FY 1971 Audit ReportA U D IT REPORT
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
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TURNEY & DUPREE
Certified Public Accountants
Daytona Beach, Florida
A U D I T R E P O R T
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
MAYOR ,
COUNCILWOMAN
COUNCILMEN
CITY ATTORNEY
CITY CLERK
CITY AUDITORS
Dana T. Armstrong
Marion Crigger
Charles P. Ganta
David C. Severance
David L. Wiggins, Sr.
Charles A. Hall
Cornelia A. Kinsey
Turney and Dupree
Certified Public Accountants
TABLE OF CONTENTS
PAGE NO.
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
9
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
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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
e
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
2 9
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
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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
PAGE NO.
34
35
36 - 38
39 - 45
1
TURNEY AND DUPREE
Certified Public Accountants
r FIRST FEDERAL BUILDING
501 NORTH GRANDVIEW AVENUE • BOX 5335
DAYTONA BEACH, FLORIDA 32020
40 JOHN P. TURNEY
G. DARRELL DUPREE
•
MEMBERS
AMERICAN INSTITUTE
AND FLORIDA INSTITUTE
OF CERTIFIED PUBLIC
ACCOUNTANTS January 4 , 1972
The Honorable Mayor and
City Council
City of Edgewater, Florida
TELEPHONE
UREA CODE 904) 253 -6501
Ladies and Gentlemen:
We have examined the balance sheets of the various funds of
the City of Edgewater, Florida, as of October 31, 1971, 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,
1971, 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 submit ed,
V�.t�2.t�_
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COMBINED BALANCE SHEET
ALL FUNDS
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31,_1.9.70
CITY OF EDGEWATER FLORIDA
A S S E T S
OCTOBER 31,
1971 1970
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
$ 754.85
39,411.26
18,658.86
3,893.97
675.44
52.00
8.496.23
$ 71,942.61
$ 856.32
21,341.55
4,230.73
5,296.14
4,404.59
468.00
16.065.02
$ 52.662.35
RECEIVABLES
Accounts Receivable -
Fines and Forfeitures
Accounts Receivable - Garbage
Lot cleaning liens
Paving Accounts Receivable
Water Customers
Sewer Customers
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
TOTAL ASSETS
$ 2,091.00
2,396.55
15.38
1,155.35
2,835.65
3,157.50
$ _ 11,651.43
$ � 162,948.00
$ 777,278.52
2.093.132.72
$ 218701411.24
$ 4,273.86
$ 1,433.06
$ 20.00
i $ 3,122,680.20
1,683.53
105.05
1,142.78
2,294.86
2.102.85
$ 7,329.07
$ 177,244.86
$ 683,497.50
2,087,269.01
$ 2,770,766.51
$ 4,508.40
$ 1,277.32
$ 20.00
$ 3,013.808.51
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LIABILITIES AND FUND BALANCE
OCTOBER 31,
1971 1970
ACCOUNTS PAYABLE - UNRECORDED $ 5,234.95 $ 1,932.39
PAYROLL TAXES PAYABLE 1,834.16 1,729.41
SPECIAL LIBRARY ACCOUNT 798.52 333.06
PLAYGROUND ACCOUNT 36.11 36.11
REFUNDABLE LINE EXTENSION DEPOSITS 22,314.51 22,544.70
WATER AND SEWER SYSTEM REFLT;DING AND
IMPROVEMENT REVENLE BONDS - SERIES "A" 299,000.00 310,000.00
WATER AND SEWER SYSTEM REFLdDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B" 1,268,000.00 1,287,000.00
METER DEPOSITS 19,305.95 17,865.50
ADVANCE COLLECTIONS ON EMPLOYEE
TELEPHONE CALLS - 42.03
ARREST ASSESSMENTS PAYABLE 36.00 -
FUND BALANCE 1,506,120.00 1,372,325.31
TOTAL LIABILITIES AND FUND BALANCE $ 3,122,680.20 $ 3,013,808.51
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SCHEDULE OF INVESTMENTS
WATER AND SEWER SYSTEM FUNDS
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
DATE OF DATE OF MATURITY SAFEKEEPING RECEIPT
PURCHASE COST MATURITY VALUE OR CERTIFICATE NO,
WATER AND SEWER -
RESERVE FUND
U.S.Treasury Bills
Certificate of Deposit
8 -2 -71 $ 93,948.00
9 -13 -71 6,000.00
$ 99,948.00
7 -31 -72 $100,000.00 #21054 -SK
9 -13 -72 6,000.00 #156 Interest 52%
m
WATER AND SEWER - BOND
or PRINCIPAL & INTEREST FUND
i Certificate of Deposit 9 -15 -71 $ 37,000.00 12 -15 -71 $ 37,000.00 #9177TC Interest 5%
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WATER AND SEWER - RENEWAL
AND REPLACEMENT FUND
Certificate of Deposit 9 -15 -71 $ 6,000.00
Certificate of Deposit 9 -15 -71 5,000.00
Certificate of Deposit 4 -6 -71 15,000.00
$ 26,000.00
TOTAL COMBINED ALL FUNDS $162,948.00
9 -15 -72 $ 6,000.00 #158TC Interest 52%
9 -15 -72 5,000.00 #159TC Interest 52%
4 -6 -72 15,000.00 #85386 Interest 52%
2
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BALANCE SHEET
CAPITAL FUND
i
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31, 1970
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CITY OF EDGEWATER, FLORIDA
A S S E T S
OCTOBER 31,
1971 1970
Road machinery
New City Hall
Furniture and fixtures
City barn building
Maps `
Real estate
Shell streets
Street paving
Strand road fill
Traffic warning signal
Traffic lights
Police Department equipment
Small tools and miscellaneous equipment
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
$ 93,435.84
37,681.35
10,426.13
2,983.85
80.00
39,371.60
4,170.44
297,867.88
3,797.00
22,906.85
4,392.55
17,323.80
4,211.20
42,115.85
3,310.45
31,291.46
7,438.23
9,250.62
22,817.82
8,379.02
28,241.19
664.36
2,907.42
5,171.51
4,712.03
31,820.94
40,509.13
$ 80,342.76
24,671.35
9,881.20
2,983.85
80.00
39,371.60
4,170.44
257,408.86
3,797.00
22,906.85
4,392.55
16,451.92
2,022.57
41,861.05
3,310.45
31,291.46
7,438.23
9,250.62
22,817.82
8,313.27
20,074.05
664.36
2,907.42
5,171.51
4,712.03
31,820.94
25,383.34
TOTAL ASSETS
FUND B ALAN CE
FUND BALANCE - October 31
$ 777,278.52
$ 683,497.50
$ 777,278.52 $ 683,497.50
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ANALYSIS OF CHANGES IN FUND BALANCE
NOVEMBER 1, 1970 TO OCTOBER 31,
1971
CAPITAL FUND
CITY OF EDGEWATER FLORIDA
OCTOBER
31,
1971
1970
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FUND BALANCE - November 1
a
$ 683,497.50
$ 612,683.27
ADD: Net Increase in Assets
93,781.02
70,814.23
FUND BALANCE - October 31
$ 777,278.52
$ 683,497.50
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Page 1 of 3
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RECONCILIATION
OF FIXED ASSETS ACQUIRED
CAPITAL FUND
NOVEMBER 1,
1970 TO OCTOBER 31,
1971
CITY OF
EDGEWATER, FLORIDA
Road Machinery:
Balance - November 1, 1970
$ 80,342.76
Add: GMC Garbage Truck
$ 13,044.74
Ford Trash Truck
3,502.92
Welder
198.22
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16,745.88
Deduct: 1958 Trash Truck Traded
3,652.80
13,093.08
$ 9,435.84
New City Hall:
Balance - November 1, 1970
24,671.35
Add: Remodeling Costs
C
13,010.00
37,681.35
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Furniture and Fixtures:
Balance - November 1, 1970
9,881.20
Add: Rug Shampooer
125.48
Coke Machine
115.00
Tables and Chairs
217.20
Vacuum
49.80
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File cabinet
37.45
544.93
10,426.13
City Barn Building
2,983.85
Maps
80.00
Real Estate
39,371.60
Shell Streets
4,170.44
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Street Paving:
Balance November 1, 1970
257,408.86
Add: Street Paving for Year
40,459.02
297,867.88
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Strand Road Fill
3,797.00
Traffic Warning Signals
22,906.85
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Traffic Lights
4,392.55
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Police Department Equipment:
Balance '- November 1, 1970
16,451.92
Add: 1971 Ford Sedan
2,640.06
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Radio Monitor
136.95
19,228.93
Deduct: 1969 Chevrolet Sedan Traded
1,905.13
17,323.80
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RECONCILIATION OF FIXED ASSETS ACQUIRED
CAPITAL
FUND
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NOVEMBER 1, 1970 TO
OCTOBER 31,
1971
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CITY OF EDGEWATER, FLORIDA
Small Tools and Miscellaneous Equipment:
Balance - November 1, 1970
$ 2,022.57
Add: Bush Hog Mower $
325.00
Small Tools
746.06
Air Compressor
576.75
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Water Cooler
210.01
Welder
198.21
Chain Saw
132.60
2,188.63
$ 4,211.20
Fire Department Equipment:
Balance - November 1, 1970 s
41,861.05
Add: Red Lights
131.80
Auto Siren Time Clock
77.00
Asbestos Blanket
46.00
254.80
42,115.85 °
Street Signs
3,310.45
Library
7,438.23
Library Fixtures
9,250.62
Community House
22,817,82
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Community House Equipment:
Balance - November 1, lo70
8,313.27
Add: Utensils
65.75
8,379.02
Municipal Park and Pier:
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Balance - November 1, 1970
20,074.05
Add: Seawall
8,167.14
28,241.19
Picnic Area
664.36
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Communications System
2,907.42
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Municipal Code
5,171.51
Bridge
4,712.03
New Library Building
31,820.94
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RECONCILIATION OF FIXED ASSETS ACQUIRED
CAPITAL FUND
NOVEMBER 1 1970 TO OCTOBER 31 1971
CITY OF EDGEWATER FLORIDA
Drainage:
Balance - November 1, 1970 $ 25,383.34
Add: Improvements for Year 15,125.79 $ 40,509.13
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Street Department Equipment 3f,291.46
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BALANCE - October 31, 1971
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BALANCE SHEET
GENERAL FUND
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER
CITY OF EDGEWATER FLORIDA
31
1970
A S S E T S
OCTOBER
31,
1971
1970
+M
CASH ON HAND AND IN BANK
Cash on Hand
$
470.05
$
374.02
First National Bank of New Smyrna
39,411.26
21,341.55
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Total Cash on Hand and in Bank
$
39,881.31
$
21,715.57
INVESTMENTS
'
U. S. Treasury Bills (At Cost)
$
-
$
38,664.31
so
RECEIVABLES
Accounts Receivable - Fines and Forfeitures
$
2,091.00
$
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Accounts Receivable - Garbage
2,396.55
1,683.53
Lot Cleaning Liens
15.38
105.05
Paving Accounts Receivable
1,155.35
1,142.78
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Total Receivables
$
5,658.28
$
2,931.36
INVENTORIES - AT COST
Gasoline
$
560.66
$
548.86
Diesel Fuel
176.84
62.94
Supplies
695.56
665.52
Total Inventories
$
1,433.06
$
1,277.32
METER DEPOSITS
$
20.00
$
20.00
TOTAL ASSETS
$ 46,992.65
$
64,608.56
L I A B I L I T I E S AND F U N D B
A L
A N C E
aY
ACCOUNTS PAYABLE - Unrecorded
$
3,651.57
$
1,123.41
PAYROLL TAXES PAYABLE
1,182.14
1,394,10
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SPECIAL LIBRARY ACCOUNT
798.52
333.06
PLAYGROUND ACCOUNT
36.11
36.11
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ADVANCE COLLECTIONS ON EMPLOYEE TELEPHONE CALLS
-
42.03
ARREST ASSESSMENTS PAYABLE
36.00
FUND BALANCE
41,288.31
61,679.85
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TOTAL LIABILITIES AND FUND BALANCE
$
46,992,65
$
64,608.56
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ANALYSIS OF CHANGES IN FUND BALANCE
GENERAL FUND
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OCTOBER 31, 1971
CITY OF EDGEWATER FLO
BALANCE - November 1, 1970
$ 61,679.85
ADD: Accounts Payable - October 31, 1970 $
1,123.41
Increase in Garbage Accounts Receivable
713.02
Increase in Supplies Inventory
16.22
1,852.65
63,532.50
DEDUCT: Accounts Payable - October 31, 1971
3,651.57
Excess of Expenditures Over Revenues
18,592.62
22,244.19
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BALANCE - October 31, 1971
$ 41,288.31
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CASH RECEIPTS AND DISBURSEMENTS
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GENERAL FUND
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NOVEMBER 1, 1970 TO OCTOBER 31
CITY OF EDGEWATER FLORIDA
1971
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BALANCE PER AUDIT - November 1, 1970
$ 21,715.57
RECEIPTS
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Certificates of Deposit - Redeemed
$ 50,000.00
U. S. Treasury Bills Sold
38,664.31
Payroll Taxes Collected
$ 18,907.49
Payroll Taxes Paid
19,119.45
(211.96)
Lot Cleaning Collections
757.94
Lot Cleaning Expenses
79.06
678.88
Equipment Rental
522.50
Office Rent
1,200.00
Special Library Donations
465.46
Interest Earned
2,585.69
Penalties
156.00
Miscellaneous
674.08
Current Taxes
90,327.74
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Building Permits
2,287.50
Electrical Permits
1,262.30
Plumbing Permits
699.00
Lot Cleaning Lien Collections
89.67
Business Licenses
8
Beer, Wine and Liquor Licenses
38,75
Fines and Forfeitures
17,746.50
Reimbursement of Social Security Taxes
by Water and Sewer Fund
1,066.08
Cigarette Tax
52,984.70
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Community Center Collections
829.25
Franchise Taxes
15,516.29
Garbage and Trash Collections
38,098.43
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Municipal Fuel Tax Refunds
31012.72
TOTAL RECEIPTS
327,482.69
TOTAL TO BE ACCOUNTED FOR
$ 349,198.26
DISBURSEMENTS
Certificates of Deposit Purchases
$ 50,000.00
Supplies Purchases
19.85
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Gasoline Purchases
$ 5,410.71
Gasoline-Used
5,398.91
11.80
Diesel Fuel Purchases
847.38
Diesel Fuel Used
733.48
113.90
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Prepaid Payments
6.93
Insurance
5.64
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CASH RECEIPTS AND DISBURSEMENTS
GENERAL FUND
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
DISBURSEMENTS (Continued)
Humane Society
Street Paving and Improvements
General Government
Garbage and Trash Department
Road Maintenance Department
Park and Pier
Street Lights
Police Department
Fire Department
Emergencies and Contingencies
Library Department
Recreation Department
Community Center
Drainage
TOTAL DISBURSEMENTS
BALANCE TO BE ACCOUNTED FOR
ACCOUNTED FOR AS FOLLOWS:
First National Bank of New Smyrna
Cash on Hand
Library Petty Cash Fund
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$ 1,100.00
4,495.22
60,740.30
53,180.19
32,709.85
12,121.94
10,689.38
43,533.27
11,907.93
1,278.45
8,405.78
1,818.42
2,052.31
15,125.79
$ 309,316.95
$ 39,881.31
$ 39,411.26
460.05
10.00 $ 39,881.31
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ESTIMATED REVENUES
GENERAL FUND
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
ORIGINAL
ORDINANCE
AMENDED
UNCOLLECTED
ESTIMATE
#682 & #703
ESTIMATE
COLLECTED
OVERCOLLECTED
Taxes
$ 91,000.00
$ .00
$ 91,000.00
$ 90,327.74
$ 672.26
Building Permits
1,200.00
.00
1,200.00
2,287.50
1,087.50 *
Electric Permits
600.00
.00
600.00
1,262.30
662.30 *
Plumbing Permits
500.00
.00
500.00
699.00
- 199.00 *
Business Licenses
9,000.00
.00
9,000.00
8,788.80
211.20
Beer, Wine and
Liquor Licenses
1,900.00
.00
1,900.00
38.75
1,861.25
Fines and
Forfeitures
18,000.00
.00
18,000.00
19,837.50
1,837.50 *
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Miscellaneous
2,000.00
.00
2,000.00
6,110.26
4,110.26 *
Cigarette Tax
40,000.00
.00
40,000.00
52,984.70
12,984.70 *
Franchise Rebate
14,500.00
.00
14
15,516.29
1,016.29 *
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Community Center
1,000.00
.00
1,000.00
829.25
170.75
Garbage and Trash
Collections
35,000.00
.00
35,000.00
38,098.43
3,098.43 *
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Office & Storage
Space Rental
1,200.00
.00
1,200.00
1,200.00
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Surplus Fund
21,000.00
37,000.00
58
58,000.00
-
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Interest on
Investments
.00
.00
.00
2,585.69
2,585.69
TOTALS
$ 236,900.00
37,000.00
273,900.00
S 298,566.21
24,666.21
0
TOTAL COLLECTIONS $ 298,566.21
0
LESS: SURPLUS FUND 58,000.00
o NET COLLECTIONS $ 240,566.21
w NET COLLECTIONS $ 240,566.21
TOTAL EXPENDITURES 259,158.83
0
EXCESS OF EXPENDITURES OVER COLLECTIONS y S 18,592.62
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BUDGET APPROPRIATIONS
GENERAL FUND
NOVEMBER
1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER FLORIDA
ORIGINAL
ORDINANCE
AMENDED
UNEXPENDED
APPROPRIATION
#682 & #703
APPROPRIATION
EXPENDED
OVEREXPENDED
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.General
Government
$ 66,000.00
$ (6,000.00)
$ 60,000.00
$ 60,740.30
$ 740.30
Garbage and Trash
Department
32,800.00
21,000.00
53,800.00
53,180.19
619.81
Road Maintenance
23,600.00
9,000.00
32,600.00
32,709.85
109.85
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Street Paving and
Improvements
2,000.00
3,000.00
5,000.00
4,495.22
504.78
Humane Society
1,200.00
.00
1,200.00
1,100.00
100.00
Park Maintenance
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and Recreation
10,300.00
4,200.00
14,500.00
13,940.36
559.64
Street Lights
11,550.00
(550.00)
11,000.00
10,689.38
310.62
Police Department
46,500.00
(3,000.00)
43,500.00
43,533.27
33.27
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Fire Department
4,250.00
2,500.00
6,750.00
6,707.93
42.07
Fire Hydrants
5,200.00
.00
5,200.00
5,200.00
-
Emergency and
Contingency
6,000.00
1,850.00
7,850.00
1,278.45
6,571.55
Library
8,840.00
.00
8,840.00
8,405.78
434.22
Community Center
2,550.00
.00
2,550.00
2,052.31
497.69
Drainage
10,700.00
5,000.00
15,700.00
15,125.79
574.21
Capital Outlay
100.00
.00
100.00
-
100.00
Civil Defense
100.00
.00
100.00
-
100.00
Administrator
100.00
.00
100.00
-
100.00
Equipment Replacement 5,110.00
.00
5,110.00
-
5,110.00
TOTALS
$ 236,900.00
$37,000.00
$ 273 900.00
$ 259,158.83
$ 14,741.17
do
13
4
M.
BALANCE SHEET
ALL WATERWORKS AND SEWER SYSTEM FUNDS
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31 1970
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
Total Accounts Receivable
INVESTMENTS
Certificate of Deposit - Debt Service Reserve
- Bond Interest and
Sinking Fund
- Renewal and
Replacement Fund
U. S. Treasury Bills - Bond Interest and
Sinking Fund
- Debt Service Reserve
- Renewal and
Replacement Fund
Total Investments
FIXED ASSETS
INVENTORY OF MATERIALS - AT COST
TOTAL ASSETS
OCTOBER 31
1971
1970
$ 284.80
$
482.30
18,658.86
$
4,230.73
3,893.97
$
5,296.14
675.44
$
4,404.59
52.00
$ 2,265,702.45
468.00
8,496.23
16,065.02
$ 32,061.30
$
30,946.73
$ 2,835.65
$
2,294.86
3,157.50
2,102.85
$ 5,,993.15
$ �
u 4,397.71
$ 6,000.00 $ 6,000.00
37,000.00 -
26,000.00 -
29,391.22
93,948.00
93,532.00
-
9,657.33
$ 162,948.00
$
138,580.55
$ 2,093,132.72
$
2
$ 4,273.86
$
4508.40
1 2,298,409.03
$ 2,265,702.45
Ub
ft
r
I
LIABILITIES AND FUND BALANCE
ar
OCTOBER 31,
1971 1970
ACCOUNTS PAYABLE - Unrecorded $ 1,583.38 $ 808.98
s
PAYROLL TAXES PAYABLE
rr
REFUNDABLE LINE EXTENSION DEPOSITS
METER DEPOSITS
i
WATER AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BOi',DS - SERIES "A"
WATER AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B"
i
FUND BALANCE
i
TOTAL LIABILITIES AND FUND BALANCE
do
i
do
652.02 335.31
22,314.51 22,544.70
19,305.95 17,865.50
299,000.00 310,000.00
1,268,000.00 1,287,000.00
687,553.17 627,147.96
� 2,298,409.03 $ 2,265,702.45
14
BALANCE SHEET
WATERWORKS AND SEWER SYSTEM REVENUE FUND
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31 1970
CITY OF EDGEWATER FLORIDA
A S S E T S
OCTOBER 31,
1971 1970
CASH ON HAND AND IN SANK
Cash on Hand
Bank of New Smyrna
Total Cash on Hand and in Bank
WATER
CUSTOMERS'
ACCOUNTS
RECEIVABLE
$ 18,943.66
SEWER
CUSTOMERS'
ACCOUNTS
RECEIVABLE
$
284.80
18,658.86
$ 18,943.66
$ 2,835.65
$ ___ 3,157.50
$ 482.30
4,230.73
$ 4,713.03
$ 2,294.86
$ 2,102.85
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
1,439,456.13
380,094.80
16,520.00
154,291.17
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
$ 2,093,132.72
$_ __4
$ 2,122,343.39
$ 12,000.00
1,437,036.66
380,094.80
16,520.00
150,846.93
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_,087,269.01
$ 4,508.40
1 $ 2,100,888.15
r
■r
r
on
ft
ft
r
lb
i
do
do
METER DEPOSITS
LIABILITIES AND FUND BALANCE
OCTOBER 31, _
1971 1970
$ 19,305.95 $ 17,865.50
r
WATERWORKS AND SEWER SYS REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "A"
as
WATERWORKS AND SEWER SYSTEM REFUNDING AND
d IMPROVEMENT REVENUE B ONDS_ - SERIES "B"
REFUNDABLE LINE EXTENSION DEPOSITS
nl
FUND BALANCE
r '
do
rr
TOTAL LIABI LITIES AND FUND BALANCE
dW
m
do
299,000.00
1,268,000.00
22,314.51
310,000.00
1,287,000.00
22,544.70
513,722.93 463,477.95
$_ 2,122,343.39 $ 2,100,888.15
15
a
M
ANALYSIS OF CHANGES IN FUND BALANCE
WATERWORKS AND SEWER SYSTEM REVENUE FUND
NOVEMBER 1, 1970 TO OCTOBER 31 1971
r
CITY OF EDGEWATER FLORIDA
FUND BALANCE - November 1, 1970 $ 463,477.95
+o ADD:
Series "A" Bonds Redeemed $ 11,000.00
Series "B" Bonds Redeemed 19,000.00
dM Water and Sewer Line Extensions 5,863.71
Excess of Revenue Over Expenditures 14,845.46 50,709.17
4
, 514,187.12
DEDUCT:
Decrease in Inventory 234.54
.M Adjustment - Refundable Line Extension Deposits 229.65 464.19
FUND BALANCE - October 31, 1971 $513,722.93
am
=M
dM
+w
w
do
w
16
+o
RECONCILIATION OF FIXED ASSETS ACQUIRED
WATER AND SEWER FUNDS
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
BALANCE - November 1, 1970
ADD:
Water Line Extensions
Sewer System Improvements
BALANCE - October 31, 1971
$ 3,444.24
2,419.47
$ 2,087,269.01
5,863.71
2,093,132.72
17
r
Id
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM REVENUE FUND
NOVEMBER 1, 1970 TO OCTOBER 31 1971
r CITY OF EDGEWATER FLORIDA
DISBURSEMENTS
Refundable Line Extension Deposits 1,634.38
Transfers to Operation and Maintenance Fund 52,379.86
Transfers to Sinking Fund 94,066.96
Transfers to Renewal and Replacement Fund 18,468.00
TOTAL DISBURSEMENTS 166,549.20
BALANCE TO BE ACCOUNTED FOR $ 18,943.66
do
dE
ACCOUNTED FOR AS FOLLOWS:
Cash on Hand $ 284.80
Bank of New Smyrna 18,658.86 $ 18,943.66
18
BALANCE PER AUDIT - November 1, 1970
$ 4,713.03
RECEIPTS
Accounts Receivable - Water
$ 59,061.76
r
- Sewer
56,483.75 $ 115,545.51
Meter Deposits
1,440.45 '
Connection Charges - Water
3,250.00
do
Service Charges
1,405.00
Utility Taxes
40,468.55
Hydrant Rentals
5,200.00
Refundable Line Extension Deposits
1,174.54
Miscellaneous Income
312.06
Interest from Investments
8,358.72
Connection Charges - Sewer
3,625.00
TOTAL RECEIPTS
180,779.83
di
TOTAL TO BE ACCOUNTED FOR
$ 185,492.86
DISBURSEMENTS
Refundable Line Extension Deposits 1,634.38
Transfers to Operation and Maintenance Fund 52,379.86
Transfers to Sinking Fund 94,066.96
Transfers to Renewal and Replacement Fund 18,468.00
TOTAL DISBURSEMENTS 166,549.20
BALANCE TO BE ACCOUNTED FOR $ 18,943.66
do
dE
ACCOUNTED FOR AS FOLLOWS:
Cash on Hand $ 284.80
Bank of New Smyrna 18,658.86 $ 18,943.66
18
M
d@
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM REVENUE FUND
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER FLORIDA
UNDERCOLLECTED
ESTIMATED
COLLECTED
OVERCOLLECTED
Water Sales
$ 55,000.00
$ 59,635.40
$ 4,635.40 -;
Connection Charges - Water
1,000.00
3,250.00
2,250.00 *
Service Charges
1,500.00
1,405.00
95.00
me
Hydrant Rental
5,200.00
5,200.00
-
Miscellaneous - Water
200.00
137.06
62.94
Sewer Service Charges
52,000.00
57,575.40
5,575.40 ;;
Connection Charges - Sewer
1,000.00
3,625.00
2,625.00
Miscellaneous - Sewer
50.00
175.00
125.00 :;
Utility Taxes
35,000.00
40,468.55
5,468.55
.�
Interest on Investments
8,000.00
8,358.72
358.72 *
TOTALS
y $ 158,950.00
$ 179,830.13
$ 20,880.13 -;
do
BUDGET APPROPRIATIONS
' NOVEMBER 1, 1970 TO OCTOBER 31, 1971
Operation and Maintenance Fund
Bond and Interest Sinking Fund
d0 Renewal and Replacement Fund
Bad Debts
' TOTALS
APPROPRIATED
$ 53,675.00
93,966.97
11,308.03
.00
$ 158,950.00
EXPENDED
$ 52,379.86
94,066.96
18,468.00
69.85
$ 164,984.67
UNEXPENDED
OVEREXPENDED
$ 1,295.14
99.99
7,159.97
69.85
$ 6,034.67
19
a
di
BALANCE SHEET
WATERWORKS AND SEWER OPERATION AND MAINTENANCE FUND
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31 1970
CITY OF EDGEWATER FLORIDA
A S S E T S
OCTOBER
31,
1971
1970
do
CASH IN BANK
Bank of New Smyrna
$ 3,893.97
$ 5,296.14
+r
TOTAL ASSETS
,$ 3,893.97
1 5,296.14
LIA BILIT IES' AND FUND BALANCE
rr
LIABILITIES
Payroll Taxes Payable
$ 641.63
$ 334.15
Accounts Payable - Unrecorded
1,583.38
808.98
TOTAL LIABILITIES
$ 2,225.01
$ 1,143.13
FUND BALANCE
1,668.96
4,153.01
TOTAL LIABILITIES AND FUND BALANCE
3,893.97
$ 5,296.14
M
M
ANALYSIS OF CHANGES IN FUND BALANCE
NOVEMBER 1 1970 TO OCTOBER 31 1971
s FUND BALANCE - November 1, 1970 $ 4,153.01
ADD:
Transfers from Revenue Fund 52,379.86
56,532.87
r DEDUCT:
Operating Expenses $ 54,089.51
Accounts Payable Adjustment 774.40 54,863.91
s
FUND BALANCE - October 31, 1971 S 1,668.96
i 20
di
do
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM OPERATION AND MAINTENANCE FUND
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER FLORIDA
.W
BALANCE PER AUDIT - November 1, 1970
$ 5,296.14
RECEIPTS
Transfers from Revenue Fund
$ 52,379.86
Payroll Taxes Collected $
3,859.06
Payroll Taxes Paid
3,551.58 307.48
TOTAL RECEIPTS
5',687.34
TOTAL TO BE ACCOUNTED FOR
$ 57,983.48
DISBURSEMENTS
Water Department:
Salaries and Wages $
14,597.57
Social Security Expense
571.58
Power
3,210.52
Chemicals
1,216.20
Supplies
165.00
Truck Expense
1,230.23
Repairs and Replacements
857.64
Telephone
260.36
Hospitalization Insurance
605.34
do
Printing and Office Supplies
547.24
Professional Services
500.00
Miscellaneous
4,538.56
do
Equipment Rental
127.50
Insurance
1,176.28
Office and Storage Space
1,200.00 30,804.02
Sewer Department:
i
Salaries and Wages
11,713.91
Social Security Expense
484.73
Electric
2,973.94
,
Chemicals
2,608.90
Supplies
420.07
Truck Expense
252.49
w
Repairs and Replacements
2,133.44
Telephone
105.77
Printing,Office Supplies and Postage
547.22
Miscellaneous
695.35
go
Equipment Rental
37.50
Professional Services
500.00
Insurance
812.17 23,285.49
54,089.51
do
BALANCE TO BE ACCOUNTED FOR
$ 3,893.97
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 3,893.97
O 1
• 21
dig
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM OPERATION AND MAINTENANCE FUND
do
do
do
i
40
Am
do
do
go
do
do
go
s
go
aD
NOVEMBER 1, 1970 TO OCTOBER 31 1971
CITY OF EDGEWATER FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Transfers from Revenue Fund $ s. 53,675.00 $ 52,379.86 $ 1,295.14
BUDGET APPROPRIATIONS
NOVEMBER 1 1970 TO OCTOBER 31 1971
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
APPROPRIATED
EXPENDED
UNEXPENDED
OVEREXPENDED
$ 13,500.00
675.00
3,000.00
1,000.00
500.00
3,000.00
2,000.00
250.00
1,500.00
500.00
500.00
1,400.00
500.00
250.00
600.00
$ 29,175.00
$ 13,000.00
600.00
2,800.00
1,800.00
250.00
500.00
2,000.00
100.00
500.00
500.00
1,000.00
250.00
600.00
600.00
$ 24,500.00
$ 53,675.00
$ 14,597.57
571.58
3,210.52
1,216.20
165.00
1,230.23
857.64
260.36
5,143.90
547.24
500.00
1,176.28
127.50
600.00
$ 30,204.02
$ 11,713.91
484.73
2,973.94
2,608.90
420.07
252.49
2,133.44
105.77
547.22
500.00
812.17
37.50
600.00
695.35
$ 23,885.49
$ 54,089.51
$ 1,097.57 *
103.42
210.52
216.20 x
335.00
1,769.77
1,142.36
10.36 x
3,643.90 -;
47.24 -,
223.72
500.00
122.50
$ 1,029.02 .,
$ 1,286.09
115.27
173.94
808.90 ;;
170.07
247.51
133.44
5.77 *
47.22 ••
187.83
212.50
95.35 -�
$ 614.51
$ 414.51
22
7 - -1
r BALANCE SHEET
WATERWORKS AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31 1970
.r
CITY OF EDGEWATER, FLORIDA
ANALYSIS OF CHANGES
NOVEMBER 1 1970 TO
r
A S S E T S
•
OCTOBER 31,
FUND BALANCE - November 1, 1970
1971
1970
CASH IN BANK
94,066.96
' Bank of New Smyrna
$ 8,496.23
$ 16,065.02
INVESTMENTS
$ 63,966.97
rr U. S. Treasury Bills
30,000.00
-
29,391.22
Certificates of Deposit
- Bank of New Smyrna
s
37,.000.00
-
TOTAL ASSETS
$ 45,496.23
$ 45,456.24
L I A B
I L I T I E S AND F U N D B
A L A N C E
rr
LIABILITIES
$ -
$ -
FUND BALANCE
45,496.23
45,456.24
TOTAL LIABILITIES AND FUND
BALANCE
$ 45,496.23
$ 45,456.24
rr
23
I
ANALYSIS OF CHANGES
NOVEMBER 1 1970 TO
IN FUND BALANCE
OCTOBER 31, 1971
•
FUND BALANCE - November 1, 1970
$ 45,456.24
ADD: Transfer from General Fund
94,066.96
139,523.20
w
DEDUCT: Interest on Bonds_
$ 63,966.97
Bonds Retired
30,000.00
Bond Handling Fee
60.00
94,026.97
FUND BALANCE - October 31, 1971
$ 45,496.23
23
I
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
NOVEMBER 1 1970 TO OCTOBER 31 1971
CITY OF EDGEWATER FLORIDA
BALANCE PER AUDIT - November 1, 1970
RECEIPTS
Transfers from Revenue Fund
U. S. Treasury Bills Redeemed
Time Certificates Redeemed
Interest on Investments
TOTAL RECEIPTS
TOTAL TO BE ACCOUNTED FOR
DISBURSEMENTS
U. S. Treasury Bills Purchased
Time Certificates Purchases
Interest on Investments Transferred to Revenue Fund
Bonds Retired
Interest Paid on Bonds
Bond Handling Fee
TOTAL DISBURSEMENTS
BALANCE TO BE ACCOUNTED FOR
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 16,065.02
$ 94,066.96
79,098.89
14,000.00
1,218.05
188,383.90
$ 204,448.92
$ 49,707.67
51,000.00
1,218.05
30,000.00
63,966.97
60.00
195,952.69
8,496.23
$ 8,496.23
24
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM BOND AND INTEREST SINKING FUND
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA__
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Transfer from Revenue Fund $ 93,966.97 $ 94,066.96 $ 99.99
BUDGET APPROPRIATIONS
NOVEMBER 1. 1970 TO OCTOBER 31, 1971
UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
Interest $ 63,966.97 $ 63,966.97 $ -
Bonds Retired 30,000.00 30,000.00 -
Bond Handling Fee - 60.00 60.00
TOTALS $ 93,966.97 $ 94,026.97 $ 60.00 ::
25
BALANCE SHEET
WATERWORKS AND SEWER SYSTEM DEBT SERVICE RESERVE
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31, 1970
CITY OF EDGEWATER, FLORIDA
A S S E T S
OCTOBER 31,
1971 1970
CASH IN BANK
Bank of New Smyrna $ 52.00 $ 468.00
INVESTMENTS
U. S. Treasury Bills $ 93,948.00 $ 93,532.00
Certificates of Deposit 6,000.00 6,000.00
Total Investments $ 99,948.00 $ 99,532.00
TOTAL ASSETS $ 100,000.00 $ 100,000.00
L I A B I L I T I E S AND F U N D B A L A N C E
LIABILITIES $ - $ -
FUND BALANCE 100,000.00 100,000.00
TOTAL LIABILITIES AND FUND BALANCE 100,000.00 $ 100,000.00
26
go
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 52.00
27
0
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM DEBT SERVICE
RESERVE
c
NOVEMBER 1, 1970 TO OCTOBER 31
1971
CITY OF EDGEWATER FLORIDA
BALANCE PER AUDIT -
November 1, 1970
$ 468.00
Y
RECEIPTS
Redemption of U.
S. Treasury Bills
$ 93,532.00
Redemption of Time Certificate
6,000.00
99,532.00
TOTAL TO BE
ACCOUNTED FOR
$ 100,000.00
s
DISBURSEMENTS
Purchase of U. S.
Treasury Bills
$ 93,948.00
Purchase of Time
Certificate
6,000.00
99,948.00
BALANCE TO BE ACCOUNTED FOR
$ 52.00
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna
$ 52.00
27
0
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM DEBT SERVICE RESERVE
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Interest on Investments $ 8,000.00 $ 8,016.05 4 16.05
r
M
e
BUDGET APPROPRIATIONS
NOVEMBER 1, 1970 TO OCTOBER 31 1971
UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
Interest Transferred to Revenue Fund 8,000.00 $ 8,016.05 $ 16.05
M
r
me
as
am
r
do
do
BALANCE SHEET
WATERWORKS AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
OCTOBER 31, 1971
WITH COMPARATIVE FIGURES AT OCTOBER 31, 1970
CITY OF EDGEWATER, FLORIDA
A S S E T S
CASH IN BANK
Bank of New Smyrna
INVESTMENTS
OCTOBER 31,
1971 1970
$ 675.44 $ 4,404.59
U. S. Treasury Bills - 9,657.33
Certificate of Deposit 26,000.00 -
TOTAL ASSETS $ 26,675.44, 14,061.92
L I A B I L I T I E S AND F U N D B A L A N C E
LIABILITIES
Payroll Taxes Payable $ 10.39 $ 1.16
FUND BALANCE 26,665.05 14,060.76
TOTAL LIABILITIES AND FUND BALANCE 26,675.44 14,061.92
ANALYSIS OF CHANGES IN FUND BALANCE
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
FUND BALANCE - November 1, 1970 $ 14,060.76
ADD: Transfers from Revenue Fund 18,468.00
32,528.76
f
DEDUCT: Capital Improvements 5,863.71
, FUND BALANCE - October 31, 1971 $ 26,665.05
qW
�r
29
40
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna $ 675.44
AV
do
as 30
r�r
0 4
CASH RECEIPTS AND DISBURSEMENTS
WATER AND SEWER SYSTEM RENEWAL
AND REPLACEMENT FUND
s
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER,
FLORIDA
BALANCE PER AUDIT - November 1, 1970
$ 4,404.59
RECEIPTS
Transfers from Revenue Fund
$
18,468.00
U. S. Treasury Bills Redeemed
9,657.33
Payroll Taxes Collected $
18.99
Payroll Taxes Paid
9.76
9.23
TOTAL RECEIPTS
28,134.56
s
TOTAL TO BE ACCOUNTED FOR
$ 32,539.15
DISBURSEMENTS
Purchases of Time Certificates
$
26,000.00
r
Water Department:
Wages $
136.89
Social Security
2.79
Materials
2,805.06
Miscellaneous
499.50
3,444.24
Sewer Department:
Wages
230.76
Social Security
6.98
Repairs and Replacements
622.28
+�
Miscellaneous
1,559.45
2,419.47
TOTAL DISBURSEMENTS
31,863.71
.r
BALANCE TO BE ACCOUNTED FOR
$ 675.44
40
ACCOUNTED FOR AS FOLLOWS:
Bank of New Smyrna $ 675.44
AV
do
as 30
r�r
0 4
ESTIMATED REVENUE
WATERWORKS AND SEWER SYSTEM RENEWAL AND REPLACEMENT FUND
NOVEMBER 1, 1970 TO OCTOBER 31 1971
CITY OF_EDGEWATER. FLORIDA
UNDERCOLLECTED
ESTIMATED COLLECTED OVERCOLLECTED
Transfers from Revenue Fund $ 11,308.03 $ 18,468.00 $ 7,159.97
BUDGET APPROPRIATIONS
NOVEMBER 1 , 1970 TO OCTOBER 31. 1971
UNEXPENDED
APPROPRIATED EXPENDED OVEREXPENDED
Capital Improvements S 11,308.03 S 5,863.71 $ 5,444.32
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INCOME AND EXPENSE STATEMENT
WATERWORKS AND SEWER SYSTEM FUNDS
NOVEMBER 1, 1970 TO OCTOBER 31, 1971
CITY OF EDGEWATER,_FLORIDA
..
INCOME
Water Sales
$
59,635.40
Connection Charges - Water
3,250.00
Service Charges
1,405.00
Hydrant Rental
5,200.00
Miscellaneous Income - Water
137.06
Sewer Charges
57 575.40
Connection Charges - Sewer
3,625.00
Miscellaneous Income - Sewer
175.00
s
OPERATING INCOME
$ 131,002.86
EXPENSE
4
Water Department:
Salaries and Wages
$ 14,597.57
Social Security Expense
571.58
Electric Power
3,210.52
Chemicals
1,216.20
Supplies
165.00
Truck Expense
1,230.23
Repairs and Replacements
857.64
Telephone
260.36
Hospitalization Insurance
605.34
Printing and Office Supplies
547.24
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Professional Services
500.00
Miscellaneous Expense
4,538.56
Equipment Rental
127.50
Insurance
1,176.28
Office and Storage Space Rental
600.00
Bad Debts
32.85
30,236.87
do
Sewer Department:
Salaries and Wages
$ 11,713.91
Social Security Expense
484.73
Electric Power
2,973.94
Chemicals
2,608.90
Supplies
420.07
Truck Expense
252.49
Repairs and Replacements
2,133.44
Telephone
105.77
Printing and Office Supplies
547.22
s
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Page 2 of 2
63,966.97
NET INCOME
a $ 61,703.80
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INCOME
AND EXPENSE
STATEMENT
a
WATERWORKS
AND SEWER
SYSTEM FUNDS
NOVEMBER 1
1970 TO OCTOBER 31 1971
CITY OF EDGEWATER
FLORIDA
.n
Sewer Department (Continued);
Miscellaneous Expense
$
695.35
a
Equipment Rental
37.50
Professional Services
500.00
Insurance
812.17
�
Office Space Rental
600.00
Bad Debts
37.00 $ __ 23 _ ,922.49
,
TOTAL EXPENSES
a
$
54,159.36
NET INCOME FROM OPERATIONS
s
$
76,843.50
OTHER INCOME
Utility Taxes
$ 40,468.55
Interest from Investments
82358.72
a
TOTAL OTHER INCOME
$
48,827.27
TOTAL INCOME
a
$
125,670.77
OTHER EXPENSE
Interest on Waterworks and
a
Sewer System Bonds
63,966.97
NET INCOME
a $ 61,703.80
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REVENUE BONDS AND INTEREST
PAYABLE IN FUTURE YEARS
1964 Refunding and Revenue Bonds -
Series "A"
Series "B"
TOTAL BONDS PAYABLE
do
INTEREST PAYABLE IN FUTURE YEARS -
Series "A"
me
Series "B"
TOTAL INTEREST PAYABLE
AN TOTAL BONDS AND INTEREST
PAYABLE IN FUTURE YEARS
as
r
$ 299,000.00
1,268,000.00
$ 1,567,000.00
$ 136,111.25
882,828.22
1,018,939.47
$ 2,585,939.47
34
STATEMENT OF REVENUE BONDED DEBT AND INTEREST
OCTOBER
31, 1971
CITY OF EDGEWATER FLORIDA
+
AMOUNT AVAILABLE AND
TO BE PROVIDED FOR
PAYMENT OF REVENUE BONDS AND INTEREST
Amount Available
- Sinking Fund $
45,496.23
- Reserve Fund
100,00100
145,496.23
r
To Be Provided in
Future Years -
Bonds
1,421,503.77 '
TOTAL
$ 1,567,000.00
To Be Provided in
Future Years - `
Interest
1018.939.47
TOTAL AVAILABLE AND TO BE PROVIDED
$ 2,585,939.47
REVENUE BONDS AND INTEREST
PAYABLE IN FUTURE YEARS
1964 Refunding and Revenue Bonds -
Series "A"
Series "B"
TOTAL BONDS PAYABLE
do
INTEREST PAYABLE IN FUTURE YEARS -
Series "A"
me
Series "B"
TOTAL INTEREST PAYABLE
AN TOTAL BONDS AND INTEREST
PAYABLE IN FUTURE YEARS
as
r
$ 299,000.00
1,268,000.00
$ 1,567,000.00
$ 136,111.25
882,828.22
1,018,939.47
$ 2,585,939.47
34
TOTALS $ 299,000.00 $ 136,111.25
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SCHEDULE OF REFUNDING AND IMPROVEMENT
BOND AND INTEREST PAYABLE UNTIL MATURITY
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
SERIES "A"
YEAR OF
TOTAL
yr
MATURITY
PRINCIPAL
INTEREST
$ 12,000.00 $
13,917.50
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
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
1999
TOTALS $ 299,000.00 $ 136,111.25
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SERIES "B"
TOTAL TOTAL TOTAL TOTAL
PRINCIPAL INTEREST INTEREST PRINCIPAL PAYMENT
No
IN
im
sm
s
dV
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do
do
do
dW
m
20,000.00
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
,$ 1,268,000.00
$ 48,747.60
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
27,667.31
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
$ 882,828.22
$ 62,665.10
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
$1,018 939 47
$ 32,000.00
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
$ 1,567,000.00
94,665.10
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
99,667.81
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
$ 2,585,939.47
35
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Page 1 of 3
d o INSURANCE COVERAGE
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
REQUIRED UNDER ORDINANCE #400
SECTION K (3)
Requirement:
Auto Liability Insurance
Limits - $50/100,000 Bodily Injury:
$10,000 Property Damage
• Policy in Force: CAL - 86875 Insurance Company of North America
Agent: J. E. Tumblin Agency '
New Smyrna Beach, Florida
Period: 12 -19 -70 to 12 -19 -71
Limits: $100/300,000 Bodily Injury:
$25;000 Property Damage
i
SECTION K (1) (2)
(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
i Policy in Force: Package Policy #AGP - 1 -74 -54 Insurance Company
of North America
Agent: J. E. Tumblin Agency
a New Smyrna Beach, Florida
Period: 12 -19 -68 to 12 -19 -71
,e (1) Property Covered - Water System:
Blanket Policy - 90% Coinsurance - $100 Deductible
1. Elevated Steel Water Tank situated
40 N/S E. Park Avenue, Edgewater
2. Elevated Steel Water Tank at W/S
Kumquat Tree Drive
3. AAA Water Treatment Plant Building
do 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
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OCTOBER 31, 1971
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 StrecL
5. Pumping Station # 7, situated W End
of Joyce Street
6. Lift (pumping) Station # 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 # 9, situated
at Silver Ridge
10, Steel and Concrete K/A Pumping Station # 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 Hall 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: $100/300,00 Personal Injury:
$25,000 Property Damage for Each Occurrence
with $100,000 Aggregate Operations
37
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INSURANCE COVERAGE
s
OCTOBER 31, 1971
,. CITY OF EDGEWATER, FLORIDA
OTHER INSURANCE CARRIED
Policy #NWC 15 48 32 Insurance Company of America
12/19/70 to 12/19/71 Workmen's Compensation
M Limit of Liability $100,000.00
Policy # BT (1) 11076 R The Travelers Insurance Company
go 10/1/71 to 10/1/72 Accidental Death $20,000.00
38
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NOTES TO FINANCIAL STATEMENTS
A S S E T S
CASH ON HAND AND IN BANKS $ $ 71 942.61
Cash on hand was verified by actual count. Cash in banks was
verified by reconciling the book balances with the balances shown on the
bank statements and by direct correspondence with the depositories.
rrl
The depositories have pledged the following collateral to
guarantee deposits of the City in excess of $20,000.00:
1. First National Bank of New Smyrna Beach -
A. Broward County, Florida S.T.S.D. #1 6 1/4%
do Municipal Bonds $50,000.00, due 6/1/72
B. State of Florida University System 6 1/2%
Revenue Bonds of 1971 $30,000.00, due 2-1 -77
me
2. Bank of New Smyrna -
A. $10,000.00 U. S. Treasury 7% Notes,
go dated 8/15/1971, due 11/15/75
B. $200,000.00 U. S. Treasury 4 3/4% Notes,
Series B 1972, dated 5/15/1967, due
5/15/1972
do C. $10,000.00 U. S. Treasury Notes 5 5/8 %,
Series B 1974, dated 8/15/68, due 8/15/74
.r RECEIVABLES $ 11,651.43
Lot cleaning liens in the amount of $15.38 from prior years
are still outstanding on the books.
The balance due to the City for garbage collection amounts
r
to $2,396.55.
r� The paving accounts receivable, in the amount of $1,155.35
are amounts due from property owners as their share of the street paving
i
costs assessed by the City.
The fine and forfeiture receivable of $2,091.00 represents fines
levied by the court which are being paid for on an installment basis.
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The Water and Sewer Consumer's Accounts Receivable, in the
amount of $5,993.15 were checked in detail and found to be in balance
i with the General Ledger Control.
INVESTMENTS $ 162,948.00
The investments of the various funds are as follows:
Water and Sewer Debt Service Reserve $ 99,948.00
Water and Sewer Bond Interest and
Sinking Fund 37 000.00
Water and Sewer Renewal and
as Replacement Fund 26 000.00
z 162,948.00
These investments are in U. S. Treasury Bills and certificates
of deposit, and are shown in detail in the audit report as "Schedule of
Investments ".
FIXED ASSETS
$ 2,870,411.24
The fixed assets represent the capital assets of the City.
nr
A reconciliation of the assets acquired and disposed of 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 Sewer System assets acquired are shown under the Waterworks
and Sewer System section.
INVENTORY OF MATERIALS $ 4,273.86
This inventory represents materials and supplies on hand,
at cost, at the end of the fiscal year. The inventory was taken, priced,
r and extended by the City employees and accepted by us without detailed
verification.
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GASOLINE INVENTORY
$ 1,433.06
r'
This is the value of the gasoline in the City's tanks as
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
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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,
do
L I A B I L I T I E S AND F U N D B A L A N C E
ACCOUNTS PAYABLE - UNRECORDED
$ _ 5,234.95
'o
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
am
meeting and paid. They are, however, set up on the balance sheet so
do
that the fair financial position of the City will be reflected by the
audit.
PAYROLL TAXES PAYABLE
$ 1,834.16
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
"o
previous year as there has been no activity thereon.
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REFUNDABLE LINE EXTENSION DEPOSITS $ 22,314.51
The above balance represents deposits by water and sewer
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consumers to cover costs of extending mains. They are refundable in
do amounts and for the time specified as set forth in Ordinance No. 396
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
d0
engineer's estimate. The City entered into an agreement with Alexander
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Construction Company during the fiscal year 1966 -1967 to take over the
operation of this system. The agreement provides that the City will
WX refund to Alexander Construction Company 20% of the revenues derived
from the Silver Ridge System until the cost of the system has been
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recovered or a period of ten years whichever shall come first. During
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the fiscal year 1968 -1969, there was no refund made to Alexander
Construction Company.
WATERWORKS AND SEWER SYSTEM REFT - ING AND
IMPROVEMENT REVENTE BOi�'DS - SERIES "A" y $ 299,000.00
.r WATERWORKS AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS - SERIES "B" $ 1,268,000.00
On March 2, 1964 the City approved Ordinance No. 400
providing for the construction of a new sanitary sewage system and
'r appurtenant facilities in the City of Edgewater, Florida, to be
combined with the existing waterworks system of said City and operated
it
therewith as a single utility and authorized the issuance of
i $1,692 ,000.00 Waterworks and Sewer System Refunding and Improvement
am
42
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Revenue Bonds, consisting of $369,000.00 Series "A" Bonds to refund
'r 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
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the project.
Bonds of Series "A" shall bear interest at a rate or rates of
do
not exceeding four and three - fourths per centum ( 4 3/4% ) per annum,
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
r
payable with respect to both series semi - annually on February 1 and
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August 1 of each year in accordance with the schedule in the audit
report under the Bonded Debt Statistics section.
i During the current fiscal year, the City retired Bonds
Series "A" numbered 60 through 70, and Bonds Series "B" 33 through
as
51.
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METER DEPOSITS $ 19,305.95
These deposits were made by water consumers to guarantee
payment of these accounts. These deposits are refundable under
applicable rules and regulations.
FUND BAIANCE 1,506,120.00
' This account represents the excess of the City's assets
over the City's liabilities as shown on the balance sheet.
43
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GENERAL
The estimated revenue of the General Fund for the fiscal year
1970 -1971 was $273,900.00, the actual net collections were $298,566.21
or an over collection of $24,666.21. The estimated expenditures or budget
appropriations statement of the General Fund shows actual expenditures of
$259,158.83 against a budgeted amount of $273,900.00 which reflects an
'M under expenditure of $14,741.17.
The income and expense statement of the Waterworks and Sewer
aW
System Funds reflects a net income from operation of $76,843.50. This
rr 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:
1971 1970
Water Department Income $ 69,627.46 $ 64,157.41
Sewer Department Income 61,375.40 54,740.45
' $ 131,002.86 $ 118,897.86
Water Department Expense $ 30,236.87 $ 24,732.03
' Sewer Department Expense 23,922.49 22,364.53
$ 54,159.36 $ 47,096.56
Net Income from Operations $ 76,843.50 $ 71,801.30
' 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.
During the current fiscal year, the city collected $90,108.12
of the current year's tax assessments and $15.01 on delinquent taxes.
44
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do The amount of delinquent taxes, as submitted by the Volusia County tax
collector, is $782.42. Of this amount, $543.95 is for personal property
ail
taxes and $238.47 is for real estate taxes. The tax collector estimated the
i collectibility of the personal property taxes at 10% and the real estate
taxes at 90 %.
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45
I
MANAGEMENT LETTER
OCTOBER 31, 1971
CITY OF EDGEWATER, FLORIDA
%w
TURNEY AND DUPREE
Certified Public Accountants
FIRST FEDERAL BUILDING
501 NORTH GRANDVIEW AVENUE • BOX 5335
DAYTONA BEACH, FLORIDA 32020
JOHN P. TURNEY
G. DARRELL DUPREE
•
MEMBERS
AMERICAN INSTITUTE
AND FLORIDA INSTITUTE
OF CERTIFIED PUBLIC
ACCOUNTANTS
To The
Honorable Mayor and City Council
City of Edgewater, Florida
Ladies and Gentlemen:
TELEPHONE
(AREA CODE 904) 253 -6501
January 4, 1972
According to your request, we have audited the books and records of
the City of Edgewater, Florida for the fiscal year ended October 31, 1971.
Our certificate indicates an unqualified opinion as to the financial position
of the City of Edgewater at October 31, 1971, 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. It was therefore, not so extensive as would
be undertaken in connection with a systems survey.
We submit below our comments and recommendations designed to improve
controls presently in operation.
RECOMMENDATION 1 - THE INDEX FILE OR FIXED ASSETS OF THE CITY SHOULD
BE TIED OUT WITH THE GENERAL LEDGER PERIODICALLY.
At present a physical inventory file of fixed assets is maintained
showing 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.
RECOMMENDATION 2 - A NEW COURT DOCKET SHOULD BE ESTABLISHED LISTING
TICKETS ISSUED IN NUMERICAL ORDER.
Under the present procedure there seems to be a large amount of
duplication in recording fines and forfeitures.
L
- 2 -
The docket should list ticket number, name of the violator, violation,
date of violation, arresting officer, bond posted if applicable, date of court
appearance, 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 forfeitures and eliminate a lot of duplication in this area.
RECOMMENDATION 3 - A FINE AND FORFEITURE RECEIVABLE ACCOUNT SHOULD BE
SET UP ON THE GENERAL FUND BOOKS AND A DETAIL CONTROL
ACCOUNT MAINTAINED.
During the course of our audit we noted numerous cases which had been
fined by the court and were paying their fines on an installment basis. The
money was collected and held in a file until the complete fine was paid and
then deposited and entered in the books.
Detail Account Receivable cards should be maintained and tied out to
the General Ledger Control monthly. All money collected should be deposited
daily.
RECOMMENDATION 4 - A STANDARD CHART OF ACCOUNTS SHOULD BE ESTABLISHED
FOR ALL FUNDS.
At present the General Ledgers of all Funds contain pages dating back
to 1959 and accounts that are no longer used. A chart of accounts should be
!" established for active accounts using an account numbering system and all old
pages should be removed from the General Ledger and stored.
a
We believe the institution of the above procedure will save a great
amount of time just in monthly postings to the ledgers thus increasing the
operational efficiency of the City.
RECOMMENDATION 5 - 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.
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— 3 —
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.
*AW�
RECOMMENDATION 6 - A GARBAGE RECEIVABLE ACCOUNT SHOULD BE SET UP ON
THE GENERAL FUND GENERAL LEDGER.
At the present time detail garbage receivable cards are maintained by
customer in much the same way that they are for water and sewer customers.
However, the garbage receivable account on the General Fund is not used as a
control account. Since the detail cards are kept it would improve Internal
Control if the General Ledger account was used and tied out to the detail
monthly.
Respectfully submitted,