1983/1984 Fiscal Year
Schedule of Certain Revenues and Utility Customers
Last Ten Years
Revenues - other than property taxes - general fund
State
:evenue Fire
Iharing Occupational Utility Fines and Franchise department Anti-recession
(note) licenses taxes forfeitures fee Permits Interest payment fund Miscellaneous
346,742 42,119 133,768 22,764 185,428 25,508 34 ,363 31,083
329,260 40,138 118,812 20,493 152,921 14,836 25,091 21,985
251,194 32,175 114,551 23,031 154,823 10,493 64,132 43,250
257,325 22,228 108,286 13,813 137,759 23,459 69,536 4,240
243,055 20,084 100,857 19,827 110,587 12,995 61,733 1,671
251,212 20,551 93,107 18,125 93,232 10,856 76,173 2,035
243,923 17,974 92,458 18,317 87,758 7,401 54,990 7,776 25,863 7,076
235,839 18,783 82,858 24,817 72,821 8,349 49,860 35,000 51,084 16,662
243,536 17,491 80,779 46,477 54,324 9,065 43,099 15,000 3,737
237,607 15, 725 68,10(1 42,202 103,703 8,530 31,801 15,000 6,456
Connection
Sewer charges Water Water Water Total
service Water Delinquent Interest on (in aid of Hydrant meters in meters meters non- water Unmetered Sewer
charges billings charges Miscellaneous investments construction) rental operation cut off operative meters customers connections
$ 136,968 854,372 14,573 9,663 110,367 29,662 7,320 3,275 336 3,611 462
130,189 712,251 20,146 11,219 52,912 25,163 27,000 3,102 370 3,472 462
109,448 701,272 17,372 22,324 73,181 13,400 27,000 3,129 130 13 3,272 462
82,359 569,905 12,228 6,647 70,738 24,525 27,000 2,979 222 13 3,214 459
79,453 535,973 9,580 6,732 53,657 15,650 23,280 2,849 272 1 3,122 450
66,844 494,849 9,280 5,557 33,288 23,460 22,440 2,738 286 13 3 , 03 7 430
59,724 436,451 9,140 3,658 30,961 19,975 25,000 2,612 236 19 2,867 428
59,506 413 , 666 10,220 2,838 18,225 13,660 25,000 2,454 281 6 2,741 10 424
49,867 357,349 7,404 47,046 14,289 10,965 25,000 2,394 268 1 2,663 29 423
33,034 249,405 6,514 3,266 13,056 9,400 25,000 2 , 3 53 234 11 2,598 410
:iona1 two-cent cigarette tax and 1/2 cent sales tax.
Andy Rubin
Counci1member, Vice Chairman
Richard R. Collins
Counci1member
Bonnie S. Thomas, CMC
City Clerk
Larry Mobley
Chief of Police
Louis K. Tomey II
Chief of Fire Department
CITY OF OKEECHOBEE, FLORIDA
Financial Statements
September 30, 1984
"
City Council
Oakland Chapman
Mayor, Chairman
Administrative
Edward W. Douglas
Councilmember
Oscar Thomas
Council member
David Conlon
City Attorney
L. C. Fortner, Jr.
Administrative Assistant and
Public Utilities Director
J. M. Westbrook
Building Inspector
Andy Rubin
Counci1member, Vice Chairman
Richard R. Collins
Counci1member
Bonnie S. Thomas, CMC
City Clerk
Larry Mobley
Chief of Police
Louis K. Tomey II
Chief of Fire Department
CITY OF OKEECHOBEE, FLORIDA
Financial Statements
September 30, 1984
"
City Council
Oakland Chapman
Mayor, Chairman
Administrative
Edward W. Douglas
Councilmember
Oscar Thomas
Council member
David Conlon
City Attorney
L. C. Fortner, Jr.
Administrative Assistant and
Public Utilities Director
J. M. Westbrook
Building Inspector
CITY OF OKEECHOBEE, FLORIDA
Table of Contents
Auditors' Report
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Combined Balance Sheet -.All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures, and Changes
in Fund Balances - All Governmental Fund Types
Combined Statement of Revenues, Expenditures, and Changes
in Fund Balances - Budget and Actual - General and
Special Revenue Fund Types
Combined Statement of Revenues, Expenses, and Changes in
Retained Earnings/Fund Balances - All Proprietary
Fund Types and Pension Trust Funds
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types. and Pension Trust Funds
Notes to Combined Financial Statements
Schedule
Supplementary Information to Financial Statements:
General Fund:
Schedule of Revenues (Budget and Actual) 1
Schedule of Expenditures (Budget and Actual) 2
Pension Trust Funds:
Combining Balance Sheet 3
Combining Statement of Revenues, Expenses, and
Changes in Fund Balances 4
Combining Statement of Changes in Financial Position 5
Special Revenue Fund - Federal Revenue Sharing -
Statement of Revenues and Expenditures (Budget and Actual) 6
Debt Service Fund - Statement of Revenues and Expenditures
(Budget and Actual) 7
Water and Sewer Enterprise Fund - Schedule of Changes in
Reserve Accounts 8
Statistical Information:
Summary of Insurance Coverage 9
Schedule of Assessed Values, Tax Levies and Rates -
Last Ten Years 10
Schedule of Certain Revenues and Utility Customers - Last Ten Years 11
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r;;;1 PEAT
I t:.I MARWICK
Peat, Marwick, Mitchell & Co.
Certified Public Accountants
427 North Magnolia Avenue
P,O, Box 3031
Orlando, Florida 32802
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The Honorable Mayor and Members
of the City Council
City of 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, 1984, as listed in the
accompanying table of contents. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances, except as indicated in the following paragraph.
a
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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 $3,559,324 at
September 30, 1984) and land and improvements, buildings and improvements,
furnishings and equipment, and rolling stock included in the general fixed
assets group of accounts (carrying value of $1,601,626 at September 30, 1984)
and we were unable to obtain sufficient 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, 1984 or the provision for
depreciation for the year then ended. Accordingly, we are unable to express, and
we do not express an opinion on the accompanying financial statements of the
proprietary fund type and the general fixed assets group of accounts.
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In our opinion, except that, as described in the preceding paragraph, we do not
express an opinion on the proprietary fund type and general fixed assets group
of accounts, the aforementioned combined financial statements present fairly the
financial position of the City of Okeechobee, Florida, at September 30, 1984,
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, after giving retroactive effect to the changes, with
which we concur, as described in note 3 to the combined financial statements.
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Our examination was made for the purpose of forming an opinion on the combined
financial statements tak~~ as a whole. The supplementary information included in
Schedules 1 through 11, as listed in the accompanying table of contents, is
presented for purposes of additional analysis and is not a required part of the
combined financial statements. Such information, except for Schedules 9
through 11 which we did not audit, has been subjected to the auditing procedures
applied in the examination of the combined financial statements and, in our
opinion, except for Schedules 8 through lIon which we express no opinion, is
fairly stated in all material respects in relation to the combined financial
statements taken as a whole.
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December 13, 1984
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CITY OF OKEECHOBEE, FLORIDA
Combined Balance Sheet
All Fund Types and Account Groups
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September 30, 1984
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Fiduciary
Proprietary Funds Account Groups
Governmental Fund Types Fund Employee General General Totals
Special Debt Water Pension Fixed Long- (Memorandum
Assets General Revenue Service and Sewer Trust Funds Assets Term Debt Onl y)
-- --
Cash, including $125,086 in interest bearing
accounts $ 55,282 1 443 88,947 35,770 ..:.~ 180,443
Investments 280,643 77,722 1,003,523 766,000 2,127,888
Receivables (less allowances for doubtful
accounts):
Taxes (notes 2 and 3) 63,796 63,796
Customer accounts, less allowances
of $1,475 18,247 85,733 103,980
Due from other governmental agencies (note 3) 29,015 22,846 51,861
Accrued interest 26,102 26,102
Due from other funds 3,198 27, 230 30,428
Inventories 3,664 3,664
Restricted assets (notes 7 and 8):
Cash 20,943 20,943
Investments 287,651 287,651
Property, plant, and equipment, net (where
applicable) of accumulated depreciation
(notes 4 and 5) 3,559,324 1,601,626 5,160,950
Amount available in Debt Service Fund 76,153 76,153
Amount to be provided for retirement of
general long-term debt 435,173 435,173
Total assets $ 453.845 22,847 78.165 5.099.453 801. 770 1.601. 626 511.326 8.569.032
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See accompanying notes to combined financial statements.
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(Continued)
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CITY OF OKEECHOBEE, FLORIDA
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Combined Balance Sheet
All Fund Types and Account Groups, Continued
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Fiduciary
Proprietary Funds Account Groups
Governmental Fund Types Fund Employee General General Totals
Special Debt Water Pension Fixed Long~ (Memorandum
Liabilities and Fund Equity General Revenue Service and Sewer Trust Funds Assets Term Debt Only)
Liabilities: ,"
Accounts payable $ 45,513 34,287 79,800
Contracts payable
Customer deposits 114,312 114,312
Accrued liabilities 5,360 12,920 41,184 59,464
Payable from restricted assets:
Accrued interest on bonds payable 39,394 39,394
Current portion of bonds payable 16,000 16,000
Matured bonds and interest coupons 2,012 2,012
Due to other funds 30,428 30,428
Deferred revenues 21,964 21,964
Long-term indebtedness (note 5) 1,308,984 470,142 1,779,126
Total liabilities 103,265 2,012 1,525,897 511,326 2,142,500
Fund equity:
Contributed capital (note 6) 2,088,921 2,088,921
Investment in general fixed assets 1,601,626 1,601,626
Retained earnings:
Reserved for -
Revenue bond retirement (note 7) 146,661 146,661
Renewal and replacement 15,000 15,000
Unreserved 1,322,974 1,322,974
Fund balances:
Reserved for -
Employees' retirement system 801, 770 801, 770
Debt service (note 5) 76,153 76,153
Inventories 3,664 3,664
Undesignated 346,916 22,847 76,153 3,573,556 1,601,626 369,763
Total fund equity 350,580 22,847 801, 770 6,426,532
Total liabilities and fund equity $ 453.845 22.847 78.165 5.099.,>> 801. 770 1.601.626 ~11.326 8.569.032
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See accompanying notes to combined financial statements.
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Combi.ned Statement of Revenues, Expenditures, and Changes in Fund Balances -
All Governmental Fund Types
Year ended September 30, 1984
Totals
Special Debt (Memorandum
General Revenue Service Only)
Revenues (note 5):
Taxes (note 3) $ 616,351 12,902 629,253
Intergovernmental (note 3) 534,902 91,375 626,277
Charges for services 248,138 248,138
Licenses and permits 71,577 71,577
Fines and forfeitures 22,764 22,764
Interest income 34,363 3,202 9,554 47,119
Miscellaneous 31,083 31,083
Total revenues 1,559,178 -.J~, 577 22,456 1,676,211
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Expenditures:
Public safety 795,571 795,571
General government 242,113 242,113
Transportation 365,619 365,619
Physical environment 229,710 229,710
Health, human services 18,825 18,825
Parks and recreation 26,520 26,520
Intragovernment service - public works 23,883 23,883
Debt service:
Principal retirement 20,000 20,000
Interest charges 23,143 23,143
Professional fees 500 500
Total expenditures 1,702,241 43,643 1,745,884
Excess (deficiency) of revenues over expenditures (143,063 ) 94,577 (21,187) (69,673)
Other financing sources (uses):
Operating transfers in 158,560 158,560
Operating transfers out (158,560) (158,560)
Total other financing sources (uses) 158,560 (158.560)
Excess (deficiency) of revenues and other financing
sources over expenditures and other uses 15,497 (63,983) (21,187) (69,673)
Fund balances, as restated, September 30, 1983 (note 3) 335,083 86,830 97,340 519,253
Fund balances, September 30, 1984 $ 350.580 22.847 76.153 449.580
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See accompanying notes to combined financial statements.
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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, 1984
General Fund Special Revenue Totals (Memorandum Only)
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 583,400 616,351 32,951 583,400 616,351 32,951
493,400 534,902 41,502 90,000 91,375 1,375 583,400 626,277 42,877
:es 213,775 248,138 34,363 213,775 248,138 34,363
.ts 39 , 23 0 71,577 32,347 39,230 71,>>77 32,347
Ires 19,750 22,764 3,014 19,750 22,764 3,014
30,000 34,363 4,363 3,202 3,202 30,000 37,565 7,565
39 , 723 31,083 (8,640) 39, 723 31:083 (8,640)
Lue 1,419,278 1,559,178 139,900 90,000 94, 577 4,577 1,509,278 1,653,755 144,477
793,521 795,571 (2,050) 793,521 795,571 (2,050)
232,452 242,113 (9,661) 232,452 242,113 (9,661)
375,477 365,619 9,858 375,477 365,619 9,858
mt 195,000 229,710 (34,710) 195,000 229,710 (34,710)
rices 18,825 18,825 18,825 18,825
.on 34,421 26,520 7,901 34,421 26,520 7,901
~rvice - public works 24,978 23,883 1,095 24,978 23 , 883 1,095
ldi tures 1,674,674 1,702,241 (27,567) 1,674,674 1,702,241 (27,567)
)f revenues over expenditures (255,396) (143,063 ) 112,333 90,000 94,577 4,577 (165,396) (48,486) 116,910
:es (uses):
:s in 90,000 158,560 68,560 90,000 158,560 68,560
:s out (90,000) (158,560) (68,560) (90,000) (158,560) (68,560)
: financing sources (uses) 90,000 158,560 68,560 (90,000) (158~560) (68,560)
)f revenues and other financing (63,983)
lditures and other uses (165,396) 15,497 180,893 (63,983 ) (165,396) (48,486) 116,910
;tated, September 30, 1983 (note 3) 335,083 335,083 86,830 86,830 421,913 421,913
nber 30, 1984 $ 169.687 350.580 If!Q.. ~.3 86.830 22.847 (63.983 ) 256.517 373.427 116.910
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Combined Statement of Revenues, Expenses, and Changes in Retained
Earnings/Fund Balances - All Proprietary Fund Types and Employee Pension Trust Funds
Year ended September 30, 1984
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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
Depreciation
Materials and operating supplies
Utilities
Rentals and leases
Insurance
Repairs and maintenance
Administrative supplies and expense
Contributi.on refunds
Retirement benefits paid
General Fund administrative charge
Total operating expenses
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Operating income (loss)
Nonoperating income (expense):
Interest income
Interest expense
Miscellaneous
Total nonoperating income, net
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Net income
Retained earnings/fund balance, September 30, 1983
Retained earnings/fund balance, September 30, 1984
Proprietary
Fund
Water
and Sewer
$ 1,022,134
303
1,022,437
350,927
77,915
129,272
197,525
104,254
580
12,662
81,472
6,005
60,000
1,020,612
1,825
110,367
(43,432)
21,312
88,247
90,072
1,394,563
$ 1.484.635
Fiduciary
Funds
Employee
Pension
Trust Funds
73,328
123,874
}97,202
15,145
1,371
16,516
180,686
180,686
621,084
801. 770
Total
(Memorandum
Only)
1,022,134
73,328
123,874
30i
1,219,639
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350,927
77 , 915
129,272
197,525
104,254
580
12,662
81,472
6,005
15,145
1,371
60,000
1 , 03 7 , 128
182,511
110,367
( 43 , 432)
21,312
88,247
270,758
2,015,647
2.286.405
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Combined Statement of Changes in Financial Position -
All Proprietary Fund Types and Pension Trust Funds
Year ended September 30, 1984
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Proprietary
Fund
Water
and Sewer
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Sources of working capital:
Operations:
Net income
Items not requiring working capital:
Depreciation
Amortization of bond discount
Working capital provided by operations
Proceeds from bond issue
Decrease in current portion of bonds payable
Contributed capital
129,272
984
220,328
970,000
10,000
20,112
$
90,072
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$ 1.220.440
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Uses of working capital:
Retirement of revenue bonds
Acquisition of property, plant, and equipment
Increase in restricted assets
Increase in working capital
106,000
307,042
192,429
614,969
$ 1. 220.440
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Elements of net increase (decrease) in working capital:
Cash
Investments
Accounts receivable
Due from other funds
Accounts payable
Bonds payable
Contracts payable
Customers' deposits
Accrued liabilities
7,739
571,105
39,296
11,741
(19,344)
10,000
42,494
(10,553)
(37,509 )
$ 614.969
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Increase (decrzase) in working capital
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Fiduciary
Funds
Employee
Pension
Trust Funds
180,686
180,686
180.686
180,686
180.686
686
180,000
180.686
Totals
(Memorandum
Only)
270,758
129,272
984
401,014
970,0'00
10,000
20,112
1.401.126
106,000
307,042
192,429
795,655
1.401.126
8,425
751,105
39,296
11,741
(19,344)
10,000
42,494
(10,553)
(37,509 )
795.655
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
September 30, 1984
(1) Summary of Significant Aceounting Policies
The City of Okeechobee was originally incorporated in 1915 and its present
charter was adopted in 1919 under Chapter 8318 of Special Acts of 1919. The
City operates under the council form of government and provides the following
services as authorized by its charter: public safety, public works, and
culture and recreation.
It is the policy of 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.
(a) Basis of Presentation - Fund Accounting
The accounts of the City are organized on the basis of funds or account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund balance/
retained earnings, revenues, and expenditures/expenses. The various
funds are summarized by type in the financial statements. The following
fund types and account groups are used by the City:
Governmental Fund Types
Governmental Funds are those through which most governmental functions
of the City are financed. The acquisition, use, and balances of the
City's expendable financial resources and the related liabilities
(except those accounted for in proprietary funds) are accounted for
through governmental funds. The measurement focus is upon determi-
nation of changes in financial position, rather than upon net income
determination. The following are the City's governmental fund types.
General Fund
The General Fund is the general operating fund of the City. It is
used to account for all financial resources except those required
to be accounted for in another fund.
Special Revenue Fund
Special Revenue Fund is used to account for the proceeds of
specific revenue sources (other than special assessments,
expendable trusts, or major capital projects) that are legally
restricted to expenditures for specified purposes.
(Continued)
2
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(1), Continued
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Debt Service Funds
Debt Service Funds are used to account for the accumulation of re-
sources for, and the payment of, general long-term debt principal,
interest, and related costs.
Proprietary Fund Type
A Proprietary Fund is used to account for the City's ongoing organi-
zations and activities which are similar to those often found in the
private sector. The measurement focus is upon determination of net
income. The following is the City's proprietary fund type:
Enterprise Fund
The Enterprise Fund is used to account for operations (a) that are
financed and operated in a manner similar to private business enter-
prises - where the intent of the governing body is that the costs
(expenses, including depreciation) of providing goods or services to
the general public on a continuing basis be financed or recovered
primarily through user charges; or (b) where the governing body has
decided that periodic determination of revenues earned, expenses
incurred, and/or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other purposes.
Fiduciary Fund Type
Fiduciary Funds are used to account for assets held by the City in a
trustee capacity for individuals and/or other funds.
Trust Fund
Trust Funds include pension trust funds and pension trust funds are
accounted for and reported as proprietary funds since capital main-
tenance is critical.
The accrual basis of accounting is used by proprietary funds and
pension and nonexpendable trust funds.
(b) Basis of Accounting
All governmental funds are accounted for using the modified accrual
basis of accounting. Revenues are recognized when they become measurable
and available as a resource to finance operations of the current year.
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 r.evenues as earned.
(Continued)
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CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(1), Continued
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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,
which would not normally be liquidated with expendable available re-
sources within 60 days, principal and interest on general long-term
debt which is recognized when due, and non-recognition of prepaid ex-
penses to allocate expenditures between years.
Proprietary Funds and Pension Trust Funds are accounted for on the
accrual basis. Revenues are recognized When earned and expenses are
recognized when they are incurred. Unbi11ed water and sewer utility
service revenues ($27,000 at September 30, 1984) are recorded at year
end.
(c)
Budgetary Data
The City enacts an annual budget, by ordinance, after conducting 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 and are in substantial
compliance with generally accepted accounting principles.
(d) Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and
other commitments for the expenditure of funds are recorded in order
to reserve that portion of the applicable appropriation, is employed
in the governmental funds. Open encumbrances are reported as reserva-
tions of fund balances since the commitments will be honored through
subsequent years' budget appropriations. Encumbrances do not constitute
expenditures or liabilities. As of September 30, 1984 there were no
outstanding encumbrances 0
(e)
Investments
Investments, consisting of certificates of deposit, repurchase agree-
ments, and money market accounts are stated at cost which approximates
market 0
(f) Inventories
Inventories of motor fuels are stated at cost determined on a first-in,
first-out basiso
(Continued)
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CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(1), Continued
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(g) Property,Plant, and Equipment
Property, plant, and equipment acquired for general governmental pur-
poses 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 equip-
ment utilized in the City's water and sewer system is stated at cost.
Depreciation has been provided principally at a composite rate of 2-1/2%
for assets acquired prior to October 1, 1981. Assets acquired after
October 1, 1981 are depreciated by the straight-line method over their
estimated useful lives for periods of five to forty years. Interest
costs on construction in progress for the City's sewer plant are capit-
alized and added to the cost of construction and will be amortized over
the estimated useful life of the plant (see note 4).
(h)
Allocation of Administrative Charges
Certain administrative expenses are incurred by the City's General Fund
on behalf of the City's Water and Sewer Fund. The General Fund charges
for these services based upon estimates of City management personnel.
The reimbursement for these services is recorded as an operations ex-
pense of the Water and Sewer Fund and as a reduction of financial and
administrative expense of the General Fund. For 1984 these charges
amounted to $60,000.
(i)
Vacation and Sick Leave
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.
(Continued)
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5
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(1), Continued
"-"
(j)
Total Columns on Combined Statements
I
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The columns entitled "Totals (Memorandum Only)" included in the combined
financial statements section of this report are presented only to
facilitate financial analysis. These total columns are not comparable
to consolidated financial information as the basic reporting entity is
by fund type Which utilizes differing bases of accounting. In addition,
interfund eliminations have not been made in the aggregation of this
data.
(2) Property Taxes
The City's property tax is levied each October 1 on the assessed value listed
as of the prior January 1 for all real and tangible personal property located
in the City. Assessed values are established by the County Property Appraiser
at 100 percent of estimated market value. The assessed value for the list of
October 1, 1983, upon Which the 1983/84 levy was based, was $70,880,718.
I
.1
Taxes are due no later than March 31 with discounting of taxes being offered
for early payment. Discounts range from 4% if taxes are paid in November to
1% for taxes paid in February. Current tax collections for the year ended
September 30, 1984 were 96.3% of the tax levy.
Property taxes levied for 1983/84 are recorded as receivables, net of esti-
mated uncollectibles. The net receivables collected during 1983/84 and ex-
pected to be collected in 1984/85 are recognized as revenues in 1983/84.
Net receivables estimated to be collectible subsequent to 1984/85 are re-
flected as deferred revenue. Prior year levies were recorded using these
same principles, and remaining receivables are reevaluated annually.
(3) Change in Recognition of General Fund Revenues
Prior to October 1, 1983, the City followed the policy of recognizing certain
tax and intergovernmental revenues on a cash basis. Effective October 1,
1983, the City adopted the policy of recognizing these revenues on the accrual
basis to conform with generally accepted accounting principles.
(Continued)
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6
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(3), Continued
~'"
Fund balance as of September 30, 1983 of the General Fund has been restated
to retroactively apply the accounting change as follows:
Fund balance, as previously
reported, September 30, 1983
$ 259,646
1
'1
Add: Effect of change in
recognition of franchise
and utility service taxes
Effect of change in
recognition of inter-
governmental revenues
57,592
17,845
~
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Fund balance, as restated,
September 30, 1983
$ 335.083
(4)
Property, Plant, and Equipment
The carrying value of property, plant, and equipment recorded in the water
and sewer fund as of September 30, 1984 is summarized as follows:
Utility plant in service -
Balance, September 30, 1983
Acquired during the year ended
September 30, 1984 (including
additions to construction-in-
progress of $209,572)
Total
Less accumulated depreciation
$ 4,546,849
307,042
4,853,891
1,294,567
Net book value
$ 3.559.324
The carrying value of property,
included $2,882,243 in carrying
1981. Depreciation expense for
$129,272.
plant, and equipment at September 30, 1984
value of assets acquired prior to October 1,
the year ended September 30, 1984 was
Construction-in-progress in the amount of $341,164 at September 30, 1984
primarily represents engineering fees and capitalized interest of $41,887
associated with a new wastewater treatment facility to be constructed by
the City (see note 10).
(Continued)
~
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7
CITY OF OKEECHOBEE, FLORIDA
~
ij
Notes to Combined Financial Statements
(4), Continued
~'"
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A summary of changes in General Fixed Assets for the year ended September 30,
1984 is as follows:
:j
Balance Balance
October 1, 1983 Additions Retirements September 30, 1984
~
Land and im-
provements $ 664,577 96,076 760,653
Buildings and
improvements 219,116 38,789 257,905
Furnishings and
equipmen t 208,680 52,391 261,071
Rolling stock 324,380 7,816 10,199 321,997
Total $ 1.416.753 195.072 10.199 1. 601. 626
(5) Long-term Debt
Long-term debt as of September 30, 1984 is summarized as follows:
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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:
7% capital improvement notes to a bank,
due $9,500 semiannually plus interest,
through May, 1988 secured by and payable
from a pledge of the City's share of
one half cent Florida State sales tax
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; secured by equipment with a
carrying value of $48,754
8.49% installment note, due $304 monthly
including interest through September 15,
1987; secured by equipment with a
carrying value of $10,500
$ 320,000
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76,000
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u
36,666
~
27,812
u
9,664
~
Total General Long-term Debt
$ 470.142
~
(Continued)
8
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(5), Continued
~
'1
Revenue Bonds
$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%
$1,000,000 original issue 1983 Water
and Sewer Serial Bonds, Series A,
due in annual installments of
$10,000 to $110,000 through January 1,
2004; interest rate of 10-1/2%; net
of unamortized discount of $29,016
$
354,000
. t
970,984
Total Revenue Bonds
$ 1.324.984
. I
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 6.75 percent for bonds maturing through 1990; at 6.875 percent
for bonds maturing 1991 through 1995, and at 6.75 percent for bonds maturing
in 1996.
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
redeemable in whole or in part in inverse order on any interest date at par
and accrued interest.
1983 Water and Sewer Revenue Bonds, Series A, are secured by a pledge of the
net revenues of the water and sewer system, public service taxes, franchise
revenues and state revenue sharing funds. The pledge of and lien on
pledged funds rank on a parity with the pledge of and lien on the pledged
funds to secure payment of the outstanding 1972 water and sewer revenue bonds.
Bonds maturing after January 1, 1994 and prior to January 1, 2000 are
redeemable by payment of a premium ranging from 3% to 1/2%. Bonds maturing
after January 1, 2000 are redeemable at par.
The various bond indentures contain provisions which require maintenance
and flow of monies through various specific funds, minimum and maximum
amounts to be maintained in various sinking funds and restricted funds.
The City is in compliance with all such significant limitations and
restrictions.
(Continued)
9
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(5), Continued
~
In conjunction with the issuing of the 1983, Series A, Water and Sewer Revenue
Bonds, the City entered into an escrow deposit agreement with Barnett Banks
Trust Company, N. A. of Jacksonville, Florida for the purpose of depositing
sufficient funds in escrow to provide sufficient funds to refund the re-
maining principal and interest payments of the 1958 Water and Sewer Revenue
Bond issue and to pay all costs' associated with the management of the escrow
account.
The early extinguishment of debt resulted in a gain of $11,000, which is
represented by the remaining carrying value of the 1958 Water and Sewer
Revenue Bonds of $100,000 less the escrow deposit of $89,000.
A summary of the changes in all long-term debt for the year ended Septem-
ber 30, 1984 is as follows:
(Continued)
.-------
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"11
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(5), Continued
General Long-Term Debt
General Notes and
Obligation Capitalized
Bonds Lease Total
Balance, September 30, 1983
$ 340,000
Additions
Payments during the year
20,000
Total
320,000
Less unamortized bond discount
Balance, September 30, 1984
$ 320,000
Annual principal requirements for
the next five years are as follows:
Year ended September 30,
1985
1986
1987
1988
1989
TIlereafter
20,000
20,000
20,000
25,000
25,000
210,000
$ 320,000
Total
186,186
20,162
56,206
150,142
150,142
42,706
44,002
35,269
28,165
150,142
526,186
20,162
76,206
470,142
470.142
1958
Series
100,000
100,000
Proprietary
Water and Sewer
Revenue Bonds
1972 1983A
Series Series
Total
Long-Term
Total Debt
460,000 986,186
1,000,000 1,020,162
106,000 182,206
1,154,000 1,824,142
29,016 29,016
1. 324, 984 1. 795.126
62,706 6,000 10,000 16,000 78,706
64,002 6,000 20,000 26,000 90,002
55,269 7,000 20,000 27,000 82,269
53,165 7,000 25,000 32,000 85,165
25,000 7 , 000 25,000 32,000 57,000
210,000 321,000 900,000 1,221,000 1,431,000
470,142 154.000 1. 000 , 000 1.354,000 1.824.142
360,000
1,000,000
6,000
354,000 1,000,000
29,016
354,000
970.984
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CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(5) , Continued
Proprietary
General Long-Term Debt Water and Sewer
General Notes and Revenue Bonds Total
Obligation Capitalized 1983A 1972 Long-Term
Bonds Lease Total Series Series Total Debt
The annual requirements to amortize
all debt outstanding as of September 30,
1984, including interest payments
totalling $1,868,593 are as follows:
Year ended September 30, $ 41,788 53,217 95,005 114,475 23, 700 ,~38,175 233,180
1985 40,437 51,154 91,591 122,900 23,400 146,300 237,891
1986 39,087 40,104 79,191 120,800 24,100 144,900 224,091
1987 42,738 29,385 72,123 123,438 23,750 147,188 219,311
1988 41,050 41,050 ';;110.813 23,400 144,213 185,263
1989 39,363 39,363 . ,925 24,050 146,975 186,338
1990 37,675 37,675 775 23,650 143,425 181,100
1991 40,956 40,956 363 24,250 145,613 186,569
1992 38,894 38,894 688 23,800 141,488 180.382
1993 36,831 36,831 '50 24,350 143,100 179,931
1994 39,769 39,769 '11 .287 23,850 143,137 182,906
1995 37,362 37,362 119.300 24,350 143,650 181,012
1996 118.787 23.800 142,587 142,587
1997 117,750 24,250 142,000 142,000
1998 116.:1.87 23,650 139,837 13 9 , 83 7
1999 24,050 142,887 142,887
2000 23,400 139,100 139,100
2001 23,750 140,525 140,525
2002 3,050 139,850 139,850
2003 ,350 139,125 139,125
2004 2,600 22,600 22,600
2005 ,850 22,850 22,850
2006 ,050 23,050 23,050
2007 200 23,200 23 , 200
2008 '300 23 , 300 23,300
2009 50 24,350 24,350
..
2010 0 24,300 24,300
2011 25,200 25,200
2012
$ 475.950 173.860 649.810 3.042.925 3.692.735
f'1'1_........1
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12
CITY OF OKEECHOBEE, FLORIDA
-.
Notes to Combined Financial Statements
(6) Contributed Capital" ,
:'.....
The source and additions to contributed capital are as follows:
,~
Balance Balance
Source September' 30, 1983 Additions September 30, 1984
Connection fees $ 246,576 20,112 266,688
Developers 338,761 338,761
Federal grant 71,160 71,160
Local Public Works
Grant 417,740 417,740
Federal Revenue
Sharing Funds 619,572 619,572
General Fund 100,000 100,000
Okeechobee Beach
Water Association 275,000 275,000
Total $ 2.068.809 20.112 2.088.921
(7) Revenue Bond Reserve and Retirement Funds
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The 1972 and 1983, Series A, Water and Sewer Revenue Bond ordinances require,
among other things, deposits on a monthly basis, of amounts necessary to pro-
vide for semi-annual interest and annual principal requirements. In addition
the 1972 Revenue Bond ordinance requires a reserve of $23,400 while the 1983
Revenue Bond ordinance requires a reserve equal to the maximum annual debt
service requirement on outstanding bonds, which was $124,750 at September 30,
1984. At September 30, 1984, the amounts required and the amounts on deposit
are as follows:
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1972 1983, Series A
Revenue Bonds Revenue Bonds Total
Maximum reserve $ 23,400 124,750 148,150
Deposits for bond principal
and interest requirements 17,775 33,750 51,525
Balance of construction funds
required to be deposited
in sinking fund 2,380 2,380
Reserve balance - Septem-
ber 30, 1984 $ 43.555 158.500 202.055
At September 30, 1984 amounts included in restricted assets (cash and invest-
ments) in the accompanying combined balance sheets for these requirements
totalled $283,594.
(Continued)
13
CITY OF OKEECHOBEE, FLORIDA
Notes to Combined Financial Statements
(8) Revenue and Replacem~nt Fund
The 1983 Revenue Bond ordinance requires monthly deposits of $1,667 into a
renewal and replacement fund until accumulated deposits total $100,000. The
fund may be used for costs of extensions, enlargements, or additions to, or
replacement of capital assets of the sewer system and emergency repairs. At
September 30, 1984, $15,000 was required to be on deposit. Investments in-
cluded as restricted assets in the accompanying combined balance sheet for
the renewal and replacement fund totalled $25,000.
(9) Pension Plans
The City has three pension plans covering substantially all the City's regular
employees. Total pension expense for the year was $42,901 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. Accumulated employee contri-
butions totalled $198,927 at September 30, 1984 as follows:
General
Police
Fire
$ 133,376
48,881
16,670
Total
$ 198.927
The City's contribution by fund as of September 30, 1984 was:
General Fund
Proprietary Fund
26,299
16,602
Total
$ 42.901
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 col-
lected. State contributions to these plans totalled $7,552 and $24,719,
respectively, during the year ended September 30, 1984.
A summary of the actuarial present value of accumulated plan benefits and
plan net assets as of October 1, 1984 (the most recent valuation date) is
as follows:
(Continued)
I
1- ·
1- -
1- -
1- -
14
CITY OF OKEECHOBEE, FLORIDA
r- -
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Notes to Combined Financial Statements
c:
c:
(9), Continued
',',
General
Vested benefits:
Members currently receiving payments
Other members
Total vested benefits
$ 14,050
216 , 03 2
230,082
12,010
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Nonvested benefits
Total actuarial present value of
accumulated plan benefits
$ 242.092
$ 418.680
6%
.......
Net assets available for benefits
Actuarial assumed investment rate of return
Police
83,260
83,260
9,001
92.261
280.793
6%
=
Fire
16,194
16,194
1,938
18.132
102.297
6%
==
Principal actuarial assumptions used in the valuation above are summarized
as follows:
Mortality - The 1951 Group Annuity Mortality Table
Projected by Scale C to 1970 (regraduated);
females set back 5 years.
- -
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Interest - 6% per year compounded annually, net expenses.
,...-
Retirement age - 60 for police officers and firefighters,
65 for all other employees, immediately if over
assumed retirement age.
~-
Salary increases - 5% per year until the assumed retirement
age.
(10)
Funding method - Frozen entry age actuarial cost method.
Commitments and Contingencies
On October 1, 1984, the City issued $2,212,900 in bond anticipation notes,
with a due date of October 1, 1985 in anticipation of receipt of proceeds
from the sale of $2,212,900 in additional Water and Sewer Revenue Bonds
Series 1983 authorized by ordinance 487, enacted June 20, 1983, as amended.
- ...
-~
As of September 30, 1984, the City has been awarded grants totalling
$1,000,000 from Farmers Home Administration and $1,477,109 from the
Environmental Protection Agency to be used in connection with construction
of the City's new wastewater treatment plant.
In conjunction with the construction of its new wastewater treatment plant,
the City has entered into contracts with Widell and Associates, Inc. totalling
$3,250,530 for plant construction; Taddie Underground Utility Company, Inc.
and M & M Contracting Co., Inc., a joint venture for wastewater collection
system construction for $1,816,080; and Broome Van Ostran and Associates, Inc.
for related engineering services totalling $261,829.
-...
- ...
- ...
- --
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
Schedule of Revenues
(Budget and Actual)
Year ended September 30, 1984
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Budget
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Taxes:
Ad valorem taxes
Franchise fees
Utility service taxes
$ 294,000
166,400
123,000
583,400
Intergovernmental revenues:
State shared revenue:
Cigarette tax
State revenue sharing
Mobile home licenses
1/2~ sales tax
Alcoholic beverage licenses
Gasoline tax refund
Local option gasoline tax
Shared revenues from other
local units:
Road and bridge
County occupational licenses
Dual tax - county
1/2~ sales tax - county
City share of 5th and 6th
cent gas tax
80,000
160,000
1,500
85,000
1,200
1,200
100,000
1,000
3,000
7,000
3,500
50,000
493,400
Charges for services:
Fire protection service
Sanitation fees
Miscellaneous
7,200
206,000
575
213,775
Licenses and permits:
Occupational licenses
Building permits
Competency cards
25,000
11,730
2,500
39,230
Fines and forfeitures:
Court fines
Police education
Code enforcement fines
19,000
750
19,750
Actual
297,155
185,428
133,768
616,351
78,629
176,013
1,494
92,100
2,381
1,347
122,155
982
3,937
548
3,300
52,016
534,902
246,366
1,772
248,138
42,119
25,508
3,950
71,577
21,637
957
170
22,764
-
Schedule 1
Variance
favorable
(unfavorable)
3,155
19,028
10,768
32,951
(1,371)
16,013
(6)
7,100
1,181
147
22,155
(18)
937
(6,452)
(200)
2,016
41,502
(7,200)
40,366
1,197
34,363
17,119
13,778
1,450
32,347
2, 63 7
207
170
3,014
(Continued)
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Schedule 1
(Page 2 of 2)
CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
Schedule of Revenues, Continued
(Budget and Actual)
Year ended September 30, 1984
"'.
Variance
favorable
Budget Actual (unfavorable)
Interest earnings 30,000 3 4 , 3 63 4,363
Miscellaneous:
Other 28,566 21,076 (7,490)
Sale of assets 1,000 (1,000)
Rents and royalties 2,750 2,850 100
Refunds of prior year expenditures 7,407 7,157 (250)
39,723 31, 083 (8,640)
Total $ 1.419.278 1. 559 .178 139.900
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
/'I
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Schedule of Expenditures
(Budget and Actual)
Year ended September 30, 1984
'c.
Budget
Public safety:
Law enforcement:
Personal services
Operating expenses
Capital outlay
Total law enforcement
Fire control:
Personal services
Operating expenses
Capital outlay
Total fire control
Protective inspections:
Personal services
Operating expenses
Capital outlay
Total protective inspections
Total public safety
$ 385,541
67,125
58,513
511,179
172,549
38,495
20,485
231,529
41,128
8,785
900
50,813
793,521
General government:
Legislative:
Personal services
Operating expenses
Capital outlay
Total legislative
Executive:
Personal services
Operating expenses
Capital outlay
Total executive
Financial and administrative:
Personal services
Operating expenses
Capital outlay
Allocation of administrative
charges
Total financial and
administrative
22,697
31,155
500
54,352
53,570
8,850
62,420
98,817
45,085
21,362
(60,000)
105,264
Actual
372,488
76,267
69,032
517,787
163,453
40,745
21,465
225,663
40,791
10,879
451
52,121
795,571
22,941
32,949
55,890
52,815
7,899
60, 714
98,094
50,360
30,739
(60,000)
119,193
~
Schedule 2
Variance
favorable
(unfavorable)
13 , 053
(9,142)
(10,519)
(6,608)
9,096
(2,250)
(980)
5,866
337
(2,094)
449
(1,308 )
(2,050)
(244)
(1,794)
500
(1,538)
755
951
1,706
723
(5,275)
(9,377)
(13,929)
(Continued)
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CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
.~
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Schedule of Expenditures, Continued
(Budget and Actual)
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~~ear ended September 30, 1984
"'.
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Budget
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General government, continued:
Comprehensive planning:
Personal services
Operating expenses
Capital outlay
Total comprehensive planning
Judicj.al:
Personal services
Operating expenses
Capital outlay
Total judicial
Total general government
4,933
232,452
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5,483
5,483
4,933
Transportation:
Road and street facilities:
Personal services
Operating expenses
Capital outlay
Total transportation, road
and street facilities
134,067
106,960
134,450
375,477
Physical environment:
Garbage/solid waste control services:
Personal services
Operating expenses
Capital outlay
Total physical environment,
solid waste services
195,000
195,000
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Human services:
Health:
Personal services
Operating expenses
Capital outlay
Total human services, health
18,500
325
18,825
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Actual
3,552
3,552
2,764
2,764
242,113
133,892
112,553
119,174
365,619
229,710
229,710
18,500
325
18,825
...-.
Schedule 2
(Page 2 of 3)
Variance
favorable
(unfavorable)
1,931
1,931
2,169
2,169
(9,661)
175
(5,593)
15,276
9,858
(34,710)
(34,710)
(Continued)
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Schedule 2
(Page 3 of 3)
1-
CITY OF OKEECHOBEE, FLORIDA
GENERAL FUND
I..
Schedule of Expenditures, Continued
(Budget and Actual)
.
Year ended September 30, 1984
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Budget
Variance
favorable
Actual (unfavorable)
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Culture/recreation:
Parks and recreation:
Personal services
Operating expenses
Capital outlay
Total culture/recreation,
parks and recreation
34,421
26,520 7,901
34,421
26,520 7,901
Intragovernment services:
Public works:
Personal services
Operating expenses
Capital outlay
Total intragovernment services,
public works
Total expenditures
23,253 22,435 818
1,725 1,306 419
142 (142)
24,978 23 , 883 1,095
$ 1. 674. 674 1. 702. 241 (27.567)
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Schedule 3
CITY OF OKEECHOBEE, FLORIDA
PENSION TRUST FUNDS
...
Combining Balance Sheet
September 30, 1984
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Assets
Police General
officers' Firemen's employees'
retirement retirement retirement
fund fund fund Total
$ 8,793 5,197 21,780 35,770
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Cash
Investments in savings
certificates and savings
accounts (at cost, which
approximates market)
272,000
97,100
396,900 766,000
418.680 801.770
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$ 280.793
102.297
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Fund balances -
Reserved for retirement
280.793
$ 280.793
102,297
102.297
418,680 801,770
418.680 801.770
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Revenues:
State tax on insurance premiums
Employer's contributions
Employees' contributions
Interest earnings
Total revenues
Expenses:
Employees' contribution refunds
Retirement benefits paid
Total expenses
PENSION TRUST FUNDS
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances
Revenues over (under) expenses
Fund balances, September 30, 1983
Fund balances, September 30, 1984
Year ended September 30, 1984
Police
officers'
retirement
fund
$ 24,719
11,112
25,472
61,303
1,394
1,394
59,909
220,884
$ 280.793
Firemen's
retirement
fund
7,552
1,037
5,593
9,639
23, 82~_
6,185
6,185
17,636
84,661
102.297
General
employees'
retirement
fund
41,864
31,997
38,217
112,078
7,566
1,371
8,937
103,141
315,539
418.680
Total
32,271
42,901
48,702
73 ,3~8
197,202
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15,145
1,371
16,516
180,686
621,084
801. 770
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. 'PENSION TRUST FONDS.
Combining Statement of Changes in Financial Position
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Year ended September 30, 1984
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Police General
officers' Firemen's employees'
retirement retirement retirement
fund fund fund Total
Sources of working capital:
Excess of revenues over (under) expenses -
working capital provided by operations $ 59.909 17.636 103.141 180.686
Uses of working capital:
Increase in working capital $ 59.909 ll!.,636 103,141 il80.686
Elements of increase in working capital:
Cash (91) (464) 1,241 .. 686
Investments, at cost 60,000 18,100 101,900 180,000
Increase (decrease) in working capital $ 59,909 17. 63~ 103.141 180.686
Schedule 6
CITY OF OKEECHOBEE, FLORIDA
SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING
Statement of Revenues and Expenditures
(Budget and Actual)
Year ended September 30, 1984
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Budget
Actual
Variance
favorable
(unfavorable)
Revenues:
Revenue sharing entitlements $ 90,000 91,375 1,375
Interest earnings 3,202 3,202
Total revenues 90,000 94,577 4,577
Expenditures
Revenues over expenditures 90,000 94,577 4,577
Other financing uses:
Operating transfers out 90,000 158,560 (68,560)
Revenues over expenditures $ (63.983) (63.983)
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Schedule 7
CITY OF OKEECHOBEE. FLORIDA
DEBT SERVICE FUND
Statement of Revenues and Expenditures
(Budget and Actual)
Year ended September 30. 1984
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Variance
favorable
Budget Actual (unfavorable)
Revenues:
Ad valorem taxes $ 12.877 12.902 25
Interest income 4.000 9.554 5.554
Total revenues 16.877 22.456 5.579
Expenditures:
Bond principal retirements 20.000 20.000
Bond interest expense 23.138 23.143 (5)
Professional fees 500 500
Total expenditures 43.638 43.643 (5)
Expenditures over revenues $(26.761) (21.187) 5.574
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WATER AND SEWER ENTERPRISE FlmD
Schedule of Changes in Reserve Accounts
Year ended September 30, 1984
Balance - September 30, 1983
Renewal Bond Reserve and
and Retirement Fund
Total Depreciation Replacement Current Maximum
Reserved Fund Fund Total Maturities Reserve
$ 116,165 41,760 74,405 26,505 47,900
Additions:
From Operating Fund:
Bond principal requirement
Bond interest requirement
Renewal and replacement requirement
Interest earned on investment
Total additions
150,750 150,750 2q,OOO 124,750
75,000 75,000 75,000
15,000 15,000
21,630 1,459 994 19,177 .8,937 10,240
262,380 1,459 15, 994- 244,927 109,937 134,990
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Deductions:
Payments for:
Bond principal
Bond interest
Transfer to Revenue Fund
Total deductions
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Total
6,000 6,000 6,000
72,480 72,480 72,480
83,010 43,219 994 38,797 4,057 34,740
161,490 43,219 994 117,277 82,537 34,740
217,055 15,000 202,055 $ 53.905 148.150
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Liabilities payable:
From restricted assets:
Current portion of bonds payable
Accrued interest
16,000
39,394
55,394
16,000
39,394
55,394
Balance - September 30, 1984
$ 161.661
15.000
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146.661
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CITY OF OKEECHOBEE, FLORIDA
Summary of Insurance Coverage
September 30, 1984
Description
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Fire and extended coverage:
Buildings and contents (90 percent
co-insurance - $100 deductible)
Comprehensive general liability:
Bodily injury
Property damage
Personal injury liability
Law enforcement liability:
Bodily injury, personal injury,
property damage ($100 deductible)
Workers' compensation and employer's liability
Vehicular equipment:
Bodily injury
Property damage
Uninsured motorist
Collision ($100 deductible)
Comprehensive ($50 deductible)
Scheduled property floater ($250 deductible)
Public officials bonds:
City clerk
Other employees
Public official liability ($1,000
deductible)
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Schedule 9
Coverage
$
1,828,170
500,000
500,000
500,000
500,000/1,000,000
Statutory rates
100,000/300,000
50,000
35,000
ACV
ACV
192,722
15,000
15,000
1,000,000
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Schedule 10
CITY OF OKEECHOBEE, FLORIDA
Schedule of Assessed Values, Tax Levies
and Rates - Last Ten Years
Real Personal Homestead
Year property , property Total exemption
1984 $ 57,820,098 13,060,620 70,880,718 19,007,098
1983 54,725,644 12,102,101 66,827,745 17,665,060
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
Tax levy and applicable rates
Levies Rates
Debt General
Debt General service government
Year service government mills mills
1984 $ 13 ,483 307,480 .150 4.338
1983 12,674 261,497 .150 3.913
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
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Schedule 11
State ,.
revenue
sharing lent Anti-recession
Year (note) -~ fund Miscellaneous
1984 $ 346,742 31,083
1983 329,260 21,985
1982 251,194 43,250
1981 257,325 4,240
1980 243,055 1,671
1979 251,212 2,035
1978 243,923 6 25,863 7,076
1977 235,839 0 51,084 16,662
1976 243,536 0 3,737
1975 237,607 0 6,456
Sewer Water Total
service Tters non- water Unmetered Sewer
Year charges .!1>erative meters customers connections
1984 $ 136,968 ~ 3,611 462
1983 130,189 3,472 462
1982 109,448 - 13 3,272 462
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1981 82,359 < 13 3,214 459
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1980 79,453 1 3,122 450
1979 66,844 l. 13 3 , 03 7 430
1978 59, 724 l. 19 2,867 428
1977 59,506 l. 6 2,741 10 424
1976 49,867 ~ 1 2,663 29 423
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1975 33,034 11 2,598 410
Note - Includes additional two-cent