HomeMy WebLinkAbout2017 03 27 Regular 500 2016 Comprehensive Annual Financial Report COMMISSION AGENDA
Informational
Consent
ITEM 500 public Hearings
g
Regular X
March 27, 2017 KS SB
Regular Meeting City Manager Department
REQUEST:
Finance and Administrative Services Department is requesting City Commission acceptance
of the Comprehensive Annual Financial Report (CAFR) as presented for the Fiscal Year
Ended September 30, 2016.
SYNOPSIS:
The presentation of the Comprehensive Annual Financial Report for the Fiscal Year Ended
September 30, 2016 by the auditors McDirmit Davis & Company, LLC.
CONSIDERATIONS:
The CAFR is prepared and presented to give the City Commission, citizens, and other
users a greater understanding of the City's financial standing. Our 2016 financial
statements received an unqualified opinion (best possible)by the auditors.
Additionally, the 2016 CAFR will be submitted to the Government Finance Officers
Association (GFOA) for consideration for their Certificate of Achievement award as we
believe it continues to conform to the program's stringent requirements. The City's CAFR
has previously been awarded the GFOA's Certificate of Achievement award for the past 15
years.
FISCAL IMPACT:
This report has no direct financial impact on the City. However, the information presented
in the CAFR is used by investors and citizens to help determine the overall financial health
of the City of Winter Springs.
Regular 500 PAGE 1 OF 2- March 27,2017
COMMUNICATION EFFORTS:
This Agenda Item has been electronically forwarded to the Mayor and City Commission,
City Manager, City Attorney/Staff, and is available on the City's Website, LaserFiche, and
the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the
respective Meeting Agenda which has also been electronically forwarded to the individuals
noted above, and which is also available on the City's Website, LaserFiche, and the City's
Server; has been sent to applicable City Staff, Media/Press Representatives who have
requested Agendas/Agenda Item information, Homeowner's Associations/Representatives
on file with the City, and all individuals who have requested such information. This
information has also been posted outside City Hall, posted inside City Hall with additional
copies available for the General Public, and posted at six (6) different locations around the
City. Furthermore, this information is also available to any individual requestors. City Staff
is always willing to discuss this Agenda Item or any Agenda Item with any interested
individuals.
Upon acceptance by the Commission, the 2016 CAFR will also be placed on the City
website and mailed to all regulatory agency required.
RECOMMENDATION:
Staff recommends that the Commission accept the Comprehensive Annual Financial Report
(CAFR) as presented for the Fiscal Year Ended September 30, 2016.
ATTACHMENTS:
A. Comprehensive Annual Financial Report-For The Year Ended September 30, 2016
Regular 500 PAGE 2 OF 2- March 27,2017
jA
i
i"
i
L
l
'•x•
fir' .. r�
���,
;. }s:'��' -
pr
ij
wt
��'� 1'r r' r. •. fr t,. ..
)VA
,
f N
i
i"
i
L
l
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2016
�t-AT�R
O
Z
r7
Incorporatcd
' I959 '
GQE) WF -T ?-
Prepared by:
Finance and Administrative Services Department
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
INTRODUCTORY SECTION
This section contains the following subsections:
• Table of Contents
• Letter of Transmittal
• GFOA Certificate of Achievement
• List of Principal Officials
• Organizational Chart
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2016
Paae
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, 2016
Paae
II. Financial Section - Continued:
Notes to Financial Statements 37 -77
Required Supplementary Information
Schedule of Funding Progress - Retiree Continuation Insurance Plan
78
Schedule of Employer Contributions - Retiree Continuation Insurance
Plan
78
Schedule of Changes in Net Pension Liability and Related Ratios
79
Schedule of Contributions
80
Schedule of Investment Returns
81
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
82
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds
83 -88
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds
88 -94
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds
95 -106
Debt Service Funds
107 -111
Capital Projects Funds
112 -116
III. Statistical Section:
Financial Trends
Net Position by Component
117
Changes in Net Position
118 -119
Governmental Activities Tax Revenues by Source
120
Fund Balances of Governmental Funds
121
Changes in Fund Balances of Governmental Funds
122 -123
Revenue Capacity
Assessed Value and Estimated Actual Value of Taxable Property
124
Property Tax Rates, Direct and Overlapping Governments
125
Special Assessment Billings and Collections
126
Principal Property Taxpayers
127
Property Tax Levies and Collections
128
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2016
IV. Other Reports:
Independent Auditor's Report on Internal Control over Financial Reporting
Paae
III. Statistical Section - Continued:
Debt Capacity
Legal Debt Margin
129
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
130
Ratio of Outstanding Debt by Type
131
Direct and Overlapping Governmental Activities Debt
132
Pledged- Revenue Coverage
133 -134
Demographic and Economic Information
147
Demographic and Economic Statistics
135
Principal Employers
136
Operating Information
Budgeted Full -time Equivalent City Government Employees by Function
137
Operating Indicators by Function
138 -139
Capital Asset Statistics by Function
140
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
141 -142
Independent Auditor's Report on Compliance for Each Major Federal
Program and Report on Internal Control Over Compliance in Accordance
With the Uniform Guidance
143 -144
Schedule of Expenditures of Federal Awards
145
Notes to Schedule of Expenditures of Federal Awards
146
Schedule of Findings and Questioned Costs - Federal Award Programs
147
Management Letter
148 -149
Communication with Those Charged with Governance
150 -152
Independent Auditor's Report on Compliance with the Requirements of
Section 218.415, Florida Statutes
153
Affidavit of Impact Fee Compliance
154
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
.I1XNTE4
� � x
t�
rncarporamA
I954
❑n W E fR�y4
March 17, 2017
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1800
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, 2016. 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, 2016 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, 2016 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. The City currently has a land area of
approximately 13.3 square miles and a population of approximately 36,000
iv
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 82 The non -major
governmental funds budget comparisons are presented in the governmental fund subsection of this report
which starts on page 95.
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 2016-
2017.
Approximately 87% 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 2015 -2016 fiscal year (tax year 2015), the gross taxable value reflects an increase of 5.2%
from the prior year and a decrease of 8.0% since fiscal year 2007. During fiscal year 2015 -2016 (tax year
2015), through prudent fiscal management, the City was able to maintain operating millage rates at 2.43
and was able to reduce voted debt millage to .070 %. 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 has been steady for the past several years. Single- family residential
construction projects that were recently completed or are currently under construction include Seven
Oaks, Jesup's Landing, and Southern Oaks. Upcoming single - family residential projects include
Tuskawilla Crossing (379 units) and Northern Oaks (35 units). In 2016, construction completed on the
v
RiZE project in the Town Center, a 244 -unit upscale apartment complex located adjacent to City Hall. The
Integra 360 apartment project broke ground in 2016 and will have 360 units on the north side of SR 434
across from Creek's Run. Construction started in late 2016 on the Vistawilla Assisted Living Facility, a
77,000 square foot facility located near the SR 417 / SR 434 interchange. New commercial tenants in the
Winter Springs Town Center include Saigon Boulevard, Pacino's Pet Pantry, Pinch -a- Penny, and Care
Now, an urgent care medical clinic scheduled to open in spring 2017. Phase 3 of the Nursery Road
Warehouses project completed in 2016, and Phase 4 started construction. In October 2016, a 4,000
square foot Perkins Restaurant opened in the Hayes Road Plaza.
Seminole County Public Schools are the 12th largest in the state and is recognized as Premier National
School District. It can boast about 88.3% graduation rate and is ranked #1 in STEM. Winter Springs is
home to 4 elementary, and 1 middle and high school in the district. 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.
The Winter Springs and Oviedo Police Departments have teamed up to host events such as Cops & Kids
and the Kids' House of Seminole Kickball Tournament which raises funds and awareness for abused
children. During the holiday season, children from families in need from Winter Springs are invited to
participate in our annual `Shop with a Cop' festivities. Parks and Recreation has been busy with
numerous park upgrades including a newly remodeled and expanded playground at Moss Park, safety
improvements with upgraded lighting at Moss and Trotwood Parks, improved roadway and parking at
Central Winds Park and new play equipment at other area parks. The trend of expansion & modernization
of the City's recreational facilities will continue into 2017 as improvements for Tocaso Park are in process.
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 therapy pool. 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
vi
Pensions. This year includes the implementation of GASB 72: the Fair Value Measurement and
Application for investment reporting & GASB 82: Pension Issues amending GASB 67 and 68.
Major Initiatives. The implementation of the third phase of the City's new ERP system is nearly
complete. Continued improvements in customer service and information reporting are on- going. Also
many of our park facilities have undergone major improvements and renovations including a newly
remodeled and expanded playground area at Moss Park with funding from the General and Parks Impact
Funds, safety improvements with upgraded lighting at Moss & Trotwood Parks, roadway improvements
and parking at Central Winds Park and new playground equipment as some of the other area parks. The
trend of updating the City's recreational facilities will continue into 2017 as improvements at Torcaso Park
are in process. The Water and Sewer Utility Fund has begun the process of improvements recommended
and required by the DEP. The upgraded water treatment facility is expected to be completed in late spring
2017 at a cost of over $6M which will be funded by a new loan issued by the Clean Water State Revolving
Loan Fund.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City of Winter Springs for its CAFR for the fiscal year ended
September 30, 2015. This was the sixteenth consecutive year that the City has received this prestigious
award. In order to be awarded a Certificate of Achievement, the government must publish an easily
readable and efficiently- organized CAFR. This report satisfied both GAAP and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program requirements and will be submitting it to the
GFOA to determine its eligibility for another fiscal year.
The preparation of this report would not have been possible without the efficient and dedicated services of
the entire staff of the Finance Department. We would like to express our appreciation to all members the
department who assisted and contributed to its preparation. Other City departments, although not
extensively involved in year -end audit activities, contributed significantly by ensuring the accuracy and
integrity of accounting information compiled throughout the year. Without their diligence, the work of the
Finance Department would have been considerably more difficult. Appreciation must also be expressed
to the City's auditors whose suggestions and attention to detail enhanced the quality of this report.
In closing, we would also like to express appreciation to the Mayor and the City Commission for their
support and for maintaining high standards of professionalism in the management of the City of Winter
Springs' finances. ,
Respectfully submitted,
Kevin L. Smith
City Manager
Shawn D. Boyle
Finance and Administrative Services Director
Vii
N MA
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2015
Executive Director /CEO
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2016
ELECTED OFFICIALS
MAYOR
DEPUTY MAYOR / COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMUNITY DEVELOPMENT
FINANCE /ADMIN SERVICES
INFORMATION SERVICES
PARKS AND RECREATION
POLICE CHIEF
UTILITY /PUBLIC WORKS
CITY MANAGER
Kevin L. Smith
CITY CLERK
Andrea Lorenzo - Luaces
LEGAL COUNSEL
Anthony Garganese
Garganese, Weiss &
D'Agresta, P.A.
DEPARTMENT
DIRECTORS
ix
Charles Lacey
Joanne M. Krebs
Cade Resnick
Pam Carroll
Kevin Cannon
Jean Hovey
Randy Stevenson
Shawn Boyle
Joanne Dalka
Chris Caldwell
Kevin Brunelle
Kipton Lockcuff
Cl)
Q
i
4—
0
OSEED
U
L
cu
An,
u
cu
c
.0 SEED
cu
.N
cu
CD
1.
ra10 J
L
tip
o .
CL
c Co
N OL
r�
U �
-p ,O
o E
� E
2 O
U
U
U
a�
c
s..
Q
t?
s.
di
0
cc
c�
g
U
ttt
O
co
i
O
.y
.O
Q
c
O
'> ,N
U �
c�
L
rE
L��
_
_
O a�i
r, = U
+, o
(�} (D
I-j
cu
_
4a
= m E
c
0.9 4)
=oho
O
G E
a°CL
E o
� FL
4
c CL
cu
CL
w U a= U
'o0
�ja}i
"0-
• • •
D
Q U D
a
i i • •
•
_
U
a� a�
N .o
Y
o
•L
U
o '.00
O
O U
L
_
V
_ =
t0
_
M.�
c
Y L
O U E
V D
_
G j
N= L L
0. IX
' U N �
= L (3
E
L = '� Gi Gi
Q U Q a
U a
i i i •
• •
_
X
O
O a�i
r, = U
(�} (D
I-j
cu
O O L
U
'_
ac
a)
=oho
w
n�
a°CL
U E
Q
w U a= U
• • •
= L
a� a�
Y
o
E
2
o '.00
a
c c
0
V D
_
G j
N= L L
Z3
E
L = '� Gi Gi
a
ac�=nHw��
a
a a • • •
+�
_
E
N
E
N
*'
Om
N
CD
�
O
a=
�a=i2
L.
�,
�,,�_ 4
E
L-
Gai
�
__
z o 'ca N CD
a�
Q1 r-� U
cL3
C ca i
_
•L
E
Q
N
Y U
c6
aao2m=wa�
i
i • f f f
f i
i
X
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
FINANCIAL SECTION
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
MCDIRMI-F /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of linter 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, 2016, 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, 2016, 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.
MCDIRmi'r 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
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, 82, and 78 through 81 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 audit requirement of Title 2 U.S. Code of Federal Regulations (CFR)
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), 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, 2017 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, 2017
2
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Winter Springs we offer readers of the City of Winter Springs'
financial statements this narrative overview and analysis of the financial activities of the City of
Winter Springs for the fiscal year ended September 30, 2016. 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 $96,118,821 (net
position). Of this amount, $13,173,714 (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 $6,260,539 or 7% from the prior year
• As of the close of the current fiscal year, the City of Winter Springs' governmental funds
reported combined ending fund balances of $27,484,862. Approximately 30% of this total
amount, $8,145,148, 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
$8,225,729, or 53% of total general fund expenditures.
• As a result of current year's activities, the City of Winter Springs' total debt decreased by
$2,057,138 (6 %).
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.
,C]
MANAGEMENT'S DISCUSSION AND ANALYSIS
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.
El
MANAGEMENT'S DISCUSSION AND ANALYSIS
Overview of the Financial Statements (Continued
Governmental Funds. (Continued)
The City of Winter Springs maintains 26 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 22
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 82 and 95 -116.
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 -77 of this report.
Required Supplementary Information (RSI). RSI can be found on pages 78 -81 of this report.
Other information. The budget schedules for the major debt service fund is on page 82 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 83 -116 of this report.
5
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analvsis
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 $96,118,821 at
the close of the most recent fiscal year.
Of the City of Winter Springs' net position, $70,357,295 or 73 %, 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 $12,587,812 (13 %). The
remaining balance of unrestricted net position ($13,173,714 or 14 %) may be used to meet the
government's ongoing obligations to citizens and creditors.
At September 30, 2016, 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.
N.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
City of Winter Springs
Statement of Net Position
As of September 30
Deferred Inflows of Resources
Deferred inflow of pension
earnings $ 43,212 $ 321,041 $ 4,740 $ 68,645 $ 47,952 $ 389,686
Net Position:
Net investment in capital assets
Governmental Activities
Business -type Activities
Total Primary Government
21,426,097
2016
2015
2016
2015
2016
2015
Assets:
12,587,812
12,902,720
Unrestricted
1,746,472
767,852
11,427,242
Current and other assets
$ 31,079,635
$ 30,499,313
$ 20,504,095
$17,756,460
$ 51,583,730
$ 48,255,773
Restricted assets
133,462
201,648
717,020
723,321
850,482
924,969
Capital assets
58,951,180
57,269,769
35,028,440
36,429,917
93,979,620
93,699,686
Total assets
90,164,277
87,970,730
56,249,555
54,909,698
146,413,832
142,880,428
Deferred Outflows of Resources
Deferred charge on refunding
$ 77,073
$ 84,824
$ 422,697
$ 483,897
$ 499,770
$ 568,721
deferred outflow of pension
earnings
336,764
1,315,500
56,158
281,283
392,922
1,596,783
413,837
1,400,324
478,855
765,180
892,692
2,165,504
Liabilities:
Current liabilities
1,735,542
1,280,954
512,137
574,489
2,247,679
1,855,443
Long term liabilities
26,341,286
28,815,501
21,757,552
23,251,713
48,098,838
52,067,214
Other liabilities
129,612
199,935
663,622
675,372
793,234
875,307
Total liabilities
28,206,440
30,296,390
22,933,311
24,501,574
51,139,751
54,797,964
Deferred Inflows of Resources
Deferred inflow of pension
earnings $ 43,212 $ 321,041 $ 4,740 $ 68,645 $ 47,952 $ 389,686
Net Position:
Net investment in capital assets
48,555,323
45,649,805
21,801,972
21,426,097
70,357,295
67,075,902
Restricted
12,026,667
12,335,966
561,145
566,754
12,587,812
12,902,720
Unrestricted
1,746,472
767,852
11,427,242
9,111,808
13,173,714
9,879,660
Total net position
$62,328,462
$58,753,623
$33,790,359
$31,104,659
$96,118,821
$89,858,282
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
$6,260,539 or 7% from the prior year. The previous fiscal year, 2015, net position increased by
$7,058,190.
Governmental activities increased net position by $3,574,839 in fiscal year 2016 compared to
an increase of $3,530,692 in 2015. The increase in net position for fiscal year 2016 is primarily
due to revenues received for ad valorem taxes, grant revenues, sales, discretionary sales tax,
revenue sharing and a modest decrease in operating expenses. Net position also increased as
a result of investments and contributed capital.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
Business -type activities increased net position by $2,685,700 in fiscal year 2016 compared to
an increase of $3,527,498 in 2015. This is largely due to investments of $3.5 million, capital
assets, contributed capital and a reduction of debt with the refunding of Water & Sewer
Refunding Revenue Notes 2011 A, B and C. Additionally, demand for Water and Sewer
services increased year- over -year. The gains were partially offset by increases in expenditures
in the business -type funds and a reported decrease in net position in the Stormwater Utility
Fund.
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.
�:3
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
City of Winter Springs
Changes in Net Position
For the Year Ended September 30
Governmental Activities
Business -type Activities
Total Primary Government
2016
2015
2016
2015
2016
2015
Revenues:
Program Revenues:
Charges for services
$ 6,590,955
$ 7,973,016
$12,309,326
$12,637,111
$ 18,900,281
$20,610,127
Operating grants and
contributions
2,596
15,638
-
-
2,596
15,638
Capital grants and
contributions
3,583,125
2,755,770
1,311,005
1,451,523
4,894,130
4,207,293
General Revenues:
Property taxes
4,515,752
4,283,909
-
-
4,515,752
4,283,909
Utility taxes
3,975,578
3,887,124
3,975,578
3,887,124
Business tax receipts
121,541
119,965
121,541
119,965
Intergovernmental -
unrestricted
3,556,804
3,480,582
-
-
3,556,804
3,480,582
Investment income and
miscellaneous
711,438
450,040
135,728
108,535
847,166
558,575
Total revenues
23,057,789
22,966,044
13,756,059
14,197,169
36,813,848
37,163,213
Expenses:
General government
6,130,624
5,708,030
-
-
6,130,624
5,708,030
Public safety
6,764,254
7,101,190
6,764,254
7,101,190
Physical environment
5,798,060
5,924,305
5,798,060
5,924,305
Culture and recreation
2,163,180
2,108,563
2,163,180
2,108,563
Interest and other fiscal
charges on long -term debt
668,239
657,143
-
-
668,239
657,143
Water and sewer
-
-
7,295,358
6,942,598
7,295,358
6,942,598
Development services
510,169
501,373
510,169
501,373
Storm✓v ater
-
1,223,425
1,161,821
1,223,425
1,161,821
Total expenses
21,524,357
21,499,231
9,028,952
8,605,792
30,553,309
30,105,023
Increase (Decrease) In Net
Position Before Transfers
1,533,432
1,466,813
4,727,107
5,591,377
6,260,539
7,058,190
Transfers
2,041,407
2,063,879
(2,041,407)
(2,063,879)
-
-
Increase In Net Position
3,574,839
3,530,692
2,685,700
3,527,498
6,260,539
7,058,190
Net Position- October 1
58,753,623
66,365,151
31,104,659
29,896,100
89,858,282
96,261,251
Restatement of Net Pbsition
-
(11,142,220)
-
(2,318,939)
-
(13,461,159)
Net Position - September 30
$62,328,462
$58,753,623
$33,790,359
$31,104,659
$ 96,118,821
$89,858,282
9
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Governmental Program Specific Revenues and
Expenses
General Public Safety Physical Culture & Interest on
Government Environment Recreation Long -Term
Debt
Governmental Revenues by Source
Investment Income
and Miscellaneous
3%
Taxes
37% Charges for Services
29%
Capital and
Operating
Grants and
Intergovernmental 1 ntributions
Revenues 16%
15%
10
Revenues
Expenses
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
Capital and
Operati ng Gra nts
and Contributions
10%
Business -type Activities
Revenues and Expenses
Sewer Development Services
Stormwater
Business -type Activities
Revenues by Source
Charges for
Services
89%
11
I nvestment
_ Income and
Miscellaneous
1%
• Revenues
• Expenses
MANAGEMENT'S DISCUSSION AND ANALYSIS
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, 2016, the City of Winter Springs' governmental funds reported combined
ending fund balances of $27,484,862, an increase of $1,273,775 over the prior year.
Approximately 30% or $8,145,148 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 $8,225,729, while total
fund balance was $8,500,416. 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 53 and 55% respectively, of total General Fund
expenditures. The increase in fund balance of $4,635 is a result of an unfavorable revenue and
transfers variance which was offset by a favorable expenditures variance.
The Road Improvements Fund balance increased $1,512,661 as a result of the 3,d generation
infrastructure tax revenues, the recognition of 2nd generation infrastructure deferred tax revenue
and federal grant dollars received for a major road improvement project.
The Solid Waste Fund net position decreased by $64,135. This decrease is in large part the
result of increases in contractual costs without a corresponding increase in billed revenues for
solid waste services provided to residents.
The TLBD Debt Service Fund net position decreased by $ 47,748. This decrease is a result of
additional non - recurring capital expenditures and accounts for 100% of the decrease.
12
MANAGEMENT'S DISCUSSION AND ANALYSIS
Financial Analysis of the Government's Funds (Continued)
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
$9,468,875 and total net position increased $2,477,385 to $24,508,049. This increase is
primarily due to user charges for water and waste water services. This demand is driven by new
construction and higher occupancy levels in existing units.
The Development Services Fund net position increased as a result of current year activities by
$456,637 to $1,825,037 at the end of the fiscal year. This increase is a result of permitting fee
revenues for new construction and remodels. Although revenues are down approximately 36%
from last year's record high, they out -pace expenditures by approximately 25% resulting in an
increase in net position.
The Stormwater Utility Fund net position decreased as a result of current fiscal year activities by
$248,322 to $7,457,273 at the end of the fiscal year. Though revenues increased nearly
$246,000 or 28 %, operating expenses increased 5% to $1,223,425. Although operating
revenues rebounded from the prior year, the changes still resulted in a decreased net position.
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund
budget resulted in $26,484 more in appropriations from fund balance during the year from an
appropriation to fund balance of $3,451 in the original budget to appropriations from fund
balance of $23,033 in the final budget.
The actual results of General Fund for the year show an appropriation to fund balance of $4,635
compared to a final budgeted appropriation from fund balance of $23,033. The favorable
variance of $27,668 is comprised of an unfavorable revenue ant transfers variance of $63,012
and a favorable expenditure variance as set forth in the Departmental cost centers below:
Executive & Legislative
$ 1,204
General Government
509
Finance & Admin Services
76,212
Information Services
1,139
Community Development
1,685
Police
4,922
Public Works
2,780
Parks & Recreation
2,229
Total
$ 90,680
This favorable variance is represented by the following expenditure categories as both amounts
and percentage of budget:
Payroll
Other Operating
Capital
$ 18,750
0.1%
69,723
0.4%
2,207
0.01%
The comparison of budgeted results to actual results for the General Fund is shown on pages
26 -27.
13
MANAGEMENT'S DISCUSSION AND ANALYSIS
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, 2016, amounts to $93,979,620 (net of
accumulated depreciation), for an increase of $279,934 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 increase in the City of Winter Springs'
investment in capital assets for the current fiscal year was 0.3% (a 2.94% increase for
governmental activities, and a 3.85% decrease for business -type activities).
Major capital asset events during the current fiscal year included the following:
The purchase of the following capital assets:
• New vehicles for the Police Department at a cost of approximately $204,000;
• Upgrade laptops for the Police Department at a cost of $61,000;
• Police mobile command trailer at a cost of approximately $65,000;
• Upgrade network storage device at a cost of approximately $62,000;
• New vehicles for city administration at a cost of approximately 36,000
• New vehicles & equipment for public works /utilities at a cost of approximately
$198,000;
The completion and capitalization of the following projects::
• Road reconstruction and resurfacing totaling approximately $587,000;
• Water system pipe relining at a cost of approximately $212,000;
• Sidewalk completions at a cost of approximately $260,000;
• New & reconstructed roads Bear Springs and City Center Drives as a result of new a
commercial project at a cost of approximately $211,000 of which $26,000 was donated
to the city;
• Median landscape reconstruction /roadway improvement at Winter Springs Boulevard
in the Tuscawilla Lighting & Beautification District at cost of approximately $22,000;
• Roof replacement at police headquarters at a cost of approximately $329,000;
• Intersection improvements at SR434 & Tuskawilla Road (Market Square) at a cost of
approximately $2,108,000 (approximately $1,059,000 spent in prior years);
• Improvements & expansion of recreational area at Moss Park at a cost of
approximately $140,000;
• Improvements at Central Winds Park practice fields at a cost of approximately
$24,000;
• Upgraded lighting at Trotwood & Moss Parks at a cost of $23,000;
The capitalization of donated assets as a result of new residential and commercial building
projects including:
• Additions to water /sewer system infrastructure at a value of approximately $63,500;
• Stormwater system infrastructure at a value of just over $51,000;
Construction began on the following capital projects:
• New public works - utilities administration building with a cost of approximately
$494,000;
• Construction of a deceleration lane at city hall at a cost of approximately $11,000;
• Central Winds Park roadway improvements at a cost of approximately $848,000;
• Park improvements at Torcaso $28,000;
• Trotwood Park master plan & improvements;
14
MANAGEMENT'S DISCUSSION AND ANALYSIS
Capital Asset and Debt Administration (Continued)
Capital assets. (Continued)
• Continued construction on the following projects:
• Customer Service initiative to include upgrade software at a cost of approximately
$500,000 (approximately $412,000 spent in prior years);
• WTP #1 Water Quality Improvements at a cost of approximately $577,000
(approximately $142,000 spent in prior years);
• Magnolia Park Amphitheatre Design at a cost of approximately $228,000
(approximately $158,000 spent in prior years);
• Tuscora Drive deceleration lane should be completed in FY17 (approximately $89,000
spent in prior years);
• Design of streetscape improvements along Hwy17 -92 and SR434 at a cost of 17,000
(approximately $25,000 spent in prior years);
Additional information on the City of Winter Springs' capital assets can be found in Note 6 on
pages 56 -58 of this report.
Land
Buildings
Improvements Other Than
Buildings
Machinery and Equipment
Intangibles
Infrastructure
Construction in Progress
Total
Long -term debt. At September 30, 2016, the City of Winter Springs had total debt outstanding
of $35,098,729, a decrease of $2,057,138 from $37,155,867 at September 30, 2015. 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 $10,961,874.
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.
15
City of Winter Springs
Capital Assets (Net of Depreciation)
As of September 30
Governmental Activities
Business -type Activities
Total Primary
Government
2016
2015
2016
2015
2016
2015
$ 9,946,795
$ 9,946,795
$ 7,170,177
$ 7,170,177
$17,116,972
$17,116,972
6,507,163
6,881,365
178,718
204,730
6,685,881
7,086,095
6,347,179
6,865,483
26,191,872
27,886,706
32,539,051
34,752,189
1,824,716
1,489,391
659,013
774,506
2,483,729
2,263,897
17,916
94,926
33,813
56,600
51,729
151,526
31,370,382
30,052,383
-
-
31,370,382
30,052,383
2,937,029
1,939,426
794,847
337,198
3,731,876
2,276,624
$ 58,951,180
$57,269,769
$ 35,028,440
$36,429,917
$93,979,620
$93,699,686
Long -term debt. At September 30, 2016, the City of Winter Springs had total debt outstanding
of $35,098,729, a decrease of $2,057,138 from $37,155,867 at September 30, 2015. 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 $10,961,874.
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.
15
MANAGEMENT'S DISCUSSION AND ANALYSIS
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 7 on
pages 58 -64 of this report.
City of Winter Springs
Long Term Debt
As of September 30
16
Governmental Activities
Business -type Activities
Total Primary Government
2016
2015
2016
2015
2016
2015
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
29,883
58,983
-
-
29,883
58,983
Revenue Refunding Note Series
2011
664,590
861,486
664,590
861,486
Special Assessment Revenue
Notes, Series 2011
1,493,858
1,575,186
1,493,858
1,575,186
Lirrrted General Obligation Note,
Series 2012
2,312,629
2,425,161
2,312,629
2,425,161
Improvement Refunding Revenue
Note, Series 2014
2,473,000
3,285,000
-
2,473,000
3,285,000
Revenue Refunding Note Series
2011A
-
-
4,997,008
-
4,997,008
Revenue Refunding Note Series
2011B
553,001
553,001
Revenue Refunding Note Series
2011C
2,715,852
2,715,852
Revenue Refunding Note Series
2016
6,497,000
-
6,497,000
-
State Revolving Fund Loan
1,497,734
1,568,480
1,497,734
1,568,480
Accreted Interest Payable
5,367,049
4,886,871
5,594,825
5,060,678
10,961,874
9,947,549
Total
$15,839,979
$16,591,657
$19,258,750
$ 20,564,210
$ 35,098,729
$ 37,155,867
16
MANAGEMENT'S DISCUSSION AND ANALYSIS
Economic Factors and Next Year's Budaets and Rates
Winter Springs is primarily a residential community in Seminole County serving more than
34,000 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 millage rate at 2.4300 and lowered the voted
debt millage to 0.0700. The gross property taxable values in Winter Springs increased in FY
2016 by 5.7% and 6.7% in FY 2017 as certified by the Seminole County Property Appraiser. 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 is $1.9 million in additional revenues. This
surtax expires in 2024.
The General Fund's FY 2017 adopted expenditure budget of $17,341,055 (inclusive of
transfers) showed a slight decrease of less than 1% from the previous year. Additionally, fiscal
year 2017 was balanced without the need to appropriate from fund balance.
The total combined expenditure budget of $45,201,603 (inclusive of transfers) is $2,573,213 or
6.0% greater than the adopted budget of FY 2016. This increase results from early debt
retirement of $2.3M in the Central Winds Debt Service 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.wintersprin-qsfl.org.
17
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
BASIC FINANCIAL STATEMENTS
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
GOVERNMENT -WIDE FINANCIAL STATEMENTS
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
September 30, 2016
ASSETS
Cash and Cash Equivalents
Investments
Receivables, net
Inventories - at cost
Prepaid Costs
Restricted Assets:
Cash and cash equivalents
Investments
Receivables, long -term
Capital Assets
Capital assets not being depreciated
Capital assets being depreciated, net of accumulated
depreciation
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding
Deferred Outflow of Pension Earnings
LIABILITIES
Accounts Payable and Accrued Expenses
Due to Other Governments
Accrued Interest Payable
Liabilities Payable from Restricted Assets
Noncurrent Liabilities:
Due within one year
Due in more than one year
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Earnings
NET POSITION
Net Investment in Capital Assets
Restricted for:
Capital projects
Debt service
Renewal and replacement
Physical environment
Public safety
Unrestricted
Total Net Position
Governmental
Activities
$ 2,480,590
26,322,043
167,920
13,490
168,858
133,462
1,926,734
12,883,824
Business -type
Activities
$ 1,049,052
18,975,526
472,731
6,786
717,020
7,965,024
Total
$ 3,529,642
45,297,569
640,651
20,276
168,858
133,462
717,020
1,926,734
20,848,848
46,067,356
27,063,416
73,130,772
90,164,277
56,249,555
146,413,832
77,073
422,697
499,770
336,764
56,158
392,922
413,837
478,855
892,692
1,640,687
485,222
2,125,909
30,448
6,171
36,619
64,407
20,744
85,151
129,612
663,622
793,234
1,381,963
860,673
2,242,636
24,959,323
20,896,879
45,856,202
28,206,440
22,933,311
51,139,751
43,212
4,740
47,952
48,555,323
4,222,718
1,335,758
21,801,972
561,145
6,356,099 -
112,092 -
1,746,472 11,427,242
$ 62,328,462 $ 33,790,359
70,357,295
4,222,718
1,335,758
561,145
6,356,099
112,092
13,173,714
$ 96,118,821
The accompanying Notes to Financial Statements are an integral part of these statements.
18
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
a
D
ry
0
J
/LL
VJ
z
y
^
/
Vn
J
ry
LU
H
>z_
LL
0
U
0
N
0
l'M)
L
N
^Q
/n
VJ
N
LU
cu
a)
W
L
0
LL
c
O
U)
O
a
N
z
E
c
R
L
U
C
R
N
7
C
N
N
a
z
L4
0
H
a�
a
>+ y
+r N
U) ++
y >
N .
.E V
U) Q
7
m
R
C y
N N
E
C >
> V
O a
Lk
U)
C
O
c �
�L
O
U
U)
C
> C O
N L4 ++
O O U
•w I
L
w y
U)
v
L
t cn
A
U)
N
U)
C
N
Q
K
W
i:-� i:-� Lo m 6
00 co co LO co 00
O) O V 00 N (0
O I_ C7 V 00 I--
00 I-- N V (0 V
O) N C7 I— (O co
(7 (0
II
I I I I I I I
(A
I� � Lo ( 6
�
00 co co LO co
00
O) O V 00 N
(0
O r- C7 V 00
I-
00 I-- N V (0
V
O) N co I� (O
co
C (O
>
m N
LO
LO I—
N_
I— c7
n
(o (o
c6
.>
LO
E
U
co
C
(6 U)
n
N
-0
0')
0')
(6
o
N
N
`o
I-- 00 c7 I— '
LO
co (0 N N
LO
(0 00 = C7
O)
m LO 00
O
v o
rn
r (0
LO
N C
(O
EA
V V O O O)
I1-
N LO (O 00 co
LO
(0 N C) = N
CO
O V 00 ('7 00
V
co(0 O) (O (O
N
I— 1— = (O
L()
(O (O L() N
N
(A
� U
0 (6
C �
N (6
C O E
C N
y '> O N
E a) U C: N U O) E
i E m N C
_
L
O C O
> a °) °> m
)
a)
U) E C C to 0
O > -tf o
t+i E oUo0-0- U c H
c CD
, � L
U- a
00 — O O) N
N N I-- I-- O
LO 00 rn co co
, V (O
LO 00 00 LO �
co V (0
CO o rn rn
N N I� co co
Lo- 00 0') ('7 ('7
v v
V O Lo O) O)
00 00 LO LO
(Y) I IT I IT
I I I I
00
(0
V
co
(O m 0 O
co (0 O co
I— N O
rn v
LO
N co co
r r
m
LO
-
N
O O (0 (0
LO m 00 N 00
M CO N
I� V O) O
I� O O
co c� co m
O) N DO
EA
co m LO N m
LO (0 N LO O
CO = V M- CO
L(i O co 00 ('7
N N LO
N Ln N O LO
I� O
co
(A
LO I— V O (0 V c7 00 N
I— LO LO 00 00 LO N 00
L(i L(i (O (O O 00 00
I— N LO V = (0 LO
Lo- M Lo- 00 O N 00
V ('7 ('7 ('7 (0 O) (0
CO M
(A
I I I I 00 0 m m
N O I— O LO LO
I— V 0- I— 0- CO-
LO
(2 V O 00 O m
O 0) 0 I-
N N Cl
co co
EA CD M CO N
LO CO Na- O co O N co N
I— LO LO 00 V V LO 00 (O V
Ln Ln (O N V C6 DO
I— N Lo V N I-- Lo N
LO 0) LO I— O M LO I— CO
►itti =ti =U Fi [�rU [�
Be
rn �
7
o
o �
c �
m �
-0 —
O
U U
U)
U- E U) .o
a) _0
O C C O
O N >
E N C
U O C i0)
N N O C M �
7 X to m E .— N O N C
C m N C a0) N
N aO+ to O) C C
N > O (6 O O
Q c n U) 0 U
O O
c
m
N
E
N
cB
N
O
(u
Q
^0)
W
c
cu
cu
^n
W
U)
ca
�U
ca
c
LL
O
O
II
cu
Q
O
U
U
cu
N
L
H
c
0
U) E
o E
>
V O
(6 O)
n
O
N i
.>
'N
E
U
O
U)
N Q
(6 U)
n
N
-0
N
E
U) 0
H
(6
o
m
m
`o
c
F
>
0 co
H
co
LO I— V O (0 V c7 00 N
I— LO LO 00 00 LO N 00
L(i L(i (O (O O 00 00
I— N LO V = (0 LO
Lo- M Lo- 00 O N 00
V ('7 ('7 ('7 (0 O) (0
CO M
(A
I I I I 00 0 m m
N O I— O LO LO
I— V 0- I— 0- CO-
LO
(2 V O 00 O m
O 0) 0 I-
N N Cl
co co
EA CD M CO N
LO CO Na- O co O N co N
I— LO LO 00 V V LO 00 (O V
Ln Ln (O N V C6 DO
I— N Lo V N I-- Lo N
LO 0) LO I— O M LO I— CO
►itti =ti =U Fi [�rU [�
Be
rn �
7
o
o �
c �
m �
-0 —
O
U U
U)
U- E U) .o
a) _0
O C C O
O N >
E N C
U O C i0)
N N O C M �
7 X to m E .— N O N C
C m N C a0) N
N aO+ to O) C C
N > O (6 O O
Q c n U) 0 U
O O
c
m
N
E
N
cB
N
O
(u
Q
^0)
W
c
cu
cu
^n
W
U)
ca
�U
ca
c
LL
O
O
II
cu
Q
O
U
U
cu
N
L
H
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
FUND FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2016
The accompanying Notes to Financial Statements are an integral part of these statements.
20
Special Revenue
Road
Improvements
Solid
General
Fund
Fund
Waste /Recycling
Assets:
Cash and cash equivalents
$
358,311
$
229,246
$ 106,722
Investments
8,799,826
4,147,689
1,930,888
Receivables, net
44,105
754
123,061
Inventories, at cost
13,490
-
-
Prepaids
167,466
-
-
Special assessments receivable
-
-
-
Advances to other funds
93,731
-
-
Restricted assets:
Cash and cash equivalents
129,612
-
-
Total assets
$
9,606,541
$
4,377,689
$ 2,160,671
Liabilities and Fund Balances:
Accounts payable
$
157,109
$
17,057
$ 200,824
Accrued liabilities
663,442
-
-
Retainage payable
125,514
-
-
Due to other funds
-
-
-
Due to other governments
19,448
-
-
Unearned revenue
11,000
-
-
Payable from restricted assets
129,612
-
-
Total liabilities
1,106,125
17,057
200,824
Deferred Inflows of Resources
Unavailable revenue - county taxes
-
754
-
Unavailable revenue - special assessments
-
-
-
Total deferred inflows of resources
-
754
-
Fund Balances:
Nonspendable
274,687
-
-
Restricted
-
4,359,878
-
Committed
-
-
576,857
Assigned
-
-
1,382,990
Unassigned
8,225,729
-
-
Total fund balances
8,500,416
4,359,878
1,959,847
Total liabilities, deferred inflows of
resources and fund balances
$
9,606,541
$
4,377,689
$ 2,160,671
The accompanying Notes to Financial Statements are an integral part of these statements.
20
Debt Service
-
754
1,433,858
Other
Total
TLBD Debt
Governmental
Governmental
Service
Funds
Funds
$ 111,517
$ 1,674,794
$ 2,480,590
31,417
11,412,223
26,322,043
-
-
167,920
-
-
13,490
-
1,392
168,858
1,433,858
492,876
1,926,734
93,731
- 3,850 133,462
$ 1,576,792 $ 13,585,135 $ 31,306,828
$ 723 $ 476,018 $ 851,731
- - 663,442
- 125,514
93,731 93,731
- 19,448
11,000
- - 129,612
723 569,749 1,894,478
-
-
754
1,433,858
492,876
1,926,734
1,433,858
492,876
1,927,488
-
1,392
276,079
142,211
7,522,432
12,024,521
-
221,875
798,732
-
4,857,392
6,240,382
-
(80,581)
8,145,148
142,211
12,522,510
27,484,862
$ 1,576,792
$ 13,585,135
$ 31,306,828
21
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE
STATEMENT OF NET POSITION
September 30, 2016
Total Fund Balance, governmental funds $ 27,484,862
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. 58,951,180
Other long -term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds. 1,927,488
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 293,552
Long -term liabilities, including bonds payable, are not due and payable in
the current period and therefore are not reported in the funds. (16,934,629)
Net pension liabilities are not due and payable in the current period and
therefore, are not reported in the funds (9,393,991)
Net Position of Governmental Activities in the Statement of Net Position $ 62,328,462
The accompanying Notes to Financial Statements are an integral part of this statement.
22
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2016
Other Financing Sources (Uses)
Transfers in 2,374,914
Transfers out (2,221,500)
Total other financing sources(uses) 153,414
- (16,947)
(16,947)
Net Change in Fund Balances
4,635
Special Revenue
(64,135)
Fund Balances - beginning
Road
2,847,217
2,023,982
Fund Balances -ending
Improvements
Solid
$ 1,959,847
General Fund
Fund
Waste /Recycling
Revenues:
Taxes:
Property taxes
$ 4,320,192
$ -
$ -
Utility taxes
3,975,578
-
-
Business tax receipts
121,541
-
-
Permits and fees
2,084,230
-
-
Intergovernmental revenues
3,581,374
3,906,373
42,532
Charges for services
788,768
-
2,485,247
Fines and forfeitures
99,240
-
-
Impact fees /assessments
-
-
-
Investment income
77,763
24,151
14,689
Miscellaneous
330,803
-
-
Total revenues
15,379,489
3,930,524
2,542,468
Expenditures:
Current:
General government
5,175,747
-
-
Public safety
6,859,426
-
-
Physical environment
945,134
22,794
2,589,656
Culture and recreation
1,784,995
-
-
Debt Service:
Principal
-
-
-
Interest and fiscal charges
-
-
-
Capital Outlay:
General government
137,971
-
-
Public safety
391,146
-
-
Physical environment
-
2,395,069
-
Culture and recreation
233,849
-
-
Total expenditures
15,528,268
2,417,863
2,589,656
Excess (Deficiency) of
Revenues Over Expenditures
(148,779)
1,512,661
(47,188)
Other Financing Sources (Uses)
Transfers in 2,374,914
Transfers out (2,221,500)
Total other financing sources(uses) 153,414
- (16,947)
(16,947)
Net Change in Fund Balances
4,635
1,512,661
(64,135)
Fund Balances - beginning
8,495,781
2,847,217
2,023,982
Fund Balances -ending
$ 8,500,416
$ 4,359,878
$ 1,959,847
23
Debt Service
- 11,033 5,186,780
- 56,892 6,916,318
4,259 740,835 4,302,678
- - 1,784,995
81,328
Other
Total
TLBD Debt
Governmental
Governmental
Service
Funds
Funds
$ -
$ 195,560
$ 4,515,752
-
-
3,975,578
-
-
121,541
-
20,134
2,104,364
-
613,961
8,144,240
-
27,664
3,301,679
-
78,614
177,854
81,700
1,150,198
1,231,898
51,050
107,231
274,884
8,061
25,407
364,271
140,811
2,218,769
24,212,061
- 11,033 5,186,780
- 56,892 6,916,318
4,259 740,835 4,302,678
- - 1,784,995
81,328
1,150,531
1,231,859
49,872
137,660
187,532
-
100,625
238,596
-
55,167
446,313
52,600
1,877,943
4,325,612
-
126,107
359,956
188,059
4,256,793
24,980,639
(47,248)
(2,038,024)
(768,578)
-
2,284,124
4,659,038
(500)
(377,738)
(2,616,685)
(500)
1,906,386
2,042,353
(47,748)
(131,638)
1,273,775
189,959
12,654,148
26,211,087
$ 142,211
$ 12,522,510
$ 27,484,862
The accompanying Notes to Financial Statements are an integral part of these statements.
24
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS T(
THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2016
Net Change in Fund Balances - total governmental funds: $ 1,273,775
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 1,864,058
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade -ins and disposals) is to decrease net position (207,777)
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 1,231,859
Special assessment revenue reported in the funds must be eliminated from
the statement of activities since revenue was recognized in a prior year (1,153,126)
Cash pension contributions reported in the funds were more than the
calculated pension expense on the statement of activities, and therefore
increased net position 1,048,498
Contributions of capital assets are not reported as revenues in the
governmental funds 26,076
Transfers of capital assets to proprietary funds (946)
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. (507,578)
Change in net position of governmental activities
$ 3,574,839
The accompanying Notes to Financial Statements are an integral part of these statements.
25
CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Revenues:
Taxes:
Property Taxes
Utility taxes
Business tax receipts
Permits and fees:
Permits
Franchise fees
Intergovernmental revenues:
Sales tax
State revenue sharing
Other state shared revenue
Other county shared revenue
Federal grants
Charges for services:
Program activity fees
Rental and other
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
For The Year Ended September 30, 2016
The accompanying Notes to Financial Statements are an integral part of these statements.
26
Variance with
Final Budget -
Actual
Positive
Budgeted Amounts
Amounts
(Negative)
Original
Final
$ 4,312,322
$ 4,320,322
$ 4,320,192
$ (130)
3,980,000
3,976,419
3,975,578
(841)
110,000
121,000
121,541
541
8,402,322
8,417,741
8,417,311
(430)
8,500
41,000
42,131
1,131
1,980,500
2,039,000
2,042,099
3,099
1,989,000
2,080,000
2,084,230
4,230
2,259,000
2,304,000
2,304,594
594
1,070,000
1,167,000
1,167,651
651
34,000
37,964
37,027
(937)
5,000
5,000
5,349
349
-
66,790
66,753
(37)
3,368,000
3,580,754
3,581,374
620
239,050
227,650
215,550
(12,100)
406,020
563,775
573,218
9,443
645,070
791,425
788,768
(2,657)
100,000
98,200
99,240
1,040
25,000
77,000
77,763
763
98,002
322,061
330,803
8,742
14,627,394
15,367,181
15,379,489
12,308
The accompanying Notes to Financial Statements are an integral part of these statements.
26
Expenditures:
Current:
General government:
Executive
General government
Finance and administrative services
Information services
Community development
Public Safety:
Police
Fire
Physical environment:
Public works
Culture and recreation:
Parks and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Actual
Budgeted Amounts Amounts
Original Final
Variance with
Final Budget -
Positive
(Negative)
$ 710,724
$ 628,072
$ 626,868 $
1,204
586,835
500,152
499,643
509
2,068,341
1,956,581
1,880,369
76,212
916,409
874,089
872,950
1,139
1,546,911
1,435,573
1,433,888
1,685
5,829,220
5,394,467
5,313,718
80,749
7,207,956
7,185,494
7,180,573
4,921
70,000
70,000
69,999
1
7,277,956
7,255,494
7,250,572
4,922
1,103,615
947,914
945,134
2,780
1,995,255
2,021,073
2,018,844
2,229
16,206,046
15,618,948
15,528,268
90,680
(1,578,652)
(251,767)
(148,779)
102,988
2,613,603
2,450,234
2,374,914
(75,320)
(1,031,500)
(2,221,500)
(2,221,500)
-
1,582,103
228,734
153,414
(75,320)
3,451
(23,033)
4,635
27,668
8,495,781
8,495,781
8,495,781
-
$ 8,499,232
$ 8,472,748
$ 8,500,416 $
27,668
The accompanying Notes to Financial Statements are an integral part of these statements.
27
CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2016
Revenues:
Intergovernmental revenues
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts Actual
Original Final Amounts
$ 2,920,000 $ 3,746,819 $ 3,906,373
8,300 8,300 24,151
2,928,300 3,755,119 3,930,524
Variance with
Final Budget -
Positive
(Negative)
$ 159,554
15,851
175,405
105,000 105,000 22,794 82,206
2,050,000
2,155,000
773,300
(300,000)
(300,000)
473,300
2,756,912 2,395,069 361,843
2,861,912 2,417,863 444,049
893,207 1,512,661 619,454
893,207 1,512,661 619,454
2,847,217 2,847,217 2,847,217 -
$ 3,320,517 $ 3,740,424 $ 4,359,878 $ 619,454
The accompanying Notes to Financial Statements are an integral part of these statements.
28
CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE/RECYCLING SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
For The Year Ended September 30, 2016
Revenues:
Permits and fees
Intergovernmental revenues
Charges for services
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
2,514,013 2,601,013 2,589,656 11,357
2,514,013 2,601,013 2,589,656 11,357
28,187 (106,813) (47,188) 59,625
(151,947) (16,947) (16,947) -
(151,947) (16,947) (16,947) -
(123,760) (123,760) (64,135) 59,625
2,023,982 2,023,982 2,023,982 -
$ 1,900,222 $ 1,900,222 $ 1,959,847 $ 59,625
The accompanying Notes to Financial Statements are an integral part of these statements.
29
Variance with
Final Budget -
Actual
Positive
Budgeted Amounts
Amounts
(Negative)
Original
Final
$ 48,000
$ -
$ -
$ -
49,000
49,000
42,532
(6,468)
2,439,200
2,439,200
2,485,247
46,047
6,000
6,000
14,689
8,689
2,542,200
2,494,200
2,542,468
48,268
2,514,013 2,601,013 2,589,656 11,357
2,514,013 2,601,013 2,589,656 11,357
28,187 (106,813) (47,188) 59,625
(151,947) (16,947) (16,947) -
(151,947) (16,947) (16,947) -
(123,760) (123,760) (64,135) 59,625
2,023,982 2,023,982 2,023,982 -
$ 1,900,222 $ 1,900,222 $ 1,959,847 $ 59,625
The accompanying Notes to Financial Statements are an integral part of these statements.
29
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
Assets
Current assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories
Restricted cash and cash equivalents
Total current assets
Noncurrent assets:
Restricted investments
Capital Assets:
Land, buildings and equipment
Construction in Progress
Less Accumulated depreciation
Total capital assets (net of accumulated
depreciation)
Total noncurrent assets
Total assets
Deferred Outflows of Resources
Deferred charge on refunding
Deferred outflow pension earnings
Total deferred outflows of resources
September 30, 2016
Business -type Activities - Enterprise Funds
Water and
Sewer Utility Development Stormwater
Fund Services Fund Utility Fund Total
$ 911,312 $ 100,794 $ 36,946 $ 1,049,052
16, 485, 235 1,821,838 668,453 18, 975, 526
424,935 - 47,796 472,731
6,786 - - 6,786
17, 828, 268 1,922,632 753,195 20, 504, 095
717,020 - - 717,020
61, 454, 974
162,606
12, 511, 353
74,128, 933
706,850
-
87,997
794,847
(34,457,327)
(139,179)
(5,298,834)
(39,895,340)
27, 704, 497
23,427
7,300,516
35, 028, 440
28, 421, 517
23,427
7,300,516
35, 745, 460
46, 249, 785
1,946,059
8,053,711
56, 249, 555
422,697
-
-
422,697
42,479
995
12,684
56,158
465,176
995
12,684
478,855
The accompanying Notes to Financial Statements are an integral part of these statements.
30
Liabilities
Current Liabilities:
Accounts payable
Retainage payable
Accrued liabilities
Compensated absences - current
Customer deposits payable
Due to other governments
Notes payable - current
Accrued interest payable
Total current liabilities
Noncurrent Liabilities:
Notes payable
Revenue bonds payable
Accreted interest payable
Compensated absences
Other noncurrent liabilities
Net pension liability
Total noncurrent liabilities
Total liabilities
Deferred Inflows of Resources
Deferred inflow pension earnings
Total deferred outflows of resources
NET POSITION
Net investment in capital assets
Restricted for debt service
Restricted for renewal and replacement
Unrestricted
Total net position
Business -type Activities - Enterprise Funds
Water and
Sewer Utility Development Stormwater
Fund Services Fund Utility Fund Total
323,473
6,882
39,030
369,385
22,495
-
-
22,495
64,439
10,780
18,123
93,342
28,000
4,300
5,600
37,900
663,622
-
-
663,622
-
6,171
-
6,171
822,773
-
-
822,773
20,744
-
-
20,744
1,945,546
28,133
62,753
2,036,432
7,171,961
-
-
7,171,961
5,654,431
-
-
5,654,431
5,594,825
-
-
5,594,825
112,278
17,520
22,275
152,073
117,441
16,607
28,782
162,830
1,606,729
59,763
494,267
2,160, 759
20, 257, 665
93,890
545,324
20, 896, 879
22, 203, 211
122,023
608,077
22, 933, 311
3,701
(6)
1,045
4,740
3,701
(6)
1,045
4,740
14, 478, 029
23,427
7,300,516
21, 801, 972
561,145
-
-
561,145
9,468, 875
1,801,610
156,757
11,427,242
$ 24, 508, 049
$ 1,825,037
$ 7,457,273
$ 33, 790, 359
The accompanying Notes to Financial Statements are an integral part of these statements.
31
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For The Year Ended September 30, 2016
Operating Revenues:
User charges
Other revenue
Total operating revenues
Operating Expenses:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
Total Operating Expenses
Operating income (loss)
Nonoperating Revenue (Expenses):
Investment income
Interest expense
Accreted interest expense
Proceeds from auction and insurance
Total nonoperating revenue (expenses)
Income (loss) before contributions and transfers
Capital Contributions:
Connection fees
Capital contribution
Transfers In
Transfers Out
Change in net position
Total Net Position - beginning
Total Net Position - ending
Business -type Activities - Enterprise Funds
Water and Sewer
Development
Stormwater
Utility Fund
Services Fund
Utility Fund
Total
$ 9,877,150
$ 1,309,823
$ 1,054,724 $
12,241,697
-
5,167
62,462
67,629
9,877,150
1,314,990
1,117,186
12, 309, 326
2,067,712
314,153
590,978
2,972,843
999,319
1,911
201,216
1,202,446
2,060,613
16,260
378,212
2,455,085
1,179,138
177,845
53,019
1,410,002
6,306,782
510,169
1,223,425
8,040,376
3,570,368
804,821
(106,239)
4,268,950
110,135
11,701
4,769
126,605
(454,429)
-
-
(454,429)
(534,147)
-
-
(534,147)
4,617
15
4,491
9,123
(873,824)
11,716
9,260
(852,848)
2,696,544
816,537
(96,979)
3,416,102
1,196,180
-
-
1,196,180
64,502
-
51,269
115,771
39,425
-
-
39,425
(1,519,266)
(359,900)
(202,612)
(2,081,778)
2,477,385
456,637
(248,322)
2,685,700
22,030,664
1,368,400
7,705,595
31,104,659
$ 24,508,049
$ 1,825,037
$ 7,457,273 $
33,790,359
The accompanying Notes to Financial Statements are an integral part of these statements.
32
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2016
Business -type Activities - Enterprise Funds
Water and Development
Sewer Utility Services Stormwater
Fund Fund Utility Fund Total
Cash Flows from Operating Activities:
Receipts from customers
$ 9,954,241
$ 1,314,990
$ 1,109,971
$ 12,379,202
Payments to suppliers
(2,143,270)
(237,971)
(241,852)
(2,623,093)
Payments to employees
(2,086,274)
(298,649)
(596,075)
(2,980,998)
Net cash provided by operating activities
5,724,697
778,370
272,044
6,775,111
Cash Flows from Noncapital Financing Activities:
Transfers in
39,425
-
-
39,425
Transfers out
(1,519,266)
(359,900)
(202,612)
(2,081,778)
Net cash provided (used) by noncapital financing activities
(1,479,841)
(359,900)
(202,612)
(2,042,353)
Cash Flows from Capital and Related Financing Activities:
Proceeds from insurance
4,617
15
4,491
9,123
Acquisition of capital assets
(889,780)
(5,762)
(19,800)
(915,342)
Debt proceeds
6,497,000
6,497,000
Principal paid
(8,336,607)
-
-
(8,336,607)
Interest paid
(475,105)
-
-
(475,105)
Connection fees
1,196,180
-
-
1,196,180
Net cash provided (used) by capital and related financing
activities
(2,003,695)
(5,747)
(15,309)
(2,024,751)
Cash Flows from Investing Activities:
Purchase of investments
(2,938,046)
(432,001)
(68,670)
(3,438,717)
Investment income
110,135
11,701
4,769
126,605
Net cash provided (used) by investing activities
(2,827,911)
(420,300)
(63,901)
(3,312,112)
Net Increase (Decrease) in Cash and Cash Equivalents
(586,750)
(7,577)
(9,778)
(604,105)
Cash and Cash Equivalents - beginning
1,498,062
108,371
46,724
1,653,157
Cash and Cash Equivalents -end
$ 911,312
$ 100,794
$ 36,946
$ 1,049,052
The accompanying Notes to Financial Statements are an integral part of these statements.
33
Reconciliation of Operating Income(Loss) to
Net Cash Provided by Operating Activities
Operating income(loss)
Adjustments Not Affecting Cash:
Depreciation and amortization
Change in Assets and Liabilities:
Decrease (increase) in accounts receivable
Decrease in inventories
Increase (decrease) in accounts payable
Decrease in due to other governments
Increase in accrued liabilities
Decrease in customer deposits
Increase (decrease) in accrued compensated absences
Decrease in deferred pension outflow
Decrease in deferred pension inflow
Decrease in net pension liability
Increase in OPEB obligation
Total adjustments
Net Cash Provided By Operating Activities
Noncash Capital and Financing Activities:
Contributed capital assets
Net transfers of capital assets
Business -type Activities - Enterprise Funds
Water an eve opmen
Sewer Utility Services Stormwater
Fund Fund Utility Fund Total
$ 3,570,368 $ 804,821 $ (106,239) $ 4,268,950
2,060,613
16,260
378,212
2,455,085
88,841
-
(7,215)
81,626
11,652
-
-
11,652
23,535
(40,819)
12,383
(4,901)
-
(17,396)
-
(17,396)
15,719
2,002
2,660
20,381
(11,750)
-
-
(11,750)
(2,241)
8,257
(176)
5,840
167,401
6,227
51,497
225,125
(47,519)
(1,768)
(14,618)
(63,905)
(171,134)
(1,410)
(49,400)
(221,944)
19,212
2,196
4,940
26,348
93,716
(42,711)
71
51,076
$ 5,724,697 $
778,370 $
272,044
$ 6,775,111
$ 63,556 $
- $
51,269
$ 114,825
$ 946 $
- $
-
$ 946
34
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2016
Liabilities
Net Position:
Net position restricted for pensions
$ 42,027,234
The accompanying Notes to Financial Statements are an integral part of these statements.
35
Defined Benefit
Pension Trust
Fund
Assets:
Cash and cash equivalents
$ 437,098
Receivables:
Employer contributions
359,736
Total receivables
359,736
Investments, at fair value:
Common funds - equity
21,225,417
Common funds - bonds
3,469,713
Other investments
16,535,270
Total Investments
41,230,400
Total assets
42,027,234
Liabilities
Net Position:
Net position restricted for pensions
$ 42,027,234
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, 2016
Defined Benefit
Pension Trust
Fund
Additions:
Contributions:
Employer $ 2,624,868
Plan Members 441,324
Total contributions 3,066,192
Investment income:
Net decrease in fair value of investments 3,330,712
Interest 951,102
Net investment income 4,281,814
Total additions 7,348,006
Deductions:
Benefits 2,450,970
Administrative expenses 232,571
Total deductions 2,683,541
Change in net position
4,664,465
Net Position - beginning
37,362,769
Net Position - ending
$ 42,027,234
The accompanying Notes to Financial Statements are an integral part of these statements.
36
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
NOTES TO FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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, 2016
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, safety, capacity and
infrastructure consistent with 212.055, F.S.
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.
Nonmaior 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.
W
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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.
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.
.8
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
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
less than 2 years from the date of acquisition.
Investments for the City are reported at fair value and are categorized within the
fair value hierarchy established in accordance with GASB Statement No. 72, Fair
Value Measurement and Application.
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 nonspendable fund balance in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
41
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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 and notes, 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.
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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.
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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, 2016
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.
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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.
The General Fund is the only fund that reports a positive unassigned fund
balance. However, in other governmental funds, if expenditures incurred for
specific purposes exceed the amounts that are restricted, committed, or assigned
to those purposes, it may be necessary to report a negative unassigned fund
balance in that fund.
12. New GASB Statements Implemented
In fiscal year 2016, the City implemented GASB Statement No. 72, Fair Value
Measurement and Application. This statement updates the disclosure
requirements for investments. There was no effect on beginning balances of the
City.
M.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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 ($16,934,629) difference are
as follows:
Bonds Payable $ (3,498,970)
Accreted Interest Payable (5,367,049)
Notes Payable (6,973,960)
Less: Deferred charge on refunding (to be amortized as interest expense) 77,073
Accrued Interest Payable (64,407)
Other Post Employment Benefits (483,170)
Compensated Absences (624,146)
Net Adjustment to Reduce Fund Balance - total governmental funds to arrive
at net position - governmental activities $(16,934,629)
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 $1,864,058 difference are as follows:
Capital Outlay $ 5,370,975
Depreciation Expense (3,506,917)
Net Adjustment to Decrease Net Changes in Fund Balances - total
governmental funds to arrive at changes in net position - governmental
activities $ 1,864,058
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
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 $1,231,859 difference are as follows:
Debt Issued or Incurred:
Notes payable $ -
Principal repayment 1,231,859
Net Adjustment to Increase Net Changes in Fund Balances - total
governmental funds to arrive at changes in net position - governmental
activities $ 1,231,859
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 ($507,578) difference
are as follows:
Compensated Absences $ 47,781
Amortization of Loss on Refunding (7,751)
Accrued Interest Payable 7,222
Other Post Employment Benefits (74,652)
Accreted Interest Payable (480,178)
Net Adjustment to Decrease Net Changes in Fund Balances- total
govemmental funds to arrive at changes in net position - govemmental
activities $ (507,578)
EM
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 3 - Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
On or before July 1St of each year, the City Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1St. The
budget includes proposed revenues, expenditures and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops, wherein the public is invited to
attend.
3. On or before September 30th of each year, two public hearings are 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 $46,817 at September 30, 2016.
As a result of the internal loan, the Oak Forest Debt Service Fund has a deficit fund balance
of $33,764 at September 30, 2016.
i •
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - Deposits and Investments:
Deposits
At year -end, the carrying amount of the City's deposits was $3,454,739 and the bank
balance was $2,883,865. Petty cash funds of $1,810 are not on deposit with a financial
institution, and fiduciary fund cash of $437,098 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
LG I P)
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 berated, 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 "AX 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.
50
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - 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,
2016, 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, 2016, 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.
Fair Value
The City categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. The fair value is the price that
would be received to sell an asset, or paid to transfer a liability, in an orderly transaction
between market participants at the measurement date. The hierarchy is based on the
valuation inputs used to measure the fair value of the asset. The City uses a market
approach in measuring fair value that uses prices and other relevant information
generated by market transactions involving identical or similar assets, liabilities, or
groups of assets and liabilities.
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - Deposits and Investments (Continued):
Investments (Continued)
Fair Value (Continued)
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and
is based on quoted price for identical assets, or liabilities, in an active market. Level 2
uses significant other observable inputs when obtaining quoted prices for identical or
similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable,
and uses significant unobservable inputs that uses the best information available under
the circumstances, which includes the City's own data in measuring unobservable
inputs.
The City has the following recurring fair value measurements as of September 30, 2016:
Investments Valued by Fair Value Level
Commercial Paper
US Treasury Notes
Federal Agency Bond Note
Fidelity Institutional Money Market
Quoted Prices
Significant
in Active
Other
Markets for
Observable
Identical Assets
Inputs
(Level1)
(Level2)
$ 8,755,279 $ -
10, 277, 401 10, 277, 401
26,264, 862 -
$ 8,755,279
26,264, 862
Government Portfolio 923,602 - 923,602
$46,221,144 $ 10, 277, 401 $ -35,943,743
Investments held by the City at September 30, 2016 are detailed below.
Investments
Weighted
Credit Average
Fair Value Rating Maturity
Commercial Paper $ 8,755,279 A -1 97 days
US Treasury Notes 10,277,401 TSY 214 days
Federal Agency Bond Note 26,264,862 AA+ 481 days
Fidelity Institutional Money Market Government Portfolio 923,602 Not rated
y VV,LL I, IVV
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - Deposits and Investments (Continued):
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, 2016 are detailed
below:
53
Quoted Prices
in Active
Significant
Markets for
Other
Identical
Observable
Assets
Inputs
Investments
Fair Value
(Level 1)
(Level 2)
Stocks
$ 21,225,417
$ 21,225,417
$ -
Bonds
3,469,713
-
3,469,713
Other Investments
16,535,270
-
16,535,270
Total Investments
41,230,400
21,225,417
20,004,983
Cash and Cash Equivalents
437,098
Total Cash and Investments
$ 41,667,498
$ 21,225,417
$ 20,004,983
53
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - 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 "Al" 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, 2016, 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, 2016, there were no security investments in the
Trust that were over their respective limitations.
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 4 - 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 5 - Receivables:
Receivables as of year end for the City's individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
Fund
General
Road Improvements Special Revenue
Solid Waste /Recycling Special Revenue
Water & Sewer Utility
Stormwater Utility
Allowance for
Accounts
Receivable
Uncollectible
Accounts
Net
Receivable
$ 46,041
(1,936)
$ 44,105
754
-
754
145,549
(22,488)
123,061
509,070
(84,135)
424,935
287,421
(239,625)
47,796
$ 988,835
$ (348,184)
$ 640,651
There is an amount of $754 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 $1,926,734 that are not available to
liquidate liabilities of the current period. These receivables totaling $1,927,488 are reported as
deferred inflows of resources in the governmental funds balance sheet.
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 6 - Capital Assets:
Capital asset activity for the year ended September 30, 2016 was as follows:
Governmental Activities:
Capital assets, not being
depreciated:
Land
Construction in Progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Buildings
Improvements
Intangible assets
Machinery and equipment
Infrastructure
Total capital assets, being
depreciated
Less accumulated depreciation for:
Buildings
Improvements
Intangible assets
Machinery and equipment
Infrastructure
Total accumulated depreciation
Total capital assets, being
depreciated, net
Governmental activities capital
assets, net
Beginning Ending
Balance Increases Decreases Balance
$ 9,946,795 $ - $ - $ 9,946,795
1,939,426 4,024,035 (3,026,432) 2,937,029
11,886,221
4,024,035
(3,026,432) 12,883,824
12,819,340
-
- 12,819,340
12,804,904
133,617
(417,798) 12,520,723
1,025,669
3,709
- 1,029,378
7,193, 813
966,187
(495, 066) 7,664,934
62, 288,194
3,295,935
- 65, 584,129
96,131,920 4,399,448 (912,864) 99,618,504
(5,937,975)
(374,202)
- (6,312,177)
(5,939,421)
(456,689)
222,566 (6,173,544)
(930, 743)
(80, 719)
- (1,011,462)
(5,704,422)
(617, 371)
481,575 (5,840,218)
(32,235,811)
(1,977,936)
- (34,213,747)
(50, 748, 372)
(3,506,917)
704,141 (53, 551,148)
45, 383, 548 892,531 (208, 723) 46, 067, 356
$ 57, 269, 769 $4,916,566 $ (3, 235,155) $ 58, 951,180
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 6 - Capital Assets (Continued):
Beginning Ending
Balance Increases Decreases Balance
Business -type Activities:
Capital assets, not being
depreciated:
Land $ 7,170,177 $ - $ - $ 7,170,177
Construction in Progress 337,198 669,302 (211,653) 794,847
Total capital assets, not being
depreciated 7,507,375 669,302 (211, 653) 7,965,024
Capital assets, being depreciated
Buildings
818,362
- - 818,362
Improvements
61,686,014
521,722 (7,172) 62,200,564
Intangible assets
218,523
- - 218,523
Machinery and equipment
3,787,968
74,237 (140,898) 3,721,307
Total capital assets, being
7,172
(36,008,692)
depreciated
66, 510, 867
595,959 (148, 070) 66, 958, 756
Less accumulated depreciation for:
Buildings
(613,632)
(26,012)
-
(639,644)
Improvements
(33,799,308)
(2,216,556)
7,172
(36,008,692)
Intangible assets
(161,923)
(22,787)
-
(184,710)
Machinery and equipment
(3,013,462)
(189,730)
140,898
(3,062,294)
Total accumulated depreciation
(37,588,325)
(2,455,085)
148,070
(39,895,340)
Total capital assets, being
depreciated, net
28,922,542
(1,859,126)
-
27,063,416
Business -type activities capital
assets, net
$ 36,429,917
$(1,189,824)
$ (211,653)
$ 35,028,440
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 6 - Capital Assets (Continued):
Depreciation expense was charged to functions /programs as follows:
Governmental Activities
General government 1,175,860
Public safety 324,789
Physical environment 1,651,813
Culture and recreation 354,455
Total Depreciation Expense -governmental activities $ 3,506,917
Business -type Activities
Water and sewer $ 2,060,613
Development services 16,260
Stormwater 378,212
Total Depreciation Expense - business -type activities $ 2,455,085
Note 7- 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 $5,850,471.
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
$19,658,750. For the fiscal year, principal and interest paid on this series was $103,125 and
total pledged net revenue was $5,424,030.
58
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - 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 Balance
Rates and Original September 30,
Dates Maturity Amount 2016
Governmental Activities
Improvement Refunding
Revenue Bonds- Series 1999
(excludes $5,367,049 of accreted 3.25-5.25%
interest on capital appreciation bonds) (4/1 & 10/1)
Total
Business -Type Activities
Water and Sewer Refunding
10/1/2020
to
10/1/2029 $ 7,998,970 $ 3,498,970
$ 3,498,970
Revenue Bonds- Series 2000 10/1/2022
(excludes $5,594,825 of accreted 4.5-5.5% to
interest on capital appreciation bonds) (4/1 & 10/1) 10/1/2030 $ 6,969,191 $ 5,669,191
Total $ 5,669,191
Annual debt service requirements to maturity for revenue bonds are as follows:
Year Ending
September 30.
2017
2018
2019
2020
2021
2022 -2026
2027 -2031
Governmental Activities
Principal
417,881
393,797
1,661,657
1,025,635
Interest
428,559
869,161
892,220
4,759,887
3,576,203
Business -Tvae Activities
Principal Interest
$ - $ 103,125
- 103,125
- 103,125
- 103,125
- 1,045,627
2,304,654 7,577,550
3,364,537 4,953,882
$ 3,498,970 $ 10,526,030 $ 5,669,191 $ 13,989,559
59
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - 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 $30,903. For the fiscal year, principal and interest paid on this series was
$31,314 and total pledged revenue was $26,597.
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 $688,749. For the fiscal year, principal and interest paid on this series was $214,907 and
total pledged revenue was $5,850,471.
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 $1,858,695. For the fiscal year, principal and interest was
paid on this series was $131,200 and total pledged revenue was $132,750.
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 $3,043,383. For the fiscal year, principal and interest paid was $201,050 and total
pledged revenue was $195,560.
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 $2,505,749. For the fiscal
year, principal and interest paid was $837,335 and total pledged revenue was $3,975,578.
The 2011A Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. These notes were refunded during the year. For the fiscal year, principal and
interest paid on this series was $5,145,240. Total pledged net revenue was $5,424,030.
The 2011 B Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. These notes were refunded during the year. For the fiscal year, principal and
interest paid on this series was $565,508. Total pledged net revenue was $5,424,030.
The 2011 C Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. These notes were refunded during the year. For the fiscal year, principal and
interest paid on this series was $2,778,465. Total pledged net revenue was $5,424,030.
.8
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - Long -Term Debt (Continued):
Notes Payable (Continued)
The 2016 Water and Sewer System Revenue Refunding Note Payable is secured by net
revenue from the water and sewer system. The total principal and interest remaining to be paid
on this series is $6,707,461. For the fiscal year, no principal or interest paid was required and
total pledged revenue was $5,424,030.
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 $1,855,412. For the fiscal year, principal and interest paid on this series was $112,727
and total pledged net revenue was $4,057,202.
Current Refunding
The City issued Water and Sewer System Revenue Refunding Note, Series 2016 to refund the
2011A Water and Sewer Refunding Note, 2011 B Water and Sewer Refunding Note, and 2011 C
Water and Sewer Refunding Note. The refunding was undertaken to reduce total future debt
service payments. The transaction resulted in an economic gain of $182,730 and a reduction of
$187,814 in future debt service payments.
61
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - Long -Term Debt (Continued):
Notes Payable (Continued)
The City has notes payable for both governmental and business -type activities. Outstanding
notes payable at year end are as follows:
Governmental Activities
Special Assessment Revenue Note, Series 2006 - Principal
payable annually beginning July 1, 2007 and interest payable semi-
annually on January 1 and July 1. Maturity is July 1, 2021 and
interest is 4.10 %. Principal payments of $29,100 were made in
fiscal year 2016. $ 29,883
Improvement Refunding Revenue Note, Series 2011 - payable in
annual principal installments starting 10/1/11 through 10/1/18 and
interest paid semi-annually at 2.36%
Special Assessment Refunding Revenue Note, Series 2011 -
payable in annual principal installments starting 10/1/12 through
10/1/29 and interest paid semi - annually at 3.25%
Limited General Obligation Refunding Note, Series 2012 - payable
in annual principal installments starting 7/1/13 through 7/1/31 and
interest paid semi - annually at 3.65%
Improvement Refunding Revenue Note, Series 2014 - payable in
annual principal installments starting 10/1/14 through 10/1/18 and
interest paid semi - annually at 0.88%
62
664,590
1,493,858
2,312,629
2,473,000
$ 6,973,960
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - Long -Term Debt (Continued):
Notes Payable (Continued)
Business -Type Activities
Water and Sewer System Revenue Refunding Note, Series 2016 -
payable in annual principal installments starting 4/1/17 through
10/1/2021 and interest paid semi - annually at 3.28%
$ 6,497,000
SRF loan- payable in semi - annual principal and interest
installments starting 4/15/13, with interest paid semi - annually at
2.77% 1,497,734
$ 7,994,734
Annual debt service requirements to maturity for notes payable are as follows
Year Ending
September 30,
2017
2018
2019
2020
2021
2022 -2026
2027 -2031
2032 -2033
Governmental Activities
Principal
$ 1,256,963
1,262,982
1,286,593
229,854
231,992
1,297,231
1,408,345
Interest
$ 164,001
143,576
123,346
109,132
101,154
377,486
134,824
Business -Tvae Activities
Principal
Interest
$ 822,719
$ 122,257
1,580,748
99,818
1,602,832
77,343
1,626,975
54,494
1,054,178
35,303
635,144
121,278
506,194
55,327
165,944
2,319
$ 6,973,960 $ 1,153, 519 $ 7,994,734 $ 568,139
63
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 7 - Long -Term Debt (Continued):
Changes in Long -Term Liabilities
Long -term liability activity for the year ended September 30, 2016 was as follows:
Beginning Ending
Balance Additions Reductions Balance
Governmental Activities:
Bonds Payable -
Revenue bonds
Accreted Interest Payable
Notes Payable -
Capital improvement notes
Limited general obligation note
Total notes payable
Other Post Employment Benefits
Net Pension Obligation
Com pensated Absences
Governmental activitylong-
term liabilities
Business -type Activities:
Bonds Payable -
Revenue bonds
Less deferred amounts:
Issuance discounts
Total bonds payable
Accreted Interest Payable
Notes Payable -
Revenue notes
SRF Loan
Other Post Employment Benefits
Net Pension Obligation
Compensated Absences
Governmental activity long-
term liabilities
Due Within
One Year
$ 3,498,970 $ - $ - $ 3,498,970 $ -
4,886,871 480,178 - 5,367,049 -
5,780,658
- (1,119,327)
4,661,331
1,140,698
2,425,161
(112,532)
2,312,629
116,265
8,205,819
- (1,231,859)
6,973,960
1,256,963
408,518
74,652 -
483,170
-
11,143,396
- (1,749,405)
9,393,991
-
671,927
624,146 (671,927)
624,146
125,000
37,900
$28,815,501
$1,178,976 $ (3,653,191)
$26,341,286
$1,381,963
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
$ 5,669,191 $ - $ - $ 5,669,191 $
(15,815) - 1,055 (14,760) -
5,653,376 - 1,055 5,654,431 -
5,060,678 534,147 - 5,594,825 -
8,265,861
6,497,000
(8,265,861)
6,497,000
750,000
1,568,480
-
(70,746)
1,497,734
72,773
136,482
26,348
-
162,830
-
2,382,703
-
(221,944)
2,160,759
-
184,133
189,973
(184,133)
189,973
37,900
$23,251,713
$7,247,468
$ (8,741,629)
$21,757,552
$ 860,673
.'
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 8 - Interfund Receivables, Payables and Transfers:
The composition of interfund advances as of September 30, 2016 is as follows:
Receivable
Fund
General
Payable Fund
Other Governmental Funds
Amount
$ 93,731
$ 93,731
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, 2016 are summarized below:
Transfers Out
General Fund
Transfers In
Other
Governmental
Funds
Water and
Sewer Utility
Fund
Total
General Fund
$ -
$ 2,221,500
$ - $
2,221,500
TLBD Debt Service
500
-
-
500
Road Improvements
-
-
-
-
Solid Waste /Recycling
Special Revenue Fund
16,947
-
-
16,947
Other Governmental Funds
313,001
31,312
33,425
377,738
Water and Sewer Utility Fund
1,519,266
-
-
1,519,266
Development Services Fund
359,900
-
-
359,900
Stormwater Utility Fund
165,300
31,312
6,000
202,612
$ 2,374,914
$ 2,284,124
$ 39,425 $
4,698,463
65
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 8 - Interfund Receivables, Payables and Transfers (Continued):
Interfund transfers for the year ended September 30, 2016 are detailed below:
Recipient Fund
Amount
Purpose
Transfer from General Fund to Pay Debt Service
1999/2011 Debt Service Fund
$ 225,000
expenses on the Improvement Refunding Reveue
General Fund
36,495
Note series 2011
Transfer from General Fund to Pay Debt Service
2003/2014 Debt Service Fund
800,000
expenses on the Improvement Refunding Reveue
General Fund
7,859
Note series 2014
Central Winds GO Debt Service
Transfer from General Fund to Pay Debt Service
Fund
6,500
expenses on the General Obligation Reveue Note
General Fund
16,947
series 2012
Excellence in Customer Service 1,190,000 Transfer from General Fund for new ERP software
Fund and other projects enhancing customer service
Transfer from Water and Sewer Utility Fund for the
General Fund 1,519,266 Utility Billing division budget, fairshare portion of
central service costs
General Fund
359,900
Transfer from Development services Fund for direct
administative expense and central service costs
Transfer from TLBD Phase I Maintenance Special
General Fund
36,495
Revenue Fund for City Clerk, Urban Beautification
Coordinator and other central costs allocation
Transfer from Oak Forest Maintenance Special
General Fund
7,859
Revenue Fund for City Clerk, Urban Beautification
Coordinator and other central costs allocation
Transfer form Solid Waste /Recycling Special
General Fund
16,947
Revenue Fund for Urban Beautifcation
Transfer from Arbor Fund for urban forestry
General Fund
15,830
services.
Transfer from Stormwater Utiltiy Fund for fair share
General Fund
165,300
portion of central service costs
Transfer from Oak Forest Debt Service fund for
General Fund
500
administration fees.
Transfer from TLBD Debt Service Fund for
General Fund
500
administration fees.
Transfer from TLBD Phase II Debt Service Fund for
General Fund
500
administration fees.
..
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 8 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund
Amount
Purpose
Transferfrom Tusca3 Special Revenue Fund for
General Fund
1,817
insurance and urban beautification and
administrative costs
Transferfom Transporation Improvement Fund for
General Fund
250,000
street lighting
Public Facilities Capital Project
Transferfrom Stormwater Utility Fund for Torcaso
31,312
Fund
Parksite improvements
Public Facilities Capital Project
Transferfrom Parks Impact Fee Fund for Torcaso
31,312
Fund
Parksite improvements
Transfer from Arbor Fund for City arborist payroll
Water and Sewer Utility Fund
8,568
allocation
Transfer from TLBD Mainenance Fund for urban
Water and Sewer Utility Fund
23,143
beautification
Transfer from Oak Forest Mainenance Fund for
Water and Sewer Utility Fund
1,714
urban beautification
Transferfrom Stormwater Utilityfor administrative
Water and Sewer Utility Fund
6,000
costs
$4,698,463
Note 9 - 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.
67
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 9 - Defined Benefit Pension Plan (Continued):
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.
Plan Membership - At September 30, 2016 plan membership consisted of the following:
Inactive Plan Members or Beneficiaries Currently Receiving Benefits 93
Inactive Plan Members Entitled to but Not Yet Receiving Benefits 146
Active Plan Members 132
371
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,
2016, and the pension liability was determined by an actuarial valuation as of October 1,
2015 updated to September 30, 2016. The components of the net pension liability of the
sponsor on September 30, 2016 were as follows:
Total Pension Liability
Plan Fiduciary Net Position
Sponsor's Net Pension Liability
Plan Fiduciary Net Position as a Percentage of
Total Pension Liability
.:
$ 53,581,984
(42, 027, 234)
$ 11, 554, 750
78.44%
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 9 - Defined Benefit Pension Plan (Continued):
Actuarial Assumptions -
The total pension liability was determined by an actuarial valuation as of October 1, 2015
updated to September 30, 2016 using the following actuarial assumptions:
Inflation
Salary Increases
Investment Rate of Return
3.00%
3.0%-7.5%
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, 2016 are summarized in the following table:
Asset Class
Target Allocation
Large Cap Domestic Stocks
25%
Domestic Broad Cap Growth Equity
25%
International
15%
Fixed Income
20%
TIPS
5%
Real Estate
10%
Total
100%
We
Long -Term
Expected Real
Rate of Return
2.58%
3.05%
0.59%
0.59%
0.08%
1.44%
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 9 - 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
Balances at September 30, 2015
Changes for a Year:
Service Cost
Interest
Differences between expected and actual
experience
Changes of assumptions
Contributions- employer
Contributions- employee
Net investment income
Benefit payments, including refunds of
employee contributions
Administrative Expense
Net Changes
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(a) (h) (a)-(h)
-1) 0U, 000, 000 J) 01 , 00L, / Oy P 1 3, 0LO, Uyy
808,281 - 808,281
4,059,813 - 4,059,813
275,994 - 275,994
- 2,586,936 (2,586,936)
- 479,257 (479,257)
- 4,077,452 (4,077,452)
(2,450,972) (2,450,972) -
- (28,208) 28,208
Balances at September 30, 2016 Z� 06,00 1,!J04 Z� 4L,UZ/,LS4 Z i 1,004,10U
Sensitivity of the Net Pension Liability to changes in the Discount Rate
Current
1 % Decrease Discount 1 % Increase
7.00% 8.00% 9.00%
Net Pension Liability $17,827,379 $11,554,750 $6,247,409
U
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 9 - Defined Benefit Pension Plan (Continued):
Deferred outflows and inflows of resources
For the year ended September 30, 2016, the City will recognize a pension expense of
$(1,109,222). At September 30, 2016, the city reported deferred outflows of resources
and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences Between Expected and Actual Experience $ - $ 47,952
Changes of Assumptions 4,337 -
Net Difference Between Projected and Actual Earnings
on Pension Plan Investments 388,585 -
$ 392,922 $ 47,952
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
2017 $
2018
2019
2020
2021
Thereafter
71
31,804
82,367
430,598
(199, 799)
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 10 - 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. The plan is administered by the
City. 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, 2016, payroll for the employees covered by this plan
was $1,665,450. Employer contributions required and made were $102,902. As of September
30, 2016, participation in the plan consisted of 49 active members.
During the year, the General Plan held no securities issued by the employer.
Note 11 - 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 seven 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, 2016 is as follows:
Annual Required Contribution
$ 182,000
Interest on Net OPEB Obligation
22,000
Adjustment to Annual Required Contribution
(47,000)
Annual OPEB Cost
157,000
Employer Contributions
(55,000)
Interest on Employer Contributions
(1,000)
Increase in Net OPEB Obligation
101,000
Net OPEB Obligation (beginning of year)
545,000
Net OPEB Obligation (end of year)
$ 646,000
72
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 11 -Other Post - Employment Benefits (Continued):
Three Year Trend Information -
Pe rce ntage
Fiscal of OPEB
Year Annual Cost Net OPEB
Ending OPEB Cost
9/30/2014 $ 146,000
9/30/2015 156,000
9/30/2016 157,000
Contributed Obligation
47.0% $ 445,000
Summary of Actuarial Methods & Assumptions -
36.0% 545,000
36.0% 646,000
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 2015 by Scale AA, as published by the IRS for purposes of
IRC section 430; future generational improvements in mortality have not been reflected.
73
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 11 -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:
Year
Increase
Year
Increase Year Increase
2016
8.00%
2019
6.50% 2022
2017
7.50%
2020
6.00% and later 5.00%
2018
7.00%
2021
5.50%
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, 2016
Note 11 -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 12 - 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.
75
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 13 - Risk Management:
The City is exposed to various risks of loss related to torts
of assets; errors and omissions; job - related illnesses or
disasters. Risk of loss from above is transferred by the
through the purchase of insurance. There has been n
coverage from the previous year. There have been no
coverage in any of the prior three fiscal years.
Note 14- Commitments and Contingencies:
Grants -
theft of, damage to and destruction
injuries to employees; and natural
City to various commercial insurers
o significant reduction in insurance
settlements in excess of insurance
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, 2016, the City had entered into construction contracts in the amount of
$5,880,899.
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, 2016, there are no
remaining impact fee credits.
Note 15 - 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.
Z:�
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2016
Note 15 - Fund Balance (Continued):
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, 2016, the City's governmental fund balances were as follows
Note 16 - Subsequent Events:
Subsequent to year end, the City entered into a State Revolving Fund Loan agreement for up to
$5,952,000 for the construction of water quality improvements.
Subsequent to year end, the City retired the Limited General Obligation Refunding Note, Series
2012 and issued an interfund loan for $1,288,427 to be repaid no later than 2032.
77
Road
Other
Total
General
Improvements
Solid Waste/
TLBD Debt
Governmental
Governmental
Fund Balances
Fund
Fund
Recycling
Service
Funds
Funds
Nonspendable
Inventory/prepaid
$ 180,956
$
$
$
$ 1,392
$ 182,348
Advances
93,731
-
93,731
Spendable
Restricted for:
Physical environment
-
4,359,878
378,569
4,738,447
Transportation improvements
-
3,000,735
3,000,735
Public safety
329,887
329,887
Fire impact fees
1,823,967
1,823,967
Parks Improvements
795,727
795,727
Debt service
142,211
1,193,547
1,335,758
Committed to:
Solid Waste
576,857
-
-
576,857
Arbor
-
221,875
221,875
Assigned to:
Storm reserve
589,593
-
589,593
Emergency Disaster Relief
793,397
-
793,397
Debt service
-
1,056,757
1,056,757
Capital projects
3,800,635
3,800,635
Unassigned
8,225,729
-
(80,581)
8,145,148
Total Fund Balance
$8,500,416
$ 4,359,878
$1,959,847
$ 142,211
$12,522,510
$27,484,862
Note 16 - Subsequent Events:
Subsequent to year end, the City entered into a State Revolving Fund Loan agreement for up to
$5,952,000 for the construction of water quality improvements.
Subsequent to year end, the City retired the Limited General Obligation Refunding Note, Series
2012 and issued an interfund loan for $1,288,427 to be repaid no later than 2032.
77
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2016
Retiree Continuation Insurance Plan
Schedule of Fundina Proaress
** initial valuation date
Schedule of Contributions from Employers and Other Contributing Entities
Actuarial
Annual Required
UAAL as a
Net OPEB
Actuarial
Accrued
Contributed
Obligation
9/30/2011
% of
Actuarial
Value of
Liability (AAL)
Unfunded
Funded
Covered
Covered
Valuation
Assets
Entry Age
AAL (UAAL)
Ratio
Payroll
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 Contributions from Employers and Other Contributing Entities
t
Percentage of
Annual Required
ARC
Net OPEB
Fiscal Year Ending
Contribution (ARC)
Contributed
Obligation
9/30/2011
$ 133,000
44.0%
$ 222,000
9/30/2012
137,000
43.0%
290,000
9/30/2013
160,000
42.0%
368,000
9/30/2014
163,000
42.0%
445,000
9/30/2015
176,000
32.0%
545,000
9/30/2016
182,000
28.0%
646,000
t
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE CITY'S NET PENSION
LIABILITY AND RELATED RATIOS
September 30, 2016
Total Pension Liability
Service Cost
Interest
Benefit Changes
Differences Between Expected and Actual Experience
Changes of Assumptions
Benefit Payments, including refunds of employee
contributions
Net Change in Total Pension Liability
Total Pension Liability- beginning
Total Pension Liability- ending (a)
Plan Fiduciary Net Position
Contributions - employer
Contributions - employee
Net Investment Income
Benefit Payments, Including Refunds of Employee
Contributions
Administrative Expense
Other
Net Change in Plan Fiduciary Net Position
Plan Fiduciary Net Position- beginning
Plan Fiduciary Net Position- ending (b)
Net Pension Liability - ending (a)- (b)
9/30/2014
$ 886,819 $
3,666,120
(581,481)
9/30/2015 9/30/2016
834,402 $ 808,281
3,851,130 4,059,813
(107, 513) 275,994
8,107 -
(1,974,208)
(2,202,769)
(2,450,972)
1,997,250
2,383,357
2,693,116
46, 508, 261
48, 505, 511
50, 888, 868
$ 48, 505, 511
$ 50, 888, 868
$ 53, 581, 984
2,527,508
2,392,948
2,586,936
369,500
358,106
479,257
3,885,344
5,160
4,077,452
(1,974,208)
(2,202,769)
(2,450,972)
(159,424)
(11,937)
(28,208)
4,648,720
541,508
4,664,465
32,172, 541 36, 821, 261 37, 362, 769
$ 36,821,261 $ 37,362,769 $ 42,027,234
$ 11,684,250 $ 13,526,099 $ 11,554,750
Plan Fiduciary Net Position as a Percentage of Total Pension
Liability 75.91% 73.42% 78.44%
Covered- employee Payroll*
Net Pension Liability as a Percentage of Covered Employee
Payroll
Valuation Date
$ 7,369,943 $ 7,070,355 $ 6,671,503
158.54%
10/1/2013
191.31%
10/1/2014
173.20%
10/1/2015
Notes to Schedule: Updated procedures were used to roll forward the total pension liability to
the measurement date.
No benefit changes during the year.
* Reported payroll on which contributions to the Plan are based as provided under GASB
Statement Number 82.
MW •
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
September 30, 2016
Update procedures were used to roll forward the total pension liability to the measurement date
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level dollar, closed
Remaining Amortization Period 30 years
Asset Valuation Method 5 -year smoothed market
Inflation 3.00%
Salary Increases 3.0%-7.5%
Investment Rate of Return 8%
Retirement Age Experience -based table of rates that are specific to the type of eligibility
condition
Mortality For health 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
Disabled 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.
Benefit Changes 2011: Plan closed to future general employees; pensionable earnings to
base pay, overtime- maximum 150 hours and accrued leave balance as of
July 1, 2011; vesting schedule updated; unreduced early retirement
eligibility updated; final average pay updated to five year average and
future service benefit accrual rate reduced for general employees. 2008:
Benefit accrual rate increased.
Assumption Changes 2014: Disability rates updated. 2008: Mortality, salary increase,
withdrawal, disability and retirement rates updated; administrative
expense assumption introduced and actuarial cost method updated.
9/30/2014
9/30/2015
9/30/2016
Actuarially Determined Contribution
$ 2,474,578 $
2,230,908 $
2,067,445
Contributions in Relation to the
Actuarially Determined Contribution
2,527,508
2,392,948
2,586,936
Contribution Deficiency (Excess)
$ (52,930) $
(162,040) $
(519,491)
Covered Employee Payroll
7,369,943
7,070,355
6,671,503
Contributions as a Percentage of
Covered Employee Payroll
34.29%
33.84%
38.78%
Notes to Schedule
Valuation Date
10/1/2013
10/1/2014
10/1/2015
Update procedures were used to roll forward the total pension liability to the measurement date
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level dollar, closed
Remaining Amortization Period 30 years
Asset Valuation Method 5 -year smoothed market
Inflation 3.00%
Salary Increases 3.0%-7.5%
Investment Rate of Return 8%
Retirement Age Experience -based table of rates that are specific to the type of eligibility
condition
Mortality For health 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
Disabled 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.
Benefit Changes 2011: Plan closed to future general employees; pensionable earnings to
base pay, overtime- maximum 150 hours and accrued leave balance as of
July 1, 2011; vesting schedule updated; unreduced early retirement
eligibility updated; final average pay updated to five year average and
future service benefit accrual rate reduced for general employees. 2008:
Benefit accrual rate increased.
Assumption Changes 2014: Disability rates updated. 2008: Mortality, salary increase,
withdrawal, disability and retirement rates updated; administrative
expense assumption introduced and actuarial cost method updated.
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
September 30, 2016
9/30/2014 9/30/2015 9/30/2016
Annual Money - Weighted Rate of Return
Net of Investment Expense 9.75% 0.28% 10.75%
81
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
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.
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2016
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Debt Service:
Principal
Interest and other charges
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 138,724 $ 138,724 $ 81,700 $ (57,024)
350 350 51,050 50,700
- - 8,061 8,061
139,074 139,074 140,811 1,737
4,654
4,654
4,259
395
81,328
81,328
81,328
-
49,873
49,873
49,872
1
159,435
109,435
52,600
56,835
295,290
245,290
188,059
57,231
(156,216)
(106,216)
(47,248)
58,968
Other Financing Sources (Uses)
Transfers out (500) (500) (500)
Total other financing sources and uses (500) (500) (500)
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
(156,716) (106,716) (47,748) 58,968
189,959 189,959 189,959 -
$ 33,243 $ 83,243 $ 142,211 $ 58,968
E
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 - This fund was established to receive revenues from local
Trust Fund - Local sources derived from confiscated property obtained during
the enforcement of illegal operations. Proceeds are
restricted for law enforcement purposes.
Transportation - Revenues in this fund are derived from Local Option
Improvement Fund 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 - This fund is used to account for collected impact fees on
Fund 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 11 of project. Phase 11 was accounted for in a separate
fund prior to Fiscal Year 2008.
Oak Forest Maintenance - This fund is used to account for collected special
Fund assessments restricted for maintenance related to the Oak
Forest subdivision wall.
Special Law Enforcement - This fund was established to receive revenues from
Trust Fund - Federal federal sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are 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 - This fund is used to account for the accumulation of
Fund 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 - This fund is used to account for the accumulation of
Service Fund resources and payment of principal and interest for the
TLBD Phase II Improvements.
Central Winds G.O. Debt This fund is used to account for accumulation of resources
Service Fund 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
1999 Construction Capital
Projects Fund
Revolving Rehab Capital
Projects Fund
Utility /Public Works Facility
Fund
Excellence in Customer
Service
Capital Projects Funds
This fund was established for the acquisition and
construction of City - owned Capital Improvements.
This fund was established to fund capital improvements
and economic development within the City.
This fund was established to account for construction of
additional public facilities.
This fund was established to account for the acquisition of
software and equipment to improve the level of customer
service performance.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2016
Assets:
Cash and cash equivalents
Investments
Prepaids
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Special Revenue
$ 8,176 $ 37,755 $ 1,630,367 $ 1,637,131
83
Special Law
Police
Enforcement
Transportation
Education
Trust Fund-
Improvement
Transportation
Fund
Local
Fund
Impact Fee Fund
$ 428
$ 1,776
$ 85,319
$ 85,746
7,748
32,129
1,543,656
1,551,385
-
-
1,392
-
-
3,850
-
-
$ 8,176
$ 37,755
$ 1,630,367
$ 1,637,131
$ -
$ 2,615
$ 13,469
$ 251,902
-
2,615
13,469
251,902
-
-
1,392
-
8,176
35,140
1,615,506
1,385,229
8,176
35,140
1,616,898
1,385,229
$ 8,176 $ 37,755 $ 1,630,367 $ 1,637,131
83
Special Revenue
TLBD
Police Impact
Fire Impact
Parks Impact
Maintenance
Fee Fund
Fee Fund
Fee Fund
Arbor Fund
Fund
$
11,407
$
95,532
$
42,305
$
12,128
$
16,435
206,388
1,728,435
765,419
219,423
297,351
$
217,795
$
1,823,967
$--807,724
$
231,551
$
313,786
$
-
$
-
$
11,997
$
9,676
$
2,861
-
-
11,997
9,676
2,861
217,795
1,823,967
795,727
-
310,925
-
-
-
221,875
-
217,795
1,823,967
795,727
221,875
310,925
$
217,795
$
1,823,967
$
807,724
$
231,551
$
313,786
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
Assets:
Cash and cash equivalents
Investments
Prepaids
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
September 30, 2016
Special Revenue
Special Law
Oak Forest Enforcement
Maintenance Trust Fund - Tuscawilla Total Special
$ 3,620 $ 3,602 $ 517 $ 358,815
65,501 65,174 9,355 6,491,964
- - - 1,392
- - - 3,850
$ 69,121 $ 68,776 $ 9,872 $ 6,856,021
$ 1,477
1,477
$ - $ 383 $ 294,380
56,306 56,306
56,689 350,686
- - - 1,392
67,644 68,776 - 6,328,885
- - - 221,875
- - (46,817) (46,817)
67,644 68,776 (46,817) 6,505,335
$ 69,121 $ 68,776 $ 9,872 $ 6,856,021
85
Debt Service
Central
Oak Forest Winds GO TLBD Phase
2003 Debt 1999 Debt Debt Service Debt Service II Debt Total Debt
Service Fund Service Fund Fund Fund Service Fund Service
$ 830,355 $ 214,344 $ 228 $ 61,641 $ 880 $ 1,107,448
8,569 3,489 4,124 1,115,262 15,924 1,147,368
384,228 - 108,648 492,876
$ 838,924 $ 217,833 $ 388,580 $ 1,176,903 $ 125,452 $ 2,747,692
$ - $ - $ 691 $ - $ 160 $ 851
- - 37,425 - - 37,425
- - 38,116 - 160 38,276
- - 384,228 - 108,648 492,876
- - 384,228 - 108,648 492,876
1,176,903 16,644 1,193,547
838,924 217,833 - - - 1,056,757
- - (33,764) - - (33,764)
838,924 217,833 (33,764) 1,176,903 16,644 2,216,540
$ 838,924 $ 217,833 $ 388,580 $ 1,176,903 $ 125,452 $ 2,747,692
(Continued)
:.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2016
87
Capital Projects
1999
Utility /Public
Construction
Revolving
Public
Works
Fund
Rehab Fund
Facilities
Facility Fund
Assets:
Cash and cash equivalents
$
45,311
$
57,260
$
1,812
$ 31,604
Investments
819,801
1,035,986
32,787
571,806
Prepaids
-
-
-
-
Special assessments receivable
-
-
-
-
Restricted assets:
Cash and cash equivalents
-
-
-
-
Total assets
$
865,112
$
1,093,246
$
34,599
$ 603,410
Liabilities:
Accounts payable
$
8,060
$
-
$
-
$ 110,769
Due to other funds
-
-
-
-
Totalliabilities
8,060
-
-
110,769
Deferred Inflows of Resources
Unavailable revenue - special assessments
-
-
-
-
Total deferred inflows of resources
-
-
-
-
Fund Balances:
Nonspendable
-
-
-
-
Restricted
-
-
-
-
Committed
-
-
-
-
Assigned
857,052
1,093,246
34,599
492,641
Unassigned
-
-
-
-
Total fund balances
857,052
1,093,246
34,599
492,641
Total liabilities, deferred inflows of
resources and fund balances
$
865,112
$
1,093,246
$
34,599
$ 603,410
87
Capital Projects
Excellence in
Total Nonmajor
Customer
Total Capital
Governmental
Service
Projects
Funds
$ 72,544
$ 208,531
$ 1,674,794
1,312,511
3,772,891
11,412,223
-
-
1,392
-
-
492,876
-
-
3,850
$ 1,385,055
$ 3,981,422
$ 13,585,135
$ 61,958
$ 180,787
$ 476,018
-
-
93,731
61,958
180,787
569,749
-
-
492,876
-
-
492,876
1,392
7,522,432
- - 221,875
1,323,097 3,800,635 4,857,392
- - (80,581)
1,323,097 3,800,635 12,522,510
$ 1,385,055 $ 3,981,422 $ 13,585,135
::
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2016
Revenues:
Taxes:
Property taxes
Permits and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Debt Service:
Principal
Interest and fiscal charges
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total other financing sources(uses)
Net Change in Fund Balances
Special Revenue
Special Law
Enforcement Transportation
Police Trust Fund- Improvement Transportation
Education Fund Local Fund Impact Fee Fund
- - 611,714 -
- - 27,664 -
8,639 17,294 - -
- - - 259,777
47 247 11,418 14,805
- - 9,971 -
8,686 17,541 660,767 274,582
7,579 9,459 - -
- - 155,813 57,768
- - 465,916 858,784
7,579 9,459 621,729 916,552
1,107 8,082 39,038 (641, 970)
1,107 8,082
(250,000)
(250,000)
(210,962)
(641,970)
Fund Balances - beginning 7,069 27,058 1,827,860 2,027,199
FundBalances - ending $ 8,176 $ 35,140 $ 1,616,898 $ 1,385,229
We
Special Revenue
- - - 25,498 456,339
50,672
-
-
-
TLBD
Police Impact
Fire Impact Fee
Parks Impact
-
Maintenance
Fee Fund
Fund
Fee Fund
Arbor Fund
Fund
(3,215)
109,122
6,112
(2,920)
56,812
-
-
-
20,134
-
-
-
-
750
-
46,002
96,686
126,000
-
509,565
1,455
12,436
6,219
1,694
3,586
47,457
109,122
132,219
22,578
513,151
- - - 25,498 456,339
50,672
-
-
-
-
-
-
126,107
-
-
50,672
-
126,107
25,498
456,339
(3,215)
109,122
6,112
(2,920)
56,812
-
-
(31,312)
(24,398)
(59,638)
-
-
(31,312)
(24,398)
(59,638)
(3,215)
109,122
(25,200)
(27,318)
(2,826)
221,010
1,714,845
820,927
249,193
313,751
$ 217,795 $
1,823,967 $
795,727 $
221,875
$ 310,925
(Continued)
.l
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2016
Revenues:
Taxes:
Property taxes
Permits and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Debt Service:
Principal
Interest and fiscal charges
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total other financing sources(uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Special Revenue
Special Law
Oak Forest Enforcement
Maintenance Trust Fund - Tuscawilla
Fund Federal Phase III Total
- - - 20,134
- 2,247 - 613,961
- - - 27,664
- 51,931 - 78,614
55,948 - 12,204 1,106,182
604 331 89 52,931
- - - 9,971
56,552 54,509 12,293 1,909,457
- - 3,811 3,811
- 39,854 - 56,892
41,397 - - 736,815
- - 1,692 1,692
- 4,495 - 55,167
- - - 1,324,700
- - - 126,107
41,397 44,349 5,503 2,305,184
15,155 10,160 6,790 (395, 727)
(9,573)
(9,573)
-_ (1,817) (376,738)
(1,817) (376,738)
5,582 10,160 4,973 (772,465)
62,062 58,616 (51,790) 7,277,800
$ 67,644 $ 68,776 $ (46,817) $ 6,505,335
91
Debt Service
Central Winds TLBD Phase II
2003 Debt 1999 Debt Oak Forest Debt GO Debt Service Debt Service Total Debt
Service Fund Service Fund Service Fund Fund Fund Service
3,334
3,334
195,560 $ - $ 195,560
-
19,851 - 24,165 44,016
845 17,262 8,878 2,432 32,751
- 15,436 - - 15,436
845 52,549 204,438 26,597 287,763
2,750
3,500
-
-
972
7,222
-
-
4,020
-
-
4,020
812,000
196,899
-
112,532
29,100
1,150, 531
25,335
18,008
1,893
88,518
2,214
135,968
-
-
2,450
-
-
2,450
840,085
8,363
218,407
201,050
32,286
1,300,191
(836,751)
(217,562)
44,186
3,388
(5,689)
(1,012,428)
800,000
225,000
-
6,500
-
1,031,500
-
-
(500)
-
(500)
(1,000)
800,000
225,000
(500)
6,500
(500)
1,030,500
(36,751)
7,438
43,686
9,888
(6,189)
18,072
875,675
210,395
(77,450)
1,167,015
22,833
2,198,468
$ 838,924 $
217,833 $
(33,764) $
1,176,903 $
16,644
$ 2,216,540
(Continued)
W,
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2016
93
Capital Projects
1999
Utility /Public
Construction
Revolving
Works Facility
Fund
Rehab Fund Public
Facilities
Fund
Revenues:
Taxes:
Property taxes
$ -
$ - $
-
$ -
Permits and fees
-
-
-
-
Intergovernmental revenues
-
-
-
-
Charges for services
-
-
-
-
Fines and forfeitures
-
-
-
-
Impact fees /assessments
-
-
-
-
Investment income
6,168
7,556
-
6,342
Miscellaneous
-
-
-
-
Total revenues
6,168
7,556
-
6,342
Expenditures:
Current:
General government
-
-
-
-
Public safety
-
-
-
-
Physical environment
-
-
-
-
Debt Service:
Principal
-
-
-
-
Interest and fiscal charges
-
-
-
-
Capital Outlay:
General government
-
-
-
-
Public safety
-
-
-
-
Physical environment
69,591
-
28,025
453,177
Culture and recreation
-
-
-
-
Total expenditures
69,591
-
28,025
453,177
Excess (Deficiency) of Revenues Over
Expenditures
(63,423)
7,556
(28,025)
(446,835)
Other Financing Sources (Uses):
Transfers in
-
-
62,624
-
Transfers out
-
-
-
-
Total other financing sources(uses)
-
-
62,624
-
Net Change in Fund Balances
(63,423)
7,556
34,599
(446,835)
Fund Balances - Beginning
920,475
1,085,690
-
939,476
Fund Balances - Ending
$ 857,052
$ 1,093,246 $
34,599
$ 492,641
93
Capital Projects
Excellence in Total Nonmajor
Customer Total Capital Governmental
Service Projects Funds
195,560
- - 20,134
- - 613,961
- - 27,664
- - 78,614
- - 1,150,198
1,483 21,549 107,231
- - 25,407
1,483 21,549 2,218,769
- - 11,033
- -
56,892
- - 740,835
- - 1,150,531
- - 137,660
100,625 100,625 100,625
- - 55,167
-
550,793 1,877,943
- - 126,107
100,625 651,418 4,256,793
(99,142) (629,869) (2,038,024)
1,190,000 1,252,624 2,284,124
- - (377,738)
1,190, 000 1,252,624 1,906,386
1,090,858 622,755 (131,638)
232,239 3,177, 880 12, 654,148
$ 1,323,097 $ 3,800,635 $ 12,522,510
.,
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, 2016
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Original Final
$ 8,000 $ 8,000
Actual
Amounts
$ 8,639
47
8,020 8,020 8,686
Variance with
Final Budget -
Positive
(Negative)
$ 639
27
...
12,555 12,255 7,579 4,676
12,555 12,255 7,579 4,676
(4,535) (4,235) 1,107 5,342
(4,535) (4,235) 1,107 5,342
7,069 7,069 7,069 -
$ 2,534 $ 2,834 $ 8,176 $ 5,342
95
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, 2016
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
11,650
11,650
9,459
Variance with
11,650
Budgeted Amounts
9,459
Final Budget -
(11,635)
Actual
Positive
3,417
Original Final
Amounts
(Negative)
Revenues:
3,417
27,058
27,058
Fines and forfeitures
$ - $ 16,300 $
17,294
$ 994
Investment income
15 15
247
232
Total revenues
15 16,315
17,541
1,226
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
11,650
11,650
9,459
2,191
11,650
11,650
9,459
2,191
(11,635)
4,665
8,082
3,417
(11,635)
4,665
8,082
3,417
27,058
27,058
27,058
-
$ 15,423 $
31,723
$ 35,140 $
3,417
M.
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, 2016
Revenues:
Intergovernmental revenues
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 590,000
$ 590,000
$ 611,714 $
21,714
14,800
14,800
27,664
12,864
3,000
3,000
11,418
8,418
-
100,718
9,971
(90,747)
607,800
708,518
660,767
(47,751)
291,117 391,835 155,813 236,022
160,700 519,487 465,916 53,571
451,817 911,322 621,729 289,593
155,983 (202,804) 39,038 241,842
Other Financing Sources (Uses)
Transfers out
(250,000)
(250,000)
(250,000) -
Total other financing sources and uses
(250,000)
(250,000)
(250,000) -
Net change in fund balances
(94,017)
(452,804)
(210,962) 241,842
Fund Balances - beginning
1,827,860
1,827,860
1,827,860 -
Fund Balances - ending
$ 1,733,843
$ 1,375,056
$ 1,616,898 $ 241,842
97
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, 2016
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
Budgeted Amounts
Actual
Original Final Amounts
$ - $ 197,000 $ 259,777
4,400 4,400 14,805
4,400 201,400 274,582
Variance with
Final Budget -
Positive
(Negative)
$ 62,777
10,405
73,182
76,000 91,611 57,768 33,843
850,000 1,628,030 858,784 769,246
926,000 1,719,641 916,552 803,089
(921,600) (1,518,241) (641,970) 876,271
(921,600) (1,518,241) (641,970) 876,271
2,027,199 2,027,199 2,027,199 -
$ 1,105,599 $ 508,958 $ 1,385,229 $ 876,271
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, 2016
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ -
$ 37,000 $
46,002 $
9,002
400
400
1,455
1,055
400
37,400
47,457
10,057
50,790
50,790
50,672
118
50,790
50,790
50,672
118
(50,390)
(13,390)
(3,215)
10,175
(50,390)
(13,390)
(3,215)
10,175
221,010
221,010
221,010
-
$ 170,620
$ 207,620 $
217,795 $
10,175
we
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, 2016
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Total Expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Actual
Original Final Amounts
$ - $ 78,000 $ 96,686
5,300 5,300 12,436
5,300 83,300 109,122
Variance with
Final Budget -
Positive
(Negative)
$ 18,686
7,136
25,822
5,300 83,300 109,122 25,822
5,300 83,300 109,122 25,822
1,714,845 1,714,845 1,714,845 -
$ 1,720,145 $ 1,798,145 $ 1,823,967 $ 25,822
100
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, 2016
Expenditures:
Capital Outlay
Culture and recreation - 127,952 126,107 1,845
Total expenditures - 127,952 126,107 1,845
Excess (Deficiency) of Revenues Over
Expenditures 2,000 (25,952) 6,112 32,064
Other Financing Sources (Uses)
Transfers in - - - -
Transfers out - (32,000) (31,312) 688
Total other financing sources and uses - (32,000) (31,312) 688
Net change in fund balances
2,000
(57,952)
Variance with
Fund Balances - beginning
Budgeted Amounts
820,927
Final Budget -
Fund Balances -ending
$ 822,927
Actual
Positive
Original Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ - $ 100,000 $
126,000
$ 26,000
Investment income
2,000 2,000
6,219
4,219
Total revenues
2,000 102,000
132,219
30,219
Expenditures:
Capital Outlay
Culture and recreation - 127,952 126,107 1,845
Total expenditures - 127,952 126,107 1,845
Excess (Deficiency) of Revenues Over
Expenditures 2,000 (25,952) 6,112 32,064
Other Financing Sources (Uses)
Transfers in - - - -
Transfers out - (32,000) (31,312) 688
Total other financing sources and uses - (32,000) (31,312) 688
Net change in fund balances
2,000
(57,952)
(25,200) 32,752
Fund Balances - beginning
820,927
820,927
820,927 -
Fund Balances -ending
$ 822,927
$ 762,975
$ 795,727 $ 32,752
101
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, 2016
102
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Permits and fees
$ 11,500
$ 11,500
$ 20,134
$ 8,634
Fines and forfeitures
10,000
10,000
750
(9,250)
Investment income
700
700
1,694
994
Total revenues
22,200
22,200
22,578
378
Expenditures:
Current:
Physical environment
48,000
48,000
25,498
22,502
Total expenditures
48,000
48,000
25,498
22,502
Excess (Deficiency) of Revenues Over
Expenditures
(25,800)
(25,800)
(2,920)
22,880
Other Financing Sources (Uses)
Transfers out
(24,402)
(24,402)
(24,398)
4
Total other financing sources and uses
(24,402)
(24,402)
(24,398)
4
Net change in fund balances
(50,202)
(50,202)
(27,318)
22,884
Fund Balances - beginning
249,193
249,193
249,193
-
Fund Balances - ending
$ 198,991
$ 198,991
$ 221,875
$ 22,884
102
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, 2016
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 507,663 $ 507,663 $ 509,565 $ 1,902
875 875 3,586 2,711
- 2,038 - (2,038)
508,538 510,576 513,151 2,575
512,683 514,721 456,339 58,382
512,683 514,721 456,339 58,382
(4,145) (4,145) 56,812 60,957
Other Financing Sources (Uses)
Transfers out (59,638) (59,638) (59,638)
Total other financing sources and uses (59,638) (59,638) (59,638)
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
(63,783) (63,783) (2,826) 60,957
313,751 313,751 313,751 -
$ 249,968 $ 249,968 $ 310,925 $ 60,957
103
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, 2016
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Actual
Original Final Amounts
$ 55,725 $ 55,725 $ 55,948
175 175 604
55,900 55,900 56,552
Variance with
Final Budget -
Positive
(Negative)
$ 223
429
652
48,608 48,608 41,397 7,211
48,608 48,608 41,397 7,211
7,292 7,292 15,155 7,863
Other Financing Sources (Uses)
Transfers out (9,573) (9,573) (9,573)
Total other financing sources and uses (9,573) (9,573) (9,573)
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
(2,281) (2,281) 5,582 7,863
62,062 62,062 62,062 -
$ 59,781 $ 59,781 $ 67,644 $ 7,863
104
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, 2016
Revenues:
Intergovernmental revenues
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Original Final
- 10,425
75 10,500 54,509 44,009
51,067
Variance with
39,854
Final Budget -
Actual
Positive
Amounts
(Negative)
2,247
$ 2,247
51,931
41,506
331
256
75 10,500 54,509 44,009
51,067
51,067
39,854
11,213
4,496
4,496
4,495
1
55,563
55,563
44,349
11,214
(55,488)
(45,063)
10,160
55,223
(55,488)
(45,063)
10,160
55,223
58,616
58,616
58,616
-
$ 3,128 $
13,553 $
68,776 $
55,223
105
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, 2016
106
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 12,162
$ 12,162
$ 12,204
$ 42
Investment income
20
20
89
69
Total revenues
12,182
12,182
12,293
111
Expenditures:
Current:
General government
5,951
5,954
3,811
2,143
Debt Service:
Principal
2,542
2,542
-
2,542
Interest and other charges
1,692
1,692
1,692
-
Total expenditures
10,185
10,188
5,503
4,685
Excess (Deficiency) of Revenues Over
Expenditures
1,997
1,994
6,790
4,796
Other Financing Sources (Uses)
Transfers out
(1,820)
(1,817)
(1,817)
-
Total other financing sources and uses
(1,820)
(1,817)
(1,817)
-
Net change in fund balances
177
177
4,973
4,796
Fund Balances - beginning
(51,790)
(51,790)
(51,790)
-
Fund Balances - ending
$ (51,613)
$ (51,613)
$ (46,817)
$ 4,796
106
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 2,000 $ 2,250 $ 3,334 $ 1,084
2,000 2,250 3,334 1,084
2,500
2,750
2,750 -
812,000
812,000
812,000 -
25,336
25,336
25,335 1
839,836
840,086
840,085 1
(837,836)
(837,836)
(836,751) 1,085
Other Financing Sources (Uses)
Transfers in
800,000
800,000
800,000 -
Total other financing sources and uses
800,000
800,000
800,000 -
Net change in fund balances
(37,836)
(37,836)
(36,751) 1,085
Fund Balances - beginning
875,675
875,675
875,675 -
Fund Balances -ending $
837,839
$ 837,839
$ 838,924 $ 1,085
107
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
108
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
$ 500
$ 500
$ 845
$ 345
500
500
845
345
2,500
3,500
3,500
-
196,899
196,899
196,899
-
18,009
18,009
18,008
1
217,408
218,408
218,407
1
(216,908)
(217,908)
(217,562)
346
225,000
225,000
225,000
-
225,000
225,000
225,000
-
8,092
7,092
7,438
346
210,395
210,395
210,395
-
$ 218,487
$ 217,487
$ 217,833
$ 346
108
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2016
109
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 52,132
$ 52,132
$ 19,851
$ (32,281)
Investment income
20
20
17,262
17,242
Miscellaneous
-
-
15,436
15,436
Total revenues
52,152
52,152
52,549
397
Expenditures:
Current:
Physical environment
4,177
4,177
4,020
157
Debt Service:
Principal
50,109
50,109
-
50,109
Interest and other charges
1,894
1,894
1,893
1
Capital Outlay
Physical environment
4,000
4,000
2,450
1,550
Total expenditures
60,180
60,180
8,363
51,817
Excess (Deficiency) of Revenues Over
Expenditures
(8,028)
(8,028)
44,186
52,214
Other Financing Sources (Uses)
Transfers out
(500)
(500)
(500)
-
Total other financing sources and uses
(500)
(500)
(500)
-
Net change in fund balances
(8,528)
(8,528)
43,686
52,214
Fund Balances - beginning
(77,450)
(77,450)
(77,450)
-
Fund Balances -ending
$ (85,978)
$ (85,978)
$ (33,764)
$ 52,214
109
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS GO DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2016
Revenues:
Taxes:
Property taxes
Investment income
Total revenues
Expenditures:
Debt Service:
Principal
Interest and fiscal charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Final Budget -
Actual Positive
Budgeted Amounts Amounts (Negative)
Original Final
$ 195,208 $ 195,208 $ 195,560 $ 352
75 75 8,878 8,803
195,283 195,283 204,438 9,155
112,532
112,532
112,532 -
88,520
88,520
88,518 2
201,052
201,052
201,050 2
(5,769)
(5,769)
3,388 9,157
Other Financing Sources (Uses)
Transfers in 6,500 1,021,500 6,500 (1,015,000)
Total other financing sources (uses) 6,500 1,021,500 6,500 (1,015,000)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
731 1,015,731 9,888 (1,005,843)
1,167,015 1,167,015 1,167,015 -
$ 1,167,746 $ 2,182,746 $ 1,176,903 $ (1,005,843)
110
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, 2016
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
Budgeted Amounts
Actual
Original Final Amounts
$ 26,263 $ 26,263 $ 24,165
60 60 2,432
LV,JLJ LV,JLJ LV,JJI
1,063
1,094
972
29,100
29,100
29,100
2,245
2,214
2,214
32,408
32,408
32,286
(6,085)
(6,085)
(5,689)
(500)
(500)
(500)
(500)
(500)
(500)
(6,585)
(6,585)
(6,189)
Variance with
Final Budget -
Positive
(Negative)
$ (2,098)
2,372
274
122
122
396
396
22,833 22,833 22,833 -
$ 16,248 $ 16,248 $ 16,644 $ 396
111
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 1,200 $ 1,200 $ 6,168 $ 4,968
1,200 1,200 6,168 4,968
1,069,000 96,100 69,591 26,509
1,069,000 96,100 69,591 26,509
(1,067,800) (94,900) (63,423)
Other Financing Sources (Uses)
Transfers in 300,000
Total other financing sources and uses 300,000
31,477
Net change in fund balances
(767,800)
(94,900)
(63,423) 31,477
Fund Balances - beginning
920,475
920,475
920,475 -
Fund Balances - ending
$ 152,675
$ 825,575
$ 857,052 $ 31,477
112
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 3,500 $ 3,500 $ 7,556 $ 4,056
3,500 3,500 7,556 4,056
3,500 3,500 7,556 4,056
3,500 3,500 7,556 4,056
1,085,690 1,085,690 1,085,690 -
$ 1,089,190 $ 1,089,190 $ 1,093,246 $ 4,056
113
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES CAPITAL PROJECT
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
- 64,000 28,025 35,975
64,000 28,025 35,975
- (64,000) (28,025) 35,975
- 64,000 62,624 (1,376)
64,000 62,624 (1,376)
- - 34,599 34,599
114
34,599 $ 34,599
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 1,600 $ 1,600 $ 6,342 $ 4,742
1,600 1,600 6,342 4,742
831,960 731,960 453,177 278,783
831,960 731,960 453,177 278,783
(830,360) (730,360) (446,835) 283,525
(830,360) (730,360) (446,835) 283,525
939,476 939,476 939,476 -
$ 109,116 $ 209,116 $ 492,641 $ 283,525
115
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, 2016
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Capital Outlay
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances -ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 450 $ 450 $ 1,483 $ 1,033
450 450 1,483 1,033
52,500 133,554 100,625 32,929
52,500 133,554 100,625 32,929
(52,050) (133,104) (99,142) 33,962
- 175,000 1,190,000 1,015,000
175,000 1,190,000 1,015,000
(52,050) 41,896 1,090,858 1,048,962
232,239 232,239 232,239 -
$ 180,189 $ 274,135 $ 1,323,097 $ 1,048,962
116
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
STATISTICAL SECTION
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
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 Paqe
Financial Trends 117
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 124
These schedules contain information to help the reader assess the
government's most significant local revenue.
Debt Capacity 129
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 135
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 137
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.
G�
Incorporated
1959
i,�000 wE
Q
0
r
co
CO
O w
I�
z
m
LJL
O
C U)
CL
2
U)
Z)
Z)
0
z 0
�
o
V
N
M
a3
`�
co
LD
o a)
LL
U) U)
of z
c
m 2)
LL p
~
a>
~
a3 a
x
H
CNO
7 u)
S O
J
U C
LL
O
M
E
` z
rr Z
O
U
Lo
r
co
CO
N
I�
O
r
O
M
O
Lo
Lo
N
O
V
N
M
O
co
(O
Lo
N
V
O
-
Lo
co
O
LO
r
OI
CNO
N
M
o)
M
O
Efl
Efl
Efl
Efl
Efl
Efl
O
(O
CO
V
(O
LO
(O
co
O
O
C(O
co
r
V
LOO
O
O
o)
co
co
Lnl
V
Lo
N
O
M
C(O
O
co
O
Efl
Efl
Efl
Efl
Efl
Efl
N
O
co
O
co
co
r-
C(O
M
V
Lo
co
V
CO
o)
O
(o
co
co
N
(O
LO
N
VI
V
O
COO
N
r
O
O
O)
co
O
Efl
Efl
Efl
Efl
Efl
Efl
M
CO
O
O
co
N
O
O
co
O
I�
(O
O
Lo
co
co
Lo
N
r
(O
T
I�
V
O
co
V
V
M
V
N
co
O
MI
O
N
(o
O
(O
N
Lo
O
O)
O
Efl
Efl
Efl
Efl
Efl
Efl
co
Lo
(O
O
I�
r
M
Lo
N
O
co
N
co
O
co
M
(O
r-
co
O
O
Lo
N
LO
(O
(O
N
co-
V
M
N
V
NI
O
CO
LD
O
V
N Lo
CO
O
N
O
O
ID
Efl
Efl
Efl
Efl
Efl
Efl
N
(O
I�
CO
V
O)
CO
co
(O
I�
N
O
V
co
co
V
CO
(O
O
LL
O)
N
N
V
o)
O)
V
N
co-
O)
I�
V
�I
V
O
M
L(Do
co
N
CO
O
O
co
O
O)
O)
O)
O)
O
V
co
co
m
M
O
CO
N
co-
co
co
r
N
co
(O
O
CO
N
OI
N�
CO
V
co
O
co
m
r
co
O
Efl
Efl
Efl
Efl
Efl
Efl
co
V
M
O)
O)
O)
O
co
O
O
I�
O)
N
O)
O)
co
O
V
Lo
(O
co
LO
m
V
V
co
(O
LO
o
OI
O
CO
M
(o
�
N
M
O
LM
O
I�
O
ul
I�
co
o
I�
COO
V
(O
(O
CO
M
V
O
CMO
O
o)
LO
O
(O
n
N
COI
0
O)
co
co
V
N
(O
N
Ln
O
N
Lo N
O)
M O
0
N
Efl
Efl
Efl
Efl
Efl
Efl
O
V
N
(O
O)
o
LO
O)
O
co
co
Lo
co
V
(O
(O
M
I�
N
M
O
N
V
V
V
CO
OI
co
co
CO
N
O
N
Lo
N
co
O
Efl
Efl
Efl
Efl
Efl
Efl
C
O
C
O
f/)
w
f/)
w
f/)
O
o
o
6
C
6
C
6
Q
!6
to
!6
to
!6
N
Q
N
Q
N
Q
C
C
>
C
N
C
C
E
-°
E
-O
E
E
-O
o
m
N
N
m
a)
N
O
N
O
U
Q
N
O
U
N
N
O
U
C
U
f/)
Y
C
U
f/)
C
O
C
E
in
>
C
a)
N
C
O
w
N
N
C
O
T
N
N
C
O
2
'U5
46
!6
C�
F
m
a
(0I
O
N
�I
O
N
V_I
O
N
MIO
N A O
}
a3
U
N_
LL
0)
N OI
N
L
fB O
O
OB OB
NON OI
N N O
N
N fB Q
F-- n x
N
CU
7 N
J"C: of
cu O O
C
fB
OD
O
O
N
r-I
O
O
N
V 00 M 00 V
M (O 0 M M N
r � (O In
(O (O In N
N
(»
00 V 0 r 0
O O C-4 O M V
In In N
N
0 r- r 00 O
V V 00 I- 00
In r- In N
N
(»
M In W W M I-
M V LOO O I- W
V I- In N O
N
(»
(00 O 000 V M M
O - In O 00 M
LO r In N O
N
(»
00 I� O M O 00')
Cl (O (O -- 0) r,
In r- In N
N
(»
O (O V M V I�
N In In N V 0
Il M M M 0 0)
LO r- In N
N
(»
O 0) W In In 0
00 N In a1
Lf r M N N
N
(»
I- 0 V : In M
In 0 CF) M N
W N (O In 0) M
(O In N r N
(»
N (O 0 0 M O
In N 0 M 00 0
V r, M r (D 0)
00 O N N V
N
(»
In O M W
0 N N
N In N O
r r 0
(»
M 04
0 �2IM
(0 00
(»
In 0 O I V
V O In O
0) V In
(O W
(»
O 0 mI V
O M LO
I- CO
(»
N NV (00 O
In M 0 00
M �
(»
0 M 0 100
- M M V
I- 00
(»
II 0 M N
V M 0 r
I- 00
I�
V M N 0
- 10) II
In W �
(0 O
� r
N O M
LQ W 0
M
(»
W
r-
00
W
(»
(D
M
W
(»
Q
m
U
m
0)
C
N N
0 N N
O
N
a)
O_ O_
m x x
� w w
t N N
U m m
N E E
C 2
Q 0 U t . .> m A
> d Q' y m
Q
N
0) a3 5
G1 m a3 U U d N j N a3 O
N
CL o 0 a a U m
W 0 H m H
0 W O W N W w
V (O V In
N M M O
O M V U) V
N I� 00 I, r
N V N O
(»
00 00 O M M N V
In In m M N co I-
O V In M M W
N M I�
(»
W
M N 00
"T 00 0
N N (O 0 N In 00
O V M N O N
N M I-
(»
U) (00 M (00 00 00
O M N 0 0
N M I�
(»
r- O co
0 O co M 0
M (0 0') V 0) W
N M N 0)
(»
O 00 M 0 V V N
O In N V In
N M N 00
(»
00 O 0 00 00 V
O M N W O N 00
O 0) In N N M In
N V N O
(»
(0 V In In In V 0)
I- 0 M M 00 N
M O V I- V N
M (0 N
(»
I- In ' O M
W M M (O 0)
0) M M
� N
(00 O co V co W
0) N V V
N
(»
O I- ' M V 00
N 00 O In (O In
0) N O
N
(»
O m n N M I
M M n
lLQ O O
W
00 N N O
(\I
M O I�
10 O N O 00
M N W O
0) N M
� N
I- 0 W (O 0 0 M 'IT W M O r- M O)
00 O W
(»
M In W co W
O M O W N
00 N N N
M (00 (MO 00 (00 W
M N O V (0
r- - 0
In r r N 0 O
N In O (\I r,
I- 0) 0
0 M O ' M 00 I-
ln 0) O r 0
I- O N
� N
N N
N m
7 7
C C
N m
N E N N
0 a3 0
N
O O O O m
n a n a
C C
N O O O - 2 N 0 Q i .N >
E
0 U 0 '-
U :> U
06,
D U 0 Q ' N
U � V) a3 U Q Oi
0
> U N • ^w m C N y C Q N U E y N y y C
as 2 N C m E
E C
m (E
o 0) E N N C 0 a) 0(2
E 00 0) j O
ao U 0
a a) a 0-
at cu t
o O m y O U y �
act �m 0 0
00
r
M
O
N
Lol
O
N
V
O
N
M
O
N A O
}
(6
U
N_
LL
O
N
O
O
N
m
O
O
N
00
O
O N
r-
O
O N
00
N
(O
0
0
N
I-
M
In '
;:, (O
r
In
(O
V
M
m
In
In
r
In
r�!
O
In
In r
'
V N
O O
�2
V O
O O
O
I-
In
OD (O
M N
V
(O
V
M
M
N V
N
M
M
N (O
In
M
N
V
I-
O
V
(O
V (O
OO
V (O
O
I- OD
In
OD
I-
OD
OD
N
W N
N
(O OD
O N
O
(O In
O O
M
O')
M
In
N In
In O
O
In
In
V
M
M
N V
N O
N
M
M I�
(O
O
(O
In
In
In
O) (O
I-
In N
N
M
O)
V
I- M
N
O
W
V
r
0
M
0
O
(O M
N M
-
OD (O
O) r,
M
OD In
O O
_ _
O
W _
M
,
N M
N O
M
V
O)
V
V
M
M
N N
OO
N
(O
M
M
O)
O V
V
O M
OO
O N
In
O In
O
I�
M
�
I-
In
In
W
N
O)
O
O In
� V
M
r V
O In
OD
I- OD
O O
(O
In
M
OO
In OO
O
N
V
W
M
M
M
N M
N
N N
In
M&
�
M
M
V M
'
r� V
I-
r O
V
O)
(O In
In
M
r
O
r
M
O
G
M
0
O
V I-
O In
V M
O (O
(O
V OD
O O)
In
(O
r
N
O) I-
O N
M
In
r
M
M
M
N M
N
M V
M
N
O)
O)
O)
In N
'
N M
O)
N M
M
M
OD
W
O
In
M_
O
N
(O
M
O In
(O O
W O
W
(O I-
W (O
M
N
O)
N N
OD O)
M
N
V
V
M
M
N
O
OD
(O
V
I-
'
(O N
M
(O M
O
M
r O
O)
O
I-
In
N
In
M
In
M
In
O
N
O) M
W
O) O
O
O) O)
M
O
O
O
M
I- OD
W V
N
M
W
V
V
N
V
M
N
V
(O
In
M
M
O
O V
'
V
N
O)
-
-
In 0
I�
N
M
`-'
M
O
O
r
M
O M
O) In
M V
V
O) V
(O (O
O
W
OD
(O In
_ _
V
V
In
V
N
V
N
N
In
r
O
M
O
0 n
m n
0c)
V
M
(O M
V
'IT
M
I-
V
V I-
(O
W In
In
O)
W O)
O
(O
In
W
V M
r- O)
N
M
00
(O
'
N O)
'
M
In
M W
M
O
In In
(O
O)
(O
0
V
In
O)
N
OO
O
M
O M
I�
M
M
C
N
W
r, (Q
W N
0
In
N r
N
N
O
0
00
In
M
N N
N N
O
O)
O)
u
u
y
(»
(»
p
(»
(»
(»
(»
a
Y
Z
.y
N
'o
C
U N
N
N
R
i 3
N
3
O)
i
++
O
N U
N
U
O N
U Cu
O
E
O
N
E
O)
N
C
X
°>
d
O
2
N
O U
U
aO
N
O
—.
y
ON
N
Q
y
U+
)
y
y
z
>
o
°
>N
>
x
:
N
y
N U
C
C
U
U
N
y
C
+
U
<
O
N
OC
O)
E
>
E
N
E
Z
o E
�
°N - E
>
C
O9 )
O E
N O
O
E
x E
O)
O
X
�
O
O
N
�
O
E
CO
W
N
m
H
>
m
H N
'N
> o
J
H
>
N
�0+
4%
>
O
�0+
t
>
O
z 0
C7
m�
0
�
m
��
U
0
m�
r
r
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Note
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
120
Business Tax
Fiscal Year
Property Tax
Franchise Tax
Utility Tax
Receipts 2
Total
2007
8,265
1,921
3,920
-
14,106
2008
7,130
-
3,976
140
11,246
2009
5,013
4,106
70
9,189
2010
4,538
4,536
204
9,278
2011
4,209
4,169
119
8,497
2012
3,901
3,963
106
7,970
2013
3,853
3,923
109
7,885
2014
4,015
4,035
105
8,155
2015
4,284
3,887
120
8,291
2016
4,516
3,976
122
8,614
Taxes included
in Unrestricted
Intergovernmental Revenues
State Revenue
Fiscal Year
Sales Tax
Sharing
Other
Total
2007
2,443
1,108
201
3,752
2008
2,261
1,021
163
3,445
2009
1,944
907
109
2,960
2010
1,852
893
152
2,897
2011
1,873
916
226
3,015
2012
1,918
962
164
3,044
2013
1,994
972
134
3,100
2014
2,097
1,038
134
3,269
2015
2,249
1,128
104
3,481
2016
2,305
1,168
84
3,557
Note
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
120
Q
0
FY
0
J
LL
C
V
Z
ry
n
CO
ry
LU
>z
LL
0
U
N
(0
O
N
N
O
N
V
I-
N
V3
M
M
M
V3
(0(D
V
'
M
V
N
N
00
M
(0
00
V
(0
I-
O
In
00
V3
d)
0)
V
00
V3
(O
0)
N
00
V3
'
V3
'
N d)
O I-
N
V N
O M
M_ O
r
o0 to
0) 00
N N
N —
V
N
(0
(0
O
In
In
o0
In
N
N
o0 00
d)
00
V3
01 M
� r
r
V3
N d)
r (O
(0
O
N
M
O
N
N
O
N
V3
0)
O
V
V3
O
In
(0
o0
In
M
V
M
00
0)
N
I-
0)
M
00
I-
V3
00
00
N
00
V3
N
M
00
00
V3
'
V3
'
o0 o0
(0 N
V In
N —
O I-
I- 00
V (0
V —
0)
00
to
N
0)
O
In
In
V3
V
0) 0)
M
N
V3
I� d)
V
N N
C -0
C
O U)
U
n
m
I-
c
0
0 (o
O
c I-
7
(6 O
LL
r
r
0
(O
It
O
I-
OM0
00
ON0 (O
V
-
V
N 00
O
O
O
� O N
C (6
LO
M
It
V
r
V
N
In
4% Q
U x
O
N
In
00
r
00
r
(O
00
N
r-
O
O
O
_
E
CO (6
C
d)
°O
N
00
O
O
N
N
V3
O
M
N
00
O
00
00
r
00
V3
O
0)
_
V3
In
r
(0
t
(0
(0
L
N
In
00
M
O
V3
to
(0
0
O
O
N
V3
((0
V
V3
M
(0
V3
00)
O
V3
V3
O
V3
d)
(0
N
In
V3
N
M
V3
fn
a
s=
fn
a
s=
lL
C
5
U
N
E
E
C
LL
E
E
C
C
N
0
Q
>
d
O
O
C
E
d
�-
>
O
C
>
a)
Li
LL
LL
Z
0
Z
w
Z
w
Z
w
Q
cn
m
O
r
a�i
w
a
a�
w
m
>
C7
:_
w
Cc
'� E
E
'N
a�
w O
r
__
a
z
N
a
p
r
z
0
m U
azc)
a
m
m
m
O
m
(7
H
Q
H
(7
H
Q
H
N
Q
0
FY
O
J
LL
C
V
z
FY
n
CO
ry
LU
>z
LL
O
U
(4
7 �
(n 0 7
i_
� O �
(D Q
~ U �
� U
7
_ CO
C
O (6
C
O
' (0 (0 N
N N V N o0 N N V
M
I- (O M to O
N 00
'
N
M
I� d) N
01
V (0 V O I: M r (0
O (M N N co
N
00 O o0 r
d) M r M
M o0
N
IX
6
(0 V
CO
N 00 CO
V
(n (O V - (n
d
O
N
m �
n
N
V3
00
(O O
V I- r M r- (O N
(O
N V
0)
O
00 00 N
00
N V N M (O N N N
O r N (O N N
(C)
N
to to N 00 r
O N r to
d)
(O
IX
V
In V
co
N 00 co N
(n
N r V N
o ° ) °
o
O
N
w
w
n
N
> ° w
v
E o
°
V3
'
m
'°
)
aa
o °
° L
m
° a
> LL 0
E
' (n V (O
M O 0) I- 0) d)
to
N r 00 r to
V
' V
V
00
C I� O
O
to V (n 0 00 V M C
01 O O N N N
(O
0 00 N 00 N
O 01 r- 01
O N
V
(C
('',
V CO
V
V M
d)
N (O V
(n
V
O
a)
m
n
w ( a a
U
w
'o
(O
' co r 0)
N In V 00 N O N 00
N
N 00 N V
M
' (C
00
(O
N (O O
(3i
r 00 N (O 00 d) N
(O (O 00 M co
V
N
m N O M
(3 d) 01 r- 00
O r
O M
V
r
M Cl)
co
V N
d)
V (O M
C
O
n
ER
co
' co 00 (n
00 M 00 0) : 0 0 Cl)
N V M V V
N (n
' d
Cl)
r-
(C) (O O
(3
(O (O V I- C, O 00 0)
o0 01 C N C N N
(O
V 00 r- V
00 to 00 (O 00
V 00
M V
IX
((
N co
co
M N
00
V (O M
(n
d
O
n
ER
O
' 0) 0) d)
m V r- N m N 00 V
In
(O M r-
r V
' In C
Cl)
O
(O r
m V V N 00 00 O N
0) V m N (O M N
V
V In M M o0
V m I- (O
00 00
co N
V
a
V
V
-7 (n N
O
N r M-7 N
N
C,,
O
N
n
N
V3
(n
' (O Cl) V
M 00 00 0) (O 0) N
V
O In 00 00
(O
V
M
M 0) O
(n - N
Cl) N N (O N Cl) 0)
M (O d) N V N
O
N
O m r M
V 00 O 00 r
0) 0)
01 (n
V
O V
V
N In N
N
N (b V N
('',
O
N
n
N
0)
' (0 V
V I- r to 00 N V M
M
t V V N I�
O
' n
0 )
r-
O
I N
N (O O N m r - " M
01 r- a N 00 N M
N
(O
O M m 00
00 00 (O r
d) V
O (0
(C
a
01 V
V
V N
O
In (O V N N
C,,
00
N
n
N
V3
N
' (O o0 0
00 r 00 N
00
(O 0 M O
r to
' IX
d)
V
d I3 ) N
r 00 N
r V M In
o0
O (O N r
0) (O
V
o0 (O
co
I- co N
(O
(O O V N V
a
00
N
n
N
V3
(O O N '
' r O (O (O co r O
00
O 0) O N
�_ Cl)
' (C
(O N N �
N d) C N
� 00 Cl) N O I- r
N M (n M N N
N
00
00 d) (O O O
r O O o0
0)
d) (0
d
d
I� 00 M
M
00
In O V N m
C,,
O
O
N
C,,
ER
N
00
d)
Cl)
d)
V
N
M
d)
N
N
LO
M
0
M
M
M
M
0
QZ
N
V
N
a)
a
�
s=
j
w
m �
�i
° 'Z .� w E
0
E
o ° ) °
o
E 0
w
w
m
L
> ° w
v
E o
°
w
'
m
'°
)
aa
o °
° L
m
° a
> LL 0
E
an s
C m
a U)
a)
m
` L
w Q
w
W
w a)
U)
m
r ° a
w
Z In
>.
a)
m
U Eii �
w ( a a
U
w
N
j \ §
\ \\ �j
\\j �§
\ \ \
co
( } / �|
| /
It 1�0
/| \
co
| /
| \
\ )
\\c\
} o \ \
CL
=/ \ f
Cl)
2 �
CL
\
z
-
k
-
A
}
]
)
0
) ®
\
IM
\
\
C,
/ — Q
I
)
A
\ %
§
k )) ) / ) )
i
)
2 )
\ )
\\c\
} o \ \
CL
=/ \ f
Cl)
Q
D
FY
0
J
LL
C
Z
of
W
H
Z_
LL
0
H
U
C
O to
7
O
0) �
m U -0
N
to
LL vi
C �
� Q
H �
J C
7
O
E
'�
0
O
0
O
O
N
O
r
O In
00
LQ
r
M
V
000
C'
(C
N r
Or
�
ON
O
O
Oro
ll7
00
N
M
r
O
0
Q m
00
r
M
O
O
r
n
r-
OV
M
M
(1)
r
V
00
L
N
V
00
M
(C 00
m
M
M
M
M
N
N
N
N
N
N N
� m
W F
0
0
0 0
m
N
M
0
N
In
r
0
0
00
r
W
O
O
ao
W
O
M
LQ
0
LQ
m
F
LQ 0
O
0
00
00
00
O
0
O
V
O
V
O O
V V
��
D
x O
u a
x
V
M
LQ
LQ
LO.
LQ
LQ
LQ
LQ LQ
(,D
O
V
M
N
N
N
N
N
N
N N
ry
m
0
I-
'�
0
00
m
00
LQ
r
M
V
000
C'
(C
N r
x�
O
ON
O
O
Oro
M
r
M�
V
F
O
N
O
00
(C
LQ
LQ
(C
r 00
E 0
N
N
N
o �
F �
0
M
V
00
N
M
O
M
00
N
M
O
O
M
M
M 0
V
Q
0
0
0
0
0
0
0
0
0 0
m
N
M
0
N
In
r
0
0
00
r
W
O
M O
r N
a
W
O
M
LQ
0
LQ
W
LQ 0
E
0 LO
C4
M
C4
N
C4
W
m
r
r
ao m
D
x O
u a
x
00
00
00
M
00
'
M
M
r 000
F
O
O
O
0
N
M
V
LO CO
2 -o
M
M
O
V
V
N
V
M
V
I-
V
r
V
O
ll7
N M
ll7 ll7
0 �
C Q
N
N
N
N
N
N
N
N
N N
U)
Q
r
m
M
m
M
m
r
m
M
m
00
m
r
m
L
m
M
m r
a o
a
0
C
i
m
`o
m
Q
Q
Q
r
D
D-
2
a
0
0
O
U
0
U)
U
0
U)
v
m
ONO
N
r
M
ONO
�
ll7
r
O r-
U
ao
N
M
V
M
w °-
a o
r
000
M
O
000
ONO
M
- M
E 0
C) a`
0
M
V
00
N
M
O
M
00
N
M
O
O
M
M
M 0
V
(D-
0
0
0
0
0
0
0
0
0 0
-°- E
(D E°
00
N
V
O
O
M
N
N
r r
N
W
O
M
LQ
0
LQ
W
LQ 0
�°
rn
rn
r
r
r
m
r
r
ao m
�
00
00
00
00
00
00
00
00
00 00
0'
O
O
O
0
N
M
V
LO CO
0
O
O
O
O
O
O
O
O
O O
0
C
i
m
`o
m
Q
Q
Q
r
D
D-
2
a
0
0
O
U
0
U)
U
0
U)
v
m
ONO
M
r
M
ONO
M
ll7
r
M M
w °-
a o
r
000
M
O
000
ONO
M
- M
a)
m m
0
M
V
00
N
M
O
M
00
N
M
O
O
M
M
M 0
V
(D-
momor-omr-
-°- E
(D E°
00
M
LO
0
O
0
V
r-
0
00
O
0
N O
V r
0' 0 d
In
N
(C
M
O
V M
m�
M
M
M
N
N
N
N
N
N N
F � �
0
`m M
> Q
-°
O
O
O
0
N
M
V
LO CO
m E
O
O
O
O
O
O
O
O
O O
Wa)
N
N
N
N
N
N
N
N
N N
U)
0
C
i
m
`o
m
Q
Q
Q
r
D
D-
2
a
0
0
O
U
0
U)
U
0
U)
v
0 W
z
LL U /
U)! /0
z V
a x z
U) a
� J
W
LU W
0
LL d
O z z
~ U
U w
w
N
U)
cu
cu
U
Ln
LL
N
H
U)
cu
J
� � m
m 0 �
ob Q
N �
N U)
7 O
O d
U
N
C N
E 0
M
U
D
O
O
t
U
a)
0
C
E
0)
M
a)
c
O
_ 0)
O
~ U)
U_ N
U)
CLO
C 0)
(6 �p
0
� a)
m c �
~ U
UN
rn
U
(6 �
Q
0
U
m =_
O �
H
UN
rn
U
CLrn
C 0)
(6 �
0
N N
L.L }
O M O LO M 00 0 V 000 0
r- 0 LO O - 0 � V 0 000
I- LO r 00 00 I- r 00 r r
0 o N N N N N N N N
0 o M M M M M M M M
O O N N N N N N N N
ON LO LO LO LO M M W 0 N
V V V V V M M M M 0M
O O O O O O O O O O
O O O O O O O O O 0
LO V N O N 0 CO 0 'I-
r- V LO r- 00 I- LO M 00 00
r r r r r r r 00 r r
O O O O O O O O O O
O O O O O O O O O 0
LO V N O N 0 0 0 V
I� V Ln I� 00 Ln M
Lri v v Lri Lri Lri Lri v v v
O O O O O O
O O O 0 0 0
O 0 O 0 O
0 o 0 0 0 0 o 0 0 0
000 W LO 00 LO In LO In LO In
Nn 0 rrrrrr
M Oo Oo Oo Oo Oo Oo
V V V V V V V V V I-
0 0 0 0 0
� M LO LO LO LO LO LO LO LO
V M N N N N N N N N
O N o 0 0 0 0 0 0 0
O
0 0 0 0 0 0 0 0 0 0
0 N 00 00 00 00 O
N N V V V - V V V V
V M N N N N N N N N
r0 00 O O O N M V Ln CO
O 0 O O N N N N N N
tll
O
C
M
0)
>C
N
O N
_T 0)
U m
0)
m
O
U
N T
0) N
C
O O
0
� o
o c`o
CL >
O
T � w
Q
CL � o
m � a)
7
N
E O Q N
U) 0) N
O
C �p
7 C =
2� O O
� T
m m U
O U
U O
X o `m
Z, m > O w
�
a) m
o ul
c �
E E
a) m
Q m
U Q
m
3 O X N
co 0 � LL
N m
0)
O
Z
LO
N
U)
z
`O
r
U
LU
p J
Fy O
O U
J
LL
Z
/C a
V v/
z
z
C J_
LY m
LU
z
>z LU
LL U)
O w
a
U J
a
U
LL
CL
U)
m
0
U
m
LL
C
U)
m
J
9
C
a)
O
�
O
�
C
�
O
N
a)
a)
Q
cc
Q m
U
O
C)
N —
O
_
a)
C O �
LM co (O
N
T O
a
I� co (O
(p C
C 9 a
m
O
C U
0 a)
a
U �
C O T
U
CO O O) O O)
C
a) a)
p]
C
M CO r
N M O M V CO (O V O) O)
O C
J
a)
CO - - - — — — —
O N
CD
C
O O a) N
U a)
a
O
w O
.m
a)
� LL LL
T w
LO O) co V m O V O O)
co
w
w
C a) w
O m
a
I� Lo M O co CO I� CO (O
V O) N_ O) m M co — M M
O O 0 0 0 0 0 co (O
9
�p a Q
N V V V V V V V N N
Q
Q � —
O
CJ
a)
�
L
�
J
O V O O) 0 0 0
a
Io6 M M N (V N N N M M
(O N N N N N N N I�
Fz
O d d
N
LL U
o O
V O) co CO N CO M O)
M LO r V O V V
�^
UI�
co M V V V O) M M
m
a)
c
M N
H
�
N N N c) N N N
�
O
U C
a)
O
M LO LO (O LO V LO LO M
C m
0 O m
-O
M O O) O (O m CO
M O Lo V Lo V Lo CO CO
�
QQ
o
cl) (°)o coo ((OO co (`po co ((o coo (moo
a
C)
n
U —
9 m
o
S a
F-
W O V
U
O V M V N V V (O M
a) C
U
CO m CO CO M c
O V V co LO co LO O
O) r
C
C
m
E L
.Q
a)
CO O O) LO N (O V (O LO
O O) (O
C
a) C)
C
O
V O O) N N O O
M M V M V V V V V V
C-
N a)
�
�
= a
a �
Lo CO N_ O Lo m M M (O
a)
a
M N M 0 0 m N
a) C
N
oo co
a
L a
U
U a)
m
LL
H C,
m
a)
L
O N N M
W C
Lo N N N N c
O
O) (O F (O F (O F (O N
O)
O
N
�
C T �
a) _
Q O p
C E
0
E
a)
O O O
0 0 0 0 0 0 0 0 0
a Ct
— 2
U N O O
C m U Q
X
LD r m m O N M V LO
Z
O
O O O O O O O O O O
9
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2016
(amounts expressed in thousands)
2016 2007
Source: Seminole County Property Appraiser (www.scpafl.org)
127
Rank
1
3
2
5
4
6
7
8
9
10
Percentage
of Total
Taxable
Assessed
Value
1.73%
0.92%
1.04%
0.53%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.88%
0.47%
0.46%
0.43%
0.27%
0.26%
6.99%
Percentage
of Total
Taxable
Taxable
Taxable
Assessed
Assessed
Taxpayer
Assessed Value
Rank
Value
Value
Laurel Oaks LLC
$ 29,117
1
1.58% $
34,605
Duke Energy (formerly Progress Energy)
25,280
2
1.37%
18,519
Courtney Springs LLC
23,117
3
1.25%
20,851
United Dominion Realty Trust
9,522
4
0.52%
10,570
Summer Falls LLC
8,421
5
0.46%
Bright House Networks LLC
6,349
6
0.34%
Moss Park
6,074
7
0.33%
Winter Springs Holdings, Inc
4,867
8
0.26%
Seminole Pines Assoc LTD
4,570
9
0.25%
Pathfinder Landology Isis
4,397
10
0.24%
Tuscawilla Associates
-
-
0.00%
17,703
LTO Kays Spring LLC
0.00%
9,328
Main Street Associates LLC
0.00%
9,137
Levitt & Sons
0.00%
8,712
McGaba LLC
0.00%
5,505
Intervest Condos of Orlando
-
0.00%
5,164
Totals
$ 121,714
6.60% $
140,094
Source: Seminole County Property Appraiser (www.scpafl.org)
127
Rank
1
3
2
5
4
6
7
8
9
10
Percentage
of Total
Taxable
Assessed
Value
1.73%
0.92%
1.04%
0.53%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.88%
0.47%
0.46%
0.43%
0.27%
0.26%
6.99%
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS3
Last Ten Fiscal Years
128
Collected within the Fiscal Year of the
Levy
Total Collections to Date
Fiscal Year
Collections in
Ended
Total Tax Levy for
Percentage of
Subsequent
Percentage of
September 30,
Fiscal Year 1
Amount 2
Levy
Years
Amount
Levy
2007
8,820,491
8,475,408
96.09%
2,214
8,477,622
96.11%
2008
7,442,693
7,145,070
96.00%
11,318
7,156,388
96.15%
2009
5,186,450
5,028,524
96.96%
14,586
5,043,110
97.24%
2010
4,671,821
4,503,950
96.41%
34,324
4,538,274
97.14%
2011
4,355,923
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%
2016
4,683,015
4,515,547
96.42%
485
4,516,032
96.43%
Note
Gross taxes before discount of 1% - 4 %, depending on month paid; Source: Seminole
County
Property Appraiser (www.scpafl.org)
2
Source: Seminole County Tax Collector (www.seminoletax.org)
3
Includes voted debt
service not to exceed 0.2500
mills for Central Winds General Obligation Debt
128
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2016
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.
129
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION-DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
Gen Obligation
Gross Net Debt to Gen Obligation
Fiscal Assessed Less Debt Gen Obligation Assessed Debt per
Year Population' Value 2 Debt 3 Service Fund 4 Debt Value Capita
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
1,809,808,024
2,850,000
38,879
2,811,121
0.155%
82
2011
33,282
1,687,434,206
2,770,000
40,388
2,729,612
0.162%
82
2012
33,599
1,593,864,153
2,739,107
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
2016
35,266
1,843,713,578
2,312,629
1,176,903
1,135,726
0.062%
32
Note
Source: American
Fact Finder; previous
statistics from
multiple sources
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.
09111
Q
O
LL
Cd
0
z
of
EL
of
W
H
z
LL
O
H
U
(6
Q
U
i N
Q
(6 Q
N N
} U
(6 �
N_
LL 'p
C �
N N
� N
7
N o
J �
(6
U
a
0 0 0 0 0 0 0 0 0 0 0
Ev v v M M M M M M M
o
a
a
T
V V V V V V V M M M
a`
t0 0
F C7
co
m c
o
3
o
`o m
� m >
z
kco
ca
`m O
�Z
o
E a
p
z
go
m
m
o
m M M ry ry ry
a o
J O
I� > O r
m
m
Wm ry ry ry ry ry ry ry ry ry ry
LL
z°
o
� O
m
E m
m
m �
N
m �
o
0
s m
F �
m
a m
o m
n
a �
E j
0
oo m
`o o
o
T
a
oo
o
w `?
1E o
o
E
C,
o 'o
o
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2016
(amounts expressed in thousands)
Governmental Unit
Overlapping Debt:
Seminole County General Obligation Debt
Subtotal, overlapping debt
Direct Debt:
Series 1999 Improvement Revenue Bonds
Accreted Interest
City of Winter Springs General Obligation Debt'
City of Winter Springs Captial Improvement Notes
Total direct and overlapping debt
Estimated
Percentage
Debt Outstanding Applicable 1
3,498,970
5,367,049
2,312,629
4,661,331
100%
$ 15, 839, 979
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
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.
132
Estimated
Share of
Overlapping
Debt
Q
W
O 0
J
W
c > m
O
Z_ U
E W N
N
cn z
LU LL
N > C:
W W a�
>Z 0 N
W J
LL 0
0 w
} J
CL
U
c
d
C
,0
V
L
d
,d
V
O
C7
M
N
M
M
M
C7
M
C7 M
O
N
O
N
W
CNO
M
M
CEO
W
if
O
U
N
N
N
E
❑ U
rn
m
v
�ro
rn
rn rn
O
O
O
O
O
CO
C
O
cC Q
CO
O
O
O
O
O
"' �
COO
COO
COO
COO
COO
U ~
m
� Q ❑
� a
o
o�
�
o
m Q a
_
_
_
_
_ _
mU
QC7
- 0 o
m o �
U Q C
a N o
N N V V O O CEO CNO
UE O O
N
a Q �
Q U N
o Q
z
a
� U �
E LL N
Y U i i i i i i i i i i
T
U N 9 U
6 E d V
N N (6 U
L W Q N Im Q
r
CO
O-
O
N
W
CNO
M
M
CEO
W
if
O
N
N
N
N -
9
CO
O
O
O
O
O
"' �
COO
COO
COO
COO
COO
U ~
m
S
o
_
_
_
_
_ _
UN
!6
LL
O)
�
O
M
COO
Cm0
N
M
O I�
fn x
9
d
O
� C7
> O
N
M
V
O
O
O
O
U a
U) N
N
N
N
N
N
N
N
N
N N
a
w
r
Q
N�
LL
0
J
LL
c
V
Z
FY
a_
U)
Q'
LU
Z
LL
0
U
to
U
to
LL
C
N
J
N
O
Lb
d
7
C
d
R
M N N M N
O
U
o co o � ° cN0 cCOO rn �
o w co co rn o v � � co w
N O) V O N O N O [O
� V O I� CO V c0 V O CO
CI O) O) c0 c0 I� V V V V C7
0 0 0 0 0 o co 0 o rn
O O O O O V N M � COO
a
O) N O) O O O O
N N Z O O) c0 CO CO N V CO CO V
9
CO
O) O
zQ'o
O Lj
O
O
� M
N M V CO
}
) O O O
� O O O O O O O O O O
U) N
a
LT
w
0
z
� O
E l0
O O
0 o
E N
o
> oo
O
N N
X
_ N
N
O
o l0
N 0 � O
E
a 10
Q �
o
N -
N
m
o �
m
m
v
m U
T
N N
N
N
m N
N
3 O
N N
C N
O
N
X
N N
0
> o
m �
o
o �
N l0
N o
E
_ m
m
N o_
N
O
N
o o
o 0 o
o
m
E
0 o
`m
°m o
w m 0
E ° ° m
O X c A
N �
N
N � N
3
> N
� O O O N N
_ « N
00 O N a
U O o w 0 W
V
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Note
Source: American Fact Finder; US Census; previous statistics from multiple sources
2 Source: American Fact Finder; Seminole County Public Schools
3 Source: Bureau of Economic and Business Research (BEBR)
135
Personal
Education
Income
Level in
(amounts
Per Capita
Years of
expressed in
Personal
Median
Formal
School
Unemploy-
Fiscal Year
Population
thousands)
Income 1
Age'
Schooling 1
Enrollment 2
ment Rate 3
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%
2016
35,266
1,144,523
32,454
40.7
13.98
5,565
4.6%
Data not available
Note
Source: American Fact Finder; US Census; previous statistics from multiple sources
2 Source: American Fact Finder; Seminole County Public Schools
3 Source: Bureau of Economic and Business Research (BEBR)
135
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
Per telephone survey of major local businesses and /or e-mail correspondence
2 2007 CAFR, the City of Winter Springs has an estimated daytime working population of 5,200 with approximately 650
business establishments as of 9/30/2007.
136
20161
2007 2
Percentage of
Percentage of
Total City
Total City
Employer
Employees
Rank
Employment
Employees
Rank
Employment
Seminole County School Board
1,380
1
20.28%
1,604
1
30.85°
City of Winter Springs
203
2
2.98%
294
2
5.65%
Dearborn Electronics
167
3
2.45°
140
3
2.69°
Publix (Winter Springs Town Center)
155
4
2.28°
134
4
2.58°
Modern Plumbing
115
6
1.69°
102
5
1.96°
Tuscawilla Country Club
70
5
1.03%
100
6
1.92%
McDonald's
60
8
0.88°
United States Post Office
56
7
0.82%
49
7
0.94%
Budget Tree
55
10
0.81%
Longwood Kia / Mitsubishi
50
9
0.73%
40
10
0.77%
Total
2,311
33.95°
Per telephone survey of major local businesses and /or e-mail correspondence
2 2007 CAFR, the City of Winter Springs has an estimated daytime working population of 5,200 with approximately 650
business establishments as of 9/30/2007.
136
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL -TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full -time Equivalent Employees as of September 30,
Function 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Development Services 10 10 5 5 4 4.46 5.46 5.46 5.46 4.73
General Government 44 44 45 42 41 36.79 37.23 36.67 36.38 36.95
Public Safety:
Police
Sworn Officers
70
70
70
70
70
65
65
65
65
65.70
Civilians
20.75
20.75
20.75
20.75
20.75
18.45
16.45
16.88
17.13
17.13
Fire 2
Firefighters and officers
51
51
0
0
0
0
0
0
0
0
Civilians
2
2
0
0
0
0
0
0
0
0
Public Works
21
21
21
20.73
18.73
18
16
16
16
16
Culture and Recreation
35.78
36.63
34.07
31.86
29.10
25.68
24.07
24.06
21.84
21.11
Utilities
43
45
45
45
42
37
35
35.73
36.17
36.45
Stormwater
9
9
9
9
9
9
9
9
9
9
Total
306.53
309.38
249.82
244.34
234.58
214.38
208.21
208.8
206.98
207.07
Part -time FTEs (included
above)
14.53
15.38
16.33
16.34
17.58
18.38
22.36
21.95
20.98
23.07
Source: City of Winter Springs Annual Budget Document
N ote
1
Police civilians include emergency communications center personnel.
2
Municipal Fire Department was consolidated with Seminole County Fire Department on 10/02/08.
137
O
LL
U1
01
O
U
co
L6
N
L6
LL
J
coo ° m n m o Q Q Q o
O Z Z Z
(o (o M N M -
O � co
N
O V r a Q Q Q m N V O O (mo (mo
Z Z Z M
O � V
N
of N of of (o O N of I�
Z Z O r N V 0 (o
V N
OI � M N m
N
of N of O) O) O M O)
M M r r O) Z Z Z N (NO (moo ON (moo V N
ml M M co L
0
m
N rn r r co co u� r o ro u� ro v N o
m o m r co Z Z Z ro o o N m N v m
(o M N � V
O � �
N
N V LL� M r N Z Z Z M
LLo M N
O � �
N
V V V of LL� M . N of r LL� N r m
Z Z Z N O) O) O V N N of O V N
o �2 m
N
V of V I� r Q Q Q o0 W O
Z Z Z
OI N M V
O m
O
6
N
N
O = N
N � V A Q LL
N
O U y O L
Q N N N Q_
N� O� N Q� Q U� LL S9
y -O E
N N O (0 Q (0 A O O> >
"06 A- 41 U p N CD CD LL (n i• Y W
ol 10 E
4° m 3 m m m m E> o
U H rn w' �� a z cn cn in = C7 C7 CD CD co U a
U
00
M
X o ;
/ } }
o )
o
{ �§ cl —-
\ 7`° /)\ ��() { ) \
; \:: — `§ §� \ }�{ \){ I
` ��
\ { \ { / / /)) �!
®) \) \\ \ } ))) { } } /$) °
\ ! ]
C) .�
k
\
E
¥
E
U)
/
\
%
:
O
@
$
»
\
E
/
\
LL z » J 4 / \7.`
?
0 ]
]
/ \
\
/ )
)y /
cq
= /
/
/ \
\ 0
\
0 /
/ \
g \
\ r c
c
\ _
_ ƒ
ƒ -
-
® «
« _
\/ M
_ \
&
MA
C041
04
7 \
\[k
- e
e \ _
\ \
§ g
Call
04
\
CCO41
rf \
C-4
g&E) r
- - - °
P
)
) / k k
/\ [
k� ®
\ §
/
LL z » J 4 / \7.`
?
0 ]
]
/ \
\
/ )
)y /
= /
/
/ \
\ 0
\
0 /
/ \
g \
\ r c
c
\ _
_ ƒ
ƒ -
-
® «
« _
\/ M
_ \
&
MA
2 \\ «
«) 7
7 \
\[k
- e
e \ _
\ \
§ g
\
rf \
g&E) r
- - - °
P
)
) / k k
/\ [
k� ®
\ §
/
\ j /
/\ /
/\ )
\\ \
\}
\
\
?
OTHER REPORTS
This page intentionally left blank.
G�
Incorporated
1959
i,�000 wE
MCDIRMI-F /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
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,
2016, 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, 2017.
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 Wnter 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.
MCDIRmi'r 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
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, 2017
142
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH
MAJOR FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH THE UNIFORM GUIDANCE
Honorable Mayor and City Council
City of Winter Springs, Florida
Report on Compliance for Each Major 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, 2016. The City's major federal program is
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
the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Those standards and the Uniform Guidance 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 the
major federal program. However, our audit does not provide a legal determination of the City's
compliance.
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
143
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, 2016.
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 the Uniform Guidance, 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 the Uniform Guidance. Accordingly, this report is not suitable for any other
purpose.
17JC4,ilZLt L1 v4z & �� L L0,
Orlando, Florida
March 16, 2017
144
a
0
O
J
LL
c�
Z_
d
U)
ry
W
H
>Z_
LL
O
U
O
N
O
C7
N
N
Q
N
(n
N
W
L
cu
a)
I
t
N
(0
N
O
d
O
LO
�
co
=
O
O
(O
co
}
O
_
_
N
LO
LO (7
C
U
Q
(0
o N
Q v
v:L>"
N
c
N U
W
LO
(O
Q
a
o
N
0
N
0
N
K
W
�?
t
N
(0
N
O
(6
A
i O
v co
t E
w
=
_
i 0
_ LO
IT
N co
LO
U) z
_
_
N
LO (7
o
Q
U
Q
(0
o N
Q v
v:L>"
c
N U
W
LO
(O
U-
(O z
a
o
N
0
N
0
N
L
a CO CO CO O
u- E ll� ll� ll� N
U 0 (D (o (0 0
Z N
L }
0 }
E
L L
L.
C
L
7 �
O L
L C
+'+ 0 N i
r R L
cc cc a
a
a�
v
U)
N
4-
O
E
r-
Q
+N+ N
c �
V V/
N
U-
C
0
m
0
0-
0
c
m
H
0
c
O
0
a E
O m
a 0-
N
C D
R
L
4- =
O 0
LL
N 0
Cc
Q
0)
N Z)
y o
R �
cn ,f,^+
U)
N m
c 0-
00
O
V
00
00
(A
U)
0
H
E
0)
Q
O
E
m
U)
N
0
C
0
LO
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2016
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, 2016. The information in this Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)
Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance). 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, 2016, even if grant or loan was received subsequent to that date. Federal
expenditures are recognized following the cost principles contained in the Uniform Guidance
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass -
through entity identifying numbers are presented where available.
146
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS -
FEDERAL AWARD PROGRAMS
Year Ended September 30, 2016
Section I - Summary of Independent Auditor's Results:
Financial Statements
Type of auditors' report issued:
Unmodified
Internal control over financial reporting:
• Material weakness identified?
Yes
X No
• Significant deficiency identified
Yes
X None reported
Noncompliance material to financial
Statements noted?
Yes
X No
Federal Awards
Type of auditors' report issued on compliance
for major federal programs:
Unmodified
Internal control over major Federal program:
• Material weakness identified?
Yes
X No
• Significant deficiency identified
Yes
X None reported
Any audit findings disclosed that are required
to be reported in accordance with 2 CFR
200.516(a)?
Yes
X No
Identification of major Federal Program
Dollar threshold used to distinguish between
type A and type B programs
Auditee qualified as a low -risk auditee?
Section II — Financial Statement Findings;
Section III — Federal Award Findings and
Questioned Costs:
CFDA No. 20.205
$750,000
Yes
None
None
Highway Planning & Construct
A �•
Section IV — Federal Award Summary
Schedule of Prior Year Findings: There were no audit findings for the year ended
September 30, 2015.
147
MCDIRMIT /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
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, 2016, and have issued our report thereon dated March 16, 2017.
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; the audit requirements of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements of Federal Awards (Uniform Guidance); 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
with the Uniform Guidance, and Independent Auditor's Report on an examination conducted in
accordance with A /CPA 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, 2017, 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.
MCDIRmi'r 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
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,
2016, 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, 2016. 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, 2017
149
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
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, 2016, and have issued our report thereon dated March 16, 2017. 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.
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
150
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 significant accounting policies adopted by the City are described in Note 1 to the
financial statements. As described in Note 1 to the financial statements, the city adopted
Governmental Accounting Standards Board (GASB) Statement No. 72, Fair Value
Measurement and Application. There was no effect on the beginning balances of the City. 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.
Management's allocation of the net pension liability, deferred inflows /outflows and pension
expense is based on the FRS contributions made. We evaluated the reasonableness of the
allocation 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 recording of
investments at fair value.
Significant Difficulties Encountered During the Audit
We encountered no significant difficulties in dealing with management relating to the
performance of the audit.
151
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, 2017.
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 Commission and the Auditor
General of the State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
Very truly yours,
Orlando, Florida
March 16, 2017
152
MCDIRMIT /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
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, 2016. 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, 2016.
�l c� DwH�,a At Cmpa ad,
Orlando, Florida (/
March 16, 2017
MCDIRmi'r 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
153
�iN��R�
O� ? �.
v
Inwrpoca[ed
1959
.ticoD we *ca`'ya
February 21, 2017
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1800
AFFIDAVIT OF RAPACT FEE COMPLIANCE
Impact Fees are assessed in accordance with Chapter 9: Land Development, Article VIII Impact Fees, of the
City of Winter Springs Code of Ordinances. Impact fee collections, expenditures and accounting are provided
for in separate accounting funds and comply with Florida Statue 163.31801.
Shawn Boyle
Finance and Administrative Services Director
STATE OF FLORIDA
COUNTY OF SEMINOLE
T foregoingimtnjment was
acknowledged before me this _day of k' r 20 l 7 , by
Nota' y rue:bc S! ?te of Florida
Anare WenU.s.Luaces
'�F 21so19
'Y`q✓'A:dtit
n
(Signatu a of Notary)
M " 41.
(Name of Notary Typed, Printed, or Stamped)
Personally Known "0 Produced Identification
154