Audit Report 12.31.1962 CITY OF OKEECHOBEE, FLORIDA
-t AUDIT REPORT
December 31, 1962
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
MCALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
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MOALPIN 8c RIPLEY
ogt
CERTIFIED PUBLIC ACCOUNTANTS
0. !30X 346
IRA M. Mc ALPIN.JR.,�- P. A.
FORT PIERCE,FLORIDA
C. B. RIPLE Y, C.P.A. ("4 90 I) July 24, 1963
Honorable Mayor and City Commissioners
City of Okeechobee
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Okeechobee, Florida
Gentlemen:
We have examined the accounts and records
of the City of Okeechobee, Florida in accordance
with our engagement. We submit herewith our report
of audit as described in the following table of
contents.
Respectfully submitted,
McALPIN & RIPLEY
Ira M. McAlpin, Jr.
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CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
For the Year Ended December 31, 1962
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CONTENTS
Page
Auditor's Opinion 1
Comments on Audit 2
City Government Funds
Combined Balance Sheet 3
General Fund:
Balance Sheet 4
Statement of Surplus 5
Statement of Revenues and Expenditures 6
Statement of Expenditures 7
Debt Service Fund:
Balance Sheet 8
Statement of General City Fixed Properties 9
General Bonded Debt:
Balance Sheet 10
Statement of General City Bonded Debt
and Interest to Maturity 11
Schedule of Insurance 12
Water and Sewer Systems 13
Combined Balance Sheet 14
Combined Statement of Surplus 15
Combined Statement of Application of Revenues 16
Statement of Changes in Reserve Accounts 17
Combined Statement of Operating Revenues
and Expenditures 18
Combined Revenues and Expenditures - Budget
Comparison 19
Statement of Property, Plant and Equipment 20
Schedule of Water and Sewer Revenue Bonds
and Interest to Maturity 21
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Page 1
CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
• For the Year Ended December 31, 1962
AUDITOR'S OPINION
We have examined the various Fund Balance Sheets of the City of
Okeechobee, Florida, as of December 31, 1962, and the various related
Statements of Fund Balances, Surplus and Revenues and Expenditures for
the year then ended. Our examination was made in accordance with general-
ly accepted auditing standards, and accordingly included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the accompanying Fund Balance Sheets and related
Statements of Fund Balances, Surplus and Revenues and Expenditures present
fairly the financial position of the City of Okeechobee, Florida, as of
December 31, 1962, and the results of its operation for the year then ended,
in conformity with generally accepted municipal accounting principles
applied on a basis consistent with that of the preceding year.
f;4,
7)7,11ca,14 - 06
McAlpin & Ripley
Certified Public Accountants
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McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
COMMENTS
r GENERAL GOVERNMENTAL FUNDS
In this report both the general fund and the debt service portions
of taxes receivable are considered as assets of the general fund. As the
taxes are collected the portion for debt service will be transferred to the
debt service fund.
The reserve for losses has been adjusted to provide for the full
amount of all delinquent taxes and street and sewer liens.
We recommend the budget be amended to reflect all utility tax
revenue as revenue of the water and sewer fund as required by the water and
sewer bond indenture dated July 1, 1958. Any monies not needed to meet re-
serve requirements can be transferred at a later date.
Insurance coverage is outlined in a separate schedule. We recommend
that the city' s insurance be reviewed by the City Council, with its insurance
advisers both as to the perils insured against and the amounts of coverage.
At present there is no insurance coverage on the water and sewage plant or its
contents.
We recommend that one employee handle all cash collections in a
separate office and leave all of the bookkeeping to be done in the clerk's
office. This would put the cash responsibility on one specific employee and
would enable this person to make deposits of receipts intact daily. This
would also eliminate much of the traffic in the clerk's office which currently
keeps the office behind in its work.
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CITY OF OKEECHOBEE, FLORIDA j
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COMBINED BALANCE SHEET - CITY GOVERNMENTAL FUNDS
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December 31 , 1962
Debt General General '
ASSETS General Service City Fixed Bonded .
Total Fund Fund Properties Debt
Cash on Hand and on Deposit
Available cash $ 53,534.87 $ 26,500.42 $27,034.45 .
Reserved for special purposes 24 , 720. 7 24,726. 97
With fiscal agents for redemption of interest coupons 12,932.50 12,932.50
Total Cosh on Hand and on Deposit 91 ,194.34 51,227. 39 39,966. 95
1962 taxes receivable 25,904. 11 25,904 . 11
Delinqueht taxes receivable 32,927. 13 32,927. 13
Street and sewer liens receivable 6,85 . .49 6,854.49
Fixed properties 162,972. 34 $162,912. 34
Total Assets 31-',852.41 116,913. 12 39,966 95 162,972.34
Funds to be Provided for Retirement of Debt
General obliation bonds 521 ,300.00
$521 ,300. 00
Interest to maturity 224,159.00 2242159.00
Total Funds to be Provided 745,459.00 745,459.00
TOTAL ASSETS AND FUNDS TO BE PROVIDED ,$1,065,311.41 $116,913 12 $39,966.95 $162,972.34 $745.459.00
LIABILITIES._ RESERVES, SURPLUS AND FUND BALANCES
Liabilities
City bonded debt and interest to maturity $ 745,45 .00 $745,459.00
I!Iterest coupons matured and currently due 12,932. 50 $12,932. 50
Notes payable 1,660.63 $ 1 ,666.63
Accounts payable 5,619. 14 5,619. 14
Payroll taxes payable 1 ,593.63 1,593.63
Total Liabilities 767,270.90 8,879.40 12,932.50 745,459.00
Reserve For Losses and Adjustments
Delinquent taxes 32,927. 13 32,927. 13
Street and sewer liens 62854.49 6,854.49
Total Reserves 39,781.62 39,781.62
Deferred Income - 1962 Overpayment of Cigarette Tax 4,856. 15 4,856 15
Investment In Fixed Properties 162,972.34 $162,972.34
Surplus and Fund Balances 90,430.40 63,395.95 27 ,034.45
TOTAL LIABILITIES, RESERVES, SURPLUS AND FUND BALANCES $1,065,311.41 $116.913. 12 $39,966.95 $162 ,972. 34 X745,459.00
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CITY OF OKEECHOBEE, FLORIDA
* GENERAL FUND
BALANCE SHEET
December 31, 1962
ASSETS
Cash on Hand and In Bank
Petty cash $ 50.00
General bank 26,450.42
Cigarette tax funds 24.726.97
Total Cash on Hand and In Bank 51,227.39
Taxes and Liens Receivable
1962 taxes receivable $25,904.11
Street and sewer liens 6,854.49
Delinquent taxes receivable 32,927.13
Total Taxes and Liens Receivable 65,685.73
TOTAL ASSETS 11.114•21.111
LIABILITIES, RESERVES AND SURPLUS
Liabilities
Notes payable $ 1,666.63
Accounts payable 5,619.14
Payroll taxes payable 1,593.63
Total Liabilities 8,879.40
Reserves For Losses and Adjustments
Street and sewer liens $ 6,854.49
Delinquent taxes receivable 32,927.13
Total Reserves for Losses and Adjustments 39,781.62
Deferred Income - 1962 Overpayment of
Cigarette Tax 4,856.15
Surplus 63,395.95
TOTAL LIABILITIES, RESERVES AND SURPLUS $116_913.12
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CITY OF OKEECHOBEE, FLORIDA
90 GENERAL FUND
STATEMENT OF SURPLUS
For the Year Ended December 31, 1962
1 Surplus, January 1, 1962 $60,834.14
Adjustments
Additions
Collections of delinquent accounts $ 271.20
Collections of street and sewer liens 5063
Total Additions 276.83
Total 61,110.97
�► Deductions
Discounts on prior years taxes 91.73
Provision for losses and adjustments 179.20
Corrections to 1961 tax roll 16.40
Total Deductions 287.33
Total 60,823.64
Transfers to Other Funds
Fixed assets to fixed property funds (10,036.94)
Excess of General Fund Revenue over Expenditures
Revenue 129,101.00
Expenditures 126,528.69
Total 2,572.31
Capital Expenditures Transferred to Fixed
Properties 10,036x94
Surplus, December 31, 1962 $6.,395.9.5
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CITY OF OKEECHOBEE, FLORIDA
ID GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
For the Year Ended December 31, 1962
Actual Budget
Revenues
Tax levy $ 60,031.60 $ 50,000.00
Less cash discounts allowed 1,404.14
Net Tax Levy 58,627.46 50,000.00
Other Revenues
Cigarette tax collections 47,264.69 40,000.00
V Less 1962 overpayment 4,856.15
Net cigarette tax income 42,408.54 40,000.00
Fines and forfeitures 9,118.35 8,000.00
Occupational licenses 6,678.50 5,000.00
Franchise, Florida Power & Light Co. 10,870.66 9,000.00
Interest and advertising 30.63
Telephone commissions 69.20
Rezoning charges 120.00
Interest on cigarette tax
saving accounts 581.16
Dog pound fees 46.50 50.00
Qualifying election fees 450.00 250.00
Miscellaneous 100.00
Total Other Revenues 70,473.54 62,300.00
Total Revenues 129,101.00 112,300.00
Expenditures (Schedule)
General government 20,633.49 16,130.00
City clerk' s office 11,849.44 8,145.00
Parks, streets and sanitary department 29,355.77 31,000.00
Fire department 5,238.71 4,908.00
Police department 28,776.42 24,200.00
Transfers to debt service fund 30,674.86 26,300.00
Contingencies 1,617.00
Total Expenditures 126,528.69 112,300.00
Excess of Revenues Over Expenditures $ „2,572"z1.
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES
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For the Year Ended December 31, 1962
Actual Budget
General Government
Salaries - Mayor, Councilman and Attorney $ 7,680.00 $ 7,680.00
General expenses 2,253.38
Audit 500.00 500.00
Insurance and social security 3,639.73 3,000.00
Maintenance city hall 1,000.52 500.00
Dog pound and vaccination 275.36 200.00
Building permit expense 79.10
City hall repairs 4,688.00 4,000.00
Election expense 267.40 250.00
Advertising 250.00
Total 20.633.49 16,130.00
City Clerk
Salaries 7,420.00 7,420.00
General expense 746.06 600.00
Telephone and telegraph 98.39 125.00
Capital expenditures:
Gas heater for city hall 35.00
Verifax machine 175.00
One-half cost of bookkeeping machine 3.374.99
Total 11,849.44 8,145.00
Parks. Streets and Sanitary Department
Salaries and general expense 19,744.46 24,000.00
Street lighting (including all electricity) 7,261.81 7,000.00
Capital expenditures:
1956 Chevrolet pickup truck 550.00
s Tractor mower 1,799.50
Total 29,355.77 31,000.00
Fire Department
Salaries 4,028.00 3,908.00
Volunteer fire department (monthly contribution) 300.00
General expense 910.71 11000.00
Total 5,238.71 4,908.00
Police Department
Salaries 15,730.00 15,200.00
General expense 8,943.97 9,000.00
Capital expenditures:
Radio units 1,638.00
1962 Chevrolet police car 2,382.60
Water heater for jail 81.85
Total 28,776.42 24,200.00
Transfer to Debt Service Fund
Realty taxes collected 23,524.86 21,300.00
Transfer from cigarette tax fund 2,150.00
Transfer from general fund 5,000.00 5000.00
Total 30.674.86 26,300.00
Contingencies 1,617.00
Total General Fund Expenditures $126.528.69 ,112_300.00
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CITY OF OKEECHOBEE, FLORIDA
4b DEBT SERVICE FUND
BALANCE SHEET
December 31, 1962
ASSETS
Cash in bank $27,034.45
Cash on deposit with fiscal agent for
redemption of interest coupons 12,932.50
TOTAL ASSETS 9.966.95
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LIABILITIES AND FUND BALANCE
Liabilities
Matured interest coupons outstanding $ 2,506.50
Interest currently due 10,426.00
Total Liabilities 12,932.50
Fund Balance
Balance, January 1, 1962 $23,912.39
Additions
Realty taxes collected $23,524.86
Transfer from cigarette tax fund 2,150.00
Transfer from general fund 5,000.00
Error in 1961 interest provision 15.00
Interest on savings accounts 668.42 31,358.28
Total 55,270.67
Deductions
Cost of bonds retired 7,200.00
!r Bond interest 20,982.67
Exchange fees 53.55 28,236.22
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Balance December 31L 1962 27,034.45
TOTAL LIABILITIES AND FUND BALANCE $”.,960,95
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McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
Page 9
CITY OF OKEECHOBEE, FLORIDA
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STATEMENT OF GENERAL CITY FIXED PROPERTIES
Y December 31, 1962
Balance Balance
1-1-62 Additions 12-31-62
Land and Improvements
Parks and sanitary system $ 23,433.00 $ 23,433.00
City streets, roads and culverts 68,900.68 68,900.68
Total 92,333.68 92,333.68
Buildings and Improvements
Band stand 1,046.75 1,046.75
City hall, utility garage 1,104.02 1,104.02
0 City hall, fire station
and jail 25,000.00 25,000.00
.
Total 27,150.77 27,150.77
Furnishings and Equipment
City clerk's office 1,334.88 $ 3,584.99 4,919.87
Parks department 1,332.93 1,332.93
Police department 680.00 81.85 761.85
Mobile radio units 1,388.52 1,638.00 3,026.52
Fire siren 720.83 720.83
Total 5,457.16 5,304.84 10,762.00
Rolling Stock
Fire truck 5,085.00 5,085.00
Police cars 3,553.58 2,382.60 5,936.18
Street and sanitary
department 19,355.21 2,349.50 21,704.71
Total 27,993.79 _ 4,732.10 32,725.89
o Total General City
Fixed Properties 152.935.40 $10,036.94 $162.972.34
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CITY OF OKEECHOBEE, FLORIDA
GENERAL BONDED DEBT
BALANCE SHEET
• December 311 1962
Amount to be Provided in Future Years
Refunding bonds of 1942 $521,300.00
Interest on refunding bonds of 1942 224,159.00
$745.459.00
Total —�,-, ���
Refunding Bonds of 1942
Balance January 1, 1962 $529,300.00
0 Bonds retired in year ended
December 31, 1962 8,000.00
Balance December 31, 1962 $521,300.00
Interest Payable in Future Years
Balance January 1, 1962 246,124.50
Paid in year ended December 31, 1962 $18,496.17
Cancelled on bonds retired 3,469.33 21,965.50
Balance December 31, 1962 224,159.00
Total $745.459.00
Amount Provided at December 31, 1962
In Debt Service Fund $27.034.45
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MCALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL CITY BONDED DEBT
• AND INTEREST TO MATURITY
December 31, 1962
Outstanding
Total Retired or December
Authorized Cancelled 31, 1962
Series A $419,000.00 $ 63,300.00 $355,700.00
Series B 268,000.00 102,400.00 165,600.00
Total 1687.000.00 $ 700.00 $521.300.00
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Total
Requirements Interest Maturities
Bond Maturities and
Interest Requirements
1963 $ 20,852.00 $ 20,852.00
1964 20,852.00 20,852.00
1965 20,852.00 20,852.00
1966 20,852.00 20,852.00
1967 23,458.50 23,458.50
1968 26,065.00 26,065.00
1969 26,065.00 26,065.00
1970 26,065.00 26,065.00
1971 26,065.00 26,065.00
1972 534,332.50 13,032.50 $521,300.00
Total $745,459,00 $,224, 59.00 $521,30.00
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General bonded indebtedness of city consists of refunding
bonds of 1942, dated January 1, 1942 and due January 1, 1972.
Interest is payable semi-annually on the first day of January
and July each year. Interest is 47, per annum to January 1, 1967
and 57, to January 1, 1972. All bonds mature on January 1, 1972
but are callable in advance.
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CITY OF OKEECHOBEE. FLORIDA
GENERAL GOVERNMENTAL FUNDS
SCHEDULE OF INSURANCE
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December 31, 1962
Description Coverage
Fire and extended coverage
City Hall (80% coinsurance clause) $ 20,000
Liability - general except streets, sidewalks,
playgrounds, swimming pools or airports
0 Bodily injury 10/20,000
Property damage NONE
Workmen' s compensation and employer's liability Statutory rates
Public officials bonds
City Clerk 2,000
Others (listed) 000
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Automobile (fleet automatic)
Bodily injury 50/100000
Property damage 5,000
Collision ($50.00 deductible) ACV
Comprehensive physical damage ACV
Accident - all inclusive policy covering the 10,000 Life
Okeechobee Volunteer Fire Company while in 2,500 medical
the performance of their duties - and the 50 weekly indemnity
permanent firemen who are on duty and get
• injured while in the performance of their
duty
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WATER AND SEWER SYSTEMS
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• The 1963 budget for the general fund included $20,000.00 of revenue from
the utility taxes out of a total estimate of $25,000.00. To date all money collect-
ed has gone into the water and sewer fund as required by the Water and Sewer Bond
Indenture. We recommend that all money collected from utility taxes continue to be
turned over to the water and sewer fund. If this money is not needed to fulfill
reserve requirements it can be transferred to the general fund at a later date.
The general fund is not paying the water and sewer fund for services pro-
vided, as required in the water and sewer revenue bond indenture. The required
cash reserve for bond retirement and the depreciation fund have been provided in
excess of minimum requirements, although the sinking fund payments are not being
made monthly as required.
• The following comparisons show growth in the system:
12-31-59 12-31-60 12-31-61 12-31-62
Water meters in operation 740 767 906 966
Water meters cut off - not in
operation 43 51 56 75
Water meters non-operative (billed at
a
minimum) 42 45 17 27
Total water meters 8o 2Z2 12A1
Unmetered water consumers not determined ].Q0 66
Sewer connections ?28 240 2
There is no insurance coverage of any type on the water and sewer plant
or their contents. This should be reviewed closely by the council and their in-
surance advisers to determine actual needs and the insurance be purchased immediately.
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MCALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
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WATER AND SEWER SYSTEMS
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COMBINED BALANCE SHEET
December 31, 1962
ASSETS LIABILITIES, RESERVES AND SURPLUS
Property, Plant and Equipment Long-Term Debt
Water system $413,754.25 Water and sewer revenue bonds $350,000.00
Sewerage system 346,629. 62 Less current maturity 4,000.00 $346,000.00
Machinery and equipment 21,382.03
Office equipment 4,370.38 Liabilities Payable Out of Special Funds
Total Property, Plant and Equipment 786,136.28 Interest currently payable 7.760.00
Special Funds Other Liabilities
Revenue bond sinking funds: Consumer deposits 10,565.00
Cash in bank $33,619.75
Cash in First Federal Savings & Current Liabilities
Loan Assn. of Okeechobee 7,860.00 $41,479. 75 Current maturity of long-term debt 4,000.00
Depreciation fund: Accounts payable 6,003.24
Cash in First Federal Savings & Payroll taxes payable 1,173.98
Loan Assn. of Okeechobee 22,398.41 Total Current Liabilities 11,177.22
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Repair fund:
Cash in First Federal Savings & Reserves
Loan Assn. of Okeechobee 10,035.40 For retirement of revenue bonds and interest 33,719. 75
Equipment fund: For depreciation of property, plant and equipment 22,398.41
Cash in First Federal Savings & For repair 10,035.40
Loan Assn. of Okeechobee 1,003.54 For equipment 1,003. 54
Total Special Funds 74,917.10 Total Reserves 67,157. 10
Current Assets Surplus
Cash in bank: Invested in property, plant and equipment 436,136.28
Operating and maintenance fund 7,323.05 Operating surplus 11,019.23
Revenue fund 11,798.84 Total Surplus 447,155. 51
Cash on hand 150.00
Accounts receivable - consumers 3,619.42
Less reserve for doubtful accounts (1,077. 75)
Accounts receivable - consumers unbilled 6,947.89 9,489.56
Total Current Assets 28,761.45
TOTAL ASSETS $889,814.83 TOTAL LIABILITIES, RESERVES AND SURPLUS $889.814.83
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF SURPLUS
For the Year Ended December 31. 1962
Property,
Operating Plant and
Total Funds Equipment
Water and Sewer Combined Surplus
January 1, 1962 $4271408.17 $22,268.40 $405,139.77
Additions
Net revenues 57,867.34 57,867.34
,e Net revenues invested in property,
plant and equipment (30,996.51) 30,996.51
Total Additions 57,867.34 26,870.83 30,996.51
-.
Surplus before Transfers 485,275.51 49,139.23 436,136.28
Transfers to other funds:
Water and sewer revenue bond
principal and interest sinking
fund 15,520.00 15,520.00
Reserve funds 22,600.00 22,600.00
Total Transfers 38,120.00 38,120.00
Water and Sewer Combined Surplus
December 31, 1962 $447,155.. . $11„019,23 5436.136.28
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF APPLICATION OF REVENUES
For the Year Ended December 31, 1962
Revenues
Water sales to consumers $ 66,110.40
Utility tax 24,145.29
Sewer tax 17,051.23
Connection charges 3,705.00
Service charges 78.00
Miscellaneous income 308. 77
Total to be Accounted For $1l1.398.69
Applied To
• Operating expense $ 53,531.35
Property, plant and equipment 30,996.51
Transfer to revenue bond sinking fund 15,520.00
Transfer to reserves in excess of requirements 22,600.00
Increase in consumer accounts receivable (net)
Balance December 31, 1962 $ 9,489.56
Balance January 1, 1962 8,972.26 517.30
Increase in consumer deposits
Balance December 31, 1962 10,565.00
Balance January 1, 1962 9,266.00 (1,299.00)
Increase in current liabilities recorded (2,019.28)
Increase in available cash funds
Revenue fund
Okeechobee County Bank ($14,898.87)
Cash on hand 50.00 (14,848.87)
Operating and maintenance fund
Okeechobee County Bank 6,400 68 (8,448.19)
Total Accounted For $111.398.69
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
For the Year Ended December 31, 1962
Retirement Repair Equipment
of Revenue Depreciation Fund Fund
Total Certificates Reserve Reserve Reserve
Reserve Balance, January 1, 1962 $42,580.00 $201880.00 $21,700.00 $ -0- $ -0-
Additions
Ak Reserve requirements transferred from water and
sewer revenue fund:
For interest 15,520.00 15,520.00
Excess over reserve requirements 22,600.00 11,811.06 10,035.40 753.54
Interest on investments 1,977. 10 1,028.69 698.41 250.00
Total Additions 40,097.10 28,359. 75 698.41 10,035.40 1,003.54
Deductions
Interest payment - July 1, 1962 7,760.00 7,760.00
Interest payment - January 1, 1963 7,760.00 7,760.00
Total Deductions 15,520.00 15L520.00
Reserve Balance, December 31, 1962 $67,157. 10 $33,719. 75 $22.398.4,. $10.035.40 $1,003.54
Composition of Reserve Funds
Cash in bank $ 7,860.00 $ 7,860.00 $ -0- $ -0- $ -0-
Savings accounts - First Federal Savings & Loan Association
of Okeechobee 67,057. 10 33,619. 75 22,398.41 10,035.40 1,003. 54
Total 74,917. 10 41,479. 75 22,398.41 10,035.40 1,003. 54
Less interest payment due January 1, 1963 7,760.00 7,760.00
Reserve Balances, December 31, 1962 X67,157. 10 $33,719.75 $22,398.41 $10,035.40 $1.003.54
Analysis of Indenture Requirements
Required balances at December 31, 1962 $45,780.89 $31,840.00 $13,940.89 $ -0- $ -0-
Excess provisions 21,376.21 1,879. 75 8,457.52 10,035.40 1,003.54
Total Reserve Funds $67,157.10 $33,719.75 $22.398.41 $10,035.40 $1,003.54
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* THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
!j
McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
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•
Page 18
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF OPERATING REVENUES AND EXPENDITURES
For the Year Ended December 31, 1962
Capitalized
as New Net
Total Construction Operational
' Revenues
Water revenues $ 66,110.40 $ 66,110.40
Sewer revenues 17,051.23 17,051.23
Utility taxes 24,145.29 24,145.29
Tappage fees 3,705.00 3,705.00
Miscellaneous 386.77 386.77
Total Revenues 111,398.69 111,398.69
Expenditures
Water superintendent salary 5,100.00 5,100.00
Water superintendent assistant
salary 3,782.75 3,782.75
Weekly salaries 19,542.51 $ 4,258.30 15,284.21
Bookkeeper salary 2,860.00 2,860.00
Chemicals 6,521.35 6,521.35
Electricity 6,423.01 6,423.01
Meter repairs 504.50 504.50
Truck expense 2,165.47 325.09 1,840.38
Water, pipe, fittings and
supplies 9,539.43 7,631.54 1,907.89
Interest on water revenue
certificates 15,520.00 15,520.00
Tools and supplies 2,481.52 328.84 2,152.68
Office supplies 723.47 723.47
•
• Water tank servicing agreement 600.00 600.00
Social security 962.20 962.20
Insurance 750.32 750.32
Freight 471.57 471.57
Repairs 1,055.09 1,055.09
Travel 139.71 139.71
Audit fee 500.00 500.00
Contribution to swimming pool 1,952.22 1,952.22
New property, plant and
equipment 18,452.74 18,452.74 -0-
Total Expenditures 100,047.86 $306996651 69,051.35
Excess of Revenues Over Expenditures $5,116350.83 $ 42.347.34
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
•
Page 19
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED REVENUES AND EXPENDITURES - BUDGET COMPARISON
For the Year Ended December 31, 1962
Actual
Actual Budget Over (Under)
Revenues
Water revenues $ 66,110.40 $55,000.00 $ 11,110.40
Sewer revenues 17,051.23 15,000 00 2,051.23
Utility taxes 24,145.29 22,000.00 2,145.29
Tappage fees 3,705.00 2,000.00 1,705.00
Miscellaneous 386.77 -0- 386.77
-Y Total Revenues 111,398.69 94,000.00 17,398 69
Expenditures
A Water superintendent salary 5,100.00 5,100 00 -0-
Water superintendent assistant salary 3,782.75 3,640.00 142. 75
Weekly salaries 19,542 51 16,500.00 3,042.51
Bookkeeper salary 2,860.00 2,860.00 -0-
Chemicals 6,521.35 6,200.00 321.35
Electricity 6,423.01 7,000.00 (576.99)
Meter repairs 504.50 500.00 4.50
Truck expense 2,165.47 1,500.00 665.47
Water pipe, fittings and supplies 9,539.43 15,000.00 (5,460.57)
Interest on revenue certificates 15,520.00 15,520.00 -0-
Transfer to reserve funds 10,788.94 1,000.00 9,788.94
Office supplies 723.47 1,000.00 (276.53)
Water tank servicing agreement 600.00 600.00 -0-
Social security and insurance 1,712.52 1,600.00 112.52
Equipment 5,875.85 3,500.00 2,375.85
Contingencies 6,100.11 4,980.00 1,120.11
Water and revenue bond sinking fund 11,811.06 2,000.00 9,811.06
Audit 500.00 500.00 -0-
New meter and meter boxes 6,920.37 3,000.00 3,920.37
• New extensions 5,656.52 2,000.00 3.656.52
Total Expenditures 122,647.86 94,000.00 28,647.86
Net (Decrease) In Operating Surplus $(11.249.17) $ -0- $(11.249.17)
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
MCALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
Page 20
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF PROPERTY. PLANT AND EQUIPMENT
December 311 1962
Balance Balance
January December
1, 1962 Additions 31, 1962
Property. Plant and Equipment
Water plant $253,031.02 $ -0- $253,031.02
Water tanks 29,340.27 -0- 29,340.27
Water department trucks 2,123.00 2,102.90 4,225.90
Water meters 10,576.40 6,920.37 17,496.77
New water mains 100,573.33 12,543.77 113,117.10
Machinery and equipment 16,758.18 397.95 17,156. 13
Sewerage plant land 2,290.00 -0- 2,290.00
!:: Sewerage treatment plant 215,924.52 -0- 215,924.52
New sewers and manholes 104,765.39 4,887.43 109,652.82
Sewer lift stations 18,762.28 -0- 18,762.28
Office equipment 995.38 3,375.00 4,370.38
Fire hydrants -0- 769.09 769.09
Total $j 55.139.77 130.996.51 ,$786.136.28
II
THE ABOVE 13 SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
— -- - —__ _ Page 21
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
December 31, 1962
I
ll
i Water and Sewer Revenue Bonds
Bonds for the construction of a sewerage collection system and disposal
plant and water and sewer expansion program are dated July 1, 1958. They bear
interest at the rate of 47. on those maturing through 1969, 4 1/2% on those ma-
turing after 1964 through 1988. The bonds and interest are secured by the gross
revenues from the water and sewer departments less reasonable current expenses of
operation and maintenance. All or a sufficient amount of the proceeds of the
utility service tax as may be needed to provide adequate reserves are pledged also
for this purpose. The original issue was $350,000.00. The bonds and interest are
payable through the water and sewer revenue bond sinking fund.
A Bond Total
Maturities Interest Requirements
Year Ending December 31,
1963 $ 4,000.00 $ 15,520.00 $ 19,520.00
1964 6,000.00 15,360.00 21,360.00
1965 6,000.00 15,120.00 21,120.00
1966 6,000.00 14,880.00 20,880.00
1967 7,000.00 14,640.00 21,640.00
1968 7,000.00 14,360.00 21,360.00
1969 10,000.00 14,080.00 24,080.00
1970 11,000.00 13,680.00 24,680.00
1971 11,000.00 13,185.00 24,185.00
1972 12,000.00 12,690.00 24,690.00
1973 12,000.00 12,150.00 24,150.00
1974 13,000.00 11,610.00 24,610.00
1975 13,000.00 11,025.00 24,025.00
1976 14,000.00 10,440.00 24,440.00
1977 15,000.00 9,810.00 24,310A0
1978 15,000.00 9,135.00 24,135.00
1979 16,000.00 8,460.00 24,460.00
1980 17,000.00 7,740.00 24,740.00
1981 18,000.00 6,975.00 24,975.00
1982 18,000.00 6,165.00 24,165.00
1983 19,000.00 5,355.00 24,355.00
1984 20,000.00 4,500.00 24,500.00
1985 21,000.00 3,600.00 24,600.00
1986 22,00M0 2,655.00 24,655A0
1987 23,000.00 1,665.00 24,665.00
1988 14000.00 630.00 14,630.00
Total $350.000. $255,430.Q0 $605.430.00
•
,
' - THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS