FY 1972 Audit ReportA U D I T R E P O R T
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
TURNEY AND DUPREE
CERTIFIED PUBLIC ACCOUNTANTS
501 NORTH GRANDVIEW AVENUE
DAYTONA BEACH, FLORIDA 32018
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MAYOR
COUNCILWOMAN
COUNCILMEN
CITY ATTORNEY
IIII
CITY CLERK
CITY AUDITORS
A U D I T R E P O R T
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
Dana T. Armstrong
Marion Crigger
Edward K. Clinton
David C. Severance
John G. Bevel
Joe E. Weaver
Cornelia A. Kinsey
Turney and Dupree
Certified Public Accountants
■
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TABLE OF CONTENTS
AN
PAGE N0,
Auditor's Certificate
Combined Balance Sheet - All Funds
1
Schedule of Investments
2
CAPITAL FUND
Balance Sheet
3
Analysis of Changes in Fund Balance
4
Reconciliation of Fixed Assets Acquired
5 - 7
GENERAL FUND
Balance Sheet
8
Analysis of Changes in Fund Balance
9
Cash Receipts and Disbursements
10 - 11
Estimated Revenue
12
Budget Appropriations
13
WATERWORKS AND SEWER SYSTEM FUNDS
Combined Balance Sheet - All Waterworks
and Sewer System Funds
14
Balance Sheet - Revenue Fund
15
Analysis of Changes in Fund Balance - Revenue Fund
16
Reconciliation of Fixed Assets Acquired
17
Cash Receipts and Disbursements - Revenue Fund
18
Estimated Revenue - Revenue Fund
19
Budget Appropriations - Revenue Fund
19
Balance Sheet - Operation and Maintenance Fund
20
AN
PAGE NO,
Analysis of Changes in Fund Balance
Operation and Maintenance Fund
20
Cash Receipts and Disbursements -
Operation and Maintenance Fund
21
Estimated Revenue - Operation and Maintenance Fund
22
Budget Appropriations -
Operation and Maintenance Fund
22
Balance Sheet - Bond and Interest Sinking Fund
23
Analysis of Changes in Fund Balance -
Bond and Interest Sinking Fund
23
Cash Receipts and Disbursements -
Bond and Interest Sinking Fund
24
Estimated Revenue - Bond and Interest Sinking Fund
25
Budget Appropriations - Bond and Interest
Sinking Fund
25
Balance Sheet - Debt Service Reserve Fund
26
Cash Receipts and Disbursements -
Debt Service Reserve Fund
27
Estimated Revenue - Debt Service Reserve Fund
28
Budget Appropriations - Debt Service Reserve Fund
28
Balance Sheet - Renewal and Replacement Fund
29
Analysis of Changes in Fund Balance -
Renewal and Replacement Fund
29
Cash Receipts and Disbursements -
Renewal and Replacement Fund
30
Estimated Revenue - Renewal and Replacement Fund
31
Budget Appropriations - Renewal and Replacement Fund
31
Income and Expense Statement
32 - 33
PAGE N0,
BONDED DEBT STATISTICS
Statement of Revenue Bonded Debt and Interest
Schedule of Refunding and Improvement
Bond and Interest Payable
INSURANCE COVERAGE
NOTES TO FINANCIAL STATEMENTS
34
35
36 - 38
39 - 45
TURNEY AND DUPREE
Certified Public Accountants
FIRST FEDERAL BUILDING
501 NORTH GRANDVIEW AVENUE s BOX 5335
DAYTONA BEACH, FLORIDA 32020
TELEPHONE
(AREA CODE 904) 253 -6501
January 4, 1973
' The Honorable Mayor and
City Council
City of Edgewater, Florida
Ladies and Gentlemen:
We have examined the balance sheets of the various funds of
' the City of Edgewater, Florida, as of October 31, 1972, and the related
statements of revenues, expenditures and fund balances for the year then
ended. Our examination was made in accordance with generally accepted
auditing standards and accordingly included such tests of the accounting
' records and such other auditing procedures as we considered necessary in
the circumstances.
In our opinion, the accompanying balance sheets and related
' statements of revenues, expenditures and fund balances present fairly
the financial position of the City of Edgewater, Florida, at October 31,
1972, and the results of its operations for the year then ended, in
conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
Respectfully submitted,
t �
JOHN P. TURNEY
'
G. DARRELL DUPREE
RICHARD J. CAMPUTARO
•
MEMBERS
'
AMERICAN INSTITUTE
AND FLORIDA INSTITUTE
OF CERTIFIED PUBLIC
ACCOUNTANTS
TURNEY AND DUPREE
Certified Public Accountants
FIRST FEDERAL BUILDING
501 NORTH GRANDVIEW AVENUE s BOX 5335
DAYTONA BEACH, FLORIDA 32020
TELEPHONE
(AREA CODE 904) 253 -6501
January 4, 1973
' The Honorable Mayor and
City Council
City of Edgewater, Florida
Ladies and Gentlemen:
We have examined the balance sheets of the various funds of
' the City of Edgewater, Florida, as of October 31, 1972, and the related
statements of revenues, expenditures and fund balances for the year then
ended. Our examination was made in accordance with generally accepted
auditing standards and accordingly included such tests of the accounting
' records and such other auditing procedures as we considered necessary in
the circumstances.
In our opinion, the accompanying balance sheets and related
' statements of revenues, expenditures and fund balances present fairly
the financial position of the City of Edgewater, Florida, at October 31,
1972, and the results of its operations for the year then ended, in
conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
Respectfully submitted,
t �
CO MBINED BAUNCE SHEET
ALL FUNDS
OCTO 31, 1972
WITH COMPARA FIGURES AT OCTOBER 31 1971
CITY OH fEDGEWATER FLORIDA
A S S E T S
CASH ON HAND AND IN BANKS
Cash on Hand
First National Bank of New Smyrna
Bank of New Smyrna:
Revenue Fund
Operation and Maintenance Fund
Renewal and Replacement Fund
Debt Service Reserve
Bond and Interest Sinking Fund
TOTAL CASH ON HAND AND IN BANKS
RECEIVABLES
Accounts Receivable -
Fines and Forfeitures
Accounts Receivable - Garbage
Lot cleaning liens
Paving Accounts Receivable
Water Customers
Sewer Customers
Interest Receivable
TOTAL RECEIVABLES
INVESTMENTS - AT COST
FIXED ASSETS
Capital Fund
Waterworks and Sewer System
TOTAL FIXED ASSETS
INVENTORY OF MATERIALS - AT COST
GASOLINE INVENTORY - AT COST
METER DEPOSITS
OCTOBER 31,
1972 1971
$ 1,523.25 $
754.85
32,166.16
39,411.26
40,819.52
18,658.86
10,510.03
3,893.97
6,032.70
675.44
52.00
52.00
45,496.13
8,496.23
$ 136,599.79 $ _
71,942.61
$ 1,143.00 $
2,091.00
2,026.45
2,396.55
14.81
15.38
1,142.78
1,155.35
3,123.41
2,835.65
3,092.20
3,157.50
1,300.91
-
$ 11,843.56 $_
11,651.43
$ 177,014.00 $ 162,948.00
$ 802,542.40 $ 777,278.52
2,104.013.82 2,093,132.72
$ 2,906,556.22 $ _2,870.411.24
$ 6,555.28 $ 4,273.86
$ 1,685.46 $ _ 1,433.06
$ 20.00 $ 20.00
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TOTAL ASSETS ,$ 3,240,274.31 $ 3,122,680.20 lb
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L I A B I L I T I E S AND FUND B A L A N C E
ACCOUNTS PAYABLE - UNRECORDED
PAYROLL TAXES PAYABLE
SPECIAL LIBRARY ACCOUNT
■r PLAYGROUND ACCOUNT
REFUNDABLE LINE EXTENSION DEPOSITS
WATER AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "A"
i
WATER AND SEWER SYSTEM REFUNDING AND
as IMPROVEMENT REVENUE BONDS - SERIES "B"
METER DEPOSITS
' ARREST ASSESSMENTS PAYABLE
FUND BALANCE
' TOTAL LIABILITIES AND FUND BALANCE
OCTOBER
31,
1972
1971
$ 7,247.07 $
5,234.95
3,023.81
1,834.16
987.17
798.52
36.11
36.11
22,053.32
22,314.51
287,000.00 299,000.00
1,248,000.00 1,268,000.00
21,429.10 19,305.95
29.00 36.00
1,650,468.73 1,506,120.00
$ 3,240,274.31 3 , 1 22,630.20
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SCHEDULE OF INVESTMENTS
rl WATER AND SEWER SYSTEM FUNDS
OCTOBER 31, 1972
CITY OF EDGEWATER FLORIDA
DATE OF DATE OF MATURITY SAFEKEEPING RECEIPT
do PURCHASE COST MATURITY VALUE OR CERTIFICATE N0,
WATER AND SEWER -
RESERVE FUND
i U.S.Treasury Bills
Certificate of Deposit
dd
GENERAL FUND
we Certificate of Deposit
a WATER AND SEWER - RENEWAL
AND REPLACEMENT FUND
Certificate of Deposit
Certificate of Deposit
Certificate of Deposit
' TOTAL COMBINED ALL FUNDS
1
7 -31 -72 $ 95,014.00 7 -31 -73
9 -13 -72 6,000.00 9 -13 -73
$ 101,014.00
2 -1 -72 $ 50,000.00
9 -15 -72 $ 6,000.00 9 -15 -73
9 -15 -72 5,000.00 9 -15 -73
4 -6 -72 15,000.00 4 -6 -73
$ 26,000.00
$ 177,014.00
$ 100,000.00
6,000.00
$ 50,000.00
27432
381
5325
$ 6,000.00 384
5,000.00 385
15,000.00 85386
- 2 -
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BALANCE SHEET
CAPITAL FUND
M OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER 31, 1971
r
CITY OF EDGEWATER FLORIDA
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A S S E T S
OCTOBER
31,
1972
1971
r
Road machinery
$ 94,095.49
$ 93,435.84
New City Hall
37,681.35
37,681.35
Furniture and fixtures
11,135.60
10,426.13
r
City barn building
2,983.85
2,983.85
Maps
80.00
80.00
Real estate
41,883.52
39,371.60
as
Shell streets
4,170.44
4,170.44
Shell pit
2,415.70
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Street paving
298,474.35
297,867.88
r
Strand road fill
3,797.00
3,797.00
Traffic warning signal
22,906.85
22,906.85
Traffic lights
4,392.55
4,392.55
dA
Police Department equipment
20,683.40
17,323.80
Small tools and miscellaneous equipment
4,499.54
4,211.20
Fire Department building
6,882.73
-
Fire Department equipment
42,152,85
42,115.85
do
Street signs
3,310.45
3,310.45
Street Department equipment
31,291.46
31,291.46
Library and Chamber of Commerce
7,438.23
7,438.23
Library fixtures
9,250.62
9,250.62
Community House
24,917.82
22,817.82
Community House equipment
8,568.30
8,379.02
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Municipal Park and Pier
28,241.19
28,241.19
Picnic area
664.36
664.36
Communications system
2,907.42
2,907.42
Municipal code
5,171.51
5,171.51
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Bridge
4,712.03
4,712.03
New Library building
31,820.94
31,820.94
Drainage
46,012.85
40,509.13
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TOTAL ASSETS
$ 802,542.40
$ 777,278.52
1
F U N D B A L A N C E
I FUND
BALANCE - October 31
� 802,542.40
$ 777,278.52
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ANALYSIS OF CHANGES IN FUND BALANCE
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
CAPITAL FUND
CITY OF EDGEWATER, FLORIDA
a
FUND BALANCE - November 1
ADD: Net Increase in Assets
FUND BALANCE - October 31
. OCTOBER 31,
1972 1971
$ 777,278.52 $ 683,497.50
25,263.88 93,781.02
$ 802,542.40 $ 777278.52
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Page 1 of 3
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RECONCILIATION OF FIXED ASSETS ACQUIRED
CAPITAL FUND
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
d
CITY OF EDGEWATER, FLORIDA
Road Machinery:
Balance - November 1, 1971
Add: Electric Hammer
Industrial Rake
New City Hll
Furniture and Fixtures:
Balance - November 1, 1971
Add: Vacuum
Electric Typewriter
' File Cabinet
City Barn Building
' Maps
Real Estate:
' Balance - November 1, 1971
Add: Fire Department Land
' Shell Streets
Street Paving
' Balance - November 1, 1971
Add: Street Paving for Year
' Strand Road Fill
Traffic Warning Signals
' Traffic Lights
Police Department Equipment:
' Balance - November 1, 1971
Add: 1972 Ford Torino
Camera and Case
1 Fire Extinguisher
Dome Lights
Small Tools and Miscellaneous Equipment:
Balance - November 1, 1971
rrr Add: Small Tools
$ 93,435.84
$ 209.65
450.00 659.65 $ 94,095.49
37,681.35
10,426.13
247.50
432.00
29.97 709.47 11,135.60
2,983.85
80.00
39,371.60
2,511.92 41,883.52
4,170.44
297,867.88
606.47 298,474.35
3,797.00
22,906.85
4,392.55
17,323.80
3,302.50
25.00
16.20
15.90 3359.60 20,683.40
4,211.20
4,499.54
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RECONCILIATION OF FIXED ASSETS ACQUIRED
CAPITAL FUND
NOVEMBER 1 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
Fire Department Building:•
,
Balance - November 1, 1971
$ .00
Add: New Building
6,882.73 $
6,882.73
Fire Department Equipment:
Balance - November 1, 1971
42,115.85
Add: Battery Charger
37.00
42,152.85
+�
Street Signs
3,310.45
Street Department Equipment
31,291,46
Library and Chamber of Commerce
7,438.23
Library Fixtures
9,250.62
E
Community House:
Balance - November 1, 1971
22,817.82
+�
Add: New Roof
2,100.00
24,917.82
Community House Equipment:
Balance - November 1, 1971
8,379.02
Add: Utensils
$ 174.96
Mike Stand
14.32 189.28
8,568.30
i
Municipal Park and Pier
28,241.19
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:
Balance - November 1, 1971
40,509.13
Add: Improvements for Year
5,503.72
46,012.85
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Page 3 of 3
rr RECONCILIATION OF FIXED ASSETS ACQUIRED_
CAPITAL FUND
NOVEMBER 1 1971 TO OCTOBER 31,_197
CITY OF EDGEWATER FLORIDA
Shell Pit:
Balance - November 1, 1971
Add: Shell Pit Purchased for Year
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BALANCE - October 31, 1972
$ .00
2,415.70 $ 2,415.70
802,542.40
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BALANCE SHEET
GENERAL FUND
OCTOBER 31 1972
WITH COMPARATIVE FIGURES AT OCTOBER 31 1971
CITY OF EDGEWATER FLORIDA
A S S E T S
OCTOBER 31,
1972 1971
CASH ON HAND AND IN BANK
Cash on Hand
$
1,227.70
First National Bank of New Smyrna
32 166.16
Total Cash on Hand and in Bank
$ _
33,393.86
INVESTMENTS
Certificate of Deposit
$ _
50,000.00
RECEIVABLES
Accounts Receivable - Fines and Forfeitures
$
1,143.00
Accounts Receivable - Garbage
2,026.45
Lot Cleaning Liens
Paving Accounts Receivable
14.81
1,142.78
Total Receivables
$ _
4,327.04
INVENTORIES - AT COST
Gasoline $ 882.65
Diesel Fuel 131.91
Supplies 670.90
Total Inventories $ 1,685.46
METER DEPOSITS $ 20.00
TOTAL ASSETS $ 89,426.36
JW L I A B I LIT I E S AND FUND B A L A N C E
ACCOUNTS PAYABLE - Unrecorded $ 5,490.34
' PAYROLL TAXES PAYABLE 2,587.13
SPECIAL LIBRARY ACCOUNT 987.17
PLAYGROUND ACCOUNT 36.11
ARREST ASSESSMENTS PAYABLE 29.00
FUND BALANCE _ 80,296.61
' TOTAL LIABILITIES AND FUND BALANCE 89,426.36
$ 470.05
_ 39,411.26
$ _ 39,881.31
$ .00
$ 2,091.00
2,396.55
15.38
1,155.35
$ _ 5,658.28
$ 560,66
176.84
695.56
$ _1, 433.06
$ 20.00
46,992.65
$ 3,651.57
1,182.14
798.52
36.11
36.00
41,288.31
4 6 992.65
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ANALYSIS OF CHANGES IN FUND BALANCE
GENERAL FUND
M
OCTOBER 31, 1972
as CITY OF EDGEWATER FLORIDA
BALANCE - November 1, 1971 $ 41,288.31
ADD: Accounts Payable - October 31, 1971 $ 3,651.57
Excess of Revenue Over Expenditures 42,561.58 46,213.15
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87,501.46
DEDUCT: Write Off of Fine and Forfeiture Receivable
Accounts Payable - October 31, 1972
Decrease in Supplies Inventory
Decrease in Garbage Receivable
BALANCE - October 31, 1972
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1,246.00
5,490.34
98.41
370.10 7
$ 80,296.61
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Page 1 of 2
CASH RECEIPTS AND DISBURSEMENTS
GENERAL FUND
NOVEMBER 1,197 TO OCTOBER 31, 1972
CITY OF EDGEWATER FLORIDA
BALANCE PER AUDIT - November 1, 1971
$ 39,881.31
RECEIPTS
Supplies Purchases
State Revenue Sharing
$ 25,200.33
Payroll Taxes Collected
$ 23,191.51
Payroll Taxes Paid
21,786.52 1,404.99
Lot Cleaning Collections
1,347.50
Equipment Rental
545.00
Office Rent
1,200.00
Special Library Donations
188.65
Interest Earned
750.00
Penalties
54.00
Miscellaneous
896.97
Current Taxes
96,264.47
Building Permits
3,931.00
Electrical Permits
1,797.70
Plumbing Permits
1,155.25
Lot Cleaning Lien Collections
50.00
Business Licenses
8,289.38
Beer, Wine and Liquor Licenses
2,188.80
Fines and Forfeitures
20,855.00
Reimbursement of Social Security Tax
by Water and Sewer Fund
1,027.70
Cigarette Tax
51,461.63
Community Center Collections
796.50
Franchise Taxes
17,007.69
Garbage and Trash Collections
40,468.50
Municipal Fuel Tax Refunds
1,485.10
Gas Tax Distribution
9,193.58
TOTAL RECEIPTS
287,559.74
TOTAL TO BE ACCOUNTED FOR
$ 327,441.05
_DISBURSEMENTS
Certificates of Deposit Purchases
50,000.00
Supplies Purchases
229.61
Gasoline Purchases
6,502.34
Gasoline Used
6,180.35
321.99
Diesel Fuel Purchases
692.02
Diesel Fuel Used
560.11
131.91
Prepaid Payments
9.16
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CASH RECEIPTS AND DISBURSE
Page 2 of 2
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GENERAL FUND
NOVEMBER 1, 1971 TO OCTOBER 31,
CITY OF EDGEWATER FLORIDA
1972
nr
DISBURSEMENTS (Continued)
Humane Society
$ 1,200.00
Street Paving and Improvements
606.47
General Government
63,319.27
Garbage and Trash Department
40,991.82
Road Maintenance Department
39,589.23
Park and Pier
1,220.10
Street Lights
10,240.11
Police Department
54,096.03
Fire Department
12 611.19
Emergencies and Contingencies
150.00
Library Department
8,102.97
Recreation Department
486.66
Community Center
5,236.95
Drainage
5,503.72
TOTAL DISBURSEMENTS
$ 294,047
BALANCE TO BE ACCOUNTED FOR
' ACCOUNTED FOR AS FOLLOWS:
First National Bank of New Smyrna
Cash on Hand
1
$ 33,393.86
$ 32,166.16
1,227.70 $ 33,393.86
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ESTIMATED REVENUES
GENERAL FUND
NOVEMBER i 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
TOTAL COLLECTIONS
LESS: SURPLUS FUND
NET COLLECTIONS
0 NET COLLECTIONS
II TOTAL EXPENDITURES
EXCESS OF COLLECTIONS OVER EXPENDITURES
II
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$ 295,916.10
10,000.00
$ 285,916.10
$ 285,916.10
243,354.52
$ 42,561.58
I I
ORIGINAL
UNCOLLECTED
ESTIMATE
COLLECTED
OVERCOLLECTED
Taxes
$ 93,450.00
$ 96,264.47
$ 2,814.47
Building Permits
1,500.00
3,931.00
2,431.00 *
Electric Permits
900.00
1,797.70
897.70 *
Plumbing Permits
500.00
1,155.25
655.25 -°
Business Licenses
8,000.00
8,289.38
289.38 *
Beer, Wine and Liquor Licenses
1,900.00
2,188.80
288.80 %,
Fines and Forfeitures
15,000.00
20,855.00
5,855.00
Miscellaneous
3,000.00
14,549.85
11,549.85 *
Cigarette Tax
58,000.00
51,461.63
6,538.37
Franchise Rebate
14,000.00
17,007.69
3,007.69 %;
Community Center
800.00
796.50
3.50
Garbage and Trash Collections
37,000.00
40,468.50
3,468.50 *
Office and Storage Space Rental
1,200.00
1,200.00
-
Surplus Fund
10,000.00
10,000.00
-
State Revenue Sharing
.00
25,200.33
25,200.33 *
Interest on Investments
.00
750.00
750.00 %;
TOTALS
$ 245,250.00
$ 295 916.10
$ 50,666.10 %
TOTAL COLLECTIONS
LESS: SURPLUS FUND
NET COLLECTIONS
0 NET COLLECTIONS
II TOTAL EXPENDITURES
EXCESS OF COLLECTIONS OVER EXPENDITURES
II
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$ 295,916.10
10,000.00
$ 285,916.10
$ 285,916.10
243,354.52
$ 42,561.58
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' BUDGET APPROPRIATIONS
' GENERAL FUND
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
' CITY OF EDGEWATER FLORIDA
ORIGINAL ORDINANCE AMENDED UNEXPENDED
' APPROPRIATION # 787 APPROPRIATION EXPENDED OVEREXPENDED
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General
' Government
$ 53,700.00
$ 4,000.00
$ 57,700.00
$ 63,319.27 $
5,619.27
Garbage and Trash
Department
40,500.00
1,000.00
41,500.00
40,991.82
508.18
Maintenance
35,500.00
3,650.00
39,150.00
39,589.23
439.23
' Road
Street Paving and
Improvements
6,000.00
(4,893.53)
1,106.47
606.47
500.00
'
Humane Society
Park Maintenance
1,200.00
-
1,200.00
1,200.00
-
and Recreation
8
(5,700,63)
2,499.37
1,706.76
792.61
Street Lights
11,000.00
250.00
11,250.00
10,240.11
1,009.89
' Police
Department
50,400.00
5,000.00
55,400.00
54,096.03
1,303.97
Fire Department
7,200.00
100.00
7,300.00
7,411.19
111.19
Fire Hydrants
5,200.00
-
5,200.00
5,200.00
-
Emergency and
'
Contingency
2,000.00
-
2,000.00
150.00
1,850.00
Library
8,900.00
-
8,900.00
8,102.97
797.03
Community Center
2,050.00
1,867.25
3,917.25
5,236.95
1,319.70
Drainage
11,100.00
(5,273.09)
5,826.91
5,503,72
323.19
Capital Outlay
100.00
-
100.00
100,00
Civil Defense
100.00
-
100.00
-
100.00
' Administrator
100.00
100.00
_
100.00
Equipment Replacement 1,000.00
_
1,000.00
1,000.00
Tools
1,000.00
-
1,000.00
-
1,000.00
TOTALS
$ 245,250.00
$ .00
$. 245,250.00
$ 243,354.52 $
1,
u
n
I
I
BALANCE SHEET
ALL WATERWORKS AND SEWER SYSTEM FUNDS
OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER 31, 1971 .
CITY OF EDGEWATER FLORIDA
A S S E T S
CASH ON HAND AND IN BANKS
Cash on Hand
Bank of New Smyrna:
Revenue Fund
Operation and Maintenance Fund
Renewal and Replacement Fund
Debt Service Reserve
Bond and Interest Sinking Fund
Total Cash on Hand and in Bank
ACCOUNTS RECEIVABLE
Water Customers
Sewer Customers
Interest Receivable
Total Accounts Receivable
INVESTMENTS
Certificate of Deposit - Debt Service Reserve
- Bond Interest and
Sinking Fund
- Renewal and
Replacement Fund
- Debt Service Reserve
Total Investments
FIXED ASSETS
INVENTORY OF MATERIALS - AT COST
TOTAL ASSETS
OCTOBER 31,
1972 1971
ib L
$ 295.55 $ 284.80
40,819.52
10,510.03
6,032.70
52.00
45,496.13
$ 103,205.93
$ 3,123.41
3,092.20
1,300.91
$ 7,516.52
18,658,86 '
3,893.97
675.44 ,
52.00
8,496.23
$ 32,061.30
$ 2,835.65
3,157.50 '
$ 5,993.15
P
$ 6,000.00 $ 6,000.00 ft
26,000.00
95,014.00
$ 127,014.00
$ 2,104,013.82
$ 6,555.28
37,000.00
lb
26,000.00
93,948.00
$ 162,948.00
$ 2,093,132.72
$ 4,273.86
$ 2,348,305.55
S 2.298.409.03 is
Ii
1
1
1
1
■
' LIABILITIES AND FUND BALANCE
OCTOBER 31,
1972 1971
ACCOUNTS PAYABLE - Unrecorded $ 1,756.73 $ 1,583.38
PAYROLL TAXES PAYABLE
' REFUNDABLE LINE EXTENSION DEPOSITS
' METER DEPOSITS
' WATER AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "A"
WATER AND SEWER SYSTEM S M REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B"
FUND BALANCE
TOTAL LIABILITIES AND FUND BALANCE
436.68 652.02
22,053.32 22,314.51
21,429.10 19,305.95
287,000.00 299,000.00
1,248,000.00 1,268,000.00
767,629.72 687,553.17
$ 2,348,305.55 $ 2,298,409.03
- 14 -
BALANCE SHEET
WATERWORKS AND SEWER SYSTEM REVENUE FUND
OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER 31 1971
CITY OF EDGEWATER, FLORIDA
A S S E T S
CASH ON HAND AND IN BANK
Cash on Hand
Bank of New Smyrna
Total Cash on Hand and in Bank
INTEREST RECEIVABLE
WATER CUSTOMERS' ACCOUNTS RECEIVABLE
SEWER CUSTOMERS' ACCOUNTS RECEIVABLE
DUE FROM OPERATION AND MAINTENANCE FUND
DUE FROM DEBT SERVICE RESERVE FUND
OCTOBER 31,
1972 1971
$ 295.55
40,819.52
$ 41
$ 1,300.91
$ 3,123.41
$ 3,092.20
$ _ 2,870.02
$ 1,066.00
FIXED
Land
Sewer System
Water Plant and Distribution System
Sewer Distribution System - Silver Ridge
Line Extensions
Improvements to Water Plant
Water Tank # 2
Equipment
Lawn Mower
Bookkeeping Machine
Generator
1965 International Harvester Truck
Communications
3,000 Gallon Storage Tank - 1/3 Cost
Used Addressograph Machine
1967 Ford Truck and Body
Total Fixed
INVENTORY OF MATERIALS
TOTAL ASSETS
$ 12,000.00
1,440,881.08
380,094,80
16,520.00
163,747.32
55,685,24
20,473,86
886.22
125.00
5,090.00
2,080.00
2,586.00
538.50
155.00
851.80
2,299.00
$ 2,104,013.82
$ _ 6,555.28
$ 2,163,136.71
i
Ob
ft
M
$ 284.80
18,658.86 r•
$ 18,943.66
$ - 2,83
$ 3,157.50 r
r
r
$ 12,000.00
1,439,456.13
380,094.80 oft
16,520.00
154,291.17
55,685.24
20,473.86 1 '
886.22
125.00
5,090.00 �.
2,080.00
2,586.00
538.50
155.00
851.80
2,299.00
$ 2,093,132.72
$ 4,273.86
2,122,343.39
p�
0
r
METER DEPOSITS
LIABILITIES AND FUND BALANCE
OCTOBER 31,
1972 1971
$ 21,429,10 $ 19,305.95
WATERWORKS AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "A"
WATERWORKS AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B"
REFUNDABLE LINE EXTENSION DEPOSITS
M FUND BALANCE
do
TOTAL LIABILITIES AND FUND BALANCE
do
287,000.00 299,000.00
1,248,000.00 1,268,000,00
22,053.32 22,314.51
584,654.29 513,722.9
$ 2,163,136.71 $ 2,122,343.39
- 15 -
1
ANALYSIS OF CHANGES IN FUND BALANCE
' WATERWORKS AND SEWER SYSTEM REVENUE FUND
NOVEMBER 1, 1971 TO OCTOBER 31 1972
' CITY OF EDGEWATER FLORIDA
'
FUND BALANCE -
November 1, 1971
'
ADD:
Series "A"
Bonds Redeemed
Series "B"
Bonds Redeemed
Water and
Sewer Line Extensions
'
Excess of
Revenue Over Expenditures
Adjustment
- Refundable Line Extension Deposits
Increase in
Inventory
u
II
u
FUND BALANCE - October 31, 1972
$ 12,000.00
20,000.00
10,881.10
22,936.15
2,832.69
2,281.42
$ 513,722.93
70,931.36
$ 584,654.29
n
16
1
RECONCILIATION OF FIXED ASSETS ACQUIRED
WATER AND SEWER FUNDS
NOVEMBER 1 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER FLORIDA
1
1
1
1
$ 9,456.15
1,424.95
$ 2,093,132.72
10,881.10
$ 2,104,013.82
- 17 -
BALANCE
- November 1, 1971
'
ADD:
Water
Line Extensions
'
Sewer
System Improvements
'
BALANCE-
October 31, 1972
1
1
1
1
$ 9,456.15
1,424.95
$ 2,093,132.72
10,881.10
$ 2,104,013.82
- 17 -
do
10
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM R EVEN UE FUND
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
r
CI OF EDGEWATER, FLORIDA
BALANCE PER AUDIT - November 1, 1971
t RECEIPTS
Accounts Receivable - Water
- Sewer
Meter Deposits
Connection Charges - Water
Service Charges
Utility Taxes
Hydrant Rentals
Refundable Line Extension Deposits
Miscellaneous Income
Interest from Investments
Connection Charges - Sewer
TOTAL RECEIPTS
TOTAL TO BE ACCOUNTED FOR
DISBURSEMENTS
Refundable Line Extension Deposits
Transfers to Operation and Maintenance Fund
Transfers to Sinking Fund
Transfers to Renewal and Replacement Fund
Miscellaneous Expense
TOTAL DISBURSEMENTS
BALANCE TO BE ACCOUNTED FOR
1
ACCOUNTED FOR AS FOLLOWS:
' Cash on Hand
Bank of New Smyrna
n
u
$ 61,692.54
59,107.10 $ 120,799.64
2,123,15
4,675.00
1,573.65
45,583.73
5,200.00
811.94
104.34
6,383.50
4,200.00
1,176.36
57,156.03
94,665.00
16,248.75
37.40
$ 18,943.66
191,.454.95
210,398.61
169,283.5
41,115.07
$ 295.55
40,819.52 $ 41,115.07
I I 18
is
W
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM REVENUE FUND
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Water Sales
$ 59,000.00
$ 62,003.80
$ 3,003.80 %
M Connection Charges - Water
1,000.00
4,675.00
3,675.00
Service Charges
1,400.00
1,573.65
173.65
Hydrant Rental
5,200.00
5,200.00
-
Miscellaneous - Water
200.00
104.34
95.66
Sewer Service Charges
57,000.00
59,071.85
2,071.85
Connection Charges - Sewer
1,000,00
4,200.00
3,200.00 %,
I Miscellaneous - Sewer
50.00
-
50.00
do
Utility Taxes
40,000.00
45,583.73
5,583.73 *
Interest on Investments
7,500.00
8,750.41
1,250.41 *
TOTALS
$ 172,350.00
$ 191,162.78
$ 18,812.78 *
BUDGET APPROPRIATIONS
NOVEMBER 1 1971 TO OCTOBER 31 1972
' UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
' Operation and Maintenance Fund
$ 61,050.00
$ 57,156.03
$ 3,893.97
Bond and Interest Sinking Fund
94,665.00
94,665.00
-
Renewal and Replacement Fund
16,635.00
16,248.75
386.25
Bad Debts and Miscellaneous
156,85
156.85
TOTALS
$ 172,350.00
$ 168,226,63
$ 4,123.37
'
BALANCE SHEET
WATERWORKS AND SEWER OPERATION AND MAINTENANCE FUND
'
OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER
31 1971
'
CITY OF EDGEWATER, FLORIDA
'
A S SET S
OCTOBER
31,
1972
1971
CASH IN BANK
Bank of New Smyrna
$ 10,510.03
$ _ 3,893.97
TOTAL ASSETS
$ 10,510.03
$ 3,893.97
LIABILITIE
S AND FUND BALANCE
LIABILITIES
Payroll Taxes Payable
$ 436.68
$ 641,63
Accounts Payable - Unrecorded
1,756.73
1,583.38
Due to Revenue Fund
Total Liabilities
2,870.02
$ 5,063.43
-
$ 2,225.01
FUND BALANCE
$ 5,446,60
$ 1,668,96
TOTAL LIABILITIES AND FUND BALANCE
$ 10,510.03
$ 3,893.97
ANALYSIS OF CHANGES IN FUND BALANCE
'
NOVEMBER 1, 1971 TO OCTOBER 31
1972
FUND BALANCE - November 1, 1971
1,668.96
' $
ADD:
Transfers from Revenue Fund
57,156.03
'
58,824.99
'
DEDUCT:
Operating Expenses
$ 53,205.04
Accounts Payable Adjustment
173.35
53,378.39
'
FUND BALANCE - October 31, 1972
5,44
'
- 20 -
CASH RECEIPTS AND DISBURSEMENTS
' WATER AND SEWER SYSTEM OPERATION AND MAINTENANCE FUND
NOVEMBER I, 1971 TO OCTOBER 31 1972
CITY OF EDGEWATER, FLORIDA
BALANCE PER AUDIT - November 1, 1971 $ 3,893.97
RECEIPTS
Transfers from Revenue Fund
$ 57,156.03
Payroll Taxes Collected
$ 4,681.54
Payroll Taxes Paid
4,990.60
(309.06)
Line Extension Deposits
2,870.02
TOTAL RECEIPTS
59,716.99
TOTAL TO BE ACCOUNTED FOR
63,610.96
DISBURSEMENTS .
Water Department:
Salaries and Wages
$ 14,518.19
Social Security Expense
825.41
Power
3,461.25
Chemicals
931.38
Supplies
292.03
Truck Expense
770.45
Repairs and Replacements
3,062.65
Telephone
239.60
Hospitalization Insurance
520.54
Printing and Office Supplies
643.73
Professional Services
500.00
Miscellaneous
589.20
Equipment Rental
35.00
Insurance
978.00
Office and Storage Space
1,200.00
28,567.43
Sewer Department:
Salaries and Wages
13,836.19
Social Security Expense
844.51
Electric
3,380.49
Chemicals
1,720.17
Supplies
456.34
Truck Expense
373.15
Repairs and Replacements
1,724.01
Telephone
111.48
Printing, Office Supplies and Postage
456.49
Miscellaneous
722.67
Professional Services
500.00
Insurance
4 08.00
24,53.3.50 53,100.93
BALANCE TO BE ACCOUNTED FOR $ 10,510.03
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 10,510.03
- 21 -
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM OPERATION AND MAINTENANCE FUND
NOVEMBER 1 1971 TO OCTOBER 31 1972
CITY OF EDGEWATER, FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Transfers from Revenue Fund $ 61,050.00 $ 57,156.03 $ 3,893.97
BUDGET APPROPRIATI.ONS
1 NOVEMBER 1, 1971 TO OCTOBER 31 1972
APPROPRIATED
Water Department
Salaries and Wages
Social Security Expense
Electric Power
Chemicals
Supplies
Truck Expense
Repairs and Replacements
Telephone
Miscellaneous and Employee Insurance
Printing
Professional
Insurance
Tank Maintenance
Equipment Rental
Office Space Rental
Totals - Water Department
Sewer Department
Salaries and Wages
Social Security Expense
Electrical Power
Chemicals
Supplies
Truck Expense
Repairs and Replacements
Telephone
Printing and Office Supplies
Professional
Insurance
Equipment Rental
Office Space Rental
Miscellaneous and Employee Insurance
Totals - Sewer Department
TOTALS - WATER AND SEWER DEPARTMENTS
$ 16,000.00
1,000.00
3,000.00
1,500.00
500.00
1,000.00
2,000.00
250.00
2,000.00
600.00
1,000.00
1,200.00
500.00
200.00
600.00
$ _ 31,350.00
EXPENDED
$ 14,518.19
929.52
3,461.25
931.38
292.03
770.45
3,062.65
239.60
1,109.74
643.73
500.00
978.00
35.00
600.00
$ 28,071.54
UNEXPENDED
OVEREXPENDED
$ 1,481.81
70.48
461.25
568.62
207.97
229.55
1,062.65 -
10.40
890.26
43.73
500.00
222.00
500.00
165.00
$ 3,278.46
$ 16,000.00
1,000.00
3,000.00
2,500.00
300.00
500.00
2,000.00
100.00
600.00
1,000.00
1,000.00
100.00
600.00
1,000.00
$ 29,700.00
-$ 61, 050.00
$ 13,836.19
844.51
3,380.49
1,720.17
456.34
373.15
1,724,01
111.48
456.49
500.00
408.00
600.00
722.67
$ 25,133.50
$ 53,205.04
$ 2,163.81
155.49
380.49
779.83
156-34
126.85
275.99
11.48
143.51
500.00
592.00
100.00
277.33
$_ 4,566.50
7
- 22 -
a
■
BALANCE SHEET
WATERWORKS AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER 31 1971
CITY OF EDGEWATER, FLORIDA
A S S E T S
OCTOBER 31,
1972 1971
CASH IN BANK
Bank of New
Smyrna
$ 45,496.13
$ 8,496.23
INVESTMENTS
'
Certificates
of Deposit
- Bank of
New Smyrna
-
37,000.00
TOTAL ASSETS
$ 45,496.13
$ 45,496.23
1
LIABILITIES
AND
FUND BALANCE
'
LIABILITIES
$ -
$
FUND BALANCE
45 496.13
45 496.23
'
TOTAL LIABILITIES AND FUND
BALANCE
$ 45,496.13
$ 45,496.23
ANALYSIS
OF CHANGES
IN FUND BALANCE
NOVEMBER
1, 1971 TO
OCTOBER 31, 1972
FUND BALANCE -
November 1,
1971
$ 45,496.23
ADD: Transfer
from Revenue
Fund
94,665,00
140,161.23
DEDUCT: Interest
on Bonds
$ 62,665.10
Bonds
Retired
32,000.00
94665.10
FUND BALANCE -
October 31,
1972
$ 45,496.13
- 23 -
1
1
' CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
' NOVEMBER 1, 1971 TO OCTOBER 31, 1972
' CITY OF EDGEWATER, FLORIDA
BALANCE PER AUDIT - November 1, 1971
' RECEIPTS
Transfers from Revenue Fund
' Time Certificates Redeemed
Interest on Investments
TOTAL RECEIPTS
TOTAL TO BE CC
A OUNTED FOR
DISBURSEMENTS
Interest on Investments Transferred
' to Revenue Fund
Bonds Retired
Interest Paid on Bonds
' TOTAL DISBURSEMENTS
BALANCE TO BE ACCOUNTED FOR
1
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
1
$ 8,496.23
$ 94,665.00
37,000.00
462.50
132,127.50
140,623.73
462.50
32,000.00
62,665.10
95,127.60
$ 45,496.13
$ 45,496.13
- 24 -
r
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
NOVEMBER -1, 1971 TO OCTOBER 31 1972
CITY OF EDGEWATER. FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Transfer from Revenue Fund $ 94,665.00 $ 94,665.00 $ -
BUDGET APPROPRIATIONS
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
Interest $ 62,665.00 $ 62,665.10 $ .10
Bonds Retired 32,000.00 32,000.00 -
TOTALS $ 94,665.00 $ 94,665.10 $ .10 %,
- 25 -
raw
I
u�
BALANCE SHEET
'
WATERWORKS AND
SEWER SYSTEM DEBT SERVICE RESERVE
'
OCTOBER 31, 1972
WITH COMPARATIVE FIGURES AT OCTOBER
31 1971
'
CITY
OF EDGEWATER, FLORIDA
'
A S S E T S
OCTOBER
31,
'
1972
1971
CASH IN BANK
Bank of New Smyrna
$ 52.00
$
52.00
INVESTMENTS
U. S. Treasury Bills
$ 95,014.00
$
93,948.00
Certificates of Deposit
6,000.00
6,000.00
Total Investments
$ 101,014.00
$
99,948.00
TOTAL ASSETS
$ 101,066.00
$ 100,000.00
LIA BILIT
IES AND FUND BALANCE
LIABILITIES
Due to Revenue Fund
$ 1.066.00
$
-
FUND BALANCE
$ _ 100,000.00
$
100,000.00
TOTAL LIABILITIES AND FUND BALANCE
$ 101,066.00
$ 100,000.00
1
'
- 26 -
r-,
M
CASH RECEIPTS AND DISBURSEMENTS
■r
rr ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
Ai
dt
r
it
rr
we
■r
$ 52.00
- 27 -
WATER AND SEWER SYSTEM DEBT SERVICE
NOVEMBER 1 1971 TO OCTOBER 31,
CITY OF EDGEWATER FLORIDA
RESERVE
1972
111`
BALANCE PER AUDIT - November 1, 1971
$ 52.00
RECEIPTS
Redemption of U. S. Treasury Bills
$ 93,948.00
Redemption of Time Certificate
6,000.00
as
Interest on U. S. Treasury Bills
1,066.00
101,014.00
TOTAL TO BE ACCOUNTED FOR
$ 101,066.00
DISBURSEMENTS
Purchase of U. S. Treasury Bills
$ 95,014.00
Purchase of Time Certificate
6,000.00
101,014.00
r
BALANCE TO BE ACCOUNTED FOR
$ 52.00
■r
rr ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
Ai
dt
r
it
rr
we
■r
$ 52.00
- 27 -
M
i
ESTIMATED REVENUE
rrr
WATERWORKS AND SEWER SYSTEM DEBT SERVICE RESERVE
NOVEMBER 1 1971 TO OCTOBER 31 1972
CITY OF EDGEWATER FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Interest on Investments $ 8,000.00 $ 6,382.00 $ 1,618.00
M
w
x
d BUDGET APPROPRIATIONS
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
Interest Transferred to Revenue Fund $ 8,000.00 $ 5_,,316.00 $ 2,684.00
i
so
avi
do
r
28 -
rr
BALANCE SHEET
'
WATERWORKS AND SEWER SYSTEM RENEWAL AND P.EPLACE14ENT FUND
OCTOBER 31, 1972
'
WITH COMPARATIVE FIGURES AT OCTOBER
31 1971
'
CITY OF EDGEWATER, FLORIDA
A S S E T S
OCTOBER
31,
'
1972
1971
CASH IN BANK
Bank of New Smyrna
$ 6,032.70
$
675.44
'
INVESTMENTS
Certificate of Deposit
26,000.00
26,000.00
'
TOTAL ASSETS
$ 32,032.70
$_ 26,675.44
'
ZIABILITIES AND FUND BALANCE
LIABILITIES
Payroll Taxes Payable
$ -
$
10,39
'
FUND BALANCE
32,032,70
26,665.05
'
TOTAL LIABILITIES AND FUND BALANCE
$ 32,032.70
26,675.44
1
'
ANALYSIS OF CHANGES IN FUND BALANCE
N0VEMBER__1, 1971 TO OCTOBER 3I
1972
'
FUND BALANCE - November 1, 1971
$
26,665.05
ADD: Transfers from Revenue Fund
16,248.75
$
42,913.80
'
DEDUCT: Capital Improvements
10,881.10
- FUND BALANCE - October 31, 1972
$
32,032.70
- 29 -
CASH RECEIPTS
AND DISBURSEMENTS
WATER AND SEWER SYSTEM
RENEWAL AND REPLACEMENT
FUND
'
NOVEMBER 1 1971
TO OCTOBER 3I 1972
CITY OF EDGEWATER
FLORIDA
1
BALANCE PER AUDIT - November 1, 1971
$ 675.44
'
RECEIPTS
Transfers from Revenue Fund
$
16,248,75
'
Payroll Taxes Collected
Payroll Taxes Paid
$ 46.34
62.51 (16.17
TOTAL RECEIPTS
16,232.58
TOTAL TO BE ACCOUNTED FOR
$ 16,908.02
DISBURSEMENTS
'
Water Department:
Wages
$ 452.54
'
Social Security
Materials
27.74
6,767.93
Repairs and Replacements
2,021.70
Miscellaneous
185.00
9,454.91
Sewer Department:
Wages
439.34
Social Security
23.29
Repairs and Replacements
454.64
'
Miscellaneous
503.14
1,420.41
'
TOTAL DISBURSEMENTS
10,875.32
BALANCE TO BE ACCOUNTED FOR
6,032.70
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 6,032.70
'
- 30 -
u
'
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
'
NOVEMBER 1, 1971 TO OCTOBER 31
1972
CITY OF EDGEWATER FLORIDA
'
UNDERCOLLECTED
ESTIMATED
COLLECTED
OVERCOLLECTED
Transfers from Revenue Fund $ 16,635.00
16,248.75
$ 386.25
' BUDGET APPROPRIATIONS
' NOVEMBER 1 1971 TO OCTOBER 31 1972
UNEXPENDED
' APPROPRIATED EXPENDED OVER.EXPENDED
Capital Improvements $ 16,635.00 $ 10,881.10 ,$ 5,753.90
u
II
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Page 1 of 2
INCOME AND EXPENSE STATEMENT
WATERWORKS AND SEWER SYSTEM FUNDS
NOVEMBER 1, 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA_
INCOME
Water Sales
Connection Charges - Water
Service Charges
Hydrant Rental
Miscellaneous Income - Water
Sewer Charges
Connection Charges - Sewer
OPERATING INCOME
EXPENSE
Water Department:
Salaries and Wages
$ 14,518.19
Social Security Expense
929.52
Electric Power
3,461.25
Chemicals
931.38
Supplies
292.03
Truck Expense
770.45
Repairs and Replacements
3,062.65
Telephone
239.60
Hospitalization Insurance
520.54
Printing and Office Supplies
643.73
Professional Services
500.00
Miscellaneous Expense
589.20
Equipment Rental
35.00
Insurance
978.00
Office and Storage Space Rental
600.00
Bad Debts
23.50
Sewer Department:
Salaries and Wages
$ 13,836.19
Social Security Expense
844.51
Electric Power
3,380.49
Chemicals
1,720.17
Supplies
456.34
Truck Expense
373.15
Repairs and Replacements
1,724.01
Telephone
111.48
Printing and Office Supplies
456.49
$ 62,003.80
4
1,573.65
5,200.00
104.34
59,071.85
4,200.00
$ 136,828.64
28,095.04
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Page 2 of 2
■
INCOME AND EXPENSE STATEMENT
WATERWORKS AND SEWER SYSTEM FUNDS
NOVEMBER 1 1971 TO OCTOBER 31, 1972
CITY OF EDGEWATER FLORIDA
Sewer Department (Continued):
Miscellaneous Expense
Professional Services
Insurance
Office Space Rental
Bad Debts
TOTAL EXPENSES
NET INCOME FROM OPERATIONS
OTHER INCOME
`m Utility Taxes
Interest from Investments
ro TOTAL OTHER INCOME
TOTAL INCOME
do
OTHER EXPENSE
Interest on Waterworks and
Sewer System Bonds
NET INCOME
$ 722.67
500.00
408.00
600.00
95.95
$ 25,229.45
$ 45,583.73
8,750.41
$ 53,324.49
$ 83,504.15
54 334.14
$ 137
62,665.10
$ 75,173.19
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M1
STATEMENT OF REVENUE BONDED DEBT AND INTEREST
di
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
AMOUNT AVAILABLE AND TO BE PROVIDED FOR
PMTIENT OF REVENUE BONDS AND INTEREST
Amount Available - Sinking Fund $ 45,496,23
- Reserve Fund 100,000.00
145,496.23
.To Be Provided in Future Years -
r r
Bonds
1,_389, 503.77
TOTAL
To Be Provided in Future Years -
Interest
TOTAL AVAILABLE AND TO BE PROVIDED
■r REVENUE BONDS AND INTEREST
` PAYABLE IN FUTURE YEARS
1964 Refunding and Revenue Bonds -
Series "A"
Series "B"
TOTAL BONDS PAYABLE
INTEREST PAYABLE IN FUTURE YEARS -
Series "A"
Series "B"
TOTAL INTEREST PAYABLE
TOTAL BONDS AND INTEREST
PAYABLE IN FUTURE YEARS
$ 1,535,000.00
956,274.37
$ 287,000.00
1,248,000.00
$ 122,193.75
834,080
$ 1,535,000.00
956,274.37
$ 2,491,274.37
- 34 -
SCHEDULE OF REFUNDING AND IMPROVEMENT
BOND AND INTEREST PAYABLE UNTIL MATURITY
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
lb
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TOTALS $ 287,000.00 $ 122,193.75
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SERIES
"A"
YEAR OF
TOTAL
MATURITY
PRINCIPAL
INTEREST
1973
$ 12,000.00
$ 13,347.50
1974
13,000.00
12,753.75
1975
14,000.00
12,112.50
1976
14,000.00
11,447.50
1977
15,000.00
10,758.75
1978
16,000.00
10,022.50
1979
16,000.00
9,262.50
1980
17,000.00
8,478.75
1981
18,000.00
7,647.50
I�r
1982
19,000.00
6,768.75
1983
20,000.00
5,842.50
1984
21,000.00
4,868.75
1985
22,000.00
3,847.50
1986
23,000.00
2,778.75
1987
23,000.00
1,686.25
1988
24,000.00
570.00
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
TOTALS $ 287,000.00 $ 122,193.75
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SERIES "B"
TOTAL TOTAL TOTAL TOTAL
.r PRINCIPAL INTEREST INTEREST PRINCIPAL PAYMENT
$ 20,000.00
21,000,00
22,000.00
23,000.00
24,000.00
24,000.00
26,000.00
27,000.00
28,000.00
29,000.00
30,000.00
31,000.00
32,000.00
33,000.00
36,000.00
37,000.00
60,000.00
62,000.00
65,000.00
67,000.00
70,000.00
73,000.00
76,000.00
79,000.00
82,000.00
86,000.00
85,000.00
1,2.48,000.00
47,972.60
47,178.23
46,364.49
45,473.24
44,562.62
43,632.62
42,663.88
41,637.01
40,571.39
39,467.02
38,323.90
37,142.03
35,921.41
34,662.04
33,325.18
31,910.81
30,031.55
27,667.81
25,207.20
22,649.71
19,995.35
17,224.74
14,337.88
11,334.77
8,215.41
4,960,43
1,647.30
$ 834,080.62
61, 320.10
59,931.98
58,476,99
56,920.74
55,321.37
53,655.12
51,926.38
50,115.76
48,218,89
46,235.77
44,166.40
42,010.78
39,768.91
37,440.79
35,011.43
32,480.81
30,031.55
27,667.81
25,207.20
22,649.71
19,995.35
17,224.74
14,337.88
11,334.77
8,215.41
4,960.43
1,647.30
x,956,274.37
32,000.00
34,000.00
36,000,00
37,000.00
39,000.00
40,000.00
42,000.00
44,000.00
46,000.00
48,000.00
50,000.00
52,000.00
54,000.00
56,000.00
59,000.00
61,000.00
60,000.00
62,000.00
65,000.00
67,000.00
70,000.00
73,000.00
76,000.00
79,000.00
82,000.00
86,000.00
85,000.00
$ 1,535,000.00
93,320.10
93,931.98
94,476.99
93,920.74
94,321.37
93,655.12
93,926.38
94,115.76
94,218.89
94,235.77
94,166.40
94,010.78
93,768.91
93,440.79
94,011.43.
93,480.81
90,031.55
89,667.81
90,207.20
89,649.71
89,995.35
90,224.74
90,337.88
90,334.77
90,215.41
90,960.43
86,647.30
$, 2,491,2.74.37
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INSURANCE COVERAGE
OCTOBER 31, 1972
Page 1 of 3
CITY OF EDGEWATER, FLORIDA
REQUIRE UNDER ORDINANCE #400
M SECTION K (3)
Requirement: Auto Liability Insurance
Limits - $50/100,000 Bodily Injury:
$10,000 Property Damage
Policy in Force: CAL - 103892 Insurance Company of North America
46 Agent: J. E. Tumblin Agency
New Smyrna Beach, Florida
Period: 12 -19 -71 to 12 -19 -72
do Limits: $100/300,000 Bodily Injury:
$25,000 Property Damage
■r
SECTION K (1) (2
'r
(1) Requirement:
Fire and Extended Coverage on Insurable Portions
of the Water and Sewer Project
(2) Requirement:
Public Liability Insurance
Limits: $50/100,000 Bodily Injury:
$10,000 Property Damage
Policy in Force:
Package Policy #AGP - 09 -76 -34 Insurance Company
of North America
Agent: J. E. Tumblin Agency
New Smyrna Beach, Florida
'
Period: 12 -19 -71 to 12 -19 -74
(1) Property Covered - Water System:
Blanket Policy -90% Coinsurance -$100 Deductible
1. Elevated Steel Water Tank situated
N/S East Park Avenue, Edgewater
2. Elevated Steel Water Tank at W/S
Kumquat Tree Drive
'
3. AAA Water Treatment Plant Building
situated N/S E. Park Avenue, Edgewater
'
4. Machinery and Equipment while contained
in Item # 3
5. ICM Pump House # 2 situated approximately
2 miles W of R.R. at Edgewater Well Field
'
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Page 2 of 3
INSURANCE COVERAGE
OCTOBER 31, 1972
CITY OF EDGEWATER FLORIDA
SECTION K (1) (2) - Continued 6. ICM Pump House # 1 situated approximately
2 miles W of R.R. at Edgewater Well Field
7. Machinery and Equipment while contained
in Item # 5
8. Machinery and Equipment while contained
in Item # 6
_Property Covered - Sewer System:
1. AAA Concrete and Steel Sewage Treatment
Plant situated W end of Ocean Avenue
2. Pumping Station # 3, situated East end
of Riverview Avenue
3. Pumping Station # 4, situated Oakridge
and Drainage Canal
4. Pumping Station # 6, situated 16th and
Evergreen Street
5. Pumping Station #7, situated W end
of Joyce Street
6. Lift (pumping) Station Yk 1, situated
Indian River Boulevard and Riverside
7. Lift (pumping) Station # 2, situated
Merrimac and Riverside
8. Lift (pumping) Station # 5, situated
West Pine Bluff Street
9. Lift (pumping) Station Yk 9, situated
at Silver Ridge
10. Steel and Concrete K/A Pumping Station 1k 8
at Kumquat Tree Drive and 18th Street
Property Covered - General Fund-
1. Shuffle Board at N. E. Corner of
Riverside Drive and Park Avenue
2. AAA City H11 Building - at 106
N. Riverside Drive
3. C. B. - Community House at N. W. Corner
of Park Avenue and Riverside Drive
4. C. B. - Library at 141 East Park Avenue
5. C, B. - Equipment Storage Building and
Tool House at Mango Drive
6. C. B. - Utility and Storage for Water
Department at 113 East Park Avenue
(2) Liability Limits: $100/300,000 Personal Injury:
$25,000 Property Damage for Each Occurrence
with $100,000 Aggregate Operations
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Paoe 3 of 3
INSURANCE COVERAGE
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
' OTHER INSURANCE CARRIED
Policy #NWC 16 42 33 Insurance Company of America
' 12 -19 -71 to 12 -19 -72 Workmen's Compensation
Limit of Liability $100,000.00
' Policy #BT (1) 11076 R The Travelers Insurance Company
10 -1 -72 to 10 -1 -73 Accidental Death $20,000.00
11
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NOTES TO FINANCIAL STATEMENTS
A S S E T S
CASH ON HAND AND IN BANKS $ 136,599.79
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Cash on hand was verified by actual count. Cash in banks was
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verified by reconciling the book balances with the balances shown on the
bank statements and by direct correspondence with the depositories.
■■ The depositories have pledged the following collateral to
guarantee deposits of the City in excess of $20,000.00:
■i
1. First National Bank of New Smyrna Beach -
A. $ 25,000.00 City of Homestead Florida
Electric and Water Revenue Bonds, due 2 -1 -76
B. State of Florida University System 6 1/2%
Revenue Bonds of 1971 $ 30,000.00, due 2 -1 -77
C. $ 40,000.00 City of Ormond Beach Florida
Water and Sewer Revenue Bonds, due 9 -13 -76
2. Bank of New Smyrna -
W A. $ 10,000.00 U. S. Treasury 7% Notes,
dated 8/15/1971, due 11/15/75
B. $ 200,000.00 U. S. Treasury 4 3/4% Notes,
Series B 1978, dated 11/15/71,
due 11/15/78
C. $ 10,000.00 U. S. Treasury Notes 5 5/8 %,
Series B 1974, dated 8/15/68, due 8/15/74
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RECEIVABLES $ 11,843.56
r The balance due to the City for garbage collection amounts to
$ 2,026.45.
The paving accounts receivable, in the amount $ 1,142.78 are
amounts due from property owners as their share of the street paving
costs assessed by the City.
The fine and forfeiture receivable of $ 1,143.00 represents
fines levied by the court which are being paid for on an installment
No
basis.
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The interest receivable of $ 1,300.91 is on a certificate of
deposit which was received subsequent to October 31, 1972.
i111
The water and sewer consumer's accounts receivable, in the
amount of $ 6,215.61 were checked in detail and found to be in balance
rn
with the General Ledger Control.
M INVESi'MENTS
The investments of the various funds are as follows:
go Water and Sewer Debt Service Reserve $ 101,014.00
General Fund 50,000.00
r
Water and Sewer Renewal and
Replacement Fund 26,000.00
■r
$ 177,014.00
■r These investments are in U. S. Treasury Bills and certificates
of deposit, and are shown in detail in the audit report as "Schedule of
r
Investments ".
FIXED ASSETS
r
The fixed assets represent the capital assets of the City.
M A reconciliation of the assets acquired for the General Fund, during
the current fiscal year, is shown in detail in the audit report under
the Capital Fund section, and a reconciliation of the Waterworks and
do Sewer System assets acquired are shown under the Waterworks and Sewer
System section.
INVENTORY OF MATERIALS
This inventory represents materials and supplies on hand,
at cost, at the end of the fiscal year. The inventory was taken, priced,
and extended by the City employees and accepted by us without detailed
verification.
M
$ 177,014.00
$ 2,906,556.22
$ 6,555.28
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as
i
Fund to guarantee payment of the water bill.
LIABILITIES AND FUND BALANCE
ACCOUNTS PAYABLE - UNRECORDED $ 7,247.07
As the City operates on a cash basis, the accounts are
not set up on the books until approved by the City Council at an open
meeting and paid. They are, however, set up on the balance sheet so
that the fair financial position of the City will be reflected by the
audit.
PAYROLL TAXES PAYABLE $ 3,023.81
r The above amount represents income and Social Security
taxes withheld from employees' wages.
do PLAYGROUND ACCOUNT
$ 36.11
This account remains the same as at the close of the
rr
previous year as there has been no activity thereon.
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GASOLINE INVENTORY
$ ____I_ . ,685,46
This is the
value of the gasoline in the City's
tanks as
j
of the date of the audit
according to inventory records.
An actual
physical inventory was
not taken by the City. It is our
continuing
recommendation that a
physical inventory be taken at the
end of each
fiscal period and the
account reconciled.
METER DEPOSITS
$ 20.00
This deposit
was made by the General Fund to the Water
Fund to guarantee payment of the water bill.
LIABILITIES AND FUND BALANCE
ACCOUNTS PAYABLE - UNRECORDED $ 7,247.07
As the City operates on a cash basis, the accounts are
not set up on the books until approved by the City Council at an open
meeting and paid. They are, however, set up on the balance sheet so
that the fair financial position of the City will be reflected by the
audit.
PAYROLL TAXES PAYABLE $ 3,023.81
r The above amount represents income and Social Security
taxes withheld from employees' wages.
do PLAYGROUND ACCOUNT
$ 36.11
This account remains the same as at the close of the
rr
previous year as there has been no activity thereon.
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REFUNDABLE LINE EXTENSION DEPOSITS $ _ 22,053.32
The above balance represents deposits by water and sewer
+r consumers to cover costs of extending mains. They are refundable in
amounts and for the time specified as set forth in Ordinance No. 396
do
governing line extension agreements.
Included in the above balance is the amount of $ 16,520.00, the
cost of the sewer system for Silver Ridge, based on the consulting
M engineer's estimate. The City entered into an agreement with Alexander
Construction Company during the fiscal year 1966 -1967 to take over the
r
operation of this system. The agreement provides that the City will
refund to Alexander Construction Company 20% of the revenues derived
from the Silver Ridge System until the cost of the system has been
do recovered or a period of ten years whichever shall come first. During
the fiscal year 1971 -1972, there was no refund made to Alexander
so
Construction Company.
WATERWORKS AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "A" $ _ 287,000.00
WATERWORKS AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B" $ 1,248,000.00
On March 2, 1964 the City approved Ordinance No. 400
providing for the construction of a new sanitary sewage system and
' appurtenant facilities in the City of Edgewater, Florida, to be
' combined with the existing waterworks system of said City and operated
therewith as a single utility and authorized the issuance of
' $ 1,692,000.00 Waterworks and Sewer System Refunding and Improvement
Revenue Bonds, consisting of $ 369,000.00 Series "A" Bonds to refund
outstanding water revenue certificates of the City, dated February 1,
1958, and $ 1,323,000.00 Series "B" to finance a part of the cost of
i�
the project.
Bonds of Series "A" shall bear interest at a rate or rates of
not exceeding four and three - fourths per centum ( 4 3/4% ) per annum,
vi and Bonds of Series "B" shall bear interest at a rate or rates of not
exceeding four per centum ( 4% ) per annum. Such interest shall be
payable with respect to both series semi - annually on February 1 and
August 1 of each year in accordance with the schedule in the audit
report under the Bonded Debt Statistics section.
r During the current fiscal year, the City retired Bonds
Series "A" number 71 through 82, and Bonds Series "B" 52 through
r
71.
METER DEPOSITS $ 21,429.10
These deposits were made by water consumers to guarantee
payment of these accounts. These deposits are refundable under
IM applicable rules and regulations.
FUND BALANCE $ _ 1,650,468.73
VIII This account represents the excess of the City's assets
over the City's liabilities as shown on the balance sheet.
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0 GENERAL
The estimated revenue of the General Fund for the fiscal year
1971 -1972 was $ 245,250.00, the actual net collections were $ 295,916.10
do or an over collection of $ 50,666.10. The estimated expenditures or budget
appropriations statement of the General Fund shows actual expenditures of
+� $ 243,354.52 against a budgeted amount of $ 245,250.00 which reflects an
' under expenditure of $ 1,895.48.
The income and expense statement of the Waterworks and Sewer
' System Funds reflects a net income from operation of $ 83,504.15. This
does not include income from utility taxes, interest from investments,
' nor does that figure include expenditure for bond interest. A comparison
' with the previous year's operations is as follows:
1972 1971
' Water Department Income $ 73,556.79 $ 69,627.46
Sewer Department Income 63,271.85 61,375.40
' $ _ 136,828.64 $ 131,002.86
Water Department Expense $ 28,095.04 $ 30,236.87
Sewer Department Expense 25,229.45 23,922.49
' $ 53,324.49 $ 54,159.36
Net Income from Operations $ 83,504,15 $ 76,843.50
t All accounts required by the Bond Ordinance are being properly
used and no default on the part of the City of any covenant of the bond
ordinance has been disclosed in this audit.
1 During the current fiscal year, the city collected $ 94,041.44
of the current year's tax assessments and $ 61.09 on delinquent taxes.
h 1
- 44 -
1 The amount of delinquent taxes, as submitted by the Volusia County tax
collector, is $ 625.36. The tax collector estimated the collectibil.ity of
' these accounts to be 20 %.
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MANAGEMENT LETTER
OCTOBER 31, 1972
CITY OF EDGEWATER, FLORIDA
TURNEY AND DUPREE
CERTIFIED PUBLIC ACCOUNTANTS
501 NORTH GRANDVIEW AVENUE
DAYTONA BEACH, FLORIDA 32019
IN
To The
Honorable Mayor and City Council
City of Edgewater, Florida
M
TELEPHONE
(AREA CODE 904) 253 -6501
Ladies and Gentlemen:
r�
According to your request, we have audited the books and records of the
City of Edgewater, Florida for the fiscal year ended October 31, 1972. Our
certificate indicates an unqualified opinion as to the financial position of
r. the City of Edgewater at October 31, 1972, and the results of its operations
for the year then ended.
During the course of our examination, we reviewed the system of Internal
Accounting Procedures. This review was made in order to determine the scope
of our examination and to determine compliance with the requirements of Florida
,. Statute 167.611. The review was, therefore, not so extensive as would be
undertaken in connection with a systems survey.
so We submit below our comments and recommendations designed to improve
controls presently in operation.
PRIOR RECOMMENDATIONS RELATING TO INTERNAL ACCOUNTING CONTROLS
AND PROCEDURES NOT ADOPTED
RECOMMENDATION 1 - THE INDEX FILE OR FIXED ASSETS OF THE CITY SHOULD
.r BE TIED OUT WITH THE GENERAL LEDGER PERIODICALLY
At present a physical inventory file of fixed assets is maintained show -
ing date of acquisition, cost, model, serial number and location. In order to
strengthen controls over this system all acquisitions and retirements should
be posted to the cards and the totals agreed with the General Ledger. In
addition, any major retirements of fixed assets should be approved by the
Council.
M
TURKEY AND DUPREE
Certified Public Accountants
FIRST FEDERAL BUILDING
501 NORTH GRANDVIEW AVENUE • BOX 5335
DAYTONA BEACH, FLORIDA 32020
JOHN P. TURNEY
G. DARRELL DUPREE
RICHARD J. CAMPUTARO
•
MEMBERS
AMERICAN INSTITUTE
AND FLORIDA INSTITUTE
OF CERTIFIED PUBLIC
Januar y 4 1973
ACCOUNTANTS
To The
Honorable Mayor and City Council
City of Edgewater, Florida
M
TELEPHONE
(AREA CODE 904) 253 -6501
Ladies and Gentlemen:
r�
According to your request, we have audited the books and records of the
City of Edgewater, Florida for the fiscal year ended October 31, 1972. Our
certificate indicates an unqualified opinion as to the financial position of
r. the City of Edgewater at October 31, 1972, and the results of its operations
for the year then ended.
During the course of our examination, we reviewed the system of Internal
Accounting Procedures. This review was made in order to determine the scope
of our examination and to determine compliance with the requirements of Florida
,. Statute 167.611. The review was, therefore, not so extensive as would be
undertaken in connection with a systems survey.
so We submit below our comments and recommendations designed to improve
controls presently in operation.
PRIOR RECOMMENDATIONS RELATING TO INTERNAL ACCOUNTING CONTROLS
AND PROCEDURES NOT ADOPTED
RECOMMENDATION 1 - THE INDEX FILE OR FIXED ASSETS OF THE CITY SHOULD
.r BE TIED OUT WITH THE GENERAL LEDGER PERIODICALLY
At present a physical inventory file of fixed assets is maintained show -
ing date of acquisition, cost, model, serial number and location. In order to
strengthen controls over this system all acquisitions and retirements should
be posted to the cards and the totals agreed with the General Ledger. In
addition, any major retirements of fixed assets should be approved by the
Council.
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RECOMMENDATION 2 - A NEW COURT DOCKET SHOULD BE ESTABLISHED LISTING
TI CKETS ISSUED IN NUMERICAL ORDER
Under the present procedure there seems to be a large amount of duplication
in recording fines and forfeitures.
The docket should list ticket number, name of the violator, violation, date
of violation, arresting officer, bond posted if applicable, date of court appear -
ance, disposition of case and a column for the Judge's signature after final
disposition of the case. This docket along with the actual tickets filed in
numerical order should satisfy the record keeping function surrounding fines and
r.i forfeitures and eliminate a lot of duplication in this area.
RECOMMENDATION 3 - THE PROCEDURES SURROUNDING THE COLLECTIONS ON
WATER, SEWER, AND GARBAGE RECEIVABLES SHOULD
BE EXAMINED,
During the course of our audit it was noted that the collection and recording
function centers around one individual. We feel that the following recommendations
in this area would greatly improve internal accounting controls.
1. When the city clerk opens the mail a
listing of water, sewer and garbage
receipts should be made for later
comparison with the amount deposited
to the bank.
2. The checks should then be passed on
to the water and sewer clerk for posting
to detail customer cards and preparation
of the deposit slip.
3. The aforementioned listing tape would
then be agreed to the amount deposited.
4. Bank reconciliations should be reviewed
at the end of each month by the city
clerk.
Our review also indicated that several recommendations made in prior years
have been adopted and internal controls thus strengthened.
ar
With the exception of the recommendations above, it appears that the pro-
visions of Florida Statute 167.611 are being followed in that written procedures
so for accounting and bookkeeping transactions have been adopted and implemented.
The procedures adopted appear to comply with generally accepted accounting
principals and provide for internal control with built -in provisions for tracing
receipts from source to deposits, accounting for all disbursements, and the
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' accounting for inventory and assets from acquisition to final disposition.
We express our appreciation to the City officials and employees for their
cooperation and assistance during the audit.
Respectfully ( submitted,
y'w