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City of Winter Springs, Florida
Comprehensive Annual Financial Report
For the Fiscal Year Ended
September 30, 2015
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City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2015
Prepared by:
Finance and Administrative Services 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, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2015
i
Page
I. Introductory Section:
Table of Contents i-iii
Letter of Transmittal iv-vii
GFOA Certificate of Achievement viii
List of Principal Officials ix
Organizational Chart x
II. Financial Section:
Independent Auditor’s Report 1-2
Management’s Discussion and Analysis 3-17
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position 18
Statement of Activities 19
Fund Financial Statements:
Balance Sheet - Governmental Funds 20-21
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Position
22
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds 23-24
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities 25
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
General Fund 26-27
Road Improvements Special Revenue Fund 28
Solid Waste/Recycling Special Revenue Fund 29
Statement of Net Position - Proprietary Funds 30-31
Statement of Revenues, Expenses and Changes in
Fund Net Position - Proprietary Funds 32
Statement of Cash Flows - Proprietary Funds 33-34
Statement of Fiduciary Net Position - Fiduciary Funds 35
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 36
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2015
ii
Page
II. Financial Section - Continued:
Notes to Financial Statements 37-76
Required Supplementary Information
Schedule of Funding Progress - Retiree Continuation Insurance Plan 77
Schedule of Employer Contributions - Retiree Continuation Insurance
Plan 77
Schedule of Changes in Net Pension Liability and Related Ratios 78
Schedule of Contributions 79
Schedule of Investment Returns 80
Combining and Individual Fund Statements and Schedules:
Major Governmental Funds:
Schedule of Revenues and Expenditures and Changes in Fund
Balance - Budget and Actual:
TLBD Debt Service Fund 81
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds 82-87
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds 88-93
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds 94-105
Debt Service Funds 106-110
Capital Projects Funds 111-114
III. Statistical Section:
Financial Trends
Net Position by Component 115
Changes in Net Position 116-117
Governmental Activities Tax Revenues by Source 118
Fund Balances of Governmental Funds 119
Changes in Fund Balances of Governmental Funds 120-121
Revenue Capacity
Assessed Value and Estimated Actual Value of Taxable Property 122
Property Tax Rates, Direct and Overlapping Governments 123
Special Assessment Billings and Collections 124
Principal Property Taxpayers 125
Property Tax Levies and Collections 126
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2015
iii
Page
III. Statistical Section - Continued:
Debt Capacity
Legal Debt Margin 127
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita 128
Ratio of Outstanding Debt by Type 129
Direct and Overlapping Governmental Activities Debt 130
Pledged-Revenue Coverage 131-132
Demographic and Economic Information
Demographic and Economic Statistics 133
Principal Employers 134
Operating Information
Budgeted Full-time Equivalent City Government Employees by Function 135
Operating Indicators by Function 136-137
Capital Asset Statistics by Function 138
IV. Other Reports:
Independent Auditor’s Report on Internal Control over Financial Reporting
And on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government Auditing
Standards 139-140
Independent Auditor’s Report on Compliance for Each Major Federal
Program and on Internal Control Over Compliance in Accordance
With OMB Circular A-133 141-142
Schedule of Expenditures of Federal Awards 143
Notes to Schedule of Expenditures of Federal Awards 144
Schedule of Findings and Questioned Costs - Federal Award Programs 145
Management Letter 146-147
Communication with Those Charged with Governance 148-150
Independent Auditor’s Report on Compliance with the Requirements of
Section 218.415, Florida Statutes 151
Affidavit of Impact Fee Compliance 152
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
iv
March 17, 2016
To the Honorable Mayor, City Commission and Citizens of the City of Winter Springs, Florida:
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, 2015. Florida Statutes, Chapter
166.241 and the rules of the Florida Auditor General, Chapter 10.550 require that all general-purpose local
governments publish a complete set of financial statements presented in conformity with Generally
Accepted Accounting Principles (GAAP) and that they be audited in accordance with Generally Accepted
Auditing Standards (GAAS) by a firm of licensed Certified Public Accountants.
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 benefit, 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, to the best of our knowledge and belief, we assert that this financial report is complete and
reliable in all material respects.
The City of Winter Springs’ financial statements have been audited by McDirmit, Davis & Company, a firm
of licensed certified public accountants. The goal of the independent audit is to provide reasonable
assurance that the financial statements of the City of Winter Springs for the fiscal year ended September
30, 2015 are free of material misstatement. The independent audit involved examination of evidence, on
a test basis, supporting the amounts and disclosures in the financial statements; assessment of the
accounting principles used and significant estimates made by management; and an evaluation of the
overall financial statement presentation. Based upon the audit, the independent auditor concluded that
reasonable basis existed to render an unmodified opinion that the City of Winter Springs’ financial
statements for the fiscal year ended September 30, 2015 are fairly presented in conformity with GAAP.
The independent auditor’s report is presented as the first component of the financial section of this report.
The City of Winter Springs’ Management’s Discussion and Analysis (MD&A) can be found immediately
following the report of the independent auditors and provides a narrative introduction, overview, and
analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be
read in conjunction with it.
Profile of the Government
The City of Winter Springs, incorporated in 1959, is located in Seminole County, which is a part of the
greater Orlando metropolitan area in East Central Florida. This area is one of the fastest growing areas in
the country. The City currently has a land area of 14.81 square miles and a population of approximately
35,000.
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The City operates according to a Council/Manager form of government, with an appointed City Manager,
five elected City Commissioners and a separately elected Mayor. The Mayor and Commission are
elected for four-year terms. The governing body is responsible for, among other things, passing
ordinances, adopting the budget, appointing committees, and hiring the City’s Manager, Clerk and
Attorney. The City Manager is responsible for carrying out the policies and ordinances of the governing
body, for overseeing the day-to-day operations of the government and for hiring the directors of the
various departments.
The City of Winter Springs provides a full range of services, including police protection; the construction
and maintenance of highways, streets and other infrastructure; and recreational facilities, activities and
cultural events. The City maintains both a Water and Sewer Utility Fund, a Stormwater Utility Fund, and a
Development Services Fund, which function, in essence, as departments of the City of Winter Springs and
therefore have been included as an integral part of the City of Winter Springs’ financial statements.
The annual budget serves as the foundation for the City of Winter Springs’ financial planning and control.
All departments of the City of Winter Springs are required to submit requests for appropriation to the City
Manager. The City Manager uses these requests as the starting point for developing a proposed budget.
The City Manager then presents the proposed budget to the City Commission for review on or before July
1. The City Commission is required to hold public hearings on the proposed budget and to adopt a final
budget no later than September 30, the close of the City’s fiscal year. The appropriated budget is
prepared by fund (e.g., General Fund), department (e.g., Police Department) and division (e.g., Criminal
Investigation). 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. The General Fund, the Road Improvements Fund and the Solid Waste/Recycling
Fund, are presented on pages 26-29 as part of the basic financial statements for the governmental funds.
The TLBD Debt Service Fund budget-to-actual comparison is presented on page 81. The non-major
governmental funds budget comparisons are presented in the governmental fund subsection of this report
which starts on page 94.
Factors Affecting Financial Condition
The information presented in the financial statements is best understood when it is considered from the
broader perspective of the specific environment within which the City of Winter Springs operates.
Seminole County has adopted a one-cent local government infrastructure sales tax which will be in effect
from January 1, 2015 through December 31, 2024. The intent of this legislation is to improve the
infrastructure of the Seminole County public school system and other public infrastructure within the
County and its municipalities. Per the interlocal agreement, 2.99% of net revenues are to be distributed to
the City of Winter Springs. It is estimated that this distribution will be nearly $2M for the fiscal year 2015-
2016.
Approximately 89% of the City’s tax base is comprised of residential properties with a small amount of
retail office and light industrial developments. Per the DR 422 (Certificate of Final Taxable Value) and
relative to the 2014-2015 fiscal year (tax year 2014), the gross taxable value reflects an increase of 6.6%
from the prior year and an increase of 5.3% since fiscal year 2006. During fiscal year 2014-2015 (tax year
2014), through prudent fiscal management, the City was able to maintain operating and voted debt millage
rates at 2.43 and 0.1100 mills, respectively. At the local level, revenues such as review and permit fees,
investment income and state sales tax revenues have rebounded and are showing signs of sustainable
growth.
New construction in Winter Springs is robust. The RiZe, an upscale apartment-living experience in the
Town Center is nearly complete with leasing expected to begin in March of 2016. The Seven Oaks
subdivision will add 138 new single-family homes. The Greens at Tuscawilla, Tuscany Place & Jesup’s
Landing are adding beautiful townhomes which should be completed by the end of 2016. In 2015, the City
vi
permitted 18,000 square feet of commercial sites. Those in active development include Lakeside Assisted
Living Facility and Big City Catering, a 19,000+ square foot banquet facility on scenic Lake Jesup. New
single-family residential projects include Northern Oaks, Southern Oaks and Pollack Shores in the Town
Center (multi-family). Plans for the Cross Seminole Trail link between Layer Elementary and Old Sanford-
Oviedo Road and the Magnolia Park Amphitheater are underway. In November of 2014, Meritage Homes
and Operation Home Front gifted Army National Guard Sergeant Keith Hale, his wife Tianna and three
children with a mortgage-free home. All this and more contribute to the economic and cultural growth of
the City.
Winter Springs boasts great neighborhood schools. For the 11th year in a row, Seminole County Public
Schools remains an “A” –rated school district; for the 2013/14 school year, four out of five elementary and
middle schools were “A” rated schools. Winter Springs is also home to Choices in Learning Charter
School, Willow School, The Primrose School, and Irblich Holistic Preschool which provide diverse
educational options. Nearby Seminole State College and University of Central Florida offer our community
an affordable and excellent higher education choice.
Winter Springs continues its partnership with the UCF Business Incubation Program to foster the
development of early-stage businesses in Central Florida. We have also partnered with Seminole County
in the Community Redevelopment Agency (CRA) to build out neighborhood improvements at Shepard
Road as part of the 17-92 Corridor Redevelopment Plan. Funding for the CRA relies on the annual tax
revenue that is generated from the appreciation of property values above the established base level
(1997).
Winter Springs continues to offer its citizens the highest quality services and community-minded events.
Winter Springs has been host to the Central Florida Scottish Highland Games for the fourteenth
consecutive year. The Oviedo-Winter Springs Chamber of Commerce offers a variety of art and music at
the Town Center’s ARTtoberFEST event. The city partners with a number of sport leagues and clubs such
as Babe Ruth & Pop Warner contributing a variety of sports activities. We host a spring break and summer
camp program offering affordable day camp options and host a number of holiday events including
Father-Daughter Dance, Spring Family Festival, the Celebration of Freedom, Hometown Harvest, a salute
to our veterans in the Veteran’s Day Ceremony, and Winter Wonderland.
Winter Springs’ finest have teamed up with the Oviedo Police Department to host events such as Cops &
Kids and the Kids’ House of Seminole Kickball Tournament which helps abused children. During the
holiday season needy children from Winter Springs’ families are invited to participate in our annual ‘Shop
with a Cop’ festivities. Parks and Recreation has been busy with numerous park upgrades including new
bleachers and shade structures at the Central Winds ball fields. Together with the Winter Springs Senior
Association, a number of activities and outings are offered to our seniors such as yoga, ceramics and the
very popular Touch of Class line dancing group. Highlighted here are some of what makes the City of
Winter Springs a top choice for families.
Long-term financial planning. The City Commission updated and adopted a 5-year Capital
Improvements Plan (CIP) in September 2014 for fiscal years 2015 through 2019. The CIP is a multi-year
prioritized schedule of improvements that lists each capital improvement with the year of intended
purchase/ commencement; annual expenditure; and method of financing. Each year the CIP is reviewed
to ensure that all necessary capital improvements are incorporated into the budget process. It should be
noted; however, that the CIP is not a static document but a flexible and dynamic one that may change to
reflect changing priorities, opportunities, costs, or financing approach.
Relevant Financial Policies. In fiscal year 2014, the City had implemented GASB 67: Financial
Reporting for Pension Plans, and in fiscal year 2015, GASB 68: Accounting and Financial Reporting for
Pensions.
Major Initiatives. During fiscal year 2015, the City completed the third phase of implementation of its new
ERP system and continued improvements in customer service and information reporting. Also many of our
YLL
viii
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2015
ELECTED OFFICIALS
MAYOR Charles Lacey
DEPUTY MAYOR / COMMISSIONER Joanne M. Krebs
COMMISSIONER Cade Resnick
COMMISSIONER Pam Carroll
COMMISSIONER Kevin Cannon
COMMISSIONER Jean Hovey
CITY MANAGER
Kevin L. Smith
CITY CLERK
Andrea Lorenzo-Luaces
LEGAL COUNSEL
Anthony Garganese
Garganese, Weiss &
D’Agresta, P.A.
DEPARTMENT
DIRECTORS
COMMUNITY DEVELOPMENT Randy Stevenson
FINANCE/ADMIN SERVICES Shawn Boyle
INFORMATION SERVICES Joanne Dalka
PARKS AND RECREATION Chris Caldwell
POLICE CHIEF Kevin Brunelle
UTILITY/PUBLIC WORKS Kipton Lockcuff
ix
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FINANCIAL SECTION
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MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
1
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Report on the Financial Statements
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, 2015, and the related noted to the financial statements,
which collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
City of Winter Springs’ management is responsible for the preparation and fair presentation of these
financial statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund, and
the aggregate remaining fund information of City of Winter Springs, as of September 30, 2015, and the
respective changes in financial position and, where applicable, cash flows thereof and the respective
budgetary comparison for the general fund, road improvements special revenue fund, and solid
waste/recycling special revenue fund for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
2
Change in Accounting Principle
As discussed in Note 1 to the financial statements, in 2015, the City adopted new accounting guidance,
GASB Statement No. 68, Accounting and Financial Reporting for Pensions. Our opinion is not modified with
respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis, budgetary comparison information, pension and other postemployment benefits
disclosures on page 3 through 17, 81, and 77 through 80 be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We
have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for consistency
with management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise City of Winter Springs’ basic financial statements. The introductory section, combining and
individual fund financial statements and schedules, statistical section and the Schedule of Expenditures of
Federal Awards, as required by the U.S. Office of Management and Budget Circular A-133, Audits of States,
Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and
are not a required part of the financial statements.
The combining and individual nonmajor fund financial statements and schedules and the Schedule of
Expenditures of Federal Awards is the responsibility of management and were derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly
to the underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the information is fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated March 16, 2016 on
our consideration of City of Winter Springs’ internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering City of Winter Springs’ internal control over financial
reporting and compliance.
Orlando, Florida
March 16, 2016
MANAGEMENT’S DISCUSSION AND ANALYSIS
3
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, 2015. We encourage readers to consider
the information presented here in conjunction with additional information that we have furnished in
our letter of transmittal which can be found on pages iv - vii of this report.
Financial Highlights
The assets and deferred outflows of the City of Winter Springs exceeded its liabilities
and deferred inflows at the close of the most recent fiscal year by $89,858,282 (net
position). Of this amount, $9,879,660 (unrestricted net position) may be used to meet
the government’s ongoing obligations to citizens and creditors.
As a result of the current year’s activities, the government’s total net position increased
by $7,058,190 or 7% from the prior year. The implementation of GASB 68 required a
restatement of net position to reflect past net pension liability. The net effect of these
items is an overall decrease of net position of $6,402,969 as illustrated on the Changes
in Net Position, page 9.
As of the close of the current fiscal year, the City of Winter Springs’ governmental funds
reported combined ending fund balances of $26,211,087. Approximately 31% of this total
amount, $8,033,347, is available for spending at the government’s discretion (unassigned
fund balance).
At the end of the current fiscal year, unassigned fund balance for the general fund was
$8,162,587, or 52% of total general fund expenditures.
As a result of current year’s activities, the City of Winter Springs’ total debt decreased by
$1,035,707 (3%). The implementation of GASB 68 requires the recognition of Net
Pension Obligation including prior restatement of $11,684,250 and current obligation of
$1,841,849 which is presented in Note 8.
Overview of the Financial Statements
The financial statements focus on both the City as a whole (government-wide) and on the major
individual funds. Both perspectives (government-wide and major fund) allow the user to address
relevant questions, broaden a basis for comparison (year-to-year or government-to-government)
and enhance the City’s accountability.
This discussion and analysis 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.
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 Position presents information on all of the City of Winter Springs’ assets,
deferred outflows of resources, liabilities and deferred inflows of resources, with the difference
reported as net position. Over time, increases or decreases in net position may serve as a useful
indicator of whether the financial position of the City of Winter Springs is improving or declining.
MANAGEMENT’S DISCUSSION AND ANALYSIS
4
Overview of the Financial Statements (Continued)
Government-wide financial statements. (Continued)
The Statement of Activities presents information showing how the government’s net position
changed during the fiscal year. All changes in net position 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 had 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 18-19 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City of
Winter Springs, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City of
Winter Springs can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial statements
focus on near-term inflows and outflows of spendable resources, as well as on balances of
spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund Balance Sheet and the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
MANAGEMENT’S DISCUSSION AND ANALYSIS
5
Overview of the Financial Statements (Continued)
Governmental Funds. (Continued)
The City of Winter Springs maintains 25 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, Road
Improvements Special Revenue Fund, Solid Waste/Recycling Special Revenue Fund, and TLBD
Debt Service Fund all four of which are considered to be major funds. Data from the other 21
governmental funds are combined into a single, aggregated presentation. Individual fund data for
each of these nonmajor governmental funds in provided in the form of combining statements
elsewhere in this report.
The City of Winter Springs adopts an annual appropriated budget for all governmental funds.
Budgetary comparison statements have been provided for the General Fund, Road Improvements
Special Revenue Fund, and Solid Waste/Recycling Special Revenue Fund to demonstrate
compliance with this budget on pages 26-29. Budgetary comparison schedules have been
provided for the TLBD Debt Service Fund, and the nonmajor funds on pages 81 and 94-114.
The basic governmental fund financial statements can be found on pages 20-25 of this report.
Proprietary funds. The City of Winter Springs maintains one type of proprietary fund. Enterprise
funds are used to report the same functions presented as business-type activities in the
government-wide financial statements. The City of Winter Springs uses enterprise funds to
account for the Water and Sewer Utility, Stormwater Utility and Development Services department.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water and Sewer Utility, Stormwater Utility, and Development Services.
The basic proprietary fund financial statements can be found on pages 30-34 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statement because the resources of those funds are not available to support the City’s
own programs. The accounting used for fiduciary funds is much like that used for proprietary
funds. The basic fiduciary fund financial statements can be found on pages 35-36 of this report.
Notes to the financial statements. The notes provide additional information that is essential
to a full understanding of the data provided in the government-wide and fund financial
statements. The notes to the financial statements can be found on pages 37-76 of this report.
Required Supplementary Information (RSI). RSI can be found on pages 77-80 of this report.
Other information. The budget schedules for the major debt service fund is on page 81 after
the RSI. The combining statements referred to earlier in connection with nonmajor
governmental funds are presented after this. Combining and individual fund statements and
schedules can be found on pages 82-114 of this report.
MANAGEMENT’S DISCUSSION AND ANALYSIS
6
Government-wide Financial Analysis
Statement of Net Position. As noted earlier, net position may serve over time as a useful
indicator of a government’s financial position. In the case of the City of Winter Springs, assets
and deferred outflows of resources exceeded liabilities and deferred outflows by $89,858,282 at
the close of the most recent fiscal year.
Of the City of Winter Springs’ net position, $67,075,902 or 74%, reflects 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.
Net position subject to external restrictions as to how it may be used total $12,902,720 (15%). The
remaining balance of unrestricted net position ($9,879,660 or 11%) may be used to meet the
government’s ongoing obligations to citizens and creditors.
At September 30, 2015, the City of Winter Springs is able to report positive balances in all three
categories of net position, both for the government as a whole, as well as for its separate
governmental and business-type activities. This was also the case at the close of the prior fiscal
year.
The following table reflects the condensed Statement of Net Position for the current and prior year.
For more detail see the Statement of Net Position on page 18.
MANAGEMENT’S DISCUSSION AND ANALYSIS
7
Government-wide Financial Analysis (Continued)
20152014 20152014 20152014
Assets:
Current and other assets30,499,313$ 26,892,907$ 17,756,460$ 13,657,526$ 48,255,773$ 40,550,433$
Restricted assets 201,648 333,927723,321 721,689924,969 1,055,616
Capital assets 57,269,769 58,048,49036,429,917 37,860,86293,699,686 95,909,352
Total assets 87,970,730 85,275,324 54,909,698 52,240,077 142,880,428 137,515,401
Deferred Outflows of Resources
Deferred charge on refunding84,824$ 92,576$ 483,897$ 568,817$ 568,721$ 661,393$
deferred outflow of pension
earnings 1,315,500 - 281,283 - 1,596,783 -
1,400,324 92,576 765,180 568,817 2,165,504 661,393
Liabilities:
Current liabilities 1,280,954 820,640574,489 427,0231,855,443 1,247,663
Long term liabilities 28,815,501 17,848,69523,251,713 21,728,12452,067,214 39,576,819
Other liabilities 199,935 333,414 675,372 757,647 875,307 1,091,061
Total liabilities 30,296,390 19,002,749 24,501,574 22,912,794 54,797,964 41,915,543
Deferred Inflows of Resources
Deferred inflow of pension
earnings 321,041$ -$ 68,645$ -$ 389,686$ -$
Net Position:
Net investment in capital assets45,649,805 45,826,33521,426,097 21,541,23067,075,902 67,367,565
Restricted 12,335,966 8,801,942566,754 482,33712,902,720 9,284,279
Unrestricted 767,852 11,736,874 9,111,808 7,872,533 9,879,660 19,609,407
Total net position 58,753,623$ 66,365,151$ 31,104,659$ 29,896,100$ 89,858,282$ 96,261,251$
City of Winter Springs
Statement of Net Position
As of September 30
Governmental ActivitiesBusiness-type ActivitiesTotal Primary Government
Statement of Changes in Net Position. The following table reflects the Statement of Changes
in Net Position for the current and prior year. For more detailed information see the Statement
of Activities on page 19.
As a result of the current year’s activities, the government’s total net position increased by
$7,058,190 or 7% from the prior year. The implementation of GASB 68 required a restatement
of net position to reflect past net pension liability. The effect of this restatement resulted in an
overall decrease of net position of $6,402,969. The previous fiscal year, 2014, net position
increased by $2,062,479.
Governmental activities increased net position by $3,530,692 in fiscal year 2015 compared to a
decrease of $164,708 in 2014. The 2015 increase in net position is primarily due to the
increase in revenues received for ad valorem taxes, grant revenues, sales tax and revenue
sharing, impact fees and increased reimbursement transfers to the general fund, and lastly a
decrease in operating expenses.
MANAGEMENT’S DISCUSSION AND ANALYSIS
8
Government-wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
Business-type activities increased net position by $3,527,498 in fiscal year 2015 compared to
an increase of $2,227,187 in 2014. This is primarily the result of an increase in the Water
Sewer Utility Fund charges for services resulting from a stronger housing/construction economy
as new accounts have resulted from both new and existing residential properties as well as new
accounts resulting from commercial construction of $1,100,000; increase in tap fees also
resulting from new construction of $452,000; and an increase in building related services such
as plans review and building permits directly linked to the recovery of the housing and
construction market of $1,100,000.
Following the Changes in Net Position table is a series of bar and pie charts that relay in
pictorial form the revenues and expenses for each of the governmental and business-type
activities as well as the revenue “source” for each.
Additional information regarding the changes in fund balance of the governmental and business-
type activities can be found in the section entitled Financial Analysis of Government’s Funds
on page 12.
Note that the first graph depicts governmental program-specific revenues and expenses. For
this graph the revenue does not include property taxes, utility taxes, business tax receipts,
intergovernmental revenue, investment income or miscellaneous revenue. This chart is
intended to show the amount of program expenses funded by specific program revenues.
Note that both the Water/Sewer and Development Services Funds show an increase in revenue
in large part due to increased permitting activities and increased water and sewer consumption
and tap fees both a result of economic recovery. Although the Stormwater fund revenues show
modest increases, there were increases in expenses slightly ahead of revenues. The increase
in expenses is mainly attributed to storm pond maintenance and more significantly however, the
establishment of a reserve for uncollectible Stormwater fees.
MANAGEMENT’S DISCUSSION AND ANALYSIS
9
Government-wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
20152014 20152014 20152014
Revenues:
Program Revenues:
Charges for services 7,973,016$ 6,469,268$ 12,637,111$ 11,158,094$ 20,610,127$ 17,627,362$
Operating grants and
contributions 15,638 22,530 - - 15,638 22,530
Capital grants and
contributions 2,755,770 1,382,211 1,451,523 1,526,010 4,207,293 2,908,221
General Revenues:
Property taxes 4,283,909 4,014,680 - - 4,283,909 4,014,680
Utility taxes 3,887,124 4,034,667 - - 3,887,124 4,034,667
Business tax receipts 119,965 105,558 - - 119,965 105,558
Intergovernmental-
unrestricted 3,480,582 3,268,732 - - 3,480,582 3,268,732
Investment income and
miscellaneous 450,040 353,384 108,535 31,537 558,575 384,921
Total revenues 22,966,044 19,651,030 14,197,169 12,715,641 37,163,213 32,366,671
Expenses:
General government 5,708,030 5,498,396 - - 5,708,030 5,498,396
Public safety 7,101,190 7,476,644 - - 7,101,190 7,476,644
Physical environment 5,924,305 5,873,522 - - 5,924,305 5,873,522
Culture and recreation2,108,563 2,170,169 - - 2,108,563 2,170,169
Interest and other fiscal
charges on long-term debt657,143 781,732 - - 657,143 781,732
Water and sewer - - 6,942,598 6,944,763 6,942,598 6,944,763
Development services - - 501,373 409,295 501,373 409,295
Stormwater - - 1,161,821 1,149,671 1,161,821 1,149,671
Total expenses 21,499,231 21,800,463 8,605,792 8,503,729 30,105,023 30,304,192
Increase (Decrease) In Net
Position Before Transfers1,466,813 (2,149,433) 5,591,377 4,211,912 7,058,190 2,062,479
Transfers 2,063,879 1,984,725 (2,063,879) (1,984,725) - -
Increase In Net Position 3,530,692 (164,708) 3,527,498 2,227,187 7,058,190 2,062,479
Net Position- October 166,365,151 66,529,859 29,896,100 27,668,913 96,261,251 94,198,772
Restatement of Net Position(11,142,220) - (2,318,939) - (13,461,159) -
Net Position- September 3058,753,623$ 66,365,151$ 31,104,659$ 29,896,100$ 89,858,282$ 96,261,251$
City of Winter Springs
Changes in Net Position
For the Year Ended September 30
Governmental ActivitiesBusiness-type ActivitiesTotal Primary Government
MANAGEMENT’S DISCUSSION AND ANALYSIS
10
Government-wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
General
Government
Public SafetyPhysical
Environment
Culture &
Recreation
Interest on
Long‐Term
Debt
Governmental Program Specific Revenues and
Expenses
Revenues
Expenses
Investment Income
and Miscellaneous
2%
Charges for Services
35%
Capital and
Operating Grants
and Contributions
12%
Intergovernmental
Revenues
15%
Taxes
36%
Governmental Revenues by Source
MANAGEMENT’S DISCUSSION AND ANALYSIS
11
Government-wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Water and SewerDevelopment ServicesStormwater
Business‐type Activities
Revenues and Expenses
Revenues
Expenses
Investment
Income and
Miscellaneous
1%
Charges for
Services
89%
Capital and
Operating Grants
and Contributions
10%
Business ‐type Activities
Revenues by Source
MANAGEMENT’S DISCUSSION AND ANALYSIS
12
Financial Analysis of the Government’s Funds
As noted earlier, the City of Winter Springs uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
Governmental Funds. The focus of the City of Winter Springs’ governmental funds is to
provide information on near-term inflows, outflows, and balances of spendable resources. Such
information is useful in assessing the City of Winter Springs’ financing requirements. In
particular, unassigned 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, 2015, the City of Winter Springs’ governmental funds reported combined
ending fund balances of $26,211,087, an increase of $6,046,427 over the prior year.
Approximately 31% or $8,033,347 of this total amount constitutes unassigned fund balance,
which is available for spending at the government’s discretion. The remainder of fund balance
is restricted, committed or assigned to indicate that it is not available for new spending because
it has already been committed for such purposes as debt service, capital projects, 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, unassigned fund balance of the General Fund was $8,162,587, while total
fund balance was $8,495,781. As a measure of the General Fund’s liquidity, it may be useful to
compare both unassigned fund balance and total fund balance to total fund expenditures.
Unassigned and total fund balance represents 52 and 55% respectively, of total General Fund
expenditures. The increase in fund balance of $118 is a result of an overall favorable revenue
variance and favorable expense variance in operating expenditures as highlighted on page 13.
The Road Improvements Fund balance increased $1,926,886 as a result of the 3rd generation
infrastructure tax revenues, the recognition of 2nd generation infrastructure deferred tax revenue
and federal grant dollars received for a major road improvement project.
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 position of the Water and Sewer Utility Fund at the end of the year amounted to
$7,679,397 and total net position increased $2,743,974 to $22,030,664. This increase is
primarily due to an increase in tap fees as a result of new construction projects, and increase in
demand as new housing and existing housing become occupied, a reduction of overhead
expenses and an increase in tap fees for both new residential and commercial properties.
The Development Services Fund net position increased as a result of current year activities by
$1,218,426 to $1,368,400 at the end of the fiscal year. This increase is a result of an increase
in permitting fee revenues for new construction and remodels as the housing and construction
market have improved.
The Stormwater Utility Fund net position decreased as a result of current fiscal year activities by
$434,902 to $7,705,595 at the end of the fiscal year. This decrease is a result of slightly higher
payroll and maintenance cost and the establishment of reserves accounts deemed potentially
uncollectible.
MANAGEMENT’S DISCUSSION AND ANALYSIS
13
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund
budget resulted in $3,763 more in appropriations from fund balance during the year from an
appropriation from fund balance of $432,744 in the original budget to appropriations from fund
balance of $436,507 in the final budget.
The actual results of General Fund for the year show an appropriation to fund balance of $118
compared to a final budgeted appropriation from fund balance of $436,507. The favorable
variance of $436,625 is comprised of a favorable revenue variance of $12,604 and a favorable
expenditure variance as set forth in the Departmental cost centers below:
Executive & Legislative 28,228$
General Government 122,591
Finance & Admin Services 36,607
Information Services 17,881
Community Development 63,983
Police 63,312
Fire (Pension Only)592
Public Works 55,186
Parks & Recreation 35,641
Total 424,021$
This favorable variance is represented by the following expenditure categories as both amounts
and percentage of budget:
Payroll 131,902$ 1.2%
Transfers 120,000 4.6%
Other Operating 99,782 2.4%
Capital 72,344 9.5%
The capital variance results from fiscal year-end transactions which due to timing issues were
not capitalized until early FY2016.
The comparison of budgeted results to actual results for the General Fund is shown on pages
26-27.
MANAGEMENT’S DISCUSSION AND ANALYSIS
14
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, 2015, amounts to $93,699,686 (net of
accumulated depreciation), for a decrease of $2,209,666 over the prior year. This investment in
capital assets includes land, buildings, improvements, machinery and equipment, intangibles,
park facilities, roads, highways, and bridges. The total decrease in the City of Winter Springs’
investment in capital assets for the current fiscal year was 2.3% (a 1.34% decrease for
governmental activities, and a 3.78% increase for business-type activities).
Major capital asset events during the current fiscal year included the following:
The completion and capitalization of the following projects:
o Road reconstruction and resurfacing totaling almost $461,000;
o The purchase of new vehicles for the Police Department at a cost of almost $337,000;
o Water system pipe relining at a cost of almost $192,000;
o Customer Service Customer Redesign for the Utility Billing Department at a cost of
almost $62,000;
o Lift Station upgrade at a cost of almost $25,000;
o Howell Creek & Northern Way Bridge at a cost of almost $68,000;
o Sidewalk completions at a cost of almost $39,000;
o Landscape Enhancements for TLBD medians 21 & 23 at a cost of almost $24,000;
o Communication Center Upgrade at a cost of almost $105,000;
o Central Winds Park Bleacher and Structure expansion at a cost of almost $125,000;
o Homeland Camera/Security at a cost of almost $84,000;
o EOC Renovations at a cost of almost $30,000.
The capitalization of donated assets as a result of new residential and commercial building
projects including:
o Additions to water/sewer system infrastructure at a value of almost $32,000.
Continued construction on the following projects:
o Realignment of Market Square at a cost of almost $1,059,000 (almost $132,000 spent
in prior years);
o Customer Service initiative to include upgrade software at a cost of almost $412,000
(almost $332,000 spent in prior years);
o WTP#1 Water Quality Improvements at a cost of almost $142,000;
o Magnolia Park Amphitheatre Design at a cost of almost $159,000 (almost $153,000
spent in prior years);
o Tuscora Drive Deceleration Lane at a cost of almost $89,000 (almost $84,000 spent
in prior years);
o Design of streetscape improvements along Hwy17-92 and SR434 at a cost of
$25,000 (almost $16,000 spent in prior years);
o City Wayfinding Program at a cost of almost $17,000 (almost $9,000 spent in prior
years).
MANAGEMENT’S DISCUSSION AND ANALYSIS
15
Capital Asset and Debt Administration (Continued)
Capital assets. (Continued)
Additional information on the City of Winter Springs’ capital assets can be found in Note 7 on
pages 56-58 of this report.
20152014 20152014 20152014
Land 9,946,795$ 9,946,795$ 7,170,177$ 7,170,177$ 17,116,972$ 17,116,972$
Buildings 6,881,3657,276,050204,730163,1387,086,095 7,439,188
Improvements Other Than
Buildings 6,865,4836,992,64527,886,70629,695,02634,752,189 36,687,671
Machinery and Equipment1,489,3911,367,719 774,506552,489 2,263,897 1,920,208
Intangibles 94,926182,182 56,60084,278 151,526 266,460
Infrastructure 30,052,38331,310,749 - - 30,052,383 31,310,749
Construction in Progress1,939,426972,350 337,198195,754 2,276,624 1,168,104
Total 57,269,769$ 58,048,490$ 36,429,917$ 37,860,862$ 93,699,686$ 95,909,352$
City of Winter Springs
Capital Assets (Net of Depreciation)
As of September 30
Governmental ActivitiesBusiness-type ActivitiesTotal Primary Government
Long-term debt. At September 30, 2015, the City of Winter Springs had total debt outstanding
of $37,155,867, a decrease of $1,053,786 from $38,209,653 at September 30, 2014. Total
bonded debt of the City at the end of the current fiscal year was $9,168,161. This amount does
not include accreted interest of $9,947,549.
The City of Winter Springs’ bonded debt represents bonds and notes secured solely by
specified revenue sources.
There are no limitations placed on the amount of debt the City may issue either by the City’s
charter, code of ordinances or by the Florida State Statutes.
MANAGEMENT’S DISCUSSION AND ANALYSIS
16
Capital Asset and Debt Administration (Continued)
Long-term debt. (Continued)
Additional information on the City of Winter Springs’ long-term debt can be found in Note 8 on
pages 58-63 of this report.
20152014 20152014 20152014
Improvement Refunding Revenue
Bonds, Series 1999 3,498,970$ 3,498,970$ -$ -$ 3,498,970$ 3,498,970$
Water & Sewer Refunding
Revenue Bonds, Series 2000 - - 5,669,191 5,669,191 5,669,191 5,669,191
Capital Improvement Revenue
Note, Series 2006 58,983 87,333 - - 58,983 87,333
Revenue Refunding Note Series
2011 861,486 1,043,285 - - 861,486 1,043,285
Special Assessment Revenue
Notes, Series 2011 1,575,186 1,657,310 1,575,186 1,657,310
Limited General Obligation Note,
Series 2012 2,425,161 2,533,833 2,425,161 2,533,833
Improvement Refunding Revenue
Note, Series 2014 3,285,000 3,494,000 - - 3,285,000 3,494,000
Revenue Refunding Note Series
2011A - - 4,997,008 5,900,689 4,997,008 5,900,689
Revenue Refunding Note Series
2011B - - 553,001 641,179 553,001 641,179
Revenue Refunding Note Series
2011C - - 2,715,852 3,058,761 2,715,852 3,058,761
State Revolving Fund Loan - - 1,568,480 1,635,498 1,568,480 1,635,498
Accreted Interest Payable 4,886,871 4,432,678 5,060,678 4,556,926 9,947,549 8,989,604
Total 16,591,657$ 16,747,409$ 20,564,210$ 21,462,244$ 37,155,867$ 38,209,653$
City of Winter Springs
Long Term Debt
As of September 30
Governmental ActivitiesBusiness-type ActivitiesTotal Primary Government
MANAGEMENT’S DISCUSSION AND ANALYSIS
17
Economic Factors and Next Year’s Budgets and Rates
Winter Springs is primarily a residential community in Seminole County serving almost 35,000
residents. Located in Central Florida, it is just 15 miles north of the City of Orlando, one of
Florida’s largest metropolitan statistical areas.
Through conservative fiscal policies and aggressive budget oversight, the City Manager and
City Commission have maintained the operating and voted debt millage rates at 2.4300 and
0.1100, respectively since fiscal year 2013. The gross property taxable values in Winter
Springs increased in FY 2015 by 6.6% and 5.7% in FY 2016 as certified by the Seminole
County Property Appraiser (DR422). In May of 2014, a countywide precinct referendum
resulted in an additional 1% local government infrastructure sales surtax which will largely be
utilized for transportation-related infrastructure improvements. The surtax is expected to result in
$1.9 million in additional revenues which in almost a 70% increase over FY15.
The General Fund’s FY 2016 adopted expenditure budget of $17,237,546 (inclusive of
transfers) showed a slight increase of less than 1% from the previous year. Additionally, fiscal
year 2016 was balanced without the need to appropriate from fund balance.
The total combined expenditure budget of $42,628,390 (inclusive of transfers) is $2,757,781 or
6.9% greater than the adopted budget of FY 2015. This increase results from a $2.2M increase
in the capital budget which can be attributed to water quality initiatives in the Water and Sewer
Fund.
Requests for Information
This financial report is designed to provide a general overview of the City of Winter Springs’
finances for all those with an interest in the government’s finances. Questions concerning any
of the information provided in this report or requests for additional financial information should
be addressed to the Finance and Administrative Services Director, 1126 East State Road 434,
Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is also available
at the City of Winter Springs’ website located at www.winterspringsfl.org.
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BASIC FINANCIAL STATEMENTS
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GOVERNMENT-WIDE FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
September 30, 2015
Governmental
Activities
Business-type
ActivitiesTotal
ASSETS
Cash and Cash Equivalents2,794,422$ 1,653,157$ 4,447,579$
Investments23,778,183 15,530,508 39,308,691
Receivables, net1,684,856 554,357 2,239,213
Inventories - at cost6,715 18,438 25,153
Prepaid Costs183,068 - 183,068
Restricted Assets:
Cash and cash equivalents201,648 - 201,648
Investments- 723,321 723,321
Receivables, long-term2,052,069 - 2,052,069
Capital Assets
Capital assets not being depreciated 11,886,221 7,507,375 19,393,596
Capital assets being depreciated, net of accumulated
depreciation 45,383,54828,922,542 74,306,090
Total Assets87,970,730 54,909,698 142,880,428
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding84,824 483,897568,721
Deferred Outflow of Pension Earnings1,315,500 281,2831,596,783
1,400,324 765,180 2,165,504
LIABILITIES
Accounts Payable and Accrued Expenses1,128,032 447,247 1,575,279
Due to Other Governments81,293 23,567 104,860
Accrued Interest Payable71,629 103,675 175,304
Liabilities Payable from Restricted Assets 199,935 675,372 875,307
Noncurrent Liabilities:
Due within one year 1,365,859 1,483,5262,849,385
Due in more than one year27,449,642 21,768,187 49,217,829
Total Liabilities30,296,390 24,501,574 54,797,964
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Earnings 321,041 68,645 389,686
NET POSITION
Net Investment in Capital Assets 45,649,805 21,426,097 67,075,902
Restricted for:
Capital projects 4,783,981 - 4,783,981
Debt service 1,379,807 6,375 1,386,182
Renewal and replacement - 560,379 560,379
Physical environment 6,079,435 - 6,079,435
Public safety 92,743 - 92,743
Unrestricted 767,852 9,111,808 9,879,660
Total Net Position 58,753,623$ 31,104,659$ 89,858,282$
The accompanying Notes to Financial Statements are an integral part of these statements.
18
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19
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FUND FINANCIAL STATEMENTS
General Fund
Road
Improvements
Fund
Solid
Waste/Recycling
Assets:
Cash and cash equivalents449,126$ 189,033$ 149,333$
Investments8,311,896 2,426,552 1,916,937
Receivables, net22,212 1,500,760 161,884
Inventories, at cost6,715 - -
Prepaids180,099 - -
Special assessments receivable- - -
Advances to other funds146,380 - -
Restricted assets:
Cash and cash equivalents199,935 - -
Total assets 9,316,363$ 4,116,345$ 2,228,154$
Liabilities and Fund Balances:
Accounts payable 205,844$ 240,583$ 204,172$
Accrued liabilities 333,510 - -
Due to other funds - - -
Due to other governments 81,293 - -
Payable from restricted assets 199,935 - -
Total liabilities 820,582 240,583 204,172
Deferred Inflows of Resources
Unavailable revenue-county taxes - 1,028,545 -
Unavailable revenue-special assessments - - -
Total deferred inflows of resources - 1,028,545 -
Fund Balances:
Nonspendable 333,194 - -
Restricted - 2,847,217 -
Committed - - 782,335
Assigned - - 1,241,647
Unassigned 8,162,587 - -
Total fund balances 8,495,781 2,847,217 2,023,982
Total liabilities, deferred inflows of
resources and fund balances 9,316,363$ 4,116,345$ 2,228,154$
Special Revenue
CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
20
Debt Service
TLBD Debt
Service
Other
Governmental
Funds
Total
Governmental
Funds
112,977$ 1,893,953$ 2,794,422$
77,689 11,045,109 23,778,183
- - 1,684,856
- - 6,715
- 2,969 183,068
1,515,186 536,883 2,052,069
- - 146,380
- 1,713 201,648
1,705,852$ 13,480,627$ 30,847,341$
707$ 143,216$ 794,522$
- - 333,510
- 146,380 146,380
- - 81,293
- - 199,935
707 289,596 1,555,640
- - 1,028,545
1,515,186 536,883 2,052,069
1,515,186 536,883 3,080,614
- 2,969 336,163
189,959 8,267,276 11,304,452
- 249,193 1,031,528
- 4,263,950 5,505,597
- (129,240) 8,033,347
189,959 12,654,148 26,211,087
1,705,852$ 13,480,627$ 30,847,341$
21
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CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE
STATEMENT OF NET POSITION
September 30, 2015
Total Fund Balance, governmental funds 26,211,087$
Amounts reported for governmental activities in the Statement of Net
Position are different because:
Capital assets used in governmental activities are not current financial
resources and therefore are not reported in the funds.57,269,769
Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.3,080,614
Deferred inflows and outflows of resources related to pension earnings are
not recognized in the governmental funds, however, they are recorded in
net position under full accrual accounting 994,459
Long-term liabilities, including bonds payable, are not due and payable in
the current period and therefore are not reported in the funds.(17,658,910)
Net pension liabilities are not due and payable in the current period and
therefore, are not reported in the funds (11,143,396)
Net Position of Governmental Activities in the Statement of Net Position 58,753,623$
The accompanying Notes to Financial Statements are an integral part of this statement.
22
General Fund
Road
Improvements
Fund
Solid
Waste/Recycling
Revenues:
Taxes:
Property taxes4,098,382$ -$ -$
Utility taxes3,887,124 - -
Business tax receipts 119,965 - -
Permits and fees 2,024,048 - 44,556
Intergovernmental revenues 3,557,573 4,518,866 62,828
Charges for services 735,812 - 2,479,626
Fines and forfeitures 104,599 - -
Impact fees/assessments ---
Investment income 71,425 6,017 15,121
Miscellaneous 202,116 - -
Total revenues 14,801,044 4,524,883 2,602,131
Expenditures:
Current:
General government 5,040,622 - -
Public safety 7,067,669 - -
Physical environment 988,544 23,208 2,510,337
Culture and recreation 1,784,160 - -
Debt Service:
Principal - - -
Interest and fiscal charges - - -
Capital Outlay:
General government 115,416 - -
Public safety 371,010 - -
Physical environment - 1,266,042 -
Culture and recreation 202,080 - -
Total expenditures 15,569,501 1,289,250 2,510,337
Excess (Deficiency) of
Revenues Over Expenditures (768,457) 3,235,633 91,794
Other Financing Sources (Uses)
Transfers in 3,251,284 - -
Transfers out (2,482,709) (1,308,747) (800,825)
Total other financing sources(uses)768,575 (1,308,747) (800,825)
Net Change in Fund Balances 118 1,926,886 (709,031)
Fund Balances - beginning 8,495,663 920,331 2,733,013
Fund Balances - ending 8,495,781$ 2,847,217$ 2,023,982$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2015
Special Revenue
23
Debt Service
TLBD Debt
Service
Other
Governmental
Funds
Total
Governmental
Funds
-$ 185,527$ 4,283,909$
- - 3,887,124
- - 119,965
- 2,883 2,071,487
- 587,612 8,726,879
- 15,286 3,230,724
- 63,215 167,814
82,124 2,544,920 2,627,044
53,780 79,411 225,754
4,365 18,936 225,417
140,269 3,497,790 25,566,117
- 10,831 5,051,453
- 83,705 7,151,374
4,199 699,059 4,225,347
- - 1,784,160
82,124 527,818 609,942
52,528 139,509 192,037
- 115,378 230,794
- 35,778 406,788
37,393 344,587 1,648,022
- 83,442 285,522
176,244 2,040,107 21,585,439
(35,975) 1,457,683 3,980,678
- 3,791,456 7,042,740
(500) (384,210) (4,976,991)
(500) 3,407,246 2,065,749
(36,475) 4,864,929 6,046,427
226,434 7,789,219 20,164,660
189,959$ 12,654,148$ 26,211,087$
The accompanying Notes to Financial Statements are an integral part of these statements.
24
This page intentionally left blank.
Net Change in Fund Balances - total governmental funds:6,046,427$
Amounts reported for Governmental Activities in the Statement of Activities are
different because:
Governmental funds report outlays for capital assets 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 (775,720)
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and disposals) is to decrease net position (1,131)
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 position. Also, governmental
funds report the effect of 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 609,942
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in governmental funds 9,880
Special assessment revenue reported in the funds must be eliminated from
the statement of activities since revenue was recognized in a prior year (2,608,822)
Cash pension contributions reported in the funds were more than the
calculated pension expense on the statement of activities, and therefore
increased net position 696,251
Transfers of capital assets to proprietary funds (1,870)
Some expenses reported in the statement of activities do not require the use
of current financial resources and these are not reported as expenditures in
governmental funds.(444,265)
Change in net position of governmental activities 3,530,692$
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
For the Year Ended September 30, 2015
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO
THE STATEMENT OF ACTIVITIES
The accompanying Notes to Financial Statements are an integral part of these statements.
25
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
Budgeted Amounts
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
OriginalFinal
Revenues:
Taxes:
Property Taxes4,087,436$ 4,087,436$ 4,098,382$ 10,946$
Utility taxes3,945,000 4,045,000 3,887,124 (157,876)
Business tax receipts120,000 120,000 119,965 (35)
8,152,436 8,252,436 8,105,471 (146,965)
Permits and fees:
Permits 25,000 25,000 44,366 19,366
Franchise fees 1,847,500 1,957,500 1,979,682 22,182
1,872,500 1,982,500 2,024,048 41,548
Intergovernmental revenues:
Sales tax 2,142,000 2,182,000 2,248,829 66,829
State revenue sharing 1,033,000 1,033,000 1,127,954 94,954
Other state shared revenue 34,000 34,000 35,971 1,971
Other county shared revenue 5,000 84,805 41,805 (43,000)
Federal grants - 103,416 103,014 (402)
3,214,000 3,437,221 3,557,573 120,352
Charges for services:
Program activity fees 207,500 246,280 237,297 (8,983)
Rental and other 393,586 462,719 498,515 35,796
601,086 708,999 735,812 26,813
Fines and forfeitures 100,000 100,000 104,599 4,599
Investment income 45,000 45,000 71,425 26,425
Miscellaneous 84,002 247,328 202,116 (45,212)
Total revenues 14,069,024 14,773,484 14,801,044 27,560
CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUND
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
26
Budgeted Amounts
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
OriginalFinal
Expenditures:
Current:
General government:
Executive709,747$ 633,305$ 605,077$ 28,228$
General government700,891 391,314 388,723 2,591
Finance and administrative services1,899,755 1,917,350 1,880,743 36,607
Information services968,788 911,845 893,964 17,881
Community development1,540,263 1,451,514 1,387,531 63,983
5,819,444 5,305,328 5,156,038 149,290
Public Safety:
Police7,057,197 7,435,983 7,372,671 63,312
Fire87,600 66,600 66,008 592
7,144,797 7,502,583 7,438,679 63,904
Physical environment:
Public works1,128,427 1,043,730 988,544 55,186
Culture and recreation:
Parks and recreation1,831,906 2,021,881 1,986,240 35,641
Total expenditures15,924,574 15,873,522 15,569,501 304,021
Excess (Deficiency) of Revenues Over
Expenditures (1,855,550) (1,100,038) (768,457) 331,581
Other Financing Sources (Uses)
Proceeds from Capital Leases- - - -
Transfers in2,662,206 3,266,240 3,251,284 (14,956)
Transfers out(1,239,400) (2,602,709) (2,482,709) 120,000
Net other financing sources1,422,806 663,531 768,575 105,044
Net Change in Fund Balances (432,744) (436,507) 118 436,625
Fund Balances - Beginning 8,495,663 8,495,663 8,495,663 -
Fund Balances - Ending 8,062,919$ 8,059,156$ 8,495,781$ 436,625$
The accompanying Notes to Financial Statements are an integral part of these statements.
27
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
Budgeted Amounts
OriginalFinal
Revenues:
Intergovernmental revenues3,208,825$ 5,323,092$ 4,518,866$ (804,226)$
Charges for services - - - -
Investment income 9,300 9,300 6,017 (3,283)
Miscellaneous - - - -
Total revenues 3,218,125 5,332,392 4,524,883 (807,509)
Expenditures:
Current:
Physical environment 45,000 45,000 23,208 21,792
Capital Outlay
Physical environment 2,090,000 2,378,743 1,266,042 1,112,701
Total expenditures 2,135,000 2,423,743 1,289,250 1,134,493
Excess (Deficiency) of Revenues Over
Expenditures 1,083,125 2,908,649 3,235,633 326,984
Other Financing Sources (Uses)
Transfers out (300,000) (1,308,747) (1,308,747) -
Total other financing sources (uses)(300,000) (1,308,747) (1,308,747) -
Net Change in Fund Balances 783,125 1,599,902 1,926,886 326,984
Fund Balances - beginning 920,331 920,331 920,331 -
Fund Balances - ending 1,703,456$ 2,520,233$ 2,847,217$ 326,984$
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
CITY OF WINTER SPRINGS, FLORIDA
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
28
Budgeted Amounts
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
OriginalFinal
Revenues:
Permits and fees95,000$ 45,000$ 44,556$ (444)$
Intergovernmental revenues92,000 92,000 62,828 (29,172)
Charges for services2,337,500 2,337,500 2,479,626 142,126
Investment income12,750 12,750 15,121 2,371
Total revenues2,537,250 2,487,250 2,602,131 114,881
Expenditures:
Current:
Physical environment2,514,500 2,558,500 2,510,337 48,163
Total expenditures2,514,500 2,558,500 2,510,337 48,163
Excess (Deficiency) of Revenues Over
Expenditures 22,750 (71,250) 91,794 163,044
Other Financing Sources (Uses)
Transfers out(209,314) (808,523) (800,825) 7,698
Total other financing sources (uses)(209,314) (808,523) (800,825) 7,698
Net Change in Fund Balances (186,564) (879,773) (709,031) 170,742
Fund Balances - beginning 2,733,013 2,733,013 2,733,013 -
Fund Balances - ending 2,546,449$ 1,853,240$ 2,023,982$ 170,742$
FUND BALANCES - BUDGET AND ACTUAL
CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE / RECYCLING SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
For The Year Ended September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
29
Business-type Activities - Enterprise Funds
Water and
Sewer Utility
Fund
Development
Services Fund
Stormwater
Utility FundTotal
Assets
Current assets:
Cash and cash equivalents1,055,019$ 108,371$ 46,724$ 1,210,114$
Investments13,540,888 1,389,837 599,783 15,530,508
Receivables, net513,776 - 40,581 554,357
Inventories18,438 - - 18,438
Restricted cash and cash equivalents443,043 - - 443,043
Total current assets15,571,164 1,498,208 687,088 17,756,460
Noncurrent assets:
Restricted investments723,321 - - 723,321
Capital Assets:
Land, buildings and equipment61,015,420 160,092 12,505,532 73,681,044
Construction in Progress269,001 - 68,197 337,198
Less Accumulated depreciation(32,496,088) (126,167) (4,966,070) (37,588,325)
Total capital assets (net of accumulated
depreciation) 28,788,333 33,925 7,607,659 36,429,917
Total noncurrent assets29,511,654 33,925 7,607,659 37,153,238
Total assets45,082,818 1,532,133 8,294,747 54,909,698
Deferred Outflows of Resources
Deferred charge on refunding483,897 - - 483,897
Deferred outflow pension earnings209,880 7,222 64,181 281,283
Total deferred outflows of resources693,777 7,222 64,181 765,180
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
30
Business-type Activities - Enterprise Funds
Water and
Sewer Utility
Fund
Development
Services Fund
Stormwater
Utility FundTotal
Liabilities
Current Liabilities:
Accounts payable299,938 47,701 26,647 374,286
Accrued liabilities48,720 8,778 15,463 72,961
Compensated absences - current28,504 2,713 5,610 36,827
Customer deposits payable675,372 - - 675,372
Due to other governments- 23,567 - 23,567
Notes payable - current1,446,699 - - 1,446,699
Accrued interest payable103,675 - - 103,675
Total current liabilities2,602,908 82,759 47,720 2,733,387
Noncurrent Liabilities:
Notes payable8,387,642 - - 8,387,642
Revenue bonds payable5,653,376 - - 5,653,376
Accreted interest payable5,060,678 - - 5,060,678
Compensated absences114,015 10,850 22,441 147,306
Other noncurrent liabilities98,229 14,411 23,842 136,482
Net pension liability1,777,863 61,173 543,667 2,382,703
Total noncurrent liabilities21,091,803 86,434 589,950 21,768,187
Total liabilities23,694,711 169,193 637,670 24,501,574
Deferred Inflows of Resources
Deferred inflow pension earnings 51,220 1,762 15,663 68,645
Total deferred outflows of resources 51,220 1,762 15,663 68,645
NET POSITION
Net investment in capital assets 13,784,513 33,925 7,607,659 21,426,097
Restricted for debt service 6,375 - - 6,375
Restricted for renewal and replacement 560,379 - - 560,379
Unrestricted 7,679,397 1,334,475 97,936 9,111,808
Total net position 22,030,664$ 1,368,400$ 7,705,595$ 31,104,659$
The accompanying Notes to Financial Statements are an integral part of these statements.
31
This page intentionally left blank.
Business-type Activities - Enterprise Funds
Water and Sewer
Utility Fund
Development
Services Fund
Stormwater
Utility FundTotal
Operating Revenues:
User charges9,691,389$ 2,073,494$ 856,993$ 12,621,876$
Other revenue- 800 14,435 15,235
Total operating revenues9,691,389 2,074,294 871,428 12,637,111
Operating Expenses:
Salaries and benefits1,809,311 291,834 523,794 2,624,939
Materials and supplies963,213 3,061 249,689 1,215,963
Depreciation and amortization2,004,919 15,900 360,082 2,380,901
Other operating expenses1,162,760 190,578 28,256 1,381,594
Total Operating Expenses5,940,203 501,373 1,161,821 7,603,397
Operating income (loss)3,751,186 1,572,921 (290,393) 5,033,714
Nonoperating Revenue (Expenses):
Investment income71,921 5,405 5,116 82,442
Interest expense(498,643) - - (498,643)
Accreted interest expense(503,752) - - (503,752)
Proceeds from auction and insurance4,418 - 21,675 26,093
Total nonoperating revenue (expenses)(926,056) 5,405 26,791 (893,860)
Income (loss) before contributions and transfers2,825,130 1,578,326 (263,602) 4,139,854
Capital Contributions:
Connection fees1,420,443 - - 1,420,443
Capital contribution32,950 - - 32,950
Transfers In23,833 - - 23,833
Transfers Out (1,558,382) (359,900) (171,300) (2,089,582)
Change in net position 2,743,974 1,218,426 (434,902) 3,527,498
Total Net Position - beginning 21,016,975 209,510 8,669,615 29,896,100
Prior Period Adjustment (1,730,285) (59,536) (529,118) (2,318,939)
Total Net Position - ending 22,030,664$ 1,368,400$ 7,705,595$ 31,104,659$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For The Year Ended September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
32
Water and
Sewer Utility
Fund
Development
Services
Fund
Stormwater
Utility FundTotal
Cash Flows from Operating Activities:
Receipts from customers10,054,167$ 2,074,294$ 830,847$ 12,959,308$
Payments to suppliers(1,916,241) (207,322) (271,383) (2,394,946)
Payments to employees(1,895,309) (288,695) (543,703) (2,727,707)
Net cash provided by operating activities6,242,617 1,578,277 15,761 7,836,655
Cash Flows from Noncapital Financing Activities:
Transfers in23,833 - - 23,833
Transfers out(1,558,382) (359,900) (171,300) (2,089,582)
Net cash provided (used) by noncapital financing activities(1,534,549) (359,900) (171,300) (2,065,749)
Cash Flows from Capital and Related Financing Activities:
Proceeds from sale of capital assets7,257 - - 7,257
Proceeds from insurance4,418 - 21,675 26,093
Acquisition of capital assets(670,817) - (253,446) (924,263)
Principal paid on revenue bonds & leases(1,401,786) - - (1,401,786)
Interest paid on revenue bonds(529,183) - - (529,183)
Connection fees1,420,443 - - 1,420,443
Net cash provided (used) by capital and related financing
activities (1,169,668) - (231,771) (1,401,439)
Cash Flows from Investing Activities:
Purchase of investments(2,919,290) (1,134,783) 356,300 (3,697,773)
Investment income71,921 5,405 5,116 82,442
Net cash provided (used) by investing activities(2,847,369) (1,129,378) 361,416 (3,615,331)
Net Increase (Decrease) in Cash and Cash Equivalents 691,031 88,999 (25,894) 754,136
Cash and Cash Equivalents - beginning 807,031 19,372 72,618 899,021
Cash and Cash Equivalents - end 1,498,062$ 108,371$ 46,724$ 1,653,157$
Classified As:
Cash and cash equivalents1,055,019$ 108,371$ 46,724$ 1,210,114$
Restricted cash443,043 - - 443,043
Total1,498,062$ 108,371$ 46,724$ 1,653,157$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2015
Business-type Activities - Enterprise Funds
The accompanying Notes to Financial Statements are an integral part of these statements.
33
Water and
Sewer Utility
Fund
Development
Services
Fund
Stormwater
Utility FundTotal
Reconciliation of Operating Income(Loss) to
Net Cash Provided by Operating Activities
Operating income(loss)3,751,186$ 1,572,921$ (290,393)$ 5,033,714$
Adjustments Not Affecting Cash:
Depreciation and amortization2,004,91915,900360,0822,380,901
Change in Assets and Liabilities:
Decrease (increase) in accounts receivable379,522 - (40,581) 338,941
Decrease in inventories5,107 - - 5,107
Decrease in prepaid costs6,000 1,295 - 7,295
Increase (decrease) in accounts payable198,625 (24,132) 6,562 181,055
Increase in due to other governments- 9,154 - 9,154
Increase in accrued liabilities3,695 1,602 2,943 8,240
Decrease in customer deposits(16,744) - - (16,744)
Increase in accrued compensated absences2,572 3,209 6,278 12,059
Increase in deferred pension outflow(209,880) (7,222) (64,181) (281,283)
Decrease in deferred pension inflow(143,294) (4,931) (43,819) (192,044)
Increase in net pension liability242,092 8,330 74,031 324,453
Increase in OPEB obligation18,817 2,151 4,839 25,807
Total adjustments486,512 (10,544) (53,928) 422,040
Net Cash Provided By Operating Activities 6,242,617$ 1,578,277$ 15,761$ 7,836,655$
Noncash Capital and Financing Activities:
Contributed capital assets 31,080$ -$ -$ 31,080$
Net transfers of capital assets 1,870$ -$ -$ 1,870$
Business-type Activities - Enterprise Funds
34
Defined Benefit
Pension Trust
Fund
Assets:
Cash and cash equivalents812,219$
Receivables:
Employer contributions25,851
Total receivables25,851
Investments, at fair value:
Common funds - equity22,792,386
Common funds - bonds9,377,843
Other investments4,354,470
Total Investments36,524,699
Total assets37,362,769
Liabilities -
Net Position:
Held in trust for pension benefits37,362,769$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2015
The accompanying Notes to Financial Statements are an integral part of these statements.
35
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For The Year Ended September 30, 2015
Defined Benefit
Pension Trust
Fund
Additions:
Contributions:
Employer2,428,731$
Plan Members322,323
Total contributions2,751,054
Investment income:
Net decrease in fair value of investments(512,984)
Interest680,668
Net investment income167,684
Total additions2,918,738
Deductions:
Benefits2,202,769
Administrative expenses174,460
Total deductions2,377,229
Change in net position541,509
Net Position - beginning36,821,260
Net Position - ending37,362,769$
The accompanying Notes to Financial Statements are an integral part of these statements.
36
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NOTES TO FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
37
Note 1 - Summary of Significant Accounting Policies:
A. Reporting Entity
The City of Winter Springs, Florida (the City) is a political subdivision of the state of Florida
located in Seminole County, and was established by the Laws of Florida 59-1614. The
legislative branch of the City is comprised of a five-member elected Commission and a
separately elected mayor, which is governed by the City Charter and by state and local laws
and regulations. The City Commission is responsible for the establishment and adoption of
policy; the execution of such policy is the responsibility of the City Manager appointed by the
Commission.
In evaluating how to define the government, for financial reporting purposes, the City has
considered all potential component units. The definition of the reporting entity is based primarily
on the notion of financial accountability. A primary government is financially accountable for the
organizations that make up its legal entity. It is also financially accountable for legally separate
organizations if its officials appoint a voting majority of an organization’s governing body, and
either it is able to impose its will on that organization or there is a potential for the organization
to provide specific financial benefits to, or to impose specific financial burdens on, the primary
government. A primary government may also be financially accountable for governmental
organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary government
(a) is entitled to the organizations’ resources; (b) is legally obligated or has otherwise assumed
the obligation to finance the deficits of, or provide financial support to, the organization; or (c) is
obligated in some manner for the debt of the organization. In applying the above criteria,
management has determined that there are no component units to be included within the
reporting entity.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position 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.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
38
Note 1 - Summary of Significant Accounting Policies (Continued):
B. Government-Wide and Fund Financial Statements (Continued)
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.
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.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
39
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
The government reports the following funds:
Major Governmental Funds
The General Fund is the government’s primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Road Improvements Special Revenue Fund accounts for collected one-cent
sales tax revenues restricted for use for transportation-related improvements.
The Solid Waste/Recycling Special Revenue Fund accounts for proceeds from billed
solid waste and recycling services performed by contract vendors. Proceeds are
committed to pay monthly vendor charges for providing solid waste and recycling
services.
The TLBD Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue which was refinanced in October 2011 with a private placement note
payable.
Nonmajor Governmental Fund Types
Special Revenue Funds account for the proceeds of specific revenue sources that
are legally restricted or committed to expenditure for specified purposes other than
debt service or capital projects.
Debt Service Funds account for the accumulation of resources for and the payment
of principal and interest on certain general governmental obligations.
Capital Projects Funds account for financial resources segregated for the acquisition
or construction of major capital facilities.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
40
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Major Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City’s
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City’s
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
The Stormwater Utility Fund is used to account for the City’s operation and
maintenance of the stormwater system, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
Fiduciary Fund
The Pension Trust Fund accounts for contributions to the defined benefit plan.
As a general rule the effect of interfund activity has been eliminated from the government-
wide financial statements. Exceptions to this general rule are other charges between the
City’s water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
41
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
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 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, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance
1. Deposits and Investments
The government’s cash and cash equivalents are considered to be cash on
hand, demand deposits, and short-term investments with original maturities of
three months or less from the date of acquisition.
Investments of the City are reported at fair value. The City’s investments consist
of investments authorized per their investment policy adopted in accordance with
Section 218.415, Florida Statutes.
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either “due to/from
other funds” (i.e., the current portion of interfund loans) or “advances to/from
other funds” (i.e., the non-current portion of interfund loans). All other
outstanding balances between funds are reported as “due to/from other funds.”
Any residual balances outstanding between the governmental activities and
business-type activities are reported in the government-wide financial statements
as “internal balances.”
Advances between funds, as reported in the fund financial statements, are offset
by a non-spendable fund balance in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
42
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance (Continued)
2. Receivables and Payables (Continued)
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. These are recorded as expenditures when consumed rather than
when purchased.
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.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
43
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance (Continued)
5. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets are defined by the City as assets with
an initial, individual cost of $1,000 or more and an estimated useful life in excess
of one year. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets Years
Buildings 30
Improvements 20-50
Infrastructure 30-50
Intangible Assets 3-10
Equipment 3-10
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, other post-
employment benefits and net pension obligation are generally liquidated by the
General Fund.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
44
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance (Continued)
7. Long-term obligations
In the government-wide financial statements, and for proprietary fund types in the
fund financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statement of net position. Bond premiums and
discounts (including deep-discount or capital appreciation bonds), are deferred
and amortized over the life of the bonds and notes using the effective interest
method. Bonds payable and notes payable are reported net of the applicable
bond premium or discount.
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. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial
statement element, deferred outflows of resources, represents a consumption of
net position that applies to a future period(s) and so will not be recognized as an
outflow of resources (expense/expenditure) until then. The City has two items
that qualify for reporting in this category. The deferred charge on refunding and
deferred outflows of pension earnings reported in the enterprise and government-
wide statement of net position. A deferred charge on refunding results from the
difference in the carrying value of refunded debt and its reacquisition price. This
amount is deferred and amortized over the shorter of the life of the refunded or
refunding debt.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
45
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance (Continued)
8. Deferred outflows/inflows of resources (continued)
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial
statement element, deferred inflows of resources, represents an acquisition of
net position that applies to a future period(s) and so will not be recognized as an
inflow of resources (revenue) until that time. The City has one type of item,
which arises only under a modified accrual basis of accounting that qualifies for
reporting in this category. Accordingly, the item, unavailable revenue, is reported
only in the governmental funds balance sheet. The governmental funds report
unavailable revenues from two sources: county taxes and special assessments.
These amounts are deferred and recognized as an inflow of resources in the
period that the amounts become available. The City also has deferred inflows of
pension earnings reported in the enterprise and government-wide statement of
net position.
9. Net position flow assumption
Sometimes the City will fund outlays for a particular purpose from both restricted
and unrestricted resources. In order to calculate the amounts to report as restricted-
net position and unrestricted- net position in the government-wide financial
statements, a flow assumption must be made about the order in which the
resources are considered to be applied. It is the City’s policy to consider restricted -
net position to have been depleted before unrestricted-net position is applied.
10. Fund balance flow assumption
Sometimes the city will fund outlays for a particular purpose from both restricted
and unrestricted resources (the total of committed, assigned, and unassigned
fund balance). In order to calculate the amounts to report as restricted,
committed, assigned, and unassigned fund balance in the governmental fund
financial statements a flow assumption must be made about the order in which
the resources are considered to be applied. It is the City’s policy to consider
restricted fund balance to have been depleted before using any components of
unrestricted fund balance. Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted
first, followed by assigned fund balance. Unassigned fund balance is applied
last.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
46
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or
Fund Balance (Continued)
11. Fund balance policies
Fund balance of governmental funds is reported in various categories based on
the nature of any limitations requiring the use of resources for specific purposes.
The City itself can establish limitations on the use of resources through either a
commitment (committed fund balance) or an assignment (assigned fund
balance).
The committed fund balance classification includes amounts that can be used
only for the specific purposes determined by a formal action of the government’s
highest level of decision making authority. The City Commission is the highest
level of decision making authority for the City that can, by adoption of a
Resolution prior to the end of the fiscal year, commit fund balance. Once
adopted, the limitation imposed by the resolution remains in place until a similar
action is taken (the adoption of another resolution) to remove or revise the
limitation.
Amounts in the assigned fund balance classification are intended to be used by
the City for specific purposes but do not meet the criteria to be classified as
committed. The commission may assign fund balance as it does when
appropriating fund balance to cover a gap between estimated revenue and
appropriations in the subsequent year’s appropriated budget. Unlike
commitments, assignments generally only exist temporarily.
12. New GASB Statements Implemented
In fiscal year 2015, the City implemented GASB Statement No. 68, Accounting
and Financial Reporting for Pensions and GASB Statement No. 71, Pension
Transition for Contributions Made Subsequent to the Measurement Date. These
statements replace the requirements of GASB Statement No. 27, Accounting for
Pensions by State and Local Government Employers, and Statement No. 50,
Pension Disclosures, as they related to pension plans that are provided through
pension plans administered as trusts or equivalent arrangements that meet
certain criteria. GASB Statement No. 71 addresses the issue of the transition
provisions in Statement No. 68. Beginning net position of governmental
activities, business-type activities, and proprietary funds has been restated and
disclosed in Note 3.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
47
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 Position
The governmental fund balance sheet includes a reconciliation between fund balance - total
governmental funds and net position - governmental activities as reported in the
government-wide statement of net position. 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 ($17,658,910) difference are
as follows:
Bonds Payable (3,498,970)$
Accreted Interest Payable (4,886,871)
Notes Payable (8,205,819)
Less: Deferred charge on refunding (to be amortized as interest expense)84,824
Accrued Interest Payable (71,629)
Other Post Employment Benefits (408,518)
Compensated Absences (671,927)
Net Adjustment to Reduce Fund Balance - total governmental funds to arrive
at net position - governmental activities (17,658,910)$
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 position 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 ($775,720) difference are as follows:
Capital Outlay 2,571,211$
Depreciation Expense (3,346,931)
Net Adjustment to Decrease Net Changes in Fund Balances - total
governmental funds to arrive at changes in net position - governmental
activities (775,720)$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
48
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 position. Also,
governmental funds report the effect of 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 $609,942 difference are as follows:
Debt Issued or Incurred:
Notes payable -$
Principal repayment609,942
Net Adjustment to Increase Net Changes in Fund Balances - total
governmental funds to arrive at changes in net position - governmental
activities 609,942$
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 ($444,265) difference
are as follows:
Compensated Absences 95,034$
Amortization of Loss on Refunding (7,752)
Accrued Interest Payable (3,161)
Other Post Employment Benefits (74,193)
Accreted Interest Payable (454,193)
Net Adjustment to Decrease Net Changes in Fund Balances- total
governmental funds to arrive at changes in net position - governmental
activities (444,265)$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
49
Note 3 - Accounting Changes:
The beginning balances of governmental activities, business-type activities, and proprietary
funds have been adjusted due to the implementation of GASB 68.
Water and
Sewer Utility
Fund
Development
Services Fund
Stormwater
Utility Fund
Total
Proprietary
Funds
Net Position, October 1, 2014,
previously stated21,016,975$ 209,510$ 8,669,615$ 29,896,100$
Restatement of net position
due to implementation of
GASB 68(1,730,285) (59,536) (529,118) (2,318,939)
Net position, October 1, 2014,
restated 19,286,690$ 149,974$ 8,140,497$ 27,577,161$
Governmental
Activities
Business-type
ActivitiesTotal
Net Position, October 1, 2014,
previously stated66,365,151$ 29,896,100$ 96,261,251$
Restatement of net position
due to implementation of
GASB 68(11,142,220) (2,318,939) (13,461,159)
Net position, October 1, 2014,
restated 55,222,931$ 27,577,161$ 82,800,092$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
50
Note 4 - 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 1st of each year, the City Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1st. The
budget includes proposed revenues, expenditures and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops, wherein the public is invited to
attend.
3. On or before September 30th of each year, two public hearings are convened and
the Commission establishes the ad valorem tax millage followed by the adoption of
the final budget.
4. The budget may be formally amended by the City Commission at any time.
Budgeted amounts presented in the accompanying financial statements have been
adjusted for any legally authorized revisions of the annual budgets during the year.
5. The City Manager is authorized to transfer budgeted amounts between accounts
within a department. At any time during the fiscal year, the City Manager may
transfer part or all of any unencumbered appropriations among programs within one
department. The legal level of budgetary control is the departmental level.
B. Appropriations in Excess of Funds Available
Appropriations for the Tuscawilla Phase III Special Revenue Fund and Oak Forest Debt
Service Fund were in excess of anticipated revenue and prior years’ fund balance.
C. Deficit Fund Equity
As a result of the internal loan, the Tuscawilla Phase III Special Revenue Fund has a deficit
fund balance of $51,790 at September 30, 2015.
As a result of the internal loan, the Oak Forest Debt Service Fund has a deficit fund balance
of $77,450 at September 30, 2015.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
51
Note 5 - Deposits and Investments:
Deposits
At year-end, the carrying amount of the City’s deposits was $4,574,243 and the bank
balance was $3,535,825. Petty cash funds of $1,810 are not on deposit with a financial
institution, and fiduciary fund cash of $812,219 held by the pension fund is not in the City’s
bank. All bank deposits were covered by Federal Depository Insurance or held in banks
that are members of the State of Florida’s Collateral Pool as specified under Florida law.
Florida Statutes provide for collateral pooling by banks and savings and loans. This limits
local government deposits to “authorized depositories”.
Investments
The City’s investment policies are governed by State Statutes and City ordinances. City
ordinance allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280
of the Florida Statutes. Authorized investments are:
1. Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA
LGIP)
2. U.S. Government securities
3. U.S. Government Agency securities
4. Federal Instrumentalities (U.S. Government sponsored agencies)
5. Interest bearing time deposit or savings accounts
6. Repurchase agreements
7. Commercial paper
8. Bankers’ acceptances
9. State and/or local government taxable and/or tax-exempt debt
10. Registered investment companies (money market mutual funds)
11. Intergovernmental investment pool
The City’s investment policy limits credit risk by restricting authorized investment to those
described above. The policy requires that the investment in federal instrumentalities be
guaranteed by the full faith and credit of the U.S. Government sponsored agency and that
investments in money market mutual funds have a Standard & Poors (S & P) rating of AAm
or AAm-G. Investments in commercial paper and bankers’ acceptances must be rated, at a
minimum, “P-1” by Moody’s Investors Services and “A-1” by S & P. Investment in state
and/or local government taxable and/or tax-exempt debt must be rated at least “Aa” by
Moody’s and “AA” by S & P for long-term debt, or rated at least “MIG-2” by Moody’s and
“SP-2” by S & P for short-term debt.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
52
Note 5 - Deposits and Investments (Continued):
Investments (Continued)
Custodial Credit Risk
In the case of deposits, this is the risk that in the event of a bank failure, the City’s deposits
may not be returned to it. The city’s investment policy requires that the bank deposits be
secured as provided by Chapter 280, Florida Statutes. This law requires local governments
to deposit funds only in financial institutions designated as qualified public depositories by
the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust
Fund, a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a default or insolvency has occurred. At September 30,
2015, all of the city’s bank deposits were in qualified public depositories.
For an investment, this is the risk that, in the event of the failure of the counterparty, the
government will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. At September 30, 2015, none of the
investments listed are exposed to custodial credit risk because their existence is not
evidenced by securities that exist in physical or book entry form.
Concentration of Credit Risk
The City’s investment policy requires diversification, and places limits on the percentage of
funds that may be invested with an individual issuer and type of investment.
Interest Rate Risk
The policy limits investment in U.S. Government securities and agencies and federal
instrumentalities to a maximum length to maturity of five years. The maximum length to
maturity for an investment in any state or local government debt security is three years.
Certificates of deposit maximum maturity is one year and commercial paper and bankers’
acceptances are 180 days. The maximum length to maturity for repurchase agreements is
90 days.
Additional Investment Information
The SBA is not a registrant with the Securities and Exchange Commission (SEC); however,
the State of Florida does provide regulatory oversight. The Board has adopted operating
procedures consistent with the requirements for a 2a-7 like fund for the Florida Prime Fund.
Therefore, the pool account balance can be used as fair value for financial reporting.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
53
Note 5 - Deposits and Investments (Continued):
Investments held by the City at September 30, 2015 are detailed below.
Investments Fair Value
Credit
Rating
Weighted
Average
Maturity
Commercial Paper 10,082,231$ A-1+68 days
US Treasury Notes 6,011,405 TSY329 days
Municipal Obligations 800,861 AA124 days
Federal Agency Bond Note 22,414,134 AA+383 days
Fidelity Institutional Money Market Government Portfolio796,555 Not rated
40,105,186$
Investments: Pension Funds
The City’s Pension Trust Fund (Trust) investment policies are governed by State Statutes
and City ordinances. City ordinance allows investments in any financial institution that is a
qualified public depository of the State of Florida as identified by the State Treasurer, in
accordance with Chapter 280 of the Florida Statutes. Authorized investments are:
1. Equities traded on a national exchange
2. Fixed income investments having a minimum rating of investment grade or
higher as determined by at least one major credit rating service
3. Money market fund or STIF provided by the Plan’s custodian
4. Real estate limited to commingled funds
5. Alternatives
6. Foreign securities limited to fully and easily negotiable securities or
commingled funds with investments in such securities
7. Commingled funds/mutual funds and exchange traded funds
The investments held by the City’s Pension Trust Fund at September 30, 2015 are detailed
below:
Investments Fair Value
Stocks22,792,386$
Bonds9,377,843
Real Estate4,354,470
Total Investments36,524,699
Cash and Cash Equivalents812,219
Total Cash and Investments37,336,918$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
54
Note 5 - Deposits and Investments (Continued):
Investments: Pension Funds (Continued)
Credit Risk
The City’s Trust investment policy limits credit risk by restricting authorized investment to
those described above. The policy requires that the investments in: federal instrumentalities
be guaranteed by the full faith and credit of the U.S. Government sponsored agency;
deposit accounts be insured by the Federal Deposit Insurance Corporation and may not
exceed maximum insured amount; commercial paper be rated in the highest category by a
nationally recognized rating service; Letters of Credit (LOC) backing commercial paper, the
long-term debt of the LOC provider be rated A or better by at least two nationally recognized
rating services; bankers’ acceptances of the United States Banks or federally chartered
domestic office of a foreign bank, which are eligible for purchase by the Federal Reserve
System, be rated in the highest category by a nationally recognized rating service; General
Obligation and/or Revenue Bonds of state or local government taxable or tax-exempt debt
be rated A, for long-term debt, by a nationally recognized rating service or rated “MIG-2” or
“SP-2”, for short term debt, by a nationally recognized rating service; intergovernmental
investment pools be authorized to the Florida Interlocal Cooperation Act provided in Section
163.01, Florida Statutes; equities be traded on a national exchange; money market mutual
funds have a rating of “A1” by Standard & Poor’s (S&P) or “P1” by Moody’s Investor
Services (Moody’s); fixed income securities be investment grade as measured by S&P or
Moody’s; and any bonds or notes that fall below investment quality must be liquidated
immediately.
Custodial Credit Risk
Custodial risk is the risk that, in the event of the failure of the counterparty, the government
will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. At September 30, 2015, none of the Trust investments
listed are exposed to custodial credit risk because their existence is not evidenced by
securities that exist in physical or book entry form.
Concentration of Credit Risk
The City’s Trust investment policy requires diversification, and places limits on the
percentage of funds that may be invested with an individual issuer and type of investment.
The policy limits an individual issuer of common or capital stock to no more than 5% of the
fund’s assets; the aggregate investment in any one stock issuing company to no more than
5% of the outstanding capital stock of the company; and the value of bonds issued by any
single corporation to no more than 3% of the total fund. The policy limits investments in
corporate common stock and convertible bonds to no more than 75% of the fund assets at
market value; foreign securities to no more than 20% of fund assets at market value; and
alternative investments, such as timber and real estate, to no more than 15% of the fund
assets at market value. At September 30, 2015, there were no security investments in the
Trust that were over their respective limitations.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
55
Note 5 - Deposits and Investments (Continued):
Investments: Pension Funds (Continued)
Interest Rate Risk
The Pension investment policy allows for investment in commingled funds administered by
national or state banks, and mutual funds. Authorized investments criteria with the
exception of commingled funds, apply to security level investments. All fixed income
investments in the Pension portfolio are commingled funds.
The Pension fixed income portfolio may be invested in securities with a maturity up to (30)
years, as long as the average duration of the portfolio will not exceed +/- 125% of the
duration of the Policy benchmark. There were no security level fixed income investments in
the Pension Portfolio.
Note 6 - Receivables:
Receivables as of year end for the City’s individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
Fund
Accounts
Receivable
Allowance for
Uncollectible
Accounts
Net
Receivable
General22,212$ -$ 22,212$
Road Improvements Special Revenue1,500,760 - 1,500,760
Solid Waste/Recycling Special Revenue161,884 - 161,884
Water & Sewer Utility564,899 (51,123) 513,776
Stormwater Utility277,340 (236,759) 40,581
2,527,095$ (287,882)$ 2,239,213$
There is an amount of $1,028,545 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,052,069 that are not
available to liquidate liabilities of the current period. These receivables totaling $3,080,614 are
reported as deferred inflows of resources in the governmental funds balance sheet.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
56
Note 7 - Capital Assets:
Capital asset activity for the year ended September 30, 2015 was as follows:
Beginning
BalanceIncreasesDecreases
Ending
Balance
Governmental Activities:
Capital assets, not being
depreciated:
Land9,946,795$ -$ -$ 9,946,795$
Construction in Progress972,350 1,872,865 (905,789) 1,939,426
Total capital assets, not being
depreciated10,919,145 1,872,865 (905,789) 11,886,221
Capital assets, being depreciated:
Buildings12,793,332 28,798 (2,790) 12,819,340
Improvements12,498,996 315,762 (9,854) 12,804,904
Intangible assets1,028,752 1,636 (4,719) 1,025,669
Machinery and equipment6,813,393 665,530 (285,110) 7,193,813
Infrastructure61,695,785592,409 - 62,288,194
Total capital assets, being
depreciated94,830,258 1,604,135 (302,473) 96,131,920
Less accumulated depreciation for:
Buildings(5,517,282) (422,352) 1,659 (5,937,975)
Improvements(5,506,351) (442,924) 9,854 (5,939,421)
Intangible assets(846,570) (88,892) 4,719 (930,743)
Machinery and equipment(5,445,674) (541,988) 283,240 (5,704,422)
Infrastructure(30,385,036) (1,850,775) - (32,235,811)
Total accumulated depreciation(47,700,913) (3,346,931) 299,472 (50,748,372)
Total capital assets, being
depreciated, net47,129,345 (1,742,796) (3,001) 45,383,548
Governmental activities capital
assets, net 58,048,490$ 130,069$ (908,790)$ 57,269,769$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
57
Note 7 - Capital Assets (Continued):
Beginning
BalanceIncreasesDecreases
Ending
Balance
Business-type Activities:
Capital assets, not being
depreciated:
Land7,170,177$ -$ -$ 7,170,177$
Construction in Progress195,754 502,549 (361,105) 337,198
Total capital assets, not being
depreciated7,365,931 502,549 (361,105) 7,507,375
Capital assets, being depreciated:
Buildings756,435 61,927 - 818,362
Improvements61,383,746 364,953 (62,685) 61,686,014
Intangible assets218,523 - - 218,523
Machinery and equipment3,566,356 389,177 (167,565) 3,787,968
Total capital assets, being
depreciated65,925,060 816,057 (230,250) 66,510,867
Less accumulated depreciation for:
Buildings(593,297) (20,335) - (613,632)
Improvements(31,688,720) (2,166,016) 55,428 (33,799,308)
Intangible assets(134,245) (27,678) - (161,923)
Machinery and equipment(3,013,867) (167,160) 167,565 (3,013,462)
Total accumulated depreciation(35,430,129) (2,381,189) 222,993 (37,588,325)
Total capital assets, being
depreciated, net30,494,931 (1,565,132) (7,257) 28,922,542
Business-type activities capital
assets, net 37,860,862$ (1,062,583)$ (368,362)$ 36,429,917$
Increases in accumulated depreciation for business-type activities include accumulated
depreciation on assets transferred from governmental activities, therefore total increases is not
the same as depreciation expense. This difference is $288.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
58
Note 7 - Capital Assets (Continued):
Depreciation expense was charged to functions/programs as follows:
Governmental Activities:
General government 877,355
Public safety 384,930
Physical environment 1,715,783
Culture and recreation 368,863
Total Depreciation Expense - governmental activities 3,346,931$
Business-type Activities:
Water and sewer 2,004,919$
Development services 15,900
Stormwater 360,082
Total Depreciation Expense - business-type activities 2,380,901$
Note 8- Long-Term Debt:
Revenue Bonds
The City issues bonds where the City pledges revenue derived from the acquired or constructed
assets to pay debt service. Revenue bonds have been issued for both governmental and
business-type activities.
The 1999 Improvement Refunding Bonds are secured by Electric Franchise fees and Public
Service tax revenue. The total principal and interest remaining to be paid on this series is
$14,025,000. For the fiscal year, there was no principal and interest paid on this series and
total pledged revenue was $5,828,964.
The 2000 Water and Sewer Refunding bonds are secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is
$19,761,875. For the fiscal year, principal and interest paid on this series was $103,125 and
total pledged net revenue was $5,696,087.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
59
Note 8 - Long-Term Debt (Continued):
Revenue Bonds (Continued)
The original amount of revenue bonds issued in prior years, as well as revenue bonds
outstanding at year end, are as follows:
Interest
Rates and
DatesMaturity
Original
Amount
Balance
September 30,
2015
Governmental Activities
Improvement Refunding
Revenue Bonds- Series 1999 10/1/2020
(excludes $4,886,871 of accreted 3.25 - 5.25%to
interest on capital appreciation bonds)(4/1 & 10/1)10/1/20297,998,970$ 3,498,970$
Total 3,498,970$
Business-Type Activities
Water and Sewer Refunding
Revenue Bonds- Series 200010/1/2022
(excludes $5,060,678 of accreted 4.5 - 5.5%to
interest on capital appreciation bonds)(4/1 & 10/1)10/1/20306,969,191$ 5,669,191$
Total 5,669,191$
Annual debt service requirements to maturity for revenue bonds are as follows:
Year Ending
September 30,Principal Interest Principal Interest
2016 -$ -$ -$ 103,125$
2017 - - - 103,125
2018 - - - 103,125
2019 - 428,559 - 103,125
2020 417,881 869,161 - 103,125
2021-2025 1,759,997 4,664,173 1,872,016 7,050,971
2026-2030 1,321,092 4,564,137 1,922,175 6,526,088
2031 - - 1,875,000 -
3,498,970$ 10,526,030$ 5,669,191$ 14,092,684$
Business-Type ActivitiesGovernmental Activities
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
60
Note 8 - Long-Term Debt (Continued):
Notes Payable
The City issued a Special Assessment Revenue Note Series 2006, in the amount of $430,000
to provide financing for the Tuscawilla Lighting and Beautification Project, Phase II. The Special
Assessment Revenue Note Series 2006 is secured by a first lien and pledge of assessments
levied on the property within the assessed area. The total principal and interest remaining to be
paid on this series is $62,216. For the fiscal year, principal and interest paid on this series was
$31,724 and total pledged revenue was $26,538.
The 2011 Improvement Refunding Revenue Note is secured by Electric Franchise fees and
Public Service tax revenue. The total principal and interest remaining to be paid on this series
is $903,656. For the fiscal year, principal and interest paid on this series was $204,272 and
total pledged revenue was $5,828,964.
The 2011 Special Assessment Revenue Refunding Note is secured by a first lien and pledge of
assessments levied on the property within the assessed area. The total principal and interest
remaining to be paid on this series is $1,989,895. For the fiscal year, principal and interest was
paid on this series was $134,652 and total pledged revenue was $135,904.
The 2012 Limited General Obligation Refunding Note is secured 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 Note shall not exceed one quarter (1/4) of one mil on all of
the taxable property in the City. The total principal and interest remaining to be paid on this
series is $3,244,434. For the fiscal year, principal and interest paid was $201,157 and total
pledged revenue was $185,527.
The 2014 Improvement Refunding Revenue Notes are secured by Public Service tax revenue.
The total principal and interest remaining to be paid on this series is $3,343,084. For the fiscal
year, principal and interest paid was $228,664 and total pledged revenue was $3,887,127.
The 2011A Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $5,417,256.
For the fiscal year, principal and interest paid on this series was $1,082,403 and total pledged
net revenue was $5,696,087.
The 2011B Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $591,339.
For the fiscal year, principal and interest paid on this series was $102,832 and total pledged net
revenue was $5,696,087.
The 2011C Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $2,940,044.
For the fiscal year, principal and interest paid on this series was $415,151 and total pledged net
revenue was $5,696,087.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
61
Note 8 - Long-Term Debt (Continued):
Notes Payable (Continued)
In April 2012, the City executed Clean Water State Revolving Fund Loan agreement
WW590600 for the Lake Jessup reclaimed water augmentation facility. The agreement
provides for total funding of $2,831,985. The loan period is for 20 years with an interest rate of
2.77 percent. The note is secured by gross revenues from the water and sewer utility net of
operation and maintenance costs. The total principal and interest remaining to be paid on this
series is $1,988,714. For the fiscal year, principal and interest paid on this series was $110,945
and total pledged net revenue was $4,407,727.
The City has notes payable for both governmental and business-type activities. Outstanding
notes payable at year end are as follows:
Governmental Activities
SpecialAssessmentRevenueNote,Series2006-Principal
payableannuallybeginningJuly1,2007andinterestpayablesemi-
annuallyonJanuary1andJuly1.MaturityisJuly1,2021and
interestis4.10%.Principalpaymentsof$28,350weremadein
fiscal year 2015.58,983$
ImprovementRefundingRevenueNote,Series2011-payablein
annualprincipalinstallmentsstarting10/1/11through10/1/18and
interest paid semi-annually at 2.36%861,489
SpecialAssessmentRefundingRevenueNote,Series2011-
payableinannualprincipalinstallmentsstarting10/1/12through
10/1/29 and interest paid semi-annually at 3.25%1,575,186
LimitedGeneralObligationRefundingNote,Series2012-payable
inannualprincipalinstallmentsstarting7/1/13through7/1/31and
interest paid semi-annually at 3.65%2,425,161
ImprovementRefundingRevenueNote,Series2014-payablein
annualprincipalinstallmentsstarting10/1/14through10/1/18and
interest paid semi-annually at 0.88%3,285,000
8,205,819$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
62
Note 8 - Long-Term Debt (Continued):
Notes Payable (Continued)
Business-Type Activities
WaterandSewerSystemRevenueRefundingNote,Series2011A-
payableinannualprincipalinstallmentsstarting4/1/12through4/1/20
and interest paid semi-annually at 3.28%4,997,008$
Water andSewerSystemRevenueRefundingNote,Series2011B-
payableinannualprincipalinstallmentsstarting10/1/11through
10/1/20 and interest paid semi-annually at 2.65%553,001
WaterandSewerSystemRevenueRefundingNote,Series2011C-
payableinannualprincipalinstallmentsstarting10/1/12through
10/1/21 and interest paid semi-annually at 2.66%2,715,852
SRFloan-payableinsemi-annualprincipalandinterestinstallments
starting 4/15/13, with interest paid semi-annually at 2.77%1,568,480
9,834,341$
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending
September 30,Principal Interest Principal Interest
2016 1,231,859$ 183,946$ 1,446,699$ 266,630$
2017 1,256,963 164,001 1,497,567 221,366
2018 1,262,982 143,576 1,542,909 174,567
2019 1,286,593 123,346 1,585,947 126,483
2020 229,854 109,132 1,636,618 76,835
2021-2025 1,251,030 421,417 1,359,853 150,179
2026-2030 1,493,170 184,991 492,819 75,711
2031-2033 193,368 7,057 271,929 11,241
8,205,819$ 1,337,466$ 9,834,341$ 1,103,012$
Governmental Activities Business-Type Activities
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
63
Note 8 - Long-Term Debt (Continued):
Changes in Long-Term Liabilities
Long-term liability activity for the year ended September 30, 2015 was as follows:
Beginning
Balance, as
restatedAdditionsReductions
Ending
Balance
Due Within
One Year
Governmental Activities:
Bonds Payable-
Revenue bonds 3,498,970$ -$ -$ 3,498,970$ -$
Accreted Interest Payable 4,432,678 454,193 - 4,886,871 -
Notes Payable-
Capital improvement notes6,281,928 - (501,270) 5,780,658 1,119,327
Limited general obligation note2,533,833 (108,672) 2,425,161 112,532
Total notes payable8,815,761 - (609,942) 8,205,819 1,231,859
Other Post Employment Benefits334,32574,193 - 408,518 -
Net Pension Obligation 9,626,0001,517,396 - 11,143,396 -
Compensated Absences 766,961 671,927 (766,961) 671,927 134,000
Governmental activity long-
term liabilities 27,474,695$ 2,717,709$ (1,376,903)$ 28,815,501$ 1,365,859$
Beginning
Balance, as
restatedAdditionsReductions
Ending
Balance
Due Within
One Year
Business-type Activities:
Bonds Payable-
Revenue bonds 5,669,191$ -$ -$ 5,669,191$ -$
Less deferred amounts:
Issuance discounts (16,869) - 1,054 (15,815) -
Total bonds payable5,652,322 - 1,054 5,653,376 -
Accreted Interest Payable 4,556,926 503,752 - 5,060,678 -
Notes Payable-
Revenue notes 9,600,629 - (1,334,768) 8,265,861 1,375,953
SRF Loan 1,635,498 - (67,018) 1,568,480 70,746
Other Post Employment Benefits110,675 25,807 - 136,482 -
Net Pension Obligation 2,058,250 324,453 - 2,382,703 -
Compensated Absences 172,074184,133 (172,074) 184,133 36,827
Governmental activity long-
term liabilities 23,786,374$ 1,038,145$ (1,572,806)$ 23,251,713$ 1,483,526$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
64
Note 9 - Interfund Receivables, Payables and Transfers:
The composition of interfund advances as of September 30, 2015 is as follows:
Receivable
FundPayable FundAmount
GeneralOther Governmental Funds146,380$
146,380$
The advance to other governmental funds represents Resolution 2010-36 adopted June 2010
formally establishing the interfund loan (original amount $318,464) between the City’s General
Fund and the Oak Forest Debt Service Fund. The terms of the note are 2.7510% paid quarterly
through June 2017. The balance also represents an interfund loan with the Tuscawilla III
Special Revenue Fund, which was established with Resolution 2013-22 in the amount of
$80,820 of which $17,100 in prepayments were received for a net interfund loan of $63,720.
The terms of the note are 2.875% for 20 years. The interest rate is variable, with maximum
increases of 1.25% in years 6-15, and 1.5% in years 16-20.
Interfund transfers for the year ended September 30, 2015 are summarized below:
Transfers Out General Fund
Other
Governmental
Funds
Water and
Sewer Utility
Fund Total
General Fund -$ 2,482,709$ -$ 2,482,709$
TLBD Debt Service 500 - - 500
Road Improvements - 1,308,747 - 1,308,747
Solid Waste/Recycling
Special Revenue Fund 800,825 - - 800,825
Other Governmental Funds 366,377 - 17,833 384,210
Water and Sewer Utility Fund 1,558,382 - - 1,558,382
Development Services Fund 359,900 - - 359,900
Stormwater Utility Fund 165,300 - 6,000 171,300
3,251,284$ 3,791,456$ 23,833$ 7,066,573$
Transfers In
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
65
Note 9 - Interfund Receivables, Payables and Transfers (Continued):
Interfund transfers for the year ended September 30, 2015 are detailed below:
Recipient Fund Amount Purpose
1999 Debt Service Fund 217,000$
TransferfromGeneralFundtopayDebtService
expensesontheImprovementRefundingRevenue
Bonds, Series 1999.
2003 Debt Service Fund 825,400
TransferfromGeneralFundtopayDebtService
expensesontheImprovementRefundingRevenue
Bonds, Series 2003.
Central Winds GO Debt Service
Fund 1,153,000
TransferfromGeneralFundtopayDebtService
expensesontheGeneralObligationNotesforthe
acquisition and expansion of Central Winds Park.
Excellence in Customer Service
Fund 287,309
TransferfromGeneralFundfornewERPsoftware
andotherprojectsdedicatedtoenhancing
customer service.
General Fund 1,558,382
TransferfromWaterandSewerUtilityFundfor
UtilityBillingdivisionbudget,fairshareportionof
GeneralFundexpenses,suchashuman
resources, purchasing, and finance.
General Fund 359,900
TransferfromDevelopmentServicesFundfor
indirectcosts,administration,fireprevention,
CommunityDevelopment(crossovercosts),
InformationServicesspecialprojects,Kivaproject
and records management project expenses.
General Fund 53,560
TransferfromTLBDPhaseIMaintenanceSpecial
RevenueFundforCityClerk,Beautification
Coordinator and insurance expenses.
General Fund 10,688
TransferfromOakForestMaintenanceSpecial
RevenueFundforCityClerk,Beautification
Coordinator and insurance expenses.
General Fund 800,825 TransferfromSolidWaste/RecyclingSpecial
Revenue Fund for administration, franchise fees.
General Fund 14,589 TransferfromArborFundforurbanforestry
services.
General Fund 165,300 TransferfromStormwaterUtilityFundfor
administration and special projects.
General Fund 500 TransferfromOakForestDebtServicefundfor
administration fees.
General Fund 500 TransferfromTLBDDebtServiceFundfor
administration fees.
General Fund 500 TransferfromTLBDPhaseIIDebtServiceFundfor
administration fees.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
66
Note 9 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund Amount Purpose
General Fund 1,715
TransferfromTuscawillaIIItoreimbursethe
GeneralFundforexpensespaidonbehalfofthe
special assessment fund.
General Fund 280,000 Transfer from Transportation Improvement Fund for
street lighting.
General Fund 4,825 TransferfromSpecialLawEnforcementTrustFund-
Federal to subsidize a vehicle purchase
Transportation Improvement Fund1,308,747
TransferfromRoadImprovementsFundto
reimburseforpreviousyears'projectseligiblefor
second generation tax.
Water and Sewer Utility Fund17,833 TransferfromArborFundtocoveranallocationof
salary/benefits for the City Arborist.
Water and Sewer Utility Fund6,000 TransferfromStormwaterUtilityFundfor
administration fees.
7,066,573$
Note 10 - Defined Benefit Pension Plan:
Plan Description
The City maintains a single-employer defined benefit pension plan that provides retirement
benefits to City employees. The pension plan is maintained as a Pension Trust Fund and is
included with the fund financial statements. This pension plan does not issue a stand-alone
financial report. General employees hired on or after October 1, 2011 are no longer eligible
for the defined benefit pension plan, but are eligible for the City’s defined contribution plan.
Employees hired as sworn police officers or hired as forensic professionals on or after
October 1, 2011 will continue to participate in the defined benefit plan.
In October 2008, the City consolidated fire services with Seminole County, and firefighters
were given the option to either remain in the City’s pension plan or enroll in the County’s
pension plan. As a result, 27 firefighters elected to remain in the City’s pension plan of
which 10 remain although they are no longer employees of the City.
The Board of Trustees of the plan are appointed by the City Commission to make advisory
recommendations regarding the plan’s investment and portfolio strategies. Any
recommendations are then taken back to the Commission for final approval.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
67
Note 10 - Defined Benefit Pension Plan (Continued):
Plan Membership - At September 30, 2015 plan membership consisted of the following:
Inactive Plan Members or Beneficiaries Currently Receiving Benefits 85
Inactive Plan Members Entitled to but Not Yet Receiving Benefits 142
Active Plan Members 141
368
Benefits Provided - For Firefighters, Police Officers and Forensic Professionals, 3% times
final average compensation multiplied by accrual service up to a maximum of 30 years.
For General Employees, 3% times accrual service earned through September 30, 2011
times final average compensation plus 2.5% times accrual service earned after September
30, 2011 times final average compensation, up to a maximum of 30 years of accrual
service.
Contributions - contribution requirements of plan members and the City are established
and may be amended by the City Commission. The Plan currently requires employees to
contribute 5% of their salary.
Net Pension Liability - The City’s net pension liability was measured as of September 30,
2015, and the pension liability was determined by an actuarial valuation as of October 1,
2014 updated to September 30, 2015. The components of the net pension liability of the
sponsor on September 30, 2015 were as follows:
Total Pension Liability 50,888,868$
Plan Fiduciary Net Position (37,362,769)
Sponsor's Net Pension Liability 13,526,099$
Plan Fiduciary Net Position as a Percentage of
Total Pension Liability 73.42%
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
68
Note 10 - Defined Benefit Pension Plan (Continued):
Actuarial Assumptions -
The total pension liability was determined by an actuarial valuation as of October 1, 2014
updated to September 30, 2015 using the following actuarial assumptions:
Inflation 3.00%
Salary Increases 3.0% - 7.5%
Investment Rate of Return 8.00%
For healthy General Employee participants, the RP-2000 Combined Mortality Table was
used with separate rates for males and females and fully generational mortality
improvements projected to each future decrement date with Scale AA. For healthy
Firefighter and Police Officer participants, the RP-2000 Combined Mortality Table with
Blue Collar Adjustment was used with separate rates for males and females and fully
generational mortality improvements projected to each future decrement date with Scale
AA. For disabled participants, the RP-2000 Combined Disability Mortality Table was used
with separate rates for males and females and fully generational mortality improvements
projected to each future decrement date with Scale AA.
The long-term expected rate of return on pension plan investments was determined using
a building-block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expenses and inflation) are
developed for each major asset class. These ranges are combined to produce the long
term expected rate of return by weighting the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic real rates of return for each major asset class included in the pension plan’s
target asset allocation as of September 30, 2015 are summarized in the following table:
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
Large Cap Domestic Stocks25%2.58%
Domestic Broad Cap Growth Equity25%3.05%
International15%0.59%
Fixed Income20%0.59%
TIPS5%0.08%
Real Estate10%1.44%
Total100%
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
69
Note 10 - Defined Benefit Pension Plan (Continued):
Discount rate - The discount rate used to measure the total pension liability was 8%. The
projection of cash flows used to determine the discount rate assumed member
contributions will be made at the current contribution rate and employer contributions will
be made at rates equal to the difference between the actuarially determined contribution
rates and the member rate. Based on those assumptions, the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total
pension liability.
Changes in Net Pension Liability
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
(a)(b)(a)-(b)
Balances at September 30, 201448,505,511$ 36,821,261$ 11,684,250$
Changes for a Year:
Service Cost 834,402 - 834,402
Interest 3,851,130 - 3,851,130
Differences between expected and actual
experience (107,513) - (107,513)
Changes of assumptions 8,107 - 8,107
Contributions-employer - 2,392,948 (2,392,948)
Contributions-employee - 358,106 (358,106)
Net investment income - 5,160 (5,160)
Benefit payments, including refunds of
employee contributions (2,202,769) (2,202,769) -
Administrative Expense - (11,937) 11,937
Net Changes2,383,357 541,508 1,841,849
Balances at September 30, 201550,888,868$ 37,362,769$ 13,526,099$
Increase (Decrease)
Sensitivity of the Net Pension Liability to changes in the Discount Rate
1% Decrease
Current
Discount 1% Increase
7.00%8.00%9.00%
Net Pension Liability19,607,946$ 13,526,099$ 8,392,231$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
70
Note 10 - Defined Benefit Pension Plan (Continued):
Deferred outflows and inflows of resources
For the year ended September 30, 2015, the City will recognize a pension expense of
$(846,157). At September 30, 2015, the city reported deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences Between Expected and Actual Experience $ - $ 389,686
Changes of Assumptions 6,345 -
Net Difference Between Projected and Actual Earnings
on Pension Plan Investments 1,590,438 -
1,596,783$ 389,686$
Amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Year Ended September 30:
2016 164,423$
2017 164,423
2018 301,458
2019 576,793
2020 -
Thereafter -
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
71
Note 11 - Defined Contribution Plan:
In March 2012 the City established the Winter Springs Defined Contribution (General Plan) as a
defined contribution plan covering all full time employees of the City hired after October 1, 2011,
not eligible to participate in the Defined Benefit Pension Plan. This plan is authorized and may
be amended by the City Commission. The City makes employer contributions of 5%.
Employees are eligible to participate in the General Plan after 6 months of employment.
Vesting is 0% for the first 3 years, 60% at the end of year 3, 80% at the end of year 4, 100% at
the end of year 5. Benefits are available upon termination subject to IRS regulations,
regardless of age, based on vested years of service. Normal retirement age has been
designated by the employer as age 65.
For the fiscal year ending September 30, 2015, payroll for the employees covered by this plan
was $1,135,095. Employer contributions required and made were $62,518. As of September
30, 2015, participation in the plan consisted of 36 active members.
During the year, the General Plan held no securities issued by the employer.
Note 12 - Other Post-Employment Benefits:
In accordance with Florida Statutes Section 112.0801, the City makes continued group
health insurance through the city’s current provider available to retirees and eligible
dependents provided certain service requirements and normal age retirement requirements
have been met. This plan is a single employer plan. This benefit has no cost to the City,
other than the implicit cost of including retirees in the group calculation. All premiums are
paid by the retiree. The City has eleven retirees currently receiving benefits. The City has
chosen pay-as-you-go funding, but is recording the liability in the government wide financial
statements. This plan does not issue stand-alone financial statements.
The most recent actuarial report for the City’s Retiree Continuation Insurance plan was
prepared as of December 1, 2015. At that point in time, the unfunded actuarial accrued
liability (UAAL) for benefits was $1,079,000 and funded ratio was 0%. The covered payroll
was $7,853,000 and the ratio of the UAAL to covered payroll was 13.7 percent.
The annual required contribution and Net OPEB Obligation for the fiscal year ended
September 30, 2015 is as follows:
Annual Required Contribution 176,000$
Interest on Net OPEB Obligation 18,000
Adjustment to Annual Required Contribution (38,000)
Annual OPEB Cost 156,000
Employer Contributions (55,000)
Interest on Employer Contributions (1,000)
Increase in Net OPEB Obligation 100,000
Net OPEB Obligation (beginning of year)445,000
Net OPEB Obligation (end of year)545,000$
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
72
Note 12 - Other Post-Employment Benefits (Continued):
Three Year Trend Information -
Fiscal
Year
Ending
Annual
Required
Contribution
(ARC)
Percentage
of ARC
Contributed
Net OPEB
Obligation
9/30/2013160,000$ 42.0%368,000$
9/30/2014163,000 42.0%445,000
9/30/2015176,000 31.3%545,000
Summary of Actuarial Methods & Assumptions -
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, presents multi-year trend information about whether
the actuarial value of the plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of benefit
costs between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the
long-term perspective of the calculations.
Actuarial Cost Method - The projected unit credit cost method was used to determine all
liabilities, with the liability for each active employee assumed to accrue over his working
lifetime based on elapsed time from his date of hire until retirement.
Amortization Method - The level-dollar payment with a 15 year open period amortization
method was used.
Decrements -
Mortality - Sex-distinct mortality rates set forth in the RP-2000 mortality table to annuitants
and non-annuitants, projected to 2012 by Scale AA, as published by the IRS for purposes of
IRC section 430; future generational improvements in mortality have not been reflected.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
73
Note 12 - Other Post-Employment Benefits (Continued):
Summary of Actuarial Methods & Assumptions (Continued)
Disability - Sex-distinct disability rates set forth in the Wyatt 1985 Disability Study; Class 4
rates were used for police officers, Class 1 rates were used for all other employees.
Permanent Withdrawal from Active Status - Sex-distinct withdrawal rates set forth in the
Scale 155 table.
Retirement - Retirement was assumed to occur as at age 55 for police officers and at age
60 for all other employees
Investment Return (Discount Rate) - 4.0% per annum (includes inflation at 2.75% per
annum)
Health care Costs Trend Rates - The cost of covered medical services has been assumed
to increase in accordance with the following rates, compounded annually:
YearIncreaseYear IncreaseYear Increase
20158.00%20186.50%20215.50%
20167.50%20196.00%2022
20177.00%20205.50%and later 5.00%
Implied Subsidy (Not Eligible for Medicare) - The implied subsidy for a 60-year old retiree
and his spouse for the period December 1, 2015 through November 30, 2016 is assumed to
be $4,800 per year and $6,600 per year, respectively.
Implied Subsidy (Dental Insurance) - There is no implied subsidy for dental insurance
since it is assumed that the dental insurance costs for covered individuals do not increase
with age.
Age-Related Morbidity - The cost of covered medical services has been assumed to
increase with age at the rate of 3.5% per annum.
Retiree contributions - Retirees electing post-employment healthcare coverage have been
assumed to make monthly contributions equal to the premium charged to the active
employees and retiree contributions are assumed to increase in accordance with the
healthcare cost trend assumption.
Medical Plan Choice - Retirees have been assumed to elect coverage under the “United
Healthcare Medical Plan 6” plan.
Future Participation Rates - 25% of eligible employees are assumed to elect healthcare
coverage for themselves until age 65 upon retirement or disability; of the retirees election
healthcare coverage, 10% are assumed to elect coverage for their spouses until age 65.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
74
Note 12 - Other Post-Employment Benefits (Continued):
Summary of Actuarial Methods & Assumptions (Continued)
COBRA Assumption - Future healthcare coverage provided solely pursuant to COBRA
was not included in the OPEB valuation; because the COBRA premium is determined
periodically based on plan experience, we assumed that the COBRA premium to be paid by
the participant fully covers the cost of providing healthcare coverage during the relevant
period.
Summary of Benefits
Other Post-Employment Benefits (OPEBs) - The City of Winter Springs provides optional
post-employment healthcare and dental insurance coverage to eligible individuals.
Eligible Individuals - Eligible individuals include all regular employees of the City of Winter
Springs who retire from active service and are eligible for retirement or disability benefits
under the defined benefit pension plan that is sponsored by the City. Under certain
conditions, eligible individuals for healthcare coverage also include spouses and dependent
children.
Choice of Healthcare Plans - Eligible individuals may choose healthcare coverage under
the “United Healthcare Medical Plan 4, 5 or 6” plan.
Required Monthly Premium for Post-Employment Healthcare Coverage - Retirees must
pay a monthly premium as determined by the insurance carrier. The premium varies
depending on the plan selected and whether the retiree elects single, single plus spouse,
single plus children or family coverage.
Note 13 - 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 Nationwide Retirement Solutions 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.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
75
Note 14 - 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 15- Commitments and Contingencies:
Grants -
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.
Litigation -
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.
Commitments Under Construction Contracts -
At September 30, 2015, the City had entered into construction contracts in the amount of
$834,385.
Transportation Impact Fee Credits -
The City has entered into a number of agreements with developers under which the developer
donates transportation infrastructure improvements or rights of way to the City and receives
credit for future transportation impact fee payments. As of September 30, 2015, credit balances
for future impact fees total approximately $89,000.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
76
Note 16 - Fund Balance
Minimum Fund Balance Policy - In accordance with Resolution 2002-36, the City designates
an amount equal to 20 percent of the total operating expenses of the General fund to be
maintained as a required minimum unreserved fund balance. The purpose of the policy is to
provide capacity to (1) provide sufficient cash flow for daily financial needs, (2) secure and
maintain investment grade (i.e. A or above) bond ratings, (3) offset significant economic
downturns or revenue shortfalls, and (4) provide funds for unforeseen expenditures related to
emergencies.
By a super majority vote of the Commission, supplemental appropriation from unassigned
General Fund fund balance may be authorized by the Commission for a General Fund purpose
reducing the unassigned General Fund fund balance below the 20% minimum provided that the
assigned General Fund fund balance is restored to the minimum in the following year budget.
At September 30, 2015, the City’s governmental fund balances were as follows:
Fund Balances
General
Fund
Road
Improvements
Fund
Solid Waste/
Recycling
TLBD Debt
Service
Other
Governmental
Funds
Total
Governmental
Funds
Nonspendable
Inventory/prepaid186,814$ -$ -$ -$ 2,969$ 189,783$
Advances 146,380 - - - - 146,380
Spendable
Restricted for:
Physical environment - 2,847,217 - - 4,229,463 7,076,680
Public safety - - - - 2,027,038 2,027,038
Culture and recreation - - - - 820,927 820,927
Debt service - - - 189,959 1,189,848 1,379,807
Committed to:
Solid Waste - - 782,335 - - 782,335
Arbor - - - - 249,193 249,193
Assigned to:
Storm reserve - - 448,250 - - 448,250
Emergency Disaster
Relief - - 793,397 - - 793,397
Debt service - - - - 1,086,070 1,086,070
Capital projects - - - - 3,177,880 3,177,880
Unassigned 8,162,587 - - - (129,240) 8,033,347
Total Fund Balance8,495,781$ 2,847,217$ 2,023,982$ 189,959$ 12,654,148$ 26,211,087$
Note 17 - Subsequent Events:
The City has evaluated subsequent events through the date of the independent auditors’ report,
the date the financial statements were available to be issued.
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REQUIRED SUPPLEMENTARY INFORMATION
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2015
77
Retiree Continuation Insurance Plan
Actuarial
Valuation
Actuarial
Value of
Assets
Actuarial
Accrued
Liability (AAL)
Entry Age
Unfunded
AAL (UAAL)
Funded
Ratio
Covered
Payroll
UAAL as a
% of
Covered
Payroll
Date(a)(b)(b-a)(a/b)( c)(b-a) / c
7/1/2009**-$ 505,000$ 505,000$ 0.0%9,230,000$ 5.5%
10/1/2011 - 754,000 754,000 0.0%7,441,000 10.1%
10/1/2013 - 1,016,000 1,016,000 0.0%7,665,000 13.3%
12/1/2015 - 1,079,000 1,079,000 0.0%7,853,000 13.7%
** initial valuation date
Schedule of Funding Progress
Annual Required
Percentage of
ARC
Fiscal Year EndingContribution (ARC)Contributed
9/30/201098,000$ 17.0%155,000$
9/30/2011133,000 44.0%222,000
9/30/2012137,000 43.0%290,000
9/30/2013160,000 42.0%368,000
9/30/2014163,000 42.0%445,000
9/30/2015176,000 32.0%545,000
Net OPEB
Obligation
Schedule of Contributions from Employers and Other Contributing Entities
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE CITY’S NET PENSION
LIABILITY AND RELATED RATIOS
September 30, 2015
78
9/30/20149/30/2015
Total Pension Liability
Service Cost 886,819$ 834,402$
Interest 3,666,120 3,851,130
Benefit Changes - -
Differences Between Expected and Actual Experience (581,481) (107,513)
Changes of Assumptions - 8,107
Benefit Payments, including refunds of employee contributions(1,974,208) (2,202,769)
Net Change in Total Pension Liability 1,997,250 2,383,357
Total Pension Liability-beginning 46,508,261 48,505,511
Total Pension Liability-ending (a)48,505,511$ 50,888,868$
Plan Fiduciary Net Position
Contributions-employer 2,527,508 2,392,948
Contributions-employee 369,500 358,106
Net Investment Income 3,885,344 5,160
Benefit Payments, Including Refunds of Employee
Contributions (1,974,208) (2,202,769)
Administrative Expense (159,424) (11,937)
Other - -
Net Change in Plan Fiduciary Net Position 4,648,720 541,508
Plan Fiduciary Net Position- beginning 32,172,541 36,821,261
Plan Fiduciary Net Position- ending (b)36,821,261$ 37,362,769$
Net Pension Liability - ending (a)- (b)11,684,250$ 13,526,099$
Plan Fiduciary Net Position as a Percentage of Total Pension
Liability 75.91%73.42%
Covered-employee Payroll*8,084,054$ 7,840,934$
Net Pension Liability as a Percentage of Covered Employee
Payroll 144.53%172.51%
Valuation Date 10/1/201310/1/2014
Notes to Schedule: Updated procedures were used to roll forward the total pension liability to
the measurement date.
No benefit changes during the year.
* Gross pay as reported for Actuarial Valuation-GASB 67 references total payroll
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
September 30, 2015
79
9/30/2014 9/30/2015
Actuarially Determined Contribution 2,474,578$ 2,230,908$
Contributions in Relation to the
Actuarially Determined Contribution 2,527,508 2,392,948
Contribution Deficiency (Excess)(52,930)$ (162,040)$
Covered Employee Payroll 8,084,054 7,840,934
Contributions as a Percentage of
Covered Employee Payroll 31.27%30.52%
Notes to Schedule
Valuation Date 10/1/2013 10/1/2014
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level dollar, closed
Remaining Amortization Period30 years
Asset Valuation Method 5-year smoothed market
Inflation 3.00%
Salary Increases
Investment Rate of Return 8%
Retirement Age
Mortality
Benefit Changes
Assumption Changes
Update procedures were used to roll forward the total pension liability to the measurement date
3.0% - 7.5%
Experience-basedtableofratesthatarespecifictothetypeofeligibility
condition
2014:Disabilityratesupdated.2008:Mortality,salaryincrease,
withdrawal,disabilityandretirementratesupdated;administrative
expense assumption introduced and actuarial cost method updated.
ForhealthGeneralEmployeeparticipants,theRP-2000Combined
MortalityTablewasusedwithseparateratesformalesandfemalesand
fullygenerationalmortalityimprovementsprojectedtoeachfuture
decrementdatewithScaleAA.ForhealthyFirefighterandPoliceOfficer
participants,theRP-2000CombinedMortalityTablewithBlueCollar
Adjustmentwasusedwithseparateratesformalesandfemalesandfully
generationalmortalityimprovementsprojectedtoeachfuturedecrement
datewithScaleAA.Fordisabledparticipants,theRP-2000Combined
DisabledMortalityTablewasusedwithseparateratesformalesand
femalesandfullygenerationalmortalityimprovementsprojectedtoeach
future decrement date with Scale AA.
2011:Planclosedtofuturegeneralemployees;pensionableearningsto
basepay,overtime-maximum150hoursandaccruedleavebalanceasof
July1,2011;vestingscheduleupdated;unreducedearlyretirement
eligibilityupdated;finalaveragepayupdatedtofiveyearaverageand
futureservicebenefitaccrualratereducedforgeneralemployees.2008:
Benefit accrual rate increased.
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
September 30, 2015
80
9/30/20149/30/2015
Annual Money-Weighted Rate of Return
Net of Investment Expense9.75%0.28%
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COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
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MAJOR GOVERNMENTAL FUNDS
Debt Service Funds
TLBD Debt Service Fund -This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue which was refinanced in October 2011 with a
private placement note payable.
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CITY OF WINTER SPRINGS, FLORIDA
Budgeted Amounts
OriginalFinal
Revenues:
Impact fees/assessments138,724$ 138,724$ 82,124$ (56,600)$
Investment income1,050 1,050 53,780 52,730
Miscellaneous- - 4,365 4,365
Total revenues139,774 139,774 140,269 495
Expenditures:
Current:
Physical environment4,600 4,600 4,199 401
Debt Service:
Principal82,124 82,124 82,124 -
Interest and other charges52,550 52,550 52,528 22
Capital Outlay
Physical environment40,000 40,000 37,393 2,607
Total expenditures179,274 179,274 176,244 3,030
Excess (Deficiency) of Revenues Over
Expenditures (39,500) (39,500) (35,975) 3,525
Other Financing Sources (Uses)
Transfers out(500) (500) (500) -
Total other financing sources and uses(500) (500) (500) -
Net Change in Fund Balances (40,000) (40,000) (36,475) 3,525
Fund Balances - beginning 226,434 226,434 226,434 -
Fund Balances - ending 186,434$ 186,434$ 189,959$ 3,525$
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
81
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Police Education Fund - This fund is used to account for the $2.00 additional
assessment on each traffic citation that is restricted for
criminal justice education and training in accordance with
Chapter 938.15, Florida Statutes.
Special Law Enforcement
Trust Fund - Local
- This fund was established to receive revenues from local
sources derived from confiscated property obtained during
the enforcement of illegal operations. Proceeds are
restricted for law enforcement purposes.
Transportation
Improvement Fund
- Revenues in this fund are derived from Local Option
Gasoline Tax distribution. Proceeds are restricted for
road, right of way, and drainage maintenance and
equipment necessary to build or maintain roads, right of
ways, and drainage.
Transportation Impact Fee
Fund
- This fund is used to account for collected impact fees on
new development which are restricted for use in funding
road construction directly related to new growth.
Police Impact Fee Fund - This fund is used to account for collected impact fees on
new development which are restricted for use in funding
capital investment needed to maintain the level of police
service directly related to new growth.
Fire Impact Fee Fund - This fund is used to account for collected impact fees on
new development to defray the cost of capital investment
needed to maintain the level of fire service due to future
growth.
Parks Impact Fee Fund - This fund is used to account for collected impact fees on
new development which are restricted for use in funding
capital investment needed to develop and improve the
parks directly related to new growth.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Special Revenue Funds - Continued
Arbor Fund - This fund is used to account for arbor permit revenues
committed to new plantings and maintenance of trees and
shrubs within the City.
TLBD Maintenance Fund - This fund is used to account for collected special
assessments restricted for maintenance related to the
Tuscawilla Lighting and Beautification District for Phases I
and II of project. Phase II was accounted for in a separate
fund prior to Fiscal Year 2008.
Oak Forest Maintenance
Fund
- This fund is used to account for collected special
assessments restricted for maintenance related to the Oak
Forest subdivision wall.
Special Law Enforcement
Trust Fund - Federal
- This fund was established to receive revenues from
federal sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are restricted for law enforcement purposes.
Such purposes may include drug/gang related education,
Shop with a Cop, movie and other civic events.
Tuscawilla Phase III This fund is used to account for collected special
assessments restricted for maintenance related to the
Tuscawilla Phases III, and repayment of advance from
General Fund.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Debt Service Funds
2003 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue which was refinanced in July 2014 with a
private placement note payable.
1999 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1999 bond issue and Improvement Refunding Note Series
2011, which partially refunded the 1999 bond issue.
Oak Forest Debt Service
Fund
- This fund is used to account for the accumulation of
resources and payment of principal and interest to the
General Fund for the 2010 interfund loan which paid off
the Capital Improvement Revenue Note, Series 2004A.
TLBD Phase II Debt
Service Fund
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
TLBD Phase II Improvements.
Central Winds G.O. Debt
Service Fund
This fund is used to account for accumulation of resources
and payment of principal and interest for the 2002 limited
general obligation bond which was refinanced in May
2012 with private placement note payable.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Capital Projects Funds
1999 Construction Capital
Projects Fund
- This fund was established for the acquisition and
construction of City - owned Capital Improvements.
Revolving Rehab Capital
Projects Fund
- This fund was established to fund capital improvements
and economic development within the City.
Utility/Public Works Facility
Fund
- This fund was established to account for construction of
additional public facilities.
Excellence in Customer
Service
- This fund was established to account for the acquisition of
software and equipment to improve the level of customer
service performance.
Police
Education
Fund
Special Law
Enforcement
Trust Fund-
Local
Transportation
Improvement
Fund
Transportation
Impact Fee Fund
Assets:
Cash and cash equivalents 496$ 1,854$ 134,970$ 146,682$
Investments 6,363 23,799 1,732,569 1,882,914
Prepaid expenses 1,560 - 1,409 -
Special assessments receivable - - - -
Restricted assets:
Cash and cash equivalents - 1,713 - -
Total assets 8,419$ 27,366$ 1,868,948$ 2,029,596$
Liabilities:
Accounts payable 1,350$ 308$ 41,088$ 2,397$
Due to other funds - - - -
Total liabilities 1,350 308 41,088 2,397
Deferred Inflows of Resources
Unavailable revenue-special assessments - - - -
Total deferred inflows of resources - - - -
Fund Balances:
Nonspendable 1,560 - 1,409 -
Restricted 5,509 27,058 1,826,451 2,027,199
Committed - - -
Assigned - - - -
Unassigned - - - -
Total fund balances 7,069 27,058 1,827,860 2,027,199
Total liabilities, deferred inflows of
resources and fund balances 8,419$ 27,366$ 1,868,948$ 2,029,596$
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2015
Special Revenue
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
82
Police Impact
Fee Fund
Fire Impact
Fee Fund
Parks Impact
Fee FundArbor Fund
TLBD
Maintenance
Fund
15,973$ 123,935$ 59,330$ 18,026$ 23,512$
205,037 1,590,910 761,597 231,392 301,817
- - - - -
- - - - -
- - - - -
221,010$ 1,714,845$ 820,927$ 249,418$ 325,329$
-$ -$ -$ 225$ 11,578$
- - - - -
- - - 225 11,578
- - - - -
- - - - -
- - - - -
221,010 1,714,845 820,927 - 313,751
- - - 249,193 -
- - - - -
- - - - -
221,010 1,714,845 820,927 249,193 313,751
221,010$ 1,714,845$ 820,927$ 249,418$ 325,329$
(Continued)
Special Revenue
83
Oak Forest
Maintenance
Fund
Special Law
Enforcement
Trust Fund -
Federal
Tuscawilla
Phase III
Total Special
Revenue
Assets:
Cash and cash equivalents 4,585$ 4,424$ 537$ 534,324$
Investments 58,850 56,788 6,896 6,858,932
Prepaid expenses - - - 2,969
Special assessments receivable - - - -
Restricted assets:
Cash and cash equivalents - - - 1,713
Total assets 63,435$ 61,212$ 7,433$ 7,397,938$
Liabilities:
Accounts payable 1,373$ 2,596$ 375$ 61,290$
Due to other funds - - 58,848 58,848
Total liabilities 1,373 2,596 59,223 120,138
Deferred Inflows of Resources
Unavailable revenue-special assessments - - - -
Total deferred inflows of resources - - - -
Fund Balances:
Nonspendable - - - 2,969
Restricted 62,062 58,616 - 7,077,428
Committed - - - 249,193
Assigned - - - -
Unassigned - - (51,790) (51,790)
Total fund balances 62,062 58,616 (51,790) 7,277,800
Total liabilities, deferred inflows of
resources and fund balances 63,435$ 61,212$ 7,433$ 7,397,938$
Special Revenue
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2015
84
2003 Debt
Service Fund
1999 Debt
Service Fund
Oak Forest
Debt Service
Fund
Central
Winds GO
Debt Service
Fund
TLBD Phase
II Debt
Service Fund
Total Debt
Service
830,011$ 207,306$ 777$ 84,342$ 1,662$ 1,124,098$
45,664 3,089 9,981 1,082,673 21,328 1,162,735
- - - - - -
- - 404,079 - 132,804 536,883
- - - - - -
875,675$ 210,395$ 414,837$ 1,167,015$ 155,794$ 2,823,716$
-$ -$ 676$ -$ 157$ 833$
- - 87,532 - - 87,532
- - 88,208 - 157 88,365
- - 404,079 - 132,804 536,883
- - 404,079 - 132,804 536,883
- - - - - -
- - - 1,167,015 22,833 1,189,848
- - - - - -
875,675 210,395 - - - 1,086,070
- - (77,450) - - (77,450)
875,675 210,395 (77,450) 1,167,015 22,833 2,198,468
875,675$ 210,395$ 414,837$ 1,167,015$ 155,794$ 2,823,716$
(Continued)
Debt Service
85
1999
Construction
Fund
Revolving
Rehab Fund
Utility/Public
Works
Facility Fund
Excellence in
Customer
Service
Assets:
Cash and cash equivalents 66,524$ 78,465$ 67,897$ 22,645$
Investments 853,951 1,007,225 871,579 290,687
Prepaid expenses - - - -
Special assessments receivable - - - -
Restricted assets:
Cash and cash equivalents - - - -
Total assets 920,475$ 1,085,690$ 939,476$ 313,332$
Liabilities:
Accounts payable -$ -$ -$ 81,093$
Due to other funds - - - -
Total liabilities - - - 81,093
Deferred Inflows of Resources
Unavailable revenue-special assessments - - - -
Total deferred inflows of resources - - - -
Fund Balances:
Nonspendable - - - -
Restricted - - - -
Committed - - - -
Assigned 920,475 1,085,690 939,476 232,239
Unassigned - - - -
Total fund balances 920,475 1,085,690 939,476 232,239
Total liabilities, deferred inflows of
resources and fund balances 920,475$ 1,085,690$ 939,476$ 313,332$
Capital Projects
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2015
86
Total Capital
Projects
Total Nonmajor
Governmental
Funds
235,531$ 1,893,953$
3,023,442 11,045,109
- 2,969
- 536,883
- 1,713
3,258,973$ 13,480,627$
81,093$ 143,216$
- 146,380
81,093 289,596
- 536,883
- 536,883
- 2,969
- 8,267,276
- 249,193
3,177,880 4,263,950
- (129,240)
3,177,880 12,654,148
3,258,973$ 13,480,627$
87
Police
Education Fund
Special Law
Enforcement
Trust Fund-
Local
Transportation
Improvement
Fund
Transportation
Impact Fee Fund
Revenues:
Taxes:
Property taxes -$ -$ -$ -$
Permits and fees - - - -
Intergovernmental revenues - - 584,503 -
Charges for services - - 15,286 -
Fines and forfeitures 9,312 20,333 - -
Impact fees/assessments - - - 907,567
Investment income 66 201 3,641 9,055
Miscellaneous 20 - - -
Total revenues9,398 20,534 603,430 916,622
Expenditures:
Current:
General government - - - -
Public safety 16,744 14,872 - -
Physical environment - - 145,316 50,695
Debt Service:
Principal - - - -
Interest and fiscal charges - - - -
Capital Outlay:
General government - - - -
Public safety - 6,050 - -
Physical environment - - 289,597 5,200
Culture and recreation - - - -
Total expenditures 16,744 20,922 434,913 55,895
Excess (Deficiency) of Revenues Over
Expenditures (7,346) (388) 168,517 860,727
Other Financing Sources (Uses):
Transfers in - - 1,308,747 -
Transfers out - - (280,000) -
Total other financing sources(uses)- - 1,028,747 -
Net Change in Fund Balances (7,346) (388) 1,197,264 860,727
Fund Balances - beginning 14,415 27,446 630,596 1,166,472
Fund Balances - ending 7,069$ 27,058$ 1,827,860$ 2,027,199$
Special Revenue
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2015
88
Police Impact
Fee Fund
Fire Impact Fee
Fund
Parks Impact
Fee FundArbor Fund
TLBD
Maintenance
Fund
-$ -$ -$ -$ -$
- - - 2,883 -
- - - - -
- - - - -
- - - - -
161,862 321,117 535,200 - 509,091
922 8,887 3,041 1,418 3,295
- - - - -
162,784 330,004 538,241 4,301 512,386
- - - - -
- 12,775 - - -
- - - 26,195 434,255
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - 83,442 - -
- 12,775 83,442 26,195 434,255
162,784 317,229 454,799 (21,894) 78,131
- - - - -
- - - (32,422) (53,560)
- - - (32,422) (53,560)
162,784 317,229 454,799 (54,316) 24,571
58,226 1,397,616 366,128 303,509 289,180
221,010$ 1,714,845$ 820,927$ 249,193$ 313,751$
(Continued)
Special Revenue
89
Oak Forest
Maintenance
Fund
Special Law
Enforcement
Trust Fund -
Federal
Tuscawilla
Phase IIITotal
Revenues:
Taxes:
Property taxes -$ -$ -$ -$
Permits and fees - - - 2,883
Intergovernmental revenues - 3,109 - 587,612
Charges for services - - - 15,286
Fines and forfeitures - 33,570 - 63,215
Impact fees/assessments 55,936 - 12,218 2,502,991
Investment income 356 443 156 31,481
Miscellaneous 3,500 - - 3,520
Total revenues59,792 37,122 12,374 3,206,988
Expenditures:
Current:
General government - - 4,399 4,399
Public safety - 39,314 - 83,705
Physical environment 38,608 - - 695,069
Debt Service:
Principal - - - -
Interest and fiscal charges - - 1,763 1,763
Capital Outlay:
General government - - 2,616 2,616
Public safety - 29,728 - 35,778
Physical environment - - - 294,797
Culture and recreation - - - 83,442
Total expenditures 38,608 69,042 8,778 1,201,569
Excess (Deficiency) of Revenues Over
Expenditures 21,184 (31,920) 3,596 2,005,419
Other Financing Sources (Uses):
Transfers in - - - 1,308,747
Transfers out (10,688) (4,825) (1,715) (383,210)
Total other financing sources(uses)(10,688) (4,825) (1,715) 925,537
Net Change in Fund Balances 10,496 (36,745) 1,881 2,930,956
Fund Balances - Beginning 51,566 95,361 (53,671) 4,346,844
Fund Balances - Ending 62,062$ 58,616$ (51,790)$ 7,277,800$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2015
Special Revenue
90
2003 Debt
Service Fund
1999 Debt
Service Fund
Oak Forest Debt
Service Fund
Central Winds
GO Debt Service
Fund
TLBD Phase II
Debt Service
Fund
Total Debt
Service
-$ -$ -$ 185,527$ -$ 185,527$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 19,047 - 22,882 41,929
2,824 624 18,074 839 3,656 26,017
- - 15,416 - - 15,416
2,824 624 52,537 186,366 26,538 268,889
- - - - 913 913
- - - - - -
- - 3,990 - - 3,990
-
209,000 181,796 - 108,672 28,350 527,818
19,664 22,476 3,248 88,984 3,374 137,746
- - - - - -
- - - - - -
- - 4,000 - - 4,000
- - - - - -
228,664 204,272 11,238 197,656 32,637 674,467
(225,840) (203,648) 41,299 (11,290) (6,099) (405,578)
825,400 217,000 - 1,153,000 - 2,195,400
- - (500) - (500) (1,000)
825,400 217,000 (500) 1,153,000 (500) 2,194,400
599,560 13,352 40,799 1,141,710 (6,599) 1,788,822
276,115 197,043 (118,249) 25,305 29,432 409,646
875,675$ 210,395$ (77,450)$ 1,167,015$ 22,833$ 2,198,468$
(Continued)
Debt Service
91
1999
Construction
Fund
Revolving
Rehab Fund
Utility/Public
Works Facility
Fund
Excellence in
Customer
Service
Revenues:
Taxes:
Property taxes -$ -$ -$ -$
Permits and fees - - - -
Intergovernmental revenues - - - -
Charges for services - - - -
Fines and forfeitures - - - -
Impact fees/assessments - - - -
Investment income 6,471 6,662 7,245 1,535
Miscellaneous - - - -
Total revenues 6,471 6,662 7,245 1,535
Expenditures:
Current:
General government - - - 5,519
Public safety - - - -
Physical environment - - - -
Debt Service:
Principal - - - -
Interest and fiscal charges - - - -
Capital Outlay:
General government - - - 112,762
Public safety - - - -
Physical environment 5,290 - 40,500 -
Culture and recreation - - - -
Total expenditures 5,290 - 40,500 118,281
Excess (Deficiency) of Revenues Over
Expenditures 1,181 6,662 (33,255) (116,746)
Other Financing Sources (Uses):
Transfers in - - - 287,309
Transfers out - - - -
Total other financing sources(uses)- - - 287,309
Net Change in Fund Balances 1,181 6,662 (33,255) 170,563
Fund Balances - Beginning 919,294 1,079,028 972,731 61,676
Fund Balances - Ending 920,475$ 1,085,690$ 939,476$ 232,239$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2015
Capital Projects
92
Total Capital
Projects
Total Nonmajor
Governmental
Funds
-$ 185,527$
- 2,883
- 587,612
- 15,286
- 63,215
- 2,544,920
21,913 79,411
- 18,936
21,913 3,497,790
5,519 10,831
- 83,705
- 699,059
- 527,818
- 139,509
112,762 115,378
- 35,778
45,790 344,587
- 83,442
164,071 2,040,107
(142,158) 1,457,683
287,309 3,791,456
- (384,210)
287,309 3,407,246
145,151 4,864,929
3,032,729 7,789,219
3,177,880$ 12,654,148$
93
CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
OriginalFinal
Actual
Amounts
Revenues:
Fines and forfeitures8,000$ 12,107$ 9,312$ (2,795)$
Investment income25 25 66 41
Miscellaneous- - 20 20
Total revenues 8,025 12,132 9,398 (2,734)
Expenditures:
Current:
Public Safety 18,000 18,000 16,744 1,256
Total expenditures 18,000 18,000 16,744 1,256
Excess (Deficiency) of Revenues Over
Expenditures (9,975) (5,868) (7,346) (1,478)
Net change in fund balances (9,975) (5,868) (7,346) (1,478)
Fund Balances - beginning 14,415 14,415 14,415 -
Fund Balances - ending 4,440$ 8,547$ 7,069$ (1,478)$
Variance with
Final Budget -
Positive
(Negative)
94
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - LOCAL
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
OriginalFinal
Actual
Amounts
Revenues:
Fines and forfeitures-$ 19,737$ 20,333$ 596$
Investment income60 60 201 141
Total revenues60 19,797 20,534 737
Expenditures:
Current:
Public Safety16,715 16,715 14,872 1,843
Capital Outlay
Public Safety6,050 6,050 6,050 -
Total expenditures22,765 22,765 20,922 1,843
Excess (Deficiency) of Revenues Over
Expenditures (22,705) (2,968) (388) 2,580
Net change in fund balances (22,705) (2,968) (388) 2,580
Fund Balances - beginning 27,446 27,446 27,446 -
Fund Balances - ending 4,741$ 24,478$ 27,058$ 2,580$
Variance with
Final Budget -
Positive
(Negative)
95
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPROVEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Intergovernmental revenues 586,607$ 586,607$ 584,503$ (2,104)$
Charges for services 14,800 14,800 15,286 486
Investment income 2,000 2,000 3,641 1,641
Total revenues 603,407 603,407 603,430 23
Expenditures:
Current:
Physical environment 317,300 245,800 145,316 100,484
Capital Outlay
Physical environment 266,200 480,475 289,597 190,878
Total expenditures 583,500 726,275 434,913 291,362
Excess (Deficiency) of Revenues Over
Expenditures 19,907 (122,868) 168,517 291,385
Other Financing Sources (Uses)
Transfers in - 1,308,747 1,308,747 -
Transfers out (280,000) (280,000) (280,000) -
Total other financing sources and uses(280,000) 1,028,747 1,028,747 -
Net change in fund balances (260,093) 905,879 1,197,264 291,385
Fund Balances - beginning 630,596 630,596 630,596 -
Fund Balances - ending 370,503$ 1,536,475$ 1,827,860$ 291,385$
Variance with
Final Budget -
Positive
(Negative)
96
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments -$ 722,321$ 907,567$ 185,246$
Investment income 2,900 2,900 9,055 6,155
Total revenues 2,900 725,221 916,622 191,401
Expenditures:
Current:
Physical environment 76,000 76,000 50,695 25,305
Capital Outlay
Physical environment 800,000 5,200 5,200 -
Total expenditures 876,000 81,200 55,895 25,305
Excess (Deficiency) of Revenues Over
Expenditures (873,100) 644,021 860,727 216,706
Net change in fund balances (873,100) 644,021 860,727 216,706
Fund Balances - beginning 1,166,472 1,166,472 1,166,472 -
Fund Balances - ending 293,372$ 1,810,493$ 2,027,199$ 216,706$
Variance with
Final Budget -
Positive
(Negative)
97
CITY OF WINTER SPRINGS, FLORIDA
POLICE IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments -$ 103,125$ 161,862$ 58,737$
Investment income 145 145 922 777
Total revenues 145 103,270 162,784 59,514
Expenditures:
Current:
Public Safety - - - -
Total expenditures - - - -
Excess (Deficiency) of Revenues Over
Expenditures 145 103,270 162,784 59,514
Net change in fund balances 145 103,270 162,784 59,514
Fund Balances - beginning 58,226 58,226 58,226 -
Fund Balances - ending 58,371$ 161,496$ 221,010$ 59,514$
Variance with
Final Budget -
Positive
(Negative)
98
CITY OF WINTER SPRINGS, FLORIDA
FIRE IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments -$ 237,300$ 321,117$ 83,817$
Investment income 6,600 6,600 8,887 2,287
Total revenues 6,600 243,900 330,004 86,104
Expenditures:
Current:
Public Safety 25,000 25,000 12,775 12,225
Total Expenditures 25,000 25,000 12,775 12,225
Excess (Deficiency) of Revenues Over
Expenditures (18,400) 218,900 317,229 98,329
Net change in fund balances (18,400) 218,900 317,229 98,329
Fund Balances - beginning 1,397,616 1,397,616 1,397,616 -
Fund Balances - ending 1,379,216$ 1,616,516$ 1,714,845$ 98,329$
Variance with
Final Budget -
Positive
(Negative)
99
CITY OF WINTER SPRINGS, FLORIDA
PARKS IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments -$ 432,000$ 535,200$ 103,200$
Investment income 600 600 3,041 2,441
Total revenues 600 432,600 538,241 105,641
Expenditures:
Current:
Culture and recreation - - - -
Capital Outlay
Culture and recreation 8,000 113,892 83,442 30,450
Total expenditures 8,000 113,892 83,442 30,450
Excess (Deficiency) of Revenues Over
Expenditures (7,400) 318,708 454,799 136,091
Net change in fund balances (7,400) 318,708 454,799 136,091
Fund Balances - beginning 366,128 366,128 366,128 -
Fund Balances - ending 358,728$ 684,836$ 820,927$ 136,091$
Variance with
Final Budget -
Positive
(Negative)
100
CITY OF WINTER SPRINGS, FLORIDA
ARBOR FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Permits and fees 9,500$ 9,500$ 2,883$ (6,617)$
Fines and forfeitures 10,000 10,000 - (10,000)
Investment income 1,250 1,250 1,418 168
Total revenues 20,750 20,750 4,301 (16,449)
Expenditures:
Current:
Physical environment 47,250 47,250 26,195 21,055
Total expenditures 47,250 47,250 26,195 21,055
Excess (Deficiency) of Revenues Over
Expenditures (26,500) (26,500) (21,894) 4,606
Other Financing Sources (Uses)
Transfers out (37,316) (32,422) (32,422) -
Total other financing sources and uses(37,316) (32,422) (32,422) -
Net change in fund balances (63,816) (58,922) (54,316) 4,606
Fund Balances - beginning 303,509 303,509 303,509 -
Fund Balances - ending 239,693$ 244,587$ 249,193$ 4,606$
Variance with
Final Budget -
Positive
(Negative)
101
CITY OF WINTER SPRINGS, FLORIDA
TLBD MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments 507,663$ 507,663$ 509,091$ 1,428$
Investment income 1,000 1,000 3,295 2,295
Total revenues 508,663 508,663 512,386 3,723
Expenditures:
Current:
Physical environment 439,950 439,950 434,255 5,695
Total expenditures 439,950 439,950 434,255 5,695
Excess (Deficiency) of Revenues Over
Expenditures 68,713 68,713 78,131 9,418
Other Financing Sources (Uses)
Transfers out (56,022) (56,022) (53,560) 2,462
Total other financing sources and uses(56,022) (56,022) (53,560) 2,462
Net change in fund balances 12,691 12,691 24,571 11,880
Fund Balances - beginning 289,180 289,180 289,180 -
Fund Balances - ending 301,871$ 301,871$ 313,751$ 11,880$
Variance with
Final Budget -
Positive
(Negative)
102
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments 55,725$ 55,725$ 55,936$ 211$
Investment income 300 300 356 56
Miscellaneous - 4,100 3,500 (600)
Total revenues 56,025 60,125 59,792 (333)
Expenditures:
Current:
Physical environment 41,300 45,400 38,608 6,792
Total expenditures 41,300 45,400 38,608 6,792
Excess (Deficiency) of Revenues Over
Expenditures 14,725 14,725 21,184 6,459
Other Financing Sources (Uses)
Transfers out (11,786) (11,786) (10,688) 1,098
Total other financing sources and uses(11,786) (11,786) (10,688) 1,098
Net change in fund balances 2,939 2,939 10,496 7,557
Fund Balances - beginning 51,566 51,566 51,566 -
Fund Balances - ending 54,505$ 54,505$ 62,062$ 7,557$
Variance with
Final Budget -
Positive
(Negative)
103
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - FEDERAL
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Intergovernmental revenues -$ 3,109$ 3,109$ -$
Fines and forfeitures - 34,749 33,570 (1,179)
Investment income 130 130 443 313
Total revenues 130 37,988 37,122 (866)
Expenditures:
Current:
Public Safety 31,700 39,357 39,314 43
Capital Outlay
Public Safety 11,775 30,465 29,728 737
Total expenditures 43,475 69,822 69,042 780
Excess (Deficiency) of Revenues Over
Expenditures (43,345) (31,834) (31,920) (86)
Other Financing Sources (Uses)
Transfers out - (4,825) (4,825) -
Total other financing sources and uses - (4,825) (4,825) -
Net change in fund balances (43,345) (36,659) (36,745) (86)
Fund Balances - beginning 95,361 95,361 95,361 -
Fund Balances - ending 52,016$ 58,702$ 58,616$ (86)$
Variance with
Final Budget -
Positive
(Negative)
104
CITY OF WINTER SPRINGS, FLORIDA
TUSCAWILLA PHASE III
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments 12,162$ 12,162$ 12,218$ 56$
Investment income 20 20 156 136
Total revenues 12,182 12,182 12,374 192
Expenditures:
Current:
General government 5,570 5,570 4,399 1,171
Debt Service:
Principal 2,471 2,471 - 2,471
Interest and other charges 1,763 1,763 1,763 -
Capital Outlay
General government - 3,000 2,616 384
Total expenditures 9,804 12,804 8,778 4,026
Excess (Deficiency) of Revenues Over
Expenditures 2,378 (622) 3,596 4,218
Other Financing Sources (Uses)
Transfers out (1,837) (1,837) (1,715) (122)
Total other financing sources and uses(1,837) (1,837) (1,715) (122)
Net change in fund balances 541 (2,459) 1,881 4,340
Fund Balances - beginning (53,671) (53,671) (53,671) -
Fund Balances - ending (53,130)$ (56,130)$ (51,790)$ 4,340$
Variance with
Final Budget -
Positive
(Negative)
105
CITY OF WINTER SPRINGS, FLORIDA
2003 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 2,200$ 2,200$ 2,824$ 624$
Total revenues 2,200 2,200 2,824 624
Expenditures:
Current:
General government 2,500 2,500 - 2,500
Debt Service:
Principal 209,000 209,000 209,000 -
Interest and other charges 19,700 19,700 19,664 36
Total expenditures 231,200 231,200 228,664 2,536
Excess (Deficiency) of Revenues Over
Expenditures (229,000) (229,000) (225,840) 3,160
Other Financing Sources (Uses)
Transfers in 885,400 825,400 825,400 -
Total other financing sources and uses885,400 825,400 825,400 -
Net change in fund balances 656,400 596,400 599,560 3,160
Fund Balances - beginning 276,115 276,115 276,115 -
Fund Balances - ending 932,515$ 872,515$ 875,675$ 3,160$
Variance with
Final Budget -
Positive
(Negative)
106
CITY OF WINTER SPRINGS, FLORIDA
1999 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 500$ 500$ 624$ 124$
Total revenues 500 500 624 124
Expenditures:
Current:
General government 2,500 2,500 - 2,500
Debt Service:
Principal 181,800 181,800 181,796 4
Interest and other charges 22,475 22,475 22,476 (1)
Total expenditures 206,775 206,775 204,272 2,503
Excess (Deficiency) of Revenues Over
Expenditures (206,275) (206,275) (203,648) 2,627
Other Financing Sources (Uses)
Transfers in 217,000 217,000 217,000 -
Total other financing sources and uses217,000 217,000 217,000 -
Net change in fund balances 10,725 10,725 13,352 2,627
Fund Balances - beginning 197,043 197,043 197,043 -
Fund Balances - ending 207,768$ 207,768$ 210,395$ 2,627$
Variance with
Final Budget -
Positive
(Negative)
107
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICES FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments 52,132$ 52,132$ 19,047$ (33,085)$
Investment income 65 65 18,074 18,009
Miscellaneous - - 15,416 15,416
Total revenues 52,197 52,197 52,537 340
Expenditures:
Current:
Physical environment 4,150 4,150 3,990 160
Debt Service:
Principal 48,752 48,752 - 48,752
Interest and other charges 3,248 3,248 3,248 -
Capital Outlay
Physical environment 4,000 4,000 4,000 -
Total expenditures 60,150 60,150 11,238 48,912
Excess (Deficiency) of Revenues Over
Expenditures (7,953) (7,953) 41,299 49,252
Other Financing Sources (Uses)
Transfers out (500) (500) (500) -
Total other financing sources and uses (500) (500) (500) -
Net change in fund balances (8,453) (8,453) 40,799 49,252
Fund Balances - beginning (118,249) (118,249) (118,249) -
Fund Balances - ending (126,702)$ (126,702)$ (77,450)$ 49,252$
Variance with
Final Budget -
Positive
(Negative)
108
Budgeted Amounts
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
Original Final
Revenues:
Taxes:
Property taxes 185,028$ 185,028$ 185,527$ 499$
Investment income 100 100 839 739
Total revenues 185,128 185,128 186,366 1,238
Expenditures:
Debt Service:
Principal 108,700 108,700 108,672 28
Interest and fiscal charges 92,500 92,500 88,984 3,516
Total expenditures 201,200 201,200 197,656 3,544
Excess (Deficiency) of Revenues Over
Expenditures (16,072) (16,072) (11,290) 4,782
Other Financing Sources (Uses)
Transfers in 13,000 1,273,000 1,153,000 120,000
Total other financing sources (uses)13,000 1,273,000 1,153,000 120,000
Net Change in Fund Balances (3,072) 1,256,928 1,141,710 (115,218)
Fund Balances - Beginning 25,305 25,305 25,305 -
Fund Balances - Ending 22,233$ 1,282,233$ 1,167,015$ (115,218)$
CENTRAL WINDS GO DEBT SERVICE FUND
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
109
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Impact fees/assessments 26,263$ 26,263$ 22,882$ (3,381)$
Investment income 125 125 3,656 3,531
Miscellaneous - - - -
Total revenues 26,388 26,388 26,538 150
Expenditures:
Current:
General government 1,050 1,050 913 137
Debt Service:
Principal 28,350 28,350 28,350 -
Interest and other charges 3,376 3,376 3,374 2
Total expenditures 32,776 32,776 32,637 139
Excess (Deficiency) of Revenues Over
Expenditures (6,388) (6,388) (6,099) 289
Other Financing Sources (Uses)
Transfers out (500) (500) (500) -
Total other financing sources and uses (500) (500) (500) -
Net change in fund balances (6,888) (6,888) (6,599) 289
Fund Balances - beginning 29,432 29,432 29,432 -
Fund Balances - ending 22,544$ 22,544$ 22,833$ 289$
Variance with
Final Budget -
Positive
(Negative)
110
CITY OF WINTER SPRINGS, FLORIDA
1999 CONSTRUCTION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 2,300$ 2,300$ 6,471$ 4,171$
Total revenues 2,300 2,300 6,471 4,171
Expenditures:
Capital Outlay
Physical environment 1,219,000 150,000 5,290 144,710
Total expenditures 1,219,000 150,000 5,290 144,710
Excess (Deficiency) of Revenues Over
Expenditures (1,216,700) (147,700) 1,181 148,881
Other Financing Sources (Uses)
Transfers in 300,000 - - -
Total other financing sources and uses300,000 - - -
Net change in fund balances (916,700) (147,700) 1,181 148,881
Fund Balances - beginning 919,294 919,294 919,294 -
Fund Balances - ending 2,594$ 771,594$ 920,475$ 148,881$
Variance with
Final Budget -
Positive
(Negative)
111
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 5,400$ 5,400$ 6,662$ 1,262$
Total revenues 5,400 5,400 6,662 1,262
Expenditures:
Current:
General government - - - -
Total expenditures - - - -
Excess (Deficiency) of Revenues Over
Expenditures 5,400 5,400 6,662 1,262
Net change in fund balances 5,400 5,400 6,662 1,262
Fund Balances - beginning 1,079,028 1,079,028 1,079,028 -
Fund Balances - ending 1,084,428$ 1,084,428$ 1,085,690$ 1,262$
Variance with
Final Budget -
Positive
(Negative)
112
CITY OF WINTER SPRINGS, FLORIDA
UTILITY/PUBLIC WORKS FACILITY FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 2,100$ 2,100$ 7,245$ 5,145$
Total revenues 2,100 2,100 7,245 5,145
Expenditures:
Capital Outlay
Physical environment 875,000 44,000 40,500 3,500
Total expenditures 875,000 44,000 40,500 3,500
Excess (Deficiency) of Revenues Over
Expenditures (872,900) (41,900) (33,255) 8,645
Net change in fund balances (872,900) (41,900) (33,255) 8,645
Fund Balances - beginning 972,731 972,731 972,731 -
Fund Balances - ending 99,831$ 930,831$ 939,476$ 8,645$
Variance with
Final Budget -
Positive
(Negative)
113
CITY OF WINTER SPRINGS, FLORIDA
EXCELLENCE IN CUSTOMER SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2015
Budgeted Amounts
Original Final
Actual
Amounts
Revenues:
Investment income 200$ 200$ 1,535$ 1,335$
Total revenues 200 200 1,535 1,335
Expenditures:
Current:
General government - 5,650 5,519 131
Capital Outlay
General government 126,598 186,048 112,762 73,286
Total expenditures 126,598 191,698 118,281 73,417
Excess (Deficiency) of Revenues Over
Expenditures (126,398) (191,498) (116,746) 74,752
Other Financing Sources (Uses)
Transfers in 124,000 287,309 287,309 -
Total other financing sources and uses124,000 287,309 287,309 -
Net change in fund balances (2,398) 95,811 170,563 74,752
Fund Balances - beginning 61,676 61,676 61,676 -
Fund Balances - ending 59,278$ 157,487$ 232,239$ 74,752$
Variance with
Final Budget -
Positive
(Negative)
114
STATISTICAL SECTION
This page intentionally left blank.
STATISTICAL SECTION
This part of the City of Winter Springs’ comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures and required supplementary information says about the government’s overall health.
Contents Page
Financial Trends 115
These schedules contain trend information to help the reader understand
how the government’s financial performance and well-being have changed
over time.
Revenue Capacity 122
These schedules contain information to help the reader assess the
government’s most significant local revenue.
Debt Capacity 127
These schedules present information to help the reader assess the
affordability of the government’s current levels of outstanding debt and the
government’s ability to issue additional debt in the future.
There are no limitations placed upon the amount of debt the City of Winter
Springs may issue by either the City’s Charter or the City’s Code or by
Florida Statutes.
Demographic and Economic Information 133
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the government’s financial
activities take place.
Operating Information 135
These schedules contain service and infrastructure data to help the reader
understand how the information in the government’s financial report relates
to the services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived
from the comprehensive annual financial reports for the relevant year.
This page intentionally left blank.
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11
7
Fiscal Year Property TaxFranchise Tax 1 Utility Tax
Business Tax
Receipts 2 Total
20067,383 1,919 3,832 - 13,134
20078,265 1,921 3,920 - 14,106
20087,130 - 3,976 140 11,246
20095,013- 4,106709,189
20104,538- 4,5362049,278
20114,209- 4,1691198,497
20123,901- 3,9631067,970
20133,853 - 3,923 109 7,885
20144,015 - 4,035 105 8,155
20154,284 - 3,887 120 8,291
Fiscal YearSales Tax
State Revenue
SharingOtherTotal
20062,701 1,123 147 3,971
20072,443 1,108 201 3,752
20082,261 1,021 163 3,445
20091,944 907 109 2,960
20101,852 893 152 2,897
20111,873 916 226 3,015
20121,918 962 164 3,044
20131,994 972 134 3,100
20142,097 1,038 134 3,269
20152,249 1,128 104 3,481
Note
1 Franchise fees were classified as taxes prior to fiscal year 2008
2 Business tax receipts (formerly known as Occupational licenses) were classified
as licenses and permits prior to fiscal year 2008
Taxes included in Unrestricted Intergovernmental Revenues
(amounts expressed in thousands)
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(accrual basis of accounting)
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1
Total Direct Tax Rate 2Estimated Actual Taxable Value 1
20
0
6
2
,
3
3
1
,
0
3
9
2
,
0
8
8
,
3
0
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4
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3
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6
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4
4
.
7
5
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8
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3,176,939
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3,716,575
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,
3
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8
4
7
,
7
9
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7
.
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4
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3
9
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2
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2
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0
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3,400,519
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5
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5
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0
2
,
3
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3
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3
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3
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1
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5
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2,804,819
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2
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2,577,252
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8
9
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8
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4
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4
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2,330,707
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2,649,400
No
t
e
1
So
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c
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:
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p
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2
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1
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5
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4
No
t
e
So
u
r
c
e
:
S
e
m
i
n
o
l
e
C
o
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n
t
y
T
a
x
C
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l
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c
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(
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w
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s
e
m
i
n
o
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t
a
x
.
o
r
g
)
1
Ov
e
r
l
a
p
p
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n
g
r
a
t
e
s
a
r
e
t
h
o
s
e
o
f
l
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c
a
l
a
n
d
c
o
u
n
t
y
g
o
v
e
r
n
m
e
n
t
s
t
h
a
t
a
p
p
l
y
t
o
p
r
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p
e
r
t
y
o
w
n
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r
s
w
i
t
h
i
n
t
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C
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t
y
o
f
W
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e
r
S
p
r
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n
g
s
.
2
Ta
x
e
s
l
e
v
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e
d
f
o
r
t
h
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f
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s
c
a
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a
r
e
b
a
s
e
d
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n
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h
e
p
r
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a
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t
a
x
a
b
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v
a
l
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e
.
3
Fi
r
e
A
s
s
e
s
s
m
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t
f
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w
a
s
b
i
l
l
e
d
a
n
d
C
i
t
y
M
i
l
l
a
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e
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a
t
e
w
a
s
r
ed
u
c
e
d
f
o
r
f
i
r
s
t
y
e
a
r
(
o
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l
y
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e
y
e
a
r
o
f
f
i
r
e
a
s
s
e
s
s
m
e
n
t
)
.
Total Direct & Overlap-ping Rates
CI
T
Y
O
F
W
I
N
T
E
R
S
P
R
I
N
G
S
,
F
L
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R
T
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DI
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C
T
A
N
D
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P
P
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1
GO
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12
4
Taxpayer
Taxable
Assessed ValueRank
Percentage
of Total
Taxable
Assessed
Value
Taxable
Assessed
ValueRank
Percentage
of Total
Taxable
Assessed
Value
Laurel Oaks LLC 26,487$ 1 1.52%27,077$ 1 1.63%
Duke Energy (formerly Progress Energy)24,788 2 1.42%20,149 2 1.21%
Courtney Springs LLC 21,027 3 1.20%14,660 3 0.88%
United Dominion Realty Trust 8,675 4 0.50%8,236 5 0.50%
Summer Falls LLC 8,002 5 0.46%- - 0.00%
Bright House Networks LLC 6,447 6 0.37%3,572 10 0.22%
Moss Park 5,571 7 0.32%- - 0.00%
Winter Springs Holdings, Inc 4,762 8 0.27%- - 0.00%
Baxley Robert & Annmarie TRS 4,333 9 0.25%- - 0.00%
Seminole Pines Assoc LTD 4,332 10 0.25%- - 0.00%
Capital Green I LLC - - 0.00%14,496 4 0.87%
Hacienda Village Co-Op Inc.- - 0.00%4,974 6 0.30%
LTO Kays Spring LLC - - 0.00%4,346 7 0.26%
Metro Chruch of Christ Inc. - - 0.00%4,107 8 0.25%
Bell South Communication - - 0.00%3,609 9 0.22%
Totals 114,424$ 6.56%105,226$ 6.34%
Source: Seminole County Property Appraiser (www.scpafl.org)
2015 2006
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2015
(amounts expressed in thousands)
125
Fiscal Year
Ended
September 30,
Total Tax Levy for
Fiscal Year 1 Amount 2
Percentage of
Levy
Collections in
Subsequent
YearsAmount
Percentage of
Levy
20067,890,100 3 7,591,158 96.21%12,189 7,603,347 96.37%
20078,820,491 3 8,475,408 96.09%2,214 8,477,622 96.11%
20087,442,693 3 7,145,070 96.00%11,318 7,156,388 96.15%
20095,186,450 3 5,028,524 96.96%14,586 5,043,110 97.24%
20104,671,821 3 4,503,950 96.41%34,324 4,538,274 97.14%
20114,355,923 4,203,079 96.49%6,242 4,209,321 96.63%
2012 4,080,271 3,933,840 96.41%3,969 3,937,809 96.51%
2013 3,993,624 3,850,616 96.42%2,196 3,852,812 96.47%
2014 4,164,738 4,014,098 96.38%582 4,014,680 96.40%
2015 4,440,561 4,281,737 96.42%2,392 4,284,129 96.48%
Note
1
2
3
Source: Seminole County Tax Collector (www.seminoletax.org)
Includes voted debt service not to exceed 0.2500 mills for Central Winds General Obligation Debt
Collected within the Fiscal Year of the
LevyTotal Collections to Date
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Gross taxes before discount of 1% - 4%, depending on month paid; Source: Seminole County
Property Appraiser (www.scpafl.org)
126
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.
LEGAL DEBT MARGIN
September 30, 2015
CITY OF WINTER SPRINGS, FLORIDA
127
Ratio of Net
Gen Obligation
GrossNetDebt toGen Obligation
FiscalAssessedLess DebtGen ObligationAssessedDebt per
Year Population 1 Value 2 Debt 3 Service Fund 4 Debt Value Capita
2006 34,621 1,661,074,000 3,140,000 51,743 3,088,257 0.186%89
2007 34,899 2,003,805,968 3,070,000 47,572 3,022,428 0.151%87
2008 34,639 2,220,522,082 3,000,000 46,254 2,953,746 0.133%85
2009 34,340 2,009,169,114 2,925,000 36,610 2,888,390 0.144%84
2010 34,149 1,809,808,0242,850,000 38,879 2,811,121 0.155%82
2011 33,282 1,687,434,2062,770,000 40,388 2,729,612 0.162%82
2012 33,599 1,593,864,1532,739,107 50,549 2,688,558 0.169%80
2013 33,540 1,572,300,619 2,638,521 42,070 2,596,451 0.165%77
2014 33,871 1,639,667,121 2,533,833 25,305 2,508,528 0.153%74
2015 34,901 1,748,258,752 2,425,161 1,167,015 1,258,146 0.072%36
Note
2 Source: Seminole County Property Appraiser (www.scpafl.org)
3 Amount does not include special assessment bonds and revenue bonds
4 Amount available for repayment of limited general obligation note which in fiscal year 2012 served to refinance the 2002
general obligation bonds.
RATIO OF NET GENERAL OBLIGATION DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
DEBT PER CAPITA
Last Ten Fiscal Years
1 Source: American Fact Finder; US Census; previous statistics from multiple sources
CITY OF WINTER SPRINGS, FLORIDA
128
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Debt Outstanding
Estimated
Percentage
Applicable 1
Estimated
Share of
Overlapping
Debt
Overlapping Debt:
Seminole County General Obligation Debt-$ -$
Subtotal, overlapping debt
Direct Debt:
Series 1999 Improvement Revenue Bonds3,498,970 100%3,498,970
Accreted Interest4,886,871 100%4,886,871
City of Winter Springs General Obligation Debt 2 2,425,161 100%2,425,161
City of Winter Sprints Capital Improvement Notes5,780,658 100%5,780,658
Total Direct and Overlapping Debt16,591,660$ 16,591,660$
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
1 Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
2 The City of Winter Springs has a "limited" general obligation note that is being repaid through a levy not to exceed
one quarter of one mill on all taxable property in the City.
Governmental Unit
CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2015
(amounts expressed in thousands)
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Personal
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Per Capita Personal
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Median
Age 1
Education
Level in
Years of
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School
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Unemploy-
ment Rate 3
2006 34,621 979,428 28,290 39.3 13.97 7,342 3.2%
2007 34,899 971,623 27,841 39.8 13.93 7,115 3.6%
2008 34,639 1,028,951 29,705 40 13.72 6,804 5.0%
2009 34,340 1,053,173 30,669 40.3 13.72 6,754 9.7%
2010 34,149 1,047,589 30,677 41 13.82 6,454 11.8%
2011 33,282 1,161,675 34,904 39.3 14.71 6,316 9.5%
2012 33,599 1,183,558 35,226 36 13.81 6,341 6.8%
2013 33,540 1,104,540 32,932 41.8 *6,496 5.4%
2014 33,871 1,084,989 32,033 39 *6,461 5.4%
2015 34,901 1,090,935 31,258 40.2 14 6,072 5.0%
*Data not available
Note
1 Source: American Fact Finder; US Census; previous statistics from multiple sources
2 Source: American Fact Finder; Seminole County Public Schools
3
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Source: Bureau of Economic and Business Research (BEBR)
133
EmployeesRank
Percentage of
Total City
Employment 2 EmployeesRank
Percentage of
Total City
Employment
Seminole County School Board1,387 120.38%1601130.79%
City of Winter Springs223 23.28%29625.69%
Dearborn Electronics150 32.20%***
Publix (Winter Springs Town Center)150 42.20%13632.62%
Modern Plumbing110 51.62%10742.06%
Tuscawilla Country Club59 60.87%9051.73%
United States Post Office44 70.65%***
Longwood Kia / Mitsubishi41 80.60%***
McDonald's 40 90.59%3760.71%
Dittmer Architectural Aluminum30 100.44%***
Total2,234 32.83%
Note
*Data Not Available
1 Per telephone survey of major local businesses and/or e-mail correspondence
2 Per Metro Orlando Economic Development Commission (www.orlandoedc.com), the City of Winter Springs has an estimated daytime
working population of 6,805.
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
2015 1 2006
Employer
134
Function 2006200720082009201020112012201320142015
Development Services 1010105544.46 5.46 5.46 5.46
General Government 44444445424136.79 37.23 36.67 36.38
Public Safety:
Police
Sworn Officers 70707070707065656565
Civilians 1 20.7520.7520.7520.7520.7520.7518.45 16.4516.8817.13
Fire 2
Firefighters and officers515151 0000000
Civilians 2220000000
Public Works2121212120.7318.7318161616
Culture and Recreation33.6735.7836.6334.0731.8629.1025.6824.0724.0621.84
Utilities424345454542373535.7336.17
Stormwater 9999999999
Total303.42306.53309.38249.82244.34234.58214.38208.21208.8206.98
Part-time FTEs12.4214.5315.3816.3316.3417.5818.3822.3621.9520.98
Note
*Data not available
1
Police civilians include emergency communications center operations personnel.
2 Municipal Fire Department was consolidated with Seminole County Fire Department on 10/02/08.
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full-time Equivalent Employees as of September 30,
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13
8
OTHER REPORTS
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
139
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited, 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, the financial statements of the
governmental activities, 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,
2015, and the related notes to the financial statements, which collectively comprise the City’s basic
financial statements and have issued our report thereon dated March 16, 2016.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City of Winter
Springs, Florida’s internal control over financial reporting (internal control) to determine the audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial statements, but not for the purpose of expressing an opinion on the effectiveness of
City of Winter Springs’ internal control. Accordingly, we do not express an opinion on the
effectiveness of the City’s internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable
possibility that a material misstatement of the entity’s financial statements will not be prevented, or
detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control that is less severe than a material weakness, yet important
enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described
in the first paragraph of this section and was not designed to identify all deficiencies in internal
control over financial reporting that might be material weaknesses or significant deficiencies. Given
these limitations, during our audit we did not identify any deficiencies in internal control over
financial reporting that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
140
Compliance and Other Matters
As part of obtaining reasonable assurance about whether City of Winter Springs’ financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts and grant agreements, noncompliance with which could
have a direct and material effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly, we do not express such an opinion. The result of our tests disclosed no instances of
noncompliance, or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Orlando, Florida
March 16, 2016
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
141
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE
FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133
Honorable Mayor and City Council
City of Winter Springs, Florida
Report on Compliance for Each Major Federal Program
We have audited the City of Winter Springs’s (the City) compliance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance
Supplement that could have a direct and material effect on each of the City’s major federal
programs for the year ended September 30, 2015. The City’s major federal programs are
identified in the summary of auditor’s results section of the accompanying schedule of findings
and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts,
and grants applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of the City’s major federal
programs based on our audit of the types of compliance requirements referred to above. 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
OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those
standards and OMB Circular A-133 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 federal program
occurred. An audit includes examining, on a test basis, evidence about the City’s 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 on compliance for each
major federal program. However, our audit does not provide a legal determination of the City’s
compliance.
Opinion on Each Major Federal Program
In our opinion, the City complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each major
federal program for the year ended September 30, 2015.
142
Report on Internal Control over Compliance
Management of the City is responsible for establishing and maintaining effective internal control
over compliance with the types of compliance requirements referred to above. In planning and
performing our audit of compliance, we considered the City’s internal control over compliance
with the types of requirements that could have a direct and material effect on each major federal
program to determine the auditing procedures that are appropriate in the circumstances for the
purpose of expressing an opinion on compliance for each major federal program and to test and
report on internal control over compliance in accordance with OMB Circular A-133, but not for
the purpose of expressing an opinion on the effectiveness of internal control over compliance.
Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over
compliance.
A deficiency in internal control over compliance exists when the design or operation of a control
over compliance does not allow management or employees, in the normal course of performing
their assigned functions, to prevent, or detect and correct, noncompliance with a type of
compliance requirement of a federal program on a timely basis. A material weakness in internal
control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type
of compliance requirement of a federal program will not be prevented, or detected and corrected,
on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a federal program that is less severe than a material weakness in internal control
over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal
control over compliance that might be significant deficiencies or material weaknesses. We did
not identify any deficiencies in internal control over compliance that we consider to be material
weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of
our testing of internal control over compliance and the results of that testing based on the
requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other
purpose.
Orlando, Florida
March 16, 2016
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2015
Note 1 - Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of the City of Winter Springs (the City) under programs of the federal
government for the year ended September 30, 2015. The information in this Schedule is
presented in accordance with the requirements of Office of Management and Budget (OMB)
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Because the
Schedule presents only a selected portion of the operations of the City, it is not intended to and
does not present the financial position, changes in net position or cash flows of the City.
Note 2 - Summary of Significant Accounting Policies:
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Therefore, amounts reported on the Schedule are based on expenditures incurred as of
September 30, 2015, even if grant or loan was received subsequent to that date. Federal
expenditures are recognized following the cost principles contained in OMB Circular A-87, Cost
Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are
presented where available.
145
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS -
FEDERAL AWARD PROGRAMS
Year Ended September 30, 2015
Part A - Summary of Auditor’s Results:
1. The auditor’s report expresses an unqualified opinion on the financial statements of the
City of Winter Springs (the City).
2. No significant deficiencies relating to the audit of the financial statements are reported in
the Report on Internal Control over Financial Reporting and on Compliance and Other
Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards.
3. No instances of noncompliance material to the financial statements of the City, which
would be required to be reported in accordance with Government Auditing Standards,
were disclosed during the audit.
4. No significant deficiencies relating to the audit of the major federal programs are reported
in the Independent Auditor’s Report on Compliance For Each Major Program and on
Internal Control over Compliance in Accordance with OMB Circular A-133.
5. The auditor’s report on compliance for the major federal award programs for the City
expresses an unqualified opinion.
6. The program cluster tested as a major program included: Department of Transportation,
Highway Planning and Construction (CFDA 20.205).
7. The threshold used for distinguishing between Type A and B programs was $300,000.
8. The City did not qualify as a low-risk auditee.
Part B - Findings - Financial Statement Audit:
None
Part C - Findings and Questioned Costs - Major Federal Award Programs:
None
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
146
MANAGEMENT LETTER
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Report on the Financial Statements
We have audited the financial statements of the City of Winter Springs, Florida, as of and for the
fiscal year ended September 30, 2015, and have issued our report thereon dated March 16, 2016.
Auditor’s Responsibility
We conducted our audit 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; OMB Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations; and Chapter 10.550, Rules of the
Florida Auditor General.
Other Reports and Schedule
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed
in Accordance with Government Auditing Standards, Independent Auditor’s Report on
Compliance for Each Major Federal Program and Report on Internal Control over Compliance,
and Independent Auditor’s Report on an examination conducted in accordance with AICPA
Professional Standards, Section 601, regarding compliance requirements in accordance with
Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated
March 16, 2016, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i.)1., Rules of the Auditor General, require that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the
preceding annual financial audit report. There were no such findings in the preceding annual
financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
This information has been disclosed in the noted to the financial statements.
147
Financial Condition
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require that we apply
appropriate procedures and report the results of our determination as to whether or not the City of
Winter Springs, Florida has met one or more of the conditions described in Section 218.503(1),
Florida Statues, and identification of the specific condition(s) met. In connection with our audit, we
determined that the City of Winter Springs, Florida did not meet any of the conditions described in
Section 218.503(1), Florida Statues.
Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied
financial condition assessment procedures. It is management’s responsibility to monitor the City
of Winter Springs, Florida’s financial condition, and our financial condition assessment was based
in part on representations made by management and the review of financial information provided
by same.
Annual Financial Report
Section 10.554(1)(i)5.b. and 10.556(7), Rules of the Auditor General, require that we apply
appropriate procedures and report the results of our determination as to whether the annual
financial report for the City of Winter Springs, Florida for the fiscal year ended September 30,
2015, filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a),
Florida Statues, is in agreement with the annual financial audit report for the fiscal year ended
September 30, 2015. In connection with our audit, we determined that these two reports were in
agreement.
Other Matters
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management
letter any recommendations to improve financial management. In connection with our audit, we
did not have any such recommendations.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have
occurred, that have an effect on the financial statements that is less than material but which
warrants the attention of those charged with governance. In connection with our audit, we did not
have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the
Florida Auditor General, Federal and other granting agencies, City Commission and applicable
management, and is not intended to be and should not be used by anyone other than these
specified parties.
Orlando, Florida
March 16, 2016
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
148
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the financial statements of City of Winter Springs as of and for the year ended
September 30, 2015, and have issued our report thereon dated March 16, 2016. Professional
standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit
As communicated in our engagement letter dated August 25, 2015, our responsibility, as
described by professional standards, is to form and express an opinion(s) about whether the
financial statements that have been prepared by management with your oversight are presented
fairly, in all material respects, in conformity with accounting principles generally accepted in the
United States of America. Our audit of the financial statements does not relieve you or
management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to
obtain reasonable, rather than absolute, assurance about whether the financial statements are
free of material misstatement. An audit of financial statements includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered
the internal control of City of Winter Springs solely for the purpose of determining our audit
procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in
our professional judgment, relevant to your responsibilities in overseeing the financial reporting
process. However, we are not required to design procedures for the purpose of identifying other
matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously
communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, have complied with all
relevant ethical requirements regarding independence.
149
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A
summary of the significant accounting policies adopted by City of Winter Springs is included in
Note 1 to the financial statements. As described in Note 1 to the financial statements, during the
year, City of Winter Springs changed accounting policies related to the adoption of Statement of
Governmental Accounting Standards (GASB Statement) No. 68, Accounting and Financial
Reporting for Pension Plans, and GASB Statement No. 71, Pension transition for Contributions
Made Subsequent to the Measurement Date. Accordingly, the cumulate effect of the
accounting change as of the beginning of the year has been reported in the Statement of
Activities. No matters have come to our attention that would require us, under professional
standards, to inform you about (1) the methods used to account for significant unusual
transactions and (2) the effect of significant accounting policies in controversial or emerging
areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management
and are based on management’s current judgments. Those judgments are normally based on
knowledge and experience about past and current events and assumptions about future events.
Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ
markedly from management’s current judgments.
The most sensitive accounting estimates affecting the financial statements are:
Management’s estimate for the allowance for doubtful accounts is based on historical loss
levels, and an analysis of the individual accounts. We evaluated the key factors and
assumptions used to develop the allowance in determining that it is reasonable in relation to
the financial statements taken as a whole.
Management’s estimation for the allowance for depreciation is based on the estimated
useful lives of the capital assets. We evaluated the reasonableness of the useful lives as
well as the depreciation methods in determining that it is reasonable in relation to the
financial statements taken as a whole.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly
sensitive because of their significance to financial statement users. The most sensitive
disclosures affecting City of Winter Springs’s financial statements relate to the prior period
adjustments for the implementation of new GASBs.
Significant Difficulties Encountered During the Audit
We encountered no significant difficulties in dealing with management relating to the
performance of the audit.
150
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known
and likely misstatements identified during the audit, other than those that we believe are trivial,
and communicate them to the appropriate level of management. Management has corrected all
such misstatements. In addition, none of the misstatements detected as a result of audit
procedures and corrected by management were material, either individually or in the aggregate,
to the financial statements taken as a whole.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a
matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting,
or auditing matter, which could be significant to City of Winter Springs’s financial statements or
the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the
attached letter dated March 16, 2016.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters. Management informed us that, and to our knowledge, there were no
consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with City of Winter Springs , we generally
discuss a variety of matters, including the application of accounting principles and auditing
standards, operating and regulatory conditions affecting the entity, and operational plans and
strategies that may affect the risks of material misstatement. None of the matters discussed
resulted in a condition to our retention as City of Winter Springs’s auditors
This report is intended solely for the use of management, the City Council and the Auditor
General of the State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
Very truly yours,
Orlando, Florida
March 16, 2016
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407-843-5406 FAX: 407-649-9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
151
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH
THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES
The Honorable Mayor and City Commission
City of Winter Springs, Florida
We have examined City of Winter Springs’s (the City) compliance with the requirements of Section
218.415, Florida Statutes, during the year ended September 30, 2015. Management is responsible
for the City’s compliance with those requirements. Our responsibility is to express an opinion on the
City’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and the standards applicable to attestation
engagements contained in Government Auditing Standards issued by the Comptroller General of
the United States and, accordingly, included examining, on a test basis, evidence about the City’s
compliance with those requirements and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the City’s compliance with
specified requirements.
In our opinion, City of Winter Springs complied, in all material respects, with the aforementioned
requirements for the year ended September 30, 2015.
Orlando, Florida
March 16, 2016