HomeMy WebLinkAbout1999 03 22 Regular Item A
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COMMISSION AGENDA
ITEM A
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR XX
March 22, 1999
Meeting
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REQUEST: The Finance Department is requesting City Commission acceptance of the
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 1998.
PURPOSE: The presentation by the City Auditors of the Comprehensive Annual Financial
Report for the fiscal year ended September 30, 1998.
CONSIDERATIONS:
The CAFR is prepared to give the City Commission and the citizens a greater
understanding of the City's financial standing than can be obtained through the
financial statements alone and to more accurately reflect Budget vs. Actual
expenses in the Financial Statements. You will notice that the opinion letter is a
qualified letter due to the impending Y2K problems. The auditors have advised
that all audits will be qualified this year due to this problem.
The City is also again submitting the CAFR to the Government Finance Officers
Association in anticipation of receiving the Certificate of Achievement for
Excellence in Financial Reporting. The Certificate represents a significant
accomplishment for a government and its management.
RECOMMENDATION:
1. Acceptance of the CAFR for the fiscal year ended 9/30/98 by the City
Commission.
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ATTACHMENTS:
1. Comprehensive Annual Financial Report for the fiscal year ended 9/30/98,
including the audited financial statements.
2. Audit opinion letters for both the financial statements and the Sewerage System
Capital Improvement Account.
COMMISSION ACTION:
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Deloitte &
Touche LLP
o
Certified Public Accountants Suite 1800
200 South Orange Avenue
Orlando. Florida 32801
Telephone: (407) 246-8200
Facsimile: (4071 422-0936
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City") as of and for the year ended September 30, 1998, listed in the foregoing table of contents.
These general purpose financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial statements based on our
audit.
Except as discussed in the following paragraph, we conducted our audit in accordance with generally
accepted auditing standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
Governmental Accounting Standards Board Technical Bulletin 98-1, Disclosures about Year 2000
Issues. requires disclosure of certain matters regarding the year 2000 issue. The City has included
such disclosures in Note 10. Because of the unprecedented nature of the year 2000 issue, its effects
and the success of related remediation efforts will not be fully determinable until the year 2000 and
thereafter. Accordingly, insufficient audit evidence exists to support the City's disclosures with
respect to the year 2000 issue made in Note 10. Further, we do not provide assurance that the City is
or will be year 2000 ready, that the City's year 2000 remediation efforts will be successful in whole or
in part. or that parties with which the City does business will be year 2000 ready.
In our opinion. except for the effects of such adjustments, if any, as might have been determined to be
necessary had we been able to examine evidence regarding year 2000 disclosures, the general purpose
financial statements referred to above present fairly, in all material respects, the financial position of
the City at September 30, 1998, and the results of its operations and the cash flows of its proprietary
fund types for the year then ended in conformity with generally accepted accounting principles.
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Our audit was conducted for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements and schedules
listed in the foregoing table of contents are presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of the City. These financial statements and
schedules are also the responsibility of the management of the City. Such additional information has
been subjected to the auditing procedures applied in our audit of the general purpose financial
statements and, in our opinion, is fairly presented in all material respects when considered in relation
to the general purpose financial statements taken as a whole.
The information included in the statistical section is presented for purposes of additional analysis and
is not a required part of the general purpose financial statements of the City. Such additional
information has not been subjected to the auditing procedures applied in our audit of the general
purpose financial statements and, accordingly, we express no opinion on it.
In accordance with Government Auditing Standards, we have also issued our report, dated January 13,
1999, on our consideration of the City's internal control over financial reporting and our tests of
compliance with certain provisions of laws, regulations, contracts, and grants.
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January 13, 1999
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Deloitte &
Touche LLP
o
Certified Public Accountants Suite 1800
200 South Orange Avenue
Orlando. Florida 32801
Telephone: (407) 246-8200
Facsimile: (407) 422-0936
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City") as of and for the year ended September 30, 1998, and have issued our report thereon dated
January 13, 1999, which was qualified because insufficient audit evidence exists to support the City's
disclosures with respect to the year 2000 issue. Except as discussed in the preceding sentence, we
conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States.
In connection with our audit, nothing came to our attention that caused us to believe that the City of
Winter Springs, Florida failed to comply with requirements for maintenance of the Sewerage System
Capital Improvement account in accordance with Section 17-501.61 0(2)(b) of the Florida
Administrative Code. However, our audit was not directed primarily towards obtaining knowledge of
such noncompliance.
This report is intended for the information and use of management and the Florida Department of
Environmental Protection of the State of Florida and is not intended to be and should not be used by
anyone other than these specified parties.
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January 13, 1999
Deloitte Touche
Tohmatsu
International
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,cI1v(JFWINTER
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SPRINGS FLORIDA
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1998
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PREPARED BY: FINANCE DEPARTMENT
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TABLE OF CONTENTS
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1998
I INTRODUCTORY SECTION
LETTER OF TRANSMITTAL
LIST OF PRINCIPAL OFFICIALS
ORGANIZATIONAL CHART
CERTIFICATE OF ACHIEVEMENT
I FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - All Governmental Fund Types
Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - All Governmental Fund Types
Statement of Revenues, Expenses, and Changes in Retained Earnings -
Proprietary Fund Type
Statement of Cash Flows - Proprietary Fund Type
Notes to Financial Statements
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES:
Special Revenue Funds:
Combining Balance Sheet
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1998
TABLE OF CONTENTS
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Budget and Actual
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Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual
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Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Budget and Actual
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Schedule of Expenditures - General Fund - Budget and Actual
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Schedule of Revenues and Expenses - Budget and Actual -
Water and Sewer Utility - Operating Account
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Schedule of Supplemental Cash Flows - Enterprise Fund -
Water and Sewer Utility
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I STATISTICAL SECTION
TABLE 1 - GENERAL GOVERNMENT EXPENDITURES BY FUNCTION 81
TABLE 2 - GENERAL GOVERNMENT REVENUES BY SOURCE 82-83
TABLE 3 - PROPERTY TAX LEVIES AND COLLECTIONS 84
TABLE 4 - ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY 85
TABLE OF CONTENTS
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1998
TABLE 5 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
TABLE 6 - COMPUTATION OF DIRECT AND OVERLAPPING DEBT
TABLE 7 - REVENUE BOND COVERAGE - WATER AND SEWER REVENUE BONDS
TABLE 8 - DEMOGRAPHIC STATISTICS
TABLE 9 - PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
TABLE 10 - PRINCIPAL TAXPAYERS
TABLE 11 - MISCELLANEOUS STATISTICS
I OTHER REPORTS
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE
AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
INDEPENDENT AUDITORS' MANAGEMENT LEITER
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 11, 1999
Honorable Mayor, Members of the City Commission,
and the Citizens of the City of Winter Springs, Florida
Submitted herein is the comprehensive annual financial report of the City of Winter Springs,
Florida (City) for the fiscal year ended September 30, 1998. Responsibility for both the accuracy
of the data, and the completeness and fairness of the presentation, including all disclosures, rests
with the City. To the best of our knowledge and belief, the enclosed data are accurate in all
material respects and are reported in a manner designed to present fairly the financial position
and results of operations of the various funds and account groups of the City. All disclosures
necessary to enable the reader to gain an understanding of the City's financial activities have
been included.
The comprehensive annual financial report has been prepared in accordance with guidelines
established by the Governmental Accounting Standards Board (GASB) and the Government
Finance Officers Association (GFOA). The report is presented in four sections as follows:
1. An Introductory Section, which is unaudited, including the City
Manager's and Finance Director's letter of transmittal, an organizational chart
and a list of the City's principal elected and appointed officials;
2.
A Financial Section, including the financial statements and
supplemental data of the City accompanied by our independent auditors' report;
3.
A Statistical Section, which is unaudited, including a selection of data
depicting the financial history of the City on a multi-year basis, information on
overlapping governments, and demographic and miscellaneous information;
4. An Other Reports Section, including the independent auditors' report
on compliance and internal control over financial reporting and the independent
auditors' management letter.
This report includes all funds and account groups of the City. The City provides a full range of
services including police and fire protection; utility services; the construction and maintenance
of highways, streets and infrastructures; recreational activities and planning and community
development.
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MAJOR INITIATIVES
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ECONOMIC CONDITION AND OUTLOOK
The City, incorporated in 1959, is located in Seminole County, which is a part of the greater
Orlando metropolitan area in East Central Florida. This area is one of the fastest growing areas
in the country. The City is primarily a retail, office and residential area with a small amount of
light industry and commercial. The City currently has a land area of 14.6 square miles and a
population of 28,404. The City operates according to a CouncillManager form of government,
with an appointed City Manager, five elected City Commissioners and a separately elected
Mayor.
The City's total assessed valuation for real and personal property increased 4.4% from the prior
year and almost 46% since 1991. This increase in valuations resulted in an increased tax levy of
$192,026 over last year and $1,004,253 since 1991. The City's population continues to strongly
increase, adding almost 1,000 citizens or an increase of 3.42% during 1998. The population has
increased 31 % from that of ten years ago. As indicated by these factors, the City currently
enjoys a favorable economic environment and local indicators still point to a continued trend of
increased growth. This increased growth helps the City to maintain a moderate property tax rate,
which was at 3.6000 mills during 1998. The City's millage rate has continued its decreasing
trend since 1994.
The City has developed a comprehensive plan which incorporates many measures to attract new
growth. The City is interested in attracting and nurturing new growth while at the same time
preserving the physical amenities and quality of life. Since the City is linked to a multi-lane
restricted access road system (the "Greene Way"), it offers its citizens the advantages of
suburban lifestyles and easy access to centralized business areas and tourist attractions
throughout the metropolitan Orlando area. The Greene Way stimulates the outflow of businesses
to suburban areas, enhancing the City's economic development.
The City staff has once again been involved in a variety of projects throughout the year, which
indicates the City's desire to make Winter Springs a community in which its citizens desire to
live, work and play. Significant projects include the following:
City facilities were remodeled this year to transfer more of the City's administrative offices to
City Hall. The offices for the Utilities and Stormwater Departments are now located at City
Hall. The Utility Billing office is currently in the process of moving into its new offices inside
City Hall, so that the City will be able to streamline some of its operations and provide improved
customer service for all of its citizens.
The City's medical transport program, provided by the Fire Department, is still a successful
program, providing excellent care at a reasonable rate for its citizens. The Fire Department
provides this transportation at a flat rate of $185 for residents, as opposed to the privatized base
rate of $325. The Fire Department has transported over 2,027 citizens at a savings of over
$283,780 to the community since the initiation of this program. This transport service is still
fully funded by user fees requiring no financial support from general taxation.
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The Utility Department completed the majority of the improvements to the East Water
Reclamation Facility necessary to begin providing reclaimed water for residential irrigation. The
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improvements included a new chlorine contact chamber, transfer pump station, distribution
pump station, reject water storage pond, and site drainage and paving improvements. The East
and West water reclamation systems now provide reclaimed water to approximately 800
residences in the City. The continued growth of the reclaimed water distribution system will
reduce the long term capital improvement requirements of the potable water system by reducing
the demand.
Another utility improvement was the extension of the potable water system to an industrial area
inside the City. The purpose ofthis extension was to provide fire protection to the various
properties located in the area. The properties that benefit from this extension will reimburse the
City as they connect to the system based on their hydraulic share. In addition, the West and East
potable water systems are now interconnected due to increased development within the City.
This linking improves reliability, system pressures, and fire flow capabilities throughout the
City.
Funds from the Transportation Impact Fee Fund were used to replace the Moss Road bridge and
also for roadway and drainage improvements in residential areas which, due to unpaved roads,
creates problems for Public Safety personnel during extreme weather events. Portions of the
impact fees will be used to complete drainage and paving improvements to the collector road
network over the next four years to ensure emergency service can be provided to these residents
at all times. This past year, the collector road portions of Moss Road, Hayes Road and Panama
Road were completed. The two additional roads scheduled to complete this project will be done
in the next three years.
The City initiated a new program of traffic calming. We will be spending monies to improve the
liveability of neighborhoods by slowing or diverting traffic and by adding landscape and
architectural features. If successful, the program will be expanded in the coming years.
The City installed audio/visual media screens during 1998, which enabled the citizens of Winter
Springs to view the various documents presented to the Commission. The City is also in the
process of upgrading the camera to allow an even clearer picture of documents.
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The City of Winter Springs cooperated with the State of Florida in assisting to construct a trail
along the old abandoned railroad in Seminole County. The City completed the landscaping,
installed a marker and restroom facilities, and provided resources for the crossings. The trail
opened in May, 1998, providing our citizens with an area in which to run, jog, walk or roller-
blade.
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The City also established an innovative new pension plan unlike any other in the State of Florida.
This new plan, called a "floor offset" plan, was effective October 1, 1997. Both younger and
older employees have an option of receiving benefits under a defined benefit or a defined
contribution plan. This plan has obviously been well-received by the City employees, since it
offers a level of benefits similar to those of the state pension plan at approximately one-half of
the cost.
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The City has also made progress on its five-year plan to upgrade its data processing equipment.
During the current fiscal year, a state-of-the-art phone system was set up to allow easier access to
City employees. By also implementing a voice-mail system, it also gives the employees
increased productivity.
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The City is constantly implementing many projects whose ultimate goals are to provide our
citizens with benefits. Listed below are some new projects which have recently been started by
the City.
Town Center - The City is still in the formative stage of designing a new 230 acre Town Center
along State Road 434 at Tuskawilla Road. The Town Center is expected to attract commercial,
office, residential and public uses. Sites have been identified as possible locations for a new City
Hall, library, hotel and convention center.
The Town Center will be a public/private partnership, with the public sector providing the
infrastructure and the private sector constructing and marketing the project. Many developers
have expressed an interest in working with the City on this project.
City Hall Network - As part of its five-year plan, the City has made strides toward networking
all City computers. This process, currently ongoing, should be completed within the next fiscal
year and allow all City employees to communicate and work more effectively and efficiently.
The Utilities Department is now designing the first phase of the East reuse distribution system,
updating the West reuse master plan, interconnecting the East and West reclaimed water
systems, preparing a risk management plan for chlorine storage, extending water and sewer lines
to existing businesses, and designing a surge tank for the West WRF. These projects are
scheduled to be completed within the next fiscal year.
FINANCIAL INFORMATION
Management of the City is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the government are protected from loss, theft or
misuse and to ensure that adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting principles. The internal
control structure is designed to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes that the cost of a control
should not exceed the benefits likely to be derived, and that the valuation of costs and benefits
requires estimates and judgments by management.
In addition, the City maintains extensive budgetary controls. The objective of these controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget approved
by the City Commission. Activities of the general fund, special revenue funds, debt service
funds, capital projects funds and the enterprise fund are included in the annual appropriated
budget.
Budgets for governmental fund types are prepared on a basis that is consistent with generally
accepted accounting principles. The legal level of budgetary control (that is, the level at which
expenditures cannot legally exceed the appropriated amount) is established at the fund level.
The government also maintains an encumbrance accounting system as one method of
maintaining budgetary control.
As demonstrated by the statements and schedules included in the financial section of this report,
the City continues to meet its responsibility for sound financial management.
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General Government Functions and General Fund Balance
The following schedule presents a summary of general fund, special revenue funds, capital
projects funds and debt service funds revenues for the years September 30, 1998 and 1997.
Amount of Percent of
Revenues and Other 1998 Percent of 1997 Increase Increase
Financing Sources Amount Total Amount (Decrease) (Decrease)
Taxes $ 5,967,375 38.4% $ 5,406,995 $ 560,380 10.4%
Licenses and permits 943,220 6.1% 990,477 (47,257) -4.8%
Intergovernmental 2,583,849 16.6% 2,290,120 293,729 12.8%
Charges for services 742,766 4.8% 687,152 55,614 8.1%
Fines 183,714 1.2% 208,667 (24,953) -12.0%
Interest 447,343 2.9% 454,922 (7,579) -1. 7%
Miscellaneous 737,539 4.7% 641,202 96,337 15.0%
Operating transfers in 3,925,725 25.3% 3,487,554 438,171 12.6%
Proceeds from bond issuance 0.0% 575,000 (575,000)
Total $ 15,531,531 100.0% $ 14,742,089 $ 789,442
The largest dollar-value increase in revenues came from taxes. Revenues from taxes increased
10.4% even as the City again lowered its millage rate from 3.6083 to 3.6000 mills. This increase
is a direct result of increased residential and commercial development in the area.
Intergovernmental revenues had one of the largest percentage increases due to an 11 % increase
in the half-cent sales tax received by the City, as well as a 13% increase in utility taxes.
Operating transfers in increased due to a dramatic increase of transfers from the Public Service
Tax Fund to the General Fund. The 12% decrease in fines and forfeitures revenues is related to a
restructuring by the State of Florida in the fine amounts enforced for traffic infractions.
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The following schedule presents a summary of general fund, special revenue fund, debt service
fund, and capital projects fund expenditures for the fiscal years ended September 30, 1998 and
1997:
Amount of Percent of
Expenditures and 1998 Percent of 1997 Increase Increase
Other Financing Uses Amount Total Amount (Decrease) (Decrease)
General government $ 2,591,811 15.3% $ 1,950,449 $ 641,362 32.9%
Public safety 4,725,544 27.9% 4,108,319 617,225 15.0%
Transportation 1,159,944 6.9% 1,084,121 75,823 7.0%
Culture and recreation 843,115 5.0% 814,125 28,990 3.6%
Capital outlay 2,705,800 16.0% 2,454,088 251,712 10.3%
Debt service 967,605 5.7% 963,044 4,561 0.5%
Operating transfers out 3,925,725 23.2% 3,487,554 438,171 12.6%
Total $ 16,919,544 100.0% $ 14,861,700 $ 2,057,844
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Risk Management
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The largest increase in expenditures was due to general government expenditures, primarily for
the expenditures related to the planning and design of the new Town Center concept, as well as
various legal matters.
General government function includes the offices of the City Commission, City Manager and
City Clerk, the Human Resource Department, the Finance Department, the Purchasing
Department, and the Community Development Department. It also includes expenditures from
Special Revenue Funds, such as Streetlighting Fund, Stormwater Utility Fund, Solid Waste
Fund, and the Electric Franchise Fee Fund.
Expenditures for public safety increased 15% due to additional police officers hired and
equipment purchased under federal grants. There were also some additional expenditures
incurred due to needed equipment for the new officers that were not covered under grants.
The increase in transfers out is related to the increase in transfers from the Public Service Tax
Fund to the General Fund.
General Fund Balance
The fund balance ofthe general fund decreased 14.5% or $458,084 in 1998. The decrease in
fund balance was budgeted and was used for various capital outlays. One of the goals of the City
over the next few fiscal years is to increase the fund balance.
Enterprise Operations
The City's enterprise operations are comprised of the City's water and sewer utility. Water
revenues increased 8.5% to $2,345,662, while the number of customers increased by 3.6% to
10,981. Sewer operations revenues increased approximately 1 % to $2,956,486. As in prior
years, the water/sewer utility made payments to the general fund (included in miscellaneous
revenues) for those staff salaries and related benefits that are budgeted and expended in the
general fund for services either directly or indirectly provided on behalf of the utility.
Cash Management
During the current fiscal year, the City invested in Treasury Bills, Certificates of Deposit,
Commercial Paper, and Treasury Notes. The average yield on these investments was 5.25%, and
interest income was $518,730 in 1998. The City's deferred compensation plans, which allows
employees to defer a portion of their salary until future years, are managed by PEBSCO and
ICMA.
During the ordinary course of its operations, the City is exposed to various risks of losses. The
City employs a risk manager who has established various control techniques to reasonably
ensure that all employees are aware of their responsibilities to minimize accident-related losses
by using caution in their jobs. Third-party coverage is currently maintained for individual
workers' compensation claims.
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INDEPENDENT AUDIT
State Statutes require an annual audit of the books of account, financial records and transactions
of all administrative departments of the City by independent certified public accountants selected
by the City Commission. The City's auditors, Deloitte and Touche LLP have conducted the
audit and issued their report which can be found in the financial section of this report.
A WARDS
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement
for Excellence in Financial Reporting to the City for its comprehensive annual financial report
for the year ended September 30, 1997. The Certificate of Achievement is a prestigious national
award recognizing conformance with the highest standards for preparation of state and local
government financial reports. This was the first time that the City has applied for and received
this award. In order to be awarded a Certificate of Achievement, the government must publish
an easily readable and efficiently organized comprehensive annual financial report, whose
contents conform to program standards. This report satisfied both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program's requirements and we are submitting it to the GFOA.
ACKNOWLEDGEMENTS
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The preparation of this report could not have been accomplished without the efficient and
dedicated efforts of the entire staff of the Finance Department. We would like to express our
appreciation to all members of the department who assisted and contributed to the
preparation of this report. Other City departments also contributed significantly by helping to
ensure the accuracy and integrity of accounting information compiled throughout the year.
In closing, we would also like to thank the Mayor and Members of the City Commission for their
interest and support in planning and conducting the operations of the City in a responsible and
progressIve manner.
Respectfully submitted,
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Ronald W. McLemore
City Manager
~Y'0~
Finance Director
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CITY MANAGER
CITY CLERK
FINANCE DIRECTOR
INFORMATION SERVICES
POLICE CHIEF
FIRE CHIEF
UTILITY /PUBLIC WORKS DIRECTOR
COMMUNITY DEVELOPMENT DIRECTOR
P ARKS AND RECREA nON DIRECTOR
Ronald McLemore
Margo Pierce
Harry E. Martin
Joanne Dalka
Daniel Kerr
Timothy Lal!athin
Kipton Lockcuff
Charles C. Carrington
Brook Seal!
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CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL OFFICERS AS OF
SEPTEMBER 30, 1998
ELECTED OFFICIALS
MAYOR
VICE-MA YORlCOMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
Paul P. Partyka
Cindy Gennel!
Robert S. Miller
Michael S. Blake
Edward Martinez, Jr.
David McLeod
APPOINTED OFFICIALS
LEGAL COUNSEL
Frank Kruppenbacher, P.A.
FINANCIAL ADVISOR
Jim Lentz
First Southwest Company
AUDITORS
Deloitte & Touche LLP
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City of Winter Springs
Organizational Chart
Citizens
of
Winter Springs
Mayor
and
City
Commission
Advisory Boards City Manager City Attorney
City Clerk Information Services
Finance Director Community Development Fire Chief Police Chief Public Works/Utility Parks & Recreation
Director Director Director
-Administration -Administration
-Accounting -Comprehensive Planning
-Purchasing -Land Management
-Human Resources -Code Enforcement
-Revenue -Engineering Services
-Utility Billing -Building
-Meter Services Permits
-Risk Management Inspections
* The City Manager is appointed by the Commission.
* The City Clerk is appointed by the Mayor with
ratification of the City Commission and works under
the direction of the City Manager.
-Administration
- F irelRescue
-Fire Prevention
-Emergency Medical
Services
-Administration
- Records
-Communications
-Patrol
- Investigations
- Youth Services
- Administration
-Stormwater
-Transportation
-Water Resource Mgmt.
Water
Wastewater
- Administration
-Civic/Senior
Center Operations
-ParksIField Maint.
-Athletics
-Recreation Programs
-Concession Services
*The City Attorney is appointed by the Mayor with ratification of the City Commission
and works under the direction of the Commission.
* Advisory Boards are appointed by the Mayor and Commission and work under the
direction of the City Commission.
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Certiticate at
Achievement
for Excellence
in Financial
Reporting
Presented to
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City of Winter Springs,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1997
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
!J~ lfeSident
fJfh/~
Executive Director
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Deloitte &
Touche LLP
o
Certified Public Accountants Suite 1800
200 South Orange Avenue
Orlando, Florida 32801
Telephone: (407) 246-8200
Facsimile: (407) 422-0936
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City") as of and for the year ended September 30, 1998, listed in the foregoing table of contents.
These general purpose financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial statements based on our
audit.
Except as discussed in the following paragraph, we conducted our audit in accordance with generally
accepted auditing standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perfonn the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
Governmental Accounting Standards Board Technical Bulletin 98-1, Disclosures about Year 2000
Issues, requires disclosure of certain matters regarding the year 2000 issue. The City has included
such disclosures in Note 10. Because of the unprecedented nature of the year 2000 issue, its effects
and the success of related remediation efforts will not be fully detenninable until the year 2000 and
thereafter. Accordingly, insufficient audit evidence exists to support the City's disclosures with
respect to the year 2000 issue made in Note 10. Further, we do not provide assurance that the City is
or will be year 2000 ready, that the City's year 2000 remediation efforts will be successful in whole or
in part, or that parties with which the City does business will be year 2000 ready.
In our opinion, except for the effects of such adjustments, if any, as might have been detennined to be
necessary had we been able to examine evidence regarding year 2000 disclosures, the general purpose
financial statements referred to above present fairly, in all material respects, the financial position of
the City at September 30, 1998, and the results of its operations and the cash flows of its proprietary
fund types for the year then ended in confonnity with generally accepted accounting principles.
Deloitte Touche
Tohmatsu
International
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Our audit was conducted for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements and schedules
listed in the foregoing table of contents are presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of the City. These financial statements and
schedules are also the responsibility of the management of the City. Such additional information has
been subjected to the auditing procedures applied in our audit of the general purpose financial
statements and, in our opinion, is fairly presented in all material respects when considered in relation
to the general purpose financial statements taken as a whole.
The information included in the statistical section is presented for purposes of additional analysis and
is not a required part of the general purpose financial statements of the City. Such additional
information has not been subjected to the auditing procedures applied in our audit of the general
purpose financial statements and, accordingly, we express no opinion on it.
In accordance with Government Auditing Standards, we have also issued our report, dated January 13,
1999, on our consideration of the City's,intemal control over financial reporting and our tests of
compliance with certain provisions of laws, regulations, contracts, and grants.
C1 . '- "
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January 13, 1999
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(This page intentionally left blank.)
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Governmental Fund Types
Special Debt Capital
ASSETS General Revenue Service Projects
Cash and cash equivalents $3,099,401 $ 893,195 $ 288,439 $ 99,388
Investments 1,250,000 1,910,777 201,987
Receivables:
Accounts receivable, net 52,926
Accrued interest receivable 3,921 3,297
Due from other governments 88,255
Due from other funds 82,940 195,437
Inventories 4,231
Restricted assets:
Cash and cash equivalents 106,875
Invest~nts
Property, plant and equip~nt (net, where
applicable, of accumulated depreciation)
Unamortized bond costs, net
Amount available in debt service funds
Amount to be provided for retirement of
general long-term debt
Amount to be provided for accrued
compensated absences
Total assets $3,385,623 $2,394,855 $2,199,216 $ 301,375
See notes to financial state~nts.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30,1998
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Proprietary
Fund Type Account Groups Totals
General General Long- (Memorandum
Enterprise Fixed Assets Term Debt Only)
$ 806,239 $ $ $ 5,186,662
3,362,764
904,681 957,607
17,534 24,752
88,255
279 278,656
536 4,767
2,655,619 2,762,494
2,665,604 2,665,604
29,358,054 23,122,741 52,480,795
427,925 427,925
2,199,216 2,199,216
10,125,784 10,125,784
343,320 343,320
$36,836,471 $23,122,741 $12,668,320 $80,908,601
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1998
Governmental Fund Types
LIABILITIES, FUND EQUITY Special Debt Capital
AND OTHER CREDITS General Revenue Service Projects
LIABILITIES:
Accounts payable $ 324,749 $ 60,330 $ $ 69,812
Accrued liabilities 241,473
Due to other funds 13,223 37,675
Payable from restricted assets:
Accrued interest
Revenue bonds payable
Obligation under utility agreement
Customer depos its 106,875
Accrued compensated absences
Obligation under utility agreement, less
portion payable from restricted assets
Revenue bonds payable, less portion
payable from restricted assets
Total liabilities 686,320 98,005 69,812
FUND EQUITY AND OTHER CREDITS:
Investment in general fixed assets
Contributed capital
Retained earnings:
Reserved for renewal and replacement
Reserved for capital improvements
Unreserved
Fund balances:
Reserved for debt service 2,199,216
Reserved for encumbrances 195,317 129 25,046
Reserved for inventories 4,231
Reserved for capital projects 206,517
Unreserved 2,499,755 2,296,721
Total fund equity and other credits 2,699,303 2,296,850 2,199,216 231,563
TOT A L LIABILITIES, FUND EQUITY
AND OTHER CREDITS $3,385,623 $2,394,855 $2,199,216 $ 301,375
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CITY OF WINTER SPRINGS, FLORIDA .
.
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN .
FUND BALANCES - ALL GOVERNMENTAL FUND TYPES .
YEAR ENDED SEPTEMBER 30,1998 .
Governmental Fund Types Totals .
Special Debt Capital (Memorandum .
General Revenue Service Proiects Q.n.M
REVENUES: .
Taxes and special assessments $ 3,253,744 $ 2,713,631 $ $ $ 5,967,375 .
Licenses, permits, and fees 637,169 306,051 943,220
Intergovernmental revenues 2,393,892 189,957 2,583,849 .
Charges for services 106,367 636,399 742,766 .
Fines and forfeitures 170,325 13,389 183,714
Interest 154,543 104,536 162,680 25,584 447,343 .
Miscellaneous 737,465 74 737,539
Total revenues 7,453,505 3,964,037 162,680 25,584 11,605,806 .
.
EXPENDITURES: .
Current:
General government 2,321,677 270,134 2,591,811 .
Public safety 4,661,471 64,073 4,725,544 .
Transportation 1,011,225 148,719 1,159,944
Culture and recreation 843,115 843,115 .
Capita] outlay 877,402 1,260,641 567,757 2,705,800
Debt service: .
Principal retirement 275,000 275,000
Interest and fiscal charges 692,605 692,605 .
Total expenditures 9,714,890 1,743,567 967,605 567,757 12,993,819 .
...
EXCESS (DEFICIENCY) OF ..
REVENUES OVER (UNDER) ....
EXPENDITURES (2,261,385) 2,220,470 (804,925) (542,173 ) (1,388,013) ..
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OTHER FINANCING SOURCES -
(USES): 'WI"
Operating transfers in 1,829,100 1,037,025 990,870 68,730 3,925,725 -
Operating transfers out (3,856,995) (68,730) (3,925,725) -
Tota] other financing sources .
(uses) ],829,100 (2,819,970) 990,870 .
EXCESS (DEFICIENCY) OF REVENUES .
AND OVER FINANCING SOURCES ...
OVER (UNDER) EXPENDITURES .,
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AND OTHER USES (432,285) (599,500) 185,945 (542,173 ) (],388,0]3) ..
FUND BALANCES AT BEGINNING -
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OF YEAR 3,157,387 2,870,551 2,013,271 773,736 8,814,945 ....
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RESIDUAL EQUITY TRANSFERS IN 25,799 25,799 -
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RESIDUAL EQUITY TRANSFERS OUT (25,799) (25,799) -
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FUND BALANCES AT END -
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OF YEAR $ 2,699,303 $ 2,296,850 $ 2,199,216 $ 231,563 $ 7,426,932 .-
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. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
. FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
. YEAR ENDED SEPTEMBER 30,1998
. General Fund
. Variance
. Favorable
Budget Actual (Unfavora ble)
. REVENUES:
. Taxes and special assesstrents $ 3,300,281 $ 3,253,744 $ (46,537)
. Licenses, pennits, and fees 507,287 637,169 129,882
lntergovemtrental revenues 2,380,133 2,393,892 13,759
. Charges for services 116,435 106,367 (10,068)
. Fines and forfeitures 198,324 170,325 (27,999)
Interest 150,291 154,543 4,252
. Miscellaneous 640,000 737,465 97,465
. Total revenues 7,292,751 7,453,505 160,754
. EXPENDITURES:
. Current:
. General govemtrent 2,375,784 2,321,677 54,107
Public safety 4,756,310 4,661,471 94,839
. Transportation 1,139,982 1,011,225 128,757
. Culture and recreation 984,907 843,115 141,792
Capital outlay 684,704 877,402 (192,698)
... Debt service:
'WI'
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- Interest and fiscal charges
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- Total expenditures 9,941,687 9,714,890 226,797
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- EXCESS (DEFICIENCY) OF REVENUES
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- OVER (UNDER) EXPENDITURES (2,648,936) (2,261,385) 387,551
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- OTHER FINANCING SOURCES (USES):
- Operating transfers in 1,709,416 1,829,100 119,684
- Operating transfers out
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Total other financing sources (uses) 1,709,416 1,829,100 119,684
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EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES (939,520) (432,285) 507,235
FUND BALANCES AT BEGINNING OF YEAR 3,157,387 3,157,387
RESIDUAL EQUITY TRANSFERS IN
RESIDUAL EQUITY TRANSFERS OUT (25,799) (25,799)
FUND BALANCES AT END OF YEAR $ 2,217,867 $ 2,699,303 $ 481,436
See notes to financial statetrents. (Continued)
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EXPENDITURES:
Current:
General government
Public safety
Transportation
Culture and recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
1,433,752
71,758
121,950
1,426,056
64,073
148,719
7,696
7,685
(26,769)
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED SEPTEMBER 30,1998
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments
Licenses, pennits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Interest
MiscelIaneous
Total revenues
$ 2,393,389 $ 2,713,631 $ 320,242
410,036 306,051 (l03,985)
224,256 189,957 (34,299)
1,710,683 1,792,321 81,638
18,950 13,389 (5,561)
59,927 104,536 44,609
74 74
4,817,241 5,119,959 302,718
1,456,664
1,260,641
196,023
Total expenditures
3,084,124 2,899,489 184,635
1,733,117 2,220,470 487,353
875,825 1,037,025 161,200
(3,405,644) (3,856,995) (451,351)
(2,529,819) (2,819,970) (290,151 )
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EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
OTHER FINA NCING SOURCES (USES):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
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EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES
FUND BALANCES AT BEGINNING OF YEAR
RESIDUAL EQUITY TRANSFERS IN
RESIDUAL EQUITY TRANSFERS OUT
25,799
25,799
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(796,702)
2,870,551
(599,500)
2,870,551
197,202
FUND BALANCES AT END OF YEAR
$ 2,073,849
$ 2,296,850
$ 223,001
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80,000
2,013,271
$ 2,093,271
185,945
2,013,271
$ 2,199,216
105,945
(355,485)
773,736
$ 105,945
$ 418,251
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(542,173)
773,736
$ 231,563
(186,688)
$ (186,688)
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA .
.
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN .
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES .
YEAR ENDED SEPTEMBER 30, 1998
Totals .
(Memorandum Only) .
Variance .
Favorable
Budget Actual (Unfavorable .
REVENUES: .
Taxes and special assesstrents $ 5,693,670 $ 5,967,375 $ 273,705 .
Licenses, pennits, and fees 917,323 943,220 25,897 .
Intergovemtrental revenues 2,604,389 2,583,849 (20,540)
Charges for services 1,827,118 1,898,688 71,570 .
Fines and forfeitures 217,274 183,714 (33,560) .
In teres t 293,418 447,343 153,925
Miscellaneous 640,000 737,539 97,539 .
Total revenues 12,193,192 12,761,728 568,536 .
EXPENDITURES: .
Current: .
General govemtrent 3,809,536 3,747,733 61,803
Public safety 4,828,068 4,725,544 102,524 .
Transportation 1,261,932 1,159,944 101,988 .
Culture and recreation 984,907 843,115 141,792
Capital outlay 2,498,853 2,705,800 (206,947) -
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Debt service: ....
Principal retiretrent 387,000 275,000 112,000 ...
Interest and fiscal charges 690,753 692,605 (1,852) .-
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Total expenditures 14,461,049 14,149,741 311,308 -
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EXCESS (DEFICIENCY) OF REVENUES -
OVER (UNDER) EXPENDITURES (2,267,857) (1,388,013) 879,844 -
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OTHER FINANCING SOURCES (USES): -
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Operating transfers in 3,661,794 3,925,725 263,931 ....
Operating transfers out (3,405,644) (3,925,725) (520,081 ) ,.,
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Total other financing sources (uses) 256,150 (256,150) ,.,
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EXCESS (DEFICIENCY) OF REVENUES AND ....
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OTHER FINANCING SOURCES OVER (UNDER) -
EXPENDITURES AND OTHER USES (2,011,707) (1,388,013) 623,694 -
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FUND BALANCES AT BEGINNING OF YEAR 8,814,945 8,814,945 -
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RESIDUAL EQUITY TRANSFERS IN 25,799 -
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RESIDUAL EQUITY TRA NSFERS OUT (25,799) -
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FUND BALANCES AT END OF YEAR $ 6,803,238 $ 7,426,932 $ 623,694 -
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS - PROPRIETARY FUND TYPE
YEAR ENDED SEPTEMBER 30,1998
Water & Sewer
Utility
Eu.rnt
OPERATING REVENUES - User charges
$ 5,302,148
OPERATING EXPENSES:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
1,157,879
367,861
1,129,282
1,170,766
Total operating expenses
3,825,788
OPERATING INCOME
1,476,360
NONOPERATING REVENUES (EXPENSES):
Interest income
Interest expense
Connection fees
Loss on disposal of fixed assets
Other
Total nonoperating revenues (expenses)
244,022
(1,484,805)
376,942
(2,645)
1,000
(865,486)
610,874
2,200,093
$ 2,810,967
NET INCOME
RETAINED EARNINGS AT BEGINNING OF YEAR
RETAINED EARNINGS AT END OF YEAR
See notes to financial statements.
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS-
PROPRIETARY FUND TYPE
YEAR ENDED SEPTEMBER 30, 1998
Water & Sewer
Utility
Eumt
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income
Adjustments to reconcile operating income to net cash provided by
operating activities:
Depreciation and amortization
Changes in assets and liabilities:
Increase in accounts receivable
Decrease in due from other funds
Increase in inventories
Increase in accounts payable
Increase in accrued liabilities
Decrease in due to other funds
Increase in customer deposits
Increase in accrued compensated absences
$ 1,476,360
1,129,282
(86,005)
17,971
(148)
50,342
8,244
(62,202)
23,145
47,814
Total adjustments
1,128,443
Net cash provided by operating activities
2,604,803
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition and construction of capital assets
Connection fees
Interest paid on revenue bonds
Principal payments on revenue bonds
Payment on utility agreement
(1,783,42 I)
376,942
(1,438,370)
(455,000)
(129,200)
Net cash used in capital and related financing activities
(3,429,049)
CASH FLOWS FROM INVESTING ACTIVITIES -
Earnings on cash, cash equivalents, and investments
Purchases of government securities and commercial paper
Sales of government securities and commercial paper
254,214
(1,650,773)
2,987,150
Net cash provided by investing activities
1,590,591
NET INCREASE IN CASH AND CASH EQUIVALENTS
766,345
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
2,695,513
CASH AND CASH EQUIVALENTS AT END OF YEAR
$ 3,461,858
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
During the year ended September 30, 1998, the City recorded as contributed capital utility system equipment donated by developers
totaling $329,351. - 23 -
See notes to financial statements.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED SEPTEMBER 30,1998
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Winter Springs, Florida (the "City") was established by a special act of the Florida
Legislature and incorporated in 1959. The City is located in the central Florida county of Seminole. The
legislative branch of the City is composed of a five-member elected Commission, which is governed by
the City Charter and by state and local laws and regulations. The City Commission is responsible for the
establishment and adoption of policy; the execution of such policy is the responsibility of the City
Manager appointed by the Commission.
The accounting policies of the City conform to generally accepted accounting principles as applicable to
units of local governments. The following is a summary of the more significant policies:
Q. Reporting Entity - The City is a stand-alone governmental unit. There are no organizations for
which the City is financially accountable or for which their nature and relationship with the City
would cause the City's financial statements to be misleading if excluded.
b. Fund Accounting - The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities,
fund equity, revenues and expenditures, or expenses as appropriate. Government resources are
allocated to and accounted for in individual funds based upon the purpose for which the resources
are to be spent and the means by which spending activities are controlled. The purposes of the
City's various funds and account groups are as follows:
Governmental Funds:
General Fund - The General Fund is the general operating fund ofthe 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 Funds are used to account for the proceeds of
specific revenue sources (other than major capital projects) that are legally restricted to
expenditures for specific purposes.
Debt Service Funds - The Debt Service Funds are used to account for the accumulation of
resources for the payment of general long-term debt principal, interest, and related costs.
Capital Projects Funds- Capital Projects Funds are used to account for the portion of the
proceeds resulting from the Improvement Refunding Revenue Bond - Series 1993 and the
Subordinate Improvement Revenue Bond - Series 1997. These monies are being used for the
acquisition and construction of civic and recreational facilities, a police station complex, and
the renovation of City Hall.
- 24-
Proprietary Fund:
Enterprise Fund - The Enterprise Fund is used to account for operations that are financed
and operated in a manner similar to private business enterprises where the intent of the City
Commission is that the costs (expenses, including depreciation) of providing services to the
general public be financed or recovered primarily through user charges. The City's
enterprise fund consists of a water and sewer utility.
Account Groups:
General Fixed Assets - The General Fixed Assets Account Group is used to account for the
fixed assets of the City, except those of the proprietary funds.
General Long-Term Debt - The General Long-Term Account Group is used to account for
the outstanding principal balances on any general or special obligation bonds, notes,
compensated absences, or other long-term debt of the City, except for long-term debt of the
proprietary fund.
c. Measurement Focus
Governmental Fund Types - General, Special Revenue, Debt Service, and Capital Projects Funds
are accounted for on a current financial resources measurement focus and the modified accrual
basis of accounting. Under the modified accrual basis, revenues are recognized when they
become measurable and available as net current assets. The City considers all collections within
one year of year end to be available, except property taxes, which are not available unless
collected within sixty days. Revenues susceptible to accrual include emergency medical service
fees and investment earnings. Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is incurred, except for unmatured principal and
interest on most general long-term debt, which is recognized when due.
Proprietary Fund Type - The Enterprise Fund is accounted for on the flow of economic resources
measurement focus and uses the accrual basis of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when liabilities are incurred. The City has
elected not to apply Financial Accounting Standards Board Statements and Interpretations issued
after November 30, 1989, as permitted by Statement No. 20 of the Governmental Accounting
Standards Board, Accounting and Financial Reporting/or Proprietary Funds and Other
Governmental Entities that Use Proprietary Fund Accounts.
Account Groups - The General Long-Term Debt and General Fixed Assets Account Groups are
concerned only with the measurement of financial position. They are not involved with the
measurement of results of operations. Long-term debt which is not intended to be financed
through the Proprietary Fund is accounted for in the General Long-Term Debt Account Group.
Fixed assets which are not used in Proprietary Fund operations are accounted for in the General
Fixed Assets Account Group.
d. Cash and Cash Equivalents - The City considers all highly liquid investments (including
restricted assets) with a maturity of three months or less when purchased to be cash equivalents.
e. Investments - During the 1998 fiscal year, the City adopted GASB Statement No. 31, Accounting
and Financial Reporting/or Certain Investments and External Investment Pools. As a result, all
investments are presented at fair value. This adoption had a minimal financial impact on the City.
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The City Charter and bond resolutions authorize the City to invest in direct obligations of or
obligations guaranteed by the Department of Treasury of the United States of America, obligations
of specific federal agencies of the Unites States of America, bonds, notes, or other evidence of
indebtedness issued by the Federal National Mortgage Association or Federal Home Loan
Mortgage Corporation, secured repurchase agreements, bankers' acceptance, money market,
commercial paper, certificates of deposit, and the Local Government Surplus Funds Trust Fund.
All investments must be insured, registered, or held by the City or a trustee in the City's name.
f. Receivables -
(1) 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
assessments 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
millage rate assessed by the City for the fiscal year ended September 30, 1998 was 3.6000
mills.
Property taxes are billed and collected within the same fiscal period, and are reflected on the
modified accrual basis. Ad valorem taxes on property values have a lien assessment date of
January 1, with the millage established during September. The fiscal year for which taxes
are levied begins October 1. Taxes are billed (levied) in November, with a maximum -.--
discount available through November 30, and become delinquent April 1. During May of
each year, the certificates for unpaid taxes are sold by the County and the proceeds remitted
to the City. The City does not recognize property taxes receivable since related revenues are
appropriated in the subsequent fiscal year and amounts are not considered available for
current appropriations.
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(2) Accounts Receivable - The Water and Sewer Utility Fund operating revenues are recognized
on the basis of cycle billings rendered monthly. Revenues for services delivered during the
last month of the applicable reporting period that have not been read are accrued.
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(3) Allowance for Doubtful Accounts - The City provides an allowance for water and sewer and
emergency medical transport accounts receivable that may become uncollectible. At
September 30, 1998, this allowance was $159,650 for the proprietary fund and $22,500 for
emergency medical transport fees in the special revenue funds.
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g. IlIvelltories - Inventories are stated at cost, which is determined on the first-in, first-out method.
Inventories in the General and Enterprise Funds consist of expendable supplies held for
consumption. The cost is recorded as an expenditure at the time inventory items are used
(consumption method). Reported inventories within the governmental funds are offset by a fund
balance reserve which indicates that they do not constitute "available spendable resources" even
though they are a component of net current assets.
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It. Property, Plallt alld Equipmellt -
(1) Property, plant and equipment purchased in the governmental fund types are recorded as
capital outlay expenditures at the time of purchase. Such assets are capitalized at cost or
estimated cost if purchased or constructed. Donated property, plant and equipment are
recorded at estimated fair market value at the date of donation. Assets in the general fixed
- 26-
assets account group are not depreciated and do not have interest capitalized during
construction. Public domain ("infrastructure"), such as roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems, and lighting systems that are immovable and of
value only to the government are not capitalized.
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(2) Property, plant and equipment of the Proprietary Fund Type are recorded at cost. Donated
property, plant and equipment are capitalized at their estimated fair market value at the time
received. Depreciation is provided using the straight-line method over the estimated useful
lives of the various classes of depreciable assets as follows:
~
Years
Utility System
Equipment
Vehicles
30 years
5 years
3 years
i.
Unamortized Bond Costs - Costs associated with the issuance of revenue bonds are amortized
over the life of the bonds using the straight-line method of accounting, which approximates the
interest method.
j.
Accrued Compensated Absences - The City records an accrual for all governmental fund
compensated absences in the General Long Term Debt Account Group since accrued expenditures
are not budgeted and amounts accrued are not normally liquidated with expendable available
financial resources. The Proprietary Fund Type accrues compensated absences in the period they
are earned.
k.
Pension Plan - During fiscal year 1998, the City adopted GASB Statement No. 27,
Accountingfor Pensions by State and Local Governmental Employers, which establishes standards
for the accounting and reporting of pension expenditures/expenses and related assets and liabilities
in the financial reports of state and local governmental employers. This adoption had no financial
impact on the City.
I.
Contributed Capital - Contributed capital, accounted for in the Proprietary Fund, represents the
estimated equipment costs incurred by customers and developers for connection to the City's
utility system. Depreciation expense on contributed fixed assets is reflected in the statement of
revenues, expenses, and changes in retained earnings.
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Encumbrances - Encumbrances represent commitments related to unperformed contracts for
goods or services. Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of resources are recorded to receive that portion of the
applicable appropriation, is utilized in all governmental funds. Encumbrances outstanding at year-
end are reported as reservations of fund balances and do not constitute expenditures or liabilities
because the commitments will be honored during the subsequent year.
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Budget and Budgetary Accounting - Budgets are legally adopted for all of the City's Funds and
are prepared in accordance with generally accepted accounting principles, with the exception of
the Solid Waste Special Revenue Fund (see (8) below). The City follows the procedures set forth
below in establishing the budgetary data reflected in the financial statements:
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(1) On or before July 1st of each year, the City Manager submits a Proposed Budget to the City
Commission for the fiscal year beginning the following October 1st. The Budget includes
proposed revenues and expenditures, and a description of capital activities for the ensuing
fiscal year.
(2) The City Commission then holds informal workshops. Each item in the budget is thoroughly
discussed, and the public is invited to participate.
(3) On or before September 15th of each year, the public hearings are completed and the
Commission adopts the final budget and establishes the ad valorem tax millage.
(4) The budget may be formally amended by City Commission at any time.
(5) The City Manager is authorized to transfer budgeted amounts between accounts within a
department. At any time during the fiscal year, the City Manager may transfer part or all of
any unencumbered appropriations among programs within one department.
(6) Appropriations lapse at the end of the fiscal year. Certain supplemental appropriations were
necessary during fiscal year 1998.
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(7) Budgeted appropriations may not be exceeded at the fund level. However, in fiscal year
1998, actual expenditures exceeded budgeted appropriations in the Solid Waste Fund and the
Electric Franchise Fee Fund by minor amounts ($4,203 and $3,073, respectively).
Additionally, expenditures exceeded budgeted appropriations in the Transportation
Improvement Fund by $77,233 due to timing differences (the expenditures were budgeted in
fiscal year 1997, but not actually incurred until fiscal year 1998).
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(8) Actual amounts on the Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - All Governmental Funds are presented on a budgetary basis
except for the Solid Waste Special Revenue Fund. The budgetary basis for Special Revenue
Funds differs from presentation in accordance with generally accepted accounting principles
as follows:
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Revenues Expenditures
GAAP basis $ 3,964,037 $ 1,743,567
Pass through costs collected
and remitted as agent 1,155,922 1,155,922
Non-GAAP budgetary basis $5,119,959 $ 2,899,489
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O. Total Colunms Oil C011lbilled Statemellts - Total columns on the combined statements are
captioned "Memorandum Only" to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position or results of operations 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.
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2.
CASH, CASH EQUIVALENTS AND INVESTMENTS
The City's demand deposits and certificates of deposits at September 30, 1998 are covered by Federal
Depository Insurance or the State of Florida collateral pool. The State of Florida collateral pool is a
multiple financial institution pool with the ability to assess its members for collateral shortfalls if a
member institution fails.
Investments are presented at fair value, and are categorized in the following table to give an indication of
the level of risk assumed by the City at September 30, 1998. Category I includes investments that are
insured or registered for which the securities are held by the City or its agent in the City's name.
Category 2 includes uninsured and unregistered investments for which the securities are held by the
counterparty's trust department in the City's name. Following are the City's investments at
September 30, 1998:
Risk Risk
Category 1 Category 2 Total
Overnight repurchase agreements $ $ 3,883,784 $ 3,883,784
Commercial paper 986,299 986,299
U.S. Government Treasury Bills 2,109,055 2,109,055
U.S. Government Agencies 500,125 500,125
Total $ 1,486,424 $ 5,992,839 $ 7,479,263
Cash, cash equivalents and investments are presented on the combined balance sheet as follows:
Unrestricted
Cash and cash equivalents
Investments
$ 5,186,662
3,362,764
Restricted
Cash and cash equivalents
Investments
2,762,494
2,665,604
Total
$ 13,977,524
Total investments categorized above
Total deposits
$ 7,479,263
$ 6,498,261
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3. INTERFUND BALANCES
Individual fund interfund receivable and payable balances at September 30, 1998 are as follows:
Due From Due to
Other Funds Other Funds
General Fund $ 82,940 $ 13,223
Special Revenue Funds 195,437 37,675
Enterprise Funds 279 227,758
$ 278,656 $ 278,656
4. PROPERTY, PLANT AND EQUIPMENT
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Following is a summary of the changes in Proprietary Fund Type property, plant and equipment for the
year ended September 30, 1998:
Balances Balances
October 1, September 30,
l221 Additions Deletions .1.2.2.B.
Utility system $ 29,538,64 I $ 1,124,957 $ 6,472 $30,657,126
Office building 637,546 637,546
Office furniture and equipment 764,962 107,409 92,270 780,101
Vehicles 443,729 72,836 28,740 487,825
Land 4,383,591 25,471 4,409,062
Construction in progress 600,453 1,704,284 913,393 1,391,344
Total 36,368,922 3,034,957 1,040,875 38,363,004
Less accumulated depreciation (8,011,202) (1,109,797) ( 116,049) (9,004,950)
$ 28,357,720 $ 1,925,160 $ 924,826 $ 29,358,054
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Following is a summary of changes in the General Fixed Assets Account Group for the year ended
September 30, 1998:
Balances Balances
October 1, September 30,
l221 Additions Deletions 122.8
Land $ 2,329,194 $ 3,467,202 $ $ 5,796,396
Buildings 2,643,816 2,529,322 5,173,138
Furniture and equipment 1,90 I ,499 405,931 378,105 1,929,325
Vehicles 1,648,058 193,799 91,993 1,749,864
Stormwater system 5,640,702 5,640,702
Park and recreational facilities 2,5 I 6,296 35,416 7,929 2,543,783
Construction in progress 2,202,107 479,938 2,392,512 289,533
$ 18,88 I ,672 $7,111,608 $ 2,870,539 $23,122,741
5.
LONG- TERM DEBT
a. Challges ill General LOllg-Term Debt - Following is a summary of changes in general long-term
debt for the year ended September 30, 1998:
Balances Balances
October J, Septem ber 3D,
1.2.ll Additions Deletion" llll
Improvement Refunding Revenue Bonds:
Series 1989 2.875,000 $ $ 2.875.000
Series 1993 9,150,000 275.000 8,875.000
Improvement Revenue Bonds, Series 1997 575.000 575.000
Accrued compensated absences 246.228 97,092 343,320
Total $ 12.846.228 $ 97,092 $ 275,000 12,668,320
b. Improvemellt Refullding Revenue BOllds alld Improvemellt Revenue BOllds - The major
provisions of the resolutions authorizing Improvement Refunding Revenue Bonds and
Improvement Revenue Bonds are as follows:
(1) Establishment and maintenance of various funds.
The Debt Service Fund records all the debt service requirements of the issue, and includes
the sinking fund and reserve accounts.
(2) Restriction on the use of cash in order of priority.
(a) Payment of current debt service requirements.
(b) Payment ofreserve requirements up to the maximum of $468,922 and $888,121 for the
Series 1989 and 1993 bonds, respectively.
(c) Any remaining revenue can be used for any lawful purpose.
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(3) Early redemption.
The bond resolutions provide for the City's optional early redemption of outstanding bonds
at call rates varying from 100% to 102% of the instrument's face value plus accrued interest,
depending on the call date. The redemption period begins on October 1, 1998 for the Series
1989 and Series 1997 bonds, and October 1, 2004 for the Series 1993 bonds.
(4) Investment restrictions.
Debt Service Fund and Excise Tax Fund monies may be invested in authorized investment
securities which mature not later than the dates on which the monies on deposit will be
needed for the purpose of such fund. Reserve Account monies may be invested in securities
maturing not later than five years from the date of their deposit into the Reserve Account.
(5) Pledge of revenues.
The bonds and related interest are payable solely from and collateralized by a lien on the
Public Service Tax that the City is entitled to levy on certain utility sales and Franchise Fees
levied by the City for a 30-year electric franchise granted by the City in 1984.
The Improvement Refunding Revenue Bonds consisted of the following at September 30,
1998:
Principal
Balance
Interest Outstanding at
Rates and Original September 30,
D.lI.Iu M.a.tw:.ib:: AmWIIll mil
Improvement Refunding Revenue
Bonds - Series 1989 7.10%-7.45% 10/1/98 -
(4/1 & lOll) 10/1/14 $ 4,020,000 $ 2,875,000
Improvement Refunding Revenue
Bonds - Series 1993 3.90%-5.5% 10/1198 -
(4/1 & 10/1) 10/1/18 $ 9,365,000 8,875,000
Subordinate Improvement Revenue
Bonds - Series 1997 4.89% 10/1/98 - $ 575,000 575 000
(4/1 & 10/1) 10/1102
Total $ 12,325,000
Water and Sewer Refunding Revenue Bonds and Water and Sewer Revenue Bonds - The major
provisions of the resolutions authorizing the Water and Sewer Refunding Revenue Bonds and
Water and Sewer Revenue Bonds are as follows:
(1) Establishment and maintenance of various funds.
(a) The Revenue Fund records all gross revenues derived from operation of the utility.
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(b) The Debt Service Fund (including principal, interest, and redemption accounts) records
all monies to meet current debt service and reserve requirements.
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(c) The Sewer Renewal and Replacement Fund records monies for paying the cost of
extensions, enlargements, additions, or replacement of capital assets of the utility.
(2)
Restrictions on the use of cash from operating revenue in order of priority.
(a) Transfer of developer agreement payments into a Developer Agreement Payments
Account (see Note 9).
(b) Payment of current operating and maintenance expenses.
(c) Payment of current debt service and reserve requirements.
(d) Payments to Renewal and Replacement Funds at one-twelfth of 5% of gross revenues
received in the preceding fiscal year, until the amount on deposit equals or exceeds:
. Five percent of gross revenues of the preceding fiscal year attributable to the west
utility plant.
(3)
Early redemption.
Early redemption is provided for at a call rate varying from 100% to 102% of the face
amount of the bonds.
(4)
Investment restrictions.
Water and Sewer Refunding Revenue Bonds, Series 1991:
(a) The Revenue Fund and the Debt Service Fund may invest in investment securities
which mature not later than the dates on which the monies on deposit therein will be
needed for the purpose of such fund.
(b) The Renewal and Replacement Fund may invest in investment securities with no more
than five years maturity.
(c) The Reserve Account of the Debt Service Fund may invest in investment securities
which mature no later than the last maturity date of the bonds.
Water and Sewer Refunding Revenue Bonds, Series 1992 and Water and Sewer Subordinate
Revenue Bonds, Series 1997:
Monies in any fund or account may be invested in investment securities which mature no
later than dates on which the monies will be needed for the purpose of such fund or account.
(5)
Pledge of revenues.
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The bonds are payable solely from and collateralized by the net revenues of the system. Net
revenues include all rates and charges received from customers, connection reservation fees,
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. and interest or investment income, less costs for operation and maintenance of the systems.
. In addition, for the Water and Sewer Revenue Bonds, new revenues include amounts
. received under a certain lO-year developer agreement (see Note 9).
. The Water and Sewer bonds consisted of the following at September 30, 1998:
. Principal
. Balance
Interest Outstanding at
. Rates and Original September 30,
Deser; ption ~ Ml!l!lrib: Am2I!nl .l22B
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. Water and Sewer Refunding 5.75%-6.75%
Revenue Bonds - Series 1991 (4/1 & 10/1) 10/1/98-10/1/21 $ 6,915,000 $ 6,295,000
. Less original issue discount - net
. of aJ1l)rtization (137,190)
. 6,915,000 6,157,810
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. Water and Sewer Refunding 4.550/0-6.125%
Revenue Bonds - Series 1992 (4/1 & 10/1) 10/1198-4/1/20 16,015,000 15,025,000
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.... Revenue Bonds - Series 1997 (4/1 & 10/1) 10/1/98-10/1107 3,025,000 3,025,000
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$ 25,955,000 24,071,177
Less CUJTellt portion (715,000)
$ 23,356,177
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d. Defeased Debt - Defeased bonds, for which investments are held in escrow for payment of
principal and interest and for which the investments and liability have been removed from
the City's balance sheet, were as follows at September 30, 1998:
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Original Issue Ulte
Description
AImunt
Originally
Issued
Principal
Balance
O1tstanding at
SepteniJer 30,
1998
General Long-TennThbt:
Miy 1, 1984
lrqJroverrent Revenue Bonds -
Series 1984
$ 3,505,CXXl
$
130,CXXl
Miy 1, 1989
lrrp"overrent Refimding Revenue
Bonds - Series 1989
4,980,CXXl
4,980,CXXl
$ 8,485,CXXl
$ 5,11O,CXXl
Proprietary Fund:
SepterriJer 1, 1984
Water and Sev.er Revenue Bonds -
Series 1984
$ 5,035,CXXl
$ 220,cro
April 1, 1m
Water and Sev.er Revenue Bonds -
Series 1m
11,695,CXXl
12,300,CXXl
$ 17,335,cro
$ 11,915,CXXl
e.
Obligation Under Utility Agreement - In connection with the City's acquisition of the assets of
Seminole Utility Company during fiscal year ended September 30, 1990, the City entered into an
agreement with the seller whereby the City is obligated to pay the seller for future connections to
the east utility plant, up to a maximum of $4,967,020 over a period of 15 years. The obligation
was included in the original purchase price of the east utility plant during the fiscal year ended
September 30, 1990.
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As connections under the agreement are made, funds received are deposited in a segregated
account for payment to the seller on April 30 of the following year. At September 30, 1998,
outstanding balances were as follows:
Total obligation
Less current portion (connections made under the
agreement for which cash and investments are
restricted at September 30, 1998)
$ 838,376
(78,000)
Long-term obligation at September 30, 1998
$ 760,376
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f. Annual Requirements to Maturity - The annual debt service requirements to amortize all bonded
debt of the City as of September 30, 1998 are as follows:
GmonIl.me- TmnIlltlC rnterrme RnI
Inp1naronl Inp1naronl Inp1naronl \\\II<r and s.-- \\littrands.-- mur and s.--
RdinIlng RdinIlng SlJ>or<I.- ~ ~ Sobrdln:R
Fhcd y.... Re\a1ue Bonk, "'-'" Bonk, Re\a1ue Bonk, Re\..... Bonk, Re\a1ue Bonk, "'-'" Bonk, TOClII Ara1UaI
Fnding Scrits I9lI9 Scrits J9!Il Series 1997 Series t99I Series 1991 Series 1997 IlltlC Scnioe
~ llilI\1iIII Inlm:S llilI\1iIII Inlm:S 1'kIndIlIlI Inlm:S 1'kIndIlIlI Inlm:S 1'kIndIlIlI Inlm:S f11ndtmI Inlm:S &:lIliDmI:ItI
1999 $ 212,1~ $ 28S,<XX> $ 454,893 $ 105,(0) $ 2S,SlO $ 115,(0) $ <<J7.147 $ 360,(0) $ 884,721 $ :1AQ,(0) $144,263 $ 3.233,724
m:l 2S5,<XX> W./J70 45,<XX> 447,872 110,(0) ;D,294 125,(0) 399,648 375,<XX> ll6S,!171 2SO.<XX> 131,313 3,228,CXill
:ml Tl5,<XX> 183,821 45,<XX> 445,lIal 115,(0) 14.792 135,(0) 391,412 39S.<XX> 845, 7S3 :16S,<XX> 117,Sll6 3,229,167
= 295,<XX> 162.937 45,<XX> 443.733 I~oo) 9.017 140,(0) 382,733 420,(0) 823,946 2lIO.<XX> 103,00 3.225,478
= 315.<XX> 140,368 ~OO) 441,422 125.(0) 3,056 I~oo) 373,282 440,(0) mm 290,<XX> 88.lXiO 3,216,915
JXJ4 335,(0) 116,317 SS,OO) 438.745 155,(0) 363,363 465,(0) Tl6.W 3OS.<XX> 72,261 3,<llI,745
:ms 36S,<XX> \(),418 SS,<XX> 435,9<<l 170,(0) 3S2,312 490,(0) 749.429 325,(0) 55,426 3,<llll,S2S
:ms mOO) 62.482 tll,(0) 432,962 180,(0) 340,388 mOO) 72O.3J2 340,(0) 37.814 3.001.148
YfI 420,(0) 32,4(11 00,(0) 429.813 I\(),oo) 328.037 545,(0) 689.349 3S5,(0) 19.425 3,OOl,032
;ro; 22S,<XX> 8,382 290,(0) 420,625 mOO) 315,038 580.(0) 655,871 375,<XX> 3,OOl,916
'2WJ 545,(0) 398, 7Q) 220,(0) ?lJJ,737 615,(0) 619,714 2,699,157
X110 575,<XX> 369,30) 225,(0) 286,1\3 650.(0) S81.131 2,686,S~
XIII 6JS,<XX> 338,331 245,(0) ZlO, 187 1ro,<XX> S40,261 2,688, m
X112 640,<XX> 3OS,~ 2S5,(0) 253,613 735,<XX> .g" m 2,686,062
X113 670,(0) TlI,263 2lIO.OO) 235,412 7lIO,<XX> 4SO,494 2,687,IW
X114 i05,<XX> 2l4.28Il 295,<XX> 216,2J8 82S,<XX> <<11,341 2,676,P&I
X115 745,(0) 194.412 310,(0) IS\S,OO 875,(0) 349,278 2,fif}.m
X116 78S.<XX> 152,337 340,(0) 173,138 930,(0) 294.<XX> 2,674,475
X117 1!lO,<XX> 110,(0) 360,(0) 148,837 9'lO,(0) 235,200 2,674,037
X118 870,<XX> 67,SXJ 385,(0) 122.~ l,oso.<xx> 172, 72S 2,fI:Jl.rJl5
X119 915,(0) 22.875 410,(0) 95.175 1,1I5,<XX> 105,422 2,661,472
= 440.(0) 65,475 I. I ro,OO) 72,Z15 1,757,7~
J721 470,<XX> 33.7~ m7~
= mOO) - mOO)
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6.
CONTRIBUTED CAPITAL
Contributed capital recorded in the Enterprise Fund at September 30, 1998 includes Contributions in Aid
of Construction (CIAC) and utility system equipment donated by customers and developers. CIAC
represents advances made to the west utility plant by its customers and developers prior to its acquisition
by the City on October 6, 1984. The City records as contributed capital equipment donated by
developers upon physical connection to the water and sewer system. Changes to contributed capital
during the year ended September 30, 1998 were as follows:
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Balance at September 30, 1997
Equipment donated by developers for Water and Sewer connections
$ 6,961,273
329,351
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Balance at September 30, 1998
$ 7,290,624
7. PENSION PLANS
Effective October 1, 1997, the City adopted a Defined Benefit Plan and amended and restated its Money
Purchase Pension Plan and Trust, integrating the two plans for purposes of providing minimum projected
retirement benefits (referred to as a "floor-offset").
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Under a floor-offset, the projected monthly benefit being provided to the participant under the Money
Purchase Pension Plan and Trust is compared to the anticipated projected monthly benefit using the
Defined Benefit Plan formula's minimum benefit, or 2% per year of service up to a maximum of 30
years, subject to certain dollar limitations depending on age at time of retirement. If there are
insufficient funds in the Money Purchase Pension Plan and Trust to provide the minimum benefit, then
the Defined Benefit Plan will provide the difference between the minimum benefit and the projected
monthly benefit provided by the Money Purchase Pension Plan and Trust. Following are descriptions of
the City's Money Purchase Pension Plan and Trust and Defined Benefit Plan.
a. Employee 401(a) Pension Plan-
Plan Description: The City maintains a single employer, defined contribution plan (Money Purchase
Pension Plan and Trust) which was adopted in August 1993, and amended and restated on October 1,
1997. This is a tax-qualified plan pursuant to Section 401(a) of the Internal Revenue Code, and is
administered by an outside party acting as agent for the City.
Benefits are established by the Board of Trustees of the Money Purchase Pension Plan and Trust, and
may be amended by resolution of the City Commission. Prior to the plan amendment, employees were
eligible to participate in the plan after one full year of service provided they worked at least 1,000 hours
within the 12-month period. As a result of the plan amendment, employees hired on or after June 1,
1997 are eligible to participate in the plan on the first day of the month immediately following the date
six months after commencement of employment. Employees hired prior to June 1, 1997 are eligible to
participate in the plan on the earliest of: (1) the first day of the plan year following satisfaction of the one
year of service requirement, or (2) the first day of the sixth month following satisfaction of the one year
of service requirement.
After three continuous years of employment with the City, the amount credited to the contribution
account of an employee shall vest according to the completed number of employment years preceding
the date of termination. After three years of continuous employment, a member is 20% vested,
increasing by 20% each year thereafter to a maximum of 100%. Prior to the plan amendment, members
were 40% vested after four continuous years, increasing by 10% for every year thereafter to a maximum
of 100%. The plan permits withdrawals for retirement, termination, and disability but does not allow
participants to borrow against their accounts.
Funding Policy: Prior to the plan amendment, the City was obligated by the plan document to make a
contribution equal to at least 7% of the annual compensation of each member of the plan. The plan
amendment modified this obligation to at least 4% of the annual compensation of each member of the
plan. Additionally, it is the policy of the City to fund pension costs in installments equally divided
among the employee pay periods.
Prior to the plan amendment, employees contributed 1 % of their gross pay to the plan. The plan
amendment modified the employees' contribution rate to 2% of gross pay.
For the year ended September 30, 1998, the employers' contribution was $208,160 and employee
contributions were $104,080.
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b. Defi"ed Be"efit Pia" -
Plan Description: Effective October 1, 1997, employees of the City participate in a defined benefit,
single-employer retirement plan (the "Defined Benefit Plan"), formed by agreement between the City
and the Board of Trustees of the City of Winter Springs ("Board of Trustees"). The Board of Trustees is
comprised of five voting members appointed by the City Commission, and the City Manager and Mayor,
who are non-voting members. All City employees are eligible to participate in the plan on the first day
of the month immediately following the date six months after commencement of employment.
Employees who have reached the age of 65, or have reached the age of 55 and have completed at least 1 0
years of service, are entitled to a retirement benefit payable monthly for life, equal to 2% of their average
compensation multiplied by their years of service at age 65 up to a maximum of 30 years, subject to
certain dollar limitations depending on age at time of retirement. Average compensation is the average
of the three highest consecutive paid compensation periods, which is the 12-month period ending on the
last day of the plan year. Employees who have at least 25 years of credited service may also elect to
retire prior to reaching age 55 and receive reduced retirement benefits.
Benefits are established by the Board of Trustees of the Defined Benefit Plan, and may be amended by
resolution of the City Commission. The Defined Benefit Plan is administered by an outside party acting
as agent for the City. Participants are credited with units of benefit credit for hours of service worked in
a plan year. Benefits fully vest upon reaching seven years of service (including past service prior to the
adoption of the Defined Benefit Plan), upon reaching normal retirement age of 65, or upon separation of
service resulting from death, disability, or eligibility for an early retirement pension. The Defined
Benefit Plan does not issue a stand-alone financial report.
Funding Policy: The City is obligated to contribute to the Defined Benefit Plan in accordance with
actuarially determined contributions; there is no requirement for employees to contribute to the Defined
Benefit Plan. The City's actual contributions to the Defined Benefit Plan for the year ended September
30, 1998 were $356,463, which was equal to the required contribution and annual pension cost for the
fiscal year as determined by the October 1, 1997 actuarial valuation. Therefore, no pension asset or
liability exists at September 30, 1998 as determined in accordance with GASB Statement No. 27. Plan
forfeitures are used to reduce the City's contributions for future plan years.
The annual required contribution for fiscal 1998 was determined as part of the October 1, 1997 actuarial
valuation using the entry age actuarial cost method with frozen initial liability for past service benefits
earned prior to the adoption of the Defined Benefit Plan. The actuarial assumptions included (a) a 3%
inflation rate, (b) 8% investment rate of return, (c) projected salary increases of 3% per year, and (d) no
benefit increases after retirement.
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REQUIRED SUPPLEMENTAL INFORMATION
Schedule of Funding Progress
Valuation Date. October 1. 1997
Actuarial value of plan assets
Actuarial accrued liability
Unfunded actuarial liability
Actuarial value of assets as a percentage
of the actuarial accrued liability
Annual covered payroll
Ratio of the unfunded actuarial liability to
annual covered payroll
$
$1,661,277
$ 1,661,277
N/A
$ 5,262,016
31.6%
The unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on
an open basis. The remaining amortization period at September 30,1998 is 39 years.
8.
DEFERRED COMPENSATION PLAN
All employees of the City may voluntarily elect to participate in one of two available deferred
compensation plans created in accordance with Internal Revenue Code Section 457. The plans are
administered by Public Employees Benefits Service Corporation (PEBSCO) and ICMA Retirement
Corporation. The plans permit participants to defer a portion of their salary until future years. The
deferred compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency.
In fiscal 1998, all assets in the deferred compensation plans were held in separate trusts in accordance
with section 1448 of the Small Business Jobs Protection Act of 1996. As a result, such amounts are no
longer subject to the claims of the City's general creditors and deferred compensation plan assets are not
presented on the balance sheet at September 30, 1998.
9. DEVELOPER AGREEMENT
In connection with the City's April, 1990 acquisition of the east water and sewer utility assets from
Seminole Utility Company, the City entered into a 10-year agreement with a major local developer.
Under this agreement, the City guarantees the availability of 1,500 equivalent residential water and sewer
connections (ERC's). In return, the developer is obligated to pay an annual fee of$256 per ERC not
used, due to the City until the earlier of when used or until April 30, 1999. The agreement may be
extended to April 30, 2004 at the option of either party.
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10. YEAR 2000 ISSUE (UNAUDITED)
The year 2000 issue is the result of shortcomings in many electronic data processing systems and other
electronic equipment that may adversely affect operations in the year 1999 and beyond. This situation
mainly stems from many such systems and equipment using only a two-digit year in their date fields.
This could result in inaccurate data processing or bring to a halt the processing of data altogether.
The City has identified all of the systems that are critical to its operations in order to ensure that these
systems will be year 2000 compliant. The remediation stage of the plan, whereby systems and
equipment changes are made, is currently in progress, and validation and testing of such changes will be
performed and completed by the third quarter of 1999 to ensure that the City is year 2000 compliant in
all applications, operating systems, and computer equipment. However, because of the unprecedented
nature of the year 2000 issue, its effects, and the success of related remediation efforts will not be fully
determinable until the year 2000 and thereafter. Management cannot assure that the City is or will be
year 2000 ready, that the City's remediation efforts will be successful in whole or in part, or that parties
with whom the City does business will be year 2000 ready.
As of September 30, 1998, the City had no contracted amounts with outside parties to make its
equipment or personal computer hardware and software compliant for year 2000 issues.
11. RISK MANAGEMENT
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The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; and natural disasters for which the City purchases commercial insurance through
the Florida League of Cities. There have been no significant reductions in insurance coverage during the
current year. For the past three fiscal years, settlements have not exceeded the amount of the City's
insurance coverage.
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COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
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SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues from specific taxes or other earmarked revenue
sources which are legally restricted to expenditures for particular purposes. The City has the following
fifteen special revenue funds:
Police Education Fund-This fund is used to account for the costs of educational expenses for police
officers. It is funded by a portion of the collections from fines and forfeitures.
Special Law Enforcement Trust Fund-This fund was established to receive revenues derived from
confiscated property obtained during the enforcement of illegal operations. Proceeds are utilized strictly
for law enforcement purposes, exclusive of salaries and vehicles. Such purposes may include drug
education programs such as DARE.
Transportation Improvement Fund-Revenues in this fund are derived from Local Option Gasoline Tax
distribution. Proceeds are to be used for road, right of way, and drainage maintenance and equipment
necessary to build or maintain roads, right of ways, and drainage.
Recreation Acquisition Fund-This fund was established to record funds received from new developers
for the acquisition of land for recreational purposes in lieu of land donated by these developers for
recreational purposes.
Streetlighting Fund-This fund was established to record proceeds of special streetlighting maintenance
districts made up of various subdivisions of Country Club Village. Proceeds are used to pay for lighting
and administrative costs.
Solid Waste Fund-This fund is used to account for proceeds from billed solid waste and recycling
performed by contract vendors. Proceeds are used to pay monthly vendor charges for providing solid
waste and recycling services.
Interim Services Fee Fund-This fund receives revenues charged to builders of new developments to
cover costs associated with Public Safety, Public Works, and Recreation provided to those properties
prior to the property's inclusion on the tax roll.
Stormwater Utility Fund-This fund was established due to a comprehensive development plan to
charge for the establishment and maintenance of stormwater utility systems. Proceeds are used to pay
for the maintenance of the City's stormwater system.
Public Service Tax Fund-The Public Service Tax fund is used to account for collections of utility taxes
charged on electric, water, phone, and gas services. Proceeds are used to pay annual debt service and
monies not required to pay debt service are transferred to the General Fund.
Excise Tax Fund-This fund is a pass-through fund that receives electric franchise fees submitted to the
City in conjunction with the City's electric franchise agreements. Proceeds are transferred to the Electric
Franchise Fee Fund.
Electric Franchise Fee Fund-This fund is used to account for proceeds of the excise tax fund. These
proceeds are used to pay annual debt service. Any excess monies not used to pay debt service are
transferred to the General Fund. (Continued)
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SPECIAL REVENUE FUNDS
Transportation Impact Fee Fund-This fund is used to account for collected impact fees on new
development to defray to cost of future road construction as a result of growth.
Police Impact Fee Fund-This fund is used to account for collected impact fees on new development to
defray the cost of capital investment needed to maintain level of police service due to future growth.
Fire Impact Fee Fund-This fund is used to account for collected impact fees on new development to
defray the cost of capital investment needed to maintain level of fire service due to future growth.
Medical Transport Fund-This fund is used to receive revenues generated from fees charged for
paramedic services. The proceeds from this fund are used to pay for the incremental costs related to
providing these services.
(Concluded)
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CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1998
Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition
ASSETS Eumt Trust Fund Ew1d. Ew1d.
Cash and cash equivalents $ 2,299 $ 9,298 $ 89,414 $26,537
Investments
Accounts receivable, net
Accrued interest receivable
Due from other funds
TOTAL $ 2,299 $ 9,298 $ 89,414 $ 26,537
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable $ $ $ 33,425 $
Due to other funds
Total liabilities 33,425
FUND EQUITY:
Fund balances:
Reserved for encumbrances 129
Unreserved 2,299 9,298 55,860 26,537
Total fund equity 2,299 9,298 55,989 26,537
TOTAL $ 2,299 $ 9,298 $ 89,414 $ 26,537
- 44-
.
.
.
.
.
.
.
.
. Interim Stormwater Public Electric
Streetlighting Solid Waste Services Utility Service Excise Franchise
. Eumt Eumt Fee Fund Eumt Tax Fund Tax Fund Fee Fund
. $ $ $ 3,025 $ 89,033 $ 10,536 $ $ 276
.
.
. 12,944 164,630 11,097 6,766
. $ 12,944 $ 164,630 $ 3,025 $ 100,130 $ 17,302 $ $ 276
-
. -
.
....
,.,
.... $ $ $ $ 26,264 $ $ $
.... - -
.... 12,275 20,447
.... -
... 12,275 46,71 I
....
...
-
-
-
-
- 669 164,630 3,025 53,419 17,302 276
-.
- 669 164,630 3,025 53,419 17,302 276
$ 12,944 $ 164,630 $ 3,025 $ 100,130 $17,302 $ $ 276
-
-
(Continued)
- 45 -
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1998
Transportation Police Fire Medical
Impact Impact Impact Transport
ASSETS Fee Fund Fee Fund Fee Fund Eumt
Cash and cash equivalents $ 304,358 $ 72,020 $ 124,593 $ 161,806
Investments 1,250,000
Accounts receivable, net 52,926
Accrued interest receivable 3,297
Due from other funds
TOTAL $ 1,557,655 $ 72,020 $124,593 $214,732
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable $ $ $ $ 641
Due to other funds 4,953
Total liabilities 5,594
FUND EQUITY:
Fund balances:
Reserved for encumbrances
Unreserved 1,557,655 72,020 124,593 209,138
Total fund equity 1,557,655 72,020 124,593 209,138
TOTAL $ 1,557,655 S 72,020 $ 124,593 $ 214,732
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
....
...
.-
,.,
.
.
.
.
.
.
.
....
,.,
....
....
...
-
-
-
-
-
-
- 46-
-
-.
-
-
-
.
.
.
.
.
.
.
.
.
. Total
. $ 893,195
. 1,250,000
52,926
. 3,297
- 195,437
...
. $2,394,855
.
....
....
.
.... $ 60,330
.... 37,675
...
....
- 98,005
-
-
-
-
- 129
-. 2,296,721
-
-.
2,296,850
$2,394,855
(Concluded)
- 47 -
CITY OF WINTER SPRINGS, FLORIDA
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
SPECIAL REVENUE RJNDS - COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN RJND BALANCES
YEAR ENDED SEPTEMBER 30, 1998
Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition
Fund Trust Fund Fund Fund
REVENUES:
Taxes $ S - $ $
Licenses, permits, and fees
Intergovernmental revenues 189,957
Charges for services
Fines and forfeitures 13,090 299
Interest 57 209 2,134 471
Miscellaneous
Total revenues 13,147 508 192,091 471
EXPENDITURES:
Current:
General government
Public safety 21,817 306
Transportation 93,102
Capital outlay 2,476 403,081
Total expenditures 21,817 2,782 496,183
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (8,670) (2,274 ) (304,092) 471
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Total other fmancingsources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND OTHER (8,670) (2,274) (304,092) 471
USES
FUND BALANCES AT BEGINNING
OF YEAR 10,969 11,572 360,08 I 26,066
RESIDUAL TRANSFERS IN
FUND BALANCES AT END OF YEAR $ 2,299 $ 9,298 $ 55,989 $ 26,537
-
...
...
.
~
...
.
.
.
.
.
.
.
.
- 48-
...
....
.-
....
...
-
-
-
-
....
-
-
.
.
.
.
.
.
.
.
. Interim Stormwater Public Electric
. Streetlighting Solid Waste Services Utility Service Excise Franchise
Fund Fund Fee Fund Fund Tax Fund Tax Fund Fee Fund
.
. $ $ $ $ $ 1,676,606 $ 1,037,025 $
. 27,761
. 6,465 209,549 325,453
. 10 49 2,586 4,347 2,831
.
. 6,475 209,549 27,810 328,039 1,680,953 1,037,025 2,831
.
. 6,165 255,396 8,573
....
-
.... 128,142
....
-
- 6,165 383,538 8,573
...
-
-
- 310 209,549 27,810 (55,499) 1,680,953 ] ,037,025 (5,742)
-
-
-.
- 1,037,025
(98,400) (25,000) (1,664,514) (1,037,025) (1,032,056)
-
-. (98,400) (25,000) (1,664,5]4) (1,037,025) 4,969
-
-.
- 310 111,149 2,810 (55,499) 16,439 (773 )
359
53,481
215
108,918
863
1,049
$
669
$ 164,630
$ 3,025
$ 53,419
$ 17,302
$
$
276
- 49-
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
SPECIAL REVENUE RJNDS - COMBINING STATEMENT OF REVENUES, .
EXPENDITURES, AND CHANGES IN RJND BALANCES .
YEAR ENDED SEPTEMBER 30,1998
.
Transportation Police Rre Medical .
Impact Impact Impact Transport .
Fee Fund Fee Fund Fee Fund Fund
.
REVENUES: .
Taxes $ $ $ $
Licenses, permits, and fees 2 I 0,560 25,292 42,438 .
Intergovernmental revenues
Charges for services 94,932 .
Fines and forfeitures .
Interest 89,899 1,158 785
Miscellaneous 74 .
Total revenues 300,533 26,450 43,223 94,932 .
EXPENDITURES: .
Current: .
General government
Public safety 41,950 .
Transportation 55,617 .
Capital outlay 726,942
Total expenditures 782,559 41,950 .
.
EXCESS (DEFICIENCY) OF REVENUES .
OVER (UNDER) EXPENDITURES (482,026) 26,450 43,223 52,982
OTHER FINANCING SOURCES (USES): .
Operating transfers in .
Operating transfers out .
Total other financing sources (uses) .
EXCESS (DEFICIENCY) OF REVENUES AND .
OTHER FINANCING SOURCES OVER .
(UNDER) EXPENDITURES AND OTHER (482,026) 26,450 43,223 52,982
USES .
FUND BALANCES AT BEGINNING .
OF YEAR 2,039,68 I 45,570 81,370 130,357 .
RESIDUAL TRANSFERS IN 25,799 .
FUND BALANCES AT END OF YEAR $ 1,557,655 $ 72,020 $124,593 $209,138 .
.
.
.
.
....
....
....
- 50- -
...
..
....
....
.
.
.
.
.
.
.
.
.
. Total
.
. $ 2,713,631
. 306,05 I
189,957
. 636,399
13,389
. 104,536
. 74
. 3,964,037
.
. 270,134
. 64,073
148,719
. 1,260,64 I
. 1,743,567
.
. 2,220,470
....
....
.... 1,037,025
- (3,856,995)
-
-
... (2,8 I 9,970)
-
-
-
-.
- (599,500)
-.
-
-
- 2,870,55 I
-
-
-. 25,799
-
-.
- $ 2,296,850
-.
-
- 51 -
- 52-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
. Special Law Enforcement Trust Fund Transportation Improvement Fund
. variance variance
Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
-
.
. $ $ - $ $ $ $
. 224,256 189,957 (34,299)
. 1,000 299 (70])
375 209 (166) 9,950 2,134 (7,816)
.
-
. 1,375 508 (867) 234,206 192,091 (42,115)
.
.
. 306 306
. 96,950 93,102 3,848
.... 10,694 2,476 8,218 322,000 403,081 (81,081)
....
.... 11,000 2,782 8,218 4] 8,950 496,183 (77,233)
....
....
....
... (9,625) (2,274) 7,351 (184,744) (304,092) (119,348)
-
-
-
-
-
-
-
-.
-
-
-. (9,625) (2,274) 7,351 (184,744) (304,092) (I 19,348)
11,572 11,572 360,081 360,081
-
$ 1,947 $ 9,298 $ 7,351 $ 175,337 $ 55,989 $ (119,348)
(Continued)
- 53 -
Recreation Acquisition Fund
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ $ $
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Interest 522 471 (5 I)
Miscellaneous
Total revenues 522 471 (5 I)
EXPENDITURES:
Current:
General government
Public safety
Transportation
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 522 471 (5 I)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES 522 471 (5 I)
FUND BALANCES AT BEGINNING OF YEAR 26,066 26,066
RESIDUAL TRANFSERS IN
FUND BALANCES AT END OF YEAR $ 26,588 $ 26,537 $ (5 I)
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
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.
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.
.
.
.
.
.
.
.
.
.
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
- 54-
-
-
....
....
....
....
.
.
.
.
.
.
.
.
. StreetIighting Fund Solid Waste Fund
. variance variance
Favorable Favorable
. Budget Actual (Unfavora ble) Budget Actual (Unfavorable)
-
.
. $ $ $ $ $ $
. 7,000 6,465 (535) 1,307,276 1,365,471 58,195
.
. 10 10 4,600 (4,600)
. 7,000 6,475 (525) 1,311,876 1,365,471 53,595
.
.
. 7,000 6,165 835 1,151,719 1,155,922 (4,203 )
.
.
. 7,000 6,165 835 1,151,719 1, I 55,922 (4,203)
.
.... 310 310 160,157 209,549 49,392
....
-
-
-
- (96,900) (98,400) (1,500)
-
- (96,900) (98,400) (1,500)
-
-
-.
-
-. 310 310 63,257 I I 1,149 47,892
-
- 359 359 53,481 53,481
$ 359
$ 669
$ 310
$ 116,738
$ 164,630
$ 47,892
(Continued)
- 55 -
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
Interim Services Fee Fund
variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes
Licenses, permits, and fees
Intergovernrnentalrevenues
Charges for services
Fines and forfeitures
Interest
Miscellaneous
$
$
27,761
$
28,500
(739)
450
49
(401)
Total revenues
28,950
27,810
(1,140)
EXPENDITURES:
Current:
General government
Public safety
Transportation
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES
28,950
27,810
(1,140)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
(37,500)
(25,000)
12,500
Total other fmancing sources (uses)
(37,500)
(25,000)
12,500
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES
(8,550)
2,810
11,360
FUND BALANCES AT BEGINNING OF YEAR
215
215
RESIDUAL TRANSFERS IN
FUND BALANCES AT END OF YEAR
$ (8,335)
$ 3,025
$ 11,360
- 56-
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(91,003)
108,918
$ 17,915
(55,499)
108,918
$ 53,419
35,504
$ 35,504
863
$
863
- 57 -
16,439
863
$ 17,302
16,439
$ 16,439
(Continued)
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.
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.
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.
.
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
Excise Tax Fund
variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 875,825 $1,037,025 $ 161,200
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues 875,825 1,037,025 161,200
EXPENDITURES:
Current:
General government
Public safety
Transportation
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 875,825 1,037,025 161,200
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out (875,825) (1,037,025) (16 I ,200)
Total other financing sources (uses) (875,825) (1,037,025) (161,200)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES
FUND BALANCES AT BEGINNING OF YEAR
RESIDUAL TRANSFERS IN
FUND BALANCES AT END OF YEAR $ $ $
- 58-
....
...
....
...
...
....
....
....
...
....
...
-
- 60 -
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
.
.
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.
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.
.
.
.
.
.
.
.
. Rre Impact Fee Fund Medical Transport Fund
. Variance variance
Favorable Favorable
. Budget Actual (Unfavora ble) Budget Actual (Unfavorable)
.
. $ $ $ $ $ $
39,000 42,438 3,438
. 86,407 94,932 8,525
.
. 2,500 785 (1,715) 1,000 (1,000)
. 41,500 43,223 1,723 87,407 94,932 7,525
.
.
. 42,952 41,950 1,002
.
....
WI'
... 42,952 41,950 1,002
....
....
....
- 41,500 43,223 1,723 44,455 52,982 8,527
-
-
-
-.
-
-
-
-
-
-.
-
-. 41,500 43,223 1,723 44,455 52,982 8,527
81,370 81,370 130,357 130,357
25,799 25,799
$ 122,870 $ 124,593 $ 1,723 $ 174,812 $209,138 $ 34,326
(Continued)
- 61 -
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
Totals
variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 2,393,389 $2,713,631 $ 320,242
Licenses, permits, and fees 410,036 306,051 (103,985)
Intergovernrnentalrevenues 224,256 189,957 (34,299)
Charges for services 1,710,683 1,792,321 81,638
Fines and forfeitures 18,950 13,389 (5,561)
Interest 59,927 104,536 44,609
Miscellaneous 74 74
Total revenues 4,817,241 5,119,959 302,718
EXPENDITURES:
Current:
General government 1,433,752 1,426,056 7,696
Public safety 71,758 64,073 7,685
Transportation 121,950 148,719 (26,769)
Capital outlay 1,456,664 1,260,641 196,023
Total expenditures 3,084,124 2,899,489 184,635
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,733,117 2,220,470 487,353
OTHER FINANCING SOURCES (USES):
Operating transfers in 875,825 1,037,025 161,200
Operating transfers out (3,405,644) (3,856,995) (451,351)
Total other financing sources (uses) (2,529,8 I 9) (2,819,970) (290,151)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES (796,702) (599,500) 197,202
FUND BALANCES AT BEGINNING OF YEAR 2,870,551 2,870,551
RESIDUAL TRANSFERS IN 25,799 25,799
FUND BALANCES AT END OF YEAR $ 2,073,849 $ 2,296,850 $ 223,001
(Concluded)
- 62-
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.-
,.,
.
-
....
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.
.
.
.
.
.
DEBT SERVICE FUNDS
Debt service funds are used to account for the accumulation of resources and payment of the bond issues
of the City.
1989 Debt Service Fund-This fund is used to account for the accumulation of resources and payment of
principal and interest for the 1989 bond issue.
1993 Debt Service Fund-This fund is used account for the accumulation of resources and payment of
principal and interest for the 1993 bond issue.
1997 Debt Service Fund-This fund is used to account for the accumulation of resources and payment of
principal and interest for the 1997 bond issue.
.-
....
...
....
...
-
-
-
-
-
-
-
-.
-
-.
-
-.
-.
- 63 -
CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1998
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$2,199,216 .
$2,199,216 .
.
.
.
.
.
.
.
.
.
1989 Debt 1993 Debt 1997 Debt
ASSETS Service Fund Service Fund Service Fund I2.tal
Cash and cash equivalents $ 145,567 $ 20,817 $ 122,055 $ 288,439
Investments 468,923 1,441,854 1,910,777
TOTAL $ 614,490 $ 1,462,671 $ 122,055 $2,199,216
FUND EQUITY
Fund balance - reserved for debt service
$ 614,490
$ 1,462,671
TOTAL
$ 614,490
$ 1,462,671
- 64-
$ 122,055
$ 122,055
.-
,.,
....
,.,
.
.
.
.
.
.
....
....
.-
...
-
....
-
-
...
-
-
-
-.
-
-
-
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. DEBT SERVICE FUNDS
. COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
. YEAR ENDED SEPTEMBER 30,1998
.
. 1989 Debt 1993 Debt 1997 Debt
Service Fund Service Fund Service Fund I2.ta.l
.
. REVENUES - Interest $ 35,674 $ 126,975 $ 31 $ 162,680
.
. EXPENDITURES:
Principal retirement a< 275,000 275,000
- i,~;
. Interest and fiscal charges 212,150 466,240 14,215 692,605
. Total expenditures 212,150 741,240 14,215 967,605
.
. EXCESS (DEFICIEN~ REVENUES OVER (176,476) (614,265) (804,925)
. (UNDER) EXPEND I S (14,184)
. OTHER FINANCING SOURCES (USES):
. Operating transfers in 176,792 677,839 136,239 990,870
. Total other fmancing sources (uses) 176,792 677,839 136,239 990,870
. EXCESS (DEFICIENCY) OF REVENUES AND
. OTHER FINANCING SOURCES OVER
. (UNDER) EXPENDITURES AND
OTHER USES 316 63,574 122,055 185,945
.
.- FUND BALANCES AT BEGINNING OF YEAR 614,174 1,399,097 2,013,271
...
.... FUND BALANCES AT END OF YEAR $ 614,490 $ 1,462,671 $ 122,055 $2,199,216
...
....
....
...
....
...
-
-
-
-
-
-
-
-
-
-.
-
-
-
-
-.
-
- 65 -
.
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-
...
CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES. BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
1989 Debt Service Fund
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES - Interest $ 25,000 $ 35,674 $ 10,674
EXPENDITURES:
Principal retirement
Interest and fiscal charges 212,150 212,150
Total expenditures 212,150 212,150
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (187,150) (176,476) 10,674
OTHER FINANCING SOURCES (USES):
Operating transfers in 212,150 176,792 (35,358)
Tota] other fmancing sources (uses) 2]2,150 176,792 (35,358)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER USES 25,000 316 (24,684)
FUND BALANCES AT BEGINNING OF YEAR 614,174 614,174
FUND BALANCES AT END OF YEAR S 639,174 $ 614,490 $ (24,684)
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1993 Debt Service Fund 1997 Debt Service Fund
Variance Variance
Favorable Favorable
Budget Actual (Unfavora ble) Budget Actual (Unfavora ble)
$ 56,200 $ 126,975 $ 70,775 $ $ 31 $ 31
275,000 275,000 112,000 112,000
471,603 466,240 5,363 7,000 14,215 (7,2 I 5)
746,603 741,240 5,363 119,000 14,215 104,785
(690,403) (614,265) 76,138 (I 19,000) (14,184) 104,816
745,403 677,839 (67,564) 119,000 136,239 17,239
745,403 677,839 (67,564) 119,000 136,239 17,239
55,000 63,574
1,399,097 1,399,097
8,574
122,055
122,055
S 1,454,097 S 1,462,671
$ 8,574
$
S 122,055
$122,055
(Continued)
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- 67 -
CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
Totals
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES - Interest $ 81,200 $ 162,680 $ 81,480
EXPENDITURES:
Principal retirement 387,000 275,000 112,000
Interest and fiscal charges 690,753 692,605 (1,852)
Total expenditures 1,077,753 967,605 110,148
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (996,553 ) (804,925) 191,628
OTHER FINANCING SOURCES (USES):
Operating transfers in 1,076,553 990,870 (85,683 )
Total other financing sources (uses) 1,076,553 990,870 (85,683)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER USES 80,000 185,945 105,945
FUND BALANCES AT BEGINNING OF YEAR 2,013,271 2,013,271
FUND BALANCES AT END OF YEAR $ 2,093,271 $2,199,216 $ 105,945
(Concluded)
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CAPITAL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition and construction of major capital facilities other
than those financed by proprietary funds.
1993 Construction Fund-This fund was established for the acquisition and construction of City-owned
capital improvements.
1997 Construction Fund-This fund was established for the acquisition and construction of City-owned
capital improvements.
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1998
1993 Construction 1997 Construction
ASSETS EYn.d. Eu.rnt I21al
Cash and cash equivalents $ $ 99,388 $ 99,388
Investments 201,987 201,987
TOTAL $ $ 301,375 $ 301,375
LIABILITIES
Accounts payable $ $ 69,812 $ 69,812
FUND EQUITY
Fund balances:
Reserved for encumbrances 25,046 25,046
Reserved for capital projects 206,517 206,517
Total fund equity 231,563 231,563
TOTAL $ $ 301,375 $ 301,375
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1998
1993 Construction 1997 Construction
Eu.rnt Eu.rnt I21a.l
REVENUES - Interest $ 8,635 $ 16,949 $ 25,584
EXPENDITURES - Capital outlay 208,458 359,299 567,757
EXCESS WEFICIEN1i18f REVENUES OVER
(UNDER EXPENDI S (199,823) (342,350) (542,173)
OTHER FINANCING SOURCES (USES):
Operating transfers in 68,730 68,730
Operating transfer out (68,730) (68,730)
Total other financing sources (uses) (68,730) 68,730
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES (268,553) (273,620) (542,173)
FUND BALANCES AT BEGINNING OF YEAR 268,553 505,183 773,736
FUND BALANCES AT END OF YEAR $ $ 231,563 $ 231,563
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS RJNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN RJND BALANCES - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
1993 Construction Fund
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES - Interest $ $ 8,635 $ 8,635
EXPENDITURES - Capital outlay 22,485 208,458 (185,973 )
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (22,485) (199,823) (177,338)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out (68,730) (68,730)
Total other financing sources (uses) (68,730) (68,730)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES (22,485) (268,553) (246,068)
FUND BALANCES AT BEGINNING OF YEAR 268,553 268,553
FUND BALANCES AT END OF YEAR $ 246,068 $ $ (246,068)
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. 1997 Construction Fund Totals
. Variance Variance
. Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
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$ 2,000 $ 16,949 $ 14,949 $ 2,000 $ 25,584 $ 23,584
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. 335,000 359,299 (24,299) 357,485 567,757 (2 10,272)
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Variance
Favorable
Budget &nW (U nfavorable)
GENERAL GOVERNMENT:
Commission $ 59,450 $ 58,253 $ 1,197
Various boards 11,200 6,650 4,550
City manager 191,984 192,031 (47)
City clerk 363,930 312,209 51,721
Finance 298,622 304,493 (5,871)
Personnel 55,054 58,405 (3,351)
Information services 138,716 123,929 14,787
Purchasing 188,552 221,691 (33,139)
Utility billing 343,950 370,683 (26,733 )
Engineering 87,379 82,224 5,155
Community development 222,041 228,573 (6,532)
Land management 56,906 52,327 4,579
General government 358,000 3 I 0,209 47,791
Total general government 2,375,784 2,321,677 54,107
PUBLIC SAFETY:
Police 2,578,797 2,533,903 44,894
Fire 1,885,591 1,841,603 43,988
Building 230,376 217,472 12,904
Code enforcement 61,546 68,493 (6,947)
Total public safety 4,756,310 4,661,471 94,839
TRANSPORT A TI ON - Public works 1,139,982 1,011,225 128,757
CULTURE AND RECREATION - Recreation 984,907 843,115 141,792
CAPITAL OUTLAY:
Commission 3,819 18,124 (14,305)
City manager 5,360 2,004 3,356
City clerk 25,069 6,227 18,842
Finance 18,267 19,002 (735)
Personnel 4,560 2,945 1,615
Purchasing 4,119 7,993 (3,874)
Information services (138,716) (123,929) (14,787)
Utility billing 84,273 80,201 4,072
Engineering 23,969 24,391 (422)
Land management 4,900 3,036 1,864
Community development 9,878 6,872 3,006
General government 25,787 (25,787)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES - GENERAL FUND - BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30,1998
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES . GENERAL FUND. BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998
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Variance
Favorable
Budget Adual (Unfavorable)
CAPITAL OUTLAY (continued):
Police 211,155 267,973 (56,818)
Fire 55,366 64,157 (8,791)
Building 49,072 47,045 2,027
Code enforcement 1,910 10,746 (8,836)
Public works 67,162 172,009 (104,847)
Recreation 254,54 I 242,819 11,722
Total capital outlay 684,704 877,402 (192,698)
TOTAL EXPENDITURES $ 9,94 1,687 $9,714,890 $ 226,797
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CITY OF WINTER SPRINGS, FLORIDA
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SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL -
WATER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30, 1998
Variance
Favorable
Budget Actua I (Unfavorable)
REVENUES:
Water revenues $ 2,074,357 $2,132,737 $ 58,380
Sewer revenues 2,911,760 2,943,690 31,930
Water connection fees 75,040 74,770 (270)
Sewer connection fees 253,260 302,173 48,913
Reuse water fees 15,000 30,135 15,135
Guaranteed revenues 52,472 52,802 330
Turn oft7on fees 7,000 110 (6,890)
Meter/charges 35,000 30,525 (4,475)
Backflow device fees 18,000 500 (17,500)
Application fees 20,000 21,060 1,060
Tampering fees 100 50 (50)
Inspection fees 6,500 6,510 10
NSF check fees 2,500 2,720 220
Interest earned 200,641 71,387 (129,254)
Miscellaneous revenues 20,000 51,184 31,184
Reservation charges 35,000 30,125 (4,875)
Stormwater administration fee 5,660 1,000 (4,660)
Interfund transfers in 178,253 178,253
Total revenues 5,732,290 5,929,731 197,441
EXPENSES:
Salaries 912,481 873,582 38,899
FJ.C.A. taxes 70,368 76,362 (5,994)
Health/life/disability insurance 70,522 55,870 14,652
Workers' compensation insurance 24,517 21,982 2,535
Pension expense 73,587 60,347 13,240
Pension contribution 50,000 54,526 (4,526)
Other legal services 10,000 5,872 4,128
Physical examinations 1,428 1,737 (309)
Consulting engineer 25,000 45,154 (20, I 54)
Consultant-rate study 25,000 5,238 19,762
Audit/administrative services 565,006 590,000 (24,994)
Travel and per diem 1,000 1,281 (281 )
Telephone 7,274 6,861 413
Postage 1,400 1,094 306
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL -
WATER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30,1998
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Variance
Favorable
Budget Actual (Unfavorable)
Utility services 390,000 386,812 3,188
Sludge disposal 45,240 42,049 3,191
Equipment rental 5,000 4,268 732
Repair and maintenance - equipment 32,000 34,027 (2,027)
Repair and maintenance - communications 500 500
Repair and maintenance - vehicles 13,000 12,397 603
Repair and maintenance - buildings 10,000 5,423 4,577
Repair and maintenance - fIre hydrants I 1,520 6,911 4,609
Repair and maintenance - water plants 24,000 22,537 1,463
Repair and maintenance - sewer plants 40,990 37,412 3,578
Repair and maintenance - effluent disposal 29,000 29,531 (531)
Repair and maintenance - water lines 26,000 24,213 1,787
Repair and maintenance - sewer lines 20,000 18,658 1,342
Repair and maintenance - lift stations 22,000 20,317 1,683
Copy machine supplies 540 417 123
Printing expenses 1,000 428 572
Promotional activities 500 500
Employee relations 825 825
ClassifIed advertising 1,500 698 802
Office supplies 1,950 1,818 132
Fuel and oil 23,000 22,398 602
Tires and filters 5,000 614 4,386
Operating supplies 58,366 56,286 2,080
Testing and samples 20,000 8,148 11,852
Purchased meters 32,650 34,197 (1,547)
Chlorine 53,220 31,995 21,225
Backflow devices 8,000 2,799 5,201
Uniforms 6,032 5,396 636
Janitorial supplies 1,300 1,091 209
Small tools and equipment 8,000 15,103 (7,103)
Protective clothing 3,099 2,836 263
Subscriptions 100 65 35
Dues and registrations 2,680 2,646 34
Employee development 3,000 1,817 1,183
Capital improvements 216,667 252,212 (35,545)
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL -
WATER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30, 1998
Variance
Favorable
(Unfavorable)
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Budget Actua I
Vehicles 72,856 72,836
Other equiptrent 98,950 103,681
Debt service - principal 435,000 455,000
Debt service - interest 1,758,920 1,484,805
Developer paytrents 80,000 129,200
Interfund transfers out 522,957
Total expenses 5,399,988 5,654,404
(DECREASE) INCREASE IN CASH 332,302 275,327
CASH, BEGINNING OF YEAR 530,912 530,912
CASH, END OF YEAR $ 863,214 $ 806,239
20
(4,731)
(20,000)
274,115
(49,200)
(522,957)
(254,416)
(56,975)
$ (56,975)
(Concluded)
Note: Budget and actual information is consistent with generalIy accepted accounting principles, except
that depreciation expense is not recognized as an expense, debt service principal paytrents are
recognized as an expense, capital improvetrents, vehicles, and otherequiptrent are recognized as an
expense, and accruals are not considered.
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF SUPPLEMENTAL CASH FLONS - ENTERPRISE FUND - WATER AND SEW:R UTIUTY
YEAR EN>ED 5EP'TEIW3ER 30, 1998
Debt Service
Renewal and Revenue Debt Service Debt Service 92 Sinking CustClfl'ef' 1997 Utility 1997 Debt Utilities
Operating Replacermnt Generation 91 Sinking 92 Sinking Reserve Deposits Construction Service Agreerrent
Account Account ~ Account Account Account Account fund fund Account nmd
CASH AND INVFSIMENfS,
BEGINNING OF YEAR $ 530,912 $ 260,429 $423,765 $ 324,792 $ 684,453 $ 1,255,666 $ 471,749 $2,664,146 $ 32,947 $ 47,340 $6,696,199
Transfer to other aa::ounts (522,957) 18,433 59,480 29,534 134,283 281,227
Transfer fiumother aa::ounts 178,253 (2,826) (57,409) (70,678) (47,340)
Dd>t service:
Principal (455,000) (455,000)
Interest (1,484,805) (1,484,805)
Capital outlay (428,729) (1,188,766) (1,617,495)
Qx:rating revenues 5,619,359 5,619,359
Qx:rating expenses (2,630,794) (2,630,794)
CASH AND INVPSlMENfS,
END OF YEAR $ 8()),239 $ 278,862 $ 483,245 $ 321,966 $ 627,044 $1,184,988 $ 501,283 $ 1,6(1),663 $314,174 $ $6,127,464
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STATISTICAL SECTION
Statistical schedules differ from financial statements because they usually cover more than one
fiscal year and may present non-accounting data. The following statistical tables recommended
for inclusion by the Government Accounting Standards Board are not included for the reasons
stated:
o RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET
BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS
During the last ten fiscal years the City has had no general bonded indebtedness.
o RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT TO TOTAL
GENERAL EXPENDITURES - LAST TEN FISCAL YEARS
During the last ten fiscal years the City has had no general bonded indebtedness.
o COMPUTATION OF LEGAL DEBT MARGIN
Neither the Constitution of the State of Florida, the Florida Statutes nor the Charter of the
City of Winter Springs sets a legal debt margin.
o SPECIAL ASSESSMENTS BILLING AND COLLECTIONS. LAST TEN FISCAL YEARS
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 1 - GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
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Fiscal General Public Trans- Culture! Capital Debt
Year Government Safety portation Recreation Outlay Service Total
1989 $ 1,104,084 $ 2,315,410 $ 585,141 $ 84,005 $ 1,975,146 $ 1,049,994 $ 7,113,780
1990 854,597 2,672,668 686,118 108,102 518,449 661,335 5,501,269
1991 938,055 2,954,026 765,017 182,444 1,196,428 791,345 6,827 ,315
1992 964,622 3,020,447 795,276 344,054 2,356,816 791,145 8,272,360
1993 1,176,983 3,122,557 923,250 556,109 1,125,814 597,969 7,502,682
1994 1,265,435 3,299,148 820,962 634,147 668,910 934,731 7,623,333
1995 1,524,584 3,556,352 1,011,424 706,716 1,114,097 1,078,491 8,991,664
1996 1,522,378 3,684,567 1,153,694 753,557 1,516,789 1,012,325 9,643,310
1997 1,950,449 4,108,319 1,084,121 814,125 2,454,088 963,044 11,374,146
1998 2,591,811 4,725,544 1,159,944 843,115 2,705,800 967,605 12,993,819
Includes the General Fund, Special Revenue Funds,
Capital Projects Funds and Debt Service Funds.
Source: City of Winter Springs Finance Department
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Licenses Intergovern- Charges Fines
Fiscal and mental for and General
Year Taxes Permits Revenues Services Forfeitures Government Interest
1989 $ 2,468,249 $ 425,244 $ 1,439,264 $ $ 122,340 $ 163,639 $
1990 3,196,040 577 ,505 1,781,747 64,960 209,394 453,350
1991 3,720,415 456,631 1,764,106 35,369 221,686 370,682
1992 4,011,756 664,848 1,731,717 45,365 274,510
1993 4,308,605 1,023,098 1,843,049 97,393 258,626 184,541
1994 4,970,690 1,222,808 1,863,892 104,724 169,940 342,169
1995 4,874,118 857,024 2,020,651 132,191 154,556 462,256
1996 5,234,145 949,701 2,183, I 87 206,210 178,234 429,517
1997 5,406,995 990,477 2,290,120 687,152 208,667 454,922
1998 5,967,375 943,220 2,583,849 742,766 183,714 447,343
Includes the General Fund, Special Revenue Funds,
Capital Projects Funds and the Debt Service Funds.
Source: City of Winter Springs Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 2 - GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
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. Miscellaneous
. Revenues Total
$ 304,837 $ 4,923,573
. 133,734 6,416,730
. 48,150 6,617,039
. 65,802 6,793,998
66,655 7,781,967
. 305,127 8,979,350
. 610,659 9,111,455
. 595,403 9,776,397
641,202 10,679,535
. 737,539 11,605,806
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 3 - PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Current Percent Delinquent Total Total Collections
Fiscal Total Tax of Levy Tax Tax as a Percent
Year Tax Levy (1) Collections (2) Collected Collections (2) Collections of Current Levy
1989 $ 879,234
1990 1,539,579
1991 2,070,546
1992 2,299,468
1993 2,333,990 $ 2,232,344 95.64% $ 810 $2,233,154 95.68%
1994 2,610,826 2,507,783 96.05% 4,161 2,511,944 96.21%
1995 2,665,426 2,559,179 96.01% 16,817 2,575,996 96.64%
1996 2,769,752 2,670,643 96.42% 9,896 2,680,539 96.78%
1997 2,882,773 2,786,845 96.67% 4,636 2,791,481 96.83%
1998 3,074,799 2,960,328 96.28% 7,678 2,968,006 96.53%
(1) Gross taxes before discounts of 1 % - 4%, depending on month paid.
(2) Collection information is not available before 1993.
Source: Seminole County Tax Collector's Office
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 4 - ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
Fiscal
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Centrally Assessed
and
Real Property
Estimated
Actual
Value
$ 606,551
659,610
729,046
785,623
801,890
829,973
882,258
959,556
1,001,788
1,061,983
Assessed
Value
$ 590,966
632,758
705,919
785,825
802,113
830,212
882,544
935,813
992,796
1,061,983
Personal Property Exemptions
Estimated Real and
Actual Personal
Value Property
$ 17,591 $ 130,515
18,734 137,532
21,342 153,861
2 I ,264 171,051
20,920 177,446
21,876 186,417
22,455 196,599
24,760 211,837
26,60 I 220,230
27,701 255,565
Assessed
Value
$ 17,134
17,966
20,659
21,264
20,920
21,876
22,455
24,141
26,362
27,701
Total
Taxable Estimated
Assessed Actual
Value Value
$ 477,585 $ 624,142
513,192 678,344
572,717 750,388
636,038 806,887
645,587 822,810
665,671 85 1,849
708,400 904,713
748,117 984,316
798,928 1,028,389
834,119 1,089,684
Ratio
of
Total
Assessed to
Total
Estimated
Actual Value
76.52%
75.65%
76.32%
78.83%
78.46%
78.14%
78.30%
76.00%
77.69%
76.55%
Source: Seminole County Property Appraiser's Office
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 5 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Seminole St. John's River
City of County Water
Fiscal Winter Seminole School Management
Year Springs County Board District Total
1989 1.8410 4.5582 7.8090 0.2810 14.4892
1990 3.0000 4.5445 7.9900 0.3460 15.8805
1991 3.6153 5.5343 10.1690 0.3580 19.6766
1992 3.6153 5.6970 10.0890 0.3580 19.7593
1993 3.6153 5.4197 10.0710 0.3580 19.4640
1994 3.9221 5.3841 10.0930 0.4700 19.8692
1995 3.7626 5.3772 8.3370 0.2000 17.6768
1996 3.7023 5.3889 10.3080 0.4820 19.8812
1997 3.6083 5.3625 10.3080 0.4820 19.7608
1998 3.6000 5.1638 10.0360 0.4820 19.2818
Source: City of Winter Springs Finance Department
Seminole County School Board
Seminole County Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 6 - COMPUTATION OF DIRECT AND OVERLAPPING DEBT
SEPTEMBER 30,1998
Net General Percentage Amount
Obligation Debt Applicable to Applicable to
Jurisdiction Outstanding City of Winter Springs City of Winter Springs
Overlapping:
Seminole County $ 17,530,000 6.85% $ 1,201,089
Seminole County
School Board 59,350,000 6.85% 4,066,436
Total Overlapping Debt 76,880,000 5,267,525
Total Direct Debt (1)
Total Direct and
Overlapping Debt $ 76,880,000 $ 5,267,525
(1) The City of Winter Springs does not currently have any general obligation debt that is being
repaid through general property taxes.
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Seminole County School Board
Seminole County Property Appraiser
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CITY OF WINTER SPRINGS, FLORIDA
Net
Available
For Debt
Service
$ 917,647
1,755,922
2,089,932
2,300,799
2,278,733
2,927,270
2,817,266
2,932,514
3,096,222
3,227,606
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TABLE 7 - REVENUE BOND COVERAGE - WATER AND SEWER BONDS
LAST TEN FISCAL YEARS
Fiscal Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Revenues (1)
$ 1,975,768
3,098,362
4,046,714
4,376,764
4,483,245
4,996,647
5,458,540
5,269,291
5,613,413
5,924,112
Direct
Operating
Expenses (2)
$ 1,058,121
1,342,440
1,956,782
2,075,965
2,204,512
2,069,377
2,641,274
2,336,777
2,517,191
2,696,506
(1) "Revenues" include interest income, connection fees and other income.
(2) "Direct Operating Expenses" excludes depreciation and interest expense.
Note: The figures since 1990 include the consolidation of the east and west water system.
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Debt Service Requirements
Principal Interest Total Coverage
$ $ 533,399 $ 533,399 1.72
65,000 900,544 965,544 1.82
35,000 1,325,075 1,360,075 1.54
35,000 1,092,724 1,127,724 2.04
85,000 1,295,491 1,380,491 1.65
90,000 1,378,282 1,468,282 1.99
95,000 1,373,597 1,468,597 1.92
415,000 1,358,416 1,773,416 1.65
435,000 1,346,020 1,781,020 1.74
455,000 1,405,724 1,860,724 1.73
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 8 - DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Seminole County
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City of Winter Springs
Population
Fiscal
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Year
1998
2000
2005
2010
Age
0-14
15-24
25-44
45-64
65 and over
Population
21,682
22,151
22,790
23,352
24,008
24,772
25,673
26,474
27,466
28,404
% Increase
5.11%
2.16%
2.88%
2.47%
2.81%
3.18%
3.64%
3.12%
3.75%
3.42%
Population Projections
Seminole County
345,166
360,900
399,600
484,178
Population % Increase
277,330 4.79%
287,521 3.67%
298,057 3.66%
305,872 2.62%
310,890 1.64%
316,555 1.82%
326,203 3.05%
329,031 0.87%
337,498 2.57%
345,166 2.27%
State of Florida
15,000,475
15,449,100
16,761,771
17,942,300
Population Distribution by Age
Seminole County
69,727
42,782
114,130
75,947
34,912
Source: East Central Florida Regional Planning Council
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State of Florida
2,822,554
1,761,500
4,221,290
3,196,356
2,711,222
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Per Capita Income, School Enrollment, and Unemployment Rate
Fiscal Per Capita School Unemployment
Year Income (1) Enrollment (2) Rate (3)
1989 18,493 1748 5.20%
1990 19,041 1876 5.30%
1991 19,233 1947 6.50%
1992 20,117 1961 7.00%
1993 21,049 3020 5.80%
1994 22,080 3268 5.40%
1995 23,400 3297 4.20%
1996 24,852 3390 3.30%
1997 (4) 3988 3.20%
1998 (4) 5967 2.60%
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(2) Source: Seminole County School Board Information Services
(3) Source: U.S. Department of Labor
(4) This information is not available.
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Value
$1,535
1,602
2,673
1,801
3,818
4,200
3,555
5,445
3,603
4,410
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 9 - PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(VALUES ARE IN THOUSANDS)
Commercial
Residential Construction (1) Construction (1)
Number of Units
Fiscal Single Multi
Year Family Family Value Value
1989 418 0 $40,489 $4,899
1990 270 12 29,418 2,693
1991 145 0 23,492 2,703
1992 228 0 24,512 983
1993 301 0 38,410 1,260
1994 411 0 48,965 2,000
1995 333 1 44,425 1,200
1996 335 2 43,550 655
1997 327 0 50,428 449
1998 337 1 56,760 1,331
Additions!
Alterations (1)
(1) Source: City of Winter Springs Building Department
(2) Source: Florida Bankers Association
Note: For savings and loans and bank deposits, numbers are as of
December 31 for 1989-1993. For 1994-1998, numbers are as of
September 30. All amounts are for entire Seminole County.
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Total
Value
$46,923
33,713
28,868
27 ,296
43,488
55,165
49,180
49,650
54,480
62,501
Bank Deposits (2)
(in thousands)
Savings
and
Loans
$ 914,170
822,030
759,656
641,693
600,924
553,084
498,708
494,844
387,382
423,557
Banks
$1,417,884
1,519,024
1,653,383
1,765,214
1,738,832
1,849,924
1,953,373
2,058,040
2,172,710
2,272,861
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 10 - PRINCIPAL TAXPAYERS
SEPTEMBER 30,1998
Percentage
of Total
Taxable Value
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Taxpayer
Type of Business
Valuation
Taxes Levied
Golf Terrace, Ltd.
Florida Power Corp.
United Dominion Realty Trust
Hacienda Village Co-Op
Seville Chase Develop. Ltd.
DR Horton, Inc.
Time Warner Entertainment
Morrison Homes of Florida, Inc.
Florida Country Clubs, Inc.
Southern Bell Telephone
Total Taxable Assessed Valuation
ofTen Largest Taxpayers
Total Taxable Assessed Valuation
of Other Taxpayers
Total Taxable Assessed Valuation
of All Taxpayers
Property Management
Electric Utility
Property Management
Property Management
Developer
Builder
Utilities
Builder
Developer
Utilities
Source: Seminole County Property Appraiser's Office
$10,964,471
8,241,293
6,437,880
4,994,000
4,577,800
3,464,590
3,218,814
2,580,437
2,422,093
2,390,403
49,291,781
804,827,419
$ 854,119,200
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$213,593
160,545
125,413
97,286
89,178
67,492
62,704
50,268
47, 184
46,566
1.28%
0.96%
0.76%
0.58%
0.54%
0.41%
0.38%
0.30%
0.28%
0.28%
5.77%
94.23%
100.00%
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 11 ~ MISCELLANEOUS STATISTICS
SEPTEMBER 30,1998
Date of Incorporation
1959
Form of Government
Commission - City Manager
City Charter Adopted
1972
Commission Composed of:
5 Members
Area
14.6 square miles
Miles of Streets
117
Fire Protection:
Number of Fire Stations
Number of Firefighters and Officers
2
37
Police Protection:
Number of Police Stations
Number of Sworn Officers
1
53
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City Water System:
Number of Customers
Average Daily Consumption
Miles of Water Mains
Plant Capacity - All Plants
Deep Wells
Number of Fire Hydrants
10,981
125 Gallons Per Capita
146
12,000,000 gallons
7
836
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Treatment Facility Capacity
Current Average Flow
Miles of Sanitary Sewer Lines
4,000,000 gallons
2,000,000 gallons
141
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Building Permits Issued - Fiscal Year 1998
3,590
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Recreation and Culture:
Number of Community Parks
Number of Neighborhood Parks
Number of Mini-Parks
2
4
2
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Classified Service
Exempt
186
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COMPLIANCE AND INTERNAL CONTROL
REPORT AND MANAGEMENT LEITER
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Deloitte &
Touche LLP
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Certified Public Accountants
Suite 1800
200 South Orange Avenue
Orlando, Florida 32801
Telephone: (407) 246-8200
Facsimile: (407) 422-0936
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
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To the Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City") as of and for the year ended September 30, 1998, and have issued our report thereon dated
January 13, 1999, which was qualified because insufficient audit evidence exists to support the City's
disclosures with respect to the year 2000 issue. Except as discussed in the preceding sentence, we
conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States.
Compliance
As part of obtaining reasonable assurance about whether the City's general purpose financial
statements are free of material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts, and grants, noncompliance with which could have a direct
and material effect on the determination of financial statement amounts. However, providing an
opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance that are
required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on
the general purpose financial statements and not to provide assurance on the internal control over
financial reporting. Our consideration of the internal control over financial reporting would not
necessarily disclose all matters in the internal control over financial reporting that might be material
weaknesses. A material weakness is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively low level the risk that misstatements in
amounts that would be material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of performing their assigned
functions. We noted no matters involving the internal control over financial reporting and its
operation that we consider to be material weaknesses. However, we noted certain other matters that
we have reported to management of the City in a separate letter dated January 13, 1999.
This report is intended so]ely for the information and use of management and the Auditor General of
the State of Florida and is not intended to be and should not be used by anyone other than these
specified parties.
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Tohmatsu
International
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Deloitte &
Touche LLP
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Certified Public Accountants Suite 1800
200 South Orange Avenue
Orlando. Florida 32801
Telephone: (407) 246-8200
Facsimile: (407) 422-0936
INDEPENDENT AUDITORS' MANAGEMENT lETTER
To the Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City"), as of and for the fiscal year ended September 30, 1998, and have issued our report thereon
dated January 13, 1999, which was qualified because insufficient audit evidence exists to support the
City's disclosures with respect to the year 2000 issue.
Except as discussed in the preceding paragraph, we conducted our audit in accordance with generally
accepted auditing standards and Government Auditing Standards, issued by the Comptroller General
of the United States. We have issued our Independent Auditors' Report on Compliance and on
Internal Control Over Financial Reporting based on the audit of the financial statements performed in
accordance with Governmental Auditing Standards, dated January 13, 1999, and it should be
considered in conjunction with this management letter.
In planning and performing our audit of the financial statements of the City for the year ended
September 30, 1998, we considered its internal controls in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and not to provide assurance on
the City's internal controls. However, we noted a certain matter involving the City's internal controls
and its operation on page 100.
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Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of
the Auditor General, which govern the conduct of local governmental entity audits performed in the
State of Florida and require that certain items be addressed in this letter.
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The Rules of the Auditor General (Section 10.554 (I) (e) 1.) state that a management letter shall
include a statement as to whether or not inaccuracies, irregularities, shortages, defalcations, and/or
violations of laws, rules, regulations, and contractual provisions reported in the preceding annual
financial audit report have been corrected. There were no such items reported in the preceding annual
financial report.
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The Rules of the Auditor General (Section 10.554 (l) (e) 2.) state that a management letter shall
include a statement as to whether or not recommendations made in the preceding annual financial
audit report have been followed. The results of our tests indicate that the recommendations made in
the preceding annual financial audit report have been followed.
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Deloitte Touche
Tohmatsu
International
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The Rules of the Auditor General (Section 10.554 (1) (e) 3.) state that a management letter shall
include a statement as to whether or not a unit of local government is in a state of financial emergency
as a consequence of conditions described in Section 218.503(1), Florida Statutes. Section 218.503( I)
states that a local governmental entity is in a state of financial emergency when any of the following
conditions occur:
a) Failure within the same fiscal year in which due to pay short-term loans from banks or
failure to make bond debt service payments when due.
b) Failure to transfer at the appropriate time, due to lack of funds: (I) taxes withheld on the
income of employees; or (2) employer and employee contributions for a) federal social
security, or b) any pension, retirement, or benefit plan of an employee.
c) Failure for anyone pay period to pay, due to lack offunds: (1) wages and salaries owed to
employees; or (2) retirement benefits owed to former employees.
d) An unreserved or total fund balance or retained earnings deficit for which sufficient
resources of the local governmental entity are not available to cover the deficit for two
successive years.
e) Noncompliance of the local government retirement system with actuarial conditions
provided by law.
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Section 218.503(2) states that a local governmental entity shall notify the Governor and the
Legislative Auditing Committee when one or more of the conditions specified in Section 218.503(1)
have occurred or will occur if action is not taken to assist the local governmental entity.
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Management of the City has determined that the City is not in a state of financial emergency under
Section 218.503( I). In connection with our audit of the financial statements of the City, the results of
our tests did not indicate that the City is in a state of financial emergency as a consequence of the
conditions in Section 218.503( I). However, our audit does not provide a legal determination on the
City's compliance with this requirement.
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The Rules of the Auditor General (Section 10.554 (I) (e) 4.) state that a management letter shall
include a statement as to whether or not the financial report filed with the Florida Department of
Banking and Finance, pursuant to Section 218.32 (1) (a), Florida Statutes, is in agreement with the
annual financial audit report for the current period. At the time of our audit, the City had not filed its
annual financial report for the fiscal year ended September 30, 1998.
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This report is intended solely for the information and use of management and the Auditor General of
the State of Florida and is not intended to be and should not be used by anyone other than these
specified parties.
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d~~ /".....1'0 td
January 13, 1999
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CITY OF WINTER SPRINGS
MANAGEMENT LETTER COMMENTS
YEAR ENDED SEPTEMBER 30, 1998
BUDGET MONITORING
OBSERVATION: The City does not currently have a system in place to formally monitor budget versus actual
results of operations. As a result, amounts may be expended in excess of appropriations, as was the case for
certain of the City's funds in fiscal 1998.
RECOMMENDATION: The City should establish a formal system for monitoring budget versus actual
expenditures. Supplemental appropriations should be requested in the event expenditures are necessary
beyond those budgeted.
MANAGEMENT'S RESPONSE: Management agrees. For fiscal year 1998-1999, the City has already
implemented procedures to adjust the computerized accounting system to record additional appropriations
authorized by the City commission. The expenditures in excess of appropriations in certain funds are related
to projects, which had been budgeted in a prior year and were not completed by the end of the year in which
they were budgeted. A review will be performed on all open capital construction projects at the end of the
fiscal year, and any projects needing re-budgeting in the following year will be presented to the commission
for additional appropriations.
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