FY 1998 CAFRCITY OF EDGEWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
September 30, 1998
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City of Edgewater, Florida
Comprehensive Annual Financial Report
Fiscal Year Ended September 30, 1998
Prepared by:
Finance Department
Karen A. Rickelman, CGFO
Finance Director
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Introductory Section
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City of Edgewater, Florida
Comprehensive Annual Financial Report
Fiscal year ended September 30, 1998
Mayor
Randy G. Allman
City Council
District 1 —James K. Gornto
District 2 —Myron F. Hammond
District 3 —Gary W. Roberts
District 4— Judith R. Lichter
City Manager
Kenneth Hooper
City Clerk
Susan J. Wadsworth
City Attorney
Nikki Clayton
City Auditors
Ernst & Young LLP
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City of Edgewater, Florida
Comprehensive Annual Financial Report
Fiscal year ended September 30, 1998
Table of Contents
Introductory Section
Pages
PrincipalCity Officials ................................................................................. ............................... v
Tableof Contents .............................................................. ............................... .........................vii -ix
Certificateof Achievement .......................................................................... ............................... xi
OrganizationChart ...................................................................................... ............................... xvii
Letterof Transmittal .................................................................................. ............................... 1 -10
Financial Section
Report of Independent Auditors .................................................................... .............................15
General Purpose Financial Statements (Combined
Statements — Overview)
Combined Balance Sheet —All Fund Types and Account Groups .......... ..........................18 -21
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances —All Governmental Fund Types ................................ .............................22
Statement of Revenues, Expenditures and Changes in Fund
Balances— Budget and Actual— General Fund ...................................... .............................23
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings —All Proprietary Fund Types .................................................. .............................24
Combined Statement of Cash Flows —All Proprietary Fund Types ... ............................... 25 -26
Combined Statement of Changes in Plan Net Assets —All Pension
TrustFunds ............................................................................................. .............................27
Notes to Financial Statements ............................................................. ............................... 29 -59
Required Supplementary Information:
Schedule of Pension Funding Progress ................................................... .............................60
Schedule of Employer Contributions ...................................................... .............................61
Schedules of Pension Funding and Employer Contributions ................. .............................62
Combining, Individual Fund and Account Group
Financial Statements and Schedules
Proprietary Fund Type:
Enterprise Funds —
Combining Balance Sheet .................................................................... ..........................66 -67
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings ............................................................ .............................68
Combining Statement of Cash Flows ................................................. ..........................69 -70
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Financial Section (continued)
Statistical Section
Statistical Information
Table I -
Pages
Fiduciary Fund Types:
Combining Statement of Plan Net Assets —All Pension Trust Funds .... .............................72
General Governmental Revenues by Source .................. ...............................
Combining Statement of Changes in Plan Net Assets —All Pension
TrustFunds .......................................................................................... .............................73
Property Tax Levies and Collections .................................. .............................94
Supporting Schedules
General Fixed Assets Account Group:
Assessed and Estimated Actual Value of Taxable Property .............................95
Scheduleby Source ................................................................................. .............................76
Schedule by Function and Activity ......................................................... .............................77
Property Tax Rates —All Direct and Overlapping Governments .....................96
Schedule of Changes by Function and Activity ...................................... .............................78
Table VI -
General Long -Term Debt Account Group
Schedule of General Long -Term Debt .................................................... .............................80
Computation of Overlapping Debt ...................................... .............................98
General Fund:
Table VIII -
Schedule of Revenues and Other Financing Sources— Budget
andActual ......................................................................................... ...............................
81 -82
Schedule of Expenditures— Budget and Actual ............................... ...............................
83 -86
Statistical Section
Statistical Information
Table I -
General Governmental Expenditures by Function ......... ...............................
90 -91
Table II -
General Governmental Revenues by Source .................. ...............................
92 -23
Table III -
Property Tax Levies and Collections .................................. .............................94
Table IV -
Assessed and Estimated Actual Value of Taxable Property .............................95
Table V -
Property Tax Rates —All Direct and Overlapping Governments .....................96
Table VI -
Special Assessments Collections ......................................... .............................97
Table VII -
Computation of Overlapping Debt ...................................... .............................98
Table VIII -
Demographic Statistics ........................................................ .............................99
Table IX -
Property Value, Construction and Bank Deposits ............... ............................100
Table X -
Summary of Ten Largest Single Unit Water Users ............. ............................101
,
Table XI -
Principal Taxpayers .............................. ............................... ............................102
Table XII -
Miscellaneous Statistical Data .............. ............................... ............................103
Table XIII -
Water and Sewer Revenue Bond Coverage ......................... ............................104
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Other Reports
Pages
Report of Independent Auditors on Supplementary
Information— Schedules of Expenditures of Federal Awards and
' State Financial Assistance ......................................... ............................... ............................107
Schedule of State Financial Assistance .......................... ............................... ............................108
Schedule of Expenditures of Federal Awards ................ ............................... ............................109
Report on Compliance and on Internal Control Over Financial
Reporting Based on an Audit of General Purpose Financial
Statements Performed in Accordance with Government
AuditingStandards .................................................... ............................... ........................111 -112
ManagementLetter ........................................................ ............................... ........................113 -115
Independent Auditors Required Disclosure in Accordance
' with Government Auditing Standards, 1994 Revision ............................. ........................116 -117
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C
Certificate of Achievement for
Excellence in Financial Reporting
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City of Edgewater, Florida
Certificate of Achievement
For the year ended September 30, 1997
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The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the City of Edgewater, Florida for its comprehensive annual
financial report (CAFR) for the fiscal year ended September 30, 1997. The
Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of a state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must
publish an easily readable and efficiently organized comprehensive annual
financial report, whose contents conform to program standards. The CAFR must
satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe
our current report continues to conform to Certificate of Achievement Program
requirements, and we are submitting it to GFOA to determine its eligibility for
another certificate.
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Edgewater,
Florida
t For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
' September 30, 1997
A Certificate of Achievement for Excellence in Financial
' Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
' reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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CNICAG� 1 0`�
Executive Director
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Organization Chart
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' City of Edgewater, Florida
Organizational Chart
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Letter of Transmittal
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THE CITY OF EDGE WATER
POST OFFICE BOX 100 - EDGEWATER, FLORIDA 32132 -0100
December 18, 1998
Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
The Comprehensive Annual Financial Report (CAFR) of the City of Edgewater, Florida,
(hereinafter referred to as "the City "), for the fiscal year ended September 30, 1998, is
submitted herewith pursuant to Chapter 10.550 of the Rules of the Auditor General of the
State of Florida.
Responsibility for both the accuracy of the data, and the completeness and fairness of the
presentation, including all disclosures, rests with the City. To the best of our knowledge
and belief, the enclosed data are accurate in all material respects and are reported in a
manner designed to present fairly the financial position and results of operations of the
various funds and account groups of the City. All disclosures necessary to enable the
reader to gain an understanding of the City's financial activities have been included.
The comprehensive annual financial report is presented in four sections: introductory,
financial, statistical and other reports. The introductory section includes this transmittal
letter, the government's organizational chart and a list of principal officials. The financial
section includes the general purpose financial statements and the combining and
individual fund and account group financial statements and schedules, as well as the
auditor's report on the financial statements and schedules. The statistical section includes
selected financial and demographic information, generally presented on a multiyear basis.
The other reports section includes various reports and schedules.
11
This report includes all funds and account groups of the City. The City provides a full
range of services. These services include police and fire protection; water and sewer
services; reclaimed water services; sanitation services; stormwater management; the
'
construction and maintenance of highways, streets, and infrastructure; recreational
activities and cultural events. In addition to general government activities, the City
Council has financial accountability and oversight of the Police Officers', Firefighters',
and General Employees' Retirement Systems; therefore, these activities are included in
the reporting entity.
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Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
Page 2
December 18, 1998
Economic Condition and Outlook am
The City is located in southeast Volusia County, adjacent to I -95 and just south of New
Smyrna Beach, along the Indian River and two miles west of the Atlantic Ocean. The
City is within the economic zone of Central Florida which roughly follows Interstate 4
from Tampa through Orlando to the communities along the Atlantic coast in Volusia
County.
Edgewater has experienced a high rate of growth in the last five years. Edgewater's
population during that period increased from 16,745 to 18,761, a 12.04% increase for the
period or an average of 2.3% per year over the last five years. A large and expanded paint
factory, a building industry, boat building and other light manufacturing provide
employment. NASA, and related supporting enterprises at Cape Canaveral, provide
further employment opportunities. Many residents commute to DeLand and Orlando for
business employment.
Edgewater Landing, a recently completed adult manufactured home community, was
selected as one of "America's 50 Best Retirement Communities." To the west, the City
has annexed property along Indian River Boulevard (SR442) from the previous City
limits to I -95. Widening of Indian River Boulevard by the FDOT is expected to
commence within two years. To meet the recreational needs of a growing population,
Volusia County built River Breeze Park, a 35 acre regional park three miles south of the
City, fronting the Indian River Lagoon. Within the City limits, the South Campus of
Daytona Beach Community College continues to meet the educational and commercial
needs of a growing community.
The community currently has a 3.2% unemployment rate, below the state average of
4.2 %. During the past three years, property taxable assessment values have increased
10.56 %. As the economy grows we expect the growth trends experienced by the City will
continue. The City continues exploring several options to increase economic growth
within the City and improve economic development within Volusia County. Towards this
goal the City previously contracted for a Business Climate Analysis and Natural
Linkage Study. The study has served as a tool for the City's Economic Development
Board to increase its level of activity and focus on action/result oriented initiatives. The
study further endeavors to facilitate increased partnerships between various economic
development agencies, local businesses and the City.
i
Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
Page 3
December 18, 1998
In partnership with the Florida Inland Navigation District (FIND), and their expected
infrastructure improvements of $1,000,000, the City is pursuing the development of a
business /industrial park. Phase I will consist of roadway and underground utility
improvements on the 230 acres of property recently acquired by FIND. The proposed
business /industrial park is to be located on a 400 acre tract of land zoned for industrial
use. The proposed project will enable the City to develop and provide the necessary
adjacent site improvements for the FIND development. The Daytona Beach Community
College, which has a campus adjacent to the proposed project, may assist in attracting
new jobs through the creation of a marine industry technology center on a portion of the
proposed project.
Major Initiatives
For the Year.
completed the City of Edgewater's Western Reserve Area Master Plan for potable water,
sewer and reclaimed water. This plan provides the blueprint for infrastructure
improvements to accommodate the orderly growth and development of Western
Edgewater. The improvements are planned by sections to enable development in several
different areas without having to complete the entire system. Some of the eastern most
portions of the system may be completed in concert with the FIND Project to further
encourage industrial development and buildout of the Park Avenue -North Air Park Road
corridor. The City completed a Southern Service Area Master Plan some years ago and
will be updating this report to optimize quality development in the Southern corridor of
U.S. Highway 1.
The City has negotiated a wholesale water agreement with Volusia County to serve the
equivalent of 1,600 customers. Additionally, the City installed the infrastructure
necessary to provide Cory Estates, a community just outside the City limits, with
improved potable water.
The City has annexed approximately two square miles of land, including an interchange
at I -95 and SR442. This annexation brought the City's water plant within its borders and
provides for future growth. With the roadway improvements to SR442, the interchange
area will be a location for residential and commercial development.
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To provide for the orderly growth of the City to the west, both along the SR442
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annexation and the Park Avenue Industrial Area, the City's consulting engineers
completed the City of Edgewater's Western Reserve Area Master Plan for potable water,
sewer and reclaimed water. This plan provides the blueprint for infrastructure
improvements to accommodate the orderly growth and development of Western
Edgewater. The improvements are planned by sections to enable development in several
different areas without having to complete the entire system. Some of the eastern most
portions of the system may be completed in concert with the FIND Project to further
encourage industrial development and buildout of the Park Avenue -North Air Park Road
corridor. The City completed a Southern Service Area Master Plan some years ago and
will be updating this report to optimize quality development in the Southern corridor of
U.S. Highway 1.
The City has negotiated a wholesale water agreement with Volusia County to serve the
equivalent of 1,600 customers. Additionally, the City installed the infrastructure
necessary to provide Cory Estates, a community just outside the City limits, with
improved potable water.
Honorable Mayor and Members ,
of the City Council
City of Edgewater, Florida
Page 4
December 18, 1998
The road and drainage capital improvements project for the Florida Shores area was +r
completed at a cost of $14,687,000. Approximately 9,600 lots within the assessment area
were assessed $736.19, at an interest rate of 6.44% over a 16 year period. The City is
paying 33% of the cost of the roadway capital improvement cost. The City obtained two
15 year Bank Qualified loans totaling $13,199,400. The borrowed funds, the construction
period earnings, and the prepayments and first payments, combined with collected
Stormwater Fees funded the capital improvement project. To obtain a favorable interest
rate, the City pledged revenues from the local option gas tax, utility services tax, and
special assessments levied. The ad valorem tax rate was increased to fund the City's
portion of the capital improvement project. The stormwater drainage improvements are
funded through the use of the stormwater management utility fee. Construction started in
September 1995 and was completed, ahead of schedule and below budget. Completion of „r
this project contributes to increased property values in the assessment district specifically
and the City in general.
For the Future.
The City is planning the development of a 26 acre recreational complex on City owned
property located in the central portion of the City. The complex will include a
gymnasium, YMCA, softball fields and tennis facilities. The new complex will begin
construction by July 1999.
The Fire/Rescue Department has initiated the construction of a second Fire/Rescue I
station located within the Florida Shores Subdivision. Construction should be completed
in April 1999, and upon completion, response time should average less than four (4)
minutes per call. The City Council has authorized the staffing of the new fire station with „ li
eight (8) additional full time Fire/Rescue personnel.
Department Focus.
The Police Department has provided another excellent year of law enforcement service
which is reflected in the recently published Crime Statistics. The City has the second
lowest crime rate in Florida among cities with a population of 18,000. The Detective
Division solved the last remaining homicide of this department, leaving no like cases
unsolved. The department was one of the first in Volusia County to receive COPS FAST
and COPS MORE Grants. These grants enabled the department to implement Community
Policing and computerize its patrol cars to put more officers on the street to interact with
the community. Through the Community Policing (Bicycle Patrol), two hundred (200)
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t Honorable Mayor and Members
of the City Council
I' City of Edgewater, Florida
Page 5
December 18, 1998
bicycle helmets were distributed to needy children to comply with the new bicycle helmet
law. They also conduct bicycle rodeos, fingerprinting of children and assist in a variety of
community functions.
The Fire/Rescue Department continues to provide Advanced Life Support Emergency
Medical Treatment to the community. With the addition of the new fire station in the
Florida Shores Subdivision, the department will be able to respond to multiple incidents
more efficiently. In addition to responding to emergency and nonemergency incidents,
' Fire/Rescue personnel provide many other services to City employees and the
community. Some of these services are blood pressure screenings, CPR/First Aid
' training, disaster preparedness, Community Emergency Response Team (CERT) training
and immunizations. Future goals to enhance the level of services offered to City residents
include: the ability to complete extensive 12 lead EKGs and to transmit them to the
physician from the patient's residence, contract Fire/Rescue service to the unincorporated
areas of the City, and to provide emergency transport of unstable medical /trauma patients
to the emergency department.
Financial Information
City management is responsible for establishing and maintaining internal controls
designed to ensure that the assets of the City are protected from loss, theft or misuse and
to ensure that adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting principles. The
internal controls are designed to provide reasonable assurance, but not absolute assurance,
that these objectives are met. The concept of reasonable assurance recognizes that: (1) the
cost of control should not exceed the benefits likely to be derived; (2) the valuation of
costs and benefits requires estimates and judgments by management. During previous
years the City implemented investment policies in response to national events, improved
internal control measures over cash and investments, and increased legislative review.
Federal and State Awards. As a recipient of Federal and State financial assistance, the
City also is responsible for ensuring that adequate internal controls are in place to ensure
compliance with applicable laws and regulations related to these programs. Their internal
controls are subject to periodic evaluation by management.
Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
Page 6
December 18, 1998
Budgeting Controls. In addition, the City maintains budgetary controls. The objective of
these budgetary controls is to ensure compliance with legal provisions embodied in the
annual appropriated budget approved by the City Council. The City Manager has the
authority to exercise legal budgetary control at the fund level. Authority to adjust the
various fund budgets is held by the City Council. The legally adopted annual operating
budgets consist of. (1) the general fund; (2) the water and sewer fund; (3) the refuse fund;
(4) stormwater management fund; and (5) the internal service /self insurance fund. The
City maintains an encumbrance accounting system as one technique of accomplishing
budgetary control. Encumbrance amounts lapse at year end. However, encumbrances
generally are either absorbed or appropriated as part of the following year's budget.
As demonstrated by the statements and schedules included in the financial section of this
report, the City continues to meet its responsibility for sound fiscal management.
General Government Functions.
The following schedule presents a summary of General Fund revenues for the fiscal year
ended September 30, 1998 and percent of the total amount and amount of increases and
decreases in relation to prior year revenues.
General Revenues by Source
General Fund
Percent of Increase (Decrease)
Revenue Source Amount Total from 1997
Taxes
$5,484,239
80.24%
$336,277
Licenses and permits
185,503
2.71
6,367
Intergovernmental revenues
667,988
9.78
(20,298)
Charges for services
123,692
1.81
12,214
Fines and forfeitures
75,309
1.10
(7,938)
Miscellaneous revenues
297,743
4.36
51,236
Totals
$6,834,474
100.00%
$377,858
Government Fund Balances.
The General Fund's reserved/unreserved fund balance of $3,491,473 is up $579,662 from
last year. The increase was primarily the result of operating expenditures $633,889 less
than budgeted. The City has exceeded its goal of an unreserved fund balance of 15% to
20% of operating expenditures. The undesignated fund balance is $2,419,373, which
increased $579,779 from last year's $1,839,594.
Cash Management.
Residual cash held during the year was invested primarily with the State Board of
Administration.
Debt Administration.
The City's general long -term debt totaled $8,457,081 at September 30, 1998, a decrease
of $524,036. The debt consisted of the long -term portions of expected employee benefits
payable in future periods, capital road and drainage improvement bonds (Series 1995A
and 1995B), and a note payable to Volusia County for the 800 MHz Radio System.
1 Risk Management.
The City of Edgewater contracts for all known risk elements through the purchase of
' insurance from outside insurance companies. These policies carry low retentions with
limits averaging $1,000,000 per risk insured. As a government entity, the City is
Honorable Mayor and Members
'
of the City Council
City of Edgewater, Florida
Page 7
December 18, 1998
The following schedule presents a summary of General Fund expenditures for the fiscal
year ended September 30, 1998 and percent of the total amount and amount of increases
and decreases in relation to prior year expenditures.
Expenditures and Other Uses Classified
'
by Major Functions General Fund
Percent of Increase (Decrease)
'
Function Amount Total from 1997
General Government $1,871,415 29.88% $292,792
Public Safety 3,012,478 48.11 33,225
Transportation 328,927 5.25 (71,295)
Culture/Recreation 601,396 9.60 11,275
Capital Outlay 414,808 6.63 92,287
Debt Service 33,189 .53 (1,471)
Totals $6,262,213 100.00% $356,813
Government Fund Balances.
The General Fund's reserved/unreserved fund balance of $3,491,473 is up $579,662 from
last year. The increase was primarily the result of operating expenditures $633,889 less
than budgeted. The City has exceeded its goal of an unreserved fund balance of 15% to
20% of operating expenditures. The undesignated fund balance is $2,419,373, which
increased $579,779 from last year's $1,839,594.
Cash Management.
Residual cash held during the year was invested primarily with the State Board of
Administration.
Debt Administration.
The City's general long -term debt totaled $8,457,081 at September 30, 1998, a decrease
of $524,036. The debt consisted of the long -term portions of expected employee benefits
payable in future periods, capital road and drainage improvement bonds (Series 1995A
and 1995B), and a note payable to Volusia County for the 800 MHz Radio System.
1 Risk Management.
The City of Edgewater contracts for all known risk elements through the purchase of
' insurance from outside insurance companies. These policies carry low retentions with
limits averaging $1,000,000 per risk insured. As a government entity, the City is
up
Honorable Mayor and Members up
of the City Council
City of Edgewater, Florida
Page 8
December 18, 1998
protected by Florida's sovereign immunity statutes. Under these statutes, liability claims,
in most cases, in excess of $100,000 per person or $200,000 per occurrence require that a
claim bill be passed by the Florida legislature before judgment can be collected.
The City contracts for its worker's compensation exposure through the Florida Municipal
Insurance Trust. The loss experience has been excellent over the previous two years so
the City elected to change to first dollar coverage with a fixed two year premium starting
October 1, 1997.
A medical health and dental plan, as well as an employee assistance program (EAP), are
provided to all full time employees. The medical plan provides for two options of
coverage under either a Preferred Physician Organization (PPO) or Health Maintenance
Organization (HMO) option.
Utility Operations.
The City's Water and Sewer Fund operations continue to report gains in the number of
new customers connecting to the utility. As of year end, the City served over 7,900 water
customers, over 7,600 sewer customers, and 1,595 reclaimed water customers.
On October 1, 1994, the Water Rate Study was implemented per City ordinance. This
increase, coupled with the existing sewer rates and water and sewer impact fees, .r
continues to support the operational revenue requirements of the system and capital
improvement projects. On October 1, 1994, the Stormwater Management fee was doubled
to bring in excess of $350,000 to support the debt service requirements of the completed
capital drainage improvements.
Pension Trust Funds. ,
The Municipal Police Officers' Retirement Trust Fund was created by Ordinance under
the provisions of Chapter 185, Florida Statutes. During the year, revenues were derived
from State of Florida contributions of $62,640, interest and dividend earnings of
$137,924, net appreciation in fair value of plan assets was $67,894, employees
contributions of $11,252 and City contributions of $112,957. At September 30, 1998, the
fund balance was $2,345,036.
The General Employees' Pension Trust Fund includes all full time City employees, .r
except police officers, firefighters, City Manager, City Attorney, employees hired after
October 1, 1996, and those employees not vested in the General Employees' Plan who ,
opted to participate in the new General Employees' Money Purchase Plan and Trust
established October 1, 1996. This plan, as well as the Police Officers' plan, are
administered as Flexible Pension Investment contracts by The Principal Financial Group. '
During the year, the City contributed $463,396 to the general employees' plan, interest
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Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
Page 9
December 18, 1998
+� and dividends earnings were $395,368, while net appreciation in fair value of plan assets
was $221,675. At September 30, 1998, the fund balance was $6,886,545.
+` The Firefighters' Pension Fund was created by Ordinance under the provisions of Chapter
175, Florida Statutes. This plan is administered by the Firefighters' Pension Board.
During the year, revenues were derived from State of Florida contributions of $48,813,
interest and dividend earnings of $9,731, net appreciation in fair value of plan assets of
$6,738, employees contributions of $20,812, and City contributions of $13,508. At
September 30, 1998, the fund balance was $546,090.
General Fixed Assets.
The general fixed assets of the City are those fixed assets used in the performance of
general governmental functions and exclude the fixed assets of the Enterprise Funds and
the cost of certain public domain or "infrastructure" general fixed assets which have been
excluded from the General Fixed Assets Account Group in accordance with generally
accepted accounting principles. As of September 30, 1998, the general fixed assets of the
City amounted to $19,626,353. This amount represents the original or estimated cost and
is considerably less than present value. Depreciation of general fixed assets is not
recognized in the City's accounting system.
Other Information
Independent Audit. State Statute requires an annual audit by independent certified public
accountants. The accounting firm of Ernst & Young LLP was selected by the City
Council. The audit was designed to meet the requirements set forth in State and Federal
Statutes. The report of independent certified public accountants on the general purpose
financial statements and combining and individual fund statements and schedules is
r included in the financial section of this report.
Awards. The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to
the City of Edgewater for its comprehensive annual financial report (CAFR) for the fiscal
year ended September 30, 1997. The Certificate of Achievement is a prestigious national
+n award recognizing conformance with the highest standards for preparation of state and
local government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an
easily readable and efficiently organized comprehensive annual financial report, whose
contents conform to program standards. The CAFR must satisfy both generally accepted
accounting principles and applicable legal requirements.
M
Honorable Mayor and Members
of the City Council
City of Edgewater, Florida
Page 10
December 18, 1998
A Certificate of Achievement is valid for a period of one year only. The City of
Edgewater has received a Certificate of Achievement for the last 15 consecutive years.
We believe our current report continues to conform to the Certificate of Achievement
program requirements, and we are submitting it to GFOA.
Acknowledgments. The preparation of the comprehensive annual financial report on a
timely basis was made possible by the dedicated service of the entire staff of the Finance
Department. Each member of the department has our sincere appreciation for the
contributions made in the preparation of this report.
In closing, we would also like to thank the members of the Edgewater City Council for
their interest and support in planning and conducting the financial operations of the City
in a responsible and progressive manner.
Kenneth R. Hooper Karen A. Rickelman, CGFO
City Manager Finance Director
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Financial Section
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This Section is composed of the following parts:
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Report of Independent Auditors
General Purpose Financial Statements
(Including Notes to Financial Statements)
Combining, Individual Fund and Account Group
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Financial Statements and Schedules
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Report of Independent Auditors
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W
E ERNST & YOUNG L L P ■ Certified Public Accountants ■ Phone: 407 872 6600
Suite 1700
390 North Orange Avenue
Orlando, Florida 32801 -1671
Report of Independent Auditors
The Honorable Mayor, City Council
and City Manager
City of Edgewater, Florida
We have audited the accompanying general purpose financial statements of the City of
Edgewater, Florida (the City) as of and for the year ended September 30, 1998, as listed in the
table of contents. These general purpose financial statements are the responsibility of the City's
.l management. Our responsibility is to express an opinion on these general purpose financial
statements based on our audit.
�. Except as discussed in the following paragraph, we conducted our audit in accordance with
generally accepted auditing standards and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall general
purpose financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
Governmental Accounting Standards Board (GASB) Technical Bulletin 98 -1, Disclosures about
Year 2000 Issues, requires disclosure of certain matters regarding the Year 2000 issue. The City
has included such disclosures in Note 19. Because of the unprecedented nature of the Year 2000
issue, its effects and the success of related remediation efforts will not be fully determinable until
the year 2000 and thereafter. Accordingly, insufficient audit evidence exists to support the
disclosures required by GASB TB 98 -1. Further, we do not provide assurance that the City's
Year 2000 remediation efforts will be successful in whole or in part, or that parties with which
the City does business will be Year 2000 ready.
In our opinion, except for the effects of such adjustments, if any, as might have been determined
to be necessary had we been able to examine evidence regarding Year 2000 disclosures, the
general purpose financial statements referred to above present fairly, in all material respects, the
financial position of the City of Edgewater, Florida at September 30, 1998, and the results of its
operations and the cash flows of its proprietary fund types for the year then ended in conformity
with generally accepted accounting principles.
15
Ernst &Young LLP is a member of Ernst &Young International, Ltd.
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As discussed in Note 18 to the general purpose financial statements, during the year ended
September 30, 1998, the City of Edgewater, Florida adopted GASB 32, Accounting and
Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans.
In accordance with Government Auditing Standards, we have also issued a report dated
December 18, 1998 on our consideration of the City of Edgewater's internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
contracts and grants.
Our audit was made primarily for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining and individual fund and account group
financial statements, schedules, and required supplementary information, as listed in the table of
contents, are presented for purposes of additional analysis and are not a required part of the
general purpose financial statements. Such information has been subjected to the auditing
procedures applied in our audit of the general purpose financial statements and, in our opinion,
except for the effects of such adjustments, if any, as might have been determined to be necessary
had we been able to examine evidence regarding Year 2000 disclosures, as explained in the
fourth preceding paragraph, is fairly stated in all material respects in relation to the general
purpose financial statements taken as a whole. The statistical section has not been subjected to
the auditing procedures applied in the audit of the general purpose financial statements and,
accordingly, we express no opinion on it.
lf>� f um¢l.Li'
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December 18, 1998
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' General Purpose Financial Statements
(Combined Statements — Overview)
' The diverse nature of a governmental operation and the necessity of complying
with legal provisions require accounting systems unlike those commonly used by
commercial enterprises. Rather than establishing a single unified set of accounts
for recording and summarizing all financial transactions, the accounts of a
governmental unit are organized on the basis of funds or account groups.
The general purpose financial statements were prepared to allow the user of the
financial report to obtain an overview and broad perspective of the City's
' financial position ahead of the comparable data on a detailed basis by individual
funds.
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City of Edgewater, Florida
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Combined Balance Sheet
All Fund Types and Account Groups 1W
September 30, 1998
Governmental Fund Types Proprietary Fund Types
Debt
Internal
General
Service
Enterprise
Service
M
Assets
Pooled cash and cash equivalents
$ 4,076,370
$ 224,575
$ 3,878,602 $
286,691
Investments
–
–
–
–
Receivables:
Taxes
60,219
–
–
–
w
Accounts
20,909
–
420,510
–
Unbilled accounts
–
–
238,679
–
Ili
Accrued interest
–
–
–
1,690
Special assessments -- current
21,014
–
–
–
Due from other governments
36,085
–
1,217
–
Due from other funds
–
–
–
16,497
Inventory
5,065
–
54,022
–
Prepaids
4,792
–
7,266
1,041
Restricted assets:
Customer deposits:
Cash and cash equivalents
Sinking fund:
–
–
379,117
–
Cash and cash equivalents
–
–
1,073,584
–
Accrued interest receivable
–
–
3,605
–
Renewal and replacement fund:
Cash and cash equivalents
–
–
1,149,547
–
Development fund:
Cash and cash equivalents
–
–
1,704,120
–
Construction fund:
Special assessments —current
–
281,544
–
–
Special assessments— noncurrent
–
4,576,919
–
–
Investments
–
–
–
–
Wastewater special assessment fund:
Cash and cash equivalents
–
–
2,167,467
–
Special assessments —current
–
–
608,872
–
Special assessments— noncurrent
–
–
12,636,833
–
Accrued interest receivable
–
–
590,159
–
0 1i
Advances to other funds
–
–
–
98,142
Land
–
–
570,789
–
Buildings
–
–
20,023,941
–
Improvements
–
–
32,125,412
–
Machinery and equipment
–
–
1,534,623
–
Accumulated depreciation
–
–
(9,058,466)
–
Construction in progress
–
–
84,790
–
Unamortized debt issuance costs
–
–
534,873
–
Amount available for debt service
–
–
–
–
Amount to be provided for payment of
long -term debt
–
–
–
–
lid
Total assets
$ 4,224,454
$ 5,083,038
$ 70,729,562 $
40 4, 06 1
See accompanying notes.
18
t
Account Groups
Fiduciary General General Totals
Fund Type Fixed Long -Term (Memorandum Only)
Trust Assets Debt 1998 1997
$ - $ - $ - $ 8,466,238 $
7,639,418
9,780,604 - - 9,780,604
8,333,404
- - - 60,219
83,848
- - - 441,419
430,873
- - - 238,679
224,384
11 - - 1,701
4,026
- - - 21,014
29,412
- - - 37,302
98,642
- - - 16,497
15,794
- - - 59,087
65,313
225 - - 13,324
21,081
- - - 379,117
358,411
- -
- 1,073,584
1,073,806
- -
- 3,605
1,974
- -
- 1,149,547
976,574
- -
- 1,704,120
1,682,628
- -
- 281,544
265,575
- -
- 4,576,919
4,891,180
- -
- -
1,718
- -
- 2,167,467
2,513,205
- -
- 608,872
580,364
- -
- 12,636,833
13,290,922
- -
- 590,159
618,428
- -
- 98,142
114,639
- 1,415,499
- 1,986,288
1,940,676
- 1,673,839
- 21,697,780
21,182,987
- 13,833,620
- 45,959,032
45,745,451
- 2,602,768
- 4,137,391
3,979,625
- -
- (9,058,466)
(7,591,110)
- 100,627
- 185,417
306,536
- -
- 534,873
587,834
- -
224,575 224,575
152,481
- -
8,232,506 8,232,506
8,828,636
$ 9,780,840 $ 19,626,353 $
8,457,081 $ 118,305,389 $
118,448,735
Page 1 of 2
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City of Edgewater, Florida
Combined Balance Sheet
All Fund Types and Account Groups
September 30, 1998
Liabilities, equity and other credits
Liabilities:
Accounts payable $
Accrued liabilities
Accrued interest payable
Claims payable
Due to other funds
Deferred revenue
Refundable deposits
Notes payable— current
Obligations under capital lease— current
Payable from restricted assets:
Customer deposits
Accrued interest payable
Bonds payable -- current
Revenue bonds payable —current
Contracts payable
State revolving loan payable —current
Advances from other funds
Accumulated employee benefits
Notes payable — long -term
Bonds payable — long -term
Revenue bonds payable —net— long -term
State revolving loan payable —long -term
Obligations under capital lease— long -term
Total liabilities
Fund equity and other credits:
Contributed capital:
Contributions from governmental agencies
Contributions from customers
Contributions —other
Investment in general fixed assets
Retained earnings:
Governmental Fund Types Proprietary Fund Types
Debt Internal
General Service Enterprise Service
103,718
$ – $ 73,251 $ 4,668
400,576
– 181,994 -
-
– 35 -
-
– – 86,000
16,497
– – –
111,898
4,858,463 – –
2,150
– – -
-
– 3,642 -
-
– 9,671 –
–
– 379,117 -
-
– 517,311 -
-
– 203,188 -
-
– 310,000 –
–
– 1,027,413 –
98,142
– – -
-
– 140,057 -
-
– 21,165 -
-
– 3,106,300 -
-
– 13,181,688 -
-
– 20,306,288 –
732,981
4,858,463 39,461,120 90,668
– 2,324,358 -
- 22,826,174 -
- – 936,008 –
Reserved – – 2,226,736 –
Unreserved – – 2,955,166 313,393
Fund balances:
Reserved 935,381 224,575 – –
Unreserved:
Designated 136,719 – – –
Undesignated 2,419,373 – – –
Total fund equity and other credits 3,491,473 224,575 31,268,442 313,393
Total liabilities, fund equity and other credits $ 4,224,454 $ 5,083,038 $ 70,729,562 $ 404,061
20
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Fiduciary
Fund Type
Trust
Account Groups
General General
Fixed Long -Term
Assets Debt
Totals
(Memorandum Only)
1998 1997
$ 3,169 $
- $ - $
184,806 $
311,354
-
- -
582,570
593,593
-
- -
35
40
-
- -
86,000
132,000
-
- -
16,497
15,794
-
- -
4,970,361
5,282,468
-
- -
2,150
2,275
-
- -
3,642
3,465
-
- -
9,671
22,142
-
- -
379,117
358,411
-
- -
517,311
540,429
-
- -
203,188
192,785
-
- -
310,000
290,000
-
- -
-
23,517
-
- -
1,027,413
991,434
-
- -
98,142
114,639
-
- 321,504
461,561
491,352
-
- 131,145
152,310
174,272
-
- 8,004,432
11,110,732
11,780,246
-
- -
13,181,688
13,479,420
-
- -
20,306,288
21,333,701
-
- -
-
9,671
3,169
- 8,457,081
53,603,482
56,143,008
2,324,358 2,412,486
22,826,174 23,072,159
- - 936,008 970,254
- 19,626,353 - 19,626,353 19,298,878
- - 2,226,736 2,052,353
- - 3,268,559 3,076,836
9,777,671 - - 10,937,627 ' 9,354,713
- - - 136,719 228,454
- - - 2,419,373 1,839,594
9,777,671 19,626,353 - 64,701,907 62,305,727
$ 9,780,840 $ 19,626,353 $ 8,457,081 $ 118,305,389 $ 118,448,735
NU
City of Edgewater, Florida
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance
All Governmental Fund Types
Year ended September 30, 1998
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Special assessments:
Principal
Interest
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Transportation
Culture /recreation
Capital outlay
Debt service
Miscellaneous
Total operating expenditures
Excess (deficiency) of revenues over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources
Excess of revenues and other financing sources over
expenditures and other financing uses
Fund balances at beginning of year
Fund balances at end of year
See accompanying notes.
22
Governmental Fund Types
Debt
General Service
Totals
(Memorandum
Only)
$5,484,239
$ -
$5,484,239
185,503
-
185,503
667,988
-
667,988
123,692
-
123,692
75,309
-
75,309
-
24,910
24,910
-
293,138
293,138
-
316,148
316,148
297,743
-
297,743
6,834,474
634,196
7,468,670
1,871,415
- 1,871,415
3,012,478
- 3,012,478
328,927
- 328,927
601,396
- 601,396
414,808
- 414,808
33,189
911,370 944,559
-
4,161 4,161
6,262,213
915,531 7,177,74
572,261 (281,335) 290,926 Uk
372,528
353,429
725,957
(365,127)
-
(365,127)
7,401
353,429
360,830
579,662
72,094
651,756
2,911,811
152,481
3,064,292
$3,491,473
$224,575
$3,716,048
City of Edgewater, Florida
Statement of Revenues, Expenditures and
Changes in Fund Balances- Budget and Actual
General Fund
Year ended September 30, 1998
Excess (deficiency) of revenues over
(under) expenditures (303,457) 572,261 875,718 551,216
Other financing sources (uses):
Operating transfers in 372,528 372,528 - 380,258
Operating transfers out (376,611) (365,127) 11,484 (378,274)
Total other financing sources (uses) (4,083) 7,401 11,484 1,984
Excess (deficiency) of revenues and other
financing sources (uses) over (under)
expenditures (307,540) 579,662 887,202 553,200
Fund balances at beginning of year 2,911,811 2,911,811 - 1,772,170
Residual equity transfer - - - 586,441
Fund balances at end of year $2,604,271 $3,491,473 $887,202 $2,911,811
See accompanying notes.
23
Variance
Favorable
1997
Budget
Actual
(Unfavorable)
Actual
'
Revenues:
Taxes
$5,414,871
$5,484,239
$ 69,368
$5,147,962
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Licenses and permits
Intergovernmental
179,800
621,224
185,503
667,988
5,703
46,764
179,136
688,286
Charges for services
115,050
123,692
8,642
111,478
Fines and forfeitures
72,300
75,309
3,009
83,247
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Miscellaneous
189,400
297,743
108,343
246,507
Total revenues
6,592,645
6,834,474
241,829
6,456,616
Expenditures:
'
Current:
General government
2,217,586
1,871,415
346,171
1,578,623
Public safety
3,071,186
3,012,478
58,708
2,979,253
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Transportation
378,833
328,927
49,906
400,222
Culture /recreation
625,064
601,396
23,668
590,121
Capital outlay
554,420
414,808
139,612
322,521
Debt service - principal
34,068
18,323
15,745
18,043
Debt service - interest
14,945
14,866
79
16,617
Total expenditures
6,896,102
6,262,213
633,889
5,905,400
Excess (deficiency) of revenues over
(under) expenditures (303,457) 572,261 875,718 551,216
Other financing sources (uses):
Operating transfers in 372,528 372,528 - 380,258
Operating transfers out (376,611) (365,127) 11,484 (378,274)
Total other financing sources (uses) (4,083) 7,401 11,484 1,984
Excess (deficiency) of revenues and other
financing sources (uses) over (under)
expenditures (307,540) 579,662 887,202 553,200
Fund balances at beginning of year 2,911,811 2,911,811 - 1,772,170
Residual equity transfer - - - 586,441
Fund balances at end of year $2,604,271 $3,491,473 $887,202 $2,911,811
See accompanying notes.
23
City of Edgewater, Florida
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings
All Proprietary Fund Types
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Personal services
Contractual services
Operating supplies and expenses
Repairs and maintenance
Claims and judgments
Total operating expenses
Year ended September 30, 1998
Proprietary
Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1998 1997
$5,953,342 $ - $5,953,342 $5,773,309
35,371 - 35,371 114,778
5,988,713 - 5,988,713 5,888,087
Operating income (loss) before depreciation
Less depreciation expense
Operating income (loss)
Nonoperating revenues (expenses):
Interest revenue
State recycling grant
Interest/amortization expense
Loss on disposal of fixed assets
Total nonoperating revenues (expenses)
Income (loss) before operating transfers
Operating transfers:
Operating transfers in
Operating transfers out
Net loss
Add back depreciation expense related to
2,425,630
-
2,425,630
2,266,971
539,970
206,825
746,795
731,197
622,804
265
623,069
679,238
165,301
-
165,301
210,594
-
(38,500)
(38,500)
(15,329)
3,753,705
168,590
3,922,295
3,872,671
2,235,008
(168,590)
2,066,418
2,015,416
(1,492,488)
-
(1,492,488)
(1,375,846)
742,520
(168,590)
573,930
639,570
1,209,061
24,751
1,233,812
1,230,373
6,144
-
6,144
20,506
(1,828,781)
-
(1,828,781)
(1,792,313)
(432)
-
(432)
(2,110)
(614,008)
24,751
(589,257)
(543,544)
128,512
(143,839)
(15,327)
96,026
11,698
-
11,698
16,654
(372,528)
-
(372,528)
(380,258)
(232,318)
(143,839)
(376,157)
(267,578)
contributed assets
742,263
- 742,263
726,539
Net increase (decrease) in retained earnings
509,945
(143,839) 366,106
458,961
Retained earnings at beginning of year
4,671,957
457,232 5,129,189
4,670,228
Retained earnings at end of year
$5,181,902
$ 313,393 $5,495,295
$5,129,189
See accompanying notes.
24
City of Edgewater, Florida
Combined Statement of Cash Flows
All Proprietary Fund Types
Year ended September 30, 1998
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and
services
Cash payments to employees for services
Other operating revenues
Net cash provided by (used in) operating
activities
Cash flows provided by (used in) capital and
related financing activities:
Acquisition and construction of capital
assets
Interest paid
Contributions for acquiring assets
Principal payments:
Revenue bonds
State revolving loan
Capital leases
Note payable
Total cash flows used in capital and related
financing activities
Cash flows provided by (used in) noncapital
and related financing activities:
Operating transfers to other funds
Operating transfers from other funds
Proceeds from state recycling grant
Advance made to General Fund
Repayment of advance from General Fund
Total cash flows (used in) provided by
noncapital and related financing activities
Cash flows provided by investing activities:
Sale of investments
Interest revenue
Total cash flows provided by investing
activities
Page 1 of 2
Totals
Internal (Memorandum Only)
Enterprise Service 1998 1997
$ 5,986,523 $ — $ 5,986,523 $ 5,847,053
(1,386,100) (228,759) (1,614,859) (2,169,963)
(2,396,083) — (2,396,083) (2,260,676)
47,607
2,204,340 (228,759) 1,975,581 1,464,021
(532,240) — (532,240) (2,133,925)
(1,798,944) — (1,798,944) (1,728,017)
999,487 — 999,487 1,185,590
(470,531)
— (470,531)
(450,508)
(991,434)
— (991,434)
(1,087,012)
(22,142)
— (22,142)
(20,712)
(3,462)
— (3,462)
(3,298)
(2,819,266) — (2,819,266) (4,237,882)
(372,528) — (372,528)
(380,258)
11,698 — 11,698
16,654
23,195 — 23,195
22,682
— (912) (912)
(861)
— 16,497 16,497
15,585
(337,635) 15,585 (322,050) (326,198)
1,718 — 1,718 2,228,041
1,235,699 24,981 1,260,680 1,259,721
1,237,417 24,981 1,262,398 3,487,762
Net increase (decrease) in cash and cash
equivalents 284,856 (188,193) 96,663 387,703
Cash and cash equivalents at beginning of year 10,067,581 474,884 10,542,465 10,154,762
Cash and cash equivalents at end of year $10,352,437 $286,691 $10,639,128 $10,542,465
See accompanying notes
W,
City of Edgewater, Florida
Combined Statement of Cash Flows
All Proprietary Fund Types
Year ended September 30, 1998
Classified as
Unrestricted assets:
Cash, cash equivalents and equity in pooled
cash
Restricted assets:
Cash, cash equivalents and equity in pooled
cash
Reconciliation of operating income (loss) to
net cash provided by operating activities
Operating income (loss)
Depreciation
Adjustments to reconcile operating income
(loss) to net cash provided by operating
activities:
Increase in accounts receivable
(Increase) decrease in inventory
Increase in unbilled accounts receivable
Increase in prepaids
Increase in customer deposits
Decrease in accounts payable
Decrease in claims payable
Increase (decrease) in accrued liabilities
Increase in accrued employee benefits
Net cash provided by (used in) operating
activities
Page 2 of 2 '
Totals
Internal (Memorandum Only)
Enterprise Service 1998 1997
$ 3,878,602 $ 286,691 $ 4,165,293 $ 3,937,841
3,878,602 286,691 4,165,293 3,937,841
6,473,835 — 6,473,835 6,604,624
6,473,835 — 6,473,835 6,604,624
$10,352,437 $ 286,691 $10,639,128 $10,542,465
$ 742,520 $(168,590) $ 573,930 $ 639,570
1,492,488 — 1,492,488 1,375,846
(8,600) —
(8,600)
(5,956)
2,026 —
2,026
(4,713)
(14,295) —
(14,295)
(9,516)
(1,847) (525)
(2,372)
(4,696)
20,706 —
20,706
22,045
(54,295) (13,644)
(67,939)
(176,854)
— (46,000)
(46,000)
(28,000)
16,027 —
16,027
(353,298)
9,610 —
9,610
9,593
$ 2,204,340 $(228,759) $1,975,581 $ 1,464,021
Significant transactions not affecting cash
flows of the Enterprise Fund:
Water and sewer line contributed by
customer $ 45,849 $ — $ 45,849 $ 34,993
Loss on disposition of fixed assets — — — (2,110)
Baffle box contributed by Volusia County — — — 72,332
See accompanying notes
26
M
City of Edgewater, Florida
Combined Statement of Plan Net Assets
All Pension Trust Funds
September 30, 1998
Assets
Investments:
Debt and other interest bearing investments
Equity securities
Other
Total investments
Interest and dividends receivable
Prepaid expenses
Total assets
Liabilities
Accounts payable
Total liabilities
Net assets held in trust for pension benefits
See accompanying notes.
$6,381,087
2,707,107
692,410
9,780,604
11
225
9,780,840
3,169
3,169
$9,777,671
27
City of Edgewater, Florida
Combined Statement of Changes in
Plan Net Assets
All Pension Trust Funds
For the fiscal year ended September 30, 1998
Additions:
109,509
Contributions:
1,454,705
Employer
$ 589,861
Employees
32,064
State of Florida
111,453
Total contributions
733,378
Investment income:
$9,777,671
Investment and dividend income
543,023
Net appreciation in fair value of plan investments
296,307
839,330
Investment expenses
(8,494)
Net investment income
830,836
Total additions
1,564,214
Deductions:
Benefits payments
109,509
Income before administrative expenses
1,454,705
Administrative expenses
35,503
Net increase
1,419,202
Net assets held in trust for pension benefits:
Beginning of year
8,358,469
End of year
$9,777,671
See accompanying notes.
E�
M
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28
■i
City of Edgewater, Florida
Notes to Financial Statements
September 30, 1998
1. Significant Accounting Policies
The City of Edgewater, Florida is a political subdivision of the State of Florida located in
Volusia County. The Town of Edgewater was originally incorporated under the general law on
October 20, 1924, "Municipal Charters" Volume 4, page 117. The town became the City of
Edgewater when its initial charter was adopted by Chapter 275.32 Special Acts of 1951. The
legislative branch of the City is composed of a Mayor and four (4) member elected Council. The
City Council is governed by the City Charter and by state and local laws and regulations. The
City Council is responsible for the establishment and adoption of policy. The execution of such
policy is the responsibility of the Council appointed City Manager.
The accounting policies of the City of Edgewater conform to generally accepted accounting
principles as applicable to governments. The following is a summary of the significant policies.
A. Reporting Entity:
The accompanying general purpose financial statements present the financial position,
results of operations and cash flows of the applicable fund types and account groups
governed by the City Council of the City of Edgewater, Florida in accordance with
governmental accounting standards.
There are no potential component units which would require inclusion in the City's general
purpose financial statements under the requirements of Government Accounting Standards
Board Statement No. 14.
B. Basis of Presentation:
The City maintains its accounting records in accordance with the principles and policies
applicable to governmental units set forth by the Governmental Accounting Standards
Board (GASB) as well as generally accepted accounting principles (GAAP) as promulgated
by the Financial Accounting Standards Board (FASB). For its proprietary funds, the City
has elected not to apply FASB statements and interpretations issued after November 30,
1989.
C. Fund Accounting:
The accounts of the City are organized on the basis of funds and 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
equity, revenues and expenditures, or expenses, as appropriate. Government
r
Ib
29
City of Edgewater, Florida
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
C. Fund Accounting (continued):
resources are allocated to and accounted for in individual funds based upon the purposes for
which they are to be spent and the means by which spending activities are controlled. The
purposes of the City's various funds and account groups are as follows:
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.
Debt Service Fund —The Debt Service Fund is used to account for the accumulation of
resources for, and the payment of, general long -term debt principal, interest, and related
costs.
Proprietary Fund Types:
Enterprise Funds — Enterprise Funds are used to account for operations that are
financed and operated in a manner similar to private business enterprises —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.
Internal Service Funds — Internal Service Funds are used to account for the financing of
goods or services provided by one department or agency to other departments or
agencies of the City, or to other governments, on a cost - reimbursement basis.
Fiduciary Fund Type:
Trust Funds — Pension Trust Funds are used to account for assets held by the City in a
trustee capacity for individuals, private organizations, other governments, and/or other
funds.
Account Groups:
General Fixed Assets —The General Fixed Assets Account Group is used to account for
all fixed assets of the City, except fixed assets of proprietary funds.
General Long -Term Debt —The General Long -Term Debt Account Group is used to
account for all the outstanding principal balances of any general and special obligation
bonds or notes of the City, except long -term debt of proprietary funds.
30
City of Edgewater, Florida
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
D. Measurement Focus:
Governmental Fund Type —The General and Debt Service Funds are accounted for on a
"spending" or "financial flow" measurement focus. This means that only current assets
and current liabilities are generally included on the balance sheet. Accordingly, the reported
unreserved undesignated fund balance (net current assets) is considered to be the measure
of available, spendable or appropriable resources. Governmental Fund Type operating
statements present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets.
Proprietary Fund Types — Enterprise and Internal Service Funds are accounted for on an
"income determination" measurement focus. Accordingly, all assets and liabilities are
included on their balance sheets, and the reported fund equity (total reported assets, less
total reported liabilities) provides an indication of the economic net worth of the fund.
Operating statements for Proprietary Fund Types (on an income determination
measurement focus) report increases (revenues) and decreases (expenses) in total economic
net worth.
Fiduciary Fund Type— Pension Trust Funds are accounted for in the same manner as
Proprietary Fund Types since capital maintenance is critical.
' Account Groups —The General Long -Term Debt and General Fixed Assets Account
Groups are concerned only with the measurement of financial position. They are not
involved with the measurement of results of operations.
' E. Basis of Accounting:
Basis of accounting refers to when revenues and expenditures or expenses are recognized in
' the accounts and reported in the general purpose financial statements. Basis of accounting
relates to the timing of the measurements made, regardless of the measurement focus
applied.
The General and Debt Service Funds are accounted for using the modified accrual basis of
accounting. Under the modified accrual basis, revenues are recognized when they become
' measurable and available as net current assets. Revenues which are susceptible to accrual
include property taxes, franchise taxes, charges for services and investment earnings.
Expenditures are generally recognized under the modified accrual basis of accounting when
' the related fund liability is incurred. Exceptions to this general rule include principal and
interest on general long -term debt which are recognized when due and inventories which
are recognized when consumed.
31
City of Edgewater, Florida
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
E. Basis of Accounting (continued):
All Proprietary and Pension Trust Funds are accounted for using the accrual basis of
accounting. Their revenues are recognized when they are earned and their expenses are
recognized when they are incurred.
F. Budgets and Budgetary Accounting:
The City follows these procedures in establishing the budgetary data reflected in the
financial statements:
(1) Prior to the end of the fiscal year, the City Manager submits to the City Council a
proposed operating budget for the fiscal year commencing the following October 1.
The operating budget includes proposed expenditures and the means of financing
them.
(2) Budget workshops are scheduled by the City Manager as needed.
(3) The general summary of the budget and notice of public hearing is published in the
local newspaper.
(4) Public hearings are conducted to obtain taxpayer comments.
(5) Prior to October 1, the budgets are legally enacted through passage of a resolution.
(6) The City Manager is authorized to transfer budgeted amounts within and between
divisions and departments; however, any revisions that alter the total appropriations
of any fund must be approved by the City Council.
(7) The level of classification detail at which expenditures may not legally exceed
appropriations is the fund level.
(8) Appropriations lapse at the close of the fiscal year to the extent they have not been
expended.
(9) Budgets are adopted for the General Fund on a basis consistent with generally
accepted accounting principles. Budgets are also adopted for the enterprise and
internal service funds; however, these data are not presented under generally accepted
accounting principles.
32
I City of Edgewater, Florida
I Notes to Financial Statements (continued)
' 1. Significant Accounting Policies (continued)
' F. Budgets and Budgetary Accounting (continued):
(10) The City Council, by Ordinance or Resolution, may make supplemental
' appropriations in excess of those originally estimated for the year up to the amount of
available revenues. There were no material supplemental appropriations made in the
current year.
' G. Receivables:
Unbilled Utility Accounts Receivable — Water, sewer and refuse operating revenues are
' generally recognized on the basis of cycle billings rendered monthly. The unbilled portion
was accrued at year end by calculating the cycle billing the City sent to its customers and
prorating the number of days applicable to the current year.
' Property Taxes —Under Florida law, the assessment of all properties and the collection of
all county, municipal and school board property taxes are consolidated in the offices of the
' County Property Appraiser and County Tax Collector. The laws of the state regulating tax
assessment are also designed to assure a consistent property valuation method state -wide.
State Statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The
t current millage rate assessed by the City is 6.440.
The property tax calendar is as follows:
' Valuation Date January 1, 1997
' Property Appraiser prepares the assessment roll with values as of January 1, 1997, submits
this preliminary roll for approval by the State and notifies each taxing authority of their
respective valuations. July 1, 1997
'
City ouncil holds two required public hearings and adopts a budget and ad valorem tax
Y q P g P g
millage rate(s) for the coming fiscal year. September, 1997
Property Appraiser certifies the assessment roll and all real and tangible personal property
' taxes are due and payable (levy date). November 1, 1997
33
City of Edgewater, Florida
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
G. Receivables (continued):
A Notice of Taxes is mailed to each property owner on the assessment roll. Taxes may be
paid November 1997 through March 1998, with the following applicable discounts:
Month Discount Percent
November 4%
December 3
January 2 November 1, 1997
February 1 through
March 0 March 31, 1998
All unpaid taxes on real and tangible personal property become delinquent. April 1, 1998
A list of unpaid tangible personal property taxes and a list of unpaid real property taxes is
advertised. April and May, 1998
Tax certificates are sold on all real estate parcels with unpaid real property taxes (lien date).
June 1, 1998
A court order is obtained authorizing the seizure and sale of personal property if the
taxpayer fails to pay the delinquent personal property taxes. June, 1998
In accordance with the modified accrual basis of accounting, property taxes that are
measurable, but not available, are reported as taxes receivable and deferred revenue. The
deferred revenues will be recognized in the fiscal year in which they become available.
H. Investments:
Investments are stated at fair value based on quoted market prices except for investments in
the State Board of Administration Pool, a 2a 7 -like pool, which are carried at amortized
cost, which approximates fair value.
I. Inventories:
Inventories are stated at cost on the first -in, first -out method of accounting. The effect of
this method is to flow costs through operations in the order in which they are purchased and
to assign a balance sheet cost more nearly at current replacement values. Inventory in the
General Fund is recorded as an expenditure at the time inventory is used (consumption
method).
34
I City of Edgewater, Florida
Notes to Financial Statements (continued)
' 1. Significant Accounting Policies continued
g g (continued)
' J. Fixed Assets:
Fixed assets purchased in the Governmental Fund Type are recorded as expenditures at the
' time of purchase. Assets are capitalized at cost in the General Fixed Assets Account Group.
Donated fixed assets are recorded in the general fixed assets at fair market value at the time
received. No depreciation has been provided on general fixed assets, and the City does not
' capitalize infrastructure general fixed assets.
The fixed assets of the enterprise funds are capitalized at cost when purchased. Donated
' fixed assets are capitalized at their fair market value at the date received and classified as
contributions. Interest is capitalized on enterprise fund assets acquired with tax- exempt
debt. The amount of interest to be capitalized is calculated by offsetting interest expense
' incurred from the date of the borrowing until completion of the project with interest earned
on invested proceeds over the same period. Depreciation is provided using the straight -line
method over the assets' estimated useful lives. Depreciation expense on assets from
' contributed capital is added back to retained earnings and deducted from contributed
capital. The estimated useful lives of the various classes of depreciable assets are as
follows:
' Assets Years
Water system 25 -65 years
Sewer system 6 -65 years
Refuse collection facilities 10 years
Machinery and equipment 3 -25 years
Stormwater system 6 -65 years
K. Unamortized Debt Issuance Costs:
Issuance costs include expenses associated with issuance of the revenue bonds and
expenses associated with the issuance of state revolving loans. Issuance costs are amortized
' over the life of the debt using the effective interest method.
L. Compensated Absences:
' The City records compensated absences in the General Fund as an expenditure for the
amount accrued during the year that would normally be liquidated with expendable
available financial resources. The remainder of the liability is reported in the General Long -
Term Debt Account Group. Proprietary Fund Types accrue compensated absences in the
period they are earned.
35
■r
City of Edgewater, Florida I
Notes to Financial Statements (continued) I
1. Significant Accounting Policies (continued) I
M. Reserves: I
Reserves indicate that portion of fund balance /retained earnings that is not available for
appropriation or which is legally segregated for a specific future use. The description of I
each reserve indicates the purpose for which it was intended.
N. Reserve for Encumbrances: '
Encumbrances outstanding at year end represent the estimated amount of the expenditures
ultimately to result if unperformed contracts in process at year end are completed. Such
encumbrances do not constitute expenditures or liabilities, but rather reservations of fund '
balance for subsequent years' appropriation.
O. Contributed Capital: '
Proprietary Fund contributed capital represents outside contributions from other funds,
governmental entities, developers and customers. The contributions were collected to
establish such funds or to finance fixed asset additions.
P. Long -Term Debt:
Debt recorded in the General Long -Term Debt Account Group is paid from Governmental
Fund resources.
Debt recorded in the Enterprise Fund is paid from Enterprise Fund resources.
Q. Combined Statements "Memorandum Only" Total Columns:
Total columns on the Combined Statements —All Fund Types and Account Groups are
captioned "Memorandum Only" to indicate that they are presented only to facilitate `
financial analysis. Data in these columns do not present financial position, results of
operations, or cash flows in conformity with generally accepted accounting principles.
Interfund eliminations have not been made in the aggregation of these data.
R. Reclassifications:
Certain September 30, 1997 account balances have been reclassified in this report to
conform with the financial statement presentation used in 1998.
S. Cash and Cash Equivalents:
The City classifies all highly liquid investments with an original maturity of ninety days or
less as cash and cash equivalents.
n
36
r
f
1
City of Edgewater, Florida
Notes to Financial Statements (continued)
Deposits and Investments
The City maintains a cash and investment pool that is available for use by all funds, except the
fiduciary fund types. Each fund type's portion of this pool is included on the combined balance
sheet in "Pooled Cash and Cash Equivalents."
In addition, investments are separately held by several of the City's funds. The deposits and
investments of the pension trust funds are held separately from those of other City funds.
A. Deposits:
Florida Statutes require depositories of public funds to provide collateral each month at
least equal to fifty percent of the average daily balance of all public deposits in excess of
deposit insurance. The collateral is held by the State Treasurer or other custodian with full
legal rights maintained by the Treasurer to transfer ownership. Any loss not covered by the
pledged securities and deposit insurance would be assessed by the State Treasurer and paid
by the other public depositories. At September 30, 1998, the carrying amount of the City's
deposits and petty cash was $481,410 and the bank balance was $1,214,387. Since the
City's banks are on the list of state qualified public depositories, the entire amount of
deposits is considered fully collateralized or insured. The City classifies investments in the
State Board of Administration account as cash and cash equivalents due to the liquid nature
of the account.
B. Investments:
The City's investment procedures are regulated by State Statute. Acceptable investment
instruments participated in during the year include repurchase agreements and the local
government investment trust fund of the State Board of Administration.
Investments of the Municipal Police Officers' Retirement Trust and General Employees'
Pension were managed by Principal Mutual Life Insurance Company. Investments consist
principally of bonds, stocks, mutual funds and commercial and residential mortgages, all of
which are authorized by the City. The Firefighters' Pension Fund's investments are
governed by an investment policy adopted by the Fund's Board of Trustees. The basic
allowable investment instruments include obligations of, or obligations the principal and
interest of which are guaranteed by, the U.S. Government; time deposits or savings
accounts of a national bank, a state bank insured by the Federal Deposit Insurance
Corporation; bonds issued by the State of Israel; and bonds, stocks or other evidences of
indebtedness issued or guaranteed by a corporation organized under the laws of the United
States, any state or organized territory of the United States, or the District of Columbia.
37
F =
City of Edgewater, Florida
Notes to Financial Statements (continued)
2. Deposits and Investments (continued)
B. Investments (continued):
The following schedule categorizes the level of risk assumed by the City relating to
investments held.
Category I includes investments insured or registered or for which the securities are held
by the City or its agent in the City's name.
Category 2 includes uninsured and unregistered investments for which the securities are
held by the counterparty's trust department or agent in the City's name.
Category 3 includes uninsured and unregistered investments for which the securities are
held by the counterparty or by its trust department or agent, but not in the City's name.
Category Total
1 2 3 (fair value)
Repurchase agreements $ — $1,072,875 $ — $ 1,072,875
Investments not subject to categorization:
Deposits with State Board of Administration 13,385,788
Investments with Principal Mutual Life
Insurance Corp. (pension investments) 9,231,501
Investments with SunTrust Bank of Central
Florida, N.A. (pension investments) 549,103
$24,239,267
Reconciliation of deposits and investments to amounts reported on the combined balance sheet:
Total deposits and investments:
Deposits
Investments
Total
Combined balance sheet classification:
Pooled cash and cash equivalents
Restricted cash and cash equivalents
Investments
Total
$ 481,410
24,23 9,267
24,720,677
$ 8,466,238
6,473,835
9,780,604
$24,720,677
M
so
rr
38
16
City of Edgewater, Florida
Notes to Financial Statements (continued)
3. Accounts Receivable
Accounts receivable and the related allowance for doubtful accounts at September 30, 1998 are
as follows:
4. Changes in General Fixed Assets
A summary of changes in general fixed assets follows:
Land
Buildings
Improvements other than
buildings
Equipment
Construction in progress
Total
5. Capitalization of Interest
Balance Balance
October 1 September 30
1997 Additions Deletions 1998
$ 1,369,887 $ 45,612 $ — $ 1,415,499
1,572,522 101,317 — 1,673,839
13,832,642
978
— 13,833,620
Internal
Trust and
92,551 2,602,768
40,398
General
Enterprise
Service
Agency
Total
Receivables:
Interest
$ —
$ 593,764
$1,690
$11
$ 595,465
Taxes
60,219
—
—
—
60,219
Accounts
20,909
717,801
—
—
738,710
Special assessments
21,014
13,245,705
—
—
13,266,719
Gross receivables
102,142
14,557,270
1,690
11
14,661,113
Less allowance for
uncollectibles
—
(58,612)
—
—
(58,612)
Net total receivables
$102,142
$14,498,658
$1, 690
$11
$14,602,501
4. Changes in General Fixed Assets
A summary of changes in general fixed assets follows:
Land
Buildings
Improvements other than
buildings
Equipment
Construction in progress
Total
5. Capitalization of Interest
Balance Balance
October 1 September 30
1997 Additions Deletions 1998
$ 1,369,887 $ 45,612 $ — $ 1,415,499
1,572,522 101,317 — 1,673,839
13,832,642
978
— 13,833,620
2,483,429
211,890
92,551 2,602,768
40,398
72,631
12,402 100,627
$19,298,878
$432,428
$104,953 $19,626,353
The City did not capitalize any interest costs during the year. Interest costs incurred and charged
to expenditure /expense amounted to $2,285,706 for 1998.
M,
City of Edgewater, Florida ,
Notes to Financial Statements (continued) '
6. Changes in General Long -Term Debt '
Balance Balance
October 1 September 30
1997 Additions Deletions 19
Compensated absences
$ 360,905 $682,108
$ 721,509
$ 321,504
Capital Improvement Bonds,
Series 1995 A
5,957,820 –
330,263
5,627,557
Capital Improvement Bonds,
Series 1995 B
2,512,924 –
136,049
2,376,875
Note payable — Volusia County
149,468 –
18,323
131,145
$8,981,117 $682,108
$1,206,144
$8,457,081
7. Capital Leases and Notes Payable
The asset acquired under capital lease in the proprietary funds is for a vactor truck. The vactor
truck has been capitalized in the Water and Sewer Fund at a cost of $127,303. Amortization of
the cost of this asset is included with depreciation expense. The interest rate on the vactor truck
lease is 6.69 %.
The following is a schedule by years of future minimum installments under capital leases,
together with the present value of the net minimum lease payments as of September 30, 1998:
Proprietary
Year ending September 30 Funds
1999 $9,833
Less amount representing interest (162)
Total $9,671
The City has a 5% note payable to finance the purchase of additional equipment for the
countywide 800 MHz Radio System. Payments are due semi - annually until 2004 and will be
made from operating revenues.
IN
1
I City of Edgewater, Florida
Notes to Financial Statements (continued)
7. Capital Leases and Notes Payable (continued)
The annual requirements to amortize notes payable as of September 30, 1998 are as follows:
I 1 8. Special Assessment and Stormwater Revenue Bonds
The Special Assessment and Stormwater Revenue Bonds resolutions provide for:
(1) Establishment and maintenance of a certain fund and accounts-
(a) Special Assessment Improvement Bonds Sinking Fund including;
(1) 1995 Debt service account;
(2) 1995 Bond amortization account;
(3) 1995 Bonds reserve account;
(4) 1995 Bonds redemption account.
(2) Restrictions on the use of cash from operations in order of priority:
(a) All Special Assessments shall be applied and deposited only into the 1995
subaccounts listed above. Moneys and Authorized Investments on deposit at
any time in the 1995 subaccounts may be used only for the payment of Debt
Service on, or redemption of the price of, the 1995 Bonds.
41
Year ending
General
Long -Term
Water and
Refuse
Stormwater
Management
September 30
Debt
Sewer Fund
Fund
Fund
Total
1999
$ 25,570
$ 3,211
$ 896
$ 729
$ 30,406
2000
25,570
3,211
896
729
30,406
2001
25,570
3,211
896
729
30,406
2002
25,570
3,211
896
729
30,406
2003
25,570
3,211
896
729
30,406
'
2004
25,570
3,211
896
729
30,406
153,420
19,266
5,376
4,374
182,436
Less amount
'
representing interest
(22,275)
(2,794)
(777)
(638)
(26,484)
Total
$131,145
$16,472
$4,599
$3,736
$155,952
I 1 8. Special Assessment and Stormwater Revenue Bonds
The Special Assessment and Stormwater Revenue Bonds resolutions provide for:
(1) Establishment and maintenance of a certain fund and accounts-
(a) Special Assessment Improvement Bonds Sinking Fund including;
(1) 1995 Debt service account;
(2) 1995 Bond amortization account;
(3) 1995 Bonds reserve account;
(4) 1995 Bonds redemption account.
(2) Restrictions on the use of cash from operations in order of priority:
(a) All Special Assessments shall be applied and deposited only into the 1995
subaccounts listed above. Moneys and Authorized Investments on deposit at
any time in the 1995 subaccounts may be used only for the payment of Debt
Service on, or redemption of the price of, the 1995 Bonds.
41
City of Edgewater, Florida
Notes to Financial Statements (continued)
8.
Special Assessment and Stormwater Revenue Bonds (continued)
(b) All Stormwater Fees shall be deposited into the Stormwater Utility
Management Fund (the "Utility Fund "). After the provision for the payment
of operating expenses of the City's Stormwater Utility, the City shall transfer
to the 1995 Bonds subaccount Stormwater Utility Fees until the aggregate
amount transferred is equal to the amount certified by the City's Director of
Finance as the portion of that fiscal year's debt service necessary to be paid
out of the Stormwater Utility Fees.
(c) All Non - Advalorem Revenues (except Franchise Taxes) shall make up for any
deficiency in meeting the debt service requirement after all of the
aforementioned pledged revenues have been exhausted.
(3) Early redemption-
The City may prepay up to 10% without penalty. Should the prepayments exceed the
amount allowed by the bank, the prepayments are subject to a penalty using a
predetermined formula based on certain interest factors.
(4) Investment Restrictions-
Moneys on deposit in the funds described above may be invested and reinvested in
Authorized Investments as described in the bond resolution.
The Special Assessment and Stormwater Revenue Bonds consist of the following:
Series 1995A Series 1995B
Interest Rates: 5.22% 5.58%
Interest Dates: April 1, October 1 April 1, October 1
Final Maturity: October 1, 2010 October 1, 2010
Original Amount Issued: $9,234,660 $3,964,740
The 1995 Bonds are secured by the revenues pledged in order of priority; (1) assessment
revenues, (2) Stormwater Revenues, (3) Utility Taxes, (4) All Non - Advalorem Revenues (except
Franchise Taxes).
imi
42
City of Edgewater, Florida
Notes to Financial Statements (continued)
8. Special Assessment and Stormwater Revenue Bonds (continued)
Annual requirements to amortize all bonded debt outstanding as of September 30, 1998 are as
follows:
General
Bond year ended October 1
Long -Term
Debt
Stormwater
Fund
Total
1999
$ 911,370
$ 376,813
$ 1,288,183
2000
911,370
376,813
1,288,183
2001
911,370
376,813
1,288,183
2002
911,370
376,813
1,288,183
2003
911,370
376,813
1,288,183
2004 -2008
4,556,851
1,884,064
6,440,915
2009 -2010
1,822,740
753,626
2,576,366
10,936,441
4,521,755
15,458,196
Less interest
(2,932,009)
(1,212,267)
(4,144,276)
Net
$ 8,004,432
$3,309,488
$11,313,920
9. Water and Sewer Revenue Bonds
The Water and Sewer Revenue Bonds resolutions provide for:
(1) Establishment and maintenance of various funds and accounts-
(a) Construction Fund records the cost of the project financed by the bonds;
(b) Revenue Fund records all income or earnings derived from the system;
(c) Operation and Maintenance Fund records the cost of operation and maintenance
of the system;
(d) Sinking Fund records the debt service requirements which include principal,
interest and bond amortization installments;
(e) Renewal and Replacement Fund records the costs of extensions, enlargements,
or additions to, or replacements of, capital assets or emergency repairs thereto;
and
43
City of Edgewater, Florida I
Notes to Financial Statements (continued) I
9. Water and Sewer Revenue Bonds continued I
(f) Rate Stabilization Fund records transfers to and from the Revenue Fund as
budgeted by the City Council for purposes of rate stabilization.
(2) Restrictions on the use of cash from operations in order of priority—
(a) Deposits are made to the Operations and Maintenance Fund each month in an '
amount which will pay the costs of operation and maintenance for the next
month;
(b) Deposits to the Sinking Fund are made monthly in an amount equal to one -sixth
(1/6) of the interest coming due on the next semi - annual interest payment date
and one - twelfth (1/12) of the principal coming due on the next annual principal
payment date or one - twelfth (1/12) of the bond amortization installment coming
due during the next year;
(c) Deposits to the Reserve Fund are required to make up any deficiency in its
balance as compared to the reserve requirement;
(d) Deposits to the Renewal and Replacement Fund are required each month in an
amount equal to one - twelfth (1/12) of five per centum (5 %) of the gross
revenues of the system for the previous fiscal year; provided, however, that so
long as there shall be on deposit in the Renewal and Replacement Fund a
balance of at least five per centum (5 %) of the value of the fixed assets of the
system, no additional deposits shall be required;
(e) Deposits will next be made into the Rate Stabilization Fund for the amount
budgeted for the then current period; and J
(f) Thereafter for any lawful purposes.
(3) Early redemption—
The bond resolution provides for early redemption of outstanding bonds at call rates
varying from 100% to 102% of the instruments' face value, dependent upon the call
date.
r
44
City of Edgewater, Florida
Notes to Financial Statements (continued)
9. Water and Sewer Revenue Bonds (continued)
(4) Investment restrictions —
(a) Funds are required to be continuously secured in the same manner as the state
and municipal deposits of funds are required to be secured by the Laws of the
State of Florida; and
(b) Moneys on deposit in the funds described above may be invested and reinvested
in Authorized Investments as described in the bond resolution.
The Revenue Bonds consist of the following:
Series 1993 Series 1991
Interest Rates: 2.75% to 5.5% 5.4% to 7.0%
Interest Dates: April 1, October 1 April 1, October 1
Final Maturity: October 1, 2021 October 1, 2021
Original Amount Issued: $12,460,000 $13,580,000
The 1993 bonds and remaining 1991 bonds and interest thereon are secured by a first lien on and
pledge of the net revenues of the water and sewer system and a first lien on and pledge of
Allowable Impact Fees imposed on new users of the system.
Bond transactions for the City for the year ended September 30, 1998 are as follows:
Balance Balance
October 1, Bonded Indebtedness September 30,
1997 Additions Deletions 1998
Water and Sewer Revenue
Bonds, Series 1993 $12,235,000 $ — $ 60,000 $12,175,000
Water and Sewer Revenue
Bonds, Series 1991 1,725,000 — 230,000 1,495,000
$13,960,000 $ — $290,000 $13,670,000
45
City of Edgewater, Florida
Notes to Financial Statements (continued)
9. Water and Sewer Revenue Bonds (continued)
Annual requirements to amortize all bonded debt outstanding as of September 30, 1998 are as
follows:
Bond Year ending October 1 Principal Interest Total
1999
$ 310,000
$ 760,018
$ 1,070,018
2000
325,000
742,025
1,067,025
2001
345,000
722,687
1,067,687
2002
365,000
701,813
1,066,813
2003
385,000
683,262
1,068,262
2004 -2008
2,250,000
3,087,680
5,337,680
2009 -2013
2,950,000
2,393,887
5,343,887
2014 -2018
3,865,000
1,473,775
5,338,775
2019 -2021
2,875,000
327,350
3,202,350
Totals
13,670,000
$10,892,497
$24,562,497
Less unamortized discount
(178,312)
Net
$13,491,688
The City presently has outstanding bonds which have been refunded and are considered defeased
as follows:
Water and Sewer Revenue Bonds:
Series 1964
Series 1991
Gulf Breeze Local Government Loan
Total
$ 89,000
11,050,000
550,000
$11,689,000
Since U.S. Government obligations are held in escrow for payment of the principal and interest,
these bonds are not liabilities of the City.
10. Special Assessments Debt /State Revolving Fund Loans
The City financed a portion of its wastewater improvements for the Florida Shores capital
improvement projects with two loans from the State of Florida Revolving Fund loan program.
The City received the loans on a reimbursement basis as costs were incurred. The City executed
agreements with the State for these loans in the amount of $25,809,428.
46
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City of Edgewater, Florida
Notes to Financial Statements (continued)
10. Special Assessments Debt /State Revolving Fund Loans (continued)
The State Revolving Fund (SRF) loans are secured by a junior lien on and pledge of the net
revenues of the water and sewer system and the special assessment revenues levied against the
benefiting property owners in Florida Shores. The assessments are payable over 20 years with
interest of 6.007% until December 1, 1994 and of 5.35% thereafter. Since many taxpayers take
advantage of prepayment discounts, actual interest rates paid may be less than the stated
amounts.
The SRF loans consist of the following:
Treatment Loan Collections Loan
Interest Rates: 3.16% to 3.78% 3.57% to 3.78%
Payment Frequency: 20 annual payments 20 annual payments
Payment Amount: $516,458 $1,294,980
Maturity Date: September 30, 2013 October 31, 2013
Remaining annual requirements to amortize the full $25,809,428 of loans are as follows:
Fiscal Year Ending
Treatment
Loan
Collections
Loan
Total
1999
$ 516,458
$ 1,294,980
$ 1,811,438
2000
516,458
1,294,980
1,811,438
2001
516,458
1,294,980
1,811,438
2002
516,458
1,294,980
1,811,438
2003
516,458
1,294,980
1,811,438
2004 -2008
2,582,292
6,474,898
9,057,190
2009 -2013
2,582,292
6,474,898
9,057,190
2014
—
1,294,980
1,294,980
7,746,874
20,719,676
28,466,550
Less interest
(1,899,885)
(5,232,964)
(7,132,849)
$5,846,989
$15,486,712
$21,333,701
47
City of Edgewater, Florida
Notes to Financial Statements (continued)
11. Deferred Revenues
Deferred revenues at September 30, 1998 consist of the following:
Delinquent taxes
Occupational licenses received in advance
Deferred special assessments
Total
$ 60,219
34,780
4,875,362
$4,970,361
12. Fund Equity Reserves and Designations
At September 30, 1998, the retained earnings of the enterprise funds were reserved as follows:
Enterprise
Funds
Renewal and replacement
Revenue bond retirement
Equipment purchases
$ 984,968
1,077,189
164,579
$2,226,736
At September 30, 1998, fund balances were reserved and designated as follows:
General
Debt
Fund
Service Trust
Reserved for:
.,
Capital projects
$ 586,441
$ — $ —
Land, parks and open spaces
86,926
— —
Fire donations
3,889
— —
Inventories
5,065
— —
Prepaids
4,792
— —
Encumbrances
195,690
— —
Law enforcement trust
47,208
— —
Employees' pension benefits
—
— 9,777,671
DARE program
5,370
— —
Debt service
—
224,575 —
935,381
224,575 9,777,671
'
1
48
1 '�
City of Edgewater, Florida
Notes to Financial Statements (continued)
12. Fund Equity Reserves and Designations (continued)
General Debt
Fund Service Trust
Designated for:
Fire station 86,786 — —
Special road resurfacing 49,933 — —
136,719 — —
$1,072,100 $224,575 $9,777,671
13. Segment Information for Enterprise Funds
The City of Edgewater maintains three Enterprise Funds which provide water, sewer, garbage
and stormwater management services. Segment information for the year ended September 30,
1998 follows:
..
Water and
Refuse
Stormwater
Sewer
Collection
Management
Fund
Fund
Fund
Total
Operating revenues
$ 4,027,116
$1,231,358
$ 730,239
$ 5,988,713
Operating expenses
2,325,608
1,083,528
344,569
3,753,705
Depreciation
1,273,371
58,364
160,752
1,492,488
Operating income
428,136
89,466
224,918
742,520
Operating transfers in
—
—
11,698
11,698
Operating transfers out
(250,000)
(91,485)
(31,043)
(372,528)
Net income (loss)
(309,584)
32,255
45,011
(232,318)
Operating grants
—
6,144
—
6,144
Contributed capital:
Increases
373,904
—
—
373,904
Decreases
(732,773)
(3,281)
(6,209)
(742,263)
Property, plant and equipment:
Additions
752,991
—
21,871
774,862
Disposals
(291,433)
—
(270)
(291,703)
Working capital
3,504,940
447,146
379,618
4,331,704
Total assets
65,056,755
817,798
4,855,009
70,729,562
Total fund equity
29,051,700
713,621
1,503,121
31,268,442
Long -term liabilities payable from
operating revenues
33,596,675
35,037
3,123,786
36,755,498
..
City of Edgewater, Florida
Notes to Financial Statements (continued)
14. Pension Plans— Defined Benefit
A. Plan Descriptions:
1. Police Officers' Retirement Trust Fund:
The Police Officers' Retirement Trust Fund is a single employer defined benefit
retirement system established pursuant to state statute. The funding methods and
determination of benefits payable are provided in the various acts of the Florida
Legislature, the Board of Trustees, and the City Council. The statutes provide, in
general, that funds are to be accumulated from employee contributions, City
contributions, state appropriations and income from investment of accumulated funds.
Actuarial deficiencies, as determined by the state are funded by the City. The
investments of the fund are administered, managed and operated by its Board of
Trustees using the services of the Finance Department and Principal Mutual Life
Insurance Company. Investments are reported at fair value.
Full -time police officers are eligible to participate in the Police Officers' Retirement
Trust Fund on the first of the month following the completion of three months of
continuous service with vesting beginning upon their first day of employment with
the City. Participating police employees contribute 1% of their salary to the plan. The
City is required by statute to contribute remaining amounts necessary based upon
actuarial valuations to the fund as performed in accordance with State Statute.
Employees vest for full benefits after five years of service. Benefit amounts are
calculated based on the three years which give the highest average out of the last five
years. Members will receive a benefit amount equal to 2% of that average multiplied
by years of actual service.
2. General Employees' Pension Fund:
The General Employees' Pension Fund is a single employer defined benefit
retirement system and contains the assets of the General Employees' Pension Fund.
The funding methods and determination of benefits payable are provided by various
acts of the City Council, including subsequent amendments thereto. The code
provides, in general, that funds are to be accumulated from City contributions, and
income from investment of accumulated funds. Investments are reported at fair value.
The General Employees' Pension Fund includes all full -time City employees, except
police, firefighters, City Attorney, City Engineer, Public Works Director and City
Manager. Employees become eligible for the plan after three months of continuous
employment with vesting beginning as of the first day of employment. No employee
50
City of Edgewater, Florida
Notes to Financial Statements (continued)
14. Pension Plans— Defined Benefit (continued)
A. Plan Descriptions: (continued)
contributions are required. The City's policy is to contribute amounts as determined
by actuarial valuations. Employees vest for full benefits after five years of service.
Benefit amounts are calculated based on the three consecutive years which give the
highest average out of the last ten years. Members will receive a benefit amount equal
to 2% of that average multiplied by years of accrual service.
The General Employees' Pension Fund was amended in October 1996, which closed
' off the plan to any new employees hired by the City after October 1, 1996. Employees
hired after October 1, 1996, however, are eligible for the City's 401(a) Defined
' Contribution Plan. Employees hired prior to October 1, 1996, and not vested in the
General Employees' Pension Fund as of September 30, 1997, may elect to participate
in the 401(a) Defined Contribution Plan.
3. Firefighters' Pension Fund:
The Firefighters' Pension Fund is a single employer defined benefit retirement system
established pursuant to state statute in July 1990, with an effective date of November
1989. The funding methods and determination of benefits payable are provided in the
various acts of the Florida Legislature, Firefighters' Pension Board and the City
Council. The statutes provide in general, that funds are to be accumulated from
employee contributions, City contributions, state appropriations and income from
investment of accumulated funds. Investments are reported at fair value.
Full -time firefighters are eligible to participate in the Firefighters' Pension Fund upon
their first day of employment with the City. Participating fire employees contribute
5% of their salary to the plan. The City is required by statute to contribute remaining
amounts necessary based upon actuarial valuations to the fund as performed in
accordance with State Statute. Employees vest for full benefits after five years of
service. Benefit amounts are calculated based on the three consecutive years which
give the highest average out of the last ten years. Members will receive a benefit
amount equal to 2.5% of that average multiplied by years of accrual service.
51
City of Edgewater, Florida
Notes to Financial Statements (continued)
14. Pension Plans— Defined Benefit (continued)
A. Plan Descriptions: (continued)
Membership data of the Pension Plans are summarized as follows:
Retirees and beneficiaries currently
receiving benefits and vested
terminated employees
Active employees:
Fully vested
Nonvested
B. Significant Accounting Policies:
Police General
Officers Employees Firefighters
8
54 1
25
81 8
10
14 2
City of Edgewater's financial statements for the three pension funds are prepared using the
accrual basis of accounting. Employer and plan member contributions are recognized in the
period that contributions are due.
Investments in the three pension funds are reported at fair value according to the
independent custodian for each plan using various third party pricing sources.
In 1997 the City adopted GASB Statement No. 25 on pension accounting and reporting.
This Statement requires the disclosure of any investments in any one organization that
represents 5% or more of plan net assets. All investments in the Police Officers' Retirement
Trust Fund and the General Employees Pension Fund are invested in the Principal
Financial Group's various investment portfolios. There are no investments in any one
organization in the Firefighters' Pension Fund that exceeds 5% of plan net assets.
C. Contribution Requirements and Contributions Made:
The Florida Legislature, City Council and each Pension Board governs the City and
employee contribution requirements for the Police Officers' Retirement Trust Fund and
Firefighters' Pension Fund. The City's contribution to the General Employees' Pension
Fund is an actuarially determined periodic amount that increases gradually over time so that
sufficient assets will be available to pay benefits when due. No employee contributions are
required.
52
City of Edgewater, Florida
Notes to Financial Statements (continued)
M
14. Pension Plans— Defined Benefit (continued)
C. Contribution Requirements and Contributions Made (continued):
The City's contribution to the Police Officers' Retirement Trust Fund and Firefighters'
Pension Fund is an actuarially determined periodic amount. The employees' contribution
for these plans is 1% and 5% of their salary, respectively. Contributions provided by the
State of Florida are in accordance with State statutes.
In 1998 the annual contribution made for the Police Officers' Retirement Trust Fund,
General Employees' Pension Fund, and Firefighters' Pension Fund were $175,597,
$463,396, and $62,320, respectively.
Annual pension cost and contribution information for the last three fiscal years are as
r „ follows:
Police Officers' Retirement Trust Fund
err
53
ft
Year Ended
Annual Pension
Percentage
Sept. 30
Cost
Contributed
1998
$172,948
100%
1997
138,191
100
1996
151,867
100
General Employees' Pension Fund
Year Ended
Annual Pension
Percentage
Sept. 30
Cost
Contributed
1998
$462,796
100%
1997
546,020
100
1996
526,514
100
Firefighters' Pension Fund
Year Ended
Annual Pension
Percentage
Sept. 30
Cost
Contributed
1998
$61,653
100%
1997
65,735
100
1996
48,530
100
err
53
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M
City of Edgewater, Florida
Notes to Financial Statements (continued)
14. Pension Plans— Defined Benefit (continued)
D. Actuarial Methods and Significant Assumptions:
The valuation method used for funding the police and general employees pension funds is
the Entry Age Normal— Frozen Initial Liability Actuarial Cost Method. This method
spreads the total cost of the projected pension benefits for each employee from the date first
eligible for the plan to normal retirement age. The Firefighters Pension Fund uses the
Aggregate Actuarial Cost Method, which does not identify or separately amortize unfunded
actuarial liabilities.
Police General
Officers Employees Firefighters
Valuation date 10/01/97 10/01/97 10/01/97
Amortization method Level Dollar - Level Dollar - N/A
Closed Period Closed Period
Remaining
amortization period 10 years 6 years N/A
Asset valuation
method Market Market Market
Actuarial
assumptions:
Investment rate of
return 7.5% 8.0% 7.5%
Salary increases:
Merit A salary scale is A salary scale is 4.5%
used which results used which results
in a variable rate in a variable rate
of increases for
of increases for
merit based on the
merit based on the
participant's age.
participant's age.
Inflation 3.4%
4.5%
3.0%
Retirement age 55 and 5 years of
60 with 5 years of
55 with 5 years of
plan participation
accrued service or
service or age 52
or 25 years of plan
after 30 years of
and 25 years of
participation,
accrued service
service, whichever
whichever is
is earliest.
earliest
54
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City of Edgewater, Florida
Notes to Financial Statements (continued)
15. Pension Plans— Defined Contribution
A. Senior Executives
The City adopted a defined contribution pension plan effective January 1, 1993. The plan is
a money purchase plan administered for the City by the International City Managers
Association. Eligible employees are certain senior City executives, presently the City
Manager and City Attorney. The plan provides for an employer contribution equal to 15%
of employee earnings and a voluntary employee contribution. Employees are 100% vested
immediately upon participation. Employees direct the investment of funds contributed to
the plan on their behalf.
The City amended the defined contribution plan effective June 1, 1997. The amendment
adjusts the City's contribution requirement to 18.75% of employee earnings. Employer
contributions made during the year amounted to $17,323.
The City adopted a defined contribution pension plan effective January 1, 1998 for the then
City Manager, J. Kevin Grace. The plan is a money purchase plan administered for the City
by the Public Employees Benefit Services Corporation (PEBSCO). The plan provides for
an employer contribution equal to 17.25% of employee earnings. Employees are 100%
vested immediately upon participation. Employees direct the investment of funds
contributed to the plan on their behalf. Employer contributions made during the year
amounted to $8,674.
B. General Employees
The City adopted a defined contribution plan effective October 1, 1996. The plan is a
money purchase plan administered for the City by the Principal Financial Group. Eligible
employees are employees hired effective October 1, 1996, or thereafter that would
otherwise qualify for the General Employees' Pension Plan. Employees hired prior to
October 1, 1996, and not vested in the General Employees' Pension Plan may also elect,
instead, to participate in the defined contribution plan. The plan provides for an employer
contribution equal to 12% of employee earnings. Employees who elect to participate in this
plan that were hired prior to October 1, 1996 will have the following contributions made:
Term of % Contributed for % Contributed for
Employment Prior Earnings Prior to Earnings After
to October 1, 1996 October 1, 1996 October 1, 1996
3 months - 2 years 10% 12%
2 years - 4 years 11 12
4 years - 5 years 12 12
55
M
City of Edgewater, Florida im
Notes to Financial Statements (continued)
M
15. Pension Plans— Defined Contribution (continued) ie
Employees are 100% vested immediately upon participation. Employees direct the
investment of funds contributed to the plan on their behalf. Employer contributions made
during the year amounted to $63,638.
16. Commitments and Contingencies
A. Litigation:
The City is engaged in various liability claims incidental to the conduct of its general
government operations at September 30, 1998. It is expected that the City's liability carrier
would pay any judgment which might be entered, less any applicable self - insured retention,
which amounts would not be material to the City's financial statements.
B. Risk Management:
The City is self insured and assumes the following risk categories:
1. The payment of claims and judgments involving the acts of officers or employees of
the City or property belonging to the City.
2. Providing for the insurance of any real or personal property or operation of the City
against risks or hazards.
3. The maintenance of hurricane disaster funds.
4. The recovery of tort claims against other parties.
5. Fines and forfeitures levied against employees as a result of being found responsible
for preventable accidents.
6. Amounts received from parties contracting with the City for providing insurance
coverage to protect parties for risks involving activities or property associated with
r
the contracts.
Self- insurance activities are recorded in the City's Internal Service Fund. Incurred but not
reported claims of $86,000 were recorded at September 30, 1998 based on an actuarial
;Y
56
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City of Edgewater, Florida
Notes to Financial Statements (continued)
in
l
1
p -
ie
16. Commitments and Contingencies (continued)
assessment of the plan made by the City. The following is a reconciliation of the changes in
aggregate claims liabilities:
Balance at
Current Year
Balance at
Beginning of
Claims and Changes Claims
End of
Fiscal Year
in Estimates Payments
Fiscal Year
1996 -1997 $160,000 $(15,329) $12,671 $132,000
1997 -1998 132,000 (46,000) — 86,000
In addition to the self insurance programs, the City has other insurance policies covering
various business risks including property and general liability. Liability limits are in excess
of $39.1 million and terms associated with property insurance include total deductibles of
approximately $11,000, with a 90% coinsurance provision. The City has obtained excess
insurance coverage with varying retentions and limits to further limit exposure to large
losses. There have been no significant reductions in insurance coverage from the prior year
and settlements have not exceeded insurance coverage during the past three years.
17. Contributed Capital
During the year, contributed capital in the enterprise funds changed by the following amounts:
Water and Refuse Stormwater
Source Sewer Collection Management Totals
Impact fees —water
Impact fees — wastewater
Connection fees —water
Connection fees — wastewater
Connection fees — reclaimed water
Joe Martin
Patriot Properties
Red Carpet Helicopter
Community Development Block Grant
Depreciation on contributed assets:
Current year
Net change
Contributed capital, October 1
Contributed capital, September 30
$ 125,850
$ –
$ –
$ 125,850
57,729
–
–
57,729
35,035
–
–
35,035
43,983
–
–
43,983
40,848
–
–
40,848
15,220
–
–
15,220
20,195
–
–
20,195
10,434
–
–
10,434
24,610
–
–
24,610
(732,773)
(3,281)
(6,209)
(742,263)
(358,869)
(3,281)
(6,209)
(368,359)
26,293,984
29,535
131,380
26,454,899
$25,935,115
$26,254
$125,171
$26,086,540
57
so
City of Edgewater, Florida M
Notes to Financial Statements (continued)
M
18. Accounting Change M
During the current year, the City adopted Government Accounting Standards Board Statement
No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans. In accordance with the provisions of this Statement, the assets of the City's
section 457 deferred compensation plan have been placed in trust for the exclusive benefit of the
plan participants. As a result of adopting this Statement, the assets of the plan are no longer
subject to the claims of the general creditors of the City and therefore are not included in the
accompanying financial statements.
19. Year 2000 Issue
The Year 2000 issue is the result of shortcomings in many electronic data processing system
sand other electronic equipment that may adversely affect the government's operations as early
as fiscal year 1999.
.r
The City of Edgewater has completed an inventory of computer systems and other electronic
equipment that may be affected by the Year 2000 issue and that are necessary to conducting City W
of Edgewater operations. The City has identified the following systems requiring Year 2000
remediation:
• Financial reporting and budgeting, accounts payable, purchasing, payroll /personnel, utility
billing, accounts receivable, occupational license, fixed asset, and cash receipts systems. The
City is currently remediating its financial reporting and budgeting, accounts payable,
purchasing, payroll /personnel, utility billing, accounts receivable, occupational license, fixed
asset, and cash receipts systems. Validation and testing of these systems have yet to be
completed. A contract of $69,000 has been committed for purchase of hardware and software
for this project as of October 1998.
Personal computers. An assessment of personal computers has been done for all facilities r+
throughout the City. The City has upgraded or is in the process of upgrading these computers
to be Year 2000 compliant. The City has spent or committed approximately $5,000 on this
process. Validation and testing is being done as computers are upgraded.
• Wastewater plant. The City's wastewater plant recently underwent an upgrading of controls
and equipment due to the age of the old systems. In doing so, the upgraded controls and
equipment enabled the plant to be Year 2000 compliant with no Year 2000 problems.
58
Mi
City of Edgewater, Florida
Notes to Financial Statements (continued)
M 19. Year 2000 Issue (continued)
• Water plant. The City's water plant was determined not to be Year 2000 compliant in 1998
and that no support was available to upgrade. Therefore, the system is presently being
replaced for a software cost of $9,600 by an outside vendor. Validation and testing will be
done in May 1999.
• 911 police and fire emergency reporting system. The 911 police and fire emergency reporting
system is provided to the City by an outside vendor. This vendor is responsible for
remediating these systems and is solely responsible for any costs associated with this project.
• Telephone system. The City's telephone system is maintained by an outside vendor who has
verified the system to be Year 2000 compliant and is solely responsible for any costs
associated with this project.
•
Traffic control system. The traffic control systems and flashers within our City are
maintained by the County who has verified the system to be Year 2000 compliant and is
solely responsible for any costs associated with this project.
' • Banking relationships. The City has received notification from its primary banking facilities
that they are aware of the Year 2000 problem and that they are in various stages of
implementation, remediation, and testing in order to become compliant.
' • Electrical distribution system. Another vendor is remediating the electrical distribution
system. The City has been advised that its systems will be Year 2000 compliant by June
1999. To date, $50 million has been budgeted by this vendor to remedy all areas of critical
and important systems. As devices are corrected or determined to be Year 2000 ready, a
testing program is carried out to help ensure continued service to its customers.
• Tax collection. Tax collection for the City is handled by Volusia County. The County is
responsible for remediating this system and is solely responsible for any costs associated with
this project. The City has been notified that their system is Year 2000 compliant.
Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related
remediation efforts will not be fully determinable until the year 2000 and thereafter. Management
cannot assure that the City of Edgewater is or will be Year 2000 ready, that the City of
Edgewater's remediation efforts will be successful in whole or in part, or that parties with whom
the City of Edgewater does business will be Year 2000 ready.
F
1
City of Edgewater, Florida
Required Supplementary Information
Schedule of Pension Funding Progress
Last Six Years
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Police Officers' Retirement Trust Fund
Actuarial
Accrued Unfunded
Liability (AAL) (Assets in Funded Covered
- Entry Age Excess of) AAL Ratio Payroll
(b) (b -a) (alb) (c)
Unfunded (Assets in
Excess of) AAL as a
Percentage of
Covered Payroll
((b -a) /c)
Mi
10/01/92
$ 727,268
$1,074,100
$346,832
67.7
$775,280
44.7%
10/01/93
931,249
1,271,723
340,474
73.2
838,277
40.6
1
10/01/94
1,129,976
1,523,213
393,237
74.2
871,746
45.1
10/01/95
1,388,559
1,768,521
379,962
78.5
920,059
41.3
10/01/96
1,679,636
2,001,604
321,968
83.9
918,376
35.1
10/01/97
1,827,091
2,166,313
339,222
84.3
1,001,927
33.9
General Employees' Pension Fund
Actuarial
Unfunded (Assets in
Actuarial
Accrued
Unfunded
Excess of) AAL as a
Actuarial
Value of
Liability (AAL)
(Assets in
Funded
Covered
Percentage of
Valuation
Assets
- Entry Age
Excess of) AAL
Ratio
Payroll
Covered Payroll
Date
(a)
(b)
(b -a)
(a /b)
(c)
((b -a) /c)
10/01/92
$1,495,163
$2,261,024
$765,861
66.1
$2,404,295
31.9%
10/01/93
2,041,962
2,816,720
774,758
72.5
2,516,803
30.8
10/01/94
2,612,304
3,509,876
897,572
74.4
2,807,289
32.0
10/01/95
3,302,594
4,139,201
836,607
79.8
2,738,633
30.5
10/01/96
4,075,673
4,850,901
775,228
84.0
2,912,784
26.6
10/01/97
5,245,266
5,873,295
628,029
89.3
2,682,998
23.4
Firefighters'
Pension
Fund
Actuarial
Unfunded (Assets in
r
Actuarial
Accrued
Unfunded
Excess of) AAL as a
Actuarial
Value of
Liability (AAL)
(Assets in
Funded
Covered
Percentage of
Valuation
Assets
- Entry Age
Excess of) AAL
Ratio
Payroll
Covered Payroll
Date
(a)
(b)
(b -a)
(a/b)
(c)
((b -a) /c)
*a
10/01/92
N/A
N/A
N/A
N/A
N/A
-
10/01/93
N/A
N/A
N/A
N/A
N/A
-
10/01/94
161,996
161,996
-
100
307,944
-
10/01/95
234,236
234,236
-
100
293,818
-
10/01/96
304,103
304,103
-
100
345,757
-
10/01/97
462,670
462,670
-
100
350,613
-
M
NOTE: The City began the Firefighters' Pension Fund in 1991 with the State of Florida. W
However, in fiscal year 1995, the City separated the plan from the State of Florida. Prior to 1995,
the City was required to have actuarial valuations performed on a triennial basis. Therefore, the
actuarial valuation information as of 10/01/92 and 10/01/93 are not available.
See accompanying note to required supplementary information. 4
r
60
City of Edgewater, Florida
Required Supplementary Information
Schedule of Employer Contributions
Last Six Years
Police Officers' Retirement Trust Fund
Year Ended
Sept. 30
1993
1994
1995
1996
1997
1998
Annual Pension
Cost
$133,941
145,093
159,583
151,867
138,191
172,948
General Employees' Pension Fund
Percentage
Contributed
100%
100
100
100
100
100
Year Ended
Annual Pension
Percentage
Sept. 30
Cost
Contributed
1993
$397,472
100%
1994
444,074
100
1995
568,685
100
1996
526,514
100
1 997
546,020
100
1998
462,296
100
Firefighters' Pension Fund
Year Ended
Annual Pension
Percentage
Sept. 30
Cost
Contributed
1993
$30,806
100%
1994
35,784
100
1995
48,848
100
1996
48,530
100
1997
65,735
100
1998
61,653
100
See accompanying note to required supplementary information.
61
City of Edgewater, Florida
Note to the Required Supplementary Information
Schedules of Pension Funding Progress and
Employer Contributions
1. Actuarial Methods and Significant Assumptions:
The valuation method used for funding the police and general employees pension funds is
the Entry Age Normal— Frozen Initial Liability Actuarial Cost Method. This method
spreads the total cost of the projected pension benefits for each employee from the date he
is first eligible for the plan to his normal retirement age. The Firefighters Pension Fund
uses the Aggregate Actuarial Cost Method, which does not identify or separately amortize
unfunded actuarial liabilities.
Police General
Officers Employees Firefighters
Valuation date 10/01/97 10/01/97 10/01 /97
Amortization method Level Dollar— Level Dollar— N/A
Closed Period Closed Period
Remaining
amortization period 10 years 6 years N/A
Asset valuation
method Market Market Market
Actuarial
assumptions:
Investment rate of
return 7.5% 8.0% 7.5%
Salary increases:
Merit A salary scale is A salary scale is 4.5%
used which results used which results
in a variable rate in a variable rate
of increases for
of increases for
merit based on the
merit based on the
participant's age.
participant's age.
Inflation 3.4%
4.5%
3.0%
Retirement age 55 and 5 years of
60 with 5 years of
55 with 5 years of
plan participation
accrued service or
service or age 52
or 25 years of plan
after 30 years of
and 25 years of
participation,
accrued service
service, whichever
whichever is
is earliest.
earliest
Ufa
I Combining, Individual Fund and Account Group
Financial Statements and Schedules
' These financial statements provide a more detailed view of the "General Purpose
Financial Statements" presented in the preceding subsection.
Combining statements are presented when there is more than one fund of a given
fund type. Individual fund statements are presented when there is only one fund of
■ a given type. They are also necessary to present budgetary comparisons.
it
� I
� I
� I
� I
I I
This page intentionally left blank.
Proprietary Fund Type
Enterprise Funds
Enterprise Funds account for operations that are financed and operated in a
manner similar to private enterprise, where the intent of the governing body is that
the costs of providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges.
Water and Sewer Fund
The Water and Sewer Fund accounts for the fiscal activities of the
City's water and sewer treatment and distribution operations, as well
as the funding and payment of related debt.
Refuse Collection Fund
The Refuse Collection Fund accounts for the fiscal activities of the
City's refuse collection and disposal operation.
Stormwater Management Fund
The Stormwater Management Fund accounts for the fiscal activities of
the City's stormwater drainage operation, as well as the funding and
payment of related debt.
1
Assets
Current assets:
Pooled cash and cash equivalents
Accounts receivable
Unbilled accounts receivable
Due from other governments
Inventory
Prepaid expenses
Total current assets
Restricted assets:
Customer deposits:
Cash and cash equivalents
Revenue bond sinking fund:
Cash and cash equivalents
Accrued interest receivable
Renewal and replacement fund:
Cash and cash equivalents
Development fund:
Cash and cash equivalents
Construction fund:
Investments
Wastewater special assessment funds:
Cash and cash equivalents
Special assessments - current
Special assessments - noncurrent
Accrued interest receivable
Total restricted assets
Plant and equipment:
Plant in service:
Land
Water plant
Sewer plant
Refuse collection facility
Improvements other than buildings
Machinery and equipment
Less accumulated depreciation
Construction in progress
Other assets:
Unamortized debt issuance costs
Total assets
City of Edgewater, Florida
Combining Balance Sheet
All Enterprise Funds
September 30, 1998
Water and
Refuse
Stormwater
September 30
Sewer
Collection
Management
1998
1997
Fund
Fund
Fund
Total
Total
$ 3,027,014 $
455,935
$ 395,653 $
3,878,602 $
3,462,957
420,510
-
-
420,510
411,909
179,634
59,045
-
238,679
224,384
-
1,217
-
1,217
18,268
45,168
-
8,854
54,022
56,048
7,153
88
25
7,266
5,420
3,679,479
516,285
404,532
4,600,296
4,178,986
379,117
-
-
379,117
358,411
1,073,584
-
-
1,073,584
1,073,806
3,605
-
-
3,605
1,974
984,968
164,579
-
1,149,547
976,574
1,704,120
-
-
1,704,120
1,682,628
-
-
-
-
1,718
2,167,467
-
-
2,167,467
2,513,205
608,872
-
-
608,872
580,364
12,636,833
-
-
12,636,833
13,290,922
590,159
-
-
590,159
618,428
20,148,725
164,579
-
20,313,304
21,098,030
570,789
-
-
570,789
570,789
9,522,507
-
-
9,522,507
9,522,507
10,464,117
-
-
10,464,117
10,050,640
-
37,317
-
37,317
37,317
27,625,896
75,273
4,424,243
32,125,412
31,912,809
660,590
525,038
348,995
1,534,623
1,496,197
48,843,899
637,628
4,773,238
54,254,765
53,590,259
(8,219,084)
(500,694)
(338,688)
(9,058,466)
(7,591,110)
40,624,815
136,934
4,434,550
45,196,299
45,999,149
84,790
-
-
84,790
266,138
40,709,605
136,934
4,434,550
45,281,089
46,265,287
518,946 - 15,927 534,873 587,834
$ 65,056,755 817,798 4,855,009 $ 70,729,562 $ 72,130,137
66
Water and Refuse Stormwater September 30
Sewer Collection Management 1998 1997
Fund Fund Fund Total Total
Liabilities and fund equity
Current liabilities (payable from current assets):
Accounts payable
Accrued liabilities
Accrued interest payable
Notes payable -- current
Obligations under capital lease
Total current liabilities (payable
from current assets)
Current liabilities (payable from
restricted assets):
Customer deposits
Accrued interest payable
Bonds payable- current
Revenue bonds payable- current
Contracts payable
State revolving loan payable
Total current liabilities (payable
from restricted assets)
Other liabilities:
Accumulated employee benefits
Notes payable - long -term
Bonds payable - long -term
Revenue bonds payable- net - long -term
State revolving loan payable - long -term
Obligations under capital lease- long -term
Total liabilities
$ 40,999 $
25,316 $
6,936 $
73,251 $
127,546
121,451
43,130
17,413
181,994
165,967
-
19
16
35
40
2,418
675
549
3,642
3,465
9,671
-
-
9,671
22,142
174,539
69,140
24,914
268,593
319,160
379,117
- - 379,117
358,411
517,311
- - 517,311
540,429
-
- 203,188 203,188
192,785
310,000
- - 310,000
290,000
-
- - -
23,517
1,027,413
- - 1,027
991,434
2,233,841
-
203,188
2,437,029
2,396,576
94,645
31,113
14,299
140,057
130,447
14,054
3,924
3,187
21,165
24,804
-
-
3,106,300
3,106,300
3,309,502
13,181,688
-
-
13,181,688
13,479,420
20,306,288
-
-
20,306,288
21,333,701
-
-
-
-
9,671
33,596,675
35,037
3,123,786
36,755,498
38,287,545
36,005,055
104,177
3,351,888
39,461,120
41,003,281
11
Fund equity:
'
Contributed capital:
Contributions from governmental agencies
2,172,933
26,254
125,171
2,324,358
2,412,486
'
Contributions from customers
Contributions -other
22,826,174
936,008
-
-
-
-
22,826,174
936,008
23,072,159
970,254
25,935,115
26,254
125,171
26,086,540
26,454,899
Retained earnings:
Reserved for renewal and replacement
984,968
-
-
984,968
858,611
'
Reserved for revenue bond retirement
1,077,189
1,077,189
1,075,779
Reserved for equipment purchases
164,579
164,579
117,963
Unreserved
1,054,428
522,788
1,377,950
2,955,166
2,619,604
3,116,585
687,367
1,377,950
5,181,902
4,671,957
Total fund equity
29,051,700
713,621
1,503,121
31,268,442
31,126,856
Wr
Total liabilities and fund equity $
65,056,755 $
817,798
4,855,009
70,729,562
$ 72,130,137
11
City of Edgewater, Florida
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
All Enterprise Funds
Operating revenues:
Charges for services:
Water sales
Sewer sales
Refuse collection charges
Stormwater utility fees
Penalties
Miscellaneous
Total operating revenues
Operating expenses:
Personal services
Contractual services
Materials and supplies
Repairs and maintenance
Claims and judgments
Refuse Stormwater Year ended September 30
Water and Collection Management 1998 1997
Sewer Fund Fund Fund Total Total
$2,083,806 $ - $ -
$2,083,806
$1,983,802
1,806,763 - -
1,806,763
1,749,470
- 1,231,223 -
1,231,223
1,216,751
- - 730,230
730,230
720,317
101,320 - -
101,320
102,969
35,227 135 9
35,371
114,778
4,027,116 1,231,358 730,239
5,988,713
5,888,087
1,541,258
602,486
281,886
2,425,630
2,266,971
121,464
402,907
15,599
539,970
550,762
549,972
48,518
24,314
622,804
678,589
112,914
29,617
22,770
165,301
210,594
Total operating expenses 2,325,608 1,083,528 344,569 3,753,705 3,706,916
Operating income before depreciation 1,701,508 147,830 385,670 2,235,008 2,181,171
Less depreciation expense (1,273,372) (58,364) (160,752) (1,492,488) (1,375,846)
Operating income 428,136 89,466 224,918 742,520 805,325
Nonoperating revenues (expenses):
Interest revenue
1,154,607
28,381
26,073
1,209,061
1,195,134
State Recycling Grant
-
6,144
-
6,144
20,506
Loss on disposal of fixed assets
(432)
-
-
(432)
(2,110)
Interest/amortization expense
(1,641,895)
(251)
(186,635)
(1,828,781)
(1,792,313)
Total nonoperating revenues (expenses)
(487,720)
34,274
(160,562)
(614,008)
(578,783)
Income (loss)before operating transfers
(59,584)
123,740
64,356
128,512
226,542
Operating transfers in
-
-
11,698
11,698
16,654
Operating transfers out
(250,000)
(91,485)
(31,043)
(372,528)
(380,258)
Net income (loss)
(309,584)
32,255
45,011
(232,318)
(137,062)
Add back depreciation expense related
to contributed assets
732,773
3,281
6,209
742,263
726,539
Net increase in retained earnings
423,189
35,536
51,220
509,945
589,477
Retained earnings at beginning of year
2,693,396
651,831
1,326,730
4,671,957
4,082,480
Retained earnings at end of year
$3,116,585
$ 687,367
$1,377,950
$5,181,902
$4,671,957
::
1
City of Edgewater, Florida
Combining Statement of Cash Flows
All Enterprise Funds
Water and
Sewer
Fund
Page 1 of 2
Refuse Stormwater Year ended September 30
Collection Management 1998 1997
Fund Fund Total Total
Cash flows from operating activities:
Cash received from customers
$4,026,669
$1,229,615
$730,239
$ 5,986,523
$ 5,847,053
Cash payments to suppliers for goods
and services
(834,916)
(479,662)
(71,522)
(1,386,100)
(1,982,789)
Cash payments to employees for
services
(1,506,373)
(604,900)
(284,810)
(2,396,083)
(2,260,676)
Other operating revenues
-
-
-
-
47,607
Net cash provided by operating activities
1,685,380
145,053
373,907
2,204,340
1,651,195
Cash flows provided by (used in) capital
and related financing activities:
Acquisition and construction of
capital assets
(510,369)
-
(21,871)
(532,240)
(2,133,925)
Interest paid
(1,614,471)
(254)
(184,219)
(1,798,944)
(1,728,017)
Contributions for acquiring assets
999,486
1
-
999,487
1,185,590
Principal payments:
Revenue bonds
(277,732)
-
(192,799)
(470,531)
(450,508)
State revolving loan
(991,434)
-
-
(991,434)
(1,087,012)
Capital leases
(22,142)
-
-
(22,142)
(20,712)
Note payable
(2,300)
(641)
(521)
(3,462)
(3,298)
Total cash flows provided by (used in)
capital and related financing activities
(2,418,962)
(894)
(399,410)
(2,819,266)
(4,237,882)
Cash flows (used in) provided by
noncapital and related financing
activities:
Operating transfers to other funds
(250,000)
(91,485)
(31,043)
(372,528)
(380,258)
Operating transfers from other funds
-
-
11,698
11,698
16,654
Proceeds from state recycling grant
-
23,195
-
23,195
22,682
Total cash flows used in noncapital and
related financing activities
(250,000)
(68,290)
(19,345)
(337,635)
(340,922)
Cash flows provided by investing
activities:
Interest revenue
1,181,245
28,381
26,073
1,235,699
1,224,265
Sale of investments
-
-
1,718
1,718
2,228,041
Total cash flows provided by investing
activities
1,181,245
28,381
27,791
1,237,417
3,452,306
Net increase (decrease) in cash and cash
equivalents
197,663
104,250
(17,057)
284,856
524,697
Cash and cash equivalents at beginning of
year
9,138,607
516,264
412,710
10,067,581
9,542,884
Cash and cash equivalents at end of year
$9,336,270
$ 620,514
$395,653
$10,352,437
$10,067,581
.'
City of Edgewater, Florida Page 2 of 2
Combining Statement of Cash Flows
All Enterprise Funds
Significant transactions not affecting cash
flows:
Water and sewer line contributed by
customer $ 45,849 $
Loss on disposition of fixed assets —
Baffle box contributed by Volusia
County —
$ — $ 45,849 $ 34,993
(2,110)
72,332 t
70
Water and
Refuse
Stormwater
Year ended September 30
Sewer
Collection
Management
1998
1997
Fund
Fund
Fund
Total
Total
Reconciliation of operating income (loss)
to net cash provided by operating
activities:
Operating income
$ 428,136
$ 89,466
$224,918
$ 742,520
$ 805,325
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation
1,273,372
58,364
160,752
1,492,488
1,375,846
Increase in accounts receivable
(8,600)
—
—
(8,600)
(5,956)
Increase in unbilled accounts
receivable
(12,552)
(1,743)
—
(14,295)
(9,516)
Decrease (increase) in inventory
5,712
—
(3,686)
2,026
(4,713)
Increase in customer deposits
20,706
—
—
20,706
22,045
Decrease (increase) in prepaid
expenses
(6,270)
4,448
(25)
(1,847)
(4,515)
Decrease in accounts payable
(50,361)
(3,068)
(866)
(54,295)
(183,616)
(Decrease) increase in accrued
liabilities
20,943
(654)
(4,262)
16,027
(353,298)
Increase (decrease) in accrued
employee benefits
14,294
(1,760)
(2,924)
9,610
9,593
Net cash provided by operating activities
$1,685,380
$145,053
$373,907
$2,204,340
$1.651.195
Significant transactions not affecting cash
flows:
Water and sewer line contributed by
customer $ 45,849 $
Loss on disposition of fixed assets —
Baffle box contributed by Volusia
County —
$ — $ 45,849 $ 34,993
(2,110)
72,332 t
70
0
im
Fiduciary Fund Types
These funds account for assets held by a governmental unit in a trustee capacity or as an agent
for individual private organizations, other governmental units, and/or other funds.
ft
Pension Trust Funds
Municipal Police Officers' Retirement Trust Fund
The Police Officers' Retirement Trust Fund is used to account for the fiscal activities of the
Edgewater Police Pension Board, which accumulates assets and ultimately pays benefits to
qualified retirees of the Edgewater Police Department in accordance with a defined benefit plan.
General Employees' Pension Fund
The General Employees' Pension Fund is used to account for the fiscal activities of the Board of
Trustees for the City of Edgewater's General Employees' Pension Fund, which accumulates
assets and will ultimately pay benefits to qualified retirees of the City of Edgewater in
accordance with a defined benefit plan.
Municipal Firefighters' Retirement Trust Fund
The Firefighters' Retirement Trust Fund is used to account for the fiscal activities of the
Edgewater Firefighter Pension Board, which accumulates assets and ultimately pays benefits to
qualified retirees of the Edgewater Fire Department in accordance with a defined benefit plan.
No
City of Edgewater, Florida
Combining Statement of Plan Net Assets
All Pension Trust Funds
Assets
Investments:
Debt and other interest bearing
investments
Equity securities
Other
Total investments
September 30, 1998
Municipal
Police
General
Officers'
Employees' Firefighters'
Retirement
Pension Pension
Trust Fund
Trust F und Fund Total
$1,654,830
$4,487,051
$239,206
$6,381,087
432,546
1,970,122
304,439
2,707,107
257,579
429,372
5,459
692,410
2,344,955
6,886,545
549,104
9,780,604
Prepaid expenses 225 — — 225
Interest and dividends receivables — — 11 11
Total assets 2,345,180 6,886,545 549,115 9,780,840
Liabilities
Accounts payable
Total liabilities
Net assets held in trust for pension
benefits
144 — 3,025 3,169
144 — 3,025 3,169
$2,345,036 $6,886,545 $546,090 $ 9,777,671
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City of Edgewater, Florida
Combining Statement of Changes in
Plan Net Assets
All Pension Trust Funds
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For the fiscal year ended September 30, 1998
Municipal
Additions:
Police
General
Officers'
Employees' Firefighters'
Retirement
Pension Pension
Trust Fund
Trust Fund Fund Total
' Investment expenses
Net investment income
Total revenues
$ 112,957
Additions:
$ 13,508
Contributions:
11,252
Employer
20,812
Employees
62,640
State of Florida
'
Total contributions
186,849
Investment income:
83,133
Investment and dividend income
137,924
Net appreciation in fair value of
9,731
plan investments
' Investment expenses
Net investment income
Total revenues
$ 112,957
$ 463,396
$ 13,508
$ 589,861
11,252
-
20,812
32,064
62,640
-
48,813
111,453
186,849
463,396
83,133
733,378
137,924
395,368
9,731
543,023
67,894
221,675
6,738
296,307
205,818 617,043 16,469 839,330
(1,166) - (7,328) (8,494)
204,652 617,043 9,141 830,836
391,501 1,080,439 92,274 1,564,214
Deductions:
Benefits payments
27,723
81,786
-
109,509
Income before administrative expenses
363,778
998,653
92,274
1,454,705
Administrative expenses
11,739
16,079
7,685
35,503
Net increase
352,039
982,574
84,589
1,419,202
Net assets held in trust for pension
benefits:
Beginning of year
1,992,997
5,903,971
461,501
8,358,469
End of year
$2,345,036
$6,886,545
$546,090
$9,777,671
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Supporting Schedules
Financial schedules are presented to provide greater detailed information than reported in
the preceding financial statements. This information, in many cases, has been spread
throughout the report and is brought together here for greater clarity. Financial schedules
are not necessary for fair presentation in conformity with generally accepted accounting
principles.
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General Fixed Assets Account Group
General Fixed Assets are those fixed assets of the City which are not accounted
for in an Enterprise or Trust Fund. To be classified as a fixed asset in this category
a specific piece of property must possess three attributes: (1) tangible nature; (2) a
life longer than the current fiscal year; and (3) a significant value.
The General Fixed Assets are a self - balancing account group which require
adequate accounting procedures and records to assure their protective custody.
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City of Edgewater, Florida
General Fixed Assets Account Group
Schedule of General Fixed Assets
By Source
September 30
1998 1997
General fixed assets:
Land
Buildings
Improvements other than buildings
Machinery and equipment
Construction in progress
Total general fixed assets
$ 1,415,499
$ 1,369,887
1,673,839
1,572,523
13,833,620
13,832,642
2,602,768
2,483,428
100,627
40,398
$19,626,353
$19,298,878
Investment in general fixed assets from:
General Fund revenues
Federal grants and entitlements
Gifts
Total investment in general fixed assets
$11,139,418
$10,797,875
668,689
678,257
7,818,246
7,822,746
$19,626,353
$19,298,878
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City of Edgewater, Florida
General Fixed Assets Account Group
Schedule of General Fixed Assets
By Function and Activity
September 30, 1998
77
Improvements
Machinery
Otherthan
and
Function and Activity
Total
Land
Buildings
Buildings
Equipment
General government
$ 500,279
$ 300
$ 175,818
$ 28,257
$ 295,904
Public safety
2,253,976
105,591
472,315
4,624
1,671,446
Highways and streets
13,201,564
6,906
64,039
12,743,724
386,895
Library
565,073
45,811
512,526
—
6,736
Recreation
3,004,834
1,256,891
449,141
1,057,015
241,787
Total general fixed assets
allocated to function
19,525,726
$1,415,499
$1,673,839
$13,833,620
$2,602,768
Construction in progress
100,627
Total general fixed assets
$19,626,353
77
City of Edgewater, Florida
General Fixed Assets Account Group
Schedule of Changes In General Fixed Assets
By Function and Activity
For the year ended September 30, 1998
General Fixed General Fixed
Assets Assets
October 1 September 30,
Function and Activity 1997 Additions Deletions 1998
General government
Public safety
Highways and streets
Library
Recreation
Construction in progress
$ 502,993
$ 11,704
$ 14,418
$ 500,279
2,108,805
198,113
52,942
2,253,976
13,203,394
4,345
6,175
13,201,564
565,073
—
—
565,073
2,878,215
149,042
22,423
3,004,834
40,398
72,631
12,402
100,627
$19,298,878
$435,835
$108,360
$19,626,353
78
General Long -Term Debt Account Group
' The General Long -Term Debt Account Group is a self - balancing account group
set up to account for the unmatured general long -term debt of a government.
'
General long -term debt consists of the noncurrent portion of all debt other than
interfund advances expected to be repaid from funds received by governmental
'
fund types.
In the City of Edgewater, Florida, the account group has been established to
account for the noncurrent liability associated with the accrual of employee
compensated absences. Rather, that portion of the total liability for compensated
absences which is not expected to be liquidated with expendable available
'
financial resources within the next year.
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City of Edgewater, Florida
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
September 30
1998 1997
Amount available for debt service
Amount to be provided for the payment of general long-
term debt
Total available and to be provided
General long -term debt payable:
Accrued noncurrent portion of employee compensated
absences payable
Capital improvement bonds —Series 1995A
Capital improvement bonds — Series 1995B
Note payable — Volusia County
Total general long -term debt payable
$ 224,575 $ 152,481
8,232,506 8,828,636
$8,457,081 $8,981,117
$ 321,504
$ 360,905
5,627,557
5,957,820
2,376,875
2,512,924
131,145
149,468
$8,457,081
$8,981,117
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City of Edgewater, Florida Page 1 of 2
.. Schedule of Revenues and Other Financing Sources -
Budget and Actual
General Fund
Revenues
Taxes:
Ad valorem taxes
Franchise fees
Utility service taxes
State sales tax
Local option gas
Licenses and permits:
' Occupational licenses
Building permits
Intergovernmental revenues:
State revenue sharing
Mobile home fees
Gasoline tax rebate
Cigarette tax 2¢ additional
Beverage licenses
County occupational licenses
Federal grants
State grants
Firefighters' supplemental compensation
Other transportation
Charges for services:
Zoning fees
Recreation fees and charges
Miscellaneous
Driveway use permit
Year ended September 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
$2,484,871
$2,491,303
$ 6,432
619,500
643,473
23,973
1,290,500
1,339,347
48,847
740,000
728,628
(11,372)
280,000
281,488
1,488
5,414,871 5,484,239 69,368
59,200
58,533
(667)
120,600
126,970
6,370
179,800
185,503
5,703
416,000
418,014
2,014
22,500
22,743
243
8,200
9,277
1,077
50,223
51,949
1,726
7,600
9,071
1,471
19,000
19,771
771
87,192
110,658
23,466
-
16,082
16,082
1,800
2,470
670
8,709
7,953
(756)
621,224
667,988
46,764
4,800
4,175
(625)
75,000
83,892
8,892
29,350
30,905
1,555
5,900
4,720
(1,180)
115,050
123,692
8,642
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City of Edgewater, Florida Page 2 of 2
Schedule of Revenues and Other Financing Sources (continued)
Budget and Actual
General Fund
Year ended September 30, 1998
Fines and forfeitures:
Court fines
Police education
Parking
Miscellaneous:
Interest revenue
Sale of property and equipment
Miscellaneous
Total revenues 6,592,645 6,834,474 241,829
Other financing sources:
Transfer from Water /Sewer, Refuse and
Stormwater Funds 372,528 372,528 —
Total other financing sources 372,528 372,528 —
Total revenues and other financing sources $6,965,173 $7,207,002 $241,829
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Variance
Favorable
Budget
Actual
(Unfavorable)
68,000
71,542
3,542
3,700
3,342
(358)
600
425
(175)
72,300
75,309
3,009
157,000
254,333
97,333
4,000
5,554
1,554
28,400
37,856
9,456
189,400
297,743
108,343
Total revenues 6,592,645 6,834,474 241,829
Other financing sources:
Transfer from Water /Sewer, Refuse and
Stormwater Funds 372,528 372,528 —
Total other financing sources 372,528 372,528 —
Total revenues and other financing sources $6,965,173 $7,207,002 $241,829
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City of Edgewater, Florida
Schedule of Expenditures
Budget and Actual
General Fund
Financial and administrative:
Personal services
Operating expenditures
Total financial and administrative
General government
$ 1,159
City Council:
24,502
Personal services
'
Operating expenditures
1,077
Total legislative
1
Personal services
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City Manager:
2,153
Personal services
'
Operating expenditures
278,386
Capital outlay
12,758
Total executive
City of Edgewater, Florida
Schedule of Expenditures
Budget and Actual
General Fund
Financial and administrative:
Personal services
Operating expenditures
Total financial and administrative
'
Legal department:
$ 1,159
Personal services
24,502
Operating expenditures
'
Total legal department
1,077
City Clerk:
1
Personal services
r
Operating expenditures
2,153
Capital outlay
'
Debt service
278,386
Total City Clerk
'
Other government services:
$ 1,159
Operating expenditures
24,502
Capital outlay
63,310
Operating contingency
1,077
Total other government services
177,441
10,605
r
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Page 1 of 4
Year ended September 30, 1998
Actual
Budget Actual (Over) Under
(Revised) Expenditures Budget
$ 38,890
$ 37,731
$ 1,159
24,420
24,502
(82)
63,310
62,233
1,077
188,046
177,441
10,605
88,340
86,187
2,153
2,000
2,000
-
278,386
265,628
12,758
228,695
214,514
14,181
33,800
31,979
1,821
262,495
246,493
16,002
109,267
101,447
7,820
131,840
125,953
5,887
241,107
227,400
13,707
98,144
96,601
1,543
60,982
54,437
6,545
1,000
-
1,000
4,641
1,524
3,117
164,767
152,562
12,205
162,770
147,309
15,461
1,560
1,981
(421)
225,148
-
225,148
389,478
149,290
240,188
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City of Edgewater, Florida Page 2 of 4 '
Schedule of Expenditures (continued)
Budget and Actual
General Fund
Year ended September 30, 1998
Actual , r
Budget Actual (Over) Under
(Revis Expenditures Budget
General government (continued)
101,874
100,839 1,035
Operating expenditures
Community development:
2,696 1,694
Capital outlays
800
Personal services
366,898
349,508
17,390
Operating expenditures
74,090
52,015
22,075
Capital outlay
10,160
7,966
2,194
Debt service
1,063
1,063
-
Total community development
452,211
410,552
41,659
Economic development:
Operating expenditures 20,850 18,715 2,135
Total economic development 20,850 18,715 2,135
Personnel administration:
Personal services 86,509 83,290 3,219
Operating expenditures 8,540 5,369 3,171
Debt service 235 - 235
Total personnel administration 95,284 88,659 6,625
Maintenance:
Personal services
101,874
100,839 1,035
Operating expenditures
4,390
2,696 1,694
Capital outlays
800
800 -
Debt service
168
168 -
Total maintenance
107,232
104,503 2,729
Engineer:
Personal services
153,878
156,584
(2,706)
Operating expenditures
10,215
4,298
5,917
Capital outlay
1,000
-
1,000
Debt service
225
225
-
Total engineer
165,318
161,107
4,211
Total general government
2,240,438 1,887,142 353,296
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City of Edgewater, Florida Page 3 of 4
Schedule of Expenditures (continued)
Budget and Actual
General Fund
Year ended September 30, 1998
Actual
Budget Actual (Over) Under
(Revised) Expenditures Budget
Public safety
Police division:
Personal services
Operating expenditures
Capital outlay
Debt service
Total police division
Fire division:
Personal services
Operating expenditures
Capital outlay
Debt service
Total fire division
Civil defense:
Operating expenses
Total civil defense
Total public safety
Transportation
Public works:
Personal services
Operating expenditures
Capital outlay
Debt service
Total public works
Total transportation
Culture /recreation
Libraries:
Operating expenditures
Capital outlays
Total libraries
1,972,799
1,962,514
10,285
306,395
291,256
15,139
97,200
81,592
15,608
33,609
21,139
12,470
2,410,003
2,356,501
53,502
614,163
608,121
6,042
170,825
146,427
24,398
274,850
157,003
117,847
6,828
6,827
1
1,066,666
918,378
148,288
7,004 4,160 2,844
7,004 4,160 2,844
3,483,673 3,279,039 204,634
273,173
266,585
6,588
105,660
62,342
43,318
4,300
4,345
(45)
981
981
-
384,114
334,253
49,861
384,114 334,253 49,861
8,025 4,964
- 16,282
3,061
(16,282)
8,025 21,246
(13,221)
:&
City of Edgewater, Florida
Schedule of Expenditures (continued)
Budget and Actual
General Fund
Culture /recreation (continued)
Parks department:
Personal services
Operating expenditures
Capital outlay
Debt service
Total parks department
Total culture /recreation
Total expenditures
Other financing uses:
Transfer to Debt Service Fund
Transfer to Stormwater Management
Fund
Total other financing uses
Total expenditures and other financing
uses
Page 4 of 4
Year ended September 30, 1998
Actual
Budget Actual (Over) Under
(Revised) Expenditures Budget
423,179
421,712
1,467
193,860
174,720
19,140
161,550
142,839
18,711
1,263
1,262
1
779,852
740,533
39,319
787,877
761,779
26,098
6,896,102
6,262,213
633,889
359,798
16,813
353,429
11,698
6,369
5,115
376,611
365,127
11,48
$7,272,713 $6,627,340 $645,373
Note: The capital outlay and debt service expenditures have been allocated to each of the
functional expenditures.
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Statistical Section
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Statistical Information
Comments Relative to Statistical Section
The following statistical tables that are recommended for inclusion by the
Government Finance Officers Association are not included for the reasons stated
below:
A. Ratio of Net General bonded Debt to Assessed Value and Net Bonded Debt
per Capita —Last Ten Fiscal Years —The City has not had any general
bonded debt over the past ten fiscal years.
B. Ratio of Annual Debt Service for General bonded Debt to Total General
Expenditures —Last Ten Fiscal Years —The City has not had any general
bonded debt over the past ten fiscal years.
C. Florida Statutes and the Charter of the City of Edgewater, Florida, set no
legal debt margin.
Table I
City of Edgewater, Florida
General Governmental Expenditures by Function (1)
Last Ten Fiscal Years
Fiscal Year
General
Ended
Total
Government
Public Safety
Transportation
1989
$ 3,782,620
$ 686,494
$1,283,362
$758,808
1990
4,117,986
953,731
1,560,058
628,087
1991
4,964,456
1,124,113
1,923,639
713,485
1992
4,864,427
1,236,591
2,268,333
577,909
1993
5,412,429
1,283,289
2,429,353
616,813
1994
5,536,175
1,374,732
2,618,319
539,395
1995
5,965,527
1,475,527
2,774,643
484,726
1996
12,357,998
1,496,667
2,762,925
429,734
1997
11,563,627
1,578,623
2,979,253
400,222
1998
7,177,744
1,871,415
3,012,478
328,927
(1) Includes General, Capital Projects and Debt Service Funds.
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Culture and
Recreation
Capital Outlay (2)
Debt Service Claims and
Judgments
$303,404
$ 741,312
$ 9,240 —
301,785
577,807
96,518 —
391,747
684,116
247,362 —
521,751
106,456
153,387 —
522,092
426,366
134,516 —
559,520
402,505
41,704 —
599,877
557,493
73,261 —
623,604
6,054,969
990,099 —
590,121
5,061,279
954,129 —
601,396
414,808
944,559 —
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Table II
City of Edgewater, Florida
General Governmental Revenues by Source (1)
Last Ten Fiscal Years
Fiscal Year
Ended
Total
Taxes
Licenses
and
Permits
Inter -
Governmental
Revenues
1989
$3,936,004
$2,630,784
$209,853
$522,700
1990
4,164,601
2,919,777
167,527
537,037
1991
4,291,774
3,320,548
120,803
513,480
1992
4,558,741
3,549,919
123,279
546,840
1993
4,989,875
3,774,500
133,884
778,541
1994
5,507,841
4,333,768
169,855
580,153
1995
6,830,328
4,386,811
160,758
549,529
1996
7,547,035
5,016,151
181,459
574,174
1997
7,293,444
5,147,962
179,136
688,286
1998
7,468,670
5,484,239
185,503
667,988
(1) Includes General, Capital Projects and Debt Service Funds.
92
Charges for
Services
Fines and
Forfeitures
Interest
Special
Assessments
Miscellaneous
Revenue
$ 275,850
$ 98,124
$ -
$ -
$198,693
199,995
98,069
-
-
242,196
87,037
100,194
-
-
149,712
105,811
89,233
-
-
143,659
100,463
104,826
-
-
97,661
195,180
108,739
-
-
120,146
1,380,438
96,340
-
-
256,452
146,434
97,328
813,149
298,767
419,573
111,478
83,247
547,977
288,851
246,507
123,692
75,309
24,910
609,286
297,743
93
(1) Each fiscal year contains data from the ad valorem assessment roll of the preceding year
(i.e., fiscal year 1998 contains the 1997 assessment roll tax collections).
(2) Source: "Certification of Final Taxable Value" (Form DR -422).
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Table III
i
City of Edgewater, Florida
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Total Total Tax
Percent of Levy
M
Year Ended
Tax Levy Collections
Collected
1989
$1,232,093 $1,192,780
96.81%
1990
1,292,528 (2) 1,279,899
99.02
1991
1,414,943 1,368,737
96.73
1992
1,528,324 (2) 1,490,549
97.52
1993
1,592,474 1,534,987
96.39
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1994
2,073,547 2,010,161
96.94
,
1995
2,113,146 2,040,928
96.58
1996
2,608,024 2,516,081
96.47
1997
2,528,985 2,440,210
96.49
'
1998
2,576,393 2,491,303
96.70
(1) Each fiscal year contains data from the ad valorem assessment roll of the preceding year
(i.e., fiscal year 1998 contains the 1997 assessment roll tax collections).
(2) Source: "Certification of Final Taxable Value" (Form DR -422).
• ,
(1) Obtained from the Revised Recapitulation of the Ad Valorem Assessment Rolls of
Edgewater, Florida provided by Volusia County, Florida Finance Department.
(2) Each fiscal year contains the ad valorem assessment roll of the preceding year (i.e., fiscal
year 1998, contains data on the 1997 assessment roll).
(3) Assessed taxable values for all fiscal years presented are stated net of the constitutional
homestead exemption of $25,000.
95
Table IV
City of Edgewater, Florida
Assessed and Estimated Actual Value of Taxable Property (1)
Last Ten Fiscal Years
(In thousands)
Ratio of Total
Ratio of Total
Assessed to
Assessed
(2)
Total
(3)
Taxable Value
Fiscal Year Assessed
Estimated Actual Estimated
Assessed
to Estimated
Ended
Value
Value Actual Value
Taxable Value
Actual Value
1989
$331,993
$331,993 100.00
$232,917
70.16
1990
379,025
379,025 100.00
270,525
71.37
1991
424,565
424,565 100.00
308,805
72.73
1992
453,643
453,643 100.00
332,346
73.26
1993
474,058
474,058 100.00
346,190
73.03
1994
484,289
484,289 100.00
352,153
72.72
1995
499,443
499,443 100.00
361,840
72.45
1996
516,875
516,875 100.00
367,272
71.06
1997
542,399
542,399 100.00
383,761
70.75
1998
561,103
561,103 100.00
400,061
71.29
(1) Obtained from the Revised Recapitulation of the Ad Valorem Assessment Rolls of
Edgewater, Florida provided by Volusia County, Florida Finance Department.
(2) Each fiscal year contains the ad valorem assessment roll of the preceding year (i.e., fiscal
year 1998, contains data on the 1997 assessment roll).
(3) Assessed taxable values for all fiscal years presented are stated net of the constitutional
homestead exemption of $25,000.
95
Table V
City of Edgewater, Florida
Property Tax Rates -All Direct and Overlapping Governments
Last Ten Fiscal Years
Tax rates per $1,000 of assessed taxable values
Edgewater
Southeast
Volusia
Inlet and
FbMa
Inland
St Johns Water
FmWYear
General
School
Vohjsia
Hospital
Mosquito
Port
Navigation
Management
Ended
F uW
District
Comty
District
Control
Authority
District
District
Total
1989
5.300
8.803
5.122
1.898
0.309
0.104
0.040
0.281
21.857
1990
4.890
9.185
5.184
1.853
0.339
0.099
0.037
0.346
21.933
1991
4.600
9.548
5.191
2.218
0.324
0.095
0.055
0.358
22.389
1992
4.600
9.548
5.070
2.218
0.316
0.093
0.053
0.358
22.256
1993
4.600
9.548
5.063
2.329
0.315
0.093
0.052
0.358
22.358
1994
5.888
9.869
5.627
2.332
0.318
0.094
0.051
0.470
24.649
1995
5.840
10.277
5.716
2.292
0.287
0.094
0.049
0.482
25.037
1996
7.101
10.887
6.172
2.285
0.262
0.094
0.040
0.482
27.323
1997
6.590
10.821
6.217
2.247
0.238
0.093
0.038
0.482
26.726
1998
6.440
10.487
6.381
2.132
0.238
0.090
0.050
0.482
26.300
Tax rates per $1,000 of assessed taxable values
Table VI
City of Edgewater, Florida
Special Assessments Collections
NOTE: Special assessments program began in 1992. Therefore, this schedule only has activity
from 1993 -1998.
97
Water and Sewer
Fund Since Levy
Road Improvement Assessments
Current
Current
Current
Current
Fiscal
Assessments
Assessments
Assessments
Assessments
Year Ended
Due
Collected
Due
Collected
1993
$ 87,975
$257,497
$ —
$ —
1994
453,668
766,062
—
—
1995
473,499
586,927
771,418
1,366,243
1996
529,579
608,631
238,813
298,767
1997
554,850
644,377
251,480
288,851
1998
580,364
624,088
265,575
293,139
NOTE: Special assessments program began in 1992. Therefore, this schedule only has activity
from 1993 -1998.
97
Table VII
City of Edgewater, Florida
Computation of Overlapping Debt
September 30, 1998
Overlapping Governments
Volusia County Endangered Land
Volusia County School District
Total overlapping debt
(1) Data provided by above agencies.
(2) The City does not have any general obligation long -term debt outstanding.
OT-11
Percentage
City of
Applicable to
Edgewater
Net Debt
the City of
Share of
Outstanding
Edgewater
Debt
$ 8,247,416
2.82%
$ 232,577
137,917,585
2.82
3,889,276
$4,121,853
(1) Data provided by above agencies.
(2) The City does not have any general obligation long -term debt outstanding.
OT-11
Table VIII
City of Edgewater, Florida
Demographic Statistics
Last Ten Fiscal Years
Fiscal
Year
(1)
Estimated
Population
(2)
Registered
Voters
(3) Per
Capita
Income
(4) County
Unemployment
Rate
(5) School
Percent
Enrollment Attendance
(6)
Median
Age
1989
13,313
7,262
$15,359
4.5
1,227
97
-
1990
15,351
8,074
15,894
5.6
1,304
97
37.1
1991
15,975
8,481
16,183
7.3
1,381
97
-
1992
16,394
8,910
16,609
8.3
1,449
95
-
1993
16,745
9,261
17,261
6.4
1,495
96
-
1994
17,096
9,024
16,526
6.4
1,540
95
-
1995
17,484
10,942
18,730
4.9
1,534
95
-
1996
17,820
11,158
18,815
4.2
1,524
95
-
1997
18,077
11,196
19,455
4.0
1,546
95
-
1998
18,761
11,821
19,787
3.2
1,495
96
-
(1) Obtained from University of Florida, Bureau of Economics and Business Research. Census
Bureau estimate for April 1998.
(2) Obtained from Volusia County Supervisor of Elections.
(3) Obtained from U.S. Department of Commerce, Bureau of Economic Analysis.
(4) State of Florida, Department of Labor and Employment Security.
(5) Volusia County School Board- includes grades K -5, Edgewater Elementary School and
Indian River Elementary School.
(6) Census Bureau (1990) and New Smyrna Beach, Edgewater, Oak Hill, Chamber of
Commerce Age Distribution (1987 -CACI Source book).
..
Table IX
City of Edgewater, Florida
Property Value, Construction and Bank Deposits
Last Ten Fiscal Years
Fiscal
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
(1)
Commercial
Construction
Units Value
8
$ 2,228
4
616
6
727
15
11,073
2
138
5
900
8
1,987
13
2,379
20
2,224
35
2,465
(In thousands)
(2)
Residential
Construction
Units Value
374
$22,459
300
14,862
125
7,740
141
6,816
106
6,877
126
8,015
70
5,799
124
10,068
105
7,626
116
9,944
(4)
Assessed
Value
$331,993
379,025
424,565
453,643
474,058
484,289
499,443
516,875
542,399
561,103
(1) Provided directly from bank and savings and loan associations.
(2) Obtained from revised recapitulation of the ad valorem assessment rolls of the City of
Edgewater.
100
(3)
Deposits (1)
Savings
Banks
and Loan
42,142
64,014
55,662
81,900
56,382
86,469
80,794
84,285
76,568
89,859
88,750
91,544
93,927
95,542
96,342
87,419
190,381
-
209,575
-
(4)
Assessed
Value
$331,993
379,025
424,565
453,643
474,058
484,289
499,443
516,875
542,399
561,103
(1) Provided directly from bank and savings and loan associations.
(2) Obtained from revised recapitulation of the ad valorem assessment rolls of the City of
Edgewater.
100
do
Table X
City Of Edgewater, Florida
Summary of Ten Largest Single Unit Water Users
September 30, 1998
FY -1998 average monthly consumption: 39,457,583 gallons
i I
� I
� I
� I
� I
[1
(1) Based on individual meter connections per City of Edgewater, Florida, records.
(2) The total average monthly consumption for the ten largest water users increased from the
previous year by a total of 3,672,000 gallons.
(3) Water restrictions implemented by the St. Johns River Water Management District, Volusia
County, and the City of Edgewater continue to be in effect. Reclaimed water has been
available to the Florida Shores area since 1994. A total of 1,595 customers were connected
to the reclaimed/reuse water system at year end.
101
Average
Consumption
Percent of
r '
Per Month (Gallons)
Total Gallons
Customers
(1)
Consumed
County of Volusia
3,465,000
8.78%
Eastern Shores Mobile Village
410,000
1.04
Coronado Paint Company
400,000
1.01
Blue Gables, Inc.
142,000
.36
Volusia County Schools
134,000
.34
,.�
Halifax Court
122,000
.31
Belmont Homes
114,000
.29
Belmont Homes
112,000
.28
Publix Supermarket, Inc.
101,000
.26
Winn Dixie
99,000
.25
5,099,000
12.92%
FY -1998 average monthly consumption: 39,457,583 gallons
i I
� I
� I
� I
� I
[1
(1) Based on individual meter connections per City of Edgewater, Florida, records.
(2) The total average monthly consumption for the ten largest water users increased from the
previous year by a total of 3,672,000 gallons.
(3) Water restrictions implemented by the St. Johns River Water Management District, Volusia
County, and the City of Edgewater continue to be in effect. Reclaimed water has been
available to the Florida Shores area since 1994. A total of 1,595 customers were connected
to the reclaimed/reuse water system at year end.
101
Table M
City of Edgewater, Florida
Principal Taxpayers
September 30, 1998
Percent of
Assessed Total Assessed
Customers Valuation Valuation
Florida Power & Light
BellSouth Communications, Inc.
Coronado Paint Company, Inc.
FWI I LLC
Edgewater Commons
Bel Aire Investments, Inc.
First Federal Savings and Loan Association
Tarmac FL. Inc.
Cablevision Industries of Fl.
Carder, James and Rosemary
$ 7,222,957
1.29%
5,150,780
.92
4,364,956
.78
3,323,809
.59
3,074,991
.55
1,903,500
.34
1,730,445
.31
1,479,304
.26
1,363,347
.24
1,320,556
.23
$30,934,645
5.51%
Source: 1997 ad valorem tax rolls of the City of Edgewater, Florida. DR -403AM
FY -1998 total assessed valuation $561,103,038.
102
■r
Table XII
" City of Edgewater, Florida
Miscellaneous Statistical Data
September 30, 1998
The City of Edgewater lies just south of New Smyrna Beach, along the Atlantic coastline.
Beginning as the small village of Hawk's Park with 115 permanent residents in 1871, the name
+� was formally changed to Edgewater in 1925. The apiaries of the early days evolved into a large
honey company which exports internationally. A large paint factory, a thriving building industry,
boat building, garment factories and other light manufacturing provide employment. A friendly
city with a small town flavor, Edgewater has a wide variety of residential options.
City Operations: Community Facilities:
Police Department: Nearest Commercial Airport:
Sworn Officers 34.5 Daytona Beach International
Civilian Employees 10
Reserve Officers 1 Financial Institutions 5
.rr Animal Control Officers 2 Churches 14
Libraries 1
Fire Department: Post Office locations 1
Insurance rating Class 5 Electric service:
W Number of stations 1 Florida Power & Light
Full time firefighters 10 Telephone Service:
Volunteer firefighters 30 Bell South
Civilian employees 1 Cable TV Service:
Reserves 3 Time Warner Communications, Inc.
City Parks (Active and Open Space) 14
Park acreage 137
Garbage/Trash Collection:
Type: Pickups /wk 10/1/96
Residential service 2 $11.50
Commercial/Industrial service 2 $13.00
Recycling 1 $ 1.50
Water Service: Sewer Service:
Source: Florida Upper Aquifer System Type: Advanced Wastewater
Treatment
Plant capacity: 5.0 mgd Average Daily Flow: 1.640 mgd
Average daily demand 1.55 mgd Plant Capacity: 2.750 mgd
Treatment Lime softening Avg. Capacity Used Daily 59.6%
Avg. Daily Reclaimed Water 1.076 mgd
Monthly Residential and Commercial Rates: Effective 10/1/94
Reclaimed
Consumption Water Sewer Water
Minimum $8.00 $9.55 $5.00
Additional 1,000 gallons $1.25 -$3.90 $3.18
Stormwater Management Fee Effective 10/1/94
E Per Equivalent Drainage Unit (EDU)
Without site mitigation $6.00
With site mitigation $2.92
' Sources: Volusia County, Florida, County Data Profile 1990 -1991
Compiled by the Volusia County Business Development Corporation.
do
103
Table XIII
City of Edgewater, Florida
Water and Sewer Revenue Bond Coverage
Fiscal year 1998 calculations:
Gross revenues:
Operating revenues
Net
(4)
Total
Operating
Payments to Revenues
Pledged
Funds
(1)
and
Renewal & Available
Special
Available Total Bond
Bond
Fiscal Gross
Maintenance
Replacement for All
Assessment
for All Service
Service
Year Revenues
Expenses
Funds Bonds
Funds
Bonds Requirement
Coverage
2,325,604
Allowable impact fees:
1998 $5,221,320
$2,325,604
$252,675 $2,643,041
$2,014,536
$4,657,577 $2,877,834
1.62
1997 5,053,500
2,344,814
254,359 2,454,327
2,591,850
5,046,177 3,016,930
1.67
1996 5,087,174
2,650,451
263,392 2,173,331
3,130,743
5,304,074 3,011,792
1.76
1995 5,266,387
2,174,461
239,057 2,852,869
3,552,615
6,405,484 3,013,700
2.13
Interest
Total Funds
820,004
1,596,402
Total Bond
(2)
Fiscal
Available
Allowable Impact
Service Bond Service
Year
for All Bonds
Fees
Total
Requirement Coverage
1998
$4,657,577
$502,273
$5,159,850
$2,877,834
1.79
1997
5,046,177
504,807
5,550,984
3,016,930
1.84
1996
5,304,074
501,972
5,806,046
3,011,792
1.93
1995
6,405,484
503,286
6,908,770
3,013,700
2.29
Fiscal year 1998 calculations:
Gross revenues:
Operating revenues
$4,027,116
Connection fees
119,866
Interest revenues (3)
1,074,337
5,221,319
Operation and maintenance expenses:
Total operating expenses
$3,598,975
Depreciation
1,273,371
2,325,604
Allowable impact fees:
Bond service requirement
$1,066,398
Impact fee percentage
47.1%
502,273
Bond service requirements:
Sr. Lien
Jr. Lien
Total
Principal
$ 290,000
$ 991,434
$1,281,434
Interest
776,398
820,004
1,596,402
$1,066,398
$1,811,438
$2,877,836
(1) Required coverage is 1.00
(2) Required coverage is 1.15
(3) Excludes interest earned on construction and impact fee funds
(4) Includes cumulative collection of assessment principal and interest less amounts used for
debt service payments less collections recognized as revenue in current year
104
Other Reports
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=M ERNST & YOUNG LLP
1
C
■ Certified Public Accountants ■ Phone: 407 872 6600
Suite 1700
390 North Orange Avenue
Orlando, Florida 32801 -1671
Report of Independent Auditors
on Supplementary Information
Schedules of Expenditures of Federal Awards
and State Financial Assistance
The Honorable Mayor, City Council
and City Manager
City of Edgewater, Florida
We have audited the general purpose financial statements of City of Edgewater, Florida (the
City) as of and for the year ended September 30, 1998, and have issued our report thereon dated
December 18, 1998, which was qualified because insufficient audit evidence exists to support the
disclosures required by GASB TB 98 -1.
Except as discussed in the preceding paragraph, we conducted our audit in accordance with
generally accepted auditing standards and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
rr
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements of City of Edgewater, Florida taken as a whole. The accompanying schedules of
expenditures of federal awards and state financial assistance are presented for purposes of
additional analysis and are not a required part of the general purpose financial statements. The
�G information in these schedules has been subjected to the auditing procedures applied in the audit
■■YY of the general purpose financial statements and, in our opinion, is fairly presented in all material
respects in relation to the general purpose financial statements taken as a whole.
LLP
December 18, 1998
7
107
Ernst &Young LLP is a member of Ernst &Young International, Ltd.
City of Edgewater, Florida
Schedule of State Financial Assistance
Year ended September 30, 1998
State of Florida:
Department of Environmental Protection:
Recycling and Education Grant (RE- 98 -62)
Total State Financial Assistance
Program Program
Receipts Dis bursements
$6,144 $7,089
$6,144 $7,089
1
1
1
1
108
M
City of Edgewater, Florida
Schedule of Expenditures of Federal Awards
.. Year ended September 30, 1998
Federal Pass - Through Actual
Actual
Actual
CFDA Grantor's Program
Program
Matching
Number Number Receipts
Expenditures
Expenditures
rrr U.S. Department of Housing and
Urban Development
Passed through County of Volusia
Community Development Block
Grant/Entitlement Program 14.218 B- 95 -UC -12 -008 $ 24,610
$ 24,610
$ –
Total U.S. Department of Housing
and Urban Development 24,610
24,610
–
U.S. Department of Justice (Direct)
Public Safety Partnership and
Community Policing Grants —
Universal Hiring/FAST Grant 16.710 95 -CF -WX -1526 78,143
78,143
25,649
Public Safety Partnership and
Community Policing Grants —
Local Law Enforcement Block
Grant 16.710 96 -LB -VX -2702 –
18,079
4,150
Public Safety Partnership and
Community Policing Grants —
MORE Grant 16.710 96 -CM -WX -0402 5,047
5,047
1,683
Bureau of Justice Administration
Local Law Enforcement Block
Grant 16.710 97 -LB -VX -3733 27,468
4,192
–
Total U.S. Department of Justice 110,658
105,461
31,482
Total Expenditures of Federal Awards $135,268
$130,071
$31,482
t
1
1
1
1
109
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=� ERNST & YOUNG L L P
■ Certified Public Accountants ■ Phone: 407 872 6600
Suite 1700
390 North Orange Avenue
Orlando, Florida 32801 -1671
Report on Compliance and on Internal Control over Financial
' Reporting Based on an Audit of General Purpose Financial
Statements Performed in Accordance with
Government Auditing Standards
The Honorable City Mayor, City Council,
and City Manager
City of Edgewater, Florida
We have audited the general purpose financial statements of City of Edgewater, Florida (the
City), as of and for the year ended September 30, 1998, and have issued our report thereon dated
December 18, 1998, which was qualified because insufficient audit evidence exists to support the
disclosures required by GASB TB 98 -1. Except as discussed in the preceding sentence, we
conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States.
Compliance
As part of obtaining reasonable assurance about whether the City's general purpose financial
statements are free of material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts and grants, noncompliance with which could have a
direct and material effect on the determination of general purpose financial statement amounts.
However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance that are required to be reported under Government Auditing
Standards.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion
on the general purpose financial statements and not to provide assurance on the internal control
over financial reporting. Our consideration of the internal control over financial reporting would
not necessarily disclose all matters in the internal control over financial reporting that might be
material weaknesses. A material weakness is a condition in which the design or operation of one
or more of the internal control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the general purpose financial
111
Ernst &Young LLP is a member of Ernst &Young International, Ltd.
Id
statements being audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. We noted no matters involving the
internal control over financial reporting and its operation that we consider to be material
weaknesses. However, we noted other matters involving internal control over financial reporting
that we have reported to management of the City in a separate letter dated December 18, 1998.
This report is intended solely for the information of the City Council, management and federal
and state awarding agencies and pass - through entities and is not intended to be and should not be
used by anyone other than these specified parties.
lf>� -f t7 UP
December 18, 1998
112
in =M ERNST & YOUNG L L P
M
■ Certified Public Accountants ■ Phone: 407 872 6600
Suite 1700
390 North Orange Avenue
Orlando, Florida 32801 -1671
Management Letter
..� Honorable Mayor, City Council
and City Manager
City of Edgewater, Florida
The purpose of this report is to disclose conditions which do not materially affect the City's
financial statements and disclose other items as required by the Rules of the Auditor General,
State of Florida. The following comments and recommendations are made to assist the City
Council and management in administering future operations. Appropriate action was taken on all
comments incorporated in the 1997 Management Letter.
Current Year Findings
During the course of our audit of the financial statements of the City, certain matters came to our
attention. We offer the following suggestions which we feel could both strengthen controls and
increase operating efficiency. After you consider these suggestions, we are available to discuss
methods of implementation at your convenience.
Year 2000
Attention continues to be directed toward the Year 2000 problem. The situation is very serious
and complex, and it threatens virtually all areas of a city's operations to some degree. Your
operations could be significantly affected if you, your customers or your suppliers do not deal
effectively with the Year 2000 issue.
Our responsibility as your auditors is to plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. As such, our
audit of the City's financial statements is not designed to determine the City's readiness for the
Year 2000. Further, we have no responsibility with regard to the City's efforts to make its
systems, or any other systems, such as those of vendors, service providers, or any other third
parties Year 2000 ready, or to provide assurance on whether the City has addressed or will be
able to address all affected systems on a timely basis.
In conjunction with our audit planning, we made limited inquiries of selected personnel
regarding the City's Year 2000 readiness plan. Based on our limited inquiries, management
informed us they believe the City is on schedule and will complete the Year 2000 plan by the
middle of fiscal year 1999.
113
Ernst &Young LLP is a member of Ernst &Young International, Ltd.
Year 2000 (continued)
We recommend that you continue to monitor the plan's progress, as well as continuously
reassess your systems and operations to identify areas of risk not previously identified. It is
critical that the City implement its plan on schedule.
Budget Adoption
Section 166.241, Florida Statutes, provides that the governing body of each municipality shall
adopt a budget each fiscal year, and states that the budget must be adopted by ordinance unless
otherwise specified in the city's charter. Although the City advertised and held public hearings,
the City's 1998 fiscal year budget was adopted by resolution rather than ordinance as required by
the referenced statute. We recommend that the City consult with its legal counsel to determine
what, if any, actions are necessary regarding the current budget, and implement procedures to
ensure that future budgets are adopted pursuant to statutory guidelines.
Wire Transfer Agreements
During our review of documentation related to the City's investment accounts held by the State
Board of Administration (SBA), we noted that the same employees authorized to transmit or
withdraw City funds are also authorized to notify the SBA of changes in account information.
We further noted that only one signature was required for a change in account information.
Under these circumstances, certain employees have the ability to both withdraw City funds from
the SBA and change the accounts to which such funds should be transmitted without any
independent review or verification. We recommend that management review all SBA wire
transfer agreements and make changes to the authorization listings to provide for the separation
of the incompatible authorizations noted herein. We also recommend that the SBA wire transfer
agreements be changed to require two authorized signatures for changes in account information.
Other Required Disclosures
Annual Financial Report of Units of Local Government
The City filed its annual financial report with the Department of Banking and Finance for the
fiscal year ended September 30, 1997, as required by Section 218.32(1)(b), Florida Statutes.
Based on our review of the financial information contained in that report, no material
differences were found in comparing this information to that of the City's audited financial
statements. The Annual Financial Report for the year ended September 30, 1998 has not been
prepared as of this date.
State of Financial Emergency Disclosure
During the course of our audit of the City, nothing came to our attention that would cause us to
believe that the City was in a state of financial emergency as a consequence of conditions
described in by Section 218.503(1), Florida Statutes.
114
.r
M
Other Required Disclosures
During the course of our audit of the City, nothing came to our attention to indicate that the City
failed to comply with the State Revolving Fund loan covenants.
This report is intended solely for the information and use of the City Council, management and
the Auditor General, State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
We wish to thank the City Manager, Finance Director, department heads and all their staff for
their assistance and cooperation during our recent audit. If we can be of any further assistance or
service regarding these matters, please do not hesitate to call us.
f UP
December 18, 1998
115
Independent Auditors Required Disclosure in Accordance
with Government Auditing Standards, 1994 Revision
You have engaged us to conduct an audit of the City of Edgewater, Florida's general purpose
financial statements for the years ended September 30, 1998 and 1997, in accordance with
generally accepted auditing standards and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of the United States. Our
responsibilities for testing and reporting on internal controls and on compliance with applicable
laws and regulations under those standards are described in the table below. In addition, the table
contrasts our responsibilities in this engagement with other procedures that could be performed
in other financial- related audits.
Our Responsibility Regarding
Service Our Responsibility Regarding Compliance with Laws and
Provided Internal Controls Regulations
Financial We consider internal control to plan the
Statement nature, timing and extent of audit
Audit—
procedures for the purpose of expressing
Generally
our opinion on the general purpose
Accepted
financial statements. We report, orally or
Auditing
in writing, any reportable conditions,
Standards
including material weaknesses that we
(GAAS)
identify as a result of our audit procedures.
Our report does not provide assurance on
the internal control structure.
Financial
In addition to the GAAS responsibilities,
Statement
we are required to issue a written report on
Audit—
our consideration of internal control and
Government
identify material weaknesses and
Auditing
reportable conditions, if any. Our reports
Standards
do not provide assurance on internal
control.
We design the audit to provide
reasonable assurance of detecting
irregularities that are material to the
general purpose financial statements
and illegal acts that have a direct
and material effect on the general
purpose financial statement
amounts.
In addition to the GAAS
responsibilities, we design our audit
to provide reasonable assurance of
detecting material misstatements
resulting from noncompliance with
provisions of contracts or grant
agreements that have a direct and
material effect on the general
purpose financial statements. We
issue a written report on the results
of these procedures; however, our
report does not express an opinion
on compliance.
116
Our Responsibility Regarding
Service Our Responsibility Regarding Compliance with Laws and
Provided Internal Controls Regulations
OMB
Circular A-
133
We consider internal control over federal
award program compliance. Our tests of
controls include the controls over all major
federal programs (aggregate expenditures
of all major programs that are to
encompass at least 25% of total federal
program expenditures). We report on such
consideration and testing, and disclose
reportable conditions including material
weaknesses we identify. Our report does
not provide assurance on the internal
control over compliance.
We perform procedures for the
purpose of expressing an opinion
whether major federal programs
(aggregate expenditures of all major
programs are to encompass at least
25% of total federal program
expenditures) have been
administered in compliance with
applicable laws and regulations.
Other
Procedures
We could be engaged to perform agreed -
upon procedures related to, or examine and
report on, management's written assertion
as to the design and operating
effectiveness of internal control. The
engagement would be conducted in
accordance with American Institute of
Certified Public Accountants ( AICPA)
standards for attestation engagements.
We could be engaged to perform
agreed -upon procedures related to,
or examine and report on,
management's written assertion
regarding compliance. The
engagement could be conducted at
the financial statement level, or
could result in a determination as to
whether nonmajor federal financial
assistance programs have been
administered in accordance with
applicable laws and regulations. The
engagement would be conducted in
accordance with AICPA standards
for attestation engagements.
117
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W03990022OR
City of Edgewater
Financial Overview
September 30, 1998
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City of Edgewater
Financial Analysis
Selected Balance Sheet Items
September 30, 1998
(In Thousands)
Assets
Cash and investments:
Operating
Restricted
Receivables:
Current
Restricted
Property, plant and equipment —net
Liabilities
Current liabilities
Liabilities payable from restricted assets
Long -term liabilities
Equity
Contributed capital
Investment in general fixed assets
Retained earnings
Fund balances
l
W03990022OR
1
Increase
1998
1997
(Decrease)
$18,247
$15,973
$2 9 274
6,474
6,606
(132)
763
773
(10)
18
19,648
(950)
64
65,564
(657)
867
1
(196)
2 5 437
2,397
40
50,300
54
(3
26,087
26
(368)
19,626
19
327
5,495
5,129
366
13,494
11,423
2 5 071
l
W03990022OR
1
City of Edgewater
Financial Analysis
Per Capita Revenues
General Fund
Years ended September 30, 1998, 1997, 1996, 1995 and1994
W03NW22OR 2
1998
1997
1996
1995
1994
Taxes
$292
$285
$281
$250
$253
Licenses and permits
10
10
10
9
10
Intergovernmental
36
38
32
31
34
Charges for services
7
6
8
5
11
Fines and forfeitures
4
5
5
5
6
Miscellaneous
16
14
24
8
7
Total
$365
$358
$360
$308
$321
Population
18,761
18,077
17,820
17,568
17,096
W03NW22OR 2
Or
No City of Edgewater
Financial Analysis
Per Capita Expenditures
General Fund
Years ended September 30, 1998, 1997, 1996, 1995 and 1994
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1998 1997 1996 1995 1994
Operating:
General government
$100
$ 87
$ 84
$ 84
$ 80
Public safety
161
165
155
158
153
Transportation
18
22
24
28
32
Culture /recreation
32
33
35
34
33
311
307
298
304
298
Capital outlay
22
18
12
20
24
Debt service
2
2
4
4
2
Totals
$335
$327
$314
$328
$324
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Comparative Financial Analysis
W03990022OR
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City of Edgewater
General Government
Total Revenues
(per capita dollars)
700 $631
Mc
611111
100
0
Population: 18,503 18,761 13,110
W03990022OR 7
City of Edgewater
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General Government
Tax Revenues
(per capita dollars)
$292
$263
• New Smyrna
• Edgewater
South Daytona
io
City of Edgewater
Ad Valorem
Taxable Assessed Value
(per capita dollars)
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
I Millage rates 5.285 6.440 4.184
1
W03990022OR 11
100
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1 V403990022OR
City of Edgewater
General Government
Intergovernmental Revenues
(per capita dollars)
12
City of Edgewater
General Government
Administrative Expenditures
(per capita dollars)
HM,
W03"W22OR 13
City of Edgewater
General Government
Public Safety Expenditures
(per capita dollars)
350
300
250
200
150
100
50
0
$311
$161
$200
New Smyrna
■ Edgewater
South Daytona
W03990022OR 14
City of Edgewater
r
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160
140
120
100
80
60
40
20
0
W03990022OR
General Government
Debt Service Expenditures
(per capita dollars)
• New Smyrna
• Edgewater
South Daytona
is
City of Edgewater
General Government
Days Fund Balance meets Total Expenditures
200
179
150 -[--" 1 118
100 ■New Smyrna
■ Edgewater
0 South Davtona
50
D
W03990022OR 16
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City of Edgewater
Proprietary Fund Equity
(per capita dollars)
1
1
1
1
1
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C
700
600 -Z
500
$428
400
27
■ New Smyrna
300
■ Edgewater
200
El South Daytona
100
0
W03990022OR 1