Audit Report 12.31.1963 A •m!
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
December 31, 1963
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THE ABOVE IS SUBJECT TO THE ACCOMPANYINS LETTER OF TRANSMITTAL
McALPIN a RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
MGALPIN 8C RIPLEY
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 346
FORT PIERCE,FLORIDA
IRA M. MCALPIN,JR.,C.P. A.
• C. B. RIPLEY, C.P.A. (1922-196) July 31, 1964
I Honorable Mayor and City Commissioners
City of Okeechobee
Okeechobee, Florida
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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,
i McALPIN & HEARN
James A. Hearn
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• CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
For The Year Ended December 31, 1963
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C O N T E N T S
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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
4 and Interest to Maturity 21
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CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
For The Year Ended December 31 , 1963
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AUDITOR'S OPINION
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We have examined the various Fund Balance Sheets of the City of
Okeechobee, Florida, as of December 31, 1963, 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.
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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 , 1963, 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.
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McAlpin & Hearn
Certified Public Accountants
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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• CITY OF OKEECHQBEE FLORIDA
COMMENTS
GENERAL GOVERNMENTAL FUNDS
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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.
The details of insurance coverage are reported in a separate schedule
on page 12. We recommend that the present coverage be reviewed to determine if
the perils insured against and the amounts of coverage are adequate. The 80%
coinsurance clause in the policy on the City Hall assesses substantial penalties
if the amount of coverage is less than 80% of the current insurable value in the
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event partial loss is suffered.
The list of property owners on the tax roll should be completed and
brought up to date. Taxes are not being collected on parcels of land whose
ownership is unknown.
A complete list of the individuals and organizations who hold out-
- standing deposits to secure water and sewer services should be prepared and
maintained. The preparation of this list together with the completion of the
list of property owners will require additional help.
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The utilities tax budgeted in the General Fund was collected and
deposited in the Water and Sewer Systems account in compliance with the bond
indenture. This source of revenue should be included in the Water and Sewer
Systems budget.
The docket book requires more careful attention to detail and more
supervision. Important details have been omitted during the year under audit.
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CITY OF OKEECHOBEE, FLORIDA
II COMBINED BALANCE SHEET - CITY GOVERNMENTAL FUNDS
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December 31 , 1963
Debt General General
* j ASSETS General Service City Fixed Bonded
Total Fund Fund Properties Debt _
,I Cash on Hand and on Deposit
Available cash $ 66, 727. 79 $ 37,062.00 $29,665. 79
Reserved for special purposes 30,564. 57 30,564. 57
I With fiscal agents for redemption of interest coupons 13,115.00 13,115.00
Total Cash on Hand and on Deposit 110,407. 36 67,626. 57 42,780. 79
1963 taxes receivable 28,886. 14 28,886. 14 I
Interest receivable on savings certificates 890.40 507. 36 383.04
4 1 Delinquent taxes receivable 33, 317. 13 33,317. 13
Street and sewer liens receivable 6,785. 79 6,785. 79
Fixed properties 173,548.94 $173,548.94
Total Assets 353,835. 76 137,122.99 43,163.83 173,548. 94
Funds to be Provided for Retirement of Debt
I General obligation bonds 514,400.00
$514,400.00 I
Interest to maturity 200,616.U0 200,616.00
i Total Funds to be Provided 715,016.00 715,016._00
' TOTAL ASSETS AND FUNDS TO BE PROVIDED $1,068,851. 76 $137,122.99 $43,163,83 $173,548.94 $715,016.00 I'
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4 1 LIABILITIES, RESERVES, SURPLUS AND FUND BALANCES
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, Liabilities
City bonded debt and interest to maturity $ 715,016.00 $715,016.00
Interest coupons matured and currently due 13,115.00 $13,115.00
Notes payable 773.50 $ 773.50 I�
Accounts payable 3,091.93 3,091 .93
Payroll taxes payable 1,971.47 1,971.47 I
Total Liabilities 733,967.90 5,836.90 13,115.00 715,016.00
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Reserve For Losses and Adjustments ;
* Delinquent taxes 33,317. 13 33,317. 13
! Street and sewer liens 6,785. 79 6,785. 79
Total Reserves 40,102.92 4U 102.92
Investment In Fixed Properties 173,548. 94 $173,548.94
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Surplus and Fund Balances 121,232. 00 91,183. 17 30,048.83 I
TOTAL LIABILITIES. RESERVES, SURPLUS AND FUND BALANCES $1,068,8>1 . 76 $137 2.
.1299 $43,1§3. 3 $173.548.94 $715,016.Q0 '
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CITY OF OKEECHOBEE, FLORIDA
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GENERAL FUND
BALANCE SHEET
December 31 , 1963
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ASSETS
Cash on Hand and in Bank
Petty cash $ 50.00
General bank account 37,012.00
Cigarette tax funds 30,564.57
Total Cash on Hand and in Bank 67,626.57
Taxes and Other Receivables
1963 taxes receivable
$ 28,886. 14
Interest receivable on savings certificate 507. 36
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Street and sewer liens 6,78579
Delinquent taxes receivable 33,317. 13
Total Taxes and Other Receivables 69,496.42
TOTAL ASSETS $137.122.99
LIABILITIES, RESERVES AND SURPLUS
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1 Liabilities
Note payable $ 773.50
~ Accounts payable 3 091.93
Payroll taxes payable 1 ,971.47
Total Liabilities 5,836.90
Reserves For Losses and Adjustments
Street and sewer liens $ 6,785. 79
Delinquent taxes receivable 33,317. 13
Total Reserves For Losses and Adjustments 40,102.92
Surplus 91,183.17
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TOTAL LIABILITIES, RESERVES AND SURPLUS liaL&LiaaZ
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CITY OF OKEECHOBEE, FLORIDA
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GENERAL FUND
STATEMENT OF SURPLUS
• For The Year Ended December 31, 1963
• Surplus, January 1, 1963 $63,395.95
Excess of General Fund Revenues Over Expenditures
Revenue $163,595.20
Expenditures 135,807.98
Net 27.787. 22
Surplus, December 31, 1963 59)..,184.17
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CITY OF OKEECHOBEE. FLORIDA
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GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
• For The Year Ended December 31. 1963
• Revenues Actual Budget
Tax levy $ 66,159.40 $ 58,000.00
Less cash discounts allowed 1.595. 71
Net Tax Levy 64,563.69 58,000.00
Cigarette tax collections 59,906.57 41,000.00
Fines and forfeitures 15,715.00 8,000.00
Building permits 1,172.95
Occupational licenses 6,962.30 6,500.00
Franchise-Florida Power & Light Co. 13,660.98 10,000.00
• Utilities tax 20,000.00
Interest and advertising 63.56
Telephone commissions 90. 32
• Rezoning charges 200.00
Interest on cigarette tax saving accounts 1,067. 33
Dog pound fees 82.50 50.00
Miscellaneous 110.00
Total Revenues 163.595. 20 143.550.00
Expenditures
It General government 25,992.33 17,310.00
City clerk's office 10,987.46 9,715.00
Parks, streets and sanitary department 33,916.01 32,000.00
✓ Fire department 5,919. 76 5,426.00
Police department 29,914. 77 28,400.00
Transfer to debt service fund 29,077.65 35,852.00
Contingencies 14.847.00
Total Expenditures 135.807.98 143,550.00
Excess of Revenues Over Expenditures $ VD-747k) $ -0-
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CITY OF OKEECHOBEE, FLORIDA Page 7
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GENERAL FUND
STATEMENT OF EXPENDITURES
• For The Year Ended December 31, 1963
Actual Budget
• General Government
Salaries - Mayor, Councilman and Attorney $ 8,400.00 $ 8,400.00
General expenses 130. 30
Garbage disposal employee 965.00 1,560.00
Audit 500.00 500.00
Insurance and social security 4,502.42 3,500.00
Maintenance - City Hall 891. 14 600.00
Dog pound 380.45 250.00
Building inspector - salary and expense 3,432. 20
City Hall repairs 6,356.82 2,500.00
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Advertising - memberships to Chamber of Commerce 250.00
Capital expenditures - table for council 184.00
0 Total 25,992. 33 17,310.00
City Clerk's Office
Salaries 8,990.00 8,990.00
General expense 1,242. 15 600.00
Telephone and telegraph 225.81 125. 00
li Capital expenditures
( Air conditioner 235.00
• 1 Adding machine 294. 50
j Total 10,987.46 9,715.00
% i Parks, Streets and Sanitary Department
Salaries and general expense 24,323.84 24,000.00
Street lighting (including all electricity) 8,195.89 8,000.00
Capital expenditures
Pump and well at park 342. 83
Additional sidewalks 1,053.45
Total 33,916. 01 32,000.00
Fire Department
Salaries 4,226.00 4,226.00
Volunteer fire department expense 300.00
0 General expense 1,393. 76 1,200.00
Total 5,919. 76 5,426.00
it Police Department Expense
Salaries 19,189.82 18,400.00
General expense 8,614.95 10,000.00
I Capital expenditures - police car 2,110.00
Total 29 ,914. 77 28,400.00
Transfer to Debt Service Fund
Realty taxes collected 24,939. 50
Transfers from general fund (net) 4,138. 15 35,852.00
4 Total 29,077.65 35,852.00
Contingencies 14,847.00
Total General Fund Expenditures S135.807.98 $143.550 00
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CITY OF OKEECHOBEE, FLORIDA
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DEBT SERVICE FUND
BALANCE SHEET
• December 31, 1963
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ASSETS
Cash in bank $29,665. 79
Cash on deposit with fiscal agent for
redemption of interest coupons 13,115.00
Interest receivable on savings certificate 383.04
TOTAL ASSETS $43.163.83
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LIABILITIES AND FUND BALANCE
V Liabilities
Matured interest coupons outstanding $ 2,827.00
Interest currently due 10,288.00
Total Liabilities 13,115.00
Fund Balance
Balance, January 1 , 1963 $27,034.45
Additions
Realty taxes collected $24,939. 50
Transfers from general fund (net) 4,138. 15
iiInterest on savings accounts 925.47 30,003. 12
Total 57,037. 57
Deductions
Cost of bonds retired 6,26000
Bond interest 20,674.54
Exchange fees 54. 20 26,988. 74
Fund Balance December 31 , 1963 30,048.83
TOTAL LIABILITIES AND FUND BALANCE $43,163.83
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CITY OF OKEECHOBEE. FLORIDA
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STATEMENT OF GENERAL CITY FIXED PROPERTIES
December 31, 1963
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Balance Balance
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1-1-63 Additions 12-31-63
Land and Improvements
Parks and sanitary system $ 23,433.00 $ 342.83 $ 23,775.83
City streets, sidewalks, roads
and culverts 68,900.68 1,053.45 69,954.13
Total 92,333.68 1 ,396. 28 93,729.96
Buildings and Improvements
Band stand 1,046. 75 1 ,046. 75
City Hall - utility garage 1,104.02 1 ,104.02
~ City Hall, fire station and jail 25,000.00 6,356. 82 31,356.82
Total 27,150. 77 6,356.82 33,507.59
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Furnishings and Equipment
City clerk's office 4,919. 87 713. 50 5,633. 37
Parks department 1,332.93 1 ,332.93
Police department 761.85 761.85
Mobile radio units 3,026.52 3,026. 52
Fire siren 720.83 720.83
Total 10,762.00 713.50 11,475. 50
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i Rolling Stock
lI Fire truck 5,085.00 5,085.00
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Police cars 5,936. 18 2,110.00 8,046. 18
Street and sanitary department 21,704. 71 21,704. 71
Total 32,725.89 2,110.00 34,835.89
Total General City Fixed Properties $162.972.34 $),9, 76.60 $173,5k8.Q4
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CITY OF OKEECHOBEE, FLORIDA
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GENERAL BONDED DEBT
BALANCE SHEET
• December 31 , 1963
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Amount to be Provided in Future Years
Refunding bonds of 1942 $514,400.00
Interest on refunding bonds of 1942 200,616.00
Total $715.016.00
Refunding Bonds of 1942
Balance January 1, 1963 $521,300.00
Bonds retired in year ended
• December 31 , 1963 6,900.00
Balance December 31, 1963 $514,400.00
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Interest Payable in Future Years
Balance January 1, 1963 224,159,00
Paid in year ended December 31, 1963 $20,674.54
Cancelled on bonds retired 2,868.46 23,543.00
Balance December 31, 1963 200,616.00
Total $715,016,00
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Amount Provided at December 31, 1963
In Debt Service Fund $ 30.04883
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CITY OF OKEECHOBEE, FLORIDA
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STATEMENT OF GENERAL CITY BONDED DEBT
AND INTEREST TO MATURITY
• December 31, 1963
Outstanding
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Total Retired or December
Authorized Cancelled 31, 1963
Series A $419,000.00 $ 63,300.00 $355, 700.00
Series B 268,000.00 109,300.00 158,700,00
Total 687.000.00 .77k6O0.00 $514.400.00
Total
Requirements Interest Maturities
Bond Maturities and
• Interest Requirements
1964 $ 20,576.00 $ 20,576.00
1965 20,576.00 20,576.00
1966 20,576.00 20,576.00
1967 23,148.00 23,148.00
1968 25,720.00 25,720.00
1969 25, 720.00 25,720.00
1970 25,720.00 25,720.00
• 1971 25,720.00 25,720.00
1972 527,260.00 12,860.00 $514,400.00
"' Total $715.016.00 $290,611,6,00 $s14.400.QO
General bonded indebtedness of city consists of refunding
bonds of 1942, dated January 1, 1942 and due January 1, 1972. Inter—
est is payable semi-annually on the first day of January and July
each year. Interest is 4% per annum to July 1, 1967 at which time
the rate increases to 5% per annum to maturity. All bonds mature
January 1, 1972 but are callable in advance.
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CITY OF OKEECHOBEE. FLORIDA
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GENERAL GOVERNMENTAL FUNDS
SCHEDULE OF INSURANCE
• December 31. 1963
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Description Coverage
Fire and extended coverage
City Hall (80% coinsurance clause) $ 20,000
Liability - general except streets, sidewalks,
playgrounds, swimming pools or airports
Bodily injury 10/20,000
Property damage None
Workmen's compensation and employer's liability Statutory Rates
' Public officials bonds
City Clerk 10,000
Others 2,500
Automobile (fleet automatic)
Bodily injury 50/100,000
• � Property damage 5,000
Collision ($50.00 deductible) ACV
Comprehensive physical damage ACV
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, Accident - all inclusive policy covering the Life 10,000
Okeechobee Volunteer Fire Company while in Medical 2,500
the performance of their duties. It also Weekly indemnity 50
insures the permanent firemen who are on
duty and get injured while in the perfor-
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WATER AND SEWER SYSTEMS
The general fund is not paying the water and sewer fund for services pro-
• vided, as required in the water and sewer revenue bond indentures. 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 12-31-63
Water meters in operation 740 767 906 966 1079
Water meters off - not in
operation 43 51 56 75 77
Water meters non-operative
(billed at minimum) 42 45 17 27 48
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Total Water Meters §1A.
279 l0 8 1204
Unmetered water consumers not determined ,.( Q 66 40
Sewer connections 195, 228 240 257 276
• There is no insurance coverage of any type on the water and sewer plants
(1 or their contents. This should be reviewed closely by the council and their in-
1 surance advisers to determine actual needs and the insurance be purchased immediately.
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7 CITY OF OKEECHOBEE , FLORIDA
WATER AND SEWER SYSTEMS
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COMBINED BALANCE SHEET
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December 31, 1963
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ASSETS LIABILITIES, RESERVES AND SURPLUS
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Property, Plant and Equipment Long-Term Debt
Water system $426,959.87 Water and sewer revenue bonds $346,000.00 I
Sewerage system 349,018.08 Less current maturity 6,000.00
Machinery and equipment 24,695.00 Total Long-Term Debt $340,000.00 it
Office equipment 4,370. 38
Total Property, Plant and Equipment 805,043. 33 Liabilities Payable Out of Special Funds
Interest currently payable 7,680.00
• Special Funds
1' Revenue bond sinking funds : Other Liabilities
Cash in bank $ 7,960.00 Consumer deposits 11,607.00
Cash in First Federal Savings
& Loan Assn. of Okeechobee 34,191.45 $42,151.45 Current Liabilities
Depreciation fund: Current maturity of long-term debt 6,000.00
Cash in First Federal Savings Accounts payable ;x3,545.81 1
& Loan Assn. of Okeechobee 22,773.87 Payroll taxes payable 1,500.63
I Repair fund: Total Current Liabilities 11 ,046.44
Cash in First Federal Savings
4. & Loan Assn. of Okeechobee 10,212. 50 Reserves
I Equipment fund : For retirement of revenue bonds and interest 34,471.45
Cash in First Federal Savings For depreciation of property, plant and equipment 22,773.87
a & Loan Assn. of Okeechobee 1,021.25 For repair 10,212.50
Total Special Funds 76,159.07 For equipment 1 ,021.25
Total Reserves 68,479.07
Current Assets
Cash in bank Surplus
Operating and maintenance fund 2,274. 37 Invested in property, plant and equipment 455,043. 33
Revenue fund 33,183.61 Operating surplus 34,906. 30
Cash on hand 150.00 Total Surplus 489,949.63
Accounts receivable - consumers 5,337.62
Less - reserve for doubtful accounts (1,114.40)
Accounts receivable - consumers unbilled 7,728.54 11 ,951. 76
Total Current Assets 47,559.74
4 TOTAL ASSETS $928,762. k4 TOTAL LIABILITIES, RESERVES AND SURPLUS $9g,S,762. 14
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CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF SURPLUS
0 For The Year Ended December 31, 1963
Property,
Operating Plant and
Total Funds Equipment
Water and Sewer Combined Surplus
January 1, 1963 $447,155.51 $11 ,019. 23 $436,136. 28
Additions
Net revenues 58,414. 12 58,414. 12
Net revenues invested in property,
• plant and equipment (18,907.05) 18,907.05
Total Additions 58.414. 12 39,507.07 18,907.05
II Surplus Before Transfers 505,569.63 50,526. 30 455,043.33
Transfers to other funds
li Water and sewer revenue bond
principal and interest sinking fund 15,440.00 15,440.00
Reserve funds 180.00 180.00
Total Transfers 15,620.00 15,62u.00 -0-
! Water and Sewer Combined Surplus
• December 31, 1963 $489049,6. $34.906.30 $45,043.,33
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CITY OF OKEECHOBEE, FLORIDA
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WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF APPLICATION OF REVENUE
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For The Year Ended December 31, 1963
Revenue
Water sales to customers $ 71,483.25
Utility tax 27 258. 12
Sewer tax 18,411. 79
Connection charges 4,620.00
Miscellaneous 101.90
Interest on savings funds 1,701.94
Total to be Accounted For $123.577.00
Applied To
Operating expenses $ 65,162. 88
Property, plant and equipment 18,907.05
Transfer to revenue bond sinking fund 19,620.00
! Increase in consumer accounts receivable (net)
Balance December 31, 1963 $11,951. 76
Balance January 1, 1963 9,489.56 2,462. 20
Increase in consumer deposits
I Balance December 31 , 1963 11,607.00
Balance January 1, 1963 10,565.00 (1,042.00)
Decrease in current liabilities recorded 2,130. 78
ql Increase in available cash funds
Revenue Fund
Okeechobee County Bank $21,384. 77
Cash on hand -0- 21,384. 77
Decrease operating and maintenance fund
Okeechobee County Bank (5,048.68) 16.336,09
Total Accounted For $123.577.00
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• CITY OF OKEECHOBEE, FLORIDA
II WATER AND SEWER SYSTEMS
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STATEMENT OF CHANGES IN RESERVE ACCOUNTS j
For The Year Ended December 31, 1963
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Retirement Repair Equipment I
of Revenue Depreciation Fund Fund
I Total Certificates Reserve Reserve Reserve
75 719
10 $33
157
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Balance alance anuary 1 , 1963 $67, . , . 1
II Reserve $22,398.41 $10,035.40 $1,003.54
Additions II
Reserve requirements transferred from water
and sewer revenue fund: II
i For interest 15,440.00 15,440.00
Excess over requirements 180.00 180.00 j
ii Interest on investments 2,843.91 1 ,425.80 949.81 425. 74 42.56 II
For principal payment on certificates due 4,000.00 4,000.00 11
Total Additions 22,463.91 21 ,045. 80 949.81 425. 74 42. 56 ri
Deductions
Interest payment - July 1, 1963 7,760.00 7,760.00
Interest payment - January 1, 1964 7,680.00 7,680.00 ij
11 Interest on investments transferred to revenue fund 1, 701.94 854. 10 574. 35 248.64 24.85 I
Principal payment July 1, 1963 4,000.00 4,000.00
IH Total Deductions 21,141.94 20,294. 10 574.35 248.64 24.85 ,
I Reserve Balance, December 31, 1963 $68,479.07 p4,47,1,45 Il&&LLUL $10,212.50 $1.021.25
Composition of Reserve Funds II
I Cash in bank $ 7,960.00 $ 7,960.00
Savings accounts - First Federal Savings & Loan I1
Association of Okeechobee 68,199.07 34,191 .45 $22,773.87 $10,212.50 $1,021. 25
1 Total 76,159.07 42,151.45 22,773.87 10,212. 50 1,021. 25
1 Less interest payment due January 1, 1964 7,680.00 7,680.00 it
II II
Reserve Balances, December 31, 1963 $68+419.07 $34,471,45 2 77� 3.87 $10.42.50 1124.1. ,i
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Analysis of Indenture Requirements 1
Required balance at December 31, 1963 $40,834. 22 $21,360.00 $19,474. 22 II
O Excess provisions 27,644. 85 13,111.45 3,299.65 $10,212.50 $1,021. 25 �� 1
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II
Total Reserve Funds, December 31, 1963 $68,479.07 $34,471,45 $22,773.87 $10,212.50 $1,021. 25 I1
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McALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
Page 18
CITY OF OKEECHOBEE, FLORIDA
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WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF OPERATING REVENUES AND EXPENDITURES
• For The Year Ended December 31, 1963
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Capitalized
as New Net
Total Construction Operational
Revenues
Water revenues $ 71,483. 25 $ 71,483. 25
Sewer revenues 18,411. 79 18,411. 79
Utility taxes 27,258. 12 27,258. 12
Tappage fees 4,620.00 4,620.00
Interest on savings funds 1 ,701.94 1, 701.94
Miscellaneous 101.90 101.90
Total Revenues 123,577.00 123,577.00
I Expenditures
i Water superintendent salary 5,610.00 5,610.00
iI Water superintendent assistant salary 4,308.00 4,308.00
) Weekly salaries 22,070.92 $ 2,829.85 19,241.07
Bookkeeper salary 3,380.00 3,380.00
( Chemicals 6,955. 71 6,955. 71
• , Electricity 7,023. 21 7,023. 21
' Meter repairs 1,409.67 1,409.67
Truck expense 2,328.46 346.48 1,981.98
• i. Water pipe, fittings and supplies 9,846.42 4,467. 17 5,379. 25
Interest on water revenue certificates 15,440.00 15,440.00
Tools and supplies 1 ,785.01 338. 18 1,446.83
I Office supplies 1,530. 12 1,530. 12
Water tank servicing agreement 600.00 600.00
Social security 1,259. 13 1 ,259. 13
Insurance 1,158.45 1 ,158.45
Freight 493.66 493.66
Repairs 2,672. 30 2,672. 30
Travel 122.40 122.40
Audit fee 500.00 500.00
} Uncollectible account provision
i expense 91.10 91. 10
• New property, plant and equipment 10,925.37 10,925. 37
Total Expenditures 99,509.93 18.907.05 80,602.88
Excess of Revenues Over Expenditures $ 24.067.07 $ 42,974.12
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MCALPIN a RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS
Page 19
CITY OF OKEECHOBEE, FLORIDA
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WATER AND SEWER SYSTEMS
COMBINED REVENUES AND EXPENDITURES - BUDGET COMPARISON
• For The Year Ended December 31, 1963
Actual
1964 1963 1963 Over (Under)
Budget Budget _ Actual Budget
Revenue Fund
Water $ 60,000.00 $65,000.00 $ 71,483.25 $ 6,483. 25
Sewer 15,000.00 17,000.00 18,411. 79 1,411. 79
Utility tax 24,000.00 5,000.00 27,258. 12 22,258. 12
Tappage fees 4,000.00 3,000.00 4,620.00 1,620.00
Interest on savings funds 1,702. 34 1,701.94 1,701.94
Miscellaneous 101.90 101.90
Total 104,702.34 90,000.00 123,577.00 33,577.00
Expenditures
Water superintendent salary 5,610.00 5,610.00 5,610.00
Water superintendent
assistant salary 4,308.00 4,308.00
Weekly salaries 24,000.00 22,044.00 22,070.92 26.92
Bookkeeper salary 3,380.00 3,380.00 3,380.00
Chemicals 6,200.00 6,200.00 6,955. 71 755. 71
f Electricity 6,000.00 7,000.00 7,023. 21 23.21
• !j Meter repairs 2,000.00 2,000.00 1,409. 67 (590. 33)
Truck expense 2,500.00 2,000.00 2,328.46 328.46
{ Water pipe, fittings and
• supplies 13,000.00 12,000.00 9,846.42 (2,153.58)
Transfer to reserve funds 6,000.00 4,000.00 (4,000.00)
Interest on water revenue
certificates 15,360.00 15,520.00 15,440.00 (80.00)
Depreciation fund 1 ,000.00 1,000.00 (1,000.00)
Office supplies 1,000.00 1,000.00 1,530.12 530. 12
Water tank agreement 600.00 600.00 600.00
Social security and
insurance 2,700.00 2,000.00 2,417.58 417. 58
Equipment - capital
expenditures 4,000.00 1,000.00 3,312.97 2,312.97
Audit fee 500.00 500.00 500.00
New meters and boxes 6,000.00 2,000.00 5,223.94 3,223.94
• I New extensions 3,000.00 2,000.00 2,388.46 388.46
Contingencies 1,852.34 146.00 5,164.47 5,018.47
Total Expenditures 104,702. 34 90,000.00 99,509.93 9509.93
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Net Increase in Operating Surplus S -0- $ -0- i.eatLiSah S 4.067.07
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF PROPERTY, PLANT AND EQUIPMENT
• i December 31, 1963
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Balance Balance
January December
1, 1963 Additions 31, 1963
Property, Plant and Equipment
Water plant $253,031.02 $253,031.02
Water tanks 29,340. 27 29,340 27
Water department trucks 4,225.90 4,225.90
Water meters 17,496. 77 $ 5,223.94 22,720. 71
• New water mains 113,117. 10 7,981.68 121,098.78
Machinery and equipment 17,156. 13 3,312.97 20,469. 10
Sewerage plant land 2,290.00 2,290.00
Sewerage treatment plant 215,924. 52 215,924.52
1 New sewers and manholes 109,652.82 2,388.46 112,041. 28
Sewer lift stations 18,762. 28 18,762. 28
Office equipment 4,370. 38 4,370. 38
Fire hydrants 769.09 769.09
1 Total $786,136. 28 118,907.05 $805•043. 33
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Page 21
CITY OF OKEECHOBEE, FLORIDA
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SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
• December 31, 1963
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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 matur-
ing 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.
Bond Total
Maturities Interest Requirements
Year Ending December 31,
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
iI 1968 7,000.00 14,360.00 21,360.00
• iI 1969 10,000.00 14,080.00 24,080.00
! 1970 11,000.00 13,680.00 24,680.00
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1971 11,000.00 13,185.00 24,185 00
i 19 2 12,000.00 12,690.00 24,690.00
� 1973 12,000.00 12,150.00 24, 150. 00
I 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 24,810.00
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
• i 1985 21 ,000.00 3,600.00 24,600.00
1986 22,000.00 2,655.00 24,655.00
1987 23,000.00 1,665.00 24,665.00
1988 14,000. 00 630.00 14,630.00
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Total $346.000.00 $239.910.00 $585,910.00
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THE ABOVE IB SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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MCALPIN & RIPLEY, CERTIFIED PUBLIC ACCOUNTANTS