HomeMy WebLinkAbout2008 05 27 Awards and Presentations 300 CAFR for FY Ended September 30, 2007COMMISSION AGENDA
ITEM 300
May 27, 2008
Special Meeting
AWARDS &
PRESENTATIONS X
INFORMATIONAL
PUBLIC HEARING
REGULAR
MGR~~/DEPT(
Authorization
REQUEST: The Finance Department Is Requesting City Commission Acceptance Of The
Comprehensive Annual Financial Report (CAFR), As Presented, For The
Fiscal Year Ended September 30, 2007.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30, 2007.
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.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/07 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
City of ~VinterSprings
Florida
1
Ti r~nt~F
M~r~~ral
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CompreFiensive.AnnuaC~F'inanciaC<1'eport
~F'or theYear End~ed~Septem6er 30, 2007
City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2007
Prepared by: Finance Department
IN REMEMBRANCE OF FIRE CHIEF TIM LALLATHIN
Our long time professional colleague and good friend
Tim Lallathin passed away peacefully on Thursday,
May 31 , 2007, at his home in Winter Springs. Tim
was diagnosed with colon cancer in March of last
year.
Tim served in the position of Fire Chief of Winter
Springs for the past 16 years. Tim joined the Winter
Springs Fire Department on March 13, '1974 in the
position of Volunteer Fireman. He became a full time
fireman on February 1 , 1 976 and rose through the
ranks to the position of Fire Chief in December '199'1 .
Tim retired on May 4, 2007 completing 31 years of
full time service with the Winter Springs Fire Depart-
ment at the age of 49.
Tim will be remembered for his participation in pro-
fessional organizations and his contribution to the
Winter Springs High School Health and Safety Advi-
sory Committee and Booster Club, United Way, Boy
Scouts of America and Seminole County P.T.A.
Tim's deep faith and courage through his ordeal with
cancer was an inspiration to all of us around him. He
will always be remembered for his Kindness, his in-
tegrity, his faith, and his love and commitment to his
family and his community. Tim was one of the finest
public servants I have had the opportunity to serve
with. He will be greatly missed and afFectionately re-
membered by all of us.
Our most sincere and heartfelt condolences go out to
all the members of his family. We pray for their
peace of mind and healing in the embrace of a gra-
cious God and loving friends.
Ronald W. McLemore
City Manager
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Money BEST PLACES TO LIVE
WinteY SpYings - 31St in the Nation
The City of WinteP SpYings has been Yecognized by Money Magazine as
one of the top two cities in FloYida in which to live and thiYty-fiYSt in
the nation. The only otheY FloYida city so honoYed was ouY
neighboYing city, the City of Lake MaYy, with a Yanking of #4. The
Yesults of theiY August 2007 Yankings can be viewed online at
htt~: / /money. cnn. com /magazines/moneymag/b~live/2007.
Money Magazine's YeseaYCh staYted with those cities having a population
between 7, S00 and 50, 000. RetiYement-oYiented communities weYe scYeened
out as weYe places wheYe income is less than 90% oP moYe than 180% of the
state median and towns moYe than 95% white. Also eliminated weYe towns
with low education scoYes, high cPime Yates, shaYp population swings,
anticipated job losses, oY inaccessibility to aiYpoYts oY teaching hospitals.
AfteP the stYingent elimination Pounds, the 466 Yemaining cities weYe Yanked
on numeYOUS factoYS in the following categoYies: job maYkets, income and cost-
of-living data, housing affoYdability, school quality, aPts and leisuYe
oppoYtunities, ease of living, health-caYe access, and Facial diveYSity.
Having made it to the final 70, moYe data was gatheYed on WinteP SpYings
Yelative to job maYkets, housing pYices, schools, and ambience. At this stage,
phone intePViews weYe conducted with community leadeYS and Pesidents alike.
In the final analysis, the City of WinteY SpYings emeYged as #31 in Money
Magazine's Yankings of AmeYica's Best Places to Live 2007. The City is both
humbled and honoYed by this distinction.
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INTRODUCTORY SECTION
This section contains the following subsections:
^ Table of Contents
^ Letter of Transmittal
^ GFOA Certificate of Achievement
^ List of Principal Officials
^ Organizational Chart
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CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2007
Page
Introductory Section:
Table of Contents i-iii
Letter of Transmittal iv-vii
GFOA Certificate of Achievement viii
List of Principal Officials ix
Organizational Chart x
II. Financial Section:
Independent Auditor's Report 1-2
Management's Discussion and Analysis 3-18
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets 19
Statement of Activities 20
Fund Financial Statements
Balance Sheet -Governmental Funds 21-22
Statement of Revenues, Expenditures and Changes in
Fund Balances -Governmental Funds 23-24
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities 25
Statement of Revenues, Expenditures and Changes in Fund
Balances -Budget and Actual:
General Fund 26-27
Public & Communications Service Tax Special Revenue Fund 2g
Road Improvements Special Revenue Fund 29
Statement of Net Assets -Proprietary Funds 30-31
Statement of Revenues, Expenses and Changes in
Fund Net Assets -Proprietary Funds 32
Statement of Cash Flows -Proprietary Funds 33-34
Statement of Fiduciary Net Assets -Fiduciary Funds 35
Statement of Changes in Fiduciary Net Assets -Fiduciary Funds 36
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS -Continued
Year Ended September 30, 2007
Paae
II. Financial Section -Continued:
Notes to Financial Statements 37-67
Required Supplementary Information 68
Combining and Individual Fund Statements and Schedules:
Major Governmental Funds:
Schedule of Revenues and Expenditures and Changes in Fund
Balance -Budget and Actual:
TLBD Debt Service Fund 69
Nonmajor Governmental Funds:
Combining Balance Sheet -Nonmajor Governmental Funds 70-77
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances -Nonmajor Governmental Funds 78-85
Schedule of Revenues, Expenditures and Changes in Fund
Balances -Budget and Actual:
Special Revenue Funds 86-104
Debt Service Funds 105-111
Capital Projects Funds 112-120
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Function and Activity 121
III. Statistical Section:
Net Assets by Component 122
Changes in Net Assets 123-124
Governmental Activities Tax Revenues by Source 125
Fund Balances of Governmental Funds 126
Changes in Fund Balances of Governmental Funds 127
Assessed Value and Estimated Actual Value of Taxable Property 128
Property Tax Rates, Direct and Overlapping Governments 129
Special Assessment Billings and Collections 130
Principal Property Taxpayers 131
Property Tax Levies and Collections 132
Legal Debt Margin 133
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita 134
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS -Continued
Year Ended September 30, 2007
Paae
III. Statistical Section -Continued:
Ratio of Outstanding Debt by Type 135
Direct and Overlapping Governmental Activities Debt 136
Pledged-Revenue Coverage 137
Demographic and Economic Statistics 138
Principal Employers 139
Budgeted Full-time Equivalent City Government Employees by Function 140
Operating Indicators by Function 141
Capital Asset Statistics by Function 142
IV. Other Reports:
Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government
Auditing Standards 143-144
Management Letter 145-146
Affidavit of Impact Fee Compliance 147
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 20, 2008
To the Honorable Mayor, City Commission and Citizens of the City of Winter Springs, Florida:
State law requires that all general-purpose local governments publish a complete set of financial
statements presented in conformity with generally accepted accounting principles (GAAP) and that
they be audited in accordance with generally accepted auditing standards (GAAS) by a firm of
licensed certified public accountants. Pursuant to that requirement, it is with great pleasure that we
present to you the City of Winter Springs, Florida Comprehensive Annual Financial Report (CAFR)
for the fiscal year ended September 30, 2007.
Management assumes full responsibility for the completeness and reliability of all of the information
presented in this report. To provide a reasonable basis for making these representations,
management of the City of Winter Springs has established a comprehensive internal control
framework that is designed both to protect the government's assets from loss, theft, or misuse and to
compile sufficient reliable information for the preparation of the City of Winter Springs' financial
statements in conformity with GAAP. Because the cost of internal controls should not outweigh their
benefits, the City of Winter Springs' comprehensive framework of internal controls has been designed
to provide reasonable rather than absolute assurance that the financial statements will be free from
material misstatement. As management, we assert that, to the best of our knowledge and belief, this
financial report is complete and reliable in all material respects.
The City of Winter Springs' financial statements have been audited by McDirmit, Davis & Company, a
firm of licensed certified public accountants. The goal of the independent audit was to provide
reasonable assurance that the financial statements of the City of Winter Springs for the fiscal year
ended September 30, 2007 are free of material misstatement. The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. Based upon the audit, the
independent auditor concluded that there was a reasonable basis for rendering an unqualified
opinion that the City of Winter Springs' financial statements for the fiscal year ended
September 30, 2007 are fairly presented in conformity with GAAP. The independent auditor's report
is presented as the first component of the financial section of this report.
The City of Winter Springs' Management's Discussion and Analysis (MD&A) can be found
immediately following the report of the independent auditors and provides a narrative introduction,
overview, and analysis of the basic financial statements. MD&A complement this letter of transmittal
and should be read in conjunction with it.
Iv
Profile of the Govemment
The City of Winter Springs, 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 currently has a land area of 14.78 square miles and a population of
approximately 34,900.
The City operates according to a Council/Manager form of government, with an appointed City
Manager, five elected City Commissioners and a separately elected Mayor. The Mayor and
Commission are elected for four-year terms. The governing body is responsible for, among other
things, passing ordinances, adopting the budget, appointing committees, and hiring the City's
Manager, Clerk and Attorney. The City Manager is responsible for carrying out the policies and
ordinances of the governing body, for overseeing the day-to-day operations of the government, and
for hiring the directors of the various departments.
The City of Winter Springs provides a full range of services, including police and fire protection; the
construction and maintenance of highways, streets and other infrastructure; and recreational
activities and cultural events. The City maintains both a Water and Sewer Utility, a Stormwater Utility,
and Development Services, which function, in essence, as departments of the City of Winter Springs
and therefore have been included as an integral part of the City of Winter Springs' financial
statements.
The annual budget serves as the foundation for the City of Winter Springs' financial planning and
control. All departments of the City of Winter Springs are required to submit requests for
appropriation to the City Manager. The City Manager then uses these requests as the starting point
for developing a proposed budget. The City Manager then presents this proposed budget to the City
Commission for review on or before July 1. The City Commission is required to hold public hearings
on the proposed budget and to adopt a final budget no later than September 30, the close of the City
of Winter Springs' fiscal year. The appropriated budget is prepared by fund (e.g., general fund),
department (e.g., fire department) and division (e.g., prevention division). The City Manager may
make transfers of appropriations within a department. Transfers of appropriations between
departments, however, require the special approval of the City Commission. Original and final
amended budget-to-actual comparisons are provided in this report for each individual governmental
fund. For the General Fund, the Public and Communications Service Tax Fund and the Road
Improvements Special Revenue Fund, these comparisons are presented on pages 25-28 as part of
the basic financial statements for the governmental funds. For other governmental funds these
comparisons are presented in the governmental fund subsection of this report, which starts on page
68.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of Winter
Springs operates.
Local economy. The City of Winter Springs is primarily a retail, office and residential area with a
small amount of light industry and commercial business. The City's total assessed valuation for real
and personal property (net of exemptions) increased 20.6% from the prior year and 150.8% since
fiscal year 1997. The increase in valuations and millage resulted in an increased total tax levy of
$930,391 over last year and $5,937,718 since 1997. The City's population has increased 27.1 % from
that of ten years ago. Local indicators indicate there is a major downturn in the local economy as the
impacts of the mortgage and banking industry sub-prime market meltdown and declining housing
v
industry are felt. This economic downturn has had an impact at both the state and local level on
revenue. At the local level revenues such as review and permit fees has declined but have been
offset by a trend of reduced expenditures. At the state level, they are currently making their second
adjustment to the fiscal year 2008 budget for a total of $2 billion in cuts to a $70 billion budget.
Currently being debated is whether to use $1.1 billion out of a $5.5 billion pot of reserves and trusts
funds to balance next year's state budget. Moreover, the Florida's Governor, the House of
Representatives and the Senate continue to submit proposals during the current legislative session
to limit local government's ability to generate revenues. One such proposal that the Taxation and
Budget Reform Commission has made is commonly referred to as the Taxpayer Bill of Rights
(TABOR), which would significantly affect local government's ability to fund future operations due to
its mandated revenue limitations. At this time there is no way to quantify the impact of the numerous
proposals being submitted during the current legislative session.
The City has been able to maintain a moderate property tax rate, which was at 4.4019 mills during
fiscal year 2007 (tax year 2006) and includes 0.1100 mills of voted debt service for Central Winds
General Obligation debt up to now. It is too soon to tell what impact the legislative proposals will
have on the City's fiscal year 2009 budget.
Long-term financial planning. The City Commission updated and adopted a 5-year Capital
Improvements Plan (CIP) during fiscal year 2004. The CIP is currently being updated with projects
and costs through Fiscal Year 2013 with an anticipated completion of Summer 2008. The CIP is a
multi-year prioritized schedule of improvements that lists each capital improvement by the year it is
intended to be purchased or commenced; the amount to be spent per year; and the method of
financing such improvement. Each year during the annual budget process the CIP is reviewed to
ensure incorporation of all necessary capital improvements. It should be noted; however, that the
CIP is not a fixed document but a flexible, dynamic document that may change to reflect changing
priorities, opportunities, costs, or different financing approaches.
Relevant Financial Policies. There are three fiscal policies that are utilized when preparing and
adopting the City's annual budget. The first policy is to maintain, at all times, an Unreserved General
Fund fund balance not less than 25% of the total operating expenses of the General Fund, excluding
capital outlay and debt. By a super majority vote of the Commission, supplemental appropriation
from Unreserved General Fund fund balance may be authorized by the Commission for a General
Fund purpose which may potentially reduce the Unreserved General Fund fund balance which would
be restored to, at least, the minimum in the following year's budget. This fund balance philosophy
carries over to the Water and Sewer Utility, Stormwater Utility and Development Services. Some
funds such as debt service exist for very specific purposes; as such, the potential for unforeseen
expenditures is very low. Consequently, it is not necessary for all funds to be constrained by this
policy. In such case, the budget serves as the sole constraint. The second fiscal policy is that
sufficient recurring revenues exist to pay for all recurring costs, thus avoiding the use of non-recurring
revenues and fund balance to fund recurring costs. The final fiscal policy is that sufficient recurring
and non-recurring revenues are available to fund non-recurring costs.
Major Initiatives. During fiscal year 2008, the City anticipates the following projects
completion of the Senior Center Expansion and Therapy Pool. Project is expected to be
complete by April 30, 2008 at an approximate cost of $1,741,000;
begin year four of the Records Management Project for public records documents and
research;
begin year four of a four year Pension Plan enhancement program, by adding 0.5% to the
employer contribution rate for the final phase of the retroactive benefit for employee service
vi
prior to October 1, 2000 that will be effective on October 1, 2008;
• replace fire engine 26 at a cost of $370,000;
• numerous road improvements projects at $4,975,000, such as Tuskawilla Road/Blumberg
Boulevard, Winter Springs Boulevard, Doran Drive, Town Center streetscape, Michael Blake
Boulevard, Central Winds Parkway, Hayes Road deceleration/turn lanes, 434 Medians and
traffic calming;
• road resurfacing projects totaling $225,000;
• completion of TLBD Improvements (Phase II) signage and street lighting, totaling $545,000;
• begin Trotwood Park Improvements totaling $432,700;
• begin Hound Ground Improvements totaling $225,000;
• completion of the Town Center Trail and Infrastructure at an approximate cost of $1,605,000;
and,
• Phase II of the Town Center project with James Doran and Company to include a $930,000
partnership agreement for public parking and $250,000 for streetscaping has been put on
hold pending economic conditions.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City of Winter Springs for its CAFR for the fiscal year ended
September 30, 2006. This was the seventh consecutive year that the government has received this
prestigious award. In order to be awarded a Certificate of Achievement, the government published
an easily readable and efficiently organized CAFR. This report satisfied both GAAP and applicable
legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program's requirements and we will be submitting it
to the GFOA to determine its eligibility for a certificate.
The preparation of this report would not have been possible without the efficient and dedicated
services 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, although not extensively involved in year-end audit activities, contributed
significantly by ensuring the accuracy and integrity of accounting information compiled throughout the
year. Without their diligence, the work of the Finance Department would have been considerably
more difficult.
Appreciation must also be expressed to the City's auditors whose suggestions and attention to detail
enhanced the quality of this report.
In closing, we would also like to express appreciation to the Mayor and the City Commission for their
unfailing support for maintaining the highest standards of professionalism in the management of the
City of Winter Springs' finances.
Respectfully submitted,
,~~~w>.~z~ ~~
Ronald W. McLemore
City Manager
~La,~~.c~.,~.~
Michelle Greco, CPA
Finance Director
vii
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2006
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
systen-is whose comprehensive aiuiual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
+~t qkp ~ ~g^.
~'~ ~~~~ President
a~
~,~.~
Executive Director
viii
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2007
ELECTED OFFICIALS
MAYOR
DEPUTY-MAYOR/COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
APPOINTED OFFICIALS
CITY MANAGER
CITY CLERK
FINANCE DIRECTOR
INFORMATION SERVICES
GENERAL SERVICES
POLICE CHIEF
FIRE CHIEF
UTILITY/PUBLIC WORKS DIRECTOR
COMMUNITY DEVELOPMENT DIRECTOR
PARKS AND RECREATION DIRECTOR
LEGAL COUNSEL
Anthony Garganese
Brown, Garganese, Weiss & D'Agresta, P.A.
AUDITORS
McDirmit, Davis & Company, LLC
John F. Bush
Sally McGinnis
Rick Brown
Donald A. Gilmore
Joanne M. Krebs
Robert S. Miller
Ronald McLemore
Andrea Lorenzo-Luaces
Michelle Greco
Joanne Dalka
Kevin Smith
Daniel Kerr
Timothy Lallathin
Kipton Lockcuff
Randy Stevenson
Chuck Pula
ix
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
•Administration
•Accounting
•Debt Mgt.
•Treasury Mgt.
•Meter Svc.
•Budgeting
Community Development Fire Chief
Director
•Administration •Administration
•Comp Plannning •Fire/Rescue
•Land Mgt. •Fire Prevention
•Permit & Insp. •EMS
•Urban Beautificat ion
Police Chief Public WorkslUtility
Director
•Administration •Administration
•Records •Stormwater
•Communications •Transportation
•Patrol •Engineering
•Investigations •Water Mgt.
•Code Enforcement Water
Wastewater
*The City Manager is appointed by the Commission.
Parks & Recreation General Services
Director Director
•Administration •Administration
•Civic/Senior •HR
•Parks/Field Mnt. •Risk Mgt.
•Athletics •Purchasing
•Rec. Programs
•Concession Svc.
*The City Clerk is appointed by the Mayor with ratification of the City Commission and works under the direction
of the City Manager.
*The City Attorney is appointed by the Mayor with ratification of the City Commission and works under the
direction of the City Commission.
*Advisory Boards are appointed by the Mayor and City Commission and work under the direction of the City
Commission.
x
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FINANCIAL SECTION
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MCDIRMIT /// DAMS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the
City of Winter Springs, Florida, as of and for the year ended September 30, 2007, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in 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 opinions.
In our opinion the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of Winter Springs, Florida, as of
Sep#ember 30, 2007 and the respective changes in financial position and cash flows, where
applicable, thereof and the respective budgetary comparisons for the general fund, the public and
communications service tax special revenue fund, and the road improvement special revenue
fund for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
MCDIRMIT DAMS & COMPANY, LLC
605 E. 1ZOBINSON STREET, SUITE 635 • ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406 • FAX 407-649-9339 • EMAIL: INFOCMCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION • AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
In accordance with Government Auditing Standards, we have also issued a report dated March
20, 2008 on our consideration of the City of Winter Springs, Florida's internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
contracts and grants agreements and other matters. The purpose of that report is to describe
the scope of our testing of internal control over financial reporting and compliance and the result
of that testing, and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit preformed in accordance with
Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.
The Management's Discussion and Analysis starting on page 3 and the schedule of funding
progress for the defined benefit pension trust fund on page 68 are not a required part of the
basic financial statements but are supplemental information required by accounting principles
generally accepted in the United States of America. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the supplemental information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Winter Springs, Florida basic financial statements. The
introductory section, combining and individual fund financial statements and schedules, the
governmental capital asset schedule by function and activity, and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial
statements. The combining and individual nonmajor fund financial statements and schedules
and the governmental capital asset schedule by function and activity have been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section and statistical tables have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express
no opinion on them.
~~Q.~~m,~t lkzrr~ ~ G~r,~jo LLC
March 20, 2008
2
Management's Discussion and Analysis
As management of the City of Winter Springs, we offer readers of the City of Winter Springs'
financial statements this narrative overview and analysis of the financial activities of the City of
Winter Springs for the fiscal year ended September 30, 2007. We encourage readers to
consider the information presented here in conjunction with additional information that we have
furnished in our letter of transmittal which can be found on pages iv-vii of this report.
Financial Highlights
• The assets of the City of Winter Springs exceeded its liabilities at the close of the most
recent fiscal year by $87,810,952 (net assets). Of this amount, $26,153,153 (unrestricted net
assets) may be used to meet the government's ongoing obligations to citizens and creditors.
• The government's total net assets increased by $9,735,646 or 13%. The increase in total
net assets is largely attributed to: expenditures for the construction of: the Public Works/Utility
Compound recorded in the Public Facilities Capital Projects Fund (22%); the Senior Center
Expansion and Therapy Pool recorded in the Senior Center Expansion Capital Projects Fund
(16%); the Town Center Trail and Infrastructure recorded in the 1999 Construction Capital
Projects Fund (15%); and Orange Avenue and McLeod's Way road construction costs recorded
in the Transportation Impact Fee Special Revenue Fund (14%); and lower than anticipated
expenditures in the General Fund (25%).
• As of the close of the current fiscal year, the City of Winter Springs' governmental funds
reported combined ending fund balances of $20,450,696. Approximately 92% of this total
amount, or $18,875,626, is available for spending at the government's discretion (unreserved
fund balance).
• At the end of the current fiscal year, unreserved fund balance for the General Fund was
$8,631,406, or 44% of total general fund expenditures.
• The City of Winter Springs' total debt decreased by $1,570,853 (4%) during the current
fiscal year. The decrease was the result of principal payments on existing debt.
Overview of the Financial Statements
The financial statements focus on both the City as a whole (government-wide) and on the major
individual funds. Both perspectives (government-wide and major fund) allow the user to address
relevant questions, broaden a basis for comparison (year-to-year or government-to-government)
and enhance the City's accountability.
This discussion and analysis is intended to serve as an introduction to the City of Winter Springs'
basic financial statements, which are comprised of three components: 1) government-wide
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the City of Winter Springs' finances, in a
manner similar to aprivate-sector business.
The Statement of Net Assets presents information on all of the City of Winter Springs' assets
and liabilities, with the difference reported as net assets. Over time, increases or decreases in
net assets may serve as a useful indicator of whether the financial position of the City of Winter
3
Springs is improving or declining
The Statement of Activities presents information showing how the government's net assets
changed during the fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result
in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation
leave).
Both of the government-wide financial statements distinguish functions of the City of Winter
Springs that are principally supported by taxes and intergovernmental revenues (governmental
activities) from other functions that are intended to recover all or a significant portion of their
costs through user fees and charges (business-type activities). The governmental activities of
the City of Winter Springs include general government, public safety, physical environment, and
culture and recreation. The business-type activities of the City of Winter Springs include a
Water and Sewer Utility, Stormwater Utility and Development Services.
The government-wide financial statements include only the City of Winter Springs itself (known
as the primary government). The City of Winter Springs has no component units. The Water
and Sewer Utility, the Stormwater Utility and Development Services function as departments of
the City of Winter Springs, and therefore, have been included as an integral part of the primary
government.
The government-wide financial statements can be found on pages 19-20 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City
of Winter Springs, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City of
Winter Springs can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund Balance Sheet and the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation
to facilitate this comparison between governmental funds and governmental activities.
The City of Winter Springs maintains 39 individual governmental funds. Information is
presented separately in the governmental fund Balance Sheet and in the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund,
Public and Communications Service Tax Special Revenue Fund, Road Improvements Special
Revenue Fund and TLBD Debt Service Fund, all four of which are considered to be major
funds. Data from the other 35 governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these nonmajor governmental funds is provided in
the form of combining statements elsewhere in this report.
4
The City of Winter Springs adopts an annual appropriated budget for all of its governmental
funds. Budgetary comparison statements have been provided for the General Fund, Public and
Communications Service Tax Special Revenue Fund and Road Improvements Special Revenue
Fund to demonstrate compliance with this budget on pages 26-29. Budgetary comparison
schedules have been provided for the TLBD Debt Service Fund and the nonmajor funds on
pages 69-120.
The basic governmental fund financial statements can be found on pages 21-29 of this report.
Proprietary funds. The City of Winter Springs maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements. The City of Winter Springs uses enterprise funds to
account for the Water and Sewer Utility, Stormwater Utility and Development Services
department.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water and Sewer Utility, Stormwater Utility and Development Services.
The basic proprietary fund financial statements can be found on pages 30-34 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statement because the resources of those funds are not available to support the City of
Winter Springs' own programs. The accounting used for fiduciary funds is much like that used
for proprietary funds. The basic fiduciary fund financial statements can be found on pages 35-
36 of this report.
Notes to the financial statements. The notes provide additional information that is essential
to a full understanding of the data provided in the government-wide and fund financial
statements. The notes to the financial statements can be found on pages 37-67 of this report.
Required Supplementary Information (RSI). RSI can be found on page 68 of this report.
Other information. The combining statements referred to earlier in connection with nonmajor
governmental funds are presented immediately following the Notes to Financial Statements.
Combining and individual fund statements and schedules can be found on pages 69-120 of this
report.
Government-wide Financial Analysis
Statement of Net Assets. As noted earlier, net assets may serve over time as a useful indicator
of a government's financial position. In the case of the City of Winter Springs, assets exceeded
liabilities by $87,810,952 at the close of the most recent fiscal year.
Over half ($50,209,046 or 57%) of the City of Winter Springs' net assets reflect its investment in
capital assets (e.g., land, buildings, machinery, and equipment); less any related outstanding
debt used to acquire those assets. The City of Winter Springs uses these capital assets to
provide services to citizens; consequently, these assets are not available for future spending.
Although the City of Winter Springs' investment in its capital assets is reported net of related
debt, it should be noted that the resources needed to repay this debt must be provided from
other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
5
Net assets that are subject to external restrictions as to how they may be used total
$11,448,753 (13%). The remaining balance of unrestricted net assets ($26,153,153 or 30%)
may be used to meet the government's ongoing obligations to citizens and creditors.
At September 30, 2007, the City of Winter Springs is able to report positive balances in all three
categories of net assets, both for the government as a whole, as well as for its separate
governmental and business-type activities. This was also the case at the close of the prior fiscal
year.
The following table reflects the condensed Statement of Net Assets for the current and prior
years. For more detail see the Statement of Net Assets on page 19.
City of Winter Springs
Statement of Net Assets
As of September 30
Governmental Activities
2007 2006
Business-type Activities Total Primary Government
2007 2006 2007 2006
Current and other assets $29,021,058 $27,330,141
Restricted assets 106,982 106,982
Capital assets
Total assets
Current liabilities
Long term liabilities
Other liabilities
Total liabilities
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets
$9,849,241 $10,449,100
3,552,681 3,457,031
57,547,306 49,983,365 34,670,848 34,590,012
86,675,346 77,420,488 48,072,770 48,496,143
3,151,251 2,764,342 2,019,910 1,776,470
19,741,659 20,403,924 21,182,051 22,053,090
106,982 106,982 735,311 736,517
22,999,892 23,275,248 23,937,272 24,566,077
37,529,723 29,400,813
8,713,605 11,077,992
17,432,126 13,666,435
$63,675,454 $54,145,240
12,679,323 11,762,886
2,735,148 2,612,164
8,721,027 9,555,016
$24,135,498 $23,930,066
$38,870,299 $37,779,241
3,659,663 3,564,013
92,218,154 84,573,377
134,748,116 125,916,631
5,171,161 4,540, 812
40,923,710 42,457,014
842,293 843,499
46,937,164 47,841,325
50,209,046 41,163,699
11,448,753 13,690,156
26,153,153 23,221,451
$87,810,952 $78,075,306
Statement of Changes in Net Assets. The following table reflects the Statement of Changes
in Net Assets for the current and prior years. For more detailed information see the Statement
of Activities on page 20.
Note that total net assets increased by $9,735,646 in fiscal year 2007, compared to an increase of
$10,281,787 in fiscal year 2006.
Governmental activities increased net assets by $9,530,214 in fiscal year 2007 compared to an
increase of $8,017,333 in 2006. The increase in total net assets is largely attributed to:
expenditures for the construction of: the Public Works/Utility Compound recorded in the Public
Facilities Capital Projects Fund (22%); the Senior Center Expansion and Therapy Pool recorded
in the Senior Center Expansion Capital Projects Fund (16%); the Town Center Trail and
Infrastructure recorded in the 1999 Construction Capital Projects Fund (15%); and Orange
Avenue and McLeod's Way road construction costs recorded in the Transportation Impact Fee
6
Special Revenue Fund (14%); and lower than anticipated expenditures in the General Fund
(25%).
Business-type activities increased net assets by $205,432 in fiscal year 2007 compared to an
increase of $2,264,454 in 2006. Net assets increased slightly but not as much as in the
previous year due to: decreased construction activity, which impacted both the Development
Services and Water and Sewer Funds; and, increased water and sewer base due to prior year
construction activity were more than offset by increased rainfall during the summer leaving
Water and Sewer user revenues lower than the prior year. These decreases were largely offset
by capital contributions of $895,868 and $156,137 by developers to the Water and Sewer and
Stormwater Utility Funds, respectively.
Following the Changes in Net Assets table is a series of bar and pie charts that relay in pictorial
form the revenues and expenses for each of the governmental and business-type activities as well
as the revenue "source" for each.
Additional information regarding the changes in fund balance of the governmental and business-
type activities can be found in the section entitled Financial Analysis of Government's Funds
on pages 11-13.
Note that the first graph depicts governmental program-specific revenues and expenses. For this
graph, the revenue does not include property taxes, franchise fees, utility taxes, intergovernmental
revenue, investment income or miscellaneous revenue. This chart is intended to show the
amount of program expenses funded by specific program revenues.
(The remainder of this page intentionally left blank.)
7
Revenues:
Program revenues:
Charges for services
Operating grants and
contributions
Capital grants and contributions
General revenues:
Property taxes
Franchise and utility taxes
Intergovernmental -
unrestricted
Investment income and
miscellaneous
Total revenues
Expenses:
General government
Public safety
Physical environment
Culture and recreation
Interest and other fiscal
charges on long-term debt
Water and Sewer
Development Services
Stormwater
Total expenses
Increase in net assets before
transfers
Transfers
Increase (decrease) in
net assets
Net assets -October 1
Net assets -September 30
City of Winter Springs
Changes in Net Assets
For The Year End ed September 30
Governmental Activities Business-typ e Activities Total Primary Government
2007 2006 2007 2006 2007 2006
$5,629,723 $6,112,381 $9,581,672 $11,467,644 $15,211,395 $17,580,025
115,455 167,502 - 69,054 115,455 236,556
6,484,256 2,459,068 1,176,280 1,329,148 7,660,536 3,788,216
8,265,545 7,383,612 8,265,545 7,383,612
5,841,125 5,751,364 5,841,125 5,751,364
3,752,351 3,970,958 3,752,351 3,970,958
1,618,841 1,708,015 625,328 499,311 2,244,169 2,207,326
31,707,296 27,552,900 11,383,280 13,365,157 43,090,576 40,918,057
8,452,023 7,731,567 8,452,023 7,731,567
10,726,069 10,015,664 10,726,069 10,015,664
2,390,097 2,037,749 2,390,097 2,037,749
2,738,681 2,393,210 2,738,681 2,393,210
683,328 709,260 683,328 709,260
6,521,759 6,239,050 6,521,759 6,239,050
860,215 678,897 860,215 678,897
982,758 830,873 982,758 830,873
24,990,198 22,887,450 8,364,732 7,748,820 33,354,930 30,636,270
6,717,098 4,665,450 3,018,548 5,616,337 9,735,646 10,281,787
2,813,116 3,351,883 (2,813,116) (3,351,883) - -
9,530,214 8,017,333 205,432 2,264,454 9,735,646 10,281,787
54,145,240 46,127,907 23,930,066 21,665,612 78,075,306 67,793,519
$63,675,454 $54,145,240 $24,135,498 $23,930,066 $87,810,952 $78,075,306
Goverr~merrtal Program Specific
Revenues and E~q~er~ses
1 z 000, 000
10
000
000
,
,
8
000
000
,
,
6
000
000
,
,
4
000
000
,
,
2~
~
,
0
General Public Safety Physical C~ltu-e & Interest on
Government Environment Recreation Lorxrterm
Debt
^ Revenues ^ E~enses
Governmental Revenues by Source
Irnestrr~ent Income and
Miscellaneous
5%
Charges for Services
18%
Taxes
44%
Capital and Operating
Grants and Contributions
21%
Intergo~,emmental
Re~,erxaes
12%
Business-type i4~ctivities
Revenues and Expenses
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000 ~
2,000,000
1,000,000
0
Water and Sewer Dev~elopmerrt Services Storrr>~rter
^ Revenues ^ E~enses
BI,ISII'Ie~SS-type /~tIVIt1eS
Revenues by Source
Irnestment Incorre and
Miscellaneous
5%
Capital and Operating
Grants and Contrikxations
10%
Charges for Seruces
85%
10
Financial Analysis of the Government's Funds
As noted earlier, the City of Winter Springs uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements.
Governmental funds. The focus of the City of Winter Springs' governmental funds is to
provide information on near-term inflows, outflows, and balances of spendable
resources. Such information is useful in assessing the City of Winter Springs' financing
requirements. In particular, unreserved fund balance may serve as a useful measure of
a government's net resources available for spending at the end of the fiscal year.
As of September 30, 2007, the City of Winter Springs' governmental funds reported
combined ending fund balances of $20,450,696, a decrease of $1,463,757 over the prior
year. Approximately 92% or $18,875,626 of this total amount constitutes unreserved
fund balance, which is available for spending at the government's discretion. The
remainder of fund balance is reserved to indicate that it is not available for new spending
because it has already been committed for such purposes as debt service, inventories
and prepaid costs.
The General fund is the chief operating fund of the City of Winter Springs. At the end of
the current fiscal year, unreserved fund balance of the General Fund was $8,631,406,
while total fund balance reached $9,098,935. As a measure of the General Fund's
liquidity, it may be useful to compare both unreserved fund balance and total fund
balance to total fund expenditures. Unreserved and total fund balance represent 44%
and 46% respectively, of total General Fund expenditures.
The fund balance of the City of Winter Springs' General Fund increased by $842,022
during the current fiscal year which is $1,563,543 less than the prior year's addition back
to Fund Balance. The change in actual revenues and expenditures between fiscal year
2006 to fiscal year 2007 can be explained by an increase of $881,933 in ad valorem tax
revenues and an increase in investment income of $197,929. Personnel expenditures
for the General Fund were $341,000 higher in fiscal year 2007 than the previous year as
a result of a one time compensated absences accounting adjustment that occurred in
the fiscal year 2006 that reduced personnel expenditures. A compensation study was
performed by Cody and Associates, Inc. and on September 6, 2006 a pay plan for fiscal
year 2007 was approved by the City Commission to adjust each employee's salary by
the greater of: two percent being added to their current salary as of September 30, 2006
or the minimum salary of the new approved pay plan. Furthermore, each employee was
then eligible for an additional adjustment for longevity in their current position if that
salary was greater than the first calculated salary adjustment. This adjustment
increased salary expenditures approximately $370,000 before the annual merit increase
calculation, which is based solely on the individual employee's performance. Personnel
expenditures also increased due to a 2% increase in the employer contribution rate to
the City employee pension plan, which was approximately $169,000. In addition,
employer contributions to health insurance premiums increased approximately
$135,000. Although six new police officers were approved in the fiscal year 2006 budget
they were not employed by the City the entire fiscal year of 2006 but were employed the
entire fiscal year of 2007 at an additional cost of approximately $200,000 over the
previous year. Lastly, four fire employees achieved their paramedic designation and
associated pay incentive totaling approximately $35,000.
11
Operating expenditures increased as follows: General Government expenditures
increased due to an increase in the 17-92 CRA tax payment to Seminole County of
$40,500 and a transfer to the Transportation Impact Fee Special Revenue Fund to
reclassify revenues of $30,500; General Services expenditures increased $172,600
mainly due to insurance premiums and $34,000 due to larger insurance settlement
costs; Information Services expenditures for special projects, relating to hardware,
software, servers and server application, increased $121,000 while the KIVA/GIS project
expenditures decreased $72,000; Community Development expenditures increased
mainly due to $164,255 in increased utilities, street lighting and ground maintenance
costs in Town Center as well as increased street lighting costs due to additional
streetlights in residential areas; Police expenditures increased mainly due to 20 vehicles
and related equipment (light bars and radios) replacements at approximately $219,400
over the previous year's vehicle and related equipment replacements; Parks and
Recreation expenditures increased mainly due to increased community event costs of
$80,000. Transfers out increased mainly due to a $394,000 transfer for the Senior
Center Expansion and Therapy Pool to the Senior Center Expansion Capital Project
Fund until the Line of Credit is drawn down.
Proprietary funds. The City of Winter Springs' proprietary funds provide the same type
of information found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the Water and Sewer Utility Fund at the end of the year
amounted to $6,478,130, and total net assets increased $597,449 from $17,495,263 at
September 30, 2006 to $18,092,712 at the end of the current fiscal year. The change in
net assets was an increase of $825,016 in fiscal year 2006, which included $280,186 in
capital assets contributed by developers. Fiscal year 2007's change in net assets differs
from the previous fiscal year's change in net assets due to: increased developer
contributions of water and sewer line improvements of $895,868, an increase of
$615,000; increased number of water and sewer customers due to the previous year's
high construction activity was more than offset by the increased rainfall during the
summer months which left water and sewer user revenues lower by $200,000; and
decreased water and sewer connection fees of $124,275 resulting from reduced
construction activity in the current year, a $925,000 reduction. Rates remained
unchanged in fiscal year 2007. A rate study was approved by the City Commission on
February 25, 2008. We are currently providing data to the consultant to begin the study.
The Development Services Fund net assets decreased $536,838 from $1,911,612 at
September 30, 2006 to $1,374,774 at the end of the current fiscal year. The change in
net assets was an increase of $1,129,774 in fiscal year 2006. Fiscal year 2006's change
in net assets contains no contributed capital assets by developers. Fiscal year 2007's
change in net assets differs from the previous fiscal year's change in net assets mainly
due to decreased residential construction activity within the City which reduced plan
review and permit fee revenues by approximately $1,600,000 from the previous year.
Construction activity is predicted to be minimal in the fiscal year 2008 as well. This fund
was established in fiscal year 2003. Prior to 2003, this activity was captured in the
General Fund. A rate study was performed in fiscal year 2003 with the inception of this
fund. The rates in this fund were last adjusted in August 2005 with the adoption of
Resolution 2005-29.
12
The Stormwater Utility Fund net assets increased $144,821 from $4,523,191 at
September 30, 2006 to $4,668,012 at the end of the current fiscal year. The change in
net assets was an increase of $309,664 in fiscal year 2006. Fiscal year 2006's change
in net assets contains no contributed capital assets by developers. Fiscal year 2007's
change in net assets differs from the previous fiscal year's change in net assets as the
previous year due to: decreased residential construction activity within the City which
reduced engineering inspection fee revenues by approximately $58,000 from the
previous year; a decrease in grant funding of $69,000 as the Natural Resources
Conservation Service grant requirements had been completed; and increased developer
contributions of stormwater improvements of $156,137 as none were contributed last
year.
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General
Fund budget resulted in an increase of $1,322,312 in the appropriation from fund
balance from $33,933 in the original budget to $1,356,245 in the final budget. The
majority of the increased appropriation can be summarized as follows:
• $263,000 increase in Investment Income due to higher than anticipated cash
balances as well as investment yields.
• $341,000 increase for capitalization of twenty new vehicles in Police Department
expenses paid for through a capital lease.
• $159,000 increase in legal for special litigation efforts associated with lawsuit with
Highland Homeowner's Association, the restructuring of the investment plan for the
employee Pension Plan, and Senior Center Expansion and Therapy Pool Line of
Credit as well as general litigation budget.
• $200,000 increase for economic development grant for the University of Central
Florida Incubator Program.
• $340,000 decrease in Fire Department due to the delay in purchase of a new fire
truck.
• $89,000 increase for WiFi, Fire Alarm and Server Migration Information Systems
special projects.
• $52,000 increase for Information Systems Kiva project that was carried forward
into fiscal year 2007 from fiscal year 2006.
• $182,000 decrease in transfers in from: Development Services Enterprise Fund
($77,000) due to KIVA/GIS project scope reduction in fiscal year 2007 and Water &
Sewer Enterprise Fund ($105,000) due to lower than anticipated Utility Billing
expenses due to slow down in residential housing construction market.
• $791,000 increase in transfers out to: Hazard Mitigation Grant Program Capital
Project Fund for City match for fire and parks grants ($93,000); Senior Center
Expansion Capital Project Fund for Senior Center Expansion and Therapy Pool
until Line of Credit is drawn down ($394,000); Road Improvement Special Revenue
Fund for ashort-term loan until reimbursement received from Seminole County that
was not needed ($274,000); and, Transportation Impact Fees for misclassified
prior year revenues ($30,000).
• $200,000 decrease in transfers out to: the City Hall Expansion Debt Service Fund
due to the delay in the City Hall Expansion project ($150,000) and the 2004 Line of
Credit Debt Service Fund due to a short term loan not being necessary for road
construction projects in the Transportation Impact Fund ($50,000).
13
• $41,000 increase in original budgeted Capital Lease proceeds as well as an
increase in Police Department expenses for purchase of twenty new police
vehicles.
The actual results of the General Fund for the year show an appropriation to fund
balance of $842,022 compared to a final budgeted appropriation from fund balance of
$1,356,245. The favorable variance of $2,198,267 is primarily comprised of the
following:
• $277,000 and $98,000 in unfavorable variances in Sales Tax and State Revenue
Sharing revenues, respectively, due to the downturn in the economy and the
housing market.
• $155,000 favorable variance in Investment Income due to higher than anticipated
cash balances as well as investment yields.
• $76,000 favorable variance in Executive Government mainly due to position
vacancy in City Clerk division ($27,000), lower than anticipated operating expenses
($32,000) and the sound system in the Commission Chamber not being upgraded
as planned ($12,000).
• $259,000 favorable variance in General Government mainly due to the delay of:
Code Enforcement Court ($20,000); and, economic development grant for the
University of Central Florida Incubator Program ($200,000).
• $138,000 favorable variance in Finance and Utility Billing mainly due to position
vacancies and lower entry salaries on new hire ($77,000) as well as lower than
anticipated Utility Billing expenses ($47,000) due to lower than expected customer
base growth. The favorable variance in Utility Billing was offset by reduced
transfers in of $105,000 from the Water and Sewer Utility Fund.
• $81,000 favorable variance in General Services mainly due to: delayed
replacement of City Hall air conditioners ($18,000); lower than anticipated
insurance premiums and settlement costs ($20,000); and lower than anticipated
operating expenses ($40,000).
• $376,000 favorable variance in Information Systems mainly due to: delay in
scanning project ($89,000); position vacancies ($86,000) and their associated
projects not being completed ($107,000); and delay in KIVA/GIS project ($92,000).
• $281,000 favorable variance in Community Development mainly due to: delay in
the EAR project ($30,000); lower than anticipated expenses in Urban
Beautification, such as utility, street lighting and grounds maintenance costs
($210,000). Streetlight installation was slower than anticipated in Town Center,
Tuscawilla and Winding Hollow.
• $92,000 favorable variance in Police mainly due to lower than anticipated
expenses ($45,000), such as telephone/communications, repair and maintenance
and maintenance agreements/contracts; and repair and maintenance costs rolled
into fiscal year 2008 ($37,000) for expenses related to air conditioner replacement.
• $305,000 favorable variance in Fire mainly due to firefighters who did not realize
their budgeted position upgrades and/or paramedic incentives as they did not meet
the qualifications for the upgrades or incentives, from vacancies throughout the
year in Operations as well as lower entry salaries for new hires replacing retirees
($255,000) and lower than anticipated expenses ($48,000).
• $184,000 favorable variance in Public Works mainly due to: position vacancies
throughout the year ($120,000) and lower than anticipated expenses ($58,000).
14
$279,000 favorable variance in Parks and Recreation mainly due to: position
vacancies throughout the year ($135,000); lower than anticipated expenses
($67,000); budgeted expenditures that were rolled over to fiscal year 2007 for Fall
Event 2006 ($21,000); and the Bear Creek recreational area boardwalk
renovations not completed ($50,000).
$78,000 unfavorable variance in Transfers In due to lower than anticipated Electric
Franchise Fee and Public and Communications Service Tax Funds revenues
($16,000 and $62,000, respectively).
$394,000 favorable variance in Transfers Out due to: the Hazard Mitigation Grant
Program loan ($93,000) did not occur because project was not completed; the line
of credit draw down for the Senior Center Expansion and Therapy Pool delayed
until fiscal year 2008 ($30,000); and the transfer to Road Improvement Fund was
not required due to a late revenue adjustment ($274,000).
The comparison of budgeted results to actual results for the General Fund is shown on
pages 26-27.
Capital Asset and Debt Administration
Capital assets. The City of Winter Springs' investment in capital assets for its
governmental and business-type activities as of September 30, 2007 amounts to
$92,218,154 (net of accumulated depreciation), for an increase of $7,644,777 over the
prior year. This investment in capital assets includes land, buildings, improvements,
machinery and equipment, park facilities, roads, highways, and bridges. The total
increase in the City of Winter Springs' investment in capital assets for the current fiscal
year was 9.0% (a 15.1% increase for governmental activities and a 0.2% increase for
business-type activities).
Major capital asset events during the current fiscal year included the following:
• Completion and capitalization of Utility/Public Works Compound totaling
$4,6828,594 (of which $2,462,020 and $2,166,574 was spent in 2006 and
2007, respectively);
• Completion and capitalization of Village Walk Improvements totaling $78,267;
• Continued construction on Town Center Trail and Infrastructure totaling
$1, 444, 859;
• Completion and capitalization of Dyson Drive sidewalks totaling $521,966 (of
which $24,791 and $497,175 was spent in 2006 and 2007, respectively) ;
• Completion and capitalization of road resurfacing totaling $227,819;
• Completed by developers and reimbursed and capitalization of McLeod's Way
($189,354) and Orange Avenue ($1,194,322);
• Continued construction on TLBD Phase II Lighting totaling $153,537;
• Completion and capitalization of SR 434 Median Hardscape totaling $71,803;
• Completion and capitalization of Fire Department Hazard Mitigation Grant
Program project totaling $58,459;
• Continued construction of Senior Center Expansion and Therapy Pool totaling
$1, 566, 987;
• Continued construction of Winter Springs Boulevard design and resurfacing
totaling $720,853;
• Completion and capitalization of Well No. 4 totaling $563,949 (of which
$547,195 and $16,754 was spent in 2006 and 2007, respectively) ;
15
• Capitalization of contributed water and sewer lines totaling $895,868;
• Continued electrical improvements at Water Treatment Plant No. 3 totaling
$195,139;
• Completion of sewer main relining totaling $198,105.
• Capitalization of contributed stormwater improvements totaling $156,137.
Additional information on the City of Winter Springs' capital assets can be found in Note
6 on pages 51-52 of this report.
City of Winter Springs
Capital Assets
(Net of Depreciation)
As of September 30
Land
Buildings
Improvements other
than buildings
Machinery and
equipment
Infrastructure
Construction in
progress
Total
Governmental Activities
2007 2006
$9,848,716 $9,848,716
7,550,084 3,111,692
8,585,159 8,888,796
Business-type Activities Total Primary Government
2007 2006 2007 2006
$5,344,916 $5,344,916
340,201 361,703
$15,193,632 $15,193,632
7,890,285 3,473,395
27,635,969 27,288,222
2,728,887 2,532,699 864,947 887,915
23,655,995 22,200,417
36,221,128 36,177,018
3,593,834 3,420,614
23,655,995 22,200,417
5,178,465 3,401,045 484,815 707,256 5,663,280 4,108,301
$57,547,306 $49,983,365 $34,670,848 $34,590,012 $92,218,154 $84,573,377
Long-term debt. At September 30, 2007, the City of Winter Springs had total debt
outstanding of $42,969,646, down $1,340,245 from $44,309,891 at September 30, 2006.
Total bonded debt of the City at the end of the current fiscal year was $40,923,128, for a
decrease of $1,570,853 over the prior year. Of the amount of total bonded debt,
$3,070,000 comprises debt backed by the full faith and credit of the government and
$2,040,000 is special assessment debt for which the government is liable in the event of
default by the property owners subject to the assessment. The remainder of the City of
Winter Springs' bonded debt represents bonds secured solely by specified revenue
sources (i.e., revenue bonds).
Other than principal payments, there were no changes in the structure of the City's
bonded debt during fiscal year 2007.
During the fiscal year the following activity occurred on the City's Notes:
^ A four-year capital lease in the amount of $341,000 for twenty public safety
vehicles was added.
Both the City of Winter Springs' Water and Sewer Utility, General Obligation and 1999 and
2003 Improvement debt maintain underlying ratings of "A+", "AA" and "A+", respectively,
16
from Standard & Poor's
Additional information can be found in Note 15 on page 67 of this report for important
information regarding required Material Events Disclosures as related to downgraded the
insured financial strength ratings of Financial Guaranty Insurance Company and Ambac
Assurance Corporation as they relate to the City's Water and Sewer Refunding Revenue
Bonds, Series 2000, Improvement Refunding Revenue Bonds, Series 1999 and
Improvement Refunding Revenue Bonds, Series 2003.
There are no limitations placed on the amount of debt the City may issue either by the
City's charter, code of ordinances or by the Florida State Statutes.
Additional information on the City of Winter Springs' long-term debt can be found in
Notes 7 and 8 on pages 53-58 of this report.
City of Winter Springs
Long Term Debt
As of September 30
Improvement Refunding Revenue
Bonds, Series 1999
Water & Sewer Refunding Revenue
Bonds, Series 2000
Special Assessment Revenue
Bonds, Series 2001
Water & Sewer Refunding Revenue
Bonds, Series 2001
Water & Sewer Refunding Revenue
Bonds, Series 2002
Limited General Obligation Bonds,
Series 2002
Improvement Refunding Revenue
Bonds, Series 2003
Capital Improvement Revenue
Notes, Series 2004 A
Capital Improvement Revenue
Note, Series 2006
Capital Lease
Compensated Absences
Adjustments for Issuance Discounts
and Deferred Refunding Costs
Total
Governmental Activities
2007 2006
$5,458,970 $5,928,970
2,040,000 2,090,000
Business-type Activities Total Primary Government
2007 2006 2007 2006
$6,779,191 $6,824,191
4,995,000 5,225,000
$5,458,970 $5,928,970
6, 779,191 6, 824,191
2,040,000 2,090,000
4,995,000 5,225,000
11,055,000 11,675,000 11,055,000 11,675,000
3,070,000 3,140,000 3,070,000 3,140,000
8,425,000 8,575,000 8,425,000 8,575,000
438,979 478,629 438,979 478,629
313,900 336,600 - - 313,900 336,600
333,101 100,468 - - 333,101 100,468
791,012 749,249 169,526 150,964 960,538 900,213
(62,367) (67,115) (837,666) (897,065) (900,033) (964,180)
$20,808,595 $21,331,801 $22,161,051 $22,978,090 $42,969,646 $44,309,891
17
Economic Factors and Next Year's Budaets and Rates
House Bill 1 B was passed by the Legislature and signed into law in June 2007. A key
provision of this legislation which was effective with the 2007 tax year (2008 fiscal year)
provided for maximum millage rates defined as the maximum millage that may be levied
with a simple majority vote. The maximum millage rate for the City of Winter Springs
was calculated as 91 % of the rolled-back rate of 3.9303 mills or 3.5766 mills. It should
be noted that the adopted operating millage rate of 3.2496 did not exceed the maximum
allowable millage rate as defined by House Bill 1 B. This new legislation provided for
millage rates higher than the maximum millage rate given specific voting requirements.
A two-third's vote of the Commission allowed an operating millage rate up to the rolled-
back rate and a unanimous vote allowed an operating millage rate up to the current
year's operating millage rate. The Central Winds voted debt service millage rate for
fiscal year 2008 was reduced from 0.1100 to 0.1022 mills.
On January 29, 2008, the Florida electorate approved an amendment to the Florida
Constitution relative to property taxation which will become effective with the 2008 tax
year (2009 fiscal year). The exception to this effective date is the ten percent (10%)
assessment cap on non-homestead property which will not become effective until the
2009 Tax Year (2010 fiscal year). The chief provisions of this amendment will increase
the homestead exemption for certain properties, allow property owners to transfer up to
$500,000 of their Save Our Homes benefits to their next homestead, and limit the annual
increase in assessed value for non-homestead property to ten percent (10%). For a
more comprehensive discussion regarding Amendment One, see Note 15 on pages 66-
67 of this report. Furthermore, at the time of printing, the Taxation and Budget Reform
Commission has made a proposal commonly referred to as the Taxpayer Bill of Rights
(TABOR). The proposal would significantly affect local government's ability to fund
future operations due to its mandated revenue limitations.
The City considered many factors during the preparation of the fiscal year 2008 budget.
Approximately, 69% of the General Fund's 2008 budget is attributable to personnel costs
which is an arena that will continue to require significant budget dollars to account for
annual increases for merit, health insurance, and pension (graduated increase of .5% in
2008). In fiscal year 2008, a fire assessment fee was budgeted to yield $2,375,000
which assumed a 75% collection rate. Given the $4.7 million Fire Department budget,
the operating millage rate was reduced by 1.0423 mills which resulted in a $1.3 million
decrease in budgeted property tax revenue. State revenues were budgeted to decrease
by more than $200,000 and the Legislative Committee on Intergovernmental Relations
continues to reduce the 2008 projections for these revenue streams. The economic
downturn, especially the housing market, has a direct correlation with impact and various
building fee revenues. The affected funds have seen a steady downward trend in
revenues but have compensated with a steady trend of reduced expenditures.
Requests for Information
This financial report is designed to provide a general overview of the City of Winter
Springs' finances for all those with an interest in the government's finances. Questions
concerning any of the information provided in this report or requests for additional
financial information should be addressed to the Finance Director, 1126 East State Road
434, Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is
available at the City of Winter Springs' website located at: www.winterspringsfl.org.
18
BASIC FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2007
Assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories - at cost
Prepaid costs
Restricted assets:
Cash and cash equivalents
Investments
Bond issuance costs
Capital assets not being depreciated
Capital assets being depreciated, net of
accumulated depreciation)
Receivables, long-term
Total Assets
Liabilities:
Accounts payable and other current liabilities
Accrued interest payable
Unearned revenue
Liabilities payable from restricted assets
Noncurrent liabilities:
Due within one year
Due in more than one year
Total Liabilities
Net Assets:
Invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt service
Physical environment
Public safety
Unrestricted
Total Net Assets
Primary Government
Governmental Business-type
Activities Activities Total
$ 20,065,502 $ 8,203,497 $ 28,268,999
5,362,834 1,262,935 6,625,769
2,939 16,456 19,395
479,110 27,300 506,410
106,982 1,488,174 1, 595,156
- 2,064,507 2,064,507
202,248 339,053 541,301
15,027,181 5,829,731 20,856,912
42,520,125 28,841,117 71,361,242
2,908,425 - 2,908,425
86,675,346 48,072,770 134,748,116
1,757,317 583,047 2,340,364
273,759 457,863 731,622
53,239 - 53,239
106,982 735,311 842,293
1,066,936 979,000 2,045,936
19,741,659 21,182,051 40,923,710
22,999,892 23,937,272 46,937,164
37,529,723 12,679,323 50,209,046
5,528,838 - 5,528,838
1,107,541 2,064,507 3,172,048
2,017,972 670,641 2,688,613
59,254 - 59,254
17,432,126 8,721,027 26,153,153
$ 63,675,454 $ 24,135,498 $ 87,810,952
The accompanying Notes to Financial Statements are an integral part of these statements.
19
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CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2007
Special Revenue
Public & Road
Communications Improvements TLBD
Assets:
Cash and cash equivalents $ 8,736,507 $ - $ 81,040 $ 170,297
Receivables, net 185,715 136,661 4,851,156 1,448
Inventories, at cost 2,939 - - -
Due from other funds 503,984 - - -
Prepaid costs 464,590 - - -
Special assessments receivable - - - 1,990,000
Judgments receivable - - - -
Restricted assets:
Cash and cash equivalents 106,982 - - -
Total Assets $ 10, 000, 717 $ 136,661 $ 4, 932,196 $ 2,161, 745
Liabilities and Fund Balances:
Accounts payable $ 262,406 $ - $ 80,714 $ 29
Accrued liabilities 481,093 - - -
Retainage payable - - - -
Due to other funds - 136,661 273,700 -
Deferred revenue - - 3,269,052 1,990,000
Unearned revenue 51,301 - - -
Payable from restricted assets 106,982 - - -
Total Liabilities 901,782 136,661 3,623,466 1,990,029
Fund balances:
Reserved:
Inventories and prepaid costs 467,529 - - -
Debt service - - - 171,716
Unreserved, reported in:
General fund 8,631,406 - - -
Special revenue funds - - 1,308,730 -
Capital projects funds - - - -
Total fund balances 9,098,935 - 1,308,730 171,716
Total Liabilities and Fund
Balances $ 10,000,717 $ 136,661 $ 4,932,196 $ 2,161,745
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets used in governmental activities are not financial resources
and, therefore are not reported in the funds
Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported in the funds
Bond issuance costs, which are expenditures in the funds, are deferred and
amortized over life of bond
Net assets of governmental activities
The accompanying Notes to Financial Statements are an integral part of these statements.
21
Other Total
Governmental Governmental
Funds Funds
$ 11, 077,658 $ 20, 065, 502
187, 854 5, 362, 834
- 2,939
- 503,984
14,520 479,110
858,425 2,848,425
60,000 60,000
- 106,982
$ 12,198,457 $ 29,429,776
$ 632,989 $ 976,138
3,479 484,572
296,607 296,607
93,623 503,984
1,298, 506 6, 557, 558
1,938 53,239
- 106,982
2, 327,142 8, 979, 080
- 467,529
935, 825 1,107, 541
- 8,631,406
5,381,984 6,690,714
3,553,506 3,553,506
9,871,315 20,450,696
$ 12,198,457
57,547,306
6,557,558
(21,082,354)
202,248
$ 63,675,454
22
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES -GOVERNMENTAL FUNDS
For The Year Ended September 30, 2007
Special Revenue
Public & Road
Communications Improvements TLBD
General Service Tax Fund Debt Service
Revenues:
Taxes:
Property taxes $ 8,265,545 $ - $ - $ -
Franchise and utility taxes 38,463 3,919,603 - -
Licenses and permits 169,895 - - -
Intergovernmental revenues 3,622,574 - 2,088,459 -
Charges for services 686,116 - - -
Fines and forfeitures 249,161 - - -
Impact fees/assessments - - - 50,000
Investment income 648,532 - 22,978 112,384
Miscellaneous 111,572 - - 2,738
Total revenues 13,791,858 3,919,603 2,111,437 165,122
Expenditures:
Current:
General government 5,724,551 11,092 - -
Public safety 9,841,120 - - -
Physical environment 1,036,958 - 8,478 773
Culture and recreation 2,181,302 - - -
Debt service:
Principal retirement 108,367 - - 50,000
Interest and fiscal charges 13,120 - - 104,717
Capital outlay:
General government 224,706 - - -
Public safety 570,739 - - -
Physical environment 2,763 - 1,378,381 -
Culture and recreation 18,388 - - -
Total expenditures 19,722,014 11,092 1,386,859 155,490
Excess (Deficiency) of
Revenues Over Expenditures (5,930,156)
Other Financing Sources (Uses)
Transfers in
Transfers out
Capital Leases
Net other financing sources
(uses)
Net Change in Fund Balances
Fund Balances -Beginning
Fund Balances -Ending
6, 954,195
(523,017)
341, 000
3, 908, 511 724, 578 9, 632
(3,934,608) (498,240) -
6,772,178 (3,934,608) (498,240) -
842,022 (26,097) 226,338 9,632
8, 256, 913 26, 097 1, 082, 392 162, 084
$ 9, 098, 935 $ - $ 1, 308, 730 $ 171, 716
The accompanying Notes to Financial Statements are an integral part of these statements.
23
Other Total
Governmental Governmental
Funds Funds
$ 212,077 $ 8,477,622
1, 883, 059 5, 841,125
47, 057 216, 952
1, 669, 330 7, 380, 363
2,850,290 3,536,406
76, 399 325, 560
1, 352, 545 1,402, 545
693,600 1,477,494
55,221 169,531
8, 839, 578 28, 827, 598
44, 773 5, 780, 416
358,181 10,199, 301
2,834,287 3,880,496
- 2,181, 302
752, 350 910, 717
574,661 692,498
2,400,100 2,624,806
87,150 657, 889
3,340,600 4,721,744
1, 777, 914 1, 796, 302
12,170,016 33,445,471
(3,330,438) (4,617,873)
3,255,321 10,209,516
(2,440,535) (7,396,400)
- 341,000
814, 786 3,154,116
(2,515,652) (1,463,757)
12,386,967 21,914,453
$ 9,871,315 $20,450,696
24
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CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For The Year Ended September 30, 2007
Amounts reported for the governmental activities in the statement of
activities (page 20) are different because:
Net change in fund balances -total governmental funds (page 24) $ (1,463,757)
Governmental funds report capital outlays as expenditures. However, in
the statement of activities the cost of those assets is allocated over
their estimated useful lives and reported as depreciation expense.
This is the amount by which capital outlays exceeded depreciation
in the current period. 7,569,951
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and disposals) is to decrease net assets. (6,010)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term
debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net assets. Also,
governmental funds report the effect of issuance costs, premiums,
discounts, and similar items when debt is first issued, whereas these
amounts are deferred and amortized in the statement of activities. This
amount is the net effect of these differences in the treatment of long-term
debt and related items. 569,717
Revenues in the statement of activities that do not provide current
financial resources are not reported as revenues in governmental funds. 2,971,567
Special assessment revenue reported in the funds must be eliminated from
the statement of activities since revenue was recognized in a prior year. (63,685)
Some expenses reported in the statement of activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds. (47,569)
Change in net assets of governmental activities (page 20) $ 9,530,214
The accompanying Notes to Financial Statements are an integral part of these statements.
25
CITY OF WINTER SPRINGS, FLORIDA
For The Year Ended September 30, 2007
Revenues:
Taxes:
Property taxes
Franchise taxes
Licenses and permits:
Permits
Occupational licenses
Intergovernmental revenues:
Sales tax
State revenue sharing
Other state shared revenue
Other county shared revenue
Charges for services:
Concession stand receipts
Program activity fees
Rental and other
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Budgeted Amounts
Original Final
Variance With
Final Budget-
Positive
(Negative)
$ 8,270,013 $ 8,270,013 $ 8,265,545 $ (4,468)
46,000 46,000 38,463 (7,537)
8,316,013 8,316,013 8,304,008 (12,005)
5,000 5,000 1,393 (3,607)
152, 000 152, 000 168, 502 16, 502
157, 000 157, 000 169, 895 12, 895
2,720,000 2,720,000 2,442,701 (277,299)
1,206,500 1,206,500 1,108,129 (98,371)
113, 000 55,184 57,143 1, 959
59,954 10,000 14,601 4,601
4,099,454 3,991,684 3,622,574 (369,110)
92,000 92,000 87,949 (4,051)
242,900 282,445 293,732 11,287
194,400 314,854 304,435 (10,419)
529,300 689,299 686,116 (3,183)
230,500 230,500 249,161 18,661
230,000 493,805 648,532 154,727
92, 500 104, 569 111, 572 7, 003
13,654,767 13,982,870 13,791,858 (191,012)
The accompanying Notes to Financial Statements are an integral part of these statements.
Actual
Amounts
26
Expenditures:
Current:
General government:
Executive
General government
Finance
General services
Information systems
Community development
Public safety:
Police
Fire
Physical environment:
Public works
Culture and recreation:
Parks and recreation
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Capital Leases
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance With
Final Budget
Actual Positive
Amounts (Negative)
$ 704, 426 $ 764, 570 $ 688,182 $ 76, 388
441,120 865, 594 606, 700 258, 894
1,122,419 1,132,566 994,314 138,252
1,060,545 1,079,917 998,747 81,170
1,376,493 1,542,225 1,165,679 376,546
1,733,485 1,776,823 1,495,635 281,188
6,438,488 7,161,695 5,949,257 1,212,438
6,421,357 6,854,137 6,761,864 92,273
4,387,198 4,076,681 3,771,482 305,199
10,808,555 10,930,818 10,533,346 397,472
1,217,243 1,223,982 1, 039, 721 184,261
2,404,917 2,478,971 2,199,690 279,281
20,869,203 21,795,466 19,722,014 2,073,452
(7,214,436) (7,812,596) (5,930,156) 1,882,440
7,199,800 7,032,671 6,954,195 (78,476)
(319,297) (917,320) (523,017) 394,303
300, 000 341, 000 341, 000 -
7,180,503 6,456,351 6,772,178 315,827
(33,933) (1,356,245) 842,022 2,198,267
8,256,913 8,256,913 8,256,913 -
$ 8,222,980 $ 6,900,668 $ 9,098,935 $ 2,198,267
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CITY OF WINTER SPRINGS, FLORIDA
PUBLIC & COMMUNICATIONS SERVICE TAX SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Taxes:
Franchise and utility taxes
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess of Revenues Over
Expenditures
Other Financing Sources
Transfers out
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance With
Final Budget-
Positive
(Negative)
$ 3,970,500 $ 3,970,500 $ 3,919,603 $ (50,897)
3,970,500 3,970,500 3,919,603 (50,897)
- 11,092 (11,092)
11,092 (11,092)
3,970,500 3,970,500 3,908,511 (61,989)
(3,970,500) (3,996,597) (3,934,608) 61,989
(3,970,500) (3,996,597) (3,934,608) 61,989
- (26,097) (26,097) -
26, 097 26, 097 26, 097
$ 26,097 $ - $ -
Actual
Amounts
$ -
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Intergovernmental revenues
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital outlay:
Physical environment
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing uses
Net Change in Fund Balance
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 2,000,000 $ 506,744 $ 2,088,459 $ 1,581,715
25, 000 22, 550 22, 978 428
2,025,000 529,294 2,111,437 1,582,143
- 8,479 8,478
2,433,470 1,378,383 1,378,381
2,433,470 1,386,862 1,386,859
1
2
3
(408,470) (857,568) 724,578 1,582,146
- 273,700 - (273,700)
(48,240) (498,240) (498,240) -
(48,240) (224,540) (498,240) (273,700)
(456,710) (1,082,108) 226,338 1,308,446
Fund Balances -Beginning 1,082,392 1,082,392 1,082,392 -
Fund Balances -Ending $ 625,682 $ 284 $ 1,308,730 $ 1,308,446
The accompanying Notes to Financial Statements are an integral part of these statements.
29
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
September 30, 2007
Assets
Current assets:
Cash and cash equivalents
Receivables, net
Inventories
Prepaid costs
Restricted cash and cash equivalents
Total current assets
Noncurrent assets:
Restricted investments
Bond issuance costs
Capital assets:
Land, buildings and equipment
Construction in progress
Less accumulated depreciation
Total capital assets (net of
accumulated depreciation)
Total noncurrent assets
Total assets
Business-type Activities -Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
$ 5,820,772 $ 1,363,832 $ 1,018,893 $ 8,203,497
1,262,935 - - 1,262,935
16,456 - - 16,456
18,700 4,300 4,300 27,300
1,488,174 - - 1,488,174
8,607,037 1,368,132 1,023,193 10,998,362
2,064,507 - - 2,064,507
339,053 - - 339,053
50,957,992 136,840 6,603,376 57,698,208
475,011 - 9,804 484,815
(20,562,044) (101,774) (2,848,357) (23,512,175)
30,870,959 35,066 3,764,823 34,670,848
33,274,519 35,066 3,764,823 37,074,408
41,881,556 1,403,198 4,788,016 48,072,770
The accompanying Notes to Financial Statements are an integral part of these statements.
30
Liabilities
Current liabilities:
Accounts payable
Accrued liabilities
Retainage payable
Compensated absences
Customer deposits payable
Revenue bonds payable -current
Accrued interest payable
Total current liabilities
Noncurrent liabilities:
Revenue bonds payable
Total noncurrent liabilities
Total liabilities
Business-type Activities -Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
$ 300,899 $ 6,100 $ 88,138 $ 395,137
133,512 8,368 15,329 157,209
30,701 - - 30,701
139,033 13,956 16,537 169,526
735,311 - - 735,311
945,000 - - 945,000
457,863 - - 457,863
2,742,319 28,424 120,004 2,890,747
21,046,525 - - 21,046,525
21,046,525 - - 21,046,525
23,788,844 28,424 120,004 23,937,272
Net Assets
Invested in capital assets, net of related
debt 8,879,434 35,066 3,764,823 12,679,323
Restricted 2,735,148 - - 2,735,148
Unrestricted 6,478,130 1,339,708 903,189 8,721,027
Total net assets $ 18,092,712 $ 1,374,774 $ 4,668,012 $ 24,135,498
31
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND NET ASSETS -PROPRIETARY FUNDS
For The Year Ended September 30, 2007
Operating Revenues:
User charges
Other revenue
Total operating revenues
Operating Expenses:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
Total operating expenses
Operating income
Nonoperating Revenue (Expenses):
Investment income
Interest expense
Gain (loss) on disposal of capital assets
Total nonoperating revenue (expense)
Income before contributions and
transfers
Capital contributions:
Connection fees
Developers
Transfers in
Transfers out
Change in net assets
Total Net Assets -Beginning
Total Net Assets -End
Business-type Activities -Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
$ 7, 585, 669 $ 922, 559 $ 1, 027, 403 $ 9, 535, 631
3, 428 24 42, 589 46, 041
7, 589, 097 922, 583 1, 069, 992 9, 581, 672
2, 041, 897 431, 523 450, 245 2, 923, 665
736, 388 4, 535 237, 763 978, 686
1, 589, 082 18, 650 226, 230 1, 833, 962
1,141,171 405,507 67,742 1,614,420
5, 508, 538 860, 215 981, 980 7, 350, 733
2, 080, 559 62, 368 88, 012 2, 230, 939
495, 386 90, 325 39, 617 625, 328
(1,014,424) - - (1,014,424)
1,203 - (778) 425
(517,835) 90,325 38,839 (388,671)
1, 562, 724 152, 693 126, 851 1, 842, 268
124,275 - - 124,275
895, 868 - 156,137 1, 052, 005
9,022 23,268 63,921 96,211
(1,994,440) (712,799) (202,088) (2,909,327)
597,449 (536,838) 144,821 205,432
17,495,263 1,911,612 4,523,191 23,930,066
$ 18, 092, 712 $ 1, 374, 774 $ 4, 668, 012 $ 24,135, 498
The accompanying Notes to Financial Statements are an integral part of these statements.
32
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2007
Cash Flows from Operating Activities:
Business-type Activities -Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Receipts from customers $ 7,603,051 $ 922,583 $ 1,069,992 $ 9,595,626
Payments to suppliers (1,776,323) (412,563) (242,491) (2,431,377)
Payments to employees (1,987,610) (436,633) (446,030) (2,870,273)
Net cash provided by operating activities 3,839,118 73,387 381,471 4,293,976
Cash Flows from Non-Capital
Financing Activities:
Transfers in 9,022 23,268 63,921 96,211
Transfers out (1,994,440) (712,799) (202,088) (2,909,327)
Net cash used by non-capital financing
activities (1,985,418) (689,531) (138,167) (2,813,116)
Cash Flows from Capital and Related
Financing Activities:
Proceeds from sale of capital assets 3,428 24 24 3,476
Acquisition of capital assets (1,688,469) (2,314) (206,538) (1,897,321)
Principal paid on revenue bonds & leases (895,000) - - (895,000)
Interest paid on revenue bonds (972,130) - - (972,130)
Developers Contributions 895,868 - 156,137 1,052,005
Connection fees 124,275 - - 124,275
Net cash used by capital and related
financing activities (2,532,028) (2,290) (50,377) (2,584,695)
Cash Flows from Investing Activities:
Sale of investments 604,737 82 36 604,855
Investment income 494,938 90,243 39,581 624,762
Net cash provided by investing activities 1,099,675 90,325 39,617 1,229,617
Net Increase (Decrease) in Cash and
Cash Equivalents 421,347 (528,109) 232,544 125,782
Cash and Cash Equivalents -Beginning 6,887,599 1,891,941 786,349 9,565,889
Cash and Cash Equivalents -End $ 7,308,946 $ 1,363,832 $ 1,018,893 $ 9,691,671
Classified As:
Cash and cash equivalents $ 5,820,772 $ 1,363,832 $ 1,018,893 $ 8,203,497
Restricted cash 1,488,174 - - 1,488,174
Total $ 7,308,946 $ 1,363,832 $ 1,018,893 $ 9,691,671
The accompanying Notes to Financial Statements are an integral part of these statements.
33
Business-type Activities -Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Reconciliation of Operating Income
to Net Cash Provided By Operating
Activities
Operating income
Adjustments Not Affecting Cash:
Depreciation
Amortization
Change in Assets and Liabilities:
Decrease in accounts receivable
Increase in inventories
Increase in prepaid costs
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase in retainage payable
Decrease in customer deposits
Increase (decrease) in accrued
compensated absences
Total adjustments
Net Cash Provided By Operating
$ 2,080,559 $ 62,368 $ 88,012 $ 2,230,939
1,568,553 18,650 226,230 1,813,433
20,529 - - 20,529
15,160 - - 15,160
(1,161) - - (1,161)
(4,025) (1,700) (3,100) (8,825)
86,982 (821) 66,114 152,275
31,693 (2,578) 5,715 34,830
19,440 - - 19,440
(1,206) - - (1,206)
22,594 (2,532) (1,500) 18,562
1,758,559 11,019 293,459 2,063,037
Activities $ 3,839,118 $ 73,387 $ 381,471 $ 4,293,976
Noncash Investing, Capital and Financing Activities:
Contributed capital assets $ 895,868 $ - $ 156,137 $ 1,052,005
Increase in fair value of investments 448 82 36 566
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
September 30, 2007
Assets:
Cash and cash equivalents
Receivables:
Plan members contributions
Total assets
Liabilities
Net Assets:
Held intrust for pension benefits
Defined
Benefit
Pension
Trust Fund
$ 16,985,582
61,578
17,047,160
$ 17,047,160
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For The Year Ended September 30, 2007
Defined
Benefit
Pension
Trust Fund
Additions:
Contributions:
Employer $ 1,502,458
Plan members 351,058
Total contributions 1,853,516
Investment income:
Net appreciation in fair value of investments 1,945,806
Interest 26, 556
Net investment income 1,972,362
Total additions 3,825,878
Deductions:
Benefits 233,952
Administrative expenses 123,197
Total deductions 357,149
Change in Net Assets 3,468,729
Net Assets -Beginning 13,578,431
Net Assets -End $ 17,047,160
The accompanying Notes to Financial Statements are an integral part of these statements.
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NOTES TO FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies:
A. Reporting Entity
The City of Winter Springs, Florida (the City) is a political subdivision of the state of Florida
located in Seminole County, and was established by the Laws of Florida 59-1614. The
legislative branch of the City is comprised of afive-member elected Commission and a
separately elected mayor, 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.
In evaluating how to define the government, for financial reporting purposes, the City has
considered all potential component units. The definition of the reporting entity is based primarily
on the notion of financial accountability. A primary government is financially accountable for the
organizations that make up its legal entity. It is also financially accountable for legally separate
organizations if its officials appoint a voting majority of an organization's governing body, and
either it is able to impose its will on that organization or there is a potential for the organization
to provide specific financial benefits to, or to impose specific financial burdens on, the primary
government. A primary government may also be financially accountable for governmental
organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary government
(a) is entitled to the organizations' resources; (b) is legally obligated or has otherwise assumed
the obligation to finance the deficits of, or provide financial support to, the organization; or (c) is
obligated in some manner for the debt of the organization. In applying the above criteria,
management has determined that there are no component units to be included within the
reporting entity.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the City. For
the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business-type activities, which rely to a significant
extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1)
charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among program
revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major individual enterprise funds are
reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met.
38
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are
recognized as soon as they are both measurable and available. Revenues are considered
to be available when they are collectible within the current period or soon enough thereafter
to pay liabilities of the current period. For this purpose, the government considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. Only the portion of special assessments receivable
due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available
only when cash is received by the City.
The government reports the following funds:
Maior Governmental Funds
The General Fund is the government's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Public and Communications Service Tax Special Revenue Fund accounts for
collections of utility taxes charged on electric, water and gas services as well as
telecommunications service taxes. Proceeds are used to pay annual debt service
and monies not required to pay debt service are transferred to the general fund.
The Road Improvements Special Revenue Fund accounts for collected one-cent
sales tax revenues to be used for transportation-related improvements.
The TLBD Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue.
39
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Non-Major Governmental Fund Types
Special Revenue Funds account for specific revenue sources that are restricted by
law or administrative action to expenditures for specific purposes.
Debt Service Funds account for the accumulation of resources for, and the payment
of principal and interest on certain long-term debt.
Capital Projects Funds account for financial resources segregated for the acquisition
or construction of major capital facilities.
Major Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City's
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City's
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
The Stormwater Utility Fund is used to account for the City's operation and
maintenance of the stormwater system, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
Fiduciary Fund
The Pension Trust Fund accounts for contributions to the defined benefit plan.
Private-sector standards of accounting and financial reporting issued prior to December 1,
1989, generally are followed in both the government-wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of
the Governmental Accounting Standards Board. Governments also have the option of
following subsequent private-sector guidance for their business-type activities and
enterprise funds, subject to this same limitation. The government has elected not to follow
subsequent private-sector guidance.
40
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
As a general rule the effect of interfund activity has been eliminated from the government-
wide financial statements. Exceptions to this general rule are other charges between the
City's water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's water, sewer and stormwater utility funds are
charges to customers for sales and services. The City also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting new customers to
the system. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's
policy to use restricted resources first, then unrestricted resources as they are needed.
D. Assets, Liabilities, and Net Assets or Equity
1. Deposits and Investments
The government's cash and cash equivalents are considered to be cash on
hand, demand deposits, and short-term investments with original maturities of
three months or less from the date of acquisition.
Investments of the City are reported at fair value. The City's investments consist
of investments authorized per their investment policy adopted in accordance with
Section 218.415, Florida Statutes.
41
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either "due to/from
other funds" (i.e., the current portion of interfund loans) or "advances to/from
other funds" (i.e., the non-current portion of interfund loans). All other
outstanding balances between funds are reported as "due to/from other funds."
Any residual balances outstanding between the governmental activities and
business-type activities are reported in the government-wide financial statements
as "internal balances."
Advances between funds, as reported in the fund financial statements, are offset
by a fund balance reserve account in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
All receivables are shown net of an allowance for uncollectibles. The County bills
and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current
receivables.
All property is reassessed according to its fair value on the lien date, or January
1 of each year. Taxes are levied on October 1 of each year. Discounts are
allowed for early payment at the rate of 4% in the month of November, 3% in the
month of December, 2% in the month of January, and 1 % in the month of
February. The taxes paid in March are without discount. All unpaid taxes
become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent
taxes on real property.
3. Inventories and Prepaid Items
All inventories are valued at cost using the first-in/first-out (FIFO) method.
Inventories of governmental funds are recorded as expenditures when consumed
rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items in both government-wide and fund financial
statements.
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
4. Restricted Assets
Certain proceeds of the City's enterprise fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted assets on the
balance sheet because they are maintained in separate bank accounts and their
use is limited by applicable bond covenants. Assets so designated are identified
as restricted assets on the balance sheet.
5. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets are defined by the City as assets with
an initial, individual cost of $1,000 or more and an estimated useful life in excess
of one year. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets Years
Buildings 30
Improvements 20-50
Infrastructure 30-50
Equipment 3-10
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 1 -Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
6. Compensated absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick
leave since the government does not have a policy to pay any amounts when
employees separate from service with the government. All vacation pay is
accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only if
they have matured, for example, as a result of employee resignations and
retirements. For governmental activities, compensated absences are generally
liquidated by the General Fund.
7. Long-term obligations
In the government-wide financial statements, and for proprietary fund types in the
fund financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statement of net assets. Bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of
the bonds using the effective interest method. Bonds payable are reported net of
the applicable bond premium or discount. Bond issuance costs are reported as
deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current
period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses.
Issuances costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
8. Fund equity
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally
restricted by outside parties for use for a specific purpose. Designations of fund
balance represent tentative management plans that are subject to change.
44
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 2 -Reconciliation of Government-Wide and Fund Financial Statements:
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government-Wide Statement of Net Assets
The governmental fund balance sheet includes a reconciliation between fund balance -total
governmental funds and net assets -governmental activities as reported in the government-
wide statement of net assets. One element of that reconciliation explains that "long-term
liabilities, including bonds payable, are not due and payable in the current period and
therefore are not reported in the funds." The details of this ($21,082,354) difference are as
follows:
Bonds payable $(18,993,970)
Less: Issuance discount (to be amortized as interest expense) 18,511
Add: Issuance premium (to be amortized as interest expense) (76,602)
Less: Deferred charge on refunding (to be amortized as interest
expense) 120,458
Notes payable (752,879)
Capital lease payable (333,101)
Accrued interest payable (273,759)
Compensated absences (791,012)
Net adjustment to reduce fund balance -total governmental funds
to arrive at net assets -governmental activities (21.082.3541
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances -total governmental funds
and changes in net assets of governmental activities as reported in the government-wide
statement of activities. One element of that reconciliation explains that "Governmental
funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation
expense." The details of this $7,569,951 difference are as follows:
Capital outlay $ 10,019,344
Depreciation expense (2,449,393)
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities $ 7,569,951
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 2 -Reconciliation of Government-Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities (Continued)
Another element of that reconciliation states that "the issuance of long-term debt (e.g.,
bonds, leases) provides current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net assets. Also,
governmental funds report the effect of issuance costs, premiums, discounts, and similar
items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities." The details of this $569,717 difference are as follows:
Debt issued or incurred:
Capital leases and loan $ (341,000)
Principal repayment 910,717
Net adjustment to increase net changes in fund balances -total
governmental funds to arrive at changes in net assets of
governmental activities 569 717
Another element of that reconciliation states that "Some expenses reported in the statement
of activities do not require the use of current financial resources and, therefore, are not
reported as expenditures in governmental funds." The details of this ($47,569) difference
are as follows:
Compensated Absences
Amortization of issuance costs
Amortization of bond discounts
Accrued interest payable
Net adjustment to decrease net changes in fund balances -
total governmental funds to arrive at changes in net assets of
governmental activities
$ (41, 763)
(14, 976)
(4, 748)
13,918
47 569
46
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 3 -Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
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, expenditures and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops, wherein the public is invited to
attend.
3. On or before September 30th of each year, two public hearings are completed and
the Commission establishes the ad valorem tax millage followed by the adoption of
the final budget.
4. The budget may be formally amended by the City Commission at any time.
Budgeted amounts presented in the accompanying financial statements have been
adjusted for any legally authorized revisions of the annual budgets during the year.
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. The legal level of budgetary control is the departmental level.
Note 4 -Deposits and Investments:
Deposits
At year-end, the carrying amount of the City's deposits was $20,560,991 and the bank
balance was $2,328,317. Petty cash funds of $2,110 are not on deposit with a financial
institution, and fiduciary fund cash of $16,985,582 held by the pension fund is not in the
City's bank. All bank deposits were covered by Federal Depository Insurance or held in
banks that are members of the State of Florida's Collateral Pool as specified under Florida
law. Florida Statutes provide for collateral pooling by banks and savings and loans. This
limits local government deposits to "authorized depositories".
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 4 -Deposits and Investments (Continued):
Investments
The City's investment policies are governed by State Statutes and City ordinances. City
ordinance allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280
of the Florida Statutes. Authorized investments are:
1. U.S. Government securities
2. U.S. Government Agency securities
3. Federal Instrumentalities (U.S. Government sponsored agencies)
4. Interest bearing time deposit or savings accounts
5. Repurchase agreements
6. Commercial paper
7. Bankers' acceptances
8. State and/or local government taxable and/ortax-exempt debt
9. Registered investment companies (money market mutual funds)
10. Intergovernmental investment pool
The State Board of Administration Local Government Investment Pool (SBA) is an
investment pool administered by the State of Florida. Investments held in the SBA consist
of corporate notes, repurchase agreements, commercial paper, certificates of deposit and
money market instruments. These short-term investments are included as cash equivalents
and are stated at cost, which approximates fair value.
Investments made by the City at September 30, 2007 are summarized below. Defined
benefit pension plan investments, other than those held in mutual funds investing in equity
securities ($0), are included below:
Weighted
Average
Maturity
Fair Value Credit Rating Years
State Board of Administration
US Treasury
$27,074,722 See Note 15
See Note 15
< 90 days
1,278,511 as/AAAm
$28,353,233
48
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 4 -Deposits and Investments (Continued):
Credit Risk
The City's investment policy limits credit risk by restricting authorized investment to those
described above. The policy requires that the investment in federal instrumentalities be
guaranteed by the full faith and credit of the U.S. Government sponsored agency and that
investments in money market mutual funds have a Standard & Poors (S & P) rating of AAm
or AAm-G. Investments in commercial paper and bankers' acceptances must be rated, at a
minimum, "P-1" by Moody's Investors Services and "A-1" by S & P. Investment in state
and/or local government taxable and/or tax-exempt debt must be rated at least "Aa" by
Moody's and "AA" by S & P for long-term debt, or rated at least "MIG-2" by Moody's and
"SP-2" by S & P for short-term debt.
Custodial Credit Risk
In the case of deposits, this is the risk that in the event of a bank failure, the City's deposits
may not be returned to it. The city's investment policy requires that the bank deposits be
secured as provided by Chapter 280, Florida Statutes. This law requires local governments
to deposit funds only in financial institutions designated as qualified public depositories by
the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust
Fund, a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a default or insolvency has occurred. At September 30,
2007, all of the city's bank deposits were in qualified public depositories.
For an investment, this is the risk that, in the event of the failure of the counterparty, the
government will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. At September 30, 2007, none of the
investments listed are exposed to custodial credit risk because their existence is not
evidenced by securities that exist in physical or book entry form.
Concentration of Credit Risk
The City's investment policy requires diversification, and places limits on the percentage of
funds that may be invested with an individual issuer and type of investment.
49
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 4 -Deposits and Investments (Continued):
Interest Rate Risk
The policy limits investment in U.S. Government securities and agencies and federal
instrumentalities to a maximum length to maturity of five years. The maximum length to
maturity for an investment in any state or local government debt security is three years.
Certificates of deposit maximum maturity is one year and commercial paper and bankers'
acceptances are 180 days. The maximum length to maturity for repurchase agreements is
90 days.
Note 5 -Receivables:
Receivables as of year end for the City's individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
Allowance
Accounts Uncollectible Net
Funds Receivable Accounts Receivable
General $185,715 $ - $185,715
Public & Communications Service
Tax Special Revenue 136,661 - 136,661
Road Improvements Special Revenue 4,851,156 - 4,851,156
TLBD Debt Service 1,448 - 1,448
Water & Sewer Utility 1,427,341 (164,406) 1,262,935
Nonmajor Governmental 575,596 38( 7,742) 187,854
$7,177,917 552148 $6,625,769
There is an amount of $3,269,052 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,848,425, judgment
receivable of $60,000 and transportation impact fee receivable of $380,081 that are not
available to liquidate liabilities of the current period. These receivables totaling $6,557,558 are
reported as deferred revenue in the governmental funds balance sheet.
50
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 6 -Capital Assets:
Capital asset activity for the year ended September 30, 2007 was as follows:
Governmental activities:
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Buildings
Improvements
Machinery and equipment
Infrastructure
Total capital assets, being
depreciated
Less accumulated depreciation for:
Buildings
Improvements
Machinery and equipment
Infrastructure
Total accumulated depreciation
Total capital assets, being
depreciated, net
Governmental activities capital
assets, net
Beginning Ending
Balance Increases Decreases Balance
$ 9,848,716 $ - $ - $ 9,848,716
3,401,045 8,955,869 (7,178,449) 5,178,465
13,249,761 8,955,869 (7,178,449) 15,027,181
5,527,910 4,687,051 - 10,214,961
11,127,413 78,266 - 11,205,679
8,072,302 1,138,531 (439,888) 8,770,945
43,368,094 2,338,076 - 45,706,170
68,095,719 8,241,924 (439,888) 75,897,755
(2,416,218) (248,659) - (2,664,877)
(2,238,617) (381,903) - (2,620,520)
(5,539,603) (936,333) 433,878 (6,042,058)
(21,167,677) (882,498) - (22,050,175)
(31,362,115) (2,449,393) 433,878 (33,377,630)
36,733,604 5,792,531 (6,010) 42,520,125
$ 49,983,365 $ 14,748,400 $(7.184,459) $57,547,306
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 6 -Capital Assets (Continued):
Business-type activities:
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Buildings
Improvements
Machinery and equipment
Total capital assets, being
depreciated
Less accumulated depreciation for
Beginning Ending
Balance Increases Decreases Balance
$ 5,344,916 $ - $ - $ 5,344,916
707,256 539,612 (762,053) 484,815
6,052,172 539,612 (762,053) 5,829,731
755,778 3,737 - 759,515
46,293,003 1,905,218 - 48,198,221
3,370,259 217,751 (192,454) 3,395,556
50,419,040 2,126,706 (192,454) 52,353,292
Buildings (394,075) (25,239) - (419,314)
Improvements (19,004,781) (1,557,471) - (20,562,252)
Machinery and equipment (2,482,344) (230,723) 182,458 (2,530,609)
Total accumulated depreciation (21,881,200) (1,813,433) 182,458 (23,512,175)
Total capital assets, being
depreciated, net 28,537,840 (313,270) (9,996) 28,841,117
Business-type activities capital
assets, net $ 34,590,012 $ 852,885 772 049) $34,670,848
Depreciation expense was charged to functions/programs as follows:
Governmental activities
General government $ 271,208
Public safety 547,221
Physical environment 1,223,784
Culture and recreation 407,180
Total depreciation expense -governmental activities $2,449,393
Business-type activities
Water and sewer $1,568,553
Development services 18,650
Stormwater 226,230
Total depreciation expense -business-type activities $1,813,433
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 7 -Leases:
Capital Leases -The City has entered into lease agreements as lessee for financing the
acquisition of several police vehicles. These lease agreements qualify as capital leases for
accounting purposes and, therefore, have been recorded at the present value of their future
minimum lease payments as of the inception date. Included in the capitalized amount is
$36,528 of modifications to the leased vehicles in order to make them operational for police
purposes.
The assets acquired through capital leases are as follows:
Governmental
Activities
Assets -
Machinery & equipment $ 477,996
Less: accumulated depreciation 8( 4,059)
Total 393 937
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2007 were as follows:
Governmental
Activities
Year Ending September 30,
2008 $ 121,487
2009 121,488
2010 121,487
Total minimum lease payments 364,462
Less: Amount representing interest 3( 1,361)
Net present value $ 333,101
53
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8 -Long-Term Debt:
Revenue Bonds
The City issues bonds where the City pledges revenue derived from the acquired or constructed
assets to pay debt service. Revenue bonds have been issued for both governmental and
business-type activities. The original amount of revenue bonds issued in prior years is
described below. The Special Assessment Revenue Bonds issued in 2001 are payable from
and secured by a first lien and pledge of assessments levied on property within the assessed
area as well as the first $160,000 of half-cent sales tax received by the City each year. In the
event that a deficiency exists because of unpaid or delinquent special assessments at the time
a debt service payment is due, the government must provide resources to cover the deficiency
until other resources, for example, foreclosure proceeds, are received. Revenue bonds
outstanding at year end are as follows:
Governmental Activities
Improvement Refunding
Revenue Bonds -Series 1999
Special Assessment
Revenue Bonds -Series 2001
Improvement Refunding
Revenue Bonds -Series 2003
Total
Business-Type Activities
Water and Sewer Refunding
Revenue Bonds -Series 2000
Water and Sewer Refunding
Revenue Bonds -Series 2001
Water and Sewer Refunding
Revenue Bonds -Series 2002
Total
Interest Rates
and
Dates Maturity
10/1 /99
3.25 - 5.25% to
(4/1 & 10/1) 10/1/29
10/1 /02
3.4 - 5.25% to
(4/1 & 10/1) 10/1/29
10/1 /04
2.0 - 3.7% to
(4/1 & 10/1) 10/1/18
10/1 /02
4.5 - 5.5% to
(4/1 & 10/1) 10/1/30
10/1 /02
4.0 - 5.0% to
(4/1 & 10/1) 10/1/21
3.0 - 5.25%
(4/1 & 10/1)
10/1 /03
to
10/1 /20
Balance
Original September
Amount 30, 2007
$ 7, 998, 970 $ 5, 458, 970
$ 2,265,000
2,040,000
$ 8, 870, 000
8,425,000
$15, 923, 970
$ 6, 969,191 $ 6, 779,191
$ 6, 065, 000
$13, 980, 000
4, 995, 000
11, 055, 000
$22,829,191
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8 -Long-Term Debt (Continued):
Revenue Bonds (Continued)
Annual debt service requirements to maturity for revenue bonds are as follows:
Year Ending Governmental Activities Business-Type Activities
September 30, Principal Interest Principal Interest
2008 $ 700,000 $ 459,934 $ 945,000
2009 735,000 437,533 980,000
2010 775,000 415,311 1,015,000
2011 810,000 389,968 1,060,000
2012 860,000 361,974 1,105,000
2013-2017 4,960,000 1,291,338 6,390,000
2018-2022 3,788,442 3,507,517 6,062,498
2023-2027 2,133,569 5,036,625 2,313,074
2028-2031 1,161,959 2,605,769 2,958,619
$15,923,970 $14,505,969 $22,829,191
General Obligation Bonds
$ 909,662
871, 310
831, 338
788,416
742,441
2,879,731
2,773,652
7,647,525
4.156.163
$21,600,238
During 2003, the City issued limited general obligation bonds for the acquisition of property
to expand Central Winds Park. These bonds are payable from and secured by a pledge of
the faith, credit and taxing power of the City, provided that the levy of ad valorem taxes by
the City in each year for the payment of debt service on the Series 2003 Bonds shall not
exceed one quarter (1/4) of one mil on all of the taxable property in the City. General
obligation bonds currently outstanding are as follows:
Interest
Rates and
Dates
Governmental Activities
Balance
Original September
Maturity Amount 30, 2007
Limited General 2.0 - 5.375% 7/1/03 -
Obligation Bonds -Series 2002 (1/1 & 7/1) 7/1/31 $3,400,000 $3,070,000
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8 -Long-Term Debt (Continued):
General Obligation Bonds (Continued)
Annual debt service requirements to maturity for the general obligation bonds are as
follows:
Year Ending Governmental Activities
September 30, Principal Interest
2008 $ 70, 000 $ 151, 023
2009 75,000 148,433
2010 75, 000 145, 508
2011 80,000 142,508
2012 85,000 139,208
2013-2017 475,000 629,813
2018-2022 625,000 492,500
2023-2027 795,000 320,480
2028-2031 790.000 100.770
$3,070,000 $2,270,243
Notes Payable
The City issued the 2004 Capital Improvement Revenue Note for an amount not to exceed
$2,500,000. Advances on this note during fiscal year 2004 were $600,000, therefore the
City still has $1,900,000 available to borrow. There were no advances during fiscal year
2005, 2006 or 2007. Advances received during 2004 have been repaid.
The City issued the Capital Improvement Revenue Note, Series 2004A, in the amount of
$575,907 for the purpose of refinancing the Capital Improvement Revenue Note, Series
2000B, in the amount of $495,907 and to finance $80,000 cost of completing construction of
additional landscaping and irrigation along the Oak Forest subdivision wall. The City
covenants to designate payments received from Oak Forest special assessments to pay
debt service on this note.
The City issued a Special Assessment Revenue Note Series 2006, in the amount of
$430,000 to provide financing for the Tuscawilla Lighting and Beautification Project, Phase
I I. The City paid off $1,148 of this with prepaid assessments during the year ended
September 30, 2007.
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8 -Long-Term Debt (Continued):
Notes Payable (Continued)
Notes payable outstanding at year end are as follows:
Special Assessment Revenue Note, Series 2006.
Principal is payable annually beginning July 1, 2007
and interest is payable semi-annually on January 1
and July 1. Maturity is July 1, 2021 and interest is
4.10%.
Capital Improvement Revenue Note, Series 2004A -
payable interest only until July 1, 2010 when entire
balance is due. Interest is 4.22%.
Annual debt service requirements to maturity for notes payable are as follows:
$ 313,900
438, 979
752 879
Year Ending Governmental Activities
September 30, Principal Interest
2008 $ 17,476 $ 31,576
2009 18,191 30, 847
2010 457,915 25,666
2011 19, 711 10, 779
2012 20, 518 9, 959
2013-2017 115,903 36,283
2018-2021 103,165 10,464
752 879 155 574
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8 -Long-Term Debt (Continued):
Changes in Long-Term Liabilities
Long-term liability activity for the year ended September 30, 2007 was as follows:
Governmental activities:
Bonds payable -
Revenue bonds
Special assessment debt
with government
commitment
Limited general obligation
bonds
Less deferred amounts:
Issuance discounts
Issuance premiums
On refunding
Total bonds payable
Notes payable -
Capital improvement
notes
Capital lease
Compensated absences
Governmental activity
long-term liabilities
Business-type activities:
Bonds payable -
Revenue bonds
Less deferred amounts:
For issuance discount
On refunding
Total bonds payable
Compensated absences
Business-type activity
long-term liabilities
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
$14,503,970 $ - $ (620,000) $13,883,970 $650,000
2,090,000 - (50,000) 2,040,000 50,000
3,140,000 - (70,000) 3,070,000 70,000
(19,271) - 760 (18,511) -
83,565 - (6,963) 76,602 -
(131,409) - 10,951 (120,458) -
19,666,855 - (735,252) 18,931,603 770,000
815,229
100,468
749,249
$21,331,801
$23,724,191
(27,499)
(869,566)
22,827,126
150,964
$22,978,090
- (62,350) 752,879 17,449
341,000 (108,367) 333,101 121,487
41,763 - 791,012 158,000
382 763 (905.9691 $20,808,595 $1,066,936
$ - $ (895,000) $22,829,191 $945,000
- 1,064 (26,435) -
- 58,335 (811,231) -
- (835,601) 21,991,525 945,000
169,526 (150,964) 169,526 34,000
169 526 $ (986,565) $22,161,051 979 000
58
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 9 - InterFund Receivables, Payables and Transfers:
The composition of interfund balances as of September 30, 2007 is as follows:
Receivable
Fund Payable Fund Amount
Public and Communications Service Tax Special
General Revenue $136,661
General Hazard Mitigation Grant Program Capital Projects 93,623
General Road Improvements Special Revenue 273,700
503 984
The accounts payable to the general fund represents the public service tax at year end after all
debt service payments have been made that are available to be transferred to the general fund.
Interfund transfers for the year ended September 30, 2007 consisted of the following:
Recipient fund Amount Purpose
Transfer from Road Improvements Special
Revenue Fund for Town Center Trail and
1999 Construction Capital Project Fund $ 450,000 Infrastructure costs.
Transfer from Electric Franchise Fee Special
Revenue Fund to pay Debt Service expenses on
the Improvement Refunding Revenue Bonds,
1999 Debt Service Fund 185,150 Series 1999.
Transfer from Public & Communications Service
Tax Special Revenue Fund to pay Debt Service
expenses on the Improvement Refunding
1999 Debt Service Fund 185,150 Revenue Bonds, Series 1999.
Transfer from Electric Franchise Fee Special
Revenue Fund to pay Debt Service expenses on
the Improvement Refunding Revenue Bonds,
2003 Debt Service Fund 324,645 Series 2003.
Transfer from Public & Communications Service
Tax Special Revenue Fund to pay Debt Service
expenses on the Improvement Refunding
2003 Debt Service Fund 324,645 Revenue Bonds, Series 2003.
59
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 9 - InterFund Receivables, Payables and Transfers (continued):
Recipient fund
Development Services Fund
General Fund
General Fund
General Fund
General Fund
General Fund
General Fund
Amount Purpose
Transfer from General Fund for share of
Development Services personnel cost associated
23,268 with Community Development functions.
Transfer from Water and Sewer Utility Fund for
Utility Billing division budget, fair share portion of
General Fund expenses, such as human
resources, purchasing, finance, etc., special
projects, records management project and
1,187,650 operator expenses.
Transfer from Development Services Fund for
indirect costs, administration, fire prevention,
Community Development (crossover costs),
Information Services special projects and records
712,799 management project expenses.
Transfer from Solid Waste/Recycling Special
Revenue Fund for administration, franchise fees
and Information Services records management
136,464 project.
Transfer from TLBD Phase I Maintenance Special
Revenue Fund for City Clerk, Beautification
55,195 Coordinator and insurance expenses.
Transfer from Oak Forest Maintenance Special
Revenue Fund for City Clerk, Beautification
11,059 Coordinator and insurance expenses.
Transfer from Public & Communications Service
Tax Special Revenue Fund balance in fund after
payment of Debt Service expenses on the
Improvement Refunding Revenue Bonds, Series
3,424,813 1999 and Series 2003.
60
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 9 - InterFund Receivables, Payables and Transfers (continued):
Recipient fund
General Fund
General Fund
General Fund
General Fund
General Fund
General Fund
Hazard Mitigation Grant Program
Capital Project Fund
Public Facilities Capital Project Fund
Public Facilities Capital Project Fund
Public Facilities Capital Project Fund
Senior Center Expansion Capital
Project Fund
Amount Purpose
Transfer from Electric Franchise Fee Special
Revenue Fund balance in fund after payment of
Debt Service expenses on the Improvement
Refunding Revenue Bonds, Series 1999 and
1,248,726 Series 2003.
Transfer from Road Improvements Special
48,240 Revenue Fund for project coordinator services.
Transfer from Stormwater Utility Fund for
administration, special projects and records
91,363 management project expenses.
Transfer from Special Law Enforcement Trust -
Federal -Special Revenue Fund for purchase of
18,985 two (2) vehicles.
Transfer from Water and Sewer Utility Fund for
14,176 share of Kiva project.
Transfer from Stormwater Utility Fund for share of
4,725 Kiva project.
Transfer from Fire Impact Fee Special Revenue
9,723 Fund for City required grant funds match.
Transfer from Stormwater Utility Fund for share of
100,000 the new Utility/Public Works facility.
Transfer from Transportation Improvement Fund
50,000 for share of the new Utility/Public Works facility.
Transfer from Water and Sewer Operating for
750,000 share of the new Utility/Public Works facility.
Transfer from Parks Impact Fee Special Revenue
Fund for Senior Center Expansion and Therapy
250,000 Pool.
61
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 9 - InterFund Receivables, Payables and Transfers (continued):
Recipient fund Amount Purpose
Transfer from General Fund for Senior Center
Senior Center Expansion Capital Expansion and Therapy Pool until line of credit is
Project Fund 394,888 available.
Transfer from Solid Waste/Recycling Special
Revenue Fund for future emergency storm
Storm Reserve Special Revenue Fund 133,288 cleanup expenses.
Transfer from General Fund ten percent of
Stormwater Utility Fund 21,307 engineering expenses.
Transfer from Water and Sewer Utility Fund for
Stormwater Utility Fund 42,614 twenty percent of engineering expenses.
Transfer from General Fund prior years
Transportation Impact Fee Special misclassified impact fee revenues and record in
Revenue Fund 30,532 correct fund.
Transfer from General Fund and Park Impact Fee
Trotwood Park Improvements Capital Special Revenue Fund for Trotwood Park
Project Fund 67,300 improvements.
Transfer from Stormwater Utility Fund for
Water and Sewer Utility Fund 6,000 administration fees.
Water and Sewer Utility Fund 3,022 Transfer assets from General Fund.
$10,305,727
Note 10 -Defined Benefit Pension Plan:
Plan Description
The City maintains asingle-employer defined benefit pension plan that provides retirement
benefits to all City employees. The pension plan is maintained as a Pension Trust Fund
and is included with the fund financial statements. This pension plan does not issue a
stand-alone financial report.
The Board of Trustees of the plan are appointed by the City Commission to make advisory
recommendations regarding plan provisions and amendments. Those recommendations
would then be taken back to the Commission for final approval.
62
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 10 -Defined Benefit Pension Plan (Continued):
Summary of Significant Accounting Principles
The Plan's financial statements are prepared using the accrual basis of accounting. Plan
member contributions are recognized in the period in which the contributions are due. The
City's contributions are recognized when due and formal commitment to provide the
contributions has been made. Benefits and refunds are recognized when due and payable
in accordance with the terms of the Plan. All Plan investments are reported at fair value.
Securities traded on a national exchange are valued at the last reported sales price on the
government's balance sheet date. Securities without an established market are reported at
estimated fair value.
Funding Policy
The contribution requirements of plan members and the City are established and may be
amended by the Board of Trustees of the Plan. Plan members are required to contribute
3% of their salary to the Plan, which amounted to $351,058 for the year ended September
30, 2007. The City is required to contribute at an actuarially determined rate; the current
rate is 14.2% of covered payroll. The City's contribution for the year ended September 30,
2007 was $1,502,458. Administration costs of the plan are paid out of the plan and
amounted to $123,197 in 2007.
Membership in the Defined Benefit Plan consisted of the following at October 1, 2006:
Retirees and beneficiaries receiving benefits 17
Terminated plan members entitled to but not
receiving benefits 85
Active plan members:
Vested 196
Non-vested 56
354
Annual Pension Cost and Net Pension Obligation -The City has contributed the Annual
Required Contribution (ARC) since inception of the plan on October 1, 1997, and thus has
not had or needed to report, a Net Pension Obligation (NPO).
Three Year Trend Information -
Fiscal year Annual Pension
ended Cost (APC)
9/30/05 $ 951,133
9/30/06 1,198, 922
9/30/07 1,502,458
Percentage of
APC Contributed
100%
100%
100%
63
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 10 -Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation (Continued)
Actuarial Methods and Assumptions -The following is a summary of the actuarial
methods and significant actuarial assumptions used in the latest actuarial valuation dated
October 1, 2006. The plan was amended October 1, 2004 to increase the benefit formula
percentage for service prior to October 1, 2000 by .25% increments each year beginning
October 1, 2005 through the plan year beginning October 1, 2008.
Assumptions:
Investment Earnings
Salary Increases -
Inflation
Post-retirement Benefit Increases
Mortality Table
Actuarial Valuation:
Frequency
Cost Method
Amortization Method
Amortization Period
Asset Valuation Method
Note 11 -Deferred Compensation Plan:
8%
3%
0%
1983 Group Annuity Mortality Table
Annual
Frozen Entry Age
Level Percentage of Projected
Payroll
20 Years Open
Long Range Yield Method
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 Nationwide Retirement solution 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.
Because the Plan Assets are held in trust for the exclusive benefit of plan participants and
their beneficiaries, the Plan is not accounted for in the City's fund financials.
Note 12 -Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction
of assets; errors and omissions; job-related illnesses or injuries to employees; and natural
disasters. Risk of loss from above is transferred by the City to various commercial insurers
through the purchase of insurance. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
64
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 13 -Contingent Liabilities:
Amounts received or receivable from grant agencies are subject to audit and adjustment by
grantor agencies, principally the federal government and the State of Florida. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable funds.
The amount, if any, of expenditures that may be disallowed by the grantor cannot be
determined at this time, although the City expects such amounts, if any, to be immaterial.
The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the City's counsel the resolution of these matters will
not have a material adverse effect on the financial condition of the City.
Note 14 -Commitments:
At September 30, 2007, the City had entered into construction contracts in the amount of
$1,124, 046.
Note 15 -Subsequent Events:
First, as discussed in Note 4, at September 30, 2007, the City had $27,074,722 invested in
the State Board of Administration's Local Government Surplus Funds Trust Fund Investment
Pool (Pool). On November 29, 2007, the State Board of Administration implemented a
temporary freeze on the assets held in the Pool due to an unprecedented amount of
withdrawals from the Fund coupled with the absence of market liquidity for certain securities
within the Pool. The significant amount of withdrawals followed reports that the Pool held
asset-backed commercial paper that was subject to sub-prime mortgage risk. On December
4, 2007, based on recommendations from an outside financial advisor, BlackRock Financial
Management, Inc., the State Board of Administration restructured the Pool into two separate
pools. Pool A consisted of all money market appropriate assets, which was approximately
$12 billion or 86% of Pool assets. Pool B consisted of assets that either: defaulted on a
payment, paid more slowly than expected, and/or had any significant credit and liquidity risk,
which was approximately $2 billion or 14% of Pool assets. At the time of the restructuring,
all current pool participants had their existing balances proportionately allocated into Pool A
and Pool B.
Currently, Pool A participants may withdraw 37% of their balance or $4 million, whichever is
greater, without penalty. Withdrawals from Pool A in excess of the above limit are subject to
a 2% redemption fee. New investments in Pool A are not subject to the redemption fee or
withdrawal restrictions. Future withdrawal provisions from Pool A will be subject to further
evaluation based on the maturities of existing investments and the liquidity requirements of
the Pool. On December 21, 2007, Standard and Poor's Ratings Services assigned its
"AAAM" principal stability fund rating to Pool A.
65
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 15 -Subsequent Events (Continued):
Currently, Pool B participants are prohibited from withdrawing any amount from the Pool and
a formal withdrawal policy has not yet been developed. Market valuations of the assets held
in Pool B are not readily available. In addition, full realization of the principle value of Pool B
assets is not readily determinable.
As of March 18, 2008, the City has $14,677,267.13 and $2,467,247.03 invested in Pool A
and B, respectively. Additional information regarding the Local Government Surplus Funds
Trust Fund may be obtained from the State Board of Administration at www.sbafla.com/pool.
On January 17, 2008, due to a sale of $2 billion in securities that were scheduled to have
matured later in 2008, $50 million was released from Pool B and transferred into Pool A
based on the investor's proportionate share invested in Pool B. The amount transferred
from the City's Pool B account was $100,221.10. On February 8, 2008 $518 million was
released from Pool B due to the pool receiving $300 million from the maturity of Countrywide
Bank CDs, $201 million from the sale of Textron Financial notes, and the balance from
interest and pay down of principal on holdings of KKR Atlantic, KKR Pacific, Ottimo and
others. The amount transferred from the City's Pool B account was $1,038,290.64. On
March 17, 2008 $210.6 million was released from Pool B to Pool A due to the pool receiving
$200 million from the maturity of Countrywide Bank CDs. The amount transferred from the
City's Pool B account was $422,031.07. From December 1, 2007 to February 29, 2008, the
City has also received $197,833.57 in interest earnings from the Pool A investments.
Second, on January 29, 2008, the Florida electorate approved an amendment to the Florida
Constitution relative to property taxation. This amendment (referred to as Amendment
1) was placed on the ballot by the Florida Legislature at a special session held in October
2007. With respect to homestead property, Amendment 1 increases the current $25,000
homestead exemption by another $25,000 (for property values between $50,000 - $75,000),
except for school district taxes. Since the new $25,000 homestead exemption does not
apply to school district taxes, this effectively amounts to a $15,000 increase to the existing
homestead exemption, resulting in an estimated annual savings of $240 for an average
homeowner. Amendment 1 also allows property owners to transfer (make portable) up to
$500,000 of their Save Our Homes benefits to their next homestead when they move. Save
Our Homes became effective in 1995 and limits (caps) the annual increase in assessed
value for homestead property to three percent (3%) or the percentage change in the
Consumer Price Index, whichever is less.
With respect to non-homestead property, Amendment 1 limits (caps) the annual increase in
assessed value for non-homestead property (businesses, industrial property, rental
property, second homes, etc.) to ten percent (10%), except for school district taxes. The
Amendment also provides a $25,000 exemption for tangible personal property.
66
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 15 -Subsequent Events (Continued):
Amendment 1 becomes effective Tax Year 2008, with the exception of the ten percent
(10%) assessment cap on non-homestead property which becomes effective on January 1,
2009 (Tax Year 2009).
Based on information received from the Seminole County Property Appraiser's Office, the
estimated potential annual loss of property tax revenues for our city, at the current millage
rate, from the additional homestead exemption and the $25,000 exemption for tangible
personal property is approximately $730,600. At present, there is no accurate way to
determine the impact of the portability provision and assessment cap on non-homestead
property provision in terms of potential loss of property tax revenues. Estimates for our city
range from $178,000 to $206,000 annually.
Lastly, on January 18, 2008 Fitch Ratings downgraded the insured financial strength ratings
of Ambac Assurance Corporation from AAA to AA. As a result the Fitch insured rating on
the $7,998,969 Improvement Refunding Revenue Bonds, Series 1999 and $8,870,000
Improvement Refunding Revenue Bonds, Series 2003 have been commensurably
downgraded. A Material Events Notice has been sent to the Municipal Advisory Council of
Texas as required by the Continuing Disclosure Certificate dated as of July 20, 1999 and
July 9, 2003, respectively, and executed by the City of Winter Springs in connection with the
issuance of the above-referenced Bonds.
On January 30 and January 31, 2008 Fitch Ratings (Fitch) and Standard and Poor's Ratings
Services (S&P), respectively, downgraded the insured financial strength ratings of Financial
Guaranty Insurance Company from AAA to AA. As a result the Fitch and Standard and
Poor's insured rating on the $6,969,191 Water and Sewer Refunding Revenue Bonds,
Series 2000 has been commensurably downgraded. A Material Events Notice has been
sent to the Municipal Advisory Council of Texas as required by the Continuing Disclosure
Certificate dated as of October 20, 2000 and executed by the City of Winter Springs in
connection with the issuance of the above-referenced Bonds.
On February 25, 2008, S&P further downgraded the insured financial strength rating of
Financial Guaranty Insurance Company from AA to A. As a result the S&P insured rating on
the $6,969,191 Water and Sewer Refunding Revenue Bonds, Series 2000 has been
commensurably downgraded. A Material Events Notice has been sent to the Municipal
Advisory Council of Texas as required by the Continuing Disclosure Certificate dated as of
October 20, 2000 and executed by the City of Winter Springs in connection with the
issuance of the above-referenced Bonds.
Fitch and Standard and Poor's may be contacted for further information regarding these
downgrades.
67
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
Defined Benefit Pension Trust Fund
September 30, 2007
Schedule of Funding Progress
Actuarial UAAL as
Actuarial Accrued Unfunded a % of
Actuarial Value of (AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) a/( b) (c) b( a)/c
10/1/01 $5,829,453 $8,402,821 $2,573,368 69.9% $6,569,263 39.2%
10/1/02 6,620,248 9,128,522 2,508,274 72.5 6,586,077 38.1
10/1/03 7,279,048 9,771,594 2,492,546 74.5 8,094,829 30.8
10/1/04 8,134,588 10,931,774 2,797,186 74.4 8,982,189 31.1
10/1/05 9,716,089 13,178,485 3,462,396 73.7 9,659,446 35.8
10/1/06 11,951,383 16,042,749 4,091,366 74.5 10,489,087 39.0
Schedule of Contributions from the Employer
Annual Required Percentage of
Fiscal Year Contribution ARC
Ended (ARC) Contribution
9/30/02 $605,058 100%
9/30/03 658,735 100%
9/30/04 749, 863 100%
9/30/05 951,133 100%
9/30/06 1,198,922 100%
9/30/07 1,502,458 100%
68
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COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
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MAJOR GOVERNMENTAL FUNDS
Debt Service Fund
TLBD Debt Service Fund - This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue.
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CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Impact fees/assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance With
Final Budget-
Positive
(Negative)
$ 155,100 $ 155,100 $ 50, 000 $ (105,100)
1, 200 1, 200 112, 384 111,184
- - 2,738 2,738
156, 300 156, 300 165,122 8, 822
5, 500 1, 000 773
50, 000 50, 000 50, 000
104, 750 104, 750 104, 717
160, 250 155, 750 155, 490
227
33
260
(3,950) 550 9,632 9,082
(3,950) 550 9,632 9,082
162, 084 162, 084 162, 084 -
$ 158,134 $ 162, 634 $ 171, 716 $ 9, 082
Actual
Amounts
69
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NONMAJOR GOVERNMENTAL FUNDS
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 - This fund was established to receive revenues from
Trust Fund -Local local sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are utilized strictly for law enforcement
purposes. Such purposes may include drug education
programs such as DARE.
Transportation - Revenues in this fund are derived from Local Option
Improvement Fund 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.
Transportation Impact Fee - This fund is used to account for collected impact fees
Fund on new development to defray the 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 the 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 the level of fire service
due to future growth.
Parks 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 develop and improve the parks
due to future growth.
Public Buildings Impact - This fund is used to account for collected impact fees
Fee Fund on new development to defray the cost of capital
investment needed to maintain public buildings due to
future growth.
Medical Transport - This fund is used to receive revenues generated from
Services Fund fees charged for paramedic services. The proceeds
from this fund are used to pay for the incremental costs
related to providing these services.
Arbor Fund - This fund is used to account for arbor revenues. This
revenue source is used to maintain a level of plantings
in the City.
NONMAJOR GOVERNMENTAL FUNDS -Continued
Special Revenue Funds -Continued
TLBD Phase I - This fund is used to account for collected special
Maintenance Fund assessments for maintenance related to the Tuscawilla
Lighting and Beautification District for Phase I of
project.
TLBD Phase II - This fund is used to account for collected special
Maintenance Fund assessments for maintenance related to the Tuscawilla
Lighting and Beautification District for Phase II of
project.
Oak Forest Maintenance - This fund is used to account for collected special
Fund assessments for maintenance related to the Oak Forest
subdivision wall.
Emergency and Disaster This fund is used to account for costs of preparation for
Relief Fund and cleanup after the hurricanes of 2004.
Special Law Enforcement - This fund was established to receive revenues from
Trust Fund -Federal federal sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are utilized strictly for law enforcement
purposes. Such purposes may include drug education
programs such as DARE.
HOA Projects - This fund is used to account for costs of projects for
Streetlighting and Homeowners Associations such as streetlighting and
Signage Fund signage.
Storm Reserve Fund This fund is used to account for reserves set aside from
monthly Solid Waste/Recycling fees to cleanup from
future storms.
Electric Franchise Fee - This fund is used to account for proceeds of electric
Fund franchise fees. These proceeds are used to pay annual
debt service. Any excess monies not used to pay debt
service are transferred to the General Fund.
Solid Waste/Recycling - This fund is used to account for proceeds from billed
Fund solid waste and recycling services performed by
contract vendors. Proceeds are used to pay monthly
vendor charges for providing solid waste and recycling
services.
NONMAJOR GOVERNMENTAL FUNDS -Continued
Debt Service Funds
1999 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1999 bond issue.
2003 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue.
Oak Forest Debt Service - This fund is used to account for the accumulation of
Fund resources and payment of principal and interest for the
2000 note payable (Oak Forest portion).
Central Winds G.O. Debt - This fund is used to account for accumulation of
Service Fund resources and payment of principal and interest for the
2002 limited general obligation bond.
2004 Capital Projects Debt - This fund is used to account for the accumulation of
Service Fund resources and payment of principal and interest for the
Capital Improvement Revenue Note Series 2004.
TLBD Phase II Debt - This fund is used to account for the accumulation of
Service Fund resources and payment of principal and interest for the
TLBD Phase II Improvements.
City Hall Expansion Debt - This fund is used to account for the accumulation of
Service Fund resources and payment of principal and interest for the
City Hall Expansion project.
NONMAJOR GOVERNMENTAL FUNDS -Continued
Capital Projects Funds
1999 Construction Capital - This fund was established for the acquisition and
Projects Fund construction of City -owned Capital Improvements.
Oak Forest Capital
Projects Fund
Revolving Rehab Capital
Projects Fund
Public Facilities
Expansion Capital
Projects Fund
TLBD Phase II
Improvements Capital
Projects Fund
Hazard Mitigation Grant
Program Capital Projects
Fund
Senior Center Expansion
Capital Projects Fund
Trotwood Park
Improvements Capital
Projects Fund
Public Facilities Capital
Projects Fund
- This fund was established to account for construction of
the Oak Forest subdivision wall.
- This fund was established to provide loans for
rehabilitation projects within the City.
- This fund was established to account for expansion of
City Hall.
- This fund was established to account for the
construction of the TLBD Phase II Improvements.
- This fund was established to account for projects paid
for through the Hazard Mitigation Grant Program.
- This fund was established to account for the Senior
Center Expansion and Therapy Pool project.
- This fund was established to account for the
construction of the Trotwood Park Improvements.
- This fund was established to account for construction of
additional public facilities.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2007
Special Revenue
Police Special Law Transportation Transportation
Education Enforcement Improvement Impact
Fund Trust Fund -Local Fund Fee Fund
Assets:
Cash and cash equivalents $ 20,114 $ 25,235 $ 628,531 $ 900,933
Receivables 1,704 4,467 - -
Prepaid costs 8,090 - - -
Special assessment receivable - - - -
Judgments receivable - - - -
Total Assets $ 29,908 $ 29,702 $ 628,531 $ 900,933
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 356 $ - $ 137,944 $ 77,043
Accrued liabilities - - - -
Retainage payable - - - 13,247
Due to other funds - - - -
Deferred revenue - - - 380,081
Unearned revenue - - - -
Total Liabilities 356 - 137,944 470,371
Fund Balances:
Reserved for Debt Service - - - -
Unreserved 29,552 29,702 490,587 430,562
Total Fund Balances 29,552 29,702 490,587 430,562
Total Liabilities and Fund Balances $ 29,908 $ 29,702 $ 628,531 $ 900,933
70
Special Revenue
Police Fire Park Public Buildings Medical
Impact Impact Impact Impact Transport Arbor
Fee Fund Fee Fund Fee Fund Fee Fund Services Fund Fund
$ 157,005 $ 932,274 $ 134,401 $ 344,440 $ 347,886 $ 243,975
- - - - 162,596 1,938
- - - - 6,430 -
$ 157,005 $ 932,274 $ 134,401 $ 344,440 $ 516,912 $ 245,913
$ - $ - $ 23,350 $ - $ 11,136 $ 5,400
- - - - 3,479 -
- - - - - 1,938
- - 23,350 - 14,615 7,338
157,005 932,274 111,051 344,440 502,297 238,575
157,005 932,274 111,051 344,440 502,297 238,575
$ 157,005 $ 932,274 $ 134,401 $ 344,440 $ 516,912 $ 245,913
(Continued)
71
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2007
Assets:
Cash and cash equivalents
Receivables
Prepaid costs
Special assessment receivable
Judgments receivable
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Retainage payable
Due to other funds
Deferred revenue
Unearned revenue
Total Liabilities
Fund Balances:
Reserved for Debt Service
Unreserved
Total Fund Balances
Total Liabilities and Fund Balances
Special Revenue
TLBD Phase I TLBD Phase II Oak Forest Emergency
Maintenance Maintenance Maintenance and Disaster
Fund Fund Fund Relief Fund
$ 207,335 $ 165,406 $ 17,130 $ 709,627
2, 078 - 566 -
$ 209,413 $ 165,406 $ 17,696 $ 709,627
$ 7,145 $
7,145
- $ 1,309 $
- 1,309
202,268 165,406 16,387 709,627
202,268 165,406 16,387 709,627
$ 209,413 $ 165,406 $ 17,696 $ 709,627
72
Special Revenue Debt Service
Special Law HOA Projects - Storm Solid Waste/
Enforcement Trust Streetlighting and Reserve Recycling 1999 Debt
Fund -Federal Signage Fund Fund Fund Total Service Fund
$ 46,956 $ 29,381 $ 218,070 $ 883,904 $ 6,012,603 $ 345,450
- - - 11,864 185,213 -
- - - - 14,520 -
$ 46,956 $ 29,381 $ 218,070 $ 895,768 $ 6,212,336 $ 345,450
- $
19,131 $
- 19,131
- $ 148,793 $ 431,607 $
- - 3,479
- - 13,247
- - 380,081
- - 1,938
- 148,793 830,352
- - - - - 345,450
46,956 10,250 218,070 746,975 5,381,984 -
46,956 10,250 218,070 746,975 5,381,984 345,450
$ 46,956 $ 29,381 $ 218,070 $ 895,768 $ 6,212,336 $ 345,450
(Continued)
73
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2007
Debt Service
Oak Forest Central Winds 2004 Capital
2003 Debt Debt Service G.O. Debt Service Projects Debt
Service Fund Fund Fund Service Fund
Assets:
Cash and cash equivalents $ 539,043 $ 946 $ 45,972 $ 645
Receivables - 764 1,600 -
Prepaid costs - - - -
Special assessment receivable - 536,495 - -
Judgments receivable - - - -
Total Assets $ 539,043 $ 538,205 $ 47,572 $ 645
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ - $ -
Accrued liabilities - - -
Retainage payable - - - -
Due to other funds - - -
Deferred revenue - 536,495 - -
Unearned revenue - - - -
Total Liabilities - 536,495 - -
Fund Balances:
Reserved for Debt Service 539,043 1,710 47,572 645
Unreserved - - - -
Total Fund Balances 539,043 1,710 47,572 645
Total Liabilities and Fund Balances $ 539,043 $ 538,205 $ 47,572 $ 645
74
Debt Service Capital Projects
TLBD Phase II 1999 Revolving PubllC FaCllltles
Debt Construction Oak Forest Rehab Expansion
Service Fund Total Fund Fund Fund Fund
$ 1,140 $ 933,196 $ 1,400,890 $ 38,495 $ 1,003,526 $ 10,025
277 2,641 - - - -
321,930 858,425 - - - -
- - - - 60,000 -
$ 323,347 $ 1,794,262 $ 1,400,890 $ 38,495 $ 1,063,526 $ 10,025
$ 12 $ 12 $ 877 $
- - 134,710
321,930 858,425 -
321,942 858,437 135,587
- $ 2,537 $ -
- 60,000 -
- 62,537 -
1,405 935,825 - - - -
- - 1,265,303 38,495 1,000,989 10,025
1,405 935,825 1,265,303 38,495 1,000,989 10,025
$ 323,347 $ 1,794,262 $ 1,400,890 $ 38,495 $ 1,063,526 $ 10,025
(Continued)
75
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2007
Assets:
Cash and cash equivalents
Receivables
Prepaid costs
Special assessment receivable
Judgments receivable
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Retainage payable
Due to other funds
Deferred revenue
Unearned revenue
Total Liabilities
Fund Balances:
Reserved for Debt Service
Unreserved
Total Fund Balances
Total Liabilities and Fund Balances
Capital Projects
TLBD Phase II Hazard Senior Center Trotwood Park
Improvements Mitigation Grant Expansion Improvements
Fund Program Fund Fund Fund
$ 262,854 $ 96,696 $ 342,077 $ 18,078
$ 262,854 $ 96,696 $ 342,077 $ 18,078
$ - $ - $ 193,418 $ 4,038
- - 148,650 -
- 93,623 - -
- 93,623 342,068 4,038
262,854 3,073 9 14,040
262,854 3,073 9 14,040
$ 262,854 $ 96,696 $ 342,077 $ 18,078
76
Capital Projects
Public Nonmajor
Facilities Governmental
Fund Total Funds
$ 959,218 $ 4,131,859 $ 11,077,658
- - 187,854
- - 14,520
- - 858,425
- 60,000 60,000
$ 959,218 $ 4,191,859 $ 12,198,457
$ 500 $ 201,370 $ 632,989
- - 3,479
- 283,360 296,607
- 93,623 93,623
- 60,000 1,298,506
- - 1,938
500 638,353 2,327,142
- - 935,825
958,718 3,553,506 8,935,490
958,718 3,553,506 9,871,315
$ 959,218 $ 4,191,859 $ 12,198,457
77
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2007
Special Revenue
Police Special Law Transportation Transportation
Education Enforcement Improvement Impact
Fund Trust Fund -Local Fund Fee Fund
Revenues:
Taxes:
Property taxes $ - $ - $ - $ -
Franchise and utility taxe<. - - - -
Licenses and permits - - - -
Intergovernmental revenues - - 559,704 -
Charges for services - - 12,460 -
Fines and forfeitures 18,855 23,971 - -
I mpact fees/assessments - - - 420,138
Investment income 1,860 696 28,498 87,398
Miscellaneous - - - -
Total revenues 20,715 24,667 600,662 507,536
Expenditures:
Current:
General government - - - -
Public safety 46,239 1,000 - -
Physical environment - - 126,566 10,945
Debt Service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Capital outlay:
General government - - - -
Public safety - - - -
Physical environment - - 306,821 1,581,156
Culture and recreation - - - -
Total expenditures 46,239 1,000 433,387 1,592,101
Excess (Deficiency) of
Revenues over Expenditures (25,524) 23,667 167,275 (1,084,565)
Other Financing Sources (Uses):
Transfers in - - - 30,532
Transfers out - - (50,000) -
Net other financing sources (uses) - - (50,000) 30,532
Net Change in Fund Balances (25,524) 23,667 117,275 (1,054,033)
Fund Balances -Beginning 55,076 6,035 373,312 1,484,595
Fund Balances -Ending $ 29,552 $ 29,702 $ 490,587 $ 430,562
78
Special Revenue
Police Fire Parks Public Buildings Medical
Impact Impact Impact Impact Transport Arbor
Fee Fund Fee Fund Fee Fund Fee Fund Services Fund Fund
- - - - - 47,057
- - - - - 93,808
- - - - 467,211 -
60,240 142,493 148,979 94,585 - -
6,709 45,447 8,902 15,660 16,134 12,836
4,301 - - - - -
71,250 187,940 157,881 110,245 483,345 153,701
- 298,948 -
- - 172,439
- 2,501 -
-_ - 153,049
2,501 153,049
- 84,649 -
71,250 185,439 4,832 110,245 99,748 (18,738)
- (9,723) (267,300) - - -
- (9,723) (267,300) - - -
71,250 175,716 (262,468) 110,245 99,748 (18,738)
85,755 756,558 373,519 234,195 402,549 257,313
$ 157,005 $ 932,274 $ 111,051 $ 344,440 $ 502,297 $ 238,575
(Continued)
79
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2007
Special Revenue
TLBD Phase I TLBD Phase II Oak Forest Emergency
Maintenance Maintenance Maintenance and Disaster
Fund Fund Fund Relief Fund
Revenues:
Taxes:
Property taxes $ - $ - $ - $ -
Franchise and utility taxe<. - - - -
Licenses and permits - - - -
Intergovernmental revenues - - - 10,027
Charges for services - - - -
Fines and forfeitures - - - -
Impactfees/assessments 220,432 199,139 38,053 -
Investmentincome 21,418 3,439 2,027 36,135
Miscellaneous - - 2,300 -
Total revenues 241,850 202,578 42,380 46,162
Expenditures:
Current:
General government - - - -
Public safety - - - -
Physical environment 262,439 37,172 39,827 -
Debt Service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Capital outlay:
General government - - - -
Public safety - - - -
Physical environment - - - -
Culture and recreation - - - -
Total expenditures 262,439 37,172 39,827 -
Excess (Deficiency) of
Revenues over Expenditures (20,589) 165,406 2,553 46,162
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out (55,195) - (11,059) -
Net other financing sources (uses) (55,195) - (11,059) -
Net Change in Fund Balances (75,784) 165,406 (8,506) 46,162
Fund Balances -Beginning 278,052 - 24,893 663,465
Fund Balances -Ending $ 202,268 $ 165,406 $ 16,387 $ 709,627
80
Special Revenue
Special Law HOA Projects - Storm Electric Solid Waste/
Enforcement Trust Streetlighting and Reserve Franchise Recycling
Fund -Federal Signage Fund Fund Fee Fund Fund Total
- - - 1,759,245 123,814 1,883,059
- - - - - 47,057
- - - - 156,083 819,622
- - - - 2,370,619 2,850,290
33,573 - - - - 76,399
- - - - - 1,324,059
2,460 1,510 6,823 - 24,848 322,800
- - - - 2,746 9,347
36,033 1,510 6,823 1,759,245 2,678,110 7,332,633
11, 994
19,131
11,994 19,131
724 - 724
- - 358,181
- 2,179,612 2,829,000
- - 19,131
- - 87,150
- - 1,887,977
- - 153,049
724 2,179,612 5,335,212
24,039 (17,621) 6,823 1,758,521 498,498 1,997,421
- - 133,288 - - 163,820
(18,985) - - (1,758,521) (269,752) (2,440,535)
(18,985) - 133,288 (1,758,521) (269,752) (2,276,715)
5,054 (17,621) 140,111 - 228,746 (279,294)
41,902 27,871 77,959 - 518,229 5,661,278
$ 46,956 $ 10,250 $ 218,070 $ - $ 746,975 $ 5,381,984
(Continued)
81
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2007
Debt Service
Oak Forest Central Winds
1999 Debt 2003 Debt Debt Service G.O. Debt Service
Service Fund Service Fund Fund Fund
Revenues:
Taxes:
Property taxes $ - $ - $ - $ 212,077
Franchise and utility taxe<. - - - -
Licenses and permits - - - -
Intergovernmental revenues - - - -
Charges for services - - - -
Fines and forfeitures - - - -
Impactfees/assessments - - 13,685 -
Investmentincome 11,564 14,455 24,203 7,656
Miscellaneous - - 21,161 -
Total revenues 11,564 14,455 59,049 219,733
Expenditures:
Current:
General government - - - -
Public safety - - - -
Physical environment - - 287 -
Debt Service:
Principal retirement 470,000 150,000 39,650 70,000
Interest and fiscal charges 110,990 270,535 19,844 153,904
Capital outlay:
General government - - - -
Public safety - - - -
Physical environment - - - -
Culture and recreation - - - -
Total expenditures 580,990 420,535 59,781 223,904
Excess (Deficiency) of
Revenues over Expenditures (569,426) (406,080) (732) (4,171)
Other Financing Sources (Uses):
Transfers in 370,300 649,290 - -
Transfers out - - - -
Net other financing sources (uses) 370,300 649,290 - -
Net Change in Fund Balances (199,126) 243,210 (732) (4,171)
Fund Balances -Beginning 544,576 295,833 2,442 51,743
Fund Balances -Ending $ 345,450 $ 539,043 $ 1,710 $ 47,572
82
Debt Service Capital Projects
2004 Capital TLBD Phase II City Hall 1999
Projects Debt Debt Expansion Debt Construction
Service Fund Service Fund Service Fund Total Fund
$ - $ - $ - $ 212,077 $ -
- 14,801 - 28,486 -
603 17,146 - 75,627 123,841
- 10,485 - 31,646 14,228
603 42,432 - 347,836 138,069
- 203 - 203 -
- - - 287 5,000
- 22,700 - 752,350 -
- 19,388 - 574,661 -
- - - - 1,450,883
- 42,291 - 1,327,501 1,455,883
603 141 - (979,665) (1,317,814)
- - - 1,019,590 450,000
- - - 1,019,590 450,000
603 141 - 39,925 (867,814)
42 1,264 - 895,900 2,133,117
$ 645 $ 1,405 $ - $ 935,825 $ 1,265,303
(Continued)
83
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2007
Capital Projects
Revolving Public Facilities TLBD Phase II
Oak Forest Rehab Expansion Improvements
Fund Fund Fund Fund
Revenues:
Taxes:
Property taxes $ - $ - $ - $ -
Franchise and utility taxe<. - - - -
Licenses and permits - - - -
Intergovernmental revenues - - - -
Charges for services - - - -
Fines and forfeitures - - - -
I mpact fees/assessments - - - -
Investmentincome 2,029 52,603 586 17,697
Miscellaneous - - - -
Total revenues 2,029 52,603 586 17,697
Expenditures:
Current:
General government - 33,819 - -
Public safety - - - -
Physical environment - - - -
Debt Service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Capital outlay:
General government - - 2,400 153,537
Public safety - - - -
Physical environment 1,740 - - -
Culture and recreation - - - -
Total expenditures 1,740 33,819 2,400 153,537
Excess (Deficiency) of
Revenues over Expenditures 289 18,784 (1,814) (135,840)
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out - - - -
Net other financing sources (uses) - - - -
Net Change in Fund Balances 289 18,784 (1,814) (135,840)
Fund Balances -Beginning 38,206 982,205 11,839 398,694
Fund Balances -Ending $ 38,495 $ 1,000,989 $ 10,025 $ 262,854
84
Capital Projects Total
Hazard Senior Center Trotwood Park Public Nonmajor
Mitigation Grant Expansion Improvements Facilities Governmental
Program Fund Fund Fund Fund Total Funds
$ - $ - $ - $ - $ - $ 212,077
- - - - - 1,883,059
- - - - - 47,057
- 849,708 - - 849,708 1,669,330
- - - - - 2,850,290
- - - - - 76,399
- - - - - 1,352,545
2,202 9,415 4,618 82,182 295,173 693,600
- - - - 14,228 55,221
2,202 859,123 4,618 82,182 1,159,109 8,839,578
- - - 10,027 43,846 44,773
- - - - - 358,181
- - - - 5,000 2,834,287
- - - - - 752,350
- - - - - 574,661
58,458 - - 2,166,574 2,380,969 2,400,100
- - - - - 87,150
- - - - 1,452,623 3,340,600
- 1,566,987 57,878 - 1,624,865 1,777,914
58,458 1,566,987 57,878 2,176,601 5,507,303 12,170,016
(56,256) (707,864) (53,260) (2,094,419) (4,348,194) (3,330,438)
9,723 644,888 67,300 900,000 2,071,911 3,255,321
- - - - - (2,440,535)
9,723 644,888 67,300 900,000 2,071,911 814,786
(46,533) (62,976) 14,040 (1,194,419) (2,276,283) (2,515,652)
49,606 62,985 - 2,153,137 5,829,789 12,386,967
$ 3,073 $ 9 $ 14,040 $ 958,718 $ 3,553,506 $ 9,871,315
85
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CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public safety
Capital outlay:
Public safety
Total expenditures
Deficiency of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ 25, 000 $ 20, 000 $ 18, 855 $ (1,145)
1,000 1, 000 1, 860 860
26,000 21,000 20,715 (285)
45, 000 51, 000 46, 239 4, 761
6, 000 - - -
51,000 51,000 46,239 4,761
(25,000) (30,000) (25,524) 4,476
(25,000) (30,000) (25,524) 4,476
55, 076 55, 076 55, 076
$ 30, 076 $ 25, 076 $ 29, 552
$ 4,476
86
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST -LOCAL - SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public safety
Total expenditures
Excess of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
$ 15,000 $ 15,000 $
500 500
Variance with
Final Budget-
Actual Positive
Amounts (Negative)
23, 971 $ 8, 971
696 196
15, 500 15, 500 24, 667 9,167
1,000 1,000 1,000 -
1, 000 1, 000 1, 000 -
14,500 14,500 23,667 9,167
14,500 14,500 23,667 9,167
6, 035 6, 035 6, 035 -
$ 20, 535 $ 20, 535 $ 29, 702 $ 9,167
87
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPROVEMENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Intergovernmental revenues
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Capital outlay:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Uses
Transfers out
Net other financing uses
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ 550, 000 $ 550, 000 $ 559, 704 $ 9, 704
- 10,200 12,460 2,260
5,300 5,300 28,498 23,198
10,200 - - -
565, 500 565, 500 600, 662 35,162
129,100 166,100 126, 566 39, 534
484,200 469,200 306,821 162,379
613, 300 635, 300 433, 387 201, 913
(47,800) (69,800) 167,275 237,075
(50,000) (50,000) (50,000) -
(50,000) (50,000) (50,000) -
(97,800) (119,800) 117,275 237,075
373, 312 373, 312 373, 312 -
$ 275, 512 $ 253, 512 $ 490, 587 $ 237, 075
88
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Impact fees/assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Capital outlay:
Physical environment
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Notes issued
Net other financing sources
(uses)
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ 700,000 $ 425,000 $ 420,138 $ (4,862)
9, 700 75, 000 87, 398 12, 398
- 204,617 - (204,617)
709, 700 704, 617 507, 536 (197, 081)
15, 000 16, 500 10, 945 5, 555
1,395,000 2,031,794 1,581,156 450,638
1,410,000 2,048,294 1,592,101 456,193
(700,300) (1,343,677) (1,084,565) 259,112
- 30, 533 30, 532
(1,000,000) - -
1,000,000 - -
(1)
- 30, 533 30, 532 (1)
(700,300) (1,313,144) (1,054,033) 259,111
1,484,595 1,484,595 1,484,595
$ 784,295 $ 171,451 $ 430,562
$ 259,111
89
CITY OF WINTER SPRINGS, FLORIDA
POLICE IMPACT FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Variance with
Final Budget-
Positive
(Negative)
Impact fees/assessments $ 100,000 $ 60,000 $ 60,240 $ 240
Investment income 2,000 2,000 6,709 4,709
Miscellaneous - - 4,301 4,301
Total revenues 102,000 62,000 71,250 9,250
Excess of Revenues Over
Expenditures 102,000 62,000 71,250 9,250
Net Change in Fund Balance 102,000 62,000 71,250 9,250
Fund Balances -Beginning 85,755 85,755 85,755 -
Fund Balances -Ending $ 187,755 $ 147,755 $ 157,005 $ 9,250
Actual
Amounts
90
CITY OF WINTER SPRINGS, FLORIDA
FIRE IMPACT FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
Revenues:
Impact fees/assessments $ 200,000 $ 150,000 $ 142,493 $ (7,507)
Investment income 21,000 21,000 45,447 24,447
Total revenues 221,000 171,000 187,940 16,940
Expenditures:
Capital outlay:
Public safety 30,000 32,501 2,501 30,000
Total expenditures 30,000 32,501 2,501 30,000
Excess of Revenues Over
Expenditures 191,000 138,499 185,439 46,940
Other Financing Uses
Transfers out - (9,723) (9,723) -
Net other financing uses - (9,723) (9,723) -
Net Change in Fund Balance 191,000 128,776 175,716 46,940
Fund Balances -Beginning 756,558 756,558 756,558 -
Fund Balances -Ending $ 947,558 $ 885,334 $ 932,274 $ 46,940
Actual
Amounts
91
CITY OF WINTER SPRINGS, FLORIDA
PARK IMPACT FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Impact fees/assessments
Investment income
Total revenues
Expenditures:
Capital outlay:
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing uses
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 500, 000 $ 150, 000 $ 148, 979 $ (1, 021)
1, 000 5, 000 8, 902 3, 902
501,000 155,000 157,881 2,881
53, 000 234, 734 153, 049 81, 685
53,000 234,734 153,049 81,685
448,000 (79,734) 4,832 84,566
- 1,632 - (1,632)
(500,000) (267,300) (267,300) -
(500,000) (265,668) (267,300) (1,632)
(52,000) (345,402) (262,468) 82,934
373, 519 373, 519 373, 519 -
$ 321,519 $ 28,117 $ 111,051 $ 82,934
92
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC BUILDINGS IMPACT FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Impact fees/assessments
Investment income
Total revenues
Excess of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 160,000 $ 100,000 $ 94,585 $ (5,415)
3,500 3,500 15,660 12,160
163, 500 103, 500 110, 245 6, 745
163,500 103,500 110,245 6,745
163,500 103,500 110,245 6,745
234,195 234,195 234,195
$ 397,695 $ 337,695 $ 344,440
93
$ 6, 745
CITY OF WINTER SPRINGS, FLORIDA
MEDICAL TRANSPORT SERVICES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Charges for services
Investment income
Total revenues
Expenditures:
Current:
Public safety
Capital outlay:
Public safety
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Uses
Transfers out
Net other financing uses
Net Change in Fund Balance
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ 280,000 $ 380,000 $ 467,211 $ 87,211
10, 000 10, 000 16,134 6,134
290, 000 390, 000 483, 345 93, 345
195,119 302, 015 298, 948 3, 067
62,000 90,646 84,649 5,997
257,119 392, 661 383, 597 9, 064
32,881 (2,661) 99,748 102,409
(25, 000) -
(25, 000) -
7,881 (2,661) 99,748 102,409
Fund Balances -Beginning 402,549 402,549 402,549 -
Fund Balances -Ending $ 410,430 $ 399,888 $ 502,297 $ 102,409
94
CITY OF WINTER SPRINGS, FLORIDA
ARBOR SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Licenses and permits
Intergovernmental revenues
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Deficiency of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 19, 500 $ 19, 500 $ 47, 057 $ 27, 557
220,532 97,282 93,808 (3,474)
5, 300 5, 300 12, 836 7, 536
1,500 1,500 - (1,500)
246, 832 123, 582 153, 701 30,119
322,700 180,700 172,439 8,261
322, 700 180, 700 172, 439 8, 261
(75,868) (57,118) (18,738) 38,380
(75,868) (57,118) (18,738) 38,380
257, 313 257, 313 257, 313
$ 181,445 $ 200,195 $ 238, 575
95
$ 38, 380
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE I MAINTENANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
Revenues:
Impact fees/assessments $ 219,300 $ 219,300 $ 220,432 $ 1,132
Investment income 11,000 11,000 21,418 10,418
Total revenues 230, 300 230, 300 241, 850 11, 550
Expenditures:
Current:
Physical environment 277,300 299,937 262,439 37,498
Total expenditures 277,300 299,937 262,439 37,498
Deficiency of Revenues Over
Expenditures (47,000) (69,637) (20,589) 49,048
Other Financing Uses
Transfers out (51,000) (55,195) (55,195) -
Netotherfinancinguses (51,000) (55,195) (55,195) -
Net Change in Fund Balance (98,000) (124,832) (75,784) 49,048
Fund Balances -Beginning 278,052 278,052 278,052 -
Fund Balances -Ending $ 180,052 $ 153,220 $ 202,268 $ 49,048
96
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II MAINTENANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Impact fees/assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ 198,100 $ 198,100 $ 199,139 $ 1, 039
9,300 9,300 3,439 (5,861)
207,400 207,400 202,578 (4,822)
161, 000 161, 000 37,172 123, 828
161, 000 161, 000 37,172 123, 828
46,400 46,400 165,406 119,006
46,400 46,400 165,406 119,006
$ 46,400 $ 46,400 $ 165,406 $ 119,006
Actual
Amounts
97
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST MAINTENANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Impact fees/assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Uses
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 37, 850 $ 37, 850 $ 38, 053 $ 203
800 800 2, 027 1, 227
- - 2,300 2,300
38,650 38,650 42,380 3,730
29, 900 40, 585 39, 827
29, 900 40, 585 39, 827
758
758
8,750 (1,935) 2,553 4,488
Transfers out (11,885) (12,944) (11,059) 1,885
Net other financing uses (11,885) (12,944) (11,059) 1,885
Net Change in Fund Balance (3,135) (14,879) (8,506) 6,373
Fund Balances -Beginning 24,893 24,893 24,893 -
Fund Balances -Ending $ 21,758 $ 10,014 $ 16,387 $ 6,373
98
CITY OF WINTER SPRINGS, FLORIDA
EMERGENCY AND DISASTER RELIEF SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Intergovernmental revenues
Investment income
Total revenues
Excess of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ - $ - $ 10, 027 $ 10, 027
20, 000 20, 000 36,135 16,135
20, 000 20, 000 46,162 26,162
20, 000 20, 000 46,162 26,162
20, 000 20, 000 46,162 26,162
663,465 663,465 663,465
$ 683,465 $ 683,465 $ 709,627
99
$ 26,162
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST -FEDERAL -SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public safety
Total expenditures
Excess of Revenues Over
Expenditures
Other Financing Uses
Transfers out
Net other financing uses
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ 15, 000 $ 15, 000 $ 33, 573 $ 18, 573
500 500 2, 460 1, 960
15, 500 15, 500 36, 033 20, 533
- 11,995 11,994
11,995 11,994
1
1
15, 500 3, 505 24, 039 20, 534
- (18,985) (18,985) -
- (18,985) (18,985) -
15,500 (15,480) 5,054 20,534
41,902 41,902 41,902 -
$ 57,402 $ 26,422 $ 46,956 $ 20,534
Actual
Amounts
100
CITY OF WINTER SPRINGS, FLORIDA
HOA PROJECTS - STREETLIGHTING AND SIGNAGE -SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Investment income
Total revenues
Expenditures:
Capital outlay:
General government
Total expenditures
Deficiency of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Final Budget-
Positive
(Negative)
$ 150 $ 150 $ 1,510 $ 1,360
150 150 1,510 1,360
27, 000 27, 000 19,131 7, 869
27, 000 27, 000 19,131 7, 869
(26,850) (26,850) (17,621) 9,229
(26,850) (26,850) (17,621) 9,229
27, 871 27, 871 27, 871 -
$ 1,021 $ 1,021 $ 10,250 $ 9,229
Actual
Amounts
101
CITY OF WINTER SPRINGS, FLORIDA
STORM RESERVE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Investment income
Total revenues
Excess of Revenues Over
Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 4,200 $ 4,200 $ 6,823 $ 2,623
4,200 4,200 6,823 2,623
4,200 4,200 6,823 2,623
134,196 122,107 133, 288 11,181
134,196 122,107 133, 288 11,181
138, 396 126, 307 140,111 13, 804
77, 959 77, 959 77, 959
Fund Balances -Ending $ 216,355 $ 204,266 $ 218,070 $ 13,804
102
CITY OF WINTER SPRINGS, FLORIDA
ELECTRIC FRANCHISE FEE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Taxes:
Franchise and utility taxes
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess of Revenues Over
Expenditures
Other Financing Uses
Transfers out
Net other financing uses
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance With
Final Budget-
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 1,775,000 $ 1,775,000 $ 1,759,245 $ (15,755)
1,775,000 1,775,000 1,759,245 (15,755)
- - 724 (724)
- - 724 (724)
1,775,000 1,775,000 1,758,521 (16,479)
(1,775,000) (1,775,000) (1,758,521) 16,479
(1,775,000) (1,775,000) (1,758,521) 16,479
- $
- $ - $ -
103
CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE/RECYCLING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Taxes:
Franchise and utility taxes
Intergovernmental revenues
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess of Revenues Over
Expenditures
Other Financing Uses
Transfers out
Net other financing uses
Net Change in Fund Balance
Fund Balances -Beginning
Variance With
Final Budget-
Positive
(Negative)
$ 94, 969 $ 94, 969 $ 123, 814 $ 28, 845
100, 000 100, 000 156, 083 56, 083
2,381,979 2,231,979 2,370,619 138,640
13, 000 13, 000 24, 848 11, 848
- - 2, 746 2, 746
2,589,948 2,439,948 2,678,110 238,162
2,163,254 2,209,459 2,179,612 29,847
2,163,254 2,209,459 2,179,612 29,847
426,694 230,489 498,498 268,009
(274,766) (258,572) (269,752) (11,180)
(274,766) (258,572) (269,752) (11,180)
151,928 (28,083) 228,746 256,829
518,229 518,229 518,229
Fund Balances -Ending $ 670,157 $ 490,146 $ 746,975 $ 256,829
Actual
Amounts
104
CITY OF WINTER SPRINGS, FLORIDA
1999 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Investment income
Total revenues
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ - $ - $ 11,564 $ 11,564
- - 11,564 11,564
470, 000 470, 000 470, 000 -
111,700 111, 700 110, 990 710
581,700 581,700 580,990 710
(581,700) (581,700) (569,426) 12,274
370, 300 370, 300 370, 300 -
370, 300 370, 300 370, 300 -
(211,400) (211,400) (199,126) 12,274
544, 576 544, 576 544, 576 -
$ 333,176 $ 333,176 $ 345,450 $ 12,274
Actual
Amounts
105
CITY OF WINTER SPRINGS, FLORIDA
2003 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Investment income
Total revenues
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ - $ - $ 14,455 $ 14,455
- - 14,455 14,455
150, 000 150, 000 150, 000 -
272, 050 272, 050 270, 535 1, 515
422, 050 422, 050 420, 535 1, 515
(422,050) (422,050) (406,080) 15,970
649,290 649,290 649,290 -
649,290 649,290 649,290 -
227,240 227,240 243,210 15,970
295, 833 295, 833 295, 833 -
$ 523, 073 $ 523, 073 $ 539, 043 $ 15, 970
Actual
Amounts
106
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Variance with
Final Budget-
Positive
(Negative)
Impact fees/assessments $ 57,750 $ 57,750 $ 13,685 $ (44,065)
Investment income 500 500 24,203 23,703
Miscellaneous - - 21,161 21,161
Total revenues 58,250 58,250 59,049 799
Expenditures:
Current:
Physical environment 7,150 400 287 113
Debt service:
Principal retirement 32,150 39,650 39,650 -
Interest and fiscal charges 19,900 19,900 19,844 56
Total expenditures 59,200 59,950 59,781 169
Deficiency of Revenues Over
Expenditures (950) (1,700) (732) 968
Net Change in Fund Balance (950) (1,700) (732) 968
Fund Balances -Beginning 2,442 2,442 2,442 -
Fund Balances -Ending $ 1,492 $ 742 $ 1,710 $ 968
Actual
Amounts
107
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS G.O. DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Revenues:
Taxes:
Property taxes
Investment income
Total revenues
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Deficiency of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Original
Actual
Final Amounts
Variance with
Final Budget-
Positive
(Negative)
$ 211,958 $ 211,958 $ 212,077 $ 119
1,200 1,200 7,656 6,456
213,158 213,158 219, 733 6, 575
70, 000 70, 000 70, 000
153, 975 153, 975 153, 904
223, 975 223, 975 223, 904
71
71
(10,817) (10,817) (4,171) 6,646
(10,817) (10,817) (4,171) 6,646
51,743 51,743 51,743
$ 40, 926 $ 40, 926 $ 47, 572
108
$ 6, 646
CITY OF WINTER SPRINGS, FLORIDA
2004 CAPITAL PROJECTS DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Investment income
Total revenues
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
1,000,000 20,000
100,000 10,000
1,100, 000 30, 000
(1,100,000) (30,000)
1,100, 000 30, 000
1,100, 000 30, 000
$ 42 $
Variance with
Final Budget-
Actual Positive
Amounts (Negative)
603 $ 603
603 603
- 20, 000
- 10, 000
30, 000
603 30,603
- (30,000)
- (30,000)
603 603
42 -
42 $ 645 $ 603
109
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Variance with
Final Budget-
Positive
(Negative)
Impact fees/assessments $ 40,663 $ 41,058 $ 14,801 $ (26,257)
Investment income - 1,026 17,146 16,120
Miscellaneous - - 10,485 10,485
Total revenues 40,663 42,084 42,432 348
Expenditures:
Current:
General government 1,000 250 203 47
Debt service:
Principal retirement 14,670 22,700 22,700 -
Interest and fiscal charges 23,716 19,389 19,388 1
Total expenditures 39,386 42,339 42,291 48
Excess (Deficiency) of
Revenues Over Expenditures 1,277 (255) 141 396
Net Change in Fund Balance 1,277 (255) 141 396
Fund Balances -Beginning 1,264 1,264 1,264 -
Fund Balances -Ending $ 2,541 $ 1,009 $ 1,405 $ 396
Actual
Amounts
110
CITY OF WINTER SPRINGS, FLORIDA
CITY HALL EXPANSION DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Expenditures:
Debt service:
Interest and fiscal charges $ 150,000 $ - $ - $ -
Total expenditures 150,000 - - -
Deficiency of Revenues Over
Expenditures (150,000) - - -
Other Financing Sources
Transfers in 150,000 - - -
Net other financing sources 150,000 - - -
Net Change in Fund Balance - - - -
Fund Balances -Beginning - - - -
Fund Balances -Ending $ - $ - $ - $ -
111
CITY OF WINTER SPRINGS, FLORIDA
1999 CONSTRUCTION CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Intergovernmental
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay:
Physical environment
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ 200,000 $ - $ - $ -
30, 000 30, 000 123, 841 93, 841
- - 14, 228 14, 228
230, 000 30, 000 138, 069 108, 069
- 6,500 5,000 1,500
2,283,457 2,588,801 1,450,883 1,137,918
2,283,457 2,595,301 1,455,883 1,139,418
(2,053,457) (2,565,301) (1,317,814) 1,247,487
- 450, 000 450, 000
- 450, 000 450, 000
(2,053,457) (2,115,301) (867,814)
2,133,117 2,133,117 2,133,117
$ 79,660 $ 17,816 $ 1,265,303
Actual
Amounts
112
1,247,487
$ 1,247,487
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay:
Physical environment
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ 500 $ 500 $ 2, 029 $ 1, 529
500 500 2, 029 1, 529
38,185 38,185 1, 740 36, 445
38,185 38,185 1, 740 36, 445
(37,685) (37,685) 289 37,974
(37,685) (37,685) 289 37,974
38,206 38,206 38,206
$ 521 $ 521 $ 38,495
$ 37, 974
113
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Final Budget-
Positive
(Negative)
$ 30,000 $ 30,000 $ 52,603 $ 22,603
30,000 30,000 52,603 22,603
15, 000 35, 836 33, 819 2, 017
15, 000 35, 836 33, 819 2, 017
15,000 (5,836) 18,784 24,620
15,000 (5,836) 18,784 24,620
982,205 982,205 982,205
$ 997,205 $ 976,369 $ 1,000,989
Actual
Amounts
114
$ 24,620
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES EXPANSION CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Investment income $ - $ - $ 586 $ 586
Total revenues - - 586 586
Expenditures:
Capital Outlay:
General government 2,114,196 9,498 2,400 7,098
Total expenditures 2,114,196 9,498 2,400 7,098
Deficiency of Revenues Over
Expenditures (2,114,196) (9,498) (1,814) 7,684
Other Financing Sources
Note issued 2,100,000 - - -
Net other financing sources 2,100,000 - - -
Net Change in Fund Balance (14,196) (9,498) (1,814) 7,684
Fund Balances -Beginning 11,839 11,839 11,839 -
Fund Balances -Ending $ (2,357) $ 2,341 $ 10,025 $ 7,684
115
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II IMPROVEMENTS CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Capital Outlay:
General government
Total expenditures
Deficiency of Revenues Over
Expenditures
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
Variance with
Final Budget-
Positive
(Negative)
$ 3,000 $ 3,000 $ 17,697 $ 14,697
- 3,000 - (3,000)
3,000 6,000 17,697 11,697
320, 325 323, 325 153, 537 169, 788
320, 325 323, 325 153, 537 169, 788
(317,325) (317,325) (135,840) 181,485
(317,325) (317,325) (135,840) 181,485
398,694 398,694 398,694 -
$ 81,369 $ 81,369 $ 262,854 $ 181,485
Actual
Amounts
116
CITY OF WINTER SPRINGS, FLORIDA
HAZARD MITIGATION GRANT PROGRAM CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Capital Outlay:
General government
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
$ - $ 38,700 $ - $ (38,700)
- - 2,202 2,202
- 38,700 2,202 (36,498)
- 189, 052 58, 458 130, 594
189, 052 58, 458 130, 594
- (150,352) (56,256) 94,096
- 103,346 9,723 (93,623)
- (1,632) - 1,632
101,714 9,723 (91,991)
- (48,638) (46,533) 2,105
49,606
$ 49,606 $
49,606 49,606
968 $ 3, 073 $ 2,105
117
CITY OF WINTER SPRINGS, FLORIDA
SENIOR CENTER EXPANSION CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental $ 755,000 $ 849,708 $ 849,708 $ -
Investment income - 9,410 9,415 5
Total revenues 755,000 859,118 859,123 5
Expenditures:
Capital Outlay:
Culture and recreation 1,097,000 1,566,988 1,566,987 1
Total expenditures 1,097,000 1,566,988 1,566,987 1
Deficiency of Revenues Over
Expenditures (342,000) (707,870) (707,864) 6
Other Financing Sources
Transfers in 250,000 644,888 644,888 -
Net other financing sources 250,000 644,888 644,888 -
Net Change in Fund Balance (92,000) (62,982) (62,976) 6
Fund Balances -Beginning 62,985 62,985 62,985 -
Fund Balances -Ending $ (29,015) $ 3 $ 9 $ 6
118
CITY OF WINTER SPRINGS, FLORIDA
TROTWOOD PARK IMPROVEMENTS CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Capital Outlay:
Culture and recreation
Total expenditures
Deficiency of Revenues Over
Expenditures
Other Financing Sources
Transfers in
Net other financing sources
Net Change in Fund Balance
Fund Balances -Beginning
Fund Balances -Ending
Budgeted Amounts
Original Final
$ 200,000 $
200, 000
Variance with
Final Budget-
Positive
(Negative)
- $ - $ -
- 4,618 4,618
4,618 4,618
500,000 67,300 57,878 9,422
500, 000 67, 300 57, 878 9, 422
(300,000) (67,300) (53,260)
300, 000 67, 300 67, 300
300, 000 67, 300 67, 300
- - 14, 040
$ - $
Actual
Amounts
119
14, 040
14, 040
- $ 14, 040 $ 14, 040
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2007
Budgeted Amounts
Original Final
Variance With
Final Budget-
Positive
(Negative)
Revenues:
Investment income $ 10,000 $ 10,000 $ 82,182 $ 72,182
Total revenues 10,000 10,000 82,182 72,182
Expenditures:
Current:
General government - 60,028 10,027 50,001
Capital outlay:
General government 2,538,694 2,858,330 2,166,574 691,756
Total expenditures 2,538,694 2,918,358 2,176,601 741,757
Deficiency of Revenues Over
Expenditures (2,528,694) (2,908,358) (2,094,419) 813,939
Other Financing Sources
Transfers in 900,000 900,000 900,000 -
Net other financing sources 900,000 900,000 900,000 -
Net Change in Fund Balance (1,628,694) (2,008,358) (1,194,419) 813,939
Fund Balances -Beginning 2,153,137 2,153,137 2,153,137 -
Fund Balances -Ending $ 524,443 $ 144,779 $ 958,718 $ 813,939
Actual
Amounts
120
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CAPITAL ASSETS USED IN THE
OPERATION OF GOVERNMENTAL FUNDS
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
For The Year Ended September 30, 2007
Prior
Year
Culture Function
General Public Physical And Not
Government Safety Environment Recreation Available Total
Land $ - $ - $ 369,941 $ 3,682,379 $ 5,796,396 $ 9,848,716
Buildings 1,827,348 3,200,246 4,791,543 395,824 - 10,214,961
Improvements 32,989 185,104 3,347,550 7,640,036 - 11,205,679
Machinery & equipment 1,736,194 4,780,151 1,223,501 1,031,099 - 8,770,945
Infrastructure - - 45,706,170 - - 45,706,170
Construction in
progress 6,681 - 3,628,520 1,543,264 - 5,178,465
Total $ 3,603,212 $ 8,165,501 $ 59,067,225 $ 14,292,602 $ 5,796,396 $ 90,924,936
Deletions
Balance and Balance
9/30/06 Additions Transfers 9/30/07
General Government $ 3,372,807 $ 265,626 $ 35,221 $ 3,603,212
Public Safety 7,768,499 672,798 275,796 8,165,501
Physical Environment 51,705,344 14,603,833 7,241,952 59,067,225
Culture & Recreation 12,702,434 1,655,536 65,368 14,292,602
Prior year -function not
available 5,796,396 - - 5,796,396
Total $ 81,345,480 $ 17,197,793 $ 7,618,337 $ 90,924,936
121
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STATISTICAL SECTION
The statistical schedules differ from other financial statement presentations because they generally
disclose more than one fiscal year and may present non-accounting data, such as social and
economic data and financial trends of the City.
This page intentionally left blank.
STATISTICAL SECTION
LIST OF SCHEDULES
Net Assets by Component
Changes in Net Assets
Governmental Activities Tax Revenues by Source
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Assessed Value and Estimated Actual Value of Taxable Property
Property Tax Rates, Direct and Overlapping Governments
Special Assessment Billings and Collections
Principal Property Taxpayers
Property Tax Levies and Collections
Legal Debt Margin
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
Ratio of Outstanding Debt by Type
Direct and Overlapping Governmental Activities Debt
Pledged-Revenue Coverage
Demographic and Economic Statistics
Principal Employers
Full-time Equivalent City Government Employees by Function
Operating Indicators by Function
Capital Asset Statistics by Function
This page intentionally left blank.
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CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year Property Tax Franchise Tax Utility Tax Total
1998 $ 2,966 $ 1,064 $ 1,677 $ 5,707
1999 3,101 1,086 1,733 5,920
2000 3,324 1,402 2,074 6,800
2001 3,626 1,587 2,493 7,706
2002 4,278 1,595 3,403 9,276
2003 5,057 1,304 3,461 9,822
2004 5,653 1,360 3,447 10,460
2005 6,198 1,480 3,504 11,182
2006 7,383 1,919 3,832 13,134
2007 8,265 1,921 3,920 14,106
Taxes included in Unrestricted Intergovernmental Revenues
State Revenue
Fiscal Year Sales Tax Sharing Other Total
1998 $ 1,612 $ 601 $ 23 $ 2,236
1999 1,780 583 49 2,412
2000 1,908 647 86 2,641
2001 1,919 681 86 2,686
2002 2,128 691 131 2,950
2003 2,134 764 136 3,034
2004 2,258 843 142 3,243
2005 2,447 1,076 158 3,681
2006 2,701 1,123 147 3,971
2007 2,443 1,108 201 3,752
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX RATES
DIRECT AND OVERLAP PING' GOVERNME NTS
Last Ten Fiscal Years 2
Overlapping Rates
St. John's
Winter Springs Seminole County School District Water
Debt Debt Total Debt Total Manage- Total Direct
Fiscal Operating Service Total City Operating Service County Operating Service School ment & Overlap-
Year Millage Millage Millage Millage Millage Millage Millage Millage Millage District ping Rates
1998 3.6000 0.0000 3.6000 5.1638 0.1987 5.3625 9.1560 0.8800 10.0360 0.4820 19.4805
1999 3.5495 0.0000 3.5495 5.1579 0.1234 5.2813 9.1020 0.8160 9.9180 0.4820 19.2308
2000 3.5495 0.0000 3.5495 4.9989 0.1170 5.1159 8.7850 0.7560 9.5410 0.4820 18.6884
2001 3.5400 0.0000 3.5400 4.9989 0.1083 5.1072 8.6550 0.6900 9.3450 0.4720 18.4642
2002 3.7708 0.0000 3.7708 4.9989 0.2208 5.2197 8.5230 0.6390 9.1620 0.4620 18.6145
2003 4.1658 0.0000 4.1658 4.9989 0.2086 5.2075 8.4790 0.5210 9.0000 0.4620 18.8353
2004 4.3000 0.2500 4.5500 4.9989 0.1910 5.1899 8.2410 0.4950 8.7360 0.4620 18.9379
2005 4.3000 0.2500 4.5500 4.9989 0.1721 5.1710 8.1270 0.3850 8.5120 0.4620 18.6950
2006 4.6126 0.1374 4.7500 4.9989 0.2041 5.2030 7.9650 0.0000 7.9650 0.4620 18.3800
2007 4.2919 0.1100 4.4019 4.9989 0.1451 5.1440 7.7530 0.0000 7.7530 0.4620 17.7609
Note
Source: Seminole County Tax Collector (www.seminoletax.org)
Overlapping rates are those of local and county governments that apply to property owners within the City of W nter Springs.
z Taxes levied for the fiscal year are based on the prior year taxable value.
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CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2007
(amounts expressed in thousands)
2007 1998
Taxable
Assessed
Taxpayer Value
Laurel Oaks LLC $ 34,605
Courtney Springs LP 20,851
Florida Power Corporation 18,519
Tuskawilla Associates LLC 17,703
United Dominion Realty Trust 10,570
LTO Kays Spring LLC 9,328
Main Street Associates LLC 9,137
Levitt & Sons of Seminole County 8,712
McGaba LLC 5,505
Intervest Condos of Orlando 5,164
Golf Terrace, LTD -
Hacienda Village Co-op Inc. -
Seville Chase Development LTD -
DR Horton, Inc. -
Time Warner Entertainment -
Morrison Homes of Florida, Inc. -
Florida Country Clubs, Inc. -
Southern Bell Telephone -
Totals $ 140,094
Percentage Percentage
of Total of Total
Taxable Taxable Taxable
Assessed Assessed Assessed
Rank Value Value Rank Value
1 1.73% $ - -
2 1.04% - -
3 0.92% 8,241 2 0.96%
4 0.88% - -
5 0.53% 6,438 3 0.75%
6 0.47% - -
7 0.46% - -
8 0.43% - -
9 0.27% - -
10 0.26% - -
- 10,964 1 1.28%
- 4,994 4 0.58%
- 4,578 5 0.54%
- 3, 465 6 0.41
- 3,219 7 0.38%
- 2,580 8 0.30%
- 2,422 9 0.28%
- 2,390 10 0.28%
6.99% $ 49,291 5.76%
Source: Seminole County Property Appraiser (www.scpafl.org)
131
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Collected within the Fiscal Year of the
Levy Total Collect ions to Date
Fiscal Year Collections in
Ended Total Tax Levy Percentage of Subsequent Percentage of
September 30, for Fiscal Year ~ Amount z Levy Years Amount Levy
1998 $ 3,074,799 $ 2,960,328 96.28% $ 7,678 $ 2,968,006 96.53%
1999 3,215,932 3,097,939 96.33% 25,225 3,123,164 97.12%
2000 3,453,596 3,333,199 96.51% 2,817 3,336,016 96.60%
2001 3,771,445 3,618,281 95.94% 7,288 3,625,569 96.13%
2002 4,467,419 4,324,807 96.81 % 7,277 4,332,084 96.97%
2003 5,277,940 5,048,670 95.66% 9,160 5,057,830 95.83%
2004 6,215,233 a 5,982,716 96.26% 7,284 5,990,000 96.38%
2005 6,748,179 a 6,546,002 97.00% 11,385 6,557,387 97.17%
2006 7,890,100 a 7,591,158 96.21 % 12,189 7,603,347 96.37%
2007 8,820,491 a 8,475,408 96.09% 2,214 8,477,622 96.11
Note
~ Gross taxes before discount of 1 % - 4%, depending on month paid; Source: Seminole County
Property Appraiser (www.scpafl.org)
z Source: Seminole County Tax Collector (www.seminoletax.org)
a Includes voted debt service not to exceed .25 mills for Central Wnds General Obligation Debt
132
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2007
Neither the City of Winter Springs Charter or Code, nor the Florida State Statutes limits the amount of debt the
City of Winter Springs can issue.
133
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
BONDED DEBT PER CAPITA
Last Ten Fiscal Years
iscal
Year
opulation'
ssessed
Value z
Gross
Bonded
Debts
ess Debt
Service Fund a
Net
Bonded
Debt Ratio of Net
Bonded
Debt to
Assessed
Value
Net Bonded
Debt per
Capita
1998 28,404 $ 854,119,000 $ - $ - $ - 0.000°k $ -
1999 29,220 906,033,000 - - - 0.000°k -
2000 30,860 972,981,000 - - - 0.000°k -
2001 31,666 1,065,390,000 - - - 0.000°k -
2002 32,082 1,184,740,000 3,400,000 23,275 3,376,725 0.285°k 105
2003 32,572 1,266,969,000 3,335,000 24,260 3,310,740 0.261°k 102
2004 32,955 1,365,985,000 3,270,000 53,373 3,216,627 0.235°k 98
2005 33,321 1,483,116,250 3,205,000 46,967 3,158,033 0.213°k 95
2006 34,621 1,661,074,000 3,140,000 51,743 3,088,257 0.186°k 89
2007 34,899 2,003,805,968 3,070,000 47,572 3,022,428 0.151 °k 87
Note
Source: East Central Florida Regional Planning Council or University of Florida Bureau of Economic and Business
Research; Fiscal Year 2007 from Metro Orlando Economic Development Commission (www.orlandoedc.com).
z Source: The Assessed and Estimated Value of Taxable Property table in this section
s Amount does not include special assessment bonds and revenue bonds
a Amount available for repayment of limited general obligation bonds, which were issued
in 2002
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CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2007
(amounts expressed in thousands)
Governmental Unit
Overlapping Debt:
Seminole County General Obligation Debt
Subtotal, overlapping debt
Direct Debt:
City of Winter Springs General Obligation Debt z
Estimated
Estimated Share of
Percentage Overlapping
Debt Outstanding Applicable ~ Debt
$ 23,415
3,070
Total direct and overlapping debt
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
$ 26,485
6.74% $ 1,578
100% 3,070
$ 4, 648
~ Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
z The City of Winter Springs has a "limited" general obligation bond that is being repaid through a levy not to
exceed one quarter of one mill on all taxable property in the City.
136
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CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Personal Education
Income Level in
(amounts Per Capita Years of
expressed in Personal Median Formal School Unemploy-
Fiscal Year Population ~ thousands) Income ~ Age ~ Schooling ~ Enrollment z ment Rate a
1998 28,404 5,967 2.6%
1999 29,220 5,711 2.9%
2000 30,860 785,726 25,461 37.2 13.68 5,776 2.6%
2001 31,666 6,421 3.6%
2002 32,082 6,508 5.0%
2003 32,572 7,413 4.5%
2004 32,955 7,476 4.3%
2005 33,321 7,492 3.5%
2006 34,621 979,428 28,290 39.3 13.97 7,342 3.0%
2007 34, 899 971, 623 27, 841 39.8 13.93 7,115 4.0%
Data not available
Note
~ Source: Metro Orlando Economic Development Commission (www.orlandoedc.com)
z Source: Seminole County Public Schools
a Source: US Department of Labor, Bureau of Labor Statistics (data.bls.gov)
138
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2007 ~ 1998 z
Employer Employees
Seminole County School Board 1,604
City of Winter Springs 294
Dearborn Electronics 140
Publix (Winter Springs Town Center) 134
Modern Plumbing 102
Tuscawilla Country Club 100
United States Post Office 49
Dittmer Architectural Aluminum 45
The Grove Counseling Center 40
Longwood Kia/Mitsubishi 40
Percentage Percentage
of Total City of Total City
Rank Employment Employees Rank Employment
1 30.85%
2 5.65%
3 2.69%
4 2.58%
5 1.96%
6 1.92%
7 0.94%
8 0.87%
9 0.77%
10 0.77%
Total 2,548
49.00%
Source: Annual Business Survey by City of Winter Springs with some extrapolations.
Note
~ The City of Winter Springs has an estimated daytime working population of
5,200 with approximately 650 business establishments as of 9/30/2007.
z Information is not available.
139
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full-time Equivalent Employees as of September 30,
Function 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Development Services' 6 6 6 6 6 8 8 10 10 10
General Government 31 32 35 36 38 36 37 41 44 44
Public Safety:
Police
Sworn Officers 54 54 54 54 59 59 64 64 70 70
Non sworn officers - - - - - - - - - -
Civiliansz 18 18 20 20 20 20 20 20 20 20
Fire
Firefighters and officers 38 38 38 38 41 49 50 50 51 51
Civilians 1 1 1 1 1 1 2 2 2 2
Public Works 20 21 22 21 22 21 23 23 21 21
Culture and Recreation 19 20 20 20 19 20 21 22 22 22
Utilities 33 33 34 35 36 35 40 42 42 43
Stormwater 4 4 5 5 6 7 7 7 9 9
Total 224 227 235 236 248 256 272 281 291 292
Part-time Employees 25 22 24 24 23
Part-time FTEs s 11.09 12.42 14.53
Note
Data not available
1 Prior to fiscal year 2003, Development Services was included in Governmental activities: Public Safety: Community Development -Building.
2 Police civilians include emergency communications center operations personnel.
3 FTEs -Full-time Equivalents; this statistic replaces part-time employee count.
140
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This page intentionally left blank.
REPORTS ON INTERNAL CONTROL AND COMPLIANCE
This page intentionally left blank.
MCDIRMIT /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND
ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUD/TING STANDARDS
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the financial statements of City of Winter Springs, Florida, as of and for the
year ended September 30, 2007, and have issued our report thereon dated March 20, 2008.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial
reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow
management of employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A significant deficiency is a control
deficiency, or combination of control deficiencies, that adversely affects the City's ability to
initiate, authorize, record, process, or report financial data reliably in accordance with
generally accepted accounting principles such that there is more than a remote likelihood
that a misstatement of the City's financial statements that is more than inconsequential will
not be prevented or detected by the City's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies,
that results in more than a remote likelihood that a material misstatement of the financial
statements will not be prevented or detected by the City's internal control.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and would not necessarily identify all
deficiencies in internal control that might be significant deficiencies and accordingly would
not necessarily disclose all significant deficiencies that are also considered to be material
weaknesses. We did not identify any deficiencies in internal control over financial reporting
that we consider to be material weaknesses, as defined above.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET, SUITE 63$ • ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406 • FAx 407-649-9339 • EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION • AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
143
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements, 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 or other matters that are required to be reported under
Government Auditing Standards.
This report is intended solely for the information and use of management, the City
Commission 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.
~Qi~nitlkw~ ~ cemQau~ cc~
March 20, 2008
144
~ `~ ~
CERTi~'IIaD PUBLIC ACCOUNTANTS AND ADVIS{)R5
MANAGEMENT LETTER
Honorable Mayor and City Commissioners
Cify of Winfer Springs, Florida
We have audited the financial statements of the City of Winter Springs, Florida, as of and for the
fiscal year ended September 30, 2007, and have issued our report thereon dated March 20,
21108.
We conducted our audit in accordance with United States generally accepted auditing standards;
the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States. We have issued our Report on Internal Control
over Financial Reporting and on Compliance and d#her Matters. Disclosures in that report, which
is dated March 20, 2008 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 90.55(},
Rules of the Auditor General, which govern the conduct of focal governmental entity audits
performed in the State of Florida, and unless otherwise required to be reported. in the report on
compliance and internal centrals, this letter is required to include the following information.
• Section 10.554(1}(i)1., Rules of the Auditor General, requires that we determine whether
ar not corrective actions have been taken to address significant findings and
recommendations made in the preceding annual financial audit report. Corrective action
has been taken on the one comment relating to bond compliance made in the preceding
annual financial audit report.
• Section 10.554(1){i)2., Rules of the Auditor General, requires our audit to include a
review of the provisions of Section 218.415, Florida Statutes, regarding the investment
of public funds. In connection with our audit, we determined that the City of Winfer
Springs, Florida complied with Section 298.415, Florida Statutes.
• Section 90.554(1)(1)3., Rules of the Auditor General, requires that we address in the
management letter any findings and recommendations to improve financial
management, accounting procedures, and internal controls. In connection with our
audit, we have no current year comments.
• Section 10.554(1}{i}4., Rules of the Auditor General, requires that we address violations
of provisions of contracts and grant agreements or abuse that have an effect on the
financial statements that is less than material but mare than inconsequential. In
cnnnectinn with our audit, we did not have any such findings.
MCDIRMIT DAMS ~i COM~'ANY, LLC
605 E. rtOBiNSON STtt~~x, Sv~xe 635 ° ORLANdO, r:LdRIDA 32$0 t
Trz,rr~~oN~ 407-843-54{16 ° FAx 407-649-9339 ° EMAIL: r~~o@~cn~~z~rrr~nv~s.coM
M€:~nr:~s: P2€~nrs Ca~nrn~rss P.nnCr€CE SECrcON • A~raiCnN In°°sr€ruTa Or- Crgr€r--€r;D 1'u€;~,€c Accou~~:~~rs • Fi.og€un [NST€rur(; Or Cr€rr€r€r[~ Pus[,€C Accourrnvrs
~~~
Section 9(3.554(1}(i}~., Rules of the Auditor General, requires based on professional
judgement, the reporting of the fallowing matters that are inconsequential to the financial
statements, considering both quantitative and qualitative factors: (1) violations of laws,
rules, regulations, and contractual provisions or abuse that have occurred, or were likely
to have occurred, and would have an immaterial effect on the financial statements; (2)
improper expenditures or illegal acts that would have an immaterial effect on the
financial statements; and (3) control deficiencies that are not significant deficiencies,
including, but not limited to; (a) improper nr inadequate accounting procedures (e.g., the
omission of required disclosures from the financial statements); (b) failures to properly
record financial transactions; and (c) other inaccuracies, shortages, defalcations, and
instances of fraud discovered by, or that came to the attention of, the auditor. In
connection with our audit, we did not have any such findings.
Section 10.554(1}(i)6., Rules of the Auditor General, requires that the name or official
title and legal authority for the primary government and each component unit of the
reporting entity be disclosed in this managemenfi lefiter, unless disclosed in the notes to
the financial statements. This information has been disclosed in the notes to the
financial statements.
Section 9 p.554(1)(i)7.a., Rules of the Auditor General, requires a statement be included
as to whether or not 'the loco! governmental entity has met one or more of the conditions
described in Section 218.503(1 }, Florida Statutes, and identification of the specific
condition(s) met. In connection with our audit, we determined that the City of Winfer
Springs, Florida did not meet any of the conditions described in Section 218.503(1),
Fiorida Statutes.
Section 10.554(1)(i)7.b., Rules of the Auditor General, requires that we determine
whether the annual financial repar# for the Cify of Winter Springs, Florida for the fiscal
year ended September 30, 2007, filed with the 1~larida Department of Financial Services
pursuant to Section 218.32(1)(x), Florida Statutes, is in agreement with the annual
financial audit report for the fiscal year ended September 30, 2007. We determined that
these two reports are in agreement.
Sections 10.554(1)(i)7.c. and 10.556(7), Rules of the Auditor General, require that we
apply financial condition assessment procedures. In connection with our audit, we
applied financial condition assessment procedures. It is management's responsibility to
monitor the entity's financial condition, and our financial condition assessment was
based in part on representations made by management and the review of financial
information provided by same.
This management letter is intended solely for the information of the Cify of Winter Springs,
Florida and management, and the Florida Auditar General, and is not intended to be and should
not be used by anyone other than these specified parties.
~l~~mct ~ ~ C~rn~o PLC
March 20, 2008
146
,~
F
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 20, 2008
AFFIDAVIT OF IMPACT FEE COMPLIANCE
Impact Fees are assessed in accordance with Chapter 9: Land Development, Article VIII Impact Fees, of the
City of Winter Springs Code of Ordinances. Impact fee collections, expenditures and accounting are provided
for in separate accounting funds and comply with Florida Statute 163.31801.
Michelle Greco
Finance Director
147
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1
CITY OF WINTER SPRINGS
AUDITOR
PRESENTATION
YEAR ENDED 9/30/07
HIGHLIGHTS
• Certificate of Achievement for 2006 report
• Independent Auditor's Report unqualified
• Report on Internal Control and Compliance
states that City is in compliance with laws,
regulations, contracts, and grants.
• Management letter states that prior year
recommendation was followed and that there
are no current year comments.
2
MD&A
• City's assets exceeded liabilities by $87,810,952
• 57% is investment in capital assets
• Investment in capital assets increased $9 million, or
22%, due to capital projects discussed on page 6
• Debt decreased $1.3 million
• Increase in net assets for business-type activities for
2007 was only $205,432 compared to $2,264,454 in
2006 due in part to lower Water and Sewer user
revenues in 2007.
3
MD&A
• Increase in net assets of governmental funds
for 2007 was $9.5 million in 2007 compared
to $8 million in 2006.
• Some of this increase is due to lower than
anticipated expenditures in the General Fund
• General government expenditures were less
than budget by $1.2 million and other
departments were also under budget. Detail
is on pages 14 and 15.
4
FINANCIAL CONDITION
• Auditor General requires financial condition
assessment procedures
• AG financial indicators look at trends in the City as
well as compare to other cities
• Winter Springs has 1 unfavorable ratio out of 19 total
• This relates to decline in ratio of cash and
investments to current liabilities in governmental
funds. This was caused by $3 million increase in
deferred revenue for LOGT from county.
5