HomeMy WebLinkAbout2004 03 22 Regular 501
COMMISSION AGENDA
ITEM 501
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
March 22, 2004
Meeting
MGR~EPT~
Authorization
REQUEST:
The Finance Department is requesting City Commission acceptance of the Comprehensive
Annual Financial Report (CAFR), as presented, for the fiscal year ended September 30,2003.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30, 2003.
CONSIDERATIONS:
The CAFR is prepared to give the City Commission and the citizens a greater understanding of
the City's financial standing than can be obtained through the financial statements.
RECOMMENDATION:
Acceptance ofthe CAFR, as presented, for the fiscal year ended 9/30/03 by the City
Commission.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/03 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
City of W rater Springs
Florida
Comprehensive ~lnual Financial Report
For the Year Ended September 30, 2003
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City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2003
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Prepared by: Finance Department
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INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
. GFOA Certificate of Achievement
. List of Principal Officials
. Organizational Chart
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CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2003
I.
Introductory Section:
Table of Contents
Letter of Transmittal
GFOA Certificate of Achievement
List of Principal Officials
Organizational Chart
II.
Financial Section:
Independent Auditor's Report
Management's Discussion and Analysis
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - General Fund
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual- Public Service Tax Special
Revenue Fund
Statement of Net Assets - Proprietary Funds
Statement of Revenues, Expenses and Changes in
Fund Net Assets - Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Statement of Fiduciary Net Assets - Fiduciary Funds
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
Notes to Financial Statements
Combining and Individual Fund Statements and Schedules:
Major Governmental Fund:
Schedule of Revenues and Expenditures and Changes in Fund
Balance - Budget and Actual:
TLBD Debt Service Fund
PaQe
j-ii
iii-vii
viii
ix
x
1-2
3-18
19
20
21
22
23
24-25
26
27-28
29
30-31
32
33
34-58
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. CITY OF WINTER SPRINGS
.
. COMPREHENSIVE ANNUAL FINANCIAL REPORT
. TABLE OF CONTENTS - Continued
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. Year Ended September 30, 2003
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. II. Financial Section - Continued:
. Nonmajor Governmental Funds:
. Combining Balance Sheet - Nonmajor Governmental Funds 60-66
Combining Statement of Revenues, Expenditures and Changes
. In Fund Balances - Nonmajor Governmental Funds 67-73
. Schedule of Revenues, Expenditures and Changes in Fund
. Balances - Budget and Actual:
. Special Revenue Funds 74-89
. Debt Service Funds 90-95
. Capital Project Funds 96-102
. Capital Assets Used in the Operation of Governmental Funds:
. Schedule by Function and Activity 103
. III. Statistical Section:
. Government-Wide Information:
. Government-Wide Expenses Function 104-105
. Government-Wide Revenues 106-107
. Fund Information:
. General Governmental Expenditures by Function 108-1 09
. General Governmental Revenues by Source 110-111
. Property Tax Levies and Collections 112
. Assessed and Estimated Value of Taxable Property, Net of Exemptions 113-114
. Property Tax Rates, Direct and Overlapping Governments 115
. Schedule of Ten Largest Taxpayers 116
. Special Assessment Billings and Collections 117
. Legal Debt Margin 118
. Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita 119
. Ratio of Annual Debt Service Expenditures for General Bonded Debt
. To Total General Governmental Expenditures 120
. Computation of Direct and Overlapping General Obligation Debt 121
. Revenue Bond Coverage 122
. Demographic Statistical Data 123
. Property Values and Construction 124
. Miscellaneous Statistical Data 125
. IV. Other Reports:
.
. Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed
. in Accordance With Government Auditing Standards 126-127
. Independent Auditor's Report on Compliance and Internal
. Control over Compliance Applicable to the Major State Project 128-129
. Schedule of Expenditures of State Financial Assistance 130
. Schedule of Findings and Questioned Costs - State Project 131
. Management Comments and Responses 132-136
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone: (407) 327-1800
Fax: (407) 327-4753
Website: www.winterspringsfl.org
March 22, 2004
To the Honorable Mayor and City Commission and Citizens of the City of Winter
Springs, Florida:
State law requires that all general-purpose local governments publish a complete set of
financial statements presented in conformity with generally accepted accounting
principles (GAAP) and that they be audited in accordance with generally accepted
auditing standards by a firm of licensed certified public accountants. Pursuant to that
requirement, it is with great pleasure that we present to you the City of Winter Springs,
Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended
September 30,2003.
This year's report has been formatted to comply with the new financial reporting model
developed by the Governmental Accounting Standards Board (GASB) Statement 34,
Basic Financial Statements-and Management's Discussion and Analysis-for State and
Local Governments. The new financial reporting model completely changes the format
of the City's financial statements. It is intended to improve financial reporting by
incorporating significant additional information not previously available in public sector
financial reporting. This is the second year of the City's implementation of the new
format.
In addition to the fund-by- fund [mancial information previously presented in the City's
financial statements, the new model has a number of key features as follows:
~ Government-wide financial reporting - The government-wide statements present a
clear picture of the governrnent as a single, unified entity. These new statements
complement rather than replace traditional fund-based financial statements. Included
in the government-wide statements is a "Statement of Net Assets" that provides the
total net equity of the City including capital assets and debt and the "Statement of
Activities" that shows the cost of providing government services.
~ Long-term focus for governmental activities - Traditional "fund" financial statements
focus on near-term inflows, outflows and balances of spendable financial resources
and are prepared using the "modified" accrual method of accounting. The
government-wide statements have been prepared with a 101lg-term focus using the
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"full" accrual basis of accounting. A reconciliation report is provided as a key to
understanding the changes between the two reporting methods. The most significant
differences between the two types of reporting methods relate to the recordation of
capital assets (including prior expenditures for infrastructure) and debt in the
government-wide statements. The use of separate account groups to record general
fixed assets and general long-term debt were eliminated.
>- Management's Discussion and Analysis (MD&A) - Generally accepted accounting
principles (GAAP) require that management provide a narrative introduction,
overview, and analysis to accompany the basic financial statements in the form of an
MD&A. The MD&A provides "financial highlights" and interprets the financial
reports by analyzing trends and by explaining changes, fluctuations and variances in
the financial data. In addition, the MD&A are intended to disclose any known
significant events or decisions that affect the financial condition of the City. This
letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City of Winter Springs' MD&A can be found immediately
following the report of the independent auditors.
>- Major funds - The new reporting model includes an emphasis on the City's major
funds as shown in the Governmental Fund statements. Nonmajor funds are
aggregated in the government-wide statements; however detail can be found for the
nonmajor funds in the traditional fund statements.
>- Expanded budgetary Jocus - Under the new model, budgetary information IS
presented for both the original and the final amended budget.
Management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these
representations, management of the City of Winter Springs has established a
comprehensive internal control framework that is designed both to protect the
government's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the City of Winter Springs' financial statements in
conformity with GAAP. Because the cost of internal controls should not outweigh their
benefits, the City of Winter Springs' comprehensive framework of internal controls has
been designed to provide reasonable rather than absolute assurance that the financial
statements will be free from material misstatement. As management, we assert that, to
the best of our knowledge and belief, this financial report is complete and reliable in all
material respects.
The City of Winter Springs' financial statements have been audited by McDirmit, Davis,
Puckett & Company, a firm of licensed certified public accountants. The goal of the
independent audit was to provide reasonable assurance that the financial statements of the
City of Winter Springs for the fiscal year ended September 30, 2003, are free of material
misstatement. The independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and
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evaluating the overall financial statement presentation. The illdependent auditor
concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the City of Winter Springs' financial statements for the fiscal
year ended September 30, 2003, are fairly presented ill conformity with GAAP. The
independent auditor's report is presented as the first component of the financial section of
this report.
Profile of the Government
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 currently has a land area of 14.9 square miles and
a population of approximately 32,500.
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 governing body is responsible, among other things, for passing ordinances,
adopting the budget, appointing committees, and hiring the City's Manager, Clerk and
Attorney. The City Manager is responsible for carrying out the policies and ordinances
of the governing body, for overseeing the day-to-day operations of the government, and
for hiring the heads. of the various departments.
The City of Winter Springs provides a full range of services, including police and fire
protection; the construction and maintenance of highways, streets and other
infrastructure; and recreational activities and cultural events. The City maintains both a
Water and Sewer Utility and a Stormwater Utility, which function, in essence, as
departments ofthe City of Winter Springs and therefore have been included as an integral
part of the City of Winter Springs' financial statements.
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The annual budget serves as the foundation for the City of Winter Springs' financial
planning and control. All departments of the City of Winter Springs are required to
submit requests for appropriation to the City Manager. The City Manager then uses these
requests as the starting point for developing a proposed budget. The City Manager then
presents this proposed budget to the council for review on or before July 1. The City
Commission is required to hold public hearings on the proposed budget and to adopt a
final budget by no later than September 30, the close of the City of Winter Springs' fiscal
year. The appropriated budget is prepared by fund (e.g., general fund), department (e.g.,
fire department) and division (e.g., EMS). The City Manager may make transfers of
appropriations within a department. Transfers of appropriations between departments,
however, require the special approval of the City Commission. Original and final
amended budget-to-actual comparisons are provided in this report for each individual
governmental fund. For the General fund and the Public Service Tax fund, these
comparisons are presented on pages 24-26 as part of the basic financial statements for the
governmental funds. For other governmental funds these comparisons are presented in
the governmental fund subsection of this report, which starts on page 59.
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Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it
is considered from the broader perspective of the specific environment within which the
City of Winter Springs operates.
Local economy. The City of Winter Springs is primarily a retail, office and residential
area with a small amount of light industry and commercial business. The City's total
assessed valuation for real and personal property (net of exemptions) increased 6.9% from
the prior year and 96.3% since fiscal year 1993. This increase in valuations and millage
resulted in an increased total tax levy of $810,500 over last year and $2,944,000 since
1993. The City's population has increased 36% from that often years ago. Local indicators
still point to a continued trend of growth as the City works with builders, developers and
residents for both commercial and residential development. This increased growth helps the
City maintain a moderate property tax rate, which was at 4.1658 mills during fiscal year
2003 (tax year 2002).
Long-term financial planning. The City Commission updated and adopted a 5-year
Capital Improvements Plan (CIP) during fiscal year 2002. The CIP is a multi-year
prioritized schedule of improvements that lists each capital improvement by the year it is
intended to be purchased or commenced; the amount to be spent per year; and the method
of financing such improvement. Each year during the annual budget process the CIP is
reviewed to ensure incorporation of all necessary capital improvements. It should be noted;
however, that the CIP is not a fixed document but a flexible, evolutionary document that
may change to reflect changing priorities, opportunities, costs, or different financing
approaches.
Cash management policies and practices. The City administers a cash management and
investment program that seeks to maximize, in order of priority, the preservation of funds,
liquidity and interest earnings over its cash and investments. Cash resources of the
individual funds are combined to form a pool of cash and investments. The average cash
and investment pool balance during the year (not including pension funds) was
$22,562,000 and the average investment earnings rate was 1.4%. Investment income
includes the change in the fair value of investments. During the year monies were invested
in U.S. Agencies and Treasuries, Federal Home Loan bonds, commercial paper, fixed
income mutual funds and the State Board of Administration Local Government Investment
Pool in accordance with the City's Investment Policy. Pension fund assets were invested
mainly in equity and bond funds in accordance with the City's Investment Policy for
Retirement Funds. The average of pension fund assets during the year was $6,307,209 and
the average investment gain was 13.3% due to an increase in the fair value of investments.
Risk Management. During the ordinary course of its operations, the City is exposed to
various risks of losses. The City maintains commercial insurance coverage in amounts
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management feels is adequate to protect and safeguard the assets of the City. ill the
opinion of the City's management and legal counsel, legal claims and litigation are not
anticipated to have a material impact on the financial position of the City.
Pension and other postretirement benefits. The City of Winter Springs sponsors a
single-employer defined benefit pension plan for its employees. Each year, an independent
actuary engaged by the pension plan calculates the amount of the Annual Required
Contribution (ARC) that the City of Winter Springs must make to the pension plan to
ensure that the plan will be able to fully meet its obligations to retired employees on a
timely basis. ill addition to the City's contribution, employees make a 3% contribution of
gross salary. Total actual contributions made during fiscal year 2003 were 118% of the
fiscal year 2003 ARC. At September 30, 2003, cumulative payments to the plan since
inception were $295,176 over the cumulative ARC. The City has funded 72.5% of its
actuarial accrued liability for pension benefits. A three-year trend shows this funded ratio
(assets over liability) has steadily increased from 64.1 % to 72.5%. The unfunded actuarial
liability as of October 1, 2002 was $2,508,274. The remaining unfunded actuarial liability
is being systematically funded over 30 years beginning October 1,2000 as part of the ARC
calculated by the actuary. The City of Winter Springs does not provide any postretirement
health or dental benefits for retirees or their dependents.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Winter Springs for its
CAFR for the fiscal year ended September 30,2002. This was the third consecutive year
that the government has received this prestigious award. In order to be awarded a
Certificate of Achievement, the government published an easily readable and efficiently
organized CAFR. This report satisfied both GAAP and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our
current CAFR continues to meet the Certificate of Achievement Program's requirements
and we are submitting it to the GFOA to determine its eligibility for another certificate.
The preparation of this report would not have been possible without the efficient and
dedicated services of the entire staff of the finance department. We would like to express
our appreciation to all members of the department who assisted and contributed to the
preparation of this report. Credit also must be given to the Mayor and the City
Commission for their unfailing support for maintaining the highest standards of
professionalism in the management of the City of Winter Springs' finances.
Respectfully submitted,
kc/i1dd IJ 171Gf~
Ronald W. McLemore
City Manager
~~cfcff~
illterim Finance Director
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2002
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Govenunent Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in govenunent accounting
and fmancial reporting.
President
~/~
Executive Director
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CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2003
ELECTED OFFICIALS
MAYOR
DEPUTY.MA YOR/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, Salzman, Weiss & Garganese, P.A.
FINANCIAL ADVISOR
David Moore
Public Financial Management
AUDITORS
McDirmit Davis Puckett & Company, LLC
IX
John F. Bush
Robert S. Miller
Sally McGinnis
Michael S. Blake
Edward Martinez, Jr.
David McLeod
Ronald McLemore
Andrea Lorenzo-Luaces
Judith Cooper (Interim)
Joanne Dalka
Vacant
Daniel Kerr
Timothy Lallathin
Kipton Lockcuff
Vacant
Chuck Pula
Citizens
of
Winter Springs
Mayor
and
City
Comm ission
I
I I I
Advisory Boards City Manager City Attorney
Ctty Clerk Information Services
I I I I
Finance Director Community Development Fire Chief Police Chief Public WorkslUtility Parks & Recreation General Services
Director Director Director Director
o Administration
o Accounting
o Debt Mgt.
oTreasury Mgt.
oMeter Svc.
o Budgeting
City of Winter Springs
Organizational Chart
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o Administration
oComp Plannning
oLand Mgt.
opermit & Insp.
o Administration
oFire!Rescue
o Fire Prevention
oEMS
o Administration 0 Administration
oRecords oStormwater
oCommunications oTransportation
o Patrol 0 Engineering
o Investigations 0 Water Mgt.
oCode Enforcement Water
Wastewater
o Administration 0 Administration
oCivic/Senior 0 HR
oparkslField Mnt. oRisk Mgt.
o Athletics 0 Purchasing
o Rec. Programs
oConcession Svc.
*The City Manager is appointed by the Commission.
*The City Clerk is appointed by the Mayor with ratification of the City Commission and works under the direction
of the City Manager.
*The City Attorney is appointed by the Mayor with ratification of the City Commission and works under the
direction of the City Commission.
* Advisory Boards are appointed by the Mayor and City Commission and work under the direction of the City
Commission.
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FINANCIAL SECTION
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~ MCDIRMIT DAVIS PU'CKETT
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commission
City of Winter Springs, Florida
Winter Springs, Florida
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the
City of Winter Springs, Florida, as of and for the year ended September 30, 2003, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
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In our opinion the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of Winter Springs, Florida, as of
September 30, 2003, and the respective changes in financial position and cash flows, where
applicable, thereof and the respective budgetary comparisons for the general fund and the public
service tax special revenue fund for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
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MCDIRMIT DAVIS PUCKETT & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
605 E. ROBINSON STREET, SUITE 635. ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406' FAX 407-649c9339' EMAIL: INFO@MDPCPA.COM
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MEMBr.RS: PRIVATE COMPANIES PRACTln: SECTlO/>..' . AMERlCA:'': IN,S,TITUTE OF CERTIFIED PUfli.lC- ACCOl.o'NTA"-:"TS' FLORIDA iSSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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In accordance with Government Auditing Standards, we have also issued a report dated
December 3, 2003 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.
The Management's Discussion and Analysis on pages 3 through 18 is not a required part of the
basic financial statements but is supplemental information required by the Governmental
Auditing Standards Board. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation
of the supplemental information. However, we did not audit the information and express no
opinion on it.
Our audit was conducted for the purpose of forming an opinion on the financial statements that
collectively comprise the City of Winter Springs's basic financial statements. The introductory
section, combining and individual nonmajor fund financial statements and schedules, statistical
section, and schedule of expenditures of state financial assistance are presented for purposes of
additional analysis and are not a required part of the basic financial statements. The combining
and individual nonmajor fund financial statements and schedules and schedule of expenditures of
state financial assistance have been subjected to the auditing procedures applied in the audit of .
the basic financial statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole. The introductory section and the
statistical section have not been subjected to the auditing procedures applied in the audit of the
basic financial statements and, accordingly, we express no opinion on them.
~ ~~tf~/a~
McDIRMIT DAVIS PUCKETT & COMPANY, LLC
December 3,2003
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Management's Discussion and Analysis
As management of the City of Winter Springs, we offer readers of the City of Winter
Springs' financial statements this narrative overview and analysis of the financial
activities of the City of Winter Springs for the fiscal year ended September 30, 2003. We
encourage readers to consider the information presented here in conjunction with
additional information that we have furnished in our letter of transmittal, which can be
found on pages iii-vii of this report.
Financial HiQhliQhts
. The assets of the City of Winter Springs exceeded its liabilities at the close of
the most recent fiscal year by $59,776,869 (net assets). Of this amount, $18,385,085
(unrestricted net assets) may be used to meet the government's ongoing obligations to
citizens and creditors.
. The government's total net assets increased by $4,875,942 or almost 9%.
· As of the close of the current fiscal year, the City of Winter Springs'
governmental funds reported combined ending fund balances of $13,587,038.
Approximately 94% of this total amount, $12,841,453 is available for spending at the
government's discretion (unreserved fund balance).
. At the end of the current fiscal year, unreserved fund balance for the general
fund was $5,563,396, or 37% of total general fund expenditures.
. The City of Winter Springs' total debt decreased by $859,465 (2%) during the
current fiscal year. The decrease was the result of principal payments on existing debt.
. During the year the City refunded its Improvement Refunding Revenue Bonds,
Series 1993 ($8,455,000) with new Improvement Refunding Revenue Bonds, Series
2003 ($8,870,000), for a net increase to liabilities of $415,000.
Overview of the Financial Statements
The new financial statements' focus (implemented last year) is on both the City as a
whole (government-wide) and on the major individual funds. Both perspectives
(government-wide and major fund) allow the user to address relevant questions, broaden
a basis for comparison (year to year or government to government) and enhance the
City's accountability.
This discussion and analysis are intended to serve as an introduction to the City of
Winter Springs' basic financial statements, which are comprised of three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report also contains other supplementary information in addition
to the basic financial statements themselves.
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Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the City of Winter Springs' finances,
in a manner similar to a private-sector business.
The statement of net assets presents information on all of the City of Winter Springs'
assets and liabilities, with the difference between the two reported as net assets. Over
time, increases or decreases in net assets may serve as a useful indicator of whether
the financial position of the City of Winter Springs is improving or deteriorating.
The statement of activities presents information showing how the government's net
assets changed during the most recent fiscal year. All changes in net assets are
reported as soon as the underlying event giving rise to the change occurs, regardless of
the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods (e.g.,
uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City of
Winter Springs that are principally supported by taxes and intergovernmental revenues
(governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities).
The governmental activities of the City of Winter Springs include general government,
public safety, physical environment, and culture and recreation. The business-type
activities of the City of Winter Springs include a Water and Sewer Utility, Stormwater
Utility and Development Services.
The government-wide financial statements include only the City of Winter Springs itself
(known as the primary government). The City of Winter Springs has no component
units. The Water and Sewer Utility, the Stormwater Utility and Development Services
function as departments of the City of Winter Springs, and therefore have been included
as an integral part of the primary government.
The government-wide financial statements can be found on pages 19-20 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to
maintain control over resources that have been segregated for specific activities or
objectives. The City of Winter Springs, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the City of Winter Springs can be divided into three
categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the
same functions reported as governmental activities in the governmental-wide financial
statements. However, unlike the government-wide financial statements, governmental
fund financial statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the
fiscal year. Such information may be useful in evaluating a government's near-term
financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-
wide financial statements. By doing so, readers may better understand the long-term
impact of the government's near-term financing decisions. Both the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures, and
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changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City of Winter Springs maintains 32 individual governmental funds. Information is
presented separately in the governmental fund balance sheet and in the governmental
fund statement of revenues, expenditures, and changes in fund balances for the general
fund, public service tax fund and TLBD Debt Service fund, all three of which are
considered to be major funds. Data from the other 29 governmental funds are combined
into a single, aggregated presentation. Individual fund data for each of these nonmajor
governmental funds is provided in the form of combining statements elsewhere in this
report.
The City of Winter Springs adopts an annual appropriated budget for all of its
governmental funds. Budgetary comparison statements have been provided for the
General Fund and the Public Service Tax Special Revenue Fund to demonstrate
compliance with this budget at pages 24-26. Budgetary comparison schedules have
been provided for the TLBD Debt Service Fund and the nonmajor funds at pages 59-
102.
The basic governmental fund financial statements can be found on pages 21-26 of this
report.
Proprietary funds. The City of Winter Springs maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business-type
activities in the government-wide financial statements. The City of Winter Springs uses
enterprise funds to account for its Water and Sewer Utility, its Stormwater Utility and its
Development Services department.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide
separate information for the Water and Sewer Utility, the Stormwater Utility and
Development Services.
The basic proprietary fund financial statements can be found on pages 27-31 of this
report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit
of parties outside the government. Fiduciary funds are not reflected in the government-
wide financial statement because the resources of those funds are not available to
support the City of Winter Springs' own programs. The accounting used for fiduciary
funds is much like that used for proprietary funds.
The basic fiduciary fund financial statements can be found on pages 32-33 of this report.
Notes to the financial statements. The notes provide additional information that is
essential to a full understanding of the data provided in the government-wide and fund
financial statements. The notes to the financial statements can be found on pages 34-
58 of this report.
Other information. The combining statements referred to earlier in connection with
nonmajor governmental funds are presented immediately following the Notes to
Financial Statements. Combining and individual fund statements and schedules can be
found on pages 59-102 of this report.
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Government-wide Financial Analvsis
Statement of Net Assets. As noted earlier, net assets may serve over time as a
useful indicator of a government's financial position. In the case of the City of Winter
Springs, assets exceeded liabilities by $59,776,869 at the close of the most recent
fiscal year.
More than half of the City of Winter Springs' net assets (55%) reflect its investment in
capital assets (e.g., land, buildings, machinery, and equipment); less any related
outstanding debt used to acquire those assets. The City of Winter Springs uses these
capital assets to provide services to citizens; consequently, these assets are not
available for future spending. Although the City of Winter Springs' investment in its
capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
An additional portion of the City of Winter Springs' net assets (14%) represents
resources that are subject to external restrictions on how they may be used.
The remaining balance of unrestricted net assets ($18,385,085) may be used to meet
the government's ongoing obligations to citizens and creditors.
At September 30, 2003, the City of Winter Springs is able to report positive balances in
all three categories of net assets, both for the government as a whole, as well as for its
separate governmental and business-type activities. This was also true at the end of the
prior year.
The following table reflects the condensed Statement of Net Assets for the current and
prior years. For more detail see the Statement of Net Assets on page 19.
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Current and other assets
Restricted assets
Capital assets
Total assets
Current liabilities
Long term liabilities
Other liabilities
Total liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets
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City of Winter Springs
Statement of Net Assets
As of September 30,
Governmental Activities Business-type Activities Total Primary Government
2003 2002 2003 2002 2003 2002
$17,956,568 $17,772,610 $9,666,178 $10,113,455 $27,622,746 $27,886,065
106,982 106,982 2,626,381 1,924,332 2,733,363 2,031,314
45,406,007 42,814,341 35,409,105 34,413,609 80,815,112 77,227,950
63,469,557 60,693,933 47,701,664 46,451,396 111,171,221 107,145,329
2,190,033 2,153,394 1,513,545 939,767 3,703,578 3,093,161
22,193,749 22,391,796 24,689,779 26,044,163 46,883,528 48,435,959
106,982 106,982 700,264 608,300 807,246 715,282
24,490,764 24,652,172 26,903,588 27,592,230 51,394,352 52,244,402
22,685,476 19,982,688 10,108,046 8,321,584 32,793,522 28,304,272
6,274,124 6,521,636 2,324,138 2,778,000 8,598,262 9,299,636
10,019,193 9,537,437 8,365,892 7,759,582 18,385,085 17,297,019
$38,978,793 $36,041,761 $20,798,076 $18,859,166 $59,776,869 $54,900,927
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Statement of Changes in Net Assets. The following table reflects the Statement of
Changes in Net Assets for the current and prior years. For more detailed information
see the Statement of Activities on page 20.
Note that total net assets increased by $4,875,942 in fiscal year 2003, compared to an
increase of $2,762,065 in fiscal year 2002.
Governmental activities increased net assets by $2,937,032 in fiscal year 2003 compared
to an increase of $3,300,109 in 2002.
Business-type activities increased net assets by $1,938,910 in fiscal year 2003 compared
to a decrease of $538,044 in 2002. This $2,476,954 improvement is primarily due to the
transfer of the Development Services function from the General fund to its own business-
type fund. In addition, the Water and Sewer fund benefited from $972,753 in capital
contributions from developers.
Following the Statement of Activities table is a series of bar and pie charts that relay in a
pictorial form the revenues and expenses for each of the governmental and business-type
activities as well as the revenue "source" for each.
Note that the first graph depicts Governmental Program Specific Revenues and Expenses.
For this graph, the revenue does not include property taxes, franchise fees, utility taxes,
intergovernmental revenue, investment income or miscellaneous revenue. This chart is
meant to show the amount of program expenses funded by specific program expenses.
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Governmental Program Specific
Revenues and Expenses
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
1,000,000
0
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General Public Safety Physical Culture &
Government Environment Recreation
Interest on
Long-term
Debt
® Revenues ®Expenses
Governmental Revenues by Source
Investment Income and
Miscellaneous
2%
Charges for Services
19% ~
Capital and Operating
Grants and
Contributions ~ Taxes
3%
50%
Intergovernmental
Revenues
26%
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Business-type Activities
Revenues and Expenses
9,000,000
8, 000, 000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Water and Sewer Development Services Stormwater
Business-type Activities
Revenues by Source
Investment Income and
Nkscellaneous
2%
Capital and Operating
Grants and
Contributions
16%
Charges for Services
82%
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Financial Analvsis of the Government's Funds
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As noted earlier, the City of Winter Springs uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements.
Governmental funds. The focus of the City of Winter Springs' governmental funds is to
provide information on near-term inflows, outflows, and balances of spendable
resources. Such information is useful in assessing the City of Winter Springs' financing
requirements. In particular, unreserved fund balance may serve as a useful measure of
a government's net resources available for spending at the end of the fiscal year.
As of September 30, 2003, the City of Winter Springs' governmental funds reported
combined ending fund balances of $13,587,038, an increase of $681,113 over the prior
year. Approximately 94% or $12,841,453 of this total amount constitutes unreserved
fund balance, which is available for spending at the government's discretion. The
remainder of fund balance is reserved to indicate that it is not available for new spending
because it has already been committed for debt service, inventories and prepaid costs.
The General fund is the chief operating fund of the City of Winter Springs. At the end of
the current fiscal year, unreserved fund balance of the General fund was $5,563,396,
while total fund balance reached $5,810,414. As a measure of the General fund's
liquidity, it may be useful to compare both unreserved fund balance and total fund
balance to total fund expenditures. Unreserved and total fund balance represent 37%
and 39% respectively, of total General fund expenditures.
The fund balance of the City of Winter Springs' General fund increased by $883,770
during the current fiscal year, primarily due to proceeds from a capital lease ($408,800),
as well as increases in transfers from the Public Service Tax ($169,026) and Electric
Franchise Fee ($73,873) funds. In fiscal year 2002, the increase in fund balance was
$1,497,081.
In fiscal 2003, a new fund was created to capture the revenue and expenses of the
City's Development Services activities. Prior to fiscal 2003 these revenues and
expenditures were captured in the General fund. This new fund contributed $352,584 in
transfers to the General fund to cover its share of operating expenses. See the
Proprietary fund section below for further discussion of the Development Services fund.
Proprietary funds. The City of Winter Springs' proprietary funds provide the same type
of information found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the Water and Sewer Utility Fund at the end of the year
amounted to $7,433,408, and total net assets increased $1,408,932 from $14,300,268 at
September 30,2002 to $15,709,200 at the end of the current fiscal year. The results for
fiscal year 2003 include $972,753 in capital assets contributed by developers.
The Stormwater Utility Fund net assets decreased $163,034 from $4,558,898 at
September 30, 2002, to $4,395,864 at the end of the current fiscal year. This decrease
in net assets is consistent with the prior year's decrease in net assets of $140,551.
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A three-year phased rate increase was implemented in July, 2002 for both the Water
and Sewer Utility and the Stormwater Utility. Fiscal year 2003 captured approximately 8-
9 months' worth of the first year rate increase and 3-4 months of the second year rate
increase.
In fiscal year 2003, the Development Services activities were transferred from the
General fund to a new fund. This new fund includes revenues generated from building,
electrical, plumbing and mechanical permits, as well as plan reviews; and the associated
expenses. Revenues for this fund exceeded expenses by $693,012.
General Fund Budaetarv Hiahliahts
Differences between the original General fund expenditure budget and the final
amended General fund expenditure budget resulted in a decrease of $148,562 in the
appropriation from fund balance from $659,400 per the original budget to $510,838 in
the final budget. The changes can be summarized as follows:
. $559,952 reduction in revenue, due primarily to the transfer of Development
Services to a separate fund.
· $233,133 reduction in budgeted expenditures due primarily to the transfer of
Development Services expenses to the new fund.
. $475,381 increase in net budgeted transfers to the general fund due primarily to
increases in transfers of Public Service Tax and Electric Franchise Fees.
The actual results of the General fund for the year show a contribution to fund balance of
$883,770 compared to a budgeted appropriation from fund balance of $510,838. The
favorable variance of $1 ,394,608 breaks down as follows:
. $86,982 unfavorable variance in revenue due to lower than anticipated grant
revenue.
. $959,737 favorable variance in expense as all governmental functions came in
below budget.
. $521,853 favorable variance in net transfers due in part to budgeted transfers
out of the general fund that were lower than expected.
The comparison of budgeted to actual results for the General fund is shown on pages
24-25.
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Capital Asset and Debt Administration
Capital assets. The City of Winter Springs' investment in capital assets for its
governmental and business type activities as of September 30, 2003 amounts to
$80,815,112 (net of accumulated depreciation), for an increase of $3,587,162 over the
prior year. This investment in capital assets includes land, buildings, improvements,
machinery and equipment, park facilities, roads, highways, and bridges. The total
increase in the City of Winter Springs' investment in capital assets for the current fiscal
year was 4.6% (a 6% increase for governmental activities and a 3% increase for
business-type activities).
Major capital asset events during the current fiscal year included the following:
. continued infrastructure improvements in the Town Center ($1,088,190 in
additions this year added to $1,463,921 in work done in prior years),
. the capitalization of $1,221,486 in various projects related to the Water and
Sewer Utility, including $605,496 for a sand filtration system for the water
reclamation facility,
. the purchase of property to expand Central Winds Park ($908,823),
. the expansion of Torcaso Park to include a splash pad and football field
(approximately $600,000),
. and the purchase of 28 new Chevy Impala police cars ($454,331) by way of a
capital lease and the trade-in of older cars.
Additional information on the City of Winter Springs' capital assets can be found in note
6 on pages 47-48 of this report.
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. Land
. Buildings
. Improvements other
than buildings
. Machinery and
. equipment
. Infrastructure
Construction in
. Progress
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. Total
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City of Winter Springs
Capital Assets
(Net of Depreciation)
As of September 30,
Governmental Activities Business-type Activities Total Primary Government
2003 2002 2003 2002 2003 2002
$9,744,128 $9,060,305 $5,344,663 $5,119,663 $15,088,791 $14,179,968
3,315,184 3,479,344 389,149 412,088 3,704,333 3,891,432
7,383,330 5,127,961 28,424,343 27,726,060 35,807,673 32,854,021
1,976,964 1,741 ,459 1,114,777 994,621 3,091,741 2,736,080
19,325,429 20,011,191 19,325,429 20,011,191
3,660,972 3,394,081 136,173 161,177 3,797,145 3,555,258
$45,406,007 $42,814,341 $35,409,105 $34,413,609 $80,815,112 $77,227,950
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Long-term debt. At September 30, 2003, the City of Winter Springs had total debt
outstanding of $48,667,966, down $859,465 from $49,527,431 at September 30, 2002.
Total bonded debt of the City at the end of the current fiscal year was $46,681,538, for a
decrease of $834,645 over the prior year. Of this amount, $3,335,000 comprises debt
backed by the full faith and credit of the government and $2,225,000 is special
assessment debt for which the government is liable in the event of default by the
property owners subject to the assessment. The remainder of the City of Winter
Springs' bonded debt represents bonds secured solely by specified revenue sources
(Le., revenue bonds).
During the current fiscal year, the government refinanced its Improvement Refunding
Revenue Bonds, Series 1993 with new Improvement Refunding Revenue Bonds, Series
2003 to take advantage of favorable interest rates.
Both the City of Winter Springs and its Water and Sewer Utility maintain an underlying
rating of "A" from Standard & Poor's.
There are no limitations placed on the amount of debt the City may issue either by the
City's charter, code of ordinances or by the Florida State Statutes.
Additional information on the City of Winter Springs' long-term debt can be found in
notes 7 and 8 on pages 49-54 of this report.
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Improvement Refunding Revenue Bonds
Series 1993
Subordinate Improvement Revenue Bonds
Series 1997
Improvement Refunding Revenue Bonds
Series 1999
Water & Sewer Refunding Revenue Bonds
Series 2000
Capital Notes Payable Series A and B 2000
Special Assessment Revenue Bonds
Series 2001
Water & Sewer Refunding Revenue Bonds
Series 2001
Water & Sewer Refunding Revenue Bonds
Series 2002
Limited General Obligation Bonds
Series 2002
Improvement Refunding Revenue Bonds
Series 2003
Obligation Under Utility Agreement
Capital Lease
Compensated Absences
Adjustments for Issuance Discounts and
Deferred Refunding Costs
Total
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City of Winter Springs
Long Term Debt
As of September 30,
Governmental Activities Business-type Activities Total Primary Government
2003 2002 2003 2002 2003 2002
8,455,000 8,455,000
125,000 125,000
7,173,970 7,413,970 7,173,970 7,413,970
6,939,191 6,969,191 6,939,191 6,969,191
878,395 1,151,937 878,395 1,151,937
2,225,000 2,265,000 2,225,000 2,265,000
5,865,000 6,065,000 5,865,000 6,065,000
13,430,000 13,980,000 13,430,000 13,980,000
3,335,000 3,400,000 3,335,000 3,400,000
8,870,000 8,870,000
168,000 180,000 168,000 180,000
319,525 43,568 142,132 212,497 461,657 256,065
341,606 318,742 136,770 104,504 478,376 423,246
(81.359) (22.315) (1.075.264 ) (1.134,663) (1.156.623) (1.156.978)
$23,062,137 $23,150,902 $25,605,829 $26,376,529 $48,667,966 $49,527,431
17
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Economic Factors and Next Year's Budaets and Rates
The City considered many economic factors during the preparation of the fiscal year 2004
budget including the effect the continued downturn in the economy would have on
intergovernmental revenue sources and public service taxes. The City has historically
enjoyed increases in intergovernmental revenues, which were used to offset increases in
the cost of City provided services. Unfortunately, intergovernmental revenues could not
be counted on in fiscal year 2004 to fully fund an increase in the public safety workforce,
which necessitated a 3% increase in the operating millage to 4.3000. The voted debt
service millage rate for fiscal 2004 remained the same at .2500.
Reauests for Information
This financial report is designed to provide a general overview of the City of Winter
Springs' finances for all those with an interest in the government's finances. Questions
concerning any of the information provided in this report or requests for additional
financial information should be addressed to the Finance Director, 1126 East State Road
434, Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is
available at the City of Winter Springs' website located at: www.winterspringsfl.org.
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BASIC FINANCIAL STATEMENTS
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This page intentionally left blank.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. STATEMENT OF NET ASSETS
.
. September 3D, 2003
.
.
. Primary Government
.
. Governmental Business-type
. Activities Activites Total
.
. Assets:
. Cash and cash equivalents $ 13,727,524 $ 6,173,031 $ 19,900,555
. Investments 2,132,830 2,132,830
. Receivables, net 381,445 935,458 1,316,903
. Inventories - at cost 3,008 3,692 6,700
. Due from other governments 300,563 300,563
. Prepaid costs 244,010 244,010
Restricted assets:
. Cash and cash equivalents 106,982 1,459,638 1,566,620
. Investments 1 , 166,743 1,166,743
. Bond issuance costs 262,152 421,167 683,319
. Capital assets not being depreciated 13,405,100 5,480,836 18,885,936
. Capital assets being depreciated, net of
. accumulated depreciation) 32,000,907 29,928,269 61,929,176
. Receivables, long-term 3,037,866 3,037,866
. Total Assets 63,469,557 47,701,664 111,171 ,221
.
. Liabilities:
. Accounts payable and other current liabilities 1,030,841 78,121 1,108,962
. Matured bonds and interest payable 1,324,374 1,324,374
. Accrued interest payable 252,133 252,133
. Unearned revenue 38,671 38,671
Liabilities payable from restricted assets 106,982 700,264 807,246
. Noncurrent liabilities:
. Due within one year 868,388 111,050 979,438
. Due in more than one year 22,193,749 24,689,779 46,883,528
.
. Total Liabilities 24,490,764 26,903,588 51,394,352
. Net Assets:
. Invested in capital assets, net of related debt 22,685,476 10,108,046 32,793,522
. Restricted for:
. Capital projects 4,762,403 705,979 5,468,382
. Debt service 498,567 1,166,743 1,665,310
. Other purposes 1,013,154 451,416 1,464,570
. Unrestricted 10,019,193 8,365,892 18,385,085
. Total Net Assets $ 38,978,793 $ 20,798,076 $ 59,776,869
.
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.
.
. The accompanying Notes to Financial Statements are an integral part of these statements.
. 19
.
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF ACTIVITIES
For The Year Ended September 30, 2003
Net (Expense) Revenue and
Program Revenues Changes in Net Assets
Operating Capital Primary Government
Charges for Grants and Grants and Governmental Business-type
Functions/ProQrams Expenses Services Contributions Contri butions Activities Activities Total
Governmental activities:
General government $ 4,639,843 $ 1,985,722 $ $ $ (2,654,121) $ $ (2,654,121)
Public safety 7,870,237 663,550 24,973 (7,181,714) (7,181,714)
Physical environment 2,765,010 742,362 (2,022,648) (2,022,648)
Culture and recreation 1,746,602 337,096 664,535 (744,971) (744,971 )
Interest on long-term debt 1,404,081 (1,404,081 ) (1,404,081)
Total governmental activities 18,425,773 3,728,730 24,973 664,535 (14,007,535) (14,007,535)
Business-type activities:
N Water and sewer 5,508,169 6,141,787 1,663,401 2,297,019 2,297,019
0 Development services 551,529 1,539,358 987,829 987,829
Stormwater 630,418 604,088 (26,330) (26,330)
Total business-type activities 6,690,116 8,285,233 1,663,401 3,258,518 3,258,518
Total primary government $ 25,115,889 $ 12,013,963 $ 24,973 $ 2,327,936 (14,007,535) 3,258,518 (10,749,017)
General revenues
Property taxes 5,057,495 5,057,495
Franchise fees and utility taxes 4,764,918 4,764,918
Intergovernmental 5,228,541 5,228,541
Investment income and miscellaneous 461,785 173,682 635,467
Loss on disposition of capital assets (57,434) (4,028) (61,462)
Transfers 1,489,262 (1,489,262)
Total general revenues and transfers 16,944,567 (1,319,608) 15,624,959
Change in net assets 2,937,032 1,938,910 4,875,942
Net assets, beginning 36,041,761 18,859,166 54,900,927
Net assets, ending $ 38,978,793 $ 20,798,076 $ 59,776,869
The accompanying Notes to Financial Statements are an integral part of these statements.
.......,................................................
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. BALANCE SHEET
. GOVERNMENTAL FUNDS
.
. September 30, 2003
.
.
. Public
. Service Tax TLBD Other Total
Special Debt Service Governmental Governmental
. General Revenue Fund Fund Funds Funds
.
. Assets:
Cash and cash equivalents $ 5,528,195 $ $ 111,053 $ 8,088,276 $ 13,727,524
. Receivables, net 103,223 123,559 154,663 381 ,445
. Inventories, at cost 3,008 3,008
. Due from other governments 300,563 300,563
. Due from other funds 590,529 590,529
Prepaid costs 244,010 244,010
. Special assessments receivable 2,180,000 495,907 2,675,907
. Mortgage receivable, long-term 361,959 361,959
. Restricted assets:
Cash and cash equivalents 106,982 106,982
. Total Assets $ 6,575,947 $ 123,559 $ 2,291 ,053 $ 9,401,368 $ 18,391,927
.
. Liabilities and Fund Balances:
. Accounts payable $ 220,092 $ $ 1,350 326,526 $ 547,968
. Accrued liabilities 398,218 398,218
Retainage payable 1,570 83,085 84,655
. Due to other funds 123,559 466,970 590,529
. Deferred revenue 2,180,000 857,866 3,037,866
. Unearned revenue 38,671 38,671
Payable from restricted assets 106,982 106,982
. Total Liabilities 765,533 123,559 2,181,350 1,734,447 4,804,889
. Fund balances:
. Reserved:
. Inventories and prepaid costs 247,018 247,018
Debt service 109,703 388,864 498,567
. Unreserved, reported in:
.. General fund 5,563,396 5,563,396
-
- Special revenue funds 4,436,622 4,436,622
- Capital projects funds 2,841,435 2,841 ,435
-
- Total fund balances 5,810,414 109,703 7,666,921 13,587,038
- Total Liabilities and Fund
-
- Balances $ 6,575,947 $ 123,559 $ 2,291,053 $ 9,401,368
-
Amounts reported for governmental activities in the statement of net
assets are different because:
- Capital assets used in governmental activities are not financial resources
and, therefore are not reported in the funds 45,406,007
Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds 3,037,866
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported in the funds . (23,314,270)
- Bond issuance costs, which are expenditures in the funds, are deferred and
amortized over life of bond 262,152
Net assets of governmental activities $ 38,978,793
The accompanying Notes to Financial Statements are an integral part of these statements.
21
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES .
IN FUND BALANCES - GOVERNMENTAL FUNDS .
.
For The Year Ended September 30, 2003 .
.
Public .
Service Tax TLBD Other Total .
Special Debt Service Governmental Governmental .
General Revenue Fund Fund Funds Funds .
Revenues:
Taxes and special assessments $5,085,751 $ 3,460,992 $ 45,000 $ 1,529,293 $ 10,121,036 .
Licenses and permits 251,172 560,270 811,442 .
Intergovernmental revenues 3,718,984 2,199,065 5,918,049 .
Charges for services 388,984 1,918,276 2,307,260 .
Fines and forfeitures 261,963 107,061 369,024
Investment income 137,819 1,473 112,429 173,451 425,172 .
Miscellaneous 130,093 3,208 239,251 372,552 .
Total revenues 9,974,766 3,462,465 160,637 6,726,667 20,324,535 .
Expend itu res: .
Current: .
General government 3,226,909 1,384,344 4,611,253 .
Public safety 7,733,646 270,783 8,004,429 .
Physical environment 1,479,390 6,290 2,585,297 4,070,977 .
Culture and recreation 2,379,685 255,483 2,635,168
Debt service: .
Principal retirement 104,000 40,000 782,106 926,106 .
Interest and fiscal charges 111 ,499 834,404 945,903 .
Bond issuance costs 185,478 185,478 .
Capital outlay:
General government 60,230 60,230 .
Physical environment 105,501 105,501 .
Culture and recreation 196,350 196,350 .
Total expenditures 14,923,630 157,789 6,659,976 21,741,395 .
Excess (Deficiency) of .
Revenues Over Expenditures (4,948,864) 3,462,465 2,848 66,691 (1,416,860) .
other Financing Sources (Uses) .
Transfers in 5,574,910 1,112,150 6,687,060 .
Transfers out (151,076) (3,462,465) (1,584,257) (5,197,798) .
Capital lease proceeds 408,800 408,800 .
Refunding bonds issued 8,870,000 8,870,000 .
Premium on refunding bonds 106,198 106,198 .
Payment to refunded bond escrow (8,776,287) (8,776,287)
Net other financing sources .
(uses) 5,832,634 (3,462,465) (272,196) 2,097,973 .
Net Change in Fund Balances 883,770 2,848 (205,505) 681,113 .
.
Fund Balances - Beginning 4,926,644 106,855 7,872,426 12,905,925 .
Fund Balances - Ending $5,810,414 $ $ 109,703 $ 7,666,921 $ 13,587,038 .
.
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22
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CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For The Year Ended September 30, 2003
Amounts reported for the governmental activities in the statement of
activities (page 16) are different because:
Net change in fund balances - total governmental funds (page 22)
$
681,113
Governmental funds report capital outlays as expenditures. However, in
the statement of activities the cost of those assets is allocated over
their estimated useful lives and reported as depreciation expense.
This is the amount by which capital outlays exceeded depreciation
in the current period.
2,690,935
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and disposals) is to decrease net assets.
(98,990)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term
debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net assets. Also,
governmental funds report the effect of issuance costs, premiums,
discounts, and similar items when debt is first issued, whereas these
amounts are deferred and amortized in the statement of activities. This
amount is the net effect of these differences in the treatment of long-term
debt and related items.
502,873
Special assessment revenue and mortgage receivable collections reported
in the funds in the current year must be eliminated from the statement of
activities since revenue was recognized in a prior year.
(352,002)
Some expenses reported in the statement of activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds.
(486,897)
$ 2,937,032
Change in net assets of governmental activities (page 20)
-
-
-
-
-
The accompanying Notes to Financial Statements are an integral part of these statements.
23
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
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CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended September 30, 2003
Revenues:
Taxes:
Property taxes $ 5,065,300 $ 5,065,300 $ 5,057,496 $ (7,804)
Franchise taxes 35,000 26,500 28,255 1,755
5,100,300 5,091,800 5,085,751 (6,049)
Licenses and permits:
Permits 853,200 100,000 130,144 30,144
Occupational licenses 115,000 115,000 121,028 6,028
968,200 215,000 251,172 36,172
Intergovernmental revenues:
Sales tax 2,114,100 2,150,000 2,133,823 (16,177)
State revenue sharing 779,400 779,400 763,636 (15,764)
Other state shared revenue 459,100 374,100 274,510 (99,590)
Other county shared revenue 384,700 636,940 522,042 (114,898)
Federal grants 17,000 24,995 24,973 (22)
3,754,300 3,965,435 3,718,984 (246,451)
Charges for services:
Concession stand receipts 100,000 75,000 73,627 (1,373)
Program activity fees 166,100 198,975 195,054 (3,921)
Rental and other 110,200 117 , 1 00 120,303 3,203
376,300 391,075 388,984 (2,091 )
Fines and forfeitures:
Fines and forfeitures 272,500 255,000 261,963 6,963
Investment income 100,100 112,000 137,819 25,819
Miscellaneous 50,000 31,438 130,093 98,655
Total revenues 10,621,700 10,061,748 9,974,766 (86,982)
The accompanying Notes to Financial Statements are an integral part of these statements.
24
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.
. Variance With
. Final Budget
. Budgeted Amounts Actual Positive
. Original Final Amounts (Negative)
. Expenditures:
. Current:
. General government:
. Executive $ 613,550 $ 582,351 $ 531,699 $ 50,652
General government 385,000 415,944 382,931 33,013
. Finance 823,900 894,805 878,732 16,073
. General services 671,700 612,400 499,626 112,774
. Information systems 683,750 658,483 635,088 23,395
. Community development 853,800 382,300 298,833 83,467
4,031,700 3,546,283 3,226,909 319,374
. Public safety:
. Police 4,686,600 4,711,186 4,702,249 8,937
. Fire 3,063,900 3,083,900 2,726,597 357,303
. 7,750,500 7,795,086 7,428,846 366,240
. Physical environment:
. Public works 1,637,300 1,559,600 1,479,390 80,210
. Culture and recreation:
. Parks and recreation 2,288,200 2,573,598 2,379,685 193,913
. Total expenditures 15,707,700 15,474,567 14,514,830 959,737
.
. Excess (Deficiency) of Revenues
. Over Expenditures (5,086,000) (5,412,819) (4,540,064) 872,755
.
. Other Financing Sources (Uses)
Transfers in 4,513,300 5,433,154 5,574,910 141,756
. Transfers out (86,700) (531,173) (151,076) 380,097
. Net other financing sources (uses) 4,426,600 4,901,981 5,423,834 521,853
.
. Net Change in Fund Balance (659,400) (510,838) 883,770 1,394,608
. Fund Balances - Beginning 4,926,644 4,926,644 4,926,644
.
. Fund Balances - Ending $ 4,267,244 $ 4,415,806 $ 5,810,414 $ 1,394,608
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CITY OF WINTER SPRINGS, FLORIDA
PUBLIC SERVICE TAX SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2003
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$ 3,185,000 $ 3,360,400
$ 3,460,992 $100,592
1,473 1,473
3,185,000 3,360,400
3,462,465 102,065
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Issuance costs
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
3,185,000
3,360,400
3,462,465
102,065
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources (uses)
(3,186,900)
(3,186,900)
(3,360,400)
(3,360,400)
(3,462,465)
(3,462,465)
(102,065)
(102,065)
Net Change in Fund Balance
(1,900)
Fund Balances - Beginning
Fund Balances - Ending
$
(1,900) $
$
$
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The accompanying Notes to Financial Statements are an integral part of these statements.
26
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
September 30, 2003
Assets
Current assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories
Restricted cash and cash equivalents
Total current assets
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
$ 5,194,782 $ 692,357 $ 285,892 $ 6,173,031
2,132,830 2,132,830
935,458 935,458
3,444 248 3,692
1,459,638 1,459,638
9,726,152 692,605 285,892 10,704,649
1,166,743 1,166,743
421 ,167 421 ,167
45,754,864 94,365 6,043,811 51,893,040
136,173 136,173
(14,638,324) (64,629) (1,917,155) (16,620,108)
31,252,713 29,736 4,126,656 35,409,105
32,840,623 29,736 4,126,656 36,997,015
42,566,775 722,341 4,412,548 47,701,664
Noncurrent assets:
Restricted investments
Bond issuance costs
Capital assets:
Land, buildings and equipment
Construction in progress
Less accumulated depreciation
Total capital assets (net of
accumulated depreciation)
Total noncurrent assets
Total assets
The accompanying Notes to Financial Statements are an integral part of these statements.
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Liabilities
Current liabilities:
Accounts payable
Accrued liabilities
Compensated absences
Obligation under utility agreement
Capital lease-current
Total current liabilities
Current liabilities payable from restricted
assets:
Customer deposits payable
Revenue bonds payable
Accrued interest payable
Total current liabilities payable from
restricted assets
Noncurrent liabilities:
Revenue bonds payable
Obligation under utility agreement
Capital lease
Total noncurrent liabilities
Total liabilities
Net Assets
Invested in capital assets, net of related
debt
Restricted
Unrestricted
Total net assets
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Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund
21,531 9,327 5,130 35,988
38,464 5,890 3,669 48,023
108,883 14,112 7,885 130,880
6,000 6,000
78,050 78,050
252,928 29,329 16,684 298,941
700,264
805,000
519,374
2,024,638
24,353,927
162,000
64,082
24,580,009
26,857,575
16,684
29,329
5,951,654 29,736 4,126,656
2,324,138
7,433,408 663,276 269,208
$ 15,709,200 $ 693,012 $ 4,395,864
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Total
700,264
805,000
519,374
2,024,638
24,353,927
162,000
64,082
24,580,009
26,903,588
10,108,046
2,324,138
8,365,892
$ 20,798,076
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES. EXPENSES AND CHANGES
IN FUND NET ASSETS - PROPRIETARY FUNDS
For The Year Ended September 30, 2003
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Operating Revenues:
User charges $ 6,141 ,787 $ 1,539,358 $ 604,088 $ 8,285,233
Operating Expenses:
Salaries and benefits 1,595,754 430,878 168,682 2,195,314
Materials and supplies 560,514 12,227 158,823 731 ,564
Depreciation and amortization 1,446,802 16,261 249,342 1,712,405
Other operating expenses 778,637 92,163 53,571 924,371
Total operating expenses 4,381,707 551,529 630,418 5,563,654
Operating income (loss) 1,760,080 987,829 (26,330) 2,721,579
Nonoperating Revenue (Expenses):
Investment income 167,758 1639 4,285 173,682
Interest expense (1,126,462) (1,126,462)
Gain (loss) on disposal of capital assets (3,891 ) ( 13 7) (4,028)
Total nonoperating revenue (expense) (962,595) 1 ,502 4,285 (956,808)
Income (loss) before contributions and
transfers 797,485 989,331 (22,045) 1,764,771
Capital contributions:
Connection fees 690,648 690,648
Developers 972,753 972,753
Transfers in 5,700 56,446 8,111 70,257
Transfers out (1 ,057 ,654) (352,765) (149,100) (1,559,519)
Change in net assets 1,408,932 693,012 (163,034) 1,938,910
Total Net Assets - Beginning 14,300,268 4,558,898 18,859,166
Total Net Assets - End $ 15,709,200 $ 693,012 $ 4,395,864 $ 20,798,076
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The accompanying Notes to Financial Statements are an integral part of these statements.
29
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2003
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Cash Flows from Operating Activities:
Receipts from customers $ 6,110,370 $ 1,539,358 $ 604,088 $ 8,253,816
Payments to suppliers (1,367,745) (95,311) (215,028) (1,678,084)
Payments to employees (1,577,639) (410,876) (163,257) (2,151,772)
Net cash provided by operating activities 3,164,986 1,033,171 225,803 4,423,960
Cash Flows from Non-Capital
Financing Activities:
Net operating transfers in 5,700 56,446 8,111 13,811
Net operating transfers out (1,057,654) (352,765) (149,100) (1,206,754)
Net cash provided (used) by non-capital
financing activities (1,051,954) (296,319) (140,989) (1,192,943)
Cash Flows from Capital and Related
Financing Activities:
Proceeds from sale of capital assets 1,475 1,475
Acquisition of capital assets (1,618,366) (46,134) (55,269) (1,673,635)
Principal paid on revenue bonds & leases (850,366) (850,366)
Interest paid on revenue bonds (1,079,987) (1,079,987)
Connection fees 690,648 690,648
Net cash provided (used) by capital and
related financing activities (2,856,596) (46,134) (55,269) (2,911,865)
Cash Flows from Investing Activities:
Sale of investments 4,044,066 4,044,066
Purchase of investments (4,709) (4,709)
Investment income 189,969 1,639 4,285 195,893
Net cash provided by investing activities 4,229,326 1,639 4,285 4,235,250
Net Increase (Decrease) in Cash and
Cash Equivalents 3,485,762 692,357 33,830 4,211,949
Cash and Cash Equivalents - Beginning 3,168,658 252,063 3,420,721
Cash and Cash Equivalents - End $ 6,654,420 $ 692,357 $ 285,893 $ 7,632,670
Classified As:
Cash and cash equivalents $ 5,194,782 692,357 $ 285,892 $ 6,173,031
Restricted cash 1,459,638 1,459,638
Total $ 6,654,420 $ 692,357 $ 285,892 $ 7,632,669
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The accompanying Notes to Financial Statements are an integral part of these statements.
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Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Reconciliation of Operating Income
(Loss) to Net Cash Provided By
Operating Activities
Operating income (loss) $ 1,760,080 $ 987,829 $ (26,330) $ 2,721,579
Adjustments Not Affecting Cash:
Depreciation 1,426,273 16,261 249,342 1,691,876
Amortization 20,529 20,529
Change In Assets and Liabilities:
Increase in accounts receivable (123,380) (123,380)
Increase in inventories (1,644) (248) (1,892)
Increase(decrease) in accounts payable (14,950) 9,327 (2,634) (8,257)
Increase(decrease) in accrued liabilities 9,268 2,007 11,275
Increase in customer deposits 91,963 91,963
Decrease in utility agreement obligation (12,000) (12,000)
Increase (decrease) in accrued
compensated absences 8,847 20,002 3,418 32,267
Total adjustments 1 ,404,906 45,342 252,133 1,702,381
Net Cash Provided by Operating
Activities $ 3,164,986 $ 1,033,171 $ 225,803 $ 4,423,960
Noncash Investing, Capital and Financing Activities:
Contributed capital assets $ 972,753 $ $ $ 972,753
Decrease in fair value of investments 22,211 22,211
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUND
September 30, 2003
Defined
Benefit
Pension
Trust Fund
Assets :
Cash and cash equivalents
Receivables:
Plan members contributions
Investments, at fair value:
Common funds - equity
Common funds - bonds
Total investments
Total assets
$ 54,270
18,608
4,981.585
2,004,140
6,985.725
7,058,603
Liabilities
Net Assets:
Held in trust for pension benefits
$ 7,058,603
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For The Year Ended September 30, 2003
Defined
Benefit
Pension
Trust Fund
Additions:
Contributions:
Employer
Plan members
Total contributions
$
658,735
246,478
905,213
Investment income:
Net appreciation in fair value of investments
Interest
Net investment income
775,190
8,217
783,407
1,688,620
Total additions
Deductions:
Benefits
.Administrative expenses
Total deductions
138,354
47,478
185,832
1,502,788
5,555,815
$ 7,058,603
Change in Net Assets
Net Assets - Beginning
Net Assets - End
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The accompanying Notes to Financial Statements are an integral part of these statements.
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NOTES TO FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 3D, 2003
Note 1 . Summary of Significant Accounting Policies:
A. Reporting Entity
The City of Winter Springs, Florida ("the City") is a political subdivision of the state of Florida
located in Seminole County, and was established by the Laws of Flroida 59-1614. The
legislative branch of the City is comprised 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.
In evaluating how to define the government, for financial reporting purposes, the City has
considered all potential component units. The definition of the reporting entity is based
primarily on the notion of financial accountability. A primary government is financially
accountable for the organizations that make up its legal entity. It is also financially
accountable for legally separate organizations if its officials appoint a voting majority of an
organization's governing body, and either it is able to impose its will on that organization or
there is a potential for the organization to provide specific financial benefits to, or to impose
specific financial burdens on, the primary government. A primary government may also be
financially accountable for governmental organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary
government (a) is entitled to the organizations' resources; (b) is legally obligated or has
otherwise assumed the obligation to finance the deficits of, or provide financial support to, the
organization; or (c) is obligated in some manner for the debt of the organization. In applying
the above criteria, management has determined that there are no components units to be
included within the reporting entity.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the City. For
the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business-type activities, which rely to a significant
extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1)
charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major individual enterprise funds are
reported as separate columns in the fund financial statements.
c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are
recognized as soon as they are both measurable and available. Revenues are considered
to be available when they are collectible within the current period or soon enough thereafter
to pay liabilities of the current period. For this purpose, the government considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is
due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. Only the portion of special assessments receivable
due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available
only when cash is received by the City.
The government reports the following funds:
Maior Governmental Funds
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The General Fund is the government's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
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The Public Service Tax Special Revenue Fund accounts for collections of utility
taxes charged on electric, water and gas services as well as telecommunications
service taxes. Proceeds are used to pay annual debt service and monies not
required to pay debt service are transferred to the general fund.
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The TLB Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Non-Maior Governmental Fund Tvpes
Special Revenue Funds account for specific revenue sources that are restricted by
law or administrative action to expenditures for specific purposes.
Debt Service Funds account for the accumulation of resources for, and the payment
of principal and interest on certain long-term debt.
Capital Projects Funds account for financial resources segregated for the acquisition
or construction of major capital facilities.
Maior Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City's
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City's
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
Non-Maior Proprietary Fund
The Stormwater Utility Fund accounts for the operation and maintenance of the
City's stormwater system.
Fiduciary Fund
The Pension Trust Fund accounts for contributions to the defined benefit plan.
Private-sector standards of accounting and financial reporting issued prior to December 1,
1989, generally are followed in both the government-wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of
the Governmental Accounting Standards Board. Governments also have the option of
following subsequent private-sector guidance for their business-type activities and
enterprise funds, subject to this same limitation. The government has elected not to follow
subsequent private-sector guidance.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS. Continued
September 30, 2003
Note 1 . Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
As a general rule the effect of interfund activity has been eliminated from the government-
wide financial statements. Exceptions to this general rule are other charges between the
City's water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions, including special assessments. Internally dedicated resources are
reported as general revenues rather than as program revenues. Likewise, general
revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's water, sewer and stormwater utility funds are
charges to customers for sales and services. The City also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting new customers to
the system. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's
policy to use restricted resources first, then unrestricted resources as they are needed.
D. Assets, Liabilities, and Net Assets or Equity
1. Deposits and Investments
The government's cash and cash equivalents are considered to be cash on
hand, demand deposits, and short-term investments with original maturities of
three months or less from the date of acquisition.
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Investments of the City are reported at fair value. The City's investments consist
of investments authorized per their investment policy adopted in accordance with
Section 218.415, Florida Statutes.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity - (Continued)
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as either
"due to/from other funds" (Le., the current portion of interfund loans) or
"advances to/from other funds" (Le., the non-current portion of interfund loans).
All other outstanding balances between funds are reported as "due to/from other
funds." Any residual balances outstanding between the governmental activities
and business-type activities are reported in the government-wide financial
statements as "internal balances".
Advances between funds, as reported in the fund financial statements, are offset
by a fund balance reserve account in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
All receivables are shown net of an allowance for uncollectibles. The County
bills and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current
receivables.
All property is reassessed according to its fair value on the lien date, or January
1 of each year. Taxes are levied on October 1 of each year. Discounts are
allowed for early payment at the rate of 4% in the month of November, 3% in the
month of December, 2% in the month of January, and 1 % in the month of
February. The taxes paid in March are without discount. All unpaid taxes
become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent
taxes on real property.
3. Inventories and Prepaid Items
All inventories are valued at cost using the first-in/first-out (FIFO) method.
Inventories of governmental funds are recorded as expenditures when
consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items in both government-wide and fund financial
statements.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity - (Continued)
4. Restricted assets
Certain proceeds of the City's enterprise fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted assets on the
balance sheet because they are maintained in separate bank accounts and their
use is limited by applicable bond covenants. Assets so designated are identified
as restricted assets on the balance sheet.
5. Capital assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets are defined by the City, in accordance
with Chapter 274.02, Florida Statutes, as assets with an initial, individual cost of
$750 or more and an estimated useful life in excess of one year. Such assets
are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value
at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets
Buildings
Improvements
Infrastructure
Equipment
Years
30
20-50
30-50
3-10
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity - (Continued)
6. Compensated absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick
leave since the government does not have a policy to pay any amounts when
employees separate from service with the government. All vacation pay is
accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only
if they have matured, for example, as a result of employee resignations and
retirements. For governmental activities, compensated absences are generally
liquidated by the General Fund.
7. Long-term obligations
In the government-wide financial statements, and proprietary fund types in the
fund financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statement of net assets. Bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of
the bonds using the effective interest method. Bonds payable are reported net
of the applicable bond premium or discount. Bond issuance costs are reported
as deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current
period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses.
Issuances costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
8. Fund equity
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally
restricted by outside parties for use for a specific purpose. Designations of fund
balance represent tentative management plans that are subject to change.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements:
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government-Wide Statement of Net Assets
The governmental fund balance sheet includes a reconciliation between fund balance -
total governmental funds and net assets - governmental activities as reported in the
government-wide statement of net assets. One element of that reconciliation explains that
"long-term liabilities, including bonds payable, are not due and payable in the current
period and therefore are not reported in the funds." The details of this difference are as
follows:
Bonds payable
Less: Issuance discount (to be amortized as interest expense)
Add: Issuance premium (to be amortized as interest expense)
Less: Deferred charge on refunding (to be amortized as interest
expense)
Notes payable
Capital/ease payable
Accrued interest payable
Compensated absences
Net adjustment to reduce fund balance - total governmental funds
to arrive at net assets - governmental activities
$(21,603,970)
21,554
(104,457)
164,262
(878,395)
(319,525)
(252,133)
(341.606)
$(23.314.270)
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund
balances includes a reconciliation between net changes in fund balances - total
governmental funds and changes in net assets of governmental activities as reported in
the government-wide statement of activities. One element of that reconciliation explains
that "Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their estimated useful lives
and reported as depreciation expense." The details of this $2,690,935 difference are as
follows:
Capital outlay
Depreciation expense
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities
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$ 4,793,219
(2.102.284 )
$ 2.690.935
Compensated absences
Amortization of issuance costs
Amortization of bond discounts
Accrued interest payable
Interest paid to refunded bond escow
$ (22,864)
(5,855)
(1,758)
(252,133)
(204.287)
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities (Continued)
Another element of that reconciliation states that "the issuance of long-term debt (e.g.,
bonds, leases) provides current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net assets. Also,
governmental funds report the effect of issuance costs, premiums, discounts, and similar
items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities." The details of this $502,873 difference are as follows:
Debt issued or incurred:
Capital lease proceeds
Refunding bonds issued
Bond issuance costs
Premium on bonds
Principal repayment
Payment to refunded bond escrow
$ (408,800)
(8.870,000)
185,478
(106,198)
926,106
8.776,287
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities
$ 502.873
Another element of that reconciliation states that "Some expenses reported in the
statement of activities do not require the use of current financial resources and therefore
are not reported as expenditures in governmental funds." The details of this $486,897
difference are as follows:
Net adjustment to decrease net changes in fund balances -
total governmental funds to arrive at changes in net assets of
governmental activities
$(486.897)
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - 'Continued
September 30, 2003
Note 3 - Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
1. On or before July 1 sl of each year, the City Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1 Sl. the
budget includes proposed revenues and expenditures, and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops. Each item in the budget is
thoroughly discussed, and the public is invited to participate.
3. On or before September 30th of each year, the public hearings are completed and
the Commission adopts the final budget and establishes the ad valorem tax
millage.
4. The budget may be formally amended by 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.
B. Excess of Expenditures Over Appropriations
For the year ended September 30, 2003, expenditures and transfers out exceeded
appropriations in the Public Service Tax Special Revenue Fund and the Electric Franchise
Fee Special Revenue Fund. These over expenditures were funded by greater than
anticipated revenues.
C. Deficit Fund Equity
The Parks Impact Fee Special Revenue Fund and the Central Winds Debt Service Fund
had deficit fund balances of $150,830 and $201,070, respectively, as of September 30,
2003. The City expects revenues received in the 2004 fiscal year to eliminate these deficit
fund balances.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 4 - Deposits and Investments:
Deposits
At year-end, the carrying amount of the City's deposits was $2,445,963 and the bank
balance was $1,775,112. Petty cash funds of $3,086 are not on deposit with a financial
institution, and fiduciary fund cash of $54,270 held by the pension fund is not in the City's
bank. All bank deposits were covered by Federal Depository Insurance or held in banks
that are members of the State of Florida's Collateral Pool as specified under Florida law.
This limits local government deposits to "qualified public depositories." The State of
Florida Collateral Pool is a multiple financial institution pool with the ability to assess its
members for collateral shortfalls if a member institution fails. For this reason, the City
considers its deposits insured or collateralized.
Investments
The City's investment policy applies to all cash and investments held or controlled by the
City, and does not include the City's Pension Funds and funds related to the issuance of
debt where there are other existing policies or indentures in effect.
The following levels of credit risk apply to the investments of the City:
Cateqorv 1
Insured or registered, held by the City or its agent in the City's name.
Cateqorv 2
Uninsured or unregistered, held by a counterparty's trust department or agent in the City's
name.
Cateqorv 3
Uninsured and unregistered, held by a counterparty or its trust department or agent, but
not in the City's name.
Investments in the State Board of Administration Local Government Investment Pool and
Mutual Funds are not required to be categorized since these investments are in pooled
investment funds and therefore not evidenced by securities that exist in physical or book
entry form. The fair value of the City's position is the same as the value of the pool
shares.
The State of Board of Administration Local Government Investment Pool (SBA) is an
investment pool administered by the State of Florida. Investments held in SBA consist of
U.S. Treasury obligations, short-term federal agency obligations, repurchase agreements
and commercial paper. These short-term investments are included as cash equivalents
and are stated at cost, which approximates fair value.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 4 - Deposits and Investments (Continued):
Investments (Continued)
At year end, the City's investment balances were as follows:
Category
U.S. Agencies
U.S. Treasuries
1
$2,132,830 $
1.166.743
$3.299.573 $
2
3
Reported
Amount!
Fair Value
$ 2,132,830
1 ,166,743
$
$
Investments not subject to
categorization:
Pension funds investing in common
equity and bond funds
State Board Administration Local
Government Investment Pool
6,985,725
19.018,126
Total investments
$29.303.424
Note 5 - Receivables:
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Receivables as of year end for the City's individual major funds and nonmajor and fiduciary
funds in the aggregate, including the applicable allowances for uncollectible accounts, are as
follows:
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Public Water and Nonmajor
General Service Sewer Utility And Other
Fund Tax Fund Fund Funds Total
Receivables:
Accounts $103,223 $123,559 $1,084,334 $243,046 $1,554,162
Less allowance for
uncollectible accounts (148.876) (88,383) (237,259)
$103.223 $123.559 $ 935 458 $154.663 $1.316.903
In addition to receivables detailed above, there is a mortgage receivable in a nonmajor capital
projects fund that is not considered to be available to liquidate liabilities of the current period.
This mortgage receivable amount of $361,959 is reported as deferred revenue in the
governmental funds balance sheet. There are also special assessment receivables in one
major debt service fund and one nonmajor debt service fund that are not available to liquidate
liabilities of the current period. These special assessment receivables totaling $2,675,907 are
reported as deferred revenue in the governmental funds balance sheet.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 6 - Capital Assets:
Capital asset activity for the year ended September 30, 2003 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being
depreciated:
Land $ 9,060,305 $ 683,823 $ $ 9,744,128
Construction in progress 3.394.081 2.833.684 (2.566.793) 3.660.972
Total capital assets, not being
depreciated 12.454,386 3.517.507 (2.566.793) 13.405.100
Capital assets, being
depreciated:
Buildings 5,192,894 5,192,894
Improvements 6,110,525 2,506,728 8,617,253
Machinery and equipment 4,998,602 1,267,166 (563,116) 5,702,652
Infrastructure 37.936,029 73.080 38.009.109
Total capital assets, being
depreciated 54.238.050 3.846.974 (563.116) 57.521.908
Less accumulated depreciation
for:
Buildings 1,713,550 173,166 (9,006) 1,877,710
Improvements 982,564 251,359 1,233,923
Machinery and equipment 3,257,143 918,917 (450,372) 3,725,688
Infrastructure 17 .924.838 758.842 18.683.680
Total accumulated depreciation 23.878.095 2.102.284 (459.378) 25.521.001
Total capital assets, being
depreciated, net 30.359.955 1 ,744.690 103.738 32,000.907
Governmental activities capital
assets, net $42.814.341 $5262.197 $(2.670531 ) $45.406.007
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
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Note 6 - Capital Assets (Continued):
Beginning Ending
Balance Increases Decreases Balance
Business-type activities:
Capital assets, not being
depreciated:
Land $ 5,119,663 $ 225,000 $ $ 5,344,663
Construction in progress 161 .177 1.206.382 (1.231.386) 136.173
Total capital assets, not being
depreciated 5.280.840 1.431.382 (1.231.386) 5.480.836
Capital assets, being depreciated:
Buildings 709,196 709,196
Improvements 40,880,492 2,106,349 (7,870) 42,978,971
Machinery and equipment 2.483.882 458.857 (82.529) 2.860.210
Total capital assets, being
depreciated 44.073.570 2.565.206 (90.399) 46.548.377
Less accumulated depreciation
for:
Buildings 297,108 22,939 320,047
Improvements 13,154,432 1,403,147 (2,951 ) 14,554,628
Machinery and equipment 1.489.261 337 .380 (81.208) 1.745.433
Total accumulated depreciation 14.940.801 1.763.466 (84.159) 16.620.108
Total capital assets, being
depreciated, net 29.132.769 801.740 (6.240) 29.928.269
Business-type activities capital
assets, net $34.413.609 $2.233.122 $(1.237.626) $35.409.105
Depreciation expense was charged to functions/programs as follows:
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Governmental activities:
General government
Public safety
Physical environment
Culture and recreation
Total depreciation expense - governmental activities
$ 185,891
631,089
955,269
330.035
$2.102.284
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Business-type activities:
Water and sewer
Development services
Stormwater
Total depreciation expense - business-type activities
1,426,273
16,261
249.342
$1.691.876
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48
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 7 - Leases:
Capital Leases - The City has entered into lease agreements as lessee for financing the
acquisition of a medical transport vehicle and several police vehicles. The City also
financed the acquisition of certain equipment for its water and sewer utility fund. These
lease agreements qualify as capital leases for accounting purposes and, therefore, have
been recorded at the present value of their future minimum lease payments as of the
inception date.
The assets acquired through capital leases are as follows:
Governmental Business-type
Activities Activities
Assets -
Machinery & equipment
Less: accumulated depreciation
Total
$ 623,723
(234.429)
$ 389 294
$373,034
(24.869)
$348,165
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2003 were as follows:
Governmental Business-type
Activities Activities
Year Endinq September 30.
2004
2005
2006
Total minimum lease payments
Less: Amount representing interest
$122,422
107,394
107.394
337,210
(17.685)
$319.525
49
$ 89,967
67,467
157,434
(15.302)
$142.132
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Note 8 - Long-Term Debt:
Revenue Bonds
September 30, 2003
The City issues bonds where the City pledges revenue derived from the acquired or
constructed assets to pay debt service. Revenue bonds have been issued for both
governmental and business-type activities. The original amount of amounts of revenue bonds
issued in prior years is described below. The Special Assessment Revenue Bonds issued in
2001 are payable from and secured by a first lien and pledge of assessments levied on
property within the assessed area as well as the first $160,000 of half-cent sales tax received
by the City each year. In the event that a deficiency exists because of unpaid or delinquent
special assessments at the time a debt service payment is due, the government must provide
resources to cover the deficiency until other resources, for example, foreclosure proceeds, are
received. Revenue bonds outstanding at year end are as follows:
Governmental Activities
Improvement Refunding
Revenue Bonds - Series 1999
Special Assessment
Revenue Bonds - Series 2001
Improvement Refunding
Revenue Bonds - Series 2003
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Total
Business- Tvpe Activities
Water and Sewer Refunding
Revenue Bonds - Series 2000
Interest
Rates and
Dates
Balance
September
30.2003
Original
Amount
Maturitv
3.25 - 5.25%
(4/1 & 10/1)
10/1/10
10/1/29 $ 7.998.970 $ 7,173,970
3.4 - 5.25% 10/1/02
(4/1 & 10/1)
10/1/29
2.0 - 3.7% 10/1/04
(4/1 & 10/1)
10/1/18
$ 2.265.000
2,225,000
$ 8.870.000
8.870,000
$18.268.970
4.5 - 5.5%
(4/1 & 10/1)
10/1/02
10/1/30 $ 6.969.191 $ 6,939,191
Water and Sewer Refunding 4.0 - 5.0% 10/1/02
Revenue Bonds - Series 2001 (4/1 & 10/1)
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10/1/30 $ 6.065.000 5,865,000
Water and Sewer Refunding 3.0 - 5.25% 10/1/03
Revenue Bonds - Series 2002 (4/1 & 10/1)
10/1/20 $13.980.000 13.430,000
Total $26.234.191
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September 30, 2003
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CITY OF WINTER SPRINGS, FLORIDA
Note 8 - Long-Term Debt (Continued):
Revenue Bonds (Continued)
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ending
September 30.
2004
2005
2006
2007
2008
2009-2013
2014-2018
2019-2023
2024-2028
2029-2032
Annual debt service requirements to maturity for revenue bonds are as follows:
Governmental Activities
Principal Interest
Business-Tvpe Activities
Principal Interest
$ 435,000
605,000
635,000
670,000
700,000
4,080,000
5.200,000
3,099,335
2,076,193
768.442
$18.268.970
General Obliaation Bonds
$ 338,693 $ 805,000 $ 1,047,998
527,494 835,000 1,020,472
503,349 870,000 991,586
477,232 895,000 960,222
459,587 945,000 927,198
1,978,844 5,320,000 4,035,999
1,147,212 6,710,000 2,723,165
4,845,790 5,105,135 3,304,265
5,112,127 2,173,124 7,717,500
1.062.618 2.575.932 3.358.443
$16.452.946 $26.234.191 $26.086.848
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During 2002, the City issued limited general obligation bonds for the acquisition of property
to expand Central Winds Park. These bonds are payable from and secured by a pledge
of the faith, credit and taxing power of the City, provided that the levy of ad valorem taxes
by the City in each year for the payment of debt service on the Series 2002 Bonds shall
not exceed one quarter (1/4) of one mil on all of the taxable property in the City. General
obligation bonds currently outstanding are as follows:
Governmental Activities
Limited General
Obligation Bonds - Series 2002
Interest
Rates and
Dates
Balance
September
30,2003
Original
Maturitv Amount
2.0 - 5.375% 7/1/03-
(1/1&10/1) 7/1/31
$3.400000
$3.335.000
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 8 - Long-Term Debt (Continued):
General ObliQation Bonds (Continued)
Annual debt service requirements to maturity for the general obligation bonds are as
follows:
Year Ending
September 30.
Governmental Activities
Principal Interest
2004
2005
2006
2007
2008
2009-2013
2014-2018
2019-2023
2024-2028
2029-2032
$ 65,000
65,000
65,000
70,000
70,000
400,000
505,000
655,000
835,000
605.000
$3.335.000
Notes Payable
$ 159,030
157,438
155,552
153,472
151,023
711,292
604,675
461,250
280,730
61.250
$2.895.712
In June 2000, the City issued capital improvement notes to finance the acquisition of a
data processing system, a medical transport vehicle and the construction of the Oak
Forest subdivision wall. Notes payable outstanding at year end are as follows:
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%.
Capital Improvement Revenue Note, Series 2000B - payable interest
only at 4.67% through June 2004 and balloon principal payment with
interest due June 2005.
52
$382,488
495.907
$878.395
Estimated accrual for remainder of obligation
Less current portion
Long-term portion at September 30, 2003
$168,000
(6.000)
$162.000
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 8 - Long-Term Debt (Continued):
Notes Pavable (Continued)
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending
September 30.
Governmental Activities
Principal Interest
2004
2005
$186,880
691.515
$51,638
42.911
$878.395
$94.549
ObliQation Under Utility AQreement
In connection with the City's acquisition of the assets of Seminole Utility Company during
fiscal year ended September 30, 1990, the City entered into an agreement with the seller
whereby the City is obligated to pay the seller for future connections to the east utility
plant, up to a maximum of $4,967,020 over a period of 15 years. The City has paid
$2,236,574 for these connections through September 30, 2003.
At September 30, 2003, outstanding balances were as follows:
Advance RefundinQ
The City issued $8,870,000 of the Improvement Refunding Revenue Bonds, Series 2003
to provide resources to purchase U.S. Treasury Notes that were placed in an irrevocable
trust for the purpose of paying on October 1, 2003 the principal balance due of $8,405,000
on the Series 1993 Improvement Refunding Revenue Bonds. As a result, the refunded
bonds are considered to be defeased and the liability has been removed from the
governmental activities column of the statement of net assets. The reacquisition price
exceeded the net carrying amount of the old debt by $167,000. This amount is being
netted against the new debt and amortized over the new debt's life, which is the same as
the life of the refunded debt. This advance refunding was undertaken to reduce total debt
service payments over the next 15 years by $1,283,446 and resulted in an economic gain
of $1,053,250.
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. CITY OF WINTER SPRINGS. FLORIDA
.
. NOTES TO FINANCIAL STATEMENTS - Continued
.
. September 30. 2003
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. Note 8 - Long-Term Debt (Continued):
. Chanaes in Lona-Term Liabilities
.
. Long-term liability activity for the year ended September 30. 2003 was as follows:
.
. Due
. Beginning Ending Within
. Balance Additions Reductions Balance One Year
. Governmental activities:
. Bonds payable -
Revenue bonds $15.993,970 $8,870,000 $(8,820,000) $16,043,970 $390,000
. Special assessment debt
. with government
. commitment 2,265,000 (40,000) 2,225,000 45,000
. Limited general obligation
. bonds 3,400,000 (65,000) 3,335,000 65,000
Less deferred amounts:
. Issuance discounts (22,315) 761 (21,554)
. Issuance premiums 106,198 (1,741) 104,457
. On refunding (167,000) 2.738 (164.262)
. Total bonds
. payable 21.636,655 8.809.198 (8.923.242) 21.522.611 500,000
. Notes payable -
. Capital improvement
- Notes 1,151,937 (273,542) 878,395 186,880
...
. Capital lease 43.568 408,800 (132,843) 319,525 113.508
. Compensated absences 318.742 22.864 341.606 68.000
Governmental activity
. long-term liabilities $23 150 902 $9 240 862 $(9 329 627) $23 062 137 $868 388
A Business-type activities:
...
. Bonds payable -
. Revenue bonds $27,014,191 $ $ (780,000) $26,234,191 $805,000
. Less deferred amounts:
.- For issuance
- discount (31,755) 1,064 (30,691 )
A On refunding (1.102.908) 58.335 (1.044,573)
...
.- Total bonds
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.. Payable 25,879,528 (720,601 ) 25,158,927 805,000
- Obligation under utility
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- agreement 180,000 (12,000) 168,000 6,000
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... Capital lease 212,497 (70,365) 142,132 78,050
.- Compensated absences 104.504 32.266 136.770 27.000
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A Business-type activity
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- long-term liabilities $26.376.529 $ 32 266 $ (802 966) $25 605 829 $916 050
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 9 - Interfund Receivables, Payables and Transfers:
The composition of interfund balances as of September 30, 2003 is as follows:
Receivable Fund
General
Pavable Fund
Public Servce Tax
Special Revenue
Amount
$123,559
Nonmajor governmental funds
466.970
$590.529
Interfund transfers for the year ended September 30, 2003 consisted of the following:
Transfer In
Water
General Nonmajor and Developmental Nonmajor
Fund Govemmental Sewer Services Business Total
Transfer Out:
General Fund $ $ 86,700 $ $56,446 $7,930 $ 151,076
Public Service Tax Special
Revenue Fund 3,035,464 427,001 3,462,465
Nonmajor Governmental 1,072,508 511,749 1,584,257
Water and Sewer Utility
Fund 970,954 86,700 1,057,654
Development Services
Fund 352,584 181 352,765
Nonmajor Business-Type 143.400 5.700 - 149,100
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Total $5574910 $1112150 ~ $56 446 ~ $6757317
Transfers are used to (1) move revenues from the fund that statute or budget requires to
collect them to the fund that statute or budget requires to expend them and (2) move
receipts restricted to debt service from the funds as debt service payments become due.
Note 10 - Defined Benefit Pension Plan:
Plan Description
The City maintains a single-employer defined benefit pension plan that provides retirement
benefits to all City employees. The pension plan is maintained as a Pension Trust Fund
and is included with the fund financial statements. This pension plan does not issue
stand-alone financial report.
The Board of Trustees of the plan are appointed by the City Commission to establish and
amend all plan provisions.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 10 - Defined Benefit Pension Plan (Continued):
Summary of Sianificant Accountina Principles
The Plan's financial statements are prepared using the accrual basis of accounting. Plan
member contributions are recognized in the period in which the contributions are due. The.
City's contributions are recognized when due and formal commitment to provide the
contributions has been made. Benefits and refunds are recognized when due and
payable in accordance with the terms of the Plan. All Plan investments are reported at fair
value. Securities traded on a national exchange are valued at the last reported sales price
on the government's balance sheet date. Securities without an established market are
reported at estimated fair value.
Fundinq Policv
The contribution requirements of plan members and the City are established and may be
amended by the Board of Trustees of the Plan. Plan members are required to contribute
3% of their salary to the Plan, which amounted to $246,478 for the year ended September
30. 2003. The City is required to contribute at an actuarially determined rate; the current
rate is 11 % of covered payroll. The City's contribution for the year ended September 30,
2003 was $658,735.
Membership in the Defined Benefit Plan consisted of the following at October 1, 2002:
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Retirees and beneficiaries receiving benefits
Terminated plan members entitled to but not
receiving benefits
Active plan members:
Vested
Non-vested
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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).
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Assumptions:
Investment Earnings
Salary Increases -
Inflation
Postretirement Benefit Increases
Mortality Table
8%
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30. 2003
Note 10 - Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation (Continued)
Required supplementary information is as follows:
Schedule of Contributions from the Emplover
Fiscal year Annual Required Percentage of
ended Contribution (ARC) ARC Contribution
9/30/03 $658,735 100%
9/30/02 605,058 100%
9/30/01 556,318 100%
9/30/00 254,646 100%
9/30/99 298,000 100%
9/30/98 349,289 100%
Schedule of Fundina Proaress
Actuarial UAAL as
Actuarial Accrued Unfunded a % of
Actuarial Value of (AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) (b-a) /c
10/1/98 $ 366,480 $1,765,450 $1,398,610 26.2% $4,840.362 28.9%
10/1/99 745,460 2,120,844 1,375,384 35.1 5,143,401 26.7
10/1/00 4,933,945 7,701,059 2,767,114 64.1 5,324,680 52.0
10/1/01 5,829,453 8,402,821 2,573,368 69.9 6,569,263 39.2
10/1/02 6,620,248 9.128,522 2,508,274 72.5 6,586,077 38.1
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 1,2002) actuarial valuation follows:
3%
0%
1983 Group Annuity Mortality Table
Actuarial Valuation:
Frequency
Cost Method
Amortization Method
Amortization Period
Asset Valuation Method
Annual
Frozen Entry Age
Level Percentage of Projected
Payroll
40 Years Open
Market Value
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2003
Note 11 - 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.
Because the Plan Assets are held in trust for the exclusive benefit of plan participants and
their beneficiaries, the Plan is not accounted for in the City's fund financials.
Note 12 - Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction
of assets; errors and omissions; job-related illnesses or injuries to employees; and natural
disasters. Risk of loss from above is transferred by the City to various commercial insurers
through the purchase of insurance. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
Note 13 - Contingent Liabilities:
Amounts received or receivable from grant agencies are subject to audit and adjustment by
grantor agencies, principally the federal government and the State of Florida. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable funds.
The amount, if any, of expenditures that may be disallowed by the grantor cannot be
determined at this time, although the City expects such amounts, if any, to be immaterial.
The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the City's counsel the resolution of these matters will
not have a material adverse effect on the financial condition of the City. However, there is one
lawsuit regarding interim service fees collected by the City in prior years which is not covered
by the City's insurance carrier. The City may have to refund interim services fees collected in
the amount of $160,000. A liability for this potential refund was not recorded since it is not
known if the City will be required by the courts to refund amounts collected.
Note 14 - Commitments:
At September 30, 2003, the City had entered into construction contracts in the amount of
$1,901,679.
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STATEMENTS AND SCHEDULES
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MAJOR GOVERNMENTAL FUNDS
Debt Service
TLBD Debt Service Fund - This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue.
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CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2003
Variance With
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ 162,500 $ 160,151 $ 45,000 $ (115,151)
Investment income 1,000 1,500 112,429 110,929
Miscellaneous 3,208 3,208
Total revenues 163,500 161,651 160,637 (1,014)
Expenditures:
Current:
Physical environment 7,250 7,250 6,290 960
Debt service:
Principal retirement 40,000 40,000 40,000
Interest and fiscal charges 111 ,600 111,600 111 ,499 101
Total expenditures 158,850 158,850 157,789 1,061
Excess (Deficiency) of
Revenues Over Expenditures 4,650 2,801 2,848 47
Other Financing Sources (Uses)
Transfers in 63,500
Net other financing sources (uses) 63,500
Net Change in Fund Balance 68,150 2,801 2,848 47
Fund Balances - Beginning 106,855 106,855 106,855
Fund Balances - Ending $ 175,005 $ 109,656 $ 109,703 $ 47
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Police Education Fund
Special Law Enforcement
Trust Fund
Transportation
Improvement Fund
Recreation Acquisition
Fund
Streetlighting Fund
Solid Waste Fund
Electric Franchise Fee
Fund
Transportation Impact Fee
Fund
Police Impact Fee Fund
Fire Impact Fee Fund
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
- 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. 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 a special
streetlighting assessment from the Country Club Village
subdivision. Proceeds are used to pay for lighting and
administrative costs.
- This fund is used to account for proceeds from billed solid
waste and recycling services performed by contract
vendors. Proceeds are used to pay monthly vendor
charges for providing solid waste and recycling services.
- This fund is used to account for proceeds of electric
franchise fees. These proceeds are used to pay annual
debt service. Any excess monies not used to pay debt
service are transferred to the General Fund.
- 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 the 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 the level of fire service due to future
growth.
Special Revenue Funds - Continued
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NON MAJOR GOVERNMENTAL FUNDS - Continued
Parks Impact Fee Fund
Medical Transport Fund
Arbor Fund
TLBD Maintenance Fund
Oak Forest Maintenance
Fund
Road Improvement Fund
1993/2003 Debt Service
Fund
1997 Debt Service Fund
1999 Debt Service Fund
Oak Forest Debt Service
Fund
Information System Debt
Service Fund
Central Winds Debt
Service Fund
- This fund is used to account for collected impact fees on
new development to defray the cost of capital investment
needed to develop and improve the parks due to future
growth.
- 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 arbor revenues. This
revenue source is used to maintain a level of plantings in
the City.
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.
- This fund is used to account for collected one-cent sales
tax revenues to be used for Town Center road
improvements.
Debt Service Funds
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue, as well as refunding of 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 (Oak Forest portion).
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2000 note payable (data processing portion).
- This fund is used to account for accumulation of
resources and payment of principal and interest for the
2002 limited general obligation bond.
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NONMAJOR GOVERNMENTAL FUNDS - Continued
1997 Construction Fund
1999 Construction Fund
Information System Project
Fund
TLBD Improvement Fund
Oak Forest Capital Fund
Central Winds Capital
Projects Fund
Revolving Rehab Capital
Projects Fund
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Capital Projects Funds
- This fund was established for the acquisition and
construction of City - owned Capital Improvements.
- This fund was established for the acquisition and
construction of City - owned Capital Improvements.
- This fund was established for the acquisition of a new
computer system.
- This fund was established to account for construction of
improvements to the Tuscawilla Lighting and
Beautification District.
- This fund was established to account for construction of
the Oak Forest subdivision wall.
- This fund was established to account for acquisition of
land for expansion of Central Winds Park.
- This fund was established to provide loans for
rehabilitation projects within the City.
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2003
Special Revenue
Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition
Fund Trust Fund Fund Fund
Assets:
Cash and cash equivalents $ 94,791 $ 52,789 $ 345,127 $ 93,864
Receivables
Due from other governments
Special assessment receivable
Mortgage receivable
Total Assets $ 94,791 $ 52,789 $ 345,127 $ 93,864
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ $ $ 13,059 $
Retainage payable
Due to other funds
Deferred revenue
Total Liabilities 13,059
Fund Balances:
Reserved
Unreserved 94,791 52,789 332,068 93,864
Total Fund Balances 94,791 52,789 332,068 93,864
Total Liabilities and Fund Balances $ 94,791 $ 52,789 $ 345,127 $ 93,864
60
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2003
Special Revenue
Parks Medical TLBD
Impact Transport Arbor Maintenance
Fee Fund Fund Fund Fund
Assets:
Cash and cash equivalents $ 51,585 $ 396,616 $ 81 , 194 $ 509,435
Receivables 88,383 56
Due from other governments
Special assessment receivable
Mortgage receivable
Total Assets $ 51,585 $ 484,999 $ 81 , 194 $ 509,491
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 2,415 $ 5,194 $ $ 1,397
Retainage payable
Due to other funds 200,000
Deferred revenue
Total Liabilities 202,415 5,194 1,397
Fund Balances:
Reserved
Unreserved (150,830) 479,805 81 , 194 508,094
Total Fund Balances (150,830) 479,805 81 , 194 508,094
Total Liabilities and Fund Balances $ 51,585 $ 484,999 $ 81 , 194 $ 509,491
62
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. Special Revenue Debt Service
. Oak Forest Road
. Maintenance Improvement 1993/2003 Debt 1999 Debt
. Fund Fund Total Service Fund Service Fund
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. $ 27,365 $ $ 4,620,561 $ 91,051 $ 478,494
. 88,439
. 300,563 300,563
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. $ 27,365 $ 300,563 $ 5,009,563 $ 91,051 $ 478,494
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. $ 1,953 $ 124,290 $ 265,651 $ $
. 65,650 65,650
. 41,640 241,640
. 1,953 231,580 572,941
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. 91,051 478,494
. 25,412 68,983 4,436,622
. 25,412 68,983 4,436,622 91,051 478,494
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. $ 27,365 $ 300,563 $ 5,009,563 $ 91,051 $ 478,494
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2003
Debt Service
Oak Forest Information Central Winds
Debt Service System Debt Debt Service
Fund Service Fund Fund Total
Assets:
Cash and cash equivalents $ 20,074 $ 1,700 $ 24,260 $ 615,579
Receivables
Due from other governments
Special assessment receivable 495,907 495,907
Mortgage receivable
Total Assets $ 515,981 $ 1,700 $ 24,260 $ 1,111,486
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 1,385 $ $ $ 1,385
Retainage payable
Due to other funds 225,330 225,330
Deferred revenue 495,907 495,907
Total Liabilities 497,292 225,330 722,622
Fund Balances:
Reserved 18,689 1,700 (201,070) 388,864
Unreserved
Total Fund Balances 18,689 1,700 (201,070) 388,864
Total Liabilities and Fund Balances $ 515,981 $ 1,700 $ 24,260 $ 1,111,486
64
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. Capital Projects
. 1997 1999 Information TLBD Oak Forest
. Construction Construction System Improvement Capital
. Fund Fund Project Fund Fund Fund
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. $ 117,982 $ 2,023,042 $ 1,823 $ 80,337 $ 30,140
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. $ 117,982 $ 2,023,042 $ 1,823 $ 80,337 $ 30,140
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. $ $ $ $ $
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. 117,982 2,023,042 1,823 80,337 30,140
. 117,982 2,023,042 1,823 80,337 30,140
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. $ 117,982 $ 2,023,042 $ 1,823 $ 80,337 $ 30,140
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2003
Capital Projects Total
Central Winds Revolving Nonmajor
Capital Rehab Capital Governmental
Projects Fund Projects Fund Total Funds
Assets:
Cash and cash equivalents $ 110,416 $ 488,396 $ 2,852,136 $ 8,088,276
Receivables 66,224 66,224 154,663
Due from other governments 300,563
Special assessment receivable 495,907
Mortgage receivable 361,959 361,959 361,959
Total Assets $ 110,416 $ 916,579 $ 3,280,319 $ 9,401,368
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 59,490 $ $ 59,490 $ 326,526
Retainage payable 17,435 17,435 83,085
Due to other funds 466,970
Deferred revenue 361,959 361,959 857,866
Total Liabilities 76,925 361,959 438,884 1,734,447
Fund Balances:
Reserved 388,864
Unreserved 33,491 554,620 2,841,435 7,278,057
Total Fund Balances 33,491 554,620 2,841,435 7,666,921
Total Liabilities and Fund Balances $ 110,416 $ 916,579 $ 3,280,319 $ 9,401,368
66
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CITY OF WINTER SPRINGS, FLORIDA .
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COMBINING STATEMENT OF REVENUES, .
EXPENDITURES AND CHANGES IN FUND BALANCES .
NONMAJOR GOVERNMENTAL FUNDS .
.
For The Year Ended September 30, 2003 .
.
Special Revenue .
.
Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition .
Fund Trust Fund Fund Fund .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues 410,244
Charges for services .
Fines and forfeitures 31,007 76,054 .
Investment income 1,565 1,259 7,711 2,480 .
Miscellaneous 1,730
Total revenues 32,572 77,313 419,685 2,480 .
.
Expenditures: .
Current: .
General government
Public safety 24,975 94,133 .
Physical environment 398,773 .
Culture and recreation 46,660 .
Debt Service: .
Principal retirement
Interest and fiscal charges .
Bond issuance costs .
Capital outlay: .
General government .
Physical environment
Culture and recreation .
Total expenditures 24,975 94,133 398,773 46,660 .
Excess (Deficiency) of .
Revenues over Expenditures 7,597 (16,820) 20,912 (44,180) .
.
Other Financing Sources (Uses): .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to refunded bond escrow agent .
Net other financing sources (uses) .
Net Change in Fund Balances 7,597 (16,820) 20,912 (44,180) .
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Fund Balances - Beginning 87,194 69,609 311,156 138,044 .
Fund Balances - Ending $ 94,791 $ 52,789 $ 332,068 $ 93,864 .
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. Special Revenue
. ~Iectric Transportation Police Fire
. Streetlighting Solid Waste Franchise Impact Impact Impact
. Fund Fund Fee Fund Fee Fund Fee Fund Fee Fund
. $ $ $ 1,275,670 $ $ $
. 323,771 64,704 44,130
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. 8,227 1,724,357
. 103 9,806 1,039 24,531 5,035 6,674
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. 8,330 1,734,163 1 ,276,709 348,302 69,739 50,804
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. 8,188 1,376,156
. 16,461 40,372
. 180,525
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. 8,188 1,376,156 180,525 16,461 40,372
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. 142 358,007 1,276,709 167,777 53,278 10,432
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. (800) (183,000) (1,276,709) (39,000)
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. (800) (183,000) (1 ,276,709) (39,000)
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. (658) 175,007 128,777 53,278 10,432
. 2,085 602,220 1,256,905 246,346 376,060
. $ 1,427 $ 777,227 $ $ 1,385,682 $ 299,624 $ 386,492
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. 68
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CITY OF WINTER SPRINGS, FLORIDA
TLBD
Maintenance
Fund
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COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2003
Revenues:
Taxes and special assessments
Licenses and permits
Intergovemmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt Service:
Principal retirement
Interest and fiscal charges
Bond issuance costs
Capital outlay:
General government
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Refunding bonds issued
Premium on refunding bonds
Payment to refunded bond escrow agent
Net other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Parks
Impact
Fee Fund
Special Revenue
Medical
Transport
Fund
Arbor
Fund
$ $ $ 219,545
57,615 70,050
4,160
185,692
$
378 6,825 1,087 10,740
57,993 196,677 71,137 230,285
94,842
24,696
208,823
55,971
5,514
208,823
156,327
24,696
(150,830)
40,350
46,441
(150,830)
40,350
46,441
439,455
$ (150,830) $ 479,805
34,753
81,194
$
69
222,804
222,804
7,481
7,481
500,613
$ 508,094
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. Special Revenue Debt Service
. Oak Forest Road
. Maintenance Improvement 1993/2003 Debt 1997 Debt 1999 Debt
. Fund Fund Total Service Fund Service Fund Service Fund
. $ 21,459 $ $ 1,516,674 $ $ $
. 560,270
. 1,784,661 2,199,065
. 1,918,276
107,061
. 551 (418) 79,366 1,159 2,881
. 1,730
. 22,010 1,784,243 6,382,442 1,159 2,881
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. 1,384,344
. 270,783
. 16,319 1,736,393 2,579,510
. 255,483
. 55,971 50,000 125,000 240,000
. 5,514 435,491 3,107 181,392
. 185,478
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. 16,319 1,736,393 4,551,605 670,969 128,107 421,392
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. 5,691 47,850 1,830,837 (669,810) (128,107) (418,511)
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. 289,612 564,390
. (1,499,509)
. 8,870,000
. 106,198
(8,776,287)
. (1,499,509) 489,523 564,390
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. 5,691 47,850 331,328 (180,287) (128,107) 145,879
. 19,721 21,133 4,105,294 271,338 128,107 332,615
. $ 25,412 $ 68,983 $ 4,436,622 $ 91,051 $ $ 478,494
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. 70
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CITY OF WINTER SPRINGS, FLORIDA .
.
COMBINING STATEMENT OF REVENUES, .
EXPENDITURES AND CHANGES IN FUND BALANCES .
NONMAJOR GOVERNMENTAL FUNDS .
.
For The Year Ended September 30, 2003 .
.
Debt Service .
Oak Forest Information Central Winds .
Debt Service System Debt Debt Service .
Fund Service Fund Fund Total .
Revenues: .
Taxes and special assessments $ 12,619 $ $ $ 12,619 .
Licenses and permits
Intergovernmental revenues .
Charges for services .
Fines and forfeitures .
Investment income 33,155 1,528 1,410 40,133 .
Miscellaneous 12,056 12,056
Total revenues 57,830 1,528 1,410 64,808 .
.
Expenditures: .
Current: .
General government
Public safety .
Physical environment 5,787 5,787 .
Culture and recreation .
Debt Service:
Principal retirement 95,000 151,135 65,000 726,135 .
Interest and fiscal charges 25,967 22,178 160,755 828,890 .
Bond issuance costs 185,478 .
Capital outlay: .
General government .
Physical environment
Culture and recreation .
Total expenditures 126,754 173,313 225,755 1,746,290 .
Excess (Deficiency) of .
Revenues Over Expenditures (68,924) (171,785) (224,345) (1,681,482) .
.
other Financing Sources (Uses): .
Transfers in 84,748 173,400 1,112,150 .
Transfers out
Refunding bonds issued 8,870,000 .
Premium on refunding bonds 106,198 .
Payment to refunded bond escrow agent (8,776,287) .
Net other financing sources (uses) 84,748 173,400 1,312,061 .
Net Change In Fund Balances 15,824 1,615 (224,345) (369,421 ) .
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Fund Balances - Beginning 2,865 85 23,275 758,285 .
Fund Balances - Ending $ 18,689 $ 1,700 $ (201,070) $ 388,864 .
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. Capital Projects
. 1997 1999 Information TLBD Oak Forest
. Construction Construction System Improvements Capital
. Fund Fund Project Fund Fund Fund
. $ $ $ $ $
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. 2,113 36,270 612 2,984 1,370
. 13,463
. 2,113 36,270 612 16,447 1,370
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. 60,230
. 77,903 27,598
. 6,207
. 6,207 60,230 77,903 27,598
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. 2,113 30,063 (59,618) (61,456) (26,228)
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. (84,748)
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.
. (84,748)
.
. 2,113 30,063 (59,618) (61,456) (110,976)
. 115,869 1,992,979 61 ,441 141,793 141,116
. $ 117,982 $ 2,023,042 $ 1,823 $ 80,337 $ 30,140
.
.
. (Continued)
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. 72
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.
. CITY OF WINTER SPRINGS, FLORIDA
.
. COMBINING STATEMENT OF REVENUES,
.
. EXPENDITURES AND CHANGES IN FUND BALANCES
. NONMAJOR GOVERNMENTAL FUNDS
.
. For The Year Ended September 30, 2003
.
. Capital Projects Total
. Central Winds Revolving Nonmajor
. Capital Rehab Capital Governmental
. Projects Fund Projects Fund Total Funds
. Revenues:
Taxes and special assessments $ $ $ $ 1,529,293
. Licenses and permits 560,270
. Intergovernmental revenues 2,199,065
. Charges for services 1,918,276
. Fines and forfeitures 107,061
Investment income 3,679 6,924 53,952 173,451
. Miscellaneous 212,002 225,465 239,251
. Total revenues 3,679 218,926 279,417 6,726,667
. Expenditures:
. Current .
. General government 1,384,344
. Public safety 270,783
. Physical environment 2,585,297
Culture and recreation 255,483
. Debt Service:
. Principal retirement 782,106
. Interest and fiscal charges 834,404
. Bond issuance costs 185,478
Capital outlay:
. General government 60,230 60,230
. Physical environment 105,501 105,501
. Culture and recreation 190,143 196,350 196,350
. Total expenditures 190,143 362,081 6,659,976
. Excess (Deficiency) of
. Revenues Over Expenditures (186,464 ) 218,926 (82,664) 66,691
. Other Financing Sources (Uses):
. Transfers in 1,112,150
. Transfers out (84,748) (1,584,257)
. Refunding bonds issued 8,870,000
. Premium on refunding bonds 106,198
. Payment to refunded bond escrow agent (8,776,287)
Net other financing sources (uses) (84,748) (272,196)
.
. Net Change In Fund Balances (186,464 ) 218,926 (167,412) (205,505)
. Fund Balances - Beginning: 219,955 335,694 3,008,847 7,872,426
. Fund Balances - Ending $ 33,491 $ 554,620 $ 2,841,435 $ 7,666,921
.
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.
. 73
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.
CITY OF WINTER SPRINGS, FLORIDA .
.
POLICE EDUCATION SPECIAL REVENUE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures 40,000 40,000 31,007 (8,993)
Investment income 2,600 2,600 1,565 (1,035) .
Miscellaneous .
Total revenues 42,600 42,600 32,572 (10,028) .
Expenditures: .
Current: .
General government .
Public safety 25,000 25,000 24,975 25 .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 25,000 25,000 24,975 25 .
Excess (Deficiency) of .
Revenues Over Expenditures 17,600 17,600 7,597 (10,003) .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses)
.
Net Change in Fund Balance 17,600 17,600 7,597 (10,003) .
Fund Balances - Beginning 87,194 87.194 87, 194 .
.
Fund Balances - Ending $ 104,794 $ 104,794 $ 94,791 $ (10,003) .
.
.
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.
74 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SPECIAL LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
.
. SCHEDULES OF REVENUES, EXPENDITURES AND
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ $ $ $
. Licenses and permits
Intergovernmental revenues
. Charges for services
. Fines and forfeitures 20,000 63,000 76,054 13,054
. Investment income 2,000 1,100 1,259 159
Miscellaneous
. Total revenues 22,000 64,100 77,313 13,213
.
. Expenditures:
. Current:
General government
. Public safety 1,900 95,159 94,133 1,026
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 1,900 95,159 94,133 1,026
. Excess (Deficiency) of
. Revenues Over Expenditures 20,100 (31,059) (16,820) 14,239
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance 20,100 (31,059) (16,820) 14,239
.
A Fund Balances - Beginning 69,609 69,609 69,609
..
. Fund Balances - Ending $ 89,709 $ 38,550 $ 52,789 $ 14,239
.
-
-
-.
-
.-
-
-
-
-
-
.
A
-
.-
- 75
.-
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
TRANSPORTATION IMPROVEMENT SPECIAL REVENUE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
I ntergovernmental revenues 368,700 368,700 410,244 41,544 .
Charges for services .
Fines and forfeitures
Investment income 5,500 5,500 7,711 2,211 .
Miscellaneous 1,800 1,800 1,730 (70) .
Total revenues 376,000 376,000 419,685 43,685 .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment 431,000 504,080 398,773 105,307
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 431,000 504,080 398,773 105,307 .
Excess (Deficiency) of Revenues .
Over Expenditures (55,000) (128,080) 20,912 148,992 .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses)
.
Net Change in Fund Balance (55,000) (128,080) 20,912 148,992 .
Fund Balances - Beginning 311,156 311,156 311,156 .
.
Fund Balances - Ending $ 256,156 $ 183,076 $ 332,068 $ 148,992 .
.
.
.
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.
76 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. RECREATION ACQUISITION SPECIAL REVENUE FUND
.
. SCHEDULES OF REVENUES, EXPENDITURES AND
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
.
. For The Year Ended September 30, 2003
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ $ $ $
. Licenses and permits
Intergovernmental revenues
. Charges for services
. Fines and forfeitures
. Investment income 4,000 2,000 2,480 480
Miscellaneous
. Total revenues 4,000 2,000 2,480 480
.
. Expend itu res:
. Current:
General government
. Public safety
. Physical environment
. Culture and recreation 73,238 46,660 26,578
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 73,238 46,660 26,578
. Excess (Deficiency) of
. Revenues Over Expenditures 4,000 (71,238) (44,180) 27,058
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance 4,000 (71,238) (44,180) 27,058
.
. Fund Balances - Beginning 138,044 138,044 138,044
. Fund Balances - Ending $ 142,044 $ 66,806 $ 93,864 $ 27,058
.
A
..
-
-
-
...
-
...
.
-
...
A
..
.-
- 77
-
...
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
STREETLlGHTING SPECIAL REVENUE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues .
Charges for services 7,300 8,200 8,227 27 .
Fines and forfeitures
Investment income 103 103 .
Miscellaneous .
Total revenues 7,300 8,200 8,330 130 .
Expenditures: .
Current: .
General government 7,000 8,400 8,188 212 .
Public safety .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 7,000 8,400 8,188 212 .
Excess (Deficiency) of .
Revenues Over Expenditures 300 (200) 142 342 .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out (800) (800) (800)
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses) (800) (800) (800)
.
Net Change in Fund Balance (500) (1,000) (658) 342 .
Fund Balances - Beginning 2,085 2,085 2,085 .
.
Fund Balances - Ending $ 1,585 $ 1,085 $ 1,427 $ 342 .
.
.
.
.
.
.
.
.
78 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. SOLID WASTE SPECIAL REVENUE FUND
.
. SCHEDULES OF REVENUES, EXPENDITURES AND
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
.
. For The Year Ended September 30, 2003
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ $ $ $
. Licenses and permits
Intergovernmental revenues
. Charges for services 1,545,000 1,612,800 1,724,357 111,557
. Fines and forfeitures
. Investment income 10,000 9,806 (194)
Miscellaneous
. Total revenues 1,545,000 1,622,800 1,734,163 111,363
.
. Expenditures:
. Current:
General government 1,313,000 1,382,500 1,376,156 6,344
. Public safety
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 1,313,000 1,382,500 1,376,156 6,344
-
. Excess (Deficiency) of
. Revenues Over Expenditures 232,000 240,300 358,007 117,707
. Other Financing Sources (Uses)
. Transfers in
. Transfers out (174,100) (183,000) (183,000)
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses) (174,100) (183,000) (183,000)
. Net Change in Fund Balance 57,900 57,300 175,007 117,707
.
. Fund Balances. Beginning 602,220 602,220 602,220
A
... Fund Balances - Ending $ 660,120 $ 659,520 $ 777,227 $ 117,707
.
-
-
-
-
-
...
-
-
.
.
A
-
-
- 79
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
ELECTRIC FRANCHISE FEE SPECIAL REVENUE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ 1,225,000 $ 1,250,000 $ 1,275,670 $ 25,670 .
Licenses and permits .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment income 1,039 1,039 .
Miscellaneous .
Total revenues 1,225,000 1,250,000 1,276,709 26,709 .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures .
Excess (Deficiency) of .
Revenues Over Expenditures 1,225,000 1,250,000 1,276,709 26,709 .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out (1,225,000) (1,250,000) (1,276,709) (26,709)
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses) (1,225,000) (1,250,000) (1,276,709) (26,709) .
Net Change in Fund Balance .
Fund Balances - Beginning .
.
Fund Balances - Ending $ $ $ $ .
.
.
.
.
.
.
.
.
80 .
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
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.
.
.
.
.
.
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2003
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Taxes and special assessments
Licenses and permits
I ntergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
$
290,000
323,771
150,000
17,000
17,000
24,531
307,000
348,302
167,000
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Bond issuance costs
Total expenditures
1,100,000
234,015
180,525
234,015
180,525
1,100,000
-
Excess (Deficiency) of
Revenues Over Expenditures
72,985
167,777
.
(933,000)
-
-
-
-
Other Financing Sources (Uses)
Transfers in
Transfers out
Refunding bonds issued
Premium on refunding bonds
Payment to bond refunded bond escrow
Net other financing sources
(uses)
(39,000)
(972,000)
33,985
128,777
.
(39,000)
(39,000)
(39,000)
A
ow
-
...
-
-
.-
-
-
-
.-
-
.-
-
.-
-
-
-
.-
(39,000)
(39,000)
Net Change in Fund Balance
1,256,905
1,256,905
Fund Balances. Beginning
1,256,905
Fund Balances - Ending
$
284,905 $ 1,290,890 $ 1,385,682 $
.-
-
.-
-
.-
.-
-
.-
-
-
-
-
81
-
Variance with
Final Budget-
Positive
(Negative)
$
33,771
7,531
41 ,302
53,490
53,490
94,792
94,792
94,792
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
POLICE IMPACT FEE SPECIAL REVENUE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits 40,000 70,000 64,704 (5,296) .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment income 4,500 4,500 5,035 535 .
Miscellaneous .
Total revenues 44,500 74,500 69,739 (4,761 ) .
Expenditures: .
Current: .
General government .
Public safety 165,000 17 ,000 16,461 539 .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 165,000 17,000 16,461 539 .
Excess (Deficiency) of .
Revenues Over Expenditures (120,500) 57,500 53,278 (4,222) .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses) .
Net Change in Fund Balance (120,500) 57,500 53,278 (4,222) .
Fund Balances - Beginning 246,346 246,346 246,346 .
.
Fund Balances - Ending $ .125,846 $ 303,846 $ 299,624 $ (4,222) .
.
.
.
.
.
.
A
...
A
-
82 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. FIRE IMPACT FEE SPECIAL REVENUE FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
Licenses and permits 30,000 35,000 44,130 9,130
. Intergovernmental revenues
. Charges for services
. Fines and forfeitures
. Investment income 11,500 6,500 6,674 174
Miscellaneous
. Total revenues 41,500 41,500 50,804 9,304
.
. Expenditures:
Current:
. General government
. Public safety 112,900 112,900 40,372 72,528
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 112,900 112,900 40,372 72,528
. Excess (Deficiency) of Revenues
. Over Expenditures (71,400) (71,400) 10,432 81,832
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
Premium on refunding bonds
. Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance (71,400) (71,400) 10,432 81,832
.
. Fund Balances. Beginning 376,060 376,060 376,060
. Fund Balances. Ending $ 304,660 $ 304,660 $ 386,492 $ 81,832
.
.
.
.
.
.
.
a
-
. 83
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
PARKS IMPACT FEE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits 57,500 57,615 115 .
Intergovernmental revenues .
Charges for services
Fines and forfeitures .
Investment income 378 378 .
Miscellaneous .
Total revenues 57,500 57,993 493 .
Expenditures: .
Current: .
General government .
Public safety
Physical environment .
Culture and recreation 208,823 208,823 .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 208,823 208,823 .
Excess (Deficiency) of .
Revenues Over Expenditures (151,323) (150,830) 493 .
.
Other Financing Sources (Uses) .
Transfers in 200,000 (200,000) .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources
(uses) 200,000 (200,000) .
.
Net Change in Fund Balance 48,677 (150,830) (199,507) .
Fund Balances. Beginning .
.
Fund Balances. Ending $ $ 48,677 $ (150,830) $ (199,507) .
.
.
.
.
.
.
.
.
84 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. MEDICAL TRANSPORT SPECIAL REVENUE FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
. Licenses and permits
Intergovernmental revenues 4,160 4,160
. Charges for services 150,000 180,000 185,692 5,692
. Fines and forfeitures
. Investment income 12,000 6,000 6,825 825
Miscellaneous
. Total revenues 162,000 190,160 196,677 6,517
.
. Expenditures:
Current:
. General govemment
. Public safety 116,000 140,553 94,842 45,711
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement 26,200 27,407 55,971 (28,564)
. Interest and fiscal charges 5,300 5,300 5,514 (214)
. Bond issuance costs
. Total expenditures 147,500 173,260 156,327 16,933
. Excess (Deficiency) of
. Revenues Over Expenditures 14,500 16,900 40,350 23,450
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance 14,500 16,900 40,350 23,450
.
. Fund Balances - Beginning 439,455 439,455 439,455
. Fund Balances - Ending $ 453,955 $ 456,355 $ 479,805 $ 23,450
.
.
.
.
.
.
.
.
. 85
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
ARBOR SPECIAL REVENUE FUND .
SCHEDULE OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits 10,000 70,000 70,050 50 .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment income 700 1,087 387 .
Miscellaneous .
Total revenues 10,000 70,700 71,137 437 .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment 5,000 26,000 24,696 1,304
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges
Bond issuance costs .
Total expenditures 5,000 26,000 24,696 1,304 .
Excess (Deficiency) of .
Revenues Over Expenditures 5,000 44,700 46,441 1,741 .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses)
.
Net Change in Fund Balance 5,000 44,700 46,441 1,741 .
Fund Balances - Beginning 34,753 34,753 34,753 .
.
Fund Balances. Ending $ 39,753 $ 79,453 $ 81,194 $ 1,741 .
.
.
.
.
.
.
.
.
86 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. TLBD MAINTENANCE SPECIAL REVENUE FUND
. SCHEDULE OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
.
. For The Year Ended September 30, 2003
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ 278,200 $ 220,000 $ 219,545 $ (455)
. Licenses and permits
Intergovernmental revenues
. Charges for services
. Fines and forfeitures
. Investment income 15,000 10,000 10,740 740
Miscellaneous
. Total revenues 293,200 230,000 230,285 285
.
. Expenditures:
. Current:
General government
. Public safety
. Physical environment 228,500 255,100 222,804 32,296
. Culture and recreation
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 228,500 255,100 222,804 32,296
. Excess (Deficiency) of
. Revenues Over Expenditures 64,700 (25,100) 7,481 32,581
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance 64,700 (25,100) 7,481 32,581
.
. Fund Balances. Beginning 500,613 500,613 500,613
. Fund Balances - Ending $ 565,313 $ 475,513 $ 508,094 $ 32,581
.
.
.
.
.
.
.
.
. 87
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
OAK FOREST MAINTENANCE SPECIAL REVENUE FUND .
SCHEDULE OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ 22,000 $ 21,600 $ 21 ,459 $ (141) .
Licenses and permits .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment income 600 500 551 51 .
Miscellaneous .
Total revenues 22,600 22,100 22,010 (90) .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment 22,500 22,800 16,319 6,481
Culture and recreation .
Debt service: .
Principal retirement .
Interest and fiscal charges .
Bond issuance costs
Total expenditures 22,500 22,800 16,319 6,481 .
Excess (Deficiency) of .
Revenues Over Expenditures 100 (700) 5,691 6,391 .
.
Other Financing Sources (Uses) .
Transfers in .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses) .
Net Change in Fund Balance 100 (700) 5,691 6,391 .
Fund Balances - Beginning 19,721 19,721 19,721 .
.
Fund Balances - Ending $ 19,821 $ 19,021 $ 25,412 $ 6,391 .
.
.
.
.
.
.
.
.
88 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. ROAD IMPROVEMENT SPECIAL REVENUE FUND
. SCHEDULE OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
Licenses and permits
. Intergovernmental revenues 2,681,000 1,943,000 1,784,661 (158,339)
. Charges for services
. Fines and forfeitures
. Investment income (418) (418)
Miscellaneous
. Total revenues 2,681,000 1,943,000 1,784,243 (158,757)
.
. Expenditures:
Current:
. General government
. Public safety
. Physical environment 2,681,000 1,738,647 1,736,393 2,254
. Culture and recreation
Debt service:
. Principal retirement
. Interest and fiscal charges
. Bond issuance costs
. Total expenditures 2,681,000 1,738,647 1,736,393 2,254
. Excess (Deficiency) of
. Revenues Over Expenditures 204,353 47,850 (156,503)
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Refunding bonds issued
Premium on refunding bonds
. Payment to bond refunded bond escrow
. Net other financing sources
. (uses)
. Net Change in Fund Balance 204,353 47,850 (156,503)
.
. Fund Balances - Beginning 21,133 21,133 21,133
. Fund Balances - Ending $ 21,133 $ 225,486 $ 68,983 $ (156,503)
.
.
.
.
.
.
.
a
-
. 89
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
1993/2003 DEBT SERVICE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues .
Charges for services .
Fines and forfeitures
Investment income 8,000 1,000 1,159 159 .
Miscellaneous .
Total revenues 8,000 1,000 1,159 159 .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement 50,000 50,000 50,000 .
Interest and fiscal charges 442,950 442,950 435,491 7,459
Bond issuance costs 185,500 185,478 22 .
Total expenditures 492,950 678,450 670,969 7,481 .
Excess (Deficiency) of .
Revenues Over Expenditures (484,950) (677,450) (669,810) 7,640 .
.
Other Financing Sources (Uses) .
Transfers in 500,000 289,612 289,612 .
Transfers out
Refunding bonds issued 8,982,374 8,870,000 (112,374) .
Premium on refunding bonds 106,198 106,198 .
Payment to bond refunded bond escrow (8,776,287) (8,776,287) .
Net other financing sources .
(uses) 500,000 495,699 489,523 (6,176) .
Net Change in Fund Balance 15,050 (181,751 ) (180,287) 1 ,464 .
Fund Balances - Beginning 271,338 271,338 271,338 .
.
Fund Balances - Ending $ 286,388 $ 89,587 $ 91 ,051 $ 1 ,464 .
.
.
.
.
.
.
.
.
90 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. 1997 DEBT SERVICE FUND
. SCHEDULES OF REVENUES. EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
Licenses and permits
. Intergovernmental revenues
. Charges for services
. Fines and forfeitures
. Investment income
Miscellaneous
. Total revenues
.
. Expenditures:
Current:
. General government
. Public safety
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement 125,000 125,000 125,000
. Interest and fiscal charges 4,650 3,107 3,107
. Bond issuance costs
. Total expenditures 129,650 128,107 128,107
. Excess (Deficiency) of
. Revenues Over Expenditures (129,650) (128,107) (128,107)
. Other Financing Sources (Uses)
. Transfers in 6,000
. Transfers out
. Refunding bonds issued
Premium on refunding bonds
. Payment to bond refunded bond escrow
. Net other financing sources
. (uses) 6,000
. Net Change in Fund Balance (123,650) (128,107) (128,107)
.-
.
. Fund Balances. Beginning 128,107 128,107 128,107
. Fund Balances - Ending $ 4,457 $ $ $
.
.
A
-
.
.
.
.
-
-
. 91
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
1999 DEBT SERVICE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues .
Charges for services
Fines and forfeitures .
Investment income 10,000 2,000 2,881 881 .
Miscellaneous .
Total revenues 10,000 2,000 2,881 881 .
Expenditures: .
Current: .
General government .
Public safety
Physical environment .
Culture and recreation .
Debt service: .
Principal retirement 240,000 240,000 240,000 .
Interest and fiscal charges 181,900 181,900 181,392 508
Bond issuance costs .
. Total expenditures 421,900 421,900 421,392 508 .
Excess (Deficiency) of .
Revenues Over Expenditures (411,900) (419,900) (418,511 ) 1,389 .
.
Other Financing Sources (Uses) .
Transfers in 559,400 564,390 564,390 .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources
(uses) 559,400 564,390 564,390 .
.
Net Change in Fund Balance 147,500 144,490 145,879 1,389 .
Fund Balances - Beginning 332,615 332,615 332,615 .
.
Fund Balances. Ending $ 480,115 $ 477,105 $ 478,494 $ 1,389 .
.
.
.
.
.
.
.
92 .
.
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. OAK FOREST DEBT SERVICE FUND
.
. SCHEDULES OF REVENUES, EXPENDITURES AND
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
.
. For The Year Ended September 30, 2003
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ 56,900 $ 57,700 $ 12,619 $ (45,081)
. Licenses and permits
Intergovemmental revenues
. Charges for services
. Fines and forfeitures
. Investment income 2,000 500 33,155 32,655
Miscellaneous 12,056 12,056
. Total revenues 58,900 58,200 57,830 (370)
.
. Expenditures:
. Current:
General government
. Public safety
. Physical environment 6,650 6,650 5,787 863
. Culture and recreation
Debt service:
. Principal retirement 130,000 95,000 95,000
. Interest and fiscal charges 30,000 25,967 25,967
. Bond issuance costs
. Total expenditures 166,650 127,617 126,754 863
. Excess (Deficiency) of
. Revenues Over Expenditures (107,750) (69,417) (68,924) 493
. Other Financing Sources (Uses)
. Transfers in 112,700 84,748 84,748
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses) 112,700 84,748 84,748
. Net Change in Fund Balance 4,950 15,331 15,824 493
.
. Fund Balances. Beginning 2,865 2,865 2,865
. Fund Balances. Ending $ 7,815 $ 18,196 $ 18,689 $ 493
.
.
.
.
.
.
.
A
...
. 93
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
INFORMATION SYSTEM DEBT SERVICE FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
Taxes and special assessments $ $ $ $ .
Licenses and permits .
Intergovernmental revenues .
Charges for services
Fines and forfeitures .
Investment income 1,528 1,528 .
Miscellaneous .
Total revenues 1,528 1,528 .
Expenditures: .
Current: .
General government .
Public safety .
Physical environment
Culture and recreation .
Debt service: .
Principal retirement 151,100 151,100 151,135 (35) .
Interest and fiscal charges 22,300 22,300 22,178 122
Bond issuance costs .
Total expenditures 173,400 173,400 173,313 87 .
Excess (Deficiency) of .
Revenues Over Expenditures (173,400) (173,400) (171,785) 1,615 .
.
Other Financing Sources (Uses) .
Transfers in 173,400 173,400 173,400 .
Transfers out
Refunding bonds issued .
Premium on refunding bonds .
Payment to bond refunded bond escrow .
Net other financing sources .
(uses) 173,400 173,400 173,400
.
Net Change in Fund Balance 1,615 1,615 .
Fund Balances - Beginning 85 85 85 .
.
Fund Balances - Ending $ 85 $ 85 $ 1,700 $ 1,615 .
.
.
.
.
.
.
.
.
94 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. CENTRAL WINDS DEBT SERVICE FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
.
. For The Year Ended September 30, 2003
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
. Revenues:
. Taxes and special assessments $ 303,100 $ $ $
. Licenses and permits
Intergovernmental revenues
. Charges for services
. Fines and forfeitures
. Investment income 1,500 1,500 1,410 (90)
Miscellaneous
. Total revenues 304,600 1,500 1,410 (90)
.
. Expenditures:
. Current:
General government
. Public safety
. Physical environment
. Culture and recreation
Debt service:
. Principal retirement 65,000 65,000 65,000
. Interest and fiscal charges 161,830 161,830 160,755 1,075
. Bond issuance costs
. Total expenditures 226,830 226,830 225,755 1,075
. Excess (Deficiency) of
. Revenues Over Expenditures 77,770 (225,330) (224,345) 985
. Other Financing Sources (Uses)
. Transfers in 225,330 (225,330)
. Transfers out
. Refunding bonds issued
. Premium on refunding bonds
Payment to bond refunded bond escrow
. Net other financing sources
. (uses) 225,330 (225,330)
. Net Change in Fund Balance 77,770 (224,345) (224,345)
.
. Fund Balances. Beginning 23,275 23,275 23,275
. Fund Balances. Ending $ 101,045 $ 23,275 $ (201,070) $ (224,345)
.
.
.
.
.
.
.
.a
...
. 95
.
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
1997 CONSTRUCTION CAPITAL PROJECTS FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original final Amounts (Negative) .
.
Revenues: .
Taxes and special assessments $ $ $ $ .
Intergovernmental .
Investment income 3,000 3,000 2,113 (887) .
Miscellaneous
Total revenues 3,000 3,000 2,113 (887) .
.
Expenditures: .
Current: .
General government .
Capital Outlay: .
General government 25,000 .
Public safety .
Physical environment .
Culture and recreation .
Total expenditures 25,000 .
.
Excess (Deficiency) of .
Revenues Over Expenditures (22,000) 3,000 2,113 (887) .
Other Financing Sources (Uses) .
.
Transfers in .
Transfers out
Net other financing sources(uses) .
.
Net Change in Fund Balance (22,000) 3,000 2,113 (887) .
.
Fund Balances - Beginning 115,869 115,869 115,869 .
.
Fund Balances - Ending $ 93,869 $ 118,869 $ 117,982 $ (887) .
.
.
.
.
.
.
.
.
.
96 .
.
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. 1999 CONSTRUCTION CAPITAL PROJECTS FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
. Intergovernmental
. Investment income 42,000 42,000 36,270 (5,730)
. Miscellaneous
. Total revenues 42,000 42,000 36,270 (5,730)
.
. Expenditures:
. Current:
. General government
. Capital Outlay:
. General government
. Public safety
. Physical environment
Culture and recreation 1,764,700 70,000 6,207 63,793
. Total expenditures 1,764,700 70,000 6,207 63,793
.
-
. Excess (Deficiency) of
.-
... Revenues Over Expenditures (1,722,700) (28,000) 30,063 58,063
.
. Other Financing Sources (Uses)
. Transfers in
. Transfers out (547,708)
. Net other financing sources(uses) (547,708)
.
- Net Change In Fund Balance (2,270,408) (28,000) 30,063 58,063
...
-
...
.- Fund Balances - Beginning 1,992,979 1,992,979 1,992,979
...
..
...
.- Fund Balances - Ending $ (277,429) $ 1,964,979 $ 2,023,042 $ 58,063
-
.
-
-
A
-
A
...
...
-
A
-
-
-
.-
-
- 97
-
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
INFORMATION SYSTEM CAPITAL PROJECTS FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
.
Revenues: .
Taxes and special assessments $ $ $ $ .
Intergovernmental .
Investment income 700 612 (88) .
Miscellaneous
Total revenues 700 612 (88) .
.
Expenditures: .
Current: .
General government .
Capital Outlay: .
General government 57,100 62,141 60,230 1,911 .
Public safety .
Physical environment .
Culture and recreation .
Total expenditures 57,100 62,141 60,230 1,911 .
.
Excess (Deficiency) of .
Revenues Over Expenditures (57,100) (61,441 ) (59,618) 1,823 .
.
other Financing Sources (Uses) .
Transfers in .
Transfers out
Net other financing sources(uses) .
.
Net Change in Fund Balance (57,100) (61,441) (59,618) 1,823 .
.
Fund Balances - Beginning 61,441 61,441 61,441 .
.
Fund Balances - Ending $ 4,341 $ $ 1,823 $ 1,823 .
.
.
.
.
.
.
.
.
.
98 .
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
.
. TLBD IMPROVEMENT CAPITAL PROJECTS FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
. Intergovernmental
. Investment income 2,500 2,500 2,984 484
. Miscellaneous 13,500 13,463 (37)
. Total revenues 2,500 16,000 16,447 447
.
. Expenditures:
. Current:
. General government
. Capital Outlay:
. General govemment
. Public safety
. Physical environment 50,000 166,500 77,903 88,597
Culture and recreation
. Total expenditures 50,000 166,500 77,903 88,597
.
-
. Excess (Deficiency) of
-
... Revenues Over Expenditures (47,500) (150,500) (61,456) 89,044
.
. Other Financing Sources (Uses)
. Transfers in
. Transfers out (63,500)
A Net other financing sources(uses) (63,500)
...
.
- Net Change in Fund Balance (111,000) (150,500) (61,456) 89,044
.
A
...
.- Fund Balances - Beginning 141,793 141,793 141,793
....
A
... Fund Balances - Ending $ 30,793 $ (8,707) $ 80,337 $ 89,044
.-
-
...
...
.-
-
-
-
-
-
.-
-
...
-
-
-
- 99
-
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
OAK FOREST CAPITAL PROJECTS FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
Revenues: .
.
Taxes and special assessments $ $ $ $ .
Intergovernmental .
Investment income 3,000 1,200 1,370 170
Miscellaneous .
Total revenues 3,000 1,200 1,370 170 .
.
Expenditures: .
Current: .
General government .
Capital Outlay: .
General government .
Public safety .
Physical environment 31,029 27,598 3,431 .
Culture and recreation .
Total expenditures 31,029 27,598 3,431 .
.
Excess (Deficiency) of .
Revenues Over Expenditures 3,000 (29,829) (26,228) 3,601 .
other Financing Sources (Uses) .
Transfers in .
Transfers out (112,700) (84,7 48) (84,748) .
Net other financing sources(uses) (112,700) (84,748) (84,748) .
.
Net Change In Fund Balance (109,700) (114,577) (110,976) 3,601 .
.
Fund Balances - Beginning 141,116 141,116 141,116 .
.
Fund Balances - Ending $ 31,416 $ 26,539 $ 30,140 $ 3,601 .
.
.
.
.
.
A
...
.
.
.
100 .
.
.
.
.
. CITY OF WINTER SPRINGS, FLORIDA
. CENTRAL WINDS CAPITAL PROJECTS FUND
. SCHEDULES OF REVENUES, EXPENDITURES AND
.
. CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
. For The Year Ended September 30, 2003
.
.
. Variance with
. Budgeted Amounts Final Budget-
. Actual Positive
. Original Final Amounts (Negative)
.
. Revenues:
. Taxes and special assessments $ $ $ $
. Intergovernmental
. Investment income 4,000 3,679 (321)
. Miscellaneous
. Total revenues 4,000 3,679 (321)
.
. Expenditures:
. Current:
. General govemment
. Capital Outlay:
. General govemment
. Public safety
. Physical environment
Culture and recreation 201,400 190,144 190,143
. Total expenditures 201,400 190,144 190,143
.
. Excess (Deficiency) of
-
.. Revenues Over Expenditures (201,400) (186,144) (186,464) (320)
.
. Other Financing Sources (Uses)
. Transfers in
. Transfers out
. Net other financing sources(uses)
.
.- Net Change in Fund Balance (201,400) (186,144) (186,464) (320)
..
A
...
.- Fund Balances - Beginning 219,955 219,955 219,955
...
A
...
- Fund Balances - Ending $ 18,555 $ 33,811 $ 33,491 $ (320)
-
.
A
...
A
-
A
...
-
-
A
-
-
...
-
-
- 101
...
.
.
CITY OF WINTER SPRINGS, FLORIDA .
.
REVOLVING REHAB CAPITAL POJECTS FUND .
SCHEDULES OF REVENUES, EXPENDITURES AND .
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL .
.
For The Year Ended September 30, 2003 .
.
.
Variance with .
Budgeted Amounts Final Budget- .
Actual Positive .
Original Final Amounts (Negative) .
.
Revenues: .
Taxes and special assessments $ $ $ $ .
I ntergovern mental .
Investment income 6,500 6,924 424 .
Miscellaneous 106,008 212,002 105,994
Total revenues 112,508 218,926 106,418 .
.
Expenditures: .
Current: .
General govemment .
Capital Outlay: .
General government .
Public safety .
Physical environment .
Culture and recreation .
Total expenditures .
.
Excess (Deficiency) of .
Revenues Over Expenditures 112,508 218,926 106,418 .
Other Financing Sources (Uses) .
.
Transfers in 547,708 .
Transfers out
Net other financing sources(uses) 547,708 .
.
Net Change in Fund Balance 547,708 112,508 218,926 106,418 .
.
Fund Balances - Beginning 335,694 335,694 335,694 .
.
Fund Balances - Ending $ 883,402 $ 448,202 $ 554,620 $ 106,418 .
.
.
.
.
.
.
.
.
.
102 .
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
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.
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.
.
..
.
.
.
.
.
CAPITAL ASSETS USED IN THE
OPERATION OF GOVERNMENTAL FUNDS
.
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
For The Year Ended September 30, 2003
General
Government
Public
Safety
Culture
Physical And
Environment Recreation
Prior
Year
Function
Not
Available
Total
Land $ - $ - $ 269,991 $ 3,677,741 $ 5,796,396 $ 9,744,128
Buildings 1,803,305 2,883,080 110,685 395,824 5,192,894
Improvements 2,149,220 6,468,033 8,617,253
Machinery & equipment 1,122,882 2,957,002 1,022,891 599,877 5,702,652
Infrastructure 38,009,109 38,009,109
Construction in
progress 3,429,102 231,870 3,660,972
Total $ 2,926,187 $ 5,840,082 $44,990,998 $ 11,373,345 $ 5,796,396 $ 70,927,008
Deletions
Balance and Balance
09-30-02 Additions Transfers 09-30-03
General Government $ 2,817,914 $ 240,395 $ 132,122 $ 2,926,187
Public Safety 5,375,960 765,281 301,159 5,840,082
Physical Environment 42,702,149 2,366,737 77,888 44,990,998
Culture & Recreation 10,000,017 1,420,806 47,478 11,373,345
Prior year function not
available 5,796,396 5,796,396
Total $ 66,692,436 $ 4,793,219 $ 558,647 $ 70,927,008
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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
Government-Wide Expenses by Function
Government-Wide Revenues
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
Schedule of Ten Largest Taxpayers
Special Assessment Billings and Collections
Legal Debt Margin
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation
Bonded Debt Per Capita
Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General
Governmental Expenditures
Computation of Direct and Overlapping General Obligation Debt
Revenue Bond Coverage
Demographic Statistics
Property Values and Construction
Miscellaneous Statistical Data
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Fiscal General Public Physical Culture and
Year Government Safety Environment Recreation
1994 * * * *
1995 * * * *
1996 * * * *
1997 * * * *
1998 * * * *
1999 * * * *
2000 * * * *
2001 * * *
2002 5,177,508 6,838,109 2,746,869 1,629,128
2003 4,639,843 7,870,237 2,765,010 1,746,602
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CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENT - WIDE EXPENSES BY FUNCTION
Last Ten Fiscal Years
* Data not available prior to the implementation of GASB 34.
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. 856,851
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. 1,404,081
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Water and Development Loss on Dispostion
Sewer Services Stormwater of Capital Assets Total
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5,438,325 529,080 23,215,870
5,508,169 551,529 630,418 61,462 25,177,351
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Fiscal
Year
Charges
For
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Taxes
Intergov-
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CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENT - WIDE REVENUES
Last Ten Fiscal Years
1994 * * * * *
1995 * * * * *
1996 * * * * *
1997 * * * * *
1998 * * * * *
1999 * * * * *
2000 * * * * *
2001 * * * * *
2002 10,316,290 111,003 945,286 9,275,951 4,783,271
2003 12,013,963 24,973 2,327,936 9,822,413 5,228,541
* Data not available prior to the implementation of GASB 34.
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. 546,134 25,977,935
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. 635,467 30,053,293
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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
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
2001 3,483,821 6,407,678 1,923,892
2002 4,996,156 6,616,299 3,638,893
2003 4,611,253 8,004,429 4,070,977
(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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. 634,147 668,910 934,731 7,623,333
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. 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
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. 814,125 2,454,088 963,044 11,374,146
. 843,115 2,705,800 967,605 12,993,819
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. 1,042,556 1,792,208 2,057,757 14,093,182
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. 1,200,702 4,347,463 978,819 17,136,846
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. 1,301,005 1,111,782 1,477,381 15,705,559
. 1,928,853 4,909,258 1,553,083 23,642,542
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. 2,635,168 362,081 2,057,487 21,741,395
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CITY OF WINTER SPRINGS, FLORIDA .
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GENERAL GOVERNMENTAL REVENUES BY SOURCE .
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Last Ten Fiscal Years .
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Licenses Inter- Charges .
Fiscal And Governmental For Fines and .
Year Taxes Permits Revenues Services Forfeitures .
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1994 4,970,690 1,222,808 1,863,892 104,724 169,940 .
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1995 4,874,118 857,024 2,020,651 132,191 154,556 .
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1996 5,234,145 949,701 2,183,187 206,210 178,234 .
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1997 5,406,995 990,477 2,290,120 687,152 208,667 .
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1998 5,967,375 943,220 2,583,849 742,766 183,714 .
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1999 6,298,975 1,762,848 2,918,244 914,748 249,206 .
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2000 7,322,542 931,588 3,261,472 1,073,902 298,357 .
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2001 7,791,759 758,367 3,430,537 825,621 415,896 .
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2002 9,631,943 1,423,945 5,317,393 2,168,901 330,339 .
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2003 10,121,036 811,442 5,918,049 2,307,260 369,024 .
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. Investment Misc.
. Income Income Total (1)
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. 305,127 8,979,350
. 342,169
. 462,256 610,659 9, 111 ,455
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. 429,517 595,403 9,776,397
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. 454,922 641,202 10,679,535
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. 447,343 737,539 11,605,806
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. 383,955 927,367 13,455,343
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. 597,515 13,676 13,499,052
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. 597,612 131,010 13,950,802
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Delinquent Percentage of
Total Current Tax Tax Total Tax Total Collections
Fiscal Year Tax Levy (1) Collections Collections Collections To Tax Levy
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%
2001 3,771,445 3,618,281 7,288 3,625,569 96.13%
2002 4,467,419 4,270,430 7,277 4,277,707 95.80%
2003 5,277,940 5,084,586 13,475 5,098,061 96.59%
(1) Gross taxes before discount of 1 % - 4%, depending on month paid
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
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 1,127,792 1,149,603 31,494 32,104
2000 1999 1,254,009 1,264,122 34,604 34,883
2001 2000 1,324,389 1,354,181 40,568 41,481
2002 2001 1,499,344 1,534,641 45,241 46,306
2003 2002 1,642,170 1,655,413 43,759 44,112
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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. 186,417 665,671 851,849 78,14%
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. 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%
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. 253,253 906,033 1,181,707 76.67%
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. 315,632 972,981 1,299,005 74.90%
. 299,567 1,065,390 1,395,662 76.34%
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. 359,845 1,184,740 1,580,947 74.94%
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. 418,960 1,266,969 1,699,497 74.55%
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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
1994 3.9221 5.3620 10.0710 0.4820 19.8371
1995 3.7626 5.1640 10.0930 0.4820 19.5016
1996 3.7023 5.1640 10.2910 0.4820 19.6393
1997 3.6083 5.1640 10.2580 0.4820 19.5123
1998 3.6000 5.1640 10.0360 0.4820 19.2820
1999 3.5495 5.1580 9.9180 0.4820 19.1075
2000 3.5495 4.9990 9.5410 0.4820 18.5715
2001 3.5400 5.2197 9.1620 0.4620 18.3837
2002 3.7708 4.9989 8.5230 0.4620 17.7547
2003 4.1658 5.2075 9.0000 0.4620 18.8353
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Source: Seminole County Tax Collector's Office
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
September 30, 2003
Taxable Assessed
Valuation as of PercentaQe of Total Taxable
2002 Tax Roll (1) Value
Type of
Business
Taxpayer
$ 22,627,410 1.91%
13,800,910 1.16%
12,173,327 1.03%
7,378,850 0.62%
6,087,962 0.51%
4,774,657 0.40%
3,488,744 0.29%
3,338,133 0.28%
3,290,694 0,28%
3,190.308 0.27%
80,150,995 6.77%
1.104.589.275 93.23%
$1 184740270 100 00%
Golf Terrace, Ltd.
Courtney Springs LP
Florida Power Corp.
United Dominion Realty Trust
Tuscawilla Cay LLC & Trsc
54th LLC
Hacienda Village Co-Op, Inc.
Time Warner Communications
BellSouth Communications
Centex Homes
Winter Springs Golf LLC
Property Management
Property Management
Electric Utility
Property Management
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5.
Developer
Property Management
Utilities
Utilities
Builder
Developer
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10.
Total taxable assessed valuation of 10 largest
Taxpayers
Total taxable assessed valuation of other
Taxpayers
Total taxable assessed valuation of all
Taxpayers
Source: Seminole County Property Appraiser's Office
(1) The tax levy for this fiscal year ended September 30, 2003 is based on the 2002 assessed
values.
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CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Last Ten Fiscal Years
Tax Fiscal Special
Year Special Assessments Billings Year Assessments Collected
Oak Oak
Forest TLBD Total Forest TLBD Total
1998 $ $ $ 1999 $ $153,378 (2) $153,375
1999 116,557 116,557 2000 116,557 (2) 116,557
2000 11,518 11,518 2001 103,009 (1) 1,588 (2) 104,597
2001 12,055 40,000 52,055 2002 29,346 (1) 40,000 69,346
2002 12,619 45,000 57,619 2003 95,000 (1) 45,000 140,000
(1) - includes prepayments and excess construction funds
(2) - monies used to reduce amount of bond issue
Special Assessment Debt Issued:
Oak Forest
TLBD
June 2000
May 2001
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CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2003
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
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
(3) Bonded
(2) Gross (4) Net Debt to Net Bonded
Fiscal (1 ) Assessed Bonded Less Debt Bonded Assessed Debt per
Year Population Value Debt Service Fun< Debt Value Coverage
1994 24,772 $ 665,671,000 $ - $ - $ 0% $
1995 25,673 708,400,000 0%
1996 26,474 748,117,000 0%
1997 27,466 798,928,000 0%
1998 28,404 854,119,000 0%
1999 29,220 906,033,000 0%
2000 30,860 972,981,000 0%
2001 31,666 1,065,390,000 0%
2002 32,082 1,184,740,000 3,400,000 23,275 3,376,725 0.285% 105.25
2003 32,572 1,266,969,110 3,335,000 24,260 3,310,740 0.261 % 101.64
(1) Source: East Central Florida Regional Planning Councilor University of Florida Bureau
of Economic and Business Research
(2) Source: From the Assessed and Estimated Value of Taxable Property table in this section
(3) Amount does not include special assessment bonds and revenue bonds
(4) Amount available for repayment of limited general obligation bonds, which were issued
in 2002
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CITY OF WINTER SPRINGS, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT (1)
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
Last Ten Fiscal Years
(3)
(2) Total Ratio of
Total General Debt Service to
Fiscal Debt Governmental General Governmental
Year Principal Interest Service Expenditures Expenditures
1994 $ $ $ $ 7,623,333 0%
1995 8,991,664 0%
1996 9,643,310 0%
1997 11,374,146 0%
1998 12,993,819 0%
1999 14,093,182 0%
2000 17,136,846 0%
2001 15,705,559 0%
2002 55,625 55,625 23,642,542 0.24%
2003 65,000 80,165 145,165 21,741,395 0.67%
(1) Special assessment debt with government commitment are excluded
(2) Excludes bond issuance and other costs
(3) Includes expenditures of General, Special Revenue, Debt Service and Capital Projects Fund
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CITY OF WINTER SPRINGS, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
September 30, 2003
Jurisdiction
Net General
Obligation
Debt
OutstandinQ
Seminole County
$28,705,000
17.580.000
Seminole County School Board
Total Overlapping Debt
46,285,000
Total Direct Debt (1)
3.335,000
$49.620.000
Total Direct and Overlapping Debt
Applicable To
City Of Winter SprinQ5
Percent (1) Amount
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6.93%
$1,989,256
1.218.294
6.93%
3,207,550
3.335.000
$6.542.550
(1) The City of Winter Springs has a "limited" general obligation bond that is being repaid through
a levy not to exceed one quarter of one mil on all taxable property in the City.
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
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
2001 6,493,205 3,438,641 3,054,564 930,000 1,383,337 2,313,337 1.32
2002 6,376,430 3,840,397 2,536,033 420,000 1,251,116 1,671,116 1.52
2003 7,000,193 3,992,489 3,007,704 780,000 1,046,997 1,826,997 1.65
(1) Revenues include investment income, connection fees, and other income
(2) Direct operating expenses ex~ludes depreciation and interest expense but includes operating
transfers out
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CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC STATISTICS
(2) (3)
School Seminole
Enrollment County
(1) Unemployment
Fiscal Year Population Rate
1994 24,772 3268 5.1%
1995 25,673 3297 4.0%
1996 26,474 3390 3.3%
1997 27,466 3988 3.1%
1998 28,404 5967 2.6%
1999 29,220 5711 2.6%
2000 30,860 5776 2.6%
2001 31,666 6421 4.1%
2002 32,082 6508 5.0%
2003 32,572 7413 5.1%
(1) Source: East Central Florida Regional Planning Councilor University of Florida Bureau of
Economic and Business Research
(2) Source: Seminole County Public School Board
(3) Source: U.S. Bureau of Labor Statistics
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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
1994 411 0 48,965 2,000 4,200 55,165
1995 333 1 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 56,760 1,331 4,410 62,501
1999 418 42 123,290 4,898 6,580 134,768
2000 285 1 45,773 6,967 1,189 53,929
2001 163 16 31,775 3,403 1,039 36,217
2002 135 0 30,057 7,467 1,196 38,720
2003 263 0 63,120 19,800 2,274 85,194
(1) Source: City of Winter Springs Building Department
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CITY OF WINTER SPRINGS
MISCELLANEOUS STATISTICAL DATA
September 30, 2003
Date of Incorporation
1959
City Charter Adopted
1972
Form of Government
Commission-City Manager
Commission Composed of
5 Members
Areas of City
14.96 Square miles
Miles of Streets
Fire Protection:
Stations
Firefighters and Officers
Police Protection:
Stations
Sworn Officers
Recreation and Culture:
Number of Community Parks
Number of Neighborhood Parks
Number of Mini 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
99.32 miles
2
41
1
63
12,066
3.787 MGD
150.07
12 MGD
7
929
4.212 MGD
2.343 MGD
103.31
Building Permits Issued-Fiscal year 2003
1,951
City Employees:
Classified Service
Exempt
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REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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~ MCDIRMIT DAVIS PUCKETT
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 basic financial statements of the City of Winter Springs, Florida, as of and
for the year ended September 30, 2003, and have issued our report thereon dated December 3,
2003. We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance - As part of obtaining reasonable assurance about whether the City of Winter
Springs, Florida's basic 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 the City of Winter Springs, Florida, in a separate letter and dated
December 3, 2003.
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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 basic financial
statements and not to provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all
matters in the internal control over financial reporting that might be material weaknesses. A
material weakness is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that misstatements in
amounts that would be material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses. However, we noted other matters
involving the internal control over financial reporting that we have reported to the Management of
the City of Winter Springs, Florida, in a separate letter dated December 3, 2003.
MCDIRMIT DAVIS PUCKETT & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
605 E. ROBINSON STREET, SUITE 635. ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406' FAX 407-649~9339 . EMAIL: lNFO@MDPCPA.COM
MEMBERS: PRIV^ oE COMPMIIES PRACTICE SECTIOJ\. AMERICA, INSTITUTE OF Ct.RTIFIED PUBLIC ACCOliNTA>;TS ' FLORIDA I,STITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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This report is intended solely for the information and use of management, the City Commission
and the Auditor ~eneral of the State of Florida, and is not intended to be, and should not be used
by anyone other than these specified parties.
McDIRMIT DAVIS PUCKETT & COMPANY, LLC
December 3, 2003
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~ MCDIRMIT DAVIS PUCKETT
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
AND INTERNAL CONTROL OVER COMPLIANCE APPLICABLE
TO THE MAJOR STATE PROJECT
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Winter Springs, Florida
Compliance
We have audited the compliance of the City of Winter Springs, Florida with the types of
compliance requirements described in the Executive Office of the Governor's State Projects
Compliance Supplement, that are applicable to the major state project for the year ended
September 30, 2003. The City of Winter Springs' major state project is identified in the summary
of auditor's results section of the accompanying Schedule of Findings and Questioned Costs.
Compliance with the requirements of laws, regulations, contracts and grants applicable to its
major state project is the responsibility of the City of Winter Springs, Florida management. Our
responsibility is to express an opinion on the City of Winter Springs, Florida compliance based on
our audit.
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We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and
Chapter 10.650, Rules of the Auditor General. Those standards, and Chapter 10.650, Rules of
the Auditor General require that we plan and perform the audit to obtain reasonable assurance
about whether noncompliance with the types of compliance requirements referred to above that
could have a direct and material effect on a major state project occurred. An audit includes
examining, on a test basis, evidence about City of Winter Springs, Florida compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit
does not provide a legal determination on the City of Winter Springs, Florida compliance with
those requirements.
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In our opinion, the City of Winter Springs, Florida, complied, in all material respects, with the
requirements referred to above that are applicable to its major state project for the year ended
September 30, 2003.
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MCDIRMIT DAVIS PUCKETT & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
605 E. ROlliNSON STREET, SUITE 635. ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406 . FAX 407-649-9339 . EMAIL: INFO@MDPCPA.COM
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Internal Control Over Compliance
The management of the City of Winter Springs, Florida is responsible for establishing and
maintaining effective internal control over compliance with requirements of laws, regulations,
contracts and grants applicable to federal programs and state projects. In planning and
performing our audit, we considered the City of Winter Springs, Florida internal control over
compliance with requirements that could have a direct and material effect on a major state project
in order to determine our auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with Chapter
10.650 Rules of the Auditor General.
Our consideration of the internal control over compliance would not necessarily disclose all
matters in the internal control 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 noncompliance with applicable requirements of
laws, regulations, contracts and grants that would be material in relation to a major state program
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 compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information and use of management, the City, the Auditor
General of the State of Florida and state awarding agencies and is not intended to be and should
not be used by anyone other than these specified parties.
~ ~~tf~/LLt:.
December 3, 2003
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
Year Ended September 30, 2003
State Aqencv/State Proiect CSF A No. Contract No. Expenditures
Florida Department of
Environmental Protection:
Florida Recreation Development
Assistance Program 37.017 F03670 $406.467
Note: This Schedule of Expenditures of State Financial Assistance is presented on the
accrual basis of accounting in accordance with requirements of Section 215.97,
Florida Statutes.
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CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS-
STATE PROJECT
Year Ended September 30, 2003
A. Summary of Auditor's Findings
1. The auditor's report expresses an unqualified opinion on the financial statements of the
City of Winter Springs, Florida.
2. No instances of noncompliance material to the financial statements of the City of Winter
Springs, Florida were disclosed during the audit.
3. The auditor's report on compliance for the major state project for the City of Winter
Springs, Florida, expresses an unqualified opinion.
4. The program/project tested as major program/project included the following:
State Proiect
Florida Department of Environmental Protection -
Florida Recreation Development Assistance
Program
State CSFA No.
5. The threshold for distinguishing Type A and Type B programs/projects was $300,000 for
major state projects.
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~. MCDIRMIT DA. VIS PUCKETT
MANAGEMENT COMMENTS
Honorable Mayor and City Commission
City of Winter Springs, Florida
In planning and performing our audit of the basic financial statements of the City of Winter
Springs, Florida, for the year ended September 30, 2003, we considered its internal control to
determine our auditing procedures for the purpose of expressing our opinion on the basic
financial statements and not to provide assurance on internal control. The following findings
and recommendations, which resulted from our consideration of internal control, are submitted
to assist in improving procedures and controls. In addition, this report includes other
disclosures required by Rules of the Auditor General, State of Florida.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. We have issued our
Report on Compliance and Internal Control over Financial Reporting, in accordance with
Government Auditing Standards, Report on Compliance and Internal Control over Compliance
Applicable to the Major State Project, and Schedule of Findings and Questioned Costs.
Disclosures in those reports and schedule, which are dated December 3, 2003, should be
considered in conjunction with this management letter.
This management letter is intended solely for the information of the City of Winter Springs, Florida
and management, and the State of Florida Office of the Auditor General and is not intended to be
and should not be used by anyone other than those specified parties.
~~~f~/a~
MCDIRMIT DAVIS PUCKETT & COMPANY, LLC
December 3,2003
MCDIRMIT DAVIS PUCKETT & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
605 E. ROBINSON STREET, SUITE 635. ORLANDO, FLORIDA 32801
TELEPHONE 407-843-5406' FAX 407-649-9339' EMAIL: INFO@MDPCPA.COM
Mf:MBf:RS: PRIVATf: COMPANlr.5 PRACTICE SECTIO~. AMf:RICA" INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS' FLORIDA I"STITUTF. OF CERTIFIl'D PUBLIC ACCOUNTANTS
132
Management Comments
City of Winter Springs, Florida
December 3, 2003
Page Two
A.
Status of Prior Year Comments
1. Budqet Monitorinq
As we have stated in prior years, 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. For the year ended September 30,
2002, there were five (5) special revenue funds, two (2) debt service funds and one
(1) capital projects fund that reported actual expenditures in excess of budget
expenditures. These over expenditures were funded either by greater than
anticipated revenues or by available fund balance. There were also three (3) special
revenue funds and one (1) capital projects fund that had appropriations in excess of
anticipated revenue and prior year's fund balance.
Recommendation
We recommend the budget be amended before the fiscal year is closed out so that
there are variances as described above.
Corrective Action
During the fiscal year ended September 30, 2003, budgets were amended for
most funds. The Pubic Service Tax and Electric Franchise Fee Special Revenue
Funds did have actual transfers out in excess of budgeted transfers out because
these funds must transfer out all funds collected during the year.
2. Utility Billinq System
As noted in the previous years comments, the City needs to continue correcting
some of the problems with the Utility Billing System and additional training for
employees. Specifically, some of the utility billing details do not agree with the
general ledger balances nor are they reconciled with the general ledger on a
monthly basis.
Recommendation
We recommend that the City work with MUNIS to resolve problems and get proper
training for employees.
Corrective Action
During 2003, utility billing detail was being reconciled to the general ledger on a
regular basis, so no further comment is required.
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Management Comments
City of Winter Springs, Florida
December 3, 2003
Page Three
3. Bond Compliance
The Improvement Refunding Revenue Bonds, Series 1999, Federal Tax
Certificate requires that at least 85 percent of the bond proceeds be expended
within three years of the issue date of July 8, 1999. At September 30, 2002,
approximately 80 percent of bond proceeds had been spent.
Recommendation
We recommend that the City invest remaining proceeds only at a yield restricted
to bond yield rate and commit to spend remaining proceeds as soon as possible.
Corrective Action
The City only spent $6,207 out of the 1999 Construction Capital Projects Fund
during 2003; therefore we will repeat this comment under current year
comments.
B. Current Year Comments
1. Utility Billinq Credits
During 2003, the City implemented many procedures to strengthen intemal controls
over cash receipts. One of these procedures is that the controller reviews both
reversal approval logs and refund and reversal batches to make sure they are
proper. However, no one is approving credits or reversals made by the utility
services department. The MUNIS system does not currently provide a report with
the name of the customer so that repetitive credits to a particular customer could be
identified.
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We recommend that the City implement a procedure where all credits must be
approved by the utility services manager. We would also suggest that the utility
services manager not be able to issue credits. In addition, the City should
request from MUNIS an enhancement of the existing credit report to show the
customer's name.
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2.
Bond Compliance
As noted under prior year comments, the City has not met the requirement that at
least 85% of the Improvement Refunding Revenue Bonds, Series 1999,
proceeds be expended within three years of the issue date of July 8, 1999. At
September 30, 2003, approximately 80% of bond proceeds had been spent.
Recommendation
We recommend that the City continue to invest remaining proceeds only at a
yield restricted to bond yield rate and commit to spend the remaining proceeds
as soon as possible.
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Management Comments
City of Winter Springs, Florida
December 3, 2003
Page Four
3. Grant Expenditures
During the 2003 fiscal year, the City received grants for Torcaso Park
improvements from both Seminole County and the State of Florida. The
requests for reimbursements to the county and the state included some duplicate
expenses. This mistake occurred because of a misunderstanding of the match
requirements for the State of Florida FRDAP grant. There were additional
expenditures relating to Torcaso Park which were not included on the original
request for reimbursement that are eligible under the FRDAP grant, and the City
will submit a revised schedule including these additional expenditures to the
state. Therefore, we will not report this in the Schedule of Findings and
Questioned Costs - State Project since we do not believe this mistake will result
in the City having to refund grant funds in an amount that would be material to
the major state project.
Recommendation
We recommend that the Finance Department obtain additional training in grant
compliance to insure that grant requests for reimbursement are properly
prepared.
C.
Comments Required bv 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 year 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 by the Laws of Florida
59-1614. There were no component units identified by the City.
4. The City of Winter Springs, Florida has complied with Section 218.415,
Florida Statutes, regarding the investment of public funds.
5. As required by the Rules of the Auditor General, Section 10.554 (g)(6)c
and 10.556(8), we applied financial condition assessment procedures.
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone: (407) 327-1800
Fax: (407) 327-4753
Website: www.winterspringsfl.org
March 22, 2004
McDirmit Davis Puckett & Company, LLC
605 E. Robinson Street, Suite 635
Orlando, Florida 32801
Dear Sir or Madam:
Your management comments related to fiscal year ended September 30, 2003 were well received
by both the City Manager and the Finance Department. The comments represent opportunities
for improvement, which will be pursued in fiscal year 2004. Below are the responses to your
management comments as required by the Rules of the Auditor General of the State of Florida.
Utility Billing Credits
We concur with the recommendation. We have implemented procedures requiring approval of all
credits by the Finance pirector and have requested a modification of the existing
credit/maintenance report to include the customer name so that repetitive credits can be identified.
Bond Compliance
We concur with the recommendation. Funds are currently in essence "yield restricted" due to the
investment environment. Construction delays unfortunately came into play; however, the City is
committed to spending the remaining bond proceeds as soon as possible and will make every
effort to do so.
Grant Expenditures
We concur with the recommendation. During the summer of 2003 the Finance department
implemented project accounting which enables the City to capture all costs associated with a
project in one place, regardless ofthe funding sources for that project. We believe that this tool
will provide us with better controls over spending for future projects. Additionally, both the
Finance department and the Parks department will be attending training courses to increase our
understanding of grant requirements and compliance.
Sincerely,
(i~~~~?7
City Manager
~(!~~
Interim Finance Director
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