1981/1982 Fiscal Year
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CITY OF OKEECHOBEE, FLORIDA
FINANCIAL STATEMENTS
Year Ended September 3D, 1982
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Donald L. Burk
Counci1member, Vice Chairman
Dowling Watford
Counci1member
Bonnie S. Thomas, CMC
City Clerk
Larry Mobley
Chief of Police
Louis K. Tomey II
Chief of Fire Department
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CITY OF OKEECHOBEE, FLORIDA
FINANCIAL STATEMENTS
Year Ended September 30, 1982
CITY COUNCIL
Edward W. Douglas
Mayor, Chairman
ADMINISTRATIVE
Richard C. Fellows
City Administrator
Oakland Chapman
Counci1member
James H. Knight
Counci1member
David Conlon
City Attorney
L. C. Fortner, Jr.
Director of Public Works
J. M. Westbrook
Building Inspector
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CITY OF OKEECHOBEE, FLORIDA
FINANCIAL STATEMENTS
Year Ended September 30, 1982
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TABLE OF CONTENTS
Page
Accountants' Opinion
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Bond Covenant Compliance Report
3
Combined Balance Sheet - All Fund Types and Account Groups
4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types
6
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - General and
Special Revenue Fund Types
8
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances - All Proprietary
Fund Types and Pension Trust Funds
9
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types and Pension Trust Funds
11
Notes to Financial Statements
12
Supplementary Information to Financial Statements:
Accountants' Opinion on Supplementary Information
23
General Fund:
Schedule of Revenues (Budget and Actual)
24
Schedule of Expenditures (Budget and Actual)
26
Pension Trust Funds:
Combining Balance Sheet
29
Combining Statement of Revenues, Expenses and
Changes in Fund Balances
30
Combining Statement of Changes in Financial Position
31
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CITY OF OKEECHOBEE, FLORIDA
FINANCIAL STATEMENTS
Year Ended September 30, 1982
TABLE OF CONTENTS - Continued
Page
Supplementary Information to Financial Statements: (Cont'd)
Special Revenue Fund - Federal Revenue Sharing Trust Fund -
Statement of Revenues and Expenditures (Budget and Actual)
32
Debt Service Fund - Statement of Revenues and Expenditures
(Budget and Actual)
33
Water and Sewer Enterprise Fund - Schedule of Changes in
Reserve Accounts
34
Statistical Information:
Accountants' Report on Statistical Information
35
Summary of Insurance Coverage
36
Schedule of Assessed Values, Tax Levies and Rates -
Last Ten Years
37
Schedule of Revenues and Utility Customers - Last Ten Years
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W. O. DALEY
K. E.HARTSAW
K. R. WILLIFORD
O.R.MYRABO
W. P. WEATHERFORD
J. O. WHITEHEAD
H.J.JONES.JR.
C. M. SWAIN
K. H. MORGAN.JR.
G. P. JONES. JR.
J. R. LOHMANN
W L.TEDDER.JR.
E. M. LEVANGIE
R. F. RANDOLPH
A.W. TODD. JR.
R. 8. COLEMAN
C. W. PUCKETT
M. W. SMITH
'YftJ ~der gclf~
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/I,g7~~~
f!l! t! ~AP':J OSI
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COMMERCIAL BANK BLDG.
VERO BEACH. FLORIDA
(305) 562-4158
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(305) 423-3426
200 N. W. AVENUE L
BELLE GLADE. FLORIDA
(305) 996-5525
December 7, 1982
To The Honorable Mayor and Members
of the City Council
City of Okeechobee
Okeechobee, Florida
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We have examined the combined financial statements of the
City of Okeechobee, Florida as of and for the year ended September 30,
1982, as listed in the foregoing table of contents. Our examination
was made in accordance with generally accepted auditing standards
and, accordingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary in the cir-
cumstances, except as stated in the following paragraph.
The City has not maintained adequate detail records in support
of the cost of the water and sewer utility plant in service (carrying
value of $3,200,211 at September 30, 1982) and land and improvements,
buildings and improvements, furnishings and equipment, and rolling stock
included in the general fixed asset group of accounts (carrying value
of $1,164,788 at September 30, 1982) and we were unable to obtain suf-
ficient supporting documentation to form an opinion with respect to
the stated cost of these items acquired in years prior to October 1,
1981 or the accumulated depreciation applicable to the water and sewer
utility plant in service at September 30, 1982 or the provision for de-
preciation for the year then ended. Accordingly, we are unable to ex-
press, and we do not express an opinion on the accompanying financial
statements of the Water and Sewer Fund and the general fixed assets
group of accounts.
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In our op~n~on, the financial statements referred to above,
other than the Water and Sewer Fund and the general fixed assets group
of accounts, present fairly the financial position of the City of
Okeechobee, Florida, at September 30, 1982, and the results of its
operations and the changes in financial position of its fiduciary pension
trust fund types for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that
of the preceding year, a~ter giving retroactive effect to the changes,
with which we concur, in the method of accounting for certain revenue
and accrued expenses as described in Note 2 of the financial statements.
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Certified~ub ic Accountants
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W. O. DALEY
K.E.HARTSAW
K. R. WILLIFORD
O.R.MYRABO
W. P. WEATHERFORD
J. O. WHITEHEAD
H.J.JONES.JR.
C. M. SWAIN
K. H. MORGAN.JR.
G. P. JONES. JR.
J. R. LOHMANN
W L.TEDDER.JR.
E. M. LEVANGIE
R. F. RAN DOLPH
A.W. TODD, JR.
R. B.COLEMAN
C. W. PUCKETT
M. W. SMITH
'YftJ~~gclf~
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'. f!l! t! ~AP':J(J:J/
~~:J,g8(Jl!
COMMERCIAL BANK BLDG.
VERO BEACH. FLORIDA
(305) 562-4158
(305) 423-3426
200 N.W.AVENUE L
BELLE GLADE. FLORIDA
(305) 996- 5525
December 7, 1982
To the Honorable Mayor and Members
of the City Council
City of Okeechobee
Okeechobee, Florida
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We have examined the combined financial statements of the
various funds and account groups of the City of Okeechobee, Florida
for the year ended September 30, 1982, as listed in the foregoing
table of contents and have issued our report thereon dated December 7,
1982. Our examination was made in accordance with generally ac-
cepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances.
We have read the covenants included in Resolution No. 320
adopted July 3, 1958, relative to the Water and Sewer Revenue Bonds,
Series 1958.
In making our examination, we obtained no knowledge of any
default by the city in the fulfillment of any of the covenants of the
above resolution insofar as they pertain to accounting matters. How-
ever, it should be noted that our examination was not directed
primarily toward obtaining knowledge of such defaults.
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CITY OF OKEECHOBEE, FLORIDA
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COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1982
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Fiduciary
Proprietary Funds ACcount Groups
Governmental Fund Types Fund Employee GE7nera 1 General Tota 1
Revenue Debt Water Pension Fixed Long- (Memorandum)
ASSETS General Sharing Service and Sewer Trust Funds Assets Term Debt Only)
Cash, including $39,027 in interest bearing
accounts $ 41,177 $20,226 $ 17,116 $ 147,540 $ 23,762 $ $ '$ 249,821
Investments (N 0 t e 1) 350,000 50,000 102,133 445,498 447,014 1,394,645
Receivables (Less allowances for doubtful
accounts):
Customer accounts, less allowances of
$8,239 (Note 1) 10,407 114,749 125,156
Due from other governmental agencies 25,438 25,438
Accrued interest 6,862 2,497 9,359
Due from other funds 9,090 4, 724 13,814
Fuel inventories (Note 1) 4,606 4,606
Restricted assets: (Notes 6 and 7)
Cash 27,019 27,019
Investments (Note 1) 79,921 79,921
Property, plant and equipment, net (Where
applicable) of accumulated depreciation (Note 3) 3, 200, 211 1,175,620 4,375,831
Amount available in Debt Service Fund 117,237 117,237
Amount to be provided for retirement of
general long-term debt 351,017 351,017
Total assets $413,052 $95,664 $119,249 $4,026,525 $475,500 $1,175,620 $468,254 $6,773,864
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Note: The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF OKEECHOBEE, FLORIDA
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COMBINED BALANCE SHEET
ALL FUND T'{_PES AND}..QCOUNT GROUPS - C~ontinued
September 30, 1982
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Fiduciary
Proprietary Funds Account Groups
Governmental Fund Types Fund Employee General General Tota 1
Revenue Debt Water Pension Fixed Long- (Memorandum)
LIABILITIES AND FUND EQUITY General Sharing Service and Sewer Trust Funds Assets Term Deb t Only)
Liabili ties:
Accounts payable $ 55,001 $ $ $ 13,276 $ $ $ $" 68,277
Contracts payable 42,494 42,494
Customer deposits 93,007 93,007
Due to terminated employees 314 314
Payable from restricted assets:
Accrued interest on bonds payable 15,064 15,064
Current portion of bonds payable 25,000 25,000
Hatured bond interest coupons 225 ~225
Matured bonds and interest coupons 2,012 2,012
Due to other funds 13,814 13,814
Deferred revenues 22,106 22,106
Long-term indebtedness (Notes 1 and 4) --- 460,000 468,254 928,254
Tota 1 liabilities 90 J 921 2,012 649,066 314 468.254 1,210,567
Fund Equity:
Contributed capital (Note 5) 2,043,646 2,043,646
Investment in general fixed assets 1,175,620 1,175,620
Retained earnings:
Reserved for -
Revenue bond retirement (Note 6) 34,160 34,160
Depreciation fund (Note 7) 32,491 32,491
Unreserved 1,267,162 1,267,162
Fund balances:
Reserved for -
Employees' retirement system 475,186 475,186
Debt service (Note 4) 117,237 117,237
Undesignated -.:?..~2.J.l31 ~_5,664 417,795
Tota 1 fund equity 2?1_L131 22~64 117 , 237 3,377,459 475,186 1,175,620 - 5.563.297
Tota 1 liabilities and fund equity $413,052 $95,664 $119,249 $4,026,525 $475,500 $1,175,620 .~.773,864
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Note: The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF OKEECHOBEE, FLORIDA
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COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES _
ALL GOVERNMENTAL FUND TYPES
Year Ended September 30, 1982
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Particulars
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Revenues:
Taxes
Intergovernmental
Charges for services
Licenses and permits
Fines and forfeitures
Interest income
Miscellaneous
Total revenues
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Expenditures:
Public safety
General government
Transportation
Physical environment
Health, human services
Parks and recreation
Intragovernment service - Public works
Debt service:
Principal retirement
Interest charges
Professional fees
Total expenditures
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Excess (Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses):
Proceeds from long~term debt
Operating transfers in
Operating transfers out
Total other financing sources (Uses)
Excess (Deficiency) of Revenues and Other Financing
Sources Over Expenditures and Other Uses (Carried forward)
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Total
Revenue Debt (Memorandum)
General Sharing Service Only)
$ 546,838 $ $ 10,427 $ 557,265
296,442 93,023 389,465
236,135 236,135
42,668 42,668
23,031 23,031
64,132 2,071 15,903 82,106
43,250 43,250
1,252,496 95,094 26,330 1,373,920
692,740 692,740
252,010 252,010
302,281 302,281
200,033 200,033
19,445 19,445
6,251 6,251
18,543 18,543
15,000 15,000
25,275 25,275
504 504
1,491,303 40 ,779 1.532.082
( 238,807) 95,094 ( 14,449) ( 158.162)
55,000 55,000
15,941 15,941
( 38,223) ( 38.223)
70,941 ( 38,223) 32.718
( 167,866) 56 , 871 ( 14,44.2,) ( 125_
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CITY OF OKEECHOBEE, FLORIDA
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COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES.
ALL GOVERNMENTAL FUND TYPES - Continued
Year Ended September 30, 1982
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Particulars
Total
Revenue Debt (Memorandum)
--2~L Sharing Service Only)
( 167,866) 56 ,871 ( 14,449) ( 125,444)
489,997 14, 171 131,686 635,854
24,622 24,622
489,997 38,793 131,686 660,476
$ 322,131 $95,664 $117,237 $ 535,032
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Excess (Deficiency) of Revenues and Other Financing
Sources Over Expenditures and Other Uses (Brought forward)
Fund Balances September 30, 1981, as Previously Reported
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Adjustment to Previously Issued Financial Statements (Note 2)
Fund Balances as Restated
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Fund Balances, September 30, 1982
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CITY OF OKEECHOBEE, FLORIDA
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COMBINED STATEMENT OF REVENUES, EXPENDITURES. AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES
Year Ended September 30, 1982
(Memorandum Only)
Variance
Favorable
Actual (Unfavorable)
Totals
Sharing
Variance
Favorable
(Unfavorable}
Genera 1 Fund
Revenue
Variance
Favorable
(Unfavorab Ie)
Budget
Budget
Actual
Actual
Budget
Particulars
$ 5,981
4,278
27,133
( 5,657)
7,781
12,203
10,661
62,380
$ 546,838
389,465
236,135
42J.668
23,; 031
66,203
43,250
1,347,590
$ 540,857
385,187
209,002
48,325
15,250
54,000
32,589
1,285.210
$
$
93,023
$
89,000
$ 5,981
255
27,133
( 5,657)
7,781
10,132
10,661
56,286
Revenues:
Taxes
Intergovernmental
Charges for services
Licenses and permits
Fines and forfeitures
Interest income
Miscellaneous
Total revenue
$ 546,838
296,442
236,135
42,668
23,031
64,132
43,250
1,252,496
$ 540,857
296,187
209,002
48,325
15,250
54,000
32,589
1,196,210
4,023
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2,071
2,071
6,094
95,094
89,000
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( 15,364)
51,582
( 32,033)
194
1,249
6,386
32,832
95,212
692,740
252,010
302,281
200,033
19,445
6,251
18,543
1,491,303
( 143.713)
713,558
236,646
353,863
168,000
19,639
7,500
24,929
1,524.135
( 238,925)
20,818
( 15,364)
51,582
( 32,033)
194
1,249
6,386
32,832
89,118
Expenditures:
Public safety
General government
Transportation
Physical environment
Health, human services
Parks and recreation
Intragovernment service - Public works
Total expenditures
Excess (Deficiency) of revenues over expenditures
Other financing sources (Uses):
Proceeds from long-term debt
Operating transfers in
Operating transfers out
Total other financing sources (Uses)
Excess (Deficiency) of revenues and other financing
sources over expenditures and other uses
692,740
252,010
302,281
200,033
19,445
6,251
18,543
1,491,303
( 238,807)
713,558
236,646
353,863
168,000
19,639
7,500
24 , 92 9
1,524,135
( 327,925)
6,094
95,094
89,000
55,000
15,941
38,223)
32,718
55,000
67,636
89.000) (
33.636
55,000
15,941
55,000
67,636
( 51,695)
50,777
( 918)
( 51,695)
( 51,695)
(
50,777
50 , 777
( 38,223)
( 38,223)
( 89,000)
( 89,000)
70,941
122,636
110,995)
504,168
94,294
( 205,289) (
504,168
56,871
56 , 871
14, 171
37,423
167,866)
489,997
205,289) (
489,997
(
14, 171
Fund balances, September 30, 1981, as previously reported
Adjustment to previously issued financial
statements (Note 2)
Fund balances as restated
24.622
528.790
24.622
24,622
$118,916
24,622
24,622
$81,493
24,622
38,793
$95,664
504.161
14 , 171
$14,171
489,997
489,997
$
$37,423
$ 322,131
$ 284,708
Fund balances, September 30, 1982
~: The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF OKEECHOBEE, FLORIDA
COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED
EARNINGS/FUND BALANCES - ALL PROPRIETARY FgND TYPES AND EMPLOYEE P~ON TRUST FUNDS ~
Year Ended September 30, 1982
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Particulars
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Revenues:
Charges for services
Interest income
Contributions
Other operating income
Total operating revenues
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Expenses:
Personal services
Contractual services
Depr ec ia ti on
Materials and operating supplies
Utili ties
Rentals and leases
Insurance
Repairs and maintenance
Administrative supplies and expense
Contribution refunds
Retirement benefits paid
Professional fees
Total operating expenses
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Operating income (Loss)
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Nonoperating income (Expense):
Interest income
Interest expense
Impact fees
Miscellaneous
Total nonoperating income, net
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Income before operating transfers
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Operating transfers in
Operating transfers out
Net transfers
Net income (Carried forward)
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Fund
Water
and Sewer
$ 855,093
258
855,351
332,032
51,109
106,582
138,609
88,796
434
11,899
103,774
38,993
872,228
(
16,877)
(
73,181
24,325)
7,200
22,324
78,380
61,503
22,283
(
(
25,000)
2 , 717)
58 , 786
Fiduciary
Funds
Employee
Pension
Trust Funds
$
50,480
91,112
141,592
12,095
28,996
1,958
43,049
98,543
98,543
98,543
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Tota 1
(Memorandum)
Only)
$ 855,093
50,480
91,112
258
996,943
332,032
51,109
106,582
138,609
88,796
434
11,899
103,774
38,993
12,095
28,996
1,958
915,277
81,666
(
73,181
24,325)
7,200
22,324
78,380
160,046
22,283
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(
25,OQQ)
2,711)
157,3~
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_ _ _ _ _. _. _ C,OMBINED STATEMENT OF, REVENUES, EXPENSES AND CHANGES IN RETAINED
EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND EMPLOYEE PENSION TRUST FUNDS ~
Continued
Year Ended September 30, 1982
Particulars
Net income (Brought forward)
Retained earnings/fund balance at September 30, 1981,
as previously reported
Adjustment to previously issued financial
statements (Note 2)
Retained earnings/fund balance at September 30, 1981,
as restated
Retained earnings/fund balance, September 30, 1982
Summary of retained earnings/fund balance
reserved for ~
Revenue bond retirement
Depreciation fund
Employee retirement system
Unreserved
Fiduciary
Proprietary Funds
Fund Employee Total
Water Pension (Memorandum)
and Sewer Trust Funds Only)
58,786 98,543 157,329
1,243,781 376,643 1,620,424
31,246 31,246
1,275,027 376,643 1,651,670
$1,333,813 $475,186 $1,808,999
$ 34,160 $ $ 34,160
32,491 32,491
475,186 475,186
1,267,162 1,267,162
$1,333,813 $475,186 $1,808,999
Note~ The accompanying Notes to Financial Statements are an integral part of this statement.
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COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
Year Ended September 30, 1982
Particulars
Sources of Working Capital:
Net income for the year
Add: Charges which did not use working capital:
Depreciation
Working capital provided by operations
Decrease in restricted assets
Contributed capital
Increase in current liabilities payable from
restricted assets
Adjustment to previously issued financial
s ta temen ts
Total sources of working capital
Uses of Working Capital:
Reclassification of long-term debt to short-term
Purchases of property, plant and equipment
Payments of long-term debt
Total uses of working capital
Increase in working capital
Elements of Increase (Decrease) in Working Capital:
Increase (Decrease) in current assets:
Cash
Investments
Accounts receivable
Due from other funds
Total
Increase (Decrease) in current liabilities:
Accounts payable
Accrued salaries
Accrued interest
Customers' deposits
Due to terminated employees
Tota 1
Increase in working capital
Fiduciary
Proprietary Funds
Fund Employee Total
Water Pension (Memorandum)
and Sewer Trust Funds Only)
$ 58,786 $98,543 $157,329
106,582 106,582
165,368 98,543 263,911
31,225 31,225
13,400 13 , 400
24,932 24,932
31,246 31,246
266,171 98,543 364 ,714
25,000 25,000
115,010 115,010
23,000 23,000
163,010 163,010
$103,161 $98,543 $201,704
($ 1,152)
52,000
56,716
8,985
116,549
( 9,493)
( 4,322)
15,064
12,139
$ 7,686
86,130
$ 6,534
138,130
56,716
13,387
214,767
( 9,493)
( 4,322)
15,064
12,139
( 325)
-13,063
$201,704
=-
4,402
98,218
( 325)
( 325)
$98,543
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13,388
$103,161
Note: The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
Year Ended September 30, 1982
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Note 1 - Description of Funds and Summary of Significant Accounting Policies:
It is the policy o~..the City of Okeechobee to conform its accounting
policies to generally accepted accounting principles applicable to governmental
units. The following is a summary of the more significant principles and
practices used in the preparation of these financial statements.
Fund Accounting - The accounts of the City are organized on the basis
of funds and groups of accounts, each of which is considered to be a separate
accounting entity. The operations of each fund are accounted for by providing
a separate set of self-balancing accounts which comprise its assets, liabilities,
fund balances/retained earnings, revenues and expenditures/expenses. The various
funds are grouped by type in the financial statements as follows:
General Fund - The General Fund accounts for all transactions not
required to be accounted for in another fund. All general property taxes,
franchise fees, utilities taxes, licenses, fees and fines are recorded in
this fund. Operational expenditures and capital outlays of general govern-
ment, public safety, public services and other departments are paid for
through this fund.
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Federal Revenue Sharing Fund - The Federal Revenue Sharing Fund is
used to account for monies received under State and Local Fiscal Assistance
Act of 1972, as amended, and related expenditures.
Debt Service Fund - The Debt Service Fund is used to account for
the receipt of property taxes levied to pay the principal and interest on
the City's general obligation bonds.
Proprietary Fund - Proprietary funds are used to account for the
financing of services to the general public where the intent of the governing
body is that the costs (all expenses including depreciation) of providing
certain goods and services be financed or recovered primarily through user
charges. The proprietary fund used by the City is the Water and Sewer
System, which accounts for the construction, operation and maintenance of
the City~owned water and sewer system.
Fiduciary Fund - The Fiduciary Fund is used to account for the
assets held by the City as trustee for the administration of the police,
firemen and general employees pension trust plans.
General Fixed Assets Group of Accounts - This group of accounts is
used to maintain control and cost information on City-owned property, plant
and equipment other than those of the proprietary fund.
General Long-Term Debt Group of Accounts - This group of accounts
is used to record long-term debt which is backed by the full faith and credit
of the City and other long-term debt which is secured by general fund revenues
and the proceeds of which are not used in proprietary fund activity.
Memorandum Totals - The columns captioned "Total - Memorandum Only"
are not necessary for a fair presentation of the financial statements, but
are presented as additional memorandum data and do not present consolidated
financial information.
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
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Year Ended September 30, 1982
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Note 1 - Description of Funds and Summary of Significant Accounting Policies:
(Cont'd)
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Measurement Focus - Governmental (General, Federal Revenue Sharing and
Debt Service) fund types are accounted for on a "financial flow" basis. Ac-
cordingly, only current assets and current liabilities are included on their
balance sheets, and the reported fund balances provide an indication of available
spendable or appropriable resources. Operating statements report increases
(revenues) and decreases (expenditures) in available spendable resources.
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Proprietary (Enterprise) and Nonexpendable Pension Trust fund types
are accounted for on a "cost of services" basis. Accordingly, all assets and
liabilities are included on their balance sheets and the reported fund equities
provide an indication of the economic net worth of the funds. Operating state-
ments report increases (revenues) and decreases (expenses) in total economic
net worth.
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Appropriations and other commitments are recognized as designations
or reserves of fund balance or retained earnings at the end of the fiscal year.
These items are recognized as expenditures or expenses in the period in which
the actual goods or services are received and a liability is incurred.
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Funds which are similar by type but not homogeneous are combined.
Interfund transactions and balances are not eliminated on funds which are com-
bined rather than consolidated.
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Basis of Accounting - Basis of Accounting refers to when revenues and
expenditures are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the measurements made,
regardless of the measurement focus applied.
All governmental funds are accounted for using the modified accrual
basis of accounting. Revenues are recognized when they become measurable and
available as net current assets. Uncollected ad valorem taxes are not recorded
as revenues because, although measurable, they are not available until collected.
Accounts receivable for refuse collection and interest on investments are
recorded as revenues as earned.
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Expenditures are generally recognized, under the modified accrual basis,
in the accounting period in which the liability is incurred. Exceptions to the
rule include accumulated unpaid employee vacation and sick pay, and principal
and interest on general long-term debt which is recognized when due.
Proprietary Funds and Pension Trust Funds are accounted for on the
accrual basis. Their revenues are recognized when earned and their expenses
recognized when they are incurred. Unbil1ed water and sewer utility service
revenues ($54,000 at September 30, 1982) are recorded at year end.
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
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Note 1 - Description of Funds and Summary of Significant Accounting Policies:
(Cont'd)
Budgets - The City enacts an annual budget, by ordinance, after con-
ducting the required public hearings. The budget adopted is on a basis consistent
with the accounting principles followed by the City.
Budgets presented in the accompanying financial statements include all
amendments made to the original adopted budget.
Investments - Investments, consisting of certificates of deposit and
repurchase agreements are stated at cost which approximates market.
Property, plant and Equipment - Property, plant and equipment acquired
for general governmental purposes are recorded as expenditures in the General
Fund and capitalized at cost in the general fixed assets group of accounts. No
depreciation has been provided on general fixed assets. The utility plant and
equipment utilized in the City's water and sewer system is stated at cost.
Additions, improvements and expenditures that significantly extend the life of
an asset are capitalized.
Repairs and maintenance costs that do not extend the lives of assets
are charged to operations when incurred. Depreciation has been provided
principally at a composite rate of 2-1/2%.
Inventories - Inventories of motor fuels are stated at cost determined
on a first-in, first-out basis.
Note 2 - Adjustment to Previously Issued Financial Statements:
Effective as of October 1, 1981, the City retroactively adopted certain
accounting policies to more fully comply with the accounting principles
promulgated by Municipal Finance Officers Association's National Council on
Governmental Accounting and the Committee on Governmental Accounting and Auditing
of the American Institute of Certified Public Accountants. A description of
the adjustments made as a result of these changes and the effect on retained
earnings and fund balance at September 30. 1981 is set forth below. The effect
of the changes on net income for the year ending September 30, 1981 was not
ma teria 1.
15
CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
..
Note 2 - Adiustment to Previously Issued Financial Statements: (Cont'd)
Water and Sewer Fund -
1.
Recognition of accrued interest expense on
the City's 1958 and 1972 water and sewer
serial bonds which had previously been
recognized only as amounts were paid
2.
Recognition of accrued unbilled water
and sewer service revenue at the end of
the fiscal year
Total Water and Sewer Fund
Federal Revenue Sharing -
1.
Recognition of the Federal revenue
sharing entitlement at the end of the
fiscal year collected after year-end
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Tota 1
($15,454)
46,700
31,246
24,622
$55,868
Note 3 - Property, Plant and Equipment:
The carrying value of property, plant and equipment recorded in the
Water and Sewer Fund was as follows at September 30, 1982:
Utility plant in service -
Acquired prior to October 1, 1981
Acqui.red during the year ended
September 30, 1982
Tota 1
Less: Accumulated depreciation
Net book value
$4,127,219
115,010
4,242,229
1,042,018
$3,200,211
$106,582.
Depreciation expense for the year ended September 30~ 1982 was
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
Note 3 - Property, Plant and Equ1pment: (Cont'd)
A summary of changes in General Fixed Assets follows:
Balance Balance
October 1, 1981 Additions Retirements September 30, 1982
Land and improvements $507,864 $ 28,831 $ $ 536,695
Buildings and
improvements 133,748 133,748
Furnishings and equipment 134,610 69,962 3,854 200,718
Rolling stock 217,970 86,489 304,459
Tota 1 $994,192 $185,282 $3,854 $1,175,620
Note 4 - Long-Term Indebtedness:
Long-term indebtedness at September 30, 1982 was composed of the
following:
Particulars
Amount
General Long-Term Debt
$480,500 Original issue General Obligation
Bonds, due in annual installments of
$15,000 to $35,000 through July 1, 1996
Notes and capitalized lease obligation:
8% Capital improvement note to a bank,
due $9,167 annually, plus interest,
through 1988; collateralized by funds
other than ad valorem taxes
8.5% Installment note, due $1,123 monthly
including interest through January 1~
1987; collateralized by equipment
Capitalized lease obligation~ payable $275
monthly including interest at 18% through
November ~ 1986
$355,000
$55,000
48,758
Total general long-term debt
9,496 113,254
$468,254
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
Note 4 - Long-Term Indebtedness: (Cont'd)
Particulars
Amount
Revenue Bonds
$350,000 Original issue 1958 Water and
Sewer Serial Bonds, due in annual install-
ments of $14,000 to $23,000 through
July 1, 1988; interest at 4-1/2%
$119,000
$400,000 Original issue 1972 Water and
Sewer Serial Bonds, due in annual
installments of $5,000 to $24,000
through January 1, 2012; interest at 5%
Total revenue bonds
366,000
$485,000
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Outstanding general obligation bonds above are redeemable at the option
of the City on any interest date by payment of a premium of 3 percent through
1986; 2 percent between 1986-91 and 1 percent after July 1, 1991. Interest is
payable at 7.5 percent on bonds maturing through 1982; at 6.75 percent for bonds
maturing 1983 through 1990; at 6.875 percent for bonds maturing 1991 through
1995, and at 6.75 percent for bonds maturing in 1996.
The 1958 water and sewer revenue bonds are secured by the net revenues
of the water and sewer system and utilities service taxes. The bonds are re~
deemable in whole or in part in inverse order of maturity on any interest date
at par and accrued interest plus a redemption premium of 4-1/2%.
The 1972 water and sewer revenue bonds are secured by a pledge of the
net revenues of the water and sewer system and cigarette taxes. The bonds are
subordinate to the outstanding 1958 water and sewer revenue bonds and are re-
deemable in whole or in part in inverse order on any interest date at par and
accrued interest.
A summary of the changes in all long-term debt above for the year ended
September 30, 1982 is as follows:
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Note 4 - Long-Term Indebtedness: (Cont'd)
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Balance, September 30, 1981
Additions
Payments during the year
Balance, September 30, 1982
Annual principal requirements for the
next five years are as follows:
Year ended September 30,
1983
1984
1985
1986
1987
Therea fter
Total
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
General Long-Term Debt
General Notes and
Obligation Capitalized
Bonds Lease Total
Proprietary
Water and Sewer
Revenue Bonds
1972
Series Total
Total
Long-Term
Debt
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1958
Series
$370,000
$
$370,000
$371,000
$137,000
$508,000
$878,000
120,632
120,632
120.,632
( 15,000)
$355,000
( 7,378)
$113,254
( 22,378)
$468,254
( 5 , 000 )
( 18,000)
( 23,000)
( 45,378)
$366,000
$119,000
$485,000
$953,254
$ 15,000 $ 20,622 $ 35,622 $ 19,000 $ 6,000 $ 25,000 $ 60,622
20,000 21,816 41,816 20,000 6,000 26,000 67,816
20,000 23,151 43,151 21,000 6,000 27,000 70,151
20,000 24,648 44,648 22,000 6,000 28,000 72,648
20,000 13,853 33,853 23,000 7,000 30,000 63,853
260,000 9,164 269,164 14,000 335,000 349.000 618,164
$355,000 $113 , 254 $468,254 $119,000 $366,000 $485,000 $953,254
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NOTES TO FINANCIAL STATEMENTS - Continued
CITY OF OKEECHOBEE, FLORIDA
Note 4 - Long-Term Indebtedness: (Cont'd)
The annual requirements to amortize all debt
outstanding as of September 30, 1982, including interest
payments totalling $597,784 are as follows:
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Year ended September 30,
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
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Tota 1
Year Ended September 30, 1982
General Long-Term Debt
Notes and
Capi ta lized
Lease
General
Obligation
Bonds
Total
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Proprietary
Water and Sewer
Revenue Bonds
1958 1972
Series Series Total
Tota 1
Long-Term
Debt -:
$ 39,150 $ 30,349 $ 69,499 $ 24,355
43, 138 29,616 72, 754 24,500
41,788 28,882 70,670 24,600
40,437 28,149 68,586 24,655
39,087 15,401 54,488 24,665
42,738 9,898 52,636 14,630
41,050 41,050
39,363 39,363
37,675 37,675
40,956 40,956
38,894 38,894
36,831 36,831
39,769 39,769
37,362 37,362
$558,238
$700,533
$142,295
$137,405
$ 24,300 $ 48,655 $ 118,154
24,000 48,500 121,254
23,700 48,300 118,970
23,400 48,055 116,641
24,100 48,765 103,253
23,750 38,380 91,016
23,400 23,400 64,450
24,050 24,050 63,413
23,650 23,650 61,325
24,250 24,250 65,206
23,800 23,800 62,694
24,350 24,350 61,181
23,850 23,850 63,619
24,350 24,350 61,712
23,800 23,800 23,800
24,250 24,250 24,250
23,650 23,650 23,650
24,050 24,050 24,050
23,400 23,400 23,400
23,750 23,750 23,750
23,050 23,050 23,050
23,350 23,350 23,350
22,600 22,600 22,600
22,850 22,850 22,850
23,050 23,050 23,050
23,200 23,200 23,200
23,300 23,. 23,300
24,350 24 ."" . 350
'...e,c,. ..
24,300 24, 300
25.2QQ 2S
$713,1~
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
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Note 4 - Long-Term Indebtedness: (Cont'd)
At September 30, 1982, there was $117,237 available in the Debt
Service Fund to service the general obligation bonds.
Note 5 - Contributed Capital:
The source and additions to contributed capital are as follows:
Source
Balance Balance
September 30, 1981 Additions September 30, 1982
Connection fees
Developers
Federal grant
Local Public Works Grant
Federal Revenue Sharing Funds
General Fund
Okeechobee Beach Water
Association
$ 208,013
338,761
71,160
417,740
619,572
100,000
$13,400
$ 221,413
338,761
71,160
417,740
619,572
100,000
275,000
$13,400
275,000
$2,043,646
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$2,030,246
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Note 6 - Revenue Bond Reserve and Retirement Funds:
The 1958 and 1972 Water and Sewer Revenue Bond Ordinances require,
among other things, deposits on a monthly basis, of amounts necessary to provide
for semi-annual interest and annual principal requirements. In addition, the
1958 Revenue Bond Ordinance requires a reserve equal to the largest annual bond
principal and interest payment while the 1972 Revenue Bond Ordinance requires
a reserve of $23,400. At September 30, 1982, the amounts required and the amounts
on deposit are as follows:
1958 Revenue
Bonds
1972 Revenue
Bonds Total
Maximum reserve
Deposits for bond principal and
interest requirements
Balance of construction funds
required to be deposited in
Sinking Fund
$24,355
$23,400 $47,755
6,089
18,225 24,314
2,380 2,380
Reserve Balance ~ September 30,
1982
$30,444
$44,005 $74,449
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
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Note 6 - Revenue Bond Reserve arid"'Retirement Funds: (Cont' d)
At September 30, 1982 amounts included in restricted assets (cash and
investments) in the accompanying combined balance sheet for these requirements
totalled $74,449.
Note 7 - Depreciation Fund:
The 1958 Water and Sewer Revenue Bond Resolution requires that a De-
preciation Fund be maintained. The minimum amount required is 5% of gross water
and sewer revenues collected during the preceding calendar year. The Fund may
be used, with the approval of the City Council, to pay for capital additions or
unforeseen emergencies. At September 30, 1982, investments included as restricted
assets in the accompanying combined balance sheet for the Depreciation Fund
totalled $32,491.
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Note 8 - Pension Plans:
The City has three pension plans covering substantially all the City's
regular employees. Total pension expense for the year was $29,504 including,
with respect to the general employees benefit plan, amortization of past service
cost over a 33 year period. It is the City's policy to fund pension expense as
determined by actuarial valuation. Mandatory employee contributions to the
plans are at the rate of 5% of earnings.
The plans covering the City's firefighters and police officers are
also funded by the State of Florida from a tax on fire insurance premiums collected.
State contributions to these plans totalled $5,827 and $17,193, respectively,
during the year ended September 30, 1982.
A summary of plan benefits and plan net assets as of October 1, 1982
(the most recent valuation date) is as follows:
Actuarial Present Value of Accumulated Plan Benefits:
General Police
Fire
Vested Benefits:
Members currently receiving payments
Other members
Total vested benefits
Non-Vested Benefits
Total Actuarial Present Value of Accumulated
Plan Benefits
$ 14,993 $
-.11.2.,631
134,624
18,446
49,231
49,231
3.737
$153,070 $ 52,968 $13,924
$235,622 $173,430 $66,134
6% 6% 6%
Net Assets Available for Benefits
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CITY OF OKEECHOBEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
Year Ended September 30, 1982
.
Note 9 - Commitments and Contingencies:
Litigation - The City Council has adopted a resolution authorizing
the filing of an application with the Farmers Home Administration for improve-
ments to the City's wastewater treatment and collection systems. The loan
resolution would bind the City to issue bonds in the amount of $2,5l2,000. The
issuance would be contingent upon receiving a grant in the amount of $5,325,000.
The City is co-defendant in a lawsuit consisting of five counts of
alleged violations claiming entitlement to damages in excess of $50,000 per
count. The City does not expect any liability to result from this action. It
is also defendant in a separate action seeking damages in excess of $5,000.
This has been turned over to the City's insurance carrier for defense.
The City is plaintiff in a suit seeking reconstruction or replacement
of a clearwell at an estimated cost of $500,000. It is anticipated that future
judgments will be in the City's favor.
Lease Obligation - During the year ended September 30, 1982, the City
entered into a noncancellable capitalized lease for certain office equipment.
The lease expires in November, 1986 at which time the equipment becomes the
property of the City upon payment of $1. The cost of the equipment ($10,832)
has been capitalized as furnishings and equipment in General Fixed Assets.
Future lease payments required have been included in Note 4 (principal payments,
notes and capitalized lease).
Accrued Vacation and Sick Leave Benefits - Full-time and permanent
employees accrue a paid vacation period ranging from six days after six months
of continuous service up to 20 days after fifteen years of service. Unused
vacation may be accumulated up to a maximum of thirty days.
Sick leave for employees is accumulated at the rate of 12 days per
year. Payment for unused sick leave upon termination of employment may be made
for employees with 10 years or more of continuous service at a rate of 25% of
the unused sick leave balance.
Accumulated unpaid vacation and sick pay to which employees would be
entitled upon termination totalled $37,802 and $8,794, respectively, at
September 30, 1982. Vacation and sick leave benefits are charged to expense as
paid by the City.
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23
W. O. DALEY
K. E.HARTSAW
K. R. WILLIFORD
O.R.MYRABO
W. P. WEATHERFORD
J. O. WH ITEH EAD
H.J.JONES.JR.
C. M. SWAIN
K. H. MORGAN. JR.
G. P. JONES. JR.
,J. R. LOHMANN
W L.TEDDER.JR.
E. M. LEVANGIE
R. F. RANDOLPH
A.W. TODD,JR.
R. B. COLEMAN
C. W. PUCKETT
M. W. SMITH
'YftJ ~~ gclf~
~~~~
/I,g7~~~
" f!l! t! ~AP' :JtJ3/
~~:J,g8tJl!
COMMERCIAL BANK BLDG.
VERO BEACH. FLORIDA
(305) 562-4158
(305) 423-3426
200 N. W.AVENUE L
BELLE GLADE. FLORIDA
(305) 996-5525
December 7, 1982
To the Honorable Mayor and
Members of the City Council
City of Okeechobee
Okeechobee, Florida
Our examination of the combined financial statements of the
City of Okeechobee, Florida was made primarily for the purpose of
forming the opinion included on page 1 of this report. The data
contained in pages 24 to 38 in this report are presented for purposes
of additional analysis and are not a required part of the combined
financial statements of the City of Okeechobee, Florida. The in-
formation has been subjected to the audit procedures applied in the
examination of the combined financial statements and in our opinion,
is fairly stated in all material respects in relation to the combined
financial statements taken as a whole.
~~
-- C~r;ifiedJ(ub ic Accountants
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES
(Budget and Actual)
Year Ended September 30, 1982
"
Variance
Favorable
Budget Actual (Unfavorable)
$ 291,007 $ 277 ,464 ($13,543)
121,850 154,823 32,973
128,000 114,551 ( 13,449)
540,857 546,838 5,981
27,200 28,925 1,725
17,500 10,461 ( 7,039)
125 32 ( 93)
3,500 3,250 ( 250)
48,325 42,668 ( 5,657)
Taxes:
Ad valorem taxes
Franchise fees
Utility service taxes
Licenses and Permits:
Occupational licenses
Building permits
Animal licenses
Competency cards
Intergovernmental Revenues:
State shared revenue:
Cigarette tax
State revenue sharing
Mobile home licenses
Homestead Exemption Trust Fund
Alcoholic beverage licenses
Gasoline tax refund
Law enforcement
Shared revenues from other
local units:
Road and bridge
County occupational licenses
78,000
160,000
1,500
9,000
1 , 9 50
1,500
4,337
35,000
4,900
296,187
Charges for Services:
Fire protection service
Sanitation fees
Miscellaneous
7,200
174,100
27,702
209,002
Fines and Forfeitures:
Court fines
Police education
Code enforcement fines
14,500
500
250
15,250
75,181 ( 2,819)
176,013 16,013
1,307 ( 193)
3,996 ( 5,004)
1,923 ( 27)
1,001 ( 499)
4,337
28,335
4,349
296,442
7,200
202,770
26,165
236,135
21,890
938
203
23,031
( 6,665)
( 551)
255
28,670
( 1,537)
27,133
7,390
438
( 47)
7,781
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES ~ Continued
(Budget and Actual)
Year Ended September 30, 1982
..
Total
Variance
Favorable
Budget Actual (Unfavorable)
54,000 64,132 10,132
5,154 2,884 ( 2,270)
3,855 3,855
6,515 6,515
27,435 29,996 2,561
86.589 107,382 20,793
$1,196,210 $1,252,496 $56,286
Miscellaneous:
Interest earnings
Other
Sale of assets
Rents and royalties
Refunds of prior year expenditures
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES
(Budget and Actual)
Year Ended September 30, 1982
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Variance
Favorable
Budget Actual (Unfavorable)
Pub lic Sa fety:
Law enforcement:
Personal services $ 326,644 $ 308,937 $17,707
Operating expenses 64,168 69,341 ( 5,173)
Capital outlay 16,061 14,459 1,602
Total law enforcement 406,873 392,737 14,136
Fire control:
Personal services 132,822 132,072 750
Operating expenses 62,380 56,252 6,128
Capital outlay 70,06l 70,308 ( 247)
Total fire control 265,263 258,632 6,63l
I Protective inspections:
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t Personal services 32,815 33,042 ( 227)
Operating expenses 7 , 130 6,854 276
r Capital outlay 1,477 1,475 2
I Total protective inspections 41,422 41,371 51
Total public safety 713,558 692,740 20,818
I General Government:
I Legislative:
Personal services $ 16,400 $ 16,200 $ 200
Operating expenses 28,026 34,029 ( 6,003)
Capital outlay 2 , 138 ( 2,138)
Total legislative 44,426 52,367 ( 7 ,941)
Executive:
Personal services 43,117 43,317 ( 200)
Operating expenses 8,413 6,814 1,599
Capital outlay 50 ( 50)
Total executive 51,530 50,181 1,349
Financial and Administrative:
Personal services 74,392 73,289 1,103
Operating expenses 36,131 35,632 499
Capi tal outlay 20,937 32,452 ( 11,515)
Tota 1 financia 1 and administrative 131,460 141,373 ( 9,913)
27
CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - Continued
(Budget and Actual)
Year Ended September 30, 1982
~ ',.~
Budget
Actual
Variance
Favorable
(Unfavorable)
General Government: (Cont'd)
Comprehensive planning:
Personal services
Operating expenses
Capital outlay
Total comprehensive planning
Judicial:
Personal services
Operating expenses
Capital outlay
Total judicial
Total general government
1,500 1,500
4,100 3,211 889
100 100
5,700 4,811 889
1,800 1,675 125
1,630 1,503 127
100 100
3,530 3,278 252
236,646 252,010 ( 15,364)
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Transportation:
Road and street facilities:
Personal services
Operating expenses
Capital outlay
Total transportation, road
and street facilities
118,18l
136,624
99,058
353,863
113,233
115,328
73,720
302,281
4,948
21,296
25,338
51,582
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physical Environment:
Garbage/solid waste control services:
Personal services
Operating expenses 168,000 200,033 ( 32,033)
Capital outlay
Total physical environment,
solid waste services l68,000 200,033 ( 32,033)
Human Services:
Health:
Personal services 12,539 12,663 ( 124)
Operating expenses 6,900 6,565 335
Capital outlay 200 217 ( 17)
Total human services, hea 1 th 19,639 19,445 194
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - Continued
(Budget and Actual)
Year Ended September 30, 1982
..
Budget
Actual
Culture/Recreation:
Parks and recreation:
Personal services
Operating expenses
Capital outlay
Total culture/recreation,
parks and recreation
7,500
7,500
6,251
6,251
Intragovernment Services:
Public Works:
Personal services
Operating expenses
Capital outlay
Total intra government services,
public works
Variance
Favorable
(Unfavorable)
1,249
1,249
20,152 16,673 3,479
4,437 1,545 2,892
340 325 15
24,929 18,543 6,386
$1,524,135 $1,491,303 $32,832
Total expenditures
,..,..
-=---::.--:_~~~---:--.:::-
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CITY OF OKEECHOBEE, FLORIDA
PENSION TRUST FUNDS
COMBINING BALANCE SHEET
September 30, 1982
Police General
Officers' Firemen's ,
Employees
Retirement Retirement Retirement
ASSETS Fund Fund Fund Tota 1
Cash $ 5,425 $13,130 $ 5,207 $ 23,762
Investments in savings certificates and
savings accounts (At cost, which '1
approximates market) 168,005 53,004 226,005 447,014
Due from other funds 4,724 4 ,724
$173,430 $66,134 $235,936 $475,500
LIABILITIES AND FUND BALANCES
Liabilities:
Due to terminated employees 314 314
Fund balances:
Reserved for retirement 173,430 66,134 235,622 475,186
$173,430 $66,134 $235,936 $475,500
==""",~~,~,~~~"~:Cd:...,,::,,,~~. J"
oc,"',..
CITY OF OKEECHOBEE, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Particulars
Year Ended September 30, 1982
Sources of Working Capital:
Excess of revenues over (Under) expenses -
Working capital provided by operations
Uses of Working Capital
Police
Officers'
Retirement
Fund
$42,981
Increase (Decre'ase) in working capita 1
$42,981
Elements of Increase in Working Capital:
Cash
Investments, at cost
Due to employees
Due from other funds
Due to other funds
$ 4,727
38,053
201
Increase (Decre8se) in working capital
$42,981
Firemen's
Retirement
Fund
($ 9,124)
($ 9,124)
$10,154
( 19,364)
86
($ 9,124)
General
Employees I
Retirement
Fund
$64,686
$64,686
($ 7,195)
67,441
38
4,402
$64,686
~,,~:.-=-,-- --~.,
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Total
"1
$98,543
$98,543
$ 7,686
86,130
325
4,402
$98,543
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CITY OF OKEECHOBEE, FLORIDA
SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF REVENUES AND EXPENDITURES
(Budget and Actual)
~€ar ~~~ed September 30, 1982
Particulars
Variance
Favorable
Budget Actual (Unfavorable)
$89,000 $93,023 $ 4,023
2,071 2,071
89,000 95,094 6,094
89,000 95,094 6,094
89,000 ~_?_L~?~ ~~ZLI
$ $56,871 $56,871
Revenues:
Revenue sharing entitlements
Interest earnings
Total revenues
Expenditures
Revenues over expenditures
Other Financing Uses:
Operating transfers out
Revenues over expenditures
and other uses
32
CITY OF OKEECHOBEE, FLORIDA
DEBT SERVICE FUND
STATEMENT OF REVENUES AND EXPENDITURES
(Budget and Actual)
Year En.ded September 30, 1982
~"
Particulars
Varianc~
Favorable
Budget Actual (Unfavorable)
$10,293 $10,427 $ 134
6,500 15,903 9,403
16,793 26,330 9,537
15,000 15,000
25,275 25,275
500 504 ( 4)
40 , 77 5 40,779 ( 4)
$23,982 $14,449 $9,533
Revenues:
Ad valorem taxes
Interest income
Total revenues
Expenditures:
Bond principal retirements
Bond interest expense
Professional fees
Expenditures over revenues
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CITY OF OKEECHOBEE, FLORIDA
WATER AND SEWER ENTERPRISE FUND
SCHEDULE OF CHANGES IN RESERVE ACCOUNTS
I
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Year Ended September 30, 1982
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Bond Reserve and
Retirement Fund
Tota 1 Depreciation Current Maximum
Reserved Fund Tota 1 Maturities Reserve
Balance - September 30, 1981 $106.351 $31,767 $74,584 ~26.209 $48,375
Additions ,.,
From Operating Fund:
Depreciation fund requirement 20,233 20,233
Bond principal requirement 25,000 25,000 25,000
Bond interest requirement 24,715 24,715 24,715
Interest earned on investment 9,524 4,964 4,560 4,560
Tota 1 addi tions 79,472 25,197 54,275 49,715 4,560
Deductions
Payments for:
Bond principal 23,000 23,000 23,000
Bond interest 25,775 25,775 25,775
Transfer to Revenue Fund 30,108 24,473 5,635 455 5.180
Total deductions 78,883 24,473 54,410 49,230 5.180
Tota 1 106,940 32,491 74,449 $26,694 $47,755
Liabilities payable
From restricted assets:
Matured bond interest coupons 225 225
Current portion of bonds payable 25,000 25,000
Accrued interest lSJ.064 15,064
401289 40,289
Balance ~, September 30, 1982 $ 66,651 $32,491 $34,160
- '
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W. O. DALEY
K. E.HARTSAW
K. R.WILLlFORD
O.R.MYRABO
W. P. WEATHERFORD
J. O. WHITEHEAD
H. J. JON ES. J R.
C. M. SWAIN
K. H. MORGAN.JR.
G. P. JONES. JR.
J. R. LOHMANN
W L.TEDDER,JR.
E. M. LEVANGIE
R. F. RANDOLPH
A.W. TODD, JR.
R. B. COLEMAN
C. W. PUCKETT
M. W. SMITH
'YftJ ~der gclf~
~~~~
_.-!I,g7~~~
.. o'{!1! t! ~AP':J tJ:J/
~~:J,g8tJl?
COMMERCIAL BANK BLDG.
VERO BEACH. FLORIDA
(305) 562-4158
(305) 423-3426
200 N. W.AVENUE L
BELLE GLADE. FLORIDA
(305) 996-5525
December 7, 1982
To the Honorable Mayor and
Members of the City Council
City of Okeechobee
Okeechobee, Florida
Our examination of the financia 1 sta tements of the City of
Okeechobee, Florida was made for the purpose of forming the opinion on
the combined financial statements taken as a whole included else-
where herein.
The accompanying statistical information is presented for
additional analysis purposes and is not a required part of the
combined financial statements.
This information has not been subjected to the audit pro-
cedures that were applied in the examination of the combined financial
statements. Accordingly, we express no opinion on the statistical
information.
~~~
Certified P~ic Accountants
35
CITY OF OKEECHOBEE, FLORIDA
SUMMARY OF INSURANCE COVERAGE
September 30, 1982
~,........
Description
Coverage
Fire and Extended Coverage:
Buildings and contents (90 Percent co-insurance -
$100 Deductible)
$
1,521,232
Comprehensive General Liability:
Bodily injury
Property damage
Personal injury liability
300,000
300,000
300,000
Law Enforcement Liability:
Bodily injury, personal injury, property damage
($100 Deductible)
500/1,000,000
Workers' Compensation and Employer's Liability
S ta tu tory Ra tes
Vehicular Equipment:
Bodily injury
Property damage
Uninsured motorist
Collision ($100 Deductible)
Comprehensive ($50 Deductible)
100/300,000
50,000
35,000
ACV
ACV
Scheduled Property Floater ($250 Deductible)
210,000
Public Officials Bonds:
City Clerk
Other employees
15,000
15~OOO
Police and Full-Time Firemen:
Accidental death
20,000
Volunteer Firemen:
Accidental death
Medical payments
Disability - Total
Disability - Partial
10,000
5,000
100
50
%
CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF ASSESSED VALUES, TAX LEVIES
AND RATES - LAST TEN YEARS
Real ~Pe'rsona 1 Homestead
Year Property Property Total Exemption
1982 $57,589,660 $10,664,660 $68,254,320 $14,162,210
1981 57,036,510 10,475,123 67,511,633 14,061,980
1980 51,225,720 9,725,167 60,950,887 5,173,430
1979 34,756,690 8,787,664 43,544,354 5,034,700
1978 34,065,350 8,587,844 42,653,194 4,905,430
1977 28,053,703 6,872,990 34,926,693 4,702,690
1976 24,370,665 7,241,590 31,612,255 4,585,570
1975 23,630,191 5,987,420 29,617,611 4,479,230
1974 22,237,112 4,668,340 26,905,452 4,336,100
1973 21,760,494 3,153,530 24,914,024 3,680,710
Tax Levy and Applicable Rates
Levies Rates
Debt General
Debt General Service Government
Year Service Governmen t Mi 11 s Mills
1982 $ 8,668 $291,007 .127 4.250
1981 8,574 286,924 .127 4.250
1980 36,386 335,209 .58 5.500
1979 40,248 179,780 .83 4.137
1978 41,852 168,054 .88 3.940
1977 43,989 157,519 1.11 4.510
1976 35,090 145,732 1.11 4.610
1975 37,848 135,945 1.11 4.590
1974 51,542 123,475 1.65 4. 590
1973 47,181 112,113 1.65 4.500
37
_ ~__~~~-===~__ _ _ ~_ _ _ _ _~ _____ _ _~=- .:::-.= "'~~"_~~~~~''':'...~~~~~~~~"-=-=~_~=--_~~~---=-_- <,-~__~=~-Z-=",,;:""";"~_~~_~~=,,"~ _~~
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CITY OF OKEECHOBEE, FLORIDA
SCHEDULE OF REVENUES AND UTILITY CUSTOMERS
LAST TEN YEARS
~
38
Revenues - Other Than Property Taxes - General Fund (Note A)
S ta te
Revenue Fire
Year Sharing Occupational Utili ty Fines and Franchise Department Anti-Recession
(Note B) (Note C) Licenses Taxes Forfeitures Fee Permits Interest Payment Fund Miscellaneous
1982 $251,194 $32,175 $114,551 $23,031 $154,823 $10,493 $64,132 $ $ $43,250
1981 257,325 22,228 108,286 13,813 137,759 23,459 69,536 4,240
1980 243,055 20,084 100,857 19,827 110,587 12,995 61,733 1,671
1979 251,212 20,551 93,107 18,125 93,232 10,856 76,173 2,035
1978 243,923 17,974 92,458 18,317 87,758 7,401 54,990 7,776 25,863 7,076
1977 235,839 18,783 82,858 24,817 72,821 8,349 49,860 35,000 51,084 16,662
1976 243,536 17,491 80,779 46,477 54,324 9,065 43,099 15,000 3,737
1975 237,607 15,725 68,100 42,202 103,703 8,530 31,801 15,000 6,456
1974 210,969 20,106 69,560 52,964 37,330 10,694 20,912 13,750 4,653
1973 188,309 4,758 32,953 6,185 9,691 12,500 4,908
ll1 ("'\ Connection
<-, :~ Charges
Sewer '~ ,
-I \~ . '1. '
Service Water ? Delinquent Interest on (In Aid of Hydrant Utility
Charges Billings Charges Miscellaneous Investments Construction) Rental Taxes
1982 $109,448 ~ $701,272 1" 1.'~ t1J~ $17,372 $22,324 $73,181 $13,400 $
1981 82,359 '! 0, . 569,905 'l..~! 12,228 6,647 70,738 24,525
-+ (... - .."
1980 79,453 535,973 + ~,~7fi 9,580 6,732 53,657 15,650
f).lt ,(7-"
1979 66,844 + \'t. 494,849 1.. -j ;11(' 9,280 5,557 33,288 23,460
1978 59,724 436,451 9,140 3,658 30,961 19,975 ..
1977 59,506 413,666 10,220 2,838 18,225 13,660
1976 49,867 357,349 7,404 47,046 14,289 10,965
1975 33,034 249,405 6,514 3,266 13,056 9,400
1974 35,181 244,293 6,430 2,988 12,073 13 , 467
1973 24,658 168,080 3,412 1,139 7,975 12,685 44,878
Water Water Water Total
Meters in Meters Meters Non- Water Unmetered Sewer
Operation Cu t 0 ff Operative Meters Customers Connections Note A - Amounts for years prior to correspond
with subsequent years.
1982 3,129 130 13 3,272 462
1981 2,979 222 13 3,214 459 Note B - Amounts reported for 1974 and
1980 2,849 272 1 3,122 450 ended September 30. Amoun ts
1979 2,738 286 13 3,037 430 months ended September 30.
1978 2,612 236 19 2,867 428
1977 2,454 281 6 2,741 10 424 Note C - Includes additional two-cent c
1976 2,394 268 1 2,663 29 423
1975 2,353 234 11 2,598 410
1974 2,228 267 1 2,496 392
1973 2,219 177 2,396 376