement. Coverages are mandated through Federal regulations and are in addition I to those shown above. l 108. ! ,
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e
. 6 BACKGROUND Kissimmee began as a tiny trading post and military outpost. After the Civil War, Hamilton Disston acquired 4,000,000 acres of marshland and plains in the Kissimmee area. He built several sugar plantations and lumber camps and connected them with waterways and narrow gage railroads. The location of Kissimmee ca Lake Tohopekaliga and the coming of the railroad made the town the natural center of economic activity for this region. By the early 1880's, Kissimee was a boom town and enjoyed fairly rapid growth through the turn of the century.
Kissimmee had become an important water / rail transfer point for both travelers and commodities. A relatively significant resort business existed in the late 1800's and early 1900's. The community evolved in response to economic opportunity and geographic conditions. Industrial and warehouse uses were loca-ted between the railroad and the lakefront. (A wood products industry continues in this area even today.) The downtown was established on the other side of the tracks but still adjacent to the rail center. A few resort hotels were located downtown or near the lakefront. Residential development spread out from the downtown, generally to the west and south. Kissimmee was a well established town by the turn of the century. In fact, most of the major downtown structures that exist today were built during the 18CO's and 1890's. The great Florida land boom of the early 1900's created another wave of growth. Kiss 4--ee was a city of over 2,700 peoply by the year 1920. The town became cought up in the land boem and sold municipal bonds to finance new roads and utilities to create new subdivisions. Unfortunately, this was done at the end of the land boom and the growth never came. The vivid memory of municipal debt financing growth that never occurred makes even today's residents reluctant to consider municipal bonding as a method of financing the anticipated growth of the town. After the collapse of the Florida land boom, Kissimmee entered a period of very slow growth. The City's population increased by only 500, less than 20% l ' over a twenty-year span 1920 to 1940. During World War II, the Kissi=mee Airport was built by the U.S. Ar=y Corps. The =ilitary activity was a stimulant to growth and the ccmmunity grew westward toward the airport. During the 1940's, Kissimmee's population increased by 38%. Growth was further stimulated by the establishment of Martin Marietta C0=pany which marked the beginning of a heavy concentration of jobs in south Orlando. l During the 1950's, the city undertook a major effort to encourage growth through the attraction of retirees to the community. The construction of Crange Gardens was a result of this effort. Residential growth in other areas of the ! City was occuring slowly by extending the existing grid street pattern. The ( success of the retiree-stimulated growth, resulted in a population growth of almost 60% during the 1950's. l The town's growth came to almost a complete standstill in the late 1950's and continued that way until the opening of Disney World in 1971. During the
- 1960's, the population of Kissi=mee increased by less than 300 people or 4% over i a ten year peri..d.
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s . The opening of Walt Disney World marked the beginning of a period of very rapid growth. The population of Kissimmee increased from 7,100 in 1970 to slightly over 12,000 in 1976, a 70% increase. The town would have grown = ore, but it was unable to provide sewer and other municipal services needed to support growth. In order to acccmmodate new growth during this period, a major public sewer plant was constructed on Mill Slough north of U.S. 192. This plant has been a major factor in the growth of the northeast area. The growth of the Disney period sas different from that experienced in the past. Prior to 1970, residential development was almost totally dominated by single family homes. Over 91% of all dwelling units were in structures contain-ing less than four units. Most multi-family housing constructed before 1970 consisted of low income projects built in response to various Federal Programs. The opening of Disney World and its associated economic impact altered the mix of housing types in Kissimmee. Over 2/3 of all dwelling units built since 1970 were located in multi-family projects. These multi-family projects contain over 1,700 dwelling units but consur.d less than 125 acres of land. This increase in =ulti-family housing constituted a significant change in housing types and the social character in the community. The people living in the apart-ments are scre transient and the stability of the cc=munity was threatened. The Disney boom created an increase in ec=mercial activity related to tourism. This i= pact is generally limited to two areas -- the Vine Street restaurant, =otel, service area and the Florida turnpike =otel concentration area. The long-term impact of Disney World is just beginning to be expressed -- the northward direction of growth is new challenged. U.S. 192 (Vine Street) has become the most heavily traveled read in Kissi=mee with upwards of 30,000 vehicles a day. The highway is :ot only a tourist route, but also the access road to a large employment center. Future growth of the city will be oriented to U.S. 192. The town of Kiss"ee has gor 2e thrcugh a =ajor transition. In the IS80's, Kissi=mee was considered a major co=munity in Central Florida, its predominance based on agriculture and timber. As the town grew and attracted more residents, agriculture remained the econcmic base of Kissi==ee. Cattle were introduced I into the area in the 1930's to fill a void created by the decline of field crops, but the econcmy remained fir =1y rooted in agriculture. Agriculture, however, ceased to be a dominant industry and therefore the co=munity's role in the region declined during the 1920 to 1970 period. In 1970, Kissi==ee could best be described as a rural town fairly remote from the metropolitan area. The town icoked the part of its nickname "Kow-Town". ( However, the last seven years and a .small =ouse have changed Kissi=mee even = ore than =ost residents realize. It is rapidly becoming a suburban co=munity with a great deal of pride in its "Kow-Town" heritage. We must recognise that Kissi==ee is in an entirely different position to capitalize on regional growth trends in 1979 than it was in 1970. In the early 1970's Kissi-mee's assets were limited -- shopping was in Orlando; residents were few; educational facilities were old and unimpressive; and cultural and entertainment opportunities were almost non-existent. Kissi==ee 110. (
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=ay not be the most sophisticated small town in America, but the combination of
- Disney entertainment and shopping, the Tupperware Auditorium, the Arts Center, new schools and a restaurant bonanca surely takes the town out of the rural class. In fact, more and more people are expressing a preference of wanting to live in a small town (near a metropolitan area) with which they can identify.
Kissimmee's newly ac:;uired assets combined with the natural outdoor recreational opportunities that have always existed in the area, make the town an attractive place to live. The construction of Disney's World Showcase /EPCOT, costing over $700 =illion, will be the biggest economic influence on the Orlando metropolitan area during the next ten years. You no longer need to be.a pioneer to live in Kissimmee; it is a desirable suburban community. The amount of growth that occurs in Kissimmee during the next ten years is completely dependent on the decisions of private developers and on the ability of the City to provide the facilities necessary to support rapid grow-3.
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FINANCIAL STATEMENTS AND
- AUDITORS' REPORT h
4 ENTERPRISE FUNDS / COMBINED UTILITY FUNDS CITY OF GAINESVILLE, FLORIDA . r
- l. - SEPTEMBER 30, 1980
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CONTENTS AUDITORS' REPORT COMBINED UTILITY FUNDS f 4 Balance Sheets
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Statements of Revenue and Expense and Retained Earnings
,. Statements of Changes in Financial Position
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NOTES TO FINANCIAL STATEMENTS ACCOMPANYING ITFORMATION: Proprietary Funds (Enterprise):
- Combining Balance Sheet
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Combining Statement of Revenue and Expense
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And Retained Earnings
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Combining Statement of Changes in Financial
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Position p Statements of Net Revenues in Accordance With i Bond Ordinances - Combined Utility Funds
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Statements of Net Revenues in Accordance With Bond Ordinances - Electric Utility Fund . Statements of Net Revenues in Accordance With Bond Ordinances - Water Utility Fund Statements of Net Revenues in Accordance With Bond Ordinances - Sewer Utility Fund _ Schedule of Utility Plant Properties - Combined Utility Funds Schedule of Accumulated Depreciation and Amortization - ~ Combined Utility Funds _ b.umm i L _ ]
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F 1 . _ , , , , , PURVIS. GRAY AND COMPANY , " Ansansease seestrrvre on CERTifrlED PUBLic ACCOUNTANTS assanesne or i
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.ELEPD40NE $78. 4 1 A8 TEA CODE .04 ggerturemo Pueue AteeUNTaseTS s.t.c. Paaovios eserionee
,. GAINESVILLE. R.ORIDA 32eo2 ! l. F,.
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AUDITORS' REPO2T
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r Honorable City Commission I CiG of Cainesville, Florida 4
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We have examined the financial statements of the Combined Utility Funds of the City cf Gainesville, Florida, for the fiscal years ended Septesoer 30,1980 and 1979, lirt-ed in the foregoing t: Ale oi ontents. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the ac- -
<- counting records and such other auditing procedures as we considered necessary in the ,
circumstances. , in our opinion, the financial statements of the Combined Utility Funds referred to cbove present fairly the financial position of the Combined Utility Funds of the
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City of Gainesville, Florida, as of September 30, 1980 and 1979, and the results of
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its operations and changes in its financial position for the years then ended in con-formity with generally accepted accounting principles which, except for the change, _ vith which we concur, in the method of accounting for fuel inventory as described in
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Note 2 to the financial statements, have been applied on a basis consistent yith that
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cf the preceding year.
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Our examination was made for the purpose of forming an opinion on the financial state-ments of the Combined Utility Funds. The combining statements, statements of net f_ revenues in accordance with bond ordinances, schedule of utility plant properties and L cchedule of accumulated depreciation and amortization Ior the Enterprise Funds as listed in the table of contents are presented for the purposes of additional ar.alysis [ cnd are not a required part of the basic financial statements of the Combined Utility Funds of the City of Gainesville, Florida. The information has been subjected to the cuditin; procedures applied in the examination of the basic financial statements of the,
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Combined Utility Funds, and, in our opinion, is fairly stated in all material respects in relation to the financial statements of the Combined Utility Funds taken as a whole. g _ lum lm
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CITY OF CAINESVILLE, FLORIDA COMBINED UTILITY FUNDS ,
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BALANCE SHEETS ~ SEPTEMBER 30, 1980 AflD 1979
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ASSETS _, 1980 1979 CURRENT ASSETS Cash $ 2,269,801 $ ~ 475,103 _' Accounts Receivable (Net of Allowance For .
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Uncollectible Accounts; $610,955 in 1980 . And $939,268 in 1979) 6,612.539 5,762,381 Due From Other Funds 76,829 2,919 2,243 16,591
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Prepaid Expensee 3
, ?uel And Supplies Inventories 2,230,840 2,717,037 Settlementa With Fuel Suppliers 667,484 1,219,931 ,
TOTAL CURRENT ASSETS 11,859,736 10,193.962 s
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RESTRICTED ASSETS _ Capital Facilities - Cash And Investments 568,454 424,247 Utility Deposits - Cash And Investments 175,351 136,247 - Sinking Funds - Cash And Investments 47,082,172 21,851,912
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Construction Trust Funds: - Cash And Investments 21,736,804 39,909,689 _ Utility Plant Improvement Fund: Cash, Investments And Receivables 92,866 122,508 -- Materials Inventories 2,154,297 2,174,343
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TOTAL RESTRICTED ASSETS 71,809,944 64,618,946 ^l _. UTILITY PLANT Electtic 117,941,497 115,086,952 - Water 41,097,786 39,346,006 Sewer 36,581,701 14,104,725 .];. Completed Plant Not Classified 20,686,117 20,943,102 216,307,101 209,480,785 l l (Accumulated Provision For Depreciation And 3 Amortization) (54,660,063) (49,345,328) 161,647,038 160,135,457 J. Construction Work in Progress 135,815,571 70,936,324 TOTAL UTILITY PLANT - Cost Less Depreciation And Amortization 297,462,609 231,071,781 _ OTHER ASSETS } Hiscellaneous Deferred Debits 374,333 309,962 _j Settlements With Fuel Suppliers 704,250 1,408,500 TOTAL OTHER ASSETS 1,078,583 1,718,462 ; i
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TOTAL ASSETS $382,210,872 S307,603,151 J I \
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The accompanying " Notes to Financial Statements" form an integral part of these statements.J , l
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LIABILITIES, DEFERRED CREDITS, AND FUND EQUITY _
. 1980 1979 __
CURRENT LIABILITIES
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Payable From Current Assets:
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Accounts Payable $ 3,510,584 $ 3,142,201 Accrued Liabilities 494,852 324,101
c-Due to Other Funds 703,496 791,555 1 4,708,932 4,257,857 Payable From Restricted Assets: Utility Deposits 1,251,019 1,254,904 c-Accrued Interest Payable 8,461,557 4,109,466 b Construction Trust Funds - Accounts, Contracts And Retainages Payable 9,149,009 3,384,699
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Utility Plant Improvement Fund - Accounts And Taxes Payable And Due to Other Funds 117,600 395,346 18,979,185 9,144,415, _ TOTAL CURRENT LIABILITIES __ 23,688,117 13,402,272 LONG-TERM LIABILITIES
- Utilities System Revenue Bonds Payable 215,000,000 150,000,000 Bond Anticipation Notes Payable 37,000,000 50,000,000
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(Unamortized Bond Discount) (1,575,908) (708,319) l _ TOTAL LONG-TERM LIABILITIES ~ 250,424,092 199,291,681
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DEFERRED CREDITS 2,020,715 2,628,431
- TOIAL LIABILITIES AND DEFERRED CREDITS 276,132,924 215,322.334 FUND EQUITY
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Contributions in Aid of Construction: _ Util ;y Plant Contributed By Municipality 3,974,496 3,974,496 Foieral Grants in Aid of Construction 12,109,667 12,131,631
- _ Cr 2tributions From Customers And Developers:
Plant Contributed By Developers 14,636,160 12,436,257 [~ Front Footage, Meter Installation And Other
' L_ Connections Charges 10,905,894 10,141,441
- Capital Facilities Charges 3,507,548 2,637,471
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Total Contributions in Aid of Construction 45,133,765 41,321,296 ' Retained Earnings:
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Reserved For Debc Service ' 38,620,615 17,742,446 ' _ Unappropriated 22,323,568 33,217,025 Total Retained Earnit.gs 60,944,183 50,959,471 . - TOTAL FUND EQUITY 106,077,948 92,280,767
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_ TOTAL LIABILITIES, DEFERRED CREDITS, AND FUND EQUITY $382,210,872 $307,603,7 51 .
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t_ The accompanying " Notes to Financial Statements" form an integral part of these statements.
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CITY OF CAINESVILLE, FLORIDA COMBINED UTILITY FUNDS - STATEMENTS OF REVENUE AND EXPENSE AND RETAINED EARNINGS -- FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979
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1980 1979 OPERATING REVENUES -i Sales of Electricity $ 46,557,849 $ 34,318,322 1,214,010 1,104,021 ' Other Electric Operating Revenue 47,771,859 35,422,343 , Sales of Water, 4,290,546 4,151,344 ! Other Water Operating Revenue 86,741 80,409 _, l 4,377,287 4,231,753 l Sewer Service Charges . 4,576,134 4,233,476 -' Other Sewer Operating Revenue 6,340 7,426 ' 4,582,474 4,240,902 I TOTAL OPERATING REVENUES 56,731,620 43,894,998 l , OPERATING EXPENSES BEFORE DEPRECIATION '
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AND AMORTIZATION Electric Fund: - Operations And Maintenance 26,009,166 17,134,128 Administrative And General 3,747,490 3,599,122 ( 29,756,656 20,733,250 l 3 ! Water Fund: i Operations And Maintenance - 1,453,048 1,416,268 1,241,266 1,228,987 9 ! Administrative And General j 2,694,314 2,645,255 _) l Sewer Fund: Operations And Maintenance . 1,532,969 1,423,068 l Administrative And General 1,224,965 1,039,537 _j-2,757,934 2,462,605 (TOTAL OPERATING EXPENSES BEFORE - DEPRECIATION AND AMORTIZATION) (35,208,904) (25,841,110)
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OPERATING INCOME BEFORE DEPRECIATION AND _ l AMORTIZATION 21,522,716 18,053,888
- (DEPRECIATION AND AMORTIZATION) ( 5,673,738) ( 5,443,726) __
l OPERATING INCOME 15,848,978 12,610,162 l NONOPERATING REVENUE 1 Interest 8,431,632 5,182,?.68 J NONOPERATING EXPENSES Interest ( 9,774,823) ( 9,022,892) Loss on Sale of Land ( 71,075) 0 (TOTAL NONOPERATING EXPENSES) ( 9,845,898) ( 9,022,892) - INCOME BEFORE EXTRAORDINARY ITEM AND OPERATING TRANSFER 14,434,712 8,769,538 j E'(TRAORDINARY ITEM - GAIN OF ADVANCE a REFUNDING OF LONG-T3R:1 DEBT 0 4,883;101 INCOME BEFORE OPERATING TRANSFER 14,434,712 13,657,639 ) (OPERATING TRANSFER TO GENERAL FUND) ( 4,450,000) ( 3,950.004) 9,984,712 9,707,635
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NET INCONE RETAINED RETAINED EARNINGS, BEGINNING 50,959,471 41,251,836
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- RETAINED EARNINGS, ENDING S 60,944,183 S 50,959,41' -
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i The accompanying " Notes to Financial Statements" form an integral part of these statements.J
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CITY OF GAINESVILLE, FLORIDA
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COMBINED UTILITY FUNDS
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STATEMENTS OF CHANCES IN FINANCIAL POSITION FOR THE FISCAL YEARS ENDED SEPTEM9ER 30, 1980 AND 1979 1980 1979 _
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SOURCE OF WORKING CAPITAL Income Before Extraordinary Item $ 9,984,712 S 4,819,534
', Items Not Requiring Outlay of Working Capital:
Depreciation And Amortization 5,974,420 5.791,578 Working Capital Provided From Operations Before Extraordinary Item 159 959,132 10,611,112 0- Extraordinary Item 0 4,888,101 l Working Capital Provided From Operations 15.959,132 15,499,213 i Land Sold 149,175 0
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Contributions in Aid of Construction 3,812,469 5,969,124 Increase in Current Liabilities Payable From Restricted Assets 9,834,770 688,372 _ (Increase) Decrease in Miscellaneous Deferred . Debits ( 92,053) 255,355 Decrease in Settlements With Fuel Suppliers
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(Long-Term) 704,250 1,408,500 Proceeds of Long-Term Liabilities 65,000,000 150,000,000 _ Materials Salvaged And Other 136,116 108,663 TOTAL SOURCE OF WORKING CAPITAL 95.503,859 173,929,227
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USE OF WORKING CAPITAL _. Fixed Asset Additions:
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Utility Plant in Service 7,585,172 8,987,281
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Construction Work in Progress 64,879,247 35,228,301
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Plant Removal Costs 103,709 133,371 Increase in Restricted Assets 7,190,998 1,059,041
- Long-Term Debt Refunded 0 128,342,000 Payment on Long-Term Liabilities 13,000,000 179,859
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Decrease in Deferred Credits 607,716 311,372 Increase in Unatortized Bond Discount 922,318 341,792 (TOTAL USE OF WORKING CAPITAL) (94,289,160) (174,583,017)
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INCREASE (DECREASE) IN WORKING CAPITAL (BELOW) 1,214,699 ( 653,790) ' CRANCES IN WORKING CAPITAL BY COMPONENT
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Current Assets - Increase (Decrease): Cash 1,794,698 121,587 Receivables (All) ' 850,158 ( 638,346)
. Due From Other Funds 73,910 ( 18,318)
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Prepaid Expenses ( 14,348) ( 32,921) _ Inventorica ( 486,197) 360,570 Settlements With Fuel Suppliers ( 552,447) 1,219,931
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Current Liabilities - Decrease (Increase): Accounts Payable ( 368,383) ( 1,756,465) Accrued Liabilities ( 170,751) 95,830 _ Due to Other Funds 88,059 ( 5,658) INCREASE (DECREASE) 1N WORKING CAPITAL (ABOVE) $ 1,214,699 $( 653,790) l
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The accompanying " Notes to Financial Statements" form an integral part of these statements. _ __
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- CITY OF GAINESVILLE, FLORIDA NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) , ,
SEPTEMBER 30, 1980
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NOTE.1 - SIGNIFICANT ACCOUNTING POLICIES
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Basis of Accounting . The Utility Funds are maintained on the accrual basis of accounting. This - ' method of accounting relates costs and expenditures to the period in which _ _, 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
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recognized when incurred. The electric, water and sewer funds are combined along with all restricted asset accounts since Utilities System Revenue Bonds cross-pledge the revenues of the three funds to the payment of those iseues.
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Investments " l Investments are stated at amortized costs. This method adjusts cost for any premium or discount, which is amortized over the investment's maturity. _ _
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Inventories Inventories are stated at cost. Cost for materials is determined using ' ~~ weighted average unit cost. Cost of fuel is determined using the last-in, first-out (LIFO) method in 1980 and using weighted average unit cost in 1979 . (see Note 2). Obsolete and unusable items are reduced to estimated salvage values. -
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Utility Plant Property and equipment in the Utility Funds are recorded at cost, or estimated j, , original cost where applicable. Maintenance and repaf.rs are expensed as in- ,. curred. .The accumulated provision for depreciation is charged with the average _ cost of assets retired plus costs of removal less salvage value when normal retirements are made. Depreciation is computed using the straight-line method ~] over a period of years considered as the normal service life of the property. _} Such depreciation rates are as follows:
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Electric Plant: Production Plant 2.222 - 4.000% - Transmission and Distribution Plant 1.724 - 4.000% Ceneral and Common Plant 2.000 -16.667% s Water Plant: Supply, Pumping and Treatment Plant 2.000 - 3.704% . Distribution Plant 2.000 - 3.333% 1 General Plant 2.000 -16.667% j Sewer Plant: I Pumping and Treatment Plant 2.326 - 3.704% - Collection Plant 2.000%
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General Plant 2.000 -16.667% Completed Plant Not Classified 0.000 - 3.571%
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Construction work in progress is not depreciated until completed and placed J into service. Vacation and Sick Pay " The City's policy is to allow limited vesting of employee's vacation and (Continued) - f
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; CITY OF GAINESVILLE. FLORIDA
. , NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) {' . SEPTEMBER 30. 1980 j
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(Continued)
- NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Concluded) l 4
ff Vacation and Sick Pay-1U sick pay. The limitation on vacation time is determined by the period of j employment. Accrued unused sick leave may be added to an employee's length- !" of service.at time of . retirement for the purpose of computing retirement bene-lj ' fits. Vacation and sick pay are expensed as used. 4 Utility Revenue Recognition F Utility revenues are recorded as earned. Such recognition is based upon ),' 4 cyclical monthly billings.. Unbilled utility revenues are accrued based , 1 ' _ on the estimated usage between the last meter reading dates for each cycle and year end. 'Such unbilled revenues are included in accounts receivable.
- - in the accompanying balance sheet in the amount of $3,236,529 and $2,388,656 l for 1980 and 1979, respectively. Fuel adjustment revenues are recognized i"
' based c.n actual fuel costs. Amounts charged based on estimated fuel costs _ are adjusted monthly for any differences between the actual and estimated costs once actual costs are known. Such differences are recorded as deferred
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debits or credits until used as adjustments to billings. This method results in fuel adjustment revenue recognition matching actual allowable fuel costs
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j for any carticular period.
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Interfun- Transactions
- - Intetfund transactiot.s and contributions are generally made in accor4nce
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, with budget ordinances. Interfund transactions and balances, except direct
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! billings for utility services (see Note 8) and transfers to the General i_ ' Fund of the City of Gainesville, are eliminated for' the Combined Utility - Funds. Interfund loans do not bear interest, except loans between construction l- trust funds. !. .: j- Interest During Construction 4 ... Interest during construction in utility funds is capitalized on projects I based on interest rates on funds borrowed for construction. Capitalized j a interest is computed based on actual monthly capital expenditures. If in- , terest had not been capitalized, net income for 1980 and 1979 would have been reduced approximately $5,959,358 and $2,892,012, respectively.-
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Amortization 1 - Miscellaneous deferred debits with 1980 balances of $95,589 and $163,461 - i . are being amortized on a straight-line basis over ten years and twenty
;- years, respectively. Unamortized bond discounts and issuance costs are 4 _
being amortized over the life of the bonds using the " interest method". _ NOTE 2 - ACCOUNTING CHANGES 1 l During 1980, the method of determining the cost of fuel (oil) inventories
. was changed from the weighted average unit cost method to the last-in,-
I~ first-out (LIFO) method. Also, during 1980, the method of computing fuel. [ adjustment charges was changed to reflect the cost of oil using the LIN ' j method rather than the average unit cost method. These changes were made
- ! to more realistically recovr:r on a timely basis the replacement cost of oil l
1 (Continued)
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CITY OF GAINESVILLE, FLORIDA NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) SEPTEMBER 30, 1980 - (Contanued) . ]J
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NOTE 2 - ACCOUNTING CHANCES (Concluded)
. q inventories during inflationary periods through fuel adjustment charges. l-The changes had no effect on the results of operations for 1980, since #
inc. eased fuel costs are ma':ched by correspondingly increased fuel .ad- , justment revenues. There is ne cumulative effect of the changes on the ! results of operations for prior periods, since fuel adjustment charges d are designed to recover the cost of fuel for any period regardless of the inventory valuation method used. Inventories of fuel valued on the -" LIFO cost method were approximately $1,585,000 less than current costs at September 30, 1980. NOTE 3 - SETTLEMENTS WITH FUEL SUPPLIERS j The City, along with seven other cities (" cities") has entered into a , . , settlement agreement and general mutual release with Florida Gas Trans-mission Company (FCT) and a settlement agreement ud general mutual re- - lease with Av.0C0 Production Company (AMOCO), both settlement agreements dated as of July 12, 1977. The settlement agreements are summarized as follows: L]
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TOTAL - FOR CITY OF GAINESVILLE qt EIGHT CITIES SHARE i Initial Cash Payment From FGT And AMOCO $ 3,000,000 $ 582,892 .",
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- Additional Amounts Payable in Either " Incremental AMOCO -
Gas" or " Oil Equivalency - Payments": ~1 FGT AMOCO 7,000,000 8,000,000 1,314,600 1,502,400 J - l - TOTAL SETTLEMENTS WITH FGT/AMOCO $18,000,000 $3,399,892 l ,
- The settlement agreements provide that FGT and AMOCO will pay the " cities" ,
a further amount not exceeding $15,000,000 to the extent FGT fails to de- : , liver 20.6 =illion MMBTUS of " Incremental AMOCO Gas" to the " cities", at J the minimum guaranteed value of 72.82 cents per MMBTU of short fall, such payments to be made at scheduled times within a four-year period beginning ] July 1, 1978. The settlement agreements further provide that FGT and j AMOCO will also make " oil equivalency payments" to the " cities" to the ex-tent that the " Incremental AMOCO Gas" delivered to the " cities" in any month is not at least 72.32 cents less expensive per MMBTU than the " cities" " average cost of oil deliveries in that month until the 20.6 million MMBTUS of " Incremental AMOCO Cas" are delivered to the " cities", s.sch payments to be made at scheduled times within the four-year period. Incremental gas : valued at $304,154 under the agreecent and cash of $1,141,112 has been re- J ceived by the City through September 30, 1980. The City's remaining share of payments to be receik d is $1,371,734. An amount of $667,484 is due , by July 1,1981, (in either " Incremental AMOCO Gas" or cash) and is clas- j, sified as a current asset on the accompanying balance sheet for 1980. A (Continued) ,
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s CITY OF CAINESi'TLLE, U_3RIDA NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS)
- SEPTEMBER 30, 1980
, (Continued)
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- NOTE 3 - SETTLEMENTS WITH FUEL SUPPLIERS (Concluded)
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final payment of $704,250 is due by July 1,1982, and is included in
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"Other Assets" on the accompanying balance sheet for 1980. .
P In December, 1977, the City resolved to pass through to consumers the
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- damages portion of the settlements by reducing fuel adjustment charges ,
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subsequent to collections by the City from the feel suppliers. There- . ,
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fore, $1,637,973 for 1980, and $2,628,431 for 1979, are included in miscellaneous deferred credits on the accompanying balance sheets and will be taken into income as fuel adjustment revenues at the times and _ in the amounts such charges are reduced to the consumers. - I - NOTE 4 - RESERVES AND LONG-TERM DEBT
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Cperating income before depreciation plus certain interest income is _ pledged on Utilities System Revenue Bonds. The revenue bond ordinance and trust indenture required the establishment of the following accounts: , _ ACCOUNT PURPOSE
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Revenue Fund To collect electric, water and sewer revenues _ and pay fully accrued operating expenses.
- Interest Account To accumulate sufficient funds to pay all in-j
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terest coming due on the bonds outstanding
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after allowing credit for anv smounts to be !_ transferred from the capitalized interest ac- ! count and the Sinking Fund account. i - i Principal Accoun~. To accumulate sufficient funds to pay principal
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i - l Sinking Fund Account To accumulate funds for payment of amortization _ installments coming due on term bonds.
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Reserve Account To accumulate an amount equal to the maximum
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aggregate bond service requirement coming due l on all bonds outstanding during the current or i
- any ensuing fiscal year.
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Subordinated Bond To accumulate funds sufficient to pay the debt _, Account service requirements on any subordinated bonds. _ Reserve and Contingency To accumulate funds for contingencies in an ' Account amount periodically determined by the consult-ing engineer of record. I _
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CITY OF CAINESVILLE, FLORIDA NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) -} SEPTEMBER 30, 1980
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(Continued)- l > N(yIE 4 - RESERVES AND LONC-TERM DEBT (Continued) , 7 '
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ACCOUNT PURPOSE Capitalized Interest To receive deposits from bond proceeds or the- im-Account provement account amounting to interest payments j
~ due on bonds for a specifieri period during con- l struction of a project not to exceed eighteen months following the date of commercial operation '
of the project. Transfers are made from this ac- _ count to the interest account as interest payments come due.
.j Balances in the above described debt service accounts which are included in retained earnings on the accompanying balance sheet, on September 30, ]..
were as follows: d
~l 1980 1979 j Interest Account $ 7,767,489 $ 2,606,177 Principal Account Sinking Fund Account 8,658,796 0
859,963 0
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, Reserve Account 17,394,630 7,314,663 i Subordinated Bond Account ' 480,937 1,841,026 l ! Reserve and Contingency d Account 624,265 569,486 ~ Capitalized Interest Account 12,156,055 8,660,597 (Amounts Appropriated For .. Current Interest Payable) (8,461,557) (4,109,466)
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TOTAL RESERVES FOR DEBT SERVICE $38,620,615 $17,742,446
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In addition to the above described debt service accounts, the ordinances l and indenture required the establishment of an Improvement Account which a is to be used to make capital improvements to the Utility System. The City is in compliance at September 30, 1980, with transfer requirements j to the Improvement Account. . The ordinances and indenture provide that the City's gross bond service ; requirement may be reduced by interest income with respect to specified " i Federal securities that the City is unconditionally obligated to acquire at a maximum purchase price under contract, and by amounts of deposit in the Capitali::ed Interest Account for specified bonds. As of September 30, l 1980, future gross and net debt service requirements (dollars in thousands) J ' including interest at 5.5% to 9.0% for Utilities System Revenue Bonds are: ., J (Continued)
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r CITY OF GAINESVILLE, FLORIDA f NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) SEPTEMBER 30, 1980
,_- (Continued) -
NOTE 4 - RESERVES AFD LONG-TERM DEBT (Continued) r
!: CAPITALIZED .
CONTRIBUTIONS INTEREST AND FISCAL YEAR TO GROSS INVESTMENT NET { ( ENDING SEPTEMBER 30, PRINCIPAL INTEREST SINKING FUND ACCOUNT (1) DEBT SERVICE ACCOUNT REVENUES DEBT SERVICE
- 1981 S14,669 S10,576 S25,245 $ 9,818 $15,427 1982 14,669 5,210 19,879 6,240 13,639 1983 14,669 1,959 16,628 2,130 14,498
_ 1984 14,669 3,022 17,691 2,322 15,369 1985 14,669 3,679 18,348 2,596 15,752 1986 14,669 4,973 19,642 2,940 16,702 1987 14,669 5,546 20,215 3,383 16,832
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1988 14,669 6,034 20,703 3,872 16,831
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1989 14,669 5,915 20,584 4,423 16,161 1990 $ 2,890 14,669 389 17,948 4,786 13,162
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1991 3,060 14,495 17,555 4,803 12,752 1992 3,245 14,309 17,554 4,803 12,751
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1993 3,440 14,108 17,548 4,803 12,745 _ 1994 3,650 13,893 17,543 4,803 12,740 ' 1995 3,880 13,662 17,542 4,803 12.739 _ 1996 4,115 13,415 17,530 4,803 12,727 . 1997 4,375 13,148 17,523 4,803 12,720 l
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1998 4,655 12,865 17,520 4,803 12,717
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1999 4,955 12,558 17,513 4,803 12,710 2000 5,275 12,231 17,506 4,803 12,703
- 2001 5,620 11,876 17,496 4,803 12,693 2002 6,000 11,489 17,489 4,803 12,686 -
2003 6,400 11,077 17,477 4,803(2) 12,674 2004 6,830 10,632 17,462 4,803(2) 12,659 2005 7,295 10,158 17,453 4,803(2) 12,650 _ 2006 7,790 9,651 17,441 4,803(2) 12,638 l 2007 8,320 9,105 17,425 4,803(2) 12,622 ' - 2003 63,795(2) 8,511 72,306(2) 59,693(2) 12,613
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2009 8,290 4,308 12,598 12,598 2010 8,875 3,708 12,583 12,583 2011 9,500 3,065 12,565 12,565 2012 10,175 2,376 12,551 12,551 l '
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2013 10,900 1,639 12,539 12,539 _ 2014 11,670 847 12,517 12,517 TOTAL S215,000 , _ (1) Required for the purchase of Federal securities under a forward supply contract with Citibank, N.A., of New York whereby the City agreed to l ~ purchase such securities from Citibank with the pre eeds of amortiza-tion installments paid to the Sinking Fund.
! (2) Assumes partial optional redemption of 2014 term bonds in 2008, and ' that early call provisions of Federal securities and term bonds are not exercised.
(Continued)
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- CIf? 0F GAINESVILLE, FLORIDA I-NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) I SEPTEMBER 30, 1980 (Continued)
NOTE 4 - RESERVES AND LONG-TERM DEBT (Concluded)
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In addition to the above_ described bonds, the City is liable on bond 4 anticipation notes under credit agreements with Morgan Guaranty Trust Company of New York and Continental Illinois National Bank and Trust- '_" 3,
' Company of Chicago in the principal amount of $37,000,000. Such notes are secured by a lien on net revenues junior and subordinate to the .I lien by Utilities System Revenue Bonds, and a first lien on proceeds '
of future sales of bonds. The notes bear interest, as determined under the credit agreements, not to exceed 7.5%, and mature on March 28, 1981. .]
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'As described in Note 5, these bond anticipation notes were refunded on October 1, 1980, by the prcceeds of Utilities System Revenue Bonds. -,
Therefore, they are classified as long-t .m liabilities on the accompany- ;
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ing balance sheet.
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NOTE 5 - SUBSEQUENT EVENT mJ On October 1,1980, the City closed the sale of $50,000,000 principal
~1 amount of Utilities System Revenue Bonds, Series 1980-B, and $40,000,000 principal amount of Utilities System Revenue Bond Anticipation Notes, ]
Series 1980. The Series 1980-B' bonds mature at various dates from 1990 to 2014, and bear interest from 8.6% to 9.3%. The 1980 Bond Anticipation - Notes mature April 1,1982, and bear interest at 7%. The proceeds are to - be used for the redemption of $37,000,000 principal amount of outstanding bond anticipation notes, the construction of certain utility plant and . . deposits to the Reserve Account and Capitalized Interest Account to fund
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debt service requirements.
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NOTE 6 - UTILITY DEPOSITS . i Normally, assets restricted for payment of utility deposits equal the liability for such depcsits. During 1979 and 1930, however, the City > used a portion of such assets for construction of utility plant. There- "
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fore, at Septenber 30, 1979 and 1980, the restricted assets for utility deposits do not equal the utility deposits payable. I NOTE 7 - EXTRAORDINARY ITEM - ADVANCE REFUNDING OF LONG-TERM DEBT J By resolution adopted June 14, 1979, the City provided for the advance ; refunding of certain of its revenue certificates and bonds outstanding j in the aggregate principal amount of $128,324,000 (refunded bonds) by the sale of Utilities System Revenue Bonds, Series 1979, and Special' Obligation Bonds, Series 1978. Of $150,000,000 principal amount of " Utilities System Revenue Bonds sold on June 26, 1979, $114,113,645 was used.co refund octstanding debt and $35,886,355 was used to fund a , portion of certain planned construction projects including capitaliza-tion of interest. Special Obligation Bonds with principal amount of J
$80,000,000 were sold concurrently with and as a condition to the is-suarce. of the Utilities System Revenue Bonds. From the refunding pro-ceeo., 'f the revenue bonds, the total proceeds of the Special Obligation a Bonds, and an additional S12,640,430 in cash provided by the City, monies were invested in United States obligations in an irrevocable Escrow Deposit (Continued) -
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CITY OF GAINESVILLE, FLORIDA
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NOTES TO FINANCIAL STATEMFNTS (COMBINED UTILITY FUNDS) SEPTEMBER 30, 1980
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(Contir,ued)
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NOTE 7 - EXTRAORDINARY ITEM - ADVANCE REFUNDING OF LONG-TERM DEBT (Concluded) e-Trust Fund. Such United States obligations will mature at such times (. and in such amounts so as to provide sufficient funds for the payment _ of maturing principal and interest on the refunded bonds. All interest earned or accrued on the United States obligations has been pledged on i and will be used for payment of the principal and interest maturing , on the Special Obligation Bonds, Series 1975. The Special Obligation r- Bonds do not constitute a debt or a pledge of the faith and credit of f_ the City, and in accordance with generally accepted accounting prin-ciples, transactions relating to the Special Obligation Bonds are not --
- reflected in the accompanying financial statements. The refunded bonds
. ' are treated as extinguished debts in the accompanying financial' state-ments in accordance with the defeasance provisions of the refunded !_ bonds. Simultaneously with the sale of the new bonds described above, Electric, Water and Sewer Revenue Bonds in the principal amount of ,- $50,000,000 were converted to bond anticipation notes under an interim line of credit as described in Note 5, which effectively eliminated
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all long-term debt issued under previous bond ordinances.
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'~ As a result of the June, 1979, advance refunding, a gain was recognized
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, ed gain was computed as follows:
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Refunded Debt: - Refunded Bonds $ 128,342,000 _ (Unamortized Discount) ( 366,526) Net Carrying Value of Refunded Debt 127,975,474
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Investment in Refunding: Refunding Bonds Issued
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114,113,645 ]- Cash And Financing Costs Provided By City 12,684,153
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(Unamortized Financing Costs) ( 2,932,740) )
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(Accrued Interest Fayable on Re-funded Debt) - ( 3,710,425) _ (Net Reacquisition Price) (120,154,633)
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Gain on Advance Refunding Before
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Aggregation of Financing Costs 7,820,841 (Elimination of Gain to the Extent
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- of Financing Costs) ( 2,932,740)
Cain on Advance Refunding of Long-
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Term Debt $ 4,888,101
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NOTE 8 - INTERFUND DIRECT UTILITY BILLINGS _ Included in revenues are the following interfund direct billings for utility services: _ f~ [_ (Continued)
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CITY UF GAINESVILLE, FLORIDA NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS) -
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SEPTEMBER 30, 1980 (Continued) l
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NOTE 8 - INTERFUND DIRECT UTILITY BILLINGS (Concluded)
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'1980 1979 REVENUES
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. Sales of Electricity $1,190,769 $ 940,032 _, Sales of Water 123,540 158,226 j Sewer Service Charges 3,178 3,727 3 TOIAL REVENUES S1,317,487 S1,101,985 _., i Included in expenses are the following interfund direct billings for a utility services: 1980 1979 EXPENSES Electric Fund $ 279,200 $ 208,380 , Water Fund 471,413 448,846 Sewer Fund 566,874 444,759 - TOTAL EXPENSES S1,317,487 S1,101,985
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NOTE 9 - EMPLOYEES' RETIREMENT SYSTEM , Pension Plans ) The City has two pension plans, which cover. all employees except those 2
-- managerial employees participating in the Deferred Compensation Plan.
The City accounts for and funds the plans' costs as they accrue, based 1 on the contribution rates determined by the most recent actuarial valu- _J ation. The total contributions by the City, including amortization of prior service costs, for the years ended September 30, 1980 and 1979, were approximately $1,115,000 and $947,000, respectively. Of these " totals, approximately $416,000 and $373,000 was contributed by the Utility Funds in 1980 and 1979, respectively. , The following information for the plans is as of September 30, 1979, - the date of the latest actuarial valuation. , 1 Actuarial Present Value of Accumulated j Plan Benefits Vested $16,456,000 Actuar'al Present Value of Accumulated ; Plan Benefits - Nonvested 9,377,000
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$25,833,000 1
Net Assets Available For Benefits $16.702,000
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Weighted Average Assumed Rate of Return Used to Determine the Actuarial Present Value of Plan Benefits Jj[ --
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Deferred Compensatign Trust Fund As of January 1,19: 9, employees in certain management positions were .J eligible to participate in a defined contribution deferred compensation plan managed by the International City Management Association Retirement (Continued) ;
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[ CITY OF GAINESVILLE, FLORIDA i
- NOTES TO FINANCIAL STATEMENTS (COMBINED UTILITY FUNDS)
SEPTEMBER 30, 1980 I (Concluded) i
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NOTE 9 - EMPLOYEES' RETIREMENT SYSTEM (Concluded)
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Deferred Compensation Trust Fund (Concluded)
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Corporation as fiscal agent for the City. Under this plan, the City con- _ trf butes six percent of r employee's annual salary and employees may con-tribute either a spee?fiew percentage or dollar amount. Total deferred compensation cost for the fiscal years ended September 30,1980 and 1979, for the Utility Funds was apprcximately $21,000 and '$17,000, respectively. NOTE 10 - COMMITMENTS
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(A) The approximate cost to complete construction contracts in progress entered into as of September 30, 1980, is $46,000,000. It is anti-cipated that additional future expansion project costs related to _ projects already underway will approximate $16,000,000. These amounts are primarily for construction of Deerhaven Unit 2, a coal-fired 235,000KW steam-electric generating facility.
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(B) As described in Note 4, the City has contracted te purchase Federal
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securities of approximately $47,300,000 from its sinking fund ac-count on a scheduled basis through 1989.
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(C) The City has entered into an agreement with seven other Florida
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municipalities who operate oil / gas-fired electric generating facil- , _ itics and who purchase natural gas to operate such facilities from i Florida Gas Transmission Company (FGT). The cities are collective- { _. ly resisting the imposition of a new "end-use" gas curtailment plan proposed by the Federal Energy Regulatory Commission on the FGT l
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pipeline system. As part of the agreement, the cities have adopted
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a policy of internal compensation between themselves that amounts to a voluntary gas curtailment plan. The proposed "end-use" curtail-
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ment plan would not uniformly affect all of the cities since smaller cities would receive a higher priority for allocation of available
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gas than larger cities. Therefore, to encourage unity in resisting _ such a curtailment plan, the larger cities agreed to voluntarily compensate the smaller cities when the smaller cities receive less _ gas currently than they would have received if they had allowed i ' the "end-use" plan to go into effect. Gas deliveries and any re-sulting internal compensation are monitored and calculated by an !
-
independent consulting engineer. It is anticipated that the City will make cash payments to smaller cities under the agreement, and such payments would be reflected as a cost of fuel and recovered through fuel adjustment charges. The total amount ultimately to
-
be paid under the terms of the agreement depends on future gas l deliveries by FGT and is not determinable. ! l
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CITY OF CAINESVILLE, FLORIDA COMBINING BALANCE SHEET ' PROPRIETARY FUNDS (ENTERPRISF)
"
SEPTEMBER 30, 1980 ASSETS ELECTRIC. - FUND J CURRENT ASSETS Cash $ 2,076,551' _, Accounts Receivable (Net of Allowance For Uncollectible .} Accounts; $610,955 in 1980 and $988,520 in 1979) (See 3 i Note Below) 6,727,803 "' Due From Other Funds (See Note Below) 10,041 Prepaid Expenses 964 Fuel and Supplies Inventories 2,230,840 Settlements With Fuel Suppliers 667,484 . TOTAL CURRENT ASSETS 11,713,683 j RESTRICTED ASSETS - Capital Facilities - Cash and Investments 0 Utility Deposits - Cash and Investments 175,351 - Debt Service Fund - Cash and Investments 43,397,712 _ Construction Trust Funds: Cash and Investments 21,736,804 _ Utility Plant Improvement Fund: Cash. Investments and Receivables 35,915 - _ 36,763.
~
Due From Other Funds - Materials Inventories 1,456,082 TOTAL RE'STRICTED ASSETS 66,838,627
- I UTILITY PLANT d Utility Plant in Service
'
117,941,497 ~ Completed Plant Not Classified 3,530,373 121,472,370 _. (Accumulated Provision For Depreciation and Amortization) (33,284,690) , 88,187,680 j.
"
Construction Work in Progress 133,543,329 TOTAL UTILITY PLANT - Cost Less Depreciation and Amortization 221,731,009 i j OTHER ASSETS , Miscellaneous Deferred Debits 156,855 ! Settlements With Fuel Suppliers 704,250 j: TOTAL OTHER ASSETS 871,105 l TOTAL ASSETS $301,154,424
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NOTE - All customer receivables for electric, water and sewer charges are recorded in ~l ! the Electric Utility Fund.. Amounts billed for water and sewer charges are re-corded as due from the Electric Fund in those respective funds. Allowances for , uncollectible water and sewer charges are reflected above as credit balances in - accounts receivable. l l
"i
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_ . . .. _. . _ _
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.
F 1
-
I
,
.
F 4
'
(MEMORANDUM) 1980 1979 r WATER SL'4ER ' TOTAL ALL TOTAL ALL FUND FUND FUNDS FUNDS _ r $ 99,907 $ 93,343 $ 2,269,801 $ 475,103 (* ( 65,294) ( 49,970) 6,612,539 5,713,129 { t 914,071 701 1,110,579 578 2,034,691 2,243 1,018,226 16,591 0 0 2,230,840 2,717,037
,
-
0 0 667,484 1,219,931 949,385 1,154,530 13,817,598 11,160,017
'
_ O 568,454 568,454 424,247 0 0 175,351 136,247 _ 2,321,717 1,362,743 47,082,172 21,851,912 _ 0 0 21,736,804 39,909,689
-
12,235 7,953 56,103 74,206 0 0 36,763 48,302
~
333,465 364,750 2,154,297 2,174,343 _ 2,667,417 2,303,900 71,809,944 64,618,946 _
-
41,097,786 36,581,701 195,620,984 188,537,683 6,859 17,148,385 20,686,117 20,943,102 _ 41,104,645 53,730,086 216,307,101 209,480,785 p (11,011,776) (10,363,597) (54,6EO,063) (49,345,328)
- i. 30,092,869 43,366,489 161,647,038 160,135,457
"-
1,351,555 920,687 135,815,571 70,936,324 ! 31,444,424 - 44,287,176 297,462,609 231.071,781 _ 28,646 178,832 374,333 309,962 _ 0 0 704,250 , 1,408,500 28,646 178,832 1,078,583 1,718,462 l l I-L_ !
$ 35,089,872 $ 47,924,438 $384,168,734 S308,569,206
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CITY OF CAINESVILLE, FLORIDA l l COMBINING BALANCE SHEET PROPRIETARY FUNDS (ENTERPRISE) SEPTEFSER 30, 1980 , (Concluded) ~ !, LIABILITIES, DEFERRED CREDITS AND FUND EQUITY - q
!
.
ELECTRIC .,
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FUND i CURRENT LIABILITIES 3 Accounts Payable $ 3,463,253 Accrued Liabilities 437,232 l Due to Other Funds (See Note Below) 2,574,579 ! TOTAL CURRENT LIABILITIES 6,475,064 PAYABLE FROM RESTRICTED ASSETS ': Utility Deposits 1,251,019 l Accrued Interest Payable 7,523,432 Construction Trust Funds - Accounts, Contracts and Retainages Psyable 9,149,009 Utility Plant Improvement Fund - Accounts Payable and Accrued Liabilities 76,866 Utility Plant I=provement Fund - Due-to _I Other Funds 5,334 .d TOTAL LIABILITIES PAYA3LE FROM RESTRICTED ASSETS 18,005,660 LONC-TERM LIABILITIES Utilities System Revenue Bonds Payable 185,425,170 '~
, Bond Anticipation Notes Payable 37,000,000 (Unamortized Bond Discount) ( 1,575,908) ,
TOTAL LONG-TERM LIABILITIES 220,849,262 ! DEFERRED CREDITS - 2,020,715 -[ TOTAL LIABILITIES AND DEFERRED CREDITS 247,350,701 FUND EQUITY ! Contributions in Aid of Construction: j, Utility Plant Contributed By Municipality 0 Federal Grants in Aid of Construction 0
}
Contributions From Customers and Developers: "
,,
Plant Contributed By Developers 0 Front Footage, Meter Installation and Other Connections Charges 0 i' Capital Facilities Charges 0 J Total Contributions in Aid of Construction 0 Retained Earnings: 'l Reserved For Dobt Service 35,874,280 J Unappropriated (Deficit) 17,929,443 Total Retained Earnings (Deficit) 53,803,723 TOTAL FUND EQUITY 53,803,723 j TOTAL LIABILITIES, DEFERREb CREDITS AND FUND EQUITY $301,154,424 J ' NOTE - All customer receivables for electric, water and sewer charges are recorded in ..l -
'
the Electric Fund. Amounts billed for water and sewer charges are shown as due to those respective funds from the Electric Fund above. l l
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t r-
- f. (MEMORANDUM) 1980 1979
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WATER SEWER TOTAL ALL TOTAL ALL
- FUND FUND t1TNDS FUNDS ,_ $ 43,188 $ 22,631 $ 3,528,472 $ 3,144,646 25,231 32,389 494,852 324,101 17,098 51,793 2,643,470 1,755,165 85,517 106,213 6,666,794 5,223,912 -
0 0 1,251,019 1,254,904 489,403 448,722 8,461,557 4,109,466
._
0 0 9,149,009 3,384,699 18,877 16,523 112,266 382,356 _ _ 0 0 5,334 12,992 508,280 465,245' 18,979,185 9,144,415 15,429,305 14,145,525 215,000,000 150,000,000
~
0 0 37,000,000 50,000,000
- 0 0 ( 1,575,908) ( 708,319) 15,429,305 14,145,525 _250,424,092 199,291,681 .- 0 - 0 2,020,715 2,628,431 16,023,102 14,716,983 278,090,786 216,288,439
_
-
.
~
0 3,974,496 3,974,496 3,974,496
-
0 12,109,667 12,109,667 12,131,631
~
1,378,454 13,257,706 14,636,160 12,436,257 I~ 7,963,427 2.942,467 10,905,894 10,141,441 L- 1,399,723 2,107;825 3,507,548 2,637,471 10,741,604 34,392.161 45,133,765 41,321,296 _ _ 1,832,314 914,021 38,620,615 17,742,446 6,492,852 ( 2,098,727) 22,323,568 33,217,025 8,325,166 ( 1,184,706) 60,944,183 50,959,471 19,066,770 33,207,455 106,077,948 92,280,767
-.
$ 35,089,872 $ 47,924,438 $384,168,734 $308,569,206 m
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- CITY OF Gr_ ___ FT0RIDA
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COMBINING STATEMENT OF REVENUE A c.
'd 'ID RETAINED EARNINGS >
- PROPRIETARY FUNDS (tL iEFPRISE) ~
FOR THE FISCAL YEAR ENDED SEPTE'3ER 30, 1980 u
.
ELECTRIC . - - FUND j
'
'
OPERATING REVENUES Sales and Service Charges $ 46,557,849 ] Other Operating Revenue 1,214,010 0 TOTAL OPERATING REVENUES 47.771,8D 1
'
.
OPERATING EXPENSES BEFORE DEPRECIATION AND L':0RTIZATION Operations and Maintenance 26,009,166
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Administrative and General- 3,747,490
.
. (TOTAL OPERATING EXPENSES BEFORE DEPRECIATION AND
'
AMORTIZATION) (29,756,656) - OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION 18,015,203 q - J (DEPRECIATION AND AMORTIZATION) ( 3,428,584)
,
OPERATING INCOME 14,586,619 i , J NONOPERATING REVENUE ; Interest 7,796,216 j t J
*
' NONOPERATING EXPENSES Interest ( 7,898,588) l ' Loss on Sale of Land 0 ~' l (TOTAL NONOPERATING EXPENSES) ( 7,898,588)
- >
i INCOME (LOSS) BEFORE EXTRAORDINARY ITEM AND OPERATING j, I TRANSFER 14,484,247 "
'
EXTRAORDINARY ITEM - GAIN ON ADVANCE REFUNDING OF LONG-TERM DEBT 0 J INCOME (LOSS) BEFORE OPERATING TRANSFER 14,484,247 ; (OPERATING TRANSFER TO GENERAL FUND) ( 4,091,500) NET INCOME (LOSS) RETAINED 10,392,747
-
RETAINED EARNINGS (DEFICIT), BEGINNING 43,634,564 i (RESIDUAL EQUITY TRANSFER) ( 223,588) -
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RETAINED EARNINGS (DEFICIT), ENDING $ 53,803,723
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(MEMORANDUM)
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1980 1979 ,- WATER SEWER TOTAL ALL TOTAL ALL FUND FUND FUNDS FUNDS _.
] $ 4,290,546 86,741
$ 4,576,134 6,340
$ 55,424,529 1,307,091
$ 42,703,142 1,191,856
-
4,377,287 4,582,474 56.731.620 43,894,998
-
-
1,453,048 1,532,969 28,995,183 19,973,464
--
1,241,266 1,224,965 6,213,721 5,867,646
_ _ ( 2,694,314) ( 2,757,934) (35,208,904) (25,841,110)
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1,682,973 1,824,540 21,522,716 18,053,888
~
4 ( 1,042,368) ( 1,202,786) ( 5,673,738) ( 5,443,726) 640,605 621,754 15,848,978 12,610,162 390,473 244,943 8,431,632 5,182,268
.~
l - ( 978,798) ( 897,437) ( 9,774,823) ( 9,022,892) 0 ( 71,075) ( 71,075) 0
"~
( 978,798) ( 968,512) ( 9,845,898) ( 9,022,892)
-
'
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52,280 ( 101,815) 14,434,712 8,769,538 _ _ 0 0 0 4,888,101 52,280 ( 101,815) 14,434,712 13,657,639
~~
( 121,500) ( 237,000) ( 4,450,005? ( 3,950,004) j ( 69,220) ( 338,815) 9,984,712 9,707,635 8,788,433 ( 1,463,526) 50,959,471 41,251,836 , _ ( 394,047) 617,635 0 0
$ 8,325,166 S( 1,184,706) $ 60,944,183
- 50,959,471 j
i L l 4' L.
..- = -- - --
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- - .- .- - -- - .-.
l, P CITY OF GAINESVILLE, FLORIDA [ COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION , 1 PROPRIETARY FUNDS (ENTERPRISE)
~
FOR THE FISCAL YEAR ENDED SEPTEBSER 30, 1980 i ELECTRIC --. FUND "' SOURCE OF WORKING CAPITAL
$ 10,392,747
'
Income (Loss) Before Extraordinary Item _, Items Not Requiring Outlay of Working Capital: ,, Depreciation and Amortization 3,676,150 1 ! Working Capital Provided From Operations Before ! Extraordinary Item 14,068,897 - Extraordinary Item . O Working Capital Provided From Operations 14,068,897 Sale or Land 0
-
Contributions in Aid of Construction 0 : (Residual Equity Transfers) ( 223,588) -J ' Increase (Decrease) in Current Liabilities Payable .. From Restricted Assets 9,698,870 Decrease (Increase) in Miscellanecus Deferred Debits ( 92,814) - Decrease in Settlements With Fuel Suppliers (Long-Term) 704,250
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Proceeds of Long-Term Liabilities 65,000,000 Materials Salvaged and Other (Net) 85,209 _ TOTAL SOURCE OF WORKING CAPIEAL 89,240,824 USE OF WORKING CAPITAL i Property, Plant and Eq 1pment Additions:
,'
Utility Plant in Se rvice 3,050,402 Construction Work in Progress 64,611,706 Plant Removal Costs
- 93,649 _}
Increase (Decrease) in Restricted Assets 6,902,086 Long-Term Debt Refunded 0 Payment of Long-Term Liabilities 13,000,000 Decrease in Deferred Credits 607,716 _- Increase in Unamorti=ed Bond Discount 922,318 (TOTAL USE OF WORKING CAPITAL) (89,187,877) - ! INCREASE (DECREASE) IN WORKING CAPITAL (BELOW) 52,947 . CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): . Cash . 1,768,439 j Receivables (All) 834,124 J Due From Other Funds- ( 39,433) Prepaid Expenses ( 13,067)
-
Inventories ( 486,197) _, Settlements With Fuel Suppliers ( 552,447) , Current Liabilities - Decrease (Increase): 3 l Accounts Payable ( 464,939) ;
""
l Accrued Liabilities ( 150,870) Due to Other Funds ( 842,663) INCREASE (DECREASE) IN WORKING CAPITAL (ABOVE) S 52,947 , l _J i a !
!
s
._ -
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_ (MEMORANDLM) 1979 r- WATER SEWER TOTAL ALL TOTAL ALL FUND FUND FUNDS FUNDS {,
, $( 69,220) $( 338,815) $ 9,984,712 $ 4,819,534 1,061,445 1,236,825 5,974,420 5,791,578
~
992,225 898,010 15,959,132 10,611,112 0 0 0 4,888,101 992,225 898,010 15,959,132 15,499,213 c- 0 149,175 149,175 0 1,814,348 1,998,121 3,812,469 5,969,124
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( 394,047) 617,635 0 0
~
( 12,139) 148,039 9,834,770 688,372
-
415 346 - ( 92,053) 255,355 0 0 704,250 1,408,500 0 0 65,000,000 150,000,000
_ 55,976 ( 5,069) 136,116 108,663 2,456,778 3,806,257 95,503,859 173,929,227
.
'
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1,861,267 2,673,503 7,585,172 8,987,281 _, 448,290 ( 180,749) 64,879,247 35,228,301 9,660 400 103,709 133,371 450,420)
~
,_ ( 739,332 7,190,998 1,059,041 0 0 0 128,342,000 13,000,000
-
0 0 179,859
._ 0 0 607,716 311,372 0 0 922,318 341,792 r ( 1,868,797) ( 3,232,486) (94,289,160) (174,583,017) .I 587,981 573,771 1,214,699 ( 653,790) ' _
' _ 21,316 4,943 1,794,698 121,587 i- 44,410 20,876 899,410 ( 687,598)
~
500,340 555,558 1,016,465 130,818 l ( 619) ( 662) ( 14,348) ( 32,921) _ 0 0 ( 486,197) 360,570 0 0 ( 552,447) .1,219,931
..
44,909 54,092 ( 365,938) ( 1,758,910)
'-
( 7,805) ( 12,076) ( 170,751) 95,830 , ( 14,570) ( 48,960) ( 906,193) ( 163,097) l (_t_ $ 587,981 $ 573,771 $ 1,214,699 $( 653,790) l l
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h m
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7 6 4 7 CITY OF GAINESVILLE, FLORIDA t I STATEMENTS OF NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES COMBINED UTILITY FUNDS
- FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979
]
- 1980 1979 GROSS REVENUES ,
Sales of Electricity $46,557,849 $34,318,322 Other Electric Operating Revenue 1,214,010 1,104,021
- Interest Income - Electric Fund (Note 2) 1,426,346 1,377,676 .,
Cross Electric Revenues 49,198,205 36,800,019 ' Sales of Water 4,290,546 4,151,344
~
5 Other Water Operating Revenue (Note 1) 1,048,674 933,316 Interest Incoce - Water Fund (Note 2) 356,400 234,025 l Gross Water Revenues - 5,695,620 5,318,685 ! Sewer Service Charges 4,576,134 4,233,476 Other Sewer Operating Revenue (Note 1) 607,863 629,771 ', Interest Income - Sewer Fund (Note 2) 212,401 177,730 . Cross Sewer Revenues 5,396,398 5,040,977
'
TOTAL GROSS REVENUES 60,290,223 47,159,681 - OPERATING EXPE'SES BEFORE DEPRECIATION AND AMORTIZATION Electric Fund: - Operations and Maintenance 26,009,166 17,134,128 Administrative and General _ 3,747,490 3,599,122 Electric Fund Expenses 29,756,656 20,733,250 . Water Fund: ' _ Operations and Maintenance l,453,048 1,416,268 : Administrative and General 1,241,266 1,229,997 : Water Fund Expenses 2,694,314 2,646,265
"
Sewer Fund: Operations and Maintenance 1,532,969 1,423,068 Administrative and General 1,224,965 1,040,079 " f Sewer Fund Expenses 2,757,934 2,463,147
'
(TOTAL CPERATING EXPENSES BEFORE DEPRECIATION AND l AMORIIZATION) (35,208,904)125,842,662) _j, NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES Electric 19,441,549 16,066,769 : Water 3,001,306 2,672,420 f. Sewer 2,638,464 2,577,830 " TOTAL NET REVENUES IN ACCORDANCE WITH BOND CRDINANCES S25,081,319 S21,317.019
. . .'
NOTE 1 - Other water and sewer operating revenues include certain connection charges as revenues in accordance with bond ordinances, which is not in accordance - ; ' with generally accepted accounting principles. Such amounts in the water j fund are S961,933 and $852,907 and in the sewer fund are $672,598 and $622,345 '" in 1980 and 1979, respectively.
!
NOTE 2 - Interest income does not include $6,436,485 in 1980, and $3,392,837 in 1979, m for interest earned on investments in the construction trust funds and in certain debt service accounts which can only be used for restricted purposes in accordance with bond ordinances. - i
*/
- a.
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CITY OF GAINESVILLE, FLORIDA STATEMEhTS OF NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES
- ELECTRIC UTILITY FUND
~
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979
'
1980 1979 c- OPERATING REVENUES Sales of Electricity
'
Residential Sales $12,275,966 $11,073,097 __ Commercial and General Power 12,509,950 11,566,870
,
Fuel Adjustment 18,247,162 9,936,917 Street and Traffic Lighting 466,048 444,204
-
Bulk Power Sales 3,058,723 1,297,234 f- Total Sales of Electricity 46,557,849 34,318,322
! Other Operating Revenues Maintenance of Traffic and Street r- Lighting 92,323 57,701 Service Charges 396,254 ' 323,742
{ Utility Surcharges 636,724 564,640 _ Pole Rentals 86,994 67,045 Miscellaneous 1,715 90,893 Total Other Operating. Revenues 1,214,010 1,104,021 TOTAL OPERATING REVENUES 47,771,859 35,422,343 F OPERATING EXPENSES BEFORE DEPRECIATION t ANP AMORTIZATION
-- Operations and Maintenance Power Production 24,712,931 15,718,562
--
Transmission 249,208 251,228 _ Distribution 1,047,027 1,164,338 Total Operations and Maintenance 26,009,166 17,134,128 _ Administrative and General Customers' Accounts 698,718 703,267
~
Administrative and General 3,048,772 2,895,855
'~
Total Administrative and General 3,747,490 3,599,122 (TOTAL OPERATING EXPENSES BEFORE DEPRECIATION m AND AMORTIZATION) (29,756,656) (20,733,250)
.
-
OPERATING INCOME BEFORE DEPRECIATION AND _ AMORTIZATION 18,015,203 14,689,093 INTEREST INCOME 1,426,346 1,377,676 _. NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES $19,441,S49 $16,066,769 u
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CITY OF GAINESVILLE, FLORIDA STATEMENTS OF NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES
- WATER UTILITY FUND -
FOR THE FISCAL YEARS ENDED SEPTE}GER 30, 1980 AND 1979
~
1980 1979 OPERATING REVENUES q Sales of Water " i General Customers $3,328,725 $3,202,304 University of Florida 533,652 513,093 Fire Protection 356,855 71,314 329,926 106,021
)2 Electric Plant Total Sales of Water 4,290,546 4,151,344 Other Operating Fevenues ]
Utility Surcharges 81,131 75,166 { Hiscellaneous 5,610 5,243 Capital Facilities Charges (Notes 1 and 2 Below) 337,600 298,050 . Front Footage, Meter Installation, and Other " l Connection Charges (Note 2 Below) 624,333 554,857 Total Other Operating Revenues 1,048,674 933,316 TOTAL OPERATING REVENUE 3 5,339,220 5,084,660 _ OPERATING EXPENSES BEFORE DEPRECIATION AND AMORTIZATION _ Operations and Maintenance Source of Supply Expense 7,213 8,884 _ Pumping Expense 520,688 489,485 Water Treatment Expense 686,273 596,697 ; Transmission and Distribution Expense 238,874 321,202 :
"
Total Operations a' nd Maintenance 1,453,048 1,416,268 Administrative and General - 322,175 376,542 Customers' Accounts 919,091 852,445 f)
;
Administrative and ^ 9tal Inventory of Plant :3 sets By Consulting Engineers 0 1,010 l Total Administrative and General 1,241,266 1,229,997 _j, (TOTAL OPERATING EXPENSES BEFORE DEPRECIATION AND AMORTIZATION) (2,694,314) (2,646,265) OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION 2,644,906 2,438,395 "
,
INTEREST INCOME 356,400 234,025 NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES S3,001,306 $2,672,420 ,; NOTE 1 - Funds received by the City as water capital facilities charges may be used only -) ' for capital improvement pertaining to the water system or for debt service re-quirements in cennection with such capital improvements. _ l
NOTE 2 - Capital facilities, front footage, meter installation, and other connection charges are revenues in accordance with bond ordinances, but not in accordance with generally accepted accounting principles, a w I
.)
!
Jl _ _ _ _ _ _ .
F L. CITY OF GAINESVILLE, FLORIDA
'
STATEMENTS OF NET REVENUES IN ACCORDANCE WITH BOND ORDINANCES
- SEWER UTILITY FUND
{ l-FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979 1980 1979
~
OPERATING REVENUES Sewer Service Charges
'
Sanitary Sewer Billings $4,576,134 S4,233,476
- Other Operating Revenues
,
'
Miscellaneous (Net) ( 64,735) 7,426 Capital Facilities Charges (Notes 1 and 2 Below) 532,478 473,134 _ Front FooteEe and Other Connection Charges (Note 2 Below) 140,120 149,211 Total Other Operating Revenues 607,863 629,771 TOTAL OPERATING REVENUES 5,183,997 4,863,247
._.
OPERATING E7PENSES BEFORE DEPRECIATION AND AMORTIZATION Operations and Maintenance
- Collection Expense 273,581 329,939 Pumping Expense 281,867 242,328 -
Treatment and Disposal Expense 977,521 850,801 _ Total Operations and Maintenance 1,532,969 1,423,068 Administrative and General _ Customers' Accounts 24,2,590 241,985 Administrative and General 982,375 797,553
-
Inventory of Plant Assets By Consulting Engineers 0 541
~
Total Administrative and General 1,224,965 1,040,079 L (TOTAL OPERATING EXPENSES BEFORE DEPRECIATION AND AMORTIZATION) (2,757,934) (2,463,147)
-
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION 2,426,063 2,400,100
~
INTEREST INCOME 212,401 177,730 (,_ NET REVENUES IN ACCORDANCE WITU BOND ORDINANCES S2,638,464 S2,577,830 i ' ~ NOTE 1 - Funds received by the City as sewer capital f acilities charges may be used only _ for capital improvements pertaining to the sewer system or for debt service re-quirements in connection with such capital improvements.
~~
NOTE 2 - Capital facilities, front footage, and other connection charges are revenues _ in accordance with bond ordinances, but not in accordance with generally ac-cepted accounting principles.
-
BIEAS e iM _ em
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CITY OF CAINESVILLE, FLORIDA SCHEDULE OF UTILITY PLANT PROPERTIES
*
- COMBINED-UTILITY FUtiDS SEPTEMBER 30, 1980 ]
!
l
.l ELECTRIC UTILITY FUND .
Production Plant Nuclear Fuel ]*i
-
Transmission and Distribution Plant General and Common Plant 1 Unclassified Plant In Service j Plant Acquisition Adjustment TOTAL ELECTRIC UTILITY FUND -- t WATER UTILITY FUND Supply, Pumping and Treatment Plant _ Transmission and Distribution Plant General Plant - - Unclassified Plant In Service
~
TOTAL WATER UTILITY FUND
~
SEVER UTILITY FU'm Pumping and Treatment Plant q Collection Plant 1 General Plant J Unclassified Electric Plant In Service '
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. TOTAL SEWER UTILITY FUND
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CONSTRUCTION TRUST FUNDS ' Construction Work In Progress For: ~~ Electric Utility Fund
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UTILITY PLANT IMPROVEMENT FUND ,3 Construction Work In Progress For: {, Electric Utility Fund -' Water Utility Fund Sewer Utility Fund , , TOTAL UTILITY PLANT IMPROVEMENT FUND J TOTALS _
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UTILITY PLANT PROPERTIES BALANCE ADDITIONS SALES AND BALANCE l 9-30-79 (REDUCTIONS) RETIREMENTS 9-30-80
- ; $ 54,215,048 $ 277,060 $ 2,555 $ 54.489,553 871,243 413,759 1,285,002 -
53,687,737 1,981,110 248,458 55,420,389 6,297,711 590,356 156,727 6,731,340 3,742,756 (211,883)
- 3,530,873 15,213 15,2(3
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118,829,708 3,050,402 407.740 121,472,310 1
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_ 11,923,421 21,899 11,945,320 26,459,819 1,751,922 87,108 28,124,633
- 962,766 87,446 22,379 1,027,833 6,859 6,859 ' r- 39,352,865 1,861,267 109,487 41,104,645
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5,908,38; 340,301 201,769 6,046,914 2,270,012
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26,804,700 12,955 29,061,757
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1,391,643 108,292 26,905 1,473,030 L. 17,193,487 ( 45,102) 17,148,385 51,298,212 2,673,503 241,629 53,730,086
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T - _ 67,238,195 64,200,849 131,439,044 _
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1,593,428 410,857 2,104,285 903,265 448,290 1,351,555 1,101,436 (180,749) 920,687 _ 3,698,129 678,398 4,376,527 l _ _
$280,417,109 $ 72,464,419 $758,856 $ 352,122,672
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l 7 CITY OF CAINESVILLE, FLORIDA j SCHEDULE OF ACCUMULATED DEPRECIATION AND AMORTIZATION COMBINED UTILITY FUNDS _) SEPTEMBER 30, 1980 ACCUMULATED PROVISION FOR DEPRECIATION AND AMORTIZATION
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DEPRECIATION l 9 AMOR I ATION RET EMENTS 9 Production Plant $16,628,445 $1,704,790 $ 2,465 $18,330,770 2 Nuclear Fuel - 304,855 121,844 426,699
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Transmission and Distribution l Plant 10,771,741 1,429,346 164,389 12,036,698 l General and Common Plant 2,386,485 352,857 249,326 2,490,016 Plant Acquisition Adjustment 507 507 , TOTAL ELECTRIC UTILITY FUND 30,091,526 3,609,344 416,180 33,284,690 j WATER UTILITY FUND l Supply, Pu= ping and Treat- d ment Plant 2,497,464 334,949 2,832,413 Transmission and Distribution ] Plant 6,929,010 638,018 23,427 7,543,601 J General Plant 590,994 84,101 39,744 635,351 Unclassified Plant In Service 274 137 411 j-i
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TOTAL WATER UTILITY FUND 10,017,74'2 1,057,205 63,171 11,011,776
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SEWER UTILITY FUND Pumping and Treatment Plant 1,997,087 196,069 46,794 2,146,362 - Collection Plant 5,826,600 547,902 12,955 6,361,547 Ceneral Plant 733,672 137,100 38,174 832,598 ~}
- Unclassified Electric Plant _J , ,
I In Service 671,101 344,389 1,023,090 .- ' TOTAL SEWER UTILITY FUND 9,236,060 1,225,460 97,923 10,363,597 ; TOTALS $49,345,328 $5,892,009 $577,274 S54,660,063 J
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r- a . I l l l l l I CITY OF OCALA, FLORIDA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1980
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I I CITY OF OCALA, FLORIDA A'INUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEM3ER 30, 1980 TABLE OF CONTENTS Pages REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1 COMBINED FINANCIAL STATEMENTS 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
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I Trust Funds Combined Statement of Revenues, Expen-7- 8 ditures, and Changes in Fund Balances - I Budget and Actual - General and Special Revenue Fund Types 9-10 Combined Statement of Operations and I Changes in Retained Earnings - All Proprietary Fund Types and Nonexpendable Trust Fund 11 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Nonexpendable Trust Eund 13-14 Statement of Changes in General Fixed Assets 15-16 Statement of Changes in General Long-Term Debt 17-18 Notes to Financial Statements 19-40 I I I ' i I
I Pages REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON SUPPLEMENTAL INFORMATION 43 INDIVIDUAL FUND AND COMBINING FINANCIAL STATEMENTS BY FUND TYPE Governmental Fund Tvoes Special Revenue Funds Combining Balance Sheet 45-46 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Actual and Budget 47-48 Debt Service Funds Combining 3alance Sheet 49 Combining Statement of Revenues, Excenditures and Changes in Fuhd Balance 51-52 Capital Project Funds Combining Balance Sheet 53 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 54 Proprietarv Fund Tvoes Enterorise Funds Combining Balance Sheet 55-56 l Combining Statement of Operations and Changes in Retained Earnings 57-58 Combining Statement of Changes in Financial Position 59-60 Electric and Bulk Power Supply l Revenue Funds Consolidating Balance Sheet 61 Consolidating Statement of Operations and Changes in Retained Earnings 63-64 l Consolidating Statement of Changes a in Financial Position 65 ii
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l I Pages I Fiduciarv Fund Tvoes Trust Funds Combining Balance Sheet 66 Combining Statement of Revenues, I Expenditures and Changes in Fund Balance - Expendable Trust Funds 67 l Statement of Operations and ; Changes in Fund Balance - Nonexpend-able Consolidated Retirement Fund 68 Statement of Changes in Financial ! Position - Nonexpendable Consolidated Retirement Fund . 69 STATISTICAL SECTION Schedule of Insurance Coverage 70 I
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}fatenouse&Co January 16, 1981 I Honorable City Council City of Ocala, Florida We have examined the combined financial statements of the I funds ari account groups of the City of Ocala, Florida for the year ended September 30, 1980 listed in the foregoing table of contents. Except as described in the followin paragraph, our l examinationwasmadeinaccordancewithgeneraflyaccepted auditing standards and accordingly included such tests of the accounting records and auch other auditing procedures as we considered necessary in the circumstances.
The City has not maintained detail records for property and I equipment in the Electric Revenue Fund. Since the amounts recorded in this fund as property and equipment, accumulated depreciation and depreciation expense enter materially into the determination of financial position, results of operations and I changes in financial position of the combined Enterprise Funds, we do not express an opinion on the combined financial statements of such funds. In our opinion, the combined finincial statements listed in l the foregoing table of contents, except for the financial l 3 statements of the Enterprise Funds referred to in the preceding 3 paragraph on which we do not express an opinion, present fairly the financial position of the combined funds and account groups of the City of Ocala, Florida at September 30, 1980 and the I results of operations of such funds and the changes in financial position of the internal service and nonexpendable trust fund for the year then ended, in conformity with generally accepted I a,ccounting principles applied on a basis consistent with that of
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tne precedi.ng year. I l P a cd L v4 !l Certified Public Accountants .I ! _ _ _ _ _ _ _ _ _ _ _ _ .
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I CI*Y OF OCALA, 7LO?IDA COM3!NED BALA :CE SMEET ALL Fi*"D NPES A"D ACC0f"'T GR0"P5 SEPTEM3ER 30, 1990 Govern = ental Fund Types Special Oeb: Capital General Revenue g Se vice Protee:s Assets Equity in pooled cash and invest =ents $1,054.046 S 77.vt3 Cash and inves tments 164,319 128,339 Accoun:s receivabla, net of allowances for doub:ful accoun:s 42,665 6.42S Accrued unbilled revenues Notes receivable Curren: and delinquent special assess =ents receivable Due fro = other gcvern=ents 26,555 Due from pooled cash and invest =ent fund 50 Due from other funds 345,087 Inven:ortes Prepaid expenses Other current asse:s Restricted assets Equity in pooled cash and invest:ents Cash and inves t=ents Sa75,294 Due from other governments $6t ',827 15.045 Accrutd interes: and dividends 1SL.968 61,306 receivable 6,590 Due from other funds Due from pooled cash and investment fund Other 49 3 23,221 Total current and restricted ' assets 1,633.172 272.730 873.655 549,653 Oeferred special assessments receivab.s Property, plant and equipmen:, ne { Issuance cos:s on icng-:erm 1
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debt , <coun t available in deb: ssnice funds { A=oun: to be provided for re tire' cent of general long-term ! debt I Total assets }
$1.633.172 [212 . 7 3 r) 3g79.65$ $$co 453 See acco panying notes to financial statements. I Il I'
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l .!3 i Proprietary Fund Types Fiduciary Fund Type Account Groups l General General Total j Special Internal Fixed 1,ong-Term (Memorandum Assessment Enterorise Service Trust Assets Debt Oniv) ! S1,105.996 S 365,753 $1,104.009 3 3,707,717
- 41,200 150 334,508 4,287,348 1,656 4,138,097
. g 2,264,621 2,264,621
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E 146,426
- 146,426
, , 26.555 . 211 261 i 307,151 170,945 823.183 1,422,386 1,422,386 71,136 71,136 1,077 1,077
l 7,229,699 $ 329,371 8,032,364 l 2,343,771 6,201,430 9,228,073
; 7,971 86,490 336,735 1
1 17.649 112,326 136,565 18,161 18,161 I 410 145 612
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, ' 1,252,422 18,193,266 1,276,760 6,747,923 30,744,581 ' 428,138 428,138 43,965,563 545,950 $7,848,651 52,360,164 l35 265,731 265,731 ! , S 877,275 877,275 t l 4 l 4,715.145 4.715,145
$1.480.%0 $62.424.560 $1.922.710 $6.747 023 37 848.651 35.502.420 $80.301.034 ,
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C!r' CF GCALA FLOR:0A COM37"ED 3ALANCE SHEET ALL FU';D TYPES AND ACCOU'!T CROUPS " SEPTEMBER 30, 1930 (continued) Governmental Fund Types Special Debt Captcal General Revenue S e rvi c e P_ro ! e c t s Liabilities and Fund Ecuitf Current liabilities Accounts payable S 284,361 3 11.373 Bonds and notes payable within one year Due to pooled cash and invest =ent fund 49,773 Due to other funds 18,166 2,082 Customer deposits Deferred revenue . 81.159 Current liabilities payable from restricted assets Due to other funds $180,945 l Bank overdraft S 1,380 g Bonds payable within one year Accrued interest payable Accounts payable 46,004 Due to pooled cash and investment fund 19,457 Notes payable , Total current liabilities and l liabilities payable from 5 restricted assets 303,027 144,392 1,380 246,406 Bonds and notes payable after one year Total liabilities 303,027 144,392 1,380 2 46 ,4E_$ Fund equity Investment in general fixed assets Contributed capital /e:ployee pension contributions Retained earnings Reserved for debt service Reserved for renewal and replacement l g Reserved for capital projects Reserved for subsequent year's budget Reserved for other projects Total reserved retained earnings Unreserved Designated for alternate energy study Undesignated Total unreserved retained earnings Total retained earnings ___ Fund balance (deficit) Reserved for debt service 877,275 Reserved for capital projects 233,627
- Reserved for retirement benefits Reserved for subsequent year's budget 1,065,334 134,755 Reserved for encu=brances $11,766 1,099 69,620 Reserved for restricted ti=e deposit 1,31(
Total reserved fund balance 1.177,100 137,670 877.275 303,247 Unreserved 153,045 (69,332) Total fund balance 1,330,145 63.338 877,275 303,247 Total fund equity 1,330,145 68,338 377,275 303,247 Total liabilities and fund equity $1.633.172 S212 73n $373.655 $549.653 See accompanying notes to financial scacements. 3
I I . Fiduciary Proprietary Fund Types Fund Type Account Groups I Special Enterprise Internal Service Trust General Fixed Assets General 1.ong-Term Debt Total (Memorandum Oniv) Assessment
$ 3,487,247 3 49,323 3 3,332,314
$ 150,000 59,311 S 330,535 539,346 3.516,956 3,566,729 640,151 660,399 I 1,102,801 1,102,801 31,159 180,945 I 13,641 995,000 15,021 995,000 556,653 556,653 I 367,611 608,845 3.735,099 413,615 628,302 3.735,099 I 150,000 15,024,004 108,639 330,535 16,308.383 I 410,000 19,217,767
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5.261,885 24,889,652 560,000 34,241,771 108,639 5.592,420 41,198,035 37.848.651 7,848,651 3.731,457 1,280,832 1,409,723 6,422,012 3,067,670 3,067,670 744,362 744.362 5,701,766 5,701,766 256,317 256,817 342,989 29,137 372,126 10,113,604 29,137 10,142,741 50,000 50,000 14,691,830 I 14,287,728 404.102 14,337,728 404.102 14,741,930 24.451,332 433,239 24,384,571 I 4,922,339 301,265 877,275 233,627 4,922,339 1,501,354 210,590 I 28,105 1.316 5,251,709 7,747,001 1,120,560 86,491 1,290,764 I 1.120,562 1,120,560 28,182,789 1,714.071 5,338,200 6,747.923 7.348,651 9,037,765 48,192.999
$90 ?ot 0?4
!1.90.560 $62.42a 560 $1. 322 710 $6.747 073 $7.949.651 $5.532.420 6
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CI*Y OF GCALA , FLORIDA I COM3INED STATE'^~NT OF REVE'iUES , EXPENDITURES AND CMA' ICES IN FUND BALANCE ALL COVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FCIDS FOR THE YEAR ENDED SEPTEM3ER 30, 1980 5 Governmental Special Debt General Revenue service Revenues Property taxes $1,790,939 S 41,332 l 3 Other taxes 401,038 Federal and state revenue sharing 1,041,920 Intergovernmental revenues 30,542 262,814 Licenses and permits 160,173 208.105 Fines and forfeitures 206,826 10,398 Interest 75,461 11,535 S 92.583 Charges for ser/ ices 50,633 Special assessments levied Other 247,361 34,023 l g Total revenues 4,055,403 568,207 92,583 Expenditures General government 1,269.165 Public safety 3,427,983 Public works 1,579,937 Culture and recreation 1,015,954 549,072 Nondepartmental appropriations 20,081 E Capital outlay 795,924 25,346 Principal and interest payments 13,667 766,261 E Other 4,713 Total expenditures _8,122,711 579,131 766,26' Excess (deficiency) of revenues
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E over expenditures (4,067,303) (10,924) (673,678) 3 Other financing sources (uses) Transfers from other funds 4,773,197 308,546 Transfers to other funds (628,588) (222,454) 358,485 (33,111) l g Total other sources (uses) 4,144,609 86,092 325',374 Excess (deficiency) of revenues and other sources over expen-ditures and other uses 77.301 75,168 (348,304) Fund balance at October 1, 1979 1,249,117 (6.830) 1,229,195 Residual equity transfers from (to) General obligation debt sertice fund 3,616 (3,616) Antirecession fiscal assistance fand 111 Fund balance at September 30, 1980 $1.330,145 3 68.338 $ 877,275 m See accompanying notes to financial statements.
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S 1,832,271 401,038 S355,113 1,397,043
$376,089 719,445 i
I 36,*'2 S 111,565 35,565 368,278 217,224 363,321 50,633 118,235 118,235 , 538 45,950 328,272 413.239 275,650 390,678 5.795,760
! I 1,269,165 3,427,983 1,579,937 1,565,026 20,081
- 509,016 14,385 471,187 1,815,858 43,363 823,791 237 6,000 10,950 509,016 58,485 477.187 10,512,791
(os,777) 217,165 (86.509) (4,717,031) , 5,440,228 l (45,000) (250,000) (22.010) (1,201.163) l (45,000) (250,000) (22,010) 4,239,065 l l (140,777) (32,335) (108,519) (477,966) 444,024 1,153,395 524,491 4.593,392 s i
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$303,247 S1.120.560 Sa15.961 S 4.115.a26 i
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CI*'Y OF *E.A . FLORfDA COM9?NED STATEVENT 07 RE'!ENUES , EXPENDIT'JRES , AND C'3X;GES IN FC:D 3AL.CiCE SUDCET AND ACT'JAL GENERAL AND SPECI AL RE'!ENUE FU' D TYPES FOR THE YEAR ENDED SEPTEM3ER 30, 1990 General Actual Over (Under) Actual Budget Budget Revenues Property taxes $1.790,939 S1,788,313 $ 2,626 Other taxes 401,038 396,758 4.280 State revenue sharing 1,041,930 1,020,000 21,930 Other intergevernmental revenues 80,542 85,733 (5,191) Parking meters Licenses and permits 160,173 166,374 (6,201) Fines and forfeitures 206,826 201,872 4,954 Interest 75,461 70,000 5,461 Charges for services 50,633 53,187 (2,554) Other 247,861 259,290 (11,429) Total revenues 4,055,403 4,041,527 13,376
* 'xpenditures Mayor and city council 25,176 24,626 550 City manager 155,242 153,823 1,419 Cit; attorney 54,197 56,096 (1,897)
City clerk / internal auditor 81,220 80,229 2.991 Administration and accounting 36/,951 355,731 12.220 Purchasing 74,602 74,987 (385) Personnel 151,010 152,004 (994) Planning 139,405 131,340 8,065 Building inspection 218,362 218,292 70 fublic safety Poi'.ce 2,133,466 2,145,596 (12,130) Fire 1,294.517 1,286,321 8,196 Public works Engineering 810.397 757,255 53,142 Highway and streets *69,540 760,179 9,361 Culture and recreation 1,015.954 1,014.371 1,583
. Nondepartmental appropriations 20,081 18,259 1,822 Capital outlay 795,92a 949,009 (153,085)
Principal and interest payments 13,667 13,668 (1) Regional services Ocala services Regional administration Other Total expenditures 8,122,711 3,171,794 (69,073) Excess (deficiency) of revanues over expenditures (4,067,308) (4,150,257) 32,949 Othet financing sourcea (uses) Operating transfers from other funds 4,773,197 4,773,197 Operating transfers to other funds (629.588) (628,245) (343) Total other sources (uses) 4,144,609 4,144,952 (343) Excess (deficiency) of revenues and otrer sources over expenditures and other u,is g before fund balance allocation Fund balance allocation 77,301 (5,305) 82,606 g 1,689 (1,689) Excess (deficiency) of revenues and other sources over expenditures and other uses after fund balance allocation 77,301 (3,616) 80,917 Fund balance at October 1, 1979 1,249,117 1,249,117 Residual equity transfers from General obligarion debt s e rvic e fund 3,616 3,616 Antirrtession iiscal assistanew fund 111 111 Fund balance at September 30, 1980 11.330.'45 $1.250 229 3 90 ot' See accompanyin: notes to financial statements. 9 I i
*ocals Special Revenue (Me=orandum Only)
Actual Actual Over (Uncer) Over (Under) Actual Budget Budget Actual Budget Budget 3 41,332 3 41,957 (S 625) S1,332,271 31,830,270 S 2,001 I 401,038 396,758 4,280 1,041,930 1,020,000 21,930 ' 262,814 262,814 343,356 348,547 (5,191) 15,638 19,600 (3.962) 15,638 19,600 (3,962) 208,105 183,500 24,605 368,278 349,874 18,404 10,398 10,700 (302) 217,224 212,572 4,652 11.535 6,740 4,795 56,996 76.740 10.256 50,633 53,187 (2.554) 18,385 18,220 165 266,246 277,510 (11,264) 568,207 543,531 24.676 4,623,610 4,585,058 38,552 25,176 24,626 550 155,242 153.823 1,419 54,197 56,094 (1,897) 83,220 30,229 2,991 367,951 355,731 12.220 74,602 74,987 (385) 151,010 152,004 (994) I 139,405 218,362 2,133,466 131,343 218,292 2.145,596 8,065 (12,130) 70 8,196 I 1,294,517 1,286.321 810,397 757,255 53,142 769,540 760,179 9,361 1,015,954 1,014.371 1,583 20,081 18,259 1,822 25,246 24,190 1,156 821,270 973,199 (151,929) 13,667 13,668 (1) 193,114 184,82, 8,291 193,114 184,823 8,291 235,781 219,341 16,440 235,781 219,341 16,440 120,177 114,745 5,432 120,177 114,745 5,432 4,713 1,428 3,285 4,713 1,428 3,285 579,131 544,527 34.604 3,701.,842 8,736.311 (34,469) (4,078,232). (4.151,253) 73,021 (10,924) (906) ( 9 ,9 0, 308,546 308,546 5,081,743 5,081,743 (850.699) (343) I 1222,454) (222.454) (351,042) 36.092 B6.092 4,230,701 4,231,044 (343) I 75,168 85,096 (85,096) (9,928) S5,096 152,469 79,791 (83,407) 72,678 83,407 75,168 75,168 152,469 (3,616) 156,085 (6,830) (6,830) 1,242,287 1,242,287 3,616 3.616 111 111 S 63.??9 ($ A 9?0) S75.168 St . 304.433 St 242.309 S156.935 _ _
CITY OF GCALA. FLORIDA 00M9UTED STATE"ENT OF OPE?AT!ONS AND CHANGES IN RETAINED EARNINOS PROPPIETARY FCID TYPES AND NONEXPENDA3LE TR!JST C1D FOR EHE YEAR ENDED SEPTEFSER 30, 1930
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Proorietarv Fund Tvoes Nonexpendable Consolidated Total Internal Re tir ement (Memorandum Enterorise Service Trust Oniv) Operating revenues Sale of electricity $31,002,606 $31,002,606 Sale of water 1,243,205 1,243,205 Sewer and sanitation service charges 2,327,965 2,327,965 Fees and rentals 386,897 S1,480,949 1,867,846 Commissions 33.431 33,431 City and state contributions S 515,836 515,336 Other income 814,233 13.577 ?70 327,980 Total operating revenues 35,303,337 1,494,526 516,006 37,318,369 Operating expenses Purchase of electricity 19,058,372 19,058,372 Distribution and transmission 2,609,509 2,609,509 'gl Back-up 2,386,035 2,386,035 Operation and maintenance 2,450,468 2,450,463 Treat =ent and collection 1,063,518 1,063,518 Municipal garage 1,041,774 1,041,774 Data processing and central reproduction 269,458 269,458 Building =aintenance 213,518 213.518 Pension payments 155,647 155,647 Depreciation in fair value of investments 323,207 323,207 Administration 897,650 28,779 926,429 Depreciation and a=orti:ation 2,015,365 - 34,934 2,050,299 Other 368,132 368,132 Total operating expenses 30,949,049 1,559,684 507,633 32,916,366 Operating income (loss) 4,959,2S8 (65.158) 3,373 4,902,503 Nonoperatin6 revenues (expenses) Interest inco=e 804,132 81,648 541,227 1,427,007 Interest expense (1,200,203) ( 5 ,1_31 ) (3,739) (1,209,173) Total nonoperating revenues (expenses) (3'6,071) 76.467 537.433 217,324 Income before operating transfers 4,563,217 11,309 545.311 5,120,337' Other financing sources (uses) Operating transfers from other funds 72,658 203,367 276,025 Cperating transfers to other funds (4,636,26f) (4,636,265) Total other sources (uses) (4,613,607) 203.367 (4,410.240) Net income (loss) (50,390) 214,676 545,811 710,097 Disposition of net income (loss) Depreciation on contributed assets 197.320 197,320 Net increase in retained earnings 146,930 214,676 545,811 907,417 Retained earnings at October 1, 1979 24.304.402 219.563 4,376.529 28.399.493 Retained earnings at September 30, 1980 S24.451.?32 S 433.230 S4.022.330 $20 406.010 See accompanying notes to financial statements.
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CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CHANGES I'! FI"ANCIAL POSITION ALL PROPRIETARY FUND TYPES !.*!D MONEXPENDAELE TRUST FUNDS W FOR THE YEAR ENDED SEPTEM3ER 30, 1980 Proprietary Internal Enterorise Service Financial resources were provided by (used for) Net income (loss) ($ 50,390) $214,676 Add charges not affecting working capital Depreciation and amortization of property and equipment and issuance costs on long-term debt 2,015,366 34,934 Amoritation of bond discount 25,657 Loss on disposal of property and equipment 7.441 Total financial resources provided by operations 2,001.074 249,610 Employee pension contributions Proceeds from sale of property and equipment 551 Capital contributions 238,695 170,832 Decrease (increase) in restricted assets 1,104,445 Total financial resources provided 3,344,765 420,442 Financial resoorces were used for Refunded employee contributions Additions to property and equipment 5,078,771 73,061 Reduction in long-term debt 995,000 59,295 (Increase) decrease in liabilities payable from restricted assets (2,973,135) Issuance costs on long-term debt 33,942 Total financial resources used 3.129,578 132,356 Increase in working capital S 215.197 S298 A96 Analvsis of Changes in Cocoonents of 'Jorking Caettal Increase (decrease) in current assets Cash and investments ', $ 130,422) Equity in pooled cash and invest =ents 250,044 $117,206 Accounts receivable 535,458 392 Notes receivable 8,886 Accrued unbilled revenues 1,037,790 Prepaid expenses (78,258) Due from pooled cash and inves t=ent fund 211 Due from other funds 307,151 170,894 Inventories 201,155 Other current assets (12,482) Total increase in current assets 2,119,533 288,992 (Increase) decrease in current liabilities Note payable within one year (3,317) Accounts payable . (1,030,330) (8,189) Due to pooled cash and investment fund (109,978) Due to other funds (640,151) 10,600 Customer deposits (124,939) Deferred revenue 1,052 Total (increase) in current liabilities (1,904,346) (906) Increase in working capital S 215.197 $298.0,i See accompanying notes to financial statements.
_-- . _ . i a
-
i
!II i 11 i
, i
,
Nonexpendable Total consolidated (Memorandum ] Retirement Trust Oniv) l S545,311 S 710,097 i ! 2.050,300 4 28,657
"
7,441 ]
- g 545,811 234,235 2.796,495 234,236
- E 1
! 551 , 409,527 l (711,966) 392,579 i 68,181 3,833,388 65,831 65.831 ! 5,151,332 i 1,054,295
- l
- 2,350 (2.975,785) j 33,942 l 68,181 3,330.115 S S 503.273 i
d i 3l (S 130,422) ., 367,250 !
- 536.350 8,886 1,037,790
- (78,258) 211 2 478,045 l 201,155 l (12,482) 2,408,525 j (3,317) i5 (1,038,519) .
j (109,978) 1 (629,551) (124.939) j 1,052 i (1,905,252)
; S S 503.273 I
i i
;
i 5 14 .
;ll
,-,-------,----n-,.-__,-----.--,-,-,.,,.,-,_,.+_,_,,,a--,,- _,,,,,.,_w,w_.--w-n,- ,,,,n.,---- - , , , . . . - , - - - - - n.---,.-
I CITY OF OCALA, FLORIDA I STATEMENT OF CHANGES IN GENERAL FIXED ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 1980 Balance at October 1, 1979 Property, plant and equipment Land $2,515,160 Buildings Equipment, furniture and rixtures 2,920,310 2,090,877 l 37.526.347 Net investment in general fixed assets Investment in property acquired prior to September 30, 1975 S5,709,516 Investment in property acquired after September 30, 1975 Capital proj ect funds-bonds 155,161 General fund 597,390 l-Special revenue funds 168,439 Trust funds - federal 3 entitlements ' 474,353 s E Special assessment fund 35,170 Federal and state grants , 386,318 , l S7.526.347 , l
!
l 1 I I I See accompanying notes to financial statements. I i
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i I e i Balance at ! Additions Retirements September 30, 1980 I S159,258 (S 1,560) $2,672,858 . 20,500 2,940,810 273,917 (129,811) 2,234,983
- $453,675 (S131,371) $7,848,651 I ($ 94,746) $5,614,770
- , I
$108,033 l 263,194
, 249,992 (16,407) 830,975
26,162 (1,373) 193,228 ' E 65,496 (18,845) 521,004 , E 35,170 3,992 390,310 S453.675 (S131.371) S7.848.651 I I I I I I
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I CITY OF OCALA, FLORIDA I STATEMENT OF CHANGES IN GENERAL LONG-TERM DE3T FOR THE YEAR ENDED SEPTEMBER 30, 1980 Balance at I October 1, Capitalized 1979 Lease A=ount available '.n debt
- service funds Amount to be provided S1,229,194 l
Serial bonds 4,747,806 Notes payable 64,300 Capitalized lease S16,548 4.812,106 '16,548 E Total amount available and a to be provided $6.041.300 $16.548 General obligation debt payable Serial bonds $5,977,000 Notes payable Capital lease obligation 64,300 S16,548 l Total general obligation en debt payable S6.041.300 S16.548 g I , I I I See accompanying notes to financial statements.
. . - - __ -. . . .
___ - - I 4 General Debt Service Balance at Long-Term Funds September 30, Debt Retired Operations 1980 , (S351.919) S 877,275 , ($454,000) 351,919 4,645,725
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(11,200) 53,100 (228) 16,320 (465,428) 351,919 4,715,145 (S465,428) S $5,592,420 i ($454,000) $5,523,000 (11,200) 53,100 (228) 16,320
($465.428) 35.59_2,420
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I S I I I I I _ _ . _ _ _ _ _ - -
I CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1980 NOTE 1 - DE'SCRIPTION OF FUNDS The City of Ocala (the " City") operates under a council- E manager form of government and provides the following services as 5 authoriced by its charter: public safety, public works, public utilities, culture, recreation and community development. Public E housing services are provided by the Ocala Housing Authority. This g Authority is a separate governmental entity, and its financial statements are not included in this report. The accounts of the City are organiced on the basis of funds and account groups, each of which is considered a separate account-ing entity. The various funds and account groups are classified 3 for reporting purposes into three basic fund types: governmental E funds, proprietary funds and fiduciary funds. GOVERNMENTAL FUNDS Governmental funds include the general, special revenue, debt service, capital proj ect , and special assessment fund groups. The focus of governmental fund measurement is the determination of financial position and changes in financial position (sources, uses and balances of financial resources rather than upon net inccme a d e termina tion) . The following is a description of the governmental B funds of the City: General Fund The general fund is the general operating fund of the City. It is used to account for receipts, general operating expenditures and 3 capital outlay expenditures not specifically required by law or 3 administrative action to be accounted for in a separate fund. Soecial Revenue Funds l Special revenue funds are used to account for revenues legally or administratively restricted to finance specific activities other than special assessments, expendable trusts, or maj or capital improvements. Special revenue funds used by the City are: Occucational License Business license and permit revenues which are pledged as 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 general fund for debt service on the Refunding and Improven.ent Excise Tax Bonds. I
I I Central Florida Regional Library
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This fund is used to account for federal, state and county grants, and general fund subsidies which are restricted for the operation of the Regional Library. O f f- S tree t Parking This fund accounts for the proceeds from the City's parking I system. Off-street parking revenues are pledged as security for the Improvement Bonds dated July 1, 1966. Downtown Develooment This fund accounts for property taxes levied against downtown property owners. These property tax revenues are used for l debt service on the Improvement Bonds dated July 1, 1966. Debt Service Funds Debt service funds are used to account for the accumulatica of resources for the payment of principal and interest requirements on general obligation and other improvement revenue bonds not paid I from proprietary or special assessment funds. Capital Proj ect Funds Capital project funds are used to account for resources ear-marked for the acquisition and construction of major capital facilities other than those financed by proprietary and special I assessment funds. Soecial Assessment Funds Special assessment funds are used to account for financial resources obtained for the financing and construction of improve-I ments that are to be fully or partially paid for by assessments against benefited properties. It is the policy of the City to levy special assessments subsequent to completion of the capital proj ect and thus related construction costs are not accounted for within I the special assessment funds. PROPRIETARY FUNDS Proprietary funds are used to account for operations that are financed and operated in a manner similar to private businesses I where the intent of the governing body is that the costs (all expenses 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. Proprietary funds used by the City are as follows: I l
Enterprise Funds I l
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Enterprise funds used by the City are as follows: Bulk Power Suoply Revenue Fund This fund accounts'for the construction, operation and maintenance of the City-owned portion of Crystal River Nuclear Plant No. 3 (CR-3). Purchases of electricity (principally from Florida Power Corporation), in addition to the City's share of electricity, generated by CR-3, are recorded in this fund and sold to the City-owned electric revenue system for sale to the general public. Electric Revenue Fund This fund accounts for the construction, operation and maintenance of the City's electric system. Electricity sold to the general public is purchased from the City's bulk power sup' ply E system. Rates charged customers are set by the City Council within 5 the rate structure set by the Florida Public Service Commission. Water and Sewer Fund This fund accounts for the construction, operation and maintenance of the City-owned water and sewer system. Saniration Fund This fund accounts for the operation and maintenance of the City's refuse collection system. Municioal Golf Course Fund This fund accounts for the construction, operation and maintenance of the City's golf courses. Fort King Tennis Court Fund This fund accounts for the operation and maintenance of the Fort King tennis court. Municipal Trailer Park Fund This fund accounts for the operation and maintenance of the City-owned trailer park. Jim Tavlor Airport Fund This fund accounts for the revenues and nintenance of the City's airport which is leased to a fixed-base operator. I I
I Internal Service Fund The internal service fund accounts for the operation of the municipal garage, data processing, central reproduction and building maintenance departments. This fund is financed by user fees charged to other City funds. In addition, the fund is used to account for the construction of a Utility Public Works Complex. (See Note 6). FIDUCIARY FUNDS Fiduciary funds of the City include expendable trust funds and the nonexpendable consolidated retirement fund. The measurement focus of the expendable trust funds is the same as governmental I funds. The measurement focus of the nonexpendable consolidated retirement fund is similar to proprietary funds. The following fiduciary funds are used by the City: Trust Funds I Trust funds are used to account for assets held by the City as trustee. Expendable trust funds use the modified accrual basis of accounting; the nonexpendable trust fund uses the. full accrual method. The City has the following expendable trust funds: Federal Revenue Sharing Fund Revenues and related expenditures received under the State I and Local Fiscal Assistance Act of 1972 (as amended) are accounted for in this fund. Antirecession Fiscal Assistance Fund This fund accounts for revenues and related expenditures received under the 'Antirecession Fiscal Aid Program which was authorized by the Public Works Employment Act of 1976. The nonexpendable trust fund used by the City is: Consolidated Retirement Fund This fund accounts for the financial transactions of the
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City-administered pension plan. ACCOUNT GROUPS General Fixed Asset Acccunt Group B This account group is established to account for all property, a lant and equipment of the City, except for infrastructure assets p(roads, bridges, etc.) and those assets accounted for in proprietary funds. L I
_ _ _ _ _ ____ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _- I General Lona-Term Debt Account Grous This account group is established to account for long-term debt that is backed by the City's full faith and credit or for debt not expected to be paid from proprietary or special assessment funds. NOTE 2 - SUSC4ARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City conform to generally accepted accounting principles except for depreciation expense and accumulated depreciation for the electric revenue fund which are recorded based on estimates sinc _ detail records do not exist for the electric revenue fund's property and equipment. The following is a summary of the more significant principles used by the City. Basis of Accounting The financial statements of proprietary and nonexpendable trust 3 funds are presented on the accrual basis of accounting. The E financial statements of governmental and expendable trust funds are presented on the modified accrual basis of accounting. Under the modified accrual method of accounting revenues are recorded when cash is received, except revenue that is both measurable and available as a resource to finance operations of the current year is accrued. Revenues of a material amount not received at the normal time of receipt are also accrued or deferred, as appropriate. Under the modified accrual basis, expenditures are recorded on the accrual basis except:
- a. Inventory is recorded as an expenditure when purchased.
- b. Interest expense on general long-term debt is recorded as an expenditure in the debt service funds only when paid or on the due date, if unpaid.
- c. Interest income for soecial assessments receivable and interest expense on related long-term debt are not accrued.
- d. Expenditures are not divided between years by the recording of prepaid expenses.
- e. Vacation and sick pay are not accrued (see Note 12) .
Open purchase orders and other commitments are recognized as reserves of fund balance or retained earnings at the end of the fiscal year. They are recognized as expenditures or expenses in the period in which the actual goods or services are received and a E liability is incurred. 5
Homogeneous funds are consolidated for purposes of financial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds I which are similar by type but not homogeneous are combined. Interfund transactions and balances are not eliminated on funds which are combined rather than consolidated. The columns headed " Total (Memorandum only)" included in the Combined Overview Financial Statements are included for information
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purposes only. These total columns are not comparable to consolidated financial information as the basic reporting entity is by fund types which utilize differing bases of accounting. Interfund payables and receivables are noninterest bearing and generally are liquidated ~ monthly. Interfund loans, which are approved by the City Council, are noninterest bearing and are primarily payable on demand. Investments I 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 U.S. I Treasury obligations, commercial paper, stocks and bonds are stated at current value based on quoted market prices. The City maintains a pooled cash and investment fund to allow the City to pool monies for inves tment to achieve higher interest rates. The City maintains appropriate records to identify the equity of each fund investing in the pool (see Note 4). Investment earnings of the pool are allocated to the partic'ipating funds based on the respective fund's equity in the pool at month-end. Income from other investments owned by the individual funds is recorded in the respective funds as earned. Caoital Grants and Contributions Program grants and capital grants for general fixed assets are I recorded in the applicable governmental fund as receivables and revenues at the time reimbursable proj ect costs are incurred and all significant grant restrictions are satisfied. Grant revenues, if any, 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 additicus subsequent to September 30, 1977 are recorded in the general fixed asset account group as contributions from federal or state grants. Capital grants for fixed asset additions to the proprietary funds are also recorded as receivables when reimbursable proj ect
costs are incurred or as deferred revenue if the grant money is received in advance of proj ect expenditure. Capital grants and other contributions for fixed asset additions to the proprietary funds prior to October 1, 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 contribution equity. Depreciation on proprietary fund assets purchased with capital grants or acquired by contributions is recorded as a reduction of contribution equity. Inventories Inventories held by the enterprise 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 Equipment Proprietary Funds With the exception of extensions and improvements other g than buildings of the electric revenue fund, property, plant and 3 equipment of proprietary funds were recorded in detail fixed asset subsidiary records in 1976 at cost, if known, or at estimated cost. The use of estimated cost was necessary since the City had not fully maintained detailed property records. The City used appraisals and other estimation techniques (indices) to estimate, where necessary, the original cost of the units of property and equipment. Since 1976, all additions to fixed assets of proprietary funds have been recorded at cost in the detail records with retirements recorded using the cost (net of depreciation) established in 1976. Depreciation expense in the electric r. venue fund is providbd annually on a straight-line basis over 30 years applied to the recorded cost of the fixed assets as a group. Depreciation is provided on all other fixed assets of proprietary funds on the straight-line method over the following estimated useful lives: Buildings 30 years Fxcensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years An annual depreciation rate of 3.67. is applied to the recorded cost of Crystal River Unit No. 3. This annual depreciation rate was approved by the Florida Public Service Commission for use by Flor:.da Power Corporation, the majority owner of the proj ect. The City's share of nuclear fuel, which is included in'the CR-3 investment account, is amortized to operations
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I
I on a unit-of-production method at a rate based on actual BTU's of energy produced. Additions s improvements and expenditures that significant3v extend the useful life of proprietary fund assets are capitalized. Other expenditures for repairs and maintenance are charged to operations as incurred. Interest expense on long-term debt incurred for con-struction is not capitalized. Governmental Funds General fixed asset additions are recorded as capital outlay in the respective governmental fund and are simultaneously. capitalized at cost in the general fixed asset account group, except for improvements other than buildings constructed in the public right-of-way such as roads, bridges, curbs, gutters, straets and sidewalks, drainage systems and lighting systems. Unit costs of general fixed asset property and equipment were intially established in fiscal year 1976 at cost, if known, or estimated cost in a manner similar to proprietary fund fixed assets. Depreciation is not provided on general fixed assets. 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). ,3 Bond discounts are presented as a reduction of the face amount W of the related bonds payable and issuance costs are recorded as other assets. Annual Budgets . An annual budget is prepared for all funds except the special l assessment, capital proj ect, debt service and the consolidated .3 .etirement funds. The budgets presented in the accompanying financial statements have been adjusted for all revisions of the annual budget approved during the year by the City Council. The budgets for the governmental funds are prepared on the modified accrual basis which is the same basis of accounting used to report . the actual results of operations. Appropriations lapse at the end of each fiscal year.
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Utiliev Revenues Unbilled utilley revenues are accrued based on estimated usage between the last =eter reading date and year end. Reserves of Retained Earnines and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in assets restricted for debt service, renewal and replacement and new construction. These increases result from earnings on restricted assets and .interfund transfers to restricted accounts. Earnings on restricted assets are included in consoli- g dated net income of :he proprietary funds. Increases in restricted E 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 paynents are made and as newly constructed or replaced assets are placed into operation. Retained earnings of proprietary funds are also reserved for open purchase orders and construction coccit=ents entered into prior to year-end which must be reappropriated in the ensuing fiscal year budget and for planned excess of budgeted expenditures over budgeted revenues in the subsequent fiscal year. The budget appropriations of the ensuing fiscal year are authoriced by the adoption of the budget in September. Fund balances of governmental funds are also reserved for the subsequent year's budget in the same manner as proprietary funds, as well as for open encumbrances which must ce reappropri-ated. In addition, portions of fund balances which have been legally or administratively segregated for specific future uses and cannot be appropriated for expenditures are also reserved. 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 char;es for these services based on t'.te 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 fund.
I - NOTE 3 - FINANCIAL SEGMENT INFORMATION OF ENTERPRISE FUNDS Each of the City's enterprise operations is accounted for within a separate fund. Over 957. of the combined assets , revenues , and expenses of the enterprise fund are attributable to utility funds.used to account for the transactions of the City's electric, bulk power, water and sewer, and sanitation systems. Other enterprise funds are used to account for the operatiotts of golf, tennis, trailer and airport facilities provided for the benefit of
' ll the general public. Following is a su= mary of key financial W information of the enterprise funds (rounded to nearest hundreds):
Electric and Bulk Power Supply Water and Other Revenue S <swe r Sanitation Funds Total Current assets S 7,818,300 $ .',67,400 S 125,800 $ 82,300 $ 8,593,800 Current liabilities 8,029,400 187.100 358,600 172.100 8,747,200 Working capital ($ 211.100) $ 380.300 ($ 232.900) ($ 39.900) (3 153.400) Property, planc, and equipment - Additions j,,L 125.300 },,2.054.900 S 136.900 $ 61.900 $ 5.079.900 Diletions (S 16.000) (j 17.200) (S 280.000) (S 12.100) (S 325.300) Totcl assets $38.400.100 322.288.400 S 442.100 S1.293.900 S62.424.500_ Current year capital contributions and transfers S S 231,800 $ $ 6,900 S 238,700 Bonds outstanding - Current portion S 745,000 0 250,000 S S S 995,000 I.ong-term portion 16,777,800 __2_,440,000 19,217,800 Total bonds outstanding $17.522.900 S 2.690.000 $ S S20.212.900 Total equity (d;ficit) S11.78 M $ 15 .14 9 . 3 00 $ 93.500 $1.113.000 $29.192.900 Total operating revenues $31,562,900 $ 2,410,500 $1,402,900 $ 432,000 $35,308,300
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Cparating expenses (1sss depreciation) 25,450,600 1,597,900 1,390,600 394,500 28,833,600 spreciation/ amortization 1,228,000 487,100 134,200 166.100 2,015,400 Operating inco=e (loss) 4,884,300 325,500 (121,900) (128,600) 4,959,300 Opsracing transfers from other funds 20,800 8,600 17,000 26,300 72,700 Opsrating transfers (to) other funds (4,278,700) (298,000) (96,700) (12,900) (4,686,300) Intsrest income 619,300 170,800 300 13,700 804,100 Intsrest (expense) (930,500) (263,700) (6,000) (1,200,200) Nat income (los s) S 315.200 ($ 56.900) (S 201.100) (S 107.500) ($ 50.a00)
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NOTE 4 - POOLED CASH AND INVESTMENTS Funds not prohibited by bond covenants or otherwise restricted have pooled cash balances in order to maximize investment earnings. The net assets of the City's pooled cash and investment fund at September 30, 1980 are as follows: Maturing Interest Book Security Through Rate , Value Repurchase agreements October 1980 9.94-10.70% S 6,558,300 U.S. government securities August 1986 4.25-8.00% 1,162,847 .4 e t interfund receivables 4,194,158 Accrued interest receivable 103,249 Bank Overdraft (278,473) S11,740,081 The concept of the pooled cash and investment fund can result in some funds being overdrawn while others have positive balances. The City's actual cash and investment balance in the pooled fund, however, is the net of the two amounts. The overdrawn balances at September 30, 1980 of the funds participating in the pool are reflected as interfund receivables. Investment balances of all governmental and proprietary funds not participating in the pooled fund as of September 30, 1980 are su=marized as follows: Maturing Interest Book Security Through Rate Value Repurchase agreements October 1980 9.94-12.65% S2,181,793 Certificates of deposit Decembet 1982 6.5% 575,000 U.S. govern =ent securities August 1986 4.25-8.0% 276,380 S3,033,173 The investments of the nonexpendable consolidated retirement fund at September 30, 1980 consist of common and preferred stock of $1,526.743, bonds of $2,398,297, U.S. government securities of $347,374, and repurchases agreements, money market funds and commerical paper of $1,898,538. l NOTE 5 - PENSION PLA'i 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
I the accrual basis in a nonexpendable trust fund. It is the City's policy to fully fund pension costs determined by an actuarial valuation performed as of the beginning of each fiscal year. Pension costs include amortization of prior service cost over a forty year period. Each of the fund groups below contribute to the pension trust in amounts that are a constant percentage of employees' compensation during the year (4.9% for the fiscal year I ended September 30, 1980). Application of the constant percentage 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: Contributorv Fund General $219,300 Special Revenue 10,700 Enterprise 134,300 I Internal service 18,300 S382,600 The. City's contributions to the pension trust are based upon an actuarial valuation as of October 1, 1979, the most recent date for which accrued benefit information is available. As of October 1, 1979, the actuarial present value of vested accumulated plan benefits is $3,761,400; the actuarial present value of non-vested accumulated plan benefits is $625,500. The rate of return used to determine these actuarial present values is 6.0%. The net assets available for providing benefits as of October 1, 1979 is
$5,617,800 which exceeds the actuarial present value of vested plan benefits as of that date by $1,856,400.
NOTE 6 - PROPERTY AND E0_UIPMENT Property and equipment of the proprietary funds at September 30, 1980 is summarized as follows: I 'I .I I
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ll Internal I Enterprise Service Funds Fund Land S 315,793 $285,303 Buildings 785,110 48,237 Extensions and improvements other than E buildings 45,994,906 E Crystal River Plant Unit No. 3 8,006,518 Fixtures, ll vehicles and equipment _ 2,177,132 359,960 57,779,459 693,500 Less - accumu-laced depre-ciation 17,299,581 169,940 40,479,878 523,560 Construction in progress 3,485,685 22,390
$43.965.563 S545.950 The cost of Crystal River Unit No. 3 (CR-3) represents the Cf y's 1.333% shrre of the ownership of a nuclear power generating plant (bulk power rapply system) acquired through a participation agreement with Florida Power Corporation (FPC) . Under the partic-ipation agreement, FPC is acting as agent for the City in the E maintenance and operation of the plant. The City is committed to 5 pay its ownership share of the operationa: coats of the plant as well as capital improvements and nuclear fuel procurements. For its inves tment , 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 approved the establishment of a utility public works complex fund to account for the construction of a Utility /Public Works Complex which will house the operations of the electric, water and sewer 3 and other public works activities of the City. The fund has been E financed by contributions from the electric construction, 1972 municipal improvement, water and sewer and sanitation funds and is e consolidated with the internal service fund since operations of the g Complex will be funded by user charges to the respective funds utilizing the Complex. At September 30, 1980, ccnstruction of the Complex has not commenced; however, land has been purchased E ($241,000) for the site of the Complex and an architectural firm E has been engaged.
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1 I NOTE 7 - PROPRIETARY FUNDS LONG-TERM DEBT Enterorise Funds I Following is a maturity schedule and brief description of outstanding debt of the enterprise funds: Bulk Power Water and I Fiscal Year L,ded September 30, Electric Revenue Bonds Supply Revenue Bonds Water and Sewer Revenue Bonds Sewer Bonds Total Anticipation Principal Notes _ Due
$3,745,000 I 1981 S 745,000 $ 250,000 $ 4,740,000 1982 850,000 260,000 1,110.000 1983 885,000 270,000 1,155,000 1984 925,000 280,000 1,205,000 1985 965,000 290.000 1,255,000 1986 - 2006 2.195,000 $11,180,000 1.340,000 14,715,000 Total long-term debt 6,565,000 11,180,000 2,690,000 3,745,000 24,180,000 Less - current I portion Less - unamortized discount 745,000 65,159 157,074 250,000 3,745,000 4,740,000 222,233 I Total long-term portion Interest rate
$5.754.841 3.3 - 4.9%
$11.022.926 4.6 - 5.75%
$2.440.000 5.0 - 6 . 0 ?.
$
7.07
$19.217.767 I Electric and Bulk Power Sucoly Revenue Bonds These bonds are secured by the net revenues of the City's
_. electric distribution and bulk power supply systems, respectively.
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Indenture provisions of the revenue b nds require monthly sinking fund contributions for current debt service of 1/12 and 1/6 of mat'uring principal and interest, respectively. In addition, certain reserves for future debt service requirements (50% and 100% of the largest principal and interest payments due in any suc-ceeding year on electric and bulk power supply revenue bonds, respectively) must be maintained. In addition, renewal and I replacement reserves are required to be established based on a percentage of the prior year's gross operating revenues. The City is required to establish billing rates which will provide revenues . each year sufficient to pay 100% of.all costs of operation and maintenance of the electric and bulk power systems, 125% of the bond debt service requirements becoming due during the fiscal year
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and 100% of all reserve, renewal and replacement requirements. Water and Sewer Revenue Bonds - The 1968 water and sewer revenue bonds were issued to finance the construction of plants and extensions of the City's water and sewer system. The bonds are secured by the earnings of the water and sewer fund and the Series 11,000 special assessment .E levy. The City is required to establish water and se,er rates E which will be sufficient to pay all cost of operation and
=aintenance of the system and, oge:her with the proceeds of the special assesscen: levy,125". of :he greates: amount of debt service becoming due in any succeeding fiscal year plus 100". of the E annual required acounts for the reserve and renewal and replacement 3 accounts. Water and Sewer Bond Anticioation Notes on October 23, 19EO, the City Council adopted a resolution authoricing the issuance of Water and Sewer Revenue Bonds, Series 3 1979, at an amount not to exceed $6,5CO,000 for the purpose of 5 extending the City's water and sewer system. Due to an unfavorahle bond market, the City has not yet issued these bonds. As a =eans g of interi= financing, the City Council adopted a resolution on March. 18, 1980 authoricing the issuance of Water and Sewer Revenue E Bonds, Series 1979 Anticipation Notes, at an amount not to exceed S4,503,000. In June 1980, $3,745,000 of the anticipation notes ae e sold. The notes mature on July 1, 1981 and are to be repaid with the proceeds of the revenue bonds discussed above when sold. In accordance with certain debt restrictions, an amount equal to one year's interest on the notes has been deposited in a sinking reserve fund. Following is a schedule of debt service requirements to maturity for all outstanding debt of the City's enterprise funds as of Septe=ber 30, 1980: I I I Il
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I I Electric Bulk Power Supply Water and Sewer Water and Sewer Bond Fiscal Revenue Revenue Revenue Anticipation Year Bonds Bonds Bonds Notes Total 1981 S1,022,830 $ 609,528 $ 407,650 $3,941,613 $ 5,981,621 l 1982 1,095,877 1983 1,094,425 1984 1,094,816 609,528 609,528 609,528 402,500 396,750 390,400 2,107,905 2,100,703 2,094,744 I 1985 1,092,040 1986 1,091,110 1987 730,815 609,528 609,528 956,362 383,450 380,825 382,225 2,085,018 2,081,463 2,069,402 1988 507,127 944,738 382,334 1,834,199 1989 927,638 381,151 1,308,789 1990 929,688 929,688 1991 925,502 925,502 1992 925,045 925,045 1993 923,152 923,152 1994 924,653 924,653 1995 924,367 924,367 1996 927,239 927,239 1997 923,355 923,355 1998 922,687 922,687 I 1999 2000 2001 924,930 924,910 922,761 924,930 924,910 922,761 2002 923,315 923,315 2003 916,563 916,563 2004 917,331 917,331 2005 915,325 915,325 I 2006 915,588
$7.729.040 S22.172.317 S3.507.285 S3.941.613 915,588 S37.350.235 Internal Service Fund On September 5, 1978, the City Council adopted Resolution 78-106 authorizing a $168,150 unsecured bank loan for the purchase of data processing equipment. The note payable, dated October 4, 1978, bears interest at 5.757 and the outstanding principal of $59,300 at September 30, 1980 is full y ayable in fiscal year 1981 together with interest of $1,900.
I I I I I NOTE 8 - GENERAL LONG-TERM DEBT I General long-term debt matures as follows: Refunding and Improvement Excise Tax Sonds Pollution Capitalized Fiscal Dated Dated Unsecured Control Lease Total Year Ended July 1, January 1 Improvement Bank Bonds (See Note Principal Scocember 30, 1965 1971 Bonds Notes Series C 12) Due 1981 S 175,000 S 35,000 S 35,000 $17,700 $ 65,000 S 2.835 S 330,535 1982 180,000 40,000 36,000 17,700 70,000 3.055 346,755 1983 135,000 45,000 37,000 17,700 70,000 3 357,988 1984 195,000 45,000 75,000 3,288 543 318,543 1985 200,000 50,000 80,000 3,599 333,599 1986-1998 210.000 2,075,000 1,620,000 3,905.000 31.145.000 $2.200.000 $108.000 $53.100 St.980 000 $16.320 SS.592.420 Interest 4.7 - 5.5 - rate 4.25-4.45', 4.0-6.5", 4.975*, 5 . 7 5". 5.75-6.0". 7 . 5 *, 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. Provisions of the refunding and improvement excise tax bonds g require monthly sinking fund contributions for current debt service E of 1/12 and 1/6 of maturing principal and interest, respectively. In addition, certain reserves for future debt service requirements must be maintained. 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. Indenture provisions of the improvement bonds, among other g things, require =onthly sinking fund contributions to a debt I service fund for current debt service of 1/12 and 1/6 of maturing principal and interest, respectively. The revenues of the off-street parking system must be sufficient to pay all operating expenses of the facility and, together with the proceeds of the cigarette taxes, to pay debt service and reserve requirements. The debt service sinking fund and reserve fund are consolidated in the I
E accompanying financial statements. Any other bonds issued which E are secured by off-street parking revenues are subordinate to this issue. Pollution Control Bonds, Series C Proceeds from the sale of the Pollution Control Bonds, Series
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C, dated January 1, 1974 were received by the State of Florida and remitted to the City as authorized capital expenditures were incurred. The City maintains on deposit with the State a debt I service reserve account for this issue of $181,000. Certain special assessments, sewer availability charges and state revenue sharing entitlements are led ed to secure the bonds. The bond indenture requires that a 1 p edged revenues be placed in a surplus pledged revenue account and 1/12 of the next annual loan payment be transferred monthly into an escrow account. If at any time, the monies on deposit in these accounts exceed the next annual loan payment, the excess may be withdrawn from the accounts with the consent of the State Board of Administration of Florida. The City does not maintain the surplus pledged revenue account since the City's normal policy is to maintain the monthly escrow account at all times during the fiscal year in amounts sufficient to make the next annual loan payment. I Debt service requirements to maturity for all outstanding general long-term debt are as follows: I Fiscal Refunding and Improvement Excise Tax Bonds Pollution Dated Dated Unsecured Control Total Year Ended July 1, January 1 Improvement Bank Bonds Capitalized Principal I September 30, 1965 1971 Sonds Notes Series C Lease Due 1981 S 225,953 S 152,530 $ 40,138 S20,669 $ 182,791 S 3,980 1982
$ 626,061 223,165 155,255 I
39,431 19,680 183,566 3,980 625,077 1983 220.155 158,095 38,739 18,690 179,016 3,980 618,675 1984 221,923 155,800 179,466 3,980 1985 218,245 561,165 158,505 179,591 3,758 560,099 1986 219,345 160,955 179,391 559,691 I 1987 378,150 178,866 1988 374,125 557,016 178,016 552,141 1989 374,590 177,198 1990 551,788 373,990 181,498 1991 555,488 366,980 I 180,228 547,208 1992 355,030 178,673 1993 533,703 197,600 181,833 379,433 1994 179,423 1995 179,423 181,728 131,728 1996 183,463 1997 183,463 184,550 184,550
?998 185,063 185,063
S_1 J q 796 S3.361.605 S119.308 $50 030 $3.254.360 $19.679 $8.141.776 I
NOTE 9 - SPECIAL ASSESSEIT DEBT I Special assessment long-term debt matures as follows: Street Imorovement Bonds February 1, 1975 Julv 1, 1978 g Fiscal Year Ended Series 13,000- Series Series 26,000 Total Principal 3 Seotember 30, 17,000 24,000 & 27.000 Due 1981 $150,000 S150,000 I 1982 g 1983 $ 50,000 50,000 5 1984 $100,000 100,000 1985 1986-88 200,000
$350.000 60,000
$110.000 $100.000 260,000 S560,000 l
Interest rate 6.5% 6.0% 6.75%
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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 spacial assessment debt through E maturity as of September 30, 1980 follows : 3 Street Imorovement Bonds February 1, 1975 Julv 1 1978 Fiscal Series _ Series Total 3 Year Ended 13,000- Series 26,000 Principal g Seotember 30, 17,000 24.000 & 27,000 Due 1981 $172,750 $ 6,600 $ 6,750 $186,100 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 g 1985 13,000 3,600 16,600 g 1986 13,000 3,600 16,600 1987 213,000 3,600 216,600 1988 S450.750 63,603 S147.800 63,600 S725.550 l S127.000 1
I NOTE 10 - CFXTGES IN RESEB'IED FUND BAIAICE AND RESERVED RETAINED EARNINGS General and Special Revenue Funds and Expendable Federal Revenue Sharing Trust Fund The following changes occurred in the reserved fund balances of the general and special revenue funds and the expendable federal revenue sharing trust fund for the year ended Septembe.- 30, 1980: Governmental Funds Special Federal Revenue General Revenue Sharing Trust Fund
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Reserved fund balance at October 1, 1079 Reserved for accounts receivable $ 17,102 Reserved for due from other governments 51,747 S 44,005 Reserved for restricted time deposit 1,316 Reserved for encumbrances 485,843 8,526 $310,000 Reserved for subsequent year's budget 650,000 25,000 115,000 Total reserved fund balance at October 1,1979 1,204,692 79,347 425,000 (Decrease) in reserve for accounts receivable (17,102) (Decrease) in reserve for due from other governments (51,747) (44,003) Increase (decrease) in reserve for encumb ranc e s (374,077) (7,427) (281,895) Increase in reserve for subsequent year's budget 415.334 109,755 186,265
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Net change in reserved fund balance (27.592) 58.323 _(95.630) Reserved fund balance at September 30, 1980 Reserved for restricted time depostt 1,816 I Reserved for encumbrances Reserved for subsequent year's budget 111,766 1.065,334 1,099 134,755 28,105 301,265 Total reserved fund balance at September 3C, 1980 S1.177 100 $137.670 s32a.370 t Proorietarv Funds The following changes occurred in the reserved retained earnings of the various proprietary funds during the year ended September 30, 1980:
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Enterpriso Internal Funds Service Fund Reser/ed retained earnings at October 1,1979 Reser/ed for debt s e r/ic e S 3.830,142
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Reserved for capital projects 4,627,395 Reserved for renewal and replacement 266.907 Reserved for subsequent year's budget 174,700 S 86,000 Reserved for encumbrances 345,389 19.323 Total reserved retained earnings at October 1,1,979 9.245,533 105.823 (Decrease) in reserve for debt service (762,472) E Increase in reserve for capital projects ?,073,871 5 Increase in reserie for renewal 5 replacement 477.455 Increase (decrease) in reserve for subsequent year's budget 82.117 (86,000) (345,989) (19,823) (Decrease) in reserve for encumbrances 342,989 29.137 Increase in reserve for other projects Net increase (decrease) in reserved retained earnings 868.071 (76,686) Reserved retained earnings at September 30, 1980 Reserved for debt s e rvice 3,067,670 Reser/ed for capital projects 5,701,766 Reserved for renewal and replacement 744,362 Reserved for subsequent year's budget 256.817 Reserved for other projects 342,999 29,137 Total reserved retained earnings at September 30, 1980 $10.113.604 S 20.137 NOTE 11 - GENERAL AND SPECIAL REVENUE FUNDS - BUDGET AND ACTUAL COMPARISONS The actual expenditures of the general and special revenue funds presented in the combined financial statements have not been adjusted to a budgetary basis by the amount of unexpended encum-brances as of September 30, 1980. Had an adjustment been made to E increase actual expenditures for open encumbrances, the deficiency g of actual revenues over expenditures in comparison to budget at September 30, 1980 would be S28,817 and $11,027 for the general and special revenue funds, respectively. NOTE 12 - COMMITMENTS AND CONTINGENT LIABILITIES Ecolovee 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 not for unused sick leave. Unused sick leave (not to exceed 90 days) is paid only at normal retirement based on a percentage ranging from 257. to 507. depending on years of service. Expendi-tures or expenses for vacation and sick leave are recorded at the a time benefits are paid. At September 30, 1980 accumulated sick g leave and vacation (all funds) were approximately $1,313,000 and
$243,060, respectively.
Self-Insurance In March 1978, the City initiated a self-insurance program for vehicle damage insurance. The City supervises ad administers the program. The City is also self-insured for general liability claims in excess of $b00,000. It i's the City's policy to pay claims under this self-insurance program as incurred.
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Litigation The City is defendant in a class action suit in which the plaintiffs have alledged that the City has discriminated against blacks in its hiring practices and failed to provide equal municipal facilities. to certain disadvantaged areas of the City. Various other lawsuits and claims are also pending against the City. In the opinion of the City Attorney, resulting liabilities, if any, will not materially affect the City's financial statements. Caoital Lease During the year ended September 30, 1980, the City entered into a lease-purchase agreement for copying machines for the library. The lease expires in five years at which time the equipment becomes the property of the City. Fair market value of the equipment at the date of the lease agreement was $16,548. The cost of this equipment has been capitalized as equipment in the general fixed assets. Consistent with other general fixed assets of the City, depreciation will not be takea on this equipment. A schedule of future minimum lease payments is presented in Note 8 - General Long-Term Debt. Total interest expenditures to be provided over the life of the lease is approximately S3,300. I ' I
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\ COMBINING STATEMENTS - BY FUND TYPE i The following financial statements presented as additional data provide a more detailed view , of the " General Purpose Financial Statements" l presented in the preceding section.
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Combining statements are presented when there are more than one fund of a given fund type. . I ,
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-) . 1510 SOUTHEAST NATOM BAK BURD%
-T orr= ==e l _}_riceq Tateraouse &_Ca_
Y T7 0" '"' ' January 16, 1981 l Honorable City Council City of Ocala, Florida The accompanying combining financial statements included on pages 45 to 69, although not necessary for a fair presentation of combined financial position, results of operations and changes in financial position of the various fund groups of the City of Ocala for the year ended September 30, 1980, are presented for purposes of additional analysis. Our examination, which was for the purpose of forming an opinion on the combined financial statements taken as a whole, included such tests of the accounting records, from which the additional information was I compiled, and such other auditing procedures as we considered necessary in the circumstances. Accordingly, we do not express an opinion on the financial position, results of operations and changes in financial position of each of the individual funds. However, in our opinion, except for the effect of the lack of detail property and equipment records of the Electric Revenue Fund as explained in the second paragraph of our report on page 1, the accompanying combining statements are stated fairly in all ! material respects in relation to the combined financial
- statements taken as a whole which are presented in the first
! section of this report. Fa % scs. Certified Public Accountants 1 i ,
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I CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1980' Central Occupational Florida Regional License Librarv Assets Cash $125,678 $ 845 Restricted time deposit 1,816 Equity in pooled cash and inves tments Accounts receivable 2 Due from pooled cash and investment fund 50 Total assets $125.728 S 2.663 Liabilities and Fund Balance Accounts payable $10,503 Due to other funds S 2,050 32 Due to pooled cash and investment fund 46,340 Deferred revenue 79,343 1,816 Total liabilities 81,393 58,691 Fund balance (deficit) Reserved for subsequent year's budget 51,529 Reserved for encumbrances 599 Reserved for restricted time deposit 1,816 Total reserved fund ) balance 51,529 2,415 Unreserv ed (7,194) (58,443) i Total fund balance (deficit) 44,335 (26,028) l Total liabilities and I fund balance S125.728 S 2.663 l H l See accompanying notes to financial statements. 1 I l l 1 l _
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Off-Street Downtown
- Parking Development Total J
$126,523 1,816
$77,913 77,913 S 135 6,291 6,428 50
$ 135 $84,204 S212.730
, j ! $ 875 S 11,378
- 2,082 S3,433 49,773 l 81,159 3,433 875 144,392 l
83,226 134,755 l 500 1,099 1,816 83,726 137,670 I (3,298) (397) (69,332) (3,298) 83,329 68,338
$ 135 S84,204 $212,730
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C CIrl 0F OCALA. FLCEIDA SPECIAL REVE':UE FUNDS COM3INING STATEMENT OF REVE'!UES . EXPENDITURES A'!D CHA*TGES IN F12tD BAIXICE - AC51AL A'ID BUDGET FOR THE YEAR ENDED SEPTEM3ER 30, 1980 Actual Central Florida Occupational Regional Off-Street Downto.c License- Librarv Parking Develooment Total Revenues Intergovernmental revenues $262.814 $262,814 Parking ceters $15,638 15,638 - Licenses and per: lits $208.105 208.105 Property taxes S41,332 41,332 Fines and forfeitures 10,398 10,398 Interest income 8,841 2,694 11,535 Other income 169 18,214 2 18,385 Total revenues 217,115 291,426 15,640 44,026 568,207 Expenditures Regional services 193,114 193,114 Ocala services 235,781 235,781 Regional ad=inistration 120,177 120,177 Other expenditures 13 3,332 604 764 4,713 Capital outlay 6,268 19.078 25,346 Total expenditures 13 558,672 604 19,942 579,131 Excess (deficiency) of revenues over expenditures 217,102 (267,246) 15,036 24,184 (10,924) Otner financing sources (uses) Transfers from other funds 248,315 60,231 308,546 Transfers to other funds (204,600) (244) (17.610) (222,454) Total other sources (uses) (204,600) 248,071 (17,610) 60,231 86.092 Excess (deficiency) of revenues and other sources over E expenditures and other uses 12,502 (19,175) (2,574) 84,415 75,168 Fund balance allocation Excess (deficiency) of revenues and other sources over " expenditures and other uses 12,502 (19,175) (2.574) 94.415 75,168 Fund balance at October 1, 1979 31,833 (36,853) (724) (1,086) (6,330) Fund balance at September 30, 1980 S 4. .335 ($ 56 023) (S 3.208) $81.320 $ 68.338 I See accompanying notes to financial statements. I
Sudget Central Florida Actual Occupational Regional Off-Street Downtown Over (Under) License Library Parking Develocaent Total Budget
$262,814 S262,814
$19,600 19,600 (S 3,962)
S183,500 183,500 24,605 S41,957 41,957 (625) 10,700 10,700 (302) 6,200 540 6,740 4,795 90 18,125 5 18,220 165 189,790 291,639 19,605 42.497 543,531 24,676 184,823 184,823 8,291 219,341 I 219,341 16,440 114,745 114,745 5,432 13 750 665 1,428 3,285 5.340 18,850 24,190 1,156 13 524,249 750 19,515 544,527 34,604 189,777 (232,610) 18,855 22.982 (996) (9,928) 248,315 60,231' I (204,600) (204.600) (244) 248,071 (17.610) (17,610) 60,231 308,546 (222,454) 86,092 (14,823) 15,461 1,245 83,213 85,096 (9.928) 14,823 (15,461) (1,245) (83,213) (85,096) 85,096 75,168 31,833 (36,853) (724) (1,086) (6,830) S 31.933 (S 36.853) ($ 724) (S 1.086) (S 6.830) $75.168
I CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1980 Excise Pollution Tax Improvement Control Bonds Bonds Bonds Total Assets Cash and investments $458,739 $52,869 $156,219 $667,827 Accrued interest receivable 5,797 793 6,590 Due from State of Florida 180,968 180,968 Due from pooled cash and investment fund 42 7 49 Other assets 23,221 23,221 Total restricted assets $487,799 S53,669 S337,187 $878,655 Liabilities and Fund Balance . Bank overdraft S 1,380 S 1,380 Total liabilities 1,380 s 1,380 Fund balance - reserved for debt service 486,419 S53,669 S337,187 877,275 Total liabilities and fund balance $487.799 S53.669 $337.187 S878.655 I See accompanying notes to financial statements.
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I l CITY OF OCALA, FLORIDA i DEBT SERVICE FUNDS l COMBINING STATEMENT OF REVENUES , EXPENDITURES i AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1980 General Excise Obligation Tax Bonds Bonds Revenues Incerest income S 1,705 S 54,111 Total revenues 1,705 54,111 Expendit'tres Bond p incipal payments 160,000 200,000 Bond it. eres t and paying agent fees 2,375 181,331 Total expenditures 162,375 381,331 (Deficiency) of revenues l over expenditures (160,670) (327,220) m Other financing sources (uses) Transfers from (to) other funds 14,800 245,571 (Deficiency) of revenues and other sources over expenditures and other uses (145,870) (81,649) Fund balance at October 1, 1979 149,486 568,068 Residual equity transfer to general fund (3,616) Fund balance at September 30, 1980 $ $486,419 l I.
See accompanying notes to financial statements.
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- Improvement Control Bends Bonds Total
! $ 10,124 $ 26,643 S 92,583 i
10,124 26,643 92,583 i 34,000 60,000 454,000 l 6,863 121,692 312,261 i 40,863 181,692 766,261 4 (30.739) (155,049) (673,678) ! ! (33,111) 98,114 325,374 (63,850) (56,935) (348,304) 117,519 394,122 1,229,195 (3 ,616) S 53.669 S337.187 S 877.275 I I I I l i I..__ _ _ . . . _ . - . -- _. -__ _, _ _ _ . . . _ ,
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CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET SEPTEHBER 30, 1980 1972 Municipal CDBG Improvement Construction Construction Total Assets Cash $15,045 $ 15,045 Equity in pooled cash and investment fund $473,294 473,294 Due from federal government 61,306 61,306 Due from pooled cash and investment fund 8 8 Total restricted assets $76.359 $473.294 S549.653 Liabilities and Fund Balance Accounts payable $46,004 $ 46,004 Due to pooled cash and investment fund 19,457 19,457 Due to other funds 10,113 S170,832 180,945 Total liabilities 75,574 _170,832 246,406 Fund balance Reserved for capital projects 785 232,842 233,627 Reserved for encumbrances 69,620 69,620 Total fund balance 785 302,462 303,247 Total liabilities and fund balance S76.359 S473.294 $549.653 i
l See accompanying notes to financial statements. _ _ . .
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l I CITY OF OCALA, FLORIDA i l CAPITAL PROJECT FUNDS COMBINING STATENENT OF REVENUES, EXPENDITURES AND CHANGES IN FUUD BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1980 1972 Municipal CDBG Improvement Construction Construction Total Revenues Federal grants $376,089 $376,089 I Interest income Other income Total revenues 247 538 376,874 S 36,365 36,365 36,612 538 413,239 Expenditures Capital outlay Street and storm drainage improvements 376,089 125,830 501,919 Water and sewer improvements 7,097 7,097 Total expenditures 376,089 132,927 509,016 Excess (deficiency) of revenues over expenditures 785 (96,562) (95,777) Other financing (uses) Transfers to other funds s (45,000) (45,000) Excess (deficiency) of revenues and other sources over expen-ditures 785 (141,562) (140,777) Fund balance at October 1, 1979 444,024 444,024 Fund balance at September 30, 1980 S 785 S302.462 S303,247 I l See accompanying notes to financial statements.
0!*Y OF SCALA . ?LO7t0A E'!TERPRISE F'M CONgttri::C *M.Rf ,I SME!* SEPT!ysER 3t. 1990 Ele:tric and Sulk Power '4ater
,Sucolv Aevenue and Sever Sanitacion Assets Current assets Cash and investments $ 1,225 $ 39,775 Equity in pooled cash and investments 293.502 Due from pooled cash and inve s tmen t fund 211 Due from other funds 77,546 103,783 $125.322 Accounts receivab7e, net 4,077,483 15 Accrued unbilled revenues 2,264.621 Notes receivable 32,883 Inventories 1,326,265 96,121 Prepaid expenses 71.,36 Other current assets 1.077 Total current assets, 7.318.276 567.352, 125.(
Restricted assets cash and investments 1.429,407 914,364 Equity in pooled cash and investments 5,906,067 1,323.632 Due from pooled casa and investment fund 308 102 Accounts re eivable from grantors Accrued interest receivable 9.114 8.535 Tocal restricted assets 7.344,896 2.246.633 Property, plant and equipment, net 23,005,179 19,440,514 316,243 Issuance costs on long-term debt 231.799 33.942 Total assecs S?1.400.140 $22.29s.441 $442 M90 Liabilities, Contributions and Retained Earnints Current liabilities Accounts payable $ 3,323,029 $ 109,602 $ 31,290 Due to pooled cash and invesement fund 3,433,248 67,955 Due to other funds 170,273 77,546 259,332 Customer deposits 1,102.301 Total current liabilities 3.029,351 187.148 359.577 Current liabilities payable
- from restricted assets Sank overdraft 13,641 Accounts payable 10.017 357,594 Accrued interest payable 450,943 105,710 Due to poolee cash and investment fund 600,948 Notes payable 3,735,099 Revenue bonds payable within one year 745,000 250.000 To ta l . curren t liabilities payable from rescricted assets 1.306.909 4.462.044 Total curren: liabilities 9.336,259 4.649.192 358,577 Revenue bonds payable after one year 16.777.767 2.140 300 Total liabilities 26,614.026 7.099.192 358,521 Contribucions 3.148.192 Re:ained earnings (defici:)
Reserved for debt service 2.264,020 803.650 Reserved for renewal and replace =ent 699,771 44,591 Reserved for capital projects 4.616,380 1,085.312 Reserved for subsequent year's budget 76,940 154,524 23.771 Re, serve,d for other proj ects 124.655 33.103 130.755 Total reserved retained earnings 7.791.766 2.171,190 154,526 Unreserved Designated for alternace energy study 50,000 Cndesignated 3,954 348 9.979.977 (71.023) Tocal unreserved 4.004,343 9.979,877 (71,023) Total retained earnings 11.796,114 12 051.057 e3.303 Tocal liabilities, contribucions, and retained earnings $19.400.'40 $2? 2*9.441 $442 Mac See accompanying cotes to financial statements, g 3(lUU[]n L Q DUIidMN,NL q n!?8 y g
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;I Fort King Municipal Municipal Tennis Trailer Ji:n Taylor Golf Course Court Park Atroort Total l 5 50 S 150 3 41,200 ; $ 72,251 , 365.753 211 307,151 1
951 S S.399 4,087,348 2,264,621
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- 32,383 1,422,386 71,136 1 I 72.251 50 1.101 6'.390 1.077 8.593.766 2,343,771 7,229,699 410 7,971 7,971 I 284,394 35,362 3.079 7.971 875,292 17.649 9.599.500 43,965,563 I $354.645 M M $902.162 265.731
$62.424.560 1
$ 15.974 S 1.647 $2.299 $ 3,406 S 3,487,247 4,221 865 10,667 3,516,956 3 133,000 640,151
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1.102.301 148.974 5.368 3.164 14.073 9.747.155
13,641 3 367,611 556,653 7,397 608,345 .I
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3,735,099 995.000
- 7.997 6.276.349 148.974 5.368 3.164 21.970 15.024.004 i
19.217.767 148.474 5,368 3.164 21.970 34.241.771 !E 553.265 3 73' 4s7
- E 3,067,670 744,362 I
74 5,701.766
$80 674 32S 256,317 i
2.976 1.500 342.999 2.976 580 674 1.002 10,113.604
'
50,000 - 204.645 29.464 5.342 295.025 14.237.729
'
204.645 29.464 lig 295,025 14.337.729 207 671 30.344 6.016 296.927 24.;51.132
$354 '45 $35 012 $0.'80 $80?.162 $62.424.560
~
lI ?00R GRElNg 1 _ . ___. _ _
CITY OF OCALA. FI.0RIDA ENTERPRISE FtJNDS COM3INING STATEMENT OF OPERATIC::S AND CHA'IGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEEMER 30, 1980 Electric and Bulk Power Water I Suoply Revenue and Sewer l Operating revenues i Sale or electricity $31,002,606 l Sale of water S 1,243,205 Sewer and sanitation service charges 945,953 Fees and rentals Cocnissions Other 560,321 221,387 Total operating revenues 31,562,927 2,410,545 Operating expenses lj Purchase of electricity 19,058,372 5 Distribution 2,142,268 247,044 Back-up 2.386,035 , Trans=ission 220,197 Operation and maintenance 728,892 Water and sewer treatment 778,433 Sewer collection 285.085 Adminis tration 617,799 216,684 Depreciation and amortization 1,227,998 487,089 Other 297,039 70,693 , Total operating expenses 26.678,600 2,085,028 Operating income (loss) 4,884,327 325,517 ' Nonoperating revenues (expenses) Interest income 619,327 170,830 Interest expense (930,542) (263,661) Total nonoperating revenues (expenses) (311,215) (92.831) Income (loss) before operating l transfers 5 4,573,112 232,686 Other financing sources (uses) Operating transfers from other funds 20,836 8,573 Operating transfers to other funds (4,278.676) (298,041) Total other sources (uses) (4,257,840) (289.468) i Net income (loss) 315,272 (56,782) g Disposition of net income (loss) g Depreciatien on contributed assets 80.815 Net increase (decrease) in retained earnings 315,272 24.033 Retained earnings at October 1, 1979 11.470.842 12,027.024 l 5 Retained earnings at September 30, 1980 311.786.114 $12.051.057 I See accompanying notes to financial statements. I I
I I I Fort King knicipal I Nnicipal Tennis Trailer Ji:n Taylor Sanitation Golf Course Court Park Airport Total S31,002,606 1,243,205 S1,382,012 . 2,327,965
$297,995 $33,259 S44,291 S 11,352 386,897 12,888 33,431 I
20,543 20.856 10,339 458~ 872 814.233
-
1,402,368 328,877 33,717 45,163 24,240 35,808,337 I 19,058,372 2,389,312 2,386,035 220,197 1,327,436 266,228 38,409 45,189 44,314 2,450,468 I 63,167 134,170 27,374 9,491
- 1,744 127,499 778,433 285,085 897,650 2,015,365
'g 1,524,773 293,602 47,900 46,933 400 172,213 368,132 30,849,049 3 (121,905) 35,275 (14,183) (1,770) (147,973) 4,959,288 I 297 297 11,809 (6,000) 5,809 1,058 1.058 237 237 574 574 804,132 (1,200,203) (396,071) (121,608) 41,084 (13.125) (1,52) (147,399) 4.563,217 16,956 9,523 1,716 228 14,826 72,658
- (96,700) (144) (2,704) (10,000) (4,686.265)
(79,744) 9,379 1 ,71 6 (2,476) 4,826 (4,613,607) (201,352) 50,463 (11,409) (4,009) (142,573) (50,390) 116,505 197,320 (201,352) 50,463 (11,409) (4,009) (26,068) 146,930 I S 284,855 83.503 157,208
$207.671 41,453
$30.044 10,025 S 6,016 312,995 S286,027 24,304,402
$24,451.332 I
I I ..
=20-t
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CI*T OF CCALA, FLORIDA
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ENTERPRISE FUNOS CCM3!N!NG STATEMENT OF CHA';GES IN FINANCIAL POSIT!CN FOR THE YEAR ENCED SEPTEMBER 30, 1080 1 Electric and Bulk Power '4ater Sucolv Revenue and Sewer Sanitation Financial resources were provided g by (used for) Net ince=e (loss) S 315,272 ($ 56,782) (S201,352) Add charges not affecting working capital Depreciation and a=ortization of property and equipment and issuance costs on long-term debt 1,227,999 487,089 134,170
. Amortization of bond discount 28,657 Loss on disposal of property, plant and equipment 7,441 Total financial resources pro-vided by (used for) operations 1,571,928 430,307 (59,741)
Proceeds from sale of property l 551 <W Contributtons 231,824 Decrease (increase) in restricted assets 1.925.183 (388,055) Total financial resources provided (used) 3,497,111 (225,924) (59,190) l 3 Financial resources were used for
- Additions to property and equipment 1,925,255 2.954,853 136,799 Reduction in revenue bonds payable after one year 745,000 250,000 (Increase) decrease in liabilities payable from restricted assets
- 628,738 (3,674,264) 33,942
$
Issuance costs on long-term debt Total financial resources E used (provided) 3.298,993 (435,469) 136.799 Increase (decrease) in working capital S 108.119 S 200.545 ($105.090) Analvsis of Changes in Comoonents of Working Capital Increase (decrease) in current assets Cash and investments S 500 (S 123,843) Equity in pooled cash and inves tments 204,992 Accounts receivable 534,830 $ 15 Accrued unbtlled revenues 1,037,790 Notes rectivable 8,886 Due from other funds 77,546 103,783 125,822 Due frc:2 pooled cash and investment fund 211 Inventories 189.753 11,402 Prepaid expenses (78,258) Other current assets (12,482) Total increase (decrease) in current assets 1.762,161 192,949 125.837 (Increase) decrease in current E g liabilities Accounts payable (1,112,300) 94,142 (4,487) Due to pooled cash and invesenent fund (156,531) (58,007) Due to other funds (170,273) (77,546) (259,332) Customer deposits (124,939) Deferred revenue Total (increase) decrease in current 16,596 a liabilities (1,564,043) (321,326) Increase (decrease) in working capital s 109.119 $ 200 545 (5105.090) See accompanying notes to financial statements. I
_ _ _ - _ _
,I .
lI 1 i Fort King
'd unicipal Tennis Municipal Jim Taylor Golf Course Court Trailer Park Airport Total S 50,463 ($11,409) ($4,009) ($142,573) (S 50,390) i
, s j 27,374 9,491 1,744 127,499 2,015,366 28,657 i 7.411 77,837 (1,918) (2,265) (15.074) 2,001.074
- l I 6,871 67.317 551 238,695 1,104.445
' 77.837 (1,918) (2,265) 59.114 3.344,765 1 53,571 264 8.029 5,078,771
;
995,000 67.391 (2,978,135)
- 33,942
= 53.571 264 75.420 3,129,578 4
i S 24.266 ($ 1.419) (M) (S 16.306) $ 215.137 I" i
,
(S1.845) (S 5,234) (S 130,422) i5 45,052 250,044 j 951 (338) 535,458 I 1.037,790 8,886 307,151 , 211 , 201,155 (78.258) lI 45.052 (12,482) (394) (5,572) 2.119,533 f (o,838) (S 10) (770) 118,000 (67) (1,030,330) (1,908) (865) (10,667) (109,978) i (133,000) (640,151) l (124,939) 1.052 __ 1,052
, (20.786) (1,918) (1,635) (10.734) (1,904.346) ; S 24.264 (S 1.018) ($2.529) (S 16.306) S 215.197 .
I ~60-
I
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CITY SF :CALA. 7t;?!O A ELEC*RIC AND 3"LX ?%TR 5"PP'.Y ? E'/EN"E !'J?tOS CON 50t:0AT!NC 3ALA'!CE 3HEET SEPT!M3ER 30. 1990 Bulk Power Electric Supply 5 Revenue Revenue Eliminations Consolidated Assets Current assets cash $ 1.22! $ 1,225 Accounts receivable, less allowance for doubtful accounts of $131,675 4,077,483 4,077,483 Accrued unbillsJ revenues 2,264,621 2,264,621 Inventories 1,326,265 1,326.265 Prepaid expenses 656 3 70,480 7;,136 Due from other funds 77.546 3.276.365 ($3.216.365) 77.546 Total current assets 7.747.796 3.346.945 (3.276.365) 7.819.276_
'escricted assets e Cash and investments 1,429,407 1,429,407 Accrued interest receivable 9,114 9,114 Equity in pooled cash and investments 4,624,262 1,281,805 5.906.067 Due from pooled cash and investment fund 303 308 -
Total restricted assets 6.063.091 1.231.305 7.344.996 Property, plant and equipment, net 14.093.004 9.922.095 23.005,179 Issuance costs on long-term debt 67.960 163.929 131.799 Total assets $27 061.041 $13.714 MA4 ($ 3.2 7 6. 3 6 5) $ 3 8 . 40 0.14 0 Liabilities, Contributions and tetained Earnings Current liabilities Accounts payable $ 309,368 $ 3,013,661 $ 3.323.029 Due to pooled cash and investment fund 2,332,487 1,100,761 3,433,248 Due to other funds 3,446,638 ($3,276,365) 170,273 Customer deposits 1.102,301 1.102.301 Total current liabilitie* 7.191.294 4.114.422 (3.276.365) 8.029.351 Current Liabilities ;tysble from restricted assets Revenue bonds payable within . one year 745,000 745,000 Due to pooled cash and inve s tmen t fund 522.135 78,813 600,948 Accounts payable 10,017 10,017 Accrued interest payable 146.179 304.764 450.943 Total current liabilities payable from restricted assets 1.423.331 393.5<, 1.806.909 Total current liabilities Revenue bonds payable after one 8.614.625 4.447.999 (3.276.365) 9.336,259 g year g 5.754.341 11.022.926 16.777.767 Total liabilities 14.369.466 15.520.925 (3.276.365) 26.614.026 Contributions 736.111 (736.111) Retained earnings (deficit) 3 Reserved for debt service 1,286,979 977,041 2,264,020 Reserved for capital proj ects 4.616,380 4.616,380 Reserved for renewal and replacement $25,076 174,695 699,771 Reserved for subsequent year's budget 76,940 76,940 Reserved for other projects 124.655 124.655 Total reserved retained earnings 6.553.090 1.228.676 7.781.766 Unreserved Designated for alternate ' energy study 50,000 $0,000 Undesignated 6.999.395 (3.771 148) 736.111 3.954.348 Total unreserved retained earnings (deficit) '.039.395 (3.771.143) 736,111 4.004.348 Total retained earnings (deficat) 13.502.475 (2.542.472) 736.111 11.786.114 Total liabilities, contributions and recatned earntags $2'.061.041 $13.714 (A4 ($3_7 a.345) 3 3 e _ .; c g , ,,9 See accompanying notes to financial statements. 61 E
_ _ua , m,. m amr a ea -a. aa. h____-s -.-A a. -, ._ m__a __, ___c. ___w_ ,_a_e ,---~._ . . . . - - ,, - _,hm ,. -Aa_+-*ma_-__ _m _m. u,e ,_ t., ,, ____ 8 i N i, l !I I
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CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 1980 Electric Revenue Operating revenues Sale of electricity $31,002,606 Other income 555,008 Total operating revenues 31,557,614 Operating expenses Purchase of electricity 24,553,882 Distribution 2,142,268 Back-up Operation and maintenance Transmission i Administration 617,799 ! Depreciation and amortization 781,619 Other 296,724 Total operating expenses 28,392,292 Operating income 3,165,322 Nonoperating revenues (expenses) , Interest income 462,400 l Interest expense (311,882) Total nonoperating revenues l (expenses) i50,518 l Income before operating transfers 3,315,840 Other financing sources (uses) l Operating transfers from other funds 2,212,227 Operating transfers to other funds (4,278,676) Total other sources (uses) (2,066,449) Net income (loss) 1,249,391 g l Disposition of net income (loss) E
'
l Depreciation on contributed assets l Net increase (decrease) in retained earnings 1,249,391 Retained earnings (deficit) at October 1, 1979 12,343,084 Retained earnings (deficit) at September 30, 1980 S13.592.475 I See accompanying notes to financial statements. l
Bulk Power Supply Revenue Eliminations Consolidated
.
S24,543,386 ($24,543,386) $31,002,606 5,313 560,321 24,548,699 (24,543,386) 31,562,927 19,047,876 (24,543,386) 19,058,372 2,142,268 2,386,035 2,386,035 728,892 728,892 220,197 220,197 617,799 446,379 1,227,998 315 297,039 22,829,694 (24,543,386) 26,678,600 1,719,005 4,884,327 156,927 619,327 (618,660) (930,542) (461,733) (311,215) 1,257_272 4.573,112 (2,191,391) 20,836 (2,191,391) 2,191,391 (4,278,676) (2,191,391) (4,257,840) (934,119) 315,272 I 22,477 (22,477) (911,642) (22,477) 315,272 (1,630,830) 758,588 11,470,842 I (S 2.542.472) S 736.111 S11.786.114
.
CT*Y OF OCALA . FLORIDA ELECTRIC AND BULK POWER SUPPLY RE'TE':UE FC:DS CONSOL! DATING STATEMENT OF CHA':CES !N FINANCIAL POSIT!CN FOR THE YEAR ENDED 'EPTEM3ER 30, 1980 Bulk Power Electric Supply Revenue Revenue Eliminations Consolidated Financial resources were provided by (used for) Net income (loss) S1,249,391 (S 934,119) S 315,272 Add charges not affecting working capital Depreciation and a=orti:ation of property and equipment and issuance costs on long-ter= debt 781,619 446,380 1,227,999 Amortization of bond discount 19,524 9,133 29,657 Total financial resources provided by (used for) operations 2,050,534 (478,606) 1,571,928 Decrease in restricted assets __ 791,468 1,133,715 1,925,183 Total financial resources provided _2 842,002 655,109 3,497.111 Financial resources were used for Additions to property and equipment 1,511.337. 413,918 1,925,255 Reduction of revenue bonds payable after one year 745,000 745,000 Decrease (increase) in restricted 628,738 liabilities 707,551 (73,813) Total financial resources used 2,963,888 335,105 3,298,993 Increase (decrease) in working capital ($ 121.986) $ 320 n04 S 198.11g Analysis of Channes in Comoonents of Working Capital Increase (decrecse) in current assets Cash , S 500 $ 500 Accounts receivable 534,830 534,830 Accrued unbilled revenues 1,037,790 1,037,790 Inventories 189,753 189,753 Prepaid expenses (12.015)(S 66,243) (78,258) Due from other funds 77,546 1,518,290 (S1,518,290) 77,546 Total increase (decrease) in current assets 1,929,404 1,452,047 (1,518,290) 1.762,161 (Increase) decrease in current liabilities Accounts payable (183,305) (928,995) (1,112,300) E Due to pooled cash and g investment fund 46,517 (203,048) (156,531) Due to other funds (1,688,563) 1,518,290 (170,273) Customer deposits (124,939) (124,939) Total (increase) decrease in current liabilities (1,950,290) (1.132,043) 1,518,290 (1,5 s ,043) Increase (decrease) in working capital ($ 121.9R6) 3 320.004 S 109.119 See accompanying notes to financial statements.
.
CITY OF OCALA, FLORIDA TRUST FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1980 I Expendabic Nonexpendable Trust Fund Trust Fund Federal Consolidated Revenue Retirement Sharing Fund Total Assets Equity in pooled cash and investments $329,371 $ 329,371 Cash S 30,478 30,478 Investments 6,170,952 6,170,952 Accrued .nterest and divideols receivable 112,326 112,326 Due frca federal government 86,490 86,490
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Due from pooled cash and investment fund 145 145 g Due from other funds 18,161 18,161 m Total assets $415. 861 S6.332.062 S6.747.923 Liabilities, Contributions and Fund Balance Employee pension contributions $1,409,723 $1,409,723 Fund balance Reserved for retirement benefits 4,922,339 4,922,339 Reserved for subsequent year's budget S301,265 301,265 Reserved for encumbrances 28,105 28,105 Total reserved fund balance 329,370 4,922,339 5,251,709 Unreserved fund balance 86,491 86,491 Total fund balance 415,861 4,922.339 5,338,200 Total liabilities, contributions and fund balance S415.861 S6.332,062 $6.747,923
- See accompanying notes to financial statements.
CITY OF OCALd, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEM3ER 30, 1980 Federal Antirecession Revenue Fiscal Sharing Assistance Total Revenues Federal revenue sharing entitlements $355,113 S355,113 Interest income 34.089 S 1,476 35,565 Total revenues 389.202 1,476 390,678 Expenditures Capital outlay 471,187 471,187 Transfer to general fund 6,384 6,384 Transfer to municipal golf course fund 8,100 8,100 Transfer to Jim Taylor airport fund 7,526 7,526 Other 6.000 6,000 Total expenditures 477.187 22.010 499,197 (Deficiency) of revenues , over expenditures (87,985) (20.534) (108,519) l Fund balance at October 1, 1979 503,846 20,645 524,491 Residual equity transfer to general fund (111) (111) Fund balance at September 30, 1980 S415.861 S415.861 l l l l l See accompanying notes to financial statements. j
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CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREFENT TRUST FUND ; STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1980 Revenues Interest and dividend income S 541,227 City contributions 382,581 State funded contributions 133,255 Other 170 Total revenue 1,057,233 Expenses Net depreciation in fair value of investments 323,207 Pension payments 155,647 Custodial and investment fees 28,779 Interest expense on refunds 3,789 Total expenses 511,422 Net incene 545,811 Fund balance at October 1, 1979 4,376,528 Fund balance at September 30, 1980 $4.922.339 , I see accompanying notes to financial statements. _
CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1980 Financial resources were provided by Net income $545,811 Total financial resources provided by operations 545,811 Employee pension contributions 234,236 Total financial resources provided 780,047 Financial resources were used for Refunded employee contributions 65,831 Increase in restricted assets 711,866 Decrease in liabilities payable from restricted assets 2,350 Total financial resources used 780,047 g-Increase in working capital S E l
.
See accompanying notes to financial statements.
. _ . .
CIN OF OCALA. rLQ13 s:wE0UtE or :ssUpx::E 20vEuCE SEP*!S ER 30. 1090 Effectiva Ostes List: of Coverate Premium E, C_o_ne an v
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Poliev Nu:-eer From To _ Coverare Employers Insurance 51 anne: Sailding and of Wausaa 1462-04-063849 3/1/30 3 /1/ S1 Contents: All risks excluding ear:hquake and flood Res property 13.305.016 16.567 Per:onal property 252.202 2.070 (con:ractor's equipcen:) Employers Insurance of Wausau 1421-00-063849 3/1/30 3/1/81 General Liability: Sodily injury 100.000/100.000 Property da= age 100.000 92.557 Employers Insurance of Wausau 1421-02-063849 3/1/80 3/1/81 Cerprehensive Auto Liability: Sodily injury 1 C1. 000 /100. 000 Property damage 100.000/100.000 55.370 Employers insurance of Wausau 1433-00-063849 3/1/80 3/1/51 Money and Securi tes Broad Form Coverap: I International Surplus Loss inside premises Loss ou: side prestses 25.000 25,000 3.497 ines Insurance Co. XL-1320 3/1/30 3/1/81 Excess Liabili:y 500.000 56.500 I U.S. Aviation lasurance Group LC-17352 2/1/30 2/1/81 Aviation Catastrophe Loss 5.000,000 2.333 I Unimark-Mc0cnald U.S. Fidelity and C4aranty Co. 78110383-UM
,,
33-0080-719 77 11/1/79 10/15/79 11/1/80 Public Official Liability 10/15/30 Public E=ployees* 1.000.000 4.100 I
- Henesty Blanke:
Pcsition Bond: All e=ployees 5.000 Acditional a=ounts as follows: Ci:y :'anager 45.000 Assistan: Ci:y Manager 25.000 Finance Oirec:or 95.0' Otractor of U:ilities 15.0w Utility Business Manager 25.000 Colf Pro 20.000 Purchasing Agen: 5.000 1.056 American Centennial 3/1/30 3/1/B1 Work =en's Comeensa: ton I Insurance Co. Ac:erican H0ce VC 6 913 and Employer's Liability 100.000 336.663 Ant:cipated 10/7/79 10/7/30 Police S Fire Accidental I Assurance Co. GTP 9000607 Oe s t.1 Insurance 10.000/350 %0 976 Aetna Life and E=ployees Life. Health 'larious , as Casuat:y 47318-10-001 3/1/30 3/1/31 and Disability Ince e specified in policy 650.300 Es tisa:ed UNAUO!!EO 70-l Jan dhibB h - . . . . . . -
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