Audit Report 09.30.1974
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McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
FORT PIERCE, FLORIDA 33480
IRA M. MCALPIN. JR.. C. P. A.
LYMAN B. CURTIS. C. P. A.
THOMAS F. O'HAIRE. C. P. A.
5. THOMAS HAMILTON. JR.. C. P. A.
SAMUEL R. PETERKIN. JR.. C. P. A.
January 21, 1975
Honorable Mayor and City Council
Okeechobee, Florida
We have completed our examination of the financial statements of the
City of Okeechobee for the year ended September 30, 1974 and submitted our
report as of January 17, 1975.
During the course of our examination, we observed the accounting
procedures and system of internal control and offer the following recommenda-
tions for your consideration:
(1) There should be a consolidation of the bank accounts in
the General Fund with appropriate consideration given to
the requirements of the 1972 Water and Sewer Revenue Bond
Ordinance.
(2) It was observed that in all funds there were substantial
amounts of funds on deposit which could have been invested
in interest bearing securities. Procedures should be in-
stituted to assure that the maximum amount of funds are
invested at the best interest rate.
(3) At September 30, 1974, the securities pledged as
collateral, by the depository bank, were not sufficient
to secure the City's bank deposits and certificates of
deposits. Records of collateral should be maintained
to insure that the City funds are adequately protected
at all times.
(4) The Irving Trust Company, as paying agent for the
1942 Refunding Bonds, has in deposit $2,012.00 to
pay bonds and coupons which have not and may not be
presented. The possibility should be investigated of
the City holding these funds to pay the bonds if
presented.
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(5) Periodic reports of revenues and expenditures compared
with budget estimates should be prepared and submitted
to the City Council.
If we can be of further assistance to you with regard to these
recommendations, please let us know.
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McAlpin, Curtis & O'Haire
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
September 30, 1974
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Mayor
Council - President
Council Vice President
Councilman
Councilman
Councilman
City Clerk
City Attorney
Municipal Judge
CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
September 30, 1974
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MAYOR - COUNCIL
ADMINISTRATIVE
Superintendent - Water and Sewer Department
Chief of Police
Chief of Fire Department
Building Inspector
Aud1ey Dunham
Donald L. Burk
E. H. Hunt
Russell V. Domer
Edward W. Douglas
Clifford L. Betts, Jr.
Sandra Bennett
J. Edward Curren
Audley Dunham
L. C. Fortner, Jr.
Dewitt H. Staats
Olen Godwin
Richard B. Spray
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CITY OF OKEECHOEEE. FLORIDA
AUDIT REPORT
September 30, 1974
TABLE OF CONTENTS
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Accountants' Report
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General Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
Federal Revenue Sharing Trust Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
Debt Service Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
Statement of General Long-Term Debt
Statement of General Fixed Assets
Water and Sewer Fund
Balance Sheet
Statement of Changes in Retained Earnings
Statement of Changes in Reserve Accounts
Statement of Revenues and Expenses
Statement of Changes in Financial Position
Notes to Financial Statements
Statement to Bondholders
Report on Supplemental Data
Other Financial Information
Schedule of General Fund Expenditures Compared
with Budget
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
Page 1
PAGE
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
18
19
20
22
23
24
25
26
27
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Page 2
McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3346
P'ORT 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.
January 17, 1975
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Honorable Mayor and City Council
City of Okeechobee, Florida
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, 1974 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
circumstances.
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 preceding para-
graph on net income and property and equipment in the Water and Sewer
Fund and on property and equipment 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, 1974 and the results of their operation for the year
then ended in conformity with generally accepted accounting principles
applied on a basis consist~nt with that of the preceding period.
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McAlpin, Curlis & O'Haire
Certified Public Accountants
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CITY OF OKEECHOBEE. FLORIDA
Cash
Certificates of Deposit (cost)
Due from Water and Sewer Fund
Inventory - gasoline
Taxes receivable
Less estimated uncollectible taxes
Delinquent street and sewer liens
Less estimated uncollectible liens
GENERAL FUND
BALANCE SHEET
September 30, 1974
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"AsSETS
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
$36,644.95
36.644.95
$ 2,768.34
2,768.34
$ 8,969.66
3,003.60
1,776.92
134.96
The accompanying notes are part of the Financial Statements
Page 3
$154,642.13
367,245.09
64,956.92
775.07
- 0 -
- 0 -
$587,6l9.2l
$ l3,885.l4
573,734.07
$587,6l9.2l
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
Page 4
STATEMENT OF REVENUES AND EXPENDITURES AND CHANGE IN FUND BALANCE
Year Ended September 30, 1974
Actual
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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 taxes
Humane Department fees
Interest and miscellaneous
Total Revenues
$l08,288.55
2l0,969.97
20,106.85
69,560.l6
52,964.07
37,330.73
13,750.00
6,654.78
4,039.40
2,212.05
5l8.50
22,835.8l
$549,230.87
Expenditures
General government
Public safety
Public works
Health and welfare
Miscellaneous
Total Expenditures
$ 43,587.40
214,094.36
98,568.36
8,586.82
40,893.24
$405,730.l8
$143,500.69
Excess of Revenues Over Expenditures
Fund Balance - October l, 1973
430,233.38
Fund Balance _
September 30, 1974
$573,734.07
The accompanying notes are part of the Financial Statements
Budget
$ 10l,927.99
225,000.00
lO,OOO.OO
58,000.00
45,000.00
30,000.00
l3,750.00
7,500.00
l,500.00
l,200.00
400.00
19,500.00
$ 5l3,777.99
$ 62,426.36
230,303.00
l25,938.l2
9,200.00
33l,620.85
$ 759,488.33
$(245,710.34)
McALPIN. CURTIS 8c O'HAIRE. CERTIFIED ~UBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
BALANCE SHEET
September 30, 1974
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ASSETS
Cash
Certificate of Deposit (cost)
Total Assets
$24,364.91
ll,900.00
$36,264.91
LIABILITIES AND FUND BALANCE
Fund Balance
$36,264.9~
The accompanying notes are part of the Financial Statements
McAL.PIN. CURTIS 8c O'HAIRE. CERTIFIED ~UBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF REVENUES. EXPENDITURES AND CHANGE IN FUND BALANCE
Year Ended September 30, 1974
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Revenues
Federal Revenue Sharing
Interest on investments
Total Revenues
Expenditures
Excess of Revenues OVer Expenditures
Fund Balance - October l, 1973
Fund Balance - September 30, 1974
The accompanying notes are part of the Financial Statements
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Page 6
$3l,l58.00
490.87
$3l,648.87
- 0 -
$3l,648.87
4,616.04
$36,264.9l
McALPIN. CURTIS & O'HAIRE, CERTIFIED ~UBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
September 30, 1974
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-ASSETS
$18,768.63
2,Ol2.00
66,294.55
134.96
$87,2l0.l4
Cash
Cash with fiscal agents
Certificates of deposit (cost)
Due from General Fund
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
Liabilities
Matured bonds and coupons outstanding
TOTAL LIABILITIES AND FUND BALANCE
$ 2,012.00
85,198.14
$87,2l0.14
Fund Balance
The accompanying notes are part of the Financial Statements
McALPIN. CURTIS 8c O'HAIRE. CERTIFIED P'U8LIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
DEBT SERVICE Fillil)
STATEMENT OF REVENUES. E.X.PENDITURES AND CHANGE IN FUND BALANCE
Revenues
Taxes collected
Interest on investments
Total Revenues
Expenditures
Bonds retired
Interest on bonds
Fiscal agents fee
Total Expendi tures
Year Ended September. 30, 1974
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Excess of Revenues Over Expenditures
Fund Balance - October l, 1973
Fund Balance - September 30, 1974
The accompanying notes are part of the Financial Statements
$45,760.98
2,873.78
$10,000.00
32,775.00
300.00
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$48,634.76
43,075.00
$ 5,559.76
79.638.38
$85,198.l4
MCALPIN. CURTIS 6 O'HAIRE, CERTIFIED ItUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
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September 30, 1974
Amounts Available And To Be Provided For
The Payment of General Bonded De~t.",
Refunding Bonds of 1971:
Amount available in Debt Service Fund
Amount to be provided
Total Available And To Be Provided
$ 85,l98.14
809,489.36
$894,687.50
General Bonded Debt
Refunding Bonds of 1971:
Principal amount
Interest to maturity
Total General Bonded Debt
$460,000.00
434,687.50
$894,687.50
The accompanying notes are part of the Financial Statements
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Page lO
CITY OF OKEECHOBEE. FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
September 30, 1974
Balance
October l, 1973
Additions
Balance
September 30, 1974
Land and Improvements
Real estate - lot adjoining
City Hall
Lot - Elevated Tank
Improvements - well and sprinkler
system City Hall
Parks and Sanitary System
Dog Pound
City Streets, sidewalks, roads
and culverts
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-$ -, 6,000.00
2,000.00
$ 6,000.00
2,000.00
3,84l.30
23,877.09
2,080.74
3,841. 30
23,877.09
2,080.74
74,138.l4
$lll,937.27
74,138.l4
$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,l68.08 $ 89,l68.08
Furnishings and Equipment
City Clerk's office $ 9,795.73 $ 225.00 $ 10,020.73
Parks Department 1,677.18 l,677.l8
Police Department 3,262.21 1,050.00 4,3l2.2l
Mobile and base radio units l4,893.92 14,893.92
Traffic Lights 9,614.00 9,6l4.00
Fire Department 13,342.09 l,l83.00 14,525.09
Street Department 1,065.89 l,065.89
Mayor's office 517 . 76 517.76
Director of Public Works office 72l.68 721. 68
$ 54,890.46 $ 2,458.00 $ 57,348.46
Rolling Stock
Fire Trucks $ 8,620.31 $39,554.00 $ 48,l74.3l
Police Cars 14,765.00 2,353.00 17,118.00
Dog Warden 750.00 750.00
Parks, Streets and Sanitary
Department 51,332.86 51.332.86
$ 75,468.17 $4l,907.00 $117 ,375.l7
Total General Fixed Assets $33l,463.98 $44,365.00 $375,828.98
The accompanying notes are part of the Financial Statements
McALPIN. CURTIS 81 O'HAIRE. CERTIFIED ~UIILIC ACCOUNTANTS
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
BALANCE SHEET
September 30, 1974
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ASSETS
Current Assets
Cash
Certificates of Deposit (cost)
Accounts receivable
Less provision for doubtful
accounts
Accrued interest receivable
Due from revenue bond reserve and
retirement fund
Total Current Assets
$32,984.24
6,339.77
Restricted Assets
Revenue Bond Reserve and Retire-
ment Fund (Note B)
Cash
Certificate of Deposit
(Cost)
$25,908.50
25,000.00
Revenue Bond Depreciation
Fund (Note C)
Investments (cost)
Construction Fund
Cash
Total Restricted Assets
Utility Plant
Plant, property, and equipment
(Note D)
Less accumulated depreciation
(Note E)
Net Utility Plant
TOTAL ASSETS
The accompanying notes are part of the Financial Statements
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$ 94,373.85
145,000.00
26,644.47
l,097.92
l25.03
$
50,908:50
63,767.95
63,970.60
$1,90l,898.90
401,923.81
$ 267,241.27
178,647.05
1,499,975.09
$l,945,863.4l
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LIABILITIES
Current Liabilities
Accounts payable
Accrued payroll deductions
Accrued interest on contracts
Due to General Fund
Current portion of contracts payable
Water deposits
Current Liabilities (Payable from Restricted Assets)
Current contracts payable
Matured interest coupons
Due to General Fund
Due to Revenue Fund
Total Current Liabilities
Long-Term Debt (Note F)
Revenue Bonds - Series 1958
Revenue Bonds - Series 1972
Contracts payable
Less current portion
Total Other Liabilities
Total Liabilities
Reserves
Revenue Bond Reserve and Retirement
Fund (Note B)
Depreciation Fund (Note C
Required maximum balance
Excess of maximum balance
Total Reserves
Retained Earnings
TOTAL LIABILITIES
$68,401.59
17,613.41
$25,000.00
38,767.95
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$ 10,529.72
l,004.58
703.33
59,970.6l
l7,613.41
52,001. 27
$ 39,363.72
225.00
4,986.3l
l25.03
$245,000.00
400,000.00
50,788.18
$ 50,558.47
63,767.95
Page 11
$ l4l,822.92
44,700.06
$ 186,522.98
695,788.18
$ 882,3l1.16
114,326.42
949,225.83
$l,945,863.41
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
Year Ended September 30, 1974
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Balance - October l, 1973
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Additions (Deductions)
Net income
Contributions in aid of construction
Increase in debt service requirements
Interest earned and retained in Depreciation Fund
Balance - September 30, 1974
The accompanying notes are part of the Financial Statements
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$904,l89.99
39,061. 70
13,467.00
(5,760.00)
(l,732.86)
$949,225.83
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
Year Ended September. 30, 1974
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Total
Balance - October l, 1973
$ 93,l62.59
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Additions
From Operating Funds:
Bond principal
requirements $ 15,250.00
Bond interest
requirements 25,280.97
Reserve requirements 3,5l0.00
Interest earned on investments 5,335.99
Total Additions $ 49,376.96
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Deductions
Payments for
Bond principal
Bond interest
Interest transferred to
Revenue Fund
Total Deductions
$ 13,000.00
11,610.00
3,603.l3
$ 28,213.l3
$114,326.42
Balance - September 30, 1974
Bond Reserve
Retirement Fund (Note B)
Curren t Maximtml
Maturities Reserve
$ 6,l52.50
$24,975.00
Page 13
Depreciation
Fund (Note C)
$62,035.09
$15,250.00
25,280.97
$ 3,5l0.00
l,343.75 $ 3,992.24
$4l,874.72 $ 3,510.00 $ 3,992.24
$l3,000.00
ll,6l0.00
1,343.75
$25,953.75
$22,073.47
$28,485.00
The accompanying notes are part of the Financial Statements
$ 2,259.38
$ 2,259.38
$63,767.95
$ 92,525.45
5,797.33
l,l82.73
37,277 .l4
l8,5l6.l6
3,085.57
33,681. 22
3,029.45
5,432.76
1,860.00
574.88
l,879.77
204.842.46
$l2l,124.68
$ 47,547.47
25,280.97
6,4l0.96
2,823.58
82,062.98
$ 39,061. 70
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CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
STATEMENT OF REVENUES AND EXPENSES
Year Ended September 30, 1974
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Revenues
Water sales
Sewer charges
Hydrant rental
Penalties and delinquent fees
Interest on investments
Miscellaneous
Total Revenue
Operating Expenses
Salaries and wages
Payroll taxes
Group insurance
Chemicals
Materials and supplies
Truck expense
Electricity
General insurance
Office expense
Professional fees
Provision for doubtful accounts
Miscellaneous
Total Operating Expenses
Net Operating Income
Other Deductions
Depreciation (Note E)
Interest - Revenue Bonds
Interest - Bank Loan
Interest - Contracts
Total Other Deductions
Net Income
The accompanying notes are part of the Financial Statements
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$244,293.4l
35, l81.05
25,000.00
6,430.76
12,073.39
2,988.53
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$325,967.14
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WATER AND SEHER FUND
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Page 15
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended September 30, 1974
Sources of Working Capital
Net income
Add 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
tI.
Uses of Working Capital
Addition 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 Working Capital
Increase (Decrease) in Current Assets
Cash
Accounts receivable
Accrued interest receivable
Due from other funds
Total
Increase (Decrease) in Current Liabilities
Accounts payable
Accrued payroll deductions
Accrued interest on contracts
Due to other funds
Water deposits
Total
Decrease in Working Capital
The accompanying notes are part of the Financial Statements
$ 39,061.70
$ 47,547.47
13,817.22 6l,364.69
13,467.00
4,587.85
$118,48l.24
$ 92,l06.64
38,l09.58
29,911. 77
l,732.86
l46.25
l62,007.1O
$(43,525.86)
$ 34,891.21
433.86
(31.25)
(10,810.47)
$ 24,483.35
$ 2,014.32
367.36
(35l.67)
59,970.6l
6,008.59
68,009.21
$(43,525.86)
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO F1NA~CIAL STATEMENTS
September 30, 1974
Note A - Basis of Accounting
",
The City's accounting records' for general governmental operations,
except the Debt Service Fund, are on a modified accrual basis. The more important
revenues are recorded when earned and expenditures recorded as incurred. The
Debt Service Fund records are maintained on a cash basis. The accounting records
for the Water and Sewer Fund are maintained on an 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,
1974 the amount required and the amount on deposit in the 1958 Revenue Bond
Sinking Fund is as follows:
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50% of interest due January 1, 1975
25% of bond principal due July l, 1975
Maximum reserve (Bond principal and
interest due 1981)
Reserve Balance
Matured interest coupons not
presented
Due to Revenue Fund
Cash Balance
$ 2,756.25
3,250.00
24,975.00
$30,981.25
225.00
125.03
$3l,331.28
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. At
September 30, 1974 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, 1975
Maximum Reserve
Reserve and Cash Balance
$16,067.22
3,510.00
$19,577.22
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 unforseen emergencies. At
September 30, 1974 the Fund was $38,767.95 in excess of requirements.
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CITY OF OKEECHOBEE. FLORIDA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
September 30, 1974
Note D - Utility plant
'>,
In 1972, the City started an improvement and expansion
Water System. The estimated cost of the project is $630,500.00.
to September 30, 1974 totaled $6l2,382.67.
program in the
Costs incurred
Note E - Depreciation
Depreciation is recorded at a composite rate of 2 1/2% and amounted
to $47,547.47 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.
The balance due on the Farmers Home Administration contract for the
Okeechobee Beach extension was $18,755.93. The balance is payable in two
installments of $9,397.69 with interest at 5%.
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 $23,704.05 at September 30, 1974 and payments
during the year totaled $1,066.96.
The balance due on the Ernest Evans contract for the Wilcox Shores
and Okeedhobee Estates extension was $25,94l.6l at September 30, 1974. The
balance is payable in monthly installments of $686.3l Which includes interest
at 6%.
__ .__._ ... _.1..1& I~~ ___........eo_ ..'.1.'" .......,......II...T.&.NTC
Page 18
McALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX 3348
"ORT PIE:RCE, FLORIDA 334150
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.
January 17, 1975
'.,
Honorable Mayor and City Council
City of Qkeechobee, Florida
We have examined the financial statements of the City of
Okeechobee, Florida for the year ended September 30, 1974 and have
issued our report thereon under date of January l7, 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:
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(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.
,~
lrJc~~ ~~t;)'If~
McAlpin, Cur~is & O'Haire
Certified Public Accountants
Page 19
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REPORT ON SUPPLEMENTAL DATA
~, -
Honorable Mayor and
City Cormcil
City of Okeechobee, Florida
Our examination was made primarily for the purpose of formula-
ting an opinion on the preceding basic financial statements taken as a
whole. The other data presented hereinafter, although not considered
necessary for a fair presentation of financial position, results of
operations, and changes in financial position in conformity with
generally accepted accounting principles are presented for supple-
mentary analysis purposes. This data has been subjected to the audit
procedures applied in our examination of the basic financial state-
ments and are, in our opinion, fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
:n,,,~.:....~ ~ollf~
McAlpin, rti's & 0 'Haire .
Certified Public Accountants
Fort Pierce, Florida
January 17, 1975
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Year Ended September 30, 1974
'0".
General Government
City Council salaries
City Council expense
Mayor's salary
Mayor's expense
Mayor's office expense
Audit fee
Board of Adjustment fees
City Attorney salary
City Attorney expense
Attorney special fees
City Clerk's salary
Deputy City Clerk's salary
City Clerk's office expense
City Clerk's office equipment
City Hall operation and maintenance
City Hall repairs
Telephone and telegram
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 secretary salary
Director of Public Works office expense and
equipment
Street Department salaries
Street Department expense
Street Department equipment
Refuse collection
Street Lighting
Expenditures
$ 5,400.00
3,600.00
l,200.00
1,200.00
65.l8
1,860.00
1,500.00
9,000.00
2,000.00
8,370.00
2,379.50
842.32
225.00
2,6l5.6l
3,329.79
$ 43,587.40
$ 82,343.71
1,134.66
19,4l6.28
847.58
4,950.00
18,200.00
10,729.28
25,000.00
40,737.00
8,942.06
1,690.00
l03.79
$214,094.36
$ 3,898.12
2,885.73
538.25
37,013.94
26,859.03
9,466.48
17,906.81
$ 98,568.36
Page 20
Budget
$ 5,400.00
3,600.00
l,200.00
l,200.00
lOO.OO
l,500.00
l,500.00
9,000.00
300.00
2,000.00
lO,426.36
7,200.00
2,000.00
2,500.00
2,000.00
lO,OOO.OO
2.500.00
$ 62,426.36
$ 83,868.00
l,225.00
27,000.00
3,800.00
3,500.00
24,700.00
lO,OOO.OO
25,000.00
40,000.00
8,640.00
1,820.00
250.00
500.00
$230,303.00
$ 3,898.l2
3,000.00
1,000.00
50,240.00
23,000.00
19,000.00
8,800.00
17,000.00
$l25,938.l2
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
Page 21
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Year Ended September 30, 1974
Health and Welfare
Humane Officer salary
Animal Pound expense
Miscellaneous
Donations
Utilities - City Building
Utilities - County Swimming Pool
Group insurance
General insurance
payro 11 taxes
Retirement - City Clerk
Pension plan payments
Overtime
Condemnation Proceedings
Contingencies
Transfer to Water and Sewer Fund
Total
(Ca.n~,inued)
Expenditures Budget
$ 7,269.22 $ 7,000.00
l,3l7.60 2,200.00
$ 8,586.82 $ 9,200.00
$ 2,500.00 $ 2,500.00
1,968.62 l,320.00
l,620.00
2,194.24 2,800.00
13,181.33 l2,lOO.00
lO,2l7.62 11,900,00
4,739.25 4,739.25
219.54 64l.60
3,631.88 4,500.00
l,500.00
2,240.76 l5,000.00
273,000.00
$ 40,893.24 $33l,620.85
$405,730.18 $759,488.33
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CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF GENERAL BONDED DEBT AND INTEREST TO MATURITY
September 30, 1974
Bonds maturing 1982-l996 are redeemable at the option of the City on
any interest date by payment of a premium of 3% between 1982-86; 2% between 1986-9l
and 1% after July l, 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.
Page 23
CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF 1958 WATER AND SEWER REVENUE BONDS
AND INTEREST TO MATURITY
September 30, 1974
l:-. _
Principal Interest Total
Principal and Interest Payments Due
For Year Ended September 30
1975 $ 13,000.00 $11,025.00 $ 24,025.00
1976 l4,000.00 lO,440.00 24,440.00
1977 l5,000.00 9,8l0.00 24,8l0.00
1978 15,000.00 9,135.00 24,135.00
1979 l6,000.00 8,460.00 24,460.00
1980 17,000.00 7,740.00 24,740.00
1981 l8,000.00 6,975.00 24,975.00
1982 18,000.00 6,l65.00 24,l65.00
1983 19,000.00 5,355.00 24,355.00
1984 20,000.00 4,500.00 24,500.00
1985 2l,000.00 3,600.00 24,600.00
1986 22,000.00 2,655.00 24,655.00
1987 23,000.00 l,665.00 24,665.00
1988 14,000.00 630.00 l4,630.00
Total $245,000.00 $88,155.00 $333,155.00
The bonds bear interest at the rate of 4 l/2% and are secured by the
net revenues of the Water and Sewer System and the utility taxes. 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 l/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, 1974
",
Principal Interest Total
Principal and Interest Payments Due
For Year Ended September 30
1975 $ 3,000.00 $ l8,817.23 $ 2l,8l7.23
1976 3,000.00 19,850.00 22,850.00
1977 4,000.00 19,700.00 23,700.00
1978 4,000.00 19,500.00 23,500.00
1979 5,000.00 19,300.00 24,300.00
1980 5,000.00 19,050.00 24,050.00
1981 5,000.00 18,800.00 23,800.00
1982 5,000.00 l8,550.00 23,550.00
1983 6,000.00 l8,300.00 24,300.00
1984 6,000.00 l8,000.00 24,000.00
1985 6,000.00 l7,700.00 23,700.00
1986 6,000.00 l7,400.00 23,400.00
1987 7,000.00 l7,lOO.00 24,lOO.00
1988 7,000.00 l6,750.00 23,750.00
1989 7,000.00 l6,400.00 23,400.00
1990 8,000.00 l6,050.00 24,050.00
1991 8,000.00 l5,650.00 23,650.00
1992 9,000.00 15,250.00 24,250.00
1993 9,000.00 l4,800.00 23,800.00
1994 10,000.00 l4,350.00 24,350.00
1995 10,000.00 13,850.00 23,850.00
1996 11,000.00 13,350.00 24,350.00
1997 11,000.00 l2,800.00 23,800.00
1998 12,000.00 l2,250.00 24,250.00
1999 12,000.00 11,650.00 23,650.00
2000 13,000.00 11,050.00 24,050.00
200l 13,000.00 lO,400.00 23,400.00
2002 14,000.00 9,750.00 23,750.00
2003 14,000.00 9,050.00 23,050.00
2004 15,000.00 8,350.00 23,350.00
2005 l5,000.00 7,600.00 22,600.00
2006 16,000.00 6,850.00 22,850.00
2007 17,000.00 6,050.00 23,050.00
2008 18,000.00 5,200.00 23,200.00
2009 19,000.00 4,300.00 23,300.00
2010 21,000.00 3,350.00 24,350.00
2011 22,000.00 2,300.00 24,300.00
2012 24,000.00 l,200.00 25,200.00
Total $400,000.00 $500,667.23 $900,667.23
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 ta."Ces. 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.
U_&. ...0.1 1'"" DT'C;: At O'HAIRE. CERTIFIED I"U8LIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF INTER-FUND ACCOUNTS
September 30, 1974
'., Due From Due To
General Fund
Water and Sewer Fund $64,956.92
Debt Service Fund $ 134.96
Debt Service Fund
General Fund 134.96
I Water and Sewer Fund
General Fund 64,956.92
Revenue Bond Reserve and Retirement Fund ~
Revenue Fund 125.03 l25.03
Total $65,2l6.9l $65,2l6.9l
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CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF INSURANCE COVERAGE
September 30, 1974
l:~. _
Description
Coverage
Fire and extended coverage
City Hall (80% Co-Insurance)
$
100,000
Comprehensive General Liability
Bodily Injury
Property Damage
25/50,000
50,000
Workmen's Compensation and Employer's Liability
Statutory rates
Vehicular Equipment
Bodily Injury
Property Damage
Collision ($50 deductible)
Comprehensive
50/100,000
25,000
ACV
ACV
Public Offi~ials Bonds
City Clerk
Other Employees
15,000
15,000
Police Department - Personal Injury Liability
False arrest, libel, etc.
100/300,000
Police and Fulltime Firemen
Accidental Death
20,000
Volunteer Firemen
Accidental Death
Medical payments
Weekly indemnity
lO,OOO
2,500
50
Page 27
CITY OF OKEECHOBEE. FLORIDA
STATISTICAL TABLES
ASSESSED VALUE OF ALL TAXABLE PROPERTY
Tax Rolls For Years 1965 Through 1974
,-.
Real Personal Homestead
Year Property Property Total Exemption
-
1974 $22,237,112 $4,668,340 $26,905,452 $4,336,100
1973 2l,760,494 3,153,530 24,914,024 3,680,710
1972 l2,295,670 3,03l,848 15,327,5l8 3,223,765
1971 11,119,065 2,299,576 l3,4l8,64l 3,030,375
1970 lO,612,610 2,279,27l l2,89l,881 2,868,200
1969 10,276,593 2,l20,593 12,396,608 2,680,735
1968 9,564,l55 2,5l0,45l l2,074,606 2,633,660
1967 9,455,220 2,488,438 11,943,658 2,659,495
1966 2,761,370 506,5l0 3,267,880 2,003,900
1965 2,621,020 495,225 3,116,245 l,913,550
Tax Levy and Applicable Rates
Levies Rates
Debt General
Debt General Service Government
Service Government Mills Mills
Year
1974
1973
1972
1971
1970
1969
1968
1967
1966
1965
$51,542.00
47,l8l.00
55,653.85
49,347.04
3l,520.16
29,868.70
29,416.54
29,206.30
31,630.68
30,178.77
$123,475.00
ll2,113.00
l07,292.63
80,511.84
77,351.29
6l,268.l0
60,144.93
59,718.30
45,750.32
43,627.43
1.65
1.65
3
3
2
2
2
2
6
6
4.59
4.50
7
6
6
5
5
5
14
14
CITY OF OKEECHOBEE. FLORIDA
STATISTICAL TABLES
OTHER GENERAL FUND AND WATER -SEWER REVENUES
FISCAL YEARS 1965-l974
Revenues - Other Than Property Taxes - General Fund (Note 1)
!" ",,-:
State
Year Revenue Occupational Utility Fines and Franchise
(Note-2) Sharing Licenses Taxes Forfeitures Fee
1974 $210,969.97 $20,l06.85 $69,560.l6 $52,964.07 $37,330.73
1973 l88,309.30 4,758.82 32,953.74
1972 211,865.86 24,944.43 23,529.30 29,189.51
1971 l59,956.76 10,220.06 33,3l5.35 23,663.52
1970 l37,369.11 8,446.76 27,346.53 2l,Ol2.l9
1969 116,597.l8 7,605.38 3l,670.20 19,167.08
1968 103,969.03 8,082.27 9,317.39 16,566.53
1967 85,110.05 7,3l7.27 16,093.19 l5,880.2l
1966 8l,495.71 6,999.31 19,Ol4.85 l5,069.39
1965 71,638.59 6,549.08 l5,540.45 14,686.39
Water and Sewer System Revenues
Sewer
Service Water Delinquent
Charges Billings Charges Miscellaneous
1974 $35,l81.05 $244,293.4l $6,430.76 $2,988.53
1973 24,658.51 168,080.50 3,412.90 l,139.43
1972 30,922.35 l85,747.67 3,820.90 2,585.82
1971 23,659.43 133,019.45 367.00 1,762.75
1970 2l,868.l0 115,438.63 l64.00 690.40
1969 22,l52.00 105,889.68 l77 .00 lOl.OO
1968 21,131.11 98,672.14 333.00 lO.20
1967 21,346.11 95,399.58 90.00 829.l9
1966 19,960.89 83, 191. 9l .202.00 682.30
1965 20,484.46 79,754.00 116.00 l23.83
Water Water Water Total
Meters in Meters Meters Non- Water Unmetered Sewer
Operation Cut Off Operative Meters Customers Connections
1974 2,228 267 1 2,496 392
1973 2,219 l77 2,396 376
1972 l,854 l59 2,013 370
1971 l,669 l60 l,829 9 352
1970 l,5l3 l07 1,620 2l 313
1969 1,440 85 8 l,533 24 309
1968 l,374 l70 4 l,548 25 305
1967 1,297 l68 11 l,476 23 30l
1966 1,l90 l45 76 l,411 37 298
1965 1,180 139 35 l,354 49 289
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~,
Fire
Department
I Pennits Interest Payment Miscellaneous
$lO,694.l8 $20,9l2.42 $13,750.00 $4,653.94
I 6,l85.85 9,691.59 12,500.00 4,908.98
I 6,496.55 13,331.04 11,000.00 2,355.59
6,240.ll 8,330.99 1,945.63
I 3,Ol9.50 8,331.00 1,757.24
l,285.00 4,581.00 l,9l6.l6
I l,9l6.50 4,546.37 1,007.87
! l,7l6.80 3,357.66 l,l43.5l
! 1,288.50 l,320.90 1,472.09
l,386.54 l,248.52 2,005.85
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I Charges
I
! Interest on (In Aid of Hydrant Utility
Investments Construction) Rental Taxes
I
I $12,073.39 $l3,467.00 $25,000.00
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I 7,975.93 l2,685.00 $44,878.07
l2,639.30 19, 135.00 52,415.52
7,639.25 7,535.00 45,976.04
7,639.22 4,Ol5.00 42,733.23
4,l39.22 2,050.00 38,610.54
2,588.47 3,2l5.00 33,802.29
3,544.5l 2,755.00 30,832.2l
3,394.93 2,490.00 29,927.54
3,054.89 2,390.00 28,542.l4
Note 1
Amounts for years prior to 1974 have been reclassified
to correspond with 1974.
Note 2
Years 1972 and prior ended on December 3l. Years 1973
and 1974 ended September 30. Amounts for period ended
September 30, 1973 are for a nine month period.