Audit Report 12.31.1964 77mRlni,
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
December 31, 1964
THE ABOVE IB SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
M�ALPIN x HEARN_ CERTIFIED PIJRLIC ACCOLINTANTR
MCALP IN & I I EARN
CERTIFIED PUBLIC; ACCOUNTANTS
P O.BOX 3346
MEMBERS
FORT PIERCE,FLORIDA
1 P M. McALPI N,JR.,C.P A. AMERICAN INSTITUTE OF CERTIFIED
JAM=S A.HEARN,C. P. A. May 18, 1965 PUBLIC ACCOUNTANTS
FLORICA INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS
Honorable Mayor and City Commissioners
City of Okeechobee
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 & HEARN
Si.1* ;71,7;31"r05/1- 3.
Ira M. McAlpin, Jr.
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li CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
For The Year Ended December 31, 1964
CONTENTS
Page
Auditors' Opinion I
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
Summary of Insurance Coverage 12
Water and Sewer Systems 13
Combined Balance Sheet 14
Combined Statement of Surplus 15
Combined Statement of Application of Revenue 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
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
,A„e1 ,r ArrnuNTA'
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
For The Year Ended December 31, 1964
AUDITORS' OPINION
We have examined the various Fund Balance Sheets of the City of
Okeechobee, Florida, as of December 31 , 1964, 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 generally
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, at
December 31, 1964, and the results of its operations 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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:72# 2,/ ;31114-44 ;
McAlpin & Hearn
Certified Public Accountants
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
...e1 PIN A. HEARN. CERTIFIED PUBLIC ACCOUNTANTS
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Page 2
CITY OF OKEECHOBEE, FLORIDA
GENERAL COMMENTS ON AUDIT
For The Year Ended December 31, 1964
All taxes receivable are considered by the City of Okeechobee as assets
of the General Fund. As the taxes are collected, the portion applicable to the
debt service fund is transferred to that fund.
The reserve for losses has been adjusted to provide for the full amount
of all delinquent taxes and street and sewer liens receivable.
The summary of insurance coverage (page 12) indicates that the City has
insured its buildings against the perils of fire and extended coverage in the
amount of $20,000.00 with an 80% coinsurance clause. The cost basis of the
buildings owned by the City now amounts to $38,914. 11, and the furnishings and
equipment within these buildings amount to a total of $12,397. 10. In the event
of a fire, this situation could result in a severe loss to the City. There is
no insurance coverage of any type on the water and sewer plants or their contents.
This is in direct violation of Section 7 (b) of the water and sewer bond resolu-
tion and should be corrected immediately. We recommend that insurance coverage
of all City property be reviewed promptly by the City Commission and competent
insurance consultants to determine actual needs, and that adequate insurance be
acquired as soon as possible.
We have noted on page 13 the failure of the General Fund to reimburse
the Water and Sewer Fund for services provided as specified by the water and
sewer revenue bond indenture. As also noted on page 13, cash deposits in the
depreciation and bond retirement reserve funds have not been made correctly.
However, the amount of cash in the combined reserve funds exceeds the combined
minimum requirements by $13,685.69. Sinking Fund payments are not being made
monthly as required. We recommend that the City comply with the provisions of
the water and sewer revenue bond indenture.
The City of Okeechobee has been overpaid by the State of Florida for
its share of cigarette tax in the amount of $4,154.58. This overpayment will be
deducted from current distributions over a period of thirty five months at the
rate of $118.70 per month. This amount represents about 2. of the usual monthly
distribution by the State.
The City has entered into an agreement with the Central & Southern
Florida Flood Control District for the construction of certain improvements. The
City is responsible for completing the improvements, but it will be reimbursed
for all monies expended. At December 31, 1964, $623.16 had been expended and is
recorded as a receivable from the Central & Southern Florida Flood Control
District on the Water and Sewer Systems Combined Balance Sheet (page 14).
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i CITY OF OKEECHOBEE FLORIDA !
I1 COMBINED BALANCE SHEET - CITY GOVERNMENTAL FUNDS
,, December 31 . 1964
11 1
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h Debt General
'I ASSETS General Service City Fixed General !,
1 Total '
Cash on Hand and on Deposit Fund Fund Properties Properties Bonded Debt
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Available cash $ 75 801.29
$ $37,368.40
Reserved for special purposes 43,662.31 43,662.31
With fiscal agents for redemption of interest coupons 13,095.00 13_09 5.00 ,i
Total Cash on Hand and on Deposit 132,558.60 82,095.20 50,463.40 jf
1964 taxes receivable 28,832.90 28,832.90 j
Interest receivable on savings certificates 890.42 507.38 383.04 ��
! Delinquent taxes receivable 34,396.58 34,396.58
'' Street and sewer liens receivable 6,714.52 6,714.52
Fixed properties (page 9) 190,151.56
$190,151.56
Total Assets 393,544.58 152,546.58 50,846.44 190,151.56
ii Funds to be Provided for Retirement of Debt
General obligation bonds 513,400.00 $513,400.00 d
li Interest to maturity 179,690.00 179,690.00
1 Total Funds to be Provided 693,090.00 693,090.00
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0 TOTAL ASSETS AND FUNDS TO BE PROVIDED S_1_Q8 JLE IlAblik&la S 0.845��6.44 ,$l9 0.1 51.56 693.09100 j,
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11 LIABILITIES. RESERVES. SURPLUS AND FUND BALANCES
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Liabilities
City bonded debt and interest to maturity $ 693 090.00
; $693,090.00
1' Interest coupons matured and currently due 13,095.00 $13,095.00
Notes payable 995.50 $ 995.50
' 11 11 Accounts payable 2,837.94 2,837.94
Payroll taxes payable 2,203.47 2,203.47
,i Total Liabilities 712,221.91 6,036.91 1330095.00 693,090.00
it Reserve for Losses and Adjustments
P Delinquent taxes 34,396.58 34,396.58
(i Street and sewer liens 6,714.52 6,714.52
'', Total Reserves, 41,111.10 41,111.10
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;1, Investment in Fixed Properties 190,151.56
$190,151.56
Surplus and Fund Balances 143,150.01, 105 398.57 37,751.44
TOTAL LIABILITIES, RESERVES. SURPLUS AND FUND BALANCES ,$1 4.58 $L5254,,6. 8 $5846.4 4 112aftui&ak $693.0
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THE A•OVE 1• •U•JECT TO THE ACCOM INO LETTER O• TRANSMITTAL
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McALPIN & HEARN, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
BALANCE SHEET
December 31, 1964
ASSETS
Cash on Hand and in Bank
Petty cash $ 75.00
General bank account 38,357.89
Cigarette tax funds 43,662.31
Total Cash on Hand and in Bank 82,095.20
Taxes and Other Receivables
1964 taxes receivable $28,832.90
Interest receivable on certificate of deposits 507.38
Street and sewer liens 6,714.52
Delinquent taxes receivable 34,396.58
Total Taxes and Other Receivables 70,451.38
TOTAL ASSETS $152.546.58
LIABILITIES, RESERVES AND SURPLUS
Liabilities
Notes payable on radio equipment $ 995.50
Accounts payable
2,837.94
Payroll taxes payable 2,203.47
Total Liabilities 6,036.91
Reserves for Losses and Adjustments
Street and sewer liens $ 6,714.52
Delinquent taxes receivable 34,396.58
, I Total Reserves for Losses and Adjustments 41,111. 10
Surplus 105,398.57
TOTAL LIABILITIES. RESERVES AND SURPLUS $152.546.58
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN a HEARN. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
STATEMENT OF SURPLUS
1 For The Year Ended December 31, 1964
Surplus, January 1. 1964 $ 91,183. 17
Excess of General Fund Revenues Over Expenditures
Revenue $177,419.73
Expenditures 163,204.33
Net 14,215.40
j Surplus, December 31, 1964 $105.398x.57
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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, 1964
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Revenues Actual Budget
Tax levy $ 71,234.46 $ 64,000.00
Less cash discounts allowed 1,669.45
Net Tax Levy 69,565.01 64,000.00
Cigarette tax collections 67,874.62 60,000.00
Fines and forfeitures 14,632. 70 10,000.00
Building permits 1,882. 75 2,600.00
Occupational licenses 6,539.02 6,500.00
Franchise - Florida Power & Light Co. 14,558.69 12,000.00
Interest on cigarette tax savings accounts 1,237 .90
Dog pound fees 25.50 50.00
Interest and advertising 52.27
Qualifying fees 150.00
Telephone commissions 63. 17
Rezoning charges 200.00
Miscellaneous 638. 10
Total Revenues 177,419.73 155,150.00
Expenditures
General government 40,404.60 23,690.00
City clerk's office 11,243.84 10,015.00
Parks, streets and sanitary department 39,463.04 42,000.00
Fire department 6,074. 16 6,626.00
Police department 37,834.00 31,390.00
I Transfers to debt service fund 28,184.69 35,852.00
Contingencies 5,577.00
Total Expenditures 163,204.33 155,150.00
Excess of Revenue Over Expenditures
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN & HEARN. CERTIFIED PUBLIC ACCOUNTANTS
Page 7
CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES
For The Year Ended December 31 , 1964
Actual Budget
I General Government
, Salaries - Mayor, Councilmen and Attorney $ 8,400.00 $ 8,400.00
General expenses 385.60
Garbage disposal employee 2,632.50 1,690.00
Audit 500.00 500.00
Election expense 207. 15 250.00
Insurance and social security 4,855.65 4,000.00
Maintenance - City Hall 1,220.41 800.00
Dog pound 129.19 350.00
Building inspector - salary and expense 5,326.83 5,200.00
Alvertising - memberships to Chamber of Commerce 250.00
Delinquent tax accounts provision 1,249.45
Capital expenditures:
Land - lot adjoining City Hall 6,000.00
Land improvements, well and sprinkler system 3,841.30
City Hall repairs 5,406.52 2,500.00
Total 40,404.60 23,690.00
City Clerk's Office
Salaries 9,910.00 8,990.00
General expense 1 ,042.90 700.00
Telephone and telegraph 290.94 325.00
Total 111243.84 10,015.00
Parks, Streets and Sanitary Department
Salaries and general expense 27 ,886.29 30,000.00
Street lighting (including all electricity) 11,143.55 12,000.00
Capital expenditures:
Blinker lights 333.20
Used truck 100.00
Total 39,463.04 42,000.00
Fire Department
Salaries 4,226.00 4,226.00
Volunteer fire department expense 300.00
General expense 1,548.16 2,400.00
Total 6,074.16 6,626.00
Police Department Expense
Salaries 26,069.08 18,390.00
General expense 10,843.32 13,000.00
Capital expenditures - radio unit 921.60
Total 37,834.00 31,390.00
Transfers to Debt Service Fund
1 Realty taxes collected 28,184.69
Transfers from general fund 35,852.00
Total 28,184.69 35,852.00
Contingencies 5,577.00
Total General Fund Expenditures S163204.33 ,S155�1 4.00
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
....e O uceau, rFRTIFIED PUBLIC ACCOUNTANTS
ARP
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CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
f ; December 31, 1964
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ASSETS
Cash in bank $18,216.34
Certificate of deposit 19,152.06
Cash on deposit with fiscal agent for
redemption of interest coupons 13,095.00
Interest receivable on savings certificate 383.04
TOTAL ASSETS ,5 ,846.44
LIABILITIES AND FUND BALANCE
Liabilities
Matured interest coupons outstanding $ 2,827.00
Interest coupons currently due 10,268.00
Total Liabilities 13,095.00
Fund Balance
Balance, January 1, 1964 $30,048.83
Additions
Realty taxes collected $28,184.69
Interest on savings accounts 985.37 29170.06
T_Ital 59,218.89
Deductions
Cost of bond retired 860.00
Bond interest 20,556.00
Exchange fees 51.45 21,467.45
Fund Balance, December 31, 1964 37,751.44
TOTAL LIABILITIES AND FUND BALANCE SaQ.846.44
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
.._.. e ... ucsou _ nrwririrra PUBLIC ACCOUNTAN
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL CITY FIXED PROPERTIES
December 31, 1964
Balance Balance
1-1-64 Additions 12-31-64
Land and Improvements
Real estate - lot adjoining City Hall $ 6,000.00 $ 6,000.00
Improvements - well and sprinkler
system City Hall 3,841.30 3,841.30
Parks and sanitary system $ 23,775.83 23,775.83
City streets , sidewalks, roads 1I
and culverts 69,954. 13 69,954.13 1
Total 93,729.96 9,841.30 103,571.26 I
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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 31,356.82 5,406.52 36,763.34
Total 33,507.59 53406.52 38,914. 11
Furnishings and Equipment
s City clerk's office 5,633.37 5,633.37
Parks department 1,332.93 1,332.93
Police department 761.85 761.85
Mobile and base radio units 3,026.52 921.60 3,948. 12
Fire siren 720.83 720.83
Total 11,475.50 921.60 12,397. 10
Rolling Stock
Fire truck 5,085.00 5,085.00
Police cars 8,046. 18 8,046.18
Street and sanitary department 21,704.71 433.20 22,137.91
Total 34,835.89 433.20 35,269.09
Total General City Fixed Properties 73 e 4 894 $16_602.62 5190.151.56
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THE ABOVE 18 SUBJECT TO THE ACCOMPANYING LETTER OE TRANSMITTAL
M-ALPIN a HEARN_ E`ERTI FI EE] PURL_In AE`rn II NTANTR
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CITY OF OKEECHOBEE, FLORIDA
R GENERAL BONDED DEBT
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BALANCE SHEET
December 31, 1964
Amount to be Provided in Future Years
Refunding bonds of 1942 $513,400.00
° I Interest on refunding bonds of 1942 179,690.00
Total $§93,,Q9O.QO
Refunding Bonds of 1942
' Balance, January 1, 1964 $514,400.00
Bonds retired in year ended
December 31, 1964 1,000.00
Balance, December 31, 1964 $513,400.00
Interest Payable in Future Years
Balance, January 1, 1964 200,616.00
Paid in year ended December 31, 1964 $20,556.00
Cancelled on bonds retired 370.00 20,926.00
Balance, December 31, 1964 179,690.00
Total 5693.090.00
Amount Provided at December 31, 1964,
In Debt Service Fund L 37 75k
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
MnALPIN s NE-ARM_ [:FPTIFIFIn PIIRL 111 Ant71111NTANT4
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL CITY BONDED DEBT 1
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AND INTEREST TO MATURITY
December 31, 1964 I
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Outstanding
I I !
Total Retired or December
1 Authorized Cancelled 31, 1964
' Series A $419 ,000.00 $ 64,300.00 $354,700.00
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Series B 268,000.00 109,300.00 158,700.00
Total 1687.Q00.00 8173 600.00 $513.400.00
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1 Total
Requirements Interest Maturities
■ Bond Maturities and I
Interest Requirements
1965 $ 20,536.00 $ 20,536.00
1966 20,536.00 20,536.00
j 1967 23,103.00 23,103.00
1968 25,670.00 25,670.00
1969 25,670.00 25,670.00
1970 25,670.00 25,670.00
1971 25,670.00 25,670.00
1972 526,235.00 12,835.00 $513,400.00
'! Total X93,990,90 $179___6_90_,_00 $513.400.00
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 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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THE ABOVE 19 SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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CITY OF OKEECHOBEE, FLORIDA
GENERAL GOVERNMENTAL FUNDS
SUMMARY OF INSURANCE COVERAGE
December 31, 1964
I I
Description Coverage
g
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
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 are injured while in the performance
of their duty.
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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WATER AND SEWER SYSTEMS
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E The general fund is not reimbursing the water and sewer fund for services
+ I'., provided 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 when combined. Cash deposited in the depreciation
reserve fund is short of the minimum requirement by $2,414.84, but cash deposited
in the bond retirement reserve fund exceeds the minimum requirement by $16,100.53.
When combined, the two provisions are 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:
For The Years Ended December 31,
i 1959 1960 1961 1962 1963 1964
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Water meters in operation 740 767 906 966 1079 1128
' W„ter meters off - not in
operation 43 51 56 75 77 118
Water meters non-operative
(billed at minimum) 42 45 17 27 48 7
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Total Water Meters 100 ;IL
' Unmetered water
consumers Not determined 109 66 '5 43
j i Sewer connections 195 iiA 240 25 UU
I During the year 1964 the following meters were taken over from McCarthy
Water Company:
Water meters in operation 41
Water meters off - not in operation 14
Water meters non-operative (billed at minimum) 4
Total Water Meters 59
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THE ABOVE 1B SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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CITY OF OKEECHOBEE, FLORIDA
I WATER AND SEWER SYSTEMS
COMBINED BALANCE SHEET
December 31, 1964
1
1 ASSETS LIABILITIES, RESERVES AND SURPLUS
1
Property, Plant and Equipment Long-Term Debt
Water system $440,307.73 Water and sewer revenue bonds $340,000.00
II Sewer system 350,600.63 Less current maturity 6,000.00
Machinery and equipment 29,929.84 Total Long-Term Debt $33i
Office equipment 4,670.38
Total Property, Plant and Equipment 825,508.58 Liabilities Payable Out of Special Funds
Interest currently payable
Special Funds
Revenue bond sinking fund: Other Liabilities
Cash in bank $ 7,660.00 Consumer deposits le
Cash in First Federal Savings &
Loan Assn. of Okeechobee 37,120.53 $44,780.53 Current Liabilities
Depreciation fund: Current maturity of long-term debt 6,000.00
Cash in First Federal Savings & Accounts payable 3,912. 56
Loan Assn. of Okeechobee 22,773.87 Payroll taxes payable 1,325. 57
Repair fund: Total Current Liabilities 11
Cash in First Federal Savings &
Loan Assn. of Okeechobee 10,212.50 Reserves
1 Equipment fund: For retirement of revenue bonds and interest 37,220.53
! Cash in First Federal Savings & For depreciation of property, plant and equipment 22,773.87
Loan Assn. of Okeechobee 1,021.25 For repair 10,212.50
Total Special Funds 78,788.15 For equipment 1,021.25
1 Total Reserves 71
Current Assets
Cash in bank: Surplus.
Operating and maintenance fund 10,432.99 Invested in property, plant and equipment 475,508. 58
1 Revenue fund 33,236.25 Operating fund 47,736.43
'j Cash on hand 150.00 Total Surplus 523
Accounts receivable - consumer 5,392.62
j Less reserve for doubtful accounts (1,713.47)
I Accounts receivable - consumers, unbilled 7,784 61
Accounts receivable - Central & Southern
Florida Flood Control District 623.16 12086.92
Total Current Assets 55,906.16
TOTAL ASSETS $9600202.89 TOTAL LIABILITIES RESERVES AND SURPLUS $9
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THE A•OVE la •U•JECT TO THE ACCOMPANYING LETTER OF TRAH•MITTAL
McALPIN a HEARN, CERTIFIED PUBLIC ACCOUNT/
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF SURPLUS
For The Year Ended December 31, 1964
Property,
Operating Plant and
Total Fund _ Eq_uipment_
Water and Sewer Combined Surplus ,
January 1, 1964 $489,949.63 $34,906.30 $45.5,043__3`
Additions
Net revenues 48,355.38 48,355.38
Net revenues invested in property,
plant and equipment (20,465.25) 20,465_2'
Total Additions 48,355.38 27,890. 13 2.0,465.2'
Surplus Before Transfers 538,305.01 62,796.43 475,508.5.
Transfers to other funds:
Water and sewer revenue bond
principal and interest sinking fund 15060.00 15,060.00
Total Transfers 15,060.00 15,060.00 _0
Water and Sewer Combined Surplus,
December 31, 1964 $523.245.Q15.01 $47.726,43
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THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
McALPIN & HEARN, CERTIFIED PUBLIC ACCOUNT,
IPPIrrik
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF APPLICATION OF REVENUE
For The Year Ended December 31, 1964
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Revenue
Water sales to customers $ 74,014.35
Utility tax 27,537.95
Sewer tax 19,270.60
II Connection charges 2,980.00
Miscellaneous 291.86
Total to be Accounted For $124.094.7
Applied To
Operating expenses $ 75,739.38
Property, plant and equipment 20,465.25
Redemption of bonds 6,000.00
1 Transfer to revenue bond sinking fund 15,060.00
Increase in accounts receivable - Central
and Southern Florida Flood Control District 623. 16
Decrease in consumer accounts receivable (net)
Balance December 31, 1964 $11,463. 76
Balance January 1, 1964 11,951.76 (488.00)
Increase in consumer deposits
Balance December 31, 1964 12,931.60
Balance January 1, 1964 11607.00 (1,324.60)
Increase in current liabilities recorded (191.69)
Increase in available cash funds
Revenue Fund
Okeechobee County Bank 52.64
Increase in operating and maintenance fund
Okeechobee County Bank 8,158.62 8,211.26
Total Accounted For 1124.O94.76
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRAN•MITTAL
---• - ••--e.. rcaTICIED PUBLIC ACCOUNTANT
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I CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
For The Year Ended December 31. 1964
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Retirement Repair Equipment
of Revenue Depreciation Fund Fund
Total Certificates Reserve Reserve Reserve
Reserve Balances, January 1, 1964 $68,479.07 $34,471.45 $22,773.87 $10,212.50 $1 ,021.25
Additions
I Reserve requirements transferred from water and
j+ sewer revenue fund:
For interest 15,060.00 15,060.00
Interest on investments 2,929.08 1,498.88 957.76 429.50 42.94
j For principal payment on certificate due 6,000.00 6,000.00
Total Additions 23,989.08 22,558.88 957.76 429.50 42.94
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Deductions
! Interest payment - July 1, 1964 7,680.00 7,680.00
Interest payment - January 1, 1965 7,560.00 7,560.00
it Interest on investments transferred to other funds -0- (1,430.20) 957.76 429.50 42.94
1 Redemption of bonds - July 1, 1964 6,000.00 6,000.00
Total Deductions 21,240.00 19,809.80 957. 76 429.50 42.94
Reserve Balances, December 31, 1964 578.15 $37.220.53 X22.77187 11 2611112 51 2 .25
1 Composition of Reserve Funds
Cash in bank
$ 7,660.00 $ 7,660.00
Savings accounts - First Federal Savings & Loan
� Association of Okeechobee $22,773.87
71,128.L5 37,L20.53 $10,212.50 $1,021.25
1; Total. 78,788.15 44,780.53 22,773.87 10,212.50 1,021.25
Less interest payment due January 1, 1965 7,560.00 7,560.00
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I Reserve Balances, December 31, 1964 $71.228. 15 3 22 S3
� ,> Cam. ,$2 .773.87 510.212.50 1,6
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Analysis of Indenture Requirements
i Required balances at December 31, 1964 $46,308.71
$21,120.00 $25,188. 71
1 Excess provisions
24,919.44 16 100.53 2,414.84) $10,212.50 $1,021.25
1 Reserve Balances, December 31, 1964 S I 8.1. 537.220.53 lag±azLu $10.212.50 $], O2 .25
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THE A•OVE IS •UUJECT TO THE ACCOM INS LETTER OF TRANSMITTAL
McALPIN • HEARN, 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, 1964
Capitalized
As New Net
Total Construction 02 erational
Revenues
Water revenue $ 74,014.35 $ 74,014.35
Sewer revenue 19,270.60 19,270.60
Utility taxes 27,537.95 27,537.95
Tappage fees 2,960.00 2,980.00
Miscellaneous 291.86 291.86
Total Revenues 124 ,094. 76 124,094.76
Expenditures
Water superintendent's salary 5,506.87 5,506.87
Water superintendent assistant's salary 2,805.80 2,805.80
Weekly salaries 25,114.34 $ 2,122.63 22,991. 71
Bookkeeper salaries 4,081.88 4,081.88
Chemicals 11,451.72 11,451.72
Electricity 7,777.86 7,777.86
Meter repairs 1,126.40 1,126.40
Truck expense 1,847.85 209.26 1,638.59
Water pipe, fittings and supplies 14,360.81 5,744.32 8,616.49
Interest on water revenue certificates 15,240.00 15,240.00
Tools and supplies 1,946.46 311.43 1,635.03
Office supplies 1,322.59 1,322.59
Water tank servicing agreement 600.00 600.00
Social security 1,373.24 1,373.24
Insurance 869. 15 869. 15
Freight 423.76 423.76
Repairs 2,415.82 2,415.82
Audit fee 500.00 500.00
Uncollectible account provision expense 596.07 596.07
New property, plant and equipment 12,077.61 12,077.61
Miscellaneous 6.40 6.40
Total Expenditures 111,444.63 1,gLiALL 90,979.38
Excess of Revenues Over Expenditures .$ 12,650. 13 $ )3.115.38
THE ABOVE IS SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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Page 19
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED REVENUES AND EXPENDITURES - BUDGET COMPARISON
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For The Year Ended December 31, 1964
A
Actual
' 1965 1964 1964 Over (under)
Budget Budget Actual Budget
Revenue Fund
Water $ 74,000.00 $ 60,000.00 $ 74,014.35 $14,014.35
Sewer 19,000.00 15,000.00 19,270.60 4,270.60
Utility tax 28,000.00 24,000.00 27,537.95 3,537.95
Tappage fees 2,000.00 4,000.00 2,980.00 (1,020.00)
Interest on savings funds 2,800.00 1,702.34 (1,702.34)
Miscellaneous 291.86 291.86
Total 125,800.00 104,702.34 124,094. 76 19,392.42
Expenditures
Water superintendent's
salary 5,460.00 5,610.00 5,506.87 (103. 13)
Water superintendent
assistant' s salary 2,805.80 2,805.80
` Weekly salaries 26,000.00 24,000.00 25,114.34 1,114.34
Bookkeeper salary 7,280.00 3,380.00 4,081.88 701.88
Chemicals 12,000.00 6,200.00 11,451. 72 5,251.72
Electricity 8,000.00 6,000.00 7,777.86 1,777.86
Meter repairs 1,500.00 2,000.00 1,126.40 (873.60)
Truck expense 2,000.00 2,500.00 1,847.85 (652. 15)
Water pipe, fittings
' and supplies 18,000.00 13,000.00 14,360.81 1,360.81
Transfer to reserve funds 6,000.00 6,000.00 (6,000.00)
Interest on water
revenue certificates 15,440.00 15,360.00 15,240.00 (120.00)
1 ! Depreciation fund 1,000.00 1,000.00 (1,000.00)
Office supplies 1,000.00 1,000.00 1,322.59 322.59
Water tank agreement 600.00 600.00 600.00 -0-
, j Social security and
insurance 4,100.00 2,700.00 2,242.39 (457.61)
Equipment - capital
expenditures 6,000.00 4,000.00 6,444.99 2,444.99
I Audit fee 500.00 500.00 500.00 -0-
New meters and boxes 6,000.00 6,000.00 4,050.07 (1,949.93)
' � New extensions 1,000.00 3,000.00 1,582.55 (1,417.45)
Contingencies 3%920. 00 1,852.34 5,388.51 3,536. 17
Total Expenditures 125,800.00 104.702.34 111 ,444.63 6,742.29
Net Increase in Operating
Surplus L.71-..... S=-- 0- S� 1--„L.,§O.i JawilLia
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•-^.•^ •= n.no..rl^T To THE ACCOMPANYING LETTER OF TRANSMITTAL
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Page 20
CITY OF OKEECHOBEE.. FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF PROPERTY, PLANT AND EQUIPMENT
December 31, 1964
Balance Balance
January December
1, 1964 Additions 31, 1964
Property, Plant and Equipment
Water plant $253,031.02 $253,031.02
Water tanks 29,340.27 29,340.27
Water plant storage building $ 550.00 550.00
Water department trucks 4,225.90 4,225.90
Water meters 22,720. 71 4,050.07 26,770.78
New water mains 121,098. 78 8,387.64 129,486.42
Machinery and equipment 20,469. 10 5,234.84 25,703.94
Sewer plant land 2,290.00 2,290.00
Sewer treatment plant 215,924.52 215,924. 52
New sewers and manholes 112,041.28 1,582.55 113,623.83
Sewer lift stations 18,762.28 18,762.28
0tfice equipment 4,370.38 300.00 4,670.38
Fire hydrants 769.09 360.15 1,129.24
T3tal 805.043,33 $20,465.25 $82.4508.58
THE ABOVE IB SUBJECT TO THE ACCOMPANYING LETTER OF TRANSMITTAL
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Page 21
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
{ December 31, 1964
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Water and Sewer Revenue Bonds
Bonds for the construction of a sewage 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 maturing
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,
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 24,810.00
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
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
Total 5340.000.00 $224.550.00 5564.550.00