FY 1975 Financial Statements
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CITY OF EDGEWATER, FLORIDA
FINANCIAL STATEMENTS
SEPTEMBER 30, 1975
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MAY. Z I M A & CO.
CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF EDGEWATER. FLORIDA
FINANCIAL STATEMENTS
SEPTEMBER 30, 1975
MAYOR
COUNCILMEN
David C. Severance
Jacob Lodico
William H. Cairne
Walter B. Sikes
Calvin R. Dietz
CITY CLERK
CITY ATTORNEY
AUDITORS
CONSULTING ENGINEERS
Sue Blackwell
Joe E. Weaver
May, Zima & Co.
Briley, Wild & Associates
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CITY OF EDGEWATER, FLORIDA
TABLE OF CONTENTS
AUDITORS. REPORT. . .
COMBINED BALANCE SHEET .
GENERAL FUND
Balance Sheet. . . . . . . . . . . . . . . . . .
Analysis of Changes in Fund Balance. . . . . .
Statement of Revenue - Estimated and Actual. .
Statement of Actual and Estimated Expenditures .
1
2
. 3
. 4
5 - 6
...7-9
FEDERAL REVENUE SHARING FUND
Balance Sheet. . . . . . . . . . . . . . . . . 10
Analysis of Changes in Appropriated Fund Balance . . . 10
Analysis of Changes in Unappropriated Fund Balance . . 11
Statement of Revenue - Estimated and Actual. . . . . . .. . 12
Statement of Actual and Estimated Expenditures . . . . 12
WATER AND SEWER SYSTEM FUNDS
Balance Sheet - Water and Sewer System - All Funds . . . . . . . 13
Water and Sewer System Revenue and Operating Fund:
Balance Sheet. . . . . . . . . . . . . . . . . 14
Analysis of Changes in Retained Earnings . 15
Statement of Revenue and Expense . . . . . . 16
Statement of Changes in Financial Position 17
Statement of Revenue - Estimated and Actual -
Water and Sewer Revenue Fund . . . . . . . . 18
Statement of Actual and Estimated Expenditures -
Water and Sewer Revenue Fund . . . . . . . . . 18
Statement of Revenue - Estimated and Actual -
Water and Sewer Operating Fund . . . . . . . . 19
Statement of Actual and Estimated Expenditures -
Water and Sewer Operating Fund . . . . . . . . 20
Water and Sewer System Bond and Interest Sinking Fund:
Ba 1 ance Sheet. . . . . . . . . . . . . . . . . .
Ana lys is of Changes in Fund Balance. . . . .
Statement of Cash Receipts and Disbursements
21
21
. 22
Water and Sewer System Renewal and Replacement Fund:
Ba 1 ance Sheet. . . . . . . . . . . . . . . .
Analysis of Changes in Fund Balance. . . . . .
Statement of Cash Receipts and Disbursements . .
Water and Sewer System Construction Funds:
Ba 1 ance Sheet. . . . . . . . . . . . . . . . .
Analysis of Changes in Fund Balances . . . . .
Statement of Cash Receipts and Disbursements .
. 23
. 23
24
25
26
. 27
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GENERAL FIXED ASSETS GROUP OF ACCOUNTS
Statement of General Fixed Assets. . . . . . .
Statement of Changes in General Fixed Assets. .
NOTES TO FINANCIAL STATEMENTS. .
. . . 28
29 - 31
32
SUPPLEMENTAL INFORMATION
Schedule of Insurance in Force . . . . . . . . . .
Schedule of Bonded Debt and Interest to Maturity .
33
34
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JAa!J. zima & Co.
CERTIFIED PUBLIC ACCOUNTANTS
To the Honorable Mayor, City
Council and City Manager
City of Edgewater, Florida
AUDITORS' REPORT
We have examined the financial statements of the various funds and account
group of the City of Edgewater, Florida for the year ended September 30,
1975. Except as explained in the following paragraph, our examination was
made in accordance with generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such other auditing pro-
cedures as we considered necessary in the circumstances.
As explained in Note 2 to notes to financial statements, the City has not
maintained a detailed record of its fixed assets in the Water and Sewer System
Revenue and Operating Fund and the General Fixed Assets Group of Accounts. The
amounts by which the balance sheet of the Water and Sewer System Revenue and
Operating Fund and the statement of general fixed assets in the General Fixed
Assets Group of Accounts would change, if adequate records were maintained,
cannot be determined.
In our oplnlon, except for the effects of such adjustments, if any, discussed
in the preceding paragraph, the above mentioned financial statements present
fairly the financial position of the various funds and account group of the
City of Edgewater, Florida at September 30, 1975, and the results of operations
of such funds and changes in financial position of the Water and Sewer Revenue
and Operating Fund for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the
preceding year.
Ni~I~rtt.
Daytona Beach, Florida
November 18, 1975
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COMBINED BALANCE SHEET
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GENERAL FUND
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CITY OF EDGEWATER, FLORIDA
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30, 1975
ASSETS
Cash
Garbage accounts receivable
Taxes receivable
Paving assessments receivable
Other receivables
Due from Federal Government
Due from County of Vol usia
Due from Water and Sewer System
Construction Fund
Due from Water and Sewer System
Revenue and Operating Fund
Materials and supplies inventory
(Note 1)
Meter deposits
$
31,679.32
2,950.52
3,385.48
1,119.46
29.00
5,247.50
2,074.62
35,000.00
6,385.74
2,477.89
20.00
TOTAL ASSETS
$
90,369.53
LIABILITIES, RESERVES AND FUND BALANCE
LIABI L ITI ES
Accounts payable
Payroll taxes payable
Due to Florida Police Academy
Performance Bonds payable
$
1,110.59
6,497.73
14.00
39.75 $ 7,662.07
3,385.48
1,004.00
1 , 119 .46 5,508.94
77 ,198.52
$ 90,369.53
RESERVES
Reserve for uncollected taxes
Reserve for Bail Bonds
Reserve for uncollected paving
assessments
$
FUND BALANCE
TOTAL LIABILITIES, RESERVES
AND FUND BALANCE
See accompanying notes to financial statements.
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CITY OF EDGEWATER, FLORIDA
GENERAL FUND
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE - October 1, 1974
ADD
--Cancel prior year encumbrances
DEDUCT
Excess of expenditures over revenue
Reserve for uncollected paving
assessments
FUND BALANCE - September 30, 1975
$
87 ,on .13
1,119.46
See accompanying notes to financial statements.
$
112,979.11
$
52,416.00
165,395.11
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88,196.59
n .198.52
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CITY OF EDGEWATER, FLORIDA PAGE 1 OF 2
I GENERAL FUND
~ STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1975
~ ACTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
I PROPERTY TAXES $ 142,258.00 $ 161,259.78 $ 19,001.78
~ LICENSES AND PERMITS
Bu il ding permits $ 8,000.00 $ .8,835.30 $ 835.30
Electric permits 4,000.00 3,798.78 (201.22)
~ Plumbing permits 2,500.00 2,139.50 (360.50)
Business and occupational
1 i censes 2,500.00 7,857.50 5,357.50
Beverage licenses . 2,200.00 2,325.60 125.60
I Mobil e home tags 5,500.00 5,748.34 248.34
Mechanical inspection 1,500.00 1,656.00 156.00
$ 26,200.00 $ 32,361.02 $ 6,161.02
I FINES AND FORFEITURES $ 31,200.00 $ 32,796.39 $ 1,596.39
FRANCHISE TAXES $ 26,000.00 $ 31,479.96 $ 5,479.96
i GARBAGE AND TRASH COLLECTIONS $ 65,000.00 $ 67,191.55 $ 2,191.55
i1 RENTAL INCOME
Community Center $ 700.00 $ 763.50 $
Office rent 1,200.00 - 0 -
I $ 1,900.00 $ 763.50
INTERGOVERNMENTAL REVENUE
Additional 2~ cigarette tax $ 17,000.00 $ 19,421.40 $ 2,421.40
I County occupational license
rebate 2,300.00 3,560.29 1,260.29
State revenue sharing 120,000.00 117,598.00 (2,402.00)
i Municipal fuel tax rebate - 0 - 476.50 476.50
Division of Forestry grant - 0 - 1,425.00 1,425.00
Federal Comprehensive Employment
I Training Act 44,000.00 45,096.34 1,096.34
County road taxes - 0 - 3,197.54 3,197.54
State funded exemptions 10,000.00 9,656.17 (343.83)
$ 193,300.00 $ 200,431. 24 $ 7,131.24
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I See accompanying notes to financial statements.
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CITY OF EDGEWATER, FLORIDA PAGE 2 OF 2
GENERAL FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
OTHER REVENUE
Miscellaneous income $ 20,000.00 $ 11 ,633.27 $ (8,366.73)
Repayment of loan 35,000.00 - 0 - (35,000.00)
Interest income - 0 - 2,499.97 2,499.97
$ 55,000.00 $ 14,133.24 $ (40,866.76)
APPROPRIATED FUND BALANCE $ 53,800.00 $ 53,800.00 $ - 0 -
TOTALS $ 594.658.00 $ 594.216.68 $ (441.32)
TOTAL REVENUE
LESS: APPROPRIATED FUND BALANCE
NET REVENUE
TOTAL EXPENDITURES
EXCESS OF EXPENDITURES OVER REVENUE
$ 594,216.68
53,800.00
$ 540,416.68
627,493.81
$ 87.077.13
See accompanying notes to financial statements.
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CITY OF EDGEWATER, FLORIDA PAGE 1 OF 3
D GENERAL FUND
i STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
Ii (OVER) UNDER
ACTUAL ESTIMATED
APPROPRIATIONS EXPENDITURES (Note 3)
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GENERAL GOVERNMENT
~ Mayor, Judge, Council and
Ci ty Manager $ 9,600.00 $ 9,926.50 $ (326.50)
City Cl erk 11,000.00 9,699.42 1,300.58
~ Office employees 20,000.00 17,584.21 2,415.79
Attorney 7,000.00 6,870.00 130 .00
Elections 1,400.00 1,134.34 265.66
Office expense 5,000.00 11 ,537 .84 (6,537.84)
~ Mi sce 11 aneous 4,000.00 4,498.72 (498.72)
Auditor 4,000.00 4,590.95 (590.95)
Insurance 14,000.00 15,468.04 (1 ,468 .04 )
~ Building inspector 8,000.00 10,571.71 (2,571.71)
City Hall maintenance 3,000.00 4,393.69 (1,393.69)
Social Security 18,000.00 22,704.67 (4,704.67)
Codification 1,000.00 1,074.20 (74.20)
I Hea lth insurance 7,000.00 9,651.14 (2,651.14)
Collective bargaining 800.00 - 0 - 800.00
Building and Remodeling
i1 Fund 100 .00 - 0 - 100.00
Publications 1,000.00 813.04 186.96
Administrator 11,000.00 12,000.04 (1,000.04)
I Unemployment 687.00 356.28 330.72
TOTAL GENERAL GOVERNMENT $ 126,587.00 $ 142,874.79 $ (16,287.79)
i PUBLI C WORKS
Garbage Department:
Salaries $ 69,581.00 $ 57,500.19 $ 12,080.81
I Repairs and truck expense 5,000.00 10,568.93 (5,568.93)
Miscellaneous 800.00 1,917.73 (1,117.73)
Dump maintenance 2,000.00 14,060.68 (12,060.68)
I Sinking Fund 419.00 - 0 - 419.00
$ 77,800.00 $ 84,047.53 $ (6,247.53)
Road Maintenance:
~ Salaries $ 29,527.00 $ 37,805.53 $ (8,278.53)
Tractor and truck expense 5,000.00 22,474.09 (17,474.09)
Miscellaneous 1,163.00 5,994.28 4,831.28)
I $ 35,690.00 $ 66,273.90 30,583.90)
Street Paving and Improvements $ 5,000.00 $ 2,737.06 $ 2,262.94
~ Tools $ 500.00 $ 452.08 $ 47.92
I See accompanying notes to financial statements. 7.
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CITY OF EDGEWATER, FLORIDA PAGE 2 OF 3
I GENERAL FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1975
I ACTUAL
(OVER) UNDER
ACTUAL ESTIMATED
APPROPRIATIONS EXPENDITURES (Note 3)
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PUBLIC WORKS - (continued)
i Drainage:
Salaries $ 2,000.00 $ 4,007.56 $ (2,007.56)
Supplies 500.00 193.25 306.75
I Miscellaneous 500.00 - 0 - 500.00
$ 3,000.00 $ 4,200.81 $ (1,200.81)
TOTAL PUBLIC WORKS $ 121,990.00 $ 157,711.38 $ ( 35 ,721. 38 )
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PUBLIC SAFETY
Humane Society $ 1,200.00 $ 1,800.00 $ (600.00)
I Street Lights $ 25,000.00 $ 22,129.98 $ 2,870.02
~ Police Department:
Salaries $ 98,512.00 $ 110,611.95 $
Car expense 7,500.00 12,931.52
Telephone 400.00 83.57
~ Radio service 2,000.00 1,407.06
Supplies 2,000.00 2 , 171. 84
Mi sce 11 aneous 1,500.00 2,339.32
I Prisoner fees 1,500.00 1,227.50
Sinking Fund 48.00 - 0 -
Building Fund 100.00 - 0 -
~ Civil Defense 5,750.00 5,867.51
$ 119,310.00 $ 136,640.27
Fire Department:
I Salaries $ 6,500.00 $ 7,559.47 $ (1,059.47)
Truck expense. 1,000.00 1,369.40 (369.40)
Telephone 1,000.00 1,186.43 (186.43 )
I Electric 700.00 795.97 (95.97)
Insurance 500.00 94.00 406.00
Miscellaneous 1,000.00 2,482.58 (1 ,482 . 58 )
Sinking Fund 100 .00 - 0 - 100.00
I $ 10,800.00 $ 13 ,487.85 $ (2,687.85)
Fi re Hydrants $ 5,500.00 $ 5,250.00 $ 250.00
I Emergency and Contingency $ 26,755.00 $ 5,556.60 $ 21,198.40
~ TOTAL PUBLIC SAFETY $ 188,565.00 $ 184,864.70 $ 3,700.30
~ See accompanying notes to financial statements.
~ 8.
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CITY OF EDGEWATER, FLORIDA PAGE 3 OF 3
~ GENERAL FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1975
~ ACTUAL
(OVER) UNDER
ACTUAL ESTIMATED
APPROPRIATIONS EXPENDITURES (Note 3)
I
PARKS AND RECREATION
I Salaries $ 1,000.00 $ 7,248.51 $ (6,248.51)
Materials and maintenance 5,000.00 2,544.87 2,455.13
Miscellaneous 2,000.00 1,366.46 633.54
~ Sinking Fund 100 .00 - 0 - 100.00
TOTAL PARKS AND
I RECREATION $ 8,100.00 $ 11,159.84 $ (3,059.84)
COMMUNITY CENTER
Salaries $ 900.00 $ - 0 - $ 900.00
I Util i ti es 1,000.00 1,861. 99 (861.99)
Mi sce 11 aneous 1,000.00 2,829.76 (1,829.76)
Sinking Fund 100.00 - 0 - 100.00
i TOTAL COMMUNITY CENTER $ 3,000.00 $ 4,691.75 $ (1,691.75)
LIBRARY
I Salaries $ 100.00 $ 392.63 $ (292.63)
Books 100 .00 - 0 - 100.00
Mi sce 11 aneous 500.00 903.03 (403.03)
'I Uti 1 iti es 100.00 19.80 80.20
Building Fund 3,000.00 - 0 - 3,000.00
Ii TOTAL LIBRARY $ 3,800.00 $ 1,315.46 $ 2,484.54
CAP IT AL OUTLAY
General Government $ 3,289.81 $ 2,187.10 $ 1,102 .71
Ii Public Works 75,935.14 65,332.29 10,602.85
Public Safety 10,500.00 7,203.94 3,296.06
Parks and Recreation 51,291.05 49,997.56 1,293.49
Ii Community Center 500.00 - 0 - 500.00
Library r,ooo.OO 155.00 845.00
I TOTAL CAPITAL OUTLAY $ 142,516.00 $ 124,875.89 $ 17,640.11
EQUIPMENT RENEWAL AND
REPLACEMENT FUND $ 100 .00 $ - 0 - $ 100.00
I TOTALS $ 594.658.00 $ 627.493.81 $ (32.835.81)
i See accompanying notes to financial statements.
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FEDERAL REVENUE SHARING FUND
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CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
SEPTEMBER 30, 1975
ASSETS
Cash
Investments (Note 1)
Construction in progress
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITI ES
FUND BALANCE
Appropriated
Unappropriated
TOTAL LIABILITIES AND FUND BALANCE
$
13,679.39
82,400.00
1,286.90
$
94,691.75
2,674.54
ANALYSIS OF CHANGES IN APPROPRIATED FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
j
97.366.29
$
- 0 -
$
97,366.29
97.366.29
BALANCE - October 1, 1974
ADD
~ppropriated fund balance for approved
capital and operating expenditures
DEDUCT
Completed capital projects transferred
to Water and Sewer System Revenue and
Operating Fund
BALANCE - September 30, 1975
See accompanying notes to financial statements.
$
63,592.00
$
49,041.00
112,633.00
$
17,941.25
94.691. 75
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CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
ANALYSIS OF CHANGES IN UNAPPROPRIATED FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
BALANCE - October 1, 1974 $
ADD
~ctual revenue
DEDUCT
Appropriation of fund balance for
approved capital and operating
expenditures
BALANCE - September 30, 1975 ~
See accompanying notes to financial statements.
336.04
$
51,379.50
51,715.54
49,041. 00
2.674.54
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CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
Entitlement Period V $ 49,041.00 $ 49,041.00 $ - 0 -
Interest income - 0 - 2,338.50 2,338.50
TOTALS $ 49.041.00 $ 51.379.50 $ 2.338.50
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
APPROPRIATIONS EXPENDITURES
ACTUAL
(OVER) UNDER
ESTIMATED
CAPITAL EXPENDITURES
Land
17,941.25 $
17.941.25 $
$
$
17 ,941.25 $
17.941.25 $
- 0 -
- 0 -
TOTALS
See accompanying notes to financial statements.
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WATER AND SEWER SYSTEM FUNDS
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM - ALL FUNDS
BALANCE SHEET
SEPTEMBER 30, 1975
TOTAL
ALL FUNDS
ASSETS
Cash
Investments (Note 1)
Customer accounts receivable
EPA Grant receivable
Materials and supplies inventory (Note 1)
Due from County of Vol usia
Due from Renewal and Replacement Fund
Due from Construction Fund
Due from Revenue and Operating Fund
Plant in service (Note 2)
less: accumulated depreciation
$ 88,997.72
208,304.11
8,346.43
53,593.00
6,612.71
297.70
5,000.00
10,200.00
10,275.00
2,306,243.98
(290,000.00)
$ 2.407.870.65
TOTAL ASSETS
LIABILITIES, RESERVES, FUND
BALANCES AND RETAINED EARNINGS
LIABILITIES
Accounts payable
Customers' meter deposits
Due to Renewal and Replacement Fund
Due to Water Development Fee
Capital Improvement Fund
Due to Sewer Development Fee
Capital Improvement Fund
Due to Revenue and Operating Fund
Due to General Fund
Refundable water line extensions
Refundable sewer line extensions
Bonds payable
$ 1,145.39
27,597.25
1,320.00
7,800.00
2,475.00
13,880.00
41,385.74
12,606.80
16,438.07
1,433,000.00
$ 1,557,648.25
TOTAL LIABILITIES
RESERVES, FUND BALANCES AND
RETAINED EARNINGS
Reserve for life of bonds
Fund balances
Retained earnings
116,445.08
113,010.93
620,766.39
TOTAL LIABILITIES, RESERVES,
FUND BALANCES AND RETAINED
EARNINGS
$ 2.407.870.65
See accompanying notes to financial statements.
REVENUE AND
OPERATING
FUND
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$ 57,833.82
25,000.00
8,346.43
6,612.71
297.70
5,000.00
8,880.00
2,306,243.98
(290,000.00)
.$ 2.128.214.64
$ 1,145.39
27,597.25
7,800.00
2,475.00
6,385.74
12,606.80
.' 16,438.07
1,433,000.00
$ 1,507,448.25
620,766.39
$ 2.128.214.64
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I WATER SEWER
DEVELOPMENT DEVELOPMENT
I BOND AND RENEWAL AND FEE CAPITAL FEE CAPITAL
INTEREST REPLACEMENT CONSTRUCTION IMPROVEMENT IMPROVEMENT
SINKING FUND FUND FUND FUND FUND
I
$ 29,058.15 $ 1,083.88 $ 1,021.87 $ $
I 133,304.11 50,000.00
53,593.00
I
1,320.00
I 7,800.00 2,475.00
I $ 162.362.26 $ 52.403.88 $ 54.614.87 $ 7.800.00 $ 2.475.00
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1,320.00
-I
I 5,000.00 8,880.00
35,000.00
I
I $ - 0 - $ 5,000.00 $ 45,200.00 $ - 0 - $ - 0 -
II 116,445.08
45,917.18 47,403.88 9,414.87 7,800.00 2,475.00
I
ID $ 162.362.26 $ 52.403.88 $ 54.614.87 $ 7.800.00 $ 2.475.00
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
BALANCE SHEET
SEPTEMBER 30, 1975
ASSETS
CURRENT ASSETS
Cash
Investments (Note 1)
Customers' accounts receivable
Materials and supplies inventory
(Note 1)
Due from County of Volusia
Due from Renewal and Replacement Fund
Due from Construction Fund
$ 57,833.82
25,000.00
8.346.43
6,612.71
297.70
5,000.00
8,880.00
$ 111,970.66
$ 17,941.25
382,315.14
55,685.24
214,145.74
24,806.54
12,000.00
1,562,356.21
20,473.86
16,520.00
$ 2,306,243.98
290,000.00 2,016,243.98
$ 2.128.214.64
TOTAL CURRENT ASSETS.
PLANT IN SERVICE (Note 2)
Land
Water Plant and Distribution System
Water Plant improvements
Line extensions - water
Equipment - water
Land - Sewer Disposal Plant
Sewer System
Water tank #2
Sewer System - Silver Ridge
less: accumulated depreciation
TOTAL ASSETS
LIABILITIES AND RETAINED EARNINGS
LI AS I LIT! ES
Accounts payable
Customers' meter deposits
Due to Water Development Fee
Capital Improvement Fund
Due to Sewer Development Fee
Capital Improvement Fund
Due to General Fund
Refundable water line extensions
Refundable sewer line extensions
Bonds payable
$ 1,145.39
27,597.25
7,800.00
2,475.00
6,385.74
12,606.80
16,438.07
1,433,000.00
$ 1,507,448.25
RETAINED EARNINGS
TOTAL LIABILITIES AND
RETAINED EARNINGS
620,766.39
$ 2.128.214.64
See accompanying notes to financial statements.
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
RETAINED EARNINGS - October 1, 1974 $ 482,988.79
ADD
Net income $ 22,293.69
Fixed assets transferred from:
Construction Fund 88,138.13
Renewal and Replacement Fund 524.53
Federal Revenue Sharing Fund 17,941.25
Adjustment to capitalize preliminary
construction costs expensed in
prior year 8,880.00 137,777.60
$ 620,766.39
DEDUCT - 0 -
RETAINED EARNINGS - September 30, 1975 $ 620.766.39
See accompanying notes to financial statements.
15.
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CITY OF EDGEWATER, FLORIDA
I WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
i STATEMENT OF REVENUE AND EXPENSE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
i OPERATING REVENUES
Water sales $ 98,760.00
Water connection charges 10,730.75
I Water service charges 1,452.50
Hydrant rental 5,250.00
Miscellaneous - water 581.69
~ Nonrefundable water line extensions 2,110.49
Sewer service charges 82,316.65
Sewer connection charges 1,975.00
Impact fees 4,200.00
~ TOTAL OPERATING REVENUES $ 207,377.08
i LESS: OPERATING EXPENSES BEFORE
DEPRECIATION - Page 20
Water Department $ 74,293.00
I Sewer Department 60,650.91 134,943.91
NET OPERATING INCOME
BEFORE DEPRECIATION $ 72,433.17
I LESS: DEPRECIATION EXPENSE 36,000.00
~ NET OPERATING INCOME $ 36,433.17
ADD: NONOPERATING INCOME
I Util ity taxes $ 72,719.21
Federal Comprehensive Employment
Training Act revenue 6,762.75
Transfer from Construction Fund 8,880.00
I TOTAL NONOPERATING INCOME 88,361. 96
g TOTAL INCOME $ 124,795.13
LESS: NONOPERATING EXPENSES
I Bond interest expense $ 58,477.08
Transfer to Renewal and Replacement
Fund 44,024.36
I TOTAL NONOPERATING EXPENSES 102,501.44
NET INCOME TO RETAINED EARNINGS $
22.293.69
I
See accompanying notes to financial statements.
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$ 72,433.17
88,361. 96
88,138.13
524.53
17,941.25
8,880.00
16,246.30
$ 292,525.34
$ 102,501.44
36,000.00
12,867.38
115,930.23
25,000.00
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUNDS WERE PROVIDED BY:
Net operating income before depreciation
Nonoperating income
Transfer of equity in fixed assets from:
Construction Fund
Renewal and Replacement Fund
Federal Revenue Sharing Fund
Retained earnings adjustment - capitalize
preliminary construction cost
Increase in liabilities
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO:
Nonoperating expenses
Retirement of revenue bonds
Increase in current noncash assets
Fixed asset additions
Purchase of investments
TOTAL APPLICATIONS OF FUNDS
INCREASE IN CASH FUNDS DURING YEAR
CASH BALANCE - October 1, 1974
CASH BALANCE - September 30, 1975
See accompanying notes to financial statements.
292,299.05
$ 226.29
57,607.53
$ 57.833.82
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CITY OF EDGEWATER, FLORIDA
~ WATER AND SEWER REVENUE FUND
~ STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
~ ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
I WATER DEPARTMENT
Water sales $ 91,600.00 $ 98,760.00 $ 7,160.00
Connection charges 12,600.00 10,730.75 (1,869.25)
I Service charges 1,000.00 1,452.50 452.50
Hydrant rentals 5,200.00 5,250.00 50.00
Nonrefundable line extensions 7,500.00 2,110.49 (5,389.51)
Ii Mi sce 11 aneous 800.00 581~69 (218.31)
$ 118,700.00 $ 118,885.43 $ 185.43
SEWER DEPARTMENT
I Sewer service charges $ 77,900.00 $ 82,316.65 $ 4,416.65
Connection charges .9,000.00 1,975.00 (7,025.00)
Impact fees - 0 - 4,200.00 4,200.00
I Mi sce 11 aneous 500.00 - 0 - (500.00)
$ 87,400.00 $ 88,491.65 $ 1,091.65
NONOPERATING REVENUE
I Utilities taxes $ 60,000.36 $ 72,719.21 $ 12,718.85
Interest on investments 9,000.00 - 0 - (9,000.00)
Transfer from Construction Fund - 0 - 8,880.00 8,880.00
II Federal Comprehensive Employment
Training Act revenue - 0 - 6,762.75 6,762.75
$ 69,000.36 $ 88,361.96 $ 19,361.60
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'iI TOTALS $ 275.100.36 $ 295.739.04 $ 20.638.68
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~ STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
I FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
ACTUAL (OVER) UNDER
I APPROPRIATIONS EXPENDITURES ESTIMATED
Total operation and maintenance
appropriations $ 122,050.20 $ 135,390.23 $ (13,340.03)
Ii Water and Sewer System Bond and
Interest Sinking Fund 94,477.08 94,477.08 - 0 -
Water and Sewer System Renewal
Ii and Replacement Fund 58,573.08 44,024.36 14,548.72
TOTALS $ 275.100.36 $ 273.891.67 $ 1.208.69
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER OPERATING FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
See accompanying notes to financial statements.
19.
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CITY OF EDGEWATER, FLORIDA
i WATER AND SEWER OPERATING FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
Ii FOR THE YEAR ENDED SEPTEMBER 30, 1975
ACTUAL
(OVER) UNDER
i ACTUAL ESTIMATED
APPROPRIATIONS EXPENDITURES (Note 3)
OPERATING EXPENDITURES
I Water Department: $ $ $ , (6,340.34)
Salaries 28,500.00 34,840.34
Payro 11 taxes 3,400.10 2,349.53 1,050.57
I Electrical power 7,000.00 8,234.23 (1,234.23)
Chemicals 4,400.00 4,435.66 (35.66)
Supplies 1,000.00 2,431.07 (1,431.07)
I Truck expense 1,000.00 408.07 591. 93
Repairs and replacements 5,000.00 13,239.62 (8,239.62)
Telephone 600.00 576.54 23.46
Printing 600.00 593.47 6.53
Iii Professional services 1,500.00 1,934.71 (434.71)
Insurance 3,000.00 1,893.66 1,106.34
Tank maintanance 500.00 - 0 - 500.00
I Equipment rental 2,000.00 40.00 1,960.00
Office space rental 600.00 1,200.00 (600.00)
Miscellaneous and
employee insurance 3,000.00 2,116.10 883.90
I TOTAL $ 62,100.10 $ 74,293.00 $ (12,192.90)
Sewer Department:
I Salaries $ 26,500.00 $ 32,607.37 $ (6,107 .37)
Payroll taxes 3,100.10 1,564.67 1,535.43
Electrical power 7,000.00 13,371.35 (6,371.35)
Ii Chemicals 8,400.00 4,379.28 4,020.72
Supplies 600.00 529.44 70.56
Truck expense 500.00 40.25 459.75
Repairs and replacements 2,000.00 3,752.66 (1,752.66 )
I Telephone 150.00 307.34 (157.34)
Printing and office supplies 600.00 593.35 6.65
Professional services 1,500.00 1,934.72 (434.72)
Ii Insurance 3,000.00 - 0 - 3,000.00
Equipment rental 1,000.00 50.00 950.00
Office space rental 600.00 - 0 - 600.00
I Miscellaneous and
employee insurance 3,000.00 1,520.48 1,479.52
TOTAL $ 57,950.10 $ 60,650.91 $ (2,700.81)
I TOTAL OPERATING
EXPENDITURES $ 120,050.20 $ 134,943.91 $ (14,893.71)
CAPITAL EXPENDITURES
I Water Department $ 1,000.00 $ 446.32 $ 553.68
Sewer Department 1,000.00 - 0 - 1,000.00
I TOTAL CAPITAL
EXPENDITURES $ 2,000.00 $ 446.32 $ 1,553.68
TOTAL EXPENDITURES $ 122.050.20 $ 135.390.23 $ (13 .340 .03)
i See accompanying notes to financial statements. 20.
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
BALANCE SHEET
SEPTEMBER 30, 1975
ASSETS
Cash
Investments (Note 1)
$ 29,058.15
133,304.11
TOTAL ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
$
162.362.26
LIABILITIES
RESERVES
Reserve for life of bonds
$
- 0 -
116,445.08
45,917.18
FUND BALANCE
TOTAL LIABILITIES, RESERVES
AND FUND BALANCE
$
162.362.26
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE - October 1, 1974 $ 45,508.13
ADD
--rransfer from Water and Sewer
Revenue Fund $ 94,477.08
Interest income 9,001.66 103,478.74
$ 148,986.87
DEDUCT
Bonds redeemed $ 36,000.00
Interest on bonds 58,457.61
Increase in reserve for life of bonds 8,612.08 103,069.69
FUND BALANCE - September 30, 1975 $ 45.917.18
See accompanying notes to financial statements.
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WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
CASH BALANCE - October 1, 1974 $
RECEIPTS
Transfer from Water and Sewer
Revenue Fund
Investments redeemed
Interest income
61,730.46
$ 94,477.08
142,310.67
9,001.66
245,789.41
$ 307,519.87
$ 36,000.00
58,457.61
184,004.11
278,461.72
$ 29.058.15
TOTAL RECEIPTS
TOTAL CASH AVAILABLE
DISBURSEMENTS
Bonds redeemed
Interest on bonds
Investments purchased
TOTAL DISBURSEMENTS
CASH BALANCE - September 30, 1975
See accompanying notes to financial statements.
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
BALANCE SHEET
SEPTEMBER 30, 1975
ASSETS
$
1,083.88
50,000.00
1,320.00
Cash
Investments (Note 1)
Due from Construction Fund
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES
Due to Revenue and Operating Fund
FUND BALANCE
TOTAL LIABILITIES AND FUND BALANCE
See accompanying notes to financial statements.
.$
52.403.88
$
5,000.00
47,403.88
52.403.88
$
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CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
CASH BALANCE - October 1, 1974
RECEIPTS
Transfer from Revenue and Operating Fund
Interest income
Refund of overpayment on prior year
expenditure
TOTAL RECEIPTS
TOTAL CASH AVAILABLE
DISBURSEMENTS
Water line repair and maintenance
Sewer line repair and maintenance
Security deposit paid to Revenue and
Operating Fund
Water and sewer connection fees paid
to Revenue and Operating Fund
Capital expenditures
Purchase of investments
Payroll taxes paid
Refund of water and sewer line deposits
TOTAL DISBURSEMENTS
CASH BALANCE - September 30, 1975
$
44,024.36
993.73
927 .72
$
5,269.08
411.65
45.00
350.00
524.53
50,000.00
25.42
182.93
See accompanying notes to financial statements.
$
11,946.68
$
45,945.81
57,892.49
,$
56,808.61
1.083.88
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CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1975
GENERAL FIXED ASSETS (Note 2)
Road machinery
New City Hall
Furniture and fixtures
City barn building
Maps
Real estate
Shell streets
Shell pit
Street paving
Strand Road fill
Traffic warning signal
Traffi c 1 i ghts
Police Department equipment
Small tools and miscellaneous equipment
Fire Department building
Fire Department equipment
Street signs
Street Department equipment
Library and Chamber of Commerce
Library fixtures
Community House
Community House equipment
Municipal park and pier
Picnic area
Communications system
Municipal code
Bridge
New library building
Drainage
$ 143,422.15
39,986.66
15,098.95
41,458.43
80.00
52,887.52
4,170.44
2,415.70
298,474.35
3,797.00
22,906.85
5,032.55
41,387.53
5,297.74
24,119.90
46,362.62
5,654.95
31,291.46
7,438.23
9,760.00
24,917.82
10,558.07
85,986.91
664.36
2,907.42
5,171.51
4,712.03
31,820.94
51,361. 92
TOTAL GENERAL FIXED ASSETS
INVESTMENT IN GENERAL FIXED ASSETS (Note 2)
General Fund revenues
Special revenue fund
$ 1,010,966.03
8,177 .98
TOTAL INVESTMENT IN GENERAL
FIXED ASSETS
See accompanying notes to financial statements.
$ 1.019.144.01
$ 1. 019 .144 .01
28.
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CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
PAGE 1 OF 3
ROAD MACHINERY
Balance - October 1, 1974 $ 114,539.44
Add: Axel kit $ 912.00
75 Ford garbage truck 21,300.00
Crawler tractor 6,670.71 28,882.71
$ 143,422.15
NEW CITY HALL
Balance - October 1, 1974 $ 38,739.76
Add: Ladies lounge $ 320.00
Improvements to building 926.90 1,246.90
$ 39,986.66
FURNITURE AND FIXTURES
Balance - October 1, 1974 $ 14,158.75
Add: Calculator $ 249.00
Desk top 83.20
IBM Selectric typewriter 608.00 940.20
$ 15,098.95
CITY BARN BUILDING
Balance - October 1, 1974 $ 5,008.85
Add: Architect fees $ 415.00
Materials and labor 35,934.58
Pepsi machine 100.00 36,449.58
$ 41,458.43
MAPS $ 80.00
REAL ESTATE $ 52,887.52
SHELL STREETS $ 4,170.44
SHELL PIT $ 2,415.70
STREET PAVING $ 298,474.35
STRAND ROAD FILL $ 3,797.00
TRAFFIC WARNING SIGNAL $ 22,906.85
See accompanying notes to financial statements.
29.
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CITY OF EDGEWATER, FLORIDA PAGE 2 OF 3
i GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
~ TRAFFIC LIGHTS.
Balance - October 1, 1974 $ 4,392.55
~ Add: Traffic signal 640.00
$ 5,032.55
~ POLICE DEPARTMENT EQUIPMENT $ 35,993.53
Balance - October 1, 1974
Add: Desk $ 99.00
i 1975 Plymouth Satellite 4,200.00
Radar gun 995.00
Siren 100.00 5,394.00
$ 41,387.53
~ SMALL TOOLS AND MISCELLANEOUS EQUIPMENT $ 5,297.74
iI FIRE DEPARTMENT BUILDING $ 24,119.90
FIRE DEPARTMENT EQUIPMENT
~ Balance - October 1, 1974 $ 45,192.68
Add: Valve and gauge $ 149.94
Hoses 1,020.00 1,169.94
$ 46,362.62
I STREET SIGNS $ 5,654.95
I STREET DEPARTMENT EQUIPMENT $ 31,291.46
LIBRARY AND CHAMBER OF COMMERCE $ 7,438.23
i LIBRARY FIXTURES
Balance - October 1, 1974 $ 9,605,00
Add: Barwick clock 155.00
I $ 9,760.00
COMMUNITY HOUSE $ 24,917.82
i COMMUNITY HOUSE EQUIPMENT $ 10,558.07
MUNICIPAL PARK AND PIER
I Balance - October 1, 1974 $ 35,989.35
Add: Shuffleboard courts $ 3,895.14
Seawall 17,900.00
I Multi-game courts 28,202.42 49,997.56
$ 85,986.91
i
See accompanying notes to financial statements.
i
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CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
PAGE 3 OF 3
PICNIC AREA $ 664.36
COMMUNICATIONS SYSTEM $ 2,907.42
MUNICIPAL CODE $ 5,171.51
BRIDGE $ 4,712.03
NEW LIBRARY BUILDING $ 31,820.94
DRAINAGE $ 51,361. 92
BALANCE - September 30, 1975 $ 1.019.144.01
See accompanying notes to financial statements.
31.
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NOTES TO FINANCIAL STATEMENTS
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CITY OF EDGEWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1975
1. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Edgewater conform to generally accepted
accounting principles as applicable to governmental units. The following is a
summary of the significant policies.
Basis of accounting:
The accrual basis of accounting is followed by all funds other than budgetary
funds (General Fund and Federal Revenue Sharing Fund), which utilize the
modified accrual basis of accounting. Under the modified accrual basis, the
expenditures are recorded at the time liabilities are incurred and revenues
are recorded when received in cash, except for material or available revenues
which should be accrued to reflect revenues earned.
Investments:
Investments represent U. S. Treasury Bills and Certificates of Deposit and are
stated at cost.
Inventories:
Inventories are stated at cost on the basis of the "first-in, first-out" method
of accounting. The effect of this method is to flow costs through the statement
of income in the order in which they are purchased and to assign a balance sheet
valuation more nearly at current replacement values.
Fixed assets:
Fixed assets purchased are recorded as expenditures in the General Fund and
Federal Revenue Sharing Fund. Such assets are capitalized at cost in the
General Fixed Assets Group of Accounts. No depreciation has been provided for
these general fixed assets. The fixed assets of the Water and Sewer System
Funds are capitalized when purchased. Depreciation is based on the amortization
of the revenue bond principal payments over the life of the bonds.
2. The Rules of the Auditor General and the Rules of the Department of Banking and
Finance of the State of Florida require that the City account for their fixed
assets from acquisition to final disposition. The fixed assets of the General
Fixed Assets Group of Accounts and the fixed assets of the Water and Sewer System
Revenue and Operating Fund have been properly recorded on the records of the City;
however, these assets cannot be specifically identified, nor can they be traced
from a physical observation to a fixed asset ledger.
3. During the year ended September 30, 1975, the expenditures of the General Fund
and Water and Sewer Operating Fund exceeded total appropriations by $32,836 and
$13,340, respectively, in violation of Section 88 of the City Charter, which
requi res -that no money sha 11 be drawn from the depos itory of the City nor sha 11
any obligation for expenditures of money be incurred except pursuant to the
appropriations made by the City Council. The Water and Sewer Operating Fund
was in violation of Section 15, Ordinance No. 400 authorizing the issuance of
Waterworks and Sewer System Refunding and Improvement Revenue Bonds. Section
15 requires the City not to expend any amount or incur any obligations in
excess of the amounts provided in the annual budget, except upon resolution
by the City. No resolutions were passed authorizing expenditures in excess of
appropriations.
32.
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CITY OF EDGEWATER, FLORIDA
AUDIT COMMENTS AND MANAGEMENT LETTER
SEPTEMBER 30, 1975
....
MAY. Z I M A Be CO.
CERTIFIED PUBLIC ACCOUNTANTS
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CITY OF EDGEWATER, FLORIDA
AUDIT COMMENTS AND MANAGEMENT LETTER
SEPTEMBER 30, 1975
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)Aag. zima & Co.
CERTIFIED puaLlc ACCOUNTANTS
To the Honorable Mayor, City
Council and City Clerk
City of Edgewater, Florida
COMMENTS AND MANAGEMENT LETTER
It is the policy of our firm and in accordance with the Rules of the Auditor
General and the Department of Banking and Finance of the State of Florida, to
submit our Comments on the operations of the City for the year just ended and
a Management Letter to the governing body of the municipality upon the com-
pletion of an audit of their books and records.
Our Comments are submitted for informational purposes and reflect certain com-
parisons which are not contained in the audit report.
Our examination of the books and records revealed certain deficiencies which,
while not significant. enough to cause us to change our opinion, should be
brought to your attention. The Management Letter contains recommendations
and suggested accounting procedures which will provide for more efficient
record keeping and a strengthening of internal control.
In accordance with the Rules of the Auditor General and the Department of
Banking and Finance, the City Clerk is required to file with the governing
body of the municipality, State Auditor General and the Department of Banking
and Finance, within twenty days of the receipt of the audit report, a written
statement of explanation or rebuttal concerning the auditors' Management Letter,
including corrective action to be taken.
COMMENTS
The City's accounting records for general governmental operations are main-
tained on a modified accrual basis, \'Jith the most important revenue being
recorded when earned and expenditures being recorded when incurred.
Budgetary control is maintained by periodic review of revenue and expenditures
by the City Clerk. During the fiscal year 1974/75, the original estimated
revenue and budget appropriations were amended. Total appropriations for the
General Fund were amended by $94,500 or 18.89% of the original appropriation.
Revenues for General Government functions totaled $540,417 for the fiscal year
ended September 30, 1975, an increase of 34.34% over 1974. General property
taxes produced 29.84% of general revenue compared to 30.58% last year. The
amount of revenue from the various sources is shown in the following tabulation:
INCREASE
(DECREASE)
OVER 1974
38,261
(1,190)
4,603
4,924
20,635
(1,112)
70,168
1,857
138,146
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GENERAL FUND
REVENUE SOURCE
AMOUNT
161,260
32,361
32,796
31,480
67,192
764
200,431
14,133
Property taxes
Licenses and permits
Fines and forfeitures
Franchise taxes
Garbage and trash collections
Rental income
Intergovernmental revenue
Other revenue
$
$
540,417
-
PERCENT
OF TOTAL
29.84 %
5.99
6.07
5.83
12.43
.14
37.09
2.61
100.00 %
$
-$
The City is required by ordinance to deposit utility tax revenue in the Water
and Sewer System Revenue and Operating Fund. During the year, the City received
$72,719 in. utility tax revenue which was deposited into the Water and Sewer
System Revenue and Operating Fund, an increase of 11.45% over 1974.
Total valuation for ad valorem taxes amounted to $39,862,741. The homestead
examption for ad valorem taxes was $9,213,230 for the current taxable year.
Current tax collections were 95.33% of the tax levy. The ratio of total
collections (current and delinquent) to the current tax levy was 95.67%.
Allocation of property tax levy by purpose for 1975 and the preceding fiscal
year are as follows:
PURPOSE
1975
General Fund
TOTAL TAX RATE
5 .50 mi 11 s
5 .50 mi 11 s
1974
6.69 mi 11 s
6.69 mi 11 s
The expenditures for the General Fund operations amounted to $627,494 for the
fiscal year, an increase of 52.72% over 1974. The expenditures for the major
functions of the City are shown in the following tabulation:
INCREASE
PERCENT (DECREASE)
FUNCTI ON AMOUNT OF TOTAL OVER 1974
General Government $ 142,875 22.77 % $ 20,079
Public Works 157,711 25.13 25,264
Public Safety 184,865 29.46 46,305
Parks and Recreation 11,160 1. 78 650
Community Center 4,692 .75 (1,443)
Library 1,315 .21 893
Capital Outlay 124,876 19.90 124,876
t 627,494 100.00 % $ 216,624
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The operatlons of the General Government function, which include the City
Council, Manager, Clerk, Attorney, office employees and City Court, accounted
for 22.77% of the General Fund expenditures. These expenditures exceeded the
City's estimate by 12.87%.
The operations of the Public Works Department, which include garbage, road
maintenance, street paving and improvements, represented 25.13% of the General
Fund expenditures. These expenditures exceeded the City's estimate by 29.28%.
The Police Department operations represented 21.78% of the General Fund expendi-
tures. These expenditures exceeded the City's estimate by 14.53%.
The Fire Department operations accounted for 2.15% of the General Fund expendi-
tures. These expenditures exceeded the City's estimate by 24.88%.
The operations of other Public Safety functions, which include the humane
society, street lights, fire hydrants, and emergency and contingency, accounted
for 5.54% of the General Fund expenditures. These expenditures were 40.57% less
than the City's estimate.
The Parks and Recreation operations represented 1.78% of the General Fund expendi-
tures. The expenditures exceeded the City's estimate by 37.78%. The Library
expenditures were 65.38% less than the City's estimate.
The Capital Outlay represented 19.90% of the General Fund expenditures. These
expenditures were 12.38% less than the City's estimate.
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
Revenues for the Water and Sewer System Revenue and Operating functions totaled
$295,739 for the fiscal year ended September 30,1975. The amount of revenue
from the various sources is shown in the following tabulation:
INCREASE
PERCENT (DECREASE)
REVENUE SOURCE AMOUNT OF TOTAL OVER 1974
Water Department charges $ 118,885 40.20 % $ 22,335
Sewer Department charges 88,492 29.92 14,650
Utility taxes 72,719 24.59 7,468
Other income 15,643 5.29 15,643
$ 295,739 100.00 % j 60,096
The operations of the Water Department, which include sales, connection charges,
billing service charges and hydrant rentals, accounted for 40.20% of the fund's
operating revenue. These revenues exceeded the City's estimate by 0.16%.
The operations of the Sewer Department, which include service charges, con-
nection and impact fees, represented 29.92% of the fund's operating revenue.
These revenues exceeded the City's estimate by 1.25%.
Utility taxes, which were transferred from the General Fund, accounted for 24.59%
of this fund's operating revenue. These revenues exceeded the City's estimate
by 21.20%.
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The expenses for the Water and Sewer System Revenue and Operating Fund1s
operations totaled $134~944 for the fiscal year ended September 30, 1975.
The expenses for the major functions of the fund are shown in the following
tabulation:
INCREASE
PERCENT (DECREASE)
FUNCTl ON AMOUNT OF TOTAL OVER 1974
Water Department $ 74,293 55.05 % $ 27,821
Sewer Department 60,651 44.95 12,038
j 134,944 100.00. % $ ]~~
The operations of, the Water Department accounted for 55.05% of the water and
sewer system operating expenses. These expenses were 19.63% more than the
Cityls estimate.
The operations of the Sewer Department accounted for 44.95% of the water and
sewer system operating expenses. These expenses exceeded the City.s estimate
by 4.66%.
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
This fund services the principal and interest retirement requirements of the
Revenue Bonds outstanding. During the year, the City redeemed $14,000.00 of
Series "A" 1964 Revenue Bonds and $22,000.00 of Series "B" 1964 Revenue Bonds.
There are $248,000.00 of Series "A" 1964 Revenue Bonds and $1,185,000.00 of
Series liB II 1964 Revenue Bonds that remain outstanding at September 30, 1975.
The reserve for life of bonds account services the reserve requirements of the
Series "A" and "B" 1964 Revenue Bonds as stated in City Ordinance No. 400.
WATER AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
This fund services the expenditures in the water and sewer system which are
for new capital assets and not operations and maintenance.
WATER AND SEWER SYSTEM CONSTRUCTION FUND
This fund was created to serve the requirements of the pollution control
facility. The construction of the pollution control facility was completed
during the fiscal period ending September 30, 1975. Accordingly, the constuc-
tion costs of the pollution control facility have been transferred to plant in
service in the Water and Sewer System Revenue and Operating Fund. The cost of
the pollution control facility was $88,138. .
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l~ATER Arm SEVIER OEVELopr~ENT FEE
---CAPITAL rr~rROVEMENT FUNDS
In accordance with Ordinance No. 904, the Water and Sewer Development Fee
Capital Improvement Funds have been established during the fiscal period ending
September 30, 1975. All development fees paid to the City shall be deposited
in the appropriate fund and used only for the expansion of the City's primary
water supply system and the pY'imary waste water treatment system. Water and
sewer development fees collected in the fiscal period ending September 30, 1975
were $7,800.00 and $2,475.00, respectively.
FEDERAL REVENUE SHARING FUND
The City received, as appropriations from the Office of Revenue Sharing,
$49,041. At September 30$ 1975, the City had completed projects totaling
$17,941 and uncompleted projects totaling $1,287.
MANAGEMENT LETTER
Appropriate action has been taken upon recomnend~tions and suggested accounting
procedures as outlined in the Management Letter submitted to the City for the
period ended September 30, 1974, except for the following: .
1. The Rules of the State Auditor General, Chapter 10.500, Section 10.510,
and the Rules of the Department of Banking and Finance, require that the
City account for assets from acquisition to final disposition. Our
examination revealed that the City has not completed the inventory of
fixed assets. It is our recommendation that the City take the necessary
steps to comply with the aforementioned provisions.
2. When inventory is purchased, in the Water and Sewer Revenue Fund, it is
charged directly to an expense account and not the inventory account.
It is our recommendation. that inventory purchased be charged to the
inventory account and deductions be made only when inventory is used.
3. No standard procedure has been established for requisitioning or return-
ing items of inventory. It is our recommendation that a standard
requisitioning form be designed and implemented by the Water and Sewer
Departments.
4. During the first quarter of fiscal 1974/75, expenditures made out of
the Renewal and Replacement Fund were not approved by resolution, in
violation of Section 15, Ordinance No. 400. Subsequent to December 31,
1974, the City stopped making these expenditures from the Renewal and
Replacement Fund.
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During our review of cash and investments, several areas were brought to our
attention upon which we submit the following comments and recommendations:
1. It was disclosed that the City does not keep an investment ledger
providing a detailed listing of investment transactions. One of the
objectives of internal control over the handling of investments is
independent accountability over investment assets and the income they
produce. An investment ledger would show the amount of interest
income that must be accounted for instead of accounting for interest
income as it is received and deposHed, It is our recommendation that
an investment ledger be implemented to account for investment trans-
actions and interest income.
2. It was disclosed that the collateral held by the Southeast Bank of New
Smyrna, to guarantee the monies of the City, was deficient. It is our
recommendation that a periodic review be made by the City of the
collateral held by banks to guarantee the monies of the City.
3. It was disclosed that several of the bank accounts contain outstanding
checks that are over six months old. If checks are permitted to remain
outstanding for long periods of time, internal control over cash dis-
bursements is weakened. It is our recommendation that the outstanding
checks over six months old be investigated and appropriate action be
taken to eliminate them from the bank reconciliations.
During our review of expenditures, several areas were brought to our attention
upon which we submit the following comments and recommendations:
1. It was disclosed that payments made to vendors that represent an
accumulation of involces were not being stamped "paid". The present
procedure being followed is to attach to all the invoices a tape
showing the total amount to be paid. The attached tape is then
stamped "paid". It is our recommendation that the invoices also be
stamped "paid" to prevent them from being erroneously processed through
the accounting system again.
2. Internal control over ~urchases should pfovide that purchases or other
commitments are initiated only by authorized personnel, purchase orders
for goods and materials are placed as needed, and follow-up is made on
purchase orders if delivery has not been made by the scheduled delivery
date. , It was disclosed that the City does not have a formal purchase
order system or policies established. Purchase orders have been used
by the City, but they are not applied on a consistent basis. It is
our understanding that the City is currently designing a purchase
order system. We recommend that the purchase order system be com-
pleted and formal purchase policies adopted and followed by all
departments.
During our review of the water and sewer utility billings, several areas
\'Jere brought to our attention upon which \'Je subm'jt the follo\'Jing comments
and recommendations:
1. It was disclosed that the water and sewer clerk has the responsibility
of preparing refund checks on customer accounts and accounting for the
customer meter deposits from which the refunds are usually made. It
is our recommendation that customer refunds be approved and made by
someone other than the water and sewer clerk.
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2. It was disclosed that no penalty charge is currently being collected
for late payments of water and sewer billings. This is not in com-
pliance with Ordinance No. 539, Section 9, which states if any monthly
bill for water service shall be and remain unpaid on and after thirty
days from the date of submission of said bill for such service, a
penalty of 10% of said bill shall be imposed. It is our recommendation
that a periodic review of customer accounts be made to ensure compliance
with applicable portions of Ordinance No. 539.
During our review of licenses and permits, several areas were brought to our
attenti on upon whi ch we submit the fo 11 o'tJi ng comments and recommendati ons:
1. It was disclosed that occupational licenses had not'been procured by
some of the bus i nesses operati ng in the City. It is our recommendati on
that the City periodically review the' businesses operating within the
City for occupational licenses.
2. It was disclosed that the permits issued by the County Building Inspectors
on behalf of the City were not completed in suffi ci ent detaiL The permits
have an adequate list of items includable in computing the fee, but the
categorical list is not being completed. It is our recommendation that
the permits be completed in detail sufficient to allow verification of
the fees charged.
The City implemented a new payroll system in order to eliminate the writing of
a payroll check from each fund as in previous years. It was disclosed that the
payroll journal established had not been reconciled with the respective general
ledgers. Transfers were made to the payroll bank account in a lump sum total
instead of for the amount of gross payroll for the pay period. The payroll
expenses and liabilities for the various funds per the payroll journal had not
been spread to the general ledger accounts. It is our recommendation that the
payroll pegboard system be reviewed and written procedures established for the
recording of payroll expenses on the books of record from the payroll journal.
Contributions for the expansion of the City.s utility system have been necessary
in the past and wi II probably be necessary in future expans ions. These contri-
butions can arise from the connection of a subdivision developer's system to the
City's system and revenue from state or federal sources. In order to conform
to generally accepted accounting principles, as applicable to governmental
units, the contributions should be reflected by the City on its books of record
and financial statements. It is our recommendation that, as part of the fixed
asset inventory, the City record the amount and source of contributions pro-
vided for the purchase of fixed assets. The subdivision developer's system
connection to the City.s system should be recorded on the City's records at fair
market value when transferred to the City.
During the fiscal year 1974/75, the original estimated revenue and budget
appropriations we~e amended. With the budget amendments, actual expenditures
still exceeded appropriations in the General Fund and the Water and Sewer
Operating Fund. The actual expenditures in excess of appropriations is in
violation of Section 88 of the City Charter and Section 15 of Ordinance No.
400, respectively. Presently, the City does not require that expenditures
be compared to the budget in order to determine that adequate appropriations
exist. It is our recommendation that procedures be established to verify
sufficient appropriations in the budget for the approved expenditures.
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The City presently has an accounting procedures plan covering the major
accounting functions of cash receipts, cash disbursements, payroll and fixed
asset records. However, some of the procedures and functions have changed
since the accounting procedures were prepared several years ago. Written
accounting and bookkeeping procedures should be in sufficient detail to pro-
vide the following:
1. Standardize clerical operations and delineate specific responsibilities,
2. Reduce training time for new employees, and
3. Assist management in the assignment of tasks during vacations or
periods of sickness'.
It is our recommendation that the City's accounting procedures be reviewed
and updated.
The financial report filed with the Department of Banking and Finance pursuant
to Section 218.32, Florida Statutes, is in agreement with the annual audit
report for the period ended September 30, 1975.
We wish to thank the City Clerk, department heads and their staff for their
assistance and cooperation during our examination.
If we can be of further service, please call us.
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Daytona Beach, Florida
November 18, 1975