HomeMy WebLinkAbout2001 03 26 Regular A Comprehensive Annual Financial Report
COMMISSION AGENDA
ITEM A
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
March 26, 2001
Meeting
MGR ~ /DEPT ot-""J--
A lIthori zl'ltinn
REQUEST:
The Finance Department is requesting City Commission acceptance of the Comprehensive
Annual Financial Report (CAFR) for the fiscal year ended September 30, 2000.
NOTE: CAFR WILL BE A V AILABLE ON FRIDAY, MARCH 23RD AT 5:00PM.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30,2000.
CONSIDERA TIONS:
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 9/30/00 by the City Commission.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/00 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
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CITY OF ,WIN7ifJR .S/PRINGS
COMRREflENSI'IE i4NNUAL FINAINClAL REPORT
For 'tine Year :Ending .S~p:tember ,JO., 20{)()
'R In OtJir Geneiratjon y,
Sketch of the Future Winter Sprlngs Town Center
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City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended September 30, 2000
Prepared by: Finance Department
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INTRODUCTORY SECTION
This section contains the following subsections:
Table of Contents
Letter of Transmittal
List of Principal Officials
Organizational Chart
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CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2000
I.
Introductory Section:
Table of Contents
Letter of Transmittal
List of Principal Officials
Organization Chart
II.
Financial Section:
Independent Auditor's Report
General Purpose Financial Statements (Combined Statements - Overview):
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - All Governmental Fund Types
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
Combined Statement of Changes in Pension Fund Net Assets
Combined Statement of Cash Flows - All Proprietary Fund Types
Notes to Financial Statements .
Combining and Individual Fund and Account Group Statements:
General Fund:
Statement of Revenue, Expenditures and Changes in Fund
Balances - Budget and Actual
Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances- Budget and Actual
Debt Service Fund:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Combining Statement of Revenue, Expenditures and Changes
In Fund Balances - Budget and Actual
Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Combining Statement of Revenue, Expenditures, and Changes in
Fund Balances- Budget and Actual
eage
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CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - CnntinllP-d
Year Ended September 30, 2000
II. Financial Section - Continued:
Combining and Individual Fund and Account Group Statements:
Fiduciary Fund Types:
Combining Statement of Pension Fund Net Assets
Combining Statement of Changes in Pension Fund Net Assets
General Fixed Assets:
Schedule of Changes in Fixed Assets - By Function and Activity
Supplementary Information:
Schedule of Revenues and Expenses - Budget and Actual -
Enterprise Fund - Water and Sewer Utility Operating Account
lit. Statistical Section:
General Governmental Expenditures by Function
General Governmental Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates and Direct and Overlapping Governments
Special Assessment Collections
Legal Debt Margin
Computation of Direct and Overlapping General Obligation Debt
Revenue Bond Coverage
Demographic Statistics
Property Values and Construction
Schedule of Ten Largest Taxpayers
Miscellaneous Statistical Data
IV. Internal Control and Compliance Section:
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed
in Accordance With Government Auditing Standards
Independent Auditor's Report on Examination of Management's Assertion
about Compliance with Specified Requirements
Schedule of State Financial Assistance
Notes to Schedule of State Financial Assistance
Management Comments
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
February 19, 2001
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, 2000. Responsibility for both the accuracy
of the data, and the completeness and fairness of the presentation, including all disclosures, rests
with the City. To the best of our knowledge and belief, the enclosed data are accurate in all
material respects and are reported in a manner designed to present fairly the financial position
and results of operations of the various funds and account groups of the City. All disclosures
necessary to enable the reader to gain an understanding of the City's financial activities have
been included.
The comprehensive annual financial report has been prepared in accordance with guidelines
established by the Governmental Accounting Standards Board (GASB) and the Government
Finance Officers Association (GFOA). The report is presented in four sections as follows:
1. An Introductory Section, which is unaudited, including the table of contents, the City
Manager's and Finance Director's letter of transmittal, an organizational chart and a list of
the City's principal elected and appointed officials;
2. A Financial Section, including the general purpose financial statements and the
combining and individual fund and account group financial statements and schedules of the
City accompanied by our independent auditors' report;
3. A Statistical Section, which is unaudited, including a selection of data depicting the
financial history of the City on a multi-year basis, information on overlapping governments,
and demographic and miscellaneous information;
4. An Internal Control and Compliance Section, including the report on compliance and
internal control over financial reporting and the independent auditors' management letter.
This report includes all funds and account groups of the City. The City does not include any
component units. 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, planning and community development and inherent support activities.
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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 31,080. The City operates according to a Council/Manager form of government, with
an appointed City Manager, five elected City Commissioners and a separately elected Mayor.
The City's total assessed valuation for real and personal property increased 4% from the prior
year and 66% since 1991. This increase in valuations resulted in an increased tax levy of
$237,632 over last year and $1,097,562 since 1991. The City's population has increased 36%
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 fiscal year 2000 (tax year 1999). The City's millage rate has continued its
decreasing trend since 1994.
The City has developed a comprehensive plan, which incorporates many measures to attract new
growth. The City is interested in attracting and nurturing new growth while at the same time
preserving the physical amenities and quality of life. Since the City is linked to a multi- lane
restricted access road system (the "Greene Way"), it offers its citizens the advantages of
suburban lifestyles and easy access to centralized business areas and tourist attractions
throughout the metropolitan Orlando area. The Greene Way stimulates the outflow of businesses
to suburban areas, enhancing the City's economic development.
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:
During FY 2000, the City was in the last stages of negotiations for a new 230- acre "Town Center"
along State Road 434 at Tuscawilla Road. The Town Center is expected to attract commercial,
office, residential and public uses. Sites have been identified as possible locations for a new City
Hall, library, 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 are interested in working with the City on this project.
The City Commission and the Wyman Fields Foundation entered into a partnership arrangement
to acquire and rehabilitate 189 apartments/townhouses in and around Rhoden Lane, LoriAnn
Lane and Cory Lane, also known as the "Moss Cove Redevelopment Project". 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.
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MAJOR INITIATIVES - Continued
The $2.2 million park improvement plan is almost completed. The City issued bonds in 1999, the
funds from which are being used for the improvements. 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, sidewalks with lighting, restrooms, concession stand, ballfield upgrades,
landscaping, signage, handicap access, and parking improvements. Park Improvements are
scheduled to be completed during FY 2001.
Central Winds Park ballfields is recognized as one of the finest sports fields in the State. The
Sports Program 2000 conducted over 376 adult softball games, 853 baseball games and 1,365
soccer games. These games involved approximately 74,820 participants and 88,377 spectators.
Additionally, the Parks and Recreation Department experienced significant involvement from our
City's senior population. Over 968 senior activities (bingo, classes, socials and trips) were
conducted.
The Parks and Recreation Department continue to expand its list of programs/ classes and
special events to meet the needs of its citizens. The Department, with financial assistance from
the youth sports organizations publishes a newspaper with events, results and stories of local
programs and activities with approximately 2,000 copies distributed bi- weekly for residents of
Winter Springs.
The City's medical transport program, provided by the Fire Department can be characterized as a
successful program that provides excellent medical care for the citizens. Since its inception on
January 15, 1996 through the date of the financial statements, the Department has transported
approximately 4,027 patients. The revenue collected for this service has paid for the incremental
costs of providing this service and has allowed the Department to purchase state of the art
vehicles and equipment. During FY 2000, the City's Fire Department acquired a medium duty
transport vehicle at a cost of $135,000, funded entirely by the medical transport fee funds.
The City's Fire Department was recognized by the Seminole County Public Schools Dividends
program as one of the "Top Five" Community Resource Volunteers for the number of public
education programs provided to our local schools. The Department offered 188 public education
with 4,052 hours of citizen involvement. These included programs offered to schools, scouting
groups and homeowner groups.
Funds from the Transportation Impact Fee Fund were used to purchase a portable trailer, which
the Police Department uses to measure traffic speeds and volumes. This device is being used to
monitor the effectiveness of the traffic- calming program the City initiated last year.
Funds from the Transportation Improvement Fund were used to perform over $100,000 in road
resurfacing of existing streets as well as make improvements to both underdrains and sidewalks
in our community,
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MAJOR INITIATIVES - Continued
A number of transportation projects were completed during FY 2000, which improve the driving
conditions for the citizens of Winter Springs. Specifically, the four laning of S.R. 434 from
Tuscawilla Road to S.R. 417 by FDOT was completed in February of 2000. The completion of the
second phase of this project culminates the spending of over $13M in state funds to widen S.R.
434. Additionally, the beautification of SR. 434 from S.R. 419 to Tuscawilla Road was completed.
The City was reimbursed the landscape and irrigation materials cost of $108,000 from the FDOT
as part of a "Florida Highway Beautiful" grant. The matching grant paid for all materials with the
City providing in kind labor. The 18 month project was completed in February 2000.
During the year, Seminole County began the four laning of Tuscawilla Road, completion on this
$7.6M project is anticipated in September 2001.
The Water and Sewer Utility completed numerous capital improvement projects during FY 2000
including: the extension of reclaimed water service to a number of area neighborhoods, the
conversion of an overhead power supply at a local park to an underground power supply to
improve the safety, reliability and aesthetics of the park and the construction of a decorative brick
wall near Water Treatment Plant #1 so that the plant would be compatible with its surroundings.
The Utility began the conversion from gas chlorine to liquid chlorine at Water Treatment Plant #2
to improve the safety of both its employees and surrounding residents.
During FY 2000, the Water and Sewer Utility began a number of construction improvements as
follows: construction began on a water main in conjunction with the Tuscawilla Road
improvements which will provide a secondary interconnection between the East and West water
distribution systems and a third East/West interconnection was begun on the southern water main
between Oak Forest and Seville Chase.
A rate study of water, sewer, reclaimed, and stormwater fees and charges is underway and will be
finished in FY 2001. 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.
The City created a web site during FY 2000; in the future the site will contain agenda items for the
citizens to review prior to Commission meetings as well as the City's Ordinance book, our annual
financial report and budget.
ONGOING AND FUTURE PROJECTS
The City is constantly working on many projects whose ultimate goals are to provide our citizens
with benefits. Listed below are some projects, which the City is either working on or are planned:
The Town Center project will likely keep a number of City Hall departments busy for many years
to come, namely the Community Development Department, the Utility Department and the Public
Works Department.
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ONGOING AND FUTURE PROJECTS - Continued
The Community Development Department has been and will be involved in all aspects of the
plans and design of the Town Center. Ground breaking for the 1st phase of the Town Center is
expected in the summer of 2001. Of special note, the Department facilitated the Cross Seminole
Trail land exchange, obtained a $2M grant to design/ build a paved section of the Trail within the
Town Center, coordinated the acquisition of property easements needed for design of a
pedestrian overpass over S.R. 434 in the Town Center and has scheduled a number of
acquisitions during FY 2001 for such items as medians and rights of way associated with the
implementation of the Town Center. The Utility Department plans to begin and complete the
design, and begin the construction of the water and sewer infrastructure to serve the Town Center
during FY 2001. The Public Works Department has begun the design of the Town Center roads
and drainage including "Main Street", Spine Road and Hickory Grove Park Boulevard.
Additionally, the Fire Department is evaluating potential fire stations sites to serve the central
(Town Center) and northeast (SR 417 Greeneway) areas of the City. As development is planned,
the Department will be prepared to minimize the impact on overall response times for emergency
services.
The Moss Cove Redevelopment Project, as discussed above, will continue throughout FY 2001
and FY 2002. Funds returned to the City after the renovations are complete can again be used for
future redevelopment projects.
During the year, a State of Florida grant through the Florida Recreation Development Assistance
Program was awarded to the City in the amount of $150,000 for Trotwood Park.
The Parks and Recreation Department has plans to apply for a number of grants for its parks
including additional grants from the State of Florida's Florida Recreational Development
Assistance Program as well as Seminole County CDBG grants.
The Public Works Department is scheduled to complete the design and begin construction of
Fisher Road. a collector road in the Ranchlands as well as complete the design for the
reconstruction of Moss Road from S.R. 434 to S.R. 419.
The Department also plans to continue the traffic-calming program and implement a
comprehensive pavement management program during FY 2001.
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:
Complete the Tuscawilla Road water main interconnection, west water main loop from Wildwood
to Florida Avenue, construct Well #4 at Water Treatment Plant #1 fulfilling the water supply
needs at this facility through 2020, purchase a vacuum truck to clean sanitary and stormwater
piping systems and continue conversion of gas chlorine to liquid chlorine at the five facilities over
the next five years. The City issued approximately $7M in Water and Sewer Refunding Revenue
bonds during FY 2001 which will be used to fund the improvements discussed above along with
the Town Center water and sewer infrastructure needs. The bond refunded the Water and Sewer
Utilities outstanding 1997 Subordinate Revenue Bonds.
It is the intention of the City to refund the Series 1991 and 1992 Water and Sewer Refunding
Revenue Bonds during FY 2001 to take advantage of lower interest rates.
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ONGOING AND FUTURE PROJECTS - Continued
Also on the agenda for FY 2001, the Utility Department hopes to identify potential sites for a new
utility/ public works operations facility with construction to begin at a later point in time.
Activity within the City's Special Assessment Districts will be ongoing in FY 2001 with the planned
completion of the construction of the wall and entryway enhancements for Oak Forest and the
construction of improvements for the Tuscawilla Lighting and Beautification District. It is
anticipated that the City will issue bonds to fund the improvements in the Tuscawilla Special
Assessment District. Capital Improvement Notes were issued during FY 2000 to fund both the
building of a brick wall at the Oak Forest Subdivision and the purchase of financial software.
During FY 2001, the City Hall plans to install new financial software requiring the concentrated
efforts of both the Information Services Department and the Finance Department.
FINANCIAL INFORMATION
Management of the City is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the government are protected from loss, theft or
misuse and to ensure that adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting principles. The internal
control structure is designed to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes that the cost of a control
should not exceed the benefits likely to be derived, and that the valuation of costs and benefits
requires estimates and judgments by management.
As a recipient of federal, state and local financial assistance, the City is also responsible for
ensuring that an adequate internal control structure is in place to ensure and document
compliance with applicable laws and regulations related to these programs. This internal control
structure is subject to periodic evaluation by management.
In addition, the City maintains extensive budgetary controls. The objective of these controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget approved by
the City Commission. Activities of the general fund, special revenue funds, debt service funds,
capital 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.
As demonstrated by the statements and schedules included in the financial section of this report,
the City continues to meet its responsibility for sound financial management.
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FINANCIAL INFORMATION. Continued
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, 2000 and 1999.
Revenues and Amount of Percent of
Other Financing 2000 Percent 1999 Increase Increase
Sources Amount of Total Amount (Decrease) (Decrease)
Taxes $ 7,322,542 35.1% $ 6,298,975 $1,023,567 16.2%
Licenses and
permits 931 ,588 4.4 1,762,848 (831,260) (47.1)
Intergovernmental 3,261,472 15.6 2,918,244 343,228 11.8
Charges for
services 1,073,902 5.1 914,748 159,154 17.4
Fines 298,357 1.4 249,206 49,151 19.7
Investment Income 597,515 2.9 383,955 213,560 55.6
Miscellaneous 13,676 0.1 927,367 (913,691 ) (98.5)
Operating transfers
in 5,752,346 27.6 5,082,709 669,637 13.2
Proceeds from debt
issuance 1,619,500 La 7,999,608 (6,380,108) (79.7)
Total $?O R70 R~R 1 00 OOfn $?R ~~7 RRO $~~ RRR 7R?~
The largest dollar value increase in recurring revenues came from "Taxes," Revenues from taxes
increased 35.1 %, this is due to the addition of the Tuscawilla and Lighting Beautification Special
Assessments and the property tax effects related to our City's growth. In addition, revenues
generated from the Public Service Tax were generally higher than the prior year due to growth of
the City's population. The City also implemented a new telecommunication tax during FY 2000
and realized additional revenue form this new source.
The increase in "Intergovernmental" revenues can be attributed to an increase in monies received
form the State Tax and grants.
The largest dollar value decrease in reoccurring revenues came from "Licenses and Permits." An
increased level of building permits and impact fee revenue to increase in FY 1999.
The largest dollar value increase in non-recurring revenues came from the "Operating transfers
in". The financial statements reflect a reclassification of the Enterprise Funds payment to the
General Fund for administrative services recorded in the "Miscellaneous" line item in the prior year
to the "Operating transfer in" line item in the current year.
The largest dollar-value decrease in non-recurring revenues came from the line item "Proceeds
from debt issuance". During FY 1999, the City issued bonds to finance various improvement
related projects. Financing activities during FY 2000 consisted of Capital Improvement Notes as
discussed in the section entitled "Ongoing and Future Projects."
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The following schedule presents a summary of general fund, special revenue fund, debt service
fund, and capital projects fund expenditures for the fiscal years ended September 30, 2000 and
1999:
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FINANCIAL INFORMATION - Continued
Amount of Percent of
Expenditures and 2000 Percent 1999 Increase Increase
Other Financing LJ~e~ Amount of Total Amou nt (Decrea~e) (Decrea~e)
General Government $ 3,039,087 13.7% $ 2,726,281 $312,806 11.5%
Public Safety 5,807,995 26.2 5,355,195 452,800 8.5
Physical
Environment 1,762,780 8.0 1,119,185 643,595 57.5
Culture & Recreation 1,200,702 5.4 1,042,556 158,146 15.2
Capital outlay 4,347,463 19.7 1,792,208 2,555,255 142.6
Debt Service 978,819 4.4 2,057,757 (1,078,938) (52.4 )
Operating transfers
out 4,999,335 22.6 5,107,709 (108,374) (2.1 )
Payments to escrow
agent 2,328,288 (2,328,288) (100.0)
Total ~?? 1~n 1R1 100 00;" ~?1 S?~ 17~ ~ n07 OO?
The largest dollar value increase in non-recurring expenditures was due to the line item entitled
"Physical Environment" Physical Environment expenditures increased $643,595 or 57.5% over
the prior year mainly due to planned transportation related improvements paid for by impact fees
and the Local Option Gas Tax.
The largest dollar value increase in non-recurring expenditures was due to "Capital Outlay".
During FY 1999 bonds were issued to finance various improvement projects in the City. During
FY 2000 the City incurred expenditures related to this purpose. See the section entitled "Major
Initiatives. "
The largest dollar value decrease in non-recurring expenditures was related to the financing
activities that took place in FY 1999. Both "Debt Service" and "Payments to escrow agent" are
significantly reduced in FY 2000. Debt Service is temporarily reduced in FY 2000 due to timing
associated with payments for the new 1999 bond.
General Fund Balance
The fund balance of the general fund at September 30, 2000 is $3,323,229, which represents an
increase of $493,453 or 17.4% over 1999. One of the goals of the City over the next few fiscal
years is to continue to increase the fund balance to provide enhanced stability for its citizens.
Enterprise Operations
The City's enterprise operations are comprised of the City's water and sewer utility. Water and
sewer revenues increased 1.3% to $5,726,141, while the number of customers increased by 6%
to 11,921. As in prior years, the water/sewer utility made payments to the general fund (included
in operating transfers in) 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.
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FINANCIAL INFORMATION - Continued
Cash Management
During the year, the City primarily invested its temporarily idle cash in U.S. Government securities,
commercial paper, Federal Home Loan Bank bonds and through a master repurchase agreement
with the City's bank, Bank of America. As of September 30,2000, the City had investments with a
market value totaling over $10.9 million. Total investment income on all funds except the pension
trust funds was $949,667 and the pension trust funds earned investment income of $900,919.
Debt Administration
At year end, the City had a number of debt issues outstanding. These issues, net of applicable
unamortized discounts, included $16,738,970 of improvement revenue bonds and $1,619,500 of
capital improvement revenue notes included in the General Long- Term Debt Group of Accounts,
and $22,635,528 of water and sewer revenue bonds.
During the fiscal year the City acquired a Capita/Improvement Note in the amount of $1,619,500.
The funds from which will be used to finance the new financial software, finance the purchase of a
new medical transport vehicle and finance the construction of a buffer wall. Both the medical
transport and the buffer wall will be repaid through service fees and special assessments,
respectively.
A capital/ease incurred during fiscal year 1999 for a medical transport vehicle has an outstanding
balance of $97,038 at September 30,2000.
Pension Trust Funds
The City maintains a single employer defined benefit pension plan and a single employer defined
contribution plan, which cover virtually all full time employees of the City.
.
Further details concerning pension expense, vested benefits and actuarial assumptions are
included in the notes to financial statements. At September 30, 1999, the pension funds had net
assets of $5,140,310.
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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.
OTHER INFORMATION
- Independent Audit
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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, McDirmit, Davis, Puckett & Company, P.A., have
conducted the audit and issued their report, which can be found in the financial section of this
report.
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FINANCIAL INFORMATION - Continued
Certificate of Achievement
The Certificate of Achievement is a prestigious national award-recognizing conformance with the
highest standards for preparation of state and local government financial reports awarded by the
Government Finance Officers Association of the United States and Canada (GFOA). In order to
be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently
organized comprehensive annual financial report whose contents conform to program standards.
The CAFR must satisfy both generally accepted accounting principles and applicable legal
requirements.
We believe our current comprehensive annual financial report meets the Certificate of
Achievement for Excellence in Financial Reporting program's requirements, and we are
submitting it to the Government Finance Officers Association to determine eligibility for a
ce rtifi cate.
Acknowledgements
The preparation of this report could not have been accomplished without the efficient and
dedicated efforts of the entire staff of the Finance Department. We would like to express our
appreciation to all members of the department who assisted and contributed to the preparation of
this report. Other City departments also contributed significantly by helping to ensure the accuracy
and integrity of accounting information compiled throughout the year.
In closing, we would also like to thank the Mayor and Members of the City Commission for their
interest and support in planning and conducting the operations of the City in a responsible and
progressive manner.
Respectfully submitted,
/~h~<?//.
Ronald W. McLemore
City Manager
c1 ~. . ~ - C. --::\-~~
LOIJise C. Frangoul '
Finance Director
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CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
ELECTED OFFICIALS
MAYOR
VICE-MAYOR/COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
APPOINTED OFFICIALS
CITY MANAGER
CITY CLERK
FINANCE DIRECTOR
INFORMATION SERVICES
GENERAL SERVICES
POLICE CHIEF
FIRE CHIEF
UTILITY/PUBLIC WORKS DIRECTOR
COMMUNITY DEVELOPMENT DIRECTOR
PARKS AND RECREATION DIRECTOR
LEGAL COUNSEL
Anthony Garganese
Brown, Ward, Salzman & Weiss, P.A.
FINANCIAL ADVISOR
David Moore
Public Financial Management
AUDITORS
McDirmit, Davis, Puckett & Company, P.A.
xiii
Paul P. Partyka
Cindy Gennell
Robert S. Miller
Michael S. Blake
Edward Martinez, Jr.
David McLeod
Ronald McLemore
Andrea Lorenzo-Luaces
Louise Frangoul
Joanne Dalka
Gene DeMarie
Daniel Kerr
Timothy Lallathin
Kipton Lockcuff
Charles C. Carrington
Chuck Pula
City of Winter S ·
. prlngs
Or anlzational Chart
o Administration
o Accounting
oDebt
Management
oTreasury Mgmt
oBudgeting
o Administration
oComp Planning
oLand Management
oCode Enforcement
oBuilding
Permits
Inspections
o Administration
o FirefRescue
oFire Prevention
oEMS
o Administration
oRecords
oCommunications
opatrol
o Investigations
oYouth Services
-Administration
oStormwater
-Transportation
-Engineering
-Water Resource Mgmt
Water
Wastewater
o Administration
-Civic/Senior
oparkslField Maint
o Athletics
o Rec Programs
-Concession
Services
* The City Manager is a .
. Th~ City Cle<k i, app:.:::;ted hy the Commission.
ratification of the C. by the Mayor with
Ity Comm. .
the direction of the C't MIssion and works under
1 y anager.
*The C'
and ~~~ttorney is appointed by the Ma or' .
. Adv' undedhe di,,,,lion ofthe C y . w!th ,"toti"liun ofthe Cll C ..
. .so..,. Bna,d, a.. appointed b nmmos"nn. y ommos,..n
direction of the City C .' y the Mayor and Comm' .
ommlSSlOn ISSlon and work d
. un er the
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A
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FINANCIAL SECTION
This section contains the following subsections:
. Independent Auditor's Report
. General Purpose Financial Statements
. Combining Statements
. Supplementary Information
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MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E. Robinson Street, Suite 635
Post Office Box 1185
Orlando, Florida 32802-1185
Telephone: (407) 843-5406
Fax: (407) 649-9339
E-Mail: info@mdpcpa.com
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the accompanying general purpose financial statements of the City of Winter
Springs, Florida, as of and for the year ended September 30, 2000, as listed in the 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 generally accepted auditing standards and the'
standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the general purpose financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the general purpose financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Winter Springs, Florida, as of September 30,
2000, and the results of its operations and the cash flows of its proprietary fund types and the
changes in pension fund net assets for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February
19, 2000 on our consideration of the City of Winter Springs, Florida's internal control over financial
reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and
grants. That report is an integral part of an audit performed in accordance with Government
Auditing Standards and should be read in conjunction with this report in considering the results of
our audit.
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.. Members: Private Companies Practice Section' American Institute of Certified Public Accountants. Florida Institute of Certified Public Accountants
1
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund and account group financial
statements, and supplementary information listed in the accompanying 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 of Winter Springs, Florida. The accompanying schedule of state
financial assistance is presented for purposes of additional analysis as required by Section
216.349, Florida Statutes, and is not a required part of the general purpose financial statements of
the City of Winter Springs, Florida. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in our opinion, is
fairly presented in all material respects in relation to the general purpose financial statements
taken as a whole.
The information listed in the Statistical Section is presented for purposes of additional analysis
and is not a required part of the general purpose financial statements. Such information has not
been subjected to the auditing procedures applied in the audit of the general purpose financial
statements and, accordingly, we express no opinion on it.
~~~~/.~,f#,
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
February 19, 2001
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GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
These basic financial statements provide a summary overview of the
financial position of all funds and account groups as well as the operating
results of all funds. They also serve as an introduction to the detailed
statements that follow in subsequent sections.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
September 30,2000
Governmental Fund Types
Special Debt
General Revenue Service
Assets:
Cash and cash equivalents $ 589,243 $ 2,292,370 $ 702,459
Investments 2,055,398 1,053,359
Receivables, net 31,981 261,653
Inventories - at cost 7,993
Due from other governments 320,324 17,401
Due from other funds 2,196,169 1,969,026
Prepaid costs 56,617
Restricted assets:
Cash and cash equivalents 102,588
Investments
Property, plant and equipment
Less: accumulated depreciation
Construction in progress
Unamortized bond issuance costs
Amount available in debt service funds
Amount to be provided for retirement
of general long-term debt
Total assets $ 5,360,313 $ 5,593,809 $ 702,459
The accompanying Notes to Financial Statements are an integral part of these statements.
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Governmental Proprietary Fiduciary
Fund Types Fund Type Fund Type Account Groups
General General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Trust Assets Debt Only)
$ 4,084,400 $ 3,305,579 $ 35,434 $ $ $ 11,009,485
5,102,233 8,210,990
14, 194 668,734 2,643 979,205
2,039 10,032
337,725
636,851 609,635 5,411,681
74,017 130,634
4,191,929 4,294,517
1,091,382 1,091,382
41,131,683 24,370,718 65,502,401
(11,406,250) (11,406,250)
105,272 2,695,097 2,800,369
388,957 388,957
702,355 702,355
18,589,370 18,589,370
$ 4,809,462 $ 40,088,960 $ 5,140,310 $ 27,065,815 $ 19,291,725 $ 108,052,853
(Continued)
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINED BALANCE SHEET .
ALL FUND TYPES AND ACCOUNT GROUPS .
September 30, 2000 .
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Governmental Fund Types .
Special Debt Capital .
General Revenue Service Projects .
Liabilities and Fund Equity: .
Liabilities .
Accounts payable $ 317,394 108,355 $ $ 701,748
Retainage payable 231,770 .
Accrued liabilities 351,237 1,260 .
Due to other funds 1,265,865 1,691,701 104 523,891 .
Current liabilities (payable from restricted
assets): .
Customer deposits 102,588 .
Accrued interest
Revenue bonds payable .
Obligation under utility agreement .
Accrued compensated absences
Bonds payable .
Obligations under capital leases .
Notes payable
Obligation under utilty agreement, less .
portion payable from restricted assets .
Total liabilities 2,037,084 1,801,316 104 1,457,409
Fund equity: .
Contributed capital .
Investment in general fixed assets
Retained earnings: .
Reserved for renewal and replacement .
Reserved for capital improvements .
Unreserved
Fund balances: .
Reserved: .
Inventories 7,993
Prepaid costs 56,617 .
Encumbrances 16,377 1,045 38,701 .
Debt service 702,355
Employee's pension benefits .
Capital projects 3,313,352 .
Unreserved 3,242,242 3,791,448
Total Fund Equity and Other Credits 3,323,229 3,792,493 702,355 3,352,053 .
Total Liabilities, Fund Equity and Other Credits $ 5,360,313 $ 5,593,809 $ 702,459 $ 4,809,462 .
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The accompanying Notes to Financial Statements are an integral part of these statements. .
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. Proprietary Fiduciary
. Fund Type Fund Type Account Groups
General General Totals
. Fixed Long-Term (Memorandum
. Enterprise Trust Assets Debt Only)
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. $ 146,688 $ $ $ $ 1,274,185
. 231,770
. 19,582 372,079
. 1,930,120 5,411,681
. 620,223 722,811
. 693,721 693,721
. 790,000 790,000
. 188,000 188,000
138,113 836,217 974,330
. 21,845,528 16,738,970 38,584,498
. 97,038 97,038
1,619,500 1,619,500
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. 158,000 158,000
26,529,975 19,291,725 51,117,613
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. 9,185,403 9,185,403
27,065,815 27,065,815
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. 202,615 202,615
. 582,230 582,230
3,588,737 3,588,737
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. 7,993
. 56,617
. 56,123
702,355
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- 13,558,985 5,140,310 27,065,815 56,935,240
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. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
. CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
. For the Year Ended September 30,2000
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. Governmental Fund Types Totals
. Special Debt Capital (Memorandum
. General Revenue Service Projects Only)
Revenues:
. Taxes and special assessments $ 3,603,105 $ 3,476,730 $ - $ 242,707 $ 7,322,542
. Licenses and permits 581,658 349,930 931,588
Intergovernmental revenues 3,031,604 229,868 3,261,472
. Charges for services 208,657 865,245 1,073,902
. Fines and forfeitures 266,214 32,143 298,357
Investment Income 132,194 160,405 11,774 293,142 597,515
. Miscellaneous revenues 13,639 37 13,676
. Total revenues 7,837,071 5,114,358 11,774 535,849 13,499,052
. Expenditures:
. Current:
. General government 2,733,978 305,109 3,039,087
Public safety 5,587,013 220,982 5,807,995
. Physical environment 1,277,623 485,157 1 ,762,780
. Culture and recreation 1,200,702 1,200,702
Capital outlay 4,347,463 4,347,463
. Debt service:
. Principal retirement 25,274 320,000 345,274
Interest and fiscal charges 4,782 620,764 625,546
. Issuance costs 1,658 6,341 7,999
. Total expenditures 10,799,316 1,042,962 940,764 4,353,804 17,136,846
. Excess (Deficiency) of Revenues
. Over Expenditures (2,962,245) 4,071,396 (928,990) (3,817,955) (3,637,794)
. Other Financing Sources (Uses)
. Operating transfers in 3,455,698 1,123,082 1,019,777 153,789 5,752,346
. Operating transfers out (4,748,589) (250,746) (4,999,335)
Note proceeds 137,571 1,481,929 1,619,500
. Net other financing sources (uses) 3,455,698 (3,487,936) 1,019,777 1,384,972 2,372,511
. Excess (Deficiency) of Revenues
. and Other Sources Over
. Expenditures and Other Uses 493,453 583,460 90,787 (2,432,983) (1,265,283)
. Fund Balances - Beginning of Year 2,829,776 3,209,033 611,568 5,785,036 12,435,413
. Fund Balances - End of Year $ 3,323,229 $ 3,792,493 $ 702,355 $ 3,352,053 $ 11 ,170,130
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
ALL GOVERNMENTAL FUND TYPES .
For the Year Ended September 30,2000 .
.
General Fund .
Variance
Favorable .
Budget Actual (Unfavorable) .
Revenues: .
Taxes and special assessments $ 3,652.469 $ 3,603,105 $ (49,364) .
Licenses and permits 564,000 581,658 17,658 .
Intergovernmental revenues 3,085,699 3,031,604 (54,095)
Charges for services 152,700 208,657 55,957 .
Fines and forfeitures 260,000 266,214 6,214 .
Investment Income 190,000 132,194 (57,806)
Miscellaneous 75,000 13,639 (61,361) .
Total revenue 7,979,868 7,837,071 (142,797) .
Expenditures: .
Current: .
General government 3,261,568 2,733,978 527,590 .
Public safety 5,706,976 5,587,013 119,963
Physical environment 1,323,063 1,277,623 45.440 .
Culture and recreation 1,209,052 1,200,702 8,350 .
Capital outlay
Debt service: .
Principal retirement .
Interest and fiscal charges
Issuance costs .
Total expenditures 11,500,659 10,799,316 701,343 .
Excess (Deficiency) of Revenues .
Over Expenditures (3,520,791) (2,962,245) 558,546 .
Other Financing Sources (Uses) .
Operating transfers in 3,036,825 3.455,698 418,873 .
Operating transfers out .
Note proceeds
Net other financing sources(uses) 3,036,825 3.455,698 418,873 .
Excess (Deficiency) of Revenues .
and Other Sources Over .
Expenditures and Other Uses (483,966) 493.453 977.419 .
Fund Balances. Beginning of Year 2,829,776 2,829,776 .
Fund Balances. End of Year $ 2,345,810 $ 3,323,229 $ 977.419 .
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The accompanying Notes to Financial Statements are an integral part of these statements. .
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8 .
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. Special Revenue Funds Debt Service Funds
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
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. $ 3,147,000 $ 3,476,730 $ 329,730 $ $ $
365,285 349,930 (15,355)
. 240,000 229,868 (10,132)
. 1,807,000 2,027,551 220,551
32,000 32,143 143
. 81,700 160,405 78,705 11,774 11,774
. 37 37
. 5,672,985 6,276,664 603,679 11,774 11 ,774
.
. 1,546,843 1,467,415 79,428
. 309,547 220,982 88,565
. 837,177 485,157 352,020
.
. 25,274 (25,274) 315,000 320,000 (5,000)
. 4,782 (4,782) 526,022 620,764 (94,742)
. 1,658 (1,658)
2,693,567 2,205,268 488,299 841 ,022 940,764 (99,742)
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. 2,979,418 4,071,396 1,091,978 (841,022) (928,990) (87,968)
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. 1,080,000 1,123,082 43,082 840,684 1,019,777 179,093
. (3,968,660) (4,748,589) (779,929)
. 137,571 137,571
. (2,751,089) (3,487,936) (736,847) 840,684 1,019,777 179,093
.-
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. 228,329 583,460 355,131 (338) 90,787 91,125
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WI'
- 3,209,033 3,209,033 611,568 611,568
WI'
.-. $ 3,437,362 $ 3,792,493 $ 355,131 $ 611,230 $ 702,355 $ 91,125
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINED STATEMENT OF REVENUE. EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
ALL GOVERNMENTAL FUND TYPES .
For the Year Ended September 30, 2000 .
.
Capital Projects Funds .
Variance
Favorable .
Budget Actual (Unfavorable) .
Revenues: .
Taxes and special assessments $ 199,720 $ 242,707 $ 42,987 .
Licenses and permits .
Intergovernmental revenues
Charges for services .
Fines and forfeitures .
Investment Income 218,000 293,142 75,142
Miscellaneous .
Total revenue 417,720 535,849 118,129 .
Expenditures: .
Current: .
General government
Public safety .
Physical environment .
Culture and recreation
Capital outlay 4,990,934 4,347,463 643,471 .
Debt service: .
Principal retirement
Interest and fiscal charges .
Issuance costs 8,262 6,341 1,921 .
Total expenditures 4,999,196 4,353,804 645,392 .
Excess (Deficiency) of Revenues .
Over Expenditures (4,581,476) (3,817,955) 763,521 .
Other Financing Sources (Uses) .
Operating transfers in 153,789 153,789 .
Operating transfers out (197,908) (250,746) (52,838)
Note proceeds 1,481,929 1,481,929 .
Net other financing sources(uses) 1,284,021 1,384,972 100,951 .
Excess (Deficiency) of Revenues .
and Other Sources Over .
Expenditures and Other Uses (3,297,455) (2,432,983) 864,472 .
Fund Balances - Beginning of Year 5,785,036 5,785,036 .
$ 2,487,581 $ 3,352,053 $ 864,472 .
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The accompanying Notes to Financial Statements are an integral part of these statements. .
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. Totals
. (Memorandum Only)
Variance
. Favorable
. Budget Actual (Unfavorable)
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. $ 6,999,189 $ 7,322,542 $ 323,353
929,285 931,588 2,303
. 3,325,699 3,261,472 (64,227)
. 1,959,700 2,236,208 276,508
292,000 298,357 6,357
. 489,700 597,515 107,815
. 75,000 13,676 (61,324)
. 14,070,573 14,661,358 590,785
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. 4,808,411 4,201,393 607,018
. 6,016,523 5,807,995 208,528
. 2,160,240 1,762,780 397,460
1,209,052 1,200,702 8,350
. 4,990,934 4,347,463 . 643,471
. 315,000 345,274 (30,274)
. 526,022 625,546 (99,524)
. 8,262 7,999 263
20,034,444 18,299,152 1,735,292
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. (5,963,871 ) (3,637,794) 2,326,077
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. 4,957,509 5,752,346 794,837
. (4,166,568) (4,999,335) (832,767)
. 1,619,500 1,619,500
. 2,410,441 2,372,511 (37,930)
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. (3,553,430) (1,265,283) 2,288,147
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.-. 12,435,413 12,435,413
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.- $ 8,881,983 $ 11,170,130 $ 2,288,147
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For the Year Ended September 30,2000
Proprietary
Fund Types
Enterprise
Operating Revenues:
User charges $ 5,726,142
Operating Expenses:
Salaries and benefits 1,197,817
Materials and supplies 504,812
Depreciation and amorization 1,332,235
Other operating expenses 729,928
Total operating expenses 3,764,792
Operating income (loss) 1,961,350
Nonoperating Revenue (Expenses):
Investment Income 352,152
Interest expense (1,409,468)
Connection fees 432,808
Gain (loss) on disposal of property and equipment (39,507)
Total nonoperating revenue (expense) (664,015)
Income (loss) before operating transfers 1,297,335
Operating Transfers:
Operating transfers in 5,660
Operating transfers out (758,671 )
Net operating transfers (753,011 )
Net income (loss) 544,324
Retained Earnings - Beginning of Year 3,829,258
Retained Earnings - End of Year $ 4,373,582
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The accompanying Notes to Financial Statements are an itegral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
For the Year Ended September 30,2000
Additions:
Contributions:
Employer $
Plan members
Total contributions
482,069
124,745
606,814
Investment income:
Net appreciation in fair value of investments
Interest
Net investment income
848,782
52,137
900,919
Total additions
1,507,733
Deductions:
Benefits
Administrative expenses
Total deductions
Net Assets Held in Trust for Pension Benefits:
Beginning of Year
283,661
36,832
320,493
1,187,240
3,953,070
$ 5,140,310
Net Increase
End of Year
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The accompanying Notes to Financial Statements are an integral part of these statements.
13
Cash Flows from Non-Capital Financing Activities:
Net operating transfers in
Net operating transfers out
Decrease in due from other funds
Increase in due to other funds
Net cash provided by non-capital financing activities
5,660
(758,671 )
867,435
210,281
324,705
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CITY OF WINTER SPRINGS, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended September 30,2000
Proprietary
Fund Type
Enterprise
Cash Flows from Operating Activities:
Receipts from customers
Payments to suppliers
Payments to employees
Net cash provided by operating activities
$ 5,974,633
(2,025,808)
(1,146,816)
2,802,009
Cash Flows from Capital and Related Financing Activities:
Acquisition of property and equipment
Additions to construction in progress
Principal paid on revenue bonds
Interest paid on revenue bonds
Connection fees
Net cash provided (used) by capital and related financing activities
(450,840)
(78,272)
(750,000)
(1,417 ,266)
432,808
(2,263,570)
Cash Flows from Investing Activities:
Investment income
Net cash provided by investing activities
385,503
385,503
1,248,647
6,248,861
$ 7,497,508
$ 3,305,579
4,191,929
$ 7,497,508
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Classified As:
Current assets
Restricted assets
Total
The accompanying Notes to Financial Statements are an integral part of these statements.
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Proprietary
Fund Type
Enterprise
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating income
$ 1,961,349
Adjustments Not Affecting Cash:
Depreciation
Amortization
Increase in allowance for doubtful accounts
1,312,751
19,484
36,377
Change in Assets and Liabilities:
Decrease in accounts receivable
Increase in inventories
Increase in accounts payable
Increase in accrued liabilities
Increase in customer deposits
Decrease in utility agreement obligation
Increase in accrued compensated absences
Total adjustments
184,481
(1,536)
23,859
15,951
64,011
(849,768)
35,050
840,660
Net Cash Provided by Operating Activities
$ 2,802,009
Noncash Investing, Capital and Financing Activities:
Contributed property, plant and equipment
Decrease in the fair value of investments
$ 1,287,747
(33,351 )
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NOTES TO FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Note 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 of local governments. The following is a
summary of the more significant policies:
Reporting Entity - In evaluating how to define the government, for financial reporting
purposes, the City has considered all potential component units. The definition of the
reporting entity is based primarily on the notion of financial accountability. A primary
government is financially accountable for the organizations that make up its legal entity. It is
also financially accountable for legally separate organizations if its officials appoint a voting
majority of an organization's governing body, and either it is able to impose its will on that
organization or there is a potential for the organization to provide specific financial benefits to,
or to impose specific financial burdens on, the primary government. A primary government
may also be financially accountable for governmental organizations that are fiscally dependent
on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists it the primary
government (a) is entitled to the organizations' resources; (b) is legally obligated or has
otherwise assumed the obligation to finance the deficits of, or provide financial support to, the
organization; or (c) is obligated in some manner for the debt of the organization. In applying
the above criteria, management has determined that there are no components units to be
included within the reporting entity.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Note 1 . Summary of Significant Accounting Policies:
Fund Accounting - The accounts of the City are organized on the basis of funds or 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. The various funds are
grouped by type in the financial statements. The following fund types and account groups are
used by the City.
Governmental Fund Types
General Fund - To account for all financial resources except those required to be
accounted for in another fund. The General Fund is the general operating fund of the
City.
Special Revenue Funds - 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 - To account for the accumulation of resources for, and the
payment of general long-term debt principal, interest and related costs.
Capital Projects Funds - To account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
proprietary funds).
Proprietary Fund Types
Enterprise Funds - To account for operations that are financed and operated in a
manner similar to private business enterprises, where the intent of the governing body
is that costs of providing goods or services to the general public on a continuing basis
be financed or recovered primarily through user charges. The City's enterprise fund
consists of a water and sewer utility.
Fiduciary Fund Types
Trust Funds - To account for assets held by the City in a trustee capacity or as an
agent on behalf of others. Trust funds account for assets held by the City under the
terms of a formal trust agreement
Account Groups
General Fixed Assets Account Group - To account for all fixed assets of the City, other
than those accounted for in the enterprise funds.
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General Long-Term Debt - To account for the outstanding principal balances on any
general obligation debt of the City.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATFMENTS - Continued
September 30, 2000
Note 1 - Summary of Significant Accounting Policies (Continued):
Basis of Accounting and Measurement Focus - Governmental fund types include the
general, special revenue, debt service, and capital projects funds. Governmental fund types
use the flow of current financial resources measurement focus and the modified accrual basis
of accounting. Under this method of accounting, revenues are recognized when they become
measurable and available as net current assets, or when susceptible to accrual; Le., both
measurable and available. "Measurable" means that the amount of the transaction can be
determined and "available" means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. The City considers all revenues
available if they are collected within 60 days after year end. Expenditures are recorded when
the liability is incurred, except for principal and interest on general long-term debt, which is
recognized when due and certain compensated absences which are recognized when the
obligations are expected to be liquidated with expendable available financial resources.
Property taxes, certain intergovernmental revenues, interest and special assessments are
susceptible to accrual. Expenditure-driven grants are recognized as revenue when the
qualifying expenditures have been incurred and all other grant requirements have been met.
The enterprise fund is accounted for on the flow of economic resources measurement focus
and uses the accrual basis of accounting. Under this method, revenues are recorded when
earned and expenses are recorded at the time liabilities are incurred. The City adopted GASB
Statement No. 20 and chose not to apply all FASB pronouncements issued after November
30, 1989.
The basis of accounting and measurement focus of the pension trust funds is the same as
proprietary fund types and therefore is maintained on the accrual basis of accounting.
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.
Encumbrances - Encumbrance accounting, under which purchase orders, contracts, and
other commitments for the expenditure of funds are recorded in order to reserve that portion
of the applicable appropriation, is utilized in the governmental funds. Encumbrances are
reported as reservations of fund balances and do not constitute expenditures or liabilities
because the commitments will be honored during the subsequent year.
Cash and Cash Equivalents - Cash and cash equivalents include cash on hand, demand
deposits, repurchase agreement and all highly liquid investments (including restricted assets)
with a maturity of ninety days or less when purchased.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS. Continued
September 30, 2000
Note 1 . Summary of Significant Accounting Policies (Continued):
Investments - Investments in all fund types are stated at fair value, which is the amount at
which an investment could be exchanged in a current transaction between willing parties,
other than in a forced liquidation sale. Fair value is based on quoted market prices. Income
from investments held by the individual funds is recorded in the respective fund as it is earned.
Changes in the fair value of investments is recognized as revenue and included in investment
income.
Inventories - Inventories are stated at cost, using the FIFO method. The cost of
governmental fund-type inventories are accounted for by the consumption method, under
which such inventory is recorded as an expenditure when used.
Unamortized Bond Costs - In the governmental fund types, bond issuance costs are
charged as current expenditures when the bonds are issued. For the enterprise fund, bond
costs are amortized on a straight-line basis, which approximates the interest method, over the
life of the bonds.
Restricted Assets - The use of certain assets of enterprise funds is restricted by specific
provisions of bond resolutions and agreements with various parties. Assets so designated are
identified as restricted assets on the balance sheet.
Property, Plant and Equipment - Property, plant, and equipment owned by the enterprise
funds is stated at historical cost or estimated historical cost. Additions, improvements, and
other capital outlays that significantly extend the useful life of an asset are capitalized. Other
costs incurred for repairs and maintenance are expensed as incurred. Contributions of
property, plant, and equipment received from federal, state, or local sources are recorded as
contributions to equity when received. Major outlays for improvements are capitalized as
projects are constructed. Interest incurred during the construction phase is reflected in the
capitalized value of the asset constructed net of interest earned on the invested proceeds over
the same period. Depreciation of property, plant and equipment is provided on the straight
line basis over the following estimated useful lives:
Buildings
Improvements
Equipment
10 - 30 years
20 - 40 years
5 - 10 years
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CITY OF WINTER SPRINGS, FLORIDA
NOTFS TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 - Summary of Significant Accounting Policies (Continued):
General Fixed Assets - General fixed assets have been acquired for general governmental
purposes. Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. In the case of gifts or
contributions, such assets are recorded at fair market value at the time received.
Certain improvements, such as roads, bridges, curbs, gutters, streets, sidewalks, drainage
systems, and lighting systems have not been capitalized. Such assets normally are
immovable and of value only to the City. No depreciation has been provided on general fixed
assets.
The City used to have an enterprise fund for their stormwater system and stormwater system
improvements were capitalized. In 1997, the City converted this to a special revenue fund and
transferred the stormwater system improvements to General Fixed Assets. Since 1997, the
policy has been to not capitalize stormwater improvements.
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.
Long- Term Obligations - Long-term debt is recognized as a liability of a governmental fund
when due, or when resources have been accumulated in the debt service fund for payment
early in the following year. For other long-term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability of a
governmental fund. The remaining portion of such obligations is reported in the general
long-term debt account group. Long-term liabilities expected to be financed from
proprietary fund operations are accounted for in those funds.
Fund Equity
Proprietary Funds - Contributed capital consists of property and equipment from
developers and federal and state (capital) grants. Grants received for operating
assistance are recorded as non-operating revenue.
Reservations of retained earnings are created by increases in assets restricted for debt
service, renewal and replacement, and other contractual obligations. These increases
result from earnings on restricted assets and other intrafund transfers to (from) restricted
accounts. Earnings on restricted assets are included in net income of the Proprietary
Funds. Reserves are not established for bond proceeds deposited into construction
accounts.
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CITY OF WINTER SPRINGS, FLORIDA
NOTF;S TO FINANCIAL STATEMENTS - Contimu~d
September 30, 2000
Note 1 - Summary of Significant Accounting Policies (Continued):
Fund Equity (Continued)
Governmental Funds - Reserves of the governmental funds are limited to the portions
of fund balance which are either not subsequently appropriated for expenditures or
legally segregated for a specific use.
Interfund Transactions - Transactions which constitute reimbursements to a fund for
expenditures (expenses) initially made are recorded as expenditures or expenses (as
appropriate) in the reimbursing fund and as reductions of the expenditures (expenses) in
the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted for as
transfers. Nonrecurring or non-routine transfers of equity between funds are considered
residual equity transfers. All other interfund transactions are treated as operating
transfers.
Total Columns on Combined Statements - Overview - 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, results of
operations or its cash flows 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.
Note 2 - Stewardship, Compliance and Accountability:
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.-.
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...
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...
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Budget and Budgetary Accounting - Budgets are legally adopted for all 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 (7) below) which is adopted on a
budgetary basis. The City follows these 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 Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1 st. The
Budget includes proposed revenues and expenditures, and a description of capital
activities for the ensuing fiscal year.
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2. The City Commission then holds informal workshops. Each item in the budget is
thoroughly discussed, and the public is invited to participate.
3. On or before September 30th of each year, the public hearings are completed and the
Commission adopts the final budget and establishes the ad valorem tax millage.
-
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-
21
1 r 162,306
!hR ?7R RR4
1,162,306
S;? ?n~ ?RR
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 2 - Stewardship, Compliance and Accountability (Continued):
Budget and Budgetary Accounting
4. The budget may be formally amended by the City Commission at any time.
Budgeted amounts presented in the accompanying financial statements have been
adjusted for legally authorized revisions of the annual budgets during the year.
5. The City Manager is authorized to transfer budgeted amounts between accounts
within a department. At any time during the fiscal year, the City Manager may
transfer part or all of any unencumbered appropriations among programs within
one department. The legal level of budgetary control is the department level.
Budget and actual comparisons by department for the individual funds are in the
Combining and Individual Fund section.
6. Appropriations lapse at the end of the fiscal year.
7. The following schedule reconciles the amounts on the Combined Statement of
Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All
Governmental Funds to amounts on the Combined Statement of Revenue,
Expenditures and Changes in Fund Balances - All Governmental Funds (GAAP
basis ):
Special Revenue Fund Type
Revenlle~
FxpenditlJre~
GAAP basis
Pass-through costs collected and remitted as agent
in Solid Waste Fund
Non-GAAP budgetary basis
$5,114,358
$1,042,962
Deficit Fund Equity - The following funds had fund balance deficits at September 30, 2000:
Oak Forest Maintenance Special Revenue Fund $(104), Oak Forest Debt Service Fund
$(104), and the TLBD Improvement Capital Project Fund $(28,573).
Excess of Expenditures over Appropriations - Actual expenditures exceeded budgeted
appropriations in the following Special Revenue Funds: Fire Impact Fee Fund, the Solid
Waste Fund, the TLB Maintenance Fund and the Oak Forest Maintenance Fund. Actual
expenditures exceeded budgeted appropriations in the following Debt Service Funds: the
1999 Debt Service Fund and the Oak Forest Debt Service Fund and the following Capital
Projects Funds: the 1997 Construction Fund and the TLBD Improvements Fund.
22
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMFNTS . ContinlU~d
September 30, 2000
Note 3 . Cash and Investments:
Following are the components of the City's cash and investments at September 30, 2000:
Unrestricted Restricted Iatal
Cash and cash equivalents
Investments
$11,009,485
8,210,990
9\1~ ??O 47S
$4,294,517
1,091,382
9\S ~RS R~~
$15,304,002
9,302,372
9\?4 nOn ~7 4
Deposits - At September 30, 2000, the carrying amount of the City's deposits was
$10,545,827 and the bank balance was $10,487,710.
The bank balance was covered by federal depository insurance and by deposits held in banks
that are members of the State of Florida Collateral Pool. The Florida Collateral Pool is a
multiple institution pool with the authority to assess member institutions in the event of any
collateral shortfall. For this reason, the City considers its deposits insured or collateralized.
Investments - Investment in all fund types are stated at fair value, which is the amount for
which an investment could be exchanged in a current transaction between willing parties,
other than in a forced liquidation sale. Fair value is based on quoted market prices. Changes
in the fair value of investments are recognized as revenue and included in investment income.
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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 United State 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.
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--
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The City's investments are categorized to give an indication of the level of risk assumed by the
City at September 30, 2000:
--
-
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 a counterparty's trust department or agent in the City's name.
Category 3 includes uninsured and unregistered investments for which the securities are
held by a counterparty, its trust department or agent, but not in the City's name.
23
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 3 - Cash and Investments (Continued):
Investments (Continued) -
Following is a summary of risk levels assumed by the City at September 30, 2000:
Cateaorv
1
2
3
Carrying
Amount
Repurchase agreements
U.S. Government securities
Corporate bonds
$ - $
3,146,780
1 053 359
~4 ?OO 11~ ~
- $4,758,175 $ 4,758,175
3,146,780
1,053,359
- ~4 7~R 17~
Pension funds investing in
commingled bond and stock funds
5102233
~14 ORO S47
Note 4 - Accounts Receivable:
The following is an analysis of Accounts Receivable:
Governmental
Fund Tvpes
Special Capital
General Revenue Projects
Proprietary Fiduciary
Fund Fund
Types ~
Pension
Enterprise Funds
Accounts receivable $31,981 $345,578 $14,194 $1,074,175 $2,643
Less: allowance for
uncollectible accounts (83,925) (405,441 )
!l;~1 ~R1 $?R 1 RS~ !l;14 1~4 !l; RRR 7~4 !l;? R4~
Note 5 - Property Taxes:
All property is reassessed according to its fair value on the lien date, or January 1 of each
year. Taxes are levied on October 1 of each year. Discounts are allowed for early payment at
the rate of 4% in the month of November, 3% in the month of December, 2% in the month of
January, and 1 % in the month of February. The taxes paid in March are without discount. All
unpaid taxes become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent taxes on real
property.
24
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Note 5 - Property Taxes (Continued):
September 30, 2000
The County bills and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current receivables.
The City is permitted by the Municipal Finance Law of the State to levy taxes up to $10.00 per
$1,000 of assessed valuation. The combined tax rate to finance general governmental
services for the year ended September 30, 2000, was $3.5495 per 1,000 which means that
the City has a tax margin of 6.4505 per 1,000 and could raise up to $6,276,214 additional
property tax revenue a year from the present assessed valuation of $972,981,000 before the
limit is reached.
Note 6 - Property, Plant and Equipment:
During the fiscal year ended September 30, 2000, the following changes in general fixed
assets occurred:
Land
Buildings
Furniture and
Equipment
Vehicles
Stormwater system
Park and recreation
Facilities
Construction in
Progress
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Balance
10-1.99
Deletions
Balance
9-30.00
Additions
$ 5,796,396
5,316,987
$
$
$ 5,796,396
5,316,987
2,641 ,420
2,217,036
5,640,702
2,240,132
1,889,000
5,640,702
450,717
333,861
49,429
5,825
2,758,177
2,758,177
3,869
g;?~ R4~ ?R~
2,691,228
g;~ 47~ ROn
2,695,097
g;?7 OR~ R1~
g;~~ ?~4
Construction in progress for general fixed assets as of September 30, 2000 consisted
primarily of parks and recreational facilities.
The sources of investment in general fixed assets are as follows:
General fund
Special revenue funds
Capital projects funds
Prior year sources not available
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-
-
-
-
-
$ 508,872
220,452
2,691,228
23 645,263
g;?7 OR~ R1 ~
25
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 6 - Property, Plant and Equipment (Continued):
The components of property, plant and equipment for the Proprietary Fund Types at
September 30, 2000, are as follows:
Proprietary
Fund Types
Fnterprise
Utility system
Office building
Office furniture and equipment
Vehicles
Land
Construction in progress
$34,603,164
637,546
793,769
688,142
4,409,062
105,272
41,236,955
(11,406,250)
$?q R:10 705
Less: accumulated depreciation
Note 7 - Pension Plans:
Effective October 1, 1997, the City adopted a defined benefit plan and amended and restated
its Money Purchase Pension and Trust, integrating the two plans for purposes of providing
minimum projected retirement benefits (referred to as a "floor-offset") that cover substantially
all full time employees of the City. These plans are maintained as pension trust funds and
included as part of the City's reporting entity. Neither plan issues a stand-alone financial
report.
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 formula's minimum benefit, or 2% per year of service up to a
maximum of 30 years, subject to certain dollar limitations depending on age at time of
retirement. If there are insufficient funds in the Money Purchase Pension Plan and Trust to
provide the minimum benefit, then the defined benefit plan will provide the difference between
the minimum benefit and the projected monthly benefit provided by the Money Purchase
Pension Plan and Trust.
Summary of Significant Accounting Policies:
Basis of Accounting - The Plans' financial statements are prepared using the accrual
basis of accounting. Plan member contributions are recognized in the period in which the
contributions are due. Employer contributions to each Plan are recognized when due and
the employer has made a formal commitment to provide the contributions. Benefits and
refunds are recognized when due and payable in accordance with the terms of each plan.
26
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - ContinllP-d
September 30, 2000
Note 7 - Pension Plans (Continued):
Summary of Significant Accounting Policies (Continued):
Method Used to Value Investments - Investments are reported at fair value. Short-term
investments are reported at cost, which approximates fair value. Securities traded on a
national or international exchange are valued at the last reported sales price at current
exchange rates. Investments that do not have an established market are reported at
estimated fair value.
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) if 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. The Board of
Trustees of this plan are appointed by the City Commission. 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.
After three continuous years of employment with the City, the amount credited to the
contribution account of an employee shall vest according to the completed number of
employment years preceding the date of termination. After three years of continuous
employment, a member is 20% vested, increasing by 20% each year thereafter to a
maximum of 100%. The plan permits withdrawals for retirement, termination and disability
but does not allow participants to borrow against their accounts.
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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.
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Employees contributed 2% of their gross pay to the plan.
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For the year ended September 30, 2000, the City's contribution was $227,423 and
employee'contributions were $124,745.
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27
-.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continllp.d
September 30, 2000
Note 7 - Pension Plans (Continued):
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 Board of Trustees of the City of Winter Springs ("Board
of Trustees"). The Board of Trustees of this plan are appointed by the City Commission.
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 10 years of service are, entitled to a retirement benefit payable monthly
for life, equal to 2% of their average compensation multiplied by their years of service at
age 65 up to a maximum of 30 years, subject to certain dollar limitations depending on
age at time of retirement. Average compensation is the average of the three highest
consecutive paid compensation periods, which is the 12-month period ending on the last
day of the plan year. Employees who have at least 25 years of credited service may also
elect to retire prior to reaching age 55 and receive reduced retirement benefits.
Benefits are established by the Board of Trustees of the Defined Benefit Plan, and may be
amended by resolution of the City Commission. The Defined Benefit Plan is administered
by an outside 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
normal retirement age of 65, or upon separation of service resulting from death, disability
or eligibility for an early retirement pension.
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, 2000 were $254,646 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, 2000.
Plan forfeitures are used to reduce the City's contributions for future plan years.
Membership in the Defined Benefit Plan consisted of the following at October 1, 1998, the
date of the only actuarial valuation performed since inception of the plan on October 1,
1997:
Retirees and beneficiaries receiving benefits 4
Terminated plan members entitled to but not
receiving benefits 9
Active plan members:
Vested 202
Non-vested ----3
21B
28
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAl STATEMENTS - Continued
September 30, 2000
Note 7 - Pension Plans (Continued):
Annual Pension Cost and Net Pension Obligation - The City has contributed the Annual
Required Contribution (ARC) since inception of the plan on October 1, 1997, and thus has not
had or had need to report, a Net Pension Obligation (NPO).
Required supplementary information is as follows:
Schedule of Contributions from the Employer
Fiscal year Annual Required Percentage of
e.nd.ed Contribution (ARC) ARC Contribution
9/30/00
9/30/99
9/30/98
$254,646
298,000
349,289
100%
100%
100%
Schedule of Funding Progress
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
covered payroll
Valuation Date
October 1, 1998
$ 354,453
1,772,673
1,418,220
20.0%
4,936,762
28.7%
Notes to Required Supplementary Information - The information presented in the required
supplementary schedules was determined as part of the actuarial valuation at the date
indicated. Additional information as of the latest (October 1, 1998) actuarial valuation follows:
Assumptions:
Investment Earnings
Salary Increases -
Inflation
Postretirement Benefit Increases
Mortality Table
8%
3%
0%
1983 Group Annuity Mortality Table
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Actuarial Valuation:
Frequency
Cost Method
Amortization Method
Amortization Period
Asset Valuation Method
Biennial
Frozen Entry Age
Level Percentage
40 Years Open
Market Value
29
September 30, 2000
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Note 8 - Deferred Compensation Plan:
All employees of the City may voluntarily elect to participate in one of two available deferred
compensation plans created in accordance with Internal Revenue Code Section 457. The
plans are administered by Public Employees Benefits Service Corporation (PEBSCO) and
ICMA Retirement Corporation. The plans permit participants to defer a portion of their
salary until future years. The deferred compensation is not available to employees until
termination, retirement, death, or unforeseeable emergency.
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, 2000.
Note 9 - Bonds and Notes Payable:
Changes in General Long-Term Debt - Following is a summary of changes in general long-
term debt for the year ended September 30, 2000:
Improvement Refunding
Revenue Bonds:
Series 1993
Series 1999
Improvement Revenue
Bonds:
Series 1997
Capital Improvement
Revenue Notes
Accrued Compensated
Absences
Capital Lease Payable
Total
Balances
October 1,
.1S99.
Balances
September
Deletions 30, 2000
Additions
$ 8,590,000
7,998,970
$
$ 45,000
165,000
$ 8,545,000
7,833,970
470,000
110,000
360,000
1,619,500
1,619,500
680,994
122,312
$17 RR? ?7R
155,223
836,217
97,038
$1 q ?q1 7?~
25,274
$~4~ ?74
$1 774 7?~
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
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.
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 interest, depending on the call date. The redemption period began October
1, 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.
4. Investment restrictions.
Debt Service Fund and Excise Tax Fund monies may be invested in authorized
investment securities which mature not later than the dates on which the monies on
deposit will be needed for the purpose of such fund. Reserve Account monies may
be invested in securities maturing not later than five years from the date of their
deposit into the Reserve Account.
5. Pledge of revenues.
The bonds and related interest are payable solely from and collateralized by a lien
on the Public Service Tax that the City is entitled to levy on certain utility sales and
Franchise Fees levied by the City for a 30-year electric franchise granted by the City
in 1984.
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...
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...
31
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAl STATEMENTS - Continued
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
Improvement Refunding Revenue Bonds and Improvement Revenue Bonds -
The Improvement Refunding and Improvement Revenue Bonds consisted of the following at
September 30,2000.
Interest
Rates and
.Dates Maturity
Principal
Balance
Outstanding
at September
30,2000
Original
Amount
Improvement Refunding
Revenue Bonds - Series 1993
3.90%-5.5%
(4/1 & 10/1)
10/1/99 -
10/1/18 $q ~0!1 000
$ R fi4!1 000
Subordinate Improvement
Revenue Bonds - Series 1997
4.89%
(4/1 & 10/1)
10/1/99 -
10/1/02 $ fi7fi 000 $
~00 000
Improvement Refunding 3.25%-5.25% 10/1/10-
Revenue Bonds - Series 1999 (4/1 & 10/1) 10/1/29 $7 qqR q70 $ 7 R~~ Q70
Capital Improvement Revenue Notes, Series 2000A and 2000B - In June 2000, the City
issued these notes to finance the acquisition of a data processing system, a medical transport
vehicle and the construction of the Oak Forest subdivision wall.
Capital Improvement Revenue Note, Series 2000A - payable in five
annual principal and interest payments of $204,742 through June 2005.
Interest is at 4.67%
$ 896,238
Capital Improvement Revenue Note, Series 2000B - payable interest
only at 4.67% through June 2004 and balloon principal payment with
interest due June 2005.
723,262
$1 01 Q fiQO
32
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATFMENTS - Continued
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
Water and Sewer Refunding Revenue Bonds and Water and Sewer Revenue Bonds -
The major provisions of the resolutions authorizing the Water and Sewer Refunding Revenue
Bonds and Water and Sewer Revenue Bonds are as follows:
1. Establishment and maintenance of various funds.
a. The Revenue Fund records all gross revenues derived from operation of the
utility.
b. The Debt Service Fund (including principal, interest and redemption accounts)
records all monies to meet current debt service and reserve requirements.
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 on 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.
3. Early redemption.
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Early redemption is provided for at a call rate varying from 100% to 102% of the
face amount of the bonds.
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CITY OF WINTER SPRINGS, FLORIDA
NOTFS TO FINANCIAl STATEMENTS - ContinllAd
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
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
deposits therein will be needed for the purpose of such fund.
b. The Renewal and Replacement Fund may invest in investment securities with
no more than five years maturity.
c. The Reserve Account of the Debt Service Fund may invest in investment
securities, which mature no later than the last maturity date of the bonds.
Water and Sewer Refunding Revenue Bonds, Series 1992 and Water and Sewer
Subordinate Revenue Bonds, Series 1997:
Monies in any fund or account may be invested in investment securities, which
mature no later than dates on which the monies will be needed for the purpose of
such fund or account
5. Pledge of revenues.
The bonds are payable solely from all collateralized by the next 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 10-year
developer agreement
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continup.d
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
The Water and Sewer bonds consisted of the following at September 30, 2000:
Principal
Balance
Interest Outstanding
Rates and Original at September
Dp.~r.ription Dates Maturity Amount ~O,2000
Water and Sewer Refunding 5.75%-6.75% 10/1/98 -
Revenue Bonds - Series 1991 (4/1&10/1) 10/1/21 $ 6,915,000 $ 6,055,000
Less original issue discount - net
of amortization (125,261 )
6,915,000 5,929,739
Water and Sewer Refunding 4.55%-
Revenue Bonds - Series 1992 6.125% 10/1/98 -
(4/1 & 10/1) 4/1/20 16,015,000 14,290,000
Less original issue discount - net
of amortization (124,211)
16,015,000 14,165,789
Subordinate Water and Sewer 5.81% 10/1/98 -
Revenue Bonds - Series 1997 (4/1 & 10/1) 10/1/07 3,025,000 2,540,000
Total ~?~ ~~~ 000 22,635,528
Less current portion (790,000)
Long-term portion ~?1 R4~ ~?R
Obligation Under Utility Agreement - In connection with 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 $2,064,574 for these connections through September 30,2000.
At September 30, 2000, outstanding balances were as follows:
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Estimated accrual for remainder of obligation
Less current portion
$346,000
(188,000)
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Long-term portion at September 30,2000
~1~R 000
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Year Ended Sept 30
2001
2002
2003
2004
2005
$ 164,632
170,576
178,542
186,880
918,870
$1 RH~ SOO
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 9 - Bonds and Notes Payable (Continued):
Annual Requirements to Maturity - The annual debt service requirements to amortize all
bonded debt of the City as of September 30, 2000 are as follows:
Year Ended General Long-Term Debt Enterprise Fund Total
Sept 30 Principal Interest Principal Interest Debt Service
2001 $ 360,000 $ 654,635 $ 795,000 $ 1,354,751 $ 3,164,386
2002 385,000 638,010 840,000 1,309,761 3,172,771
2003 415,000 619,868 880,000 1,262,069 3,176,937
2004 445,000 597,560 925,000 1,211,683 3,179,243
2005 470,000 576,703 985,000 1,157,167 3,188,870
2006-2010 2,840,000 2,525,757 5,000,000 4,894,119 15,259,876
2011-2015 4,035,000 1,657,581 5,290,000 3,409,710 14,392,291
2016-2020 4,707,880 2,166,111 7,200,000 1,486,097 15,560,088
2021-2025 1,759,998 4,677,344 970,000 33,750 7,441,092
2026-2030 1,321,092 4,074364 5,395,456
$1R 7~R Q70 $1R 1R7 Q~~ $?? RRS 000 $18 11Q 107 $7~ Q~1 010
Following is the maturity schedule of principal payments due on the Capital Improvement
Revenue Notes payable:
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAl STATEMFNTS - ContinlU~d
September 30, 2000
Note 10 - Lease Obligations:
Capital Leases - The City has entered into a lease agreement as lessee for financing the
acquisition of a medical transport vehicle. This lease agreement qualifies as a capital lease
for accounting purposes and, therefore, has been recorded at the present value of the future
minimum lease payments as of the date of their inception in the General Fixed Asset Account
Group.
Equipment under capital leases recorded in the General Fixed Asset Account Group at
September 30, 2000 consists of the following:
Medical Transport Vehicle
$134,568
Debt service payments on equipment capitalized in the General Fixed Asset Group are
recorded as expenditures in the Medical Transport Special Revenue Fund.
The following is a schedule by years of future minimum lease payments under the capital
lease, together with the present value of the net minimum lease payments as of September
30:
Year Ending
September ~O.
2001
2002
2003
2004
Total Minimum Lease Payments
Less, Amount Representing Interest
Present Value of Net Minimum
Lease Payments
$30,056
30,056
30,056
15,028
105,196
(7,158)
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 11 - Interfund Receivables and Payables:
Interfund
Payables
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The following schedule as of September 30, 2000, represents interfund receivables and
payables:
Fund Type
I nterfund
Receivables
General Fund
Special Revenue Funds:
Police Education Fund
Streetlighting Fund
Solid Waste Fund
Stormwater Utility Fund
Public Service Tax Fund
Excise Tax Fund
Electric Franchise Fund
Medical Transport Fund
TLSD Maintenance Fund
Oak Forest Maintenance Fund
Debt Service Funds:
Oak Forest Debt Service Fund
Capital Project Funds:
1997 Construction Fund
1999 Construction Fund
Information System Project Fund
TLSD Improvement Fund
Oak Forest Capital Fund
Enterprise Fund
$2,196,169
17,152
2,436
632,989
403,567
893,564
19,317
636,643
208
609,635
$f) 411 flR 1
Note 12 - Risk Management:
$1,265,865
1
1 09,180
301,896
1,053,596
1
58
226,866
104
104
77
36,689
376,062
111,063
1,930,120
$f) 411 flR 1
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction
of assets; errors and omissions; job-related illnesses or injuries to employees; and natural
disasters. Risk of loss from the above is transferred by the City to various commercial insurers
through the purchase of insurance. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continllp.d
September 30, 200
Note 13 - Contributed Capital:
Contributed capital recorded in the Enterprise Fund at September 30, 2000 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 30,2000 were as follows:
Balance at September 30,1999
Equipment donated by developers for Water and Sewer connections
$7,897,656
1,287,747
Balance at September 30,2000
S;~ 1 Rfi 40~
Note 14 - Summary Disclosure of Significant Contingencies:
Grants - Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. If any expenditures are disallowed as a result of these
audits, the claims for reimbursement to the grantor agency would become a liability of the City.
In the opinion of management, any such adjustments would not be significant.
Litigation - During the ordinary course of its operations, the City is a party to various claims,
legal actions, and complaints. In the opinion of the City's management and legal counsel,
these matters are not anticipated to have a material financial impact on the City.
Note 15 - Commitments:
At September 30, 2000, the City had entered into contracts for construction in the amount of
$134,786.
Note 16 - Subsequent Events:
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In October of, 2000, the City issued $6,969,191 of Water and Sewer Refunding Revenue
Bonds. The City issued bonds to provide funds for various construction and improvements to
the City's water and sewer system and to realize interest savings from refunding
approximately 2.2 million in Subordinate Water and Sewer Revenue Bonds, Series 1997. The
bonds mature in 2030. The bonds are comprised of Current Interest Bonds and Capital
Appreciation Bonds with interest rates that range from 5.50% - 5.98%. The bonds were
structured to achieve a level debt service. Combined debt service for the Water and Sewer
Series 1991, 1992 and 2000 is approximately $1,975,000 a year through 2030.
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Effective October 1, 2000, the City's 401 (a) plan discussed in Note 7 was terminated and used
to buy additional benefits in the City's Defined Benefit Plan.
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COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the "General
Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund of
a given fund type.
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GENERAL FUND
The General Fund is used to account for resources traditionally associated
with government which are not required legally or by sound financial
management to be accounted for in another fund.
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CITY OF WINTER SPRINGS, FLORIDA .
STATEMENT OF REVENUE. EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
GENERAL FUND .
For the Year Ended September 30,2000 .
.
Variance .
Favorable
Budget Actual (Unfavorable) .
.
Revenues: .
Taxes:
Property taxes $ 3,358,469 $ 3,324,427 $ (34,042) .
Franchise taxes 294,000 278,678 (15,322) .
3,652,469 3,603,105 (49,364)
Licenses and permits: .
Building permits 459,000 465,049 6,049 .
Occupational licenses 105,000 116,609 11,609
564,000 581,658 17,658 .
Intergovernmental revenues: .
Sales tax 1,848,637 1,908,108 59,471
State revenue sharing 629,130 647,332 18,202 .
Other state shared revenue 350,175 238,355 (111,820) .
Other county shared revenue 36,525 36,525 .
Federal grants 221,232 201,284 (19,948)
3,085,699 3,031,604 (54,095) .
Charges for services: .
Concession stand receipts 75,000 86,800 11 ,800
Program activity fees 48,000 54,738 6,738 .
Rental and other 29,700 67,119 37,419 .
152,700 208,657 55,957
Fines and forfeitures: .
Fines and forfeitures 235,000 235,793 793 .
Tree bank 25,000 30,421 5,421
260,000 266,214 6,214 .
Investment Income 190,000 132,194 (57,806) .
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Miscellaneous revenues 75,000 13,639 (61,361 ) .
Total revenue $ 7,979,868 $ 7,837,071 $ (142,797) .
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. Variance
. Favorable
Budget Actual (Unfavorable)
A
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. Expenditures:
. Current:
General government-
. Commission 120,100 105,663 14,437
. Various boards 10,675 5,847 4,828
City manager 308,114 223,256 84,858
. City clerk 152,459 125,224 27,235
. Finance 403,341 436,256 (32,915)
Personnel 65,894 65,332 562
. Information services 465,698 341 ,889 123,809
. Purchasing 279,939 257,373 22,566
Utility billing 465,547 458,186 7,361
. Engineering 103,106 82,269 20,837
. Community development 424,926 232,884 192,042
Land management 91,269 74,792 16,477
. General government 370,500 325,007 45,493
. 3,261,568 2,733,978 527,590
. Public safety-
Police 3,189,479 3,172,656 16,823
. Fire 2,080,415 1,993,115 87,300
. Building 291,907 289,869 2,038
Code enforcement 145,175 131,373 13,802
. 5,706,976 5,587,013 119,963
. Physical environment-
Public works 1,323,063 1,277,623 45,440
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. Culture and recreation-
Recreation 1,209,052 1,200,702 8,350
. Total expenditures 11,500,659 10,799,316 701,343
. Excess (Deficiency) of Revenues
. Over Expenditures (3,520,791) (2,962,245) 558,546
. Other Financing Sources (Uses)
. Operating transfers in 3,036,825 3,455,698 418,873
. Net other financing sources(uses) 3,036,825 3,455,698 418,873
. Excess (Deficiency) of Revenues
.- and Other Sources Over
...
.-. Expenditures and Other Uses (483,966) 493,453 977,419
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. Fund Balances - Beginning of Year 2,829,776 2,829,776
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SPECIAL REVENUE FUNDS
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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 special revenue funds:
Police Education
Fund
Special Law
Enforcement
Trust Fund
Transportation
Improvement
Fund
Recreation
Acquisition Fund
Streetlighting
Fund
Solid Waste Fund
Stormwater Utility
Fund
Public Service
Tax Fund
Excise Tax 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.
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.
- 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.
- 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.
- 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.
- 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.
- This fund was established due to a comprehensive development plan
to charge for the establishment and maintenance of stormwater utility
systems. Proceeds are used to pay for the maintenance of the City's
stormwater system.
- 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.
- 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.
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. Electric Franchise
. Fee Fund
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. Transportation
. Impact Fee Fund
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. Police Impact Fee
. Fund
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. Fire Impact Fee
. Fund
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. Medical Transport
Fund
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. TLBD
. Maintenance
. Fund
. Oak Forest
. Maintenance
. Fund
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SPECIAL REVENUE FUNDS
- 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.
- 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.
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.
- 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.
- 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.
- This fund is used to account for collected special assessments for
maintenance related to the Tuscawilla Lighting and Beautification
District.
- This fund is used to account for collected special assessments for
maintenance related to the Oak Forest subdivision wall.
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINING BALANCE SHEET .
ALL SPECIAL REVENUE FUNDS .
.
September 30,2000 .
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Police Special Law Transportation Recreation .
Education Enforcement Improvement Acquisition
Fund Trust Fund Fund Fund .
Assets: .
Cash and cash equivalents $ 11 ,565 $ 4,894 $ 66,767 $ 27,956 .
Investments .
Receivables .
Due from other governments 17,401
Due from other funds 1 7,1 52 .
Total assets $ 28,717 $ 4,894 $ 84,168 $ 27,956 .
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Liabilities and Fund Balances: .
Liabilities:
Accounts payable $ 295 $ $ 5,133 $ .
Accrued liabilities .
Due to other funds
Total liabilities 295 5,133 .
Fund Balances: .
Reserved: .
Encumbrances .
Unreserved 28,422 4,894 79,035 27,956 .
Total fund balances 28,422 4,894 79,035 27,956 .
Total liabilities and fund balances $ 28,717 $ 4,894 $ 84,168 $ 27,956 .
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. Stormwater Public Electric
. Streetlighting Solid Waste Utility Service Excise Franchise
. Fund Fund Fund Tax Fund Tax Fund Fee Fund
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. $ $ $ 164,075 $ $ $ 768
. 161,926
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. 2,436 632,989 403,567 893,564
. $ 2,436 $ 632,989 $ 567,642 $ 1,055,490 $ $ 769
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. $ $ $ 25,269 $ $ $ 710
1,260
. 109,180 301,896 1,053,596 58
. 109,180 328,425 1,053,596 768
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2,436 523,809 238,172 1,894
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. 2,436 523,809 239,217 1,894
. $ 2,436 $ 632,989 $ 567,642 $ 1,055,490 $ $ 769
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINING BALANCE SHEET .
ALL SPECIAL REVENUE FUNDS .
.
September 30, 2000 .
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Transportation Police Fire Medical .
Impact Impact Impact Transport
Fee Fund Fee Fund Fee Fund Fund .
Assets: .
Cash and cash equivalents $ 768,539 $ 215,163 $ 304,118 $ 459,199 .
Investments 1,053,359 .
Receivables 99,727 .
Due from other governments
Due from other funds .
Total assets $ 1,821,898 $ 215,163 $ 304,118 $ 558,926 .
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Liabilities and Fund Balances: .
Liabilities:
Accounts payable $ 73,745 $ $ $ 3,143 .
Accrued liabilities .
Due to other funds 226,866
Total liabilities 73,745 230,009 .
Fund Balances: .
Reserved: .
Encumbrances .
Unreserved 1,748,153 215,163 304,118 328,917 .
Total fund balances 1,748,153 215,163 304,118 328,917 .
Total liabilities and fund balances $ 1,821,898 $ 215,163 $ 304,118 $ 558,926 .
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.
44 .
.
.
.
.
.
.
.
.
. TLBD Oak Forest
. Maintenance Maintenance
. Fund Fund Total
.
. $ 269,325 $ - $ 2,292,370
. 1,053,359
261,653
. 17,401
. 19,317 1,969,026
. $ 288,642 $ - $ 5,593,809
.
.
.
. $ 60 $ - $ 108,355
1,260
. 104 1,691,701
. 60 104 1,801,316
.
.
. 1,045
288,582 (104) 3,791,448
.
. 288,582 (104) 3,792,493
. $ 288,642 $ - $ 5,593,809
.
.
.
.
.
.
.
.
.
.
.
.
.-.
... 45
.-
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUES, .
EXPENDITURES AND CHANGES IN FUND BALANCES .
ALL SPECIAL REVENUE FUNDS .
For the Year Ended September 30, 2000 .
.
Police Special Law Transportation Recreation .
Education Enforcement Improvement Acquisition .
Fund Trust Fund Fund Fund .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses, permits, and fees
Intergovernmental revenues 219,118 .
Charges for services
Fines and forfeitures 30,243 1,900 .
Investment income 39 41 495 855 .
Miscellaneous revenues
Total revenues 30,282 1,941 219,613 855 .
.
Expenditures: .
Current: .
General government
Public safety 15,750 1,000 .
Physical environment 251,485 .
Debt Service:
Principal retirement .
Interest and fiscal charges .
Issuance costs
Total expenditures 15,750 1,000 251,485 .
Excess (Deficiency) of Revenues .
over Expenditures 14,532 941 (31,872) 855 .
.
Other Financing Sources (Uses): .
Operating transfers in
Operating transfers out .
Note proceeds .
Net other financing sources (uses)
.
Excess (Deficiency) of Revenues and .
Other Financing Sources over
Expenditures and Other Financing Uses 14,532 941 (31,872) 855 .
Fund Balance - Beginning of Year 13,890 3,953 110,907 27,101 .
Fund Balance - End of Year $ 28,422 $ 4,894 $ 79,035 $ 27,956 .
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.
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.
46 .
.
.
.
.
.
.
.
.
. Stormwater Public Electric
. Streetlighting Solid Waste Utility Service Excise Franchise
Fund Fund Fund Tax Fund Tax Fund Fee Fund
.
. $ $ $ $ 2,074,285 $ 1,123,082 $
.
. 10,750
7,095 340,200 335,866
.
. 6,919 14,432 8,816
. 7,095 340,200 353,535 2,088,717 1,123,082 8,816
.
.
. 6,176 7,180 288,822 1,424
.
.
.
.
. 6,176 7,180 288,822 1,424
.
. 919 333,020 64,713 2,088,717 1,123,082 7,392
.
. 1,123,082
. (102,000) (9,160) (2,215,299) (1,123,082) (1,145,259)
. (102,000) (9,160) (2,215,299) (1,123,082) (22,177)
.
.
. 919 231 ,020 55,553 (126,582) (14,785)
. 1,517 292,789 183,664 128,476 14,786
. $ 2,436 $, 523,809 $ 239,217 $ 1,894 $ $
.
.
. (Continued)
.
.
.-
. 47
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUES, .
EXPENDITURES AND CHANGES IN FUND BALANCES .
ALL SPECIAL REVENUE FUNDS .
For the Year Ended September 30, 2000 .
.
Transportation Police Fire Medical .
Impact Impact Impact Transport .
Fee Fund Fee Fund Fee Fund Fund
.
Revenues: .
Taxes and special assessments $ $ $ $
Licenses, permits, and fees 247,041 62,656 40,233 .
Intergovernmental revenues .
Charges for services 182,084
Fines and forfeitures .
Investment income 95,817 3,717 5,816 12,836 .
Miscellaneous revenues 37
Total revenues 342,858 66,373 46,049 194,957 .
.
Expenditures: .
Current: .
General government
Public safety 6,102 198,130 .
Physical environment 233,672 .
Debt Service:
Principal retirement 25,274 .
Interest and fiscal charges 4,782
Issuance costs 1,658 .
Total expenditures 233,672 6,102 229,844 .
Excess (Deficiency) of Revenues .
over Expenditures 109,186 66,373 39,947 (34,887) .
.
Other Financing Sources (Uses): .
Operating transfers in
Operating transfers out .
Note proceeds 137,571 .
Net other financing sources (uses) 137,571
Excess (Deficiency) of Revenues and .
Other Financing Sources over .
Expenditures and Other Financing Uses 109,186 66,373 39,947 102,684 .
Fund Balance - Beginning of Year 1,638,967 148,790 264,171 226,233 .
Fund Balance - End of Year $ 1,748,153 $ 215,163 $ 304,118 $ 328,917 .
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48 .
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.
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.
. TLBD TLBD Oak Forest
. Improvement Maintenance Maintenance
Fund Fund Fund Total
.
. $ $ 279,363 $ $ 3,476,730
. 349,930
. 229,868
865,245
. 32,143
. 10,622 160,405
37
. 289,985 5,114,358
.
.
. 1,403 104 305,109
. 220,982
485,157
.
. 25,274
4,782
. 1,658
. 1 ,403 104 1,042,962
. 288,582 (104 ) 4,071,396
.
.
. 1,123,082
. (153,789) (4,748,589)
137,571
. (153,789) (3,487,936)
.-
...
. (153,789)
.- 288,582 (104) 583,460
...
- 153,789 3,209,033
...
.- $ $ ,288,582 $ (104) $ 3,792,493
...
.-.
...
-
-
.-.
-
-
...
-
-
-
- 49
-
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
SPECIAL REVENUE FUNDS .
For the Year Ended September 30,2000 .
.
Police Education Fund .
Variance
Favorable .
Budget Actual (Unfavorable) .
Revenues: .
Taxes and special assessments $ $ $ .
Licenses, permits, and fees
Intergovernmental revenues .
Charges for services .
Fines and forfeitures 30,000 30,243 243
Investment Income 50 39 (11 ) .
Miscellaneous .
Total revenue 30,050 30,282 232
.
Expenditures: .
Current:
General government .
Public safety 35,000 15,750 19,250 .
Physical environment
Debt service: .
Principal retirement
Interest and fiscal charges .
Issuance costs .
Total expenditures 35,000 15,750 19,250
.
Excess (Deficiency) of Revenues .
Over Expenditures (4,950) 14,532 19,482
.
Other Financing Sources (Uses) .
Operating transfers in
Operating transfers out .
Note proceeds .
Net other financing sources
(uses) .
Excess (Deficiency) of Revenues .
and Other Sources Over .
Expenditures and Other Uses (4,950) 14,532 19,482
.
Fund Balances. Beginning of Year 13,890 13,890 .
Fund Balances - End of Year $ 8,940 $ 28,422 $ 19,482 .
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50 .
.
.
.
.
.
.
.
.
. Special Law Enforcement Trust Fund Transportation Improvement Fund
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ $ $ $ $ $
.
. 225,000 219,118 (5,882)
. 2,000 1,900 (100)
. 400 41 (359) 250 495 245
. 2,400 1,941 (459) 225,250 219,613 (5,637)
.
.
. 1,000 1,000
. 268,098 251 ,485 16,613
.
.
. 1,000 1,000 268,098 251,485 16,613
.
. 1 ,400 941 (459) (42,848) (31,872) 10,976
.
.
.
.
.
.-.
.
. 1 ,400 941 (459) (42,848) (31,872) 10,976
.-
... 3,953 3,953 110,907 110,907
...
.
.-. $ 5,353 $ 4,894 $ (459) $ 68,059 $ 79,035 $ 10,976
...
.-.
-
.-.
... (Continued)
.-.
-
.-.
...
-
-
-
- 51
.-
-
Excess (Deficiency) of Revenues
Over Expenditures
700
855
155
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.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
For the Year Ended September 30, 2000
Recreation Acquisition Fund
Budget
Actual
Variance
Favorable
(Unfavorable)
Revenues:
Taxes and special assessments
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment Income
Miscellaneous
Total revenue
$
$
$
700
855
155
700
855
155
Expen d itu res:
Current:
General government
Public safety
Physical environment
Debt service:
Principal retirement
Interest and fiscal charges
Issuance costs
Total expenditures
Other Financing Sources (Uses)
Operating transfers in
Operating transfers out
Note proceeds
Net other financing sources
(uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses
700
855
155
Fund Balances - Beginning of Year
27,101
27,101
Fund Balances - End of Year
$
27,801
$
27,956
$
155
52
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.
.
.
.
.
.
. Streetlighting Fund Solid Waste Fund
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ $ $ $ $ $
.
. 7,000 7,095 95 1,370,000 1,502,506 132,506
.
.
. 7,000 7,095 95 1,370,000 1,502,506 132,506
.
.
. 7,000 6,176 824 1,163,000 1,169,486 (6,486)
.
.
.
. 7,000 6,176 824 1,163,000 1,169,486 (6,486)
.
. 919 919 207,000 333,020 126,020
.
.
. (102,000) (102,000)
.
- (102,000) (102,000)
.
.-.
...
.-
... 919 919 105,000 231,020 126,020
.-.
- 1,517 1,517 292,789 292,789
.-.
...
- $ 1,517 $ 2,436 $ 919 $ 397,789 $ 523,809 $ 126,020
-
-
-
-
- (Continued)
-
-
-
-
-
-
-
- 53
-
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND .
CHANGES IN FUND BALANCES. BUDGET AND ACTUAL .
SPECIAL REVENUE FUNDS .
For the Year Ended September 30,2000 .
.
Stormwater Utility Fund .
Variance
Favorable .
Budget Actual (Unfavorable) .
Revenues: .
Taxes and special assessments $ $ $ .
Licenses, permits, and fees
I ntergovernmental revenues 15,000 10,750 (4,250) .
Charges for services 330,000 335,866 5,866 .
Fines and forfeitures
Investment Income 5,000 6,919 1,919 .
Miscellaneous
Total revenue 350,000 353,535 3,535 .
Expenditures: .
Current: .
General government 366,501 288,822 77,679 .
Public safety
Physical environment .
Debt service: .
Principal retirement
Interest and fiscal charges .
Issuance costs .
Total expenditures 366,501 288,822 77,679
Excess (Deficiency) of Revenues .
Over Expenditures (16,501 ) 64,713 81,214 .
Other Financing Sources (Uses) .
Operating transfers in .
Operating transfers out (9,160) (9,160) .
Note proceeds
Net other financing sources .
(uses) (9,160) (9,160) .
Excess (Deficiency) of Revenues .
and Other Sources Over .
Expenditures and Other Uses (25,661 ) 55,553 81,214
.
Fund Balances - Beginning of Year 183,664 183,664 .
Fund Balances - End of Year $ 158,003 $ 239,217 $ 81,214 .
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.
.
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.
54 .
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.
.
.
.
.
.
.
. Public Service Tax Fund Excise Tax Fund
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ 1,792,000 $ 2,074,285 $ 282,285 $ 1,080,000 $ 1,123,082 $ 43,082
.
.
.
. 5,000 14,432 9,432
. 1,797,000 2,088,717 291,717 1,080,000 1,123,082 43,082
.
.
.
.
.
.
.
.
. 1,797,000 2,088,717 291,717 1,080,000 1,123,082 43,082
.-
.
.-.
...
.-. (1,704,000) (2,215,299) (511,299) (1,080,000) (1,123,082) (43,082)
.
-
- (1,080,000) (1,123,082) (43,082)
- (1,704,000) (2,215,299) (511,299)
-
-
-
-
- 93,000 (126,582) (219,582)
-
- 128,476 128,476
-
-
- $ 221,476 $ 1,894 $ (219,582) $ $ $
-
-
-
-
- (Continued)
-
-
-
-
-
55
For the Year Ended September 30,2000
Electric Franchise Fee Fund
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes and special assessments $ $ $
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment Income 2,500 8,816 6,316
Miscellaneous
Total revenue 2,500 8,816 6,316
Expenditures:
Current:
General government 9,000 1 ,424 7,576
Public safety
Physical environment
Debt service:
Principal retirement
Interest and fiscal charges
Issuance costs
Total expenditures 9,000 1 ,424 7,576
Excess (Deficiency) of Revenues
Over Expenditures (6,500) 7,392 13,892
Other Financing Sources (Uses)
Operating transfers in 1,080,000 1,123,082 43,082
Operating transfers out (1,073,500) (1,145,259) (71,759)
Note proceeds
Net other financing sources
(uses) 6,500 (22,177) (28,677)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses (14,785) (14,785)
Fund Balances - Beginning of Year 14,786 14,786
Fund Balances - End of Year $ 14,786 $ $ (14,785)
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
56
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.
.
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.
.
. Transportation Impact Fee Fund Police Impact Fee Fund
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ $ $ $ $ $
. 267,285 247,041 (20,244) 58,000 62,656 4,656
.
.
. 50,000 95,817 45,817 2,800 3,717 917
. 317,285 342,858 25,573 60,800 66,373 5,573
.
.
.
. 569,079 233,672 335,407
.
.
. 569,079 233,672 335,407
.
. (251,794 ) 109,186 360,980 60,800 66,373 5,573
.
.-
...
.-
.
.-.
...
-
-
-
-
.-.
- (251,794) 1 09,186 360,980 60,800 66,373 5,573
-
- 1,638,967 1,638,967 148,790 148,790
-
-
- $ 1,387,173 $ 1,748,153 $ 360,980 $ 209,590 $ 215,163 $ 5,573
-
-
-
-
- (Continued)
-
-
-
-
-
57
.
.
CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
SPECIAL REVENUE FUNDS .
For the Year Ended September 30,2000 .
.
Fire Impact Fee Fund .
Variance .
Favorable
Budget Actual (Unfavorable) .
Revenues: .
Taxes and special assessments $ $ $ .
Licenses, permits, and fees 40,000 40,233 233
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment Income 5,000 5,816 816 .
Miscellaneous .
Total revenue 45,000 46,049 1,049
.
Expenditures: .
Current:
General government .
Public safety 6,069 6,102 (33) .
Physical environment
Debt service: .
Principal retirement
Interest and fiscal charges .
Issuance costs .
Total expenditures 6,069 6,102 (33)
.
Excess (Deficiency) of Revenues .
Over Expenditures 38,931 39,947 1,016
.
Other Financing Sources (Uses) .
Operating transfers in
Operating transfers out .
Note proceeds .
Net other financing sources
(uses) .
Excess (Deficiency) of Revenues .
and Other Sources Over .
Expenditures and Other Uses 38,931 39,947 1,016 .
Fund Balances - Beginning of Year 264,171 264,171 .
Fund Balances - End of Year $ 303,102 $ 304,118 $ 1,016 .
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.
58 .
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.
.
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.
.
. Medical Transport Fund TLBD Improvement Fund
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ $ $ $ $ $
.
. 100,000 182,084 82,084
.
. 5,000 12,836 7,836
37 37
. 105,000 194,957 89,957
.
.
. 267,478 198,130 69,348
.
. 25,274 (25,274)
. 4,782 (4,782)
1,658 (1,658)
. 267,478 229,844 37,634
.
. (162,478) (34,887) 127,591
.
.-.
...
.-. (153,789) (153,789)
. 137,571 137,571
.-.
-
- 137,571 137,571 (153,789) (153,789)
-
-
-
.-. (24,907)
- 102,684 127,591 (153,789) (153,789)
-
- 226,233 226,233 153,789 153,789
-
-
- $ 201,326 $ 328,917 $ 127,591 $ 153,789 $ $ (153,789)
-
-
-
-
- (Continued)
-.
-
-
-
-
-
59
CITY OF WINTER SPRINGS, FLORIDA
Variance
Favorable
(Unfavorable)
.
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.
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
For the Year Ended September 30,2000
Revenues:
Taxes and special assessments
Licenses, permits, and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment Income
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Physical environment
Debt service:
Principal retirement
Interest and fiscal charges
Issuance costs
Total expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses)
Operating transfers in
Operating transfers out
Note proceeds
Net other financing sources
(uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses
Fund Balances - Beginning of Year
Fund Balances - End of Year
TLBD Maintenance Fund
Budget
$
275,000
5,000
280,000
1,342
1,342
278,658
278,658
$
278,658
60
Actual
$
279,363
10,622
289,985
1,403
1 ,403
288,582
288,582
$
288,582
$
4,363
5,622
9,985
(61 )
(61 )
9,924
9,924
$
9,924
.
.
.
.
.
.
.
.
. Oak Forest Maintenance Fund Totals
Variance Variance
. Favorable Favorable
. Budget Actual (Unfavorable) Budget Actual (Unfavorable)
. $ $ 3,147,000 $ 3,476,730 $ 329,730
. 365,285 349,930 (15,355)
. 240,000 229,868 (10,132)
1,807,000 2,027,551 220,551
. 32,000 32,143 143
. 81,700 160,405 78,705
37 37
. 5,672,985 6,276,664 603,679
.
.
. 104 (104) 1,546,843 1,467,415 79,428
309,547 220,982 88,565
. 837,177 485,157 352,020
. 25,274 (25,274)
. 4,782 (4,782)
1,658 (1,658)
. 104 (104) 2,693,567 2,205,268 488,299
.
. (104) (104 ) 2,979,418 4,071,396 1,091,978
.
. 1,080,000 1,123,082 43,082
. (3,968,660) (4,748,589) (779,929)
137,571 137,571
.
. (2,751,089) (3,487,936) (736,847)
.
. (104) (104) 228,329 583,460 355,131
.-.
- 3,209,033 3,209,033
.-.
...
.-. $ $ (104) $ (104) $ 3,437,362 $ 3,792,493 $ 355,131
.
.-.
-
.-
-
.-
.
.-
...
.-.
-
-
- 61
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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.
1993 Debt Service Fund
1997 Debt Service Fund
1999 Debt Service Fund
Oak Forest 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.
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1997 bond issue.
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1999 bond issue.
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2000 note payable.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
September 30, 2000
1993 Debt 1997 Debt 1999 Debt
Service Fund Service Fund Service Fund
Assets:
Cash and cash equivalents $ 271,473 $ 123,150 $ 307,836
Total assets $ 271,473 $ 123,150 $ 307,836
Liabilities and Fund Balances:
Liabilities:
Due to other funds $ $ $
Total liabilities
Fund Balances:
Reserved for debt service 271,473 123,150 307,836
Total liabilities and fund balances $ 271,473 $ 123,150 $ 307,836
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. Oak Forest
. Debt Service
. Fund Total
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. $ $ 702,459
. $ $ 702,459
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. $ 104 $ 104
104 104
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. (104 ) 702,355
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. $ $ 702,459
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
For the Year Ended September 30,2000
1993 Debt 1997 Debt 1999 Debt
Service Fund Service Fund Service Fund
Revenues:
Investment income $ 5,328 $ $ 6,446
Total revenues 5,328 6,446
Expenditures
Debt Service:
Principal retirement 45,000 110,000 165,000
Interest and fiscal charges 447,915 20,632 152,113
Total expenditures 492,915 130,632 317,113
Excess (Deficiency) of Revenues
over Expenditures (487,587) (130,632) (310,667)
Other Financing Sources (Uses)
Operating transfers in 489,606 129,656 400,515
Operating transfers out
Net other financing sources (uses) 489,606 129,656 400,515
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses 2,019 (976) 89,848
Fund Balance - Beginning of Year 269,454 124,126 217,988
Fund Balance - End of Year $ 271,473 $ 123,150 $ 307,836
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. Oak Forest
. Debt Service
Fund Total
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. $ $ 11,774
. 11,774
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. 320,000
104 620,764
. 104 940,764
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. (104 ) (928,990)
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. 1,019,777
. 1,019,777
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. (104) 90,787
. 611,568
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. $ (104) $ 702,355
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
DEBT SERVICE FUNDS
For the Year Ended September 30,2000
1993 Debt Service Fund
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Investment Income $ $ 5,328 $ 5,328
Total revenue 5,328 5,328
Expenditures:
Debt service:
Principal retirement 45,000 45,000
Interest and fiscal charges 448,908 447,915 993
Total expenditures 493,908 492,915 993
Excess (Deficiency) of Revenues
Over Expenditures (493,908) (487,587) 6,321
Other Financing Sources (Uses)
Operating transfers in 493,908 489,606 (4,302)
Net other financing sources
(uses) 493,908 489,606 (4,302)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses 2,019 2,019
Fund Balances - Beginning of Year 269,454 269,454
Fund Balances - End of Year $ 269,454 $ 271,473 $ 2,019
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. 1997 Debt Service Fund 1999 Debt Service Fund
. Variance Variance
. Favorable Favorable
Budget Actual (Unfavorable ) Budget Actual (Unfavorable )
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. $ $ $ $ $ 6,446 $ 6,446
. 6,446 6,446
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. 110,000 110,000 160,000 165,000 (5,000)
. 20,632 20,632 56,482 152,113 (95,631 )
130,632 130,632 216,482 317,113 (100,631)
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. (130,632) (130,632) (216,482) (310,667) (94,185)
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. 130,294 129,656 (638) 216,482 400,515 184,033
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. 130,294 129,656 (638) 216,482 400,515 184,033
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. (338) (976) (638) 89,848 89,848
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... 124,126 124,126 217,988 217,988
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
DEBT SERVICE FUNDS
For the Year Ended September 30, 2000
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. Totals
. Variance
. Favorable
Budget Actual (Unfavorable )
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. $ $ 11,774 $ 11,774
. 11,774 11,774
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. 315,000 320,000 (5,000)
. 526,022 620,764 (94,742)
841,022 940,764 (99,742)
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. (841,022) (928,990) (87,968)
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. 840,684 1,019,777 179,093
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CAPITAL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition and construction of major capital
facilities 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.
Information System Project
Fund
- This fund was established for the acquisition of a new
computer system.
TLBD Improvement Fund
- This fund was established to account for construction of
improvements to the Tuscawilla Lighting and
Beautification District.
Oak Forest Capital Fund
- This fund was established to account for construction of
the Oak Forest subdivision wall.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
September 30,2000
Information
1997 1999 System
Construction Construction Project
Fund Fund Fund
Assets:
Cash and cash equivalents $ 108,723 $ 2,879,496 $
Accrued interest receivable 537 13,657
Due from other funds 636,643
Prepaid expenses 74,017
Total assets $ 109,260 $ 2,893,153 $ 710,660
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ $ 406,119 $ 142,520
Retainage payable 231,770
Due to other funds 77 36,689
Total liabilities 77 674,578 142,520
Fund Balances:
Reserved for encumbrances 38,701
Reserved for capital projects 109,183 2,179,874 568,140
Total fund balances 109,183 2,218,575 568,140
Total liabilities and fund balances $ 109,260 $ 2,893,153 $ 710,660
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. TLBD Oak Forest
. Improvement Capital
Fund Fund Total
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. $ 347,489 $ 748,692 $ 4,084,400
. 14,194
. 208 636,851
. 74,017
$ 347,489 $ 748,900 $ 4,809,462
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. $ $ 153,109 $ 701,748
231,770
. 376,062 111,063 523,891
. 376,062 264,172 $ 1 ,457,409
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. 38,701
. (28,573) 484,728 3,313,352
(28,573) 484,728 3,352,053
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. $ 347,489 $ 748,900 $ 4,809,462
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CITY OF WINTER SPRINGS, FLORIDA .
COMBINING STATEMENT OF REVENUES, .
EXPENDITURES AND CHANGES IN FUND BALANCES .
ALL CAPITAL PROJECT FUNDS .
For the Year Ended September 30,2000 .
.
.
Information .
1997 1999 System .
Construction Construction Project .
Fund Fund Fund
.
Revenues: .
Taxes and special assessments $ $ $ .
Investment income 5,956 275,209
Total revenues 5,956 275,209 .
.
Expenditures .
Capital outlay: .
General government 5,196 3,733,247 190,527
Debt service: .
Issuance costs .
Total expenditures 5,196 3,733,247 190,527 .
Excess (Deficiency) of Revenues .
over Expenditures 760 (3,458,038) (190,527) .
.
Other Financing Sources (Uses). .
Operating transfers in
Operating transfers out .
Note proceeds 758,667 .
Net other financing sources (uses) 758,667
.
Excess (Deficiency) of Revenues and .
Other Financing Sources over .
Expenditures and Other Financing Uses 760 (3,458,038) 568,140
Fund Balances - Beginning of Year .
108,423 5,676,613 .
Fund Balances - End of Year $ 109,183 $ 2,218,575 $ 568,140 .
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. TLBD Oak Forest
. Improvements Capital
Fund Fund Total
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. $ 163,221 $ 79,486 $ 242,707
. 11,977 293,142
. 175,198 79,486 535,849
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. 112,556 305,937 4,347,463
. 6,341
. 6,341
112,556 312,278 4,353,804
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- 153,789 153,789
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- 723,262 1,481,929
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- (91,215) 717,520 1,384,972
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-.
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(28,573) 484,728 (2,432,983)
5,785,036
$ (28,573) $ 484,728 $ 3,352,053
73
1997 Construction Fund
Variance
Favorable
Budget Actual (Unfavorable )
Revenues:
Taxes and special assessments $ $ $
Investment Income 5,956 5,956
Total revenue 5,956 5,956
Expenditures:
Capital outlay:
General government 3,585 5,196 (1,611)
Debt service
Issuance costs
Total expenditures 3,585 5,196 (1,611)
Excess (Deficiency) of Revenues
Over Expenditures (3,585) 760 4,345
Other Financing Sources (Uses)
Operating transfers in
Operating transfers out
Note proceeds
Net other financing sources(uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses (3,585) 760 4,345
Fund Balances-Beginning of Year 108,423 108,423
Fund Balances - End of Year $ 104,838 $ 109,183 $ 4,345
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
CAPITAL PROJECTS FUNDS
For the year ended September 30, 2000
74
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
CAPITAL PROJECTS FUNDS
For the Year Ended September 30,2000
TLBD Improvements Fund
Variance
Favorable
Budget Actual (Unfavorable )
Revenues:
Taxes and special assessments $ 171,065 $ 163,221 $ (7,844 )
Investment Income 18,000 11,977 (6,023)
Total revenue 189,065 175,198 (13,867)
Expenditures:
Capital outlay:
General government 1,100 112,556 (111,456)
Debt service
Issuance costs
Total expenditures 1,100 112,556 (111,456)
Excess (Deficiency) of Revenues
Over Expenditures 187,965 62,642 (125,323)
Other Financing Sources (Uses)
Operating transfers in 153,789 153,789
Operating transfers out (97,908) (245,004) (147,096)
Note proceeds
Net other financing sources(uses) (97,908) (91,215) 6,693
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses 90,057 (28,573) (118,630)
Fund Balances-Beginning of Year
Fund Balances - End of Year 90,057 $ (28,573) $ (118,630)
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. Oak Forest Capital Fund Totals
. Variance Variance
. Favorable Favorable
Budget Actual (Unfavorable ) Budget Actual (Unfavorable )
.
. $ 28,655 $ 79,486 $ 50,831 $ 199,720 $ 242,707 $ 42,987
. 218,000 293,142 75,142
. 28,655 79,486 50,831 417,720 535,849 118,129
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. 361 ,896 305,937 55,959 4,990,934 4,347,463 643,471
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. 8,262 6,341 1,921 8,262 6,341 1,921
. 370,158 312,278 57,880 4,999,196 4,353,804 645,392
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.. (341,503) (232,792) 108,711 (4,581,476) (3,817,955) 763,521
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- (100,000) (5,742) 94,258 (197,908) (250,746) (52,838)
-. 723,262 723,262 1,481,929 1,481,929
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- 623,262 717,520 94,258 1,284,021 1 ,384,972 100,951
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- 281,759 484,728 202,969 (3,297,455) (2,432,983) 864,472
5,785,036 5,785,036
$ 281,759 $484,728 $ 202,969 $ 2,487,581 $ 3,352,053 $ 864,472
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FIDUCIARY FUND TYPES
Pension Trust Funds are used to account for assets held by the City in a fiduciary capacity for
individuals, governmental entities and others. Such trust funds are operated by carrying out specific
terms of trust indentures, statutes, ordinances, grant requirements, or other governing regulations.
Description of Funds
Pension Trust Funds:
Money Purchase Pension
Plan
- Accounts for the accumulation of resources to be
used for payment of retirement benefits to employees
of the City.
Defined Benefit Plan
- Accounts for the accumulation of resources to be
used for payment of retirement benefits to employees
of the City based upon an actuarial study.
Pension Trust Funds
Money Defined
Purchase Benefit
Pension Plan Plan Totals
Assets:
Cash and short-term investments $ 14,120 $ 21,314 $ 35,434
Receivables:
Employee contribution 2,128 2,128
Accrued interest 515 515
Total receivables 2,643 2,643
Investments, at fair value:
Commingled bank bond fund 1,186,113 333,254 1,519,367
Commingled bank stock fund 2,710,745 872,121 3,582,866
Total investments 3,896,858 1,205,375 5,102,233
Total assets 3,913,621 1,226,689 5,140,310
Net Assets Held in Trust for Pension
Benefits (A schedule of funding
progress for the Defined
Benefit Plan is presented
on page 28) $ 3,913,621 $ 1,226,689 $ 5,140,310
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF PENSION FUND NET ASSETS
September 30,2000
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
For the Year Ended September 30,2000
Pension Trust Funds
Money Defined
Purchase Benefit
Pension Plan Plan Totals
Additions:
Contributions:
Employer $ 227,423 $ 254,646 $ 482,069
Plan Members 124,745 124,745
Total contributions 352,168 254,646 606,814
Investment income:
Net appreciation in fair value 680,908 167,874 848,782
Interest 48,952 3,185 52,137
Net investment income 729,860 171,059 900,919
Transfers to defined benefit plan (215,845) 215,845
Total additions 866,183 641,550 1,507,733
Deductions:
Benefit payments 230,185 53,476 283,661
Administrative expenses 29,642 7,190 36,832
Total deductions 259,827 60,666 320,493
Net Increase 606,356 580,884 1,187,240
Net Assets Held in Trust for Pension
Benfits:
Beginning of year 3,307,265 645,805 3,953,070
End of year $ 3,913,621 $ 1,226,689 $ 5,140,310
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General Fixed Assets
Account Group
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ACCOUNT GROUPS
- To account for all fixed assets of the City, other than those
accounted for in the Enterprises Funds.
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
For the Year Ended September 30,2000
General
Government
Culture
Physical And
Environment Recreation
Prior
Year
Function
Not
Available
Total
Public
Safety
Land $ $ $ $ $ 5,796,396 $ 5,796,396
Buildings 1,927,398 2,883,080 110,685 395,824 5,316,987
Furniture and equipment 817,656 740,067 723,734 359,963 2,641,420
Vehicles 106,981 1,549,508 446,394 114,153 2,217,036
Stormwater system 5,640,702 5,640,702
Park & recreational
facilities 2,758,177 2,758,177
Construction in
Progress 2,695,097 2,695,097
Total $ 2,852,035 $ 5,172,655 $ 6,921,515 $ 6,323,214 $ 5,796,396 $ 27,065,815
Deletions
Balance and Balance
10-01-99 Additions Transfers 09-30-00
General Government $ 2,660,319 $ 225,872 $ 34,156 $ 2,852,035
Public Safety 4,878,822 308,637 14,804 5,172,655
Physical Environment 6,727,434 200,375 6,294 6,921,515
Culture & Recreation 3,582,292 2,740,922 6,323,214
Prior year function not
available 5,796,396 5,796,396
Total $ 23,645,263 $ 3,475,806 $ 55,254 $ 27,065,815
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SUPPLEMENTARY INFORMATION
Supplementary information is presented to provide greater detailed
information deemed useful for clarity. It is not necessary for presentation in
conformity with generally accepting accounting principles.
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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 .
For the Year Ended September 30, 2000 .
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Variance .
Favorable .-
Budget Actual (Unfavorable)
Revenues: .
Water revenues $2,227,309 $2,276,938 $ 49,629 .
Sewer revenues 3,067,586 3,240,215 172,629
Water connection fees 75,000 67,046 (7,954 ) .
Sewer connection fees 265,000 365,761 100,761 .
Guarenteed revenues 15,000 1,664 ( 13,336)
Reuse water fees 40,000 80,850 40,850 .
Turn off/on fees 1,000 880 (120) .
Meter charges 60,000 34,590 (25,410)
Application fees 20,000 29,815 9,815 .
Tampering fees 100 1,000 900 .
Inspection fees 7,000 4,530 (2,470)
NSF check fees 2,500 2,090 (410) .
Interest earned 150,000 276,595 126,595 .
Miscellaneous charges 30,000 39,570 9,570 .
Reservation charges 25,000 14,000 (11,000)
Stormwater administration fee 5,660 5,660 .
Total revenues 5,991,155 6,441,204 450,049 .
Expenses: .
Salaries 946,168 972,694 (26,526) .
Payroll taxes and benefits 247,909 225123 22,786
Other leagal services 10,000 10,000 .
Trustee fees and service charges 16,277 (16,277) .
Physical exams 1,700 1,222 478
Consulting engineer 15,000 110,383 (95,383) .
Consulting-rate study 31,825 31,825 .
Administrative services 758,671 758,671
Travel and per diem 1,500 1,306 194 .
Telephone 7,500 7,164 336 .
Postage 1,200 392 808 .
Utility services 400,000 394,113 5,887
Sludge disposal 88,000 85,873 2,127 .
Equipment rental 5,000 4,402 598 .
Repairs and maintenance 263,600 286,132 (22,532)
Office supplies and printing 9,992 8,256 1,736 .
Fuel and oil 23,000 32,842 (9,842) .
Tires and filters. 5,000 4,914 86
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Variance
Favorable
Budget Actual (Unfavorable )
Operating supplies 52,500 50,315 2,185
Testing and samples 14,600 10,504 4,096
Purchased meters 5,000 2,476 2,524
Chlorine 50,000 32,807 17,193
Backflow devices 5,000 667 4,333
Uniforms 7,500 5,993 1,507
Janitorial supplies 1,300 1,151 149
Small tools and equipment 8,000 7,659 341
Protective clothing 4,100 2,768 1,332
Dues and registrations 7,600 6,240 1,360
Employee development 11,000 10,348 652
Capital improvements 366,900 458,898 (91,998)
Vehicles 75,000 57,746 17,254
Other equipment 91,200 92,499 (1,299)
Debt service-principal 750,000 750,000
Debt service-interest 1,396,932 1,409,468 (12,536)
Renewal and replacement 140,310 140,310
Revenue generation 51,006 51,006
Developer agreement payments 265,752 (92,248) 358,000
Total expenses 6,119,765 5,950,196 169,569
Net income(loss) (128,610) 491,008 619,618
Appropriation from retained earnings 128,610 (128,610)
$ $ 491,008 $ 491,008
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STATISTICAL SECTION
The statistical schedules differ from other financial statement presentations
because they generally disclose more than one fiscal year and may present
non-accounting data, such as social and economic data and financial trends
of the City.
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STATISTICAL SECTION
LIST OF SCHEDULES
General Governmental Expenditures by Function
General Governmental Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates Direct and Overlapping Governments
Special Assess'ment Collections
Legal Debt Margin
Computation of Direct and Overlapping General Obligation Debt
Revenue Bond Coverage
Demographic Statistics
Property Value and Construction
Schedule of Principal Taxpayers
Miscellaneous Statistical Data
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CITY OF WINTER SPRINGS, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Fiscal General Public Physical
Year Government Safety Environment
1991 $ 938,055 $ 2,954,026 $ 765,017
1992 964,622 3,020,447 795,276
1993 1,176,983 3,122,557 923,250
1994 1,265,435 3,299,148 820,962
1995 1,524,584 3,556,352 1.011,424
1996 1,522,378 3,684,567 1,153,694
1997 1,950,449 4,108,319 1,084,121
1998 2,591,811 4,725,544 1,159,944
1999 2,726,281 5,355,195 1,119,185
2000 3,039,087 5,807,995 1,762,780
(1) This schedule includes expenditures of the General Fund, Special Revenue Funds,
Debt Service Funds, and Capital Project Funds.
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. Culture and Capital Debt
. Recreation Outlay Service Total (1)
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. $ 182,444 $ 1,196,428 $ 791,345 $ 6,827,315
. 344,054 2,356,816 791,145 8,272,360
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. 556,109 1,125,814 597,969 7,502,682
. 634,147 668,910 934,731 7,623,333
. 706,716 1,114,097 1,078,491 8,991,664
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. 753,557 1,516,789 1,012,325 9,643,310
. 814,125 2,454,088 963,044 11,374,146
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. 843,115 2,705,800 967,605 12,993,819
. 1,042,556 1,792,208 2,057,757 14,093,182
. 1,200,702 4,347,463 978,819 17,136,846
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Fiscal
Year
Taxes
Licenses
And
Permits
Inter-
Governmental
Revenues
Charges
For
Services
Fines and
Forfeitures
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CITY OF WINTER SPRINGS, FLORIDA
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
1991 $ 3,720,415 $ 456,631 $ 1,764,106 $ 35,369 $ 221,686
1992 4,011,756 664,848 1,731,717 45,365 274,510
1993 4,308,605 1,023,098 1,843,049 97,393 258,626
1994 4,970,690 1,222,808 1,863,892 104,724 169,940
1995 4,874,118 857,024 2,020,651 132,191 154,556
1996 5,234,145 949,701 2,183,187 206,210 178,234
1997 5,406,995 990,477 2,290,120 687,152 208,667
1998 5,967,375 943,220 2,583,849 742,766 183,714
1999 6,298,975 1,762,848 2,918,244 914,748 249,206
2000 7,322,542 931,588 3,261,472 1,073,902 298,357
(1) This schedule includes revenues of the General Fund, Special Revenue
Funds, Debt Service Funds, and Capital Projects Funds.
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. Investment Misc.
. Income Income Total (1)
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. $ 370,682 $ 48,150 $ 6,617,039
. 65,802 6,793,998
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. 184,541 66,655 7,781,967
. 342,169 305,127 8,979,350
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. 462,256 610,659 9,111,455
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. 429,517 595,403 9,776,397
. 454,922 641,202 10,679,535
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
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Delinquent Percentage of
Total Current Tax Tax Total Tax Total Collections
Fiscal Year Tax Levy (1) Collections (2) Collections Collections To Tax Levy
1991 $ 2,070,546 $ $ $
1992 2,299,468
1993 2,333,990 2,232,344 810 2,233,154 95.68%
1994 2,610,826 2,507,783 4,161 2,511,944 96.21 %
1995 2,665,426 2,559,179 16,817 2,575,996 96.64%
1996 2,769,752 2,670,643 9,896 2,680,539 96.78%
1997 2,882,773 2,786,845 4,636 2,791,481 96.83%
1998 3,074,799 2,960,328 7,678 2,968,006 96.53%
1999 3,215,932 3,097,939 25,225 3,123,164 97.12%
2000 3,453,596 3,333,199 2,817 3,336,016 96.60%
(1) Gross taxes before discount of 1 % - 4%, depending on month paid
(2) Collection information is not available before 1993
Source: Seminole County Tax Collector's Office
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CITY OF WINTER SPRINGS, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
NET OF EXEMPTIONS
Last Ten Fiscal Years
(Amounts Expressed in Thousands)
Centrally Assessed and
Real Property Personal Property
Fiscal Tax Assessed Estimated Assessed Estimated
Year Year Value Actual Value Value Actual Value
1991 1990 $ 705,919 $ 729,046 $ 20,659 $ 21,342
1992 1991 785,825 785,623 21,264 21,264
1993 1992 802,113 801,890 20,920 20,920
1994 1993 830,212 829,973 21,876 21,876
1995 1994 882,544 882,258 22,455 22,455
1996 1995 935,813 959,556 24,141 24,760
1997 1996 992,796 1,001,788 26,362 26,601
1998 1997 1,061,983 1,061,983 27,701 27,701
1999 1998 1,127,761 1,149,603 31,494 32,104
2000 1999 1,178,806 1,216,629 29,756 33,069
Source: Seminole County Property Appraiser's Office
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. Ratio of Total
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. Exemptions Totals to Total
Real and Personal Assessed Estimated Estimated
. Property Value Actual Value Actual Value
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. $ 153,861 $ 572,717 $ 750,388 76.32%
. 171,051 636,038 806,887 78.83%
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. 177 ,446 645,587 822,810 78.46%
. 186,417 665,671 851,849 78.14%
. 196,599 708,400 904,713 78.30%
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. 211,837 748,117 984,316 76.00%
. 220,230 798,928 1,028,389 77.69%
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. 235,565 854,119 1,089,684 78.38%
. 253,253 906,002 1,181,707 76.67%
. 238,990 972,981 1,249,699 77 .86%
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
Seminole St. John's
City of County River Water
Fiscal Winter Seminole School Management
Year Springs County Board District Total
1991 3.6153 5.534 7.990 0.358 17 .4973
1992 3.6153 5.697 10.169 0.358 19.8393
1993 3.6153 5.420 10.089 0.358 19.4823
1994 3.9221 5.362 10.071 0.482 19.8371
1995 3.7626 5.164 10.093 0.482 19.5016
1996 3.7023 5.164 10.291 0.482 19.6393
1997 3.6083 5.164 10.258 0.482 19.5123
1998 3.6000 5.164 10.036 0.482 19.2820
1999 3.5495 5.158 9.918 0.482 19.1075
2000 3.5495 4.999 9.541 0.482 18.5715
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Source: Seminole County Tax Collector's Office
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CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
Last Ten Fiscal Years
The City of Winter Springs, Florida did not have any special assessment collections for any
debt for which the government is obligated in some manner in the last ten fiscal years.
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CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2000
Neither the City of Winter Springs Charter or Code nor the Florida State Statutes limits the
amount of debt the City of Winter Springs can issue.
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CITY OF WINTER SPRINGS, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
September 30, 2000
Juri~diction
Net General
Obligation
Debt
Ollt~tanding
Applicable To
City Of Winter Spring~
Percent (1) Amqunt
Seminole County
$15,635,000
6.85%
$1,070,998
Seminole County School Board
44,575,000
6.85%
3,053,388
Total Overlapping Debt
60,210,000
4,124,386
Total Direct Debt (1)
Total Direct and Overlapping Debt
!hfiO ? 1 0 000
!h4 1?4 ~Rfi
(1) The City of Winter Springs does not currently have any general obligation debt that is being
repaid through general property taxes.
Source: Seminole County Finance Department
Seminole County Public School Board
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CITY OF WINTER SPRINGS, FLORIDA
REVENUE BOND COVERAGE
WATER AND SEWER BONDS
Last Ten Fiscal Years
Net
Direct Available
Fiscal Operating For Debt
Year Revenues (1) Expenses (2) Service Principal Interest Total Coverage
1991 $ 4,046,714 $ 1,956,782 $2,089,932 $35,000 $ 1,325,075 $ 1,360,075 1.54
1992 4,376,764 2,075,965 2,300,799 35,000 1,092,724 1,127,724 2.04
1993 4,483,245 2,204,512 2,278,733 85,000 1,295,491 1,380,491 1.65
1994 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 2,817,266 95,000 1,373,597 1,468,597 1.92
1996 5,269,291 2,336,777 2,932,514 415,000 1,358,416 1,773,416 1.65
1997 5,613,413 2,517,191 3,096,222 435,000 1,346,020 1,781,020 1.74
1998 5,924,112 2,696,506 3,227,606 455,000 1,405,724 1,860,724 1.73
1999 6,999,692 3,312,000 3,687,692 710,000 1,436,131 2,146,131 1.72
2000 6,511,101 3,191,228 3,319,873 750,000 1,397,292 2,147,292 1.55
(1) Revenues include investment income, connection fees, and other income
(2) Direct operating expenses excludes depreciation and interest expense but includes operating
transfers out
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DEMOGRAPHIC STATISTICS
(2) (3)
(1) School Unemployment
Fi~cal YAar Population EnrollmAnt &ale
1991 22,790 1947 6.5%
1992 23,352 1961 7.0%
1993 24,008 3020 5.8%
1994 24,772 3268 5.4%
1995 25,673 3297 4.2%
1996 26,474 3390 3.3%
1997 27,466 3988 3.2%
1998 28,404 5967 2.6%
1999 29,220 5711 2.8%
2000* 31,088 5776 2.6%
(1) Source: East Central Florida Regional Planning Council
(2) Source: Seminole County Public School Board
(3) Source: U.S. Department of Labor
* Unofficial 2000 Census population
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY VALUES AND CONSTRUCTION
LAST TEN FISCAL YEARS
(VALUES ARE IN THOUSANDS)
Commercial Additions/
Residential Construction (1) Construction ( 1 ) Alterations (1 )
Number of Units
Single Multi Total
Year Family Family Value Value Value Value
1991 145 0 $ 23,492 $ 2,703 $ 2,673 $ 28,868
1992 228 0 24,512 983 1,801 27,296
1993 301 0 38,410 1,260 3,818 43,488
1994 411 0 48,965 2,000 4,200 55,165
1995 333 44,425 1,200 3,555 49,180
1996 335 2 43,550 655 5,445 49,650
1997 327 0 50,428 449 3,603 54,480
1998 337 1 56,760 1,331 4,410 62,501
1999 418 42 123,290 4,898 6,580 134,768
2000 285 45,773 6,967 1,189 53,929
(1) Source: City of Winter Springs Building Department
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDLJL E OF TEN LARGEST TAXPAYERS
T::nl:paYElr
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Golf Terrace, Ltd.
Courtney Springs LP
Florida Power Corp.
United Dominion Realty Trust
Hacienda Village Co-Op
ZP No 56 LP
Time Warner Entertainment
Centex Homes
Bell South Communication
Winter Springs Golf LLC
September 30, 2000
Type of
RII!;inEl!;!;
Taxable Assessed
Valuation as of
1999 Tax Rnll (1)
PElrCElntagEl nf Tntal
TaxahlEl VahlEl
1.6%
1.2%
1.0%
0.7%
0.5%
0.4%
0.4%
0.4%
0.3%
Q.3%
6.8%
9.3...2?fn
100 00%
Source: Seminole County Property Appraiser's Office
(1) The tax levy for this fiscal year ended September 30, 2000 is based on the 1999 assessed
values.
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Property Management
Electric Utility
Property Management
Property Management
Developer
Utilities
Builder
Utilities
Developer
$ 15,646,904
11,714,622
9,713,387
7,103,310
4,928,585
4,354,573
3,818,557
3,682,359
2,859,843
2 655 202
Total taxable assessed valuation of 10 largest
Taxpayers
66,477,342
Total taxable assessed valuation of other
Taxpayers
906 503 658
Total taxable assessed valuation of all
Taxpayers
~q7? qR1 000
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CITY OF WINTER SPRINGS
MISCELLANEOUS STATISTICAL DATA
September 30,2000
Date of Incorporation
City Charter Adopted
Form of Government
Commission Composed of
Areas of City
Miles of Streets
Police Protection:
Fire Protection:
Stations
Firefighters and Officers
Police Protection:
Stations
Sworn Officers
Recreation and Culture:
Number of Community Parks
Number of Neighborhood Parks
City Water System:
Number of customers
Daily Average Consumption
Miles of Water Mains
Plant Capacity-All Plants
Deep wells
Number of fire hydrants
City Sewer System:
Treatment Facility Charge
Current Average Flow
Miles of Sanitary Sewer Lines
Building Permits Issued-Fiscal year 2000
City Employees:
Classified Service
Exempt
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REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E. Robinson Street, Suite 635
Post Office Box 1185
Orlando, Florida 32802-1185
Telephone: (407) 843-5406
Fax: (407) 649-9339
E-Mail: info@mdpcpa.com
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the general purpose financial statements of the City of Winter Springs, Florida
as of and for the year ended September 30, 2000, and have issued our report thereon dated
February 19, 2001. We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States.
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Compliance - As part of obtaining reasonable assurance about whether the City of Winter
Springs, Florida's general purpose financial statements are free of material misstatement, we
performed tests of its compliance with certain provisions of laws, regulations, contracts and
grants, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those provisions
was not an objective of our audit and, accordingly, we do not express such an opinion. The results
of our tests disclosed no instances of noncompliance that are required to be reported under
Government Auditing Standards. However, we noted certain immaterial instances of
noncompliance that we have reported to management of City of Winter Springs, Florida, in a
separate letter dated February 19, 2001.
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Internal Control Over Financial Reporting - In planning and performing our audit, we
considered the City of Winter Springs, Florida's internal control over financial reporting in order to
determine our auditing procedures for the purpose of expressing our opinion on the general
purpose financial statements and not to provide assurance on the internal control over financial
reporting. Our consideration of the internal control over financial reporting would not necessarily
disclose all matters in the internal control over financial reporting that might be material
weaknesses. A material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the general purpose 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 involving the internal control over financial
reporting that we have reported to the management of City of Winter Springs, Florida, in a
separate letter dated February 19, 2001.
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This report is intended solely for the information and use of management, the City Commission,
and the Auditor General of the State of Florida and is not intended to be, and should not be used
by anyone other than these specified parties.
1t~~~~/~/!#.
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
February 19, 2001
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MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E. Robinson Street, Suite 635
Post Office Box 1185
Orlando, Florida 32802-1185
Telephone: (407) 843-5406
Fax: (407) 649-9339
E-Mail: info@mdpcpa.com
INDEPENDENT AUDITOR'S REPORT ON
EXAMINATION OF MANAGEMENT'S ASSERTION
ABOUT COMPLIANCE WITH SPECIFIED REQUIREMENTS
The Honorable Mayor and City Commission
City of Winter Springs, Florida
We have examined management's assertion, included in its representation letter dated January
9, 2001, that the City of Winter Springs, Florida complied with allowable cost and activity
requirements established in the grant agreements applicable to the State grants and aids
appropriations identified on Schedule of State Financial Assistance for the year ended
September 30, 2000. As discussed in that representation letter, management is responsible for
the City of Winter Springs, Florida's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the City's compliance based on our
examination.
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Our examination was made in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included examining, on a
test basis, evidence about the City of Winter Springs, Florida's compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the City of Winter Springs, Florida's
compliance with specified requirements.
In our opinion, management's assertion that the City of Winter Springs, Florida complied with
the aforementioned requirements during the year ended September 30, 2000, is fairly stated, in
all material respects.
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This report is intended solely for the information and use of, management, the City
Commission, the Auditor General, and the awarding agencies and pass-through entities and is
not intended to be, and should not be used by anyone other than these specified parties.
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February 19, 2001
~ Members: Private Companies Practice Section. American Institute of Certified Public Accountants. Florida Inslitute of Certified Public Accountants
101
CITY OF WINTER SPRINGS, FLORIDA
SCHFOLJLE OF STATE FINANCIAL ASSISTANCE
Year Ended September 30, 2000
Federal
State Federal Through
Grant CFDA State State Total
State Agency/Program Title Number Number Receipts Receipts Receipts
State of Florida department Of
Transportation:
Highway Beautification
Grant AE-963 N/A $108,562 $108,562
!h10R f)f)? !h !h 1 OR f)f)?
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO SCHEDULE OF STATE FINANCIAL ASSISTANCE
Year Ended September 30, 2000
Note 1 - Basis of Presentation:
The accompanying Schedule of State Financial Assistance is presented on the cash basis of
accounting. The information presented in this schedule is presented in accordance with the
requirements of Section 216.349. Florida Statutes.
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MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOYNTANTS AND CONSULl'ANTS
605 E. Robinson Street, Suite 635
Post Office Box 1185
Orlando, Florida 32802-1185
Telephone: (407) 843-5406
Fax: (407) 649-9339
E-Mail: info@mdpcpa.com
MANAGEMENT COMMENTS
Honorable Mayor and City Commission
Gfty of Winter Springs, Florida
In connection with our audit of the general purpose financial statements of the City of Winter Springs,
Florida, for the year ended September 30, 2000, we are submitting for your consideration the
accompanying recommendations designed to help you improve the internal control structure and
achieve operational efficiencies. Our comments deal exclusively with weaknesses noted in
operational, accounting, and record keeping systems and procedures, and should not be regarded as
reflecting on the integrity or capabilities of anyone in your organization. Our comments reflect our
desire to be of continuing assistance to management.
Since the comments and observations contained in this letter are a by-product of the audit of financial
statements, the cost justification and other aspects of our suggestions have not been fully evaluated;
these evaluations should be made by management. Therefore, we recognize that, after
consideration, certain suggestions and recommendations may not be practical to implement.
We have also provided comments as required by the Rules of the Auditor General of the State of
Florida.
We appreciate the cooperation we have received from the City's personnel in connection with
developing these recommendations. We appreciate the opportunity to have been of service to you.
Should you have any questions about our recommendations, this letter, or other matters, please
contact us at your convenience.
h~~~~/~/!#.
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
February 19, 2001
.. Members: Private Companies Practice Section. American Institute of Certified Public Accountants. Florida Institute of Certified Public Accountants
104
Management Comments
City of Winter Springs, Florida
February 19, 2000
Page Two
A. Status of Prior Year Comments
1. Finance Department
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.
Corrective Action
Improvement was made in bringing the books of record up to date.
2. Finance Department Policies ::md Procedures
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.
Corrective Action
During the current year, policies and procedures were reviewed and revised
where necessary. No further recommendation is needed.
3. Budget Monitoring
Actual expenditures were in excess of budgeted expenditures for three Special
Revenue Funds during fiscal 1999.
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Management Comments
City of Winter Springs, Florida
February 19, 2001
Page Three
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.
Corrective Action
There were several funds that had actual expenditures in excess of budgeted
expenditures in the current year and we continue to recommend that the City
monitor this process.
4. Accounts Receivahle- Utilities
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 information 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.
Recommendation
It is out understanding that the City intends to convert to a new financial software
package in the next year. Consideration should be given to the adequacy of the
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.
Corrective Action
The new software will be in use starting May 2001 and the accounts receivable
aging features of this software will provide much improved information. No
further recommendation is considered necessary.
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Management Comments
Winter Springs, Florida
February 19,2001
Page Four
5. Monitoring of Service Provider
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 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 performed.
Corrective Action
Improvement was made in documentation and reconciliation of monitoring the
City's service providers.
B. Current Year Comments
1 . Bank Reconciliations
Sank reconciliations for the General Fund operating and payroll accounts were
not prepared on a timely basis.
Recommendation
It is important to prepare timely bank reconciliations in order to maintain adequate
cash controls.
2. Pooled Cash Accounts
The City maintains approximately 50 bank accounts which requires many hours of
staff time on a monthly basis.
Recommendation
We recommend that the City convert to pooled cash accounts which will reduce
the staff time in bank reconciliations and bank account transfers.
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Management Comments
Winter Springs, Florida
February 19,2001
Page Five
3. Investment Policy
Florida Statutes Section 218.415 revisions are effective October 1, 2000 and
require the certified public accountants conducting audits shall report, as part of
the audit, whether or not the unit of local government has complied with the
statute. The revisions in Section 218.415 also require that the local government
official responsible for making investment decisions must complete 8 hours of
continuing education courses of study related to investments.
Recommendation
We recommend that the City review its existing investment policy and revise it so
that it includes everything required by Florida Statutes Section 218.415.
4. Budget Monitoring
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There is no statutory requirement that municipalities budget for all funds; however,
in an effort to achieve an enhanced level of budgetary control, the City has elected
to budget for all of its funds. Because the City Charter does say that budgets will
be prepared for all funds, we must report actual expenditures in excess of
budgeted expenditures, even if they are not material to the financial statements.
The following funds had actual expenditures in excess of budgeted expenditures
for fiscal year ending September 30, 2000:
SpeCial Revenue Funds- Solid Waste Fund, Fire Impact Fee Fund, TLBD
Maintenance Fund, and Oak Forest Maintenance Fund.
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Debt Service Funds- 1999 Debt Service Fund and Oak Forest Debt Service
Fund.
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Capital Project Funds- 1997 Construction Fund and the TLBD
Improvements Fund.
Recommendation
While the city maintains a high level of appropriate budgetary control through the
use of the encumbrance system, we recommend that the City ensure that the
budget is amended for allocations of all expenses including such things as bank
service charges and those charges resulting from year- end close.
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Management Comments
Winter Springs, Florida
February 19,2001
Page Six
5. Customer Utility Deposits
The cash account maintained for customer utility deposits has a balance which is
approximately $400,000 higher than the customer deposit liability account. This
difference results because customer deposits are refunded from the operating
cash account and not the customer utility deposits account.
Recommendation
If the City is going to maintain a separate cash account for customer deposits, then
the balance should be reconciled to the liability account. However, we recommend
that the City get rid of the separate account since it is not required.
6. Payroll Cut- off
Payroll cut- off is Wednesday, the day before payday. This means that department
heads must guess on the hours worked on Wednesday.
Recommendation
We recommend moving the cut- off period back to eliminate potential problems
noted above plus allow more time for the payroll department to process the payroll.
C. Comments Required by the Rules of the Auditor General
1. The financial report filed with the Department of Banking and Finance pursuant
to Section 218.32(1)(b), Florida Statutes, is in agreement in all material respects
with the annual financial audit report for the same period.
2. The City is not, or during the fiscal was not, in a state of financial emergency as
a consequence of conditions described in Section 218.503(1) Florida Statutes.
3. The City of Winter Springs, Florida was created under State of Florida law in
1923. There were no component units identified by the City.
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
February 19,2001
McDirmit, Davis, Puckett & Company, P.A.
605 East Robinson Street, Suite 635
Orlando, Florida 32801
Dear Sir or Madam:
Your management comments related to fiscal year ended September 30, 2000 were well received by both
the City Manager and the Finance Department. The comments represent opportunities for improvement,
most of which we will pursue in fiscal years 2001 and 2002 as noted. Below are the responses to your
management comments as required by the Rules of the Auditor General of the State of Florida.
Bank Reconciliation's
We concur with the recommendation. The Finance Department is committed to the timely preparation of
all of its bank reconciliation's and will immediately ensure that they are prepared on a monthly basis going
forward.
Pooled Cash Accounts
We concur with the recommendation. The Finance Department intends on converting to pooled cash as
soon as possible, ifnot in 2001, then 2002.
Investment Policy
We concur with the recommendation. The Finance Department is aware of the new rules regarding local
government investing and intends on revising its existing investment policy during fiscal year 200 I.
Budget Monitoring
We concur with the recommendation. Continued evaluation and refmement of processes including the
budget process is a goal of the Finance Department.
Customer Utility Deposits
We concur with the recommendation. While we are not required to maintain a separate customer deposit
account, as an added safeguard to our citizens, we will continue to do so. However, we will immediately
begin to reconcile the cash account to the liability account on a monthly basis and perform the appropriate
transfers.
PayrolI Cut-Off
We concur with the recommendation. The Finance Department intends on moving the payroll cut-off
period back over a period of time in fiscal year 2001. Once adjusted, the departments will no longer need to
estimate the last day of payrolI and the payroll department will have sufficient time to perform a review of
data entered prior to the issuance of checks.
Sincerely,
/~~ ?'J1H
Ronald W. McLemore
City Manager
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Louise C. Frangoul
Finance Director
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