HomeMy WebLinkAbout2024 09 09 Regular 500 - 2023 Annual Comprehensive Financial ReportREGULAR AGENDA ITEM 500
CITY COMMISSION AGENDA | SEPTEMBER 9, 2024 REGULAR MEETING
TITLE
2023 Annual Comprehensive Financial Report (ACFR)
SUMMARY
The Annual Comprehensive Financial Report for the Fiscal Year Ended September 30th
2023 was prepared and will be presented by the City's external auditors Purvis, Gray
and Company, LLP.
The Annual Comprehensive Financial Report (ACFR) is prepared and presented to give
the City Commission, citizens, and other users a greater understanding of the City's
financial standing. Additionally, Florida Statues requires that all general purpose local
governments publish a complete set of financial statements annually.
FUNDING SOURCE
RECOMMENDATION
Staff recommends the City Commission accept the Annual Comprehensive Financial
Report as presented for the Fiscal Year Ended September 30th 2023 and authorize
staff to forward to Auditor General, Inspector General, and applicable financial
institutions as required by debt covenants.
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City of Winter Springs, Florida
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended September 30, 2023
Prepared by:
Finance Department
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CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
i
I. INTRODUCTORY SECTION
Table of Contents ........................................................................................................................ i-iii
Letter of Transmittal ................................................................................................................. iv-vii
List of Principal Officials ............................................................................................................... viii
Organizational Chart ......................................................................................................................ix
II. FINANCIAL SECTION
Independent Auditor’s Report.................................................................................................... 1-3
Management’s Discussion and Analysis ................................................................................... 4-16
Basic Financial Statements
Government-Wide Financial Statements:
Statement of Net Position ...................................................................................................... 17
Statement of Activities........................................................................................................... 18
Fund Financial Statements:
Balance Sheet – Governmental Funds .................................................................................... 19
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position ........................................................................................ 20
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds ................................................................................ 21
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds to
the Statement of Activities ................................................................................................. 22
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual:
General Fund ...................................................................................................................... 23
Road Improvements Special Revenue Fund......................................................................... 24
Solid Waste/Recycling Special Revenue Fund ...................................................................... 25
American Recovery Plan Act Special Revenue Fund……………………………………………… ............. 26
Statement of Net Position – Proprietary Funds .............................................................. 27-28
Statement of Revenues, Expenses and Changes in Fund
Net Position – Proprietary Funds ..................................................................................... 29
Statement of Cash Flows – Proprietary Funds ................................................................ 30-31
Statement of Fiduciary Net Position – Fiduciary Funds ........................................................ 32
Statement of Changes in Fiduciary Net Position – Fiduciary Funds ...................................... 33
Notes to Financial Statements ................................................................................................ 34-62
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CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
ii
Required Supplementary Information
Schedule of Changes in the City’s Net OPEB Liability and
Related Ratios – Plan Retiree Continuation Insurance Plan .................................................... 63
Schedule of Changes in Net Pension Liability and
Related Ratios........................................................................................................................ 64
Schedule of Contributions .................................................................................................... 65-66
Schedule of Investment Returns................................................................................................ 67
Other Supplementary Information
Non-Major Governmental Funds:
Combining Balance Sheet – Non-Major Governmental Funds............................................ 68-73
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Non-Major Governmental Funds ........................................ 74-79
Statement of Revenues, Expenditures and Changes in Fund
Balance – Budget and Actual:
Police Education Fund ..................................................................................................... 80
Special Law Enforcement Trust Fund – Local .................................................................... 81
Transportation Improvement Fund .................................................................................. 82
Transportation Impact Fee Fund ...................................................................................... 83
Police Impact Fee Fund .................................................................................................... 84
Fire Impact Fee Fund ....................................................................................................... 85
Parks Impact Fee Fund ..................................................................................................... 86
Arbor Fund ...................................................................................................................... 87
TLBD Maintenance Fund .................................................................................................. 88
Oak Forest Maintenance Fund ......................................................................................... 89
Special Law Enforcement Trust Fund – Federal ................................................................ 90
Tuscawilla Phase III .......................................................................................................... 91
TLBD Debt Service Fund ................................................................................................... 92
1999 Debt Service Fund ................................................................................................... 93
1999 Construction Fund .................................................................................................. 94
Revolving Rehab Fund ..................................................................................................... 95
Public Facilities Fund ....................................................................................................... 96
Excellence in Customer Service ........................................................................................ 97
III. STATISTICAL SECTION
Financial Trends
Net Position by Component ...................................................................................................... 98
Changes in Net Position ..................................................................................................... 99-100
Governmental Activities Tax Revenues by Source.................................................................... 101
Fund Balances of Governmental Funds ................................................................................... 102
Changes in Fund Balances of Governmental Funds ........................................................... 103-104
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CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
iii
Revenue Capacity
Assessed Value and Estimated Actual Value of
Taxable Property ................................................................................................................. 105
Property Tax Rates, Direct and Overlapping Governments ...................................................... 106
Special Assessment Billings and Collections ............................................................................. 107
Principal Property Taxpayers ................................................................................................... 108
Property Tax Levies and Collections ........................................................................................ 109
Debt Capacity
Legal Debt Margin ................................................................................................................... 110
Ratio of Net General Obligation - Debt to Assessed
Value and Net General Obligation Per Capita ....................................................................... 111
Ratio of Outstanding Debt by Type .......................................................................................... 112
Direct and Overlapping Governmental Activities Debt ............................................................. 113
Pledged-Revenue Coverage.............................................................................................. 114-115
Demographic and Economic Information
Demographic and Economic Statistics ..................................................................................... 116
Principal Employers................................................................................................................. 117
Operating Information
Budgeted Full-Time Equivalent City Government
Employees by Function ........................................................................................................ 118
Operating Indicators by Function ............................................................................................ 119
Capital Asset Statistics by Function ......................................................................................... 120
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 ........................................................ 121-125
Management Letter ......................................................................................................... 126-127
Independent Accountant’s Report on Compliance with
Florida Statutes, Section 218.415 – Investments of Public Funds .......................................... 128
Management Response Letter ......................................................................................... 129-130
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
September 4th 2024
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 Annual Comprehensive
Financial Report for the fiscal year ended September 30, 2023. 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 Purvis Gray, 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, 2023 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, 2023 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 39,000.
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The City operates according to a Council/Manager form of government, with an appointed City Manager,
five elected City Commissioners and a separately elected Mayor. The Mayor and Commission are elected
for four-year terms. The governing body is responsible for, among other things, passing ordinances,
adopting the budget, appointing committees, and hiring the City’s Manager, Clerk and Attorney. The City
Manager is responsible for carrying out the policies and ordinances of the governing body, for overseeing
the day-to-day operations of the government and for hiring the directors of the various departments.
The City of Winter Springs provides a full range of services, including police protection; the construction and
maintenance of highways, streets and other infrastructure; and recreational facilities, activities and cultural
events. The City maintains both a Water and Sewer Utility Fund, a Stormwater Utility Fund, and a
Development Services Fund, which function, in essence, as departments of the City of Winter Springs and
therefore have been included as an integral part of the City of Winter Springs’ financial statements.
The annual budget serves as the foundation for the City of Winter Springs’ financial planning and control.
All departments of the City of Winter Springs are required to submit requests for appropriation to the City
Manager. The City Manager uses these requests as the starting point for developing a proposed budget.
The City Manager then presents the proposed budget to the City Commission for review on or before July
1st. 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, the Solid Waste/Recycling Fund and
the American Recovery Act Fund, are presented on pages 23-26 as part of the basic financial statements
for the governmental funds. The non-major governmental funds’ budget comparisons are presented in the
governmental fund subsection of this report which starts on page 80.
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. The distribution for FY23 was in excess of $3M and is estimated to be $3.4M for FY24.
Approximately 82% 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 2022-2023 fiscal year (tax year 2022), the gross taxable value reflects an increase of 10.8% from the
prior year. During fiscal year 2022-2023 (tax year 2022), the City was able to maintain the operating millage
rate at 2.41. At the local level, revenues such as review and permit fees, investment income and state sales
tax revenues continue to hold steady.
New construction in Winter Springs has been robust for the past several years. Hickory Grove Townhomes
(132 units) anticipated completion is the end of 2025. Commercial projects expected to kick off in 2024
include, Fisher Optometry, Elliano’s Coffee, and Living Life Development.
Seminole County Public School system is the 13th largest in the state and widely recognized as a Premier
National School District. It boasts an above average graduation rate and is ranked #1 in STEM. Winter
Springs is home to four elementary schools, one middle and one high school and one charter school.
Nearby Seminole State College and University of Central Florida offer our community an affordable and
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excellent higher education choice. The City also continues its partnership with the UCF Business Incubation
Program to foster the development of early-stage businesses in Central Florida.
The Winter Springs Police Department continues to provide exemplary policing and customer service with
increased sworn officer positions, new technology and equipment enhancements, and prioritizing officer
wellness. The department also coordinates several events to promote positive interaction with the
community and bridge the gap between law enforcement and its residents, such as the Citizens Advisory
Committee, National Night Out, Community Youth Outreach, and annual school supply drive, which
provides school supplies to hundreds of children within our community.
The City continues to invest in our excellent parks and recreation areas with numerous upgrades, including
a new Pickleball Complex at Central Winds Park, new boardwalk at Torcaso Park, the Central Winds
baseball field parking lot and a new restroom on Flamingo Ave at Torcaso Park.
The City of Winter Springs continues to offer its citizens the highest quality services and community-minded
events. These community seasonal events include Egg-Citing Egg Hunt, Arbor Day with free tree
giveaways, Celebration of Freedom, Hometown Harvest, a salute to our veterans in the Veteran’s Day
Ceremony, Winter Wonderland Parade, and the new addition Winter Wonderland of Lights. The City’s
Sports Partnerships include traditional sports such as Babe Ruth Baseball/Softball, Florida Kraze Krush
Soccer and Winter Springs Football League. Our very popular summer camp program offers affordable day
camp options and spectacular field trips. These events enhances not only residents’ quality of life but also
a sense of community.
Long-term financial planning. The City Commission updated and transmitted a 5-year Capital
Improvements Plan (CIP) in December 2021 for fiscal years 2022 through 2026. 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 plan 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 2023, the City adopted GASB statement No. 96, Subscription-
Based Information Technology Arrangements (SBITAs). The statement required that SBITAs be recognized
as a right-to-use subscription asset and a corresponding subscription liability on the balance sheet, both of
which will be reduced over the life of the agreement. In fiscal year 2022, the City adopted GASB statement
No. 87, Leases. This statement requires that all long-term, non-cancelable leases of the lessor be recorded
as a lease receivable on the balance sheet with a corresponding deferred inflow of resources, both of which
will be reduced over the life of the lease agreement.
Major Initiatives. Continued improvements in customer service and information reporting are on-going,
such as upgrades in several behind the scenes technological systems. Upgrades and refurbishment of the
City’s Water and Wastewater Plants, recreational facilities and Stormwater infrastructure. Additionally,
infrastructure replacement and improvement in transportation such as bridge and roadway repairs. There
have also been and will continue to be city-wide safety improvements across parks, sidewalk replacements,
and roadway improvements.
Acknowledgements
In closing, we would like to express our appreciation to all members of the finance 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.
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CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2023
ELECTED OFFICIALS
MAYOR Kevin McCann
DEPUTY MAYOR / COMMISSIONER Matt Benton
COMMISSIONER Victoria Bruce
COMMISSIONER Ted Johnson
COMMISSIONER Cade Resnick
COMMISSIONER Rob Elliott
CITY MANAGER (INTERIM)
Philip Hursh
CITY CLERK
Christian Gowan
LEGAL COUNSEL
Anthony Garganese
Garganese, Weiss &
D’Agresta, P.A.
DEPARTMENT DIRECTORS
OPERATIONS Brian Dunigan
COMMUNITY DEVELOPMENT Terrilyn Rolle
FINANCE (INTERIM) Donna Bruno*
PARKS, RECREATION, & FACILITIES Leonard Hartman
POLICE CHIEF Matthew Tracht
UTILITY Bilal Iftikhar
PUBLIC WORKS Philip Hursh
*Holly Queen was hired as Finance
Director in March of 2024
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Citizens of Winter SpringsMayor and City CommissionersFinancePolice DepartmentCommunity Devel.City AttorneyUtilitiesAdvisory BoardsxAccountingxDebt ManagementxBudgetingxPurchasingxContractsxSolid WastexTreasury ManagementxUtility Business ServicesxMeter ServicexWater ConservationxWater/Wastewater OperationsxRecordsxCommunicationxPatrolxInvestigationsxCode EnforcementxPlanningxLand ManagementxBuilding Permits/Insp.xBusiness Tax ReceiptsxEconomic DevelopmentxConstruction InspectionsOperationsxHuman ResourcesxRisk ManagementxPublic Information/MarketingxInformation TechnologyParks & Recreation, Facilities xCivic/Senior CenterxEventsxRecreation ProgramsxFacilities/Cap ProjectsxParks MaintenancexUrban BeatificationCity ManagerPublic WorksxRoads (ROW)xEngineeringxSidewalksxTreesxStorm waterxFleet Maintenance City Clerkix47
FINANCIAL SECTION
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INDEPENDENT AUDITOR’S REPORT
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INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Report on the Audit of the Financial Statements
Opinions
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 (the City), as of and for the year ended September 30, 2023, and the related notes to the financial
statements, which collectively comprise the City’s basic financial statements as listed in the table of
contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City as of September 30, 2023, 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, solid waste/recycling special
revenue fund, and the American Recovery Plan Act special revenue fund for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We have 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. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter – Change in Accounting Principle
As further discussed in Note 17 to the financial statements, in 2023 the City adopted new accounting
guidance, Governmental Accounting Standards Board Statement No. 96, Subscription-Based Information
Technology Arrangements. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America and for 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.
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Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood
that, individually or in the aggregate, they would influence the judgment made by a reasonable user based
on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
■ Exercise professional judgment and maintain professional skepticism throughout the audit.
■ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
■ Obtain an understanding of internal control relevant to the audit 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 City’s internal control. Accordingly, no such opinion is expressed.
■ Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the financial
statements.
■ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of
time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control -related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and other required supplementary information, as listed in the table of contents
(collectively, the required supplementary information), be presented to supplement the basic financial
statements. Such information is the responsibility of management and, 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
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Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT
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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The accompanying combining and individual non-major
fund financial statements are presented for purposes of additional analysis and are not a required part of
the basic financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. The 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 combining and individual non-major fund financial statements are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover
the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September 3,
2024, on our consideration of the City’s 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 solely 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 the
effectiveness of the City’s 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 the
City’s internal control over financial reporting and compliance.
September 3, 2024
Gainesville, Florida
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MANAGEMENT’S DISCUSSION AND ANALYSIS
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CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
4
As management of the City of Winter Springs, Florida, 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, 2023.
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 $144,274,788 (net position). Of this amount,
$31,211,128 (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 $1,884,467
or 1.32% 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 $44,087,255. Approximately 19% of this total amount, $8,544,161,
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 $8,575,434 or
45% of total general fund expenditures.
■ As a result of current year’s activities, the City of Winter Springs’ total debt decreased by $2,380,426 (8%).
Overview of the Financial Statements
The financial statements focus on both the City of Winter Springs 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 of Winter Springs’ 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.
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CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
5
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 17-18 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.
55
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
6
The City of Winter Springs maintains 22 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 American Recovery Plan Act Fund, all four of
which are considered to be major funds. Data from the other 18 governmental funds are combined into
a single, aggregated presentation. Individual fund data for each of these non-major governmental funds
is provided in the form of combining statements elsewhere in this report.
The City of Winter Springs adopts an annual appropriated budget for all governmental funds. Budgetary
comparison statements have been provided for the General Fund, Road Improvements Special Revenue
Fund, Solid Waste/Recycling Special Revenue Fund, and American Recovery Plan Act Special Revenue
Fund to demonstrate compliance with this budget on pages 23-26. Budgetary comparison schedules
have been provided for the non-major funds on pages 80-97.
The basic governmental fund financial statements can be found on pages 19-22 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 27-31 of this report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government-wide financial statement because the resources of
those funds are not available to support the City of Winter Springs’ own programs. The accounting used
for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial
statements can be found on pages 32-33 of this report.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in
the government-wide and fund financial statements. The notes to the financial statements can be found
on pages 34-62 of this report.
Required Supplementary Information (RSI)
RSI can be found on pages 63-67 of this report.
Other Information
The combining statements referred to earlier in connection with non-major governmental funds are
presented after this. Combining and individual fund statements and schedules can be found on pages 68-
97 of this report.
56
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
7
Government-Wide Financial Analysis
Statement of Net Position
As noted earlier, net position may serve over time as a useful indicator of a government’s financial
position. In the case of the City of Winter Springs, assets and deferred outflows of resources exceeded
liabilities and deferred inflows by $144,274,788 at the close of the most recent fiscal year.
Of the City of Winter Springs’ net position, $86,774,338 or 60% 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 s $26,289,322 (18%). The
remaining balance of unrestricted net position, $31,211,128 (22%), may be used to meet the
government’s ongoing obligations to citizens and creditors.
At September 30, 2023, the City of Winter Springs is able to report positive balances in all three categories
of net position, both for the government as a whole, as well as for its separate governmental and business-
type activities. This was also the case at the close of the prior fiscal year.
The following table reflects the condensed Statement of Net Position for the current prior year. For more
detail, see the Statement of Net Position on page 17.
Statement of Net Position as of September 30
2023 2022 2023 2022 2023 2022
Assets
Current and Other Assets 70,419,660$ 68,435,961$ 34,467,749$ 38,449,127$ 104,887,409$ 106,885,088$
Restricted Assets 137,406 127,352 898,088 750,329 1,035,494 877,681
Capital Assets 57,163,894 54,352,680 42,880,832 40,232,700 100,044,726 94,585,380
Total Assets 127,720,960 122,915,993 78,246,669 79,432,156 205,967,629 202,348,149
Deferred Outflows of Resources
Deferred Charge on Refunding - 7,432 7,382 8,436 7,382 15,868
Deferred Outflow of Pension and OPEB 3,493,367 4,907,049 848,390 1,191,714 4,341,757 6,098,763
Total Deferred Outflows of Resources 3,493,367 4,914,481 855,772 1,200,150 4,349,139 6,114,631
Liabilities
Current Liabilities 21,495,695 20,836,537 2,112,900 1,829,194 23,608,595 22,665,731
Long-Term Liabilities 17,172,819 16,691,057 19,655,990 21,083,634 36,828,809 37,774,691
Other Liabilities 135,795 125,741 638,014 658,445 773,809 784,186
Total Liabilities 38,804,309 37,653,335 22,406,904 23,571,273 61,211,213 61,224,608
Deferred Inflows of Resources
Deferred Inflow of Leases 4,030,632 4,176,708 - - 4,030,632 4,176,708
Deferred Inflow of Pension and OPEB 643,787 540,000 156,348 131,143 800,135 671,143
Total Deferred Inflows of Resources 4,674,419 4,716,708 156,348 131,143 4,830,767 4,847,851
Net Position
Net Investment in Capital Assets 53,772,849 51,213,286 33,001,489 29,384,974 86,774,338 80,598,260
Restricted 20,560,201 17,969,683 5,729,121 6,126,243 26,289,322 24,095,926
Unrestricted 13,402,549 16,277,462 17,808,579 21,418,673 31,211,128 37,696,135
Total Net Position 87,735,599$ 85,460,431$ 56,539,189$ 56,929,890$ 144,274,788$ 142,390,321$
Business-Type
Governmental Activities Activities Total
57
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
8
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 18.
As a result of the current year’s activities, the government’s total net position increased by $1,884,467 or
1.32% from the prior year. The previous fiscal year, 2021, net position increased by $2,977,199.
Governmental activities increased net position by $2,275,168 in fiscal year 2023 compared to an increase
of $2,912,644 in 2022. The increase in net position for fiscal year 2023 is less than the prior year’s
increase, primarily due to the change in the compensated absences liability.
Business-type activities decreased net position by ($390,701) in fiscal year 2023 compared to an increase
of $64,555 in 2022. The decrease in net position in fiscal year 2023 is less than the prior fiscal year’s
increase, primarily due to an increase in expenses for salaries and benefits, materials and supplies and
other operating expenses in the Water and Sewer Utility Fund.
Following the Changes in Net Position table is a series of bar and pie charts that relay in pictorial form the
revenues and expenses for each of the governmental and business-type activities, as well as the revenue
“source” for each.
Additional information regarding the changes in fund balance of the governmental and business -type
activities can be found in the section entitled Financial Analysis of the Government’s Funds on page 11.
Note that the first graph depicts governmental program-specific revenues and expenses. For this graph,
the revenue does not include property taxes, utility taxes, business tax receipts, intergovernmental
revenue, investment income, or miscellaneous revenue. This chart is intended to show the amount of
program expenses funded by specific program revenues.
58
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
9
Changes in Net Position for the year ended September 30:
2023 2022 2023 2022 2023 2022
Revenues
Program Revenues:
Charges for Services 7,055,668$ 7,008,691$ 14,750,324$ 14,245,009$ 21,805,992$ 21,253,700$
Operating Grants and Contributions - 9,261 - 488 - 9,749
Capital Grants and Contributions 3,901,648 4,059,858 750,655 686,458 4,652,303 4,746,316
General Revenues:
Property Taxes 7,391,163 6,628,699 - - 7,391,163 6,628,699
Utility Taxes 5,297,021 4,862,491 - - 5,297,021 4,862,491
Business Tax Receipts 164,766 88,511 - - 164,766 88,511
Intergovernmental - Unrestricted 5,147,878 5,044,297 - - 5,147,878 5,044,297
Investment Income and
Miscellaneous 2,816,058 (239,859) 1,323,576 (584,595) 4,139,634 (824,454)
Total Revenues 31,774,202 27,461,949 16,824,555 14,347,360 48,598,757 41,809,309
Expenses
General Government 8,803,658 5,487,492 - - 8,803,658 5,487,492
Public Safety 8,275,138 7,468,110 - - 8,275,138 7,468,110
Physical Environment 9,383,755 8,600,747 - - 9,383,755 8,600,747
Culture and Recreation 3,272,041 3,025,734 - - 3,272,041 3,025,734
Interest on Long-Term Debt 468,506 513,924 - - 468,506 513,924
Water and Sewer - - 13,248,653 11,018,402 13,248,653 11,018,402
Development Services - - 1,534,424 1,315,827 1,534,424 1,315,827
Stormwater - - 1,728,115 1,401,874 1,728,115 1,401,874
Total Expenses 30,203,098 25,096,007 16,511,192 13,736,103 46,714,290 38,832,110
Excess (Decrease) in Net Position
Before Transfers 1,571,104 2,365,942 313,363 611,257 1,884,467 2,977,199
Transfers 704,064 546,702 (704,064) (546,702) - -
Increase (Decrease) in Net Position 2,275,168 2,912,644 (390,701) 64,555 1,884,467 2,977,199
Net Position, Beginning 85,460,431 82,547,787 56,929,890 56,865,335 142,390,321 139,413,122
Net Position, Ending 87,735,599$ 85,460,431$ 56,539,189$ 56,929,890$ 144,274,788$ 142,390,321$
Business-Type
Governmental Activities Total
59
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
10
60
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
11
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.
61
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
12
As of September 30, 2023, the City of Winter Springs’ governmental funds reported combined ending fund
balances of $44,087,255, an increase of $1,537,313 over the prior year. Approximately 19%, or
$8,544,161, 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 $8,575,434, while total fund balance was
$10,105,021. 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 45% and 53%, respectively, of total General Fund expenditures. The increase in fund balance
of $782,878 is primarily the result of increased taxes.
The Road Improvements Special Revenue Fund balance decreased ($441,217) due to an increase in capital
expenditures for on-going projects.
The Solid Waste/Recycling Special Revenue Fund net position decreased by ($1,084,537). This decrease
is primarily due to a reduction in transfers in from the General Fund.
The American Recovery Plan Act Special Revenue Fund net position increased by $674,244. This increase
is primarily due to investment gains relating to market performance.
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
$16,283,073, and total net position increased by $435,433 to $41,937,636. The increase in net position
in fiscal year 2023 is less than the prior fiscal year’s increase, primarily due to increases in salaries and
benefits, materials and supplies and other operating expenses greater than increases in revenues.
The Development Services Fund net position decreased as a result of current year activities by ($331,902)
to $5,591,631 at the end of the fiscal year. The decrease in net position is less than the prior fiscal year’s
decrease due to an increase in investment performance.
The Stormwater Utility Fund net position decreased as a result of current fiscal year activities by
($494,232) to $9,009,922 at the end of the fiscal year. This decrease in net position in fiscal year 2023 is
more than the prior fiscal year’s decrease, primarily due to increases in materials and supplies and other
operating expenses.
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund budget
resulted in an increase to appropriate to fund balance of $88,619.
62
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
13
The actual results of the General Fund for the year show an appropriation to fund balance of $782,878
compared to a final budgeted appropriation to fund balance of $116,020. The favorable variance of
$666,858 is comprised of favorable revenue and expenditure variances. The favorable expenditure
variance of $452,483 is displayed in the departmental cost centers below:
Executive $ 12,312
General Government 13,989
Finance and Administrative Services 108,780
Information Services (280,550)
Community Development 28,386
Police (416,804)
Public Works 52,760
Parks and Recreation 28,644
Total $ 452,483
This favorable variance is represented by the following expenditure categories as both amounts and
percentages of budget:
Payroll $ 176,047 0.95%
Other Operating 744,142 4.00%
Capital (467,706) -2.51%
Total $ 452,483
The comparison of budgeted results to actual results for the General Fund is shown on page 23.
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, 2023, amounts to $100,044,726 (net of accumulated depreciation), for an increase
of $5,459,346 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
5.77% (a 5.17% increase for governmental activities, and a 6.58% increase for business-type activities).
Major capital asset events during the current fiscal year included the following:
• The purchases:
• Replacement of Civic Center AC system at a cost of $27,109
• Purchase of laser grader for parks in the amount of $27,500
• New equipment for urban beautification at a cost of $42,194
• New equipment for pile driving in the amount of $14,000
• New double drum compactor for public works in the amount of $53,273
• New vehicles for the police department at a cost of approximately $620,182
• New trucks for the parks department at a cost of approximately $128,964
• Replacement of Civic Center roof at approximately $49,900
63
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
14
• Purchase of used sewer & vac truck in the amount of $325,000
• Purchase of generators for lift stations in the amount of $203,255
• Acquisition of mobile pump for lift stations at a cost of $138,703
• New truck for meter reader in the amount of $23,817
• Relining of pipes for the water and sewer operations at a cost of approximately $106,193
• Relining of pipes for the stormwater utility operations at a cost of approximately $312,182
• Reconstruction of underdrains for stormwater system at a cost of approximately $101,319
• The completion and capitalization of the following projects:
• Pickleball restrooms in the amount $155,070
• New restrooms on Flamingo Ave at Torasco Park at a cost of $160,851
• Central Winds Park maintenance shed and storage shed at a cost of $166,923
• Tuskawilla Road and drainage repairs in the amount of $184,778
• Bridge and road emergency repairs from Hurricane Ian at a cost of $1,002,888
• Shore Road emergency repairs at a cost of $198,342
• Wade Street emergency repairs at a cost of $162,460
• Torasco Boardwalk at a cost of approximately $108,795
• Central Winds Park baseball field parking lot at a cost of approximately $42,570
• Central Winds Park electrical upgrades in the amount of $41,774
• Trotwood Park curb replacements in the amount of $26,699
• Resurfacing streets throughout the City at a cost of approximately $1,809,939
• Wastewater emergency repairs at a cost of approximately $2,790,960
• East and West Plan influent screens at a cost of $121,203
• Water Well 2, 3, and 4 rehab at a total cost of $72,406
• Beginning and continued construction on the following projects:
• Tuscawilla Crossing reclaimed extension at a cost of approximately $3,100,000
• Lake Jessup Overlook, including pickleball, at a cost of approximately $2,500,000
• Winding Hollow turn lane at a cost of approximately $1,500,000
• Traffic signal at Michael Blake boulevard and state road 434 at a cost of approximately $500,000
Additional information on the City of Winter Springs’ capital assets can be found in Note 6 on pages 4 7-
48 of this report.
2023 2022 2023 2022 2023 2022
Land 10,341,976$ 10,341,976$ 7,170,177$ 7,170,177$ 17,512,153$ 17,512,153$
Buildings 6,871,044 6,874,011 1,248,160 1,308,931 8,119,204 8,182,942
Improvements Other Than Buildings 5,876,697 6,400,691 24,347,646 23,010,101 30,224,343 29,410,792
Machinery and Equipment 2,850,690 2,958,205 5,131,834 4,545,027 7,982,524 7,503,232
Subscription Assets 542,721 - - - 542,721 -
Intangibles 1,790 5,263 50,260 77,223 52,050 82,486
Infrastructure 28,403,602 27,115,983 - - 28,403,602 27,115,983
Construction in Progress 2,275,374 656,551 4,932,755 4,121,241 7,208,129 4,777,792
Total Capital Assets 57,163,894$ 54,352,680$ 42,880,832$ 40,232,700$ 100,044,726$ 94,585,380$
Business-Type
Governmental Activities Activities Total
64
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
15
Long-Term Debt
At September 30, 2023, the City of Winter Springs had total debt outstanding of $25,976,401, a decrease
of $2,380,426 from $28,356,827 at September 30, 2022. Total bonded debt of the City at the end of the
current fiscal year was $4,838,691. This amount does not include accreted interest of $13,301,129.
The City of Winter Springs’ bonded debt represents bonds and notes are 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.
Additional information on the City’s long-term debt can be found in Note 7 on pages 48-51 of this report.
The above information does not include the interfund loan balances related to the repayment of the
general obligation note.
Economic Factors and Next Year’s Budgets and Rates
Through conservative fiscal policies and aggressive budget oversight, the Interim City Manager and City
Commission have maintained the operating millage rate at 2.4100 since fiscal year 2021 and continue to
maintain that rate in fiscal year 2024. The gross property tax values in Winter Springs increased in fiscal
year 2023 by 10.8% and have increased by approximately 9.2% in fiscal year 2024. In May 2014, a county-
wide precinct referendum resulted in an additional 1% local government infrastructure sales surtax, which
will largely be utilized for transportation related to infrastructure improvements. The surtax is expected
to result in $2.0 million in additional revenues each year and expires in December 2024. An additional
extension will be on the November 2024 ballot and will be determined by the taxpayers.
The General Fund’s fiscal year 2023 adopted an expenditure budget of $20,079,653 (inclusive of transfers)
that marked an increase of 7.2% from the previous year. For fiscal year 2024, the adopted expenditure
budget is $24,137,122, an increase of 20.2% from fiscal year 2023. The total combined expenditure
budget of fiscal year 2024 of $72,731,493 (inclusive of transfers) is $19,987,463 or 27.8% more than the
adopted budget of fiscal year 2023.
2023 2022 2023 2022 2023 2022
Improvement Refunding Revenue Bonds,
Series 1999 1,964,635$ 2,315,528$ -$ -$ 1,964,635$ 2,315,528$
Water and Sewer Refund Revenue Bonds,
Series 2000 - - 2,874,056 3,396,694 2,874,056 3,396,694
Special Assessment Revenue Notes,
Series 2011 831,298 831,298 - - 831,298 831,298
Revenue Refunding Note Series 2020 - - 2,748,956 2,794,956 2,748,956 2,794,956
State Revolving Fund Loans - - 4,256,327 4,544,276 4,256,327 4,544,276
Accreted Interest Payable 5,419,530 5,907,407 7,881,599 8,566,668 13,301,129 14,474,075
Total Long-Term Debt 8,215,463$ 9,054,233$ 17,760,938$ 19,302,594$ 25,976,401$ 28,356,827$
Business-Type
Governmental Activities Activities Total
65
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2023
16
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
Director, 1126 East State Road 434, Winter Springs, Florida 32708. The Annual Comprehensive Financial
Report is also available at the City of Winter Springs’ website located at www.winterspringsfl.org.
66
BASIC FINANCIAL STATEMENTS
67
Governmental Business-Type
Activities Activities Total
Assets
Cash and Cash Equivalents 3,324,014$ 1,771,620$ 5,095,634$
Investments 61,144,019 31,522,276 92,666,295
Receivables, Net 250,162 550,175 800,337
Due from Other Government - 552,056 552,056
Lease Receivable 4,351,595 - 4,351,595
Inventories, at Cost 16,782 47,198 63,980
Prepaid Costs 442,872 24,424 467,296
Restricted Assets:
Cash and Cash Equivalents 256,323 898,088 1,154,411
Receivables, Long-Term 771,299 - 771,299
Capital Assets:
Capital Assets Not Being Depreciated 12,617,350 12,102,932 24,720,282
Capital Assets Being Depreciated, Net
of Accumulated Depreciation 44,546,544 30,777,900 75,324,444
Total Assets 127,720,960 78,246,669 205,967,629
Deferred Outflows of Resources
Deferred Charge on Refunding - 7,382 7,382
Deferred Outflow of Pension and OPEB 3,493,367 848,390 4,341,757
Total Deferred Outflows of Resource 3,493,367 855,772 4,349,139
Liabilities
Accounts Payable and Accrued Expenses 2,352,206 2,080,320 4,432,526
Due to Other Governments 312,961 - 312,961
Unearned Revenue 18,752,839 - 18,752,839
Retainage Payable 77,689 - 77,689
Accrued Interest Payable - 32,580 32,580
Liabilities Payable from Restricted Assets 135,795 638,014 773,809
Non-Current Liabilities:
Due Within One Year 1,704,664 2,323,622 4,028,286
Due in More than One Year 15,468,155 17,332,368 32,800,523
Total Liabilities 38,804,309 22,406,904 61,211,213
Deferred Inflows of Resources
Deferred Inflows of Leases 4,030,632 - 4,030,632
Deferred Inflows of Pension and OPEB 643,787 156,348 800,135
Total Deferred Inflows of Resources 4,674,419 156,348 4,830,767
Net Position
Net Investment in Capital Assets 53,772,849 33,001,489 86,774,338
Restricted for:
Capital Projects 6,537,333 - 6,537,333
Renewal and Replacement - 563,875 563,875
Building Fund - 5,165,246 5,165,246
Physical Environment 13,857,399 - 13,857,399
Public Safety 165,469 - 165,469
Unrestricted 13,402,549 17,808,579 31,211,128
Total Net Position 87,735,599$ 56,539,189$ 144,274,788$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2023
See accompanying notes.
17
68
Operating Capital Business-
Charges for Grants and Grants and Governmental Type
Function/Programs Expenses Services Contributions Contributions Activities Activities Total
Primary Government
Governmental Activities:
General Government 8,803,658$ 3,005,327$ -$ -$ (5,798,331)$ -$ (5,798,331)$
Public Safety 8,275,138 225,450 - 27,291 (8,022,397) - (8,022,397)
Physical Environment 9,383,755 3,528,713 - 3,774,457 (2,080,585) - (2,080,585)
Culture and Recreation 3,272,041 296,178 - 99,900 (2,875,963) - (2,875,963)
Interest on Long-Term Debt 468,506 - - - (468,506) - (468,506)
Total Governmental Activities 30,203,098 7,055,668 - 3,901,648 (19,245,782) - (19,245,782)
Business-Type Activities:
Water and Sewer 13,248,653 12,616,106 - 750,655 - 118,108 118,108
Development Services 1,534,424 997,054 - - - (537,370) (537,370)
Stormwater 1,728,115 1,137,164 - - - (590,951) (590,951)
Total Business-Type Activities 16,511,192 14,750,324 - 750,655 - (1,010,213) (1,010,213)
Total Primary Government 46,714,290$ 21,805,992$ -$ 4,652,303$ (19,245,782) (1,010,213) (20,255,995)
General Revenues
Property Taxes 7,391,163 - 7,391,163
Utility Taxes 5,297,021 - 5,297,021
Business Tax Receipts 164,766 - 164,766
Intergovernmental - Unrestricted 5,147,878 - 5,147,878
Investment Income/(Loss) and Miscellaneous 2,816,058 1,323,576 4,139,634
Transfers 704,064 (704,064) -
Total General Revenues and Transfers 21,520,950 619,512 22,140,462
Changes in Net Position 2,275,168 (390,701) 1,884,467
Net Position, Beginning of Year 85,460,431 56,929,890 142,390,321
Net Position, End of Year 87,735,599$ 56,539,189$ 144,274,788$
CITY OF WINTER SPRINGS, FLORIDA
Program Revenue
Net (Expense) Revenue and Changes in Net Position
Primary Government
FOR THE YEAR ENDED SEPTEMBER 30, 2023
STATEMENT OF ACTIVITIES
See accompanying notes.
18
69
Road American Other Total
General Improvements Solid Waste/Recovery Governmental Governmental
Fund Fund Recycling Plan Act Funds Funds
Assets
Cash and Cash Equivalents 362,272$ 503,761$ 103,087$ 1,023,692$ 1,331,202$ 3,324,014$
Investments 10,631,679 8,963,883 1,834,313 18,215,485 21,498,659 61,144,019
Receivable, Net 116,625 - 131,634 - 1,903 250,162
Leases Receivable 4,351,595 - - - - 4,351,595
Inventories, at Cost 16,782 - - - - 16,782
Prepaids 441,372 - - - 1,500 442,872
Special Assessments Receivable - - - - 771,299 771,299
Advances to Other Funds 126,950 - - - - 126,950
Restricted Assets:
Cash and Cash Equivalents 135,795 - - - 120,528 256,323
Total Assets 16,183,070 9,467,644 2,069,034 19,239,177 23,725,091 70,684,016
Liabilities and Fund Balances
Liabilities
Accounts Payable 506,034 423,648 252,775 - 264,089 1,446,546
Accrued Liabilities 905,660 - - - - 905,660
Unearned Revenue 72,888 - - 18,679,951 - 18,752,839
Retainage Payable 77,689 - - - - 77,689
Advances from Other Funds - - - - 126,950 126,950
Due to Other Governments 312,961 - - - - 312,961
Payable from Restricted Assets 135,795 - - - - 135,795
Total Liabilities 2,011,027 423,648 252,775 18,679,951 391,039 21,758,440
Deferred Inflows of Resources
Deferred Inflows from Leases 4,030,632 - - - - 4,030,632
Unavailable Revenue - Other 36,390 - - - - 36,390
Unavailable Revenue - Special
Assessments - - - - 771,299 771,299
Total Deferred Inflows of Resources 4,067,022 - - - 771,299 4,838,321
Fund Balances
Non-Spendable 585,104 - - - 1,500 586,604
Restricted - 9,043,996 - - 11,516,205 20,560,201
Committed - - - - 4,073,008 4,073,008
Assigned 944,483 - 1,816,259 559,226 7,003,313 10,323,281
Unassigned 8,575,434 - - - (31,273) 8,544,161
Total Fund Balances 10,105,021 9,043,996 1,816,259 559,226 22,562,753 44,087,255
Total Liabilities, Deferred Inflows
of Resources, and Fund Balances 16,183,070$ 9,467,644$ 2,069,034$ 19,239,177$ 23,725,091$ 70,684,016$
Special Revenue
SEPTEMBER 30, 2023
GOVERNMENTAL FUNDS
BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
See accompanying notes.
19
70
Total Fund Balance, Governmental Funds 44,087,255$
Amounts Reported for Governmental Activities in the Statement
of Net Position are Different Because:
Capital assets used in governmental activities are not current
financial resources and, therefore, are not reported in the funds.57,163,894
Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.807,689
Deferred inflows and outflows of resources related to pension and OPEB
are not recognized in the governmental funds; however, they are
recorded in net position under full accrual accounting.2,849,581
Long-term liabilities, including bonds payable, are not due and payable
in the current period and, therefore, are not reported in the funds.(9,907,615)
Net pension liabilities and other postemployment benefit liabilities are not
available in the current period and, therefore, are not reported in the funds.(7,265,205)
Net Position of Governmental Activities in the Statement of Net Position 87,735,599$
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2023
See accompanying notes.
20
71
Road American Other Total
General Improvements Solid Waste/Recovery Governmental Governmental
Fund Fund Recycling Plan Act Funds Funds
Revenues
Taxes:
Property Taxes 7,391,163$ -$ -$ -$ -$ 7,391,163$
Utility Taxes 5,297,021 - - - - 5,297,021
Business Tax Receipts 164,766 - - - - 164,766
Permits and Fees 2,821,481 - - - 1,504 2,822,985
Intergovernmental Revenues 5,086,414 3,075,652 61,464 - 596,434 8,819,964
Charges for Services 762,122 - 2,663,862 - - 3,425,984
Fines and Forfeitures 97,181 - - - 131,898 229,079
Impact Fees/Assessments - - - - 873,877 873,877
Investment Income/(Loss)676,874 356,067 85,271 674,244 747,965 2,540,421
Miscellaneous 268,267 - - - 7,372 275,639
Total Revenues 22,565,289 3,431,719 2,810,597 674,244 2,359,050 31,840,899
Expenditures
Current:
General Government 6,801,888 - - - 10,741 6,812,629
Public Safety 7,147,149 - - - 33,198 7,180,347
Physical Environment 1,041,474 418,721 3,895,134 - 1,300,613 6,655,942
Culture and Recreation 2,253,722 - - - - 2,253,722
Debt Service:
Principal 150,312 - - - 350,893 501,205
Interest and Fiscal Charges 10,233 - - - 938,720 948,953
Capital Outlay:
General Government 279,227 - - - 6,645 285,872
Public Safety 1,039,369 - - - - 1,039,369
Physical Environment 30,687 3,454,215 - - 77,733 3,562,635
Culture and Recreation 260,151 - - - 2,174,562 2,434,713
Total Expenditures 19,014,212 3,872,936 3,895,134 - 4,893,105 31,675,387
Excess (Deficiency) of
Revenues Over Expenditures 3,551,077 (441,217) (1,084,537) 674,244 (2,534,055) 165,512
Other Financing Sources (Uses)
Transfers In 764,064 - - - 4,140,000 4,904,064
Transfers (Out)(4,200,000) - - - - (4,200,000)
Proceeds from Subscriptions 667,737 - - - - 667,737
Total Other Financing
Sources (Uses)(2,768,199) - - - 4,140,000 1,371,801
Net Change in Fund Balances 782,878 (441,217) (1,084,537) 674,244 1,605,945 1,537,313
Fund Balances,
Beginning of Year 9,322,143 9,485,213 2,900,796 (115,018) 20,956,808 42,549,942
Fund Balances, End of Year 10,105,021$ 9,043,996$ 1,816,259$ 559,226$ 22,562,753$ 44,087,255$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES
GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Special Revenue
AND CHANGES IN FUND BALANCES
See accompanying notes.
21
72
Net Change in Fund Balances - Total Governmental Funds 1,537,313$
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 amount
is the net effect of the difference between capital outlays and depreciation.2,811,214
Some revenues reported in the statement of activities do no provide current financial
resources and therefore are not reported as revenues in governmental funds.35,636
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 the 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.(166,532)
The payment of accreted interest that was recognized in a prior year is not reported
as an expense on the statement of activities.924,107
Special assessment revenue reported in the funds must be eliminated from the
statement of activities since revenue was recognized in a prior year.(102,332)
Cash pension contributions reported in the funds differed from the calculated
pension expense on the statement of activities and, therefore, changed
net position.(1,695,136)
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 the
governmental funds.(1,069,102)
Change in Net Position of Governmental Activities 2,275,168$
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
YEAR ENDED SEPTEMBER 30, 2023
STATEMENT OF ACTIVITIES
See accompanying notes.
22
73
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Taxes:
Property Taxes 7,354,324$ 7,414,324$ 7,391,163$ (23,161)$
Utility Taxes 4,641,760 5,351,760 5,297,021 (54,739)
Business Tax Receipts 102,000 177,000 164,766 (12,234)
Permits and Fees 2,372,172 2,802,172 2,821,481 19,309
Intergovernmental Revenues 3,921,224 5,101,224 5,086,414 (14,810)
Charges for Services 558,689 699,108 762,122 63,014
Fines and Forfeitures 100,500 100,500 97,181 (3,319)
Investment Income/(Loss)76,250 206,250 676,874 470,624
Miscellaneous 200,277 245,554 268,267 22,713
Total Revenues 19,327,196 22,097,892 22,565,289 467,397
Expenditures
Current:
General Government:
Executive 690,077 690,077 677,765 12,312
General Government*(63,756) 61,244 47,255 13,989
Finance and Administrative Services 1,513,153 1,536,153 1,427,373 108,780
Information Services 2,716,734 2,999,456 3,280,006 (280,550)
Community Development 2,132,447 1,762,447 1,734,061 28,386
Public Safety:
Police 7,740,559 7,844,914 8,261,718 (416,804)
Physical Environment:
Public Works 1,232,921 1,124,921 1,072,161 52,760
Culture and Recreation:
Parks and Recreation 2,842,517 2,542,517 2,513,873 28,644
Total Expenditures 18,804,652 18,561,729 19,014,212 (452,483)
Excess (Deficiency) of Revenues
Over Expenditures 522,544 3,536,163 3,551,077 14,914
Other Financing Sources (Uses)
Transfers In 779,858 779,858 764,064 (15,794)
Transfers (Out)(1,275,001) (4,200,001) (4,200,000) 1
SBITAs - - 667,737 667,737
Total Other Financing Sources (495,143) (3,420,143) (2,768,199) 651,944
Net Change in Fund Balances 27,401 116,020 782,878 666,858 -
Fund Balances, Beginning of Year 9,042,979 9,551,171 9,322,143 (229,028)
Fund Balances, End of Year 9,070,380$ 9,667,191$ 10,105,021$ 437,830$
*The City budgets central service costs paid by the Enterprise Funds to the General Fund through the General Government department.
Periodically, this will result in the department reporting a negative actual expense (revenue).
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
23
74
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 2,660,169$ 2,660,169$ 3,075,652$ 415,483$
Investment Income/(Loss)100,000 100,000 356,067 256,067
Total Revenues 2,760,169 2,760,169 3,431,719 671,550
Expenditures
Current:
Physical Environment 25,000 25,000 418,721 (393,721)
Capital Outlay:
Physical Environment 2,738,380 4,133,524 3,454,215 679,309
Total Expenditures 2,763,380 4,158,524 3,872,936 285,588
Net Change in Fund Balances (3,211) (1,398,355) (441,217) 957,138
Fund Balances, Beginning of Year 6,289,605 9,756,470 9,485,213 (271,257)
Fund Balances, End of Year 6,286,394$ 8,358,115$ 9,043,996$ 685,881$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
24
75
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 61,320$ 61,320$ 61,464$ 144$
Charges for Services 3,182,261 2,645,674 2,663,862 18,188
Investment Income/(Loss)20,158 20,158 85,271 65,113
Miscellaneous 1,600 1,600 - (1,600)
Total Revenues 3,265,339 2,728,752 2,810,597 81,845
Expenditures
Current:
Physical Environment 3,259,646 3,897,646 3,895,134 2,512
Total Expenditures 3,259,646 3,897,646 3,895,134 2,512
Net Change in Fund Balances 5,693 (1,168,894) (1,084,537) 84,357
Fund Balances, Beginning of Year 1,907,320 2,969,698 2,900,796 (68,902)
Fund Balances, End of Year 1,913,013$ 1,800,804$ 1,816,259$ 15,455$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
SOLID WASTE/RECYCLING SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
25
76
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)110,000$ 110,000$ 674,244$ 564,244$
Total Revenues 110,000 110,000 674,244 564,244
Expenditures
Current:
Physical Environment 1,350,000 1,000,000 - 1,000,000
Total Expenditures 1,350,000 1,000,000 - 1,000,000
Excess (Deficiency) of Revenues
Over Expenditures (1,240,000) (890,000) 674,244 1,564,244
Other Financing Sources (Uses)
Transfers (Out)(15,800) (15,800) - 15,800
Net Change in Fund Balances (1,255,800) (905,800) 674,244 1,580,044
Fund Balances, Beginning of Year 18,687,851 18,804,403 (115,018) (18,919,421)
Fund Balances, End of Year 17,432,051$ 17,898,603$ 559,226$ (17,339,377)$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
AMERICAN RECOVERY PLAN ACT SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
26
77
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Assets
Current Assets:
Cash and Cash Equivalents 1,390,738$ 287,599$ 93,283$ 1,771,620$
Investments 24,746,664 5,115,735 1,659,877 31,522,276
Receivables, Net 503,603 - 46,572 550,175
Due from Other Governments 552,056 - - 552,056
Inventories 47,198 - - 47,198
Prepaid Expenses 24,424 - - 24,424
Total Current Assets 27,264,683 5,403,334 1,799,732 34,467,749
Non-Current Assets:
Restricted Cash and Cash Equivalents 898,088 - - 898,088
Capital Assets:
Land, Buildings and Equipment 81,409,078 458,067 14,741,221 96,608,366
Construction in Progress 3,951,550 260,867 720,338 4,932,755
Less Accumulated Depreciation (50,390,597) (292,549) (7,977,143) (58,660,289)
Total Capital Assets (Net of
Accumulated Depreciation 34,970,031 426,385 7,484,416 42,880,832
Total Non-Current Assets 35,868,119 426,385 7,484,416 43,778,920
Total Assets 63,132,802 5,829,719 9,284,148 78,246,669
Deferred Outflows of Resources
Deferred Charge on Refunding 7,382 - - 7,382
Deferred Outflow Pension and OPEB 548,958 149,716 149,716 848,390
Total Deferred Outflows Resources 556,340 149,716 149,716 855,772
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2023
Business-Type Activities - Enterprise Funds
See accompanying notes.
27
78
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Liabilities
Current Liabilities:
Accounts Payable 1,966,068$ 22,871$ 57,321$ 2,046,260$
Accrued Liabilities - 16,429 17,631 34,060
Compensated Absences - Current 16,659 1,432 1,505 19,596
Customer Deposits Payable 638,014 - - 638,014
Notes Payable - Current 429,026 - - 429,026
Revenue Bonds Payable - Current 490,931 - - 490,931
Accreted Interest Payable - Current 1,384,069 - - 1,384,069
Accrued Interest Payable 32,580 - - 32,580
Total Current Liabilities 4,957,347 40,732 76,457 5,074,536
Non-Current Liabilities:
Notes Payable 6,576,257 - - 6,576,257
Revenue Bonds Payable 2,383,125 - - 2,383,125
Accreted Interest Payable 6,497,530 - - 6,497,530
Compensated Absences 94,406 8,115 8,528 111,049
Other Post-Employment Benefits 104,691 28,552 28,550 161,793
Net Pension Liability 1,036,984 282,814 282,816 1,602,614
Total Non-Current Liabilities 16,692,993 319,481 319,894 17,332,368
Total Liabilities 21,650,340 360,213 396,351 22,406,904
Deferred Inflows of Resources
Deferred Inflow of Pension and OPEB 101,166 27,591 27,591 156,348
Total Deferred Inflows of Resources 101,166 27,591 27,591 156,348
Net Position
Net Investment in Capital Assets 25,090,688 426,385 7,484,416 33,001,489
Restricted for:
Renewal and Replacement 563,875 - - 563,875
Building Fund - 5,165,246 - 5,165,246
Unrestricted 16,283,073 - 1,525,506 17,808,579
Total Net Position 41,937,636$ 5,591,631$ 9,009,922$ 56,539,189$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2023
Business-Type Activities - Enterprise Funds
(Concluded)
See accompanying notes.
28
79
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Operating Revenues
User Charges 12,616,106$ 997,054$ 1,137,164$ 14,750,324$
Total Operating Revenues 12,616,106 997,054 1,137,164 14,750,324
Operating Expenses
Salaries and Benefits 1,831,838 570,900 348,413 2,751,151
Materials and Supplies 1,735,324 7,378 449,442 2,192,144
Depreciation and Amortization 2,197,130 26,155 436,343 2,659,628
Other Operating Expenses 6,737,010 929,991 493,917 8,160,918
Total Operating Expenses 12,501,302 1,534,424 1,728,115 15,763,841
Operating Income (Loss)114,804 (537,370) (590,951) (1,013,517)
Non-Operating Revenue (Expenses)
Investment Income/(Loss)1,041,389 205,468 76,719 1,323,576
Interest Expense (80,057) - - (80,057)
Accreted Interest Expense (667,294) - - (667,294)
Capital Grants 552,056 - - 552,056
Total Non-Operating Revenue
(Expenses)846,094 205,468 76,719 1,128,281
Income (Loss) Before Contributions
and Transfers 960,898 (331,902) (514,232) 114,764
Other Financing Sources (Uses)
Capital Contributions:
Connection Fees 198,599 - - 198,599
Transfers In 40,000 - 20,000 60,000
Transfers (Out)(764,064) - - (764,064)
Total Other Financing Sources (Uses)(525,465) - 20,000 (505,465)
Change in Net Position 435,433 (331,902) (494,232) (390,701)
Net Position, Beginning of Year 41,502,203 5,923,533 9,504,154 56,929,890
Net Position, End of Year 41,937,636$ 5,591,631$ 9,009,922$ 56,539,189$
AND CHANGES IN FUND NET POSITION
Business-Type Activities - Enterprise Funds
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
29
80
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Cash Flows from Operating Activities
Receipts from Customers 12,055,125$ 997,054$ 1,145,874$ 14,198,053$
Payments to Suppliers (8,155,087) (937,570) (947,454) (10,040,111)
Payments to Employees (1,556,944) (503,131) (277,087) (2,337,162)
Net Cash Provided (Used) by
Operating Activities 2,343,094 (443,647) (78,667) 1,820,780
Cash Flows from Non-Capital
Financing Activities
Transfers In 40,000 - 20,000 60,000
Transfers (Out)(764,064) - (764,064)
Grants 552,056 - - 552,056
Net Cash Provided (Used) by
Non-Capital Financing Activities (172,008) - 20,000 (152,008)
Cash Flows from Capital and
Related Financing Activities
Acquisition of Capital Assets (4,634,321) (71,687) (601,721) (5,307,729)
Principal Paid (856,586) - - (856,586)
Interest Paid (1,408,601) - - (1,408,601)
Connection Fees 198,599 - - 198,599
Net Cash Provided (Used) by
Capital and Related Financing Activities (6,700,909) (71,687) (601,721) (7,374,317)
Cash Flows from Investing Activities
Sale (Purchase) of Investments (87,123) (65,932) 405,644 252,589
Investment Income 1,041,389 205,468 76,719 1,323,576
Net Cash Provided (Used) by
Investing Activities 954,266 139,536 482,363 1,576,165
Net Increase (Decrease) in Cash
and Cash Equivalents (3,575,557) (375,798) (178,025) (4,129,380)
Cash and Cash Equivalents, Beginning of Year 5,864,383 663,397 271,308 6,799,088
Cash and Cash Equivalents, End of Year 2,288,826$ 287,599$ 93,283$ 2,669,708$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Business-Type Activities - Enterprise Funds
See accompanying notes.
30
81
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Reconciliation of Operating Income (Loss) to
Net Cash Provided (Used) by Operating Activities
Operating Income (Loss)114,804$ (537,370)$ (590,951)$ (1,013,517)$
Adjustments Not Affecting Cash:
Depreciation and Amortization 2,197,130 26,155 436,343 2,659,628
Change in Assets and Liabilities:
Decrease (Increase) in
Accounts Receivable (540,550) - 8,710 (531,840)
Decrease (Increase) in Inventories (5,586) - - (5,586)
Decrease (Increase) in Prepaid Expenses (10,954) - - (10,954)
Decrease (Increase) in Deferred Outflows 222,150 60,587 60,587 343,324
Increase (Decrease) in Accounts Payable 333,791 (201) (4,098) 329,492
Increase (Decrease) in Accrued Liabilities (57,522) (6,006) (5,026) (68,554)
Increase (Decrease) in Customer Deposits (20,431) - - (20,431)
Increase (Decrease) in Accrued
Compensated Absences 75,161 3,615 6,195 84,971
Increase (Decrease) in Deferred Inflows 16,309 4,448 4,448 25,205
Increase (Decrease) in Net Pension
Liability/Asset 50,781 13,849 13,849 78,479
Increase (Decrease) in Net OPEB Liability (31,989) (8,724) (8,724) (49,437)
Total Adjustments 2,228,290 93,723 512,284 2,834,297
Net Cash Provided (Used) by Operating Activities 2,343,094$ (443,647)$ (78,667)$ 1,820,780$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Business-Type Activities - Enterprise Funds
(Concluded)
See accompanying notes.
31
82
Defined Benefit
Pension Trust
Fund
Assets
Cash and Cash Equivalents 771,628$
Contributions Receivable 493,834
Investments, at Fair Value:
Common Funds, Equity 44,746,050
Common Funds, Bonds 13,958,721
Other Investments 6,397,596
Total Investments 65,102,367
Total Assets 66,367,829
Net Position
Net Position Restricted for Pensions 66,367,829$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2023
See accompanying notes.
32
83
Defined Benefit
Pension Trust
Fund
Additions
Contributions:
Employer 2,492,912$
Plan Members 206,423
Total Contributions 2,699,335
Investment Income:
Net Increase (Decrease) in Fair Value of Investments 6,083,198
Interest 835,315
Investment-Related Expenses (242,136)
Net Investment Income 6,676,377
Total Additions 9,375,712
Deductions
Benefits 4,760,493
Administrative Expenses 34,871
Other Expenses 11,598
Total Deductions 4,806,962
Change in Net Position 4,568,750
Net Position, Beginning of Year 61,799,079
Net Position, End of Year 66,367,829$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED SEPTEMBER 30, 2023
See accompanying notes.
33
84
NOTES TO FINANCIAL STATEMENTS
85
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
34
Note 1 - Summary of Significant Accounting Policies
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 i n 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.
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 non-fiduciary 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 busi ness-type
activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include: 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
86
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
35
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 t he
current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal
period. Only the portion of special assessments receivable due within the current fiscal period is
considered to be susceptible to accrual as revenue of the current period. All other revenue items are
considered to be measurable and available only when cash is received by the City.
The government reports the following funds:
Major Governmental Funds
• 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.
• Road Improvements Special Revenue Fund - accounts for collected one-cent sales tax revenues
restricted for use for transportation, safety, capacity, and infrastructure consistent with
Section 212.055, Florida Statutes.
• 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.
• American Rescue Plan Act (ARPA) Fund - accounts for the collection and expenditures of the
Coronavirus State and Local Recovery Funds, a part of the ARPA.
Non-Major 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.
87
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
36
• 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.
Major Proprietary Funds
• Water and Sewer Utility Fund - 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.
• Development Services Fund - 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.
• Stormwater Utility Fund - 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 non-operating 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 non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use
restricted resources first, then unrestricted resources as they are needed.
88
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
37
Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance
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 Governmental Accounting Standards Board (GASB) Statement No. 72, Fair
Value Measurement and Application.
Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the
end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of
interfund loans) or “advances to/from other funds” (i.e., the non-current portion of interfund loans). All
other outstanding balances between funds are reported as “due to/from other funds”. Any residual
balances outstanding between the governmental activities and business-type activities are reported in
the government-wide financial statements as “internal balances”.
Advances between funds, as reported in the fund financial statements, are offset by a non-spendable fund
balance in applicable governmental funds to indicate that they are not available for appropriation and are
not expendable available financial resources.
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.
Inventories and Prepaid Items
All inventories are valued at cost using the average cost 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.
Leases
As described further in Note 16, the City is a lessor for non-cancellable leases of its cell towers. In
accordance with both agreements, the City recognizes a lease receivable and deferred inflow of resources.
The City recognizes lease receivables for leases with a term greater than 12 months. At the
commencement of a lease, the City initially measures the lease receivable at the present value of
payments expected to be received during the lease term. Subsequently, the lease receivable is reduced
by the principal portion of lease payments received. The deferred inflow of resources is initially measured
89
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
38
as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease
commencement. Subsequently, the deferred inflow of resources is recognized as revenue over the life of
the lease term. The City monitors changes in circumstances that would require a remeasurement of its
lease and will remeasure the lease asset and receivable if certain changes occur that are expected to
significantly affect the amount of the lease receivable.
Subscription-Based Information Technology Arrangements
As described further in Note 17, the City is party to two subscription-based information technology
arrangements (SBITAs). The City recognizes both a subscription asset and a related subscription liability
for arrangements with terms greater than 12 months. At the commencement of a SBITA, the City initially
measures the subscription liability at the present value of payments expected to be paid during the lease
term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The
subscription asset is initially measured as the initial amount of the subscription liability, adjusted for
payments received at or before commencement. Subsequently, the subscription asset is amortized as
depreciation expense over the life of the arrangement term. The City monitors changes in circumstances
that would require a remeasurement of its SBITA and will remeasure the subscription asset and
subscription liability if certain changes occur that are expected to significantly affect the arrangement.
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 statement of net position 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 statement of net position.
Capital Assets
Capital assets, which include property, plant and 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 $5,000 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 acquisition 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 expensed as incurred.
Property, plant and equipment of the City are depreciated using the straight-line method over the
following estimated useful lives:
Years
Buildings 30
Improvements 20-50
Infrastructure 30-50
Intangible Assets 3-10
Equipment 3-10
90
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
39
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
postemployment benefits (OPEB), and net pension liability are generally liquidated by the General Fund.
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.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net 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 and OPEB
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.
In addition to liabilities, the statement of net 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 first, unavailable revenue, is reported only in the
governmental funds balance sheet. The governmental funds report unavailable revenues from three
sources: county taxes, special assessments, and other. The second, deferred inflows from leases, are
reported in both the governmental funds balance sheet and in the government-wide statement of net
position. 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 and OPEB reported in the
enterprise and government-wide statement of net position.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
40
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.
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 i n 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.
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 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.
92
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
41
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements
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 difference are as follows:
Bonds Payable $ (1,964,635)
Accreted Interest Payable (5,419,528)
Notes Payable (831,298)
Compensated Absences (1,174,729)
Subscription-Based Information Technology Arrangements (517,425)
Net Adjustment to Reduce Fund Balance,
Total Governmental Funds to Arrive at Net
Position, Governmental Activities $ (9,907,615)
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 difference are as follows:
Capital Outlay $ 7,341,519
Depreciation Expense (4,530,305)
Net Adjustment to Increase Net Changes in Fund
Balances, Total Governmental Funds to Arrive at
Changes in Net Position, Governmental Activities $ 2,811,214
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 effe ct 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 difference are as follows:
SBITAs $ (667,737)
Principal Repayment 501,205
Net Adjustment to Decrease Net Changes in Fund
Balances, Total Governmental Funds to Arrive at
Changes in Net Position, Governmental Activities $ (166,532)
93
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
42
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 difference are as follows:
Compensated Absences $ (683,518)
Amortization of Loss on Refunding (7,432)
Accrued Interest Payable -
Other Postemployment Benefits 58,078
Accreted Interest Payable (436,230)
Net Adjustment to Decrease Net Changes in
Fund Balance, Total Governmental Funds to Arrive
at Changes in Net Position, Governmental Activities $ (1,069,102)
Note 3 - Stewardship, Compliance, and Accountability
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 the procedures
set forth below in establishing the budgetary data reflected in the financial statements.
1. On or before July 1 of each year, the City Manager submits a proposed budget to the City Commission
for the fiscal year beginning the following October 1. 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 30 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.
Deficit Fund Balances
As a result of the internal loan, the Tuscawilla Phase III Special Revenue Fund has a deficit fund balance of
$31,273 at September 30, 2023.
Excess of Expenditures Over Appropriations
The budgetary comparison schedule for the General Fund’s Information Systems Department and Police
Department had an excess of expenditures over appropriations in the amount of $280,500 and $416,804,
respectively. Additionally, the following non-major governmental fund also had expenditures in excess of
appropriations: Special Law Enforcement Trust Fund – Federal’s public safety function, $23,981.
94
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
43
Note 4 - Deposits and Investments
Deposits
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. Thi s 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, Florida Statutes. Authorized
investments are:
1. Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA LGIP)
2. U.S. Government Securities
3. U.S. Government Agency Securities
4. Federal Instrumentalities (U.S. Government Sponsored Agencies)
5. Interest-Bearing Time Deposit or Savings Deposit
6. Repurchase Agreements
7. Commercial Paper
8. Bankers’ Acceptances
9. State and/or Local Government 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 investments 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 & Poor’s (S&P) rating of Aam or Aam-G. Investments in commercial paper and bankers’
acceptances must be rated, at a minimum, “P-1” by Moody’s Investors Services and “A-1” by S&P.
Investment in state and/or local government taxable and/or tax-exempt debt must be rated at least “Aa”
by Moody’s and “AA” by S&P for long-term debt, or rated at least “MIG-2” by Moody’s and “SP-2” by S&P
for short-term debt.
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 Depositories Trust Fund, a multiple financial institution p ool with the ability to
assess its member financial institutions for collateral shortfalls if a default or insolvency has occurred. At
September 30, 2023, all of the City’s bank deposits were in qualified public depositories.
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
44
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, 2023, 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 inform ation generated by
market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
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 may include the City’s own data in measuring
unobservable inputs.
The City has the following recurring fair value measurements as of September 30, 2023:
Quoted Prices in
Active Markets for Significant Other
Identical Assets Observable Inputs
Investments Valued by Fair Value Fair Value (Level 1) (Level 2)
Commercial Paper $ 14,484,074 $ - $ 14,484,074
U.S. Treasury Notes 29,123,017 29,123,017 -
Collateralized Mortgage Obligations 869,623 - 869,623
Commercial Mortgage-Backed Securities 1,841,958 - 1,841,958
Consumer Asset Backed Securities 8,350,849 - 8,350,849
Commercial Asset Backed Securities 141,069 - 141,069
Other U.S. Credit 24,196,425 - 24,196,425
Municipal Credit 1,816,524 - 1,816,524
Federal Agency Bonds 11,842,756 - 11,842,756
$ 92,666,295 $ 29,123,017 $ 63,543,278
96
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
45
Investments held by the City at September 30, 2023, are detailed below.
Weighted Average
Investments Fair Value Credit Rating Maturity
Commercial Paper $ 14,484,074 N/A 165 days
U.S. Treasury Notes 29,123,017 AA+ 359 days
Collateralized Mortgage Obligations 869,623 AA+ 337 days
Commercial Mortgage-Backed Securities 1,841,958 AAA-A- 153 days
Consumer Asset Backed Securities 8,350,849 AAA 953 days
Commercial Asset Backed Securities 141,069 AAA 953 days
Other U.S. Credit 24,196,425 AA-BBB+ 409 days
Municipal Credit 1,816,524 AAA 430 days
Federal Agency Bonds 11,842,756 AA+ 447 days
$ 92,666,295
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,
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 short-term investment fund 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, 202 3, are detailed below:
Quoted Prices in Significant
Active Markets for Significant Other Unobservable
Identical Assets Observable Inputs Inputs
Investments Fair Value (Level 1) (Level 2) (Level 3)
Equity Mutual Funds $ 44,746,050 $ 44,746,050 $ - $ -
Bond Mutual Funds 13,958,721 - 13,958,721 -
Real Estate Investment Trusts 5,396,946 - - 5,396,946
Other Investments 1,000,650 - 1,000,650 -
Total Investments 65,102,367 $ 44,746,050 $ 14,959,371 $ 5,396,946
Cash and Cash Equivalents 771,628
Total Cash and Investments $ 65,873,995
97
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
46
Credit Risk
The City’s Trust investment policy limits credit risk by restricting authorized investments 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) backin g
commercial paper, the long-term debt of the LOC provider be rated A or better by at least two nationally
recognized rating services; bankers’ acceptances of the United States Banks or federally chartered
domestic office of a foreign bank, which are eligible for purchase by the Federal Reserve System, be rated
in the highest category by a nationally recognized rating service; General Obligation and/or Revenue
Bonds of state or local government taxable or tax-exempt debt be rated A, for long-term debt, by a
nationally recognized rating service or rated “MIG-2” or “SP-2”, for short-term debt, by a nationally
recognized rating service; intergovernmental investment pools be authorized to the Florida Interlocal
Cooperation Act provided in Section 163.01, Florida Statutes; equities be traded on a national exchange;
money market mutual funds have a rating of “A1” by Standard & Poor’s (S&P) or “P1” by Moody’s Investor
Services (Moody’s); fixed income securities be investment grade as measured by S&P or Moody’s; and any
bonds or notes that fall below investment quality must be liquidated immediately.
Custodial Credit Risk
Custodial risk is the risk that, in the event of the failure of the counterparty, the government will not be
able to recover the value of its investments or collateral securities that are in the possession of an outside
party. At September 30, 2023, 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, 2023, there were no security investments in the Trust that were over their respective
limitations.
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.
98
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
47
Note 5 - Receivables
Receivables as of year-end for the City’s individual major funds and non-major funds in the aggregate,
including the applicable allowances for uncollectible accounts, are as follows:
Allowance for
Accounts Uncollectible
Fund Receivable Accounts Net Receivable
General $ 117,738 $ (1,113) $ 116,625
Solid Waste/Recycling Special Revenue 147,785 (16,151) 131,634
Other Governmental Funds 1,903 - 1,903
Water and Sewer Utility 587,105 (83,502) 503,603
Stormwater Utility 52,944 (6,372) 46,572
$ 907,475 $ (107,138) $ 800,337
There is an amount of $36,390 included in accounts receivable above in the General Fund that is not
considered to be available to liquidate liabilities of the current period. There are also special assessments
receivable of $771,299 that are not available to liquidate liabilities of the current period. These
receivables are reported as deferred inflows of resources in the governmental funds balance sheet.
Note 6 - Capital Assets
Capital asset activity for the year ended September 30, 2023, was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities
Capital Assets, Not Being Depreciated:
Land 10,341,976$ -$ -$ 10,341,976$
Construction in Progress 656,552 5,730,254 (4,111,432) 2,275,374
Total Capital Assets, Not Being Depreciated 10,998,528 5,730,254 (4,111,432) 12,617,350
Capital Assets, Being Depreciated:
Buildings 15,879,669 482,846 - 16,362,515
Improvements 15,945,431 118,442 - 16,063,873
Intangible Assets 1,167,464 - - 1,167,464
Subscription Assets - 667,737 - 667,737
Machinery and Equipment 11,707,740 943,899 (3,535) 12,648,104
Infrastructure 76,582,734 3,509,773 - 80,092,507
Total Capital Assets, Being Depreciated 121,283,038 5,722,697 (3,535) 127,002,200
Less Accumulated Depreciation for:
Buildings (9,005,658) (485,813) - (9,491,471)
Improvements (9,544,739) (642,437) - (10,187,176)
Intangible Assets (1,162,201) (3,473) - (1,165,674)
Subscription Assets - (125,016) - (125,016)
Machinery and Equipment (8,749,539) (1,051,410) 3,535 (9,797,414)
Infrastructure (49,466,749) (2,222,156) - (51,688,905)
Total Accumulated Depreciation (77,928,886) (4,530,305) 3,535 (82,455,656)
Total Capital Assets, Being Depreciated, Net 43,354,152 1,192,392 - 44,546,544
Governmental Activities Capital Assets, Net 54,352,680$ 6,922,646$ (4,111,432)$ 57,163,894$
99
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
48
Depreciation expense was charged to functions/programs as follows:
Governmental Activities
General Government $ 606,934
Public Safety 498,979
Physical Environment 2,558,847
Culture and Recreation 865,545
Total Depreciation Expense,
Governmental Activities $ 4,530,305
Business-Type Activities
Water and Sewer $ 2,197,130
Development Services 436,343
Stormwater 26,155
Total Depreciation Expense,
Business-Type Activities $ 2,659,628
Note 7 - Long-Term Debt
Revenue Bonds - Public Offering
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 $8,925,000. For the fiscal
year, principal and interest paid (including accreted interest) on this series was $1,275,000, and total
pledged revenue was $7,852,258.
Beginning Ending
Balance Increases Decreases Balance
Business-Type Activities
Capital Assets, Not Being Depreciated:
Land 7,170,177$ -$ -$ 7,170,177$
Construction in Progress 4,121,241 4,579,182 (3,767,668) 4,932,755
Total Capital Assets, Not Being Depreciated 11,291,418 4,579,182 (3,767,668) 12,102,932
Capital Assets, Being Depreciated:
Buildings 2,281,497 - - 2,281,497
Improvements 71,952,532 3,273,721 - 75,226,253
Intangible Assets 413,331 - - 413,331
Machinery and Equipment 10,317,258 1,222,525 (22,675) 11,517,108
Total Capital Assets, Being Depreciated 84,964,618 4,496,246 (22,675) 89,438,189
Less Accumulated Depreciation for:
Buildings (972,566) (60,771) - (1,033,337)
Improvements (48,942,431) (1,936,176) - (50,878,607)
Intangible Assets (336,107) (26,964) - (363,071)
Machinery and Equipment (5,772,232) (635,717) 22,675 (6,385,274)
Total Accumulated Depreciation (56,023,336) (2,659,628) 22,675 (58,660,289)
Total Capital Assets, Being Depreciated, Net 28,941,282 1,836,618 - 30,777,900
Business-Type Activities Capital Assets, Net 40,232,700$ 6,415,800$ (3,767,668)$ 42,880,832$
100
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
49
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 $13,125,000. For the fiscal
year, the principal and interest paid on this series was $1,875,000, and total pledged net revenue was
$3,551,922.
The original amount of revenue bonds issued in prior years, as well as revenue bonds outstanding at year-
end, are as follows:
Balance
Interest Rates Original September 30,
and Dates Maturity Amount 2023
Governmental Activities
Improvement Refunding Revenue
Bonds Series 1999 (Excludes 10/1/2020
$5,419,530 of Accreted Interest on 3.25%-5.25% to
Capital Appreciation Bonds) (4/1 and 10/1) 10/1/2029 $ 7,998,970 $ 1,964,635
Total $ 1,964,635
Balance
Interest Rates Original September 30,
and Dates Maturity Amount 2023
Business-Type Activities
Water and Sewer Refunding Revenue
Bonds Series 2000 (Excludes 10/1/2022
$7,881,599 of Accreted Interest on 4.5%-5.5% to
Capital Appreciation Bonds) (4/1 and 10/1) 10/1/2030 $ 6,969,191 $ 2,874,056
Total $ 2,874,056
Annual debt service requirements to maturity for revenue bonds are as follows:
Year Ending Governmental Activities Business-Type Activities
September 30, Principal Interest Principal Interest
2024 $ 331,130 $ 943,870 $ 490,931 $ 1,384,069
2025 312,413 962,587 460,950 1,414,050
2026 295,456 979,544 432,637 1,442,363
2027 278,677 996,323 405,919 1,469,081
2028 263,517 1,011,486 382,688 1,492,312
2029-2030 483,442 2,066,558 700,931 3,049,069
$ 1,964,635 $ 6,960,365 $ 2,874,056 $ 10,250,944
Notes Payable - Direct Borrowing
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 agreement provides for total funding of $1,765,000.
The note period is for 18 years with an interest rate of 3.25% payable semiannually. The total principal
and interest remaining to be paid on this series is $929,317. For the fiscal year, principal and interest paid
on this series was $0, and total pledged revenue was $140,319.
101
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
50
The 2020 Water and Sewer System Revenue Refunding Note Payable was issued in October 2020 and is
secured by net revenue from the water and sewer system. Net revenues are calculated using system
gross revenues less any expenses paid for operation and maintenance. This Revenue Refunding Note
Payable was used to refund the 2018 Water and Sewer System Revenue Refunding Note Payable and 2013
Clean Water State Revolving Fund (SRF) Loan. The agreement provides for total funding of $3,063,000.
The note period is for 12 years with an interest rate of 1.72% payable semiannually. The total principal
and interest remaining to be paid on this series is $3,041,821. For the fiscal year, principal and interest
paid was $70,037 and total pledged revenue was $3,551,922.
In the event of default, the note holders may make the outstanding amounts due and payable
immediately.
In 2017, the City executed the Drinking Water State Revolving Fund Construction Loan agreement
DW590610 for Water Treatment Plant Water Quality Improvements. The agreement provides for total
funding of $5,862,732. The loan period is for 20 years with an interest rate of .72%. The note is secured
by gross revenues from the water and sewer utility net of operations and maintenance costs. The principal
and interest remaining to be paid on this series is $4,482,101. For the fiscal year, principal and interest
paid on this series was $320,150, and total pledged net revenue was $3,551,922.
In the event of default on the State Revolving Fund Loans, the Florida Department of Environmental
Protection may cause to establish rates and collect fees, require the City to account for all moneys
received and used, appoint a receiver to manage the water and sewer systems, intercept delinquent
amounts plus a penalty due to the City under State Revenue Sharing, recover all amounts due including
costs of collection and attorney fees, and accelerate the repayment schedule or increase the interest rate
by a factor of up to 1.667%.
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 Refunding Revenue Note, Series 2011 - Payable
in Annual Principal Installments Starting 10/1/2012 through 10/1/2029
and Interest Paid Semiannually at 3.25% $ 831,298
Business-Type Activities
2017 SRF Loan - Payable in Semiannual Principal and Interest Installments
Starting 12/15/2017 through 6/15/2037, with Interest Paid Semiannually at .72% $ 4,256,327
Water and Sewer System Revenue Refunding Note, Series 2020 - Payable
in Annual Principal Installments Starting 10/15/2020 through 10/1/2032
with Interest Paid Semiannually at 1.72% 2,748,956
$ 7,005,283
102
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
51
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending Governmental Activities Business-Type Activities
September 30, Principal Interest Principal Interest
2024 $ 105,408 $ 25,304 $ 429,026 $ 76,616
2025 113,321 21,750 433,117 72,116
2026 115,967 18,024 438,225 67,567
2027 118,435 14,215 443,347 62,950
2028 120,822 10,329 447,484 58,276
2029-2033 257,445 8,396 3,554,029 160,570
2034-2038 - - 1,260,055 20,499
$ 831,298 $ 98,018 $ 7,005,283 $ 518,594
Changes in Long-Term Liabilities
Long-term liability activity for the year ended September 30, 2023, was as follows:
Note 8 - Interfund Receivables, Payables and Transfers
The composition of interfund advances as of September 30, 2023, is as follows:
Receivable Fund Payable Fund Amount
General Other Governmental Funds $ 126,950
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities
Bonds Payable - Revenue Bonds 2,315,528$ -$ (350,893)$ 1,964,635$ 331,130$
Accreted Interest Payable 5,907,407 436,230 (924,107) 5,419,530 943,870
Notes Payable - Direct Borrowing:
Capital Improvement Notes 831,298 - - 831,298 105,408
Subscription Liabilities - 667,737 (150,312) 517,425 148,046
Other Postemployment Benefits 869,780 - (203,565) 666,215 -
Net Pension Liability 6,275,832 323,154 - 6,598,986 -
Compensated Absences 491,212 1,028,337 (344,819) 1,174,730 176,210
Governmental Activity Long-Term Liabilities 16,691,057$ 2,455,458$ (1,973,696)$ 17,172,819$ 1,704,664$
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Business-Type Activities
Bonds Payable - Revenue Bonds 3,396,694$ -$ (522,638)$ 2,874,056$ 490,931$
Accreted Interest Payable 8,566,668 667,293 (1,352,362) 7,881,599 1,384,069
Notes Payable - Direct Borrowing:
Revenue Notes 2,794,956 - (46,000) 2,748,956 139,000
SRF Loans 4,544,276 - (287,949) 4,256,327 290,026
Other Postemployment Benefits 211,232 - (49,439) 161,793 -
Net Pension Liability 1,524,136 78,478 - 1,602,614 -
Compensated Absences 45,672 118,348 (33,375) 130,645 19,596
Business-Type Activity Long-Term Liabilities 21,083,634$ 864,119$ (2,291,763)$ 19,655,990$ 2,323,622$
103
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
52
$36,286 of the balance due to the General Fund 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
cumulative $17,100 in prepayments were received for a net interfund loan of $63,720. The terms of the
note are an initial interest rate of 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.
The remaining amount due to the General Fund is a cash advance to the TLBD Debt Service Fund.
Interfund transfers for the year ended September 30, 2023, are summarized below:
Interfund transfers for the year ended September 30, 2023, are detailed below:
Recipient Fund Amount Purpose
General Fund $ 764,064 Transfer from Water and Sewer Utility Fund for utility billing.
Transportation Improvement Fund 2,500,000 Transfer from General Fund for transportation capital projects.
1999/2011 Debt Service 1,275,000 Transfer from General Fund for annual debt service requirements.
Excellence in Customer Service Fund 365,000 Transfer from General Fund for capital projects.
Water Sewer Utility Fund 40,000 Transfer from General Fund for payroll cost-of-living adjustment.
Stormwater Fund 20,000 Transfer from General Fund for payroll cost-of-living adjustment.
$ 4,964,064
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 one remains, although they are no longer
employees of the City.
Other Water and
Governmental Sewer Utility Stormwater
Transfers Out General Fund Funds Fund Fund Total
General Fund -$ 4,140,000$ 40,000$ 20,000$ 4,200,000$
Water and Sewer Utility Fund 764,064 - - - 764,064
764,064$ 4,140,000$ 40,000$ 20,000$ 4,964,064$
Transfers In
104
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
53
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 City Commission for final approval.
Plan Membership
At September 30, 2023, plan membership consisted of the following:
Inactive Plan Members or Beneficiaries
Currently Receiving Benefits 137
Inactive Plan Members Entitled to But Not
Yet Receiving Benefits 166
Active Plan Members 68
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, 2023, and the net pension liability was
determined by an actuarial valuation as of October 1, 2022, updated to September 30, 2023. The
components of the net pension liability of the sponsor on September 30, 2023, were as follows:
Total Pension Liability $ (74,569,429)
Plan Fiduciary Net Position 66,367,829
Sponsor's Net Pension Liability $ (8,201,600)
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 89.00%
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 202 2, updated to
September 30, 2023, using the following actuarial assumptions:
Inflation 2.75%
Salary Increases 3.0% - 4.5%
Investment Rate of Return 7.0%
For healthy General Employee participants post-employment, PUB-2010 Headcount Weighted General
Below Median Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for
male, with fully generational mortality improvements projected to each future decrement date with Scale
MP-2018 was used.
105
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
54
For healthy Firefighter, Police Officer, and Forensic Professional participants during employment, PUB-
2010 Headcount Weighted Safety Employee Female Mortality Table and Safety Below Median Employee
Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected
to each future decrement date with Scale MP-2018 was used.
For healthy Firefighter, Police Officer, and Forensic Professional participants postemployment, PUB-2010
Headcount Weighted Safety Healthy Retiree Female Mortality Table and Safety Below Median Healthy
Retiree Male Mortality Table, both set forward 1 year, with fully generational mortality improvements
projected to each future decrement date with Scale MP-2018 was used.
For disabled General Employee participants, PUB-2010 Headcount Weighted General Disabled Retiree
Mortality Table, separate rates for males and females, both set forward 3 years, without projected
mortality improvements.
For disabled Firefighter, Police Officer, and Forensic Professional participants, 80% PUB-2010 Headcount
Weighted General Disabled Retiree Mortality Table / 20% PUB-2010 Headcount Weighted Safety Disabled
Retiree Mortality Table, separate rates for males and females, without projected mortality improvements.
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, 2023, are summarized in the following table:
Long-Term
Target Expected
Asset Class Allocation Rate of Return
Domestic Equity 50% 7.5%
International Equity 15% 8.5%
Domestic Bonds 15% 2.5%
International Bonds 10% 4.5%
Real Estate 10% 6.24%
Total 100%
Discount Rate
The discount rate used to measure the total pension liability was 7.00%. 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.
106
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
55
Changes in Net Pension Liability
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability (a) Net Position* (b) Liability (Asset) (a)-(b)
Balances at September 30, 2022 $ 69,610,645 $ 61,810,677 $ 7,799,968
Changes for a Year:
Service Cost 405,604 - 405,604
Interest 5,034,091 - 5,034,091
Differences Between Expected and
Actual Experience 1,300,852 - 1,300,852
Assumption Changes 2,978,730 - 2,978,730
Contributions - Employer - 2,492,912 (2,492,912)
Contributions - Employee - 206,423 (206,423)
Net Investment Income - 6,664,779 (6,664,779)
Benefit Payments, Including Refunds of
Employee Contributions (4,760,493) (4,760,493) -
Administrative Expense - (34,871) 34,871
Other - (11,598) 11,598
Net Changes 4,958,784 (4,557,152) 401,632
Balances at September 30, 2023 $ 74,569,429 $ 66,367,829 $ 8,201,600
*The figures in the table vary from the Statement of Changes in Fiduciary Net Position due to the timing of
receipts and disbursements in the Plan.
Sensitivity of the Net Pension Liability (Asset) to Changes in the Discount Rate
Current
1% Decrease Discount Rate 1% Increase
(6.00%) (7.00%) (8.00%)
Net Pension Liability (Asset) $ 16,578,130 $ 8,201,600 $ 1,179,981
Deferred Outflows and Inflows of Resources
For the year ended September 30, 2023, the City recognized pension expense of $4,599,724. At
September 30, 2023, 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 $ 487,819 $ -
Changes of Assumptions 1,117,024 -
Net Difference Between Projected
and Actual Earnings on Pension Plan
Investments 2,470,738 -
$ 4,075,581 $ -
107
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
56
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense as follows:
Year Ending September 30,
2024 $ 1,866,081
2025 294,502
2026 2,397,438
2027 (482,440)
Total $ 4,075,581
Note 10 - Defined Contribution Plan
In March 2012, the City established the Winter Springs Defined Contribution Plan (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 authorized and may be amended
by the City Commission. The City makes employer contributions of 5% (no mandatory employee
contribution) and will match an employee's 457 deferred contribution, dollar for dollar, up to 2.5% of
employee's salary. Employees are eligible to participate in the General Plan after 6 months of
employment. Vesting is 0% until at least 2 years, 40% at the end of year 2, 60% at the end of year 3, 80%
at the end of year 4, and 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 ended September 30, 2023, employer contributions required and made were $193,289.
As of September 30, 2023, participation in the plan consisted of 62 active members. During the year, the
General Plan held no securities issued by the employer.
Note 11 - Other Postemployment 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 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.
As of October 1, 2021, the valuation date, there were 142 active employees and 39 inactive employees or
beneficiaries currently receiving benefits. The OPEB liability of $828,008 was measured as of October 1,
2022, and was determined by the actuarial valuation. The covered payroll was $7,599,208, and the ratio
of net OPEB liability as a percentage of covered payroll was 10.90%.
108
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
57
Summary of Actuarial Methods and Assumptions
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are subject
to continual revision as actual results are compared with past expectations and new estimates are made
about the future. The OPEB Liability and Related Ratios Schedule, 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.
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.
The Total OPEB liability was determined using the following actuarial assumptions and other inputs,
applied to all periods included in the measurement unless otherwise specified:
Healthcare Cost Trend Rates Based on the Getzen Model, starting at 6.5%,
gradually decreasing to an ultimate rate of
3.7% in 2042.
Valuation Date October 1, 2021
Measurement Date October 1, 2022
Actuarial Cost Method Entry Age Normal
Discount Rate 4.40%
Inflation Rate 2.50%
Salary Rate Increase 3.00%-4.50%
Retiree’s Share of Benefit Related Costs 100% of blended health insurance premium
rates except by law 0% for certain conditions
for police officers’ death and disability
benefits.
109
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
58
Below are the details regarding the total OPEB liability for the measurement period from October 1, 2021
to September 30, 2022:
Total
OPEB Liability
Balance as of September 30, 2021 $ 1,081,012
Changes for the Year:
Service Cost 66,408
Interest 24,781
Difference Between Expected and
Actual Experience -
Changes of Assumptions and Other
Inputs* (312,323)
Benefit Payments (31,870)
Net Changes (253,004)
Balances as of September 30, 2022 $ 828,008
* Changes in assumptions and other inputs reflect a change in the discount rate from
2.19% for the measurement period ended September 30, 2021, to 4.40% for the
measurement period ended September 30, 2022.
The following table presents the total OPEB liability of the City, as well as what the City’s total OPEB liability
would be if it were calculated using a discount rate that is 1 percentage point lower or 1 percentage point
higher than the current discount rate:
1% Decrease Discount Rate 1% Increase
(3.40%) (4.40%) (5.40%)
Total OPEB Liability $ 951,213 $ 828,008 $ 727,376
The following presents the total OPEB liability of the City using the 202 2 healthcare cost trend rate of 6.5%
to 3.7%, as well as what the City’s OPEB liability would be if it were calculated using healthcare trend rates
that were 1 percentage point lower and 1 percentage point higher than the current healthcare cost trend
rates:
1% Decrease Current Trend 1% Increase
(5.5% to 2.7%) (6.5% to 3.7%) (7.5% to 4.7%)
Total OPEB Liability $ 759,538 $ 828,008 $ 913,746
For the fiscal year ended September 30, 2023, the City reported deferred outflows of resources and
deferred inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Difference Between Expected
and Actual Experience $ - $ (516,641)
Changes of Assumption of
Other Inputs 231,207 (283,494)
Contributions Subsequent to
the Measurement Date 34,969 -
Total $ 266,176 $ (800,135)
110
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
59
The deferred outflows of resources related to OPEB, totaling $34,969, resulting from City contributions to
the OPEB plan subsequent to the measurement date, will be recognized as a reduction of the OPEB liability
in the fiscal year ended September 30, 202 3. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year Ending September 30,
2024 $ (131,673)
2025 (131,671)
2026 (121,299)
2027 (117,461)
2028 (84,389)
Thereafter 17,565
$ (568,928)
Summary of Benefits
OPEB - The City of Winter Springs provides optional postemployment healthcare, life 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 Plans 5 or 6.
Required Monthly Premium for Postemployment 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 financial statements.
Note 13 - Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; job-related illnesses or injuries to employees; and natural disasters. Risk of loss
from above is transferred by the City to various commercial insurers through the purchase of insurance .
There has been no significant reduction in insurance coverage from the previous year . There have been
no settlements in excess of insurance coverage in any of the prior three fiscal years.
111
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
60
Note 14 - Commitments and Contingencies
Grants
Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor
agencies, principally the federal government and the State of Florida. Any disallowed claims, including
amounts already collected, may constitute a liability of the applicable funds . The amount, if any, of
expenditures that may be disallowed by the grantor cannot be determined at this time, although the City
expects such amounts, if any, to be immaterial.
Litigation
The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently
determinable, in the opinion of the City’s counsel the resolution of these matters will not have a material
adverse effect on the financial condition of the City.
Commitments Under Construction Contracts
At September 30, 2023, the City had entered into construction contracts in the amount of $13,957,037.
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, 2023, there are no remaining impact fee
credits.
Anticipated Cost of Wastewater Treatment System Replacement
In the coming fiscal years, the wastewater treatment system requires replacement, which will be a large
construction cost the City is responsible for funding. As of the date the financial statements were issued,
the total anticipated cost of this project is $100 million and will be funded using American Recovery Plan
Act revenues and financing options available to the City in the coming fiscal years.
Note 15 - Fund Balance
Minimum Fund Balance Policy
In accordance with Resolution 2002-36, the City designates an amount equal to 20% of the total operating
expenses of the General Fund to be maintained as a required minimum unreserved fund balance. The
purpose of the policy is to provide capacity to: (1) provide sufficient cash flow for daily financial needs,
(2) secure and maintain investment grade (i.e., A or above) bond ratings, (3) offset significant economic
downturns or revenue shortfalls, and (4) provide funds for unforeseen expenditures related to
emergencies.
By a supermajority vote of the City Commission, supplemental appropriation from unassigned General
Fund balance may be authorized by the City Commission for a General Fund purpose, reducing the
unassigned General Fund’s fund balance below the 20% minimum provided that the assigned General
Fund’s fund balance is restored to the minimum in the following year’s budget.
112
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
61
At September 30, 2023, the City’s governmental fund balances were as follows:
Note 16 - Leases
The City, as lessor, leases its cell towers to various private companies. The lease terms range from 29 to
31 years, including the non-cancelable period of the lease and extensions the City is reasonably certain to
exercise and vary with each contract. The agreements allow for a 5% annual increase to the lease
payments on the anniversary of the agreement. During the fiscal year, the City recognized $130,257 in
interest income related to these agreements. At September 30, 2023, the City recognized $4,351,595 in
lease receivables for these agreements. Also, the City has deferred inflows of resources associated with
these leases that will be recognized as revenue over the lease terms. At September 30, 2023, the balance
of deferred inflows of resources was $4,030,632.
Note 17 - Subscription-Based Information Technology Arrangements
During fiscal year 2023, the City adopted GASB Statement No. 96, Subscription-Based Information
Technology Arrangements (SBITAs). The statement required that SBITAs be recognized as a right-to-use
subscription asset and a corresponding subscription liability on the balance sheet, both of which will be
reduced over the life of the agreement. Management has reviewed all applicable arrangements and has
implemented this standard.
The City has arrangements for its evidence maintenance system and web conferencing system. The
agreement terms range from 3 to 6 years, including the non-cancelable period of the lease and extensions
the City is reasonably certain to exercise and vary with each contract. During the fiscal year, the City
recognized $10,233 in interest expenditures related to these agreements. At September 30, 2023, the
City recognized total subscription assets of $542,721, net of accumulated depreciation. Additionally, the
City has remaining principal payments of $517,425 between these arrangements.
Road American Other Total
Improvements Solid Waste/Recovery Plan Governmental Governmental
General Fund Fund Recycling Act Funds Funds
Fund Balance
Non-Spendable:
Inventory/Prepaid 458,154$ -$ -$ -$ 1,500$ 459,654$
Advances 126,950 - - - - 126,950
Restricted for:
Physical Environment - 9,043,996 - - 267,081 9,311,077
Transportation Improvements - - - - 6,806,870 6,806,870
Public Safety - - - - 976,609 976,609
Fire Impact Fees - - - - 2,772,869 2,772,869
Parks Improvements - - - - 692,776 692,776
Committed to:
Arbor - - - - 2,073,008 2,073,008
Transportation Improvements - - - - 2,000,000 2,000,000
Assigned to:
Storm Reserve - - 1,816,259 - - 1,816,259
Debt Service - - - - 1,318,537 1,318,537
Capital Projects - - - - 5,684,776 5,684,776
Physical Environment - - - 559,226 - 559,226
Subsequent Year's Budget 944,483 - - - - 944,483
Unassigned 8,575,434 - - - (31,273) 8,544,161
Total Fund Balance 10,105,021$ 9,043,996$ 1,816,259$ 559,226$ 22,562,753$ 44,087,255$
113
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
62
Note 18 - Subsequent Event
On December 11, 2023, the City Commission approved a contract with Carollo Engineers for engineering
services on the required replacement of east and west wastewater treatment facilities in the amount of
$12.9 million. This project will cover multiple fiscal years, and in total will end up costing the City
approximately $100 million to meet current and future community growth.
114
REQUIRED SUPPLEMENTARY INFORMATION
115
2023 2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost 66,408$ 64,604$ 61,772$ 60,410$ 62,209$ 105,694$
Interest 24,781 39,230 42,084 57,351 52,706 38,973
Differences Between Expected
and Actual Experience - (577,243) - (249,780) - (9,706)
Changes in Assumptions (312,323) 24,355 12,587 211,887 (72,616) 212,072
Benefit Payments (31,870) (39,255) (42,189) (43,183) (54,750) (55,000)
Net Change in Total OPEB Liability (253,004) (488,309) 74,254 36,685 (12,451) 292,033
Total OPEB Liability, Beginning of Year 1,081,012 1,569,321 1,495,067 1,458,382 1,470,833 1,178,800
Total OPEB Liability, End of Year 828,008$ 1,081,012$ 1,569,321$ 1,495,067$ 1,458,382$ 1,470,833$
Plan Fiduciary Net Position as a
Percentage of Total OPEB Liability 0.00%0.00%0.00%0.00%0.00%0.00%
Covered Payroll 7,599,208$ 7,373,675$ 6,979,027$ 6,870,391$ 7,190,589$ 7,049,660$
Net OPEB Liability as a Percentage of
Covered Payroll 10.90%14.66%22.49%21.76%20.28%20.86%
Notes to Schedule
Ten years of data will be presented as available.
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF CHANGES IN THE CITY'S NET OPEB LIABILITY AND RELATED RATIOS
PLAN RETIREE CONTINUATION INSURANCE PLAN
YEAR ENDED SEPTEMBER 30, 2023
63
116
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Total Pension Liability
Service Cost 405,604$ 370,884$ 390,407$ 401,950$ 472,736$ 502,667$ 697,459$ 808,281$ 834,402$ 886,819$
Interest 5,034,091 4,948,720 4,858,742 4,736,276 4,693,091 4,452,760 4,229,901 4,059,813 3,851,130 3,666,120
Differences Between Expected and
Actual Experience 1,300,852 258,774 661,000 569,125 1,281,355 124,345 (592,087) 275,994 (107,513) (581,481)
Changes of Assumptions 2,978,730 - 691,291 479,182 - 2,531,601 526,115 - 8,107 -
Benefit Payments, Including Refunds
of Employee Contributions (4,760,493) (4,425,331) (4,119,650) (3,821,626) (3,276,412) (2,935,206) (2,679,408) (2,450,972) (2,202,769) (1,974,208)
Net Change in Total Pension Liability 4,958,784 1,153,047 2,481,790 2,364,907 3,170,770 4,676,167 2,181,980 2,693,116 2,383,357 1,997,250
Total Pension Liability, Beginning 69,610,645 68,457,598 65,975,808 63,610,901 60,440,131 55,763,964 53,581,984 50,888,868 48,505,511 46,508,261
Total Pension Liability, Ending (a)74,569,429 69,610,645 68,457,598 65,975,808 63,610,901 60,440,131 55,763,964 53,581,984 50,888,868 48,505,511
Plan Fiduciary Net Position
Contributions - Employer 2,492,912 2,734,292 3,052,914 3,213,927 2,924,706 2,635,968 2,605,753 2,586,936 2,392,948 2,527,508
Contributions - Employee 206,423 215,136 208,098 217,975 265,688 460,745 342,209 479,257 358,106 369,500
Net Investment Income 6,664,779 (9,095,110) 14,813,524 4,254,000 1,437,224 5,243,193 5,851,493 4,077,452 5,160 3,885,344
Benefit Payments, Including Refunds
of Employee Contributions (4,760,493) (4,425,331) (4,119,650) (3,821,626) (3,276,412) (2,935,206) (2,679,408) (2,450,972) (2,202,769) (1,974,208)
Administrative Expense (34,871) (71,691) (46,494) (32,984) (69,023) (64,770) (55,697) (28,208) (11,937) (159,424)
Other (11,598) - - - - - - - - -
Net Change in Plan Fiduciary
Net Position 4,557,152 (10,642,704) 13,908,392 3,831,292 1,282,183 5,339,930 6,064,350 4,664,465 541,508 4,648,720
Plan Fiduciary Net Position, Beginning 61,810,677 72,453,381 58,544,989 54,713,697 53,431,514 48,091,584 42,027,234 37,362,769 36,821,261 32,172,541
Plan Fiduciary Net Position, Ending (b)66,367,829 61,810,677 72,453,381 58,544,989 54,713,697 53,431,514 48,091,584 42,027,234 37,362,769 36,821,261
Net Pension Liability, Ending (a)-(b)8,201,600$ 7,799,968$ (3,995,783)$ 7,430,819$ 8,897,204$ 7,008,617$ 7,672,380$ 11,554,750$ 13,526,099$ 11,684,250$
Plan Fiduciary Net Position as a
Percentage of Total Pension Liability 89.00%88.79%105.84%88.74%86.01%88.40%86.24%78.44%73.42%75.91%
Covered Payroll*4,279,689$ 4,346,257$ 4,335,802$ 4,334,163$ 4,800,755$ 5,342,971$ 5,846,735$ 6,671,503$ 7,070,355$ 7,369,943$
Net Pension Liability as a Percentage
of Covered Payroll 191.64%179.46%-92.16%171.45%185.33%131.17%131.23%173.20%191.31%158.54%
Valuation Date 10/1/2022 10/1/2021 10/1/2020 10/1/2019 10/1/2018 10/1/2017 10/1/2016 10/1/2015 10/1/2014 10/1/2013
Notes to Schedule
Update procedures were used to roll forward the total pension liability to the measurement date.
*Reported payroll on which contributions to the Plan are based on guidance provided under Governmental Accounting Standards Board Statement No. 82.
YEAR ENDED SEPTEMBER 30, 2023
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CITY OF WINTER SPRINGS, FLORIDA
64
117
Actuarially Contribution/Actual
Fiscal Year Determined Actual Deficiency Covered Contribution as
Ended September 30,Contribution Contribution (Excess)Payroll a % of Payroll
2014 2,230,908$ 2,527,508$ (296,600)$ 7,369,943$ 34.29%
2015 2,230,908 2,392,948 (162,040) 7,070,355 33.84%
2016 2,067,445 2,586,936 (519,491) 6,671,503 38.78%
2017 1,831,495 2,605,753 (774,258) 5,846,735 44.57%
2018 1,613,548 2,635,968 (1,022,420) 5,342,971 49.34%
2019 1,484,498 2,924,706 (1,440,208) 4,800,755 60.92%
2020 1,389,125 3,213,927 (1,824,802) 4,334,163 74.15%
2021 1,251,632 3,052,914 (1,801,282) 4,335,802 70.41%
2022 1,055,047 2,734,292 (1,679,245) 4,346,257 62.91%
2023 669,772 2,492,912 (1,823,140) 4,279,689 58.25%
Notes to Schedule
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 2.75%
Salary Increases 3.00%-4.50%
Investment Rate of Return 7.40%
Retirement Age
Mortality
YEAR ENDED SEPTEMBER 30, 2023
SCHEDULE OF CONTRIBUTIONS
CITY OF WINTER SPRINGS, FLORIDA
Actuarially determined contributions are calculated as of October 1,two years prior to the fiscal year-end in which contributions
are reported.
Experience-based table of rates that are specific to the type of eligibility condition.
For healthy General Employee participants during employment,PUB-2010 Headcount
Weighted General Below Median Employee Mortality Table,separate rates for males
and females,set back 1 year for male,with fully generational mortality improvements
projected to each future decrement date with Scale MP-2018.
For healthy General Employee participants post employment,PUB-2010 Headcount
Weighted General Below Median Healthy Retiree Mortality Table,separate rates for
males and females,set back 1 year for male,with fully generational mortality
improvements projected to each future decrement date with Scale MP-2018.
65
118
Mortality (Concluded)
Benefit Changes
Assumption Changes
For healthy Firefighter,Police Officer,and Forensic Professional participants during
employment,PUB-2010 Headcount Weighted Safety Employee Female Mortality Table
and Safety Below Median Employee Male Mortality Table,both set forward 1 year,
with fully generational mortality improvements projected to each future decrement
date with Scale MP-2018.
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF CONTRIBUTIONS
YEAR ENDED SEPTEMBER 30, 2023
For healthy Firefighter,Police Officer,and Forensic Professional participants post
employment,PUB-2010 Headcount Weighted Safety Healthy Retiree Female Mortality
Table and Safety Below Median Healthy Retiree Male Mortality Table,both set forward
1 year,with fully generational mortality improvements projected to each future
decrement date with Scale MP-2018.
For disabled General Employee participants,PUB-2010 Headcount Weighted General
Disabled Retiree Mortality Table,separate rates for males and females,both set
forward 3 years, without projected mortality improvements.
For disabled Firefighter,Police Officer,and Forensic Professional participants,80%PUB-
2010 Headcount Weighted General Disabled Retiree Mortality Table /20%PUB-2010
Headcount Weighted Safety Disabled Retiree Mortality Table,separate rates for males
and females, without projected mortality improvements.
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.
(Concluded)
2020:Investment return and mortality rates for disabled updated.2019:Investment
return,mortality,rates and disability rates updated.2017:Investment return,salary
increase,withdrawal,and retirement rates updated.2016:Mortality rates updated.
2014: Disability rates updated.
66
119
Annual Money-Weighted Rate of
Fiscal Year Ended September 30,Return Net of Investment Expense
2015 0.28%
2016 10.75%
2017 10.75%
2018 13.90%
2019 10.89%
2020 2.69%
2021 26.30%
2022 -14.02%
2023 10.24%
Notes to Schedule
Ten years of data will be presented as available.
YEAR ENDED SEPTEMBER 30, 2023
SCHEDULE OF INVESTMENT RETURNS
CITY OF WINTER SPRINGS, FLORIDA
67
120
OTHER SUPPLEMENTARY INFORMATION
121
CITY OF WINTER SPRINGS, FLORIDA
NON-MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Police Education Fund―This fund is used to account for the $2.00 additional assessment on each traffic
citation that is restricted for criminal justice education and training in accordance with Chapter 938.15,
Florida Statutes.
Special Law Enforcement Trust Fund – Local―This fund was established to receive revenues from local
sources derived from confiscated property obtained during the enforcement of illegal operations.
Proceeds are restricted for law enforcement purposes.
Transportation Improvement Fund―Revenues in this fund are derived from Local Option Gasoline Tax
distribution. Proceeds are restricted for road, right of way, and drainage maintenance and equipment
necessary to build or maintain roads, right of ways, and drainage.
Transportation Impact Fee Fund―This fund is used to account for collected impact fees on new
development, which are restricted for use in funding road construction directly related to new growth.
Police Impact Fee Fund―This fund is used to account for collected impact fees on new development,
which are restricted for use in funding capital investment needed to maintain the level of police service
directly related to new growth.
Fire Impact Fee Fund―This fund is used to account for collected impact fees on new development to
defray the cost of capital investment needed to maintain the level of fire service due to future growth.
Parks Impact Fee Fund―This fund is used to account for collected impact fees on new development, which
are restricted for use in funding capital investment needed to develop and improve the parks directly
related to new growth.
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 of Winter Springs, Florida (the City).
TLBD Maintenance Fund―This fund is used to account for collected special assessments restricted for
maintenance related to the Tuscawilla Lighting and Beautification District for Phases I and II of the project.
Phase II was accounted for in a separate fund prior to Fiscal Year 2008.
Oak Forest Maintenance Fund―This fund is used to account for collected special assessments restricted
for maintenance related to the Oak Forest subdivision wall.
Special Law Enforcement Trust Fund – Federal―This fund was established to receive revenues from
federal sources derived from confiscated property obtained during the enforcement of illegal operations.
Proceeds are restricted for law enforcement purposes. Such purposes may include drug/gang-related
education, Shop with a Cop, movies, and other civic events.
Tuscawilla Phase III―This fund is used to account for collected special assessments restricted for
maintenance related to the Tuscawilla Phase III and repayment of advance from the General Fund.
122
CITY OF WINTER SPRINGS, FLORIDA
NON-MAJOR GOVERNMENTAL FUNDS
Debt Service Funds
TLBD Debt Service Fund―This fund is used 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.
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.
Capital Projects Funds
1999 Construction Capital Projects Fund―This fund was established for the acquisition and construction
of City-owned Capital Improvements.
Revolving Rehab Capital Projects Fund ―This fund was established to fund capital improvements and
economic development within the City.
Public Facilities Fund―This fund was established to account for construction of additional public facilities.
Excellence in Customer Service Fund―This fund was established to account for the acquisition of software
and equipment to improve the level of customer service performance.
123
Special Law
Police Enforcement Transportation Transportation
Education Trust Fund - Improvement Impact Fee
Fund Local Fund Fund
Assets
Cash and Cash Equivalents 1,087$ 1,886$ 465,496$ 120,564$
Investments 19,344 33,560 6,094,349 2,145,313
Receivable, Net 487 - - -
Special Assessments Receivable - - - -
Prepaids - - 1,500 -
Restricted Assets:
Cash and Cash Equivalents - 1,611 - -
Total Assets 20,918 37,057 6,561,345 2,265,877
Liabilities
Accounts Payable - - 13,523 5,329
Advances from Other Funds - - - -
Total Liabilities - - 13,523 5,329
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances
Non-Spendable - - 1,500 -
Restricted 20,918 37,057 4,546,322 2,260,548
Committed - - 2,000,000 -
Assigned - - - -
Unassigned - - - -
Total Fund Balances 20,918 37,057 6,547,822 2,260,548
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 20,918$ 37,057$ 6,561,345$ 2,265,877$
Special Revenue
SEPTEMBER 30, 2023
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
68
124
Page 1 of 3
Police Fire Parks
Impact Impact Impact Arbor
Fee Fund Fee Fund Fee Fund Fund
Assets
Cash and Cash Equivalents 43,160$ 147,540$ 37,056$ 110,302$
Investments 767,980 2,625,329 659,365 1,962,706
Receivable, Net - - - -
Special Assessments Receivable - - - -
Prepaids - - - -
Restricted Assets:
Cash and Cash Equivalents - - - -
Total Assets 811,140 2,772,869 696,421 2,073,008
Liabilities
Accounts Payable - - 3,645 -
Advances from Other Funds - - - -
Total Liabilities - - 3,645 -
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances
Non-Spendable - - - -
Restricted 811,140 2,772,869 692,776 -
Committed - - - 2,073,008
Assigned - - - -
Unassigned - - - -
Total Fund Balances 811,140 2,772,869 692,776 2,073,008
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 811,140$ 2,772,869$ 696,421$ 2,073,008$
Special Revenue
69
125
Special Law
TLBD Oak Forest Enforcement Total
Maintenance Maintenance Trust Fund -Tuscawilla Special
Fund Fund Federal Phase III Revenue
Assets
Cash and Cash Equivalents 10,857$ 5,664$ 5,645$ 287$ 949,544$
Investments 193,193 100,790 100,445 5,108 14,707,482
Receivable, Net 9 - 1,404 - 1,900
Special Assessments Receivable - - - - -
Prepaids - - - - 1,500
Restricted Assets:
Cash and Cash Equivalents - - - - 1,611
Total Assets 204,059 106,454 107,494 5,395 15,662,037
Liabilities
Accounts Payable 36,548 6,884 - 382 66,311
Advances from Other Funds - - - 36,286 36,286
Total Liabilities 36,548 6,884 - 36,668 102,597
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances
Non-Spendable - - - - 1,500
Restricted 167,511 99,570 107,494 - 11,516,205
Committed - - - - 4,073,008
Assigned - - - - -
Unassigned - - - (31,273) (31,273)
Total Fund Balances 167,511 99,570 107,494 (31,273) 15,559,440
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 204,059$ 106,454$ 107,494$ 5,395$ 15,662,037$
COMBINING BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
Special Revenue
SEPTEMBER 30, 2023
NON-MAJOR GOVERNMENTAL FUNDS
(Continued)
70
126
Page 2 of 3
TLBD Debt 1999 Debt Total
Service Service Debt
Fund Fund Service
Assets
Cash and Cash Equivalents -$ 68,691$ 68,691$
Investments - 1,222,273 1,222,273
Receivable, Net 3 - 3
Special Assessments Receivable 771,299 - 771,299
Prepaids - - -
Restricted Assets:
Cash and Cash Equivalents 118,917 - 118,917
Total Assets 890,219 1,290,964 2,181,183
Liabilities
Accounts Payable 683 - 683
Advances from Other Funds 90,664 - 90,664
Total Liabilities 91,347 - 91,347
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments 771,299 - 771,299
Total Deferred Inflows of Resources 771,299 - 771,299
Fund Balances
Non-Spendable - - -
Restricted - - -
Committed - - -
Assigned 27,573 1,290,964 1,318,537
Unassigned - - -
Total Fund Balances 27,573 1,290,964 1,318,537
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 890,219$ 1,290,964$ 2,181,183$
Debt Service
71
127
1999 Revolving Public
Construction Rehab Facilities
Fund Fund Fund
Assets
Cash and Cash Equivalents 23,765$ 29,729$ 176,179$
Investments 422,867 528,992 3,134,922
Receivable, Net - - -
Special Assessments Receivable - - -
Prepaids - - -
Restricted Assets:
Cash and Cash Equivalents - - -
Total Assets 446,632 558,721 3,311,101
Liabilities
Accounts Payable 50,292 14,640 132,163
Advances from Other Funds - - -
Total Liabilities 50,292 14,640 132,163
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - -
Total Deferred Inflows of Resources - - -
Fund Balances
Non-Spendable - - -
Restricted - - -
Committed - - -
Assigned 396,340 544,081 3,178,938
Unassigned - - -
Total Fund Balances 396,340 544,081 3,178,938
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 446,632$ 558,721$ 3,311,101$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2023
Capital Projects
(Concluded)
72
128
Page 3 of 3
Total
Excellence in Total Non-Major
Customer Capital Governmental
Service Projects Funds
Assets
Cash and Cash Equivalents 83,294$ 312,967$ 1,331,202$
Investments 1,482,123 5,568,904 21,498,659
Receivable, Net - - 1,903
Special Assessments Receivable - - 771,299
Prepaids - - 1,500
Restricted Assets:
Cash and Cash Equivalents - - 120,528
Total Assets 1,565,417 5,881,871 23,725,091
Liabilities
Accounts Payable - 197,095 264,089
Advances from Other Funds - - 126,950
Total Liabilities - 197,095 391,039
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - 771,299
Total Deferred Inflows of Resources - - 771,299
Fund Balances
Non-Spendable - - 1,500
Restricted - - 11,516,205
Committed - - 4,073,008
Assigned 1,565,417 5,684,776 7,003,313
Unassigned - - (31,273)
Total Fund Balances 1,565,417 5,684,776 22,562,753
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 1,565,417$ 5,881,871$ 23,725,091$
Capital Projects
73
129
Special Law
Police Enforcement Transportation Transportation
Education Trust Fund - Improvement Impact Fee
Fund Local Fund Fund
Revenues
Permits and Fees -$ -$ -$ -$
Intergovernmental Revenues - - 596,434 -
Fines and Forfeitures 5,101 - - -
Impact Fees/Assessments - - - 66,735
Investment Income/(Loss)644 1,347 134,666 79,099
Miscellaneous - - - -
Total Revenues 5,745 1,347 731,100 145,834
Expenditures
Current:
General Government - - - -
Public Safety 709 1,358 - -
Physical Environment - - 559,271 -
Debt Service:
Principal - - - -
Interest and Fiscal Charges - - - -
Capital Outlay:
General Government - - - -
Physical Environment - - 54,840 11,081
Culture and Recreation - - - -
Total Expenditures 709 1,358 614,111 11,081
Excess (Deficiency) of Revenues
Over (Under) Expenditures 5,036 (11) 116,989 134,753
Other Financing Sources (Uses)
Transfers in - - 2,500,000 -
Total Other Financing Sources (Uses)- - 2,500,000 -
Net Changes in Fund Balances 5,036 (11) 2,616,989 134,753
Fund Balances, Beginning 15,882 37,068 3,930,833 2,125,795
Fund Balances, End 20,918$ 37,057$ 6,547,822$ 2,260,548$
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Special Revenue
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
74
130
Page 1 of 3
Police Fire Parks
Impact Impact Impact Arbor
Fee Fund Fee Fund Fee Fund Fund
Revenues
Permits and Fees -$ -$ -$ 1,504$
Intergovernmental Revenues - - - -
Fines and Forfeitures - - - 3,750
Impact Fees/Assessments 16,822 10,469 99,900 -
Investment Income/(Loss)28,404 97,809 23,949 76,335
Miscellaneous - - - -
Total Revenues 45,226 108,278 123,849 81,589
Expenditures
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - 142,750
Debt Service:
Principal - - - -
Interest and Fiscal Charges - - - -
Capital Outlay:
General Government - - - -
Physical Environment - - - -
Culture and Recreation - - 75,941 -
Total Expenditures - - 75,941 142,750
Excess (Deficiency) of Revenues
Over (Under) Expenditures 45,226 108,278 47,908 (61,161)
Other Financing Sources (Uses)
Transfers in - - - -
Total Other Financing Sources (Uses)- - - -
Net Changes in Fund Balances 45,226 108,278 47,908 (61,161)
Fund Balances, Beginning 765,914 2,664,591 644,868 2,134,169
Fund Balances, End 811,140$ 2,772,869$ 692,776$ 2,073,008$
Special Revenue
75
131
Special Law
TLBD Oak Forest Enforcement Total
Maintenance Maintenance Trust Fund -Tuscawilla Special
Fund Fund Federal Phase III Revenue
Revenues
Permits and Fees -$ -$ -$ -$ 1,504$
Intergovernmental Revenues - - - - 596,434
Fines and Forfeitures - - 123,047 - 131,898
Impact Fees/Assessments 508,800 55,658 - 13,161 771,545
Investment Income/(Loss)8,359 3,991 1,688 488 456,779
Miscellaneous - - - - -
Total Revenues 517,159 59,649 124,735 13,649 1,958,160
Expenditures
Current:
General Government - - - 10,741 10,741
Public Safety - - 31,131 - 33,198
Physical Environment 524,173 71,183 - - 1,297,377
Debt Service:
Principal - - - - -
Interest and Fiscal Charges - - - 1,104 1,104
Capital Outlay:
General Government - - - - -
Physical Environment - - - - 65,921
Culture and Recreation - - - - 75,941
Total Expenditures 524,173 71,183 31,131 11,845 1,484,282
Excess (Deficiency) of Revenues
Over (Under) Expenditures (7,014) (11,534) 93,604 1,804 473,878
Other Financing Sources (Uses)
Transfers in - - - - 2,500,000
Total Other Financing Sources (Uses)- - - - 2,500,000
Net Changes in Fund Balances (7,014) (11,534) 93,604 1,804 2,973,878
Fund Balances, Beginning 174,525 111,104 13,890 (33,077) 12,585,562
Fund Balances, End 167,511$ 99,570$ 107,494$ (31,273)$ 15,559,440$
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Special Revenue
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
76
132
Page 2 of 3
TLBD Debt 1999 Debt Total
Service Service Debt
Fund Fund Service
Revenues
Permits and Fees -$ -$ -$
Intergovernmental Revenues - - -
Fines and Forfeitures - - -
Impact Fees/Assessments 102,332 - 102,332
Investment Income/(Loss)30,615 24,156 54,771
Miscellaneous 7,372 - 7,372
Total Revenues 140,319 24,156 164,475
Expenditures
Current:
General Government - - -
Public Safety - - -
Physical Environment 3,236 - 3,236
Debt Service:
Principal - 350,893 350,893
Interest and Fiscal Charges 13,509 924,107 937,616
Capital Outlay:
General Government - - -
Physical Environment 11,812 - 11,812
Culture and Recreation - - -
Total Expenditures 28,557 1,275,000 1,303,557
Excess (Deficiency) of Revenues
Over (Under) Expenditures 111,762 (1,250,844) (1,139,082)
Other Financing Sources (Uses)
Transfers in - 1,275,000 1,275,000
Total Other Financing Sources (Uses)- 1,275,000 1,275,000
Net Changes in Fund Balances 111,762 24,156 135,918
Fund Balances, Beginning (84,189) 1,266,808 1,182,619
Fund Balances, End 27,573$ 1,290,964$ 1,318,537$
Debt Service
77
133
1999 Revolving Public
Construction Rehab Facilities
Fund Fund Fund
Revenues
Permits and Fees -$ -$ -$
Intergovernmental Revenues - - -
Fines and Forfeitures - - -
Impact Fees/Assessments - - -
Investment Income/(Loss)26,754 34,051 133,045
Miscellaneous - - -
Total Revenues 26,754 34,051 133,045
Expenditures
Current:
General Government - - -
Public Safety - - -
Physical Environment - - -
Debt Service:
Principal - - -
Interest and Fiscal Charges - - -
Capital Outlay:
General Government - - -
Physical Environment - - -
Culture and Recreation 476,066 645,618 976,937
Total Expenditures 476,066 645,618 976,937
Excess (Deficiency) of Revenues
Over (Under) Expenditures (449,312) (611,567) (843,892)
Other Financing Sources (Uses)
Transfers in - - -
Total Other Financing Sources (Uses)- - -
Net Changes in Fund Balances (449,312) (611,567) (843,892)
Fund Balances, Beginning 845,652 1,155,648 4,022,830
Fund Balances, End 396,340$ 544,081$ 3,178,938$
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2023
Capital Projects
(Concluded)
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
78
134
Page 3 of 3
Total
Excellence in Total Non-Major
Customer Capital Governmental
Service Projects Funds
Revenues
Permits and Fees -$ -$ 1,504$
Intergovernmental Revenues - - 596,434
Fines and Forfeitures - - 131,898
Impact Fees/Assessments - - 873,877
Investment Income/(Loss)42,565 236,415 747,965
Miscellaneous - - 7,372
Total Revenues 42,565 236,415 2,359,050
Expenditures
Current:
General Government - - 10,741
Public Safety - - 33,198
Physical Environment - - 1,300,613
Debt Service:
Principal - - 350,893
Interest and Fiscal Charges - - 938,720
Capital Outlay:
General Government 6,645 6,645 6,645
Physical Environment - - 77,733
Culture and Recreation - 2,098,621 2,174,562
Total Expenditures 6,645 2,105,266 4,893,105
Excess (Deficiency) of Revenues
Over (Under) Expenditures 35,920 (1,868,851) (2,534,055)
Other Financing Sources (Uses)
Transfers in 365,000 365,000 4,140,000
Total Other Financing Sources (Uses)365,000 365,000 4,140,000
Net Changes in Fund Balances 400,920 (1,503,851) 1,605,945
Fund Balances, Beginning 1,164,497 7,188,627 20,956,808
Fund Balances, End 1,565,417$ 5,684,776$ 22,562,753$
Capital Projects
79
135
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Fines and Forfeitures 3,000$ 3,000$ 5,101$ 2,101$
Investment Income/(Loss)125 125 644 519
Total Revenues 3,125 3,125 5,745 2,620
Expenditures
Current:
Public Safety 12,000 12,000 709 11,291
Total Expenditures 12,000 12,000 709 11,291
Excess (Deficiency) of Revenues
Over Expenditures (8,875) (8,875) 5,036 13,911
Fund Balances, Beginning of Year 9,658 16,230 15,882 (348)
Fund Balances, End of Year 783$ 7,355$ 20,918$ 13,563$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
POLICE EDUCATION FUND
YEAR ENDED SEPTEMBER 30, 2023
80
136
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)50$ 50$ 1,347$ 1,297$
Total Revenues 50 50 1,347 1,297
Expenditures
Current:
Public Safety 11,500 11,500 1,358 10,142
Total Expenditures 11,500 11,500 1,358 10,142
Excess (Deficiency) of Revenues
Over Expenditures (11,450) (11,450) (11) 11,439
Fund Balances, Beginning of Year 12,856 38,545 37,068 (1,477)
Fund Balances, End of Year 1,406$ 27,095$ 37,057$ 9,962$
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL LAW ENFORCEMENT TRUST FUND - LOCAL
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
81
137
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 551,000$ 551,000$ 596,434$ 45,434$
Investment Income/(Loss)12,000 12,000 134,666 122,666
Total Revenues 563,000 563,000 731,100 168,100
Expenditures
Current:
Physical Environment 611,603 611,603 559,271 52,332
Capital Outlay:
Physical Environment 632,500 100,000 54,840 45,160
Total Expenditures 1,244,103 711,603 614,111 97,492
Excess (Deficiency) of Revenues
Over (Under) Expenditures (681,103) (148,603) 116,989 265,592
Other Financing Sources (Uses)
Transfers In - 2,500,000 2,500,000 -
Total Other Financing Sources (Uses)- 2,500,000 2,500,000 -
Net Changes in Fund Balances (681,103) 2,351,397 2,616,989 265,592
Fund Balances, Beginning of Year 1,166,153 1,613,147 3,930,833 2,317,686
Fund Balances, End of Year 485,050$ 3,964,544$ 6,547,822$ 2,583,278$
(Continued)
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TRANSPORTATION IMPROVEMENT FUND
YEAR ENDED SEPTEMBER 30, 2023
82
138
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 45,000$ 66,735$ 21,735$
Investment Income/(Loss)5,000 5,000 79,099 74,099
Total Revenues 5,000 50,000 145,834 95,834
Expenditures
Capital Outlay:
Physical Environment 954,000 575,000 11,081 563,919
Total Expenditures 954,000 575,000 11,081 563,919
Excess (Deficiency) of Revenues
Over (Under) Expenditures (949,000) (525,000) 134,753 659,753
Fund Balances, Beginning of Year 1,369,075 2,189,966 2,125,795 (64,171)
Fund Balances, End of Year 420,075$ 1,664,966$ 2,260,548$ 595,582$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TRANSPORTATION IMPACT FEE FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
(Continued)
83
139
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 10,000$ 16,822$ 6,822$
Investment Income/(Loss)6,000 6,000 28,404 22,404
Total Revenues 6,000 16,000 45,226 29,226
Excess (Deficiency) of Revenues
Over (Under) Expenditures 6,000 16,000 45,226 29,226
Fund Balances, Beginning of Year 778,471 789,965 765,914 (24,051)
Fund Balances, End of Year 784,471$ 805,965$ 811,140$ 5,175$
(Continued)
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
POLICE IMPACT FEE FUND
YEAR ENDED SEPTEMBER 30, 2023
84
140
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 6,700$ 10,469$ 3,769$
Investment Income/(Loss)25,000 25,000 97,809 72,809
Total Revenues 25,000 31,700 108,278 76,578
Excess (Deficiency) of Revenues
Over (Under) Expenditures 25,000 31,700 108,278 76,578
Fund Balances, Beginning of Year 2,708,903 2,748,884 2,664,591 (84,293)
Fund Balances, End of Year 2,733,903$ 2,780,584$ 2,772,869$ (7,715)$
(Continued)
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
FIRE IMPACT FEE FUND
85
141
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 64,000$ 99,900$ 35,900$
Investment Income/(Loss)4,000 4,000 23,949 19,949
Total Revenues 4,000 68,000 123,849 55,849
Expenditures
Capital Outlay:
Culture and Recreation 100,000 100,000 75,941 24,059
Total Expenditures 100,000 100,000 75,941 24,059
Excess (Deficiency) of Revenues
Over (Under) Expenditures (96,000) (32,000) 47,908 79,908
Fund Balances, Beginning of Year 619,158 666,333 644,868 (21,465)
Fund Balances, End of Year 523,158$ 634,333$ 692,776$ 58,443$
(Continued)
PARKS IMPACT FEE FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
86
142
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Permits and Fees 500$ 500$ 1,504$ 1,004$
Fines and Forfeitures 500 500 3,750 3,250
Investment Income/(Loss)9,200 9,200 76,335 67,135
Total Revenues 10,200 10,200 81,589 71,389
Expenditures
Current:
Physical Environment 557,604 557,604 142,750 414,854
Total Expenditures 557,604 557,604 142,750 414,854
Excess (Deficiency) of Revenues
Over (Under) Expenditures (547,404) (547,404) (61,161) 486,243
Net Change in Fund Balances (547,404) (547,404) (61,161) 486,243
Fund Balances, Beginning of Year 1,790,969 2,195,684 2,134,169 (61,515)
Fund Balances, End of Year 1,243,565$ 1,648,280$ 2,073,008$ 424,728$
IN FUND BALANCE - BUDGET AND ACTUAL
ARBOR FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
87
143
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 507,548$ 507,548$ 508,800$ 1,252$
Investment Income/(Loss)800 800 8,359 7,559
Total Revenues 508,348 508,348 517,159 8,811
Expenditures
Current:
Physical Environment 610,111 575,111 524,173 50,938
Total Expenditures 610,111 575,111 524,173 50,938
Excess (Deficiency) of Revenues
Over (Under) Expenditures (101,763) (66,763) (7,014) 59,749
Fund Balances, Beginning of Year 147,098 185,250 174,525 (10,725)
Fund Balances, End of Year 45,335$ 118,487$ 167,511$ 49,024$
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TLBD MAINTENANCE FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
88
144
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 55,725$ 55,725$ 55,658$ (67)$
Investment Income/(Loss)650 650 3,991 3,341
Total Revenues 56,375 56,375 59,649 3,274
Expenditures
Current:
Physical Environment 72,920 72,920 71,183 1,737
Total Expenditures 72,920 72,920 71,183 1,737
Excess (Deficiency) of Revenues
Over (Under) Expenditures (16,545) (16,545) (11,534) 5,011
Fund Balances, Beginning of Year 89,461 114,915 111,104 (3,811)
Fund Balances, End of Year 72,916$ 98,370$ 99,570$ 1,200$
(Continued)
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
OAK FOREST MAINTENANCE FUND
YEAR ENDED SEPTEMBER 30, 2023
89
145
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 123,047$ 123,047$ -$
Investment Income/(Loss)40 40 1,688 1,648
Total Revenues 40 123,087 124,735 1,648
Expenditures
Current:
Public Safety 7,150 7,150 31,131 (23,981)
Total Expenditures 7,150 7,150 31,131 (23,981)
Excess (Deficiency) of Revenues
Over (Under) Expenditures (7,110) 115,937 93,604 (22,333)
Fund Balances, Beginning of Year 8,095 15,246 13,890 (1,356)
Fund Balances, End of Year 985$ 131,183$ 107,494$ (23,689)$
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL LAW ENFORCEMENT TRUST FUND - FEDERAL
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
90
146
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 13,216$ 13,216$ 13,161$ (55)$
Investment Income/(Loss)- - 488 488
Total Revenues 13,216 13,216 13,649 433
Expenditures
Current:
General Government 10,936 10,936 10,741 195
Debt Service:
Interest and Other Charges 4,212 4,212 1,104 3,108
Total Expenditures 15,148 15,148 11,845 3,303
Excess (Deficiency) of Revenues
Over (Under) Expenditures (1,932) (1,932) 1,804 3,736
Fund Balances, Beginning of Year 5,933 6,762 (33,077) (39,839)
Fund Balances, End of Year 4,001$ 4,830$ (31,273)$ (36,103)$
(Continued)
TUSCAWILLA PHASE III
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
91
147
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 138,655$ 138,655$ 102,332$ (36,323)$
Investment Income/(Loss)50 50 30,615 30,565
Miscellaneous - - 7,372 7,372
Total Revenues 138,705 138,705 140,319 1,614
Expenditures
Current:
Physical Environment 4,870 4,870 3,236 1,634
Debt Service:
Principal 102,332 102,332 - 102,332
Interest and Other Charges 28,680 28,680 13,509 15,171
Capital Outlay:
Physical Environment - 12,000 11,812 188
Total Expenditures 135,882 147,882 28,557 119,325
Excess (Deficiency) of Revenues
Over (Under) Expenditures 2,823 (9,177) 111,762 120,939
Fund Balances, Beginning of Year 32,613 35,257 (84,189) (119,446)
Fund Balances, End of Year 35,436$ 26,080$ 27,573$ 1,493$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TLBD DEBT SERVICE FUND
YEAR ENDED SEPTEMBER 30, 2023
(Continued)
Budgeted Amounts
92
148
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)10,000$ 10,000$ 24,156$ 14,156$
Total Revenues 10,000 10,000 24,156 14,156
Expenditures
Current:
General Government 2,500 2,500 - 2,500
Debt Service:
Principal 331,131 350,893 350,893 -
Interest and Other Charges 943,870 924,108 924,107 1
Total Expenditures 1,277,501 1,277,501 1,275,000 2,501
Excess (Deficiency) of Revenues
Over Expenditures (1,267,501) (1,267,501) (1,250,844) 16,657
Other Financing Sources (Uses)
Transfers In 1,275,001 1,275,001 1,275,000 (1)
Total Other Financing Sources (Uses)1,275,001 1,275,001 1,275,000 (1)
Net Change in Fund Balances 7,500 7,500 24,156 16,656
Fund Balances, Beginning of Year 1,279,563 1,296,858 1,266,808 (30,050)
Fund Balances, End of Year 1,287,063$ 1,304,358$ 1,290,964$ (13,394)$
(Continued)
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
1999 DEBT SERVICE FUND
93
149
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)800$ 800$ 26,754$ 25,954$
Total Revenues 800 800 26,754 25,954
Expenditures
Capital Outlay:
Physical Environment 785,900 785,900 - 785,900
Culture and Recreation - - 476,066 (476,066)
Total Expenditures 785,900 785,900 476,066 309,834
Excess (Deficiency) of Revenues
Over Expenditures (785,100) (785,100) (449,312) 335,788
Fund Balances, Beginning of Year 787,624 872,956 845,652 (27,304)
Fund Balances, End of Year 2,524$ 87,856$ 396,340$ 308,484$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
1999 CONSTRUCTION FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
(Continued)
94
150
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)-$ -$ 34,051$ 34,051$
Total Revenues - - 34,051 34,051
Expenditures
Capital Outlay:
Physical Environment 1,172,600 1,172,600 - 1,172,600
Culture and Recreation - - 645,618 (645,618)
Total Expenditures 1,172,600 1,172,600 645,618 526,982
Excess (Deficiency) of Revenues
Over Expenditures (1,172,600) (1,172,600) (611,567) 561,033
Fund Balances, Beginning of Year 1,174,894 1,192,346 1,155,648 (36,698)
Fund Balances, End of Year 2,294$ 19,746$ 544,081$ 524,335$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
REVOLVING REHAB FUND
YEAR ENDED SEPTEMBER 30, 2023
(Continued)
95
151
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)20,000$ 20,000$ 133,045$ 113,045$
Total Revenues 20,000 20,000 133,045 113,045
Expenditures
Capital Outlay:
Physical Environment 864,500 1,868,818 - 1,868,818
Culture and Recreation - - 976,937 (976,937)
Total Expenditures 864,500 1,868,818 976,937 891,881
Excess (Deficiency) of Revenues
Over Expenditures (844,500) (1,848,818) (843,892) 1,004,926
Net Change in Fund Balances (844,500) (1,848,818) (843,892) 1,004,926
Fund Balances, Beginning of Year 2,967,349 4,155,108 4,022,830 (132,278)
Fund Balances, End of Year 2,122,849$ 2,306,290$ 3,178,938$ 872,648$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
PUBLIC FACILITIES FUND
YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
(Continued)
96
152
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)9,000$ 9,000$ 42,565$ 33,565$
Total Revenues 9,000 9,000 42,565 33,565
Expenditures
Capital Outlay:
General Government 15,000 15,000 6,645 8,355
Total Expenditures 15,000 15,000 6,645 8,355
Excess (Deficiency) of Revenues
Over Expenditures (6,000) (6,000) 35,920 41,920
Other Financing Sources (Uses)
Transfers In - 365,000 365,000 -
Total Other Financing Sources (Uses)- 365,000 365,000 -
Net Change in Fund Balances (6,000) 359,000 400,920 41,920
Fund Balances, Beginning of Year 1,185,770 836,832 1,164,497 327,665
Fund Balances, End of Year 1,179,770$ 1,195,832$ 1,565,417$ 369,585$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
EXCELLENCE IN CUSTOMER SERVICE
YEAR ENDED SEPTEMBER 30, 2023
(Concluded)
97
153
STATISTICAL SECTION
154
Statistical Section (Unaudited)
Pages
Financial Trends Information 98
These schedules contain trend information to help the reader understand how the City's financial
performance and well-being have changed over time.
Revenue Capacity Information 105
These schedules contain information to help the reader assess the City's local revenue source.
Debt Capacity Information 110
These schedules present information to help the reader assess the City's debt burden and its
ability to issue additional debt in the future.
Demographic and Economic Information 116
These schedules offer demographic and economic indicators to help the reader understand the
environment in which the City's financial activities take place.
Operating Information 118
These schedules contain service and infrastructure data to help the reader understand how the
information in the City's financial report relates to the services the City provides and the
activities it performs.
Sources: Unless otherwise noted, the information in these schedules were obtained from the
Annual Comprehensive Financial Reports for the relevant year.
Contents
This part of the City of Winter Springs,Florida's (the City)Annual Comprehensive 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 City's overall financial health.
155
FINANCIAL TRENDS INFORMATION
156
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Governmental Activities:
Net Investment in Capital Assets 45,826$ 45,650$ 48,555$ 52,573$ 52,292$ 53,683$ 54,922$ 53,758$ 51,213$ 53,773$
Restricted 8,802 12,336 12,027 12,755 14,736 17,089 18,011 19,630 17,970 20,560
Unrestricted 11,737 768 1,746 1,594 3,052 5,634 7,748 9,160 16,277 13,403
Total Governmental Activities
Net Position 66,365$ 58,754$ 62,328$ 66,922$ 70,080$ 76,406$ 80,681$ 82,548$ 85,460$ 87,736$
Business-Type Activities:
Net Investment in Capital Assets 21,541$ 21,426$ 21,802$ 23,922$ 23,079$ 22,713$ 27,385$ 28,905$ 29,385$ 33,001$
Restricted 482 567 561 560 515 613 647 1,332 6,127 5,729
Unrestricted 7,873 9,112 11,427 13,003 15,945 21,197 24,690 26,628 21,419 17,809
Total Business-Type Activities 29,896$ 31,105$ 33,790$ 37,485$ 39,539$ 44,523$ 52,722$ 56,865$ 56,931$ 56,539$
Primary Government:
Net Investment in Capital Assets 67,367$ 67,076$ 70,357$ 76,495$ 75,371$ 76,396$ 82,307$ 82,663$ 80,598$ 86,774$
Restricted 9,284 12,903 12,588 13,315 15,251 17,702 18,658 20,962 24,097 26,289
Unrestricted 19,610 9,880 13,173 14,957 18,997 26,831 32,438 35,788 37,696 31,212
Total Primary Government 96,261$ 89,859$ 96,118$ 104,767$ 109,619$ 120,929$ 133,403$ 139,413$ 142,391$ 144,275$
1 Decrease in unrestricted net position due to implementation of GASB Statement No. 68 in FY2015.
FISCAL YEAR
CITY OF WINTER SPRINGS, FLORIDA
(AMOUNTS EXPRESSED IN THOUSANDS)
(ACCRUAL BASIS OF ACCOUNTING)
LAST TEN FISCAL YEARS
NET POSITION BY COMPONENT
98
157
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Expenses
Governmental Activities:
General Government 5,498$ 5,708$ 6,131$ 6,298$ 6,233$ 7,052$ 6,961$ 5,720$ 5,487$ 8,804$
Public Safety 7,476 7,101 6,764 6,228 5,791 6,892 5,278 5,746 7,468 8,275
Physical Environment 5,874 5,924 5,798 6,625 6,933 6,563 7,381 7,899 8,601 9,384
Culture and Recreation 2,170 2,109 2,163 2,045 2,301 2,282 2,827 2,625 3,026 3,272
Interest and Other Fiscal Charges
on Long-Term Debt 782 657 668 635 589 673 603 560 514 468
Total Governmental Activities Expenses 21,800$ 21,499$ 21,524$ 21,831$ 21,847$ 23,462$ 23,050$ 22,550$ 25,096$ 30,203$
Business-Type Activities:
Water and Sewer 6,945$ 6,943$ 7,295$ 7,881$ 7,985$ 8,569$ 10,051$ 9,738$ 11,018$ 13,249$
Development Services 409 501 510 665 574 647 1,130 1,331 1,315 1,534
Stormwater 1,150 1,162 1,223 941 1,043 2,321 1,759 1,300 1,402 1,728
Total Business-Type Activities Expenses 8,504$ 8,606$ 9,028$ 9,487$ 9,602$ 11,537$ 12,940$ 12,369$ 13,735$ 16,511$
Program Revenues
Governmental Activities:
Charges for Services:
General Government 2,058$ 2,218$ 2,150$ 2,061$ 2,206$ 2,404$ 2,518$ 2,515$ 2,767$ 3,005$
Public Safety 458 731 418 1,075 232 180 100 243 130 225
Physical Environment 3,590 4,177 3,605 4,315 3,181 3,583 3,500 3,689 3,804 3,529
Culture and Recreation 363 846 418 1,079 378 321 179 209 308 296
Operating Grants and Contributions 23 16 2 87 74 1,284 31 553 9 -
Capital Grants and Contributions 1,382 2,756 3,583 2,781 2,897 5,122 5,692 3,470 4,060 3,902
Total Governmental Activities
Program Revenues 7,874 10,744 10,176 11,398 8,968 12,894 12,020 10,679 11,078 10,957
Business-Type Activities:
Water and Sewer 9,240 9,691 9,877 10,267 9,893 10,802 11,575 11,419 12,125 12,616
Development Services 821 2,075 1,315 1,968 1,055 3,031 2,148 1,297 986 997
Stormwater 1,097 871 1,117 1,167 1,120 1,150 1,135 1,137 1,134 1,137
Operating Grants and Contributions - - - - 8 926 590 - - -
Capital Grants and Contributions 1,526 1,452 1,311 1,617 1,248 1,484 4,908 274 686 751
Total Business-Type Activities
Program Revenues 12,684 14,089 13,620 15,019 13,324 17,393 20,356 14,127 14,931 15,501
Total Governmental Program Revenues 20,558$ 24,833$ 23,796$ 26,417$ 22,292$ 30,287$ 32,376$ 24,806$ 26,009$ 26,458$
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
FISCAL YEAR
99
158
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Net (Expense)/Revenue:
Governmental Activities (13,926)$ (10,755)$ (11,348)$ (10,433)$ (12,879)$ (10,568)$ (11,030)$ (11,871)$ (14,018)$ (19,246)$
Business-Type Activities 4,180 5,483 4,592 5,532 3,722 5,856 7,416 1,758 1,196 (1,010)
Total Governmental Net Expense (9,746)$ (5,272)$ (6,756)$ (4,901)$ (9,157)$ (4,712)$ (3,614)$ (10,113)$ (12,822)$ (20,256)$
Governmental Revenues and Other
Changes in Net Position
Governmental Activities:
Taxes:
Property Taxes 4,015$ 4,284$ 4,516$ 4,727$ 5,150$ 5,487$ 5,870$ 6,291$ 6,629$ 7,391$
Utility Taxes 4,035 3,887 3,976 3,879 4,003 4,213 4,511 4,693 4,862 5,297
Business Tax Receipts 105 120 122 123 126 122 112 126 89 165
Intergovernmental Revenues -
Unrestricted 3,269 3,481 3,557 3,706 3,967 4,036 3,858 4,360 5,044 5,148
Investment Income and Miscellaneous 336 424 711 616 1,246 1,338 1,047 584 (240) 2,816
Gain (Loss) on Disposal of Capital Assets 17 26 - - - - - - - -
Transfers 1,985 2,064 2,041 1,975 1,873 1,697 (93) (2,316) 547 704
Total Governmental Activities 13,762 14,286 14,923 15,026 16,365 16,893 15,305 13,738 16,931 21,521
Business-Type Activities:
Investment Income and Miscellaneous 32 108 135 138 323 825 691 69 (585) 1,324
Loss on Disposal of Capital Assets - - - - - - - - - -
Transfers (1,985) (2,064) (2,041) (1,975) (1,873) (1,697) 93 2,316 (547) (704)
Total Business-Type Activities (1,953) (1,956) (1,906) (1,837) (1,550) (872) 784 2,385 (1,132) 620
Total Government 11,809$ 12,330$ 13,017$ 13,189$ 14,815$ 16,021$ 16,089$ 16,123$ 15,799$ 22,141$
Change in Net Position
Governmental Activities (164)$ 3,531$ 3,575$ 4,593$ 3,486$ 6,325$ 4,275$ 1,867$ 2,913$ 2,275$
Business-Type Activities 2,227 3,527 2,686 3,695 2,172 4,984 8,200 4,143 64 (390)
Total Government 2,063$ 7,058$ 6,261$ 8,288$ 5,658$ 11,309$ 12,475$ 6,010$ 2,977$ 1,885$
FISCAL YEAR
(Concluded)
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
100
159
Fiscal Year Property Tax Franchise Tax Utility Tax Business Tax Receipts Total
2014 4,015$ -$ 4,035$ 105$ 8,155$
2015 4,284 - 3,887 120 8,291
2016 4,516 - 3,976 122 8,614
2017 4,727 - 3,879 123 8,729
2018 5,150 - 4,003 126 9,279
2019 5,487 - 4,213 122 9,822
2020 5,870 - 4,511 112 10,493
2021 6,291 - 4,693 126 11,110
2022 6,629 - 4,862 89 11,580
2023 7,391 - 5,297 165 12,853
Fiscal Year Sales Tax State Revenue Sharing Other Total
2014 2,097$ 1,038$ 134$ 3,269$
2015 2,249 1,128 104 3,481
2016 2,305 1,168 84 3,557
2017 2,366 1,245 95 3,706
2018 2,552 1,313 102 3,967
2019 2,559 1,376 101 4,036
2020 2,475 1,279 104 3,858
2021 2,748 1,510 102 4,360
2022 3,073 1,874 97 5,044
2023 3,109 1,938 101 5,148
CITY OF WINTER SPRINGS, FLORIDA
TAXES INCLUDED IN UNRESTRICTED INTERGOVERNMENTAL REVENUES
(AMOUNTS EXPRESSED IN THOUSANDS)
(ACCRUAL BASIS OF ACCOUNTING)
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
101
160
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund:
Non-Spendable 416$ 333$ 275$ 256$ 226$ 287$ 338$ 231$ 248$ 585$
Assigned 433 - - - - - - - - 945
Unassigned 7,647 8,163 8,226 8,250 8,289 8,411 8,597 8,812 9,074 8,575
Total General Fund 8,496$ 8,496$ 8,501$ 8,506$ 8,515$ 8,698$ 8,935$ 9,043$ 9,322$ 10,105$
All Other Governmental Funds:
Non-Spendable -$ -$ 1$ 3$ 1$ 1$ 1$ -$ -$ 2$
Restricted 5,298 11,304 12,025 12,751 14,736 17,088 18,010 16,356 17,970 20,560
Committed 1,285 1,032 799 1,292 972 1,830 1,901 2,616 4,464 4,073
Assigned 5,258 5,506 6,240 5,938 7,578 9,859 9,597 10,496 11,026 9,378
Unassigned (172) (129) (81) (1,120) (990) (873) (36) (35) (232) (31)
Total All Other Governmental Funds 11,669$ 17,713$ 18,984$ 18,864$ 22,297$ 27,905$ 29,473$ 29,433$ 33,228$ 33,982$
FISCAL YEAR
CITY OF WINTER SPRINGS, FLORIDA
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
102
161
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Revenues
Taxes:
Property 3,841$ 4,098$ 4,320$ 4,595$ 5,026$ 5,377$ 5,870$ 6,291$ 6,629$ 7,391$
Utility 4,035 3,887 3,976 3,879 4,003 4,213 4,511 4,693 4,862 5,297
General Obligation 174 186 196 132 124 111 - - - -
Business Tax 106 120 122 123 126 122 112 126 89 165
Licenses and Permits:
Franchise Fees 1,953 2,024 2,042 1,986 2,166 2,331 2,363 2,397 2,545 2,787
Other 40 47 62 91 44 39 34 22 17 36
Intergovernmental 4,059 8,727 8,144 6,575 6,972 8,660 6,748 7,995 8,745 8,820
Charges for Services 3,071 3,231 3,302 3,341 3,342 3,351 3,212 3,237 3,376 3,426
Fines and Forfeitures 281 168 178 175 256 283 109 421 492 229
Impact Fees/Assessments 1,247 2,627 1,232 3,162 819 1,764 1,348 1,021 1,045 874
Investment Income 139 226 275 247 428 1,067 913 118 (625) 2,540
Miscellaneous 219 225 364 281 690 177 134 466 386 276
Total Revenues 19,165 25,566 24,213 24,587 23,996 27,495 25,354 26,787 27,561 31,841
Expenditures
General Government 5,012$ 5,051$ 5,187$ 5,161$ 5,057$ 5,407$ 4,711$ 5,307$ 5,146$ 6,813$
Public Safety 6,987 7,151 6,916 6,739 6,574 6,503 6,523 7,033 7,576 7,180
Physical Environment 4,128 4,225 4,303 5,057 5,296 4,907 5,252 4,865 5,258 6,656
Culture and Recreation 1,787 1,784 1,785 1,865 1,891 1,866 1,965 1,854 2,167 2,254
Capital Outlay 1,925 2,571 5,370 4,251 2,410 3,509 3,593 3,937 2,363 7,322
Debt Service:
Principal 5,101 610 1,232 3,453 1,138 1,158 515 489 573 501
Interest 424 192 188 149 65 49 897 918 952 949
Total Expenditures 25,364 21,584 24,981 26,675 22,431 23,399 23,456 24,403 24,035 31,675
Excess Revenues Over (Under)
Expenditures (6,199) 3,982 (768) (2,088) 1,565 4,096 1,898 2,384 3,526 166
FISCAL YEAR
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
103
162
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Other Financing Sources (Uses)
Transfers In 3,642$ 7,043$ 4,659$ 4,494$ 5,763$ 5,744$ 4,062$ 3,964$ 4,835$ 4,904$
Transfers Out (1,653) (4,977) (2,617) (2,520) (3,889) (4,047) (4,155) (6,280) (4,288) (4,200)
Proceeds from Financing 3,494 - - - - - - - - 667
Total Governmental Activities 5,483 2,066 2,042 1,974 1,874 1,697 (93) (2,316) 547 1,371
Change in Fund Balances (716)$ 6,048$ 1,274$ (114)$ 3,439$ 5,793$ 1,805$ 68$ 4,073$ 1,537$
Debt Services as a Percentage of
Non-Capital Expenditures 23.57%4.22%7.24%16.06%6.01%6.07%7.11%6.87%7.04%5.95%
FISCAL YEAR
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(Concluded)
104
163
REVENUE CAPACITY INFORMATION
164
Fiscal Year Total Residential
Ended and Commercial Residential Commercial Personal Centrally Tax Exempt Real Total Taxable Total Direct Tax Estimated Actual
September 30,Real Property 1 Property 1 Residential %Property 1 Property 1 Assessed 1 Property 1 Assessed Value 1 Rate 2 Taxable Value 1
2014 2,199,733$ 1,931,766$ 87.82%267,967$ 65,664$ 50 625,780$ 1,639,667$ 2.5400 2,330,707$
2015 2,442,043 2,162,934 88.57%279,109 66,887 52 760,723 1,748,259 2.5400 2,649,400
2016 2,670,315 2,322,345 86.97%347,970 71,576 53 898,230 1,843,714 2.5400 2,865,145
2017 2,847,989 2,488,346 87.37%359,643 73,137 56 959,840 1,961,342 2.5000 3,091,198
2018 3,128,578 2,716,013 86.81%412,565 78,213 56 1,059,572 2,147,275 2.4900 3,389,902
2019 3,370,872 2,923,507 86.73%447,365 82,498 58 1 1,159,460 2,293,968 2.4800 3,650,558
2020 3,647,697 3,118,225 85.48%529,472 89,028 56 1,145,903 2,590,878 2.4300 4,151,979
2021 3,893,861 3,309,150 84.98%584,711 93,231 62 1,278,919 2,708,235 2.4100 4,430,171
2022 4,162,723 3,558,774 85.49%603,949 89,283 62 1,394,301 2,857,767 2.4100 4,724,520
2023 5,051,263 4,311,311 85.35%739,952 90,758 67 1,970,822 3,171,266 2.4100 5,713,431
Note:
1 Source: Seminole County Property Appraiser (www.scpafl.org).
2 Source: Seminole County Tax Collector (www.seminoletax.org).
Real Property
CITY OF WINTER SPRINGS, FLORIDA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
105
165
St. John's
Water
Debt Debt Total Debt Total Manage-County Fire Total Direct
Fiscal Operating Service Total City Operating Service County Operating Service School ment Protections & Overlap-
Year Millage Millage Millage Millage Millage Millage Millage Millage Millage District (MSTU)ping Rates
2014 2.4300 0.1100 2.5400 4.8751 0.0000 4.8751 7.3610 1.0000 8.3610 0.3283 2.3299 18.4343
2015 2.4300 0.1100 2.5400 4.8751 0.0000 4.8751 7.1970 0.7000 7.8970 0.3164 2.3299 17.9584
2016 2.4300 0.1100 2.5400 4.8751 0.0000 4.8751 7.1490 0.7000 7.8490 0.3023 2.3299 17.8963
2017 2.4300 0.0700 2.5000 4.8751 0.0000 4.8751 6.8570 0.7000 7.5570 0.2885 2.3299 17.5505
2018 2.4300 0.0600 2.4900 4.8751 0.0000 4.8751 6.5690 0.0000 6.5690 0.2724 2.7649 16.9714
2019 2.4300 0.0500 2.4800 4.8751 0.0000 4.8751 6.3130 0.0000 6.3130 0.2562 2.7649 16.6892
2020 2.4300 0.0000 2.4300 4.8751 0.0000 4.8751 6.1330 0.0000 6.1330 0.2414 2.7649 16.4444
2021 2.4100 0.0000 2.4100 4.8751 0.0000 4.8751 5.9340 0.0000 5.9340 0.2287 2.7649 16.2127
2022 2.4100 0.0000 2.4100 4.8751 0.0000 4.8751 5.8250 0.0000 5.8250 0.2189 2.7649 16.0939
2023 2.4100 0.0000 2.4100 4.8751 0.0000 4.8751 5.4600 0.0000 5.4600 0.1974 2.7649 15.7074
Note:
Source: Seminole County Tax Collector (www/seminoletax.org).
1 Overlapping rates are those of local and county governments that apply to property owners within the City of Winter Springs.
2 Taxes levied for the fiscal year are based on the prior calendar year taxable value.
LAST TEN FISCAL YEARS2
PROPERTY TAX RATES - DIRECT AND OVERLAPPING1 GOVERNMENTS
CITY OF WINTER SPRINGS, FLORIDA
Winter Springs Seminole County School District
Overlapping Rates1
106
166
Tax Fiscal
Year Year
Billed Collected1 Difference Billed2 Collected1 Difference Billed Collected1 Difference Billed Collected1 Difference
2013 2014 116,237$ 111,963$ 4,274$ 701,658$ 675,955$ 25,703$ 42,280$ 40,784$ 1,496$ 12,753$ 12,279$ 474$
2014 2015 112,351 108,253 4,098 673,320 648,971 24,349 27,357 26,380 977 12,668 12,219 449
2015 2016 112,351 108,286 4,065 673,164 648,823 24,341 27,346 26,369 977 12,668 12,204 464
2016 2017 112,351 108,213 4,138 673,128 648,645 24,483 27,335 23,363 3,972 12,668 12,193 475
2017 2018 58,047 55,872 2,175 673,128 648,946 24,182 - 8 (8) 12,668 12,217 451
2018 2019 58,047 55,916 2,131 673,128 648,654 24,474 - - - 12,668 12,212 456
2019 2020 58,047 55,914 2,133 673,128 648,400 24,728 - - - 13,746 13,230 516
2020 2021 58,047 54,766 3,281 673,128 638,891 34,237 - - - 13,746 13,237 509
2021 2022 58,047 55,610 2,437 673,128 647,095 26,033 - - - 13,746 13,175 571
2022 2023 58,047 55,658 2,389 708,374 647,183 61,191 - - - 13,955 13,161 794
Note:Special Assessment Debt Issued:
1 Includes prepayments.Oak Forest June 2020 (refinanced internally June of 2010)
2 TLBD Maintenance and Phase I Capital are shown in the TLBD Phase I program amounts.TLBD Phase I May 2001 (Refinanced October of 2011)
TLBD Phase II February 2006; No assessment levied until Fiscal Year 2007.
Tuscawilla III Financed Internally
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
Tuscawilla III Assessments
Cap/Maint Cap/Maint Capital Only Cap/Maint
Oak Forest Assessments
Tuscawilla Lighting and Beautification (TLBD) -
Phase I Assessments
Tuscawilla Lighting and Beautification (TLBD) -
Phase II Assessments
107
167
Percentage Percentage
of Total of Total
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
CIP 2014/Winter Springs 360 69,215$ 1 2.18%
WE Park at Laurel Oaks LLC 57,960 2 1.83%
PAC Blake LLC 57,738 3 1.82%
KMF XI Winter Springs LLC 47,277 4 1.49%
Courtney Springs LLC 43,319 5 1.37%20,088$ 3 1.23%
Duke Energy (Formerly Progress Energy)33,806 6 1.07%23,812 2 1.45%
United Dominion Realty Trust Inc.20,274 8 0.64%7,917 4 0.48%
Winter Springs Station LLC 18,917 9 0.60%
Vistawilla ALF LLC 15,022 10 0.47%
Winter Springs Retirement Residence LLC 2,100 7 0.07%
Laurel Oaks LLC 24,104 1 1.47%
Summer Falls LLC 7,721 5 0.47%
Bright House Networks LLC 6,397 6 0.39%
Moss Park 5,270 7 0.32%
Winter Springs Holdings, Inc.4,762 8 0.29%
Baxley Robert & Annmarie TRS 4,233 9 0.26%
Pathfinder Landology Isis 4,213 10 0.26%
Totals 365,628$ 11.54%108,517$ 6.62%
CITY OF WINTER SPRINGS, FLORIDA
2023 2014
(AMOUNTS EXPRESSED IN THOUSANDS)
SEPTEMBER 30, 2023
PRINCIPAL PROPERTY TAXPAYERS
108
168
Fiscal Year Total Tax Collections in
Ended Levy for Percentage of Subsequent Percentage of
September 30,Fiscal Year1 Amount2 Levy Years Amount Levy
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%
2017 4,903,354 4,730,295 96.47%984 4,731,279 96.49%
2018 5,346,715 5,145,529 96.24%4,436 5,149,965 96.32%
2019 5,574,343 5,481,310 98.33%4,763 5,486,073 98.42%
2020 6,099,004 5,869,644 96.24%260 5,869,904 96.24%
2021 6,526,846 6,172,023 94.56%53,049 6,225,072 95.38%
2022 6,911,491 6,625,956 95.87%2,878 6,628,834 95.91%
2023 7,660,754 7,362,718 96.11%574 7,363,292 96.12%
Note:
1 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
(voted debt eliminated in fiscal year 2020).
Fiscal Year of the Levy
Collected within the
Total Collections To-Date
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS 3
LAST TEN FISCAL YEARS
109
169
DEBT CAPACITY INFORMATION
170
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 2023
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.
110
171
Ratio of Net
Gen Obligation
Net Debt to Gen Obligation
Fiscal Assessed Gross Less Debt Gen Obligation Assessed Debt Per
Year Population1 Value2 Debt3 Service Fund4 Debt Value Capita
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
2017 35,599 1,961,341,503 - - 1,074,143 0.055%30
2018 36,635 2,147,274,968 - - 949,131 0.044%26
2019 37,321 2,293,968,241 - - 835,458 0.036%22
2020 38,764 2,509,878,198 - - - 0.000%-
2021 38,975 2,708,235,730 - - - 0.000%-
2022 39,038 2,854,767,219 - - - 0.000%-
2023 39,097 3,171,266,844 - - - 0.000%-
Note:
1 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 bons and revenue bonds.
4 Amount available for repayment of limited general obligation note. During fiscal year 2017, the external loan was retired and replaced with an interest-free
loan from the City's General Fund, which was forgiven at the beginning of the fiscal year 2020.
CITY OF WINTER SPRINGS, FLORIDA
LAST TEN FISCAL YEARS
AND NET GENERAL OBLIGATION PER CAPITA
RATIO OF NET GENERAL OBLIGATION - DEBT TO ASSESSED VALUE
111
172
Fiscal Year Special Water and Water and Percentage of
Ended Refunding Limited General Assessment Refunding Limited General Sewer Revenue Sewer Refunding State Revolving Total Primary Personal
September 30,Revenue Bonds Obligation Bonds Revenue Bonds Notes Obligation Notes Notes Revenue Bonds Loan Government Income Per Capita
2014 7,931$ -$ -$ 6,282$ 2,534$ 9,601$ 10,226$ 1,635$ 38,209$ 3.52%1,128$
2015 8,386 - - 5,781 2,425 8,266 10,730 1,568 37,156 3.41%1,065
2016 8,866 - - 4,661 2,313 6,497 11,264 1,498 35,099 3.07%995
2017 9,374 - - 3,521 - 5,747 11,830 4,307 34,779 2.97%977
2018 9,850 - - 2,383 - 6,165 10,555 6,272 35,225 2.92%962
2019 10,478 - - 1,225 - 4,639 11,192 6,669 34,203 2.49%916
2020 9,767 - - 1,128 - 3,061 11,867 6,308 32,131 2.14%829
2021 9,016 - - 1,033 - 3,216 12,584 4,830 30,679 1.86%787
2022 8,223 - - 831 - 2,795 11,964 4,544 28,357 1.81%726
2023 7,384 - - 831 - 2,749 10,756 4,256 25,976 1.54%664
Note:
Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements: Note 7 - Long-Term Debt.
CITY OF WINTER SPRINGS, FLORIDA
Governmental Activities Business-Type Activities
(DOLLARS IN THOUSANDS, EXCEPT PER CAPITA)
LAST TEN FISCAL YEARS
RATIO OF OUTSTANDING DEBT BY TYPE
112
173
Estimated Estimated
Debt Percentage Share of
Governmental Unit Outstanding Applicable1 Debt
Overlapping Debt:
Seminole County General Obligation Debt -$ 0%-$
Subtotal, Overlapping Debt - -
Direct Debt:
Series 1999 Improvement Revenue Bonds 1,964,635 100%1,964,635
Accreted Interest 5,419,530 100%5,419,530
City of Winter Springs General Obligation Debt2 - 0%-
City of Winter Springs Capital Improvement Notes 831,298 100%831,298
Total Direct and Overlapping Debt 8,215,463$ 8,215,463$
Note:
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
1 Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
2 Through fiscal year 2019, the City of Winter Springs had a "limited" general obligation note being repaid through
a levy not to exceed one quarter of one mill on all taxable property in the City. Fiscal Year 2019 was the last year
of the levy as the internal loan was forgiven effective October 1, 2019.
(AMOUNTS EXPRESSED IN THOUSANDS)
AS OF SEPTEMBER 30, 2023
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
CITY OF WINTER SPRINGS, FLORIDA
113
174
Federal
Emergency Impact Fees
Management (Fire, Police
Agency Public Recreation,Non-Ad Valorem Total Revenue Maximum
Fiscal Year Public Service Electric Half-Cent Sales General Assistance and Public Special Available for Annual Debt
Ended Sept 30,Taxes Franchise Fees Tax Obligation Grants Facilities)Assessments Debt Service Service Coverage
2014 4,034,667$ 1,816,567$ -$ 173,876$ -$ -$ 165,152$ 6,190,262$ 1,838,498$ 3.37
2015 3,887,124 1,941,840 - 185,527 - - 162,442 6,176,933 1,838,498 3.36
2016 3,975,578 1,874,893 - 195,560 - - 159,347 6,205,378 1,838,498 3.38
2017 3,879,197 1,812,388 - 132,374 - - 160,024 5,983,983 1,838,498 3.25
2018 4,003,425 1,960,722 - 124,109 - - 135,163 6,223,419 1,633,823 3.81
2019 4,212,706 2,124,125 - 110,662 - - 138,063 6,585,556 1,633,823 4.03
2020 4,510,783 2,137,683 - 27 - - 136,883 6,785,376 1,410,310 4.81
2021 4,692,986 2,167,002 - - - - 139,137 6,999,125 1,405,721 4.98
2022 4,862,490 2,325,261 - - - - 138,362 7,326,113 1,406,052 5.21
2023 5,297,022 2,555,236 - - - - 138,383 7,990,641 1,406,012 5.68
CITY OF WINTER SPRINGS, FLORIDA
PLEDGE-REVENUE COVERAGE
LAST TEN FISCAL YEARS
General Government
114
175
Net Revenue
Fiscal Year Gross Operating Available for
Ended Sept 30,Revenues1 Expenses2 Debt Service Principal Interest Total Coverage
2014 9,534,771$ 5,488,225$ 4,046,546$ 1,296,376$ 409,422$ 1,705,798$ 2.37
2015 11,189,753 5,493,666 5,696,087 1,401,786 412,670 1,814,456 3.14
2016 11,189,465 5,765,435 5,424,030 1,446,699 3 368,458 1,815,160 2.99
2017 11,154,709 6,235,351 4,919,358 822,719 187,884 1,010,603 4.87
2018 10,260,680 6,140,468 4,120,212 1,875,000 99,668 1,974,668 2.09
2019 12,259,418 6,450,421 5,808,997 1,888,696 159,542 2,048,238 2.84
2020 12,943,985 7,059,281 5,884,704 1,938,782 156,801 2,095,583 2.81
2021 14,205,837 7,111,885 7,093,952 1,369,149 113,608 1,482,757 4.78
2022 12,632,292 8,553,286 4,079,006 819,384 1,027,961 1,847,345 2.21
2023 13,856,093 10,304,172 3,551,921 803,611 1,433,419 2,237,030 1.59
Note:
1 Gross revenue is computed per bond resolution requirements, and is equivalent to revenue recognized under generally accepted accounting principles (GAAP). Revenues include investment
income and other income.
2 "Direct operating expense" is computed per bond resolution requirements, and is equal to expenses recognized under GAAP (less interest, depreciation, and amortization expense) losses on disposal
of fixed assets, and non-recurring transfers out.
3 Excludes principal paid on refunding.
CITY OF WINTER SPRINGS, FLORIDA
PLEDGE-REVENUE COVERAGE
LAST TEN FISCAL YEARS
Water Revenue Bonds
Debt Service Requirements
(Concluded)
115
176
DEMOGRAPHIC AND ECONOMIC INFORMATION
177
Personal Education
Income Level in
(Amounts Per Capita Years of
Fiscal Expressed in Personal Median Formal School Unemployment
Year Population1 Thousands)Income1 Age1 Schooling1 Enrollment2 Rate3
2014 33,871 1,084,989$ 32,033$ 39.0 *6,461 5.4%
2015 34,901 1,090,935 31,258 40.2 14.00 6,072 5.0%
2016 35,266 1,144,523 32,454 40.7 13.98 5,565 4.6%
2017 35,599 1,170,887 32,891 42.2 14.18 5,708 4.0%
2018 36,635 1,204,962 32,891 43.4 14.31 5,366 3.3%
2019 37,321 1,375,615 36,859 43.4 14.36 5,258 3.0%
2020 38,764 1,502,038 38,748 43.9 14.42 6,370 4.6%
2021 38,975 1,651,059 42,362 43.4 14.48 5,587 4.3%
2022 39,038 1,564,128 40,067 42.7 14.65 5,469 3.7%
2023 39,097 1,685,996 43,123 43.1 0.00 6,992 4.2%
Note:
1 Source: American Fact Finder; previous statistics from multiple sources, Orlando Economic Partnership.
2 Source: American Fact Finder; Seminole County Public Schools.
3 Source: Bureau of Economic and Business Research (BEBR), Orlando Economic Partnership.
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
116
178
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment2
Seminole County School Board 1,203 1 17.68%1,403 1 20.62%
Publix (Winter Springs Town Center)175 2 2.57%150 4 2.20%
City of Winter Springs 172 3 2.53%212 2 3.12%
Dearborn Electronics 153 4 2.25%170 3 2.50%
Modern Plumbing 150 5 2.20%85 5 1.25%
Tuscawilla Country Club 75 6 1.10%80 6 1.18%
Budget Tree 62 7 0.91%
United States Post Office 56 8 0.82%48 7 0.71%
Watermark at Vistawilla 55 9 0.81%
McDonald's 50 10 0.73%30 10 0.44%
Dittmer Architectural Aluminum 36 9 0.53%
Longwood Kia/Mitsubishi 42 8 0.62%
Totals 2,151 31.60%2,256 33.17%
Note:
1 Per telephone survey of major local businesses and e-mail correspondence.
2 Per Metro Orlando Economic Development Commission (www.orlandoedc.com), the City of Winter Springs has
an estimated daytime working population of 6,805 FTEs.
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
CURRENT AND TEN YEARS AGO
2023 2014 1
117
179
OPERATING INFORMATION
180
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function
Development Services 5.46 5.46 4.73 5.46 3.46 3.73 5.19 8.73 6.00 7.00
General Government 36.67 36.38 36.95 36.08 33.13 33.05 36.80 40.80 48.03 47.90
Public Safety:
Police:
Sworn Officers 65.00 65.00 65.70 65.00 65.00 55.00 55.00 55.00 55.00 55.00
Civilians2 16.88 17.13 17.13 17.13 15.07 15.50 15.50 16.68 17.00 9.00
Public Works 16.00 16.00 16.00 16.00 16.00 14.00 15.00 12.00 13.00 17.00
Culture and Recreation 24.06 21.84 21.11 21.76 20.84 20.79 20.79 21.52 23.03 24.33
Utilities 35.73 36.17 36.45 38.45 38.45 38.73 38.00 20.00 22.00 21.73
Stormwater 9.00 9.00 9.00 10.00 9.00 8.00 9.00 6.00 6.00 7.00
Total 208.8 206.98 207.07 209.88 200.95 188.8 195.28 180.73 190.06 188.96
Part-Time FTEs (Included Above)21.95 20.98 23.07 22.88 19.95 17.80 18.28 22.73 16.06 13.96
Note:
1 City of Winter Springs Annual Budget Documents.
2 Police civilians include emergency communications center personnel.
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION1
LAST TEN FISCAL YEARS
Full-Time Equivalent Employees as of September 30,
118
181
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function
Police:
Auto Accidents 423 399 560 479 526 489 420 569 424 597
Physical Arrests 1,106 1,456 1,220 1,034 824 704 534 268 299 940
Criminal Investigations Conducted 522 408 533 419 388 1,384 1,249 1,330 414 1,325
Total Calls for Service 152,357 111,943 106,477 102,146 101,086 101,356 94,933 109,563 496 154,666
911 Calls Received 3,691 3,573 3,539 3,607 4,175 4,338 4,982 5,572 2,555 2,539
Evidence Processed (Pieces)2,327 2,240 2,606 2,509 1,814 1,603 1,394 1,665 1,562 2,288
Highways and Streets:
Streets Paved (Miles)1 4 - **108 ****
Streets Resurfaced (Miles)39,958 46,114 63,674 70,324 53,925 51,783 116,528 82,961 24,379 25,270
Sidewalks/Bike Paths Built or Repaired (Sq Ft)5,122 4,329 11,344 7,384 6,428 15,127 31,248 36,192 4,061 3,264
Culture and Recreation:
Games - Baseball/Softball 978 842 879 939 646 715 535 900 550 592
Games - Basketball 738 608 578 749 749 734 ****
Games - Football 256 103 22 61 61 39 145 120 **
Games - Soccer 1,140 1,176 879 882 1,130 950 679 1,020 675 865
Senior Activities 1,102 1,363 1,573 1,906 2,632 3,477 530 ***
Civic Center and Pavilion Rentals 438 463 400 461 474 553 433 667 1,354 1,818
Water:
New Connections 112 176 165 32 61 227 230 177 81 67
Number of Customers 13,383 13,496 13,727 13,822 13,597 13,967 13,817 13,994 14,315 14,521
Water Main Breaks 9 4 2 10 6 5 8 3 13 29
Average Daily Consumption (Gallons/per Capita)98 103 104 97 103 119 252 96 119 122
Meter Reads 181,145 183,256 187,468 188,358 192,930 189,072 234,842 197,530 202,719 203,556
Community Development:
Total Permits Issued 3,466 2,923 2,956 3,275 3,741 3,627 4,259 3,927 3,826 3,517
Building Inspections 5,921 8,189 8,885 6,194 7,154 7,690 6,662 9,441 9,402 9,334
Business Tax Receipts Issued 968 1,007 897 1,227 984 1,182 890 1,032 617 1,356
Land Use Amendments and Rezonings 11 13 3 8 1 *1 2 2 2
Permit Files Created/Reviews Initiated 3,869 3,201 3,111 3,436 3,868 3,829 4,690 4,185 4,294 3,963
General Government:
Personnel Actions Processed 309 182 283 426 201 288 150 281 300 360
Worker's Comp Injuries 32 30 30 37 35 25 21 27 14 13
Legal Notices Published 40 40 18 26 25 22 12 13 18 23
Payroll - Checks 499 425 352 334 335 296 266 93 101 554
Payroll - Direct Deposit 6,858 6,468 7,209 6,034 5,695 5,555 4,384 4,410 4,233 4,553
Receipts Deposited 266,630 247,363 134,565 130,754 127,820 129,349 130,541 132,772 133,850 133,365
A/P Checks Issued 5,285 5,442 5,364 4,974 3,659 4,537 4,018 3,881 6,871 4,194
Purchase Orders Processed 2,968 3,262 2,262 2,319 2,138 1,905 2,040 2,212 1,194 1,658
Source: Summary of Departmental Reports
Note:
* Information not available.
CITY OF WINTER SPRINGS, FLORIDA
OPERATING INDICATORS BY FUNCTION1
LAST TEN FISCAL YEARS
Full-Time Equivalent Employees as of September 30,
119
182
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function
Public Safety:
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fleet 85 82 82 80 73 68 68 77 77 75
Fire Stations2 2 2 2 2 2 2 2 2 2 2
Highways and Streets:
Streets - Paved (Miles)102.69 102.69 103.25 103.25 103.40 107.52 107.52 107.52 107.52 107.52
Streets - Unpaved (Miles)0.51 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Street Lights 2,616 3,404 3,432 3,432 3,452 3,638 3,638 3,638 3,638 3,638
Traffic Signals 10 10 10 10 10 10 10 10 10 10
Culture and Recreation:
Park Acreage 266.70 266.70 266.70 266.70 266.70 266.70 266.70 267.93 267.93 267.93
Parks - Community 6 6 6 6 6 6 6 6 6 6
Parks - Neighborhood 6 6 6 6 6 6 6 6 6 6
Senior Center 1 1 1 1 1 1 1 1 1 1
Community Center 1 1 1 1 1 1 1 1 1 1
Water:
Water Maines (Miles)173.00 173.10 173.20 173.60 175.20 243.90 243.90 243.90 243.90 243.90
Fire Hydrants 1,055 1,057 1,060 1,064 1,080 1,092 1,092 1,092 1,092 1,092
Maximum Daily Capacity
(Millions of Gallons)12 12 12 12 12 12 12 12 12 12
Deep Wells 8 8 8 8 8 8 8 8 8 8
Sewer:
Sanitary Sewers (Miles)115.75 115.75 115.76 116.31 117.95 199.09 199.09 199.09 199.09 199.09
Storm Sewers (Miles)95.76 95.76 95.79 95.79 95.87 187.71 187.71 187.71 187.71 187.71
Treatment Facility Capacity
(Millions of Gallons)4.212 4.212 4.212 4.212 4.212 4.212 4.212 4.212 4.082 4.082
Current Average Flow
(Millions of Gallons)2.067 2.097 2.080 2.140 2.280 2.124 2.520 2.520 2.635 2.499
Note:
* Information not available.
1 City of Winter Springs Departmental Reports.
2 Seminole County is leasing stations per Consolidation Agreement.
CITY OF WINTER SPRINGS, FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION1
LAST TEN FISCAL YEARS
120
183
OTHER REPORTS
184
121
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, the business-type activities, each major fund, and the aggregate remaining fund information of
the City of Winter Springs, Florida (the City) as of and for the year ended September 30, 2023, and the
related notes to the financial statements, which collectively comprise the City’s basic financial statements
and have issued our report thereon dated September 3, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control
over financial reporting (internal control) as a basis for designing 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 the City’s internal control. Accordingly, we do
not express an opinion on the effectiveness of the City’s internal control.
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 City’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 was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies may
exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies
in internal control that we consider to be material weaknesses. We identified certain deficiencies in
internal control listed below that we consider to be significant deficienci es.
185
122
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
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
■ 2023-01 Bank Reconciliation
Condition: The City’s bank reconciliation process was not performed timely and required correction
through an adjusting entry. The September 2023 bank reconciliation was not finalized until June 2024
and the completed reconciliation required an adjustment of $22,478.
Criteria: Accurate and timely bank reconciliations are a critical component of the financial
management and reporting process.
Cause: Due to turnover and personnel issues in the finance department, the City’s internal controls
over bank reconciliation did not adequately identify errors in the reconciliation process nor did they
ensure timely completion.
Effect: If the errors corrected had not been detected during our audit, which is designed only to
provide reasonable assurance that the financial statements are fairly presented, the City’s cash
balances would have been misstated.
Recommendation: We recommend that management design and implement additional internal
controls to ensure that bank reconciliations are prepared timely and correctly.
■ 2023-02 Access to Vendor Master File
Condition: Controls were not in place to restrict the Accounts Payable Coordinator from making
modifications to the vendor master file.
Criteria: Proper segregation of duties is critical to preventing fraud or errors in the cash disbursement
process.
Cause: Due to turnover and personnel issues in the finance department, the City’s internal controls
over cash disbursements were not implemented properly.
Effect: While no errors or fraudulent activity was discovered in testing, without proper segregation
of duties, there is an increased risk of fraud or error within the cash disbursement process.
Recommendation: We recommend that the City implement system access controls to remove the
Accounts Payable Coordinator’s ability to modify the vendor master file.
■ 2023-03 Personnel Action Forms
Condition: During testing of the payroll process, we noted 1 employee out of 40 tested that was not
being paid in accordance with their approved pay rate. Additionally, 2 employees lacked the proper
authorization of their enacted pay rate.
Criteria: The City’s personnel policy and payroll best practices require that employees be
compensated in accordance with their properly authorized pay rate.
186
123
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
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
Cause: Due to turnover and personnel issues in the human resources department, the City’s internal
controls over payroll processing were not implemented properly.
Effect: The first employee was underpaid relative to their authorized pay rate. We were unable to
determine whether the 2 employees were being paid in accordance with an approved pay rate.
Recommendation: We recommend that the City review their payroll processing system to ensure that
all pay rates are approved and that system rates are in accordance with the approved pay rates.
■ 2023-04 Pension Plan Eligibility
Condition: Census data testing showed that 2 of 5 active pension plan members and 5 of 5 new hires
tested did not have the prerequisite period of service before being enrolled in the pension plan.
Criteria: The Plan’s eligibility criteria requires that employees complete 6 months of service prior to
plan enrollment.
Cause: Due to turnover and personnel issues in the human resources department, the City’s internal
controls over pension plan enrollment were not implemented properly.
Effect: Additional employees, beyond those who were eligible, were enrolled in the pension plan.
Recommendation: We recommend that the City review its pension plan eligibility requirements and
implement additional controls to ensure that pension eligibility is verified prior to enrollment.
■ 2023-05 Purchasing Cards
Condition: During testing, 14 of 40 purchasing card statements tested contained at least one
transaction that was not properly requisitioned under the City’s disbursement policies. Additionally,
the City was unable to provide support that 38 of 40 purchasing card statements were properly
reviewed prior to payment and 12 of the 40 statements did not have some or all of the associated
supporting documentation.
Criteria: In accordance with best practices, the City should ensure the controls surrounding
purchasing cards are properly implemented and operating effectively.
Cause: Due to turnover and personnel issues in the finance department, the City’s processes for
reviewing and recording purchasing card transactions were not appropriately implemented.
Effect: While no fraudulent activity was noted in testing, the deficiencies in the process could have
allowed inappropriate transactions to occur with a City purchasing card without knowledge of
supervising personnel.
Recommendation: We recommend that the City ensure that all controls surrounding purchasing cards
are implemented and operating effectively to verify.
187
124
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
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
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, non-compliance with which could have a direct and material effect on
the financial statements. However, providing an opinion on compliance with those provisions was not
an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed instances of non-compliance or other matters that are required to be reported under
Government Auditing Standards and which are described below.
■ 2023-06 Financial Statement Audit
Condition: The financial statement audit was submitted past the statutory deadline of 9 months after
fiscal year-end.
Criteria: Florida Statute 218.32 states that the City is required to provide for an audit under Florida
Statute 218.39(1) and must submit a copy of the audit report and annual financial report to the
Department of Financial Services (the Department) within 45 days after the completion of the audit
report but no later than 9 months after the end of the fiscal year.
Cause: The City experienced significant turnover within the finance department during the year and
was delayed in preparation for the audit due to delays in the completion of the 2022 financial
statement audit.
Effect: The audit was submitted to the Department after the statutory deadline.
Recommendation: We recommend the City work to adequately staff the Department to ensure
resources are available to submit the annual financial report timely.
■ 2023-07 Excess Expenditures Over Budget Appropriations
Condition: Budget testing determined that the City over expended its budget in the General Fund’s
Information Services Department by $280,500, the General Fund’s Police Department by $416,804,
and its Special Law Enforcement Trust Fund – Federal’s Public Safety Department by $23,981.
Criteria: Effective budget management and monitoring processes are essential to ensure that
departments operate within their allocated budgets and the City operates within its means.
Additionally, Florida Statutes Section 166.241(2) mandates municipalities adhere to the budgetary
limits established by the governing body.
Cause: Due to turnover and personnel issues in the finance department, the City’s internal controls over
budget monitoring and amendment were not implemented properly. Additionally, the new accounting
standard, GASB Statement No. 96, Subscription-Based Information Technology Arrangements, was not
recognized in the financial statements until after the final budget amendment was submitted.
Effect: As noted in the condition above, the City expended amounts beyond their budget
appropriations.
Recommendation: We recommend that the City implement additional budget monitoring controls to
prevent over expenditure and accompanying budget amendments are made timely.
188
125
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
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
City of Winter Springs’ Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the City’s response
to the findings identified in our audit and described in the paragraphs above. The City’s response was not
subjected to the other auditing procedures applied in the audit of the financial statements and,
accordingly, we express no opinion on the response.
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 City’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 City’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
September 3, 2024
Gainesville, Florida
189
126
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 (the City) as of and for the
fiscal year ended September 30, 2023, and have issued our report thereon dated September 3, 2024.
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; and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
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 and Independent Auditor’s Report on an examination conducted in
accordance with the American Institute of Certified Public Accountants Professional Standards, AT-C
Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General. Disclosures in those reports, which are dated September 3, 2024, 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 financial audit
report. Corrective actions have been taken to address the following findings and recommendations made
in the preceding financial audit report: 2022-01 Financial Close and Reporting; 2022-03 Capital Assets;
2022-04 Pooled Cash Management; 2022-05 Accounts Payable; 2022-08 Inventory Management Controls;
2022-09 Pension Data Submission Controls; 2022-10 Pension Contribution Controls; 2022-11 Investment
Compliance Controls. The following findings have been repeated as they were not fully corrected during
the current audit period.
Tabulation of Uncorrected Audit
Findings
Current Year
Finding #
2021-2022 Fiscal
Year Finding #
2023-01 2022-02
2023-05 2022-06
2023-06 2022-07
190
127
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
MANAGEMENT LETTER
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 notes to the financial statements.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate
procedures and communicate the results of our determination as to whether or not the City has met one
or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific
condition(s) met. In connection with our audit, we determined that the City did not meet any of the
conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial
condition assessment procedures for the City. It is management’s responsibility to monitor the City’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.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations
to improve financial management. In connection with our audit, we have no recommendations.
Special District Component Units
Section 10.554(1)(i)5.c., Rules of the Auditor General, requires, if appropriate, that we communicate the
failure of a special district that is a component unit of a municipality to provide the financial information
necessary for proper reporting of the component unit within the audited financial statements of the
municipality in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we
did not note any special district component units.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate non-compliance 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 note 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 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.
We would like to take this opportunity to express our appreciation for the professionalism and courtesies
which were extended to our staff. If you have any questions or comments about the contents of this
letter, or the information accompanying this letter, please do not hesitate to contact us.
September 3, 2024
Gainesville, Florida
191
128
INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH
FLORIDA STATUTES, SECTION 218.415 – INVESTMENTS OF PUBLIC FUNDS
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have examined the City of Winter Springs, Florida’s (the City) compliance with Section 218.415, Florida
Statutes, during the fiscal year ended September 30, 2023. City 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. Those standards require that we plan and perform the
examination to obtain reasonable assurance about whether the City complied, in all material respects,
with the requirements referenced above. An examination involves performing procedures to obtain
evidence about whether the City complied with the specified requirements. The nature, timing, and
extent of the procedures selected depend on our judgment, including an assessment of the risks of
material non-compliance, whether due to fraud or error. We believe that the evidence we obtained is
sufficient and appropriate to provide a reasonable basis for our opinion.
Our examination does not provide a legal determination on the City’s compliance with specified
requirements.
We are required to be independent and to meet our ethical responsibilities in accordance with relevant
ethical requirements relating to the engagement.
In our opinion, the City complied, in all material respects, with the aforementioned requirements during
the fiscal year ended September 30, 2023.
This report is intended solely for the information and use of the Legislative Auditing Committee, members
of the Florida Senate and Florida House of Representatives, the Florida Auditor General, the Honorable
Mayor and members of the City Commission, and applicable management, and is not intended to be, and
should not be, used by anyone other than these specified parties.
September 3, 2024
Gainesville, Florida
192
CITY OF WINTER SPRINGS, FLORIDA
FINANCE & ADMINISTRATIVE SERVICES
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
TELEPHONE: (407) 327-1800
FACSIMILE: (407) 327-4753
WEBSITE: www.winterspringsfl.org
Philip Hursh Holly Queen
Interim City Manager Finance Director
September 3, 2024
The Office of the Florida Auditor General
Local Government and Specialty Audits
111 West Madison Street, Room 401
Tallahassee, FL 32399
To whom it may concern,
We are in receipt of the City’s audited financial statements for the fiscal year ended September 30, 2023.
We have reviewed the report on internal controls and other compliance matters, and we concur with the
findings.
We appreciate the opportunity to implement the needed process improvements. Our responses follow:
2023-01 Bank Reconciliation
Staff concurs with this finding. The bank reconciliation is one of the most important daily tasks required
of staff and timely reconciliation is imperative. As stated in the audit comment, the turnover noted above
had a significant impact on the reconciliation of the bank statement. This is a residual effect from the prior
year finding as key positions were not filled until late 2023.
2023-02 Access to Vendor Master File
Staff concurs with this finding. Due to excessive turnover, the accounts payable coordinator profile in the
system was not correctly established. The finance and IT department are updating processes to ensure
segregation of duties are set up properly in the system.
2023-03 Personnel Action Form
Staff concurs with this finding and believes this item is a result of turnover in the HR department. The
City has reorganized the payroll function from the HR Department to the Finance Department and
implemented additional internal controls to ensure employees are paid properly and that all personnel
actions are documented.
129 193
130 194
1
COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
We have audited the 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 (the City)
for the year ended September 30, 2023. Professional standards require that we provide you with
information about our responsibilities under generally accepted auditing standards and Government
Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We
have communicated such information in our engagement letter to you dated July 26, 2021. Professional
standards also require that we communicate to you the following information related to our audit.
Significant Audit Matters
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies . The significant
accounting policies used by the City are described in Note 1 to the financial statements . Except for the
adoption of Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based
Information Technology Arrangements, the application of existing policies was not changed during the
year ended September 30, 2023. We noted no transactions entered into by the City during the year for
which there is a lack of authoritative guidance or consensus. All significant transactions have been
recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates may be particularly sensitive because of their
significance to the financial statements and because of the possibility that future events affecting them
may differ significantly from those expected. The most sensitive estimates affecting the City’s financial
statements were:
■ Allowance for Doubtful Accounts—Management’s estimate of the allowance for doubtful accounts
reduces the City’s accounts receivable balance to the net realizable value and increases the bad debt
expense. Management adjusts the allowance for uncollectible utility billing receivables bas ed on
historical revenues, loss levels, and analysis of the collectability of accounts.
■ Accumulated Depreciation—Management estimates accumulated depreciation and depreciation
expense for capital assets using the straight-line method of depreciation and industry guidelines for
useful lives.
195
2
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
■ Compensated Absences—The City bases this liability on employees’ current pay and benefit rates and
accrued hours (for sick and vacation time) as of year-end.
■ Net Pension Liability and Pension-Related Deferred Outflows and Inflows—The City’s combined net
pension liability and pension-related deferred outflows and inflows of resources are based on
actuarial studies performed by a qualified actuary retained by the City. The actuarial valuation is
based upon actuarial methods and assumptions, which are selected based on risk and market factors
affecting governmental entities of similar sizes, pension plan policies, and employee census
information.
■ Other Postemployment Benefits (OPEB)—Management’s estimate of the total OPEB liability, related
deferred inflows/outflows of resources, and expenses for OPEB, is an estimate based on actuarial
studies performed by a qualified actuary retained by the City. The actuarial valuation is based upo n
actuarial methods and assumptions which are selected based on risk and market factors affecting
governmental entities of similar sizes, OPEB plan policies, and employee census information. The
total OPEB liability and deferred inflows/outflows of resources allocated to the City are determined
by the actuary and also considered a significant estimate.
We evaluated the key factors and assumptions used to develop the above-described estimates in
determining that they are reasonable in relation to the financial statements taken as a whole.
Certain financial statement disclosures are particularly sensitive because of their significance to financial
statement users. The most sensitive disclosures affecting the financial statements were:
■ Pledged Revenues – The City has pledged certain revenues related to debt obligations as described in
Note 7 to the financial statements.
■ Commitments and Contingencies – As more fully described in Note 14 to the financial statements, the
City is under contract with various contractors for future construction services and also requires
significant construction in the near future to replace or rehabilitate their Wastewater Treatment
Plant.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit. However, the commencement of the audit was delayed due to turnover in the finance department.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are clearly trivial, and communicate them to the appropriate level of
management. Management has corrected all such misstatements. A list of these misstatements is
included in the attached Appendix A.
196
3
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
Disagreements with Management
For the purposes of this letter, a disagreement with management is a financial accounting, reporting, or
auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial
statements or the auditor’s report. We are pleased to report that no such disagreements arose during
the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated September 3, 2024.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves
application of an accounting principle to the City’s financial statements or a determination of the type of
auditor’s opinion that may be expressed on those statements, our professional standards require the
consulting accountant to check with us to determine that the consultant has all the relevant facts. To our
knowledge, there were no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the City’s auditors. However, these
discussions occurred in the normal course of our professional relationship and our responses were not a
condition to our retention.
Other Matters
We applied certain limited procedures to the management’s discussion and analysis (MD&A) and the
required supplementary information (other than MD&A), as listed in the table of contents (collectively,
the required supplementary information), which is required supplementary information (RSI) that
supplements the basic financial statements. Our procedures consisted of inquiries of management
regarding 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 did not audit the RSI and do not express
an opinion or provide any assurance on the RSI.
We were engaged to report on the combining financial statements and budgetary comparison schedule
as listed in the table of contents, which accompany the financial statements but are not RSI. With respect
to this supplementary information, we made certain inquiries of management and evaluated the form,
content, and methods of preparing the information to determine that the information complies with
accounting principles generally accepted in the United States of America, the method of preparing it has
not changed from the prior period, and the information is appropriate and complete in relation to our
audit of the financial statements. We compared and reconciled the other supplementary information to
the underlying accounting records used to prepare the financial statements or to the financial statements
themselves.
197
4
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
Restriction on Use
This information is intended solely for the information and use of the City Commission and management
of the City and is not intended to be, and should not be, used by anyone other than these specified parties.
September 3, 2024
Gainesville, Florida
198
Number Account Description Account Debit Credit
1 Accrued Wages Year - End Accrual 001-00-0000-216000-001 001 (26,866.13)$
1 Base Wage - Mayor/Commission 001-12-1100-510110-000 001 221.43$
1 FICA 001-12-1100-520200-000 001 16.94
1 Base Wages/Salaries 001-12-1200-510100-000 001 376.54
1 FICA 001-12-1200-520200-000 001 30.00
1 Pension DC 001-12-1200-520225-000 001 18.54
1 Health Insurance 001-12-1200-520230-000 001 30.10
1 Base Wages/Salaries 001-12-1210-510100-000 001 346.93
1 FICA 001-12-1210-520200-000 001 26.08
1 Pension DC 001-12-1210-520225-000 001 18.30
1 Health Insurance 001-12-1210-520230-000 001 94.77
1 Base Wages/Salaries 001-13-1300-510100-000 001 1,314.78
1 FICA 001-13-1300-520200-000 001 91.84
1 Pension DC 001-13-1300-520225-000 001 43.31
1 Health Insurance 001-13-1300-520230-000 001 217.85
1 Base Wages/Salaries 001-13-1360-510100-000 001 1,159.12
1 FICA 001-13-1360-520200-000 001 86.32
1 Pension DC 001-13-1360-520225-000 001 62.81
1 Health Insurance 001-13-1360-520230-000 001 175.56
1 Base Wages/Salaries 001-15-1500-510100-000 001 265.05
1 FICA 001-15-1500-520200-000 001 20.04
1 Pension DC 001-15-1500-520225-000 001 15.14
1 Health Insurance 001-15-1500-520230-000 001 15.06
1 Base Wages/Salaries 001-15-1510-510100-000 001 332.95
1 FICA 001-15-1510-520200-000 001 24.93
1 Pension DC 001-15-1510-520225-000 001 9.10
1 Health Insurance 001-15-1510-520230-000 001 45.77
1 Base Wages/Salaries 001-15-1520-510100-000 001 440.75
1 FICA 001-15-1520-520200-000 001 34.44
1 Pension DC 001-15-1520-520225-000 001 30.94
1 Health Insurance 001-15-1520-520230-000 001 139.54
1 Base Wages/Salaries 001-16-1315-510100-000 001 678.60
1 FICA 001-16-1315-520200-000 001 50.27
1 Pension DC 001-16-1315-520225-000 001 15.46
1 Health Insurance 001-16-1315-520230-000 001 77.35
1 Base Wages/Salaries 001-16-1600-510100-000 001 963.91
1 FICA 001-16-1600-520200-000 001 71.13
1 Pension DC 001-16-1600-520225-000 001 54.27
1 Health Insurance 001-16-1600-520230-000 001 159.09
1 Base Wages/Salaries 001-16-1935-510100-000 001 266.36
1 FICA 001-16-1935-520200-000 001 21.52
1 Pension DC 001-16-1935-520225-000 001 19.46
1 Health Insurance 001-16-1935-520230-000 001 53.61
1 Base Wages/Salaries 001-16-7415-510100-000 001 580.40
1 FICA 001-16-7415-520200-000 001 40.90
1 Pension DC 001-16-7415-520225-000 001 35.74
1 Health Insurance 001-16-7415-520230-000 001 138.07
CITY OF WINTER SPRINGS
YEAR ENDED SEPTEMBER 30, 2023
APPENDIX A
199
1 Base Wages/Salaries 001-21-2100-510100-000 001 10,286.68
1 FICA 001-21-2100-520200-000 001 804.64
1 Pension DC 001-21-2100-520225-000 001 27.52
1 Health Insurance 001-21-2100-520230-000 001 1,849.36
1 Base Wages/Salaries 001-41-1930-510100-000 001 9.37
1 FICA 001-41-1930-520200-000 001 0.72
1 Pension DC 001-41-1930-520225-000 001 0.71
1 Base Wages/Salaries 001-41-1940-510100-000 001 439.15
1 FICA 001-41-1940-520200-000 001 33.27
1 Pension DC 001-41-1940-520225-000 001 5.78
1 Health Insurance 001-41-1940-520230-000 001 93.95
1 Base Wages/Salaries 001-41-4100-510100-000 001 374.30
1 FICA 001-41-4100-520200-000 001 28.41
1 Pension DC 001-41-4100-520225-000 001 28.53
1 Health Insurance 001-41-4100-520230-000 001 64.55
1 Base Wages/Salaries 001-41-4110-510100-000 001 574.52
1 FICA 001-41-4110-520200-000 001 40.48
1 Pension DC 001-41-4110-520225-000 001 33.17
1 Health Insurance 001-41-4110-520230-000 001 233.48
1 Base Wages/Salaries 001-72-7200-510100-000 001 463.70
1 FICA 001-72-7200-520200-000 001 34.65
1 Pension DC 001-72-7200-520225-000 001 30.91
1 Health Insurance 001-72-7200-520230-000 001 32.54
1 Base Wages/Salaries 001-72-7230-510100-000 001 1,575.98
1 FICA 001-72-7230-520200-000 001 123.69
1 Pension DC 001-72-7230-520225-000 001 51.12
1 Health Insurance 001-72-7230-520230-000 001 190.03
1 Base Wages/Salaries 001-72-7250-510100-000 001 427.68
1 FICA 001-72-7250-520200-000 001 33.37
1 Pension DC 001-72-7250-520225-000 001 11.48
1 Health Insurance 001-72-7250-520230-000 001 31.32
1 Accrued Wages Year - End Accrual 410-00-0000-216000-001 410 (3,450.98)
1 Base Wages/Salaries 410-36-3600-510100-000 410 2,539.92
1 FICA 410-36-3600-520200-000 410 199.52
1 Pension DC 410-36-3600-520225-000 410 114.79
1 Health Insurance 410-36-3600-520230-000 410 596.75
1 Accrued Wages Year - End Accrual 411-00-0000-216000-001 411 (825.18)
1 Base Wages/Salaries 411-38-3800-510100-000 411 453.41
1 FICA 411-38-3800-520200-000 411 32.15
1 Pension DC 411-38-3800-520225-000 411 18.89
1 Health Insurance 411-38-3800-520230-000 411 178.08
1 Base Wages/Salaries 411-38-3810-510100-000 411 103.03
1 FICA 411-38-3810-520200-000 411 7.08
1 Health Insurance 411-38-3810-520230-000 411 32.54
1 Accrued Wages Year - End Accrual 420-00-0000-216000-001 420 (1,133.13)
1 Base Wages/Salaries 420-24-2400-510100-000 420 912.12
1 FICA 420-24-2400-520200-000 420 68.62
1 Pension DC 420-24-2400-520225-000 420 42.64
1 Health Insurance 420-24-2400-520230-000 420 109.75
Audit Adjustment
To correct the calculation of accrued salaries and wages at fiscal year-end.
200
2 Equity in PC Equity in PC 001-00-0000-100400-800 001 22,477.52
2 Misc Revenue 001-00-0000-369900-000 001 (22,477.52)
2 Bank - Operating 800-00-0000-100100-000 800 22,477.52
2 P/C Equity Due To General Fund 800-00-0000-204000-001 800 (22,477.52)
Audit Adjustment
To correct an error within the bank reconciliation.
201