HomeMy WebLinkAbout2025 04 28 Regular 500 - 2024 Annual Comprehensive Financial Report (ACFR)REGULAR AGENDA ITEM 500
CITY COMMISSION AGENDA | APRIL 28, 2025 REGULAR MEETING
TITLE
2024 Annual Comprehensive Financial Report (ACFR)
SUMMARY
The Annual Comprehensive Financial Report for the Fiscal Year Ended September 30th
2024 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.
The 2024 Annual Comprehensive Financial Report will be submitted to the
Government Finance Officers Association for consideration of their Certificate of
Achievement award as we believe it conforms to the program's stringent
requirements.
FUNDING SOURCE
RECOMMENDATION
Staff recommends the City Commission accept the Annual Comprehensive Financial
Report as presented for the Fiscal Year Ended September 30th 2024.
53
54
City of Winter Springs, Florida
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended September 30, 2024
Prepared by:
Finance Department
55
CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
i
I. INTRODUCTORY SECTION
Table of Contents ............................................................................................................................. i-iii
Letter of Transmittal .......................................................................................................................iv-vi
List of Principal Officials ..................................................................................................................... vii
Organizational Chart ......................................................................................................................... viii
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 .................................................................................................... 34-61
56
CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2024
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 ....................................................... 62
Schedule of Changes in Net Pension Liability and
Related Ratios ............................................................................................................................. 63
Schedule of Contributions ........................................................................................................ 64-65
Schedule of Investment Returns .................................................................................................... 66
Other Supplementary Information
Non-Major Governmental Funds:
Combining Balance Sheet – Non-Major Governmental Funds .............................................. 67-72
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Non-Major Governmental Funds .......................................... 73-78
Statement of Revenues, Expenditures and Changes in Fund
Balance – Budget and Actual:
Police Education Fund .......................................................................................................... 79
Special Law Enforcement Trust Fund – Local ....................................................................... 80
Transportation Improvement Fund ..................................................................................... 81
Transportation Impact Fee Fund .......................................................................................... 82
Police Impact Fee Fund ........................................................................................................ 83
Fire Impact Fee Fund ............................................................................................................ 84
Parks Impact Fee Fund ......................................................................................................... 85
Arbor Fund ........................................................................................................................... 86
TLBD Maintenance Fund ...................................................................................................... 87
Oak Forest Maintenance Fund ............................................................................................. 88
Special Law Enforcement Trust Fund – Federal ................................................................... 89
Tuscawilla Phase III .............................................................................................................. 90
TLBD Debt Service Fund ....................................................................................................... 91
1999 Debt Service Fund ....................................................................................................... 92
1999 Construction Fund ....................................................................................................... 93
Revolving Rehab Fund .......................................................................................................... 94
Public Facilities Fund ............................................................................................................ 95
Excellence in Customer Service ............................................................................................ 96
III. STATISTICAL SECTION
Financial Trends
Net Position by Component ........................................................................................................... 97
Changes in Net Position ............................................................................................................ 98-99
Governmental Activities Tax Revenues by Source ....................................................................... 100
Fund Balances of Governmental Funds ....................................................................................... 101
Changes in Fund Balances of Governmental Funds .............................................................. 102-103
57
CITY OF WINTER SPRINGS, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
iii
Revenue Capacity
Assessed Value and Estimated Actual Value of
Taxable Property ....................................................................................................................... 104
Property Tax Rates, Direct and Overlapping Governments ......................................................... 105
Special Assessment Billings and Collections ................................................................................ 106
Principal Property Taxpayers ....................................................................................................... 107
Property Tax Levies and Collections ............................................................................................ 108
Debt Capacity
Legal Debt Margin ........................................................................................................................ 109
Ratio of Net General Obligation - Debt to Assessed
Value and Net General Obligation Per Capita .......................................................................... 110
Ratio of Outstanding Debt by Type .............................................................................................. 111
Direct and Overlapping Governmental Activities Debt ............................................................... 112
Pledged-Revenue Coverage .................................................................................................. 113-114
Demographic and Economic Information
Demographic and Economic Statistics ......................................................................................... 115
Principal Employers...................................................................................................................... 116
Operating Information
Budgeted Full-Time Equivalent City Government
Employees by Function ............................................................................................................. 117
Operating Indicators by Function ................................................................................................ 118
Capital Asset Statistics by Function ............................................................................................. 119
Other Reports
Schedule of Expenditures of Federal Awards .............................................................................. 120
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 ........................................................... 121-122
Independent Auditor’s Report on Compliance for Each
Major Program and on Internal Control over Compliance
Required by the Uniform Guidance ................................................................................... 123-125
Schedule of Findings and Questioned Costs ......................................................................... 126-127
Management Letter .............................................................................................................. 128-130
Independent Accountant’s Report on Compliance with
Florida Statute Section 218.415 – Investments of Public Funds .............................................. 131
Management Response Letter ..................................................................................................... 132
58
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
April 23, 2025
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, 2024. 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 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, 2024 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, 2024 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.
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.
59
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 79.
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 FY24 was in excess of $3M and is estimated to be $750k for FY25. In November of 2024, the one-cent local
government infrastructure sales tax was renewed by the voters.
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 2023-
2024 fiscal year (tax year 2023), the gross taxable value reflects an increase of 9.2% from the prior year. During
fiscal year 2023-2024 (tax year 2023), 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 communication services tax
continue to hold steady, while state sales tax revenues have plateaued after a post COVID spike.
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 currently in the pipeline include Chau
Medical Plaza (Phase 2), Greenway Kia North (Retrofit), ACE Hardware, and Chick-Fil-A.
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 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.
60
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 Trotwood Park, completed a new basketball court
at Trotwood, conversion of old basketball court to a parking lot, and installation of new Bocce Ball Courts at Sam
Smith 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 2024, the City did not implement any new GASB Statements or
update any financial policies.
Major Initiatives. Continued improvements in customer service and information reporting are on-going, such as
upgrades in several behind the scenes technological systems. The City’s primary capital focus is currently on the
design and construction of two new Water Reclamation Facilities and Stormwater Infrastructure revitalization. The
City continues its effort in safety improvements across its parks and through ongoing sidewalk replacements, and
road resurfacing.
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.
Finally, we would also like to express appreciation to the Mayor and the City Commission for their support and for
maintaining high standards of professionalism in the management of the City of Winter Springs’ finances.
Respectfully submitted,
Kevin Sweet Holly Queen
City Manager Finance Director
61
vii
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2024
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 Holly Queen
PARKS, RECREATION, & FACILITIES Leonard Hartman
POLICE CHIEF Matthew Tracht
UTILITY Bilal Iftikhar
PUBLIC WORKS Philip Hursh
* Kevin Sweet was hired as City Manager
effective December 16, 2024.
62
Citizens of Winter
Springs
Mayor and City
Commissioners
Finance Police
Department
Community
Devel.
City Attorney
Utilities
Advisory
Boards
x Accounting
x Debt
Management
x Budgeting
x Purchasing
x Contracts
x Solid Waste
x Treasury
Management
x Utility Business
Services
x Meter Service
x Water
Conservation
x Water/
Wastewater
Operations
x Records
x Communication
x Patrol
x Investigations
x Code
Enforcement
x Planning
x Land
Management
x Building Permits/
Insp.
x Business Tax
Receipts
x Economic
Development
x Construction
Inspections
Operations
x Human Resources
x Risk Management
x Public Information/
Marketing
x Information
Technology
Parks &
Recreation,
Facilities
x Civic/Senior
Center
x Events
x Recreation
Programs
x Facilities/Cap
Projects
x Parks
Maintenance
x Urban
Beatification
City Manager
Public
Works
x Roads (ROW)
x Engineering
x Sidewalks
x Trees
x Storm water
x Fleet
Maintenance
City Clerk
63
FINANCIAL SECTION
64
INDEPENDENT AUDITOR’S REPORT
65
1
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, 2024, 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, 2024, 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.
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.
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.
66
2
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT
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
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.
67
3
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT
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 and the Schedule of Expenditures of Federal Awards, as required by Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, 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 April 23, 2025,
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.
April 23, 2025
Gainesville, Florida
68
MANAGEMENT’S DISCUSSION AND ANALYSIS
69
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
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, 2024.
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 $161,325,040 (net position). Of this amount,
$43,199,739 (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
$17,050,252 or 11.82% 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 $46,140,960. Approximately 21% of this total amount, $9,715,997,
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 $9,739,108 or
47% of total general fund expenditures.
■ As a result of current year’s activities, the City of Winter Springs’ total debt decreased by $2,701,006
(10%).
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.
70
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
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.
71
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
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 2 3-26. Budgetary comparison schedules
have been provided for the non -major funds on pages 79-96.
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 34-61 of this report.
Required Supplementary Information (RSI)
RSI can be found on pages 62-66 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 67-
96 of this report.
72
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
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 $161,325,040 at the close of the most recent fiscal year.
Of the City of Winter Springs’ net position, $90,582,366 or 56% 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 totals $27,542,935 (17%). The
remaining balance of unrestricted net position, $43,199,739 (27%), may be used to meet the
government’s ongoing obligations to citizens and creditors.
At September 30, 2024, the City of Winter Springs is able to report positive balances in all three categories
of net position, both for the government as a whole, as well as for its separate governmental and business-
type activities. This was also the case at the close of the prior fiscal year.
The following table reflects the condensed Statement of Net Position for the current prior year. For more
detail, see the Statement of Net Position on page 17.
Statements of Net Position as of September 30:
2024 2023 2024 2023 2024 2023
Assets
Current and Other Assets 62,346,034$ 70,419,660$ 46,750,281$ 34,467,749$ 109,096,315$ 104,887,409$
Restricted Assets 153,736 137,406 822,189 898,088 975,925 1,035,494
Capital Assets 60,461,571 57,163,894 41,911,821 42,880,832 102,373,392 100,044,726
Total Assets 122,961,341 127,720,960 89,484,291 78,246,669 212,445,632 205,967,629
Deferred Outflows of Resources
Deferred Charge on Refunding - - 6,328 7,382 6,328 7,382
Deferred Outflow of Pension and OPEB 638,948 3,493,367 155,172 848,390 794,120 4,341,757
Total Deferred Outflows of Resources 638,948 3,493,367 161,500 855,772 800,448 4,349,139
Liabilities
Current Liabilities 11,295,061 21,495,695 2,536,850 2,112,900 13,831,911 23,608,595
Long-Term Liabilities 9,648,038 17,172,819 16,538,988 19,655,990 26,187,026 36,828,809
Other Liabilities 151,645 135,795 611,416 638,014 763,061 773,809
Total Liabilities 21,094,744 38,804,309 19,687,254 22,406,904 40,781,998 61,211,213
Deferred Inflows of Resources
Deferred Inflow of Leases 3,884,556 4,030,632 - - 3,884,556 4,030,632
Deferred Inflow of Pension and OPEB 5,836,942 643,787 1,417,544 156,348 7,254,486 800,135
Total Deferred Inflows of Resources 9,721,498 4,674,419 1,417,544 156,348 11,139,042 4,830,767
Net Position
Net Investment in Capital Assets 57,732,797 53,772,849 32,849,569 33,001,489 90,582,366 86,774,338
Restricted 22,069,483 20,560,201 5,473,452 5,729,121 27,542,935 26,289,322
Unrestricted 12,981,767 13,402,549 30,217,972 17,808,579 43,199,739 31,211,128
Total Net Position 92,784,047$ 87,735,599$ 68,540,993$ 56,539,189$ 161,325,040$ 144,274,788$
Business-Type
Governmental Activities Activities Total
73
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
8
Statements 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 $17,050,252
or 11.82% from the prior year. The previous fiscal year, 2023, net position increased by $1,884,467.
Governmental activities increased net position by $5,048,448 in fiscal year 2024 compared to an increase
of $2,275,168 in 2023. The increase in net position for fiscal year 2024 is more than the prior year’s
increase, primarily due to the increase in investment income.
Business-type activities increased net position by $12,001,804 in fiscal year 2024 compared to a decrease
of ($390,701) in 2023. The increase in net position in fiscal year 2024 is more than the prior fiscal year’s
decrease, primarily due to an increase in transfers in from the General Fund for infrastructure
improvement projects.
Following the Changes in Net Position table is a series of bar and pie charts that relay in pictorial form the
revenues and expenses for each of the governmental and business-type activities, as well as the revenue
“source” for each.
Additional information regarding the changes in fund balance of the governmental and business-type
activities can be found in the section entitled Financial Analysis of the Government’s Funds on
pages 12-13.
Note that the first graph depicts governmental program-specific revenues and expenses. For this graph,
the revenue does not include property taxes, utility taxes, business tax receipts, intergovernmental
revenue, investment income, or miscellaneous revenue. This chart is intended to show the amount of
program expenses funded by specific program revenues.
74
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
9
Changes in Net Position for the years ended September 30:
2024 2023 2024 2023 2024 2023
Revenues
Program Revenues:
Charges for Services 7,687,746$ 7,055,668$ 16,757,033$ 14,750,324$ 24,444,779$ 21,805,992$
Operating Grants and Contributions 10,251,757 - - - 10,251,757 -
Capital Grants and Contributions 4,084,198 3,901,648 276,177 750,655 4,360,375 4,652,303
General Revenues:
Property Taxes 8,031,892 7,391,163 - - 8,031,892 7,391,163
Utility Taxes 5,416,598 5,297,021 - - 5,416,598 5,297,021
Business Tax Receipts 144,280 164,766 - - 144,280 164,766
Intergovernmental - Unrestricted 4,910,769 5,147,878 - - 4,910,769 5,147,878
Investment Income and
Miscellaneous 4,554,965 2,816,058 3,444,559 1,323,576 7,999,524 4,139,634
Total Revenues 45,082,205 31,774,202 20,477,769 16,824,555 65,559,974 48,598,757
Expenses
General Government 8,403,577 8,303,658 - - 8,403,577 8,303,658
Public Safety 9,680,559 8,775,138 - - 9,680,559 8,775,138
Physical Environment 8,643,543 9,383,755 - - 8,643,543 9,383,755
Culture and Recreation 3,630,227 3,272,041 - - 3,630,227 3,272,041
Interest on Long-Term Debt 427,119 468,506 - - 427,119 468,506
Water and Sewer - - 14,129,939 13,248,653 14,129,939 13,248,653
Development Services - - 1,869,308 1,534,424 1,869,308 1,534,424
Stormwater - - 1,725,450 1,728,115 1,725,450 1,728,115
Total Expenses 30,785,025 30,203,098 17,724,697 16,511,192 48,509,722 46,714,290
Excess (Decrease) in Net Position
Before Transfers 14,297,180 1,571,104 2,753,072 313,363 17,050,252 1,884,467
Transfers (9,248,732) 704,064 9,248,732 (704,064) - -
Increase (Decrease) in Net Position 5,048,448 2,275,168 12,001,804 (390,701) 17,050,252 1,884,467
Net Position, Beginning 87,735,599 85,460,431 56,539,189 56,929,890 144,274,788 142,390,321
Net Position, Ending 92,784,047$ 87,735,599$ 68,540,993$ 56,539,189$ 161,325,040$ 144,274,788$
Business-Type
Governmental Activities Total
75
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
10
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$10,000,000
$11,000,000
$12,000,000
General
Government
Public Safety Physical
Environment
Culture &
Recreation
Interest on
Long-Term
Debt
Governmental Program Specific Revenues and
Expenses
Revenues Expenses
Intergovernmental
11%
Charges for
Services
17%
Investment
Income and
Miscellaneous
10%
Business Tax
Receipts
0%
Operating
Grants and
Contributions
23%
Capital Grants and
Contributions
9%
Taxes
30%
Governmental Revenues by Source
76
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
11
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Water and Sewer Development Services Stormwater
Business-Type Activities Revenues and
Expenses
Revenues Expenses
Capital Grants
and
Contributions
1%
Investment
Income and
Miscellaneous
17%
Charges for
Services
82%
Business-Type Activities Revenues
by Source
77
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
12
Financial Analysis of the Government’s Funds
As noted earlier, the City of Winter Springs uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental Funds
The focus of the City of Winter Springs’ governmental funds is to provide information on near-term
inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City
of Winter Springs’ financing requirements. In particular, unassigned fund balance may serve as a useful
measure of a government’s net resources available for spending at the end of the fiscal year.
As of September 30, 2024, the City of Winter Springs’ governmental funds reported combined ending fund
balances of $46,140,960, an increase of $2,053,705 over the prior year. Approximately 21%, or
$9,715,997, 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 $9,739,108, while total fund balance was
$11,917,641. 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 47% and 57%, respectively, of total General Fund expenditures. The increase in fund balance
of $1,812,620 is the result of increased taxes and investment earnings combined with a reduction in
expenditures for pension contributions and vehicle purchases for public safety.
The Road Improvements Special Revenue Fund balance increased $795,387 due to an increase in
investment earnings and a reduction in capital expenditures for resurfacing projects.
The Solid Waste/Recycling Special Revenue Fund net position increased by $46,999. This increase is due
to the increase in solid waste rates combined with a reduction in emergency disposal services.
The American Recovery Plan Act Special Revenue Fund net position increased by $1,161,626. This
increase is primarily due to investment earnings 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
$29,026,994, and total net position increased by $12,914,120 to $54,851,756. The increase in net position
in fiscal year 2024 is more than the prior fiscal year’s increase, primarily due to the transfer from the
General Fund, the increase in revenue from the sale of easement rights, and investment returns.
The Development Services Fund net position decreased as a result of current year activities by ($426,455)
to $5,165,176 at the end of the fiscal year. The decrease in net position is more than the prior fiscal year’s
decrease due to an increase in salaries and benefits.
78
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
13
The Stormwater Utility Fund net position decreased as a result of current fiscal year activities by
($485,861) to $8,524,061 at the end of the fiscal year. This decrease in net position in fiscal year 2024 is
less than the prior fiscal year’s decrease, primarily due to decreases in capital projects as compared to the
prior year.
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund budget
resulted in an increase to appropriation to fund balance of $464,350.
The actual results of the General Fund for the year show an appropriation to fund balance of $1,812,620
compared to a final budgeted appropriation from fund balance of ($480,133). The favorable variance of
$2,292,753 is comprised of favorable revenue and expenditure variances. The favorable expenditure
variance of $2,146,731 is displayed in the departmental cost centers below:
Executive $ 223,227
General Government 109,279
Finance and Administrative Services 46,998
Information Services 298,997
Community Development 625,214
Police 152,489
Public Works 337,353
Parks and Recreation 353,174
Total $ 2,146,731
This favorable variance is represented by the following expenditure categories as both amounts and
percentages of budget:
Payroll $ 1,041,089 3.01%
Other Operating 1,011,280 2.92%
Capital 94,362 0.27%
Total $ 2,146,731
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, 2024, amounts to $102,373,392 (net of accumulated depreciation), for an increase
of $2,328,666 over the prior year. This investment in capital assets includes land, buildings,
improvements, machinery and equipment, intangibles, park facilities, roads, highways, and bridges. The
total increase in the City of Winter Springs’ investment in capital assets for the current fiscal year was
2.33% (a 5.77% increase for governmental activities, and a (2.26%) decrease for business-type activities).
79
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
14
Major capital asset events during the current fiscal year included the following:
■ The purchases:
• New equipment for urban beautification at a cost of $141,627
• Vehicle replacement for urban beautification $53,775
• Portable radio replacements in the amount of $15,341
• New vehicles for the police department at a cost of approximately $648,291
• Replacement of code enforcement vehicles in the amount of $69,342
• New equipment for the parks department at a cost of approximately $218,095
• Thor guard system component replacement $44,772
• Purchase of new sewer & vac truck in the amount of $660,290
• Purchase of truck with utility service crane in the amount of $98,747
• Acquisition of mobile pumps for lift stations at a cost of $149,143
• Replacement of vehicles for water and sewer field crew in the amount of $98,273
• Relining of pipes for the water and sewer operations at a cost of approximately $192,903
• Relining of pipes for the stormwater utility operations at a cost of approximately $516,404
■ The completion and capitalization of the following projects:
• New pickleball facility with parking in the amount of $3,027,620
• Traffic signal at Michael Blake boulevard and SR 434 at a cost of $835,523
• Central Winds Park equipment building at a cost of $98,245
• Tuskawilla Road and drainage repairs in the amount of $205,761
• Stormwater rehabilitation city wide at a cost of approximately $331,993
• Murphy Road over Gee Creek Box culvert repair and restoration in the amount of $413,000
• Stormwater infrastructure repair on Deer Rd at a cost of approximately $110,649
• Trotwood Boardwalk at a cost of approximately $89,577
• Trotwood Basketball Courts in the amount of $247,356
• Resurfacing streets throughout the City at a cost of approximately $1,173,725
• Lift Station Pump replacements in the amount of $119,446
• Transfer switch breaker replacements for approximately $50,459
• Water Reclamation blower motor replacements in the amount of $85,286
■ Beginning and continued construction on the following projects:
• Water Treatment Plant 3 Power Reliability at a cost of approximately $500,000
• Tuscawilla Crossing reclaimed extension at a cost of approximately $3,100,000
• Winding Hollow turn lane at a cost of approximately $1,500,000
Additional information on the City of Winter Springs’ capital assets can be found in Note 6 on pages 47-
48 of this report.
80
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
15
Long-Term Debt
At September 30, 2024, the City of Winter Springs had total debt outstanding of $23,275,395, a decrease
of $2,701,006 from $25,976,401 at September 30, 2023. Total bonded debt of the City at the end of the
current fiscal year was $4,016,630. This amount does not include accreted interest of $11,956,617.
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
For the first time in many years the operating millage rate was increased from 2.4100 to 2.5200 for fiscal
year 2025. The gross property tax values in Winter Springs increased in fiscal year 2024 by 9.5% and have
increased by approximately 8.2% in fiscal year 2025. In November 2024, 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
$3.7 million in additional revenues each year and expires in December 2034.
2024 2023 2024 2023 2024 2023
Land 10,341,976$ 10,341,976$ 7,170,177$ 7,170,177$ 17,512,153$ 17,512,153$
Buildings 6,671,146 6,871,044 1,187,504 1,248,160 7,858,650 8,119,204
Improvements Other Than Buildings 6,806,042 5,876,697 22,392,053 24,347,646 29,198,095 30,224,343
Machinery and Equipment 3,038,138 2,850,690 6,017,675 5,131,834 9,055,813 7,982,524
Subscription Assets 376,034 542,721 336,081 - 712,115 542,721
Intangibles - 1,790 23,480 50,260 23,480 52,050
Infrastructure 31,965,094 28,403,602 - - 31,965,094 28,403,602
Construction in Progress 1,263,141 2,275,374 4,784,851 4,932,755 6,047,992 7,208,129
Total Capital Assets 60,461,571$ 57,163,894$ 41,911,821$ 42,880,832$ 102,373,392$ 100,044,726$
Business-Type
Governmental Activities Activities Total
2024 2023 2024 2023 2024 2023
Improvement Refunding Revenue Bonds,
Series 1999 1,633,505$ 1,964,635$ -$ -$ 1,633,505$ 1,964,635$
Water and Sewer Refund Revenue Bonds,
Series 2000 - - 2,383,125 2,874,056 2,383,125 2,874,056
Special Assessment Revenue Notes,
Series 2011 725,890 831,298 - - 725,890 831,298
Revenue Refunding Note Series 2020 - - 2,609,956 2,748,956 2,609,956 2,748,956
State Revolving Fund Loans - - 3,966,302 4,256,327 3,966,302 4,256,327
Accreted Interest Payable 4,863,961 5,419,530 7,092,656 7,881,599 11,956,617 13,301,129
Total Long-Term Debt 7,223,356$ 8,215,463$ 16,052,039$ 17,760,938$ 23,275,395$ 25,976,401$
Business-Type
Governmental Activities Activities Total
81
CITY OF WINTER SPRINGS, FLORIDA
Management’s Discussion and Analysis
SEPTEMBER 30, 2024
16
The General Fund’s fiscal year 2024 adopted an expenditure budget of $24,137,122 (inclusive of transfers)
that marked an increase of 20.2% from the previous year. For the fiscal year 2025, the adopted
expenditure budget is $26,691,028, an increase of 10.6% from fiscal year 2024. The total combined
expenditure budget of fiscal year 2025 of $70,013,390 (inclusive of transfers) is $2,718,103 or 3.73% less
than the adopted budget of fiscal year 2024.
Requests for Information
This financial report is designed to provide a general overview of the City of Winter Springs’ finances for
all those with an interest in the government’s finances. Questions concerning any of the information
provided in this report or requests for additional financial information should be addressed to the Finance
Director, 1126 East State Road 434, Winter Springs, Florida 32708. The Annual Comprehensive Financial
Report is also available at the City of Winter Springs’ website located at www.winterspringsfl.org.
82
BASIC FINANCIAL STATEMENTS
83
Governmental Business-Type
Activities Activities Total
Assets
Cash and Cash Equivalents 3,678,410$ 3,104,822$ 6,783,232$
Investments 52,963,323 42,946,795 95,910,118
Receivables, Net 206,169 565,947 772,116
Lease Receivable 4,358,042 - 4,358,042
Inventories, at Cost 20,516 44,885 65,401
Prepaid Costs 92,026 - 92,026
Restricted Assets:
Cash and Cash Equivalents 153,736 822,189 975,925
Receivables, Long-Term 665,891 - 665,891
Net Pension Asset 361,657 87,832 449,489
Capital Assets:
Capital Assets Not Being Depreciated 11,605,117 11,955,028 23,560,145
Capital Assets Being Depreciated, Net
of Accumulated Depreciation 48,856,454 29,956,793 78,813,247
Total Assets 122,961,341 89,484,291 212,445,632
Deferred Outflows of Resources
Deferred Charge on Refunding - 6,328 6,328
Deferred Outflow of Pension and OPEB 638,948 155,172 794,120
Total Deferred Outflows of Resource 638,948 161,500 800,448
Liabilities
Accounts Payable and Accrued Expenses 2,404,934 2,506,075 4,911,009
Due to Other Governments 461,933 - 461,933
Unearned Revenue 8,428,194 - 8,428,194
Accrued Interest Payable - 30,775 30,775
Liabilities Payable from Restricted Assets 151,645 611,416 763,061
Non-Current Liabilities:
Due Within One Year 1,767,170 2,448,686 4,215,856
Due in More than One Year 7,880,868 14,090,302 21,971,170
Total Liabilities 21,094,744 19,687,254 40,781,998
Deferred Inflows of Resources
Deferred Inflows of Leases 3,884,556 - 3,884,556
Deferred Inflows of Pension and OPEB 5,836,942 1,417,544 7,254,486
Total Deferred Inflows of Resources 9,721,498 1,417,544 11,139,042
Net Position
Net Investment in Capital Assets 57,732,797 32,849,569 90,582,366
Restricted for:
Capital Projects 6,185,798 - 6,185,798
Renewal and Replacement - 692,805 692,805
Building Fund - 4,692,815 4,692,815
Physical Environment 15,356,869 - 15,356,869
Public Safety 165,159 - 165,159
Pension Assets 361,657 87,832 449,489
Unrestricted 12,981,767 30,217,972 43,199,739
Total Net Position 92,784,047$ 68,540,993$ 161,325,040$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
See accompanying notes.
17
84
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 8,403,577$ 2,975,815$ 2,805,045$ -$ (2,622,717)$ -$ (2,622,717)$
Public Safety 9,680,559 181,391 5,203,270 109,281 (4,186,617) - (4,186,617)
Physical Environment 8,643,543 4,225,069 819,100 3,803,422 204,048 - 204,048
Culture and Recreation 3,630,227 305,471 1,424,342 171,495 (1,728,919) - (1,728,919)
Interest on Long-Term Debt 427,119 - - - (427,119) - (427,119)
Total Governmental Activities 30,785,025 7,687,746 10,251,757 4,084,198 (8,761,324) - (8,761,324)
Business-Type Activities:
Water and Sewer 14,129,939 14,502,217 - 276,177 - 648,455 648,455
Development Services 1,869,308 1,115,088 - - - (754,220) (754,220)
Stormwater 1,725,450 1,139,728 - - - (585,722) (585,722)
Total Business-Type Activities 17,724,697 16,757,033 - 276,177 - (691,487) (691,487)
Total Primary Government 48,509,722$ 24,444,779$ 10,251,757$ 4,360,375$ (8,761,324) (691,487) (9,452,811)
General Revenues
Property Taxes 8,031,892 - 8,031,892
Utility Taxes 5,416,598 - 5,416,598
Business Tax Receipts 144,280 - 144,280
Intergovernmental - Unrestricted 4,910,769 - 4,910,769
Investment Income/(Loss) and Miscellaneous 4,554,965 3,444,559 7,999,524
Transfers (9,248,732) 9,248,732 -
Total General Revenues and Transfers 13,809,772 12,693,291 26,503,063
Changes in Net Position 5,048,448 12,001,804 17,050,252
Net Position, Beginning of Year 87,735,599 56,539,189 144,274,788
Net Position, End of Year 92,784,047$ 68,540,993$ 161,325,040$
CITY OF WINTER SPRINGS, FLORIDA
Program Revenue
Net (Expense) Revenue and Changes in Net Position
Primary Government
FOR THE YEAR ENDED SEPTEMBER 30, 2024
STATEMENT OF ACTIVITIES
See accompanying notes.
18
85
Road American Other Total
General Improvements Solid Waste/Recovery Governmental Governmental
Fund Fund Recycling Plan Act Funds Funds
Assets
Cash and Cash Equivalents 757,571$ 688,532$ 132,999$ 690,575$ 1,408,733$ 3,678,410$
Investments 12,559,769 9,524,362 1,839,757 9,552,634 19,486,801 52,963,323
Receivable, Net 40,678 - 165,479 - 12 206,169
Leases Receivable 4,358,042 - - - - 4,358,042
Inventories, at Cost 20,516 - - - - 20,516
Prepaids 90,526 - - - 1,500 92,026
Special Assessments Receivable - - - - 665,891 665,891
Advances to Other Funds 33,091 - - - - 33,091
Restricted Assets:
Cash and Cash Equivalents 151,645 - - - 2,091 153,736
Total Assets 18,011,838 10,212,894 2,138,235 10,243,209 21,565,028 62,171,204
Liabilities and Fund Balances
Liabilities
Accounts Payable 584,514 373,511 274,977 94,163 66,220 1,393,385
Accrued Liabilities 1,011,549 - - - - 1,011,549
Unearned Revenue - - - 8,428,194 - 8,428,194
Advances from Other Funds - - - - 33,091 33,091
Due to Other Governments 461,933 - - - - 461,933
Payable from Restricted Assets 151,645 - - - - 151,645
Total Liabilities 2,209,641 373,511 274,977 8,522,357 99,311 11,479,797
Deferred Inflows of Resources
Deferred Inflows from Leases 3,884,556 - - - - 3,884,556
Unavailable Revenue - Special
Assessments - - - - 665,891 665,891
Total Deferred Inflows of Resources 3,884,556 - - - 665,891 4,550,447
Fund Balances
Non-Spendable 144,133 - - - 1,500 145,633
Restricted - 9,839,383 - - 11,868,443 21,707,826
Committed - - - - 3,274,049 3,274,049
Assigned 2,034,400 - 1,863,258 1,720,852 5,678,945 11,297,455
Unassigned 9,739,108 - - - (23,111) 9,715,997
Total Fund Balances 11,917,641 9,839,383 1,863,258 1,720,852 20,799,826 46,140,960
Total Liabilities, Deferred Inflows
of Resources, and Fund Balances 18,011,838$ 10,212,894$ 2,138,235$ 10,243,209$ 21,565,028$ 62,171,204$
Special Revenue
SEPTEMBER 30, 2024
GOVERNMENTAL FUNDS
BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
See accompanying notes.
19
86
Total Fund Balance, Governmental Funds 46,140,960$
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.60,461,571
Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.665,891
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.(5,197,994)
Net pension assets are not recognized in the governmental fund; however,
they are recorded in net position under full accrual accounting.361,657
Long-term liabilities, including bonds payable, are not due and payable
in the current period and, therefore, are not reported in the funds.(8,732,914)
Net pension liabilities and other postemployment benefit liabilities are not
available in the current period and, therefore, are not reported in the funds.(915,124)
Net Position of Governmental Activities in the Statement of Net Position 92,784,047$
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
See accompanying notes.
20
87
Road American Other Total
General Improvements Solid Waste/Recovery Governmental Governmental
Fund Fund Recycling Plan Act Funds Funds
Revenues
Taxes:
Property Taxes 8,031,892$ -$ -$ -$ -$ 8,031,892$
Utility Taxes 5,416,598 - - - - 5,416,598
Business Tax Receipts 144,280 - - - - 144,280
Permits and Fees 2,709,863 - - - 970 2,710,833
Intergovernmental Revenues 4,922,321 3,065,232 51,686 10,251,757 600,066 18,891,062
Charges for Services 969,544 - 3,247,179 - - 4,216,723
Fines and Forfeitures 133,758 - - - 50,601 184,359
Impact Fees/Assessments - - - - 1,073,292 1,073,292
Investment Income/(Loss)1,017,071 575,913 122,945 1,177,451 1,286,544 4,179,924
Miscellaneous 153,046 - - - 221,997 375,043
Total Revenues 23,498,373 3,641,145 3,421,810 11,429,208 3,233,470 45,224,006
Expenditures
Current:
General Government 7,475,743 - - - 5,040 7,480,783
Public Safety 8,322,855 - - - 18,552 8,341,407
Physical Environment 1,281,529 537,395 3,374,811 - 1,187,359 6,381,094
Culture and Recreation 2,574,370 - - - - 2,574,370
Debt Service:
Principal 148,046 - - - 436,538 584,584
Interest and Fiscal Charges 12,499 - - - 970,190 982,689
Capital Outlay:
General Government 214,448 - - - 216,962 431,410
Public Safety 541,935 - - - 365,357 907,292
Physical Environment - 2,858,363 - 267,582 862,972 3,988,917
Culture and Recreation 155,596 - - - 2,093,427 2,249,023
Total Expenditures 20,727,021 3,395,758 3,374,811 267,582 6,156,397 33,921,569
Excess (Deficiency) of
Revenues Over Expenditures 2,771,352 245,387 46,999 11,161,626 (2,922,927) 11,302,437
Other Financing Sources (Uses)
Transfers In 10,751,268 550,000 - - 1,710,000 13,011,268
Transfers (Out)(11,710,000) - - (10,000,000) (550,000) (22,260,000)
Total Other Financing
Sources (Uses)(958,732) 550,000 - (10,000,000) 1,160,000 (9,248,732)
Net Change in Fund Balances 1,812,620 795,387 46,999 1,161,626 (1,762,927) 2,053,705
Fund Balances,
Beginning of Year 10,105,021 9,043,996 1,816,259 559,226 22,562,753 44,087,255
Fund Balances, End of Year 11,917,641$ 9,839,383$ 1,863,258$ 1,720,852$ 20,799,826$ 46,140,960$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES
GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Special Revenue
AND CHANGES IN FUND BALANCES
See accompanying notes.
21
88
Net Change in Fund Balances - Total Governmental Funds 2,053,705$
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.3,297,677
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.584,584
The payment of accreted interest that was recognized in a prior year is not reported
as an expense on the statement of activities.943,870
Special assessment revenue reported in the funds must be eliminated from the
statement of activities since revenue was recognized in a prior year.(141,799)
Cash pension contributions reported in the funds differed from the calculated
pension expense on the statement of activities and, therefore, changed
net position.(1,396,468)
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.(293,121)
Change in Net Position of Governmental Activities 5,048,448$
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, 2024
STATEMENT OF ACTIVITIES
See accompanying notes.
22
89
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Taxes:
Property Taxes 8,036,609$ 8,036,609$ 8,031,892$ (4,717)$
Utility Taxes 5,260,500 5,260,500 5,416,598 156,098
Business Tax Receipts 90,000 90,000 144,280 54,280
Permits and Fees 2,791,973 2,791,973 2,709,863 (82,110)
Intergovernmental Revenues 5,124,500 5,124,500 4,922,321 (202,179)
Charges for Services 512,522 642,522 969,544 327,022
Fines and Forfeitures 107,976 107,976 133,758 25,782
Investment Income/(Loss)300,000 1,000,000 1,017,071 17,071
Miscellaneous 209,391 290,371 153,046 (137,325)
Total Revenues 22,433,471 23,344,451 23,498,373 153,922
Expenditures
Current:
General Government:
Executive 827,609 851,609 628,382 223,227
General Government*(51,701) (366,701) (475,980) 109,279
Finance and Administrative Services 1,752,423 1,856,073 1,809,075 46,998
Information Services 3,614,216 4,125,196 3,826,199 298,997
Community Development 2,625,074 2,613,074 1,987,860 625,214
Public Safety:
Police 9,092,479 9,092,479 8,939,990 152,489
Physical Environment:
Public Works 1,483,882 1,618,882 1,281,529 337,353
Culture and Recreation:
Parks and Recreation 3,503,140 3,083,140 2,729,966 353,174
Total Expenditures 22,847,122 22,873,752 20,727,021 2,146,731
Excess (Deficiency) of Revenues
Over Expenditures (413,651) 470,699 2,771,352 2,300,653
Other Financing Sources (Uses)
Transfers In 759,168 10,759,168 10,751,268 (7,900)
Transfers (Out)(1,290,000) (11,710,000) (11,710,000) -
Total Other Financing Sources (530,832) (950,832) (958,732) (7,900)
Net Change in Fund Balances (944,483) (480,133) 1,812,620 2,292,753 -
Fund Balances, Beginning of Year 10,467,193 9,519,917 10,105,021 585,104
Fund Balances, End of Year 9,522,710$ 9,039,784$ 11,917,641$ 2,877,857$
*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, 2024
See accompanying notes.
23
90
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 3,430,000$ 3,430,000$ 3,065,232$ (364,768)$
Investment Income/(Loss)150,000 150,000 575,913 425,913
Total Revenues 3,580,000 3,580,000 3,641,145 61,145
Expenditures
Current:
Physical Environment 25,000 25,000 537,395 (512,395)
Capital Outlay:
Physical Environment 10,500,000 4,500,000 2,858,363 1,641,637
Total Expenditures 10,525,000 4,525,000 3,395,758 1,129,242
Excess (Deficiency) of Revenues
Over Expenditures (6,945,000) (945,000) 245,387 1,190,387
Other Financing Sources (Uses)
Transfers In - 550,000 550,000 -
Total Other Financing Sources - 550,000 550,000 -
Net Change in Fund Balances (6,945,000) (395,000) 795,387 1,190,387
Fund Balances, Beginning of Year 8,358,115 9,043,998 9,043,996 (2)
Fund Balances, End of Year 1,413,115$ 8,648,998$ 9,839,383$ 1,190,385$
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, 2024
See accompanying notes.
24
91
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 55,800$ 55,800$ 51,686$ (4,114)$
Charges for Services 2,654,350 3,229,350 3,247,179 17,829
Investment Income/(Loss)48,000 48,000 122,945 74,945
Total Revenues 2,758,150 3,333,150 3,421,810 88,660
Expenditures
Current:
Physical Environment 3,247,221 3,402,221 3,374,811 27,410
Total Expenditures 3,247,221 3,402,221 3,374,811 27,410
Net Change in Fund Balances (489,071) (69,071) 46,999 116,070
Fund Balances, Beginning of Year 1,828,804 1,816,258 1,816,259 1
Fund Balances, End of Year 1,339,733$ 1,747,187$ 1,863,258$ 116,071$
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, 2024
See accompanying notes.
25
92
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues -$ 17,559,090$ 10,251,757$ (7,307,333)$
Investment Income/(Loss)550,000 550,000 1,177,451 627,451
Total Revenues 550,000 18,109,090 11,429,208 (6,679,882)
Expenditures
Capital Outlay:
Physical Environment 5,400,000 12,959,090 267,582 12,691,508
Total Expenditures 5,400,000 12,959,090 267,582 12,691,508
Excess (Deficiency) of Revenues
Over Expenditures (4,850,000) 5,150,000 11,161,626 6,011,626
Other Financing Sources (Uses)
Transfers (Out)(7,900) (10,007,900) (10,000,000) 7,900
Debt Proceeds 5,400,000 5,400,000 - (5,400,000)
Total Other Financing Sources 5,392,100 (4,607,900) (10,000,000) (5,392,100)
Net Change in Fund Balances 542,100 542,100 1,161,626 619,526
Fund Balances, Beginning of Year 17,898,603 559,227 559,226 (1)
Fund Balances, End of Year 18,440,703$ 1,101,327$ 1,720,852$ 619,525$
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, 2024
See accompanying notes.
26
93
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Assets
Current Assets:
Cash and Cash Equivalents 2,655,518$ 348,910$ 100,394$ 3,104,822$
Investments 36,733,022 4,825,040 1,388,733 42,946,795
Receivables, Net 519,900 - 46,047 565,947
Inventories 44,885 - - 44,885
Total Current Assets 39,953,325 5,173,950 1,535,174 46,662,449
Non-Current Assets:
Restricted Cash and Cash Equivalents 822,189 - - 822,189
Net Pension Asset 56,832 15,500 15,500 87,832
Capital Assets:
Land, Buildings and Equipment 82,862,683 919,061 15,070,627 98,852,371
Construction in Progress 4,054,217 71,687 658,947 4,784,851
Less Accumulated Depreciation (52,882,392) (431,018) (8,411,991) (61,725,401)
Total Capital Assets (Net of
Accumulated Depreciation 34,034,508 559,730 7,317,583 41,911,821
Total Non-Current Assets 34,913,529 575,230 7,333,083 42,821,842
Total Assets 74,866,854 5,749,180 8,868,257 89,484,291
Deferred Outflows of Resources
Deferred Charge on Refunding 6,328 - - 6,328
Deferred Outflow Pension and OPEB 100,406 27,383 27,383 155,172
Total Deferred Outflows Resources 106,734 27,383 27,383 161,500
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
Business-Type Activities - Enterprise Funds
See accompanying notes.
27
94
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Liabilities
Current Liabilities:
Accounts Payable 2,212,777$ 163,693$ 36,945$ 2,413,415$
Accrued Liabilities 25,245 37,367 30,048 92,660
Compensated Absences - Current 19,281 2,712 2,282 24,275
Customer Deposits Payable 611,416 - - 611,416
Notes Payable - Current 433,118 - - 433,118
Subscription Liabilities - Current - 102,869 - 102,869
Revenue Bonds Payable - Current 460,950 - - 460,950
Other Postemployment Benefits -
Current 8,694 2,365 2,365 13,424
Accreted Interest Payable - Current 1,414,050 - - 1,414,050
Accrued Interest Payable 30,775 - - 30,775
Total Current Liabilities 5,216,306 309,006 71,640 5,596,952
Non-Current Liabilities:
Notes Payable 6,143,140 - - 6,143,140
Revenue Bonds Payable 1,922,175 - - 1,922,175
Accreted Interest Payable 5,678,606 - - 5,678,606
Compensated Absences 109,260 15,371 12,929 137,560
Other Postemployment Benefits 135,111 36,855 36,855 208,821
Total Non-Current Liabilities 13,988,292 52,226 49,784 14,090,302
Total Liabilities 19,204,598 361,232 121,424 19,687,254
Deferred Inflows of Resources
Deferred Inflow of Pension and OPEB 917,234 250,155 250,155 1,417,544
Total Deferred Inflows of Resources 917,234 250,155 250,155 1,417,544
Net Position
Net Investment in Capital Assets 25,075,125 456,861 7,317,583 32,849,569
Restricted for:
Renewal and Replacement 692,805 - - 692,805
Building Fund - 4,692,815 - 4,692,815
Pension Assets 56,832 15,500 15,500 87,832
Unrestricted 29,026,994 - 1,190,978 30,217,972
Total Net Position 54,851,756$ 5,165,176$ 8,524,061$ 68,540,993$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
Business-Type Activities - Enterprise Funds
(Concluded)
See accompanying notes.
28
95
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Operating Revenues
User Charges 14,502,217$ 1,115,088$ 1,139,728$ 16,757,033$
Total Operating Revenues 14,502,217 1,115,088 1,139,728 16,757,033
Operating Expenses
Salaries and Benefits 1,765,393 794,136 524,828 3,084,357
Materials and Supplies 1,153,081 22,343 430,604 1,606,028
Depreciation and Amortization 2,988,797 178,916 434,848 3,602,561
Other Operating Expenses 7,551,677 870,054 335,170 8,756,901
Total Operating Expenses 13,458,948 1,865,449 1,725,450 17,049,847
Operating Income (Loss)1,043,269 (750,361) (585,722) (292,814)
Non-Operating Revenue (Expenses)
Investment Income/(Loss)1,655,699 316,138 99,604 2,071,441
Interest Expense (75,866) (3,859) - (79,725)
Accreted Interest Expense (595,125) - - (595,125)
Gain on Sale of Assets 110,291 11,627 257 122,175
Other Non-Operating Revenues 1,250,943 - - 1,250,943
Total Non-Operating Revenue
(Expenses)2,345,942 323,906 99,861 2,769,709
Income (Loss) Before Contributions
and Transfers 3,389,211 (426,455) (485,861) 2,476,895
Other Financing Sources (Uses)
Capital Contributions:
Connection Fees 276,177 - - 276,177
Transfers In 10,000,000 - - 10,000,000
Transfers (Out)(751,268) - - (751,268)
Total Other Financing Sources (Uses)9,524,909 - - 9,524,909
Change in Net Position 12,914,120 (426,455) (485,861) 12,001,804
Net Position, Beginning of Year 41,937,636 5,591,631 9,009,922 56,539,189
Net Position, End of Year 54,851,756$ 5,165,176$ 8,524,061$ 68,540,993$
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, 2024
See accompanying notes.
29
96
Water and Sewer Development Stormwater
Utility Fund Services Fund Utility Fund Total
Cash Flows from Operating Activities
Receipts from Customers 15,011,378$ 1,115,088$ 1,140,251$ 17,266,717$
Payments to Suppliers (8,431,311) (751,575) (786,151) (9,969,037)
Payments to Employees (1,512,752) (707,411) (449,946) (2,670,109)
Net Cash Provided (Used) by
Operating Activities 5,067,315 (343,898) (95,846) 4,627,571
Cash Flows from Non-Capital
Financing Activities
Transfers In 10,000,000 - - 10,000,000
Transfers (Out)(751,268) - - (751,268)
Other Non-Operating Revenues 1,250,943 - - 1,250,943
Net Cash Provided (Used) by
Non-Capital Financing Activities 10,499,675 - - 10,499,675
Cash Flows from Capital and
Related Financing Activities
Acquisition of Capital Assets (2,061,494) (122,037) (268,015) (2,451,546)
Proceeds from Sale of Capital Assets 118,509 29,000 257 147,766
Principal Paid (919,957) (104,728) - (1,024,685)
Interest Paid (1,460,685) (3,859) - (1,464,544)
Connection Fees 276,177 - - 276,177
Net Cash Provided (Used) by
Capital and Related Financing Activities (4,047,450) (201,624) (267,758) (4,516,832)
Cash Flows from Investing Activities
Sale (Purchase) of Investments (11,986,358) 290,695 271,111 (11,424,552)
Interest Income 1,655,699 316,138 99,604 2,071,441
Net Cash Provided (Used) by
Investing Activities (10,330,659) 606,833 370,715 (9,353,111)
Net Increase (Decrease) in Cash
and Cash Equivalents 1,188,881 61,311 7,111 1,257,303
Cash and Cash Equivalents, Beginning of Year 2,288,826 287,599 93,283 2,669,708
Cash and Cash Equivalents, End of Year 3,477,707$ 348,910$ 100,394$ 3,927,011$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Business-Type Activities - Enterprise Funds
See accompanying notes.
30
97
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)1,043,269$ (750,361)$ (585,722)$ (292,814)$
Adjustments Not Affecting Cash:
Depreciation and Amortization 2,988,797 178,916 434,848 3,602,561
Change in Assets and Liabilities:
Decrease (Increase) in
Accounts Receivable (18,323) - 523 (17,800)
Decrease (Increase) in Due
From Other Governments 552,056 - - 552,056
Decrease (Increase) in Due
From Others 2,026 - - 2,026
Decrease (Increase) in Inventories 2,313 - - 2,313
Decrease (Increase) in Prepaid Expenses 24,424 - - 24,424
Decrease (Increase) in Deferred Outflows 448,552 122,333 122,372 693,257
Increase (Decrease) in Accounts Payable 246,710 140,822 (20,377) 367,155
Increase (Decrease) in Accrued Liabilities 25,245 20,938 12,417 58,600
Increase (Decrease) in Customer Deposits (26,598) - - (26,598)
Increase (Decrease) in Accrued
Compensated Absences 17,478 8,536 5,175 31,189
Increase (Decrease) in Deferred Inflows 816,068 222,564 222,564 1,261,196
Increase (Decrease) in Net Pension
Liability/Asset (1,093,816) (298,314) (298,316) (1,690,446)
Increase (Decrease) in Net OPEB Liability 39,114 10,668 10,670 60,452
Total Adjustments 4,024,046 406,463 489,876 4,920,385
Net Cash Provided (Used) by Operating Activities 5,067,315$ (343,898)$ (95,846)$ 4,627,571$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Business-Type Activities - Enterprise Funds
(Concluded)
See accompanying notes.
31
98
Defined Benefit
Pension Trust
Fund
Assets
Cash and Cash Equivalents 5,470,242$
Contributions Receivable 730,030
Investments, at Fair Value:
Common Funds, Equity 51,390,679
Common Funds, Bonds 16,140,557
Other Investments 5,318,338
Total Investments 72,849,574
Total Assets 79,049,846
Liabilities
Accounts Payable 58,411
Total Liabilities 58,411
Net Position
Net Position Restricted for Pensions 78,991,435$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2024
See accompanying notes.
32
99
Defined Benefit
Pension Trust
Fund
Additions
Contributions:
Employer 1,994,135$
Plan Members 264,602
Total Contributions 2,258,737
Investment Income:
Net Increase (Decrease) in Fair Value of Investments 14,912,155
Interest 826,894
Investment-Related Expenses (317,570)
Net Investment Income 15,421,479
Total Additions 17,680,216
Deductions
Benefits 4,989,518
Administrative Expenses 67,092
Total Deductions 5,056,610
Change in Net Position 12,623,606
Net Position, Beginning of Year 66,367,829
Net Position, End of Year 78,991,435$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED SEPTEMBER 30, 2024
See accompanying notes.
33
100
NOTES TO FINANCIAL STATEMENTS
101
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 in some manner for the
debt of the organization. In applying the above criteria, management has determined that there are no
component units to be included within the reporting entity.
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 business-type
activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include: 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
102
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 the
current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal
period. Only the portion of special assessments receivable due within the current fiscal period is
considered to be susceptible to accrual as revenue of the current period. All other revenue items are
considered to be measurable and available only when cash is received by the City.
The government reports the following funds:
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.
103
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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.
104
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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
105
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 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
106
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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.
107
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 in the governmental
fund financial statements, a flow assumption must be made about the order in which the resources are
considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted
before using any components of unrestricted fund balance. Further, when the components of
unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first,
followed by assigned fund balance. Unassigned fund balance is applied last.
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.
108
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
41
Implementation of New Accounting Pronouncement
During the fiscal year, the City adopted Governmental Accounting Standards Board (GASB) Statement
No. 100, Accounting Changes and Error Corrections. The statement enhances accounting and financial
reporting requirements for accounting changes and error corrections. The statement defines accounting
changes as: (a) changes in accounting principles, (b) changes in accounting estimates, or (c) changes to or
within the financial reporting entity, each with its own financial reporting requirements. Disclosure
requirements include description of accounting changes and error corrections and their quantitative
effects on account balances. There was no impact to the City’s financial statements as a result of the
adoption of this statement.
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 $ (1,633,505)
Accreted Interest Payable (4,863,961)
Notes Payable (725,890)
Compensated Absences (1,140,179)
SBITAs (369,379)
Net Adjustment to Reduce Fund Balance,
Total Governmental Funds to Arrive at Net
Position, Governmental Activities $ (8,732,914)
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 $ 7,576,642
Depreciation Expense (4,278,965)
Net Adjustment to Increase Net Changes in Fund
Balances, Total Governmental Funds to Arrive at
Changes in Net Position, Governmental Activities $ 3,297,677
109
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
42
Another element of that reconciliation states that “the issuance of long-term debt (e.g., bonds, leases)
provides current financial resources to governmental funds, while the repayment of the principal of long-
term debt consumes the current financial resources of governmental funds. Neither transaction,
however, has any effect on net position. Also, governmental funds report the effect of premiums,
discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized
in the statement of activities”. The details of this difference are as follows:
SBITAs $ 148,046
Principal Repayment 436,538
Net Adjustment to Decrease Net Changes in Fund
Balances, Total Governmental Funds to Arrive at
Changes in Net Position, Governmental Activities $ 584,584
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 $ 34,551
Other Postemployment Benefits 60,629
Accreted Interest Payable (388,301)
Net Adjustment to Decrease Net Changes in
Fund Balance, Total Governmental Funds to Arrive
at Changes in Net Position, Governmental Activities $ (293,121)
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.
110
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
43
Deficit Fund Balances
As a result of the internal loan, the Tuscawilla Phase III Special Revenue Fund has a deficit fund balance of
$23,111 at September 30, 2024.
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. This limits local government deposits to “authorized
depositories”.
Investments
The City’s investment policies are governed by State Statutes and City ordinances. City ordinance allows
investments in any financial institution that is a qualified public depository of the State of Florida as
identified by the State Treasurer, in accordance with Chapter 280, 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. Minimum ratings are based on the highest rating by a Nationally Recognized
Statistical Ratings Organization and apply at the time of purchase.
111
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
44
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 pool with the ability to
assess its member financial institutions for collateral shortfalls if a default or insolvency has occurred. At
September 30, 2024, all of the City’s bank deposits were in qualified public depositories.
For an investment, this is the risk that, in the event of the failure of the counterparty, the government will
not be able to recover the value of its investments or collateral securities that are in the possession of an
outside party. At September 30, 2024, none of the investments listed are exposed to custodial credit risk
because their existence is not evidenced by securities that exist in physical or book entry form.
Concentration of Credit Risk
The City’s investment policy requires diversification, and places limits on the percentage of funds that may
be invested with an individual issuer and type of investment.
Interest Rate Risk
The policy limits investment in U.S. Government securities and agencies and federal instrumentalities to
a maximum length to maturity of five years. The maximum length to maturity for an investment in any
state or local government debt security is three years. Certificates of deposit maximum maturity is one
year, and commercial paper and bankers’ acceptances are 180 days. The maximum length to maturity for
repurchase agreements is 90 days.
Fair Value
The City categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market participants at the measurement date.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The City uses
a market approach in measuring fair value that uses prices and other relevant information generated by
market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
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, 2024:
112
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
45
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 $ 9,644,952 $ - $ 9,644,952
U.S. Treasury Notes 36,965,601 36,965,601 -
Commercial Mortgage-Backed Securities 877,917 - 877,917
Consumer Asset Backed Securities 13,321,031 - 13,321,031
Other U.S. Credit 24,398,657 - 24,398,657
Municipal Credit 998,400 - 998,400
Federal Agency Bonds 9,502,211 - 9,502,211
$ 95,708,769 $ 36,965,601 $ 58,743,168
As of September 30, 2024, the government held an investment in a pooled investment fund managed by
PFM Asset Management. The investment is reported at fair value, which is determined using the fund’s
net asset value (NAV) per share or its equivalent as a practical expedient. The investment had a fair value
of $201,349 and is not classified within the fair value hierarchy pursuant to GASB Statement No. 72. The
fund permits same-day daily redemptions.
Investments held by the City at September 30, 2024, are detailed below.
Weighted Average
Investments Fair Value Credit Rating Maturity
Commercial Paper $ 9,644,952 A-1 0.29 years
U.S. Treasury Notes 36,965,601 AA+ 1.33 years
Collateralized Mortgage Obligations - AA+ 1.75 years
Commercial Mortgage-Backed Securities 877,917 AAA-A- 1.75 years
Consumer Asset Backed Securities 13,321,031 AAA 2.66 years
Commercial Asset Backed Securities - AAA 2.66 years
Other U.S. Credit 24,398,657 A+-BBB+ 0.90 years
Municipal Credit 998,400 AAA 0.50 years
Federal Agency Bonds 9,502,211 AA+ 0.29 years
$ 95,708,769
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
113
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
46
The investments held by the City’s Pension Trust Fund at September 30, 2024, 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 $ 51,390,679 $ 51,390,679 $ - $ -
Bond Mutual Funds 16,140,557 - 16,140,557 -
Real Estate Investment Trusts 4,709,220 - - 4,709,220
Other Investments 609,118 - 609,118 -
Total Investments 72,849,574 $ 51,390,679 $ 16,749,675 $ 4,709,220
Cash and Cash Equivalents 5,470,242
Total Cash and Investments $ 78,319,816
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) backing
commercial paper, the long-term debt of the LOC provider be rated A or better by at least two nationally
recognized rating services; bankers’ acceptances of the United States Banks or federally chartered
domestic office of a foreign bank, which are eligible for purchase by the Federal Reserve System, be rated
in the highest category by a nationally recognized rating service; General Obligation and/or Revenue
Bonds of state or local government taxable or tax-exempt debt be rated A, for long-term debt, by a
nationally recognized rating service or rated “MIG-2” or “SP-2”, for short-term debt, by a nationally
recognized rating service; intergovernmental investment pools be authorized to the Florida Interlocal
Cooperation Act provided in Section 163.01, Florida Statutes; equities be traded on a national exchange;
money market mutual funds have a rating of “A1” by Standard & Poor’s (S&P) or “P1” by Moody’s Investor
Services (Moody’s); fixed income securities be investment grade as measured by S&P or Moody’s; and any
bonds or notes that fall below investment quality must be liquidated immediately.
Custodial Credit Risk
Custodial risk is the risk that, in the event of the failure of the counterparty, the government will not be
able to recover the value of its investments or collateral securities that are in the possession of an outside
party. At September 30, 2024, 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, 2024, there were no security investments in the Trust that were over their respective
limitations.
114
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
47
Interest Rate Risk
The Pension investment policy allows for investment in commingled funds administered by national or
state banks, and mutual funds. Authorized investments criteria with the exception of commingled funds,
apply to security level investments. All fixed income investments in the Pension portfolio are commingled
funds.
The Pension fixed income portfolio may be invested in securities with a maturity up to (30) years, as long
as the average duration of the portfolio will not exceed +/- 125% of the duration of the Policy benchmark.
There were no security level fixed income investments in the Pension Portfolio.
Note 5 - Receivables
Receivables as of year-end for the City’s individual major funds and 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 $ 43,231 $ (2,553) $ 40,678
Solid Waste/Recycling Special Revenue 188,419 (22,940) 165,479
Other Governmental Funds 12 - 12
Water and Sewer Utility 650,965 (131,065) 519,900
Stormwater Utility 55,602 (9,555) 46,047
$ 938,229 $ (166,113) $ 772,116
Note 6 - Capital Assets
Capital asset activity for the year ended September 30, 2024, 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 2,275,374 6,181,659 (7,193,892) 1,263,141
Total Capital Assets, Not Being Depreciated 12,617,350 6,181,659 (7,193,892) 11,605,117
Capital Assets, Being Depreciated:
Buildings 16,362,515 290,196 - 16,652,711
Improvements 16,063,873 1,548,211 - 17,612,084
Intangible Assets 1,167,464 - - 1,167,464
Subscription Assets 667,737 - - 667,737
Machinery and Equipment 12,648,104 1,373,175 (213,233) 13,808,046
Infrastructure 80,092,507 5,377,293 - 85,469,800
Total Capital Assets, Being Depreciated 127,002,200 8,588,875 (213,233) 135,377,842
Less Accumulated Depreciation for:
Buildings (9,491,471) (490,093) - (9,981,564)
Improvements (10,187,176) (618,864) - (10,806,040)
Intangible Assets (1,165,674) (1,790) - (1,167,464)
Subscription Assets (125,016) (166,688) - (291,704)
Machinery and Equipment (9,797,414) (1,185,731) 213,233 (10,769,912)
Infrastructure (51,688,905) (1,815,799) - (53,504,704)
Total Accumulated Depreciation (82,455,656) (4,278,965) 213,233 (86,521,388)
Total Capital Assets, Being Depreciated, Net 44,546,544 4,309,910 - 48,856,454
Governmental Activities Capital Assets, Net 57,163,894$ 10,491,569$ (7,193,892)$ 60,461,571$
115
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
48
Depreciation expense was charged to functions/programs as follows:
Governmental Activities
General Government $ 556,596
Public Safety 652,149
Physical Environment 2,138,408
Culture and Recreation 931,812
Total Depreciation Expense,
Governmental Activities $ 4,278,965
Business-Type Activities
Water and Sewer $ 2,988,797
Development Services 178,916
Stormwater 434,848
Total Depreciation Expense,
Business-Type Activities $ 3,602,561
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 $7,650,000. For the fiscal
year, principal and interest paid (including accreted interest) on this series was $1,275,000, and total
pledged revenue was $7,905,137.
Beginning Ending
Balance Increases Decreases Balance
Business-Type Activities
Capital Assets, Not Being Depreciated:
Land 7,170,177$ -$ -$ 7,170,177$
Construction in Progress 4,932,755 612,607 (760,511) 4,784,851
Total Capital Assets, Not Being Depreciated 12,102,932 612,607 (760,511) 11,955,028
Capital Assets, Being Depreciated:
Buildings 2,281,497 - - 2,281,497
Improvements 75,226,253 571,331 - 75,797,584
Intangible Assets 413,331 - - 413,331
Subscription Assets - 487,318 - 487,318
Machinery and Equipment 11,517,108 1,748,398 (563,040) 12,702,466
Total Capital Assets, Being Depreciated 89,438,189 2,807,047 (563,040) 91,682,196
Less Accumulated Depreciation for:
Buildings (1,033,337) (60,656) - (1,093,993)
Improvements (50,878,607) (2,526,925) - (53,405,532)
Intangible Assets (363,071) (26,779) - (389,850)
Subscription Assets - (151,237) - (151,237)
Machinery and Equipment (6,385,274) (836,964) 537,447 (6,684,791)
Total Accumulated Depreciation (58,660,289) (3,602,561) 537,447 (61,725,403)
Total Capital Assets, Being Depreciated, Net 30,777,900 (795,514) (25,593) 29,956,793
Business-Type Activities Capital Assets, Net 42,880,832$ (182,907)$ (786,104)$ 41,911,821$
116
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 $11,250,000. For the fiscal
year, the principal and interest paid on this series was $1,875,000, and total pledged net revenue was
$6,781,474.
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 2024
Governmental Activities
Improvement Refunding Revenue
Bonds Series 1999 (Excludes 10/1/2020
$4,863,959 of Accreted Interest on 3.25%-5.25% to
Capital Appreciation Bonds) (4/1 and 10/1) 10/1/2029 $ 7,998,970 $ 1,633,505
Total $ 1,633,505
Balance
Interest Rates Original September 30,
and Dates Maturity Amount 2024
Business-Type Activities
Water and Sewer Refunding Revenue
Bonds Series 2000 (Excludes 10/1/2022
$7,092,656 of Accreted Interest on 4.5%-5.5% to
Capital Appreciation Bonds) (4/1 and 10/1) 10/1/2030 $ 6,969,191 $ 2,383,125
Total $ 2,383,125
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
2025 $ 312,413 $ 962,587 $ 460,950 $ 1,414,050
2026 295,456 979,544 432,638 1,442,363
2027 278,677 996,323 405,919 1,469,081
2028 263,517 1,011,483 382,688 1,492,313
2029 248,485 1,026,515 360,788 1,514,213
2030 234,957 1,040,043 340,142 1,534,855
$ 1,633,505 $ 6,016,495 $ 2,383,125 $ 8,866,875
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 $798,605. For the fiscal year, principal and interest paid
on this series was $130,712, and total pledged revenue was $138,530.
117
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 $2,856,285. For the fiscal year, principal and interest
paid was $185,492 and total pledged revenue was $6,781,474.
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 $4,161,951. For the fiscal year, principal and interest
paid on this series was $320,150, and total pledged net revenue was $6,781,474.
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% $ 725,890
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% $ 3,966,302
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% 2,609,956
$ 6,576,258
118
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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
2025 $ 113,321 $ 21,750 $ 433,118 $ 72,116
2026 115,967 18,024 438,225 67,567
2027 118,435 14,215 443,347 62,950
2028 120,722 10,329 447,484 58,276
2029 127,821 6,290 452,637 53,543
2030-2034 129,624 2,106 3,413,029 115,539
2035-2039 - - 948,418 11,987
$ 725,890 $ 72,714 $ 6,576,258 $ 441,978
Changes in Long-Term Liabilities
Long-term liability activity for the year ended September 30, 2024, was as follows:
Note 8 - Interfund Receivables, Payables and Transfers
The composition of interfund advances as of September 30, 2024, is as follows:
Receivable Fund Payable Fund Amount
General Other Governmental Funds $ 33,091
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities
Bonds Payable - Revenue Bonds 1,964,635$ -$ (331,130)$ 1,633,505$ 312,413$
Accreted Interest Payable 5,419,530 388,301 (943,870) 4,863,961 962,587
Notes Payable - Direct Borrowing:
Capital Improvement Notes 831,298 - (105,408) 725,890 113,321
Subscription Liabilities 517,425 - (148,046) 369,379 152,549
Other Postemployment Benefits 666,215 248,909 - 915,124 55,273
Net Pension Liability 6,598,986 - (6,598,986) - -
Compensated Absences 1,174,730 360,886 (395,437) 1,140,179 171,027
Governmental Activity Long-Term Liabilities 17,172,819$ 998,096$ (8,522,877)$ 9,648,038$ 1,767,170$
Business-Type Activities
Bonds Payable - Revenue Bonds 2,874,056$ -$ (490,931)$ 2,383,125$ 460,950$
Accreted Interest Payable 7,881,599 595,125 (1,384,068) 7,092,656 1,414,050
Notes Payable - Direct Borrowing:
Revenue Notes 2,748,956 - (139,000) 2,609,956 141,000
SRF Loans 4,256,327 - (290,025) 3,966,302 292,118
Subscription Liabilities - 207,598 (104,729) 102,869 102,869
Other Postemployment Benefits 161,793 60,452 - 222,245 13,424
Net Pension Liability 1,602,614 - (1,602,614) - -
Compensated Absences 130,645 104,711 (73,521) 161,835 24,275
Business-Type Activity Long-Term Liabilities 19,655,990$ 967,886$ (4,084,888)$ 16,538,988$ 2,448,686$
119
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
52
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, 2024, are summarized below:
Interfund transfers for the year ended September 30, 2024, are detailed below:
Recipient Fund Amount Purpose
General Fund $ 10,751,268 Transfer from Water and Sewer Utility Fund for utility billing
($751,268). Transfer from American Recovery Plan Act Fund for
revenue replacement ($10,000,000).
Road Improvement Fund 550,000 Transfer from Transportation Improvement Fund for Hurricane Ian
projects.
Other Governmental Funds 1,710,000 Transfer from General Fund for annual debt service requirements
($1,290,000). Transfer from General Fund for public facilities capital
projects ($420,000).
Water and Sewer Utility Fund 10,000,000 Transfer from General Fund for Sewer Infrastructure projects.
$ 23,011,268
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.
Road Other Water and
Improvements Governmental Sewer Utility
Transfers Out General Fund Fund Funds Fund Total
General Fund -$ -$ 1,710,000$ 10,000,000$ 11,710,000$
American Recovery Plan Act Fund 10,000,000 - - - 10,000,000
Other Governmental Funds - 550,000 - - 550,000
Water and Sewer Utility Fund 751,268 - - - 751,268
10,751,268$ 550,000$ 1,710,000$ 10,000,000$ 23,011,268$
Transfers In
120
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
53
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.
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, 2024, plan membership consisted of the following:
Inactive Plan Members or Beneficiaries
Currently Receiving Benefits 141
Inactive Plan Members Entitled to But Not
Yet Receiving Benefits 158
Active Plan Members 61
360
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 Asset
The City’s net pension liability was measured as of September 30, 2024, and the net pension liability was
determined by an actuarial valuation as of October 1, 2023, updated to September 30, 2024. The
components of the net pension liability of the sponsor on September 30, 2024, were as follows:
Total Pension Liability $ (78,541,946)
Plan Fiduciary Net Position 78,991,435
Sponsor's Net Pension Asset $ 449,489
Plan Fiduciary Net Position as a Percentage
of Total Pension Asset 100.57%
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2023, updated to
September 30, 2024, using the following actuarial assumptions:
Inflation 2.75%
Salary Increases 3.0 - 4.5%
Investment Rate of Return 6.75%
121
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
54
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.
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 pro jected
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 impro vements
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, 2024, are summarized in the following table:
Long-Term
Target Expected
Asset Class Allocation Rate of Return
Domestic Equity 50% 7.50%
International Equity 15% 8.50%
Domestic Bonds 15% 2.50%
Real Estate 10% 4.50%
Alternative Investments 10% 6.24%
Total 100%
Discount Rate
The discount rate used to measure the total pension liability was 6.75%. 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
122
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
55
determined contribution rates and the member rate. Based on those assumptions, the pension plan’s
fiduciary net position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on pension plan investments
was applied to all periods of projected benefit payments to determine the total pension liability.
Changes in Net Pension Liability/(Asset)
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability (a) Net Position* (b) Liability (Asset) (a)-(b)
Balances at September 30, 2023 $ 74,569,429 $ 66,367,829 $ 8,201,600
Changes for a Year:
Service Cost 447,227 - 447,227
Interest 5,124,101 - 5,124,101
Differences Between Expected and
Actual Experience 721,817 - 721,817
Assumption Changes 2,668,890 - 2,668,890
Contributions - Employer - 1,994,135 (1,994,135)
Contributions - Employee - 264,602 (264,602)
Net Investment Income - 15,421,479 (15,421,479)
Benefit Payments, Including Refunds of
Employee Contributions (4,989,518) (4,989,518) -
Administrative Expense - (67,092) 67,092
Net Changes 3,972,517 12,623,606 (8,651,089)
Balances at September 30, 2024 $ 78,541,946 $ 78,991,435 $ (449,489)
*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
(5.75%) (6.75%) (7.75%)
Net Pension Liability (Asset) $ 8,396,191 $ (449,489) $ (7,860,067)
Deferred Outflows and Inflows of Resources
For the year ended September 30, 2024, the City recognized pension expense of $3,729,744. At
September 30, 2024, 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 $ 65,620 $ -
Changes of Assumptions 242,626 -
Net Difference Between Projected
and Actual Earnings on Pension Plan
Investments - (6,619,363)
$ 308,246 $ (6,619,363)
123
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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,
2025 $ (1,604,468)
2026 190,222
2027 (2,689,656)
2028 (2,207,215)
Total $ (6,311,117)
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, 2024, employer contributions required and made were $336,334.
As of September 30, 2024, 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, 2023, the valuation date, there were 158 active employees and 41 inactive employees or
beneficiaries currently receiving benefits. The OPEB liability of $1,137,369 was measured as of October 1,
2023, and was determined by the actuarial valuation. The covered payroll was $8,961,647, and the ratio
of net OPEB liability as a percentage of covered payroll was 12.69%.
124
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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 6.0%,
gradually decreasing to an ultimate rate of
3.7% in 2042.
Valuation Date October 1, 2023
Measurement Date October 1, 2023
Actuarial Cost Method Entry Age Normal
Discount Rate 4.63%
Inflation Rate 2.50%
Salary Rate Increase 3.75%-7.00%
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.
125
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
58
Below are the details regarding the total OPEB liability for the measurement period from October 1, 2023
to September 30, 2024:
Total
OPEB Liability
Balance as of September 30, 2023 $ 828,008
Changes for the Year:
Service Cost 42,004
Interest 37,654
Difference Between Expected and
Actual Experience 280,062
Changes of Assumptions and Other
Inputs* (21,590)
Benefit Payments (28,769)
Net Changes (309,361)
Balances as of September 30, 2024 $ 1,137,369
* Changes in assumptions and other inputs reflect a change in the discount rate from
4.40% for the measurement period ended September 30, 2023, to 4.63% for the
measurement period ended September 30, 2024.
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
(3.63%) (4.63%) (5.63%)
Total OPEB Liability $ 1,284,872 $ 1,137,369 $ 1,015,019
The following presents the total OPEB liability of the City using a healthcare cost trend rate of 6.0% 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
(5.0% to 2.7%) (6.0% to 3.7%) (7.0% to 4.7%)
Total OPEB Liability $ 1,041,719 $ 1,137,369 $ 1,253,351
For the fiscal year ended September 30, 2024, 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 $ 237,628 $ (393,259)
Changes of Assumption of
Other Inputs 179,549 (241,864)
Contributions Subsequent to
the Measurement Date 68,697 -
Total $ 485,874 $ (635,123)
126
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
59
The deferred outflows of resources related to OPEB, totaling $68,697, 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, 2024. 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,
2025 $ (92,508)
2026 (82,136)
2027 (78,298)
2028 (45,226)
2029 39,738
Thereafter 40,484
$ (217,946)
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.
127
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
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, 2024, the City had entered into construction contracts in the amount of $16,738,627.
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.
128
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
61
At September 30, 2024, 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 $130,602 in
interest income related to these agreements. At September 30, 2024, the City recognized $4,358,042 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, 2024, the balance
of deferred inflows of resources was $3,884,556.
Note 17 - Subscription-Based Information Technology Arrangements
The City has arrangements for its evidence maintenance system, web conferencing system, and building
permitting system. The agreement terms range from 3 to 6 years, including the non-cancelable period of
the arrangement and extensions the City is reasonably certain to exercise and vary with each contract.
During the fiscal year, the City recognized $16,358 in interest expenditures related to these agreements.
At September 30, 2024, the City recognized total subscription assets of $712,114, net of accumulated
depreciation. Additionally, the City has remaining principal payments of $472,248 between these
arrangements.
Road American Other Total
Improvements Solid Waste/Recovery Plan Governmental Governmental
General Fund Fund Recycling Act Funds Funds
Fund Balance
Non-Spendable:
Inventory/Prepaid 111,042$ -$ -$ -$ 1,500$ 112,542$
Advances 33,091 - - - - 33,091
Restricted for:
Physical Environment - 9,839,383 - - 439,165 10,278,548
Transportation Improvements - - - - 6,860,183 6,860,183
Public Safety - - - - 727,294 727,294
Fire Impact Fees - - - - 2,961,080 2,961,080
Parks Improvements - - - - 880,721 880,721
Committed to:
Arbor - - - - 1,824,049 1,824,049
Transportation Improvements - - - - 1,450,000 1,450,000
Assigned to:
Storm Reserve - - 1,863,258 - - 1,863,258
Debt Service - - - - 1,369,651 1,369,651
Capital Projects - - - - 4,309,294 4,309,294
Physical Environment - - - 1,720,852 - 1,720,852
Subsequent Year's Budget 2,034,400 - - - - 2,034,400
Unassigned 9,739,108 - - - (23,111) 9,715,997
Total Fund Balance 11,917,641$ 9,839,383$ 1,863,258$ 1,720,852$ 20,799,826$ 46,140,960$
129
REQUIRED SUPPLEMENTARY INFORMATION
130
2024 2023 2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost 42,004$ 66,408$ 64,604$ 61,772$ 60,410$ 62,209$ 105,694$
Interest 37,654 24,781 39,230 42,084 57,351 52,706 38,973
Differences Between Expected
and Actual Experience 280,062 - (577,243) - (249,780) - (9,706)
Changes in Assumptions (21,590) (312,323) 24,355 12,587 211,887 (72,616) 212,072
Benefit Payments (28,769) (31,870) (39,255) (42,189) (43,183) (54,750) (55,000)
Net Change in Total OPEB Liability 309,361 (253,004) (488,309) 74,254 36,685 (12,451) 292,033
Total OPEB Liability, Beginning of Year 828,008 1,081,012 1,569,321 1,495,067 1,458,382 1,470,833 1,178,800
Total OPEB Liability, End of Year 1,137,369$ 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%0.00%
Covered Payroll 8,961,647$ 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 12.69%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, 2024
62
131
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Pension Liability
Service Cost 447,227$ 405,604$ 370,884$ 390,407$ 401,950$ 472,736$ 502,667$ 697,459$ 808,281$ 834,402$
Interest 5,124,101 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
Differences Between Expected and
Actual Experience 721,817 1,300,852 258,774 661,000 569,125 1,281,355 124,345 (592,087) 275,994 (107,513)
Changes of Assumptions 2,668,890 2,978,730 - 691,291 479,182 - 2,531,601 526,115 - 8,107
Benefit Payments, Including Refunds
of Employee Contributions (4,989,518) (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)
Net Change in Total Pension Liability 3,972,517 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
Total Pension Liability, Beginning 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
Total Pension Liability, Ending (a)78,541,946 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
Plan Fiduciary Net Position
Contributions - Employer 1,994,135 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
Contributions - Employee 264,602 206,423 215,136 208,098 217,975 265,688 460,745 342,209 479,257 358,106
Net Investment Income 15,421,479 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
Benefit Payments, Including Refunds
of Employee Contributions (4,989,518) (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)
Administrative Expense (67,092) (34,871) (71,691) (46,494) (32,984) (69,023) (64,770) (55,697) (28,208) (11,937)
Other - (11,598) - - - - - - - -
Net Change in Plan Fiduciary
Net Position 12,623,606 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
Plan Fiduciary Net Position, Beginning 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
Plan Fiduciary Net Position, Ending (b)78,991,435 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
Net Pension (Asset)/Liability, Ending (a)-(b)(449,489)$ 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$
Plan Fiduciary Net Position as a
Percentage of Total Pension Liability 100.57%89.00%88.79%105.84%88.74%86.01%88.40%86.24%78.44%73.42%
Covered Payroll*4,327,083$ 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$
Net Pension (Asset)/Liability as a
Percentage of Covered Payroll -10.39%191.64%179.46%-92.16%171.45%185.33%131.17%131.23%173.20%191.31%
Valuation Date 10/1/2023 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
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, 2024
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CITY OF WINTER SPRINGS, FLORIDA
63
132
Actuarially Contribution/Actual
Fiscal Year Determined Actual Deficiency Covered Contribution as
Ended September 30,Contribution Contribution (Excess)Payroll a % of Payroll
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%
2024 846,797 1,994,135 (1,147,338) 4,327,083 46.08%
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 7.00%
Retirement Age
Mortality
YEAR ENDED SEPTEMBER 30, 2024
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.
64
133
Mortality (Concluded)
Benefit Changes
Assumption Changes
(Concluded)
2022:Investment return updated.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.
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, 2024
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.
65
134
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%
2024 23.56%
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF INVESTMENT RETURNS
YEAR ENDED SEPTEMBER 30, 2024
66
135
OTHER SUPPLEMENTARY INFORMATION
136
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.
137
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.
138
Special Law
Police Enforcement Transportation Transportation
Education Trust Fund - Improvement Impact Fee
Fund Local Fund Fund
Assets
Cash and Cash Equivalents 2,013$ 2,195$ 441,319$ 121,450$
Investments 27,849 30,358 6,104,703 1,679,996
Receivable, Net - - - -
Special Assessments Receivable - - - -
Prepaids - - 1,500 -
Restricted Assets:
Cash and Cash Equivalents - 2,091 - -
Total Assets 29,862 34,644 6,547,522 1,801,446
Liabilities
Accounts Payable - - 17,701 19,584
Advances from Other Funds - - - -
Total Liabilities - - 17,701 19,584
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances
Non-Spendable - - 1,500 -
Restricted 29,862 34,644 5,078,321 1,781,862
Committed - - 1,450,000 -
Assigned - - - -
Unassigned - - - -
Total Fund Balances 29,862 34,644 6,529,821 1,781,862
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 29,862$ 34,644$ 6,547,522$ 1,801,446$
Special Revenue
SEPTEMBER 30, 2024
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
67
139
Page 1 of 3
Police Fire Parks
Impact Impact Impact Arbor
Fee Fund Fee Fund Fee Fund Fund
Assets
Cash and Cash Equivalents 38,019$ 199,630$ 59,376$ 122,984$
Investments 525,911 2,761,450 821,345 1,701,218
Receivable, Net - - - -
Special Assessments Receivable - - - -
Prepaids - - - -
Restricted Assets:
Cash and Cash Equivalents - - - -
Total Assets 563,930 2,961,080 880,721 1,824,202
Liabilities
Accounts Payable 1,795 - - 153
Advances from Other Funds - - - -
Total Liabilities 1,795 - - 153
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances
Non-Spendable - - - -
Restricted 562,135 2,961,080 880,721 -
Committed - - - 1,824,049
Assigned - - - -
Unassigned - - - -
Total Fund Balances 562,135 2,961,080 880,721 1,824,049
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 563,930$ 2,961,080$ 880,721$ 1,824,202$
Special Revenue
68
140
Special Law
TLBD Oak Forest Enforcement Total
Maintenance Maintenance Trust Fund -Tuscawilla Special
Fund Fund Federal Phase III Revenue
Assets
Cash and Cash Equivalents 24,084$ 7,049$ 6,786$ 699$ 1,025,604$
Investments 333,155 97,504 93,867 9,675 14,187,031
Receivable, Net 9 - - - 9
Special Assessments Receivable - - - - -
Prepaids - - - - 1,500
Restricted Assets:
Cash and Cash Equivalents - - - - 2,091
Total Assets 357,248 104,553 100,653 10,374 15,216,235
Liabilities
Accounts Payable 21,151 1,485 - 394 62,263
Advances from Other Funds - - - 33,091 33,091
Total Liabilities 21,151 1,485 - 33,485 95,354
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - - - -
Total Deferred Inflows of Resources - - - - -
Fund Balances
Non-Spendable - - - - 1,500
Restricted 336,097 103,068 100,653 - 11,868,443
Committed - - - - 3,274,049
Assigned - - - - -
Unassigned - - - (23,111) (23,111)
Total Fund Balances 336,097 103,068 100,653 (23,111) 15,120,881
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 357,248$ 104,553$ 100,653$ 10,374$ 15,216,235$
COMBINING BALANCE SHEET
CITY OF WINTER SPRINGS, FLORIDA
Special Revenue
SEPTEMBER 30, 2024
NON-MAJOR GOVERNMENTAL FUNDS
(Continued)
69
141
Page 2 of 3
TLBD Debt 1999 Debt Total
Service Service Debt
Fund Fund Service
Assets
Cash and Cash Equivalents 2,315$ 90,072$ 92,387$
Investments 32,018 1,245,947 1,277,965
Receivable, Net 3 - 3
Special Assessments Receivable 665,891 - 665,891
Prepaids - - -
Restricted Assets:
Cash and Cash Equivalents - - -
Total Assets 700,227 1,336,019 2,036,246
Liabilities
Accounts Payable 704 - 704
Advances from Other Funds - - -
Total Liabilities 704 - 704
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments 665,891 - 665,891
Total Deferred Inflows of Resources 665,891 - 665,891
Fund Balances
Non-Spendable - - -
Restricted - - -
Committed - - -
Assigned 33,632 1,336,019 1,369,651
Unassigned - - -
Total Fund Balances 33,632 1,336,019 1,369,651
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 700,227$ 1,336,019$ 2,036,246$
Debt Service
70
142
1999 Revolving Public
Construction Rehab Facilities
Fund Fund Fund
Assets
Cash and Cash Equivalents 65,259$ 59$ 118,266$
Investments 148,031 822 2,390,653
Receivable, Net - - -
Special Assessments Receivable - - -
Prepaids - - -
Restricted Assets:
Cash and Cash Equivalents - - -
Total Assets 213,290 881 2,508,919
Liabilities
Accounts Payable - - 3,253
Advances from Other Funds - - -
Total Liabilities - - 3,253
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - -
Total Deferred Inflows of Resources - - -
Fund Balances
Non-Spendable - - -
Restricted - - -
Committed - - -
Assigned 213,290 881 2,505,666
Unassigned - - -
Total Fund Balances 213,290 881 2,505,666
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 213,290$ 881$ 2,508,919$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
Capital Projects
(Concluded)
71
143
Page 3 of 3
Total
Excellence in Total Non-Major
Customer Capital Governmental
Service Projects Funds
Assets
Cash and Cash Equivalents 107,158$ 290,742$ 1,408,733$
Investments 1,482,299 4,021,805 19,486,801
Receivable, Net - - 12
Special Assessments Receivable - - 665,891
Prepaids - - 1,500
Restricted Assets:
Cash and Cash Equivalents - - 2,091
Total Assets 1,589,457 4,312,547 21,565,028
Liabilities
Accounts Payable - 3,253 66,220
Advances from Other Funds - - 33,091
Total Liabilities - 3,253 99,311
Deferred Inflows of Resources
Unavailable Revenue -
Special Assessments - - 665,891
Total Deferred Inflows of Resources - - 665,891
Fund Balances
Non-Spendable - - 1,500
Restricted - - 11,868,443
Committed - - 3,274,049
Assigned 1,589,457 4,309,294 5,678,945
Unassigned - - (23,111)
Total Fund Balances 1,589,457 4,309,294 20,799,826
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 1,589,457$ 4,312,547$ 21,565,028$
Capital Projects
72
144
Special Law
Police Enforcement Transportation Transportation
Education Trust Fund - Improvement Impact Fee
Fund Local Fund Fund
Revenues
Permits and Fees -$ -$ -$ -$
Intergovernmental Revenues - - 600,066 -
Fines and Forfeitures 7,462 - - -
Impact Fees/Assessments - - - 138,125
Investment Income/(Loss)1,498 2,084 388,324 141,099
Miscellaneous 42 - - -
Total Revenues 9,002 2,084 988,390 279,224
Expenditures
Current:
General Government - - - -
Public Safety 58 4,497 - -
Physical Environment - - 351,329 -
Debt Service:
Principal - - - -
Interest and Fiscal Charges - - - -
Capital Outlay:
General Government - - - -
Public Safety - - - -
Physical Environment - - 105,062 757,910
Culture and Recreation - - - -
Total Expenditures 58 4,497 456,391 757,910
Excess (Deficiency) of Revenues
Over (Under) Expenditures 8,944 (2,413) 531,999 (478,686)
Other Financing Sources (Uses)
Transfers In - - - -
Transfers Out - - (550,000) -
Total Other Financing Sources (Uses)- - (550,000) -
Net Changes in Fund Balances 8,944 (2,413) (18,001) (478,686)
Fund Balances, Beginning 20,918 37,057 6,547,822 2,260,548
Fund Balances, End 29,862$ 34,644$ 6,529,821$ 1,781,862$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Special Revenue
73
145
Page 1 of 3
Police Fire Parks
Impact Impact Impact Arbor
Fee Fund Fee Fund Fee Fund Fund
Revenues
Permits and Fees -$ -$ -$ 970$
Intergovernmental Revenues - - - -
Fines and Forfeitures - - - 3,000
Impact Fees/Assessments 28,326 17,717 171,495 -
Investment Income/(Loss)47,592 170,494 44,249 116,197
Miscellaneous - - - 1,448
Total Revenues 75,918 188,211 215,744 121,615
Expenditures
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - 242,940
Debt Service:
Principal - - - -
Interest and Fiscal Charges - - - -
Capital Outlay:
General Government - - - 127,634
Public Safety 324,923 - - -
Physical Environment - - - -
Culture and Recreation - - 27,799 -
Total Expenditures 324,923 - 27,799 370,574
Excess (Deficiency) of Revenues
Over (Under) Expenditures (249,005) 188,211 187,945 (248,959)
Other Financing Sources (Uses)
Transfers In - - - -
Transfers Out - - - -
Total Other Financing Sources (Uses)- - - -
Net Changes in Fund Balances (249,005) 188,211 187,945 (248,959)
Fund Balances, Beginning 811,140 2,772,869 692,776 2,073,008
Fund Balances, End 562,135$ 2,961,080$ 880,721$ 1,824,049$
Special Revenue
74
146
Special Law
TLBD Oak Forest Enforcement Total
Maintenance Maintenance Trust Fund -Tuscawilla Special
Fund Fund Federal Phase III Revenue
Revenues
Permits and Fees -$ -$ -$ -$ 970$
Intergovernmental Revenues - - - - 600,066
Fines and Forfeitures - - 40,139 - 50,601
Impact Fees/Assessments 543,212 55,644 - 13,374 967,893
Investment Income/(Loss)22,501 6,961 7,451 844 949,294
Miscellaneous 208,089 4,600 - - 214,179
Total Revenues 773,802 67,205 47,590 14,218 2,783,003
Expenditures
Current:
General Government - - - 5,040 5,040
Public Safety - - 13,997 - 18,552
Physical Environment 526,067 63,707 - - 1,184,043
Debt Service:
Principal - - - - -
Interest and Fiscal Charges - - - 1,016 1,016
Capital Outlay:
General Government 79,149 - - - 206,783
Public Safety - - 40,434 - 365,357
Physical Environment - - - - 862,972
Culture and Recreation - - - - 27,799
Total Expenditures 605,216 63,707 54,431 6,056 2,671,562
Excess (Deficiency) of Revenues
Over (Under) Expenditures 168,586 3,498 (6,841) 8,162 111,441
Other Financing Sources (Uses)
Transfers In - - - - -
Transfers Out - - - - (550,000)
Total Other Financing Sources (Uses)- - - - (550,000)
Net Changes in Fund Balances 168,586 3,498 (6,841) 8,162 (438,559)
Fund Balances, Beginning 167,511 99,570 107,494 (31,273) 15,559,440
Fund Balances, End 336,097$ 103,068$ 100,653$ (23,111)$ 15,120,881$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Special Revenue
(Continued)
75
147
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 105,399 - 105,399
Investment Income/(Loss)26,870 30,055 56,925
Miscellaneous 7,818 - 7,818
Total Revenues 140,087 30,055 170,142
Expenditures
Current:
General Government - - -
Public Safety - - -
Physical Environment 3,316 - 3,316
Debt Service:
Principal 105,408 331,130 436,538
Interest and Fiscal Charges 25,304 943,870 969,174
Capital Outlay:
General Government - - -
Public Safety - - -
Physical Environment - - -
Culture and Recreation - - -
Total Expenditures 134,028 1,275,000 1,409,028
Excess (Deficiency) of Revenues
Over (Under) Expenditures 6,059 (1,244,945) (1,238,886)
Other Financing Sources (Uses)
Transfers In - 1,290,000 1,290,000
Transfers Out - - -
Total Other Financing Sources (Uses)- 1,290,000 1,290,000
Net Changes in Fund Balances 6,059 45,055 51,114
Fund Balances, Beginning 27,573 1,290,964 1,318,537
Fund Balances, End 33,632$ 1,336,019$ 1,369,651$
Debt Service
76
148
1999 Revolving Public
Construction Rehab Facilities
Fund Fund Fund
Revenues
Permits and Fees -$ -$ -$
Intergovernmental Revenues - - -
Fines and Forfeitures - - -
Impact Fees/Assessments - - -
Investment Income/(Loss)18,826 10,348 158,672
Miscellaneous - - -
Total Revenues 18,826 10,348 158,672
Expenditures
Current:
General Government - - -
Public Safety - - -
Physical Environment - - -
Debt Service:
Principal - - -
Interest and Fiscal Charges - - -
Capital Outlay:
General Government - - -
Public Safety - - -
Physical Environment - - -
Culture and Recreation 201,876 553,548 1,251,944
Total Expenditures 201,876 553,548 1,251,944
Excess (Deficiency) of Revenues
Over (Under) Expenditures (183,050) (543,200) (1,093,272)
Other Financing Sources (Uses)
Transfers In - - 420,000
Transfers Out - - -
Total Other Financing Sources (Uses)- - 420,000
Net Changes in Fund Balances (183,050) (543,200) (673,272)
Fund Balances, Beginning 396,340 544,081 3,178,938
Fund Balances, End 213,290$ 881$ 2,505,666$
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
Capital Projects
(Concluded)
77
149
Page 3 of 3
Total
Excellence in Total Non-Major
Customer Capital Governmental
Service Projects Funds
Revenues
Permits and Fees -$ -$ 970$
Intergovernmental Revenues - - 600,066
Fines and Forfeitures - - 50,601
Impact Fees/Assessments - - 1,073,292
Investment Income/(Loss)92,479 280,325 1,286,544
Miscellaneous - - 221,997
Total Revenues 92,479 280,325 3,233,470
Expenditures
Current:
General Government - - 5,040
Public Safety - - 18,552
Physical Environment - - 1,187,359
Debt Service:
Principal - - 436,538
Interest and Fiscal Charges - - 970,190
Capital Outlay:
General Government 10,179 10,179 216,962
Public Safety - - 365,357
Physical Environment - - 862,972
Culture and Recreation 58,260 2,065,628 2,093,427
Total Expenditures 68,439 2,075,807 6,156,397
Excess (Deficiency) of Revenues
Over (Under) Expenditures 24,040 (1,795,482) (2,922,927)
Other Financing Sources (Uses)
Transfers In - 420,000 1,710,000
Transfers Out - - (550,000)
Total Other Financing Sources (Uses)- 420,000 1,160,000
Net Changes in Fund Balances 24,040 (1,375,482) (1,762,927)
Fund Balances, Beginning 1,565,417 5,684,776 22,562,753
Fund Balances, End 1,589,457$ 4,309,294$ 20,799,826$
Capital Projects
78
150
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Fines and Forfeitures 4,000$ 4,000$ 7,462$ 3,462$
Investment Income/(Loss)150 150 1,498 1,348
Miscellaneous - - 42 42
Total Revenues 4,150 4,150 9,002 4,852
Expenditures
Current:
Public Safety 7,500 7,500 58 7,442
Total Expenditures 7,500 7,500 58 7,442
Excess (Deficiency) of Revenues
Over (Under) Expenditures (3,350) (3,350) 8,944 12,294
Fund Balances, Beginning of Year 7,355 7,355 20,918 13,563
Fund Balances, End of Year 4,005$ 4,005$ 29,862$ 25,857$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
POLICE EDUCATION FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
79
151
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)600$ 600$ 2,084$ 1,484$
Total Revenues 600 600 2,084 1,484
Expenditures
Current:
Public Safety 11,500 11,500 4,497 7,003
Total Expenditures 11,500 11,500 4,497 7,003
Excess (Deficiency) of Revenues
Over (Under) Expenditures (10,900) (10,900) (2,413) 8,487
Fund Balances, Beginning of Year 27,095 27,095 37,057 9,962
Fund Balances, End of Year 16,195$ 16,195$ 34,644$ 18,449$
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, 2024
Budgeted Amounts
(Continued)
80
152
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Intergovernmental Revenues 1,680,000$ 580,000$ 600,066$ 20,066$
Investment Income/(Loss)47,000 47,000 388,324 341,324
Total Revenues 1,727,000 627,000 988,390 361,390
Expenditures
Current:
Physical Environment 632,865 674,745 351,329 323,416
Capital Outlay:
Physical Environment 1,700,000 1,700,000 105,062 1,594,938
Total Expenditures 2,332,865 2,374,745 456,391 1,918,354
Excess (Deficiency) of Revenues
Over (Under) Expenditures (605,865) (1,747,745) 531,999 2,279,744
Other Financing Sources (Uses)
Transfers Out - (550,000) (550,000) -
Total Other Financing Sources (Uses)- (550,000) (550,000) -
Net Change in Fund Balances (605,865) (2,297,745) (18,001) 2,279,744
Fund Balances, Beginning of Year 3,841,544 6,547,822 6,547,822 -
Fund Balances, End of Year 3,235,679$ 4,250,077$ 6,529,821$ 2,279,744$
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TRANSPORTATION IMPROVEMENT FUND
(Continued)
81
153
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 26,600$ 138,125$ 111,525$
Investment Income/(Loss)40,000 40,000 141,099 101,099
Total Revenues 40,000 66,600 279,224 212,624
Expenditures
Capital Outlay:
Physical Environment 379,000 1,129,000 757,910 371,090
Total Expenditures 379,000 1,129,000 757,910 371,090
Excess (Deficiency) of Revenues
Over (Under) Expenditures (339,000) (1,062,400) (478,686) 583,714
Fund Balances, Beginning of Year 1,664,966 2,260,549 2,260,548 (1)
Fund Balances, End of Year 1,325,966$ 1,198,149$ 1,781,862$ 583,713$
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, 2024
Budgeted Amounts
(Continued)
82
154
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 7,700$ 28,326$ 20,626$
Investment Income/(Loss)19,000 47,000 47,592 592
Total Revenues 19,000 54,700 75,918 21,218
Expenditures
Capital Outlay:
Public Safety 324,900 329,900 324,923 4,977
Total Expenditures 324,900 329,900 324,923 4,977
Excess (Deficiency) of Revenues
Over (Under) Expenditures (305,900) (275,200) (249,005) 26,195
Fund Balances, Beginning of Year 805,965 811,140 811,140 -
Fund Balances, End of Year 500,065$ 535,940$ 562,135$ 26,195$
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, 2024
(Continued)
83
155
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 4,800$ 17,717$ 12,917$
Investment Income/(Loss)80,000 80,000 170,494 90,494
Total Revenues 80,000 84,800 188,211 103,411
Excess (Deficiency) of Revenues
Over (Under) Expenditures 80,000 84,800 188,211 103,411
Fund Balances, Beginning of Year 2,780,584 2,772,870 2,772,869 (1)
Fund Balances, End of Year 2,860,584$ 2,857,670$ 2,961,080$ 103,410$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
FIRE IMPACT FEE FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
84
156
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments -$ 46,600$ 171,495$ 124,895$
Investment Income/(Loss)10,000 10,000 44,249 34,249
Total Revenues 10,000 56,600 215,744 159,144
Expenditures
Capital Outlay:
Culture and Recreation 410,000 29,000 27,799 1,201
Total Expenditures 410,000 29,000 27,799 1,201
Excess (Deficiency) of Revenues
Over (Under) Expenditures (400,000) 27,600 187,945 160,345
Fund Balances, Beginning of Year 634,333 692,775 692,776 1
Fund Balances, End of Year 234,333$ 720,375$ 880,721$ 160,346$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
PARKS IMPACT FEE FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
85
157
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Permits and Fees 1,000$ 1,000$ 970$ (30)$
Fines and Forfeitures - 2,700 3,000 300
Investment Income/(Loss)37,000 37,000 116,197 79,197
Miscellaneous - - 1,448 1,448
Total Revenues 38,000 40,700 121,615 80,915
Expenditures
Current:
Physical Environment 543,886 543,886 242,940 300,946
Capital Outlay:
General Government 200,000 200,000 127,634 72,366
Total Expenditures 743,886 743,886 370,574 373,312
Excess (Deficiency) of Revenues
Over (Under) Expenditures (705,886) (703,186) (248,959) 454,227
Net Change in Fund Balances (705,886) (703,186) (248,959) 454,227
Fund Balances, Beginning of Year 1,648,280 2,073,000 2,073,008 8
Fund Balances, End of Year 942,394$ 1,369,814$ 1,824,049$ 454,235$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
ARBOR FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
86
158
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 538,566$ 538,566$ 543,212$ 4,646$
Investment Income/(Loss)2,000 2,000 22,501 20,501
Miscellaneous - 208,000 208,089 89
Total Revenues 540,566 748,566 773,802 25,236
Expenditures
Current:
Physical Environment 625,770 625,770 526,067 99,703
Capital Outlay:
Physical Environment - 80,000 79,149 851
Total Expenditures 625,770 705,770 605,216 100,554
Excess (Deficiency) of Revenues
Over (Under) Expenditures (85,204) 42,796 168,586 125,790
Fund Balances, Beginning of Year 118,487 167,511 167,511 -
Fund Balances, End of Year 33,283$ 210,307$ 336,097$ 125,790$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
TLBD MAINTENANCE FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
87
159
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 55,445$ 55,445$ 55,644$ 199$
Investment Income/(Loss)2,500 2,500 6,961 4,461
Miscellaneous - 4,600 4,600 -
Total Revenues 57,945 62,545 67,205 4,660
Expenditures
Current:
Physical Environment 73,868 78,468 63,707 14,761
Total Expenditures 73,868 78,468 63,707 14,761
Excess (Deficiency) of Revenues
Over (Under) Expenditures (15,923) (15,923) 3,498 19,421
Fund Balances, Beginning of Year 98,370 99,570 99,570 -
Fund Balances, End of Year 82,447$ 83,647$ 103,068$ 19,421$
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
OAK FOREST MAINTENANCE FUND
YEAR ENDED SEPTEMBER 30, 2024
(Continued)
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
88
160
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 3,500$ 30,504$ 40,139$ 9,635$
Investment Income/(Loss)- - 7,451 7,451
Total Revenues 3,500 30,504 47,590 17,086
Expenditures
Current:
Public Safety 14,440 14,440 13,997 443
Capital Outlay:
Public Safety - 45,000 40,434 4,566
Total Expenditures 14,440 59,440 54,431 5,009
Excess (Deficiency) of Revenues
Over (Under) Expenditures (10,940) (28,936) (6,841) 22,095
Fund Balances, Beginning of Year 131,183 107,494 107,494 -
Fund Balances, End of Year 120,243$ 78,558$ 100,653$ 22,095$
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL LAW ENFORCEMENT TRUST FUND - FEDERAL
89
161
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 13,389$ 13,389$ 13,374$ (15)$
Investment Income/(Loss)80 80 844 764
Total Revenues 13,469 13,469 14,218 749
Expenditures
Current:
General Government 11,026 11,026 5,040 5,986
Debt Service:
Interest and Other Charges 4,788 4,211 1,016 3,195
Total Expenditures 15,814 15,237 6,056 9,181
Excess (Deficiency) of Revenues
Over (Under) Expenditures (2,345) (1,768) 8,162 9,930
Fund Balances, Beginning of Year 4,830 (31,274) (31,273) 1
Fund Balances, End of Year 2,485$ (33,042)$ (23,111)$ 9,931$
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
(Continued)
TUSCAWILLA PHASE III
YEAR ENDED SEPTEMBER 30, 2024
90
162
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Impact Fees/Assessments 137,955$ 137,955$ 105,399$ (32,556)$
Investment Income/(Loss)1,000 1,000 26,870 25,870
Miscellaneous - - 7,818 7,818
Total Revenues 138,955 138,955 140,087 1,132
Expenditures
Current:
Physical Environment 4,015 4,015 3,316 699
Debt Service:
Principal 105,408 105,408 105,408 -
Interest and Other Charges 25,592 25,592 25,304 288
Total Expenditures 135,015 135,015 134,028 987
Excess (Deficiency) of Revenues
Over (Under) Expenditures 3,940 3,940 6,059 2,119
Fund Balances, Beginning of Year 38,080 38,080 27,573 (10,507)
Fund Balances, End of Year 42,020$ 42,020$ 33,632$ (8,388)$
(Continued)
Budgeted Amounts
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, 2024
91
163
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)30,000$ 30,000$ 30,055$ 55$
Total Revenues 30,000 30,000 30,055 55
Expenditures
Current:
General Government 2,500 2,500 - 2,500
Debt Service:
Principal 331,131 331,131 331,130 1
Interest and Other Charges 943,870 943,870 943,870 -
Total Expenditures 1,277,501 1,277,501 1,275,000 2,501
Excess (Deficiency) of Revenues
Over (Under) Expenditures (1,247,501) (1,247,501) (1,244,945) 2,556
Other Financing Sources (Uses)
Transfers In 1,290,000 1,290,000 1,290,000 -
Total Other Financing Sources (Uses)1,290,000 1,290,000 1,290,000 -
Net Change in Fund Balances 42,499 42,499 45,055 2,556
Fund Balances, Beginning of Year 1,304,358 1,304,358 1,290,964 (13,394)
Fund Balances, End of Year 1,346,857$ 1,346,857$ 1,336,019$ (10,838)$
(Continued)
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
1999 DEBT SERVICE FUND
92
164
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)2,000$ 2,000$ 18,826$ 16,826$
Total Revenues 2,000 2,000 18,826 16,826
Expenditures
Capital Outlay:
Physical Environment - 201,877 - 201,877
Culture and Recreation - - 201,876 (201,876)
Total Expenditures - 201,877 201,876 1
Excess (Deficiency) of Revenues
Over Expenditures 2,000 (199,877) (183,050) 16,827
Fund Balances, Beginning of Year 87,856 396,341 396,340 (1)
Fund Balances, End of Year 89,856$ 196,464$ 213,290$ 16,826$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
1999 CONSTRUCTION FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
93
165
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)500$ 9,467$ 10,348$ 881$
Total Revenues 500 9,467 10,348 881
Expenditures
Capital Outlay:
Culture and Recreation - 553,548 553,548 -
Total Expenditures - 553,548 553,548 -
Excess (Deficiency) of Revenues
Over (Under) Expenditures 500 (544,081) (543,200) 881
Fund Balances, Beginning of Year 19,746 544,081 544,081 -
Fund Balances, End of Year 20,246$ -$ 881$ 881$
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, 2024
(Continued)
94
166
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)80,000$ 80,000$ 158,672$ 78,672$
Total Revenues 80,000 80,000 158,672 78,672
Expenditures
Capital Outlay:
Culture and Recreation 725,500 1,545,648 1,251,944 293,704
Total Expenditures 725,500 1,545,648 1,251,944 293,704
Excess (Deficiency) of Revenues
Over (Under) Expenditures (645,500) (1,465,648) (1,093,272) 372,376
Other Financing Sources (Uses)
Transfers Out - 420,000 420,000 -
Total Other Financing Sources (Uses)- 420,000 420,000 -
Net Change in Fund Balances (645,500) (1,045,648) (673,272) 372,376
Fund Balances, Beginning of Year 2,306,290 3,178,939 3,178,938 (1)
Fund Balances, End of Year 1,660,790$ 2,133,291$ 2,505,666$ 372,375$
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
PUBLIC FACILITIES FUND
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts
(Continued)
95
167
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues
Investment Income/(Loss)27,000$ 27,000$ 92,479$ 65,479$
Total Revenues 27,000 27,000 92,479 65,479
Expenditures
Capital Outlay:
General Government 542,000 542,000 10,179 531,821
Culture and Recreation - - 58,260 (58,260)
Total Expenditures 542,000 542,000 68,439 473,561
Excess (Deficiency) of Revenues
Over (Under) Expenditures (515,000) (515,000) 24,040 539,040
Fund Balances, Beginning of Year 1,195,832 1,195,832 1,565,417 369,585
Fund Balances, End of Year 680,832$ 680,832$ 1,589,457$ 908,625$
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, 2024
(Concluded)
96
168
STATISTICAL SECTION
169
Statistical Section (Unaudited)
Pages
Financial Trends Information 97
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 104
These schedules contain information to help the reader assess the City's local revenue source.
Debt Capacity Information 109
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 115
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 117
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 was 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.
170
FINANCIAL TRENDS INFORMATION
171
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities:
Net Investment in Capital Assets 45,650$ 48,555$ 52,573$ 52,292$ 53,683$ 54,922$ 53,758$ 51,213$ 53,773$ 57,733$
Restricted 12,336 12,027 12,755 14,736 17,089 18,011 19,630 17,970 20,560 22,069
Unrestricted 768 1,746 1,594 3,052 5,634 7,748 9,160 16,277 13,403 12,982
Total Governmental Activities
Net Position 58,754$ 62,328$ 66,922$ 70,080$ 76,406$ 80,681$ 82,548$ 85,460$ 87,736$ 92,784$
Business-Type Activities:
Net Investment in Capital Assets 21,426$ 21,802$ 23,922$ 23,079$ 22,713$ 27,385$ 28,905$ 29,385$ 33,001$ 32,850$
Restricted 567 561 560 515 613 647 1,332 6,127 5,729 5,473
Unrestricted 9,112 11,427 13,003 15,945 21,197 24,690 26,628 21,419 17,809 30,218
Total Business-Type Activities 31,105$ 33,790$ 37,485$ 39,539$ 44,523$ 52,722$ 56,865$ 56,931$ 56,539$ 68,541$
Primary Government:
Net Investment in Capital Assets 67,076$ 70,357$ 76,495$ 75,371$ 76,396$ 82,307$ 82,663$ 80,598$ 86,774$ 90,583$
Restricted 12,903 12,588 13,315 15,251 17,702 18,658 20,962 24,097 26,289 27,542
Unrestricted 9,880 13,173 14,957 18,997 26,831 32,438 35,788 37,696 31,212 43,200
Total Primary Government 89,859$ 96,118$ 104,767$ 109,619$ 120,929$ 133,403$ 139,413$ 142,391$ 144,275$ 161,325$
FISCAL YEAR
CITY OF WINTER SPRINGS, FLORIDA
(AMOUNTS EXPRESSED IN THOUSANDS)
(ACCRUAL BASIS OF ACCOUNTING)
LAST TEN FISCAL YEARS
NET POSITION BY COMPONENT
97
172
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expenses
Governmental Activities:
General Government 5,708$ 6,131$ 6,298$ 6,233$ 7,052$ 6,961$ 5,720$ 5,487$ 8,304$ 8,403$
Public Safety 7,101 6,764 6,228 5,791 6,892 5,278 5,746 7,468 8,775 9,681
Physical Environment 5,924 5,798 6,625 6,933 6,563 7,381 7,899 8,601 9,384 8,644
Culture and Recreation 2,109 2,163 2,045 2,301 2,282 2,827 2,625 3,026 3,272 3,630
Interest and Other Fiscal Charges
on Long-Term Debt 657 668 635 589 673 603 560 514 468 427
Total Governmental Activities Expenses 21,499$ 21,524$ 21,831$ 21,847$ 23,462$ 23,050$ 22,550$ 25,096$ 30,203$ 30,785$
Business-Type Activities:
Water and Sewer 6,943$ 7,295$ 7,881$ 7,985$ 8,569$ 10,051$ 9,738$ 11,018$ 13,249$ 14,130$
Development Services 501 510 665 574 647 1,130 1,331 1,315 1,534 1,869
Stormwater 1,162 1,223 941 1,043 2,321 1,759 1,300 1,402 1,728 1,726
Total Business-Type Activities Expenses 8,606$ 9,028$ 9,487$ 9,602$ 11,537$ 12,940$ 12,369$ 13,735$ 16,511$ 17,725$
Program Revenues
Governmental Activities:
Charges for Services:
General Government 2,218$ 2,150$ 2,061$ 2,206$ 2,404$ 2,518$ 2,515$ 2,767$ 3,005$ 2,976$
Public Safety 731 418 1,075 232 180 100 243 130 225 181
Physical Environment 4,177 3,605 4,315 3,181 3,583 3,500 3,689 3,804 3,529 4,225
Culture and Recreation 846 418 1,079 378 321 179 209 308 296 306
Operating Grants and Contributions 16 2 87 74 1,284 31 553 9 - 10,252
Capital Grants and Contributions 2,756 3,583 2,781 2,897 5,122 5,692 3,470 4,060 3,902 4,084
Total Governmental Activities
Program Revenues 10,744 10,176 11,398 8,968 12,894 12,020 10,679 11,078 10,957 22,024
Business-Type Activities:
Water and Sewer 9,691 9,877 10,267 9,893 10,802 11,575 11,419 12,125 12,616 14,502
Development Services 2,075 1,315 1,968 1,055 3,031 2,148 1,297 986 997 1,115
Stormwater 871 1,117 1,167 1,120 1,150 1,135 1,137 1,134 1,137 1,140
Operating Grants and Contributions - - - 8 926 590 - - - -
Capital Grants and Contributions 1,452 1,311 1,617 1,248 1,484 4,908 274 686 751 276
Total Business-Type Activities
Program Revenues 14,089 13,620 15,019 13,324 17,393 20,356 14,127 14,931 15,501 17,033
Total Governmental Program Revenues 24,833$ 23,796$ 26,417$ 22,292$ 30,287$ 32,376$ 24,806$ 26,009$ 26,458$ 39,057$
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
FISCAL YEAR
98
173
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net (Expense)/Revenue:
Governmental Activities (10,755)$ (11,348)$ (10,433)$ (12,879)$ (10,568)$ (11,030)$ (11,871)$ (14,018)$ (19,246)$ (8,761)$
Business-Type Activities 5,483 4,592 5,532 3,722 5,856 7,416 1,758 1,196 (1,010) (692)
Total Governmental Net Expense (5,272)$ (6,756)$ (4,901)$ (9,157)$ (4,712)$ (3,614)$ (10,113)$ (12,822)$ (20,256)$ (9,453)$
Governmental Revenues and Other
Changes in Net Position
Governmental Activities:
Taxes:
Property Taxes 4,284$ 4,516$ 4,727$ 5,150$ 5,487$ 5,870$ 6,291$ 6,629$ 7,391$ 8,032$
Utility Taxes 3,887 3,976 3,879 4,003 4,213 4,511 4,693 4,862 5,297 5,417
Business Tax Receipts 120 122 123 126 122 112 126 89 165 144
Intergovernmental Revenues -
Unrestricted 3,481 3,557 3,706 3,967 4,036 3,858 4,360 5,044 5,148 4,911
Investment Income and Miscellaneous 424 711 616 1,246 1,338 1,047 584 (240) 2,816 4,555
Gain (Loss) on Disposal of Capital Assets 26 - - - - - - - - -
Transfers 2,064 2,041 1,975 1,873 1,697 (93) (2,316) 547 704 (9,249)
Total Governmental Activities 14,286 14,923 15,026 16,365 16,893 15,305 13,738 16,931 21,521 13,810
Business-Type Activities:
Investment Income and Miscellaneous 108 135 138 323 825 691 69 (585) 1,324 3,445
Loss on Disposal of Capital Assets - - - - - - - - - -
Transfers (2,064) (2,041) (1,975) (1,873) (1,697) 93 2,316 (547) (704) 9,249
Total Business-Type Activities (1,956) (1,906) (1,837) (1,550) (872) 784 2,385 (1,132) 620 12,694
Total Government 12,330$ 13,017$ 13,189$ 14,815$ 16,021$ 16,089$ 16,123$ 15,799$ 22,141$ 26,504$
Change in Net Position
Governmental Activities 3,531$ 3,575$ 4,593$ 3,486$ 6,325$ 4,275$ 1,867$ 2,913$ 2,275$ 5,049$
Business-Type Activities 3,527 2,686 3,695 2,172 4,984 8,200 4,143 64 (390) 12,002
Total Government 7,058$ 6,261$ 8,288$ 5,658$ 11,309$ 12,475$ 6,010$ 2,977$ 1,885$ 17,051$
FISCAL YEAR
(Concluded)
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
99
174
Fiscal Year Property Tax Franchise Tax Utility Tax Business Tax Receipts Total
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
2024 8,032 - 5,417 144 13,593
Fiscal Year Sales Tax State Revenue Sharing Other Total
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
2024 2,943 1,853 115 4,911
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
100
175
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund:
Non-Spendable 333$ 275$ 256$ 226$ 287$ 338$ 231$ 248$ 585$ 144$
Assigned - - - - - - - - 945 2,034
Unassigned 8,163 8,226 8,250 8,289 8,411 8,597 8,812 9,074 8,575 9,739
Total General Fund 8,496$ 8,501$ 8,506$ 8,515$ 8,698$ 8,935$ 9,043$ 9,322$ 10,105$ 11,917$
All Other Governmental Funds:
Non-Spendable -$ 1$ 3$ 1$ 1$ 1$ -$ -$ 2$ 2$
Restricted 11,304 12,025 12,751 14,736 17,088 18,010 16,356 17,970 20,560 21,708
Committed 1,032 799 1,292 972 1,830 1,901 2,616 4,464 4,073 3,274
Assigned 5,506 6,240 5,938 7,578 9,859 9,597 10,496 11,026 9,378 9,263
Unassigned (129) (81) (1,120) (990) (873) (36) (35) (232) (31) (23)
Total All Other Governmental Funds 17,713$ 18,984$ 18,864$ 22,297$ 27,905$ 29,473$ 29,433$ 33,228$ 33,982$ 34,224$
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)
101
176
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues
Taxes:
Property 4,098$ 4,320$ 4,595$ 5,026$ 5,377$ 5,870$ 6,291$ 6,629$ 7,391$ 8,032$
Utility 3,887 3,976 3,879 4,003 4,213 4,511 4,693 4,862 5,297 5,417
General Obligation 186 196 132 124 111 - - - - -
Business Tax 120 122 123 126 122 112 126 89 165 144
Licenses and Permits:
Franchise Fees 2,024 2,042 1,986 2,166 2,331 2,363 2,397 2,545 2,787 2,695
Other 47 62 91 44 39 34 22 17 36 16
Intergovernmental 8,727 8,144 6,575 6,972 8,660 6,748 7,995 8,745 8,820 18,891
Charges for Services 3,231 3,302 3,341 3,342 3,351 3,212 3,237 3,376 3,426 4,217
Fines and Forfeitures 168 178 175 256 283 109 421 492 229 184
Impact Fees/Assessments 2,627 1,232 3,162 819 1,764 1,348 1,021 1,045 874 1,073
Investment Income 226 275 247 428 1,067 913 118 (625) 2,540 4,180
Miscellaneous 225 364 281 690 177 134 466 386 276 375
Total Revenues 25,566 24,213 24,587 23,996 27,495 25,354 26,787 27,561 31,841 45,224
Expenditures
General Government 5,051$ 5,187$ 5,161$ 5,057$ 5,407$ 4,711$ 5,307$ 5,146$ 6,313$ 7,481$
Public Safety 7,151 6,916 6,739 6,574 6,503 6,523 7,033 7,576 7,680 8,341
Physical Environment 4,225 4,303 5,057 5,296 4,907 5,252 4,865 5,258 6,656 6,381
Culture and Recreation 1,784 1,785 1,865 1,891 1,866 1,965 1,854 2,167 2,254 2,574
Capital Outlay 2,571 5,370 4,251 2,410 3,509 3,593 3,937 2,363 7,322 7,577
Debt Service:
Principal 610 1,232 3,453 1,138 1,158 515 489 573 501 585
Interest 192 188 149 65 49 897 918 952 949 983
Total Expenditures 21,584 24,981 26,675 22,431 23,399 23,456 24,403 24,035 31,675 33,922
Excess Revenues Over (Under)
Expenditures 3,982 (768) (2,088) 1,565 4,096 1,898 2,384 3,526 166 11,302
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)
102
177
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Other Financing Sources (Uses)
Transfers In 7,043$ 4,659$ 4,494$ 5,763$ 5,744$ 4,062$ 3,964$ 4,835$ 4,904$ 13,011$
Transfers Out (4,977) (2,617) (2,520) (3,889) (4,047) (4,155) (6,280) (4,288) (4,200) (22,260)
Proceeds from Financing - - - - - - - - 667 -
Total Governmental Activities 2,066 2,042 1,974 1,874 1,697 (93) (2,316) 547 1,371 (9,249)
Change in Fund Balances 6,048$ 1,274$ (114)$ 3,439$ 5,793$ 1,805$ 68$ 4,073$ 1,537$ 2,053$
Debt Services as a Percentage of
Non-Capital Expenditures 4.22%7.24%16.06%6.01%6.07%7.11%6.87%7.04%5.95%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)
103
178
REVENUE CAPACITY INFORMATION
179
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
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 1,159,460 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
2024 5,751,633 4,958,393 86.21%793,240 99,073 67 2,389,492 3,461,281 2.4100 6,500,859
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)
104
180
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
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
2024 2.4100 0.0000 2.4100 4.8751 0.0000 4.8751 5.3780 0.0000 5.3780 0.1974 2.7649 15.6254
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
105
181
Tax Fiscal
Year Year
Billed Collected1 Difference Billed2 Collected1 Difference Billed Collected1 Difference Billed Collected1 Difference
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
2023 2024 58,047 55,644 2,403 708,374 681,743 26,631 - - - 13,955 13,374 581
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
106
182
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 76,136$ 1 2.20%
WE Park at Laurel Oaks LLC 63,361 2 1.83%
PAC Blake LLC 61,983 3 1.79%
KMF XI Winter Springs LLC 48,125 4 1.39%
Courtney Springs LLC 47,495 5 1.37%21,027$ 3 1.20%
Duke Energy (Formerly Progress Energy)41,548 6 1.20%24,788 2 1.42%
United Dominion Realty Trust Inc.22,014 7 0.64%8,675 4 0.50%
Winter Springs Retirement Residence LLC 21,796 8 0.63%
Winter Springs Station LLC 19,400 9 0.56%
CSLC Hacienda Village MHC LLC 18,678 10 0.54%
Laurel Oaks LLC 26,487 1 1.52%
Summer Falls LLC 8,002 5 0.46%
Bright House Networks LLC 6,447 6 0.37%
Moss Park 5,571 7 0.32%
Winter Springs Holdings, Inc.4,762 8 0.27%
Baxley Robert & Annmarie TRS 4,333 9 0.25%
Seminole Pines Assoc LTD 4,332 10 0.25%
Totals 420,536$ 12.15%114,424$ 6.56%
CITY OF WINTER SPRINGS, FLORIDA
2024 2015
(AMOUNTS EXPRESSED IN THOUSANDS)
SEPTEMBER 30, 2024
PRINCIPAL PROPERTY TAXPAYERS
107
183
Fiscal Year Total Tax Collections in
Ended Levy for Percentage of Subsequent Percentage of
September 30,Fiscal Year1 Amount2 Levy Years Amount Levy
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%
2024 8,371,467 8,033,626 95.96%(667) 8,032,959 95.96%
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
108
184
DEBT CAPACITY INFORMATION
185
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 2024
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.
109
186
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
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%-
2024 39,137 3,461,281,542 - - - 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 bonds 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
110
187
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
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
2024 6,498 - - 726 - 2,610 9,476 3,966 23,276 1.08%595
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
111
188
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 1,634 100%1,634
Accreted Interest 4,864 100%4,864
City of Winter Springs General Obligation Debt2 - 0%-
City of Winter Springs Capital Improvement Notes 726 100%726
Total Direct and Overlapping Debt 7,224$ 7,224$
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, 2024
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
CITY OF WINTER SPRINGS, FLORIDA
112
189
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
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
2024 5,416,598 2,488,538 - - - - 138,530 8,043,666 1,405,712 5.72
CITY OF WINTER SPRINGS, FLORIDA
PLEDGE-REVENUE COVERAGE
LAST TEN FISCAL YEARS
General Government
113
190
Net Revenue
Fiscal Year Gross Operating Available for
Ended Sept 30,Revenues1 Expenses2 Debt Service Principal Interest Total Coverage
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
2024 17,794,326 11,012,852 6,781,474 919,956 1,460,683 2,380,639 2.85
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)
114
191
DEMOGRAPHIC AND ECONOMIC INFORMATION
192
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
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 14.00 6,992 4.2%
2024 39,137 2,150,617 54,951 42.0 14.36 6,203 3.3%
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
115
193
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment2
Seminole County School Board 1,203 1 20.33%1,387 1 20.38%
Publix (Winter Springs Town Center)198 2 3.35%223 2 3.28%
City of Winter Springs 183 3 3.09%150 4 2.20%
Dearborn Electronics 152 4 2.57%150 3 2.20%
Modern Plumbing 150 5 2.53%110 5 1.62%
Tuscawilla Country Club 99 6 1.67%59 6 0.87%
Budget Tree 93 7 1.57%
Watermark at Vistawilla 65 8 1.10%
United States Post Office 56 9 0.95%44 7 0.65%
McDonald's 45 10 0.76%40 9 0.59%
Dittmer Architectural Aluminum 30 10 0.44%
Longwood Kia / Mitsubishi 41 8 0.60%
Totals 2,244 37.92%2,234 32.83%
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
2024 2015¹
116
194
OPERATING INFORMATION
195
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
Development Services 5.46 4.73 5.46 3.46 3.73 5.19 8.73 6.00 7.00 8.00
General Government 36.38 36.95 36.08 33.13 33.05 36.80 40.80 48.03 47.90 53.63
Public Safety:
Police:
Sworn Officers 65.00 65.70 65.00 65.00 55.00 55.00 55.00 55.00 55.00 59.00
Civilians2 17.13 17.13 17.13 15.07 15.50 15.50 16.68 17.00 9.00 10.00
Public Works 16.00 16.00 16.00 16.00 14.00 15.00 12.00 13.00 17.00 17.00
Culture and Recreation 21.84 21.11 21.76 20.84 20.79 20.79 21.52 23.03 24.33 27.75
Utilities 36.17 36.45 38.45 38.45 38.73 38.00 20.00 22.00 21.73 22.73
Stormwater 9.00 9.00 10.00 9.00 8.00 9.00 6.00 6.00 7.00 8.00
Total 206.98 207.07 209.88 200.95 188.8 195.28 180.73 190.06 188.96 206.11
Part-Time FTEs (Included Above)20.98 23.07 22.88 19.95 17.80 18.28 22.73 16.06 13.96 16.11
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,
117
196
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
Police:
Auto Accidents 399 560 479 526 489 420 569 424 597 680
Physical Arrests 1,456 1,220 1,034 824 704 534 268 299 940 475
Criminal Investigations Conducted 408 533 419 388 1,384 1,249 1,330 414 1,325 1,148
Total Calls for Service 111,943 106,477 102,146 101,086 101,356 94,933 109,563 496 154,666 168,918
911 Calls Received 3,573 3,539 3,607 4,175 4,338 4,982 5,572 2,555 2,539 7,263
Evidence Processed (Pieces)2,240 2,606 2,509 1,814 1,603 1,394 1,665 1,562 2,288 5,040
Highways and Streets:
Streets Paved (Miles)4 - **108 *****
Streets Resurfaced (Miles)46,114 63,674 70,324 53,925 51,783 116,528 82,961 24,379 25,270 20,102
Sidewalks/Bike Paths Built or Repaired (Sq Ft)4,329 11,344 7,384 6,428 15,127 31,248 36,192 4,061 3,264 *
Culture and Recreation:
Games - Baseball/Softball 842 879 939 646 715 535 900 550 592 347
Games - Basketball 608 578 749 749 734 *****
Games - Football 103 22 61 61 39 145 120 ***
Games - Soccer 1,176 879 882 1,130 950 679 1,020 675 865 306
Senior Activities 1,363 1,573 1,906 2,632 3,477 530 ***1,440
Civic Center and Pavilion Rentals 463 400 461 474 553 433 667 1,354 1,818 1,610
Pickleball - - - - - - - - - 2,414
Water:
New Connections 176 165 32 61 227 230 177 81 67 75
Number of Customers 13,496 13,727 13,822 13,597 13,967 13,817 13,994 14,315 14,521 14,596
Water Main Breaks 4 2 10 6 5 8 3 13 29 28
Average Daily Consumption (Gallons/per Capita)103 104 97 103 119 252 96 119 122 125
Meter Reads 183,256 187,468 188,358 192,930 189,072 234,842 197,530 202,719 203,556 204,355
Community Development:
Total Permits Issued 2,923 2,956 3,275 3,741 3,627 4,259 3,927 3,826 3,517 2,063
Building Inspections 8,189 8,885 6,194 7,154 7,690 6,662 9,441 9,402 9,334 3,244
Business Tax Receipts Issued 1,007 897 1,227 984 1,182 890 1,032 617 1,356 536
Land Use Amendments and Rezonings 13 3 8 1 *1 2 2 2 1
Permit Files Created/Reviews Initiated 3,201 3,111 3,436 3,868 3,829 4,690 4,185 4,294 3,963 1,923
General Government:
Personnel Actions Processed 182 283 426 201 288 150 281 300 360 840
Worker's Comp Injuries 30 30 37 35 25 21 27 14 13 15
Legal Notices Published 40 18 26 25 22 12 13 18 23 20
Payroll - Checks 425 352 334 335 296 266 93 101 554 278
Payroll - Direct Deposit 6,468 7,209 6,034 5,695 5,555 4,384 4,410 4,233 4,553 4,741
Receipts Deposited 247,363 134,565 130,754 127,820 129,349 130,541 132,772 133,850 133,365 134,516
A/P Checks Issued 5,442 5,364 4,974 3,659 4,537 4,018 3,881 6,871 4,194 4,194
Purchase Orders Processed 3,262 2,262 2,319 2,138 1,905 2,040 2,212 1,194 1,658 1,924
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,
118
197
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
Public Safety:
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fleet 82 82 80 73 68 68 77 77 75 83
Fire Stations2 2 2 2 2 2 2 2 2 2 2
Highways and Streets:
Streets - Paved (Miles)102.69 103.25 103.25 103.40 107.52 107.52 107.52 107.52 107.52 107.52
Streets - Unpaved (Miles)0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Street Lights 3,404 3,432 3,432 3,452 3,638 3,638 3,638 3,638 3,638 3,638
Traffic Signals 10 10 10 10 10 10 10 10 10 11
Culture and Recreation:
Park Acreage 266.70 266.70 266.70 266.70 266.70 266.70 267.93 267.93 267.93 267.93
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 Mains (Miles)173.10 173.20 173.60 175.20 243.90 243.90 243.90 243.90 243.90 243.90
Fire Hydrants 1,057 1,060 1,064 1,080 1,092 1,092 1,092 1,092 1,092 1,100
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)115.75 115.76 116.31 117.95 199.09 199.09 199.09 199.09 199.09 230.30
Storm Sewers (Miles)95.76 95.79 95.79 95.87 187.71 187.71 187.71 187.71 187.71 214.41
Treatment Facility Capacity
(Millions of Gallons)4.212 4.212 4.212 4.212 4.212 4.212 4.212 4.082 4.082 4.082
Current Average Flow
(Millions of Gallons)2.097 2.080 2.140 2.280 2.124 2.520 2.520 2.635 2.499 2.341
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
119
198
OTHER REPORTS
199
Assistance Amount of
Federal Grantor/Pass-Through Grantor/Program Listing Contract Expenditures
Title Number Number (1) (2) (3)
United States Department of Agriculture:
Emergency Watershed Protection Program 10.923 NR234209XXXXC012 362,042$
Total United States Department of Agriculture 362,042
United States Department of Treasury:
Passed through Florida Division of Emergency
Management:
Coronavirus State and Local Fiscal Recovery
Funds*21.027 Y5325 10,251,757
Total United States Department of Treasury 10,251,757
Total Expenditures of Federal Awards 10,613,799$
* Denotes major federal award program.
Notes:
(1) Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award
activity of the City of Winter Springs, Florida (the City) under programs of the federal government for the fiscal year ended
September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not
intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
(2) Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual
basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
(3) Indirect Cost Rate Election: The City has not elected to use the de minimis cost rate allowed under the Uniform Guidance.
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
120
200
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, 2024, and the
related notes to the financial statements, which collectively comprise the City’s basic financial statements
and have issued our report thereon dated April 23, 2025.
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 a deficiency in internal
control, described in the accompanying schedule of findings and questioned costs as item 2023-04 that
we consider to be a significant deficiency.
201
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
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 no instances of non-compliance or other matters that are required to be reported under
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.
April 23, 2025
Gainesville, Florida
202
123
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of Winter Springs’ (the City), Florida, compliance with the types of compliance
requirements described in the OMB Compliance Supplement that could have a direct and material effect
on each of the City’s major federal programs for the year ended September 30, 2024. The City’s major
federal programs are identified in the summary of auditor’s results section of the accompanying schedule
of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for
the year ended September 30, 2024.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards
and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of
Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with 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 opinion on compliance for each
major federal program. Our audit does not provide a legal determination of the City’s compliance with
the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the City’s
federal programs.
203
124
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material non-compliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the City’s compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will
always detect material non-compliance when it exists. The risk of not detecting material non-compliance
resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Non-compliance with the
compliance requirements referred to above is considered material if there is a substantial likelihood that,
individually or in the aggregate, it would influence the judgment made by a reasonable user of the report
on compliance about the City’s compliance with the requirements of each major federal program as a
whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing
Standards, and the Uniform Guidance, we:
■ Exercise professional judgment and maintain professional skepticism throughout the audit.
■ Identify and assess the risks of material non-compliance, 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 City’s compliance with the compliance requirements referred to
above and performing such other procedures as we considered necessary in the circumstances.
■ Obtain an understanding of the City’s internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on
internal control over compliance in accordance with the Uniform Guidance, but not for the purpose
of expressing an opinion on the effectiveness of the City’s internal control over compliance.
Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and any significant deficiencies and material weaknesses in
internal control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, non-compliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,
or a combination of deficiencies, in internal control over compliance, such that there is a reasonable
possibility that material non-compliance with a type of compliance requirement of a federal program will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control
204
125
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with
a type of compliance requirement of a federal program that is less severe than a material weakness in
internal control over compliance, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,
as defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the
Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
April 23, 2025
Gainesville, Florida
205
126
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
SUMMARY OF AUDITOR’S RESULTS
Financial Statements
Type of Auditor’s Report Issued: Unmodified
Internal Control Over Financial Reporting:
Material weakness(es) identified? No
Significant deficiency(ies) identified? Yes
Non-compliance material to financial statements noted? No
Federal Awards
Internal Control Over Major Programs:
Material weakness(es) identified? No
Significant deficiency(ies) identified? None Reported
Type of Auditor’s Report Issued on Compliance for Major Programs: Unmodified
Any audit findings disclosed that are required to be reported in
accordance with CFR 200.516(A)? No
Identification of Major Programs:
Federal Program
U.S. Department of Treasury:
Coronavirus State and Local Fiscal Recovery Funds Assistance Listing No. 21.027
Dollar Threshold Used to Distinguish Between Type A and
Type B Programs – Federal Programs $750,000
Auditee qualified as low-risk auditee pursuant to the Uniform Guidance? No
206
127
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
FINANCIAL STATEMENT FINDINGS
2023-04 – Pension Plan Eligibility (Significant Deficiency)
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 the
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 the City review its pension plan eligibility requirements and
implement additional controls to ensure that pension eligibility is verified prior to enrollment.
Update: Verbal inquiry determined that resolution to the above finding was not completed. Therefore,
the finding has been repeated in the current year.
FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
No matters were reported.
OTHER MATTERS
A Summary Schedule of Prior Audit Findings is not required because there were no prior audit findings
related to federal programs or state projects.
A Corrective Action Plan is not required because there are no current year findings related to federal
awards. Management has provided a response to the financial statement finding on page 132.
207
128
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, 2024, and have issued our report thereon dated April 23, 2025.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance); 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; Independent Auditor’s Report on Compliance for Each Major
Federal Program and Report on Internal Control over Compliance; Schedule of Findings and Questioned
Costs; 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 April 23, 2025, 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: 2023-01 Bank Reconciliation; 2023-02 Access to Vendor Master
File; 2023-03 Personnel Action Forms; 2023-05 Purchasing Cards; 2023-06 Financial Statement Audit; and
2023-07 Excess Expenditures Over Budget Appropriations. The following findings have been repeated as
they were not fully corrected during the current audit period.
208
129
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
MANAGEMENT LETTER
Tabulation of Uncorrected Audit Findings
2023-2024
Fiscal Year
Finding #
2022-2023
Fiscal Year
Finding #
2021-2022
Fiscal Year
Finding #
N/A 2023-01 2022-02
N/A 2023-02 N/A
N/A 2023-03 N/A
2023-04 2023-04 N/A
N/A 2023-05 2022-06
N/A 2023-06 2022-07
N/A 2023-07 N/A
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.
Property Assessed Clean Energy (PACE) Programs
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the City must state as to whether a
PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did/did not
operate within the City’s geographical boundaries during the fiscal year under audit. Management has
asserted that no PACE program operated within the City’s geographical boundaries during the year ended
September 30, 2024.
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.
209
130
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
MANAGEMENT LETTER
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.
April 23, 2025
Gainesville, Florida
210
131
INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH
FLORIDA STATUTE 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, 2024. 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, 2024.
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.
April 23, 2025
Gainesville, Florida
211
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
Kevin Sweet Holly Queen
City Manager Finance Director
April 23, 2025
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, 2024.
We have reviewed the report on internal controls and other compliance matters, and we concur with the
finding.
We appreciate the opportunity to implement the needed process improvements. Our response follows:
2023-04 Pension Plan Eligibility
Staff concurs with this finding and is currently working through the required process to update the
eligibility criteria. Upon researching this audit finding, it was concluded there are two conflicting
documents speaking to when enrollment should actually occur. As of the date of this letter, the Board of
Trustees has reviewed the proposed update to the plan documents and the plan restatement is being
processed. The necessary changes will be presented to City Commission for final approval.
Sincerely,
Kevin Sweet Holly Queen
City Manager Finance Director
C: Kevin McCann, Mayor
City Commission Commissioners
Christian Gowan, City Clerk
File
212
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, 2024. 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.
■ As described in Note 1 to the financial statements, the City adopted Governmental Accounting
Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The
statement enhances accounting and financial reporting requirements for accounting changes and
error corrections. The statement defines accounting changes as: (a) changes in accounting principles,
(b) changes in accounting estimates, or (c) changes to or within the financial reporting entity, each
with its own financial reporting requirements. Disclosure requirements include descriptions of
accounting changes and error corrections and their quantitative effects on account balances. There
was no impact to the City’s financial statements as a result of the adoption of this statement.
The application of existing policies was not changed during 2024. 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:
213
2
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
■ 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 based 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.
■ 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 Asset and Pension-Related Deferred Outflows and Inflows—The City’s combined net
pension asset 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 upon
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.
214
3
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
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. In addition, none of the
misstatements detected as a result of audit procedures and corrected by management were material,
either individually or in the aggregate, to each opinion unit’s financial statements taken as a whole.
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 April 23, 2025.
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.
The following are audit matters we would like to bring to the attention of the City:
■ Effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter,
GASB has issued Statement No. 101, Compensated Absences. The objective of this statement is to
better meet the information needs of the financial statement users by updating the recognition and
measurement guidance for compensated absences through aligning the recognition and
measurement guidance under a unified model and amending certain previously required disclosures.
■ Effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter, the GASB
has issued Statement No. 102, Certain Risk Disclosures. The objective of this statement is to improve
financial reporting by providing users of the financial statements with essential information that
currently is not often provided. The disclosures will provide users with timely information regarding
certain concentrations or constraints and related events that have occurred or have begun to occur
that make a government vulnerable to a substantial impact.
215
4
To the Honorable Mayor and
Members of the City Commission
City of Winter Springs
Winter Springs, Florida
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.
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.
April 23, 2025
Gainesville, Florida
216