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HomeMy WebLinkAbout2003 06 09 Regular B Comprehensive Annual Financial Report COMMISSION AGENDA ITEM B CONSENT INFORMATIONAL PUBLIC HEARING REGULAR X June 9, 2003 Meeting MGR/V' /DEPT ~ A nthorization REQUEST: The Finance Department is requesting City Commission acceptance of the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2002. PURPOSE: The presentation by the City Auditors of the Comprehensive Annual Financial Report for the fiscal year ended September 30, 2002. 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 alone and to more accurately reflect Budget vs. Actual expenses in the Financial Statements. RECOMMENDATION: Acceptance of the CAFR for the fiscal year ended 9/30/02 by the City Commission. ATTACHMENTS: Comprehensive Annual Financial Report for the fiscal year ended 9/30/02 including the audited financial statements and the audit opinion. COMMISSION ACTION: - CITY OF WINTER SPRINGS, FLORIDA /": -I . '" 'i' - - ___'" ....,., ,~ t"t 'Or" ":'::.r ,~:.~'. "tt-~~ l ':Zl-Oo ~ COMPREHENSIVE ANNUAL FINANCIAL REPORT ._.___.__..__~\>R__!~~ YE~R.)~~DEp.SEPTEMBER 30, 2002 L. "" . . . . . . . . . . . . . . . . . . City of Winter Springs, Florida -- -- . .- . -- - COMPREHENSIVE ANNUAL FINANCIAL REPORT For The Year Ended September 30, 2002 . . - - - - ... - .- - .- - .- -- - - Prepared by: Finance Department . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . ~ - - .. . This page intentionally left blank. .- .- - - - . ... - . .- '. -- .. .. - - . ... .- .- - - . . . . . . . . . . . . . . . . . . . . . . . . INTRODUCTORY SECTION This section contains the following subsections: - . . . . . . . . Table of Contents Letter of Transmittal GFOA Certificate of Achievement List of Principal Officials Organizational Chart - .. - - . - .- - . . . . -- -- . .- - - - - - -- .- .- .- - -- - - - .- - ~"" /.~ /~~"..s;. "- O'.'----.~ ,,::t\ ;: (~'.,<-;~..':;::'~'I \)-~~" U', ~ u; , 'c, I . \1 r'lCr.rpont~-r .\, J I ",,- 1959 y,v -;:-~~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & .. . . . . . . . . . This page intentionally left blank. .. ... ... - - - ... - . . . . . . . . . . . . . .' . . . . -. . '. . . . . . . . . . . . . -- .. . .. - -- . . . . -- - ., . . .- - - -- -- - - - . - -- - -- - .- -- - CITY OF WINTER SPRINGS COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS Year Ended September 30, 2002 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 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 Combining and Individual Fund Statements and Schedules: Major Governmental Fund: Schedule of Revenues and Expenditures and Changes in Fund Balance - Budget and Actual: Central Winds Capital Project Fund PaQe i-ii iii-vii viii ix x 1-2 3-14 15 16 17 18 19 20-21 22 23-24 25 26-27 28 29 30-55 56 A~9--""~ ~ ~----..: .s, o .?.--. "~ /-.....--.... '-.-.-,'--:' . 'r \ t i -.. -~>'-7'-~:-\ )11\ u\ -~ (f)~ ' \ ,,, , \ I rlC"IJ!,,;,:rrrte.r ,I.... !' " 1'1S9:,-,Y ~. (OR\Ol'- ,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. - This page intentionally left blank. . ., . . CITY OF WINTER SPRINGS . . COMPREHENSIVE ANNUAL FINANCIAL REPORT . TABLE OF CONTENTS - Continued . Year Ended September 30, 2002 . . . Paqe . II. Financial Section - Continued: . Nonmajor Governmental Funds: . Combining Balance Sheet - Nonmajor Governmental Funds 57 -63 . Combining Statement of Revenues, Expenditures and Changes . In Fund Balances - Nonmajor Governmental Funds 64-70 . Schedule of Revenues, Expenditures and Changes in Fund . Balances - Budget and Actual: . Special Revenue Funds 71-85 . Debt Service Funds 86-91 Capital Project Funds 92-97 . Capital Assets Used in the Operation of Governmental Funds: ... . Schedule by Function and Activity 98 . . III. Statistical Section: . Government-Wide Information: . Government-Wide Expenses Function 99-1 00 . Government-Wide Revenues 101-102 . Fund Information: . General Governmental Expenditures by Function 103-104 . General Governmental Revenues by Source 105-106 . Property Tax Levies and Collections 107 Assessed and Estimated Value of Taxable Property, Net of Exemptions 1 08-1 09 . Property Tax Rates, Direct and Overlapping Governments 110 ... - Schedule of Ten Largest Taxpayers 111 - Special Assessment Billings and Collections 112 .- Legal Debt Margin 113 '=' .- Ratio of Net General Obligation Bonded Debt to Assessed Value and -- -. Net General Obligation Bonded Debt Per Capita 114 - Ratio of Annual Debt Service Expenditures for General Bonded Debt ..... To Total General Governmental Expenditures 115 - .- Computation of Direct and Overlapping General Obligation Debt 116 - Revenue Bond Coverage 117 "... Demographic Statistical Data 118 Property Values and Construction 119 Miscellaneous Statistical Data 120 IV. Other Reports: Report on Compliance and on Internal Control over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 1 21-122 Independent Auditor's Report on Compliance and Internal Control over Compliance Applicable to the Major State Project 123-124 Schedule of Expenditures of State Financial Assistance 125 Schedule of Findings and Questioned Costs - State Project 126 Management Comments and Responses 127 -131 ii /~~~':;''''''~ // ...... ............--- .s~ '\ /c'f{_ .'h_<"<~_\ (' , .n' ~,". '.)11 -/ "-"~' i- ' . I ~-\ -' r. \ u\ .~(f) - \ ':-' I . d !"'W:1nr":"n.tN" ,\... II \ 1459,4' .~. (OR 101'- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - . . . - -- ,A; - .. - . . . .... - - - . - .... .- - -- - - -. - ...... - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - . -- - ... ... ... . - - .... ~ .- - - -- - - .- -- .- ..... - CITY OF WINTER SPRINGS, FLORIDA 1126 EAST STATE ROAD 434 WINTER SPRINGS, FLORIDA 32708-2799 Telephone (407) 327-1800 March 28, 2003 To the Honorable Mayor and 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 accounting principles generally accepted in the United States of America (GAAP) and that they be audited in accordance with auditing standards generally accepted in the .United States of America 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, 2002. This year's report has been reformatted to comply with the new financial reporting model developed by the Governmental Accounting Standards Board (GASB) Statement 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments. The new financial reporting model completely changes the format of the City's financial statements. It is intended ~o improve financial reporting by incorporating significant additional information not previously available in public sector financial reporting. In addition to the fund-by-fund financial information previously presented in the City's financial statements, the new model has a number of key features as follows: }> Government-wide financial reporting - The government-wide statements present a clear picture of the government as a single, unified entity. These new statements complement rather than replace traditional fund-based financial statements. Included in the government- wide statements is a "Statement of Net Assets" that provides the total net equity of the City including capital assets and debt and the "Statement of Activities" that shows the cost of providing government services. }> Long-term focus for governmental activities - Traditional "fund" financial statements focus on near-term inflows, outflows and balances of spendable financial resources and are prepared using the "modified" accrual method of accounting. The government-wide statements have been prepared with a long-term focus using the "full" accrual basis of accounting. A reconciliation report is provided as a key to understanding the changes between the two reporting methods. The most significant differences between the two types of reporting methods relate to the recordation of capital assets (including prior expenditures for infrastructure) and debt in the government-wide statements. The use of separate account groups to record general fixed assets and general long-term debt were eliminated. iii ~ Expanded budgetary focus - Under the new model, budget information is presented for both the original and the final amended budget. . '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ Management's Discussion and Analysis (MD&A) - GAAP require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a MD&A. The MD&A provides "financial highlights" and interprets the financial reports by analyzing trends and by explaining changes, fluctuations and variances in the financial data. In addition, the MD&A are intended to disclose any known significant events or decisions that affect the financial condition of the City. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City of Winter Spring's MD&A can be found immediately following the report of the independent auditors. > Major funds - The new reporting model includes an emphasis on the City's major funds as shown in the Governmental Fund Statements. Nonmajor funds are aggregated in the government-wide statements; however detail can be found for the nonmajor funds in the traditional fund statements. 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 Spring's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City of Winter Spring's 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 Spring's financial statements have been audited by McDirmit Davis Puckett & Company, LLC, 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, 2002, 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. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the City of Winter Spring's financial statements for the fiscal year ended September 30, 2002, are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditor's report is presented as the first component of the financial section of this report. _. ,. . . -- . . .. - IV .- -- -- - .- - - - .. - . . . . . . . . . . . . . . . . . . ... - Profile of the Government The City, 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 14.6 square miles and a population of approximately 32,000. The City operates according to a Council/Manager form of government, with an appointed City Manager, five elected City Commissioners and a separately elected Mayor. The governing body is responsible, among other things, for 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 heads 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 and a Stormwater Utility, which functions, in essence, as departments of the City of Winter Springs and therefore have been included as an integral part of the City of Winter Spring's financial statements. . . . - - - - - - The annual budget serves as the foundation for the City of Winter Spring's 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 council 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 by no later than September 30, the close of the City of Winter Spring's fiscal year. The appropriated budget is prepared by fund (e.g., general fund), department (e.g., fire department) and division (e.g., ems). The City Manager may make transfers of appropriations within a department. Transfers of appropriation 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 and the Public Service Tax Special Revenue Fund these comparisons are presented on pages 20-22 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 56. .- - ... - - '!!!!' .- - - -- - .- - ...... 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. ...... -- -- .- v Cash management policies and practices. The City administers a cash management and investment program that seeks to maximize, in order of priority, the preservation of funds, liquidity and interest earnings over its cash and investments" Cash resources of the individual funds are combined to form a pool of cash and investments. The average cash and investment pool balance during the year (not including pension funds) was $24,287,366 and the average investment earnings rate was 2%. Investment income includes the change in the fair value of investments. During the year monies were invested in U.S. Agencies and Treasuries, Federal Home Loan bonds, commercial paper, fixed income mutual funds and the State Board Administration Local Government Investment Pool in accordance with the City's Investment Policy. Pension fund assets were invested mainly in equity and bond funds in accordance with the City's Investment Policy for Retirement Funds" The average pension fund assets during the year was $5,414,153 and the average investment loss was (6.5%) due to a decrease in the fair value of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... - 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 increased 10% from the prior year and 79% since 1992. This increase in valuations and millage resulted in an increased tax levy of $318,000 over last year and $1,4 72,000 since 1992. The City's population has increased 36% 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 growth helps the City maintain a moderate property tax rate, which was at 3.7708 mills during fiscal year 2002 (tax year 2001 ). Long-term financial planning. The City Commission updated and adopted a 5-year Capital Improvements Plan (CIP) during fiscal year 2002. The CIP is a multi-year prioritized schedule of improvements that lists each capital improvement by 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, evolutionary document that may change to reflect changing priorities, opportunities, costs, or different financing approaches. . - - Risk Management. During the ordinary course of its operations, the City is exposed to various risks of losses. The City maintains commercial insurance coverage in amounts management feels is adequate to protect and safeguard the assets of the City. In the opinion of the City's management and legal counsel, legal claims and litigation are not anticipated to have a material impact on the financial position of the City. - - .- -- Pension and other postretirement benefits. The City of Winter Springs sponsors a single- employer defined benefit pension plan for its employees. Each year, an independent actuary engaged by the pension plan calculates the amount of the Annual Required Contribution (ARC) that the City of Winter Springs must make to the pension plan to ensure that the plan will be able to fully meet its obligations to retired employees on a timely basis" In addition to the City's contribution, employees make a 3% contribution of gross salary. Total actual contributions made during fiscal year 2002 were 92% of the fiscal year 2002 ARC; however, cumulative payments to the plan are $141,387 over the cumulative ARC. The City has funded 69.4% of its actuarial accrued liability for pension benefits. A three-year trend shows an increase in the City's funding ratio each year. The unfunded actuarial liability as of October 1, 2001 is $2,573,368. The remaining unfunded actuarial liability is being systematically funded over 40 years beginning October 1, 2000 as part of the ARC calculated by the actuary. The City of Winter Springs does not provide any postretirement health or dental benefits for retirees or their dependents. . . I. . . .... - . - . . - .. - - .... - .- .- .- VI - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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, 2001. This was the second 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. 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 are submitting it to the GFOA to determine its eligibility for another 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. Credit also must be given 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 Spring's finances" Respectfully submitted, ;;?~ IJ. ?nJl~ Ronald W. McLemore City Manager ~ oui e C. Frangoul, CPA Finance Director - - . ... - .- - .- - .- - - .- ...... VII Presented to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .. . ... '- - - Certificate of Achievement for Excellence in Financial Reporting City of Winter Springs, Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2001 A Certificate of Achievement for Excellence in Financial Reporting is presented b~J 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 iinancial reporting" -- ~~~ President ' fJltze~~ . . '. . . - ~ . ... ... .- - - ~ - '- .- - - - .- viii . . . . . . . . . . . . . . . . . . . . . . . . . . .... - - .. CITY OF WINTER SPRINGS, FLORIDA LIST OF PRINCIPAL OFFICIALS September 30, 2002 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, Ward, Salzman & Weiss, P.A. FINANCIAL ADVISOR David Moore Public Financial Management AUDITORS McDirmit Davis Puckett & Company, LLC ix Paul P. Partyka Cindy Gennell Robert S. Miller Michael S. Blake Edward Martinez, Jr. David McLeod Ronald McLemore Andrea Lorenzo-Luaces Louise Frangoul Joanne Dalka Vacant Daniel Kerr Timothy Lallathin Kipton Lockcuff Vacant Chuck Pula City of Winter Springs Organizational Chart Citizens of Winter Springs Mayor and City Commission I I l Advisory Boards City Manager City Attorney City Clerk Information Services I I I Finance Director Community Development Fire Chief Police Chief Public WorksJUtility Parks & Recreation General Services Director Director Director Director - Administration - Accounting -Debt Mgt. -Treasury Mgt. -Meter Svc. -Budgeting - Administration -Comp Plannning - Land Mgt. -Permit & Insp. -Administration - Fire/Rescue -Fire Prevention -EMS - Administration - Administration -Records -Stormwater -Communications -Transportation -Patrol -Engineering - Investigations - Water Mgt. -Code Enforcement Water Wastewater - Administration -Administration -Civic/Senior -HR -ParksIField 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... - . . ... - - . - - - .- - . .-' - - - .- - ~ -- .-. -- - -- .- .- - >4\t-HE_9'- / .... -"'-------..., ..s'~ l' / ",~ \ :(-/;';;~:-'-=:" '\1.\ (!::: '):- \ \ GI) U' .. '. (f) .\~,I- \ l""c~r,_. J / / \~!/ / ~ . . . . . . . . . .. . . .. . .. . . . . . . . . . . . . . -- - . . . This page intentionally left blank. - - . .- - - - -- - . . - -- - -- - - - - .- - . . . . . . . . . . . . . . . . . . . . ~ MCDIRMIT DAVIS PUCKETT INDEPENDENT AUDITOR'S REPORT Honorable Mayor and City Commission City of Winter Springs, Florida 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, 2002, 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. "'I!I" . - "'I!I" - - - .- .- .- 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, 2002, and the respective changes in financial position and cash flows, where applicable, thereof and the respective budgetary comparisons for the general fund and the public service tax special revenue fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. - .- - .,.... MCDIRMIT DAVIS PUCKETT & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS 605 E. ROBINSON STREET, SUITE 635 . ORLANDO, FLORIDA 3280 I TELEPHONE 407-843-5406' FAX 407-649.9339' EMAIL: INFO@MDPCPA_COM MEMUERS: PRIVATE COMPANIES PRACTICE SECTIOl\' . AMERICAS INSTITUTE OF CERTIFIED PUBLIC ACCOUNT:\NTS . Fl.ORIDA I:-.'STITUTF. OF CERTIFIED PUBLIC ACCOUNTANTS 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . ... -- ... - .- -- .- .. - .. As described in Note 1, the City has implemented a new financial reporting model as required by the provisions of GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of October 1, 2001. In accordance with Government Auditing Standards, we have also issued a report dated March 28, 2003 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. That report is an integral part of an audit performed 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 on pages 3 through 14 is not a required part of the basic financial statements but is supplemental information required by the Governmental Auditing Standards Board. 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 an opinion on the financial statements that collectively comprise the City of Winter Springs's basic financial statements. The introductory section, combining and individual nonmajor fund financial statements and schedules, statistical section, and schedule of expenditures of state financial assistance are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules and schedule of expenditures of state financial assistance 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 the statistical section 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. ~ ~~~~/LLC McDIRMIT DAVIS PUCKETT & COMPANY, LLC March 28, 2003 . . . . . . . . . . . . . . . . Management's Discussion and Analysis As management of the City of Winter Springs, we offer readers of the City of Winter Spring's financial statements this narrative overview and analysis of the financial activities of the City of Winter Springs for the fiscal year ended September 30, 2002. 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 iii-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 $54,900,927 (net assets). Of this amount, $23,818,655 (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 $2,762,065 or 5%. . . As of the close of the current fiscal year, the City of Winter Spring's governmental funds reported combined ending fund balances of $12,905,925. Approximately 93% of this total amount, $11,986,545 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 $4,872,404, or 37% of total general fund expenditures. .- - .- - .- - . The City of Winter Spring's total debt increased by $2,586,268 (6%) during the current fiscal year. The key factor in this increase was the issuance of the Central Winds Limited General Obligation Bonds. Using this Annual Report The new financial statement's focus (implemented this year) is on both the City as a whole (government-wide) and on the major individual funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year to year or government to government) and enhance the City's accountability. This discussion and analysis are intended to serve as an introduction to the City of Winter Spring's 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. 3 The government-wide financial statements can be found on pages 15-16 of this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City of Winter Spring's finances, in a manner similar to a private-sector business. The statement of net assets presents information on all of the City of Winter Spring's assets and liabilities, with the difference between the two reported as net assets" Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City of Winter Springs is improving or deteriorating" The statement of activities presents information showing how the government's net assets changed during the most recent 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, highways and streets, community development, and culture and recreation. The business-type activities of the City of Winter Springs include a Water and Sewer Utility and a Stormwater Utility. 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 and the Stormwater Utility functions as a department of the City of Winter Springs, and therefore has been included as an integral part of the primary government. 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. - ... ... - - ... .- ~ . . Because the focus of governmental funds is narrower that 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. .... .. . .. ~ .- - - - - - .- - .- - .- Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the governmental-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. .- - .- 4 . . . . . . . . . . '. . . . . . . . . -- The City of Winter Springs maintains 29 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 and central winds capital project fund, all three of which are considered to be major funds. Data from the other 26 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. 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 and the Public Service Tax Special Revenue Fund to demonstrate compliance with this budget at pages 20-22. Budgetary comparison schedules have been provided for the Central Winds Capital Projects Fund and the nonmajor funds at pages 56-97. The basic governmental fund financial statements can be found on pages 17-22 of this report. . . . . . . . Proprietary funds. . The City of Winter Springs maintains one type of proprietary fund. Enterprise funds. are used to report the same functions presented as business-type activities in the government-wide financial statements. The City of Winter Springs uses enterprise funds to account for both its Water and Sewer Utility and its Stormwater Utility. 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 and for the Stormwater Utility. ... - . The basic proprietary fund financial statements can be found on pages 23-27 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 Spring's 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 28-29 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 30-55 of this report. -- - Other information. The combining statements referred to earlier in connection with non major governmental funds are presented immediately following the Notes to Financial Statements. Combining and individual fund statements and schedules can be found on pages 56-98 of this report. 5 At September 30, 2002, 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. The following table reflects the condensed Statement of Net Assets for the current year. Comparison to the prior year is not presented, as 2002 is the implementation year for GASB statement #34. For more detail see the Statement of Net Assets on page 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government-wide Financial Analysis Statement of Net Assets As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the City of Winter Springs, assets exceeded liabilities by $54,900,927 at the close of the most recent fiscal year. More than half of the City of Winter Spring's net assets (52%) reflects its investment in capital assets (e_g., land, buildings, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. 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 Spring's 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. An additional portion of the City of Winter Spring's net assets (5%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($23,818,655) may be used to meet the government's ongoing obligations to citizens and creditors. - - at -- ... - - - - -- . . - - . . .- - .. - l!!!!I: -- ~ - .- - .- - - - .- - .- 6 . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Net Assets As of September 30, Governmental Business Activities Activities Total 2002 2002 2002. $17,772,610 $10,113,455 $27,886,065 106,982 1,924,332 2,031,314 42,814,341 34,413,609 77,227,950 60,693,933 46,451,396 107,145,329 2,153,394 939,767 3,093,161 22,391,796 26,044,163 48,435,959 106,982 608,300 715,282 24,652,172 27,592,230 52,244,402 Current and other assets Restricted assets Capital assets Total assets Current liabilities Long term liabilities outstanding Other liabilities Total liabilities - - - - Net assets: Invested in capital assets, net of related debt Restricted for capital improvement Unrestricted Total net assets 19,982,688 8,321,584 2,778,000 7,759,582 $18,859,166 28,304,272 2,778,000 23,818,655 $54,900,927 - - - .- 16,059,073 $36,041,761 Statement of Activities .- - .- The following table reflects the condensed Statement of Activities for the current year. Comparison to the prior year is not presented, as 2002 is the implementation year for GASB Statement #34. For more detailed information see the Statement of Activities on page 16. Note that total net assets increased by $2,762,065. Governmental activities increased by $3,300,109 whereas, the business-type activities experienced a decrease in net assets of $538,044. Following the Statement of Activities table is a series of bar and pie charts that relay in a pictorial form the revenues and expenses for each the governmental and business-type activities as well as the revenue "source" for each. 7 Changes in Net Assets For The Year Ended September 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governmental Business Activities Activities Total 2002 2002 2002 Revenues: Program revenues $4,761 ,243 $6,791,159 $11,552,402 General revenues 14,635,746 14,635,746 Total revenues 19,396,989 6,791,159 26,188,148 Expenses: General government 5,177,508 5,177,508 Public safety 6,838,109 6,838,109 Physical environment 2,746,869 2,746,869 Culture and recreation 1,629,128 1,629,128 Interest on long-term debt 856,851 856,851 Water and Sewer 5,648,538 5,648,538 Stormwater 529,080 529,080 Total expenses 17,248,465 6,177,618 23,426,083 Increase in net assets before transfers 2,148,524 613,541 2,762,065 Transfers 1,151,585 (1,151,585) Increase (decrease) in net assets 3,300,109 (538,044 ) 2,762,065 Net assets - October 1 (restated) 32,741,652 19,397,210 52,138,862 Net assets - September 30 $36,041,761 $18,859,166 $54,900,927 - - . ... ... ... - - .. - - - - - .- - .- w - - .- - - - .- - - .- - .-. .- 8 . . . . . . B.OOO.OOO . . 7.000.000 . . 6.000.000 . . 5.000.000 . . 4.000.000 . . 3.000.000 . . . 2.000.000 . . ~ .000.000 . . 0 . . . . ... - - - ... - ... - - - - - .- - .- - .- - .- - .- - - - - Governmental Program Revenues and Expenses Governmental Revenues by Source Investment income & miscellaneous 3.0% Charges for services 21.8% Capital & operating grants & contributions 2.8% Taxes 47.8% Intergovernmental revenues 24.7% I!ITaxes C Capital & operating grants & contributions . Investment Income & miscellaneous . Intergovernmental revenues C Charges for services 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - - ... -- ... - ... - .- - . . . . . - - - - .- - . .- .. .- - - - ..- -- .- -- ..- - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 -- - ... - - -- .. - - . - - - .- - ... - - .- .- - - .- Business Revenues and Expenses o c=J_ _' IiICharges for Services .Expense Water and Sewer Stormwater Business Revenues by Source Capital & operating grants & contributions 7.7% Investment income 2.6% Charges for services 89_7% Il!l Charges for services _Investment income 0 Capital & operating grants & contributions I 10 &~\NTEf.? ~//~~ ~~ )..,,:.:~. :-='~\2\ !-! ' .) ;--,, \ '(;) U\ '~/(fJ, . \ ',,,',. ,I"'~-\, )1 "'- bq,~,9' '-\0;....../ .~7 -~l...OR\OF'-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - This page intentionally left blank. . . - - . . . . . - .. . . . . - .. . ... - -- - - - -- - - . . . . . . . . . . . . . . . . . . . . . . . . ... - 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 Spring's 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 Spring's 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, 2002, the City of Winter Spring's governmental funds reported combined ending fund balances of $12,905,925, an increase of $335,266 in comparison with the prior year. Approximately 93% or $11,986,545 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 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 $4,872,404, while total fund balance reached $4,926,644. 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 represents 37 % of total general fund expenditures. - - - - - - - - - - .- - The fund balance of the City of Winter Spring's general fund increased by $1,497,081 during the current fiscal year, primarily due to increases in transfers from the public service tax and franchise fee funds. Proprietary funds. The City of Winter Spring's 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 $7,521,412 and those for the Stormwater Utility Fund amounted to $238,170. Both funds experienced a decrease in their net assets in the amount of $397,493 and $140,551, respectively. A 3 year phased rate increase was enacted in July 2002 for both funds. Fiscal year 2002 captures approximately 3-4 months worth of the first year rate increase. - - General Fund Budgetary Highlights Differences between the original General Fund expenditure budget and the final amended General Fund expenditure budget consists of $653,002 in appropriations and can be briefly summarized as follows: . $600,000 in miscellaneous increases in general governmental activities; however, general government actual expenditures came in approximately $65,000 over the original budget . $170,000 increase for public safety . $45,000 increase for parks and recreation . $101,000 decrease for public works During the year, however, revenues exceeded budgetary estimates and expenditures were less than budgetary estimates, thus eliminating the need to draw upon existing fund balance. 11 Capital Assets (net of depreciation) As of September 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. - - - .. - .- - - 'iii' -- - Capital Asset and Debt Administration Capital assets. The City of Winter Spring's investment in capital assets for its governmental and business type activities as of September 30, 2002 amounts to $77,227,950 (net of accumulated depreciation). This investment in capital assets includes land, buildings and system, improvements, machinery and equipment, park facilities, roads, highways, and bridges. The total increase in the City of Winter Spring's investment in capital assets for the current fiscal year was 8 % (a 15% increase for governmental activities and less than a 1 % increase for business-type activities). Major capital asset events during the current fiscal year included the purchase of property to expand Central Winds Park, infrastructure improvements in the Town Center at Hickory and Tuskawilla Road and the near completion of the improvements within the Tuscawilla Lighting and Beautification District. Additional information on the City of Winter Spring's capital assets can be found in note 6 on pages 43-44 of this report. Governmental Business Activities Activities Total 2002 2002 2002 Land $9,060,305 $5,119,663 $14,179,968 Buildings 3,4 79,344 412,088 3,891,432 Improvements other than buildings 5,127,961 27,726,060 32,854,021 Machinery and equipment 1,741,459 994,621 2,736,080 Infrastructure 20,011,191 20,011,191 Construction in Progress 3,394,081 161,177 3,555,258 Total $42,814,341 $34,413,609 $77,227,950 . - - - - - . . Long-term debt. At the end of the current fiscal year, the City of Winter Springs had total bonded debt outstanding of $47,516,183_ Of this amount, $3,400,000 comprises debt backed by the full faith and credit of the government and $2,265,000 is special assessment debt for which the government is liable in the event of default by the property owners subject to the assessment. The remainder of the City of Winter Spring's debt represents bonds secured solely by specified revenue sources (i.e., revenue bonds). .- - - - .- - - - -- - .- - .- -- - - 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . The City of Winter Spring's total debt increased by $2,586,268 (6%) during the current fiscal year. The key factor in this increase was a $3,400,000 limited general obligation bond issuance for the City of Winter Springs Series 2002. During the current fiscal year, the government refinanced its Water and Sewer Refunding Revenue Bonds Series 1992 to take advantage of favorable interest rates. The City of Winter Springs and its Water and Sewer Utility maintain an underlying rating of "A_" and "A" from Standard & Poor's, respectively. 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 Spring's long-term debt can be found in notes 7 and 8 on pages 45-50 of this report. Long Term Debt As of September 30, -- - Governmental Business Activities Activities Total 2002 2002 2002 Improvement Refunding Revenue Bonds Series 1993 $8,455,000 $8,455,000 Subordinate Improvement Revenue Bonds Series 1997 125,000 125,000 Improvem~nt Refunding Revenue Bonds Series 1999 7,413,970 7,413,970 Water and Sewer Refunding Revenue Bonds Series 2000 6,969,191 6,969,191 Capital Notes Payable Series A and B 2000 1,151,937 1,151,937 Special Assessment Revenue Bonds Series 2001 2,265,000 2,265,000 Water and Sewer Refunding Revenue Bonds Series 2001 6,065,000 6,065,000 Water and Sewer Refunding Revenue Bonds Series 2002 13,980,000 13,980,000 Limited General Obligation Bonds Series 2002 3,400,000 3,400,000 Obligation Under Utility Agreement 180,000 180,000 Capital Lease 43,568 212,497 256,065 Compensated Absences 318,742 104,504 423,246 Adjustments for Issuance Discounts and Deferred Refunding Costs (22,315) (1,134,663) (1,156,978) Total $23,150,902 $26,376,529 $49,527,431 . - - ... - - - .- - .- .- - .- - .- 13 Requests for Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Economic Factors and Next Year's Budgets and Rates The City considered many economic factors during the preparation of the fiscal year 2003 budget namely the affect the downturn in the economy would have on intergovernmental revenue sources and public service taxes. The City has historically enjoyed increases in intergovernmental revenues, which were used to offset increases in the cost of City provided services. Unfortunately, intergovernmental revenues could not be counted on in FY 03 to fund an increase in the public safety workforce, which necessitated an increase in the millage to 4.1658. The City underwent a Water, Wastewater, Reclaimed Water and Stormwater Rate Study and determined that future expenses would outpace revenues" The City implemented the first of a 3 year phased rate increase during July of fiscal year 2002 and anticipates that the increases in fiscal year 2003 and 2004 will correct this situation. This financial report is designed to provide a general overview of the City of Winter Spring's 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_ - - a - ... .. ... - - - . . . ... ,., ... - - - - - .- - .- - .- - -- - - .- - .- - 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . BASIC FINANCIAL STATEMENTS -- .. . - - - - - - .- - - -- - - .- -- .- ~ - ./-:~\,::,-~, /~' -". .~ /{:- //--",,s..{3,-.\ I (I',~ ---- '" )-l , (t?-''-'<IY~':\ Y~'I\ U\.~~, }U1 \., '~"'-'- --"",,~j'l J I \t: _.'" 0=--,.. C'\J . -~. " \, 1 ~59 ~_l_Y .~/. l..OR\O~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - - . - - - .. - -- - .. . . . . - - ... - .- - - - - - ... - .- - .- - - - . . . CITY OF WINTER SPRINGS, FLORIDA . . STATEMENT OF NET ASSETS . . September 30, 2002 . . . Primary Government . . Governmental Business-type . Activities Activites Total . . . Assets: . Cash and cash equivalents $ 13,418,085 $ 2,658,423 $ 16,076,508 . Investments 6,199,107 6,199,107 Receivables, net 543,503 812,078 1,355,581 . Inventories - at cost 7,419 2,152 9,571 . Due from other governments 284,379 284,379 . Prepaid costs 46,827 46,827 . Restricted assets: . Cash and cash equivalents 106,982 762,298 869,280 . Investments 1,162,034 1,162,034 - Bond issuance costs 82,529 441,695 524,224 - Capital assets (net of accumulated ... - depreciation) 42,814,341 34,413,609 77,227,950 .- - Receivables, long-term 3,389,868 3,389,868 - - - Total Assets 60,693,933 46,451,396 107,145,329 - - - .- Liabilities: - Accounts payable and other current liabilities 1,394,288 75,103 1,469,391 - - Matured bonds and interest payable 762,298 762,298 Liabilities payable from restricted assets 106,982 608,300 715,282 Noncurrent liabilities: Due within one year 759,106 102,366 861,472 Due in more than one year 22,391,796 26,044,163 48,435,959 Total Liabilities 24,652,172 27,592,230 52,244,402 Net Assets: Invested in capital assets, net of related debt 19,982,688 8,321,584 28,304,272 Restricted 2,778,000 2,778,000 Unrestricted 16,059,073 7,759,582 23,818,655 Total Net Assets $ 36,041,761 $ 18,859,166 $ 54,900,927 The accompanying Notes to Financial Statements are an integral part of these statements. 15 CITY OF WINTER SPRINGS, FLORIDA STATEMENT OF ACTIVITIES For The Year Ended September 30, 2002 General revenues Property taxes Franchise fees and utility taxes Intergovernmental Investment income and miscellaneous Loss on disposition of capital assets Transfers Total general revenues and transfers Change in net assets Net assets, beginning Net assets, ending Functions/Proqrams Governmental activities: General government Public safety Physical environment Culture and recreation Interest on long-term debt Total governmental activities Expenses $ 5,177,508 6,838,109 2,746,869 1,629,128 856,851 17,248,465 (J) Business-type activities: Water and sewer Stormwater Total business-type activities Total primary government 5,438,325 529,080 5,967,405 $ 23,215,870 Program Revenues Operating Capital Charges for Grants and Grants and Services Contributions Contributions Net (Expense) Revenue and Changes in Net Assets Primary Government Governmental Business-type Activities Activities Total $ 1,793,439 $ $ $ (3,384,069) $ $ (3,384,069) 618,936 76,443 (6,142,730) (6,142,730) 1,539,646 32,613 (1,174,610) (1,174,610) 275,101 34,560 390,505 (928,962) (928,962) (856,851) (856,851 ) 4,227,122 111,003 423,118 (12,487,222) (12,487,222) 5,675,797 413,371 6,089,168 $ 10,316,290 $ 522,168 759,640 759,640 (115,709) (115,709) 522,168 643,931 643,931 945,286 $ (12,487,222) $ 643,931 $ (11,843,291) 4,277,707 4,277,707 4,998,244 4,998,244 4,783,271 4,783,271 576,524 179,823 756,347 (210,213) (210,213) 1,151,585 (1,151,585) 15.787,331 (1,181,975) 14,605,356 3,300,109 (538,044) 2,762,065 32,741,652 19,397,210 52,138,862 $ 36,041,761 $ 18,859,166 $ 54,900,927 111,003 $ The accompanying Notes to Financial Statements are an integral part of these statements" I II II II II II . ~ l 4 . 4 . 4 ~ 4 . ~I ~ . . tl. 4 . 41111. 4 . n 4 I~ ~ . 0 tt tll. tit n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS September 30,2002 Public Service Tax Central Winds Other Total Special Capital Governmental Governmental General Revenue Fund Projects Fund Funds Funds Assets: Cash and cash equivalents $ 5,273,799 $ $ 219,955 $ 7,924,331 $13,418,085 Receivables, net 58,210 350,521 134,772 543,503 Inventories, at cost 7.419 7.419 Due from other governments 1,091 283,288 284,379 Due from other funds 350,521 350,521 Prepaid costs 46,827 46,827 Special assessments receivable 2,815,907 2,815,907 Mortgage receivable, long-term 573,961 573,961 Restricted assets: Cash and cash equivalents 106,982 106,982 Total Assets $ 5,844,849 $ 350,521 $ 219,955 $11,732,259 $ 18,147,584 Liabilities and Fund Balances: Accounts payable $ 384,231 $ $ $ 367,133 $ 751,364 Accrued liabilities 412,112 412,112 Retainage payable 14,880 215,932 230,812 Due to other funds 350,521 350,521 Deferred revenue 3,389,868 3,389,868 Liabilities payable from restricted assets 106,982 106,982 Total Liabilities 918,205 350,521 3,972,933 5,241,659 Fund balances: Reserved: Inventories and prepaid costs 54,240 54,240 Debt service 865,140 865,140 Unreserved, reported in: General fund 4,872,404 4,872,404 Special revenue funds 4,105,294 4,105,294 Capital projects funds 219,955 2,788,892 3,008,847 Total fund balances 4,926,644 219,955 7,759,326 12,905,925 Total Liabilities and Fund Balances $ 5,844,849 $ 350,521 $ 219,955 $11,732,259 - - -- - - - - - .- - - - - - Amounts reported for governmental activivties 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 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 42,814,341 3,389,868 (23,150,902) 82,529 $ 36,041,761 The accompanying Notes to Financial Statements are an integral part of these statements. 17 . . CITY OF WINTER SPRINGS, FLORIDA . . STATEMENT OF REVENUES, EXPENDITURES AND CHANGES . IN FUND BALANCES - GOVERNMENTAL FUNDS . . For The Year Ended September 30, 2002 . . . Public . Service Tax Central Winds Other Totals Special Capital Projects Governmental (Memorandum . General Revenue Fund Fund Funds Only) . Revenues: . Taxes and special assessments $4,621,761 $ 3,403,121 $ $ 1,607,061 $ 9,631,943 . Licenses and permits 1,128,635 295,310 1,423,945 Intergovernmental revenues 3,420,836 1,896,557 5,317,393 . Charges for services 410,974 1,757,927 2,168,901 . Fines and forfeitures 254,513 75,826 330,339 . Investment income 139,305 14,802 293,390 447,497 . Miscellaneous 67,810 61,217 129,027 Total revenues 10,043,834 3,417,923 5,987,288 19,449,045 . . Expenditures: . Current: . General government 3,671,908 213 1,324,035 4,996,156 Public safety 6,389,062 227,237 6,616,299 . Physical environment 1,286,618 2,352,275 3,638,893 . Culture and recreation 1,928,755 98 1,928,853 . Debt service: . Principal retirement 612,333 612,333 Interest and fiscal charges 856,345 856,345 . Bond issuance costs 84,405 84,405 . Capital outlay: . General government 180,086 180,086 .... Physical environment 1,721,776 1,721,776 - Culture and recreation 2,993,918 13,478 3,007,396 . Total expenditures 13,276,343 213 3,078,323 7,287,663 23,642,542 - . - Excess (Deficiency) of - .... Revenues Over Expenditures (3,232,509) 3,417,710 (3,078,323) (1,300,375) (4,193,497) - ... - Other Financing Sources (Uses) .- Operating transfers in 4,816,290 1,520,087 6,336,377 - Operating transfers out (86,700) (3,419,604) (78,900) (1,599,588) (5,184,792) - - General obligation bonds issued 3,400,000 3,400,000 .. - Discount on bonds (22,822) (22,822) - Net other financing sources .... ... (uses) 4,729,590 (3,419,604) 3,298,278 (79,501 ) 4,528,763 .- - .... Net Change in Fund Balances 1,497,081 (1,894) 219,955 (1,379,876) 335,266 - -- - Fund Balances - Beginning - - As previously reported 3,429,563 1,894 9,713,163 13,144,620 .- Prior period adjustment (573,961 ) (573,961 ) - - As restated 3,429,563 1,894 9,139,202 12,570,659 - Fund Balances - Ending $4,926,644 $ $ 219,955 $ 7,759,326 $ 12,905,925 - - .- The accompanying Notes to Financial Statements are an integral part of these statements. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . ... - - - - - ... - .- - - - .- - .- - 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, 2002 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 18) $ 335,266 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. 5,712,394 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" (2,680,439) Special assessment revenue reported in the funds in the current year must be eliminated from the statement of activities since revenue was recognized in a prior year" (52,056) 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" (15,056) $ 3,300,109 Change in net assets of governmental activities (page 16) The accompanying Notes to Financial Statements are an integral part of these statements" 19 Budgeted Amounts Original Final Actual Amounts Variance With Final Budget Positive (Negative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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, 2002 Revenues: Taxes: Property taxes $ 4,273,800 $ 4,235,800 $ 4,277,707 $ 41,907 Franchise taxes 25,000 307,100 344,054 36,954 4,298,800 4,542,900 4,621,761 78,861 Licenses and permits: Building permits 468,500 478,500 1,023,059 544,559 Occupational licenses 110,000 110,000 105,576 (4,424) 578,500 588,500 1,128,635 540,135 Intergovernmental revenues: Sales tax 2,121,500 2,121,500 2,127,578 6,078 State revenue sharing 712,500 676,500 691,212 14,712 Other state shared revenue 602,400 467,647 470,848 3,201 Other county shared revenue 525,000 525,000 84,755 (440,245) Federal grants 99,000 43,598 46,443 2,845 4,060,400 3,834,245 3,420,836 (413,409) Charges for services: Concession stand receipts 131,400 131,400 93,951 (37,449) Program activity fees 125,000 165,000 167,155 2,155 Rental and other 66,000 99, 1 00 149,868 50,768 322,400 395,500 410,974 15,474 Fines and forfeitures: Fines and forfeitures 250,555 250,555 254,513 3,958 Investment income 200,000 50,000 139,305 89,305 Miscellaneous 30,000 58,218 67,810 9,592 Total revenues 9,740,655 9,719,918 10,043,834 323,916 ... .. . - - .- - - ... - - . . . . - . ... - . .- - . - - - .- - The accompanying Notes to Finanical Statements are an integral part of these statements" 20 . . . . Variance With . Final Budget . Budgeted Amounts Actual Positive . Original Final Amounts (Negative) . Expenditures: . Current: . General government: . Executive $ 542,500 $ 572,406 $ 503,486 $ 68,920 . General government 163,500 491,150 332,325 158,825 . Finance 1,028,800 1,083,028 916,453 166,575 . General services 578,200 636,282 604,985 31 ,297 Information systems 398,200 426,748 399,612 27,136 . Community development 895,100 996,807 915,047 81,760 . 3,606,300 4,206,421 3,671,908 534,513 . Public safety: . Police 3,850,500 3,956,760 3,932,019 24,741 Fire 2,478,700 2,542,608 2,457,043 85,565 . 6,329,200 6,499,368 6,389,062 110,306 . Physical environment: . Public works 1,515,100' -1,413,654 1,286,618 127,036 . Culture and recreation: . Parks and recreation 2,293,700 2,339,122 1,928,755 410,367 . . Total expenditures 13,744,300 14,458,565 13,276,343 1,182,222 . . Excess (Deficiency) of Revenues . Over Expenditures (4,003,645) (4,738,647) (3,232,509) 1,506,138 . Other Financing Sources (Uses) . Operating transfers in 4,090,345 4,172,345 4,816,290 643,945 ... Operating transfers out (86,700) (86,700) (86,700) - ... Net other financing sources (uses) 4,003,645 4,085,645 4,729,590 643,945 - - - Net Change in Fund Balance (653,002) 1,497,081 2,150,083 A - .- Fund Balances - Beginning 3,429,563 3,429,563 3,429,563 - .- - Fund Balances - Ending $ 3,429,563 $ 2,776,561 $ 4,926,644 $ 2,150,083 - .- - - 21 ~......> / /" ~-'''~' ,-,,\ (f~--- .'~ \ \ /"\77'-"\ ~- - ---..;: \':::::, ". ~I .,.......",-""",,-- \ \ J.,.\ f--! " 1 ',-", \ r-, ~, (. '-. l,,:"J l?\ ~/t!' \1!"ll"j'Fl..J.....~_r,l-.. ;': , 19:;") '- I. ~~' t.OR\Ot>- . . . . . . . . . . . . . . . . . . . . .> . . . . . . . . . . . . . . This page intentionally left blank. - - -- - . . . . . . . . . . - - - - - - ..- -- -- .- - .- .- . . . . . . . . . . . . . . . . . . . . . . . . . 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, 2002 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 $ 2,712,077 $ 2,712,077 $ 3,403,121 $ 691,044 5,000 5,000 14,802 9,802 2,717,077 . 2,717,077 3,417,923 700,846 - - - -, ...... - .- Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt service: Principal retirement Interest and fiscal charges Issuance costs Total expenditures 4,600 4,600 213 4,387 .- -- - 4,600 4,600 213 4,387 Excess (Deficiency) of Revenues Over Expenditures 2,712.477 2,712,477 3,417,710 705,233 - .... Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) (2,717,643) (2,717,643) (2,717,643) (2,717,643) (3,419,604) (3,419,604) (701,961 ) (701,961 ) Net Change in Fund Balance (5,166) (5,166) (1,894) 3,272 Fund Balances - Beginning Fund Balances - Ending $ 1,894 (3,272) $ 1,894 (3,272) $ 1,894 $ 3,272 The accompanying Notes to Financial Statements are an integral part of these statements. 22 Business-type Activities - Enterprise Funds Water and Stormwater Sewer Utility Utility Fund Fund Total $ 2,406,360 $ 252,063 $ 2,658,423 6,199,107 6,199,107 812,078 812,078 2,152 2,152 9,419,697 252,063 9,671,760 762,298 762,298 1,162,034 1,162,034 1,924,332 1,924,332 441,695 441,695 43,218,903 5,974,330 49,193,233 161,177 161,177 (13,287,199) (1,653,602) (14,940,801) 30,092,881 4,320,728 34,413,609 32,458,908 4,320,728 36,779,636 41,878,605 4,572,791 46,451,396 . . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA STATEMENT OF NET ASSETS PROPRIETARY FUNDS September 30, 2002 Assets Current assets: Cash and cash equivalents Investments Receivables, net Inventories Total current assets Noncurrent assets: Restricted cash and cash equivalents Restricted investments Total restricted assets Bond issuance costs Capital assets: Land, buildings and equipment Construction in progress Less accumulated depreciation Total capital assets (net of accumulated depreciation) Total noncurrent assets Total assets .- .. . . . . . '. .... - . . . ... .. . - .. The accompanying Notes to Financial Statements are an integral part of these statements. 23 .- '- .- - .- - - - .- - .. . . . . . . . . . . . . . . . . . . . 5' . ... .. . . Liabilities Current liabilities: Accounts payable Accrued liabilities Compensated absences Obligation under utility agreement-current Capita/lease-current Total current liabilities Current liabilities payable from restricted assets: Customer deposits payable Revenue bonds payable Accrued interest payable Total current liabilities payable from restricted assets -- - - - - - .- - - - .- - Noncurrent liabilities: Revenue bonds payable Obligation under utility agreement Capita/lease Total noncurrent liabilities Total liabilities Net Assets Invested in capital assets, net of related debt Restricted Unrestricted Total net assets Business-type Activities - Enterprise Funds Water and Stormwater Sewer Utility Utility Fund Fund Total 36,481 7,764 44,245 29,196 1,662 30,858 100,037 4,467 104,504 22,000 22,000 70,365 70,365 258,079 13,893 271,972 608,300 608,300 230,000 230,000 532,298 532,298 1,370,598 1,370,598 25,649,528 158,000 142,132 25,949,660 27,578,337 25,649,528 158,000 142,132 25,949,660 27,592,230 13,893 4,000,856 2,778,000 7,521,412 $ 14,300,268 4,320,728 8,321,584 2,778,000 7,759,582 $ 18,859,166 238,170 $ 4,558,898 24 ~~'" /& 'i .:.------~: .s-" / o>{~--, _ _ _- "<~';, (;:/ '~;....,.-('----,\ \'i~' _, 1. \ ) () U\'~ vl . \ '.'.!' \ ,Ir>(,-,.;r~""'ri77".:l _~ .',' \~.." 1"59 ,~~, . ~-------_/ (OR lOt'- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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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, 2002 - ... .- - ... - - - - - .- - .- Business-type Activities - Enterprise Funds Water and Stormwater Sewer Utility Utility Fund Fund Total Operating Revenues: User charges $ 5,675,797 $ 413,371 $ 6,089,168 Operating Expenses: Salaries and benefits 1,324,665 181,338 1,506,003 Materials and supplies 633,542 82,630 716,172 Depreciation and amortization 1,391,769 244,668 1,636,437 Other operating expenses 751,105 20,444 771,549 Total operating expenses 4,101,081 529,080 4,630,161 Operating income (loss) 1,574,716 (115,709) 1,459,007 Nonoperating Revenue (Expenses): Investment income 178,465 1,358 179,823 Interest expense (1,337,244) (1,337,244) Connection fees 522,168 522,168 Gain (loss) on disposal of capital assets (210,213) (210,213) Total nonoperating revenue (expense) (846,824) 1,358 (845,466) Income (loss) before operating transfers 727,892 (114,351) 613,541 Operating Transfers: Operating transfers in 5,700 5,700 Operating transfers out. (1,131,085) (26,200) (1,157,285) Net operating transfers (1,125,385) (26,200) (1,151,585) Change in net assets (397,493) (140,551) (538,044) Total Net Assets - Beginning As previously reported 13,575,099 4,699,449 18,274,548 Prior period correction 1,122,662 1,122,662 As restated 14,697,761 4,699,449 19,397,210 Total Net Assets - End $ 14,300,268 $ 4,558,898 $ 18,859,166 - -- - - The accompanying Notes to Financial Statements are an integral part of these statements. 25 . . CITY OF WINTER SPRINGS, FLORIDA . . STATEMENT OF CASH FLOWS . PROPRIETARY FUNDS . . For The Year Ended September 30, 2002 . . Business-type Activities - Enterprise Funds . Water and Stormwater . Sewer Utility Utility . Fund Fund Total . Cash Flows from Operating Activities: . Receipts from customers $ 5,715,531 $ 413,371 $ 6,128,902 . Payments to suppliers (1,505,936) (107,064) (1,613,000) Payments to employees (1,357,7 49) ( 176 ,428) (1,534,177) . Net cash provided by operating activities 2,851,846 129,879 2,981,725 . . Cash Flows from Non-Capital . Financing Activities: . Net operating transfers in 5,700 5,700 Net operating transfers out (1,131,085) (26,200) (1,157,285) . Decrease in due from other funds 848,915 335,786 1,184,701 . Decrease in due to other funds (718,207) (399,230) ( 1 ,117,437) . Net cash provided (used) by non-capital . financing activities (994,677) (89,644 ) (1,084,321 ) . Cash Flows from Capital and Related . Financing Activities: . Proceeds from sale of capital assets 9,972 9,972 . Acquisition of capital assets (1 ,709,739) (17,254) (1,726,993) . Capital lease proceeds 275,935 275,935 . Proceeds from issuance of revenue bonds 13,505,088 13,505,088 Principal paid on revenue bonds & leases (13,958,438) (13,958,438) . Interest paid on revenue bonds (1,078,070) (1,078,070) . Additions to bond issue costs (176,676) (176,676) . Connection fees 522,168 522,168 . Net cash provided (used) by capital and related financing activities (2,609,760) (17,254) (2,627,014) . ... - Cash Flows from Investing Activities: -- .. Purchase of investments (6,266,334) (6,266,334) . Investment income 178,465 1,358 179,823 -- Net cash provided (used) by investing activities (6,087,869) 1,358 (6,086,511) -- . Net Increase (Decrease) in Cash and . Cash Equivalents (6,840,460) 24,339 (6,816,121 ) .- .... .-. Cash and Cash Equivalents - Beginning '. 10,009,118 227,724 10,236,842 . Cash and Cash Equivalents - End $ 3,168,658 $ 252,063 $ 3,420,721 .. .-. Classified As: .. Current assets $ 2,406,360 $ 252,063 $ 2,658,423 - ... Restricted assets 762,298 762,298 . Total $ 3,168,658 $ 252,063 $ 3,420,721 - - - - - ..- - The accompanying Notes to Financial Statements are an integral part of these statements" - 26 . . . . . . . '. . . . . . . . . . . -. . . . . . . . . . Reconciliation of Operating Income (Loss) to Net Cash Provided By Operating Activities Operating income (loss) Adjustments Not Affecting Cash: Depreciation Amortization Change in Assets and Liabilities: Increase in accounts receivable Increase in inventories Decrease in accounts payable Increase in accrued liabilities Decrease in customer deposits Decrease in utility agreement obligation Increase (decrease) in accrued compensated absences Total adjustments .. ... - Net Cash Provided by Operating Activities ... - - - - - .- - .- - - - .- - Business-type Activities - Enterprise Funds Water and Stormwater Sewer Utility Utility Fund Fund Total $ 1,574,716 $ (115,709) $ 1,459,007 1,371,977 244,668 1,616,645 19,792 19,792 (51,228) (51,228) (2,152) (2,152) (81,137) (3,990) (85,127) 7,321 443 7,764 90,962 90,962 (38,000) (38,000) (40,405) 4,467 (35,938) 1 ,277,130 245,588 1,522,718 $ 2,851,846 $ 129,879 $ 2,981,725 27 .---<\ ~\~t?-~ " /-----"'.s~ 0'-;----, '_ '- ", '}; ,). (' '""':.\~/-:'~~.' -.. \)'1.)' !::' 'L ;-\ (I u\ . , . ul - '''. \ 1 !X"rJ'r,;".:~l"'".r~~j ,to. ) / '" 1959 ;t-;:I -~/ -,t--i..OR\01>-' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... - ... This page intentionally left blank. - - .. -- . . . - .. .. . ., ... - - .- . .- -- -- - -- . . . . . . ". . . . . . . . . . . . . . . . . . . . . . - -- - - .- -- .- .- - - CITY OF WINTER SPRINGS, FLORIDA STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUND September 30, 2002 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 $ 73,772 1 7, 144 3,303,281 2,161,618 5,464,899 5,555,815 Liabilities Net Assets: Held in trust for pension benefits $ 5,555,815 The accompanying Notes to Financial Statements are an integral part of these statements. 28 ~~\NTE-?--". """1"'t .----2" C"-" << ,/ '~-i', I () ,~- ----, r- ">"~ \ ('';;' i~""-:'V<,'~: -, \\i\ f-! ') :-" 0\ Ui C~!(fl , . \ i~r.-n:(:'O'.eJ'~l, "j / . \ '" . 1 .;;;;". 'L.j/ '''-.~> ',<:'-(ORIOp..' . '. . . . . . . . . . . . . . . . . . . e' . . . . . . . . . . This page intentionally left blank. - .. -- .. ... .. - - -- - - -- -. - .- -- . -- - - .... - .. - .. . .- - .- -- .- - - . . . . . . . . . . . . . . . . . . -. . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FIDUCIARY FUNDS For The Year Ended September 30, 2002 Defined Benefit Pension Trust Fund Additions: Contributions: Employer Plan members Total contributions $ 604,058 238,202 842,260 Investment income: Net depreciation in fair value of investments Interest Net investment income (414,486) 4,507 (409,979) Total additions 432,281 Deductions: Benefits Administrative expenses Total deductions 103,068 45,890 148,958 283,323 5,272,492 $ 5,555,815 Change in Net Assets - .. Net Assets - Beginning - - - - Net Assets - End - .- - .- .- - - ~ - The accompanying Notes to Financial Statements are an integral part of these statements. 29 /<~-Er.?-~, /l- ~:.----:.... .s~ jej' / '.;'3..\ \ \.:~::~~~_.. -: - -----~ \.r~i\ {.: I ',-,' r--\, \ () \ U\ ~;I)J " ',",', ' \., lX;:";-F'\_~...e-J ~_ ,'/ ", 1"':59 ':t..-}I . ?::------/, (ORIOI>- . . . . '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ - This page intentionally left blank. . . . . . - . . . . - .. . -- ... - - -. - - - ,- .- ~ - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTES TO FINANCIAL STATEMENTS - - ... - .- - - .... -- - - - - - - ~ -- -- -. ,/.....~R'- // '1 _--.! -'--~ I cJ.c~~-, __ '~~~~\ / ..~- ...~' ',/ '. (t / "-'~>rt~~\" ')1:1\ U\ ~I./J , \1"""1"""-'?:'!"'-' )/ ' \ b,:t :L-;/ '>-~/ l...OR\Ot>- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .. ~ - .- - - '- -- . . . This page intentionally left blank. - - -- -- . ... .. - - -- - - - - - - -- . . . . . . '. '. . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2002 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 Flroida 59-1614. The legislative branch of the City is comprised of a five-member elected Commission, 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 compone'nts units to be included within the reporting entity. - .- - - - - .- - 30 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A - - - -- 'iiiii" CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Note 1 - Summary of Significant Accounting Policies (Continued): B. Government-Wide and Fund Financial Statements The City has elected to early implement Governmental Standards Board Statement Number 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments (GASB 34) that requires a change in the reporting format. The government-wide and fund financial statements along with the notes to financial statements comprise the basic financial statements. As a part of a phased implementation of this Statement, there is a new reporting requirement regarding the government's infrastructure (roads, bridges, traffic signals, etc.). This requirement permits an optional four-year further delay for implementation. The City is electing to implement both the basic model and the infrastructure-related portion at September 30, 2002. The government-wide financial statements (i.e., the statement of net assets and the statement of changes in net assets) 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. - -- -- - .- - -- .- - - 31 . . . . . . -. . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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: - Maior 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 Central Winds Capital Projects Fund was established to account for acquisition of land for expansion of Central Winds Park. 32 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued 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. Major Proprietary Fund 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" Non-Maior Proprietary Fund The Stormwater Utility Fund accounts for the operation and maintenance of the City's stormwater system" The Pension Trust Fund accounts for contributions to the defined benefit plan. .- .. . . . . . Fiduciary Fund 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. - .. . . ... - . .. - - - - -. - - - -- 33 -- . . . . . . -. . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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, including special assessments. 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. 34 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued 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. -- 35 . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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 36 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued 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 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. -- 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA. NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 2 - Reconciliation of Government-Wide and Fund Financial Statements: A. 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 $5,712,394 difference are as follows: Capital outlay Depreciation expense Net adjustment to increase net changes in fund balances - total governmental funds to arrive at changes in net assets of governmental activities $ 7,552,102 (1,839,708) $ 5 712.394 -- - . . -- - - - .- - - - - - - - 38 Compensated absences Amortization of issuance costs Amortization of bond discounts $(12,673) (1,876) (507) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... - e -- CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 2 - Reconciliation of Government-Wide and Fund Financial Statements (Continued): A. 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 $2,680,439 difference are as follows: Debt issued or incurred: Issuance of general obligation bonds Less bond issuance costs Less discounts Principal repayment $ 3,400,000 (84,405) (22,822) (612.334) Net adjustment to decrease net changes in fund balances - total governmental funds to arrive at changes in net assets of governmental activities $(2 680.439) 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 $15,056 difference are as follows: Net adjustment to decrease net changes in fund balances - total governmental funds to arrive at changes in net assets of governmental activities . . . . $(15.056) -- .. . . -- .- - .- - -- - -- - -- 39 . . . . . . . . . . . . . . . . . . . . ... .... . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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. The City did not adopt a budget for the Central Winds Debt Service Fund for the 2002 fiscal year. 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 and expenditures, and a description of capital activities for the ensuing fiscal year. 2. The City Commission then holds informal workshops. Each item in the budget is thoroughly discussed, and the public is invited to participate. - - - - - - - 3. On or before September 30th of each year, the public hearings are completed and the Commission adopts the final budget and establishes the ad valorem tax millage. 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 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 department level. - - .-. B. Excess of Expenditures Over Appropriations ...... For the year ended September 30, 2002, expenditures and transfers out exceeded appropriations in the following Special Revenue Funds: Street Lighting, Solid Waste, Electric Franchise Fee, Fire Impact Fee and Medical Transport. Also, expenditures exceeded appropriations in the 1993 Debt Service Fund, the Oak Forest Debt Service Fund and the 1997 Construction Capital Projects Fund. These over expenditures were funded either by greater than anticipated revenues or by available fund balance. C. Appropriations in Excess of Funds Available Appropriations for the Public Service Tax Special Revenue Fund, the Electric Franchise Fee Special Revenue Fund, the Arbor Special Revenue Fund, and the Information System Capital Project Fund were in excess of anticipated revenue and prior years fund balance. 40 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Note 4 - Deposits and Investments: Deposits At year-end, the carrying amount of the City's deposits was $3,444,368 and the bank balance was $4,085,031. Petty cash fund of $1,825 are not on deposit with a financial institution, and fiduciary fund cash of $73,772 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. This limits local government deposits to "qualified public depositories"" The State of Florida Collateral Pool is a multiple financial institution pool with the ability to assess its members for collateral shortfalls if a member institution fails. For this reason, the City considers its deposits insured or collateralized. Investments The City's investment policy applies to all cash and investments held or controlled by the City, and does not include the City's Pension Funds and funds related to the issuance of debt where there are other existing policies or indentures in effect. The following levels of credit risk apply to the investments of the City: Cateqorv 1 Insured or registered, held by the City or its agent in the City's name" Cateqorv 2 Uninsured or unregistered, held by a counterparty's trust department or agent in the City's name. -- - ... . - - .- - Cateqorv 3 Uninsured and unregistered, held by a counterparty or its trust department or agent, but not in the City's name" - - .. ... -- Investments in the State Board of Administration Local Government Investment Pool and Mutual Funds are not required to be categorized since these investments are in pooled investment funds and therefore not evidenced by securities that exist in physical or book entry form. The fair value of the City's position is the same as the value of the pool shares. . ... - -- -- - - .. - The State of Board of Administration Local Government Investment Pool (SBA) is an investment pool administered by the State of Florida. Investments held in 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. - -- - -- -- 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 4 - Deposits and Investments (Continued): Investments (Continued) At year end, the City's investment balances were as follows: Category U.S. Agencies U.S. Treasuries Federal Home Loan Bonds 1 2 $1,729,765 $ 1,014,380 2.458,876 $5.203.021 $ 3 Reported AmountJ Fair Value $ 1,729,765 1,014,380 2.458,876 5,203,021 $ $ Investments not subject to categorization: Fixed income mutual funds Pension funds investing in common equity and bond funds State Board Administration Local Government Investment Pool 2,158,120 5.464,899 ..- .. . . Total investments 13.499.595 $26.325.635 Note 5 - Receivables: - - Receivables as of year end for the City's individual major funds and nonmajor and fiduciary funds in the aggregate, including the applicable allowances for uncollectible accounts, are as follows: - .- - - Public Water and Nonmajor General Service Sewer Utility And Other Fund Tax Fund Fund Funds Total Receivables: Accounts $58,210 $350,521 $ 940,094 $ 235,836 $1,584,661 Less allowance for uncollectible accounts (128.016) (101.064) (229,080) $58.210 $350.521 $ 812,078 $ 134.772 $1 355.581 - - - - 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 $573,961 is reported as deferred revenue in the governmental funds balance sheet. There are also special assessment receivables in two nonmajor debt service funds that are not available to liquidate liabilities of the current period. These special assessment receivables totaling $2,815,907 are reported as deferred revenue in the governmental funds balance sheet. 42 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Note 6 - Capital Assets: Capital asset activity for the year ended September 30, 2002 was as follows: Beginning Balance Ending (Restated) Increases Decreases Balance Governmental activities: Capital assets, not being depreciated: Land $ 5,954,578 $ 3,105,727 $ $ 9,060,305 Construction in progress 3,394,081 3,394,081 Total capital assets, not being depreciated 5,954,578 6,499,808 12,454,386 Capital assets, being depreciated: Buildings 5,316,987 (124,093) 5,192,894 Improvements 5,590,928 524,092 (4,495) 6,110,525 Machinery and equipment 4,713,313 663,038 (377,749) 4,998,602 Infrastructure 37,936,029 37,936,029 Total capital assets, being depreciated 53,557,257 1,187,130 (506,337) 54,238,050 Less accumulated depreciation for: Buildings 1,530,626 182,924 1,713,550 Improvements 782,686 199,878 982,564 Machinery and equipment 2,741,203 698,182 (182,242) 3,257,143 Infrastructure 17,166,114 758,724 17,924,838 Total accumulated depreciation 22,220,629 1 ,839,708 (182,242) 23,878,095 Total capital assets, being depreciated, net 31 ,336,628 (652,578) (324,095) 30,359,955 Governmental activities capital assets, net $37.291 206 .$...5 847 .230 $(324 095) $42814 341 .- .. . - .. .- -- .- - ... - . . . .- .. . .- - .- - .- - - - - - - - -- 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 - - - .- - - Note 6 - Capital Assets (Continued): Beginning Balance Ending (Restated) Increases Decreases Balance Business-type activities: Capital assets, not being depreciated: Land $ 4,409,062 $ 710,601 $ $ 5,119,663 Construction in progress 396.868 109.816 (345,507) 161 ,177 Total capital assets, not being depreciated 4,805,930 820.417 (345,507) 5,280,840 Capital assets, being depreciated: Buildings 637,546 71,650 709,196 Improvements 40,276,596 662,360 (58,464 ) 40,880,492 Machinery and equipment 1.999.455 757.432 (273,005) 2.483,882 Total capital assets, being depreciated 42.913,597 1.491.442 (331.469) 44,073.570 Less accumulated depreciation for: Buildings 276,613 20,495 297,108 Improvements 11,762,218 1,393,733 (1,519) 13,154,432 Machinery and equipment 1 ,375.831 202.417 (88,987) 1.489,261 Total accumulated depreciation 13.414,662 1.616.645 (90.506) 14,940,801 Total capital assets, being depreciated, net 29.498,935 (125.203) (240.963) 29,132,769 Business-type activities capital assets, net $34,304.865 $ 695.214 $(586.4 70) $34.413,609 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 $ 165,228 482,621 914,738 277,121 $1.839.708 Business-type activities: Water and sewer Stormwater Total depreciation expense - business-type activities $1,371,977 244.668 $1.616.645 44 CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 7 - Leases: Business-type Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital Leases - The City has entered into a lease agreement as lessee for financing the acquisition of a medical transport vehicle. The City also financed the acquisition of certain equipment for its water and sewer utility fund. 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 $134,568 (85,226) $ 49 342 $373,034 (12,434) $360 600 The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2002 were as follows: Governmental Activities Year Endinq September 30, 2003 2004 2005 Total minimum lease payments Less: Amount representing interest $30,056 15,028 45,084 (1,516) $43.568 45 Business-type Activities $ 89,967 89,967 67.475 247,409 (34,912) $212.497 .- - .- - .- - .- -- - - - ... - ... - - - .- ..... -. . -- - .- - - -- -- . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 8 - Long-Term Debt: Revenue Bonds The City issues bonds where the City pledges revenue derived from the acquired or constructed assets to pay debt service. Revenue bonds have been issued for both governmental and business-type activities. The original amount of amounts 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. During the year ended September 30, 2002, $13,980,000 of refunding revenue bonds were issued to currently refund all of the City's outstanding Water and Sewer Revenue Bonds, Series 1992. Revenue bonds outstanding at year end are as follows: - ... - - - .- - Interest Balance Rates and Original September Dates Maturitv Amount 30.2002 Governmental Activities Improvement Refunding 3.90 - 5.5% 10/1/99 - Revenue Bonds - Series 1993 (4/1&10/1) 10/1/18 $9.635,000 $ 8,455,000 Subordinate Improvement 4.89% 10/1/99 - Revenue Bonds - Series 1997 (4/1 & 10/1) 10/1/02 $ 575.000 125,000 Improvement Refunding 3.25 -5.25% 10/1/10 - Revenue Bonds - Series 1999 (4/1&10/1) 10/1/29 $7.998.970 7,413,970 Special Assessment 3.4 -5.25% 10/1/02 - Revenue Bonds - Series 2001 (4/1 & 10/1) 10/1/29 $2.265 000 2.265,000 Total $18.258.970 Business-Type Activities Water and Sewer Refunding 4.5 - 5.5% 10/1/02 - Revenue Bonds - Series 2000 (4/1 & 10/1) 10/1/30 $6.969.191 $ 6,969,191 Water and Sewer Refunding 4.0 - 5.0% 10/1/02- Revenue Bonds - Series 2001 (4/1&10/1) 10/1/30 $6.065.000 6,065,000 Water and Sewer Refunding 3.0 - 5.25% 10/1/03 - Revenue Bonds - Series 2002 (4/1&10/1) 10/1/20 $13980.000 13,980,000 Total $27014191 - -- - - 46 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued 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 2003 $ 455,000 $ 731,622 $ 230,000 $ 446,832 2004 490,000 707,954 790,000 1,047,998 2005 515,000 685,499 815,000 1,020,472 2006 545,000 661,276 850,000 991,586 2007 580,000 635,010 880,000 960,222 2008-2012 3,540,000 2,725,477 4,965,000 4,245,181 2013-2017 4,945,000 1,613,480 6,185,000 3,028,794 2018-2022 3,893,442 3,996,454 7,027,498 2,261,164 2023-2027 2,133,569 5,059,145 2,313,074 7,577,550 2028-2031 1 ,161 ,959 2,110,920 2,958,619 4,953,881 $18258.970 $18.926.837 $27,014 191 $26 533,680 General ObliQation Bonds During 2002, 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 2002 Bonds shall not exceed one quarter (1/4) of one mil on all of the taxable property in the City. General obligation bonds currently outstanding are as follows: - - .- - .e - .- - - -- .- - Interest Balance Rates and Original September Dates Maturitv Amount 30,2002 Governmental Activities Limited General 2.0 - 5.375% 7/1/03 - Obligation Bonds - Series 2002 (1/1&10/1) 7/1/31 $3.400.000 $3 400.000 . ~ -- - .. - -- .- ;;;0;;' - - -- - - - - - 47 . . . . . .- . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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 2003 2004 2005 2006 2007 , 2008-2012 2013-2017 2018-2022 2023-2027 2028-2031 $ 65,000 65,000 65,000 65,000 70,000 385,000 475,000 625,000 795,000 790,,000 $3.400.000 - - . . - - - - - .- - - - Notes Pavable $ 160,330 159,030 157,438 155,552 153,472 726,678 629,812 , 492,500 320,480 100,750 $3.056.042 In June 2000, the City issued capital improvement notes to finance the acquisition of a data processing system, a medical transport vehicle and the construction of the Oak Forest subdivision wall. Notes payable outstanding at year end are as follows: Capital Improvement Revenue Note, Series 2000A - payable in five annual principal and interest payments of $204,742 through June 2005. Interest is at 4.67%. Capital Improvement Revenue Note, Series 2000B - payable interest only at 4.67% through June 2004 and balloon principal payment with interest due June 2005. 48 $ 561,030 590,907 $1 151.937 $1 151.937 $154525 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 8 - Long-Term Debt (Continued): Notes Pavable (Continued) Annual debt service requirements to maturity for notes payable are as follows: Year Ending September 30, Governmental Activities Principal Interest 2003 2004 2005 $ 178,542 186,880 786,515 $ 59,976 51,638 42,911 Obliqation Under Utility Aqreement In connection with the City's acquisition of the assets of Seminole Utility Company during fiscal year ended September 30, 1990, the City entered into an agreement with the seller whereby the City is obligated to pay the seller for future connections to the east utility plant, up to a maximum of $4,967,020 over a period of 15 years. The City has paid $2,220,574 for these connections through September 30,2002. . . At September 30, 2002, outstanding balances were as follows: - . - - Estimated accrual for remainder of obligation Less current portion Long-term portion at September 30, 2002 $180,000 (22,000) $158.00..0 - -- -- - - The City issued $13,980,000 of the Water and Sewer Refunding Revenue Bonds, Series 2002 for a current refunding of $13,895,000 Water and Sewer Refunding Revenue Bonds, Series 1992. The refunding was undertaken to reduce total future debt service payments" The reacquisition price exceeded the net carrying amount of the old debt by $606,082. This amount is being netted against the new debt and amortized over the new debt's life. The transaction also resulted in an economic gain of $1,003,202 and a reduction of $2,236,410 in future debt service payments" -- .- - .- - - ..... - - .- -- Current Refundinq - - 49 . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 - - - - - - - - - - - -- Note 8 - Long-Term Debt (Continued): Chan~es in Lonq-Term Liabilities Long-term liability activity for the year ended September 30, 2002 was as follows: Due Beginning Ending Within Balance Additions Reductions Balance One Year Governmental activities: Bonds payable - Revenue bonds $18,643,970 $ , $ (385,000) $18,258,970 $455,000 Limited general obligation bonds 3,400,000 3,400,000 65,000 Less: issuance discounts (22,822) 507 (22,315) Notes payable - Capital improvement notes 1,351,859 (199,922) 1,151,937 178,542 Capital lease 70,980 (27,412) 43,568 28,564 Compensated absences 306.069 12.673 318.742 32,000 Governmental activity long-term liabilities $20.372 878 $ 3.389 851 $ (611 827) $23 150 902 $759 106 Business-type activities: Bonds payable - Revenue bonds $26,929,191 $13,980,000 $(13,895,000) $27,014,191 $230,000 Less deferred amounts: For issuance discount ( 163,965) 13,169 119,041 (31,755) On refunding (555.383) (606,082) 58,557 (1.102,908) Total bonds payable 26,209,843 13,387,087 (13,717,402) 25,879,528 230,000 Obligation under utility agreement 218,000 (38,000) 180,000 22,000 Capital lease 275,935 (63,438) 212,497 70,366 Compensated absences 140.442 4.467 (40.405) 104.504 10.000 Business-type activity long-term liabilities $26 568 285 $13667489 $(13859245) _$26 376.529 .$332 366 - - 50 Transfer Out: General Fund Public Service Tax Special Revenue Fund Central Winds Capital Projects Fund Nonmajor Governmental Water and Sewer Utility Fund Nonmajor Business-Type $ $ 86,700 $ Total $ 86,700 3,419,604 78,900 1,599,588 1 ,131 ,085 26,200 . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 Note 9 - Interfund Receivables, Payables and Transfers: The balance of $350,521 due to the General Fund from the Public Service Tax Special Revenue Fund resulted from revenue earned by the Special Revenue Fund but not remitted to the General Fund at September 30, 2002. Interfund transfers for the year ended September 30, 2002 consisted of the following: General Fund Transfer In Nonmajor Water Governmental and Sewer 2,866,439 553,165 884,966 1,044,385 20.500 78,900 714,622 86,700 5,700 - - Total $4.816.290 $1.520.087 $5.700 $6342.077 - .- - 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 stand-alone financial report. - -- - The Board of Trustees of the plan are appointed by the City Commission to establish and amend all plan provisions. 51 . . . . . . . . . . . . . . . . . . e . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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. FundinQ 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 $238,202 for the year ended September 30, 2002. The City is required to contribute at an actuarially determined rate; the current rate is 12.6% of covered payroll. The City's contribution for the year ended September 30, 2002 was $604,058. Membership in the Defined Benefit Plan consisted of the following at October 1,2001: - .- Retirees and beneficiaries receiving benefits Terminated plan members entitled to but not receiving benefits Active plan members: Vested Non-vested 11 11 .- - - .- 187 63 212 .- - - 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 had need to report, a Net Pension Obligation (NPO). 52 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ ... .... - CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Note 10 - Defined Benefit Pension Plan (Continued): Annual Pension Cost and Net Pension Obligation (Continued) Required supplementary information is as follows: Schedule of Contributions from the Emplover Fiscal year Annual Required Percentage of ended Contribution (ARC) ARC Contribution 9/30/02 $605,058 100% 9/30/01 556,318 100% 9/30/00 254,646 100% 9/30/99 298,000 100% 9/30/98 349,289 100% 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 10/1/98 $ 366,840 $1,765,450 $1,398,610 26.2% $4,840,362 28.9% 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 69.4 6,569,263 39.2 Notes to Required Supplementary Information - The information presented in the required supplementary schedules was determined as part of the actuarial valuation at the date indicated. Additional information as of the latest (October 1, 2001) actuarial valuation follows: Assumptions: Investment Earnings Salary Increases - Inflation Postretirement Benefit Increases Mortality Table 9% . . . . . . . . . . 3% 0% 1983 Group Annuity Mortality Table Actuarial Valuation: Frequency Cost Method Amortization Method Amortization Period Asset Valuation Method Annual Frozen Entry Age Level Percentage of Projected Payroll 40 Years Open Market Value - .. - . -- - .- - - - - 53 . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued September 30, 2002 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 Public Employees Benefits Service Corporation (PEBSCO) 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. However, there is one lawsuit regarding interim service fees collected by the City in prior years which is not covered by the City's insurance carrier. The City may have to refund interim services fees collected in the amount of $160,000. A liability for this potential refund was not recorded since it is not known if the City will be required by the courts to refund amounts collected. Note 14 - Commitments: At September 30, 2002, the City had entered into construction contracts in the amount of $1,612,506. 54 September 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Note 15 - Prior Period Adjustments: The City recorded the following prior period adjustments: Governmental Funds The mortgage receivable recorded in the 1999 Construction Capital Projects Fund was recorded as revenue in a prior year in error. Since the receivable amount did not meet the "available" criteria, it should have been recorded as deferred revenue" The fund balance at October 1, 2001 for this capital project was decreased by $573,961 to correct this error. This correction has no effect on revenue or expenditures for the year ending September 30, 2002. Enterprise Funds During 2002, the City set up their capital assets using a new software system. During this conversion, it was discovered that there were errors in the computation of depreciation in prior years. In addition, there was an error made in 2001 in the recording of the deferred loss on refunding of debt. The net assets of the Water and Sewer Utility were increased by $1,122,662 at October 1, 2001 to correct these errors. This correction has no effect on revenue or expenses for the year ending September 30, 2002. - .. . . - - - - - - . - - - -- - - - -- - - . - ... - -- - - - - - - - - - 55 . . . . . . . . . . . . . . . . . . . . . . .. - - .. - - . - - .- - COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES .- - /.~\N1T!:;>' /_~ ;;-----.:_,"'~ I~C(~{::.~,~:~::, "\i (!::: ') :-\ )0J' ~\ '~I'1.Ii \ (r'lCC'!"pOTT,.e.) ~~ ,I I \ " 1 ~5g ':L.;.~' / ~ . . . . . . . . . . . . . . . . . . . . . . . . . . ... - ... - - - - - -- - - - This page intentionally left blank. - - - - - - - - - - - - -- . . . . . . . . . . . . . . . . . . . . . . . . Central Winds Capital Projects Fund - - . - - -- - - - - - - .- - MAJOR GOVERNMENTAL FUNDS Capital Project Fund - This fund was established to account for expansion of Central Winds Park. /~?~" // "/--~ -s- "- ! (1".::'-- ,'. '-<\ '\ I r:: / '~~\_:;~:~~,\ \~\) ~Ui, " \ IUl ,\ ~I/' \[;l(C7-~,' :i ."-. JI / " 1':;5'1 ~j/ '" ,~, / ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. ... - ... - ... - - - -- - -- - - - - - - - - - -- - - - - - .- - - - - - .- - - . . . CITY OF WINTER SPRINGS, FLORIDA . . CENTRAL WINDS CAPITAL PROJECTS FUND . SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN . FUND BALANCES - BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . Variance With . Final Budget Budgeted Amounts Actual Positive . Original Final Amounts (Negative) . . Revenues: . Investment income $ $ $ $ . Miscellaneous . Total revenues . Expenditures: . Debt service: . Bond issuance costs 99,200 99,200 84,405 14,795 . Capital outlay: . Culture and recreation 3,200,000 3,200,000 2,993,918 206,082 . Total expenditures 3,299,200 3,299,200 3,078,323 220,877 ... - Excess (Deficiency) of . Revenues Over Expenditures (3,299,200) (3,299,200) (3,078,323) 220,877 - - -- Other Financing Sources (Uses) - .- Operating transfers out (78,900) (78,900) (78,900) - - Bond proceeds 3,378,100 3,378,100 3,377,178 (922) - .- Net other financing sources (uses) 3,299,200 3,299,200 3,298,278 (922) - .- - Net Change in Fund Balance 219,955 219,955 Fund Balances - Beginning Fund Balances - Ending $ $ $ 219,955 $ 219,955 56 ~---0- ~ )-<;~"S'~ '\ /c'<.---_...._ '\~\ ! ...)..;' ~~:'\...../"-,__ .1, \ -I \ ~t! 'J,> :~\ ~ .), 0' ~)(f) " '\ I,' \[:"Cc'!"",.7)n\eJ.I...,J,/ ", 1';;9 y" '''~, / r-l.OR10t>- . . . . . . . . . . . . . . . . . . . . . . . . . . . . - .. . . This page intentionally left blank. - - ..- - - - - - - - ..- -- - - - - ... - - - -- - ..- - - - ,- - - .- - .- . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 Fire 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, exclusive of salaries and vehicles. 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 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 electi-ic 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. Special Revenue Funds - Continued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NONMAJOR GOVERNMENTAL FUNDS - Continued Medical Transport Fund Arbor Fund TLBD Maintenance Fund Oak Forest Maintenance Fund Town Center Road Improvement Fund 1993 Debt Service Fund 1997 Debt Service Fund 1999 Debt Service Fund Oak Forest Debt Service Fund TLBD Debt Service Fund Information System Debt Service Fund Central Winds Debt Service Fund 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 Town Center road improvements. Debt Service Funds - This fund is used to account for the accumulation of resources and payment of principal and interest for the 1993 bond issue. - This fund is used to account for the accumulation of resources and payment of principal and interest for the 1997 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 the accumulation of resources and payment of principal and interest for the 2001 Special assessment bond issue. . ... - .- - - - - - This fund is used to account for the accumulation of resources and payment of principal and interest for the 2000 note payable (data processing 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 1997 Construction Fund 1999 Construction Fund Information System Project Fund TLBD Improvement Fund Oak Forest Capital Fund . . . . . . . . . . . . Revolving Rehab Capital Projects Fund - - - - - - - - - .- - - - Capital Projects Funds - This fund was established for the acquisition and construction of City - owned Capital Improvements. - This fund was established for the acquisition and construction of City - owned Capital Improvements. - This fund was established for the acquisition of a new computer system. - 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. . . CITY OF WINTER SPRINGS, FLORIDA . . COMBINING BALANCE SHEET .- NONMAJOR GOVERNMENTAL FUNDS . . September 30, 2002 . . . . Special Revenue '. Police Special Law Transportation Recreation . Education Enforcement Improvement Acquisition . Fund Trust Fund Fund Fund . Assets: . Cash and cash equivalents $ 87,194 $ 69,609 $ 302,079 $ 138,044 . Receivables 29,145 . Due from other governments . Special assessment receivable . Mortgage receivable . . Total Assets $ 87,194 $ 69,609 $ 331,224 $ 138,044 . Liabilities and Fund Balances: . Liabilities: . Accounts payable $ $ $ 20,068 $ . Retainage payable . Deferred revenue . Total Liabilities 20,068 . . Fund Balances: . Reserved . Unreserved 87,194 69,609 311 , 1 56 138,044 . Total Fund Balances 87,194 69,609 311,156 138,044 . . Total Liabilities and Fund Balances $ 87,194 $ 69,609 $ 331,224 $ 138,044 . .... ... . . . . . . . - .. - - - - -- -- - - - -- - .- - 57 - . . . . . . . . . . . . Special Revenue . Transportation Police . Streetlighting Solid Waste Impact Impact Fund Fund Fee Fund Fee Fund . . . $ 1,967 $ 714,004 $ 1,257,638 $ 246,755 . 118 - - . .- . $ 2,085 $ 714,004 $ 1,257,638 $ 246,755 . . . . $ $ 111,784 $ 733 $ 409 .- . ... - - 111,784 733 409 - - - .- - 2,085 602,220 1,256,905 246,346 2,085 602,220 1,256,905 246,346 $ 2,085 $ 714,004 $ 1,257,638 $ 246,755 (Continued) 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30, 2002 Special Revenue Fire Medical TLBD Impact Transport Arbor Maintenance Fee Fund Fund Fund Fund Assets: Cash and cash equivalents $ 376,060 $ 340,808 $ 34,753 $ 498,666 Receivables 101,064 2,233 Due from other governments 115 Special assessment receivable Mortgage receivable Total Assets $ 376,060 $ 441,987 $ 34,753 $ 500,899 Liabilities and Fund Balances: Liabilities: Accounts payable $ $ 2,532 $ $ 286 Retainage payable Deferred revenue Total Liabilities 2,532 286 Fund Balances: Reserved Unreserved 376,060 439,455 34,753 500,613 Total Fund Balances 376,060 439,455 34,753 500,613 Total Liabilities and Fund Balances $ 376,060 $ 441,987 $ 34,753 $ 500,899 ..... - - -- ... - - '9 - - - .- -- - - - - - - - - e -- - ,- - - 59 . . . . . . 8- 8 . . . . Special Revenue Debt Service . Oak Forest Town Center . Maintenance Road Improve- 1993 Debt 1997 Debt . Fund ment Fund Total Service Fund Service Fund . . $ 20,308 $ 49,448 $ 4,137,333 $ 271,338 $ 128,107 . 263 132,823 .. 283,173 283,288 -- . . . $ 20,571 $ 332,621 $ 4,553,444 $ 271,338 $ 128,107 . . . ... $ 850 $ 191,654 $ $ $ ., 328,316 . 119,834 119,834 - - - 850 311,488 448,150 - -, - .- - 271,338 128,107 - - 19,721 21,133 4,105,294 19,721 21,133 4,105,294 271,338 128,107 ...... $ 20,571 $ 332,621 $ 4,553,444 $ 271,338 $ 128,107 (Continued) 60 Debt Service Oak Forest TLBD Information 1999 Debt Debt Service Debt Service System Debt Service Fund Fund Fund Service Fund Assets: Cash and cash equivalents $ 332,615 $ 2,232 $ 105,560 $ 85 Receivables 633 1,316 Due from other governments Special assessment receivable 590,907 2,225,000 Mortgage receivable Total Assets $ 332,615 $ 593,772 $ 2,331,876 $ 85 Liabilities and Fund Balances: Liabilities: Accounts payable $ $ $ 21 $ Retainage payable Deferred revenue 590,907 2,225,000 Total Liabilities 590,907 2,225,021 Fund Balances: Reserved 332,615 2,865 106,855 85 Unreserved Total Fund Balances 332,615 2,865 106,855 85 Total Liabilities and Fund Balances $ 332,615 $ 593,772 $ 2,331,876 $ 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30,2002 -. . . . . . . .- .... . - ... .... ... . -. - . 61 .... - - -- - - - - - - .- - . e . .- . . ,e. . . . . . Debt Service Capital Projects . Central Winds 1997 1999 Information TLBD . Debt Service Construction Construction System Improvement . Fund Total Fund Fund Project Fund Fund . . $ 23,275 $ 863,212 $ 115,869 $ 1,992,979 $ 100,237 $ 237,891 e 1,949 . . 2,815,907 . 573,961 . $ 23,275 $ 3,681,068 $ 115,869 $ 2,566,940 $ 100,237 $ 237,891 . . . . $ $ 21 $ $ $ 38,796 $ e 96,098 . 2,815,907 573,961 . 2,815,928 573;961 38,796 96,098 . e 23,275 865,140 .. - 115,869 1,992,979 61,441 141,793 - - 23,275 865,140 115,869 1,992,979 61 ,441 141,793 - $ 23,275 $ 3,681,068 $ 115,869 $ 2,566,940 $ 100,237 $ 237,891 - .- (Continued) 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - - - - .. . .... ... . . . .... . . - - - -- -- - - - . . . CITY OF WINTER SPRINGS, FLORIDA . . COMBINING BALANCE SHEET . NONMAJORGOVERNMENTALFUNDS ,e- .' September 30, 2002 . . . . Capital Projects Total . Oak Forest Revolving Nonmajor . Capital Rehab Capital Governmental . Fund Projects Fund Total Funds . Assets: . Cash and cash equivalents $ 141,116 $ 335,694 $ 2,923,786 $ 7,924,331 . Receivables 134,772 . Due from other governments 283,288 . Special assessment receivable 2,815,907 . Mortgage receivable 573,961 57-3,961 . Total Assets $ 141,116 $ 335,694 $ 3,497,747 $ 11,732,259 . . Liabilities and Fund Balances: . Liabilities: . Accounts payable $ $ $ 38,796 $ 367,133 . Retainage payable 96,098 215,932 .- Deferred revenue 573,961 3,389,868 ... .- Total Liabilities 708,855 3,972,933 - - - Fund Balances: - Reserved 865,140 - - Unreserved 141,116 335,694 2,788,892 6,894,186 - Total Fund Balances 141,116 335,694 2,788,892 7,759,326 -- .- Total Liabilities and Fund Balances $ 141,116 $ 335,694 $ 3,497,747 $ 11,732,259 --- 63 . . CITY OF WINTER SPRINGS, FLORIDA . . COMBINING STATEMENT OF REVENUES, . EXPENDITURES AND CHANGES IN FUND BALANCES . NONMAJOR GOVERNMENTAL FUNDS . . For The Year Ended September 30, 2002 . . . Special Revenue . Police Special Law Transportation Recreation . Education Enforcement Improvement Acquisition . Fund Trust Fund Fund Fund . Revenues: . Taxes and special assessments $ $ $ $ . Licenses and permits . Intergovernmental revenues 349,648 . Charges for services Fines and forfeitures 41 ,373 34,453 . Investment income 1,005 896 3,495 2,073 . Miscellaneous 5,735 28,800 . Total revenues 42,378 41,084 353,143 30,873 . . Expenditures: . Current: . General government Public safety 24,250 1,096 . Physical environment 204,640 . Culture and recreation 98 . Debt Service: . Principal retirement Interest and fiscal charges . Capital outlay: . General government - Physical environment ... - Culture and recreation ... - Total expenditures 24,250 1,096 204,640 98 - - Excess (Deficiency) of - ... Revenues over Expenditures 18,128 39,988 148,503 30,775 - ... .- Other Financing Sources (Uses): - Operating transfers in . Operating transfers out .- Net other financing sources (uses) ... .. .. Net Change in Fund Balances 148,503 - 18,128 39,988 30,775 - - - Fund Balances - Beginning: - As previously reported 69,066 29,621 162,653 -- 107,269 .... Prior period correction -- .- As restated 69,066 29,621 162,653 107,269 - Fund Balances - Ending $ 87,194 $ 69,609 $ 311,156 $ 138,044 .- .... 64 . . . . . . . . . . . . Special Revenue . Electric Transportation Police Streetlighting Solid Waste Franchise Impact Impact . Fund Fund Fee Fund Fee Fund Fee Fund . . . $ $ $ 1,251,069 $ $ . 192,095 55,284 . '. 7,432 1,549,073 . . 4 9,996 28,210 4,208 . 7,436 1,549,073 1,261,065 220,305 59,492 . . . . 7,619 1,316,050 291 . 77,913 . 570,410 . .. - . . ... .- .. .- 7,619 1,316,050 291 570,410 77,913 - - .... - - (183) 233,023 1,260,774 (350,105) (18,421 ) - ~ - -- (1,130) (108,000) (1,260,774) (1,130) (108,000) (1,260,774) - (1,313) 125,023 (350,105) (18,421) 3,398 477,197 1,607,010 264,767 3,398 477,197 1,607,010 264,767 $ 2,085 $ 602,220 $ $ 1,256,905 $ 246,346 ~ - (Continued) 65 67 220,000 180,181 29,346 30,099 100,383 144,393 28,922 . . . . . '. . . . . . . . . . . . . . . . . . . . . . . .- ... - - a ... .... ... ~ ... .- ... CITY OF WINTER SPRINGS, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Year Ended September 30, 2002 1999 Debt Service Fund Debt Service Oak Forest TLBD Debt Service Debt Service Fund Fund Information System Debt Service Fund Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ $ 12,055 $ 40,000 $ 622 33,310 13,854 59,219 111,991 12,772 164,763 622 Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt Service: Principal retirement Interest and fiscal charges Capital outlay: General government Physical environment Culture and recreation Total expenditures 6,360 4,375 400,181 65,805 104,758 173,315 .- - .- - Excess (Deficiency) of Revenues Over Expenditures 413,866 173,400 - - ... -. - .- ... - - - - (399,559) (6,586) 60,005 (173,315) Other Financing Sources (Uses): Operating transfers in Operating transfers out Net other financing sources (uses) 413,866 173,400 Net Change in Fund Balances 14,307 (6,586) 60,005 85 - - Fund Balances - Beginning: As previously reported Prior period correction As restated Fund Balances - Ending 318,308 9,451 46,850 -- - $ 318,308 332,615 $ 9,451 2,865 $ 46,850 106,855 $ 85 .-. 68 . . . . . . -. . . . . . Debt Service Capital Projects Central Winds 1997 1999 Information TLBD . Debt Service Construction Construction System Improvements . Fund Total Fund Fund Project Fund Fund . . $ $ 52,055 $ $ $ $ ... - . . . 146,042 2,232 47,293 22,417 . 26,626 56 . 224,723 2,232 47,349 22,417 . . - - .- 75 .. . . 10,735 . .- 558,739 ... - 55,625 848,456 ... .- - 180,086 .- - 1,721,647 .- 13,478 55,625 1,417,930 75 13,478 180,086 1,721,647 -- (55,625) (1,193,207) 2,157 33,871 (180,086) (1,699,230) -- 78,900 1,290,403 .- (229,684) ... 78,900 1,290,403 (229,684) ...- 23,275 97,196 2,157 (195,813) (180,086) (1,699,230) 767,944 113,712 2,762,753 241,527 1,841,023 (573,961 ) 767,944 113,712 2,188,792 241,527 1,841,023 $ 23,275 $ 865,140 $ 115,869 $ 1,992,979 $ 61,441 $ 141,793 (Continued) 69 /~"" /{ /" . '.~z._" l(j,~---,._. -'~~\ (t (' =::;-'~.;"-<\ '\"1;,\ _: {. \, (1 U\ ~\J(f)1 \ \hcG17---=".j '. ,. / \ ,~~y J ~ . . . . . . . . . . . . . . . -. . . . . . . . . This page intentionally left blank. - WI' . . . . .- - . . .- ... .. - - - - - <!!!!!!o ... . - - - ... . . -- - .- ... - - - - - - .- . . . -. . . . . . . . . . . . . .... .. . . . . . . . CITY OF WINTER SPRINGS, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Year Ended September 30, 2002 Oak Forest Capital Fund Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ 32,614 2,898 35,512 Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt Service: Principal retirement Interest and fiscal charges Capital outlay: General government Physical environment Culture and recreation Total expenditures 129 - -- . . . .- - - ... . .- - ..-. - - 129 ..-. - Excess (Deficiency) of Revenues Over Expenditures _ 35,383 - ...... - Other Financing Sources (Uses): Operating transfers in Operating transfers out Net other financing sources (uses) "!II' Net Change in Fund Balances 35,383 Fund Balances - Beginning: As previously reported Prior period correction As restated Fund Balances - Ending 105,733 $ 105,733 141,116 $ Capital Projects Revolving Rehab Capital Projects Fund $ 229,684 229,684 229,684 106,010 106,010 335,694 70 Total $ 32,614 74,840 56 107,510 180,086 1,721,776 13,478 1,915,415 (1,807,905) 229,684 (229,684) (1,807,905) 5,170,758 (573,961 ) 4,596,797 $ 2,788,892 $ 75 Total Nonmajor Governmental Funds $ 1,607,061 295,310 1,896,557 1,757,927 75,826 293,390 61,217 5,987,288 1,324,035 227,237 2,352,275 98 612,333 856,345 180,086 1,721,776 13,478 7,287,663 (1,300,375) 1,520;087 (1,599,588) (79,501 ) (1,379,876) 9,713,163 (573,961 ) 9,139,202 7,759,326 CITY OF WINTER SPRINGS, FLORIDA POLICE EDUCATION SPECIAL REVENUE FUND SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For The Year Ended September 30, 2002 Budgeted Amounts Original Final Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ $ 15,000 500 15,000 500 15,500 15,500 Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt service: Principal retirement Interest and fiscal charges Total expenditures 25,100 25,100 25,100 25,100 Excess (Deficiency) of Revenues Over Expenditures (9,600) (9,600) Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) Net Change in Fund Balance (9,600) (9,600) Fund Balances - Beginning 69,066 69,066 Fund Balances - Ending $ 59,466 $ 59,466 $ 71 Actual Amounts $ 41,373 1,005 42,378 24,250 24,250 18,128 18,128 69,066 87,194 $ Variance with Final Budget- Positive (Negative) . . . . . . . . . . . . . . . . . . . . . . . . $ 26,373 505 26,878 850 -. - . . . . . . . 850 27,728 - - . -. .. 27,728 - - -. ~ . . . .- .. . 27,728 - ... -- - - - .- ... - --- - -- - . . . 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, 2002 . . 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 20,000 20,000 34,453 14,453 Investment income 500 500 896 396 . Miscellaneous 5,735 5,735 . Total revenues 20,500 20,500 41,084 20,584 . Expenditures: . Current: A General government - . Public safety 2,000 2,000 1,096 904 . Physical environment . Culture and recreation Debt service: - Principal retirement - - Interest and fiscal charges ... .... Total expenditures 2,000 2,000 1,096 904 - .- - Excess (Deficiency) of - Revenues Over Expenditures 18,500 18,500 39,988 21 ,488 .- -. Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources ...... (uses) Net Change in Fund Balance 18,500 18,500 39,988 21,488 ".. Fund Balances - Beginning 29,621 29,621 29,621 Fund Balances - Ending $ 48,121 $ 48,121 $ 69,609 $ 21 ,488 72 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, 2002 Budgeted Amounts Original Final Actual Amounts Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ $ $ 275,000 275,000 349,648 2,500 2,500 3,495 277,500 277,500 353,143 Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt service: Principal retirement Interest and fiscal charges Total expenditures 249,900 249,900 204,640 249,900 249,900 204,640 Excess (Deficiency) of Revenues Over Expenditures 27,600 27,600 148,503 Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) Net Change in Fund Balance 27,600 27,600 148,503 Fund Balances - Beginning 162,653 162,653 162,653 Fund Balances - Ending $ 190,253 $ 190,253 $ 311,156 $ 73 Variance with Final Budget- Positive (Negative) $ 74,648 . . . . . . . . . . . . . . . . . . . . . . . . - - 995 75,643 45,260 . . . . . . . 45,260 120,903 -. ... . .- - .- - - ... J!!!!!!r. ... 120,903 . 120,903 - - - - - - - - - - - ..... . . . CITY OF WINTER SPRINGS, FLORIDA . . RECREATION ACQUISITION SPECIAL REVENUE FUND . SCHEDULES OF REVENUES, EXPENDITURES AND . CHANGES IN FUND BALANCES-BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . 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 700 700 2,073 1,373 . Miscellaneous 28,800 28,800 . Total revenues 700 700 30,873 30,173 . Expenditures: . Current: .- General government - . Public safety . Physical environment Culture and recreation 100 100 98 2 . Debt service: . Principal retirement . Interest and fiscal charges . Total expenditures 100 100 98 2 . Excess (Deficiency) of .... Revenues Over Expenditures 600 600 30,775 30,175 ... . Other Financing Sources (Uses) . Operating transfers in - Operating transfers out -- Net other financing sources - ... (uses) - ... - Net Change in Fund Balance 600 600 30,775 30,175 - - .. Fund Balances - Beginning 107,269 107,269 107,269 - - - Fund Balances - Ending $ 107,869 $ 107,869 $ 138,044 $ 30,175 - -. - - ~ - -. """ 74 . . 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, 2002 . . . 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 7,000 7,000 7,432 432 . Fines and forfeitures . Investment income 4 4 Miscellaneous . Total revenues 7,000 7,000 7,436 436 . . Expenditures: . Current: General government 7,000 7,000 7,619 (619) . Public safety . Physical environment . Culture and recreation . Debt service: Principal retirement . Interest and fiscal charges . Total expenditures 7,000 7,000 7,619 (619) . Excess (Deficiency) of . Revenues Over Expenditures (183) (183) . . Other Financing Sources (Uses) . Operating transfers in Operating transfers out (1,130) (1,130) . Net other financing sources . (uses) (1,130) (1,130) . Net Change in Fund Balance (1,313) (1,313) . . Fund Balances - Beginning 3,398 3,398 3,398 . Fund Balances - Ending $ 3,398 $ 3,398 $ 2,085 $ (1,313) . . . . .- ., . - . . - - - - - - -- 75 - - .... ... . . . 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, 2002 . . 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 1,540,000 1,540,000 1,549,073 9,073 . Fines and forfeitures Investment income . Miscellaneous . Total revenues 1,540,000 1,540,000 1,549,073 9,073 . Expenditures: . Current: - General government 1,310,000 1,288,000 1,316,050 (28,050) . Public safety . Physical environment . Culture and recreation Debt service: . Principal retirement . Interest and fiscal charges . Total expenditures 1,310,000 1,288,000 1,316,050 (28,050) . Excess (Deficiency) of .- Revenues Over Expenditures 230,000 252,000 233,023 (18,977) - .- !!!!' Other Financing Sources (Uses) .- - Operating transfers in - Operating transfers out (108,000) (108,000) (108,000) - Net other financing sources - (uses) (108,000) (108,000) (108,000) - - - Net Change in Fund Balance 122,000 144,000 125,023 (18,977) - "!!I" Fund Balances - Beginning 477,197 477,197 477,197 .- -. Fund Balances - Ending $ 599,197 $ 621 ,197 $ 602,220 $ (18,977) - 76 . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ 1,134,900 $ 1,217,000 $ 1,251,069 $ 34,069 . Licenses and permits Intergovernmental revenues . Charges for services . Fines and forfeitures . Investment income 2,500 2,500 9,996 7,496 . Miscellaneous Total revenues 1,137,400 1,219,500 1,261,065 41,565 . . Expenditures: . Current: a General government 4,600 4,700 291 4,409 . Public safety Physical environment . Culture and recreation . Debt service: . Principal retirement . Interest and fiscal charges Total expenditures 4,600 4,700 291 4,409 . Excess (Deficiency) of . -. Revenues Over Expenditures 1,132,800 1,214,800 1,260,774 45,974 .... . Other Financing Sources (Uses) . Operating transfers in . Operating transfers out (1,137,865) (1,219,865) (1,260,774) (40,909) Net other financing sources . (uses) (1,137,865) (1,219,865) (1,260,774) (40,909) . Net Change in Fund Balance (5,065) (5,065) 5,065 . . Fund Balances - Beginning . Fund Balances. Ending $ (5,065) $ (5,065) $ $ 5,065 . . . - ..... - ... . . . - - - - .- - -- -. 77 - - . . . . . . . . . . . . . . . . . . . . ... - 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, 2002 Budgeted Amounts Original Final Actual Amounts Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ $ $ 140,000 192,095 140,000 35,000 28,210 35,000 175,000 220,305 175,000 . . . . . .- ... . Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt service: Principal retirement Interest and fiscal charges Total expenditures 1,600,100 570,410 1,600,100 - - ... - - - - 1,600,100 570,410 1,600,100 Excess (Deficiency) of Revenues Over Expenditures (1,425,100) (1,425,100) (350,105) - - -. Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) (39,000) (39,000) (39,000) (39,000) --- -- - -. (1,464,100) (350,105) Net Change in Fund Balance (1,464,100) .... 1,607,010 1,607,010 142,910 $ 1,256,905 $ 1,113,995 Fund Balances - Beginning 1,607,010 Fund Balances - Ending $ 142,910 $ 78 Variance with Final Budget- Positive (Negative) $ 52,095 (6,790) 45,305 1,029,690 1,029,690 1,074,995 39,000 39,000 1,113,995 . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- Actual Positive . Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ $ $ $ Licenses and permits 40,000 40,000 55,284 15,284 . Intergovernmental revenues . Charges for services . Fines and forfeitures . Investment income 5,000 5,000 4,208 (792) . Miscellaneous Total revenues 45,000 45,000 59,492 14,492 . . Expenditures: . Current: . General government Public safety 78,500 243,500 77,913 165,587 . Physical environment . Culture and recreation . Debt service: . Principal retirement Interest and fiscal charges . Total expenditures 78,500 243,500 77,913 165,587 .- - Excess (Deficiency) of . - Revenues Over Expenditures (33,500) (198,500) (18,421 ) 180,079 ... . Other Financing Sources (Uses) .- Operating transfers in ... - Operating transfers out - Net other financing sources .- -- (uses) . .... Net Change in Fund Balance (33,500) (198,500) (18,421 ) 180,079 .. .... ... Fund Balances - Beginning 264,767 264,767 264,767 .... ... Fund Balances - Ending $ 231,267 $ 66,267 $ 246,346 $ 180,079 . .... - - - - - - - ... - -- ..... - -. 79 . . . 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, 2002 . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts (Negative) . Revenues: . Taxes and special assessments $ $ $ $ ., Licenses and permits 25,000 25,000 31,891 6,891 . Intergovernmental revenues .. Charges for services .... Fines and forfeitures . Investment income 4,500 4,500 6,192 1,692 - - Miscellaneous . Total revenues 29,500 29,500 38,083 8,583 . Expenditures: . Current: . General government . Public safety 100 100 126 (26) - Physical environment - Culture and recreation - ... Debt service: - Principal retirement - Interest and fiscal charges - - Total expenditures 100 100 126 (26) - - - Excess (Deficiency) of Revenues Over Expenditures 29,400 29,400 37,957 8,557 - Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) Net Change in Fund Balance 29,400 29,400 37,957 8,557 "" Fund Balances - Beginning 338,103 338,103 338,103 Fund Balances - Ending $ 367,503 $ 367,503 $ 376,060 $ 8,557 ...;. 80 . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ $ $ $ ,. Licenses and permits Intergovernmental revenues 30,000 30,000 . Charges for services 140,000 140,000 201,422 61,422 . Fines and forfeitures . Investment income 6,500 6,500 6,307 (193) . Miscellaneous Total revenues 146,500 176,500 237,729 61,229 . . Expenditures: . Current: . General government Public safety 80,400 110,400 123,852 ( 13,452) . Physical environment . Culture and recreation . Debt service: - Principal retirement 53,620 53,620 53,594 26 ... .- Interest and fiscal charges 7,980 7,980 7,889 91 ... Total expenditures 142,000 172,000 185,335 (13,335) - - .. Excess (Deficiency) of - - Revenues Over Expenditures 4,500 4,500 52,394 47,894 - .- - Other Financing Sources (Uses) - Operating transfers in - .- Operating transfers out -- Net other financing sources .- - (uses) .- ... .. Net Change in Fund Balance 4,500 4,500 52,394 47,894 - - .... Fund Balances - Beginning 387,061 387,061 387,061 - -- - Fund Balances - Ending $ 391,561 $ 391,561 $ 439,455 $ 47,894 - -- - -. 81 . . @ 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, 2002 . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts' (Negative) . Revenues: . Taxes and special assessments $ $ $ $ . Licenses and permits 5,000 5,000 16,040 11,040 . I ntergovernmental revenues . Charges for services Fines and forfeitures . Investment income 25 25 - Miscellaneous - . Total revenues 5,000 5,000 16,065 11 ,065 . Expenditures: . Current: . General government . Public safety .... Physical environment 38,000 38,000 9,605 28,395 - Culture and recreation . Debt service: - Principal retirement ... .- Interest and fiscal charges - - Total expenditures 38,000 38,000 9,605 28,395 ... . Excess (Deficiency) of - Revenues Over Expenditures (33,000) (33,000) 6,460 39,460 - - - Other Financing Sources (Uses) - - Operating transfers in - Operating transfers out - Net other financing sources - (uses) - - - Net Change in Fund Balance (33,000) (33,000) 6,460 39,460 - "'!l" Fund Balances - Beginning 28,293 28,293 28,293 Fund Balances - Ending $ (4,707) $ (4,707) $ 34,753 $ 39,460 82 . . CITY OF WINTER SPRINGS, FLORI DA . . TLBD MAINTENANCE SPECIAL REVENUE FUND . SCHEDULE OF REVENUES, EXPENDITURES AND . CHANGES IN FUND BALANCES-BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ 280,000 $ 280,000 $ 281,595 $ 1,595 . Licenses and permits Intergovernmental revenues . Charges for services . Fines and forfeitures . Investment income 13,000 13,000 8,882 (4,118) . Miscellaneous Total revenues 293,000 293,000 290,477 (2,523) . . Expenditures: . Current: . General government Public safety . Physical environment 205,700 205,700 77,300 128,400 . Culture and recreation . Debt service: . Principal retirement Interest and fiscal charges . Total expenditures 205,700 205,700 77,300 128,400 . Excess (Deficiency) of . - Revenues Over Expenditures 87,300 87,300 213,177 125,877 ... . Other Financing Sources (Uses) . Operating transfers in .. Operating transfers out - Net other financing sources .- ... (uses) . ... Net Change in Fund Balance 87,300 87,300 213,177 125,877 ... . Fund Balances - Beginning 287,436 287,436 287,436 . Fund Balances - Ending $ 374,736 $ 374,736 $ 500,613 $ 125,877 . - - .... - - .- - - - - .. - - - - - 83 - -- . . . 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, 2002 . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts (Negative) . Revenues: . Taxes and special assessments $ 23,000 $ 23,000 $ 22,342 $ (658) . Licenses and permits . Intergovernmental revenues . Charges for services . Fines and forfeitures Investment income 500 500 456 (44) - Miscellaneous - . Total revenues 23,500 23,500 22,798 (702) . Expenditures: . Current . General government . Public safety . Physical environment 20,100 20,100 15,664 4,436 . Culture and recreation Debt service: ... Principal retirement .... Interest and fiscal charges ... .- Total expenditures 20,100 20,100 15,664 4,436 ... a Excess (Deficiency) of - - Revenues Over Expenditures 3,400 3,400 7,134 3,734 - - Other Financing Sources (Uses) - - Operating transfers in . - Operating transfers out -.. Net other financing sources - (uses) - - Net Change in Fund Balance 3,400 3,400 7,134 3,734 - --- Fund Balances - Beginning 12,587 12,587 12,587 Fund Balances - Ending $ 15,987 $ 15,987 $ 19,721 $ 3,734 84 3,031,000 3,031,000 1,463,921 1,567,079 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA TOWN CENTER ROAD IMPROVEMENT SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For The Year Ended September 30, 2002 Original Final Actual Amounts Variance with Final Budget- Positive (Negative) Budgeted Amounts Revenues: Taxes and special assessments Licenses and permits Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues $ $ $ $ 3,031,000 3,031,000 1,484,295 (1,546,705) 759 759 3,031,000 3,031,000 1,485,054 (1,545,946) Expenditures: Current: General government Public safety Physical environment Culture and recreation Debt service: Principal retirement Interest and fiscal charges Total expenditures 3,031,000 3,031,000 1,463,921 1,567,079 Excess (Deficiency) of Revenues Over Expenditures 21,133 21 ,133 - ... . Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) - .. .- .. -. ... . Net Change in Fund Balance 21,133 21,133 - . .... - Fund Balances - Ending $ $ $ 21,133 $ 21,133 . . Fund Balances - Beginning - - .... - a ~ ... .- - - .- - - - 85 . . . CITY OF WINTER SPRINGS, FLORIDA . . 1993 DEBT SERVICE FUND . SCHEDULES OF REVENUES, EXPENDITURES AND . CHANGES IN FUND BALANCES-BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . 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 6,500 6,500 119 (6,381) . Miscellaneous . Total revenues 6,500 6,500 119 (6,381) . Expenditures: . Current: . General government . Public safety . Physical environment . Culture and recreation Debt service: - Principal retirement 45,000 . 45,000 45,000 -- Interest and fiscal charges 443,833 443,833 444,066 (233) ... . Total expenditures 488,833 488,833 489,066 (233) . Excess (Deficiency) of - Revenues Over Expenditures (482,333) (482,333) (488,947) (6,614) - - Other Financing Sources (Uses) - - Operating transfers in 482,333 482,333 486,761 4,428 - Operating transfers out - - Net other financing sources - (uses) 482,333 482,333 486,761 4,428 - - - Net Change in Fund Balance (2,186) (2,186) - - Fund Balances - Beginning 273,524 273,524 273,524 Fund Balances - Ending $ 273,524 $ 273,524 $ 271,338 $ (2,186) 86 . . CITY OF WINTER SPRINGS, FLORIDA . . 1997 DEBT SERVICE FUND . SCHEDULES OF REVENUES, EXPENDITURES AND . CHANGES IN FUND BALANCES - BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . . 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 120,000 120,000 120,000 Interest and fiscal charges 14,500 14,500 9,180 5,320 . Total expenditures 134,500 134,500 129,180 5,320 . Excess (Deficiency) of . .... Revenues Over Expenditures ( 134,500) (134,500) (129,180) 5,320 ... . Other Financing Sources (Uses) . Operating transfers in 140,500 140,500 137,476 (3,024) .- Operating transfers out ... Net other financing sources .... - (uses) 140,500 140,500 137,476 (3,024) . .- Net Change in Fund Balance 6,000 6,000 8,296 2,296 ... - . Fund Balances - Beginning 119,811 119,811 119,811 . Fund Balances - Ending $ 125,811 $ 125,811 $ 128,107 $ 2,296 . . ... - .... - .- -- .- ... -. - - - .... -- 87 - . . . 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, 2002 . . 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 5,000 5,000 622 (4,378) . Miscellaneous . Total revenues 5,000 5,000 622 (4,378) . Expenditures: . Current: . General government . Public safety . Physical environment . Culture and recreation Debt service: . Principal retirement 220,000 220,000 220,000 . Interest and fiscal charges 189,630 189,630 180,181 9,449 . Total expenditures 409,630 409,630 400,181 9,449 . Excess (Deficiency) of - Revenues Over Expenditures (404,630) (404,630) (399,559) 5,071 ... . Other Financing Sources (Uses) .- .... Operating transfers in 411,630 411,630 413,866 2,236 - Operating transfers out - -. Net other financing sources - (uses) 411,630 411,630 413,866 2,236 - - - Net Change in Fund Balance 7,000 7,000 14,307 7,307 - .- - Fund Balances - Beginning 318,308 318,308 318,308 - .- Fund Balances - Ending $ 325,308 $ 325,308 $ 332,615 $ 7,307 - - - -. - -. 88 . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ $ 65,600 $ 12,055 $ (53,545) . Licenses and permits I ntergovernmental revenues . Charges for services . Fines and forfeitures . Investment income 33,310 33,310 . Miscellaneous 13,854 13,854 Total revenues 65,600 59,219 (6,381) . . Expenditures: . Current: . General government Public safety . Physical environment 6,270 6,360 (90) . Culture and recreation . Debt service: . Principal retirement 8,400 8,400 29,346 (20,946) Interest and fiscal charges 33,900 33,880 30,099 3,781 . Total expenditures 42,300 48,550 65,805 (17,255) . Excess (Deficiency) of . Revenues Over Expenditures (42,300) 17,050 (6,586) (23,636) . . Other Financing Sources (Uses) . Operating transfers in 42,300 . Operating transfers out Net other financing sources -. .... (uses) 42,300 . Net Change in Fund Balance 17,050 (6,586) (23,636) . . Fund Balances - Beginning 9,451 9,451 9,451 . Fund Balances - Ending $ 9,451 $ 26,501 $ 2,865 $ (23,636) . . . . . . . .- ... . .- ... - .. - .- 89 - .- .. . . . CITY OF WINTER SPRINGS, FLORIDA . . TLBD DEBT SERVICE FUND . SCHEDULES OF REVENUES, EXPENDITURES AND . CHANGES IN FUND BALANCES-BUDGET AND ACTUAL . . For The Year Ended September 30, 2002 . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts (Negative) . Revenues: . Taxes and special assessments $ $ 160,000 $ 40,000 $ (120,000) . Licenses and permits . Intergovernmental revenues . Charges for services . Fines and forfeitures Investment income 111,991 111,991 . Miscellaneous 12,772 12,772 . Total revenues 160,000 164,763 4,763 . Expenditures: . Current: . General government . Public safety . Physical environment 6,250 4,375 1,875 . Culture and recreation Debt service: - ... Principal retirement 40,000 40,000 40,000 .- Interest and fiscal charges 111 ,800 111 ,800 100,383 11,417 - .- Total expenditures 151,800 158,050 104,758 53,292 ... . Excess (Deficiency) of - Revenues Over Expenditures (151,800) 1,950 60,005 58,055 - - Other Financing Sources (Uses) - - Operating transfers in 151,800 -. Operating transfers out - - Net other financing sources - (uses) 151,800 - -- Net Change in Fund Balance 1,950 60,005 58,055 - -- Fund Balances - Beginning 46,850 46,850 46,850 Fund Balances - Ending $ 46,850 $ 48,800 $ 106,855 $ 58,055 90 CITY OF WINTER SPRINGS, FLORIDA INFORMATION SYSTEM DEBT SERVICE FUND SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL For The Year Ended September 30, 2002 Budgeted Amounts Original 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 Total expenditures 139,400 34,000 173,400 Excess (Deficiency) of Revenues Over Expenditures (173,400) Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources (uses) 173,400 173,400 Net Change in Fund Balance Fund Balances - Beginning Fund Balances - Ending $ Final Actual Amounts $ $ 139,400 34,000 173,400 144,393 28,922 173,315 ( 173,400) (173,315) 173,400 173,400 173,400 173,400 85 $ $ 85 91 Variance with Final Budget- Positive (Negative) $ $ (4,993) 5,078 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 - ... . 85 .!!!!!!!l. - .- - .... - - - - ... .... ... - . .- .. 85 - - .... ... - - - - - - - - - -- .- - - -. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA 1997 CONSTRUCTION CAPITAL PROJECTS FUND SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For The Year Ended September 30, 2002 Budgeted Amounts Original Revenues: T axes and special assessments Intergovernmental Investment income Miscellaneous Total revenues $ 6,000 6,000 Ex pend itu res: Current: General government Capital Outlay: General govemment Public safety Physical environment Culture and recreation Total expenditures Excess (Deficiency) of Revenues Over Expenditures 6,000 - ... . Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources(uses) - - - - - - - - - ... .- - Net Change in Fund Balance 6,000 Fund Balances - Beginning: As previously reported Prior period correction As restated Fund Balances - Ending $ 113,712 119,712 $ - - - 113,712 - -. Final $ 6,000 6,000 6,000 6,000 113,712 113,712 119,712 $ 92 Actual Amounts $ 2,232 2,232 75 2,157 2,157 113,712 113,712 115,869 $ 75 Variance with Final Budget- Positive (Negative) $ (3,768) (3.768) (75) (75) (3,843) (3,843) (3,843) . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts (Negative) . Revenues: . Taxes and special assessments $ $ $ $ . Intergovernmental . Investment income 75,000 75,000 47,293 (27,707) . Miscellaneous 56 56 . Total revenues 75,000 75,000 47,349 (27,651 ) . . Expenditures: . Current: . General government Capital Outlay: . General government . Public safety . Physical environment . Culture and recreation 1,764,700 1,778,178 13,478 1,764,700 . Total expenditures 1,764,700 1,778,178 13,478 1,764,700 . Excess (Deficiency) of . . Revenues Over Expenditures (1,689,700) (1,703,178) 33,871 1,737,049 . Other Financing Sources (Uses) . Operating transfers in . Operating transfers out (229,684) (229,684) . Net other financing sources(uses) (229,684) (229,684) .... ... . Net Change in Fund Balance (1,689,700) (1,703,178) (195,813) 1,507,365 . Fund Balances - Beginning: . . As previously reported 2,762,753 2,762,753 2,762,753 . Prior period correction (573,961 ) (573,961 ) As restated 2,762,753 2,762,753 2,188,792 (573,961 ) . Fund Balances - Ending $ 1,073,053 $ 1,059,575 $ 1,992,979 $ 933,404 . . - .. . . .... .. .- ... - - .- - - - - 93 .. - - . . . . . . . . . . . . . . . . . . . . ..- ... CITY OF WINTER SPRINGS, FLORIDA INFORMATION SYSTEM CAPITAL PROJECTS FUND SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For The Year Ended September 30, 2002 Budgeted Amounts Original Revenues: Taxes and special assessments Intergovernmental Investment income Miscellaneous Total revenues $ . Expenditures: Current: General government Capital Outlay: General government Public safety Physical environment Culture and recreation Total expenditures 25,000 - . . .- - .... ... - - - - 25,000 - - - - - Excess (Deficiency) of Revenues Over Expenditures (25,000) Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources(uses) Net Change in Fund Balance (25,000) Fund Balances - Beginning As previously reported Prior period correction As restated Fund Balances - Ending 241,527 $ 241,527 216,527 $ Final $ 246,150 246,150 (246,150) (246,150) 241,527 241 ,527 (4,623) $ 94 Actual Amounts $ 180,086 180,086 (180,086) (180,086) 241,527 241,527 61,441 $ Variance with Final Budget- Positive (Negative) $ 66,064 66,064 66,064 66,064 66,064 . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- . Actual Positive . Original Final Amounts (Negative) . Revenues: . Taxes and special assessments $ 160,000 $ $ $ . Intergovernmental . Investment income 20,000 20,000 22,417 2,417 . Miscellaneous . Total revenues 180,000 20,000 22,417 2,417 . . Expenditures: . Current: . General government Capital Outlay: . General government . Public safety . Physical environment 1,608,600 1,848,350 1,721,647 126,703 . Culture and recreation - ... Total expenditures 1,608,600 1,848,350 1,721,647 126,703 - ... .... Excess (Deficiency) of ... - Revenues Over Expenditures (1,428,600) (1,828,350) (1,699,230) 129,120 .. - - Other Financing Sources (Uses) - -- Operating transfers in - Operating transfers out (151,800) - Net other financing sources(uses) (151,800) -. - - Net Change in Fund Balance (1,580,400) (1,828,350) (1,699,230) 129,120 .- - - Fund Balances - Beginning - ~ As previously reported 1,841,023 1,841,023 1,841,023 - .- Prior period correction - - As restated 1,841,023 1,841,023 1,841,023 - - Fund Balances - Ending $ 260,623 $ 12,673 $ 141,793 $ 129,120 - .- 95 . . . 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, 2002 . . . Variance with . Budgeted Amounts Final Budget- Actual Positive . Original Final Amounts (Negative) . . Revenues: . Taxes and special assessments $ 65,600 $ $ $ . Intergovernmental 32,614 32,614 . Investment income 7,500 7,500 2,898 (4,602) . Miscellaneous . Total revenues 73,100 7,500 35,512 28,012 . Expenditures: . Current: . General government . Capital Outlay: . General government - Public safety - . Physical environment 66,700 60,450 129 60,321 - Culture and recreation - Total expenditures 66,700 60,450 129 60,321 - - - - Excess (Deficiency) of - Revenues Over Expenditures - 6,400 (52,950) 35,383 88,333 - - Other Financing Sources (Uses) - Operating transfers in Operating transfers out (42,300) Net other financing sources(uses) (42,300) - Net Change in Fund Balance (35,900) (52,950) 35,383 88,333 Fund Balances - Beginning As previously reported 105,733 105,733 105,733 Prior period correction As restated 105,733 105,733 105,733 Fund Balances - Ending $ 69,833 $ 52,783 $ 141,116 $ 88,333 96 CITY OF WINTER SPRINGS, FLORIDA REVOLVING REHAB CAPITAL PROJECTS FUND SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL For The Year Ended September 30, 2002 Budgeted Amounts Original Revenues: Taxes and special assessments Intergovernmental Investment income Miscellaneous Total revenues $ 499,300 499,300 Expenditures: Current: General government Capital Outlay: General government Public safety Physical environment Culture and recreation Total expenditures Excess (Deficiency) of Revenues Over Expenditures 499,300 Other Financing Sources (Uses) Operating transfers in Operating transfers out Net other financing sources(uses) Net Change in Fund Balance 499,300 Fund Balances - Beginning As previously reported Prior period correction As restated Fund Balances - Ending 106,010 $ 106,010 605,310 $ Final $ 499,300 499,300 499,300 499,300 106,010 106,010 605,310 $ 97 Actual Amounts $ 229,684 229,684 229,684 106,010 106,010 335,694 $ Variance with Final Budget- Positive (Negative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... ... . - ... $ (499,300) (499,300) (499,300) . 229,684 - - .... ... .... - - -- 229,684 .... - (269,616) - - -- - - . (269,616) - .. -. - - - .- .. .- ... - .. .- - . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS -. ... . .- ... .- - - - .- -- - -- -- - - --- - --- - A.~. -"'" .& /-~__,-S-~_'\ o>----~-.. .~ .",,~ \ (-)..,. '0-:':\ ~---- -\\';:'" I- i ",-' 7'-.-,_\ I.- _, ).., GI \J\l~ }(/) - \ ", -,- \ \t~l"T"pLrrr..o:J -,"-. ;i , "'" 19)9 :~I -~/ -,('-l.ORI01" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - .. . .... - - - .... - - - - - . . - ... .... - .... - ,- - -- - - ... - -- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .- - - - - - - - - - - - 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, 2002 General Government Public Safety Culture Physical And Environment Recreation Prior Year Function Not Available Total Land $ - $ - $ 269,991 $ 2,993,918 $ 5,796,396 $ 9,060,305 Buildings 1,803,305 2,883,080 110,685 395,824 5,192,894 Improvements 210,553 5,899,972 6,110,525 Machinery & equipment 1,014,609 2,492,880 991,519 499,594 4,998,602 Infrastructure 37,936,029 37,936,029 Construction in progress 3,183,372 210,709 3,394,081 Total $ 2,817,914 $ 5,375,960 $42,702,149 $ 10,000,017 $ 5,796,396 $ 66,692,436 Balance Deletions 10-01-01 and Balance Restated Additions Transfers 09-30-02 General Government $ 2,797,683 $ 307,972 $ 287,741 $ 2,817,914 - Public Safety 5,291,238 260,811 176,089 5,375,960 Physical Environment 39,183,590 3,518,559 42,702,149 Culture & Recreation 6,442,928 3,599,596 42,507 10,000,017 Prior year function not available 5,796,396 5,796,396 Total $ 59,511,835 $ 7,686,938 $ 506,337 $ 66,692,436 98 ~~'?--------, ~ ;:------"'-5. \.\ 1//,---, - - --- ,~\ (~! '";7~C~'-,i~-'~'" ,\1,') _, (. , ) C' U t, "-----:. Vl -'c- . \1:-.cDr~~. :\." )/ . / -~L5' ,w. ;/ -J::'~- (ORIpr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. .... ... . .- ... - - -. - .... - - - - ... . . .... ... .- ... - - .. -.. - -- .. - ... . . . . . . . . . . . . . . . . . . .. . .' . .- ... - - .- ' - .- - ----- - - 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. /~,9~ /- '/--~ .s-'8\ 1/</ '--,"':r I ,1__ _ _._ -, oJ , ~,'--~-" '---;-:' \'/" ( r- / - - ':'-0-'- _, \, ')1- \, I~: ; .-\ GI U', '~U1 \ . \i!XrJT""r'0'1~~:1:-\~, )/ . \~~~/ !':"l..ORIOt>-" . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - - .... - ~ - -- - .... - - ,- .- - f.... -- ..... - .- - . . . . . . . . . . . . . . . . . . a -- STATISTICAL SECTION LIST OF SCHEDULES Government-Wide Expenses by Function Government-Wide Revenues 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 Demographic Statistics Property Values and Construction Miscellaneous Statistical Data Fiscal General Public Physical Culture and Year Government Safety Environment Recreation 1993 * * * * 1994 * * * * 1995 * * * * 1996 * * * 1997 * * 1998 * * * 1999 2000 * * * * 2001 2002 5,177,508 6,838,109 2,746,869 1,629,128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . CITY OF WINTER SPRINGS, FLORIDA GOVERNMENT-WIDE EXPENSES BY FUNCTION Last Ten Fiscal Years * Data not available prior to the implementation of GASB 34, - ., . . . . . ....... - . !!!!!!!!!! - . ... - -- -- ... -- -. - - - - 99 . . . . . . . . . . Interest on . Long-term Water and . Debt Sewer Stormwater Total . . * * * * . . * * * * . * * . * * . * * * . . * * * * . . * * * * . * * * * . . * * * . . * * * * ~ . . 856,851 5,438,325 529,080 23,215,870 . . ~ .., -, - .- - - ~ ... - - - - - - - - -- - 100 Fiscal Year Charges For Services Operating Grants and Contributions Capital Grants and Contributions Taxes I ntergov- ernmental . . . . . . . . . . . . . . . . . . . '. .. . . . . . . . . . . . . I. . '. . . . . . . CITY OF WINTER SPRINGS, FLORIDA GOVERNMENT - WIDE REVENUES Last Ten Fiscal Years 1993 * * * * * 1994 * * * * * 1995 * * * * * 1996 * * * * * 1997 * * * * * 1998 * * * * * 1999 * * * * * 2000 * * * * * 2001 * * * * * 2002 10,316,290 111,003 945,286 9,275,951 4,783,271 * Data not available prior to the implementation of GASB 34. ....... ... . .. '- ... - - .. ... . - ~ -. - ~ 101 -- . . . . . . . . . . Investment . Income & . Miscellaneous Total . . . * * . . * * . -- * * .' a * * .. -- ... ... * * ... ... ... - * * .... - - -. * * -. * * * * 546,134 25,977,935 102 Last Ten Fiscal Years . . . . . . . . . . . . . . . . .' . . '. . . . . CITY OF WINTER SPRINGS, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION Fiscal General Public Physical Year Government Safety Environment 1993 1,176,983 3,122,557 923,250 1994 1,265,435 3,299,148 820,962 1995 1,524,584 3,556,352 1,011,424 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 (1) This schedule includes expenditures of the General Fund, Special Revenue Funds, Debt Service Funds, and Capital Project Funds. -- - . . . . . . . . . . - - ,-:!!!!!o. - . . . . . -- a - - - .- - -. - - ..... 103 . . . . . . . . . . Culture and . Capital Debt . Recreation Outlay Service Total (1) . . 556,109 1,125,814 597,969 7,502,682 . . 634,147 668,910 934,731 7,623,333 a - . 706,716 1,114,097 1,078,491 8,991,664 ,. 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 - - - - - -- -- 104 Fiscal Year Taxes Licenses And Permits Inter- Governmental Revenues Charges For Services Fines and Forfeitures . . . . . . . . . . . . . . . . . . . . '. . . . ,. . . . . . . . . . . . . '. . . . . CITY OF WINTER SPRINGS, FLORIDA GENERAL GOVERNMENTAL REVENUES BY SOURCE Last Ten Fiscal Years 1993 4,308,605 1,023,098 1,843,049 97,393 258,626 1994 4,970,690 1,222,808 1,863,892 104,724 169,940 1995 4,874,118 857,024 2,020,651 132,191 154,556 1996 5,234,145 949,701 · 2,183,187 206,210 178,234 1997 5,406,995 990,477 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 (1) This schedule includes revenues of the General Fund, Special Revenue Funds, Debt Service Funds, and Capital Projects Funds, . . .. -- - ... ;A ... -- .. - -- '... - - - - - - 105 - - - . . . . . . . . . . . Investment Misc. . Income Income Total (1) . . . 184,541 66,655 7,781,967 . . 342,169 305,127 8,979,350 . . 462,256 610,659 9,111,455 - . . 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 - - - A 597,612 131,010 13,950,802 ... - ... .- 447,497 129,027 19,449,045 - - '!!!!!' - - -. - -- -- .- - ~ - - - ~ - - ~ _. - - 106 ~" /~ ",,- /6?---.-, '- "~~\ \(-/ "''-';\-,-:;~.-,_ \i\ ,_I '~~\ \'" , ;,'" uS Q\ ',," jr.') " :" II' \~~0!'?:"f";rl1'\:'I ,\ '. t" .~~~t ',c:--(OR\O~ . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. - - . '. . . .- .. . .... ... - ,.. .- - .... ... - ... .. - . . . CITY OF WINTER SPRINGS, FLORIDA . . PROPERTY TAX LEVIES AND COLLECTIONS . . Last Ten Fiscal Years . . . . Delinquent Percentage of . Total Current Tax Tax Total Tax Total Collections . Fiscal Year Tax Levy (1) Collections Collections Collections To Tax Levy . . 1993 2,333,990 2,232,344 810 2,233,154 95.68% . a 1994 2,610,826 2,507,783 4,161 2,511,944 96.21 % - . ~' 1995 2,665,426 2,559,179 16,817 2,575,996 96,64% . . 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% - ... - - - (1) Gross taxes before discount of 1 % - 4%, depending on month paid .. - Source: Seminole County Tax Collector's Office .... -. - 107 Centrally Assessed and Real Property Personal Property Fiscal Tax Assessed Estimated Assessed Estimated Year Year Value Actual Value Value Actual Value 1993 1992 802,113 801,890 20,920 20,920 1994 1993 830,212 829,973 21,876 21,876 1995 1994 882,544 882,258 22,455 22,455 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 1,127,761 1,149,603 31,494 32,104 2000 1999 1,178,806 1,216,629 29,756 33,069 2001 2000 1,276,337 1,284,253 40,568 37,163 2002 2001 1,403,172 1,454,740 45,241 41 ,730 Source: Seminole County Property Appraiser's Office . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . . . . . . . '. . 'W . . . . . . . ... - - .. .... - - - ... .. CITY OF WINTER SPRINGS, FLORIDA ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY NET OF EXEMPTIONS "Last Ten Fiscal Years (Amounts Expressed in Thousands) 108 . . . . . . . . . . . . Ratio of Total . Assessed . Exemptions Totals to Total Real and Personal Assessed Estimated Estimated . Property Value Actual Value Actual Value . . '- . 177,446 645,587 822,810 78.46% . . 186,417 665,671 851,849 78.14% . 196,599 708,400 904,713 78.30% . . 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% . 253,253 906,002 1,181,707 76.67% - -. ... 238,990 972,981 1,249,699 77.86% . . 251,515 1,065,390 1,321,416 80.62% - - - 263,673 1,184,740 1,496,470 79.16% ... - .- - - - - -. ... ... - ..... 109 CITY OF WINTER SPRINGS, FLORIDA PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Fiscal Years Seminole SL John's City of County River Water Fiscal Winter Seminole School Management Year Springs County Board District Total 1993 3.6153 5.4200 10.0890 0.3580 19.4823 1994 3.9221 5.3620 10.0710 0.4820 19.8371 1995 3.7626 5.1640 10.0930 0.4820 19.5016 1996 3.7023 5.1640 10.2910 0.4820 19.6393 1997 3.6083 5.1640 10.2580 0.4820 19.5123 1998 3.6000 5.1640 10.0360 0.4820 19.2820 1999 3.5495 5.1580 9.9180 0.4820 19.1075 2000 3.5495 4.9990 9.5410 0.4820 18.5715 2001 3.5400 5.2197 9.1620 0.4620 18.3837 2002 3.7708 4.9989 8.5230 0.4620 1 7.7547 . . . . . . . . . . . . . . . . . . . .. . . . . . . . . Source: Seminole County Tax Collector's Office ,- ... . . . . - ... - ... - - - - .- ... ..... - .- - - .- -- .- ... ..... - - ...... ... ..-. 110 - ...... . . . . . . . . . . . . . . . . a - CITY OF WINTER SPRINGS, FLORIDA SCHEDULE OF TEN LARGEST TAXPAYERS September 30, 2002 Taxpayer Type of Business Taxable Assessed Valuation as of PercentaQe of Total Taxable 2001 Tax Roll (1) Value . 1. Golf Terrace, Ltd. Property Management $ 22,627,410 1.91% 2. Courtney Springs LP Property Management 13,800,910 1.16% 3. Florida Power Corp. Electric Utility 12,173,327 1.03% 4. United Dominion Realty Trust Property Management 7,378,850 0.62% 5. Tuscawilla Cay LLC & Trsc 541h LLC Developer 6,087,962 0.51% 6. Hacienda Village Co-Op, Inc. Property Management 4,774,657 0.40% 7. Time Warner Communications Utilities 3,488,744 0.29% 8. BellSouth Communications Utilities 3,338,133 0.28% 9. Centex Homes Builder 3,290,694 0.28% 10. Winter Springs Golf LLC Developer 3.190.308 0.27% Total taxable assessed valuation of 10 largest Taxpayers 80,150,995 6.77% Total taxable assessed valuation of other 1 ,104.589.275 93.23% Taxpayers Total taxable assessed valuation of all $1 184740270 .1QQ.Dn%. Taxpayers . . . . . . . . . .. - ... .. .. . Source: Seminole County Property Appraiser's Office - .. (1) The tax levy for this fiscal year ended September 30, 2002 is based on the 2001 assessed values. - - .. ... - - - - - - -. - - - ...... 111 CITY OF WINTER SPRINGS, FLORIDA SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS Last Ten Fiscal Years Tax Fiscal Special Year Special Assessments Billings Year Assessments Collected Oak Oak Forest TLBD Total Forest TLBD Total 1999 $ $ $ 1999 $ $153,378 (2) $153,375 2000 116,557 116,557 2000 116,557 (2) 116,557 2001 11,518 11,518 2001 103,009 (1) 1,588 (2) 104,597 2002 12,055 40,000 52,055 2002 29,346 (1) 40,000 69,346 (1) - includes prepayments and excess construction funds (2) - monies used to reduce amount of bond issue Special Assessment Debt Issued: Oak Forest TLBD June 2000 May 2001 112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . ... - -- . . . . .. - /.... ---- A - ...... - - - -. ;;;;;;;- - -- ..iii. ..... . . . . . . CITY OF WINTER SPRINGS, FLORIDA LEGAL DEBT MARGIN .- ~ -- 'WJ' . . . . . . . . a - September 30, 2002 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. . . . ... -- . . . . - ... ... -- - - - - - -. - 113 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 Capita 1993 24,008 $ 645,587,000 $ - $ - $ 0% $ 1994 24,772 665,671,000 0% 1995 25,673 708,400,000 0% 1996 26,474 748,117,000 0% 1997 27,466 798,928,000 0% 1998 28,404 854,119,000 0% 1999 29,220 906,002,000 0% 2000 30,860 972,981,000 0% 2001 31,666 1,065,390,000 0% 2002 32,000 1,184,740,000 3,400,000 23,275 3,376,725 0.285% 105.52 (1) Source: East Central Florida Regional Planning Council (2) Source: From 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 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... - . - - .. ...... - - - - - .... -- - -- - - -. - - ....- - -- .- - ..... . . . . . . '. . . . . . . . . . . . . . . . . . .' . . . 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 1993 $ - $ - $ - $ 7,502,682 0% 1994 7,623,333 0% 1995 8,991,664 0% 1996 9,643,310 0% 1997 11,374,146 0% 1998 12,993,819 0% 1999 14,093,182 0% 2000 17,136,846 0% 2001 15,705,559 0% 2002 55,625 55,625 23,642,542 0.24% - ,., . . . (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 Fund - - . .- - - - - .- - .- - .- - - - - -- ..... 115 CITY OF WINTER SPRINGS, FLORIDA COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT September 30, 2002 Jurisdiction Net General Obligation Debt OutstandinQ Seminole County $30,970,000 Seminole County School Board 25,915,000 Total Overlapping Debt 56,885,000 Total Direct Debt (1) 3.400,000 $60.285.000 Total Direct and Overlapping Debt Applicable To City Of Winter SprinQs Percent (1) Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,- - 6.85% $2,121,445 6.85% 1,775,178 3,896,623 3.400,000 $7 296.623 (1) The City of Winter Springs has a "limited" general obligation bond that is being repaid through a levy not to exceed one quarter of one mil on all taxable property in the City. Source: Seminole County Finance Department Seminole County Public School Board 116 .... . . . . .. - -- ~ ... - ~ iiii -- ... . - - - ....... .... - -. - -- . . . . . . . . . . . . . . . . . . . . . . . . . . a - CITY OF WINTER SPRINGS, FLORIDA REVENUE BOND COVERAGE WA TER AND SEWER BONDS Last Ten Fiscal Years Net Direct Available Fiscal Operating For Debt Year Revenues (1) Expenses (2) Service Principal Interest Total Coverage 1993 4,483,245 2,204,512 2,278,733 85,000 1,295,491 1,380,491 1.65 1994 4,996,647 2,069,377 2,927,270 90,000 1,378,282 1,468,282 1.99 1995 5,458,540 2,641,274 2,817,266 95,000 1,373,597 1,468,597 1.92 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 (1) Revenues include investment income, connection fees, and other income (2) Direct operating expenses excludes depreciation and interest expense but includes operating transfers out . . . . . - - . .- 'llIIII!I" - - - -- - - - - ""'"' ..,.. -- """"'!"'" 117 DEMOGRAPHIC STATISTICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - '-- .- -- CITY OF WINTER SPRINGS, FLORIDA (2) (3) (1 ) School Unemployment Fiscal Year Population Enrollment Rate 1993 24,008 3020 5.8% 1994 24,772 3268 5.4% 1995 25,673 3297 4.2% 1996 26,4 7 4 3390 3.3% 1997 27,466 3988 3.2% 1998 28,404 5967 2.6% 1999 29,220 5711 2.8% 2000 30,860 5776 2.6% 2001 31,666 6421 3.5% 2002* 32,000 6508 5.6% (1) Source: East Central Florida Regional Planning Council (2) Source: Seminole County Public School Board (3) Source: U.S. Department of Labor * Estimate . . . . .. ... ~-. '- .... - - .- "iiii' - - .- -- -- ... -- 118 - . . . 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 . . ..... 1993 301 0 38,410 1,260 3,818 43,488 - . . 1994 411 0 48,965 2,000 4,200 55,165 . 1995 333 44,425 1,200 3,555 49,180 - .. . 1996 335 2 43,550 655 5,445 49,650 . . 1997 327 0 50,428 449 3,603 54,480 . . 1998 337 1 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 (1) Source: City of Winter Springs Building Department 119 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 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, 2002 Building Permits Issued-Fiscal year 2002 City Employees: Classified Service Exempt 120 . . . . . . . . . . 1959 . . 1972 . Commission-City Manager . . 5 Members . . 14.96 Square miles . . 98.58 miles . 2 . 39 . . 1 . 58 . . 5 . 5 . 1 .... . 11,316 . ... 3.748 MGD ... 144_72 . 12 MGD - ... 7 .- ... 914 ...... ... .- 4.212 MGD 2.179MGD - 100.5 - .- 620 - .. .- - - - 215 - 41 - .... . . . . . . . . . . . . . . . . . . . . .- . . . . .' .. . .. REPORTS ON INTERNAL CONTRQL AND COMPLIANCE .... - ... .- - - ~ - - ... .- -. - - -- - -- - --- - - ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This page intentionally left blank. .... ..... . . . . .- - - - .- - - ... - - - - . . . . . . . . . . . . . . . . ... ... ~ MCDIRrvlIT DAVIS PUCKETT REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING 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, 2002, and have issued our report thereon dated March 28, 2003. 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. . - ... . . - ... - "!JII' . Compliance - 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 grants, 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 March 28,2003. - - - "II!" - - - .-. - "'!"'" .,.. 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. However, we noted other matters involving the internal control over financial reporting that we have reported to the Management of the City of Winter Springs, Florida, in a separate letter dated March 28, 2003. .,.. MCDIRMIT DAVIS PUCKETT & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS ANO ADVISORS 605 E. ROBINSON STREET, SUITE 635' ORLANDO, FLORIDA 32801 TEl.EPHONE 407-843-5406' FAX 407-649-9339' EMAIL: INFO@MDPCPA.COM MEMBERS: PRIVATE COMPANU-.s PRACTICE SECTIOl'\. AMERICA:\ INSTITUTE Of' CERTIFIED PUBLIC ACCOUNTANTS. FLORIDA lNSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 121 ~ ~~tf~/LL~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .... . . . . . 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 PUCKETT & COMPANY, LLC March 28, 2003 - - - - - - - - 122 . . . . . . . . . . . . . . . . . . . - ~ MCDIRMIT DAVIS PUCKETT INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND INTERNAL CONTROL OVER COMPLIANCE APPLICABLE TO THE MAJOR STATE PROJECT The Honorable Mayor and City Commissioners City of Winter Springs, Florida 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 Executive Office of the Governor's State Projects Compliance Supplement, that are applicable to the major state project for the year ended September 30, 2002. The City of Winter Springs' major state project 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 Chapter 10.650, Rules of the Auditor General. Those standards, and Chapter 10.650, Rules of the Auditor General 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 state project 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 state project for the year ended September 30, 2002. MCDIRMIT DAVIS PUCKETT & COMPANY, LLC CERTIFIEO PUBLIC ACCOUNTANTS AND ADVISORS 605 E. ROBINSON STREET, SUITE 635. ORLANDO, FLORIDA 32801 TELEPHONE 407-843-5406. FAX 407-649-9339 . EMAIL: INFO@MDPCPA.COM MEMBERS: PRIVATE COMPANIES PRACTICE SE('TIO". AMERICA:'\ INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS. FLORIDA I~STITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 123 ~ ~&atd,,~/a~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 and state projects. 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 state project 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 Chapter 10.650 Rules of the Auditor General. 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, the City, the Auditor General of the State of Florida and state awarding agencies and is not intended to be and should not be used by anyone other than these specified parties. March 28, 2003 .- - - - ... - - - - -- - .... -. - -. - ...... .- - ..... 124 . . . . . . . . . . . . . . . . .- .... . CITY OF WINTER SPRINGS, FLORIDA SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE Year Ended September 30, 2002 State Agency/ State Proiect CSFA No. Contract No. Expenditures Florida Department of Environmental Protection: Florida Recreation Development Assistance Program 37.017 F0217 F0213 $402,814 381.011 $783 825 - - - - - - - - Note: This Schedule of Expenditures of State Financial Assistance is presented on the accrual basis of accounting in accordance with requirements of Section 215.97, Florida Statutes. - - - - "'!'" .- ""!'" ..- -. "'!'" .,. 125 37.017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITY OF WINTER SPRINGS, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS- STATE PROJECT Year Ended September 30, 2002 A. Summary of Auditor's Findings 1. The auditor's report expresses an unqualified opinion on the general purpose 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 state project for the City of Winter Springs, Florida, expresses an unqualified opinion. 4. The program/project tested as major program/project included the following: State Proiect Florida Department of Environmental Protection - Florida Recreation Development Assistance Program State CSFA No. 5. The threshold for distinguishing Type A and Type B programs/projects was $300,000 for major state projects. - ... . ... -..; -- - - - -- - -- - 126 . . . . . . . . . . . . . . . . . . . .... - . . . . .- .. . - -' - - - - -. - ~ MCDIRMIT DAVIS PUCKETT MANAGEMENT COMMENTS Honorable Mayor and City Commission City of Winter Springs, Florida In connection with our audit of the basic financial statements of the City of Winter Springs, Florida, for the year ended September 30, 2002, 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 accompanying findings and recommendations, which resulted from our consideration of internal control, are submitted to assist in improving procedures and controls. Since the comments and observations contained in this letter are a by-product of the audit of financial statements, the cost justification and other aspects of our suggestions have not been fully evaluated; these evaluations should be made by management. Therefore, we recognize that after consideration, certain suggestions and recommendations may not be practical to implement. We have also provided comments as required by the Rules of the Auditor General of the State of Florida. We appreciate the cooperation we have received from the City's personnel in connection with developing these recommendations. We appreciate the opportunity to have been of service to you. Should you have any questions about our recommendations, this letter, or other matters, please contact us at your convenience. ~ ~~f~/LLC McDIRMIT DAVIS PUCKETT & COMPANY, LLC March 28, 2003 MCDIRMIT DAVIS PUCKETT & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS 605 E. ROBINSON STREET, SUITE 635' ORLANDO, FLORIDA 32801 TELEPHONE 407-843-5406' FAX 407-649-9339' EMAIL: INFO@MDPCPA.COM MEMBERS: PRIVATE COMPANIES PRACTICE SECTIO,,". AMERICA~ (NST1TUTE OF CERTIFIED PUBLIC ACCOUNTANTS. FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 127 Management Comments City of Winter Springs, Florida March 28, 2003 Page Two A. Status of Prior Year Comments 1. BudQet MonitorinQ Actual expenditures were in excess of budgeted expenditures for the Public Service Tax Special Revenue Fund and the Oak Forest Debt Service Fund. In addition, appropriations for the Oak Forest Maintenance Special Revenue Fund were in excess of anticipated revenue and prior year's fund balance. Recommendation During 2001, there was a lot of improvement made in budget monitoring and we continue to recommend that the City carefully monitor the budget and make amendments if necessary. Corrective Action During 2002 there continues to be funds where actual expenditures are in excess of budgeted amounts as well as appropriations in excess of anticipated revenue and prior year's fund balance. 2. Utility BillinQ System The City implemented a new utility system during the current year. There have been some problems with the system and also with staff understanding how to operate the system. For example, at year end there were negative balances on individual accounts receivable balances. Recommendation We recommend that the City work with MUNIS to resolve problems and get proper training for employees. Corrective Action Although there was improvement in the utility billing system during the year, there is still a need for correcting some problems with the system and additional training for employees. 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . ... - - - - .. - ... .. -- -- -- - -- -- - - - . . . . . . . . . . . . . . . . . . . Management Comments City of Winter Springs, Florida March 28, 2003 Page Three B. Current Year Comments 1. Budqet Monitorinq .... - - - As we have stated in prior years, there' is no statutory requirement that municipalities budget for all funds; however, in an effort to achieve an enhanced level of budgetary control, the City has elected to budget for all of its funds. Because the City Charter does say that budgets will be prepared for all funds, we must report actual expenditures in excess of budgeted expenditures, even if they are not material to the financial statements. For the year ended September 30, 2002, there were five (5) special revenue funds, two (2) debt service funds and one (1) capital projects fund that reported actual expenditures in excess of budget expenditures. These over expenditures were funded either by greater than anticipated revenues or by available fund balance. There were also three (3) special revenue funds and one (1) capital projects fund that had appropriations in excess of anticipated revenue and prior year's fund balance. . . . Recommendation We recommend the budget be amended before the fiscal year is closed out so that there are no variances as described above. - - - ... 2. Utility Billinq System - - - As noted in the previous years comments, the City needs to continue correcting some of the problems with the Utility Billing System and additional training for employees. Specifically, some of the utility billing details do not agree with the general ledger balances nor are they reconciled with the general ledger on a monthly basis. -. - Recommendation We recommend that the City continue to work with MUNIS to resolve the system problems and get proper training for employees. 3. Bond Compliance The Improvement Refunding Revenue Bonds, Series 1999, Federal Tax Certificate requires that at least 85 percent of the bond proceeds be expended within three years of the issue date of July 8, 1999. At September 30, 2002, approximately 80 percent of bond proceeds had been spent. Recommendation We recommend that the City invest remaining proceeds only at a yield restricted to bond yield rate and commit to spend remaining proceeds as soon as possible. 129 Management Comments Winter Springs, Florida March 28, 2003 Page Four 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 is not, or during the fiscal year was not, in a state of financial emergency as a consequence of 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. 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .- . - . - . ... .. - -. -- - - .- - - . . . . . . . . . . . . . . . . . . . . . . . . - - . :. - ... .. - - - - - - - - -. CITY OF WINTER SPRINGS, FLORIDA 1126 EAST STATE ROAD 434 WINTER SPRINGS, FLORIDA 32708-2799 Telephone (407) 327-1800 March 28, 2003 McDirmit Davis Puckett 605 E. Robinson Street, Suite 635 Orlando, Florida 32801 Dear Sir or Madam: Your management comments related to fiscal year ended September 30, 2002 were well received by both the City Manager and the Finance Department. The comments represent opportunities for improvement, which will be pursued in fiscal year 2003. Below are the responses to your management comments as required by the Rules of the Auditor General of the State of Florida. Budget Monitorinq: We concur with the recommendation. Continued evaluation and refinement of processes including the budget process is a goal of the Finance Department. Every effort will be made to amend the final budget prior to the close of the fiscal year, unfortunately time limitations prevented a comprehensive amendment for the year in question. Utility Billing System We concur with the recommendation. Improvements continue to be made in this area in the aftermath of the computer conversion. It is the goal of the Finance Department to resolve the remaining issues related to the flow of transactions and their effect on the subsidiary and general ledger prior to the close of the current fiscal year. Bond Compliance We concur with the recommendation. Funds are currently in essence "yield restricted" due to the investment environment. Construction delays unfortunately came 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. Sincerely, /~f#/ hi .1#Jfr~ Ronald W. McLemore City Manager ~::5r~X Finance Director 131 . . . . . . . . . . . . . . . . . . . .... . .- - . This page intentionally left blank. - .. . , ~\ \ t< il;:"f.? /----<~: ~ ~r--, ----r ~\ .l..( ,~"'-:'-",--,- -, ')1- \ I- 'I, 'r"'"-...,-'''\ Gl U' .~(f) . \ '.s I . J"""'1"'n.!,..j'.,I, II " 1959 +,v .~-----<. (OR 10'-- - - - - - - - - -- -. --