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1981/1982 Fiscal Year Audit I ' CITY OF OKEECHOBEE, FLORIDA ' FINANCIAL STATEMENTS Year Ended September 30, 1982 1 I CITY OF OKEECHOBEE, FLORIDA FINANCIAL STATEMENTS Year Ended September 30, 1982 CITY COUNCIL ' Edward W. Douglas Mayor, Chairman Donald L. Burk Oakland Chapman ' Councilmember, Vice Chairman Councilmember Dowling Watford James H. Knight Councilmember Councilmember ADMINISTRATIVE Richard C. Fellows ' City Administrator Bonnie S. Thomas, CMC David Conlon ' City Clerk City Attorney Larry Mobley L. C. Fortner, Jr. ' Chief of Police Director of Public Works Louis K. Tomey II J. M. Westbrook Chief of Fire Department Building Inspector 1 CITY OF OKEECHOBEE, FLORIDA FINANCIAL STATEMENTS Year Ended September 30, 1982 TABLE OF CONTENTS ' Page Accountants' Opinion 1 Bond Covenant Compliance Report 3 Combined Balance Sheet - All Fund Types and Account Groups 4 ' Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General and Special Revenue Fund Types 8 ' Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances - All Proprietary IFund Types and Pension Trust Funds 9 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Pension Trust Funds 11 Notes to Financial Statements 12 ' Supplementary Information to Financial Statements: Accountants' Opinion on Supplementary Information 23 General Fund: ' Schedule of Revenues (Budget and Actual) 24 Schedule of Expenditures (Budget and Actual) 26 Pension Trust Funds: Combining Balance Sheet 29 ' Combining Statement of Revenues, Expenses and Changes in Fund Balances 30 ' Combining Statement of Changes in Financial Position 31 ' CITY OF OKEECHOBEE, FLORIDA FINANCIAL STATEMENTS Year Ended September 30, 1982 TABLE OF CONTENTS - Continued Page Supplementary Information to Financial Statements: (Cont'd) ' Special Revenue Fund - Federal Revenue Sharing Trust Fund - Statement of Revenues and Expenditures (Budget and Actual) 32 ' Debt Service Fund - Statement of Revenues and Expenditures (Budget and Actual) 33 Water and Sewer Enterprise Fund - Schedule of Changes in ' ! Reserve Accounts 34 i Statistical Information: i Accountants' Report on Statistical Information 35 Summary of Insurance Coverage 36 Schedule of Assessed Values, Tax Levies and Rates - I Last Ten Years 37 ij Schedule of Revenues and Utility Customers - Last Ten Years 38 1 1 1 1 1 1 Yff-ealey/ Ve/-6/144W Md/le/Sal-Ceeee7,24,/126 ' W. O. DALEY ,� / COMMERCIAL BANK BLDG. K. E.HARTSAW /�.27X/� ��l��C��7dleeeu 2fP e/ K.R.WILLIFORD VE R3 BEACH,FLORIDA ' (305)562-4155 O. R. MYRABO � �0�� W. P. WEATHERFORD (� J.O.WHITEHEAD H.J.JONES,JR. YL, 52S02 C.M.SWAIN ' K.H.MORGAN.JR. 200 N.W.AVENUE L G.P JONES,JR. (305)423-3426 BELLE GLADE,FLORIDA J.R.LOHMANN (305)996-5525 W L.TEDDER,JR. ' E.M.LEVANGIE R. F. RANDOLPH December 7, 1982 A.W.TODD,JR. R. B.COLEMAN C.W. PUCKETT ' M.W.SMITH To The Honorable Mayor and Members of the City Council City of Okeechobee Okeechobee, Florida I We have examined the combined financial statements of the City of Okeechobee, Florida as of and for the year ended September 30, 1982, as listed in the foregoing table of contents. 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 cir- cumstances, except as stated in the following paragraph. ' The City has not maintained adequate detail records in support of the cost of the water and sewer utility plant in service (carrying ' value of $3,200,211 at September 30, 1982) and land and improvements, buildings and improvements, furnishings and equipment, and rolling stock included in the general fixed asset group of accounts (carrying value of $1,164,788 at September 30, 1982) and we were unable to obtain suf- ficient supporting documentation to form an opinion with respect to the stated cost of these items acquired in years prior to October 1, 1981 or the accumulated depreciation applicable to the water and sewer ' utility plant in service at September 30, 1982 or the provision for de- preciation for the year then ended. Accordingly, we are unable to ex- press, and we do not express an opinion on the accompanying financial ' statements of the Water and Sewer Fund and the general fixed assets group of accounts. I i 2 In our opinion, the financial statements referred to above, other than the Water and Sewer Fund and the general fixed assets group of accounts, present fairly the financial position of the City of Okeechobee, Florida, at September 30, 1982, and the results of its 1 operations and the changes in financial position of its fiduciary pension trust fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that I/ of the preceding year, after giving retroactive effect to the changes, with which we concur, in the method of accounting for certain revenue and accrued expenses as described in Note 2 of the financial statements. I 1.1TtiP Certified3ub is Accountants 1 1 1 1 1 I 1 1 1 1 1 1 1 1 3 1 '�Yee-4/ P.M, � M� O. DALES &27,,.�t/� ,524P e COMMERCIAL BANK BLDG. K.R. ILLI O R K.R.WILLIFORD VERO BEACH,FLORIDA O. R. MYRABOa eJ Oel% (305)562-4158 W. P WEATHERFORD J.O.WHITEHEAD � � � , � � H.J.JONES.JR. Lyrka/ruCa;Y,�corar/5.2S02 C.M.SWAIN ' 200 N.W.AVENUE L K.H.MORGAN,JR. (305)423-3426 BELLE GLADE,FLORIDA G.P. JONES,JR. J.R. LOHMANN (305)996-5525 W L.TEDDER,JR. ' E.M.RANANDOLDOLIE PH R F. December 7, 1982 R. A.W.TODD,JR. R. B.COLEMAN C.W. PUCKETT M.W.SMITH To the Honorable Mayor and Members of the City Council City of Okeechobee Okeechobee, Florida ' We have examined the combined financial statements of the various funds and account groups of the City of Okeechobee, Florida for the year ended September 30, 1982, as listed in the foregoing table of contents and have issued our report thereon dated December 7, 1982. Our examination was made in accordance with generally ac- cepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. We have read the covenants included in Resolution No. 320 adopted July 3, 1958, relative to the Water and Sewer Revenue Bonds, Series 1958. In making our examination, we obtained no knowledge of any default by the city in the fulfillment of any of the covenants of the ' above resolution insofar as they pertain to accounting matters. How- ever, it should be noted that our examination was not directed primarily toward obtaining knowledge of such defaults. Certified c Accountants I r 4 CITY OF OKEECHOBEE, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS September 30, 1982 Fiduciary Proprietary Funds Account Groups Governmental Fund Types Fund Employee General General Total Revenue Debt Water Pension Fixed Long- (Memorandum) ASSETS General Sharing Service and Sewer Trust Funds Assets Term Debt Only) Cash, including $39,027 in interest bearing accounts $ 41,177 $20,226 $ 17,116 $ 147,540 $ 23,762 $ - $ - $ 249,821 Investments (Note 1) 350,000 50,000 102,133 445,498 447,014 - - 1,394,645 Receivables (Less allowances for doubtful accounts) : Customer accounts, less allowances of $8,239 (Note 1) 10,407 - - 114,749 - - - 125,156 Due from other governmental agencies - 25,438 - - - - - 25,438 Accrued interest 6,862 - - 2,497 - - - 9,359 Due from other funds - - - 9,090 4,724 - - 13,814 Fuel inventories (Note 1) 4,606 - - - - - - 4,606 Restricted assets: (Notes 6 and 7) Cash - - - 27,019 - - - 27,019 Investments (Note 1) - - - 79,921 - - - 79,921 Property, plant and equipment, net (Where applicable) of accumulated depreciation (Note 3) - - - 3,200,211 - 1,175,620 - 4,375,831 Amount available in Debt Service Fund - - - - - - 117,237 117,237 Amount to be provided for retirement of general long-term debt - - - - - - 351,017 351,017 Total assets $413,052 $95,664 $119,249 $4,026,525 $475,500 $1,175,620 $468,254 $6,773,864 Note: The accompanying Notes to Financial Statements are an integral part of this statement. 5 , CITY OF OKEECHOBEE, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS - Continued September 30, 1982 i I Fiduciary Proprietary Funds Account Groups , Governmental Fund Types Fund Employee General General Total Revenue Debt Water Pension Fixed Long- (Memorandum) LIABILITIES AND FUND EQUITY General Sharing Service and Sewer Trust Funds Assets Term Debt Only) Liabilities: Accounts payable $ 55,001 $ - $ - $ 13,276 $ - $ - $ - $ 68,277 Contracts payable - - - 42,494 - - - 42,494 Customer deposits - - - 93,007 - - - 93,007 Due to terminated employees - - - - 314 - - 314 Payable from restricted assets: Accrued interest on bonds payable - - - 15,064 - - - 15,064 Current portion of bonds payable - - - 25,000 - - - 25,000 Matured bond interest coupons - - - 225 - - - 225 Matured bonds and interest coupons - - 2,012 - - - - 2,012 Due to other funds 13,814 - - - - - - 13,814 Deferred revenues 22,106 - - - - - - 22,106 Long-term indebtedness (Notes 1 and 4) - _ - - 460,000 - - 468,254 928,254 ' Total liabilities 90,921 - 2,012 649,066 314 - 468,254 1,210,567 Fund Equity: I Contributed capital (Note 5) - - - 2,043,646 - - - 2,043,646 Investment in general fixed assets - - - - - 1,175,620 - 1,175,620 Retained earnings : Reserved for - Revenue bond retirement (Note 6) - - - 34,160 - - - 34,160 Depreciation fund (Note 7) - - 32,491 - - - 32,491 Unreserved - _ _ 1,267,162 - - - 1,267,162 Fund balances: Reserved for Employees` retirement system - - -- - 475,186 - - 475,186 Debt service (Note 4) - - 117,237 - - - - 117,237 Undesignated 322,131 95,664 - - - - 417,795 Total fund equity 322,131 95,664 117,237 3,377,459 475,186 1,175,620 - 5,563,297 Total liabilities and fund equity $413,052 $95,664 $119,249 $4,026,525 $475,500 $1,175,620 $468,254 $6,773,864 Note: The accompanying Notes to Financial Statements are an integral part of this statement. L = _-- - - -- 6 CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES Year Ended September 30, 1982 Total Revenue Debt (Memorandum) Particulars General Sharing Service Only) Revenues: Taxes $ 546,838 $ - $ 10,427 $ 557,265 Intergovernmental 296,442 93,023 - 389,465 Charges for services 236,135 - - 236,135 Licenses and permits 42,668 - - 42,668 Fines and forfeitures 23,031 - - 23,031 Interest income 64,132 2,071 15,903 82,106 Miscellaneous 43,250 - - 43,250 Total revenues 1,252 ,496 95,094 26,330 1,373,920 Expenditures: Public safety 692,740 - - 692,740 General government 252,010 - - 252,010 Transportation 302,281 - - 302,281 Physical environment 200,033 - - 200,033 Health, human services 19,445 - - 19,445 Parks and recreation 6,251 - - 6,251 Intragovernment service - Public works 18,543 - - 18,543 Debt service: Principal retirement - - 15,000 15,000 Interest charges - - 25,275 25,275 Professional fees - - 504 504 Total expenditures 1,491,303 - 40,779 1,532,082 Excess (Deficiency) of Revenues Over Expenditures ( 238,807) 95,094 ( 14,449) ( 158,162) Other Financing Sources (Uses) : Proceeds from long-term debt 55,000 - - 55,000 Operating transfers in 15,941 - - 15,941 Operating transfers out - ( 38,223) - ( 38,223) Total other financing sources (Uses) 70,941 ( 38,223) - 32,718 Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Uses (Carried forward) ( 167,866) 56,871 ( 14,449) ( 125,444) i -------- - ----- — — - - — - i 7 CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES - Continued Year Ended September 30, 1982 Total Revenue Debt (Memorandum) Particulars General Sharing Service Only) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Uses (Brought forward) ( 167,866) 56,871 ( 14,449) ( 125,444) Fund Balances September 30, 1981, as Previously Reported 489,997 14,171 131,686 635,854 Adjustment to Previously Issued Financial Statements (Note 2) - 24,622 - 24,622 Fund Balances as Restated 489,997 38,793 131,686 660,476 Fund Balances, September 30, 1982 $ 322,131 $95,664 $117,237 $ 535,032 1 ! Note: The accompanying Notes to Financial Statements are an integral part of this statement. ii 1 i IE if 3i ! !i 8 I CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES Year Ended September 30, 1982 General Fund Revenue Sharing Totals (Memorandum Only) Variance Variance Variance Favorable Favorable Favorable Particulars Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Taxes $ 540,857 $ 546,838 $ 5,981 $ - $ - $ - $ 540,857 $ 546,838 $ 5,981 Intergovernmental 296,187 296,442 255 89,000 93,023 4,023 385,187 389,465 4,278 Charges for services 209,002 236,135 27,133 - - 209,002 236,135 27,133 Licenses and permits 48,325 42,668 ( 5,657) - - - 48,325 42,668 ( 5,657) Fines and forfeitures 15,250 23,031 7,781 - - 15,250 23,031 7,781 ' Interest income 54,000 64,132 10,132 2,071 2,071 54,000 66,203 12,203 Miscellaneous 32,589 43,250 10,661 - - - 32,589 43,250 10,661 Total revenue 1,196,210 1,252,496 56,286 89,000 95,094 6,094 1,285,210 1,347,590 62,380 Expenditures: Public safety 713,558 692,740 20,818 - - - 713,558 692,740 20,818 General government 236,646 252,010 ( 15,364) - - - 236,646 252,010 ( 15,364) Transportation 353,863 302,281 51,582 - - - 353,863 302,281 51,582 Physical environment 168,000 200,033 ( 32,033) - - - 168,000 200,033 ( 32,033) Health, human services 19,639 19,445 194 - - - 19,639 19,445 194 Parks and recreation 7,500 6,251 1,249 - - - 7,500 6,251 1,249 Intragovernment service - Public works 24,929 18,543 6,386 - - - 24,929 18,543 6,386 Total expenditures 1,524,135 1,491,303 32,832 - - - _ 1,524,135 1,491,303 32,832 Excess (Deficiency) of revenues over expenditures ( 327,925) ( 238,807) 89,118 89,000 95,094 6,094 ( 238,925) ( 143,713) 95,212 j Other financing sources (Uses) : Proceeds from long-term debt 55,000 55,000 - - - 55,000 55,000 - Operating transfers in 67,636 15,941 ( 51,695) - - 67,636 15,941 ( 51,695) Operating transfers out - -- - ( 89 000) ( 38 223) 50 777 ( 89 000 , , 89,000) ( 38,223) 50,777 Total other financing sources (Uses) 122,636 70,941 ( 51,695) ( 89,000) ( 38,223) 50 777 33,636 32,718 ( 918) Excess (Deficiency) of revenues and other financing sources over expenditures and other uses (_ 205,289) ( 167,866 37 423 -- 56,871 56,871 ( 205,289) ( 110,995) 94,294 Fund balances, September 30, 1981, as previously reported 489,997 489,997 - 14,171 14,171 - 504,168 504,168 - Adjustment to previously issued financial 1 statements (Note 2) - -� - - 24,622 24,622 - 24,622 24,622 Fund balances as restated 489,997 489,997 - 14,171 38,793 24,622 504,168 528,790 24,622 Fund balances, September 30, 1982 $ 284,708 $ 322,131 $37,423 $14,171 $95,664 $81,493 $ 298,879 $ 417,795 $118,916 Note: The accompanying Notes to Financial Statements are an integral part of this statement. 9 CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND EMPLOYEE PENSION TRUST FUNDS Year Ended September 30, 1982 Fiduciary Proprietary Funds Fund Employee Total Water Pension (Memorandum) Particulars and Sewer Trust Funds Only) Revenues: Charges for services $ 855,093 $ - $ 855,093 Interest income - 50,480 50,480 Contributions 91,112 91,112 Other operating income 258 - 258 Total operating revenues 855,351 141,592 996,943 Expenses: Personal services 332,032 - 332,032 1 Contractual services 51,109 - 51,109 Depreciation 106,582 106,582 Materials and operating supplies 138,609 - 138,609 Utilities 88,796 c 88,796 Rentals and leases 434 U 434 Insurance 11,899 11,899 Repairs and maintenance 103,774 v 103,774 Administrative supplies and expense 38,993 38,993 Contribution refunds 12,095 12,095 Retirement benefits paid v 28,996 28,996 j Professional fees - 1,958 1,958 Total operating expenses 872,228 43,049 915,277 Operating income (Loss) ( 16,877) 98,543 81,666 Nonoperating income (Expense) : Interest income 73,181 - 73,181 Interest expense ( 24,325) m ( 24,325) Impact fees 7,200 a 7,200 Miscellaneous 22,324 . 22,324 Total nonoperating income, net 78,380 - 78,380 fI Income before operating transfers 61,503 98,543 160,046 Operating transfers in 22,283 - 22,283 Operating transfers out ( 25,000) ( e 25,000) Net transfers ( 2,717) ( 2,717) Net income (Carried forward) 58,786 98,543 157,329 3 10 1 CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND EMPLOYEE PENSION TRUST FUNDS ,- . Continued Year Ended September 30, 1982 Fiduciary Proprietary Funds Fund Employee Total Water Pension (Memorandum) Particulars and Sewer Trust Funds Only) Net income (Brought forward) 58,786 98,543 157,329 Retained earnings/fund balance at September 30, 1981, as previously reported 1,243,781 376,643 1,620,424 Adjustment to previously issued financial statements (Note 2) 31,246 31,246 Retained earnings/fund balance at September 30, 1981, as restated 1,275,027 376,643 1,651,670 Retained earnings/fund balance, September 30, 1982 $1,333,813 $475,186 $1,808,999 Summary of retained earnings/fund balance reserved for Revenue bond retirement $ 34,160 $ - $ 34,160 Depreciation fund 32,491 32,491 Employee retirement system - 475,186 475,186 Unreserved 1,267,162 1,267,162 $1,333,813 $475, 186 $1,808,999 Note: The accompanying Notes to Financial Statements are an integral part of this statement, — — I 11 1 CITY OF OKEECHOBEE, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS Year Ended September 30, 1982 Fiduciary Proprietary Funds Fund Employee Total Water Pension (Memorandum) Particulars and Sewer Trust Funds Only)_ Sources of Working Capital: Net income for the year $ 58,786 $98,543 $157,329 Add: Charges which did not use working capital: Depreciation 106,582 - 106,582 Working capital provided by operations 165,368 98,543 263,911 Decrease in restricted assets 31,225 - 31,225 Contributed capital 13,400 - 13,400 Increase in current liabilities payable from restricted assets 24,932 - 24,932 Adjustment to previously issued financial statements 31,246 - 31,246 Total sources of working capital 266,171 98,543 364,714 Uses of Working Capital: Reclassification of long-term debt to short-term 25,000 - 25,000 Purchases of property, plant and equipment 115,010 - 115,010 Payments of long-term debt 23,000 - 23,000 Total uses of working capital 163,010 - 163,010 Increase in working capital $103,161 $98,543 $201,704 Elements of Increase (Decrease) in Working Capital: Increase (Decrease) in current assets: Cash ($ 1,152) $ 7,686 $ 6,534 Investments 52,000 86,130 138,130 Accounts receivable 56,716 - 56,716 Due from other funds 8,985 4,402 13,387 Total 116,549 98,218 214,767 Increase (Decrease) in current liabilities: Accounts payable ( 9,493) - ( 9,493) I Accrued salaries ( 4,322) - ( 4,322) Accrued interest 15,064 - 15,064 Customers' deposits 12,139 12,139 Due to terminated employees s ( 325) ( 325) Total 13,388 ( 325) _ 13,063 Increase in working capital $103,161 $98,543 $201,704 Note: The accompanying Notes to Financial Statements are an integral part of this statement. L - - -- - - Ili a 1 12 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS 1/ Year Ended September 30, 1982 Note 1 - Description of Funds and Summary of Significant Accounting Policies: It is the policy of the City of Okeechobee to conform its accounting policies to generally accepted accounting principles applicable to governmental units. The following is a summary of the more significant principles and practices used in the preparation of these financial statements. Fund Accounting - The accounts of the City are organized on the basis of funds and groups of accounts, each of which is considered to be a separate I/ ' accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts which comprise its assets, liabilities, fund balances/retained earnings, revenues and expenditures/expenses. The various funds are grouped by type in the financial statements as follows: General Fund - The General Fund accounts for all transactions not required to be accounted for in another fund. All general property taxes, 11 franchise fees, utilities taxes, licenses, fees and fines are recorded in this fund. Operational expenditures and capital outlays of general govern- ment, public safety, public services and other departments are paid for through this fund. Federal Revenue Sharing Fund - The Federal Revenue Sharing Fund is used to account for monies received under State and Local Fiscal Assistance Act of 1972, as amended, and related expenditures. Debt Service Fund - The Debt Service Fund is used to account for the receipt of property taxes levied to pay the principal and interest on the City' s general obligation bonds. Proprietary Fund - Proprietary funds are used to account for the financing of services to the general public where the intent of the governing I body is that the costs (all expenses including depreciation) of providing certain goods and services be financed or recovered primarily through user charges. The proprietary fund used by the City is the Water and Sewer System, which accounts for the construction, operation and maintenance of the City-owned water and sewer system. Fiduciary Fund - The Fiduciary Fund is used to account for the ' assets held by the City as trustee for the administration of the police, firemen and general employees pension trust plans. General Fixed Assets Grou' of Accounts - This group of accounts is used to maintain control and cost information on City-owned property, plant and equipment other than those of the proprietary fund. General Long-Term Debt Group of Accounts - This group of accounts is used to record long-term debt which is backed by the full faith and credit of the City and other long-term debt which is secured by general fund revenues and the proceeds of which are not used in proprietary fund activity. Memorandum Totals - The columns captioned "Total - Memorandum Only" are not necessary for a fair presentation of the financial statements, but are presented as additional memorandum data and do not present consolidated financial information. r _ 11 13 1 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued I/ Year Ended September 30, 1982 Note 1 - Description of Funds and Summary of Significant Accounting Policies: (Cont'd) IMeasurement Focus - Governmental (General, Federal Revenue Sharing and Debt Service) fund types are accounted for on a "financial flow" basis. Ac- cordingly, only current assets and current liabilities are included on their balance sheets, and the reported fund balances provide an indication of available spendable or appropriable resources. Operating statements report increases (revenues) and decreases (expenditures) in available spendable resources. Proprietary (Enterprise) and Nonexpendable Pension Trust fund types are accounted for on a "cost of services" basis. Accordingly, all assets and liabilities are included on their balance sheets and the reported fund equities provide an indication of the economic net worth of the funds. Operating state- ments report increases (revenues) and decreases (expenses) in total economic net worth. Appropriations and other commitments are recognized as designations or reserves of fund balance or retained earnings at the end of the fiscal year. I/ These items are recognized as expenditures or expenses in the period in which the actual goods or services are received and a liability is incurred. Funds which are similar by type but not homogeneous are combined. I Interfund transactions and balances are not eliminated on funds which are com- bined rather than consolidated. Basis of Accounting - Basis of Accounting refers to when revenues and ' expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. 11 All governmental funds are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. Uncollected ad valorem taxes are not recorded ' as revenues because, although measurable, they are not available until collected. Accounts receivable for refuse collection and interest on investments are recorded as revenues as earned. Expenditures are generally recognized, under the modified accrual basis, in the accounting period in which the liability is incurred. Exceptions to the rule include accumulated unpaid employee vacation and sick pay, and principal 1 and interest on general long-term debt which is recognized when due. Proprietary Funds and Pension Trust Funds are accounted for on the accrual basis. Their revenues are recognized when earned and their expenses recognized when they are incurred. Unbilled water and sewer utility service revenues ($54,000 at September 30, 1982) are recorded at year end. 11 — - -- 14 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1982 Note 1 - Description of Funds and Summary of Significant Accounting Policies: (Cont'd) I/ Budgets - The City enacts an annual budget, by ordinance, after con- ducting the required public hearings. The budget adopted is on a basis consistent with the accounting principles followed by the City. Budgets presented in the accompanying financial statements include all amendments made to the original adopted budget. ' Investments - Investments, consisting of certificates of deposit and repurchase agreements are stated at cost which approximates market. 11 Property, Plant and Equipment - Property, plant and equipment acquired for general governmental purposes are recorded as expenditures in the General Fund and capitalized at cost in the general fixed assets group of accounts. No depreciation has been provided on general fixed assets. The utility plant and equipment utilized in the City's water and sewer system is stated at cost. Additions, improvements and expenditures that significantly extend the life of an asset are capitalized. I/ Repairs and maintenance costs that do not extend the lives of assets are charged to operations when incurred. Depreciation has been provided I/ principally at a composite rate of 2-1/2%. Inventories - Inventories of motor fuels are stated at cost determined 1/ on a first-in, first-out basis. Note 2 Adjustment to Previously Issued Financial Statements: Effective as of October 1, 1981, the City retroactively adopted certain accounting policies to more fully comply with the accounting principles promulgated by Municipal Finance Officers Association's National Council on Governmental Accounting and the Committee on Governmental Accounting and Auditing of the American Institute of Certified Public Accountants. A description of the adjustments made as a result of these changes and the effect on retained earnings and fund balance at September 30, 1981 is set forth below. The effect of the changes on net income for the year ending September 30, 1981 was not material. 11 1 11 1 II i 15 1 1 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued II1 Year Ended September 30, 1982 I! Note 2 - Adjustment to Previously Issued Financial Statements: (Cont'd) IWater and Sewer Fund - 1. Recognition of accrued interest expense on the City' s 1958 and 1972 water and sewer II serial bonds which had previously been recognized only as amounts were paid ($15,454) I 2. Recognition of accrued unbilled water and sewer service revenue at the end of the fiscal year 46700 ITotal Water and Sewer Fund 31,246 Federal Revenue Sharing - I 1. Recognition of the Federal revenue sharing entitlement at the end of the fiscal year collected after year-end 24,622 IITotal $55,868 II Note 3 - Property, Plant and Equipment: The carrying value of property, plant and equipment recorded in the Water and Sewer Fund was as follows at September 30, 1982: II Utility plant in service - Acquired prior to October 1, 1981 $4,127,219 Acquired during the year ended I September 30, 1982 115,010 Total 4,242,229 Less: Accumulated depreciation 1,042,018 INet boob. value $3,200,211 II Depreciation expense for the year ended September 309 1982 was $106,582. II II 1 li 16 ' CITY OF OKEECHOBEE, FLORIDA INOTES TO FINANCIAL STATEMENTS - Continued IIYear Ended September 30, 1982 IINote 3 - Property, Plant and Equipment: (Cont'd) A summary of changes in General Fixed Assets follows: I { Balance Balance October 1, 1981 Additions Retirements September 30, 1982 II Land and improvements $507,864 $ 28,831 $ - $ 536,695 Buildings and improvements 133,748 - - 133,748 1 Furnishings and equipment 134,610 69,962 3,854 200,718 Rolling stock 217,970 86,489 304,459 Total $994,192 $185,282 $3,854 $1,175,620 II Note 4 - Long-Term Indebtedness; Long-term indebtedness at September 30, 1982 was composed of the IIfollowing: Particulars Amount IIGeneral Long-Term Debt $480,500 Original issue General Obligation II Bonds, due in annual installments of $15,000 to $35,000 through July 1, 1996 $355,000 Notes and capitalized lease obligation: 8% Capital improvement note to a bank, 11 due $9,167 annually, plus interest, through 1988; collateralized by funds other than ad valorem taxes $55,000 II 8,5% Installment note, due $1,123 monthly including interest through January 1, 1987; collateralized by equipment 48,758 Capitalized lease obligation, payable $275 II monthly including interest at 18% through November , 1986 9,496 113,254 IITotal general longterm debt $468,254 II II I 1 AMMO - 17 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1982 iNote 4 - Long-Term Indebtedness: (Cont'd) Particulars Amount Revenue Bonds $350,000 Original issue 1958 Water and Sewer Serial Bonds, due in annual install- ments of $14,000 to $23,000 through July 1, 1988; interest at 4-1/2% $119,000 $400,000 Original issue 1972 Water and Sewer Serial Bonds, due in annual installments of $5,000 to $24,000 through January 1, 2012; interest at 57 366,000 Total revenue bonds $485,000 11 Outstanding general obligation bonds above are redeemable at the option of the City on any interest date by payment of a premium of 3 percent through I/ 1986; 2 percent between 1986-91 and 1 percent after July 1, 1991. Interest is payable at 7.5 percent on bonds maturing through 1982; at 6.75 percent for bonds maturing 1983 through 1990; at 6.875 percent for bonds maturing 1991 through 1995, and at 6.75 percent for bonds maturing in 1996. The 1958 water and sewer revenue bonds are secured by the net revenues of the water and sewer system and utilities service taxes. The bonds are re- i deemable in whole or in part in inverse order of maturity on any interest date at par and accrued interest plus a redemption premium of 4-1/2%. The 1972 water and sewer revenue bonds are secured by a pledge of the net revenues of the water and sewer system and cigarette taxes. The bonds are subordinate to the outstanding 1958 water and sewer revenue bonds and are re- deemable in whole or in part in inverse order on any interest date at par and accrued interest. A summary of the changes in all long-term debt above for the year ended September 30, 1982 is as follows: I I I I 18 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1982 Note 4 - Long-Term Indebtedness: (Cont'd) Proprietary General Long-Term Debt Water and Sewer General Notes and Revenue Bonds Total Obligation Capitalized 1958 1972 Long-Term Bonds Lease Total Series Series Total Debt Balance, September 30, 1981 $370,000 $ - $370,000 $137,000 $371,000 $508,000 $878,000 Additions - 120,632 120,632 - - - 120,632 Payments during the year ( 15,000) ( 7,378) ( 22,378) ( 18,000) ( 5,000) ( 23,000) ( 45,378) Balance, September 30, 1982 $355,000 $113,254 $468,254 $119,000 $366,000 $485,000 $953,254 Annual principal requirements for the next five years are as follows: Year ended September 30, 1983 $ 15,000 $ 20,622 $ 35,622 $ 19,000 $ 6,000 $ 25,000 $ 60,622 1984 20,000 21,816 41,816 20,000 6,000 26,000 67,816 1985 20,000 23,151 43,151 21,000 6,000 27,000 70,151 1986 20,000 24,648 44,648 22,000 6,000 28,000 72,648 1987 20,000 13,853 33,853 23,000 7,000 30,000 63,853 Thereafter 260,000 9,164 269,164 14,000 335,000 349,000 618,164 Total $355,000 $113,254 $468,254 $119,000 $366,000 $485,000 $953,254 19 I CITY OF OKEECHOBEE, FLORIDA I NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1982 Note 4 - Long-Term Indebtedness: (Cont'd) Proprietary General Long-Term Debt Water and Sewer General Notes and Revenue Bonds Total Obligation Capitalized 1958 1972 Long-Term Bonds Lease Total Series Series Total Debt The annual requirements to amortize all debt outstanding as of September 30, 1982, including interest payments totalling $597,784 are as follows: Year ended September 30, 1983 $ 39,150 $ 30,349 $ 69,499 $ 24,355 $ 24,300 $ 48,655 $ 118,154 1984 43,138 29,616 72,754 24,500 24,000 48,500 121,254 1985 41,788 28,882 70,670 24,600 23,700 48,300 118,970 1986 40,437 28,149 68,586 24,655 23,400 48,055 116,641 1987 39,087 15,401 54,488 24,665 24,100 48,765 103,253 1988 42,738 9,898 52,636 14,630 23,750 38,380 91,016 1989 41,050 - 41,050 - 23,400 23,400 64,450 1990 39,363 - 39,363 - 24,050 24,050 63,413 1991 37,675 - 37,675 - 23,650 23,650 61,325 1992 40,956 - 40,956 - 24,250 24,250 65,206 1993 38,894 - 38,894 - 23,800 23,800 62,694 1994 36,831 - 36,831 - 24,350 24,350 61,181 1995 39,769 - 39,769 - 23,850 23,850 63,619 1996 37,362 - 37,362 - 24,350 24,350 61,712 1997 - - - - 23,800 23,800 23,800 1998 - - - - 24,250 24,250 24,250 1999 - - - - 23,650 23,650 23,650 2000 - - - - 24,050 24,050 24,050 2001 - - - - 23,400 23,400 23,400 2002 - - - - 23,750 23,750 23,750 2003 - - - 23,050 23,050 23,050 2004 - - - - 23,350 23,350 23,350 2005 - - - - 22,600 22,600 22,600 2006 - 4 - - 22,850 22,850 22,850 2007 - - - - 23,050 23,050 23,050 2008 - - - 23,200 23,200 23,200 2009 - - - 23,300 23,300 23,300 2010 - - - - 24,350 24,350 24,350 2011 - - - - 24,300 24,300 24,300 2012 - - - - 25 200 25,200 25,200 Total $558,238 $142,295 $700,533 $137,405 $713,100 $850,505 $1,551,038 11 I 20 II 1 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued 1 I/ Year Ended September 30, 1982 II ' Note 4 - Long-Term Indebtedness: (Cont'd) At September 30, 1982, there was $117,237 available in the Debt IService Fund to service the general obligation bonds. Note 5 - Contributed Capital: The source and additions to contributed capital are as follows: Ii Balance Balance Source September 30, 1981 Additions September 30, 1982 1 Connection fees $ 208,013 $13,400 $ 221,413 Developers 338,761 - 338,761 II Federal grant 71,160 - 71,160 Local Public Works Grant 417,740 - 417,740 Federal Revenue Sharing Funds 619,572 619,572 General Fund 100,000 - 100,000 II Okeechobee Beach Water Association 275,000 - 275,000 IITotal $2,030,246 $13,400 $2,043,646 Note 6 - Revenue Bond Reserve and Retirement Funds: II The 1958 and 1972 Water and Sewer Revenue Bond Ordinances require, among other things, deposits on a monthly basis, of amounts necessary to provide for semi-annual interest and annual principal requirements. In addition, the 1958 Revenue Bond Ordinance requires a reserve equal to the largest annual bond 1 principal and interest payment while the 1972 Revenue Bond Ordinance requires a reserve of $23,400. At September 30, 1982, the amounts required and the amounts on deposit are as follows: II1958 Revenue 1972 Revenue Bonds Bonds Total IIMaximum reserve $24,355 $23,400 $47,755 Deposits for bond principal and interest requirements 6,089 18,225 24,314 I/ Balance of construction funds required to be deposited in Sinking Fund - 2,380 2,380 IIReserve Balance - September 30, 19$2 $30,444 $44,005 $74,449 II II II 21 CITY OF OKEECHOBEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - Continued I/ Year Ended September 30, 1982 Note 6 - Revenue Bond Reserve and Retirement Funds: (Cont'd) At September 30, 1982 amounts included in restricted assets (cash and investments) in the accompanying combined balance sheet for these requirements totalled $74,449. ' Note 7 - Depreciation Fund: I/ The 1958 Water and Sewer Revenue Bond Resolution requires that a De- preciation Fund be maintained. The minimum amount required is 5% of gross water and sewer revenues collected during the preceding calendar year. The Fund may be used, with the approval of the City Council, to pay for capital additions or unforeseen emergencies. At September 30, 1982, investments included as restricted assets in the accompanying combined balance sheet for the Depreciation Fund totalled $32,491. Note 8 Pension Plans: The City has three pension plans covering substantially all the City's regular employees. Total pension expense for the year was $29,504 including, with respect to the general employees benefit plan, amortization of past service cost over a 33 year period. It is the City's policy to fund pension expense as I/ determined by actuarial valuation. Mandatory employee contributions to the plans are at the rate of 5% of earnings. The plans covering the City's firefighters and police officers are also funded by the State of Florida from a tax on fire insurance premiums collected. State contributions to these plans totalled $5,827 and $17,193, respectively, during the year ended September 30, 1982. A summary of plan benefits and plan net assets as of October 1, 1982 (the most recent valuation date) is as follows: Actuarial Present Value of Accumulated Plan Benefits: General Police Fire Vested Benefits: Members currently receiving payments $ 14,993 $ - $ - Other members 119631 49,231 13,163 Total vested benefits 134,624 49,231 13,163 Non Vested Benefits 18,446 3,737 761 ' Total Actuarial Present Value of Accumulated Plan Benefits $153,070 $ 52,968 $13,924 Net Assets Available for Benefits $235,622 $173,430 $66,134 Actuarial Assumed Investment Rate of Return 6% 6% 6% 1 22 CITY OF OKEECHOBEE, FLORIDA ' NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1982 i , Note 9 - Commitments and Contingencies: Litigation - The City Council has adopted a resolution authorizing the filing of an application with the Farmers Home Administration for improve- ments to the City' s wastewater treatment and collection systems. The loan resolution would bind the City to issue bonds in the amount of $2,512,000. The issuance would be contingent upon receiving a grant in the amount of $5,325,000. 11 The City is co-defendant in a lawsuit consisting of five counts of alleged violations claiming entitlement to damages in excess of $50,000 per count. The City does not expect any liability to result from this action. It is also defendant in a separate action seeking damages in excess of $5,000. This has been turned over to the City's insurance carrier for defense. The City is plaintiff in a suit seeking reconstruction or replacement of a clearwell at an estimated cost of $500,000. It is anticipated that future judgments will be in the City's favor. Lease Obligation - During the year ended September 30, 1982, the City entered into a noncancellable capitalized lease for certain office equipment. I/ The lease expires in November, 1986 at which time the equipment becomes the property of the City upon payment of $1. The cost of the equipment ($10,832) has been capitalized as furnishings and equipment in General Fixed Assets. Future lease payments required have been included in Note 4 (principal payments, notes and capitalized lease) . Accrued Vacation and Sick Leave Benefits - Full-time and permanent I/ employees accrue a paid vacation period ranging from six days after six months of continuous service up to 20 days after fifteen years of service. Unused vacation may be accumulated up to a maximum of thirty days. Sick leave for employees is accumulated at the rate of 12 days per year. Payment for unused sick leave upon termination of employment may be made for employees with 10 years or more of continuous service at a rate of 257. of 11 the unused sick leave balance. Accumulated unpaid vacation and sick pay to which employees would be entitled upon termination totalled $37,802 and $8,794, respectively, at September 30, 1982. Vacation and sick leave benefits are charged to expense as paid by the City. 11 1 1 i SUPPLEMENTARY INFORMATION 23 W. O. DALEY //gy �//_/_ �,/� / - -/ COM MERCfAL BANK BLDG. K. E.HARTSAW .�F,G/ e,��L.!/'/`/�/�/c��%�Gx�j��"G(/GGCl/defen,ae/ VERO BEACH,FLORIDA K.R.W W LI FORD I/ O. R. MYRABO � /� (305)562-4158 W. P. WEATHERFORD �v J.O.WHITEHEAD g�iD O� H.J.JONES.JR. 64//21/0;YforaeQ/e/.GU OG C.M.SWAIN I/ K.H.MORGAN,JR. 200 N.W.AVENUE L G.R JONES,JR. (305)423-3426 BELLE GLADE,FLORf DA J.R.LOH MANN (305)996-5525 W L.TEDDER,JR. E.M.LEVANGIE December 7, 1982 R. F. RANDOLPH A.W.TODD,JR. R. B.COLEMAN C.W. PUCKETT M.W.SMITH To the Honorable Mayor and Members of the City Council ' City of Okeechobee Okeechobee, Florida Our examination of the combined financial i i 1 statements of the City of Okeechobee, Florida was made primarily for the purpose of forming the opinion included on page 1 of this report. The data contained in pages 24 to 38 in this report are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Okeechobee, Florida. The in- formation has been subjected to the audit procedures applied in the examination of the combined financial statements and in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. ' Certified_2ub is Accountants I I I/ 1 I I/ 24 I CITY OF OKEECHOBEE, FLORIDA GENERAL FUND SCHEDULE OF REVENUES I/ (Budget and Actual) Year Ended September 30, 1982 II Variance II Favorable Budget Actual (Unfavorable) Taxes: Ad valorem taxes $ 291,007 $ 277,464 ($13,543) Franchise fees 121,850 154,823 32,973 Utility service taxes 128,000 114,551 ( 13,449) II540,857 546,838 5,981 Licenses and Permits: Occupational licenses 27,200 28,925 1,725 II Building permits 17,500 10,461 ( 7,039) Animal licenses 125 32 ( 93) Competency cards 3,500 3,250 ( 250) 48,325 42,668 L 5,657) Intergovernmental Revenues: State shared revenue: 1 Cigarette tax 78,000 75,181 ( 2,819) State revenue sharing 160,000 176,013 16,013 Mobile home licenses 1,500 1,307 ( 193) 11 Homestead Exemption Trust Fund 9,000 3,996 ( 5,004) Alcoholic beverage licenses 1,950 1,923 ( 27) Gasoline tax refund 1,500 1,001 ( 499) Law enforcement 4,337 4,337 - Shared revenues from other local units: Road and bridge 35,000 28,335 ( 6,665) II County occupational licenses 4,900 4,349 ( 551) 296,187 296,442 255 II Charges for Services: Fire protection service 7,200 7,200 - Sanitation fees 174,100 202,770 28,670 Miscellaneous 27,702 26,165 ( 1,537) 1 209,002 236,135 27,133 Fines and Forfeitures: 11 Court fines 14,500 21,890 7,390 Police education 500 938 438 Code enforcement fines 250 203 ( 47) I/ 15,250 23,031 7,781 I 1 I - 25 CITY OF OKEECHOBEE, FLORIDA ' GENERAL FUND SCHEDULE OF REVENUES - Continued (Budget and Actual) Year Ended September 30, 1982 11 Variance Favorable Budget Actual (Unfavorable) Miscellaneous: Interest earnings 54,000 64,132 10,132 Other 5,154 2,884 ( 2,270) Sale of assets - 3,855 3,855 ' Rents and royalties - 6,515 6,515 Refunds of prior year expenditures 27,435 29,996 2,561 86,589 107,382 20,793 Total $1,196,210 $1,252,496 $56,286 1/ 1 11 I/ I I I 1/ I f II 26 II I CITY OF OKEECHOBEE, FLORIDA GENERAL FUND SCHEDULE OF EXPENDITURES I (Budget and Actual) Year Ended September 30, 1982 I I/ Variance Favorable Budget Actual (Unfavorable) 1 Public Safety: Law enforcement: I Personal services $ 326,644 $ 308,937 $17,707 Operating expenses 64,168 69,341 ( 5,173) Capital outlay 16,061 14,459 1,602 Total law enforcement 406,873 392,737 14,136 Fire control: Personal services 132,822 132,072 750 Operating expenses 62,380 56,252 6,128 II Capital outlay 70,061 70,308 ( 247) Total fire control 265,263 258,632 6,631 Protective inspections: I/ Personal services 32,815 33,042 ( 227) Operating expenses 7,130 6,854 276 Capital outlay 1,477 1,475 2 I/ Total protective inspections 41,422 41,371 51 Total public safety 713,558 692,740 20,818 General Government: II Legislative: Personal services $ 16,400 $ 16,200 $ 200 Operating expenses 28,026 34,029 ( 6,003) 1 Capital outlay - 2,138 ( 2,138) Total legislative 44,426 52,367 ( 7,941) Executive: Personal services 43,117 43,317 ( 200) 11 Operating expenses 8,413 6,814 1,599 Capital outlay 50 ( 50) Total executive 51,530 50,181 1,349 I Financial and Administrative: Personal services 74,392 73,289 1,103 Operating expenses 36,131 35,632 499 I Capital outlay 20,937 32,452 ( 11,515) Total financial and administrative 131,460 141,373 ( 9,913) I/ 1 1 .. II 1 :: . 27 CITY OF OKEECHOBEE, FLORIDA GENERAL FUND SCHEDULE OF EXPENDITURES - Continued (Budget and Actual) Year Ended September 30, 1982 1 II 1 Variance Favorable Budget Actual (Unfavorable) 1/ General Government: (Cont'd) Comprehensive planning: Personal services 1,500 1,500 - ' Operating expenses 4,100 3,211 889 Capital outlay 100 100 - Total comprehensive planning 5,700 4,811 889 Judicial: II Personal services 1,800 1,675 125 Operating expenses 1,630 1,503 127 Capital outlay 100 100 - II Total judicial 3,530 3,278 252 Total general government 236,646 2521010 ( 15,364) I/ Transportation: Road and street facilities: Personal services 118,181 113,233 4,948 II Operating expenses 136,624 115,328 21,296 Capital outlay 99,058 73,720 25,338 Total transportation, road and street facilities 353,863 302,281 51,582 IPhysical Environment: Garbage/solid waste control services: Personal services - - Operating expenses 168,000 200,033 ( 32,033) Capital outlay - - - Total physical environment, IIsolid waste services 168,000 200,033 ( 32,033) Human Services: I/ Health: Personal services 12,539 12,663 ( 124) Operating expenses 6,900 6,565 335 I Capital outlay 200 19,639 217 ( 17) Total human services, health 639 19,445 194 I/ 11 1/ -- - , 28 CITY OF OKEECHOBEE, FLORIDA IIGENERAL FUND SCHEDULE OF EXPENDITURES - Continued 11 (Budget and Actual) Year Ended September 30, 1982 1 II Variance Favorable Budget Actual (Unfavorable) 1 Culture/Recreation: Parks and recreation: Personal services - - - II Operating expenses - 7,500 - 6,251 - Capital outlay 00 51 1,249 Total culture/recreation, parks and recreation 7,500 6,251 1,249 Intragovernment Services: Public Works: II Personal services 20,152 16,673 3,479 Operating expenses 4,437 1,545 2,892 Capital outlay 340 _ 325 15 I Total intragovernment services, public works 24,929 18,543 6,386 Total expenditures $1,524,135 $1,491,303 $32,832 1 II 1 II II II 1/ II II II Retirement Retirement Retirement Particulars Fund Fund Fund Total I Sources of Working Capital: Excess of revenues over (Under) expenses - Working capital provided by operations $42,981 ($ 9,124) $64,686 $98,543 Uses of Working Capital - - - - Increase (Decrease) in working capital $42,981 ($ 9,124) $64,686 $98,543 Elements of Increase in Working Capital: Cash $ 4,727 $10,154 ($ 7,195) $ 7,686 Investments, at cost 38,053 ( 19,364) 67,441 86,130 Due to employees 201 86 38 325 Due from other funds - - 4,402 4,402 Due to other funds Increase (Decrease) in working capital $42,981 ($ 9,124) $64,686 $98,543 I -- ------------------- i 30 CITY OF OKEECHOBEE, FLORIDA ; PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES Year Ended September 30, 1982 Police General Officers' Firemen's Employees' Retirement Retirement Retirement Particulars Fund Fund Fund Total Revenues: State tax on insurance premiums $ 17,193 $ 5,827 $ - $ 23,020 Employer's contributions 580 270 28,654 29,504 Employees' contributions 8,792 5,239 24,557 38,588 Interest earnings 17,744 9,154 23,582 50,480 Total revenues 44,309 20,490 76,793 141,592 Expenses: Employees' contribution refunds 923 1,719 9,453 12,095 Retirement benefits paid 27,625 1,371 28,996 Professional fee 405 270 1,283 1,958 Total expenses 1,328 29,614 12,107 43,049 Revenues over (Under) expenses 42,981 ( 9,124) 64,686 98,543 Fund Balances, September 30, 1981 130,449 75,258 170,936 376,643 Fund Balances, September 30, 1982 $173,430 $66,134 $235,622 $475,186 [_ _ _ __-_----_-_ _- -- - - _ _ _ _ __ __ _ __ _ _____ _ __ _ ______ _ _ _ _ 1 I 31 I 1 CITY OF OKEECHOBEE, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION Year Ended September 30, 1982 Police General Officers' Firemen's Employees' Retirement Retirement Retirement Particulars Fund Fund Fund Total Sources of Working Capital: Excess of revenues over (Under) expenses - Working capital provided by operations $42,981 ($ 9,124) $64,686 $98,543 Uses of Working Capital - - - - I Increase (Decrease) in working capital $42,981 ($ 9,124) $64,686 $98,543 Elements of Increase in Working Capital: Cash $ 4,727 $10,154 ($ 7,195) $ 7,686 Investments, at cost 38,053 ( 19,364) 67,441 86,130 Due to employees 201 86 38 325 Due from other funds - - 4,402 4,402 Due to other funds - - - I Increase (Decrease) in working capital $42,981 ($ 9,124) $64,686 $98,543 - - ----- 32 CITY OF OKEECHOBEE, FLORIDA. SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING TRUST FUND STATEMENT OF REVENUES AND EXPENDITURES ' (Budget and Actual) 1 1 Year Ended September 30, 1982 I ' Variance Favorable Particulars Budget Actual (Unfavorable) Revenues: Revenue sharing entitlements $89,000 $93,023 $ 4,023 Interest earnings - 2,071 2,071 Total revenues 89,000 95,094 6,094 Expenditures - - - Revenues over expenditures 89,000 95,094 6,094 Other Financing Uses: Operating transfers out 89,000 38,223 50,777 ' Revenues over expenditures and other uses $ - $56,871 $56,871 I I I I 1 I I I CITY OF OKEECHOBEE, FLORIDA DEBT SERVICE FUND I/ STATEMENT OF REVENUES AND EXPENDITURES (Budget and Actual) Year Ended September 30, 1982 1 Variance ' Favorable Particulars Budget Actual (Unfavorable) Revenues: Ad valorem taxes $10,293 $10,427 $ 134 Interest income 6,500 15,903 9,403 Total revenues 16,793 26,330 9,537 Expenditures: Bond principal retirements 15,000 15,000 Bond interest expense 25,275 25,275 Professional fees 500 504 ( 4) 40,775 40,779 ( 4) ' Expenditures over revenues $23,982 $14,449 $9,533 I I I/ 11 I 1 I I Reserved Fund Balance - September 30, 1981 $106,351 $31,767 Additions From Operating Fund: Depreciation fund requirement 20,233 20,233 Bond principal requirement 25,000 - Bond interest requirement 24,715 Interest earned on investment 9,524 4,964 Total additions 79,472 25,197 Deductions Payments for: Bond principal 23,000 - Bond interest 25,775 - Transfer to Revenue Fund 30,108 24,473 Total deductions 78,883 24,473 Total 106,940 32,491 Liabilities payable From restricted assets: Matured bond interest coupons 225 Current portion of bonds payable 25,000 - Accrued interest 15,064 40,289 - Balance - September 30, 1982 $ 66,651 $32,491 i 34 CITY OF OKEECHOBEE, FLORIDA WATER AND SEWER ENTERPRISE FUND SCHEDULE OF CHANGES IN RESERVE ACCOUNTS Year Ended September 30, 1982 Bond Reserve and Retirement Fund Total Depreciation Current Maximum Reserved Fund Total Maturities Reserve Balance - September 30, 1981 $106,351 $31,767 $74,584 $26,209 $48,375 Additions From Operating Fund: Depreciation fund requirement 20,233 20,233 - - - Bond principal requirement 25,000 -- 25,000 25,000 - Bond interest requirement 24,715 - 24,715 24,715 - Interest earned on investment 9,524 4,964 4,560 - 4,560 Total additions 79,472 25,197 54,275 49,715 4,560 Deductions Payments for: Bond principal 23,000 - 23,000 23,000 - ! Bond interest 25,775 - 25,775 25,775 - Transfer to Revenue Fund 30,108 24,473 5,635 455 5,180 Total deductions 78,883 24,473 54,410 49,230 5,180 Total 106,940 32,491 74,449 $26,694 $47,755 Liabilities payable From restricted assets: Matured bond interest coupons 225 - 225 Current portion of bonds payable 25,000 - 25,000 Accrued interest 15,064 - 15,064 40,289 - 40,289 Balance - September 30, 1982 $ 66,651 $32,491 $34,160 I I I I I I I . 1 1 I ISTATISTICAL INFORMATION I "" i 1 1 1 1 41 I I 1 1 / y / / COMMERCIAL BANK 35G. . K. E.HARTSAW - VERO BEACH.FLORIDA K.R.WILLIFORD (305)562-4158 O. R. MYRABOi�O�' W. P. WEATHERFORD J.O.WHITEHEAD H.J.JONES.JR. emhvi,,,, Y,e ,921S02 C.M.SWAIN 200 N.W.AVENUE L K.H.MORGAN.JR. (305)423-3426 BELLE GLADE,FLORIDA G.P. JONES,JR. (305)996-5525 J.R.LOHMANN W L.TEDDER,JR. E.M. LEVANGIE December 7, 1982 R. F. RANDOLPH A.W.TODD,JR. R.B.COLEMAN C.W. T M.W. SMITH To the Honorable Mayor and Members of the City Council City of Okeechobee Okeechobee, Florida 1 Our examination of the financial statements of the City of Okeechobee, Florida was made for the purpose of forming the opinion on the combined financial statements taken as a whole included else- where herein. 1 The accompanying statistical information is presented for additional analysis purposes and is not a required part of the ' combined financial statements. This information has not been subjected to the audit pro- cedures that were applied in the examination of the combined financial statements. Accordingly, we express no opinion on the statistical information. 11 Certified Pu. is Accountants 1 1 t 1 II F 36 CITY OF OKEECHOBEE, FLORIDA SUMMARY OF INSURANCE COVERAGE IISeptember 30, 1982 I IDescription Coverage Fire and Extended Coverage: II Buildings and contents (90 Percent co-insurance $100 Deductible) $ 1,521,232 I Comprehensive General Liability: Bodily injury 300,000 Property damage 300,000 IIPersonal injury liability 300,000 Law Enforcement Liability: Bodily injury, personal injury, property damage 1 ($100 Deductible) 500/1,000,000 Workers' Compensation and Employer' s Liability Statutory Rates Vehicular Equipment: Bodily injury 100/300,000 II Property damage 50,000 Uninsured motorist 35,000 Collision ($100 Deductible) ACV Comprehensive ($50 Deductible) ACV IIScheduled Property Floater ($250 Deductible) 210,000 II Public Officials Bonds: City Clerk 15,000 Other employees 15,000 I Police and Full-Time Firemen: Accidental death 20,000 II Volunteer Firemen: Accidental death 10,000 Medical payments 5,000 I Disability - Total 100 Disability Partial 50 II I I t I 37 ICITY OF OKEECHOBEE, FLORIDA SCHEDULE OF ASSESSED VALUES, TAX LEVIES AND RATES - LAST TEN YEARS II I Real Personal Homestead Year Property Property Total Exemption II 1982 $57,589,660 $10,664,660 $68,254,320 $14,162,210 1981 57,036,510 10,475,123 67,511,633 14,061,980 1980 51,225,720 9,725,167 60,950,887 5,173,430 1979 34,756,690 8,787,664 43,544,354 5,034,700 II 1978 34,065,350 8,587,844 42,653,194 4,905,430 1977 28,053,703 6,872,990 34,926,693 4,702,690 1976 24,370,665 7,241,590 31,612,255 4,585,570 II 1975 23,630,191 22,237,112 5,987,420 29,617,611 4,479,230 1974 4,668,340 26,905,452 4,336,100 1973 21,760,494 3,153,530 24,914,024 3,680,710 II I Levies Tax Levy and Applicable Rates Rates Debt General I Debt General Service Government Year Service Government Mills Mills 1982 $ 8,668 $291,007 .127 4.250 II 1981 8,574 286,924 . 127 4.250 1980 36,386 335,209 .58 5.500 1979 40,248 179,780 .83 4.137 I 1978 41,852 168,054 .88 3.940 1977 43,989 157,519 1.11 4.510 1976 35,090 145,732 1. 11 4.610 I 1975 37,848 135,945 1. 11 4.590 1974 51,542 123,475 1.65 4.590 1973 47,181 112,113 1.6.5 4. 500 II II II II I II 1982 $251,194 $32,175 $114,7)1 L3,u31 ti71JY,U4.J yav � y- 1981 257,325 22,228 108,286 13,813 137,759 23,459 6 1980 243,055 20,084 100,857 19,827 110,587 12,995 6 1979 251,212 20,551 93,107 18,125 93,232 10,856 7 1978 243,923 17,974 92,458 18,317 87,758 7,401 1977 235,839 18,783 82,858 24,817 72,821 8,349 4 1976 243,536 17,491 80,779 46,477 54,324 9,065 4 1975 237,607 15,725 68,100 42,202 103,703 8,530 _ 1974 210,969 20,106 69,560 52,964 37,330 10,694 2 1973 188,309 4,758 - 32,953 - 6,185 Sewer Service Water Delinquent Interest on Charges Billings Charges Miscellaneous Investments 1982 $109,448 $701,272 $17,372 $22,324 $73,181 1981 82,359 569,905 12,228 6,647 70,738 1980 79,453 535,973 9,580 6,732 53,657 1979 66,844 494,849 9,280 5,557 33,288 1978 59,724 436,451 9,140 3,658 30,961 1977 59,506 413,666 10,220 2,838 18,225 1976 49,867 357,349 7,404 47,046 14,289 1975 33,034 249,405 6,514 3,266 13,056 1974 35,181 244,293 6,430 2,988 12,073 1973 24,658 168,080 3,412 1,139 7,975 Water Water Water Total Meters in Meters Meters Non- Water Unmetered Sewer Operation Cut Off Operative Meters Customers Connections Note A. - Amo w 1982 3,129 130 13 3,272 - 462 1981 2,979 222 13 3,214 - 459 Note B - Amo 1980 2,849 272 1 3,122 - 450 e 1979 2,738 286 13 3,037 - 430 m 1978 2,612 236 19 2,867 - 428 1977 2,454 281 6 . 2,741 10 424 Note C - Inc 1976 2,394 268 1 2,663 29 423 1975 2,353 234 11 2,598 - 410 1974 2,228 267 1 2,496 - 392 1973 2,219 177 - 2,396 - 376 CITY OF OKEECHOBEE, FLORIDA SCHEDULE OF REVENUES AND UTILITY CUSTOMERS ', LAST TEN YEARS Revenues - Other Than Property Taxes - General Fund (Note A) State Revenue Fire Year Sharing Occupational Utility Fines and Franchise Department Anti-Recession (Note B) (Note C) Licenses Taxes Forfeitures Fee Permits Interest Payment Fund Miscellaneous 1982 $251,194 $32,175 $114,551 $23,031 $154,823 $10,493 $64,132 $ - $ - $43,250 1981 257,325 22,228 108,286 13,813 137,759 23,459 69,536 - - 4,240 1980 243,055 20,084 100,857 19,827 110,587 12,995 61,733 - - 1,671 1979 251,212 20,551 93,107 18,125 93,232 10,856 76,173 - - 2,035 1978 243,923 17,974 92,458 18,317 87,758 7,401 54,990 7,776 25,863 7,076 1977 235,839 18,783 82,858 24,817 72,821 8,349 49,860 35,000 51,084 16,662 1976 243,536 17,491 80,779 46,477 54,324 9,065 43,099 15,000 - 3,737 1975 237,607 15,725 68,100 42,202 103,703 8,530 31,801 15,000 - 6,456 1974 210,969 20,106 69,560 52,964 37,330 10,694 20,912 13,750 - 4,653 1973 188,309 4,758 - 32,953 - 6,185 9,691 12,500 - 4,908 I I Connection Sewer Charges Service Water Delinquent Interest on (In Aid of Hydrant Utility Charges Billings Charges Miscellaneous Investments Construction) Rental Taxes 1982 $109,448 $701,272 $17,372 $22,324 $73,181 $13,400 $27,000 $ - 1981 82,359 569,905 12,228 6,647 70,738 24,525 27,000 - 1980 79,453 535,973 9,580 6,732 53,657 15,650 23,280 - 1979 66,844 494,849 9,280 5,557 33,288 23,460 22,440 - 1978 59,724 436,451 9,140 3,658 30,961 19,975 25,000 - 1977 59,506 413,666 10,220 2,838 18,225 13,660 25,000 - 1976 49,867 357,349 7,404 47,046 14,289 10,965 25,000 - 1975 33,034 249,405 6,514 3,266 13,056 9,400 25,000 - 1974 35,181 244,293 6,430 2,988 12,073 13,467 25,000 - 1973 24,658 168,080 3,412 1,139 7,975 12,685 - 44,878 Water Water Water Total Meters in Meters Meters Non- Water Unmetered Sewer Operation Cut Off Operative Meters Customers Connections Note A - Amounts for years prior to 1974 have been reclassified to correspond with subsequent years. 1982 3,129 130 13 3,272 - 462 1981 2,979 222 13 3,214 - 459 Note B - Amounts reported for 1974 and subsequent are for the twelve months 1980 2,849 272 1 3,122 - 450 ended September 30. Amounts reported for 1973 are for the nine 1979 2,738 286 13 3,037 - 430 months ended September 30. 1978 2,612 236 19 2,867 - 428 1977 2,454 281 6 2,741 10 424 Note C - Includes additional two-cent cigarette tax. 1976 2,394 268 1 2,663 29 423 1975 2,353 234 11 2,598 - 410 1974 2,228 267 1 2,496 - 392 1973 2,219 177 - 2,396 - 376