FY 1974 Financial StatementsCITY OF EDGEWATER, FLORIDA
FINANCIAL STATEMENTS
SEPTEMBER 30, 1974
MAY. ZIMA & CO.
CERTIFIED PUBLIC ACCOUNTANTS
CITY OF EDGEWATER, FLORIDA
FINANCIAL STATEMENTS
SEPTEMBER 30, 1974
MAYOR
David C. Severance
COUNCILMEN
Jacob Lodico
William H. Cairne
Walter B. Sikes
Calvin R. Dietz
CITY MANAGER
N. Dale Bryant
CITY CLERK
Sue Blackwell
CITY ATTORNEY
Joe E. Weaver
AUDITORS
May, Zima & Co.
CITY OF EDGEWATER, FLORIDA
TABLE OF CONTENTS
AUDITORS' REPORT . . . . . . . . . . . . . . . . . . . . . .
. . . 1
COMBINED BALANCE SHEET . . . . . . . . . . . . . . . . . . .
. . . 2
GENERAL FUND
Balance Sheet.
3
Analysis of Changes in Fund Balance . . . . . . . . . . . .
. . . 4
Statement of Revenue - Estimated and Actual. . . . . . . .
. . . 5
Statement of Actual and Estimated Expenditures . . . . . .
. . 6 - 8
FEDERAL REVENUE SHARING FUND
Balance Sheet. . . . . . . . . . . . . . . . . . .
. . . 9
Analysis of Changes in Fund Balance. . . . . . . . . .
. . . 9
Analysis of Changes in Appropriated Fund Balance . . . . .
. . . 10
Statement of Revenue - Estimated and Actual. . . . . . . .
. . . 11
Statement of Actual and Estimated Expenditures . . . . . .
. . . 11
WATER AND SEWER SYSTEM FUNDS
Balance Sheet - All Water and Sewer Funds.
12
Water and Sewer System Revenue and Operating Fund:
Balance Sheet . . . . . . . . . . . . . . . . . . . . . .
. . . 13
Analysis of Changes in Retained Earnings . . . . . . . .
. . . 14
Statement of Revenue and Expense . . . . . . . . . . . .
. . . 15
Statement of Changes in Financial Position . . . . . . .
. . . 16
Statement of Revenue - Estimated and Actual -
Water and Sewer Revenue Fund . . . . . . . . . . . . .
. . . 17
Statement of Actual and Estimated Expenditures -
Water and Sewer Revenue Fund . . . . . . . . . . . . .
. . . 17
Statement of Revenue - Estimated and Actual -
Water and Sewer Operating Fund . . . . . . . . . . . .
. . . 18
Statement of Actual and Estimated Expenditures -
Water and Sewer Operating Fund . . . . . . . . . .
. . . 19
Water and Sewer System Bond and Interest Sinking Fund:
Balance Sheet . . . . . . . . . . . . . . . . . . . . . .
. . . 20
Analysis of Changes in Fund Balance . . . . . . . . . . .
. . . 20
Statement of Cash Receipts and Disbursements . . . . . .
. . . 21
Water and Sewer System Renewal and Replacement Fund:
Balance Sheet. . . . . . . . . . . . . . . . . . . .
. . . 22
Analysis of Changes in Fund Balance . . . . . . . . . . .
. . . 22
Statement of Cash Receipts and Disbursements . . . .
. . . 23
Water and Sewer System Construction Fund:
Balance Sheet . . . . . . . . . . . . . . . . . . . . . .
. . . 24
Analysis of Changes in Fund Balance . . . . . . . . . . .
. . . 24
Statement of Cash Receipts and Disbursements . . . . . .
. . . 25
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
Statement of General Fixed Assets. . . .
26
Statement of Changes in General Fixed Assets . . . . . . .
. 27 - 29
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . .
. . . 30
SUPPLEMENTAL INFORMATION
Schedule of Insurance in Force . . . . . . . . . . . . . .
. . . 31
Schedule of Bonded Debt and Interest to Maturity . . . . .
. . . 32
.pay, 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,
1974. 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, subject to Note 2 in the notes to the financial statements,
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, 1974, and the results of operations of such funds and the changes
in financial position of the Water and Sewer System 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.
Also, in our opinion, the requirements and covenants set forth by ordinances
covering the issuance of bonds and amendments thereto have been fulfilled.
Daytona Beach, Florida
December 23, 1974
1.
COMBINED BALANCE SHEET
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2.
GENERAL FUND
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30, 1974 AND 1973
1974
ASSETS
Cash
Investments - at cost
Garbage accounts receivable
Fines receivable
Taxes receivable
Paving assessments receivable
Due from Water and Sewer System
Construction Fund
Due from Water and Sewer
Revenue Fund
Material and supply inventory -
at cost
Meter deposits
$ 26,963.01
100,000.00
2,206.12
1,146.00
417.32
1,119.46
35,000.00
222.00
2,987.59
20.00
$ 170,081.50
$ 569.63
3,602.44
- 0 -
97.00
4,269.07
119,816.94
50,000.00
2,122.12
1,228.00
- 0 -
1,246.89
TOTAL ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES
Accounts payable
Payroll taxes payable
Playground account
Due to Florida Police Academy
RESERVES
Reserve for uncollected taxes
Reserve for encumbrances
FUND BALANCE
TOTAL LIABILITIES, RESERVES
AND FUND BALANCE
$ 417.32
52,416.00
$ 52,833.32
$ 112,979.11
- 0 -
- 0 -
1973
1,897.61
20.00
$ 176,331.56
$ 1,239.86
1,869.96
36.11
47.00
3,192.93
$ - 0 -
- 0 -
- 0 -
$ 173,138.63
$170_,081.50 $ 176
See accompanying notes to financial statements.
3.
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1.97
FUND BALANCE - October 1, 1973
ADD
Unrecorded accounts payable - 9/30/73
To record petty cash on general ledger
To adjust playground account for
recreation expenditure
DEDUCT
Unrecorded accounts payable - 9/30/74
Excess expenditures over revenue
Reserve for encumbrances
FUND BALANCE - September 30, 1974
$ 1,239.86
150.00
36.11
$ 569.63
8,599.86
52,416.00
See accompanying notes to financial statements.
$ 173,138.63
1,425.97
$ 174,564.60
61,585.49
112,979.11
4.
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1974
ACTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
PROPERTY TAXES $ 119,121.00 $ 122,999.44 $ 3,878.44
LICENSES AND PERMITS
Building permits
Electric permits
Plumbing permits
Business and occupational
licenses
Beverage licenses
Mobile home tags
Mechanical inspection
FINES AND FORFEITURES
FRANCHISE TAXES
GARBAGE AND TRASH COLLECTIONS
RENTAL INCOME
Community Center
Office rent
INTERGOVERNMENTAL REVENUE
Additional U cigarette tax
County occupational license
rebate
State revenue sharing
Municipal fuel tax rebate
MISCELLANEOUS REVENUE
APPROPRIATED FUND BALANCE
TOTALS
TOTAL REVENUE
LESS: APPROPRIATED FUND BALANCE
NET REVENUE
TOTAL EXPENDITURES
EXCESS EXPENDITURES OVER REVENUE
$ 5,500.00
2,150.00
1,149.00
$ 9,930.00
4,308.15
2,995.00
$ 4,430.00
2,158.15
1,846.00
2,000.00
2,000.00
5,000.00
- 0 -
17,799.00
$ 25,850.00
$ 19,500.00
$ 41,000.00
$ 750.00
1,200.00
1,950.00
7,137.50
2,234.40
5,542.62
1,403.00
33,550.67
$ 28,193.00
$ 26,555.50
$ 46,556.55
$ 676.50
1,200.00
$ 1,876,50
5,137.50
234.40
542.62
1,403.00
15,751.67
$ 2,343.00
$ 7,055.50
$ 5,556.55
$ (73.50)
-0-
73.50
$ 16,500.00 $ 15,988.01 $ (511.99)
450.00
80,000.00
- 0 -
96,950.00
$ 3,000.00
$ 114,000.00
$ 439,170.00
3,243.71
109,724.15
1,306.70
130,262.57
$ 12,276.31
$ 114,000.00
$ 516,270.54
2,793.71
29,724.15
1,306.70
33,312.57
$ 516,270.54
114,000.00
$ 402,270.54
410,870.40
See accompanying notes to financial statements.
$ 9,276.31
$ - 0 -
77 ,100.54
0
CITY OF EDGEWATER, FLORIDA PAGE I OF 3
GENERAL FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1974
PUBLIC WORKS
Garbage Department:
Salaries
Repairs and truck expense
Miscellaneous
Dump maintenance
New equipment
Sinking Fund
Road Maintenance:
Salaries
Tractor and truck expense
New equipment
Miscellaneous
Street Paving and Improvements
Tools and Barn Equipment
$ 46,000.00
6,000.00
800.00
3,000.00
8,980.00
100.00
T -- 64,880.00
$ 48,828.73
7,074.35
924..33
5,671.87
- 0 -
- 0 -
62,499.28
$ (2,828.73)
(1,074.35)
(124.33)
(2,671.87)
8,980.00
100.00
$ 2,380.72
$ 35,000.00
8,000.00
15,516.00
3,000.00
61,516.00
$ 30,290.86
9,759.14
15,205.00
2,909.76
58,164.76
21,152.00 $ 9,516.42
$ 1,288.00 $ 74.39
$ 4,709.14
(1,759.14)
31100
90.24
3,351.24
$ 11,635.58
$ 1,213.61
See accompanying notes to financial statements. 6.
APPROPRIATIONS
ACTUAL
EXPENDITURES
ACTUAL
(OVER) UNDER
ESTIMATED
GENERAL GOVERNMENT
Mayor, Judge, Council and
City Manager
$ 10,600.00
$ 9,859.43
$ 740.57
City Clerk
4,000.00
4,90126
(901.26)
Office employees
16,400.00
20,805.40
(4,405.40)
Attorney
7,000.00
9,215.54
(2,215.54)
Elections
1,000.00
1,600.80
(600.80)
Office expense
5,000.00
9,499.17
(4,499.17)
ko Miscellaneous
8,000.00
4,896.12
3,103.88
Auditor
1,500.00
5,501.80
(4,001.80)
Insurance
12,000.00
14,972.68
(2,972.68)
Building inspector
8,800.00
7,858.55
941.45
City Hall maintenance
4,000.00
3,465.38
534.62
Social Security
20,153.00
14,142.65
6,010.35
Codification
10,000.00
12,000.00
(2,000.00)
'
Health insurance
5,000.00
3,495 92
1,504.08
Building and Remodeling
f Fund
3,000.00
- 0 -
3,000.00
Publications
2,000.00
581.07
1,418.93
New equipment
2,000.00
- 0 -
2,000.00
Administrator
115.00
- 0 -
115.00
TOTAL GENERAL GOVERNMENT
$ 120,568.00
$ 122,795.77
$ (2,227.77
PUBLIC WORKS
Garbage Department:
Salaries
Repairs and truck expense
Miscellaneous
Dump maintenance
New equipment
Sinking Fund
Road Maintenance:
Salaries
Tractor and truck expense
New equipment
Miscellaneous
Street Paving and Improvements
Tools and Barn Equipment
$ 46,000.00
6,000.00
800.00
3,000.00
8,980.00
100.00
T -- 64,880.00
$ 48,828.73
7,074.35
924..33
5,671.87
- 0 -
- 0 -
62,499.28
$ (2,828.73)
(1,074.35)
(124.33)
(2,671.87)
8,980.00
100.00
$ 2,380.72
$ 35,000.00
8,000.00
15,516.00
3,000.00
61,516.00
$ 30,290.86
9,759.14
15,205.00
2,909.76
58,164.76
21,152.00 $ 9,516.42
$ 1,288.00 $ 74.39
$ 4,709.14
(1,759.14)
31100
90.24
3,351.24
$ 11,635.58
$ 1,213.61
See accompanying notes to financial statements. 6.
CITY OF EDGEWATER, FLORIDA PAGE 2 OF 3
GENERAL FUND
, STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1974
- ACTUAL
ACTUAL (OVER) UNDER
APPROPRIATIONS EX PENDITURES ESTIMATED
PU BLIC WORKS - (continued)
.r Drainage:
Salaries
$ 8,000.00
$ 1,976.94
$ 6,023.06
Supplies
2,388.00
165.33
2,222.67
New equipment
7,000.00
1,000.00
- 0 -
50.50
7,000.00
949.50
Miscellaneous
18,388.00
T 2,192.77
$ 16,195.23
TOTAL PUBLIC WORKS
$ 167,224.00
$ 132,447.62
$ 34,776.38
PUBLIC SAFETY
Humane Society
u
fl
I
Street Lights
Police Department:
Salaries
Car expense
Telephone
Radio service
Supplies
Miscellaneous
Prisoner fees
New equipment
Sinking Fund
Building Fund
Capital outlay
Civil Defense
Fire Department:
Salaries
Truck expense
New equipment
Telephone
Electric
Insurance
Miscellaneous
Sinking Fund
Fire Hydrants
Emergency and Contingency
TOTAL PUBLIC SAFETY
$ 1,383.00 $ 1,100.00 $ 283.00
$ 20,088.00 $ 16,272.47 $ 3,815.53
$ 66,000.00
6,900.00
200.00
500.00
1,000.00
600.00
1,500.00
4,000.00
48.00
100.00
115.00
115.00
$ 81,078. FO
$ 69,841.44
10,129.72
260.63
4,048.89
2,511.60
2,136.70
1,515.00
8,680.13
-0-
-0-
951.85
100,075. 6
$ (3,841.44)
(3,229.72)
(60.63)
(3,548.89)
(1,511.60)
(1,536.70)
(15.00)
(4,680.13)
48.00
100.00
115.00
836.85)
( 18,997.96 )
$ 5,816.00
300.00
1,300.00
800.00
300.00
1,000.00
1,000.00
50.00
10,566.00
$ 5,200.00
$ 15,500.00
$ 133,815.00
$ 6,142.35
1,594.41
3,540.96
1,110.12
998.91
343.25
2,019.51
-0-
15,749.51
$ 5,212.50
$ 150.00
$ 138,560.44
See accompanying notes to financial statements.
$ (326.35)
(1,294.41)
(2,240.96)
(310.12)
(698.91)
656.75
(1,019.51)
50.00
5,183.51
$ (12.50
$ 15,350.00
$ (4,745.44
7.
M
1
r
e
1
1
1
1
1
1
CITY OF EDGEWATER, FLORIDA
GENERAL FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED S EPTEMBER 30, 1974
PARKS AND RECREATION
Salaries
Materials and maintenance
New equipment
Miscellaneous
Sinking Fund
TOTAL PARKS AND
RECREATION
COMMUNITY CENTER
Salaries
Utilities
Miscellaneous
New equipment
Sinking Fund
TOTAL COMMUNITY CENTER
LIBRARY
Salaries
Books
Miscellaneous
Utilities
New equipment
Building Fund
TOTAL LIBRARY
EQUIPMENT RENEWAL AND
REPLACEMENT FUND
TOTALS
ACTUAL
APPROPRIATIONS EXPEND
800,00 $
1,000.00
2,092.00
1,500.00
100.00
PAGE 3 OF 3
ACTUAL
(OVER) UNDER
ESTIMATED
403.64
(157.48)
(4,849.84)
(514.48)
100.00
5 5,492.00 $ 10,510.16 $ (5,018.16
$
1,900.00 $
900.00
1,500.00
1,556.00
100.00
5,956.00 $ 6,134.71 $ (178.71
$ 500.00 $
- 0 - $
500.00
200.00
- 0 -
200.00
250.00
421.70
(171.70)
50.00
- 0 -
50.00
1,000.00
- 0 -
1,000.00
3,000.00
- 0 -
3,000.00
$ 5,000.00 $
421.70 $
4,578.30
$ 1,115.00 $ - 0 - $ 1,115.00
$ 439,170.00 $ 410,870 $_28�299�._60
See accompanying notes to financial statements.
396.36 $
1,157.48
6,941.84
2,014.48
- 0 -
- 0 - $
1,423.76
3,997.65
713.30
- 0 - -
1,900.00
(523.76)
(2,497.65)
842.70
100.00
1
1
1
1
FEDERAL REVENUE SHARING FUND
CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
SEPTEMBER 30, 1974 AND 1973
1974
ASSETS
LIABILITIES AND FUND BALANCE
Cash
Construction in progress
TOTAL ASSETS
1973
$ 62,472.54 $ 30,339.60
1,455.50 - 0 -
$ 63,928.04 $_ 30,339.60
- 0 - $ 749.05
LIABILITIES
Payroll taxes payable
FUND BALANCE
Appropriated
Unappropriated
TOTAL LIABILITIES AND FUND BALANCE
R
$ 63,592.00 $ 29,264.00
336.04 326.55
$� 63,928.04 29,590.55
1 63,928.04 $ 30,339.60
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1974
FUND BALANCE - October 1, 1973 $ 326.55
ADD
Actual revenue $ 47,838.00
Adjustment for completed capital
and operating expenditures cost
variance 9.49 47,847.49
$ 48,174.04
DEDUCT
Restriction of fund balance for
approved capital and operating
expenditures 47,838.00
FUND BALANCE - September 30, 1974 $ _ 336.04
See accompanying notes to financial statements. 9•
CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
ANALYSIS OF CHANGES IN APPROPRIATED FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1974
BALANCE - October 1, 1973
ADD
Appropriated fund balance for approved
capital and operating expenditures
DEDUCT
Completed capital projects $ 3,504.03
Operating expenditures 9,996.48
Adjustment for completed capital and
operating expenditures cost variance 9.49
B ALANCE - September 30, 1974
See accompanying notes to financial statements.
.1
.1
$ 29,264.00
47,838.00
$ 77,102.00
13,510.00
$ 63,592.00
10.
CITY OF EDGEWATER, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1974
— A CTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
Entitlement Period IV $ 47,838.00 $ 47,838.00 $ - 0 -
TOTALS 3 ... 47,838.00 $ 47,838.00 $ - 0 -
M
1
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
' FOR THE YEAR ENDED SEPTEMBER 30, 1974
ACTUAL
ACTUAL (OVER) UNDER
APPROPRIATIONS EXPENDITURES ESTIMATED
CAPITAL EXPENDITURES
$ 3,510.00 $ 3,504.03 $ 5.97
0
Public Safety
TOTAL CAPITAL
EXPENDITURES
OPERATING EXPENDITURES
Public Safety
TOTAL OPERATING
EXPENDITURES
TOTALS
$ 3,510.00 $ 3,504.03 $ 5.97
$ 10,000.00 $ 9,996.48 $ 3.52
$ 10,000.00 $ 9,996.48 $ 3.52
$ _13,510.00 $ 13,500.51 $ 9.49
Yom �s --
See accompanying notes to financial statements.
11.
WATER AND SEWER SYSTEM FUNDS
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12.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
BALANCE SHEET
LIABILITIES
Accounts payable
Payroll taxes payable
Customers meter deposits
Due to Water and Sewer System
Bond Interest and Sinking Fund
Due to General Fund
Refundable water line extensions
Refundable sewer line extensions
Bonds payable
RETAINED EARNINGS
TOTAL LIABILITIES AND
RETAINED EARNINGS
$ 780.16 $ 2,257.55
973.73 516.06
25,954.05 23,985.85
- 0 -
222.00
13,246.41
17,025.60
1,469,000.00
1,527,201.95
$ 482,988,79
2,847.00
- 0 -
5,828.85
17,419.96
1,503,000.00
1,555,855.27
$ 449,247.80
2 010,190.74
$ 2 005,103.07
60
See accompanying notes to financial statements. 13.
SEPTE MBER 30, 1974 AND
1973
1974
1973
ASSETS
CURRENT ASSET
Cash
$ 57,607.53
$ 75,230.78
Customers accounts receivable
7,821.05
6,738.40
Material and supply inventory -
8,448.41
4,484.95
at cost
Due from Water and Sewer System
- G -
477.40
r.
Renewal and Replacement Fund
86,931.53
73,876.99
PLANT IN SERVICE (Note 2)
Water Plant and Distribution System
$ 382,315.14
$ 380,094.80
Water Plant improvements
55,685.24
55,685.24
Line extensions - water
Equipment
214,145.74
23,835.69
181,022.08
14,611.52
- water
Land - Sewer Disposal Plant
12,000.00
12,000.00
Sewer System
1,465,338.08
1,457,764.04
Water tank n2
20,473.86
20,473.86
Sewer System - Silver Ridge
16,520.
2,190,313.75
16,520.00
2,138,171.54
less: accumulated depreciation
254,000.00
1,936,313.75
220,000.00
1,918,171.54
TOTAL ASSETS
2 ,010 ,190.74
$_ 2,005,103.07
LIABILITIES AND RETAINED
EARNINGS
LIABILITIES
Accounts payable
Payroll taxes payable
Customers meter deposits
Due to Water and Sewer System
Bond Interest and Sinking Fund
Due to General Fund
Refundable water line extensions
Refundable sewer line extensions
Bonds payable
RETAINED EARNINGS
TOTAL LIABILITIES AND
RETAINED EARNINGS
$ 780.16 $ 2,257.55
973.73 516.06
25,954.05 23,985.85
- 0 -
222.00
13,246.41
17,025.60
1,469,000.00
1,527,201.95
$ 482,988,79
2,847.00
- 0 -
5,828.85
17,419.96
1,503,000.00
1,555,855.27
$ 449,247.80
2 010,190.74
$ 2 005,103.07
60
See accompanying notes to financial statements. 13.
1
1
1
L
1
ig
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1974
RETAINED EARNINGS, AS PREV
REPORTED - October 1, 1973
Less: Prior period adjustments (Note 1)
RETAINED EARNINGS, AS RESTATED - October 1, 1973
ADD
Fixed assets from the Water and Sewer System
Renewal and Replacement Fund
Unrecorded accounts payable - 9/30/73
$ 46,527.24
2,257.55
$ 14,263.64
780.
® DEDUCT
Net loss
Unrecorded accounts payable - 9/30/74
RETAINED EARNINGS - September 30, 1974
IN
■
a
See accompanying notes to financial statements.
$ 669,247.80
220,000.00
$ 449,247.80
48,784.79
$ 498,032.59
15,043.80
$ 482,988,79
14.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
STATEMENT OF REVENUE AND EXPENSE
FOR THE YEAR ENDED SEPTEMBER 30, 1974
OPERATING REVENUES
Water sales
$
78,466.65
Water connection charges
7,950.00
Water service charges
1,220.05
Hydrant rental
5,212.50
Miscellaneous - water
141.52
Nonrefundable water lane extensions
3,634.20
Sewer service charges
69,283.95
Sewer connection charges
3,700.00
Miscellaneous - sewer
132.42
Impact fees
800.00
TOTAL OPERATING REVENUES
$
170,541.29
LESS: OPERATING EXPENSES BEFORE
DEPRECIATI - Page 19
Water Department
$
46,471.87
Sewer Department
48,612.84
95,084.71
NET OPERATING INCOME
BEFORE DEPRECIATION
$
75,456.58
LESS: DEPRECIATION EXPENSE
34,000.00
NET OPERATING INCOME
$
41,456.58
ADD: NONOPERATING INCOME
Utility taxes
$
65,251.44
Inventory adjustment
3,963.46
TOTAL NONOPERATING INCOME
69,214.90
TOTAL INCOME
$
110,671.48
LESS: NONOPERATING EXPENSES
Bond interest expense
$
59,944.04
Transfer to Water and Sewer System
Renewal and Replacement Fund
30,991.08
Transfer to Water and Sewer System
Construction Fund
34,000.00
TOTAL NONOPERATING EXPENSES
124,935.12
NET LOSS TO RETAINED EARNINGS
$ (14,263.64
See accompanying notes to financial statements.
15.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1974
FUNDS WERE PROVIDED BY
Net operating income before
depreciation $ 75,456.58
Nonoperating income 69,214.90
.r Transfer of equity in fixed assets from
Water and Sewer System Renewal and
Replacement Fund 46,527.24
Increase in recorded liabilities 6,824.07
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO
Nonoperating expenses $ 124,935.12
r. Retirement of revenue bond 34,000.00
Increase in current noncash assets 4,568.71
Fixed asset additions 52,142.21
TOTAL APPLICATIONS OF FUNDS
DECREASE IN CASH FUNDS DURING YEAR
BALANCE - October 1, 1973
r. BALANCE - September 30, 1974
M
M
r
r.�
M
See accompanying notes to financial statements.
$ 198,022.79
215,646.04
$ 17,623.25
75,230.78
$ 57,607.53
16.
so
M
M
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER REVENUE FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
i FOR THE YEAR ENDED SEPTEMBER 30, 1974
ACTUAL
ESTIMATED ACTUAL OVER (UNDER)
REVENUE REVENUE ESTIMATED
i
WATER DEPARTMENT
Water sales
i Connection charges
Service charges
Hydrant rentals
Nonrefundable line extensions
Miscellaneous
SEWER DEPARTMENT
Sewer service charges
Connection charges
Impact fees
Miscellaneous
�d
NONOPERATING REVENUE
Utilities taxes
Interest on investments
Inventory adjustment
$ 8,466.65
1,800.00
(279.95)
12.50
3,634.20
358.48)
13,27 .92
$ 383.95
(350.00)
800.00
17.58)
816.37
$ 10,251.36
(9,000.00)
3,963.46
5,21 .82
$ 19,306.11
TOTALS
FOR THE YEAR ENDED SEPTEMBER 30, 1974
ACTUAL
ACTUAL (OVER) UNDER
APPROPRIATIONS EXPENDITURES ESTIMATED
$ 78,466.65
7,950.00
1,220.05
5,212.50
3,634.20
141.52
96,62
$ 69,283.95
3,700.00
800.00
132.42
73,916.37
$ 65,251.44
- 0 -
3,963.46
69,214.90
$ 239,756.19
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
Total operation and maintenance
$ 70,000.00
6,150.00
1,500.00
5,200.00
- 0 -
500.00
83,350.00
$ 68,900-00
4,050.00
- 0 -
150.00
73,100.00
$ 55,000.08
9,000.00
- 0 -
64,000.08
220,450.08
$ 95,514.96 $ 100,699.68 $ (5,184.72)
93,944.04 93,944.04 - 0 -
30,991.08 30,991.08 - 0 -
- 0 - 34,000.00 (34,000.00
$ 220,450.08 $ 259 $ (39,184.72
1
See accompanying notes to financial statements.
17.
i
appropriations
Water and Sewer System Bond and
Interest Sinking Fund
Water and Sewer System Renewal
and Replacement Fund
Water and Sewer System
Construction Fund
'
TOTALS
1
See accompanying notes to financial statements.
17.
i
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER OPERATING FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1974
ESTIMATED ACTUAL
REVENUE REVENUE
Transfer from Water and Sewer
Revenue Fund
y
TOTALS
ACTUAL
OVER (UNDER)
ESTIMATED
$ 95,514.96
$
100,699.68
$ 5,184.72
_95,514.96
$
100,699.68
$ 5,184.72
See accompanying notes to financial statements.
IN
M
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER OPERATING FUND
STATEMENT OF ACTUAL AND ESTIMATED EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 1974
ACTUAL
ACTUAL
(OVER) UNDER
APPROPRIATIONS
EXPENDITURES
ESTIMATED
OPERATING EXPENDITURES
Water Department:
Salaries
$
29,000.00
$ 23,923.94
$ 5,076.06
Payroll taxes
1,700.00
1,345.57
354.43
.
Electrical power
5,000.00
6,590.54
(1,590.54)
Chemicals
1,800.00
4,132.20
(2,332.20)
Supplies
587.00
298.93
288.07
Truck expense
1,000.00
791.93
208.07
Repairs and replacements
5,000.00
2,429.04
2,570.96
Telephone
350.00
410.45
(60.45)
Printing
527.96
784.57
(256.61)
Professional services
1
3,485.00
(2,485.00)
Insurance
1,500.00
- 0 -
1,500.00
Tank maintanance
1
- 0 -
1
Equipment rental
300.00
227.30
72.70
Office space rental
600.00
600.00
- 0 -
Miscellaneous and
employee insurance
3,000.00
1,452.40
1,547.60
TOTAL
$
52,364.96
$ 46,471.87
$ 5,893.09
Sewer Department:
Salaries
$
21,000.00
$ 20,544.97
$ 455.03
Payroll taxes
1,230.00
1,133.14
96.86
Electrical power
5,500.00
8,075.59
(2,575.59)
Chemicals
2,500.00
3,601.41
(1,101.41)
r
Supplies
600.00
707.26
(107.26)
Truck expense
300.00
742.48
(442.48)
Repairs and replacements
1,800.00
2,433.16
(633.16)
Telephone
120.00
129.83
(9.83)
Printing and office supplies
400.00
948.13
(548.13)
Professional services
1,000.00
8,955.86
(7,955.86)
.r
Insurance
1,000.00
- 0 -
1,000.00
Equipment rental
200.00
239.40
(39.40)
Office space rental
600.00
600.00
- 0 -
Miscellaneous and
employee insurance
2,900.00
501.61
2,398.39
TOTAL
$
39,150.00
$ 48,612.84
$ (9,462.84
TOTAL OPERATING
EXPENDITURES
$
91,514.96
$ 95,084.71
$ (3,569.75
CAPITAL EXPENDITURES
r '
Water Department
$
500.00
$ 2,864.68
$ (2,364.68)
Sewer Department
3,500.00
2,750.29
749.71
TOTAL CAPITAL
�.
EXPENDITURES
$
4,000.00
$ 5,614.97
$ (1,614.97
TOTAL EXPENDITURES
95,514.96
$ 100
(5,184.72
See accompanying notes to financial
statements.
19.
M
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
BALANCE SHEET
SEPTEMBER 30, 1974 AND 1973
M
ANALYSIS OF CHANGES IN FUND BALANCE
No
FOR THE YE AR ENDED SEPTEMBER 30, 1974
mi FUND BALANCE - October 1, 1973 $ 45,496.07
ADD
Transfer from Water and Sewer
go Revenue Fund 93,944.04
$ 139,440.11
DEDUCT
Bonds redeemed $ 34,000.00
Interest on bonds 59,931.98 93,931.98
FUND BALANCE - September 30, 1974 $ 45,508.13
See accompanying notes to financial statements. 20
M
1974
1973
ASSETS
Cash
$ 61,730.46
$ 50,482.07
Investments - at cost
91,610.67
92,167.00
Due from Water and Sewer System
Revenue and Operating Fund
- 0 -
2,847.00
r
TOTAL ASSETS
$ 153,341.13
$ 145,496.07
LIABILITIES, RESERVES AND
FUND BALANCE
LIABILITIES
$ - 0 -
$ - 0 -
RESERVES
Reserve for life of bonds
$ 107,833.00
$ 100,000.00
FUND BALANCE
$ 45,508.13
$ 45,496.07
TOTAL LIABILITIES, RESERVES
AND FUND BALANCE
$ 153,341.13
$ 145,496.07
M
ANALYSIS OF CHANGES IN FUND BALANCE
No
FOR THE YE AR ENDED SEPTEMBER 30, 1974
mi FUND BALANCE - October 1, 1973 $ 45,496.07
ADD
Transfer from Water and Sewer
go Revenue Fund 93,944.04
$ 139,440.11
DEDUCT
Bonds redeemed $ 34,000.00
Interest on bonds 59,931.98 93,931.98
FUND BALANCE - September 30, 1974 $ 45,508.13
See accompanying notes to financial statements. 20
M
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDE SEPTEMBER 30, 1974
CASH BALANCE - October 1, 1973
RECEIPTS
Transfer from Water and Sewer
Revenue Fund
U. S. Treasury Bills redeemed
Interest income
TOTAL RECEIPTS
TOTAL CASH AVAILABLE
DISBURSEMENTS
Bonds redeemed
Interest on bonds
U. S. Treasury Bills purchased
TOTAL DISBURSEMENTS
CASH BALANCE - September 30, 1974
$ 96,791.04
92,167.00
7,833.00
$ 34,000.00
59,931.98
91,610.67
See accompanying notes to financial statements.
$ 50,482.07
196,791.04
$ 247,273.11
185,542.65
$ 61,730.46
21.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
BALANCE SHEET
SEPTEMBER 30, 1974 AND 1 973
1974 1973
ASSETS
Cash $ 11,946.68 $ 8,852.42
Investments - at cost - 0 - 11,000.00
TOTAL ASSETS $ 11,946.68, 19,852.42
LIABILITIES AND FUND BA LANCE
LIABILITIES
Water and sewer
Withholding tax
Due to Water an
FUND BALANCE
line deposits $ 5,874.13
payable 25.42
J Sewer Revenue Fund - 0 -
5,899.55
$ 6,047.13
TOTAL LIABILITIES AND FUND BALANCE $ 11,946.68
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1974
FUND BALANCE - October 1, 1973
ADD
Transfer from Water and Sewer
Revenue Fund
Water and sewer line extension contributions
Interest on investments
Decrease in liability due to Water and Sewer
Revenue Fund
$
30,991.08
7,000.00
605.00
477.40
DEDUCT
Water line extensions $ 35,344.00
Sewer system extensions 7,574.04
Purchase of new equipment 3,609.20
Water and sewer line deposits 5,874.13
FUND BALANCE - September 30, 1974
See accompanying notes to financial statements.
$ -0-
-0-
477.40
477 .40
$ 19,375.02
$ 19 ,852.42
$ 19,375.02
39,073.48
$ 58,448.50
52,401.37
$ 6,047.13
22.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 1974
CASH BALANCE - October 1, 1973
RECEIPTS
Transfer from Water and Sewer
Revenue Fund $ 30,991.08
Water and sewer line deposits 7,000.00
Interest on investments 605.00
Payroll taxes withheld 25.42
Redemption of Certificates of Deposit 11,000.00
TOTAL RECEIPTS
TOTAL CASH AVAILABLE
DISBURSEMENTS
Water line extensions $ 35,344.00
Sewer system extensions 7,574.04
Purchase of new equipment 3,609.20
TOTAL DISBURSEMENTS
CA B - September 30, 1974
See accompanying notes to financial statements.
$ 8,852.42
49 ,621.50
$ 58,473.92
46,527.24
$ 11,946.68
23.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM CONSTRUCTION FUND
BALANCE SHEET
SEPTEMBER 30, 1974
ASSETS
Cash
EPA Grant receivable
Construction in progress
TOTAL ASSETS
$ 9,421.87
29,860.00
88.138.13
$ 127 ,420.00
LIABILITIES AND FUND BALANCE
LIABILITIES
Due to General Fund
Contracts payable - retained percentage
FUND BALANCE
TOTAL LIABILITIES AND FUND BALANCE
$ 35,000.00
8,400.00 $ 43,400.00
84,020.00
5 127,420.00
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1974
FUND BALANCE - October 1, 1973
ADD
Transfer from Water and Sewer
Revenue Fund $ 34,000.00
EPA Grant 50,020.00
DEDUCT
FUND BALANCE - September 30, 1974
See accompanying notes to financial statements.
$ - 0 -
84,020.00
$ 84,020.00
- 0 -
$ 84,020.00
24.
CITY OF EDGEWATER, FLORIDA
WATER AND SEWER SYSTEM CONSTRUCTION FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 1974
CASH BALANCE - October 1, 1973
RECEIPTS
Loan from General Fund
Transfer from Water and Sewer
Revenue Fund
EPA Grant
TOTAL RECEIPTS
TOTAL CASH AVAILABLE
DISBURSEMENTS
Briley, Wild and Associates,
Consulting Engineers
McMahan Construction Company
TOTAL DISBURSEMENTS
CASH BALANCE - September 30, 1974
$ 35,000.00
34,000.00
20,160.00
$ 4,138.13
75,600.00
See accompanying notes to financial statements.
$ - 0 -
89,160.00
$ 89,160.00
79,738.13
$ 9,421.87
25.
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
r
a
CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1974 AND 1973
E�
im
a
W
M
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
Traffic lights
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
1974
1973
$ 114,539.44 $
101,359.44
38,739.76
37,681.35
14,158.75
11,375.60
5,008.85
2,983.85
80.00
80.00
52,887.52
52,887.52
4,170.44
4,170.44
2,415.70
2,415.70
298,474.35
298,474.35
3,797.00
3,797.00
22,906.85
22,906.85
4,392.55
4,392.55
35,993.53
27,554.25
5,297.74
5,297.74
24,119.90
22,317.87
45,192.68
42,152.85
5,654.95
3,310.45
31,291.46
31,291.46
7,438.23
7,438.23
9,605.00
9,605.00
24,917.82
24,917.82
10,558.07
8,568.30
35,989.35
28,241.19
664.36
664.36
2,907.42
2,907.42
5,171.51
5,171.51
4,712.03
4,712.03
31,820.94
31,820.94
51,361.92
51,361.92_
TOTAL GENERAL FIXED ASSETS
INVESTMENT IN GENERAL FIXED ASSETS (Note 2)
General Fund revenues
Special revenue fund
TOTAL INVESTMENT IN GENERAL
FIXED ASSETS
$ 894 $ 849,857.99
$ 886,090.14 $ 845,184.04
8,177.98 4,673.95
$ 894,268.12 $ _ 849_
See accompanying notes to financial statements.
26.
M
CITY OF EDGEWATER, FLORIDA
PAGE 1 OF 3
GENERAL FIXED ASSETS GROUP OF
ACCOUNTS
STATEMENT OF CHANGES IN GENERAL
FIXED
ASSETS
FOR THE YEAR ENDED SEPTEMBER
30,
1974
ROAD MACHINERY
Balance - October 1, 1973
$ 101,359.44
Add: Case tractor
$
8,600.00
1961 Chevy
60.00
DSL tractor
4,225.00
Sidewinder
295.00
13,180.00
114,539.44
NEW CITY HALL
Balance - October 1, 1973
$ 37,681.35
Add: Sun control film on windows
$
315.90
Time clock
207.48
Sod
131.25
Sprinkler system
84.78
Doorma.tic closers
319.00
1,058.41
$- 38,739.76
FURNITUR AND FIXTURES
..
Balance - October 1, 1973
$ 11,375.60
Add: Office chairs and desks
$
639.00
Edisettes
757.25
Roll files and roll table
100.50
File cabinets
221.40
Adding machine
195.00
Calculator
249.00
Typewriter
621.00
2,783.15
14,158.75
..
CITY BARN BUILDING
Balance - Octo er 1, 1973
$ 2,983.85
Add: Architect fees
2,025.00
5,008.85
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.
27.
CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPT 30, 1974
TRAFFIC LIGHTS
POLICE DEPARTMENT EQUIPMENT
Balance - October 1, 1973
Add: Visor bars
Sirens and speaker
Car cage
1973 Matador
1974 Plymouth Fury
Roll bar
Royal electric typewriter
SMALL TOOLS AND MISCELLANEOUS EQUIPMENT
FIRE DEPARTMENT BUILDING
Balance - October 1, 1973
Add: Improvements to building
FIRE DEPARTMENT EQUIPMENT
Balance - October 1, 1973
Add: Hose washer, dryer and table
STREET SIGNS
Balance - October 1, 1973
Add: Sign posts and brackets
STREET DEPARTMENT EQUIPMENT
LIBRARY AND CHAMBER OF COMMERCE
LIBRARY FIXTURES
COMMUNITY HOUSE
COMMUNITY HOUSE EQUIPMENT
Balance - October 1, 1973
Add: Air conditioner
Amplifier and speakers
Door and frame
Water cooler
Drapes
311.20
576.00
170.00
3,000.00
3,728.38
169.95
4 83.75
R.
480.00
350.00
234.89
211.58
713.30
See accompanying notes to financial statements.
PAGE 2 OF 3
$ 4,392.55
$ 27,554.25
8,439.28
$ 35,993.53
$ 5,297.74
$ 22,317.87
1,8 02.03
24,119.90
$ 42,152.85
3,039.83
45,192.68
$ 3,310.45
2,344
5,654.95
$ 31,291.46
$ 7,438.23
$ 9,605.00
$ 24,917.82
$ 8,568.30
1,989.77
$ 10,558.07
No
CITY OF EDGEWATER, FLORIDA
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDE SEPTEMBER 30, 1974
MUNICIPAL_ PARK AND PIER
Balance - October 1, 1973
Add: Swings and seats
Multi -game court
Seesaw and slides
COMMUNICATIONS SYSTEM
MUNICIPAL CODE
BRIDGE
NEW LIBRARY BUILDING
DRAINAGE
BALANCE - September 30, 1974
PAGE 3 OF 3
$ 28,241.19
374.43
6,903.20
470.53
7,748.16
35,989.35
$
664.36
$
2,907.42
$
5,171.51
$
4,712.03
$
31,820.94
$
51,361.92
$ 894,268.12
See accompanying notes to financial statements.
29.
NOTES TO FINANCIAL STATEMENTS
CITY OF EDGEWATER, FLORIDA
NOTES TO ,FINANCIAL STATEMENTS
' SEPTEMBER 30, 1974
1. Significant accounting policies:
' 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
assig a balance sheet valuation more nearly at current replacement values.
In accordance with the method of accounting for Enterprise Funds, the plant
and equipment in service for the Water and Sewer System Revenue and Operating
Fund are stated at cost or'at estimated historical cost. Depreciation, con-
sisting of $34,000.00 in the current fiscal year and $220,000.00 in prior
fiscal years, is determined by the amount of Series A and B Revenue Bonds
retired as of September 30, 1974. Since the Revenue Bonds of this Enterprise
Fund were used to construct the plant and equipment in service, the payments
of principal represent the expired cost of plant and equipment in service.
This method is in accordance with generally accepted accounting principles.
2. The provisions of the Florida Statutes, Chaper 71 -218, Section 167.611, more
commonly referred to as Senate Bill 101, an Act relating to municipalities
and requirement for an annual audit by an independent certified public
accountant, set forth the duties of the municipality, among which is the
responsibility for accounting for t a sse ts of the a gency from a cquisition
to fi nal disposition -- _T_ e fixed assets of the General' Government, more
commonly referred to as 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
cann be specifi Cal ]_y_j__dentified,- _ nor __can__they be trac f rom a physical
obs ervation to a fixed asset ledger.
" T ( L'
Y �
30.
- J
" T ( L'
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CITY OF EDGEWATER, FLORIDA
AUDIT COMMENTS AND MANAGEMENT LETTER
SEPTEMBER 30, 1974
MAY, ZIMA & CO.
CERTIFIED PUBLIC ACCOUNTANTS
CITY OF EDGEWATER, FLORIDA
AUDIT COMMENTS AND MANAGEMENT LETTER
SEPTEMBER 30, 1974
Yay, z & Co.
CERTIFIED PUBLIC ACCOUNTANTS
To the Honorable Mayor, City
Council and City Manager
City of Edgewater, Florida
COMMENTS AND MANAGEMENT LETTER
It is the policy of our firm and in accordance with an Act of the Legis-
lature 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 City upon the completion of an audit of their books and records.
Our Comments are submitted for informational purposes and reflect certain
comparisons 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 negate 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 Chapter 10.500 of the Rules of the State Auditor General,
the City Manager is required to file with the Governing Body of the City
and with the State Auditor General, within twenty days of the receipt of the
audit report, a written statement of explanation or rebuttal concerning the
auditor's Management Letter, including corrective action to be taken.
If we can be of further service, please call us.
Daytona Beach, Florida
December 23, 1974
COMMENTS
The City's accounting records for general governmental operations are main-
tained on a modified accrual basis, with the most important revenue being
recorded when earned and expenditures being recorded when incurred.
Budgetary control is maintained by periodic reveiw of revenue and expenditures
by the City Manager and the City Clerk. During the fiscal year 1973/74, the
original estimated revenue and budget appropriations were not amended.
GENERAL FUND
Revenues for General Government functions totaled $402,271 for the fiscal
year ended September 30, 1974, General property taxes produced 30.58% of
general revenue. The amount of revenue from the various sources is shown in
the following tabulation:
R EVENUE SOURCE
Property taxes
Licenses and permits
Fines and forfeitures
Franchise taxes
Garbage and trash collections
Rental income
Intergovernmental revenue
Other revenue
PERCENT OF
AMOUNT
TOTAL
$ 122,999
30.58 %
33,551
8.34
28,193
7.01
26,556
6.60
46,557
11.57
1,876
.47
130,263
32.38
12,276
3.05
$_ 402,271
100.00 %
Total valuation for ad valorem taxes amounted to $25,709,197. The homestead
exemption for ad valorem taxes was $6,633,880 for the current taxable year.
Current tax collections were 96.33% of the tax levy. The ratio of total collec-
tions (current and delinquent) to the current tax levy was 96.38 %.
Property tax collections, representing 30.58% of total revenue, was the second
largest source of revenue for the General Fund.
Garbage and trash collection revenues represented 11.57% of General Fund
revenue. The revenue for garbage and trash collections exceeded the City's
estimate by 13.55 %.
Intergovernmental revenues represented 32.38% of General Fund revenue. The
revenue from rental income exceeded the City's estimate by 34.36 %.
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 General Fund
transferred $65,251 to the Water and Sewer System Revenue and Operating Fund.
The expenditures for the General Fund
fiscal year. The expenditures for the
in the following tabulation:
operations amounted to $10,870 for the
major functions of the City are shown
PERCENT OF
FUNCTION
AMOUNT
TOTAL
General Government
$ 122,796
29.89 %
Public Works
132,447
32.24
Public Safety
138,560
33.72
Parks and Recreation
10,510
2.55
Community Center
6,135
1.50
Library
422
.10
$ 410.870
100.00 %
The operations of the General Government function, which includes the City
Council, Manager, Clerk, Attorney, office employees and City Court, accounted
for 29.89% of the General Fund expenditures. These expenditures exceeded the
City's estimate by 1.85 %.
The operations of the Public Works Department, which include garbage, road
maintenance, street paving and improvements, represented 32.24% of the General
Fund expenditures. These expenditures were 20.80% less than the City's estimate.
The Police Department operations represented 24.36% of the General Fund expendi-
tures. These expenditures exceeded the City's estimate by 23.43 %.
The Fire Department operations accounted for 3.83% of the General Fund expendi-
tures. These expenditures exceeded the City's estimate by 49.06 %.
The operations of other Public Safety function, which includes humane society,
street lights, fire hydrants, and emergency and contingency, accounted for 5.53%
of the General Fund expenditures. These expenditures were 42.17% less than the
City's estimate.
The Parks and Recreation operations represented of the General Fund
expenditures. The expenditures exceeded the City's estimate by 45.40 %. These
expenditures were 91.57% less than the City's estimate.
WATER AND SEWER SYSTEM REVENUE AND OPERATING FUND
do Revenues for the Water and Sewer System Revenue and Operating functions totaled
$235,643.73 for the fiscal year ended September 30, 1974. The amount of revenue
from the various sources is shown in the following tabulation:
PERCENT OF
REVENUE SOURCE AMOUNT TOTAL
Water Department charges $ 96,550.42 40.97 %
Sewer Department charges 73,841.87 31.34
Utility taxes 65,251.44 27.69
MW
1 $ 235,643.73 100.00 %
The operations of the Water Department, which includes sales, connection
charges, billing service charges and hydrant rentals, accounted for 40.97%
of the fund's operating revenue. These revenues exceeded the City's estimate
by 15.84 %.
The operations of the Sewer Department, which includes service charges, con-
nection and impact fees, represented 31.34% of the fund's operating revenue.
These revenues exceeded the City's estimate by 1.01 %.
Utility taxes, which were transferred from the General Fund, accounted for
27.69% of this fund's operating revenue. These revenues exceeded the City's
estimate by 1.96 %.
The expenses for the Water and Sewer System Revenue and Operating Fund's
operations totaled $95,084.71 for the fiscal year ended September 30, 1974.
The expenses for the major functions of the fund are shown in the following
tabulation:
FUNCTION
Water Department
Sewer Department
The operations of - the
sewer system operating
City's estimate.
The operations of the
sewer system operating
by 24.17 %.
PERCENT OF
AMOUNT TOTAL
$ 46,471.87 48.87
48,612.84 51.13
$ 95,084.71 100.00
Water Department accounted for 48.87% of the water and
expenses. These expenses were 11.25% less than the
Sewer Department accounted for 51.13% of the water and
expenses. These expenses exceeded the City's estimate
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 $13,000.00 of
Series "A" 1964 Revenue Bonds and $21,000.00 of Series "B" 1964 Revenue Bonds.
There are $262,000.00 of Series "A" 1964 Revenue Bonds and $1,207,000.00 Series
"B" 1964 Revenue Bonds that remain outstanding at September 30, 1974.
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. The revenues were
$38,596.08, 93.25% of which came from the Water and Sewer System Revenue Fund.
Expenditures were $46,527.24, 55.33% of which were for materials in water line
extensions.
WATER AND SEWER SYSTEM CONSTRUCTION FUND
This fund was created to serve the requirements of the construction of the
pollution control facility. The three sources of revenue were: Transfer
from Revenue Fund of $34,000.,00, grant from U. S. Environmental Protection
Agency of $20,160.00 and loan from General Fund of $35,000.00. Expenditures
were all for engineering and construction of the pollution control facility.
These expenditures were $79,738.13.
FEDERAL REVENUE SHARING FUND
The City received, as appropriations from the Office of Revenue Sharing,
$47,838.00. Expenditures were as follows: Police Department salaries -
$9,443.73, Fire Department building and equipment - $3,504.03, Social Security
tax on Police Department salaries - $552.75 and well field construction in
progress for water system - $1,455.50. General appropriations at September 30,
1974 were:
FUNCTION APPROPRIATION
Street paving
$ 16,000.00
Recreation
10,000.00
Emergency and contingency
264.00
Fire Department
1,490.00
Financial administration
838.00
Public Safety construction
30,000.00
Environmental protection
5,000.00
$ 63,592.00
GENERAL FIXED ASSETS GROUP OF ACCOU
I�
i
1
1
1
This balanced group of accounts represents the fixed assets of the General
Government operations of the City. These assets have been recorded on the books
at cost and bear no relation to the actual value of the assets. Depreciation is
not recognized in General Government accounting procedures.
M ANAGEM ENT LETTER
The provisions of the Florida Statutes, Chapter 71 -218, Section 167.611, more
commonly referred to as Senate Bill 101, set forth the duties of the munici-
pality, among which is the responsibility for accounting for the assets of the
agency from acquisition to final disposition. During our review of fixed assets,
we noted several areas which require corrective action.
1. It was disclosed that the assets of the City could not be
specifically identified nor could they be traced from a
physical observation to a fixed asset ledger. It is our
' recommendation that the City take an inventory of the fixed
assets and reconcile the inventory to the general ledger
control. Also, each asset should have an identification
number as well as a location description. The City's
accounting manual describes and requires this procedure,
but the procedure has not been followed.
' 2. It was disclosed that all capital expenditures were not run
through a capital outlay account in the general ledger. Some
additions to fixed assets during the year were charged to
operating accounts of various departments. This creates poor
control over fixed asset additions since steps have to be
taken to eliminate capital outlay expenditures from operating
expenditures. It is our recommendation that fixed asset
additions be charged to capital outlay accounts exclusively
instead of operating accounts.
During our observation of inventory, several areas were brought to our attention
upon which we submit the following comments and recommendations:
1. An adequate system of internal control should provide that
differences between book and physical inventories are ascer-
tained and the amount of overage or shortage properly accounted
for. It was disclosed that when inventory is purchased, it is
charged directly to an expense account and not to the inventory
account. This creates weak internal control because the inven-
tory on hand cannot be reconciled with the inventory per general
ledger. Since the City is providing services on a user charge
basis, adequate records should be maintained in order to insure
that materials needed for normal growth and emergencies are
available. It is our recommendation that inventory purchased
be charged to the inventory account and deductions be made only
when inventory is used.
' 2. A system of control should provide that there is
separate item accountability for both units and dollars for
inventory quantities received and issued. It was disclosed
' that inventory was being updated and costed at the latest
cost at periodic intervals. This is not an acceptable method
of accounting for the cost of inventory since the cost of
' materials used for improvements to the water and sewer system
will be overstated. Also, the cost of materials used for
repairs to the system will be overstated which can cause the .
City to exceed the budget unnecessarily. It is our recommen-
dation that inventory be accounted for on an average cost
method which involves the calculation of a new unit cost after
each purchase.
3. A system of internal control should provide that proper
authorization exists for inventory quantities removed from
stock. It was disclosed that no standard procedure has been
established for requisitioning or returning items of inventory.
Since no standard procedure has been established, internal
control over inventory items used and returned by employees
is very weak. It is our recommendation that a standard requisi-
tioning form be designed to be implemented by the water and
sewer departments. This form should contain such information
as: Department or fund to whom inventory is issued, date,
purpose of issue, stock number of inventory item, quantity
issued, description of material, account charged, cost of
inventory used, received by, approved by and inventory re-
turned. The control of the requisition forms should be
handled by the Accounting Department.
During our review of the bond ordinance with respect to Sinking Fund require-
ments, several areas were brought to our attention upon which we submit the
following comments and recommendations:
1. It was disclosed that the Renewal and Replacement Fund, for the
period ended September 30, 1974, does not have a reserve equal
to the sum of $50,000.00. This is not in compliance with
Ordinance No. 400, Section 15, Subsection E, which states the
City shall build up and maintain the sum of $50,000.00 in the
Renewal and Replacement Fund. It is our recommendation that
steps be taken to bring the reserve balance in the Renewal and
Replacement Fund up to $50,000.00 and maintain this balance as
required by Ordinance No. 400.
2. It was disclosed that the expenditures made out of the Renewal
and Replacement Fund were not approved by resolution. This is
not in compliance with Ordinance No. 400, Section 15, Subsection
E, which states the funds shall be used by the City upon appro-
priate justification and resolution. It is our recommendation
that appropriate measures be taken to make sure that expenditures
made out of the Renewal and Replacement Fund are in compliance
with Ordinance No. 400.
During our review of the Renewal and Replacement Fund, it was disclosed that
all extensions and improvements to the water and sewer system were paid out of
the Renewal and Replacement Fund. The cost of extensions and improvements
to the water and sewer system should be handled through the Operation and
Maintenance Fund since the operation and maintenance of the system should pro-
vide for improvements due to growth. It is our recommendation that capital
outlay be budgeted as part of the Operation and Maintenance Fund and the
Renewal and Replacement Fund expenditures be limited to unusual and extra-
ordinary items.
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 invoices are not stamped paid or
cancelled when approved for payment. The current pro -
cedure being followed is to attach to the invoices an
adding machine tape of the amount to be paid along with
the date paid. This creates poor internal control since
the adding machine tapes can be removed from the invoices
thus allowing the invoices to be run through the account -
ing system again. It is our recommendation that all
invoices be stamped and dated when paid.
2. It was disclosed that some employees receive a check from
the General Fund, Water and Sewer Operating and Maintenance
y Fund, and the Water and Sewer Renewal and Replacement Fund
for one pay period. This is an unnecessary cost to the
City from the standpoint of employee hours involved writing
r three payroll checks and the additional number of City checks
that are printed. It is our recommendation that one payroll
account be established from which employees will be paid.
The payroll expense associated with the various funds can be
recorded when reimbursement is made to the payroll account for
salaries paid.
.� During our review of the books and records at the Police Department, several
areas were brought to our attention upon which we submit the following comments
and recommendations:
40 1. It was disclosed that a bond schedule does not exist establish-
ing the amount of bond to be posted for various offenses. This
creates weak internal control since it is up to an individual's
.w own discretion as to the amount of bond'an offender is required
to post. It is our recommendation that a bond schedule be
developed and the bond requirements be posted in accordance with
the bond schedule.
2. It was disclosed that bonds posted are not deposited on a timely
basis. The procedure currently being followed is to keep bonds
posted in a safe until after the court date. Then the bonds are
estreated or a refund made and a hand receipt issued. This creates
poor internal control over cash receipts by the Police Department.
It is our recommendation that a bail bond account be established,
all bonds posted deposited on a daily basis, and checks issued
for all refunds.
do
r
3. It was disclosed that
fines imposed are not
received. It is our
partial payments made by individuals on
recorded on the City's books until cash is
recommendation that the City record the fine
i
6
imposed as a receivable and recognize the total fine as
' revenue on the date of court. A subsidiary ledger should be -
maintained on installment payments of fines and reconciled
periodically to the general ledger.
'
During our examination, it was disclosed that contracts were approved for the
expenditure of money for which no budget appropriation existed. For the period
ended September 30, 1974, the City had entered into two contracts for the con-
struction of a multi -games court and a seawall. Neither of these contracts were
,
budgeted in the 1973/74 fiscal year. This is in violation of Section 88 of the
City Charter which states "no money shall be drawn from the depository of the
'
City, nor shall any obligation for the expenditure of money be incurred, except
pursuant to the appropriations made by the City Council ". It is our recommen-
dation that when expenditures have not be appropriated in the budget, the budget
be amended for the expenditure in conformity with the Charter.
During our examination, it was disclosed that the City Manager and City
Clerk were bonded for $5,000 and $10,000, respectively. Due to the increased
cash flow for which key administrative personnel are responsible, it is our
'
recommendation that the bonds for administrative personnel be reviewed and
adequate surety bonds be required.