Audit Report 09.30.1975
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CITY OF OKEECHOBEE. FLORIDA
FINANCIAL STATEMENTS
September 30, 1975
Mayor
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Council - President
Council - Vice President
Councilman
Councilman
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Councilman
City Clerk
City Attorney
Municipal Judge
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CITY OF OKEECHOBEE. FLORIDA
FINANCIAL STATEMENTS
September 30, 1975
MAYOR - COUNCIL
...
ADMINI STRATIVE
Superintendent - Water and Sewer Department
Chief of Police
Chief of Fire Department
Building Inspector
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Aud1ey Dunham
Russell V. Domer
E. H. Hunt
Lavon Bass
Edward W. Douglas
Clifford L. Betts, Jr.
Sandra Bennett
David Conlon
Audley Dunham
L. C. Fortner, Jr.
Edward Chisholm
Olen Godwin
Richard B. Spray
McALPIN. CURTIS Be O'HAIRE. C."TI,..RO fI>U_UC ACC:OUMTANTS
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Page 1
CITY OF OKEECHOBEE. FLORIDA
FINANCIAL STATEMENTS
September 30, 1975
TABLE OF CONTENTS
Page
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2
Accountants' Report
General Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
3
4
Federal Revenue Sharing Trust Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
5
6
Debt Service Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
7
8
Statement of General Long-Term Debt
9
Statement of General Fixed Assets
10
Water and Sewer Fund
Balance Sheet
Statement of Changes in Retained Earnings
Statement of Revenues and Expenses
Statement of Changes in Financial Position
11
12
13
14
Notes to Financial Statements
15
Statement to Bondholders
17
Other Financial Information
Accountants' Report on Other Financial Information
Schedule of General Fund Expenditures Compared
with Budget
Schedule of Changes in Reserve Accounts
Schedule of General Bonded Debt and Interest to Maturity
Schedule of 1958 Water and Sewer Revenue Bonds and Interest to
Maturity
Schedule of 1972 Water and Sewer Revenue Bonds and Interest to
Maturity
Schedule of Inter-Fund Accounts
Schedule of Insurance Coverage
Statistical Tables
18
19
21
22
23
24
25
26
27
McALPIN. CURTIS 8: O'HAIRE. CIU,T,,..tCO PU.LfC ACCOUNTANTS
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McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
FORT PIERCE, FLORIDA. 33450
IRA M. McALPIN. JR., C.P.A.
LYMAN B. CURTIS. C.P.A.
THOMAS F. O'HAIRE. C.P.A.
S. THOMAS HAMILTON. JR.. C.P.A.
SAMUEL R. PETERKIN. JR.. C.P.A.
JOHN O. MORAN. C.P.A.
December 12, 1975
...
Honorable Mayor and
City of Okeechobee
Okeechobee, Florida
City Council
We have examined the financial statements of the various funds
and account groups of the City of Okeechobee, Florida, for the year
ended September 30, 1975 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
circtmlstances.
The City does not maintain detailed records of the Water and
Sewer Property or General Fixed Assets nor is adequate control maintained
over capital additions and retirements, particularly as with regard to
items constructed by the City. We do not know, and it is impractical to
ascertain, if the recorded cost of property and equipment in the Water
and Sewer fund and in the Statement of General Fixed Assets is a fair
presentation of the cost of the City investment in Fixed Assets.
In our opinion, except for the effect of the lack of records
and controls on the assets and net income in the Water and Sewer Fund
and assets in the Statement of General Fixed Assets, the aforementioned
financial statements present fairly the financial position of the various
funds of City of Okeechobee, Florida, at September 30, 1975 and the results
of their operation for the year then ended in conformity with generally
accepted accounting principles applied on a basis consistent with that of
the preceding year.
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McAlpi , Curtis & O'Haire .
Certified Public Accountants
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
BALANCE SHEET
September 30, 1975
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ASSETS
Cash
Certificates of Deposit (cost)
Due from Water and Sewer Fund
Due from Federal Revenue Sharing Trust Fund
Inventory - gasoline
Taxes receivable
Less estimated uncollectible taxes
Delinquent street and sewer liens
Less estimated uncollectible liens
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Contracts payable
Employee payroll deductions
Due to Debt Service Fund
Total Liabilities
Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
See Notes to Financial Statements
$35,019.88
35,019.88
$ 2,768.34
2,768.34
$ 7,405.02
1,198.44
2,177.80
1,262.46
Page 3
$122,665.51
592,245.09
64,956.92
9.38
480.34
-0-
-0-
$780,357.24
$ 12,043.72
768,313.52
$780,357.24
Page 4
CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
STATEMENT OF REVENUES. EXPENDITURES AND CHANGE IN FUND BALANCE
Year Ended September 30, 1975
...
1975 1974
Actual Budget Actual
$127,944.14/ $ 112,000.00 $108,288.55
--237,607.72 223,000.00 210,969.97
15,725.57. 17,000.00 20,106.85
68,100.08v 70,000.00 69,560.16
42,202.16 55,000.00 52,964.07
103,703.29 39,000.00 37,330.73
(15,000.00 30,000.00 13,750.00
4,720.20 5,500.00 6,654.78
3,810.00 3,800.00 4,039.40
-2,785.84 1,000.00 2,212.05
243.50 400.00 518.50
35,228.70 19,000.00 22,835.81
$657,071.20 $ 575,700.00 $549,230.87
$ 52,421.83 $ 68,040.00 $ 43,587.40
218,201. 72 236,278.00 214,094.36
128,169.91 154,300.00 98,568.36
8,373.69 9,600.00 8,586.82
55,324.60 361,096.70 40,893.24
$462,491. 75 $ 829,314.70 $405,730.18
$194,579.45 $(253,614.70) $143,500.69
573,734.07
$768 , 313 .52
Revenues
Property taxes
State revenue sharing funds
Occupational licenses
Utility taxes
Fines and forfeitures
Franchise fee
Fire Department payment -
Okeechobee County
Building permits
Competency cards
Mobile home license fees
Htmlane Department fees
Interest and miscellaneous
Total Revenues
Expenditures
General government
Public safety
Public works
Health and welfare
Miscellaneous
Total Expenditures
Excess of Revenues Over Expenditures
Fund Balance - October 1, 1974
Fund Balance - September 30, 1975
See Notes to Financial Statements
McALPIN. CURTIS & O'HAIRE. CI:ATI..lIro I"'U.LIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
BALANCE SHEET
September 30, 1975
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ASSETS
Cash'
Certificate of Deposit (cost)
TOTAL ASSETS
$ 1,951.13
169,000.00
$170,951.13
LIABILITIES AND FUND BALANCE
Liabilities
Due to General Fund
$
9.38
Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
170,941. 75
$170,951.13
See Notes to Financial Statements
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CITY OF OKEECHOBEE, FLORIDA
Page 6
FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF REVENUES. EXPENDI TURES AND CHANGE IN FUND BALANCE
Year Ended September 30, 1975
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Revenues
Federal Revenue Sharing
Interest on investments
$130,748 .00 ~/
3,928.84 .....
$134,676.84
Expenditures
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Excess of Revenues Over Expenditures
Fund Balance - September 30, 1975
$134,676.84
36,264.91
$170,941.75
Fund Balance - October 1, 1974
See Notes to Financial Statements
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CITY OF OKEECHOBEE. FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
September 30, 1975
ASSETS
Cash
Certificate of Deposit (cost)
Due from General Fund
LIABILITIES AND FUND BALANCE
Liabilities
Matured bonds and coupons outstanding
Fund Balance
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Page 7
TOTAL ASSETS
$ 675.78
99,664.06
1,262.46
$101,602.30
$ 2,012.00
99,590.30
$101,602.30
TOTAL LIABILITIES AND FUND BALANCE
See Notes to Financial Statements
CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
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Page 8
STATEMENT OF REVENUES. EXPENDITURES AND CHANGE IN FUND BALANCE
Year Ended September 30, 1975
Revenues
Taxes collected
Interest on investments
Total Revenues
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Expenditures
Bonds retired
Interest on bonds
Fiscal agent fee
Total Expenditures
Excess of Revenues Over Expenditures
Fund Balance - October 1, 1974
Fund Balance - September 30, 1975
See Notes to Financial Statements
$52,6l2.61v?
4,104.55
$10,000.00
32,025.00
300.00
$56,717.16
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42,325.00
$14,392.16
85,198.14
$99,590.30
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CITY OF OKEECHOBEE. FLORIDA
Page 9
STATEMENT OF GENERAL LONG-TERM DEBT
September 30, 1975
Amounts Available And To Be Provide4
For The Payment of General Bonded Debt
Refunding Bonds of 1971:
Amount available in Debt Service Fund
Amount to be provided
Total Available And To Be Provided
General Bonded Debt
Refunding Bonds of 1971:
Principal amount
Interest to maturity
Total General Bonded Debt
See Notes to Financial Statements
$ 99,590.30
753,072.20
$852,662.50
$450,000.00
402,662.50
$852,662.50
CITY OF OKEECHOBEE. FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
Page 10
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September 30, 1975
Land and Improvements
Real estate - lot adjoining
City Hall
Lot - Elevated Tank
Improvements - well and
sprinkler system - City Hall
Parks and sanitary system
Dog Pound
City streets, sidewalks,
roads and culverts
Balance
.. ",October 1, 1974
Net
Additions
Balance
September 30, 1975
$
6,000.00
2,000.00
$ 6,000.00
2,000.00
3,841.30
23,877.09
2,080.74
3,841.30
23,877.09
2,080.74
74,138.14
$111,937.27
74,138.14
$111,937.27
Buildings and Improvements
Bandstand $ 1,046.75 $ 1,046.75
Utility garage 20,548.65 20,548.65
City Hall 44,164.88 44,164.88
Fire Station 23,407.80 23,407.80
$ 89,168.08 $ 89,168.08
Furnishings and Equipment
City Clerk's office $ 10,020.73 $ 10,020.73
Parks Department 1,677 .18 1,677.18
Police Department 4,312.21 $ 518.58 4,830.79
Mobile and base radio units 14,893.92 2,216.00 17 ,109.92
Traffic lights 9,614.00 9,614.00
Fire Department 14,525.09 14,525.09
Street Department 1,065.89 1,065.89
Mayor's office 517.76 517.76
Director of Public Works office 721. 68 721. 68
$ 57,348.46 $ 2,734.58 $ 60,083.04
Rolling Stock
Fire trucks $ 48,174.31 $ 48,174.31
Police cars 17,118.00 $ 4,554.00 21,672.00
Dog Warden 750.00 750.00
Parks, Streets and Sanitation
Department 51,332.86 20,464.17 71,797.03
$117,375.17 $25,018.17 $142,393.34
Total General Fixed Assets $375,828.98 $27,752.75 $403,581. 73
See Notes to Financial Statements
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
BALANCE SHEET
September
30, 1975 and 1974
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ASSETS
Current Assets
Cash $
Certificates of Deposit (cost)
Accounts receivable
Less provision for uncollectible accounts
Accrued interest receivable
Due from revenue bond reserve and retirement fund
Total Current Assets $
Restricted Assets
Revenue Bond Reserve and Retirement Fund (Note B)
Cash
Certificates of Deposit
Revenue Bond Depreciation Fund (Note C)
Investments (cost)
Construction Fund
Cash
Total Restricted Assets
Utility Plant
Plant, property and equipment (Note D)
Less accumulated depreciation (Note E)
Net Utility Plant
TOTAL ASSETS
See Notes to Financial Statements
./II,
1975
78,095.92
163,635.09
25,038.10
(7,081.21)
1,307.22
209.58
261,204.70
$ 23,432.08
48,400.00
25,416.64
63,970.60
$ 161,219.32
$1,946,422.22
(450,584.37)
$1,495,837.85
$1,918,261.87
1974
$ 94,373.85
145,000.00
32,984.24
(6,339.77)
1,097.92
125.03
$ 267,241.27
$
25,908.50
25,000.00
63,767.95
63,970.60
$ 178,647.05
$1,901,898.90
(401,923.81)
$1,499,975.09
$1,945,863.41
Page 11
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
61._
STATEMENT OF CHANGES IN RETAINED EARNINGS
Years Ended September 30, 1975 and 1974
Balance - October 1
Additions (Deductions)
Net income
Contributions in aid of construction
Increase in debt service requirements
Interest earned and retained in Depreciation Fund
Excess balance in Depreciation Fund transferred
to Revenue Fund
Additional amount transferred from Revenue
Fund to Bond Reserve Fund
Balance - September 30
See Notes to Financial Statements
1975
$949,225.83
(4,819.78)
9,400.00
(1,174.03)
(416.64)
38,767.95
(19,890.00)
$971,093.33
Page 12
1974
$904,189.99
39,061. 70
13,467.00
(5,760.00)
(1,732.86)
$949,225.83
CITY OF OKEECHOBEE. FLORIDA
Page 13
WATER AND SEWER FUND
STATEMENT OF REVENUES AND EXPENSES
Years Ended September 30, 1975 and 1974
".
Net Operating Income
1975 1974
$249,405.84 $244,293.41
33,034.97 35,181.05
25,000.00 25,000.00
6,514.81 6,430.76
13,056.35 12,073.39
3,266.75 2,988.53
$330,278.72 $325,967.14
$112,683.05 $ 92,525.45
6,765.62 5,797.33
2,148.59 1,182.73
34,961.24 37,277.14
18,175.33 .18,516.16
5,142.13 3,085.57
46,707.94 33,681. 22
5,820.66 3,029.45
8,048.68
7,741.12 5,432.76
2,966.33 1,860.00
741.44 574.88
1,263.12
1,442.95 1,879.77
$254,608.20 $204,842.46
$ 75,670.52 $121,124.68
$ 48,660.56 $ 47,547.47
29,874.20 25,280.97
6,410.96
1,955.54 2,823.58
$ 80,490.30 $ 82,062.98
$ (4,819.78) $ 39,061. 70
Revenues
Water sales
Sewer charges
Hydrant rental
Penalties and delinquent fees
Interest on investments
Miscellaneous
Total Revenues
Operating Expenses
Salaries and wages
Payroll taxes
Group insurance
Chemicals
Materials and supplies
Truck expense
Electricity
General insurance
Repairs
Office expense
Professional fees
Provision for uncollectible accounts
Pension Plan contribution
Miscellaneous
Total Operating Expenses
Other Deductions
Depreciation
Interest - Revenue Bonds
Interest - bank loan
Interest - contracts
Total Other Deductions
Net Income (Deficit)
See Notes to Financial Statements
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CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
Page 14
STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended September 30, 1975 and 1974
Sources of Working Capital
Net income (loss)
Expenses not requiring outlay of working capital
Depreciation
Interest accrued on 1972 Revenue Bonds
Contributions in aid of construction
Decrease in restricted assets
Total Sources of Working Capital
Uses of Working Capital
Additions to Utility Plant
Decrease in liabilities payable from restricted
assets
Payment on long-term debt
Increase Depreciation Fund
Decrease accrued interest on 1958 Revenue Bonds
Total Uses of Working Capital
Decrease in Working Capital
Increase (Decrease) in Wprking Capital
Increase (Decrease) in Current Assets
Cash
Certificates of deposit
Accounts receivable
Accrued interest receivable
Due from other funds
Increase (Decrease) in Current Assets
Increase (Decrease) in Current Liabilities
Accounts payab 1e
Accrued payroll deductions
Accrued interest on contracts
Due to other funds
Current portion of long-term debt
Water deposits
Increase (Decrease) in Current Liabilities
Increase (Decrease) in Working Capital
See Notes to Financial Statements
1975 1974
$ (4,819.78) $ 39,061. 70
48,660.56 47,547.47
13,817.22
9,400.00 13,467.00
17,427.73 4,587.85
$ 70,668.51 $118,481. 24
$ 44,523.32 $ 92,106.64
140.45 38,109.5[,
34,136.08 29,911. 77
1,732.86
146.25
9 78,799.85 $162,007.10
$ (8,131.34) $'(43,525.86)
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$(16,277.93) $ 34,891.21
18,635.09
(8,687.58) 433.86
209.30 (31. 25)
84.55 (10,810.47)
$ (6,036.57) $ 24,483.35
$ (3,232.76) $ 2,014.32
(12.16) 367.36
(351. 95) (351.67)
59,970.61
626.36
5,065.28 6,008.59
~ 2,094.77 $ 68,009.21
$ (8,131.34) $(43,525.86)
... 1
Page 15
CITY OF OKEECHOBEE. FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1975
Note A - Basis of AccountIng .'
The City's accounting records for general governmental operations
are on the modified accrual basis. The more important revenues are recorded
when earned and expenditures recorded as incurred. The accounting records
for the Water and Sewer Fund are maintained on the accrual basis.
Note B - Revenue Bond Reserve and Retirement Funds
The 1958 Revenue Bond Ordinance requires, among other things, monthly
deposits equal to one-sixth of the next interest requirement and one-twelfth (
of the next bond principal requirement. In addition, a reserve equal to
the largest annual bond principal and interest payment is to be maintained.
At September 30, 1975 the amount required and the amount on deposit in the
1958 Revenue Bond Sinking Fund is as follows:
50% of interest due January 1, 1976
25% of bond principal due July 1, 1976
Maximum reserve (bond principal and
interest due 1981)
Reserve Balance
Due to Revenue Fund
$ 2,610.00
3,500.00
24,975.00
$31,085.00
125.06
Cash Balance
$31,210.06
The 1972 Revenue Bond Ordinance requires, among other things, monthly
deposits equal to one-twelfth of the next annual bond principal and interest
payment. In addition $390.00 is to be deposited monthly in the reserve
account in the Sinking Fund until a maximum of $23,400.00 is on deposit.
During the year, the City satisfied this provision of the ordinance. At
September 30, 1975 the amount required and the amount on deposit in the
1972 Revenue Bond Sinking Fund is as follows:
75% of bond principal and
interest due January 1, 1976
Maximtml r.eserve
Reserve Balance
Due to Revenue Fund
$17,137.50
23,400.00
$40,537.50
84.52
Cash Balance
$40,622.02
Note C - Depreciation Fund
The 1958 Revenue Bond Ordinance requires that a Depreciation Fund
of $25,000.00 be maintained. The Fund may be used, with approval of the
City Council, to pay for capital additions or unforeseen emergencies. At
September 30, 1975 the Fund was $416.64 in excess of requirements.
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Page 16
CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
September 30, 1975
Note D - Utility Plant
.'
In 1972, the City started an improvement and expansion program in
the Water System. The estimated cost of the project is $630,500.00. Costs
incurred to September 30, 1975 totaled $612,382.67.
Note E - Depreciation
Depreciation is recorded at a composite rate of 2-1/2% and amounted
to $48,660.56 for the year.
Note F - Long-Term Debt
Details concerning the 1958 Revenue Bonds and the 1972 Revenue
Bonds are shown on pages 23 and 24 respectively of this report.
Contracts payable consist of the following:
(1) The balance due on the Farmers Home Administration contract
for the Okeechobee Beach extension was $9,378.25. The balance
is payable December 26, 1975 with interest at 5%.
(2) The contract with the Okeechobee County Board of Education
is being paid by applying fifty percent of the water charges
to the indebtedness. The balance of the contract was
$22,438.01 at September 30, 1975 and the payments during the
year totaled $1,266.04.
(3) The balance due on the Ernest Evans contract for the Wilcox
Shores and Okeechobee Estates extension was $19,075.61 at
September 30, 1975. The balance is payable in monthly in-
stallments of $686.31 which includes interest at 6%.
Page 17
McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
FORT PIERCE, FLOR1D4.33450
,
IRA M, McALPIN, JR.. C,P.A,
LYMAN B. CURTIS. C.P,A.
THOMAS F. O'HAIRE. C.P.A.
S. THOMAS HAMILTON, JR.. C.P.A.
SAMUEL R, PETERKIN, JR.. C,P,A,
JOHN D. MORAN, C,P,A,
December 12, 1975
".
Honorable Mayor and City Council
City of Okeechobee
Okeechobee, Florida
We have examined the financial statements of the City of
Okeechobee, Florida for the year ended September 30, 1975 and have
issued our report thereon under date of December 12, 1975.
,
The ordinance authorizing the issuance of the 1958 Water
and Sewer Revenue Bonds requires that the audit contain an analysis
regarding the adequacy of the acts of the City and its officers in
carrying out the requirements of the resolution.
Among the requirements of the ordinance are the following:
(1) Money in the Sinking Fund in excess of the
amount of interest and principal coming due in
the ensuing twelve months may be invested in
direct obligations or guaranteed securities
of the United States of America.
(2) Allor any part of the Depreciation Fund may be
invested in direct obligations or guaranteed
securities of the United States of America.
The investments made from the Sinking Fund and Depreciation
Fund during the year were in certificates of deposit in the Okeechobee
County Bank. We obtained no knowledge that any other requirements of
the 1958 Water and Sewer Revenue Bond ordinance were not complied with.
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McAlpin Curtis & 0 'Haire .
Certified Public Accountants
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Page 18
McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
FORT PIERCE, FLORIOA 33450
IRA M. McALPIN, JR.. C.P.A.
LYMAN B. CURTIS. C.P,A,
THOMAS F. O'HAIRE, C.P.A.
S, THOMAS HAMILTON. JR" C.P,A,
SAMUEL R. PETERKIN. JR.. C,P.A.
JOHN 0, MORAN. C,P,A,
December 12, 1975
...
Honorable Mayor and City Council
City of Okeechobee
Okeechobee, Florida
Our examination was made primarily for the purpose of formu-
lating an opinion on the preceding basic financial statements taken as
a whole. The information presented hereinafter, although not considered
necessary for a fair presentation of financial position, results of
operations, and changes in financial' position in conformity with gener-
ally accepted accounting principles are presented for supplementary analy-
sis purposes. This information has been subjected to the audit procedures
applied in our examination of the financial statements and is, in our
opinion, fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
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McAlpin, Curt{s & O'Haire '
Certified Public Accountants
CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH 'BUDGET
Year Ended September 30, 1975
".
General Government
City Council salaries
City Council expense
Mayor's salary
Mayor's expense
Mayor's office expense
Audit fee
Board of Adjustment
City Attorney salary
City Attorney expense
Attorney special fees
City Clerk's salary
Deputy City Clerk's salary
Deputy Clerk trainee
City Clerk's office expense
City Clerk's office equipment
Telephone
City Hall operation and maintenance
City Hall repairs
New construction and additions
Public Safety
Police Department salaries
Police incentive pay
Police Department expense
Communication expense
Police Department equipment and vehicles
Fire Department salaries
Fire Department expense
Fire hydrant charge
Fire Department equipment
Building official salary
Building official expense allowance
Building official office expense
Civil Defense
Public Works
Director of Public Works salary
Director of Public Works expense and equipment
Street Department salaries
Street Department expense
.
Expenditures
$ 5,400.00
3,600.00
1,200.00
1,200.00
41.80
2,025.00
1,500.00
9,000.00
200.00
8,999.97
6,924.77
3,020.13
2,268.82
3,792.35
3,248.99
$ 52,421.83
$103,035.17
1,293.75
26,272.21
1,713.25
9,816.58
28,842.16
10,952.07
25,000.00
9,050.38
2,020.00
206.15
$218,201. 72
$ 3,253.83
333.37
45,215.36
24,882.88
Page 19
Budget
$ 5,400.00
3,600.00
1,200.00
1,200.00
100.00
1,500.00
1,500.00
9,000.00
300.00
2,000,00
9,000.00
7,040.00
1,200.00
2,000.00
2,500.00
3,000.00
2,500.00
10,000.00
5,000.00
$ 68,040.00
$110,768.00
1,800.00
27,000.00
3,800.00
5,000.00
31,600.00
10,000.00
25,000.00
10,000.00
9,040.00
1,820.00
250.00
200.00
$236,278.00
$ 3,200.00
500.00
51,400.00
25,000.00
Page 20
CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET (CONTINUED)
Year Ended September 30, 1975
... Expenditures Budget
Street Department equipment $ 20,464.17 $ 25,000.00
Refuse collection 8,799.96 9,200.00
Street lighting 25,220.34 25,000.00
Construction new bridge 15,000.00
$128,169.91 $154,300.00
Health and Welfare
Humane Officer salary $ 7,061.54 $ 7,400.00
Animal Pound expense 1,312.15 2,200.00
$ 8,373.69 $ 9,600.00
Miscellaneous
Election expense $ 655.19
Donations 2,800.00 $ 2,500.00
Utilities 1,712.11 2,000.00
Health insurance 4,773.92 4,000.00
General insurance 14,649.43 15,000.00
Payroll taxes 13,063.99 15,000.00
Retirement - City Clerk 4,738.76 4,739.25
Pension plan payments 5,363.81 5,354.48
Overtime 6,630.53 4,000.00
Condemnation proceedings 500.00
Contingencies 936.86 31,288.27
Transfer to Water and Sewer Fund 276,714.70
$ 55,324.60 $361,096.70
Total $462,491. 75 $829,314.70
McALPIN. CURTIS & O'HAIRE. C."T.".ltO ,.",aLlC ACCOUHTA,"T
CITY OF OKEECHOBEE. FLORIDA
Page 21
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WATER AND SEWER FUND
SCHEDULE OF CHANGES IN RESERVE ACCOUNTS
Year Ended September 30, 1975
Balance - October 1, 1974
Additions
From Revenue Fund
From Operating Fund
Bond principal requirements
Bond interest requirements
Interest earned on investments
Total Additions
l
Deductions
Payments for
Bond principal
Bond interest
Transfer to Revenue Fund
Total Deductions
Balance - September 30, 1975
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Bond Reserve and
Retirement Fund
Current Maximum Depreciation
Total Maturities Reserve Fund
$114,326.42 $22,073.47 $28,485.00 $63,767.95
$ 19,890.00 $19,890.00
16,250.00 $16,250.00
30,798.23 30,798.23
4,291.25 1,375.00 $ 2,916.25
$ 71,229.48 $47,048.23 $21,265.00 $ 2,916.25
$ 16,000.00 $16,000.00
29,874.20 29,874.20
42,642.56 $ 1,375.00 $41,267.56
$ 88,516.76 $45,874.20 $ 1,375.00 $41,267.56
$ 97,039.14 $23,247.50 $48,375.00 $25,416.64
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Page 22
CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF GENERAL BONDED DEBT AND INTEREST TO MATIJRITY
September 30, 1975
Bonds maturing 1982-1996 are redeemable at the option of the City on
any interest date by payment of a premium of 3% between 1982-86; 2% between 1986-91
and 1% after July 1, 1991. Interest is payable at 7.5% on bonds maturing through
1982; at 6.75% for bonds maturing 1983 through 1990; at 6.875% for bonds maturing
1991 through 1995, and at 6.75% for bonds maturing in 1996.
Mc:ALPIN. CURTIS Be O'HAIRE. CIUltTlr'Sa PV.I..IC ACCOUNTANT
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Page 23
CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF 1958 WATER AND SEWER REVENUE BONDS
AND INTEREST TO MATURITY
September 30, 1975
".
Principal
Interest
Total
Principal and Interest Payments Due
For Year Ended September 30
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ 14,000.00 $10,440.00 $ 24,440.00
15,000.00 9,810.00 24,810.00
15,000.00 9,135.00 24,135.00
16,000.00 8,460.00 24,460.00
17,000.00 7,740.00 24,740.00
18,000.00 6,975.00 24,975.00
18,000.00 6,165.00 24,165.00
19,000.00 5,355.00 24,355.00
20,000.00 4,500.00 24,500.00
21,000.00 3,600.{)0 24,600.00
22,000.00 2,655.00 24,655.00
23,000.00 1,665.00 24,665.00
14,000.00 630.00 14,630.00
$232,000.00 $77,130.00 $309,130.00
Total
The bonds bear interest at the rate of 4-1/2% and are secured by the
net revenues of the Water and Sewer System and the utility taxes. The bonds are
redeemable 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%.
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Page 24
CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF 1972 WATER AND SEWER REVENUE BONDS
AND INTEREST TO MATURITY
September 30, 1975
!'. .....":
Principal
Interest
Total
Principal and Interest Payments Due
For Year Ended September 30
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total
$ 3,000.00 $ 19,850.00 $ 22,850.00
4,000.00 19,700.00 23,700.00
4,000.00 19,500.00 23,500.00
5,000.00 19,300.00 24,300.00
5,000.00 19,050.00 24,050.00
5,000.00 18,800.00 23,800.00
5,000.00 18,550.00 23,550.00
6,000.00 18,300.00 24,300.00
6,000.00 18,000.00 24,000.00
6,000.00 17,700.00 23,700.00
6,000.00 17,400.00 23,400.00
7,000.00 17,100.00 24,100.00
7,000.00 16,750.00 23,750.00
7,000.00 16,400.00 23,400.00
8,000.00 16,050.00 24,050.00
8,000.00 15,650.00 23,650.00
9,000.00 15,250.00 24,250.00
9,000.00 14,800.00 23,800.00
10,000.00 14,350.00 24,350.00
10,000.00 13,850.00 23,850.00
11,000.00 13,350.00 24,350.00
11,000.00 12,800.00 23,800.00
12,000.00 12,250.00 24,250.00
12,000.00 11,650.00 23,650.00
13,000.00 11,050.00 24,050.00
13,000.00 10,400.00 23,400.00
14,000.00 9,750.00 23,750.00
14,000.00 9,050.00 23,050.00
15,000.00 8,350.00 23,350.00
15,000.00 7,600.00 22,600.00
16,000.00 6,850.00 22,850.00
17,000.00 6,050.00 23,050.00
18,000.00 5,200.00 23,200.00
19,000.00 4,300.00 23,300.00
21,000.00 3,350.00 24,350.00
22,000.00 2,300.00 24,300.00
24,000.00 1,200.00 25,200.00
$397,000.00 $481,850.00 $878,850.00
The bonds bear interest at the rate of 5% and are secured by a pledge of the
net revenues of the Water and Sewer System and cigarette taxes. The bonds are sub-
ordinate to the outstanding 1958 Water and Sewer Revenue Bonds. The bonds are
redeemable in Whole or in part in inverse order on any interest payment date at par
and accrued interest.
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CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF INTER-FUND ACCOUN~S
September 30, 1975
".
General Fund
Water and Sewer Fund
Federal Revenue Sharing Trust Fund
Debt Service Fund
Federal Revenue Sharing Fund
General Fund
Debt Service Fund
General Fund
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Water and Sewer Fund
General Fund
Revenue Bond Reserve and Retirement
Fund - Revenue Fund
Total
Page 25
Due From Due To
$64,956.92
9.38
$ 1,262.46
9.38
1,262.46
64,956.92
209.58 209.58
$66,438.34 $66,438.34
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CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF INSURANCE COVERAGE
September 30,1975
Description
~" ",--:
Fire and extended coverage
City Hall (80% Co-Insurance)
Comprehensive General Liability
Bodily injury
Property damage
Medical payments
Workmen's Compensation and Employer's Liability
Vehicular Equipment
Bodily injury
Property damage
Collision ($50 deductible)
Comprehensive
Public Officials Bonds
City Clerk
Other employees
Police Department - Personal Injury Liability
False arrest, libel, etc.
Police and Fu11time Firemen
Accidental death
Volunteer Firemen
Accidental death
Medical payments
Weekly indemnity
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Page 26
Coverage
$
100,000
300,000
50,000
500/10,000
Statutory rates
50/100,000
25,000
ACV
ACV
15,000
15,000
100/300,000
20,000
10,000
2,500
50
Page 27
CITY OF OKEECHOBEE. FLORIDA
STATISTICAL TABLES
ASSESSED VALUE OF ALL TAXABLE PROPERTY
Tax Rolls For Years 1966 Through 1975
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Real Personal Homestead
Year Property Property Total Exemption
1975 $23,630,191 $5,987,420 $29,617,611 $4,479,230
1974 22,237,112 4,668,340 26,905,452 4,336,100
1973 21,760,494 3,153,530 24,914,024 3,680,710
1972 12,295,670 3,031,848 15,327,518 3,223,765
1971 11,119,065 2,299,576 13,418,641 3,030,375
1970 10,612,610 2,279,271 12,891,881 2,868,200
1969 10,276,593 2,120,593 12,397,186 2,680,735
1968 9,564,155 2,510,451 12,074,606 2,633,660
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
Tax Levy and Applicable Rates
Levies Rates
Debt General
Debt General Service Govermnent
Year Service Government Mills Mills
1975 $37,848.00 "$135,945.00 1.11 4.59
1974 51,542.00 123,475.00 1.65 4.59
1973 47,181.00 112,113.00 1.65 4.50
1972 55,653.85 107,292.63 3 7
1971 49,347.04 80,511.84 3 6
1970 31,520.16 77 ,351.29 2 6
1969 29,868.70 61,268.10 2 5
1968 29,416.54 60,144.93 2 5
1967 29,206.30 59,718.30 2 5
1966 31,630.68 45,750.32 6 14
Year
(Note 2)
1975
1974
1973
1972
1971
1970
1969
1968
1967
1966
1975
1974
1973
1972
1971
1970
1969
1968
1967
1966
1975
1974
1973
1972
1971
1970
1969
1968
1967
1966
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CITY OF OKEECHOBEE. FLORIDA
STATISTICAL TABLES
OTHER GENERAL FUND AND WATER -SEWER REVENUES
FISCAL YEARS 1966-1975
Revenues - Other Than Property Taxes - General Fund (Note 1)
~-. ~....,:
State
Revenue Operational Utility Fines and Franchise
Sharing Licenses Taxes Forfeitures Fee
$237,607.72 $15,725.57 $68,100.08 $42,202.16 $103,703.29
210,969.97 20,106.85 69,560.16 52,964.07 37,330.73
188,309.30 4,758.82 32,953.74
211,865.86 24,944.43 23,529.30 29,189.51
159,956.76 10,220.06 33,315.35 23,663.52
137,369.11 8,446.76 27,346.53 21,012.19
116,597.18 7,605.38 31,670.20 19,167.08
103,969.03 8,082.27 9,317.39 16,566.53
85,110.05 7,317 .27 16,093.19 15,880.21
81,495.71 6,999.31 19,014.85 15,069.39
Water and Sewer System Revenues
Sewer
Service Water Delinquent
Charges Billings Charges Miscellaneous
$33,034.97 $249,405.84 $6,514.81 $3,266.75
35,181.05 244,293.41 6,430.76 2,988.53
24,658.51 168,080.50 3,412.90 1,139.43
30,922.35 185,747.67 3,820.90 2,585.82
23,659.43 133,019.45 367.00 1,762.75
21,868.10 115,438.63 164.00 690.40
22,152.00 105,889.68 177 .00 101.00
21,131.11 98,672.14 333.00 10.20
21,346.11 95,399.58 90.00 829.19
19,960.89 83,191. 91 202.00 682.30
Water Water Water Total
Meters in Meters Meters Non- Water Unmetered Sewer
Operation Cut Off Operative Meters Customers Connections
2,353 234 11 2,598 410
2,228 267 1 2,496 392
2,219 177 2,396 376
1,854 159 2,013 370
1,669 160 1,829 9 352
1,513 107 1,620 21 313
1,440 85 8 1,533 24 309
1,374 170 4 1,548 25 305
1,297 168 11 1,476 23 301
1,190 145 76 1,411 37 298
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Page 28
".
Permits
$ 8,530.20
10,694.18
6,185.85
6,496.55
6,240.11
3,019.50
1,285.00
1,916.50
1,716.80
1,288.50
Interest
$31,801. 90
20,912.42
9,691.59
13,331.04
8,330.99
8,331.00
4,581.00
4,546.37
3,357.66
1,320.90
Fire
Department
Payment
$15,000.00
13,750.00
12,500.00
11,000.00
Miscellaneous
$6,456.14
4,653.94
4,908.98
2,355.59
1,945.63
1,757.24
1,916.16
1,007.87
1,143.51
1,472.09
Connection
Charges
.~ Interest on (In Aid of Hydrant Utility
Investments Construction) Rental Taxes
, $13,056.35 $ 9,400.00 $25,000.00
r 12,073.39 13,467.00 25,000.00
7,975.93 12,685.00 $44,878.07
12,639.30 19,135.00 52,415.52
r 7,639.25 7,535.00 45,976.04
7,639.22 4,015.00 42,733.23
t 4,139.22 2,050.00 38,610.54
2,588.47 3,215.00 33,802.29
3,544.51 2,755.00 30,832.21
I 3,394.93 2,490.00 29,927.54
Note 1 - Amounts for years prior to 1974 have been reclassified
to correspond with 1974 and 1975.
Note 2 - Amounts reported for 1974 and 1975 are for the twelve
months ended September 30. Amounts reported for 1973
are for the nine months ended September 30. Amounts
reported for 1972 and prior are for the twelve months
ended December 31.