HomeMy WebLinkAboutII(A1) Fiscal Year 1999 Audit Report TAgenda 3-21-2000
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" ,M� 7•UOIA4I1SIONER
Ocoee S.'SCOTT VANDERGRIET
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� ••�a CITY OF OCOEE COMMISSIONERS
tr o. 150 N. LAKESHORE DRIVE DANNY HOWELL
v p SCOTT ANDERSON
�, OCOEE,FLORIDA 34761-2258 RUSTY JOHNSON
`^yj�� " �`��� (407)656-2322 NANCY J.PARKER
�p G00'
CITY MANAGER
ELLIS SHAPIRO
Memorandum
To The Honorable Mayor and City Commissioners
From : Wanda Horton, Finance Director
Date : March 9, 2000
Re FY 1998-1999 Audit Report
Attached is a copy of the audit report and management comments for the above referenced year.
Staffs response to the management comments is also attached.
Mr. Elden McDirmit will be present at the March 21, 2000 city commission meeting to discuss
the audit report.
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CITY OF OCOEE, FLORIDA
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
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FISCAL YEAR ENDED SEPTEMBER 30, 1999
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City of Ocoee, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended September 30, 1999
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Prepared by: Finance Department
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CITY OF OCOEE, FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
DANNY HOWELL, Commissioner RUSTY JOHNSON, Commissioner
SCOTT ANDERSON, Commissioner NANCY PARKER, Commissioner
CITY MANAGER CITY ATTORNEY
Ellis Shapiro Paul Rosenthal
CITY CLERK CITY AUDITOR
Jean Grafton McDirmit, Davis, Puckett & Company, P.A.
FINANCE DIRECTOR
Wanda Horton
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INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
. City of Ocoee Organizational Chart
. Certificate of Achievement
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CITY OF OCOEE
TABLE OF CONTENTS
Year Ended September 30, 1999
Page
I. Introductory Section:
Table of Contents
Letter of Transmittal iii-xii
City of Ocoee Organizational Chart xiii
Certificate of Achievement xiv
II. Financial Section:
Independent Auditor's Report 1-2
General Purpose Financial Statements (Combined Statements-Overview):
Combined Balance Sheet-All Fund Types and Account Groups 3-6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances-All Governmental Fund Types 7-8
Combined Statement of Revenues and Expenditures- Budget and
Actual -General and Special Revenue Funds 9-10
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings-All Proprietary Fund Types 11
Combined Statement of Changes in Pension Fund Net Assets 12
Combined Statement of Cash Flows-All Proprietary Fund Types 13-14
Notes to Financial Statements 15-46
Combining and Individual Fund and Account Group Statements:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balance- Budget and Actual 47-48
Special Revenue Funds:
Combining Balance Sheet 49-50
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances 51-52
Debt Service Fund:
Combining Balance Sheet 53-54
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 55-56
Capital Projects Funds:
Combining Balance Sheet 56-57
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 58-59
Enterprise Funds:
Combining Balance Sheet 60-61
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 62
Combining Statement of Cash Flows 63-64
CITY OF OCOEE
TABLE OF CONTENTS - Continued
Year Ended September 30, 1999
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II. Financial Section -Continued:
All Trust Funds:
Combining Statement of Pension Fund Net Assets 66
Combining Statement of Changes in Pension Fund Net Assets 67
General Fixed Assets:
Schedule of Changes in Fixed Assets- By Function and Activity 68
III. Statistical Section:
General Governmental Expenditures and Other Financing Uses 69-70
General Governmental Revenues and Other Financing Sources 71-72
Tax Revenues by Source 73
Property Tax Levies and Collections 74
Assessed and Estimated Value of Taxable Property Net of Exemptions 75-76 3
Property Tax Rates and Tax Levies Direct and Overlapping Governments 77
Special Assessment Collections 78
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 79
Legal Debt Margin 80
Computation of Direct and Overlapping General Obligation Debt 81
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures and Other Uses 82
Revenue Bond Coverage 83
Demographic Statistics 84
Property Value, Construction and Bank Deposits 85-86
Schedule of Ten Largest Taxpayers 87
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Miscellaneous Statistical Data 88-89
Schedule of Insurance in Force 90
IV. Internal Control and Compliance Section:
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed
in Accordance With Gnvnmmcnt Auditing Standard 91-92
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"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•
COMMISSIONER
O` Ocoee S. SCOTT VANDERGRIFT
""'y �� CITY OF OCOEE COMMISSIONERS
�� 150 N.LAKESHORE DRIVE DANNY HOWELL
SCOTT ANDERSON
OCOEE,FLORIDA 34761-2258
(407)656-2322
RUSTY JOHNSON
NANCY J.PARKER
GfGOO
CITY MANAGER
ELLIS SHAPIRO
January 7, 2000
Honorable Mayor and
Members of the City Commission
City of Ocoee, Florida
The Comprehensive Annual Financial Report of the City of Ocoee, Florida, for the year ended
September 30, 1999, is submitted herewith pursuant to Article III, 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 Commission, 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.
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) has financial accountability. (See Notes to Financial
Statements, Reporting Entity for more details.)
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 been
divided into four (4) distinctive sections; i.e., the Introductory Section, Financial Section, Statistical
Section and Compliance Section.
I. 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, 1998.
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FINANCIAL REPORTING AND CONTENT -Continued
II. Financial Section - The Financial Section contains the opinion of the City's independent
auditors, McDirmit, Davis, Puckett & 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 different fund types and the
City's two account groups (encompassing 27 different funds). The General Purpose
Financial Statements are the City's basic financial statements and provide an overview
for readers who require less detailed information about the City's finances. The
remainder of the Financial Section presents the combining statements, individual fund
statements, and schedules focusing on individual 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 operating results of the City's various fund
entities and account groups and to demonstrate compliance with finance-related, legal
and contractual requirements.
3 III. Statistical Section - This section contains substantial financial information. However,
the various tables differ from the Financial Section in that the tables present some 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
auditor's reports on the City's internal control and the City's compliance with laws and
regulations.
ECONOMIC CONDITION AND OUTLOOK
The City of Ocoee, a municipal corporation of the State of Florida, operates under a
commission/manager form of government. Located in Central Florida, Ocoee is the home of
approximately 22,746 residents. In addition to its close proximity to many tourist attractions,
including Disney World, Universal Studios, and Sea World, Ocoee is also conveniently located
near other major employers such as Lockheed Martin. These factors bring large numbers of
people to the area, not only as visitors, but also as permanent residents.
As a result of Ocoee's increasing population and its location at the crossroad of several major
highways, a new one-million square foot mall was built in Ocoee which opened in October 1996.
The top three other employers in Ocoee - Health Central Hospital, Sysco Foods, Inc. and Florida
Auto Auction — have recently or are in the process of completing major expansions to their
businesses as well. With such continuing economic growth, the financial position of the City
remains sound. There were no significant or material changes in financial policy and all required
debt service payments of principal and interest were met.
MAJOR INITIATIVES
Ocoee continues to experience phenomenal growth. From 1987 through January of 1990, 1,504 1
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.
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MAJOR INITIATIVES -Continued
There are many factors that have influenced and continue to influence the growth of the City.
Ocoee's proximity to Orlando and its location at the juncture of State Road 50, Florida's Turnpike,
the East-West Expressway, and the Western Beltway now under construction make it convenient
for people to live and work in the City. State Road 50 is a major east-west arterial that spans the
State; Florida's Turnpike provides a limited-access highway for north-south traffic and has an exit
in Ocoee; the East-West Expressway provides a 15-minute travel route from Ocoee to downtown
Orlando and continues to the eastern limits of Orange County; and the Western Beltway will
provide a similar highway to Walt Disney World and other points south to Osceola County.
To meet the increasing demands of travel within Ocoee city limits, the City built Clarke Road, a
four-lane divided roadway, which begins at the East-West Expressway terminus and State Road
50 and runs north to the City's current limits. Plans are underway to bring Clarke Road further
north, eventually to Apopka's city limits. Clarke Road has spawned the development of many
residential neighborhoods as well as neighborhood commercial centers and the West Oaks Mall.
Another factor which has influenced the growth of Ocoee is the amenities it has to offer, including
numerous lakes, recreational opportunities and excellent schools. The provision of services such
as municipal water and wastewater services is also an important aspect of Ocoee's growth
management. As an example of combining services with amenities, the City's 240-acre effluent
disposal site is also home to an 18-hole PGA designed golf course. Ocoee 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 such
example is the development of a comprehensive water reuse plan.
The City restructured its debt portfolio and secured additional funding during fiscal year 1999.
This was achieved by refinancing the 1996 Capital Improvement note and advance refunding the
1991 Capital Improvement Revenue Bond Issue. The additional funds are earmarked for the
family aquatic center, a new police facility, another fire station which will also house fire
administration, park land, and expanding the public works facility. The City also refunded a portion
of the Series 1990 Transportation refunding and Improvement Revenue Bonds and secured
additional funds by issuing the Series 1998 Transportation Refunding and Improvement Revenue
Bonds. The additional funds are for the acquisition of right-of-way and the design, construction,
paving and improvement of various roadway projects including Maguire Road and Professional
Parkway.
FINANCIAL INFORMATION
Accounting System
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 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.
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FINANCIAL INFORMATION -Continued
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 preparation of financial
statements in accordance with generally accepted accounting principles.
To understand the limitations of internal controls it is essential that the concept of reasonable
assurance 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 by3
management.
We believe that the City's internal accounting controls adequately safeguard assets and provide3
reasonable assurance of proper recording of financial transactions.
Budgetary Control3
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
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encumbrances against appropriations. The annual budget provides detail of the approved
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 appropriation balances to be
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exceeded, are not released until additional appropriations or appropriation transfers are approved.
General 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 support these
functions for current and prior fiscal year:
Increase
Percent (Decrease)
Revenue and Other Financing Snurr.i Amount Of Total From 11:11R
Taxes $ 6,208,882 39.3% $ 475,2903
Licenses & Permits 1,067,010 6.7 210,562
Intergovernmental Revenues 4,476,397 28.3 316,386
Charges for Services 554,663 3.5 202,817
Fines and Forfeitures 192,015 1.2 71,756
Investment Income 137,330 .9 (25,911)
Miscellaneous Revenues 173,758 1.1 704ll
Subtotal 12,810,055 81.0 1,321,303
Transfers from Other Funds 2,258,864 14.3 540,805
Capital Lease Proceeds 728)185 4 7 312,321
Total $15,19Z,8134 100...0% S247_4,429
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General Governmental Functions -Continued
Property taxes are the major source of local tax revenue. In both fiscalY ears 1999 and 1998, the
City's property tax, all of which is for operating purposes, was 4.0 mills. The related property
values subject to taxes showed growth of 9.0 percent, representing $70,139,277 in added taxable
property.
Another principal source of local tax revenue consists of utility service taxes. These taxes are
levied at the rate of 10 percent on telephone, electric, water, and natural and bottled gas services
within the City. In 1999, total revenue from this tax reflected an increase of $116,762.
Intergovernmental revenue consists primarily of shared revenue from other governmental
agencies. The increase in intergovernmental revenues is due primarily to an increase of$275,382
in State shared sales tax and an increase in County 6¢ gas tax of$97,271.
The following summary shows the level of expenditures used in providing governmental services:
Increase
Percent (Decrease)
Fxpenditures and Other UseR Amount Of Total From 1998
IGeneral Government $ 2,945,543 19.3% $ 119,076
Public Safety 7,532,736 49.4 642,139
Physical Environment 1,857,066 12.2 334,254
Culture & Recreation 592,985 3.9 (35,226)
Debt Service 574,580 _a.$ 171,546
Subtotal 13,502,910 88.6 1,231,789
Transfers to Other Funds 1,776,651 11 4 40 428
Total a 00 0% $1.2Z2212
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The increase in Public Safety and Physical Environment expenditures is due primarily to an
Iincrease in salaries and benefits, as well as purchase of equipment under capital leases.
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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 3
$8,793,759 and the following represents an analysis of sources and uses in the Special Revenue
Funds for 1999:
Change In
Fund Sources UsAR Fund Balance
Road Impact $1,323,848 $1,542,394 $ (218,546)
Parks 164,595 153,330 11,265 iii
Stormwater 1,024,961 977,157 47,804
Interim Services 24,848 29,229 (4,381)
Police Training 17,930 4,068 13,862
Police Trust 193,152 69,902 123,250
Fire Impact 436,655 593,348 (156,693)
Police Impact 132,373 111,944 20429
Ocoee Recreation 3R,179 31X69 4,503
Total $3 3.-.35-4,53a $3,513,041 $ (158,507)
Debt Administration 3
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, totaling 3
$7,000,000. The proceeds were used to defease the City's Public Improvement 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 3
Tax. These bonds were partially refunded by the Transportation Refunding and
Improvement Revenue Bonds, Series 1998.
2. Stormwater Utility Revenue Promissory Note, Series 1996, totaling $2,200,000. The
proceeds are being used to finance the acquisition, construction, and improvements of
certain stormwater utility capital improvements. This note is secured by a pledge of the net
revenues of the Stormwater System levied and collected by the City.
3. Transportation Refunding and Improvement Revenue Bonds, Series 1998, totaling3
$19,255,000. The proceeds were used to refund a portion of the Series 1990
Transportation Bonds and to finance the design, construction, paving and improvement of
certain roads and drainage improvements within the City. The bonds are secured by
certain public service taxes and the Local Option Gas Tax and is on a parity with the lien
and pledge granted to the holders of the 1990 Transportation Bonds discussed above.
4. Capital Improvement Refunding Revenue Bonds, Series 1999, totaling $11,405,000. The
proceeds were used to (1) refund the 1991 Capital Improvement Revenue Bonds, (2) pay
off the 1996 Capital Improvement Revenue Promissory Note and (3)finance certain capital
improvements, including the acquisition of land.
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Debt Administration -Continued
Proprietary Fund debt consists of:
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1. Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993,
totaling $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.
2. Water and Sewer System Improvement Revenue Bonds, Series 1997, totaling
$10,150,000. The proceeds are designated to expand the capacity of and construct and
acquire other improvements to the City's Water and Sewer System (the "System"). These
bonds are secured by prior lien upon and pledge of Net Revenues of the System, and the
Water and Sewer system development charges to the extent of the bond service
component (the "Pledged Funds"). Such prior lien and pledge of the Pledged Funds is on
a parity with the lien and pledge granted to the holders of the City's Water and Sewer
System Refunding and Improvement Revenue Bonds, Series 1993.
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:
1998 - 1999 1997 - 1998 Increase
_Eund_lype Amount Amount (flerrease)
General $ 137,330 $ 163,241 $ (25,911)
Special Revenue 257,596 576,111 (318,515)
Debt Service 53,914 84,040 (30,126)
Capital Projects 785,053 276,218 508,835
Pension Trust 1,260,942 637,321 623,621
Enterprise 793,924 1 Sl7fl,'�f)1 (276,377)
Total $? 32 $-481,527
The primary objectives for the City's cash reserves are first, protection and safety of the City's
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.
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Debt Administration -Continued
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.
Capital Projects Funds
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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 1999, the Capital Projects
Funds were used to account for major road and street improvements, stormwater drainage 3
improvements, and other capital improvements a recreation center and acquisition of public works
facility.
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, management control, accountability,
or other purposes. The City accounts for its water, wastewater and solid waste funds as
enterprise operations. These funds are primarily supported by user charges.
Water and Wastewater Fund
1998 -1999 1997— 1998 Increase
fpsnription Amount Amount (Decrease)
Operating Revenues $4,529,953 $4,700,456 $ (170,503)
Operating Expenses 4,702,186 4,265,718 436,468
Operating Income (Loss) (172,233) 434,738 (606,971)
Net Income (Loss) (737,403) (244,980) (492,423)
Revenues Available for Debt Service 2,141,714 2,911,806 (770,092)
Annual Bond Debt Service 1,345,315 1,346,875 (1,560)
Revenue Bond Coverage 1.59 2.16 (.57)
Operating revenues decreased 3.6% because water rates were reduced in early 1999 to the prior
rates.
Bond covenants require that total revenues be at least 110 percent of annual debt service3
requirements after deductions for operating expenses and debt service reserve requirements.
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Solid Waste Fund
1998—1999 1997—1998 Increase
Description Amount Amaunt (Decrease)
Operating Revenues $1,482,083 $ 1,418,913 $63,170
Operating Expenses 1,184,471 1,242,422 (57,951)
Operating Income 297,612 176,491 121,121
Net Income 175,194 61,964 113,230
Fiduciary Operations
Trust Funds are established to account for assets held by the City in a trustee capacity for
individuals, private organizations, other government units, and/or other funds.
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, 1999, the pension funds had
net assets of$12,554,694.
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, 1999, the general fixed assets of the City of Ocoee totaled $17,703,881. 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.
Risk Management
Risk of loss from theft of, damage to or destruction of assets, errors and omissions, job-related
illnesses or injuries to employees, and natural disasters are transferred by the City to various
commercial insurers through the purchase of insurance. In addition, various control techniques,
including employee accident prevention training, have been implemented to minimize accident-
related losses.
OTHER INFORMATION
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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 statements
has been completed by the City's independent certified public accountants, McDirmit, Davis,
Puckett&Company, P.A., whose opinion is included in the financial section of the report.
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Certificate of Achievement 3
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, 1998. The Certificate
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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 3
reports must satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. The City has received a
Certificate of Achievement for the last ten consecutive years. We believe that our current report
continues to conform to the Certificate of Achievement Program requirements, and we are3
submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgements3
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 our3
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 responsible and progressive
manner.
Respectfully submitted,
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Elli - . •, City Manager
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Wanda Horton, Finance Director
r"to rme r--00 "—mg rwRa riffle r-g4 row* roam r",* reme rwm re, vii rm rftli ell en", rRis
CITY OF OCOEE
ORGANIZATIONAL CHART
Ocoee Voters
City Attorney City Commission Appointed Boards
Information
City Manager I-- Systems --I Mapping
Finance Police Fire City Clerk Recreation Public Works Planning Personnel Building Engineering/ Community
Utilities Relations
Utility Billing CID Suppression Cemetery Solid Waste/ Development Employee Zoning Water
Recycling Benefits
x Projects Patrol Investigation Elections Traffic Concurrency Risk Management Inspections Wastewater
—• Operations Management
Payroll DARE EMS Archives Facilities Projects Labor Negotiations Permits Engineering
Maintenance
Purchasing Dispatch Fleet Safety Code Stormwater Utility
Maintenance Enforcement Engineering
Street Occupational Utility
Maintenance Licensing Inspections
Stormwater Animal
Drainage Control
Park
Maintenance
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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, 1998
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.
(r0 \
FFj�,
STATES4Z 3 Ra..c
ND y
L President
vosum tea.
Executive Director
xiv
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FINANCIAL SECTION
This section contains the following subsections:
• Independent Auditor's Report
• General Purpose Financial Statements
• Combining Statements
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MCDrR r, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 INDEPENDENT AUDITOR'S REPORT E-Mail:info@mdpcpa.com
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, 1999, as listed in the table of contents. 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 and the
standards applicable to financial audits contained in 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 principles 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 above present fairly, in all
material respects, the financial position of the City of Ocoee, Florida, as of September 30, 1999,
and the results of its operations and the cash flows of its proprietary fund types and the changes in
pension fund net assets for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 7,
2000 on our consideration of the City of Ocoee, Florida's internal control over financial reporting and
our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund and account group financial
statements listed in the accompanying table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose 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.
E.
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comi.
Members:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
411,
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.
traftse&la/Waal 00 of ,13
January 7, 2000
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E,
GENERAL PURPOSE FINANCIAL STATEMENTS
Ern (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.
6,1tb
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CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS3
September 30, 1999
I
Governmental Fund Types 3
Special Debt
General Revenue Service
3
Assets:
Cash and cash equivalents $ 1,496,743 $ 2,804,547 $ 139,3573
Investments 1,104,792 5,892,545 -
Receivables (net of allowances for uncollectibles) 127,142 115,348 -
Inventories-at cost 15,275 - -
Due from other funds 11,074 - -
Due from other governments 303,447 - -
Prepaid costs 15,930 - -
Restricted assets: 3
Cash and cash equivalents - - -
Investments - - 207,426
Cash with paying agent - 3- 1,358,294
Accrued interest receivable - - 4,761
Property, plant and equipment - - -
Less: accumulated depreciation - - - 3
Construction in progress - - -
Unamortized bond issuance costs - - -
Amount available in debt service funds - - -
Amount to be provided for retirement 3
of general long-term debt - - -
Total assets $ 3,074,403 $ 8,812,440 $ 1,709,838 3
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The accompanying notes are an integral part of the financial statements.
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Governmental Proprietary Fiduciary
Fund Types Fund Type Fund Type Account Groups
General General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Trust Assets Debt Only)
$ 4,053,362 $ 1,288,196 $ 75,906 $ - $ - $ 9,858,111
15,792,127 857,961 12,411,069 - - 36,058,494
110,203 890,866 67,719 - - 1,311,278
22,152 - - - 37,427
- - 377 - - 11,451
I _
8,226 - - - 311,673
-
2,259 - - - 18,189
2,671,763
10,306,389 - - - 2,671,763
E. _
- - - 10,513,815
- 875,157 - - - 2,233,451
- - - - - 4,761
E40,100,408 - 17,703,881 - 57,804,289
- (12,856,208) - - - (12,856,208)
- 4,118,853 - 69,658 - 4,188,511
- 539,061 - - - 539,061
- - - 351,544 351,544
I _ - - - 35,192,011 35,192,011
$ 19,955,692 $ 48,825,083 $ 12,555,071 $ 17,773,539 $ 35,543,555 $ 148,249,621
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(Continued)
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CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1999
Governmental Fund Types
Special Debt 3
General Revenue Service
Liabilities and Fund Equity: 3
Liabilities
Accounts payable $ 69,875 $ - $ -
Retainage payable - - - 3
Accrued liabilities 430,351 7,957 -
Due to other funds - - -
Deferred revenues 211,180 10,72413
80 10,724 liabilities (payable from restricted assets):
Customer deposits - - -
Matured bonds payable - - 600,000
Matured interest payable - - 758,294
Accrued annual leave - - -
Bonds payable - - -
3
Obligations under capital leases - - -
Notes payable - - -
Total liabilities 711,406 18,681 1,358,294
Fund equity:
Contributed capital - - -
Investment in general fixed assets - - -
Retained earnings: 3
Reserved for renewal and replacement - - -
Unreserved - - -
Total retained earnings - - -
Fund balances:
Reserved:
Inventories 15,275 - -
Prepaid costs 15,930 - -
3
Renewal and replacement - 82,757 -
Debt service - - 351,544
Employee's pension benefits - - -
Unreserved:
Designated for capital projects - - -
Designated for subsequent year's budget - 8,711,002 -
Undesignated 2,331,792 - -
Total fund balances 2,362,997 8,793,759 351,544
Total Equity and Other Credits 2,362,997 8,793,759 351,544 3
Total Liabilities, Fund Equity and Other Credits $ 3,074,403 $ 8,812,440 $ 1,709,838
1
The accompanying notes are an integral part of the financial statements. 3
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Governmental
Fund
Types Fund Type Fund Type Account Groups
General General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Trust Assets Debt Only)
I
$ 17,500 $ 431,907 $ - $ - $ - $ 519,282
39,192 231,445 - - - 270,637
256,297 - - - 694,605
11,074 - 377 - - 11,451
I _ - - - - 221,904
- 398,178 - - - 398,178
- 405,000 - - - 1,005,000
470,158 - - - 1,228,452
- - - - 646,827 646,827
- 16,663,940 - - 31,850,000 48,513,940
492,445 - - 1,141,728 1,634,173
- - - - 1,905,000 1,905,000
67,766 19,349,370 377 - 35,543,555 57,049,449
- 25,503,472 - - - 25,503,472
- - - 17,773,539 - 17,773,539
I _ 2,604,460 - - - 2,604,460
- 1,367,781 - - - 1,367,781
1 - 3,972,241 - - - 3,972,241
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- - - - - 15,275
- 15,930
- - - - - 82,757
- - - - - 351,544 o _
- 12,554,694 - - 12,554,694
19,887,926 - - - - 19,887,926
-
-
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_ _
_ _
-
-
- 2,331,792
19,887,926 - 12,554,694 - - 43,950,920
19,887,926 29,475,713 12,554,694 17,773,539 - 91,200,172
$ 19,955,692 $ 48,825,083 $ 12,555,071 $ 17,773,539 $ 35,543,555 $ 148,249,621
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CITY OF OCOEE, FLORIDA 3
COMBINED STATEMENT OF REVENUE,EXPENDITURES AND CHANGES
IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES3
For the year Ended September 30, 1999
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Governmental Fund Types
Special Debt
General Revenue Service
Revenues:
Taxes $ 6,208,882 $ - $ -
Licenses and permits 1,067,010 - - _
Intergovernmental revenues 4,476,397 11,823 -
Charges for services 554,663 52,070 -
Fines and forfeitures 192,015 189,878 -
Impact fees/special assessments 2,449,937 3
-
Investment Income 137,330 257,596 53,914
Miscellaneous revenues 173,758 1,876 -
Total revenues 12,810,055 2,963,180 53,914
3
Expenditures:
Current:
General government 2,945,543 - -
Public safety 7,532,736 321,730 -
3
Physical environment 1,857,066 759,211 -
Culture and recreation 592,985 134,999 -
Capital outlay - - 3
-
Debt service:
Principal retirement 519,364 179,303 855,000
Interest and fiscal charges 55,216 11,604 1,391,255
Bond issuance costs 752,232 3
Advance refunding escrow 358,476
Current refunding 479,090
Total expenditures 13,502,910 1,406,847 3,836,053 3
Excess(Deficiency)of Revenues
Over Expenditures (692,855) 1,556,333 (3,782,139)
Other Financing Sources(Uses)
Operating transfers in 2,258,864 346,175 2,402,585
Operating transfers out (1,736,651) (2,106,194) (205,529)
3
Proceeds of refunding bonds - 10,865,105
Capital lease proceeds 728,885 45,179 -
Payment to refunded bond escrow agent - - (6,209,598)
Current refunding - - (3,903,275) 3
Net other financing sources(uses) 1,251,098 (1,714,840) 2,949,288
Excess(Deficiency)of Revenues 3
and Other Sources Over
Expenditures and Other Uses 558,243 (158,507) (832,851)
Fund Balances-Beginning of Year 1,804,754 8,952,266 1,184,395 3
Fund Balances-End of Year $ 2,362,997 $ 8,793,759 $ 351,544
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The accompanying notes are an integral part of the financial statements. 3
-7-
Governmental
Fund Types Totals
Capital (Memorandum
Projects Only)
$ - $ 6,208,882
EN 1,067,010
4,488,220
606,733
- 381,893
2,449,937
785,053 1,233,893
7,971 183,605
1 793,024 16,620,173
2,945,543
7,854,466
2,616,277
727,984
4,259,020 4,259,020
1,553,667
1,458,075
752,232
358,476
479,090
4,259,020 23,004,830
(3,465,996) (6,384,657)
44,000 5,051,624
(346,175) (4,394,549)
19,051,520 29,916,625
774,064
(6,209,598)
(3,903,275)
18,749,345 21,234,891
15,283,349 14,850,234
1 4,604,577 16,545,992
$ 19,887,926 $ 31,396,226
8-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL 3
GENERAL AND SPECIAL REVENUE FUNDS
For the year ended September 30, 1999
General Fund
Variance3
Favorable
Budget Actual (Unfavorable)
Revenues: 3
Taxes $ 6,320,100 $ 6,208,882 $ (111,218)
Licenses and permits 972,790 1,067,010 94,220
Intergovernmental revenues 4,448,035 4,476,397 28,362 3
Charges for services 550,890 554,663 3,773
Fines and forfeitures 125,500 192,015 66,515
Impact fees/special assessments - - -
3
Investment Income 123,500 137,330 13,830
Miscellaneous 233,900 173,758 (60,142)
Total revenue 12,774,715 12,810,055 35,340 3
Expenditures:
Current:
General government 3,469,731 2,926,157 543,574 3
Public safety 7,813,930 7,161,133 652,797
Physical environment 1,965,947 1,605,418 360,529
Culture and recreation 608,652 506,737 101,915 3
Debt service - 574,580 (574,580)
Total expenditures 13,858,260 12,774,025 1,084,235
3
Excess (Deficiency) of Revenues
Over Expenditures (1,083,545) 36,030 1,119,575
Other Financing Sources (Uses) 3
Operating transfers in 2,354,270 2,258,864 (95,406)
Operating transfers out (1,720,725) (1,736,651) (1.5,926) 3
Net other financing sources
(uses) 633,545 522,213 (111,332)
Excess(Deficiency) of Revenues 3
and Other Sources Over
Expenditures and Other Uses (450,000) 558,243 1,008,243
3
Fund Balances-Beginning of Year 450,000 1,804,754 1,354,754
Fund Balances -End of Year $ - $ 2,362,997 $ 2,362,997 3
1
The accompanying notes are an integral part of the financial statements. 3
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Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ - $ - $ -
E. _
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. _
. _ _
1 998,000 996,695 (1,305)
5,000 8,367 3,367
900 900
1,003,000 1,005,962 2,962
I, _ _ _
1 685,965 518,516 167,449
82,463 (82,463)
1 685,965 600,979 84,986
1 317,035 404,983 87,948
(412,035) (376,178) 35,857
(412,035) (376,178) 35,857
(95,000) 28,805 123,805
95,000 204,942 109,942
$ - $ 233,747 $ 233,747
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
to For the Year Ended September 30, 1999
Proprietary
Fund Types
Enterprise
Operating Revenues:
User charges $ 6,012,036
Operating Expenses:
Personal services 2,192,005
Materials and supplies 854,468
Heat, light and power 373,224
I, Depreciation and amorization 1,692,867
Other expenses 769,307
Recycling expenses 4,786
Total operating expenses 5,886,657
Operating income (loss) 125,379
Nonoperating Revenue (Expenses):
Grant revenue 3,208
Investment Income 793,924
Interest expense (827,917)
ik Gain (loss)on disposal of fixed assets 272
II Total nonoperating revenue(expense) (30,513)
Income (loss)before operating transfers 94,866
Operating Transfers:
Operating transfers in 90,963
Operating transfers out (748,038)
Net operating transfers (657,075)
Net income(loss) $ (562,209)
Disposition of Net Income(Loss):
Net income(loss) $ (562,209)
Depreciation on fixed assets acquired from contributions 410,048
Net increase(decrease)in retained earnings (152,161)
Retained Earnings -Beginning of Year 4,124,402
Retained Earnings -End of Year $ 3,972,241
The accompanying notes are an integral part of the financial statements.
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
For the Year Ended September 30, 1999
Additions:
Contributions:
Employer $ 988,764
State 114,320
Plan members 627,933
Total contributions 1,731,017
Investment income:
Net appreciation in fair value of investments 1,234,098
Interest 26,844
1,260,942
Less investment expense (92,455)
Net investment income (loss) 1,168,487
Total additions 2,899,504
Deductions:
Benefits 242,676
Administrative expenses 37,063
Total deductions 279,739
Net Increase 2,619,765
Net Assets Held in Trust for Pension Benefits:
Beginning of Year 9,934,929
lii End of Year $ 12,554,694
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The accompanying notes are an integral part of these financial statements.
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended September 30, 1999
1
Proprietary
Fund Types
EnterpriseI
Cash Flows from Operating Activities:
Receipts from customers $ 5,956,166
Payments to suppliers (1,362,537)
Payments to employees (2,145,414)
Net cash provided by operating activities 2,448,215
Cash Flows from Non-Capital Financing Activities:
Net operating transfers in (out) (657,075)
Receipts from grants 3,208
Net cash provided (used)by non-capital financing activities (653,867)
Cash Flows from Capital and Related Financing Activities
Proceeds from sale of equipment 1,042
Acquisition of fixed assets (287,467) ii
111
Additions to construction in progress (3,573,659)
Principal paid on bonds and leases (558,820)
Interest paid on bonds and leases (979,081)
Capital contributions received 235,814
Cash received on assessments receivable 44,447
Net cash provided (used) by capital and related financing activities (5,117,724) 1
Cash Flows from Investing Activities
Sales of investments 809,935
Investment income 797,664
Net cash provided (used)by investing activities 1,607,599
Net Increase (Decrease) in Cash and Cash Equivalents (1,715,777)
Cash and Cash Equivalents at Beginning of Year 6,550,893
Cash and Cash Equivalents at End of Year $ 4,835,116
Classified As:
Current assets $ 1,288,196
Restricted assets 3,546,920 a
Total $ 4,835,116 MI
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The accompanying notes are an integral part of these financial statements.
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Proprietary
Fund Types
Enterprise
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating income $ 125,379
Adjustments Not Affecting Cash:
Depreciation 1,667,843
Amoritization 25,024
Change in Assets and Liabilities:
E. Increase in accounts receivable (69,997)
Increase in prepaid costs (2,259)
Increase (decrease)in accounts payable 410,062
Increase in accrued expenses 46,591
Increase in retainage payable 231,445
Decrease in deferred revenue (40,006)
Increase in customer deposits 54,133
Total adjustments 2,322,836
Net Cash Provided by Operating Activities $ 2,448,215
Noncash Investing, Capital and Financing Activities:
Contributed property, plant and equipment $ 239,767
Decrease in the fair value of investments (3,740)
Obligation under capital lease for acquisition of equipment 299,096
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NOTES TO FINANCIAL STATEMENTS
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1999
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 administrator 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 financial accountability. Financial accountability
is present if the Commission appoints a voting majority of a component unit's governing body
and has the ability to impose its will on that organization or if there is a potential for the
organization to provide specific financial benefits to, or impose specific financial burdens on, the
City.
Based upon the application of the above mentioned criteria as set forth in Government
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.
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CITY
OF OCOEE, FLORIDA
NOTFS TO FINANCIAL STATFMFNTS - CnntiniiP.ti
September 30, 1999
1
Note 1 -Summary of Significant Accounting Policies (Continued):
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
3
are not paid through other funds are paid from the general fund.
Special Revenue Funds - To account for the proceeds of specific revenue sources
(other than expendable trust or major capital projects) requiring separate accounting
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.
Capital Projects Funds-To account for financial resources to be used for the acquisition
or construction of major capital facilities (other than those financed by proprietary funds).
Proprietary Fund Types 111
P rY
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 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 appropriate for capital
maintenance, public policy, management control, accountability, or other purposes.
3
Fiduciary Fund Types
Trust Funds -To account for assets held by the City in a trustee capacity for individuals,
private organizations, other governments, and/or other funds. When these assets are
held under the terms of a formal trust agreement, either a pension trust fund, a non-
expendable trust fund, or an expendable trust fund is used. The terms "non-
expendable" and "expendable" refer to whether or not the government is under an
obligation to maintain the trust principal.
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.
General Long-Term Debt - To account for the outstanding principal balances on any
general obligation debt of the City.
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 1 -Summary of Significant Accounting Policies (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 susceptible 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 substantially 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 considered 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 current 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 requirements 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 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.
Utility operating revenues (solid waste, water, and wastewater revenues, and related utility
taxes)are recognized during the month of consumption. Services consumed, but not billed, are
accounted for as unbilled utility revenues.
I
-17-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STOT_FMENTS - Continued
September 30, 1999
Note 1 -Summary of Significant Accounting Policies (Continued): 111
The basis of accounting and measurement focus of the pension trust funds is the same as
proprietary fund types and therefore is maintained on the accrual basis of accounting. 3
Encumbrances- Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of funds are recorded in order to reserve that portion of the3
applicable appropriation, is utilized in the governmental funds. Encumbrances are reported as
reservations of fund balances since they do not constitute expenditures or liabilities.
Tap and Impact Fees-The City collects water and wastewater tap fees which are recorded as 3
operating revenue only to the extent that the amount equals the cost of physical connection to
the system. Amounts that substantially exceed the cost to connect are recorded as an addition
to contributed capital.
Deposits received which reserve capacity in the City's water and wastewater facilities are
recorded as contributed capital. Other deposits received from customers are recorded as
liability until all legal requirements, as stipulated by the City's water and wastewater ordinances,
are fulfilled.
Cash and Cash Equivalents - 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 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 included in cash and cash equivalents.
Investments - Investments in all fund types are stated at fair value, which is the amount at
which an investment could be exchanged in a current transaction between willing parties, other1
than in a forced liquidation sale. Fair value is based on quoted market prices. Income from
investments held by the individual funds is recorded in the respective fund as it is earned.
Changes in the fair value of investments is recognized as revenue and included in investment
income.
I
-18-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Cnntinued
September 30, 1999
Note 1 -Summary of Significant Accounting Policies (Continued):
inventories- 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.
Amortization of Bond Discount and Issuance Costs- In the governmental fund types, bond
issuance costs are charged as current expenditures 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 $25,024 for the 1999 fiscal year. Amortization of bond discount,
included in interest expense, amounted to$9,261 for the 1999 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 historical 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. Depreciation 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.
-19-
CITY OF OCOEE, FLORIDA
September 30, 1999
3
Note 1 -Summary of Significant Accounting Policies (Continued):
Postretirement Benefits - The City does not fund any postretirement health care and life
insurance benefits for employees. 3
Capitalization of Interest- Net interest cost relating to construction is capitalized. Capitalized
Interest totaled $152,145 during fiscal year ended September 30, 1999. 3
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 non-current portion (the
amount estimated not to be used in the following year) for Governmental 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.
Fund Equity 3
Proprietary Funds - 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.
Governmental Funds-Reserves of the governmental funds are limited to the portions of
fund balance which are either not subsequently appropriated 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
appropriate) in the reimbursing fund and as reductions of the expenditures (expenses) in
the reimbursed fund.
-20-
re,
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Cnntinu _d
September 30, 1999
Note 1 -Summary of Significant Accounting Policies (Continued):
All interfund transactions except advances and reimbursements are accounted for as
transfers. Nonrecurring or non-routine 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, Compliance and Accountability:
Budgetary Information - The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
1. Prior to August 1st, 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 an ordinance.
4. The City cannot legally exceed the budget; however, the City Manager is authorized
to transfer budgeted amounts within departments within any fund. Any revisions that
alter the total expenditures of any department must be approved by the City
Commission. The legal level of budgetary control is the department level.
5. Formal budgetary integration is employed as a management control device during the
year for the General and Enterprise Funds.
L
-21-
CITY OF OCOEE, FLORIDA
NOTFS TO FINANCIAL STATEMENTS - Cnntiniic t
September 30, 1999
I
Note 2 -Stewardship, Compliance and Accountability(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 expenditures. Unencumbered
appropriations are lapsed at year end, except an appropriation for a capital
3
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 operations 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 available 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 3
and eliminated from the results of operations on a GAAP 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.
e. Retained earnings allocation is budgeted and recorded as revenue on the
budgetary basis, but eliminated 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.
-22-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
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 incurrence 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 1999 fiscal year, the following adjustments were necessary to convert General Fund
expenditures on the GAAP basis to the budgetary basis:
Other Financing
Fxrenditure Sourceslllses)
GAAP basis $ 13,502,910 $ 1,251,098
Nonbudgeted capital lease transactions (72R Rf35) (728)185)Budgetary basis 774 025 522
2-13
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 Stomiwater 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.
A reconciliation of the above differences in the Special Revenue Funds is a follows:
Excess
(Deficiency)
of Revenues Other
Over Financing
Expenditures Sources (Uses)
GAAP basis $ 1,556,333 $ (1,714,840)
Non-budgeted funds (1,196,529) 1,383,841
Non-budgeted capital lease transactions 45 17R (45 17q)
Budgetary basis $ 404,983 $ (376,178)
I
-23-
3
CITY OF OCOEE, FLORIDA
I. • • ► : ► - - 14 ► - • I 'I ' •
3
September 30, 1999
3
Note 4-Cash and Investments: 3
Following are the components of the City's cash and investments at September 30, 1999:
llnre_
stricted Restrintert Total 3
Cash and cash equivalents $ 9,858,111 $ 2,671,763 $ 12,529,874 3
Cash with paying agent - 2,233,451 2,233,451
Investments 365)5R,494 10,513$15 46,572,30q
$45 916 605 L15419.029
Deposits - In accordance with GASB Statement No. 3, the City's deposits are categorized to3
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.
3 September 30,_1999
Bank balances:
Category 1 $ 269,4163
Category 3 2233,451
Total bank balances $ 2_0
Carrying amount $ 43,785
Investments -The City's investment policies, except for pension fund assets, are governed by
State statutes and City ordinances. City ordinance allows investments in any financial
3
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; 1
2) U.S.Treasury bills, notes and bonds with maturity dates of 5 years or less;
3
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;
-24-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS . Contin u d
September 30, 1999
Note 4-Cash and Investments (Continued):
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.
The City's investments are categorized to give an indication of the level of risk assumed by the
City at September 30, 1999:
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 a counterparty, its trust department or agent, but not in the City's name.
Investments in mutual funds are not required to be categorized since the investments are
not evidenced by securities that exist in physical or book entry form. As discussed in Note
1, investments are carried at fair value.
Following is a summary of risk levels assumed by the City at September 30, 1999:
Category
Carrying
Ammint
Repurchase agreements $ - $ - $ 14,719,000 $ 14,719,000
U.S.Government obligations 25,7(15,326 - - 25,705,326
$25,2054326 $ -L 1 i a,nnn
Mutual funds investing In U.S. Government Securities 8,456,454
Pension funds investing in commingled bond and
stock funds 12 411 pBq
R1 7G1 M9
I
-25-
CITY OF OCOEE, FLORIDA 3
► • • ► _ ► - - i/ ► • I •• - •
September 30, 1999
I
Note 5-Accounts Receivable: 3
The following is an analysis of Accounts Receivable:
Proprietary Fiduciary 3
Governmental Fund Fund
Fund Types Types Types
Special Capital Pension 3
General Revenue Projects Fnterprise Funds
Property taxes $ 1,341 $ - $ - $ - $ -
1
Accounts receivable - 98,987 - 634,222 -
Assessments
Current - - 50,000 - 3
Non-current - - 161,730 -
Maintenance fee (formerly
Guaranteed revenue) - 198,313 -
-
Other receivables 129)301 21,381 110703 201 R7,719
Total 131,142 120,348 110,203 1,046,866 67,719
Less: allowance for
uncollectible accounts (4 ffcf) (5 f00) - (15A f00) -
$127142 $11� $110,203 $__89.0.,866 $ 67,719
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 December, 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, certificates 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 receivables.
The City is permitted by the Municipal Finance Law of the State to levy taxes up to $10.00 per ii
$1,000 of assessed valuation. The combined tax rate to finance general governmental services
for the year ended September 30, 1999, 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 $4,928,194 additional property tax revenue a
year from the present assessed valuation of$821,365,533 before the limit is reached.
II
3
-26-
I.
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATFMFNTS - Cnntintip.rl
September 30, 1999
Note 7-Property, Plant and Equipment:
During the fiscal year ended September 30, 1999, the following changes in general fixed assets
Ioccurred:
Balance Balance
I10-1-9A Additinn5 fpletinnm 9-30-99
Land $ 1,612,883 $ 153,512 $ - $ 1,766,395
I Buildings 4,644,974 2,808,368 47,356 7,405,986
Improvements 1,072,482 724,867 1,587 1,795,762
Equipment 5$31,374 1775,163 170,9Q 6 735,736
12,961,713 4,961,910 219,742 17,703,881
Construction in
progress 1 462,886 25141,488 3,434716 69.A 53
$ 14,424,599 $2,008,398 $ 3,654,458 $_1.7_,773,539
Construction in progress for general fixed assets as of September 30, 1999 consisted
1 primarily of construction of a fire station and a public works facility.
The sources of investment in general fixed assets are as follows:
IGeneral fund $ 6,075,264
Special revenue funds:
Federal revenue sharing 750,610
Road impact 127,948
Police trust 166,290
Police training 8,106
Parks 286,308
Stormwater utility 464,795
Fire impact 1,324,578
Police impact 683,568
Contributions-other 389,745
State grant 365,715
Capital projects fund 7.13(1612
$ 17,773,539
I
1
I .
1 -27-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued3
September 30, 1999
I
Note 7 -Property, Plant and Equipment(Continued): 3
The components of property, plant and equipment for the Proprietary Fund Types at September
30, 1999, are as follows: 3
Proprietary
Fund TypeR
Enterprise 3
Land and land improvements $ 4,565,719
Buildings 380,497 3
Improvements 31,658,565
Equipment ' .:195S97
40,100,408 3
Less: accumulated depreciation 12 R5A7OR
27 24, a?nn
3
Fund construction in progress at September 30, 1999, consisted primarily of
Proprietary p g p
improvements to water distribution system and the reclaimed water program.
Note 8-Retirement Plans:
Defined Benefit Pension Plan and Trust -The City maintains two separate single employer3
defined benefit pension plans for police officers and firefighters and substantially all other
fulltime City employees which are included as part of the City's reporting entity in Pension Trust
Funds. Each plan provides retirement and death benefits to Plan members and beneficiaries.
3
In addition, the police and firefighters plan provides disability benefits to Plan members. Florida
Statutes, Chapter 175 and 185, establish minimum benefit provisions. The City of Ocoee
Commission appoints a board of trustees to administer the pension trust funds. This board of
trustees may not amend any provisions of the pension plans without the approval of the City 3
Commission.
The investments of the pension trust funds are managed by SunTrust Bank, and there are no 3
undue investment concentrations. Neither plan issues a stand-alone financial report.
The amounts legally required as of September 30, 1999 to be reserved for general employees 3
and police and firefighter pension funds are$5,694,847 and $6,859,847 respectively.
I
3
-28-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 8-Retirement Plans (Continued):
Summary of Significant Accounting Policies:
Basis of Accounting - The Plans' financial statements are prepared using the accrual
basis of accounting. Plan member contributions are recognized in the period in which the
contributions are due. Employer contributions to each Plan are recognized when due and
the employer has made a formal commitment to provide the contributions. Benefits and
refunds are recognized when due and payable in accordance with the terms of each plan.
Method Used to Value Investments - Investments are reported at fair value. Short-term
investments are reported at cost, which approximates fair value. Securities traded on a
national or international exchange are valued at the last reported sales price at current
exchange rates. Investments that do not have an established market are reported at
estimated fair value.
Plan Descriptions-The following schedule is derived from the respective actuarial reports
and City information for the two pension plans as of October 1, 1998:
General Police and
Membership and Plan Provisions Employees Firefighters
Members:
Retirees and beneficiaries receiving benefits 7 5
Terminated plan members entitled to but not
receiving benefits 8 6
Active plan members:
Vested 65 44
Non-vested _83
1A 106
-29-
CITY OF OCOEE, FLORIDA 3
NOTES_Ta FINANCIAL STATEMENTS - Continues!
September 30, 1999
3
Note 8 -Retirement Plans (Continued): 3
General Police and
Membership and Plan Provisions Employees Firefighters
Normal Retirement Benefits: 3
Full-Time Full-Time
Eligibility Employment Employment
Age/Years of Service—Normal 60 Earlier of age 55 and 3
10 Years of credited
service,or age 52 and
25 years of credited 3
service.
Age/Year of Service—Early Age 50 and 5 years of Age 45 and 5 years of
Credited service. Credited service. 3
Benefit—Normal 2.5%Average Monthly 3.0%of Average
Earnings times Credited Monthly
Service. Earnings times
Credited
Service.
Benefit—Early Accrued benefit. Accrued benefit.
Form of Benefit 10 year Certain and Life 10 year Certain and
Annuity. Life Annuity.
Years to Vest 5 years 5 years
Disability Benefits: 3
Service Incurred None Accrued Benefit,but
Not less than 42% 3
Average Monthly
Earnings.
Non-Service Incurred None Accrued Benefit, but
not Less than 25%of
Average Monthly
Earnings if 10 3
Years credited service.
Preretirement Death Benefits:
Vested Accrued Benefit payable Accrued Benefit
To beneficiary for 10 payable
Years. To beneficiary for 10
Years.
Nonvested Refund Accumulated Refund Accumulated
Contributions without Contributions without
Interest. Interest.
3
-30-
CITY OF OCOEE, FLORIDA
NOTES TO FINAN IA STAT M NTS - Continued
September 30, 1999
Note 8 -Retirement Plans (Continued):
Funding Policy - All plans are contributory. The employees participating in the General
Employees' Pension Plan are required to contribute 7.4% of their salary. The City is required to
contribute at an actuarially determined rate; the current rate is 11.0% of annual covered payroll.
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 from Plan members, City contributions, State contributions and income
from investments of accumulated funds. Contributions from the State of Florida are received
under Florida Statutes, Chapters 175 and 185. The Plan members are required to contribute
7.6% of their salary. The City is required to contribute at an actuarially determined rate; the
current rate is 20.2%, including expected State contribution, of annual covered payroll.
Costs to administer the plans are deducted from net assets of the respective plans.
Annual Pension Cost and Net Pension Obligation-The City has traditionally contributed the
annual required contribution (ARC) and thus has never actually had, or had need to report, a
net pension obligation (NPO). The City implemented GASB Statements No. 25 and 27 during
the fiscal year ending September 30, 1997. At the point of transition (October 1, 1996), the City
had no pension liability reflected in either the General Long-Term Debt Account Group or any
individual fund. In accordance with GASB Statement No. 27, the City calculated the potential
for a net pension liability(asset)and reaffirmed that none existed at September 30, 1999.
•
I
I
-31-
CITY OF OCOEE, FLORIDA 3
► • • ► - ► - - U ► - • I 'I3
. •
September 30, 1999
I
Note 8 -Retirement Plans (Continued):
The Plans'table of required supplementary information is presented below:
REQUIRED SUPPLEMENTARY INFORMATION 3
SCHEDULES OF FUNDING PROGRESS
Actuarial
Accrued UAAL as 1
Actuarial Liability Unfunded a%of
Actuarial Value of (AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (UAAL) Ratio Payroll PayrollI
Date (a) 04 OA l l [(b-a)/cl
General Employees
10/01/98 $4,294,480 $5,769,386 $ 1,474,906 74.44% $4,407,277 33.47% 3
10/01/97 3,109,511 4,646,787 1,537,276 66.92% 3,656,410 42.04%
10/01/96 2,297,183 3,036,060 738,877 75.66% 3,191,788 23.15%
10/01/951,728,549 2,460,185 731,636 70.26% 2,785,834 26.26% 3
10/01/94 1,257,218 1,748,822 491,604 71.89% 2,548,268 19.29%
10/01/93 941,671 1,461,756 520,085 64.42% 2,262,495 22.99% II
Police Officers and Firefighters
10/01/98 $5,160,384 $6,460,583 $ 1,300,199 79.87% $3,263,647 39.84%
3
10/01/97 3,685,001 5,123,641 1,438,640 71.92% 2,954,018 48.70%
10/01/96 2,661,713 3,492,197 830,484 76.22% 2,428,615 34.20%
10/01/951,961,760 2,696,842 735,082 72.74% 2,191,537 33.54% 3
10/01/94 1,416,034 2,174,014 757,980 65.13% 2,002,476 37.85%
10/01/93 989,107 1,763,014 773,907 56.10% 1,706,230 45.36% 3
SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND OTHER CONTRIBUTING ENTITIES3
General Fmployees Psdice_Officer&-&-Eirefighthrs
Annual Annual
Year Ended Required Percentage Required Percentage3
September 30 Contribution 1 nntrihutP.d Contribution Contrihutpd
1999 $443,771 100% $659,313 100%
1998 482,195 100% 765,818 100% 3
1997 381,590 100% 605,960 100%
1996 302,249 100% 481,535 100%
1995 258,894 100% 447,949 100%
1994 216,806 100% 282,702 100%
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3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS _ Contin i _d
September 30, 1999
Note 8 -Retirement Plans (Continued):
Notes to the Required Supplementary Information-The information presented in the
required supplementary schedules was determined as part of the actual valuations at the date
indicated. Additional information as of the latest(October 1, 1998)actuarial valuation follows:
General Police and
Employees yees FirefidhterR
Assumptions: .
Investment Earnings 8% 8%
Salary Increases-
Inflation 3% 3%
Merit, Longevity, etc. 6% 6%
Postretirement Benefit Increases 0% 0%
Mortality Table 1983 Group Annuity 1983 Group Annuity
Mortality Table Mortality Table
Retirement Age When First Eligible When First Eligible
Actuarial Valuation:
Frequency Annual Annual
Cost Method Frozen Entry Age Frozen Entry Age
Amortization Method Level Percent Level Percent
Amortization Period 30 Years Closed 30 Years Closed
Asset Valuation Method 4 Year Smoothed 4 Year Smoothed
Market Market
-33-
CITY OF OCOEE, FLORIDA 3
NOTFS TO FINANCIAL STATFMFNTS - Cnntinupd 3
September 30, 1999
3
Note 8 -Retirement Plans (Continued): 3
Deferred Compensation Plan-The City offers its employees a deferred compensation plan
created in accordance 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
3
compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency. In accordance with changes in federal law brought about by the
Small Business Job Protection Act of 1996, eligible deferred compensation plans established
and maintained by governmental employers must be amended to provide that all assets of the
Plan be held in trust for the exclusive benefit of the plan participants and their beneficiaries.The
City has executed plans with all of its third party administrators, which conform to the new
provisions of the law. Accordingly, all assets of these plans are no longer accounted for in the
City's financial statements. 3
Note 9-Over 65 Assistance Program:
The City of Ocoee, Florida began this program March 1, 1975. The program provides that
3
persons over 65 who qualify are entitled to receive free water and solid waste services subject
to limitations. Approximately 348 residents of the City participated in this program during the
fiscal year ended September 30, 1999.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax
$ 4,494 3
Water Fees 44,955
Solid Waste Fees R7,139
Total Over 65 Cost $ 116-
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CITY OF OCOEE, FLORIDA
NOTFS TO FINANCIAL STATFMFNTS - Cnntiniieri
September 30, 1999
Note 10-Bonds and Notes Payable:
Summarized below are the City's bonds and notes payable outstanding at September 30, 1999:
Water and Wastewater Fund Bonds Payable:
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%. $ 7,410,000
Less: Current Maturities (235,000)
Unamortized Discounts (R7,9Ar)
71)871)14
Water and Sewer System Improvement Revenue Bonds,
Series 1997- payable in annual installments of$120,000 to
$600,000 through 2026, plus semi-annual interest at 3.60%to
5.62%. $ 9,865,000
Less: Current Maturities (170,000)
Unamortized Discounts (118 j)94)
$16,663,94.0
General Long-Term Debt Account Group:
E. Bonds Payable:
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
6.0%to 7.5%. $ 1,490,000
Transportation Refunding and Improvement Revenue Bonds,
Series 1998—payable in annual installments of$150,000 to
$1,240.000 through 2028 with semi-annual interest payments
at 3.35% to 4.5%. 19,105,000
1 Capital Improvement Refunding Revenue Bonds, Series 1999
-payable in annual installments of$150,000 to$680,000
through 2028 with semi-annual interest payments at 3.00%to
4.75%. 11,255fff
$ .85Q.000
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CIN OF OCOEE, FLORIDA 3
NOTFS TO FINANCIAL STATFMFNTS - ContirniP.ct
3
September 30, 1999
3
Note 10 -Bonds and Notes Payable(Continued):
3
General Long Term Debt Account Group (Continued):
Notes Payable: 3
Stormwater Utility Revenue Promissory Note, Series 1996 -
payable in annual principal installments of $70,000 to $205,000
through 2011 with quarterly interest payments at 4.3% initially, 3
adjusted annually using the five-year Eurodollar rate. $� Q--,9 0
3
Water and SystemRefunding
Sewer and Improvement Revenue Bonds, Series 1993 - In
February 1993, the City issued Water and Sewer System Refunding and Improvement
Revenue Bonds, Series 1993 to finance the refunding of $10,160,000 outstanding Series
1989A and B Water and Sewer System Revenue Bonds.
These bonds are secured by the combined Water and Wastewater Fund operating revenues,
3
interest earnings, impact fees and a first priority pledge of cash payments due from developers.
The major provisions of the ordinances 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.
3
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 debt
service/sinking fund requirements. 1
3) The City shall establish rates which will provide for necessary operating expenses
and 110% of the bond service requirement due that year. 3
4) The City shall provide for the reserve requirement by purchasing a surety bond.
3
3
3
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CITY OF OCOEE, FLORIDA
NOTFS TO FINANCIAL STATFMFNTS - Continued
September 30, 1999
Note 10 -Bonds and Notes Payable (Continued):
Water and Sewer System Improvement Revenue Bonds, Series 1997 - In January 1997,
the City issued Water and Sewer System Improvement Revenue Bonds, Series 1997 to expand
the capacity of and construct and acquire other improvements to the City's Water and Sewer
System (the"System").
These bonds are secured by prior lien upon and pledge of Net Revenues of the System, and
the Water and Sewer system development charges to the extent of the bond service
component (the "Pledged Funds"). Such prior lien and pledge of the Pledged Funds is on a
parity with the lien and pledge granted to the holders of the City's Water and Sewer System
Refunding and Improvement Revenue Bonds, Series 1993.
The major provisions of the ordinances authorizing the revenue bonds are as follows:
1) The City shall establish rates which will provide for necessary operating expenses and
110% of the bond service requirement due that year.
2) The City shall provide for the reserve requirement by purchasing a surety bond.
3) Amounts deposited into Debt Service Fund shall be depleted at least once a year
except for any carryover amount which will not exceed greater of(a) the earnings on
such fund for the immediately preceding bond year and (b) one-twelfth of the debt
service on the Series 1997 Bonds for immediately preceding bond year.
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.
1 2) The City shall provide for the reserve requirement by purchasing a surety bond.
These bonds were partially refunded by the Transportation Refunding and Improvement
Revenue Bonds, Series 1998.
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 10 -Bonds and Notes Payable (Continued):
3
Stormwater Utility Revenue Promissory Note, Series 1996- In May 1996, the City issued a
promissory note to finance the acquisition, construction and improvements of certain
stormwater utility capital improvements.
This note is secured by a pledge of the net revenues of the Stormwater System levied and
collected by the City.
The major provisions of the ordinance authorizing the promissory note are as follows:
3
1) The City shall establish rates which will always provide net revenues in each year
sufficient to pay 115%of the debt service requirement due that year.
3
2) The City shall establish a Reserve Fund and maintain the Reserve Fund
Requirement of $200,000 until such time as the City has maintained a debt
service coverage ratio of at least 1.15 to 1.00 for two consecutive fiscal years.
Transportation Refunding and Improvement Revenue Bonds, Series 1998- In October
1998, the City issued Transportation Refunding and Improvement Revenue Bonds, Series
1998 to refund a portion of the Transportation Refunding and Improvement Revenue
Bonds, Series 1990 and to finance the design, construction, paving and improvement of
certain roads and drainage improvements within the City.
These bonds are secured by a prior lien upon and pledge of Local Option Gas Tax monies
and certain Public Service Taxes (the "Pledged Revenues"). Such prior lien on and pledge
of the Pledge Revenues is on a parity with the lien and pledge granted to the holders of the 3
Series 1990 Bonds described above.
The major provisions of the ordinances authorizing these bonds are as follows:
1) The City shall provide for the reserve requirement by purchasing a surety bond.
2) Amounts deposited into Debt Service Fund shall be depleted at least once a
year except for any carryover amount which will not exceed greater of (a) the
earnings on such fund for the immediately preceding bond year and (ti) one-
twelfth of the debt service on the Series 1998 Bonds for immediately preceding
bond year.
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CITY OF OCOEE, FLORIDA
NOTES TO FINAN .IA STAT M NTS - .ontinu _d
September 30, 1999
Note 10 -Bonds and Notes Payable (Continued):
E. Capital Improvement Refunding Revenue Bonds, Series 1999 - February 1999, the City
issued Capital Improvement Refunding Revenue Bonds, Series 1999 to (1) refund the 1991
Capital Improvement Revenue Bonds, (2) pay off the 1996 Capital Improvement Revenue
Promissory Note and (3)finance certain capital improvements, including the acquisition of land.
These bonds are secured by a pledge of half-cent sales tax revenue received by the City.
The major provisions of the ordinances authorizing these bonds are as follows:
1) The City shall provide for the reserve requirement by purchasing a surety bond.
2) Amounts deposited into Debt Service Fund shall be depleted at least once a
year except for any carryover amount which will not exceed greater of (a) the
1 earnings on such fund for the immediately preceding bond year and (b) one-
twelfth of the debt service on the Series 1998 Bonds for immediately preceding
bond year.
IFollowing is a maturity schedule of outstanding bonds payable:
Year Ended General I ong-Term Ileht Fnterprise Funds Total Debt
Sept_ 30; Principal Interest Principal Interest Sentice
2000 $ 565,500 $ 1,447,455 $ 405,000 $ 940,315 $3,357,770
2001 585,000 1,423,615 420,000 922,477 3,351,092
2002 610,000 1,401,510 440,000 903,366 3,354,876
2003 630,000 1,377,768 460,000 882,477 3,350,245
2004 660,000 1,352,683 485,000 860,156 3,357,839
2005-2009 3,735,000 6,313,838 2,450,000 3,626,486 16,125,324
2010-2014 4,645,000 5,400,763 3,230,000 2,798,706 16,074,469
2015-2019 5,870,000 4,210,015 4,570,000 2,155,075 16,805,090
2020-2024 7,355,000 2,804,125 2,380,000 1,101,093 13,640,218
2025-2029 7,1c15,,(100 897,00n 2.435 000 351, 844 10,878844
I $_31,85(1,00.0 $2A R2R,772 $17 2•-` 00 $14,541,9S5 $90,295,767
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 10 -Bonds and Notes Payable (Continued):
3) The City of Ocoee used $4,394,854 of the proceeds of the Transportation
Refunding and Improvement Revenue Bonds, Series 1998, together with $25,975
previously on deposit in the Transportation Refunding and Improvement Revenue
Bonds Debt Service Fund, to advance refund a portion of the 1990 Series Bonds.
The total of $4,420,829 was deposited with the Escrow Agent to purchase U.S.
Government securities. These securities will be used to provide for debt service
payments until the bonds are called on October 1, 1999. The refunded bonds are
considered defeased and the liability has been removed from the general long-
term debt account group. As a result of the advance refunding,the City reduced its
total debt service requirements by $2,308,831, which resulted in an economic gain
of$2,900,007.
During the year ended September 30, 1999, the following changes in general long-term debt
occurred:
Accrued Capital Bonds and
Annual Lease Notes
I Pave ObIigatinnR Payable_ lotal
Balance at
October 1, 1998 $ 536,492 $1,066,340 $14,525,000 $16,127,832
Additions 110,335 774,064 30,660,000 31,544,399
Principal payments - (6(18,676) (11,43(000) (12,12F076)
Balance at
September 30, 1999 $64� $1 1� $35,543,555
Note 11 -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 equipment.
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.
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 11 -Lease Obligations (Continued):
Equipment under capital leases recorded in the General Fixed Asset Account Group at
September 30, 1999 consists of the following:
Fire Truck $ 180,535
800 MHZ Radio System 720,739
Vehicles and Trucks 1,269,066
Equipment 207598
$2.377.938
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.
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 payments as of September 30:
Year Ending
September 30:
2000 $ 591,640
2001 353,995
2002 209,217
2003 71 743
Total Minimum Lease Payments 1,226,595
Less, Amount Representing Interest 114,887
Present Value of Net Minimum
Lease Payments $1,141,728
The total of assets capitalized under lease-financing arrangements in proprietary fund types is
as follows:
Water and
Wastewater Solid Waste
Eund Eund TntaIR
Vehicles and Equipment $ 229,050 $ 606,658 $ 835,708
Less: Accumulated Amortization (31,322) (198,304) (279,828)
$ 147,728 $ 408,354 $ cciR,ng2 I
Amortization of equipment leased under capital leases is included in depreciation expense.
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CITY OF OCOEE, FLORIDA
1,1 NOTES TO FINANCIAL STATEMENTS - Continued
I, September 30, 1999
Note 11 -Lease Obligations (Continued):
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:
Water and
Year Ending Wastewater Solid Waste
September 30: Fund Eund Totals
L2000 $ 62,705 $ 148,933 $ 211,638
2001 52,271 125,770 178,041
11, 2002 36,543 79,082 115,625
2003 1,'34q 151137 1R,3R6
Total Minimum Lease Payments 152,868 368,822 521,690
I Less: Amount Representing Interest (11,529) (17,716) (29745)
Present Value of Net
Minimum Lease Payments $ 141,339 $ 351,106 $ 492,445
The current and non-current obligation under these capital leases is $189,031 and $303,414,
respectively.
Operating Leases-The City leases office and computer equipment under non-cancelable
operating leases. Rental expenditures for the year ended September 30, 1999 amount to
$40,810 following is a schedule by years of future minimum rentals on these non-cancelable
lir leases as of September 30, 1999:
Year Ending
September 30:
2000 $ 79,665
2001 61,828
2002 8,816
2003 676
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
3
Note 12 -Interfund Receivables and Payables:
The following schedule as of September 30, 1999, represents interfund receivables and
payables:
Interfund Interfund
Fungi ne ReceivahlAR PayahIPR
General Fund $ 11,074 $ -
Capital Projects Funds - 11,074
Pension Trust Funds:
General Employees - 377
Police and Firefighters 377
-
$ 11,451 $ 11,451
Note 13-Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction 1
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. There has been no significant reduction in insurance
coverage from the previous year. There have been no settlements in excess of insurance
coverage in any of the prior three fiscal years.
2
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 1999
Note 14-Segment Information for Enterprise Funds:
The City maintains two enterprise funds which provide water, wastewater, and solid waste
services. Segment information for the year ended September 30, 1999, is as follows:
Water and
Wastewater Solid Waste Intal
Operating Revenues $_.4,529,953 $ 1,482,083
Depreciation and Amortization $ 1,557,700 $ 135,167 $ 1,692,867
Operating Income (Loss) $ (172.211) $___297_612 175,379
Operating Grants $ - $ 3,2h $ 3,208
Operating Transfers:
In $ 90,963 $ - $ 90,963
1
Out $ 601,967 $ 146,071 $ 748,038
Net Income (Loss) $ (737,403) $ 175,194 5A7 2fc)
Current Capital Contributions $ 475,581 $ - $ 475,581
1
Property Additions $_574,562 $-2,51,768 $ 826,330
Property Deletions $ 8,245 $ - $ 8,245
Net Working Capital $ t,_ Jlifi $586,384 1 7ag 5n
Total Assets $47,601,067 $ 1,224,016
Long-Term Debt $.16,74.9,5Z3 $ 217,781
Total Equity R
$2__ ,_49 S 826,597 $29___475?13
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CITY OF OCOEE, FLORIDA
September 30, 1999
Note 15-Contributed Capital:
The following is a summary of changes in contributed capital of the water and wastewater fund
during the year ended September 30, 1999:
Contributed Capital- Beginning of Year $25,437,939
Additions (Reductions)
Connection Fees 235,814
Developers 239,767
Depreciation on Contributed Assets (410,)48)
Contributed Capital- End of Year 25=472
Note 16 -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.
Other—During the year ended September 30, 1999,the City stopped collecting interim service I
fees because the Supreme Court determined that interim service fees were not a valid special
assessment or fee. There is no pending litigation involving the City and therefore, no accrual of
an estimated loss contingency has been made.
Note 17 -Commitments:
At September 30, 1999, the City had entered into contracts for construction in the amount of
$1,696,635.
Note 18 -Subsequent Events:
In December 1999, the City acquired real property costing $1,127,541 to be used for a public
works facility. Also, pursuant to an Inter Local Agreement between the City of Ocoee and the
School Board of Orange County, the City paid $475,000 in connection with the acquisition of
real property for a park in November 1999.
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COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP STATEMENTS
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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.
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GENERAL FUND
C.
The General Fund is the principal fund of the City and is used to account for
all activities not included in other funds.
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CITY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
For the Year Ended September 30, 1999
1 Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes:
Property taxes $ 3,183,600 $ 3,162,838 $ (20,762)
Franchise taxes 1,287,280 1,201,185 (86,095)
Utility taxes 1,849,220 1,844,859 (4,361)
6,320,100 6,208,882 (111,218)
Licenses and permits:
Building permits 695,290 784,615 89,325
Occupational license 277,500 282,395 4,895
972,790 1,067,010 94,220
Intergovernmental revenues: -
Cigarette tax 105,900 103,013 (2,887)
State revenue sharing 552,340 561,937 9,597
Sales tax 2,620,600 2,640,530 19,930
ill Other state shared revenue 91,085 69,509 (21,576)
County 6 cent gax tax 801,110 826,684 25,574
Other county shared revenue 90,000 135,836 45,836
Federal grants 187,000 138,888 (48,112)
4,448,035 4,476,397 28,362
Charges for services:
Fire contract 450,490 431,556 (18,934)
Program activity fees 91,500 111,036 19,536
City staff charges 8,900 12,071 3,171
550,890 554,663 3,773
E. Fines and forfeitures:
Fines and forfeitures 125,500 192,015 66,515
Investment income:
EInvestment income 123,500 137,330 13,830
Miscellaneous revenues:
Zoning and election fees 27,800 43,670 15,870
1 Other 206,100 130,088 (76,012)
233,900 173,758 (60,142)
Total Revenues $ 12,774,715 $ 12,810,055 $ 35,340
(Continued)
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CITY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
IFor the Year Ended September 30, 1999
Variance
Favorable
Budget Actual (Unfavorable)
Expenditures:
General government:
Legislative $ 214,795 $ 181,259 $ 33,536
Executive 924,450 798,356 126,094
Finance and administrative 918,680 858,956 59,724
Legal 282,100 290,625 (8,525)
Planning and zoning 447,910 410,208 37,702
fr General government 394,151 123,964 270,187
Building maintenance 287,645 262,789 24,856
3,469,731 2,926,157 543,574
1. Public safety:
Law enforcement 4,154,150 3,722,244 431,906
Fire control 2,907,130 2,721,022 186,108
Protective inspections 752,650 717,867 34,783
E. 7,813,930 7,161,133 652,797
Physical environment:
Roads and streets 1,965,947 1,605,418 360,529
E. Culture and recreation:
Parks and recreation 608,652 506,737 101,915
Debt service:
ti, Principal retirement - 519,364 (519,364)
Interest and fiscal charges - 55,216 (55,216)
- 574,580 (574,580)
Total expenditures 13,858,260 12,774,025 1,084,235
Excess(Deficiency)of Revenues
Over Expenditures (1,083,545) 36,030 1,119,575
Other Financing Sources (Uses):
Operating transfers in 2,354,270 2,258,864 (95,406)
Operating transfers out (1,720,725) (1,736,651) (15,926)
Net other financing sources (uses) 633,545 522,213 (111,332)
1 Excess(Deficiency)of Revenues and Other
Sources over Expenditures and Other Uses (450,000) 558,243 1,008,243
Fund Balance-Beginning of Year 450,000 1,804,754 1,354,754
1
Fund Balance-End of Year $ - $ 2,362,997 $ 2,362,997
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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
Road Impact - Accounts for the Road Impact fees collected and for disbursements
made for the purpose of planning, acquisition, expansion, and
development of off-site improvements to the road system.
Recreation - 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 the 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
1 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.
Fire Impact - Accounts for Fire Impact fees collected and for disbursements made for
the purpose of acquisition of facilities and equipment determined to be
needed to provide fire protection for new development within the City.
Police Impact - Accounts for Police Impact fees collected and for disbursements made
for the purpose of acquisition of facilities and equipment determined to
be needed to provide police protection for new development within the
City.
Ocoee Recreation - Accounts for fees collected for various athletic leagues.
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CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
September 30, 1999
13
Road Interim
Impact Recreation _ Stormwater Services
3
Assets:
Cash and cash equivalents $ 1,213,475 $ 344,171 $ 124,532 $ 8,110
Investments 4,431,653 294,276 48,923 - I
Receivables-net 21,372 - 93,976 -
Total assets $ 5,666,500 $ 638,447 $ 267,431 $ 8,110
Liabilities and Fund Balances:
Liabilities:
Accrued liabilities $ - $ - $ 7,957 $ -
Deferred revenue - 3,996 6,728 -
Total liabilities - 3,996 14,685 -
Fund Balances:
Reserved:
Renewal and replacement - - 82,757 -
Unreserved:
Designated for subsequent3
year's budget 5,666,500 634,451 169,989 8,110
Total fund balances 5,666,500 634,451 252,746 8,110
Total liabilities and fund balances $ 5,666,500 $ 638,447 $ 267,431 $ 8,110
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ETotal
Special
Police Police Fire Police Ocoee Revenue
Training Trust Impact Impact Recreation Funds
$ 26,799 $ 199,349 $ 696,329 $ 187,279 $ 4,503 $ 2,804,547
I. 1,044,212 73,481 - 5,892,545
115,348
I $ 26,799 $ 199,349 $ 1,740,541 $ 260,760 $ 4,503 $ 8,812,440
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$ - $ - $ - $ - $ - $ 7,957
_L. - - - - 10,724
- - -
-
$ 18,681
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- - - - - 82,757
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26,799 199,349 1,740,541 260,760 4,503 8,711,002
1 26,799 199,349 1,740,541 260,760 4,503 8,793,759
$ 26,799 $ 199,349 $ 1,740,541 $ 260,760 $ 4,503 $ 8,812,440
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
For the Year Ended September 30, 1999 3
3
Road Interim
Impact Recreation Stormwater Services
Revenues: 3
Intergovernmental revenues $ - $ - $ - $ -
Charges for services - - - -
Fines and forfeitures - - - -
Impact fees/special assessments 818,657 144,366 996,695 24,323
Investment income 158,108 20,229 8,367 525
3
Miscellaneous revenues 908 900 -
Total revenues 977,673 164,595 1,005,962 24,848
Expenditures:
Current:
Public safety - - - -
Physical environment 240,695 - 518,516 -
Culture and recreation - 103,330 - -
Debt Service:
Principal retirement - - 74,914 -
Interest and fiscal charges - - 7,549 -
Total expenditures 240,695 103,330 600,979 -
Excess(Deficiency)of Revenues
over Expenditures 736,978 61,265 404,983 24,848
Other Financing Sources(Uses):
Operating transfers in 346,175 - - -
Operating transfers out (1,301,699) (50,000) (376,178) (29,229)
Capital lease proceeds - - 18,999 -
Net other financing sources (uses) (955,524) (50,000) (357,179) (29,229)
3
Excess (Deficiency)of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses (218,546) 11,265 47,804 (4,381)
Fund Balance-Beginning of Year 5,885,046 623,186 204,942 12,491
Fund Balance- End of Year $ 5,666,500 $ 634,451 $ 252,746 $ 8,110
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Total
Special
Police Police Fire Police Ocoee Revenue
Training Trust Impact Impact Recreation Funds
$ 11,823 $ - $ - $ - $ - $ 11,823
I - 16,264 - 35,806 52,070
4,843 185,035 - - 189,878
344,465 121,431 - 2,449,937
E. 1,264 8,117 49,678 10,942 366 257,596
68 1,876
17,930 193,152 410,475 132,373 36,172 2,963,180
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1 4,068 69,902 228,364 19,396 - 321,730
759,211
- - - - 31,669 134,999
L _
- 104,389 - - 179,303
4,055 - - 11,604
ii, 4,068 69,902 336,808 19,396 31,669 1,406,847
13,862 123,250 73,667 112,977 4,503 1,556,333
iii _ _ _ 346,175
- - (256,540) (92,548) - (2,106,194)
- - 26,180 - - 45,179
Et _ - (230,360) (92,548) - (1,714,840)
1 13,862 123,250 (156,693) 20,429 4,503 (158,507)
I12,937 76,099 1,897,234 240,331 - 8,952,266
$ 26,799 $ 199,349 $ 1,740,541 $ 260,760 $ 4,503 $ 8,793,759
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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
and Improvement 1990 Transportation Refunding and Improvement
Revenue Bonds Revenue Bonds which funded the design, construction,
paving and improvement of roads and related drainage
improvements within the City.
Capital Improvement - Accounts' for the principal and interest payments on the
Revenue Bonds 1991 Capital Improvement Revenue Bonds which funded
the construction of the new City Hall and the expansion of
the police department facility. These bonds were refunded
with the 1999 Capital Improvement Refunding Revenue
Bonds.
Stormwater Revenue - Accounts for the principal and interest payments on the
Promissory Note 1996 Stormwater Revenue Promissory Note issued to
acquire, construct, and improve certain stormwater utility
ft. capital improvements.
Capital Improvement - Accounts for the principal and interest payments on the
Revenue Promissory Note 1996 Capital Improvement Revenue Promissory Note
issued to finance certain capital projects including two fire
stations, a gymnasium and recreational facility, and a
public works facility. This Note was paid off with the 1999
Capital Improvement Refunding Revenue Bonds.
Transportation Refunding - Accounts for Principal and interest payments on the 1998
and Improvement Transportation Refunding and Improvement Revenue
Revenue Bonds, Series Bonds issued to refund a portion of the 1990
1998 Transportation Refunding and Improvement Revenue
Bonds and to finance the design, construction, paving and
improvement of certain roads and drainage improvements
within the city.
Capital Improvement - Accounts for principal and interest payments on the 1999
Refunding Revenue Capital Improvement Refunding Revenue Bonds, issued to
Bonds, Series 1999 (1) refund the 1991 Capital Improvement Revenue Bonds,
(2)pay off 1996 Capital Improvement Revenue Promissory
Note and (3) finance certain capital improvements,
including acquisition of land.
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CITY OF OCOEE, FLORIDA
• COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
September 30, 19993
Transportation
Transportation Stormwater Refunding and
Refunding And Revenue Improvement
Improvement Promissory Revenue Bonds
Revenue Bonds Note Series 1998
3
Assets:
Cash and cash equivalents $ 28,070 $ 36,170 $ 3,588
Restricted assets: 3
Investments - 207,426 -
Cash with paying agent 246,679 138,421 569,280
Accrued interest receivable - 4,761 -
Total assets $ 274,749 $ 386,778 $ 572,868
Liabilities and Fund Balances: 3
Liabilities:
Matured bonds payable $ 185,000 $ 115,000 $ 150,000
Matured interest payable 61,679 23,421 419,280 3
Total liabilities 246,679 138,421 569,280
Fund Balances: 3
Reserved for debt service 28,070 248,357 3,588
Total liabilities and fund balances $ 274,749 $ 386,778 $ 572,868
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Capital
Improvement Total
Refunding Debt
Revenue Bonds Service
Series 1999 Funds
$ 71,529 $ 139,357
207,426
403,914 1,358,294
4,761
$ 475,443 $ 1,709,838
$ 150,000 $ 600,000
253,914 758,294
403,914 1,358,294
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71,529 351,544
$ 475,443 $ 1,709,838
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
For the Year Ended September 30, 1999 1
Transportation Capital Stormwater 3
Refunding And Improvement Revenue
Improvement Revenue Promissory
Revenue Bonds Bonds Note3
Revenues:
Investment income $ 9,743 $ 4,243 $ 10,8401
Total revenues 9,743 4,243 10,840
Expenditures
Debt Service:
Bond principal payments 185,000 - 115,000
Bond interest and fiscal charges 125,226 - 92,880
Bond issuance costs - - -
Advance refunding escrow 25,976 332,500 -
Current refunding - - 3
-
Total expenditures 336,202 332,500 207,880
Excess(Deficiency)of Revenues
over Expenditures (326,459) (328,257) (197,040)
Other Financing Sources(Uses)
Operating transfers in 310,035 61,914 207,920
Operating transfers out - (81,363) -
Proceeds of refunding bonds 4,394,854 1,814,744 3
-
Payment to refunded bond escrow agent (4,394,854) (1,814,744) -
Current refunding - - -
Net other financing sources (uses) 310,035 (19,449) 207,9203
Excess(Deficiency)of Revenues and
Other Financing Sources over3
Expenditures and Other Financing Uses (16,424) (347,706) 10,880
Fund Balance-Beginning of Year 44,494 347,706 237,477
3
Fund Balance- End of Year $ 28,070 $ - $ 248,357
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Capital Transportation Capital
Improvement Refunding and Improvement Total
Revenue Improvement Refunding Debt
Promissory Revenue Bonds Revenue Bonds Service
Note Series 1998 Series 1999 Funds
it $ 8,811 $ _ 12,212 $ 8,065 $ 53,914
8,811 12,212 8,065 53,914
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255,000 150,000 150,000 855,000
52,439 794,804 325,906 1,391,255
- 456,492 295,740 752,232
-
358,476
479,090 - - 479,090
786,529 1,401,296 771,646 3,836,053
L. (777,718) (1,389,084) (763,581) (3,782,139)
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347,166 936,180 539,370 2,402,585
(124,166) - - (205,529)
3,903,275 456,492 295,740 10,865,105
- - - (6,209,598)
(3,903,275) - - (3,903,275)
1223,000 1,392,672 835,110 2,949,288
(554,718) 3,588 71,529 (832,851)
I554,718 - - 1,184,395
$ - $ 3,588 $ 71,529 $ 351,544
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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
construction project.
Stormwater Improvement - Accounts for the proceeds of the 1996 Stormwater
Revenue Promissory Note issued to acquire, construct,
and improve certain stormwater utility capital
improvements.
Computer Acquisition - Accounts for funds budgeted for the acquisition and
installation of a new computer system.
Capital Improvement - Accounts for the proceeds of the 1996 Capital
Improvement Revenue Promissory Note issued to finance
certain capital projects including two fire stations, a
gymnasium and recreational facility, and a public works
facility.
Capital Projects Reserve - Accounts for transfers from the General Funds for certain
capital projects including City Hall/Police siding and trim
project, sidewalks, and public restrooms at Starke Lake.
Transportation - Accounts for proceeds of the 1998 Transportation
Improvements, 1998 Bond Refunding and Improvement Revenue Bonds issued to
Issue finance the design, construction, paving and improvement
of certain roads and drainage improvements within the
City.
Capital Improvements, - Accounts for proceeds of the 1999 Capital Improvement
1999 Bond Issue Refunding Revenues Bonds Issued to finance certain
capital improvements, including acquisition of land.
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CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS 3
September 30, 1999
3
Road Stormwater Computer Capital
Construction Improvement Acquisition Improvement
Assets: 3
Cash and cash equivalents $ 201,108 $ 632,733 $ 73,880 $ 156,093
Investments - - - 396,472
Accounts Receivable 26 7,848 - 4,621
Total assets $ 201,134 $ 640,581 $ 73,880 $ 557,186
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Liabilities and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ 17,500 $ -
Retainage payable 8,574 - 8,565
Due to other funds - - - -
Total liabilities - 8,574 17,500 8,565 3
Fund Balances:
Unreserved:
Designated for capital projects 201,134 632,007 56,380 548,621
Total liabilities and fund balances $ 201,134 $ 640,581 $ 73,880 $ 557,186
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Capital Transportation Capital Total
Capital
Projects Improvements Improvements Projects
Reserve 1998 Bond Issue 1999 Bond Issue Funds
$ 296,355 $ 1,819,350 $ 873,843 $ 4,053,362
11,099,732 4,295,923 15,792,127
-
73,773 23,935 110,203
$ 296,355 $ 12,992,855 $ 5,193,701 $ 19,955,692
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22,053 - 39,192
- 11,074 - 11,074
-
33,127 - $ 67,766
L.
296,355 12,959,728 5,193,701 19,887,926
$ 296,355 $ 12,992,855 $ 5,193,701 $ 19,955,692
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, 3
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL CAPITAL PROJECT FUNDS
For the Year Ended September 30, 1999
3
Road Stormwater Computer
Construction Improvement Acquisition
3
Revenues:
Investment income $ 9,609 $ 56,689 $ 3,515
Miscellaneous revenues 123 7,848 -
Total revenues 9,732 64,537 3,515
Expenditures
Capital outlay:
General government - - 687
Public Safety - - -
Physical environment - 964,265 -
Culture and recreation - - -
Total expenditures - 964,265 687 3
Excess (Deficiency) of Revenues
over Expenditures 9,732 (899,728) 2,828
Other Financing Sources(Uses) 3
Operating transfers in - - -
Operating transfers out - - -
Proceeds of refunding bonds - 3- -
Net other financing sources (uses) - - -
Excess (Deficiency)of Revenues and
3
Other Financing Sources over
Expenditures and Other Financing Uses 9,732 (899,728) 2,828
Fund Balances -Beginning of Year 191,402 1,531,735 53,552 3
Fund Balances -End of Year $ 201,134 $ 632,007 $ 56,380
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Capital Transportation Capital Total
Capital
Capital Projects Improvements Improvements Project
Improvements Reserve 1998 Bond Issue 1999 Bond Issue Funds
$ 71,076 $ 20,764 $ 559,501 $ 63,899 $ 785,053
1,,, - - - - 7,971
71,076 20,764 559,501 63,899 793,024
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224,731 - 4,758 230,176
22,129 - - 3,128 25,257
393,498 - 1,159,927 4,290 2,521,980
1,478,394 - - 3,213 1,481,607
1,894,021 224,731 1,159,927 15,389 4,259,020
1 (1,822,945) (203,967) (600,426) 48,510 (3,465,996)
44,000 - - - 44,000
- (346,175) - (346,175)
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- _ 13,906,329 5,145,191 19,051,520
44,000 13,560,154 5,145,191 18,749,345
(1,778,945) (203,967) 12,959,728 5,193,701 15 283 349
1 2,327,566 500,322 - - 4,604,577
$ 548,621 $ 296,355 $ 12,959,728 $ 5,193,701 $ 19,887,926
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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 and Wastewater - Accounts for the operations of the City's water system and
wastewater collection and treatment plant which provides
water and wastewater service to the residents of the City.
All activities necessary to provide such service are
accounted for in this fund.
Solid Waste - 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.
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CITY OF OCOEE, FLORIDA 3
COMBINING BALANCE SHEET
ALL ENTERPRISE FUNDS
September 30, 1999
Water Total
And Enterprise
Wastewater Solid Waste Funds
s
Assets: 3
Current assets:
Cash and cash equivalents $ 704,865 $ 583,331 $ 1,288,196
Investments 811,030 46,931 857,961
Receivables (net of allowance for uncollectibles) 601,602 127,534 729,136
Inventory-materials 22,152 - 22,152
Due from other governments - 8,226 8,226
Prepaid costs 2,259 - 2,259
Total current assets 2,141,908 766,022 2,907,930
Restricted assets: I
Cash and cash equivalents 2,671,763 - 2,671,763
Investments 10,306,389 - 10,306,389
Cash with paying agent 875,157 - 875,157
Total restricted assets 13,853,309 - 13,853,309
Fixed assets:
Property, plant and equipment 38,512,707 1,587,701 40,100,408
Less: accumulated depreciation (11,726,501) (1,129,707) (12,856,208)
Construction in progress 4,118,853 - 4,118,853
Total fixed assets-net 30,905,059 457,994 31,363,053
Other assets:
Assessments receivable 161,730 - 161,730
Unamortized bond issuance costs 539,061 - 539,061
Total other assets 700,791 - 700,791
Total assets $ 47,601,067 $ 1,224,016 $ 48,825,083
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IWater Total
And Enterprise
Wastewater Solid Waste Funds
Liabilities and Fund Equity:
Current liabilities (payable from current assets):
Accounts payable $ 431,907 $ - $ 431,907
Retainage payable 231,445 - 231,445
Accrued expenses 209,984 46,313 256,297
Obligations under capital leases 55,706 133,325 189,031
Total current liabilities (payable from
current assets) 929,042 - 179,638 1,108,680
Current liabilities (payable from restricted assets):
Customer deposits 398,178 - 398,178
Revenue bonds payable 405,000 - 405,000
Accrued interest payable 470,158 - 470,158
Total current liabilities (payable from -
restricted assets) 1,273,336 1,273,336
Long-term liabilities:
E, Revenue bonds payable 16,663,940 - 16,663,940
Obligations under capital leases 85,633 217,781 303,414
Total long-term liabilities 16,749,573 217,781 16,967,354
Total liabilities 18,951,951 397,419 19,349,370
Fund Equity:
Contributed capital 25,503,472 - 25,503,472
Retained earnings:
Reserved for renewal and replacement 2,413,283 191,177 2,604,460
Unreserved 732,361 635,420 1,367,781
Total retained earnings 3,145,644 826,597 3,972,241
Total fund equity 28,649,116 826,597 29,475,713
Total liabilities &fund equity $ 47,601,067 $ 1,224,016 $ 48,825,083
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
For the Year Ended September 30, 1999
Water Total
And Enterprise
Wastewater Solid Waste Funds
E.
Operating Revenues:
User charges $ 4,529,953 $ 1,482,083 $ 6,012,036
Operating Expenses:
Personal services 1,772,630 419,375 2,192,005
Materials and supplies 561,839 292,629 854,468
Heat, light and power 373,224 373,224
Depreciation and amorization 1,557,700 135,167 1,692,867
Other expenses 436,793 332,514 769,307
I Recycling expenses -
4,786 4,786
Total operating expenses 4,702,186 1,184,471 5,886,657
Operating income(loss) (172,233) 297,612 125,379
Nonoperating Revenue (Expenses):
Grant revenue - 3,208 3,208
Investment Income 755,205 38,719 793,924
Interest expense (810,413) (17,504) (827,917)
Gain (loss)on disposal of fixed assets 1,042 (770) 272
I Total nonoperating revenue (expense) (54,166) 23,653 (30,513)
Income(loss) before operating transfers (226,399) 321,265 94,866
Operating Transfers:
Operating transfers in 90,963 - 90,963
Operating transfers out (601,967) (146,071) (748,038)
Net operating transfers (511,004) (146,071) (657,075)
INet income(loss) $ (737,403) $ 175,194 $ (562,209)
Disposition of Net Income (Loss):
Net income (loss) $ (737,403) $ 175,194 $ (562,209)
Depreciation on fixed assets acquired from contributions 410,048 - 410,048
Net increase(decrease) in retained earnings (327,355) 175,194 (152,161)
Retained Earnings -Beginning of Year 3,472,999 651,403 4,124,402
I, Retained Earnings -End of Year $ 3,145,644 $ 826,597 $ 3,972,241
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS3
For the Year Ended September 30, 1999
Water Total3
And Enterprise
Wastewater Solid Waste Funds
Cash Flows from Operating Activities:
Receipts from customers $ 4,485,094 $ 1,471,072 $ 5,956,166
Payments to suppliers (732,488) (630,049) (1,362,537) II
Payments to employees (1,740,940) (404,474) (2,145,414)
Net cash provided by operating activities 2,011,666 436,549 2,448,215
Cash Flows from Non-Capital Financing Activities:
Net operating transfers in(out) (511,004) (146,071) (657,075)
Receipts from grants - 3,208 3,208
Net cash provided (used)by non-capital financing activities (511,004) (142,863) (653,867)
Cash Flows from Capital and Related Financing Activities
Proceeds from sale of equipment 1,042 - 1,042
Acquisition of fixed assets (255,651) (31,816) (287,467)
Additions to construction in progress (3,573,659) - (3,573,659)
Principal paid on bonds and leases (442,019) (116,801) (558,820)
Interest paid on bonds and leases (961,577) (17,504) (979,081)
Capital contributions received 235,814 � 235,814
Cash received on assessments receivable 44,447 44,447
Net cash provided (used)by capital and related financing activities (4,951,603) (166,121) (5,117,724)
Cash Flows from Investing Activities
Sales of investments 809,935 - 809,935
Investment income 758,505 39,159 797,664
Net cash provided(used)by investing activities 1,568,440 39,159 1,607,599
Net Increase(Decrease) in Cash and Cash Equivalents (1,882,501) 166,724 (1,715,777)
Cash and Cash Equivalents at Beginning of Year 6,134,286 416,607 6,550,893
Cash and Cash Equivalents at End of Year $ 4,251,785 $ 583,331 $ 4,835,116
Classified As:
Current assets $ 704,865 $ 583,331 $ 1,288,196
Restricted assets 3,546,920 - 3,546,920
Total $ 4,251,785 $ 583,331 $ 4,835,116
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Water Total
And Enterprise
Wastewater Solid Waste Funds
Reconciliation of Operating Income (Loss)to
Net Cash Provided by Operating Activities:
Operating income (loss) $ (172,233) $ 297,612 $ 125,379
Adjustments Not Affecting Cash:
Depreciation 1,532,676 135,167 1,667,843
Amoritization 25,024 - 25,024
Change in Assets and Liabilities:
Increase in accounts receivable (58,986) (11,011) (69,997)
Increase in prepaid costs (2,259) - (2,259)
Increase (decrease)in accounts payable 410,182 (120) 410,062
Increase in accrued expenses 31,690 14,901 46,591
Increase in retainage payable 231,445 - 231,445
Decrease in deferred revenue (40,006) - (40,006)
Increase in customer deposits 54,133 54,133
Total adjustments 2,183,899 138,937 2,322,836
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Net Cash Provided by Operating Activities $ 2,011,666 $ 436,549 $ 2,448,215
1.
Noncash Investing, Capital and Financing Activities:
Contributed property, plant and equipment $ 239,767 $ - $ 239,767
Decrease in the fair value of investments (3,300) (440) (3,740)
Obligation under capital lease for acquisition
of equiment 79,144 219,952 299,096
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FIDUCIARY FUND TYPES
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
Description of Funds
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.
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF PENSION FUND NET ASSETSI
September 30, 1999
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Pension Trust Funds
General Police and
Employees Firefighters Totals
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Assets:
Cash and short-term investments $ 35,690 $ 40,216 $ 75,906
Receivables:
Employer contribution 18,490 22,708 41,198
Employee contribution 14,221 12,300 26,521
Total receivables 32,711 35,008 67,719
Due from other funds - 377 377
Investments, at fair value:
Commingled bank bond fund 2,498,182 2,926,354 5,424,536
Commingled bank stock fund 3,128,641 3,857,892 6,986,533
Total investments 5,626,823 6,784,246 12,411,069
Total assets 5,695,224 6,859,847 12,555,0711
Liabilities:
Due to other funds 377 - 377
Total liabilities 377 - 377
Net Assets Held in Trust for Pension Benefits
(A schedule of funding progress for each
Plan is presented on page 32) $ 5,694,847 $ 6,859,847 $ 12,554,694
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
ii
For the Year Ended September 30, 1999
Pension Trust Funds
General Police and
r Employees Firefighters Totals
Additions:
I. Contributions:
Employer $ 443,771 $ 544,993 $ 988,764
State - 114,320 114,320
Plan Members 350,735 277,198 627,933
Total contributions 794,506 936,511 1,731,017
Investment income:
Net appreciation in fair value investments 570,328 663,770 1,234,098
Interest 4,656 22,188 26,844
574,984 685,958 1,260,942
Less investment expense
(38,803) (53,652) (92,455)
Net investment income 536,181 632,306 1,168,487
Total additions 1,330,687 1,568,817 2,899,504
Deductions:
Benefits 115,079 127,597 242,676
Administrative expenses 21,685 15,378 37,063
Total deductions 136,764 142,975 279,739
Net Increase 1,193,923 1,425,842 2,619,765
Net Assets Held in Trust for Pension Benefits:
i Beginning of year 4,500,924 5,434,005 9,934,929
L End of year $ 5,694,847 $ 6,859,847 $ 12,554,694
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ACCOUNT GROUPS
General Fixed Assets - To account for all fixed assets of the City, other than those
Account Group accounted for in the Enterprises Funds.
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CITY OF OCOEE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS -BY FUNCTION AND ACTIVITY
For the Year Ended September 30, 1999
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Culture
General Public Physical And
Government Safety Environment Recreation Total
Land $ 453,792 $ 188,621 $ 766,611.00 $ 357,371 $ 1,766,395
Buildings 1,944,220 2,817,267 378,847 2,265,652 7,405,986
Improvements 552,840 63,125 132,419 1,047,378 1,795,762
Equipment 850,254 3,959,689 1,531,880 393,915 6,735,738
Construction in Progress - 3,128 59,660 6,870 69,658
Total $ 3,801,106 $ 7,031,830 $ 2,869,417 $ 4,071,186 $ 17,773,539
Deletions
Balance and Balance
10-01-98 Additions Transfers 09-30-99
1 General Government $ 3,502,846 $ 336,064 37,804 $ 3,801,106
Public Safety 5,489,386 1,617,598 78,282 7,028,702
Physical Environment 2,223,882 663,121 77,246 2,809,757
Culture& Recreation 1,745,599 2,345,127 26,410 4,064,316
Construction in Progress 1,462,886 2,041,488 3,434,716 69,658
Total $ 14,424,599 $ 7,003,398 $ 3,654,458 $ 17,773,539
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STATISTICAL SECTION
The statistical schedules differ from other financial statement presentations
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.
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STATISTICAL SECTION
LIST OF SCHEDULES
General Governmental Expenditures and Other FinancingUses
P
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
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
CITY OF OCOEE, FLORIDA 111
GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER FINANCING USES 3
Last Ten Fiscal Years
3
Fiscal Total (a) General Public Physical
3
Year Expenditures % Government % Safety % Environment(2)
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 19.8% 4,253,374 49.3% 1,103,372
1995 8,808,659 100.0% 1,912,088 21.7% 4,373,302 49.6% 1,125,206
1996 9,362,905 100.0% 1,907,097 20.4% 4,689,003 50.1% 1,151,049
1997 11,217,057 100.0% 2,432,702 21.7% 5,826,668 51.9% 1,162,242
1998 13,967,349 100.0% 2,826,467 20.2% 6,890,597 49.3% 1,522,812
1999 15,239,562 100.0% 2,945,543 19.3% 7,532,736 49.4% 1,857,066 1
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(a)This schedule includes expenditures of the General Fund only.
(b)Beginning 1992, debt service on capital leases was reported as an expenditure of the
General Fund. Prior to 1992,these debt service amounts were transferred to the Debt3
Service Fund and reported as an expenditure in the Debt Service Fund.
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1 oh Culture and Debt(b) Transfers to
Recreation % Service % Other Funds
11.2% $ 202,206 4.0% $ - 0.0% $ 214,733 4.2%
11.8% 167,749 2.7% - 0.0% 681,279 10.8%
11.2% 152,762 2.4% 41,626 0.7% 942,438 14.9%
13.5% 179,232 2.7% 79,723 1.2% 509,572 7.6%
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%
12.3% 417,495 4.5% 133,416 1.4% 1,064,845 11.4%
1 10.4% 466,593 4.2% 339,375 3.0% 989,477 8.8%
10.9% 628,211 4.5% 403,034 2.9% 1,696,228 12.2%
12.2% 592,985 3.9% 574,581 3.8% 1,736,651 11.4%
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CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL REVENUES
AND OTHER FINANCING SOURCES
Last Ten Fiscal Years
3
Licenses Inter-
Fiscal Total(a) And Governmental
Year Revenues % Taxes % Permits % Revenues ok
1
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 31.6%
1992 6,981,337 100.0% 2,631,241 37.7% 488,522 7.0% 1,967,790 28.2%
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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 7.1% 2,684,446 29.9%
1996 10,263,930 100.0% 4,269,994 41.6% 850,427 8.3% 3,088,521 30.1%
1997 11,744,062 100.0% 4,966,592 42.3% 879,650 7.5% 3,368,182 28.7%
1998 13,623,375 100.0% 5,733,592 42.1% 856,448 6.3% 4,160,011 30.5%
1999 15,797,804 100.0% 6,208,882 39.3% 1,067,010 6.8% 4,476,397 28.3%
(a)This schedule includes expenditures of the General Fund only.
3
(b) Other financing sources for 1995 includes a residual equity transfer of$53,640.
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Charges Other
For Fines and Investment Misc. Financing
Services % Forfeitures % Income % Income % Sources
0/0
$ 66,231 1.3% $ 105,927 2.1% $ 17,097 0.3% $ 98,723 2.0% $ 291,260 5.8%
94,690 1.6% 81,615 1.4% 7,825 0.1% 18,395 0.3% 882,798 15.1%
76,923 1.1% 97,184 1.4% 11,045 0.2% 165,148 2.4% 1,543,484 22.1%
83,404 1.2% 83,583 1.2% 28,339 0.4% 64,096 0.9% 1,055,188 14.7%
1 95,109 1.1% 102,024 1.2% 29,551 0.4% 84,520 1.0% 1,660,183 19.7%
138,481 1.5% 93,007 1.0% 9,329 0.1% 79,007 0.9% 1,535,080 17.1%
186,163 1.8% 101,895 1.0% 89,666 0.9% 108,379 1.1% 1,568,885 15.3%
208,119 1.8% 75,483 0.6% 146,357 1.2% 163,504 1.4% 1,936,175 16.5%
351,846 2.6% 120,259 0.9% 163,241 1.2% 103,355 0.8% 2,134,623 15.7%
554,663 3.5% 192,015 1.2% 137,330 0.9% 173,758 1.1% 2,987,749 18.9%
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CITY OF OCOEE, FLORIDA I
TAX REVENUE BY SOURCE
1
Last Ten Fiscal Years
3
Property Franchise Utility Total1
Fiscal Year Taxes Taxes Taxes Taxes
1990 $ 844,080 $ 433,529 $ 689,676 $ 1,967,2853
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
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1994 1,647,742 777,783 1,041,187 3,466,712
1995 1,803,405 856,678 1,159,127 3,819,210
1996 1,953,410 969,107 1,347,477 4,269,994
1997 2,243,488 1,145,834 1,577,270 4,966,592 1
1998 2,872,599 1,132,896 1,728,097 5,733,592 1
1999 3,162,838 1,201,185 1,844,859 6,208,882
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CITY OF OCOEE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
REAL AND BUSINESS TANGIBLE PERSONAL PROPERTY
Last Ten Fiscal Years
Percentage of
Total Total Tax Total Collections
Fiscal Year Tax Levy Collections Delinquent To Tax Levy
1990 $ 847,080 $ 844,080 $ 3,000 99.65%
1 1991 1,064,847 $ 1,061,160 3,687 99.65%
1992 1,338,563 1,295,309 4,745 96.77%
1 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%
1 1996 2,022,628 1,953,410 2,247 96.58%
1997 2,329,421 2,243,488 1,388 96.31%
1 1998 3,004,905 2,872,599 - 95.60%
1999 3,285,462 3,162,838 - 96.27%
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CITY OF OCOEE, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
NET OF EXEMPTIONS
Last Ten Fiscal Years
3
Real Property Personal Property 3
Assessed Estimated Assessed Estimated
Fiscal Year Value Actual Value Value Actual Value
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
1
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 3
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
1996 463,889,629 463,889,629 41,767,259 41,767,2593
1997 541,006,278 541,006,278 41,348,867 41,348,867
1998 682,982,233 682,982,233 68,244,023 68,244,023 1
1999 747,443,436 747,443,436 73,922,097 73,922,097
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Totals
Assessed Estimated
Value Actual Value
$ 218,591,694 $ 235,206,327
273,650,322 287,200,145
334,640,837 350,755,279
1 375,807,867 375,807,867
424,437,664 424,437,664
469,310,003 469,310,003
505,656,888 505,656,888
582,355,145 582,355,145
751,226,256 751,226,256
821,365,533 821,365,533
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CITY OF OCOEE, FLORIDAI
PROPERTY TAX RATES AND TAX LEVIES
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
3
Millage Rates($1 per$1,000 of taxable value)
Fiscal City of Orange School3
Year Ocoee County Board Total (a)
1990 4.00 5.2889 8.271 17.5599
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919
1993 4.00 5.2889 8.93 18.2189
1994 4.00 5.2889 8.93 18.2189
1995 4.00 5.2889 9.324 18.6129
1996 4.00 5.2889 9.375 18.6639
1997 4.00 5.2889 9.177 18.46593
1998 4.00 5.2889 9.077 18.3659
1999 4.00 5.2889 9.042 18.3309
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Tax Levies
Fiscal City of Orange School
Year Ocoee County Board Total (a)
1990 847,080 135,534,312 242,412,856 378,794,2483
1991 1,064,847 155,011,166 287,746,102 443,822,115
1992 1,338,563 166,541,712 290,845,109 458,725,384
1993 1,503,231 170,859,789 280,973,951 453,336,971
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
1996 2,022,628 186,439,938 330,479,770 518,942,336
1997 2,329,421 196,778,976 341,439,747 540,548,144
1998 3,004,905 198,742,271 366,170,753 567,917,929
1999 3,285,462 284,615,135 393,750,228 681,650,825
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(a) Tax Rates and Levies of a fraction of one mill assessed in various years by other units
against districts covering less than the entire City or County were omitted here.
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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.
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CITY OF OCOEE,FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
3
Last Ten Fiscal Years
Ratio of Net3
Bonded Debt Net Bonded
Assessed Gross Bonded Debt Service Net Bonded to Assessed Debt Per
Fiscal Year Population Value Debt Funds Available Debt Value Capita
3
1990 13,852 $ 218,591,694 $ - $ - $ - $ - $ -
1991 14,926 273,650,322 - - - -
3
1992 15,107 334,640,837 - - - - -
1993 16,418 375,807,867 - - - - -
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1994 17,489 424,437,664 - - - - -
1995 18,578 469,310,003 - - - - -
1996 19,261 505,656,888 - - - - -
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1997 20,560 582,355,145 - - - -
1998 21,653 751,226,256 - - - - - -
1999 22,746 821,365,533 - - - - -
3
Note:The City of Ocoee does not have any general obligation debt which is being repaid through general property taxes.
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CITYF
O OCOEE, FLORIDA
LEGAL DEBT MARGIN
September 30, 1999
Assessed Value $_821,365,533
Debt Limit: 50%of Assessed Value 410,682,767
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 31 m5n flnQ
Legal Debt Margin $-318,832,767
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
Ei, 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 for which the full faith credit of the City is pledged.
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CITY OF OCOEE, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING3
GENERAL OBLIGATION DEBT
September 30, 1999
Applicable To
Bonds Cillagnaiee
Government Unit Outstanding Percent (1) Amount
3
Library District Refunding Bonds-Series 1993 $7,430,000 1.43% $ 106249
Total Overlapping Debt 106,249 3
Total Direct Debt(2) -
Total Direct and Overlapping Debt $ 106,249
3
(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.
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CITY OF OCOEE, FLORIDA
RATIO OF ANNUAL DEBT SERVLCE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES
ILast Ten Fiscal Years
Ratio of Debt
Service to
Total Total General Total General
1 Fiscal Year Principal Interest Debt Service Expenditures (11 Expenditures
1990 $ 213,655 $ 176,530 $ 390,185 $ 5,060,097 7.7%
1 1991 105,000 589,760 694,760 6,295,025 11.0%
1 1992 185,000 683,333 868,333 6,335,748 13.7%
1993 195,000 672,432 867,432 6,671,716 13.0%
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 1996 240,000 633,198 873,198 9,362,905 9.3%
1997 255,000 618,088 873,088 11,217,057 7.8%
1998 270,000 600,798 870,798 13,967,349 6.2%
1999 485,000 1,245,936 1,730,936 15,239,561 11.4%
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(1) Includes expenditures for the General Fund only.
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CITY OF OCOEE, FLORIDA
RFVFNUE BOND COVFRA(;F
LAST TEN FISCAL YEARS
WATFR AND WASTFWATFR RFVFNIIF PONDS
Water Fund3
Net Revenue Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(7) Fxpenses43) Debt c. _S_ entice Principal Interest Total Coverage
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 3
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 3
Net Revenue Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(7) Fxpenses(3) heht Service Principal Interest Total Coverage
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 3
1995 $1,945,095 $878,102 $1,066,993 $ 152,000 $ 339,913 $ 491,913 2.17
Water and Wastewater Fund(4)
Net Revenue Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(9.) Fxppns c(1) heht Service Principal Interest Tota! Coverage
1996 $4,301,827 $2,134,380 $2,167,447 $205,000 $440,054 $645,054 3.36
1997 4,827,018 2,601,888 2,225,130 335,000 825,907 1,160,907 1.92 3
1998 5,731,828 2,820,022 2,911,806 390,000 956,875 1,346,875 2.16
1999 5,286,200 3,144,486 2,141,714 405,000 940,315 1,345,315 1.59
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(1) The City of Ocoee did not have any Revenue Bond Debt in this fund during this year.
(2) Total revenues (including interest and gain on sale of property, plant and equipment). 3
(3) Excludes depreciation, amortization and interest expense.
(4) The City of Ocoee combined the Water and Wastewater Funds into one fund during the fiscal 3
year ended September 30, 1996.
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CITY OF OCOEE, FLORIDA
DEMOGRAPHIC STATISTICS
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Population
City of Ocoee Orange County
Year Population % Increase Population % Increase
1 1990 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
1 1995 18,578 6.23 758,962 2.5
1996 19,261 3.67 777,556 2.4
1997 20,560 6.74 803,614 3.3
1998 21,653 5.30 824,095 2.5
1999 22,746 5.05 839,095 1.8
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Population Projections
Year Orange County StatP Of Florida
2000 842,660 15,527,384
2010 928,562 16,761,774
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Population Distribution by Age
Year Orange County State Of Florida
0-14 24.0% 21.6%
15-24 11.2 11.7
25-44 34.2 28.3
45-64 19.5 20.8
65 and over 11.1 17.6
Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly
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CITY OF OCOEE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS 3
LAST TEN FISCAL YEARS
3
Commercial Additions/
Residential Construction (1) Construction (1) Alterations (1) 3
Number of Units
Single Multi Total
Year Family Family Value Value Value Value 3
1990 297 265 $ 30,956,225 $ 8,585,195 $ 780,078 $ 40,321,498
1991 314 10 26,453,025 36,322,749 1,618,759 64,394,533 3
1992 438 0 36,622,069 1,040,010 546,550 38,208,629
1993 411 0 36,188,257 5,667,958 1,908,581 43,764,796
1994 402 0 35,211,374 3,569,955 1,432,460 40,213,789 3
1995 331 0 28,836,036 21,823,750 701,252 51,361,038
1996 366 0 33,950,817 63,337,471 2,327,526 99,615,814 3
1997 497 0 44,475,342 4,818,000 155,575 49,448,917
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1998 381 0 38,054,799 6,770,000 52,200 44,876,999
1999 226 282 44,022,409 1,502,716 784,902 46,310,0273
(1)Source: City of Ocoee Building Department 1
(2)Source: Florida Bankers Association
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Bank Deposits (2)
(In thousands)
Savings
and
Banks Loans
$ 5,524,771 $ 1,803,816
5,648,154 1,568,318
5,614,174 2,936,546
5,743,997 1,133,135
5,874,598 1,078,501
El 6,147,414 828,351
6,937,918 859,921
7,128,190 793,849
7,729,844 783,683
1 7,624,591 770,733
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CITY OF OCOEE, FLORIDA
ISCHEDULE OF TEN LARGEST TAXPAYERS
September 30, 1999
ITaxable Assessed
Type of Valuation As of
Taxpayer Business 1998 Tax Roll (1) Percentage,
1. GGP/Homart, Inc. West Oaks Mall $ 67,159,845 8.2%
2. Parisian, Inc. Retail Sales 11,533,650 1.4
1 3. Manheim Remarketing, LP Developer 11,176,877 1.4
4. Oak Forest Partners, Ltd. Developer 10,975,128 1.3
5. Dillards Department Store, Inc. Retail Sales 10,671,705 1.3
6. Good Homes Plaza Shopping Center 10,050,634 1.2
7. West Orange Healthcare District Health Care 8,631,223 1.0
8. Sears Roebuck& Company Retail Sales 7,819,157 1.0
9. Westlake Partners, Ltd. Developers 6,869,569 0.8
10. Town Square Associates Shopping Center 6574,369 __QS
Total taxable assessed value of 10 largest
taxpayers 151,462,157 18.4
Total taxable assessed value of other
Taxpayers 669,903,37Fi ______81.6
I, Total taxable assessed value of all
Taxpayers 3 100.0%
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(1) The tax levy for the fiscal year ended September 30, 1999 is based on the 1998 taxable value.
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CITY OF OCOEE
MISCELLANEOUS STATISTICAL DATA
September 30, 1999
Date of Incorporation May 13, 1925
City Charter Adopted November 8, 1988
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Commission Composed of: 1 Mayor, 4 Commissioners
Terms of Office:
Mayor 3 Years
Commissioners 3 Years
City Administrator Appointed
Areas of City 16.8 Square Miles
Municipal Employees (Including Part-Time) 295 3
Elections:
Registered voters 8,964
Votes cast in last municipal elections (March 1999) 545
Miles of Streets, Sidewalks and Bike Paths
Streets-paved 103.4 miles
Streets-unpaved 3.2 Miles
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Streets-brick 1.1 Miles
Sidewalks 68.7 Miles
Bike paths .5 Miles
Fire Protection: 3
Stations 3
Employees 53
Police Protection:
Stations 1
Employees 81
Vehicular Patrol Units:
Patrol cars 29
Other vehicles 17
Recreation:
3
Multi-purpose recreation center 1
Community Center 1
Athletic fields 9
Tennis courts 7
Racquetball courts 2
Shuffleboard courts 2
Passive parks 2 3
Parks and recreation developed ares (including city playgrounds) 12
Water System:
Miles of water mains 104.96 3
Daily Average Consumption (gallons) 5,500,000 (GPD)
Plant capacity(Gallons) 20,160,000 (GPD)
Service connections 8,369
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Deep wells 7
Fire hydrants 769
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CITY
OF OCOEE
MISCELLANEOUS STATISTICAL DATA-CONTINUED
September 30, 1999
Sewer System:
Miles of sanitary sewers 49.86
Lift stations 39
Daily average treatment 1,293,000(GDP)
Plants(s)capacity(MGD) 3
Disposal plants
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CITY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE3
September 30, 1999
Buildings and Personal Property:
Multi-period, "all risk"
100% of replacement value Stated values
Blanket building coverage $21,783,174 3
Blanket contents coverage Incl. in bldg. limit
Boiler& machinery 5,000,000 3
Inland marine—computer 645,671
Inland marine—equipment 845,896
Valuable papers 5,000 3
Radio equipment 1,387,564
Comprehensive General Liability:
Combined single limit for bodily& property $2,000,000/occurrence
$6,000,000/aggregate
Automobile Liability:
Combined single limit $2,000,000/person3
$2,000,000/occurrence
Uninsured motorist $20,000 3
Law Enforcement Liability:
Combined single limit for bodily& property $2,000,000/occurrence 3
$2,000,000/aggregate
Blanket Fidelity $50,000
Public Official Errors &Omission Insurance: $2,500 per Loss Deductible
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Aggregate $2,000,000/$2,000,000
Worker's Compensation $1,000,000/occurrence 3
$1,000,000/aggregate
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REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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MCD r, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail:info@mdpcpacom
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING 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, 1999, and have issued our report thereon dated January 7,
1 2000. We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States.
Compliance - As part of obtaining reasonable assurance about whether the City of Ocoee,
Florida's general purpose financial statements are free of material misstatement, we performed
tests of its compliance with certain provisions of laws, regulations, contracts and grants,
noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not
an objective of our audit and, 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. However, we noted certain immaterial instances of noncompliance that we
have reported to management of City of Ocoee, Florida, in a separate letter dated January 7,
1 2000.
Internal Control Over Financial Reporting- In planning and performing our audit, we considered
the City of Ocoee, Florida's internal control over financial reporting in order to determine our
auditing procedures for the purpose of expressing our opinion on the general purpose financial
statements and not to provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all
matters in the internal control over financial reporting that might be material weaknesses. A
material weakness is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that misstatements 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 over
financial reporting and its operation that we consider to be material weaknesses. However, we
noted other matters involving the internal control over financial reporting that we have reported to
the management of City of Ocoee, Florida, in a separate letter dated January 7, 2000.
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NOMembers:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
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This report is intended solely for the information and use of management, the City Commission, 3
and the Auditor General of the State of Florida and is not intended to be, and should not be used
by anyone other than these specified parties.
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McDIRMIT, DAVIS, PUCKETT& COMPANY, P.A.
January 7, 2000
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