HomeMy WebLinkAbout2007 04 09 Regular 603 Comprehensive Annual Financial Report
COMMISSION AGENDA
ITEM 603
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
April 9, 2007
Meeting
MGR~ !DEPT~
Authorization
REQUEST: The Finance Department Is Requesting City Commission Acceptance Of The
Comprehensive Annual Financial Report (CAFR), As Presented, For The
Fiscal Year Ended September 30, 2006.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30,2006.
CONSIDERATIONS:
The CAFR is prepared to give the City Commission and the citizens a greater understanding of
the City's financial standing than can be obtained through the financial statements.
RECOMMENDATION:
Acceptance of the CAFR, as presented, for the fiscal year ended 9/30/06, by the City
Commission.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/06 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
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City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2006
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
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2006
Page
I. Introductory Section:
Table of Contents i-iii
Letter of Transmittal iv-vii
GFOA Certificate of Achievement viii
List of Principal Officials ix
Organizational Chart x
II. Financial Section:
Independent Auditor’s Report 1-2
Management’s Discussion and Analysis 3-17
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets 18
Statement of Activities
19
Fund Financial Statements:
Balance Sheet - Governmental Funds 20-21
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds 22-23
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities
24
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
General Fund
25-26
Public & Communications Service Tax Special Revenue Fund
27
Electric Franchise Fee Special Revenue Fund
28
Solid Waste/Recycling Special Revenue Fund
29
Statement of Net Assets - Proprietary Funds
30-31
Statement of Revenues, Expenses and Changes in
Fund Net Assets - Proprietary Funds
32
Statement of Cash Flows - Proprietary Funds 33-34
Statement of Fiduciary Net Assets - Fiduciary Funds 35
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds 36
i
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2006
Page
II. Financial Section - Continued:
Notes to Financial Statements 37-65
Required Supplementary Information 66
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 67
Public Facilities Capital Projects Fund 68
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds 69-75
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds 76-83
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds 84-101
Debt Service Funds 102-107
Capital Projects Funds 108-115
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Function and Activity 116
III. Statistical Section:
Net Assets by Component 117
Changes in Net Assets 118-119
Governmental Activities Tax Revenues by Source 120
Fund Balances of Governmental Funds 121
Changes in Fund Balances of Governmental Funds 122
Assessed Value and Estimated Actual Value of Taxable Property 123
Property Tax Rates, Direct and Overlapping Governments 124
Special Assessment Billings and Collections 125
Principal Property Taxpayers 126
Property Tax Levies and Collections
127
Legal Debt Margin
128
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
129
ii
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - Continued
Year Ended September 30, 2006
Page
III. Statistical Section - Continued:
Ratio of Outstanding Debt by Type
130
Direct and Overlapping Governmental Activities Debt 131
Pledged-Revenue Coverage 132
Demographic and Economic Statistics 133
Principal Employers 134
Full-time Equivalent City Government Employees by Function 135
Operating Indicators by Function 136
Capital Asset Statistics by Function 137
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
138-139
Management Letter and Response 140-142
Affidavit of Impact Fee Compliance 143
iii
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 19, 2007
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, 2006.
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
benefits, 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, we assert that, to the best of our knowledge and belief, 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, 2006, are free of material misstatement. The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. Based upon the audit, the
independent auditor concluded that there was a reasonable basis for rendering an unqualified
opinion that the City of Winter Springs’ financial statements for the fiscal year ended
September 30, 2006, 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 complement this letter of transmittal
and should be read in conjunction with it.
iv
Profile of the Government
The City of Winter Springs, incorporated in 1959, is located in Seminole County, which is a part of the
greater Orlando metropolitan area in East Central Florida. This area is one of the fastest growing
areas in the country. The City currently has a land area of 14.78 square miles and a population of
approximately 34,600.
The City operates according to a Council/Manager form of government, with an appointed City
Manager, five elected City Commissioners and a separately elected Mayor. The Mayor and
Commission are elected for four-year terms. The governing body is responsible for, among other
things, passing ordinances, adopting the budget, appointing committees, and hiring the City’s
Manager, Clerk and Attorney. The City Manager is responsible for carrying out the policies and
ordinances of the governing body, for overseeing the day-to-day operations of the government, and
for hiring the directors of the various departments.
The City of Winter Springs provides a full range of services, including police and fire 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 Development Services, 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
of Winter Springs’ fiscal year. The appropriated budget is prepared by fund (e.g., general fund),
department (e.g., fire department) and division (e.g., prevention division). 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 Electric
Franchise Fee Special Revenue Fund and the Solid Waste/Recycling Special Revenue Fund, these
comparisons are presented on pages 25-29 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 67.
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. The City's total assessed valuation for real
and personal property (net of exemptions) increased 12.0% from the prior year and 122.0% since
fiscal year 1996. The increase in valuations and millage resulted in an increased total tax levy of
$1,141,921 over last year and $5,120,348 since 1996. The City's population has increased 30% from
that of ten years ago. Local indicators still point to a continued trend of growth as the City works with
v
builders, developers and residents for both commercial and residential development. This increased
growth helps the City maintain a moderate property tax rate, which was at 4.750 mills during fiscal
year 2006 (tax year 2005) and includes 0.1374 mills of voted debt service for Central Winds General
Obligation debt.
Presently, Florida’s newly elected Governor, the House of Representatives and the Senate are
working to change the State’s property tax system. Currently there are many proposals being
discussed, many of which could dramatically impact local government’s revenue sources which could
in turn impact future service levels. It is too soon to tell what impact these potential changes will have
on the City’s fiscal year 2008 budget.
Long-term financial planning.
The City Commission updated and adopted a 5-year Capital
Improvements Plan (CIP) during fiscal year 2004. The CIP is currently being updated with an
anticipated completion in Summer 2007. 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 fixed document but a
flexible, dynamic document that may change to reflect changing priorities, opportunities, costs, or
different financing approaches.
Relevant Financial Policies.
The City has a policy to maintain at all times an Unreserved General
Fund 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 fund balance may be authorized by the Commission for a General
Fund purpose which may potentially reduce the Unreserved General Fund 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.
Major Initiatives.
During fiscal year 2007, the City anticipates the following projects:
completion of the Public Works/Utilities Compound construction project at approximately
33,000 square feet and a total price of $4,500,000. Construction is expected to be completed
by March 30, 2007;
begin Senior Center Expansion and Therapy Pool. Construction is expected to take 10
months and a cost of $1,800,000;
finalize plans on expansion of City Hall by approximately 5,000 square feet and a total price of
$2,100,000. Construction is expected to take 9 months once construction begins;
begin year three of a three year Records Management Project for public records documents
and research;
begin year three of a four year Pension Plan enhancement program, by adding 0.5% to the
employer contribution to reduce the amortization period from 30 years to 15 years as well as
adding a 1.0% retroactive benefit for service prior to October 1, 2000;
replace fire engine 26 at a cost of $340,000;
numerous road improvements projects at $2,800,000, such as Winter Springs Boulevard,
Doran Phase 2A, Town Center streetscape, Orange Avenue, Tree Swallow and Michael
Blake Boulevard;
vi
CITY OF WINTER SPRINGS,FLORIDA
LIST OFPRINCIPAL OFFICIALS
September30,2006
ELECTED OFFICIALS
MAYORJohn F. Bush
DEPUTY-MAYOR/COMMISSIONERMichaelS.Blake
COMMISSIONERDonaldGilmore
COMMISSIONERJoanneKrebs
COMMISSIONERSallyMcGinnis
COMMISSIONERRobert S. Miller
APPOINTED OFFICIALS
CITY MANAGERRonald McLemore
CITY CLERKAndreaLorenzo-Luaces
FINANCE DIRECTORMichelleGreco
INFORMATION SERVICESJoanne Dalka
GENERAL SERVICESKevinSmith
POLICE CHIEFDaniel Kerr
FIRE CHIEFTimothyLallathin
UTILITY/PUBLIC WORKS DIRECTORKipton Lockcuff
COMMUNITY DEVELOPMENT DIRECTORRandy Stevenson
PARKS AND RECREATION DIRECTORChuckPula
LEGAL COUNSEL
Anthony Garganese
Brown, Garganese,Weiss& D’Agresta, P.A.
FINANCIAL ADVISOR
David Moore
PublicFinancial Management, Inc.
AUDITORS
McDirmit, Davis & Company,LLC
ix
City of Winter Springs
Organizational Chart
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FINANCIAL SECTION
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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, 2006. 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 $78,075,306 (net assets). Of this amount, $23,221,451 (unrestricted net
assets) may be used to meet the government’s ongoing obligations to citizens and creditors.
The government’s total net assets increased by $10,281,787 or 15%. The increase in total
net assets is largely attributed to: expenditures for the construction of the Public Works/Utility
Compound recorded in the Public Facilities Capital Projects Fund (21%); lower than anticipated
expenditures in the General Fund (19%); and increased permit and impact fee revenues from
increased construction activity in the Development Services (11%) and Impact Fee Funds (Fire,
Parks, Police, Public Facilities and Transportation) (11%), respectively.
As of the close of the current fiscal year, the City of Winter Springs’ governmental funds
reported combined ending fund balances of $21,914,453. Approximately 93% of this total
amount, or $20,401,230, 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
$7,801,674, or 44% of total general fund expenditures.
The City of Winter Springs’ total debt decreased by $1,051,868 (2%) during the current
fiscal year. The decrease was the result of principal payments on existing debt.
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 is 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.
TheStatement of Net Assets presents information on all of the City of Winter Springs’ assets
and liabilities, with the difference 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.
3
TheStatement 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, 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 has no component units. The Water
and Sewer Utility, the Stormwater Utility and Development Services function as departments of
the City of Winter Springs, and therefore, have been included as an integral part of the primary
government.
The government-wide financial statements can be found on pages 18-19 of this report.
Fund financial statements.
A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City
of Winter Springs, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City of
Winter Springs can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental funds.
Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund Balance Sheet and the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation
to facilitate this comparison between governmental funds and governmental activities.
The City of Winter Springs maintains 38 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 & Communications Service Tax Special Revenue Fund, Electric Franchise Fee Special
Revenue Fund, Solid Waste/Recycling Special Revenue Fund, TLBD Debt Service Fund and
Public Facilities Capital Projects Fund, all six of which are considered to be major funds. Data
from the other 32 governmental funds are combined into a single, aggregated presentation.
Individual fund data for each of these nonmajor governmental funds is provided in the form of
combining statements elsewhere in this report.
4
The City of Winter Springs adopts an annual appropriated budget for all of its governmental
funds. Budgetary comparison statements have been provided for the General Fund, the Public
& Communications Service Tax Special Revenue Fund, Electric Franchise Fee Special
Revenue Fund and Solid Waste/Recycling Special Revenue Fund to demonstrate compliance
with this budget on pages 25-29. Budgetary comparison schedules have been provided for the
TLBD Debt Service Fund, Public Facilities Capital Projects Fund and the nonmajor funds on
pages 67-115.
The basic governmental fund financial statements can be found on pages 20-29 of this report.
Proprietary funds.
The City of Winter Springs maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements. The City of Winter Springs uses enterprise funds to
account for the Water and Sewer Utility, Stormwater Utility and Development Services
department.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water and Sewer Utility, Stormwater Utility and Development Services.
The basic proprietary fund financial statements can be found on pages 30-34 of this report.
Fiduciary funds.
Fiduciary funds are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statement because the resources of those funds are not available to support the City 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 35-
36 of this report.
Notes to the financial statements.
The notes provide additional information that is essential
to a full understanding of the data provided in the government-wide and fund financial
statements. The notes to the financial statements can be found on pages 37-65 of this report.
Required Supplementary Information (RSI).
RSI can be found on page 66 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 67-115 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 $78,075,306 at the close of the most recent fiscal year.
Slightly over half ($41,163,699 or 53%) 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. 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.
5
Net assets that are subject to external restrictions as to how they may be used total
$13,690,156 (17%). The remaining balance of unrestricted net assets ($23,221,451 or 30%)
may be used to meet the government’s ongoing obligations to citizens and creditors.
At September 30, 2006, 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
years. For more detail see the Statement of Net Assets on page 18.
City of Winter Springs
Statement of Net Assets
As of September 30
Governmental Activities Business-type Activities Total Primary Government
200620052006200520062005
Assets:
Current and other assets $27,330,141$21,588,839$10,449,100$8,379,954$37,779,241$29,968,793
Restricted assets 106,982106,9823,457,0313,341,1393,564,0133,448,121
Capital assets 49,983,36547,723,54434,590,01235,158,60584,573,37782,882,149
Total assets 77,420,48869,419,36548,496,14346,879,698125,916,631116,299,063
Liabilities:
Current liabilities 2,764,3422,574,5111,776,4701,755,5424,540,8124,330,053
Long term liabilities 20,403,92420,609,96522,053,09022,767,72642,457,01443,377,691
Other liabilities 106,982106,982736,517690,818843,499797,800
Total liabilities 23,275,24823,291,45824,566,07725,214,08647,841,32548,505,544
Net assets:
Invested in capital assets,
net of related debt 29,400,81326,522,81011,762,88611,520,87941,163,69938,043,689
Restricted11,077,9929,730,4822,612,1642,500,09913,690,15612,230,581
Unrestricted13,666,4359,874,6159,555,0167,644,63423,221,45117,519,249
Total net assets $54,145,240$46,127,907$23,930,066$21,665,612$78,075,306$67,793,519
Statement of Changes in Net Assets.
The following table reflects the Statement of Changes
in Net Assets for the current and prior years. For more detailed information see the Statement
of Activities on page 19.
Note that total net assets increased by $10,281,787 in fiscal year 2006, compared to an increase
of $3,304,965 in fiscal year 2005.
Governmental activities increased net assets by $8,017,333 in fiscal year 2006 compared to an
increase of $4,259,203 in 2005.This increase can largely be attributed to: expenditures for
the construction of the Public Works/Utility Compound in the Public Facilities Capital Projects
Fund (26%); lower than anticipated expenditures in the General Fund (24%); and increased
impact fee revenues from increased construction activity in the Impact Fee Funds (Fire, Parks,
Police, Public Facilities and Transportation) (14%).
6
Business-type activities increased net assets by $2,264,454 in fiscal year 2006 compared to a
decrease of $954,238 in 2005. This increase can largely be attributed to increased permit fee
revenues from increased construction activity in the Development Services Fund (50%). The
Water and Sewer fund benefited from $280,186 in capital contributions from developers.
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.
Note that the first graph depicts governmental program-specific revenues and expenses. For this
graph, the revenue does not include property taxes, franchise fees, utility taxes, intergovernmental
revenue, investment income or miscellaneous revenue. This chart is intended to show the
amount of program expenses funded by specific program revenues.
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7
City of Winter Springs
Changes in Net Assets
For The Year Ended September 30
Governmental Activities Business-type Activities Total Primary Government
200620052006200520062005
Revenues:
Program revenues:
Charges for services $6,112,381$4,117,424$11,467,644$9,017,924$17,580,025$13,135,348
Operating grants and
contributions167,5022,176,595 69,054 348,496236,5562,525,091
Capital grants and contributions 2,459,0681,961,7641,329,148975,4633,788,2162,937,227
General revenues:
Property taxes 7,383,6126,198,4277,383,6126,198,427
Franchise and utility taxes 5,751,3644,983,8025,751,3644,983,802
Intergovernmental -
unrestricted3,970,9583,680,6693,970,9583,680,669
Investmentincomeand
miscellaneous1,708,015686,636499,311272,2252,207,326958,861
Total revenues 27,552,90023,805,31713,365,15710,614,10840,918,05734,419,425
Expenses:
General government 7,731,5675,786,2887,731,5675,786,288
Public safety 10,015,6649,137,63810,015,6649,137,638
Physical environment 2,037,7495,560,7192,037,7495,560,719
Culture and recreation 2,393,2102,264,8172,393,2102,264,817
Interest and other fiscal
charges on long-term debt 709,260763,608709,260763,608
Water and Sewer 6,239,0506,000,2486,239,0506,000,248
Development Services 678,897627,509678,897627,509
Stormwater 830,873973,633830,873973,633
Total expenses 22,887,45023,513,0707,748,8207,601,39030,636,27031,114,460
Increase in net assets before
transfers4,665,450292,2475,616,3373,012,71810,281,7873,304,965
Transfers3,351,8833,966,956 (3,351,883) (3,966,956) - -
Increase (decrease) in
net assets8,017,3334,259,203 2,264,454(954,238) 10,281,7873,304,965
Net assets - October 1 46,127,90741,868,70421,665,61222,619,85067,793,51964,488,554
Net assets - September 30 $54,145,240$46,127,907$23,930,066$21,665,612$78,075,306$67,793,519
8
Governmental Program-Specific
Revenues and Expenses
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
GeneralPublic SafetyPhysicalCulture &Interest on
GovernmentEnvironmentRecreationLong-term
Debt
RevenuesExpenses
9
10
Financial Analysis of the Government’s Funds
As noted earlier, the City of Winter Springs uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements.
Governmental funds
.The focus of the City of Winter Springs’governmental funds is to
provide information on near-term inflows, outflows, and balances of spendable
resources.Such information is useful in assessing the City of Winter Springs’ financing
requirements. In particular, 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, 2006, the City of Winter Springs’ governmental funds reported
combined ending fund balances of $21,914,453, an increase of $4,626,785 over the
prior year. Approximately 93% or $20,401,230 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 $7,801,674,
while total fund balance reached $8,256,913. 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 balancerepresent 44%
and 47% respectively, of total General Fund expenditures.
The fund balance of the City of Winter Springs’ General Fund increased by $2,405,565
during the current fiscal year or $1,710,244 more than the prior year’s appropriation to
Fund Balance. This can be explained by the following: ad valorem tax revenues
increased $1,185,185, investment income increased $233,368, transfers in increased
$851,390 mainly due to increased Electric Franchise Fee and Public Utility Tax revenue
gains. The City’s expenditures for Executive Government increased by $30,000 due to
an increased expense reimbursement for the Mayor and City Commissioners. General
Government expenditures decreased by $79,000, due to completion of the special
litigation efforts associated with a lawsuit against Seminole County relating to Charter
and annexation issues that completed during the year. General Services expenditures
increased by $104,000, due to increased insurance premiums and the hiring of a City
Hall operator. Community Development expenditures increased $225,000 mainly due to
increased streetlightingand ground maintenance costs. Police expenditures increased
$780,000 largely due to the hiring of sixnew police officers and relatedcapital
equipment purchases,four new motorcycles and a radio system upgrade. Fire
expenditures decreased $160,442 mainly due to reduced capital expenditures. Public
Works transferred the function of Urban Beautification and related duties and
expenditures to the Community DevelopmentDepartment in mid-2005, which explains
their large decrease which is offset in Community Development. Parks and Recreation
expenditures decreased $350,000 mainly due to reduced capital expenditures.
The Emergency and Disaster Relief Special Revenue Fund, which is no longer a major
fund, has not been closed as the City awaits final determination regarding the two open
appeals:
11
Stump removal expense in the amount of $237,680; and,
Private roads and/or gated community debris removal expense in the amount of
$586,855 (received denial of appeal by FEMA on May 22, 2006; City submitted
second appeal on July 14, 2006).
The appeal for stump grinding expense of $10,500 was denied by FEMA on May 22,
2006 and not appealed a second time by the City. The City has withdrawn the appeal
for bagged debris expense of $22,225 and will try to justify that the expense should be
allowable during the close-out process.
FEMAwill not begin the close-out process untilall appeals have been reviewed by their
staff and a determination has been made. Once the determination has been received
from FEMA on the appeals, the City may submit for the required final inspections and
the Emergency and Disaster Relief Special Revenue Fund may be closed.
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 $6,956,956, and total net assets increased $825,016 from $16,670,247 at
September30, 2005 to $17,495,263 at the end of the current fiscal year. The results for
fiscal year 2006 include $280,186in capital assets contributed by developers. This fund
had a decrease in net assets in fiscal 2005 of $785,992, which included $453,435 in
capital assets contributed by developers. Rates remained unchanged in fiscal year
2006. A new rate study is planned for fiscal year 2007.
The Development Services Fund net assets increased $1,129,774 from $781,838 at
September30, 2005 to $1,911,612 at the end of the current fiscal year. This fund was
established in fiscal year 2003. Prior to 2003, this activity was captured in the General
Fund. The increase in net assets for the current fiscal year is higher then the prior year’s
change in net assets due to an increase in permit revenues which resulted from a large
number of constructionprojects. A rate study was performed in fiscal year 2003 with the
inception ofthis fund. The rates in this fund were last adjusted in August 2005 with the
adoption of Resolution 2005-29.
The Stormwater Utility Fund net assets increased $309,664 from $4,213,527 at
September30, 2005 to $4,523,191 at the end of the current fiscal year. This increase in
net assets is not consistent with the prior year’s decrease in net assets of $14,722 due
mainly to a rate increase of 69% in June 2005.
General Fund Budgetary Highlights
Differencesbetween the original General Fund budget and the final amended General
Fund budget resulted in an increase of $63,195 in the appropriation to fund balance from
$10,719 per the original budget to $73,914 in the final budget. The majority of the
increased appropriationcan be summarized as follows:
$278,000and $340,000 increase in transfers in from the Public and
Communications Service Tax and Electric Franchise Fee Special Revenue Funds,
respectively.
12
$100,468 increase in Capital Lease proceeds as well as an increase in Police
Departmentexpenses for purchase of six new police vehicles.
$106,000 supplemental appropriation for special litigation efforts associated with a
lawsuit with Seminole County relating to Charter and annexation issues, a re-
writing the pension plan document and additional actuarial studies related to the
pension plan.
$72,000 for CommunityDevelopment projects that were carried forward into fiscal
year 2006 from fiscal year 2005.
$27,000 supplemental appropriation for CommunityDevelopment for increased
streetlighting cost.
$193,000 supplemental appropriation for KIVA special projects that is offset by an
increase in transfers of $116,000 from Development Services.
$26,000 for Information Systems projects thatwere carried forward into fiscal year
2006 from fiscal year 2005.
$145,000 in transfers out to Hazard Mitigation Grant Program Capital Project Fund
for City match for grants.
$70,000 in transfers outs to Parks Impact Fee Special Revenue Fund for the
Miracle Playground.
$24,000 supplementalappropriation in Executive for contract employee in City
Clerk department.
$43,000 supplementalappropriations in General Government for theGolf Course
and Town Center feasibility studies.
The actual results of the General Fund for the year show an appropriation to fund
balance of $2,405,565 compared to a final budgeted appropriation from fund balance of
$73,914. The favorable variance of $2,331,651 is primarily comprised of the following:
$143,000 favorable variance in Sales Tax revenues.
$349,000 favorable variance in Investment Income as interest rates increased.
$322,000 favorable variance across all departments due to a new presentation
requirement of Compensated Absences in the Financial Statements, with the
largest of variances being composed of $45,000 in Executive, $24,000 in General
Services, $81,000 in Police and $159,000 in Fire Departments.
$50,000 favorable variance in General Government due to the delay of Code
Enforcement Court and lower than anticipated consulting fees.
$129,000 favorable variance in Finance and Utility Billing due to position vacancies
and lower entry salaries on new hire ($86,000) as well as lower than anticipated
Utility Billing expenses ($43,000) due to lower customer base growth than
expected. The favorable variance in Utility Billing was offset by reduced transfers
in of $85,000 from the Water and Sewer Utility Fund.
$91,000 favorable variance in General Services for lower than anticipated
insurance settlement costs.
$487,000 favorable variance in Information Systems due to delay in scanning
project ($75,000); position vacancies ($50,000) and their associated projects not
beingcompleted($129,000); capital costs (KIVA project) rolled into fiscal year
2007 ($53,000); and lower than anticipated operating expenses ($180,000).
$75,000 favorable variance in CommunityDevelopment due to lower than
anticipatedexpenses in Urban Beautification, such as streetlighting and grounds
maintenance costs.
13
$103,000 favorable variance in Police due to lower than anticipated expenses
($72,000), such as repair and maintenance, vehicles and capital equipment; and
capital costs rolled into fiscal year 2007 ($31,000) for expenses related to a vehicle
and new equipment.
$305,000 favorable variance in Fire resulted from firefighters who did not
realize theirbudgeted position upgrades and/or paramedic incentives and from
vacancies throughout the year in Operations ($275,000) and lower than
anticipated expenses ($30,000).
$123,000 favorable variance in Public Works due to position vacancies
throughout the year ($71,000) and lower than anticipated expenses ($52,000).
$140,000 favorable variance in Parks and Recreation resulted from budgeted
expenditures that were rolled over to fiscal year 2007 for Fall Event 2006
($24,000); position vacancies throughout the year ($50,000); and lower than
anticipatedexpenses ($66,000).
$390,000 unfavorable variance in Transfers In due to Information Systems projects
not being completed due to position vacancies ($131,000), Utility Billing position
vacancies and lower than anticipated expenses ($85,000), Hazard Mitigation Grant
Program repayment ($145,000) did not occur because project has not started.
$145,000 favorable variance in Transfers Out due to the Hazard Mitigation Grant
Program loan ($145,000) did not occur because project has not started.
The comparison of budgeted results to actual results for the General Fund is shown on
pages 25-26.
Capital Assetand DebtAdministration
Capital assets.
The City of Winter Springs’ investment in capital assets for its
governmental and business-type activitiesas of September 30, 2006 amounts to
$84,573,377 (net of accumulated depreciation), for an increase of $1,691,228 over the
prior year. This investment in capital assets includes land,buildings,improvements,
machineryand equipment, park facilities, roads, highways, and bridges. The total
increase in the City of Winter Springs’ investment in capital assets for the current fiscal
year was 2.0% (a 4.7% increase for governmental activities and a 1.6% decrease for
business-type activities).
Major capital asset events during the current fiscal year included the following:
Completion and capitalization of the Doran Drive and 434 traffic signal totaling
$487,114 ($18,014 of which was spent in 2003; $14,630 of which was spent in
2004; $14,499 of which was spent in 2005);
Completion and capitalization of the Gary Hillery Drive Improvements totaling
$183,295;
Completion and capitalization of the turn lanes on SR 434 for Moss Road
totaling $132,174 ( $21,053 of which was spent in 2004; $4,602 of which was
spent in 2005);
Completion and capitalization of the Central Winds Park –
Sod/Irrigation/Equipment project totaling $395,571 ($2,831 of which was spent
in 2004; $339,976 of which was spent in 2005);
Continued construction of the Utility/Public Works Compound totaling
$2,462,020(scheduledcompletion in Spring 2007);
Continued construction of Well No. 4 totaling $547,195;
14
Continuedwork on the electrical improvements at Water Treatment Plant No. 3
totaling $131,561;
Capitalization of contributed water and sewer lines totaling $280,186;
Completion of sewer main relining totaling $195,336.
Additional information on the City of Winter Springs’ capitalassets can be found inNote
6 on pages 51-52 of this report.
City of Winter Springs
Capital Assets
(Net of Depreciation)
Asof September 30
GovernmentalActivitiesBusiness-type ActivitiesTotal Primary Government
200620052006200520062005
Land$9,848,716$9,760,401$5,344,916$5,344,916$15,193,632$15,105,317
Buildings3,111,6923,242,258361,703386,8463,473,3953,629,104
Improvementsother
thanbuildings8,888,7968,064,69827,288,22228,030,20736,177,01836,094,905
Machineryand
equipment2,532,6992,432,732887,915937,4143,420,6143,370,146
Infrastructure22,200,41722,779,42322,200,41722,779,423
Constructionin
progress3,401,0451,444,032707,256459,2224,108,3011,903,254
Total$49,983,365$47,723,544$34,590,012$35,158,605$84,573,377$82,882,149
Long-term debt.
At September 30, 2006, the City of Winter Springs had total debt
outstandingof $44,309,891, down $1,051,868 from $45,361,759 at September 30, 2005.
Totalbonded debt of the City at the end of the current fiscal year was $42,493,981, for a
decrease of $1,505,852 over the prior year. Of the amount of total bonded debt,
$3,140,000comprises debt backedby the full faith and credit of the governmentand
$2,090,000 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).
Other than principal payments, there were no changes in the structure of the City’s
bonded debt during fiscal year 2006.
During the fiscal year the following activity occurred on the City’s Notes:
Capital Improvement Revenue Note Series 2004 in the amount of $224,730 was
paid off.
Capital Improvement Revenue Note Series 2006 in the amount of $430,000 was
added for the TLBD Phase II Improvement project with a principal reduction during
the year of $93,400.
A capital lease in the amount of $104,443 for twenty-eight public safety vehicles
was paid off.
15
A capital lease in the amount of $100,468 for six public safety vehicles was added.
Both the City of WinterSprings’ Water and Sewer Utility, General Obligation and 1999 and
2003 Improvement debt maintain underlying ratings of “A+”, “AA” and “A+”, respectively,
from Standard & Poor’s.
There are no limitations placed on the amount of debt theCity 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 7 and 8 on pages 53-58 of this report.
City of Winter Springs
Long Term Debt
Asof September 30
Governmental ActivitiesBusiness-typeActivitiesTotal Primary Government
200620052006200520062005
Improvement Refunding Revenue
Bonds, Series 1999 $5,928,970$6,368,970$5,928,970$6,368,970
Water & SewerRefunding Revenue
Bonds, Series 2000 $6,824,191$6,864,191 6,824,191 6,864,191
Special Assessment Revenue
Bonds, Series 2001 2,090,0002,135,000 2,090,000 2,135,000
Water & SewerRefunding Revenue
Bonds, Series 2001 5,225,0005,450,000 5,225,000 5,450,000
Water & SewerRefunding Revenue
Bonds, Series 2002 11,675,00012,280,000 11,675,00012,280,000
Limited General Obligation Bonds,
Series2002 3,140,000
3,140,0003,205,0003,205,000
Improvement Refunding Revenue
Bonds, Series 2003 8,575,0008,725,000 8,575,000 8,725,000
Capital Improvement Revenue
Note, Series 2004 -224,730 - 224,730
Capital Improvement Revenue
Notes, Series 2004 A 478,629
478,629509,454509,454
Capital Improvement Revenue
Note, Series 2006336,600 - - - 336,600 -
Capital Lease 100,468104,443 - - 100,468 104,443
Compensated Absences 900,213
749,249377,883150,964145,416523,299
Adjustments for Issuance Discounts
and DeferredRefunding Costs (67,115)(71,863)(897,065)(956,465) (964,180)(1,028,328)
Total$21,331,801$21,578,617$22,978,090$23,783,142$44,309,891$45,361,759
16
Economic Factors andNextYear’s Budgets andRates
The City considered many factors during the preparation of the fiscal year 2007 budget.
Approximately, 68% of the General Fund’s 2007 budget is attributable to personnel
costs. This is an arena that requires significant budget dollars ($1.2 million) just to
account for the annual increases due to merit, health insurance, and pension (graduated
increase of 1.5% in 2007). Increases in recurring revenues were anticipated to occur
primarily due to property tax valuations, increased transfers from the Public and
Communications Services Tax and Electric Franchise FeeSpecial Revenue Funds, and
modest gains from State revenues. As a result of personnel costs being tempered by
recurring gains it was possible to reduce the operating millage rate from 4.6126 to
4.2919. Reflectedin the 2006-2007 budget adopted on September 25, 2006 is an
appropriation from fund balance of $33,933. The Central Winds voted debt service
millage rate for fiscal year 2007 was reduced from 0.1374 to 0.1100.
Requests for Information
This financial report is designed to provide a general overview of the City of Winter
Springs’ finances for all those with an interest in the government’s finances. Questions
concerningany of theinformation provided in this report or requests for additional
financial information should be addressed to the Finance Director, 1126 East State Road
434, Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is
available at the City of Winter Springs’ website located at:www.winterspringsfl.org.
17
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BASIC FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2006
Primary Government
GovernmentalBusiness-type
ActivitiesActivitiesTotal
Assets:
Cash and cash equivalents22,527,081$ 8,079,404$ 30,606,485$
Investments- 698,250 698,250
Receivables, net1,476,647 1,278,095 2,754,742
Inventories - at cost19,393 15,295 34,688
Prepaid costs439,616 18,475 458,091
Restricted assets:
Cash and cash equivalents106,982 1,486,485 1,593,467
Investments- 1,970,546 1,970,546
Bond issuance costs217,224 359,581 576,805
Capital assets not being depreciated13,249,761 6,052,172 19,301,933
Capital assets being depreciated, net of
accumulated depreciation)36,733,604 28,537,840 65,271,444
Receivables, long-term2,650,180 - 2,650,180
Total Assets77,420,488 48,496,143 125,916,631
Liabilities:
Accounts payable and other current liabilities1,496,876 376,502 1,873,378
Accrued interest payable287,676 474,968 762,644
Unearned revenue51,913 - 51,913
Liabilities payable from restricted assets106,982 736,517 843,499
Noncurrent liabilities:
Due within one year927,877 925,000 1,852,877
Due in more than one year20,403,924 22,053,090 42,457,014
Total Liabilities23,275,248 24,566,077 47,841,325
Net Assets:
Invested in capital assets, net of related debt29,400,813 11,762,886 41,163,699
Restricted for:
Capital projects8,764,411 - 8,764,411
Debt service1,057,984 1,970,546 3,028,530
Physical environment1,194,486 641,618 1,836,104
Public safety61,111 - 61,111
Unrestricted13,666,435 9,555,016 23,221,451
Total Net Assets54,145,24$ 23,930,06$ 78,075,30$
066
The accompanying Notes to Financial Statements are an integral part of these statements.
18
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CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEE
T
GOVERNMENTAL FUNDS
September 30, 2006
Special Revenue
Public &Solid
CommunicationsWaste/TLBD
GeneralService TaxRecyclingDebt Service
Assets:
Cash and cash equivalents8,399,762$ -$ 678,229$ 164,008$
Receivables, net176,431 130,087 8,334 1,451
Inventories, at cost19,393 - - -
Due from other funds101,904 - - -
Prepaid costs435,846 - - -
Special assessments receivable- - - 2,040,000
Judgments receivable- - - -
Restricted assets:
Cash and cash equivalents106,982 - - -
Total Assets9,240,318$ 130,087$ 686,563$ 2,205,459$
Liabilities and Fund Balances:
Accounts payable198,227$ 2,086$ 168,334$ 3,375$
Accrued liabilities425,886 - - -
Retainage payable202,867 - - -
Due to other funds- 101,904 - -
Deferred revenue- - - 2,040,000
Unearned revenue49,443 - - -
Payable from restricted assets106,982 - - -
Total Liabilities983,405 103,990 168,334 2,043,375
Fund balances:
Reserved:
Inventories and prepaid costs455,239 - - -
Debt service- - - 162,084
Unreserved, reported in:
General fund7,801,674 - - -
Special revenue funds- 26,097 518,229 -
Capital projects funds- - - -
Total fund balances8,256,913 26,097 518,229 162,084
Total Liabilities and Fund
Balances9,240,318$ 130,087$ 686,563$ 2,205,459$
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets used in governmental activities are not 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 life of bond
Net assets of governmental activities
The accompanying Notes to Financial Statements are an integral part of these statements.
20
PublicOtherTotal
FacilitiesGovernmentalGovernmental
Capital ProjectsFundsFunds
$ 10,767,4722,517,610$ 22,527,081$
1,160,344- 1,476,647
-- 19,393
-- 101,904
3,770- 439,616
550,180- 2,590,180
60,000- 60,000
-- 106,982
$ 12,541,7662,517,610$ 27,321,803$
$ 128,328364,473$ 864,823$
3,300- 429,186
-- 202,867
-- 101,904
1,609,675- 3,649,675
2,470- 51,913
-- 106,982
1,743,773364,473 5,407,350
-- 455,239
895,900- 1,057,984
-- 7,801,674
6,225,441- 6,769,767
3,676,6522,153,137 5,829,789
10,797,9932,153,137 21,914,453
$ 12,541,7662,517,610$
49,983,365
3,649,675
(21,619,477)
217,224
$54,145,240
21
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2006
Special Revenue
Public &ElectricSolid
CommunicationsFranchiseWaste/
GeneralService TaxFeeRecycling
Revenues:
Taxes and special assessments7,432,399$ 3,831,569$ 1,775,460$ 94,532$
Licenses and permits177,199 - - -
Intergovernmental revenues4,281,397 - - 53,509
Charges for services527,136 - - 2,152,327
Fines and forfeitures242,152 - - -
Investment income450,603 - 5,098 21,131
Miscellaneous89,964 - - 3,176
Total revenues13,200,850 3,831,569 1,780,558 2,324,675
Expenditures:
Current:
General government4,981,635 3,107 - -
Public safety8,831,793 - - -
Physical environment1,005,383 - - 1,879,292
Culture and recreation1,974,619 - - -
Debt service:
Principal retirement104,443 - - -
Interest and fiscal charges2,951 - - -
Issuance costs- - - -
Capital outlay:
General government337,856 - - -
Public safety367,981 - - -
Physical environment1,857 - - -
Culture and recreation45,192 - - -
Total expenditures17,653,710 3,107 - 1,879,292
Excess (Deficiency) o
f
Revenues Over Expenditures
3,828,462(4,452,860) 1,780,558 445,383
Other Financing Sources (Uses)
Transfers in6,877,744 - - -
Transfers out(119,787) (3,802,365) (1,780,558) (209,912)
Capital Leases100,468 - - -
Note issued- - - -
Net other financing sources
(uses)6,858,425 (3,802,365) (1,780,558) (209,912)
Net Change in Fund Balances
26,0972,405,565 - 235,471
Fund Balances - Beginning
-5,851,348 - 282,758
Fund Balances - Ending
$ 26,0978,256,913$ -$ 518,229$
The accompanying Notes to Financial Statements are an integral part of these statements.
22
PublicOther Total
TLBDFacilitiesGovernmentalGovernmental
Debt ServiceCapital ProjectsFundsFunds
$ -51,016$ 720,680$ 13,905,656$
-- 2,043,505 2,220,704
-- 1,033,605 5,368,511
-- 413,805 3,093,268
-- 78,230 320,382
165,364110,998 465,084 1,218,278
-472 452,513 546,125
165,364162,486 5,207,422 26,672,924
-- 50,006 5,034,748
-- 332,380 9,164,173
-7,500 468,019 3,360,194
-- 3,460 1,978,079
-45,000 1,003,955 1,153,398
-106,696 590,609 700,256
-- 16,933 16,933
2,196,636- 145,239 2,679,731
-- 17,155 385,136
-- 1,247,185 1,249,042
-- 161,608 206,800
2,196,636159,196 4,036,549 25,928,490
(2,031,272)3,290 1,170,873 744,434
1,482,80052,502 1,585,802 9,998,848
-- (734,343) (6,646,965)
-- - 100,468
-- 430,000 430,000
1,482,80052,502 1,281,459 3,882,351
(548,472)55,792 2,452,332 4,626,785
2,701,609106,292 8,345,661 17,287,668
$ 2,153,137162,084$ 10,797,993$ 21,914,453$
23
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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, 2006
Amounts reported for the governmental activities in the statement of
activities (page 16) are different because:
Net change in fund balances - total governmental funds (page 22)$4,626,785
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.
This is the amount by which capital outlays exceeded depreciation
in the current period.2,317,464
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and disposals) is to decrease net assets. (57,645)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term
debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net 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
622,930
debt and related items.
Revenues in the statement of activities that do not provide current
financial resources are not reported as revenues in governmental funds.1,059,497
Special assessment revenue and mortgage receivable collections
reported in the funds must be eliminated from the statement of activities
since revenue was recognized in a prior year. (173,285)
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. (378,413)
Change in net assets of governmental activities (page 18)$8,017,333
The accompanying Notes to Financial Statements are an integral part of these statements.
24
CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUN
D
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance With
Final Budget
Budgeted AmountsctualPositive
A
OriginalFinalmounts(Negative)
A
Revenues:
Taxes:
Property taxes7,357,746$ 7,357,746$ 7,383,612$ 25,866$
Franchise taxes38,000 38,000 48,787 10,787
7,395,7467,395,746 7,432,399 36,653
Licenses and permits:
Permits500 500 16,366 15,866
Occupational licenses156,000 156,000 160,833 4,833
156,500156,500 177,199 20,699
Intergovernmental revenues:
Sales tax2,558,000 2,558,000 2,701,256 143,256
State revenue sharing1,120,000 1,120,000 1,122,522 2,522
Other state shared revenue295,200 324,914 343,772 18,858
Other county shared revenue57,248 59,248 59,248 -
Federal grants71,130 71,130 54,599 (16,531)
4,133,2924,101,578 4,281,397 148,105
Charges for services:
Concession stand receipts92,000 92,000 85,200 (6,800)
Program activity fees199,200 231,419 251,440 20,021
Rental and other177,200 177,200 190,496 13,296
500,619468,400 527,136 26,517
Fines and forfeitures:
Fines and forfeitures210,000 210,000 242,152 32,152
Investment income101,500 101,500 450,603 349,103
Miscellaneous22,500 77,925 89,964 12,039
Total revenues12,456,224 12,575,582 13,200,850 625,268
The accompanying Notes to Financial Statements are an integral part of these statements.
25
Variance With
Final Budget
ctualPositive
Budgeted Amounts
A
Original Finalmounts(Negative)
A
Expenditures:
Current:
General government:
Executive674,715$ 728,817$ 655,339$ 73,478$
General government453,250 584,111 524,553 59,558
Finance1,068,475 1,068,475 920,846 147,629
General services836,928 892,869 713,552 179,317
Information systems1,381,421 1,629,371 1,142,072 487,299
Community development1,358,955 1,456,293 1,363,129 93,164
6,359,9365,773,744 5,319,491 1,040,445
Public safety:
Police5,920,283 6,127,019 5,964,677 162,342
Fire3,783,887 3,806,835 3,342,491 464,344
9,933,8549,704,170 9,307,168 626,686
Physical environment:
Public works1,139,053 1,139,053 1,007,240 131,813
Culture and recreation:
Parks and recreation2,132,516 2,171,983 2,019,811 152,172
Total expenditures18,749,483 19,604,826 17,653,710 1,951,116
Excess (Deficiency) of Revenues
Over Expenditures
(7,029,244)(6,293,259) (4,452,860) 2,576,384
Other Financing Sources (Uses)
Transfers in6,343,391 7,267,579 6,877,744 (389,835)
Transfers out(39,413) (264,889) (119,787) 145,102
Capital Leases- 100,468 100,468 -
Net other financing sources (uses)6,303,978 7,103,158 6,858,425 (244,733)
Net Change in Fund Balance
73,91410,719 2,405,565 2,331,651
Fund Balances - Beginning
5,851,3485,851,348 5,851,348 -
Fund Balances - Ending
5,925,2625,862,067 8,256,913 2,331,651
$$$$
26
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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, 2006
Variance With
Final Budget
Budgeted AmountsActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments3,530,000$ 3,805,493$ 3,831,569$ 26,076$
Investment income- 2,785 - (2,785)
Total revenues3,530,000 3,808,278 3,831,569 23,291
Expenditures:
Current:
General government- - 3,107 (3,107)
Total expenditures- - 3,107 (3,107)
Excess (Deficiency) of
Revenues Over Expenditures
3,808,2783,530,000 3,828,462 20,184
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(3,530,000) (3,808,278) (3,802,365) 5,913
Net other financing sources (uses)(3,530,000) (3,808,278) (3,802,365) 5,913
Net Change in Fund Balance
-- 26,097 26,097
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ --$ 26,097$ 26,097$
The accompanying Notes to Financial Statements are an integral part of these statements.
27
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CITY OF WINTER SPRINGS, FLORIDA
ELECTRIC FRANCHISE FEE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance With
Final Budget
Budgeted AmountsActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments1,440,000$ 1,775,460$ 1,775,460$ -$
Investment income- 5,120 5,098 (22)
Total revenues1,440,000 1,780,580 1,780,558 (22)
Expenditures:
Current:
General government- - - -
Total expenditures- - - -
Excess (Deficiency) of
Revenues Over Expenditures
1,780,5801,440,000 1,780,558 (22)
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(1,440,000) (1,780,580) (1,780,558) 22
Net other financing sources (uses)(1,440,000) (1,780,580) (1,780,558) 22
Net Change in Fund Balance
-- - -
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ --$ -$ -$
The accompanying Notes to Financial Statements are an integral part of these statements.
28
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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, 2006
Variance With
Final Budget
Budgeted AmountsActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments-$ 86,191$ 94,532$ 8,341$
Intergovernmental revenues- 59,017 53,509 (5,508)
Charges for services1,787,000 1,952,536 2,152,327 199,791
Investment income5,000 13,783 21,131 7,348
Miscellaneous- 2,128 3,176 1,048
Total revenues1,792,000 2,113,655 2,324,675 211,020
Expenditures:
Current:
Physical environment1,612,000 1,879,980 1,879,292 688
Total expenditures1,612,000 1,879,980 1,879,292 688
Excess (Deficiency) of
Revenues Over Expenditures
233,675180,000 445,383 211,708
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(135,991) (213,278) (209,912) 3,366
Net other financing sources (uses)(135,991) (213,278) (209,912) 3,366
Net Change in Fund Balance
20,39744,009 235,471 215,074
Fund Balances - Beginning
282,758282,758 282,758 -
Fund Balances - Ending
$ 303,155326,767$ 518,229$ 215,074$
The accompanying Notes to Financial Statements are an integral part of these statements.
29
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
September 30, 2006
Business-type Activities - Enterprise Funds
Water andDevelopmentStormwater
Sewer UtilityServicesUtility
FundFundFundTotal
Assets
Current assets:
Cash and cash equivalents
$ 1,891,9415,401,114$ 786,349$ 8,079,404$
Investments698,250 - - 698,250
Receivables, net
-1,278,095 - 1,278,095
Inventories -15,295 - 15,295
Prepaid costs14,675 2,600 1,200 18,475
Restricted cash and cash equivalents -1,486,485 - 1,486,485
Total current assets 1,894,5418,893,914 787,549 11,576,004
Noncurrent assets:
Restricted investments -1,970,546 - 1,970,546
Bond issuance costs
-359,581 - 359,581
Capital assets:
Land, buildings and equipment
150,10649,202,884 6,410,966 55,763,956
Construction in progress -707,256 - 707,256
Less accumulated depreciation
(98,680)(19,156,871) (2,625,649) (21,881,200)
Total capital assets (net of
accumulated depreciation)30,753,269 51,426 3,785,317 34,590,012
Total noncurrent assets33,083,396 51,426 3,785,317 36,920,139
Total assets 1,945,96741,977,310 4,572,866 48,496,143
The accompanying Notes to Financial Statements are an integral part of these statements.
30
Business-type Activities - Enterprise Funds
Water andDevelopment Stormwater
Sewer UtilityServicesUtility
FundFundFundTotal
Liabilities
Current liabilities:
Accounts payable213,917$ 6,921$ 22,024$ 242,862$
Accrued liabilities 10,946101,819 9,614 122,379
Retainage payable11,261 - - 11,261
Compensated absences 16,488116,439 18,037 150,964
Customer deposits payable -736,517 - 736,517
Revenue bonds payable - current -895,000 - 895,000
Accrued interest payable -474,968 - 474,968
Total current liabilities 34,3552,549,921 49,675 2,633,951
Noncurrent liabilities:
Revenue bonds payable -21,932,126 - 21,932,126
Total noncurrent liabilities -21,932,126 - 21,932,126
Total liabilities 34,35524,482,047 49,675 24,566,077
Net Assets
Invested in capital assets, net of related
debt7,926,143 51,426 3,785,317 11,762,886
Restricted -2,612,164 - 2,612,164
Unrestricted 1,860,1866,956,956 737,874 9,555,016
Total net assets$ 1,911,61217,495,263$ 4,523,191$ 23,930,066$
31
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND NET ASSETS - PROPRIETARY FUNDS
For The Year Ended September 30, 2006
Business-type Activities - Enterprise Funds
Water and DevelopmenStormwater
t
Sewer UtilityServicesUtility
FundFundFundTotal
Operating Revenues:
User charges7,822,624$ 2,482,097$ 1,048,055$ 11,352,776$
Other revenue13,672 - 101,196 114,868
Total operating revenues7,836,296 2,482,097 1,149,251 11,467,644
Operating Expenses:
Salaries and benefits1,834,134 420,866 388,840 2,643,840
Materials and supplies772,255 10,240 169,782 952,277
Depreciation and amortization1,560,442 19,012 231,387 1,810,841
Other operating expenses1,036,801 228,750 40,255 1,305,806
Total operating expenses5,203,632 678,868 830,264 6,712,764
Operating income (loss)2,632,664 1,803,229 318,987 4,754,880
Nonoperating Revenue (Expenses):
Investment income420,922 56,896 21,493 499,311
Interest expense(1,035,996) - - (1,035,996)
Operating Grant- - 69,054 69,054
Gain (loss) on disposal of capital assets578 (29) (609) (60)
Total nonoperating revenue (expense)(614,496) 56,867 89,938 (467,691)
Income (loss) before contributions and
transfers2,018,168 1,860,096 408,925 4,287,189
Capital contributions:
Connection fees1,048,962 - - 1,048,962
Developers280,186 - - 280,186
Transfers in5,700 22,160 54,189 82,049
Transfers out(2,528,000) (752,482) (153,450) (3,433,932)
Change in net assets825,016 1,129,774 309,664 2,264,454
Total Net Assets - Beginning
781,83816,670,247 4,213,527 21,665,612
Total Net Assets - End
$ 1,911,61217,495,263$ 4,523,191$ 23,930,066$
The accompanying Notes to Financial Statements are an integral part of these statements.
32
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2006
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer UtilityServicesUtility
FundFundFundTotal
Cash Flows from Operating Activities:
Receipts from customers7,562,969$ 2,482,097$ 1,149,251$ 11,194,317$
Payments to suppliers(1,735,794) (238,520) (221,664) (2,195,978)
Payments to employees(1,796,612) (423,098) (375,563) (2,595,273)
Net cash provided by operating activities4,030,563 1,820,479 552,024 6,403,066
Cash Flows from Non-Capital
Financing Activities:
Operating Grants- - 191,054 191,054
Transfers in5,700 22,160 54,189 82,049
Transfers out(2,528,000) (752,482) (153,450) (3,433,932)
Net cash provided (used) by non-capital
financing activities(2,522,300) (730,322) 91,793 (3,160,829)
Cash Flows from Capital and Related
Financing Activities:
Proceeds from sale of capital assets2,748 127 - 2,875
Acquisition of capital assets(749,828) (18,890) (175,750) (944,468)
Principal paid on revenue bonds & leases(870,000) - - (870,000)
Interest paid on revenue bonds(992,302) - - (992,302)
Developers Agreement- - - -
Connection fees1,048,962 - - 1,048,962
Net cash provided (used) by capital and
related financing activities(1,560,420) (18,763) (175,750) (1,754,933)
Cash Flows from Investing Activities:
Sale of investments432,388 - - 432,388
Investment income423,949 56,896 21,493 502,338
Net cash provided by investing activities856,337 56,896 21,493 934,726
Net Increase (Decrease) in Cash and
Cash Equivalents
1,128,290804,180 489,560 2,422,030
Cash and Cash Equivalents - Beginning
763,6516,083,419 296,789 7,143,859
Cash and Cash Equivalents - End
$ 1,891,9416,887,599$ 786,349$ 9,565,889$
Classified As:
Cash and cash equivalents5,401,114$ 1,891,941$ 786,349$ 8,079,404$
Restricted cash1,486,485 - - 1,486,485
Total6,887,599$ 1,891,941$ 786,349$ 9,565,889$
The accompanying Notes to Financial Statements are an integral part of these statements.
33
Business-type Activities - Enterprise Funds
Water andDevelopmentStormwater
Sewer UtilityServicesUtility
FundFundFundTotal
Reconciliation of Operating Incom
e
(Loss) to Net Cash Provided B
y
Operating Activities
Operating income (loss)2,632,664$ 1,803,229$ 318,987$ 4,754,880$
Adjustments Not Affecting Cash
:
Depreciation1,539,913 19,012 231,387 1,790,312
Amortization20,529 - - 20,529
Change in Assets and Liabilities:
Increase (decrease) in accounts receivable(319,026) - - (319,026)
Increase in inventories(3,450) - - (3,450)
Increase in prepaid costs(14,675) (2,600) (1,200) (18,475)
Increase in accounts payable104,112 3,070 1,190 108,372
Increase in accrued liabilities39,022 690 3,307 43,019
Decrease in retainage payable(12,725) - (11,617) (24,342)
Increase in customer deposits45,699 - - 45,699
Increase (decrease) in accrued
compensated absences(1,500) (2,922) 9,970 5,548
Total adjustments1,397,899 17,250 233,037 1,648,186
Net Cash Provided by Operating
Activities
$ 1,820,4794,030,563$ 552,024$ 6,403,066$
Noncash Investing, Capital and Financing Activities:
Contributed capital assets280,186$ -$ -$ 280,186$
Decrease in fair value of investments3,027 - - 3,027
34
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
September 30, 2006
Defined
Benefit
Pension
Trust Fund
Assets:
Cash and cash equivalents$ 34,319
Receivables:
Plan members contributions 51,209
Investments, at fair value:
Common funds - equity 9,307,113
Common funds - bonds 4,185,790
Total investments13,492,903
Total assets
13,578,431
Liabilities
-
Net Assets:
Held in trust for pension benefits$13,578,431
The accompanying Notes to Financial Statements are an integral part of these statements.
35
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For The Year Ended September 30, 2006
Defined
Benefit
Pension
Trust Fund
Additions:
Contributions:
Employer$ 1,198,922
Plan members 322,504
Total contributions1,521,426
Investment income:
Net appreciation in fair value of investments1,006,827
Interest 20,136
Net investment income1,026,963
Total additions2,548,389
Deductions:
Benefits 171,697
Administrative expenses84,341
Total deductions256,038
Change in Net Assets
2,292,351
Net Assets - Beginning
11,286,080
Net Assets - End
$ 13,578,431
The accompanying Notes to Financial Statements are an integral part of these statements.
36
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NOTES TO FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
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.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
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.
38
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
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 availablewhen 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.
ThePublic 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.
TheElectric Franchise Fee Special Revenue Fund accounts for collections of electric
franchise fees. Proceeds are used to pay debt service and any excess monies not
used to pay debt service are transferred to the general fund.
TheSolid Waste/Recycling Special Revenue Fund is used to account 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.
39
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Major Governmental Funds (Continued):
TheTLBD 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.
ThePublic Facilities Capital Project Fund was established to account for
construction of public facilities.
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
TheWater 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.
TheDevelopment 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.
TheStormwater Utility Fund accounts for the operation and maintenance of the
City’s stormwater system.
40
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
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.
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 operatingrevenues and expenses from nonoperatingitems.
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 new 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.
41
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
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. The City implemented Governmental
Accounting Standards Board (GASB) Statement No. 40, Deposit and Investment
Risk Disclosure, for fiscal year 2006. The effect of this statement is the inclusion
of new disclosures for deposit and investment risk.
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.
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
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.
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, in accordance
with Chapter 274.02, Florida Statutes, 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.
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
5. Capital Assets (Continued):
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
Equipment 3-10
6. Compensated absences
It is the City’s policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick
leave since the government does not have a policy to pay any amounts when
employees separate from service with the government. All vacation pay is
accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only if
they have matured, for example, as a result of employee resignations and
retirements. For governmental activities, compensated absences 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, 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.
44
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
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.
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements:
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government-Wide Statement of Net 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 $21,619,477 difference are as
follows:
Bonds payable $(19,733,970)
Less: Issuance discount (to be amortized as interest expense) 19,271
Add: Issuance premium (to be amortized as interest expense) (83,565)
Less: Deferred charge on refunding (to be amortized as interest
expense) 131,409
Notes payable (815,229)
Capital lease payable (100,468)
Accrued interest payable (287,676)
Compensated absences (749,249)
Net adjustment to reduce fund balance - total governmental funds
to arrive at net assets - governmental activities $(21,619,477)
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances - total governmental funds
andchanges 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 $2,317,464 difference are as follows:
Capital outlay $ 4,580,707
Depreciation expense (2,263,243)
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities $ 2,317,464
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 $622,930 difference are as follows:
Debt issued or incurred:
Capital leases and loan $ (530,468)
Principal repayment 1,153,398
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
$ 622,930
governmental activities
46
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities (Continued)
Another element of that reconciliation states that “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 $378,413 difference
are as follows:
Compensated absences $(371,366)
Amortization of issuance costs (14,976)
Amortization of bond discounts (4,748)
Accrued interest payable 12,677
Net adjustment to decrease net changes in fund balances –
total governmental funds to arrive at changes in net assets of
$(378,413)
governmental activities
Note 3 - Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
st
1. On or before July 1 of each year, the City Manager submits a Proposed Budget to
st
the City Commission for the fiscal year beginning the following October 1. The
budget includes proposed revenues, expenditures and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops, wherein the public is invited to
attend.
th
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.
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 3 - 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.
Note 4 - Deposits and Investments:
Deposits
At year-end, the carrying amount of the City’s deposits was $3,526,845 and the bank
balance was $2,433,971. Petty cash funds of $2,110 are not on deposit with a financial
institution, and fiduciary fund cash of $34,319 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. U.S. Government securities
2. U.S. Government Agency securities
3. Federal Instrumentalities (U.S. Government sponsored agencies)
4. Interest bearing time deposit or savings accounts
5. Repurchase agreements
6. Commercial paper
7. Bankers’ acceptances
8. State and/or local government taxable and/or tax-exempt debt
9. Registered investment companies (money market mutual funds)
10. Intergovernmental investment pool
The State Board of Administration Local Government Investment Pool (SBA) is an
investment pool administered by the State of Florida. Investments held in the SBA consist
of U.S. Treasury obligations, short-term federal agency obligations, repurchase agreements
and commercial paper. These short-term investments are included as cash equivalents and
are stated at cost, which approximates fair value.
48
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 4 - Deposits and Investments (Continued):
Investments (Continued)
Investments made by the City at September 30, 2006 are summarized below. Defined
benefit pension plan investments, other than $9,307,113 in mutual funds investing in equity
securities, are included below:
Weighted
Average
Maturity
Fair ValueCredit Rating(Years)
State Board of Administration $29,415,586 Unrated < 90 days
US Government Agency Securities 698,250 Aaa/AAA 0.63
US Treasury 1,225,960 aa/AAAm < 90 days
Pension Plan Investments:
High Grade Bond Fund 4,185,790 TSY 8.2
$35,525,586
Credit Risk
The City’s investment policy limits credit risk by restricting authorized investment to those
described above. The policy requires that the investment in federal instrumentalities be
guaranteed by the full faith and credit of the U.S. Government sponsored agency and that
investments in money market mutual funds have a Standard & Poors (S & P) rating of AAm
or AAm-G. Investments in commercial paper and bankers’ acceptances must be rated, at a
minimum, “P-1” by Moody’s Investors Services and “A-1” by S & P. Investment in state
and/or local government taxable and/or tax-exempt debt must be rated at least “Aa” by
Moody’s and “AA” by S & P for long-term debt, or rated at least “MIG-2” by Moody’s and
“SP-2” by S & P for short-term debt.
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,
2006, all of the city’s bank deposits were in qualified public depositories.
49
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 4 - Deposits and Investments (Continued):
Custodial Credit Risk (Continued)
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, 2006, 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.
Note 5 - Receivables:
Receivables as of year end for the City’s individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
Allowance
AccountsUncollectibleNet
ReceivableAccountsReceivable
General Fund $ 176,431 $ - $ 176,431
Public & Communications
Service Tax Fund 130,087 - 130,087
TLBD Debt Service Fund 1,451 - 1,451
Water & Sewer Utility Fund 1,453,786 (175,691) 1,278,095
Nonmajor Governmental Funds 1,455,041 (294,697) 1,160,344
Solid Waste/Recycling Fund 8,334 - 8,334
$3,225,130 $(470,388) $2,754,742
There is an amount of $999,495 included in accounts receivable above in a nonmajor
governmental fund that is not considered to be available to liquidate liabilities of the current
period. There are also special assessments receivable of $2,590,180 and judgment receivable
of $60,000 that are not available to liquidate liabilities of the current period. These receivables
totaling $3,649,675 are reported as deferred revenue in the governmental funds balance sheet.
50
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 6 - Capital Assets:
Capital asset activity for the year ended September 30, 2006 was as follows:
BeginningEnding
BalanceIncreasesDecreasesBalance
Governmental activities:
Capital assets, not being
depreciated:
Land $ 9,760,401 $ 88,315 $ - $ 9,848,716
Construction in progress 1,444,032 3,407,117 (1,450,104) 3,401,045
Total capital assets, not being
depreciated 11,204,433 3,495,432 (1,450,104) 13,249,761
Capital assets, being depreciated:
Buildings 5,477,010 50,900 - 5,527,910
Improvements 9,947,650 1,179,763 - 11,127,413
Machinery and equipment 7,347,645 1,021,169 (296,512)8,072,302
Infrastructure 43,084,545 283,549 - 43,368,094
Total capital assets, being
depreciated 65,856,850 2,535,381 (296,512) 68,095,719
Less accumulated depreciation for:
Buildings (2,234,752)(181,466)- (2,416,218)
Improvements (1,882,952)(355,665)- (2,238,617)
Machinery and equipment (4,914,913)(863,557)238,867 (5,539,603)
Infrastructure (20,305,122) (862,555) - (21,167,677)
Total accumulated depreciation (29,337,739) (2,263,243) 238,867 (31,362,115)
Total capital assets, being
depreciated, net 36,519,111 272,138 (57,645) 36,733,604
Governmental activities capital
assets, net $ 47,723,544 $ 3,767,570 $(1,507,749)$49,983,365
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 6 - Capital Assets (Continued):
BeginningEnding
BalanceIncreasesDecreasesBalance
Business-type activities:
Capital assets, not being
depreciated:
Land $ 5,344,916 $ - $ - $ 5,344,916
Construction in progress 459,222 664,796 (416,762) 707,256
Total capital assets, not being
depreciated 5,804,138 664,796 (416,762) 6,052,172
Capital assets, being depreciated:
Buildings 755,778 - - 755,778
Improvements 45,530,297 765,206 (2,500) 46,293,003
Machinery and equipment 3,217,733 221,133 (68,607) 3,370,259
Total capital assets, being
depreciated 49,503,808 986,339 (71,107) 50,419,040
Less accumulated depreciation for:
Buildings (368,932)(25,143)- (394,075)
Improvements (17,500,090)(1,506,021)1,330 (19,004,781)
Machinery and equipment (2,280,319) (259,148) 57,123 (2,482,344)
Total accumulated depreciation (20,149,341) (1,790,312) 58,453 (21,881,200)
Total capital assets, being
depreciated, net 29,354,467 (803,973) (12,654) 28,537,840
Business-type activities capital
assets, net $ 35,158,605 $ (139,177)$(429,416) $34,590,012
Depreciation expense was charged to functions/programs as follows:
Governmental activities:
General government $ 206,270
Public safety 595,319
Physical environment 1,084,190
Culture and recreation 377,464
Total depreciation expense - governmental activities $2,263,243
Business-type activities:
Water and sewer $1,539,913
Development services 19,012
Stormwater 231,387
Total depreciation expense - business-type activities $1,790,312
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 7 - 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
$17,604 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
Activities
Assets -
Machinery & equipment $118,072
Less: accumulated depreciation (11,043)
Total $107,029
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2006 were as follows:
Governmental
Activities
Year Ending September 30,
2007 $ 28,093
2008 28,093
2009 28,093
2010 28,093
Total minimum lease payments 112,372
Less: Amount representing interest (11,904)
Net present value $100,468
53
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 8 - Long-Term Debt:
Revenue Bonds
The City issues bonds where the City pledges revenue derived from the acquired or constructed
assets to pay debt service. Revenue bonds have been issued for both governmental and
business-type activities. The original amount of revenue bonds issued in prior years is
described below. The Special Assessment Revenue Bonds issued in 2001 are payable from
and secured by a first lien and pledge of assessments levied on property within the assessed
area as well as the first $160,000 of half-cent sales tax received by the City each year. In the
event that a deficiency exists because of unpaid or delinquent special assessments at the time
a debt service payment is due, the government must provide resources to cover the deficiency
until other resources, for example, foreclosure proceeds, are received. Revenue bonds
outstanding at year end are as follows:
Interest Rates Balance
andOriginalSeptember
Dates MaturityAmount30, 2006
Governmental Activities
10/1/99
Improvement Refunding3.25 - 5.25% to
Revenue Bonds - Series 1999 (4/1 & 10/1) 10/1/29 $ 7,998,970 $ 5,928,970
10/1/02
Special Assessment 3.4 - 5.25% to
Revenue Bonds - Series 2001 (4/1 & 10/1) 10/1/29 $ 2,265,000 2,090,000
10/1/04
Improvement Refunding 2.0 - 3.7% to
Revenue Bonds - Series 2003 (4/1 & 10/1) 10/1/18 $ 8,870,000 8,575,000
Total $16,593,970
Business-Type Activities
10/1/02
Water and Sewer Refunding4.5 - 5.5% to
Revenue Bonds - Series 2000 (4/1 & 10/1) 10/1/30 $ 6,969,191 $ 6,824,191
10/1/02
Water and Sewer Refunding4.0 - 5.0% to
Revenue Bonds - Series 2001 (4/1 & 10/1) 10/1/21 $ 6,065,000 5,225,000
10/1/03
Water and Sewer Refunding3.0 - 5.25% to
Revenue Bonds - Series 2002 (4/1 & 10/1) 10/1/20 $13,980,000 11,675,000
Total $23,724,191
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 8 - 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
2007 $ 670,000 $ 474,232 $ 895,000 $ 960,222
2008 700,000 450,087 945,000 927,198
2009 735,000 429,652 980,000 890,597
2010 775,000 405,867 1,015,000 851,523
2011 810,000 378,965 1,060,000 810,215
2012-2016 4,735,000 1,400,577 6,085,000 3,311,697
2017-2021 4,406,677 3,121,386 6,620,000 1,675,532
2022-2026 2,196,657 4,999,857 2,759,653 7,073,721
2027-2031 1,565,636 3,150,753 3,364,538 6,526,087
$16,593,970 $14,811,376 $23,724,191 $23,026,792
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 (1/4) of one mil on all of the taxable property in the City. General
obligation bonds currently outstanding are as follows:
InterestBalance
Rates and OriginalSeptember
Dates MaturityAmount30, 2006
Governmental Activities
Limited General 2.0 - 5.375% 7/1/03 -
Obligation Bonds - Series 2002 (1/1 & 7/1) 7/1/31 $3,400,000 $3,140,000
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 8 - 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
2007 $ 70,000 $ 153,472
2008 70,000 151,023
2009 75,000 148,433
2010 75,000 145,508
2011 80,000 142,508
2012-2016 455,000 653,270
2017-2021 595,000 522,250
2022-2026 755,000 358,250
2027-2031 965,000 149,000
$3,140,000 $2,423,714
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, therefore the
City still has $1,900,000 available to borrow. There were no advances during fiscal year
2005 or 2006. Advances received during 2004 have been repaid.
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
2000B, 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
II. The City paid off $93,400 of this with prepaid assessments during the year ended
September 30, 2006.
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 8 - Long-Term Debt (Continued):
Notes Payable (Continued)
Notes payable outstanding at year end are as follows:
Special Assessment Revenue Note, Series 2006.
Principal is payable annually beginning July 1, 2007
and interest is payable semi-annually on January 1
and July 1. Maturity is July 1, 2021 and interest is
4.10%. $336,600
Capital Improvement Revenue Note, Series 2004A -
payable interest only until July 1, 2010 when entire
balance is due. Interest is 4.22%. 478,629
$815,229
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending Governmental Activities
September 30, Principal Interest
2007 $ 14,630 $ 36,194
2008 17,449 33,374
2009 18,164 32,659
2010 497,538 26,865
2011 19,684 10,941
2012-2016 111,209 41,916
2017-2021 136,555 17,170
$815,229 $199,119
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 8 - Long-Term Debt (Continued):
Changes in Long-Term Liabilities
Long-term liability activity for the year ended September 30, 2006 was as follows:
BeginningEndingDue Within
BalanceAdditionsReductionsBalanceOne Year
Governmental activities:
Bonds payable -
Revenue bonds $15,093,970 $ - $ (590,000) $14,503,970 $620,000
Special assessment debt
with government
commitment 2,135,000 - (45,000) 2,090,000 50,000
Limited general obligation
bonds 3,205,000 - (65,000) 3,140,000 70,000
Less deferred amounts: - -
Issuance discounts (20,032) - 761 (19,271) -
Issuance premiums 90,529 - (6,964) 83,565 -
On refunding (142,360) - 10,951 (131,409) -
Total bonds payable 20,362,107 - (695,252) 19,666,855 740,000
Notes payable -
Capital improvement
notes 734,184 430,000 (348,955) 815,229 14,630
Capital lease 104,443 100,468 (104,443) 100,468 28,093
Compensated absences 377,883 404,061 (32,695) 749,249 150,000
Governmental activity
long-term liabilities $21,578,617 $934,529 $1,181,345 $21,331,801 $927,877
Business-type activities:
Bonds payable -
Revenue bonds $24,594,191 $ - $ (870,000) $23,724,191 $895,000
Less deferred amounts:
For issuance discount (28,563) - 1,064 (27,499) -
On refunding (927,902) - 58,336 (869,566) -
Total bonds payable 23,637,726 - (810,600) 22,827,126 895,000
Compensated absences 145,416 150,964 (145,416) 150,964 30,000
Business-type activity
long-term liabilities $23.783,142 $150,964 $ (956,016) $22,978,090 $925,000
58
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 9 - Interfund Receivables, Payables and Transfers:
The composition of interfund balances as of September 30, 2006 is as follows:
Receivable Fund Payable Fund Amount
General Public and Communications Service Tax $101,904
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, 2006 consisted of the following:
Recipient Fund Amount Purpose
Transfer from Electric Franchise Fee Special
Revenue Fund to pay Debt Service expenses
on the Improvement Refunding Revenue
1999 Debt Service Fund $ 296,000 Bonds, Series 1999.
Transfer from Public & Communications
Service Tax Special Revenue Fund to pay
Debt Service expenses on the Improvement
1999 Debt Service Fund 296,000 Refunding Revenue Bonds, Series 1999.
Transfer from Electric Franchise Fee Special
Revenue Fund to pay Debt Service expenses
on the Improvement Refunding Revenue
2003 Debt Service Fund 211,500 Bonds, Series 2003.
Transfer from Public & Communications
Service Tax Special Revenue Fund to pay
Debt Service expenses on the Improvement
2003 Debt Service Fund 211,500 Refunding Revenue Bonds, Series 2003.
Transfer from Parks Impact Fee and Police
Impact Fee Special Revenue Funds to pay
2004 Capital Projects Debt debt service expenses on the Capital
Service Fund 210,819 Improvement Note, Series 2004.
Transfer from General Fund for share of
Development Service personnel cost
associated with Community Development
Development Services Fund 22,160 functions.
59
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 9 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund Amount Purpose
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, records management project and
General Fund $ 1,178,077 operator expenses.
Transfer from Development Services Fund for
indirect costs, administration, fire prevention,
Community Development, Information Services
special projects and records management
General Fund 752,482 project expenses (crossover costs).
Transfer from Solid Waste/Recycling Special
Revenue Fund for administration, franchise
fees and Information Services records
General Fund 132,834 management project.
Transfer from TLBD Maintenance Special
Revenue Fund for City Clerk, Beautification
General Fund 48,473 Coordinator and insurance expenses.
Transfer from Oak Forest Maintenance Special
Revenue Fund for City Clerk, Beautification
General Fund 9,408 Coordinator and insurance expenses.
Transfer from Public & Communications
Service Tax Special Revenue Fund balance in
fund after payment of Debt Service expenses
on the Improvement Refunding Revenue
General Fund 3,294,865 Bonds, Series 1999 and Series 2003.
Transfer from Electric Franchise Fee Special
Revenue Fund balance in fund after payment
of Debt Service expenses on the Improvement
Refunding Revenue Bonds, Series 1999 and
General Fund 1,273,058 Series 2003.
Transfer from Road Improvements Special
General Fund 45,200 Revenue Fund for project coordinator services.
60
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 9 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund Amount Purpose
Transfer from Stormwater Utility Fund for
administration and records management
General Fund $ 87,418 project expenses.
Transfer from Special Law Enforcement -
Federal - Special Revenue Fund for purchase
General Fund 14,600 of four motorcycles.
Transfer from Water and Sewer Utility Fund for
General Fund 30,997 share of Kiva project.
Transfer from Stormwater Utility Fund for share
General Fund 10,332 of Kiva project.
Homeland Mitigation Grant Transfer from Parks Impact Fee, Police Impact
Program Capital Project Fee, Fire Impact Fee Special Revenue Funds
Fund 48,638 for City required grant funds match.
Parks Impact Fee Special Transfer from Parks Donation Special Revenue
Revenue Fund 216 Fund to close out fund.
Parks Impact Fee Special Transfer from General Fund for purchase of
Revenue Fund 70,723 playground equipment.
Public Facilities CapitalTransfer from Stormwater Utility Fund for share
Projects Fund 50,000 of the new Utility/Public Works facility.
Transfer from Transportation Improvement
Public Facilities CapitalSpecial Revenue Fund for share of the new
Projects Fund 150,000 Utility/Public Works facility.
Transfer from Water and Sewer Operating
Public Facilities CapitalUtility Fund (operating) for share of the new
Projects Fund 1,282,800 Utility/Public Works facility.
Road Improvements Special Transfer from General Fund for fifty percent of
Revenue Fund 8,840 power line removal costs.
Transfer from Parks Impact Fee Special
Senior Center Expansion Revenue Fund for Senior Center Expansion
Capital Projects Fund 100,000 and Therapy Pool.
61
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 9 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund Amount Purpose
Transfer From Special Law Enforcement -
Special Law Enforcement - Local - Special Revenue Fund to reclass
Federal - Special RevenueConfiscated Property from Local to Federal
Fund $ 9,813 funds.
Transfer from Solid Waste/Recycling Special
Storm Reserve SpecialRevenue Fund for future emergency storm
Revenue Fund 77,078 cleanup expenses.
Transfer from General Fund ten percent of
Stormwater Utility Fund 18,063 engineer expense.
Transfer from Water and Sewer Utility Fund
Stormwater Utility Fund 36,126 twenty percent of engineer expense.
Transfer from TLBD Improvement Capital
Project Fund residual equity to apply to
TLBD Debt Service Fund 52,502 principal payments.
TLBD (Tuskawilla Lighting and
Beautification District)Transfer from TLBD Phase II Improvements
Improvement Capital Capital Projects Fund to reimburse for TLBD
Projects Fund 44,675 Phase II start up costs.
Transfer from Stormwater Utility Fund for
Water and Sewer Utility Fund 5,700administration fees.
$10,080,897
Note 10 - 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.
The Board of Trustees of the plan are appointed by the City Commission to make advisory
recommendations regarding plan provisions and amendments. Those recommendations
would then be taken back to the Commission for final approval.
62
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 10 - 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 $322,504 for the year ended September
30, 2006. The City is required to contribute at an actuarially determined rate; the current
rate is 13.2% of covered payroll. The City’s contribution for the year ended September 30,
2006 was $1,198,922. Administration costs of the plan are paid out of the plan and
amounted to $84,341 in 2006.
Membership in the Defined Benefit Plan consisted of the following at October 1, 2005:
Retirees and beneficiaries receiving benefits 14
Terminated plan members entitled to but not
receiving benefits 84
Active plan members:
Vested 191
Non-vested 60
349
Annual Pension Cost and Net Pension Obligation - The City has contributed the Annual
Required Contribution (ARC) since inception of the plan on October 1, 1997, and thus has
not had or needed to report, a Net Pension Obligation (NPO).
Three Year Trend Information -
Fiscal year
Annual Pension Percentage of
endedCost (APC)APC Contributed
9/30/04 $ 749,863 100%
9/30/05 951,133 100%
9/30/06 1,198,922 100%
63
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 10 - Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation (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, 2005. The plan was amended October 1, 2004 to increase the benefit formula
percentage for service prior to October 1, 2000 by .25% increments each year beginning
October 1, 2005 through the plan year beginning October 1, 2008.
Assumptions:
Investment Earnings 8%
Salary Increases -
Inflation 3%
Postretirement Benefit Increases 0%
Mortality Table 1983 Group Annuity Mortality Table
Actuarial Valuation:
Frequency Annual
Cost Method Frozen Entry Age
Amortization Method Level Percentage of Projected
Payroll
Amortization Period 30 Years Open
Asset Valuation Method Long Range Yield Method
Note 11 - 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 solution 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.
64
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2006
Note 12 - 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 13 - Contingent Liabilities:
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.
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.
Note 14 - Commitments:
At September 30, 2006, the City had entered into construction contracts in the amount of
$2,497,855.
65
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
Defined Benefit Pension Trust Fund
Schedule of Funding Progress
ActuarialUAAL as
ActuarialAccruedUnfundeda % of
ActuarialValue of (AAL)AALFundedCoveredCovered
ValuationAssetsEntry Age (UAAL)RatioPayroll Payroll
Date (a). (b). (b-a).(a/b) (c).(b-a) /c
10/1/00 $4,933,945 $7,701,059$2,767,11464.1% $5,324,680 52.0%
10/1/01 5,829,453 8,402,8212,573,36869.9 6,569,263 39.2
10/1/02 6,620,248 9,128,5222,508,27472.5 6,586,077 38.1
10/1/03 7,279,048 9,771,5942,492,54674.5 8,094,829 30.8
10/1/04 8,134,588 10,931,7742,797,18674.4 8,982,189 31.1
10/1/05 9,716,089 13,178,4853,462,39673.7 9,659,446 35.8
Schedule of Contributions from the Employer
Annual Required Percentage of
Fiscal Year Contribution ARC
Ended(ARC)Contribution
9/30/01 $556,318 100%
9/30/02 605,058 100%
9/30/03 658,735 100%
9/30/04 749,863 100%
9/30/05 951,133 100%
9/30/06 1,198,922 100%
66
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
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MAJOR GOVERNMENTAL FUNDS
Debt Service Fund
TLBD Debt Service Fund
-This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue.
Capital Projects Fund
Public Facilities Capital
-This fund was established to account for construction of
Projects Fund
public facilities.
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CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance With
Final Budget
Budgeted AmountsActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments155,185$ 155,185$ 51,016$ (104,169)$
Investment income1,200 1,200 110,998 109,798
Miscellaneous- - 472 472
Total revenues156,385 156,385 162,486 6,101
Expenditures:
Current:
Physical environment7,200 7,750 7,500 250
Debt service:
Principal retirement45,000 45,000 45,000 -
Interest and fiscal charges106,715 106,715 106,696 19
Total expenditures158,915 159,465 159,196 269
Excess (Deficiency) of
Revenues Over Expenditures
(3,080)(2,530) 3,290 6,370
Other Financing Sources (Uses)
Transfers in- 52,502 52,502 -
Net other financing sources (uses)- 52,502 52,502 -
Net Change in Fund Balance
49,422(2,530) 55,792 6,370
Fund Balances - Beginning
106,292106,292 106,292 -
Fund Balances - Ending
$ 155,714103,762$ 162,084$ 6,370$
67
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CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES CAPITAL PROJECTS FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance With
Final Budget
Budgeted AmountsActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income15,000$ 15,000$ 165,364$ 150,364$
Total revenues15,000 15,000 165,364 150,364
Expenditures:
Current:
Capital outlay:
General government3,948,500 2,576,300 2,196,636 379,664
Total expenditures3,948,500 2,576,300 2,196,636 379,664
Excess (Deficiency) of
Revenues Over Expenditures
(2,561,300)(3,933,500) (2,031,272) 530,028
Other Financing Sources (Uses)
Transfers in1,150,000 1,482,800 1,482,800 -
Note Proceeds600,000 - - -
Net other financing sources (uses)1,750,000 1,482,800 1,482,800 -
Net Change in Fund Balance
(1,078,500)(2,183,500) (548,472) 530,028
Fund Balances - Beginning
2,701,6092,701,609 2,701,609 -
Fund Balances - Ending
$ 1,623,109518,109$ 2,153,137$ 530,028$
68
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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.
Recreation Acquisition
-This fund was established to record funds received from
Fund
new developers for the acquisition of land for recreational
purposes in lieu of land donated by these developers for
recreational purposes.
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 Facilities 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.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Special Revenue Funds - Continued
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.
TLBD Maintenance Fund
-This fund is used to account for collected special
assessments for maintenance related to the Tuscawilla
Lighting and Beautification District.
Oak Forest Maintenance
-This fund is used to account for collected special
Fund
assessments for maintenance related to the Oak Forest
subdivision wall.
Road Improvements Fund
-This fund is used to account for collected one-cent sales
tax revenues to be used for transportation-related
improvements.
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 federal
Trust Fund – 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 signage
Homeowners Associations such as streetlighting and
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.
Debt Service Funds
2003 Debt Service Fund
-This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue.
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.
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.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Debt Service Funds - Continued
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 Service
-This fund is used to account for the accumulation of
Fund
resources and payment of principal and interest for the
TLBD Phase II Improvements.
Capital Projects Funds
1999 Construction Capital
-This fund was established for the acquisition and
Projects Fund
construction of City - owned Capital Improvements.
TLBD Improvement Capital
-This fund was established to account for construction of
Projects Fund
improvements to the Tuscawilla Lighting and Beautification
District.
Oak Forest Capital Projects
-This fund was established to account for construction of
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 II
-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
-This fund was established to account for the Senior Center
Capital Projects Fund
Expansion and Therapy Pool project.
Special Revenue
Police Special Law Transportation Transportation
Education Enforcement Improvement Impact
Fund Trust Fund - Local Fund Fee Fund
Assets:
Cash and cash equivalents 50,91$ 6,039$ 374,665$ 1,556,076$ 8
Receivables 1,327 - - -
Prepaid costs 3,770 - - -
Special assessment receivable - - - -
Judments receivable - - - -
g
Total Assets 56,01$ 6,03$ 374,66$ 1,556,07$
6568
Liabilities and Fund Balances:
Liabilities:
Accounts payable 940$ -$ 1,354$ 71,48$3
Accrued liabilities - - - -
Deferred revenue - - - -
Unearned revenue - - - -
Total Liabilities 940 - 1,354 71,483
Fund Balances:
Reserved for Debt Service - - - -
Unreserved 55,07 6,036 373,315 1,484,592 5
Total Fund Balances 55,07 6,036 373,315 1,484,592 5
Total Liabilities and Fund Balances 56,01$ 6,03$ 374,66$ 1,556,07$
6568
Special Revenue
Police Fire Parks Public Facilities Medical
Impact Impact Impact Impact Transport rbor
A
Fee Fund Fee Fund Fee Fund Fee Fund Services Fund Fund
$ 757,3985,755$ 373,513$ 234,199$ 256,635$ 257,317$3
-- - - 152,29 2,4707
-- - - - -
-- - - - -
-- - - - -
$ 757,3985,75$ 373,51$ 234,19$ 408,93$ 259,78$
539543
$ 835-$ -$ -$ 3,08$ -5$
-- - - 3,300 -
-- - - - -
-- - - - 2,470
835- - - 6,38 2,4705
-- - - - -
756,5585,755 373,518 234,199 402,545 257,3193
756,5585,755 373,518 234,199 402,545 257,3193
$ 757,3985,75$ 373,51$ 234,19$ 408,93$ 259,78$
539543
(Continued)
Special Revenue
TLBD Oak Forest Road Emergency
Maintenance Maintenance Improvements and Disaster
Fund Fund Fund Relief Fund
Assets:
Cash and cash equivalents 280,66$ 24,469$ 1,082,394$ 663,462$5
Receivables 2,05 5498 999,49 -5
Prepaid costs - - - -
Special assessment receivable - - - -
Judments receivable - - - -
g
Total Assets 282,72$ 25,01$ 2,081,88$ 663,46$
7375
Liabilities and Fund Balances:
Liabilities:
Accounts payable 4,67$ 1205$ -$ -$
Accrued liabilities - - - -
Deferred revenue - - 999,49 -5
Unearned revenue - - - -
Total Liabilities 4,67 1205 999,49 -5
Fund Balances:
Reserved for Debt Service - - - -
Unreserved 278,05 24,892 1,082,393 663,4625
Total Fund Balances 278,05 24,892 1,082,393 663,4625
Total Liabilities and Fund Balances 282,72$ 25,01$ 2,081,88$ 663,46$
7375
Special RevenueDebt Service
Special Law HOA Projects - Storm
Enforcement Trust Streetlihtin and Reserve 2003 Debt 1999 Debt
gg
Fund - Federal Signage Fund Fund Total Service Fund Service Fund
$ 27,87141,902$ 77,95$ 6,151,239$ 295,832$ 544,573$ 6
-- - 1,158,19 -6 -
-- - 3,770 - -
-- - - - -
-- - - - -
$ 27,87141,90$ 77,95$ 7,313,19$ 295,83$ 544,57$
29836
$ --$ -$ 82,49$ -2$ -$
-- - 3,300 -
-- - 999,49 -5 -
-- - 2,470 - -
-- - 1,087,75 -7 -
-- - - 295,83 544,573 6
27,87141,902 77,95 6,225,4419 - -
27,87141,902 77,95 6,225,4419 295,83 544,573 6
$ 27,87141,90$ 77,95$ 7,313,19$ 295,83$ 544,57$
29836
(Continued)
Debt Service
Oak Forest Central Winds 2004 Capital TLBD Phase II
Debt Service GO Debt Service Proects Debt Debt
j
Fund Fund Service Fund Service Fund
Assets:
Cash and cash equivalents 5,082$ 50,33$ 420$ 1,264$
Receivables 735 1,413 - -
Prepaid costs - - - -
Special assessment receivable 550,18 - - -
0
Judments receivable - - - -
g
Total Assets 555,99$ 51,74$ 42$ 1,264$
73
Liabilities and Fund Balances:
Liabilities:
Accounts payable 3,37$ -5$ -$ -$
Accrued liabilities - - - -
Deferred revenue 550,18 -0 - -
Unearned revenue - - - -
Total Liabilities 553,55 -5 - -
Fund Balances:
Reserved for Debt Service 2,442 51,74 423 1,264
Unreserved - - - -
Total Fund Balances 2,442 51,74 423 1,264
Total Liabilities and Fund Balances 555,99$ 51,74$ 42$ 1,264$
73
Debt Service Capital Projects
1999Revolving City Hall TLBD Phase II
Construction Oak Forest Rehab Expansion Improvements
Total Fund Fund Fund Fund Fund
$ 2,139,00897,127$ 38,209$ 982,216$ 15,430$ 398,699$ 4
-2,148 - - - -
-- - - - -
-550,18 - - - -
0
-- - 60,00 - -
0
$ 2,139,001,449,45$ 38,20$ 1,042,21$ 15,43$ 398,69$
596094
$ 5,8923,375$ -$ 5$ 3,600$ -$
-- - - - -
-550,180 - 60,00 -0 -
-- - - - -
5,892553,555 - 60,00 3,6005 -
-895,900 - - - -
2,133,11- 38,207 982,206 11,835 398,699 4
2,133,11895,900 38,207 982,206 11,835 398,699 4
$ 2,139,001,449,45$ 38,20$ 1,042,21$ 15,43$ 398,69$
596094
(Continued)
This page intentionally left blank.
Capital ProjectsTotal
Hazard Senior Center Nonmajor
Mitiation Grant Expansion Governmental
g
Program Fund Fund Total Funds
Assets:
Cash and cash equivalents 49,60$ 95,946$ 3,719,119$ 10,767,473$ 2
Receivables - - - 1,160,34 4
Prepaid costs - - - 3,770
Special assessment receivable - - - 550,18
0
Judments receivable - - 60,00 60,00
g00
Total Assets 49,60$ 95,94$ 3,779,11$ 12,541,76$
6936
Liabilities and Fund Balances:
Liabilities:
Accounts payable -$ 32,96$ 42,4614$ 128,32$8
Accrued liabilities - - - 3,300
Deferred revenue - - 60,00 1,609,670 5
Unearned revenue - - - 2,470
Total Liabilities - 32,96 102,4614 1,743,77 3
Fund Balances:
Reserved for Debt Service - - - 895,900
Unreserved 49,60 62,986 3,676,655 9,902,092 3
Total Fund Balances 49,60 62,986 3,676,655 10,797,992 3
Total Liabilities and Fund Balances 49,60$ 95,94$ 3,779,11$ 12,541,76$
6936
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2006
Special Revenue
Police Secial Law Transortation Recreation
pp
Education Enforcement Imrovement Acuisition
pq
Fund Trust Fund - Local Fund Fund
Revenues:
Taxes and special assessments -$ -$ -$ -$
Licenses and ermits - - - -
p
Intergovernmental revenues - - 576,421 -
Chares for services - - - -
g
Fines and forfeitures 28,340 8,654 - -
Investment income 2,793 400 21,693 -
Miscellaneous - - - -
Total revenues 31,133 9,054 598,114 -
Expenditures:
Current:
General government - - - -
Public safet 40,815 1,000 - -
y
Physical environment - - 105,477 -
Culture and recreation - - - -
Debt Service:
Principal retirement - - - -
Interest and fiscal chares - - - -
g
Issuance costs - - - -
Caital outla:
py
General government - - - -
Public safety - 4,197 - -
Physical environment - - 345,964 -
Culture and recreation - - - 18,455
Total expenditures 40,815 5,197 451,441 18,455
Excess (Deficiency) of
Revenues over Expenditures
3,857(9,682) 146,673 (18,455)
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out -9,813150,000216
()()()
Notes issued - - - -
Net other financing sources (uses) -(9,813)(150,000)(216)
Net Change in Fund Balances
(5,956)(9,682) (3,327) (18,671)
Fund Balances - Beginning
11,99164,758 376,639 18,671
Fund Balances - Ending
$ 6,03555,076$ 373,312$ -$
76
Special Revenue
Transortation Police Fire Parks Public Facilities Medical
p
Imact Imact Imact Imact Imact Transort
pppppp
Fee Fund Fee Fund Fee Fund Fee Fund Fee Fund Services Fund
$ --$ -$ -$ -$ -$
149,066958,947 323,476 369,006 199,058 -
-- - - - -
-- - - - 413,805
-- - - - -
2,66860,148 27,804 15,758 5,231 7,983
-- - - - -
151,7341,019,095 351,280 384,764 204,289 421,788
-- - - 3,459 -
3,459- 19,087 - - 268,019
-23,361 - - - -
-- - 3,460 - -
-- - - - -
-- - - - -
-- - - - -
-- - - - -
-- 6,130 - - 6,828
-561,963 - - - -
-- - 104,189 - -
3,459585,324 25,217 107,649 3,459 274,847
148,275433,771 326,063 277,115 200,830 146,941
-- - 70,939 - -
-83,17828,401 -247,877 -
()()()
-- - - - -
-(83,178)(28,401) -(176,938) -
65,097433,771 297,662 100,177 200,830 146,941
20,6581,050,824 458,896 273,342 33,365 255,608
$ 85,7551,484,595$ 756,558$ 373,519$ 234,195$ 402,549$
(Continued)
77
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2006
Special Revenue
TLBD Oak Forest Road
rbor Maintenance Maintenance Imrovements
Ap
Fund Fund Fund Fund
Revenues:
Taxes and special assessments -$ 220,289$ 38,002$ -$
Licenses and ermits 43,952 - - -
p
Intergovernmental revenues 5,000 5,363 - 446,821
Chares for services - - - -
g
Fines and forfeitures - - - -
Investment income 12,582 18,201 1,674 45,164
Miscellaneous 1,600 - - -
Total revenues 63,134 243,853 39,676 491,985
Expenditures:
Current:
General government - - - -
Public safet - - - -
y
Physical environment 43,584 261,544 27,028 -
Culture and recreation - - - -
Debt Service:
Principal retirement - - - -
Interest and fiscal chares - - - -
g
Issuance costs - - - -
Caital outla:
py
General government - - - -
Public safety - - - -
Physical environment 17,060 - - 267,211
Culture and recreation - - - -
Total expenditures 60,644 261,544 27,028 267,211
Excess (Deficiency) of
Revenues over Expenditures
(17,691)2,490 12,648 224,774
Other Financing Sources (Uses):
Transfers in - - - 8,840
Transfers out -48,4739,40845,200
()()()
Notes issued - - - -
Net other financing sources (uses) -(48,473)(9,408)(36,360)
Net Change in Fund Balances
(66,164)2,490 3,240 188,414
Fund Balances - Beginning
344,216254,823 21,653 893,978
Fund Balances - Ending
$ 278,052257,313$ 24,893$ 1,082,392$
78
Special Revenue
Emerenc Secial Law HOA Proects - Storm
gypj
and Disaster Enforcement Trust Streetlihtin and Reserve
gg
Relief Fund Fund - Federal Signage Fund Fund Total
$ --$ -$ -$ 258,291$
-- - - 2,043,505
-- - - 1,033,605
-- - - 413,805
41,236- - - 78,230
5,45324,546 871 881 253,850
-220,485 27,000 - 249,085
46,689245,031 27,871 881 4,330,371
-13,122 - - 16,581
-- - - 332,380
-- - - 460,994
-- - - 3,460
-- - - -
-- - - -
-- - - -
-- - - -
-- - - 17,155
-- - - 1,192,198
-- - - 122,644
-13,122 - - 2,145,412
46,689231,909 27,871 881 2,184,959
9,813- - 77,078 166,670
- -14,600 -637,166
()()
-- - - -
- -(4,787) 77,078(470,496)
41,902231,909 27,871 77,959 1,714,463
-431,556 - - 4,510,978
$ 41,902663,465$ 27,871$ 77,959$ 6,225,441$
(Continued)
79
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2006
Debt Service
Oak Forest Central Winds
2003 Debt 1999 Debt Debt Service GO Debt Service
Service Fund Service Fund Fund Fund
Revenues:
Taxes and special assessments -$ -$ 13,131$ 219,736$
Licenses and ermits - - - -
p
Intergovernmental revenues - - - -
Chares for services - - - -
g
Fines and forfeitures - - - -
Investment income 7,027 12,514 24,414 6,023
Miscellaneous - - 21,072 -
Total revenues 7,027 12,514 58,617 225,759
Expenditures:
Current:
General government - - - -
Public safet - - - -
y
Physical environment - - 7,025 -
Culture and recreation - - - -
Debt Service:
Principal retirement 150,000 440,000 30,825 65,000
Interest and fiscal chares 273,535 131,472 21,160 155,983
g
Issuance costs - - - -
Caital outla:
py
General government - - - -
Public safety - - - -
Physical environment - - - -
Culture and recreation - - - -
Total expenditures 423,535 571,472 59,010 220,983
Excess (Deficiency) of
Revenues over Expenditures
(558,958)(416,508) (393) 4,776
Other Financing Sources (Uses):
Transfers in 423,000 592,000 - -
Transfers out - - - -
Notes issued - - - -
Net other financing sources (uses) 423,000 592,000 - -
Net Change in Fund Balances
33,0426,492 (393) 4,776
Fund Balances - Beginning
511,534289,341 2,835 46,967
Fund Balances - Ending
$ 544,576295,833$ 2,442$ 51,743$
80
Debt ServiceCapital Projects
2004 Caital TLBD Phase II 1999 TLBD
p
Proects Debt Debt Construction Imrovement
jp
Service Fund Service Fund Total Fund Fund
$ 94,522-$ 327,389$ -$ -$
-- - - -
-- - - -
-- - - -
-- - - -
142375 50,495 101,287 -
-- 21,072 37,000 -
94,664375 398,956 138,287 -
-- - - 11,921
-- - - -
-- 7,025 - -
-- - - -
93,400224,730 1,003,955 - -
-8,459 590,609 - -
-- - - -
-- - - -
-- - - -
-- - 47,267 -
-- - - -
93,400233,189 1,601,589 47,267 11,921
1,264(232,814) (1,202,633) 91,020 (11,921)
-210,819 1,225,819 - 44,675
-- - -52,502
()
-- - - -
-210,819 1,225,819 -(7,827)
1,264(21,995) 23,186 91,020 (19,748)
-22,037 872,714 2,042,097 19,748
$ 1,26442$ 895,900$ 2,133,117$ -$
(Continued)
81
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2006
Capital Projects
Revolvin Cit Hall TLBD Phase II
gy
Oak Forest Rehab Exansion Imrovements
pp
Fund Fund Fund Fund
Revenues:
Taxes and special assessments -$ -$ -$ 135,000$
Licenses and ermits - - - -
p
Intergovernmental revenues - - - -
Chares for services - - - -
g
Fines and forfeitures - - - -
Investment income 2,121 43,000 1,320 10,094
Miscellaneous - 145,356 - -
Total revenues 2,121 188,356 1,320 145,094
Expenditures:
Current:
General government - 21,474 - 30
Public safet - - - -
y
Physical environment - - - -
Culture and recreation - - - -
Debt Service:
Principal retirement - - - -
Interest and fiscal chares - - - -
g
Issuance costs - - - 16,933
Caital outla:
py
General government - - 30,477 114,762
Public safety - - - -
Physical environment 7,720 - - -
Culture and recreation - - - -
Total expenditures 7,720 21,474 30,477 131,725
Excess (Deficiency) of
Revenues over Expenditures
166,882(5,599) (29,157) 13,369
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out - - -44,675
()
Notes issued - - - 430,000
Net other financing sources (uses) - - - 385,325
Net Change in Fund Balances
166,882(5,599) (29,157) 398,694
Fund Balances - Beginning
815,32343,805 40,996 -
Fund Balances - Ending
$ 982,20538,206$ 11,839$ 398,694$
82
Capital ProjectsTotal
Hazard Senior Center Nonmaor
j
Mitiation Grant Exansion Governmental
gp
Program Fund Fund Total Funds
$ --$ 135,000$ 720,680$
-- - 2,043,505
-- - 1,033,605
-- - 413,805
-- - 78,230
1,949968 160,739 465,084
-- 182,356 452,513
1,949968 478,095 5,207,422
-- 33,425 50,006
-- - 332,380
-- - 468,019
-- - 3,460
-- - 1,003,955
-- - 590,609
-- 16,933 16,933
-- 145,239 145,239
-- - 17,155
-- 54,987 1,247,185
38,964- 38,964 161,608
38,964- 289,548 4,036,549
(37,015)968 188,547 1,170,873
100,00048,638 193,313 1,585,802
--97,177734,343
()()
-- 430,000 430,000
100,00048,638 526,136 1,281,459
62,98549,606 714,683 2,452,332
-- 2,961,969 8,345,661
$ 62,98549,606$ 3,676,652$ 10,797,993$
83
This page intentionally left blank.
CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Fines and forfeitures25,000$ 25,000$ 28,340$ 3,340$
Investment income1,500 1,500 2,793 1,293
Total revenues26,500 26,500 31,133 4,633
Expenditures:
Current:
Public safety41,000 41,000 40,815 185
Total expenditures41,000 41,000 40,815 185
Excess (Deficiency) of
Revenues Over Expenditures
(14,500)(14,500) (9,682) 4,818
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
(14,500)(14,500) (9,682) 4,818
Fund Balances - Beginning
64,75864,758 64,758 -
Fund Balances - Ending
$ 50,25850,258$ 55,076$ 4,818$
84
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST - LOCAL - SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Fines and forfeitures50,000$ 25,000$ 8,654$ (16,346)$
Investment income700 350 400 50
Total revenues50,700 25,350 9,054 (16,296)
Expenditures:
Current:
Public safety1,000 1,000 1,000 -
Capital outlay:
Public safety- 4,200 4,197 3
Total expenditures1,000 5,200 5,197 3
Excess (Deficiency) of
Revenues Over Expenditures
20,15049,700 3,857 (16,293)
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- (9,813) (9,813) -
Net other financing sources
(uses)- (9,813) (9,813) -
Net Change in Fund Balance
10,33749,700 (5,956) (16,293)
Fund Balances - Beginning
11,99111,991 11,991 -
Fund Balances - Ending
$ 22,32861,691$ 6,035$ (16,293)$
85
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPROVEMENT SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Intergovernmental revenues545,000$ 555,200$ 576,421$ 21,221$
Investment income5,000 5,000 21,693 16,693
Miscellaneous10,200 - - -
Total revenues560,200 560,200 598,114 37,914
Expenditures:
Current:
Physical environment99,600 142,600 105,477 37,123
Capital outlay:
Physical environment473,500 430,500 345,964 84,536
Total expenditures573,100 573,100 451,441 121,659
Excess (Deficiency) of Revenues
Over Expenditures
(12,900)(12,900) 146,673 159,573
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(150,000) (150,000) (150,000) -
Net other financing sources
(uses)(150,000) (150,000) (150,000) -
Net Change in Fund Balance
(162,900)(162,900) (3,327) 159,573
Fund Balances - Beginning
376,639376,639 376,639 -
Fund Balances - Ending
$ 213,739213,739$ 373,312$ 159,573$
86
CITY OF WINTER SPRINGS, FLORIDA
RECREATION AQUISITION SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income50$ -$ -$ -$
Total revenues50 - - -
Expenditures:
Capital outlay:
Culture and recreation18,500 18,455 18,455 -
Total expenditures18,500 18,455 18,455 -
Excess (Deficiency) of
Revenues Over Expenditures
(18,455)(18,450) (18,455) -
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- (216) (216) -
Net other financing sources
(uses)- (216) (216) -
Net Change in Fund Balance
(18,671)(18,450) (18,671) -
Fund Balances - Beginning
18,67118,671 18,671 -
Fund Balances - Ending
$ -221$ -$ -$
87
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits280,000$ 822,000$ 958,947$ 136,947$
Investment income8,000 8,000 60,148 52,148
Total revenues288,000 830,000 1,019,095 189,095
Expenditures:
Current:
Physical environment30,000 40,000 23,361 16,639
Capital outlay:
Physical environment1,251,585 1,011,585 561,963 449,622
Total expenditures1,281,585 1,051,585 585,324 466,261
Excess (Deficiency) of
Revenues Over Expenditures
(221,585)(993,585) 433,771 655,356
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
(221,585)(993,585) 433,771 655,356
Fund Balances - Beginning
1,050,8241,050,824 1,050,824 -
Fund Balances - Ending
$ 829,23957,239$ 1,484,595$ 655,356$
88
CITY OF WINTER SPRINGS, FLORIDA
POLICE IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits40,000$ 146,000$ 149,066$ 3,066$
Investment income250 250 2,668 2,418
Total revenues40,250 146,250 151,734 5,484
Expenditures:
Current:
Public safety- 3,460 3,459 1
Capital outlay:
Public safety34,500 - - -
Total expenditures34,500 3,460 3,459 1
Excess (Deficiency) of
Revenues Over Expenditures
142,7905,750 148,275 5,485
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(22,835) (83,347) (83,178) 169
Net other financing sources
(uses)(22,835) (83,347) (83,178) 169
Net Change in Fund Balance
59,443(17,085) 65,097 5,654
Fund Balances - Beginning
20,65820,658 20,658 -
Fund Balances - Ending
$ 80,1013,573$ 85,755$ 5,654$
89
CITY OF WINTER SPRINGS, FLORIDA
FIRE IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits35,000$ 332,000$ 323,476$ (8,524)$
Investment income1,500 1,500 27,804 26,304
Total revenues36,500 333,500 351,280 17,780
Expenditures:
Current:
Public safety130,000 101,428 19,087 82,341
Capital outlay:
Public safety10,000 13,631 6,130 7,501
Total expenditures140,000 115,059 25,217 89,842
Excess (Deficiency) of Revenues
Over Expenditures
218,441(103,500) 326,063 107,622
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- (28,401) (28,401) -
Net other financing sources
(uses)- (28,401) (28,401) -
Net Change in Fund Balance
190,040(103,500) 297,662 107,622
Fund Balances - Beginning
458,896458,896 458,896 -
Fund Balances - Ending
$ 648,936355,396$ 756,558$ 107,622$
90
CITY OF WINTER SPRINGS, FLORIDA
PARKS IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits242,000$ 359,000$ 369,006$ 10,006$
Intergovernmental revenues575,000 - - -
Investment income2,000 2,000 15,758 13,758
Total revenues819,000 361,000 384,764 23,764
Expenditures:
Current:
Culture and recreation- 3,460 3,460 -
Capital outlay:
Culture and recreation863,200 333,289 104,189 229,100
Total expenditures863,200 336,749 107,649 229,100
Excess (Deficiency) of
Revenues Over Expenditures
24,251(44,200) 277,115 252,864
Other Financing Sources (Uses)
Transfers in- 70,939 70,939 -
Transfers out(45,660) (248,220) (247,877) 343
Net other financing sources
(uses)(45,660) (177,281) (176,938) 343
Net Change in Fund Balance
(153,030)(89,860) 100,177 253,207
Fund Balances - Beginning
273,342273,342 273,342 -
Fund Balances - Ending
$ 120,312183,482$ 373,519$ 253,207$
91
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits40,000$ 196,000$ 199,058$ 3,058$
Investment income- - 5,231 5,231
Total revenues40,000 196,000 204,289 8,289
Expenditures:
Current:
General government- 3,460 3,459 1
Total expenditures- 3,460 3,459 1
Excess (Deficiency) of
Revenues Over Expenditures
192,54040,000 200,830 8,290
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
192,54040,000 200,830 8,290
Fund Balances - Beginning
33,36533,365 33,365 -
Fund Balances - Ending
$ 225,90573,365$ 234,195$ 8,290$
92
CITY OF WINTER SPRINGS, FLORIDA
MEDICAL TRANSPORT SERVICES SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Charges for services230,000$ 381,600$ 413,805$ 32,205$
Investment income2,500 2,500 7,983 5,483
Total revenues232,500 384,100 421,788 37,688
Expenditures:
Current:
Public safety183,725 281,225 268,019 13,206
Capital outlay:
Public safety29,000 25,500 6,828 18,672
Total expenditures212,725 306,725 274,847 31,878
Excess (Deficiency) of
Revenues Over Expenditures
77,37519,775 146,941 69,566
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
77,37519,775 146,941 69,566
Fund Balances - Beginning
255,608255,608 255,608 -
Fund Balances - Ending
$ 332,983275,383$ 402,549$ 69,566$
93
CITY OF WINTER SPRINGS, FLORIDA
ARBOR SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Licenses and permits13,660$ 13,660$ 43,952$ 30,292$
Intergovernmental revenues87,500 31,250 5,000 (26,250)
Investment income2,000 2,000 12,582 10,582
Miscellaneous- 500 1,600 1,100
Total revenues103,160 47,410 63,134 15,724
Expenditures:
Current:
Physical environment226,500 85,500 43,584 41,916
Capital outlay:
Physical environment- 17,060 17,060 -
Total expenditures226,500 102,560 60,644 41,916
Excess (Deficiency) of
Revenues Over Expenditures
(55,150)(123,340) 2,490 57,640
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
(55,150)(123,340) 2,490 57,640
Fund Balances - Beginning
254,823254,823 254,823 -
Fund Balances - Ending
$ 199,673131,483$ 257,313$ 57,640$
94
CITY OF WINTER SPRINGS, FLORIDA
TLBD MAINTENANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments219,000$ 219,000$ 220,289$ 1,289$
Intergovernmental revenues- - 5,363 5,363
Investment income4,750 4,750 18,201 13,451
Total revenues223,750 223,750 243,853 20,103
Expenditures:
Current:
Physical environment320,700 321,250 261,544 59,706
Total expenditures320,700 321,250 261,544 59,706
Excess (Deficiency) of
Revenues Over Expenditures
(97,500)(96,950) (17,691) 79,809
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(49,300) (49,300) (48,473) 827
Net other financing sources
(uses)(49,300) (49,300) (48,473) 827
Net Change in Fund Balance
(146,800)(146,250) (66,164) 80,636
Fund Balances - Beginning
344,216344,216 344,216 -
Fund Balances - Ending
$ 197,416197,966$ 278,052$ 80,636$
95
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST MAINTENANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments38,600$ 38,600$ 38,002$ (598)$
Investment income300 300 1,674 1,374
Miscellaneous- 2,300 - (2,300)
Total revenues38,900 41,200 39,676 (1,524)
Expenditures:
Current:
Physical environment27,201 30,051 27,028 3,023
Total expenditures27,201 30,051 27,028 3,023
Excess (Deficiency) of
Revenues Over Expenditures
11,14911,699 12,648 1,499
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out(11,685) (11,685) (9,408) 2,277
Net other financing sources
(uses)(11,685) (11,685) (9,408) 2,277
Net Change in Fund Balance
(536)14 3,240 3,776
Fund Balances - Beginning
21,65321,653 21,653 -
Fund Balances - Ending
$ 21,11721,667$ 24,893$ 3,776$
96
CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Intergovernmental revenues1,300,000$ 450,000$ 446,821$ (3,179)$
Investment income- - 45,164 45,164
Total revenues1,300,000 450,000 491,985 41,985
Expenditures:
Capital outlay:
Physical environment2,375,000 275,371 267,211 8,160
Total expenditures2,375,000 275,371 267,211 8,160
Excess (Deficiency) of
Revenues Over Expenditures
174,629(1,075,000) 224,774 50,145
Other Financing Sources (Uses)
Transfers in- 8,841 8,840 (1)
Transfers out(45,200) (45,200) (45,200) -
Net other financing sources
(uses)(45,200) (36,359) (36,360) (1)
Net Change in Fund Balance
138,270(1,120,200) 188,414 50,144
Fund Balances - Beginning
893,978893,978 893,978 -
Fund Balances - Ending
$ 1,032,248(226,222)$ 1,082,392$ 50,144$
97
CITY OF WINTER SPRINGS, FLORIDA
EMERGENCY & DISASTER RELIEF SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 24,546$ 24,546$
Miscellaneous- 220,485 220,485 -
Total revenues- 220,485 245,031 24,546
Expenditures:
Current:
General government- 17,565 13,122 4,443
Total expenditures- 17,565 13,122 4,443
Excess (Deficiency) of
Revenues Over Expenditures
202,920- 231,909 28,989
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
202,920- 231,909 28,989
Fund Balances - Beginning
431,556431,556 431,556 -
Fund Balances - Ending
$ 634,476431,556$ 663,465$ 28,989$
98
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST - FEDERAL - SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Fines and forfeitures-$ 25,000$ 41,236$ 16,236$
Investment income- 350 5,453 5,103
Total revenues- 25,350 46,689 21,339
Expenditures:
Current:
Public safety- - - -
Total expenditures- - - -
Excess (Deficiency) of
Revenues Over Expenditures
25,350- 46,689 21,339
Other Financing Sources (Uses)
Transfers in- 9,813 9,813 -
Transfers out- (14,600) (14,600) -
Net other financing sources
(uses)- (4,787) (4,787) -
Net Change in Fund Balance
20,563- 41,902 21,339
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ 20,563-$ 41,902$ 21,339$
99
CITY OF WINTER SPRINGS, FLORIDA
HOA PROJECTS - STREETLIGHTING & SIGNAGE - SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 871$ 871$
Miscellaneous- 27,000 27,000 -
Total revenues- 27,000 27,871 871
Expenditures:
Current:
General government- - - -
Total expenditures- - - -
Excess (Deficiency) of
Revenues Over Expenditures
27,000- 27,871 871
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
27,000- 27,871 871
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ 27,000-$ 27,871$ 871$
100
CITY OF WINTER SPRINGS, FLORIDA
STORM RESERVE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 881$ 881$
Total revenues- - 881 881
Expenditures:
Current:
Physical environment- - - -
Total expenditures- - - -
Excess (Deficiency) of
Revenues Over Expenditures
-- 881 881
Other Financing Sources (Uses)
Transfers in- 77,056 77,078 22
Transfers out- - - -
Net other financing sources
(uses)- 77,056 77,078 22
Net Change in Fund Balance
77,056- 77,959 903
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ 77,056-$ 77,959$ 903$
101
CITY OF WINTER SPRINGS, FLORIDA
2003 DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 7,027$ 7,027$
Total revenues- - 7,027 7,027
Expenditures:
Debt service:
Principal retirement150,000 150,000 150,000 -
Interest and fiscal charges275,050 275,050 273,535 1,515
Total expenditures425,050 425,050 423,535 1,515
Excess (Deficiency) of
Revenues Over Expenditures
(425,050)(425,050) (416,508) 8,542
Other Financing Sources (Uses)
Transfers in423,000 423,000 423,000 -
Transfers out- - - -
Net other financing sources
(uses)423,000 423,000 423,000 -
Net Change in Fund Balance
(2,050)(2,050) 6,492 8,542
Fund Balances - Beginning
289,341289,341 289,341 -
Fund Balances - Ending
$ 287,291287,291$ 295,833$ 8,542$
102
CITY OF WINTER SPRINGS, FLORIDA
1999 DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 12,514$ 12,514$
Total revenues- - 12,514 12,514
Expenditures:
Debt service:
Principal retirement440,000 440,000 440,000 -
Interest and fiscal charges132,200 132,200 131,472 728
Total expenditures572,200 572,200 571,472 728
Excess (Deficiency) of
Revenues Over Expenditures
(572,200)(572,200) (558,958) 13,242
Other Financing Sources (Uses)
Transfers in592,000 592,000 592,000 -
Transfers out- - - -
Net other financing sources
(uses)592,000 592,000 592,000 -
Net Change in Fund Balance
19,80019,800 33,042 13,242
Fund Balances - Beginning
511,534511,534 511,534 -
Fund Balances - Ending
$ 531,334531,334$ 544,576$ 13,242$
103
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments58,000$ 58,000$ 13,131$ (44,869)$
Investment income300 300 24,414 24,114
Miscellaneous- - 21,072 21,072
Total revenues58,300 58,300 58,617 317
Expenditures:
Current:
Physical environment6,600 7,150 7,025 125
Debt service:
Principal retirement30,825 30,825 30,825 -
Interest and fiscal charges21,180 21,180 21,160 20
Total expenditures58,605 59,155 59,010 145
Excess (Deficiency) of
Revenues Over Expenditures
(855)(305) (393) 462
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
(855)(305) (393) 462
Fund Balances - Beginning
2,8352,835 2,835 -
Fund Balances - Ending
$ 1,9802,530$ 2,442$ 462$
104
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS G.O. DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments219,160$ 219,160$ 219,736$ 576$
Investment income600 600 6,023 5,423
Total revenues219,760 219,760 225,759 5,999
Expenditures:
Debt service:
Principal retirement65,000 65,000 65,000 -
Interest and fiscal charges156,060 156,060 155,983 77
Total expenditures221,060 221,060 220,983 77
Excess (Deficiency) of
Revenues Over Expenditures
(1,300)(1,300) 4,776 6,076
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
(1,300)(1,300) 4,776 6,076
Fund Balances - Beginning
46,96746,967 46,967 -
Fund Balances - Ending
$ 45,66745,667$ 51,743$ 6,076$
105
CITY OF WINTER SPRINGS, FLORIDA
2004 CAPITAL PROJECTS DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ 334$ 375$ 41$
Total revenues- 334 375 41
Expenditures:
Debt service:
Principal retirement55,790 224,731 224,730 1
Interest and fiscal charges71,880 8,851 8,459 392
Total expenditures127,670 233,582 233,189 393
Excess (Deficiency) of
Revenues Over Expenditures
(233,248)(127,670) (232,814) 434
Other Financing Sources (Uses)
Transfers in128,495 211,330 210,819 (511)
Transfers out- - - -
Net other financing sources
(uses)128,495 211,330 210,819 (511)
Net Change in Fund Balance
(21,918)825 (21,995) (77)
Fund Balances - Beginning
22,03722,037 22,037 -
Fund Balances - Ending
$ 11922,862$ 42$ (77)$
106
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II DEBT SERVICE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments-$ 94,523$ 94,522$ (1)$
Investment income- - 142 142
Total revenues- 94,523 94,664 141
Expenditures:
Debt service:
Principal retirement- 94,283 93,400 883
Interest and fiscal charges- 240 - 240
Total expenditures- 94,523 93,400 1,123
Excess (Deficiency) of
Revenues Over Expenditures
-- 1,264 1,264
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources
(uses)- - - -
Net Change in Fund Balance
-- 1,264 1,264
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ --$ 1,264$ 1,264$
107
CITY OF WINTER SPRINGS, FLORIDA
1999 CONSTRUCTION CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income14,000$ 70,000$ 101,287$ 31,287$
Miscellaneous200,000 50,000 37,000 (13,000)
Total revenues214,000 120,000 138,287 18,287
Expenditures:
Capital Outlay:
Physical environment1,817,000 105,640 47,267 58,373
Total expenditures1,817,000 105,640 47,267 58,373
Excess (Deficiency) of
Revenues Over Expenditures
14,360(1,603,000) 91,020 76,660
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources (uses)- - - -
Net Change in Fund Balance
14,360(1,603,000) 91,020 76,660
Fund Balances - Beginning
2,042,0972,042,097 2,042,097 -
Fund Balances - Ending
$ 2,056,457439,097$ 2,133,117$ 76,660$
108
CITY OF WINTER SPRINGS, FLORIDA
TLBD IMPROVEMENT CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income200$ -$ -$ -$
Total revenues200 - - -
Expenditures:
Current:
General government- 11,921 11,921 -
Total expenditures- 11,921 11,921 -
Excess (Deficiency) of
Revenues Over Expenditures
(11,921)200 (11,921) -
Other Financing Sources (Uses)
Transfers in- 44,675 44,675 -
Transfers out- (52,502) (52,502) -
Net other financing sources (uses)- (7,827) (7,827) -
Net Change in Fund Balance
(19,748)200 (19,748) -
Fund Balances - Beginning
19,74819,748 19,748 -
Fund Balances - Ending
$ -19,948$ -$ -$
109
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 2,121$ 2,121$
Total revenues- - 2,121 2,121
Expenditures:
Capital Outlay:
Physical environment- 41,033 7,720 33,313
Total expenditures- 41,033 7,720 33,313
Excess (Deficiency) of
Revenues Over Expenditures
(41,033)- (5,599) 35,434
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources (uses)- - - -
Net Change in Fund Balance
(41,033)- (5,599) 35,434
Fund Balances - Beginning
43,80543,805 43,805 -
Fund Balances - Ending
$ 2,77243,805$ 38,206$ 35,434$
110
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ 20,000$ 43,000$ 23,000$
Miscellaneous- 145,120 145,356 236
Total revenues- 165,120 188,356 23,236
Expenditures:
Current:
General government25,000 43,888 21,474 22,414
Total expenditures25,000 43,888 21,474 22,414
Excess (Deficiency) of
Revenues Over Expenditures
121,232(25,000) 166,882 45,650
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Net other financing sources (uses)- - - -
Net Change in Fund Balance
121,232(25,000) 166,882 45,650
Fund Balances - Beginning
815,323815,323 815,323 -
Fund Balances - Ending
$ 936,555790,323$ 982,205$ 45,650$
111
CITY OF WINTER SPRINGS, FLORIDA
CITY HALL EXPANSION CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Investment income-$ -$ 1,320$ 1,320$
Total revenues- - 1,320 1,320
Expenditures:
Capital Outlay:
General government900,000 34,500 30,477 4,023
Total expenditures900,000 34,500 30,477 4,023
Excess (Deficiency) of
Revenues Over Expenditures
(34,500)(900,000) (29,157) 5,343
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- - - -
Note issued900,000 - - -
Net other financing sources (uses)900,000 - - -
Net Change in Fund Balance
(34,500)- (29,157) 5,343
Fund Balances - Beginning
40,99640,996 40,996 -
Fund Balances - Ending
$ 6,49640,996$ 11,839$ 5,343$
112
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II IMPROVEMENT CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Taxes and special assessments-$ 135,000$ 135,000$ -$
Investment income- - 10,094 10,094
Total revenues- 135,000 145,094 10,094
Expenditures:
Current:
General government- 100 30 70
Debt service:
Issuance costs- 20,000 16,933 3,067
Capital Outlay:
General government- 179,900 114,762 65,138
Total expenditures- 200,000 131,725 68,275
Excess (Deficiency) of
Revenues Over Expenditures
(65,000)- 13,369 78,369
Other Financing Sources (Uses)
Transfers in- - - -
Transfers out- (44,675) (44,675) -
Note issued- 430,000 430,000 -
Net other financing sources (uses)- 385,325 385,325 -
Net Change in Fund Balance
320,325- 398,694 78,369
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ 320,325-$ 398,694$ 78,369$
113
CITY OF WINTER SPRINGS, FLORIDA
HAZARD MITIGATION GRANT PROGRAM CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Intergovernmental-$ 145,913$ -$ (145,913)$
Investment income- - 968 968
Total revenues- 145,913 968 (144,945)
Expenditures:
Capital Outlay:
General government- 194,551 - 194,551
Total expenditures- 194,551 - 194,551
Excess (Deficiency) of
Revenues Over Expenditures
(48,638)- 968 49,606
Other Financing Sources (Uses)
Transfers in- 194,551 48,638 (145,913)
Transfers out- (145,913) - 145,913
Net other financing sources (uses)- 48,638 48,638 -
Net Change in Fund Balance
-- 49,606 49,606
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ --$ 49,606$ 49,606$
114
CITY OF WINTER SPRINGS, FLORIDA
SENIOR CENTER EXPANSION CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2006
Variance with
Budgeted AmountsFinal Budget-
ActualPositive
OriginalFinalAmounts(Negative)
Revenues:
Intergovernmental-$ 100,000$ -$ (100,000)$
Investment income- - 1,949 1,949
Total revenues- 100,000 1,949 (98,051)
Expenditures:
Capital Outlay:
Culture and recreation- 100,000 38,964 61,036
Total expenditures- 100,000 38,964 61,036
Excess (Deficiency) of
Revenues Over Expenditures
-- (37,015) (37,015)
Other Financing Sources (Uses)
Transfers in- 100,000 100,000 -
Transfers out- - - -
Net other financing sources (uses)- 100,000 100,000 -
Net Change in Fund Balance
100,000- 62,985 (37,015)
Fund Balances - Beginning
-- - -
Fund Balances - Ending
$ 100,000-$ 62,985$ (37,015)$
115
CAPITAL ASSETS USED IN THE
OPERATION OF GOVERNMENTAL FUNDS
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CITY OF WINTER SPRINGS, FLORIDA
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
For The Year Ended September 30, 2006
Prior
Year
Culture Function
General Public Physical nd Not
A
Government Safety Environment Recreation vailable Total
A
Land -$ -$ 369,941$ 3,682,379$ 5,796,396$ 9,848,716$
Buildings 1,827,348 3,141,788 162,950 395,824 - 5,527,910
Improvements 32,989 185,104 3,269,284 7,640,036 - 11,127,413
Machinery & equipment 1,512,470 4,441,607 1,197,946 920,279 - 8,072,302
Infrastructure - - 43,368,094 - - 43,368,094
Construction in
progress - - 3,337,129 63,916 - 3,401,045
Total 3,372,807$ 7,768,499$ 51,705,344$ 12,702,434$ 5,796,396$ 81,345,480$
Deletions
Balance and Balance
9/30/05dditions Transfers 9/30/06
A
General Government 3,216,076$ 298,831$ 142,100$ 3,372,807$
Public Safety 7,483,414 382,638 97,553 7,768,499
Physical Environment 48,046,646 4,739,423 1,080,725 51,705,344
Culture & Recreation 12,518,751 609,921 426,238 12,702,434
Prior year function not
available 5,796,396 - - 5,796,396
Total 77,061,283$ 6,030,813$ 1,746,616$ 81,345,480$
116
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STATISTICAL SECTION
The statistical schedules differ from other financial statement presentations because they generally
disclose more than one fiscal year and may present non-accounting data, such as social and
economic data and financial trends of the City.
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STATISTICAL SECTION
LIST OF SCHEDULES
Net Assets by Component
Changes in Net Assets
Governmental Activities Tax Revenues by Source
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Assessed Value and Estimated Actual Value of Taxable Property
Property Tax Rates, Direct and Overlapping Governments
Special Assessment Billings and Collections
Principal Property Taxpayers
Property Tax Levies and Collections
Legal Debt Margin
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
Ratio of Outstanding Debt by Type
Direct and Overlapping Governmental Activities Debt
Pledged-Revenue Coverage
Demographic and Economic Statistics
Principal Employers
Full-time Equivalent City Government Employees by Function
Operating Indicators by Function
Capital Asset Statistics by Function
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CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURC
E
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal YearProperty TaxFranchise TaxUtility TaxTotal
19972,784$ 947$ 1,485$ 5,216$
19982,966 1,064 1,677 5,707
19993,101 1,086 1,733 5,920
20003,324 1,402 2,074 6,800
20013,626 1,587 2,493 7,706
20024,278 1,595 3,403 9,276
20035,057 1,304 3,461 9,822
20045,653 1,360 3,447 10,460
20056,198 1,480 3,504 11,182
20067,383 1,919 3,832 13,134
Taxes included in Unrestricted Intergovernmental Revenues
State Revenue
Fiscal YearSales TaxSharingOtherTotal
19971,451$ 555$ 11$ 2,017$
19981,612 601 23 2,236
19991,780 583 49 2,412
20001,908 647 86 2,641
20011,919 681 86 2,686
20022,128 691 131 2,950
20032,134 764 136 3,034
20042,258 843 142 3,243
20052,447 1,076 158 3,681
20062,701 1,123 147 3,971
120
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX RATES
1
DIRECT AND OVERLAPPINGGOVERNMENTS
2
Last Ten Fiscal Years
Overlapping Rates
St. John's
Winter SpringsSeminole CountySchool District
Water
DebtDebtTotalDebtTotal
Manage-Total Direct
FiscalOperatingServiceTotal City OperatingServiceCountyOperatingServiceSchool
ment& Overlap-
YearMillageMillageMillageMillageMillageMillageMillageMillageMillage
Districtping Rates
19973.60830.00003.60835.16380.22515.38899.38800.920010.30800.482019.7872
19983.60000.00003.60005.16380.19875.36259.15600.880010.03600.482019.4805
19993.54950.00003.54955.15790.12345.28139.10200.81609.91800.482019.2308
20003.54950.00003.54954.99890.11705.11598.78500.75609.54100.482018.6884
20013.54000.00003.54004.99890.10835.10728.65500.69009.34500.472018.4642
20023.77080.00003.77084.99890.22085.21978.52300.63909.16200.462018.6145
20034.16580.00004.16584.99890.20865.20758.47900.52109.00000.462018.8353
20044.30000.25004.55004.99890.19105.18998.24100.49508.73600.462018.9379
20054.30000.25004.55004.99890.17215.17108.12700.38508.51200.462018.6950
20064.61260.13744.75004.99890.20415.20307.96500.00007.96500.462018.3800
Note
Source: Seminole County Tax Collector (www.seminoletax.org)
1
Overlapping rates are those of local and county governments that apply to property owners within the City of Winter Springs.
2
Taxes levied for the fiscal year are based on the prior year taxable value.
124
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Last Ten Fiscal Years
Fiscal
Tax Year
Year
Oak ForestTuskawilla Lighting and Beautification (TLBD)
ssessmensssessmens
AtAt
AssessmentsAssessments
11
CollectedDifferenceCollectedDifference
BilledBilled
19992000-$ -$ -$ 459,438$ 442,916$ 16,522$
2000200182,651 79,689 2,962 - 232 (232)
2001200282,225 80,062 2,163 459,090 446,121 12,969
2002200382,678 78,809 3,869 393,704 376,256 17,448
2003200483,344 80,400 2,944 391,976 377,978 13,998
2004200599,595 97,388 2,207 390,204 379,601 10,603
2005200699,595 95,977 3,618 390,204 377,175 13,029
Note
1
Includes prepayments.
Special Assessment Debt Issued:
Oak ForestJune 2000 (Refinanced in June of 2004)
TLBDMay 2001
TLBD Phase IIFebruary 2006; No assessment levied until Fiscal Year 2007.
125
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2006
(amounts expressed in thousands)
20061997
PercentagePercentage
of Total of Total
TaxableTaxableTaxableTaxable
AssessedAssessedAssessedAssessed
Taxpayer
ValueRankValueValueRankValue
Golf Terrace, Limited27,077$ 1 1.63%10,480$ 11.31%
Florida Power Corporation20,149 2 1.21%8,019 21.00%
Courtney Springs LP14,660 3 0.88%- -
Capital Green I LLC14,496 4 0.87%- -
United Dominion Realty Trust8,236 5 0.50%- -
Hacienda Village Co-op Inc.4,974 6 0.30%4,817 40.60%
LTO Kays Spring LLC4,346 7 0.26%- -
Metro Church of Christ Inc.4,107 8 0.25%- -
Bellsouth Telecommunications3,609 9 0.22%- -
Brighthouse Networks3,572 10 0.22%- -
Seville Holdings Association, Limited- - 6,312 30.79%
Pulte Home Corporation- - 3,841 50.48%
DR Horton, Inc.- - 3,530 60.44%
Richland Tuscawilla, Limited- - 2,870 70.36%
Florida Country Clubs, Inc.- - 2,665 80.33%
Morrison Homes of Florida, Inc.- - 2,473 90.31%
Cablevision of Central Florida- - 2,427 100.30%
Totals105,226$ 6.34%47,434$ 5.92%
Source: Seminole County Property Appraiser (www.scpafl.org)
126
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(amounts expressed in thousands)
Collected within the Fiscal Year of the
LevyTotal Collections to Date
Fiscal Year
Collections in
Total Tax Levy
EndedPercentage of SubsequentPercentage of
12
Amount
September 30,for Fiscal Year LevyYearsAmountLevy
19972,882,773$ 2,786,845$ 96.67%3$ 2,786,848$ 96.67%
19983,074,799 2,960,328 96.28%9 2,960,337 96.28%
19993,215,932 3,097,939 96.33%4 3,097,943 96.33%
20003,453,596 3,333,199 96.51%3 3,333,202 96.51%
20013,771,445 3,618,281 95.94%12 3,618,293 95.94%
20024,467,419 4,270,430 95.59%68 4,270,498 95.59%
20035,277,940 5,084,586 96.34%12 5,084,598 96.34%
3
20046,215,233 96.26%1725,982,757 5,982,929 96.26%
3
20056,748,179 96.22%186,493,143 6,493,161 96.22%
3
20067,890,100 96.23%-7,592,952 7,592,952 96.23%
Note
Gross taxes before discount of 1% - 4%, depending on month paid; Source: Seminole County
1
Property Appraiser (www.scpafl.org)
2 Source: Seminole County Tax Collector (www.seminoletax.org)
3 Includes voted debt service of not to exceed .25 mills for Central Winds General Obligation Debt
127
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2006
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.
128
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEB
T
TO ASSESSED VALUE AND NET GENERAL OBLIGATIO
N
BONDED DEBT PER CAPIT
A
Last Ten Fiscal Years
Ratio of Net
Bonded
GrossNetDebt toNet Bonded
FiscalAssessedBondedLess DebtBondedAssessedDebt per
YearPopulation (1)Value (2)Debt (3)Service Fund (4)DebtValueCapita
199727,466 798,928,000$ -$ -$ -$ 0.000%-$
199828,404 854,119,000 - - - 0.000%-
199929,220 906,033,000 - - - 0.000%-
200030,860 972,981,000 - - - 0.000%-
200131,666 1,065,390,000 - - - 0.000%-
200232,082 1,184,740,000 3,400,000 23,275 3,376,725 0.285%105
200332,572 1,266,969,000 3,335,000 24,260 3,310,740 0.261%102
200432,955 1,365,985,000 3,270,000 53,373 3,216,627 0.235%98
200533,321 1,483,116,250 3,205,000 46,967 3,158,033 0.213%95
200634,621 1,661,074,000 3,140,000 51,743 3,088,257 0.186%89
Note
(1) Source: East Central Florida Regional Planning Council or University of Florida Bureau
of Economic and Business Research
(2) Source: The Assessed and Estimated Value of Taxable Property table in this section
(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
129
CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2006
(amounts expressed in thousands)
Estimated
Estimated
Share of
Percentage
Overlapping
1
Debt OutstandingApplicableDebt
Governmental Unit
Overlapping Debt:
Seminole County General Obligation Debt26,775$ 6.93%1,856$
Subtotal, overlapping debt
Direct Debt:
2
City of Winter Springs General Obligation Debt
100%3,1403,140
Total direct and overlapping debt29,915$ 4,996$
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
1
Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
2
The City of Winter Springs has a "limited" general obligation bond that is being repaid through a levy not to
exceed one quarter of one mill on all taxable property in the City.
131
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
PersonalEducation
IncomeLevel in
Per Capita
(amountsYears of
expressed in PersonalMedianFormalSchoolUnemploy-
11 1112 3
Fiscal YearPopulationthousands)IncomeAgeSchoolingEnrollmentment Rate
199727,466 $****3,9883.2%
199828,404 ****5,9672.6%
199929,220 ****5,7112.9%
200030,860 785,726 25,461 37.213.685,7762.6%
200131,666 ****6,4213.6%
200232,082 ****6,5085.0%
200332,572 ****7,4134.5%
200432,955 ****7,4764.3%
200533,321 ****7,4923.5%
200634,621 979,428 28,290 39.313.977,3423.0%
*Data not available
Note
1
Surce: 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)
133
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
12
20061997
PercentageTaxablePercentage
of Total City Assessedof Total City
EmployeesRankEmploymentValueRankEmployment
Employer
Seminole County School Board1,601 1 30.79%***
City of Winter Springs296 2 5.69%***
Publix in Town Center136 3 2.62%***
Modern Plumbing107 4 2.06%***
Tuscawilla Country Club90 5 1.73%***
McDonald's in Town Center37 6 0.71%***
Walgreens at SR 43430 7 0.58%***
Wendy's in Town Center28 8 0.54%***
Division of Motor Vehicles20 9 0.38%***
Blue Moon Motor Sports16 10 0.31%***
Total2,361 45.41%
Source: Manager's of Business Organizations
Note
The City of Winter Springs has an estimated daytime population of 5,200 with
1
approximately 650 business establishments as of 9/30/2006.
2
* Information is not available.
134
CITY OF WINTER SPRINGS, FLORIDA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full-time Equivalent Employees as of September 30,
Function1997199819992000200120022003200420052006
1
Development Services
*6 6 6 6 6 8 8 10 10
General Government*31 32 35 36 38 36 37 41 41
Public Safety:
Police
Sworn Officers*54 54 54 54 59 59 64 64 70
Non sworn officers*- - - - - - - - -
2
Civilians
*18 18 20 20 20 20 20 20 20
Fire
Firefighters and officers*38 38 38 38 41 49 50 50 51
Civilians*1 1 1 1 1 1 2 2 2
Public Works*20 21 22 21 22 21 23 23 21
Culture and Recreation*19 20 20 20 19 20 21 22 22
Utilities*33 33 34 35 36 35 40 42 42
Stormwater*4 4 5 5 6 7 7 7 9
Total- 224 227 235 236 248 256 272 281 288
Part-time Employees**25222424*232224
Note
*Data not available
Prior to fiscal year 2003, Development Services was included in Governmental activities: Public Safety: Community Development - Building.
1
Police civilians include emergency communications center operations personnel.
2
135
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REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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