FY 1981 CAFRCITY OF EDGEWATER, FLORIDA
ANNUAL FINANCIAL REPORT
SEPTEMBER 30,1981
JOSEPH McU. Ml , rCHFLt ,
City Manager
City of Edgewater, Florida
Ma zimaaco.
Certified Public Accountants
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INTRODUCTORY SECTION
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CITY CLERK
Nancy F. Blazi
CITY OF EDGEWATER, FLORIDA
ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1981
MAYOR
Robert H. Christy
COUNCILMEN
David C. Ledbetter
Jacob Lodico
Wilbert C. Pendleton
John T. Wilbur
CITY MANAGER
Joseph McD. Mitchell
CITY AUDITORS
May, Zima & Co.
- iii -
CITY ATTORNEY
William Clay Henderson
CITY OF EDGEWATER, FLORIDA
II�11
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1981
TABLE OF CONTENTS
a
INTRODUCTORY SECTION
PRINCIPAL CITY OFFICIALS . . . . . . . . . . . . . . . . . . . . . . iii M
TABLE OF CONTENTS . . . . . . . . . . . . . . . . . . . . . . . . . . iv - v
FINANCIAL SECTION
AUDITORS' REPORT . . . . . . . . . . . . . . . . . . . . . .
1 - 3
.
. . .
GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED
STATEMENTS - OVERVIEW)
Combined Balance Sheet - All Fund Types and Account Group. .
. . . 6 - 7
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types . . . . . . .
. . 9
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - General and
Special Revenue Fund Types . . . . . . . . . . . . . . . .
. . .10 - 11
Combined Statement of Revenues, Expenses and Changes
in Retained Earnings /Fund Balances - All
rr
Proprietary and Fiduciary Fund Types . . . . . . . . . . .
. . . 12
Combined Statement of Changes in Financial Position - All
Proprietary and Fiduciary Fund Types . . . . . . . . . . .
. . . 13
Notes to Financial Statements . . . . . . . . . . . . . . . .
. . . 14 - 28
COMBINING STATEMENTS - BY FUND TYPE
Proprietary Fund Types:
Enterprise Funds -
Combining Balance Sheet . . . . . . . . . . . . . . . . .
. . .30 - 31
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings . . . . . . . . . . . . . . . . .
. . .32 - 33
Combining Statement of Changes in Financial Position . .
. . . 34
Fiduciary Fund Types:
I IN
Pension Trust Funds -
Combining Balance Sheet . . . . . . . . . . . . . . . . .
. . . 35 _.
Combining Statement of Revenues, Expenses and Changes
in Fund Balances . . . . . . . . . . . . . . . . . . .
. . . 36
Combining Statement of Changes in Financial Position . .
. . . 37
INDIVIDUAL STATEMENTS - BY FUND
Statement of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual - General Fund . . . . . . . .
. . .40 - 43
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual - Federal
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Revenue Sharing Fund . . . . . . . . . . . . . . . . . . .
. . .44 - 45
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual -
Water and Sewer Fund . . . . . . . . . . . . . . . . . . .
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. . . 46
-iv -
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SUPPORTING
r Schedule
Schedule
Schedule
REPORT ON
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SCHEDULES
of Investments . . . . . . . . . . . . . . . . . . . . . . 49
of Debt Service Requirements to Maturity. . . . . . . . .50 - 51
of Insurance Coverage . . . . . . . . . . . . . . . . . .52 - 53
INTERNAL CONTROL AND MANAGEMENT COMMENTS . . . . . . . . .57 - 63
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FINANCIAL SECTION
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AUDITORS' REPORT
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Certified Public Accountants
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To the Honorable Mayor, City Council
and City Manager
City of Edgewater, Florida
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AUDITORS' REPORT
We have examined the combined financial statements of the City of
Edgewater, Florida, and the combining and individual fund financial
statements of the City as of and for the year ended September 30, 1981, as
listed in the table of contents. Our examination was made in accordance
• with generally accepted auditing standards and, accordingly, included such
tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above present
fairly the financial position of the City of Edgewater, Florida at
September 30, 1981, and the results of its operations and the changes in
financial position of its proprietary fund types for the year then ended,
in conformity with generally accepted accounting principles applied on a
basis consistent with that of preceding year. Also, in our opinion, the
combining and individual fund financial statements referred to above
present fairly the financial position of these individual funds of the City
of Edgewater, Florida at September 30, 1981, and the results of operations
of such funds and the changes in financial position of the individual
proprietary and pension trust funds for the year then ended, in conformity
with generally accepted accounting principles applied on a basis consistent
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with that of preceding year.
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Our examination was made for the purpose of forming an opinion on the
combined financial statements taken as a whole and on the combining and
individual fund financial statements. The accompanying financial
information listed as supporting schedules in the table of contents is
presented for purposes of additional analysis and is not a required part of
the combined financial statements of the City of Edgewater, Florida. The
information has been subjected to the auditing procedures applied in the
examination of the combined, combining and individual fund financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the combined financial statements taken as a whole.
No Daytona Beach, Florida
December 11, 1981
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GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
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a
CITY OF EDGEWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30,
1981
AND
GOVERNMENTAL FUND TYPES
TOTALS
SPECIAL
(MEMOILAMUM
GENERAL
REVENUE
ONLY)
REVENUES
Taxes
$
571,919
$
-
$ 571,919
Licenses and permits
80,280
-
80,280
Intergovernmental revenues
280,876
69,701
350,577
Charges for services
26,178
-
26,178
Fines and forfeitures
22,274
-
22,274
Miscellaneous revenues
32,668
8,075
40,743
TOTAL REVENUES
$
1,014,195
$
77,776
S 1,091,971
EXPENDITURES
General Government
$
196,514
$
14,852
$ 211,366
Public Safety
421,264
21,312
442,576
Transportation
249,339
9,194
258,533
Economic Environment
591
-
591
Culture and Recreation
64,782
12,965
77,747
TOTAL EXPENDITURES
S
932,490
S
58,323
S 990,813
EXCESS OF REVENUES OVER EXPENDITURES
$
81,705
$
19,453
$ 101,158
OTHER FINANCING SOURCES (USES
Operating transfers out
$
-
$
(59,196
S (59,196
TOTAL OTHER FINANCING SOURCES (USES)
$
-
S
(59,196
S (59,196
EXCESS OF REVENUES AND OTHER SOURCES
OVER
(UNDER) EXPENDITURES AND OTHER USES
$
81,705
$
(39,743)
$ 41,962
'
FUND BALANCES AT BEGINNING OF YEAR
75,694
89,596
165,290
FUND BAL2w'CES AT END OF YEAR
S
157.399
$ 49.853
S 207.252
See accompanying noces to finar_cial statements.
a
CITY OF EDGEWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CF.ANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1981
GENERAL
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE
REVENUES
Taxes
Licenses and permits
intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
General Government
Public Safety
Transportation
Economic Environment
Culture and Recreation
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES
Operating transfers out
TOTAL OTHER FINANCING SOURCES (USES)
EXCESS OF REVENUES AND OTHER SOURCES OVER
(UNDER) EXPENDITURES AND OTHER USES
r'tND BALANCES AT BEGINNING OF YEAR
FUND BALANCES AT END OF YEAR
$ 549,720
$
571,919
$
22,199
75,560
80,280
4,720
287,554
280,876
(6,678)
29,350
26,178
(3,172)
15,100
22,274
7,174
33,525
32,668
(857
$ 990,809
$
1,014,195
S
23,386
$ 203,268
$
196,514
$
6,754
413,903
421,264
(7,361)
292,971
249,339
43,632
4,000
591
3,409
76,667
64,782
11,885
$ 990,809
$
932,490
$
58,319
S -
$
81,705
S
81,705
$
_
$ -
$
81,705
S
81,705
75,694
75,694
-
S 75.694
S 1
S 31.705
See accompanying notes to financial statements.
10.
TOTALS
SPECIAL REVENUE (M MORAN'DUM ONLY)
VARIANCE VAKANCE
FAVORABLE FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UIiFAVORABLE
S - S - $ - $ 549,720 S 571,919 S 22,199
65,000
69,701
4,720
4,701
-
8,075
29,350
8,075
65,000
S 77,776
S
12,776
33,525
40,743
7,218
$ 1,055,809
S 13,900
S 14,852
$
(952)
39,000
21,312
442,576
17,688
12,000
9,194
3,409
2,806
1 _1,100
12,965
97,767
9,135
86,000
$ 58,323
S
27,677
(_ 1,000
S 19,453
S
40,453
$ (59,196
$ 7,672
S (66,868
S (59,196
s (66,868
S (59,196
S
7,672
S (66,868
S (59,196
S
7,672
S 207_2
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S (87,868)
$ (39,743)
$
48,125
89,596
89,596
-
1.728
S 49,853
s
18,!25
75,560
80,280
4,720
352,554
350,577
(1,977)
29,350
26,178
(3,172)
15,100
22,274
7,174
33,525
40,743
7,218
$ 1,055,809
S 1,091,971
s 36,162
$ 217,168
S 211,366
S 5
452,903
442,576
10,327
4,000
591
3,409
304,971
258,533
46,438
97,767
77,747
20,020
$ 1,076,809
S 990,813
S 85,996
$ (21,000
S 101,158
S 122,158
S (66,368
$ (59,196
$ 7,672
S (66,868
S (59,196
S 7,672
$ (87,868)
S 41,962
S 129,830
165,290
165,290
-
S 7,,,2-
S 207_2
c
11,
CITY OF EDGEWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS /FUND BALANCES
ALL PROPRIETARY AND FIDUCIARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1981
PROPRIETARY FIDUCIARY
FUND TYPE FUND TYPE TOTALS
PENSION (MEMORANDUM
ENTERPRISE TRUSTS ONLY)
OPERATING REVENUES
Charges for services
Interest income
Contributions
TOTAL OP£R.+TING REVENUES
OPERATING EXPENSES
Persona? services
Contractual services
Operating supplies and expenses
Repairs and maintenance
Depreciation
Benefit pavments
Administrative charges
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
NONOPERATING REVENUES ( EXPENSES
Utility taxes
Interest income
Miscellaneous income
Interest expense
Loss on disposal of fixed assets
TOTAL NONOP£RATING REVENUES (EXPENSES)
INCOME BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS
Operating transfers in
NET INCOME
OTHER CHANGES
Credit arising from transfer of
depreciation to contributions
NET INCREASE (DECREASE) IN RETAINED EARNINGS
AND FUND BALANCES DURING THE YEAR
RETAINED EARNINGS /FUND BALANCES AT
3EGI ?WING OF YEAR
RETAINED EARNINGS /FUND BALANCES AT
,ND OF YEAR
S 638,869
$ -
S
638,869
-
13,332
13,332
-
56,
56,461
S 638,869
$ 69,793
S
708,662
S 347,443
$ -
$
347,443
148,792
-
143,792
66,968
-
66,968
35,399
-
35,399
98,304
-
98,304
-
6,469
6,469
411
411
$ 596,906
S 6,880
S
703,786
S (58,037
S 62,913
S
4,876
$ 172,954
S -
S
172,954
66,125
-
66,125
5,096
-
5,096
(96,884)
-
(96,884)
(1,809
-
(1,809
$ 145,482
$ -
S
145
S 87,445
$ 62,913
$
150,358
39,982
39,982
S 127,427
S 62,913
S
190,340
26,500 26,500
S 153,927 $ 62,913 $ 216,840
519,705 116,527 636,232
S 673,622 1 7 9 ,440 S 353,072
See accompanying notes to financial statements.
12.
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CITY OF EDGEWATER, FLORIDA
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COMPONENT ELE`fENTS OF NET INCREASE
(DECREASE) IN WORKING CAPITAL
Cash
Investments
Accounts receivable - net
Due from other funds
Accrued interest receivable
Inventories
Prepaid expenses
a Accounts payable
Accrued liabilities
Due to other fund
Refundable deposits
NET INCREASE IN WORKING CAPITAL
do
M
$ 231,676 $
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY AND FIDUCIARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1981
-
66,335 66,335
22,708
- 22,708
PROPRIETARY
FIDUCIARY
691
- 691
9,076
111' TYPE
FUND TYPE
TOTALS
(7,529)
- (7
(561)
PENSION
(MORANDUM
- (13,500)
(16,389)
ENTERPRISE
TRUSTS
ONLY)
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SOURCES OF WORKING CAPITAL
From operations:
Net income
$ 127,427
S 62,913
$ 190,340
+�
Items not requiring working capital -
depreciation
98,304
-
98,304
S 225,731
S 62,9L3
$ 288,644
Increase in contributions
236,599
-
236,599
Increase in current liabilities payable
from restricted assets
4,665
-
4,665
Disposal of fixed assets net of
accumulated depreciation
1,909
-
1,909
TOTAL SOURCES OF WORKING CAPITAL
$ 468,904
S 62,913
S 531,817
USES OF WORKING CAPITAL
Increase in restricted assets
$ 12,085
$ -
$ 12,085
Additions to fixed assets
168,085
-
168,085
Decrease in other liabilities
53,000
-
53,000
Increase in current maturities of
revenue bonds
5,000
-
5,000
�■�
TOTAL USES OF WORKING CAPITAL
$ 238,170
S -
S 238,170
NET INCREASE IN WORKING CAPITAL
S 230.734
S 52.913
S 293.647
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COMPONENT ELE`fENTS OF NET INCREASE
(DECREASE) IN WORKING CAPITAL
Cash
Investments
Accounts receivable - net
Due from other funds
Accrued interest receivable
Inventories
Prepaid expenses
a Accounts payable
Accrued liabilities
Due to other fund
Refundable deposits
NET INCREASE IN WORKING CAPITAL
do
M
$ 231,676 $
- 5 231,676
-
66,335 66,335
22,708
- 22,708
(892)
(3,422) (4,314)
691
- 691
9,076
- 9,076
5,454
- 5,454
(7,529)
- (7
(561)
- (561)
(13,500)
- (13,500)
(16,389)
- _(16,389)
S 230.734 S 52.913 S 293.647
See accompanying notes to financial statements.
13.
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Edgewater, Florida conform to
generally accepted accounting principles as applicable to governments. The
following is a summary of the more significant policies:
A. Fund Accounting -
The accounts of the City are organized on the basis of funds and
an account group, 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 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 following types of funds and
account group are utilized in accounting for the financial
operations of the City of Edgewater.
Governmental Funds:
General Fund - The General Fund is the general
operating fund of the City, used to account for all
financial resources, except those required to be
accounted for in another fund.
Special Revenue Fund - Special Revenue Fund is used to
account for the proceeds of specific revenue sources
(other than special assessments, expendable trusts or
major capital projects) that are legally restricted to
expenditure for specified purposes. The Federal
Revenue Sharing Fund is the City's only Special Revenue
Fund.
Proprietary Funds:
Enterprise Funds - Enterprise Funds are used to account
for operations (a) 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; or (b) where the governing body has decided
that periodic determination of revenues earned,
expenses incurred, and /or net income is appropriate for
capital maintenance, public policy, management control,
accountability or other purposes. These funds consist
of the Water and Sewer Utility Fund and the Refuse
Collection Fund.
14.
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
Fiduciary Funds:
Trust Funds - Trust funds are used to account for
assets held by the City in a trustee capacity or as an
agent for individuals, private organizations, other
governmental units and /or other funds. These funds
include the Municipal Police Officers' Retirement Trust
Fund and General Employees' Pension Trust Fund.
+� Pension trust funds are accounted for essentially in
the same manner as proprietary funds, since capital
maintenance is critical.
a
Account Group:
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 and similar
trust funds. This accounting and reporting treatment
results from the spending or "financial flow" measure -
s ment focus of governmental fund types, more fully
described in the following section.
B. Measurement Focus:
Governmental Fund Types - The General and Special Revenue Funds
are accounted for on a "financial flow" measurement focus. This
means that only current assets and current liabilities are
generally included on the balance sheets. Accordingly, the
reported undesignated fund balances (net current assets) is
s considered a 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 Type - Enterprise 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 the Proprietary Fund
Type (on an income determination measurement focus) report
increases (revenues) and decrease (expenses) in total economic
net worth.
Fiduciary Fund Type - Pension Trust Funds are accounted for like
the Proprietary Fund Type.
Account Group - The General Fixed Assets Account Group is
concerned only with the measurement of financial position. It is
not involved with the measurement of results of operations.
15.
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
C. Basis of Accounting:
Basis of accounting refers to when revenues and expenditures or
expenses are recognized in the accounts and reported in the
financial statements. Basis of accounting relates to the timing
of the measurements made, regardless of the measurement focus
applied.
All Governmental Funds are accounted for using the modified
accrual basis of accounting. Under the modified accrual basis,
revenues are recognized when they become measurable and available
as net current assets. Revenues, such as property taxes and
shared intergovernmental revenues, are considered "measurable"
when in the hands of intermediary collecting governments and are
recognized as revenue at that time. Expenditures are generally
recognized under the modified accrual basis of accounting when
the related fund liability is incurred. Exceptions to this
general rule include: (1) principal and interest on general
long -term debt which is recognized when due; and (2) accumulated
unpaid vacation and sick pay amounts which are not accrued.
All Proprietary Funds 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.
D. Budget and Budgetary Accounting:
An annual budget for all governmental and proprietary funds was
adopted. The basis on which the budgets are prepared is
consistent with the basis of accounting utilized by the various
fund types. The governmental funds' budgets are prepared on a
modified accrual basis of accounting. The proprietary funds'
budgets are prepared on a full accrual basis of accounting.
Budget appropriations are prepared by the City Clerk and
authorized by the City Council on a departmental basis in
accordance with Sections 68 and 69 of the City Charter.
Subsidiary designations of departmental appropriations are
authorized by the City Council. All interdepartmental budget
amendments and /or transfers must be approved by the City Council.
E. Equity in Pooled Cash and Investments:
The City, for accounting and investment purposes, maintains a
pooled cash and investment account for all City funds. This
gives the City the ability to invest large amounts of idle cash
for short periods of time and to maximize earning potential. The
"equity in pooled cash and investments" represents the amount
owned by each fund of the City.
16.
W
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1981
M F. Investments:
The investments are comprised of Certificates of Deposit and are
stated at cost.
G. Receivables:
' Taxes - Property taxes are collected by the Volusia County Tax
Collector and remitted to the City. At year -end, uncollected
taxes are measurable, but not available as of the end of the
r� fiscal year and, thus, are shown as deferred revenue ($3,426).
The deferred revenues will be recognized as revenue in the fiscal
year that it becomes available.
Accounts Receivable - Utility operating sales are generally
recognized on the basis of cycle billings rendered monthly.
Unbilled accounts receivables ($17,599) are accrued by the City
' at September 30 to recognize the sales revenues earned between
the last meter reading date made in mid - September through the end
of the fiscal year.
r
H. Inventories:
The inventory held by the General Fund is priced at cost by the
use of the "first -in, first -out" method of accounting. The
inventory is accounted for in the General Fund on the consumption
basis wherein inventories are charged as expenditures when used.
The inventory held by the Water and Sewer Fund is priced at cost
by the use of the "first -in, first -out" method of accounting.
The effect of this method is to flow the costs of the materials
and supplies through the statement of revenues and expenses in
the order in which they are purchased and to assign a balance
sheet inventory valuation more nearly at current replacement
value.
I. Fixed Assets:
rr
Fixed assets purchased in the Governmental Fund Types are
recorded as expenditures at the time of purchase. Such assets
are capitalized at cost in the General Fixed Assets Account
Group. Public domain ( "infrastructure ") general fixed assets
consisting of certain improvements other than buildings,
r
including roads, bridges, curbs, streets and sidewalks, and
drainage systems are not capitalized along with other general
fixed assets.
Donated fixed assets are recorded in the General Fixed Assets
Account Group at their fair market value at the time received.
No depreciation has been provided on general fixed assets.
M
17.
go
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1981
The fixed assets of the Enterprise Funds are capitalized at cost
when purchased. Depreciation is computed using the straight -line
method over the assets estimated useful lives. The estimated
useful lives of the various classes of depreciable assets are as
follows -
ASSETS
YEARS
Buildings:
Sewer plant 6 - 65
Water plant 25 - 65
Other buildings 50
Improvements other than buildings 10 - 50
Equipment 5 - 10
J. Reserves:
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
each reserve indicates the purpose for which each was intended.
K. 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. Encumbrances
outstanding at year -end do not constitute expenditures or
liabilities, but rather reservations of fund balance for
subsequent years' appropriation.
L. Contributions:
Proprietary Fund contributions represent outside contributions
from other funds, governmental entities or individuals. The
contributions were collected to finance fixed asset additions or
other specific expense. Depreciation expense on contributed
fixed assets is reflected in the respective statement of
revenues, expenses and changes in retained earnings and is
ultimately closed to retained earnings.
M. Memorandum Columns:
The column captioned "Totals - Memorandum Only" is not necessary
for fair presentation of the financial statements, but is
presented as additional analytical data. This data does not
present consolidated financial information.
18.
W
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
M 2. RECEIVABLES
Accounts Receivable - Net:
The accounts receivable - net amount for the Water and Sewer Fund consists
of the following -
r. Accounts receivable $ 83,770
Less: Allowance for
doubtful accounts 944
r` ACCOUNTS RECEIVABLE - NET $ 82,826
Interfund Receivable /Payable:
The interfund receivable /payable is detailed as follows -
DUE FROM DUE TO
OTHER FUND OTHER FUND
General Fund $ 13,500 $ -
Refuse Collection Fund - 13,500
$ 13,500 $ 13,500
19.
3. CONTRIBUTED CAPITAL
In accordance with a pronouncement by the
National Committee on
Governmental Accounting, contributions of capital
from any source received
by the Water and Sewer Fund and Refuse Collection
Fund are recorded in an
+r
appropriately captioned contribution equity account. Depreciation expense
on fixed assets, acquired by grants, entitlements,
shared revenues and
other contributed capital externally restricted
for capital acquisitions
and construction, has been amortized over the useful
life of the acquired
assets and is stated as a reduction of contributed capital. The
contributions at September 30, 1981 are summarized
as follows:
REFUSE
WATER AND COLLECTION
SEWER FUND
FUND TOTALS
urr
Contribution from governmental
units S 534,175 $
18,886 $ 553,061
Contribution from customers/
public 801,416
8,068 809,484
Contribution from municipality -
36,748 36,748
$ 1,335,591 $
63,702 $ 1,399,293
a
Less: Depreciation on
contributions 145,123
1,769 146,892
CONTRIBUTED CAPITAL - NET $ 1,190,468 $
61,933 $ 1,252,401
19.
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
4. CHANGES IN FIXED ASSETS
A summary of changes in
general fixed
assets follows:
BALANCE
BALANCE
OCTOBER 1,
SEPTEMBER 30,
1980
ADDITIONS DELETIONS
1981
Land
$ 58,656
$ - $ -
$ 58,656
Buildings
265,476
55,220 -
320,696
Improvements other
than buildings
857,003
3,373 -
860,376
Equipment
462,267
60,920 34,362
488,825
Construction in
progress
11,037
- 11,037
-
TOTAL
$ 1,654,439
$ 119,513 $ 45,399
$ 1,728,553
A summary of changes in
fixed assets
and allowance for depreciation for the
Water and Sewer System
follows:
ASSETS
Land
Buildings:
Water plant and
distribution system
Sewer plant and
collection system
Equipment
Land
Buildings:
Water plant and
distribution system
Sewer plant and
collection system
Equipment
BALANCE
OCTOBER 1,
1980 ADDITIONS
$ 27,892 $ -
BALANCE
SEPTEMBER 30,
DELETIONS 1981
$ - $ 27,892
1,602,560 82,205 - 1,684,765
2,271,557 1,476 - 2,273,033
112,302 10,653 3,034 119,921
$ 4,014,311 8 94,334 S 3,034 $ 4,105,611
ALLOWANCE FOR DEPRECIATION
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
1980 ADDITIONS DELETIONS 1981
240,838 30,678 - 271,516
436,325 42,659 - 478,984
48,074 12,774 1,479 59,369
S 725,237 $ 86,111 $ 1,479 $ 809,869
M
M
E
M
81
M
20.
L-71
W
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
A summary of changes in fixed assets and allowance for depreciation for the
Refuse Collection Fund follows:
,r
ASSETS
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
1980 ADDITIONS DELETIONS 1981
Improvements other
than buildings $ - $ 19,331 $ - $ 19,331
Equipment 74,776 54,420 593 128,603
$ 74.776 S 73.751 $ 593 $ 147,934
ALLOWANCE FOR DEPRECIATION
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
rr 1980 ADDITIONS DELETIONS 1981
Improvements other
+� than buildings $ - $ - $ - $ -
Equipment 47,521 12,193 239 59,475
$ 47.521 $ 12,193 $ 239 $ 59.475
r
r
.r
21.
M
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
5. LONG -TERM DEBT
A. The long -term debt consists of the following:
22.
ft
a
as
1964 WATERWORKS
AND SEWFR STSTFM
CITY OF ETWEWATF.R
BONDS
REFUNDING AND IMPROVEMENT
WATER AND
SF•WFR
SERIES "A"
REVENUE BINDS PRINCIPAL
REVENUE BONDS
PRINCIPAL
TOTAL REQU IREMENTS
YEAR
SERIES A
SERIFS B
1971 SERIES
1978 SERIES
PRINCIPAL
INTEREST
TOTALS
1982
$ 19,000
$ 29.000
9 8,000 $
2,000
$ 58,000
S 94,886
$ 152,886
1963
20,000
30,000
8
3.000
61,n00
92.316
153.316
1984
21,000
31,000
9.000
3.000
64.000
89,611
153,611
1985
22,000
32,000
9,000
3.000
66,000
86,769
152.769
1986
23,000
33.000
10.000
4,000
70,000
83,841
153,841
1987
23,000
36,000
10,000
4,000
73,000
80,711
153.711
1988
24,000
31,000
11.000
4,000
76,000
71,481
153.481
1969
-
60,000
11,000
4,000
75.000
74,282
149,282
1990
-
62,000
12,000
4,000
78,000
71.168
149,168
1991
-
65,000
12,000
4,000
81,000
67,907
148.907
1992
-
67,000
13,000
5,000
85.000
64,550
149,550
t993
-
70,000
14,000
5.000
89.000
60.995
149,995
1994
-
73,000
14,000
5
92,000
57,275
149,275
1995
-
76,000
15,000
5,000
96,000
53,438
149,438
1996
-
79,000
16,000
5,000
100,000
49,435
149,435
1997
-
82,000
17,000
6.000
105
45,265
150,265
1998
-
86,000
17.000
6,000
109,000
40,860
149.860
1999
-
85,000
18,000
7
110,000
36,397
146.397
2000
-
-
19,000
7,000
26,000
33,500
59,500
2001
-
-
20,000
7,000
27
32.200
59.200
2002
-
-
21,000
7,000
28,000
30.850
58.850
2003
-
-
22,000
8.000
30,000
29,450
59.450
2004
-
-
23.000
8,000
31,000
27,950
58,950
2005
-
-
25,000
91000
34,000
26.400
60.400
2006
-
-
25.000
9,000
34,000
24,700
58.700
2007
-
-
27,000
9,000
36,000
23.000
59.000
2008
-
-
28
10,000
38.000
21.200
59.200
2009
-
-
19.000
10,000
39.000
19,300
58,300
2010
-
-
31,000
I1,n00
42,000
17,350
59,350
2011
-
-
32,000
12.000
44,000
15.250
59,250
2012
-
-
34,000
12,000
46.000
13.050
59,050
1013
-
-
36,000
13,000
49,000
10,750
59,750
2014
-
-
36,000
13
51,0011
8,300
59.300
2015
-
-
39,000
14,000
53
5,750
58.750
2016
-
-
-
15.000
15.000
3,100
18,100
2017
-
-
-
15,000
15,000
2,350
17,350
2018
-
-
-
16.000
16,000
1,600
17,600
2019
16,000
16,000
800
16,800
TOTALS
S 152.000
3 1.033.000
S 673.000 $ 300.
S 2.158.000
S 1.574.037
S 3.132.037
22.
ft
a
as
REVENUE
BONDS
1964
1964
SERIES "A"
SERIES "B"
1977 SERIES
1978 SERIES
Interest rate
4.750 %
3.875 %
5.000 %
5.000
Interest dates
2/1;8/1
2/1;8/1
9/1
9/1
Issue
date
2/1/64
2/1/64
8/27/77
10/1/79
Final
maturity date
2/1/99
2/1/99
9/1/2015
9/1/2019
Bonds
authorized
and
issued
$ 369,000
$ 1,323,000
$ 700,000
$ 300,000
Bonds
retired
$ 217,000
$ 290,000
$ 27,000
$ -
22.
ft
a
as
a
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
B. 1964 Waterworks and Sewer System Refunding and
Improvement Revenue Bonds - Series "A ":
rr
23.
r-
The City of Edgewater, Florida issued Water and Sewer Revenue
Bonds, dated February 1, 1964, which totaled $369,000. The
W
proceeds from the sale of Series "A" Bonds were applied to the
redemption of outstanding Water Revenue Certificates, dated
February 1, 1958, in the principal amount of $369,000. Specified
serial bonds are retired on February 1 of each year, which is
specified in and along with the interest expense in the summary
of debt service requirements found in Note 5A. The interest rate
do
on the outstanding bonds is 4.75% and is payable semiannually on
February 1 and August 1 of each year. These bonds are secured by
wr
and payable solely as to principal and interest from the net
revenues to be derived from the operation of the water and sewer
rr
system and the proceeds to be derived from a continuing excise
tax ( "utility tax ") upon the purchase of electricity, metered or
M
bottled gas and local telephone and telegraph service within the
City. The Cit_ is not obligated to levy any taxes on any real
property to pay the principal of or interest on these bonds or to
r'
provide the amounts for any repair, reserve or sinking fund
requirements associated with this bond issue. This bond
obligation does not constitute a lien upon the system or any part
r
thereof, or on any other property of the City.
rr
23.
r-
C. 1964 Waterworks and Sewer System Refunding and Improvement
Revenue Bonds - Series "B ":
W
The City of Edgewater, Florida issued Water and Sewer Revenue
Bonds, dated February 1, 1964, which totaled S1,323,000. The
proceeds from the sale of Series "B" bonds were used to finance
the cost of constructing a new sanitary sewerage system and
appurtenant facilities. Specified serial bonds are retired on
do
February 1 of each year, which is specified in and along with the
interest expense in the summary of debt service requirements
found in Note 5A. The interest rate on the outstanding bonds is
3.875% and is payable semiannually on February 1 and August 1 of
rr
each year. These bonds are secured by and payable solely as to
principal and interest from the net revenues to be derived from
the operation of the water and sewer system and the proceeds to
be derived from a continuous excise tax ( "utility tax ") upon the
purchase of electricity, metered or bottled gas and local
telephone and telegraph service within the City. The City is not
obligated to levy any taxes on any real property to pay the
principal of or interest on these bonds or to provide the amounts
for any repair, reserve or sinking fund requirements associated
with this bond issue. This bond obligation does net constitute a
lien upon the system or any part thereof, or on any other
property of the City.
rr
23.
r-
in
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS s„
SEPTEIMER 30, 1981
D. 1977 City of Edgewater Water and Sewer Revenue Bonds: M
The City of Edgewater, Florida issued Water and Sewer Revenue
Bonds, dated September 1, 1977, which totaled $700,000. The
proceeds from the sale of these bonds were used to finance the
cost of constructing extensions and improvements to the City's
existing waterworks and sanitary sewerage system. Specified
serial bonds are retired on September 1 of each year, which is
specified in and along with the interest expense in the summary
of debt service requirements found in Note 5A. The interest rate
on the outstanding bonds is 5.0% and is payable annually on
September 1 of each year. These bonds and the interest thereon
are payable solely from and secured by a lien upon and a pledge
of the net revenues to be derived from the operation of the water
and sewer system, the proceeds of certain municipal excise taxes
( "utility tax ") and all money of the issuer derived from sources
r
other than ad valorem taxation and legally available for such
M
purpose. These bonds do not constitute a lien upon the system or
any other property of the City or situated within its corporate
limits, but constitute a lien only on the net revenues derived
from the operation of the system and the municipal excise taxes.
The lien of the holders or these bonds on the net revenues of the
system is junior, subordinate and inferior in every respect to
so
the lien on such revenues in favor of the City's outstanding
M
Waterworks and Sewer System Refunding and Improvement Revenue
Bonds dated February 1, 1964.
E. 1978 City of Edgewater Water and Sewer Revenue Bonds: ft
The City of Edgewater, Florida issued Water and Sewer Revenue
Bonds, dated October 1, 1979, which totaled $300,000. The
proceeds from the sale of these bonds were used to retire
$291,320 in 1978 Revenue Bond Anticipation Notes which proceeds
were used to finance the additional costs of constructing
extensions and improvements to the City's existing waterworks and
sanitary sewerage system which were not financed from the net
proceeds from the sale of the 1977 City of Edgewater Water and
Sewer Revenue Bonds. The 1978 City of Edgewater Water and Sewer
Revenue Bonds are additional parity obligations issued under the
supplemental authority of the 1977 City of Edgewater Water and
Sewer Revenue Bond Resolution and are entitled to the same
security, rights and privileges of the original parity
obligations. Specified serial bonds are retired on September 1
of each year, which is specified in and along with the interest
r
expense in the summary of debt service requirements found in
Note 5A. The interest rate on the outstanding bonds is 5.0% and
is payable annually on September 1 of each year. These bonds and
the interest thereon are payable solely from and secured by a
lien upon and a pledge of the net revenues to be derived from the
operation of the water and sewer system, the proceeds of certain
municipal excise taxes ( "utility tax ") and all money of the .
so
24.
MA
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
r SEPTEMBER 30, 1981
r issuer derived from sources other than ad valorem taxation and
legally available for such purpose. These bonds do not
constitute a lien upon the system or any other property of the
City or situated within its corporate limits, but constitute a
lien only on the net revenues derived from the operation of the
system and the municipal excise taxes. The lien of the holders
of these bonds on the net revenues of the system is junior,
' subordinate and inferior in every respect to the lien on such
revenues in favor of the City's outstanding Waterworks and Sewer
System Refunding and Improvement Revenue Bonds dated February 1,
.� 1964.
F. Under the terms of the long -term debt agreements, the City has
agreed to maintain certain restricted funds and to comply with
the covenants contained in such agreements. Certain of these
agreements contain the following provisions relating to the
M
rights of the obligation holder -
"Any holder of the Bonds or any coupons appertaining
thereto issued under the provisions of this instrument
or any trustee acting for the holders of such bonds may
either at law or in equity by suit, action, mandamus or
other proceedings in any court of competent
jurisdiction, protect and enforce any and all rights,
including the right to the appointment of a receiver,
existing under the laws of the State of Florida, or
granted and contained in this instrument and may
enforce and compel the performance of all duties
required by this instrument or by any applicable state
or federal statutes to be performed by the issuer or by
any officer thereof, including the levy and collection
of the Excise Taxes."
G. Bond Covenant Compliance:
r (1) The City covenants that it will not expend any amount
for operation, maintenance and repairs in excess of the
amounts budgeted, except by resolution by the City
aw Council. Because current monthly operating statements
were not available prior to September 30, 1981, it was
not possible to obtain formal approval of the Council
until after September 30, 1981.
(2) The City covenants that in the event additional series
of parity bonds are issued, it shall make such
r�
additional bonds payable as to principal on February 1
of each year in which principal falls due and payable
as to interest on February 1 and August 1 of each year.
The 1977 Water and Sewer Revenue Bonds, dated
September 1, 1977, and the 1978 Water and Sewer Revenue
Bonds, dated October 1, 1979, are payable as to
principal on September 1 of each year and payable as to
interest on September 1 of each year which is not in
compliance with the Bond Ordinance.
25.
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
(3) During the year, the City invested excess Revenue
Fund /Operation and Maintenance Fund cash in
Certificates of Deposit while Section 3.04(f) of
Resolution No. 627 states that monies on deposit to the
credit of the above funds shall not be invested at any
time.
6. EMPLOYEES' PENSION PLANS
The City of Edgewater has provided single - employer pension plans for all
eligible City employees which assets are included in the General Employees'
Pension Trust Fund and the Municipal Police Officers' Retirement Trust
Fund. The funding methods and determination of benefits payable are
provided in the various City Ordinances and various acts of the Florida
Legislature which created the funds, including subsequent amendments
thereto. Both plans are noncontributory by an act of the City Council and
are funded primarily from city and state contributions.
The actual and minimum required contributions, for the fiscal year ended
September 30, 1981, were as follows:
GENERAL
EMPLOYEES POLICE
Contributions from:
City
State
TOTAL ACTUAL CONTRIBUTIONS
Minimum Required Contributions
Interest Income
$ 38,786 $ 11,392
- 6,282
38,786 $ 17,674
S 41,464 S 17,005
S 8,084 $ 5,248
The most recent actuarial information concerning the General Employees'
Pension Trust Fund is set forth below:
Most recent valuation date
Actuarial cost method
Employer normal cost
Normal cost as percent of
compensation
Frozen initial liability
Unfunded frozen initial
liability
Minimum funding period per
Chapter 112.64 Florida Statutes
Actuarially computed value of
vested benefits
Total assets of pension fund (9/30/81)
26.
September 30, 1980
Entry age normal -
frozen initial
liability method
$33,520
8.3
$80,531
$81,519
40 years
$11,670
$111,828
ft
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M
W
CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
The most recent actuarial information concerning the Municipal Police
Officers' Retirement Trust Fund is set forth below:
Most recent valuation date
Actuarial cost method
Employer normal cost
Normal cost as percent of
compensation
Frozen initial liability
Unfunded frozen initial liability
Minimum funding period per
Chapter 185.35 Florida Statutes
Actuarially computed value of
vested benefits
Total assets of pension fund (9/30/81)
September 30, 1980
Entry age normal -
frozen initial
liability method
$12,272
8.0
$57,629
$56,781
40 years
$ - 0 -
$67,612
M
r
27.
r
7. SEGMENT INFORMATION FOR
ENTERPRISE FUNDS
The City maintains two
enterprise
funds which
provide water
and sewer
utility services and
refuse collection services
to citizens of the
community. The financial segment information is
presented as
follows:
WATER
AND SEWER
REFUSE
SYSTEM
COLLECTION
TOTALS
Operating revenues
$
466,339
$ 172,530
$
638,869
Operating expenses
$
510,035
$ 186,871
$
696,906
Operating loss
$
(43,696)
$ (14,341)
$
(58,037)
Depreciation
$
86,111
$ 12,193
$
98,304
Current contributions
$
200,970
$ 35,629
$
236,599
Fixed Assets:
Additions
$
94,334
$ 54,420
$
148,754
Deletions
$
(3,034)
$ -
$
(3,034)
Total assets
$
4,118,508
$ 110,073
$
4,228,581
Net working capital
$
269,465
$ 5,431
$
274,896
Bonds payable
$
2,158,000
$ -
$
2,158,000
r
Total equity
$
1,832,143
$ 93,890
$
1,926,033
M
r
27.
r
CITY OF EDGEWATER, FLORIDA ,
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
8. COMMITMENTS AND CONTINGENCIES
Legal Matters:
The City is engaged in five civil action litigations incidental to the
conduct of its municipal affairs. In the opinion of the counsel to the
City, no legal proceedings are pending or threatened which may materially
affect the financial condition of the City.
Vacation and Sick Leave:
It is the City's policy to grant employees vacation leave, based upon the
number of years of employment with the City. An employee must use his
vacation each year, except for the police department employees who may
carry forward up to 50% of the accrued days. The employee shall also
receive a cash benefit equal to the number of days accrued for his
termination from the City, based on the employee's current wage rate. Sick
leave is accumulated at the rate of 1 day per month per employee and can be
accrued up to a maximum of 30 days (police department employees may accrue
40 days) . Employees will receive 1 day's pay per month for sick leave
accrued over and above the 30/40 day maximum. Upon termination of
employment, the City will pay the employee the maximum of 30/40 days
accrued at current wage rate. As of September 30, 1981, the City has a
potential commitment for accumulated vacation and sick pay of $72,418.
MA
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28.
COMBININGS STATEMENTS - BY FUND TYPE
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31.
/
IN
CITY OF EDGEWATER, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
ALL ENTTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1981
REFUSE
WATER AND COLLECTION
SEWER FUND FUND
OPERATING REVENUES
Charges for services:
Water sales
Sewer service charges
Hydrant rental
Refuse collection charges
Special pick -up charges
Penalties
Other revenues
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Personal services
Operating supplies and
expenses
Contractual services
Repairs and maintenance
Depreciation
TOTAL OPERATING EXPENSES
OPERATING LOSS
NO NOPERATING REVENUES (EXPENSES)
Utility taxes
Interest income
Miscellaneous income
Loss on disposal of fixed assets
Interest expense
TOTAL NONOPERATING
REVENUES (EXPENSES)
$ 274,729 $
172,186
6,288
7,536
5,600
$ 466,339 $
PAGE 1 OF 2
TOTALS
$ 274,729
172,186
- 6,288
169,558 169,558
2,972 2,972
- 7,536
5,600
172,530 $ 638,869
$ 231,006 8
116,437 $
347,443
47,179
19,789
66,968
116,409
32,383
148,792
29,330
6,069
35,399
86,111
12,193
98,304
$ 510,035 8
186,871 $
696,906
$ (43,696 $
(14,341 $
(58,037
$ 172,954 $
64,564
5,096
(1,555)
(96,884
$ 144,175 $
$ 172,954
1,561 66,125
- 5,096
(254) (1
- (96,884
1,307 $ 145,482
wo
IN
mi
16
M
M
See accompanying notes to financial statements.
M
M
32.
ai.
CITY OF EDGEWATER, FLORIDA
PAGE 2 OF 2
COMBINING STATEMENT OF REVENUES,
EXPENSES AND
i
CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,
1981
REFUSE
WATER AND
COLLECTION
SEWER FUND
FUND
TOTALS
INCOME (LOSS) BEFORE
OPERATING TRANSFERS
$ 100,479
$
(13,034)
$ 87,445
s
OPERATING TRANSFERS
Operating transfers in
21,382
18,600
39,982
r.
NET INCOME
$ 121,861
$
5,566
$ 127,427
OTHER CHANGES
Credit arising from transfer
of depreciation to
contributions
24,731
1,769
26,500
INCREASE IN RETAINED EARNINGS
$ 146,592
$
7,335
$ 153,927
RETAINED EARNINGS AT BEGINNING
OF YEAR
495,083
24,622
519,705
RETAINED EARNINGS AT END OF YEAR
$ 641,675
$
31,957
$ 673,632
See accompanying notes to financial statements.
r
r
a
r!
33.
40
CITY OF EDGEWATER, FLORIDA
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1981
REFUSE
WATER AND COLLECTION
SEWER FUND FUND
SOURCES OF WORKING CAPITAL
From operations:
Net income
Add: Expenses not creating
current liabilities or
using current assets -
depreciation
Increase in contributions
Disposal of fixed assets net of
accumulated depreciation
Decrease in current liabilities
payable from restricted assets
TOTAL SOURCES OF WORKING CAPITAL
USES OF WORKING CAPITAL
Additions to fixed assets
Increase in restricted assets
Decrease in other liabilities
Increase in current maturities
of revenue bonds
TOTAL USES OF WORKING CAPITAL
NET INCREASE (DECREASE) IN
WORKING CAPITAL
COMPONENT ELEMENTS OF NET INCREASE
(DECREASE) IN WORKING CAPITAL
Equity in pooled cash and
investments
Accounts receivable - net
Due from other fund
Accrued interest receivable
Inventories
Prepaid expenses
Accounts payable
Accrued liabilities
Due to other fund
Refundable deposits
NET INCREASE (DECREASE) IN
TOTALS
$ 121,861 $ 5,566 $ 127,427
C
86,111
12,193
98,304
$ 207,972 S
17,759 $
225,731
200,970
35,629
236,599
1,555
354
1,909
4,665
-
4,665
(13,500)
-
$ 415,162 $
53,742 $
468,904
$ 94,334
12,085
53,000
5,000
$ 164,419
$ 168,085
12,085
53,000
5,000
$ 238,170
w
w
M
rt
M
$ 73,751
$ 73,751
$ 250,743 $ (20,009) $ 230,734
$ 242,690
21,031
(328)
691
9,076
2,382
(8,100)
(310)
(16,389
e
(11,014) $ 231,676
1,677
22,708
(564)
(892)
-
691
-
9,076
3,072
5,454
571
(7,529)
(251)
(561)
(13,500)
(13,500)
-
(16,389
WORKING CAPITAL �$ 250,743 $ (20,009) $ 230,734
See accompanying notes to financial statements.
34.
w
s
M
CITY OF EDGEWATER, FLORIDA
COMBINING BALANCE SHEET
PENSION TRUST FUNDS
SEPTEMBER 30, 1981
GENERAL
POLICE
EMPLOYEES'
OFFICERS'
PENSION
RETIREMENT
TRUST FUND
TRUST FUND TOTALS
ASSETS
Investments
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
Reserved for employer's
contributions
Unreserved - (deficit)
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
$ 111,828 $ 67,612 $ 179,440
$ 111,828 $ 67,612 $ 179,440
$ 121,367 $ 44,238 $ 165,605
(9,539 23,374 13,835
$ 111,828 $ 67,612 $ 179,440
$ 111,828 $ 67,612 $ 179,440
See accompanying notes to financial statements.
35.
OPE RATING REVENUES
CITY OF EDGEWATER, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND BALANCES
PENSION TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1981
GENERAL POLICE
EMPLOYEES' OFFICERS'
PENSION RETIREMENT
TRUST FUND TRUST FUND TOTALS
$ 8,084
$
5,248
$
13,332
38,786
11,393
50,179
-
6,282
6,282
$ 46,870
$
22,923
$
69,793
$ 6,469
$
-
$
6,469
285
126
411
$ 6,754
$
126
$
6,880
$ 40,116
$
22,797
$
62,913
71,712
44,815
116,527
$ 111,828
S 67,612
$ 179.440
Interest income
Contributions:
City contributions
State contributions
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Benefit payments
Administrative charges
TOTAL OPERATING EXPENSES
FUND BALANCES AT BEGINNING
OF YEAR
FUN BALANC AT END OF YEAR
See accompanying notes to financial statements.
36.
r
CITY OF EDGEWATER, FLORIDA
rw
wr
M
GENERAL POLICE
EMPLOYEES' OFFICERS'
PENSION RETIREMENT
TRUST FUND TRUST FUND
SOURCES OF WORKING CAPITAL
From operations:
Net income
ow
NET INCREASE IN WORKING CAPITAL
M
COMPONENT ELEMENTS OF NET INCREASE
(DECREASE) IN WORKING CAPITAL
Investments
Due from other fund
w.
NET INCREASE IN WORKING CAPITAL
i
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
PENSION TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1981
TOTALS
$ 40,116 $ 22,797 $ 62,913
$ 40,116 $ 22,797 $ 62,913
$ 43,330 $ 23,005 $ 66,335
(3,214 (208 (3,422
$ 40,116 $ 22 S 62,913
See accompanying notes to financial statements.
37.
m
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r
m
r
m
m
0
ar
r
m
rr
ow
m
m
m
INDIVIDUAL STATEMENTS — BY FUND
ma
CITY OF EDGEWATER, FLORIDA PAGE 1 OF 4
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1981
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
REVENUES
Taxes:
General property taxes -
Current
Delinquent
Franchise taxes -
Electricity
Cable television
Licenses and Permits:
Business licenses and permits
Nonbusiness licenses and permits
Intergovernmental Revenues:
Federal Grants -
Comprehensive Employment
Training Act
State shared revenues -
State Revenue Sharing
Cigarette tax
Mobile home licenses
Alcoholic beverage licenses
Local government additional
homestead exemption
Rebate on municipal vehicles
Local unit shared revenues -
County business licenses
County road and bridge tax
County fire district tax
Charges for Services:
General Government
Public Safety
Highways and Streets
Physical Environment
$ 447,720
$
449,842
$
2,122
1,000
1,667
667
99,000
117,790
18,790
2,000
2,620
620
$ 549,720
$
571,919
$
22,199
$ 11,000
$
13,028
$
2,028
64,560
67,252
2,692
$ 75,560
$
80,280
$
4,720
$ 7,054
$
4,002
$
(3,052)
165,000
201,676
36,676
21,500
29,090
7,590
14,000
10,097
(3,903)
3,000
2,697
(303)
20,000
18,522
(1,478)
2,000
2,005
5
11,000
10,313
(687)
3,000
2,474
(526)
41,000
-
(41,000
$ 287,554
$
280,876
$
(6,678
$ 1,550
$
2,877
$
1,327
500
560
60
9,000
10,516
1,516
18,300
12,225
(6,075
$ 29,350
$
26,178
$
(3,172
See accompanying notes to financial statements.
40.
M
s
a
CITY OF EDGEWATER, FLORIDA PAGE 2 OF 4
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1981
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
REVENUES - (continued)
Fines and forfeitures
Miscellaneous revenues:
Interest earnings
Rent
.r Sale of fixed assets
Other miscellaneous
M
TOTAL REVENUES
EXPENDITURES
General Government:
Legislative -
Personal services
�r Operating expenditures
Financial and Administrative -
Personal services
Operating expenditures
Capital outlay
r
Legal Counsel -
Personal services
Operating expenditures
Comprehensive Planning -
Personal services
Operating expenditures
Capital outlay
r Other General Government -
Personal services
Operating expenditures
Capital outlay
r■
so
TOTAL GENERAL GOVERNMENT
$ 15,100
$
22,274
$
7,174
$ 21,000
$
10,056
$
(10,944)
3,505
4,309
804
10
2,925
2,915
9,010
15,378
6,368
$ 33,525
$
32,668
$
(857
$ 990,809
$
1,014,195
$
23,386
$ 16,890 $ 18,700 $ (1,810)
20,235 21,645 (1,410
$ 37,125 $ 40,345 $ (3,220
$ 82,948 $ 76,722 $ 6,226
23,065 26,208 (3,143)
1,000 1,166 (166
$ 107,013 $ 104,096 $ 2,917
$ 5,960 $ 5,186 $ 774
13,159 14,177 (1,018
$ 19,119 $ 19,363 $ (244
$ 15,602 $ 11,742 $ 3,860
8,725 10,042 (1,317)
- 300 (300
$ 24,327 $ 22,084 $ 2,243
$ 3,396 $ 3,196 $ 200
7,955 7,145 810
4,333 285 4,048
$ 15,684 $ 10,626 $ 5,058
$ 203,268 $ 196,514 $ 6,754
See accompanying notes to financial statements.
41.
do
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30. 1981
EXPENDITURES - (continued)
Public Safety:
Law Enforcement -
Personal services
Operating expenditures
Capital outlay
Fire Control -
Personal services
Operating expenditures
Capital outlay
Greater Edgewater Fire District -
Operating expenditures
Capital outlay
Protective Inspections -
Operating expenditures
Emergency and Disaster
Relief Services -
Personal services
Operating expenditures
Capital outlay
Ambulance and Rescue -
Operating expenditures
Capital outlay
TOTAL PUBLIC SAFETY
Transportation:
Road and Street Facilities -
Personal services
Operating expenditures
Capital outlay
TOTAL TRANSPORTATION
PAGE 3 OF 4 ,
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
$ 239,788 $ 233,202 $ 6,586
42,766 51,797 (9,031)
1,754 2,878 (1,124
$ 284,308 $ 287,877 $ (3,569
$ 13,375 $ 15,222 $ (1,847)
18,918 32,159 (13,241)
21,001 43,499 (22,498
$ 53,294 $ 90,880 $ (37,586
$ 4,000 $ - $ 4,000
37,000 - 37,000
$ 41,000 $ - $ 41,000
$ 28,600 $ 34,975 $ (6,375
375
250
$ 625
$ 708 $
(708)
573
(198)
100
150
$ 1,381 $
(756
$ 6,075 $ 5,453 $ 622
1 698 (697
$ 6,076 $ 6,151 $ (75
$ 413,903 $ 421,264 $ (7,361
$ 174,582 $ 147,490 $ 27,092
84,369 92,530 (8,161)
34,020 9,319 24,701
$ 292,971 $ 249,339 $ 43,632
See accompanying notes to financial statements.
42.
ar
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1981
it
r
M
•
EXPENDITURES - (continued)
Economic Environment:
Industry Development -
Operating expenditures
TOTAL ECONOMIC ENVIRONMENT
Culture and Recreation:
Library -
Operating expenditures
Capital outlay
PAGE 4 OF 4
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
$ 4,000 $
$ 4,000 $
591 $ 3,409
591 $ 3,409
$ 800
$
730
$
70
1,300
140
1,160
$ 2,100
$
870
$
1,230
$ 54,038
$
45,873
$
8,165
9,140
9,567
(427)
6,989
580
6,409
$ 70,167
$
56,020
$
14,147
$ 4,100
$
7,646
$
(3,546)
300
246
54
$ 4,400
$
7,892
$
(3,492
$ 76,667
$
64,782
$
11,885
$ 990,809
$
932,490
$
58,319
$ -
$
81,705
$
81,705
75,694
75,694
-
$ 75,694
$
157,399
$ 81,705
Parks and Recreation -
Personal services
Operating expenditures
+� Capital outlay
Special Recreation Facilities -
Operating expenditures
Capital outlay
TOTAL CULTURE AND RECREATION
r. TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
EXPENDITURES
FUND BALANCE AT BEGINNING OF YEAR
s FUND BALANCE AT END OF YEAR
r
M
r
See accompanying notes to financial statements.
43.
M
CITY OF EDGEWATER, FLORIDA PAGE 1 OF 2
FEDERAL REVENUE SEARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1981
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
REVENUES
Intergovernmental revenues:
Federal shared revenue -
Federal Revenue Sharing
Miscellaneous revenue:
Interest earnings
Other miscellaneous revenue
TOTAL REVENUES
EXPENDITURES
General Government:
Finance and Administrative -
Operating expenditures
Capital outlay
Legal Counsel -
Operating expenditures
TOTAL GENERAL GOVERNMENT
Public Safety:
Law Enforcement -
Operating expenditures
Capital outlay
Fire Control -
Operating expenditures
Capital outlay
Emergency and Disaster Relief -
Operating expenditures
Ambulance and Rescue Service -
Capital outlay
TOTAL PUBLIC SAFETY
$ 65,000 $ 69,701 $ 4,701
- 8,063 8,063
- 12 12
$ 65,000 $ 77,776 $ 12,776
$ -
$
118
$
(118)
13,900
12,234
1,666
$ 13,900
$
12,352
$
1,548
$ -
$
2,500
$
(2,500
$ 13,900
$
14,852
$
(952
$ 1,000
$
828
$
172
12,000
12,209
(209
$ 13,000
$
13,037
$
(37
$ -
$
2,275
$
(2,275)
15,000
-
15,000
$ 15,000
$
2,275
$
12,725
$ 5,000 $ -
$ 6,000
$
6,000
$ 39,000
$
21,312
See accompanying notes to financial statements.
44.
$ 5,000
$ 17,688
M
r
a
CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1981
M
Transportation:
Road and Street Facilities -
Capital outlay
TOTAL TRANSPORTATION
w
Culture and Recreation:
Library -
r Capital outlay
Parks and Recreation -
Operating expenditures
w Capital outlay
Special Recreational Facilities -
Operating expenditures
Capital outlay
w
w
M
PAGE 2 OF 2
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
$
TOTAL CULTURE AND RECREATION
$
TOTAL EXPENDITURES
S
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
OTHER FINANCING SOURCES (USES
$
Operating transfers out
$
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING
w
SOURCES (USES)
1
FUND BALANCE AT BEGINNING OF YEAR
as
$
-
FUND BALANCE AT END OF YEAR
w
w
M
PAGE 2 OF 2
VARIANCE
BUDGET FAVORABLE
(REVISED) ACTUAL (UNFAVORABLE
$
12,000
$
9,194
S
2,806
$
12,000
$
9,194
$
2,806
$
1
$
1,000
$
-
$
1,500
$
1,005
$
495
13,500
2,624
10,876
$
15,000
S
3,629
$
11,371
$
-
$
908
$
(908)
5,100
7,428
(2,328
$
5,100
$
8,336
$
(3,236
$
21,100
$
12,965
$
8,135
S
86,000
$
58,323
$
27,677
$
(21,000)
$
19,453
$
40,453
(66,868
(59,196
7,672
$
(87,868)
$
(39,743)
$
48,125
89,596
89,596
-
$ 1,728
S
49.853
S
A8,125
See accompanying notes to financial statements.
45.
M
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER FUND
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30 1931
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE
OPERATING REVENUES
Charges for services:
Water sales
Sewer service charges
Hydrant rental
Other revenues
Penalties
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Personal services
Operating supplies and expenses
Contractual services
Repairs and maintenance
Depreciation
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES
Utility taxes
Interest earnings
Miscellaneous income
Loss on disposal of fixed assets
Interest expense
TOTAL NONOPERATING
REVENUES (EXPENSES)
INCOME BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS
Operating transfers in
OTHER CHANGES
Credit arising from transfer
of depreciation to contributions
NET INCREASE IN RETAINED EARNINGS
DURING THE YEAR
RETAINED EARNINGS AT BEGINNING OF YEAR
RETAINED EARNINGS AT END OF YEAR
�Y
j
di
$ 279,500
$
274,729
$
(4,771)
158,815
172,186
13,371
7,000
6,288
(712)
59,725
5,600
(54,125)
4,500
7,536
3,036
$ 509,540
$
466,339
$
(43,201
$ 239,720
$
231,006
$
8,714
68,827
47,179
21,648
101,360
116,409
(15,049)
48,500
29,330
19,170
-
86,111
(86,111
$ 458,407
S
510,035
$
(51,628
$ 51,133
$
(43,696
$
(94,829
$ 149,600
$
172,954
$
23,354
4,500
64,564
60,064
1,219
5,096
3,877
-
(1,555)
(1,555)
(97,219
(96,884
335
$ 58,100
$
144,175
S
86,075
$ 109,233
$
100,479
$
(8,754)
21,382
21,382
-
$ 130,615
$
121,861
$
(8,754)
24,731
24,731
$ 130,615 $ 146,592 $ 15,977
495,083 495,083 -
S 625,698 S 641.675 S 15,977
See accompanying notes to financial statements.
46.
SUPPORTING SCHEDULES
CITY OF EDGEWATER, FLORIDA
ALL FUNDS
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1981
INTEREST
CERTIFICATE RATES MATURITY PAR
NUMBER (%) DATES VALUE
GENERAL FUND
Certificates of Deposit -
First Federal Savings and
Loan Association of
Titusville
WATER AND SEWER FUND
Certificates of Deposit -
First Federal Savings and
Loan Association of
Titusville
GENERAL EMPLOYEES' PENSION
TRUST FUND
Pension investment with
The Bankers Life
POLICE OFFICERS' RETIREMENT
TRUST FUND
Pension investment with
The Bankers Life
TOTAL
5258671 14.75 10/25/81 $ 200,000
5258697 14.75 10/25/81 $ 100,000
5258689 14.75 10/25/81 185,000
6A -37113 8.00
6A -37114 8.00
$ 111,828
67,612
$ 179,440
$ 664,440
49.
CITY OF EDGEWATER, FLORIDA
SCHEDULE OF DEBT SERVICE REQUIREMENTS TO MATURITY
SEPTMIB 30, 198
1964 WATERWORKS AND SEWER SYSTEM REFUNDING CITY OF
AND IMPROVEMENT REVENUE BONDS WATER AND SE?-TER
SERIES A' SERIES "B 1977 SERIES
YEAR PRINCIPAL INTEREST PRINCIPAL INTEREST PRINCIPAL INTEREST
1982
$ 19,000 $
6,769
1983
20,000
5,842
1984
21,000
4,869
1985
22,000
3,848
1986
23,000
2,779
1987
23,000
1,686
1988
24,000
570
1989
-
-
L990
-
-
1991
-
-
1992
-
-
1993
-
-
1994
-
-
1995
-
-
1996
-
-
1997
-
-
1998
-
-
1999
-
-
2000
-
-
2001
-
-
2002
-
-
2003
-
-
2004
-
-
2005
-
-
2006
-
-
2007
-
-
2008
-
-
2009
-
-
2010
-
-
2011
-
-
2012
-
-
2013
-
-
2014
-
-
2015
-
-
2016
-
-
2017
-
-
2018
-
-
2019
-
-
TOTALS S 152.000 S 26.36
REVENUE BONDS
1964 Series "A"
1964 Series "B"
1977 Series
1978 Series
$ 29,000 $
39,467
30,000
38,324
31,000
37,142
32,000
35,921
33,000
34,662
36,000
33,325
37,000
31,911
60,000
30,032
62,000
27,668
65,000
25,207
67,000
22,650
70,000
19,995
73,000
17,225
76,000
14,338
79,000
11,335
82,000
8,215
86,000
4,960
85,000
1,647
S 1.033.000 S 434.024
$ 8 $
33,650
8,000
33,250
9,000
32,850
9,000
32,400
10,000
31,950
10,000
31,450
11,000
30,950
11,000
30,400
12,000
29,850
12,000
29,250
13,000
28,650
14,000
28,000
14,000
27,300
15,000
26,600
16,000
25,850
17,000
25,050
17,000
24,200
18,000
23,350
19,000
22,450
20,000
21,500
21,000
20,500
22,000
1 19,450
23,000
18,350
25,000
17,200
25,000
15,950
27,000
14,700
28,000
13,350
29,000
11,950
31,000
10,500
32,000
8,950
34,000
7,350
36,000
5,650
38,000
3,850
39,000
1,950
S 673.000 S 738.650
INTEREST
ISSUE
FINAL
RATES AND DATES
DATE
MATURITY DATE
4.750% (2/1;8/1)
2/1/64
2/1/99
3.875% (2/1;8/1)
2/1/64
2/1/99
5.000% (9/1)
8/27/77
9/1/2015
5.000% (9/1)
10/1/79
9/1/2019
50.
EDGEWATER
REVENUE BONDS
1978
SERIES
TOTAL
REQUIREMENTS
PRINCIPAL
INTEREST
PRINCIPAL
INTEREST
TOTALS
BALANCE
$ 2 1 000
$ 15,000
$ 58,000 $
94,886 $
152,886
$ 2,100,000
3,000
14,900
61,000
92,316
153,316
2,039,000
3,000
14,750
64,000
89,611
153,611
1,975,000
3,000
14,600
66,000
86,769
152,769
1,909,000
4,000
14,450
70,000
83,841
153,841
1,839,000
4,000
14,250
73,000
80,711
153,711
1,766,000
4,000
14,050
76,000
77,481
153,481
1,690,000
4,000
13,850
75,000
74,282
149,282
1,615,000
4,000
13,650
78,000
71,168
149,168
1,537,000
4,000
13,450
81,000
67,907
148,907
1,456,000
5,000
13,250
85,000
64,550
149,550
1,371,000
5,000
13,000
89,000
60,995
149,995
1,282,000
5,000
12,750
92,000
57,275
149,275
1,190,000
5,000
12,500
96,000
53,438
149,438
1,094,000
5,000
12,250
100,000
49,435
149,435
994,000
6,000
12,000
105,000
45,265
150,265
889,000
6,000
11,700
109,000
40,860
149,860
780,000
7,000
11,400
110,000
36,397
146,397
670,000
7,000
11,050
26,000
33,500
59,500
644,000
7,000
10,700
27,000
32,200
59,200
617,000
7,000
10,350
28,000
30,850
58,850
589,000
8,000
10,000
30,000
29,450
59,450
559,000
8,000
9,600
31,000
27,950
58,950
528,000
9,000
9,200
34,000
26,400
60,400
494,000
9,000
8,750
34,000
24,700
58,700
460,000
9,000
8,300
36,000
23,000
59,000
424,000
10,000
7,850
38,000
21,200
59,200
386,000
10,000
7,350
39,000
19,300
58,300
347,000
11,000
6,850
42,000
17,350
59,350
305,000
12,000
6,300
44,000
15,250
59,250
261,000
12,000
5,700
46,000
13,050
59,050
215,000
13,000
5,100
49,000
10,750
59,750
166,000
13,000
4,450
51,000
8,300
59,300
115,000
14,000
3,800
53,000
5,750
58,750
62,000
15,000
3,100
15,000
3,100
18,100
47,000
15,000
2,350
15,000
2,350
17,350
32,000
16,000
1,600
16,000
1,600
17,600
16,000
16,000
800
16,000
800
16,800
-
a
is
a
$ 300.000 S 3'5,000 S 2.158.000 S 1.574,037 S 3.732.037
AU HCRIZED
$ 369,000
1,323,000
700,000
300,000
5 -.692,000
ISSUED
$ 369,000
1,323,000
700,000
300,000
S 2.692.000
RETIRED
$ 217,000
290,000
27,000
S 534.000
51.
w
52.
CITY OF EDGEWATER,
FLORIDA
PAGE 1 OF 2
SCHEDULE OF INSURANCE COVERAGE
SEPTEMBER 30,
1981
COVERAGE AND
POLICY
POLICY
DETAILS OF
LIABILITY
INSURING COMPANY
NUMBER
PERIOD
COVERAGE
LIMITS
COMPREHENSIVE GENERAL,
LIABILITY
American States
SIP 386 -704
10/1/81 to
Comprehensive General Liability:
Insurance Co.
10/1/82
Bodily injury liability
each occurrence
$ 300,000
aggregate
300,000
Property damage liability
each occurrence
100,000
aggregate
100,000
Monticello Insurance Co.
ML 9314
10/1,181 to
Malpractice Liability:
10/1/82
Police Department -
Bodily injury liability
300,000
Property damage liability
100,000
GENERAL PROPERTY
American States
MP 386 -704
10/1/81 to
Fire, Extended Coverage and Vandalism:
Insurance Co.
10/1/82
Property damage
$ 2,026,963
Coinsurance
90 %
Deductibles -
fire
_
vandalism
50
all other losses
100
Contractors' Equipment:
All risk basis -
property damage
63,480
deductible
250
Miscellaneous Prooertv Floater:
All risk basis for equipment
on ambulance -
property damage
4,890
deductible
-
Money and Securities:
Loss inside premises
2,500
Loss outside premises
2,500
WORKERS' COMPENSATION
Risk Management
8 -75 -077
10/1/81 to
Workers' Comvensacion -
Services, Inc.
10/1/82
Emplover's liability
Statutory
coverage
COMPREHENSIVE AUTCMOBI
LIABILITY
American States
MP 386 -704
10/1/81 to
Comprehensive Auto Fleet:
Insurance Co.
10/1/82
Bodily injury liability -
each person
100,000
each occurrence
300,000
Property damage liability -
each occurrence
25,000
Deductibles -
comprehensive liability
-
collision
250
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CITY OF EDGEWATER, FLORIDA
PAGE 2 OF 2
SCHEDULE OF INSURANCE COVERAGE
SEPTEMBER 30, 1981
COVERAGE AND
POLICY
POLICY
DETAILS OF
LIABILITY
INSURING COMPANY
NUMBER
PERIOD
COVERAGE
LIMITS
PUBLIC EMPLOYEE RESPONSIBLE
POSTION BONDS
International Surplus
GP -26235
10/1/81 to
Public Officials' Liability Insurance
Lines Insurance Co.
10/1/82
1,000,000
Insurance Company of
S- 036840
8/17/81 to
Position Fidelity Schedule Bonds:
North America
8/17/82
City Clerk
50,000
Deputy City Clerk
50,000
American States
EX 456 -990
10/1/81 to
Public Official -
Insurance Co.
10/1/82
City Manager
50,000
Insurance Company of
S- 737431
12/19/80
Position Bond -
North America
12/19/83
City Clerk
45,000
Faithful Performance Blanket Bonds -
Accounting:
3 cashiers
10,000
1 bookkeeper
10,000
1 City Clerk
10,000
1 Deputy City Clerk
10,000
Management:
1 Mayor
10,000
1 Vice -Mayor
10,000
1 Acting Mayor
10,000
ACCIDENTAL DEATH
Insurance Company of
BT(1) 110768
10/1/81 to
Accidental Death Coverage:
North America
10/1/82
Police officers -
principal sum
10,000
National Union Fire Ins.
VIP1034 -9552
4/27/81 to
Accidental Death Coverage:.
905 -44
4/27/82
Volunteer Fire Department -
principal sum
10,000
weekly indemnity
50
medical
2,500
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CITY OF EDGEWATER, FLORIDA
REPORT ON INTERNAL CONTROL AND MANAGEMENT COMMENTS
SEPTEMBER 30, 1981
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To the Honorable Mayor, City Council
and City Manager
M City of Edgewater, Florida
Mayzima n.
Certified Public Accountants
M REPORT ON INTERNAL CONTROL AND MANAGEMENT COMMENTS
It is the policy of our firm and in accordance with the rules of the State
Auditor General and the rules of the Department of Banking and Finance to
submit our Report on Internal Control and Management Comments on the
operations of the City for the year ended to the governing body of the
municipality upon the completion of the audit of your financial statements.
It should be noted that this report, by its nature, contains our comments
r� and recommendations on deficiencies observed in the system of internal
control. It does not include our observations of the many strong features
of the City's system of internal control.
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This report is divided into the following:
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Report on Internal Control
Management Comments
The Report on Internal Control is required by generally accepted auditing
standards (SAS 420) to report what we believe to be material weaknesses in
the system of internal control. The Management Comments section of this
report contains matters which we feel will be helpful and of interest to
management. All items referred to in this report have been discussed with
City staff.
M The chief executive officer's written statement of explanation or rebuttal
concerning our comments in both sections of this report, including
corrective action to be taken, must be filed with the governing body of the
r City and with the State Auditor General within 20 days of the delivery of
this report. '
REPORT ON INTERNAL CONTROL
We have examined the financial statements of the City of
Edgewater, Florida for the year ended September 30, 1981, and
have issued our report thereon dated December 11, 1981. As part
of our examination, we made a study and evaluation of the City's
system of internal accounting control to the extent we considered
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necessary to evaluate the system as required by generally
accepted auditing standards. Under these standards, the purposes
of such evaluation are to establish a basis for reliance on the
system of internal accounting control in determining the nature,
timing and extent of other auditing procedures that are necessary
for expressing an opinion cn the financial statements, and to
assist the auditor in planning and performing his examination of
the financial statements.
The objective of internal accounting control is to provide
reasonable, but not absolute, assurance as to the safeguarding of
assets against loss from unauthorized use or dispostion, and the
reliability of financial records for preparing financial
statements and maintaining accountability for assets. The
concept of reasonable assurance recognizes that the cost of a
system of internal accounting control should not exceed the
benefits derived, and also recognizes that the evaluation of
these factors necessarily requires estimates and judgments by
management.
There are inherent limitations that should be recognized in
considering the potential effectiveness of any system of internal
accounting control. In the performance of most control
procedures, errors can result from misunderstanding of
instructions, mistakes of judgment, carelessness or other
personal factors. Control procedures, whose effectiveness
depends upon segregation of duties, can be circumvented by
collusion. Similarly, control procedures can be circumvented
intentionally by management either with respect to the execution
and recording of transactions, or with respect to the estimates
and judgments required in the preparation of financial
statements. Further, projection of any evaluation of internal
accounting control to future periods is subject to the risk that
the procedures may become inadequate because of changes in
conditions, and that the degree of compliance with the procedures
may deteriorate.
Our examination of the financial statements made in accordance
with generally accepted auditing standards, including the study
and evaluation of the City's system of internal accounting
control for the fiscal year ended September 30, 1981, that was
made for the purposes set forth in the first paragraph of this
report, which is entitled "Report on Internal Control," would not
necessarily disclose all weaknesses in the system because it was
based on selective tests of accounting records and related data.
However, such study and evaluation disclosed the following
conditions that we believe to be material weaknesses.
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PTTRrTNA C TM('_
During our examination, we noted your purchasing
policies and procedures were not being adhered to for
all purchases, as follows:
Purchases were completed without any amount
` entered on the purchase order.
Pty 1 Purchase orders were being completed from the
vendor's invoice(s).
Purchase orders were issued out of sequence.
We suggest that City personnel continue to make an
effort to adhere to provisions of the purchasing
policies and procedures manual, adopted in 1980. We
feel the proper completion of the purchase order is an
essential part of internal control associated with your
purchasing system.
FIXED ASSETS
The September 30, 1981 financial statements reflected
fixed assets, in the amount of $5,982,098, as
summarized herein:
Enterprise Funds -
Water and Sewer Fund $ 4,105,611
Refuse Collection Fund 147,934
General Fixed Assets
Account Group 1,728,553
$ 5,982,098
Less: Accumulated depreciation (869,344
NET BOOK VALUE $ 5,112,754
The proper updating and maintaining of the fixed asset
system is very important to the Enterprise Funds.
Besides the proper presentation on the financial
statements of the City's assets, the related
tow( depreciation expense ($98,304) for these types of funds
has a significant impact on their results of operations
and rates charged to their users.
During our review and testing of the fixed assets, we
made the following observations:
The City does not have a formal fixed asset
system for employees to determine what should
be capitalized/ deleted from the fixed asset
accounts.
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A method of (e.g., work order system)
accounting for and recording assets
constructed from within the City's operations
has not been established.
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budgeted
ef
recorded .
N�r4 4c beta -e l Y
We recommend that the City continue to improve its , L j 5 k-4
fixed asset system with the above - mentioned comments in C,(V op
mind to add to the efficiency of your computerized "`° L
fixed assets recently implemented. The policies and '�e►'LtA,
procedures adopted should include certain provisions of
the Rules of the Auditor General (Chapter 10.300).
Depreciation expense has not been
for in the two Enterprise Funds.
Fixed assets have been customarily
at year -end.
We understand the City's management plans to
incorporate this area in its accounting procedural
manual.
INVENTORY
During our examination, we made the following
M observations concerning the Water and Sewer Fund
inventory, valued at $29,569, at September 30, 1981:
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A perpetual inventory system is not in use.
' Inventory removed from stock is not formally
LD requisitioned, approved and accounted for by
J projects.
Management estimates 30% of the current
inventory items are slow- moving or basically
obsolete.
' S Present location of inventory may not be
1� � adequately safeguarded.
' With the City considering expanding the water and sewer
system with in -house forces, we suggest a more formal
inventory system be established to provide management
with improved control and accountability of inventory.
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The foregoing conditions were considered in determining the'
nature, timing and extent of audit tests to be applied in our
r examination of the financial statements and this report of such
conditions does not modify our report, dated December 11, 1981,
on such financial statements.
It is possible that, unless the City adopts procedures towards
correcting the various deficiencies noted, further problems could
develop and become significant enough that our opinion of
.. subsequent financial statements could be affected.
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MANAGEMENT COMMENTS
During the course of our examination, we noted that certain
changes in your accounting procedures would be helpful in
improving management's control of operations. These suggestions
come as a result of our evaluation of accounting controls and
procedures and our discussion with management as to their areas
of concern.
documentation for some water and sewer abatements and
refuse collection charges were not available for
review. Usually, changes in charges for services to
customers is handled over the telephone with an r
employee from another department. Follow -up support
for these changes has not always been documented and
subsequently formally approved by a responsible
employee.
We understand, presently, all changes in charges for
services are initiated and later formally approved
before being processed through the billing system.
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ACCOUNTING PROCEDURAL MANUAL
Presently, the City does not have a complete updated
accounting procedural manual. We reviewed certain
sections (e.g., Purchasing) completed, but other
sections (e.g., Fixed Assets) were still in the
planning stages.
The completed manual will. facilitate training /cross
training of City employees.
CASH MANAGEMENT
During our examination, we noted the City could be
increasing its interest income substantially with the
improving of its cash management practices.
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The City should focus on the three critical areas of a
cash management system.
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Internal processing of cash;
Banking services; and
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Investment services.
By improving its cash management practices, the City
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may have a very effective revenue source within its
control for future City budgets.
CHARGES FOR SERVICES
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During our examination, we noted the support
documentation for some water and sewer abatements and
refuse collection charges were not available for
review. Usually, changes in charges for services to
customers is handled over the telephone with an r
employee from another department. Follow -up support
for these changes has not always been documented and
subsequently formally approved by a responsible
employee.
We understand, presently, all changes in charges for
services are initiated and later formally approved
before being processed through the billing system.
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MISCELLANEOUS
Overdue Connection Charges:
Some customers, having executed a note, are in default
' on the payment of connection charges. City management
has not formalized procedures to insure the collection
of these charges upon default by the customer.
' Old Accounts Receivable:
Certain accounts, which are not even recorded on the
City's computerized receivable listing, should be
C reviewed for possible removable due to
uncollectibility. These accounts have had minimal
activity over the years and still involve staff time in
maintaining these records.
We understand that City management subsequently has
' removed these account balances from the general ledger.
Building Permits:
Presently, the City contracts out, at 50% of permit
amount, the building and inspection function of the
City. The City does not review or approve the building
permits prepared for the City from this contracted
individual.
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We suggest the City assign this responsibility of
reviewing and approving each permit to insure
completeness and accuracy of calculated revenues due to
the City.
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ANNUAL FINANCIAL REPORT OF UNITS
I OF LOCAL GOVERNMENTS - 1981
We have not reviewed the annual report to be filed with
+■ the Department of Banking and Finance pursuant to
Section 218.32, Florida Statutes.
The annual report for the year ended September 30, 1981
is being prepared, but is not required to be filed
until March 31, 1982.
We believe that implementation of the above recommendations will improve
the efficiency and effectiveness of your accounting system and operations.
We wish to thank the City Manager, department heads and their staff for
their assistance and cooperation during our examination, especially during
the conversion to the computerized fixed asset system. If we can be of any
further service, please do not hesitate to call us.
Daytona Beach, Florida
December 11, 1981
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