HomeMy WebLinkAbout2006 03 27 Regular Item 300 Comprehensive Annual Financial Report
COMMISSION AGENDA
ITEM 300
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
March 27,2006
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 30,2005.
PURPOSE:
The presentation by the City Auditors of the Comprehensive Annual Financial Report for the
fiscal year ended September 30, 2005.
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 9/30/05, by the City
Commission.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended 9/30/05 including the audited
financial statements and the audit opinion.
COMMISSION ACTION:
City of Winter Springs Florida
Comprehensive Annual Financial Report
For the Year Ended September 30, 2005
-
City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30,2005
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 Officers
· Organizational Chart
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CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2005
I.
Introductory Section:
Table of Contents
Letter of Transmittal
GFOA Certificate of Achievement
List of Principal Officials
Organizational Chart
II.
Financial Section:
Independent Auditor's Report
Management's Discussion and Analysis
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - General Fund
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual- Public Service Tax Special
Revenue Fund
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - Emergency and Disaster Relief
Services Special Revenue Fund
Statement of Net Assets - Proprietary Funds
Statement of Revenues, Expenses and Changes in
Fund Net Assets - Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Statement of Fiduciary Net Assets - Fiduciary Funds
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
Notes to Financial Statements
Required Supplementary Information
PaQe
i-iii
iv-vii
viii
ix
x
1-2
3-16
17
18
19
20
21
22-23
24
25
26-27
28
29-30
31
32
33-58
59
III.
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - Continued
Year Ended September 30, 2005
II. Financial Section - Continued:
Combining and Individual Fund Statements and Schedules:
Major Governmental Fund:
Schedule of Revenues and Expenditures and Changes in Fund
Balance - Budget and Actual:
TLBD Debt Service Fund
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Function and Activity
Statistical Section:
Government-Wide Information:
Government-Wide Expenses By Function
Government-Wide Revenues
Fund Information:
General Governmental Expenditures by Function
General Governmental Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property, Net of Exemptions
Property Tax Rates, Direct and Overlapping Governments
Schedule of Ten Largest Taxpayers
Special Assessment Billings 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 Annual Debt Service Expenditures for General Obligation
Bonded Debt To Total General Governmental Expenditures
Computation of Direct and Overlapping General Obligation Debt
Revenue Bond Coverage, Water and Sewer Bonds
Demographic Statistics
Property Values and Construction
Miscellaneous Statistical Data
ii
Paqe
60
61-66
67-73
74-90
91-95
96-101
102
1 03-1 04
1 05-1 06
107-108
1 09-11 0
111
112-113
114
115
116
117
118
119
120
121
122
123
124
CITY OF WINTER SPRINGS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - Continued
Year Ended September 30, 2005
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
Report on Compliance with Requirements Applicable to the Major Program
and Internal Control over Compliance in Accordance with OMS Circular
A-133
Schedule of Expenditures of Federal Awards
Notes to Schedule of Expenditures of Federal Awards
Schedule of Findings and Questioned Costs - Federal Awards
Management Comments and Responses
iii
Paqe
125-126
127-128
129
130
131
132-135
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CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 15,2006
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, 2005.
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, 2005, 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,
2005, 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 33,300.
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 Service Tax Fund, and the Emergency and Disaster Relief
Fund, these comparisons are presented on pages 22-25 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 60.
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 8.6% from the prior year and 109.4% since
fiscal year 1995. The increase in valuations and millage resulted in an increased total tax levy of
$532,946 over last year and $4,082,753 since 1995. 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
builders, developers and residents for both commercial and residential development. This increased
v
growth helps the City maintain a moderate property tax rate, which was at 4.5500 mills during fiscal
year 2005 (tax year 2004) and includes 0.2500 mills of voted debt service for Central Winds General
Obligation debt.
Long-term financial planning. The City Commission updated and adopted a 5-year Capital
Improvements Plan (CIP) during fisGal year 2004. 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 2006, the City anticipates the following projects:
· begin construction of the Public Works/Utilities Compound of approximately 33,000 square feet
and a total price of $3,968,325. Construction is expected to take 15 months;
· begin expansion of City Hall by approximately 5,000 square feet and a total price of $934,500.
Construction is expected to take 9 months;
· begin year two of a three year Records Management Project for public records documents and
research;
· begin working with FEMA on closing out approximately $7.4 million of project worksheets
relating to 2004 Hurricanes Charley, Frances and Jeanne;
· complete a compensation study to update pay classifications and ranges;
· begin year two of a four year Pension Plan enhancement program, by adding 1.5% 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; and,
· consider potential funding for Phase II of the Town Center project with James Doran and
Company.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City of Winter Springs for its CAFR for the fiscal year ended
September 30, 2004. This was the fifth consecutive year that the government has received this
prestigious award. In order to be awarded a Certificate of Achievement, the government published
an easily readable and efficiently organized CAFR. This report satisfied both GAAP and applicable
legal requirements.
vi
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program's requirements and we will be submitting it
to the GFOA to determine its eligibility for a certificate.
The preparation of this report would not have been possible without the efficient and dedicated
services of the entire staff of the finance department. We would like to express our appreciation to all
members of the department who assisted and contributed to the preparation of this report.
Other City departments, although not extensively involved in year-end audit activities, contributed
significantly by ensuring the accuracy and integrity of accounting information compiled throughout the
year. Without their diligence, the work of the Finance Department would have been considerably
more difficult.
Appreciation must also be expressed to the City's auditors whose suggestions and attention to detail
enhanced the quality of this report.
In closing, we would also like to express appreciation to the Mayor and the City Commission for their
unfailing support for maintaining the highest standards of professionalism in the management of the
City of Winter Springs' finances.
Respectfully submitted,
Ronald W. McLemore
City Manager
Michelle Greco, CPA
Finance Director
vii
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30,2004
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
viii
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2005
ELECTED OFFICIALS
MAYOR
DEPUTY-MAYOR/COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
COMMISSIONER
APPOINTED OFFICIALS
CITY MANAGER
CITY CLERK
FINANCE DIRECTOR
INFORMATION SERVICES
GENERAL SERVICES
POLICE CHIEF
FIRE CHIEF
UTILITY/PUBLIC WORKS DIRECTOR
COMMUNITY DEVELOPMENT DIRECTOR
PARKS AND RECREATION DIRECTOR
LEGAL COUNSEL
Anthony Garganese
Brown, Garganese, Weiss & D'Agresta, P.A.
FINANCIAL ADVISOR
David Moore
Public Financial Management
AUDITORS
McDirmit, Davis & Company, LLC
ix
John F. Bush
Michael S. Blake
Donald Gilmore
Joanne Krebs
Sally McGinnis
Robert S. Miller
Ronald McLemore
Andrea Lorenzo-Luaces
Michelle Greco
Joanne Dalka
Vacant
Daniel Kerr
Timothy Lallathin
Kipton Lockcuff
Randy Stevenson
Chuck Pula
City of Winter Springs
Organizational Chart
Citizens
of
Winter Springs
Mayor
and
City
Commission
Advisory Boards City Manager City Attorney
City Clerk Information Services
Finance Director, Community Development Director, Fire Chief, Police Chief, Public Works/Utility Director,
Parks & Recreation Director,General Services Director
-Administration
- Accounting
-Debt Mgt.
-Treasury Mgt.
- Meter Svc.
-Budgeting
- Administration - Administration
-Comp Plannning - Fire/Rescue
-Land Mgt. -Fire Prevention
-Permit & Insp. -EMS
-Urban Beautification
- Administration - Administration
-Records -Stormwater
-Communications -Transportation
-Patrol -Engineering
- Investigations - Water Mgt.
-Code Enforcement Water
Wastewater
- Administration - Administration
-Civic/Senior - HR
-Parks/Field Mnt. -Risk Mgt.
- Athletics - Purchasing
-Rec. Programs
-Concession Svc.
*The City Manager is appointed by the Commission.
*The City Clerk is appointed by the Mayor with ratification of the City Commission and works under the direction
of the City Manager.
*The City Attorney is appointed by the Mayor with ratification of the City Commission and works under the
direction of the City Commission.
* Advisory Boards are appointed by the Mayor and City Commission and work under the direction of the City
Commission.
x
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FINANCIAL SECTION
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MCDIRMIT III DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the
City of Winter Springs, Florida, as of and for the year ended September 30, 2005, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of Winter Springs, Florida, as of
September 30, 2005, and the respective changes in financial position and cash flows, where
applicable, thereof and the respective budgetary comparisons for the general fund, the public
service tax special revenue fund, and the emergency and disaster relief services special revenue
fund for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET. SUTE 635' ORLA'-'DO, FLORIDA 32801
TELEPHONE 407-843-5406. FAX 407-649-9339 . EMAIL: INFO@MCDIRMITDAVIS.COM
1
In accordance with Government Auditing Standards, we have also issued a report dated
January 6, 2006 on our consideration of the City of Winter Springs, Florida's internal control
over financial reporting and our tests of its compliance with certain provisions of laws,
regulations, contracts and grants agreements and other matters. The purpose of that report is
to describe the scope of our testing of internal control over financial reporting and compliance
and the result of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit preformed in accordance
with Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.
The Management's Discussion and Analysis starting on page 3 is not a required part of the
basic financial statements but is supplemental information required by accounting principles
generally accepted in the United States of America. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the supplemental information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Winter Springs, Florida basic financial statements. The
introductory section, combining and individual nonmajor fund financial statements and
schedules, and statistical section are presented for purposes of additional analysis and are not
a required part of the basic financial statements. The accompanying schedule of expenditures
of federal awards is presented for purposes of additional analysis as required by U.S. Office of
Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit
Organizations, and is also not a required part of the basic financial statements of the City of
Winter Springs, Florida. The combining and individual non major fund financial statements and
schedules and the schedule of expenditures of federal awards have been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic financial statements taken as a
whole. The introductory section and statistical tables have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express
no opinion on them.
McDirmit Davis & Company LLC
January 6, 2006
2
Management's Discussion and Analysis
As management of the City of Winter Springs, we offer readers of the City of Winter Springs'
financial statements this narrative overview and analysis of the financial activities of the City of
Winter Springs for the fiscal year ended September 30, 2005. 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 $67,793,519 (net assets). Of this amount, $17,519,249 (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 $3,304,965 or almost 5%.
· As of the close of the current fiscal year, the City of Winter Springs' governmental
funds reported combined ending fund balances of $17,287,668. Approximately 92% of this total
amount, or $15,936,656, 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 $5,479,342, or 32% of total general fund expenditures.
· The City of Winter Springs' total debt decreased by $6,889,399 (13%) during the
current fiscal year. The decrease was the result of principal payments on existing debt.
· The City received $7,127,760 in reimbursements for the Emergency and Disaster
Relief Fund from the Federal Emergency Management Agency (FEMA) and the State of Florida
(State) for much of the expense related to the 2004 hurricane season. At September 30,2005 a
total of $8,058,181 in expenses have been charged to this fund. The City borrowed $5,000,000
on September 30, 2004 to cover these costs in anticipation of reimbursement from FEMA and
the State and the loan was paid off on August 22, 2005.
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.
The Statement 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
3
Springs is improving or declining.
The Statement of Activities presents information showing how the government's net assets
changed during the fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, 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 17-18 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City
of Winter Springs, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City of
Winter Springs can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund Balance Sheet and the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation
to facilitate this comparison between governmental funds and governmental activities.
The City of Winter Springs maintains 32 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 Service Tax Special Revenue Fund, Emergency and Disaster Relief Special Revenue
Fund and TLBD Debt Service Fund, all four of which are considered to be major funds. Data
from the other 28 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
Service Tax Special Revenue Fund, and the Emergency and Disaster Relief Special Revenue
Fund to demonstrate compliance with this budget on pages 22-25. Budgetary comparison
schedules have been provided for the TLBD Debt Service Fund and the nonmajor funds on
pages 60-101.
The basic governmental fund financial statements can be found on pages 19-25 of this report.
Proprietary funds. The City of Winter Springs maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements. The City of Winter Springs uses enterprise funds to
account for the Water and Sewer Utility, Storm water 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 26-30 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 31-
32 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 33-58 of this report.
Required Supplementary Information (RSI). RSI can be found on page 59 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 60-101 of this
report.
Government-wide Financial Analvsis
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 $67,793,519 at the close of the most recent fiscal year.
Slightly over half ($38,043,689 or 56%) 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.
Net assets that are subject to external restrictions as to how they may be used total
5
$12,230,581 (18%). The remaining balance of unrestricted net assets ($17,519,249 or 26%)
may be used to meet the government's ongoing obligations to citizens and creditors.
At September 30, 2005, 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 17.
Assets:
Current and other
assets
Restricted assets
Capital assets
Total assets
Liabilities:
Current liabilities
Long term liabilities
Other liabilities
Total liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets
City of Winter Springs
Statement of Net Assets
As of September 30
Governmental Activities
Business-type Activities
Total Primary Government
2005
2004
2005
2004
2005
2004
$21,588,839 $26,794,042 $8,379,954 $9,759,888 $29,968,793 $36,553,930
106,982 106,982 3,341,139 3,409,812 3,448,121 3,516,794
47,723,544 47,891,987 35,158,605 35,838,048 82,882,149 83,730,035
69,419,365 74,793,011 46,879,698 49,007,748 116,299,063 123,800,759
2,574,511 6,198,197 1,755,542 1,898,572 4.330,053 8,096,769
20,609,965 26,619,128 22,767,726 23,694,374 43,377,691 50,313,502
106,982 106,982 690,818 794,952 797,800 901,934
23,291,458 32,924,307 25,214,086 26,387,898 48,505,544 59,312,205
26,522,810
9,730,482
9,874,615
$46,127,907
20,797,797
6,943,310
14,127,597
$41,868,704
11,520,879
2,500,099
7,644,634
$21,665,612
11,360.639
2,347,310
8,911,901
$22,619,850
38,043,689
12,230,581
17,519,249
$67,793,519
32,158,436
9,290,620
23,039,498
$64,488,554
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 18.
Note that total net assets increased by $3,304,965 in fiscal year 2005, compared to an increase of
$4,711,685 in fiscal year 2004.
Governmental activities increased net assets by $4,259,203 in fiscal year 2005 compared to an
increase of $2,889,911 in 2004.
Business-type activities decreased net assets by $954,238 in fiscal year 2005 compared to an
increase of $1,821,774 in 2004. The Water and Sewer fund benefited from $453,435 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.
6
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.
City of Winter Springs
Changes in Net Assets
For The Year Ended September 30
Governmental Activities Business-type Activities Total Primary Government
2005 2004 2005 2004 2005 2004
Revenues:
Program
revenues:
Charges for
services $4,117,424 $4,259,323 $9,017,924 $8,926,979 $13,135,348 $13,186,302
Operating grants
and contributions 2,176,595 5,411,505 348,496 2,525,091 5,411,505
Capital grants
and contributions 1,961,764 2,291,352 975,463 2,179,893 2,937,227 4,471,245
General
revenues:
Property taxes 6,198,427 5,652,828 6,198,427 5,652,828
Franchise fees
and utility taxes 4,983,802 4,807,571 4,983,802 4,807,571
Intergovernmental 3,680,669 3,243,038 3,680,669 3,243,038
Investment
income and
miscellaneous 686,636 586,681 272,225 141,008 958,861 727,689
Total revenues 23,805,317 26,252,298 10,614,108 11,247,880 34,419,425 37,500,178
Expenses:
General
government 5,786,288 5,420,691 5,786,288 5,420,691
Public safety 9,137,638 8,702,799 9,137,638 8,702,799
Physical
environment 5,560,719 8,779,414 5,560,719 8,779,414
Culture and
recreation 2,264,817 1,988,881 2,264,817 1,988,881
Interest on long-
term debt 763,608 764,363 763,608 764,363
Water and Sewer 6,000,248 5,716,912 6,000,248 5,716,912
Storm water 627,509 744,511 627,509 744,511
Development
Services 973,633 670,922 973,633 670,922
Total expenses 23,513,070 25,656,148 7,601,390 7,132,345 31,114,460 32,788,493
Increase in net
assets before
transfers 292,247 596,150 3,012,718 4,115,535 3,304,965 4,711,685
Transfers 3,966,956 2,293,761 (3,966,956) (2,293,761)
Increase
(decrease) in net
assets 4,259,203 2,889,911 (954,238) 1,821,774 3,304,965 4,711,685
Net assets -
October 1
(restated) 41,868,704 38,978,793 22,619,850 20,798,076 64,488,554 59,776,869
Net assets -
September 30 $46,127,907 $41,868,704 $21,665,612 $22,619,850 $67,793,519 $64,488,554
7
I
Governmental Program Specific
Revenues and Expenses
Governmental Revenues by Source
Business-type Activities
Revenues and Expenses
Business-Type Activities
Revenues by Source
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, 2005, the City of Winter Springs' governmental funds reported
combined ending fund balances of $17,287,668, an increase of $4,055,723 over the
prior year. Approximately 92% or $15,936,656 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 $5,479,342,
while total fund balance reached $5,851,348. As a measure of the General Fund's
liquidity, it may be useful to compare both unreserved fund balance and total fund
balance to total fund expenditures. Unreserved and total fund balance represent 32%
and 34% respectively, of total General Fund expenditures.
The fund balance of the City of Winter Springs' General Fund increased by $695,321
during the current fiscal year. An increase in tax revenues of $549,830 was more than
offset by increased spending. The City's expenditures for general government increased
by $155,128, largely due to special litigation efforts associated with a lawsuit against
Seminole County relating to Charter and annexation issues. Information systems
expenditures increased by $427,677, largely due to the special projects, records
management project and KIVA/GIS special project. Approximately one-half of the
Information Systems expenditures were paid for by other funds as transfers into the
General Fund. Public Works expenditures increased $212,903 as a result of fiscal year
2004 staffing at less than full coverage as well as the addition of a City Engineer in fiscal
year 2005. Parks and Recreation expenditures increased due to new Community
Events, such as the Orlando Philharmonic Concerts and the Tree Lighting Ceremony.
Community Development expenditures increased due to a new Maintenance Worker in
the Urban Beautification division, which was moved to Community Development mid-
fiscal year 2005, as well as a new vehicle. These costs will be partially offset by a grant
received by the Department of Forestry which will be received in fiscal year 2006.
Last fiscal year the Emergency and Disaster Relief Fund was established to capture the
costs of preparation for and cleanup after three hurricanes that passed through Central
Florida In August and September 2004. As of September 30,2005 a total of $8,058,181
was charged to this fund, primarily for the removal and monitoring of storm related
debris. To date the City has been reimbursed $7,127,760, which is comprised of
$6,769,027 from FEMA and $358,733 from the State. The City temporarily financed the
cost of the hurricanes by borrowing $5,000,000 on September 30, 2004. As
reimbursements were received by FEMA and the State, principal and interest payments
10
were made with the final payment made on August 22, 2005.
The City is currently trying to finalize all payments to vendors associated with this effort.
Once all vendor payments are complete, the City will work with FEMA to close out the
large project submittals as required by FEMA guidelines. The close-out process may be
slightly delayed due to expenses being denied by FEMA that have been appealed by the
City. Between July 21 and September 22, 2005, the City has submitted the following
four appeals to FEMA:
· Stump grinding expense in the amount of $10,500;
· Bagged debris expense in the amount of $22,225;
· 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.
The City has yet to receive a response on any of the four appeals to FEMA. Once a
determination has been received from FEMA on the appeals, the City may submit for the
required final inspections and the Emergency and Disaster Relief 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 $6,542,536, and total net assets decreased $785,992 from $17,456,239 at
September 30, 2004 to $16,670,247 at the end of the current fiscal year. The results for
fiscal year 2005 include $453,435 in capital assets contributed by developers. This fund
had an increase in net assets in fiscal 2004 of $1,747,039, which included $1,436,546 in
capital assets contributed by developers. A three-year phased rate increase was
implemented in July 2002 with the final phase of the increase occurring in July 2004.
Rates were not changed in fiscal year 2005. A new rate study is planned for fiscal year
2007.
The Development Services Fund net assets decreased $153,524 from $935,362 at
September 30, 2004 to $781,838 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 decrease in net assets for the current fiscal year is lower then the prior year's
change in net assets, due in part to a reduction in permit revenues due to the repeal of
permit and inspection fees for repair and maintenance associated with the 2004
hurricanes as well as certain new construction projects being moved into fiscal year
2006. A rate study was performed in fiscal year 2003 with the inception of this fund.
The rates in this fund were adjusted in August 2005 with the adoption of Resolution
2005-29.
The Stormwater Utility Fund net assets decreased $14,722 from $4,228,249 at
September 30, 2004, to $4,213,527 at the end of the current fiscal year. This decrease
in net assets is inconsistent with the prior year's decrease in net assets of $167,615 due
mainly to a rate increase of 69% in June 2005.
11
General Fund Budgetarv Highlights
Differences between the original General Fund budget and the final amended General
Fund budget resulted in an increase of $322,333 in the appropriation from fund balance
from $32,364 per the original budget to $354,697 in the final budget. The majority of the
increased appropriation can be summarized as follows:
· $350,000 increase in half-cent sales tax revenues.
· $139,578 increase in transfers from Electric Franchise Fee Fund.
· $258,290 supplemental appropriation for Parks and Recreation projects that were
carried forward into fiscal year 2005 from fiscal year 2004.
· $187,000 supplemental appropriation for special litigation efforts associated with a
lawsuit with Seminole County relating to Charter and annexation issues.
· $81,750 supplemental appropriation for Compensated Absences.
· $185,000 supplemental appropriation for KIVA special projects that is off set by an
increase in transfers of $185,000 from Development Services.
· $406,000 supplemental appropriation for transfers out to Stormwater Utility Fund
which is offset by an increase in transfers in of $406,000 from Stormwater for an
advance of the Natural Resources and Conservation Service grant funding to pay
for creek clearing projects.
The actual results of the General Fund for the year show an appropriation to fund
balance of $695,321 compared to a final budgeted appropriation from fund balance of
$354,697. The favorable variance of $1,050,018 is primarily comprised of the following:
· $387,654 favorable variance in Information Systems as a result of Special
Projects, Records Management project and KIVA/GIS project slower than
anticipated completion. This favorable variance was greatly offset by reduced
transfers of approximately $220,000 from other funds.
· $189,765 favorable variance in Fire resulted primarily from firefighters who
did not realize their budgeted position upgrades and/or paramedic incentives
and to a lesser extent from vacancies throughout the year in Operations.
· $186,577 favorable variance in Parks and Recreation resulted from $74,870 in
budgeted expenditures that were rolled over to fiscal year 2006; Concessions
keeping expenditures under budget by $20,200; and summer youth program
under budget by $22,000 which was offset by a respective revenue reduction.
· $100,000 favorable variances in both Finance and General Services due to
position vacancies throughout the year.
The comparison of budgeted results to actual results for the General Fund is shown on
pages 22-23.
Capital Asset and Debt Administration
Capital assets. The City of Winter Springs' investment in capital assets for its
governmental and business-type activities as of September 30, 2005 amounts to
$82,882,149 (net of accumulated depreciation), for a decrease of $847,886 over the
prior year. This investment in capital assets includes land, buildings, improvements,
machinery and equipment, park facilities, roads, highways, and bridges. The total
decrease in the City of Winter Springs' investment in capital assets for the current fiscal
12
year was 1.0% (a 0.4% decrease for governmental activities and a 1.9% decrease for
business-type activities).
Major capital asset events during the current fiscal year included the following:
· completion and capitalization of the Pedestrian Bridge project totaling
$182,543;
· completion and capitalization of the State Road 419/Moss Road Turn Lane
project totaling $160,048 ($1,460 of which was spent in 2003; $10,837 of
which was spent in 2004);
· completion and capitalization of the police headquarters expansion totaling
$216,586 ($16,461 of which was spent in 2003; $181,660 of which was
spent in 2004);
· construction of Tuscawilla Road drainage totaling $133,170 (near
completion);
· capitalization of contributed water and sewer lines totaling $453,435; and,
· continued construction of Well #4 totaling $145,602.
Additional information on the City of Winter Springs' capital assets can be found in Note
6 on pages 47-49 of this report.
City of Winter Springs
Capital Assets
(Net of Depreciation)
As of September 30
Governmental Activities Business-type Activities Total Primary Government
2005 2004 2005 2004 2005 2004
Land $9,760,401 $9,748,766 $5,344,916 $5,344,663 $15,105,317 $15,093,429
Buildings 3,242,258 3,188,302 386,846 411,989 3,629,104 3,600,291
Improvements
other
than buildings 8,064,698 7,898,099 28,030,207 28,812,945 36,094,905 36,711,044
Machinery and
equipment 2,432,732 2,636,797 937,414 1,026,556 3,370,146 3,663,353
Infrastructure 22,779,423 23,020,471 22,779,423 23,020,471
Construction in
progress 1,444,032 1,399,552 459,222 241,895 1,903,254 1,641,447
Total $47,723,544 $47,891,987 $35,158,605 $35,838,048 $82,882,149 $83,730,035
Long-term debt. At September 30, 2005, the City of Winter Springs had total debt
outstanding of $45,361,759, down $6,889,399 from $52,251,158 at September 30, 2004.
Total bonded debt of the City at the end of the current fiscal year was $43,999,833, for a
decrease of $1,440,852 over the prior year. Of the amount of total bonded debt,
$3,205,000 comprises debt backed by the full faith and credit of the government and
$2,135,000 is special assessment debt for which the government is liable in the event of
13
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 (Le., revenue bonds).
Other than principal payments, there were no changes in the structure of the City's
bonded debt during fiscal year 2005.
During this fiscal year the City added no new debt and paid off the following note:
· Capital Improvement Revenue Note Series 2004 B in the amount of $5,000,000
with funds received from both the Federal Emergency Management Agency
(FEMA) and the State of Florida.
Both the City of Winter Springs' Water and Sewer Utility and General Obligation debt
maintain underlying ratings of "A+" and "AA", respectively, from Standard & Poor's.
There are no limitations placed on the amount of debt the City may issue either by the
City's charter, code of ordinances or by the Florida State Statutes.
Additional information on the City of Winter Springs' long-term debt can be found in
Notes 7 and 8 on pages 49-54 of this report.
(The remainder of this page intentionally left blank.)
14
City of Winter Springs
Long Term Debt
As of September 30
Governmental Activities Business-type Activities Total Primary Government
2005 2004 2005 2004 2005 2004
Improvement Refunding Revenue
Bonds, Series 1999 $6,368,970 $6,783,970 $6,368,970 $6,783,970
Water & Sewer Refunding Revenue
Bonds, Series 2000 $6,864,191 $6,899,191 6,864,191 6,899,191
Special Assessment Revenue
Bonds, Series 2001 2,135,000 2,180,000 2,135,000 2,180,000
Water & Sewer Refunding Revenue
Bonds, Series 2001 5,450,000 5,665,000 5,450,000 5,665,000
Water & Sewer Refunding Revenue
Bonds, Series 2002 12,280,000 12.865,000 12,280,000 12,865,000
Limited General Obligation Bonds,
Series 2002 3,205,000 3,270,000 3,205,000 3,270,000
Improvement Refunding Revenue
Bonds, Series 2003 8,725,000 8,870,000 8,725,000 8.870,000
Capital Improvement Revenue
Note, Series 2004 224,730 284,907 224,730 284,907
Capital Improvement Revenue
Notes, Series 2004 A 509,454 575,907 509,454 575,907
Capital Improvement Revenue
Note, Series 2004 B 5,000,000 5,000,000
Obligation Under Utility Agreement 164,000 164,000
Capital Lease 104,443 206,017 64,082 104,443 270,099
Compensated Absences 377,883 370,512 145,416 145,047 523,299 515,559
Adjustments for Issuance Discounts
and Deferred Refunding Costs (71,863) (76,611 ) (956,465) (1,015,864) (1,028,328) (1,092,475)
Total $21,578,617 $27,464,702 $23,783,142 $24,786,456 $45,361,759 $52,251,158
15
Economic Factors and Next Year's Budgets and Rates
The City considered many economic factors during the preparation of the fiscal year
2006 budget. Historically, the City has enjoyed increases in intergovernmental
revenues which have been used to offset increases in the cost of City-provided
services. Because only modest increases in intergovernmental revenues were
expected in fiscal year 2006, expenditure budgets were constrained. Approximately
70% of the General Fund's 2006 budget is attributable to personnel costs. This is an
arena that requires significant budget dollars just to account for the annual increases
due to merit, health insurance, and pension (graduated increase of 1.5% in 2006).
With this in mind, in order to add six new police officers and one new fire inspector, it
was necessary to increase the operating millage from 4.30 to 4.6126. Reflected in
the 2005-2006 budget adopted on September 26, 2005 is an appropriation to fund
balance of $10,720. The Central Winds voted debt service millage rate for fiscal
year 2006 was reduced from 0.2500 to 0.1374.
Requests for Information
This financial report is designed to provide a general overview of the City of Winter
Springs' finances for all those with an interest in the government's finances. Questions
concerning any of the information provided in this report or requests for additional
financial information should be addressed to the Finance Director, 1126 East State Road
434, Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is
available at the City of Winter Springs' website located at: www. winterspringsfl. org.
16
BASIC FINANCIAL STATEMENTS
This page intentionally left blank.
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2005
Primary Government
Governmental Business-type
Activities Activities Total
Assets:
Cash and cash equivalents $ 17,110,651 $ 5,697,368 $ 22,808,019
Investments 1,209,563 1,209,563
Receivables, net 800,013 1,081,069 1,881,082
Inventories - at cost 22,024 11,845 33,869
Due from other governments 310,089 310,089
Prepaid costs 350,397 350,397
Restricted assets:
Cash and cash equivalents 106,982 1,446,491 1,553,473
Investments 1,894,648 1,894,648
Bond issuance costs 232,200 380,109 612,309
Capital assets not being depreciated 11,204,433 5,804,138 17,008,571
Capital assets being depreciated, net of
accumulated depreciation) 36,519,111 29,354,467 65,873,578
Receivables, long-term 2,763,465 2,763,465
Total Assets 69,419,365 46,879,698 116,299,063
Liabilities:
Accounts payable and other current liabilities 1,267,613 365,869 1,633,482
Matured bonds and interest payable 1,360,673 1,360,673
Accrued interest payable 300,353 300,353
Unearned revenue 37,893 37,893
Liabilities payable from restricted assets 106,982 690,818 797,800
Noncurrent liabilities:
Due within one year 968,652 29,000 997,652
Due in more than one year 20,609,965 22,767,726 43,377,691
Total Liabilities 23,291,458 25,214,086 48,505,544
Net Assets:
Invested in capital assets, net of related debt 26,522,810 11,520,879 38,043,689
Restricted for:
Capital projects 7,500,663 7,500,663
Debt service 979,006 1,894,648 2,873,654
Other purposes 1,250,813 605,451 1,856,264
Unrestricted 9,874,615 7,644,634 17,519,249
Total Net Assets $ 46,127,907 $ 21,665,612 $ 67,793,519
The accompanying Notes to Financial Statements are an integral part of these statements.
17
City of Winter Springs, Florida
STATEMENT OF ACTIVITIES
For The Year Ended September 30,2005
CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2005
Special Revenue
Emergency Other Total
Public and Disaster TLBD Governmental Governmental
General Service Tax Relief Debt Service Funds Funds
Assets:
Cash and cash equivalents $ 6,072,893 $ $ 140,563 $ 104,807 $10,792,388 $17,110,651
Receivables, net 390,604 128,895 1 ,485 279,029 800,013
Inventories, at cost 22,024 22,024
Due from other governments 310,089 310,089
Due from other funds 128,895 128,895
Prepaid costs 349,982 415 350,397
Special assessments receivable 2,090,000 563,311 2,653,311
Mortgage receivable 110,154 110,154
Restricted assets:
Cash and cash equivalents 106,982 106,982
Total Assets $ 7,071 ,380 $ 128,895 $ 450,652 $ 2,196,292 $11,745,297 $ 21,592,516
Liabilities and Fund Balances:
Accounts payable $ 371,650 $ $ 19,096 $ $ 170,776 $ 561,522
Accrued liabilities 706,091 706,091
Due to other funds 128,895 128,895
Deferred revenue 2,090,000 673,465 2,763,465
Unearned revenue 35,309 2,584 37,893
Payable from restricted assets 106,982 106,982
Total Liabilities 1,220,032 128,895 19,096 2,090,000 846,825 4,304,848
Fund balances:
Reserved:
Inventories and prepaid costs 372,006 372,006
Debt service 106,292 872,714 979,006
Unreserved, reported in:
General fund 5,479,342 5,479,342
Special revenue funds 431,556 4,362,180 4,793,736
Capital projects funds 5,663,578 5,663,578
Total fund balances 5,851,348 431,556 106,292 10,898,472 17,287,668
Total Liabilities and Fund
Balances $ 7,071 ,380 $ 128,895 $ 450,652 $2,196,292 $11,745,297
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
47,723,544
2,763,465
(21,878,970)
232,200
$ 46,127,907
The accompanying Notes to Financial Statements are an integral part of these statements.
19
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2005
Special Revenue
Emergency Other Total
Public and Disaster TLBD Governmental Governmental
General Service Tax Relief Debt Service Funds Funds
Revenues:
Taxes and special assessments $ 6,241,075 $3,504,158 $ $ 45,000 $ 2,069,473 $ 11,859,706
Licenses and permits 200,091 457,872 657,963
Intergovernmental revenues 4,392,588 7,127,760 1,500,245 13,020,593
Charges for services 490,427 2,053,487 2,543,914
Fines and forfeitures 241,891 53,775 295,666
Investment income 217 ,235 3,899 109,905 242,415 573,454
Miscellaneous 146,558 5,154 292,717 444,429
Total revenues 11,929,865 3,504,158 7,131,659 160,059 6,669,984 29,395,725
Expenditures:
Current:
General government 3,984,887 5,284 1,612,959 5,603,130
Public safety 8,427,334 211,831 8,639,165
Physical environment 1,794,856 2,042,557 7,385 458,775 4,303,573
Culture and recreation 1,903,404 3,078 1,906,482
Debt service:
Principal retirement 101,574 5,000,000 45,000 751,630 5,898,204
Interest and fiscal charges 5,820 44,625 107,964 612,231 770,640
Capital outlay:
General government 326,331 326,331
Public safety 152,692 253,048 405,740
Physical environment 4,247 935,587 939,834
Culture and recreation 466,709 47,150 513,859
Total expenditures 17,167,854 5,284 7,087,182 160,349 4,886,289 29,306,958
Excess (Deficiency) of
Revenues Over Expenditures (5,237,989) 3,498,874 44,477 (290) 1,783,695 88,767
Other Financing Sources (Uses)
Transfers in 6,026,354 3,707,011 9,733,365
Transfers out (93,044 ) (3,498,874) (2,174,491 ) ( 5, 766,409)
Net other financing sources
(uses) 5,933,310 (3,498,874 ) 1,532,520 3,966,956
Net Change in Fund Balances 695,321 44,4 77 (290) 3,316,215 4,055,723
Fund Balances - Beginning 5,156,027 387,079 106,582 7,582,257 13,231,945
Fund Balances - Ending $ 5,851,348 $ $ 431,556 $ 106,292 $ 10,898,472 $ 17,287,668
The accompanying Notes to Financial Statements are an integral part of these statements.
20
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, 2005
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)
$ 4,055,723
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.
( 48,043)
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and disposals) is to decrease net assets.
(120,400)
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
debt and related items.
5,898,204
FEMA revenue reported in the funds in the current year must be
eliminated from the statement of activities since revenue was
recognized in the prior year.
(5,201,565)
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.
(309,401 )
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.
(15,315)
Change in net assets of governmental activities (page 20)
$ 4,259,203
The accompanying Notes to Financial Statements are an integral part of these statements.
21
CITY OF WINTER SPRINGS, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
Revenues:
Taxes:
Property taxes $ 6,126,765 $ 6,126,765 $ 6,198,427 $ 71,662
Franchise taxes 34,600 34,600 42,648 8,048
6,161,365 6,161,365 6,241,075 79,710
Licenses and permits:
Permits 66,200 66,200 49,609 (16,591)
Occupational licenses 100,600 100,600 150,482 49,882
166,800 166,800 200,091 33,291
Intergovernmental revenues:
Sales tax 2,095,751 2,445,751 2,446,852 1,101
State revenue sharing 1,014,200 1,014,200 1,075,644 61 ,444
Other state shared revenue 709,000 722,069 661 ,446 (60,623)
Other county shared revenue 55,386 55,386 68,386 13,000
Federal grants 75,000 118,950 140,260 21,310
3,949,337 4,356,356 4,392,588 36,232
Charges for services:
Concession stand receipts 90,000 90,000 85,949 (4,051)
Program activity fees 218,100 220,100 210,759 (9,341)
Rental and other 144,800 144,800 193,719 48,919
452,900 454,900 490,427 35,527
Fines and forfeitures:
Fines and forfeitures 255,000 255,000 241,891 (13,109)
Investment income 96,789 156,789 217,235 60,446
Miscellaneous 2,500 27,700 146,558 118,858
Total revenues 11,084,691 11,578,910 11,929,865 350,955
The accompanying Notes to Financial Statements are an integral part of these statements.
22
Variance With
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Expenditures:
Current:
General government:
Executive $ 601,533 $ 618,884 $ 602,559 $ 16,325
General government 346,350 617,421 603,582 13,839
Finance 1,018,881 1,019,426 918,827 100,599
General services 701,374 711,374 609,095 102,279
Information systems 1,234,979 1,521,477 1 ,133,823 387,654
Community development 415,451 557,091 443,332 113,759
4,318,568 5,045,673 4,311,218 734,455
Public safety:
Police 5,195,745 5,212,502 5,184,487 28,015
Fire 3,626,835 3,692,698 3,502,933 189,765
8,822,580 8,905,200 8,687,420 217,780
Physical environment:
Public works 1,908,151 1,911,242 1,799,103 112,139
Culture and recreation:
Parks and recreation 2,187,241 2,556,690 2,370,113 186,577
Total expenditures 17,236,540 18,418,805 17,167,854 1,250,951
Excess (Deficiency) of Revenues
Over Expenditures (6,151,849) (6,839,895) (5,237,989) 1,601,906
Other Financing Sources (Uses)
Transfers in 6,140,590 6,912,428 6,026,354 (886,074)
Transfers out (21,105) (427,230) (93,044) 334,186
Net other financing sources (uses) 6,119,485 6,485,198 5,933,310 (551,888)
Net Change in Fund Balance (32,364) (354,697) 695,321 1,050,018
Fund Balances - Beginning 5,156,027 5,156,027 5,156,027
Fund Balances - Ending $ 5,123,663 $ 4,801,330 $ 5,851,348 $ 1,050,018
The accompanying Notes to Financial Statements are an integral part of these statements.
23
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CITY OF WINTER SPRINGS, FLORIDA
PUBLIC SERVICE TAX SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$ 3,546,856
$ 3,546,856
$ 3,504,158
$
(42,698)
3,546,856
3,546,856
3,504,158
( 42,698)
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
5,284
(5,284)
5,284
(5,284 )
Excess (Deficiency) of
Revenues Over Expenditures
3,546,856
3,546,856
3,498,874
(47,982)
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources (uses)
(3,546,856)
(3,546,856)
(3,546,856)
(3,546,856)
(3,498,874)
(3,498,874)
47,982
47,982
Net Change in Fund Balance
Fund Balances - Beginning
Fund Balances - Ending
$
$
$
$
The accompanying Notes to Financial Statements are an integral part of these statements.
24
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CITY OF WINTER SPRINGS, FLORIDA
EMERGENCY AND DISASTER RELIEF SERVICES SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$ $ $
8,744,175 7,127,760 (1,616,415)
3,899 3,899
8,744,175 7,131,659 (1,612,516)
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
2,215,254
2,042,557
172,697
6,820,000
96,000
9,131,254
5,000,000
44,625
7,087,182
1,820,000
51,375
2,044,072
Excess (Deficiency) of
Revenues Over Expenditures
(387,079)
44,4 77
431,556
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources (uses)
Net Change in Fund Balance
(387,079)
44,4 77
431,556
Fund Balances - Beginning
Fund Balances - Ending
$
387,079
387,079 $
387,079
$
387,079
431,556 $ 431,556
The accompanying Notes to Financial Statements are an integral part of these statements.
25
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
September 30, 2005
Business-type Activities - Enterprise Funds
Water and Development Storm water
Sewer Utility Services Utility
Fund Fund Fund Total
$ 4,636,928 $ 763,651 $ 296,789 $ 5,697,368
1,209,563 1,209,563
959,069 122,000 1,081,069
11,845 11,845
1,446,491 1 ,446,491
8,263,896 763,651 418,789 9,446,336
1,894,648 1,894,648
380,109 380,109
48,607,549 133,836 6,107,339 54,848,724
326,052 133,170 459,222
(17,668,263) (82,132) (2,398,946) (20,149,341)
31,265,338 51,704 3,841,563 35,158,605
33,540,095 51,704 3,841,563 37,433,362
41,803,991 815,355 4,260,352 46,879,698
Assets
Current assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories
Restricted cash and cash equivalents
Total current assets
Noncurrent assets:
Restricted investments
Bond issuance costs
Capital assets:
Land, buildings and equipment
Construction in progress
Less accumulated depreciation
Total capital assets (net of
accumulated depreciation)
Total noncu rrent assets
Total assets
The accompanying Notes to Financial Statements are an integral part of these statements.
26
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Liabilities
Current liabilities:
Accounts payable $ 109,805 $ 3,851 $ 20,834 $ 134,490
Accrued liabilities 62,797 10,256 6,307 79,360
Retainage payable 23,986 11,617 35,603
Compensated absences 117,939 19,410 8,067 145,416
Customer deposits payable 690,818 690,818
Revenue bonds payable - current 870,000 870,000
Accrued interest payable 490,673 490,673
Total current liabilities 2,366,018 33,517 46,825 2,446,360
Noncurrent liabilities:
Revenue bonds payable 22,767,726 22,767,726
Total noncurrent liabilities 22,767,726 22,767,726
Total liabilities 25,133,7 44 33,517 46,825 25,214,086
Net Assets
Invested in capital assets, net of related
debt 7,627,612 51,704 3,841,563 11,520,879
Restricted 2,500,099 2,500,099
Unrestricted 6,542,536 730,134 371,964 7,644,634
Total net assets $ 16,670,247 $ 781,838 $ 4,213,527 $ 21,665,612
The accompanying Notes to Financial Statements are an integral part of these statements.
27
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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, 2005
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Operating Revenues:
User charges $ 7,255,495 $ 999,652 $ 742,219 $ 8,997,366
Other revenue 8,623 11,935 20,558
Total operating revenues 7,255,495 1,008,275 754,154 9,017,924
Operating Expenses:
Salaries and benefits 1,781,093 421,129 202,977 2,405,199
Materials and supplies 723,553 8,782 485,344 1,217,679
Depreciation and amortization 1,556,884 17,404 235,891 1,810,179
Other operating expenses 850,368 180,194 49,421 1,079,983
Total operating expenses 4,911,898 627,509 973,633 6,513,040
Operating income (loss) 2,343,597 380,766 (219,479) 2,504,884
Nonoperating Revenue (Expenses):
Investment income 242,409 22,055 7,761 272,225
I nterest expense (1,063,680) (1,063,680)
Operating Grant 348,496 348,496
Gain (loss) on disposal of capital assets (24,670) (24,670)
Total nonoperating revenue (expense) (845,941) 22,055 356,257 (467,629)
Income (loss) before contributions and
transfers 1,497,656 402,821 136,778 2,037,255
Capital contributions:
Connection fees 358,028 358,028
Developers 617,435 617,435
Transfers in 77,639 21,105 98,744
Transfers out (3,336,750) (577,450) (151,500) (4,065,700)
Change in net assets (785,992) (153,524) (14,722) (954,238)
Total Net Assets - Beginning 17,456,239 935,362 4,228,249 22,619,850
Total Net Assets - End $ 16,670,247 $ 781,838 $ 4,213,527 $ 21,665,612
The accompanying Notes to Financial Statements are an integral part of these statements.
28
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2005
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Cash Flows from Operating Activities:
Receipts from customers $ 7,085,233 $ 1,008,275 $ 754,154 $ 8,847,662
Payments to suppliers (1,801,120) (190,736) (520,969) (2,512,825)
Payments to employees (1 ,781 ,759) (419,792) (203,142) (2,404,693)
Net cash provided by operating activities 3,502,354 397,747 30,043 3,930,144
Cash Flows from Non-Capital
Financing Activities:
Operating Grants 226,496 226,496
Transfers in 77,639 21,105 98,744
Transfers out (3,336,750) (577,450) (151,500) (4,065,700)
Net cash provided (used) by non-capital
financing activities (3,259,111 ) (556,345) 74,996 (3, 740,460)
Cash Flows from Capital and Related
Financing Activities:
Proceeds from sale of capital assets 821 821
Acquisition of capital assets (538,196) (2,896) (141,171) (682,263)
Principal paid on revenue bonds & leases (899,082) (899,082)
Interest paid on revenue bonds (1,019,607) (1,019,607)
Developers Agreement 164,000 164,000
Connection fees 358,028 358,028
Net cash provided (used) by capital and
related financing activities (1,934,036) (2,896) (141,171) (2,078,103)
Cash Flows from Investing Activities:
Sale of investments 397,846 397,846
Investment income 260,025 22,055 7,761 289,841
Net cash provided by investing activities 657,871 22,055 7,761 687,687
Net Increase (Decrease) in Cash and
Cash Equivalents (1,032,922) (139,439) (28,371 ) (1,200,732)
Cash and Cash Equivalents - Beginning 7,116,341 903,090 325,160 8,344,591
Cash and Cash Equivalents - End $ 6,083,419 $ 763,651 $ 296,789 $ 7,143,859
Classified As:
Cash and cash equivalents $ 4,636,928 $ 763,651 $ 296,789 $ 5,697,368
Restricted cash 1,446,491 1,446,491
Total $ 6,083,419 $ 763,651 $ 296,789 $ 7,143,859
The accompanying Notes to Financial Statements are an integral part of these statements.
29
Business-type Activities - Enterprise Funds
Water and Development Stormwater
Sewer Utility Services Utility
Fund Fund Fund Total
Reconciliation of Operating Income
(Loss) to Net Cash Provided By
Operating Activities
Operating income (loss) $ 2,343,597 $ 380,766 $ (219,479) $ 2,504,884
Adjustments Not Affecting Cash:
Depreciation 1,536,355 17,404 235,891 1,789,650
Amortization 20,529 20,529
Change in Assets and Liabilities:
Increase in accounts receivable (66,128) (66,128)
Increase in inventories (2,695) (2,695)
Decrease in prepaid costs 2,370 337 2,707
Increase (decrease) in accounts payable (75,618) (2,097) 2,179 (75,536)
Increase (decrease) in accrued liabilities 137 (18) 18 137
Increase in retainage payable 12,744 11,617 24,361
Decrease in customer deposits (104,134) (104,134)
Decrease in utility agreement obligation (164,000) (164,000)
Increase (decrease) in accrued
compensated absences (803) 1,355 (183) 369
Total adjustments 1,158,757 16,981 249,522 1,425,260
Net Cash Provided by Operating
Activities $ 3,502,354 $ 397,747 $ 30,043 $ 3,930,144
Noncash Investing, Capital and Financing Activities:
Contributed capital assets $ 453,435 $ $ $ 453,435
Decrease in fair value of investments 17,616 17,616
30
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUND
September 30, 2005
Defined
Benefit
Pension
Trust Fund
Assets:
Cash and cash equivalents
Receivables:
Plan members contributions
Investments, at fair value:
Common funds - equity
Common funds - bonds
Total investments
Total assets
$ 173,367
34,803
7,677,786
3,400,124
11,077,910
11,286,080
Liabilities
Net Assets:
Held in trust for pension benefits
$ 11,286,080
The accompanying Notes to Financial Statements are an integral part of these statements.
31
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CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For The Year Ended September 30, 2005
Defined
Benefit
Pension
Trust Fund
Additions:
Contributions:
Employer
Plan members
Total contributions
$
951,133
458,841
1,409,974
Investment income:
Net appreciation in fair value of investments
Interest
Net investment income
1,045,035
52,977
1,098,012
Total additions
2,507,986
Deductions:
Benefits
Administrative expenses
Total deductions
132,697
68,752
201,449
Change in Net Assets
2,306,537
Net Assets - Beginning
8,979,543
Net Assets - End
$ 11,286,080
The accompanying Notes to Financial Statements are an integral part of these statements.
32
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NOTES TO FINANCIAL STATEMENTS
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CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2005
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.
33
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (ie., 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.
34
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are
recognized as soon as they are both measurable and available. Revenues are considered
to be available when they are collectible within the current period or soon enough thereafter
to pay liabilities of the current period. For this purpose, the government considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is
due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. Only the portion of special assessments receivable
due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available
only when cash is received by the City.
The government reports the following funds:
Major Governmental Funds
The General Fund is the government's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Public Service Tax Special Revenue Fund accounts for collections of utility
taxes charged on electric, water and gas services as well as telecommunications
service taxes. Proceeds are used to pay annual debt service and monies not
required to pay debt service are transferred to the general fund.
The Emergency and Disaster Relief Special Revenue Fund was established to
capture the costs of the work done to prepare for and recover from the unusually
active and costly hurricane season.
The TLBD Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue.
35
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Non-Maior 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.
Maior Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City's
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City's
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
The Stormwater Utility Fund accounts for the operation and maintenance of the
City's stormwater system.
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.
36
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
As a general rule the effect of interfund activity has been eliminated from the government-
wide financial statements. Exceptions to this general rule are other charges between the
City's water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's water, sewer and stormwater utility funds are
charges to customers for sales and services. The City also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting 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.
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 2005. The effect of this statement is the inclusion
of new disclosures for deposit and investment risk.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as either
"due to/from other funds" (Le., the current portion of interfund loans) or
"advances to/from other funds" (Le., the non-current portion of interfund loans).
All other outstanding balances between funds are reported as "due to/from other
funds." Any residual balances outstanding between the governmental activities
and business-type activities are reported in the government-wide financial
statements as "internal balances."
Advances between funds, as reported in the fund financial statements, are offset
by a fund balance reserve account in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
All receivables are shown net of an allowance for uncollectibles. The County
bills and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current
receivables.
All property is reassessed according to its fair value on the lien date, or January
1 of each year. Taxes are levied on October 1 of each year. Discounts are
allowed for early payment at the rate of 4% in the month of November, 3% in the
month of December, 2% in the month of January, and 1 % in the month of
February. The taxes paid in March are without discount. All unpaid taxes
become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent
taxes on real property.
3. Inventories and Prepaid Items
All inventories are valued at cost using the first-in/first-out (FIFO) method.
Inventories of governmental funds are recorded as expenditures when
consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items in both government-wide and fund financial
statements.
38
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
4. Restricted assets
Certain proceeds of the City's enterprise fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted assets on the
balance sheet because they are maintained in separate bank accounts and their
use is limited by applicable bond covenants. Assets so designated are identified
as restricted assets on the balance sheet.
5. Capital assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets are defined by the City, in accordance
with Chapter 274.02, Florida Statutes, as assets with an initial, individual cost of
$750 or more and an estimated useful life in excess of one year. Such assets
are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value
at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets
Buildings
Improvements
Infrastructure
Equipment
Years
30
20-50
30-50
3-10
39
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, and Net Assets or Equity (Continued)
6. Compensated absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick
leave since the government does not have a policy to pay any amounts when
employees separate from service with the government. All vacation pay is
accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only
if they have matured, for example, as a result of employee resignations and
retirements. For governmental activities, compensated absences are generally
liquidated by the General Fund.
7. Long-term obligations
In the government-wide financial statements, and for proprietary fund types in
the fund financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statement of net assets. Bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of
the bonds using the effective interest method. Bonds payable are reported net
of the applicable bond premium or discount. Bond issuance costs are reported
as deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current
period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported' as other financing uses.
Issuances costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
8. Fund equity
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally
restricted by outside parties for use for a specific purpose. Designations of fund
balance represent tentative management plans that are subject to change.
40
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
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 $21,878,970
difference are as follows:
Bonds payable
Less: Issuance discount (to be amortized as interest expense)
Add: Issuance premium (to be amortized as interest expense)
Less: Deferred charge on refunding (to be amortized as interest
expense)
Notes payable
Capital lease payable
Accrued interest payable
Compensated absences
Net adjustment to reduce fund balance - total governmental funds
to arrive at net assets - governmental activities
$(20,433,970)
20,032
(90,529)
142,360
(734,184 )
(104,443 )
(300,353)
(377.883)
$ (21.878.970)
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund
balances includes a reconciliation between net changes in fund balances - total
governmental funds and changes in net 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 $48,043 difference are as
follows:
Capital outlay
Depreciation expense
Net adjustment to decrease net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities
41
$2,249,092
(2,297.135)
$ (48.043)
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 2 - Reconciliation of Government-Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities (Continued)
Another element of that reconciliation states that "the issuance of long-term debt (e.g.,
bonds, leases) provides current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net 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 $5,898,204 difference are as follows:
Principal repayment
$5,898.204
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities
$5,898.204
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 $15,315
difference are as follows:
Compensated absences
Amortization of issuance costs
Amortization of bond discounts
Accrued interest payable
$ (7,371)
(14,976)
(4,748)
11.780
Net adjustment to decrease net changes in fund balances -
total governmental funds to arrive at changes in net assets of
governmental activities
$(15.315)
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
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.
1. On or before July 1 st of each year, the City Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1 st. 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 participate.
3. On or before September 30th 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.
5. The City Manager is authorized to transfer budgeted amounts between accounts
within a department. At any time during the fiscal year, the City Manager may
transfer part or all of any unencumbered appropriations among programs within
one department. The legal level of budgetary control is the departmental level.
B. Excess of Expenditures Over Appropriations
For the year ended September 30, 2005, expenditures exceeded appropriations in the
Special Law Enforcement Trust Special Revenue Fund by $116, the Medical Transport
Special Revenue Fund by $58,079, and the Electric Franchise Fee Special Revenue Fund
by $209. These overexpenditures were funded by greater than anticipated revenues.
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 4 - Deposits and Investments:
Deposits
At year-end, the carrying amount of the City's deposits was $3,772,280 and the bank
balance was $2,632,588. Petty cash funds of $2,110 are not on deposit with a financial
institution, and fiduciary fund cash of $173,367 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.
44
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 4 - Deposits and Investments (Continued):
Investments (Continued)
Investments made by the City at September 30, 2005 are summarized below. Defined
benefit pension plan investments, other than $7,677,786 in mutual funds investing in
equity securities, are included below:
State Board of Administration
US Government Agency Securities
US Treasury
Pension Plan Investments:
Intermediate Bond Fund
High Grade Bond Fund
Weighted
Fair Value Credit Ratinq Average
Maturity (Years)
$21,297,357 Unrated < 90 days
1,209,563 Aaa/AAA 1.17
1,184,393 aa/AAAm < 90 days
681 ,405 TSY 6.0
2,718.719 TSY 6.7
$27.091 ,437
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, 2005, all of the city's bank deposits were in qualified public depositories.
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
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, 2005, 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
Uncollectible
Accounts
Accounts
Receivable
Net
Receivable
General Fund $ 390,604 $ $ 390,604
Public Service Tax Fund 128,895 128,895
TLBD Debt Service Fund 1 ,485 1 ,485
Water & Sewer Utility Fund 1,095,993 (136,924) 959,069
Other Governmental Funds 492,132 (213,103) 279,029
Stormwater Utility Fund 122,000 122,000
$2.231.109 $(350.027) $1.881.002
In addition to receivables detailed above, there is a mortgage receivable in a nonmajor capital
projects fund that is not considered to be available to liquidate liabilities of the current period.
This mortgage receivable amount of $110,154 is reported as deferred revenue in the
governmental funds balance sheet. There are also special assessment receivables that are
not available to liquidate liabilities of the current period. These receivables totaling $2,653,311
are reported as deferred revenue in the governmental funds balance sheet.
46
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 6 - Capital Assets:
Capital asset activity for the year ended September 30, 2005 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being
depreciated:
Land $ 9,748,766 $ 11,635 $ $ 9,760,401
Construction in progress 1 ,399.552 1.288.966 (1 ,244.486) 1.444,032
Total capital assets, not being
depreciated 11.148,318 1 .300,601 (1 ,244.486) 11 ,204.433
Capital assets, being
depreciated:
Buildings 5,244,681 232,329 5,477,010
Improvements 9,440,583 521,930 (14,863) 9,947,650
Machinery and equipment 6,873,770 827,263 (353,388) 7,347,645
Infrastructure 42.473,090 611.455 43.084,545
Total capital assets, being
depreciated 64,032.124 2.192.977 (368,251 ) 65,856.850
Less accumulated depreciation
for:
Buildings (2,056,379) (178,373) (2,234,752)
Improvements (1,542,484) (340,576) 108 (1,882,952)
Machinery and equipment (4,236,975) (925,681 ) 247,743 (4,914,913)
Infrastructure (19.452,617) (852,505) (20,305,122)
Total accumulated depreciation (27,288.455) (2,297,135) 247.851 (29,337,739)
Total capital assets, being
depreciated, net 36,743,669 (104.158) (120.400) 36.519,111
Governmental activities capital
assets, net $ 47.891,987 $ 1.196,443 $(1.364.886) $ 47.723.544
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 6 - Capital Assets (Continued):
Beginning Ending
Balance Increases Decreases Balance
Business-type activities:
Capital assets, not being
depreciated:
Land $ 5,344,663 $ 253 $ $ 5,344,916
Construction in progress 241 ,895 379.660 (162,333) 459.222
Total capital assets, not being
depreciated 5,586.558 379.913 (162,333) 5,804,138
Capital assets, being depreciated:
Buildings 755,778 755,778
Improvements 44,831,743 698,554 45,530,297
Machinery and equipment 2,979,373 290,974 (52,614) 3,217,733
Total capital assets, being
depreciated 48,566,894 989,528 (52,614) 49,503.808
Less accumulated depreciation
for:
Buildings (343,789) (25,143) (368,932)
Improvements (16,018,798) (1,481,292) (17,500,090)
Machinery and equipment (1,952,817) (372,829) 45,327 (2.280,319)
Total accumulated depreciation (18,315,404) (1 ,879,264) 45,327 (20,149,341 )
Total capital assets, being
depreciated, net 30,251 ,490 (889,736) (7,287) 29,354,467
Business-type activities capital
assets, net $ 35,838,048 $ (509.823) $ (169.620) $ 35.158.605
Depreciation expense was charged to functions/programs as follows:
Governmental activities:
General government
Public safety
Physical environment
Culture and recreation
Total depreciation expense - governmental activities
$ 194,097
686,354
1,059,621
357,063
$2,297.135
Business-type activities:
Water and sewer
Development services
Stormwater
Total depreciation expense - business-type activities
48
1,536,355
17 ,404
235,891
$1.789.650
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 6 - Capital Assets (Continued):
Increases in accumulated depreciation for business-type activities includes accumulated
depreciation on assets transferred from governmental activities, therefore total increases is
not the same as depreciation expense disclosed above.
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.
The assets acquired through capital leases are as follows:
Governmental
Activities
Assets -
Machinery & equipment
Less: accumulated depreciation
Total
$ 491,374
( 450,365)
$ 41,009
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2005 were as follows:
Governmental
Activities
Year Endinq September 30.
2006
Total minimum lease payments
Less: Amount representing interest
Net present value
$107.394
107,394
(2.951 )
$104.443
49
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Note 8 - Long-Term Debt:
Revenue Bonds
September 30, 2005
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:
Governmental Activities
Improvement Refunding
Revenue Bonds - Series 1999
Special Assessment
Revenue Bonds - Series 2001
Improvement Refunding
Revenue Bonds - Series 2003
Total
Business-Tvpe Activities
Water and Sewer Refunding
Revenue Bonds - Series 2000
Water and Sewer Refunding
Revenue Bonds - Series 2001
Water and Sewer Refunding
Revenue Bonds - Series 2002
Total
Interest
Rates and
Dates
3.25 - 5.25%
(4/1 & 10/1)
3.4 - 5.25%
(4/1 & 10/1)
.2.0 - 3.7%
(4/1&10/1)
4.5 - 5.5%
(4/1 & 10/1)
4.0 - 5.0%
(4/1 & 10/1)
3.0 - 5.25%
(4/1&10/1)
50
Maturitv
Original
Amount
Balance
September
30,2005
10/1/99
to
10/1/29
$ 7,998.970 $ 6,368,970
10/1/02
to
10/1/29
$ 2,265,000 2,135,000
10/1/04
to
10/1/18
$ 8,870,000 8,725,000
$ 17.228,970
10/1/02
to
10/1/30
$ 6,969.191 $ 6.864,191
10/1/02
to
10/1/21
$ 6,065,000 5,450,000
10/1/03
to
10/1/20
$13,980.000 12.280,000
$24,594.191
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
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
2006 635,000 500,349 870,000 991,586
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
2011-2015 4,505,000 1,573,636 5,810,000 3,571,814
2016-2020 4,962,880 2,363,006 7,405,000 2,043,930
2021-2025 2,264,998 4,933,170 2,877,016 5,709,934
2026-2030 1,981,092 4,181,726 1,922,175 7,968,449
2030-2034 1 ,875,000 103,125
$17,228.970 $15,311.725 $24,594,191 $24.018,378
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 milan all of the taxable property in the City. General
obligation bonds currently outstanding are as follows:
Interest
Rates and Original
Dates Maturitv Amount
Balance
September
30.2005
Governmental Activities
Limited General
Obligation Bonds - Series 2002
2.0- 5.375% 7/1/03-
(1/1 & 7/1) 7/1/31
$3.400.000
$3.205.000
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 8 - Long-Term Debt (Continued):
General ObliQation Bonds (Continued)
Annual debt service requirements to maturity for the general obligation bonds are as
follows:
Year Ending
September 30,
Governmental Activities
Principal Interest
2006
2007
2008
2009
2010
2011-2015
2016-2020
2021-2025
2026-2030
2031-2034
65,000
70,000
70,000
75,000
75,000
435,000
565,000
720,000
920,000
210,000
$3,205,000
Notes Pavable
155,552
153,472
151,023
148,433
145,508
674,653
550,875
394,250
194,980
10.520
$2.579.266
The 2004 Capital Improvement Revenue Note is for amount not to exceed $2,500,000.
Advances on this note during fiscal year 2004 were $600,000, so the City still has
$1,900,000 available to borrow. There were no advances during fiscal year 2005.
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.
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 8 - Long-Term Debt (Continued):
Notes Pavable (Continued)
Notes payable outstanding at year end are as follows:
Capital Improvement Revenue Note, Series 2004-
Payable interest only until June 1, 2008 when principal
payments will also be due. Interest is variable, tied to
Libor, and was 3.5071 % at September 30, 2005.
Capital Improvement Revenue Note, Series 2004A -
Payable interest only until July 1, 2010 when entire
balance is due. Interest is 4.22%.
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending
September 30,
2006
2007
2008
2009
2010
53
$224,730
509.454
$734,184
Governmental Activities
Principal Interest
$
224,730
509,454
$734.184
$ 29,381
29,381
26,753
21,499
16.124
$123,138
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 8 - Long-Term Debt (Continued):
ChanQes in LonQ- Term Liabilities
Long-term liability activity for the year ended September 30, 2005 was as follows:
Due Within
Beginning Ending One Year
Balance Additions Reductions Balance
Governmental activities:
Bonds payable -
Revenue bonds $ 15,653,970 $ $ (560,000) $15,093,970 $ 590,000
Special assessment debt
with government
commitment 2,180,000 (45,000) 2,135,000 45,000
Limited general obligation
bonds 3,270,000 (65,000) 3,205,000 65,000
Less deferred amounts:
Issuance discounts (20,793) 761 (20,032)
Issuance premiums 97,493 (6,964 ) 90,529
On refunding (153,311 ) 10,951 (142,360)
Total bonds
payable 21,027,359 (665,252) 20.362,107 700,000
Notes payable -
Capital improvement
Notes 5,860,814 (5,126,630) 734,184 88,209
Capital lease 206,017 (101,574) 104,443 104,443
Compensated absences 370,512 7,371 377,883 76,000
Governmental activity
long-term liabilities $ 27 464 702 $ 7,371 $ (5 893.456) $21.578 617 $968.652
Business-type activities:
Bonds payable -
Revenue bonds $ 25,429,191 $ $ (835,000) $24,594,191 $870,000
Less deferred amounts:
For issuance
discount (29,627) 1,064 (28,563)
On refunding (986.237) 58.335 (927.902)
Total bonds
Payable 24,413,327 (775,601 ) 23,637,726 870,000
Obligation under utility
agreement 164,000 (164,000)
Capital lease 64,082 (64,082)
Compensated absences 145,047 369 145.416 29.000
Business-type activity
long-term liabilities $ 24.786.456 $ 369 $ l1.003.683) $23.783 142 $899 000
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 9 - Interfund Receivables, Payables and Transfers:
The composition of interfund balances as of September 30, 2005 is as follows:
Receivable Fund
General
Payable Fund
Public Service Tax
Amount
$128,895
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 general fund.
Interfund transfers for the year ended September 30, 2005 consisted of the following:
Transfer In
General Nonmajor Water and Development
Fund Governmental Sewer Services Total
Transfer Out:
General Fund $ $ $71,939 $21,105 $ 93,044
Public Service Tax Special
Revenue Fund 3,005,999 492,875 3,498,874
Nonmajor Governmental 1,175,012 999,479 2,174,491
Water and Sewer 1,157,093 2,179,657 3,336,750
Development Services
Fund 577,450 577,450
Stormwater Utility 110,800 35.000 5.700 151,500
Total $6 026 354 $3 707 011 $77,639 $21 105 $9832109
Transfers are used to (1) move revenues from the fund that statute or budget requires to
collect them to the fund that statute or budget requires to expend them and (2) move
receipts restricted to debt service from the funds as debt service payments become due.
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 establish and
amend all plan provisions.
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 10 - Defined Benefit Pension Plan (Continued):
Summary of SiQnificant AccountinQ 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 $458,841 for the year ended September
30, 2005. The City is required to contribute at an actuarially determined rate; the current
rate is 12.9% of covered payroll. The City's contribution for the year ended September 30,
2005 was $951,133.
Membership in the Defined Benefit Plan consisted of the following at October 1, 2004:
Retirees and beneficiaries receiving benefits
Terminated plan members entitled to but not
receiving benefits
Active plan members:
Vested
Non-vested
12
71
183
56
322
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).
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
Note 10 - Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation (Continued)
Three Year Trend Information -
Fiscal year
ended
9/30/03
9/30/04
9/30/05
Annual Pension
Cost (APC)
$658,735
749,863
951 ,133
Percentage of
APC Contributed
100%
100%
100%
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, 2004. The plan was amended 09tober 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
Salary Increases -
Inflation
Postretirement Benefit Increases
Mortality Table
Actuarial Valuation:
Frequency
Cost Method
Amortization Method
8%
3%
0%
1983 Group Annuity Mortality Table
Amortization Period
Asset Valuation Method
Annual
Frozen Entry Age
Level Percentage of Projected
Payroll
30 Years Open
Long Range Yield Method
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2005
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.
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, 2005, the City had entered into construction contracts in the amount of
$291,624.
58
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended September 30, 2005
Schedule of Fundinq Proqress
Actuarial UAAL as
Actuarial Accrued Unfunded a % of
Actuarial Value of (AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) ( a/b) (c) (b-a) /c
10/1/99 $ 745,460 $ 2,120,844 $1,375,384 35.1% $5,143,401 26.7%
10/1/00 4,933,945 7,701,059 2,767,114 64.1 5,324,680 52.0
10/1/01 5,829,453 8,402,821 2,573,368 69.9 6,569,263 39.2
10/1/02 6,620,248 9,128,522 2,508,274 72.5 6,586,077 38.1
10/1/03 7,279,048 9,771,594 2,492,546 74.5 8,094,829 30.8
10/1104 8,134,588 10,931,774 2,797,186 74.4 8,982,189 31.1
Schedule of Contributions from the Employer
Fiscal Year Annual Required Percentage of
Ended Contribution (ARC) ARC Contribution
9/30/00 $254,646 100%
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%
59
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COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
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TLBD Debt Service Fund
MAJOR GOVERNMENTAL FUNDS
Debt Service
- This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue.
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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, 2005
Budgeted Amounts
Original Final
Actual
Amounts
Variance With
Final Budget
Positive
(Negative)
Revenues:
Taxes and special assessments
Investment income
Miscellaneous
Total revenues
$
155,185 $
1,200
156,385
Expenditures:
Current:
Physical environment
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
6,900
45,000
108,000
159,900
Excess (Deficiency) of
Revenues Over Expenditures
(3,515)
Other Financing Sources (Uses)
Transfers in
Net other financing sources (uses)
Net Change in Fund Balance
(3,515)
Fund Balances - Beginning
Fund Balances - Ending
$
106,582
103,067 $
60
155,185
1,200
$
45,000
109,905
5,154
160,059
$ (110,185)
108,705
5,154
3,674
156,385
7,600
7,385
215
45,000
108,000
160,600
45,000
107,964
160,349
36
251
(4,215)
(290)
3,925
(4,215)
(290)
3,925
106,582
102,367
106,582
106,292 $
$
3,925
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Police Education Fund
Special Law Enforcement
Trust Fund
Transportation
Improvement Fund
Recreation Acquisition
Fund
Streetlighting Fund
Solid Waste Fund
Electric Franchise Fee
Fund
Transportation Impact Fee
Fund
Police Impact Fee Fund
Fife Impact Fee Fund
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
- 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.
- This fund was established to receive revenues 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.
- Revenues in this fund are derived from Local Option
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.
- This fund was established to record funds received from
new developers for the acquisition of land for recreational
purposes in lieu of land donated by these developers for
recreational purposes.
- This fund was established to record proceeds of a special
streetlighting assessment from the Country Club Village
subdivision. Proceeds are used to pay for lighting and
administrative costs.
- This 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.
- This fund is used to account for proceeds of electric
franchise fees. These proceeds are used to pay annual
debt service. Any excess monies not used to pay debt
service are transferred to the General Fund.
- This fund is used to account for collected impact fees on
new development to defray the cost of future road
construction as a result of growth.
- 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.
- 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.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Parks Impact Fee Fund
Public Building Impact Fee
Fund
Medical Transport Fund
Arbor Fund
TLBD Maintenance Fund
Oak Forest Maintenance
Fund
Road Improvement Fund
2003 Debt Service Fund
1999 Debt Service Fund
Oak Forest Debt Service
Fund
Central Winds Debt
Service Fund
Special Revenue Funds - Continued
- 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.
- This fund is used to account for collected impact fees on
new development to defray the cost of capital investment
needed to maintain public buildings due to future growth.
- This fund is used to receive revenues generated from
fees charged for paramedic services. The proceeds from
this fund are used to pay for the incremental costs related
to providing these services.
- This fund is used to account for arbor revenues. This
revenue source is used to maintain a level of plantings in
the City.
This fund is used to account for collected special
assessments for maintenance related to the Tuscawilla
Lighting and Beautification District.
- This fund is used to account for collected special
assessments for maintenance related to the Oak Forest
subdivision wall.
- This fund is used to account for collected one-cent sales
tax revenues to be used for transportation-related
improvements.
Debt Service Funds
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue.
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1999 bond issue.
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2000 note payable (Oak Forest portion).
- This fund is used to account for accumulation of
resources and payment of principal and interest for the
2002 limited general obligation bond.
NONMAJOR GOVERNMENTAL FUNDS - Continued
2004 Capital Projects Debt
Service Fund
1999 Construction Fund
TLBD Improvement Fund
Oak Forest Capital Fund
Revolving Rehab Capital
Projects Fund
Public Facilities Capital
Projects Fund
City Hall Expansion Capital
Projects Fund
Debt Service Funds - Continued
- This fund is used to account for the accumulation of
resources and payment of principal and interest for the
Capital Improvement Revenue Note Series 2004.
Capital Projects Funds
- This fund was established for the acquisition and
construction of City - owned Capital Improvements.
- This fund was established to account for construction of
improvements to the Tuscawilla Lighting and
Beautification District.
- This fund was established to account for construction of
the Oak Forest subdivision wall.
- This fund was established to provide loans for
rehabilitation projects within the City.
- This fund was established to account for construction of
public facilities.
- This fund was established to account for expansion of
City Hall.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2005
Special Revenue
Police Special Law Transportation Recreation
Education Enforcement Improvement Acquisition
Fund Trust Fund Fund Fund
Assets:
Cash and cash equivalents $ 62,921 $ 11,991 $ 380,141 $ 18.671
Receivables 1,882
Due from other governments
Prepaid costs 350
Special assessment receivable
Mortgage receivable
Total Assets $ 65,153 $ 11,991 $ 380,141 $ 18,671
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 395 $ $ 3,502 $
Due to other funds
Deferred revenue
Unearned revenue
Total Liabilities 395 3,502
Fund Balances:
Reserved
Unreserved 64,758 11,991 376,639 18,671
Total Fund Balances 64,758 11,991 376,639 18,671
Total Liabilities and Fund Balances $ 65,153 $ 11,991 $ 380,141 $ 18,671
61
Special Revenue
Transportation Police Fire Parks Public Bldg
Solid Waste Impact Impact Impact Impact Impact
Fund Fee Fund Fee Fund Fee Fund Fee Fund Fee Fund
$ 413,921 $ 962,127 $ 20,658 $ 458,896 $ 273,342 $ 33,365
100,000
$
413,921
$
1,062,127 $
20,658 $
458,896 $ 273,342 $
33,365
$
131,163 $
11,303 $
$
$
$
131,163
11,303
282,758
1,050,824
20,658
458,896
273,342
33,365
282,758
1,050,824
20,658
458,896
273,342
33,365
$
413,921
$
1,062,127 $
20,658 $
458,896 $ 273,342 $
33,365
(Continued)
62
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2005
Special Revenue
Medical TLBD Oak Forest
Transport Arbor Maintenance Maintenance
Fund Fund Fund Fund
Assets:
Cash and cash equivalents $ 90,867 $ 254,823 $ 347,497 $ 24,150
Receivables 169,553 2,584 2,062 591
Due from other governments
Prepaid costs
Special assessment receivable
Mortgage receivable
Total Assets $ 260,420 $ 257,407 $ 349,559 $ 24,741
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 4,812 $ $ 5,343 $ 3,088
Due to other funds
Deferred revenue
Unearned revenue 2,584
Total Liabilities 4,812 2,584 5,343 3,088
Fund Balances:
Reserved
Unreserved 255,608 254,823 344,216 21,653
Total Fund Balances 255,608 254,823 344,216 21,653
Total Liabilities and Fund Balances $ 260,420 $ 257,407 $ 349,559 $ 24,741
63
Special Revenue
Debt Service
64
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2005
Debt Service Capital Projects
2004 Capital 1999 TLBD
Projects Debt Construction Improvement
Service Fund Total Fund Fund
Assets:
Cash and cash equivalents $ 22,037 $ 870,364 $ 2,042,652 $ 28,263
Receivables 2,357
Due from other governments
Prepaid Costs
Special assessment receivable 563,311
Mortgage receivable
Total Assets $ 22,037 $ 1,436,032 $ 2,042,652 $ 28,263
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ $ 7 $ 555 $ 8,515
Due to other funds
Deferred revenue 563,311
Unearned revenue
Total Liabilities 563,318 555 8,515
Fund Balances:
Reserved 22,037 872.714
Unreserved 2,042,097 19,748
Total Fund Balances 22,037 872,714 2,042,097 19.748
Total Liabilities and Fund Balances $ 22,037 $ 1,436,032 $ 2,042,652 $ 28,263
65
Capital Projects Total
Oak Forest Revolving Public Facilities City Hall Exp Nonmajor
Capital Rehab Capital Capital Capital Governmental
Fund Projects Fund Projects Fund Projects Fund Total Funds
$ 45,305 $ 815,851 $ 2,701,609 $ 40,996 $ 5,674,676 $ 10,792,388
279,029
65 65 415
563,311
110,154 110,154 110,154
$ 45,305 $ 926,070 $ 2,701,609 $ 40,996 $ 5,784,895 $ 11,745,297
$ 1,500 $ 593 $ $ $ 11,163 $ 170,776
110,154 110,154 673,465
2,584
1,500 110,747 121,317 846,825
872,714
43,805 815,323 2,701,609 40,996 5,663,578 10,025,758
43,805 815,323 2,701,609 40,996 5,663,578 10,898,472
$ 45,305 $ 926,070 $ 2,701,609 $ 40,996 $ 5,784,895 $ 11,745,297
66
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2005
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt Service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Net other financing sources (uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances. Ending
Police
Education
Fund
$
24,874
2,442
27,316
36,410
28,652
65,062
(37,746)
(37,746)
$
102,504
64,758
Special Revenue
SpeCial Law Transportation
Enforcement Improvement
Trust Fund Fund
$
$
562,960
28,901
14,205
1,017
29,918
577,165
18,175
62,815
212,771
18,175
275,586
11 ,743
301,579
(400,000)
(400,000)
11,743
(98,421 )
$
248
11,991
475,060
$ 376,639
67
Recreation
Acquisition
Fund
$
577
577
3,078
3,078
(2,501 )
(2,501 )
$
21,172
18,671
Special Revenue
Electric Trans portation Police
StreeUighting Solid Waste Franchise Impact Impact
Fund Fund Fee Fund Fee Fund Fee Fund
$ $ $ 1,436,996 $ $
192,319 21 ,450
1,687,411
9,383 991 26,605 748
3,250
1,700,044 1,437,987 218,924 22,198
1,958 1,553,813
57,255
18,464
188,619
1,958
1,553,813
245,874
18,464
(1,958)
146,231
1,437,987
(26,950)
3,734
(200) (124,758) (1,437,987) (22,042)
(200) (124,758) (1,437,987) (22,042)
(2,158) 21,473 (26,950) (18,308)
2,158 261,285 1,077,774 38,966
$ $ 282,758 $ $ 1,050,824 $ 20,658
(Continued)
68
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2005
Special Revenue
Fire Parks Public Bldg Medical
Impact Impact Impact Transport
Fee Fund Fee Fund Fee Fund Fund
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits 37,129 144,753 24,323
Intergovernmental revenues 13,000
Charges for services 366,076
Fines and forfeitures
Investment income 12,018 6,451 865 2,140
Miscellaneous
Total revenues 49,147 151,204 25,188 381,216
Expenditures:
Current:
General government
Public safety 157,246
Physical environment
Culture and recreation
Debt Service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety 59,699 146,233
Physical environment
Culture and recreation 47,150
Total expenditures 59,699 47,150 303,479
Excess (Deficiency) of
Revenues Over Expenditures (10,552) 104,054 25,188 77.737
Other Financing Sources (Uses):
Transfers in
Transfers out (44,063) (26,320) (14,600)
Net other financing sources (uses) (44,063) (26,320) (14,600)
Net Change in Fund Balances (10,552) 59,991 (1,132) 63,137
Fund Balances - Beginning 469,448 213,351 34,497 192,471
Fund Balances. Ending $ 458,896 $ 273,342 $ 33,365 $ 255,608
69
Special Revenue
TLBD Oak Forest Road
Arbor Maintenance Maintenance Improvement
Fund Fund Fund Fund Total
$ $ 222,316 $ 38,605 $ $ 1,697,917
37,898 457,872
924,285 1,500,245
2,053,487
53,775
6,282 13,297 970 5,951 102,925
1,600 5,867
45,780 235,613 39,575 930,236 5,872,088
17,585
288,079
26,555
1,555,771
211,831
452,289
3,078
253,048
422,251 823,641
47,150
17,585 288,079 26,555 422,251 3,346,808
28,195 (52,466) 13,020 507,985 2,525,280
(41,819) (5,622) (42,900) (2,160,311 )
(41,819) (5,622) (42,900) (2,160,311 )
28,195 (94,285) 7,398 465,085 364,969
226,628 438,501 14,255 428,893 3,997,211
$ 254,823 $ 344,216 $ 21,653 $ 893,978 $ 4,362,180
(Continued)
70
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2005
2003 Debt
Service Fund
1 999 Debt
Service Fund
Debt Service
Oak Forest
Debt Service
Fund
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt Service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
145,000
276,485
415,000
150,331
421,485
565,331
Excess (Deficiency) of
Revenues Over Expenditures
(421,485)
(565,331 )
Other Financing Sources (Uses):
Transfers in
Transfers out
Net otherfinancing sources (uses)
404,550
581,200
404,550
581,200
Net Change in Fund Balances
(16,935)
15,869
Fund Balances - Beginning
Fund Balances - Ending
306,276
289,341
$
$
495,665
511,534
71
$
$
12,596
24,646
21,984
59,226
6,486
66,453
21,620
94,559
(35,333)
(35,333)
38,168
2,835
Central Winds
Debt Service
Fund
$
358,960
5,063
364,023
65,000
157,869
222,869
141,154
141,154
$
(94,187)
46,967
Debt Service
2004 Capital
Projects Debt
Service Fund Total
1999
Construction
Fund
Capital Projects
TLBD
Improvements
Fund
Oak Forest
Capital
Fund
$
$
371,556 $
$
$
307
30,016
21,984
423,556
54,916
5,146
60,062
1,366
2,873
307
1,366
2,873
32,755
6,486
60,177
5,926
751,630
612,231
41,970 64,732
66,103 1,370,347 41,970 32,755 64,732
(65,796) (946,791) 18,092 (31,389) (61,859)
66,105 1,051,855
66,105 1,051,855
309 105,064 18,092 (31,389) (61,859)
21,728 767,650 2,024,005 51,137 105,664
$ 22,037 $ 872,714 $ 2,042,097 $ 19,748 $ 43,805
(Continued)
72
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CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2005
Capital Projects Total
Revolving Public Facilities City Hall Exp. Nonmajor
Rehab Capital Capital Capital Governmental
Projects Fund Projects Fund Projects Fund Total Funds
Revenues:
Taxes and special assessments $ $ $ $ $ 2,069,473
Licenses and permits 457,872
I ntergovernmental revenues 1,500,245
Charges for services 2,053,487
Fines and forfeitures 53,775
Investment income 16,4 70 33,353 496 109,474 242,415
Miscellaneous 259,720 264,866 292,717
Total revenues 276,190 33,353 496 374,340 6,669,984
Expenditures:
Current:
General government 24,433 57,188 1,612,959
Public safety 211,831
Physical environment 458,775
Culture and recreation 3,078
Debt Service:
Principal retirement 751,630
Interest and fiscal charges 612,231
Capital outlay:
General government
Public safety 253,048
Physical environment 5,244 111,946 935,587
Culture and recreation 47,150
Total expenditures 24,433 5,244 169,134 4,886,289
Excess (Deficiency) of
Revenues Over Expenditures 251,757 28,109 496 205,206 1,783,695
Other Financing Sources (Uses):
Transfers in 2,614,656 40,500 2,655,156 3,707,011
Transfers out (14,180) (14,180) (2,174,491 )
Net other financing sources (uses) 2,600,476 40,500 2,640,976 1,532,520
Net Change in Fund Balances 251,757 2,628,585 40,996 2,846,182 3,316,215
Fund Balances - Beginning 563,566 73,024 2,817,396 7,582,257
Fund Balances - Ending $ 815,323 $ 2,701,609 $ 40,996 $ 5,663,578 $ 10,898,472
73
CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALACES-BUDGET AND ACTUAL
For The Year Ended September 30, 2005
74
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
$
$
65,000
1,200
22,000
1,200
28,901
23,200
1,017
29,918
66,200
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
1,000
18,059
18.,175
10,000
11,000
18,059
18,175
Excess (Deficiency) of
Revenues Over Expenditures
55,200
5,141
11,743
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance
55,200
5,141
11 ,743
Fund Balances. Beginning
248
248
248
Fund Balances. Ending
$
55,448 $
$
5,389
11,991
$
6,602
75
Variance with
Final Budget-
Positive
(Negative)
6,901
(1,200)
1,017
6,718
(116)
(116)
6,602
6,602
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, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
$
508,069
508,069
562,960
6,000
6,400
520,469
6,000
6,400
520,469
14,205
577,165
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
104,600
104,600
62,815
206,800
258,881
212,771
311,400
363,481
275,586
Excess (Deficiency) of Revenues
Over Expenditures
209,069
156,988
301,579
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
(400,000)
(400,000)
(400,000)
(400,000)
(190,931 )
(400,000)
(400,000)
Net Change in Fund Balance
(243,012)
(98,421 )
Fund Balances - Beginning
475,060
475,060
475,060
Fund Balances - Ending
$
284,129 $
232,048
$
376,639 $
144,591
76
Variance with
Final Budget-
Positive
(Negative)
$
54,891.
8,205
(6,400)
56,696
41,785
46,110
87,895
144,591
144,591
CITY OF WINTER SPRINGS, FLORIDA
RECREATION ACQUISITION SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance
Fund Balances - Beginning
Fund Balances - Ending
For The Year Ended September 30, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
$
$
$
175
175
577
175
175
577
3,078
3,078
3,078
3,078
175
(2,903)
(2,501 )
175
(2,903)
(2,501)
21,172
21,172
21,172
$
21,347 $
18,269 $
18,671
77
Variance with
Final Budget-
Positive
(Negative)
$
402
402
402
402
$
402
CITY OF WINTER SPRINGS, FLORIDA
STREETLlGHTING SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government 1,938 1,959 1,958
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 1,938 1,959 1,958
Excess (Deficiency) of
Revenues Over Expenditures (1,938) (1,959) (1,958)
Other Financing Sources (Uses)
Transfers in
Transfers out (200) (200) (200)
Net other financing sources
(uses) (200) (200) (200)
Net Change in Fund Balance (2,138) (2,159) (2,158)
Fund Balances - Beginning 2,158 2,158 2,158
Fund Balances - Ending $ 20 $ (1 ) $ $
78
CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues
Charges for services 1,660,000 1,660,000 1,687,411 27,411
Fines and forfeitures
Investment income 10,000 10,000 9,383 (617)
Miscellaneous 3,250 3,250
Total revenues 1,670,000 1,670,000 1,700,044 30,044
Expenditures:
Current:
General government 1,500,430 1,555,655 1,553,813 1,842
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 1,500,430 1,555,655 1,553,813 1,842
Excess (Deficiency) of
Revenues Over Expenditures 169,570 114,345 146,231 31,886
Other Financing Sources (Uses)
Transfers in
Transfers out (129,565) (129,565) (124,758) 4,807
Net other financing sources
(uses) (129,565) (129,565) (124,758) 4,807
Net Change in Fund Balance 40,005 (15,220) 21,473 36,693
Fund Balances - Beginning 261,285 261,285 261,285
Fund Balances. Ending $ 301,290 $ 246,065 $ 282,758 $ 36,693
79
CITY OF WINTER SPRINGS, FLORIDA
ELECTRIC FRANCHISE FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$ 1,298,200 $ 1,436,996
$ 1,436,996 $
782
991
1,298,200 1,437,778
1,437,987
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
1,298,200
1,437,778
1,437,987
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
(1,298,200)
(1,437,778)
(1,437,987)
(1,298,200)
(1,437,778)
(1,437,987)
Net Change in Fund Balance
Fund Balances - Beginning
Fund Balances - Ending
$
$
$
80
Variance with
Final Budget-
Positive
(Negative)
209
209
209
(209)
(209)
$
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, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
$
240,000
240,000
192,319
13,500
13,500
26,605
253,500
253,500
218,924
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
25,000
57,284
57,255
500,000
613,843
188,619
525,000
671,127
245,874
Excess (Deficiency) of
Revenues Over Expenditures
(271,500)
(417,627)
(26,950)
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance
(271,500)
(417,627)
(26,950)
Fund Balances - Beginning
1,077,774
1,077,774
1,077,774
Fund Balances. Ending
$
806,274 $
660,147 $ 1,050,824 $
81
Variance with
Final Budget-
Positive
(Negative)
$
(47,681)
13,105
(34,576)
29
425,224
425,253
390,677
390,677
390,677
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits 30,000 21,500 21,450 (50)
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 748 748
Miscellaneous
Total revenues 30,000 21,500 22,198 698
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety 18,464 18,464
Physical environment
Culture and recreation
Total expenditures 18,464 18,464
Excess (Deficiency) of
Revenues Over Expenditures 30,000 3,036 3,734 698
Other Financing Sources (Uses)
Transfers in
Transfers out (21,680) (22,042) (22,042)
Net other financing sources
(uses) (21,680) (22,042) (22,042)
Net Change in Fund Balance 8,320 (19,006) (18,308) 698
Fund Balances - Beginning 38,966 38,966 38,966
Fund Balances - Ending $ 47,286 $ 19,960 $ 20,658 $ 698
82
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, 2005
variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits 35,000 35,000 37,129 2,129
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 6,000 6,000 12,018 6,018
Miscellaneous
Total revenues 41 ,000 41,000 49,147 8,147
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety 60,800 60,800 59,699 1,101
Physical environment
Culture and recreation
Total expenditures 60,800 60,800 59,699 1,101
Excess (Deficiency) of Revenues
Over Expenditures (19,800) (19,800) (10,552) 9,248
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance (19,800) (19,800) (10,552) 9,248
Fund Balances - Beginning 469,448 469,448 469,448
Fund Balances. Ending $ 449,648 $ 449,648 $ 458,896 $ 9,248
83
CITY OF WINTER SPRINGS, FLORIDA
PARKS IMPACT FEE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits 100,000 100,000 144,753 44,753
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 500 500 6,451 5,951
Miscellaneous
Total revenues 100,500 100,500 151,204 50,704
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation 127,317 47,150 80,167
Total expenditures 127,317 47,150 80,167
Excess (Deficiency) of
Revenues Over Expenditures 100,500 (26,817) 104,054 130,871
Other Financing Sources (Uses)
Transfers in
Transfers out (43,340) (44,063) (44,063)
Net other financing sources
(uses) (43,340) (44,063) (44,063)
Net Change in Fund Balance 57,160 (70,880) 59,991 130,871
Fund Balances - Beginning 213,351 213,351 213,351
Fund Balances. Ending $ 270,511 $ 142,471 $ 273,342 $ 130,871
84
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC BUILDING IMPACT FEE SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
$
$
44,450
24,450
24,323
865
44,450
24,450
25,188
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of
Revenues Over Expenditures
44,450
24,450
25,188
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
(42,292)
( 42,292)
(26,320)
(26,320)
(26,320)
(26,320)
(1,132)
Net Change in Fund Balance
2,158
(1,870)
Fund Balances - Beginning
34,497
34,497
34,497
Fund Balances - Ending
$
36,655 $
32,627 $
33,365 $
85
Variance with
Final Budget-
Positive
(Negative)
$
(127)
865
738
738
738
738
CITY OF WINTER SPRINGS, FLORIDA
MEDICAL TRANSPORT SPECIAL REVENUE FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues 13,000 13,000
Charges for services 200,000 205,000 366,076 161,076
Fines and forfeitures
Investment income 4,000 4,000 2,140 (1,860)
Miscellaneous
Total revenues 204,000 222,000 381,216 159,216
Expenditures:
Current:
General government
Public safety 87,500 99,080 157,246 (58,166)
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety 135,400 146,320 146,233 87
Physical environment
Culture and recreation
Total expenditures 222,900 245,400 303,479 (58,079)
Excess (Deficiency) of
Revenues Over Expenditures (18,900) (23,400) 77,737 101,137
Other Financing Sources (Uses)
Transfers in
Transfers out (14,600) (14,600) (14,600)
Net other financing sources
(uses) (14,600) (14,600) (14,600)
Net Change in Fund Balance (33,500) (38,000) 63,137 101,137
Fund Balances - Beginning 192,471 192,471 192,471
Fund Balances. Ending $ 158,971 $ 154,471 $ 255,608 $ 101,137
86
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits 15,040 15,040 37,898 22,858
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 400 400 6,282 5,882
Miscellaneous 1,500 1,600 100
Total revenues 15,440 16,940 45,780 28,840
Expenditures:
Current:
General government
Public safety
Physical environment 12,000 58,500 17,585 40,915
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment 129,000
Culture and recreation
Total expenditures 141,000 58,500 17,585 40,915
Excess (Deficiency) of
Revenues Over Expenditures (125,560) (41,560) 28,195 69,755
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance (125,560) (41,560) 28,195 69,755
Fund Balances - Beginning 226,628 226,628 226,628
Fund Balances. Ending $ 101,068 $ 185,068 $ 254,823 $ 69,755
87
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ 219,000 $ 219,000 $ 222,316 $ 3,316
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 4,750 4,750 13,297 8,547
Miscellaneous
Total revenues 223,750 223,750 235,613 11,863
Expenditures:
Current:
General government
Public safety
Physical environment 396,800 396,800 288,079 108,721
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 396,800 396,800 288,079 108,721
Excess (Deficiency) of
Revenues Over Expenditures (173,050) (173,050) (52,466) 120,584
Other Financing Sources (Uses)
Transfers in
Transfers out (50,517) (53,019) (41,819) 11,200
Net other financing sources
(uses) (50,517) (53,019) (41,819) 11,200
Net Change in Fund Balance (223,567) (226,069) (94,285) 131,784
Fund Balances - Beginning 438,501 438,501 438,501
Fund Balances - Ending $ 214,934 $ 212,432 $ 344,216 $ 131,784
88
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ 39,060 $ 39,060 $ 38,605 $ (455)
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 200 200 970 770
Miscellaneous
Total revenues 39,260 39,260 39,575 315
Expenditures:
Current:
General government
Public safety
Physical environment 32,951 32,951 26,555 6,396
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 32,951 32,951 26,555 6,396
Excess (Deficiency) of
Revenues Over Expenditures 6,309 6,309 13,020 6,711
Other Financing Sources (Uses)
Transfers in
Transfers out (7,864) (7,507) (5,622) 1,885
Net other financing sources
(uses) (7,864) (7,507) (5,622) 1,885
Net Change in Fund Balance (1,555) (1,198) 7,398 8,596
Fund Balances - Beginning 14,255 14,255 14,255
Fund Balances. Ending $ 12,700 $ 13,057 $ 21,653 $ 8,596
89
CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
For The Year Ended September 30,2005
90
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement 145,000 145,000 145,000
Interest and fiscal charges 277,500 277,500 276,485 1,015
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 422,500 422,500 421,485 1,015
Excess (Deficiency) of
Revenues Over Expenditures (422,500) (422,500) (421,485) 1,015
Other Financing Sources (Uses)
Transfers in 404,550 404,550 404,550
Transfers out
Net other financing sources
(uses) 404,550 404,550 404,550
Net Change in Fund Balance (17,950) (17,950) (16,935) 1,015
Fund Balances - Beginning 306,276 306,276 306,276
Fund Balances - Ending $ 288,326 $ 288,326 $ 289,341 $ 1,015
91
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement 415,000 415,000 415,000
Interest and fiscal charges 151,000 151,000 150,331 669
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 566,000 566,000 565,331 669
Excess (Deficiency) of
Revenues Over Expenditures (566,000) (566,000) (565,331 ) 669
Other Financing Sources (Uses)
Transfers in 581,200 581,200 581,200
Transfers out
Net other financing sources
(uses) 581,200 581,200 581,200
Net Change in Fund Balance 15,200 15,200 15,869 669
Fund Balances - Beginning 495,665 495,665 495,665
Fund Balances - Ending $ 510,865 $ 510,865 $ 511,534 $ 669
92
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ 58,000 $ 58,000 $ 12,596 $ (45,404)
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 300 300 24,646 24,346
Miscellaneous 21,984 21,984
Total revenues 58,300 58,300 59,226 926
Expenditures:
Current:
General government
Public safety
Physical environment 5,900 6,600 6,486 114
Culture and recreation
Debt service:
Principal retirement 33,060 66,453 66,453
Interest and fiscal charges 18,945 21,621 21,620
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 57,905 94,674 94,559 115
Excess (Deficiency) of
Revenues Over Expenditures 395 (36,374) (35,333) 1,041
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
Net Change in Fund Balance 395 (36,374) (35,333) 1,041
Fund Balances - Beginning 38,168 38,168 38,168
Fund Balances - Ending $ 38,563 $ 1,794 $ 2,835 $ 1,041
93
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS DEBT SERVICE FUND
SCHEDULES OF REVENUES. EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Budgeted Amounts
Original
Actual
Amounts
Final
Revenues:
Taxes and special assessments
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
$
356,207 $
356,207
$
358,960 $
600
600
5,063
356,807
356,807
364,023
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
65,000
157,950
65,000
157,950
65,000
157,869
222,950
222,950
222,869
Excess (Deficiency) of
Revenues Over Expenditures
133,857
133,857
141 ,154
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
(uses)
(147,560)
(147,560)
(147,560)
(13,703)
(147,560)
Net Change in Fund Balance
(13,703)
141,154
Fund Balances. Beginning
(94,187)
(107,890) $
(94,187)
(107,890) $
(94,187)
Fund Balances. Ending
$
46,967 $
94
Variance with
Final Budget-
Positive
(Negative)
2,753
4,463
7,216
81
81
7,297
147,560
147,560
154,857
154,857
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income 307 307
Miscellaneous
Total revenues 307 307
Expenditures:
Current:
General government
Public safety
Physical environment
Culture and recreation
Debt service:
Principal retirement 75,744 59,619 60,177 (558)
Interest and fiscal charges 7,401 6,486 5,926 560
Capital outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 83,145 66,105 66,103 2
Excess (Deficiency) of
Revenues Over Expenditures (83,145) (66,105) (65,796) 309
Other Financing Sources (Uses)
Transfers in 107,312 66,105 66,105
Transfers out
Net other financing sources
(uses) 107,312 66,105 66,105
Net Change in Fund Balance 24,167 309 309
Fund Balances - Beginning 21,728 21,728 21,728
Fund Balances - Ending $ 45,895 $ 21,728 $ 22,037 $ 309
95
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final. Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 30,000 30,000 54,916 24,916
Miscellaneous 5,146 5,146
Total revenues 30,000 35,146 60,062 24,916
Expenditures:
Current:
General government
Capital Outlay:
General government
Public safety
Physical environment 1,800,000 1,832,163 41.970 1,790,193
Culture and recreation
Total expenditures 1,800,000 1,832,163 41,970 1,790,193
Excess (Deficiency) of
Revenues Over Expenditures (1,770,000) (1,797,017) 18,092 1,815,109
Other Financing Sources (Uses)
Transfers in
Transfers out
Note issued
Net other financing sources (uses)
Net Change in Fund Balance (1,770,000) (1,797,017) 18,092 1,815,109
Fund Balances - Beginning 2,024,005 2,024,005 2,024,005
Fund Balances - Ending $ 254,005 $ 226,988 $ 2,042,097 $ 1,815,109
96
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 200 200 1,366 1,166
Miscellaneous
Total revenues 200 200 1,366 1,166
Expenditures:
Current:
General government 32,755 32,755
Capital Outlay:
General government
Public safety
Physical environment 51,437 18,582 18,582
Culture and recreation
Total expenditures 51,437 51,337 32,755 18,582
Excess (Deficiency) of
Revenues Over Expenditures (51,237) (51,137) (31,389) 19,748
Other Financing Sources (Uses)
Transfers in
Transfers out
Note issued
Net other financing sources (uses)
Net Change in Fund Balance (51,237) (51,137) (31,389) 19,748
Fund Balances - Beginning 51,137 51,137 51,137
Fund Balances - Ending $ (1 00) $ $ 19,748 $ 19,748
97
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 300 300 2,873 2,573
Miscellaneous
Total revenues 300 300 2,873 2,573
Expenditures:
Current:
General government
Capital Outlay:
General government
Public safety
Physical environment 105,765 105,765 64,732 41 ,033
Culture and recreation
Total expenditures 105,765 105,765 64,732 41 ,033
Excess (Deficiency) of
Revenues Over Expenditures (105,465) (105,465) (61,859) 43,606
Other Financing Sources (Uses)
Transfers in
Transfers out
Note issued
Net other financing sources (uses)
Net Change in Fund Balance (105,465) (105,465) (61,859) 43,606
Fund Balances - Beginning 105,664 105,664 105,664
Fund Balances - Ending $ 199 $ 199 $ 43,805 $ 43,606
98
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB CAPITAL POJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 16,000 16,4 70 470
Miscellaneous 240,000 260,146 259,720 (426)
Total revenues 240,000 276,146 276,190 44
Expenditures:
Current:
General government 46,245 24,433 21,812
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures 46,245 24,433 21,812
Excess (Deficiency) of
Revenues Over Expenditures 240,000 229,901 251,757 21,856
Other Financing Sources (Uses)
Transfers in 8,000
Transfers out
Note issued
Net other financing sources (uses) 8,000
Net Change in Fund Balance 248,000 229,901 251,757 21,856
Fund Balances - Beginning 563,566 563,566 563,566
Fund Balances. Ending $ 811,566 $ 793,467 $ 815,323 $ 21,856
99
CITY OF WINTER SPRINGS, FLORIDA
PUBLIC FACILITIES CAPITAL PROJECTS FUND
SCHEDULES OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 33,353 33,353
Miscellaneous
Total revenues 33,353 33,353
Expenditures:
Current:
General government
Capital Outlay:
General government
Public safety
Physical environment 3,214,656 500,000 5,244 494,756
Culture and recreation
Total expenditures 3,214,656 500,000 5,244 494,756
Excess (Deficiency) of
Revenues Over Expenditures (3,214,656) (500,000) 28,109 528,109
Other Financing Sources (Uses)
Transfers in 2,614,656 2,614,656 2,614,656
Transfers out (14,180) (14,180)
Note issued 600,000
Net other financing sources (uses) 3,214,656 2,600,476 2,600,476
Net Change in Fund Balance 2,100,476 2,628,585 528,109
Fund Balances. Beginning 73,024 73,024 73,024
Fund Balances. Ending $ 73,024 $ 2,173,500 $ 2,701,609 $ 528,109
100
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, 2005
Variance with
Budgeted Amounts Final Budget-
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes and special assessments $ $ $ $
Intergovernmental
Investment income 496 496
Miscellaneous
Total revenues 496 496
Expenditures:
Current:
General government
Capital Outlay:
General government 40,500 40,500
Public safety
Physical environment
Culture and recreation
Total expenditures 40,500 40,500
Excess (Deficiency) of
Revenues Over Expenditures (40,500) 496 40,996
Other Financing Sources (Uses)
Transfers in 40,500 40,500
Transfers out
Note issued
Net other financing sources (uses) 40,500 40,500
Net Change in Fund Balance 40,996 40,996
Fund Balances - Beginning
Fund Balances - Ending $ $ $ 40,996 $ 40,996
101
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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, 2005
Public
Safety
Physical
Environment
Culture
And
Recreation
Prior
Year
Function
Not
Available
Total
General
Government
Land $ - $ - $ 281,626 $ 3,682,379 $ 5,796,396 $ 9,760,401
Buildings 1,823,848 3,141,788 115,550 395,824 5,477,010
Improvements 32,989 185,104 2,480,624 7,248,933 9,947,650
Machinery & equipment 1,359,239 4,156,522 1,059,792 772,092 7,347,645
Infrastructure 43,084,545 43,084,545
Construction in
progress 1,024,509 419,523 1,444,032
Total $ 3,216,076 $ 7,483,414 $ 48,046,646 $ 12,518,751 $ 5,796,396 $ 77,061,283
Deletions
Balance and Balance
09-30-04 Additions Transfers 09-30-05
General Government $ 3,019,682 $ 258,069 $ 61,675 $ 3,216,076
Public Safety 7,070,338 504,620 91,544 7,483,414
Physical Environment 47,297,217 1,536,004 786,575 48,046,646
Culture & Recreation 11,996,809 1,033,432 511,490 12,518,751
Prior year function not
available 5,796,396 5,796,396
Total $ 75,180,442 $ 3,332,125 $ 1,451,284 $ 77,061,283
102
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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
Government-Wide Expenses by Function
Government-Wide Revenues
General Governmental Expenditures by Function
General Governmental Revenues by Source
Property Levies and Collections
Assessed and Estimate Value of Taxable Property, Net of Exemptions
Property Tax Rates, Direct and Overlapping Governments
Schedule of Ten Largest Taxpayers
Special Assessment Billings 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 Annual Debt Service Expenditures for General Obligation Bonded Debt to Total
General Governmental Expenditures
Computation of Direct and Overlapping General Obligation Debt
Revenue Bond Coverage, Water and Sewer Bonds
Demographic Statistics
Property Values and Construction
Miscellaneous Statistical Data
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENT - WIDE EXPENSES BY FUNCTION
Last Ten Fiscal Years
Fiscal General Public Physical Culture and
Year Government Safety Environment Recreation
1996 * * * *
1997 *
1998 * * * *
1999 * *
2000 * * * *
2001 *
2002 5,177,508 6,838,109 2,746,869 1,629,128
2003 4,639,843 7,870,237 2,765,010 1,746,602
2004 5,420,691 8,702,799 8,779,414 1,988,881
2005 5,786,288 9,137,638 5,560,719 2,264,817
* Data not available prior to the implementation of GASB 34.
103
Interest on Long-term Debt
Water and Sewer
Development Services
Stormwater
Loss on Disposition of Capital Assets
Total
104
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENT - WIDE REVENUES
Last Ten Fiscal Years
Fiscal
Year
Charges
For
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Taxes
Intergov-
ernmental
1996 * * * * *
1997 * * * * *
1998 * * * * *
1999 * * * * *
2000 * * * * *
2001 * * * * *
2002 10,316,290 111,003 945,286 9,275,951 4,783,271
2003 12,013,963 24,973 2,327,936 9,822,413 5,228,541
2004 13,186,302 5,411,505 4,471,245 10,460,399 3,243,038
2005 13,135,348 2,525,091 2,937,227 11,182,229 3,680,669
* Data not available prior to the implementation of GASB 34.
105
Investment
Income &
Miscellaneous Total
* *
* *
* *
* *
* *
* *
546,134 25,977,935
635,467 30,053,293
586,681 37,359,170
686,636 34,147,200
106
CITY OF WINTER SPRINGS, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Fiscal General Public Physical
Year Government Safety Environment
1996 1,522,378 3,684,567 1,153,694
1997 1,950,449 4,108,319 1,084,121
1998 2,591,811 4,725,544 1,159,944
1999 2,726,281 5,355,195 1,119,185
2000 3,039,087 5,807,995 1,762,780
2001 3,483,821 6,407,678 1,923,892
2002 4,996,156 6,616,299 3,638,893
2003 4,611,253 8,004,429 4,070,977
2004 4,860,732 8,034,575 7,992,775
2005 5,603,130 8,639,165 4,303,573
(1) This schedule includes expenditures of the General Fund, Special Revenue Funds,
Debt Service Funds, and Capital Project Funds.
107
Culture and Capital Debt
Recreation Outlay Service Total (1)
753,557 1,516,789 1,012,325 9,643,310
814,125 2,454,088 963,044 11,374,146
843,115 2,705,800 967,605 12,993,819
1,042,556 1,792,208 2,057,757 14,093,182
1,200,702 4,347,463 978,819 17,136,846
1,301,005 1,111,782 1,477,381 15,705,559
1,928,853 4,909,258 1,553,083 23,642,542
2,635,168 362,081 2,057,487 21,741,395
1,693,526 4,752,276 2,506,610 29,840,494
1,906,482 2,185,764 6,668,844 29,306,958
108
CITY OF WINTER SPRINGS, FLORIDA
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
Licenses Inter- Charges
Fiscal And Governmental For Fines and
Year Taxes Permits Revenues Services Forfeitures
1996 5,234,145 949,701 2,183,187 206,210 178,234
1997 5,406,995 990,4 77 2,290,120 687,152 208,667
1998 5,967,375 943,220 2,583,849 742,766 183,714
1999 6,298,975 1,762,848 2,918,244 914,748 249,206
2000 7,322,542 931,588 3,261,472 1,073,902 298,357
2001 7,791,759 758,367 3,430,537 825,621 415,896
2002 9,631,943 1,423,945 5,317,393 2,168,901 330,339
2003 10,121,036 811,442 5,918,049 2,307,260 369,024
2004 11,090,047 931,816 5,664,330 2,432,193 310,666
2005 11,859,706 657,963 13,020,593 2,543,914 295,666
(1) This schedule includes revenues of the General Fund, Special Revenue
Funds, Debt Service Funds, and Capital Projects Funds.
109
Investment Misc.
Income Income Total (1)
429,517 595,403 9,776,397
454,922 641,202 10,679,535
447,343 737,539 11,605,806
383,955 927,367 13,455,343
597,515 13,676 13,499,052
597,612 131,010 13,950,802
447,497 129,027 19,449,045
425,172 372,552 20,324,535
343,271 243,410 21,015,733
573,454 ' 444,429 29,395,725
110
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CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Percentage of
Total Tax Levy Current Tax Delinquent Tax Total Tax Total Collections
Fiscal Year (1 ) Collections (2 ) Collections (2) Collections To Tax Levy
1996 2,769,752 2,670,643 9,896 2,680,539 96.78%
1997 2,882,773 2,786,845 4,636 2,791,481 96.83%
1998 3,074,799 2,960,328 7,678 2,968,006 96.53%
1999 3,215,932 3,097,939 25,225 3,123,164 97.12%
2000 3,453,596 3,333,199 2,817 3,336,016 96.60%
2001 3,771,445 3,618,281 7,288 3,625,569 96.13%
2002 4,467,419 4,270,430 7,277 4,277,707 95.80%
2003 5,277,940 5,084,586 13,475 5,098,061 96.59%
2004 6,215,233 (3) 5,982,757 7,284 5,990,041 96.38%
2005 6,748,179 (3) 6,493,143 11 ,360 6,504,503 96.39%
(1 ) Gross taxes before discount of 1 % - 4%, depending on month paid; Source: Seminole County Property
Appraiser
(2) Source: Seminole County Tax Collector
(3) Includes .2500 mills of voted debt service for Central Winds General Obligation Debt
111
CITY OF WINTER SPRINGS, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
NET OF EXEMPTIONS
Last Ten Fiscal Years
(Amounts Expressed in Thousands)
Centrally Assessed and
Real Property Personal Property
Fiscal Tax Assessed Estimated Assessed Estimated
Year Year Value Actual Value Value Actual Value
1996 1995 935,813 959,556 24,141 24,760
1997 1996 992,796 1,001,788 26,362 26,601
1998 1997 1,061,983 1,061,983 27,701 27,701
1999 1998 1,127,792 1,149,603 31,494 32,104
2000 1999 1,254,009 1,264,122 34,604 34,883
2001 2000 1,324,389 1,354,181 40,568 41 ,481
2002 2001 1,499,344 1,534,641 45,241 46,306
2003 2002 1,642,170 1,655,413 43,759 44,112
2004 2003 1,826,228 1,869,220 45,709 46,785
2005 2004 2,007,577 2,029,906 49,733 50,286
Source: Seminole County Property Appraiser's Office
112
Ratio of Total
Assessed
Exem ptions Totals to Total
Real and Personal Assessed Estimated Estimated
Property Value Actual Value Actual Value
211,837 748,117 984,316 76.00%
220,230 798,928 1,028,389 77.69%
235,565 854,119 1,089,684 78.38%
253,253 906,033 1,181,707 76.67%
315,632 972,981 1,299,005 74.90%
299,567 1,065,390 1,395,662 76.34%
359,845 1,184,740 1,580,947 74.94%
418,960 1,266,969 1,699,497 74.55%
505,952 1,365,985 1,916,005 71.29%
574,194 1,483,116 2,080,192 71.30%
113
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
(Amounts Expressed in Millage)
(Tax Levies per $1,000 of Assessed Valuation)
St. John's
City of Winter Springs Seminole County Seminole County School Board River Water
Fiscal Debt Debt Debt Management
Year Operating Service Total Operating Service Total Operating Service Total District Total
1996 3.7023 0.0000 3.7023 5.1638 0.2134 5.3772 9.2690 1.0680 10.3370 0.4820 19.8985
1997 3.6083 0.0000 3.6083 5.1638 0.2251 5.3889 9.3880 0.9200 10.3080 0.4820 19.7872
1998 3.6000 0.0000 3.6000 5.1638 0.1987 5.3625 9.1560 0.8800 10.0360 0.4820 19.4805
1999 3.5495 0.0000 3.5495 5.1579 0.1234 5.2813 9.1020 0.8160 9.9180 0.4820 19.2308
2000 3.5495 0.0000 3.5495 4.9989 0.1170 5.1159 8.7850 0.7560 9.5410 0.4820 18.6884
2001 3.5400 0.0000 3.5400 4.9989 0.1083 5.1072 8.6550 0.6900 9.3450 0.4720 18.4642
2002 3.7708 0.0000 3.7708 4.9989 0.2208 5.2197 8.5230 0.6390 9.1620 0.4620 18.6145
2003 4.1658 0.0000 4.1658 4.9989 0.2086 5.2075 8.4790 0.5210 9.0000 0.4620 18.8353
2004 4.3000 0.2500 4.5500 4.9989 0.1910 5.1899 8.2410 0.4950 8.7360 0.4620 18.9379
2005 4.3000 0.2500 4.5500 4.9989 0.1721 5.1710 8.1270 0.3850 8.5120 0.4620 18.6950
Source: Seminole County Tax Collector's Office
114
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
September 30,2005
Taxable Assessed Percentage of
Valuation as of 2004 Total Taxable
Taxpayer Type of Business Tax Roll (1) Value
1 Golf Terrace, Limited Property Management $ 24,106,550 1.63%
2 Courtney Springs LP Property Management 13,422,588 0.91%
3 Florida Power Corporation Electric Utility 12,142,123 0.82%
4 Capital Green I LLC Retail Center 7,622,520 0.51%
5 United Dominion Realty Trust Property Management 7,374,613 0.50%
6 Tuscawilla Cay LLC & Tusc 54th LLC Developer 5,369,612 0.36%
7 Hacienda Village Co-op Inc. Property Management 4,785,669 0.32%
8 Bellsouth Telecommunications Utility 4,036,251 0.27%
9 Bright House Networks Utility 3,330,628 0.22%
10 Engle Homes/Orlando Inc. Builder 2,600,010 0.18%
Total taxable assessed valuation of 10 largest taxpayers 84,790,564 5.72%
Total taxable assessed valuation of other taxpayers 1,398,325,686 94.28%
Total taxable assessed valuation of all taxpayers $ 1,483,116,250 100.00%
Source: Seminole County Property Appraiser's Office
(1) The tax levy for the fiscal year ended September 30,2005 is based on the 2004 assessed values.
115
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Last Ten Fiscal Years
Tax Fiscal
Year Year Oak Forest
Assessments Assessments
Billed Collected (1) Difference
1999 2000 $ $ $
2000 2001 82,651 79,689 2,962
2001 2002 82,225 80,062 2,163
2002 2003 82,678 78,809 3,869
2003 2004 83,344 80,400 2,944
2004 2005 99,595 97,388 2,207
(1) Includes prepayments.
Tuskawilla Lighting and Beautification (TLBD)
Assessments Assessments
Billed Collected (1) Difference
$ 459,438 $ 442,916 $ 16,522
232 (232)
459,090 446,121 12,969
393,704 376,256 17,448
391,976 377,978 13,998
390,204 379,601 10,603
Special Assessment Debt Issued:
Oak Forest June 2000 (Refinanced in June of 2004)
TLBD May 2001
116
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30,2005
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.
117
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
(3) Bonded
(2) Gross (4) Net Debt to Net Bonded
Fiscal (1 ) Assessed Bonded Less Debt Bonded Assessed Debt per
Year Population Value Debt Service Fund Debt Value Coverage
1996 26,474 748,117,000 0.000%
1997 27,466 798,928,000 0.000%
1998 28,404 854,119,000 0.000%
1999 29,220 906,033,000 0.000%
2000 30,860 972,981,000 0.000%
2001 31 ,666 1,065,390,000 0.000%
2002 32,082 1,184,740,000 3,400,000 23,275 3,376,725 0.285% 105
2003 32,572 1,266,969,000 3,335,000 24,260 3,310,740 0.261 % 102
2004 32,955 1,365,985,000 3,270,000 53,373 3,216,627 0.235% 98
2005 33,321 1,483,116,250 3,205,000 46,967 3,158,033 0.213% 95
(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
118
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT (1)
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
Last Ten Fiscal Years
(3)
(2) Total Ratio of
Total General Debt Service to
Fiscal Debt Governmental General Governmental
Year Principal Interest Service Expenditures Expenditures
1996 9,643,310 0.000%
1997 11,374,146 0.000%
1998 12,993,819 0.000%
1999 14,093,182 0.000%
2000 17,136,846 0.000%
2001 15,705,559 0.000%
2002 55,625 55,625 23,642,542 0.235%
2003 65,000 160,755 225,755 21,741,395 1.038%
2004 65,000 159,455 224,455 29,840,494 0.752%
2005 65,000 157,869 222,869 29,306,958 0.760%
(1) Special assessment debt with government commitment are excluded
(2) Excludes bond issuance and other costs
(3) Includes expenditures of General, Special Revenue, Debt Service and Capital Projects Funds
119
CITY OF WINTER SPRINGS, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
September 30,2005
Jurisdiction
Net General
Obligation
Debt
Outstanding
Applicable to
City of Winter Springs
Percent (1) Amount
Seminole County
$ 30,000,000
6.99%
$ 2,097,000
Seminole County School Board
6.99%
Total Overlapping Debt
30,000,000
2,097,000
Total Direct Debt (1 )
3,205,000
3,205,000
Total Direct and Overlapping Debt
$ 33,205,000
$ 5,302,000
(1) The City of Winter Springs has a "limited" general obligation bond that is being repaid
through a levy not to exceed on quarter of one mil on all taxable property in the City.
Source: Seminole County Finance Department
Seminole County Public School Board
120
CITY OF WINTER SPRINGS, FLORIDA
REVENUE BOND COVERAGE
WATER AND SEWER BONDS
Last Ten Fiscal Years
Net
Direct Available
Fiscal Operating For Debt
Year Revenues (1) Expenses (2) Service Principal Interest Total Coverage
1996 5,269,291 2,336,777 2,932,514 415,000 1,358,416 1,773,416 1.65
1997 5,613,413 2,517,191 3,096,222 435,000 1,346,020 1,781,020 1.74
1998 5,924,112 2,696,506 3,227,606 455,000 1,405,724 1,860,724 1.73
1999 6,999,692 3,312,000 3,687,692 710,000 1,436,131 2,146,131 1.72
2000 6,511,101 3,191,228 3,319,873 750,000 1,397,292 2,147,292 1.55
2001 6,493,205 3,438,641 3,054,564 930,000 1,383,337 2,313,337 1.32
2002 6,376,430 3,840,397 2,536,033 420,000 1,251,116 1,671,116 1.52
2003 7,000,193 3,992,489 3,007,704 780,000 1,046,997 1,826,997 1.65
2004 7,895,705 4,968,307 2,927,398 805,000 1,020,472 1,825,472 1.60
2005 7,855,932 4,862,108 2,993,824 835,000 1,006,910 1,841,910 1.63
(1) Revenues include investment income, connection fees, and other income
(2) Direct operating expenses excludes depreciation and interest expense but includes operating
transfers out
121
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN YEARS
Seminole County
School Unemployment
Fiscal Year Population (1) Enrollment (2) Rate (3)
1996 26,474 3,390 3.3%
1997 27,466 3,988 3.1%
1998 28,404 5,967 2.6%
1999 29,220 5,711 2.6%
2000 30,860 5,776 2.6%
2001 31,666 6,421 4.1%
2002 32,082 6,508 5.0%
2003 32,572 7,413 5.1%
2004 32,955 7,476 3.9%
2005 33,321 7,492 2.5%
(1) Source: East Central Florida Regional Planning Councilor
University of Florida Bureau of Economic and Business Research
(2) Source: Seminole County Public School Board
(3) Source: U.S. Bureau of Labor Statistics
122
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY VALUES AND CONSTRUCTION
LAST TEN FISCAL YEARS
(VALUES ARE IN THOUSANDS)
Commercial Additions/
Residential Construction (1) Construction (1) Alterations ( 1 )
Number of Units
Single Multi Total
Year Family Family Value Value Value Value
1996 335 2 43,550 655 5,445 49,650
1997 327 0 50,428 449 3,603 54,480
1998 337 56,760 1,331 4,410 62,501
1999 418 42 123,290 4,898 6,580 134,768
2000 285 45,773 6,967 1,189 53,929
2001 163 16 31,775 3,403 1,039 36,217
2002 135 0 30,057 7,467 1,196 38,720
2003 263 0 63,120 19,800 2,274 85,194
2004 200 .39,974 8,806 2,644 51,424
2005 19 116 18,751 626 32,869 52,246
(1) Source: City of Winter Springs Building Department
123
CITY OF WINTER SPRINGS
MISCELLANEOUS STATISTICAL DATA
Date of Incorporation
City Charter Adopted
Form of Government
Commission Composed of
Areas of City
Miles of Streets
Fire Protection:
Stations
Firefighters and Officers
Police Protection:
Stations
Sworn Officers
Recreation and Culture:
Number of Community Parks
Number of Neighborhood Parks
Number of Mini Parks
Number of Park Acres
City Water System:
Number of customers
Daily Average Consumption
Miles of Water Mains
Plant Capacity-All Plants
Deep wells
Number of fire hydrants
City Sewer System:
Treatment Facility Charge
Current Average Flow
Miles of Sanitary Sewer Lines
September 30, 2005
Building Permits Issued-Fiscal year 2005
City Employees:
Classified Service
Exempt
Part-time
124
1959
1972
Commission-City Manager
5 Members
14.78 Square miles
100.51 miles
3
50
1
64
5
6
1
265
12,104
3.977 MGD
158.90
12 MGD
7
964
4.212 MGD
2.297 MGD
106.97
3,382
226
55
22
REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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MCDIRMIT III DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the basic financial statements of the City of Winter Springs, Florida, as of and
for the year ended September 30, 2005, and have issued our report thereon dated January 6,
2006. We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting - In planning and performing our audit, we
considered the City of Winter Springs, Florida's internal control over financial reporting in order to
determine our auditing procedures for the purpose of expressing our opinion on the basic financial
statements and not to provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all
matters in the internal control over financial reporting that might be material weaknesses. A
material weakness is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that misstatements in
amounts that would be material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses.
Compliance and Other Matters - As part of obtaining reasonable assurance about whether the
City of Winter Springs, Florida's basic financial statements are free of material misstatement, we
performed tests of its compliance with certain provisions of laws, regulations, contracts and grant
agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with
those provisions was not an objective of our audit and, accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance that are required to be
reported under Government Auditing Standards. However, we noted certain immaterial instances
of noncompliance that we have reported to management of the City of Winter Springs, Florida, in
a separate letter and dated January 6,2006.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET, SL:1TE 635 . ORLA'JDO FLORIDA 3280 I
TELEPHO"iE 407-843-5406' FAX 407-649-9339 . EMAIL: INFO@MCD;RMITDAVIS.COM
125
This report is intended solely for the information and use of management, the City Commission
and the Auditor General of the State of Florida, and is not intended to be, and should not be used
by anyone other than these specified parties.
McDirmit Davis & Company LLC
January 6, 2006
126
MCDIRMIT III DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO THE MAJOR
PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH
OMB CIRCULAR A-133
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Compliance
We have audited the compliance of the City of Winter Springs, Florida with the types of
compliance requirements described in the U. S. Office of Management and Budget (OMB) Circular
A-133 Compliance Supplement, that are applicable to the major federal program for the year
ended September 30, 2005. The City of Winter Springs' major federal program is identified in the
summary of auditor's results section of the accompanying Schedule of Findings and Questioned
Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to
its major state project is the responsibility of the City of Winter Springs, Florida management. Our
responsibility is to express an opinion on the City of Winter Springs, Florida compliance based on
our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and
OMS Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those
standards, and OMS Circular A-133 require that we plan and perform the audit to obtain
reasonable assurance about whether noncompliance with the types of compliance requirements
referred to above that could have a direct and material effect on a major federal program
occurred. An audit includes examining, on a test basis, evidence about City of Winter Springs,
Florida compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion. Our audit does not provide a legal determination on the City of Winter
Springs, Florida compliance with those requirements.
In our opinion, the City of Winter Springs, Florida, complied, in all material respects, with the
requirements referred to above that are applicable to its major federal program for the year ended
September 30, 2005.
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET. SUITE 635 . ORLA'JDO, FLORIDA 3280 I
TELEPHO'JE 407-843-5406' FAX 407-649-9339. EMAIL: II\FO@MCDIRMITDAVIS.COM
127
Internal Control Over Compliance
The management of the City of Winter Springs, Florida is responsible for establishing and
maintaining effective internal control over compliance with requirements of laws, regulations,
contracts and grants applicable to federal programs. In planning and performing our audit, we
considered the City of Winter Springs, Florida internal control over compliance with requirements
that could have a direct and material effect on a major federal program in order to determine our
auditing procedures for the purpose of expressing our opinion on compliance and to test and
report on internal control over compliance in accordance with OMS Circular A-133.
Our consideration of the internal control over compliance would not necessarily disclose all
matters in the internal control that might be material weaknesses. A material weakness is a
condition in which the design or operation of one or more of the internal control components does
not reduce to a relatively low level the risk that noncompliance with applicable requirements of
laws, regulations, contracts and grants that would be material in relation to a major state program
being audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the internal control
over compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information and use of management of the City, the Auditor
General of the State of Florida and federal awarding agencies and is not intended to be and
should not be used by anyone other than these specified parties.
McDirmit Davis & Company, LLC
January 6, 2006
128
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2005
Pass-through
Federal Grantor/Pass-throuoh Federal Entitv Federal
Grantor/Prooram title CFDA No. Number Expenditures
U. S. Department of Homeland Security:
Federal Emergency Management Agency
Public Assistance Grants 97.036 $1,828,321
U.S. Federal Emergency Management
Agency:
Assistance to Firefighters Grant 83.554 43,950
U.S. Department of Agriculture:
Natural Resources Conservation Service
Watershed Protection and Flood
Protection Grant 10.904 348,496
U. S. Department of Justice:
Office of Community Oriented Policing
Services-
Homeland Security Overtime
Program 16.710 4,779
Universal Hiring Award 16.710 91,531
Office of Justice Programs-
Local Law Enforcement Block
Grant 16.592 5,569
Total U.S. Department of Justice 101.879
U.S. Department of the Interior:
Pass-through program from Florida
Department of Environmental Protection
Land and Water Conservation
Program 15.916 12-00442 200,000
Total expenditures of federal awards $2.522.646
See accompanying Notes to Schedule of Expenditures of Federal Awards.
129
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2005
Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the City of Winter Springs, Florida and is presented on the accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of OMS Circular A-
133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements.
130
CITY OF WINTER SPRINGS, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS-
FEDERAL AWARDS
Year Ended September 30, 2005
A. Summary of Auditor's Findings
1. The auditor's report expresses an unqualified opinion on the financial statements of the
City of Winter Springs, Florida.
2. No instances of noncompliance material to the financial statements of the City of Winter
Springs, Florida were disclosed during the audit.
3. The auditor's report on compliance for the major federal award for the City of Winter
Springs, Florida, expresses an unqualified opinion.
4. The program tested as major program included the following:
Federal Proaram
U.S. Department of Homeland Security Public
Assistance Grant
CFDA No.
97.036
5. The threshold for distinguishing Type A and Type B programs/projects was $500,000 for
major federal awards.
131
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MCDIRMIT III DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
MANAGEMENT COMMENTS
The Honorable Mayor and City Commissioners
City of Winter Springs, Florida
In planning and performing our audit of the basic financial statements of the City of Winter
Springs, Florida, for the year ended September 30, 2005, we considered its internal control to
determine our auditing procedures for the purpose of expressing our opinion on the basic
financial statements and not to provide assurance on internal control. The following findings
and recommendations, which resulted from our consideration of internal control, are submitted
to assist in improving procedures and controls. In addition, this report includes other
disclosures required by Rules of the Auditor General, State of Florida.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. We have issued our
Report on Compliance and Internal Control over Financial Reporting, in accordance with
Government Auditing Standards, Report on Compliance and Internal Control over Compliance in
accordance with OMS Circular A-133, and Schedule of Findings and Questioned Costs.
Disclosures in those reports and schedule, which are dated January 6 2006, should be
considered in conjunction with this management letter.
This management letter is intended solely for the information of the City of Winter Springs, Florida
and management, and the State of Florida Office of the Auditor General and federal awarding
agencies and is not intended to be and should not be used by anyone other than those specified
parties.
McDirmit Davis & Company,LLC
January 6, 2006
MCDIRMIT DAVIS & COMPANY, LLC
605 E. ROBINSON STREET. SLITE 635' ORLA'JDO FLORIDA 3280 I
TELEPHONE 407-843-5406' FAX 407-649-9339. EMAIL: INFO@MCD;RMITDAVIS.COM
132
A. Status of Prior Year Comments
1. Bond Compliance
As noted in the previous year comments, the City has not met the requirement that
at least 85% of the Improvement Refunding Revenue Bonds, Series 1999,
proceeds be expended within three years of the issue date of July 8, 1999. At
September 30, 2004, approximately 80% of the bond proceeds had been spent.
Recommendation
We recommend that the City continue to invest remaining proceeds only at a yield
restricted to bond yield rate and commit to spend the remaining proceeds as soon
as possible.
Corrective Action
The City only spent $41,970 in 2005, and still has not met the 85% requirement.
Therefore, we will repeat this comment under current year comments.
B. Current Year Comments
1. Bond Compliance
As noted under prior year comments, the City still has not met the requirement to
spend 85% of Improvement Refunding Revenue Bonds, Series 1999.
Recommendation
We recommend that the City continue to invest remaining proceeds only at a
yield restricted to bond yield rate and commit to spend the remaining proceeds
as soon as possible.
C. Comments Required by the Rules of the Auditor General
1. The financial report filed with the Department of Banking and Finance
pursuant to Section 218.32(1 )(b), Florida Statutes, is in agreement in all
material respects with the annual financial audit report for the same
period.
2. The City has not met any of the conditions described in Section
218.503(1) Florida Statutes.
3. The City of Winter Springs, Florida was created by the Laws of Florida
59-1614. There were no component units identified by the City.
4. The City of Winter Springs, Florida has complied with Section 218.415,
Florida Statutes, regarding the investment of public funds.
5. As required by the Rules of the Auditor General, Section 10.554 (g)(6)c
and 10.556(8), we applied financial condition assessment procedures.
133
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
March 15, 2006
McDirmit, Davis & Company, LLC
605 E. Robinson Street, Suite 635
Orlando, Florida 32801
Dear Sir or Madam:
Your management comment related to fiscal year ended September 30, 2005 was well received by
both the City Manager and the Finance Department. The comment represents an opportunity for
improvement, which will be pursued in fiscal year 2006. Below is our response to your management
comment as required by the Rules of the Auditor General of the State of Florida.
Bond Compliance
We concur with the recommendation. Funds have been in essence "yield restricted" due to the low
investment rate environment, but we realize this environment is quickly changing. Construction
delays unfortunately have come into play; however, the City is committed to spending the remaining
bond proceeds as soon as possible and will make every effort to do so. The attached letter from
Kipton Lockcuff, Utility/Public Works Director, dated January 30, 2006, explains in detail the reasons
for project delays as well as the timeframe for spending the bond proceeds.
Sincerely,
Ronald W. McLemore
City Manager
Michelle Greco
Finance Director
134
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
Fax (407) 327-6695
January 30, 2006
TO: Michelle Greco, CPA, Finance Director
VIS: Ronald W. McLemore, City Manager ~
FROM: Kipton Lockcuff, P.E. Utility/Public Works Director /
RE: Status 1999 Construction & 2000 Construction Funds
The 1999 Construction Fund remains open primarily due to the long design/construction
timeframe of the Village Walk project also known as the 434 Improvements Project. Much of
this is outside the control of the City due to it being a Seminole County managed FDOT project.
This project was one of the primary uses for the 1999 Construction Fund bond proceeds.
However, the City was able to obtain substantial financial participation from FDOT and we
reallocated the remaining funds to the Town Center Trail and Magnolia Park projects. We did
not want to expend those funds until such time as the Village Walk was completed to our
satisfaction. The 434 Improvement Project was substantially complete as of December 2005 and
we are preparing to bid the Town Center Trail Project this quarter. The Magnolia Park will likely
not be completed until the FY 2006/2007 budget due to wetlands issues that are being worked
through.
The remaining 2000 Construction Fund (Utility) proceeds will largely be expended this fiscal year
with the exception of the Spine Road and 434 Water Main projects which should be completed in
early 2007. The Well #4 project is underway and UtilityIPublic Works Compound will be under
construction by April 2006 with the $1,979,656 allocated for this project expended by the end of
this fiscal year.
File
135