Audit Report 09.30.1973
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
September 30. 1973
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McALPIN. CURTIS ac O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
AUDIT REPORT
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September 30, 1973
MAYOR - COUNCIL
Mayor
Council - President
Council - Vice President
Councilman
'Counci 1man
Councilman
ADMINISTRATIVE
City Clerk
City Attorney
Municipal Judge
Superintendent - Water and Sewer Department
Chief of Police
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Chief of Fire Department
Building Inspector
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Aud1ey Dunham
Donald L. Burk
E. H. Hunt
Russell V. Domer
Edward W. Douglas
Clifford L. Betts, Jr.
Lorena Spivey
J. Edward Curren
Aud1ey Dunham
L. C. Fortner, Jr.
Dewitt H. Staats
Olen Godwin
Richard B. Spray
McALPIN. CURTIS ac O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE.
FLORIDA
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AUDIT REPORT
September 30. 1973
TABLE OF CONTENTS
PAGE
Auditors' Opinion
2
Statement to Bond Holders
3
General Fund
Balance Sheet
Statement of Revenues, Expenditures and Changes in
Fund Balance
4
5
Federal Revenue Sharing Trust Fund
Balance Sheet
Statement of Revenues, Expenditures and Changes in
Fund Balance
6
7
Debt Service Fund
Balance Sheet
Statement of Revenues, Expenditures and Changes in
Fund Balance
8
9
Statement of General Long-Term Debt
10
Statement of General Fixed Assets
11
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
12
13
14
15
16
Notes to Financial Statements
17
Report on Supplemental Data
19
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Other Financial Information
Schedule of General Fund Expenditures Compared
with Budget
Schedule of General Bonded Debt and Interest to Maturity
Schedule of Water and Sewer Revenue Bonds and Interest to
-Maturity
Schedule of Inter-Fund Accounts
Schedule of Insurance Coverage
Statistical Tables
20
22
23
24
25
26
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McALPIN. CURTIS ac O'HAIRE. CERTIFIED ,.UBLIC ACCOUNTANTS
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MCALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX a3411
Jl'ORT PIERCE, FLORIDA 334110
IRA M, McALPIN, .JRoo C. P. A.
LYMAN B. CURTIS, C. P. A.
THOMAS F. O'HAIRE, C. P. A.
S. THOMAS HAMILTON. .JRoo C. P. A.
SAMUEL R, PETERKIN, .JR., C. P. A.
January 4, 1974
Honorable Mayor and City Council
City of Okeechobee, Florida
We have examined the balance sheets of the various Funds of
the City of Okeechobee, Florida as of September 30, 1973 and the re-
lated statements of Revenues, Expenditures and Changes in Fund Balance,
Changes in Retained Earnings, Revenues and Expenses, Changes in Reserve
Accounts, and Changes in Financial Position and the statements of Gen-
eral Long-Term Debt and General Fixed Assets, for the nine months then
ended. Our examination was made in accordance with generally accepted
auditing standards and accordingly included such tests of the account-
ing records and such other auditing procedures as we considered neces-
sary 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, 1973 and the results of their operation for the nine
months then ended in conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding
year.
/J1c~,~ rCl#~
McAlpi , Curtis & O'Haire
Certified Public Accountants
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MCALPIN, CURTIS & O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
P. O. BOX a3411
FORT PIERCE, FLORIDA 334110
IRA M. McALPIN, .JRoo C. P. A.
LYMAN B. CURTIS, C. P. A.
THOMAS F, O'HAIRE, C. P. A.
8. THOMAS HAMILTON, .JR., C. P. A.
SAMUEL R. PETERKIN. .JR., C. P. A.
January 4, 1974
Honorable Mayor and City Council
City of Okeechobee, Florida
We have examined the financial statements of the City of
Okeechobee, Florida for nine months ended September 30, 1973 and
have issued our report thereon under date of January 4, 1974. Dur-
ing the course of our examination, we read the various bond ordinances.
The ordinance authorizing the issuance of Water and Sewer
Revenue Bonds in 1958 requires, among other things, the following:
(1) That the City will pay a fair and reasonable
charge for each public Fire Hydrant, connected to
the Water System, which will not be less than
$120.00 per year.
(2) That the City will pay for whatever water and
sewer service it receives.
(3) That monthly payments will be made to the Water
and Sewer Revenue Bond Sinking Fund of amounts which
will be at least sufficient to pay the interest on
and principal of said Revenue Bonds as the same be-
come due.
During the course of our examination, we determined that there were no
payments during the nine months ended September 30, 1973 for Fire Hy-
drants connected to the Water System or for water and sewer services
furnished to the City. Payments, to the Water and Sewer Revenue Bond
Sinking Fund, were made semi-annually for interest requirements and
annually for principal requirements. The cash balance at September
30, 1973 in the Water and Sewer Revenue Bond Sinking Fund was suffi-
cient to meet the requirements of the ordinance. We obtained no know-
ledge that any other requirements of the bond ordinances were not com-
plied with.
1Dc~, ~ 0/- t)#~
McAlpin, Curtis & O'Haire
Certified Public Accountants
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
BALANCE SHEET
September 30. 1973 (Note B)
ASSETS
Cash
Certificates of Deposit (cost)
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 deduction
Due to Water and Sewer Fund
'Due to Federal Revenue Sharing Fund
Total Liabilities
Fund Balance
TOTAL LIABILITIES AND
FUND BALANCE
The accompanying notes are part of the Financial Statements
$37,052.44
37~052.44
2,768.34
2~768.34
$ 6,232.47
4,808.76
1,387.46
5,688.69
480.04
Page 4
$ 81,796.08
366,620.09
414.63
- 0 -
- 0 -
$448,830.80
$ 18,597.42
430,233.38
$448,830.80
McALPIN. CURTIS ac O'HAIRE, CER'/'IP'IED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE
Nine Months Ended September 30, 1973 (Note B)
Revenues
Cigarette taxes
Occupational licenses
Motor fuel taxes
Fines and forfeitures
Mobile home licenses
Permits
Fire Department payment - Okeechobee County
Interest
Competency card fees
Dog pound fees
Motor fuel tax refunds
Miscellaneous
Total Revenues
Expenditures
General government
Public safety
Public works
Health and welfare
Miscellaneous
Total Expenditures
Excess of Expenditures Over Receipts
Fund Balance - January 1, 1973
FUND BALANCE -
September 30. 1973
The accompanying notes are part of the Financial Statements
$146,960.l4
4,758.82
4l,349.16
32,953.74
1,278.13
6,185.85
12,500.00
9,691.59
1,525.00
4l5.50
655.00
1,065.35
$ 49,026.09
l02,l91.99
69,679.39
5,727.86
134.649.71
Page 5
$ 259,338.28
$ 361,275.04
$(101,936.76)
532,170.14
$ 430,233.38
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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Cash
Due from General Fund
Total Assets
Fund Balance
Page 6
CITY OF OKEECHOBEE.
FEDERAL REVENUE SHARING TRUST FUND
FLORIDA
BALANCE SHEET
September 30, 1973 (Note B)
ASSETS
$4,136.00
480. 04
$4,616.04
LIABILITIES AND FUND BALANCE
$4,616.04
The accompanying notes are part of the Financial Statements
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McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For the Nine Months Ended September 30, 1973 (Note B)
Revenues
Federal Revenue Sharing
Interest on Investments
Total Revenues
$52, llO. 00
2,500.44
Expenditures
Transfer to Water and Sewer Fund for
Water Plant Expansion
Excess of Expenditures over Revenues
Fund Balance - January 1, 1973
Fund Balance - September 30, 1973
The accompanying notes are part of the Financial Statements
Page 7
$ 54,610 . 44
88,397.40
$(33,786.96)
38,403.00
$ 4.616.04
McALPIN, CURTIS ac O'HAIRE. CERTII"IED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
September 30. 1973 (Note B)
ASSETS
Cash
Cash with fiscal agents
Certificate of deposit (cost)
$54,343.83
2,Ol2.00
25,294.55
TOTAL ASSETS
$81.650.38
LIABILITIES AND FUND BALANCE
Liabilities
Matured bonds and coupons outstanding
$ 2,Ol2.00
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Fund Balance
79,638.38
TOTAL LIABILITIES AND FUND BALANCE
$81. 650.38
The accompanying notes are part of the Financial Statements.
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McALPIN. CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE
For the Nine Months Ended September 30, 1973 (Note B)
Revenues
Taxes collected
Interest on investments
Total Revenues
$28,752.76
709.l4
Expenditures
Bonds retires
Interest on bonds
Fiscal agents fees
Total Expenditures
$lO,OOO.OO
l6,762.50
l50.00
Excess of Revenues Over Expenditures
Fund Balance - January 1. 1973
Fund Balance - September 30. 1973
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The accompanying notes are part of the Financial Statements.
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Page 9
$29,461.90
,26,912.50
$ 2,549.40
77 . 088 . 98
$79.638.38
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
September 30, 1973
(Note B)
Amounts Available And To Be Provided 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
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The accompanying notes are part of the Financial Statements
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Page 10
$ 79,638.38
857,824.l2
$937.462.50
$470,000.00
467,462.50
$937.462.50
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE~ FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
September 30, 1973 (Note B)
Land And Improvements
Real estate - lot adjoining
City Ha 11
Lot - Elevated Tank
Improvements - well and sprinkler
system City Hall
Parks and Sanitary System
Dog Pound
City Streets, sidewalks, roads
and culverts
Balance
January 1, 1973 Additions
Balance
September 30, 1973
$ 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. l4
$111,937.27
Buildings And Improvements
Bandstand $ l,046.75 $ 1,046.75
Utility garage 20,548.65 20,548.65
City Ha 11 44,l64.88 44,l64.88
Fire Station 23,407.80 23,407.80
$ 89,168.08 $ 89,l68.08
Furnishings And Equipment
City C1erk1s office $ 7,551.51 $ 244.22 $ 9,795.73
Parks Department 1 ,677 . 18 l,677.l8
Police Department 3,262.21 3,262.2l
Mobile and base radio units l4,893.92 14,893.92
Traffic Lights 9,6l4.00 9,6l4.00
Fire Department 13,185.90 156.19 13,342.09
Street Department 1,065.89 1,065.89
Mayor's office 517.76 517.76
Director of Public Works office 599.57 l22.ll 721. 68
$ 52,367.94 $ 522.52 $ 54,890.46
Rolling Stock
Fire Trucks $ 8,620.31 $ 8,620.3l
Police Cars 9,299.00 $5,466.00 14,765.00
Dog Warden 750.00 750.00
Parks, Streets and Sanitary
Department 5l,332.86 51,332.86
$ 70,002.17 $5,466.00 $ 75,468.17
Total General Fixed Assets $323.475.46 $5.988.5t $331.463.98
The accompanying notes are part of the Financial Statements
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McALPIN, CURTIS 8c O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
BALANCE SHEET
September 30, 1973 (Note B)
ASSETS
Current Assets
Cash
Investment (cost)
Accounts receivable
Less provision for doubtful accounts
Due from General Fund
Accrued interest receivable
Due from revenue bond debt service
fund
Total Current Assets
$, 31,975.50
5,764.89
Restricted Assets
Revenue Bond Debt Service Fund
(Note C)
Cash
Investments (cost)
$
6,388.00
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
$ 59,482.64
145,000.00
26,210.61
lO,675.00
l,l29.17
260.50
$
31,388.00
62,035.09
88,078.95
$1,809,792.26
354,376.34
$ 242,757.92
l8l,502.04
1,455,415.92
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$1.879.675.88
Page l2
LIABILITIES, RESERVES, AND SURPLUS
Current Liabilities
Accounts payable
Accrued payroll deductions
Accrued interest on F.H.A. contract
Annual installment F.H.A. contract
Current portion Ernest Evans contract
Water deposits
Current Liabilities (Payable from Restricted
Construction contrpcts ppyab1e
Due to General Fund
Due to Revenue Fund
Total Current Liabilities
Assets)
Other Liabilities
Revenue Bonds payable - Series 1958
Bank note payable (Note F)
Contract payable - F.H.A. contract
(Note G)
Less annual installment
Contract payable - Ernest Evans
contract (Note G)
Less current portion
Contract payable - Board of
Education (Note G)
Total Other Liabilities
$28,l33.62
9,377 .69
$32,408.73
8,235.72
Total Liabilities
Reserves
Debt Service Fund (Note C)
Depreciation Fund (Note C)
Required maximum balance
Excess of maximum balance
Total Reserve
$ 25,000.00
37,035.09
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Retained Earnings
Operating Funds
Invested in Utility Plant
Total Surplus
TOTAL LIABILITIES, RESERVES AND SURPLUS
McALPIN. CURTIS 8c O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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Page 13
CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
For the Nine Months Ended September 30, 1973 (Note B)
Balance - January l, 1973
Additions (Deductions)
Net income
Contributions in aid on construction
Current provision for depreciation
Decrease in debt service requirement
Long-term debt principal requirements
Interest earned on construction funds
Current interest requirements paid
from construction funds
Funds transferred from Federal Revenue
Sharing
Funds transferred from General Fund
Balance - September 30, 1973
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Operating Invested in
Total Funds Utility Plant
$ 64l , 724 .21 $l38 ,835.96 $502,888.25
58,633.38 10,484.75 48,l48.63
l2,685.00 l2,685.00
33,933.60 (33,933.60)
2,750.00 2,750.00
(l2,793.77) 12,793.77
(l,666.68) 1,666.68
l5,O13.76 (15,013.76)
88,397.40 .; 88,397.40
lOO,OOO.OO 100,000.00
$904.189.99 $186.557.62 $717.632.37
The accompanying notes are part of the Financial Statements.
Mc:ALPIN. CURTIS ac O'HAIRE, CERTIFIED ,.U8LIC ACCOUNTANTS
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Page l4
CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
For the Nine Months Ended September 30, 1973 (Note B)
Balance - January l, 1973
Add it ions
From Operating Funds:
Bond principal requirements
Bond interest requirements
Interest earned on investments
Funds transferred from General Fund
Total Additions
Deductions
Payments for
Bond principal
Bond interest
Interest transferred to Revenue
Fund
Total Deductions
Balance - September 30, 1973
Total
Debt-Service
Fund
Depreciation
Fund
$88,OlO.09
$30,975.00
$57,035.09
$ 9,250.00 $ 9,250.00
8,977.50 8,977.50
3,684.25 937.50 $ 2,746.75
5,000.00 5,000.00
$26,9ll. 75 $19,165.00 $ 7,746.75
$l2,000.00 $12,000.00
6,075.00 6,075.00
3,684.25 937.50 2,746.75
$2l,759.25 $19,012.50 $ 2,746.75
$93.l62.59 $31.l27.50 $62.035.09
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS ac O'HAIRE, CERTIFIED ~UBLIC ACCOUNTANTS
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Page 15
CITY OF OKEECHOBEE. FLORIDA
WATER AND S EWER FUND
STATEMENT OF REVENUES AND EXPENSES
Nine Months Ended Se~tember 30, 1973 (Note B)
Revenues
Water sales
Sewer charges
Utility taxes
Delinquent fees and charges
Interest on investments
Miscellaneous
Total Revenue
Operating Expenses
Salaries and wages
Payroll taxes
Pension plan contribution
Group insurance
Chemica Is
Materials and supplies
Truck expense
Painting and repairing storage tank
General insurance
Electricity
Office expense
Audit
Provision for doubtful accounts
Miscellaneous
Total Operating Expenses Before Depreciation
Net Operating Income Before Depreciation
Depreciation (Note E)
Net Operating Income
Non-Operating Expense
Interest - Revenue Bonds
Interest - bank loan
Interest - F.H.A. contract
Interest - Ernest Evans line extension
Total Non-Operating Expense
Net Income
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS ac O'HAIRE, CERTIFIED ,.UBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE. FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Nine Months Ended September 30, 1973
Sources of Working Capital
Net income
Add expenses not requiring outlay of working capital:
Depreciation
Decrease in restricted assets for debt service
Decrease in restricted assets for construction
Increase in liabilities payable from restricted assets
Long-term borrowing to purchase line extension
Increase in depreciation reserve
Increase in debt service reserve
Contributions in aid of construction
Funds transferred from Federal Revenue Sharing
Funds transferred from General Fund
Decrease in debt service requirement
Total Sources of Working Capital
Uses of Working Capital
Additions to Utility Plant
Decrease in other liabilities
Increase in restricted assets
Total Uses of Working Capital
Increase in Net Working Capital
Increase (Decrease) in Net Working Capital
Increase (Decrease) in Current Assets
Cash
Investments
Accounts receivable
Due from other funds
Accrued interest receivable
Total
Increase (Decrease) in Current Liabilities
Accounts payable
Accrued payroll deductions
Accrued interest payable
Water deposits
Due other funds
Current portions Ernest Evans contract
Tota 1
Increase in Net Working Capital
The accompanying notes are part of the Financial Statements.
(Note B)
$(23,558.72)
75,000.00
4,354.32
260.50
254.17
$ 3,366.28
(l,611.50)
1,055.00
11,653.83
(5,875.00)
8,235.72
Page l6
$ 58,633.38
33,933.60
5,662.00
ll6,524.71
61,245.83
35,500.00
5,000.00
l52.50
l2,685.00
88,397 .40 ~
100,000.00
2,750.00
$520.484.42
$45l,877.72
24, 120. 76
5.000.00
$480,998.48
$ 39,485.94
$ 56,3l0.27
l6,824.33
$ 39.485.94
McALPIN. CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
Page 17
CITY OF OKEECHOBEE. FLORIDA
NOTES TO FINANCIAL STATEMENTS
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September 30, 1973 (Note B)
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 are 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 - Fiscal Year
Effective with the current fiscal year, the City has changed its year end
from December 3l to September 30, as required of all Florida cities by the State
Legislature.
Note C - Revenue Bond Debt Service and Depreciation Funds
The Revenue Bond Ordinance of 1958 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 an-
nual bond principal and interest payment is to be maintained. Deposits have not
been made monthly but have been made on a semi-annual basis for interest require-
ments and annually for principal requirements. At September 30, 1973 the amount
required and the amount on deposit in the Revenue Bond Sinking Fund is as follows:
50% of interest due January 1, 1974
25% of bond principal due July l, 1974
Maximum reserve (Bond principal and
interest due 1981)
Reserve Balance
Due to Revenue Fund
Cash Balance
$ 2,902.50
3,250.00
24,975.00
$3l,127.50
260.50
$31.388.00
The Revenue Bond Ordinance of 1958 also requires that a
of $25,000.00 be maintained. The Fund may be used, with approval
Council, to pay for capital additions or unforeseen emergencies.
1973 the Fund was $37,035.09 in excess of requirements.
Depreciation Fund
of the City
At September 30,
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 $622,969.00. Costs incurred
to September 30, 1973 totaled $564,493.12.
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
Page l8
CITY OF OKEECHOBEE. FLORIDA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
September 30, 1973 (Note B)
Note E - Depreciation
Depreciation is recorded at a composite rate of 2 l/2%. Depreciation
for the nine months ended September 30, 1973 is $33,933.60.
Note F - Bank Note Payable
In order to finance the Improvement and Expansion Program to the Water
System, the City Council authorized the issuance of $400,000.00 in Water and Sewer
Revenue Bonds. Payment of the bonds is secured by the net revenues of the Water
and Sewer System and collections of cigarette taxes.
Financing prior to the sale of the Revenue Bonds has been provided by a
loan from the Okeechobee County Bank, payable on or before May 23, 1974 with
interest at the rate of 5%. The note is secured by the proceeds from the sale of
the Revenue Bonds and a pledge of the net revenues of the Water and Sewer System
and the municipal cigarette tax.
Note G - Contracts Payable
The balance due on the Farmers Home Administration contract for the
Okeechobee Beach extension was $28,133.62 at September 30, 1973. The balance is
payable in three annual installments of $9,377.69 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. Payments
for the nine months ended September 30, 1973 totaled $793.77.
The balance due on the Ernest Evans contract for the Wilcox Shores
and Okeechobee Estates extension was $32,408.73 at September 30, 1973. The balance
is payable in monthly installments of $686.31 which includes interest at 6%.
McALPIN, CURTIS ac O'HAIRE, CERTIFIED ,.UBLIC ACCOUNTANTS
Page 19
REPORT ON SUPPLEMENTAL DATA
Honorable Mayor and
City Council
City of Okeechobee, Florida
Our examination was made primarily for the purpose of formulating
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 prin-
ciples are presented for supplementary analysis purposeso This data has been
subjected to the audit procedures applied in our examination of the basic
financial statements and are, in our opinion, fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
1kc:~ ,~i;;/c:f-Olfl~
McAlpin, Curtis & Q'Haire
Certified Public Accountants
Fort Pierce, Florida
January 4, 1974
McALPIN, CURTIS ac O'HAIRE, CERTIFIED ,.UBLIC ACCOUNTANTS
CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Nine Months Ended September 30, 1973
. '
General Government
City Council salaries
City Council expense
Mayor's salary
Mayor's expense
Mayor's office expense
Audit
Board of Adjustment fees
County Tax Collector and Assessor fees
City Attorney's salary
City Attorney's special fees
City Clerk's salary
Deputy City Clerk's salary
City Clerk's office expense
City Clerk's office equipment
Other clerical service
Telephone and telegraph
City Hall operation and maintenance
City Hall repairs
Nine Months
Expenditures
$ 4,050.00
l,800.00
900.00
720.00
8.00
l,500.00
1,l25.00
8l4.73
4,500.00
7,579.l8
7,473.54
4,725.05
l,629.69
3,333.00
l,566.11
l,482.79
5,819.00
$ 49,026.09
Public Safety
Police Department salaries
Police Department expense
Communication expense
Police Department building
Police Department equipment and vehicles
Fire Department salaries
Fire Department expense
Fire Department equipment
Building official salary
Building official expense allowance
Building official office expense
Civil Defense
$ 53,581. 76
17 , 98 7 . 13
569.22
6,764.00
11 ,253 .14
4,276.l3
156.l9
5,890.27
l,365.00
349.l5
$l02,l91.99
Public Works
Director of Public Works salary
Director of Public. Works secretary's salary
Director of Public Works office expense
Street Department salaries
Street Department expense
Street Department equipment
Street lighting
$ 2,657.93
l,945.00
709.98
22,781.47
30,036.66
11,548.35
$ 69,679.39
Page 20
Annual
Budget
$ 5,400.00
2,400.00
l,200.00
960.00
100. 00
1,500.00
1,500.00
l,500.00
6,000.00
2,000.00
9,478.5l
6,300.00
2,500.00
1,000.00
3,500.00
l,700.00
2,000.00
10,000.00
$ 59,038.51
$ 73,000.00
20,000.00
2,700.00
ll5,000.00
7,000.00
20,829.85
lO,540.00
20,000.00
7,853.66
1,820.00
200.00
300.00
$279,243.5l
$ 3,543.75
2,730.00
300.00
39,750.23
23,000.00
2,000.00
14,000.00
$ 85,323.98
MCALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
-
CITY OF OKEECHOBEE. FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Nine Months Ended September 30, 1973
(Continued)
Page 21
Health and Welfare
Dog Warden's salary
Dog Pound expense
Nine Month Annual
Expenditures Budget
$ 3,809.80 $ 4,914.00
l,918.06 1,500.00
$ 5,727.86 $ 6,414.00
. f
Miscellaneous
Donations
Health Insurance
General Insurance
Payroll taxes
Pension plan contribution
Emergency overtime
Condemnation proceedings
Contingencies
Transfers to Water and Sewer Fund
Tota 1
$ 2,000.00
1,557.2l
lO,666.84
6,826.68
l,130.85
5,967.80
75.00
1,425.33
105,000.00
$134 ,649. 71
$361.275.04
$ 2,000.00
2,800.00
10,000.00
10,000.00
l,OOO.OO
6,000.00
4,000.00
5,680.00
265,125.00
$306,605.00
$736.625.00
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
..
Page 22
~
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF GENERAL BONDED DEBT AND INTEREST TO MATURITY
September 30, 1973
Principal Interest Total
Principal and Interest Payments Due
for Year Ended September 30
1974 $ lO,OOO.OO $ 32,775.00 $ 42,775.00
1975 lO,OOO.OO 32,025.00 42,025.00
1976 lO,OOO.OO 31,275.00 41,275.00
1977 10,000.00 30,525.00 40,525.00
1978 15,000.00 29,775.00 44 , 77 5 . 00
1979 15,000.00 28,650.00 43,650.00
1980 l5,000.00 27,525.00 42,525.00
1981 15,000.00 26,400.00 41,400.00
1982 15,000.00 25,275.00 40,275.00
1983 l5,000.00 24,l50.00 39,150.00
1984 20,000.00 23,137.50 43,137.50
1985 20,000.00 2l,787.50 41,787.50
,
. ., 1986 20,000.00 20,437.50 40,437.50
1987 20,000.00 19,087.50 39,087.50
1988 25,000.00 17,737.50 42,737.50
1989 25,000.00 16,050.00 41,050.00
1990 25,000.00 14,362.50 39,362.50
1991 25,000.00 12,675.00 37,675.00
1992 30,000.00 10,956.25 40,956.25
1993 30,000.00 8,893.75 38,893.75
1994 30,000.00 6,831.25 36,831.25
1995 35,000.00 4,768.75 39,768.75
1996 35,000.00 2,362.50 37,362.50
Total $470.000.00 $467.462.50 $937.462.50
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 1986-91
and l% 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.
McALPIN, CURTIS ac O'HAIRE. CERTIFIED ,.U.LIC ACCOUNTANTS
.
CITY OF OKEECHOBEE. FLORIDA
SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
September 30, 1973
Water and Sewer Revenue Bonds
Bonds for the construction of sewage collection system and disposal
plant and Water and Sewer Expansion Program are dated July 1, 1958. They bear
interest at the rate of 4-1/2%. The bonds and interest are secured by the gross
revenues from the water and sewer departments less reasonable current expenses of
operation and maintenance. Allor a sufficient amount of the proceeds of the
utility service tax as may be needed to provide adequate reserves are pledged also
for this purpose. The original issue was $350,000. The bonds and interest are
payable through the Water and Sewer Revenue Bond Sinking Fund.
Total
Bond Annual Interest Total
Year Ending September 30 Maturities (Payment Basis) Requirement
1974 $ 13,000.00 $11 ,6l0. 00 $ 24,610.00
1975 13,000.00 11 ,025.00 24,025.00
1976 l4,000.00 10,440.00 24,440.00
1977 l5,000.00 9,810.00 24,810.00
1978 l5,000.00 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 18,000.00 6,975.00 24,975.00
1982 l8,000.00 6,l65.00 24,165.00
1983 19,000.00 5,355.00 24,355.00
1984 20,000.00 4,500.00 24,500.00
1985 21,000.00 3,600.00 24,600.00
1986 22,000.00 2,655.00 24,655.00
1987 23,000.00 l,665.00 24,665.00
1988 14,000.00 630.00 14,630.00
S258.QOO.00 $99.765.00 $357.765.00
McALPIN. CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
-
.
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF INTER-FUND ACCOUNTS
September 30, 1973
General Fund
Water and Sewer Fund
Federal Revenue Sharing Trust Fund
Federal Revenue Sharing Trust Fund
General Fund
Water and Sewer Fund
General Fund
Revenue Bond Sinking Fund - Revenue Fund
Tota 1
, .
~ ..
Page 24
Due From Due To
$ 5,688.69
480.04
$ 480.04
lO,675.00 4,986.31
260.50 260.50
$l1.4l5.54 $11 .415 . 54
McALPIN, CURTIS ac O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
Page 25
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF INSURANCE COVERAGE
September 30, 1973
Description
Coverage
Fire and extended coverage
City Hall (80% Co-Insurance)
$
lOO,OOO
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 Officials Bonds
City Clerk
Other Employees
lO,OOO
2,500
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
10,000
2,500
50
McALPIN, CURTIS ac O'HAIRE, CERTIFIED ,.UBLIC ACCOUNTANTS
.
Page 26
CITY OF OKEECHOBEE. FLORIDA
STATISTICAL TABLES
ASSESSED VALUE OF ALL TAXABLE PROPERTY
Tax Rolls For Years 1964 Through 1973
McALPIN, CURTIS ac O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
CITY OF OKEECHOBEE, FLORIDA
STATISTICAL TABLES
OTHER GENERAL FUND AND WATER-SEWER REVENUES
Years Ended December 31, 1964 Through 1972 And
Nine Month Period Ended September 30. 1973
.
Revenues - Other Than Property Taxes - General Fund
Inter-
Fines Franchise est
State and Occupa- Florida and
Motor Cigarette Forfeit- Building tional Power Adver-
Year Fuel Tax Tax ures Permits Licenses and Light tising
1973* $4l,349.16 $146,960.14 $32,953.74 $4,434.50 $ 4,758.82
1972 31,382.79 180.483.07 23,529.30 6,496.55 24,944.43 $29,189.51 $200.64
1971 4,853.55 155,103.21 33,315.35 6,240.11 10,220.06 23,663.52 93.14
1970 137,369.11 27,346.53 3,019.50 8,446.76 21,012.l9 295.41
1969 116,597.18 31,670.20 1,285.00 7,605.38 19,167.08 982.89
1968 103,969.03 9,317.39 1,916.50 8,082.27 16,566.53 134.63
1967 85,110.05 16,093.19 1,716.80 7,317.27 15,880.21 450.79
1966 81,495.7l 19,014.85 1,288.50 6,999.3l 15,069.39 7.42
1965 7l,638.59 15,540.45 1,386.24 6,549.08 14,686.39 62.03
1964 67,874.62 l4,632.70 1,882.75 6,539.02 14,558.69 52.27
Water and Sewer System Revenues
.
1973*
1972
1971
1970
1969
1968
1967
1966
1965
1964
Sewer
Service
Charges
$24,658.51
30,922.35
23,659.43
2l,868.l0
22,152.00
21,131.11
2l,346.11
19,960.89
20,484.46
19,270.60
30, 1973
*Amounts for nine months ended September
Water
Billings
$l68,080.50
185,747.67
133,019.45
115,438.63
105,889.68
98,672.l4
95,399.58
83,191.91
79,754.00
73,924.35
Water Water
Meters in Meters
December 3l Operation Cut Off
1973 - September 30 2,2l9 l77
1972 1,854 159
1971 1,669 l60
1970 1,513 l07
1969 1,440 85
1968 l,374 170
1967 1,297 l68
1966 1,190 l45
1965 l,l80 139
1964 l,169 132
Delinquent
Charges
$3,412.90
3,820.90
367.00
164.00
177.00
333.00
90.00
202.00
116.00
90.00
Water
Meters Non-
Operative
8
4
11
76
35
11
.
Page 27
.
.
Qualifying
Telephone Rezoning Interest Dog Pound Election Garbage
Commissions Charges on Savings Fees Fees Fees Miscellaneous
$ 58.42 $260.91 $ 9,691.59 $ 415.50 $18,425.50
100.83 167.40 13,331. 04 334.00 12,552.72
l26.83 lO1.52 8,330.99 1,528.00 962.l4
'89.83 240.00 8,331.00 472.00 $275.00 385.00
99.27 160.00 4,581. 00 151.00 523.00
100.18 60.00 4,546.37 334.50 189.28 189.28
55.48 160.00 3,357.66 153.00 $ 218.24 106.00
l20.03 100.00 1,320.90 154.00 240.00 27l.20 579.44
. . 112.45 280.00 1,248.52 198.00 125.00 1,000.00 228.67
63.17 200.00 1,237.90 25.50 150.00 (Franchise) 638.10
.
- Connection
Interest Charges Utility
Miscel- on (In Aid of Service
laneous Savings Construction) Taxes
$1,139.43 $ 7,975.93 $12,685.00 $44,878.07
2,585.82 12,639.30 19,135.00 52,415.52
1,762.75 7,639.25 7,535.00 45,976.04
690.40 7,639.22 4,015.00 42,733.23
101.00 4,139.22 2,050.00 38,6l0.54
10.20 2,588.47 3,215.00 33,802.29
829.l9 3,544.51 2,755.00 30,832.21
682.30 3,394.93 2,490.00 29,927.54
123.83 3,054.89 2,390.00 28,542.14
291.86 2,929.08 2,980.00 27,537.95
.
Total
Water
Meters
2,396
2,Ol3
l,829
1,620
l,533
1,548
1,476
1,411
1,354
1,3l2
Unmetered
Customers
o
o
9
21
24
25
23
37
49
43
Sewer-
Connections
376
370
352
313
309
305
301
298
289
279
McALPIN. CURT'S S. O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS