Audit Report 12.31.1967 qo
CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
Year Ended December 31, 1967
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McALPIN, CURTIS Sc D'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
• CITY OF OKEECHOBEE.. FLORIDA
OFFICIAL DIRECTORY
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December 31. 1967
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MAYOR - COUNCIL
Mayor Audley Dunham
Council - President Claude Gardner
Council - Vice President Alto Watford, Jr.
Councilman E. H. Hunt
Councilman Franklin Walker
Councilman Neal S. Padgett
ADMINISTRATIVE
City Clerk Lorena Spivey
City Attorney W. L. Hendry
Municipal Judge Audley Dunham
Superintendent - Water and
Sewer Department L. C. Fortner, Jr.
Chief of Police C. A. Thomas
Chief of Fire Department Olen Godwin
Superintendent - Street Department Leon Williams
Building Inspector Clayton White
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MCALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
Year Ended December 31, 1967
C O N T E N T S•
Pa e
Comments on Examination of Accounts 2
City Government Funds
Combined Balance Sheet 5
General Fund:
• Balance Sheet 6
Statement of Surplus 7
Statement of Revenues and Expenditures 8
Statement of Expenditures 9
Statement of General City Fixed Properties 10
Debt Service Fund:
Balance Sheet 11
General Bonded Debt:
Balance Sheet 12
s Statement of General City Bonded Debt
and Interest to Maturity 13
Summary of Insurance Coverage 14
Water and Sewer Systems
Combined Balance Sheet 15
Combined Statement of Retained Earnings 16
Combined Statement of Source and Application of Revenue 17
Statement of Changes in Reserve Accounts 18
Computation of Depreciation Fund Reserve Requirement 19
Combined Statement of Operating Revenues
and Expenditures 20
Combined Statement of Revenues and Expenditures - Budget
Comparison 21
Statement of Plant, Property and Equipment 22
Schedule of Water and Sewer Revenue Bonds
and Interest to Maturity 23
Statistical Tables
Assessed Value of All Taxable Property 24
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Other General Fund and Water-Sewer Revenues;
Water Meters and Sewer Connections 25
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McALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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MCALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
FORT PIERCE, FLORIDA 33450
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IRA M. McALPIN, JR., C. P.A. May 20, 1968
LYMAN B. CURTIS, C. P.A.
THOMAS F. O'HAIRE, C. P.A.
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Honorable Mayor and City Commissioners
City of Okeechobee
• Okeechobee, Florida
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We have examined the various Fund Balance Sheets of
the City of Okeechobee, Florida, as of December 31, 1967, and
the various related Statements of Fund Balances , Surplus and
Revenues and Expenditures for the year then ended. Our exam-
ination was made in accordance with generally accepted audit-
ing standards , and accordingly included such tests of the
accounting records and such other auditing procedures as we
considered necessary in the circumstances . We did not request
written confirmation of the outstanding tax, water-sewer or
other accounts receivable; however, we satisfied outselves with
respect to these receivables by means of other auditing proce-
dures.
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, 1967, and the re-
sults 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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McAlpin, Curtis & O'Haire
Certified Public Accountants
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CITY OF OKEECHOBEE. FLORIDA
GENERAL COMMENTS ON EXAMINATION
a.
Operations of the City for the Year
The operating revenues and expenditures of the various funds for the year
are summarized as follows:
General Fund
Revenues (Page 8) $187,424.31
Operating expenditures $134,786.07
Capital expenditures 9,024.43
Total Expenditures (Page 8) 143,810.50
Net Revenue S 43. 13 1
Debt Service Fund (Page 11)
Revenues $34,461.84
Expenditures 27 t 336. 72
Increase in Fund Balance S 7.125.12
Water and Sewer System (Page 20)
Revenues $117,664.88
Operatin g expenses es
P $97,622.04
Capital expenditures 24,533.47
�.I Bond indenture requirements 26.783.57 148,939.08
Deficit (31,274.20)
Utility service taxes 30.832.21
Deficit S (441.99)
The general fund surplus as of December 31, 1967, $199,654.00, is repre-
sented in part by cash funds of $177,510.38, and while some part thereof may be
needed to finance expenditures for 1968 until the tax levy collections for that year
begin in November, it is an unappropriated balance without designated purpose. A
basic premise of municipal finance is that any excess of revenues over expenditures,
not appropriated for specific purposes or reserves , be carried forward as a revenue
in determining the millage assessment requirements for the succeeding year's budget.
It is suggested that consideration be given to establishing a reserve for contin-
gencies of a specified amount and any remaining excess be appropriated for future
expansion or bond retirement needs.
An analysis of the water and sewer surplus account and the indenture
reserves created by appropriation therefrom, discloses that utility service tax
revenues of $51,674.29 have been retained in excess of requirements.
The water and sewer revenue bond indenture outlines the accounting pro-
cedures to be followed in providing monthly and other periodic deposits to sinking
and depreciation funds. However, the City has made large excessive appropriations
in the past and provides for current principal interest payments as the amounts
y become due rather than following outlined procedures.
The utility service taxes, pledged as additional security to the water and
• sewer bonds, are paid indirectly by City residents on the use of electricity, tele-
phone and propane gas. The City does not collect a utility tax on its water sales.
The general fund does not reimburse the water and sewer fund for services provided to
the general fund, although specifically required to do so by the 1958 bond indenture.
An analysis of the reserve balances is presented on Page 18.
MCALPIN, CURTIS & O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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Cash on Hand and on Deposit
Cash deposit accounts for the general, debt service, and water and sewer
funds are as follows:
On hand
Change funds $ 225.00
On deposit
Okeechobee County Bank
Checking accounts (5 accounts) $189,685. 57
Certificates of deposit (3) 104,521.20 294,206. 77
First Federal Savings and Loan
Association of Okeechobee County
(12 accounts) 93,378.06
Sub-Total 387,809.83
With Fiscal Agents
Central National Bank of
Jacksonville, Florida 7,660.00
Irving Trust Company, New York, N.Y. 16,334.50
Okeechobee County B nk 625.00 24,619.50
Total on Hand and on Deposit S412� 4
The amounts shown above are, in the aggregate, in agreement with accompany-
ing fund balance sheets .
Subsequent to the date of our examination we were informed that all funds
11 on deposit at First Federal Savings and Loan Association of Okeechobee, except the
maximum balance which would be insured by the FDIC, were transferred to the Okeechobee
County Bank and used to purchase certificates of deposit. The Okeechobee County Bank
f has informed the City Clerk that sufficient collateral has been pledged to secure the
City's funds on deposit at the bank.
Fixed Properties
General City (Page 10) - $201,191.43
Water and Sewer System (Page 22) - $896,508.54
The amounts shown as general city, water and sewer systems properties are
taken from the City' s records , and represent accumulated totals expended over the
years in acquisition and improvement of property.
It is recommended that the detail of the property items be reviewed and
inventoried to eliminate from the records such items as are no longer in existence
or serviceable.
M It is a generally accepted municipal accounting practice not to depreciate
general municipal fixed assets unless cash for replacements can legally be set aside.
Accordingly, no reserve has been provided on the books for depreciation of general
city property investments .
In accordance with the provisions of the water and sewer revenue bond in-
denture, a depreciation fund, based on 5% of gross revenues collected, has been set
aside in separate deposit accounts. This fund is available not only to finance un-
foreseen emergencies but for repairs, replacements , improvements and betterments.
r However, the City Council has not, as yet, ordered any such expenditures .
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MCALPIN, CURTIS & D'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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Bonds Payable and Interest to Maturity
The long-term indebtedness of the City and the amounts of interest to
maturity, shown in detail in the accompanying report schedules, are summarized as
follows:
Amount to
Principal Interest be Provided
1942 refunding bonds $511, 700 $115,133 $ 626,833
1958 water and sewer
revenue bonds 321,000 179,910 500,910
Total S29 S1.1276743
Amounts Reserved for Future
Payments as of December 31.
1967
1942 refunding bonds (Page 11) $59,514.60
1958 water and sewer revenue
bonds
Current principal provision
(Page 18) $ 3,500.00
Maximum principal and
interest requirement
(1981) (Page 18) 24,975.00
Excess available (Page 18) 13,254. 13 41,729. 13 $101.243.73
Consumers' Service Deposits
Over the years these deposits have accumulated and unfortunately, prior year
detail records are such that it is not possible to ascertain the individual amounts
for each depositor comprising the ledger total of $17,351.99 at December 31, 1967.
1 The Water and Sewer Department is in the process of creating an updated
subsidiary detail ledger of customers' refundable deposits. We have recommended that
the detail subsidiary cards be kept in two files. One, an active file, made up of
deposits on meters currently in operation, and the other, an inactive file, made up
of deposits due to customers who have moved and have not asked for a deposit refund.
While the State of Florida does not restrict the use of refundable customer
service deposits , conservative financing would call for a scheduled repayment in the
event any amounts were used for capital additions. Under no circumstances should
the funds be used to pay operating expenses .
Insurance Coverage (Page 14)
The insurance coverage on City owned buildings and contents is still limited
to the City Hall property in the amount of $20,000, with an 80% coinsurance clause.
It is obvious that this is not adequate considering present day replacement values.
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Section 7 (b) of the water and sewer bond indenture requires that the plant
facilities be insured to the extent permissable to protect the interests of both the
City and the bondholders.
We again recommend that a comprehensive study of the City's insurance needs
be made including not only fire and natural calamities, but to protect the City from
suits claiming false arrest, municipal misconduct and other contingencies for which
legal action could be instituted.
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General
During our examination we noticed that the City's prior year tax rolls, tax
receipt books and tax collection journals are all kept in one room and are not given
fire protection. These records provide the only means of determining uncollected
taxes and other pertinent data that may be required from time to time. All of these
y' records should be adequately protected from theft, alteration, and fire.
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CITY OF OKEECHOBEE. FLORIDA
COMBINED BALANCE SHEET - GENERAL CITY GOVERNMENT FUNDS
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December 31, 1967
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Debt Invested Bonded Debt
w it Service in Capital and
ASSETS Total General Fund Fund Improvements Interest
1 Cash
On deposit $ 126,190.22 $ 92,141.24 $34,048.98 '
Certificates of deposit and savings accounts 116,776.78 91,550.56 25,226.22
With fiscal agents for redemption of interest coupons 16,334.50 16,334.50
Total Cash 259,301.50 183,691.80 75,609. 70
Receivables 1
* Current (1967) taxes 39,710.06 39,710.06 Ili
Less reserve for discounts (230. 19) (230. 19)
Delinquent (1966 and prior) taxes 36,837.66 36,837.66 ;i
• Delinquent street and sewer liens 2,910. 76 2,910. 76
Less reserves for losses (39,748.42) (39,748.42)
Accrued interest on certificates of deposit 806. 50 567. 10 239.40 I
Total Receivables 40,286.37 40,046.97 239.40
General City Fixed Properties 201,191.43 $201L191.43
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I TOTAL ASSETS 500,779.30 223,738. 77 75,849. 10 201,191.43
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O Funds to be Provided in Future Years for Retirement of Debt
Refunding bonds of 1942 - due January 1, 1972 511,700.00 $511,700.00
Interest to maturity 115,133.00 115,133.00 1
TOTALS 51.127.612.30 $223.738. 77 $75.849. 10, 5201.191.43 $626.833.00
LIABILITIES, SURPLUS AND FUND BALANCES
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i Liabilities
1 Interest coupons matured and currently due $ 16,334.50 $16,334. 50
j Accounts payable 7,944.22 $ 7,944.22
Payroll and withholding taxes payable 2,127.76 2,127. 76 l
Total Liabilities 26,406.48 10,071.98 16,334.50
; Reserve for 1967 Debt Service Levy 14,012.79 14,012. 79
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Investment in Fixed Properties 201 191 .43 $201,191.43
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1 Surplus and Fund Balances 259,168.60 199,654.00 59,514.60
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so TOTAL LIABILITIES4 SURPLUS AND FUND BALANCES 500,779.30 223,738. 77 75,849.10 201,191.43 11
$626,833.00 ,
Bonds Outstanding and Interest to Maturity 626 ,833.00
TOTALS 51.127.612.30 5223.738.77 575.849.10 $201.191.43 iga6.83�3.a li
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MCALPIN, CURTIS & O'HAIRE CERTIFIED PUBLIC ACCOUNTANT",
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
BALANCE SHEET
December 31, 1967
ASSETS
Cash
On deposit $ 92,141.24
Certificates of deposit and
savings account 91,550.56
Total Cash 183,691.80
Receivables
Current (1967) taxes
General fund levy $25,697.27
Debt service levy 14,012. 79
39,710 06
Less reserve for discounts 230. 19 $39,479.87
Delinquent (1966 and prior) taxes 36,837.66
Delinquent street and sewer liens 2,910. 76
39,748.42
Less reserves for losses 39,748.42 -0-
Accrued interest on certificates
of deposit 567.10
. Total Receivables 40,046.97
TOTAL ASSETS 5223.738.77
LIABILITIES AND SURPLUS
Liabilities
Accounts payable $ 7,944.22
Payroll and withholding taxes payable 2,127. 76
Total Liabilities 10,071.98
Reserve for 1967 Debt Service Levy 14,012. 79
Surplus (Page 7) 199,654.00
TOTAL LIABILITIES AND SURPLUS $223.738.77
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McALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
STATEMENT OF SURPLUS
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Year Ended December 31, 1967
Surplus Balance - January 1, 1967 $154,626.05
Ad lus tments
Additions:
1965 and prior year taxes collected
(fully reserved) $1,774. 17
Delinquent sewer liens collected
(fully reserved) 138.36 1,912.53
156,538.58
Deductions:
Provision to fully reserve delinquent
1966 taxes receivable (net of taxes
allocable to debt service fund) 498.39
Adjusted Balance 156,040.19
Current Year Excess of Revenues Over Expenditures
Revenues (Page 8) $187,424.31
Expenditures (Page 8) 143.810.50
Excess of Revenues Over Expenditures 43.613.81
Surplus Balance - December 31, 1967 5199.654.00
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MCALPIN, CURTIS & ❑'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
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Year Ended December 31, 1967
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Actual Budget
Revenues
Total 1967 tax levy $ 88,924.60 $ 71,000.00
Less debt service levy 29,206.30 41,000.00
General fund levy 59,718.30 30,000.00
Less cash discounts allowed 2,834.96
Net Revenue - General Fund Tax Levy 56,883.34 30,000.00
Cigarette tax collections 85,110.05 78,000.00
Utility service tax (note) - -
Fines and forfeitures 16,093. 19 20,000.00
Building permits 1,716.80 1,000.00
Occupational licenses 7,317.27 6,500.00
Franchise - Florida Power & Light Co. 15,880.21 15,000.00
Interest on certificates of deposit and
savings accounts 3,279.94
Dog pound fees 153.00 50.00
411 Interest and advertising - delinquent taxes 450. 79
Telephone commissions 55.48
Rezoning charges 160.00
• Garbage collection franchise 218.24 100.00
Miscellaneous 106.00
Total Revenues 187,424.31 150,650.00
Expenditures (Departmental Detail on Page 9)
General government 32,468. 17 33,820.00
City clerk's office 12,695.33 11,580.00
Parks , streets and sanitary department 41,751.81 42,260.00
Fire department 8,146. 75 7,006.00
Police department 48,748.44 52,510.00
Contingencies 3,474.00
Total Expenditures 143,810.50 150,650.00
Excess of Revenues Over Expenditures S 43.613.81 S
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Note: Utility service taxes, a general fund source of revenue, are
pledged under the terms of the water and sewer revenue bond
• issue of 1958 to the extent funds may be needed to fulfill
the indenture requirements . The amount in excess of such
requirements $51,674.29, however, has been allowed to accumulate
in the water and sewer fund.
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MCALPIN, CURTIS & D'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES
Year Ended December 31, 1967
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Actual Budget
General Government
Salaries - Mayor, Councilmen and Attorney $ 8,400.00 $ 8,400.00
Garbage disposal 2,102.50 2,200.00
Audit 500.00 500.00
Insurance and social security 6,208.23 9,000.00
Maintenance - City Hall 1,537.91 2,200.00
Dog pound - salary and expense 2,652.50 2,300.00
w Building inspector - salary and expense 5,720.00 5,720.00
Organization support
Okeechobee Chamber of Commerce 500.00 500.00
« Regional library 1,000.00 1,000.00
General expenses 738.66
Capital expenditures 1,405.46
City Hall repairs 1,702.91 2,000.00
Total 32,468. 17 33,820.00
4 City Clerk's Office
Salaries 10,820. 12 10,030.00
General expense 1,576.28 1,200.00
Telephone and telegraph 298.93 350.00
Total 12,695.33 11,580.00
Parks, Streets and Sanitary Department
Salaries and general expense 26,894.57 30,260.00
Street lighting (including all electricity) 9,518.52 12,000.00
Capital expenditures 5,338. 72
Total 41,751.81 42,260.00
Fire Department
Salaries 5,140.00 5,006.00
Volunteer fire department expense 300.00
General expense 2,706.75 2,000.00
Total 8,146. 75 7,006.00
i Police Department Expense
Salaries 21,623.29 20,690.00
Radio operators' salaries 13,575.82 12,870.00
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General expense 10,700. 13 18,000.00
Maintenance of radio units 568.95 950.00
Capital expenditures 2,280.25
• Total. 48,748.44 _52,519,90
Contingencies 3,474.00
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Total General Fund Expenditures 5143.810.50 5150.650.00
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MCALPIN, CURTIS & D'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL CITY FIXED PROPERTIES
December 31, 1967
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B=lance Net Balance
1-1-67 Additions 12-31-67
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 $ 101.26 23,877.09
Dog pound 462.23 462.23
City streets , sidewalks, roads
and culverts 68,900 68 5,237.46 74,138. 14
Total 102,517.81 5,800.95 108,318. 76
Buildings and Improvements
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Bandstand 1,046. 75 1,046. 75
City Hall - utility garage 1,104.02 1,104.02
City Hall - fire station and jail 36,865.42 905. 73 37,771. 15
Total 39,016.19 905.73 39,921.92
• Furnishings and Equipment
City clerkls office 5,916.00 37.50 5,953.50
Parks department 1,677.18 1,677. 18
• Police department 1,315. 10 1,315. 10
Mobile and base radio units 3,948. 12 3,948. 12
Fire department 2,303.49 2,303.49
Total 15,159.89 37.50 15,197.39
Rolling Stock
Fire truck 5,085.00 5,085.00
Police cars 6,817.65 864.35 7,682.00
Parks, street, sanitary
department 24,986.36 24,986.36
Total 36,889.01 864.35 37,753.36
Total General City Fixed Properties $7.608.53 11,01.1
Source of Additions
General expenditures 12.21.91lai
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Page 11
CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
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December 31, 1967
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ASSETS
Cash
On deposit $34,048.98
Certificate of deposit and
savings account 25,226.22
With fiscal agents for redemption
of interest coupons 16,334.50
Total Cash 75,609. 70
ra Accrued interest on certificate of deposit 239.40
TOTAL ASSETS ,$75.849.10
LIABILITIES AND FUND BALANCE
Liabilities
Matured interest coupons outstanding $ 3,542.00
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Interest coupons due January 1, 1968 12,792.50
Total Liabilities $16,334.50
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Fund Balance
Balance, January 1, 1967 52,389.48
Additions
Tax levies collected $33,108.87
Interest on savings accounts 1,352.97 34,461.84
Total 86,851.32
Deductions
Bond interest 25,631.77
Fiscal agent fees 65.95
Bond redemptions 1,639.00 27,336.72
Fund Balance, December 31, 1967 59,514.60
TOTAL LIABILITIES AND FUND BALANCE 575.849.10
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Note: This statement does not reflect $14,012.79 in uncollected 1967
• debt service levy taxes. These taxes are not recorded as
revenue in the Debt Service Fund until they are collected.
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CITY OF OKEECHOBEE, FLORIDA
GENERAL BONDED DEBT
BALANCE SHEET
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December 31 , 1967
Funds to be Provided in Future Years (Page 13)
Refunding bonds of 1942 - due January 1, 1972 $511,700.00
Interest to maturity 115,133.00
Total $6261833.00
Refunding Bonds of 1942
Balance - January 1, 1967 $513,400.00
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Bonds retired during 1967 1,700.00 $511,700.00
Interest Payable in Future Years
Balance - January 1, 1967 138,618.00
Paid during year ended
December 31 , 1967 $23,064.77
Canceled on bonds retired 420.23 23,485.00
Balance - December 31, 1967 115,133.00
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Total $626,833.00
H Amount Available at December 31 , 1967
Debt service fund balance (Page 11) $59,514.60
Accrual of interest coupons due
January 1 , 1968 (Page 11) 12,792.50 $72.307.10
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL CITY BONDED DEBT
N AND INTEREST TO MATURITY
December 31, 1967
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Retired Outstanding
Total or December
Authorized Canceled 31, 1967
Series A $419,000 $ 65,800 $353,200
Series B 268,000 109,500 158 ,500
Total $687000 175 300 $511 , 700
Total Annual
Bond Interest Total
Maturities (Payment Basis)Requirements
Year Ending December 31 ,
1968 $ 25,585 $ 25. 585
1969 25,585 25,585
1970 25,585 25,585
1971 25, 585 25,585
1972 $511 ,700 12793 524,Y3
N Total $511 ,700 $115133 $626,833
The general City bonded indebtedness is represented by
refunding bonds dated January 1 , 1942, in the original amount of
$687,000, due January 1, 1972. Interest, payable semi-annually
on the first day of January and July each year, is at the rate of
5% per annum to maturity. The entire issue matures January 1,
1972, but is subject to redemption at par on any interest paying
date.
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CITY OF OKEECHOBEE, FLORIDA
GENERAL GOVERNMENTAL FUNDS
EI SUMMARY OF INSURANCE COVERAGE
December 31, 1967
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 25/50,000
Property damage None
Workmen's compensation and employer' s liability Statutory Rates
Public officials bonds
City Clerk 10,000
Others 2,500
0 Automobile (fleet automatic)
Bodily injury 50/100,000
Property damage 25,000
dl 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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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED BALANCE SHEET
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I December 31, 1967
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ASSETS
LIABILITIES, RESERVES AND RETAINED EARNINGS
Plant, Property and Equipment Long-Term Debt ,
Water system $ 499,861.75 Water and sewer revenue bonds, issued
Sewer system 352,68744 July 1, 1958, maturing serially by
Machinery and equipment 38,814.75 years through 1988 $ 321 ,000.00
Office equipment 5,144.60
Total Plant, Property and Equipment 896,508.54 Liabilities Payable From Special Funds (See Contra)
Bond interest - due January 1, 1968 $ 7,180.00
Special funds Matured 1946 and 1947 revenue certificates
With fiscal agents for redemption of outstanding 625,00
interest coupons and revenue certificates $ 7,805,00 _Total Liabilities Payable From Special Funds 7,805.00
r' Revenue bond sinking fund (see contra)
On deposit - Fiscal agent $ 480.00 Reserve Accounts (See Contra)
I - Savings accounts 41,249.13 Revenue bond sinking fund (Page 18) 41 ,729.13
I Depreciation fund Depreciation fund (Page 18) 39,873 35
On deposit - Savings accounts 39,873.35 81,602.48 Total Reserve Accounts 81,602.48 I,
1 Total Special Funds 89,407,48
Other Liabilities
Current Assets Consumers' service deposits 17,351.99
0 Cash
On deposit 63,570.35 Current Liabilities
Change fund 150.00 Accounts payable 7,558,69
Accounts receivable - consumers 8,393.,92 Payroll and withholding taxes payable 1 , 2.
5205
Less reserve for losses 3,338.65 5,055 27 Total Current Liabilities 9,080.74 II
f ' December water and sewer
revenues billed in January 9,248 69 Retained Earnings
Total Current Assets 78,024.31 Operating funds (excess utility
service taxes retained) - (Page 16) 51,591 ,58
Invested in plant, property and equipment
jI (including Federal grants of $71,160 and
contributions in aid of construction) - (Page 16) 575,508 54
Total Retained Earnings 627,100.12
TOTAL LIABILITIES, RESERVES AND 1
4 TOTAL ASSETS $16063,940.33 RETAINED EARNINGS $1.063940,33
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF RETAINED EARNINGS
fI
Year Ended December 31, 1967
Invested
In Plant,
Operating Property
Total Funds and Equipment
Retained Earnings - January 1, 1967 $588,110.07 $ 46,890.00 $541,220.07
Current Year
Additions
Net operating revenue (Page 20) 20,042,84 20,042.84
57 of water and sewer revenue
collected (1967) applied to
depreciation fund requirement 5,143.57 5, 143, 57
Utility service taxes retained 30,832.21 30,832, 21
Funds invested in plant, property
and equipment (Page 20) (24,533.47) 24,533 47
Contributions in aid of
construction 2,755.00 2,755xO0
Total Additions 58,773. 62 31,485. 15 27,288.47
N Deductions
Bond indenture requirements
��i Bonds retired 7,000.00
Interest (7,000.00)
Excess transfer 140.00 140.00
Depreciation fund 5,143,57 5,143 57
Total Deductions 19,783.57 26,783.57
(7,000000)
Retained Earnings - December 31,
19E,7 1627.100. 12 $ 51,591.58 575,508.54
Analysis of Retained Earnings
Balance - December 31, 1967
Net water and sewer revenues $520,400.92 $ 64,582.65 $455,818.27
Contributions in aid of
construction - (1958-1966) 28,336.00 28,336.00
Federal grants 71,160,00 71,160.00
a Plant, property and equipment
written off (8 ,805.73) (8,805.73)
Bond indenture requirements
• Interest (137,020.00) (137,020.00)
Revenue bond sinking fund (32,471.06) (32,471,06)
Depreciation fund (31,888.94) (31,888.94)
+ Bonds retired (29,000.00) 29,000.00
Utility service taxes retained
to offset revenue deficiency 217,388093 217,388,93
II
Totals $627,100.12 L.211.1,162,1 2575,508.54
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MCALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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• Page 17
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
•
COMBINED STATEMENT OF SOURCE AND APPLICATION OF REVENUE
Year Ended December 311 1967
Source of Funds
Water $ 95,489.58
Sewer 21,346.11
Miscellaneous 829. 19
Utility service taxes retained 30,832.21
Tapping fees 2 ,755.00
Total Funds Provided $151 ,252.09
Application of Funds
• Operating expenses $ 97,h22.04
Plant, property and equipment 27,288,47
Bonds retired 7,000.00
Transfer to revenue bond sinking fund 14,640.00
Increase in consumer accounts receivable 1 ,593.72
Decrease in consumer deposits (1 ,559.66)
i Decrease in current liabilities (2,761.88)
Increase in available cash funds 7,429.40
Total Funds Applied $151,252.09
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
Year Ended December 31, 1967
t
I '
Depreciation Fund
Revenue Bond (By L•-dger Designations)
Total Sinking Fund Total Reserve Repair Equipment iI
Reserve Balances - January 1, 1967
Transfer of net operating revenue and utility service taxes $64,220,00 $32,331.06 $31,888.94 $21,100.00 $10,035.40 $ 753,54 it
1 Interest on investments 13,697.97 7,220 40 6,477.57 4,592.87 1 ,486.10 398.60
Total 77,917.97 39,551,46 38,366.51 25,692.87 11 ,521,50 1,152,14
Current Year
Additions
Bond indenture requirements transferred from revenue funds
r. i Bonds retired 7,000.00 7,000.00 ,
Interest 14,500 '00 14,500. 0 i,
IITo provide reserve to equal maximum principal and
interest becoming due in any succeeding year 140.00 140.00
Depreciation fund - 5% of gross water and sewer
revenues collected in preceding year 5,143.57 5,143 57 5,143,57
0 Interest on investments 3,544.51 2,037.67 1,506x84 1,009 08 452.52 45.24
Total Additions 30,328.08 23,677.67 6,650 41 6,152 65 452 52 45.24
0 Dedu ' ions .
Fi
Deposited with fiscal agent
Payments July 1 , 1967
11
Bonds 7 ,000.00 7,000.00
Interest 7,320.00 7,320 00
Payment January 1 , 1968
Interest 7,180.00 7,180:00
,
Excessive prior year appropriation applied in lieu of
actual cash transfer for current provision 5,143.57 5 143.57 5,143.57 i1
li
Total Deductios 26,643.57 21,500.00 5,14 3 57 5,143.57
Reserve Balances - December 31L 1967 laLgaLaa 41 .72983 X39,873 35 26 701,95 $11,974.02 $1,197.38
i Analysis of Indenture Requirements •
' t it Six months (6/12) provision for 7-1-68 bond maturity $ 3,500.00 $ 3,500.00 ij
1 Maximum principal and interest - due in year 1981 24,975,00 24,975.00
1
5% of gross water and sewer revenues collected - based
s, on years 1958 to 1966 inclusive ($716,045.91) - (Page 19) 35,802 29 $35,802.29 I'
Disbursements permitted by indenture for repairs, replacements,
improvements and betterments when ordered by City Council - ''
Excess (deficiency) of appropriation of utility service taxes 8 2 71 3,996.06 (3,913.35)
I
r interest on investments retained in fund 17,242.48 9,258.07 7,984..41
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To ais 81 ,602.48 $41,729.13 $39,873.35
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MCALPJN, CURTIS & O'HAIRE CERTIFIED PUBLIC ACCOUNTANTS
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Page 19
Frt CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMPUTATION OF DEPRECIATION FUND RESERVE REQUIREMENT
4k
December 31, 1967
•
The depreciation fund, according to the water and sewer revenue bond inden-
ture, "is to be equal to at least five percent of the gross revenues actually received
or collected during the preceding calendar year". The cumulative computation was made
as follows:
Billings & Uncollectible
Delinquent Written Off Uncollected Collected
Year Base Charges Net Adjustment Basis
1958 $ 51,548.64 $ (8,380. 71 ) $ 43,167.93
1959 65,171 .64 1 ,158.64 66,330 48
• 1960 68 ,646,42 $ (884.05) (319.7< ) 67,444.58
1961 78 ,187. 16 6.60 (3,570,25) 74,623.51
1962 83,239.63 (969,42) 544,60 82,814 81
1963 89,895.04 47,45 (2,498 75) 87,443.74
1964 93,284.95 (26.50) (111.17) 93,147,28
1965 100,354.46 (2,152,3E) 98,202 10
0 1966 103,354.80 (483.32) 102,871.48
A Totals laLcli.74 $(1,825`9 ) $(15.812.91) $(716.045,91)
Cumulative Requirement at December 31, 1967 1$35.802.29
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MCALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF OPERATING REVENUES, EXPENDITURES
e
AND BOND INDENTURE REQUIREMENTS
Year Ended December 31, 19h7
Capital
Total Outlay Operating
Revenues
Water $ 95,489.58 $ 95,489.58
Sewer 21,346. 11 21,346.11
Tapping fees 2,755 00 $ 2,755.00
Miscellaneous 829.19 829. 19
Total Revenues 120,419.88 2,755.00 117,664.88
Operating Expenditures
Salaries and wages
• Superintendent 5,980.00 5,980.00
Assistant 5,886.00 5,886.00
Weekly labor 29,410.24 5,261.67 24,148.57
Bookkeepers 6,801.00 6,801.00
Chemicals 24,641.90 24,641.90
Electricity 7,818.41 7,818.41
• Truck expense 2,690.60 518.34 2,172.26
Meter repairs 1,100.95 1, 100.95
Other repairs and maintenance 494. 67 494.67
A Pipe, fittings and supplies 14,329.52 12,896.57 1,432.95
Tools and other supplies 7,852.98 1,659.72 6,193.26
Freight 325.03 325.03
Water tank servicing 600.00 600.00
Office supplies 1 ,648.48 1,648.48
Social security 2,136 49 2, 136.49
Insurance 1 ,272.97 1,272.97
Audit fee 500.00 500.00
Provision for uncollectible accounts 235.98 235.98
Miscellaneous 4,233.12 4,233.12
Property, plant and equipment 6,952.17 6,952.17
Totals $124,910.51 27,288.47 97,622.04
Net Operating Revenue 20,042.84
Net Capital Expenditures $24,533.47 (24,533.47)
Current Year Bond Indenture Requirements
Bonds retired $ 7,000.00
Interest
• As required 14 500.00
Excess transfer 140.00
Depreciation fund 5 143.57
•
(26,783.57)
Deficiency to be Provided From
Utility Service Taxes (31,274.20)
Utility Service Taxes Collected 30 832.21
Excess of Indenture Requirements Over
Operating Revenues and Utility Service Taxes S (441.99)
MCALPIN, CURTIS & O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
• Page 21
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET COMPARISON
•
Year Ended December 31, 1967
e
Actual
1968 1967 Over (under)
Budget Budget Actual Budget
Revenues
Water $ 90,000 $ 84,000 $ 95,489. 58 $11,489.58
Sewer 22,000 21 ,000 21 ,346.11 346. 11
Utility taxes retained 31,000 30,000 30,832 21 832.21
Tapping fees 2,000 2,000 2,755.00 755.00
Interest on savings accounts 2,800 2,800 3,544. 51 744.51
Miscellaneous 829. 19 829. 19
Total 147,800 139,800 14,796.60 14,996,60
•
Expenditures
Salaries and wages
Superintendent 6,240 5,980 5,980.00
Assistant 5,886.90 5,886.00
Weekly labor 40,000 40,000 24,148 57 (15,851.43)
Bookkeepers 7,800 7,280 6,801.00 (479.00)
Chemicals 23,000 14,000 24,641.90 10,641.90
Electricity 8,000 8,000 7,818.41 (181.59)
A Truck expense 2,500 2,500 2,172.26 (327. 74)
Meter repairs 1 ,500 1 ,700 1 ,100.95 (599.05)
Other repairs and maintenance 494.67 494. 67
Pipe, fittings and supplies 18,000 18,000 7,951.24 (10,048.76)
Water tank servicing 600 600 600.00
Office supplies 2,000 1 ,500 1 ,648.48 148.48
Social security and insurance 5,000 6,000 3,409.46 (2,590,54)
Audit fee 750 500 500.00
Provision for uncollectible
accounts 235.98 235.98
Miscellaneous 4,233.12 4,233.12
Contingencies 1,050 2,100 (2,100.00)
Bonds retired 7,000 7,000 7,000 ,00
Interest on bonds 14,360 14,640 14,640.00
Depreciation fund 1,000 1,000 5,143,57 4,143.57
• Equipment - capital
expenditures 5,000 5,000 2,891.78 (2,108.22)
New meters and boxes 3,000 3,000 2,318.87 (681.13)
I. New extensions 1 ,000 1 ,000 22, 7 07 82 21,077.82
Total Expenditures 147 800 1122,02 151 ,694.08 11,894.08
•
Excess of Revenues
Over Expenditures 31102.52 $ 3,102,52
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Page 22
•
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER SYSTEMS
STATEMENT OF PLANT, PROPERTY AND EQUIPMENT
•
December 31, 1967
• Balance Balance
January Net December
1, 1967 Additions 31, 1967
Plant, Property 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 meters and boxes 33,807.18 $ 2,318.87 36,126.05
New water mains 157,344.94 22,077.82 179,422.76
Department trucks 4,661.27 4,661.27
" Fire hydrants 1,391.65 1,391.65
Machinery and equipment 31,299.20 2,854.28 34,153.48
Office equipment 5,107.10 37.50 5,144.60
•
Sewer plant land 2,290.00 2,290.00
Sewer treatment plant 216,136.52 216,136.52
New sewers and manholes 115,498.64 115,498.64
Sewer lift stations 18,762,28 18,762.28
41 T 69,2
otal 5820.07 IZLZ1LiZ 896,508,54
Source of Funds Invested
• Proceeds from outstanding bonds $328,000.00 $(7,000.00) $321,000.00
Tapping fees since 1958 25,581.00 2,755.00 28,336.00
Net operating revenue and
utility service taxes
Additions 493,639.07 24,533.47 518,172.54
Bonds retired 22,000.00 7,000.00 29,000.00
Total $869,220.07 illaaLL.12 $896,508,54
Funds Available for Repair,
Replacement and Construction
Depreciation fund
As required by indenture $30,658.72 $ 5,143.57 $35,802.29
Excess (deficiency) of
appropriation of utility
• service taxes 1,230.22 (5,143.57) (3,913.35)
Accumulated interest on investments 6,477.57 1,506.84 7,984.41
♦ Total 538,366.51 $ 1,506.84 122A17.122
The bond indenture provides that "withdrawals and disbursements
• may be made from the depreciation fund upon orders of the City
Council for the purpose of meeting special or unforseen emer-
gencies, or repair or replacement work in connection with the
• operation of the water and sewer system, and for the payment
of the cost of constructing extensions, improvements, better-
ments or additions to the system".
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MCALPIN, CURTIS & O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
• Page 23
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
December 31, 1Q67
Y
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 4% on those maturing through 1969, 4-1/2% on those maturing after 1969
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. The bonds and interest are payable through the water and sewer revenue
bond sinking fund.
Total
Bond Annual Interest Total
Year Ending December 31, Maturities (Payment Basis) Requirements
1968 $ 7,000 $ 14,360 $ 21,360
1969 10,000 14,080 24,080
1970 11 ,000 13,680 24,680
1971 11 ,000 13 , 185 24,185
1972 12,000 12,690 24,690
1973 12,000 12,150 24,150
1974 13,000 11,610 24,610
1975 13,000 11,025 24,025
1976 14,000 10,440 24,440
1977 15,000 9,810 24,810
1978 15,000 9, 135 24,135
1979 16,000 8,460 24,460
1980 17,000 7,740 24,740
1981 18,000 6,975 24,975
1982 18,000 6,165 24,165
1983 19,000 5,355 24,355
1984 20,000 4,500 24,500
1985 21,000 3,600 24,600
1986 22,000 2,655 24,655
1987 23,000 1,665 24,665
1988 14,000 630 14,630
• Total $321,000 $179,910 $500,910
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McALPIN, CURTIS & C'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
Page 24
CITY OF OKEECHOBEE, FLORIDA
STATISTICAL TABLES
ASSESSED VALUE OF ALL TAXABLE PROPERTY
*
Tax Rolls For Years 1958 Through 1967
•
Real Personal Homestead
Year Property Property Total Exemption
1967 $9,455,220 $2,488,438 $11 ,943,658 $2,659,495
1966 2,761 ,370 506,510 3,267,880 2,003,900
1965 2,621,020 495,225 3,116,245 1,913,550
1964 2,489,850 523,203 3,013,053 1 ,828,900
1963 2,263,805 514,595 2,778,400 1,770,900
1962 2,039,470 471 ,390 2,510,860 1 ,638,400
1961 1 , 786,765 430,365 2,217,130 1,510,700
1960 1 ,679,330 404,385 2,083, 715 1 ,325,500
1959 1 ,422,905 360,437 1 ,783,342 1,297,000
•
1958 1,173,175 335,925 1,509,100 1,157,100
Tax Levy and Applicable Rates
Levies Rates
•
Debt General
Debt General Service Government
• Year Service Government Mills Mills
1967 $29,206.30 $59,718.30 2 5
1966 31,630.68 45,750.32 6 14
1965 30,178.77 43, 627.43 6 14
1964 29,051 .71 42,182.75 6 14
1963 27,295.80 38,863 60 6 14
1962 24,895.56 35,136.04 6 14
1961 22,366.98 31,039.82 6 14
1960 20,455.29 29, 172.01 6 14
1959 18,482.05 24,966. 79 6 14
1958 15,997.20 21,127.40 6 14
• The valuations are established as of January 1 of each year; being
the base of computing tax revenue levies for the City's accounting year end-
ing December 31. Tax bills are not sent out until the following November.
• Consequently, the annual operations of the City are largely financed by
prior year surplus or other revenue funds until November, when the first
collections are received on the assessment roll.
•
The 1967 tax roll has been adjusted to reflect 100 percent valuation
of all property.
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MCALPIN, CURTIS & ❑'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA j
1
STATISTICAL TABLES
OTHER GENERAL FUND AND WATER-SEWER REVENUES
e
Years Ended December 31, 1958 Through 1967
•
Revenues - Other Than Property Taxes - General Fund ,
Franchise Interest Qualifying
1 Cigarette Fines and Building Occupational Florida Power and Telephone Rezoning Interest Dog Pound Election Garbage
li Year Tax Forfeitures Permits Licenses and Light Advertising Commissions Charges on Savings Fees Fees Fees Miscellaneous
'1 I
1967 $85,110,05 $16,093.19 $1,716.80 $7,317.27 $15,880.21 $450.79 $ 55.48 $160.00 $3,357.66 $153.00 $ 218.24 $106.00 l j
1966 81 ,495.71 19,014.85 1,288.50 6,999.31 15,069.39 7.42 120.03 100.00 1 ,320.90 154.00 $240.00 271.20 579.44
1965 71,638.59 15,540.45 1,386,24 6,549.08 14,686.39 62.03 112,45 280.00 1,248.52 198.00 125.00 1,000.00 228.67 1 1
1 1964 67,874. 62 14,632. 70 1,882,.75 6,539.02 14,558 69 52.27 63.17 200.00 1,237.90 25.50 150.00 (Franchise) 638.10
1 1963 59,906.57 15,715.00 1,172.95 6,962.30 13,660.98 63.56 90.32 200.00 1,067.33 82.50 110.00
1962 42,408.54 9,118.35 6,678.50 10,870.66 30.63 69.20 120,00 581.16 46.50 450.00 100.00 1 1,
1961 43,984.07 6,917.80 6,832.18 9,589.68 23,02 98.12 200.00 265.74 69,50 183.00
d 1960 39,932.05 11,489.40 6,198.97 8,868.14 898.04 97.17 40.00 62, 50 425.00 63.80
1959 35,531 .90 11 ,409, 15 5,905 20 7,783.04 93.03 93.41 34.00 63.00 50.00
1958 30,252. 51 7,333.40 5,038.29 7,041.41 17.31 96.53 130.00 133.05 375.00 3,091.75 34.00
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Water and Sewer System Revenue
Connection
Sewer Interest Charges Utility
1 Service Water Delinquent Miscel- on (In Aid of Service
1
1 Charges Billings Charges laneous Savings Construction) Taxes
1967 $21,346.11 $95,399.58 $ 90.00 $829.19 $3,544.51 $2,755.00 $30,832.21
1966 19,960.89 83,191.91 202.00 682.30 3,394.93 2,490.00 29,927.54
1965 20,484.46 79,754.00 116.00 123.83 3,054.89 2,390.00 28,542.14
1964 19,270.60 73,924.35 90.00 291,86 2,929,08 2,980.00 27,537.95 1
1963 18,411 .79 71,365.25 118,00 101.90 2,843.91 4,620.00 27,258.12
1962 17,051.23 66, 110.40 78.00 308.77 1 ,977.10 3,705.00 24,145,29
1961 16,333.56 61 ,777.60 76,00 12.42 900.00 4,000.00 23,019.02
1960 14,413.52 54, 148.90 86.00 300.00 1 ,930.00 21 ,723.37
1959 13,658.89 51 ,385.75 127.00 1 ,535.00 19,403 79 1
1 1958 (Combined $51,548.64) 1 ,931.00 18,278.75
11 Water Water Water Total 1
Meters in Meters Meters Non- Water Unmetered Sewer
1 Dec. 31 Operation Cut Off Operative Meters Customers Connections j1
i
1967 1 ,297 168 11 1 ,476 23 301
1966 1 ,190 145 76 1 ,411 37 298
1965 1 ,180 139 35 1,354 49 289
O 1 1964 1 ,169 132 11 1,312 43 279
1963 1,079 77 48 1,204 40 276 i
1962 966 75 27 1 ,068 55 257
. 1 1961 906 56 17 979 66 240 I
1960 767 51 45 863 100 228
I; 1959 740 43 42 825 195 1
1958 Not Available