HomeMy WebLinkAboutItem V (F) Comprehensive Annual Financial Report - Fiscal Year 1994-95 AGENDA 1-16-96
Item V F
"CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE"
COCOOG S. SCOTT VANDERGRIFT
COMMISSIONERS
CITY OF OCOEE RUSTY JOHNSON
SCOTT ANDERSON
150 N.LAKESHORE DRIVE SCOTT A.GLASS
OCOEE,FLORIDA 34761-2258JIM GLEASON
(407)656-2322
CITY MANAGER
ELLIS SHAPIRO
MEMORANDUM
Date: January 9, 1996
To: The Honorable Mayor and Board of City Commissioners
From: Montye Beamer, Director ?7,1a$,..„
Administrative Services
Subject: Comprehensive Annual Financial Report
Fiscal Year 1994-1995
McDirmit, Davis, Lauteria & Company have completed the independent
audit of the governmental funds, proprietary funds, and trust funds
for fiscal year 1994-1995. This is an unqualified audit. All
necessary documentation is attached.
Also included is the letter containing the management comments.
Staff's response to this letter is also attached.
Action Requested
The Mayor and Board of City Commissioners accept the Comprehensive
Annual Financial Report for Fiscal Year 1994-1995.
ea
� CITY OF OCOEE, FLORIDA
1
i
1
41(pcoee.\
/ 44 0
• \ •
F
G 00
i
COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
for the
FISCAL YEAR ENDED SEPTEMBER 30, 1995
E
1
■ COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF OCOEE, FLORIDA
FOR THE
FISCAL YEAR ENDED SEPTEMBER 30, 1995
i
Prepared by: Finance Department
This page intentionally left blank.
3( &oee
4,,,,,t4v � O
y t'• �
lf4
OF GOO‘>-4
L
CITY OF OCOEE. FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
RUSTY JOHNSON, Commissioner SCOTT GLASS, Commissioner
SCOTT ANDERSON, Commissioner JIM GLEASON, Commissioner
CITY MANAGER CITY ATTORNEY
Ellis Shapiro Paul Rosenthal
CITY CLERK CITY AUDITOR
Jean Grafton McDirmit, Davis, Lauteria &
Company, P.A.
FINANCE MANAGER
Wanda Horton
C
CI
I
I
3
I
3
I
I
I
]
This page intentionally left blank.
\ Ocoe
C ]
o/c, tiA
titi 3
o
Vi, 0 cb
4.
1. A
e4, •
.,•
OF Goov
I
C
C
INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
. City of Ocoee Organizational Chart
. Certificate of Achievement
C
C
3
3
3
3
3
This page intentionally left blank.
cVOcoee
0
11
7j- 1
(.,
d" 1
Of 6 0 es
7
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1995
TABLE OF CONTENTS
PAGE NO.
I. INTRODUCTORY SECTION
TABLE OF CONTENTS i-v
LEITER OF TRANSMITTAL vi-xvii
CITY OF OCOEE ORGANIZATIONAL CHART xviii
CERTIFICATE OF ACHIEVEMENT xix
II. FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT xx-xxi
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
COMBINED BALANCE SHEET - ALL FUND TYPES AND
ACCOUNT GROUPS 1-4
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERN-
MENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 5-6
COMBINED STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL AND SPECIAL
REVENUE FUNDS 7-8
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCE-
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST
FUNDS 9
COMBINED STATEMENT OF CASH FLOWS - ALL PRO-
PRIETARY FUND TYPES AND SIMILAR TRUST FUNDS 10-11
NOTES TO FINANCIAL STATEMENTS 12-45
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE. FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1995
I
TABLE OF CONTENTS - CONTINUED
3
PAGE NO.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT
GROUP STATEMENTS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH THE BUDGET 46-47
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET 48-49
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 50-51
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET 52
COMBINING STATEMENT OF REVENUES, EXPENDITURES 3
AND CHANGES IN FUND BALANCES 53
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET 54
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 55
ENTERPRISE FUNDS
COMBINING BALANCE SHEET 56-57 3
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS 58
COMBINING STATEMENT OF CASH FLOWS 59-60
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET 61
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCE - NONEXPENDABLE
AND PENSION TRUST FUNDS 62
STATEMENT OF CHANGES IN ASSETS AND
LIABILITIES - AGENCY FUND 63
ii
C
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1995
TABLE OF CONTENTS - CONTINUED
PAGE NO.
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN FIXED ASSETS -
BY FUNCTION AND ACTIVITY 64
SUPPLEMENTARY INFORMATION
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
COMPARATIVE SUMMARY OF REVENUES BY SOURCE
AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 65
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN COMPARATIVE SUMMARY OF REVENUES BY
SOURCE AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 66
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
ANALYSIS OF FUNDING PROGRESS LAST TEN
FISCAL YEARS 67
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN ANALYSIS OF FUNDING PROGRESS LAST
TEN FISCAL YEARS 68
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - WATER 0 & M FUND 69
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND
ACTUAL - WASTEWATER 0 & M FUND 70
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - SANITATION FUND 71
III. STATISTICAL SECTION
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER
FINANCING USES 72-73
GENERAL GOVERNMENTAL REVENUES AND OTHER
FINANCING SOURCES 74-75
TAX REVENUES BY SOURCE 76
PROPERTY TAX LEVIES AND COLLECTIONS 77
ASSESSED AND ESTIMATED VALUE OF TAXABLE
PROPERTY NET OF EXEMPTIONS 78-79
iii
3
COMPREHENSIVE ANNUAL FINANCIAL REPORT 3
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1995
TABLE OF CONTENTS - CONTINUED 1
PAGE NO.
III. STATISTICAL SECTION - CONTINUED
PROPERTY TAX RATES AND TAX LEVIES DIRECT
AND OVERLAPPING GOVERNMENTS 80
SPECIAL ASSESSMENT COLLECTIONS 81
RATIO OF NET GENERAL OBLIGATION BONDED
DEBT TO ASSESSED VALUE AND NET BONDED 3
DEBT PER CAPITA 82
LEGAL DEBT MARGIN 83
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT 84
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER USES 85
REVENUE BOND COVERAGE 86 3
DEMOGRAPHIC STATISTICS 87
PROPERTY VALUE, CONSTRUCTION AND BANK
DEPOSITS 88-89 3
SCHEDULE OF TEN LARGEST TAXPAYERS 90
MISCELLANEOUS STATISTICAL DATA 91-92
SCHEDULE OF INSURANCE IN FORCE 93 3
IV. INTERNAL CONTROL AND COMPLIANCE SECTION
INDEPENDENT AUDITOR'S REPORT ON INTERNAL 3
CONTROL STRUCTURE BASED ON AN AUDIT OF
GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS 94-95
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE 3
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING
3
STANDARDS 96
iv
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1995
TABLE OF CONTENTS - CONTINUED
PAGE NO.
IV. INTERNAL CONTROL AND COMPLIANCE SECTION - CONTINUED
FEDERAL AND STATE FINANCIAL ASSISTANCE PROGRAMS
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE
OF FEDERAL AND STATE FINANCIAL ASSISTANCE 97
SCHEDULE OF FEDERAL AND STATE FINANCIAL
ASSISTANCE 98
NOTES TO SCHEDULE OF FEDERAL AND STATE
FINANCIAL ASSISTANCE 99
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING
FEDERAL FINANCIAL ASSISTANCE PROGRAMS 100-102
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH GENERAL REQUIREMENTS APPLICABLE TO
FEDERAL ASSISTANCE PROGRAMS 103-104
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH SPECIFIC REQUIREMENTS APPLICABLE TO
NONMAJOR FEDERAL FINANCIAL ASSISTANCE
PROGRAM TRANSACTIONS 105-106
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM 107
1
3
3
3
3
3
3
This page intentionally left blank.
7Ocoee
ci
derif
141::
414N 7.%, 3
of G00,
3
"CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE" N1:w0R• COMMISSIONI[R
/OCO@G' S. SCOTT VANDERGRIF"T
sc ol, �\O COA1N11551ONI:RS
t. a CITY OF OCOEE RUSTY PAUL W JOHNSON
C, 0150 N.LAKESHORE DRIVE SCOTT A.GLASS
(`� V OCOEE,FLORIDA 34761-2258 JIM GLEASON
'yf �? (307)656-2322
4e46 %.‘ CIT M ANAGI R
Of GOPELLIS SHAPIRO
11
December 5, 1995
IHonorable Mayor and
Members of the City Commission
City of Ocoee, Florida
Gentlemen:
The Comprehensive Annual Financial Report of the Cityof Ocoee, Florida, for the year ended
ed
September 30, 1995, is submitted herewith pursuant to Article Ill, Section 11 of the City
Charter, Florida Statutes Chapter 11, Section 45, and Chapter 10.550 of the Rules of the
Auditor General of the State of Florida. The Annual Financial Report was compiled by the staff
of the Finance Department, with close cooperation of the External Auditors, and represents
the official report of the City's financial operations and condition to the citizens, City Commis-
sion, management personnel of the City, rating agencies, and other interested persons.
Responsibility for both the accuracy of the presented data, and the completeness and fairness
of the presentation, including all disclosures, rests with the City. We believe the data, as
presented, is accurate in all material aspects; that it is presented in a manner designed to
fairly set forth the financial activity of its various funds, and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
C
FINANCIAL REPORTING AND CONTENT
We have prepared this Comprehensive Annual Financial Report in conformance with the
reporting format and presentation standards set forth by professional pronouncements of the
Governmental Accounting Standards Board (GASB).
The accompanying financial statements present the financial position, results of operations,
and the cash flows of the applicable fund types governed by the City Commission. The
reporting entity for the City of Ocoee includes all organizations, functions, and activities of
government for which the City (the Mayor and City Commission) exercises oversight respon-
sibility. (See Notes to Financial Statements, Reporting Entity for more details.)
vi
FINANCIAL REPORTING AND CONTENT - CONTINUED
3
The Comprehensive Annual Financial Report(CAFR) is the City's official annual financial report
and has been designed to meet the needs of a broad spectrum of readers. The report has 3
been divided into four (4) distinctive sections; i.e., the Introductory Section, Financial Section,
Statistical Section and Compliance Section.
Introductory Section - This section includes the Table of Contents, Letter of
Transmittal, City's Organizational Chart, and the City of Ocoee's Certificate of
Achievement for Excellence in Financial Reporting for the year ended September 30, 3
1993.
II. Financial Section - The Financial Section contains the opinion of the City's 3
independent auditors, McDirmit, Davis, Lauteria & Company, P.A., Certified Public
Accountants, the general purpose financial statements, the notes to the financial
statements, and the combining and individual fund financial statements for six 3
different fund types and the City's two account groups (encompassing 29 different
funds). The General Purpose Financial Statements are the City's basic financial
statements and provide an overview for readers who require less detailed informa-
tion about the City's finances. The remainder of the Financial Section presents the
combining statements, individual fund statements, and schedules focusing on indi3
-
vidual funds and account groups. The Financial Section necessarily contains the
major portion of the report and has been subdivided into the various descending
levels of reporting detail necessary to adequately disclose the financial position and 3
operating results of the City's various fund entities and account groups and to
demonstrate compliance with both finance-related, legal and contractual require-
ments. 3
Ill. Statistical Section -This section contains substantial financial information. However,
the various tables differ from the Financial Section in that the tables present some 3
non-accounting data, cover more than one fiscal year, and are designed to reflect
social, demographic and economic data, financial trends, and the fiscal capacity of
the City. 3
IV. Internal Control and Compliance Section - This section includes the independent
auditors' reports on the City's internal control and the City's compliance with laws 3
and regulations.
3
3
1•
vii
I
ECONOMIC CONDMON AND OUTLOOK
The City of Ocoee, a municipal corporation of the State of Florida, operates under a commis-
sion/manager form of government. Located in Central Florida, Ocoee is the home of approxi-
mately 18,578 residents. In addition to its close proximity to many tourist attractions, including
Disney World, Sea World and the new Universal Studios, Ocoee is also conveniently located
near other major employers such as Martin-Marietta. These factors bring large numbers of
people to the area, not only as visitors, but also as permanent residents.
As a result of the increasing population, during 1992 regional mall developers announced
plans to construct a one-million square foot mall within the City limits. With an approved
Development Order and the necessary regulatory permits, construction began in the Fall,
1995; the opening is scheduled for the Fall, 1996. With such continuing economic growth,
the financial position of the City remains sound. There were no significant or material changes
in financial policy. All required debt service payments of principal and interest were met.
MAJOR INfTIATIVES
The City is experiencing phenomenal growth. From 1987 through January of 1990, 1,504
acres of land were annexed into the City. During 1992, 1,856 additional acres were annexed;
through a Joint Planning Area Agreement with Orange County, these lands will be developed
consistent with the City's adopted Comprehensive Plan. According to the 1990 census, there
were 4,439 dwelling units in the City. Since the 1990 census, over 2,000 residential building
permits have been issued. Currently, there are over 1,500 dwelling units proposed that are
between the preliminary plan submittal and approval and the development stages.
Commercial centers to service these residential units have been planned and two additional
centers have completed their first phases.
There are many factors that have influenced and continue to influence the growth of the City.
First, and foremost is the unique transportation system alignment in the region. In 1990, the
Western Extension of the East-West Expressway was completed. This extension,which is part
of a beltway system planned to surround the Orlando Metropolitan Statistical Area (MSA)
terminates just inside the City limits, making the trip to downtown Orlando approximately 20
minutes. In addition, State Road (SR) 50, a major east/west arterial that traverses all of
Orange County, divides the City. The proposed Northwest Beltway and the Florida Turnpike
have or will have interchanges within the City. In their efforts to modernize the system, the
Turnpike Authority has removed the toll booths from its Ocoee interchange.
To meet the increasing transportation needs,the City has opened Clarke Road (a major north-
south arterial roadway). This four-lane arterial roadway has advanced the construction of
additional residential homes, several hundred of which are already under construction, and
accompanying retail services, one retail center being the regional mall mentioned above and
one storage center.
I
viii
3
MAJOR INITIATIVES - CONTINUED 3
Another factor which influences the growth of Ocoee is the amenities in the area, including
numerous lakes, rolling hills,recreational opportunities,excellent schools and a plentiful supply
of potable water and the provision of services such as central water and wastewater service.
As an example of combining services with amenities,the 240-acre effluent disposal site serves
3
another key role as an 18-hole PGA designed golf course. The City continues to expand and
improve its wastewater and water facilities to keep pace with the City's growth and to meet
state concurrency requirements through an aggressive capital improvements program. One
3
such example is the development of a comprehensive water reuse plan.
Along with the growth of residential development, the City has noted a marked increase in
3
industrial and commercial developments.
Also of great importance to the City is the movement of the West Orange Hospital from the
3
adjacent community of Winter Garden to Ocoee. This "Medical Mall" is the only one of its kind
in Central Florida. The concept incorporates office suites and services within the hospital area
creating a regional health care campus with high-tech images. 3
Final adoption of the City's Comprehensive Plan was approved on September 18, 1991.
Ocoee became the first city in Orange County to have a plan receiving State compliance. In3
April 1991, the City issued $2,580,000 in revenue bonds to finance the construction of a new
City Hall and expansion of the Police Department building. These buildings reached
substantial completion in August 1994; occupancy followed soon after. Plans for construction
of other infrastructure improvements were completed as well with actual construction of two
intersection improvements and drainage retrofitting beginning in Fiscal Year 1996.
3
FINANCIAL INFORMATION
Accounting System3
In the design and direction of the City's accounting system, we have followed Generally
Accepted Accounting Principles (GAAP) for state and local governments as set forth in the 1
aforementioned statements on governmental accounting and financial reporting. Our
accounting policies follow the modified accrual concept of reporting revenues and
expenditures for all governmental funds; i.e., General Fund, Special Revenue Funds, Debt
Service Funds, Capital Project Funds, and Trust and Agency Funds. The City's Proprietary
Funds and Pension Trust Funds are accounted for on the full accrual basis. Further
explanation of the City's accounting policies is contained in the Notes to Financial Statements,
which are an integral part of the Financial Section of this report.
Internal Control Structure
The Finance Department is responsible for maintaining an internal control structure that
provides management with reasonable, but not absolute, assurance that assets are safe-
guarded against loss from unauthorized use or disposition,and that transactions are executed
in accordance with management's authorization and recorded properly to permit the prepara-
tion of financial statements in accordance with generally accepted accounting principles.
ix
CInternal Control Structure - Continued
To understand the limitations of internal controls it is essential that the concept of reasonable
IIassurance be clearly stated. The concept is as follows:
1. The cost of a control should not exceed the benefits,
and
2. The evaluation of costs and benefits requires the use of estimates and judgments
by management.
We believe that the City's internal accounting controls adequately safeguard assets and
provide reasonable assurance of proper recording of financial transactions.
Budgetary Control
Budgetary control is maintained in a manner to comply with the requirements and constraints
of the City Charter through a system of monthly financial schedules reflecting expenditures
and encumbrances against appropriations. The annual budget provides detail of the ap-
proved appropriation by specific purpose within each object of expense. Purchase orders
for supplies or equipment not provided for in the approved budget or which cause appropri-
E ation balances to be exceeded, are not released until additional appropriations or appro-
priation transfers are approved.
CGeneral Governmental Functions
The General Fund encompasses the general governmental functions of the City not required
to be accounted for in other funds. The following summary compares actual revenue to sup-
port these functions for current and prior fiscal years:
Increase
Percent (Decrease)
Revenue and Other Financing Sources Amount Of Total From 1994
Taxes $ 3,819,210 42.5% $ 372,498
Licenses & Permits 634,263 7.0 (28,928)
Intergovernmental Revenues 2,684,446 29.9 369,390
Charges for Services 138,481 1.5 43,372
Fines & Forfeitures 93,007 1.0 (9,017)
Investment Income 9,329 .1 (20,222)
Miscellaneous Revenues 79.007 .9 (5.514)
CSUB TOTAL 7,457,743 82.9 721,579
1 Transfers from Other Funds 1,520,082 16.9 216,928
Capital Lease Proceeds 14,998 .2 (342.031)
TOTAL $ 8.992,823 100.0% $ 596.476
x
I
3
General Governmental Functions - Continued
Property taxes are the major source of local tax revenue. In fiscal year 1994, the City's
property tax, all of which is for operating purposes, was 4.0 mills and for 1995, the rate was
4.0 mills. The related property values subject to taxes showed growth of 10.6 percent, repre-
senting $44,872,339 in added taxable property.
Another principal source of local tax revenue consists of utility service taxes. These taxes are
3
levied at the rate of 10 percent on telephone, electric, water, natural and bottled gas services
within the City. In 1995, total revenue from this tax reflected an increase of $126,705.
Intergovernmental revenue consists primarily of shared revenue from other governmental
3
agencies. The increase in intergovernmental revenues is due primarily to an increase of
$249,008 in State shared sales tax.
The following summary shows the level of expenditures used in providing governmental
services:
Increase
Expenditures and Percent (Decrease)
Other Uses Amount Of Total From 19931
General Government $ 1,912,088 21.7% $ 206,689
Public Safety 4,373,302 49.7 119,928
Physical Environment 1,125,206 12.8 21,834
Culture & Recreation 319,341 3.6 (5,990)
Debt Service 159.526 1.8 3.017 3
SUB TOTAL 7,889,463 89.6 345,478
-]
Transfers to Other Funds
919.196 10.4 (165.884)
TOTAL $ 8,808.659 100.0% $ 179,594 1
Special Revenue Funds
Special Revenue Funds account for revenue from special revenue sources which are legally
restricted for specific purposes. The combined fund balances of these funds amount to
$9,175,589 and the following represents an analysis of sources and uses in the Special
Revenue Funds for 1995:
1
1
xi1
[
Special Revenue Funds - Continued
C Change
in Fund
Fund Sources Uses Balance
Maguire House Grant $ 198,919 $ 208,791 $ (9,872)
Road Impact 4,857,080 995,967 3,861,113
Parks 86,703 3,485 83,218
Stormwater 605,476 342,050 263,426
Interim Services 26,284 24,523 1,761
Police Training 1,825 --- 1,825
Police Trust 28,702 21,795 6,907
Fire Impact 745,104 112,843 632,261
Police Impact 201,014 100,929 100.0$5
cTOTAL $6,751,107 $ 1,810,383 $ 4,940,724,
The increase in fund balance for the Road Impact Fund and Fire Impact Fund is primarily due
to the West Oaks Mall construction in the amount of $3,436,965 and $361,461, respectively.
Maguire House Grant Fund is used to account for the grant revenue and related expenditures
on improvements to the historical site, Maguire House.
CThe Road Impact Fund is used to account for revenues received which are designated for use
solely for the purpose of planning, acquisition, expansion and development of off-site
improvements to the road system due to the impact of new development within the City.
The Parks Fund is used to account for funds used in maintaining City parks. The major
sources of revenues in this fund are recreation assessments and impact fees from developers.
The Stormwater Fund is used to account for the Stormwater Utility Fee Revenue and the
Crelated expenditures for drainage, stormwater and other related projects.
Interim Services Fund is used to account for fees collected and for disbursements made for
Cthe purpose of providing additional municipal services to new development within the City.
The Police Training Fund is used to account for revenues to be used in educating and training
law enforcement personnel. The primary source of revenues in this fund is from inter-
governmental fines.
The Police Trust Fund is used to account for revenues to be used for law enforcement
purposes. The principal source of revenues in this fund is from confiscated funds.
The Fire Impact Fund is used to account for revenues received which are designated for use
solely for the purpose of acquisition of facilities and equipment needed to provide fire
protection for new development within the City.
The Police Impact Fund is used to account for revenues received which are designated for
use solely for the purpose of acquisition of facilities and equipment needed to provide police
protection for new development within the City.
El xii
I
Debt Administration
The City's outstanding debt is classified and reported according to the type of resource
pledged to satisfy the individual debt series.
General long-term debt consists of:
]
1. Transportation Refunding and Improvement Revenue Bonds, Series 1990, totalling
$7,000,000. The proceeds are designated to defease the City's Public Improvement3
Revenue Bonds, Series 1987, and for paving, extending and improving certain streets
within the City. These bonds are secured by certain public service taxes and the Local
Option Gas Tax.
2. Capital Improvement Revenue Bonds, Series 1991, totalling $2,580,000. The proceeds
are designated to finance the construction of a new City Hall and expansion of the Police
Station. These bonds are secured by non-ad valorem revenues of the City.
Proprietary Fund debt consists of: I
1. Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993,
totalling$8,555,000. The proceeds are designated to finance the refunding of Water and
Sewer System Revenue Bonds, Series 1989A and 1989B, and improving the City's water
and wastewater systems. These bonds are secured by the combined Water and
Wastewater Fund operating revenues, interest earnings, impact fees and a first priority
pledge of cash payments due from developers.
Adequate reserves are being maintained in all sinking funds, in accordance with the provisions
of the ordinance governing the issuance of the above-referenced bonds.
Cash Management
The following schedule compares investment income (loss) in all funds for the current and
prior fiscal year:
1994-95 1993-94 Increase
Fund Type Amount Amount (Decrease)
General $ 9,329 $ 29,551 $ (20,222)
3
Special Revenue 288,024 257,740 30,284
Debt Service 25,042 24,050 992
Capital Projects 9,536 (53,761) 63,297
3
Expendable Trust 2,205 940 1,265
Nonexpendable Trust 1,857 2,279 (422)
Pension Trust 30,467 95,850 (65,383)
Enterprise 398.003 259.579 138.424
TOTAL $ 764,463 $ 616,228 $ 148,235
xiii
I
Cash Management - Continued
The primary objectives for the City's cash reserves are first, protection and safety of the City's
IC funds, second, provision for liquidity, and third, maximized return on the portfolio but
minimized risk, in that order. The investment portfolio will maintain sufficient liquidity to ensure
cash availability for operating cash flow requirements. Cash held in the pooled checking
account is invested in a SunTrust overnight repurchase agreement.
Some of the cash is maintained in trust accounts which are designated for a specific purpose
and have been isolated from normal operational cash. For example, the pension trust fund
expenditure needs are of a long-range nature and therefore investments are made in long-
term investments. The decrease of $65,383 in investment income of the pension trust fund
is due to a change in the nature of investments made by the pension trust fund. At
September 30, 1994, almost half of the cash was invested in U.S. Government obligations, but
at September 30, 1995, there was no money invested in U.S. Government obligations. All of
the pension trust funds at September 30, 1995 are invested in common stock and corporate
bonds and notes.
Capital Projects Funds
The Capital Projects Funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities. In Fiscal Year 1995, the Capital Projects
Funds were used to account for major road and street improvements.
Proprietary Operations
Proprietary Fund Types are those that are financed and operated in a manner similar to a
private business enterprise where the intent of the governing body is that the cost of providing
goods and services on a continuing basis be financed through user charges or where the
governmental body has decided that periodic determination of revenues earned, expenses
incurred, and/or net income is appropriate for capital maintenance, budget policy, manage-
ment control, accountability, or other purposes. The City accounts for its water, wastewater
and sanitation funds as enterprise operations. These funds are primarily supported by user
charges.
Water Fund
1
1994-95 1993-94 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,867,648 $ 1,401,007 $ 466,641
Operating Expenses 1,610,454 1,563,330 47,124
Operating Income (Loss) 257,194 (162,253) 419,447
Net Income (Loss) 52,661 (374,466) 427,127
Revenues Available for Debt Service 1,050,024 576,702 473,322
Annual Bond Debt Service 155,341 155,639 (298)
Revenue Bond Coverage 6.76 3.71 3.05
xiv
Water Fund - Continued
The 33 percent increase in the operating revenues of the Water Fund is attributable to an 8%
increase in water customers and the modification and increase in its water revenue and
maintenance fees effective October 1, 1994. Operating expenses increased 3 percent due
to an increase in salaries and benefits and depreciation expense.
]
Bond covenants require that total revenues (including impact fees) be at least 110 percent of
annual debt service requirements after deductions for operating expenses and debt service
requirements.
Wastewater Fund
1994-95 1993-94 Increase
Description Amount Amount (Decrease)]
Operating Revenues $ 1,775,997 $ 1,610,972 $ 165,025
Operating Expenses 1,458,095 1,334,020 124,075
Operating Income 317,902 276,952 40,950
Net Income (Loss) (77,088) 76,988 (154,076)
Revenues Available for Debt Service 1,066,993 818,995 247,998
Annual Bond Debt Service 491,913 492,855 (942)
Revenue Bond Coverage 2.17 1.66 .51
The 10% increase in operating revenues g r enues of the Wastewater Fund is due primarily to an
increase in customers. Operating expenses increased 9.3% due to an increase in salaries
and benefits and depreciation expense.
Bond covenants require that total revenues be at least 110 percent of annual debt service
requirements after deductions for operating expenses and debt service reserve requirements.
Sanitation Fund
1994-95 1993-94 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,097,275 $ 1,020,791 $ 76,484
1
Operating Expenses 948,493 820,955 127,538
Operating Income (Loss) 148,782 199,836 (51,054)
Net Income (Loss) 68,955 97,666 (28,711)
Fiduciary Operations
Trust Funds are established to account for assets held by the City in a trustee capacity for ff
individuals, private organizations, other government units, and/or other funds.
xv
Pension Trust Fund
The
City maintains two separate single employer defined benefit pension plans which cover
virtually all full time employees of the City. In addition to a plan for general employees, the
City has a plan for the police officers and firefighters.
Further details concerning pension expense, vested benefits and actuarial assumptions are
included in the notes to the financial statements. At September 30, 1995, the pension funds
had total assets of $3,436,475.
Agency Fund
The City maintains an optional deferred compensation plan which is funded solely by
employees through payroll deductions. The deferred compensation plan is comprised of four
types of funds--a Stock Fund, a Balance Fund (a combination of common stock and bonds),
a Bond Fund and a Guaranteed Fund. A participant in the deferred compensation plan has
an option regarding in which fund(s) his/her contribution will be invested. The amount due
to employees under the City's deferred compensation agency fund at September 30, 1995
was $663,458.
General Fixed Assets
The General Fixed Assets of the City of Ocoee are those fixed assets used in the performance
of general governmental functions and exclude the fixed assets of the proprietary funds. As
of September 30, 1995, the general fixed assets of the City of Ocoee totaled $8,239,628. This
amount represents the original cost of the assets and does not include certain improvements,
such as streets, sidewalks and other items of an immovable nature. Also, depreciation is not
recognized in the City's accounting system for general fixed assets. Both of the proceeding
policies are in accordance with generally accepted accounting principles.
OTHER INFORMATION
Independent Audit
Pursuant to the City of Ocoee Charter, Florida Statutes Chapters 11.45 and 218, and Chapter
10.550 of the rules of the State Auditor General, an audit of the accounts and financial state-
ments has been completed by the City's independent certified public accountants, McDirmit,
Davis, Lauteria & Company, P.A., whose opinion is included in the financial section of the
report.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Ocoee, Florida for its comprehensive annual financial report for the year ended September
30, 1994. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, the City must publish
an easily readable and efficiently organized comprehensive annual financial report whose
contents conform to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
xvi
3
Certificate of Achievement - Continued 3
A Certificate of Achievement is valid for a period of one year only. The City has received a
Certificate of Achievement for the last seven consecutive years. We believe that our current j
report continues to conform to the Certificate of Achievement Program requirements, and we
are submitting it to GFOA to determine its eligibility for another certificate. 3
Acknowledgements 3
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Finance Department. We wish to
express our appreciation to all members of the Department who assisted and contributed to
its preparation. We would also like to thank the members of the City Commission for their
interest and support in planning and conducting the financial operations of the City in a 3
responsible and progressive manner.
Respectfully submitted, _
J1
Ellis ti o, City Manager
46,
3
#__ 4111Pa --ww—'1101110
Wanda Horton, Finance Manager 3
3
4
3
1
xvii
IL2"
Ta—
2
I
fI f § g»
§ $ — — J ____ d___
2 k i� $!
c §
111 t El
i _\ — 0. 3}
_
15
.
` � f$ � a2 � � _ t f_ k
C ƒ co
i k 2
Q 2 ! �a
Z
O ƒ 2
■
2
o k
«
O
O 2 04 II f
E § 2 . _� � g0.•_ � I
R kco
A / 2 — z !f (
§
IL-
O o t O
0
u.
UJ —S §
lO cc
O
O
2 f ai
Q § A ii
z.
k .
o cc
- - - —
»
_ �■ _ ii _ §
I
- - - _
— 2 ° — - § - k
� u � �
2 rt
E _ 1.2 _ | _ »£ — — II
$a I � i u.—
2 2 !2
3
3
This page intentionally left blank.
pcoee 3
- 1
i•
e4.
0, Goo
3
C
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Ocoee,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1994
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports(CAFRs)achieve the highest
standards in government accounting
and financial reporting.
oWDEQ moms v
: CANADA
o President
�,o, SEAL
'
CMCACS
Executive Director
I
3
3
3
3
3
3
3
3
This page intentionally left blank.
3
cocoe'.
cy rys,
:
_
e,..•
6
#
,
,
4
0, Goo
FINANCIAL SECTION
This section contains the following subsections:
. Independent Auditor's Report
. General Purpose Financial Statements
. Combining Statements
. Supplementary Information
3
3
3
3
3
3
3
3
I
This page intentionally left blank
oyOcoee 3
.in!ri, 0
4.
3
OF G.,
3
3
3
3,:
MSDIRMITVI
A
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the accompanying general purpose financial statements of the City of
Ocoee, Florida, as of and for the year ended September 30, 1995, as listed in the table of
contents. These general purpose financial statements are the responsibility of the City's man-
agement. Our responsibility is to express an opinion on these general purpose financial state-
ments based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing the accounting princi-
ples used and significant estimates made by management, as well as evaluating the overall
general purpose financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to in the first paragraph
present fairly, in all material respects, the financial position of the City of Ocoee, Florida, as
of September 30, 1995, and the results of its operations and the cash flows of its proprietary
fund types and nonexpendable trust funds for the year then ended in conformity with gen-
erally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated
December 5, 1995 on our consideration of the City of Ocoee, Florida's internal control
structure and a report dated December 5, 1995 on its compliance with laws and regulations.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
xx
3
Our audit was made for the purpose of forming an opinion on the general purpose financial
3
statements taken as a whole. The combining and individual fund and account group financial
statements, and supplementary information listed in the accompanying table of contents are
presented for purposes of additional analysis and are not a required part of the general pur-
pose financial statements of the City of Ocoee, Florida. Such information has been subjected
to the auditing procedures applied in the audit of the general purpose financial statements
and, in our opinion, is fairly presented in all material respects in relation to the general
purpose financial statements taken as a whole.
The information listed in the Statistical Section is presented for purposes of additional analysis
and is not a required part of the general purpose financial statements. Such information has
not been subjected to the auditing procedures applied in the audit of the general purpose
financial statements and, accordingly, we express no opinion on it.
Datirb, ,w►ttrua� Gm►�x ,PA.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
3
December 5, 1995
3
3
3
xxi
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
These basic financial statements provide a summary overview of the
financial position of all funds and account groups as well as the operating
results of all funds. They also serve as an introduction to the detailed
statements that follow in subsequent sections.
I
CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 19951
I
Governmental Fund Tvoes
Special Debt
General Revenue Service
Assets
Cash And Cash Equivalents $ 755,245 $ 5,576,621 $ 64,214
Investments 272,887 3,608,437 —
Receivables (Net Of Allowances For Uncollectibles) 61,510 39,214 —
Inventories -At Cost 8,190 — —
Due From Other Funds 60 3,693
Due From Other Governments 26,412 — —
Prepaid Costs 46,069 — —
Restricted Assets:
Cash And Cash Equivalents — — —
Investments — — 249,945
Cash With Paying Agent — — 548,752
Property, Plant And Equipment — — —
Less: Accumulated Depreciation — — —
Construction In Progress — — 3
—
Unamortized Bond Issuance Costs — — —
Amount Available In Debt Service Funds — — —
Amount To Be Provided For Retirement Of
General Long-term Debt — — —
Total Assets $ 1,170,373 $ 9,227,965 $ 862,911
3
3
I
I
3
3
The accompanying notes are an integral part of the financial statements.
-1-
1
C.
C
Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
Capital Trust And Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
$ 818,239 $ 1,287,448 $ 44,356 $ — $ --- $ 8,546,123
— 1,163,848 4,009,115 — — 9,054,287
--- 1,131,560 90,818 — — 1,323,102
--- 22,152 — — — 30,342
— 29,610 — — — 33,363
— 43,949 — — — 70,361
— 9,782 — — — 55,851
— 1,417,650 — — --- 1,417,650
1 --- 4,196,187 — — — 4,446,132
--- 423,626 --- ---
— 972,378
— 32,523,170 — 8,224,253 — 40,747,423
— (7,231,041) — — — (7,231,041)
— 399,634 — 15,375 — 415,009
— 321,288 — — — 321,288
-- — — -- 314,159 314,159
- - - - 9,252,130 9.252,130
$ 818,239 $ 35,738,863 $ 4,144,289 $ 8,239,628 $ 9,566,289 $69,768,557
C
-2- (Continued)
3
CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS-CONTINUED
SEPTEMBER 30, 1995 3
3
Governmental Fund Types
Special Debt
General Revenue Service 3
Liabilities And Fund Equity
Liabilities
Accounts Payable $ 106,520 $ 21,101 $ —
Retainage Payable — — —
Accrued Expenses 195,795 — —
Due To Other Funds — — —
Due To Other Governments 43,368 — 3
—
Deferred Revenue 93,939 31,275 —
Current Liabilities (Payable From Restricted Assets):
Customer Deposits — — —
Matured Bonds Payable — — 225,000 3
Matured Interest Payable — — 323,752
Deferred Compensation Payable — — — 3
Accrued Annual Leave — — —
Bonds Payable — — —
Obligations Under Capital Leases — — —
Developer Agreements Payable — — —
Total Liabilities 439,622 52,376 548.752
Fund Equity
3
Contributed Capital — — —
Investment In General Fixed Assets — — —
Retained Earnings:
Reserved For Renewal & Replacement — — —
Reserved for Debt Service — — —
Unreserved — — —
Total Retained Earnings -- -- —
3
Fund Balances:
Reserved:
Inventories 8,190 — —
Prepaid Costs 46,069 — —
Debt Service — — 314,159
Employee's Retirement System — — 3
—
Other Projects — — —
Encumbrances — 184,340 —
Unreserved: 3
Designated For Capital Projects — — —
Designated For Subsequent Year's Budget — 8,991,249 —
Undesignated 676,492 — —
3
Total Fund Balances 730,751 9.175,589 314.159
Total Equity And Other Credits 730,751 9,175,589 314,159
Total Liabilities, Fund Equity And
Other Credits $1,170,373 $ 9,227,965 $ 862,911
1
The accompanying notes are an integral part of the financial statements.
Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
Capital Trust And Fixed Long-Term (Memorandum
Prolects Enterprise Agency Assets Debt OnPv)
$ - $ 11,132 $ - $ - $ - $ 138,753
1,213 26,058 - - - 27,271
- 114,895 - - - 310,690
3,693 29,670 - - - 33,363
- 43,368
116,856 69,139 - - - 311,209
- 296,202 - - - 296,202
200,000 - - - 425,000
- 223,626 - - - 547,378
E _
- 663,458 - - 663,458
--- --- - 332,392 332,392
- 7,947,486 - - 8,660,000 16,607,486
- 194,443 - - 573,897 768,340
E
37,913 - - - 37,913
121,762 9,150,564 663.458 - 9,566.289 20,542.823
E _ 22,467,044 - -- - 22,716,725
- - - 8,239,628 - 4,121,255
- 1,189,665 - - - 1,189,665
- 649,875 - - - 649,875
- 2,281,715 - - - 2,281,715
z
- 4,121,255 - - - 4,121,255
- - - - - 8,190
-- - - - - 46,069
- - - - - 314,159
- --- 3,436,475 - - 3,436,475
- - 44,356 - - 44,356
-- - - - -- 184,340
j,, 696,477 - - - - 696,477
- - - - - 8,991,249
- --- - - - 676.492
696.477 - 3,480,831 - - 14.397,807
696,477 26,588,299 3,480,831 8,239.628 - 49,225,734
$ 818,239 $ 35,738,863 $ 4,144,289 $ 8,239,628 $ 9,566,289 $69,768,557
-4.
3
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES -ALL GOVERNMENTAL FUND TYPES AND
EXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995 3
Governmental Fund Types
3
Special Debt
General Revenue Service
Revenues 3
Taxes $3,819,210 $ - $ -
Licenses And Permits 634,263 - -
Intergovernmental Revenues 2,684,446 182,266 1
-
Charges For Services 138,481 - -
Fines And Forfeitures 93,007 28,505 -
Impact Fees/Special Assessments - 6,041,346 -
Investment Income 9,329 288,024 25,042 1
Miscellaneous Revenues 79,007 296 -
Total Revenues 7,457,743 6,540,437 25,042 3
Expenditures
Current: 3
General Government 1,912,088 - -
Public Safety 4,373,302 29,020 -
Physical Environment 1,125,206 656,779 -
Culture And Recreation 319,341 212,276 3
-
Capital Outlay - - -
Debt Service:
Principal Retirement 143,513 110,740 225,000 3
Interest And Fiscal Charges 16,013 15,938 647,502
Total Expenditures 7,889,463 1,024,753 872,502
3
Excess (Deficiency) Of Revenues Over Expenditures (431,720) 5,515,684 (847,460)
Other Financing Sources (Uses) 3
Operating Transfers In 1,466,442 26,330 872,503
Operating Transfers Out (919,196) (785,630) -
Capital Lease Proceeds 14,998 184.340 - 3
Net Other Financing Sources (Uses) 562,244 (574,960) 872,503
Excess (Deficiency) Of Revenues And Other Financing 3
Sources Over Expenditures And Other Financing Uses 130,524 4,940,724 25,043
Fund Balances-Beginning Of Year 546,587 4,234,865 289,116 3
Residual Equity Transfer In 53,640 - -
Fund Balances-End Of Year $ 730,751 $ 9,175,589 $ 314,159 3
The accompanying notes are an integral part of the financial statements.
-5 7.
-
Governmental Fiduciary
Fund Types Fund Types
Capital Expendable Totals
Projects Trust (Memorandum Onlv)
$ — $ — $ 3,819,210
679,778 — 1,314,041
— — 2,866,712
-- 138,481
— — 121,512
6,041,346
9,536 2,025 333,956
— 79,303
689,314 2,025 14,714,561
— — 1,912,088
— — 4,402,322
- 9,353 1,791,338
— — 531,617
33,198 — 33,198
: —
— 479,253
— 679.453
33.198 9,353 9,829,269
656,116 (7,328) 4,885,292
15,593 — 2,380,868
— — (1,704,826)
— — 199.338
15,593 — 875,380
El
671,709 (7,328) 5,760,672
24,768 51,684 5,147,020
--- — 53.640
E $ 696,477 $ 44,356 $ 10,961,332
-6-
3
CITY OF OCOEE, FLORIDA 3
COMBINED STATEMENT OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL-GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995 3
General Fund 3
Variance
Favorable
Budget Actual (Unfavorable) 3
Revenues
Taxes $ 3,771,520 $ 3,819,210 $ 47,690 3
Licenses And Permits 615,950 634,263 18,313
Intergovernmental Revenues 2,640,650 2,684,446 43,796
Charges For Services 125,775 138,481 12,706
Fines And Forfeitures 98,500 93,007 (5,493)
Impact Fees/Special Assessments - - -
Investment Income 42,000 9,329 (32,671) 3
Miscellaneous Revenues 57.048 79,007 21,959 3
Total Revenues 7,351,443 7,457.743 106,300
Expenditures 3
Current:
General Government 2,342,839 1,912,088 430,751
Public Safety 4,627,708 4,358,304 269,404
Physical Environment 1,190,280 1,125,206 65,074
Culture And Recreation 373,348 319,341 54,007
Debt Service _ - 159,526 (159,526) 3
Total Expenditures 8,534.175 7.874,465 659.710
Excess (Deficiency) Of Revenues Over Expenditures (1,182,732) (416,722) 766,010 3
Other Financing Sources (Uses)
Operating Transfers In 1,496,182 1,466,442 (29,740) 3
Operating Transfers Outs (883,090) (919,196 (36,106)
Net Other Financing Sources (Uses) 613,092 547,246 (65,846) 3
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses (569,640) 130,524 700,164 1
Residual Equity Transfer In 53,640 53,640 -
1 Fund Balance Allocation 516.000 - (516,000)
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses $ - $ 184,164 $ 184,164
, 3
The accompanying notes are an integral part of the financial statements. 3
IIII
C
C
Special Revenue Funds
Variance
[ Favorable
Budget Actual (Unfavorable)
C $ _ $ $ M
E -
380,000 407,491 27,491
10,500 13,645 3,145
[
390,500 421,136 30,636
C
IE — —
359,227 289,718 69,509
l — 21,060 (21,060)
359,227 310,778 48,449
31,273 110,358 79,085
C (31,273) (31,272) r 1
(31,273) (31,272) 1
--- 79,086 79,086
E _ _ _
L__� $ 79,086 $ 79,086
-8-
3
3
3
3
3
13:0 3
F;)
0
..)0\
3
„tuen aiAlleuoquelul e6ed situ
3
3
3
I
C
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
CFOR THE YEAR ENDED SEPTEMBER 30, 1995
Proprietary Fiduciary
Fund Types Fund Types Totals
Nonexpendable (Memorandum
I
Enterprise Trust Pension Trust Only)
Operating Revenues
User Charges $ 4,740,920 $ - $ - $4,740,920
Contributions - - 953,241 953,241
Revenue Earned On Investments - 1,857 30,467 33,324
Cemetery Lot Sales - 5,600 - 5.600
Total Operating Revenues 4,740,920 7.457 983.708 5.732,085
ll Operating Expenses
Personal Services 1,552,275 - - 1,552,275
Materials And Supplies 511,300 - - 511,300
Heat, Light And Power 279,042 - - 279,042
Depreciation And Amortization 1,273,884 - - 1,273,884
Other Expenses 382,288 - 137,393 519,681
Recycling Expenses 18,253 - - 18,253
Total Operating Expenses 4,017,042 - 137,393 4.154,435
Operating Income 723.878 7.457 846.315 1.577,650
C Nonoperating Revenues (Expenses)
Grant Revenue 48,848 - - 48,848
Investment Income 398,003 - - 398,003
Interest Expense (450,159) - - (450,159)
Total Nonoperating Revenues (3,308) - - (3,308)
Income Before Operating Transfers 720,570 7,457 846,315 1,574,342
COperating Transfers
Operating Transfers In 10,495 - - 10,495
Operating Transfers Out (686,537) - - (686,537)
Net Operating Transfers (676,042) - - (676,042)
Net Income (Loss) $ 44,528 $ 7,457 $ 846,315 $ 898,300
Disposition Of Net Income (Loss)
Net Income (Loss) $ 44,528 $ 7,457 $ 846,315 $ 898,300
Depreciation On Contributed Assets 311,806 - - 311.806
Net Increase In Retained Earnings/
Fund Balance 356,334 7,457 846,315 1,210,106
Retained Earnings/Fund Balance-
Beginning Of Year 3,764,921 46,183 2,590,160 6,401,264
Residual Equity Transfer - (53.640) - (53,640)
Retained Eamings/Fund Balance-
End Of Year $ 4,121,255, $ - $ 3,436,475 $ 7,557,730
The accompanying notes are an integral part of the financial statements.
-9-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
ij
Proprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
j
Cash Flows From Operating Activities:
Receipts From Customers $ 4,622,242 $ 5,600 $ 4,627,842
Payments To Suppliers (1,166,512) — (1,166,512) 3
Payments To Employees (1,537,518) — (1,537,518)
Net Cash Provided By Operating Activities 1.918,212 5.600 1,923,812
Cash Flows From Noncapital Financing Activities:
Operating Transfers Out (676,042) — (676,042)
Receipts From Grants 10,158 — 10,158
Residual Equity Transfer Out — (53,640) (53,640)
Increase In Due To Other Funds 29,509 — 29,509
Increase In Due From Other Funds (29,610) — (29,610)
Net Cash Used In Noncapital Financing Activities (665,985) (53,640) (719,625)
Cash Flows From Capital And Related 3
Financing Activities:
Additions To Property, Plant and Equipment (672,707) — (672,707)
Principal Paid On Bonds (195,000) — (195,000) 3
Principal Paid On Leases (111,651) — (111,651)
Interest Paid On Bonds And Leases (465,846) — (465,846)
Proceeds from Capital Leases 43,527 — 43,527
Capital Contributions 823,349 -- 823,349 3
Cash Received On Assessments Receivable 58.163 — 58.163
Net Cash Used In Capital And Related3
Financing Activities (520,165) -- (520,165)
Cash Flows From Investing Activities:
3
Sale of Investments 109,178 40,000 149,178
Purchase Of Investments (97,018) — (97,018)
Interest On Investments 398,003 1.857 399,860
3
Net Cash Provided By Investing Activities 410.163 41.857 452,020
Net Increase (Decrease) In Cash And Cash Equivalents 1,142,225 (6,183) 1,136,0423
Cash And Cash Equivalents At Beginning Of Year 1,986,499 6.183 1.992.682
Cash And Cash Equivalents At End Of Year $ 3,128,724 $ — , $ 3,128,724 3
Classified As:
Current Assets $ 1,287,448 $ — $ 1,287,448
Restricted Assets 1.841.276 — 1.841,276
Total $ 3,128,724 $ — $ 3,128,724
3
The accompanying notes are an integral part of the financial statements.
-10- ..
C
Proprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
Reconciliation Of Operating Income To Net Cash
Provided By Operating Activities:
IOperating Income $ 723,878 $ 7,457 $ 731,335
Adjustments Not Affecting Cash:
Depreciation 1,259,280 — 1,259,280
Amortization 14,604 — 14,604
Provision for Uncollectible Accounts 22,000 — 22,000
CLoss on Disposition of Equipment 7,983 — 7,983
Change In Assets And Liabilities:
(Increase) In Accounts Receivable (130,785) — (130,785)
Decrease in Inventory 218 — 218
(Increase) in Prepaid Costs (9,782) — (9,782)
(Decrease) In Accounts Payable (13,712) — (13,712)
Increase In Accrued Expenses 14,757 — 14,757
Increase In Retainage Payable 26,058 — 26,058
(Decrease) In Deferred Revenue (411) — (411)
Increase In Customer Deposits 4,124 — 4,124
Increase In Other Operating Net Assets — (1,857) (1,857)
Total Adjustments 1,194,334 (1,857) 1,192,477
Net Cash Provided By Operating Activities $ 1,918,212 $ 5,600 $ 1,923,812
C
Noncash Investing, Capital and Financing Activities:
Contributed Property, Plant and Equipment $ 951,074 $ — $ 951,074
1
1 -11-
]
3
3
3
3
I
3
3
3
This page intentionally left blanlc.
3
Ocoee 3
cr
tiiti a
}
iC)..... 41
i• A
•
t4, N>
Of G 00 3
%I
a
t
e
t
E
L
C
6
C NOTES TO FINANCIAL STATEMENTS
C
L
E
E
E
Q
E
F
E
3
3
3
This page intentionally left blank.
Ocoee\,; 3
titi \-
3
OF G 00,D 3
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Ocoee, Florida, conform to generally accepted
accounting principles as applicable to governments. The following is a summary of
the more significant policies:
Reporting Entity
The City operates under a commission-manager government whereby the Mayor
and Commission are elected by the registered voters of the City of Ocoee. The
Commission appoints the City Manager, who in turn performs as the admin-
istrator of the everyday operations of the City. The City provides a full range of
municipal services as directed by the City Charter, including general government,
public safety, public improvements, planning and zoning, water and wastewater
service, refuse collection, and related general administrative services.
The financial statements of the City of Ocoee, Florida include all those separately
administered departments and funds for which the City has oversight responsi-
bility. Oversight responsibility is derived from the City's power and includes, but
is not limited to, financial interdependency, selection of governing authority,
designation of management, ability to significantly influence operations, and
accountability for fiscal matters.
Based upon the application of the above mentioned criteria as set forth in Gov-
ernment Accounting Standards Board Statement Number 14, The Financial
Reporting Entity, there were no potential component units or related organizations
of the City.
Fund Accounting
The accounts of the City are organized on the basis of funds or account groups,
each of which is considered a separate accounting entity. The operations of
each fund are accounted for with a separate set of self-balancing accounts. The
various funds are grouped by type in the financial statements. The following fund
types and account groups are used by the City.
Governmental Fund Types
General Fund
To account for all financial resources except those required to be accounted
for in another fund. All general tax revenues and other receipts that are not
allocated by law or contractual agreement to another fund are accounted for
in this fund. The general operating expenditures, fixed charges, and capital
improvement costs that are not paid through other funds are paid from the
general fund.
-12-
CITY OF OCOEE, FLORIDA 1
NOTES TO FINANCIAL STATEMENTS - CONTINUED
1
SEPTEMBER 30, 1995
3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Governmental Fund Types - Continued 3
Special Revenue Funds
To account for the proceeds of specific revenue sources (other than
expendable trust, or major capital projects) requiring separate accounting 3
because of legal, regulatory provisions or administrative action.
Debt Service Funds
To account for the accumulation of resources for, and the payment of general
long-term debt principal and interest.
3
Capital Projects Funds
To account for financial resources to be used for the acquisition or con-
struction of major capital facilities (other than those financed by proprietary 3
funds).
Proprietary Fund Types 3
Enterprise Funds
To account for operations that are financed and operated in a manner similar
to private business enterprises, where the intent of the governing body is that 3
costs of providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges, or where the
governing body has decided that periodic determination of net income is 3
appropriate for capital maintenance, public policy, management control,
accountability, or other purposes. 3
Fiduciary Fund Types
Trust and Agency Funds
To account for assets held by the City in a trustee capacity for individuals, 3
private organizations, other governments, and/or other funds. When these
assets are held under the terms of a formal trust agreement, either a pension3
trust fund, a nonexpendable trust fund, or an expendable trust fund is used.
The terms "nonexpendable" and "expendable" refer to whether or not the
government is under an obligation to maintain the trust principal. 3
Account Groups
General Fixed Assets Account Group 3
To account for all fixed assets of the City, other than those accounted for in
the enterprise funds.
1
General Long-Term Tenn Debt
To account for the outstanding principal balances on any general obligation
debt of the City.
-13 3
-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES - CONTINUED
Basis of Accounting and Measurement Focus
Governmental fund types include the general, special revenue, debt service, and
capital projects funds. The governmental fund type measurement focus is upon
determination of financial flow (financial position, changes in financial position,
sources, uses, and balances of financial resources rather than upon net income
determination). These funds are maintained on the modified accrual basis of
accounting. Under this method of accounting, revenues are recognized when
they become measurable and available as net current assets, or when suscepti-
ble to accrual; i.e., both measurable and available. "Measurable" means that the
amount of the transaction can be determined and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities
of the current period. Revenues which are susceptible to accrual are substan-
tially all governmental fund revenues except licenses and permits, charges for
services, franchise fees, and utility services taxes. Special assessments are
recognized as revenue only to the extent that individual installments are con-
sidered current assets. Property taxes are billed and collected within the same
fiscal period and are recognized when levied to the extent that they result in cur-
rent receivables. Expenditures are recorded when the liability is incurred, except
for principal and interest on general long-term debt, which is recognized when
due.
In applying the "susceptible to accrual" concept to intergovernmental revenues
(grants, entitlements and shared revenues), the legal and contractual require-
ments of the numerous individual programs are used as guidance. There are
essentially two types of these revenues. In one, monies must be expended on
the specific purpose or project before any amounts will be earned by the City;
therefore,revenues are recognized based upon when the expenditures are made.
In the other, monies are essentially unrestricted as to purpose of expenditure and
revocable only for failure to comply with prescribed compliance requirements.
These resources are reflected as revenues at the time of receipt or earlier if they
meet the criterion of availability.
The proprietary fund type measurement focus is upon determination of capital
maintenance (net income, financial position, and changes in financial position).
These funds are maintained on the accrual basis of accounting. Under this
fP method, revenues are recorded when earned and expenses are recorded at the
time liabilities are incurred. The City adopted GASB Statement No. 20 and chose
not to apply all FASB pronouncements issued after November 30, 1989.
101
14as -14-
as
CIN OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED 1
Basis of Accounting and Measurement Focus - Continued
Utility operating revenues (sanitation, water, and wastewater revenues, and
related utility taxes) are recognized during the month of consumption. Services 3
consumed, but not billed, are accounted for as unbilled utility revenues.
The basis of accounting and measurement focus of the expendable trust fund is 3
the same as governmental fund types and therefore is maintained on the
modified accrual basis of accounting. The basis of accounting and measure-
ment focus of the nonexpendable trust and pension trust funds is the same as 3
proprietary fund types and therefore is maintained on the accrual basis of
accounting.
Agency3
funds are purelycustodial (assets equal liabilities) and thus do not
33
4
involve measurement of results of operations. The modified accrual basis of
accounting is followed for recognizing both assets and liabilities. 3
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in 3
the financial statements:
1. Prior to September 30th, the City Manager submits to the City Commission a
proposed operating budget for the fiscal year commencing the following
October 1st. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted at the City Hall to obtain taxpayer comments.
3. Prior to October 1st, the budget is legally enacted through passage of a
resolution.
4. The City cannot legally exceed the budget; however, the City Manager is
authorized to transfer budgeted amounts between departments within any
fund. Any revisions that alter the total expenditures of any fund must be
approved by the City Commission.
5. Formal budgetary integration is employed as a management control device
during the year for the General and Enterprise Funds.
a
-15-
e;,
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES - CONTINUED
Budgets and Budgetary Accounting - Continued
6. Budgets are legally adopted for the General Fund, the Enterprise Operations
and Maintenance Funds and one Special Revenue Fund: the Stormwater
Fund. The budgets for the General Fund and the Stormwater Fund are
prepared on a budgetary basis, whereby encumbrances are treated as ex-
penditures. Unencumbered appropriations are lapsed at year end, except an
appropriation for a capital expenditure. An appropriation for a capital
expenditure shall continue in force until the purpose for which it was made has
been accomplished or abandoned; the purpose of any such appropriation
shall be deemed abandoned if three years pass without any disbursement
from or encumbrance of the appropriation. The budgets for the Enterprise
Funds are prepared on a modified accrual basis of accounting, which is not
the same basis of accounting as that used to account for the actual results of
operations. The actual results of operations are accounted for on an accrual
basis. The following items indicate the primary differences between the
budgetary basis and the GAAP basis used to account for the results of opera-
- tions for the operating accounts:
a. Interest income earned on restricted assets is included in the results of
operations. Such amounts are not budgeted in the operating accounts.
This portion of interest income is restricted for a specific purpose (debt,
capital projects, renewal and replacement, etc.) and is not normally avail-
able for operations.
b. Intrafund transfers to the restricted accounts are budgeted and transferred
on a budgetary basis, but are eliminated on a GAAP basis.
c. Depreciation expense is not budgeted; however, expenditures for capital
outlays are budgeted. These outlays have been capitalized into fixed
assets and eliminated from the results of operations on a GMP basis.
d. Principal and interest payments on capital leases are budgeted as
expenses. Principal payments are recorded as a reduction of capital lease
obligation and eliminated from the results of operations on a GAAP basis.
7. Budgeted amounts presented in the accompanying financial statements have
been adjusted for legally authorized revisions of the annual budgets during the
year.
-16-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995 3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Encumbrances 3
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of funds are recorded in order to reserve that
portion of the applicable appropriation, is utilized in the governmental funds. 3
Encumbrances are reported as reservations of fund balances since they do not
constitute expenditures or liabilities.
3
Tap and Impact Fees
The City collects water and wastewater tap fees which are recorded as operating
revenue only to the extent that the amount equals the cost of physical connec- 3
tion to the system. Amounts that substantially exceed the cost to connect are
recorded as an addition to contributed capital.
3
Deposits received which reserve capacity in the City's water and wastewater
P tY tY
facilities are recorded as contributed capital. Other deposits received from
customers are recorded as liability until all legal requirements, as stipulated by1
the City's water and wastewater ordinances, are fulfilled.
Cash and Cash Equivalents 3
Cash balances from the majority of funds are pooled for investment purposes.
Earnings from such investments are allocated to the respective funds based on
applicable cash participation by each fund. -
Cash and cash equivalents include cash on hand, demand deposits, repurchase
agreement, cash with paying agent,cash with State Board of Administration Local 3
Government Surplus Funds Trust Fund (SBA), and all highly liquid investments
(including restricted assets) with a maturity of ninety days or less when
purchased. Each fund's equity in the City's pooled cash (checking) account is 3
included in cash and cash equivalents.
Investments
Investments, other than the deferred compensation fund (See Note 8), are stated
at cost or amortized cost. Income from investments held by individual funds is
recorded in the respective fund as it is earned.
Inventories
3
Inventories are stated at cost, using the FIFO method. The cost of governmental
fund-type inventories are accounted for by the consumption method,under which
such inventory is recorded as an expenditure when used.
-17-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
a
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Amortization of Bond Discount and Issuance Costs
In the governmental fund types, bond issuance costs are charged as current ex-
penditures when the bonds are issued. For all enterprise funds, bond discount
and issuance costs are amortized on a straight-line basis, which approximates
the interest method, over the life of the bonds. Amortization of bond issuance
costs amounted to $14,604 for the 1995 fiscal year. Amortization of bond dis-
count, included in interest expense, amounted to $4,887 for the 1995 fiscal year.
Restricted Assets
The use of certain assets of enterprise funds is restricted by specific provisions
+• of bond resolutions and agreements with various parties. Assets so designated
are identified as restricted assets on the balance sheet.
Property, Plant and Equipment
Property, plant, and equipment owned by the enterprise funds is stated at his-
torical cost or estimated historical cost. Additions, improvements, and other
capital outlays that significantly extend the useful life of an asset are capitalized.
Other costs incurred for repairs and maintenance are expensed as incurred.
Depreciation of plant and equipment is provided on the straight line basis over
the following estimated useful lives:
Buildings, 10-30 years Improvements, 20-40 years
Equipment, 5-10 years
Contributions of property, plant, and equipment received from federal, state, or
local sources are recorded as contributions to equity when received. Deprecia-
tion on contributed property, plant, and equipment is recorded as a reduction of
contributed capital.
General Fixed Assets
General fixed assets have been acquired for general governmental purposes.
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. In the case of gifts
or contributions, such assets are recorded at fair market value at the time
received.
Certain improvements, such as roads, bridges,curbs, gutters, streets, sidewalks,
drainage systems, and lighting systems have not been capitalized. Such assets
normally are immovable and of value only to the City. No depreciation has been
provided on general fixed assets.
-18-
gal
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Postretirement Benefits
The City does not provide any postretirement health care and life insurance
benefits for employees.
Capitalization of Interest
Net interest cost relating to construction is capitalized.
Compensated Absences
The City accrues accumulated unpaid vacation and sick leave when earned by
the employee. Upon termination, the employee receives a cash benefit for the
number of days accrued at the employee's current wage rate. The noncurrent "`
portion (the amount estimated not to be used in the following year) for Govern-
mental Funds is recorded in the General Long-Term Debt Account Group. The
liability for Compensated Absences for Proprietary Fund Types is shown as a
current liability of those funds.
Long-Term Obligations
Long-term debt is recognized as a liability of a governmental fund when due, or
when resources have been accumulated in the debt service fund for payment
early in the following year. For other long-term obligations, only that portion
expected to be financed from expendable available financial resources is reported
as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the general long-term debt account group. Long-term
liabilities expected to be financed from proprietary fund operations are accounted
for in those funds. bit
Fund Equity
Proprietary Funds lib
Contributed capital consists of funds from developers, federal and state
(capital) grants, and a portion of connection fees charged to customers as
previously discussed. Grants received for operating assistance are recorded
as non-operating revenue.
Reservations of retained earnings are created by increases in assets restricted
for debt service, renewal and replacement, and other contractual obligations.
These increases result from earnings on restricted assets and other intrafund
transfers to (from) restricted accounts. Earnings on restricted assets are
included in net income of the Proprietary Funds. Reserves are not established
for bond proceeds deposited into construction accounts.
-19-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES - CONTINUED
Fund Equity - Continued
Governmental Funds
Reserves of the governmental funds are limited to the portions of fund balance
which are either not subsequently appropriate for expenditures or legally
segregated for a specific use.
Interfund Transactions
Transactions which constitute reimbursements to a fund for expenditures
(expenses) initially made are recorded as expenditures or expenses (as appro-
priate) in the reimbursing fund and as reductions of the expenditures (expenses)
in the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted
for as transfers. Nonrecurring or nonroutine transfers of equity between funds
are considered residual equity transfers. All other interfund transactions are
treated as operating transfers.
Total Columns on Combined Statements - Overview
Total columns on the combined statements are captioned Memorandum Only to
indicate that they are presented only to facilitate financial analysis. Data in these
columns do not present financial position, results of operations or its cash flows
in conformity with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
NOTE 2 - STEWARDSHIP, COMPUANCE AND ACCOUNTABILITY
Compliance with Finance-Related Legal and Contractual Provisions
The City has no material violations of finance-related legal and contractual pro-
visions.
Deficit Fund Balance
At September 30, 1995, the Maguire House Grant Special Revenue Fund had a
$1,193 deficit fund balance.
-20-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
I
NOTE 3 - BUDGET BASIS OF ACCOUNTING
The General Fund and Stormwater Fund budgets are prepared on a budgetary basis,
whereby encumbrances are treated as budgeted expenditures in the year of incur-
rence of the commitment to purchase. In addition, the City includes a portion of the
prior year's fund balance represented by unappropriated liquid assets remaining in the
fund as a budgeted revenue in the succeeding year. The results of operations on a
GAAP basis do not recognize the fund balance allocation as revenue as it represents
prior periods' excess of revenues over expenditures. Also, the City does not budget
for capital outlay expenditures and other financing sources related to the acquisition
of assets through capital leases.
For the 1995 fiscal year, the following adjustments were necessary to convert General
Fund expenditures on the GAAP basis to the budgetary basis:
Other Financing
Expenditures Sources (Uses)
GAAP Basis $ 7,889,463 $ 562,244
Nonbudgeted Capital Lease
Transactions (14,998) (14.998)
Budgetary Basis $ 7,874,465 $ 547,246
Adjustments were also necessary to convert the Special Revenue Fund excess of
revenues over expenditures and other financing sources from the GAAP basis to the
budgetary basis. The City only adopted a budget for one of the Special Revenue
Funds, the Stormwater Fund. Therefore the budget and actual amounts for Special
Revenue Funds reported on the Combined Statement of Revenues and Expenditures-
Budget and Actual - General and Special Revenue Funds, only includes the
Stormwater Fund. However,the Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types and Expendable Trust
Funds (GAAP Basis) includes amounts for all Special Revenue Funds.
-21-
CIN OF OCOEE, FLORIDA
BNOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
C
NOTE 3 - BUDGET BASIS OF ACCOUNTING - CONTINUED
CA reconciliation of the above differences in the Special Revenue Funds is a follows:
Excess of
Revenues Other
Over Financing
Expenditures Sources (Uses)
GAAP Basis $ 5,515,684 $ (574,960)
Nonbudgeted Funds (5,405,326) 728,028
Nonbudgeted Capital Lease
CTransactions --- (184.340)
Budgetary Basis $ 110,358 $ (31.272)
NOTE 4 - CASH AND INVESTMENTS
Following are the components of the City's cash and investments at September 30,
1995:
Unrestricted Restricted Total
Cash & Cash Equivalents $ 8,546,123 $ 1,417,650 $ 9,963,773
Cash With Paying Agent --- 972,378 972,378
IInvestments 9.054.287 4.446.132 13.500.419
$17.600,410 $ 6,836.160 $24.436.570
Deposits
In accordance with GASB Statement No. 3, the City's deposits are categorized
to give an indication of the level of custodial credit risk assumed at year end.
Category 1 includes deposits which are insured or collateralized pursuant to the
Public Depository Security Act of the State of Florida. Category 3 deposits are
uncollateralized, and represent amounts wired to the City's paying agents around
September 30 for bond principal and interest payments due on October 1.
E
-22-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
I
NOTE 4 - CASH AND INVESTMENTS - CONTINUED
Deposits - Continued
September 31. 1995
Bank Balances:
Category 1 $ 1,067,382
Category 3 972.378
Total Bank Balances $ 2,039,760
Carrying Amount $ 1,710,151,
Investments
The City's investment policies, except for pension fund and deferred compensa-
tion assets, are governed by State statutes and City ordinances. City ordinance
allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with
Chapter 280 of the Florida Statutes. Authorized investments are:
1) The State Board of Administration Local Government Surplus Funds Trust
Fund;
2) U.S. Treasury bills, notes and bonds with maturity dates of 5 years or less;
3) Insured or fully collateralized Certificates of Deposit with maturity date of 3
years or less with financial institutions qualifying as public depositories;
4) Federal agencies and instrumentalities with maturity date of 5 years or less;
5) Money market funds placed with financial institutions qualifying as public
depositories;
6) Securities of any open-end or closed-end management type investment
company or investment trust registered under the Investment Company Act
of 1940, provided the portfolio of such investment company is limited to U.S.
Government obligations and to repurchase agreements fully collateralized by
such U.S. Government obligations; or
7) Repurchase agreements collateralized by U.S. Treasury Securities or U.S.
Government Agency securities.
-23-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 4 - CASH AND INVESTMENTS - CONTINUED
Investments - Continued
The City's investments are categorized to give an indication of the level of risk
assumed by the City at September 30, 1995:
Category 1 includes investments that are insured or registered for which the
securities are held by the City or its agent in the City's name.
Category 2 includes uninsured and unregistered investments for which the
securities are held by a counterparty's trust department or agent in the City's
name.
Category 3 includes uninsured and unregistered investments for which the
securities are held by the broker or dealer, or by a trust department or agent, but
not in the City's name.
Investments in mutual funds and the Deferred Compensation Plan are not
required to be categorized since the investments are not evidenced by securities
that exist in physical or book entry form.
Following is a summary of risk levels assumed by the City at September 30,
1995:
Category
Carrying Market
1 2 3 Amount Value
Repurchase Agreements $ — $ — $ 9,226,000 $ 9,226,000 $ 9,226,000
P 9
Pension Fund Investments:
Corporate Bonds and Notes 1,941,912 — — 1,941,912 2,155,002
Common Stock 1.272.165 — -- 1,272,165 1,527,851
$ 3,214,077 $ — $ 9,226,000
Deferred Compensation Plan 663,458 663,458
Mutual Funds Investing In U.S. Government Securities 9.622.884 9.322,089
$22,726,419 $22,894,400
During the year ended September 30, 1995, pension fund investments included U.S.
Government obligations; however, none of this type of investment was owned at
September 30, 1995.
-24-
I
CITY OF OCOEE, FLORIDA
3
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
I
NOTE 5 - ACCOUNTS RECEIVABLE
31 The following is an analysis of Accounts Receivable:
Proprietary Fiduciary
Governmental Fund Fund
Fund Types Types Types
Special Pension
General Revenue Enterprise Funds
Property Taxes $ 4,285 $ --- $ --- $ ---
Accounts Receivable -- 36,552 453,398 ---
Assessments
I
Current --- --- 64,000 ---
Noncurrent --- --- 362,097 ---
Maintenance Fee (Formerly I
Guaranteed Revenue) --- --- 348,618 ---
Other Receivables 71.709 2,662 4,447 90,818
Total 75,994 39,214 1,232,560 90,818
Less: Allowance for
Uncollectible Accounts (14,484) --- (101,000) ---
$ 61,510 $ 39,214 $1,131,560 $ 90,818
NOTE 6 - PROPERTY TAXES
3
All property is reassessed according to its fair value on the lien date, or January 1 of
each year. Taxes are levied on October 1 of each year. Discounts are allowed for
early payment at the rate of 4%in the month of November, 3% in the month of Decem-
ber, 2% in the month of January, and 1% in the month of February. The taxes paid
in March are without discount. All unpaid taxes become delinquent on April 1 following
the year in which they are assessed. On or around May 31 following the tax year, cer-
tificates are sold for all delinquent taxes on real property.
The County bills and collects property taxes and remits them to the City. City property
tax revenues are recognized when levied to the extent that they result in current receiv-
ables.
-25-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
C SEPTEMBER 30, 1995
NOTE 6 - PROPERTY TAXES - CONTINUED
The City is permitted by the Municipal Finance Law of the State to levy taxes up to
$10.00 per $1,000 of assessed valuation. The combined tax rate to finance general
governmental services for the year ended September 30, 1995, was $4.00 per$1,000
which means that the City has a tax margin of$6.00 per $1,000 and could raise up to
$2,815,860 additional property tax revenue a year from the present assessed valuation
of $469,310,003 before the limit is reached.
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT
During the fiscal year ended September 30, 1995, the following changes in general
fixed assets occurred:
C Balance Balance
10-1-94 Additions Deletions 9-30-95
Land $ 1,037,107 $ 102,220 $ --- $ 1,139,327
Buildings 3,228,680 237,906 --- 3,466,586
Improvements 754,946 130,594 1,518 884,022
Equipment 2.914.213 212226 392.121 2,734.318
7,934,946 682,946 393,639 8,224,253
Construction in
CProgress 14.370 1,005 -- 15.375
$ 7,949,316, $ 683,951 $ 393,639, $ 8,239,628
Construction in progress for general fixed assets as of September 30, 1995 consisted
of improvements to the Ocoee Youth Center.
1 -26-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT- CONTINUED
The sources of general fixed assets are as follows:
Balance Balance
10-1-94 Additions Deletions 9-30-95
General Fund $3,645,566 $ 338,865 $ 393,639 $ 3,590,792
Special Revenue Funds:
Federal Revenue
Sharing 750,610 --- 750,610
Road Impact --- 102,220 --- 102,2203
Police Trust 10,760 21,795 --- 32,555
Parks 92,871 1,005 --- 93,876
Stormwater Utility 23,685 7,536 --- 31,221
Fire Impact 443,799 -- -- 443,799
Contributions - Other 364,748 24,997 --- 389,745
State Grant 145,961 172,236 --- 318,197 3
Capital Projects Fund 2,471.316 15,297 --- 2,486.613
$7,949,316 $ 683,951 $ 393,639 $ 8,239,628
The components of property, plant and equipment for the Proprietary Fund Types at ill
September 30, 1995, are as follows:
Proprietary ii
Fund Types
Enterprise
Land and Land Improvements $ 4,722,072
Buildings 379,339
Improvements 25,524,885
Equipment 1.896.874
32,523,170
Less: Accumulated Depreciation (7231,041) 1
$25,292.129,
Proprietary Fund construction in progress at September 30, 1995, consisted primarily
of improvements to water lines and water supply wells.
-273-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT - CONTINUED
During the year, the City capitalized interest expense on construction in progress in
the following amounts:
Water Wastewater
Fund Fund
Total Interest Expense Incurred $ 112.970 $ 343.627
Interest Associated with Construction Projects 106,587 14,532
Interest Earned in Construction Accounts 89.941 13.725
Net Interest Capitalized 16.646 807
Interest Expense $ 96,324 $ 342,820
NOTE 8 - RETIREMENT PLANS
Defined Benefit Pension Plan and Trust
Plan Description
The City maintains two separate single employer defined benefit pension plans
for the: 1) police officers and firefighters; and 2) substantially all other fulltime
City employees. These benefit provisions and all other requirements are
established by City ordinance. The City's covered payroll for the year ended
September 30, 1995, amounted to $4,550,744 while the City's total payroll for
all employees was approximately $5,306,025.
All plans are contributory. The employees participating in the General
Employees' Pension Plan are required to contribute 5% of their salary. The
City is required to contribute the balance necessary to fund the Plan using the
actuarial basis specified by City ordinance.
-28-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1995
3
NOTE 8 - RETIREMENT PLANS - CONTINUED 3
Defined Benefit Pension Plan and Trust - Continued
3
Plan Description - Continued
The Police Officers and Firefighters' Pension Plan funding methods and
determination of benefits payable are provided in the various acts of Florida
Legislature, which created the funds, including subsequent amendments
thereto. The Statutes provide, in general, that funds are to be accumulated 3
from employee contributions, City contributions, state appropriations and
income from investments of accumulated funds. The act also provides that,
should the accumulated funds at any time be insufficient to meet and pay the
benefits due, the City shall supplement the fund by an appropriation from
current funds, or from any revenues which may lawfully be used for said
purposes, in an amount sufficient to make up the deficiency. The employees
are required to contribute 5% of their salary. The City's required contribution
is determined annually based upon current costs plus a provision for
amortization of the unfunded frozen accrued liability over thirty years less
contributions from the State.
Summary of Significant Accounting Policies and Plan Asset Matters 3
Basis of Accounting
The Plan's financial statements are prepared using the accrual basis of 3
accounting.
Investments 3
Assets of the Plan are invested in various investments, including common
stock, corporate bonds and mutual funds. Investment decisions are made 3
by the trustee with direction from the board of trustees. Investments are
reported at cost.
Pension Plan Obligations 3
The Pension Benefit Obligation (PBO) is reflected as the Actuarial Present
Value of Credited Projected Benefits. The PBO is the standard measure
of the present value of pension benefits, adjusted for the effects of pro-
jected salary increases and any benefits projected to be paid in the future
as a result of employee service to date. The measure is intended to help
users assess the Public Employee's Retirement System (PERS) funding
status on a going concern basis, assess progress made in accumulating
assets to pay benefits when due, and make comparisons among PERS.
-293-
CRY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
Pension Plan Obligations - Continued
This measure is independent of the actuarial funding method used to
determine the City's contribution requirements. The City's pension plans
use the Frozen Initial Liability Funding Method which is one of the State of
Florida's acceptable methods. The State of Florida has established
guidelines for state and local pension plan funding and requires submis-
sion to and approval of the local government's actuarial reports by a state
agency, at least every third year. The City's pension plan, by policy, (1)
requires annual actuarial reports as of October 1 of each year, (2) receives
employer contributions based on the actuarially determined requirement,
and (3) uses the same assumptions (see the following schedule) for deter-
mining the PBO and the employer contribution required. The required con-
tribution necessary to amortize the unfunded actuarial accrued liability is
calculated as a level percentage of payroll rather than as a constant dollar
amount.
The following schedule is derived from the respective actuarial reports and
City information and reflects accounting policies, membership and plan
provisions, assumptions and liabilities, and funding provisions as of
October 1, 1994 for the two pension plans:
-30-
3
CITY OF OCOEE. FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1995
ill
3
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust Continued
General Police and 3
Membership and Plan Provisions Employees Firefighters
Members: 3
Active Participants -
Vested 47 34 3
Nonvested 49 32
Retirees and Beneficiaries 4 2 3
Terminated Vested 6 2
106 70
1
Normal Retirement: Attainment of age Earlier of age 55
60. and 10 years of
credited service, or
age 52 and 25
years of credited
service.
Normal Form of Benefit: Ten year certain Ten year certain
and life annuity and life annuity I
Normal Retirement Benefit: 2% of average 2.5% of average
monthly earnings monthly earnings
times credited times credited
service service
1
Years to Vest: 5 years 5 years
w
-31- 3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
General Police and
Employees Firefighters
Assumptions p ons and Liabilities
Assumptions:
Investment Earnings 8% 8%
Salary Increases Attributable to Inflation 3% 3%
Salary Increases Attributable to Seniority/Merit 6% 6%
Post-retirement Benefit Increases --- —
Mortality Table 1984 Unisex 1984 Unisex
Pensioners Pensioners
Probability of Turnover Sarason W-80 Sarason W-80
Amortization of Initial Unfunded Liability 30 years 30 years
EGeneral Police and
Employees Firefighters Total
Pension Benefit Obligations
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving
benefits. $ 306,714 $ 464,637 $ 771,351
Current Employees
Accumulated Member
Contributions 291,318 248,784 540,102
Employer-financed Vested 1,128,101 1,564,543 2,692,644
Employer-financed Nonvested 136.499 43.212 179,711
Total Pension Benefit Obligation 1,862,632 2,321,176 4,183,808
Net Assets Available for Benefits,
E at Cost (Market Value: General
Employees - $1,228,539; Police
and Firefighters - $1,384,539) 1,239.189 1,402.977 2.642.166
Unfunded Pension Benefit
Obligation $ 623,443 $ 918,199 $1,541,642
-32-
CITY OF OCOEE. FLORIDA 3
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995 3
NOTE 8
- RETIREMENT PLANS - CONTINUED 3
Defined Benefit Pension Plan and Trust - Continued3
Contributions Required General Police and
and Made Employees Firefighters 3
Asa As a
Actuarially determined contribu- As a Percentage As a Percentage
bution requirement for the Dollar of Covered Dollar of Covered
year ending 9/30/95: Amount Payroll Amount Payroll
Normal Cost 3
Employer $ 220,616 8.6% $ 346,849 17.4%
Employee 127.413 5.0% 100.124 5.0% 3
348,029 13.6 446,973 22.4
Unfunded Actuarial
Accrued Liability 32.787, 1.3 49.026 2.4
Total $ 380,816 14.9% $ 495,999 24.8%
Actual Contributions Made:
3
Employer $ 258,894 10.2% $ 447,949 22.4%
Employee 136,122 5.3% 110.276 5.5%
3
Total $ 395,016 15.5% $ 558.225 27.9%
Payroll Characteristics:
3
Participating $2,548,268 89.7% $2,002,476 81.2%
Nonparticipating (ineligible 3
due to minimum service) 292.476 10.3% 462.805 18.8%
Total $2,840,744 100.0% $2.465,281 100.0% 3
The actuarial method employed to determine contributions to the fund is the 3
frozen initial liability cost method. It is assumed that an annual contribution
(normal cost) is made each year for each participant. This normal cost, if
contributed each year from the participant's eligibility date (or what would have
been such date if the Plan had been in existence on his employment date in its
present form) to his normal retirement date, is calculated to be sufficient to
provide the retirement benefits provided for him under the Plan.
-333-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
The initial liability is the accrual to the initial valuation date of all such normal
costs assumed payable in prior years for all present participants. The excess of
this over the assets (if any) in the fund on that date is the initial unfunded liability.
This unfunded liability is brought forward in each valuation year.
The normal cost for the second and each succeeding year is determined as
follows: first determine the excess of the actuarially redetermined present value
of future retirement benefits and ancillary death benefits for then active
participants plus any reserves for retired and terminated employees over the sum
of the unfunded liability brought forward to the valuation date and the assets then
in the fund. Then divide this figure by the present value of future compensation.
Finally, multiply the resulting fraction by the total current compensation for then
active participants.
To the extent that actual experience for a year is more favorable than that
assumed, an actuarial gain will result. This gain will tend to reduce future
required contributions. Similarly, if actual experience is less favorable than that
assumed, an actuarial loss will result, causing an increase in future required
contributions. Neither gains nor losses are separately determined, but either is
automatically spread over future normal cost.
The followingis a three-year historical trend to reflect the progress beingmade
Y P 9
in the funding of the City's pension obligation:
Three-Year Historical Trend Information
as of September 30.
General Employees Police and Firefighters
1995 1994 1993 1995 1994 1993
Net assets available for benefits
expressed as a percentage of pension
benefit obligations 66.5% 65.3% 57.6% 60.4% 54.5% 43.7%
Unfunded pension benefit obligations
expressed as a percentage of annual
covered payroll 24.5% 22.1% 22.9% 45.8% 46.9% 42.5%
io Employer contributions expressed as a
percentage of annual covered payroll 10.2% 9.6% 8.6% 22.4% 16.1% 18.3%
-34-
a'
3
CRY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1995
3
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued 3
In the Supplementary Section are the required supplemental ten-year historical
trend information about progress being made in accumulating assets to pay
benefits when due. The required schedules only reflect the last six years for the
general employees' pension plan, since the effective date of the plan was Octo-
ber 1, 1985. The police and firefighters' pension plan only reflects the last two
years' activity since this plan was effective on October 1, 1991.
Deferred Compensation Plan 3
The City has a single employer deferred compensation plan. The Plan is
voluntary and any employee may elect to participate.
The City offers its employees a deferred compensation plan created in accord-
ance with Internal Revenue Code Section 457. The Plan, available to all City
employees, permits them to defer a portion of their salary until future years. The
deferred compensation is not available to employees until termination, retirement,
death, or unforeseeable emergency.
3
All amounts of compensation deferred under the Plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other
beneficiary) solely the property and rights of the City (without being restricted to
the provisions of benefits under the Plan), subject only to the claims of the City's
general creditors. Participants' rights under the Plan are equal to those of
general creditors of the City in an amount equal to the fair market value of the
deferred account for each participant. 3
It is the opinion of the City that it has no liability for losses under the Plan, but
does have the duty of due care that would be required of an ordinary prudent 3
investor.
In accordance with current professional pronouncements,the City has accounted 3
for its deferred compensation plan as an agency fund in its financial statements.
The assets are stated at the market value which is represented by the contract
value provided by the City's third-party administrator. 3
Employee contributions to the Plan for the fiscal year ended September 30, 1995
were $90,016. 3
-35- 3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 9 - OVER 65 ASSISTANCE PROGRAM
The City of Ocoee, Florida began this program March 1, 1975. The program provides
that persons over 65 who qualify are entitled to receive free water and sanitation
services subject to limitations. They are also entitled to be reimbursed (up to $100)
for City of Ocoee, Florida ad valorem taxes after the taxes have been paid by the indi-
vidual to the Orange County tax collector. Approximately 440 residents of the City par-
ticipated in this program during the fiscal year ended September 30, 1995.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax $ 5,217
Ad Valorem Taxes 14,543
Water Fees 52,340
Sanitation Fees 76.704
Total Over 65 Cost $ 148,804
NOTE 10 - BONDS PAYABLE
Summarized below are the City's bonds outstanding at September 30, 1995:
Water and Wastewater Funds
Water and Sewer System Refunding and Improvement Revenue
Bonds, Series 1993 - payable in annual installments of $105,000
to $610,000 through 2017, plus semi-annual interest at 2.60% to
5.75%.
Allocation:
Water Fund $ 1,981,200
Wastewater Fund 6.273.800
Total $ 8,255,000
Less: Current Maturities (200,000)
Unamortized Discounts (107.514)
$ 7,947,486
a
-36-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
I
NOTE 10 - BONDS PAYABLE - CONTINUED
General Long-Term Debt Account Group
Transportation Refunding and Improvement Revenue Bonds,
Series 1990 - payable in annual installments of $125,000 to
$575,000 through 2015 with semi-annual interest payments at
at 6.0% to 7.5%. $ 6,370,000
Capital Improvement Revenue Bonds, Series 1991 - payable
in annual installments of $70,000 to $230,000 through 2011
with semi-annual interest payments at 5.4% to 7.5%. 2.290.000
8,6601000
Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993 1
In February 1993, the City issued Water and Sewer System Refunding and
Improvement Revenue Bonds, Series 1993 to finance the refunding of prior out-
standing bonds and improvements to the City's water and wastewater systems.
These bonds are secured by the combined Water and Wastewater Fund operat-
ing revenues, interest earnings, impact fees and a first priority pledge of cash
payments due from developers. 3
The major provisions of the ordinances authorizing the revenue bonds are as
follows: 3
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the
next maturing principal and interest payment, respectively.
2) Each month, provisions shall be made of the gross revenues sufficient to pay,
in order of preference,cost of operation and maintenance of the systems,then 3
debt service/sinking fund requirements.
3) The City shall establish rates which will provide for necessary operating
expenses and 110% of the bond service requirement due that year.
4) The City shall establish a Reserve Fund and maintain the Reserve Fund
requirement of $649,875. The Reserve Fund requirement has been allocated
to the Water Fund and Wastewater Fund in the amounts of $155,970 and
$493,905, respectively. 3
-37-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 10 - BONDS PAYABLE - CONTINUED
Florida Transportation Refunding and Improvement Revenue Bonds, Series 1990
In September 1990, the City issued revenue bonds to finance the advance
refunding of$1,895,000 outstanding series 1987 bonds and finance the paving,
extension, and improvement of certain streets within the corporate limits.
These bonds are secured by the Local Option Gas Tax and certain local Public
Service Taxes.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the
next maturing principal and interest payment, respectively.
2) The City shall establish a revenue fund and will deposit all pledged revenues
to be used for funding the monthly sinking fund requirements. Any excess
funds may be withdrawn and used by the City for any legal purpose.
3) The City shall provide for the reserve requirement bypurchasinga surety
bond.
Capital Improvement Revenue Bonds, Series 1991
In April 1991, the City issued revenue bonds to finance the construction of a new
City Hall and expansion of the Police Station.
These bonds are secured by non-ad valorem revenues of the City.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make deposits on or before March 5 and September 5 to a
sinking fund such amounts sufficient to pay the next succeeding interest and
principal payments.
2) The City shall establish a Reserve Fund and maintain the Reserve Fund
requirement of $249,945.
-38-
3
CITY OF OCOEE. FLORIDA 3
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995 3
3
NOTE 10 - BONDS PAYABLE - CONTINUED
a maturityschedule of outstandingbonds payable:Following is P Y
General Long-Term 3
Year Ended Debt Enterprise Funds Total Debt
Sept. 30: Principal Interest Principal Interest Service
3
1996 $ 240,000 $ 633,198 $ 200,000 $ 447,254 $ 1520,452
1997 255,000 617,613 205,000 440,054 1,517,667
1998 270,000 600,798 215,000 431,854 1,517,652 3
1999 285,000 582,722 225,000 422,716 1,515,438
2000 305,000 563,308 235,000 412,591 1,515,899
2001-2005 1,885,000 2,459,327 1,355,000 1,880,962 7,580,289
2006-2010 2,680,000 1,659,140 1,755,000 1,479,598 7,573,738
2011-2015 2,740,000 608,250 2,330,000 915,688 6,593,938
2016-2018 --- -- 1.735.000 203.262 1.938.262 3
8,660,000 $ 7,724,356 $ 8,255,000 $6,633,979 $31,273,335 3
During the year ended September 30, 1995, the following changes in general long-term 3
debt occurred:
Accrued Capital 3
Annual Lease Bonds
Leave Obligations Payable Total
3
Balance at
October 1, 1994 $ 295,652 $ 628,814 $8,885,000 $9,809,466 3
Additions 36,740 199,338 -- 236,078
Principal payments --- (254.255) (225.000) (479.255) 3
Balance at Septem-
ber 30, 1995 $ 332,392 $ 573,897 $8,660,000, $9,566,289 3
I
-39 3
-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 11 - DEBT DEFEASANCE
In 1990 the City defeased the Public Improvement Revenue Bonds, Series 1987, by
creating a separate irrevocable trust fund. New debt was issued and the proceeds
have been used to purchase U.S. government securities that were placed in the trust
fund. The investments and fixed earnings from the investments appear sufficient to
fully service the defeased debt until the debt is called or matures. For financial
reporting purposes, the debt has been considered defeased and therefore removed
as a liability from the City's General Long-Term Debt Account Group. As of September
30, 1995, the amount of defeased debt outstanding, but removed from the General
Long-Term Debt Account Group amounted to $830,000.
NOTE 12 - LEASE OBLIGATIONS
Capital Leases
The City has entered into lease agreements as lessee for financing the acquisition
of vehicles and trucks and data processing, communications, and office equip-
ment. These lease agreements qualify as capital leases for accounting purposes
and, therefore, have been recorded at the present value of the future minimum
lease payments as of the date of their inception in either the General Fixed Asset
Account Group or the proprietary fund types.
Equipment under capital leases recorded in the General Fixed Asset Account
Group at September 30, 1995 consists of the following:
Fire Trucks and Minipumper $ 597,086
Office Equipment 112,552
Vehicles and Trucks 235.116
$ 944.754,
Debt service payments on equipment capitalized in the General Fixed Asset
Group are recorded as expenditures in either the General Fund or the Special
Revenue Funds.
-40-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1995
3
NOTE 12 - LEASE OBUGATIONS - CONTINUED 3
Capital Leases - Continued 3
The following is a schedule by years of future minimum lease payments under
capital leases, together with the present value of the net minimum lease 3
payments as of September 30:
Year Ending 3
September 30:
1996 $ 272,385 3
1997 207,765
1998 76,617
1999 46,632 3
2000 21,060
Total Minimum Lease Payments 624,459 3
Less, Amount Representing Interest (50.562)
Present Value of Net Minimum 3
Lease Payments $ 573,897
The total of assets capitalized under lease-financing arrangements in proprietary 3
fund types is as follows:
Water Sanitation 3
Fund Fund Totals
Vehicles and
Equipment $ 69,426 $ 395,060 $ 464,486
Less Accumulated
Amortization (25.791) (186.691) (212.482) 3
Net Book Value $ 43,635 $ 208,369 $ 252,004
. 3
Amortization of equipment leased under capital leases is included in depreciation 3
expense.
-411-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
I
NOTE 12 - LEASE OBUGATIONS - CONTINUED
ICapital Leases - Continued
I The following is a schedule by years of future minimum lease payments under the
above capital leases, together with the present value of the net minimum lease
payments as of September 30:
IYear Ending Water Sanitation
September 30: Fund Fund Totals
1996 $ 15,321 $ 108,886 $ 124,207
1997 11,387 45,033 56,420
1998 11,387 -- 11,387
1999 11,387 --- 11,387
2000 12,335 --- 12.335
Total Minimum Lease
I Payments 61,817 153,919 215,736
Less, Amount Repre-
senting Interest (14.322) (6.971) (21.293)
IPresent Value of Net
Minimum Lease
IPayments $ 47.495 $ 146,948 $ 194,443
IThe current and noncurrent obligation under these capital leases are $113,713
and $80,730, respectively.
IOperating Leases
The City leases office equipment under a non-cancelable operating lease. Rental
expenditures for the year ended September 30, 1995 amount to $684. The
following is a schedule by years of future minimum rentals on these noncancel-
able leases as of September 30, 1995:
IYear Ending
September 30:
1996 $ 2,736
1997 2,736
1998 2,052
$ 7,524,
-42-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 13 - INTERFUND RECEIVABLES AND PAYABLES
The followingschedule as of September 30, 1995, represents interfund receivables and
P P
payables:
Interfund Interfund
Fund Type Receivables Payables
General Fund $ 60 $ ---
Special Revenue:
Road Impact 3,693 ---
Capital Projects:
Road Construction --- 3,693
Enterprise Funds:
Water --- 60
Wastewater 29,610
Sanitation --- 29.610
$ 33,363 $ 33,363
NOTE 14 - RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; job-related illnesses or injuries to
employees; and natural disasters. Rick of loss from the above is transferred by the
City to various commercial insurers through the purchase of insurance.
I
1
-43-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 15 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains three enterprise funds which provide water, wastewater, and
sanitation services. Segment information for the year ended September 30, 1995, is
as follows:
Water Wastewater Sanitation Total
Operating Revenues $ 1,867,648, $ 1,775,997 $ 1,097,275 $ 4,740,920
Depreciation and Amortization $ 574,491 $ 579,993 $ 119,400 $ 1,273,884
Operating Income $ 257,194 $ 317,902 $ 148,782 $ 723,878,
Operating Grants $ --- $ --- $ 48,848, $ 48,848,
Operating Transfers:
In $ 5,255 $ --- , $ 5,240 $ 10,495
Out $ (331,803) $ (221,268) $ (133,466) $ (686,537)
Net Income (Loss) $ 52,661 $ (77,088) $ 68,955 $ 44,528,
Current Capital Contributions $ 483,311, $ 1,291,112 $ --- $ 1,774,423
Property Additions $ 784,171, $ 649,022 $ 189,928 $ 1,623,121,
Property YDeletions $ 38,943 $ 27,927 $ $ 66.870
Net Working Capital $ 1.320,800 $ 1.567.366 $ 35,566 $ 2,923,732
Total Assets $12,817,462 $22,252,171 $ 669,230 $35,738,863
Long-Term Debt $ 1,944,383, $ 6,040,092 $ 43.741 $ 8,028,216
Total Equity $10,337,840 $15,779,220, $ 471,239 $26,588,299,
-44-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1995
NOTE 16 - CONTRIBUTED CAPITAL
The following is a summaryof changes in contributed capital duringthe year ended
P
September 30, 1995:
Water Wastewater Total
Contributed Capital - Beginning of Year
As Previously Reported $ 7,372,928 $13,348,029 $20,720,957
Prior Year Adjustment --- 283.470 283.470
As Restated 7,372,928 13,631,499 21,004,427
Additions (Reductions)
Connection Fees 117,450 705,899 823,349
Developers 365,861 585,213 951,074
Depreciation on Contributed Assets (203,386) (108,420) (311,806)
Contributed Capital - End of Year $ 7,652,853 $14,814.191, $22,467,044
The prior period adjustment to contributed capital is for lift stations contributed by
developers in prior years that were never recorded. The effect of this correction on
operations of the wastewater fund was to reduce net income for the years ending
September 30, 1995 and 1994 by $15,106 and $13,539, respectively. This correction
had no effect on retained earnings at the beginning of the year since it is the City's
policy that depreciation on contributed assets is closed to contributed capital.
NOTE 17 - SUMMARY DISCLOSURE OF SIGNIFICANT CONTINGENCIES
Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. If any expenditures are disallowed as a result
of these audits, the claims for reimbursement to the grantor agency would
become a liability of the City. In the opinion of management, any such
adjustments would not be significant.
Litigation
During the ordinary course of its operations, the City is a party to various claims,
legal actions, and complaints. In the opinion of the City's management and legal
counsel, these matters are not anticipated to have a material financial impact on
the City.
-45-
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the "General
Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund
of a given fund type.
I
I
I
I
I
I
I
I
I
This page intentionally left blank.
I
Ocoe
ct 4.3
oF GOO
3
I
GENERAL FUND
The General Fund is the
rinci al fund of the Cityand is used to account
P P
for all activities not included in other funds.
CITY OF OCOEE, FLORIDA 3
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED WITH THE BUDGET
FOR THE YEAR ENDED SEPTEMBER 30, 1995
3
Variance
Favorable
Budget Actual (Unfavorable)
REVENUE 3
Taxes
Property Taxes $ 1,800,220 $ 1,803,405 $ 3,185
Franchise Taxes 863,000 856,678 (6,322)
Utility Taxes 1,108,300 1,159,127 50.827
3.771.520 3.819.210 47.690
3
Licenses And Permits
Building Permits 492,950 516, 160 23,210
Occupational License 123,000 118,103 (4,897)
615.950 634.263 18.313
Intergovernmental Revenues
Cigarette Tax 83,100 88,236 5,136
State Revenue Sharing 286,650 317,080 30,430
Sales Tax 1,657,500 1,636,415 (21,085)
Other State Shared Revenue 231,350 268,805 37,455
County 60 Gas Tax 348,050 339,910 (8,140)
Other County Shared Revenue 34,000 34,000 ---
2,640,650 2.684,446 43.796
Charges For Services
Fire Contract 85,150 85,146 (4)
Program Activity Fees 31,725 40,009 8,284 3
City Staff Charges 8.90Q 13.326 4.426
125.775 138.481 12.706
Fines And Forfeitures 3
Fines And Forfeitures 98,500 93.007 (5.493)
Investment Income 3
Investment Income 42,000 9.329 (32.671)
Miscellaneous Revenues 3
Zoning And Election Fees 24,000 25,680 1,680
Other 33.048 53.327 20.2793
57.048 79.007 21,959
Total Revenues $ 7,351,443 $ 7,457,743 $ 106,300
-463-
CRY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED WITH THE BUDGET-CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Variance
Favorable
Budget Actual (Unfavorable)
EXPENDITURES
General Government
Legislative $ 144,645 $ 100,362 $ 44,283
Executive 359,825 339,078 20,747
Finance And Administrative 974,906 921,903 53,003
Legal 145,000 199,075 (54,075)
Planning And Zoning 203,085 188,600 14,485
General Government 356,224 10,233 345,991
Building Maintenance 159,154 152,837 6,317
2,342,839 1,912,088 430,751
Public Safety
Law Enforcement 2,383,867 2,202,409 181,458
Fire Control 1,796,432 1,728,133 68,299
Protective Inspections 447,409 427,762 19,647
4,627,708 4,358,304 269,404
Physical Environment
Roads And Streets 1,190,280 1,125,206 65,074
Culture And Recreation
[ Parks And Recreation 373,348 319,341 54,007
Debt Service
Principal Retirement --- 143,513 (143,513)
Interest And Fiscal Charges - 16,013 (16,013)
- 159,526 (159,526)
CTotal Expenditures 8,534,175 7,874,465 659,710
Excess (Deficiency) Of Revenues
COver Expenditures (1,182,732) (416,722) 766,010
Other Financing Sources (Uses)
Operating Transfers In 1,496,182 1,466,442 (29,740)
Operating Transfers Out
(883.090) (919,196) (36,106)
Net Other Financing
Sources (Uses) 613,092 547,246 (65,846)
Excess (Deficiency) Of Revenues
And Other Sources Over Expend-
i ores and Other Uses (569,640) 130,524 700,164
Residual Equity Transfer In 53,640 53,640 -
3 Fund Balance Allocation 516,000 (516,000)
Excess (Deficiency) Of Revenues
And Other Sources Over Expend-
itures And Other Uses ;-„-� $ 184,164 $ 184,164
-47-
3
3
3
3
3
This page intentionally left blank.
10-coee
V#4 /C3-3 .43
OF G
3
1
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues from specific taxes or other
earmarked revenue sources which because of legal or regulatory provisions or administrative
action are designed to finance particular functions or activities of government and which,
therefore, cannot be diverted to other uses.
Description Of Funds
Maguire House Grant - Accounts for the grant revenue and related expenditures on
improvements to the historical site, Maguire House.
Road Impact - Accounts for the Road Impact fees collected and for dis-
bursements made for the purpose of planning, acquisition,
expansion, and development of off-site improvements to the
road system.
Parks - Accounts for the land and/or money received from owners
or developers as a recreational facilities assessment when
lands are subdivided within the City. Funds must be used
for the improvement or expansion of City parks.
Stormwater - Accounts for the Stormwater Utility Fee revenues and the
related expenditures for drainage, stormwater, and other
related projects.
Interim Services - Accounts for impact fees collected and for disbursements
made for the purpose of providing additional municipal
services to new development within the City.
Police Training - Accounts for the revenues received pursuant to F.S.
943.25(8) which imposes a $2.00 court cost against every
person convicted for violation of state penal or criminal
statute or convicted of a municipal or county ordinance
violation where said offense occurred within the City of
Ocoee. Funds must be used to educate and train law
enforcement personnel.
Police Trust - Accounts for the proceeds from property confiscated in
police enforcement activities pursuant to F.S. 932.701
(Florida Contraband Forfeiture Act). Funds must be used for
police operations.
Are Impact - Accounts for Fire Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide fire protec-
tion for new development within the City.
Police Impact - Accounts for Police Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide police pro-
tection for new development within the City.
CffY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
3
SEPTEMBER 30, 1995
3
3
Maguire
House Road
Grant Impact Parks Stormwater
Assets
Cash And Cash Equivalents $ 19,686 $ 3,986,962 $ 128,736 $ 312,657 3
Investments --- 2,306,333 241,517 49,143
Receivable - Net --- 2,662 --- 36,552
Due From Other Funds --- 3.693 --- ---
Total Assets $ 19,686 $ 6,299,650 $ 370,253 $ 398,352
Liabilities And Fund Balances 3
Liabilities
Accounts Payable $ 20,879 $ --- $ --- $ 222
Deferred Revenue --- --- 31.275 ---
Total Liabilities 20.879 --- 31.275 222 3
Fund Balances 3
Reserved:
Encumbrances --- --- --- 184,340
Unreserved: J
Designated For Subsequent
Year's Budget (1.19?) 6.299.650 338.978 213.790
3
Total Fund Balances (Deficit) (1.193) 6 299 650 338.978 398.130
Total Liabilities And3
Fund Balances $ 19,686 $ 6,299,650 $ 370,253 $ 398,352
-48-
I
I
I
C
Total
Special
Interim Police Police Fire Police Revenue
IServices Training Trust Impact Impact Funds
$ 10,042 $ 4,473 $ 35,364 $ 931,981 $ 146,720 $ 5,576,621
--- --- --- 937,729 73,715 3,608,437
--- --- --- --- 39,214
--- --- --- --- --- 3.693
$ 10,042 $ 4,473 $ 35,364 $ 1,869,710 $ 220,435 $ 9,227.965
I
$ --- $ --- $ --- $ $ --- $ 21,101
--- --- --- --- --- 31.275
--- --- --- --- ---
52.376,
C
-- --- --- --- --- 184,340
I
10.042 4.473 35.364 1.869.710 220.435 8.991.249
10.042 4.473 35.364 1.869.710 220.435 9.175.589
$ 10,042 $ 4,473 $ 35,364 $ 1,869,710 $ 220,435 $ 9,227.965
E. -49-
CITY OF OCOEE. FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Maguire
House Road
Grant Impact Parks Stormwater
Revenues
Intergovernmental Revenues $ 172,236 $ --- $ 1,005 $ --
Fines And Forfeitures --- --- --- ---
Impact Fees/Special Assessments --- 4,678,657 69,533 407,491
Investment Income 353 178,127 16,165 13,645 3
Miscellaneous Revenues --- 296 --
Total Revenues 172,589 4,857.080 86.703 421.136
Expenditures
Current:
Public Safety --- --- --- ---
Physical Environment --- 367,061 --- 289,718
Culture And Recreation 208,791 --- 3,485 ---
Debt Service:
Principal Retirement --- --- --- 18,542
Interest And Fiscal Charges --- --- --- 2,518
Total Expenditures 208.791 367.061 3.485 310.778
Excess (Deficiency) Of Revenues
Over Expenditures (36.202) 4.490.019 83.218 110.358
Other Financing Sources (Uses)
Operating Transfers In 26,330 --- --- --
Operating Transfers Out --- (628,906) --- (31,272)
Capital Lease Proceeds --- --- --- 184.340
Net Other Financing
Sources (Uses) 26.330 (628.906) — 153.068
Excess (Deficiency) Of Revenues3
And Other Financing Sources
Over Expenditures And Other
Financing Uses (9,872) 3,861,113 83,218 263,426
Fund Balances -
Beginning Of Year 8.679 2.438.537 255.760 134.704,
Fund Balances (Deficit) -
End of Year $ (1.193) $ 6,299,650 $ 338,978 $ 398,130
-50-
I
I
Total
Special
Interim Police Police Fre Police Revenue
IServices Training Trust Impact Impact Funds
$ --- $ --- $ --- $ 9,025 $ --- $ 182,266
--- 1,628 26,877 --- --- 28,505
25,907 --- --- 665,138 194,620 6,041,346
--377 --197 1,825 70,941 6,394 288,024
--- --- --- 296
E, 26.284 1.825 28.702 745.104, 201.014 6.540.437
--- --- 21,795 7,225 --- 29,020
--- --- --- --- --- 656,779
C --- --- --- --- --- 212,276
--- --- --- 92,198 --- 110,740
--- --- --- 13.420 --- 15.938
--- --- 21.795 112.843 --- 1.024.753
C
26.284 1.825 6.907 632.261 201.014 5.515.684
--- --- --- --- --- 26,330
(24,523) --- --- --- (100,929) (785,630)
--- --- --- --- --- 184.340
(24.523) --- -- --- (100.929) (574.960)
1,761 1,825 6,907 632,261 100,085 4,940,724
8.281 2.648 28.457 1.237.449 120.350 4.234.865
$ 10,042 $ 4.473 $ 35.364, $ 1.869.710 $ 220.435 $ 9.175.589
-51-
I
I
I
I
I
This page intentionally left blank.
Ocoe-
(Y.
t 1
C#44>j
e4,
G 1
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for the accumulation of resources for the
payment of interest and principal on all general long-term debt other than that payable from
Proprietary Funds.
Description of Funds
Transportation Refunding - Accounts for the principal and interest payments on the
Pesti P P P Y 1990
and Improvement Transportation Refunding and Improvement Revenue Bonds
Revenue Bonds which funded the design, construction, paving and improve-
ment of roads and related drainage improvements within the
City.
Capital Improvement - Accounts for the principal and interest payments on the 1991
Revenue Bonds Capital Improvement Revenue Bonds which funded the
construction of the new City Hall and the expansion of the
police department facility.
K
I
I
I
I
This page intentionally left blank.
Ocoee
to3\4'stikv O
f4 `•
OF 0000
I
C
BCITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
SEPTEMBER 30, 1995
C
C Transportation
Refunding And Capital Total
Improvement Improvement Debt Service
CRevenue Bonds Revenue Bonds Funds
Assets
Cash And Cash Equivalents $ 15,441 $ 48,773 $ 64,214
Receivables - Net --- --- ---
Due From Other Funds --- --- --
Restricted Assets:
Investments --- 249,945 249,945
Cash With Paying Agent 383.839 164.913 548.752
Total Assets $ 399280 $ 463,631; $ 862,911
Liabilities And Fund Balances
Liabilities
Matured Bonds Payable $ 145,000 $ 80,000 $ 225,000
Matured Interest Payable 238.839 84.913 323.752
Total Liabilities 383.839 164.913 548.752
Fund Balances
Reserved For Debt Service 15.441 298,718 314.159
Total Liabilities And Fund Balances $ 399,280 $ 463,631, $ 862,911
-52-
I
I
This page intentionally left blank.
Ocoee
o`fry •�0
v p
j `J
E4
Of G00v•
I
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
I ALL DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
I
C
Transportation
Refunding And Capital Total
Improvement Improvement Debt Service
Revenue Bonds Revenue Bonds Funds
Revenues
1 Investment Income $ 6.601 $ 18,441 $ 25.042
Total Revenues 6,601 18.441 25.042
Expenditures
Debt Service:
Bond Principal Payments 145,000 80,000 225,000
Bond Interest 477.677 169.825 647.502
1 Total Expenditures 622.677 249.825 872.502
Excess (Deficiency) Of Revenues
Over Expenditures (616.076) (231.384) (847.460)
Other Financing Sources
Operating Transfers In 622.678 249,825 872.503
Excess of Revenues And Other Financing
Sources Over Expenditures And Other
Financing Uses 6,602 18,441 25,043
EFund Balances - Beginning Of Year 8.839 280.277 289.116
1 Fund Balances - End Of Year $ 15,441, $ 298,718 $ 314.159
I
I
-53-
I
3
I
I
3
I
I
3
I
This page intentionally left blank.
i
OC e e 3
o`
et( 0
Oas
V.. y....:i
r A
e4, ...•
or Goov 1
CAPITAL PROJECTS FUNDS
The Capital Projects Funds account for all resources used for the acquisition and/or
construction of capital facilities by the City except for those financed and accounted for in the
Proprietary and certain Fiduciary Funds.
Description of Funds
Road Construction - Accounts for the portion of building permits designated to
fund the design, construction, paving and improvement of
White Road in connection with the West Oaks Mall construc-
tion project.
City Hall/Police Depart- - Accounts for the proceeds of the 1991 Capital Improvement
ment Construction Revenue Bonds to fund the construction of a new City Hall
and expansion of the police department facility.
L
3
3
3
3
This page intentionally left blank.
Ocoee
0(411,
I` 4,
e4, •
•••
OF G 0 0 v
3
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
SEPTEMBER 30, 1995
City Hall/ Total
Road Police Dept. Capital Project
Construction Construction Funds
Assets
Cash and Cash Equivalents $ 800.443 $ 17,796 $ 818.239
Total Assets $ 800,443 $ 17,796 $ 818,239
Liabilities And Fund Balance
Liabilities
Retainage Payable $ — $ 1,213 $ 1,213
Due To Other Funds 3,693 --- 3,693
Deferred Revenue 116.856 --- 116.856
Total Liabilities 120.549 1,213 121.762
Fund Balance
Unreserved - Designated
For Capital Projects 679.894 16.583 696.477
Total Liabilities And
Fund Balance $ 800.443 $ 17,796 $ 818,239
F
-54-
I
3
I
I
3
I
3
I
I
This page intentionally left blank.
r5c
Ocoee I rfaiv‘-0--
I
l A
i'4, •
.,•.
OF GOOv 1
3
1
ECIN OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
City HaIV Total
Road Police Dept Capital Project
Construction Construction Funds
Revenues
Building Permits $ 679,778 $ --- $ 679,778
Interest Revenues 4,060 5.476 9,536
Total Revenues 683.838 5A76 689.314
Expenditures
Capital Outlay:
General Government --- 22,133 22,133
Public Safety --- 7,121 7,121
Physical Environment 3.944 --- 3.944
Total Expenditures 3.944 29.254 33.198
Excess (Deficiency) Of Revenues
Over Expenditures 679.894 (23.778) 656,116
Other Financing Sources
Operating Transfers In --- 15.593 15,593
Excess (Deficiency) Of Revenues
And Other Financing Sources
Over Expenditures And Other
Financing Uses 679,894 (8,185) 671,709
Fund Balances - Beginning Of Year --- 24.768, 24.768
Fund Balances - End Of Year $ 679,894 $ 16.583 $ 696,477,
1
I
-55-
3
3
3
3
This page intentionally left blank.
Ocoee
o
a
(3
OF GOO
3
1
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a
manner similar to private business enterprise or where the City has decided that periodic
determination of net income is appropriate for capital maintenance, management control,
accountability, public policy, or other purposes.
Description of Funds
Water - Accounts for the operations of the City's water system which
provides water service to the residents of the City. All
activities necessary to provide such service are accounted
for in this fund.
Wastewater - Accounts for the operations of the City's wastewater collec-
tion and treatment plant which provides wastewater service.
All activities necessary to provide such service are
accounted for in this fund.
Sanitation - Accounts for the collection of commercial and residential
garbage which is disposed of at a county landfill. All
activities necessary to provide such service are accounted
for in this fund.
•L
3
CITY OF OCOEE, FLORIDA 3
COMBINING BALANCE SHEET
ALL ENTERPRISE FUNDS
SEPTEMBER 30, 1995 3
3
Total
Enterprise 3
Water Wastewater Sanitation Funds
ASSETS 3
Current Assets
Cash And Cash Equivalents $ 461,369 $ 826,079 $ - $ 1,287,448
Investments 759,901 356,876 47,071 1,163,848
Receivables (Net Of Allowance
For Uncollectibles) 236,897 440,430 92,136 769,463
Inventory - Materials -- 22,152 - 22,152
Due From Other Funds - 29,610 - 29,610 3
Due From Other Governments - - 43,949 43,949
Prepaid Costs - 3,122 6,660 9,782
Total Current Assets 1,458,167 1,678,269 189,816 3,326,252
Restricted Assets
Cash And Cash Equivalents 440,471 889,234 87,945 1,417,650 3
Investments 2,954,867 1,241,320 - 4,196,187
Cash With Paying Agent 101,670 321,956 - 423,626
Total Restricted Assets 3,497,008 2,452,510 87,945 6,037,463 3
Fixed Assets
Property, Plant And Equipment 11,445,855 20,140,702 936,613 32,523,170 3
Less:Accumulated Depreciation (4,057,295) (2,628,602) (545,144) (7,231,041)
Construction In Progress 396,617 3,017 -- 399,634
Total Fixed Assets-Net 7,785,177 17,515,117 391,469 25,691,763
Other Assets
Assessments Receivable - 362,097 - 362,097 ii
Unamortized Bond Issuance Costs 77,110 244,178 - 321,288
Total Other Assets 77,110 606,275 - 683,385 3
Total Assets $12,817,462 $ 22,252,171 $ 669,230 $35,738,863
3
1
I
-56-
1
Total
Enterprise
Water Wastewater Sanitation Funds
LIABILITIES AND FUND EQUITY
Current Liabilities (Payable
From Current Assets)
Accounts Payable $ 8,345 $ 2,787 $ - $ 11,132
Retainage Payable 26,058 - - 26,058
Accrued Expenses 54,485 38,977 21,433 114,895
Due To Other Funds 60 -- 29,610 29,670
Deferred Revenue -- 69,139 --- 69,139
Obligations Under Capital Leases 10,506 - 103,207 113,713
Developer Agreements Payable .913
---37 - 37.913
Total Current Liabilities (Payable
From Current Assets) 137,367 110.903 154,250 402,520
Current Liabilities (Payable From
Restricted Assets)
Customer Deposits 296,202 - -- 296,202
Accrued Interest Payable 53,670 169,956 -- 223,626
Revenue Bonds Payable 48,000 152,000 -- 200.000
Total Current Liabilities (Payable
From Restricted Assets) 397,872 321,956 - 719.828
Long-Term Liabilities
Revenue Bonds Payable 1,907,394 6,040,092 - 7,947,486
Obligations Under Capital Leases 36,989 - 43,741 80,730
Total Long-Term Lrabirties 1,944,383 6,040,092 43,741 8.028,216
Total Liabilities 2.479.622 6,472,951 197,991 9,150,564,
Fund Equity
Contributed Capital 7,652,853 14,814.191 - 22.467,044
Retained Earnings (Deficit):
Reserved For Renewal
And Replacement 531,195 570,525 87,945 1,189,665
Reserved for Debt Service 155,970 493,905 -- 649,875
Unreserved 1,997.822 (99,401) 383.294 2,281,715
Total Retained Earnings 2,684,987 965,029 471,239 4,121,255
Total Fund Equity 10,337,840 15,779,220 471,239 26,588,299
Total Liabilities&Fund Equity $12,817,462 $22,252,171, $ 669,230 $35,738,863
L -57-
3
3
3
3
This page intentionally left blank.
Ocoee 3
7, paict-.,,
444, N>
0 G
3
3
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
II Total
Enterprise
Water Wastewater Sanitation Funds
Operating Revenues
User Charges $ 1,867,648 $ 1,775,997 $ 1,097,275 $ 4,740,920
Operating Expenses
I Personal Services 642,328 481,467 428,480 1,552,275
Materials And Supplies 132,967 94,975 283,358 511,300
Heat, Light And Power 124,904 154,138 - 279,042
Depreciation And Amortization 574,491 579,993 119,400 1,273,884
I Other Expenses 135,764 147,522 99,002 382,288
Recycling Expenses -- - 18.253 18.253
Total Operating Expenses 1,610,454 1,458,095 948.493 4,017.042
Operating Income (Loss) 257.194 317,902 148,782 723.878
INonoperating Revenues
Grant Revenue - - 48,848 48,848
I Investment Income 218,339 169,098 10,566 398,003
Interest Expense (96,324) (342,820) (11,015) (450,159)
Total Nonoperating Revenues
(Expenses) 122.015 (173,722) 48,399 (3,308)
Income Before Operating Transfers 379,209 144,180 197.181 720,570
I
Operating Transfers
Operating Transfers In 5,255 - 5,240 10,495
IOperating Transfers Out (331,803) (221,268) (133,466) (686,537)
Net Operating Transfers (326,548) (221,268) (128,226) (676,042)
Net Income (Loss) $ 52,661; $ (77,088) $ 68,955 $ 44,528
Disposition Of Net Income (Loss)
Net Income (Loss) $ 52,661 $ (77,088) $ 68,955 $ 44,528
Depreciation On Contributed Assets 203.386 108,420 - 311.806
Net Increase (Decrease) In
Retained Earnings 256,047 31,332 68,955 356,334
Retained Earnings - Beginning of Year 2,428,940 933,697 402.284 3,764,921
Retained Earnings-End of Year $ 2,684,987 $ 965,029 $ 471,239 $4,121,255
-58-
CRY OF OCOEE, FLORIDA 3
COMBINING STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Total
Enterprise
Water Wastewater Sanitation Funds
Cash Flows From Operating Activities:
Receipts From Customers $ 1,754,541 $ 1,778,376 $ 1,089,325 $ 4,622,242
Payments To Suppliers (354,965) (408,054) (403,493) (1,166,512)
Payments To Employees (632.095) (483.127) (422,296) (1.537.518)
Net Cash Provided By Operating Activities 767.481 887,195 263.536 1.918.212
Cash Flows From Noncapital
Financing Activities:
Net Operating Transfers In (Out) (326,548) (221,268) (128,226) (676,042)
Receipts From Grants - - 10,158 10,158
Increase(Decrease) Due To Other Funds 60 (94) 29,543 29,509
Increase Due From Other Funds - (29,610) - (29,610)
Net Cash Used in Noncapital Financing Activities (326,488) (250,972) (88,525) (665.985)
Cash Flows From Capital And Related Financing Activities: il
Additions To Property,Plant And Equipment (418,310) (63,809) (190,588) (672,707)
Principal Paid On Bonds (46,800) (148,200) - (195,000)
Principal Paid On Leases (13,780) - (97,871) (111,651)
Interest Paid On Bonds and Leases (112,546) (342,285) (11,015) (465,846)
Proceeds from Capital Leases 43,527 - - 43,527
Capital Contributions 117,450 705,899 - 823,349
Cash Received On Assessments Receivable - 58,163 - 58.163
Net Cash Provided By(Used In)Capital And
Related Financing Activities (430,459) 209.768 (299,474) (520,165)
Cash Flown From Investing Activities:
Sale Of Investments 56,249 - 52,929 109,178
Purchase Of Investments - (97,018) - (97,018)
Interest On Investments 218.339 169,098 10.566 398.003
Net Cash Provided By in investing Activities 274.588 72,080 63.495 410,163
Net increase(Decrease)In Cash And Cash Equivalents 285,122 918,071 (60,968) 1,142,225
Cash And Cash Equivalents At Beginning Of Year 718.388 1,119.198 148.913 1.986.499
Cash And Cash Equivalents At End Of Year $ 1,003,510 $ 2,037,269 $ 87,945 $ 3,128,724
Classified As:
Current Assets $ 461,369 i 826,079 $ - $ 1,287,448
Restricted Assets 542.141 1211,190 87.945 1.841.276
Total $ 1,003,510 $ 2,037,269 $ 87,945 $3,128,724
I
-59-
I
I
I
I Total
Enterprise
Water Wastewater Sanitation Funds
Reconciliation Of Operating Income(Loss)To Net
Cash Provided By Operating Activities:
Operating Income(Loss) $ 257,194 $ 317,902 $ 148,782 $ 723,878
IAdjustments Not Affecting Cash:
Depreciation 570,986 568,894 119,400 1,259,280
Amortization 3,505 11,099 - 14,604
I Provision For Uncollectible Accounts 10,000 8,000 4,000 22,000
Loss On Disposition Of Equipment 4,223 3,760 - 7,983
Charge In Assets And Liabilities:
I (Increase) Decrease In Accounts Receivable (121454) (1,381) (7,950) (130,785)
(Increase) Decrease in Inventory - 218 - 218
(Increase) Decrease in Prepaid Costs - (3,122) (6,660) (9,782)
Increase (Decrease) In Accounts Payable 2,612 (16,104) (220) (13,712)
I Increase (Decrease) In Accrued Expenses 10,233 (1,660) 6,184 14,757
Increase (Decrease) In Retainage Payable 26,058 - - 26,058
Increase(Decrease) In Deferred Revenue - (411) - (411)
Increase(Decrease) In Customer Deposits 4,124 - - 4,124
Total Adjustments 510,287 569,293 114,754 1,194,334
Nd Cash Provided By Operating Activities $ 767,481 $ 887,195 $ 263,536 $ 1,918,212
I
Noncash Investing,Capital And Financing Activities:
Contributed Property,Plant,And Equipment $ 365,861 $ 585,213 $ 951,074
I
I
INI
t
r
in
I
I
This page intentionally left blank.
Ocoee
osits
p
y fes'•' g
lf4 Gf GOO``�
TRUST AND AGENCY FUNDS
Expendable, Nonexpendable and Pension Trust Funds are used to account for assets held by
the City in a fiduciary capacity for individuals, governmental entities and others. Such trust funds
are operated by carrying out specific terms of trust indentures, statutes, ordinances, grant
requirements, or other governing regulations. The Agency Funds are used to account for assets
held by the City as agent for City employees.
Description of Funds
Expendable Trust Funds
HAC/Prairie Road Fund - Accounts for fund designated for improvement to HAC/Prairie
Road.
Nonexpendable Trust Funds
Cemetery Perpetual Care
Fund - Accounts for all proceeds received by the City for mainte-
nance of the City's cemetery.
Pension Trust Funds
General Employees - Accounts for the accumulation of resources to be used for
retirement annuity payments at appropriate amounts and
times in the future for employees of the City, except police
officers and firefighters.
Police and
Firefighters - Accounts for the accumulation of resources to be used for
retirement annuities of all police officers and firefighters. The
State contributes funds based upon the number of police
officers and firefighters and the City and employees contribute
the balance as determined by an actuarial study.
Agency Funds
Deferred Compensation
Plan - Accounts for the accumulation of resources to be used for
retirement payments at appropriate amounts and times in the
future for employees of the City in accordance with the
provisions of Internal Revenue Code Section 457.
I
I
I
I
I
This page intentionally left blank.
10-Coe
yl404. C f G Ooo A�
I
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
TRUST AND AGENCY FUNDS
ISEPTEMBER 30, 1995
Expendable
Pension Trust
Trust Fund Funds Agency Fund
HAC/Prairie Police Deterred
Road General And Compensation
Fund Employees Firefighters Plan Totals
Assets
Cash And Cash
Equivalents $ 44,356 $ — $ — $ — $ 44,E
Investments — 1,565,475 1,780,182 663,458 4,009,115
Receivables - Net — 40,130 50,688 — 90,818
Total Assets $ 44,356 $ 1,605,605 $ 1,830,870 $ 663,458 $4,144,289
Liabilities And Fund
Balance
Liabilities
I Deferred Compensation
Payable $ $ 1_____—___ $ 663,458 $ 663,458
ITotal Liabilities — — — 663.458 663,458
Fund Balances
Reserved For Employees'
Retirement System — 1,605,605 1,830,870 — 3,436,475
Reserved For Other 44,356 — — — 44 356
Projects
Total Fund Balances 44,356 1,605,605 1,830,870 — 3,480,831
Total Liabilities And
Fund Balances $ 44,356 $ 1,605,605 $ 1,830,870 $ 663,458 $4,144,289
1 -61-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND BALANCE
NONEXPENDABLE AND PENSION TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Nonexperxfable
Trust Fund Pension Trust Funds
Cemetery Perpetual General Police And
Care Fund Employees Firefighters Totals
Operating Revenues
Contributions $ — $ 395,016 $ 558,225 $ 953,241
Cemetery Lot Sales 5,600 — — 5,600
Revenue Earned On Investments 1,857 18.936 11.531 32.324
Total Operating Revenues 7,457 413.952 569,756 991,165
Operating Expenses
Benefit Payments --- 31,218 56,870 88,088
Administrative Expenses --- 16,318 32,987 49,305
Total Operating Expenses — 47.536 89.857 137.393
Net Income 7,457 366,416 479,899 853,772
Fund Balance-Beginning Of Year 46,183 1,239,189 1,350,971 2,636,343
Residual Equity Transfer Out (53,640) -- -- (53,640)
Fund Balance-End Of Year $ --- , $ 1,605,605 $ 1,830,870 $ 3,436,475
3
-62-
CITY OF OCOEE, FLORIDA
STATEMENT OF CHANGES IN ASSETS AND UABIUTIES
AGENCY FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Balance Balance
October 1, September 30,
1994 Additions Deductions 1995
Deferred Compensation
1 Assets:
Investments $ 520,972 $ 158,931 $ 16,445 $ 663,458
Liabilities:
Deferred Compensation
Payable $ 520,972 $ 158,931 $ 16,445 $ 663,458
-63-
I
I
I
3
3
3
3
3
I
This page intentionally left blank.
i
Ocoee
I
\.i
i• ...1
40,f N>
OF G00 I
I
3
1
1
ACCOUNT GROUPS
General Fixed Assets
Account Group - To account for all fixed assets of the City, other than those
accounted for in the Enterprise Funds.
3
3
3
3
3
This page intentionally left blank.
3
Ocoee
o`// r,j4‘1)
3� o
Of Gp00
3
3
3
3
CRY OF OCOEE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS- BY FUNCTION AND ACTNIIY
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Culture
General Public Physical And
Government Safety Environment Recreation Total
Land $ 153,792 $ 40,793 $ 587,371 $ 357,371 $ 1,139,327
Buildings 1,970,728 1,214,108 262 281,488 3,466,586
Improvements 253,072 62,233 37,048 531,669 884,022
Equipment 519,105 1,633,580 447,210 134,423 2,734,318
Construction In Progress — — — 15,375 15.375
Total 2 896 697 $ 2,950,714 $ 1,071,891 2,1,321342U $ 8,239,628
Balance Balance
10-01-94 Additions Deletions 09-30-95
General Government $ 2,616,039 $ 372,134 $ 91,476 $ 2,896,697
Public Safety 3,041,253 96,964 187,503 2,950,714
Physical Environment 1,036,556 136,464 101,129 1,071,891
Culture & Recreation 1.255,468 78,389 13,531 1,320,326
Total $ 7,949,316 $ 683,951 $ 393,639 Lp2g2,figti
-64-
I
J
This page intentionally left blank.
(Ocoee
°.
2,;43
Of GOV
SUPPLEMENTARY INFORMATION
Supplementary information is presented to provide greater detailed infor-
mation deemed useful for clarity. It is not necessary for presentation in
conformity with generally accepting accounting principles.
a
a
•
I
I
I
I
I
I
I
This page intentionally left blank.
Ocoee
0
V ^
of GOO
CITY OF OCOEE. FLORIDA
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
COMPARATIVE SUMMARY OF REVENUES
BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS
I
Revenues By Source
Employer Contributions
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total
1986 (1) $ 44,219 3.61% $ --- $ 44,219
1987 (1) 73,165 4.58% 1,908 75,073
1988 (1) 84,869 5.30% 7,274 92,143
1989 (1) 72,429 3.68% 20,377 92,806
1990 (1) 111,562 4.53% 28,211 139,773
1991 (1) 94,952 3.36% 32,627 127,579
1992 $ 103,361 183,911 8.90% 21,887 309,159
1993 102,876 177,101 8.57% 45,183 325,160
1994 126,448 216,806 9.58% 49,551 392,805
1995 136,122 258,894 10.16% 18,936 413,952
Expenses By Type
Fiscal Administrative
Year Benefits Refunds Expenses Total
1986 $ --- $ --- $ --- $ ---
1987 1,946 --- 1 1,947
iii 1988 1,573 --- 9 1,582
1989 -- --- 31 31
1990 5,912 --- 95 6,007
iiii 1991 --- --- 7,933 7,933
1992 12,018 --- 16,800 28,818
1993 23,881 --- 16,520 40,401
ii 1994 34,452 --- 28,193 62,645
1995 31,218 --- 16,318 47,536
v
gib
(1) Prior to October 1, 1991, City employees were not permitted to contribute to the Plan.
a
-65-
is
3
CITY OF OCOEE. FLORIDAll
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
COMPARATIVE SUMMARY OF REVENUES
BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS3
3
Revenues By Source
Employer Contributions
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total
1986-1991(1) N/A N/A N/A N/A N/A
1992 $ 85,755 $ 246,180 14.35% $ 15,157 $ 347,092
1993 94,230 308,477 18.30% 40,541 443,248
1994 101,588 282,702 16.06% 46,299 430,589 3
1995 110,276 447,949 22.37% 11,531 569,756
I
I
Expenses By Type
Fiscal Administrative
Year Benefits Refunds Expenses Total
1986-1991(1) N/A N/A N/A N/A 3
1992 $ --- $ --- $ 15,346 $ 15,346
1993 1,362 --- 19,117 20,479 1
1994 16,778 --- 27,519 44,297 3
1995 56,870 --- 32,987 89,857
3
(1) The Plan was effective as of October 1, 1991.
PR
-66- i
I
CITY OF OCOEE, FLORIDA
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
I ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
I
Unfunded (Assets
(1) (2) (3) In Excess Of)
Net Assets Pension Percentage Of Pension Benefit
Fiscal Available Benefit Funded Obligation
Year For Benefits Obligation (1)/(2) (2) - (1)
I 1986-1987(1) N/A N/A N/A N/A
1988 $ 117,345 $ 171,911 68.30% $ 54,566
1989 207,697 221,443 93.80% 13,746
1990 300,472 291,303 103.15% (9,169)
1991 434,238 367,176 118.30% (67,062)
I 1992 341,619 882,951 38.70% 541,332
1993 643,547 1,117,500 57.60% 473,953
1994 941,671 1,441,848 65.30% 500,177
1995 1,239,189 1,862,632 66.52% 623,443
Unfunded (Assets
in Excess of)
Pension Benefit
1 Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
1 Year Payroll (4)/(5)
1986-1987 (1) N/A N/A
1988 $ 1,967,766 2.77%
1989 2,462,828 .56%
1990 2,829,357 (.32%)
1991 2,067,220 (3.24%)
1992 2,246,670 24.10%
1993 2,066,674 22.93%
1994 2,262,495 22.11%
1995 2,548,268 24.46%
Jib
(1) The Plan was effective as of October 1, 1985 and there was no actuarial report available
as of October 1, 1986.
is
-67-
a
I
CITY OF OCOEE, FLORIDA
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
(4) 1
(1) (2) (3) Unfunded
Net Assets Pension Percentage Of Pension Benefit
Fiscal Available Benefit Funded Obligation
Year For Benefits Obligation (1)/(2) (2) - (1)
1986-1991(1) N/A N/A N/A N/A
1992 $ 210,164 $ 923,367 22.76% $ 713,203
1993 555,482 1,271,372 43.69% 715,890
1994 989,107 1,813,789 54.50% 824,682
1995 1,402,977 2,321,176 60.44% 918,199
3
3
(6)
Unfunded Pension
Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
Year Payroll (4)/(5)
1986-1991 (1) N/A N/A s
1992 $ 1,382,151 51.60%
1993 1,685,482 42.47% 1
1994 1,759,798 46.86%
1995 2,002,476 45.85%
3
(1) The Plan was effective as of October 1, 1991.
-68-
I
CIN OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WATER O & M FUND
I FOR THE YEAR ENDED SEPTEMBER 30, 1995
Variance
Favorable
IBudget Actual (Unfavorable)
Operating Revenues
I User Charges $ 1.775.000 $ 1.855.360 $ 80.360
Nonoperating Revenues
Interest Revenues •
53,000 47,388 (5,612)
Miscellaneous 4,100 12,288 8,188
Operating Transfers In --- 5,255 5,255
Retained Earnings Allocation
305.000 --- (305.000)
I362.100 64.931 (297.169)
Total Revenues $ 2,137,100 $ 1,920,291 $ (216,809)
Operating Expenses
P� 9
Personal Services $ 613,485 $ 597,104 $ 16,381
Materials And Supplies 158,472 131,082 27,390
Heat, Light And Power 124,904 124,904 ---
Other Expenses 246.798 107.978 138.820
I
1.143.659 961.068 182,591
Nonoperating Expenses
Operating Transfers Out 423,000 397,074 25,926
Capital Lease Payments 6,400 6,338 62
Capital Outlay 560,541 73,012 487,529
Interest Expense 3.500 3.819 (319)
ft 993.441 480.243 513.198
Total Expenses $ 2,137,100, $ 1,441,311, $ 695,789
(1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds.
-69-
3
CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WASTEWATER 0 & M FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Variance
Favorable
Budget Actual (Unfavorable) 3
Operating Revenues
User Charges $ 1.546.000 $ 1.775.997 $ 229,997 31
Nonoperating Revenues
Interest Revenues 30,000 47,755 17,755
Retained Earnings Allocation 500,000 --- (500.000)
5 000 47 75 2 24
30. 5 4( 8 5)
Total Revenues $ 2,076,000 $ 1,823,752 $ (252,248)
Operating Expenses 3
Personal Services $ 503,368 $ 481,467 $ 21,901
Materials And Supplies 97,318 90,769 6,549
Heat, Light And Power 178,500 154,138 24,362
Other Expenses 169,039 128,208 40,831
Reserve For Contingency 258.964 --- 258,964
1,207,189 854.582 352.607
Nonoperating Expenses
Operating Transfers Out 283,020 284,985 (1,965)
Capital Outlay 585.791 61,599 524.192
868.811 346.584 522.227
Total Expenses $ 2,076,000 $ 1,201,166 $ 874.834
3
(1) This schedule only reflects receipts and disbursements from operating accounts and not 3
capital improvement funds.
3
-70 1
-
I
CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
SANITATION FUND
I FOR THE YEAR ENDED SEPTEMBER 30, 1995
I
Variance
Favorable
IBudget Actual (Unfavorablel1
Operating Revenues
CUser Charges $ 1.062,000 $ 1.097.275 $ 35.275
Nonoperating Revenues
Interest Revenues 7,200 10,566 3,366
Operating Transfers In 5,000 5,240 240
FEMA Grant --- 26,941 26,941
Recycling Grant 22,000 21,907 (93)
Retained Earnings Allocation 203.493 --- (203.493)
237,693. 64.654 (173.039)
1 Total Revenues $ 1,299,693 $ 1,161,929 $ (137,764)
Operating Expenses
1 Personal Services $ 432,111 $ 428,480 $ 3,631
Materials And Supplies 228,700 283,358 (54,658)
Other Expenses 119,345 99,002 20,343
IRecycling Expenses 20.169 18.253 1,916
I800.325 829,093 (28.768)
Nonoperating Expenses
Operating Transfers Out 186,785 133,466 53,319
Capital Outlay 203,683 190,587 13,096
Capital Lease Payments 108.900 108,886 14
499.368 432.939 66.429
Total Expenses $ 1299,693 $ 1,262.032 $ 37.661,
ii
r
iii
-71-
I
I
I
3
This page intentionally left blank.
Ocoee
o
� � o
0 G000
STATISTICAL SECTION
The statistical schedules differ from other financial statement presenta-
tions because they generally disclose more than one fiscal year and may
present non-accounting data, such as social and economic data and
financial trends of the City.
3
3
3
3
I
3
This page intentionally left blank. 1
Ocoee
40,
OF GOO
1
STATISTICAL SECTION
UST OF SCHEDULES
General Governmental Expenditures and Other Financing Uses
General Governmental Revenues and Other Financing Sources
Tax Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates and Tax Levies Direct and Overlapping Governments
Special Assessment Collections
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt per
Capita
Legal Debt Margin
9in
Computation of Direct and Overlapping General Obligation Debt
Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total
General Governmental Expenditures and Other Uses
Revenue Bond Coverage
Demographic Statistics
Property Value, Construction and Bank Deposits
Schedule of Ten Largest Taxpayers
Miscellaneous Statistical Data
Schedule of Insurance in Force
3
CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER FINANCING USES
LAST TEN FISCAL YEARS
I
I
Fiscal Total " General Pubic Physical
Year Expenditures % Government % Safety % Environment
1986 $2,962,418 100.0 $ 657,239 22.2 $1,484,168 50.1 $ 602,159
1987 3,261,035 100.0 846,360 26.0 1,796,761 55.1 281,576 "
1988 3,838,373 100.0 1,113,825 29.0 2,016,496 52.5 262,939
1989 3,748,802 100.0 953,004 25.4 1,953,951 52.2 271,390
1990 5,060,097 100.0 1,478,026 29.2 2,600,066 51.4 565,066
1991 6,295,025 100.0 1,877,608 29.8 2,823,667 44.9 744,722
1992 6,335,748 100.0 1,523,768 24.1 2,968,180 46.8 706,974
1993 6,671,716 100.0 1,599,429 24.0 3,404,218 51.0 899,542
1994 8,629,065 100.0 1,705,399 19.7 4,253,374 49.3 1,103,372 31
1995 8,808,659 100.0 1,912,088 21.7 4,373,302 49.7 1,125,206
w This schedule includes expenditures of the General Fund only.
" For the years 1987 through 1989,a special revenue fund was set up to account for the County Six-Cent Local
Option Gas Tax and the State Revenue Sharing 8th-Cent Motor Fuel Tax. These revenues must be used for
roads and streets. In all other years, expenditures for roads and streets are included in the General Fund
Physical Environment Expenditures.
" Beginning 1992, debt service on capital leases was reported as an expenditure of the General Fund. Prior 3
to 1992,these debt service amounts were transferred to the Debt Service Fund and reported as an expendi-
ture in the Debt Service Fund.
3
3
I
I
-72-
I
I
I
Loss On
I Permanent
Decline In
Culture And Debt Transfers To Of Market-
I % Recreation % Service % Other Funds % able Security %
20.3 $ 127,335 4.3 $ - - $ 91,517 3.1 $ - -
[ 8.6 199,718 6.1 - - 136,620 4.2 - -
6.9 166,532 4.3 - - 278,581 7.3 - -
1
7.2 175,643 4.7 394,814 10.5 - -
1 11.2 202,206 4.0 - - 214,733 4.2 - -
11.8 167,749 2.7 - - 681,279 10.8 - -
1 11.1 152,762 2.4 41,626 k1 .7 942,438 14.9 - -
13.5 179,232 2.7 79,723 1.2 509,572 7.6 -- -
1 12.8 325,331 3.8 156,509 1.8 1,085,080 12.6 - -
12.8 319,341 3.6 159,526 1.8 919,196 10.4 - -
-73-
I
CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL REVENUES
AND OTHER FINANCING SOURCES
LAST TEN FISCAL YEARS
I
Licenses Inter-
Fiscal
nterFiscal Total 44 And Governmental
Year Revenues % Taxes % Permits % Revenues %
1986 $ 2,957,068 100.0 $1,189,915 40.2 $ 109,843 3.7 $ 1,442,938 48.8
1987 2,746,881 100.0 1,248,182 45.4 123,255 4.5 1,098,703 al 40.0
1988 3,200,750 100.0 1,362,805 42.6 137,009 4.3 1,300,030 40.6
1989 3,957,983 100.0 1,508,606 38.1 227,241 5.7 1,685,641 42.6
1990 5,027,968 100.0 1,967,285 39.1 591,160 11.8 1,890,285 37.6
1991 5,845,228 100.0 2,328,029 39.8 587,064 10.0 1,844,812 31.7
1992 6,981,337 100.0 2,631,241 37.7 488,522 7.0 1,967,790 28.2
1993 7,161,664 100.0 3,018,139 42.1 612,036 8.5 2,216,879 31.0
1994 8,416,346 100.0 3,466,712 41.2 663,191 7.9 2,315,056 27.5
1995 8,992,823 100.0 3,819,210 42.5 634,263 7.0 2,684,446 29.9
w This schedule includes revenues of the General Fund only.
For the years 1987 through 1989, a special revenue fund was set up to account for the County Six-Cent Local
Option Gas Tax and the State Revenue Sharing 8th-Cent Motor Fuel Tax. These revenues must be used for roads
and streets. In all other years, these revenues were included in General Fund Intergovernmental Revenues.
ka Other financing sources for 1995 includes a residual equity transfer of$53,640.
I
I
I
I
-74
I
I
I
Charges
Other
For Fines And Investment Misc. Financing
Services % Forfeitures % Income % Revenue % Sources %
$ 34,632 1.2 $ 81,048 2.7 $ 71,532 2.4 $ 27,160 1.0 $ --- --
I37,500 1.4 80,277 2.9 64,699 2.4 75,230 2.7 19,035 0.7
54,479 1.7 103,316 3.2 24,428 .8 53,518 1.7 165,165 5.1
65,087 1.6 105,894 2.7 6,920 .2 104,779 2.7 253,815 6.4
C66,231 1.3 105,927 2.1 17,097 .3 98,723 2.0 291,260 5.8
94,690 1.6 81,615 1.4 7,825 .1 18,395 .3 882,798 15.1
1 76,923 1.1 97,184 1.4 11,045 .2 165,148 2.3 1,543,484 22.1
83,404 1.2 83,583 1.2 28,339 .4 64,096 .9 1,055,188 14.7
95,109 1.1 102,024 1.2 29,551 .4 84,520 1.0 1,660,183 19.7
138,481 1.5 93,007 1.0 9,329 .1 79,007 .9 1,535,080 17.1
I
I
I
I
r
ft
-75-
I
CITY OF OCOEE, FLORIDA
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
I
I
Fiscal Property Franchise Utility
Total
Year Taxes Taxes Taxes Taxes
1986 $ 357,048 $ 320,369 $ 512,498 $1,189,915
1987 392,536 315,269 540,377 1,248,182
1988 471,349 335,969 555,487 1,362,805
1989 567,410 353,007 588,189 1,508,606
1990 844,080 433,529 689,676 1,967,285
1991 1,061,160 498,617 768,252 2,328,029
1992 1,295,309 571,072 764,860 2,631,241
1993 1,455,968 666,811 895,360 3,018,139
1994 1,647,742 777,783 1,041,187 3,466,712
1995 1,803,405 856,678 1,159,127 3,819,210
I
I
I
I
I
-76-
I
CITY OF OCOEE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
REAL AND BUSINESS TANGIBLE PERSONAL PROPERTY
LAST TEN FISCAL YEARS
PercentageI
Total Total Of T
Fiscal Tax Tax lection To
Year Levy Collections Delinquent Tax Levy
I1986 $ 372,913 $ 357,048 $ 4,683 95.75
1 1987 405,448 392,536 1,568 96.82
1988 490,488 471,349 5,228 96.10
1 1989 588,036 567,410 3,279 96.49
1990 847,080 844,080 3,000 99.65
1991 1,064,847 1,061,160 3,687 99.65
1992 1,338,563 1,295,309 4,745 96.77
1993 1,503,231 1,455,968 4,941 96.86
1994 1,697,751 1,647,742 1,753 97.05
1995 1,877,240 1,803,405 — 96.07
I
I
1
1
7
a
a
-77-
I
I
CITY OF OCOEE. FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY 3
NET OF EXEMPTIONS
LAST TEN FISCAL YEARS
I
Real Property Personal Property
Fiscal Assessed Estimated Assessed Estimated
Year Value Actual Value Value Actual Value
1986 $ 85,087,900 $ 85,087,900 $ 10,314,135 $ 18,316,702
1987 107,665,821 107,665,821 10,423,536 18,412,888
1988 126,876,147 126,876,147 12,708,713 22,437,700
1989 180,610,206 180,610,206 16,583,819 30,300,000
1990 198,284,327 198,284,327 20,307,367 36,922,000
1991 249,015,145 249,015,145 24,635,177 38,185,000
1992 305,993,279 305,993,279 28,647,558 44,762,000
1993 343,180,649 343,180,649 32,627,218 32,627,218
1994 389,507,198 389,507,198 34,930,466 34,930,466
1995 430,582,556 430,582,556 38,727,447 38,727,447
I
3
3
3
I
-78-
Assessed Totals
Estimated
Value Actual Value
$ 95,402,035 $ 103,404,602
118,089,357 126,078,709
139,584,860 149,313,847
197,194,025 210,910,206
218,591,694 235,206,327
273,650,322 287,200,145
334,640,837 350,755,279
375,807,867 375,807,867
424,437,664 424,437,664
469,310,003 469,310,003
-79-
t.
CITY OF OCOEE, FLORIDA
PROPERTY TAX RATES AND TAX LEVIES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Millage Rates ($1 per$1,000 of taxable value)
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1986 3.14 4.9611 7.280 15.3811
1987 2.90 4.5144 7.550 14.9644
1988 2.80 4.5144 7.347 14.6614
1989 4.00 5.2889 8.414 17.7029
1990 4.00 5.2889 8.271 17.55991
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919 1
1993 4.00 5.2889 8.930 18.2189
1994 4.00 5.2889 8.930 18.2189
1995 4.00 5.2889 9.324 18.6129
Tax Levies
Fiscal City Of Orange School3
Year Ocoee County Board Total (a)
1986 372,913 78,518,523 115,266,880 194,158,316
3
1987 405,448 82,967,403 138,756,875 222,129,726
1988 490,488 106,584,419 180,932,152 288,007,059
1989 588,036 124,196,244 215,618,692 340,402,972
1990 847,080 135,534,312 242,412,856 378,794,248
1991 1,064,847 155,011,166 287,746,102 443,822,115
1
1992 1,338,563 166,541,712 290,845,109 458,725,384
1993 1,503,231 170,859,789 280,973,951 453,336,9713
1994 1,697,751 174,905,763 294,730,923 471,334,437
1995 1,877,240 185,923,621 317,282,778 505,083,639 1
(a) Tax Rates and Levies of a fraction of one mill assessed in various years by other units against districts 1
covering less than the entire City or County were omitted here.
-80-
CITY OF OCOEE, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
LAST TEN FISCAL YEARS
The City of Ocoee, Florida did not have any material special assessment collections in the last
ten fiscal years.
-81-
I
CRY OF OCOEE, FLORIDA
RATIO OF NET GENERAL OBUGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
I
Debt Ratio Of
I
Gross Service Net Net Bonded Net Bonded
Fiscal Assessed Bonded Funds Bonded Debt To Debt Per
Year Population Value Debt Available Debt Assessed Value Capita '
1986 11,135 $ 95,402,035 $ — $ — S — $ — $ —
1987 11,552 118,089,357 — — — — --
I
1988 11,765 139,584,860 — — — — —
1989 11,822 197,194,025 — — — -- — I
1990 13,852 218,591,694 — — — — —
1991 14,926 273,650,322 — — — — —
1992 15,107 334,640,837 — — — -- — 1
1993 16,418 375,807,867 — — — — —
1994 17,489 424,437,664 — — — — — 1
1995 18,578 469,310,003 — — — — —
I
I
Note: The City of Ocoee does not have any general obligation debt which is being repaid through general
property taxes.
1
I
I
I
I
-82-
CRY OF OCOEE, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 1995
a
oil
Assessed Value $ 469,310,003
Debt Limit: 50% of Assessed Value $ 234,655,001
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 16,915.000
Legal Debt Margin $ 217,740,001,
Article VII Section 39 of the City Charter states that the City shall have the power to issue general
obligation bonds in an aggregate principal amount of bonds outstanding at any time not in
excess of fifty percent (50%) of the assessed value of the taxable property within the City as
shown on the pertinent tax records at the time of the authorization of the general obligation bonds
ow for which the full faith credit of the City is pledged.
a
i
■r
-83-
CITY OF OCOEE, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
SEPTEMBER 30, 1995 fom
Applicable To
Bonds City Of Ocoee
Government Unit Outstandina Percent (1) Amount
Library District Refunding Bonds -
Series 1993 $ 10,860,000 1.33% $ 144.438 401
Total Overlapping Debt 144,438
Total Direct Debt (2) --
Total Direct and
Overlapping Debt $ 144,438
I
a
(1) Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Ocoee.
(2) The City of Ocoee does not currently have any general obligation debt which is being repaid through
general property taxes.
rli
II
I
aril
a
ii
-84-
a
C
CITY OF OCOEE, FLORIDA
I RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES
LAST TEN FISCAL YEARS
C
Ratio Of
CTotal Debt Service
General To Total
Fiscal Total Debt Expenditures General
cYear Principal Interest Service (2) Expenditures
C1986-
1987(1) N/A N/A N/A N/A N/A
1988 $ 3,706 $ 141,164 $ 144,870 $3,838,373 3.8%
1989 74,505 148,954 223,459 3,748,802 6.0%
1990 213,655 176,530 390,185 5,060,097 7.7%
C1991 105,000 589,760 694,760 6,295,025 11.0%
1992 185,000 683,333 868,333 6,335,748 13.7%
1993 195,000 672,432 867,432 6,671,716 13.0%
C 1994 210,000 660,568 870,568 8,629,065 10.1%
1995 225,000 647,503 872,503 8,808,659 9.9%
(1) The Cityof Ocoee did not have anyGeneral Obligation Bonded Debt duringthese years.
O 9
3` (2) Includes expenditures of the General Fund only.
illi
7
et
s
lr
-85-
CITY OF OCOEE, FLORIDA
REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
WATER AND WASTEWATER REVENUE BONDS
Water Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(31 Debt Service Principal Interest Total Coverage
1986-
1989(1) N/A N/A N/A N/A N/A N/A N/A
1990 $ 1,019,746 $ 629,387 $ 390,359 $ - $ 98,090 $ 98,090 3.98
1991 $ 1,244,492 $ 737,261 $ 507,231 $ - $ 129,720 $ 129,720 3.91
1992 $ 1,467,315 $ 830,328 $ 636,987 $ - $ 141,567 $ 141,567 4.50
1993 $ 1,484,293 $ 972,925 $ 511,368 $ - $ 117,850 $ 117,850 4.34
1994 $ 1,558,606 $ 981,904 $ 576,702 $ 46,800 $ 108,839 $ 155,639 3.71
1995 $ 2,085,987 $ 1,035,963 $ 1,050,024 $48,000 $ 107,341 $ 155,341 6.76
Wastewater Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(21 Expenses(3) Debt Service Principal Interest Total Coverage
1986-
1987(1) N/A N/A N/A N/A N/A N/A N/A
1988 $ 789,607 $ 334,548 $ 455,059 $ - $308,951 $308,951 1.47
1989 $ 1,156,111 $ 435,039 $ 721,072 $ - $491,411 $ 491,411 1.47
1990 $ 1,346,151 $ 519,561 $ 826,590 $ - $374,692 $374,692 2.38
1991 $ 1,494,661 $ 579,698 $ 914,963 $ - $586,560 $586,560 1.56
1992 $ 1,696,995 $ 637,603 $ 1,002,392 $ - $640,129 $ 640,129 1.57
1993 $ 1,920,150 $ 664,527 $ 1,255,623. $ - $443,865 $443,865 2.83
1994 $ 1,706,450 $ 887,455 $ 818,995 $148,200 $344,655 $ 492,855 1.66
1995 $ 1,945,095 $ 878,102 $ 1,066,993 $152,000 $339,913 $491,913 2.17
(1) The City of Ocoee did not have any Revenue Bond Debt in this fund during these years. I
(2) Total revenues (including interest and gain on sale of property, plant and equipment).
(3) Excludes depreciation, amortization and interest expense.
-86-
I
CITY OF OCOEE. FLORIDA
DEMOGRAPHIC STATISTICS
C
Population
City of Ocoee Orange County
Year Population
% Increase Population % Increase
1986 11,135 4.2 577,856 4.2
1987 11,552 3.7 603,074 4.4
1 1988 11,765 1.8 623,425 3.4
1989 11,822 .5 653,982 4.9
C1990 13,852 17.17 665,312 1.7
1991 14,926 7.75 677,491 1.8
1992 15,107 1.21 698,847 3.2
1993 16,418 8.68 727,780 4.1
1994 17,489 6.52 740,167 1.7
1995 18,578 6.23 758,962 2.5
Population Projections
COrange State Of
Year County Florida
1995 758,962 14,149,317
2000 874,380 15,789,300
Population Distribution by Aae
Orange State Of
Year County Florida
0-14 21.0% 19.5%
15-24 15.4 11.7
25-44 34.1 29.2
45-64 18.5 20.9
65 and over 11.0 18.7
Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly, Second Quarter, 1994
-87-
11
CITY OF OCOEE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSRS
LAST TEN YEARS
I
I
Residential Construction (a) Commercial (a)
Number of Units Construction
One- Multi-
Year Fame Fame Value Value
1986 116 6 $ 6,572,000 $ 2,138,000
1987 118 6 5,610,000 9,553,000
1988 143 14 9,291,000 2,339,000
1989 239 6 14,656,699 8,183,652
1990 297 265 30,956,225 8,585,195
1991 314 10 26,453,025 36,322,749ill
1992 438 0 36,622,069 1,040,010
1993 411 0 36,188,257 5,667,958
1994 402 0 35,211,374 3,569,955
1995 331 0 28,836,036 21,823,750
J
(a) Source: City of Ocoee Building Department.
(b) Source: Florida Bankers Association. Amounts for 1978-1986 are as of December 31;thereafter amount
is as of September 30. Bank deposits are for entire Orange County.
(c) Source: Federal Home Loan Bank Board Research Department. Amounts for 1978-1983, 1986 and 1987
are as of June 30. 1984 and 1985 amounts are as of December 31. Source for 1990 is Florida
Bankers Association. Amount is as of September 30. Savings and Loan deposits are for entire
Orange County.
I
I
-88-
C
C
C
Bank Deposits
Additions/(a) (In thousands)
Alternations Savings
Total And
Value Value (a) Banks (b) Loans (c)
$ 428,000 $ 9,138,000 $ 4,449,184 $ 2,180,242
983,000 16,146,000 4,195,881 2,315,245
C1,107,876 12,737,876 4,530,190 2,501,530
1,012,399 23,852,750 4,888,783 3,050,283
780,078 40,321,498 5,524,771 1,803,816
1,618,759 64,394,533 5,648,154 1,568,318
546,550 38,208,629 5,614,174 2,936,546
1,908,581 43,764,796 5,743,997 1,133,135
1,432,460 40,213,789 5,874,598 1,078,501
701,252 51,361,038 6,147,414 828,351
C
1
l
la -89-
I
I
I
I
I
This page intentionally left blank.
Ocoee
torwiti
0
;
'4e*
OF GOO
3
LCUY OF OCOEE. FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
SEPTEMBER 30, 1995
C
Taxpayer Type of Business Valuation Percentage
1. Oak Forest Partners, Ltd Developer $ 9,447,831 2.1 %
2. Good Homes Plaza, Inc. Shopping Center 9,290,534 2.0 %
3. Florida Auto Auction Auto Auction 9,036,611 1.9 %
4. Towne Square Associates Shopping Center 6,537,123 1.4 %
5. Westlake Partners, Ltd. Developers 5,920,522 1.3 %
6. Sysco Corporation Food Distribution 4,940,717 1.0 %
7. Arvida/JMB Partners Developer 3,929,722 0.8 %
8. Ocoee Health Care Partners Health Care 3,537,239 0.8 %
9. Colonial Plaza Development, Inc. Motel 3,215,130 0.7%
10. Mocny Ralph (Holiday Inn) Motel 3.057.781 0.6%
Total Taxable Assessed Value
of 10 Largest Taxpayers 58,913,210 12.6%
Total Taxable Assessed Value of
Other Taxpayers 410.396.793 87.4 %
Total Taxable Assessed Value of
All Taxpayers $ 469.310,003 100.0
E.
1
A
1
-90-
CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1995
3
3
Date Of Incorporation May 13, 1925
City Charter Adopted November 8, 1988
Commission Composed of: 1 Mayor, 4 Commissioners
Terms Of Office:
Mayor 2 years
Commissioners 2 years
City Manager Appointed
Areas Of City 14.4 Square Miles
Municipal Employees 170
Elections:
Registered Voters 7,200
Votes Cast In Last Municipal Elections (November 1994) 1,001
Miles of Streets, Sidewalks And Bike Paths
Streets - Paved 74.42 miles
Streets - Unpaved 3.2 miles
Streets - Brick 1.1 miles
Sidewalks 52.9 miles
Bike Paths .5 miles
Fire Protection: 3
Stations 2
Employees 35
Police Protection: 3
Stations 1
Employees 53
Vehicular Patrol Units: 3
Patrol Cars 13
Other Vehicles 8
Recreation:
Community Center 1
Athletic Fields 8 31
Tennis Courts 7
Racquetball Courts 2
Shuffleboard Courts 2
City Playgrounds And Passive Parks 6 3
Parks and Recreation Developed Areas 3
-91 3
-
CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA-CONTINUED
SEPTEMBER 30, 1995
Water System
Miles Of Water Mains 92.84
Daily Average Consumptions (Gallons) 3.61 MGD
Plant Capacity (Gallons) 10.94 MGD
Service Connections 6,458
Deep Wells 5
Fire Hydrants 683
Sewer System
Miles Of Sanitary Sewers 39.54
Lift Stations 32
Daily Average Treatment 928,000 GPD
Plant(s) Capacity (MGD) 3.0
Disposal Plants 1
ail
i
-92-
CITY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE
SEPTEMBER 30, 1995
I
Buildings And Personal Property:
Multi-period, 'all risk'
100% Of Replacement Value Stated Values
Blanket Building Coverage $ 7,547,500
Blanket Contents Coverage Inc. in Bldg Limit
Boiler& Machinery 6,000,000
Inland Marine - Computer 119,395
Inland Marine - Equipment 391,286
Valuable Papers 150,000 11
Radio Equipment 208,000
Comprehensive General Liability: 3
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
Automobile Liability:
Combined Single Limit $ 1,000,000/$ 2,000,000
Uninsured Motorist $ 30,000
Law Enforcement Liability: 3
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
3
Blanket Fidelity $ 50,000
Public Official Errors & Omission Insurance. $ 2,500 per Loss Deductible
Aggregate $ 2,000,000/$2,000,000 3
Worker's Compensation Statutory
3
-93-
REPORTS ON INTERNAL CONTROL AND COMPUANCE
3
I
3
I
I
I
I .
I
This page intentionally left blank.
iiSscoe
404.
op G 0
3
1
[' 4çDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDI77NG STANDARDS
The Honorable City
Mayor and Commissioners
Y
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
We have conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
The management of the City of Ocoee, Florida is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control structure are to pro-
vide management with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the preparation
of financial statements in accordance with generally accepted accounting principles. Because
of inherent limitations in any internal control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of the structure to future
periods is subject to the risk that procedures may become inadequate because of changes
in conditions or that the effectiveness of the design and operation of policies and procedures
may deteriorate.
In planning and performing our audit of the general purpose financial statements of the City
of Ocoee, Florida for the year ended September 30, 1995, we obtained an understanding of
the internal control structure. With respect to the internal control structure, we obtained an
understanding of the design of relevant policies and procedures and whether they have been
placed in operation, and we assessed control risk in order to determine our auditing
procedures for the purpose of expressing our opinion on the general purpose financial
statements and not to provide an opinion on the internal control structure. Accordingly, we
do not express such an opinion.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-94-
I
Our consideration of the internal control structure would not necessarily disclose all matters
in the internal control structure that might be material weaknesses under standards estab-
,3
lished by the American Institute of Certified Public Accountants. A material weakness is a 3
reportable condition in which the design or operation of one or more of the internal control
structure elements does not reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the general purpose financial statements being
audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the internal
control structure and its operation that we consider to be material weaknesses as defined 3
above.
However, we noted certain matters involving the internal control structure and its operation
that we have reported to the management of the City of Ocoee in a separate letter dated
December 5, 1995. 3
This report is intended for the information of management,the City Commission, and the Audi-
tor General of the State of Florida. However, this report is a matter of public record and its 3
distribution is not limited.
dna Di z,m t. Danvio, •RQ• 3
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995 3
3
1
3
3
3
-95-
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDI77NG STANDARDS
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of Ocoee,
Florida is the responsibility of City management. As part of obtaining reasonable assurance
about whether the financial statements are free of material misstatement, we performed tests
of City of Ocoee compliance with certain provisions of laws, regulations, contracts, and grants.
However, the objective of our audit of the general purpose financial statements was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not
express such an opinion.
The results of our tests disclosed no instances of noncompliance that are required to be
reported under Government Auditing Standards.
We noted certain immaterial instances of noncompliance that we have reported to the man-
agement of the City of Ocoee, Florida in a separate letter dated December 5, 1995.
This report is intended for the information of management, the City Commission, and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
� P.R
. Dana, Auctut�' C�mn�u
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995
612 E.COLONIAL DRIVE•SUITE 350 ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-96-
I
3
I
This page intentionally left blank.
OYOcoee
ti 0
a
40 4.
Of G 00V
1
}\j[CDIRMITAVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE OF
FEDERAL AND STATE FINANCIAL ASSISTANCE
The Honorable City
Mayor and Commissioners
Y
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995. These general purpose financial statements are the responsibility of the
City's management. Our responsibility is to express an opinion on these general purpose
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United States and
the provisions of Office of Management and Budget Circular A-128, "Audits of State and Local
Governments". Those standards and OMB Circular A-128 require that we plan and perform
the audit to obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the general purpose financial statements.
An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
Our audit was conducted for the purpose of forming an opinion on the general purpose
financial statements of the City of Ocoee, Florida, taken as a whole. The accompanying
Schedule of Federal and State Financial Assistance is presented for purposes of additional
analysis and is not a required part of the general purpose financial statements. The
information in this schedule has been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in our opinion, is fairly presented in all
material respects in relation to the general purpose financial statements taken as a whole.
imairmit, Dana, 1a4fiat. 4 am p 1,PA.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995
612 E.COLONIAL DRIVE•SUITE 350 ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-97-
I
I
I
This page intentionally left blank.
(Coee\ �
0.
CI** 460
i.
Of GOO
3
CITY OF OCOEE, FLORIDA
SCHEDULE OF FEDERAL AND STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Federal State
CFDA Grant Grant
Program Title Number Number Amount Expenditures
FEDERAL ASSISTANCE
Other Federal Assistance
Small Business
Administration:
Natural Resource
Development 59.045 --- $ 35.000 $ 40.194 (1�
Total Federal Assistance 35.500 40.194
STATE ASSISTANCE
Florida Department of State:
Division of Human Resources --- SC-550 180.000 230.142
Total State Assistance 180.000 230.142
Total $ 215,000270336
(1) Total expenditures on grant were $75,119; however, $34,925 was spent during fiscal
year ended September 30, 1994.
it
-98-
I
I
I
I
I
I
I
I
I
This page intentionally left blank.
I
(
Ocoee
1. A
404> •
•,.
OF GOOV
I
3
I
I
CIN OF OCOEE
NOTES TO SCHEDULE OF FEDERAL AND STATE
FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1995
NOTE 1 - BASIS OF ACCOUNTING
The accompanying Schedule of Federal and State Financial Assistance has been
prepared on the modified accrual basis of accounting, which is the same basis used
in the accompanying audited general purpose financial statements.
NOTE 2 - RECONCILIATION OF EXPENDITURES TO GENERAL PURPOSE FINANCIAL
STATEMENTS
Expenditures reported on the Schedule of Federal and State Financial Assistance for
the Florida Department of State Grant SC-550 include a retainage payable of$20,879
not reported on the quarterly report sent to the grantor at September 30, 1995. The
quarterly reports are prepared on the cash basis while the accompanying Schedule
has been prepared on the modified accrual basis. The total expenditures on this grant
are reported as follows in the general purpose financial statements: $208,791 is in the
Special Revenue Fund "Maguire House Grant' and $21,350 is in the General Fund.
I
r
-99-
I
3
I
I
I
I
I
II
3
This page intentionally left blank.
I
\
Ccoe's
cyci it i crj -6_
CI
-c, 0
4, :*
l A
"4. •
OF G 0 0 v I
1
1[tJ[CDIRMITVI
A
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING
FEDERAL FINANCIAL ASSISTANCE PROGRAMS
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
We conducted our audit in accordance with generally accepted auditing standards;
Government Auditing Standards, issued by the Comptroller General of the United States; and
Office of Management and Budget (OMB) Circular A-128, Audits of State and Local
Governments. Those standards and OMB Circular A-128 require that we plan and perform the
audit to obtain reasonable assurance about whether the general purpose financial statements
are free of material misstatement.
In planning and performing our audit for the year ended September 30, 1995, we considered
the internal control structure of the City of Ocoee, Florida, in order to determine our auditing
procedures for the purpose of expressing our opinion on the City of Ocoee, Florida's general
purpose financial statements and to report on the internal control structure in accordance with
OMB Circular A-128. This report addresses our consideration of internal control structure
policies and procedures relevant to compliance with requirements applicable to federal
financial assistance programs. We have addressed internal control structure policies and
procedures relevant to our audit of the general purpose financial statements in a separate
report dated December 5, 1995.
The management of the City of Ocoee, Florida is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and judgments by
'i' management are required to assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
is
safeguarded against loss from unauthorized use or disposition,that transactions are executed
in accordance with management's authorization and recorded properly to permit the
preparation of general purpose financial statements in accordance with generally accepted
accounting principles, and that federal financial assistance programs are managed in
compliance with applicable laws and regulations. Because of inherent limitations in any
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-100-
I
internal control structure, errors, irregularities, or instances of noncompliance may
nevertheless occur and not be detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that procedures may become inadequate because of
changes in conditions or that the effectiveness of the design and operations of policies and
procedures may deteriorate.
For the purpose of this report, we have classified the significant internal control structure
policies and procedures used in administering federal financial assistance programs into the
following categories:
General Requirements
• Political Activity
• Civil Rights
• Federal Financial Reports
• Allowable Costs/Cost Principles
• Drug Free Workplace Act
• Administrative Requirements
Specific Requirements
• Types of Services Allowed or Not Allowed
• Matching, Level of Effort, or Earmarking
• Reporting and Claims for Advances and Reimbursements 3
For all of the internal control structure categories listed above, we obtained an understanding
of the design of relevant policies and procedures and determined whether they have been3
placed in operation, and we assessed control risk.
During the year ended September 30, 1995, the City of Ocoee, Florida had no major federal
financial assistance programs and expended 100% of its total federal financial assistance
under the following nonmajor federal financial assistance programs: Small Business
Administration: Natural Resource Development.
We performed tests of controls, as required by OMB Circular A-128, to evaluate the
effectiveness of the design and operation of internal control structure policies and procedures 3
that we have considered relevant to preventing or detecting material noncompliance with
specific requirements,general requirements,and requirements governing claims for advances
and reimbursements and amounts claimed or used for matching that are applicable to the
aforementioned nonmajor program. Our procedures were less in scope than would be
necessary to render an opinion on these internal control structure policies and procedures.
Accordingly, we do not express such an opinion.
Our consideration of the internal control structure policies and procedures used in
administering federal financial assistance would not necessarily disclose all matters in the
internal control structure that might constitute material weaknesses under standards
established by the American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of the internal control structure
-101-
elements does not reduce to a relatively low level the risk that noncompliance with laws and
regulations that would be material to a federal financial assistance program may occur and
not be detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control structure and its
operations that we consider to be material weaknesses as defined above.
However, we noted certain matters involving the internal control structure and its operation
that we have reported to the management of the City of Ocoee, Florida, in a separate letter
dated December 5, 1995.
This report is intended for the information of management, the City Commission, and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
771cDLitmut, Daano, 1u Loom Gnn394g,P.Q.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995
illo
-102-
3
3
3
1
3
I
I
I
I
This page intentionally left blank.
3
Ocoee 3
f(r.,44 Iti3s_
3o
4.3
f:' _`
OF Gp00
3
1
1
1
1
] J[CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH GENERAL REQUIREMENTS APPUCABLE TO FEDERAL
FINANCIAL ASSISTANCE PROGRAMS
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
We have applied procedures to test City of Ocoee, Florida's compliance with the following
requirements applicable to its federal financial assistance program, which is identified in the
Schedule of Federal and State Financial Assistance, for the year ended September 30, 1995:
Political Activity
Civil Rights
Federal Financial Reports
Allowable Costs/Cost Principles
Drug Free Workplace Act
Administrative Requirements
Our procedures were limited to the applicable procedures described in the Office of
Management and Budget's "Compliance Supplemental for Single Audits of State and Local
Governments". Our procedures were substantially less in scope than an audit, the objective
of which is the expression of an opinion on City of Ocoee, Florida's compliance with the
requirements listed in the preceding paragraph. Accordingly, we do not express such an
opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the preceding paragraph. With
respect to items not tested, nothing came to our attention that caused us to believe that City
of Ocoee, Florida had not complied, in all material respects, with those requirements. Also,
the results of our procedures did not disclose any immaterial instances of noncompliance with
those requirements.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-103-
I
a
This report is intended for the information of management, the City Commission and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
Danno, 1441/ua, Cm .
P.R.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995
3
3
3
3
3
3
1-104
}\,'[CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH SPECIFIC REQUIREMENTS APPUCABLE TO NONMAJOR
FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS
The Honorable City
Mayor and Commissioners
Y
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
In connection with our audit of the general purpose financial statements of the City of Ocoee,
Florida, and with our consideration of the City of Ocoee, Florida's control structure used to
administer federal financial assistance programs, as required by Office of Management and
Budget (OMB) Circular A-128, "Audits of State and Local Governments", we selected certain
transactions applicable to certain nonmajor federal financial assistance programs for the year
ended September 30, 1995. As required by OMB Circular A-128,we have performed auditing
procedures to test compliance with the requirements governing types of services allowed or
unallowed. Our procedures were substantially less in scope than an audit, the objective of
which is the expression of an opinion on the City of Ocoee, Florida's compliance with these
requirements. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the preceding paragraph. With
respect to items not tested, nothing came to our attention that caused us to believe that City
of Ocoee, Florida had not complied, in all material respects, with those requirements. Also,
the results of our procedures did not disclose any immaterial instances of noncompliance with
those requirements.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
is PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-105-
I
This report is intended for the information of management, the City Commission, the Florida
Department of State, and the Auditor General of the State of Florida. However, this report is
a matter of public record and its distribution is not limited.
VOA/Mit, Dcvuro, . Grnypanto
,PA..
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 5, 1995
1
3
3
3
3
3
-106-
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1995, and have issued our report thereon dated
December 5, 1995.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the Untied States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
We have applied procedures to test City of Ocoee, Florida's compliance with requirements
applicable to its state financial assistance program, which is identified in the Schedule of
Federal and State Financial Assistance, for the year ended September 30, 1995. Our
procedures were substantially less in scope than an audit, the objective of which is the
expression of an opinion on City of Ocoee, Florida's compliance with the requirements
applicable to its state financial assistance program. Accordingly, we do not express such an
opinion.
The results of our tests disclosed no instances of noncompliance that are required to be
reported under Government Auditing Standards or Chapter 10.600 of the Rules of the Auditor
General.
This report is intended for the information of management, the City Commission and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
inewrinit, Dcvt�ro, kwbvuar
6m ,pR.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
dill
December 5, 1995
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
'107-
3
3
3
3
3
3
This page intentionally left blank.
Ocoee 3
404,
oF Goo
3