HomeMy WebLinkAbout2015 03 23 Regular 600 Fiscal Year 2013-2014 Comprehensive Annual Financial ReportCOMMISSION AGENDA
ITEM 600
Informational
Consent
Public Hearings
Regular
X
March 23, 2015 KS SB
Regular Meeting City Manager Department
REQUEST:
The City Manager is requesting City Commission acceptance of the Comprehensive Annual
Financial Report as presented for the Fiscal Year Ended September 30, 2014.
SYNOPSIS:
The presentation of the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended September 30, 2014 by the City's auditors, McDirmit Davis & Company, LLC.
CONSIDERATIONS:
The CAFR is prepared and presented to give the City Commission, citizens, and other users
a greater understanding of the City's financial standing. Our 2014 financial statements
received an unqualified opinion (best opinion possible) by the auditors.
Additionally, the 2014 CAFR will be submitted to the Government Finance Officers
Association (GFOA) for consideration for their Certificate of Achievement award as we
believe it continues to conform to the program's stringent requirements. The City's CAFR
has been awarded the GFOA's Certificate of Achievement award for the past fourteen
consecutive years.
FISCAL IMPACT:
This report has no direct financial impact on the City. However, the information presented
in the CAFR is used by investors and citizens to help determine the overall financial health
of the City of Winter Springs
Regular 600 PAGE 1 OF 2 - March 23, 2015
COMMUNICATION EFFORTS:
This Agenda Item has been electronically forwarded to the Mayor and City Commission,
City Manager, City Attorney /Staff, and is available on the City's Website, LaserFiche, and
the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the
respective Meeting Agenda which has also been electronically forwarded to the individuals
noted above, and which is also available on the City's Website, LaserFiche, and the City's
Server; has been sent to applicable City Staff, Media/Press Representatives who have
requested Agendas /Agenda Item information, Homeowner's Associations/Representatives
on file with the City, and all individuals who have requested such information. This
information has also been posted outside City Hall, posted inside City Hall with additional
copies available for the General Public, and posted at five (5) different locations around the
City. Furthermore, this information is also available to any individual requestors. City Staff
is always willing to discuss this Agenda Item or any Agenda Item with any interested
individuals.
Additionally, the 2014 CAFR will be posted to the City's website within one week of
acceptance.
Additionally, the 2012 CAFR will be posted to the City's website within one week of
acceptance.
RECOMMENDATION:
It is recommended that the Commission accept the Comprehensive Annual Financial Report
(CAFR) as presented for the fiscal year ended September 30, 2014.
ATTACHMENTS:
Comprehensive Annual Financial Report for the fiscal year ended September 30, 2014.
Regular 600 PAGE 2 OF 2 - March 23, 2015
lip
Aw 71-7,11
rpflWRFE
0 K s
ns
eF-w
PA7NTiNG 21
in
0
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
City of Winter Springs, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For The Year Ended September 30, 2014
�t4 T�R
O
Z
r7
Incarporatcd
' I959 '
coo wF -T ?-
Prepared by:
Finance and Administrative Services Department
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
INTRODUCTORY SECTION
This section contains the following subsections:
• Table of Contents
• Letter of Transmittal
• GFOA Certificate of Achievement
• List of Principal Officials
• Organizational Chart
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2014
Paae
Introductory Section:
Table of Contents i -iii
Letter of Transmittal iv -vii
GFOA Certificate of Achievement viii
List of Principal Officials ix
Organizational Chart x
II. Financial Section:
Independent Auditor's Report 1 -2
Management's Discussion and Analysis 3 -17
Basic Financial Statements:
Government -Wide Financial Statements:
Statement of Net Position 18
Statement of Activities 19
Fund Financial Statements
Balance Sheet - Governmental Funds
20 -21
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Position
22
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
23 -24
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities
25
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
General Fund
26 -27
Road Improvements Special Revenue Fund
28
Solid Waste /Recycling Special Revenue Fund
29
Statement of Net Position - Proprietary Funds
30
Statement of Revenues, Expenses and Changes in
Fund Net Position - Proprietary Funds
31
Statement of Cash Flows - Proprietary Funds
32 -33
Statement of Fiduciary Net Position - Fiduciary Funds
34
Statement of Changes in Fiduciary Net Position - Fiduciary Funds
35
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2014
Paae
Financial Section - Continued:
Notes to Financial Statements 36 -76
Required Supplementary Information
Schedule of Funding Progress - Defined Benefit Pension Plan
77
Schedule of Employer Contributions - Defined Benefit Pension Plan
77
Schedule of Funding Progress - Retiree Continuation Insurance Plan
78
Schedule of Employer Contributions - Retiree Continuation Insurance
117 -118
Plan
78
Schedule of Changes in Net Pension Liability and Related Ratios
79
Schedule of Contributions
80
Schedule of Investment Returns
81
Combining and Individual Fund Statements and Schedules:
123
Major Governmental Funds:
124
Schedule of Revenues and Expenditures and Changes in Fund
125
Balance - Budget and Actual:
126
TLBD Debt Service Fund
82
2003 Debt Service Fund
83
Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds
84 -89
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances - Nonmajor Governmental Funds
90 -95
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds
96 -107
Debt Service Funds
108 -111
Capital Projects Funds
112 -115
Statistical Section:
Financial Trends
Net Position by Component
116
Changes in Net Position
117 -118
Governmental Activities Tax Revenues by Source
119
Fund Balances of Governmental Funds
120
Changes in Fund Balances of Governmental Funds
121 -122
Revenue Capacity
Assessed Value and Estimated Actual Value of Taxable Property
123
Property Tax Rates, Direct and Overlapping Governments
124
Special Assessment Billings and Collections
125
Principal Property Taxpayers
126
Property Tax Levies and Collections
127
CITY OF WINTER SPRINGS, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Year Ended September 30, 2014
IV. Other Reports:
Independent Auditor's Report on Internal Control over Financial Reporting
And on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government Auditing
Standards 140 -141
Management Letter 142 -143
Communication with Those Charged with Governance 144 -146
Independent Auditor's Report on Compliance with the Requirements of
Section 218.415, Florida Statutes 147
Affidavit of Impact Fee Compliance 148
Paae
III. Statistical Section - Continued:
Debt Capacity
Legal Debt Margin
128
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita
129
Ratio of Outstanding Debt by Type
130
Direct and Overlapping Governmental Activities Debt
131
Pledged- Revenue Coverage
132 -133
Demographic and Economic Information
Demographic and Economic Statistics
134
Principal Employers
135
Operating Information
Budgeted Full -time Equivalent City Government Employees by Function
136
Operating Indicators by Function
137 -138
Capital Asset Statistics by Function
139
IV. Other Reports:
Independent Auditor's Report on Internal Control over Financial Reporting
And on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government Auditing
Standards 140 -141
Management Letter 142 -143
Communication with Those Charged with Governance 144 -146
Independent Auditor's Report on Compliance with the Requirements of
Section 218.415, Florida Statutes 147
Affidavit of Impact Fee Compliance 148
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
+�N7ER
O 3A
U
[nro.poreted
1959
•'��O °wsI�Jy� •
March 16, 2015
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1800
To the Honorable Mayor, City Commission and Citizens of the City of Winter Springs, Florida:
It is with great pleasure that we present to you the City of Winter Springs, Florida Comprehensive Annual
Financial Report (CAFR) for the fiscal year ended September 30, 2014. Florida Statutes, Chapter
166.241 and the rules of the Florida Auditor General, Chapter 10.550 requires that all general - purpose
local governments publish a complete set of financial statements presented in conformity with Generally
Accepted Accounting Principles (GAAP) and that they be audited in accordance with Generally Accepted
Auditing Standards (GAAS) by a firm of licensed Certified Public Accountants.
Management assumes full responsibility for the completeness and reliability of all of the information
presented in this report. To provide a reasonable basis for making these representations, management of
the City of Winter Springs has established a comprehensive internal control framework that is designed
both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the City of Winter Springs' financial statements in conformity with GAAP.
Because the cost of internal controls should not outweigh their benefit, the City of Winter Springs'
comprehensive framework of internal controls has been designed to provide reasonable rather than
absolute assurance that the financial statements will be free from material misstatement. As
management, to the best of our knowledge and belief, we assert that this financial report is complete and
reliable in all material respects.
The City of Winter Springs' financial statements have been audited by McDirmit, Davis & Company, a firm
of licensed certified public accountants. The goal of the independent audit is to provide reasonable
assurance that the financial statements of the City of Winter Springs for the fiscal year ended September
30, 2014 are free of material misstatement. The independent audit involved examination of evidence, on
a test basis, supporting the amounts and disclosures in the financial statements; assessment of the
accounting principles used and significant estimates made by management; and an evaluation of the
overall financial statement presentation. Based upon the audit, the independent auditor concluded that
reasonable basis existed to render an unmodified opinion that the City of Winter Springs' financial
statements for the fiscal year ended September 30, 2014 are fairly presented in conformity with GAAP.
The independent auditor's report is presented as the first component of the financial section of this report.
The City of Winter Springs' Management's Discussion and Analysis (MD&A) can be found immediately
following the report of the independent auditors and provides a narrative introduction, overview, and
analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be
read in conjunction with it.
Profile of the Govemment
The City of Winter Springs, incorporated in 1959, is located in Seminole County, which is a part of the
greater Orlando metropolitan area in East Central Florida. This area is one of the fastest growing areas in
the country. The City currently has a land area of 14.81 square miles and a population of approximately
34,000.
The City operates according to a Council /Manager form of government, with an appointed City Manager,
five elected City Commissioners and a separately elected Mayor. The Mayor and Commission are
elected for four -year terms. The governing body is responsible for, among other things, passing
ordinances, adopting the budget, appointing committees, and hiring the City's Manager, Clerk and
Attorney. The City Manager is responsible for carrying out the policies and ordinances of the governing
body, for overseeing the day -to -day operations of the government, and for hiring the directors of the
various departments.
The City of Winter Springs provides a full range of services, including police protection; the construction
and maintenance of highways, streets and other infrastructure; and recreational facilities, activities and
cultural events. The City maintains both Water and Sewer Utility Fund, a Stormwater Utility Fund, and a
Development Services Fund, which function, in essence, as departments of the City of Winter Springs and
therefore have been included as an integral part of the City of Winter Springs' financial statements.
The annual budget serves as the foundation for the City of Winter Springs' financial planning and control.
All departments of the City of Winter Springs are required to submit requests for appropriation to the City
Manager. The City Manager uses these requests as the starting point for developing a proposed budget.
The City Manager then presents the proposed budget to the City Commission for review on or before July
1. The City Commission is required to hold public hearings on the proposed budget and to adopt a final
budget no later than September 30, the close of the City's fiscal year. The appropriated budget is
prepared by fund (e.g., General Fund), department (e.g., Police Department) and division (e.g., Criminal
Investigation). The City Manager may make transfers of appropriations within a department. Transfers of
appropriations between departments, however, require the special approval of the City Commission.
Original and final amended budget -to- actual comparisons are provided in this report for each individual
governmental fund. The General Fund, the Road Improvements Fund and the Solid Waste /Recycling
Fund, are presented on pages 26 -29 as part of the basic financial statements for the governmental funds.
The TLBD Debt Service Fund and 2003 Debt Service Fund comparisons are presented as other financial
information on pages 82 -83. The non -major governmental funds budget comparisons are presented in
the governmental fund subsection of this report which starts on page 96.
Factors Affecting Financial Condition
The information presented in the financial statements is best understood when it is considered from the
broader perspective of the specific environment within which the City of Winter Springs operates.
Seminole County has adopted a one -cent local government infrastructure sales tax which will be in effect
from January 1, 2015 through December 31, 2024. The intent of this legislation is to improve the
infrastructure of the Seminole County public school system and other public infrastructure within the
County and its municipalities. Per the interlocal agreement, 2.99% of net revenues are to be distributed to
the City of Winter Springs. It is estimated that this distribution will be nearly $2M for the fiscal year 2015-
2016.
Local economy. The City of Winter Springs is primarily a residential area with a small amount of retail,
office and light industrial developments. Approximately 87% of the City's tax base is comprised of
residential properties. Per the DR 422 (Certificate of Final Taxable Value) and relative to the 2013 -2014
fiscal year (tax year 2013), the gross taxable value reflects an increase of 4.28% from the prior year and
an increase of 10.62% since fiscal year 2005. During fiscal year 2013 -2014 (tax year 2013), through
prudent fiscal management, the City was able to maintain operating and voted debt millage rates at 2.43
and 0.1100 mills, respectively.
The local real estate market has recovered substantially from the crash of 2007. New construction in
Winter Springs is robust. New housing starts for Seven Oaks, Southern Oaks, & the RiZe, upscale
apartment living in the Town Center; are contributing to the growth. At the local level, revenues such as
review and permit fees, investment income and state sales tax revenues have rebounded and are
showing signs of sustainable growth.
Winter Springs can boast great neighborhood schools. For the 11th year in a row, Seminole County Public
Schools remains an "A" —rated school district. For the 2013/14 school year, 4 of 5 the elementary and
middle schools were awarded an "A" on State FCAT score results, and a Keeth Elementary School
student received a perfect score on all 3 FCAT tests (Writing, Reading and Math). Winter Springs is also
home to Choices in Learning Charter School, Willow School, and The Primrose School (opening soon),
offering choices in education. Nearby Seminole State College and University of Central Florida offer our
community an affordable and excellent higher education choice.
Winter Springs continues its partnership with the UCF Incubator to look at ways to make a positive
investment into our business community. We have also partnered with Seminole County in the
Community Redevelopment Agency to build out neighborhood improvements at Shepard Road as part of
the 17 -92 corridor redevelopment. This project is funded through a waiver of ad valorem taxes by way of
repayment of ad valorem paid to the county.
Winter Springs continues to offer its citizens, the highest quality services and community minded events
such as Shop- with -a Cop, and Community Youth Organization for at risk youth. Our therapy pool was
awarded the Top Aquatic Program in the United States, selected number 20 in the country, and Top
Aquatic Program in the State of Florida awarded by the US Water Fitness Association. Together with the
Winter Springs Senior Association, a number of activities and outings are offered to our seniors including
yoga, ceramics, the very popular Touch of Class line dancing group and more.
Winter Springs has been host to the Central Florida Scottish Highland Games for thirteen consecutive
years and has recently signed a 10 -year contract with the Scottish - American Society. The City has been
host to the Oviedo - Winter Springs Chamber of Commerce' ARTtoberFEST offering a variety of both art
and music. The city partners with a number of sport leagues and clubs such as Babe Ruth & Pop Warner
offering a variety of sports activities. We host a spring break and summer camp program offering
affordable day camp options and hold a number of holiday events including Father - Daughter Dance,
Spring Family Festival, the Celebration of Freedom, Hometown Harvest, a salute to our veterans in the
Veteran's Day Ceremony, Winter Wonderland, and. This year Sergeant Keith Hale was recognized as the
City's Hometown Hero during the Veterans Day Ceremony. Several of these events are featured on the
cover of this report. Highlighted here are some of what makes the City of Winter Springs a top choice for
families to choose to live. As a post script, in 2011, Winter Springs was recognized by Money Magazine as
one of the top 100 places to live.
Long -term financial planning. The City Commission updated and adopted a 5 -year Capital
Improvements Plan (CIP) on September 2014 for fiscal years 2015 through 2019. The CIP is currently
being evaluated and updated through fiscal year 2019. The CIP is a multi -year prioritized schedule of
improvements that lists each capital improvement by the year it is intended to be purchased or
commenced; the amount to be spent per year; and the method of financing such improvement. Each year
during the annual budget process the CIP is reviewed to ensure incorporation of all necessary capital
improvements. It should be noted; however, that the CIP is not a static document but a flexible and
dynamic one that may change to reflect changing priorities, opportunities, costs, or financing approach.
Relevant Financial Policies. In fiscal year 2014, the City has implemented GASB 67: Financial
Reporting for Pension Plans.
Major Initiatives. During fiscal year 2014, as approved during the budget process, the City anticipates
the continued efforts for improving our City services and amenities by means of the following projects:
• Software upgrade or implementation of a new ERP system to allow enhanced customer service
capabilities such as e- billing, online customer payments and customer self serve continues on
schedule and will be completed in 2015.
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, 2013. This was the fourteenth consecutive year that the City has received this prestigious
award. In order to be awarded a Certificate of Achievement, the government must publish an easily
readable and efficiently- organized CAFR. This report satisfied both GAAP and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement program requirements and will be submitting it to the
GFOA to determine its eligibility for another fiscal year.
The preparation of this report would not have been possible without the efficient and dedicated services of
the entire staff of the Finance Department. We would like to express our appreciation to all members the
department who assisted and contributed to its preparation. Other City departments, although not
extensively involved in year-end audit activities, contributed significantly by ensuring the accuracy and
integrity of accounting information compiled throughout the year. Without their diligence, the work of the
Finance Department would have been considerably more difficult. Appreciation must also be expressed
to the City's auditors whose suggestions and attention to detail enhanced the quality of this report.
In closing, we would also like to
support and for maintaining high
Springs' finances.
Respectfully submitted,
Kevin L. Smith
City Manager
express appreciation to the Mayor and the City Commission for their
standards of professionalism in management of the City of Winter
Shawn D. Boyle
Finance and Administrative Services Director
C 0 L
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Winter Springs
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2013
Executive Director /CEO
CITY OF WINTER SPRINGS, FLORIDA
LIST OF PRINCIPAL OFFICIALS
September 30, 2014
ELECTED OFFICIALS
MAYOR
COMMISSIONER
COMMISSIONER
COMMISSIONER
DEPUTY MAYOR / COMMISSIONER
COMMISSIONER
COMMUNITY DEVELOPMENT
FINANCE /ADMIN SERVICES
INFORMATION SERVICES
PARKS AND RECREATION
POLICE CHIEF
UTILITY /PUBLIC WORKS
CITY MANAGER
Kevin L. Smith
CITY CLERK
Andrea Lorenzo - Luaces
LEGAL COUNSEL
Anthony Garganese
Brown, Garganese, Weiss
& D'Agresta, P.A.
DEPARTMENT
DIRECTORS
ix
Charles Lacey
Joanne M. Krebs
Cade Resnick
Pam Carroll
Rick Brown
Jean Hovey
Randy Stevenson
Shawn Boyle
Joanne Dalka
Chris Caldwell
Kevin Brunelle
Kipton Lockcuff
City of Winter Springs
Organizational Chart
Civic ... Advisory Boards
Organizations
Finance and
Administrative
Services
Information
Services
• Administration
• Administration
• Accounting
• Security
• Debt Management
• Records Management
• Meter Service
• IT Maintenance
• Budgeting
• IT Development
• HR
• Geographical
• Risk management
Information System
• Purchasing
• Treasury Management
Citizens of
Winter Springs
Mayor and City
Commissioners
.I City Manager
fiffiNN
• Administration
• Stormwater
• Transportation
• Engineering
• Water Management
• Water /Wastewater
.I City Attorney I . . . .I City Clerk
Police
Department
• Administration
• Records
• Communication
• Patrol
• Investigations
• Code Enforcement
Parks and
Recreation
• Administration
• Civic /Senior Center
• Athletics Recreation
• Programs
• Concession Services
• Parks /Field
Maintenance
Community
Development
• Administration
• Comp Planning
• Land Management
• Urban Beautification
• Permits and
Inspections
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
FINANCIAL SECTION
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
MCDIRMIT /// DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of linter Springs, Florida
Report on the Financial Statements
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, 2014, and the related noted to the financial statements,
which collectively comprise the City's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
City of Winter Springs' management is responsible for the preparation and fair presentation of these
financial statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor's Responsibility
Our responsibility is to express opinions 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major fund, and
the aggregate remaining fund information of City of Winter Springs, as of September 30, 2014, and the
respective changes in financial position and, where applicable, cash flows thereof and the respective
budgetary comparison for the general fund, road improvements special revenue fund, and solid
waste /recycling special revenue fund for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407 - 843 -5406 FAX 407 - 649 -9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTIONAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
1
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis, budgetary comparison information, pension and other postemployment benefits
disclosures on page 3 through 17, 82 through 83, and 77 through 81 be presented to supplement the basic
financial statements. Such information, although not a part of the basic financial statements, is required by
the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting
for placing the basic financial statements in an appropriate operational, economic, or historical context. We
have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for consistency
with management's responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise City of Winter Springs' basic financial statements. The introductory section, combining and
individual fund financial statements and schedules and statistical section are presented for purposes of
additional analysis and are not a required part of the financial statements.
The combining and individual nonmajor fund financial statements and schedules and statistical section are
the responsibility of management and were derived from and related directly to the underlying accounting
and other records used to prepare the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and
other records used to prepare the basic financial statements or to the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated March 16, 2015 on
our consideration of City of Winter Springs' internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering City of Winter Springs' internal control over financial
reporting and compliance.
, rutDav4 & �4 LL0,
Orlando, Florida
March 16, 2015
2
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Winter Springs we offer readers of the City of Winter Springs'
financial statements this narrative overview and analysis of the financial activities of the City of
Winter Springs for the fiscal year ended September 30, 2014. We encourage readers to consider
the information presented here in conjunction with additional information that we have furnished in
our letter of transmittal which can be found on pages iv - vii of this report.
Financial Highlights
• The assets and deferred outflows of the City of Winter Springs exceeded its liabilities at
the close of the most recent fiscal year by $96,261,251 (net position). Of this amount,
$19,609,407 (unrestricted net position) may be used to meet the government's ongoing
obligations to citizens and creditors.
• The government's total net position increased by $2,062,479 or 2 %.
• As of the close of the current fiscal year, the City of Winter Springs' governmental funds
reported combined ending fund balances of $20,164,660. Approximately 37% of this total
amount, $7,474,967, is available for spending at the government's discretion (unassigned
fund balance).
• At the end of the current fiscal year, unassigned fund balance for the general fund was
$7,646,887, or 50% of total general fund expenditures.
• The City of Winter Springs' total debt decreased by $2,013,403 (5 %) during the current
fiscal year.
Overview of the Financial Statements
The financial statements focus on both the City as a whole (government -wide) and on the major
individual funds. Both perspectives (government -wide and major fund) allow the user to address
relevant questions, broaden a basis for comparison (year -to -year or government -to- government)
and enhance the City's accountability.
This discussion and analysis are intended to serve as an introduction to the City of Winter Springs'
basic financial statements, which are comprised of three components: 1) government -wide
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
Government -wide financial statements. The government -wide financial statements are
designed to provide readers with a broad overview of the City of Winter Springs' finances, in a
manner similar to a private- sector business.
The Statement of Net Position presents information on all of the City of Winter Springs' assets,
deferred outflows of resources and liabilities, with the difference reported as net position. Over
time, increases or decreases in net position may serve as a useful indicator of whether the financial
position of the City of Winter Springs is improving or declining.
,C]
MANAGEMENT'S DISCUSSION AND ANALYSIS
Overview of the Financial Statements (Continued)
Government -wide financial statements. (Continued)
The Statement of Activities presents information showing how the government's net position
changed during the fiscal year. All changes in net position are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus,
revenues and expenses are reported in this statement for some items that will only result in cash
flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government -wide financial statements distinguish functions of the City of Winter
Springs that are principally supported by taxes and intergovernmental revenues (governmental
activities) from other functions that are intended to recover all or a significant portion of their costs
through user fees and charges (business -type activities). The governmental activities of the City of
Winter Springs include general government, public safety, physical environment and culture and
recreation. The business -type activities of the City of Winter Springs include a Water and Sewer
Utility, Stormwater Utility and Development Services.
The government -wide financial statements include only the City of Winter Springs itself (known as
the primary government). The City of Winter Springs had no component units. The Water and
Sewer Utility, the Stormwater utility, and Development Services function as departments of the City
of Winter Springs, and therefore, have been included as an integral part of the primary
government.
The government -wide financial statements can be found on pages 18 -19 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City of
Winter Springs, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance - related legal requirements. All of the funds of the City of
Winter Springs can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government -wide financial statements.
However, unlike the government -wide financial statements, governmental fund financial statements
focus on near -term inflows and outflows of spendable resources, as well as on balances of
spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government's near -term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government -wide financial statements. By
doing so, readers may better understand the long -term impact of the government's near -term
financing decisions. Both the governmental fund Balance Sheet and the governmental fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
El
MANAGEMENT'S DISCUSSION AND ANALYSIS
Overview of the Financial Statements (Continued
Governmental Funds. (Continued)
The City of Winter Springs maintains 25 individual governmental funds. Information is presented
separately in the governmental fund Balance Sheet and in the governmental fund Statement of
Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Road
Improvements Special Revenue Fund, Solid Waste /Recycling Special Revenue Fund, TLBD Debt
Service Fund, and 2003 Debt Service Fund all five of which are considered to be major funds.
Data from the other 20 governmental funds are combined into a single, aggregated presentation.
Individual fund data for each of these nonmajor governmental funds in provided in the form of
combining statements elsewhere in this report.
The City of Winter Springs adopts an annual appropriated budget for all governmental funds.
Budgetary comparison statements have been provided for the General Fund, Road Improvements
Special Revenue Fund, and Solid Waste /Recycling Special Revenue Fund to demonstrate
compliance with this budget on pages 26 -29. Budgetary comparison schedules have been
provided for the TLBD Debt Service Fund, 2003 Debt Service Fund and the nonmajor funds on
pages 82 -83 and 96 -115.
The basic governmental fund financial statements can be found on pages 20 -25 of this report.
Proprietary funds. The City of Winter Springs maintains one type of proprietary fund. Enterprise
funds are used to report the same functions presented as business -type activities in the
government -wide financial statements. The City of Winter Springs uses enterprise funds to
account for the Water and Sewer Utility, Stormwater Utility and Development Services department.
Proprietary funds provide the same type of information as the government -wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water and Sewer Utility, Stormwater Utility, and Development Services.
The basic proprietary fund financial statements can be found on pages 30 -33 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'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 34 -35 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 36 -76 of this report.
Required Supplementary Information (RSI). RSI can be found on pages 77 -81 of this report.
Other information. The budget schedules for the 2 major debt service funds are on pages 82-
83 after the RSI. The combining statements referred to earlier in connection with nonmajor
governmental funds are presented after this. Combining and individual fund statements and
schedules can be found on pages 84 -115 of this report.
5
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analvsis
Statement of Net Position. As noted earlier, net position may serve over time as a useful
indicator of a government's financial position. In the case of the City of Winter Springs, assets
and deferred outflows of resources exceeded liabilities by $96,261,251 at the close of the most
recent fiscal year.
Of the City of Winter Springs' net position ($67,367,565 or 70 %) reflects its investment in capital
assets (e.g., land, buildings, machinery and equipment); less any related outstanding debt used
to acquire those assets. The City of Winter Springs uses these capital assets to provide
services to citizens; consequently, these assets are not available for future spending.
Although the City of Winter Springs' investment in its capital assets is reported net of related
debt, it should be noted that the resources needed to repay this debt must be provided from other
sources, since the capital assets themselves cannot be used to liquidate these liabilities.
Net position subject to external restrictions as to how it may be used total $9,284,279 (10 %). The
remaining balance of unrestricted net position ($19,609,407 or 20 %) may be used to meet the
government's ongoing obligations to citizens and creditors.
At September 30, 2014, the City of Winter Springs is able to report positive balances in all three
categories of net position, both for the government as a whole, as well as for its separate
governmental and business -type activities. This was also the case at the close of the prior fiscal
year.
The following table reflects the condensed Statement of Net Position for the current and prior year.
For more detail see the Statement of Net Position on page 18.
N.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
City of Winter Springs
Statement of Net Position
As of September 30
Deferred Outflows of Resources
Deferred charge on refunding $ 92,576 $ 135,945 $ 568,817 $ 653,734 $ 661,393 $ 789,679
Liabilities:
Current liabilities
Long term liabilities
Other liabilities
Total liabilities
Net Position:
Net investment in capital
assets
Restricted
Unrestricted
Total net position
820,640
Governmental Activities
Business -type Activities
Total Primary Government
1,247,663
2014
2013
2014
2013
2014
2013
Assets:
333,414
415,024
757,647
705,366
1,091,061
1,120, 390
Current and other assets
$ 26,892,907
$ 27,917,604
$13,657,526
$11,768,260
$ 40,550,433
$ 39,685,864
Restricted assets
333,927
415,024
721,689
732,561
1,055,616
1,147,585
Capital assets
58,048,490
58,531,317
37,860,862
38,334,482
95,909,352
96,865,799
Total assets
85,275,324
86,863,945
52,240,077
50,835,303
137,515,401
137,699,248
Deferred Outflows of Resources
Deferred charge on refunding $ 92,576 $ 135,945 $ 568,817 $ 653,734 $ 661,393 $ 789,679
Liabilities:
Current liabilities
Long term liabilities
Other liabilities
Total liabilities
Net Position:
Net investment in capital
assets
Restricted
Unrestricted
Total net position
820,640
1,091,424
427,023
488,119
1,247,663
1,579,543
17,848,695
18,963,583
21,728,124
22,626,639
39,576,819
41,590,222
333,414
415,024
757,647
705,366
1,091,061
1,120, 390
19,002,749
20,470,031
22,912,794
23,820,124
41,915,543
44,290,155
45,826,335 44,710,711 21,541,230 20,728,675 67,367,565 65,439,386
8,801,942 8,963,434 482,337 467,655 9,284,279 9,431,089
11,736,874 12,855,714 7,872,533 6,472,583 19,609,407 19,328,297
$ 66,365,151 $ 66,529,859 $ 29,896,100 $ 27,668,913 $ 96,261,251 $ 94,198,772
Statement of Changes in Net Position. The following table reflects the Statement of Changes
in Net Position for the current and prior year. For more detailed information see the Statement
of Activities on page 19.
Note that the government's total net position increased by $2,062,479 or 2% in fiscal year 2014
The previous fiscal year, 2013, net position increased by $2,984,935.
Governmental activities decreased net position by $164,708 in fiscal year 2014 compared to an
increase of $834,193 in 2013. The 2013 increase in net position is primarily due to realization of
2013 impact fee revenues without a commensurate realization of capital projects.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
Business -type activities increased net position by $2,227,187 in fiscal year 2014 compared to
an increase of $2,150,742 in 2013. This is primarily the result of the Water Sewer Utility Fund
($1,751,587) which stems from contributed capital ($548,125), connection fees ($266,653),
grant revenues ($76,915) and increased user charges ($699,228). The increase in net position
in the Stormwater Utility ($410,352) results from contributed capital ($634,317).
Following the Changes in Net Position table is a series of bar and pie charts that relay in
pictorial form the revenues and expenses for each of the governmental and business -type
activities as well as the revenue "source" for each.
Additional information regarding the changes in fund balance of the governmental and business -
type activities can be found in the section entitled Financial Analysis of Government's Funds
on page 12.
Note that the first graph depicts governmental program- specific revenues and expenses. For
this graph the revenue does not include property taxes, utility taxes, business tax receipts,
intergovernmental revenue, investment income or miscellaneous revenue. This chart is
intended to show the amount of program expenses funded by specific program revenues.
Note that the Development Services Fund shows direct revenues approximately equal to direct
expenses excluding the allocation of overhead as transfers out. Increase in water and sewer
revenues are due in part to increased consumption and rates and decreases in operational
expenditures and the refinancing of debt.
�:3
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analvsis (Continued
Statement of Changes in Net Position. (Continued)
City of Winter Springs
Changes in Net Position
For the Year Ended September 30
Governmental Activities Business -type Activities
Revenues:
Program Revenues:
Charges for services
Operating grants and
contributions
Capital grants and
contributions
General Revenues:
Property taxes
Utility taxes
Business tax receipts
Intergovernmental -
unrestricted
Investment income and
miscellaneous
Total revenues
Expenses:
General government
Public safety
Physical environment
Culture and recreation
Interest and other fiscal
charges on long -term debt
Water and sew er
Development services
Stormw ater
Total expenses
Increase (Decrease) In Net
Position Before Transfers
2014 2013 2014 2013
Total Primary Government
2014 2013
$ 6,469,268
$ 6,076,393
$11,158,094
$10,634,861
$17,627,362
$16,711,254
22,530
-
-
-
22,530
-
1,382,211
2,042,887
1,526,010
2,062,483
2,908,221
4,105,370
4,014,680
3,852,812
-
-
4,014,680
3,852,812
4,034,667
3,923,336
$66,529,859
$29,896,100
4,034,667
3,923,336
105,558
108,849
105,558
108,849
3,268,732
3,099,562
-
-
3,268,732
3,099,562
353,384
487,682
31,537
87,571
384,921
575,253
19,651,030
19,591,521
12,715,641
12,784,915
32,366,671
32,376,436
5,498,396
4,902,507
7,476,644
7,415,423
5,873,522
5,658,075
2,170,169
2,078,389
781,732 772,994
6,944,763
7,039,986
409,295
369,454
1,149,671
1,154,673
5,498,396
4,902,507
7,476,644
7,415,423
5,873,522
5,658,075
2,170,169
2,078,389
781,732
772,994
6,944,763
7,039,986
409,295
369,454
1,149,671
1,154,673
21,800,463
20,827,388
8,503,729
8,564,113
30,304,192
29,391,501
(2,149,433)
(1,235,867)
4,211,912
4,220,802
2,062,479
2,984,935
Transfers
1,984,725
2,070,060
(1,984,725)
(2,070,060)
- -
Increase In Net Position
(164,708)
834,193
2,227,187
2,150,742
2,062,479 2,984,935
Net Position- October 1
66,529,859
65,768,641
27,668,913
25,656,500
94,198,772 91,425,141
Restatement of Net Position
-
(72,975)
-
(138,329)
- (211,304)
Net Position- September 30
$66,365,151
$66,529,859
$29,896,100
$27,668,913
$96,261,251 $94,198,772
9
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
8,000, 000
7,000, 000
6,000, 000
5,000, 000
B @ II @
see fee
see see
e sesee
]
Governmental Program Specific Revenues and
Expenses
General Public Safety Physical Culture &
Government Environment Recreation
Interest on
Long -Term
Debt
imental Revenues by Source
Investment Income
and Miscellaneous
2%
Taxes Charges for Services
41°% 33%
I ntergovernmenta I
Revenues
17%
10
Capital and
Operating Grants
and Contributions
7°%
• Revenues
• Expenses
MANAGEMENT'S DISCUSSION AND ANALYSIS
Government -wide Financial Analysis (Continued)
Statement of Changes in Net Position. (Continued)
12,000,000
10,000,000
8,000,000
6,000, 000
4,000, 000
2,000, 000
0
Business -type Activities
Revenues and Expenses
Water and Sewer Development Services
Capital and
Operating Grants.
and Contributions
12%
Stormwater
Business -type Activities
Revenues by Source
11
Charges for
Services
88°%
Investment
_Income and
Miscellaneous
0%
Revenues
Expenses
MANAGEMENT'S DISCUSSION AND ANALYSIS
Financial Analvsis of the Government's Funds
As noted earlier, the City of Winter Springs uses fund accounting to ensure and demonstrate
compliance with finance - related legal requirements.
Governmental Funds. The focus of the City of Winter Springs' governmental funds is to
provide information on near -term inflows, outflows, and balances of spendable resources. Such
information is useful in assessing the City of Winter Springs' financing requirements. In
particular, unassigned fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of September 30, 2014, the City of Winter Springs' governmental funds reported combined
ending fund balances of $20,164,660, a decrease of $716,895 over the prior year.
Approximately 37% or $7,474,967 of this total amount constitutes unassigned fund balance,
which is available for spending at the government's discretion. The remainder of fund balance
is restricted, committed or assigned to indicate that it is not available for new spending because
it has already been committed for such purposes as debt service, capital projects, inventories
and prepaid costs.
The general fund is the chief operating fund of the City of Winter Springs. At the end of the
current fiscal year, unassigned fund balance of the General Fund was $7,646,887, while total
fund balance was $8,495,663. As a measure of the General Fund's liquidity, it may be useful to
compare both unassigned fund balance and total fund balance to total fund expenditures.
Unassigned and total fund balance represents 50 and 56% respectively, of total General Fund
expenditures. The increase in fund balance of $7,908 was less than the budgeted decrease as
a result of favorable variances in non - payroll related operations accounts, transfers, and
favorable revenue variances in electric taxes and franchise fees.
The Road Improvements Fund balance decreased $542,602 due to capital projects
expenditures exceeding current year revenues.
The 2003 Debt Service fund balance decreased $536,580 due to expenditures related to the
current refunding of the outstanding bonds and issuance of a new note payable.
Proprietary Funds. The City of Winter Springs' proprietary funds provide the same type of
information found in the government -wide financial statements but in more detail.
Unrestricted net position of the Water and Sewer Utility Fund at the end of the year amounted to
$6,757,528 and total net position increased $1,751,587 to $21,016,975. This increase is
primarily due to an increased demand, reduced indirect overhead expenses and contributed
capital.
The Development Services Fund net position increased $65,248 to $209,510 at the end of the
fiscal year. New construction permits have sustained improved levels resulting in net income.
The Stormwater Utility Fund net position increased $410,352 to $8,669,615 at the end of the
fiscal year. Increased net position is a result of increase in user revenues and greater operating
efficiencies resulting in decreased operating expenses.
12
MANAGEMENT'S DISCUSSION AND ANALYSIS
General Fund Budgetary Highlights
Differences between the original General Fund budget and the final amended General Fund
budget resulted in $5,902 less in appropriations from fund balance during the year from an
appropriation from fund balance of $581,068 in the original budget to appropriations from fund
balance of $575,166 in the final budget.
The actual results of General Fund for the year show an appropriation to fund balance of $7,908
compared to a final budgeted appropriation from fund balance of $575,166. The favorable
variance of $583,074 results from savings in non - payroll related operating accounts per the
Department list below:
Executive & Legislative
$ 6,502
General Government
24,643
Finance & Admin Services
26,811
Information Services
20,658
Community Development
14,083
Police
51,628
Public Works
24,673
Parks & Recreation
33,188
Total $ 202,186
Additionally, there was a favorable transfer variance of $202,000 due to the determination that a
portion of the budgeted transfer to the debt service fund would not be necessary. The proactive
decision to pay down $300,000 of the unfunded pension liability only resulted in an unfavorable
payroll variance of ($84,000). A favorable capital variance of $250,000 resulted from a CRA
(Community Redevelopment Agency) District project ($175,000) that did not materialize in
FY2014 and a Byrne grant project which fell on the cusp of two fiscal years and necessitated a
$54,000 rollover into FY15. Because these capital projects were 100% reimbursable there was
a commensurate negative effect of $262,000 on the revenue variance. This, however, was
mitigated by electricity taxes and electricity franchise fees which outperformed budgeted
estimates by $437,000 and contributed to by Communication Service Taxes which came shy of
budget by $146,000. All in all, the general fund ended with a net favorable revenue and
transfers in variance of $12,000.
The comparison of budgeted results to actual results for the General Fund is shown on pages
26 -27.
Capital Asset and Debt Administration
Capital assets. The City of Winter Springs' investment in capital assets for its governmental
and business -type activities as of September 30, 2014, amounts to $95,909,352 (net of
accumulated depreciation), for a decrease of $956,447 over the prior year. This investment in
capital assets includes land, buildings, improvements, machinery and equipment, intangibles,
park facilities, roads, highways, and bridges. The total decrease in the City of Winter Springs'
investment in capital assets for the current fiscal year was 0.99% (a 0.82% decrease for
governmental activities, and a 1.24% increase for business -type activities).
13
MANAGEMENT'S DISCUSSION AND ANALYSIS
Capital Asset and Debt Administration (Continued)
Capital assets. (Continued)
Major capital asset events during the current fiscal year included the following:
• The completion and capitalization of the following projects:
• Road reconstruction and resurfacing totaling almost $689,000;
• The purchase of new vehicles for the Police Department at a cost of almost
$277,000;
• Water system pipe relining at a cost of almost $181,000;
• Beautification renovation project at a cost of almost $116,000;
• Upgrade of Police Department radios and system at a cost of almost $131,000;
• Tractor for Public Works Department at a cost of almost $57,000;
• New VM Server at a cost of $40,000.
• The capitalization of donated assets as a result of new residential and commercial
building projects including:
• Additions to storm water system infrastructure at a value of almost $634,000;
• Additions to sewer system infrastructure at a value of almost $635,000.
• Continued construction on the following projects:
• Road safety projects including deceleration lanes and realignment of Market
Square at a cost of almost $240,000 ($95,000 spent in prior years);
• Customer Service initiative to include upgrade software at a cost of almost
$85,000 (almost $247,000 spent in prior years);
• Improvements at Central Winds Park at a cost of $34,000 (almost $12,000 spent
in prior years).
• The ongoing construction of new projects:
• Police Department Emergency Operations Center at a cost of almost $39,000;
• Homeland Security monitoring cameras at the water plants at a cost of almost
$30,000.
Additional information on the City of Winter Springs' capital assets can be found in Note 6 on
pages 54 -56 of this report.
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Intangibles
Infrastructure
Construction in progress
Total
City of Winter Springs
Capital Assets (Net of Depreciation)
As of September 30
Governmental Activities
Business -type Activities
Total Primary Government
2014
2013
2014
2013
2014
2013
$ 9,946,795
$ 9,946,795
$ 7,170,177
$ 7,170,177
$17,116,972
$17,116,972
7,276,050
7,684,649
163,138
188,153
7,439,188
7,872,802
6,992,645
7,298,722
29,695,026
30,103,312
36,687,671
37,402,034
1,367,719
1,334,506
552,489
571,562
1,920,208
1,906,068
182,182
182,413
84,278
105,524
266,460
287,937
31,310,749
31,541,167
-
-
31,310,749
31,541,167
972,350
543,065
195,754
195,754
1,168,104
738,819
$ 58,048,490
$ 58,531,317
$ 37,860,862
$ 38,334,482
$ 95,909,352
$ 96,865,799
14
MANAGEMENT'S DISCUSSION AND ANALYSIS
Caaital Asset and Debt Administration (Continued
Long -term debt. At September 30, 2014, the City of Winter Springs had total debt outstanding
of $39,576,819, a decrease of $2,013,403 from $41,590,222 at September 30, 2013. Total
bonded debt of the City at the end of the current fiscal year was $9,168,161 for a decrease of
$4,730,000 over the prior year. This amount does not include accreted interest of $8,989,604.
The City of Winter Springs' bonded debt represents bonds and notes secured solely by
specified revenue sources (i.e., revenue bonds and notes).
There are no limitations placed on the amount of debt the City may issue either by the City's
charter, code of ordinances or by the Florida State Statutes.
Additional information on the City of Winter Springs' long -term debt can be found in Note 7 on
pages 56 -61 of this report.
City of Winter Springs
Long Term Debt
As of September 30
15
Governmental Activities
Business -type Activities
Total Primary Government
2014
2013
2014
2013
2014
2013
Improvement Refunding Revenue
Bonds, Series 1999
$ 3,498,970
$ 3,498,970
$ -
$ -
$ 3,498,970
$ 3,498,970
Water & Sewer Refunding
Revenue Bonds, Series 2000
-
-
5,669,191
5,669,191
5,669,191
5,669,191
Improvement Refunding Revenue
Bonds, Series 2003
-
4,730,000
-
-
-
4,730,000
Capital Improvement Revenue
Note, Series 2006
87,333
114,959
87,333
114,959
Revenue Refunding Note Series
2011
1,043, 285
1,204,160
1,043, 285
1,204,160
Special Assessment Revenue
Notes, Series 2011
1,657,310
1,735,122
1,657,310
1,735,122
Limited General Obligation Note,
Series 2012
2,533,833
2,638,521
2,533,833
2,638,521
Improvement Refunding Revenue
Note, Series 2014
3,494,000
-
3,494,000
-
Revenue Refunding Note Series
2011A
-
5,900,689
6,778,750
5,900,689
6,778,750
Revenue Refunding Note Series
2011B
641,179
721,065
641,179
721,065
Revenue Refunding Note Series
2011 C
3,058,761
3,397,010
3,058,761
3,397,010
State Revolving Fund Loan
-
1,635,498
1,711,448
1,635,498
1,711,448
Accreted Interest Payable
4,432,678
4,003,092
4,556,926
4,081,821
8,989,604
8,084,913
Compensated Absences
766,961
726,850
172,074
194,367
939,035
921,217
Other Post Employment Benefits
334,325
277,090
110,675
90,910
445,000
368,000
Adjustments for Issuance
Discounts and Deferred
Refunding Costs
-
34,819
(16,869)
(17,923)
(16,869)
16,896
Total
$17,848,695
$18,963,583
$ 21,728,124
$ 22,626,639
$ 39,576,819
$ 41,590,222
15
MANAGEMENT'S DISCUSSION AND ANALYSIS
Economic Factors and Next Year's Budaets and Rates
Winter Springs is primarily a residential community serving more than 34,000 residents and is
just 15 miles north of the City of Orlando, one of Florida's largest metropolitan statistical areas.
Winter Springs was also recognized by Money Magazine in 2011 as one of our country's "Best
Places to Live."
Where many municipal and county governments have raised property taxes, through
conservative fiscal policies and aggressive management of the budget, the City Manager and
City Commission have been able to maintain the property tax rate for the upcoming fiscal year
while improving services.
Community Development is focused on a strong, strategic economic development plan to attract
commercial growth within the city. Particular attention is directed to the area known as
Seminole Way. With its close proximity to the University of Central Florida and Research Park,
Winter Springs offers excellent opportunities for the development of high technology industries.
Situated on the eastern edge of the City, Seminole Way is a strategic economic development
initiative focused on attracting high value jobs and businesses to Seminole County. The State
Road 417 (Central Florida GreeneWay) corridor defines the boundaries of the Seminole Way
district, spanning the length of Seminole County and connecting to both Orange County's
"Innovation Way" and the "Medical City" located at Lake Nona. The City has targeted this
GreeneWay Interchange District (GID) for technology industry development complemented by
commercial and retail establishments. It is expected to become a premier employment center
with professional and high -tech office buildings, conference facilities, and hotel rooms. The
City's ability to expand and diversify its tax base will be a major factor in providing additional
financial resources to fund an increasing demand for services.
The city is experiencing new growth and rising property values in both the residential and
commercial construction market with projects such as:
• The RiZe — 244 luxury apartments
• Pollack Shores — 300 apartments with mixed use /commercial buildings
• Jesup's Landing — 171 townhomes in the Town Center
• Winding Hollow Office Complex
• West Side — 5 buildings constructed and occupied, 2 future buildings
• East Side — 2 buildings under construction
Long Term Financial Planning
The total taxable assessed property value in Winter Springs increased 6.6% from for fiscal year
2014 to 2015, $1,639,667,121 to $1,748,258,752. In fiscal year 2015 -2016 property assessed
values are anticipated to increase approximately 4.5 -5.0 %. The real estate market has
rebounded and the City will continue to benefit from several geographic and competitive
advantages. The primary factors are:
Significant undeveloped land, both residential and commercial
Comparatively low tax rates
Current commercial and residential development presently under construction and in
planning
The national and state economies play a key role in assessing the City's financial future. While
economic changes at the state and national level often lead to reduction in tax receipts the City
has remained vigilant, flexible and proactive with corresponding changes in expenditures.
16
MANAGEMENT'S DISCUSSION AND ANALYSIS
Requests for Information
This financial report is designed to provide a general overview of the City of Winter Springs'
finances for all those with an interest in the government's finances. Questions concerning any
of the information provided in this report or requests for additional financial information should
be addressed to the Finance and Administrative Services Director, 1126 East State Road 434,
Winter Springs, Florida, 32708. The Comprehensive Annual Financial Report is also available
at the City of Winter Springs' website located at www.wintersprin-qsfl.org.
17
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
BASIC FINANCIAL STATEMENTS
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
GOVERNMENT -WIDE FINANCIAL STATEMENTS
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
September 30, 2014
ASSETS
Cash and Cash Equivalents
Investments
Receivables, net
Inventories - at cost
Prepaid Costs
Restricted Assets:
Cash and cash equivalents
Investments
Pension Assets
Receivables, long -term
Capital Assets
Capital assets not being depreciated
Capital assets being depreciated, net of accumulated
depreciation
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding
LIABILITIES
Accounts Payable and Accrued Expenses
Due to Other Governments
Accrued Interest Payable
Unearned Revenues
Liabilities Payable from Restricted Assets
Noncurrent Liabilities:
Due within one year
Due in more than one year
Total Liabilities
NET POSITION
Net Investment in Capital Assets
Restricted for:
Capital projects
Debt service
Renewal and replacement
Physical environment
Public safety
Unrestricted
Total Net Position
Governmental
Activities
$ 1,143,320
19,420,890
3,637,113
7,510
210,920
333,927
297,032
2,176,122
10,919,145
Business -type
Activities
$ 899,021
11,834,367
893,298
23,545
7,295
721,689
7,365,931
Total
$ 2,042,341
31,255,257
4,530,411
31,055
218,215
333,927
721,689
297,032
2,176,122
18,285,076
47,129,345
30,494,931
77,624,276
85,275,324
52,240,077
137,515,401
92,576
568,817
661,393
657,053
192,421
849,474
83,399
14,413
97,812
68,468
220,189
288,657
11,720
-
11,720
333,414
757,647
1,091,061
762,942
1,438,060
2,201,002
17,085,753
20,290,064
37,375,817
19,002,749
22,912,794
41,915,543
45,826,335
21,541,230
67,367,565
2,988,442
-
2,988,442
281,171
4,814
285,985
-
477,523
477,523
5,395,107
-
5,395,107
137,222
-
137,222
11,736,874
7,872,533
19,609,407
$ 66,365,151
$ 29,896,100
$ 96,261,251
The accompanying Notes to Financial Statements are an integral part of these statements.
18
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF ACTIVITIES
For The Year Ended September 30, 2014
Net (Expense) Revenue and Changes in Net Position
Business -type activities
Water and sewer
6,944,763 9,239,558
- 891,693
Program Revenue
3,186,488
Primary Government
Development services
409,295 821,278
- -
-
Operating
Capital Grants
Stormwater
1,149, 671 1,097,258
- 634,317
-
Charges for
Grants and
and
Governmental Business -type
- 1,526,010
Functions /Programs
Expenses
Services
Contributions
Contributions
Activities Activities
Total
Primary Government
(9,746,079)
General Revenues:
Governmental activities
Property taxes
4,014,680
-
4,014,680
General government
$ 5,498,396
$ 2,058,398
$ -
$ -
$ (3,439,998) $ - $
(3,439,998)
Public safety
7,476,644
457,705
20,030
-
(6,998,909) -
(6,998,909)
Physical environment
5,873,522
3,589,850
-
1,382,211
(901,461) -
(901,461)
Culture and recreation
2,170,169
363,315
2,500
-
(1,804,354) -
(1,804,354)
Interest on long -term debt
781,732
-
-
-
(781,732) -
(781,732)
Total governmental activities
21,800,463
6,469,268
22,530
1,382,211
(13,926,454) -
(13,926,454)
Business -type activities
Water and sewer
6,944,763 9,239,558
- 891,693
-
3,186,488
3,186,488
Development services
409,295 821,278
- -
-
411,983
411,983
Stormwater
1,149, 671 1,097,258
- 634,317
-
581,904
581,904
Total business -type activities
8,503,729 11,158,094
- 1,526,010
-
4,180,375
4,180,375
Total primary government
$ 30,304,192 $ 17,627,362 $
22,530 $ 2,908,221
(13,926,454)
4,180,375
(9,746,079)
General Revenues:
Property taxes
4,014,680
-
4,014,680
Utility taxes
4,034,667
-
4,034,667
Business tax receipts
105,558
-
105,558
Intergovernmental - unrestricted
3,268,732
-
3,268,732
Investment income and miscellaneous
336,000
31,537
367,537
Gain on Sale of Asset
17,384
-
17,384
Transfers
1,984,725
(1,984,725)
-
Total general revenues and transfers
13,761,746
(1,953,188)
11,808,558
Change in net position
(164,708)
2,227,187
2,062,479
Net Position - beginning
66,529,859
27,668,913
94,198,772
Net Position - ending
$ 66,365,151
$ 29,896,100
$ 96,261,251
The accompanying Notes to Financial Statements are an integral part of these statements.
19
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
FUND FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2014
Assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories, at cost
Prepaids
Special assessments receivable
Advances to other funds
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities and Fund Balances:
Accounts payable
Accrued liabilities
Retainage payable
Due to other funds
Due to other governments
Payable from restricted assets
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - county taxes
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
333,414
$ 9,290,582
$ 152,054
214,332
95,119
333,414
794,919
$ 4,434,767 $ 2,924,935
$ 11,002 $ 191,922
11,002 191,922
3,503,434 -
3,503,434
416,032 - -
- 920,331 -
- - 981,158
432,744 - 1,751,855
7,646,887 - -
8,495,663 920,331 2,733,013
$ 9,290,582 $ 4,434,767 $ 2,924,935
The accompanying Notes to Financial Statements are an integral part of these statements.
20
Special Revenue
Road
Improvements Solid
General Fund
Fund Waste /Recycling
$ 285,553
$ 65,744 $ 206,139
8,127,576
865,589 2,714,020
128,007
3,503,434 4,776
7,510
- -
210,920
- -
197,602
- -
333,414
$ 9,290,582
$ 152,054
214,332
95,119
333,414
794,919
$ 4,434,767 $ 2,924,935
$ 11,002 $ 191,922
11,002 191,922
3,503,434 -
3,503,434
416,032 - -
- 920,331 -
- - 981,158
432,744 - 1,751,855
7,646,887 - -
8,495,663 920,331 2,733,013
$ 9,290,582 $ 4,434,767 $ 2,924,935
The accompanying Notes to Financial Statements are an integral part of these statements.
20
Debt Service
$ 3,955 $ 3,500 $ 64,303 $ 426,736
- - - 214,332
15,985 15,985
197,602 197,602
- 95,119
- - - 333,414
3,955 3,500 277,890 1,283,188
1,597,310
1,597,310
- 3,503,434
578,812 2,176,122
578,812 5,679,556
- - - 416,032
226,434 4,151,743 5,298,508
- - 303,509 1,284,667
276,115 3,229,772 5,690,486
- - (171,920) 7,474,967
226,434 276,115 7,513,104 20,164,660
$ 1,827,699 $ 279,615 $ 8,369,806 $ 27,127,404
21
Other
Total
TLBD Debt
2003 Debt
Governmental
Governmental
Service
Service
Funds
Funds
$ 16,264
$ 19,739
$ 549,881
$ 1,143,320
214,125
259,876
7,239,704
19,420,890
-
-
896
3,637,113
-
-
-
7,510
-
-
-
210,920
1,597,310
-
578,812
2,176,122
-
-
-
197,602
-
-
513
333,927
$ 1,827,699
$ 279,615
$ 8,369,806
$ 27,127,404
$ 3,955 $ 3,500 $ 64,303 $ 426,736
- - - 214,332
15,985 15,985
197,602 197,602
- 95,119
- - - 333,414
3,955 3,500 277,890 1,283,188
1,597,310
1,597,310
- 3,503,434
578,812 2,176,122
578,812 5,679,556
- - - 416,032
226,434 4,151,743 5,298,508
- - 303,509 1,284,667
276,115 3,229,772 5,690,486
- - (171,920) 7,474,967
226,434 276,115 7,513,104 20,164,660
$ 1,827,699 $ 279,615 $ 8,369,806 $ 27,127,404
21
This page intentionally left blank.
G�
Incorporated
1959
'000 wE
CITY OF WINTER SPRINGS, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE
STATEMENT OF NET POSITION
September 30, 2014
Total fund balance, governmental funds $ 20,164,660
Amounts reported for governmental activities in the Statement of Net
Position are different because:
Capital assets used in governmental activities are not current financial
resources and therefore are not reported in the funds.
Other long -term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.
Long -term liabilities, including bonds payable, are not due and payable in
the current period and therefore are not reported in the funds.
The cumulative net pension contribution which is more than the annual
required contribution is presented as an asset on the statement of net
position.
58,048,490
5,679,556
(17,824,587)
297,032
Net Position of Governmental Activities in the Statement of Net Position $ 66,365,151
The accompanying Notes to Financial Statements are an integral part of this statement.
22
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended September 30, 2014
23
Special Revenue
Road
Improvements
Solid
General Fund
Fund
Waste /Recycling
Revenues:
Taxes:
Property taxes
$ 3,840,804
$ -
$ -
Utility taxes
4,034,667
-
-
Business tax receipts
105,558
-
-
Permits and fees
1,870,175
-
102,625
Intergovernmental revenues
3,196,409
188,132
94,853
Charges for services
618,902
-
2,437,733
Fines and forfeitures
106,875
-
-
Impact fees /assessments
-
-
-
Investment income
30,988
3,195
6,848
Miscellaneous
154,950
-
-
Total revenues
13,959,328
191,327
2,642,059
Expenditures:
Current:
General government
4,963,130
-
-
Public safety
6,947,133
-
-
Physical environment
1,001,795
-
2,444,356
Culture and recreation
1,786,708
-
-
Debt Service:
Principal
-
-
-
Interest and fiscal charges
-
-
-
Capital Outlay:
General government
108,070
-
-
Public safety
407,245
-
-
Physical environment
-
755,715
-
Culture and recreation
54,193
-
-
Total expenditures
15,268,274
755,715
2,444,356
Excess (Deficiency) of
Revenues Over Expenditures
(1,308,946)
(564,388)
197,703
Other Financing Sources (Uses)
Notes payable
-
-
-
Transfers in
2,468,354
21,786
-
Transfers out
(1,151,500)
-
(137,339)
Total other financing sources(uses)
1,316,854
21,786
(137,339)
Net Change in Fund Balances
7,908
(542,602)
60,364
Fund Balances - beginning
8,487,755
1,462,933
2,672,649
Fund Balances -ending
$ 8,495,663
$ 920,331
$ 2,733,013
23
Debt Service
Other
Total
TLBD Debt
2003 Debt
Governmental
Governmental
Service
Service
Funds
Funds
$ -
$ -
$ 173,876
$ 4,014,680
-
-
-
4,034,667
-
-
-
105,558
-
-
20,125
1,992,925
-
-
579,900
4,059,294
-
-
14,845
3,071,480
-
-
174,483
281,358
77,812
-
1,169,406
1,247,218
55,748
885
41,043
138,707
33,466
-
31,036
219,452
167,026
885
2,204,714
19,165,339
-
-
3,712
4,966,842
-
-
39,569
6,986,702
4,328
-
723,445
4,173,924
-
-
-
1,786,708
77,812
4,730,000
293,189
5,101,001
55,127
235,465
133,732
424,324
-
-
125,672
233,742
-
-
118,887
526,132
67,214
-
239,629
1,062,558
-
-
48,667
102,860
204,481
4,965,465
1,726,502
25,364,793
(37,455)
(4,964,580)
478,212
(6,199,454)
-
3,494,000
-
3,494,000
-
934,000
217,500
3,641,640
(500)
-
(363,742)
(1,653,081)
(500)
4,428,000
(146,242)
5,482,559
(37,955)
(536,580)
331,970
(716,895)
264,389
812,695
7,181,134
20,881,555
$ 226,434
$ 276,115
$ 7,513,104
$ 20,164,660
The accompanying
Notes
to Financial Statements are an integral part of these statements.
24
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
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, 2014
Net change in fund balances - total governmental funds: $ (716,895)
Amounts reported for Governmental Activities in the Statement of Activities are
different because:
Governmental funds report outlays for capital assets as expenditures.
However, in the statement of activities the cost of those assets is allocated
over their estimated useful lives and reported as depreciation expense. This
is the amount by which capital outlays exceeded depreciation in the current
period (1,079,962)
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade -ins and disposals) is to decrease net position (4,775)
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 position. Also, governmental
funds report the effect of premiums, discounts and similar items when debt is
first issued, whereas these amounts are deferred and amortized in the
statement of activities. This amount is the net effect of these differences in
the treatment of long -term debt and related items 1,607,001
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in governmental funds 8,435
Special assessment revenue reported in the funds must be eliminated from
the statement of activities since revenue was recognized in a prior year (123,713)
Pension expenses recorded in the statement of activities which are in excess
of the annual required pension contribution are considered to be assets and
not expenses of the period (1,955)
Contributions of capital assets are not reported as revenues in the
governmental funds 605,744
Transfers of capital assets to proprietary funds (3,834)
Some expenses reported in the statement of activities do not require the use
of current financial resources and these are not reported as expenditures in
governmental funds. (454,754)
Change in net position of governmental activities
$ (164,708)
The accompanying Notes to Financial Statements are an integral part of these statements.
25
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, 2014
Variance with
Final Budget -
Actual
Positive
Budgeted Amounts
Amounts
(Negative)
Original
Final
Revenues:
Taxes:
Property Taxes
$ 3,830,853
$ 3,830,853
$ 3,840,804
$ 9,951
Utility taxes
3,900,000
3,900,000
4,034,667
134,667
Business tax receipts
125,000
125,000
105,558
(19,442)
7,855,853
7,855,853
7,981,029
125,176
Permits and fees:
Permits
25,000
25,000
20,335
(4,665)
Franchise fees
1,710,000
1,710,000
1,849,840
139,840
1,735,000
1,735,000
1,870,175
135,175
Intergovernmental revenues:
Sales tax
2,055,000
2,055,000
2,097,107
42,107
State revenue sharing
990,000
990,000
1,037,638
47,638
Other state shared revenue
35,000
35,000
34,134
(866)
Other county shared revenue
180,000
180,000
7,500
(172,500)
Federal grants
-
86,513
20,030
(66,483)
3,260,000
3,346,513
3,196,409
(150,104)
Charges for services:
Program activity fees
199,500
199,500
213,034
13,534
Rental and other
385,718
390,394
405,868
15,474
585,218
589,894
618,902
29,008
Fines and forfeitures
100,000
100,000
106,875
6,875
Investment income
85,000
85,000
30,988
(54,012)
Miscellaneous
55,002
128,735
154,950
26,215
Total revenues
13,676,073
13,840,995
13,959,328
118,333
Expenditures:
Current:
General government:
Executive
General government
Finance and administrative services
Information services
Community development
Public Safety:
Police
Fire
Physical environment:
Public works
Culture and recreation:
Parks and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Net other financing sources
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Actual
Budgeted Amounts Amounts
Original Final
Variance with
Final Budget -
Positive
(Negative)
$ 701,775
$ 623,505
$ 614,210
$ 9,295
643,400
389,400
364,757
24,643
1,824,059
1,786,882
1,721,764
65,118
1,033,795
934,470
905,169
29,301
1,691,643
1,647,394
1,465,300
182,094
5,894,672
5,381,651
5,071,200
310,451
6,876,838
7,330,636
7,299,131
31,505
65,500
55,500
55,247
253
6,942,338
7,386,136
7,354,378
31,758
1,002,900
1,008,861
1,001,795
7,066
1,896,491
1,860,921
1,840,901
20,020
15,736,401
15,637,569
15,268,274
369,295
(2,060,328)
(1,796,574)
(1,308,946)
487,628
2,580,760
2,574,408
2,468,354
(106,054)
(1,101,500)
(1,353,000)
(1,151,500)
201,500
1,479,260
1,221,408
1,316,854
95,446
(581,068)
(575,166)
7,908
583,074
8,487,755
8,487,755
8,487,755
-
$ 7,906,687
$ 7,912,589
$ 8,495,663
$ 583,074
27
CITY OF WINTER SPRINGS, FLORIDA
ROAD IMPROVEMENTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Intergovernmental revenues
Investment income
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts Actual
Original Final Amounts
$ 1,275,000 $ 283,000 $ 188,132
8,400 8,400 3,195
1,283,400 291,400 191,327
Variance with
Final Budget -
Positive
(Negative)
$ (94,868)
(5,205)
(100,073)
1,175,000 821,834 755,715 66,119
1,175,000 821,834 755,715 66,119
108,400 (530,434) (564,388) (33,954)
Other Financing Sources (Uses)
Transfers in -
Transfers out (300,000)
Total other financing sources (uses) (300,000)
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
21,786 21,786
L I, 1 Qu L I, 1 Qu
(191,600) (508,648) (542,602) (33,954)
1,462,933 1,462,933 1,462,933 -
$ 1,271,333 $ 954,285 $ 920,331 $ (33,954)
The accompanying Notes to Financial Statements are an integral part of these statements.
28
CITY OF WINTER SPRINGS, FLORIDA
SOLID WASTE/RECYCLING SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
(25,000) 60,364 85,364
2,672,649 2,672,649 2,672,649 -
$ 2,672,649 $ 2,647,649 $ 2,733,013 $ 85,364
The accompanying Notes to Financial Statements are an integral part of these statements.
29
Variance with
Final Budget -
Actual
Positive
Budgeted Amounts
Amounts
(Negative)
Original
Final
Revenues:
Permits and fees
$ 95,000
$ 95,000
$ 102,625
$ 7,625
Intergovernmental revenues
115,000
115,000
94,853
(20,147)
Charges for services
2,387,000
2,387,000
2,437,733
50,733
Investment income
16,500
16,500
6,848
(9,652)
Total revenues
2,613,500
2,613,500
2,642,059
28,559
Expenditures:
Current:
Physical environment
2,428,500
2,453,500
2,444,356
9,144
Total expenditures
2,428,500
2,453,500
2,444,356
9,144
Excess (Deficiency) of Revenues Over
Expenditures
185,000
160,000
197,703
37,703
Other Financing Sources (Uses)
Transfers out
(185,000)
(185,000)
(137,339)
47,661
Total other financing sources (uses)
(185,000)
(185,000)
(137,339)
47,661
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances - ending
(25,000) 60,364 85,364
2,672,649 2,672,649 2,672,649 -
$ 2,672,649 $ 2,647,649 $ 2,733,013 $ 85,364
The accompanying Notes to Financial Statements are an integral part of these statements.
29
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
Assets
Current assets:
Cash and cash equivalents
Investments
Receivables, net
Inventories
Prepaid expenses
Total current assets
Noncurrent assets:
Restricted investments
Capital Assets:
Land, buildings and equipment
Construction in Progress
Less Accumulated depreciation
Total capital assets (net of accumulated
depreciation)
Total noncurrent assets
Total assets
Deferred Outflows of Resources
Deferred charge on refunding
Total deferred outflows of resources
Liabilities
Current Liabilities:
Accounts payable
Accrued liabilities
Compensated absences - current
Customer deposits payable
Due to other governments
Notes payable - current
Accrued interest payable
Total current liabilities
Noncurrent Liabilities:
Notes payable
Revenue bonds payable
Accreted interest payable
Compensated absences
Other noncurrent liabilities
Total noncurrent liabilities
Total liabilities
NET POSITION
Net investment in capital assets
Restricted for debt service
Restricted for renewal and replacement
Unrestricted
Total net position
September 30, 2014
Business -type Activities - Enterprise Funds
Water and
Sewer Utility Development Stormwater
Fund Services Fund Utility Fund Total
$ 807,031 $ 19,372 $ 72,618 $ 899,021
10, 623, 230 255,054 956,083 11, 834, 367
893,298 - - 893,298
23,545 - - 23,545
6,000 1,295 - 7,295
12, 353,104 275,721 1,028,701 13, 657, 526
721,689 - - 721,689
60, 600, 864
160,092
12, 334, 281
73, 095, 237
127,557
-
68,197
195,754
(30,631,679)
(110,267)
(4,688,183)
(35,430,129)
30,096,742
49,825
7,714,295
37,860,862
30,818,431
49,825
7,714,295
38,582,551
43,171, 535
325,546
8,742,996
52, 240, 077
568,817
-
-
568,817
568,817
-
-
568,817
99,926
71,833
20,085
191,844
46,412
7,176
12,520
66,108
27,989
2,071
4,355
34,415
692,116
-
-
692,116
-
14,413
-
14,413
1,403,645
-
-
1,403,645
220,189
-
-
220,189
2,490,277
95,493
36,960
2,622,730
9,832,482
-
-
9,832,482
5,652,322
-
-
5,652,322
4,556,926
-
-
4,556,926
111,958
8,283
17,418
137,659
79,412
12,260
19,003
110,675
20,233,100
20,543
36,421
20,290,064
22,723,377
116,036
73,381
22,912,794
13,777,110
49,825
7,714,295
21,541,230
4,814
-
-
4,814
477,523
-
-
477,523
6,757,528
159,685
955,320
7,872,533
$ 21,016,975 $
209,510
$ 8,669,615
$ 29,896,100
The accompanying Notes to Financial Statements are an integral part of these statements.
30
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For The Year Ended September 30, 2014
Operating Revenues:
User charges
Other revenue
Total operating revenues
Operating Expenses:
Salaries and benefits
Materials and supplies
Depreciation and amortization
Other operating expenses
Total Operating Expenses
Operating income (loss)
Nonoperating Revenue (Expenses):
Investment income
Interest expense
Accreted interest expense
Proceeds from auction and insurance
Total nonoperating revenue (expenses)
Income (loss) before contributions and transfers
Capital Contributions:
Connection fees
Capital contribution
Transfers In
Transfers Out
Change in net position
Total Net Position - beginning
Total Net Position - ending
Business -type Activities - Enterprise Funds
412,148
Water and Sewer
Development
Stormwater
-
Utility Fund
Services Fund
Utility Fund
Total
634,317
1,263,191
$ 9,239,558
$ 821,278
$ 1,078,961 $
11,139, 797
-
-
18,297
18,297
9,239,558
821,278
1,097,258
11,158, 094
19,265,388
144,262
8,259,263
2,035,078
279,744
565,268
2,880,090
884,805
7,620
202,723
1,095,148
1,932,103
15,394
343,984
2,291,481
1,078,787
106,537
37,696
1,223,020
5,930,773
409,295
1,149, 671
7,489,739
3,308,785
411,983
(52,413)
3,668,355
22,560
(538,885)
(475,105)
6,564
(984,866)
105 2,221
60 27
165 2,248
24,886
(538,885)
(475,105)
6,651
(982,453)
2,323,919
412,148
(50,165)
2,685,902
266,653
-
-
266,653
628,874
-
634,317
1,263,191
21,696
-
-
21,696
(1,489,555)
(346,900)
(173,800)
(2,010,255)
1,751,587
65,248
410,352
2,227,187
19,265,388
144,262
8,259,263
27,668,913
$ 21,016,975 $
209,510
$ 8,669,615
$ 29,896,100
The accompanying Notes to Financial Statements are an integral part of these statements.
31
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended September 30, 2014
The accompanying Notes to Financial Statements are an integral part of these statements.
32
Business -type Activities - Enterprise Funds
Water and
Development
Sewer Utility
Services
Stormwater
Fund
Fund
Utility Fund
Total
Cash Flows from Operating Activities:
Receipts from customers
$ 9,150,215
$ 821,278
$ 1,097,258
$ 11,068,751
Payments to suppliers
(1,969,493)
(85,624)
(249,185)
(2,304,302)
Payments to employees
(2,059,338)
(267,226)
(554,207)
(2,880,771)
Net cash provided by operating activities
5,121,384
468,428
293,866
5,883,678
Cash Flows from Noncapital Financing Activities:
Transfers in
21,696
-
-
21,696
Transfers out
(1,489,555)
(346,900)
(173,800)
(2,010,255)
Increase (decrease) in due to other funds
(82,459)
-
16,861
(65,598)
Net cash provided (used) by noncapital financing activities
(1,550,318)
(346,900)
(156,939)
(2,054,157)
Cash Flows from Capital and Related Financing Activities:
Proceeds from insurance
6,564
60
27
6,651
Acquisition of capital assets
(612,366)
(4,884)
(14,335)
(631,585)
Principal paid on revenue bonds & leases
(1,372,146)
-
-
(1,372,146)
Interest paid on revenue bonds
(469,468)
-
-
(469,468)
Grant revenue
76,915
-
-
76,915
Connection fees
266,653
-
-
266,653
Net cash provided (used) by capital and related financing
activities
(2,103,848)
(4,824)
(14,308)
(2,122,980)
Cash Flows from Investing Activities:
Purchase of investments
(1,668,442)
(105,165)
(96,536)
(1,870,143)
Investment income
22,560
105
2,221
24,886
Net cash provided (used) by investing activities
(1,645,882)
(105,060)
(94,315)
(1,845,257)
Net Increase (Decrease) in Cash and Cash Equivalents
(178,664)
11,644
28,304
(138,716)
Cash and Cash Equivalents - beginning
985,695
7,728
44,314
1,037,737
Cash and Cash Equivalents - end
$ 807,031
$ 19,372
$ 72,618
$ 899,021
The accompanying Notes to Financial Statements are an integral part of these statements.
32
Reconciliation of Operating Income(Loss) to
Net Cash Provided by Operating Activities
Operating income(loss)
Adjustments Not Affecting Cash:
Depreciation and amortization
Change in Assets and Liabilities:
Decrease in accounts receivable
Decrease in inventories
Increase in prepaid costs
Increase (decrease) in accounts payable
Increase in due to other governments
Increase (decrease) in accrued liabilities
Increase in customer deposits
Increase (decrease) in accrued compensated absences
Increase in OPEB obligation
Total adjustments
Net Cash Provided By Operating Activities
Noncash Capital and Financing Activities:
Contributed capital assets
Net transfers of capital assets
Business -type Activities - Enterprise Funds
water ancl Development
Sewer Utility Services Stormwater
Fund Fund Utilitv Fund Total
$ 3,308,785
$
411,983
$
(52,413)
$
3,668,355
1,932,103
15,394
343,984
2,291,481
(76,093)
-
-
(76,093)
(4,081)
-
-
(4,081)
100
(1,295)
-
(1,195)
(1,920)
50,284
(8,766)
39,598
-
(20,456)
-
(20,456)
(3,744)
3,315
2,276
1,847
(13,250)
-
-
(13,250)
(34,928)
7,556
5,079
(22,293)
14,412
1,647
3,706
19,765
(119,504)
41,051
2,295
(76,158)
$ 5,121,384
$
468,428
$
293,866
$
5,883,678
$ 548,125
$
-
$
634,317
$
1,182,442
$ 3,834
$
-
$
-
$
3,834
33
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2014
Liabilities
Net Position:
Held in trust for pension benefits
$ 36,821,260
The accompanying Notes to Financial Statements are an integral part of these statements.
34
Defined Benefit
Pension Trust
Fund
Assets:
Cash and cash equivalents
$ 4,133,794
Receivables:
Employee contributions
12,457
Employer contributions
382,603
Total receivables
395,060
Investments, at fair value:
Common funds - equity
22,185,809
Common funds - bonds
7,120,058
Other investments
2,986,539
Total Investments
32,292,406
Total assets
36,821,260
Liabilities
Net Position:
Held in trust for pension benefits
$ 36,821,260
The accompanying Notes to Financial Statements are an integral part of these statements.
34
CITY OF WINTER SPRINGS, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For The Year Ended September 30, 2014
Defined Benefit
Pension Trust
Fund
Additions:
Contributions:
Employer $ 2,561,415
Plan Members 335,594
Total contributions 2,897,009
Investment income:
Net increase in fair value of investments 3,414,891
Interest 470,452
Net investment income 3,885,343
Total additions 6,782,352
Deductions:
Benefits 1,974,208
Administrative expenses 159,425
Total deductions 2,133,633
Change in net position
4,648,719
Net Position - beginning
32,172,541
Net Position - ending
$ 36,821,260
The accompanying Notes to Financial Statements are an integral part of these statements.
35
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
NOTES TO FINANCIAL STATEMENTS
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies:
A. Reporting Entity
The City of Winter Springs, Florida (the City) is a political subdivision of the state of Florida
located in Seminole County, and was established by the Laws of Florida 59 -1614. The
legislative branch of the City is comprised of a five - member elected Commission and a
separately elected mayor, which is governed by the City Charter and by state and local laws
and regulations. The City Commission is responsible for the establishment and adoption of
policy; the execution of such policy is the responsibility of the City Manager appointed by the
Commission.
In evaluating how to define the government, for financial reporting purposes, the City has
considered all potential component units. The definition of the reporting entity is based primarily
on the notion of financial accountability. A primary government is financially accountable for the
organizations that make up its legal entity. It is also financially accountable for legally separate
organizations if its officials appoint a voting majority of an organization's governing body, and
either it is able to impose its will on that organization or there is a potential for the organization
to provide specific financial benefits to, or to impose specific financial burdens on, the primary
government. A primary government may also be financially accountable for governmental
organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary government
(a) is entitled to the organizations' resources; (b) is legally obligated or has otherwise assumed
the obligation to finance the deficits of, or provide financial support to, the organization; or (c) is
obligated in some manner for the debt of the organization. In applying the above criteria,
management has determined that there are no component units to be included within the
reporting entity.
B. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the 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.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
B. Government -Wide and Fund Financial Statements (Continued)
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.
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.
37
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
The government reports the following funds:
Major Governmental Funds
The General Fund is the government's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Road Improvements Special Revenue Fund accounts for collected one -cent
sales tax revenues restricted for use for transportation - related improvements.
The Solid Waste /Recycling Special Revenue Fund accounts for proceeds from billed
solid waste and recycling services performed by contract vendors. Proceeds are
committed to pay monthly vendor charges for providing solid waste and recycling
services.
The TLBD Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2001 special assessment
bond issue which was refinanced in October 2011 with a private placement note
payable.
The 2003 Debt Service Fund was established to account for the accumulation of
resources and payment of principal and interest for the 2003 bond issue which was
refinanced in July 2014 with a private placement note payable.
Nonmajor Governmental Fund Types
Special Revenue Funds account for the proceeds of specific revenue sources that
are legally restricted or committed to expenditure for specified purposes other than
debt service or capital projects.
Debt Service Funds account for the accumulation of resources for and the payment
of principal and interest on certain general governmental obligations.
Capital Projects Funds account for financial resources segregated for the acquisition
or construction of major capital facilities.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Major Proprietary Funds
The Water and Sewer Utility Fund is used to account for the operations of the City's
water and wastewater systems, which are financed in a manner similar to private
business enterprises, where the costs, including depreciation, of providing services
to the general public on an ongoing basis are financed primarily through user
charges.
The Development Services Fund is used to account for the operations of the City's
building and other permits department, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
The Stormwater Utility Fund is used to account for the City's operation and
maintenance of the stormwater system, where the costs, including depreciation, of
providing services to the general public are financed primarily through user charges.
Fiduciary Fund
The Pension Trust Fund accounts for contributions to the defined benefit plan.
As a general rule the effect of interfund activity has been eliminated from the government -
wide financial statements. Exceptions to this general rule are other charges between the
City's water and sewer function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenues reported for the
various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's water, sewer and stormwater utility funds are
charges to customers for sales and services. The City also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting customers to the
system. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's
policy to use restricted resources first, then unrestricted resources as they are needed.
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance
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.
2. Receivables and Payables
Activity between funds that are representative of lending /borrowing arrangements
outstanding at the end of the fiscal year are referred to as either "due to /from
other funds" (i.e., the current portion of interfund loans) or "advances to /from
other funds" (i.e., the non - current portion of interfund loans). All other
outstanding balances between funds are reported as "due to /from other funds."
Any residual balances outstanding between the governmental activities and
business -type activities are reported in the government -wide financial statements
as "internal balances."
Advances between funds, as reported in the fund financial statements, are offset
by a non - spendable fund balance in applicable governmental funds to indicate
that they are not available for appropriation and are not expendable available
financial resources.
.s
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance (Continued)
2. Receivables and Payables (Continued)
All receivables are shown net of an allowance for uncollectibles. The County bills
and collects property taxes and remits them to the City. City property tax
revenues are recognized when levied to the extent that they result in current
receivables.
All property is reassessed according to its fair value on the lien date, or January
1 of each year. Taxes are levied on October 1 of each year. Discounts are
allowed for early payment at the rate of 4% in the month of November, 3% in the
month of December, 2% in the month of January, and 1% in the month of
February. The taxes paid in March are without discount. All unpaid taxes
become delinquent on April 1 following the year in which they are assessed. On
or around May 31 following the tax year, certificates are sold for all delinquent
taxes on real property.
3. Inventories and Prepaid Items
All inventories are valued at cost using the first -in /first -out (FIFO) method.
Inventories of governmental funds are recorded as expenditures when consumed
rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items in both government -wide and fund financial
statements. These are recorded as expenditures when consumed rather than
when purchased.
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.
41
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance (Continued)
5. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure
assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the
applicable governmental or business -type activities columns in the government -
wide financial statements. Capital assets are defined by the City as assets with
an initial, individual cost of $1,000 or more and an estimated useful life in excess
of one year. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business -type activities is included as part of the capitalized value of the assets
constructed.
Property, plant, and equipment of the City are depreciated using the straight line
method over the following estimated useful lives:
Assets
Years
Buildings
30
Improvements
20 -50
Infrastructure
30 -50
Intangible Assets
3 -10
Equipment
3 -10
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, other post -
employment benefits and net pension obligation are generally liquidated by the
General Fund.
42
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance (Continued)
7. Long -term obligations
In the government -wide financial statements, and for proprietary fund types in the
fund financial statements, long -term debt and other long -term obligations are
reported as liabilities in the applicable governmental activities, business -type
activities, or proprietary fund type statement of net position. Bond premiums and
discounts (including deep- discount or capital appreciation bonds), are deferred
and amortized over the life of the bonds and notes using the effective interest
method. Bonds payable and notes payable are reported net of the applicable
bond premium or discount.
In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current
period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses.
Issuances costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
8. Deferred outflows /inflows of resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial
statement element, deferred outflows of resources, represents a consumption of
net position that applies to a future period(s) and so will not be recognized as an
outflow of resources (expense /expenditure) until then. The City has only one item
that qualifies for reporting in this category. It is the deferred charge on refunding
reported in the enterprise and government -wide statement of net position. A
deferred charge on refunding results from the difference in the carrying value of
refunded debt and its reacquisition price. This amount is deferred and amortized
over the shorter of the life of the refunded or refunding debt.
43
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance (Continued)
8. Deferred outflows /inflows of resources (continued)
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial
statement element, deferred inflows of resources, represents an acquisition of
net position that applies to a future period(s) and so will not be recognized as an
inflow of resources (revenue) until that time. The City has only one type of item,
which arises only under a modified accrual basis of accounting, that qualifies for
reporting in this category. Accordingly, the item, unavailable revenue, is reported
only in the governmental funds balance sheet. The governmental funds report
unavailable revenues from two sources: county taxes and special assessments.
These amounts are deferred and recognized as an inflow of resources in the
period that the amounts become available.
9. Net position flow assumption
Sometimes the City will fund outlays for a particular purpose from both restricted
and unrestricted resources. In order to calculate the amounts to report as restricted -
net position and unrestricted- net position in the government -wide financial
statements, a flow assumption must be made about the order in which the
resources are considered to be applied. It is the City's policy to consider restricted -
net position to have been depleted before unrestricted -net position is applied.
10. Fund balance flow assumption
Sometimes the city will fund outlays for a particular purpose from both restricted
and unrestricted resources (the total of committed, assigned, and unassigned
fund balance). In order to calculate the amounts to report as restricted,
committed, assigned, and unassigned fund balance in the governmental fund
financial statements a flow assumption must be made about the order in which
the resources are considered to be applied. It is the City's policy to consider
restricted fund balance to have been depleted before using any components of
unrestricted fund balance. Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted
first, followed by assigned fund balance. Unassigned fund balance is applied
last.
..
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 1 - Summary of Significant Accounting Policies (Continued):
D. Assets, Liabilities, Deferred Outflows /Inflows of Resources and Net Position or
Fund Balance (Continued)
11. Fund balance policies
Fund balance of governmental funds is reported in various categories based on
the nature of any limitations requiring the use of resources for specific purposes.
The City itself can establish limitations on the use of resources through either a
commitment (committed fund balance) or an assignment (assigned fund
balance).
The committed fund balance classification includes amounts that can be used
only for the specific purposes determined by a formal action of the government's
highest level of decision making authority. The City Commission is the highest
level of decision making authority for the City that can, by adoption of a
Resolution prior to the end of the fiscal year, commit fund balance. Once
adopted, the limitation imposed by the resolution remains in place until a similar
action is taken (the adoption of another resolution) to remove or revise the
limitation.
Amounts in the assigned fund balance classification are intended to be used by
the City for specific purposes but do not meet the criteria to be classified as
committed. The commission may assign fund balance as it does when
appropriating fund balance to cover a gap between estimated revenue and
appropriations in the subsequent year's appropriated budget. Unlike
commitments, assignments generally only exist temporarily.
12. New GASB Statements Implemented
In fiscal year 2014, the City implemented GASB Statement No. 67, Financial
Reporting for Pension Plans. This statement replaces the requirements of GASB
Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and
Note Disclosures for Defined Contribution Plans, and Statement No. 50, Pension
Disclosures, as they related to pension plans that are administered through trusts
or equivalent arrangements that meet certain criteria. The City has implemented
the disclosure requirements in Notes 9 and 10, and the Required Supplementary
Information for the City's Defined Benefit and Defined Contribution Retirement
Plans.
45
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 2 - Reconciliation of Government -Wide and Fund Financial Statements:
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government -Wide Statement of Net Position
The governmental fund balance sheet includes a reconciliation between fund balance - total
governmental funds and net position - governmental activities as reported in the
government -wide statement of net position. One element of that reconciliation explains that
"long -term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds." The details of this ($17,824,587) difference are
as follows:
Bonds Payable $ (3,498,970)
Accreted Interest Payable (4,432,678)
Notes Payable (8,815,761)
Less: Deferred charge on refunding (to be amortized as interest expense) 92,576
Accrued Interest Payable (68,468)
Other Post Employment Benefits (334,325)
Compensated Absences (766,961)
Net Adjustment to Reduce Fund Balance - total governmental funds to arrive at
net position - governmental activities $ (17,824,587)
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government -Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances - total governmental funds
and changes in net position of governmental activities as reported in the government -wide
statement of activities. One element of that reconciliation explains that "Governmental
funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation
expense." The details of this ($1,079,962) difference are as follows:
Capital Outlay $ 1,925,292
Depreciation Expense (3,005,254)
Net Adjustment to Decrease Net Changes in Fund Balances - total
governmental funds to arrive at changes in net position - governmental activities $ (1,079,962)
M.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 2 - Reconciliation of Government -Wide and Fund Financial Statements (Continued):
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government -Wide
Statement of Activities (Continued)
Another element of that reconciliation states that "the issuance of long -term debt (e.g.,
bonds, leases) provides current financial resources to governmental funds, while the
repayment of the principal of long -term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net position. Also,
governmental funds report the effect of premiums, discounts, and similar items when debt is
first issued, whereas these amounts are deferred and amortized in the statement of
activities." The details of this $1,607,001 difference are as follows:
Debt Issued or Incurred:
Notes payable
Principal repayment
$ (3,494,000)
5,101,001
Net Adjustment to Increase Net Changes in Fund Balances - total governmental
funds to arrive at changes in net position - governmental activities $ 1,607,001
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 ($454,754) difference
are as follows:
Compensated Absences
Amortization of Loss on Refunding
Amortization of Bond Discounts
Accrued Interest Payable
Other Post Employment Benefits
Accreted Interest Payable
$ (40,111)
(15,513)
6,963
80,728
(57,235)
(429,586)
Net Adjustment to Decrease Net Changes in Fund Balances- total governmental
funds to arrive at changes in net position - governmental activities $ (454,754)
47
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 3 - Stewardship, Compliance, and Accountability:
A. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for all governmental funds. All annual appropriations lapse at fiscal year end.
The City follows these procedures set forth below in establishing the budgetary data
reflected in the financial statements.
1. On or before July 1St of each year, the City Manager submits a Proposed Budget to
the City Commission for the fiscal year beginning the following October 1St. The
budget includes proposed revenues, expenditures and a description of capital
activities for the ensuing fiscal year.
2. The City Commission then holds informal workshops, wherein the public is invited to
attend.
3. On or before September 30th of each year, two public hearings are convened and
the Commission establishes the ad valorem tax millage followed by the adoption of
the final budget.
4. The budget may be formally amended by the City Commission at any time.
Budgeted amounts presented in the accompanying financial statements have been
adjusted for any legally authorized revisions of the annual budgets during the year.
5. The City Manager is authorized to transfer budgeted amounts between accounts
within a department. At any time during the fiscal year, the City Manager may
transfer part or all of any unencumbered appropriations among programs within one
department. The legal level of budgetary control is the departmental level.
B. Appropriations in Excess of Funds Available
Appropriations for the Tuscawilla Phase III Special Revenue Fund and Oak Forest Debt
Service Fund were in excess of anticipated revenue and prior years' fund balance.
C. Deficit Fund Equity
The Tuscawilla Phase III Special Revenue Fund has a deficit fund balance of $53,671 at
September 30, 2014.
The Oak Forest Debt Service Fund has a deficit fund balance of $118,249 at September 30,
2014.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 4 - Deposits and Investments:
Deposits
At year -end, the carrying amount of the City's deposits was $2,379,270 and the bank
balance was $3,697,244. Petty cash funds of $1,810 are not on deposit with a financial
institution, and fiduciary fund cash of $4,133,794 held by the pension fund is not in the City's
bank. All bank deposits were covered by Federal Depository Insurance or held in banks
that are members of the State of Florida's Collateral Pool as specified under Florida law.
Florida Statutes provide for collateral pooling by banks and savings and loans. This limits
local government deposits to "authorized depositories ".
Investments
The City's investment policies are governed by State Statutes and City ordinances. City
ordinance allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280
of the Florida Statutes. Authorized investments are:
1. Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA
LG I P)
2. U.S. Government securities
3. U.S. Government Agency securities
4. Federal Instrumentalities (U.S. Government sponsored agencies)
5. Interest bearing time deposit or savings accounts
6. Repurchase agreements
7. Commercial paper
8. Bankers' acceptances
9. State and /or local government taxable and /or tax- exempt debt
10. Registered investment companies (money market mutual funds)
11. Intergovernmental investment pool
The City's investment policy limits credit risk by restricting authorized investment to those
described above. The policy requires that the investment in federal instrumentalities be
guaranteed by the full faith and credit of the U.S. Government sponsored agency and that
investments in money market mutual funds have a Standard & Poors (S & P) rating of AAm
or AAm -G. Investments in commercial paper and bankers' acceptances must berated, at a
minimum, "P -1" by Moody's Investors Services and "A -1" by S & P. Investment in state
and /or local government taxable and /or tax- exempt debt must be rated at least "Aa" by
Moody's and "AX by S & P for long -term debt, or rated at least "MIG -2" by Moody's and
"SP -2" by S & P for short -term debt.
i •
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 4 - Deposits and Investments (Continued):
Investments (Continued)
Custodial Credit Risk
In the case of deposits, this is the risk that in the event of a bank failure, the City's deposits
may not be returned to it. The city's investment policy requires that the bank deposits be
secured as provided by Chapter 280, Florida Statutes. This law requires local governments
to deposit funds only in financial institutions designated as qualified public depositories by
the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust
Fund, a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a default or insolvency has occurred. At September 30,
2014, all of the city's bank deposits were in qualified public depositories.
For an investment, this is the risk that, in the event of the failure of the counterparty, the
government will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. At September 30, 2014, none of the
investments listed are exposed to custodial credit risk because their existence is not
evidenced by securities that exist in physical or book entry form.
Concentration of Credit Risk
The City's investment policy requires diversification, and places limits on the percentage of
funds that may be invested with an individual issuer and type of investment.
Interest Rate Risk
The policy limits investment in U.S. Government securities and agencies and federal
instrumentalities to a maximum length to maturity of five years. The maximum length to
maturity for an investment in any state or local government debt security is three years.
Certificates of deposit maximum maturity is one year and commercial paper and bankers'
acceptances are 180 days. The maximum length to maturity for repurchase agreements is
90 days.
Additional Investment Information
The SBA is not a registrant with the Securities and Exchange Commission (SEC); however,
the State of Florida does provide regulatory oversight. The Board has adopted operating
procedures consistent with the requirements for a 2a -7 like fund for the Florida Prime Fund.
Therefore, the pool account balance can be used as fair value for financial reporting.
50
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 4 - Deposits and Investments (Continued):
Investments held by the City at September 30, 2014 are detailed below.
Investments
Commercial Paper
US Treasury Notes
Municipal Obligations
Federal Agency Bond Note
Fidelity Institutional Money Market Government Portfolio
Investments: Pension Funds
Weighted
The City's Pension Trust Fund (Trust) investment policies are governed by State Statutes
and City ordinances. City ordinance allows investments in any financial institution that is a
qualified public depository of the State of Florida as identified by the State Treasurer, in
accordance with Chapter 280 of the Florida Statutes. Authorized investments are:
1. Equities traded on a national exchange
2. Fixed income investments having a minimum rating of investment grade or
higher as determined by at least one major credit rating service
3. Money market fund or STIF provided by the Plan's custodian
4. Real estate limited to commingled funds
5. Alternatives
6. Foreign securities limited to fully and easily negotiable securities or
commingled funds with investments in such securities
7. Commingled funds /mutual funds and exchange traded funds
The investments held by the City's Pension Trust Fund at September 30, 2014 are detailed
below:
Average Duration
Investments Fair Value (Years)
Stocks $ 22,185,809 N/A
Bonds 7,120,058 1.49 years
Real Estate 2,986,539 N/A
Total Investments 32,292,406
Cash and Cash Equivalents 4,133,794
Total Cash and Investments $ 36,426,200
51
Credit
Average
Fair Value
Rating
Maturity
$ 5,794,413
A -1+
36 days
14,963,296
TSY
383 days
974,571
AA
457 days
9,522,979
AA+
480 days
716,875
Not rated
$ 31,972,134
The City's Pension Trust Fund (Trust) investment policies are governed by State Statutes
and City ordinances. City ordinance allows investments in any financial institution that is a
qualified public depository of the State of Florida as identified by the State Treasurer, in
accordance with Chapter 280 of the Florida Statutes. Authorized investments are:
1. Equities traded on a national exchange
2. Fixed income investments having a minimum rating of investment grade or
higher as determined by at least one major credit rating service
3. Money market fund or STIF provided by the Plan's custodian
4. Real estate limited to commingled funds
5. Alternatives
6. Foreign securities limited to fully and easily negotiable securities or
commingled funds with investments in such securities
7. Commingled funds /mutual funds and exchange traded funds
The investments held by the City's Pension Trust Fund at September 30, 2014 are detailed
below:
Average Duration
Investments Fair Value (Years)
Stocks $ 22,185,809 N/A
Bonds 7,120,058 1.49 years
Real Estate 2,986,539 N/A
Total Investments 32,292,406
Cash and Cash Equivalents 4,133,794
Total Cash and Investments $ 36,426,200
51
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 4 - Deposits and Investments (Continued):
Investments: Pension Funds (Continued)
Credit Risk
The City's Trust investment policy limits credit risk by restricting authorized investment to
those described above. The policy requires that the investments in: federal instrumentalities
be guaranteed by the full faith and credit of the U.S. Government sponsored agency;
deposit accounts be insured by the Federal Deposit Insurance Corporation and may not
exceed maximum insured amount; commercial paper be rated in the highest category by a
nationally recognized rating service; Letters of Credit (LOC) backing commercial paper, the
long -term debt of the LOC provider be rated A or better by at least two nationally recognized
rating services; bankers' acceptances of the United States Banks or federally chartered
domestic office of a foreign bank, which are eligible for purchase by the Federal Reserve
System, be rated in the highest category by a nationally recognized rating service; General
Obligation and /or Revenue Bonds of state or local government taxable or tax - exempt debt
be rated A, for long -term debt, by a nationally recognized rating service or rated "MIG -2" or
"SP -2 ", for short term debt, by a nationally recognized rating service; intergovernmental
investment pools be authorized to the Florida Interlocal Cooperation Act provided in Section
163.01, Florida Statutes; equities be traded on a national exchange; money market mutual
funds have a rating of "Al" by Standard & Poor's (S &P) or "P1" by Moody's Investor
Services ( Moody's); fixed income securities be investment grade as measured by S &P or
Moody's; and any bonds or notes that fall below investment quality must be liquidated
immediately.
Custodial Credit Risk
Custodial risk is the risk that, in the event of the failure of the counterparty, the government
will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. At September 30, 2014, none of the Trust investments
listed are exposed to custodial credit risk because their existence is not evidenced by
securities that exist in physical or book entry form.
Concentration of Credit Risk
The City's Trust investment policy requires diversification, and places limits on the
percentage of funds that may be invested with an individual issuer and type of investment.
The policy limits an individual issuer of common or capital stock to no more than 5% of the
fund's assets; the aggregate investment in any one stock issuing company to no more than
5% of the outstanding capital stock of the company; and the value of bonds issued by any
single corporation to no more than 3% of the total fund. The policy limits investments in
corporate common stock and convertible bonds to no more than 75% of the fund assets at
market value; foreign securities to no more than 20% of fund assets at market value; and
alternative investments, such as timber and real estate, to no more than 15% of the fund
assets at market value. At September 30, 2014, there were no security investments in the
Trust that were over their respective limitations.
52
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 4 - Deposits and Investments (Continued):
Investments: Pension Funds (Continued)
Interest Rate Risk
The Pension investment policy allows for investment in commingled funds administered by
national or state banks, and mutual funds. Authorized investments criteria with the
exception of commingled funds, apply to security level investments. All fixed income
investments in the Pension portfolio are commingled funds.
The Pension fixed income portfolio may be invested in securities with a maturity up to (30)
years, as long as the average duration of the portfolio will not exceed +/- 125% of the
duration of the Policy benchmark. There were no security level fixed income investments in
the Pension Portfolio.
Note 5 - Receivables:
Receivables as of year end for the City's individual major funds and nonmajor funds in the
aggregate, including the applicable allowances for uncollectible accounts, are as follows:
There is an amount of $3,503,434 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,176,122 that are not
available to liquidate liabilities of the current period. These receivables totaling $5,679,556 are
reported as deferred inflows of resources in the governmental funds balance sheet.
53
Allowance for
Accounts
Uncollectible
Fund
Receivable
Accounts
Net Receivable
General
$ 128,007
$ -
$ 128,007
Road Improvements Special Revenue
3,503,434
-
3,503,434
Solid Waste /Recycling Special Revenue
4,776
-
4,776
Water & Sewer Utility
944,919
(51,621)
893,298
Nonmajor Governmental
896
-
896
$ 4,582,032
$ (51,621)
$ 4,530,411
There is an amount of $3,503,434 included in accounts receivable above in the Road
Improvements Special Revenue Fund that is not considered to be available to liquidate liabilities
of the current period. There are also special assessments receivable of $2,176,122 that are not
available to liquidate liabilities of the current period. These receivables totaling $5,679,556 are
reported as deferred inflows of resources in the governmental funds balance sheet.
53
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 6 - Capital Assets:
Capital asset activity for the year ended September 30, 2014 was as follows:
Governmental Activities:
Capital assets, not being depreciated:
Land
Construction in Progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Buildings
Improvements
Intangible assets
Machinery and equipment
Infrastructure
Total capital assets, being
depreciated
Less accumulated depreciation for:
Buildings
Improvements
Intangible assets
Machinery and equipment
Infrastructure
Total accumulated depreciation
Total capital assets, being
depreciated, net
Governmental activities capital
assets, net
Beginning
Balance Increases Decreases
Ending
Balance
$ 9,946,795
$ -
292,209 (5,445,674)
$ 9,946,795
543,065
1,233,792
(804,507)
972,350
10,489,860
1,233,792
(804,507)
10,919,145
12,778,646
14,686
-
12,793,332
12,383,008
115,988
-
12,498,996
953,788
77,364
(2,400)
1,028,752
6,518,752
595,459
(300,818)
6,813,393
60,397,531
1,298,254
-
61,695,785
93,031,725
2,101,751
(303,218)
94,830,258
(5,093,997) (423,285)
(5,084,286) (422,065)
(771,375) (77,595)
(5,517,282)
- (5,506,351)
2,400 (846,570)
(5,184,246)
(553,637)
292,209 (5,445,674)
(28,856,364)
(1,528,672)
- (30,385,036)
(44,990,268)
(3,005,254)
294,609 (47,700,913)
48,041,457
(903,503)
(8,609) 47,129,345
$ 58,531,317 $ 330,289 $ (813,116) $ 58,048,490
54
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 6 - Capital Assets (Continued):
Business -type Activities:
Capital assets, not being depreciated:
Land
Construction in Progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Buildings
Improvements
Intangible assets
Machinery and equipment
Total capital assets, being
depreciated
Less accumulated depreciation for:
Buildings
Improvements
Intangible assets
Machinery and equipment
Total accumulated depreciation
Total capital assets, being
depreciated, net
Business -type activities capital
assets, net
Beginning Ending
Balance Increases Decreases Balance
$ 7,170,177 $ - $ - $ 7,170,177
195,754 191,345 (191,345) 195,754
7,365,931 191,345 (191,345) 7,365,931
756,435 -
59,702,221 1,681,525
213,563 4,960
3,527,447 131,427
756,435
61,383,746
218,523
(92,518) 3,566,356
64,199,666 1,817,912 (92,518) 65,925,060
(568,282) (25,015)
(29,598,909) (2,089,811)
(108,039) (26,206)
(2,955,885) (150,500)
(33,231,115) (2,291,532)
30,968,551 (473,620)
(593,297)
(31,688,720)
(134,245)
92,518 (3,013,867)
92,518 (35,430,129)
- 30,494,931
$ 38,334,482 $ (282,275) $ (191,345) $ 37,860,862
Increases in accumulated depreciation for business -type activities include accumulated
depreciation on assets transferred from governmental activities, therefore total increases is not
the same as depreciation expense. This difference is $51.
55
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 6 - Capital Assets (Continued):
Depreciation expense was charged to functions /programs as follows:
Governmental Activities:
General government
Public safety
Physical environment
Culture and recreation
Total Depreciation Expense - governmental activities
Business -type Activities:
Water and sewer
Development services
Stormwater
Total Depreciation Expense - business -type activities
Note 7- Long -Term Debt:
Revenue Bonds
$
427,166
449,108
1,754,384
374,596
$
3,005,254
$
1,932,103
15,394
343,984
$
2,291,481
The City issues bonds where the City pledges revenue derived from the acquired or constructed
assets to pay debt service. Revenue bonds have been issued for both governmental and
business -type activities.
The 1999 Improvement Refunding Bonds are secured by Electric Franchise fees and Public
Service tax revenue. The total principal and interest remaining to be paid on this series is
$14,025,000. For the fiscal year, there was no principal and interest paid on this series and
total pledged revenue was $5,851,234.
The 2003 Improvement Refunding Bonds are secured by Electric Franchise fees and Public
Service tax revenue. These bonds were refunded during the year. For the fiscal year, principal
and interest paid on this series was $4,936,994 and total pledged revenue was $5,851,234.
The 2000 Water and Sewer Refunding bonds are secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is
$19,865,000. For the fiscal year, principal and interest paid on this series was $103,125 and
total pledged net revenue was $4,046,563.
Current Refunding
The City issued Improvement Refunding Revenue Note, Series 2014 to refund the 2003
Improvement Refunding Bonds. The refunding was undertaken to reduce total future debt
service payments. The transaction resulted in an economic gain of $194,686 and a reduction of
$199,554 in future debt service payments.
56
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 7 - Long -Term Debt (Continued):
Revenue Bonds (Continued)
The original amount of revenue bonds issued in prior years, as well as revenue bonds
outstanding at year end, are as follows:
Interest
Rates and
Dates Maturity
Governmental Activities
Balance
Original September 30,
Amount 2014
Improvement Refunding
Revenue Bonds- Series 1999 10/1/2020
(excludes $4,432,678 of accreted 3.25-5.25% to
interest on capital appreciation bonds) (4/1 & 10/1) 10/1/2029 $ 7,998,970 $ 3,498,970
10/1/2004
Improvement Refunding 2.0-3.7% to
Revenue Bonds- Series 2003 (4/1 & 10/1) 10/1/2018 $ 8,870,000
Total
Business -Type Activities
Water and Sewer Refunding
Revenue Bonds- Series 2000 10/1/2022
(excludes $4,556,926 of accreted 4.5-5.5% to
interest on capital appreciation bonds) (4/1 & 10/1) 10/1/2030
Total
$ 3,498,970
$ 6,969,191 $ 5,669,191
$ 5,669,191
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
2015
$ -
$ -
$ -
$ 103,125
2016
-
-
-
103,125
2017
-
-
-
103,125
2018
-
-
-
103,125
2019
-
428,559
-
103,125
2020 -2024
1,865,465
4,562,269
1,411,066
5,608,609
2025 -2029
1,398,548
5,015,181
2,042,981
7,968,450
2030 -2031
234,957
520,021
2,215,144
103,125
$ 3,498,970
$ 10,526,030
$ 5,669,191
$ 14,195,809
57
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 7 - Long -Term Debt (Continued):
Notes Payable
The City issued a Special Assessment Revenue Note Series 2006, in the amount of $430,000
to provide financing for the Tuscawilla Lighting and Beautification Project, Phase II. The Special
Assessment Revenue Note Series 2006 is secured by a first lien and pledge of assessments
levied on the property within the assessed area. The total principal and interest remaining to be
paid on this series is $93,942. For the fiscal year, principal and interest paid on this series was
$32,134 and total pledged revenue was $32,145.
The 2011 Improvement Refunding Revenue Note is secured by Electric Franchise fees and
Public Service tax revenue. The total principal and interest remaining to be paid on this series
is $1,107,929. For the fiscal year, principal and interest paid on this series was $187,395 and
total pledged revenue was $5,851,234.
The 2011 Special Assessment Revenue Refunding Note is secured by a first lien and pledge of
assessments levied on the property within the assessed area. The total principal and interest
remaining to be paid on this series is $2,124,547. For the fiscal year, principal and interest was
paid on this series was $132,939 and total pledged revenue was $133,007.
The 2012 Limited General Obligation Refunding Note is secured 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 Note shall not exceed one quarter (1/4) of one mil on all of
the taxable property in the City. The total principal and interest remaining to be paid on this
series is $3,445,590. For the fiscal year, principal and interest paid was $200,994 and total
pledged revenue was $173,876.
The 2014 Improvement Refunding Revenue Notes are secured by Public Service tax revenue.
The total principal and interest remaining to be paid on this series is $3,571,748. For the fiscal
year there were no principal and interest payments and total pledged revenue was $4,034,667.
The 2011A Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $6,499,659.
For the fiscal year, principal and interest paid on this series was $1,086,004 and total pledged
net revenue was $4,046,563.
The 2011 B Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $694,171.
For the fiscal year, principal and interest paid on this series was $96,877 and total pledged net
revenue was $4,046,563.
The 2011C Water and Sewer Refunding Note is secured by net revenue from the water and
sewer system. The total principal and interest remaining to be paid on this series is $3,355,195.
For the fiscal year, principal and interest paid on this series was $419,792 and total pledged net
revenue was $4,046,563.
58
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 7 - Long -Term Debt (Continued):
Notes Payable (Continued)
In April 2012, the City executed Clean Water State Revolving Fund Loan agreement
WW590600 for the Lake Jessup reclaimed water augmentation facility. The agreement
provides for total funding of $2,831,985. The loan period is for 20 years with an interest rate of
2.77 percent. The note is secured by gross revenues from the water and sewer utility net of
operation and maintenance costs. The total principal and interest remaining to be paid on this
series is $2,100,561. For the fiscal year, principal and interest paid on this series was $119,454
and total pledged net revenue was $2,760,557.
The City has notes payable for both governmental and business -type activities. Outstanding
notes payable at year end are as follows:
Governmental Activities
Special Assessment Revenue Note, Series 2006 - Principal payable
annually beginning July 1, 2007 and interest payable semi - annually on
January 1 and July 1. Maturity is July 1, 2021 and interest is 4.10 %.
Principal payments of $27,626 were made in fiscal year 2014. $ 87,333
Improvement Refunding Revenue Note, Series 2011 - payable in
annual principal installments starting 10/1/11 through 10/1/18 and
interest paid semi - annually at 2.36% 1,043,285
Special Assessment Refunding Revenue Note, Series 2011 - payable
in annual principal installments starting 10/1/12 through 10/1/29 and
interest paid semi - annually at 3.25% 1,657,310
Limited General Obligation Refunding Note, Series 2012 - payable in
annual principal installments starting 7/1/13 through 7/1/31 and
interest paid semi - annually at 3.65% 2,533,833
Improvement Refunding Revenue Note, Series 2014 - payable in
annual principal installments starting 10/1/14 through 10/1/18 and
interest paid semi - annually at 0.88%
59
3,494,000
$ 8,815,761
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 7 - Long -Term Debt (Continued):
Notes Payable (Continued)
Business -Type Activities
Water and Sewer System Revenue Refunding Note, Series 2011A -
payable in annual principal installments starting 4/1/12 through 4/1/20
and interest paid semi - annually at 3.28% $ 5,900,689
Water and Sewer System Revenue Refunding Note, Series 2011 B -
payable in annual principal installments starting 10/1/11 through
10/1/20 and interest paid semi - annually at 2.65% 641,179
Water and Sewer System Revenue Refunding Note, Series 2011C -
payable in annual principal installments starting 10/1/12 through
10/1/21 and interest paid semi - annually at 2.66% 3,058,761
SRF loan- payable in semi - annual principal and interest installments
starting 4/15/13, with interest paid semi - annually at 2.77% 1,635,498
$ 11,236,127
Annual debt service requirements to maturity for notes payable are as follows:
Year Ending
September 30.
2015
2016
2017
2018
2019
2020 -2024
2025 -2029
2030 -2033
Governmental Activities
Principal
Interest
$ 609,942
$ 190,529
1,231,859
183,946
1,256,963
164,001
1,262,982
143,576
1,286,593
123,346
1,208,156
463,780
1,449,715
235,786
509,551
23,031
$ 8,815,761 $ 1,527,995
.8
Business -Tvne Activities
Principal
Interest
$ 1,403,645
$ 310,448
1,446,751
266,630
1,497,567
221,366
1,542,909
174,567
1,585,947
126,483
2,905,784
203,995
479,446
89,086
374,078
20,884
$ 11,236,127 $ 1,413,459
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 7 - Long -Term Debt (Continued):
Changes in Long -Term Liabilities
Long -term liability activity for the year ended September 30, 2014 was as follows:
Beginning Ending
Governmental Activities:
Bonds Payable -
Revenue bonds
Less deferred amounts:
Issuance premiums
Total bonds payable
Accreted Interest Payable
Notes Payable -
Capital improvement notes
Limited general obligation note
Total notes payable
Other Post Employment Benefits
Compensated Absences
Governmental activity long-
term liabilities
Business -type Activities:
Bonds Payable -
Revenue bonds
Less deferred amounts:
Issuance discounts
Total bonds payable
Accreted Interest Payable
Notes Payable -
Revenue notes
SRF Loan
Other Post Employment Benefits
Compensated Absences
Governmental activity long-
term liabilities
Due Within
$ 8,228,970
$ -
$ (4,730,000)
$ 3,498,970 $
-
34,819
-
(34,819)
-
-
8,263,789
-
(4,764,819)
3,498,970
-
4,003,092
429,586
-
4,432,678
-
3,054,241
3,494,000
(266,313)
6,281,928
501,270
2,638,521
(104,688)
2,533,833
108,672
5,692,762
3,494,000
(371,001)
8,815,761
609,942
277,090
57,235
-
334,325
-
726,850
766,961
(726,850)
766,961
153,000
$ 18,963,583
$ 4,747,782
$ (5,862,670)
$ 17,848,695 $
762,942
Beginning
$ 5,669,191 $
(17,923)
5,651,268
4,081,821
Ending Due Within
- $ - $ 5,669,191 $
- 1,054 (16,869)
- 1,054 5,652,322
475,105 - 4,556,926
10,896,825
- (1,296,196)
9,600,629
1,334,768
1,711,448
- (75,950)
1,635,498
68,877
90,910
19,765 -
110,675
-
194,367
172,074 (194,367)
172,074
34,415
$ 22,626,639 $
666,944 $ (1,565,459)
$ 21,728,124
$ 1,438,060
61
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 8 - Interfund Receivables, Payables and Transfers:
The composition of interfund advances as of September 30, 2014 is as follows:
Receivable
Fund
Payable Fund
General Other Governmental Funds
Amount
$ 197,602
$ 197,602
The advance to other governmental funds represents Resolution 2010 -36 adopted June 2010
formally establishing the interfund loan (original amount $318,464) between the City's General
Fund and the Oak Forest Debt Service Fund. The terms of the note are 2.7510% paid quarterly
through June 2017. The balance also represents an interfund loan with the Tuscawilla III
Special Revenue Fund, which was established with Resolution 2013 -22 in the amount of
$80,820 of which $17,100 in prepayments were received for a net interfund loan of $63,720.
The terms of the note are 2.875% for 20 years. The interest rate is variable, with maximum
increases of 1.25% in years 6 -15, and 1.5% in years 16 -20.
Interfund transfers for the year ended September 30, 2014 are summarized below:
Transfers In
$ 2,468,354 $ 21,786 $ 934,000 $ 217,500 $ 21,696 $ 3,663,336
62
Road
Other
Water and
Improvements
2003 Debt Governmental
Sewer Utility
Transfers Out
General Fund
Fund
Service Fund Funds
Fund
Total
General Fund
$ -
$ -
$ 934,000 $ 217,500
$ - $
1,151,500
TLBD Debt Service
500
-
- -
-
500
Solid Waste /Recycling
Special Revenue Fund
137,339
-
- -
-
137,339
Other Governmental Funds
326,260
21,786
- -
15,696
363,742
Water and Sewer Utility Fund
1,489,555
-
- -
-
1,489,555
Development Services Fund
346,900
-
- -
-
346,900
Stormwater Utility Fund
167,800
-
- -
6,000
173,800
$ 2,468,354 $ 21,786 $ 934,000 $ 217,500 $ 21,696 $ 3,663,336
62
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 8 - Interfund Receivables, Payables and Transfers (Continued):
Interfund transfers for the year ended September 30, 2014 are detailed below:
Recipient Fund
Amount
Purpose
General Fund
167,800
Transfer from General Fund to pay Debt Service
1999 Debt Service Fund
$ 207,500
expenses on the Improvement Refunding Revenue
Bonds, Series 1999.
General Fund
500
Transfer from General Fund to pay Debt Service
2003 Debt Service Fund
934,000
expenses on the Improvement Refunding Revenue
Bonds, Series 2003.
General Fund
500
Transfer from General Fund to pay Debt Service
Central Winds GO Debt Service Fund
10,000
expenses on the General Obligation Notes for the
acquisition and expansion of Central Winds Park.
General Fund
500
Transfer from Water and Sewer Utility Fund for Utility
General Fund
1,489,555
Billing division budget, fair share portion of General
Fund expenses, such as human resources, purchasing,
General Fund
2,540
and finance.
Transfer from Development Services Fund for indirect
costs, administration, fire prevention, Community
General Fund
346,900
Development (crossover costs), Information Services
special projects, Kiva project and records management
project expenses.
Transfer from TLBD Phase I Maintenance Special
General Fund
67,429
Revenue Fund for City Clerk, Beautification Coordinator
and insurance expenses.
Transfer from Oak Forest Maintenance Special
General Fund
13,570
Revenue Fund for City Clerk, Beautification Coordinator
and insurance expenses.
Transfer from Solid Waste /Recycling Special Revenue
General Fund
137,339
Fund for administration, franchise fees.
General Fund
33,867
Transfer from Arbor Fund for urban forestry services.
63
Transfer from Stormwater Utility Fund for administration
General Fund
167,800
and special projects.
Transfer from Oak Forest Debt Service fund for
General Fund
500
administration fees.
Transfer from TLBD Debt Service Fund for
General Fund
500
administration fees.
Transfer from TLBD Phase II Debt Service Fund for
General Fund
500
administration fees.
Transfer from Tuscawilla III to reimburse the General
General Fund
2,540
Fund for expenses paid on behalf of the special
assessment fund
63
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 8 - Interfund Receivables, Payables and Transfers (Continued):
Recipient Fund
General Fund
General Fund
Road Improvements Fund
Water and Sewer Utility Fund
Water and Sewer Utility Fund
Note 9 - Defined Benefit Pension Plan:
Plan Description
Amount Purpose
200,000 Transfer from Transportation Improvement Fund for
street lighting.
Transfer from Special Law Enforcement Trust Fund -
7,854 Federal for purchase of new canine and new vehicle for
the Police Department.
21,786 Transfer from Arbor Fund for rights -of -way median
island landscape from revenues for tree mitigation.
15,696 Transfer from Arbor Fund to cover an allocation of
salary /benefits for the City Arborist.
6,000 Transfer from Stormwater Utility Fund for administration
fees.
$ 3,663,336
The City maintains a single - employer defined benefit pension plan that provides retirement
benefits to City employees. The pension plan is maintained as a Pension Trust Fund and is
included with the fund financial statements. This pension plan does not issue a stand -alone
financial report. General employees hired on or after October 1, 2011 are no longer eligible
for the defined benefit pension plan, but are eligible for the City's defined contribution plan.
Employees hired as sworn police officers or hired as forensic professionals on or after
October 1, 2011 will continue to participate in the defined benefit plan.
In October 2008, the City consolidated fire services with Seminole County, and firefighters
were given the option to either remain in the City's pension plan or enroll in the County's
pension plan. As a result, 27 firefighters elected to remain in the City's pension plan of
which 11 remain although they are no longer employees of the City.
The Board of Trustees of the plan are appointed by the City Commission to make advisory
recommendations regarding the plan's investment and portfolio strategies. Any
recommendations are then taken back to the Commission for final approval.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Summary of Significant Accounting Principles
The Plan's financial statements are prepared using the accrual basis of accounting. Plan
member contributions are recognized in the period in which the contributions are due. The
City's contributions are recognized when due and formal commitment to provide the
contributions has been made. Benefits and refunds are recognized when due and payable
in accordance with the terms of the Plan. All Plan investments are reported at fair value.
Securities traded on a national exchange are valued at the last reported sales price on the
government's balance sheet date. Securities without an established market are reported at
estimated fair value.
Funding Policy
The contribution requirements of plan members and the City are established and may be
amended by the City Commission. Effective October 1, 2011, the Plan has been amended
to require Plan members to contribute 5% of their salary to the Plan, which amounted to
$335,594, for the year ended September 30, 2014. The City is required to contribute at an
actuarially determined rate; the rate from the most recent actuarial valuation as of October
1, 2013 for the year ended September 30, 2014 is 30% of covered payroll. The
City /County's contribution for the year ended September 30, 2014 was $2,561,415, which is
34.5% of covered payroll. Administration costs and fees attributable to the plan are paid out
of the plan and amounted to $159,425 in 2014.
Membership in the Defined Benefit Plan consisted of the following as of the most recent
valuation date, October 1, 2013:
Retirees and beneficiaries receiving benefits 79
Terminated plan members entitled to but not
receiving benefits 135
Active plan members:
Vested 116
Partially vested 24
Non - vested 12
366
65
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Annual Pension Cost and Net Pension Obligation -
The annual pension cost, net pension obligation and required contribution for September
30, 2014 were determined as part of the actuarial valuation of the plan dated October 1,
2013. The annual pension cost and net pension obligation based on the most recent
valuation is:
Annual Required Contribution
$ 2,230,908
Interest on Net Pension Obligation (NPO)
2,702
Adjustment to Annual Required Contribution
(2,999)
Annual Pension Cost
2,230,611
City Contributions Made
(2,561,415)
Increase /(Decrease) in NPO
(330,804)
Net Pension Obligation, beginning of year
33,772
Net Pension Asset, end of year
$ (297,032)
*The beginning balance has been adjusted $332,759 to agree to the most recent actuarial
valuation.
Three Year Trend Information -
Fiscal
Year
Ending
9/30/2012
9/30/2013
9/30/2014
Annual
Pension
Cost (APC)
$ 1,965,697
1,965,697
2,230,611
Actual
Contribution
$ 1,913,717
2,298,786
2,561,415
Percentage of
APC
Contributed
97.4%
116.9%
114.8%
Net Pension
Obligation
(Asset)
$ 34,102
33,772
(297,032)
As of October 1, 2013, the most recent actuarial valuation date, the Plan was 65.1%
funded, and the vested benefit security ratio was 77.4 %. The actuarial accrued liability for
benefits was $45,927,000 and the actuarial value of assets was $29,909,000, resulting in an
unfunded actuarial liability (UAAL) of $16,018,000. The covered payroll (annual payroll of
active employees covered by the plan) was $7,431,000, and the ratio of the UAAL to the
covered payroll was 215.6 %.
The schedule of funding progress, presented as Required Supplementary Information
following the notes to the financial statements, presents multi -year trend information about
whether the actuarial value of the plan assets are increasing or decreasing over time
relative to the actuarial accrued liability for benefits. The schedule of employer contributions
is also presented and shows the extent to which the city has funded the actuarially
determined annual required contribution (ARC) overtime.
The amount legally required as of September 30, 2014 to be reserved for the Plan is
$36,821,260.
M.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Actuarial Methods and Assumptions -
The following is a summary of the actuarial methods and significant actuarial assumptions
used in the latest actuarial valuation dated October 1, 2013. The plan was amended
October 1, 2004 to increase the benefit formula percentage for service prior to October 1,
2000 of 2.0% by .25% increments each year beginning October 1, 2005 through the plan
year beginning October 1, 2008 to 3.0 %.
Assumptions:
Investment Earnings 8% compounded annually
Salary Increases /Inflation 3.0% -7.5 %, includes expected inflation at 3.0%
RP -2000 Combined Mortality Table with separate rates for
Mortality Table males and females and fully generational mortality
improvements projected to each future decrement date
Normal Form Life annuity with payments for life of participant
Retirement Age Age 65
Withdrawal Rates Used withdrawal assumptions used in July 1, 2013 Florida
Retirement System (FRS) Actuarial Valuation.
Actuarial Valuation:
Frequency Annual
Actuarial Cost Method Entry Age Normal
Amortization Method Level dollar, clsed
Amortization Period 23 years
Asset Valuation Method 5 year smoothed market
The City implemented GASB Statement 67, Financial Reporting for Pension Plans for
the year ended September 30, 2014. The required disclosures under GASB Statement
67 are as follows.
Summary of Significant Accounting Policies
Method used to value investments - Investments are reported at fair value. Securities
traded on a national or international exchange are valued at the last reported sales
price at current exchange rates.
Plan Description
Plan Administration - The Pension Trust Fund is administered by a Board of Trustees
appointed by the City Commission.
67
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Plan Membership - At September 30, 2014 plan membership consisted of the following:
Inactive Plan Members or Beneficiaries Currently Receiving Benefits 79
Inactive Plan Members Entitled to but Not Yet Receiving Benefits 135
Active Plan Members 152
9-Ts"
Benefits Provided - For Firefighters, Police Officers and Forensic Professionals, 3% times
final average compensation multiplied by accrual service up to a maximum of 30 years.
For General Employees, 3% times accrual service earned through September 30, 2011
times final average compensation plus 2.5% times accrual service earned after September
30, 2011 times final average compensation, up to a maximum of 30 years of accrual
service.
Contributions - contribution requirements of plan members and the City are established
and may be amended by the City Commission. The Plan currently requires employees to
contribute 5% of their salary.
Investments
Investment policy - The following was the board's adopted asset allocation policy as of
September 30, 2014:
Asset Class
Large Cap Domestic Stocks
Domestic Broad Cap Growth Equity
International
Fixed Income
TIPS
Real Estate
Total
Target Allocation
25%
25%
15%
20%
5%
10%
100%
Concentrations - The Plan did not hold investments in any one organization that
represents 5 percent or more of the Pension Plan's fiduciary net position.
Rate of return - For the year ended September 30, 2014 the annual money- weighted rate
of return on pension plan investments, net of pension plan investment expense, was 9.75
percent. The money- weighted rate of return expresses investment performance, net of
investment expense, adjusted for the changing amounts actually invested.
.:
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Net Pension Liability of the City
The components of the net pension liability of the sponsor on September 30, 2014 were
as follows:
Total Pension Liability $ 48,505,511
Plan Fiduciary Net Position (36,821,260)
Sponsor's Net Pension Liability $ 11,684,251
Plan Fiduciary Net Position as a Percentage of
Total Pension Liability 75.91%
Actuarial Assumptions - The total pension liability was determined by an actuarial
valuation as of October 1, 2013 updated to September 30, 2014 using the following
actuarial assumptions applied to all measurement periods
Inflation
Salary Increases
Investment Rate of Return
3.00%
3.0%-7.5%
8.00%
For healthy General Employee participants, the RP -2000 Combined Mortality Table was
used with separate rates for males and females and fully generational mortality
improvements projected to each future decrement date with Scale AA. For healthy
Firefighter and Police Officer participants, the RP -2000 Combined Mortality Table with
Blue Collar Adjustment was used with separate rates for males and females and fully
generational mortality improvements projected to each future decrement date with Scale
AA. For disabled participants, the RP -2000 Combined Disability Mortality Table was used
with separate rates for males and females and fully generational mortality improvements
projected to each future decrement date with Scale AA.
The long -term expected rate of return on pension plan investments was determined using
a building -block method in which best - estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expenses and inflation) are
developed for each major asset class. These ranges are combined to produce the long
term expected rate of return by weighting the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic real rates of return for each major asset class included in the pension plan's
target asset allocation as of September 30, 2014 are summarized in the following table:
We
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 9 - Defined Benefit Pension Plan (Continued):
Asset Class
Large Cap Domestic Stocks
International
Fixed Income
Alternative
Long Term
Expected Real
Rate of Return
7.50%
8.50%
2.50%
2.50%
Discount rate - The discount rate used to measure the total pension liability was 8 %. The
projection of cash flows used to determine the discount rate assumed member
contributions will be made at the current contribution rate and employer contributions will
be made at rates equal to the difference between the actuarially determined contribution
rates and the member rate. Based on those assumptions, the pension plan's fiduciary net
position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long -term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total
pension liability.
The following presents the net pension liability of the sponsor, calculated using the 8%
discount rate, as well as what the City's net pension liability (asset) would be if it were
calculated using a discount rate that is 1- percentage -point lower (7.0 %) or 1- percentage-
point higher (9.0 %) than the current rate:
Current
1 % Decrease Discount Rate 1 % Increase
7.00% 8.00% 9.00%
Net Pension Liability $ 17,593,921 $ 11,684,250 $ 6,701,110
U
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 10 - Defined Contribution Plan:
In March 2012 the City established the Winter Springs Defined Contribution (General Plan) as a
defined contribution plan covering all full time employees of the City hired after October 1, 2011,
not eligible to participate in the Defined Benefit Pension Plan. This plan is authorized and may
be amended by the City Commission. The City makes employer contributions of 5 %.
Employees are eligible to participate in the General Plan after 6 months of employment.
Vesting is 0% for the first 3 years, 60% at the end of year 3, 80% at the end of year 4, 100% at
the end of year 5. Benefits are available upon termination subject to IRS regulations,
regardless of age, based on vested years of service. Normal retirement age has been
designated by the employer as age 65.
For the fiscal year ending September 30, 2014, payroll for the employees covered by this plan
was $1,135,095. Employer contributions required and made were $56,105. As of September
30, 2014, participation in the plan consisted of 29 active members.
During the year, the General Plan held no securities issued by the employer.
Note 11 - Other Post - Employment Benefits:
In accordance with Florida Statutes Section 112.0801, the City makes continued group
health insurance through the city's current provider available to retirees and eligible
dependents provided certain service requirements and normal age retirement requirements
have been met. This plan is a single employer plan. This benefit has no cost to the City,
other than the implicit cost of including retirees in the group calculation. All premiums are
paid by the retiree. The City has eleven retirees currently receiving benefits. The City has
chosen pay -as- you -go funding, but is recording the liability in the government wide financial
statements. This plan does not issue stand -alone financial statements.
The most recent actuarial report for the City's Retiree Continuation Insurance plan was
prepared as of October 1, 2013. At that point in time, the unfunded actuarial accrued liability
(UAAL) for benefits was $1,016,000 and funded ratio was 0 %. The covered payroll was
$7,665,000 and the ratio of the UAAL to covered payroll was 13.3 percent.
The annual required contribution and Net OPEB Obligation for the fiscal year ended
September 30, 2014 is as follows:
Annual Required Contribution
$ 163,000
Interest on Net OPEB Obligation
15,000
Adjustment to Annual Required Contribution
(32,000)
Annual OPEB Cost
146,000
Employer Contributions
(68,000)
Interest on Employer Contributions
(1,000)
Increase in Net OPEB Obligation
77,000
Net OPEB Obligation (beginning of year)
368,000
Net OPEB Obligation (end of year)
$ 445,000
71
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 11 -Other Post - Employment Benefits (Continued):
Three Year Trend Information -
Summary of Actuarial Methods & Assumptions -
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, presents multi -year trend information about whether
the actuarial value of the plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of benefit
costs between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short -term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the
long -term perspective of the calculations.
Actuarial Cost Method - The projected unit credit cost method was used to determine all
liabilities, with the liability for each active employee assumed to accrue over his working
lifetime based on elapsed time from his date of hire until retirement.
Amortization Method - The level- dollar payment with a 15 year open period amortization
method was used.
Decrements -
Mortality - Sex - distinct mortality rates set forth in the RP -2000 mortality table to annuitants
and non - annuitants, projected to 2012 by Scale AA, as published by the IRS for purposes of
I RC section 430.
72
Annual
Required
Percentage of
Fiscal Year
Contribution
ARC
Net OPEB
Ending
(ARC)
Contributed
Obligation
9/30/2011
$ 137,000
43.0%
$ 290,000
9/30/2012
160,000
42.0%
368,000
9/30/2013
163,000
42.0%
445,000
Summary of Actuarial Methods & Assumptions -
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, presents multi -year trend information about whether
the actuarial value of the plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of benefit
costs between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short -term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the
long -term perspective of the calculations.
Actuarial Cost Method - The projected unit credit cost method was used to determine all
liabilities, with the liability for each active employee assumed to accrue over his working
lifetime based on elapsed time from his date of hire until retirement.
Amortization Method - The level- dollar payment with a 15 year open period amortization
method was used.
Decrements -
Mortality - Sex - distinct mortality rates set forth in the RP -2000 mortality table to annuitants
and non - annuitants, projected to 2012 by Scale AA, as published by the IRS for purposes of
I RC section 430.
72
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 11 -Other Post - Employment Benefits (Continued):
Summary of Actuarial Methods & Assumptions (Continued)
Disability - Sex - distinct disability rates set forth in the Wyatt 1985 Disability Study; Class 4
rates were used for police officers, Class 1 rates were used for all other employees.
Permanent Withdrawal from Active Status - Sex - distinct withdrawal rates set forth in the
Scale 155 table.
Retirement - Retirement was assumed to occur as at age 55 for police officers and at age
60 for all other employees
Investment Return (Discount Rate) - 4.0% per annum (includes inflation at 2.75% per
annum)
Health care Costs Trend Rates - The cost of covered medical services has been assumed
to increase in accordance with the following rates, compounded annually:
Year Increase Year Increase Year Increase
2014 7.00% 2016 6.00% 2018
2015 6.50% 2017 5.50% and later 5.00%
Implied Subsidy (Not Eligible for Medicare) -The implied subsidy for a 60 -year old retiree
and his spouse is assumed to be $4,200 per year and $5,700 per year, respectively.
Implied Subsidy (Dental Insurance) -There is no implied subsidy for dental insurance
since it is assumed that the dental insurance costs for covered individuals do not increase
with age.
Age- Related Morbidity -The cost of covered medical services has been assumed to
increase with age at the rate of 3.5% per annum.
Retiree contributions - Retirees electing post - employment healthcare coverage have been
assumed to make monthly contributions equal to the premium charged to the active
employees and retiree contributions are assumed to increase in accordance with the
healthcare cost trend assumption.
Medical Plan Choice - Retirees have been assumed to elect coverage under the "United
Healthcare Medical Plan 6" plan.
Future Participation Rates - 25% of eligible employees are assumed to elect healthcare
coverage for themselves until age 65 upon retirement or disability; of the retirees election
healthcare coverage, 10% are assumed to elect coverage for their spouses until age 65.
73
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 11 -Other Post - Employment Benefits (Continued):
Summary of Actuarial Methods & Assumptions (Continued)
COBRA Assumption - Future healthcare coverage provided solely pursuant to COBRA
was not included in the OPEB valuation; because the COBRA premium is determined
periodically based on plan experience, we assumed that the COBRA premium to be paid by
the participant fully covers the cost of providing healthcare coverage during the relevant
period.
Summary of Benefits
Other Post - Employment Benefits (OPEBs) - The City of Winter Springs provides optional
post - employment healthcare and dental insurance coverage to eligible individuals.
Eligible Individuals - Eligible individuals include all regular employees of the City of Winter
Springs who retire from active service and are eligible for retirement or disability benefits
under the defined benefit pension plan that is sponsored by the City. Under certain
conditions, eligible individuals for healthcare coverage also include spouses and dependent
children.
Choice of Healthcare Plans - Eligible individuals may choose healthcare coverage under
the "United Healthcare Medical Plan 4" plan, or the "United Healthcare Medical Plan 6" plan.
Required Monthly Premium for Post - Employment Healthcare Coverage - Retirees must
pay a monthly premium as determined by the insurance carrier. The premium varies
depending on the plan selected and whether the retiree elects single, single plus spouse,
single plus children or family coverage.
Note 12 - Deferred Compensation Plan:
All employees of the City may voluntarily elect to participate in one of two available deferred
compensation plans created in accordance with Internal Revenue Code Section 457. The
plans are administered by Nationwide Retirement Solutions and ICMA Retirement
Corporation. The plans permit participants to defer a portion of their salary until future
years. The deferred compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
Because the Plan Assets are held in trust for the exclusive benefit of plan participants and
their beneficiaries, the Plan is not accounted for in the City's fund financials.
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 13 - Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction
of assets; errors and omissions; job - related illnesses or injuries to employees; and natural
disasters. Risk of loss from above is transferred by the City to various commercial insurers
through the purchase of insurance. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
Note 14- Commitments and Contingencies:
Grants -
Amounts received or receivable from grant agencies are subject to audit and adjustment by
grantor agencies, principally the federal government and the State of Florida. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable funds.
The amount, if any, of expenditures that may be disallowed by the grantor cannot be
determined at this time, although the City expects such amounts, if any, to be immaterial.
Litigation -
The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the City's counsel the resolution of these matters will
not have a material adverse effect on the financial condition of the City.
Commitments Under Construction Contracts -
At September 30, 2014, the City had entered into construction contracts in the amount of
$106,323.
Transportation Impact Fee Credits -
The City has entered into a number of agreements with developers under which the developer
donates transportation infrastructure improvements or rights of way to the City and receives
credit for future transportation impact fee payments. As of September 30, 2014, credit balances
for future impact fees total approximately $263,000.
75
CITY OF WINTER SPRINGS, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2014
Note 15 - Fund Balance
Minimum Fund Balance Policy - In accordance with Resolution 2002 -36, the City designates
an amount equal to 20 percent of the total operating expenses of the General fund to be
maintained as a required minimum unreserved fund balance. The purpose of the policy is to
provide capacity to (1) provide sufficient cash flow for daily financial needs, (2) secure and
maintain investment grade (i.e. A or above) bond ratings, (3) offset significant economic
downturns or revenue shortfalls, and (4) provide funds for unforeseen expenditures related to
emergencies.
By a super majority vote of the Commission, supplemental appropriation from unassigned
General Fund fund balance may be authorized by the Commission for a General Fund purpose
reducing the unassigned General Fund fund balance below the 20% minimum provided that the
assigned General Fund fund balance is restored to the minimum in the following year budget.
At September 30, 2014, the City's governmental fund balances were as follows:
Road Other Total
Improvements Solid Waste/ TLBD Debt 2003 Debt Governmental Governmental
Fund Balances General Fund Fund Recycling Service Service Funds Funds
Nonspendable
Inventory/prepaid
Advances
Spendable
Restricted for:
Physical environment
Public safety
Culture and recreation
Debt service
Committed to:
Solid Waste
Arbor
Assigned to:
Storm reserve
Emergency Disaster
Relief
Debt service
Capital projects
Subsequent year
expenditures
Unassigned
Total Fund Balance
$ 218,430 $ - $ - $ - $ - $ - $ 218,430
197,602 - - - - - 197,602
- 920,331 - - - 2,137,814 3,058,145
- - - - - 1,593,064 1,593,064
- - - - - 366,128 366,128
- - - 226,434 - 54,737 281,171
- - 981,158 - - - 981,158
- - - - - 303,509 303,509
- - 970,157 - - - 970,157
- - 781,698 - - - 781,698
- - - - 276,115 197,043 473,158
- - - - - 3,032,729 3,032,729
432,744 - - - - - 432,744
7,646,887 - - - - (171,920) 7,474,967
$ 8,495,663 $ 920,331 $ 2,733,013 $ 226,434 $ 276,115 $ 7,513,104 $ 20,164,660
Note 16 - Subsequent Events:
The City has evaluated subsequent events through the date of the independent auditors' report,
the date the financial statements were available to be issued.
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2014
Defined Benefit Pension Trust Fund
Schedule of Funding Progress
(expressed in Thousands)
Schedule of Employer Contributions
Annual
Actuarial
Fiscal
Required
UAAL as a
Percentage of
Actuarial
Accrued
Actual
ARC
Ending
% of
Actuarial
Value of
Liability (AAL)
Unfunded
Funded
Covered
Covered
Valuation
Assets
Entry Age
AAL (UAAL)
Ratio
Payroll
Payroll
Date
(a)
(b)
(b -a)
(a /b)
( c)
(b -a) / c
10/1/2006
$ 11,951
$ 16,043
$ 4,092
74.5%
$ 10,489
39.0%
10/1/2007
15,527
20,114
4,587
77.2%
11,190
41.0%
10/1/2008
18,747
32,414
13,667
57.8%
10,768
126.9%
10/1/2009
20,789
37,651
16,862
55.2%
10,753
156.8%
10/1/2010
23,887
40,331
16,444
59.2%
10,304
159.6%
10/1/2013
29,909
45,927
16,018
65.1%
7,431
215.6%
Schedule of Employer Contributions
77
Annual
Fiscal
Required
Percentage of
Year
Contribution
Actual
ARC
Ending
(ARC)
Contribution
Contributed
9/30/2009
$ 1,781,651
$ 1,781,197
100.0%
9/30/2010
2,311,058
2,311,058
100.0%
9/30/2011
2,627,659
2,660,270
101.2%
9/30/2012
1,965,643
1,913,717
97.4%
9/30/2013
1,965,643
2,298,786
116.9%
9/30/2014
2,230,908
2,561,415
114.8%
77
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2014
Retiree Continuation Insurance Plan
Schedule of Funding Progress
** initial valuation date
Schedule of Contributions from Employers and Other Contributing Entities
Actuarial
Annual Required
UAAL as a
Net OPEB
Actuarial
Accrued
Contributed
Obligation
9/30/2009
% of
Actuarial
Value of
Liability (AAL)
Unfunded
Funded
Covered
Covered
Valuation
Assets
Entry Age
AAL (UAAL)
Ratio
Payroll
Payroll
Date
(a)
(b)
(b -a)
(a /b)
( c)
(b -a) / c
7/1/2009 **
$ -
$ 505,000
$ 505,000
0.0%
$ 9,230,000
5.5%
10/1/2011
-
754,000
754,000
0.0%
7,441,000
10.1%
10/1/2013
-
1,016,000
1,016,000
0.0%
7,665,000
13.3%
** initial valuation date
Schedule of Contributions from Employers and Other Contributing Entities
Percentage of
Annual Required
ARC
Net OPEB
Fiscal Year Ending
Contribution (ARC)
Contributed
Obligation
9/30/2009
$ 93,000
17.0%
$ 77,000
9/30/2010
98,000
16.0%
155,000
9/30/2011
133,000
44.0%
222,000
9/30/2012
137,000
43.0%
290,000
9/30/2013
160,000
42.0%
368,000
9/30/2014
163,000
42.0%
445,000
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE CITY'S NET PENSION
LIABILITY AND RELATED RATIOS
September 30, 2014
9/30/2014
Total Pension Liability
Service Cost $ 886,819
Interest 3,666,120
Benefit Changes -
Differences Between Expected and Actual Experience (581,481)
Changes of Assumptions -
Benefit Payments, including refunds of employee contributions (1,974,208)
Net Change in Total Pension Liability 1,997,250
Total Pension Liability- beginning 46,508,261
Total Pension Liability- ending (a) $ 48,505,511
Plan Fiduciary Net Position
Contributions - employer
2,527,508
Contributions - employee
369,500
Net Investment Income
3,885,344
Benefit Payments, Including Refunds of Employee Contributions
(1,974,208)
Administrative Expense
(159,424)
Other
-
Net Change in Plan Fiduciary Net Position
4,648,720
Plan Fiduciary Net Position- beginning
32,172,541
Plan Fiduciary Net Position- ending (b)
$ 36,821,261
Net Pension Liability - ending (a)- (b)
$ 11,684,250
Plan Fiduciary Net Position as a Percentage of Total Pension Liability
75.91%
Covered - employee Payroll
$ 8,084,054
Net Pension Liability as a Percentage of Covered Employee Payroll
144.53%
Notes to Schedule: Valuation date- 10/1/2013. Updated procedures were used to roll forward the total
pension liability to the measurement date.
MW
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
Actuarially Determined Contribution
Contributions in Relation to the
Actuarially Determined Contribution
Contribution Deficiency (Excess)
Covered Employee Payroll
Contributions as a Percentage of
Covered Employee Payroll
Notes to Schedule
September 30, 2014
9/30/2014
$ 2,474,578
2,527,508
$ (52,930)
8,084,054
31.27%
Valuation Date 10/1/2013
Update procedures were used to roll forward the total pension liability to the measurement date
Methods and assumptions used to determine contribution rates:
Actuarial Cost Method
Entry Age Normal
Amortization Method
Level dollar, closed
Remaining Amortization Period
30 years
Asset Valuation Method
5 -year smoothed market
Inflation
3.00%
Salary Increases
3.0%-7.5%
Investment Rate of Return
8%
Retirement Age
Experience -based table of rates that are specific to the type of
eligibility condition
Mortality
For health General Employee participants, the RP -2000 Combined
Mortality Table was used with separate rates for males and females
and fully generational mortality improvements projected to each
future decrement date with Scale AA. For healthy Firefighter and
Police Officer participants, the RP -2000 Combined Mortality Table
with Blue Collar Adjustment was used with separate rates for males
and females and fully generational mortality improvements
projected to each future decrement date with Scale AA. For
disabled participants, the RP -2000 Combined Disabled Mortality
Table was used with separate rates for males and females and fully
generational mortality improvements projected to each future
decrement date with Scale AA.
Benefit Changes 2011: Plan closed to future general employees; pensionable
earnings to base pay, overtime- maximum 150 hours and accrued
leave balance as of July 1, 2011; vesting schedule updated;
unreduced early retirement eligibility updated; final average pay
updated to five year average and future service benefit accrual rate
reduced for general employees. 2008: Benefit accrual rate
increased.
Assumption Changes 2008: Mortality, salary increase, withdrawal, disability and retirement
rates updated; administrative expense assumption introduced and
actuarial cost method updated.
CITY OF WINTER SPRINGS, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
September 30, 2014
Annual Money - Weighted Rate of Return
Net of Investment Expense
81
9/30/2014
9.75%
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
MAJOR GOVERNMENTAL FUNDS
Debt Service Funds
TLBD Debt Service Fund - This fund was established to account for the accumulation
of principal and interest for the 2001 special assessment
bond issue which was refinanced in October 2011 with a
private placement note payable.
2003 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
2003 bond issue, which was refinanced in July 2014 with
a private placement note payable.
CITY OF WINTER SPRINGS, FLORIDA
TLBD DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Physical environment
Debt Service:
Principal
Interest and other charges
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
4,600
4,600
Variance with
272
77,850
Final Budget -
Budgeted Amounts
Actual
Positive
Original Final
Amounts
(Negative)
$ 165,698 $ 165,698 $
77,812
$ (87,886)
1,500 1,500
55,748
54,248
- -
33,466
33,466
167,198 167,198
167,026
(172)
4,600
4,600
4,328
272
77,850
77,850
77,812
38
55,200
55,200
55,127
73
-
80,000
67,214
12,786
137,650
217,650
204,481
13,169
Fund Balances - ending $
293,437
29,548
(50,452)
(37,455)
12,997
Other Financing Sources (Uses)
Transfers out
(500)
(500)
(500) -
Total other financing sources and uses
(500)
(500)
(500) -
Net Change in Fund Balances
29,048
(50,952)
(37,955) 12,997
Fund Balances - beginning
264,389
264,389
264,389 -
Fund Balances - ending $
293,437
$ 213,437
$ 226,434 $ 12,997
E
CITY OF WINTER SPRINGS, FLORIDA
2003 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 3,000
$ 3,000
$ 885 $
(2,115)
3,000
3,000
885
(2,115)
934,000
50,000
Total other financing sources and uses
2,500
2,500
-
2,500
725,000
4,730,000
4,730,000
-
150,500
270,005
235,465
34,540
878,000
5,002,505
4,965,465
37,040
$ 191,190
(875,000)
(4,999,505)
(4,964,580)
34,925
Notes payable
-
3,494,000
3,494,000
-
Transfers in
884,000
884,000
934,000
50,000
Total other financing sources and uses
884,000
4,378,000
4,428,000
50,000
Net change in fund balances
9,000
(621,505)
(536,580)
84,925
Fund balances - beginning
812,695
812,695
812,695
-
Fund balances -ending $
821,695
$ 191,190
$ 276,115 $
84,925
83
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Police Education Fund - This fund is used to account for the $2.00 additional
assessment on each traffic citation that is restricted for
criminal justice education and training in accordance with
Chapter 938.15, Florida Statutes.
Special Law Enforcement - This fund was established to receive revenues from local
Trust Fund - Local sources derived from confiscated property obtained during
the enforcement of illegal operations. Proceeds are
restricted for law enforcement purposes. Such purposes
may include drug education programs such as G.R.E.A.T
(Gang Resistance Education and Training).
Transportation - Revenues in this fund are derived from Local Option
Improvement Fund Gasoline Tax distribution. Proceeds are restricted for
road, right of way, and drainage maintenance and
equipment necessary to build or maintain roads, right of
ways, and drainage.
Transportation Impact Fee - This fund is used to account for collected impact fees on
Fund new development which are restricted for use in funding
road construction directly related to new growth.
Police Impact Fee Fund - This fund is used to account for collected impact fees on
new development which are restricted for use in funding
capital investment needed to maintain the level of police
service directly related to new growth.
Fire Impact Fee Fund - This fund is used to account for collected impact fees on
new development to defray the cost of capital investment
needed to maintain the level of fire service due to future
growth.
Parks Impact Fee Fund - This fund is used to account for collected impact fees on
new development which are restricted for use in funding
capital investment needed to develop and improve the
parks directly related to new growth.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Special Revenue Funds - Continued
Arbor Fund - This fund is used to account for arbor permit revenues
committed to new plantings and maintenance of trees and
shrubs within the City.
TLBD Maintenance Fund - This fund is used to account for collected special
assessments restricted for maintenance related to the
Tuscawilla Lighting and Beautification District for Phases I
and 11 of project. Phase 11 was accounted for in a separate
fund prior to Fiscal Year 2008.
Oak Forest Maintenance - This fund is used to account for collected special
Fund assessments restricted for maintenance related to the Oak
Forest subdivision wall.
Special Law Enforcement - This fund was established to receive revenues from
Trust Fund - Federal federal sources derived from confiscated property
obtained during the enforcement of illegal operations.
Proceeds are restricted for law enforcement purposes.
Such purposes may include drug /gang related education,
Shop with a Cop, movie and other civic events.
Tuscawilla Phase III This fund is used to account for collected special
assessments restricted for maintenance related to the
Tuscawilla Phases III, and repayment of advance from
General Fund.
NONMAJOR GOVERNMENTAL FUNDS - Continued
Debt Service Funds
1999 Debt Service Fund - This fund is used to account for the accumulation of
resources and payment of principal and interest for the
1999 bond issue and Improvement Refunding Note Series
2011, which partially refunded the 1999 bond issue.
Oak Forest Debt Service - This fund is used to account for the accumulation of
Fund resources and payment of principal and interest to the
General Fund for the 2010 interfund loan which paid off
the Capital Improvement Revenue Note, Series 2004A.
TLBD Phase II Debt - This fund is used to account for the accumulation of
Service Fund resources and payment of principal and interest for the
TLBD Phase II Improvements.
Central Winds G.O. Debt This fund is used to account for accumulation of resources
Service Fund and payment of principal and interest for the 2002 limited
general obligation bond which was refinanced in May
2012 with private placement note payable.
NONMAJOR GOVERNMENTAL FUNDS - Continued
1999 Construction Capital
Projects Fund
Revolving Rehab Capital
Projects Fund
Utility /Public Works Facility
Fund
Excellence in Customer
Service
Capital Projects Funds
This fund was established for the acquisition and
construction of City - owned Capital Improvements.
This fund was established to fund capital improvements
and economic development within the City.
This fund was established to account for construction of
additional public facilities.
This fund was established to account for the acquisition of
software and equipment to improve the level of customer
service performance.
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2014
Assets:
Cash and cash equivalents
Investments
Receivables, net
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities:
Accounts payable
Retainage payable
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Special Revenue
$ 14,415 $ 27,723 $ 654,122 $ 1,168,433
Special Law
Police
Enforcement
Transportation
Education
Trust Fund-
Improvement
Transportation
Fund
Local
Fund
Impact Fee Fund
$ 954
$ 1,921
$ 46,176
$ 82,482
12,565
25,289
607,946
1,085,951
896
-
-
-
-
513
-
-
$ 14,415
$ 27,723
$ 654,122
$ 1,168,433
$ -
$ 277
$ 23,526
$ 1,961
-
277
23,526
1,961
14,415
27,446
630,596
1,166,472
14,415
27,446
630,596
1,166,472
$ 14,415 $ 27,723 $ 654,122 $ 1,168,433
Special Revenue
85
TLBD
Police Impact
Fire Impact
Parks Impact
Maintenance
Fee Fund
Fee Fund
Fee Fund
Arbor Fund
Fund
$
4,110
$
98,712
$
28,279
$
21,531
$
20,931
54,116
1,299,634
372,319
283,478
275,577
$
58,226
$
1,398,346
$--400,598
$
305,009
$
296,508
$
-
$
730
$
18,485
$
1,500
$
7,328
-
-
15,985
-
-
-
730
34,470
1,500
7,328
58,226
1,397,616
366,128
-
289,180
-
-
-
303,509
-
58,226
1,397,616
366,128
303,509
289,180
$
58,226
$
1,398,346
$
400,598
$
305,009
$
296,508
(Continued)
85
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2014
Assets:
Cash and cash equivalents
Investments
Receivables, net
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities:
Accounts payable
Retainage payable
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Special Revenue
Special Law
Oak Forest Enforcement
Maintenance Trust Fund - Tuscawilla Total Special
$ 3,774 $ 6,956 $ 566 $ 316,392
49,682 91,587 7,456 4,165,600
- - - 896
- - - 513
$ 53,456 $ 98,543 $ 8,022 $ 4,483,401
$ 1,890 $ 3,182 $ 375 $ 59,254
- - - 15,985
- - 61,318 61,318
1,890 3,182 61,693 136,557
51,566 95,361 - 4,097,006
- - - 303,509
- - (53,671) (53,671)
51,566 95,361 (53,671) 4,346,844
$ 53,456 $ 98,543 $ 8,022 $ 4,483,401
E-11 .
Debt Service
Central
$ 197,043 $ 441,837 $ 28,806 $ 185,275 $ 852,961
(Continued)
87
Oak Forest
Winds GO
TLBD Phase
1999 Debt
Debt Service
Debt Service
II Debt
Total Debt
Service Fund
Fund
Fund
Service Fund
Service
$ 13,910
$ 1,321
$ 2,033
$ 2,089
$ 19,353
183,133
17,390
26,773
27,500
254,796
-
423,126
-
155,686
578,812
$ 197,043
$ 441,837
$ 28,806
$ 185,275
$ 852,961
$ -
$ 676
$ 3,501
$ 157
$ 4,334
-
136,284
-
-
136,284
-
136,960
3,501
157
140,618
-
423,126
-
155,686
578,812
-
423,126
-
155,686
578,812
-
-
25,305
29,432
54,737
197,043
-
-
-
197,043
-
(118,249)
-
-
(118,249)
197,043
(118,249)
25,305
29,432
133,531
$ 197,043 $ 441,837 $ 28,806 $ 185,275 $ 852,961
(Continued)
87
CITY OF WINTER SPRINGS, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2014
Assets:
Cash and cash equivalents
Investments
Receivables, net
Special assessments receivable
Restricted assets:
Cash and cash equivalents
Total assets
Liabilities:
Accounts payable
Retainage payable
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue - special assessments
Total deferred inflows of resources
Fund Balances:
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Capital Projects
1999
Utility /Public
Excellence in
Construction
Revolving
Works
Customer
Fund
Rehab Fund
Facility Fund
Service
$ 64,895
$ 76,170
$ 68,667
$ 4,404
854,399
1,002,858
904,064
57,987
$ 919,294
$ 1,079,028
$ 972,731
$ 62,391
$ -
$ -
$ -
$ 715
-
-
-
715
919,294
1,079,028
972,731
61,676
919,294
1,079,028
972,731
61,676
$ 919,294 $ 1,079,028 $ 972,731 $ 62,391
.1
$ 3,033,444 $ 8,369,806
E-11 F6
Total Nonmajor
Total Capital
Governmental
Projects
Funds
$ 214,136
$ 549,881
2,819,308
7,239,704
-
896
-
578,812
-
513
$ 3,033,444
$ 8,369,806
$ 715
$ 64,303
-
15,985
-
197,602
715
277,890
-
578,812
-
578,812
-
4,151,743
-
303,509
3,032,729
3,229,772
-
(171,920)
3,032,729
7,513,104
$ 3,033,444 $ 8,369,806
E-11 F6
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2014
Revenues:
Taxes:
Property taxes
Permits and fees
Intergovernmental revenues
Charges for services
Fines and forfeitures
Impact fees /assessments
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Debt Service:
Principal
Interest and fiscal charges
Capital Outlay:
General government
Public safety
Physical environment
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total other financing sources(uses)
Net Change in Fund Balances
Fund Balances - beginning
Fund Balances -ending
Special Revenue
12,975 16,139 - -
- - 188,429 15,475
- - 222,441 14,488
12,975 16,139 410,870 29,963
(2,504) (1,043) 185,189 283,413
- - (200,000) -
- - (200,000) -
(2,504) (1,043) (14,811) 283,413
16,919 28,489 645,407 883,059
$ 14,415 $ 27,446 $ 630,596 $ 1,166,472
.l
Special Law
Enforcement
Transportation
Police
Trust Fund-
Improvement
Transportation
Education Fund
Local
Fund
Impact Fee Fund
-
-
579,900
-
-
-
14,845
-
10,084
15,018
-
-
-
-
-
311,167
38
78
1,314
2,209
349
-
-
-
10,471
15,096
596,059
313,376
12,975 16,139 - -
- - 188,429 15,475
- - 222,441 14,488
12,975 16,139 410,870 29,963
(2,504) (1,043) 185,189 283,413
- - (200,000) -
- - (200,000) -
(2,504) (1,043) (14,811) 283,413
16,919 28,489 645,407 883,059
$ 14,415 $ 27,446 $ 630,596 $ 1,166,472
.l
Special Revenue
-
1,825 - - -
- - - 36,730 436,764
115,705 - - - -
- - 48,667 - -
115,705 1,825 48,667 36,730 436,764
(70,352) 104,719 39,717 37,348 74,080
- - - (71,349) (67,429)
- - - (71,349) (67,429)
(70,352) 104,719 39,717 (34,001) 6,651
128,578 1,292,897 326,411 337,510 282,529
$ 58,226 $ 1,397,616 $ 366,128 $ 303,509 $ 289,180
(Continued)
91
TLBD
Police Impact F
Fire Impact Fee P
Parks Impact M
Maintenance
Fee Fund F
Fund F
Fee Fund A
Arbor Fund F
Fund
- -
- -
- 2
20,125 -
-
- -
- -
- 5
53,200 -
-
45,153 1
103,508 8
87,600 -
- 5
509,755
200 3
3,036 7
784 7
753 1
1,089
45,353 1
106,544 8
88,384 7
74,078 5
510,844
1,825 - - -
- - - 36,730 436,764
115,705 - - - -
- - 48,667 - -
115,705 1,825 48,667 36,730 436,764
(70,352) 104,719 39,717 37,348 74,080
- - - (71,349) (67,429)
- - - (71,349) (67,429)
(70,352) 104,719 39,717 (34,001) 6,651
128,578 1,292,897 326,411 337,510 282,529
$ 58,226 $ 1,397,616 $ 366,128 $ 303,509 $ 289,180
(Continued)
91
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2014
W,
Special Revenue
Special Law
Oak Forest
Enforcement
Maintenance
Trust Fund -
Tuscawilla
Fund
Federal
Phase III
Total
Revenues:
Taxes:
Property taxes $
-
$ -
$ - $
-
Permits and fees
-
-
-
20,125
Intergovernmental revenues
-
-
-
579,900
Charges for services
-
-
-
14,845
Fines and forfeitures
-
96,181
-
174,483
Impact fees /assessments
53,176
-
13,146
1,123, 505
Investment income
168
73
66
9,808
Miscellaneous
-
-
-
349
Total revenues
53,344
96,254
13,212
1,923,015
Expenditures:
Current:
General government
-
-
2,675
2,675
Public safety
-
8,630
-
39,569
Physical environment
42,028
-
-
719,426
Debt Service:
Principal
-
-
-
-
Interest and fiscal charges
-
-
1,832
1,832
Capital Outlay:
General government
-
-
36,900
36,900
Public safety
-
3,182
-
118,887
Physical environment
-
-
-
236,929
Culture and recreation
-
-
-
48,667
Total expenditures
42,028
11,812
41,407
1,204,885
Excess (Deficiency) of Revenues Over
Expenditures
11,316
84,442
(28,195)
718,130
Other Financing Sources (Uses):
Transfers in
-
-
-
-
Transfers out
(13,570)
(7,854)
(2,540)
(362,742)
Total other financing sources(uses)
(13,570)
(7,854)
(2,540)
(362,742)
Net Change in Fund Balances
(2,254)
76,588
(30,735)
355,388
Fund Balances - Beginning
53,820
18,773
(22,936)
3,991,456
Fund Balances - Ending $
51,566
$ 95,361
$ (53,671) $
4,346,844
W,
Debt Service
Central Winds TLBD Phase II
1999 Debt Oak Forest Debt GO Debt Service Debt Service Total Debt
Service Fund Service Fund Fund Fund Service
173,876 $ - $ 173,876
- 18,276 - 27,625 45,901
183 18,756 353 4,604 23,896
- 22,014 - 8,673 30,687
183 59,046 174,229 40,902 274,360
- - - 997 997
- 4,019 - - 4,019
160,875 - 104,688 27,626 293,189
26,520 4,566 96,306 4,508 131,900
187,395
8,585
200,994
33,131
430,105
(187,212)
50,461
(26,765)
7,771
(155,745)
207,500
-
10,000
-
217,500
-
(500)
-
(500)
(1,000)
207,500
(500)
10,000
(500)
216,500
20,288
49,961
(16,765)
7,271
60,755
176,755
(168,210)
42,070
22,161
72,776
$ 197,043 $
(118,249) $
25,305 $
29,432
$ 133,531
(Continued)
93
CITY OF WINTER SPRINGS, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended September 30, 2014
.,
Capital Projects
1999
Utility /Public
Excellence in
Construction
Revolving
Works Facility
Customer
Fund
Rehab Fund
Fund
Service
Revenues:
Taxes:
Property taxes
$ -
$ -
$ -
$ -
Permits and fees
-
-
-
-
Intergovernmental revenues
-
-
-
-
Charges for services
-
-
-
-
Fines and forfeitures
-
-
-
-
Impact fees /assessments
-
-
-
-
Investment income
2,131
2,682
2,273
253
Miscellaneous
-
-
-
-
Total revenues
2,131
2,682
2,273
253
Expenditures:
Current:
General government
-
40
-
-
Public safety
-
-
-
-
Physical environment
-
-
-
-
Debt Service:
Principal
-
-
-
-
Interest and fiscal charges
-
-
-
-
Capital Outlay:
General government
-
-
-
88,772
Public safety
-
-
-
-
Physical environment
2,700
-
-
-
Culture and recreation
-
-
-
-
Total expenditures
2,700
40
-
88,772
Excess (Deficiency) of Revenues Over
Expenditures
(569)
2,642
2,273
(88,519)
Other Financing Sources (Uses):
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total other financing sources(uses)
-
-
-
-
Net Change in Fund Balances
(569)
2,642
2,273
(88,519)
Fund Balances - Beginning
919,863
1,076,386
970,458
150,195
Fund Balances - Ending
$ 919,294
$ 1,079,028
$ 972,731
$ 61,676
.,
Total Nonmajor
Total Capital Governmental
Projects Funds
$ - $ 173,876
- 20,125
- 579,900
- 14,845
- 174,483
- 1,169,406
7,339 41,043
- 31,036
7,339 2,204,714
40 3,712
- 39,569
- 723,445
- 293,189
- 133,732
88,772 125,672
- 118,887
2,700 239,629
- 48,667
91,512 1,726,502
(84,173) 478,212
217,500
(363,742)
(146,242)
(84,173) 331,970
3,116, 902 7,181,134
$ 3,032,729 $ 7,513,104
95
CITY OF WINTER SPRINGS, FLORIDA
POLICE EDUCATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 8,000 $ 8,000 $ 10,084 $ 2,084
75 75 38 (37)
- - 349 349
8,075 8,075 10,471 2,396
15,000 15,000 12,975 2,025
15,000 15,000 12,975 2,025
(6,925) (6,925) (2,504) 4,421
(6,925) (6,925) (2,504) 4,421
16,919 16,919 16,919 -
$ 9,994 $ 9,994 $ 14,415 $ 4,421
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - LOCAL
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
13,400
18,882
16,139
Variance with
13,400
Budgeted Amounts
16,139
Final Budget -
(13,350)
Actual
Positive
3,989
Original Final
Amounts
(Negative)
Revenues:
(5,032)
(1,043)
3,989
Fines and forfeitures
$ - $ 13,800
$ 15,018
$ 1,218
Investment income
50 50
78
28
Total revenues
50 13,850
15,096
1,246
Expenditures:
Current:
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
13,400
18,882
16,139
2,743
13,400
18,882
16,139
2,743
(13,350)
(5,032)
(1,043)
3,989
(13,350)
(5,032)
(1,043)
3,989
28,489
28,489
28,489
-
$ 15,139
$ 23,457
$ 27,446 $
3,989
97
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPROVEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Intergovernmental revenues
Charges for services
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 548,000
$ 548,000
$ 579,900 $
31,900
14,411
14,411
14,845
434
3,100
3,100
1,314
(1,786)
565,511
565,511
596,059
30,548
210,200 230,200 188,429 41,771
363,600 243,600 222,441 21,159
573,800 473,800 410,870 62,930
(8,289) 91,711 185,189 93,478
Other Financing Sources (Uses)
Transfers out (200,000) (200,000) (200,000)
Total other financing sources and uses (200,000) (200,000) (200,000)
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
(208,289) (108,289) (14,811) 93,478
645,407 645,407 645,407 -
$ 437,118 $ 537,118 $ 630,596 $ 93,478
CITY OF WINTER SPRINGS, FLORIDA
TRANSPORTATION IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Actual
Original Final Amounts
$ - $ 181,000 $ 311,167
3,200 3,200 2,209
3,200 184,200 313,376
Variance with
Final Budget -
Positive
(Negative)
$ 130,167
(991)
129,176
61,000 36,000 15,475 20,525
200,000 15,000 14,488 512
261,000 51,000 29,963 21,037
(257,800) 133,200 283,413 150,213
(257,800) 133,200 283,413 150,213
883,059 883,059 883,059 -
$ 625,259 $ 1,016,259 $ 1,166,472 $ 150,213
..
CITY OF WINTER SPRINGS, FLORIDA
POLICE IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Original
Actual
Final Amounts
Variance with
Final Budget -
Positive
(Negative)
$ - $ 20,175 $ 45,153 $ 24,978
570 570 200 (370)
570 20,745 45,353 24,608
120,376 120,376 115,705 4,671
120,376 120,376 115,705 4,671
(119,806) (99,631) (70,352) 29,279
(119,806) (99,631) (70,352) 29,279
128,578 128,578 128,578 -
$ 8,772 $ 28,947 $ 58,226 $ 29,279
100
CITY OF WINTER SPRINGS, FLORIDA
FIRE IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Expenditures:
Current:
Public Safety - 15,000 1,825 13,175
Total Expenditures - 15,000 1,825 13,175
Excess (Deficiency) of Revenues Over
Expenditures 7,300 64,000 104,719 40,719
Net change in fund balances
7,300
64,000
Variance with
Fund Balances - beginning
Budgeted Amounts
1,292,897
Final Budget -
Fund Balances - ending
$ 1,300,197
Actual
Positive
Original Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ - $ 71,700
$ 103,508
$ 31,808
Investment income
7,300 7,300
3,036
(4,264)
Total revenues
7,300 79,000
106,544
27,544
Expenditures:
Current:
Public Safety - 15,000 1,825 13,175
Total Expenditures - 15,000 1,825 13,175
Excess (Deficiency) of Revenues Over
Expenditures 7,300 64,000 104,719 40,719
Net change in fund balances
7,300
64,000
104,719 40,719
Fund Balances - beginning
1,292,897
1,292,897
1,292,897 -
Fund Balances - ending
$ 1,300,197
$ 1,356,897
$ 1,397,616 $ 40,719
101
CITY OF WINTER SPRINGS, FLORIDA
PARKS IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Culture and recreation
Capital Outlay
Culture and recreation
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Budgeted Amounts
Actual
Original Final Amounts
$ - $ 38,400 $ 87,600
1,600 1,600 784
1,600 40,000 88,384
Variance with
Final Budget -
Positive
(Negative)
$ 49,200
(816)
48,384
240,000 242,010 48,667 193,343
240,000 242,010 48,667 193,343
(238,400) (202,010) 39,717 241,727
(238,400) (202,010) 39,717 241,727
326,411 326,411 326,411 -
$ 88,011 $ 124,401 $ 366,128 $ 241,727
102
CITY OF WINTER SPRINGS, FLORIDA
ARBOR FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Permits and fees
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
23,750 38,750 36,730 2,020
23,750 38,750 36,730 2,020
(3,150) (18,150) 37,348
Transfers out
(49,563)
(71,349)
Variance with
Budgeted Amounts
(49,563)
Final Budget -
(71,349)
Net change in fund balances
Actual
Positive
Original
Final
Amounts
(Negative)
337,510
$ 9,000
$ 9,000
$ 20,125
$ 11,125
10,000
10,000
53,200
43,200
1,600
1,600
753
(847)
20,600
20,600
74,078
53,478
23,750 38,750 36,730 2,020
23,750 38,750 36,730 2,020
(3,150) (18,150) 37,348
Transfers out
(49,563)
(71,349)
(71,349)
Total other financing sources and uses
(49,563)
(71,349)
(71,349)
Net change in fund balances
(52,713)
(89,499)
(34,001)
Fund Balances - beginning
337,510
337,510
337,510
Fund Balances - ending
$ 284,797
$ 248,011
$ 303,509
103
55,498
55,498
$ 55,498
CITY OF WINTER SPRINGS, FLORIDA
TLBD MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
478,650 456,567 436,764 19,803
478,650 456,567 436,764 19,803
30,444 52,527 74,080 21,553
Other Financing Sources (Uses)
Transfers out (77,196) (67,429) (67,429)
Total other financing sources and uses (77,196) (67,429) (67,429)
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
(46,752) (14,902) 6,651 21,553
282,529 282,529 282,529 -
$ 235,777 $ 267,627 $ 289,180 $ 21,553
104
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original Final
Amounts
(Negative)
$ 507,894 $ 507,894
$ 509,755
$ 1,861
1,200 1,200
1,089
(111)
509,094 509,094
510,844
1,750
478,650 456,567 436,764 19,803
478,650 456,567 436,764 19,803
30,444 52,527 74,080 21,553
Other Financing Sources (Uses)
Transfers out (77,196) (67,429) (67,429)
Total other financing sources and uses (77,196) (67,429) (67,429)
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
(46,752) (14,902) 6,651 21,553
282,529 282,529 282,529 -
$ 235,777 $ 267,627 $ 289,180 $ 21,553
104
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Budgeted Amounts
Actual
Original Final Amounts
$ 52,940 $ 52,940 $ 53,176
275 275 168
53,215 53,215 53,344
Variance with
Final Budget -
Positive
(Negative)
$ 236
(107)
129
49,300 46,625 42,028 4,597
49,300 46,625 42,028 4,597
3,915 6,590 11,316 4,726
Other Financing Sources (Uses)
Transfers out
(14,845)
(13,570)
(13,570) -
Total other financing sources and uses
(14,845)
(13,570)
(13,570) -
Net change in fund balances
(10,930)
(6,980)
(2,254) 4,726
Fund Balances - beginning
53,820
53,820
53,820 -
Fund Balances - ending $
42,890
$ 46,840 $
51,566 $ 4,726
105
CITY OF WINTER SPRINGS, FLORIDA
SPECIAL LAW ENFORCEMENT TRUST FUND - FEDERAL
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Public Safety
Capital Outlay
Public Safety
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ - $ 48,500 $ 96,181 $ 47,681
75 75 73 (2)
75 48,575 96,254 47,679
9,000
9,000
8,630
370
4,200
4,200
3,182
1,018
13,200
13,200
11,812
1,388
(13,125)
35,375
84,442
49,067
-
(7,854)
(7,854)
-
-
(7,854)
(7,854)
-
(13,125)
27,521
76,588
49,067
18,773
18,773
18,773
-
$ 5,648 $
46,294 $
95,361 $
49,067
106
CITY OF WINTER SPRINGS, FLORIDA
TUSCAWILLA PHASE III
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Impact fees /assessments
Investment income
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Capital Outlay
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 12,243 $ 13,109 $ 13,146 $ 37
120 120 66 (54)
12,363 13,229 13,212 (17)
4,925 4,875 2,675 2,200
2,402 2,402 - 2,402
1,832 1,832 1,832 -
37,000 37,000 36,900 100
46,159 46,109 41,407 4,702
(33,796) (32,880) (28,195) 4,685
Other Financing Sources (Uses)
Transfers out
(2,815)
(2,540)
(2,540) -
Total other financing sources and uses
(2,815)
(2,540)
(2,540) -
Net change in fund balances
(36,611)
(35,420)
(30,735) 4,685
Fund Balances - beginning
(22,936)
(22,936)
(22,936) -
Fund Balances - ending $
(59,547) $
(58,356) $
(53,671) $ 4,685
107
CITY OF WINTER SPRINGS, FLORIDA
1999 DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Debt Service:
Principal
Interest and other charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 600 $ 600 $ 183 $ (417)
600 600 183 (417)
2,500 2,500
2,500
160,875
160,875
160,875 -
26,600
26,600
26,520 80
189,975
189,975
187,395 2,580
(189,375)
(189,375)
(187,212) 2,163
Other Financing Sources (Uses)
Transfers in
207,500
207,500
207,500 -
Total other financing sources and uses
207,500
207,500
207,500 -
Net change in fund balances
18,125
18,125
20,288 2,163
Fund Balances - beginning
176,755
176,755
176,755 -
Fund Balances - ending
$ 194,880
$ 194,880
$ 197,043 $ 2,163
108
CITY OF WINTER SPRINGS, FLORIDA
OAK FOREST DEBT SERVICES FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
109
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 58,648
$ 58,648
$ 18,276
$ (40,372)
Investment income
100
100
18,756
18,656
Miscellaneous
-
-
22,014
22,014
Total revenues
58,748
58,748
59,046
298
Expenditures:
Current:
Physical environment
4,150
4,150
4,019
131
Debt Service:
Principal
47,434
47,434
-
47,434
Interest and other charges
4,566
4,566
4,566
-
Total expenditures
56,150
56,150
8,585
47,565
Excess (Deficiency) of Revenues Over
Expenditures
2,598
2,598
50,461
47,863
Other Financing Sources (Uses)
Transfers out
(500)
(500)
(500)
-
Total other financing sources and uses
(500)
(500)
(500)
-
Net change in fund balances
2,098
2,098
49,961
47,863
Fund Balances - beginning
(168,210)
(168,210)
(168,210)
-
Fund Balances - ending
$ (166,112)
$ (166,112)
$ (118,249)
$ 47,863
109
CITY OF WINTER SPRINGS, FLORIDA
CENTRAL WINDS GO DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Taxes:
Property taxes
Investment income
Total revenues
Expenditures:
Debt Service:
Principal
Interest and fiscal charges
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Actual
Budgeted Amounts Amounts
Original Final
$ 173,413 $ 173,413 $ 173,876
500 500 353
173,913 173,913 174,229
104,700
104,700
104,688
96,500
96,500
96,306
201,200
201,200
200,994
(27,287)
(27,287)
(26,765)
Other Financing Sources (Uses)
Transfers in 10,000 10,000 10,000
Total other financing sources (uses) 10,000 10,000 10,000
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
(17,287) (17,287) (16,765)
42,070 42,070 42,070
$ 24,783 $ 24,783 $ 25,305
110
Variance with
Final Budget -
Positive
(Negative)
$ 463
(147)
316
12
194
206
522
522
$ 522
CITY OF WINTER SPRINGS, FLORIDA
TLBD PHASE II DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
111
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Impact fees /assessments
$ 40,588
$ 40,588
$ 27,625
$ (12,963)
Investment income
150
150
4,604
4,454
Miscellaneous
-
-
8,673
8,673
Total revenues
40,738
40,738
40,902
164
Expenditures:
Current:
General government
1,050
1,050
997
53
Debt Service:
Principal
27,700
27,700
27,626
74
Interest and other charges
4,550
4,550
4,508
42
Total expenditures
33,300
33,300
33,131
169
Excess (Deficiency) of Revenues Over
Expenditures
7,438
7,438
7,771
333
Other Financing Sources (Uses)
Transfers out
(500)
(500)
(500)
-
Total other financing sources and uses
(500)
(500)
(500)
-
Net change in fund balances
6,938
6,938
7,271
333
Fund Balances - beginning
22,161
22,161
22,161
-
Fund Balances - ending
$ 29,099
$ 29,099
$ 29,432
$ 333
111
CITY OF WINTER SPRINGS, FLORIDA
1999 CONSTRUCTION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay
Physical environment
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Other Financing Sources (Uses)
Transfers in
Total other financing sources and uses
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 2,750 $ 2,750 $ 2,131 $ (619)
2,750 2,750 2,131 (619)
1,219,875
5,000
2,700
2,300
1,219,875
5,000
2,700
2,300
(1,217,125)
(2,250)
(569)
1,681
300,000
300,000
(917,125)
(2,250)
(569) 1,681
919,863 919,863 919,863 -
$ 2,738 $ 917,613 $ 919,294 $ 1,681
112
CITY OF WINTER SPRINGS, FLORIDA
REVOLVING REHAB FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Investment income
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 6,200 $ 6,200 $ 2,682 $ (3,518)
6,200 6,200 2,682 (3,518)
100 40
100 40
.e
M
6,200 6,100 2,642 (3,458)
6,200 6,100 2,642 (3,458)
1,076,386 1,076,386 1,076,386 -
$ 1,082,586 $ 1,082,486 $ 1,079,028 $ (3,458)
113
CITY OF WINTER SPRINGS, FLORIDA
UTILITY /PUBLIC WORKS FACILITY FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
114
Variance with
Budgeted Amounts
Final Budget -
Actual
Positive
Original
Final
Amounts
(Negative)
Revenues:
Investment income
$ 2,900
$ 2,900
$ 2,273
$ (627)
Total revenues
2,900
2,900
2,273
(627)
Expenditures:
Capital Outlay
Physical environment
965,000
100,000
-
100,000
Total expenditures
965,000
100,000
-
100,000
Excess (Deficiency) of Revenues Over
Expenditures
(962,100)
(97,100)
2,273
99,373
Net change in fund balances
(962,100)
(97,100)
2,273
99,373
Fund Balances - beginning
970,458
970,458
970,458
-
Fund Balances - ending
$ 8,358
$ 873,358
$ 972,731
$ 99,373
114
CITY OF WINTER SPRINGS, FLORIDA
EXCELLENCE IN CUSTOMER SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended September 30, 2014
Revenues:
Investment income
Total revenues
Expenditures:
Capital Outlay
General government
Total expenditures
Excess (Deficiency) of Revenues Over
Expenditures
Net change in fund balances
Fund Balances - beginning
Fund Balances - ending
Variance with
Budgeted Amounts Final Budget -
Actual Positive
Original Final Amounts (Negative)
$ 750 $ 750 $ 253 $ (497)
750 750 253 (497)
101,650 106,450 88,772 17,678
101,650 106,450 88,772 17,678
(100,900) (105,700) (88,519) 17,181
(100,900) (105,700) (88,519) 17,181
150,195 150,195 150,195 -
$ 49,295 $ 44,495 $ 61,676 $ 17,181
115
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
STATISTICAL SECTION
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
STATISTICAL SECTION
This part of the City of Winter Springs' comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures and required supplementary information says about the government's overall health.
Contents Paqe
Financial Trends 116
These schedules contain trend information to help the reader understand
how the government's financial performance and well -being have changed
over time.
Revenue Capacity 123
These schedules contain information to help the reader assess the
government's most significant local revenue.
Debt Capacity 128
These schedules present information to help the reader assess the
affordability of the government's current levels of outstanding debt and the
government's ability to issue additional debt in the future.
There are no limitations placed upon the amount of debt the City of Winter
Springs may issue by either the City's Charter or the City's Code or by
Florida Statutes.
Demographic and Economic Information 134
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the government's financial
activities take place.
Operating Information 136
These schedules contain service and infrastructure data to help the reader
understand how the information in the government's financial report relates
to the services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived
from the comprehensive annual financial reports for the relevant year.
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
Q
0
O
J
LL
C
C�
z
ry
0-
of
LU
z
LL
O
U
H
z
LU
Z
O
CL
2
O
U
m
z
O
,�
V/
O
CL
LU
z
C �
� � o
0 0
m m
D) O
LL n n
C � �
� � Q
� x
m 2
J Cj C
U Z)
m O
C
I
(O
Lo
N
M
O
r
T
O
N
CO
O
co
M
(O
co
V
Lo
CO
V
CO
O)
CO
(O
co
CO
N
(O
(O
N
V
LO
CO
(O
O
r
O)
O)
(O
O
V
(O
N
N
(O
O)
N
Efl
Efl
Efl
Efl
Efl
Efl
M
o
O
O)
CO
N
O)
O
CO
O)
I�
(O
O
LO
co
co
Lo
N
r
(O
T
V
O
(O
V
V
M
V
N
co
O)
M
V
(O
N
(O
O
(O
o
O)
O)
V
O
V
(O
N
N
(O
O)
N
Efl
Efl
Efl
Efl
Efl
Efl
CO
o
(O
O)
I�
r
M
r
Lo
N
O
O
N
co
O
co
M
(O
I�
co
O
O
Lo
N
LO
O
(O
N_
W
V
co
N
V
N
O
co
I�
Lo
O
V
LO
(O
_
O
V
(O
N
N
(O
N
O)
N
Efl
Efl
Efl
Efl
Efl
Efl
I�
O
M
r
V
CO
CO
O
(O
O)
CO
N
V
N
CO
V
I�
O)
O
V
N
N
O
(O
co
O)
V
I�
(O
V
LO
M
CO
M
LO
I�
co
CO
V
O
N
O
CO
O
N
Efl
Efl
Efl
Efl
Efl
Efl
O)
O)
O
I�
O)
O
V
M
CO
O)
M
O
CO
N
N
V
co
O
M
co
CO
co
(O
co
co
LO
(Q
LO
O)
(O
co
N
O
N
(O
V
LO
LO
co
O
CO
O)
(D
O
V
(O
N
LO
CO
N
Efl
Efl
Efl
Efl
Efl
Efl
N
r
U
co
V
co
O)
O)
O)
O
r
co
O
O
O)
O
O)
co
V
(O
LO
V
V
(O
LO
O
I�
O
N
(O
M
r-
N
O
M
Lo
N
co
co
O
CO
M
co
O
I�
o
o
v
co
Lo
co
N
CO
CO
I�
N
T
LO
co
N
co
CO
I�
co-
r
I�
O
V
(O
O
(O
(O
M
V
(O
(O
O
O)
LO
O
(O
LO
N
CO
O)
(O
V
N
N
LO
O
N
O)
M
O
O
co
(O
N
LO
CO
N
Efl
Efl
Efl
Efl
Efl
Efl
O
V
N
(O
O)
LO
o
O)
O)
co
co
LO
I�
co
T
I�
(O
r
(O
co
I�
N
M
O
N
V
V
LO
CO
I
o
M
N
N
CO
V
O
(O
r_
O
O
co
(O
N
LO
N
CO
N
CO
(O
LO
co
N
o
O
V
O
LO
O
V
I�
O_
O
(O
V
(O
I�
O
LO
Lo
co
O)
(O
O)
(O
N
N
I�
O
(O
O
M
V
N
O)
M
_
M
M
CO
O
O
N
Efl
Efl
Efl
Efl
Efl
Efl
co
O
LO
CO
O
LO
(O
V
O
O
V
N
LO
co
r-
.
N
N
LO_
O
Ln
V
O
(O
(o
V
O
co
N
N
Lo
O)
r
LO
(O
O)
O)
(O
W
N
r
r
O
O
N
V
N
co
(O
N
69
69
Efl
69
69
69
C
O
C
O
f/)
w
f/)
w
Y/
O
o
Q
C
C
o
Q
(6
Q
(D
N
Q
N
Q
C
a)
76
C
U
a
C
U
a
Y
a
>
O
N
O
U
Q
N
O
U
N
N
O
U
C
U
f/1
Y
C
O
C
C
N
N
C
O
O
(7
�
m
I
a`
�
I
VI
O
N
MI
O
N
NI
O
N
OIN
O
05
0) O
} N
03
U
N_
LL
r�
N
0
O% o
N N
L � �
CB O
0 �
U .�
C..) , OI
N O O O
(\I
v) v)
C N �
(2) CB Ca
�o X
CO (1) O
J U C
U
CO O
E
CO
MI
O
O
N
LOI
O
O
N
V V W O 00 0
In � In N
N
(»
M In 00 00 M r 0 V (0O O r W
V I- In N O
N
(»
(00 O 000 V M M
O In O O0 (C
In r- In N O
N
(»
M ((C (O � I (0) - I
LO r- In N
(»
O 0 M V I-
M M � G r (C
In r- In N
N
(»
O 0 00 In In 0
M � N In 0 I-
In r- (O N N
N
6%
I- 0 V : In (O
In 0 0 0 N
M N (C In 0 M
(O In N r
N
(»
N (O 0 0 M O
V r M r M OD G
M O N N V
N
N (0 00 M 0) 00
0 O O a) 0 co
I� O N N N
N co (0 M M M ((0 C
I� I
In N (0 In
In CA In N M
N
(»
LO 0 0 -
0 V LO
0 CO
(»
O 0 In I V
O M LQ
I� CO
(»
N_ N (O O
M CF) 00
(O �
(»
((00 M 0I 00II
(»
VV (O N
I- ico
(»
I- - I CF)
V M N O
6%
(M0 o I ooc
I- - 00
(»
N O M I LO
N 0 CO 0
In CO 0 M
(0 00
M 0 MI V
N (O co I�
(0 I-
(»
M N r- OII
O (O 0 (O
(»
Q
0)
U
0)
0
C
O
0 N N
O N N
N C �
0 0_ 0
03 0) N
N
U � N
r+ N E
C O t .0. fn 0_
03 > U O 03 U y
O O• ^w N C C E 0) U O N
0) 00
V! C 0 05 05 05 i C Q �
CU N N N U N y 03 O 0
C C C .0 .N y d > O 0 C N y 0)
CU N 0) 3 t 7 O > O 0
CL
'o
W 0 H m 0
00 00
O
M M
N
V
O V
LQ
MN
M
co
W
N
M
O0
-
I-
(»
N
N
N
O 00
O In
M
0 V
N
V
V
In
N
M
N
00
EA
M 0
M N
(MO
O
00
V
V
00
Oo
0
c
N N
O V
(O
0 N
M N
O
00
N
N
M
N
I-
V
V
M
I-
(O V
In
In
V
m
r (00
O M
M
(00 000
N
00
0
0
I
0
M
(O
N
(»
00 00
M (00
00 OM V
G
W
N
M
O0
N
0
N
N
N
N
O 00
O In
M
0 V
N
V
V
In
N
M
N
O0
EA
M 0
M N
(MO
O
00
V
OD O
0
Oo
OD
c
O M
O 0
N
In
M O
N N
N
(C
00
In
N
V
N
O
V
V
M
I-
(O V
In
In
V
0
I- In
M
(O
O0
N
0
M
(O
N
(»
0 M
O
(O
00
r-
00 cq
LQ 0
I- O
V N
O0
V
V (O
0
In
V
V
r,
I-
M
N
O0
N
LO O
0
M
00 N
00
N I�
0
In
0 I-
In
M �
0
N
M
N
�I
CO
(»
O � 0 M N c o0
V N 00 In
N OD O ' L (C I In
0 O
N
(»
O 0 In N (O 1 In
lLQ O m ' O (00 M
00 N O
N
I IU,
M O (0 I (O I -
(O O N O 00
M ' N 00 O
0 - - NI SIN
(»
co 0 co (O 0 I O I
W M O M II
'IT 0 M 0
(»
(»
N N
0)
7 3
C �
d d
O N O O N 0)
C 0 C 0 ..
Q O O Q O O
N N E d C U') N C U > ED
CU .y U C O U 03 -0 U 03 O
C O O C 0
CU t
03 w U (J 0) 0 O 0 O 0 O N 0
0)
0) Q 'T C 0 y N
0 0) 3 t 7 N y > N 0 O 0) N y N >
i C (p LL LL U N 0_ p) 0 0 (n 0) 0_ Q 0
0) -C 0_ cu t 0_ Cu
p
O o U U m .N U O U m m
ac9 �m ��
r
�l
OC)
OC)
O0
N
N
N
(»
�
M 0
M N
(MO
O
00
V
(MO
W
(C
I-
0
r-
6%
N M
V
V
M
I-
0 r
N In
r
O
'
N
N
CN
O
�
I-
0
0
(»
0 M
O
(O
00
r-
00 cq
LQ 0
r-
O
'
r-
LO
OD
0
I-
-
O
N
N
I- N
0
0
0)
(01(o
W V
M
ON')
OMO
(00
�
�
N
N O
I.11
0
(»
N N
0)
7 3
C �
d d
O N O O N 0)
C 0 C 0 ..
Q O O Q O O
N N E d C U') N C U > ED
CU .y U C O U 03 -0 U 03 O
C O O C 0
CU t
03 w U (J 0) 0 O 0 O 0 O N 0
0)
0) Q 'T C 0 y N
0 0) 3 t 7 N y > N 0 O 0) N y N >
i C (p LL LL U N 0_ p) 0 0 (n 0) 0_ Q 0
0) -C 0_ cu t 0_ Cu
p
O o U U m .N U O U m m
ac9 �m ��
r
V
O
N
M
O
N
N
O
N W O
N
O
(6 0
m O
} N
m
U
N_
LL
0
O
O
N
00
O
O N
r-
O
O N
(0
O
O
N
LOI
O
O
N
(O
O
(O
In
In
In
m M
r
In (\I
N
63 M
d)
V
I- M
N
OD
V
M
O
�
0 M
-
00 0
M
00 In
O
M
N (0
N N
DO
N
(O
M
M
m
O V
V
O M
O0
O N
In
O In
O
I�
M
�
I-
In
In
W
N
d)
O
O In
V
M
r V
O In
00
'
I- 00
O O)
(O
In
M
O0
W
- O)
N
V
W
M
M
M
N M
N
N N
In
M&
3
M
M
V M
I- V
r-
r O
V
d)
M In
In
M
r
O)
r
M
O
O)
M
O)
O
V I-
O In
'
V M
O (C
(O
'
V O0
O O)
In
(O
r
(\I
d) r
O) N
M
In
r
M
M
M
N M
N
M V
M
N
O)
O)
O)
In N
N (D
d)
N M
M
M
O0
W
O
L
M_
O
N
(O
M
O In
'
(O O
W d)
W
'
0 I-
W (O
M
N
d)
N N
O0 d)
M
N
V
V
M
M
N
O
O0
(0
V
I-
(0 N
M
(O M
O)
M-
O
CF)
r
N
M
M
O
m M
d) O
O
d) d)
O
O
r O0
O
In
In
In
In
N
W I�
'
r r
'
r M
O
M
W V
r —
)
I
M
M O
O r
O M V
IV n
d)
-
O
n
In O
O0
N
`-'
M
O
d) M
'
M V
'
(O (O
W
(O In
_ _
V
V
In
V
(\I
V
N
N
In
r
O
(D
O
In In
d) In
O0
V
M
(O M
V
V
d)
M
r
V
V I-
W In
d)
W d)
(0
V M
r,
N
V
d)
V (O
'
In
'
d)
In
W
r, d)
M
DO
(O
N d)
M
In
M W
M
O
In In
(O
d)
M
M
V
In
d)
N
CO
O
M
O M
N
W
'
I�
(O '
W
L
In
N r
N
N
O
00
In
M
N N
N N
O
d)
W
I-
M
W
N In
O
N N
M
r
In N
V
M
co
In
r O
In M
O
In
LO LO
(0 co
V
In
d)
r
In
M
M N
M N
d)
00
N O
I�
O
r
co
V
I-
r r
N
r In
N
O
In In
In
V
d)
co
W co
(O
I-
(0 m
N
(0
In O
N
r,
In
O)
'
(O (0
'
O) In
N '
d) M
W
N
d) M
A
N
N
(O
V
M
M d)
M M
V
m
.y
O
a
Y
z
C
.y
N
'o
R
i
i 3
N O
N
3
O
L
g
y
N
N
++
N N
U
N Cu
E
O
E
> C
N
'>
N
N
N
N
O
E O
O
N
O U
N
N
U)
U
N
a)
3 y
y
y
i
0)
E
N
`°
y
O E O
`°
y
lEj
O N
m
d
>
>
>
N
(6
G1
(6 `
E
O
N
(6
(6
X
N
N
E
o
EO
0
E
z
m
E
O
i E
N
i N
E
S7
d
E
N
>
L
>
E
>
0
-
X
m
O
0)
m
O 0-
N
O
E
O
0) 0N )
0
6
0
.y
>
O
3
O
O
O
>
O
0
z 0
m
0
m�
00
r
Fiscal Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Fiscal Year
CITY OF WINTER SPRINGS, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
2005
2,447
1,076
Business Tax
3,681
Property Tax
Franchise Tax
Utility Tax
Receipts 2
Total
2007
2,443
1,108
6,198
1,480
3,504
2,261
11,182
7,383
1,919
3,832
1,944
13,134
8,265
1,921
3,920
-
14,106
7,130
-
3,976
140
11,246
5,013
3,015
4,106
70
9,189
4,538
3,044
4,536
204
9,278
4,209
3,100
4,169
119
8,497
3,901
3,269
3,963
106
7,970
3,853
3,923
109
7,885
4,015
4,035
105
8,155
Taxes included
in Unrestricted
Intergovernmental Revenues
State Revenue
Sales Tax
Sharing
Other
Total
2005
2,447
1,076
158
3,681
2006
2,701
1,123
147
3,971
2007
2,443
1,108
201
3,752
2008
2,261
1,021
163
3,445
2009
1,944
907
109
2,960
2010
1,852
893
152
2,897
2011
1,873
916
226
3,015
2012
1,918
962
164
3,044
2013
1,994
972
134
3,100
2014
2,097
1,038
134
3,269
Note
Franchise fees were classified as taxes prior to fiscal year 2008
2 Business tax receipts (formerly known as Occupational licenses) were classified
as licenses and permits prior to fiscal year 2008
119
Q
0
FY
0
J
LL
C
V
z
FY
n
CO
ry
LU
H
z
LL
0
U
(4
a)
T
(4
N
O
N
LOa)
L
O
V
m
Q
(7
0
E
CL
E
U
0
z
O
O
N
M
O
N
N
(O
V
V3
01
�
6%
O
N
(O
M
It
pp
M
r (O
V 0)
(O V
r 00
V3
M M
N N
I- 00
6%
m N
co M
00 00
I- 00
o0
C\
N
LO
V3
00
V
LO
6%
O
r
V
V
N
00
N
—
00
N
—
r
CO
(O
o0
N
N
LO
w
N
LO
m
O
N
LO
N
r
.-.
r
N
d)
(O
(O_
V3
m
M
N
V3
m
V
V
O
N
O
N
p
O
N
co LO
N
It
V
Ln
00
�
r
00
V
N
r
(O
N
00
N
r
O
V3
V3
O
(00
V3
V 0
O 00
I- 00
6%
V3
N
00
V
V3
(o
(O
-
V
(O
N
V3
r—
M
00
O
6%
C �
C
N
� (6
N
N
V
0)
V
V
d)
(U) 0
L
N
LO
r
r
00
r-
(6
Q
0)
ON
00
00
(O
N
O
_0
U) O N
LL n
(6 Q
O
O
O_
N
t
N
N
Q Q
Cl)
00
(O
00
(O
U X
N
o0
00
0)
(o
Cl)
U
� (6 U)
o
N
J -0 C
O
6 E
O m
O
O
N
(p
O
O
N
V
U)
N
LO
V
V3
(MO
00
N
0
00
r
O
0)
U)
r
N
00
V3
O
V3
00
O
V3
((O
(O
O
r
(O
N
Cl)
O
Cl)
00
N
M_
V3
00
QZ
M
V3
O
N N
O
r
Cl)
V3
r
V
N
N
00
N
V3
r-
0)
V3
o
Q
0))
r-
V
w
aa))
>
((O
(O
N
a"
o
co
N
V3
a
E
a
E
P
a)
a
a
a)
a
O
Z
Z
o
N
Sc
a`)
>
O
Z
L
a)
N
o
Q
(�
.Q
os
U
r
Q
a
.N
a)
>
O
w
'�
L
.N
a)
L
w
o
o
o
a)
o
o
o
w
w
o
a)
w o
0
o
a)
w
o
�
aa))
o
a)
aa))
—
w
o
w
—
(7
H
Q
H
(9
H
Q
H
(4
a)
T
(4
N
O
N
LOa)
L
O
V
m
Q
(7
0
E
CL
E
U
0
z
O
Q
0
ry
0
J
LL
C
V
z
F'
n
CO
ry
LU
>z
LL
0
U
(4
(�! N
-0 LL
7 �
O (6
U1
(6 O O
� O �
in ca �
C (6 N
(D Q
~ U �
� U
(6 (6 (n
COC
� C
O (6
C
0 d
d' (O M
M O M CA CA l
l0 N
N I- M r N �
� d' d
d
a) ' O '
' C
CA O O N N N O
O CA � I� CA d
d' '
' C'
d' co It I
It co C
CA 0
0 (O d' L
LO i
if
O C
C`
6%
(O M
0) 0
0 t a N O N a N
N d I
I- M
C
00 N I
I- r 00 to m
N C
m O M O
O I- i
i(f
M M M d
d' N C
CA d
d' (O M C
C
O C
C`
6%
co M a
a) to a
a) M a) M � O O M �
� N
N d' M d' d' N
N m d
d
Cl) (O (
(O O (
(O (O d' I- O a) m t
(O a
t a) r d' d
d' 00 a
a
N M M C
Cl) N (
(O M t
to d
d
O C
C`
6%
O CA 0
0) CA C
CA d' I- N CA LO 00 It l
l0 (
(O CA I- r
r d' l
l0 C
M (O r
r C
CA d' d' N a) a) O N d
d' d
d' l0 M M a) a
a) a) d
d
d' d' L
LO N O
O L
LO I- CO - N N
N C
C'
O
N h
h
ER
l0 (O C
Cl) It M
M a) a) CA (O M I
It O
O l0 M M (
(O d' h
h
d' Cl) C
CA O M
M N N (O N M M O
O O
O m 0 I- M C
CA CA
' if
O It d' N
N LO N N
N L
LO (O d' N C
C'
O N
N h
h
N
V3
CA (O d
d' d
d' I- r to 00 to d' CA 0
0) I
It It It N I- O
O h
h
_
' N ' 0
0) m N a) N Cl) (
(O 0
00 00 (O r O
O (O '
' a
0) d' d' 1
1 d' N O
O l
l0 (O "i N -
- C
C'
0 h
N
h
CA
V
N
M
CA
N
N
N
N
M
0
O
M
M
Cl)
o (V
M �
QZ
N
QZ
s
V
r
00
C N
� a
w w
E w w w w E '� B w °
w Q
H 7 a r D
w C) w Q a w m w a n E � .o°
>
° o� o 2a E > a °
° > m y ° °
Cm °° L E
( N O °
w C2
x `n c w w a
a) Z) m L a a a ° N
> x a) $ >. C- -0 ° i S (a s w i 2 w U 0
(qN "id
CO M - CO if
N O O �
V M ' It c
M h
r 1- O C,
O) a) N . v
Cl) - V (f
M ((00 r` d
a) O) M ' n
M - - 1'
C
(o 00 a
0) C
N
V3
a) 0
0) 0)
In N
r`
ER
IIILO
N
0
00
O)
M
c
Cl!
V
N O
N
O
r` 00
M (O ' '
0)
(O_
00
M
N_
a) (O
o
N
00
V3
O N O
00
00
(NO V r '
�
O
O 0�
N
o
O)
N
V3
01
V
V
O O) 0) V
N M ' M
n
(O
V
O r
Cl)
0
N
r`
(»
r
(
(
0) O O
N
r`
61) (QO V
0
0�0
'
(N
O
O) (O
Cl)
V
o
00
V
O)
V3
co (O
Cl) (O
r`
(O
(O
In
O)
'
O
o
O)
M
V
Cl)
ER
m
Q
�
U
N
0
�
O
0
_
N
N
O
�
�
O
a
N 0
C
0 10
m
a
Q
0 10
w
p
m
4
m In m
2 0
CL
N
w N
o o
a
r
w x
z U U) H
0-
z
0
z
O 00
O O
N O
N
-
5 N U
) � w
V � O
� O
6 Q
Q
X 0
F H
N
m _
) � N
6
� N U
6 IWO N
N
w
Q F
_ w
� U
2 C O
U) c N
N
N
Q
0
ry
O
J
LL
C6
Z
CO
Of
W
H
Z_
LL
O
U
0
C
(6
U) U)
7
O O
N
U N
D
LL
C �
N Q
H N
U) U)
J C
7
O
E
m
O fY
m
0
H
'�
0
V
M
N
O
O
O
LO
I-
O
O_
M
M
M
r-
IN
M
N
000
IN
V
O
LO
LO
M
N
0
I-
r-
<
O
F-
V
M
O(M
N
O
OOO
lLO
1-
lC
O
O
r-
LO
r-
N
0 0
H w
N
N
M
M
M
N
N
N
N
N
_ x
w
l9
W
O
M
LO
1-
M
N
M
1-
M
O
O
O
m
r—
x
m
I-
O
O
O
L
N
N
N
O
O
O
H
Lx O
W a
x
LO
LO
O
LO
m
m
m
0
V
V
H
Lq
I-
V
M
Lq
Lq
Lo.
Lq
Lq
Lq
LO
LO
Cl)
M
V
V
V
M
N
N
N
N
N
N
O fY
m
0
H
'�
0
V
0
N
O
M
V
LO
I-
O_
M
M
O(M
000
IN
V
OOO
M
x;
F-
V
M
O
N
O
M
M
M
lC
(C
0 0
H w
Q
l9
O
M
LO
1-
M
N
M
1-
M
O
O
O
m
r—
LO
m
m
I-
V
OO
L
N
N
N
OO
0
L
Lx O
W a
x
lC
1
O
M
N
M
r-
0
M
(N9
H
2 a
w
LO
LO
Cl)
M
Cl)
M
O
V
V
N
V
Cl)
V
I-
V
r-
V
O
W)
0
U Q
Cl)
I�
O
LO
M
V
LO
r—
N
M
N
r—
LO
LO
—
LO
0
O
0
O
00
I-
M
M
M
00
L
J2 O
V
LO
0
0
0
0
0
0
0
0
a N a`
LO
O
O
M
I�
a0
V
N
V
M
N
O
O
V
—
r—
V
0
O
0
M
M
�
M
00
0
�
V
V
M
((9
Ep
N
Cl)
M
M
CO
N
N
N
N
U o
0
0
0
0
0
0
0
0
0
0
M
O
00
N
V
O
O
M
N
N
o a
M
lf)
00
O
M
Lq
O
Lq
00
O
M
N
O
00
00
00
00
00
00
00
00
00
O(M
M
M
co_
V
ONO
M_
I�
ONO
cr
Lr
aCO
CL
co
OO
00
N
0)
O
r—
M
O
O
(O
N
co
N O
00
O
I�
OO
M
O
OO
OO
O
O_
—
N
N
M
N
N
N
m
N
O
(O
V
N
O
OO
O
M
r
N
l9
a
IO
-
M -
Lr
M
ll-
W
O
ll-
E
1-
_
_
!
00
LO
0')
V
(O
0')
0_
�
O
O
M
—
Lr
M
N
O
(O
O
M
I-
00
O
O
(
m a
N
N
M
M
M
N
N
N
N
N
H m �
0
CO
� N
O
O
O
O
O
O
N
M
V
�p E
O
O
O
O
O
O
O
O
O
O
N W
N
N
N
N
N
N
N
N
N
N
CL
a)
U
0
0
Z
21
i R
x
m
N
' O
U
O
x
0
o
� U
o
O
0
U
U
0
o
Cl)
0 W
z
O W
LL W Cn rr>
V
z
a x z
C a
� J
W
LU W
00
LL d
0 z z
U W
w
U)
cu
U
Ln
LL
N
H
U)
ca
J
� � N
N Q'
m 0,
ob Q
N �
0) M
7 O
O d
U
N
C 0)
U)
U
N
D
O
O
t
U
a)
0
c
E
0)
M
a)
c
O
_ 0)
O
~ U) 75
UN
O
D N �
M
� 0)
(6
CL
O�
>, a)
m c
~ U
UN
rn
O U)
Q75
O
U rn
— m
O �
H
U_ N
O
N � N
0 U)
CL� 0)
(6 �
O�
N N
}
LO O O M O LO M 00 N V
9) 00 V Co co co LO O - N r-
00 00 I— LO I— 00 00 I— r 00
O O O O N N N N N N
O O O O M M M M M M
O O O O N N N N N N
O O O LO LO LO LO LO LO M M M
co M co M M N
V V V V V V V M M M
O O O O O O O O O O
0 0 0 0 0 o O o o O
CO LO V N O N 0 CO
Lo. O) I— V Ln I- 00 I- Ln M
00 I— I- I- r I- r I- r 00
0 O O O O O O O O O
M O O O O O O O O O
O O O O O O O O O O
O O O O O O O O O O
N 1- V LO 1- 000 1- LO co
00 I— I- I- r I- r I- r 00
O N V LX) (D 0 0 0 0 000
LO LO LO IT v LO LO LO LO IT
o O O O
1- o v v v v o 0 0 0
N 0 O
O O O O O O O O O O
00 00 00 W LO O Ln Ln Ln Ln
rn rn rn m rn CP C9 CP m.
IT v v v v v v v v v
O O O O Lfl O V O
LO LO O l.C) 00 00 00 V
Ln I� V M Ln 0 0 Ln Ln 0
V V V M N N N N N N
O O N O O O O O O r
N m
O O O O O O O O O O
O O O O O N co
O
V X) M M
M CO N N V V V V V V
V V V M N N N N N N
O O O 0
O O N M V
O O O 0 O O N N N N
N
O
C
Q
M
0)
C
O
U
0)
L
C
N
0)
C
O
a)
Q
0
Q
O
Q
Q
m
m
rn
O N
X �
(6 0)
N E
E
o
T
c
3 0
U
O �
C
a�i m
O U
U o
X o
H a)
T N
� O
7
O N
U
a) N
O a)
c �
E
a) �
M .�
Q
N O'
U �
U O
0)
O
Z
N
U)
z
`O
r
U
W
0 O
FY U
O
J �
LL Z
/C a
V v/
z
z
C J_
Tf m
LU
z
>z LU
LL U)
O w
U)
U)
U J
a
U
LL
CL
U)
0
U
LD
LL
U)
m
J
N
�
U
C
�
N
N
0
O
C
N
�
0
N
r
rn
Q
LL
O- m
U
O
U
_
U
O O N
T O
0]
N O E
U
C
O
a �
U N �
C C 0 T
Z E
0
N
N LC) N CO CO O_ O O O
co O O
N '-D 4)
p]
U
C
N M co r
LO N M O M V (O O V
d' C
J
N
V O - - -- -- - - -
0
~
N
O O N
_
O p
O
0
C 2 C
U C
a
O LL
w N
E
N
lw
LL
_
N 0
w
C w
O 07
a
I� M O CO CO CO
0 V O N O co M O r
to
T O O O O O O O
9
O —
O
C) (D
U
N
°
a
M M W W W W
Q
N L L m
CO N N N N N N N
O
07
N V V V V V V V
LL
N
07 07
n 0
O N M LO O
O V
�^
U
O O (D M V V V O) V I�
m
C
O
O co m M M M N V 0
M
J
H
�
N N N N N N
O
U C
w N
E
Ln M Ln Ln co Ln v Ln Ln
C m
N
COO M O O D CO LO CO 0)
-O a)
0 (O M O LO V LO V LO
(p m
cC C Q
N
I� r r O O O O LO O r
M M M O O O O O O (O
L
d
Q m
O
C)
C) (D
9 m
a� a
o �
U
LO
'
O O I� co N co co
O V M V N V V O
N
C
U
a
N
O O O O O O V V O O O co
co O O co O
C
C ?�
t/1
�
m
M M M O O O O r
(D
E r
.Q
a)
co O O LO CO V
C (6
U
N
O I� N O
C
O
N O V O O
N M M M V M V V V V
O N
�
E a
�
N
= a
a
C �
co CO N (O M O(D
� N
U
t/1
_
a
L0
0
—
N C
M O M N M 0 0
- - - - - - —
0) 0)
cC Q
N
0)
— — — — — — —
L
d C_
U
Q 6
m n
LL
J
m
m
0
LO LO LO LO
O O O Ln O Ln
Ln 0 M M M M M M
N N N N N N
(p C
O
N
(O (O (O (O (O (O (O
0 E
O O O
m
a
C T
N
75 W
T U O C
C 0
Q O p
C n E
O N M V
.0 E
ow 4)
O O O O O
0 0 0 0 0 0 0 0 0 0
-O C
N p
N O O`
07 U Q
N
X
O O O O O O
z
O
O O O O O O O O O O
N
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
September 30, 2014
(amounts expressed in thousands)
2014 2005
Source: Seminole County Property Appraiser (www.scpafl.org)
126
Rank
1
3
2
5
9
4
6
7
8
10
Percentage
of Total
Taxable
Assessed
Value
1.63%
0.82%
0.91%
0.50%
0.00%
0.22%
0.00%
0.00%
0.00%
0.00%
0.51%
0.36%
0.32%
0.27%
0.18%
5.72%
Percentage
of Total
Taxable
Taxable
Taxable
Assessed
Assessed
Assessed
Taxpayer
Value
Rank
Value
Value
Laurel Oaks LLC
$ 24,104
1
1.47%
$ 24,106
Duke Energy (formerly Progress Energy)
23,812
2
1.45%
12,142
Courtney Springs LLC
20,088
3
1.23%
13,423
United Dominion Realty Trust
7,917
4
0.48%
7,375
Summer Falls LLC
7,721
5
0.47%
-
Bright House Networks LLC
6,397
6
0.39%
3,331
Moss Park
5,270
7
0.32%
-
Winter Springs Holdings, Inc
4,762
8
0.29%
Baxley Robert & Annmarie TRS
4,233
9
0.26%
Pathfinder Landology Isis
4,213
10
0.26%
-
Capital Green I LLC
-
-
0.00%
7,622
Tuscawilla Cay LLC & Tusc 54th LLC
0.00%
5,370
Hacienda Village Co -Op Inc.
0.00%
4,786
Bell South Communication
0.00%
4,036
Engle Homes /Orlando Inc.
-
0.00%
2,600
Totals
$ 108,517
6.62%
$ 84,791
Source: Seminole County Property Appraiser (www.scpafl.org)
126
Rank
1
3
2
5
9
4
6
7
8
10
Percentage
of Total
Taxable
Assessed
Value
1.63%
0.82%
0.91%
0.50%
0.00%
0.22%
0.00%
0.00%
0.00%
0.00%
0.51%
0.36%
0.32%
0.27%
0.18%
5.72%
CITY OF WINTER SPRINGS, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
127
Collected within the Fiscal Year of the
Levy
Total Collections to Date
Fiscal Year
Collections in
Ended
Total Tax Levy for
Percentage of
Subsequent
Percentage of
September 30,
Fiscal Year 1
Amount 2
Levy
Years
Amount
Levy
2005
6,748,179
3 6,546,002
97.00%
11,385
6,557,387
97.17%
2006
7,890,100
3 7,591,158
96.21%
12,189
7,603,347
96.37%
2007
8,820,491
3 8,475,408
96.09%
2,214
8,477,622
96.11%
2008
7,442,693
3 7,145,070
96.00%
11,318
7,156,388
96.15%
2009
5,186,450
3 5,028,524
96.96%
14,586
5,043,110
97.24%
2010
4,671,821
3 4,503,950
96.41%
34,324
4,538,274
97.14%
2011
4,355,923
4,203,079
96.49%
6,242
4,209,321
96.63%
2012
4,080,271
3,933,840
96.41%
3,969
3,937,809
96.51%
2013
3,993,624
3,850,616
96.42%
2,196
3,852,812
96.47%
2014
4,164,738
4,014,098
96.38%
582
4,014,680
96.40%
Note
Gross taxes before
discount of 1% - 4 %, depending on month paid; Source: Seminole
County
Property Appraiser
(www.scpafl.org)
2
Source: Seminole
County Tax Collector (www.seminoletax.org)
3
Includes voted debt service not to exceed 0.2500
mills for Central Winds General Obligation
Debt
127
CITY OF WINTER SPRINGS, FLORIDA
LEGAL DEBT MARGIN
September 30, 2014
Neither the City of Winter Springs Charter or Code, nor the Florida State Statutes limits the amount of debt
the City of Winter Springs can issue.
128
CITY OF WINTER SPRINGS, FLORIDA
RATIO OF NET GENERAL OBLIGATION DEBT
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
Debt to Net
Fiscal Assessed Gross Less Debt Net Assessed Debt per
Year Population' Value 2 Debt 3 Service Fund 4 Debt Value Capita
2004
32,955
1,365,985,000
3,270,000
53,373
3,216,627
0.235% 98
2005
33,321
1,483,116,250
3,205,000
46,967
3,158,033
0.213% 95
2006
34,621
1,661,074,000
3,140,000
51,743
3,088,257
0.186% 89
2007
34,899
2,003,805,968
3,070,000
47,572
3,022,428
0.151% 87
2008
34,639
2,220,522,082
3,000,000
46,254
2,953,746
0.133% 85
2009
34,340
2,009,169,114
2,925,000
36,610
2,888,390
0.144% 84
2010
34,149
1,809,808,024
2,850,000
38,879
2,811,121
0.155% 82
2011
33,282
1,687,434,206
2,770,000
40,388
2,729,612
0.162% 82
2012
33,599
1,593,864,153
2,739,107
50,549
2,688,558
0.169% 80
2013
33,540
1,572,300,619
2,638,521
42,070
2,596,451
0.165% 77
2014
33,871
1,639,667,121
2,533,833
25,305
2,508,528
0.153% 74
►C.1i'
Source: Synergos Technologies Inc.: PopStats at June 2008; Previous years statistics may have come from multiple sources
including East Central Florida Regional Planning Council or University of Florida Bureau of Economic and
Business Research and Metro Orlando Economic Development Commission (www.orlandoedc.com).
2 Source: Seminole County Property Appraiser (www.scpafl.org)
3 Amount does not include special assessment bonds and revenue bonds
4 Amount available for repayment of limited general obligation note which in fiscal year 2012 served to refinance the 2002
general obligation bonds.
129
Q
Q'
0
LL
ui
Z
a
m
W
H
Z_
LL
O
H
U
(4
Q
U
N
Q
(4 Q
N �
p
4 N
a
C �
N �
H �
w o
m w
J �
(4
a
a
o o v v v I I o ry
� a _
a
E E
a`
m >
F �
v �
K �
3
to =o
wm in in in in
�m
� o
� a
� p
M M M M
a "v
v m M M M M N N N
`o
� p
M M
mo
oo
> av
Nw w ry ry ry ry ry ry ry ry ry ry
LL
z
o
o m
v
n �
E
o
o K
m
v
N m°
E
>>
EE
E
w
E a
E 0
w E
5 0
O
CITY OF WINTER SPRINGS, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of September 30, 2014
(amounts expressed in thousands)
Governmental Unit
Overlapping Debt:
Seminole County General Obligation Debt
Subtotal, overlapping debt
Direct Debt:
City of Winter Springs General Obligation Debt 2
Total direct and overlapping debt
Note
Sources:
Seminole County Property Appraiser (www.scpafl.org)
Seminole County Finance Department
Seminole County School Board
Estimated
Percentage
Debt Outstanding Applicable 1
2,533,833
y L,JJJ,VJJ
Estimated
Share of
Overlapping
Debt
100% 2,533,833
1 Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Winter Springs.
2 The City of Winter Springs has a 'limited" general obligation note that is being repaid through a levy not to exceed
one quarter of one mill on all taxable property in the City.
131
y L,JJJ,VJJ
Q
N w
O 0
J
LL
W
c6 >
O
Z U
w (�
N
cn z
LU LL
N > c
LU w
>Z 0 N
LV J
LL 0
O W
} J
CL
U
c
d
d
,0
V
L
d
Id
V
- 0 o
m o �
U Q C
a N o
E
O N
ow
O
m m rn
CD O Co C
O N
> E
N
v
CEO N V V W W W
m m
a Q �
Q U N
o Q
z
N
W
U O
o
�
Q N
N
O
CEO
W
O
U
E w w
N
N
N
N
E o o
❑ U
rn
rn
co
rn
rn v
Q
Cl)
O
O
O
O
O
O
O
j
COO
COO
COO
COO
COO
COO
COO
N
(n
M
I�
O
O
O
V
CNO
O
O)
m
� Q ❑
� a
o
o6
�
o
mU
QC7
- 0 o
m o �
U Q C
a N o
E
O N
ow
O
m m rn
CD O Co C
O N
> E
N
v
CEO N V V W W W
m m
a Q �
Q U N
o Q
z
c0
O-
W
U O
o
�
Q N
N
O
CEO
W
O)
E w w
N
N
N
N
m E d
LL N E 6 U
W Q Q
I
c0
O-
W
O
O
N
W
CNO
M
M
CEO
W
O)
M
N
N
N
N
N -
9
Cl)
O
O
O
O
O
O
O
"' �
COO
COO
COO
COO
COO
COO
COO
U ~
m
S
0
LU U
!6
LL
N
O
M
�
�
O
M
CEO
Cm0
N M
fn x
9
d
O
� C7
> N
N
M V
O
O
O
O
O
U a
U) N
N
N
N
N
N
N
N
N
N N
a
w
I
Q
N�
LL
0
J
LL
c
V
Z
FY
a_
U)
Q'
LU
Z
LL
0
U
to
U
to
LL
C
N
J
N
O
Lb
d
C
d
R
M N N
O
U
N O c0 V O I� CO V c0 V O
0 0 0 0 0 0 0 o co 0
O O O O O O O V N M
a
O LO
N N Z � W O O) c0 CO CO N V CO
(n
zQ'o
N N c0 M O) O c0
0 w
N
O
� M
>
) O O O O O
� O O O O O O O O O O
U) N
a
LT
w
0
z
� O
N l0
O O
0 o
r N
O
N N
- o
X
_ N
N
O
o l0
O
a 10
Q �
o
N -
N
m
o `m
m
dN
U Q
l0
T
N
N
N
N
N
3 O
N N
O
0
N
X
N N
0
0 o
o
o �
N l0
N o
E
N
m
N O_
N
O
N
o o
o O o
m
E
O O 3
N
N O
E
O o N o
Ol
0
m
3 N o
o E a� a
� O O L N d
- `- 0
O
U` o o w o w
r
CITY OF WINTER SPRINGS, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Note
Data not available
' Source: American Fact Finder; US Census per 7.1.12; DemographicsNow.com
2 Source: American Fact Finder; Seminole County Public Schools
3 Source: Bureau of Labor Statistics (may or may not reflect regionally - specific rate)
134
Personal
Education
Income
Level in
(amounts
Years of
expressed in
Per Capita Personal
Median
Formal
School
Unemploy-
Fiscal Year
Population
thousands)
Income'
Age'
Schooling'
Enrollment 2
ment Rate 3
2005
33,321
7,492
3.8%
2006
34,621
979,428
28,290
39.3
13.97
7,342
3.2%
2007
34,899
971,623
27,841
39.8
13.93
7,115
3.6%
2008
34,639
1,028,951
29,705
40
13.72
6,804
5.0%
2009
34,340
1,053,173
30,669
40.3
13.72
6,754
9.7%
2010
34,149
1,047,589
30,677
41
13.82
6,454
11.8%
2011
33,282
1,161,675
34,904
39.3
14.71
6,316
9.5%
2012
33,599
1,183,558
35,226
36
13.81
6,341
6.8%
2013
33,540
1,104,540
32,932
41.8
6,496
5.4%
2014
33,871
1,084,989
32,033
39
6,461
5.4%
Note
Data not available
' Source: American Fact Finder; US Census per 7.1.12; DemographicsNow.com
2 Source: American Fact Finder; Seminole County Public Schools
3 Source: Bureau of Labor Statistics (may or may not reflect regionally - specific rate)
134
CITY OF WINTER SPRINGS, FLORIDA
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
20141 2005
Employer
Employees
Total City
Seminole County School Board
1,403
City of Winter Springs
212
Dearborn Electronics
170
Publix (Winter Springs Town Center)
150
Modern Plumbing
85
Tuscawilla Country Club
80
United States Post Office
48
Longwood Kia / Mitsubishi
42
Dittmer Architectural Aluminum
36
McDonald's
30
Total
2,256
Percentage of
Percentage of
Total City
Total City
Rank Employment 2 Employees
Rank Employment
21.50%
3.25% 281
2.60%
2.30%
1.30%
1.23%
0.74%
0.64%
0.55%
n Acoi
34.Z) / %o
Note
* Data Not Available
Per telephone survey of major local businesses and /or e-mail correspondence
2 Per Metro Orlando Economic Development Commission (www.orlandoedc.com), the City of Winter Springs has an estimated daytime
working population of 6,526 FTEs as of 2014.
135
CITY OF WINTER SPRINGS, FLORIDA
BUDGETED FULL -TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full -time Equivalent Employees as of September 30,
Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Development Services 10 10 10 10 5 5 4 4.46 5.46 5.46
General Government 41 44 44 44 45 42 41 36.79 37.23 36.67
Public Safety:
Police
Sworn Officers
64
70
70
70
70
70
70
65
65
65
Civilians
20.75
20.75
20.75
20.75
20.75
20.75
20.75
18.45
16.45
16.88
Fire 2
Firefighters and officers
50
51
51
51
0
0
0
0
0
0
Civilians
2
2
2
2
0
0
0
0
0
0
Public Works
23
21
21
21
21
20.73
18.73
18
16
16
Culture and Recreation
32.34
33.67
35.78
36.63
34.07
31.86
29.10
25.68
24.07
24.06
Utilities
42
42
43
45
45
45
42
37
35
35.73
Stormwater
7
9
9
9
9
9
9
9
9
9
Total
292.09
303.42
306.53
309.38
249.82
244.34
234.58
214.38
208.21
208.8
Part -time Employees
Part -time FTEs 3
11.09
12.42
14.53
15.38
16.33
16.34
17.58
18.38
22.36
21.95
Note
Data not available
1
Police civilians include emergency communications center operations personnel.
2
Municipal Fire Department was consolidated with Seminole County Fire Department on 10/02/08.
3
FTEs - Full -time Equivalent Units; this statistic replaces part -time employee count starting in Fiscal Year 2005 and
these units are reflected thereafter.
136
0
LL
.Q
0
A
U
L
LL
J
of N of of (O O N of I�
Z Z Z O r N V 0 (O
V N M m
OI � N m
N
of N of O O O M O
M M r r O Z Z Z
2
0
N rn r r co co u� r o ro u� ro v N o
m o m r co Z Z Z ro o o N m N v m
(O M N � V
O � �
N
N V LL� M r N Z Z Z M (O Lo N O N W M M
LLo M N r LL�
O � �
N
m m v LL� O r Z Z Z N O O O V N of O V N
o� m co m
o �2 m
N
V of V I� r Q Q Q o W O
V O V O N Z Z Z
15 N M O O V LL� M N O M N
OI M V V
O m
O
o o E o N= 0
- � a
g o 0
° a o n
°' a
> ° m o °� > m m m o o o
oz N V V a Q N E
m o m m 3 m m m m m o U o
0 o .T m -o n E U 10 m m m m E E E E -
°m 3 2 2 a m m m m m> o
.o ¢ a U rn w' �� a z min in U) U) U a
a ii = U
r
} \ )
\ ) \ \
k`oclE - _ ) \
_!# § \ }, \ {)) § }
f §! »� >w42 - E
)) {) i����\ \�j) \ \ \\\ ° ƒ}
®\\ \ \\ ) } } }i) °
/ ! /
C) .�
Co
�L
LL
(
0)
C
�L
Q
U)
L
(V
C)
U
p
co
Co
U
N
LL
CV
Co
J
W N
(O O
O (O (O
0
O n C-4 00
0 N r-
0
�p
N O (O
(O
M O
to L O
N
(O
0 V N
N
N
C
O
W M
(O O
(O I-
r 00
N N
M
O 1
I-
O
V V N M
N
O N
(O
d) V N
N
N
DMD M
(M0 O
0 0 (O I-
0 C-4 00
00 r- ON V
N
d) O 11
I-
O
N N O
CF) N
(O
(D
—
0 N N
N
N
V
N M
O NO O
O0 (O I-
00 N � 00
(O LQ N
I� O
N W
O N
(O
d) V
N
N
N
N 0O0 M
C-4 0 O O
O
0 0 (O I-
0 0 C-4 00
r( N 00
O
In _
CF) N
(O
d) V N
N
N
r
C-4 CF) M
C-4 0 O O
O
O
0 (O I-
0 O 00
�
I- (D N V
00
Lo (O
N
O
In _
d) N
(O
y U
O) V N
N
N
N
Q
N
r
r M
' O
m
O
- (O I-
0 0 00
O N
00
d) (O
(O
O
In _
M 0 V N
N
N
N
r M
N O
r
(O I-
r n C14 00
O)
O N
00
d) (O
C
O
d) _
N
N
(O
N
N
E '0)
N
6 O) V N
N
-O N
N w N
O _
N
0
LO (`')
�� 0 O
O0 In r � �
V 0� 00
O N m
a)
U
N
E -p
=
O
O N N
0
00
1041
V I� O
d)
r
(O
(O d)
MO Y) V N
N
N
E _
N N
E
O �
U 0 n
r
* M
V 0
O0 In r
O) V � r-
r N O)
LO
00
V 0 d)
r
W
N N
MO
N
d)
M
N
V N
(A
N
C
p
C
O
—_
N y
N
01 C
01
0
0 O
y N
N
C
C 01
O O
—
O
N
E C
O
N
N E
O
N
N Q
O
>
y U
C
O
�. O
t
N
N
a)
Q
N
N U —
!
N a)
N N O N
d
E t
U
.=�
a) i U N
C
N
N
Q 7
i
N
E '0)
N
C y
N
C C
.O
-O N
N w N
O _
N
O p
01
O U Z
a)
U
N
E -p
=
N C
N
E
O
U
_
_
N
( LL
O E
'E E
t
E _
N N
E
O �
U 0 n
N
rn
i U
6
LL
U
°?
LL
a
U)
z
(A
OTHER REPORTS
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited, in accordance with auditing standards generally accepted in the United states of
America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of the
governmental activities, 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,
2014, and the related notes to the financial statements, which collectively comprise the City's basic
financial statements and have issued our report thereon dated March 16, 2015.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City of Winter
Springs, Florida's internal control over financial reporting (internal control) to determine the audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial statements, but not for the purpose of expressing an opinion on the effectiveness of
City of Wnter Springs' internal control. Accordingly, we do not express an opinion on the
effectiveness of the City's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable
possibility that a material misstatement of the entity's financial statements will not be prevented, or
detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control that is less severe than a material weakness, yet important
enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described
in the first paragraph of this section and was not designed to identify all deficiencies in internal
control over financial reporting that might be material weaknesses or significant deficiencies. Given
these limitations, during our audit we did not identify any deficiencies in internal control over
financial reporting that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407 - 843 -5406 FAX 407 - 649 -9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTIONAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
140
Compliance and Other Matters
As part of obtaining reasonable assurance about whether City of Winter Springs' financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts and grant agreements, noncompliance with which could
have a direct and material effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly, we do not express such an opinion. The result of our tests disclosed no instances of
noncompliance, or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Orlando, Florida
March 16, 2015
141
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
MANAGEMENT LETTER
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
Report on the Financial Statements
We have audited the financial statements of the City of Winter Springs, Florida, as of and for the
fiscal year ended September 30, 2014, and have issued our report thereon dated March 16, 2015.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of
the Florida Auditor General.
Other Reports and Schedule
We have issued our Independent Auditor's Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed
in Accordance with Government Auditing Standards, and Independent Auditor's Report on an
examination conducted in accordance with A /CPA Professional Standards, Section 601, regarding
compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General.
Disclosures in those reports, which are dated March 16, 2015, should be considered in
conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i.)1., Rules of the Auditor General, require that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the
preceding annual financial audit report. There were no such findings in the preceding annual
financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
This information has been disclosed in the noted to the financial statements.
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407 - 843 -5406 FAX 407 - 649 -9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
142
Financial Condition
Section 10.554(1)(i)5.a., Rules of the Auditor General, requires that we report the results of our
determination as to whether or not the City of Winter Springs, Florida has met one or more of the
conditions described in Section 218.503(1), Florida Statues, and identification of the specific
condition(s) met. In connection with our audit, we determined that the City of Winter Springs,
Florida did not meet any of the conditions described in Section 218.503(1), Florida Statues.
Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied
financial condition assessment procedures. It is management's responsibility to monitor the City
of Winter Springs, Florida's financial condition, and our financial condition assessment was based
in part on representations made by management and the review of financial information provided
by same.
Annual Financial Report
Section 10.554(1)(i)5.b., Rules of the Auditor General, requires that we report the results of our
determination as to whether the annual financial report for the City of Wnter Springs, Florida for
the fiscal year ended September 30, 2014, filed with the Florida Department of Financial Services
pursuant to Section 218.32(1)(a), Florida Statues, is in agreement with the annual financial audit
report for the fiscal year ended September 30, 2014. In connection with our audit, we determined
that these two reports were in agreement.
Other Matters
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management
letter any recommendations to improve financial management. In connection with our audit, we
did not have any such recommendations.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have
occurred, that have an effect on the financial statements that is less than material but which
warrants the attention of those charged with governance. In connection with our audit, we did not
have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the
Florida Auditor General, Federal and other granting agencies, City Commission and applicable
management, and is not intended to be and should not be used by anyone other than these
specified parties.
��ZLt L1 v4z & �� L L0,
Orlando, Florida
March 16, 2015
143
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
Honorable Mayor and City Commissioners
City of Winter Springs, Florida
We have audited the financial statements of City of Winter Springs as of and for the year ended
September 30, 2014, and have issued our report thereon dated March 16, 2015. Professional
standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit
As communicated in our engagement letter dated June 19, 2013, our responsibility, as
described by professional standards, is to form and express an opinion(s) about whether the
financial statements that have been prepared by management with your oversight are
presented fairly, in all material respects, in conformity with accounting principles generally
accepted in the United States of America. Our audit of the financial statements does not
relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit
to obtain reasonable, rather than absolute, assurance about whether the financial statements
are free of material misstatement. An audit of financial statements includes consideration of
internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control over financial reporting. Accordingly, as part of our
audit, we considered the internal control of City of Winter Springs solely for the purpose of
determining our audit procedures and not to provide any assurance concerning such internal
control.
We are also responsible for communicating significant matters related to the audit that are, in
our professional judgment, relevant to your responsibilities in overseeing the financial
reporting process. However, we are not required to design procedures for the purpose of
identifying other matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously
communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, have complied with all
relevant ethical requirements regarding independence.
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407 - 843 -5406 FAX 407 - 649 -9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTION AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
144
Qualitative Aspects of the Entity's Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A
summary of the significant accounting policies adopted by City of Winter Springs is included in
Note 1 to the financial statements. As described in Note 1 to the financial statements, during the
year, City of Winter Springs changed accounting policies related to the adoption of Statement of
Governmental Accounting Standards (GASB Statement) No. 67. No matters have come to our
attention that would require us, under professional standards, to inform you about (1) the
methods used to account for significant unusual transactions and (2) the effect of significant
accounting policies in controversial or emerging areas for which there is a lack of authoritative
guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by
management and are based on management's current judgments. Those judgments are
normally based on knowledge and experience about past and current events and
assumptions about future events. Certain accounting estimates are particularly sensitive
because of their significance to the financial statements and because of the possibility that
future events affecting them may differ markedly from management's current judgments.
The most sensitive accounting estimates affecting the financial statements are
Management's estimate for the allowance for doubtful accounts is based on historical loss
levels, and an analysis of the individual accounts. We evaluated the key factors and
assumptions used to develop the allowance in determining that it is reasonable in relation to
the financial statements taken as a whole.
Management's estimation for the allowance for depreciation is based on the estimated
useful lives of the capital assets. We evaluated the reasonableness of the useful lives as
well as the depreciation methods in determining that it is reasonable in relation to the
financial statements taken as a whole.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly
sensitive because of their significance to financial statement users. The most sensitive
disclosures affecting City of Winter Springs's financial statements relate to revenue recognition
as described in Note 1.
Significant Difficulties Encountered During the Audit
We encountered no significant difficulties in dealing with management relating to the
performance of the audit.
145
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known
and likely misstatements identified during the audit, other than those that we believe are trivial,
and communicate them to the appropriate level of management. Management has corrected all
such misstatements. In addition, none of the misstatements detected as a result of audit
procedures and corrected by management were material, either individually or in the aggregate,
to the financial statements taken as a whole.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management
as a matter, whether or not resolved to our satisfaction, concerning a financial accounting,
reporting, or auditing matter, which could be significant to City of Winter Springs's financial
statements or the auditor's report. No such disagreements arose during the course of the
audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the
attached letter dated March 16, 2015.
Management's Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters. Management informed us that, and to our knowledge, there were no
consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with City of Winter Springs , we generally
discuss a variety of matters, including the application of accounting principles and auditing
standards, operating and regulatory conditions affecting the entity, and operational plans and
strategies that may affect the risks of material misstatement. None of the matters discussed
resulted in a condition to our retention as City of Winter Springs's auditors
This report is intended solely for the use of management, the City Council and the Auditor
General of the State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
Very truly yours,
Orlando, Florida
March 16, 2015
146
MCDIRMIT %f% DAVIS
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH
THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES
The Honorable Mayor and City Commission
City of Winter Springs, Florida
We have examined City of Winter Springs's (the City) compliance with the requirements of Section
218.415, Florida Statutes, during the year ended September 30, 2014. Management is responsible
for the City's compliance with those requirements. Our responsibility is to express an opinion on the
City's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and the standards applicable to attestation
engagements contained in Government Auditing Standards issued by the Comptroller General of
the United States and, accordingly, included examining, on a test basis, evidence about the City's
compliance with those requirements and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the City's compliance with
specified requirements.
In our opinion, City of Winter Springs complied, in all material respects, with the aforementioned
requirements for the year ended September 30, 2014.
Orlando, Florida
March 16, 2015
MCDIRMIT DAVIS & COMPANY, LLC
934 N. MAGNOLIA AVENUE, SUITE 100 ORLANDO, FLORIDA 32803
TELEPHONE: 407 - 843 -5406 FAX 407 - 649 -9339 EMAIL: INFO@MCDIRMITDAVIS.COM
MEMBERS: PRIVATE COMPANIES PRACTICE SECTIONAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC
147
This page intentionally left blank.
G�
Invvrporated
1959
i,�000 wE
E
Incorporated
1959
yc
`6D W E if1J
February 20, 2015
CITY OF WINTER SPRINGS, FLORIDA
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708 -2799
Telephone (407) 327 -1804
AFFIDAVIT OF IMPACT FEE COMPLIANCE
Impact Fees are assessed in accordance with Chapter 9: Land Development, Article VIII Impact Fees, of the
City of Winter Springs Code of Ordinances. Impact fee collections, expenditures and accounting are provided
for in separate accounting funds and comply with Florida Statue 163.31841.
0�
Shawn Boyle
Finance and Administrative Services Director
STATE OF FLORIDA
COUNTY OF SEMINOLE
The fon g instrument was acknowledged before me thisAV
(Notary Seal)
day of �� , 20 E-, by
(Name of Notary Typed, Printed, or Stamped)
Personally Known V OR Produced Identification
,4Y A II
tl� ►" °Br•+ CASEY HOWARD
Is Notary Public - State of Florida
My Comm. Expires Nov 5, 2011
l;�;; �, Camm"sssinn # FF 068515 0 V RV 1W
k..