HomeMy WebLinkAbout2000 09 11 Regular B Comprehensive Annual Financial Report
COMMISSION AGENDA
ITEM B
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
September 11, 2000
Meeting
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MGR.,z..Y\ IDEPT ~
Authorization
REQUEST:
The Finance Department is requesting City Commission acceptance of the Comprehensive
Annual Financial Report (CAFR) for the fiscal year ended September 30, 1999.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30, 1999.
CONSIDERATIONS:
The CAFR is prepared to give the City Commission and the citizens a greater understanding of
the City's financial standing than can be obtained through the financial statements alone and to
more accurately reflect Budget vs. Actual expenses in the Financial Statements.
RECOMMENDATION:
Acceptance of the CAFR for the fiscal year ended 9/30/99 by the City Commission.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/99 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
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CITY OF WINTER SPRINGS,
FLORIDA
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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
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FOR THE YEAR ENDED SEPTEMBER 30, 1999
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1999
TABLE OF CONTENTS
Page
IN'IRODUCTb'rf .
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LETTER OF TRANSMITTAL
LIST OF PRINCIPAL OFFICIALS
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ORGANIZATIONAL CHART
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CERTIFICATE OF ACHIEVEMENT
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'f;=INANCIA[ SECTIONil' ' < -
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INDEPENDENT AUDITORS' REPORT
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GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and Account Groups
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Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - All Governmental Fund Types
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Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - All Governmental Fund Types
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Statement of Revenues, Expenses, and Changes in Retained Earnings -
Proprietary Fund Type
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Statement of Cash Flows - Proprietary Fund Type
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Notes to Financial Statements
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COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES:
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Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Budget and Actual
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1999
TABLE OF CONTENTS
Page
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual
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Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual
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Schedule of Expenditures - General Fund - Budget and Actual
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Schedule of Revenues and Expenses - Budget and Actual -
Enterprise Fund - Water and Sewer Utility - Operating Account
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Schedule of Supplemental Cash Flows - Enterprise Fund -
Water and Sewer Utility
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S1;~TI$in~~'~..~E:CTIQt~,:.!,;[;\;:1;:F.;,.
TABLE 1 - GENERAL GOVERNMENT EXPENDITURES BY FUNCTION
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TABLE 2 - GENERAL GOVERNMENT REVENUES BY SOURCE
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TABLE 3 - PROPERTY TAX LEVIES AND COLLECTIONS
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TABLE 4 - ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
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TABLE 5 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
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TABLE 6 - COMPUTATION OF DIRECT AND OVERLAPPING DEBT
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TABLE 7 - REVENUE BOND COVERAGE - WATER AND SEWER REVENUE BONDS
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1999
TABLE OF CONTENTS
Page
TABLE 8 - DEMOGRAPHIC STATISTICS
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TABLE 9 - PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
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TABLE 10 - PRINCIPAL TAXPAYERS
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TABLE 11 - MISCELLANEOUS STATISTICS
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O;TfI~R:Ri;P:~t{!$.;: ~,::';T~;: [' "h:iil
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE
AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
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INDEPENDENT AUDITORS' MANAGEMENT LEITER
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
Ronald W. McLemore
City Manager
August 25, 2000
Honorable Mayor, Members of the City Commission,
And the Citizens of the City of Winter Springs, Florida
Submitted herein is the comprehensive annual financial report of the City of Winter
Springs, Florida (City) for the fiscal year ended September 30, 1999. Responsibility for
both the accuracy of the data, and the completeness and fairness of the presentation,
including all disclosures, rests with the City. To the best of our knowledge and belief, the
enclosed data are accurate in all material respects and are reported in a manner
designed to present fairly the financial position and results of operations of the various
funds and account groups of the City. All disclosures necessary to enable the reader to
gain an understanding of the City's financial activities have been included.
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The comprehensive annual financial report has been prepared in accordance with
guidelines established by the Governmental Accounting Standards Board (GAS B) and
the Government Finance Officers Association (GFOA). The report is presented in four
sections as follows:
1. An Introductory Section, which is unaudited, including the City
Manager's and Finance Director's letter of transmittal, an organizational
chart and a list of the City's principal elected and appointed officials;
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A Financial Section, including the financial statements and
supplemental data of the City accompanied by our independent auditors'
report;
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A Statistical Section, which is unaudited, including a selection of
data depicting the financial history of the City on a multi-year basis,
information on overlapping governments, and demographic and
miscellaneous information;
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An Other Reports Section, including the independent auditors'
report on compliance and internal control over financial reporting and the
independent auditors' management letter.
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This report includes all funds and account groups of the City. The City provides a full
range of services including police and fire protection; utility services; the construction
and maintenance of highways, streets and infrastructures; recreational activities and
planning and community development.
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ECONOMIC CONDITION AND OUTLOOK
The City, incorporated in 1959, is located in Seminole County, which is a part of the
greater Orlando metropolitan area in East Central Florida. This area is one of the fastest
growing areas in the country. The City is primarily a retail, office and residential area
with a small amount of light industry and commercial business. The City currently has a
land area of 14.6 square miles and a population of 29,220. 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.
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The City's total assessed valuation for real and personal property increased 8.4% from
the prior year and almost 58% since 1991. This increase in valuatiDns resulted in an
increased tax levy of $141,133 over last year and $1,145,386 since 1991. The City's
pDpulation continues to strongly increase, adding 816 citizens or an increase of 2.87%
during 1999. The population has increased 32% from that of ten years ago. As
indicated by these factors, the City currently enjoys a favorable economic environment
and local indicators still point to a continued trend of increased growth. This increased
growth helps the City to maintain a moderate property tax rate, which was at 3.5495
mills during 1999. The City's millage rate has continued its decreasing trend since 1994.
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The City has developed a comprehensive plan, which incorporates many measures to
attract new growth. The City is interested in attracting and nurturing new growth while at
the same time preserving the physical amenities and quality of life. Since the City is
linked to a multi-lane restricted access road system (the "Greene Way"), it offers its
citizens the advantages of suburban lifestyles and easy access to centralized business
areas and tourist attractions throughout the metropolitan Orlando area. The Greene
Way stimulates the outflow of businesses to suburban areas, enhancing the City's
economic development.
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MAJOR INITIATIVES
The City staff has once again been involved in a variety of projects throughout the year,
which indicates the City's desire to make Winter Springs a community in which its
citizens desire to live, work and play. Significant projects include the following:
The City continued with its upgrades to the Commission Chambers audio/visual system
during 1999. The camera, which enables the citizens of Winter Springs to view the
various documents presented to the Commission, was updated allowing for an even
clearer picture of documents. In addition, the system was updated to accommodate the
use of a laptop.
The City has also made progress on its five-year plan to upgrade its data processing
equipment. During the year, upgrades were made to the server equipment, personal
computers and network equipment as necessary including those upgrades necessary for
Y2K compliance.
The City Hall network was completed as part of its five-year plan. Specifically, all City
Hall computers were networked; the Police Department, Fire Department and Public
Works Department networks, which were three separate networks, were made into one
large network and connected via fiber optic cabling; and the City installed routers and
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enabled e-mail capabilities. These improvements allow City employees to communicate
and work more effectively and efficiently.
The Police Department installed a new Computed Aided Dispatch and Records
Management System. The software package includes an integrated record keeping
module for administration, training, vehicle maintenance, property and evidence. The
system is much faster and allows for a broader search of statistical information. The
modular approach allows for future expansion as our City and our needs grow.
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The City's medical transport program, provided by the Fire Department, is continuing to
be a successful program, providing excellent care at a reasonable rate for it's citizens.
The Fire Department provides this transportation at a flat rate of $185 for residents, as
opposed to the privatized base rate of $325. The Fire Department has transported over
2,991 citizens at savings of over $418,740 to the community since initiation of the
program in January 1996. The transport service is still fully funded by user fees,
requiring no financial support from general taxation. During FY 99, the City's Fire
Department replaced a light duty transport vehicle with a medium duty transport vehicle
at a cost of $135,000, funded entirely by the medical transport fee funds.
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The Water and Sewer Utility completed numerous capital improvement projects
including: interconnecting the East and West reclaimed water systems, obtaining EPA
approval of a risk management plan for gas chlorine storage, extending water and sewer
to the Belle Avenue commercial/industrial district, master planning the water and sewer
extensions for the Town Center, replacing and increasing the capacity of the aerator at
Water Treatment Plant #2, and installing a new 10" water line on Panama Road to loop
the system and provide service to new customers.
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A rate study of the water, sewer, reclaimed, and stormwater fees and charges started in
April and will be finished in FY 2000. The study will determine if current rates are
sufficient to meet projected operational and capital needs. The City generated a 20-year
Capital Improvements Plan of all conceivable projects as an aid for projections.
Funds from the Transportation Impact Fee Fund were used to construct drainage and
paving improvements to Panama Road and also to perform intersection improvements at
Hayes Road and S.R. 434. These improvements addressed traffic circulation and
accessibility problems in the collector road system. Transportation Improvement Fund
projects completed this year included bringing the diesel and gasoline fuel containment
piping at City Hall into compliance and investing over $100,000 in resurfacing existing
streets.
A traffic calming program was initiated with the installation of 11 median diverters and
traffic circles on various City streets. The assDciated landscaping and architectural
features has improved the aesthetics in the neighborhoods and acted as a deterrent to
cut though traffic. We will continue monitoring the success of this program to identify
other potential neighborhood streets, which could benefit from the installation of these
devices.
A beautification of S.R. 434 was initiated with the notification from FDOT of the award of
a "Florida Highway Beautiful" grant for installing landscaping and irrigation in the
medians. The matching grant pays for all materials with the City providing in kind labor.
The 18-month project was completed in February 2000.
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FUTURE PROJECTS
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The City is constantly implementing many projects whose ultimate goals are to provide
our citizens with benefits. During 1999, the City issued $7,998,970 in Improvement
Refunding Revenue Bonds to fund projects such as the 434 Beautification Project, Town
Center Trail Park Development, Park Improvements, the Urban Rehabilitation Fund,
Town Center Planning and Design Reimbursement and the Traffic Calming Project.
Listed below are some new projects, which have been started by the City, as well as a
few that are planned.
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Community Development
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. Town Center - During FY 1999, the City was still in the formative stage of designing
a new 230-acre Town Center along State Road 434 at Tuskawilla Road. The Town
Center is expected to attract commercial, office, and residential and public uses.
Sites have been identified as possible locations for a new City Hall, library, and hotel
and convention center. The Town Center will be a public/private partnership, with
the public sector providing the infrastructure and the private sector constructing and
marketing the project. Many developers have expressed an interest in working with
the City on this project.
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. Moss Cove Redevelopment Project - The City CommissiDn and the Wyman Fields
Foundation have entered into a partnership arrangement to acquire and rehabilitate
232 apartments/tDwnhouses in and around Rhoden Lane, LoriAnn Lane and Cory
Lane. Once rehabilitated inside and out, the units will be sold as condominiums.
The partnership is utilizing grants and funds from the Community Development Block
Grant program and the State Housing Initiative Program. Financing has been
arranged through Peoples First Community Bank.
Parks and Recreation
. Park Improvements - The $2.2 million park improvement plan is well underway. The
plan includes improvements at Central Winds Park, Grizzly Field, Moss Park, Sam
Smith Park, Sunshine Park, Torcaso Park, Trotwood Park, and Winding Hollow Park.
Improvements include pavilions, tot and youth playground equipment, nature trails,
restrooms, concession stand, ballfield upgrades, landscaping, signage, handicap
access, and parking improvements. Park Improvements are scheduled to be
completed during FY 2000.
Utility Department
. The Utility Department has a number of projects they plan to complete in the next
fiscal year as well as a number of projects they anticipate will begin. A synopsis of
the projects is as follows: completion and implementation of the utility and
stormwater rate study, wastewater plant blower replacement, lift station telemetry,
Tuskawilla Road water main interconnection, adding 600 customers to th~ reclaimed
water system, Town Center infrastructure design, new traffic signals and road
resurfacing.
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FINANCIAL INFORMATION
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Management of the City is responsible for establishing and maintaining an internal
control structure designed to ensure that the assets of the government are protected
from loss, theft or misuse and to ensure that adequate accounting data are compiled to
allow for the preparation of financial statements in conformity with generally accepted
accounting principles. The internal control structure is designed to provide reasonable,
but not absolute, assurance that these objectives are met. The concept of reasonable
assurance recognizes that the cost of a control should not exceed the benefits likely to
be derived, and that the valuation of costs and benefits requires estimates and
judgments by management.
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In addition, the City maintains extensive budgetary controls. The objective of these
controls is to ensure compliance with legal provisions embodied in the annual
appropriated budget approved by the City Commission. Activities of the general fund,
special revenue funds, debt service funds, capital project funds and the enterprise fund
are included in the annual appropriated budget. Budgets for governmental fund types
are prepared on a basis that are consistent with generally accepted accounting
principles. The legal level of budgetary control (that is, the level at which expenditures
cannot legally exceed the appropriated amount) is established at the fund level. The
government also maintains an encumbrance accounting system as one method of
maintaining budgetary control.
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As demonstrated by the statements and schedules included in the financial section of
this report, the City continues to meet its responsibility for sound financial management.
General Government Functions and General Fund Balance
The following schedule presents a summary of general fund, special revenue funds,
capital project funds and debt service funds revenues for the years September 30, 1999
and 1998.
Revenues and Amount of Percent of
Other Financing 1999 Percent 1998 Increase Increase
Sources Amount of Total Amount (Decrease) (Decrease)
Taxes $6,298,975 23.7 $5,967,375 $331,768 3.0
Licenses and
permits 1,762,848 6.6 943,220 819,786 7.4
Intergovernmental 2,918,244 11.0 2,583,849 334,395 3.0
Charges for
Services 914,748 3.4 742,766 171,982 1.6
Fines 249,206 .9 183,714 65,492 .6
Interest 383,955 1.4 447,343 (63,371 ) (.5)
Miscellaneous 927,367 3.5 737,539 189,828 1.7
Operating
transfers in 5,082,709 19.1 3,925,725 1,156,984 10.5
Proceeds from
bond issuance 7.999.608 30.4 - 7.999.608 72.7
Total $26.537.660 100.0 $15.531.531 $11.006.472 100.0
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The largest dollar-value and percentage increase in recurring revenues came from
licenses and permits. Revenues from licenses and permits increased 7.4% as a result of
our City's growth. The largest dollar-value and percentage increase in non-recurring
revenues came from the proceeds of the 1999 Bond Issue as discussed in the Future
Projects section.
The following schedule presents a summary of general fund, special revenue fund, debt
service fund, and capital projects fund expenditures for the fiscal years ended
September 30, 1999 and 1998:
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Expenditures and Amount of Percent of
Other Financing Percent Increase Increase
Uses 1999 Amount of Total 1998 Amount (Decrease) (Decrease)
General
government $2,726,281 12.7 $2,591,811 $134,774 2.9
Public safety 5,355,195 24.9 4,725,544 629,738 13.7
Transportation 1,119,185 5.2 1,159,944 (40,759) (.9)
Culture and
recreation 1,042,556 4.8 843,115 199,441 4.3
Capital outlay 1,792,208 8.3 2,705,800 (913,640) (19.8)
Debt service 2,057,757 9.6 967,605 1,090,152 23.6
Operating
transfers out 5,107,709 23.7 3,925,725 1,181,984 25.6
Payments to
escrow agent 2.328.288 10.8 - 2.328.288 50.6
Total $21.529.179 100.0 $16.919.544 $4.609.978 100.0
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The largest dollar-value and percentage increase in recurring expenditures was due to
public safety expenditures, a substantial portion of which related to the hiring of police
officers under the Police Departments COPS grant program. Note that debt service
includes some non-recurring expenditures as well as payment the escrow agent.
Included in these amounts are payments made in conjunction with the refunding of the
1983 bonds as well as the 1999 bond issuance.
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General government function includes the offices of the City Commission, City Manager
and City Clerk, the Human Resource Department, the Finance Department, the
Purchasing Department, and the Community Development Department. It also includes
expenditures from Special Revenue Funds, such as Streetlighting Fund, Stormwater
Utility Fund, Solid Waste Fund, and the Electric Franchise Fee Fund.
General Fund Balance
The fund balance of the general fund increased 4.8% or $130,473 in 1999. One of the
goals of the City over the next few fiscal years is to continue tD increase the fund
balance to provide enhanced stability for its citizens.
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Enterprise Operations
The City's enterprise operations are comprised of the City's water and sewer utility.
Water revenues increased 12.3% to $2,395,441, while the number of customers
increased by 2.0% to 11,196. Sewer operations revenues increased approximately
1.5% to $2,989,996. As in prior years, the water/sewer utility made payments to the
general fund (included in miscellaneous revenues) for those staff salaries and related
benefits that are budgeted and expended in the general fund for services either directly
or indirectly provided on behalf of the utility.
Cash Management
During the current fiscal year, the City invested in Treasury Bills and Certificates of
Deposit. The average yield on these investments was approximately 5%, and interest
income was $636,427 in 1999. The City's deferred compensation plans, which allow
employees to defer a portion of their salary until future years, are managed by PEBSCO
and ICMA.
Debt Administration
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The City had nine of bonds outstanding as of September 30, 1999. Three of which have
been advanced refunded, which means that sufficient funds have been deposited into
irrevocable trust accounts which when combined with trust account interest will meet
current and future debt service requirements for the refunded issues. This transaction
releases liens by bondholders against City revenues and, for all intents and purposes,
releases the City of its obligations to the bondholders. As a result, those issues which
have been refunded are not recorded in the City's financial recDrds. Note 5d of the
notes to the financial statements provides a chart that details the defeased bonds.
During FY 1999, the City issued Series 1999 Improvement Refunding Revenue Bonds,
in conjunction with that issuance the City refunded its Series 1989 bonds. Note 5 of the
notes to the financial statements provides information regarding all bonds outstanding as
of September 30, 1999.
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The City entered into a capital lease for a medical transport during the year, the amount
outstanding at September 30, 1999 under capital lease is $122,312.
Risk Management
During the ordinary course of its operations, the City is exposed to various risks of
losses. The City employs a risk manager who has established various control
techniques to reasonably ensure that all employees are aware of their responsibilities to
minimize accident-related losses by using caution in their jobs. Third-party coverage is
currently maintained for individual workers' compensation claims.
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INDEPENDENT AUDIT
State Statutes require an annual audit of the books of account, financial records and
transactions of all administrative departments of the City by independent certified public
accountants selected by the City Commission. The City's auditors, Deloitte & Touche
LLP, have conducted the audit and issued their report, which can be found in the
financial section of this report.
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AWARDS
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The Government Finance Officers Association (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City for its comprehensive
annual financial report for the year ended September 30, 1998. The Certificate of
Achievement is a prestigious national award-recognizing conformance with the highest
standards for preparation of state and local government financial repDrts. This was the
second time that the City has applied for and received this award. In order to be
awarded a Certificate of Achievement, the government must publish an easily readable
and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. This report satisfied both generally accepted accounting
principles and applicable legal requirements.
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ACKNOWLEDGEMENTS
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The preparation of this report could not have been accomplished without the efficient
and dedicated efforts of the entire staff of the Finance Department. We would like to
express our appreciation to all members of the department who assisted and contributed
to the preparation of this report. Other City departments also contributed significantly by
helping to ensure the accuracy and integrity of accounting information compiled
throughout the year.
In closing, we would also like to thank the Mayor and Members of the City Commission
for their interest and support in planning and conducting the operations of the City in a
respDnsible and progressive manner.
Respectfully submitted,
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Ronald W. McLemore
City Manager
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Louise C. Frangoul
Finance Director
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CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL OFFICERS AS OF
SEPTEMBER 30,1999
ELECTED OFFICIALS
MAYOR
VICE-MAYOR/COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
PaulP.Partyka
Cindy Gennell
Robert S. Miller
Michael S. Blake
Edward Martinez, Jr.
David McLeod
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APPOINTED OFFICIALS
CITY MANAGER
CITY CLERK
FINANCE DIRECTOR
INFORMATION SERVICES
POLICE CHIEF
FIRE CHIEF
UTILITY/PUBLIC WORKS DIRECTOR
COMMUNITY DEVELOPMENT DIRECTOR
PARKS AND RECREATION DIRECTOR
Ronald McLemore
Andrea Lorenzo-Luaces
Harry Martin
Joanne Dalka
Daniel Kerr
Timothy Lallathin
Kipton Lockcuff
Charles C. Carrington
Chuck Pula
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LEGAL COUNSEL
Anthony Garganese
Amari and Theriac, P.A.
FINANCIAL ADVISOR
Jim Lentz
First Southwest Company
AUDITORS
Deloitte & Touche LLP
-9
Citizens
of
Winter Springs
I
Mayor
and
City
Commission
Advisory Boards City Manager City Attorney
City Clerk Information Services
I I
Finance Director Community Development Fire Chief Police Chief Public Works/Utility Parks & Recreation
Director Director Director
-Administration
- Accounting
-Purchasing
-Human Resources
-Revenue
-Utility Billing
-Meter Services
-Risk Management
City of Winter Springs
Organizational Chart
- Administration
-Comprehensive Planning
- Land Management
-Code Enforcement
- Engineering Services
- Building
Permits
Inspections
- Administration
- Fire/Rescue
-Fire Prevention
- Emergency Medical
Services
-Administration
-Stormwater
-Transportation
-Water Resource Mgmt.
Water
Wastewater
- Administration
-Civic/Senior
Center Operations
-ParksIField Maint.
-Athletics
- Recreation Programs
-Concession Services
-Administration
-Records
-Communications
-Patrol
- Investigations
- Youth Services
* The City Manager is appointed by the Commission.
* The City Clerk is appointed by the Mayor with
ratification of the City Commission and works under
the direction of the City Manager.
*The City Attorney is appointed by the Mayor with ratification of the City Commission
and works under the direction of the Commission.
* Advisory Boards are appointed by the Mayor and Commission and work under the
direction of the City Commission.
.......................~.t4.4.4~4~4.4~4~4~4~4~... ~~ ~~~.~.~. ~~ ~l I
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs,
Florida
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For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1998
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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~ L President
jJ#:?-/~
Executive Director
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Deloitte & Touche LLP
Suite 1800
200 South Orange Avenue
Orlando, Florida 32801
Certified Public Accountants
Tel: (407) 246 8200
Fax: (407) 422 0936
www.us.deloitte.com
Oeloitte
& Touche
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the accompanying general purpose financial statements of the City of Winter Springs, Florida
(the "City") as of September 30, 1999 and for the year then ended, listed in the foregoing table of contents. These
general purpose financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these general purpose financial statements based on our audit.
.
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 perfonn the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
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In our opinion, such general purpose financial statements present fairly, in all material respects, the financial
position of the City at September 30, 1999, and the results of its operations and the cash flows of its proprietary fund
type for the year then ended in confonnity with accounting principles generally accepted in the United States of
America.
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Our audit was conducted for the purpose offonning an opinion on the general purpose financial statements taken as
a whole. The combining and individual fund financial statements and schedules listed in the foregoing table of
contents are presented for purposes of additional analysis and are not a required part of the general purpose financial
statements of the City. These financial statements and schedules are also the responsibility of the management of
the City. Such additional infonnation has been subjected to the auditing procedures applied in our audit of the
general purpose financial statements and, in our opinion, is fairly stated in all material respects when considered in
relation to the general purpose financial statements taken as a whole.
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The statistical data on pages 72-83 is presented for purposes of additional analysis and is not a required part of the
general purpose financial statements of the City. Such additional infonnation has not been subjected to the auditing
procedures applied in our audit of the general purpose financial statements and, accordingly, we express no opinion
on it.
In accordance with Government Auditing Standards, we have also issued our report, dated August 24, 2000, on our
consideration of the City's internal control over financial reporting and our tests of compliance with certain
provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit perfonned in
accordance with Government Auditing Standards and should be read in conjunction with this report in considering
the results of our audit.
f)~;. ~J.. ld
August 24, 2000
Deloitte
Touche
Tohmatsu
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1999
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Governmental Fund Types
Special Debt Capital
ASSETS General Revenue Service Proiects
Cash and cash equivalents $3,305,637 $ 2,690,539 $ 611,568 $ 5,821 ,655
Receivables:
Accounts receivable, net 67,236
Accrued interest receivable 29,618
Due from other governments 166,733 16,252
Due from other funds 64,036 1,710,084
Inventories 8,714
Restricted assets:
Cash and cash equivalents 98,515
Investments
Property, plant, and equipment (net, where
applicable, of accumulated depreciation)
Unamortized bond costs, net
Amount available in debt service funds
Amount to be provided for retirement of
generallong-tenn debt
Amount to be provided for accrued
compensated absences
Amount to be provided for capital
lease payable
Total assets $3,643,635 $4,484,111 $ 611,568 $5,851,273
See notes to financial statements.
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. Proprietary
. Fund Type Account Groups Totals
. General General Long- (Memorandum
Enterprise Fixed Assets Tenn Debt Qnbll
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. $ 2,183,876 $ $ $14,613,275
. 854,629 921,865
... 34,963 64,581
.. 182,985
. 1,477,070 3,251,190
... 503 9,217
..
... 4,064,985 4,163,500
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... 1,124,733 1,124,733
...
... 29,366,103 23,645,263 53,011,366
...
... 408,441 408,441
... 611,568 611,568
...
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- 16,447,402 16,447,402
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- 680,994 680,994
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- 122,312 122,312
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- $39,515,303 $23,645,263
- $17,862,276 $95,613,429
(Continued)
- 14 -
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. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
. SEPTEMBER 30,1999
.
. Governmental Fund Types
. LIABILITIES, FUND EQUITY Special Debt Capital
AND OTHER CREDITS General Revenue Service Proiects
.
. LIABILITIES:
. Accounts payable $ 335,744 $ 44,099 $ $ 66,160
Accrued liabilities 78,960 345
. Due to other funds 300,640 1,230,634 77
. Payable from restricted assets:
. Accrued interest
Revenue bonds payable
. Obligation under utility agreement
. Customer deposits 98,515
. Accrued compensated absences
. Capital lease payable
Obligation under utility agreement, less
. portion payable from restricted assets
. Revenue bonds payable, less portion
. payable from restricted assets
. Total liabilities 813,859 1,275,078 66,237
. FUND EQUITY AND OTHER CREDITS:
.
Investment in general fixed assets
... Contributed capital
...
.-. Retained earnings:
...
.-. Reserved for renewal and replacement
- Reserved for capital improvements
.-. Unreserved
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- Fund balances:
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- Reserved for debt service 611,568
- Reserved for encumbrances 90,918 9,296 43,690
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- Reserved for inventories 8,714
- Reserved for capital projects 5,741,346
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- Unreserved 2,730,144 3,199,737
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- Total fund equity and other credits 2,829,776 3,209,033 611,568 5,785,036
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TOTAL LIABILITIES, FUND EQUITY
- AND OTHER CREDITS $3,643,635 $4,484, III $ 611,568 $5,851,273
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See notes to financial statements.
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. Proprietary
. Fund Type Account Groups Totals
. General General Long- (Memorandum
Enterprise Fixed Assets Tenn Debt Only)
.
.
. $ 122,829 $ $ $ 568,832
3,631 82,936
. 1,719,839 3,251,190
.
. 713,695 713,695
750,000 750,000
. 605,768 605,768
. 556,212 654,727
. 103,063 680,994 784,057
. 122,312 122,312
. 590,000 590,000
. 22,623,352 17,058,970 39,682,322
.
. 27,788,389 17,862,276 47,805,839
.
. 23,645,263 23,645,263
. 7,897,656 7,897,656
.
. 282,585 282,585
520,378 520,378
... 3,026,295 3,026,295
,.,
.
... 611,568
.... 143,904
...
- 8,714
... 5,741,346
-
... 5,929,881
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-- 11,726,914 23,645,263 47,807,590
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-- $39,515,303 $23,645,263 $17,862,276 $ 95,613,429
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- (Concluded)
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. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
. FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED SEPTEMBER 30, 1999
.
. Governmental Fund Types Totals
. Special Debt Capital (Memorandum
General Revenue Service Projects QnM
. REVENUES:
. Taxes and special assessments $' 3,352,707 $ 2,946,268 $ $ $ 6,298,975
. Licenses, penn its, and fees 1,032,826 730,022 1,762,848
Intergovernmental revenues 2,709,540 208,704 2,918,244
. Charges for services 160,481 754,267 914,748
. Fines and forfeitures 189,717 59,489 249,206
Interest 151,884 92,422 80,465 59,184 383,955
. Miscellaneous 790,524 136,843 927,367
. Total revenues 8,387,679 4,928,015 80,465 59,184 13,455,343
. EXPENDITURES:
. Current:
. General government 2,516,840 209,441 2,726,281
Public safety 5,231,871 123,324 5,355,195
. Transportation 1,092,223 26,962 1,119,185
. Culture and recreation 1,042,556 1,042,556
Capital outlay 397,025 894,086 501,097 1,792,208
... Debt service:
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.... Principal retirement 390,000 390,000
- Interest and fiscal charges 692,955 692,955
- Payment to escrow agent 652,000 652,000
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- Bond issuance costs 322,802 322,802
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- Total expenditures 10,280,515 1,253,813 2,057,757 501,097 14,093,182
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- EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES (1,892,836) 3,674,202 (1,977,292) (441,913) (637,839)
OTHER FINANCING SOURCES (USES):
- Operating transfers in 2,023,309 1,095,100 1,065,698 898,602 5,082,709
- Operating transfers out (3,857,119) (944,819) (305,771) (5,107,709)
- Bond proceeds 2,597,053 5,402,555 7,999,608
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Payment to escrow agent (2,328,288) (2,328,288)
Total other financing sources (uses) 2,023,309 (2,762,019) 389,644 5,995,386 5,646,320
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES 130,473 912,183 (1,587,648) 5,553,473 5,008,481
FUND BALANCES AT BEGINNING
OF YEAR 2,699,303 2,296,850 2,199,216 231,563 7,426,932
FUND BALANCES AT END OF YEAR $ 2,829,776 $ 3,209,033 $ 611,568 $ 5,785,036 $ 12,435,413
See notes to financial statements.
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. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
. FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES (BUDGETARY BASIS)
. YEAR ENDED SEPTEMBER 30,1999
. General Fund
. Variance
. Favorable
. Budget Actual (Unfavorable)
REVENUES:
. Taxes and special assessments $ 3,402,990 $ 3,352,707 $ (50,283)
. Licenses, permits, and fees 649,000 1,032,826 383,826
. Intergovernmental revenues 2,666,013 2,709,540 43,527
. Charges for services 102,500 160,48 I 57,98 I
Fines and forfeitures 190,000 189,717 (283)
. Interest 193,000 151,884 (41,116)
. Miscellaneous 840,000 790,524 (49,476)
. Total revenues 8,043,503 8,387,679 344,176
. EXPENDITURES:
. Current:
.. General government 2,404,974 2,516,840 (1 I 1,866)
... Public safety 5,264,03 I 5,231,871 32,160
. Transportation 1,167,429 1,092,223 75,206
.-. Culture and recreation 995,959 1,042,556 (46,597)
... Capital outlay 558,477 397,025 161,452
.-.
... Debt service:
- Principal retirement
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- Interest and fiscal charges
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- Total expenditures 10,390,870 10,280,5 I 5 110,355
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- EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES (2,347,367) (1,892,836) 454,531
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- OTHER FINANCING SOURCES (USES):
- Operating transfers in 2,083,727 2,023,309 (60,418)
Operating transfers out
Bond proceeds
Payment to escrow agent
Total other financing sources (uses) 2,083,727 2,023,309 (60,4 I 8)
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES (263,640) 130,473 394,113
FUND BALANCES AT BEGINNING OF YEAR 2,699,303 2,699,303
FUND BALANCES AT END OF YEAR $ 2,435,663 $ 2,829,776 $ 394,113
See notes to financial statements. (Continued)
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1999
Special Revenue Funds
Variance
Favorable
Budget ~ (Unfavorable)
REVENUES:
Taxes and special assessments
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Interest
Miscellaneous
$ 2,660,166 $ 2,946,268 $ 286, I 02
505,000 730,022 225,022
200,000 208,704 8,704
1,792,522 1,951,293 158,771
16,500 59,489 42,989
77,030 92,422 15,392
136,843 136,843
5,251,218 6,125,041 873,823
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Transportation
Culture and recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
1,507,358
...
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-
-
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1,434,057
57,000
133,920
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-
-
-
-
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Bond proceeds
Payment to escrow agent
Total other financing sources (uses)
(2,755,270)
3,132,335
2,118,883
1,023,785
(3,779,055)
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EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES
FUND BALANCES AT BEGINNING OF YEAR
FUND BALANCES AT END OF YEAR
(636,387)
2,296,850
$ 1,660,463
See notes to financial statements.
- 19 -
1,406,467
123,324
26,962
894,086
2,450,839
3,674,202
1,095,100
(3,857,119)
(2,762,019)
912,183
2,296,850
$ 3,209,033
27,590
(66,324)
106,958
613,272
681,496
1,555,319
71,3 15
(78,064)
(6,749)
1,548,570
$ 1,548,570
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. Debt Service Funds Capital Projects Funds
. Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget AmI.a.I (Unfavorable)
. $ $ $ $ $ $
.
.
.
. 90,393 80,465 (9,928) 110,000 59,184 (50,816)
.
. 90,393 80,465 (9,928) 110,000 59,184 (50,816)
.
.
.
.
. 918,483 501,097 417,386
.
- 395,000 390,000 5,000
...
... 689,936 692,955 (3,019)
...
- 1,084,936 1,082,955 1,981 918,483 501,097 417,386
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-
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- (994,543) (1,002,490) (7,947) (808,483) (441,913) 366,570
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...
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- 994,543 1,065,698 71,155 900,000 898,602 (1,398)
- (944,819) (944,819) (305,771 ) (305,771)
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- 2,597,053 2,597,053 5,500,000 5,402,555 (97,445)
- (2,328,288) (2,328,288)
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- 994,543 389,644 (604,899) 6,400,000 5,995,386 (404,614)
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- (612,846) ( 612,846) 5,591,517 5,553,473 (38,044)
2,199,216 2,199,216 231,563 231,563
$ 2,199,216 $ 1,586,370 $ (612,846) $ 5,823,080 $ 5,785,036 $ (38,044)
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30,1999
Totals
(Memorandum Only)
Variance
Favorable
Budget Actual (Unfavorable)
$ 6,063,156 $ 6,298,975 $ 235,819
1,154,000 1,762,848 608,848
2,866,013 2,918,244 52,231
1,895,022 2,111,774 216,752
206,500 249,206 42,706
470,423 383,955 (86,468)
840,000 927,367 87,367
13,495,114 14,652,369 1,157,255
REVENUES:
Taxes and special assessments
Licenses, penn its, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues
...
...
....
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....
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....
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....
-
-
-
-
-
-
-
EXPENDITURES:
Current:
General government
Public safety
Transportation
Culture and recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
3,839,031 3,923,307 (84,276)
5,321,031 5,355,195 (34,164)
1,30 I ,349 1,119,185 182,164
995,959 1,042,556 (46,597)
2,984,318 1,792,208 1,192,110
395,000 390,000 5,000
689,936 692,955 (3,019)
15,526,624 14,315,406 1,211,218
(2,031,510) 336,963 2,368,4 73
5,002,055 5,082,709 80,654
(3,779,055) (5,107,709) (I ,328,654)
5,500,000 7,999,608 2,499,608
(2,328,288) (2,328,288)
6,723,000 5,646,320 (1,076,680)
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EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Bond proceeds
Payment to escrow agent
Total other financing sources (uses)
--
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--
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES
FUND BALANCES AT BEGINNING OF YEAR
FUND BALANCES AT END OF YEAR
4,691,490
7,426,932
$12,118,422
5,983,283
7,426,932
$13,410,215
1,291,793
--
$1,291,793
See notes to financial statements.
(Concluded)
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS - PROPRIETARY FUND TYPE
YEAR ENDED SEPTEMBER 30,1999
Water & Sewer
Utility
EYrnt
OPERA TING REVENUES - User charges
$ 5,652,715
OPERA TING EXPENSES:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
1,128,653
489,264
1,245,835
1,694,083
Total operating expenses
4,557,835
OPERA TING INCOME
1,094,880
....
-
....
-
-
-
-
NONOPERATING REVENUES (EXPENSES):
Interest income
Interest expense
Connection fees
Other
252,455
(1,448,566)
1,088,862
5,660
-
-
-
Total nonoperating revenues (expenses)
(101,589)
-
-
INCOME BEFORE OPERATING TRANSFER
993,291
-
-
OPERA TING TRANSFER IN
25,000
NET INCOME
1,018,291
RETAINED EARNINGS AT BEGINNING OF YEAR
2,810,967
RETAINED EARNINGS AT END OF YEAR
$ 3,829,258
See notes to financial statements.
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS-
PROPRIETARY FUND TYPE
YEAR ENDED SEPTEMBER 30, 1999
Water & Sewer
Utility Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income
Adjustments to reconcile operating income to net cash provided by
operating activities:
Depreciation and amortization
Changes in assets and liabilities:
Decrease in accounts receivable
Increase in due from other funds
Decrease in inventories
Decrease in accounts payable
Decrease in accrued liabilities
Increase in due to other funds
Increase in customer deposits
Increase in accrued compensated absences
Increase in utility agreement obligation
$ 1,094,880
1,245,835
50,052
(1,476,791)
33
(126,727)
(33,409)
1,492,081
61,319
19,158
357,392
Total adjustments
1,588,943
Net cash provided by operating activities
2,683,823
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES-
Operating transfer in
25,000
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CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition and construction of capital assets
Connection fees
Interest paid on revenue bonds
Principal payments on revenue bonds
(621,708)
1,088,862
(I ,454,87 I)
(710,000)
Net cash used in capital and related financing activities
(I ,697,717)
CASH FLOWS FROM INVESTING ACTIVITIES:
Earnings on cash, cash equivalents, and investments
Sales of government securities and commercial paper
289,472
1,486,425
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Net cash provided by investing activities
1,775,897
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NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
2,787,003
3,461,858
CASH AND CASH EQUIVALENTS AT END OF YEAR
$ 6,248,861
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES - .
During the year ended September 30, 1999, the City recorded as contributed capital utility system equipment donated by developers
totaling $607,032.
See notes to financial statements.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED SEPTEMBER 30, 1999
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Winter Springs, Florida (the "City") was established by a special act of the Florida
Legislature and incorporated in 1959. The City is located in the central Florida county of Seminole.
The legislative branch of the City is composed of a five-member elected Commission, which is
governed by the City Charter and by state and local laws and regulations. The City Commission is
responsible for the establishment and adoption of policy; the execution of such policy is the
responsibility of the City Manager appointed by the Commission.
The accounting policies of the City conform to accounting principles generally accepted in the United
States of America as applicable to units oflocal governments. The following is a summary of the more
significant policies:
lL Reporting Entity - The City is a stand-alone governmental unit. There are no organizations for
which the City is financially accountable or for which their nature and relationship with the City
would cause the City's financial statements to be misleading if excluded.
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b. Fund Accounting - The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities,
fund equity, revenues and expenditures, or expenses as appropriate. Government resources are
allocated to and accounted for in individual funds based upon the purpose for which the resources
are to be spent and the means by which spending activities are controlled. The purposes of the
City's various funds and account groups are as follows:
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Governmental Funds:
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General Fund - The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted for in another fund.
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Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of
specific revenue sources (other than major capital projects) that are legally restricted to
expenditures for specific purposes.
Debt Service Funds - The Debt Service Funds are used to account for the accumulation of
resources for the payment of general long-term debt principal, interest, and related costs.
Capital Projects Funds - Capital Projects Funds are used to account for the portion of the
proceeds resulting from the Subordinate Improvement Revenue Bond - Series 1997 and the
Improvement Refunding Revenue Bond - Series 1999. These monies are being used for the
renovation of City Hall, the planning and development of a Town Center, and various road
improvement projects.
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Proprietary Fund:
Enterprise Fund - The Enterprise Fund is used to account for operations that are financed
and operated in a manner similar to private business enterprises where the intent of the City
Commission is that the costs (expenses, including depreciation) of providing services to the
general public be financed or recovered primarily through user charges. The City's
enterprise fund consists of a water and sewer utility.
Account Groups:
General Fixed Assets - The General Fixed Assets Account Group is used to account for the
fixed assets of the City, except those of the proprietary funds.
General Long-Term Debt - The General Long-Term Debt Account Group is used to account
for the outstanding principal balances on any general or special obligation bonds, notes,
compensated absences, or other long-term debt of the City, except for long-term debt of the
proprietary fund.
c. Measurement Focus-
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Governmental Fund Types - General, Special Revenue, Debt Service, and Capital Projects Funds
are accounted for on a current financial resources measurement focus and the modified accrual
basis of accounting. Under the modified accrual basis, revenues are recognized when they
become measurable and available as net current assets. The City considers all collections within
one year of year-end to be available, except property taxes, which are not available unless
collected within sixty days. Revenues susceptible to accrual include emergency medical service
fees and investment earnings. Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is incurred, except for unmatured principal and
interest on most general long-term debt, which is recognized when due.
Proprietary Fund Type - The Enterprise Fund is accounted for on the flow of economic resource
measurement focus and uses the accrual basis of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when liabilities are incurred. The City has
elected not to apply Financial Accounting Standards Board Statements and Interpretations issued
after November 30, ] 989, as permitted by Statement No. 20 of the Governmental Accounting
Standards Board, Accounting and Financial Reporting/or Proprietary Funds and Other
Governmental Entities that Use Proprietary Fund Accounts.
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Account Groups - The General Long-Term Debt and General Fixed Assets Account Groups are
concerned only with the measurement of financial position. They are not involved with the
measurement of results of operations. Long-term debt which is not intended to be financed
through the Proprietary Fund is accounted for in the General Long-Term Debt Account Group.
Fixed assets which are not used in Proprietary Fund operations are accounted for in the General
Fixed Assets Account Group.
d. Cash and Cash Equivalents - The City considers all highly liquid investments (including
restricted assets) with a maturity of three months or less when purchased to be cash equivalents.
e. Investments - All investments are presented at fair value.
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The City Charter and bond resolutions authorize the City to invest in direct obligations of or
obligations guaranteed by the Department of Treasury of the United States of America, obligations
of specific federal agencies of the Unites States of America, bonds, notes, or other evidence of
indebtedness issued by the Federal National Mortgage Association or Federal Home Loan
Mortgage Corporation, secured repurchase agreements, bankers' acceptance, money market,
commercial paper, certificates of deposit, and the Local Government Surplus Funds Trust Fund.
All investments must be insured, registered, or held by the City or a trustee in the City's name.
f. Receivables -
(1) Property Taxes - Under Florida law, the assessment of all properties and the collection of all
county, municipal, and school board property taxes are consolidated in the offices of the
County Property Appraiser and County Tax Collector. The laws of the state regulating tax
assessments are also designed to assure a consistent property valuation method statewide.
State statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The
millage rate assessed by the City for the fiscal year ended September 30, 1999 was 3.5495
mills.
Property taxes are billed and collected within the same fiscal period, and are reflected on the
modified accrual basis. Ad valorem taxes on property values have a lien assessment date of -
January 1, with the millage established during September. The fiscal year for which taxes
are levied begins October 1. Taxes are billed (levied) in November, with a maximum
discount available through November 30, and become delinquent April 1. During May of
each year, the certificates for unpaid taxes are sold by the County and the proceeds remitted
to the City. The City does not recognize property taxes receivable since related revenues are
appropriated in the subsequent fiscal year and amounts are not considered available for
current appropriations.
(2) Accounts Receivable - The Water and Sewer Utility Fund operating revenues are recognized
on the basis of cycle billings rendered monthly. Revenues for services delivered during the
last month of the applicable reporting period that have not been billed are accrued.
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(3) Allowance for Doubtful Accounts - The City provides an allowance for water and sewer and
emergency medical transport accounts receivable that may become uncollectible. At
September 30, 1999, this allowance was $369,074 for water and sewer charges in the
proprietary fund and $83,925 for emergency medical transport fees in the special revenue
funds.
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g. Inventories - Inventories are stated at cost, which is determined on the first-in, first-out method.
Inventories in the General and Enterprise Funds consist of expendable supplies held for
consumption. The cost is recorded as an expenditure at the time inventory items are used
(consumption method). Reported inventories within the governmental funds are offset by a fund
balance reserve, which indicates that they do not constitute "available spendable resources" even
though they are a component of net current assets.
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It. Property, Plant, and Equipment -
(1) Property, plant, and equipment purchased in the governmental fund types are recorded as
capital outlay expenditures at the time of purchase. Such assets are capitalized at cost or
estimated cost if purchased or constructed. Donated property, plant and equipment are
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recorded at estimated fair market value at the date of donation. Assets in the general fixed
assets account group are not depreciated and do not have interest capitalized during
construction. Public domain ("infrastructure"), such as roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems, and lighting systems, that are immovable and of
value only to the government are not capitalized.
(2) Property, plant, and equipment of the Proprietary Fund Type are recorded at cost. Donated
property, plant, and equipment are capitalized at their estimated fair market value at the time
received. Depreciation is provided using the straight-line method over the estimated useful
lives of the various classes of depreciable assets. The estimated useful lives of the various
classes of depreciable assets are as follows:
Asset
Years
Utility System
Equipment
Vehicles
30 years
5 years
3 years
i.
Unamortized Bond Costs - Costs associated with the issuance of revenue bonds are amortized
over the life of the bonds using the straight-line method of accounting, which approximates the
interest method.
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Accrued Compensated Absences - The City records compensated absences in the Governmental
Fund Types as expenditures of the amount that would normally be liquidated with expendable
available financial resources. The remainder of the liability is reported in the General Long-Term
Debt Account Group. The Proprietary Fund Type accrues compensated absences in the period
they are earned.
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Contributed Capital- Contributed capital, accounted for in the Proprietary Fund, represents the
estimated equipment costs incurred by customers and developers for connection to the City's
utility system. Depreciation expense on contributed fixed assets is reflected in the statement of
revenues, expenses, and changes in retained earnings.
I.
Encumbrances - Encumbrances represent commitments related to unperformed contracts for
goods or services. Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of resources are recorded to receive that portion ofthe
applicable appropriation, is utilized in all governmental funds. Encumbrances outstanding at year-
end are reported as reservations of fund balances and do not constitute expenditures or liabilities
because the commitments will be honored during the subsequent year.
m.
Budget and Budgetary Accounting - Budgets are legally adopted for all of the City's Funds and
are prepared in accordance with generally accepted accounting principles, with the exception of
the Solid Waste Special Revenue Fund (see (8) below). The City follows the procedures set forth
below in establishing the budgetary data reflected in the financial statements:
(1) On or before July 1st of each year, the City Man'ager submits a Proposed Budget to the City
Commission for the fiscal year beginning the following October 1st. The Budget includes
proposed revenues and expenditures, and a description of capital activities for the ensuing
fiscal year.
(2) The City Commission then holds informal workshops. Each item in the budget is thoroughly
discussed, and the public is invited to participate.
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(3) On or before September 30th of each year, the public hearings are completed and the
Commission adopts the final budget and establishes the ad valorem tax millage.
(4) The budget may be formally amended by City Commission at any time.
(5) The City Manager is authorized to transfer budgeted amounts between accounts within a
department. At any time during the fiscal year, the City Manager may transfer part or all of
any unencumbered appropriations among programs within one department.
(6) Appropriations lapse at the end of the fiscal year.
(7) Budgeted appropriations may not be exceeded at the fund level. However, actual
expenditures exceeded budgeted appropriations in the Special Law Enforcement Trust Fund,.
the Solid Waste Fund, and the Medical Transport Fund.
(8) Actual amounts on the Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - All Governmental Funds are presented on a budgetary basi~
which differs from presentation in accordance with generally accepted accounting principles
(GAAP) as follows:
Special Revenue Fund Type
Revenues
Expenditures
GAAP basis
Pass-through costs collected and remitted
as agent in Solid Waste Fund
$ 4,928,0 15
$1,253,813
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Non-GAAP budgetary basis
I,197,026
$6,125,041
1,197,026
$ 2,450,839
Debt Service Fund Type
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GAAP basis
Payment to escrow agent in 1989 Debt Service Fund
Bond issuance costs paid from 1999 Debt Service Fund
Bond issuance costs paid from 1993 Debt Service Fund
$2,057,757
(652,000)
(297,398)
(25,404)
$ 1,082,955
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n. Total Columns on Combined Statements - Total columns on the combined statements are
captioned "Memorandum Only" to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position or results of operations in
conformity with generally accepted accounting principles. Neither is such data comparable to a
consolidation. Interfund eliminations have not been made in the aggregation of this data.
2. CASH AND INVESTMENTS
The City's demand deposits and certificates of deposits at September 30, 1999 are covered by Federal
Depository Insurance or the State of Florida collateral pool. The State of Florida collateral pool is a
multiple financial institution pool with the ability to assess its members for collateral shortfalls if a
member institution fails.
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Investments are presented at fair value, and are categorized in the following table to give an indication
of the level of risk assumed by the City at September 30, 1999. Category 1 includes investments that
are insured or registered for which the securities are held by the City or its agent in the City's name.
Category 2 includes uninsured and unregistered investments for which the securities are held by the
counterparty's trust department in the City's name. Following are the City's investments at
September 30, 1999:
Risk
Category 1
Risk
Category 2
!Qtal
$ 4,048,600
1,124,733
$ 5, 173,333
Overnight repurchase agreements
u.S. Government Treasury Bills
$
$ 4,048,600
1,124,733
$5,173,333
Total
$
Cash, cash equivalents, and investments are presented on the combined balance sheet as follows:
Unrestricted
Cash and cash equivalents
Restricted
Cash and cash equivalents
Investments
$14,613,275
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Total investments categorized above
Total deposits
4,163,500
1,124,733
19,901,508
5,173,333
$14,728,175
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3. INTERFUND BALANCES
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Individual fund interfund receivable and payable balances at September 30, ] 999 are as follows:
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General Fund
Due from Due to
Other Funds Other Funds
$ 64,036 $ 300,640
19,981 18,464
1,489,815 1,197,026
73,977 2,148
126,3 1 ]
] 2,996
1,710,084 1,230,634
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],477,070 ],719,839
$3,25],]90 $3,25],]90
Special Revenue Funds
Streetlighting Fund
Solid Waste Fund
Stormwater Utility Fund
Public Service Tax Fund
Medical Transport Fund
Total Special Revenue Funds
Capital Proiects Funds
1997 Construction Fund
Enterprise Funds
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PROPERTY, PLANT, AND EQUIPMENT
Following is a summary of Proprietary Fund Type property, plant, and equipment at September 30,
1999:
Utility system
Office building
Office furniture and equipment
Vehicles
Land
Construction in progress
Total
Less accumulated depreciation
$ 33,142,954
637,546
811,992
537,070
4,409,062
27,000
39,565,624
(10,199,521)
$ 29,366, I 03
Following is a summary of changes in the General Fixed Assets Account Group for the year ended
September30, 1999:
Land
Buildings
Furniture and equipment
Vehicles
Stonnwater system
Park and recreational facilities
Construction in progress
Balances
October 1,
~ Additions
$ 5,796,396 $
5,173,138 143,849
1,929,325 487,107
1,749,864 200,763
5,640,702
2,543,783 214,394
289,533 72,579
$23,122,741 $1,118,692
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Deletions
$
176,300
61,627
358,243
$596,170
Balances
September 30,
19.9.9
$ 5,796,396
5,316,987
2,240,132
1,889,000
5,640,702
2,758,177
3,869
$ 23,645,263
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5. LONG- TERM DEBT
a. Changes in General Long-Term Debt - Following is a summary of changes in general long-term
debt for the year ended September 30, 1999:
Balances Balances
October 1, September 30.
19.9.8 Additions Deletions ~
Improvement Refunding Revenue Bonds:
Series 1989 $ 2,875,000 $ $ 2,875,000 $
Series 1993 8,875,000 285,000 8,590,000
Series 1999 7,998,970 7,998,970
Improvement Revenue Bonds, Series 1997 575,000 105,000 470,000
Accrued compensated absences 343,320 337,674 680,994
Capital lease payable 134,568 12,256 122,312
Total $ 12,668,320 $8,471,212 $ 3,277,256 $ 17,862,276
b. Improvement Refunding Revenue Bonds and Improvement Revenue Bonds - The major
provisions of the resolutions authorizing Improvement Refunding Revenue Bonds and
Improvement Revenue Bonds are as follows:
(1) Establishment and maintenance of various funds.
The Debt Service Fund records all the debt service requirements of the issue, and includes
the sinking fund and reserve accounts.
(2) Restriction on the use of cash in order of priority.
(a) Payment of current debt service requirements.
(b) Payment of reserve requirements up to the maximum of $888, 121 for the Series 1993
bonds.
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(c) Any remaining revenue can be used for any lawful purpose.
(3) Early redemption.
The bond resolutions provide for the City's optional early redemption of outstanding bonds
at call rates varying from 100% to 102% of the instrument's face value plus accrued interes4
depending on the call date. The redemption period began October I, 1998 for the Series
1997 bonds, and will begin October 1, 2004 for the Series 1993 bonds and October 1, 2009
for the Series 1999 bonds.
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Debt Service Fund and Excise Tax Fund monies may be invested in authorized investment
securities which mature not later than the dates on which the monies on deposit will be
needed for the purpose of such fund. Reserve Account monies may be invested in securities
maturing not later than five years from the date of their deposit into the Reserve Account.
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(5) Pledge of revenues.
The bonds and related interest are payable solely from and collateralized by a lien on the
Public Service Tax that the City is entitled to levy on certain utility sales and Franchise Fees
levied by the City for a 3D-year electric franchise granted by the City in 1984.
The Improvement Refunding and Improvement Revenue Bonds consisted of the following at
September 30, 1999:
Principal
Balance
Interest Outstanding al
Rates and Original September 30,
~ Matw:in: AmJwnl lli2
Improvement Refunding Revenue Bonds - 3.900/0-5.5% 10/1/99 -
Series 1993 (4/1 & 10/1) 10/1/18 $ 9,365,000 $ 8,590,000
Subordinate Improvement Revenue Bonds - 4.89% 10/1/99 -
Series 1997 (4/1 & 10/1) 10/1 /02 $ 575,000 $ 470,000
Improvement Refunding Revenue Bonds - 3.250/0-5.25% 10/1/10 -
Series 1999 (4/1 & 10/1) 10/1/29 $ 7,998,970 $ 7,998,970
c. Water and Sewer Refunding Revenue Bonds and Water and Sewer Revenue Bonds - The major
provisions of the resolutions authorizing the Water and Sewer Refunding Revenue Bonds and
Water and Sewer Revenue Bonds are as follows:
(1) Establishment and maintenance of various funds.
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(a) The Revenue Fund records all gross revenues derived from operation of the utility.
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(b) The Debt Service Fund (including principal, interest, and redemption accounts) records
all monies to meet current debt service and reserve requirements.
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(c) The Utility Renewal and Replacement Fund records monies for paying the cost of
extensions, enlargements, additions, or replacement of capital assets of the utility.
(2) Restrictions on the use of cash from operating revenue in order of priority.
(a) Transfer of developer agreement payments into a Developer Agreement Payments
Account.
(b) Payment of current operating and maintenance expenses.
(c) Payment of current debt service and reserve requirements.
(d) Payments to Renewal and Replacement Funds at one-twelfth of 5% of gross revenues
received in the preceding fiscal year, until the amount on deposit equals or exceeds:
· Five percent of gross revenues of the preceding fiscal year attributable to the west
utility plant.
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(3) Early redemption.
Early redemption is provided for at a call rate varying from 100% to 102% of the face
amount of the bonds.
(4) Investment restrictions.
Water and Sewer Refunding Revenue Bonds, Series 1991:
(a) The Revenue Fund and the Debt Service Fund may invest in investment securities,
which mature not later than the dates on which the monies on deposit therein will be
needed for the purpose of such fund.
(b) The Renewal and Replacement Fund may invest in investment securities with no more
than five years maturity.
(c) The Reserve Account of the Debt Service Fund may invest in investment securities,
which mature no later than the last maturity date of the bonds.
Water and Sewer Refunding Revenue Bonds, Series 1992 and Water and Sewer Subordinate
Revenue Bonds, Series 1997:
Monies in any fund or account may be invested in investment securities, which mature no
later than dates on which the monies will be needed for the purpose of such fund or account.
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(5) Pledge of revenues.
The bonds are payable solely from and collateralized by the net revenues of the system. Net
revenues include all rates and charges received from customers, connection reservation fees,
and interest or investment income, less costs for operation and maintenance of the systems.
In addition, for the Water and Sewer Revenue Bonds, new revenues include amounts
received under a certain I O-year developer agreement (see Note 9).
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The Water and Sewer bonds consisted of the following at September 30, 1999:
Principal
Balance
Interest Outstanding at
Rates and Original September 30,
Description Dates Maturity Am2!mt 1m
Water and Sewer Refunding 5.75o/<r6.75%
Revenue Bonds - Series 1991 (4/1 & 10/1) 10/1/98-10/1/21 $ 6,915,000 $ 6,180,000
Less original issue discOlUlt - net
of amortization (131,226)
6,915,000 6,048,774
Water and Sewcr Refunding 4.55o/<r6.125%
Revenue Bonds - Series 1992 (4/1 & 10/1) 10/ I /98-4/1120 16,015,000 14,665,000
Less original issue discount - net
of amorti711lion (130,422)
16,015,000 14,534,578
Subordinate Water and Sewer 5.18%
Revenue Bonds - Series 1997 (4/1 & 10/1) 10/1198-1011107 3,025,000 2,790,000
Total $ 25,955,000 23,373,352
Less current portion (750,000)
Long-term portion $ 22,623,352
Defeased Debt - Defeased bonds, for which investments are held in escrow for payment of
principal and interest and for which the investments and liability have been removed from the
City's balance sheet, were as folJows at September 30, 1999: I
Original Issue Date
Principal
Balance
Amount Outstanding at
Originally September 30.
Iruwl. 1S.S.ll
$ 4,980,000 $ 2,875,000
$ 5,035,000 $ 115,000
12,300,000 11,465,000
$ 17,335,000 $ 11,580,000
Description
Generallong-tenn debt:
May I, 1989 Improvement Refunding Revenue Bonds - Series 1989
Proprietary Fund:
September I, 1984
Water and Sewer Revenue Bonds - Series 1984
April I, 1990
Water and Sewer Revenue Bonds - Series 1990
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. e. Obligation Under Utility Agreement- In connection with the City's acquisition of the assets of
. Seminole Utility Company during fiscal year ended September 30, 1990, the City entered into an
. agreement with the seller whereby the City is obligated to pay the seller for future connections to
the east utility plant, up to a maximum of $4,967,020 over a period of 15 years. The City has paid!
. $1,307,054 for these connections through September 30, 1999.
. At September 30, 1999, outstanding balances were as follows:
.
. Estimated accrual for remainder of obligation $1,195,768
Less current portion (605,768)
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. Long-term portion at September 30, 1999 $ 590,000
. f. Annual Requirements to Maturity - The annual debt service requirements to amortize all bonded.
.
debt of the City as of September 30, 1999 are as follows:
.
. General Long-Term Debt Enterprise Fund
Improvement Improvement Improvement "'ater Bnd Sewer Water and Sewer Water and Sewer
. Rdunding Rdunding Subordinate ReCunding Refunding Subordinate
. Fiscal Year Revenue Bonds. Revenue Bonds, Revenue Bonds. Revenue Bonds. Rnenue Bonds, Revenue Bonds, 1f_A_
Ending ~ri.s 1999 S.ri.. 1993 ~ri.s 1997 ~ri.. 1991 ~ri.s 1992 ~ri.. 1997 DobI s..w....
. Sfootember 30 friIWIllII .In.W:nl friIWIllII .In.W:nl friIWIllII .In.W:nl frin.tWI .In.W:nl fI:iJWlIal .In.W:nl friIWIllII 1nkm1 ReouirnnftlBl'
2000 S 165.000 S 201,030 S 45.000 447,872 S110,OOO S20.294 S 125.000 399,648 S 375.000 865.971 S 250.000 S131,313 $ 3,136,128-
. 2001 200.000 194.030 45.000 445,803 115.000 14.792 135.000 391.412 395.000 845,753 265,000 117.586 3.164,376-
2002 220.000 185,230 45.000 443.733 120.000 9.047 140.000 382,733 420.000 823,946 280.000 103.082 3,172,m
. 2003 240.000 175.390 50.000 441,422 125.000 3,056 150.000 373.282 440.000 800.727 290,000 88.060 3.176.937
2004 390.000 158.815 55.000 438,745 155.000 363,363 465.000 776.059 305,000 72.261 3,179,24>
2005 415,000 140.763 55,000 435,940 170.000 352.312 490.000 749.429 325.000 55.426 3,188.870
. 2006 440.000 121.183 60.000 432.962 180.000 340,388 520.000 720.502 340.000 37.814 3.192,849
2007 470.000 99,798 60,000 429,813 190.000 328.037 545.000 689,349 355.000 19.425 3.IB6,~
. 2008 270,000 87.378 290.000 420.625 200.000 315.038 580.000 655.871 380.000 3.198,912
2009 55.000 84,793 545.000 398.706 220.000 300,737 615,000 619.714 2,838;9SO
. 2010 75.000 81.193 575.000 369.306 225.000 286,113 650.000 581.13 I 2,1142,70
2011 95.000 76,538 605.000 338,331 245,000 270,187 690,000 540,261 2;860,3 Fr.
2012 115,000 70.673 640.000 305.650 255,000 253,613 735.000 496.799 2.871,735
... 2013 135.000 63.788 670,000 271.263 280.000 235.412 780.000 450.494 2,8115,957
- 2014 150,000 55.913 705.000 234.288 295,000 216.238 825,000 401.341 2,Illl2.7'IlO
- 2015 175,000 46.725 745,000 194.412 310,000 196.087 875.000 349.278 2,891,502
- 2016 195,000 36.488 785.000 152.337 340.000 173,138 930.000 294,000 2;905,9173'
- 2017 210.000 25,463 830.000 110,000 360.000 148,837 990.000 235.200 2,909.500'
- 2018 235.000 13.125 870,000 67.500 385,000 122.850 1.050.000 172.725 2,916,200-
- 2019 250.000 857.119 915.000 22.875 410.000 95.175 1.115.000 106.422 3,771,591
- 2020 417.880 881.204 440.000 65.475 1.180,000 72.275 3.056.8'3'4'.
2021 393,797 903.236 470,000 33.750 I.BOO. 7lIiJo
- 2022 371.765 924,107 500.000 1,795.872'
- 2023 350.893 943,870 t,294,76J
- 2024 331,130 926,587 '.257,7'1'7:
- 2025 312.413 979.544 1,29I,957i
.- 2026 295.456 996,323 1,291,77.9>
- 2027 278,677 1,011,483 1.290,160'
.- 2028 263,517 1.026.5 I 5 l,29O,O~
- 2029 248.485 1.040,043 (',288.52&
2030 234,957 234,957
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- ~ S 12.408.347 ~ ~ ~ ~ ~ S5.643.825 S 14.665,000 S 11.247.247 ~ ~ $TI.067,I28-
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6.
CONTRIBUTED CAPITAL
Contributed capital recorded in the Enterprise Fund at September 30, 1999 includes Contributions in
Aid of Construction (CIAC) and utility system equipment donated by customers and developers. CIAC
represents advances made to the west utility plant by its customers and developers prior to its
acquisition by the City on October 6, 1984. The City records as contributed capital equipment donated
by developers upon physical connection to the water and sewer system. Changes to contributed capital
during the year ended September 30, 1999 were as follows:
Balance at September 30, 1998
Equipment donated by developers for Water and Sewer connections
$ 7,290,624
607,032
Balance at September 30, 1999
$ 7,897,656
7.
PENSION PLANS
Effective October 1, 1997, the City adopted a defined benefit plan and amended and restated its Money
Purchase Pension Plan and Trust, integrating the two plans for purposes of providing minimum
projected retirement benefits (referred to as a "floor-offset").
Under a floor-offset, the projected monthly benefit being provided to the participant under the Money
Purchase Pension Plan and Trust is compared to the anticipated projected monthly benefit using the
defined benefit fonnula's minimum benefit, or 2% per year of service up to a maximum of 30 years,
subject to certain dollar limitations depending on age at time of retirement. If there are insufficient
funds in the Money Purchase Pension Plan and Trust to provide the minimum benefit, then the defined
benefit plan will provide the difference between the minimum benefit and the projected monthly benefit
provided by the Money Purchase Pension Plan and Trust. Following are descriptions of the City's
Money Purchase Pension Plan and Trust and Defined Benefit Plan.
a. Employee 401(a) Pension Plan-
Plan Description: The City maintains a single employer, defined contribution plan (Money
Purchase Pension Plan and Trust), which was adopted in August 1993, and amended and restated
on October 1, 1997. This is a tax-qualified plan pursuant to Section 401 (a) of the Internal Revenue
Code and is administered by an outside party acting as agent for the City.
Benefits are established by the Board of Trustees of the Money Purchase Pension Plan and Trust,
and may be amended by resolution of the City Commission. Prior to the plan amendment,
employees were eligible to participate in the plan after one full year of service provided they
worked at least 1,000 hours within the 12-month period. As a result of the plan amendment,
employees hired on or after June 1, 1997 are eligible to participate in the plan on the first day of the
month immediately following the date six months after commencement of employment.
Employees hired prior to June I, 1997 are eligible to participate in the plan on the earliest of:
(1) the first day of the plan year following satisfaction of the one year of service requirement, or
(2) the first day of the sixth month following satisfaction of the one year of service requirement.
After three continuous years of employment with the City, the amount credited to the contribution
account of an employee shall vest according to the completed number of employment years
preceding the date of termination. After three years of continuous employment, a member is 20%
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vested, increasing by 20% each year thereafter to a maximum of 100%. Prior to the plan
amendment, members were 40% vested after four continuous years, increasing by 10% for every
year thereafter to a maximum of 100%. The plan permits withdrawals for retirement, termination,
and disability but does not allow participants to borrow against their accounts.
Funding Policy: The City is obligated by the plan document to make a contribution equal to at
least 4% of the annual compensation of each member of the plan. Additionally, it is the policy of
the City to fund pension costs in installments equally divided among the employee pay periods.
Employees contributed 2% of their gross pay to the plan.
For the year ended September 30, 1999, the City's contribution was $192,140 and employee
contributions were $107,602.
b. Defined Benefit Plan -
Plan Description: Effective October 1, 1997, employees of the City participate in a defined
benefit, single-employer retirement plan (the "Defined Benefit Plan"), formed by agreement
between the City and the Board of Trustees of the City of Winter Springs ("Board of Trustees").
All City employees are eligible to participate in the plan on the first day of the month immediately
following the date six months after commencement of employment. Employees who have reached
the age of 65, or have reached the age of 55 and have completed at least 1 0 years of service, are
entitled to a retirement benefit payable monthly for life, equal to 2% of their average compensation
multiplied by their years of service at age 65 up to a maximum of 30 years, subject to certain dollar
limitations depending on age at time of retirement. Average compensation is the average of the
three highest consecutive paid compensation periods, which is the 12-month period ending on the
last day of the plan year. Employees who have at least 25 years of credited service may also elect
to retire prior to reaching age 55 and receive reduced retirement benefits.
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Benefits are established by the Board of Trustees of the Defined Benefit Plan, and may be amended
by resolution of the City Commission. The Defined Benefit Plan is administered by an outside
third party acting as agent for the City. Participants are credited with units of benefit credit for
hours of service worked in a plan year. Benefits fully vest upon reaching seven years of service
(including past service prior to the adoption of the Defined Benefit Plan), upon reaching normal
retirement age of 65, or upon separation of service resulting from death, disability, or eligibility for
an early retirement pension.
Available information showing the Defined Benefit Plan's progress in accumulating sufficient
assets to pay benefits when due is presented in the Defined Benefit Plan's financial statements.
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Funding Policy: The City is obligated to contribute to the Defined Benefit Plan in accordance with
actuarially determined contributions; there is no requirement for employees to contribute to the
Defined Benefit Plan. The City's actual contributions to the Defined Benefit Plan for the year
ended September 30, 1999 were approximately $298,000, which was in accordance with the
required contribution for the fiscal year as determined by the October 1, 1998 actuarial valuation;
no pension asset or liability exists at September 30, 1999. Plan forfeitures are used to reduce the
City's contributions for future plan years.
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The annual required contribution for fiscal 1999 was determined as part of the October 1,1998
actuarial valuation using the entry age actuarial cost method with frozen initial liability for past
service benefits earned prior to the adoption of the Defined Benefit Plan. The actuarial
assumptions included (a) 8% investment rate of return, (b) projected salary increases of3% per
year due to inflation, and (c) no benefit increases after retirement.
REQUIRED SUPPLEMENTAL INFORMATION
Schedule of Fundin!!: Pro~ress
Valuation Date
October 1,
1998
Actuarial value of plan assets
Actuarial accrued liability
Unfunded actuarial liability
Actuarial value of assets as a percentage of the actuarial accrued liability
Annual covered payroll
Ratio of the unfunded actuarial liability to annual covered payroll
$ 354,453
$1,772,673
$1,418,220
20.0 %
$4,936,762
28.7%
The unfunded actuarial liability is being amortized as a level percentage of projected payroll on an
open basis. The remaining amortization period at September 30, 1999 is 38 years.
8.
DEFERRED COMPENSATION PLAN
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All employees of the City may voluntarily elect to participate in one of two available deferred
compensation plans created in accordance with Internal Revenue Code Section 457. The plans are
administered by Public Employees Benefits Service Corporation (PEBSCO) and ICMA Retirement
Corporation. The plans permit participants to defer a portion of their salary until future years. The
deferred compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency.
Effective December 1, 1998, all assets in the deferred compensation plan were transferred to a separate
trust in accordance with section 1448 of the Small Business Jobs Protection Act of 1996. As a result,
such amounts are not presented on the balance sheet at September 30, 1999.
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9.
RISK MANAGEMENT
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The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; and natural disasters for which the City purchases commercial insurance through
the Florida League of Cities. There have been no significant reductions in insurance coverage during
the current year.
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10. COMMITMENTS AND CONTINGENCIES
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Various suits and claims, arising in the ordinary course of the City's operations, are pending against the
City. The ultimate effect of such litigation cannot be ascertained at this time. In the opinion of City
management, liabilities that may arise from such action would not result in losses that would materially
affect the financial position of the City or the results of its operations.
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COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
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SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues from specific taxes or other earmarked revenue
sources, which are legally restricted to expenditures for particular purposes. The City has the following
sixteen special revenue funds:
Police Education Fund - This fund is used to account for the costs of educational expenses for police
officers. It is funded by a portion of the collections from fines and forfeitures.
Special Law Enforcement Trust Fund - This fund was established to receive revenues derived from
confiscated property obtained during the enforcement of illegal operations. Proceeds are utilized
strictly for law enforcement purposes, exclusive of salaries and vehicles. Such purposes may include
drug education programs such as DARE.
Transportation Improvement Fund - Revenues in this fund are derived from Local Option Gasoline
Tax distribution. Proceeds are to be used for road, right of way, and drainage maintenance and
equipment necessary to build or maintain roads, right of ways, and drainage.
Recreation Acquisition Fund - This fund was established to record funds received from new
developers for the acquisition of land for recreational purposes in lieu of land donated by these
developers for recreational purposes.
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Streetlighting Fund - This fund was established to record proceeds of special streetlighting
maintenance districts made up of various subdivisions of Country Club Village. Proceeds are used to
pay for lighting and administrative costs.
Solid Waste Fund - This fund is used to account for proceeds from billed solid waste and recycling
performed by contract vendors. Proceeds are used to pay monthly vendor charges for providing solid
waste and recycling services.
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Interim Services Fee Fund - This fund receives revenues charged to builders of new developments to
cover costs associated with Public Safety, Public Works, and Recreation provided to those properties
prior to the property's inclusion on the tax roll.
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Stormwater Utility Fund - This fund was established due to a comprehensive development plan to
charge for the establishment and maintenance of storm water utility systems. Proceeds are used to pay
for the maintenance of the City's storm water system.
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Public Service Tax Fund - The Public Service Tax fund is used to account for collections of utility
taxes charged on electric, water, phone, and gas services. Proceeds are used to pay annual debt service
and monies not required to pay debt service are transferred to the General Fund.
Excise Tax Fund - This fund is a pass-through fund that receives electric franchise fees submitted to
the City in conjunction with the City's electric franchise agreements. Proceeds are transferred to the
Electric Franchise Fee Fund.
Electric Franchise Fee Fund - This fund is used to account for proceeds of the excise tax fund. These
proceeds are used to pay annual debt service. Any excess monies not used to pay debt service are
transferred to the General Fund.
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SPECIAL REVENUE FUNDS
Transportation Impact Fee Fund - This fund is used to account for collected impact fees on new
development to defray 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 level of police service due to future growth_
Fire Impact Fee Fund - This fund is used to account for collected impact fees on new development to
defray the cost of capital investment needed to maintain level of fire service due to future growth.
Medical Transport Fund - This fund is used to receive revenues generated from fees charged for
paramedic services. The proceeds from this fund are used to pay for the incremental costs related to
providing these services.
TLBD Improvement Fund - This fund is used to account for collected special assessments related to
the Tuskawilla Lighting and Beautification District.
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CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30, 1999
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Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition Streetlighting
ASSETS Fund Trust Fund Fund Fund Fund
Cash and cash equivalents $13,990 $ 3,953 $ 97,320 $27,101 $ -
Accounts receivable, net
Due from other governments 16,252
Due from other funds 19,981
TOTAL $13,990 $ 3,953 $113,572 $27,101 $19,981
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable $ 100 $ - $ 2,665 $ - $ -
Accrued liabilities
Due to other funds 18,464
Total liabilities 100 2,665 18,464
FUND EQUI1Y:
Fund balances:
Reserved for encumbrances
Unreserved 13,890 3,953 110,907 27,101 1,517
Total fund equity 13,890 3,953 110,907 27,101 1,517
TOTAL $13,990 $ 3,953 $113,572 $27,101 $19,981
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. Interim Stormwater Public Electric Transportation
Solid Waste Services Utility Service Excise Franchise Impact
. Fund Fee Fund Fund Tax Fund Tax Fund Fee Fund Fee Fund
. $ $ - $145,543 $ 2,165 $ $14,786 $1,645,705
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. 1,489,8] 5 73,977 126,311
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. $],489,815 $ - $219,520 $128,476 $ $14,786 $1,645,705
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. $ $ - $ 33,363 $ $ $ - $ 6,738
.-. 345
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- 292,789 174,474 ]28,476 ]4,786 1,638,967
- 292,789 183,664 128,476 14,786 1,638,967
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(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
SPECIAL REVENUE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1998
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Police Fire Medical TLBD
Impact Impact Transport Improvement
ASSETS Fee Fund Fee Fund Fund Fund Total
Cash and cash equivalents $148,790 $264, I7I $ I73,226 $153,789 $2,690,539
Accounts receivable, net 67,236 67,236
Due from other governments I6,252
Due from other funds 1,710,084
TOTAL $148,790 $264,17I $ 240,462 $153,789 $4,484, III
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable $ $ $ 1,233 $ $ 44,099
Accrued liabilities 345
Due to other funds I2,996 1,230,634
Total liabilities I4,229 1,275,078
FUND EQUIlY:
Fund balances:
Reserved for encumbrances 106 9,296
Unreserved 148,790 264,171 226,127 I53,789 3,199,737
Total fund equity I48,790 264,17I 226,233 I53,789 3,209,033
TOTAL $148,790 $264,171 $ 240,462 $153,789 $4,484,111
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(Concluded)
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. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES,
. EXPENDITURES, AND CHANGES IN FUND BALANCES
. YEAR ENDED SEPTEMBER 30,1999
.
. Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition Streetlighting
. EYn!t Trust Fund EYn!t EYn!t Fund
. REVENUES:
. Taxes and special assessments $ $ $ $ - $ -
Licenses, permits, and fees
. Intergovernmental revenues 208,704
. Charges for services 7,028
Fines and forfeitures 21,898 37,59I
. Interest 35 462 487 564 7
Miscellaneous 2,275
. Total revenues
. 21,933 40,328 209,19I 564 7,035
. EXPENDITURES:
. Current:
General government 6,187
. Public safety 10,342
Transportation I7,279
. Capital outlay 45,673 136,994
. Total ex-penditures 10,342 45,673 I 54,273 6,187
.
. EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 11,591 (5,345) 54,9I8 564 848
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WI' OTHER FINANCING SOURCES (USES):
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- Operating transfers in
- Operating transfers out
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- EXCESS (DEFICIENCY) OF REVENUES
- AND OTHER FINANCING SOURCES
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- OVER (UNDER) EXPENDITURES AND
- OTHER USES 11,59I (5,345) 54,918 564 848
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- FUND BALANCES AT BEGINNING
- OF YEAR 2,299 9,298 55,989 26,537 669
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- FUND BALANCES AT END OF YEAR $13,890 $ 3,953 $110,907 $27,101 $1,517
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. Interim Storrnwater Public Electric Transportation
Solid Waste Services Utility Service Excise Franchise Impact
. Fund Fee Fund EYn!t Tax Fund Tax Fund Fee Fund Fee Fund
.
. $ $ $ $ 1,732,790 $ 1,060,100 $ $
26,291 493,269
.
. 226,559 333,055
. 108 1,457 4,976 2,630 69,104
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. 226,559 26,399 334,512 1,737,766 1,060, I 00 2,630 562,373
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. 197,637 5,617
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WI' 9,683
..... 41,630 471,378
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- 226,559 26,399 95,245 1,737,766 1,060,100 (2,987) 81,312
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35,000 1,060, I 00
(98,400) (29,424) (1,626,592 ) (1,060,100) (I ,042,603)
- (98,400) (29,424) 35,000 (1,626,592) (1,060,100) 17,497
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128,159
(3,025)
130,245
111,174
14,510
81,312
164,630
3,025
53,4I9
17,302
276
1,557,655
$292,789
$
$183,664
$ 128,476
$
$ 14,786
$1,638,967
(Continued)
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. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES,
. EXPENDITURES, AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30,1999
.
. Police Fire Medical TLBD
. Impact Impact Transport Improvement
. Fee Fund Fee Fund EYn!t .E.!!.m!. !Q1ID
. REVENUES:
Taxes and special assessments $ $ $ $153,378 $ 2,946,268
. Licenses, permits, and fees 74,632 135,830 730,022
. Intergovernmental revenues 208,704
Charges for services 187,625 754,267
. Fines and forfeitures 59,489
. Interest 2,138 3,748 6,295 411 92,422
Miscellaneous 134,568 136,843
. Total revenues 76,770 139,578 328,488 153,789 4,928,015
.
. EXPENDITURES:
Current:
. General government 209,441
. Public safety 112,982 123,324
Transportation 26,962
. Capital outlay 198,411 894,086
. Total ex-penditures 311,393 1,253,813
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WI' EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES 76,770 139,578 17,095 I53,789 3,674,202
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- OTHER FINANCING SOURCES (USES):
- Operating transfers in 1,095,100
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- Operating transfers out (3,857, I19)
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- Total other financing sources (uses) (2,762,019)
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- EXCESS (DEFICIENCY) OF REVENUES AND
- OTHER FINANCING SOURCES OVER
- (UNDER) EXPENDITURES AND OTHER
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- USES 76,770 139,578 17,095 153,789 912,183
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- FUND BALANCES AT BEGINNING
OF YEAR 72,020 124,593 209,138 2,296,850
FUND BALANCES AT END OF YEAR $148,790 $264,171 $226,233 $153,789 $ 3,209,033
(Concluded)
- 47 -
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
. AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30,1999
.
. Police Education Fund Special Law Enforcement Trust Fund
Variance Variance
. Favorable Favor.ible
. ~ AmW (Unfavorable) ~ ~ (Unfavorable)
. REVENUES:
Taxes and special assessments $ $ $ - $ $ $ -
. Licenses, permits, and fees
. Intergovernmental revenues
Charges for services
. Fines and forfeitures 16,500 21,898 5,398 37,591 37,~iJ
Interest 50 35 (15) 200 462 262
. Miscellaneous 2,275 2,275
. Total revenues 16,550 21,933 5,383 200 40,328 40,128.
.
- EXPENDITURES:
WI' Current:
..... General government
- Public safety 12,000 10,342 1,658
..... Transportation
-
- Capital outlay 45,000 45,673 (0173)
-
- Total expenditures 12,000 10,342 1,658 45,000 45,673 (673)
-
-
- EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES 4,550 ~ 7,041 (44,800) (5,345) 39,455
-
- OTHER FINANCING SOURCES (USES):
Operating transfers in
- Operating transfers out
Total other financing sources (uses)
-
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES 4,550 11,591 7,041 (44,800) (5,345) 39,455
FUND BALANCES AT BEGINNING OF YEAR 2,299 2,299 9,298 9,298
FUND BALANCES AT END OF YEAR $ 6,849 $ 13,890 $7,041 $ (35,502) $ 3,953 $39,455
= =
- 48 -
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.....
...
.....
...
.....
-
-
-
-
-
-
-
-
-
-
-
Transportation Improvement Fund
Variance
Favorable
~ ~ (Unfavorablel
Recreation Acquisition Fund
Variance
Favorable
~ ~ (Unfavorablel
Streetlighting Fund
Variance
Favoratile
~ ~ (Unfavorable)
$
$
$
$
$
$
$ -
$ -
$ -
200,000
208,704
8,704
7,000
7,028
28.
2,000
487
(1,513)
500
564
64
7 7'
202,000
209,191
7,191
500
564
64
7,000 7,035 35
7,000 6,187 813
48,920 17,279 31,641
189,500 136,994 52,506
238,420 154,273 84,147 7,000 6,187 813
(36,420) 54,918 91,338 500 564 64 848 848
(36,420)
54,918
91,338
500
564
64
848
848
55,989
55,989
26,537 26,537
669
669
$ 19,569
$110,907
$91,338
$27,037
$27,101
=
$ 64
$ 669
$1,517
$ 848
(Continued)
- 49-
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
. YEAR ENDED SEPTEMBER 30,1999
.
. Solid Waste Fund Interim Services Fee Fund
Variance Variance
. Favorable Favorable
~ Arurnl /Unfavorable) ~ ~ (Unfavorable}
.
. REVENUES:
Taxes and special assessments $ $ $ $ $ $ -
. Licenses, permits, and fees 30,000 26,291 (3,700)
. Intergovernmental revenues
Charges for services 1,360,522 1,423,585 63,063
. Fines and forfeitures
Interest 450 108 (342)
. Miscellaneous
. Total revenues 1,360,522 1,423,585 63,063 30,450 26,399 (4,05!) .
. EXPENDITURES:
. Current:
. General government 1,151,719 1,197,026 (45,307)
Public safety
. Transportation
. Capital outlay
. Total expenditures 1,151,719 1,197,026 (45,307)
. EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES 208,803 226,559 17,756 30,450 26,399 (4,051 )
-
... OTHER FINANCING SOURCES (USES):
... Operating transfers in
...
... Operating transfers out (98,000) (98,400) (400) (32,074) (29,424) 2,650
-
- Total other financing sources (uses) (98,000) (98,400) (400) (32,074) (29,424) 2,650
.....
-
- EXCESS (DEFICIENCY) OF REVENUES AND
- OTHER FINANCING SOURCES OVER (UNDER)
- EXPENDITURES AND OTHER USES 110,803 128,159 17,356 (1,624) (3,025) (1,401)
-
-
- FUND BALANCES AT BEGINNING OF YEAR 164,630 164,630 3,025 3,025
-
- FUND BALANCES AT END OF YEAR $ 275,433 $ 292,789 $ 17,356 $ 1,401 $ $ (1,401)
-
-
-
-
- 50-
.
.
.
.
.
.
.
.
. Stormwater Utility Fund Public Service Tax Fund Excise Tax Fund
Variance Variance Variance
. Favorable Favorable Favorable
~ Actual (Unfavorablel ~ ~ (Unfavorable) ~ ~ (Unfavorable)
.
. $ $ $ $ 1,671,381 $ 1,732,790 $ 61,409 $ 988,785 $ 1,060,100 $ 71,3l5
.
. 325,000 333,055 8,055
. 2,000 1,457 (543) 4,340 4,976 636
.
. 327,000 334,512 7,512 1,675,721 1,737,766 62,045 988,785 1,060,100 7/,3'15
.
.
. 267,838 197,637 70,201
.
- 92,475 41,630 50,845
-
.. 360,313 239,267 121,046
..
.....
..
- (33,313) 95,245 128,558 1,675,721 1,737,766 62,045 988,785 1,060,100 71,315
-
-
-
- 35,000 35,000
- (1,675,721 ) (1,626,592) 49,129 (988,785) (1,060, I 00) (71,315)
- 35,000 35,000 (1,675,721) (1,626,592) 49,129 (988,785) (J ,060, I 00) (71,31 5)
-
-
-
1,687 130,245 128,558 111,174 111,174
53,419 53,419 17,302 17,302
$ 55,106 $183,664 $128,558 $ 17,302 $ 128,476 $111,174 $ $ $
(Continued)
- 5] -
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
. AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1999
.
. Electric Franchise Fee Fund Transportation Impact Fee Fund
Variance Variance
. Favorable Favorable
. ~ ~ (Unfavorablel ~ AklY.al (Unfavorable)
. REVENUES:
Taxes and special assessments $ $ $ $ $ $
. Licenses, permits, and fees 354,000 493,269 139,269
. Intergovernmental revenues
Charges for services
. Fines and forfcitures
. Intcrest 3,190 2,630 (560) 60,000 69,104 9,104
Miscellaneous
. Total revenues 3,190 2,630 (560) 414,000 56i,373 148,373
.
. EXPENDITURES:
Current:
. General government 7,500 5,617 1,883
- Public safety
WI' Transportation 85,000 9,683 75,317
- Capital outlay 965,000 471,378 493,622
...
..... Total expenditures 7,500 5,617 1.883 1,050,000 481,061 568,939
-
-
- EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES (4,310) (2,987) 1,323 (636,000) 81,312 717,312
-
-
- OTHER FINANCING SOURCES (USES):
- Operating transfers in 988,785 1,060, I 00 71,315
- Operating transfers out (984,475) (1,042,603 ) (58,128)
-
- Total other financing sources (uses) 4,310 17,497 13,187
-
-
- EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES 14,510 14,510 (636,000) 81,312 717,312
FUND BALANCES AT BEGINNING OF YEAR 276 276 1,557,655 1,557,655
FUND BALANCES AT END OF YEAR $ 276 $ 14,786 $ 14,510 $ 921,655 $ 1,638,967 $717,312
- 52 -
(Continued)
- 53 -
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL REVENUE FUNDS. COMBINING STATEMENT OF REVENUES, EXPENDITURES,
. AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30,1999
.
. TLBD Improvement Fund Totals
Variance Variance
. Favorable Favoratlle
. ~ &.lYID (Unfavorable) ~ ~ (Unfavorablel
. REVENUES:
Taxes and special assessments $ $153,378 $153,378 $ 2,660,166 $ 2,946,268 $ 286,1:fl2
. Licenses, permits, and fees 505,000 730,022 225,012
. Intergovernmental revenues 200,000 208,704 8,704
Charges for services 1,792,522 1,951,293 158,7i711
. Fines and forfeitures 16,500 59,489 42,989
Interest 411 411 77,030 92,422 15,392
. Miscellaneous 0 136,843 136,843
. Total revenues 153,789 153,789 5,251,218 6,125,041 873,823.
.
. EXPENDITURES:
Current:
. General government 1,434,057 1,406,467 27,590
Publ ic safety 57,000 123,324 (66,314)
- Transportation 133,920 26,962 106,958
-
..... Capital outlay 1,507,358 894,086 613,2771
-
- Total expenditures 3,132,335 2,450,839 681,496
-
-
- EXCESS (DEFICIENCY) OF REVENUES
- OVER (UNDER) EXPENDITURES 153,789 153,789 2,118,883 3,674,202 1,555,3U'9
- --
- OTHER FINANCING SOURCES (USES):
-
- Operating transfers in 1,023,785 1,095,100 71,315
- Operating transfers out (3,779,055) (3,857,] 19) (78,064)
- Total other financing sources (uses) (2,755,270) (2,762,019) (6,749)
-
- EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES 153,789 153,789 (636,387) 912,183 1,548,570
FUND BALANCES AT BEGINNING OF YEAR 2,296,850 2,296,850
FUND BALANCES AT END OF YEAR $ $153,789 $153,789 $ 1,660,463 $ 3,209,033 $ 1,548,570
(Concluded)
- 54-
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DEBT SERVICE FUNDS
Debt service funds are used to account for the accumulation of resources and payment of the bond
issues of the City.
1989 Debt Service Fund - This fund is used to account for the accumulation of resources and payment
of principal and interest for the 1989 bond issue.
1993 Debt Service Fund - This fund is used to account for the accumulation of resources and payment
of principal and interest for the 1993 bond issue.
1997 Debt Service Fund - This fund is used to account for the accumulation of resources and payment
of principal and interest for the 1997 bond issue.
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.
-
..
.....
WI'
.....
-
.....
WI'
.....
..
...
-
-
-
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-
-
-
-
-
-
-
-
-
-
-
-
-
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- 55 -
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CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30, 1999
1993 Debt 1997 Debt 1999 Debt
ASSETS Service Fund Service Fund Service Fund :urtal
Cash and cash equivalents $269,454 $ 124,126 $217,988 $611,568
Investments
TOTAL $269,454 $ 124, 126 $217,988 $611,568
FUND EQUITY
Fund balance - reserved for debt service
$269,454
$124,126
$217,988
$611,568
-
WI'
.
.
TOTAL
$269,454
$124,126
$217,988
$611,568
...
...
...
WI'
-
WI'
.....
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 56-
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
. YEAR ENDED SEPTEMBER 30,1999
.
. 1989 Debt 1993 Debt 1997 Debt 1999 Debt
. Service Fund Service Fund Service Fund Service Fund Ia1a.l
. REVENUES - Interest $ 22,380 $ 57,186 $ $ 899 $ 80,465
. EXPENDITURES:
. Principal retirement 285,000 105,000 390,000
. Interest and fiscal charges 212,150 454,893 25,912 692,955
Payment to escrow agent 652,000 652,000
. Bond issuance costs 25,404 297,398 322,802
. Total expenditures 864,150 765,297 130,912 297,398 2,057,757
.
. EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (841,770) (708, III) (130,912) (296,499) (1,977,292)
.
. OTHER FINANCING SOURCES (USES):
Operating transfers in 308,175 459,713 132,983 164,827 1,065,698
. Operating transfers out (944,819) (944,819)
... Bond proceeds 2,597,053 2,597,053
- Payment to escrow agent (2,328,288) (2,328,288)
.....
-
- 308,175 (485,106) 132,983 433,592 389,644
-
-
- EXCESS (DEFICIENCY) OF REVENUES
- AND OTHER FINANCING SOURCES
- OVER (UNDER) EXPENDITURES
-
- AND OTHER USES (533,595) (I, I 93,217) 2,071 137,093 (1,587,648)
-
- FUND BALANCES AT BEGINNING
-
- OF YEAR 614,490 1,462,671 122,055 2,199,216
-
-
- RESIDUAL EQUITY TRANSFER IN 80,895 80,895
-
- RESIDUAL EQUITY TRANSFER OUT (80,895) (80,895)
-
FUND BALANCES AT END OF YEAR $ $ 269,454 $ 124,126 $ 217,988 $ 611,568
- 57-
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CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1999
...
-
...
-
.....
-
-
WI'
-
-
-
-
-
-
-
-
1989 Debt Service Fund
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES - Interest $ 28,500 $ 22,380 $ (6,120)
EXPENDITURES:
Principal retirement
Interest and fiscal charges 212,150 212,150
Total expenditures 212,150 212,150
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (183,650) (189,770) (6,120)
OTHER FINANCING SOURCES (USES):
Operating transfers in 183,650 308,175 124,525
Operating transfers out
Bond proceeds
Payment to escrow agent
Total other financing sources (uses) 183,650 308,175 I24,525
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER USES 118,405 118,405
FUNDBALANCESATBEG~GOFYEAR 614,490 614,490
RESIDUAL EQUIlY TRANSFER IN
RESIDUAL EQUlY TRANSFER OUT (80,895) (80,895)
FUND BALANCES AT END OF YEAR $ 614,490 $ 652,000 $ 37,510
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 58 -
.
.
.
.
.
.
.
.
. 1993 Debt Service Fund 1997 Debt Service Fund
. Variance Variance
. Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable'
.
. $ 61,800 $ 57,186 $ (4,6I4) $ 93 $ $ (93)
.
. 285,000 285,000 110,000 105,000 5,000
454,893 454,893 22,893 25,912 (3,019)
.
..... 739,893 739,893 132,893 130,912 1,98I
...
...
WI'
..... (678,093) (682,707) (4,614) (132,800) (130,912) 1,888
...
.....
-
..... 678,093 459,713 (218,380) 132,800 I32,983 183
-
- (944,8]9) (944,8] 9)
-
-
-
-
- 678,093 (485,106) (1,163,199) 132,800 132,983 ]83
-
(1,167,813)
(1,167,813)
2,071
2,071
1,462,671
],462,671
]22,055
122,055
$] ,462,67]
$ 294,858
$(1, I67,813)
$ 122,055
$ 124,126
$ 2,071
(Continued)
- 59 -
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-
WI'
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WI'
-
-
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-
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CITY OF WINTER SPRINGS, FLORIDA
DEBT SERVICE FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1999
1999 Debt Service Fund
Variance
Favorable
Budaet Actual (Unfavorable'
REVENUES - Interest
$
$
899
$
899
EXPENDITURES:
Principal retirement
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES
899 899
164,827 164,827
2,597,053 2,597,053
(2,328,288) (2,328,288)
433,592 433,592
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Bond proceeds
Payment to escrow agent
Total other financing sources (uses)
-
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER USES
434,491
434,49I
-
-
FUND BALANCES AT BEGINNING OF YEAR
-
-
-
RESIDUAL EQUllY TRANSFER IN
80,895
80,895
-
RESIDUAL EQUlY TRANSFER OUT
-
-
FUND BALANCES AT END OF YEAR
$
$ 515,386
$ 515,386
- 60-
.
.
.
.
.
.
.
.
. Totals
. Variance
. Favorable
. Budget Actual (Unfavorable)
. $ 90,393 $ 80,465 $ (9,928)
.
. 395,000 390,000 5,000
. 689,936 692,955 (3,019)
. 1,084,936 1,082,955 1,981
.
. (994,543) (1,002,490) (7,947)
.....
-
.....
- 994,543 1,065,698 71,155
- (944,8I9) (944,819)
-
- 2,597,053 2,597,053
- (2,328,288) (2,328,288)
-
-
- 994,543 389,644 (604,899)
(612,846)
(6I2,846 )
2,199,216
2,199,216
80,895
80,895
(80,895)
(80,895)
$2,199,2I6
$1,586,370 $ (612,846)
(Concluded)
- 61 -
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.
.
CAPIT AL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition and construction of major capital facilities other
than those financed by proprietary funds.
1997 Construction Fund - This fund was established for the acquisition and construction of City-owned
Capital Improvements.
1999 Construction Fund - This fund was established for the acquisition and construction of City-owned
Capital Improvements.
...
.,
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-
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-
-
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-
-
- 62-
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS FUNDS - COMBINING BALANCE SHEET
SEPTEMBER 30,1999
-
.,
.....
...
-
...
-
...
1997 1999
Construction Construction
ASSETS .Eumt .Eumt IQla1
Cash and cash equivalents $ 108,500 $5,713,155 $ 5,821 ,655
Accrued interest receivable 29,618 29,618
TOTAL $ 108,500 $5,742,773 $5,851,273
LIABILITIES
Accounts payable $ $ 66, I60 $ 66,160
Due to other funds 77 77
77 66,160 66,237
FUND EaUITY
Fund balances:
Reserved for encumbrances 43,690 43,690
Reserved for capital projects 108,423 5,632,923 5,741,346
Total fund equity 108,423 5,676,613 5,785,036
TOTAL $ 108,500 $5,742,773 $ 5,851,273
-
-
-
-
-
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- 63 -
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~
...
-
-
-
-
-
-
-
-
-
-
-
CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1999
1997 1999
Construction Construction
E.umt Ew1d
REVENUES - Interest
$ 7,518
$ 51,666
EXPENDITURES - Capital outlay
130,658
370,439
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
(123,140)
(318,773)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Bond proceeds
898,602
(305,771)
5,402,555
Total other financing sources (uses)
5,995,386
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER USES
(123,140)
5,676,613
FUND BALANCES AT BEGINNING OF YEAR
231,563
FUND BALANCES AT END OF YEAR
$ 108,423
$ 5,676,613
- 64-
I2W
$
59,184
501,097
(441,913)
898,602
(305,771)
5,402,555
5,995,386
5,553,473
231,563
$ 5,785,036
.
.
.
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.
.
CITY OF WINTER SPRINGS, FLORIDA
CAPITAL PROJECTS FUNDS - COMBINING STATEMENT OF REVENUES. EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1999
1997 Construction Fund
EXPENDITURES - Capital outlay
155,983
variance
Favorable
~ (Unfavorable)
$ 7,518 $ (2,482)
130,658 25,325
Budget
REVENUES - Interest
$ 10,000
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES
(145,983)
(123,140)
22,843
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
Bond proceeds
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES
(145,983)
(123,140)
22,843
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FUND BALANCES AT BEGINNING OF YEAR
231,563
231,563
FUND BALANCES AT END OF YEAR
$ 85,580
$ 108,423
$ 22,843
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. 1999 Construction Fund Totals
. variance variance
. Favorable Favorable
Budget Ac1ual (Unfavorable) Budget Ac1ual (Unfavorable)
.
. $ 100,000 $ 51,666 $ (48,334) $ 110,000 $ 59,184 $ (50,816)
. 762,500 370,439 392,061 918,483 501,097 417,386
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. (662,500) (318,773) 343,727 (808,483) (441,913) 366,570
.
. 900,000 898,602 (1,398) 900,000 898,602 (I,398)
. (305,771) (305,771) (305,771) (305,771 )
5,500,000 5,402,555 (97,445) 5,500,000 5,402,555 (97,445)
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- 6,400,000 5,995,386 (404,614) 6,400,000 5,995,386 (404,614)
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- 5,737,500 5,676,613 (60,887) 5,591,517 5,553,473 (38,044)
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- 231,563 231,563
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- $5,737,500 $5,676,613 $ (60,887) $ 5,823,080 $ 5,785,036 $ (38,044)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES - GENERAL FUND - BUDGET AND ACTUAL (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30,1999
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Variance
Favorable
~ ~ Unfavorable
GENERAL GOVERNMENT:
Commission $ 83,322 $ 82,194 $ 1,128
Various boards ]0,700 5,867 4,833
City manager 223,522 179,482 44,040
City clerk 265,983 315,369 (49,386)
Finance 342,208 327,862 14,346
Personnel 60,346 57,867 2,479
Information services 197,443 184,454 12,989
Purchasing 205,805 251,842 (46,037)
Utility billing 379,884 350,003 29,881
Engineering 94,305 91,830 2,475
Community development 279,270 220,091 59,179
Land management 62,186 55,408 6,778
General government 33,500 394,571 (361,071)
Total general government 2,238,474 2,516,840 (278,366)
PUBLIC SAFETY:
Police 2,866,1 11 2,975,229 (109,118)
Fire 2,016,632 1,923,133 93,499
Building 247,934 231,022 16,912
Code enforcement 133,354 102,487 30,867
Total public safety 5,264,031 5,231,871 32.160
TRANSPORTATION - Public works 1,167,429 1,092,223 75,206
CULTURE AND RECREATION - Recreation 995,959 1,042,556 (46,597)
CAPITAL OUTLAY:
Commission 10,825 14,444 (3,619)
City manager 3,325 845 2,480
City clerk 32,374 4,231 28,143
Finance 33,274 9,747 23,527
Personnel 3,325 845 2,480
Purchasing 6,650 2,140 4,510
Information services ( 160,203) 74,412 (234,615)
Utility billing 29,549 16,063 13,486
Engineering 9,250 1,691 7,559
Land managernent 5,925 845 5,080
Community development 10,999 3,219 7,780
General government 33.000 2,718 30,282
Police 133,910 46,533 87,377
Fire 68,702 33,272 35,430
Building 42,974 18,491 24,483
Code enforcement 12,674 4,449 8,225
Public works 223,824 104,181 119,643
Recreation 58,100 58,899 (799)
Total capital outlay 558,477 397,025 161,452
TOTAL EXPENDITURES $10,224,370 $10,280,515 $ (56,145)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - ENTERPRISE FUND -
WATER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30, 1999
Budget Actual
REVENUES:
Water revenues $ 2,162,500 $2,395,441
Sewer revenues 2,978,448 2,989,994
Water connection fees 50,000 211,184
Sewer connection fees 240,000 877,679
Reuse water fees 35,000 50,212
Guaranteed revenues 39,000 20,651
Turn off/on fees 5,000 165
Meter/charges 30,000 64,165
Backflow device fees 300
Application fees 20,000 31,900
Tampering fees 100
Inspection fees 6,500 9,240
NSF check fees 4,000 2,469
Interest earned 237,500 252,455
Miscellaneous revenues 20,000 51,217
Reservation charges 33,000 36,960
Stonnwater administration fee 5,660 5,660
Operating transfer in 25,000 25,000
Total revenues 5,891,708 7,024,692
EXPENSES:
Salaries 919,330 916,053
F.I.C.A taxes 70,597 65,791
Health!1ife/disability insurance 66,058 59,770
Workers' compensation insurance 20,942 18,212
Pension expense 72,667 68,827
Other legal services 10,000 4,543
Physical examinations 1,600 748
Consulting engineer 15,000 16,786
Consultant-rate study 36,760 4,935
Audit/administrative services 640,000 640,000
Travel and per diem 1,000 987
Telephone 6,500 7,600
Postage 1,400 640
Utility services 395,000 368,681
Sludge disposal 48,000 47,138
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Variance
Favorable
(Unfavorable)
$ 232,941
11,546
161,184
637,679
15,2I2
(18,349)
(4,835)
34,165
300
11,900
(100)
2,740
(1,531)
14,955
31,217
3,960
1,132,984
3,277
4,806
6,288
2,730
3,840
5,457
852
(1,786)
31,825
13
(1,100)
760
26,319
862
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - ENTERPRISE FUND -
WATER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30,1999
Budget
Equipment rental
Repair and maintenance - equipment
Repair and maintenance - communications
Repair and maintenance - vehicles
Repair and maintenance - buildings
Repair and maintenance - fire hydrants
Repair and maintenance - water plants
Repair and maintenance - sewer plants
Repair and maintenance - effluent disposal
Repair and maintenance - water lines
Repair and maintenance - sewer lines
Repair and maintenance - lift stations
Copy machine supplies
Printing expenses
Promotional activities
Employee relations
Classified advertising
Office supplies
Fuel and oil
Tires and filters
Operating supplies
Testing and samples
Purchased meters
Chlorine
Backflow devices
Uniforms
Janitorial supplies
Small tools and equipment
Protective clothing
Subscriptions
Dues and registrations
Employee development
Capital improvements - renewal and replacement
Improvements other than building
Capital project/revenue generation fund
Computer equipment allocation
Computer support allocation
5,000
33,735
500
13,000
6,500
10,000
25,000
42,000
29,000
26,000
20,000
22,000
540
1,000
500
825
1,500
1,950
23,000
5,000
57,500
20,000
57,650
50,000
5,000
7,032
1,300
8,000
3,099
100
2,180
7,500
122,000
1,141,240
30,000
9,473
10,476
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Actual
3,248
120,426
355
8,785
6,322
9,579
23,347
39,462
29,008
25,389
16,761
21,655
150
693
1,001
1,893
25,624
4,854
56,8I6
11,329
55,466
32,958
1,123
6,173
1,280
8,077
3,115
86
2,027
7,467
98,335
477,422
33,197
4,498
Variance
Favorable
(Unfavorable)
1,752
(86,691)
145
4,215
178
421
1,653
2,538
(8)
611
3,239
345
390
307
500
825
499
57
(2,624)
146
684
8,671
2,184
17,042
3,877
859
20
(77)
(16)
14
153
33
23,665
663,818
(3,197)
9,473
5,978
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - ENTERPRISE FUND -
WA TER AND SEWER UTILITY - OPERATING ACCOUNT
YEAR ENDED SEPTEMBER 30, 1999
Budget Actual
Vehicles 72,000 70,683
Other equipment 52,550 39,673
Debt service - principal 710,000 710,000
Debt service - interest 1,455,511 1,448,566
Total eXllenses 6,394,515 5,627,554
EFFECT OF ACCRUALS NOT INCLUDED
IN ACTUAL REVENUES AND EXPENSES ABOVE 167,916 167,916
NET (LOSS) INCOME (334,891) 1,565,054
TRANSFERS FROM OTHER BANK ACCOUNTS 95,128 95,128
TRANSFERS TO OTHER BANK ACCOUNTS (282,545) (282,545)
(DECREASE) INCREASE IN CASH (522,308) 1,377,637
CASH, BEGINNING OF YEAR 806,239 806,239
CASH, END OF YEAR $ 283,931 $2,183,876
Variance
Favorable
(Unfavorable)
1,317
12,877
6,945
766,961
1,899,945
1,899,945
$ 1,899,945
NOTE: Budget and actual information presented on this schedule differs from accounting principles generally
accepted in the United States of America (GAAP) in that accruals are not considered, the non-cash items of
depreciation, amortization, bad debt expense, and loss on disposal of assets are not recognized as an expense, and
items requiring cash outlay but not considered eXllenses under GAAP, including payments for debt service
principal, capital improvements, improvements other than building, capital project/revenue generation fund,
vehicles, and other equipment, are recognized as an expense.
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(Concluded)
I II ~~ II II II II l~ l~ ~~ ~4.4 .4.4.~.4.~.4.~~........................
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF SUPPLEMENTAL CASH FLOWS - ENTERPRISE FUND - WATER AND SEWER UTILITY
YEAR ENDED SEPTEMBER 30,1999
Debt Service
Renewal and Revenue Debt Service Debt Service 92 Sinking Customer 1997 Utility 1997 Debt
Operating Replacement Generation 91 Sinking 92 Sinking Reserve Deposits Construction Service
Account Account Account Account Account Account Account EYmI EYmI I2ml
CASH AND INVESTMENTS,
BEGINNING OF YEAR $ 806,239 $278,862 $483,245 $321,966 $627,044 $1,184,988 $501,283 $1,609,663 $314,174 $ 6,127,464
Transfer to other bank accounts (282,545) 3,723 37,133 9,470 232,219
Transfer from other bank accounts 95,128 (33,783) (54,449) (6,896)
Debt service:
Principal (710,000) (710,000)
Interest (1,448,566) ( 1,448,566)
Capital outlay (400,387) (318,924) (719,311)
Operating revenues 5,677,715 5,677,715
Operating expenses (1,553,708) (1,553,708)
CASH AND INVESTMENTS,
END OF YEAR $ 2,183,876 $282,585 $520,378 $331,436 $593,261 $1,130,539 $733,502 $1,290,739 $307,278 $ 7,373,594
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 1 - GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
Fiscal General Public Trans- Culturel Capital Debt
Year Government Safety portation Recreation Outlay Service Total
1990 $ 854,597 $ 2,672,668 $ 686,118 $ 108, 102 $ 518,449 $ 661,335 $ 5,501,269
1991 938,055 2,954,026 765,017 182,444 1,196,428 791,345 6,827,315
1992 964,622 3,020,447 795,276 344,054 2,356,816 791,145 8,272,360
1993 1,176,983 3,122,557 923,250 556,109 1,125,814 597,969 7,502,682
1994 1,265,435 3,299,148 820,962 634,147 668,910 934,731 7,623,333
1995 1,524,584 3,556,352 1,011,424 706,716 1,114,097 1,078,491 8,991,664
1996 1,522,378 3,684,567 1,153,694 753,557 1,516,789 1,012,325 9,643,310
1997 1,950,449 4,108,319 1,084,121 814,125 2,454,088 963,044 11,374,146
1998 2,591,811 4,725,544 1,159,944 843,115 2,705,800 967,605 12,993,819
1999 2,726,281 5,355,195 1,119,185 1,042,556 1,792,208 2,057,757 14,093,182
Includes the General Fund, Special Revenue Funds,
Capital Projects Funds, and Debt Service Funds.
Source: City of Winter Springs Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 2. GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
Licenses Intergovern- Charges Fines
Fiscal and mental for and General Miscellaneous
Year Taxes Permits Revenues Services Forfeitures Government Interest Revenues Total
1990 $3,196,040 $ 577,505 $1,781,747 $ 64,960 $209,394 $ 453,350 $ $133,734 $ 6,416,730
1991 3,720,415 456,631 1,764,106 35,369 221,686 370,682 48,150 6,617,039
1995 4,011,756 664,848 1,731,717 45,365 274,510 65,802 6,793,998
1993 4,308,605 1,023,098 1,843,049 97,393 258,626 184,541 66,655 7,781,967
1994 4,970,690 1,222,808 1,863,892 104,724 169,940 342,169 305,127 8,979,350
1995 4,874,118 857,024 2,020,651 132,191 154,556 462,256 610,659 9,111,455
1996 5,234,145 949,701 2,183,187 206,210 178,234 429,517 595,403 9,776,391
1997 5,406,995 990,477 2,290,120 687,152 208,667 454,922 641,202 10,679,535
1998 5,967,375 943,220 2,583,849 742,766 183,714 447,343 737,539 11,605,806
1999 6,298,975 1,762,848 2,918,244 914,748 249,206 383,955 927,367 13,455,343
Includes the General Fund, Special Revenue Funds,
Capital Projects Funds, and the Debt Service Funds.
Source: City of Winter Springs Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 3 - PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Current Percent Delinquent Total Total Collecti9ns
Fiscal Total Tax of Levy Tax Tax as a Percent
Year Tax Levy (1) Collections (2) Collected Collections (2) Collections of Current Levy
1990 $1,539,579
1991 2,070,546
1992 2,299,468
1993 2,333,990 $2,232,344 95.64 % $ 810 $2,233,154 95.68 %
1994 2,610,826 2,507,783 96.05 % 4,161 2,511,944 96.21 %
1995 2,665,426 2,559,179 96.01 % 16,817 2,575,996 96.64 %
1996 2,769,752 2,670,643 96.42 % 9,896 2,680,539 96.78 %
1997 2,882,773 2,786,845 96.67 % 4,636 2,791,481 96.83 %
1998 3,074,799 2,960,328 96.28 % 7,678 2,968,006 96.53 %
I999 3,215,932 3,097,939 96.33 % 25,225 3,123,164 97.12 %
(1) Gross taxes before discounts of 1 % - 4%, depending on month paid.
(2) Collection infonnation is not available before 1993.
Source: Seminole County Tax Collector's Office
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 4 - ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
Ratio
Centrally Assessed of
and Total
Real Property Personal Property Exemptions Total Assessed to
Estimated Estimated Real and Taxable Estimated Total
Fiscal Assessed Actual Assessed Actual Personal Assessed Actual Estimated
Year Value Value Value Value Property Value Value Actual Value
1990 $ 632,758 $ 659,610 $ 17,966 $18,734 $137,532 $513,192 $ 678,344 75.65 %
1991 705,919 729,046 20,659 21,342 153,861 572,717 750,388 76.32 %
1992 785,825 785,623 21,264 21,264 171,051 636,038 806,887 78.83 %
1993 802,113 801,890 20,920 20,920 177,446 645,587 822,810 78.46 %
1994 830,212 829,973 21,876 21,876 186,417 665,671 851,849 78.14 %
1995 882,544 882,258 22,455 22,455 196,599 708,400 904,713 78.30 %
1996 935,813 959,556 24,141 24,760 211,837 748,117 984,316 76.00 %
1997 992,796 1,00 1,788 26,362 26,601 220,230 798,928 1,028,389 77.69%
1998 1,061,983 1,061,983 27,701 27,701 235,565 854,119 1,089,684 78.38 %
1999 1,127,761 1,149,603 31,494 32,104 253,253 906,002 1,181,707 76.67 %
Source: Seminole County Property Appraiser's Office
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 5 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Seminole St. John's River -
City of County Water
Fiscal Winter Seminole School Management
Year Springs County Board District Total
1990 3.0000 4.5445 7.9900 0.3460 15.8805
1991 3.6153 5.5343 10.1690 0.3580 19.6766
1992 6.6153 5.6970 10.0890 0.3580 22.7593
1993 6.6153 5.4197 10.0710 0.3580 22.4640
1994 3.9221 5.3841 10.0930 0.4700 19.8692
1995 3.7626 5.3772 8.3370 0.2000 17.6768
1996 3.7023 5.3889 10.3080 0.4820 19.8812
1997 3.6083 5.3625 10.3080 0.4820 19.7608
1998 3.6000 5.1638 10.0360 0.4820 19.2818
1999 3.5495 5.1159 9.5410 0.4820 18.6884
Source: City of Winter Springs Finance Department
Seminole County School Board
Seminole County Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 6 - COMPUTATION OF DIRECT AND OVERLAPPING DEBT
SEPTEMBER 30, 1999
Net General
Obligation Debt
Outstanding
Percentage
Applicable to
City of Winter Springs
Jurisdiction
Overlapping:
Seminole County
$16,600,000
6.85 %
Seminole County
School Board
52,155,000
6.85 %
Total Overlapping Debt
68,755,000
Total Direct Debt (I)
Total Direct and
Overlapping Debt
$68,755,000
(I) The City of Winter Springs does not currently have any general obligation debt that is being
repaid through general property taxes.
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Seminole County School Board
Seminole County Property Appraiser
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Amount
Applicable to
City of Winter Springs
$1,137,100
3,572,618
4,709,718
$4,709,718
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TABLE 7 - REVENUE BOND COVERAGE. WATER AND SEWER BONDS
LAST TEN FISCAL YEARS
Net
Direct Available Debt Service Requirements
Operating For Debt
Fiscal Year Revenues (1) Expenses (2) Service Principal Interest Total Coverage
1990 $ 3,098,362 $ 1,342,440 $ 1,755,922 $ 65,000 $ 900,544 $ 965,544 1.82
1991 4,046,714 1,956,782 2,089,932 35,000 1,325,075 \,360,075 1.54
\992 4,376,764 2,075,965 2,300,799 35,000 1,092,724 1,127,724 2.04
\993 4,483,245 2,204,512 2,278,733 85,000 \,295,491 1,380,491 1.65
\994 4,996,647 2,069,377 2,927,270 90,000 1,378,282 1,468,282 1.99
1995 5,458,540 2,641,274 2,8\7,266 95,000 \,373,597 1,468,597 1.92
1996 5,269,291 2,336,777 2,932,5\4 415,000 \,358,416 \,773,416 1.65
1997 5,613,4\3 2,517,19\ 3,096,222 435,000 1,346,020 1,781,020 1.74
\998 5,924,1\2 2,696,506 3,227,606 455,000 \ ,405,724 \ ,860,724 1.73
1999 6,999,692 3,312,000 3,687,692 710,000 1,436,131 2,146,131 1.72
(I) "Revenues" include interest income, connection fees, and other incorne.
(2) "Direct Operating Expenses" excludes depreciation and interest expense.
Note: The figures since 1990 include the consolidation of the east and west water system.
Source: City of Winter Springs Finance Departrnent
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 8 - DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Population
City of Winter Springs
Fiscal
Year
Population
Seminole County
% Increase
Population
% Increase
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
22,151
22,790
23,352
24,008
24,772
25,673
26,474
27,466
28,404
29,220
2.16 %
2.88 %
2.47 %
2.81 %
3.18 %
3.64 %
3.12 %
3.75 %
3.42 %
2.87 %
287,521
298,057
305,872
310,890
316,555
326,203
329,031
337,498
345,166
354,148
Population Projections
Year
Seminole County
2000
2005
2010
361,900
399,800
436,100
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Population Distribution by Age
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Age
Seminole County
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0-14
15-24
25-44
45-64
65 and over
71,318
44,932
117,400
83,705
36,793
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Source: East Central Florida Regional Planning Council
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3.67 %
3.66 %
2.62 %
1.64 %
1.82 %
3.05 %
0.87 %
2.57 %
2.27 %
2.60 %
State of Florida
15,594,300
16,882,800
18,121,300
State of Florida
2,905,719
1,839,790
4,288,294
3,472,839
2,815,398
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Per Capita Income, School Enrollment, and Unemployment Rate
Fiscal Per Capita School Unemployment
Year Income (1) Enrollment (2) Rate (3)
1990 19,041 1,876 5.30 %
1991 19,233 1,947 6.50 %
1992 20,117 1,961 7.00 %
1993 21,049 3,020 5.80 %
1994 22,080 3,268 5.40 %
1995 23,400 3,297 4.20 %
1996 24,852 3,390 3.30 %
1997 (4) 3,988 3.20 %
1998 (4) 5,967 2.60 %
1999 (4) 5,711 2.80 %
(1) Source: Regional Economic Information System Bureau of Economic Analysis
(2) Source: Seminole County School Board Information Services
(3) Source: U.S. Department of Labor
(4) This information is not available.
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 9 - PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(VALUES ARE IN THOUSANDS)
Commercial Additionsl Bank Deposits (2)
Residential Construction (1) Construction (1) Alterations (1) (in thousands)
Number of Units Savings
Fiscal Single Multi Total and
Year Family Family Value Value Value Value Loans Banks
1990 270 12 $ 29,418 $ 2,693 $1,602 $33,713 $822,030 $1,519,024
1991 145 0 23,492 2,703 2,673 28,868 759,656 1,653,383
1992 228 0 24,512 983 1,801 27,296 641,693 1,765,214
1993 301 0 38,410 1,260 3,818 43,488 600,924 1,738,832
1994 411 0 48,965 2,000 4,200 55,165 553,084 1,849,924
1995 333 1 44,425 1,200 3,555 49,180 498,708 1,953,373
1996 335 2 43,550 655 5,445 49,650 494,844 2,058,040
1997 327 0 50,428 449 3,603 54,480 387,382 2,172,710
1998 337 I 56,760 1,331 4,410 62,501 423,557 2,272,861
1999 418 42 123,290 4,898 6,580 134,768 436,053 2,383,748
(I) Source: City of Winter Springs Building Department
(2) Source: Florida Bankers Association
Note: For savings and loans and bank deposits, numbers are as of
Decernber 31 for 1989-1993. For 1994-1998, numbers are as of
Septernber 30. All amounts are for entire Seminole County.
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 10 - PRINCIPAL TAXPAYERS
SEPTEMBER 30,1999
Taxpayer
Golf Terrace, Ltd.
Florida Power Corp.
United Dominion Realty Trust
Hacienda Village Co-Op
Time Warner Entertainment
Southern BeIl Telephone
Centex Homes
TuskawiIla Investors, Inc.
Partners Prefered Yield Inc.
DR Horton, Inc.
Total Taxable Assessed Valuation
of Ten Largest Taxpayers
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Total Taxable Assessed Valuation
of Other Taxpayers
Total Taxable Assessed Valuation
of AIl Taxpayers
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Percentage
of Total
Type of Business Valuation Taxes Levied Taxable Value
Property Management $ 12,085,061 $225,850 1.34 %
Electric Utility 8,464,585 158,190 0.93 %
Property Management 7,103,310 132,749 0.78 %
Property Management 4,971,836 92,916 0.55 %
Utilities 3,537,939 66,118 0.39 %
Utilities 3,094,254 57,827 0.34 %
Builder 2,938,204 54,910 0.32 %
Developer 2,600,793 48,605 0.29 %
Developer 2,023,710 37,820 0.23 %
Builder 2,001,134 37,398 0.22 %
48,820,826
5.39%
857,212,007
94.61 %
$ 906,032,833
100.00 %
Source: Seminole County Property Appraiser's Office
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CITY OF WINTER SPRINGS, FLORIDA
TABLE 11 - MISCELLANEOUS STATISTICS
SEPTEMBER 30, 1999
Date of Incorporation
1959
Form of Government
Commission - City Manager
City Charter Adopted
1972
Commission Composed of:
5 Members
Area
14.6 square miles
Miles of Streets
117
Fire Protection:
Number of Fire Stations
Number of Firefighters and Officers
2
37
Police Protection:
Number of Police Stations
Number of Sworn Officers
1
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City Water System:
Number of Customers
A verage Daily Consumption
Miles of Water Mains
Plant Capacity - All Plants
Deep Wells
Number of Fire Hydrants
11,196
125 Gallons Per Capita
148
12,000,000 gallons
7
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City Sewer System:
Treatment Facility Capacity
Current Average Flow
Miles of Sanitary Sewer Lines
4,082,000 gallons
2,032,000 gallons
142
Building Permits Issued - Fiscal Year 1999
1,358
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Recreation and Culture:
Number of Community Parks
Number of Neighborhood Parks
Number of Mini-Parks
2
4
2
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City Employees:
Classified Service
Exempt
190
37
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Deloitte & Touche LLP
Suite t 800
200 South Orange Avenue
Orlando, Florida 32801
Certified Public Accountants
Tel: (407) 246 8200
Fax: (407) 422 0936
www.us.deloitte.com
Deloitte
& Touche
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the "City") as of
and for the year ended September 30, 1999, and have issued our report thereon dated August 24. 2000. 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.
Compliance
As part of obtaining reasonable assurance about whether the City's general purpose financial statements are free of
material misstatement, we perfonned tests of its compliance with certain provisions of laws, regulations, contracts,
and grants, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial reporting in order to
determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to
provide assurance on the internal control over financial reporting. Our consideration of the internal control over
financial reporting would not necessarily disclose all matters in the internal control over financial reporting that
might be a material weakness. A material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts
that would be material in relation to the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned functions. We noted no matters
involving the internal control over financial reporting and its operation that we consider to be material weaknesses.
However, we noted other matters that we have addressed in a separate management letter dated August 24, 2000.
This report is intended solely for the information and use of management and the Auditor General of the State of
Florida and is not intended to be and should not be used by anyone other than these specified parties.
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August 24, 2000
Deloitte
Touche
Tohmatsu
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Deloitte & Touche LLP
Suite 1800
200 South Orange Avenue
Orlando. Florida 32801
Certified Public Accountants
Tel: (407) 246 8200
Fax: (407) 422 0936
www.us.deloitte.com
Oeloitte
& Touche
INDEPENDENT AUDITORS' MANAGEMENT lETTER
To the Honorable Mayor and City Commissioners of
the City of Winter Springs, Florida:
We have audited the general purpose financial statements of the City of Winter Springs, Florida (the
"City"), as of and for the fiscal year ended September 30, 1999, and have issued our report thereon dated
August 24, 2000.
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. We have issued our Independent Auditors'
Report on Compliance and on Internal Control Over Financial Reporting based on the audit of the
financial statements performed in accordance with Governmental Auditing Standards, dated August 24,
2000, and it should be considered in conjunction with this management letter.
In planning and performing our audit of the financial statements of the City for the year ended
September 30, 1999, we considered its internal controls in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and not to provide assurance on the
City's internal controls. However, we noted certain matters involving the City's internal controls and its
operation on pages 87-88.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554 (1) (e) I.) state that a management letter shall include a
statement as to whether or not inaccuracies, irregularities, shortages, defalcations, and/or violations of
laws, rules, regulations, and contractual provisions reported in the preceding annual financial audit report
have been corrected. There were no such items reported in the preceding annual financial report.
The Rules of the Auditor General (Section 10.554 (1) (e) 2.) state that a management letter shall include a
statement as to whether or not recommendations made in the preceding annual financial audit report have
been followed. The results of our tests indicate that the recommendation made in the preceding annual
financial audit report regarding budget monitoring has not been followed. This comment has been
repeated in the current year.
Oeloitte
Touche
Tohmatsu
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The Rules of the Auditor General (Section 10.554 (1 ) (e) 3.) state that a management letter shall include a
statement as to whether or .not a unit of local government is in a state of financial emergency as a
consequence of conditions described in Section 218.503( 1), Florida Statutes. Section 218.503( I ) states
that a local governmental entity is in a state of financial emergency when any of the following conditions
occur:
a) Failure within the same fiscal year in which due to pay short-tenn loans from banks or failure
to make bond debt service payments when due.
b) Failure to transfer at the appropriate time, due to lack of funds: (1) taxes withheld on the
income of employees; or (2) employer and employee contributions for a) federal social
security, or b) any pension, retirement, or benefit plan of an employee.
c) Failure for anyone pay period to pay, due to lack of funds: (I) wages and salaries owed to
employees; or (2) retirement benefits owed to fonner employees.
d) An unreserved or total fund balance or retained earnings deficit for which sufficient resources
of the local governmental entity are not available to cover the deficit for two successive years.
e) Noncompliance of the local government retirement system with actuarial conditions provided
by law.
Section 218.503(2) states that a local governmental entity shall notify the Governor and the Legislative
Auditing Committee when one or more of the conditions specified in Section 218.503(1) have occurred
or will occur if action is not taken to assist the local governmental entity.
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Management of the City has detenn ined that the City is not in a state of financial emergency under
Section 218.503( I). In connection with our audit of the financial statements of the City, the results of our
tests did not indicate that the City is in a state of financial emergency as a consequence of the conditions
in Section 218.503(1). However, our audit does not provide a legal detennination on the City's
compliance with this requirement.
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The Rules of the Auditor General (Section 10.554 (I) (e) 4.) state that a management letter shall include a
statement as to whether or not the financial report filed with the Florida Department of Banking and
Finance, pursuant to Section 218.32 (I) (a), Florida Statutes, is in agreement with the annual financial
audit report for the current period. Our comparison of the information contained in the annual report to
the City's 1999 audited financial statements resulted in no material differences.
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This report is intended solely for the infonnation and use of management and the Auditor General of the
State of Florida and is not intended to be and should not be used by anyone other than these specified
parties.
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August 24, 2000
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CITY OF WINTER SPRINGS, FLORIDA
MANAGEMENT LETTER COMMENTS
YEAR ENDED SEPTEMBER 30, 1999
FINANCE DEPARTMENT
Observation: The Finance Department experienced considerable employee turnover in key positions
during 1999 and 2000. As a result, considerable delay occurred in the closing of fiscal 1999 books
and records. Also as a result, fiscal 2000 month-end closings, posting of journal entries, account
reconciliations, and record filing have tended to be delinquent. The City has recently hired a new
Finance Director and is continuing its efforts to hire additional qualified personnel to remedy the
difficulties experienced.
Recommendation: Steps should be taken to identify all tasks, which remain delinquent in
performance. A final plan should then be implemented, considering time necessary to address
ongoing requirements and personnel availability, to ensure all delinquent tasks have been remedied.
FINANCE DEPARTMENT POLICIES AND PROCEDURES
Observation: Due to the extent of Finance Department personnel turnover, considerable revision is
likely to transpire in tasks and procedures designated among department personnel.
Recommendation: We recommend formalized policies and procedures be reevaluated and updated to
ensure all necessary tasks are performed and to facilitate the process of transition for new personnel.
Care should be taken to ensure appropriate controls, including segregation of duties, safeguarding of
assets, and access to critical information, are in place.
BUDGET MONITORING
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Observation: Actual expenditures were in excess of budgeted expenditures for three Special Revenue
Funds during fiscal 1999.
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Recommendation: It is our understanding that the City has implemented procedures to monitor
budget versus actual expenditures, including line code transfers, the authorization of supplemental
appropriations, and re-budgeting as appropriate. The City should continue to evaluate this process.
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ACCOUNTS RECEIVABLE - UTILITIES
Observation: The accounts receivable aging report currently generated from Pentamation software
reflects "current" and "delinquent" categories; however, the number of days delinquent is not
available from the system. As a result, accounting personnel must spend significant time manually
reviewing individual customer account balances to determine those balances to be turned over to
collection agencies. In addition, if inadequate infonnation is available regarding the aging and
collectibility of accounts receivable, management's estimate of the allowance for doubtful accounts
may differ significantly from actual results.
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Recommendation: It is our understanding that the City intends to convert to a new financial software
package in the next year. Consideration should be given to the adequacy ofthe accounts receivable
aging aspect of the software. When converting, adequate history should be loaded into the new billing
module to enable the full utilization of the accounts receivable aging function.
MONITORING OF SERVICE PROVIDER
Observation: Documentation was not available to support the City's monitoring procedures of its
billing and collection service provider.
Recommendation: It is our understanding that the Finance Department reconciles the number of
emergency medical transports recorded by the Fire Department to the number of emergency medical
transports billed by their service provider on a monthly basis. The City should ensure documentation
is retained supporting the reconciliations to evidence that monitoring of the billing and collection
function is perfonned.
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
Deloitte & Touche, LLP
200 S. Orange Avenue
Orlando, FL 32801
Dear Sir or Madam:
Your management comments related to fiscal year ended September 30, 1999 were well received
by both the City Manager and the Finance Department. The comments represent opportunities
for improvement, which we will pursue in fiscal year 2001 as opposed to fiscal year 2000 given
the current date. Below are the responses to your management comments as required by the
Rules of the Auditor General of the State of Florida.
Finance Department
We concur with the recommendation. The Finance Department will perform a thorough review
of all tasks necessary to bring the books of record up to date and prepare a plan of action to
ensure that they are remedied in a timely manner.
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Finance Department Policies and Procedures
We concur with the recommendation. The Finance Department recognizes both the importance
of and the need for updated formalized policies and procedures. The Department will incorporate
the review and update of policies and procedures into its ongoing operations.
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Budget Monitoring
We concur with the recommendation. Continued evaluation and refinement of processes
including the budget process is a goal of the Finance Department.
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Accounts Receivable - Utilities
We concur with the recommendation. The City is in the process of contracting with a new
financial software provider and will make it a point to thoroughly review the aging functions and
reports as well as the conversion process.
Monitoring of Service Provider
We concur with the recommendation. The Finance Department plans to reorganize its closing
files to ensure that appropriate documentation for its accounts is retained in an organized manner
to support its reconciliation's.
Sincerely,
/a.IflI2z-f'/f) I)t/p
Ronald W. McLemore
City Manager
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Louise C. Frangoul
Finance Director