Audit Report 12.31.1972
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CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
December 31, 1972
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McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE,
FLORIDA
OFFICIAL DIRECTORY
December 31. 1972
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MA)j'OR - COUNCIL
Mayor
Aud1ey Dunham
Council - President
Donald L. Burk
Council - Vice President
E. H. Hunt
Councilman
Russell V. Domer
Councilman
Edward W. Douglas
Councilman
Clifford L. Betts, Jr.
ADMINISTRATIVE
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City Clerk
Lorena Spivey
City Attorney
J. Edward Curren
Municipal Judge
Audley Dunham
Superintendent - Water and Sewer Department
L. C. Fortner, Jr.
Chief of Police
Dewitt H. Staats
Chief of Fire Department
Olen Godwin
Building Inspector
Richard B. Spray
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McALPIN. CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
AUDIT REPORT
December 31, 1972
TABLE OF CONTENTS
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Page
1
Auditors' Opinion
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Statement to Bond Holders
General Fund
Balance Sheet
Statement of Revenues, Expenditures and Changes in
Fund Balance
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4
Federal Revenue Sharing Trust Fund
Balance Sheet
Statement of Revenues and Expenditures
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Debt Service Fund
Balance Sheet
Statement of Revenues, Expenditures and Change in
Fund Balance
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Statement of General Long-Term Debt
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Statement of General Fixed Assets
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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
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Notes to Financial Statements
Other Financial Information
Schedule of General Fund Expenditures Compared
wi th Budge t
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
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McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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!VICAI,PIN, CURTIS &: O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
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P. O. BOX 3346
FORT PIERCE, FLORIDA 334150
January 24, 1973
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. ".
SAMUEL R, PETERKIN, JR" C. P. f.
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Honorable Mayor 11 'ILy council
City of Okeec}lCI"'V, f-'!Clrida
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We 1:1 l' ('x ,mined the balance sheets of the various Funds of
the City of 01::.(( ('obe,,", Florida as of December 31, 1972 and the related
statements of i;,-"Ll!Uf~" Expenditures and Changes in Fund Balance,
Statement of Ch:-,cgc in. Retained Earnings, Statement of Revenue and
Expense and St; tLclcnLs of Changes in Reserve Accounts and Changes in
Financial Posit 0,1 for the year then ended. Our examination was made
in accordance "i. tll generally accepted auditing standards and accord-
ingly included :1.1c11 tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
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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 regards 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.
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In our opinion, except for the effect of the preceding para-
graph on depreciation and property and equipment in the Water and
Sewer Fund and in the Statement of General Fixed Assets. The afore-
mentioned financial statements present fairly the financial position
of the various funds of City of Okeechobee, Florida, at December 31,
1972 and the results of their operation for the year then ended in
conformity with generally accepted accounting principles on a basis
consistent with that of the preceding year after giving retroactive
effect to the change, with which we concur, in the recording of depr-
ciation on the Utility Plant as described in Note D to the financial
statements.
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McAlpin, Curtis & O'Haire
Certified Public Accountants
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MCALPIN, CURTIS &: O'HAIRE
CERTIFIED PUBLIC ACCOUNTANTS
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.
p, O. BOX sa..
FORT PIERCE, FLORIDA 334150
January 24, 1973
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Honorable Mayor and City Council
City of Okeechobee, Florida
We have examined the financial statements of the City of
Okeechobee, Florida for the year ended December 31, 1972 and have issued
our report thereon under date of January 24, 1973. During 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:
(l) 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 $l20.00
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 prin-
cipal of said Revenue Bonds as the same become due.
During the course of our examination, we determined that there were no
payments in 1972 for Fire Hydrants 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, are made semi-annually for
interest requirements and annually for principal requirements. We
obtained no knowledge that any other requirements of the bond ordi-
nances were not complied with.
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Certified Public Accountants
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CITY OF OKEECHOBEE, FLORIDA
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GENERAL FUND
BALANCE SHEET
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December 31. 1972
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ASSETS
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Cash
Certificates of deposit (cost)
Accrued interest receivable on investments
Taxes receivable
Less estimated uncollectible taxes
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Delinquent street and sewer liens
Less estimated uncollectible liens
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TOTAL ASSETS
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LIABILITIES AND FUND BALANCE
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Liabilities
Accounts payable
Contracts payable
Employee payroll deductions
Due to Water and Sewer Fund
Total Liabilities
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Fund Balance
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TOTAL LIABILITIES AND FUND BALANCE
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The accompanying notes are part of the Financial Statements.
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$93,499.37
38,681. 77
$ 2,775.56
2,775.56
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$l29,257.60
366)620.09
l,239.58
54,8l7.60
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$551. 934.87
$ 4,402.07
6,l62.63
3,611.34
5,588.69
$ 19,764.73
532,170.l4
$551~934.87
McALPIN. CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE
Year Ended December 31, 1972
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Actual Budget
$104,712.93 $ 77 ,000.00
l80,483.07 150,000.00
24,944.43 lO,OOO.OO
29,l89.51 22,000.00
6,496.55 5,000.00
3l,382.79 l5,000.00
23,529.30 30,000.00
11,000.00 11 , 000.00
334.00 800.00
13,331. 04 t 5,000.00
2.021.59
$427 ;425.21 $325,800.00
$ 54,490.49 $ 58,987.15
113,324.06 256,821.58
95,895.80 9l,l91.40
6,685.82 7,180.00
36,868.68 296.619.87
$307,264.85 $710,800.00
$120,160.36
412,009.78
$532,170.14
Reyenues
Property taxes less discounts
Cigarette tax collections (Note E)
Occupational licenses
Franchise fee - Florida Power and Light
Building permits
Motor fuel taxes
Fines and forfeitures
Fire Department Payment - Okeechobee County
Dog pound fees
Interest
Miscellaneous
Total Revenues
Expenditures
General government
Public safety
Pub 1 ic works
Health and welfare
Miscellaneous
Total Expenditures
Excess of Revenues Over Expenditures
Fund Balance - January 1, 1972
Fund Balance - December 31, 1972
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS Be O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
FEDERAL REVENUE SHARING TRUST FUND (NOTE B)
BALANCE SHEET
December 31, 1972
ASSETS
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Certificate of deposit (cost)
$38,403.00
LIABILITIES AND FUND BALANCE
Fund Balance
$38,403.00
STATEMENT OF REVENUES AND EXPENDITURES
Year Ended December 31. 1972
Revenues
Receipt of Federal Revenue Sharing Grant
$38,403.00
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
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December 3l, 1972
ASSETS
Cash
Cash with fiscal agents
Certificate of deposit (cost)
$ 51 , 7 94 .43
20 , 924 . 50
25,294.55
TOTAL ASSETS
$98,013.48
LIABILITIES AND FUND BALANCE
Liabilities
Matured bonds and interest coupons outstanding
Interest coupons due January 1, 1973
Total Liabilities
{~ ,162",OU
.~.7IJ2. 5U
$20 924.50
Fund Balance
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TOTAL LIABILITIES AND FUND BALANCE
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The accompanying notes are part of the Financial Statements.
McALPIN, CURTiS & OHA!RC CElP"'ED PU8UC ACCOUNTA"TS
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CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
Year Ended December 31, 1972
STATEMENT OF REVENUES. EXPENDITURES AND CHANGE IN FUND BALANCE
Revenues
Taxes collected
Interest on investments
Total Revenues
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Expenditures
Bonds retired
Interest on bonds
Fiscal agents fees
Total Expenditures
Excess of Revenues Over Expenditures
Fund Balance - January l, 1972
Fund Balance - December 31, 1972
The accompanying notes are part of the Financial Statements.
$63,316.78
l,389.72
$ 500.00
33,543.75
l,001.09
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$64,706.50
35 ,044 . 84
$29,661.66
47,427.32
$77 ,088.98
McALPIN, CURTIS Be O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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c rTY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
December 31,
1972
Amounts Available And To Be Provided For
The Payment Of General Bonded Debt
Refunding Bonds of 1971 :-' ,_
Amount available in Debt Se~ce Fund
Amount to be provided
$ 77,088.98
887~136.02
Total Available And To Be Provided
$964,225.00
General Bonded Debt
Refunding Bonds of 1971:
Principal amount
Interest to maturity
$480,000.00
484,225.00
Total General Bonded Debt
$964.225.00
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1972
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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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Buildings And Improvements
Bandstand
Utility garage
City Hall
Fire Station
Furnishings And Equipment
City Clerk's office
Parks Department
Police Department
Mobile and base radio units
Traffic Lights
Fire Department
Street Department
Mayor's office
Director of Public Works office
Rolling Stock
Fire Trucks
Police Cars
Dog Warden
Parks, Streets and Sanitary
Department
Total General Fixed Assets
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Balance
January l. 1972
$ 6,000.00
2,000.00
3,841. 30
23,877 .09
2,080.74
74,138.l4
$111,937.27
$ 1,046.75
20,548.65
44,164.88
23,407.80
$ 89,l68.08
$ 6,761.85
1,677.18
3,Ol7.21
l4,893.92
9,614.00
11,227.84
517.76
$ 47,709.76
$ 8,620.3l
6,748.00
46,004.36
$ 61.372.67
$310.187.78
Additions
$ 789.66
245.00
1,958.06
1,065.89
599.57
$ 4,658.18
$ 2,551.00
750.00
5.328.50
$ 8,629.50
$13.287.68
The accompanying notes are part of the Financial Statements.
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Balance
December 3l, 1972
$ 6,000.00
2,000.00
3,841. 30
23,877 .09
2,080.74
74,l38.l4
$111,937.27
$ l,046.75
20,548.65
44,l64.88
23.407.80
$ 89,l68.08
$ 7,551.5l
l,677.l8
3,262.2l
l4,893.92
9,6l4.00
13,185.90
1,065.89
517.76
599.57
$ 52,367.94
$ 8,620.3l
9,299.00
750.00
51,332.86
$ 70.002.l7
$323.475.46
McALPIN. CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER FUND
BALANCE SHEET
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ASSETS LIABILITIES, RESERVES AND SURPLUS
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Current Assets
Cash
Investment (cost)
Accounts receivable
Less provision for doubtful accounts
Due from General Fund
Accrued interest receivable
Total Current Assets
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Restricted Assets
Revenue Bond Sinking Fund (Note C)
Cash
Investment (cost)
Due from Revenue Fund
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Revenue Bond Depreciation Fund (Note C)
Investments (cost)
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Construction Fund
Cash
Investments (cost)
Total Restricted Assets
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Utility Plant (Note D)
Plant, property and equipment
Less accumulated depreciation
Net Utility Plant
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$ 27,282.4l
5,426.12
$ 6,l75.00
25,000.00
5,875.00
$ 4,603.66
200,000.00
TOTAL ASSETS
The accompanying notes are part of the Financial Statements.
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$ 83,041.36
70,000.00
21,856.29
lO,675.00
875.00
$ 37,050.00
57,035.09
204,603.66
$l,357,9l4.54
320,442.74
December 31, 1972
Current Liabilities
Accounts payable
Accrued payroll deductions
Water deposits
Annual installment F.H.A. contract
Due to Revenue Bond Sinking Fund
$ l86,447.65
Current Liabilities (Payable from Restricted Assets)
Construction contracts payable
Due to General Fund
Interest coupons, due January l, 1973 (Note C)
Total Current Liabilities
Other Liabilities
Revenue Bonds payable - Series 1958
Notes payable (Note E)
Contract payable - installments due over
one year (Note F)
Contract payable - Board of Education (Note F)
Total Other Liabilities
298,688.75
Total Liabilities
1.037,471.80
Reserves
Interest and Sinking Fund (Note C)
Depreciation Fund (Note C):
Required maximum balance
Excess of maximum balance
Total Reserves
$25,000.00
32,035.09
Retained Earnings
Operating funds
Invested in Utility Plant
Total Surplus
$1,522.608.20
TOTAL LIABILITIES, RESERVES AND SURPLUS
$ 5,149.l2
2,248.72
34,33~.85
9,377.69
5.875.00 $
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$ 10,402.50
5,086.3l
6.075.00
$
56,989.38
21,563.8l
78,553.l9
$270,000.00
400,000.00
18,755.93
25,564.78
714,320.71
$ 792,873.90
$ 30,975.00
57,035.09
88,OlO.09
$l38,835.96
502,888.25
64l, 724.21
$1,522,608.20
McALPIN. CURTIS Be O'HAIRE. CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
Year Ended December 31. 1972
Operating Invested in
.. Total Funds Utility Plant
Balance - January 1, 1972 $842,724.54 $ 82,645.63 $760,078.91
Accumulated depreciation of prior
years (Note D) (286,494.88) (286,494.88 )
Adjustment of Interest and Sinking
Funds to required balance (5,875.00) (5 .875.00)
Adjusted Balance - January 1. 1972 $550,354.66 $ 76,770.63 $473,584.03
Additions (Deductions)
Ne t inc ome
Contributions in aid of construction
Current provision for depreciation
Long-term debt principal requirements
Interest earned on construction funds
Current interest requirements paid
from construction funds
Reimbursement of prior years construction
cost to Revenue Fund
6,124.00
$ 37,888.57 $ 24,358.82
22,998.16
33,947.86 (33,947.86 )
(25 , 47 3 . 49) 31,597.49
(5,000.04) 5,000.04
10,027.43 (lO,027.43)
10.675.00 (10,675.00)
$138 ,835.96 $502,888.25
$ 62,247.39
22,998.16
Balance - December 31, 1972
$ 641. 724 g 2l
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
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WATER AND SEWER FUND
STATEMENT OF CHANGES IN RESERVE ACCOUNTS
Year Ended December 3l. 1972
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Balances - January l, 1972
Adjustment to required balance
Adjusted Balances - January l,
1972
Additions
From Operating Funds:
Bond principal requirements
Bond interest requirements
Interest on investments
Total Additions
Deductions
Payments for
Bond principal
Bond interest
Interest transferred to Revenue Fund
Balances - December 31, 1972
Interest
And Sinking Depreciation
Total Fund Fund
$ 82,135.09 $ 42,261.74 $39,873.35
5,875.00 (11 ,286. 74 ) l7,l61.74
$ 88,010.09 $ 30,975.00 $57,035.09
$ 12,000.00
l2,420.00
4,139.25
$ 28,559.25
$ l2,000.00
l2,420.00
1,250.00
$ 25,670.00
$ 2,889.25
$ 2,889.25
$ 12,000.00 $ 12,000.00
12,420.00 l2,420.00
4,139.25 1,250.00 2,889.25
$ 28,559.25 $ 25,670.00 $ 2.889.25
$ 88,OlO.09 $ 30.975.00 $57,035.09
The accompanying notes are part of the Financial Statements.
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER FUND
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STATEMENT OF REVENUES AND EXPENSES
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Year Ended December 3l, 1972
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Revenues
Water sales
Sewer charges
Utility taxes
Delinquent fees and charges
Miscellaneous
Interest on investments
Total Revenues
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Operating Expenses
Salaries and wages
Payroll taxes
Pension Plan contribution
Group insurance
Chemicals
Materials and supplies
Truck expense
Sewer Plant cleaning
Meter repairs
General insurance
Electricity
Office expense
Audit
Provision for doubtful accounts
Misscel1aneous
Total Operating Expenses Before Depreciation
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Net Operating Income Before Depreciation
Depreciation (Note D)
Net Operating Income
Non-Operating Expense
Interest - Revenue Bond
Interest - bank loan
Interest - F.H.A. contract
Total Non-Operating Expense
Ne t Inc ome
The accompanying notes are part of the Financial Statements.
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$l85,747.67
30,922.35
52,415.52
3,820.90
2,585.82
12,639.30
$ 288,131. 56
$ 80,585.95
4,362.46
3,793.80
1 ,8l1. 90
26,702.94
l2,266.20
3,962.00
11,776.00
132.00
2,780.00
11,131. 20
4,602.40
l,495.00
301.42
1,910.07
167 .613.34
$l20,5l8.22
33,947.86
$ 86,570.36
$ 12,420.00
lO,027.43
1,875.54
24.322.97
$ 62,247.39
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 3l. 1972
Cash Funds Were Provided By -, ~""
Net operating income before depreciation
Contributions in aid of construction
Increase in liabilities payable from restricted assets
Increase in long-term debt
Total Cash Funds Provided
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Cash Funds Applied To
Additions to Utility Plant
Increase in restricted assets for construction
Increase in restricted assets for debt service
Payment of non-operating expenses
Increase net working capital
Total Cash Funds Applied
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Increase (Decrease) In Net Working Capital Composed Of
Increase (Decrease) in Current Assets
Cash
Accounts receivable
Due from other funds
Total
Increase (Decrease) in Current Liabilities
Accounts payable
Accrued payroll deductions
Water deposits
Due to other funds
Contracts payable
Total
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Increase in Net Working Capital
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The accompanying notes are part of the Financial Statements.
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$53,278.58
5,762.26
lO,675.00
$ (672.88)
(435.66)
8,759.05
5,875.00
(3 , 844 . 60)
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$l20,5l8.22
22,998.l6
l5,2l8.8l
378.371.11
$537,l06.30
$ 242 ,539.74
204,603.66
5,605.00
24,322.97
60,034.93
$537tl06.30
$ 69, 715 . 84
9,680.91
$ 60,034.93
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
December 31, 1972
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--~xperld~tures 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 - Federal Revenue Sharing Trust Fund
In accordance with federal regulations, the first payment on the 1972
Federal Revenue Sharing Program has been placed in a trust fund and will be included
in budgeted expenditures in 1973. The final payment on the 1972 program was re-
ceived January 16, 1973 and totaled $36,851.00.
Note C - Revenue Bond Sinking and Depreciation Funds
The Revenue Bond Ordinance of 1958 requires, among other things, monthly
deposits equal to one-sixth of the next interest requirement and one-twelfth of the
next bond principal requirement. In addition, a reserve equal to the largest an-
nual bond principal and interest payment is to be maintained. Deposits have not
been made monthly but have been made on a semiannual basis for interest requirements
and annually for principal requirements. At December 31, 1972 the amount required
to be on deposit in the Revenue Bond Sinking Fund is as follows:
One half of bond principal requirements
($l2,000) due July l, 1973
Maximum reserve (bond principal and interest
due 1981)
Reserve Balance
Interest coupons, due January 1, 1973
Cash Balance
$ 6,000.00
24.975.00
$30,975.00
6.075.00
$37,050.00
The Revenue Bond Ordinance of 1958 also 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 December 31, 1972 the Fund
was $32,035.09 in excess of requirements.
Note D - Utility Plant
Prior to 1972, depreciation on the Utility Plant had not been recorded
on the accounting records. In order to conform the financial statements to gen-
erally accepted accounting principles, depreciation has been recorded, at a composite
rate of 2-l/2%. On this basis, the accumulated depreciation on the Utility Plant
to December 3l, 1971 amounted to $286,494.88.
In 1972, the City started an improvement and expansion program in the
Water System. The estimated cost of the project is $6l5,033.l5. Costs incurred
to December 3l, 1972 totalled $205,857.76.
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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ACCOUNTANTS REPORT ON OTHER FINANCIAL INFORMATION
Honorable Mayor and City Council
City of Okeechobee, Florida
..
The audited financial st~tements of the various funds of the City of
Okeechobee, Florida as of December 31, 1972 and our report thereon are presented
in the preceding section of this report. The financial information presented
hereinafter was derived from the accounting records tested by us as a part of the
auditing procedures followed in our examination of the aforementioned financial
statements, and in our opinion it is fairly presented in all material respects in
relation to the financial statements taken as a whole; however, it is not necessary
for a fair presentation of the financial position and results of operations of the
various funds of the City.
JJ1~~ -rtP/~
McAlpin, Curtis & O'Haire
Certified Public Accountants
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
C I'IY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Year Ended December 3l, 1972
..
General Government
City Council salaries
City Council expense
Mayor's salary
Mayor's expense
Mayor's office expense
Election expense
Audit
Board of Adjustment
County collector and assessor
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
Telephone and telegraph
City Hall maintenance
City Hall repairs
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's salary
Building Official's expense allowance
Building Official's office expense
Electrical Inspectoi's salary
Electrical Inspector's expense allowance
Civil Defense
Actual
$ 5,400.00
2,400.00
l,200.00
960.00
13.52
l65.86
l,495.00
l,450.00
l,500.00
l7,262.53
9,027.15
6,000.00
1,622.92
789.66
2,131.78
1,317 .71
1.754.36
$ 54,490.49
$ 61,048.43
16,l89.00
795.l7
2,551.00
l4,Ol5.77
6,5l7.27
1,958.06
7,479.68
1 ,720.00
690.00
259.68
lOO.OO
$113,324.06
l7
Budget
$ 5,400.00
2,400.00 .
l,560.00
600.00
lOO.OO
500.00
l,500.00
l,500.00
1,lOO.00
l,500.00
l6,000.00
9,027.l5
6,000.00
2,500.00
1,000.00
l,300.00
2,500.00
4,500.00
$ 58,987.15
$ 64,438.91
20,000.00
2,605.l6
115,000.00
5,000.00
19,837.51
l5,540.00
1,000.00
8,000.00
1,300.00
500.00
2,000.00
1,300.00
300.00
$ 256,821. 58
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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C rTY OF OKEECHOBEE. FLORIDA
SCHEDULE OF GENERAL BONDED DEBT AND INTEREST TO MATURITY
December 31. 1972
Principal Interest Total
Principal and Interest Payments Due
for Year Ended December 3~
1973 .., $ 10,000.00 $ 33,525.00 $ 43,525 . 00
1974 lO,OOO.OO 32,775.00 42 , 77 5 . 00
1975 lO,OOO.OO 32,025.00 42,025.00
1976 lO,OOO.OO 31,275.00 4l,275.00
1977 lO,OOO.OO 30,525.00 40 ,525 . 00
, 1978 l5,000.00 29,775.00 44,775.00
1979 l5,000.00 28,650.00 43,650.00
1980 15,000.00 27,525.00 42 , 525 . 00
I 1981 15,000.00 26,400.00 41,400.00
J 1982 l5,000.00 25,275.00 40,275.00
1983 l5,000.00 24,150.00 39,l50.00
I 1984 20,000.00 23,137.50 43,137.50
J 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 l7,737.50 42,737.50
1989 25,000.00 16,050.00 41,050.00
1990 25,000.00 l4,362.50 39,362.50
, 1991 25,000.00 l2,675.00 37,675.00
I 1992 30,000.00 lO,956.25 40,956.25
1993 30,000.00 8,893.75 38,893.75
i 1994 30,000.00 6,831.25 36,831. 25
I 1995 35,000.00 4,768.75 39,768.75
1996 35,000.00 2,362.50 37,362.50
Total $480.000.00 $500,987.50 $ 980 . 987 .50
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Note - Cash of $16,762.50 was deposited with the fiscal agent in December 1972 to
retire interest coupons due January l, 1973. 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 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 Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF WATER AND SEWER REVENUE BONDS AND
INTEREST TO MATURITY
December 3l, 1972
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 l, 1958. They bear interest at
the rate of 4-l/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 '(-later
and Sewer Revenue Bond Sinking Fund.
Total
Bond Annual Interest Total
Year Ending December 3l , Maturities (Payment BaSis) Requirements
1973 $ l2,000 $ l2,l50 $ 24, l50
1974 13 , 000 11,6l0 24 , 6l 0
1975 13,000 11,025 24,025
1976 l4)000 lO,440 24 ,440
1977 15,000 9,8l0 24 , 8l 0
1978 l5,000 9, 135 24 , 135
1979 16,000 8,460 24,460
1980 l7,000 7,740 24,740
1981 18,000 6,975 24 , 975
1982 18,000 6,l65 24, l65
1983 19,000 5,355 24,355
1984 20,000 4,500 24,500
1985 2l,000 3,600 24,600
1986 22,000 2,655 24,655
1987 23,000 1,665 24,665
1988 14.000 630 l4 . 630
$270,000 .tl.U.915 $381.915
McALPIN. CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF INTER-FUND ACCOUNTS
December 31, 1972
.'
General Fund
Water and Sewer Revenue Fund
Water and Sewer Construction Account
Water and Sewer Fund
General Fund
Revenue Bond Sinking Fund - Revenue Fund
Total
Due From
$ 5,086.31
lO,675.00
5,875.00
$21.636.3l
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Due To
$lO,675.00
5,086.3l
5,875.00
$2l,636.3l
McALPIN, CURTIS Be O'HAIRE, CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF INSURANCE COVERAGE
December 31, 1972
Description Coverage
Fire and extended coverage
City Hall (80% Co. Insurance)
11:-
$
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.
lOO/300,000
Police and Ful1time Firemen
Accidental Death
20,000
Volunteer Firemen
Accidental Death
Medical payments
Weekly indemnity
10,000
2,500
50
McALPIN, CURTIS Be O'HAIRE, CERTIFIr;:O PURU" A""nll...T......Tc::
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CITY OF OKEECHOBEE, FLORIDA
STATISTICAL TABLES
ASSESSED VM"UE OF ALL TAXABLE PROPERTY
Tax Rolls For Years 1963 Through 1972
Year
Rea 1 .'
Property
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963
$12,295,670
11 ,119,065
lO,6l2,610
lO,276,593
9,564,155
9,455,220
2,761,370
2,62l,020
2,489,850
2,263,805
Personal
Property
$3,031,848
2,299,576
2,279,271
2,l20,593
2,5l0,45l
2,488,438
506,510
495,225
523,203
5l4,595
Total
$15,327,5l8
13 ,4l8, 641
l2,89l,88l
l2,396,608
l2,074,606
11,943,658
3,267,880
3,116,245
3,013,053
2,778,400
Tax Levy and Applicable
Levies
Year
Debt
Service
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963
$55,653.85
49,347.04
3l,520.16
29,868.70
29,4l6.54
29,206.30
31,630.68
30,178.77
29,051.71
27,295.80
General
Government
$l07,292.63
80,511. 84
77 , 351. 29
6l,268.10
60,l44.93
59,718.30
45,750.32
43,627.43
42,l82.75
38,863.60
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Homestead
Exemption
$3,223,765
3,030,375
2,868,200
2,680,735
2,633,660
2,659,495
2,003,900
l,913,550
l,828,900
1 , 77 0,900
Debt
Service
Mills
Rates
Rates
General
Government
Mills
3
3
2
2
2
2
6
6
6
6
7
6
6
5
5
5
l4
14
l4
l4
The valuations are established as of January 1 of each year, being the
base of computing tax revenue levies for the City's accounting year ending December 31.
Tax bills are not sent out until the following November. Consequently, the annual
operations of the City are largely financed by prior year surplus or other revenue
funds until November, when the first collections are received on the assessment roll.
.
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CITY OF OKEECHOBEE, FLORIDA
STATISTICAL TABLES
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OTHER GENERAL FUND AND WATER-SEWER REVENUES
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Years Ended December 31, 1963 Through 1972
Revenues - Other Than Property Taxes - General Fund
State Franchise Interest Qua 1 ify ing
Motor Cigarette Fines and Building Occupational Florida Power and Telephone Rezoning Interest Dog pound Election Garbage
Year Fuel Tax Tax Forfeitures Permits Licenses and Light Advertising Connnissions Charges on Savings Fees Fees Fees Miscellaneous
1972 $31,382.79 $l80,483.07 $23,529.30 $6,496.55 $24,944.43 $29,189.5l $200.64 $100.83 $l67.40 $13,331. 04 $ 334.00 $l2,552.72
1971 4,853.55 l55 ,103. 2l 33,3l5.35 6,240.11 lO,220.06 23,663.52 93.l4 l26.83 lOl. 52 8,330.99 l,528.00 962.14
1970 137 ,369.11 27,346.53 3,Ol9.50 8,446.76 2l,Ol2.l9 295.41 89.83 240.00 8,331. 00 472 . 00 $275.00 385.00
1969 116,597.18 3l,670.20 1,285.00 7,605.38 19,167.08 982.89 99.27 l60.00 4,581.00 l51. 00 523.00
1968 l03,969.03 9,317.39 l,9l6.50 8,082.27 l6,566.53 134 . 63 lOO.l8 60.00 4,546.37 334.50 189.28 l89.28
1967 85,110.05 l6,093.l9 l, 716.80 7,317.27 15,880.21 450.79 55.48 160.00 3,357.66 l53.00 $ 218 ;'24 106.00
1966 8l,495.7l 19,014.85 l,288.50 6,999.31 l5,069.39 7.42 l20.03 lOO.OO l,320.90 l54.00 240.00 271. 20 579.44
1965 71 ,638 .59 l5,540.45 l,386.24 6,549.08 l4,686.39 62.03 112.45 280.00 l,248.52 198.00 125.00 l,OOO.OO 228.67
1964 67,874.62 14,632.70 1,882.75 6,539.02 l4,558.69 52.27 63.l7 200.00 l,237.90 25.50 l50.00 (Franchise) 638.10
1963 59,906.57 l5,715.00 1,l72.95 6,962.30 13,660.98 63.56 90.32 200.00 1,067.33 82.50 110.00
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Water and Sewer System Revenues
Connection
Sewer Interest Charges Utility
Service Water Delinquent Miscel- on (In Aid of Service
Charges Billings Charges laneous Savings Construction) Taxes
1972 $30,922.35 $185,747.67 $3,820.90 $2,585.82 $l2,639.30 $l9,135.00 $52,4l5.52
1971 23,659.43 133,Ol9.45 367.00 l,762.7~ 7,639.25 7,535.00 45,976.04
1970 21,868.10 115,438.63 164.00 690.40 7,639.22 4,Ol5.00 42,733.23
1969 22,l52.00 105,889.68 177 . 00 lOl.00 4,139.22 2,050.00 38,610.54
1968 21,131.11 98,672.14 333.00 10.20 2,588.47 3,2l5.00 33,802.29
1967 2l, 346.11 95,399.58 90.00 829.19 3,544.5l 2,755.00 30,832.2l
1966 19,960.89 83,191.9l 202.00 682.30 3,394.93 2,490.00 29,927.54
1965 20,484.46 7 9 , 754 . 00 116.00 l23.83 3,054.89 2,390.00 28,542.l4
1964 19,270.60 73 , 924 . 35 90.00 291. 86 2,929.08 2,980.00 27,537.95
1963 l8 ,411. 79 71 ,365.25 118.00 lO1. 90 2,843.91 4,620.00 27,258.12
Water Water Water Total
Meters in Meters Meters Non- Water Umnetered Sewer
Dec. 31 Operation Cut Off Operative Meters Customers Connections
1972 1,854 l59 2,013 0 370
1971 1,669 160 1,829 9 352
1970 1,513 l07 1,620 21 313
1969 l,440 85 8 1,533 24 309
1968 1,374 l70 4 l,548 25 305
1967 l,297 168 11 l,476 23 30l
1966 1,l90 145 76 1,411 37 298
1965 l,180 139 35 l,354 49 289
1964 1,l69 132 11 l,3l2 43 279
1963 1,079 77 48 l,204 40 276
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McALPIN, CURTIS Be O'HAIRE. CERTIFIED PUBLIC ACCOUNTANT~