HomeMy WebLinkAbout2010 03 22 Regular 601 Requesting Acceptance of Comprehensive Annual Financial Report (CAFR) FY Ended September 30, 2009 COMMISSION AGENDA
AWARDS &
PRESENTATIONS
INFORMATIONAL
ITEM 601 PUBLIC HEARING
REGULAR X
March 22, 2010 MGR /DEPT
4
Regular Meeting A h • ation
REQUEST: The City Manager Is Requesting City Commission Acceptance Of The
Comprehensive Annual Financial Report (CAFR) As Presented For The Fiscal Year
Ended September 30, 2009.
SYNOPIS:
The presentation of the Comprehensive Annual Financial Report for the fiscal year ended September 30,
2009 by the auditors, McDirmit Davis & Company, LLC.
CONSIDERATIONS:
The CAFR is prepared to give the City Commission and the citizens a greater understanding of the
City's financial standing. The financial statements received an unqualified opinion by the auditors.
Additionally, the 2009 CAFR will be submitted to the Government Finance Officers Association for
participation in the Certificate of Achievement Award as we believe it continues to conform to the
program's stringent requirements.
FISCAL IMPACT:
None
COMMUNICATION EFFORTS:
The 2009 CAFR will be posted to the website within a week of acceptance.
RECOMMENDATIONS:
It is recommended that the Commission accept the Comprehensive Annual Financial Report (CAFR) As
Presented For The Fiscal Year Ended September 30, 2009.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/09 including the audited
financial statements and the audit opinion
cry of
Winter Springs
Florida I I i� �;
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Comprehensive Annual
Financial Report
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City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2009
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Prepared by: Finance Department
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INTRODUCTORY SECTION
This section contains the following subsections:
• Table of Contents
• Letter of Transmittal
• GFOA Certificate of Achievement
• List of Principal Officials
• Organizational Chart
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CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2009
Paqe
Introductory Section:
Table of Contents i -iii
Letter of Transmittal iv -vii
GFOA Certificate of Achievement viii
List of Principal Officials ix
Organizational Chart x
II. Financial Section:
Independent Auditor's Report 1 -2
Management's Discussion and Analysis 3 -15
Basic Financial Statements:
Government -Wide Financial Statements:
Statement of Net Assets 16
Statement of Activities 17
Fund Financial Statements
Balance Sheet - Governmental Funds
18 -19
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Assets
20
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
21 -22
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities
23
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
General Fund
24 -25
Public and Communications Service Tax Special
Revenue Fund
26
Road Improvements Special Revenue Fund
27
Solid Waste /Recycling Special Revenue Fund
28
Statement of Net Assets - Proprietary Funds
29
Statement of Revenues, Expenses and Changes in
Fund Net Assets - Proprietary Funds
30
Statement of Cash Flows - Proprietary Funds
31 -32
Statement of Fiduciary Net Assets - Fiduciary Funds
33
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
34
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2009
Paqe
II. Financial Section - Continued:
Notes to Financial Statements
35 -73
Required Supplementary Information
74 -75
Combining and Individual Fund Statements and Schedules:
Major Governmental Funds:
Schedule of Revenues and Expenditures and Changes in Fund
Balance - Budget and Actual:
TLBD Debt Service Fund
76
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds
77 -85
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds
86 -94
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds
95 -114
Debt Service Funds
115 -120
Capital Projects Funds
121 -129
III. Statistical Section:
Financial Trends
Net Assets by Component
130
Changes in Net Assets
131 -132
Governmental Activities Tax Revenues by Source
133
Fund Balances of Governmental Funds
134
Changes in Fund Balances of Governmental Funds
135 -136
Revenue Capacity
Assessed Value and Estimated Actual Value of Taxable Property
137
Property Tax Rates, Direct and Overlapping Governments
138
Special Assessment Billings and Collections
139
Principal Property Taxpayers
140
Property Tax Levies and Collections
141
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2009
IV. Other Reports:
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 154 -155
Report on Compliance with Requirements Applicable to Each Major Federal
Program and Internal Control over Compliance in Accordance with
OMB Circular A -133 156 -157
Schedule of Expenditures of Federal Awards 158
Notes to Schedule of Expenditures of Federal Awards 159
Schedule of Findings and Questioned Costs 160
Management Letter 161 -164
Management Response 165
Communication with Those Charged with Governance 166 -167
Affidavit of Impact Fee Compliance 168
Paqe
III. Statistical Section - Continued:
Debt Capacity
Legal Debt Margin
142
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
143
Ratio of Outstanding Debt by Type
144
Direct and Overlapping Governmental Activities Debt
145
Pledged- Revenue Coverage
146 -147
Demographic and Economic Information
Demographic and Economic Statistics
148
Principal Employers
149
Operating Information
Budgeted Full -time Equivalent City Government Employees by Function
150
Operating Indicators by Function
151 -152
Capital Asset Statistics by Function
153
IV. Other Reports:
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 154 -155
Report on Compliance with Requirements Applicable to Each Major Federal
Program and Internal Control over Compliance in Accordance with
OMB Circular A -133 156 -157
Schedule of Expenditures of Federal Awards 158
Notes to Schedule of Expenditures of Federal Awards 159
Schedule of Findings and Questioned Costs 160
Management Letter 161 -164
Management Response 165
Communication with Those Charged with Governance 166 -167
Affidavit of Impact Fee Compliance 168
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1800
March 22, 2010
To the Honorable Mayor, City Commission and Citizens of the City of Winter Springs, Florida:
State law requires that all general - purpose local governments publish a complete set of financial
statements presented in conformity with generally accepted accounting principles (GAAP) and that
they be audited in accordance with generally accepted auditing standards (GAAS) by a firm of
licensed certified public accountants. Pursuant to that requirement, it is with great pleasure that we
present to you the City of Winter Springs, Florida Comprehensive Annual Financial Report (CAFR)
for the fiscal year ended September 30, 2009.
Management assumes full responsibility for the completeness and reliability of all of the information
presented in this report. To provide a reasonable basis for making these representations,
management of the City of Winter Springs has established a comprehensive internal control
framework that is designed both to protect the government's assets from loss, theft, or misuse and to
compile sufficient reliable information for the preparation of the City of Winter Springs' financial
statements in conformity with GAAP. Because the cost of internal controls should not outweigh their
benefit, the City of Winter Springs' comprehensive framework of internal controls has been designed
to provide reasonable rather than absolute assurance that the financial statements will be free from
material misstatement. As management, to the best of our knowledge and belief, we assert that this
financial report is complete and reliable in all material respects.
The City of Winter Springs' financial statements have been audited by McDirmit, Davis & Company, a
firm of licensed certified public accountants. The goal of the independent audit was to provide
reasonable assurance that the financial statements of the City of Winter Springs for the fiscal year
ended September 30, 2009 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 unqualified
opinion that the City of Winter Springs' financial statements for the fiscal year ended
September 30, 2009 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. MD&A complements this letter of transmittal
and should be read in conjunction with it.
Profile of the Government
The City of Winter Springs, incorporated in 1959, is located in Seminole County, which is a part of the
greater Orlando metropolitan area in East Central Florida. This area is one of the fastest growing
iv
areas in the country. The City currently has a land area of 14.81 square miles and a population of
approximately 34,340.
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, Cleric and Attorney. The City Manager is responsible for carrying out the policies and
ordinances of the governing body, for overseeing the day -to -day operations of the government, and
for hiring the directors of the various departments.
The City of Winter Springs provides a full range of services, including police protection; the
construction and maintenance of highways, streets and other infrastructure; and recreational
activities and cultural events. The City maintains both a Water and Sewer Utility, a Stormwater Utility,
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 then uses these requests as the starting point
for developing a proposed budget. The City Manager then presents this proposed budget to the City
Commission for review on or before July 1. The City Commission is required to hold public hearings
on the proposed budget and to adopt a final budget no later than September 30, the close of the
City's fiscal year. The appropriated budget is prepared by fund (e.g., General Fund), department
(e.g., Police Department) and division (e.g., Criminal Investigation). The City Manager may make
transfers of appropriations within a department. Transfers of appropriations between departments,
however, require the special approval of the City Commission. Original and final amended budget -to-
actual comparisons are provided in this report for each individual governmental fund. For the General
Fund, the Public and Communications Service Tax Fund, the Road Improvements Fund and the
Solid Waste /Recycling Fund, these comparisons are presented on pages 25.28 as part of the basic
financial statements for the governmental funds. For other governmental funds these comparisons
are presented in the governmental fund subsection of this report which starts on page 77.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of Winter
Springs operates.
Local economy. The City of Winter Springs is primarily a retail, office and residential area with a
small amount of light industry and commercial business. Approximately 88% of our tax base is
comprised of residential properties. Per the DR 422 (Certificate of Final Taxable Value) and relative
to the 2008 -2009 fiscal year (tax year 2008), the gross taxable value reflects a decrease of 9% from
the prior year but an increase of 122% since fiscal year 1999. The operating millage rate decreased
from 3.2496 to 2.4714 mills, due to the consolidation of the fire department with Seminole County.
The voted debt millage rate associated with the Central Winds General Obligation debt increased
slightly from 0.1022 to 0.1100 mills as a result of the declining property valuation. During fiscal year
2009 -2010 (tax year 2009), despite declining property values, the City was able to maintain constant
operating and voted debt millage rates at 2.4714 and 0.1100 mills, respectively.
MA
The City's population has increased 18% from that of ten years ago. local indicators are still
reflective of a slow real estate market, low construction activity, high foreclosure and unemployment
rates and decreased spending. This economic downturn has had an impact on revenue at both the
state and local level. At the local level, revenues such as review and permit fees, investment income
and state revenue sources have declined. The City has mitigated the effect of reduced revenues
with reduced expenditures, constrained hiring and /or project delays and the use of reserves for
capital. Thus far into the 2010 fiscal year, there have been no mid -year adjustments to those
revenues which the City receives from the state. The best approach for balancing the state's 2010
budget is currently ongoing in the legislature.
Long -term financial planning. The City Commission updated and adopted a 5 -year Capital
Improvements Plan (CIP) on September 28, 2009 for fiscal years 2010 through 2015. The CIP is
currently being evaluated and updated through Fiscal Year 2016 with anticipated completion by
summer 2010. The CIP is a multi -year prioritized schedule of improvements that lists each capital
improvement by the year it is intended to be purchased or commenced; the amount to be spent per
year; and the method of financing such improvement. Each year during the annual budget process
the CIP is reviewed to ensure incorporation of all necessary capital improvements. It should be
noted; however, that the CIP is not a static document but a flexible and dynamic one that may
change to reflect changing priorities, opportunities, costs, or financing approach.
Relevant Financial Policies. Implementation of Zero -Based Budgeting represents a major change
in the fiscal year 2010 model as compared to incremental budgeting used in prior fiscal years. There
are three fiscal policies that are utilized when preparing and adopting the City's annual budget. The
first policy is to maintain an Unreserved General Fund balance not less than 25% of the total
operating expenses of the General Fund, excluding capital outlay and debt. By a super - majority vote
of the Commission, supplemental appropriation from Unreserved General Fund balance may be
authorized by the Commission for a General Fund purpose which may potentially reduce the
Unreserved General Fund balance which would be restored to, at least, the minimum in the following
year's budget. This fund balance philosophy carries over to the Water and Sewer Utility, Stormwater
Utility and Development Services. Some funds such as debt service exist for very specific purposes;
as such, the potential for unforeseen expenditures is very low. Consequently, it is not necessary for
all funds to be constrained by this policy. In such case, the budget serves as the sole constraint. The
second fiscal policy is that sufficient recurring revenues exist to pay for all recurring costs, thus
avoiding the use of non - recurring revenues and fund balance to fund recurring costs. The final fiscal
policy is that sufficient recurring and non- recurring revenues are available to fund non - recurring costs.
Major Initiatives. During fiscal year 2010, as approved during the budget process the City
anticipates the following projects:
• MUNIS software module to increase efficiencies in payroll timekeeping and reporting at a cost
of approximately $11,000;
• Implementation of VM Ware designed to provide Public Safety with greater reliability to their
data and applications necessary for improved work flow at a cost of approximately $18,000;
• City Hall message board to improve public communications /notifications $27,000;
• The purchase of 38 new and leased vehicles, including 2 new motorcycles and 3 ATVs for
various Police Department Divisions at a cost of approximately $370,000;
• New mobile desktops and other data processing equipment for Police staff to cut costs by
reducing redundancy of equipment and increase efficiency of reporting at a cost of
approximately $158,000;
• Projects to replace Police tactical equipment and the establishment of a forensics lab totaling
approximately $91,000;
• Continued development of Magnolia Park, a Town Center outdoor amphitheatre totaling
vi
$1,1 88,750;
• Additional improvements at Trotwood Park and park expansion plans to include a permanent
dog park, at a cost of approximately $145,000;
• New road construction, road improvements and resurfacing and other transportation projects
totaling approximately $4,245,000;
• Stormwater improvements to meet state water quality regulations and improve efficiencies at a
cost of approximately $220,000;
• Completion of the Utility /Public Works Facility -- Administration building and storage facility
project at an approximate cost of $1,139,000;
• Replace /upgrade transportation improvement equipment at a cost of approximately $60,000;
• Improvements to water treatment plant facilities, water system looping and major maintenance
and improvement of water supply, water mains and sanitary sewer lines in order to meet
conservation goals and increase efficiencies at a cost of $1,568,000;
• Replace /upgrade and add new equipment to Water & Sewer operations at a cost of almost
$97,000.
Awards and Acknowtedgements
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in financial Reporting to the City of Winter Springs for its CAFR for the fiscal year ended
September 30, 2008. This was the ninth consecutive year that the City has received this prestigious
award. In order to be awarded a Certificate of Achievement, the government must publish an easily
readable and efficiently - organized CAFR. This report satisfied both GAAP and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement program requirements and will be submitting it to
the GFOA to determine its eligibility for another fiscal year.
The preparation of this report would not have been possible without the efficient and dedicated
services of the entire staff of the finance department. We would like to express our appreciation to all
members the department who assisted and contributed to its preparation, Other City departments,
although not extensively involved in year -end audit activities, contributed significantly by ensuring the
accuracy and integrity of accounting information compiled throughout the year. Without their
diligence, the work of the Finance Department would have been considerably more difficult,
Appreciation must also be expressed to the City's auditors whose suggestions and attention to detail
enhanced the quality of this report.
In closing, we would also like to express appreciation to the Mayor and the City Commission for their
support and for maintaining high standards of professionalism in management of the City of Winter
Springs' finances.
Respectfully submitted,
Kevin S ith
City Manager
K ly lagia
Interim Finance Director
vii
Certificate of
Achievement
for Excellence
in Financial
Reporting
Prese,nited to
City of Winter Springs
Florida
For its Comprehensive Annual
Financial Report .
for the Fiscal Yw. Ended
September 30, 2008
A Certificate of Achievement for Ezcettence in,Financiat
Reporting is presented by the Government Finance Officers
Association of the, 'United States and Canada to
government units and publkC employee retirement
systems whose comprehensive aon"I financial
reports (CAFRa):achieve the'highest,
standards in government accounting
and financial reporting_
R
President
Exec-utiryve Director
Viii
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2009
ELECTED OFFICIALS
MAYOR John F. Bush
DEPUTY - MAYOR /COMMISSIONER Joanne M. Krebs
COMMISSIONER Rick Brown
COMMISSIONER Gary Bonner
COMMISSIONER Sally M. McGinnis
COMMISSIONER Jean Hovey
CITY MANAGER
Kevin L. Smith
CITY CLERK
Andrea Lorenzo- Luaces
LEGAL COUNSEL
Anthony Garganese
Brown, Garganese, Weiss
& D'Agresta, P,A.
DEPARTMENT
DIRECTORS
COMMUNITY DEVELOPMENT
Randy Stevenson
FINANCEIADMIN SERVICES (INTERIM)
Kelly Balagia
INFORMATION SERVICES
Joanne Dalka
PARKS AND RECREATION
Chuck Pula
POLICE CHIEF
Kevin Brunelle
UTILITYIPUBLIC WORKS
Kipton Lockcuff
ix
CITY OF WINTER SPRINGS
ORGANIZATIONAL CHART
Citizens of
Winter
Springs
Administration
Administration
Administration
Accounting
Security
Stormwater
Debt Mgmt.
Records Mgmt.
Transportation
Meter Svc.
GIS
Engineering
Budgeting
IT Maintenance
Water Mgmt
MR
IT Development
Water /Wastewater
Risk Mgmt.
Purchasing
Treasury Mgmt.
Administration
Records
Communications
Patrol
Investigations
Code Enforcement
Administration
Civic /Senior
Parks /Field Mnt
Athletics Rec.
Programs
Concession Svc.
Administration
Comp Planning
Land Mgmt.
Permit & Insp.
Urban Beautification
• The City Manager is appointed by the Commission.
• The City Cleric is appointed by the Mayor with ratification of the City Commission and works under the
direction of the City Manager.
• The City Attorney is appointed by the Mayor with ratification of the City Commission and works under the
direction of the City Commission.
• Advisory Boards are appointed by the Mayor and the City Commission and work under the direction of the
City Commission.
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FINANCIAL SECTION
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MCDIRMIT //l DAMS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the accompanying financial statements of the governmental activities, the
business -type activities, each major fund, and the aggregate remaining fund information of the
City of Winter Springs, Florida, as of and for the year ended September 30, 2009, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business4ype activities, each major
fund, and the aggregate remaining fund information of the City of Winter Springs, Florida, as of
September 30, 2009 and the respective changes in financial position and cash flows, where
applicable, thereof and the respective budgetary comparisons for the general fund, the public and
communications service tax special revenue fund, road improvement special revenue fund, and
the solid wastelrecycling special revenue fund for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET, SUM.: 635 • ORLANDO, FLORIDA 32801
TELEPHONE 407 - 843 -5406 • FAx 407- 649 -9339 • EMAIL: INFO[ MCD]RMITDAVIS.COM
ME179I:RS: PRIVATE COMPANIES PRACTICE SR • AMERWAN NNSTITIM- OF CFRT1I :IF.D PUBLiC ACCOO-V w:TS • FLORIDA INSTITI rF. OF CERTIFIED PUBLIC ACCOUNTANTS
In accordance with Government Auditing Standards, we have also issued a report dated
February 19, 2010 on our consideration of the City of Winter Springs, Florida's internal control
over financial reporting and our tests of its compliance with certain provisions of laws,
regulations, contracts and grants agreements and other matters. The purpose of that report is
to describe the scope of our testing of internal control over financial reporting and compliance
and the result of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit preformed in accordance
with Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.
The Management's Discussion and Analysis starting on page 3 and the pension and other
postemployment benefits disclosures on pages 74 and 75 are not a required part of the basic
financial statements but are supplemental information required by accounting principles
generally accepted in the United States of America. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the supplemental information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Winter Springs, Florida basic financial statements. The
introductory section, combining and individual fund financial statements and schedules, and
statistical section are presented for purposes of additional analysis and are not a required part
of the basic financial statements. The accompanying schedule of expenditures of federal
awards is presented for purposes of additional analysis as required by U. S. Office of
Management and Budget Circular A -133 and Audits of States, Local Govemments, and Non -
Profit Organizations, and is also not a required part of the basic financial statements of the City
of Winter Springs, Florida. The schedule of expenditures of federal awards and the combining
and individual nonmajor fund financial statements and schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section and statistical tables have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express
no opinion on them.
February 19, 2010
E
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Winter Springs we offer readers of the City of Winter Springs'
financial statements this narrative overview and analysis of the financial activities of the City of
Winter Springs for the fiscal year ended September 30, 2009. We encourage readers to consider
the information presented here in conjunction with additional information that we have furnished in
our letter of transmittal which can be found on pages iv - vii of this report.
Financial Highlights
• The assets of the City of Winter Springs exceeded its liabilities at the close of the most
recent fiscal year by $81,749,405 (net assets). Of this amount, $ 16,949,456
(unrestricted net assets) may be used to meet the government's ongoing obligations to
citizens and creditors.
• The government's total net assets decreased by $1,508,651 or 2 %.
• As of the close of the current fiscal year, the City of Winter Springs' governmental funds
reported combined ending fund balances of $19,497,237. Approximately 93% of this total
amount, $18,121,615, is available for spending at the government's discretion (unreserved
fund balance).
• At the end of the current fiscal year, unreserved fund balance for the general fund was
$8,543,903, or 53% of total general fund expenditures.
• The City of Winter Springs' total debt decreased by $1,477,360 (3 %) during the current
fiscal year. Principal payments were made in the amount of $2,070,871.
Overview of the Financial Statements
The financial statements focus on both the City as a whole (government -wide) and on the major
individual funds. Both perspectives (government -wide and major fund) allow the user to address
relevant questions, broaden a basis for comparison (year -to -year or government -to- government)
and enhance the City's accountability.
This discussion and analysis are intended to serve as an introduction to the City of Winter Springs'
basic financial statements, which are comprised of three components: 1) government -wide
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
Government -wide financial statements. The government -wide financial statements are
designed to provide readers with a broad overview of the City of Winter Springs' finances, in a
manner similar to a private- sector business.
The Statement of Net Assets presents information on all of the City of Winter Springs' assets and
liabilities, with the difference between the two reported as net assets. Over time, increases or
decreases in net assets may serve as a useful indicator of whether the financial position of the City
of Winter Springs is improving or declining.
The Statement of Activities presents information showing how the government's net assets
changed during the fiscal year. All changes in net assets are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus,
3
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Overview of the Financial Statements (Continued)
Government -wide financial statements. (Continued)
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 16 -17 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.
The City of Winter Springs maintains 40 individual governmental funds. Information is presented
separately in the governmental fund Balance Sheet and in the governmental fund Statement of
Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Public and
Communications Service Tax Special Revenue Fund, Road Improvements Special Revenue Fund,
Solid Waste /Recycling Special Revenue Fund, and TLBD Debt Service Fund, all five of which are
considered to be major funds. Data from the other 35 governmental funds are combined into a
single, aggregated presentation. Individual fund data for each of these nonmajor governmental
funds in provided in the form of combining statements elsewhere in this report.
4
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Overview of the Financial Statements (Continued
Governmental Funds. (Continued)
The City of Winter Springs adopts an annual appropriated budget for all governmental funds.
Budgetary comparison statements have been provided for the General Fund, Public and
Communications Service Tax Special Revenue Fund, Road Improvements Special Revenue Fund,
and Solid Waste /Recycling Special Revenue Fund to demonstrate compliance with this budget on
pages 24 -28. Budgetary comparison schedules have been provided for the TLBD Debt Service
Fund and the nonmajor funds on pages 76 and 95 -129.
The basic governmental fund financial statements can be found on pages 18 -23 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 29 -32 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 33-
34 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 35 -73 of this report.
Required Supplementary Information (RSI). RSI can be found on pages 74 -75 of this report.
Other information. The combining statements referred to earlier in connection with nonmajor
governmental funds are presented immediately following the Notes to Financial Statements.
Combining and individual fund statements and schedules can be found on pages 77 -129 of this
report.
Government -wide Financial Analysis
Statement of Net Assets. As noted earlier, net assets may serve over time as a useful
indicator of a government's financial position. In the case of the City of Winter Springs, assets
exceeded liabilities by $81,749,405 at the close of the most recent fiscal year.
Over half ($53,740,287 or 66 %) of the City of Winter Springs' net assets reflect its investment in
capital assets (e.g., land, buildings, machinery and equipment); less any related outstanding
debt used to acquire those assets. The City of Winter Springs uses these capital assets to
provide services to citizens; consequently, these assets are not available for future spending.
5
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Government -wide Financial Analysis (Continued)
Statement of Net Assets. (Continued)
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 assets that are subject to external restrictions as to how they may be used total $11,059,662
(13 %). The remaining balance of unrestricted net assets ($16,949,456 or 21 %) may be used to
meet the government's ongoing obligations to citizens and creditors.
At September 30, 2009, the City of Winter Springs is able to report positive balances in all three
categories of net assets, both for the government as a whole, as well as for its separate
governmental and business -type activities. This was also the case at the close of the prior fiscal
year.
The following table reflects the condensed Statement of Net Assets for the current and prior year.
For more detail see the Statement of Net Assets on page 16.
City of Winter Springs
Statement of Net Assets
As of September 30
Net assets:
Governmental Activities
2009
2008
Assets:
net of related debt
40,701,446
Current and other assets
$27,319,350
$28,457,972
Restricted assets
131,982
106,982
Capital assets
59,420,246
59,175,315
Total assets
86,871,578
87,740,269
Liabilities:
Current liabilities
3,463,020
3,250,454
Long term liabilities
20,483,499
21,766,176
Other liabilities
131,982
106,982
Total liabilities
24, 078, 501
25,123, 612
Net assets:
Invested in capital assets,
net of related debt
40,701,446
39,370,392
Restricted
8,297,953
8,777,937
Unrestricted
13, 793, 678
14, 468, 328
Total net assets
$62,793,077
$62,616,657
Business -type Activities Total Primary Government
2009 2008 2009 2008
$ 7,189,454 $ 8,436,378
2,712,173 3,496,270
33,224,163 33,798,318
43,125,790 45,730,966
1,726,889 2,031,349
21, 768, 093 22, 353, 850
674,480 704,368
24,169,462 25,089,567
13, 038, 841 12, 692, 394
2,761,709 2,814,448
3,155,778 5,134,557
$ 18, 956, 328 $ 20, 641, 399
0
$ 34, 508, 804 $ 36, 894, 350
2,844,155 3,603,252
92,644,409 92,973,633
129, 997, 368 133, 471, 235
5,189, 909 8,440,363
42, 251, 592 44,120, 026
806,462 811,350
48,247,963 53,371,739
53,740,287 52,062,786
11, 059, 662 11, 592, 385
16, 949, 456 19, 602, 885
$81,749,405 $83,258,056
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Government -wide Financial Analvsis (Continued
Statement of Changes in Net Assets. The following table reflects the Statement of Changes
in Net Assets for the current and prior year. For more detailed information see the Statement of
Activities on page 17.
Note that the government's total net assets decreased by $1,508,651 or 2% in fiscal year 2009.
The previous fiscal year, 2008, net assets decreased by $932,553.
Governmental activities increased net assets by $176,420 in fiscal year 2009 compared to an
increase of $813,540 in 2008. The smaller increase in net assets is due to decreased property
tax revenue, and decreased expenditures.
Business -type activities decreased net assets by $1,685,071 in fiscal year 2009 compared to a
decrease of $1,746,093 in 2008.
Following the Changes in Net Assets table is a series of bar and pie charts that relay in pictorial
form the revenues and expenses for each of the governmental and business -type activities as
well as the revenue "source" for each.
Additional information regarding the changes in fund balance of the governmental and business -
type activities can be found in the section entitled Financial Analysis of Government's Funds
on page 11.
Note that the first graph depicts governmental program- specific revenues and expenses. For
this graph the revenue does not include property taxes, utility taxes, business tax receipts,
intergovernmental revenue, investment income or miscellaneous revenue. This chart is
intended to show the amount of program expenses funded by specific program revenues.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Government -wide Financial Analysis (Continued)
Statement of Net Assets. (Continued)
City of Winter Springs
Changes in Net Assets
For the Year Ended September 30
Governmental Activities Business -type Activities Total Primary Government
2009 2008 2009 2008 2009 2008
Revenues:
6,856,549
7,195, 997
11, 298, 434
6,280,597
5,694,096
2,554,636
Program revenues:
6,135
442,679
(1,508,651)
(932,553)
1,691,206
2,188,772
Charges for services
$ 6,029,778
$ 7,747,409
$ 8,671,243
$ 8,899,046
$ 14,701,021
$ 16,646,455
Operating grants and
(1,508,651)
(932,553)
62,616,657
61,803,117
20,641,399
22,387,492
contributions
41,451
207,833
483,484
-
524,935
207,833
Capital grants and
contributions
2,442,293
2,628,580
13,932
223,858
2,456,225
2,852,438
General revenues:
Property taxes
5,012,601
7,130,088
-
-
5,012,601
7,130,088
Utility taxes
4,105,959
3,975,766
-
-
4,105,959
3,975,766
Business tax receipts
70,524
139,726
-
-
70,524
139,726
Intergovernmental -
unrestricted
2,959,688
3,445,120
-
-
2,959,688
3,445,120
Investment income and
miscellaneous
613,791
675,395
41,518
197,902
655,309
873,297
Total revenues
21,276,085
25,949,917
9,210,177
9,320,806
30,486,262
35,270,723
Expenses:
General government
Public safety
Physical environment
Culture and recreation
Interest and other fiscal
charges on long -term debt
Water and sewer
Development services
Stormw ate
Total expenses
Increase in net assets before
transfers
5,801,121
6,856,549
7,195, 997
11, 298, 434
6,280,597
5,694,096
2,554,636
2,511,272
958,520 964,798
7,143, 249
7,150, 841
435,832
687,592
1,624,961
1,039,694
5,801,121
6,856,549
7,195, 997
11, 298, 434
6,280,597
5,694,096
2,554,636
2,511,272
Transfers
Increase (decrease) in net
assets
Net assets- October 1
Net assets- September 30
958,520
964,798
7,143, 249
7,150, 841
435,832
687,592
1,624,961
1,039,694
22, 790, 871
27, 325,149
9,204,042
8,878,127
31, 994, 913
36, 203, 276
(1,514,786)
(1,375,232)
6,135
442,679
(1,508,651)
(932,553)
1,691,206
2,188,772
(1,691,206)
(2,188,772)
-
-
176,420
813,540
(1,685,071)
(1,746,093)
(1,508,651)
(932,553)
62,616,657
61,803,117
20,641,399
22,387,492
83,258,056
84,190,609
$62,793,077
$62,616,657
$ 18,956,328
$20,641,399
$ 81,749,405
$ 83,258,056
0
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Government -wide Financial Analysis (Continued)
Statement of Net Assets. (Continued)
Governmental Program Specific Revenues and
Expenses
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000 —
0
General Public Safety Physical Culture& Interest on
Government Environment Recreation Long -Term
Debt
Governmental Revenues by Source
Investment Income
and Miscellaneous
kh%k 3%
Revenues
Expenses
and
Grants
ibutions
i
9
Chargesfor
Tavac Services
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Government -wide Financial Analysis (Continued)
Statement of Net Assets. (Continued)
Business -type Activities
Revenues and Expenses
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Business -type Activities
Revenues by Source
Capital and
Operating Grants
and Contributions
5%
Chargesfor
Services
94%
10
Investment Income
and Miscellaneous
1%
Revenues
■ Expenses
Water and Sewer Development Services Stormwater
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Financial Analvsis 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, unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of September 30, 2009, the City of Winter Springs' governmental funds reported combined
ending fund balances of $19,497,237, a decrease of $1,641,427 over the prior year.
Approximately 93% or $18,121,615 of this total amount constitutes unreserved fund balance,
which is available for spending at the government's discretion. The remainder of fund balance
is reserved to indicate that it is not available for new spending because it has already been
committed for such purposes as debt service, inventories and prepaid costs.
The general fund is the chief operating fund of the City of Winter Springs. At the end of the
current fiscal year, unreserved fund balance of the General Fund was $8,543,903, while total
fund balance was $8,778,814. As a measure of the General Fund's liquidity, it may be useful to
compare both unreserved fund balance and total fund balance to total fund expenditures.
Unreserved and total fund balance represent 53% and 54% respectively, of total General Fund
expenditures. The decrease in fund balance of the general fund is primarily due to decreased
property tax revenue.
Proprietary funds. The City of Winter Springs' proprietary funds provide the same type of
information found in the government -wide financial statements but in more detail.
Unrestricted net assets of the Water and Sewer Utility Fund at the end of the year amounted to
$2,526,831 and total net assets decreased $799,438. This decrease is due to decreased user
charges as well as declining investment income, as well as not receiving any contributed assets
in the current year.
The Development Services Fund net assets decreased $756,507 to a deficit balance of $58,957
at the end of the fiscal year. The decline in net assets is due to transfers out exceeding
operating income.
The Stormwater Utility Fund net assets decreased $129,126 to $4,381,662 at the end of the
fiscal year. The change in net assets is consistent with previous fiscal years and due to
decreases in user charges along with an increase in operating expenses.
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund
budget resulted in $1,041,769 in additional appropriations from fund balance during the year
from an appropriation to fund balance of $72,195 in the original budget to appropriations from
fund balance of $969,574 in the final budget. The majority of the increased appropriation can
be summarized as follows:
• $200,000 decrease in Half Cent Sales Tax
• $215,000 decrease in fines and forfeiture income
• $220,000 increase in miscellaneous income
11
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
General Fund Budgetary Highlights (Continued)
• $70,000 decrease in local business tax
• $300,000 increase in public safety expenditures
• $140,000 increase in transfers out
The actual results of General Fund for the year show an appropriation from fund balance of
$322,280 compared to a final budgeted appropriation from fund balance of $969,574. The
favorable variance of $647,294 is primarily comprised of the following:
• $110,000 unfavorable variance in the half cent sales tax
• $350,000 unfavorable variance in investment income
• $750,000 favorable variance in total general government expenditures
• $350,000 favorable variance in public safety expenditures
• $270,000 favorable variance in physical environment expenditures
• $200,000 favorable variance in culture and recreation expenditures
• $370,000 unfavorable variance in transfers, primarily due to transfers in being less than
budgeted.
The comparison of budgeted results to actual results for the General Fund is shown on pages
24 -25.
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, 2009, amounts to $92,644,409 (net of
accumulated depreciation), for a decrease of $329,222 over the prior year. This investment in
capital assets includes land, buildings, improvements, machinery and equipment, intangibles,
park facilities, roads, highways, and bridges. The total decrease in the City of Winter Springs'
investment in capital assets for the current fiscal year was 0.4% (a 0.4% increase for
governmental activities, and a 1.7% decrease for business -type activities).
Major capital asset events during the current fiscal year included the following:
• The completion and capitalization of road resurfacing totaling almost $249,000;
• The completion and capitalization of signal upgrades to SR 434/ SR 419 totaling
$216,000 ($20,000, $22,000 and $174,000 was spent in 2007,2008 and 2009,
respectively);
• The completion and capitalization of road reconstruction including Moss Rd and Phase
III of Winter Springs Boulevard at a cost of $1,253,000 ($1,071,000 and $182,000 was
spent in 2008 and 2009, respectively);
• The completion and capitalization of the Veterans' Memorial at a cost of almost
$147,000 ($108,000 and $39,000 was spent in 2008 and 2009, respectively);
• The completion and capitalization of FRDAP #8 Project at Trotwood Park which now
includes a splash pad play area as one of its amenities at a cost of $526,000 ($58,000,
$12,000 and $456,000 was spent in 2007, 2008 and 2009, respectively);
• The completion and capitalization of the project to improve the SR 434 median
hardscape at cost of $40,000 ($9,000 and $31,000 was spent in 2008 and 2009,
respectively);
12
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Capital Asset and Debt Administration (Continued)
• The completion and capitalization of the installation of the above ground fuel tank at City
Hall at a cost of almost $31,000 ($3,000 and $28,000 was spent in 2008 and 2009,
respectively);
• The completion of water and sewer main projects at a cost of $797,000 ($37,000 and
$760,000 was spent in 2008 and 2009, respectively);
• The completion of electrical improvements to Water Treatment Plant #3 at a cost
$324,000 ($18,000, $102,000, $176,000, $15,000 and $13,000 was spent in 2004, 2006,
2007, 2008 and 2009, respectively);
• The completion and capitalization of pipe relining at a cost of $158,000,
• The continued construction on road improvements including the Hayes and Tuscora
Roads and Vistawilla Drive deceleration lanes at SR 434, intersection improvements at
SR 419 / Wade Street and the paving of the Ranchland roadways totaling nearly
$404,000;
• The continued construction of the sidewalk on Northern Way to Shetland Avenue totaling
almost $126,000;
• The continued expansion at the Public Works facility to include buildings 6 and 7 totaling
$578,000;
• The continued construction of the Magnolia Park addition and amphitheater totaling
$94,000.
Additional information on the City of Winter Springs' capital assets can be found in Note 7 on
pages 52 -54 of this report.
City of Winter Springs
Capital Assets (Net of Depreciation)
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Intangibles
Infrastructure
Construction in progress
Total net assets
As of September 30
Governmental Activities Business -type Activities Total Primary Government
2009 2008
9,848,716 9,848,716
8,792,000 9,136,819
8,775,177
8,351,377
1,399,611
1 ,708,622
111,084
174, 079
29,048,744
28,427,672
1,444,914
1 , 528, 030
2009
2008
2009
2008
889,032
2,250,662
11,873
10, 751
5,344,916
5,344,916
$ 15,193,632
$ 15,193,632
289,624
314,768
9,081,624
9,451,587
26,602,905
26,802,027
35,378,082
851,051
889,032
2,250,662
11,873
10, 751
122,957
-
-
29,048,744
123,794
436,823
1,568,708
35,153,404
2,597,654
184,830
28, 427, 672
1.964.853
$ 59,420,246 $ 59,175,315 $ 33,224,163 $ 33,798,317 $ 92,644,409 $ 92,973,632
Long -term debt. At September 30, 2009, the City of Winter Springs had total debt outstanding
of $44,778,049, a decrease of $1,477,360 from $46,255,409 at September 30, 2008. Total
bonded debt of the City at the end of the current fiscal year was $37,546,421, for a decrease of
$1,725,853 over the prior year. This amount does not include accreted interest of $4,941,906.
Of the total amount of bonded debt, $2,925,000 comprises debt backed by the full faith and
credit of the government and $1,935,000 is special assessment debt for which the government
is liable in the event of default by the property owners subject to the assessment. The
remainder of the City of Winter Springs' bonded debt represents bonds secured solely by
specified revenue sources (i.e., revenue bonds).
13
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Caaital Asset and Debt Administration (Continued
Other than principal payments, there were no changes in the structure of the City's bonded debt
during fiscal year 2009.
There are no limitations placed on the amount of debt the City may issue either by the City's
charter, code of ordinances or by the Florida State Statutes.
Additional information on the City of Winter Springs' long -term debt can be found in Notes 8 and
9 on pages 54 -60 of this report.
City of Winter Springs
Long Term Debt
As of September 30
Governmental Activities Business -type Activities Total Primary Government
2009 2008
2009 2008 2009 2008
Improvement Refunding
Revenue Bonds, Series
1999
$ 5,133, 970
$ 5,188, 970 $
Water & Sewer Refunding
- - 230,216
285,700
Revenue Bonds, Series
4,262,198
- - 116,852
2000
-
-
Special Assessment
-
Revenue Bonds, Series
2001
1,935,000
1,990,000
Water & Sewer Refunding
Revenue Bonds, Series
2001
-
-
Water & Sewer Refunding
Revenue Bonds, Series
2002
-
-
Limited General Obligation
Bonds, Series 2002
2,925,000
3,000,000
Improvement Refunding
Revenue Bonds, Series
2003
7,420,000
8,045,000
Capital Improvement
Revenue Note, Series
2004A
354,669
405,169
Capital Improvement
Revenue Note, Series 2004
655,965
719,918
Capital Improvement
Revenue Note, Series 2006
230,216
285,700
Accreted Interest Payable
2,505,107
2,179,893
Capital Lease
116,852
227,786
Compensated Absences
679,808
899,743
Other Post Employment
Benefits
56,241
-
Adjustments for Issuance
Discounts and Deferred
- $ - $ 5,133, 970 $ 5,188, 970
6,674,191 6,724,191 6,674,191 6,724,191
- -
1,935,000 1,990,000
4,500,000 4,755,000 4,500,000 4,755,000
9,730,000 10, 405, 000
9,730,000 10, 405, 000
2,925,000 3,000,000
7,420,000 8,045,000
- -
354,669
405,169
- - 655,965
719,918
- - 230,216
285,700
2,436,799 2,082,305 4,941,906
4,262,198
- - 116,852
227,786
175,212 182,621 855,020
1,082,364
20,759 - 77,000
-
Refunding Costs
(52,872)
(57,620)
(718,868)
(778,267)
(771,740)
(835,887)
Total
$ 21, 959, 956
$ 22, 884, 559
$22,818,093
$ 23, 370, 850
$ 44, 778, 049
$ 46, 255, 409
14
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)
Economic Factors and Next Year's Budaets and Rates
Primarily as a result of economic conditions and the continued effects of Amendment One, there
was a 10% decline in the tax year 2009 /fiscal year 2010 final gross taxable property value which
was both budgeted and realized. During fiscal year 2010, the City levied an operating millage
rate of 2.4714 and a voted debt millage rate of 0.1100 which remained constant from fiscal year
2009. As a result of the fire consolidation, a Municipal Service Taxing Unit rate (MSTU) of
2.3299 was also levied by Seminole County for fire services related to the 2010 fiscal year.
The Amendment One highlights as approved by the Florida electorate on January 29, 2008 are
as follows:
• Doubling of the Homestead Exemption from $25,000 to $50,000;
• Allowance of up to $500,000 of accumulated Save - Our -Homes exemption can be
transferred (portability) from an existing homestead property to a newly purchased one;
• Creation of a new exemption for the first $25,000 of assessed value for tangible personal
property; and,
• 10% cap per year on the increase of the assessed value of a non - homestead property
(effective fiscal year 2010).
The City considered many factors during the preparation of the fiscal year 2010 budget. In
addition to property tax revenue reductions, large reductions in intergovernmental revenues and
interest earnings were also anticipated. Faced with an approximate $1.7 million budget shortfall
in the General Fund, budget - balancing strategies of selected personnel reorganizations,
utilization of General Fund reserves for capital expenditures and implementation of zero -based
budgeting were employed. As a result, a 2010 budget was approved and adopted which
maintained current service levels without utilization of reserves for operating purposes and
without an increase in operating or voted debt service millage rates.
The economic downturn continues in the housing market and is directly correlated with impact
fees and those revenues in the Development Services fund. The impact fee funds have seen a
steady downward revenue trend but have aggressively countered by curtailing and /or delaying
capital projects. The Development Services Fund budget anticipates the necessity for a short -
term loan from the General Fund in order to cure a projected 2010 deficit which is consistent
with the 2010 budget. The revenue trend is anticipated to be slightly upward as the fiscal year
progresses. Future alternative options are presently being examined and evaluated.
At the end of fiscal year 2009, the rate study undertaken by the Water and Sewer Utility Fund
was completed. The requisite public hearings culminated in water and sewer rate increases
which were implemented in October 2009.
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 Comprehensive Annual Financial Report is also available at the City of Winter
Springs' website located at www.winterspringsfl.org
15
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BASIC FINANCIAL STATEMENTS
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GOVERNMENT -WIDE FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2009
ASSETS
Cash and cash equivalents
Investments
Receivables, net
Internal Balances
Inventories - at cost
Prepaid costs
Restricted assets:
Cash and cash equivalents
Investments
Bond issuance costs
Pension assets
Capital Assets
Capital assets not being depreciated
Capital assets being depreciated, net of accumulated
depreciation
Receivables, long -term
Total Assets
Governmental Business -type
Activities Activities
Total
LIABILITIES
Accounts payable and accrued expenses
Due to other governments
Accrued interest payable
Unearned revenues
Liabilities payable from restricted assets
Noncurrent liabilities:
Due within one year
Due in more than one year
Total liabilities
$ 5,268,704
$ 1,394,168
$ 6,662,872
14,527,163
4,255,255
18,782,418
4,402,967
1,255,368
5,658,335
33,966
(33,966)
-
5,371
19,811
25,182
229,540
823
230,363
131,982
674,480
806,462
-
2,037,693
2,037,693
172,288
297,995
470,283
5,673
-
5,673
11,293,630
5,468,710
16,762,340
48,126,616
27,755,453
75,882,069
2,673,678
-
2,673,678
86,871,578
43,125,790
129,997,368
1,102, 097
257,878
1,359,975
569,654
-
569,654
249,979
419,011
668,990
64,833
-
64,833
131,982
674,480
806,462
1,476,457
1,050,000
2,526,457
20,483,499
21,768,093
42,251,592
24,078,501
24,169,462
48,247,963
NET ASSETS
invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt Service
Renewal and replacement
Physical environment
Public safety
Unrestricted
Total net assets
40,701,446
13,038,841
53,740,287
4,870,436
-
4,870,436
1,140,711
2,037,693
3,178,404
-
686,812
686,812
2,249,090
37,204
2,286,294
37,716
-
37,716
13,793,678
3,155,778
16,949,456
$ 62,793,077
$ 18,956,328
$ 81,749,405
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF ACTIVITIES
For The Year Ended September 30, 2009
Business -type activities:
Water and sewer
7,143,249 7,339,140 - 13,932
-
209,823
209,823
Net (Expense) Revenue and Changes in Net Assets
435,832 269,073 - -
-
(166,759)
Program Revenue
Stormwater
Primary Government
-
(78,447)
(78,447)
Total business -type activities
Operating
Capita[ Grants
(35,383)
(35,383)
Total primary government
$ 31,994,913 $ 14,701,021 $ 524,935 $ 2,456,225
Charges for
Grants and
and
Governmental Business -type
Functions /Programs
Expenses
Services
Contributions
Contributions
Activities Activities
Total
Governmental Activities
-
5,012,601
Utility taxes
4,105,959
-
General Government
$ 5,801,121
$ 2,005,951
$ -
$ 1,337
$ (3,793,833) $ - $
(3,793,833)
Public Safety
7,195,997
589,413
1,380
10,928
(6,594,276) -
(6,594,276)
Physical environment
6,280,597
3,139,109
40,071
2,230,028
(871,389) -
(871,389)
Culture and Recreation
2,554,636
295,305
-
200,000
(2,059,331) -
(2,059,331)
Interest on Long -term debt
958,520
-
-
-
(958,520) -
(958,520)
Total governmental activities
22,790,871
6,029,778
41,451
2,442,293
(14,277,349) -
(14,277,349)
Business -type activities:
Water and sewer
7,143,249 7,339,140 - 13,932
-
209,823
209,823
Development services
435,832 269,073 - -
-
(166,759)
(166,759)
Stormwater
1,624,961 1,063,030 483,484 -
-
(78,447)
(78,447)
Total business -type activities
9,204,042 8,671,243 483,484 13,932
-
(35,383)
(35,383)
Total primary government
$ 31,994,913 $ 14,701,021 $ 524,935 $ 2,456,225
(14,277,349)
(35,383)
(14,312,732)
General revenues:
Property taxes
5,012,601
-
5,012,601
Utility taxes
4,105,959
-
4,105,959
Business tax receipts
70,524
-
70,524
Intergovernmental - unrestricted
2,959,688
-
2,959,688
Investment income and miscellaneous
613,791
41,518
655,309
Transfers
1,691,206
(1,691,206)
-
Total general revenues and transfers
14,453,769
(1,649,688)
12,804,081
Change in net assets
176,420
(1,685,071)
(1,508,651)
Net assets - beginning
62,616,657
20,641,399
83,258,056
Net assets - ending
$ 62,793,077
$ 18,956,328
$ 81,749,405
The accompanying Notes to Financial Statements are an integral part of these statements.
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FUND FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2009
Assets:
Cash and cash equivalents
Investments
Receivables, net
inventories, at cost
Due from other funds
Prepaid expenses
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities and Fund Balances:
Accounts payable
Accrued liabilities
Retainage payable
Due to other funds
Payable to other governments
Deferred revenue
Unearned revenue
Payable from restricted assets
Total liabilities
Fund balances:
Reserved:
Inventories and prepaid costs
Debt service
Unreserved, reported in:
General fund
Special revenue funds
Capital projects funds
Total fund balances
Total liabilities and fund balances
131,982 - - -
$ 9,623,562 $ 143,195 $ 4,825,881 $ 1,120,554
$ 137,268 $ - $ 217,596 $ 177,098
512,413 - - -
143,195 - -
- - 3,233,890 -
63,085 - -
131.982 - - -
844,748 143,195 3,451,486 177,098
234,911
8,543,903 - -
- - 1,374,395
8,778,814 - 1,374,395
$ 9,623,562 $ 143,195 $ 4,825,881
943,456
943,456
$ 1,120,554
The accompanying Notes to Financial Statements are an integral part of these statements.
18
Special Revenue
Public &
Road
Communications
Improvements
Solid
General Fund
Service Tax
Fund
Waste /Recycling
$ 1,931,214
$ -
$ 170,836
$ 266,515
7,031,866
-
544,747
849,840
116,428
143,195
4,110,298
4,199
5,371
-
-
-
177,161
-
-
229,540
-
-
-
131,982 - - -
$ 9,623,562 $ 143,195 $ 4,825,881 $ 1,120,554
$ 137,268 $ - $ 217,596 $ 177,098
512,413 - - -
143,195 - -
- - 3,233,890 -
63,085 - -
131.982 - - -
844,748 143,195 3,451,486 177,098
234,911
8,543,903 - -
- - 1,374,395
8,778,814 - 1,374,395
$ 9,623,562 $ 143,195 $ 4,825,881
943,456
943,456
$ 1,120,554
The accompanying Notes to Financial Statements are an integral part of these statements.
18
TLBD Debt
Service
$ 125,343
67,258
1,610
1,880,000
Other
Governmental
Funds
$ 2,774,796
6,033,452
27,237
793,678
Total
Governmental
Funds
$ 5,268,704
14,527,163
4,402,967
5,371
177,161
229,540
2,673,678
- - 131,982
$ 2,074,211 $ 9,629,163 $ 27,416,566
$ 389 $
1,880,000
1,880,389
35,105
$ 567,456
-
512,413
22,228
22,228
-
143,195
569,654
569,654
793,678
5,907,568
1,748
64,833
-
131,982
1,422,413
7,919,329
- - 234,911
193,822 946,889 1,140,711
- -
8,543,903
- 4,406,224
6,724,075
- 2,853,637
2,853,637
193,822 8,206,750
19,497,237
$ 2,074,211 $ 9,629,163
$ 27,416,566
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CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE
STATEMENT OF NET ASSETS
September 30, 2009
Total fund balance, governmental funds
Amounts reported for governmental activities in the Statement of Net
Assets are different because:
Capital assets used in governmental activities are not current financial
resources and therefore are not reported in the funds.
Other long -term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.
Long-term liabilities, including bonds payable, are not due and payable in
the current period and therefore are not reported in the funds.
Bond issuance costs, which are expenditures in the funds, are deferred and
amortized over the life of the bond.
The cumulative net pension contribution in excess of the annual required
contribution is presented as an asset on the statement of net assets.
Net Assets of Governmental Activities in the Statement of Net Assets
$ 19,497,237
59,420,246
5,907,568
(22,209,935)
172,288
5,673
$ 62,793,077
The accompanying Notes to Financial Statements are an integral part of these statements.
20
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
Revenues:
Taxes:
Property taxes
Utility taxes
Business tax receipts
Permits and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
General Fund
Public &
Communications
Service Tax
Road
I mprovements
Fund
Solid
Waste /Recycling
Expenditures:
Current:
General government
Public safety
Physical environment,
Culture and recreation
Debt Service:
Principal
Interest and fiscal charges
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
$ 4,798,972 $ - $ - $ -
- 4,105,959 - -
70,524 - - -
54,146 - - 99,839
2,898,752 - 1,002,906 73,994
553,460 _ - 2,370,637
248,482 - - -
40,056 (869) 389 3,492
279,994 - - 2,426
8,944,386 4,105,090 1 2,550,388
5,796,262 - - -
6,790,41 5 - - -
1,077,211 - 35,224 2,246,491
2,111, 908 - - -
110,936
10,553
119,735
140,196
40,258
16,197,473
865,757 -
900,981 2,246,491
(7,253,087) 4,105,090 102,314 303,897
Other Financing Sources (Uses)
Transfers in 7,079,093 - - -
Transfers out (148,286) (4,111,478) (2,525) (268,894)
Total other financing sources(uses) 6,930,807 (4,111,478) (2,525) (268,894)
Net Change in Fund Balances (322,280) (6,388) 99,789 35,003
Fund Balances - Beginning 9,101,094 6,388 1,274,606 908,453
Prior Period Adjustment - - - -
Fund Balances - Ending $ 8,778,814 $ - $ 1,374,395 $ 943,456
The accompanying Notes to Financial Statements are an integral part of these statements.
21
Other
TLBD Debt Governmental
Service Funds
Total
Governmental
Funds
$ -
$ 213,629
$ 5,012,601
-
-
4,105,959
-
-
70,524
-
1,836,992
1,990,977
-
731,859
4,707,511
-
30,711
2,954,808
-
49,423
297,905
56,030
819,423
875,453
99,299
71,721
214,088
13,328
103,086
398,834
168,657
3,856,844
20,628,660
7,645 5,803,907
- 43,484 6,833,899
5,496 1,329,921 4,694,343
- - 2,111,908
55,000 924,937
100,156 528,909
- 2,356
- 75,207
- 1,086,957
- 456,280
160,652 4,455,696
1,090,872
639,618
122,091
215,403
1,952,714
496,538
23,961,293
8,005 (598,852) (3,332,63
1,292,417 8,371,510
(2,149,121) (6,680,304)
(856,704) 1,691,206
8,005 (1,455,556) (1,641,427)
185,817 9,282,225 20,758,583
- 380,081 380,081
$ 193,822 $ 8,206,750 $ 19,497,237
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CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL. FUNDS TO THE
STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2009
Net change in fund balances - total governmental funds: $ (1,641,427)
Amounts reported for Governmental Activities in the Statement of Activities are
different because:
Governmental funds report outlays for capital assets as expenditures.
However, in the statement of activities the cost of those assets is allocated
over their estimated useful lives and reported as depreciation expense. This is
the amount by which capital outlays exceeded depreciation in the current
period 280,192
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade -ins and disposals) is to decrease net assets (35,262)
The issuance of long -term debt provides current financial resources to
governmental funds, while the repayment of the principal of long -terns debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net assets. Also, governmental funds
report the effect of issuance costs, premiums, discounts and similar items
when debt is first issued, whereas these amounts are deferred and amortized
in the statement of activities. This amount is the net effect of these differences
in the treatment of long -term debt and related items 1,090,872
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in governmental funds 734,584
Special assessment revenue reported in the funds must be eliminated from
the statement of activities since revenue was recognized in a prior year (88,028)
Pension expenses recorded in the statement of activities which are in excess
of the annual required pension contribution are considered to be assets and
not expenses of the period 5,673
Some expenses reported in the statement of activities do not require the use
of current financial resources and these are not reported as expenditures in
governmental funds. (170,184)
Change in net assets of governmental activities
$ 176,420
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Taxes:
Property Taxes
Business tax receipts
$ 4,791,529
170,000
4,961,529
$ 4,791,529
100,000
4,891,529
Permits and fees:
Permits
Franchise fees
Intergovernmental revenues:
Sales tax
State revenue sharing
Other state shared revenue
Federal grants
Charges for services:
Concession stand receipts
Program activity fees
Rental and other
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
32,000
40,000
72,000
2,252,028
995,117
44,500
3,291,645
60,000
263,800
301,047
624,847
32,000
40,000
72,000
2,056,011
875,733
40,000
10,803
2,982,547
92
263,800
311,623
575,515
570,000 355,294
393,000 393,000
Actual
Amounts
$ 4,798,972
70,524_
4,869,496
23,175
30,971
54,146
1,943,887
906,988
36,113
11,764
2,898,752
558
237,978
314,924
553,460
Variance with
Final Budget -
Positive
(Negative)
$ 7,443
(29,476)
(22,033)
(8,825)
(9,029)
T (17,854)
(112,124)
31,255
(3,887)
961
(83,795)
466
(25,822)
3,301
(22,055)
248,482 (106,812)
40,056 (352,944)
12,000 236,856 279,994 43,138
9,925,021 9,506,741 8,944,386 (562,355)
The accompanying Notes to Financial Statements are an integral part of these statements.
24
25
Variance with
Final Budget -
Actual
Positive
Budgeted
Amounts _
Amounts
(Negative)
Original
Final
Expenditures
Current:
General government:
Executive
$ 764,348
$ 851,358
$ 813,918
$ 37,440
General government
719,795
463,799
392,035
71,764
Finance
1,208,180
1,286, 804
1,185,237
101,567
General services
1,027,367
976,068
842,029
134,039
Information systems
1,145,719
1,244,560
1,058,773
185,787
Community development
1,783,900
1,841,518
1,624,005
217,513
6,649,309
6,664,107
5,915,997
748,110
Public Safety:
Police
7,097,164
7,345,488
6,991,646
353,842
Fire
13,530
63,530
60,453
3,077
7,110,694
7,409,018
7,052,099
356,919
Physical enviornment:
Public works
1,279,135
1,349,391
1,077,211
272,180
Culture and recreation:
Parks and recreation
2,315,473
2,356,720
2,152,166
204,554
Total expenditures
17,354,611
17,779,236
16,197,473
1,581,763
Excess (Deficiency) of Revenues Over
Expenditures
(7,429,590)
(8,272,495)
(7,253,087)
1,019,408
Other Financing Sources (Uses)
Transfers in
7,607,466
7,548,761
7,079,093
(469,668)
Transfers out
(105,6
(245,8
(148,286}
97,554
Net other financing sources
7,501,785
7,302,921
6,930,807
(372,114)
Net Change in Fund Balances
72,195
(969,574)
(322,280)
647,294
Fund Balances - Beginning
9,101,094
9,101,094
9,101,094
-
Fund Balances - Ending
$ 9,173,289
$ 8,131,520
$ 8,778,814
$ 647,294
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CITY OF WINTER SPRINGS, FLORIDA
PUBLIC & COMMUNICATIONS SERVICE TAX SPECIAL. REVENUE FUND
STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Taxes:
Utility taxes
Investment income(loss)
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Actual Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 4,128,500 $ 4,122,112 $ 4,105,959 $ (16,153)
- - (8 (869)
4,128,500 4,122,112 4,105,090 (17,02
4,128, 500 4,122,112 4,105,090 (17, 022)
(4,128,500) (4,128,500) (4,111,478) 17,022
(4,128,_500) (4,128,500) (4,111,478) 17,022
(6,388) (6,388) -
6,388 6,388 6,388 -
$ 6,388 $ - $ - $
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
intergovernmental revenues
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
(354,465) (2,5241 (2,525)_ (1)
{354,465) (2,524) (2,525)
(735,065) (802,513) 99,789 902,302
1,274,606 1,274,606 1,274,606 -
$ 539,541 $ 472,093 $ 1,374,395 $ 902,302
The accompanying Notes to Financial Statements are an integral part of these statements.
27
Variance with
Final Budget -
Budgeted
Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 3,696,000
$ 136,000
$ 1,002,906
$ 866,906
8,400
8,400
389
(8,011)
3,704,400
144,400
1,003,295
858,895
10,000
10,000
35,224
(25,224)
4,075,000
934,389
865,757
68,632
4,085,000
944,389
900,981
43,408
(380,600)
(799,989)
102,314
902,303
(354,465) (2,5241 (2,525)_ (1)
{354,465) (2,524) (2,525)
(735,065) (802,513) 99,789 902,302
1,274,606 1,274,606 1,274,606 -
$ 539,541 $ 472,093 $ 1,374,395 $ 902,302
The accompanying Notes to Financial Statements are an integral part of these statements.
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CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE/RECYCLING SPECIAL REVENUE FUND
STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
2,265,500 2,285,000 2,246,491 38,509
2,265,500 2,285,000 2,246,491 38,509
406,500 273,000 303,897 30,897
(279,121) 273,694 26{ 8, 894) 4
(279,121) (273,694) (268,894) 4,800
127,379 (694) 35,003 35,697
908,453 908,453 908,453 -
$ 1,035,832 $ 907,759 $ 943,456 $ 35,697
The accompanying Notes to Financial Statements are an integral part of these statements.
28
Variance with
Final Budget -
Actual
Positive
Budgeted
Amounts
Amounts
(Negative)
Original
Final
Revenues:
Permits and fees
$ 105,000
$ 95,000
$ 99,839
$ 4,839
Intergovernmental revenues
150,000
75,000
73,994
(1,006)
Charges for services
2,400,000
2,371,000
2,370,637
(363)
Investment income
15,000
15,000
3,492
(11,508)
Miscellaneous
2,000
2,000
2,426
426
Total revenues
2,672,000
2,558,000
2,550,388
(7,612)
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
2,265,500 2,285,000 2,246,491 38,509
2,265,500 2,285,000 2,246,491 38,509
406,500 273,000 303,897 30,897
(279,121) 273,694 26{ 8, 894) 4
(279,121) (273,694) (268,894) 4,800
127,379 (694) 35,003 35,697
908,453 908,453 908,453 -
$ 1,035,832 $ 907,759 $ 943,456 $ 35,697
The accompanying Notes to Financial Statements are an integral part of these statements.
28
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�L 1
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
September 30, 2909
Assets
Current assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories
Prepaid Expenses
Restricted cash and cash equivalents
Total current assets
Non- current assets:
Restricted investments
Bond issuance costs
Capital Assets:
Land, buildings and equipment
Construction in Progress
Less Accumulated depreciation
Total capital assets (net of accumulated
depreciation)
Total non - current assets
Total assets
Liabilities
Current Liabilities:
Accounts payable
Accrued liabilities
Compensated absences
Customer deposits payable
Due to other funds
Revenue bonds payable - current
Accrued interest payable
Total current liabilities
Non- current liabilities:
Revenue bonds payable
Accreted interest payable
Other non - current liabilities
Total non - current liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for debt service
Restricted for renewal and replacement
Restricted for other purposes
Unrestricted
Total net assets
Business -type Activities - Enterprise Funds
Water and Sewer
Development
Stormwater
Utility Fund
Services Fund
Utility Fund
Total
$ 477,947
$
$ 182,210
$ 660,157
3,674,242
581,013
4,255,255
1,255,368
-
-
1,255,368
19,811
-
-
19,811
-
823
-
823
1,408,491
-
-
1,408,491
6,835,859
823
763,223
7,599,905
2,037,693
-
-
2,037,693
297,995
-
-
297,995
52,965,150
132,983
7,015,473
60,113,606
123,794
-
-
123,794
(23,558,539)
(124,608)
(3,330,090)
(27,013,237)
29,530,405
8,375
3,685,383
33,224,163
31,866,093
8,375
3,685,383
35,559,851
38,701,952
9,198
4,448,606
43,159,756
103,938
395
26,146
130,479
93,498
12,902
20,999
127,399
141,551
16,873
16,788
175,212
674,480
-
674,480
-
33,966
-
33,966
1,015,000
-
-
1,015,000
419,011
-
-
419,011
2,447,478
64,136
63,933
2,575,547
19,170,323
-
-
19,170,323
2,436,799
-
-
2,436,799
13,729
4,019
3,011
20,759
21,620,851
4,019
3,011
21,627,881
24,068,329
68,155
66,944
24,203,428
9,345,083
8,375
3,685,383
13,038,841
2,037,693
-
-
2,037,693
686,812
-
-
686,812
37,204
-
-
37,204
2,526,831
(67,332)
696,279
3,155,778
$ 14,633,623
$ (58,957)
$ 4,381,662
$ 18,956,328
The accompanying Notes to Financial Statements are an integral part of these statements.
29
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v S ' 0
U
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For The Year Ended September 30, 2009
Operating Revenues:
User charges
Other revenue
Total operating revenues
Operating Expenses:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
Total Operating Expenses
Operating income (loss)
Nonoperating Revenue (Expenses):
Investment income
Interest expense
Operating grant
Accreted interest expense
Proceeds from auction and insurance
Gain (loss) on disposal of capital assets
Total non - operating revenue (expenses)
Income (loss) before contributions and transfers
Capital contributions:
Connection fees
Transfers in
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending
Business -type Activities - Enterprise Funds
Water and Sewer
Development
Stormwater
Utility Fund
Services Fund
Utility Fund
Total
$ 7,339,140 $
268,779
$ 1,050,655 $
8,658,574
-
294
12,375
12,669
7,339,140
269,073
1,063,030
8,671,243
2,364,881
335,454
496,159
3,196,494
875,506
3,616
809,526
1,688,648
1,640,933
13,951
237,383
1,892,267
996,357
82,811
81,893
1,161,061
5,877,677
435,832
1,624,961
7,938,470
1,461,463
(166,759)
(561,931)
732,773
20,525
1,989
2,560
25,074
(910,921)
-
-
(910,921)
-
-
483,484
483,484
(354,494)
-
-
(354,494)
14,844
-
1,600
16,444
(157)
-
-
(157)
(1,230,203)
1,989
487,644
(740,570)
231,260
(164,770)
(74,287)
(7,797)
13,932
-
-
13,932
17,259
25,653
55,064
97,976
(1,061,889)
(617,390)
(109,903)
(1,789,182)
(799,438)
(756,507)
(129,126)
(1,685,071)
15,433,061
697,550
4,510,788
20,641,399
$ 14,633,623 $
(58,957)
$ 4,381,662 $
18,956,328
The accompanying Notes to Financial Statements are an integral part of these statements.
30
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2009
Cash Flows from Operating Activities:
Receipts from customers
Payments to suppliers
Payments to employees
Net cash provided (used) by operating activities
Cash Flows from Non - Capital Financing Activities:
Transfers in
Transfers out
Increase in due to other funds
Grant revenues
Net cash provided by non- capital financing activities
Cash Flows from Capital and Related Financing Activities:
Proceeds from sale of capital assets
Proceeds from insurance
Acquisition of capital assets
Principal paid on revenue bonds & leases
Interest paid on revenue bonds
Connection fees
Net cash provided by capital and related financing activities
Cash Flows from Investing Activities:
Sale of investments
Investment income
Net cash provided by investing activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - End
Classified As:
Cash and cash equivalents
Restricted cash
Total
Business -type Activities - Enterprise Funds
Water and
Sewer Utility Development Stormwater
Fund Services F und Utility Fund Tota
$ 7,059,518 $
269,073
$ 1,063,030
$ 8,391,621
(2,157,324)
(94,157)
(927,881)
(3,179,362)
(2,356,495)
(326,101)
(488,946)
(3,171,542)
2,545,699
(151,185)
(353,797)
2,040,717
17,259
25,653
55,064
97,976
(1,061,889)
(617,390)
(109,903)
(1,789,182)
-
33,966
-
33,966
_
-
483,484
483,484
(1,044,630)
(557,771)
428,645
(1,173,756)
8,588
-
8,588
6,256
1,600
7,856
(1,059,816)
(1,531)
(236,392)
(1,297,739)
(980,000)
-
-
(980,000)
(871,309)
-
(871,309)
13,932
-
13,932
(2,882,349)
(1,531)
(234,792)
(3,118,672)
(3,663,831)
-
(581,013)
(4,244,844)
20,525
1,989
2,560
25,074
(3,643,306)
1,989
(578,453)
(4,219,770)
(5,024,586)
(708,498)
(738,397)
(6,471,481)
6,911,024
708,498
920,607
8,540,129
$ 1,886,438 $
-
$ 182,210
$ 2,068,648
477,947
-
182,210
660,157
1,408,491
-
-
1,408,491
$ 1,886,438 $
-
$ 182,210
$ 2,068,648
The accompanying Notes to Financial Statements are an integral part of these statements.
31
Enterprise Funds
Water and
Sewer utility Development Stormwater
F und Se F utility Fund Total
Reconciliation of Operating Income(Loss) to
Net Cash Provided(Used) by Operating Activities
Operating income (loss)
Adjustments Not Affecting Cash:
Depreciation and amortization
$ 1,461,463 $ (166,759) $ (561,931) $ 732,773
1,640,933 13,951
Change in Assets and Liabilities:
Decrease in accounts receivable
Increase in inventories
Decrease in prepaid costs
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Decrease in retainage payable
Decrease in customer deposits
Increase (decrease) in accrued compensated absences
Increase in OPEB obligation
Total adjustments
(249,734)
447
447
-
-
(823)
(270,527)
(6,907)
6,153
2,454
(15,381)
-
(29,888)
-
(11,496)
2,880
13,729
4,019
(556,697)
1,623
237,383 1,892,267
(249,734)
Net Cash Provided (Used) By Operating Activities $ 2,545,699 $ (151,185) $ (353,797) $ 2,040,717
32
447
-
(823)
(36,462)
(313,896)
2,995
11,602
-
(15,381)
-
(29,888)
1,207
(7,409)
3,011
20,759
(29,249)
(584,323)
Net Cash Provided (Used) By Operating Activities $ 2,545,699 $ (151,185) $ (353,797) $ 2,040,717
32
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�� L i
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
September 30, 2009
Assets:
Cash and cash equivalents
Receivables:
Plan members contributions
Investments, at fair value:
Common funds - equity
Common funds - bonds
Total Investments
Total assets
Defined Benefit
Pension Trust
Fund
$ 3}2,009
87,907
10,806,520
6,087,443
16,893,963
17,323,879
Liabilities
Net Assets:
Held in trust for pension benefits
$ 17,323,879
The accompanying Notes to Financial Statements are an integral part of these statements.
33
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u
��CoR[
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For The Year Ended September 30, 2009
Defined Benefit
Pension Trust
Fund
Additions:
Contributions:
Employer $ 1,781,197
Plan Members 306,420
Total contributions 2,087,617
Investment income:
Net appreciation in fair value of investments 184,839
Interest 163,200
Net investment income 348,039
Total additions 2,435,656
Deductions:
Benefits 617,274
Administrative expenses 116,982
Total deductions 734,256
Change in net assets 1,701,400
Net assets - beginning 15 ,622,479
Net assets - ending $ 17,323,879
The accompanying Notes to Financial Statements are an integral part of these statements.
34
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U
�L Di
NOTES TO FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies:
A. Reporting Entity
The City of Winter Springs, Florida (the City) is a political subdivision of the state of Florida
located in Seminole County, and was established by the Laws of Florida 59 -1614. The
legislative branch of the City is comprised of a five - member elected Commission and a
separately elected mayor, which is governed by the City Charter and by state and local laws
and regulations. The City Commission is responsible for the establishment and adoption of
policy; the execution of such policy is the responsibility of the City Manager appointed by the
Commission.
In evaluating how to define the government, for financial reporting purposes, the City has
considered all potential component units. The definition of the reporting entity is based primarily
on the notion of financial accountability. A primary government is financially accountable for the
organizations that make up its legal entity. It is also financially accountable for legally separate
organizations if its officials appoint a voting majority of an organization's governing body, and
either it is able to impose its will on that organization or there is a potential for the organization
to provide specific financial benefits to, or to impose specific financial burdens on, the primary
government. A primary government may also be financially accountable for governmental
organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary government
(a) is entitled to the organizations' resources; (b) is legally obligated or has otherwise assumed
the obligation to finance the deficits of, or provide financial support to, the organization; or (c) is
obligated in some manner for the debt of the organization. In applying the above criteria,
management has determined that there are no component units to be included within the
reporting entity.
35
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
B. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the City. For
the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business -type activities, which rely to a significant
extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1)
charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among program
revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government -wide financial
statements. Major individual governmental funds and major individual enterprise funds are
reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met.
36
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are
recognized as soon as they are both measurable and available. Revenues are considered
to be available when they are collectible within the current period or soon enough thereafter
to pay liabilities of the current period. For this purpose, the government considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. Only the portion of special assessments receivable
due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available
only when cash is received by the City.
The government reports the following funds:
Major Governmental Funds
The General Fund is the government's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Public and Communications Service Tax Special Revenue Fund accounts for
collections of utility taxes charged on electric, water and gas services as well as
telecommunications service taxes. Proceeds are used to pay annual debt service
and monies not required to pay debt service are transferred to the general fund.
The Road Improvements Special Revenue Fund accounts for collected one -cent
sales tax revenues to be used for transportation- related improvements.
The Solid Waste /Recycling Special Revenue Fund accounts for proceeds from billed
solid waste and recycling services performed by contract vendors. Proceeds are
used to pay monthly vendor charges for providing solid waste and recycling services.
The TLBD Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Non -Major Governmental Fund Types
Special Revenue Funds account for specific revenue sources that are restricted by
law or administrative action to expenditures for specific purposes.
Debt Service Funds account for the accumulation of resources for and the payment
of principal and interest on certain long -term debt.
Capital Projects Funds account for financial resources segregated for the acquisition
or construction of major capital facilities.
Major Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City's
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City's
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
The Stormwater Utility Fund is used to account for the City's operation and
maintenance of the stormwater system, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
Fiduciary Fund
The Pension Trust Fund accounts for contributions to the defined benefit plan.
Private - sector standards of accounting and financial reporting issued prior to December 1,
1989, generally are followed in both the government -wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of
the Governmental Accounting Standards Board. Governments also have the option of
following subsequent private- sector guidance for their business -type activities and
enterprise funds, subject to this same limitation. The government has elected not to follow
subsequent private- sector guidance.
38
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
As a general rule the effect of interfund activity has been eliminated from the government -
wide financial statements. Exceptions to this general rule are other charges between the
City's water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's water, sewer and stormwater utility funds are
charges to customers for sales and services. The City also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting customers to the
system. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's
policy to use restricted resources first, then unrestricted resources as they are needed.
D. Assets, Liabilities, and Net Assets or Equity
1. Deposits and Investments
The government's cash and cash equivalents are considered to be cash on
hand, demand deposits, and short -term investments with original maturities of
three months or less from the date of acquisition.
Investments of the City are reported at fair value. The City's investments consist
of investments authorized per their investment policy adopted in accordance with
Section 218.415, Florida Statutes.
39
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
2. Receivables and Payables
Activity between funds that are representative of lending /borrowing arrangements
outstanding at the end of the fiscal year are referred to as either "due to /from
other funds" (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 fund balance reserve account in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
All receivables are shown net of an allowance for uncollectibles. The County bills
and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current
receivables.
All property is reassessed according to its fair value on the lien date, or January
1 of each year. Taxes are levied on October 1 of each year. Discounts are
allowed for early payment at the rate of 4% in the month of November, 3% in the
month of December, 2% in the month of January, and 1% in the month of
February. The taxes paid in March are without discount. All unpaid taxes
become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent
taxes on real property.
3. Inventories and Prepaid Items
All inventories are valued at cost using the first -in /first -out (FIFO) method.
Inventories of governmental funds are recorded as expenditures when consumed
rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items in both government -wide and fund financial
statements. These are recorded as expenditures when consumed rather than
when purchased.
.s
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
4. Restricted Assets
Certain proceeds of the City's enterprise fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted assets on the
balance sheet because they are maintained in separate bank accounts and their
use is limited by applicable bond covenants. Assets so designated are identified
as restricted assets on the balance sheet.
5. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business -type activities columns in the government -
wide financial statements. Capital assets are defined by the City as assets with
an initial, individual cost of $1,000 or more and an estimated useful life in excess
of one year. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business -type activities is included as part of the capitalized value of the assets
constructed.
In accordance with GASB Statement 51, beginning balance of capital assets has
been restated to include intangible assets which had been acquired prior to
September 30, 2008.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets
Years
Buildings
30
Improvements
20 -50
Infrastructure
30 -50
Intangible assets
3 -10
Equipment
3 -10
41
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
6. Compensated absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick
leave since the government does not have a policy to pay any amounts when
employees separate from service with the government. All vacation pay is
accrued when incurred in the government -wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only if
they have matured, for example, as a result of employee resignations and
retirements. For governmental activities, compensated absences are generally
liquidated by the General Fund.
7. Long -term obligations
In the government -wide financial statements, and 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 assets. Bond premiums and
discounts (including deep- discount or capital appreciation bonds), as well as
issuance costs, are deferred and amortized over the life of the bonds using the
effective interest method. Bonds payable are reported net of the applicable bond
premium or discount. Bond issuance costs are reported as deferred charges and
amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current
period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses.
Issuances costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
8. Fund equity
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally
restricted by outside parties for use for a specific purpose. Designations of fund
balance represent tentative management plans that are subject to change.
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 2 - Prior Period Adjustment:
Beginning fund balance in the Transportation Impact Fee Fund has been adjusted for the
effects of impact fee credits previously recorded in the fund statements in error. As a result,
fund balance at beginning of year was increased by $380,081. There was no effect on revenue
or expenditures of the prior year.
Note 3 - Reconciliation of Government -Wide and Fund Financial Statements:
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government -Wide Statement of Net Assets
The governmental fund balance sheet includes a reconciliation between fund balance - total
governmental funds and net assets - governmental activities as reported in the government -
wide statement of net assets. One element of that reconciliation explains that "long -term
liabilities, including bonds payable, are not due and payable in the current period and
therefore are not reported in the funds." The details of this ($22,209,935) difference are as
follows:
Bonds payable
Less: Issuance discount (to be amortized as interest expense)
Add: Issuance premium (to be amortized as interest expense)
Less: Deferred charge on refunding (to be amortized as interest
expense)
Accreted interest payable
Notes payable
Capital lease payable
Accrued interest payable
Other post employment benefits
Compensated absences
Net adjustment to reduce fund balance - total governmental funds
to arrive at net assets - governmental activities
$(17,413,970)
16,987
(62,674)
98,559
(2,505,107)
(1,240,850)
(116,852)
(249, 979)
(56,241)
(679, 808
$(22,209,935
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 3 - Reconciliation of Government -Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government -Wide
Statement of Activities (Continued)
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances - total governmental funds
and changes in net assets of governmental activities as reported in the government -wide
statement of activities. One element of that reconciliation explains that "Governmental
funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation
expense." The details of this $280,192 difference are as follows:
Capital outlay $ 2,867,389
Depreciation expense (2,587,197)
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities $ 280,192
Another element of that reconciliation states that "the issuance of long -term debt (e.g.,
bonds, leases) provides current financial resources to governmental funds, while the
repayment of the principal of long -term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net assets. Also,
governmental funds report the effect of issuance costs, premiums, discounts, and similar
items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities." The details of this $1,090,872 difference are as follows:
Debt issued or incurred:
Principal repayment
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities
$ 1,090,872
$ 1,090,872
..
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 3 - Reconciliation of Government -Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government -Wide
Statement of Activities (Continued)
Another element of that reconciliation states that "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 ($170,184) difference
are as follows:
Compensated Absences
$ 219,935
Amortization of issuance costs
(14,976)
Amortization of bond discounts
(4,748)
Accrued interest payable
11,060
Other post employment benefits
(56,241)
Accreted interest payable
3( 25,214
Net adjustment to decrease net changes in fund balances —
total governmental funds to arrive at changes in net assets of
governmental activities 170 184)
Note 4 - Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
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 1S 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 completed 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.
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 4 - Stewardship, Compliance, and Accountability (Continued):
A. Budgetary Information (Continued)
5 The City Manager is authorized to transfer budgeted amounts between accounts
within a department. At any time during the fiscal year, the City Manager may
transfer part or all of any unencumbered appropriations among programs within
one department. The legal level of budgetary control is the departmental level.
B. Deficit Net Assets
The Development Services fund had a deficit net asset balance of $58,957 at September
30, 2009.
Note 5 - Deposits and Investments:
Deposits
At year -end, the carrying amount of the City's deposits was $2,989,940 and the bank
balance was $1,517,838. Petty cash funds of $1,310 are not on deposit with a financial
institution, and fiduciary fund cash of $342,009 held by the pension fund is not in the City's
bank. All bank deposits were covered by Federal Depository Insurance or held in banks
that are members of the State of Florida's Collateral Pool as specified under Florida law.
Florida Statutes provide for collateral pooling by banks and savings and loans. This limits
local government deposits to "authorized depositories ".
Investments
The City's investment policies are governed by State Statutes and City ordinances. City
ordinance allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280
of the Florida Statutes. Authorized investments are:
1. Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA
LG I P)
2. U.S. Government securities
3. U.S. Government Agency securities
4. Federal Instrumentalities (U.S. Government sponsored agencies)
5. Interest bearing time deposit or savings accounts
6. Repurchase agreements
7. Commercial paper
8. Bankers' acceptances
9. State and /or local government taxable and /or tax- exempt debt
10. Registered investment companies (money market mutual funds)
11. Intergovernmental investment pool
Ent
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 5 - Deposits and Investments (Continued):
Investments (continued)
The City's investment policy limits credit risk by restricting authorized investment to those
described above. The policy requires that the investment in federal instrumentalities be
guaranteed by the full faith and credit of the U.S. Government sponsored agency and that
investments in money market mutual funds have a Standard & Poors (S & P) rating of AAm
or AAm -G. Investments in commercial paper and bankers' acceptances must berated, at a
minimum, "P -1" by Moody's Investors Services and "A -1" by S & P. Investment in state
and /or local government taxable and /or tax- exempt debt must be rated at least "Aa" by
Moody's and "AX by S & P for long -term debt, or rated at least "MIG -2" by Moody's and
"SP -2" by S & P for short -term debt.
Custodial Credit Risk
In the case of deposits, this is the risk that in the event of a bank failure, the City's deposits
may not be returned to it. The city's investment policy requires that the bank deposits be
secured as provided by Chapter 280, Florida Statutes. This law requires local governments
to deposit funds only in financial institutions designated as qualified public depositories by
the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust
Fund, a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a default or insolvency has occurred. At September 30,
2009, 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, 2009, 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.
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 5 - Deposits and Investments (Continued):
Investments (continued)
Additional Investment Information
During 2009, the City withdrew all of the funds invested in Pool A of the State Board of
Administration (SBA) Local Government Investment Pool and is withdrawing funds from
Fund B as they become available.
The SBA is not a registrant with the Securities and Exchange Commission (SEC); however,
the Board has adopted operating procedures consistent with the requirements for a 2a -7
like fund for the Florida Prime Fund. Therefore, the pool account balance can be used as
fair value for financial reporting. Fund B is accounted for as a fluctuating NAVPOOL, not a
2a -7 like money market fund. It is important to note that due to the lack of an actively traded
market for Fund B securities, their "market value" is an estimate of current liquidation value
that has been determined through a collaborative process among various pricing experts
and sources in the marketplace.
Investments held by the City at September 30, 2009 are detailed below.
Investments
Weighted
Credit Average
Fair Value Rating Maturity
Local Government Investment Pool (Fund B)
Local Government Investment Pool (Fund B)
Fidelity Institutional Money Market Government Portfolio
US Treasury Notes
US Government Supported Corporate debt
Federal Agency Discount Note
Federal Agency Bond Note
Fidelity Institutional Money Market Government Portfolio
Columbia US Treasury Money Market
$ 555,703
Not rated
7 to 9 years
16,128
Not rated
7 to 9 years
4,478,084
AAAm
58 days
1,305,255
TSY
138 days
4,563,899
AAA
1.36 years
4,510,774
A -1+
22.5 days
7,846,787
AAA
336 days
716,495
AAAm
58 days
1,305,070
Not rated
$ 25,298,195
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 5 - Deposits and Investments (continued):
Investments: Pension Funds
The City's Pension Trust Fund (Trust) investment policies are governed by State Statutes
and City ordinances. City ordinance allows investments in any financial institution that is a
qualified public depository of the State of Florida as identified by the State Treasurer, in
accordance with Chapter 280 of the Florida Statutes. Authorized investments are:
1. Interest bearing time deposit or savings accounts
2. U.S. Government securities
3. U.S. Government Agency securities
4. Federal Instrumentalities (U.S. Government sponsored agencies)
5. State of Florida Local Government Surplus Fund (SBA)
6. Commercial paper
7. Bankers' acceptances
8. State and /or local government taxable and /or tax - exempt debt
9. Intergovernmental investment pool
10. Common and preferred stocks, commingled funds, mutual funds, bonds and
structured mortgage or asset backed securities
11. Real Estate and real estate securities
12. Repurchase agreements
13. Foreign securities
14. Registered investment companies (money market mutual funds)
The investments held by the City's Pension Trust Fund at September 30, 2009 are detailed
below:
Investments
Weighted Average
Fair Value Maturity (Years)
Stocks
Bonds
Total Investments
Cash and Cash Equivalents
Total Cash and Investments
$ 10,806,520 N/A
6,087,443 4.58 years
16,893,963
342.009
$ 17,235,972
i •
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 5 - Deposits and Investments (continued):
Investments: Pension Funds (continued)
Credit Risk
The City's Trust investment policy limits credit risk by restricting authorized investment to
those described above. The policy requires that the investments in: federal instrumentalities
be guaranteed by the full faith and credit of the U.S. Government sponsored agency;
deposit accounts be insured by the Federal Deposit Insurance Corporation and may not
exceed maximum insured amount; commercial paper be rated in the highest category by a
nationally recognized rating service; Letters of Credit (LOC) backing commercial paper, the
long -term debt of the LOC provider be rated A or better by at least two nationally recognized
rating services; bankers' acceptances of the United States Banks or federally chartered
domestic office of a foreign bank, which are eligible for purchase by the Federal Reserve
System, be rated in the highest category by a nationally recognized rating service; General
Obligation and /or Revenue Bonds of state or local government taxable or tax - exempt debt
be rated A, for long -term debt, by a nationally recognized rating service or rated "MIG -2" or
"SP -2 ", for short term debt, by a nationally recognized rating service; intergovernmental
investment pools be authorized to the Florida Interlocal Cooperation Act provided in Section
163.01, Florida Statutes; equities be traded on a national exchange; money market mutual
funds have a rating of "Al" by Standard & Poor's (S &P) or "P1" by Moody's Investor
Services ( Moody's); fixed income securities be investment grade as measured by S &P or
Moody's; and any bonds or notes that fall below investment quality must be liquidated
immediately.
Custodial Credit Risk
Custodial risk is the risk that, in the event of the failure of the counterparty, the government
will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. At September 30, 2008, 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, 2009, there were no security investments in the
Trust that were over their respective limitations.
50
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 5 - Deposits and Investments (continued):
Investments: Pension Funds (continued)
Interest Rate Risk
The Pension investment policy allows for investment in commingled funds administered by
national or state banks, and mutual funds. Authorized investments criteria with the
exception of commingled funds, apply to security level investments. All fixed income
investments in the Pension portfolio are commingled funds.
The Pension fixed income portfolio may be invested in securities with a maturity up to (30)
years, so long as the average duration of the portfolio will not exceed +/- 125% of the
duration of the Policy benchmark. There were no security level fixed income investments in
the Pension Portfolio.
Note 6 - Receivables:
Receivables as of yearend for the City's individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
Allowance
Uncollectible
Accounts
Net
Receivable
$ 116,428
$5.985,423
143,195
4,110,298
4,199
1,610
(36,158) 1,255,368
(290,930) 27,237
$ (327,088) $5.658,335
There is an amount of $3,233,890 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,673,678 that are not
available to liquidate liabilities of the current period. These receivables totaling $5,907,568 are
reported as deferred revenue in the governmental funds balance sheet.
51
Accounts
Funds
Receivable
General
$ 116,428
Public & Communications Service
Tax Special Revenue
143,195
Road Improvements Special Revenue
4,110,298
Solid Waste /Recycling Special
Revenue
4,199
TLBD Debt Service
1,610
Water & Sewer Utility
1,291,526
Nonmajor Governmental
318,167
Allowance
Uncollectible
Accounts
Net
Receivable
$ 116,428
$5.985,423
143,195
4,110,298
4,199
1,610
(36,158) 1,255,368
(290,930) 27,237
$ (327,088) $5.658,335
There is an amount of $3,233,890 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,673,678 that are not
available to liquidate liabilities of the current period. These receivables totaling $5,907,568 are
reported as deferred revenue in the governmental funds balance sheet.
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 7 - Capital Assets:
Capital asset activity for the year ended September 30, 2009 was as follows:
Capital assets, being depreciated
Buildings
Restated
57,875
-
Beginning
Ending
11,356,290
Balance Increases
Decreases Balance
Governmental activities:
Intangible assets
672,215
Capital assets, not being depreciated:
-
672,215
Land
$ 9,848,716 $ -
$ - $ 9,848,716
Construction in Progress
1,528,030 2,413,051
(2,496,167) 1,444,914
Total capital assets, not being
1,695,224
-
depreciated
11,376,746 2,413,051
(2,496,167) 11,293,630
Capital assets, being depreciated
Buildings
12,143,940
57,875
-
12,201,815
Improvements
11,356,290
816,748
-
12,173,038
Intangible assets
672,215
-
-
672,215
Machinery and equipment
6,314,511
367,014
(191,033)
6,490,492
Infrastructure
51,443,733
1,695,224
-
53,138,957
Total capital assets, being depreciated
81,930,689
2,936,861
(191,033)
84,676,517
Less accumulated depreciation for:
Buildings
(3,007,121)
(402,694)
-
(3,409,815)
Improvements
(3,004,913)
(392,948)
-
(3,397,861)
Intangible assets
(498,136)
(62,995)
-
(561,131)
Machinery and equipment
(4,605,889)
(654,408)
169,416
(5,090,881)
Infrastructure
(23,016,061)
(1,074,152)
(24,090,213)
Total accumulated depreciation
(34,132,120)
(2,587,197)
169,416
(36,549,901)
Total capital assets, being depreciated,
net 47,798,569 349,664 (21,617) 48,126,616
Governmental activities capital assets,
net $ 59,175,315 $ 2,762,715 $ (2,517,784) 59,420,246
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 7 - Capital Assets (Continued):
Restated
Beginning Ending
Balance Increases Decreases Balance
Business -type activities:
Capital assets, not being depreciated
Land
$ 5,344,916
$ -
$ - $
5,344,916
Construction in Progress
436,823
966,490
(1,279,519)
123,794
Total capital assets, not being
- (88,912)
Machinery and equipment
(2,655,304)
(241,309)
depreciated
5,781,739
966,490
(1,279,519)
5,468,710
Capital assets, being depreciated:
Buildings
759,515
-
-
759,515
Improvements
48,948,324
1,416,533
-
50,364,857
Intangible assets
92,585
8,200
-
100,785
Machinery and equipment
3,544,336
203,485
(204,288)
3,543,533
Total capital assets, being depreciated
53,344,760
1,628,218
(204,288)
54,768,690
Less accumulated depreciation for
Buildings
(444,747)
(25,144)
- (469,891)
Improvements
(22,146,297)
(1,615,655)
- (23,761,952)
Intangible assets
(81,834)
(7,078)
- (88,912)
Machinery and equipment
(2,655,304)
(241,309)
204,131 (2,692,482)
Total accumulated depreciation
(25,328,182)
(1,889,186)
204,131 (27,013,237)
Total capital assets, being depreciated,
net 28,016,578 (260,968) (157) 27,755,453
Business -type activities capital assets,
net $ 33,798,317 $ 705,522 $ (1,279,676) 33,224,163
53
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 7 - Capital Assets (Continued):
Depreciation expense was charged to functions /programs as follows:
Governmental activities:
General government
Public safety
Physical environment
Culture and recreation
Total depreciation expense - governmental activities
Business -type activities:
Water and sewer
Development services
Stormwater
Total depreciation expense - business -type activities
$ 226,263
342,850
1,553,409
464.675
$ 2,587,197
$ 1,620,404
13,951
237,383
$ 1,871,738
For the business -type activities, total depreciation expense does not equal increases to
accumulated depreciation due to asset transfers from the general fund to the water and sewer
utility fund.
The City has restated the beginning balance for capital assets to include intangible assets in
accordance with GASB Statement No. 51. Total net assets were not affected as a result of this
restatement. All intangible assets had previously been included as a part of Machinery and
Equipment totals.
Note 8 - Leases:
Capital Leases - The City has entered into lease agreements as lessee for financing the
acquisition of several police vehicles. These lease agreements qualify as capital leases for
accounting purposes and, therefore, have been recorded at the present value of their future
minimum lease payments as of the inception date. Included in the capitalized amount is
$36,528 of modifications to the leased vehicles in order to make them operational for police
purposes.
The assets acquired through capital leases are as follows:
Governmental
Assets - Activities
Machinery & equipment $ 477,996
Less: accumulated depreciation (276,830
Total $ 201,166
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 8 - Leases (Continued):
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2009 were as follows:
Governmental
Activities
Year Ending September 30,
2010 $ 121,487
Total minimum lease payments 121,487
Less: Amount representing interest (4,635
Net present value $ 116,852
Note 9 - Long -Term Debt:
Revenue Bonds
The City issues bonds where the City pledges revenue derived from the acquired or constructed
assets to pay debt service. Revenue bonds have been issued for both governmental and
business -type activities.
The 1999 Improvement Refunding Bonds are secured by Electric Franchise fees and Public
Service tax revenue. The total principal and interest remaining to be paid on this series is
$16,172,299. For the fiscal year, principal and interest paid on this series was $141,085 and
total pledged revenue was $5,929,665.
The 2001 Special Assessment Bonds are secured by a first lien and pledge of assessments
levied on the property within the assessed area as well as the first $160,000 of half -cent sales
tax received by the City each year. The total principal and interest remaining to be paid on this
series is $3,169,702. For the fiscal year, principal and interest paid on this series was $154,725
and total pledged revenue was $313,501.
The 2003 Improvement Refunding Bonds are secured by Electric Franchise fees and Public
Service tax revenue. The total principal and interest remaining to be paid on this series is
$8,755,470. For the fiscal year, principal and interest paid on this series was $876,723 and
total pledged revenue was $5,929,665.
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
$21,721,907. For the fiscal year, principal and interest paid on this series was $206,303 and
total pledged net revenue was $2,078,291.
The 2001 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 $5,974,052.
For the fiscal year, principal and interest paid on this series was $469,390 and total pledged net
revenue was $2,078,291.
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 9 - Long -Term Debt (Continued):
Revenue Bonds (Continues
The 2002 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
$12,608,485. For the fiscal year, principal and interest paid on this series was $1,155,830 and
total pledged net revenue was $2,078,291.
The original amount of revenue bonds issued in prior years, as well as revenue bonds
outstanding at year end, are as follows:
Governmental Activities
Improvement Refunding
Interest Balance
Rates and Original September 30,
Dates Matun Amount 2009
Revenue Bonds - Series 1999 10/1/1999
(excludes $2,505,107 of accreted 3.25-5.25% to
interest on capital appreciation bonds) (411 & 1011) 10/1/2029 L $ 5,133,970
10/1/2002
Special Assessment 3.4-5,25% to
Revenue Bonds - Series 2001 (411 & 1011) 10/1/2029 2,265 4QQ 1,935,000
Improvement Refunding
Revenue Bonds - Series 2003
Total
10/1/2004
2.0-3.7% to
(411 & 1011) 10/11/2018 $ 8.&7.0.000
7,420,000
14.488 F 970
Business-Type Activities
Water and Sewer Refunding
Revenue Bonds - Series 2000 10/1/2002
(excludes $2,436,799 of accreted 4.5-5.5% to
interest on capital appreciation bonds) (411 & 1011) 10/1/2030 9$69.191 $ 6,674,191
1011/2002
Water and Sewer Refunding 4.0-5,0% to
Revenue Bonds - Series 2001 (411 & 1011) 10!112021 6.065.000 4,500,000
10/1/2003
Water and Sewer Refunding 3.0-5.25% to
Revenue Bonds - Series 2002 (411 & 1011) 101112020 �13,980,M 9,730,000
Total $20
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 9 - Long -Term Debt (Continued):
Revenue Bonds (Continued)
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
2010
2011
2012
2013
2014
2015 -2019
2020 -2024
2025 -2029
2030 -2031
$ 775,000
$ 415,311
#NIA
389,968
*N/A
361,974
#NIA
331,135
*N/A
296,605
5,450,000
1,320,019
2,345,465
4,830,581
2,028,548
5,139,081
379,957
523,828
#NIA
$ 13,608,502
$ 1,015,000
$ 810.216
1,060,000
765,647
1,105,000
718,016
1,160,000
666,538
1,215,000
611,398
7,045,000
2,046,931
4,046,066
5,709,934
2,042,981
7,968,450
2,215,144
103,125
$ 20,904,191
$ 19,400,255
General Obligation Bonds
During 2003, the City issued limited general obligation bonds for the acquisition of property
to expand Central Winds Park. These bonds are payable from and secured by a pledge
of the faith, credit and taxing power of the City, provided that the levy of ad valorem taxes
by the City in each year for the payment of debt service on the Series 2003 Bonds shall
not exceed one quarter (114) of one mil on all of the taxable property in the City. The total
principal and interest remaining to be paid on this series is $4,895,787. For the fiscal year,
principal and interest paid on this series was $223,433 and total pledged revenue was
$213,629. General obligation bonds currently outstanding are as follows:
Interest
Balance
Rates and Original
September
Dates Majq[L Amount
30, 2009
Governmental Activities
Limited General Obligation 2.0 - 5.375% 7/1/03-
Bonds - Series 2002 (111 & 711) 711133 $3,400,000
$2,925,000
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 9 - Long -Term Debt (Continued):
General Obligation Bonds Continued
Annual debt service requirements to maturity for the general obligation bonds are as
follows:
Year Ending Governmental Activities
September 30, Principal Interest
2010
$ 75,000
$ 145,508
2011
80,000
142,508
2012
85,000
139,208
2013
85,000
135,638
2014
90,000
131,069
2015 -2019
535,000
578,356
2020 --2024
685,000
428,500
2025 -2029
880,000
238,980
2030 -2031
410,000
31,020
$ 2,925,000
$ 1,970,787
Notes Payable
The City issued the 2004 Capital Improvement Revenue Note for an amount not to exceed
$2,500,000. Advances on this note during fiscal year 2004 were $600,000 was repaid
during fiscal year 2004. An advance of $750,000 occurred in fiscal year 2008 for the
construction of the Senior Center Expansion and Therapy Pool project. No additional
advances were eligible for withdrawal after February 28, 2008.
The City issued the Capital Improvement Revenue Note, Series 2004A, in the amount of
$575,907 for the purpose of refinancing the Capital Improvement Revenue Note, Series
20008, in the amount of $495,907 and to finance $80,000 cost of completing construction
of additional landscaping and irrigation along the Oak Forest subdivision wall. The City
covenants to designate payments received from Oak Forest special assessments to pay
debt service on this note.
The City issued a Special Assessment Revenue Note Series 2006, in the amount of
$430,000 to provide financing for the Tuscawilla Lighting and Beautification Project, Phase
11. The City paid off $1,337 of this with prepaid assessments during the year ended
September 30, 2009.
The Special Assessment Revenue Note Series 2006 is secured by a first lien and pledge
of assessments levied on the property within the assessed area. The total principal and
interest remaining to be paid on this series is $286,412. For the fiscal year, principal and
interest paid on this series was $66,823 and total pledged revenue was $30,679.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL. STATEMENTS
September 30, 2009
Note 9 - Long -Terra Debt (Continued):
Notes Payable Continued
Notes payable outstanding at year end are as follows:
Capital Improvement Revenue Note, Series 2004A - Interest
only payable each June 1 and December 1 until July 1,
2010 when entire balance is due. Note anticipated to be
rolled into a new debt instrument at that time. Interest is
4.22 %. Principal payments of $50,500 were made in fiscal
year 2009.
Special Assessment Revenue Note, Series 2006 - Principal
payable annually beginning July 1, 2007 and interest
payable semi - annually on January 1 and July 1. Maturity is
July 1, 2021 and interest is 4.10 %. Principal payments of
$55,484 were made in fiscal year 2009.
2004 Capital improvement Revenue Note — Interest only
payable each June 1 and December 1. Interest is variable,
tied to LIBOR, and was 0.2473% at September 30, 2009.
Maturity is June 1, 2027. Anticipated payoff in June 2023.
Principal payments of $63,953 were made in fiscal year
2009.
$ 354,669
230,216
655,965
1.2
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending
September 30
2010
2011
2012
2013
2014
2015 -2019
2020 -2021
2025 -2029
Governmental Activities
Principal Interest
$ 373,605
19,711
20,518
21,358
22,233
125,592
1,867
655.966
$ 26,884
10,405
9,586
8,733
7,845
24,580
8,189
4.867
$ 1,240,850 $ 101,089
59
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 9 - Long -Term Debt (Continued):
Notes Payable {Continued}
The debt service requirement to maturity schedule for notes payable assumes that only
interest is paid on the Capital Improvement Revenue Note, Series 2004 with principal
being paid in the year the note matures as required by government accounting
standards. The City's practice, however, has been to budget and appropriate funds for
principal and interest payments each fiscal year.
Changes in Lone -Term Liabilities
Long -term liability activity for the year ended September 30, 2009 was as follows:
• I,
Beginning
Due Within
Balance
Additions
Reductions
Ending Balance
one Year
Governmental activities:
Bonds payable -
Revenue bonds
$ 13,233,970
$ -
$ (680,000)
$ 12,553,970
$ 720,000
Special assessment debt
with government commitment
1,990,000
-
(55,000)
1,935,000
55,000
Limited general obligation
bonds
3,000,000
-
(75,000)
2,925,000
75,000
Less deferred amounts:
Issuance discounts
(17,748)
-
761
(16,987)
-
Issuance premiums
69,638
-
(6,964)
62,674
-
On refunding
(109,510)
-
10,951
(98,559)
-
Total bonds payable
18,166,350
-
(805,252)
17,361,098
850,000
Accreted interest payable
2,179,893
325,214
-
2,505,107
-
Notes payable -
Capital improvement notes
1,410,787
-
(169,937)
1,240,850
373,605
Capital lease
227,786
-
(110,934)
116,852
116,852
Other post employment benefits
-
56,241
-
56,241
-
Compensated absences
899,743
679,808
(899,743)
679,808
136,000
Governmental activity long-
term liabilities
$ 22,884,559
$ 1,061,263
$ (1,985,866)
$ 21,959,956
$ 1,476,457
Business -type activities:
Bonds payable -
Revenue bonds
21,884,191
$ -
$ (980,000)
$ 20,904,191
$ 1,015,000
Less deferred amounts:
Issuance discounts
(25,371)
1,064
(24,307)
-
On refunding
(752,896)
-
58,335
(694,561)
-
Total bonds payable
21,105,924
-
(920,601)
20,185,323
1,015,000
Accreted interest payable
2,082,305
354,494
-
2,436,799
-
Other post employment benefits
-
20,759
-
20,759
-
Compensated absences
182,621
175,212
(182,621)
175,212
35,000
Governmental activity long-
term liabilities
$ 23,370,850
$ 550,465
$ (1,103,222)
$ 22,818,093
$ 1,050,000
• I,
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 10 - Interfund Receivables, Payables and Transfers:
The composition of interfund balances as of September 30, 2009 is as follows:
Receivable
Fund Payable Fund Amount
Public and Communications Service Tax Special
General Revenue Fund $ 143,195
General Development Services Fund X956
� 1'7,161
The accounts payable to the general fund represents the public service tax at year end after
all debt service payments have been made that are available to be transferred to the general
fund.
InterFund transfers for the year ended September 30, 2009 are summarized below:
$ 7,079,093 $ 1,292,417 $ 17,259 $ 25,653 $ 55,064 $ 8, 469,486
61
Transfers In
Other
Water and
Governmental
Sewer Utility
Development Stormwater
Transfers Out
General Fund
Funds
Fund
Services Fund Utility Fund
Total
General Fund
$ -
$ 93,019
$ 11,259
$ 25,653 $ 18,355
$ 148,286
Public & Communications
Service Tax Special Revenue
Fund
3,609,478
502,000
-
- -
4,111,478
Road Improvements Special
Revenue Fund
2,525
-
-
-
2,525
Solid Waste /Recycling Special
Revenue Fund
135,794
133,100
-
- -
268,894
Other Governmental Funds
1,584,823
564,298
-
- -
2,149,121
Water and Sewer Utility Fund
1,025,180
-
- 36,709
1,061,889
Development Services Fund
617,390
-
- -
617,390
Stormwater Utility Fund
103,903
-
6,000
- -
109,903
$ 7,079,093 $ 1,292,417 $ 17,259 $ 25,653 $ 55,064 $ 8, 469,486
61
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 10 - Interfund Receivables, Payables and Transfers (continued):
Interfund transfers for the year ended September 30, 2009 are detailed below:
Recipient fund Amount
Purpose
Transfers from Electric Franchise Fee and
Public & Communications Service Tax
Special Revenue Funds to pay Debt Service
expenses on the Improvement Refunding
1999 Debt Service Fund $ 146,000 Revenue Bonds, Series 1999.
Transfers from Electric Franchise Fee and
Public & Communications Service Tax
Special Revenue Funds to pay Debt Service
expenses on the Improvement Refunding
2003 Debt Service Fund 858,000 Revenue Bonds, Series 2003.
Transfer from General Fund to pay Debt
Service expenses on the Line of Credit for
2004 Capital Projects Debt Service the Senior Center Expansion and Therapy
Fund 50,000 Pool
Transfer from General Fund for share of
Development Services personnel cost
associated with Community Development
Development Services Fund 25,653 functions.
Transfer from Water and Sewer Utility Fund
for Utility Billing division budget, fair share
portion of General Fund expenses, such as
human resources, purchasing, finance, etc.,
special projects, Kiva project, records
management project and operator
General Fund 1,025,180 expenses.
Transfer from Development Services Fund
for indirect costs, administration, fire
prevention, Community Development
(crossover costs), Information Services
special projects, Kiva project and records
General Fund 617,390 management project expenses.
62
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 10 - Interfund Receivables, Payables and Transfers (continued):
Recipient fund Amount Purpose
Transfer from Solid Waste /Recycling Special
Revenue Fund for administration, franchise
fees and Information Services records
General Fund 135,794 management project.
Transfer from TLBD Phase I Maintenance
Special Revenue Fund for City Clerk,
Beautification Coordinator and insurance
General Fund 60,029 expenses.
Transfer from Oak Forest Maintenance
Special Revenue Fund for City Clerk,
Beautification Coordinator and insurance
General Fund 12,926 expenses.
Transfer from Public & Communications
Service Tax Special Revenue Fund balance
in fund after payment of Debt Service
expenses on the Improvement Refunding
Revenue Bonds, Series 1999 and Series
General Fund 3,609,478 2003.
Transfer from Fire Assessment Fee Fund to
General Fund 189,707 fund a portion of the Fire Department.
Transfer from Electric Franchise Fee Special
Revenue Fund balance in fund after
payment of Debt Service expenses on the
Improvement Refunding Revenue Bonds,
General Fund 1,321,620 Series 1999 and Series 2003.
Transfer from Road improvements Special
Revenue Fund for project coordinator
General Fund 2,525 services.
63
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 10 - Interfund Receivables, Payables and Transfers (continued):
Recipient fund Amount
Purpose
Transfer from 1999 Construction Capital
Project Fund for project coordinator
General Fund 541 services.
Transfer from Stormwater Utility Fund for
administration, special projects, Kiva project
General Fund 103,903 and records management project expenses.
Transfer from Oak Forest Capital Projects
Oak Forest Debt Service Fund 15,537 Fund of residual equity
Transfer from 1999 Construction Capital
Veterans Memorial Fund 796 Projects Fund
Transfer from Hazard Mitigation Grant
Program Capital Project Fund excess
Park Impact Fee Fund 1,329 funding of City match on grant.
Transfer from Senior Center Expansion and
Therapy Pool Fund to return previous
funding from Park Impact as the Senior
Center expansion costs utilized line of credit
Park Impact Fee Fund 3,411 proceeds.
Transfer from Hazard Mitigation Grant
Program Capital Project Fund to return
previously submitted matching grant funds
for a project which was subsequently
Police Impact Fee Fund 3,424 cancelled.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL. STATEMENTS
September 30, 2009
Note 10 - Interfund Receivables, Payables and Transfers (continued ):
Recipient fund
Amount
Purpose
Storm Reserve Special Revenue Fund
Stormwater Utility Fund
Stormwater Utility Fund
TLBD Phase 11 Debt Service Fund
Trotwood Park Improvements Capital
Project Fund
Water and Sewer Utility Fund
Water and Sewer Utility Fund
Transfer from Solid Waste /Recycling Special
Revenue Fund for future emergency storm
133,100 cleanup expenses.
Transfer from General Fund ten percent of
18,355 engineering expenses less consulting fees.
Transfer from Water and Sewer Utility Fund
for twenty percent of engineering expenses
36,709 less consulting fees.
Transfer of residual equity from TLBD Phase
37,801 11 Capital Projects Fund.
Transfer from General Fund for Trotwood
33,019 Park improvements.
Transfer from Stormwater Utility Fund for
6,000 administration fees.
11,259 Transfer assets from General Fund.
$8,469,486
Note 11 - Defined Benefit Pension Plan:
Plan Description
The City maintains a single - employer defined benefit pension plan that provides retirement
benefits to all City employees. The pension plan is maintained as a Pension Trust Fund
and is included with the fund financial statements. This pension plan does not issue a
stand -alone financial report.
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, 17 firefighters elected to remain in the City's pension plan,
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 plan provisions and amendments. Any recommendations are
then taken back to the Commission for final approval.
65
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 11 - Defined Benefit Pension Plan {Continued }:
Summary of Significant Accounting _Principles
The Plan's financial statements are prepared using the accrual basis of accounting. Plan
member contributions are recognized in the period in which the contributions are due. The
City's contributions are recognized when due and formal commitment to provide the
contributions has been made. Benefits and refunds are recognized when due and
payable in accordance with the terms of the Plan. All Plan investments are reported at fair
value. Securities traded on a national exchange are valued at the last reported sales price
on the government's balance sheet date. Securities without an established market are
reported at estimated fair value.
Funding Policy
The contribution requirements of plan members and the City are established and may be
amended by the Board of Trustees of the Plan. Plan members are required to contribute
3% of their salary to the Plan, which amounted to $306,120, for the year ended September
30, 2009. The City is required to contribute at an actuarially determined rate; the rate from
the most recent actuarial valuation as of October 1, 2007 for the year ended September
30, 2008 is 15,11% of covered payroll. The City's contribution for the year ended
September 30, 2009 was $1,781,197, which is 15.1% of covered payroll. Administration
costs and fees attributable to the plan are paid out of the plan and amounted to $116,982
in 2009.
Membership in the Defined Benefit Plan consisted of the following as of the most recent
valuation date, October 1, 2007:
Retirees and beneficiaries receiving benefits 26
Terminated plan members entitled to but not
receiving benefits 86
Active plan members:
Vested 208
Non - vested 51
371
..
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 11 w Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation —
The City has not received the actuarial valuation for the year ended September 30, 2009.
The annual pension cost, net pension obligation and required contribution for September
30, 2009, were not determined as part of the actuarial valuation of the plan dated October
1, 2007. As discussed on the previous page, in 2009 the City used 15.1% of covered
payroll as the annual required contribution in order to calculate the annual pension cost.
The following shows the annual pension cost and the net pension asset (contributions in
excess of requirements) as of September 30, 2009:
Annual Required Contribution
Interest on Net Pension Obligation (NPO)
Adjustment to Annual Required Contribution
Annual Pension Cost
City Contributions Made
Increase/(Decrease) in NPO
Net Pension Asset, beginning of year
Net Pension Asset, end of year
Three Year Trend Information —
Fiscal
Annual
101.8
Year
Pension
Actual
Ending
Cost (APC
Contribution
9/30/2007
1,810,230
1,843,147
9/30/2008
2,004,975
2,009,085
9/30/2009
1,781,197
1,781,197
$ 1,781,651
(454)
1,781,197
(1,781,197)
(5,673)
$ (5,673)
Percentage Net
of APC Pension
Contributed
Obligation
101.8
(1,563)
100.2
(5,673)
100.0
(5,673)
As of October 1, 2007, the most recent actuarial valuation date, the Plan was 77.2%
funded. The actuarial accrued liability for benefits was $20,114,326 and the actuarial
value of assets was $15,526,572, resulting in an unfunded actuarial liability (UAAL) of
$4,587,354. The covered payroll (annual payroll of active employees covered by the plan)
was $11,190,013, and the ratio of the UAAL. to the covered payroll was 41.0 %.
The schedule of funding progress, presented as Required Supplementary Information
following the notes to the financial statements, presents multi -year trend information about
whether the actuarial value of the plan assets are increasing or decreasing over time
relative to the actuarial accrued liability for benefits. The schedule of employer
contributions is also presented and shows the extent to which the city has funded the
actuarially determined annual required contribution (ARC) over time.
The amount legally required as of September 30, 2009 to be reserved for the Plan is
$17,323,879.
67
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note I I - Defined Benefit Pension Plan (Continued):
Actuarial Methods and Assumptions - The following is a summary of the actuarial methods
and significant actuarial assumptions used in the latest actuarial valuation dated October
1, 2007. The plan was amended October 1, 2004 to increase the benefit formula
percentage for service prior to October 1, 2000 of 2.0% by .25% increments each year
beginning October 1, 2005 through the plan year beginning October 1, 2008 to 3.0 %.
Assumptions:
Investment Earnings 8% compounded annually
Salary Increases /inflation 3% annually
Post - retirement Benefit Increases 0%
Mortality Table 1983 Group Annuity Male Mortality Table, with
women ages set back two years
Normal Form Life annuity with payments for life of participant
Retirement Age Later of age 60 or 10 years of service on the
valuation date. A 1.5% expense load is added to
make allowance for 30 year unreduced benefit
provision with LTD disability program.
Turnover/Termination Forfeiture Assumed to occur at rates approximating 11.62% at
age 25 graded down to 0.16% at age 60 and over
(T -8 withdrawal table).
Actuarial Valuation:
Frequency Annual
Funding /Cost Method Aggregate Entry Age Normal Frozen Initial Liability
Amortization Method Level Percentage of Projected Payroll plus
amortization of past service frozen initial liability
Amortization Period 30 Years Closed
Asset Valuation Method Long Range Yield
.:
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL. STATEMENTS
September 30, 2009
Note 12 - Other Post Employment Benefits:
In accordance with Florida Statutes Section 112.0809, 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 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 one
retiree currently receiving benefits. The City has chosen pay -as- you -go funding, but is
recording the liability in the government wide financial statements. This plan does not issue
stand -alone financial statements.
The first actuarial report for the City's Retiree Continuation Insurance plan was prepared as
of July 1, 2009. At that point in time, the unfunded actuarial accrued liability (UAAL) for
benefits was $505,000 and funded ratio was 0 %. The covered payroll was $9,230,000 and
the ratio of the UAAL to covered payroll was 5.5 percent.
The annual required contribution and Net OPEB Obligation for the fiscal year ended
September 30, 2009 is as follows:
Annual required contribution
$ 93,000
Interest on net OPEB Obligation
-
Adjustment to annual required contribution
-
Annual OPEB Cost
93,000
Employer Contributions
(16,000)
Increase in Net OPEB Obligation
77,000
Net OPEB Obligation (beginning of year)
-
Net OPEB Obligation (end of year)
$ 77,000
Summary of Actuarial Methods & Assumptions:
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, normally presents multi -year trend information about
whether the actuarial value of the plan assets is increasing or decreasing over time relative
to the actuarial accrued liabilities for benefits. The schedule of funding progress includes
only one year so multi -year comparison is not available for this period.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 12 - Other Post Employment Benefits (Continued):
Summary of Actuarial Methods & Assumptions Continued
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of
benefit costs between the employer and plan members to that point. The actuarial methods
and assumptions used include techniques that are designed to reduce the effects of short -
term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with
the long -term perspective of the calculations.
Actuarial Cost Method- The projected unit credit cost method was used to determine all
liabilities, with the liability for each active employee assumed to accrue over his working lifetime
based on elapsed time from his date of hire until retirement. For this purpose, employees were
assumed to have been hired at the earlier of current age or age 32.
Decrements -
Mortality- Sex - distinct mortality rates set forth in the RP -2000 mortality table to annuitants and
non - annuitants.
Disability Sex - distinct disability rates set forth in the Wyatt 1985 Disability Study; Class 4 rates
were used for police officers, Class 1 rates were used for all other employees.
Permanent Withdrawal from Active Status- Sex - distinct withdrawal rates set forth in the
Scale 155 table.
Retirement- Retirement was assumed to occur as at age 55 for police officers and at age 60
for all other employees
Investment Return (Discount Rate)- 4.0% per annum (includes inflation at 2.75% per annum)
Health care Costs Trend Rates- The cost of covered medical services has been assumed to
increase in accordance with the following rates, compounded annually:
Year Increase
2010 10.00%
Year
Increase Year Increase
8.00% 2018 6.00%
2014
2011
9.50%
2015
2012
9.00%
2016
2013
8.50%
2017
7.50% 2019 5.00%
7.00% and later
6.50%
Implied Subsidy (Not Eligible for Medicare) -The implied subsidy for a 62 -year old retiree and
his spouse for the period July 1, 2009 through June 30, 2010 is assumed to be $3,300 per year
and $4,800 per year, respectively.
Implied Subsidy (Dental Insurance) -There is no implied subsidy for dental insurance since it
is assumed that the dental insurance costs for covered individuals do not increase with age.
70
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Implied Subsidy (Dental Insurance) -There is no implied subsidy for dental insurance since it
is assumed that the dental insurance costs for covered individuals do not increase with age.
Note 12 - Other Post Employment Benefits (Continued):
Age- Related Morbidity -The cost of covered medical services has been assumed to increase
with age at the rate of 3.5% per annum.
Retiree contributions- Retirees electing post - employment healthcare coverage have been
assumed to make monthly contributions equal to the premium charged to the active employees
and retiree contributions are assumed to increase in accordance with the healthcare cost trend
assumption.
Medical Plan Choice- Retirees have been assumed to elect coverage under the "AETNA ALT
A" plan
Future Participation Rates- 10% of eligible employees are assumed to elect healthcare
coverage for themselves until age 65 upon retirement or disability; of the retirees election
healthcare coverage, 80% of males and 50% of females are assumed to elect coverage for their
spouses until age 65.
COBRA Assumption- Future healthcare coverage provided solely pursuant to COBRA was not
included in the OPEB valuation; because the COBRA premium is determined periodically based
on plan experience, we assumed that the COBRA premium to be paid by the participant fully
covers the cost of providing healthcare coverage during the relevant period.
Summary of Benefits
Other Post - Employment Benefits (OPEBs)- The City of Winter Springs provides optional
post - employment healthcare and dental insurance coverage to eligible individuals.
Eligible Individuals- Eligible individuals include all regular employees of the City of Winter
Springs who retire from active service and are eligible for retirement or disability benefits under
the defined benefit pension plan that is sponsored by the City. Under certain conditions, eligible
individuals for healthcare coverage also include spouses and dependent children.
Choice of Healthcare Plans- Eligible individuals may choose healthcare coverage under the
"AETNA HMO" plan, under the "AETNA ALT J A" plan, or under the "AETNA HIGH B" plan.
Required Monthly Premium for Post - Employment Healthcare Coverage- Retirees must pay
a monthly premium as determined by the insurance carrier. The premium varies depending on
the plan selected and whether the retiree elects single, single plus spouse, single plus children
or family coverage.
71
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL_ STATEMENTS
September 30, 2009
Note 13 - Deferred Compensation Plan:
All employees of the City may voluntarily elect to participate in one of two available deferred
compensation plans created in accordance with Internal Revenue Code Section 457. The
plans are administered by Nationwide Retirement Solutions and ICMA Retirement
Corporation. The plans permit participants to defer a portion of their salary until future
years. The deferred compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
Because the Plan Assets are held in trust for the exclusive benefit of plan participants and
their beneficiaries, the Plan is not accounted for in the City's fund financials.
Note 14 - Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction
of assets; errors and omissions; job - related illnesses or injuries to employees; and natural
disasters. Risk of loss from above is transferred by the City to various commercial insurers
through the purchase of insurance. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
Note 15 - Commitments and Contingencies:
Grants -
Amounts received or receivable from grant agencies are subject to audit and adjustment by
grantor agencies, principally the federal government and the State of Florida. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable funds.
The amount, if any, of expenditures that may be disallowed by the grantor cannot be
determined at this time, although the City expects such amounts, if any, to be immaterial.
Subsequent to year end, the City received notice from FEMA that their grant for Hurricane
Charley was being closed out resulting in an under -run of approximately $1,700,000 that the
City owed back to FEMA, primarily for debris removal on private roads. The City recorded a
liability of $569,654 on the financials related to this and is disputing the balance.
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.
72
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
Note 15 - Commitments and Contingencies (Continued);
Commitments Under Construction Contracts -
At September 30, 2009, the City had entered into construction contracts in the amount of
$231,136.
Transportation impact Fee Credits -
The City has entered into a number of agreements with developers under which the developer
donates transportation infrastructure improvements or rights of way to the City and receives
credit for future transportation impact fee payments. As of September 30, 2009, credit
balances for future impact fees total approximately $380,081.
73
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2009
Defined Benefit Pension Trust Fund
Schedule of Funding Progress
Schedule of Employer Contributions
Annual
Actuarial
Fiscal
Required
UAAL as a
Percentage
Actuarial
Accrued
Actual
of ARC
Ending
% of
Actuarial
Value of
Liability (AAL)
Unfunded
Funded
Covered
Covered
Valuation
Assets
Entry Age
AAL (UAAL)
Ratio
Payroll
Payroll
Date
(a)
(b)
(b -a)
(a /b)
( c)
(b -a) / c
10/1/2002
$ 6,620,248
$ 9,128,522
$ 2,508,274
72.5%
$ 6,586,077
38.1%
10/1/2003
7,279,048
9,771,594
2,492,546
74.5
8,094,829
30.8
10/1/2004
8,134, 588
10, 931, 774
2,797,186
74.4
8,982,189
31.1
10/1/2005
9,716,089
13,178,485
3,462,396
73.7
9,659,446
35.8
10/1/2006
11,951,383
16,042,749
4,091,366
74.5
10,489,087
39.0
10/1/2007
15, 526, 572
20,114, 326
4,587,754
77.2
11,190, 013
41.0
Schedule of Employer Contributions
74
Annual
Fiscal
Required
Percentage
Year
Contribution
Actual
of ARC
Ending
(ARC)
Contribution
Contributed
9/30/2003
$ 761,269
$ 903,748
118.7%
9/30/2004
1,156, 923
1,013,379
87.6
9/30/2005
1,424,101
1,260,627
88.5
9/30/2006
1,564,228
1,505,020
96.2
9/30/2007
1,807,722
1,843,147
102.0
9/30/2008
2,005,100
2,009,085
100.2
74
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2009
Retiree Continuation Insurance Plan
Schedule of Funding Progress
** initial valuation date
Schedule of Contributions from Employers and Other Contributing Entities
Percentage
Annual Required of ARC Net Pension
Fiscal Year Ending Contribution (ARC) Contributed Obligation
9/30/2009 $ 93,000 17.0% $ 77,000
75
Actuarial
UAAL as a
Actuarial
Accrued
% of
Actuarial
Value of
Liability (AAL)
Unfunded
Funded
Covered
Covered
Valuation
Assets
Entry Age
AAL (UAAL)
Ratio
Payroll
Payroll
Date
(a)
(b)
(b -a)
(a /b)
( c)
(b -a) / c
7/1/2009
$ -
$ 505,000
$ 505,000
0.0%
$ 9,230,000
5.5%
** initial valuation date
Schedule of Contributions from Employers and Other Contributing Entities
Percentage
Annual Required of ARC Net Pension
Fiscal Year Ending Contribution (ARC) Contributed Obligation
9/30/2009 $ 93,000 17.0% $ 77,000
75
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4i,xv T eR
0
U
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
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a4 so
U N
�LoR1Di
MAJOR GOVERNMENTAL FUNDS
Debt Service Fund
TLBD Debt Service Fund - This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue.
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��'N
U �
�C Di
CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Variance with
Final Budget -
Actual Positive
Amounts (Negative
$ 165,800 $ 165,800 $ 56,030 $ (109,770)
3,025 880 99,299 98,419
- - 13,328 13,328
168,825 166,680 168,657 1,977
10,366 9,066 5,496
3,570
55,000
55,000
55,000 -
100,200
100,156
100,156 -
165,566
164,222
160,652 3,570
3,259
2,458
8,005 5,547
3,259 2,458 8,005
5,547
185,817 185,817 185,817 -
$ 189,076 $ 188,275 $ 193,822 $ 5,547
76
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V �
�t 4RIDi
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Police Education Fund - This fund is used to account for the costs of educational
expenses for police officers. It is funded by a portion of
the collections from fines and forfeitures.
Special Law Enforcement - This fund was established to receive revenues from local
Trust Fund - Local sources derived from confiscated property obtained during
the enforcement of illegal operations. Proceeds are
utilized strictly for law enforcement purposes. Such
purposes may include drug education programs such as
DARE.
Transportation - Revenues in this fund are derived from Local Option
Improvement Fund Gasoline Tax distribution. Proceeds are to be used for
road, right of way, and drainage maintenance and
equipment necessary to build or maintain roads, right of
ways, and drainage.
Transportation Impact Fee - This fund is used to account for collected impact fees on
Fund new development to defray the cost of future road
construction as a result of growth.
Police 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 police service due to future
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 to defray the cost of capital investment
needed to develop and improve the parks due to future
growth.
Public Buildings Impact Fee
- This fund is used to account for collected impact fees on
Fund
new development to defray the cost of capital investment
needed to maintain public buildings due to future growth.
Medical Transport Services
- This fund is used to receive revenues generated from fees
Fund
charged for paramedic services. The proceeds from this
fund are used to pay for the incremental costs related to
providing these services.
Arbor Fund
- This fund is used to account for arbor revenues. This
revenue source is used to maintain a level of plantings in
the City.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Special Revenue Funds - Continued
TLBD Maintenance Fund - This fund is used to account for collected special
assessments for maintenance related to the Tuscawilla
Lighting and Beautification District for Phases I and II of
project. Phase II was accounted for in a separate fund
prior to Fiscal Year 2008.
Oak Forest Maintenance - This fund is used to account for collected special
Fund assessments for maintenance related to the Oak Forest
subdivision wall.
Emergency and Disaster - This fund is used to account for costs of preparation for
Relief Fund and cleanup after the hurricanes of 2004.
Special Law Enforcement
- This fund was established to receive revenues from
Trust Fund - Federal
federal sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are utilized strictly for law enforcement
purposes. Such purposes may include drug education
programs such as DARE.
HOA Projects -
- This fund is used to account for costs of projects for
Streetlighting and
Homeowners Associations such as streetlighting and
Signage Fund
signage.
Storm Reserve Fund
- This fund is used to account for reserves set aside from
monthly Solid Waste /Recycling fees to cleanup from future
storms.
Electric Franchise Fee Fund - This fund is used to account for proceeds of electric
franchise fees. These proceeds are used to pay annual
debt service. Any excess monies not used to pay debt
service are transferred to the General Fund.
Fire Assessment Fee Fund - This fund is used to account for collected special
assessments for fire operation expenses. The proceeds
are transferred to the General Fund to offset fire
operations expenses.
Veteran's Memorial Fund - This fund is used to account for funds collected to pay for
engraving honoree's name in the granite Memorial Name
Stand and the on -going maintenance and operation of the
Veteran's Memorial.
HOA Projects - - This fund is used to account for costs of projects for
Streetlighting and Signage Homeowners Associations such as streetlighting and
Fund (Non - escrow) signage for non - interest bearing projects.
NONMAJOR GOVERNMENTAIL. FUNDS - Continued
Debt Service Funds
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.
2003 Debt Service Fund
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue.
Oak Forest Debt Service
- This fund is used to account for the accumulation of
Fund
resources and payment of principal and interest for the
2000 note payable (Oak Forest portion).
Central Winds G.O. Debt
- This fund is used to account for accumulation of resources
Service Fund
and payment of principal and interest for the 2002 limited
general obligation bond.
2004 Capital Projects Debt
- This fund is used to account for the accumulation of
Service Fund
resources and payment of principal and interest for the
Capital Improvement Revenue Note Series 2004.
TLBD Phase II Debt
- This fund is used to account for the accumulation of
and payment of principal and interest for the
Service Fund
resources
TLBD Phase 11 Improvements.
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.t1�NT'�fi' S
04 '°�
NONMAJOR GOVERNMENTAL FUNDS - Continued
Capital Projects Funds
1999 Construction Capital - This fund was established for the acquisition and
Projects Fund construction of City - owned Capital Improvements.
Oak Forest Capital - This fund was established to account for construction of
Projects Fund the Oak Forest subdivision wall.
Revolving Rehab Capital - This fund was established to provide loans for
Projects Fund rehabilitation projects within the City.
City Hall Expansion Capital - This fund was established to account for expansion of City
Projects Fund Hall.
TLBD Phase it - This fund was established to account for the construction
Improvements Capital of the TLBD Phase II Improvements.
Projects Fund
Hazard Mitigation Grant - This fund was established to account for projects paid for
Program Capital Projects through the Hazard Mitigation Grant Program.
Fund
Senior Center Expansion
Capital Projects Fund
Trotwood Improvements
Capital Projects Fund
Utility /Public Works Facility
Capital Projects Fund
This fund was established to account for the Senior
Center Expansion and Therapy Pool project.
This fund was established to account for the construction
of the Trotwood Park Improvements.
This fund was established to account for construction of
additional public facilities.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2009
Liabilities and Fund Balances
Accounts payable $ - $ 548 $ 16,812 $ 3,112
Retainage payable - - - -
Due to other governments - - - -
Deferred revenue - - - -
Unearned revenue - - - -
Total liabilities - 548 16,812 3,112
Fund balances:
Reserved for Debt service - - - -
Unreserved 18,582 19,134 447,224 825,961
Total fund balances 18,582 19,134 447,224 525,961
Total liabilities and fund balances $ 18,582 $ 19,682 $ 464,036 $ 529,073
77
Special Revenue
Special Law
Police
Enforcement
Transportation
Transportation
Education
Trust Fund-
Improvement
Impact Fee
Fund
Local
Fund
Fund
Assets:
Cash and cash equivalents
$ 4,174
$ 4,699
$ 110,783
$ 126,309
Investments
13,308
14,983
353,253
402,764
Receivables, net
1,100
-
-
-
Special assessments receivable
-
-
-
-
Total assets
$ 18,582
$ 19,682
$ 464,036
$ 529,073
Liabilities and Fund Balances
Accounts payable $ - $ 548 $ 16,812 $ 3,112
Retainage payable - - - -
Due to other governments - - - -
Deferred revenue - - - -
Unearned revenue - - - -
Total liabilities - 548 16,812 3,112
Fund balances:
Reserved for Debt service - - - -
Unreserved 18,582 19,134 447,224 825,961
Total fund balances 18,582 19,134 447,224 525,961
Total liabilities and fund balances $ 18,582 $ 19,682 $ 464,036 $ 529,073
77
Special Revenue
125,096 983,699 7,510
125,096 983,699 7,510
$ 125,096 $ 983,699 $ 7,510
374,533
374,533
$ 374,533
(Continued)
WE
Public
Buildings
Police Impact
Fire Impact
Parks Impact
impact Fee
Fee Fund
Fee Fund
Fee Fund
Fund
$ 29,865
$ 234,846
$ 1,793
$ 89,415
95,231
748,853
5,717
285,118
$ 374,533
$ 7,510
$ 983,699
$ 125,096
125,096 983,699 7,510
125,096 983,699 7,510
$ 125,096 $ 983,699 $ 7,510
374,533
374,533
$ 374,533
(Continued)
WE
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL. FUNDS
September 30, 2009
Assets;
Cash and cash equivalents
Investments
Receivables, net
Special assessments receivable
Total assets
Liabilities and Fund Balances
Accounts payable
Retainage payable
Due to other governments
Deferred revenue
Unearned revenue
Total liabilities
Fund balances:
Reserved for Debt service
Unreserved
Total fund balances
Total liabilities and fund balances
Special Revenue
Medical TLBD
Transport Maintenance
Services Fund Arbor Fund Fund
$ 136,917 $ 59,156 $ 94,194
436,586 188,630 300,356
17,538 - 5,070
$ 591,041 $ 247,786 $ 399,620
$ - $ - $ 3,819
1,748
1,748 3
591,041 246,038 395,801
591,041 246,038 395,801
$ 591,041 $ 247,786 $ 399,620
79
Special Revenue
$ 2,435 $
Emergency and
Special Law
HOA Projects -
Oak Forest
Disaster Relief
Enforcement Trust
Streetlighting and
Maintenance Fund
Fund
Fund - Federal
Sinage Fund
(Continued)
$ 7,945
$ 172,020
$ 3,467
$ 1,320
25,334
548,523
11,054
4,209
826
-
-
-
$ 5,529
$ 14,521
$ 720,543
$ 34,105
$ 2,435 $
5,887
-
569,654 - -
2,435
575,541 - -
31,670
145,002 14,521 5,529
31,670
145,002 14,521 5,529
$ 34,105 $
720,543 $ 14,521 $ 5,529
(Continued)
:M
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2009
Special Revenue
Liabilities and Fund Balances
Accounts payable $ - $ 121 $ 74 $ 32,808
Retainage payable - - - -
Due to other governments - - - 569,654
Deferred revenue - - - -
Unearned revenue - - - 1,748
Total liabilities - 121 74 604,210
Fund balances:
Reserved for Debt service - - - -
Unreserved 427,085 23,760 24,038 4,406,224
Total fund balances 427,085 23,760 24,038 4,406,224
Total liabilities and fund balances $ 427,085 $ 23,881 $ 24,112 $ 5,010,434
81
Storm
Veterans
Fire
Reserve
Memorial
Assessment
Fund
Fund
Fund
Total
Assets:
Cash and cash equivalents
$ 101,961
$ 5,701
$ 5,756
$ 1,190,321
Investments
325,124
18,180
18,356
3,795,579
Receivables, net
-
-
-
24,534
Special assessments receivable
-
-
-
-
Total assets
$ 427,085
$ 23,881
$ 24,112
$ 5,010,434
Liabilities and Fund Balances
Accounts payable $ - $ 121 $ 74 $ 32,808
Retainage payable - - - -
Due to other governments - - - 569,654
Deferred revenue - - - -
Unearned revenue - - - 1,748
Total liabilities - 121 74 604,210
Fund balances:
Reserved for Debt service - - - -
Unreserved 427,085 23,760 24,038 4,406,224
Total fund balances 427,085 23,760 24,038 4,406,224
Total liabilities and fund balances $ 427,085 $ 23,881 $ 24,112 $ 5,010,434
81
Debt Service
2003 Debt
Service Fund
1999 Debt
Service Fund
Oak Forest
Debt Service
Fund
Central Winds
GO Debt Service
Fund
$ 765,266 $ 117,722 $ 1,701 $ 8,363
- 1,038 5,425 26,666
- 822 1,581
- - 507,400 -
$ 765,266 $ 118,760 $ 515,348 $ 36,610
765,266
765,266
$ - $ 1,145 $ -
507,400 -
508,545 -
118,760
1 18,760
6,803 36,610
6,803 36,610
$ 765,266 $ 118,760 $ 515,348 $ 36,610
(Continued)
IN
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2009
Debt Service
Assets:
2004 Capital
Projects Debt TLBD Phase II
Service Fund Debt Service Fund
Total
Cash and cash equivalents $ 1,747 $ 3,006 $ 897,805
Investments 5,569 9,585 48,283
Receivables, net - 300 2,703
Special assessments receivable - 286,278 793,678
Total assets $ 7,316 $ 299,169 $ 1,742,469
Liabilities and Fund Balances
Accounts payable $
- $ 757 $
1,902
Retainage payable
- -
-
Due to other governments
- -
-
Deferred revenue
- 286,278
793,678
Unearned revenue
- -
-
Total liabilities
- 287,035
795,580
Fund balances:
Reserved for Debt service
7,316 12,134
946,889
Unreserved
- -
-
Total fund balances
7,316 12,134
946,889
Total liabilities and fund balances $
7,316 $ 299,169 $
1,742,469
Capital Projects
1999
Construction
Fund
Revolving
Rehab Fund
City Hall
Expansion Public
Fund Facilities Fund
$ 214,797 $ 240,803 $ 2,438 $ 228,632
684,923 767,852 7,776 729,039
$ 899,720 $ 1,008,655 $ 10,214 $ 957,671
$ 345 $ 50 $ - $ -
- - 22,228
345 50 - 22,228
899,375 1,008,605 10,214 935,443
899,375 1,008,605 10,214 935,443
$ 899,720 $ 1,008,655 $ 10,214 $ 957,671
(Continued)
A
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2009
Capital Projects
Nonmajor
Total Governmental Funds
Assets:
Cash and cash equivalents $ 686,670 $ 2,774,796
Investments 2,189,590 6,033,452
Receivables, net - 27,237
Special assessments receivable - 793,678
Total assets $ 2,876,260 $ 9,629,163
Liabilities and Fund Balances
Accounts payable $ 395 $ 35,105
Retainage payable 22,228 22,228
Due to other governments - 569,654
Deferred revenue - 793,678
Unearned revenue - 1,748
Total liabilities 22,623 1,422,413
Fund balances:
Reserved for Debt service
Unreserved
Total fund balances
- 946,889
2,853,637 7,259,861
2,853,637 8,206,750
Total liabilities and fund balances $ 2,876,260 $ 9,629,163
M .
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U
�C� dpi
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
0
Special Revenue
Special Law
Transportation
Police Education
Enforcement Trust
Improvement
Transportation
Fund
F und- Loca
Fund
Impact Fee Fund
Revenues:
Taxes:
Property taxes
$ _
$
$
$ -
Permits and fees
-
Intergovernmental revenues
-
-
492,538
-
Charges for services
-
-
12,805
-
Fines and forfeitures
15,519
26,371
-
-
Impact feeslassessments
-
-
-
Investment income
-
183
1,312
2,141
Miscellaneous
346
-
-
-
Total revenues
15,865
26,554
506,655
2,141
Expenditures:
Current:
General government
-
-
-
-
Public safety
1,790
19,619
-
-
Physical environment
-
-
111,765
Culture and recreation
-
-
-
Debt Service:
Principal
-
-
Interest and fiscal charges
-
-
Capital Outlay:
General government
-
-
Public safety
-
37,494
-
-
Physical environment
-
-
283,446
46,234
Culture and recreation
-
-
-
-
Total expenditures
1,790
57,113
395,211
46,234
Excess (Deficiency) of Revenues Over
Expenditures
14,075
(30,559)
111,444
(44,093)
Other Financing Sources (Uses):
Transfers in
-
_
_
Transfers out
_
-
-
Total other financing sources(uses)
-
Net Change in Fund Balances
14,075
(30,559)
111,444
(44,093)
Fund Balances - Beginning
4,507
49,693
335,780
189,973
Prior Period Adjustment
-
-
-
380,081
Fund Balances - Ending
$ 18,582
$ 19,134
$ 447,224
$ 525,961
0
Special Revenue
Medical
Police Impact Fire impact Fee Parks Impact Public Buildings Transport
Fee Fund Fund Fee Fund impact Fee Fund Services Fund Arbor Fund
13,286
- - 22,770
17,906 -
- 2,025
513 3,657 21 1,393 2,032 507
- - 1,468 -
513 3,657 21 1,393 21,406 38,588
1,000 - - 5,170 -
- 36,021
8,167
9,167
_ - 5,170 36,021
(8,654) 3,657 21 1,393 16,236 2,567
3,424 4,740
3,424 - 4,740 - -
(5,230) 3,657 4,761 1,393 16,236 2,567
130,326 980,042 2,749 373,140 574,805 243,471
$ 125,096 $ 983,699 $ 7,510 $ 374,533 $ 591,041 $ 246,038
(Continued)
i
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
Revenues:
Taxes:
Property taxes
Permits and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt Service:
Principal
Interest and fiscal charges
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total other financing sources(uses)
Net Change in Fund Balances
Fund Balances - Beginning
Prior Period Adjustment
Fund Balances - Ending
Special Revenue
TLBD Oak Forest Emergency and Special Law
Maintenance Maintenance Disaster Relief Enforcement Trust
Fund Fund Fund Fund - Federal
- - 5,508
523,056 53,232 - -
2,496 207 2,689 200
14,255 5,035 - -
539,807 58,474 2,689 5,708
- - 14,937
485,517 38,560 578,608 -
_
29,546
44,483
578,608
38,560
485,517
54,290
19,914
(575,919)
(38,775)
(60,029)
(12,926)
-
(60,029)
(12,926)
(5,739)
6,988
(575,919)
(38,775)
401,540
24,682
720,921
53,296
$ 395,801 $
31,670 $
145,002 $
14,521
Z I
Special Revenue
HOA Projects - HOA Projects -
Streetlighting and Sinage Storm Reserve Veterans Memorial Streetlighting and Sinage Fire Assessment
Fund Fund Fund Fund (Non-escrow) Fund
_ 96,551 -
- - 209,800
21 1,348 64 7 554
- 3,027 10,900 19,610 -
21 20,926 10,964 19,617 210,354
511
- -
- 968
_
74,425
-
- -
_
-
2,356
-
_
19,617
19,617 968
2,867
74,425
-
21
(53,499)
8,097
- 209,386
-
133,100
796
-
-
-
- (189,707)
_
133,100
796
(189,707)
21
79,601
8,893
19,679
5,508
347,484
14,867
4,359
$ 24,038
23,760 $
427,085 $
$ 5,529 $
(Continued)
89
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
Special Revenue Debt Service
•%
Electric
2003 Debt
1999 Debt
Franchise Fee
Total
Service F und
Service Fund
Revenues:
Taxes:
Property taxes
$ -
$ -
$ -
$
Permits and fees
1,823,706
1,836,992
-
Intergovernmental revenues
-
531,859
-
Charges for services
-
30,719
-
Fines and forfeitures
-
49,423
-
Impact feestassessments
-
786,088
-
Investment income
-
19,345
1,371
246
Miscellaneous
-
54,641
-
-
Total revenues
1,823,706
3,309,059
1,371
246
Expenditures:
Current:
General government
86
597
-
-
Public safety
-
43,484
-
Physical environment
-
1,324,896
Culture and recreation
-
-
-
-
Debt Service:
-
Principal
-
-
625,000
55,000
Interest and fiscal charges
-
-
251,723
86,586
Capital Outlay:
General government
-
2,356
-
-
Public safety
-
75,207
-
-
Physical environment
-
349,297
-
-
Culture and recreation
-
-
-
Total expenditures
86
1,795,837
876,723
141,586
Excess (Deficiency) of Revenues Over
Expenditures
1,823,620
1,513,222
(875,352)
(141,340)
other Financing Sources (Uses):
Transfers in
-
142,060
858,000
146,000
Transfers out
(1,823,620)
(2,086,282)
-
-
Total other financing sources(uses)
(1,823,620)
(1,944,222)
858,000
1.46,000
Net Change in Fund Balances
(431,000)
(17,352)
4,660
Fund Balances - Beginning
-
4,457,143
782,618
114,100
Prior Period Adjustment
-
380,081
-
-
Fund Balances - Ending
$ -
$ 4,406,224
$ 765,266
$ 118,760
•%
Debt Service
2004 Capital
Oak Forest Debt
Central Winds GO
Projects Debt
TLBD Phase 11 Debt
Service Fund
Debt Service Fund
Service Fund
Service Fund
Total
$
$ 213,629 $
-
$ -
$ 213,629
14,864
-
18,471
33,335
22,196
590
146
12,634
37,183
22,038
-
-
10,250
32,288
59,098
214,219
146
41,355
316,435
_
_
1,132
1,132
5,025
-
-
5,025
50,500
75,000
63,953
55,484
924,937
16,351
148,863
14,047
11,339
528,909
1,460,003
67,955
78,000
223,863
71,876
(12,778)
(9,644)
(77,854)
(26,600)
(1,143,568)
15,537
-
60,000
37,801
1,117,338
37,801
1,117, 338
60,000
-
15,537
2,759
(9,644)
(17, 854)
11,201
(26,230)
4,044
46,254
25,170
933
973,119
$ 12,134
$ 946,889
7,316
$ 36,610 $
$ 6,803
(Continued)
91
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
92
Capital Projects
1999
City Hall
Construction
Oak Forest
Revolving Rehab
Expansion
Fund
Fund
Fund
Fund
Revenues:
Taxes:
Property taxes
$
$ -
$ -
$ -
Permits and fees
-
-
Intergovernmental revenues
-
-
-
Charges for services
-
Fines and forfeitures
-
-
-
Impact feeslassessments
-
-
Investment income
4,694
14
3,754
38
Miscellaneous
13,177
-
2,980
-
Total revenues
17,871
14
6,734
38
Expenditures:
Current:
General government
-
-
5,916
-
Public safety
-
-
-
Physical environment
-
-
-
Culture and recreation
-
-
-
-
Debt Service:
Principal
-
Interest and fiscal charges
-
-
Capital Outlay:
General government
-
-
Public safety
-
-
Physical environment
136,919
-
Culture and recreation
-
-
-
Total expenditures
136,919
-
5,916
-
Excess (Deficiency) of Revenues Over
Expenditures
(119,048)
14
818
38
Other Financing Sources (Uses):
Transfers in
-
-
-
Transfers out
(1,337)
(15,537)
Total other financing sources(uses)
(1,337)
(15,537)
Net Change in Fund Balances
(120,385)
(15,523)
818
38
Fund Balances - Beginning
1,019,760
15,523
1,007,787
10,176
Prior Period Adjustment
-
-
-
-
Fund Balances - Ending
$ 899,375
$ -
$ 1,008,605
$ 10,214
92
Capital Projects
TLBD Phase 11 Hazard Mitigation Senior Center Trotwood Public Facilities
Improvements Fund Grant Program Fund Expansion Fund Improvement Fund Fund
200,000
78 77 138 461 5,939
78 77 138 200,461 5,939
78
- 600,741
456,280 -
- 456,280 600,741
77
(594,802)
1,530,245
$ 935,443
(Continued)
138 (255,819) (594,802)
93
(37,801)
(4,753)
(3,411)
-
(37,801)
(4,753)
(3,411)
33,019
(37,723)
(4,676)
(3,273)
(222,800)
37,723
4,676
3,273
222,800
(594,802)
1,530,245
$ 935,443
(Continued)
138 (255,819) (594,802)
93
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2009
Excess (Deficiency) of Revenues Over
Expenditures (968,506) (598,852)
Other Financing Sources (Uses):
Transfers in
Capital Projects
1,292,417
Transfers out
(62,839)
Nonmajor
Total other financing sources(uses)
(29,820)
Governmental
Total
Funds
Revenues:
(1,455,556)
Fund Balances - Beginning
Taxes:
9,282,225
Prior Period Adjustment
Property taxes
$
$ 213,629
Permits and fees
Fund Balances - Ending
1,836,992
Intergovernmental revenues
200,000
731,859
Charges for services
-
30,711
Fines and forfeitures
-
49,423
Impact fees/assessments
-
819,423
Investment income
15,193
71,721
Miscellaneous
16,157
103,086
Total revenues
231,350
3,856,844
Expenditures:
Current:
General government
5,916
7,645
Public safety
-
43,484
Physical environment
1,329,921
Culture and recreation
-
aebt Service:
-
Principal
924,937
Interest and fiscal charges
_
528,909
Capital Outlay:
General government
2,356
Public safety
-
75,207
Physical environment
737,660
1,086,957
Culture and recreation
456,280
456,280
Total expenditures
1,199,856
4,455,696
Excess (Deficiency) of Revenues Over
Expenditures (968,506) (598,852)
Other Financing Sources (Uses):
Transfers in
33,019
1,292,417
Transfers out
(62,839)
(2,149,121)
Total other financing sources(uses)
(29,820)
(856,704)
Net Change in Fund Balances
(998,326)
(1,455,556)
Fund Balances - Beginning
3,851,963
9,282,225
Prior Period Adjustment
-
380,081
Fund Balances - Ending
$ 2,853,637 $
8,206,750
94
CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
95
Variance with Final
Budgeted Amounts
Budget - Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Fines and forfeitures
$ 20,000 $
20,000
$ 15,519
$ (4,481)
Investment income
70
70
-
(70)
346
Miscellaneous
Total revenues
-
20,070
-
20,070
346
15,865
(4,205)
Expenditures:
Current:
Public Safety
20,000
20,000
1,790
18,210
Total expenditures
20,000
20,000
1,790
18,290
Excess (Deficiency) of Revenues Over
70
14,075
14,005
Expenditures
70
Net change in fund balances
70
70
14,075
14,005
Fund balances - beginning
4,507
4,507
4,507
$ 18,582
-
$ 14,005
Fund balances - ending
$ 4,577 $
4,577
95
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - LOCAL
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund balances . beginning
Fund balances - ending
Variance with Final
Budgeted Amounts Budget - Positive
Original Final Actual Amounts (Negative)
$ - $ 13,528 $ 26,371 $ 12,843
450 450 183 (267)
450 13,978 26,554 12,576
22,500
23,786
19,619
4,167
-
36,961
37,494
(533)
22,500
60,747
57,113
3,634
(22,050)
(46,769)
(30,559)
16,210
(22,050)
(46,769)
(30,559)
16,210
49,693
49,693
49,693
-
$ 27,643 $
2,924 $
19,134 $
16,210
M.
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPROVEMENT FUND
SCHEDULE OF REVENUES, _EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
97
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Intergovernmental revenues
$ 495,000
$ 462,810
$ 492,538
$ 29,728
Charges for services
12,020
12,020
12,805
785
Investment income
3,350
3,350
1,312
(2,038)
Total revenues
510,370
478,180
506,655
28,475
Expenditures:
Current:
Physical environment
182,100
194,100
111,765
82,335
Capital Outlay
Physical environment
330,700
318,700
283,446
35,254
Total expenditures
512,800
512,800
395,211
117,589
Excess (Deficiency) of Revenues Over
Expenditures
(2,430)
(34,620)
111,444
146,064
Other Financing Sources (uses)
Transfers out
(100,000)
-
-
-
Total other financing sources and uses
(100,000)
-
-
-
Net change in fund balances
(102,430)
(34,620)
111,444
146,064
Fund balances - beginning
335,780
335,780
335,780
-
F'und balances -ending
$ 233,350
$ 301,160
$ 447,224
$ 146,064
97
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund balances - beginning
Prior period adjustment
Fund balances - ending
Actual Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 654,700 $ - $ - $ -
7,750 7,750 2,141 (5,609)
662,450 7,750 2,141 (5,609)
30,000 30,000
30,000
285,000
66,000
46,234
19,766
315,000
96,000
46,234
49,766
347,450
(88, 250)
(44,093)
44,157
347,450
(88, 250)
(44,093)
44,157
189,973
189,973
189,973
-
-
-
380,081
380,081
$ 537,423 $
101,723 $
525,961 $
424,238
.;
CITY OF WINTER SPRINGS, FLORIDA
POLICE IMPACT FEE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Actual Amounts
Variance with
Final Budget -
Positive
(Negative)
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
$ 89,000 $ -
2,800 2,800
91,800 2,800
513
513
(2,287)
(2,287)
8,710
-
1,000
(1,000)
16,427
16,427
8,167
8,260
25,137
16,427
9,167
7,260
66,663
(13,627)
(8,654)
4,973
-
3,424
3,424
-
-
3,424
3,424
-
66,663
(10,203)
(6,230)
4,973
130,326
130,326
130,326
-
$ 196,989
$ 120,123 $
125,096 $
4,973
..
CITY OF WINTER SPRINGS, FLORIDA
FIRE IMPACT FEE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Charges for services
Investment income
Total revenues
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Original Final Actual Amounts
$ 200,000 $ - $ -
17,200 3,200 3,657
217,200 3,200 3,657
217,200 3,200 3,657
217,200 3,200 3,657
Variance with
Final Budget -
Positive
(Negative)
457
457
457
457
Net change in fund balances
Fund balances - beginning
Fund balances - ending
980,042 980,042 980,042 -
$ 1,197,242 $ 983,242 $ 983,699 $ 457
100
CITY OF WINTER SPRINGS, FLORIDA
PARKS IMPACT FEE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Impact fees/assessments
Investment income
Total revenues
Budgeted Amounts
Original Final
$ 187,200 $ -
1,300
188,500
Actual Amounts
21
21
Variance with
Final Budget -
Positive
(Negative)
Expenditures:
Capital Outlay
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
50,000
50,000
138,500
21
21
4,742 4,740 (2)
- 4,742 4,740 (2)
138,500 4,742 4,761 19
2,749 2,749 2,749 -
$ 141,249 $ 7,491 $ 7,510 $ 19
101
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC BUILDINGS IMPACT FEE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
102
Variance with
Final Budget -
Budgeted Amounts
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 126,000 $
-
$ -
$ -
Investment income
7,100
1,100
1,393
293
Total revenues
133,100
1,100
1,393
293
Excess (Deficiency) of Revenues Over
Expenditures
133,100
1,100
1,393
293
Net change in fund balances
133,100
1,100
1,393
293
Fund balances - beginning
373,140
373,140
373,140
-
Fund balances - ending
$ 506,240 $
374,240
$ 374,533
$ 293
102
CITY OF WINTER SPRINGS, FLORIDA
MEDICAL TRANSPORT SERVICES FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
103
Variance with
Final Budget -
Budgeted Amounts
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Charges for services
$ - $
-
$ 17,906
$ 17,906
Investment income
10,200
2,200
2,032
(168)
Miscellaneous
-
-
1,468
1,468
Total revenues
10,200
2,200
21,406
19,206
Expenditures:
Current:
Public Safety
5,354
5,354
5,170
184
Total expenditures
5,354
5,354
5,170
184
Excess (Deficiency) of Revenues Over
Expenditures
4,846
(3,154)
16,236
19,390
Net change in fund balances
4,846
(3,154)
16,236
19,390
Fund balances - beginning
574,805
574,805
574,805
-
Fund balances -ending
$ 579,651 $
571,651
$ 591,041
$ 19,390
103
CITY OF WINTER SPRINGS, FLORIDA
ARBOR FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
104
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Permits and fees
$ 16,200
$ 16,200
$ 13,286
$ (2,914)
Intergovernmental revenues
142,000
25,000
22,770
(2,230)
Fines and forfeitures
750
750
2,025
1,275
Investment income
2,500
2,500
507
(1,993)
Total revenues
161,450
44,450
38,588
(5,862)
Expenditures:
Current:
Physical environment
17,490
42,490
36,021
6,469
Capital Outlay
Physical environment
2,000
2,000
-
2,000
Total expenditures
19,490
44,490
36,021
8,469
Excess (Deficiency) of Revenues Over
Expenditures
141,960
(40)
2,567
2,607
Net change in fund balances
141,960
(40)
2,567
2,607
Fund balances - beginning
243,471
243,471
243,471
-
Fund balances - ending
$ 385,431
$ 243,431
$ 246,038
$ 2,607
104
CITY OF WINTER SPRINGS, FLORIDA
TLBD MAINTENANCE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Expenditures:
Current:
Physical environment 509,475 523,730 485,517 38,213
Total expenditures 509,475 523,730 485,517 38,213
Excess (Deficiency) of Revenues Over
Expenditures 16,975 16,975 54,290 37,315
Other Financing Sources (Uses)
Variance with
Transfers out
(63,000)
(60,030)
Final Budget -
Total other financing sources and uses
Budgeted Amounts
(60,030)
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Fund balances - beginning
401,540
401,540
Impact fees /assessments
$ 520,000 $ 520,000
$ 523,056
$ 3,056
Investment income
6,450 6,450
2,496
(3,954)
Miscellaneous
- 14,255
14,255
-
Total revenues
526,450 540,705
539,807
(898)
Expenditures:
Current:
Physical environment 509,475 523,730 485,517 38,213
Total expenditures 509,475 523,730 485,517 38,213
Excess (Deficiency) of Revenues Over
Expenditures 16,975 16,975 54,290 37,315
Other Financing Sources (Uses)
Transfers out
(63,000)
(60,030)
(60,029) 1
Total other financing sources and uses
(63,000)
(60,030)
(60,029) 1
Net change in fund balances
(46,025)
(43,055)
(5,739) 37,316
Fund balances - beginning
401,540
401,540
401,540
Fund balances - ending
$ 355,515 $
358 $
395,801 $ 37,316
105
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST MAINTENANCE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual Amounts (Negative)
$ 52,940 $ 52,940 $ 53,232 $ 292
420 420 207 (213)
5,035 5,035 -
63,360 58,395 58,474 79
40,988
46,023
38,560
7,463
40,988
46,023
38,560
7,463
12,372
12,372
19,914
7,542
(13,200)
(12,927)
(12,926)
1
(13,200)
(12,927)
(12,926)
1
(828)
(555)
6,988
7,543
24,682
24,682
24,682
-
$ 23,854 $
24,127 $
31,670 $
7,543
106
CITY OF WINTER SPRINGS, FLORIDA
EMERGENCY AND DISASTER RELIEF FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Variance with
Final Budget -
Positive
(Negative)
$ (111)
(111)
25,892
25,892
25,781
25,781
$ 25,781
107
Budgeted Amounts
Original
Final
Actual Amounts
Revenues:
Investment income
$ 11,000
$ 2,800
$ 2,689
Total revenues
11,000
2,800
2,689
Expenditures:
Current:
Physical environment
-
604,500
578,608
Total expenditures
-
604,500
578,608
Excess (Deficiency) of Revenues Over
Expenditures
11,000
(601,700)
(575,919)
Net change in fund balances
11,000
(601,700)
(575,919)
Fund balances - beginning
720,921
720,921
720,921
Fund balances - ending
$ 731,921
$ 119,221
$ 145,002
Variance with
Final Budget -
Positive
(Negative)
$ (111)
(111)
25,892
25,892
25,781
25,781
$ 25,781
107
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - FEDERAL
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund balances - beginning
Fund balances - ending
300
300
Actual Amounts
$ 4,800 $ 5,508
300 200
14,500 16,715
5,708
Variance with
Final Budget -
Positive
(Negative)
$ 708
(100)
608
14,937 1,778
-
29,421
29,546
(125)
14,500
46,136
44,483
1,653
(14,200)
(41,036)
(38,775)
2,261
(14,200)
(41,036)
(38,775)
2,261
53,296
53,296
53,296
-
$ 39,096 $
12,260 $
14,521 $
2,261
M61:3
CITY OF WINTER SPRINGS, FLORIDA
HOA PROJECTS - STREETLIGHTING AND SINAGE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
109
Variance with
Final Budget -
Budgeted Amounts
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 50 $
50
$ 21
$ L2 9)
Total revenues
50
50
21
(29)
Expenditures:
Current:
General government
5,757
5,558
-
5,558
Total expenditures
5,757
5,558
-
5,558
Excess (Deficiency) of Revenues Over
Expenditures
(5,707)
(5,508)
21
5,529
Net change in fund balances
(5,707)
(5,508)
21
5,529
Fund balances - beginning
5,508
5,508
5,508
-
Fund balances - ending
$ (199) $
-
$ 5,529
$ 5,529
109
CITY OF WINTER SPRINGS, FLORIDA
STORM RESERVE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
110
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Intergovernmental revenues
$ -
$ 96,550
$ 16,551
$ 1
Investment income
6,100
1,100
1,348
248
Miscellaneous
-
3,028
3,027
(1)
Total revenues
6,100
20,678
20,926
248
Expenditures:
Current:
Physical environment
-
74,804
74,425
379
Total expenditures
-
74,804
74,425
379
Excess (Deficiency) of Revenues Over
Expenditures
6,100
(54,126)
(53,499)
627
Other Financing Sources (Uses)
Transfers in
138,000
133,000
133,100
100
Total other financing sources and uses
138,000
133,000
133,100
100
Net change in fund balances
144,100
78,874
79,601
727
Fund balances • beginning
347,484
347,484
347,484
-
Fund balances - ending
$ 491,584
$ 426,358
$ 427,085
$ 727
110
CITY OF WINTER SPRINGS, FLORIDA
VETERANS MEMORIAL FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Capital Outlay
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual Amounts (Negative)
$ - $ - $ 64 $ 64
- 9,000 10,900 1,900
- 9,000 10,964 1,964
- 1,186
511 675
- 2,356
2,356 -
3,542
2,867 675
- 5,458
8,097 2,639
796
796
- 6,254
14,867 14,867
$ 14,867 $ 21,121
796
796
8,893
14,867
$ 23,760
2,639
$ 2,639
111
CITY OF WINTER SPRINGS, FLORIDA
HOA PROJECTS - STREETLIGHTING AND SINAGE FUND (NON - ESCROW)
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Budgeted Amounts
Original Final
20,800
20,800
- 20,800 19,617 1,183
20,800 19,617 1,183
Variance with
Final Budget -
Positive
Actual Amounts (Negative)
$ 7 $ 7
19,610 (1,190)
19,617 (1,183)
112
CITY OF WINTER SPRINGS, FLORIDA
FIRE ASSESSMENT FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
113
Variance with
Final Budget -
Budgeted
Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 283,721
$ 283,721
$ 209,800
$ (73,921)
Investment income
-
-
554
554
Total revenues
283,721
283,721
210,354
(73,367)
Expenditures:
Current:
Public Safety
1,500
1,500
968
532
Total expenditures
1,500
1,500
968
532
Excess (Deficiency) of Revenues Over
Expenditures
282,221
282,221
209,386
(72,835)
Other Financing Sources (Uses)
Transfers out
(283,721)
(283,721)
(189,707)
94,014
Total other financing sources and uses
(283,721)
(283,721)
(189,707)
94,014
Net change in fund balances
(1,500)
(1,500)
19,679
21,179
Fund balances - beginning
4,359
4,359
4,359
-
Fund balances - ending
$ 2,859
$ 2,859
$ 24,038
$ 21,179
113
CITY OF WINTER SPRINGS, FLORIDA
ELECTRIC FRANCHISE FEE
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
114
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Taxes:
Property taxes
$ 1,720,000
$ 1,823,621
$ 1,823,706
$ 85
Investment income
-
-
-
-
Total revenues
1,720,000
1,823,621
1,823,706
85
Expenditures:
Current:
General government
-
-
86
(86)
Total expenditures
-
-
86
(86)
Excess (Deficiency) of Revenues Over
Expenditures
1,720,000
1,823,621
1,823,620
(1)
Other Financing Sources (Uses)
Transfers out
(1,720,000)
(1,823,621)
(1,823,620)
1
Total other financing sources and uses
(1,720,000)
(1,823,621)
(1,823,620)
1
Net change in fund balances
-
_
-
-
Fund balances - beginning
-
-
-
-
Fund balances - ending
$ -
$ -
$ -
$ -
114
CITY OF WINTER SPRINGS, FLORIDA
2003 DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual Amounts (Negative)
Revenues:
Investment income $ 10,000 $ 1,000 $ 1,371 $ 371
Miscellaneous - - - -
Total revenues 10,000 1,000 1,371 371
Expenditures:
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
625,000
625,000
625,000
-
253,250
253,250
251,723
1,527
878,250
878,250
876,723
1,527
(868,250)
(877,250)
(875,352)
1,898
858,000
858,000
858,000
858,000
858,000
858,000
-
(10,250)
(19,250)
(17,352)
1,898
782,618
782,618
782,618
-
$ 772,368
$ 763,368 $
765,266 $
1,898
115
CITY OF WINTER SPRINGS, FLORIDA
1999 DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
116
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 1,500
$ 500
$ 246
$ (254)
Total revenues
1,500
500
246
(254)
Expenditures:
Debt Service:
Principal
55,000
55,000
55,000
-
Interest and other charges
87,300
87,300
86,586
714
Total expenditures
142,300
142,300
141,586
714
Excess (Deficiency) of Revenues Over
Expenditures
(140,800)
(141,800)
(141,340)
460
Other Financing Sources (Uses)
Transfers in
146,000
146,000
146,000
-
Total other financing sources and uses
146,000
146,000
146,000
-
Net change in fund balances
5,200
4,200
4,660
460
Fund balances - beginning
114,100
114,100
114,100
-
Fund balances - ending
$ 119,300
$ 118,300
$ 118,760
$ 460
116
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICES FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES _ BUDGET AND ACTUAL
For The Year Ended September 30, 2009
117
Variance with
Budgeted Amounts
Final Budget -
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 58,650 $
58,650
$ 14,864
$ (43,786)
investment income
125
125
22,196
22,071
Miscellaneous
-
-
22,038
22,038
Total revenues
58,775
58,775
59,098
323
Expenditures:
Current:
Physical environment
5,222
5,222
5,025
197
Debt Service:
Principal
55,300
50,860
50,500
360
Interest and other charges
16,750
19,250
16,351
2,899
Total expenditures
77,272
75,332
71,876
3,456
Excess (Deficiency) of Revenues Over
Expenditures
(18,497)
(16,557)
(12,778)
3,779
Other Financing Sources (Uses)
Transfers in
17,477
15,537
15,537
-
Total other financing sources and uses
17,477
15,537
15,537
-
Net change in fund balances
(1,020)
(1,020)
2,759
3,779
Fund balances - beginning
4,044
4,044
4,044
-
Fund balances - ending
$ 3,024 $
3,024
$ 6,803
$ 3,779
117
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS GO DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Taxes:
Property taxes
Investment income
Total revenues
Expenditures:
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Actual Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 213,267
$ 212,067 $
213,629 $
1,562
2,400
600
590
(10)
215,667
212,667
214,219
1,552
75,000
149,000
224,000
(8,333)
75,000
149,000
75,000
148,863
223,863
(9,644)
137
137
(8,333)
224,000
(11,333)
(11,333)
1,689
(9,644) 1,689
Fund balances - beginning 46,254 46,254 46,254 -
Fund balances - ending $ 37,921 $ 34,921 $ 36,610 $ 1,689
118
CITY OF WINTER SPRINGS, FLORIDA
2004 CAPITAL PROJECTS DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Total revenues
Expenditures:
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
119
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
$ 230
$ 230
$ 146
$ (84)
230
230
146
(84)
40,000
65,952
63,953
1 ,999
40,000
14,048
14,047
1
80,000
80,000
78,000
2,000
(79,770)
(79,770)
(77,854)
1,916
60,000
60,000
60,000
-
60,000
60,000
60,000
-
(19,770)
(19,770)
(17,854)
1,916
25,170
25,170
25,170
-
$ 5,400
$ 5,400
$ 7,316
$ 1,916
119
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II DEBT SERVICE FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Budgeted Amounts
Original Final
Actual Amounts
Variance with
Final Budget -
Positive
(Ne gative)
$ 40,600 $ 40,600 $ 18,471 $ (22,129)
150 150 12,634 12,484
- - 10,250 10,250
40,750 40,750 41,355 605
1,256
1,256
1,132
124
18,550
56,351
55,484
867
12,550
12,550
11,339
1,211
32,356
70,157
67,955
2,202
8,394
(29,407)
(26,600)
2,807
-
37,801
37,801
-
-
37,801
37,801
-
8,394
8,394
11,201
2,807
933
933
933
-
$ 9,327 $
9,327 $
12,134 $
2,807
120
CITY OF WINTER SPRINGS, FLORIDA
1999 CONSTRUCTION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual Amounts (Negative)
$ 7,400 $ 7,400 $ 4,694 $ (2,706)
- 13,177 13,177 -
7,400 20,577 17,871 (2,706)
1,290,950
1,027,541
136,919
890,622
1,290,950
1,027,541
136,919
890,622
(1,283,550)
(1,006,964)
(119,048)
887,916
300,000
-
-
-
(12,000)
(1,337)
(1,337)
-
288,000
(1,337)
(1,337)
-
(995,550)
(1,008,301)
(120,385)
887,916
1,019,760
1,019,760
1,019,760
-
$ 24,210
$ 11,459 $
899,375 $
887,916
121
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
122
Variance with
Budgeted Amounts
Final Budget -
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 130
$ 14
$ 14
$ -
Total revenues
130
14
14
-
Excess (Deficiency) of Revenues Over
Expenditures
130
14
14
-
Other Financing Sources (Uses)
Transfers out
(17,477)
(15,537)
(15,537)
-
Total other financing sources and uses
(17,477)
(15,537)
(15,537)
-
Net change in fund balances
(17,347)
(15,523)
(15,523)
-
Fund balances - beginning
15,523
15,523
15,523
-
Fund balances - ending
$ (1,824)
$ -
$ -
$ -
122
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Actual Amounts
Variance with
Final Budget -
Positive
(Negative)
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Not change in fund balances
Fund balances - beginning
Fund balances - ending
$ 15,500 $ 3,000
- 2,980
15,500 5,980
$ 3,754
2,980
6.734
$ 754
754
10,220
13,200
5,916
7,284
10,220
13,200
5,916
7,284
5,280
(7,220)
818
8,038
5,280
(7,220)
818
8,038
1,007,787
1,007,787
1,007,787
-
$ 1,013,067
$ 1,000,567
$ 1,008,605 $
8,038
123
CITY OF WINTER SPRINGS, FLORIDA
CITY HALL EXPANSION FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Miscellaneous
Total revenues
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Original Final
Actual Amounts
$ 38
38
$ 38
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Positive
(Negative)
38
38 38
- - 38 38
10,176 10,176 10,176 -
$ 10,176 $ 10,176 $ 10,214 $ 38
124
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE 11 IMPROVEMENTS FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
125
Variance with
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 280
$ 78
$ 78
$ -
Total revenues
280
78
78
Expenditures:
Capital Outlay
General government
37,525
-
-
-
Total expenditures
37,525
-
-
-
Excess (Deficiency) of Revenues Over
Expenditures
(37,245)
78
78
-
Other Financing Sources (Uses)
Transfers out
-
(37,801)
(37,801)
-
Total other financing sources and uses
-
(37,801)
(37,801)
-
Net change in fund balances
(37,245)
(37,723)
(37,723)
-
Fund balances - beginning
37,723
37,723
37,723
-
Fund balances - ending
$ 478
$ -
$ -
$ -
125
CITY OF WINTER SPRINGS, FLORIDA
HAZARD MITIGATION GRANT PROGRAM FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Revenues:
Investment income
Total revenues
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Budgeted Amounts Positive
Orlginal Final Actual Amounts (Negative}
$ 50 $ 78 $ 77 $ (1)
50 78 77 (1)
50
78 77 (1)
(4,754) (4,753) 1
(4,754) (4,753) 1
50 (4,676) (4,676)
4,676 4,676 4,676
$ 4,726 $ - $ -
126
CITY OF WINTER SPRINGS, FLORIDA
SENIOR CENTER EXPANSION FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
127
Variance with
Final Budget -
Budgeted Amounts
Positive
Original Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 50 $
139
$ 138
$ (1)
Total revenues
50
139
138
(
Excess (Deficiency) of Revenues Over
Expenditures
50
139
138
(1)
Other Financing Sources (Uses)
Transfers out
-
(3,412)
(3,411)
1
Total other financing sources and uses
-
(3,412)
(3,411)
1
Net change in fund balances
50
(3,273)
(3,273)
-
Fund balances - beginning
3,273
3,273
3,273
-
Fund balances - ending
$ 3,323 $
-
$ -
$ '
127
CITY OF WINTER SPRINGS, FLORIDA
TROTWOOD IMPROVEMENT FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
Budgeted Amounts
Original Final
Revenues:
Intergovernmental revenues
Investment income
Total revenues
Expenditures:
Capital Outlay
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Variance with
Final Budget -
Positive
Actual Amounts (Negative)
$ 200,000 $ 200,000 $ 200,000 $ -
- 386 461 75
200,000 200,386 200,461 75
467,627
473,186
456,280
16,906
467,627
473,186
456,280
16,906
(267,627)
(272,800)
(255,819)
16,981
-
50,000
33,019
(16,981)
-
50,000
33,019
(16,981)
(267,627)
(222,800)
(222,800)
-
222,800
222,800
222,800
-
$ (44,827) $
- $
- $
r
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES FUND
SCHEDULE OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2009
129
Variance with
Budgeted
Amounts
Final Budget -
Positive
Original
Final
Actual Amounts
(Negative)
Revenues:
Investment income
$ 8,000
$ 8,000
$ 5,939
$ (2,061)
Total revenues
8,000
8,000
5,939
(2,061)
Expenditures:
Capital Outlay
Physical environment
1,746,218
1,538,245
600,741
937,504
Total expenditures
1,746,218
1,538,245
600,741
937,504
Excess (Deficiency) of Revenues Over
Expenditures
(1,738,218)
(1,530,245)
(594,802)
935,443
Other Financing Sources (Uses)
Transfers in
200,000
-
Total other financing sources and uses
200,000
-
Net change in fund balances
(1,538,218)
(1,530,245)
(594,802)
935,443
Fund balances - beginning
1,530,245
1,530,245
1,530,245
-
Fund balances - ending
$ (7,973)
$ -
$ 935,443
$ 935,443
129
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U N
STATISTICAL SECTION
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P U)
STATISTICAL SECTION
This part of the City of Winter Springs' comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures and required supplementary information says about the government's overall health.
Contents An
Financial Trends 130
These schedules contain trend information to help the reader understand
how the government's financial performance and well -being have changed
over time.
Revenue Capacity 137
These schedules contain information to help the reader assess the
government's most significant local revenue.
Debt Capacity 142
These schedules present information to help the reader assess the
affordability of the government's current levels of outstanding debt and the
government's ability to issue additional debt in the future.
There are no limitations placed upon the amount of debt the City of Winter
Springs may issue by either the City's Charter or the City's Code or by
Florida Statutes.
Demographic and Economic Information 148
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the government's financial
activities take place.
Operating Information 150
These schedules contain service and infrastructure data to help the reader
understand how the information in the government's financial report relates
to the services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived
from the comprehensive annual financial reports for the relevant year.
This page intentionally left blank.
U �
CITY OF WINTER SPRINGS, FLORIDA
NET ASSETS BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Governmental activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total govern mental activities net assets
Business -type activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business -type activities net assets
Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net assets
* $ 8,321
$ 10,108
Fiscal Year
$ 11,521
$ 11,763
$ 12,679
$ 12,692
$ 13,039
2000 2001 2002
2003
2004
2005
2006
2007
2008
2009
* ' $ 19,983
$ 22,686
$ 20,798
$ 26,523
$ 29,401
$ 37,530
$ 39,371
$ 40,701
* -
6,274
6,943
9,730
11,078
8,714
8,778
8,298
* * 16,059
10,019
14,128
9,875
13,666
17,432
14,468
13,794
$ 36,042
$ 38,979
$ 41,869
$ 46,128
$ 54,145
$ 63,676
$ 62,617
$ 62,793
* $ 8,321
$ 10,108
$ 11,361
$ 11,521
$ 11,763
$ 12,679
$ 12,692
$ 13,039
* * 2,778
2,324
2,347
2,500
2,612
2,735
2,814
2,762
* 7,760
8,366
8,912
7,645
9,555
8,721
5,135
3,156
$ 18,859
$ 20,798
$ 22,620
$ 21,666
$ 23,930
$ 24,135
$ 20,641
$ 18,957
' * $ 28,304
$ 32,794
$ 32,159
$ 38,044
$ 41,164
$ 50,209
$ 52,063
$ 53,740
* 2,778
8,598
9,290
12,230
13,690
11,449
11,592
11,060
* 23,819
18,385
23,040
17,520
23,221
26,153
19,603
16,950
$ 54,901
$ 59,777
$ 64,489
$ 67,794
$ 78,075
$ 87,811
$ 83,258
$ 81,750
Note
* Information not available prior to implementation of GASB Statement 34.
130
CITY OF WINTER SPRINGS, FLORIDA
CHANGES IN NET ASSETS
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Expenses
Governmental activities:
General government
Public safety
Physical environment
Culture and recreation
Interest and other fiscal charges on long -term debt
Total governmental activities expenses
Business -type activities:
Water and Sewer
Development Services
Stormwater
Total business -type activities expenses
Program Revenues
Governmental activities:
Charges for services:
General govemment
Public safety
Physical environment
Culture and recreation
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business -type activities:
Charges for services:
Water and Sewer
Development Services
Stormwater
Operating grants and contributions
Capital grants and contributions
Total business -type activities program revenues
Total government program revenues
Fiscal Year
2000 2001 2002
2003
2004
2005
2006
2007
2008
2009
* * $ 5,177
$ 4,640
$ 5,421
$ 5,786
$ 7,732
$ 8,452
$ 6,857
$ 5,801
* 6,838
7,870
8,703
9,138
10,016
10,726
11,299
7,196
* 2,747
2,765
8,779
5,561
2,038
2,390
5,694
6,281
* 1,629
1,747
1,989
2,265
2,393
2,739
2,511
2,554
* 857
1,404
764
763
709
683
965
959
* 17,248
18,426
25,656
23,513
22,888
24,990
27,326
22,791
* * 5,438 5,508
5,717
6,000
6,239
6,522
7,151
* - 552
744
627
679
860
687
* 529 630
671
974
831
983
1,040
* * $ 5,967 $ 6,690
$ 7,132
$ 7,601
$ 7,749
$ 8,365
833
* * $ 1,793
$ 1,986
$ 1,924
$ 1,985
$ 472
$ 376
$ 2,008
* * 619
664
782
720
1,207
1,054
930
* 1,540
742
721
589
3,485
3,435
4,529
* * 275
337
833
823
949
765
281
* 111
25
5,411
2,177
168
115
208
* * 423
664
2,291
1,962
2,459
6,484
2,628
' * 4,761
4,418
11,962
8,256
8,740
12,229
10,584
* 5,676
6,142
7,026
7,256
7,837
7,589
7,252
* -
1,539
2 1,324
1,008
2,482
923
573
* * 413
604
577
754
1,149
1,070
1,074
* * -
-
-
348
69
-
-
* 522
1,663
2,180
975
1,329
1,176
224
* 6,611
9,948
11,107
10,341
12,866
10,758
9,123
* $ 11,372
$ 14,366
$ 23,069
$ 18,597
$ 21,606
$ 22,987
$ 19,707
7,143
436
$ 2,006
589
3,139
295
41
2,442
8,512
7,339
269
1,063
483
14
9,168
$ 17,680
131
Fiscal Year
2000 2001 2002 2003 2004 2005 2006 2007 2008 2049
Net (expense)lrevenue
Governmental activities
Business -type activities
Total government net expense
' $ (12,487)
$ (14,008)
$ (13,694)
$ (15,257)
$ (14,148)
$ (12,761)
$ (16,742)
$ (14,279)
* * 644
3,258
3,975
2,740
5,117
2,393
245
(36)
* $ (11,843)
$ (10,750)
$ (9,719)
$ (12,517)
$ (9,031)
$ (10,368)
$ (16,497)
$ (14,315)
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
Property taxes
Utility taxes
Business tax receipts
Intergovernmental revenues - unrestricted
Investment income and miscellaneous
Loss on disposal of capital assets
Transfers '
Total governmental activities '
Business -type activities:
$ 4,278
$ 5,057
$ 5,653
$ 6,198
$ 7,383
$ 8,266
$ 7,130
* 4,998
4,765
4,807
4,984
5,751
5,841
3,976 3
(2,852)
(2,188)
-
-
-
-
140 4
* 4,783
5,229
3,243
3,681
3,971
3,752
3,445 3 &4
* 576
462
587
687
1,708
1,619
675
* -
(57)
-
-
-
-
-
* 1,152
1,489
2,294
3,967
3,352
2,813
2,189
* 15,787
16,945
16,584
19,517
22,165
22,291
17,555
Investment income and miscellaneous * 180 174
Loss on disposal of capital assets * (210) (4)
Transfers {1,152) (1,489)
Total business -type activities * (1,182) (1,319)
Total government $ 14,605 $ 15,626
$ 5,013
4,106
70
2,960
614
1,691
14,454
141
272
500
625
198
42
(2,294)
(3,967)
(3,352)
(2,813)
(2,189)
(2,153)
(3,695)
(2,852)
(2,188)
(1,991)
(1,649)
$ 14,431
$ 15,822
$ 19,313
$ 20,103
$ 15,564
$ 12,805
Change in Net Assets
Governmental activities * * $ 3,300 $ 2,937 $ 2,890 $ 4,260 $ 8,017 $ 9,530 $ 813 $ 175
Business -type activities * * (538) 1,939 1,822 (955) 2,265 205 (1,746) (1,685)
Total government $ 2,762 $ 4,876 $ 4,712 $ 3,305 $ 10,282 $ 9,735 $ (933) $ (1,510)
Note
Information not available prior to implementation of GASB Statement 34.
The increase from prior period was caused by 2004 Hurricanes Charley, Frances & Jeanne, and accrued FEMA reimbursement.
Z Prior to fiscal year 2003, Development Services was included in Governmental activities: Public Safety.
a f=ranchise fees were classified as Taxes prior to Fiscal year 2008 and were previously shown as Franchise and utility taxes, which is now Utility taxes.
Business tax receipts (formerly known as Occupational licenses) were classified as Licenses and permits prior to fiscal year 2008.
132
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
Business Tax
Property Tax Franchise Tax' Utility Tax Receipts 2
Total
2000
3,324
1,402
2,074
- 6,800
2001
3,626
1,587
2,493
- 7,706
2002
4,278
1,595
3,403
- 9,276
2003
5,057
1,304
3,461
- 9,822
2004
5,653
1,360
3,447
- 10,460
2005
6,198
1,480
3,504
- 11,182
2006
7,383
1,919
3,832
- 13,134
2007
8,265
1,921
3,920
- 14,106
2008
7,130
-
3,976
140 11,246
2009
5,013
-
4,106
70 9,189
Fiscal Year
Taxes included in Unrestricted Intergovernmental Revenues
State Revenue
Sales Tax Sharing Other Total
2000
1,908
647
86
2,641
2001
1,919
681
86
2,686
2002
2,128
691
131
2,950
2003
2,134
764
136
3,034
2004
2,258
843
142
3,243
2005
2,447
1,076
158
3,681
2006
2,701
1,123
147
3,971
2007
2,443
1,108
201
3,752
2008
2,261
1,021
163
3,445
2009
1,944
907
109
2,960
Note
Franchise fees were classified as taxes prior to fiscal year 2008
2 Business tax receipts (formerly known as Occupational licenses) were classified
as licenses and permits prior to fiscal year 2008
133
CITY OF WINTER SPRINGS, FLORIDA
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General fund
Reserved $ 81 $ 217 $ 54 $ 247 $ 264 $ 372 $ 455 $ 468 $ 301 $ 235
Unreserved 3,242 3,213 4,873 5,563 4,892 5,479 7,802 8,631 8,800 8,544
Total general fund $ 3,323 $ 3,430 $ 4,927 $ 5,810 $ 5,'156 $ 5,851 $ 8,257 $ 9,099 $ 9,101 $ 8,779
All other governmental funds
Reserved
$ 742 $
1,945 $
865 $
499 $
874 $
979
$ 1,058
$ 1,108 $
1,159
$ 1,141
Unreserved, reported in:
Special revenue funds
3,792
3,593
4,105
4,437
4,384
4,794
6,770
6,691
6,647
6,724
Capital projects funds
3,313
4,328
3,009
2,841
2,818
5,664
5,830
3,553
3,852
2,854
Total all other governmental funds
$ 7,847 $
9,866 $
7,979 $
7,777 $
8,076 $
11,437
$ 13,658
$ 11,352 $
11,658
$ 10,719
134
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)
Revenues
Taxes
Property
Franchise 3
utility
Special Assessments 2
General Obligation
Business Tax 4
Other
Licenses and Permits
Franchise Fees 3
Other 4
Intergovemmental'
Charges for services
Fines and forfeitures
Impact feeslassessments
Investment income
Miscellaneous
Total revenues
Expenditures
General government
Public safety
Physical Environment
Culture and recreation
Capital outlay
Debt service
Principal
Interest
Payments to escrow agent
Other charges
Total expenditures
Excess of revenues over (under) expenditures
Fiscal Year
2000 2001 2002 2003 2004 2005 2006 2007 2008 209
$ 3,324
$ 3,626
$ 4,278
$ 5,057
$ 5,653
$ 6,198
$ 7,384
$ 8,266
$ 6,912
$ 4,799
1,123
1,253
1,313
1,304
1,360
1,480
1,918
1,921
-
-
2,074
2,493
3,403
3,461
3,447
3,504
3,832
3,920
3,976
4,106
523
86
356
299
301
319
552
-
-
-
-
-
-
329
359
220
212
218
214
-
-
-
-
140
71
279
334
282
-
_
-
-
-
-
-
-
-
-
1,788
1,924
932
758
1,424
812
932
658
2,221
217
157
67
3,261
3,430
5,317
5,918
5,664
13,021
5,369
7,380
7,111
4,707
1,074
826
2,169
2,307
2,432
2,544
3,493
3,536
3,441
2,955
298
416
330
369
311
296
320
326
318
298
-
-
-
-
-
-
-
1,403
2,131
875
597
598
448
425
343
573
1,218
1,477
521
214
14
131
129
372
244
444
546
170
175
399
13,499
13,951
19,449
20,324
21,016
29,396
26,673
28,828
26,888
20,629
3,039
3,484
4,996
4,611
4,861
5,603
5,035
5,780
6,046
5,804
5,808
6,408
6,616
8,004
8,035
8,639
9,164
10,199
10,671
6,834
1,763
1,924
3,639
4,071
7,993
4,304
3,360
4,060
4,266
4,694
1,201
1,301
1,929
2,635
1,693
1,906
1,978
2,002
2,163
2,112
4,347
1,112
4,910
362
4,752
2,186
4,521
9,801
4,740
2,787
345
654
612
926
1,807
5,898
1,153
911
967
1,091
626
735
856
946
700
771
700
693
665
640
8
88
84
186
17
-
-
17,137
15,706
23,642
21,741
29,841
29,307
25,928
33,446
29,518
23,962
(3,638)
(1,755)
(4,193)
(1,417)
(8,825)
89
745
(4,618)
(2,630)
(3,333)
135
Other financing sources (uses)
Transfers in
Transfers out
Refunding bonds issued
Bonds issued
Premium on bonds issued
Discount on bonds issued
Payments to refunded bond escrow agent
Notes issued
Refunding note issued
Capital leases
Sale of capital assets
Total other financing sources (uses)
Prior Period Fund Balance Adjustment
Net change in fund balances
Debt service as a percentage of noncapital
expenditures
5,752
6,491
6,336
6,687
8,894
9,733
9,999
10,209
10,620
8,372
(4,999)
(5,574)
(5,185)
(5,198)
(6,600)
(5,766)
(6,647)
(7,396)
(8,432)
(6,680)
-
-
8,870
2,241
3,400
-
-
-
106
-
-
-
(
-
-
-
-
(8,776)
-
-
-
1,620
-
5,680
430
750
-
-
-
496
-
-
-
409
-
100
341
-
2,373
3,158
4,528
2,098
8,470
3,967
3,882
3,154
2,938
1,692
722
(574)
380
$ (1,265)
$ 2,125
$ (239)
$ 681
$ (355)
$ 4,056
$ 4,627
$ (1,464)
$ 308
$ (1,261)
8.22%
40.59%
8.54%
9.69 %
11,10%
32.61%
9,48%
7,28%
6.59%
8.21%
Note
Impact Fees classified as lntergovemmentai Revenue prior to fiscal year 2007.
2 Specia€ Assessments classified as Taxes prior to fiscal year 2007.
3 Franchise fees were classified as Taxes prior to fiscal year 2008
Business Tax receipts (formerly known as Occupational Licenses) were classified as Licenses and permits prior to fiscal year 2008
136
CITY OF WINTER SPRINGS, FLORIDA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
Mote
' Source: Seminole County Property Appraiser (www.scpafl.org)
z Source: Seminole County Tax Collector (www.seminoletax.org)
137
Real Property
Total
Total
Total
Estimated
Assessed
Fiscal Year
Residential and
Tax Exempt
Taxable
Direct
Actual
Value as a
Ended
Commercial
Residential
%
Commercial
%
Personal
Centrally
Real
Assessed
Tax Rate
Taxable
Percentage of
September 30,
Real Property'
Property'
Residential
Property'
Commercial
Property
Property'
Value'
2
Value'
Actual Value
2000
1,218,447
1,104,670
90.66%
113,777
9.34%
34,604
36
315,632
937,455
3.5495
1,299,005
72.17%
2001
1,324,355
1,196,041
90.31%
128,314
9.69%
40,568
34
299,567
1,065,390
3.5400
1,395,662
76.34%
2002
1,499,314
1,345,412
89.74%
153,902
10.26%
45,241
30
359,845
1,184,740
3.7708
1,580,947
74.94%
2003
1,642,139
1,473,685
89.74%
168,454
10.26%
43,759
31
418,960
1,266,969
4.1658
1,699,497
74.55%
2004
1,826,180
1,652,632
90.50%
173,548
9.50%
45,709
48
505,952
1,365,985
4.5500
1,916,005
71.29%
2008
2,007,522
1,833,417
91.33%
174,105
8.67%
49,733
55
574,194
1,483,116
4.5500
2,080,192
71.30%
2006
2,331,039
2,088,308
89.59%
242,731
10.41%
58,571
33
728,569
1,661,074
4.7500
2,458,480
67.57%
2007
3,131,636
2,792,826
89.18%
338,810
10.82%
67,509
33
1,195,372
2,003,806
4.4019
3,176,939
63.07%
2008
3,519,584
3,161,336
89.82%
358,248
10.18%
63,154
40
1,362,256
2,220,522
3.3518
3,716,575
59.75%
2009
3,238,332
2,847,791
87.94%
390,541
12.06%
63,531
41
1,292,735
2,009,169
2.5814
3,400,519
59.08%
Mote
' Source: Seminole County Property Appraiser (www.scpafl.org)
z Source: Seminole County Tax Collector (www.seminoletax.org)
137
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX RATES
DIRECT AND OVERLAPPING' GOVERNMENTS
Last Ten Fiscal Years 2
Note
Source: Seminole County Tax Collector (www.seminoletax.org)
' 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 year taxable value.
3 Fire Assessment fee was billed and City Millage rate was reduced for first and final year.
138
Overlapping Rates'
St. John's
Winter Springs
Seminole County
School District
Water
Debt
Debt
Total
Debt
Total
Manage-
County Fire
Total Direct
Fiscal
Operating
Service
Totai City
Operating
Service
County
Operating
Service
School
men#
Protection
& Overlap -
Year
Millage
Millage
Millage
Millage
Millage
Millage
Millage
Millage
Millage
District
(MSTU)
ping Rates
2000
3.5495
0.0000
3.5495
4.9989
0.1170
5.1159
8.7850
0.7560
9.5410
0.4820
0.0000
18.6884
2001
3.5400
0.0000
3.5400
4.9989
0.1083
5.1072
8.6550
0.6900
9.3450
0.4720
0.0000
18.4642
2002
3.7708
0.0000
3.7708
4.9989
0.2208
5.2197
8.5230
0.6390
9.1620
0.4520
0.0000
18.6145
2003
4.1658
0.0000
4.1658
4.9989
0.2086
5.2075
8.4790
0.5210
9.0000
0.4620
MOOD
18.8353
2004
43000
0.2500
4.5500
4.9989
0.1910
5.1899
8.2410
0.4950
8.7360
0.4620
0.0000
18.9379
2005
4.3000
0.2500
4.5500
4.9989
0.1721
5.1710
8.1270
0.3850
8.5120
0.4620
0.0000
18.6950
2006
4,6126
0.1374
4.7500
4.9989
0.2041
5.2030
7.9650
0.0000
7.9650
0.4620
0.0000
18.3800
2007
4,2919
0.1100
4.4019
4.9989
0.1451
5.1440
7.7530
0.0000
7.7530
0.4620
0.0000
17.7609
20083
3.2496
0.1022
3.3518
4.3578
0.1451
4.5029
7.4130
0.0000
7.4130
0.4158
0.0000
15.6835
2009
2.4714
0.1100
2.5814
4.5153
0.1451
4.6604
7.5430
0.0000
7.5430
0.4158
2.3299
17.5305
Note
Source: Seminole County Tax Collector (www.seminoletax.org)
' 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 year taxable value.
3 Fire Assessment fee was billed and City Millage rate was reduced for first and final year.
138
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Last Ten Fiscal Years
Tax Fiscal
Year Year
Oak Forest
Assessments Assessments
Billed Collected 4
Tuskawilla Lighting and Beautification (TLBD) - Phase I Tuskawilla Lighting and Beautification (TLBD) - Phase I[
Assessments Assessments Assessments Assessments
Difference Billed 2 Collected 1 Difference Billed 2 Collected I Difference
1999
2000
$ - $
- $
- $
459,438 $
442,916 $
16,522 $
-
2000
2001
82,651
79,689
2,962
-
232
(232)
- -
-
2001
2002
82,225
80,062
2,163
459,090
446,121
12,969
- -
-
2002
2003
82,678
78,809
3,869
393,704
376,256
17,448
-
2003
2004
83,344
80,400
2,944
391,976
377,978
13,998
2004
2005
99,595
97,388
2,207
390,204
379,601
10,603
- -
2005
2006
99,595
95,977
3,618
390,204
377,175
13,029
- 94,522
(94,522)
2006
2007
99,595
96,117
3,478
390,017
376,343
13,674
248,710 240,475
8,235
2007
2008
116,075
112,355
3,720
714,414
693,075
21,339
42,341 40,959
1,382
2008
2009
116,237
112,228
4,009
714,371
690,915
23,456
42,324 41,236
1,088
Note
i Includes prepayments.
2 Beginning in fiscal year 2008, the TLBD Phase I and 11 maintenance assessment were combined and collected as one assessment. TLBD Maintenance and Phase I Capital
are shown in the TLBD Pase 1 program amounts.
TLBD Phase 11 amount is capital improvement cost only.
Specia[ Assessment Debt Issued:
Oak Forest .tune 2000 (Refinanced in June of 2004)
TLBD Phase] May 2001
TLBD Phase II February 2006; No assessment levied until Fiscal Year 2007.
139
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2009
(amounts expressed in thousands)
2009
2000
Source: Seminole County Property Appraiser (www.scpafl.org)
140
Percentage
Percentage
of Total
of Total
Taxable
Taxable
Taxable
Taxable
Assessed
Assessed
Assessed
Assessed
Taxpayer
Value
Rank
Value
Value
Rank
Value
Laurel Oaks LLC
$ 37,182
1
1.85%
$ -
-
Courtney Springs LLC
23,053
2
1.15%
~
Capital Green I LLC
21,902
3
1.09%
-
-
Progress Energy Florida Corporation
18,915
4
0.94%
8,241
2
0.91%
Winter Springs Holdings, Inc
15,921
5
0.79%
-
-
United Dominion Realty Trust
12,172
6
0.61%
6,438
3
0.71%
Levitt & Sons of Seminole County
11,244
7
0.56%
-
-
BRI 1813 Villaggio Co -op Inc.
7,902
8
0.39%
-
-
Baxley Robert & Annmarie TRS
6,559
9
0.33%
Vistawilla Office Center LLC
6,328
10
0.31%
Golf Terrace, LTD
-
-
10,964
1
1.21%
Hacienda Village Co -op Inc.
-
-
4,994
4
0.55%
Seville Chase Development LTD
-
-
4,578
5
0.51%
OR Horton, Inc.
-
-
3,465
6
0.38%
Time Warner Entertainment
-
-
3,219
7
0.36%
Morrison Homes of Florida, Inc.
-
-
2,580
8
0.28%
Florida Country Clubs, Inc.
-
2,422
9
0.27%
Southern Bell Telephone
-
-
2,390
10
0.26%
Totals
$ 161,178
8,02/v
$ 49,291
5.44%
Source: Seminole County Property Appraiser (www.scpafl.org)
140
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Total Collections to Date
Percentage of
Amount Levy
3,336,016
96.60%
Collected within the Fiscal Year of the
96A3%
4,332,084
96,97%
Levy
95.83%
5,990,000
Fiscal Year
6,557,387
97.17%
7,603,347
Collections in
Ended
Total Tax Levy
7,156,388
Percentage of
Subsequent
September 30,
for Fiscal Year
Amount 2
Levy
Years
2000
3,453,596
3,333,199
96.51%
2,817
2001
3,771,445
3,618,281
95.94%
7,288
2002
4,467,419
4,324,807
96.81%
7,277
2003
5,277,940
5,048,670
95,66%
9,160
2004
6,215,233
3 5,982,716
96.26%
7,284
2005
6,748,179
3 6,546,002
97.00%
11,385
2006
7,890,100
3 7,591 ,158
96.21%
12,189
2007
8,820,491
3 8,475,408
96.09%
2,214
2008
7,442,693
3 7,145,070
96.00%
11,318
2009
5,186,450
3 5,028,524
96.96%
14,586
Total Collections to Date
Percentage of
Amount Levy
3,336,016
96.60%
3,625,569
96A3%
4,332,084
96,97%
5,057,830
95.83%
5,990,000
96.38%
6,557,387
97.17%
7,603,347
96,37%
8,477,622
96.11%
7,156,388
96.15%
5,043,110
97,24%
Note
Gross taxes before discount of 1 %- 4 %, depending on month paid; Source: Seminole County
Property Appraiser (www.sopafl.org)
2 Source: Seminole County Tax Collector (www.seminoletax.org)
3 Includes voted debt service not to exceed .25 mills for Central Winds General Obligation Debt
141
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2009
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.
142
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
Bonded
Gross Net Debt to Net Bonded
Fiscal Assessed Bonded Less Debt Bonded Assessed Debt per
Year Population } Value 2 Debt 3 Service Fund 4 Debt Value Capita
2000
30,860
972,981,000
0.000%
-
2001
31,666
1,065,390,000
-
-
-
0.000%
-
2002
32,082
1,184,740,000
3,400,000
23,275
3,376,725
0.285%
105
2003
32,572
1,266,969,000
3,335,000
24,260
3,310,740
0.261%
102
2004
32,955
1,365,985,000
3,270,000
53,373
3,216,627
0.235%
98
2005
33,321
1,483,116,250
3,205,000
46,967
3,158,033
0.213%
95
2006
34,621
1,661,074,000
3,140,000
51,743
3,088,257
0.186%
89
2007
34,899
2,003,805,968
3,070,000
47,572
3,022,428
0.151%
87
2008
34,639
2,220,522,082
3,000,000
46,254
2,953,746
0.133%
85
2009
34,340
2,009,169,114
2,925,000
36,610
2,888,390
0.144%
84
Note
i Source: Synergos Technologies Inc.: PopStats at .tune 2008; Previous years statistics may have come from
multiple sources including East Central Florida Regional Planning Council or University of Florida Bureau of Economic
and Business Research and Metro Orlando Economic Development Commission (www.orlandoedc.com).
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 bonds, which were issued in 2002
143
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(dollars in thousands, except per capita)
Note: Details regarding the city's outstanding debt can be found in the notes to the Financial Statements: Note 9: Long -Term Debt.
' Information is not available.
1 See Demographic and Economic Statistics for personal income and population data. These ratios are
calculated using personal income and population.
2 Amounts do not include accreted Interest Payable for 1999 Improvement Refunding Revenue Bonds and 2000 Water and Sewer Refunding Revenue Bonds
144
Governmental Activities
Business -Type Activities
Fiscal Year
Refunding
Special
Water and Sewer
Percentage
Ended
Revenue
Revenue
Limited General
Assessment
Capital
Water and Sewer Refunding
Capital
Total Primary
of Personal
September 30,
Bonds
Bonds
Ob€igation Bonds Revenue Bonds
Leases
Revenue Bonds Revenue Bonds 2
Leases
Government
Income'
Per Capita'
2000
1,980
16,379
-
-
97
2,544 20,345
41,341
5.26%
$1,340
2001
1,597
16,134
-
2,265
71
- 26,929
-
46,996
$1,484
2002
1,277
15,869
3,400
2,265
44
27,014
212
50,081
$1,561
2003
878
16,044
3,335
2,225
320
26,234
142
49,178
$1,510
2004
5.861
15,654
3,270
2,180
206
25,429
64
52,664
$1,598
2005
734
15,094
3,205
2,135
104
24,594
-
45,866
$1,376
2006
479
14,504
3,140
2,427
100
23,724
44,374
4.53%
$1,282
2007
439
13,884
3,070
2.354
333
- 22,829
42,909
4.42%
$1,230
2008
1,125
13,234
3,000
2,276
228
- 21,884
41,747
4.06%
$1,205
2009
1,011
12,554
2,925
2,165
117
20,904
39,676
3.77%
$1,155
Note: Details regarding the city's outstanding debt can be found in the notes to the Financial Statements: Note 9: Long -Term Debt.
' Information is not available.
1 See Demographic and Economic Statistics for personal income and population data. These ratios are
calculated using personal income and population.
2 Amounts do not include accreted Interest Payable for 1999 Improvement Refunding Revenue Bonds and 2000 Water and Sewer Refunding Revenue Bonds
144
CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2009
(amounts expressed in thousands)
Governmental Unit
Overlapping Debt:
Estimated
Estimated Share of
Percentage Overlapping
Debt Outstanding Applicable 1 Debt
Seminole County General Obligation Debt $ 16,270 6.35% $ 1,033
Subtotal, overlapping debt
Direct Debt:
City of Winter Springs General Obligation Debt 2 2,925 100% 2,925
Total direct and overlapping debt $ 19,195 $ 3,958
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
4 Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
2 The City of Winter Springs has a 'limited" general obligation bond that is being repaid through a levy not to
exceed one quarter of one mill on all taxable property in the City.
145
CITY OF WINTER SPRINGS, FLORIDA
PLEDGED- REVENUE COVERAGE
Last Teri Fiscal Years
General Government
2,074,285
1,123,082
Federal
- -
- 442,916
Emergency Impact Fees
Budget &
3,800,283
Management (Fire, Police, Non -Ad
Appropriate
Total
Public Electric Agency Public Recreation and Valorem
Medical (General Fund
Revenue Maximum
Fiscal Year Service Franchise Half -Cent General Assistance Public Special
Transport and Water &
Available for Annual Debt
Ended Sept 30, Taxes Tax Sales Tax Obligation Grants Facilities) Assessments
Revenue Sewer Fund)
[Debt Service Service Coverage
2000
2,074,285
1,123,082
160,000
- -
- 442,916
-
-
3,800,283
1,405,632
2.70
2001
2,492,952
1,253,696
160,000
79,921
61,488
173,335
4,221,392
1,775,599
2.38
2002
3,403,121
1,251,069
160,000
_
526,183
61,483
173,315
5,575,171
2,083,590
2.68
2003
3,460,992
1,275,670
160,000
- -
- 455,065
61,485
173,313
5,586,525
2,144,039
2.61
2004
3,446,874
1,322,280
160,000
328,668 -
328,143 458,378
76,487
339,685
6,460,515
2,417,562
2.67
2005
3,504,158
1,436,996
160,000
358,960 7,127,760
165,203 476,989
-
13,231,066
6,858,968
1.93
2005
3,831,569
1,775,460
160,000
219,736 -
518,072 567,674
-
7,072,511
2,038,741
3.47
2007
3,919,603
1,759,245
160,000
212,077 -
3
- 712,935
30,000
6,793,863
1,751,594
3.88
2008
3,975,766
1,748,477
160,000
217,872 -
846,389
60,000
7,008,504
1,828,176
3.83
2009
4,105,959
1,823,706
160,000
213,629 -
844,379
60,000
7,207,673
2,615,188
2.76
146
CITY OF WINTER SPRINGS, FLORIDA
PLEDGED - REVENUE COVERAGE
Last Ten Fiscal Years
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.
z "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
Data has been restated
147
Water Revenue Bonds
Debt Service Requirements
Revenue
Fiscal Year
Gross
Operating
Available
Ended Sept 30,
Revenues'
E=xpenses Z
for Debt
Principal
Interest
Total
Coverage
2000
6,078,294
3,191,228
2,887,066
750,000
1,397,292
2,147,292
1.34
2001
6,176,985
3,438,641
2,738,344
930,000
1,383,337
2,313,337
1.18
2002
5,854,262
3,840,397
2,013,865
420,000
1,251,116
1,671,116
1.21
2003
6,309,545
3,992,489
2,317,056
780,000
1,046,997
1,826,997
1.27
2004
7,152,358
4,968,307
2,184,051
805,000
1,020,472
1,825,472
1.20
2005
7,497,904
4,862,108
2,635,796
835,000
1,006,910
1,841,910
1.43
2006
8,257,218
4,888,390
3,368,828
870,000
980,427
1,850,427
1.82
2007
8,084,483
5,163,896
2,920,587
895,000
944,302
1,839,302
1.59
2008
7,415,100
5,365,172
2,049,928
945,000
909,661
1,854,661
1.11
2009
7,376,924
5,298,633
2,078,291
980,000
871,309
1,851,309
1.12
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.
z "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
Data has been restated
147
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Data not available
Note
' Source: Metro Orlando Economic Development Commission (www.orlandoedc.com)
2 Source: Seminole County Public Schools
3 Source: US Department of Labor, Bureau of Labor Statistics (data.bls.gov) - Rate for "Orlando" Metropolitan area
M;
Personal
Education
Income
Level in
(amounts
Years of
expressed in
Per Capita
Median
Formal
School
Unemploy-
Fiscal Year
Population
thousands)
Personal Income'
Age'
Schooling'
Enrollment 2
ment Rate 3
2000
30,860
785,726
25,461
37.2
13.68
5,776
3.0%
2001
31,666
*
6,421
3.5%
2002
32,082
"
*
6,508
5.8%
2003
32,572
*
"
7,413
5.3%
2004
32,955
*
7,476
4.6%
2005
33,321
*
*
*
*
7,492
3.8%
2006
34,621
979,428
28,290
39.3
13.97
7,342
3.2%
2007
34,899
971,623
27,841
39.8
13.93
7,115
3.6%
2008
34,639
1,028,951
29,705
40
1172
6,804
5.0%
2009
34,340
1,053,173
30,669
403
13.72
6,754
9.7%
Data not available
Note
' Source: Metro Orlando Economic Development Commission (www.orlandoedc.com)
2 Source: Seminole County Public Schools
3 Source: US Department of Labor, Bureau of Labor Statistics (data.bls.gov) - Rate for "Orlando" Metropolitan area
M;
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
Total 2,616 51.29%
* Data not available
Note
' Per telephone survey of major local businesses
2 Per Metro Orlando Economic Development Commission
(www.orlandoedc.com), the City of Winter Springs has an estimated daytime
working population of 4500 FTEs with approximately 647 business
establishments as of June 2009.
149
2009'
2000
Percentage z Percentage
of Total City of Total City
Employer
Employees
Rank
Employment Employees Rank Employment
Seminole County School Board
1,775
1
34.80% * "
City of Winter Springs
234
2
4.59% * "
Dearborn Electronics
130
3
2.55%
Publix (Winter Springs Town Center)
115
4
2.25% * "
Tuscawilla Country Club
113
5
2.22% "
Modern Plumbing
80
6
1.57% "
United States Post Office
48
7
0.94% "
Dittmer Architectural Aluminum
44
8
0.86% "
Longwood Kia /Mitsubishi
40
9
0.78%
The Grove Counseling Center
37
10
0.73%
Total 2,616 51.29%
* Data not available
Note
' Per telephone survey of major local businesses
2 Per Metro Orlando Economic Development Commission
(www.orlandoedc.com), the City of Winter Springs has an estimated daytime
working population of 4500 FTEs with approximately 647 business
establishments as of June 2009.
149
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL -TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Note
Data not available
1 Prior to fiscal year 2003, Development Services was included in Governmental activities: Public Safety: Community Development - Building.
2 Police civilians include Emergency communications center operations personnel.
3 FTEs - Full -time Equivalent Units; this statistic replaces part -time employee count starting in Fiscal Year 2005 and these units are included
in the appropriate function totals for FY 2005 - 2009.
4 Department was consolidated 10/02/08 with Seminole County Fire Department
150
Full -time Equivalent Employees as of September 30,
Function
2001
2002
2003
2004
2005
2006
2007
2008
2009
Development Services'
6
6
8
8
10
10
10
10
5
General Government
36
38
36
37
41
44
44
44
45
Public Safety:
Police
Sworn Officers
54
59
59
64
64
70
70
70
70
Non sworn officers
-
-
0
0
0
0
0
Civilians 2
20
20
20
20
20.75
20.75
20.75
20.75
20.75
Fire"
Firefighters and officers
38
41
49
50
50
51
51
51
0
Civilians
1
1
1
2
2
2
2
2
0
Public Works
21
22
21
23
23
21
21
21
21
Culture and Recreation
20
19
20
21
32.34
33.67
35.78
36.63
34.07
Utilities
35
36
35
40
42
42
43
45
45
Stormwater
5
6
7
7
7
9
9
9
9
Total
236
248
256
272
292.09
303.42
306.53
309.38
249.82
Part -time Employees
24
24
23
"
Part -time FTEs 3
11.09
12.42
14.53
15.38
16.32
Note
Data not available
1 Prior to fiscal year 2003, Development Services was included in Governmental activities: Public Safety: Community Development - Building.
2 Police civilians include Emergency communications center operations personnel.
3 FTEs - Full -time Equivalent Units; this statistic replaces part -time employee count starting in Fiscal Year 2005 and these units are included
in the appropriate function totals for FY 2005 - 2009.
4 Department was consolidated 10/02/08 with Seminole County Fire Department
150
CITY OF WINTER SPRINGS, FLORIDA
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
Function
Police
Auto accidents
Physical arrests
Criminal investigations conducted
Total calls for service
911 calls received
Evidence processed (pieces)
Fire'
Public education programs
Number of emergency calls answered
Medical transports
Highways and streets
Streets paved (mi €es)
Streets resurfaced (square yards)
Sidewalks /bike paths built or repaired (feet)
Culture and recreation
Games - BasebalVSoftball
Games - Basketball
Games - Football
Games - Soccer
Senior Activities
Civic Center & Pavilion Rentals
Program Events
Fiscal Year
2000 2001 2002 2003
386
383
442
495
508
505
530
444
546
404
882
966
640
588
627
1,128
1,633
1,582
1,708
1,928
454
614
552
437
450
591
551
291
357
464
30,336
30,457
47,550
76,958
83,290
91,904
107,074
125,789
142,202
133,527
5,874
6,077
6,OB7
5,506
5,786
6,931
5,174
5,781
5,248
4,937
*
`
*
2,396
2,068
2,436
1,820
1,721
2,221
188
147
136
118
65
61
53
118
56
NIA
2,965
3,264
3,129
2,898
3,426
3,258
3,261
3,338
3,345
NIA
1,011
1,026
1,089
1,008
1,146
1,126
1,159
1,284
1,300
NIA
*
0.03
0.36
0.99
0.85
0.00
0.00
0.57
0.00
0.04
39,329
37,778
51,132
40,658
44,257
44,945
23,925
35,537
72,400
43,018
3,932
4,323
3,226
2,345
5,371
3,834
4,159
22,112
5,134
4,486
`
*
1,502
1,643
1,565
1,468
1,521
652
644
606
599
371
`
*
*
286
285
298
271
222
1,029
4,010
945
970
1,005
*
817
769
753
899
4,654
1,154
898
1,108
`
196
245
267
319
379
379
362
x
312
345
312
310
221
205
240
2004 2005 2006 2007 2008 2009
151
Water
NEW connections
Number of customers
Water main breaks
Average daily consumption (gallons /per capita)
Meter reads
Community Development
Total permits issued
Building inspections
Business tax receipts issued
Land use amendments & rezonings
Permits files createdfreviews initiated
General Government
Personnel actions processed
Worker's Comp Injuries
Legal notices published
Payroll - Checks
Payroll - Direct Deposit
Receipts deposited
A/P checks issued
Purchase orders /EPO's processed
355 156 204
11,921 12,136 11,316
«
125 114 110
1,997 1,773 2,182
3,746 4,378 7,703
S S S
7 11 8
225
29 35 35
* * 4,013
« x 2,969
5,331
Note
* Information not available
Department was consolidated with Seminole County Fire Department effective 10/02/08
198
132
260
279
179
19
13
12,066
11,903
12,104
12,444
12,514
12,706
12,802
*
6
6
16
13
13
21
106
115
108
126
125
115
1103
x
*
*
171,167
174,604
175,478
2,846
2,834
4,217
2,805
2,405
2,741
2,808
16,651
16,869
16,669
15,574
9,473
7,278
4,931
*
1,944
1,135
942
14
16
12
4
23
5
9
'
2,545
3,349
3,408
290
315
360
332
637
500
609
*
14
40
32
41
46
25
*
*
*
38
41
22
3,493
1,411
301
275
312
337
220
3,795
5,941
7,311
7,524
7,592
7,557
6,210
*
169,556
182,195
192,439
185,716
202,307
186,401
7,975
7,929
7,768
7,914
7,460
7,014
8,829
5,669
6,227
5,737
5,412
5,205
4,772
3,930
152
CITY OF WINTER SPRINGS, FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
Fiscal Year
2000 2001 2002 2003 2004 2005 2006 2007 2006 2009
Function
Public safety
Police:
Stations
1
1
1
1
1
1
1
1
1
2
Fleet
I
•
•
75
75
75
79
Fire stations'
2
2
2
2
3
3
3
3
3
3
Highways and streets
Streets - paved (miles)
91.90
91.91
92.27
93.26
94.11
94,11
94.11
95.32
95.32
95.32
Streets - unpaved (miles)
6.70
6.67
7.10
7.25
6.40
6.40
7.16
6.40
6.40
6.40
Streetlights
`
1,884
1,901
2,095
2,158
2,158
2,300
Traffic signals
7
7
7
8
9
9
10
10
10
10
Culture and recreation
Park acreage
228
255
267.20
267.70
267.70
267.70
267.70
267.70
267.70
Parks - Community
2
5
5
5
5
5
5
6
6
6
Parks - Neighborhood
6
6
6
6
7
7
7
7
7
7
Senior Center
1
1
1
1
1
1
t
1
1
1
Community Center
1
1
1
1
1
1
1
1
1
1
Water
Water mains (miles)
143.0
144.3
144.7
150.1
155,1
158.9
160.4
161.7
167.6
167.6
Fire hydrants
880
882
914
929
931
964
975
995
1,000
1,600
Maximum daily capacity (millions of gallons)
12
12
12
12
12
12
12
12
12
12
Deep Wells
7
7
7
7
7
7
8
8
8
8
Sewer
Sanitary sewers (miles)
99.80
100.20
100.50
103.31
105.27
106.97
108.30
108.90
135.50
111,57
Storm sewers (miles)
'
91.01
91.56
91.56
91.56
Treatment facility capacity ( millions of gallons)
4112
4.212
4.212
4.212
4.212
4.212
4.212
4,212
4.212
4.212
Current average flow (millions of gallons)
1.813
2,179
2.179
2.343
2.285
2.297
2.243
2,209
2.198
2.142
Note
Information not avai #able
' Seminole County is leasing stations per Consolidation Agreement
153
OTHER REPORTS
This page intentionally left blank.
o� sJ4 'A
U �
`t R A
1VICDIRMIT /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
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 the financial statements of City of Winter Springs, Florida, as of and for the
year ended September 30, 2009, and have issued our report thereon dated February 19,
2010. We conducted our audit in accordance with auditing standards generally accepted in
the United States of America and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States.
Internal Control Over Financial„ Reporting
In planning and performing our audit, we considered the City's internal control over financial
reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow
management of employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A significant deficiency is a control
deficiency, or combination of control deficiencies, that adversely affects the City's ability to
initiate, authorize, record, process, or report financial data reliably in accordance with
generally accepted accounting principles such that there is more than a remote likelihood that
a misstatement of the City's financial statements that is more than inconsequential will not be
prevented or detected by the City's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial
statements will not be prevented or detected by the City's internal control.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and would not necessarily identify all
deficiencies in internal control that might be significant deficiencies and accordingly would not
necessarily disclose all significant deficiencies that are also considered to be material
weaknesses, We did not identify any deficiencies in internal control over financial reporting
that we consider to be material weaknesses, as defined above.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET, SUITE 635 • ORLANDO, FLORIDA 3280 i
TELEPHONE 407 -843 -5406 • FAX 407 -649 -9339 • EMAIL: INFO @MCDIRMITDAVIS.COM
MI YU4FR : PRIVATE CONIPANIES PRACTICE SE('TU,N • AMERI('AN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • FLORIDA SNSTITUTE OF CERTIFIED PCULK ACCOUNTANTS
154
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements, noncompliance with which could have a
direct and material effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an objective of our audit
and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
We noted certain matters that we reported to management of the City of Winter Springs in a
separate letter dated February 19, 2010. They City's response to our findings identified in our
audit is included in this report. We did not audit the City's response, and accordingly, we
express no opinion on it.
This report is intended solely for the information and use of management, the City
Commission and the Auditor General of the State of Florida, and is not intended to be, and
should not be used by anyone other than these specified parties.
February 19, 2010
155
MCDIRMIT'/// DAvis
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR
FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN
ACCORDANCE WITH OMB CIRCULAR A -133
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Compli
We have audited the compliance of the City of Winter Springs, Florida with the types of
compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular
A -133 Compliance Supplement, that are applicable to the major federal program for the year
ended September 30, 2009. The City of Winter Springs's major federal program is identified in
the summary of auditor's results section of the accompanying Schedule of Findings and
Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants
applicable to its major federal programs are the responsibility of the City of Winter Springs, Florida
management. Our responsibility is to express an opinion on the City of Winter Springs, Florida
compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and
OMB Circular A -133, Audits of States, Local Governments, and Non- Profit Organizations. Those
standards and OMB Circular A -133 require that we plan and perform the audit to obtain
reasonable assurance about whether noncompliance with the types of compliance requirements
referred to above that could have a direct and material effect on a major federal program
occurred. An audit includes examining, on a test basis, evidence about City of Winter Springs,
Florida compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion. Our audit does not provide a legal determination on the City of Winter
Springs, Florida compliance with those requirements.
In our opinion, the City of Winter Springs, Florida, complied, in all material respects, with the
requirements referred to above that are applicable to its major federal program for the year ended
September 30, 2009.
MCDIRMIT DAVIS & COMPANY, L LC
605 E. ROBINSON STREET, SUITE 635 • ORLANDO, FLORIDA 32801
TELEPHONE 407 - 843 -5406 • FAX 407- 649 -9339 • EMAIL: INFO@ MCDIRMITIDAVIS.COM
Mr.mmRS: PRSYATL COMPANIES PRACTICF. • AMERICAN INSTITUTE nF Crpi , FrrED PIiFlI.IC ACCOUNTANTS • FLORSDA INSTITLTE OF CURTLFIED PVBLLC ACCOUNTANTS
156
Internal Control Over Compliance
The management of the City of Winter Springs, Florida is responsible for establishing and
maintaining effective internal control over compliance with requirements of laws, regulations,
contracts and grants applicable to federal programs. In planning and performing our audit, we
considered the City of Winter Springs, Florida internal control over compliance with requirements
that could have a direct and material effect on a major federal program in order to determine our
auditing procedures for the purpose of expressing our opinion on compliance, but not for the
purpose of expressing an opinion on the effectiveness of internal control over compliance.
Accordingly, we do not express an opinion of the effectiveness of the City of Winter Springs,
Florida's internal control over compliance.
A control deficiency in an entity's internal control over compliance 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 noncompliance with a type of compliance
requirement of a federal program on a timely basis. A significant deficiency is a control deficiency,
or a combination of control deficiencies, that adversely affects the entity's ability to administer a
federal program such that there is more than a remote likelihood that noncompliance with a type
of compliance requirement of a federal program that is more than inconsequential will not be
prevented or detected by the entity's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that material noncompliance with a type of compliance
requirement of a federal program will not be prevented or detected by the entity's internal control.
Our consideration of internal control over compliance was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in internal control
that might be significant deficiencies or material weaknesses. We did not identify any deficiencies
in internal control over compliance that we consider to be material weaknesses, as defined above.
This report is intended solely for the information and use of management of the City, the Auditor
General of the State of Florida and federal awarding agencies and is not intended to be and
should not be used by anyone other than these specified parties.
February 19, 2010
157
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2009
Federal Grantor /Pass- through
Grantor /Program Title
Federal Awards
U.S. Department of Agriculture:
Natural Resources Conservation
Service*
Federal Reimbursable
CFDA No. Grant Number Expenditures
10-904 69- 4209 -8 -1680 $302,680
69- 42099 -1705 171,627
474,307
U.S. Department of Homeland Security:
FEMA Disaster Grant
U.S. Department of Justice:
Passed through Florida Department
of Law Enforcement: Edward Byrne
Justice Assistance Grant
Total Federal Awards
Denotes a major program
97.036 - 22,899
16.738 10,803
158
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2009
Note 1 - . Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of the City of Winter Springs, Florida and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements
of OMB Circular A -133 and Audits of States, Local Governments, and Non - Profit
Organizations. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
159
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended September 30, 2009
A. Summary of Audit Results
1. The auditor's report expresses an unqualified opinion on the financial statements of
the City of Winter Springs, Florida.
2. There were no significant deficiencies relating to the audit of the financial statements
reported in the Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards.
3. No instances of noncompliance material to the financial statements of the City of
Winter Springs, Florida were disclosed during the audit.
4. No significant deficiencies relating to the audit of the major federal award program are
reported in the Report on Compliance with Requirements Applicable to Each Major
Federal Program and On Internal Control Over Compliance in accordance with OMB
Circular A -133.
5. The auditor's report on compliance for the major federal award for the City of Winter
Springs, Florida, expresses an unqualified opinion.
6. Audit findings relative to the major federal award program for the City of Winter
Springs, Florida are reported in Part C of this schedule.
7. Major federal program identified on the Schedule of Expenditures of Federal Awards is
as follows:
Federal Programs CFDA No.
U. S Department of Agriculture
10.904
8. The threshold for distinguishing Type A and Type B programs /projects is $300,000.
9. The City of Winter Springs, Florida did not qualify as a low risk auditee.
B. Findings - Financial Statement Audit
None reported.
C. Findings and Questioned Costs -Major Federal Awards Programs and State Projects
None reported.
160
MCDIRMIT /// DAvis
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
MANAGEMENT LETTER
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the financial statements of the City of Winter Springs, Florida, as of and for the
fiscal year ended September 30, 2009, and have issued our report thereon dated February 19,
2010.
We conducted our audit in accordance with United States generally accepted auditing standards;
the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; and OMB Circular A -133, Audits of States, Local
Governments, and Non - Profit Organizations. We have issued our Report on Internal Control over
Financial Reporting and on Compliance and Other Matters, as well as the Report on Compliance
with Requirements Applicable to each Major Federal Program and Internal Control over
Compliance in Accordance with OMB Circular A -133, and Schedule of Findings and Questioned
Costs. Disclosures in those reports and schedules, which are dated February 19, 2010 should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local governmental entity audits
performed in the State of Florida, and unless otherwise required to be reported in the report on
compliance and internal controls, this letter is required to include the following information.
• Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether
or not corrective actions have been taken to address significant findings and
recommendations made in the preceding annual financial audit report. The
recommendations made in the preceding annual financial audit report have been
corrected, as detailed in the accompanying pages.
• Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a
review of the provisions of Section 218.415, Florida Statutes, regarding the investment
of public funds. In connection with our audit, we determined that the City of Winter
Springs, Florida complied with Section 218.415, Florida Statutes.
• Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any findings and recommendations to improve financial
management, accounting procedures, and internal controls. In connection with our
audit, we have some comments, which are discussed in the accompanying page.
• Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address violations
of provisions of contracts and grant agreements or abuse that have an effect on the
financial statements that is less than material but more than inconsequential. In
connection with our audit, we did not have any such findings.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. RowNSON STREET, SUITE 635.ORLANDO, FLORIDA 32801
TELEPHONE 407 -843 -5406 • FAx 407- 649 -9339 • EMAIL: INFO@MCDIRMITDAVIS.COM
R1PN9FAS: PRIVATE COMPANIES PRACTICF' SF.CFFUN • AmE.RICAN INSTITUTE OF CERTIFIED PosI.IC ACCOUNTANTS • FLORIDA INSTITUTE OF CERTIFIED PVBLIC ACCOUNTANT$
161
Section 10.554(1)(i)5., Rules of the Auditor General, requires based on professional
judgment, the reporting of the following matters that are inconsequential to the financial
statements, considering both quantitative and qualitative factors: (1) violations of laws,
rules, regulations, and contractual provisions or abuse that have occurred, or were likely
to have occurred, and would have an immaterial effect on the financial statements; (2)
improper expenditures or illegal acts that would have an immaterial effect on the
financial statements; and (3) control deficiencies that are not significant deficiencies,
including, but not limited to; (a) improper or inadequate accounting procedures (e.g., the
omission of required disclosures from the financial statements); (b) failures to properly
record financial transactions; and (c) other inaccuracies, shortages, defalcations, and
instances of fraud discovered by, or that come to the attention of, the auditor. In
connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., 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.
Section 10.554(1)(i)7.a., Rules of the Auditor General, requires a statement be included
as to whether or not the local governmental entity has met one or more of the conditions
described in Section 218.503(1), Florida Statutes, and identification of the specific
condition(s) met. In connection with our audit, we determined that the City of Winter
Springs, Florida did not meet any of the conditions described in Section 218.503(1),
Florida Statutes.
Section 10.554(1)(i)7.b., Rules of the Auditor General, requires that we determine
whether the annual financial report for the City of Winter Springs, Florida for the fiscal
year ended September 30, 2009, filed with the Florida Department of Financial Services
pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with the annual
financial audit report for the fiscal year ended September 30, 2009. We determined that
these two reports are in agreement.
Sections 10.554(1)(i)7.c. and 10.556(7), Rules of the Auditor General, require that we
apply financial condition assessment procedures. In connection with our audit, we
applied financial condition assessment procedures. It is management's responsibility to
monitor the entity'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.
This management letter is intended solely for the information of the City of Winter Springs,
Florida and management, and the Florida Auditor General, and is not intended to be and should
not be used by anyone other than these specified parties.
I� I►
February 19, 2010
162
CITY OF WINTER SPRINGS, FLORIDA
COMMENTS AND RECOMMENDATIONS
US OF PRIOR YEAR COMMENT
Year Ended September 30, 2009
1. Appropriations in Excess of Funds Available
Appropriations for the Road Improvements Special Revenue Fund and Hazard Mitigation
Capital Projects Fund were in excess of anticipated revenue and prior years' fund balance
Recommendation
Procedures should be in place for annual budget amendments where appropriations do
not exceed anticipated revenue and prior years' fund balance.
Corrective Action
City has corrected procedures and properly amended budgets.
163
CITY OF WINTER SPRINGS, FLORIDA
COMMENTS AND RECOMMENDATIONS
CURRENT YEAR COMMENTS
Year Ended September, 30, 2009
1. Segregation of Duties Over Payroll Processin
We noted that the same person inputs employee hours worked, prints payroll reports,
sends payroll information to the bank for disbursement, and has ability to change
employee pay rates in the system without review of detailed payroll registers.
Recommendation
We recommend that the finance director run an audit report in the system to verify that the
only changes to pay rates are authorized by Human Resources. We also recommend that
a second employee verify that the employees' time entered into the system equals the
time cards submitted. Finance director should review payroll register prior to submittal to
the bank.
164
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE= ROAD 434
WINTER SPRING$, FLORIDA 32708 -2799
Telephone (407) 327 -9840
March 22, 2010
McDirmit, Davis & Company, LLC
605 E. Robinson Street, Suite 635
Orlando, Florida 32801
Dear Sir or Madam:
Your management comment related to fiscal year ended September 30, 2009 was well received by
both the City Manager and the f=inance Department. The comment represents an opportunity for
improvement to be pursued during fiscal year 2010. Below is our response to your management
comment as required by the Rules of the Auditor General of the State of Florida.
Segregation of duties over payroll processing
As mentioned in your Management Letter the payroll accountant inputs employee hours worked,
prints payroll reports, sends payroll Information to the bank for disbursement and has ability to
change employee pay rates in the system without review of detailed payroll registers.
The auditor recommendation is to have the Finance Director run an audit report in the system to
verify that the only changes to pay rates are those that have been authorized by Human Resources.
It was further recommended that a second employee verify that time entered into the system reflects
the submitted time cards and that the Finance Director should review payroll register prior to
submission to the bank.
Due to the City's relative small scale, management acknowledges that segregation of duties
represents a challenge. It has been determined that an exception report will be developed and
implemented in order to identify pay rate changes from one pay period to the next. The veracity of all
such changes will be authenticated by Human Resources. Furthermore, a software initiative known
as Munis Employee Self Service Is currently being pursued. It includes a Time and Attendance
module which will serve to decentralize the Input of employee hours worked. Training is anticipated
for the April 2010 timeframe with a June 2010 Implementation date. The approval process related to
`time card' submission will be designed to ensure that the time entered into the system reflects that
which was submitted to the payroll accountant.
Sincerely,
Kevin Smi h K y City Manager Intnce Director
165
MCDIRMIT //f DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information, of the City of Winter
Springs, Florida for the year ended September 30, 2009. Professional standards require that
we provide you with information about our responsibilities under generally accepted auditing
standards, Government Auditing Standards and OMB Circular A -133, as well as certain
information related to the planned scope and timing of our audit. We have communicated such
information in our letter to you dated October 1, 2009. Professional standards also require that
we communicate to you the following information related to our audit.
Significant Audit Findings
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 of Winter Springs, Florida are described in Note
1 to the financial statements. No new accounting policies were adopted and the application of
existing policies was not changed during 2009. We noted no transactions entered into by the
governmental unit during the year for which there is a lack of authoritative guidance or
consensus. There are no significant transactions that have been recognized in the financial
statements in a different period than when the transaction occurred, except for the prior period
adjustment for impact fee credits discussed in Note 2 to the financial statements.
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 are 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 statement were:
Management's estimate for the allowance for doubtful account is based on historical loss
levels, and an analysis of the individual accounts. We evaluated the key factors and
assumptions used to develop the allowance in determining that it is reasonable in relation to
the financial statements taken as a whole.
Management's estimate for the allowance for depreciation is based on the estimated useful
lives of the capital assets. We evaluated the reasonableness of the useful lives as well as
the depreciation methods in determining that it is reasonable in relation to the financial
statements taken as a whole.
MCDIRMIT DAMS & COMPANY, LLC
605 E. ROBINSON STREET, SUITE 635 • ORLANDO, FLORIDA 32801
TELEPHONE 407 - 843 -5406 • FAX 407- 649 -9339 • EMAIL: INFO @MCD]RMITI)AVIS.COM
MOARE.RS: PRIMM COMPANIES PRACTICE. SFCTION • AkILRICAN INSTITL M Or CERTrFIFD PI;B(.I(' ACCOUNT, 7NTS • FLORIDA INSTITUTE OF CERTIFIED PvBuc ACCOUNTANTS
166
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and
completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified
during the audit, other than those that are trivial, and communicate them to the appropriate level
of management. Management has corrected all such misstatements. In addition, none of the
misstatements detected as a result of audit procedures and corrected by management were
material, either individually or in the aggregate, to the financial statements taken as a whole,
except for the prior period adjustment for impact fee credits discussed in Note 2 to the financial
statements.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as 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 February 19, 2010.
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 governmental unit'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 governmental unit's
auditors. However, these discussions occurred in the normal course of our professional
relationship and our responses were not a condition to our retention.
This information is intended solely for the use of management, the City Commission and the
Auditor General of the State of Florida and is not intended to be and should not be used by
anyone other than these specified parties.
Very truly yours,
mmmm��� ==�
February 19, 2010
167
CITY OF WINTER SPRINGS, FLORIDA
1126 FAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1800
March 22, 2010
AFFIDAVIT OF IMPACT FEE COMPLIANCE
Impact Fees are assessed in accordance with Chapter 9: Land Development, Article Vlll Impact Fees, of the
City of Winter Springs Code of Ordinances. impact fee collections, expenditures and accounting are provided
for in separate accounting funds and comply with Florida Statute 163.31801.
Kelly Ba agia
Interim Finance Director
.:
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