HomeMy WebLinkAboutVII(B) Discussion/ Action Re: Audit Report FY 96/97 Agen�dlaTT3--17-98
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" It-IGiAYRII(OI nSIl
SIONER
S. SCOTT VANDERGRIFT
014
COMMISSIONERS
CITY OF OCOEE DA HOWE L
150 N. LAKESHORE DRIVE N
SCOTT A.GLASS
OCOEE,FLORIDA 34761-2258 NANCY J.PARKER
(407)656-2322
CITY MANAGER
ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and Board of City Commissioners
FROM: Wanda B. Horton, Finance Director. )
DATE: March 12, 1998
RE: Audit-Fiscal Year 1996/1997
Attached is the audit for fiscal year 1996/1997. The management comments and staff s response
are included.
Mr. Elden McDirmitt of McDirritt, Davis, Lauteria, Puckett, Vogel & Company will be at the
commission meeting on March 17t'to present the report. .
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
for the
FISCAL YEAR ENDED SEPTEMBER 30, 1997
it
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF OCOEE, FLORIDA
FOR THE
FISCAL YEAR ENDED SEPTEMBER 30, 1997
Prepared by: Finance Department
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Ocoee
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CITY OF OCOEE, FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
DANNY HOWELL, Commissioner SCOTT GLASS, Commissioner
SCOTT ANDERSON, Commissioner NANCY PARKER, Commissioner
CITY MANAGER CffY ATTORNEY
Ellis Shapiro Paul Rosenthal
CITY CLERK CITY AUDITOR
Jean Grafton McDirmit, Davis, Lauteria,
Puckett, Vogel. & Company, P.A.
II
FINANCE DIRECTOR
Wanda Horton
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INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
Li . City of Ocoee Organizational Chart
. Certificate of Achievement
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Ocoee
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�- COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
- FOR THE YEAR ENDED SEPTEMBER 30, 1997
. TABLE OF CONTENTS
PAGE NO.
I. INTRODUCTORY SECTION
TABLE OF CONTENTS i-iv
LETTER OF TRANSMITTAL v-xvi
CITY OF OCOEE ORGANIZATIONAL CHART xvii
CERTIFICATE OF ACHIEVEMENT xviii
IL FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT xix-xx
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
COMBINED BALANCE SHEET - ALL FUND TYPES AND
ACCOUNT GROUPS 1-4
' COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERN-
MENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 5-6
COMBINED STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL AND SPECIAL
REVENUE FUNDS 7-8
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY
FUND TYPES 9
COMBINED STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS 10
COMBINED STATEMENT OF CASH FLOWS - ALL PRO-
PRIETARY FUND TYPES 11-12
NOTES TO FINANCIAL STATEMENTS 13-48
II i
i_!
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1997
TABLE OF CONTENTS CONTINUE
D
•
PAGE NO. - -
COMBINING AND INDIVIDUAL FUND AND ACCOUNT
GROUP STATEMENTS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL 49-50
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET 51-52
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 53-54
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET 55
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 56
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET 57-58
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 59-60
ENTERPRISE FUNDS COMBINING. BALANCE SHEET 61-62
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS 63 -
COMBINING STATEMENT OF CASH FLOWS 64-65
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET 66
COMBINING STATEMENT OF PENSION FUND NET ASSETS 67
COMBINING STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS 68
STATEMENT OF CHANGES IN ASSETS AND
LIABIUTIES - AGENCY FUND 69
ii
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CRY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1997
TABLE OF CONTENTS - CONTINUED
_
PAGE NO.
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN FIXED ASSETS -
BY FUNCTION AND ACTIVITY 70
SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - WATER AND WASTEWATER
0 & M DEPARTMENT 71
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - SOLID WASTE FUND 72
III: STATISTICAL SECTION
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER
FINANCING USES 73-74
GENERAL GOVERNMENTAL REVENUES AND OTHER
FINANCING SOURCES 75-76
TAX REVENUES BY SOURCE 77
PROPERTY TAX LEVIES AND COLLECTIONS 78
ASSESSED AND ESTIMATED VALUE OF TAXABLE
PROPERTY NET OF EXEMPTIONS 79-80
' PROPERTY TAX RATES AND TAX LEVIES DIRECT
AND OVERLAPPING GOVERNMENTS 81
SPECIAL ASSESSMENT COLLECTIONS 82
RATIO OF NET GENERAL OBLIGATION BONDED
DEBT TO ASSESSED VALUE AND NET BONDED
DEBT PER CAPITA 83
LEGAL DEBT MARGIN 84
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT 85
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER USES 86
f iii
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CFIY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1997
TABLE OF CONTENTS - CONTINUED
PAGE NO.
III STATISTICAL SECTION CONTINUED
REVENUE BOND COVERAGE 87
DEMOGRAPHIC STATISTICS 88
PROPERTY VALUE, CONSTRUCTION AND BANK
DEPOSITS 89-90
SCHEDULE OF TEN LARGEST TAXPAYERS 91
MISCELLANEOUS STATISTICAL DATA 92-93
SCHEDULE OF INSURANCE IN FORCE 94
IV. INTERNAL CONTROL AND COMPLIANCE SECTION
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE BASED ON AN AUDIT OF
GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS 95-96
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING
STANDARDS 97-98
iv
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
S.SCOTT VANDERGRIFT
Ocoee
CITY OF OCOEE COMMISSIONERS
O�` � DANNY HOWELL •
f,,
�� SCOTT ANDERSON
c
150 N.LAKESHORE DRIVE
p OCOEE,FLORIDA 34761-2258 SCOTT A.GLASS
NANCY J.PARKER
n1 (407)656-2322
yJE� . f %>�� CITY MANAGER
°F G00� ELLIS SHAPIRO
December 5, 1997
Honorable Mayor and
Members of the City Commission
City of Ocoee, Florida
Gentlemen:
The Comprehensive Annual Financial Report of the City of Ocoee, Florida, for the year '
ended September 30, 1997, is submitted herewith pursuant to Article Ill, Section 11 of the
City Charter, Florida Statutes Chapter 11, Section 45, and Chapter 10.550 of the Rules of
the Auditor General of the State of Florida. The Annual Financial.Report was compiled by
the staff of the Finance Department, with close cooperation of the External Auditors, and
represents the official report of the City's.financial operations and condition to the citizens,
City 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.)
I .
LI
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FINANCIAL REPORTING AND CONTENT - CONTINUED
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,
1996.
II. Financial Section - The Financial Section contains the opinion of the City's
independent auditors, McDirmit, Davis, Lauteria, Puckett, Vogel & 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 23
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 r
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 both finance-related, legal and contractual
requirements.
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.
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.
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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 21,250 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 INfT1ATIVES
Ocoee continues to experience phenomenal growth. From 1987 through January of 1990,
1,504 acres of land were annexed into the City. During 1992, 1,856 additional acres were
annexed. Through a Joint Planning Area Agreement with Orange County, these lands will be
developed consistent with the City's adopted Comprehensive Plan.
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 planned Western Beltway 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 planned
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.
vii
MAJOR INITIATIVES - CONTINUED
Another factor which has influenced the growth of Ocoee is the amenities it has to offer,
including numerous lakes, rolling hills, recreational opportunities and excellent schools. The
provision of services such as central 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.
Several major initiatives have been completed recently. In 1994, Ocoee completed a new City
a facility. These projects were accomplished
and adjoiningPolice Department f
Hallbuilding P tY
through the issuance of a $2.5 million bond. In April 1996, the City received loan proceeds
of$2.2 million to finance stormwater drainage improvements. Those improvements included
several projects which were prioritized by the Ocoee City Commission according to the
severity of the drainage problems. Several of these projects have been completed and the
next phase is under construction. Two new fire stations were also completed in December
1997, and a Public Works facility and new multi-purpose recreational facility are planned to
be under construction by the Spring of 1998. These projects are part of a $4.8 million capital
improvement loan.
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.
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. -
viii
1
Internal Control Structure - Continued
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
by management.
We believe that the City''s internal accounting controls adequately safeguard assets and
provide reasonable assurance of proper recording of financial transactions.
Budgetary Control
Budgetary control is maintained in a manner to comply with the requirements and constraints
of the City Charter through a system of monthly financial schedules reflecting expenditures
and encumbrances against appropriations. The annual budget provides detail of the
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 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 Sources Amount Of Total From 1996
Taxes $ 4,966,592 42.3% $ 696,598
Licenses & Permits 879,650 7.5 29,223
Intergovernmental Revenues 3,368,182 28.7 279,661
Charges for Services 208,119 1.8 21,956
Fines & Forfeitures 75,483 .6 (26,412)
Investment Income 146,357 1.2 56,691
Miscellaneous Revenues 163.504 1.4 55.125
SUB TOTAL 9,807,887 83.5 1,112,842
Transfers from Other Funds 1,633,763 13.9 102,578
Capital Lease Proceeds 302,412 2.6 264.712
�J TOTAL $ 11,744,062 1100.0% 1,480,132
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General Governmental Functions - Continued
Property taxes are the source of local tax revenue. In fiscalyear 1996, the City's
P rtY majorty
property tax, all of which is for operating purposes, was 4.0 mills and for 1997, the rate was
4.0 mills. The related property values subject to taxes showed growth of 15.2 percent,
representing $76,698,257 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, natural and bottled gas services
within the City. In 1997, total revenue from this tax reflected an increase of $229,793.
Intergovernmental revenue consists primarily of shared revenue from other governmental
agencies. The increase in intergovernmental revenues is due primarily to an increase of
$223,188 in State shared sales tax.
The following summary shows the level of expenditures used in providing governmental
services:
• Increase
Expenditures and Percent (Decrease)
Other Uses Amount Of Total From 1996
General Government $ 2,432,702 21.7% $ 525,605
Public Safety 5,826,668 , 51.9 1,137,665
Physical Environment 1,162,242 10.4 11,193
Culture & Recreation 466,593 4.2 49,098
Debt Service 339.375 3.0 205.959
SUB TOTAL 10,227,580 91.2 1,929,520
Transfers to Other Funds 989.477 8.8 (75,368)
TOTAL $ 11,217,057 100.0% $ 1,854,152
The increase in General Government expenditures is due to over $250,000 of capital outlay
primarily for a new computer system in the finance department. The remaining increase in
primarily due to an increase in personal services expenditures due to the hiring of additional
employees.
The increase in Public Safety expenditures is due primarily to an increase in salaries and
benefits for police and fire departments, as well as the hiring of additional new staff.
Significant capital investment in the form of capital leases for equipment also contributed to
the increase. The additional capital leases also caused the increase in debt service -
expenditures.
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
$8,480,680 and the following represents an analysis of sources and uses in the Special
Revenue Funds for 1997:
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Special Revenue Funds - Continued
Prior Change
Period in Fund
Fund Sources ' Uses Adjustment Balance
Road Impact $ 1,714,077 $ 2,652,699 $ (111,347) $(1,049,969)
Parks 307,695 174,390 (11,315) 121,990
Stormwater 814,396 1,011,061 --- (196,665)
Interim Services 60,339 50,874 --- 9,465
Police Training 1,884 --- --- 1,884
Police Trust 5,688 20,717 --- (15,029)
Fire Impact 870,245 776,899 (39,503) 53,843
Police Impact 150,949 100.839 --- 50.110
TOTAL $3,925,273 $4,787,479 $ (162,165) $ L1,024,371)
The increase in fund balance for the Road Impact Fund is primarily due to road construction
at the intersection of Story Road/Kissimmee Marshall Farm. The prior period adjustment is
due to the implementation of GASB #31 which changed the carrying amount of investments
from cost to fair value.
Debt Administration
The City's outstanding debt is classified and reported according to the type of resource
pledged to satisfy the individual debt series.
•
General long-term debt consists of:
1. Transportation Refunding and Improvement Revenue Bonds, Series 1990, totaling
$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 Tax.
2. Capital Improvement Revenue Bonds, Series 1991, totaling $2,580,000. The proceeds
were used to finance the construction of the new City Hall and expansion of the Police
Station. These bonds are secured by non-ad valorem revenues of the City.
3. 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.
4. Capital Improvement Revenue Promissory Note, Series 1996, totaling $4,840,000. The
proceeds are being used to finance certain capital projects including two fire stations,
L ' a gymnasium and recreational facility and a public works facility. This note is payable
solely from Non-Ad Valorem Revenues of the City.
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J r
Debt Administration - Continued
Proprietary Fund debt consists of:
1. Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993,
totalling$8,555,000. The proceeds are designated to finance the refunding of Water and
Sewer System Revenue Bonds, Series 1989A and 1989B, and improving the City's water
and wastewater systems. These bonds are secured by the combined Water and
Wastewater Fund operating revenues, interest earnings, impact fees and a first priority
pledge of cash payments due from developers.
2. Water and Sewer System Improvement Revenue Bonds, Series 1997, totalling
$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:
1996-97 1995-96 Increase
Fund Type Amount Amount (Decrease)
General $ 146,357 $ 89,666 $ 56,691
Special Revenue 630,326 512,197 118,129
Debt Service 62,368 32,058 30,310
Capital Projects 353,268 74,767 278,501
Expendable Trust --- 2,473 (2,473)
Pension Trust 1,326,907 67,939 1,258,968
Enterprise 874.199 440.268 433 931
TOTAL 3,425 $ 1219,368 $ 2,174,057
The significant increase in investment income is a result of implementation of GASB Statement -
9 P
No. 31 which requires the recording of investments at fair value. In prior years, investments
were recorded at cost.
xii
Cash Management - Continued
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.
Some of the cash is maintained in trust accounts which are designated for a specific purpose
and have been isolated from normal operational cash. For example, the pension trust fund
expenditure needs are of a long-range nature and therefore investments are made in long-
term investments. The increase in investment income in the general fund is due primarily to
the fact that there has been a significant increase in amount of investments due to actual
revenue exceeding budgeted revenue and actual expenditures being less than budgeted
expenditures. The increase in investment income in the special revenue funds is due primarily
to the increase in investments in the Road Impact Fund as a result of the West Oaks Mall
Construction.
Capital Projects Funds
The Capital Projects Funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities. In Fiscal Year 1997, the Capital Projects
Funds were used to account for major road and street improvements, stormwater drainage
improvements, the acquisition of a new computer system, and other capital improvements
including two new fire stations and a recreation center.
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 bodyy 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
7 supported by user charges.
Water and Wastewater Fund
• 1996-97 1995-96 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 4,030,639 $ 3,873,669 $ 156,970
Operating Expenses 3,931,320 3,346,461 584,859
Operating Income 99,319 527,208 (427,889)
Net Income (Loss) (536,502) (356,347) (180,155)
Revenues Available for Debt Service 2,225,130 2,167,447 57,683
Annual Bond Debt Service 1,160,907 645,054 515,853
Revenue Bond Coverage 1.92 3.36 (1.44)
xiii
Water and Wastewater Fund - Continued
Operating expenses increased 17.5%due primarily to an increase in salaries and benefits and —
depreciation expense.
Bond covenants require that total revenues be at least 110 percent of annual debt service
requirements after deductions for operating expenses and debt service reserve requirements.
Solid Waste Fund
1996-97 1995-96 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,243,295 $ 1,176,211 $ 67,084
Operating Expenses 1,121,437 987,791 133,646
Operating Income 121,858 188,420 (66,562)
Net Income 23,354 94,846 (71,492)
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 -
virtuallyall full time employees of the City. In addition to aplan for general employees, the
tY
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, 1997, the pension funds
had total assets of $7,783,274.
Agency Fund
The City maintains an optional deferred compensation plan which is funded solely by
employees through payroll deductions. A participant in the deferred compensation plan has
an option regarding in which fund(s) his/her contribution will be invested. The amount due
to employees under the City's deferred compensation agency fund at September 30, 1997 ,
was $1,092,244.
xiv
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General Food 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, 1997, the general fixed assets of the City of Ocoee totaled$9,871,831. 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.
011-TER INFORMATION
Independent Audit
Pursuant to the City of Ocoee Charter, Florida Statutes Chapters 11.45 and 218, and Chapter
j 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, Lauteria, Puckett, Vogel & Company, P.A., whose opinion is included in the
financial section of the report.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Ocoee, Florida for its comprehensive annual financial report for the year ended September
30, 1996. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, the City must publish
an easily readable and efficiently organized comprehensive annual financial report whose
contents conform to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City has received a
Certificate of Achievement for the last eight consecutive years. We believe that our current
report continues to conform to the Certificate of Achievement Program requirements, and we
are submitting it to GFOA to determine its eligibility for another certificate.
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Acknowledgements
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Finance Department. We wish to
express our appreciation to all members of the Department who assisted and contributed to
its preparation. We would also like to thank the members of the City Commission for their _
interest and support in planning and conducting the financial operations of the City in a
responsible and progressive manner.
Respectfully submitted,
Ellis anager
Wanda Horton, Finance Director
xvi
( I I 1- C 1 C -1
—- --- - - ------ --- - ---
CITY OF OCOEE
ORGANIZATIONAL CHART
Ocoee Voters
City Attorney City Commission Appointed Boards
Information
City Manager — Systems — 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
Projects Patrol Investigation Elections Traffic Concurrency Risk Management Inspections Wastewater
Operations Management
Payroll DARE EMS Archives Facilities Projects Labor Negotiations l'ermits Engineering
Maintenance
Purchasing Dispatch Fleet Safety Code Stormwater Utility
Maintenance Enforcement Engineering
Street Occupational Stormwater Utility
Maintenance Licensing Inspections
Stormwater Utility
Drainage Construction
Inspection
Park
. Maintenance
* Fiscal Year 1997-1998
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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 3Q, 1996
A Certificate of Achievement for Excellence in Financial
-J' 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.
otE Of%
• OFTNE 4,p
UNITED STATES
CANADA
• CORPORATON S President
; SEAL ao�ti
Nava Yil
`�
Executive Director
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FINANCIAL SECTION
This section contains the following subsections:
. Independent Auditor's Report
. General Purpose Financial Statements
. Combining Statements
. Supplementary Information
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MCDIRMIT, DAVIS, LAUTERIA
PUCKETT, VOGEL & COMPANY, P. A.
Certified Public Accountants
605 E.Robinson Street,Suite 635. Telephone:(407)843-5406
Post Office Box 1185 Fax: (407)649-9339
Orlando,Florida 32802-1185 E-Mail:mdlpv®aol.com
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the accompanying general purpose financial statements of the City of
Ocoee, Florida, as of and for the year ended September 30, 1997, 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
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 in the first paragraph
present fairly, in all material respects, the financial position of the City of Ocoee, Florida, as
of September 30, 1997, 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
L J December 5, 1997 on our consideration of the City of Ocoee, Florida's internal control
structure and a report dated December 5, 1997 on its compliance with laws and regulations.
(CPA
Members:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
_
Our audit was made for the purpose of forming an opinion on the general purpo
se financial
statements taken as a whole. The combining and individual fund and account group financial
statements, and supplementary information listed in the accompanying table of contents are
presented for purposes of additional analysis and are not a required part of the general
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.
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.
Pidgdi I A41), ,
v t errivonap Oa.
McDIRMIT, DAVIS, LAUTERIA,
PUCKETT, VOGEL & COMPANY, P.A.
December 5, 1997
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GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
These basic statementsprovide a summaryoverview of the
financial men
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.
f
CRY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1997
Governmental Fund Types
Special Debt
General Revenue Service
Assets
Cash And Cash Equivalents $ 648,461 $2,885,503 $ 196,367
Investments 1,592,410 5,601,684 ---
Receivables (Net Of Allowances For Uncollectibles) 64,049 126,309 Inventories-At Cost 19,858 — —
Due From Other Funds 21,392 — —
Due From Other Governments 292,704 — —
Prepaid Costs 28,770 — —
Restricted Assets:
Cash And Cash Equivalents — — —
Investments — — 833,789
Cash With Paying Agent — — 821,132
Property, Plant And Equipment — • —Less: Accumulated Depreciation — — —
Construction In Progress — — —
Unamortized Bond Issuance Costs — — —
Amount Available In Debt Service Funds — — —
Amount To Be Provided For Retirement Of
General Long-term Debt — — —
Total Assets $ 2,667,644 $ 8,613,496 1 851 288
The accompanying notes are an integral part of the financial statements.
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Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
Capital Trust And Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
$ 3,367,821 $ 744,805 $ 21,486 $ — $ — $ 7,864,443
— 2,586,528 1,856,095 8,753,721 — --- 20,390,438
26 771,034 100,189 — — 1,061,607
-- 22,152 — — — 42,010
— — 122 — --- 21,514
— 8,226 — — — 300,930
— — — — — . 28,770
— 2,906,609 — — — 2,906,609
— 10,833,216 — — — 11,667,005
- _ — 822,326 — — — 1,643,458
_ _ — 35,857,558 — 10,769,754 — 46,627,312
— (10,069,481) — — — (10,069,481)
— 2,969,186 — 1,021,637 — 3,990,823
— 589,109 — — -- 589,109
- — — — — • 1,030,156 1,030,156
— — — — 15,724,869 15,724,869
$ 5,954,375, $ 47,310,835, $ 8,875,518 $ 11,791,391, $16,755,025, $103,819,572,
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CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS-CONTINUED
SEPTEMBER 30, 1997
Governmental Fund Types
Special Debt
General Revenue Service
Liabilities And Fund Equity
Liabilities
Accounts Payable $ 17,856 $ 123,154 $ — 1
Retainage Payable — — —
Accrued Liabilities 257,060 — —
Due To Other Funds — 782 —
Deferred Revenue 244,000 8,880 —
Current Liabilities (Payable From Restricted Assets):
Customer Deposits — —
Matured Bonds Payable — — 325,000
Matured Interest Payable — — 496,132
Deferred Compensation Payable — — —
Accrued Annual Leave — — —
Bonds Payable — — —
Obligations Under Capital Leases — — —
Notes Payable — — —
Total Liabilities 518,916 132,816 821,132
Fund Equity
Contributed Capital — — - —
Investment In General Fixed Assets — — —
Retained Earnings:
Reserved For Renewal & Replacement — — —
Unreserved — — —
Total Retained Earnings — — ---
Fund Balances:
Reserved:
Inventories 19,858 — —
Prepaid Costs 28,770 — — I
Debt Service — — 1,030,156
Employee's Pension Benefits — -- —
I
Encumbrances 192,599 — —
Unreserved:
Designated For Capital Projects — — —
Designated For Subsequent Year's Budget — 8,480,680 —
Undesignated 1,907,501 — —
Total Fund Balances 2,148,728 8,480,680 1,030,156 I
Total Equity And Other Credits 2,148,728 8,480,680 1,030,156
Total Liabilities, Fund Equity And n
Other Credits $2,667,644 8 613 496 $ 1,8511288
The accompanying notes are an integral part of the financial statements.
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Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
Capital Trust And Faced Long-Term (Memorandum
Projects Enterprise Aaencv Assets Debt Only)
$ 8,192 $ 230,171 $ — $ — $ — $ 379,373
66,074 27,518 — — — 93,592
— 162,719 — — — 419,779
— 20,610 122 — — 21,514
J — 39,002 — — — 291,882
— 344,224 — — — 344,224
1 — 335,000 — — — 660,000
— 487,326 — — — 983,458
— — 1,092,244 — — 1,092,244
— — — — 476,573 476,573
_ — 17,440,418 — — 8,165,000 25,605,418
— 198,798 — — 1,143,452 1,342,250
— — — — 6,970,000 6,970,000
G - 74,266, 19,285,786 1,092,366 — 16,755,025 38.680.307
— 24,120,382 — — — 24,120,382
— — — 11,791,391 — 11,791,391
-I - 1,733,951 — — — 1,733,951
__ — 2.170,716 — — 2,170,716
— 3,904,667 — — — 3,904,667
— — — — — 19,858
— — — — — 28,770
— — — — -- 1,030,156
— — 7,783,152 — — 7,783,152
— — — — — 192,599
5,880,109 — — — — 5,880,109
— — — — — 8,480,680
— — — — — 1,907,501
5,880,109 — 7,783,152 — — 25,322,825
5,880,109 28,025,049 7,783,152 11,791,391 — 65,139265
$ 5,954,375 $ 47,310,835 $ 8,875,518 $11,791 391 S16,755,025 $103,819,572
-4-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES AND
EXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Governmental Fund Types
Special Debt
General - Revenue Service
Revenues
Taxes $ 4,966,592 $ — $ —
Licenses And Permits 879,650 — —
Intergovernmental Revenues 3,368,182 9,718 —
Charges For Services 208,119 — —
Fines And Forfeitures 75,483 4,830 —
Impact Fees/Special Assessments — 2,972,076 — ,
Investment Income 146,357 630,326 62,368
Miscellaneous Revenues 163,504 308.323 —
Total Revenues 9.807,887 3,925,273 62,368
Expenditures
Current:
General Government 2,432,702 — —
Public Safety 5,826,668 547,479 —
Physical Environment 1,162,242 2,668,844 —
Culture And Recreation 466,593 56,290 —
Capital Outlay — — --
Debt Service:
Principal Retirement 299,171 236,321 325,000
Interest And Fiscal Charges 40.204 33.042 932,041,
Total Expenditures 10.227,580 3,541.976 1,257,041
Excess (Deficiency) Of Revenues Over Expenditures (419,693) 383,297 (1,194,673)
•
Other Financing Sources (Uses)
Operating Transfers In 1,633,763 — 1,257,744
Operating Transfers Out (989,477) (1,245,503) —
Capital Lease Proceeds 302,412 — —
Promissory Note Proceeds — — 440,000
Net Other Financing Sources (Uses) 946.698 (1,245,503) . 1,697,744
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Financing Uses 527,005 (862,206) 503,071
Fund Balances-Beginning Of Year
As Previously Stated 1,631,776 9,461,810 545,704
Prior Period Adjustment (10,053) (162,165) (18,619)
As Restated 1.621,723 9.299,645 527,085
Residual Equity Transfers — 43.241 —
Fund Balances-End Of Year $ 2,148,728 $ 8,480,680 $1,030,156
The accompanying notes are an integral part of the financial statements.
-5- -
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Governmental Fiduciary
Fund Types Fund Types
_ Capital Expendable Totals
j Projects , Trust (Memorandum Only)
$ — $ — $ 4,966,592
8,252 — 887,902
%-I, — — 3,377,900
— — 208,119
— — 80,313
— 2,972,076
353,268 — 1,192,319
900 — 472,727
362.420 — 14,157,948
— — 2,432,702
— — 6,374,147
. ._ .: — 3,831,086
— — 522,883
1,868,159 — 1,868,159
— — 860,492 .
— — 1,005,287
1868,159 — 16,894,756
(1,505,739) _ — (2,736,808) .
100,000 — 2,991,507
(27,969) — (2,262,949)
I — — 302,412
4,400,000 — 4,840,000
4.472,031 — 5,870,970
2,966,292 — 3,134,162
2,913,817 43,241 14,596,348
— — (190,837)
2,913,817 43,241 14,405,511
— (43,241) —
$ 5,880,109 $ 17,539,673
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENTREVENUES, CHANGES IN
OF EXPENDITURES AND
FUND BALANCES-BUDGET AND ACTUAL-GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
General Fund
Variance
Favorable
Bucket Actual (Unfavorable)
Revenues
Taxes $ 4,914,510 $ 4,966,592 $ 52,082
Licenses And Permits 740,900 879,650 138,750
Intergovernmental Revenues 3,432,070 3,368,182 (63,888)
Charges For Services 182,160 208,119 25,959 �
Fines And Forfeitures 97,000 75,483 (21,517)
Impact Fees/Special Assessments — — —
Investment Income 85,000 146,357 61,357
Miscellaneous Revenues 130.350 163.504 33.154
Total Revenues 9,581,990 9.807,887 225,897 -'
Expenditures
Current:
General Government 3,119,454 2,432,702 686,752
Public Safety 6,169,544 5,696,726 472,818
Physical Environment 1,413,107 1,162,242 250,865
Culture And Recreation 677,515 486,722 190,793
Debt Service — 339,375 (339,375) I -
Total Expenditures 11,379,620- 10.117,767 1.261,853
Excess (Deficiency) Of Revenues Over ewes (1,797,630) (309,880) 1,487,750
Other Financing Sources (Uses)
Operating Transfers In 1,831,130 1,633,763 (197,367)
Operating Transfers Out (883,500) (989,477) (105,977)
Net Other.Financing Sources (Uses) 947.630 644.286 (303.344)
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses (850,000) 334,406 1,184,406
Fund Balances-Beginning of Year, As Restated 850.000 1.621.723 771.723
Fund Balances-End of Year $ — $ 1,956,129 $ 1,956,129,
The accompanying notes are an integral part of the financial statements.
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Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ — $ — $ —
826,000 804,199 (21,801)
20,000 10,197 (9,803)
846,000 814,396 (31.604)
710,700 578,900 131,800
— 82,806 (82,806)
710,700 661,706 48,994
135,300 152,690 17,390
— —
(285,300) (282,857) 2,443,
ji
(285,300) (282,857) 2,443
j (150,000) (130,167) 19,833
150,000 367,286 217,286
237,119
-8-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Proprietary
Fund Types
Enterprise
Operating Revenues
User Charges $ 5,273,934
Operating Expenses
Personal Services 1,919,582
Materials And Supplies 743,382
Heat, Light And Power 340,
Depreciation And Amortization 1,531,387
Other Expenses 511,817
Recycling Expenses 5,739
Total Operating Expenses 5,052,757
Operating Income 221,177
Nonoperating Revenues (Expenses)
Grant Revenue 29,000
Investment Income 874,199
Interest Expense (840,241)
Loss on Sale of Fixed Assets (68,724)
• Total Nonoperating Revenues (5,766)
Income Before Operating Transfers 215,411
Operating Transfers
Operating Transfers In 29,626
Operating Transfers Out (758,185)
Net Operating Transfers (728,559)
Net Income (Loss) $ (513,148)
Disposition Of Net Income (Loss)
Net Income (Loss) $ (513,148)
Depreciation On Contributed Assets 366,739
Net Decrease In Retained Earnings (146,409)
Retained Earnings Beginning Of Year
As Previously Stated 4,210,330
Prior Period Adjustment (159,254)
As Restated 4,051,076
Retained Earnings-End Of Year $ 3,904,667,
The accompanying notes are an integral part of the financial statements.
-9-
CRY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Additions
Contributions
Employer $ 901,730
State 85,820
Plan Members 320.028
Total Contributions 1,307,578
Investment Income
Net Appreciation in Fair
Value of Investments 1,271,051
Interest 55,856
1,326,907
Less Investment Expense (45,435)
Net Investment Income 1.281.472
Total Additions 2.589.050
Deductions
Benefits 122,837
Administrative Expenses 33.016
Total Deductions 155.853
Net Increase 2.433,197
Net Assets Held in Trust for Pension Benefits
Beginning of Year -
As Previously Reported 4,377,530
Prior Period Adjustment 972.425
As Restated 5,349.955
I_ I
End Of Year $ 7,783,15?
The accompanying notes are an integral part of the financial statements.
-10-
CRY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEP'TEMBER 30, 1997
Proprietary
Fund Tvaes
Enterprise
Cash Flows From Operating Activities:
Receipts From Customers $ 5,238,496
Payments To Suppliers (1,473,683)
Payments To Employees (1,889,475)
Net Cash Provided By Operating Activities 1,875,338
Cash Flaws From Noncapital Financing Activities:
Operating Transfers Out (728,559)
Receipts From Grants 24,267
Increase In Due To Other Funds 19.095
Net Cash Used In Noncapital Financing Activities (685,197)
Cash Flows From Capital And Related
Financing Activities:
Proceeds From Sale Of Property And Equipment 87,630
Purchase Of Property, Plant And Equipment (333,920)
Additions To Construction In Progress (1,296,658)
Principal Paid On Bonds And Leases (300,545)
Interest Paid On Bonds And Leases (578,314)
Proceeds from Bonds And Capital Leases 10,139,177
Capital Contributions Received 114,180
Cash Received On Assessments Receivable 60,518
Bond Issue Costs Paid (304.987)
Net Cash Used In Capital And Related
Financing Activities 7.587,081
Cash Flows From Investing Activities:
Sale of Investments 537,200
Purchase Of Investments (7,705,920)
Interest On Investments 523.864
Net Cash Provided By Investing Activities (6,644,856)
Net Increase In Cash And Cash Equivalents 2,132,366
Cash And Cash Equivalents At Beginning Of Year 2,341,374
Cash And Cash Equivalents At End Of Year $ 4,473,740
Classified As:
Current Assets $ 744,805
Restricted Assets 3,728,935
Total $ 4,473,740
The accompanying notes are an integral part of the financial statements.
-11-
.
mil Proprietary
Fund Types
Enterprise
Reconciliation Of Operating Income To Net Cash
Provided By Operating Activities:
Operating Income $ 221,177
Adjustments Not Affecting Cash:
Depreciation 1,508,825
Amortization 22,562
Provision for Uncollectible Accounts 9,500
Change In Assets And Liabilities:
Increase In Accounts Receivable (35,616)
Increase In Accounts Payable 182,667
Increase In Accrued Expenses 30,107
(Decrease) In Retainage Payable (64,062)
(Decrease) In Deferred Revenue (6,724)
Increase In Customer.Deposits 6,902
Total Adjustments 1,654,161
I` I
Net Cash Provided By Operating Activities $ 1,875,338
Noncash Investing, Capital and Financing Activities: •
Contributed Property, Plant and Equipment $ 684,610
Write-off Capital Contributions Billed in Prior Year (268,782)
Increase in the Fair Value of Investments 342,240
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLJCIES
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 Gov-
ernment Accounting Standards Board Statement Number 14, The Financial
Reporting Entity, there were no potential component units or related organizations
of the City.
Fund Accounting
The accounts of the City are organized on the basis of funds or account groups,
each of which is considered a separate accounting entity. The operations of
each fund are accounted for with a separate set of self-balancing accounts. The
various funds are grouped by type in the financial statements. The following fund
types and account groups are used by the City.
Governmental Fund Types
General Fund
To account for all financial resources except those required to be accounted
for in another fund. All general tax revenues and other receipts that are not
allocated by law or contractual agreement to another fund are accounted for
in this fund. The general operating expenditures, fixed charges, and capital
improvement costs that are not paid through other funds are paid from the
general fund.
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Governmental Fund Types - Continued
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 con-
struction of major capital facilities (other than those financed by proprietary
funds).
re-
Proprietary Fund Types
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.
Fiduciary Fund Types
Trust and Agency 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 nonexpendable trust fund, or an expendable trust fund is used.
The terms "nonexpendable" and "expendable" refer to whether or not the
government is under an obligation to maintain the trust principal.
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.
-14-
COY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
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 suscepti-
ble to accrual; i.e., both measurable and available. "Measurable" means that the
amount of the transaction can be determined and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities
of the current period. Revenues which are susceptible to accrual are substan-
tially all governmental fund revenues except licenses and permits, charges for
services, franchise fees, and utility services taxes. Special assessments are
recognized as revenue only to the extent that individual installments are con-
sidered current assets. Property taxes are billed and collected within the same
fiscal period and are recognized when levied to the extent that they result in cur-
rent receivables. Expenditures are recorded when the liability is incurred, except
for principal and interest on general long-term debt, which is recognized when
due.
In applying the "susceptible to accrual" concept to intergovernmental revenues
(grants, entitlements and shared revenues), the legal and contractual require-
ments of the numerous individual programs are used as guidance. There are
essentially two types of these revenues. In one, monies must be expended on
the specific purpose or project before any amounts will be earned by the City;
therefore, revenues are recognized based upon when the expenditures are made.
In the other, monies are essentially unrestricted as to purpose of expenditure and
revocable only for failure to comply with prescribed compliance requirements.
These resources are reflected as revenues at the time of receipt or earlier if they
meet the criterion of availability.
The proprietary fund type measurement focus is upon determination of capital
maintenance (net income, financial position, and changes in financial position).
These funds are maintained on the accrual basis of accounting. Under this
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.
-15-
CITY OF OCOEE, FLORIDA
TO NOTES FINANCIAL STATEMENTS - CONTINUED _
O
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Basis of Accounting and Measurement Focus - Continued
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.
The basis of accounting and measurement focus of the expendable trust fund is
the same as governmental fund types and therefore is maintained on the
modified accrual basis of accounting. The basis of accounting and measure-
ment focus of the nonexpendable trust and pension trust funds is the same as
proprietary fund types and therefore is maintained on the accrual basis of
accounting.
Agency funds are purely custodial (assets equal liabilities) and thus do not
involve measurement of results of operations. The modified accrual basis of
accounting is followed for recognizing both assets and liabilities.
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in
the financial statements:
1. Prior to September 30th, the City Manager submits to the City Commission a
ro osed operating budget for the fiscalyear commencingthe following
P P 9 9
October 1 st. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted at the City Hall to obtain taxpayer comments.
3. Prior to October 1st, the budget is legally enacted through passage of a
resolution.
4. The City cannot legally exceed the budget; however, the City Manager is
authorized to transfer budgeted amounts within departments within any fund.
Any revisions that alter the total expenditures of any department must be
approved by the City Commission.
5. Formal budgetary integration is employed as a management control device
during the year for the General and Enterprise Funds.
-16-
CITY OF OC.OEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
!
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
i—�
Budgets and Budgetary Accounting - Continued
6. Budgets are legally adopted for the General Fund, the Enterprise Operations
and Maintenance Funds and one Special Revenue Fund: the Stormwater
Fund. The budgets for the General Fund and the Stormwater Fund are
prepared on a budgetary basis, whereby encumbrances are treated as ex-
penditures. Unencumbered appropriations are lapsed at year end, except an
appropriation for a capital - expenditure. An appropriation for a capital
expenditure shall continue in force until the purpose for which it was made has
1_, 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
j 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 avail-
able for operations.
b. Intrafund transfers to the restricted accounts are budgeted and transferred
on a budgetary basis, but are eliminated on a GAAP basis.
c. Depreciation expense is not budgeted; however, expenditures for capital
• outlays are budgeted. These outlays have been capitalized into fixed
assets and eliminated from the results of operations on a 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.
7. Budgeted amounts presented in the accompanying financial statements have
been adjusted for legally authorized revisions of the annual budgets during the
year.
-17-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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 the 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 operating
revenue only to the extent that the amount equals the cost of physical connec-
tion 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.
_I
-18-
I
•
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
I_ SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POIJCIES - CONTINUED
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, other 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. Reporting
investments at fair value is a change in accounting principle from prior years.
The City adopted Government Accounting Standards Board (GASB), Statement
No. 25, Financial Reporting for Defined Benefit Pension Plans and Note
Disclosures for Defined Contributions Plans, GASB Statement No. 27,Accounting
for Pensions by State and Local Governmental Employees, and GASB Statement
No. 31, Accounting and Financial Reporting for Certain Investments and External
Investment Pools. These statements require the recording of investments at fair
value and a new financial statement presentation for pension trust funds. The
effect of adopting these Statements is described in Note 18.
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 ex-
penditures when the bonds are issued. For all enterprise funds, bond discount
and issuance costs are amortized on a straight-line basis, which approximates
the interest method, over the life of the bonds. Amortization of bond issuance
costs amounted to $22,562 for the 1997 fiscal year. Amortization of bond dis-
count, included in interest expense, amounted to $8,167 for the 1997 fiscal year.
11
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
L_ are identified as restricted assets on the balance sheet.
-19-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Property, Plant and Equipment
Property, plant, and equipment owned by the enterprise funds is stated at his-
torical cost or estimated historical cost. Additions, improvements, and other
capital outlays that significantly extend the useful life of an asset are capitalized.
Other costs incurred for repairs and maintenance are expensed as incurred.
Depreciation of plant and equipment is provided on the straight line basis over
the following estimated useful lives:
Buildings, 10-30 years Improvements, 20-40 years
Equipment, 5-10 years
Contributions of property, plant, and equipment received from federal, state, or
local sources are recorded as contributions to equity when received. Deprecia-
tion on contributed property, plant, and equipment is recorded as a reduction of
contributed capital.
General Fixed Assets
General fixed assets have been acquired for general governmental purposes. -
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. In the case of gifts
or contributions, such assets are recorded at fair market value at the time -
received.
Certain improvements, such as roads, bridges, curbs, gutters, streets, sidewalks,
drainage systems, and lighting systems have not been capitalized. Such assets
normally are immovable and of value only to the City. No depreciation has been
provided on general fixed assets.
Postretirement Benefits
The City does not provide any postretirement health care and life insurance
benefits for employees.
Capitalization of Interest
Net interest cost relating to construction is capitalized.
Compensated Absences
The City accrues accumulated unpaid vacation and sick leave when earned by
the employee. Upon termination, the employee receives a cash benefit for the
number of days accrued at the employee's current wage rate. The noncurrent
portion (the amount estimated not to be used in the following year) for Govern-
mental Funds is recorded in the General Long-Term Debt Account Group. The --
liability for Compensated Absences for Proprietary Fund Types is shown as a
current liability of those funds.
-20-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING_ POLICIES - CONTINUED
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
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.
L.
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 appropriate for expenditures or legally
segregated for a specific use.
Interfund Transactions
Transactions which constitute reimbursements to a fund for expenditures
initiallymade are recorded as expenditures or expenses (as appro-
priate)(expenses) xP P PP
priate) in the reimbursing fund and as reductions of the expenditures (expenses)
in the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted
for as transfers. Nonrecurring or nonroutine transfers of equity between funds
are considered residual equity transfers. All other interfund transactions are
treated as operating transfers.
-21-
L
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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
Compliance with Rules of the Auditor General
The City did not take an annual physical inventory of fixed assets during 1997 as
required by Rules of the Auditor General, Chapter 10.400 and Florida Statutes,
Chapter 274.
NOTE 3 - BUDGET BASIS OF ACCOUNTING
The General Fund and Stormwater Fund budgets are prepared on a budgetary basis,
whereby encumbrances are treated as budgeted expenditures in the year of incur- -
rence of the commitment to purchase. In addition, the City includes a portion of the _
prior year's fund balance represented by unappropriated liquid assets remaining in the
fund as a budgeted revenue in the succeeding year. The results of operations on a
GAAP basis do not recognize the fund balance allocation as revenue as it represents
prior periods' excess of revenues over expenditures. Also, the City does not budget
for capital outlay expenditures and other financing sources related to the acquisition
of assets through capital leases. -
For the 1997 fiscal year, the following adjustments were necessary to convert General
Fund expenditures on the GAAP basis to the budgetary basis:
Other Financing
Expenditures Sources (Uses}
GAAP Basis $10,227,580 $ 946,698
Encumbrances 192,599 ---
Nonbudgeted Capital Lease
Transactions (302,412) (302,412)
BudgetaryBasis $10,117,767 64- 4,286
. ._.
-22-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 3 - BUDGET BASIS OF ACCOUNTING - CONTINUED
Adjustments were also necessary to convert the Special Revenue Fund excess of
revenues over expenditures and other financing sources from the GAAP basis to the
budgetary basis. The City only adopted a budget for one of the Special Revenue
Funds, the Stormwater Fund. Therefore the budget and actual amounts for Special
Revenue Funds reported on the Combined Statement of Revenues and Expenditures-
Budget and Actual - General and Special Revenue Funds, only includes the
Stormwater Fund. However,the Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types and Expendable Trust
Funds (GAAP Basis) includes amounts for all Special Revenue Funds.
A reconciliation of the above differences in the Special Revenue Funds is a follows:
Excess
(Deficiency)
of Revenues Other
Over Financing
Expenditures Sources (Uses)
ro GAAP Basis $ 383,297 $ (1,245,503)
Nonbudgeted Funds (297,105) 962,646
Nonbudgeted Capital Lease
Transactions 66.498 ---
Budgetary Basis $ 152,690 $ (282,857)
NOTE 4 - CASH AND INVESTMENTS
Following are the components of the City's cash and investments at September 30,
1997:
t^
Unrestricted Restricted Total
Cash & Cash Equivalents $ 7,864,443 $ 2,906,609 $10,771,052
Cash With Paying Agent --- 1,643,458 1,643,458
Investments 20,390,438 11.667.005 32,057.443
$28,2541881 116,217,072 $44,471,953
-23-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 4 - CASH AND INVESTMENTS
Deposits
In accordance with GASB Statement No. 3, the City's deposits are categorized
to give an indication of the level of custodial credit risk assumed at year end.
Category 1 includes deposits which are insured or collateralized pursuant to the
Public Depository Security Act of the State of Florida. Category 3 deposits are
uncollateralized, and represent amounts wired to the City's paying agents around
September 30 for bond principal and interest payments due on October 1.
September 30, 1997
Bank Balances:
Category 1 $ 2,259,845
Category 3 1,643,458
Total Bank Balances $ 3,903,303
Carrying Amount $ 2,915,510
Investments
The City's investment policies, except for pension fund and deferred compensa-
tion assets, are governed by State statutes and City ordinances. City ordinance
allows investments in any financial institution that is a qualified public depository
of the State of Florida as identified by the State Treasurer, in accordance with
Chapter 280 of the Florida Statutes. Authorized investments are:
u
1) The State Board of Administration Local Government Surplus Funds Trust
Fund;
2) U.S. Treasury bills, notes and bonds with maturity dates of 5 years or less;
3) Insured or fully collateralized Certificates of Deposit with maturity date of 3
years or less with financial institutions qualifying as public depositories;
4) Federal agencies and instrumentalities with maturity date of 5 years or less;
5) Money market funds placed with financial institutions qualifying as public
depositories;
6) Securities of any open-end or closed-end management type investment
company or investment trust registered under the Investment Company Act
of 1940, provided the portfolio of such investment company is limited to U.S.
Government obligations and to repurchase agreements fully collateralized by
such U.S. Government obligations; or
-24- I
l
LJ
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
•
SEPTEMBER 30, 1997
NOTE 4 - CASH AND INVESTMENTS - CONTINUED
Investments - Continued
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, 1997:
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 and the Deferred . Compensation Plan are not
required to be categorized since the investments are.not evidenced by securities
that exist in physical or book entry form. 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,
1997:
Cateaory
Carrying
1 2 3 Amount
Repurchase Agreements $ — $ — $ 9,499,000 $ 9,499,000
U.S. Government Obligations 16,219,996 — — 16,219,996
Pension Fund Investments:
Commingled Bond Fund 3,398,583 -- — 3,398,583
Commingled Stock Fund 4.262.894 — --- 4,262,894
$23,881,473 _ 9 499 000
Deferred Compensation Plan 1,092,244
Mutual Funds Investing In U.S. Government Securities . 7,083,726
41 t556A43
1 -25-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS-CONTINUED
SEPTEMBER 30, 1997
NOTE 5 - ACCOUNTS RECEIVABLE
The following is an analysis of Accounts Receivable:
Proprietary Fiduciary
Governmental Fund Fund
Fund Types Types Types
Special Capital Pension
General Revenue Protects Enterprise Funds
Property Taxes $ 1,341 $ — $ — $ --- $ —
Accounts Receivable • — 82,044 — 531,765 —_
Assessments
Current — — — 60,000 Noncurrent — — — 251,775 ---
Maintenance Fee
(Formerly — — — 51,559 —
Guaranteed Revenue)
Other Receivables 66,708 49.265 . 26 435 100,189
Total 68,049 131,309 26' 89.5,534 100,189
Less: Allowance for
Uncollectible Accounts (4,000) (5,000) — (124,500) —
L.6..„._4 049 LT§309 _ 26 $ 771,034 $ .100,189
NOTE 6 - PROPERTY TAXES
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 fol- -
lowing 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 $1,000 of assessed valuation. The combined tax rate to finance general
governmental services for the year ended September 30, 1997, 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
$3,494,131 additional property tax revenue a year from the present assessed valuation
of $582,355,145 before the limit is reached.
-26-
H CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
- NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT
During the fiscal year ended September 30, 1997, the following changes in general
fixed assets occurred:
Balance Balance
10-1-96 Additions Deletions 9-30-97
Land $ 1,312,883 $ --- $ --- $ 1,312,883
Buildings 3,468,399 4,700 --- 3,473,099
Improvements 910,858 63,899 --- 974,757 -
Equipment 4,179,691 1.093,919 264,595 5,009,015
9,781,831 1,162,518 264,595 10,769,754
Construction in
Progress 32,353 993,984 4,700 1,021,637
$ 9,904,184 $ 2,156,502 $ 269,295, $11,791,391,
Li Construction in progress for general fixed assets as of September 30, 1997 consisted
primarily of improvements to the Ocoee Youth Center, and construction of two fire
stations and a public works facility.
The sources of general fixed assets are as follows:
L Balance Balance
r-, 10-1-96 Additions Deletions 9-30-97
General Fund $3,607,340 $1,115,913 $ 269,295 $ 4,453,958
Special Revenue Funds:
Federal Revenue
Sharing 750,610 --- --- 750,610
Road Impact 127,948 --- --- 127,948
Police Trust 49,922 18,934 -- 68,856
Parks 106,153 56,290 --- 162,443
Stormwater Utility 348,737 32,668 --- 381,405
Fire Impact 1,050,272 27,728 --- 1,078,000
Police Impact 666,834 --- --- 666,834
Contributions - Other 389,745 -- --- 389,745
State Grant 320,010 --- --- 320,010
Capital Projects Fund 2.486.613 904,969 --- 3.391:582
$ 9,904,184 $2,156,502 $ 269,295 $11,791,391,
•
-27-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT- CONTINUED
The components of property, plant and equipment for the Proprietary Fund Types at
September 30, 1997, are as follows:
Proprietary
Fund Types
Enterprise
Land and Land Improvements $ 4,565,719
Buildings 379,339
Improvements 28,028,299
Equipment 2,884201
35,857,558
Less: Accumulated Depreciation (10,069,481)
$25,788,077
Proprietary Fund construction in progress at September 30, 1997, consisted primarily
ofimprovements to well pumpandground storage tanks.
mp g
During the year, the City capitalized interest expense on construction in progress in
the following amounts:
Water and
Wastewater
Fund
Total Interest Expense Incurred $ 843,146 -
Interest Associated with Construction Projects 549,833
Interest Earned in Construction Accounts 536,295
Net Interest Capitalized 13,538
Interest Expense $ - 829,608
-28-
CRY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 - RETIREMENT PLANS
Defined Benefit Pension Plan and Trust
The City maintains two separate single employer 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, disability, and death benefits to Plan
members and beneficiaries. 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
Commission.
The investments of the pension trust funds are managed by SunTrust Bank, and
there are no undue investment concentrations. Neither plan issues a stand-alone
financial report.
The amounts legally required as of September 30, 1997 to be reserved for
general employees and police and firefighter pension funds are $3,559,952 and
$4,223,200, respectively.
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.
1 -29-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 - RETIREMENT PLANS - CONTINUED
Summary of Significant Accounting Policies - Continued
Plan Descriptions
The following schedule is derived from the respective actuarial reports and
City information for the two pension plans as of October 1, 1996:
General Police and
Membership and Plan Provisions - Employees Firefighters
Members
Retirees and Beneficiaries
Receiving Benefits 4 3
Terminated Plan Members
Entitled to But Not
Receiving Benefits 9 4
Active Plan Members
Vested 61 42
Nonvested 49 32
123 81
-30-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 _ RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
General Police and
Membership and Plan Provisions- EmDlovees Firefighters
Normal Retirement Benefits:
Eligibility Full-Time Full-Time
Employment Employment
Age/Years of Service - Normal 60 Earlier of age 55 and 10
years of credited service,
or age 52 and 25 years
of credited service.
Age/Years of Service - Early Age 50 and 5 years of Age 45 and 5 years of
credited service. credited service.
Benefit - Normal 2%Average Monthly 2.5% of Average Monthly
Earnings times Credited Earnings times Credited
Service. • Service.
Benefit - Early Accrued benefit. Accrued benefit.
Form of Benefit 10 year Certain and Life 10 year Certain and Life
Annuity. Annuity.
J
Years to Vest 5 years 5 years
Disability Benefits:
Service Incurred None Accrued Benefit, but
not less than 42%
Average Monthly
Earnings.
Non-Service Incurred None Accrued Benefit, but not
less than 25% of Average
• Monthly Earnings if 10
years credited service.
Pre-Retirement Death Benefits:
Vested Accrued Benefit payable Accrued Benefit payable
to beneficiary for 10 to beneficiary for 10
years. years.
Nonvested Refund Accumulated Refund Accumulated
Contributions without Contributions without
interest. interest.
-31-
CITY OF OCOEE, FLORIDA -
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plans and Trust - Continued
Funding Policy
All plans are contributory. The employees participating in the General r
Employees' Pension Plan are required to contribute 5% of their salary. The
City is required to contribute at an actuarially determined rate; the current rate
is 10.3% 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 5% 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. --
Subsequent to September 30, 1997, the City Commission approved certain
changes to both of the pension plans. They amended the required
contribution from general employees to 7.4% and from police officers and
firefighters to 7.6%. The Commission also increased the benefit payable to
members upon retirement. _-
Annual Pension Cost and Net Pension Obligation
The City has traditionally contributed the annual required contribution (ARC) 77
and thus has never actually had, or had need to report, a net pension
obligation (NPO). As discussed in Notes 1 and 18, 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 1
none existed at September 30, 1997.
The Plans' table of required supplementary information is presented below:
-32-
1
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
L-' SEPTEMBER 30, 1997
II
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plans and Trust - Continued
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF FUNDING PROGRESS
Actuarial
Accrued UAAL as
Actuarial Liability Unfunded a% of
__ Actuarial Value ci (AAL). AAL Funded Covered Covered
Valuation Assets Entry Age` (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) J(b-a)/cl
General Employees
10/01/96 $ 2,297,183 $3,036,060 $ 738,877 75.66% $3,191,788 23.15%
10/01/95 1,728,549 2,460,185 731,636 70.26% 2,785,834 26.26%
10/01/94 1,257,218 1,748,822 491,604 71.89% 2,548,268 19.29%
I 1.0/01/93 941,671 1,461,756 520,085 64.42% 2,262,495 22.99%
10/01/92 643,547 1,193,844 550,297 53.91% 2,066,674 26.63%
10/01/91 210,164 761,269 551,105 27.61% 2,246,670 24.53%
Police Officers and Firefighters
10/01/96 $ 2,661,713 $3,488,432 $ 826,719 76.30% $2,428,615 34.04%
— 10/01/95 1,961,760 2,792,244 830,484 70.26% 2,191,537 37.90%
10/01/94 1,416,034 2,151,116 735,082 65.83% 2,002,476 36.71%
10/01/93 989,107 1,747,087 757,980 56.61% 1,706,230 44.42%
10/01/92 555,482 1,329,389 773,907 41.78% 1,592,110 48.61%
10/01/91 210,164 973,951 763,787 21.58% 1,346,398 56.73%
I
SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND OTHER CONTRIBUTING ENTITIES
General Employees Police Officers&Firefighters
Annual Annual
Year Ended Required Percentage Required Percentage
September 30 Contribution Contributed Contribution Contributed
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%
1993 177,101 100% 308,477 100%
Li 1992 183,911 100% 246,180 100%
I -33-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plans & Trust - 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, 1996) actuarial valuation follows:
General Police and
Employees Firefighters
Assumptions:
Investment Earnings 8% 8%
Salary Increases -
Inflation 3% 3%
Merit, Longevity, etc. 6% 6%
Post-Retirement Benefit 0% 0%
Increases
Mortality Table 1983 Group 1983 Group Annuity
Annuity Mortality Mortality Table
Table
Retirement Age When First When First Eligible
Eligible
Actuarial Valuation:
Frequency Annual Annual
Cost Method Frozen Entry Frozen Entry Age
Age
Amortization Method Level Percent Level Percent
Amortization Period 30 Years Closed 30 Years Closed
Asset Valuation Method 4 Year 4 Year Smoothed
Smoothed Market
Market
•
Deferred Compensation Plan
The City has a single employer deferred compensation plan. The Plan is
voluntary and any employee may elect to participate.
The City offers its employees a deferred compensation plan created in accord-
ance with Internal Revenue Code Section 457. The Plan, available to all City
employees, permits them to defer a portion of their salary until future years. The
deferred compensation is not available to employees until termination, retirement,
death, or unforeseeable emergency.
-34-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 8 - RETIREMENT PLANS - CONTINUED
Deferred Compensation Plan - Continued
All amounts of compensation deferred under the Plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other
beneficiary) solely the property and rights of the City (without being restricted to
the provisions of benefits under the Plan), subject only to the claims of the City's
general creditors. Participants' rights under the Plan are equal to those of
general creditors of the City in an amount equal to the fair market value of the
deferred account for each participant.
It is the opinion of the City that it has no liability for losses under the Plan, but
does have the duty of due care that would be required of an ordinary prudent
investor.
In accordance with current professional pronouncements,the City has accounted
for its deferred compensation plan as an agency fund in its financial statements.
The assets are stated at the market value which is represented by the contract
value provided by the City's third-party administrator.
Employee contributions to the Plan for the fiscal year ended September 30, 1997
were $146,386.
.
-35-
CETY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 9 - OVER 65 ASSISTANCE PROGRAM
The City of Ocoee, Florida began this program March 1, 1975. The program provides
that persons over 65 who qualify are entitled to receive free water and solid waste
services subject to limitations. Approximately 440 residents of the City participated in
this program during the fiscal year ended September 30, 1997.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax $ 4,037
Water Fees 53,306
Solid Waste Fees 77.582
Total Over 65 Cost p 134,925
NOTE 10 - BONDS AND NOTES PAYABLE
Summarized below are the City's bonds and notes payable outstanding at September
30, 1997:
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%. $ 7,850,000
Less: Current Maturities (215,000)
Unamortized Discounts (97,740)
7.537,260
Water and Sewer System Improvement Revenue Bonds, Series
1997.- payable in annual installments of$120,000 to $660,000
through 2026, plus semi-annual interest at 3.60% to 5.62%
10,150,000
Less: Current Maturities (120,000) _
Unamortized Discounts (126,842)
9,903,158
$17,440,418
-36-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
General Long-Term Debt Account Group
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 pay-
ments at 6.0% to 7.5%. $ 6,050,000
Capital Improvement Revenue Bonds, Series 1991 - payable
in annual installments of $70,000 to $230,000 through
2011 with semi-annual interest payments at 5.4% to 7.5%. 2,115.000
$ 8,165,000
Notes Payable -
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, adjusted annually using the five-year
Eurodollar rate. $ 2,130,000
Capital Improvement Revenue Promissory Note, Series 1996-
payable in annual principal installments of $230,000 to
$445,000 through 2012 with quarterly interest payments at
4.55% initially, increasing to 5.08% on January 1, 2007.
Interest rate reset on January 1, 2008 in accordance with
Loan Agreement. 4,840,000
$ 6,970,000
Water and Sewer System Refunding 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
L_) $10,160,000 outstanding Series 1989A and B Water and Sewer System Revenue
Bonds.
I 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.
-37-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993-
Continued
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.
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, r
then debt service/sinking fund requirements.
3) The City shall establish rates which will provide for necessary operating
expenses and 110% of the bond service requirement due that year.
4) The City shall provide for the reserve requirement by purchasing a surety
bond.
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.
-38-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
Water and Sewer System Improvement Revenue Bonds, Series 1997 - Continued
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 TransportationRefunding and ImprovementRevenue Bonds, Series 1990
li
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,
iJ
extension, and improvement of certain streets within the corporate limits.
These bonds are secured by the Local Option Gas Tax and certain local Public
Service Taxes.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the .
next maturing principal and interest payment, respectively.
2) The City shall provide for the reserve requirement by purchasing a surety
bond.
Capital Improvement Revenue Bonds, Series 1991
In April 1991, the City issued revenue bonds to finance the construction of a new
City Hall and expansion of the Police Station.
These bonds are secured by non-ad valorem revenues of the.City.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make deposits on or before March 5 and September 5 to a
sinking fund such amounts sufficient to pay the next succeeding interest and
principal payments.
-39-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
2) The City shall establish a Reserve Fund and maintain the Reserve Fund
requirement of $249,945.
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:
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.
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.
Capital Improvement Revenue PromissoryNote, Series 1996
Pr
In December 1996, the City issued a promissory note to finance certain capital
projects including two fire stations, a gymnasium and recreational facility, and a -
public works facility.
This note is payable solely able from Non-ad Valorem Revenues of the City.
The major provisions of the ordinance authorizing the promissory note are as
follows:
1) The City will not issue non-self-supporting revenue debt if after the issuance
of such debt, maximum annual debt service resulting from the total
outstanding non-self-supporting revenue debt service of the City exceeds 50%
of total general purpose Non-ad Valorem Revenues of the City received in the _
immediately preceding Fiscal Year of the City. Non-self-supporting revenue
debt shall not include any debt payable from revenues of a utility system.
2) The City shall establish a Reserve Fund and maintain the Reserve Fund
Requirement of $484,000. Securities in the Reserve Fund shall be valued at
market value annually on each January 1. Deficiencies in the amounts on r_
deposit in the Reserve Fund resulting from a decline in market value shall be
restored no later than the succeeding interest payment date.
-40-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
•
I`I
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
Following is a maturity schedule of outstanding bonds payable:
General Long-Term
Year Ended Debt Enterprise Funds Total Debt
Sept 30: Principal Interest Principal Interest Service
1998 $ 270,000 $ 600,798 $ 335,000 $ 835,713 $ 2,041,511
1999 285,000 582,722 390,000 956,875 2,214,597
2000 305,000 563,308 405,000 940,315 2,213,623
2001 330,000 542,167 420,000 922,477 2,214,644
2002 350,000 519,075 440,000 903,366 2,212,441
2003-2007 2,160,000 2,175,975 2,550,000 4,171,931 11,057,906
2008-2012 2,855,000 1,242,375. 3,300,000 3,424,707 10,822,082
2013-2017 1,610,000 247,125 4,330,000 ' 2,397,562 8,584,687
2018-2022 --- --- 2,865,000 1,263,012 4,128,012
2023-2027 --- --- 2,965,000 518,625 3,483,625
$ 8,165,000 $ 6,473,545 $18,000,000, 16 334 583 $48,973,128
Following is a maturity schedule of principal payments on the stormwater and capital
improvement notes payable:
Year Ended
September 30:
1998 $ 340,000
1999 370,000
2000 380,000
2001 390,000
U 2002 405,000
Thereafter 5,085,000
_ $ 6,970,00Q
-41-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 10 - BONDS AND NOTES PAYABLE - CONTINUED
During the year ended September 30, 1997, the following changes in general long-term
debt occurred:
Accrued Capital Bonds and
Annual Lease Notes
Leave Obligations Payable Total
Balance at
October 1, 1996 $ 399,593 $ 1,376,532 $10,620,000 $12,396,125
1 4,840,000 5,219,392
Additions 76,980 302,4 2
Principal payments --- (535,492) (325,000) (860,492)
Balance at Septem-
ber 30, 1997 $ 476,573 $ 1,143,452 $15,135,000 16 755 025
NOTE 11 - DEBT DEFEASANCE
defeased the Public Improvement Revenue Bonds, Series 1987,
In 1990 the City p by
creating a separate irrevocable trust fund. New debt was issued and the proceeds
have been used to purchase U.S. government securities that were placed in the trust
fund. The investments and fixed earnings from the investments appear sufficient to
fully service the defeased debt until the debt is called or matures. For financial
reporting purposes, the debt has been considered defeased and therefore removed
as a liability from the City's General Long-Term Debt Account Group. As of September
30, 1997, the amount of defeased debt outstanding, but removed from the General
Long-Term Debt Account Group amounted to $295,500.
NOTE 12 - LEASE OBLIGATIONS
Capital Leases
The City has entered into lease agreements as lessee for financing the acquisition
of vehicles and trucks and data processing, communications, and office
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.
-42-
f
'L-J
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
r
NOTE 12 - LEASE OBLIGATIONS - CONTINUED
Capital Leases - Continued
Equipment under capital leases recorded in the General Fixed Asset Account
Group at September 30, 1997 consists of the following:
Fire Trucks $ 595,542
800 MHZ Radio System 666,834
Vehicles and Trucks 704,047
Equipment 80.297
} _2,046,729
Debt service payments on equipment capitalized in the General Fixed Asset
Group are recorded as expenditures in either the General Fund or the Special
22..
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:
1998 $ 522,967
1999 455,184
2000 232,894
2001 24,116
n
Total Minimum Lease Payments 1,235,161
Less, Amount Representing Interest (91.709)
Present Value of Net Minimum
Lease Payments $ .1,143,452
-43-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 12 LEASE
OBLIGATIONS - CONTINUED
Capital Leases - Continued
The total of assets capitalized under lease-financing arrangements in proprietary
fund types is as follows:
Water and
Wastewater Solid Waste
Fund Fund Totals
Vehicles and
Equipment $ 43,527 $ 235,674 $ 279,201
Less Accumulated
Amortization 21,038 48,782 69.820
Net Book Value $ 22,489 $ 186,892 $ 209,381
Amortization of equipment leased under capital leases is included in depreciation
expense.
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 Fund Totals
1998 $ 11 387 $ 53 613 $ 65,000
1999 11,387 53,613 65,000
2000 11,387 53,613 65,000
2001 949 27.075 28.024
Total Minimum Lease
Payments 35,110 187,914 223,024
Less, Amount Repre-
senting Interest (5.653) (18,573) (24.226)
Present Value of Net
Minimum Lease
Payments $ 29,457 $ 169.341 2 198,798
The current and noncurrent obligation under these capital leases are$53,538 and
$145,260, respectively.
•
-44-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 12 - LEASE OBLIGATIONS - CONTINUED
Operating Leases •
The City leases office and computer equipment under non-cancelable operating
leases. Rental expenditures for the year ended September 30, 1997 amount to
$40,157. The following is a schedule by years of future minimum rentals on these
noncancelable leases as of September 30, 1997:
Year Ending
September 30:
1998 $ 39,473
1999 16.733
• $ 56,206
• NOTE 13 - INTERFUND RECEIVABLES AND PAYABLES
The following schedule as of September 30, 1997,represents interfund receivables and
payables:
Interfund Interfund
Fund Type -- Receivables Payables
General Fund $ 21,392 $ ---
Special Revenue Funds: •
Police Training --- 782
Enterprise Funds:
Solid Waste --- 20,610
_ Pension Trust Funds:
General Employees --- 122
Police and Firefighters 122 ---
$ 21,514, $ 21,514,
NOTE 14 - RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; job-related illnesses or injuries to
employees; and natural disasters. Rick of loss from the above is transferred by the
City to various commercial insurers through the purchase of insurance. 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.
-45-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 15 - 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, 1997, is as
follows:
Water and
Wastewater Solid Waste Total
Operating Revenues $ 4,030,639 1,243,295 $ 5,273,934 -
Depreciation and Amortization $ 1,329,432 $ 201,955 $ 1,531 L387
Operating Income $ 99,319, $ 121,858 $ 221,177
Operating Grants $ --- $ 29,000, $ 29,000 -
Operating Transfers:
In $ 22,819 $61307. $ 29,626
Out $ (625,411) $ (132,774) $ (758185)
Net Income (Loss) $ (536,502) $ 23,354 $ (513,148) --
Current Capital Contributions $ 798,790 --- $ 798,790
Property Additions $ 875,240 $ 143,290 $ 1,018,530
Property Deletions $ 186,105 $_ --- _ $ 186,105
Net Working Capital $ 2,438,701 $ 205,796 $ 2,644,497 -
Total Assets • $46,506,771 $ 804,064 $47,310,835,
Long-Term Debt $17,461,433 $ 124,245 $17,585,678
Total Equity $27,435,610 $ 589,439 $28,025,049
-4-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 16 - CONTRIBUTED CAPITAL
The following is a summary of changes in contributed capital of the water and
wastewater fund during the year ended September 30, 1997:
Contributed Capital - Beginning of Year $23,957,113
Additions (Reductions)
Connection Fees 114,180
Write-off Connection Fees Billed in Prior Year (268,782)
Developers 684,610
Depreciation on Contributed Assets (366,739)
Contributed Capital - End of Year $24,120,382
NOTE 17.- SUMMARY DISCLOSURE OF SIGNIFICANT CONTINGENCIES
Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. If any expenditures are disallowed as a result
of these audits, the claims for reimbursement to the grantor agency would
become a liability of the City. In the opinion of management, any such
adjustments would not be significant.
Litigation •
During the ordinary course of its operations, the City is a party to various claims,
legal actions, and complaints. In the opinion of the City's management and legal
counsel, these matters are not anticipated to have a material financial impact on
the City.
NOTE 18 - CHANGES IN ACCOUNTING PRINCIPLE
As discussed in Note 1, the City adopted GASB Statements No. 25, 27 and 31 during
fiscal year 1997. The City was required to implement GASB Statement No. 25 in 1997;
however, the City early implemented GASB Statements No. 27 and 31 since the GASB
encouraged early implementation.
The statements require a new financial statement presentation and disclosures for
pension trust funds as well as recording investments at fair value. Fund balances of
governmental funds, retained earnings of proprietary funds, and net assets held in
trust for pension benefits in pension trust funds have been restated at October 1, 1996
as follows to account for the cumulative effect of applying these Statements:
-47-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1997
NOTE 18 - CHANGES IN ACCOUNTING PRINCIPLE - CONTINUED
Increase
(Decrease)
General Fund $ (10,053)
Special Revenue Funds (162,165)
Debt Service Funds (18,619)
Enterprise Funds (159,254)
Pension Trust Funds 972,425
The adoption of these Statements resulted in the following increases in excess of
revenues over expenditures in governmental funds, net income in proprietary funds
and net assets held in trust for pension benefits in pension trust funds for the year
ended September 30, 1997:
Increase
General Fund $ 31,284
Special Revenue Funds 318,770
Debt Service Funds 8,866
Capital Projects Funds 45,811
Enterprise Funds 342,240
Pension Trust Funds 1,271,051
NOTE 19 - COMMITMENTS
At September 30, 1997, the City had entered into contracts totaling $762,683 related
to projects for improvements to the City's Water and Sewer System. In addition, the
remaining commitment on the contract for construction of the two fire stations is
approximately $753,300 at September 30, 1997.
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COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the "General
Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund
of a given fund type.
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GENERAL FUND .
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
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Variance
Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes
L Property Taxes $ 2,240,210 $ 2,243,488 $ 3,278
Franchise Taxes 1,161,000 1,145,834 (15,166)
Utility Taxes 1,513,300 1,577270 63.970
4.914,510 4.966.592 52,082
Licenses And Permits
Building Permits 502,700 629,201 126,501
Occupational License 238200 250.449 12.249
, 740.900 879.650 138.750
Intergovernmental Revenues
Cigarette Tax 96,900 95,635 (1,265)
State Revenue Sharing 508,000 519,778 11,778
Sales Tax 2,095,000 2,138,419 43,419
j Other State Shared Revenue 49,100 36,588 (12,512)
County 60 Gas Tax 368,000 386,850 18,850
Other County Shared Revenue 109,000 66,347 (42,653)
Federal Grants 206.070 124,565 (81,505)
3.432,070 3.368,182 (63,888)
i
Charges For Services
Fire Contract 117,260 114,188 (3,072)
Program Activity Fees 56,750 85,943 29,193
'; City Staff Charges 8,150 7.988 (162)
182,160 208.119 25,959
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Fines And Forfeitures
Fines And Forfeitures 97.000 75,483 (21,517)
,-_I Investment Income
Investment Income 85,000 146,357 61,357
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_ Miscellaneous Revenues
Zoning And Election Fees 30,000 35,320 5,320
1 Other 100.350 128,184 27,834
130.350 163.504 33,154
Total Revenues $ 9,581,990 $ 9,807,887, $ 225,897
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CRY OF OCOEE, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Variance
Favorable
Budaet _ Actual (Unfavorable)
EXPENDITURES
General Government
Legislative $ 125,431 $ 99,763 $ 25,668
Executive 563,569 495,235 68,334
Finance And Administrative 877,579 828,435 49,144
Legal 232,000 221,648 10,352
Planning And Zoning 411,240 379,535 31,705
General Government 593,252 246,749 346,503
Building Maintenance 316,383 161,337 155,046
1
3119454 2,432,702 686,752
Pubic Safety
1 Law Enforcement 3,039,984 2,750,322 289,662
Fire Control 2,434,625 2,302,194 132,431
Protective Inspections 694,935 644,210 50,725
_ 6,169,544 5,696,726 472,818
Physical Environment
Roads And Streets 1,413,107 1,162,242 250,865
Culture And Recreation
Parks And Recreation 677,515 486,722 190,793
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`" Debt Service
Principal Retirement - 299,171 (299,171) .
Interest And Fiscal Charges _ 40,204 (40,204)
- 339,375 (339,375)
Total Expenditures 11,379,620 10,117,767 1,261,853
Excess (Deficiency) Of Revenues
Over Expenditures (1,797,630) (309,880) 1,487,750
Other Financing Sources (Uses)
Operating Transfers In 1,831,130 1,633,763 (197,367)
Operating Transfers Out (883,500) (989,477) (105,977)
Net Other Financing
Sources (Uses) 947,630 644,286 (303,344)
Excess (Deficiency) Of Revenues
And Other Sources Over Expend-
hires and Other Uses (850,000) 334,406 1,184,406
Fund Balance-Beginning of Year,
As Restated (850,000) 1,621,723 771,723
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Fund Balance- End of Year $ - $ 1,956,129 § 1,956,129
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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 dis-
bursements made for the purpose of planning, acquisition,
expansion, and development of off-site improvements to the
road system.
Parks - Accounts for the land and/or money received from owners
or developers as a recreational facilities assessment when
lands are subdivided within the City. Funds must be used
for the improvement or expansion of City parks.
Stormwater - Accounts for the Stormwater Utility Fee revenues and the
related expenditures for drainage, stormwater, and other
related projects.
Interim Services - Accounts for impact fees collected and for disbursements
made for the purpose of providing additional municipal
services to new development within the City.
Police Training - Accounts for the revenues received pursuant to F.S.
943.25(8) which imposes a $2.00 court cost against every
person convicted for violation of state penal or criminal
statute or convicted of a municipal or county ordinance
violation where said offense occurred within the City of
Ocoee. Funds must be used to educate and train law
enforcement personnel.
Police Trust - Accounts for the proceeds from property confiscated in
police enforcement activities pursuant to F.S. 932.701
(Florida Contraband Forfeiture Act). Funds must be used for
police operations.
Fire Impact - Accounts for Fire Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide fire protec-
tion for new development within the City.
Police Impact - Accounts for Police Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide police pro-
-_ tection for new development within the City.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET ALL SPECIAL REVENUE FUNDS
SEPTEMBER 30, 1997
Road
Impact Parks Stormwater
Assets -
Cash And Cash Equivalents $ 1,368,332 $ 363,222 $ 70,803 -
Investments 4,225,457 268,466 48,438
Receivable - Net 49.265 --- 74.523
Total Assets $ 5,64.3,654 $ 631,688 $ 193,764
Liabilities And Fund Balances
Liabilities -
Accounts Payable $ 100,011 $ --- $ 23,143 _
Due to Other Funds --- --- ---
Deferred Revenue --- 8,880 ---
Total Liabilities 100.011 8.880 23,143
Fund Balances
Unreserved:
Designated For Subsequent -
Year's Budget 5,543,043 622.808 170,621
Total Fund Balances 5.543.043 622.808 170.621
Total Liabilities And
Fund Balances $ 5,643,054, $ 631,688 $ 193 764
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Total
L Special
Interim Police Police Fire Police Revenue
Services Training Trust Impact Impact Funds
$ 15,833 $ 12,945 $ 29,233 $ 879,833 $ 145,302 $ 2,885,503
--- --- --- 986,666 72,657 5,601,684
--- --- --- 2,521_ --- 126,309
$ 15,833 12 945 $ 29,233 $ 1,869,020 $ 217,959 $ 8,613,496
$ --- $ --- $ -- $ --- $ --- $ 123,154
--- 782 --- --- --- 782
--- 8,880
782
--- 132.816
15,833 12,163 29,233 1.869,020 217,959 8,480,680
15,833 12,163 29,233 1,869,020 217,959 8,480.680
$ 15�833 $ 12,945 $ 29,233 $ 1,869,020 217,959 $ 8,613,496
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CRY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL.SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Road
ImrIn& Parks Stormwater
Revenues
Intergovernmental Revenues $ — $ 2,348 $ —
Fines And Forfeitures — — —
Impact Fees/Special Assessments 1,298,620 261,430 804,199
Investment Income 415,457 43,917 10,197
Miscellaneous Revenues — — —
Total Revenues 1,714,077 307.695 814.396
Current:
Public Safety — — —
Physical Environment 2,023,446 — 645,398
Culture And Recreation — 56,290 —
Debt Service:
Principal Retirement — — 67,633
Interest And Fiscal Charges — — 15,173
Total Expenditures 2.023.446 56.290 728.204
Excess (Deficiency) Of Revenues
Over Expenditures (309.369) 251.405 86.192
Other Financing Sources (Uses) I—
Operating Transfers Out (629,253) (118,100) (282,857)
Net Other Financing
Sources (Uses) (629,253) (118,100) (282,857)
Excess (Deficiency) Of Revenues
And Other Financing Sources
Over Expenditures And Other
Financing Uses (938,622) 133,305 (196,665)
Fund Balances-Beginning Of Year
As Previously Reported 6,549,771 500,818 367,286
Prior Period Adjustment (111,347) (11,315) — -
As Restated 6.438.424 489.503 367.286
Residual Equity Transfer In 43,241, — —
Fund Balances-End of Year $ 5,543,043 622 808 $ 170,621
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Total
Special
Interim Police Police Fire Plaice Revenue
Services Trainina Trust Impact Impart Funds
$ - $ - $ - $ $ 7,370 $ 9,718
- 1,242 3,588 - - 4,830
59,371 - - 415,633 132,823 2,972,076
968 642 2,100 146,289 10,756 630,326
-- - - 308,323 - 308,323
1 60,339 1,884 5,688 870,245 150,949 3,925,273
i - - 20,717 526,762 - 547,479
- - - - - 2,668,844
1 - - - - - 56,290
- - - 168,688 - 236,321
- - - 17,869 - 33,042
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- - - 20,717 713,319 - 3,541,976
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L 60,339 1,884 (15,029) 156,926 150,949 383,297
(50,874) - - (63.580) (100,839) (1,245,503)
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(50,874) - - (63,580) (100,839) (1,245,503)
9,465 1,884 (15,029) 93,346 50,110 (862,206)
6,368 10,279 44,262 1,815,177 167,849 9,461,810
-- (39.503) - (162,165)
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i_ 6,368 10,279 44,262 1,775,674 167,849 9,299,645
- - - - - 43,241
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$ 15`833 $ 12,163 $ 29,233 $ 1,869,020 $ 217,959, $ 8,480,680
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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.
Descriptionof Funds
Transportation Refunding - Accounts for the principal and interest payments on the 1990
and Improvement Transportation Refunding and Improvement Revenue Bonds
I` Revenue Bonds which funded the design, construction, paving and improve-
ment of roads and related drainage improvements within the
City.
Capital Improvement - Accounts for the principal and interest payments on the 1991
Revenue Bonds Capital Improvement Revenue Bonds which funded the
construction of the new City Hall and the expansion of the
police department facility.
Stormwater Revenue - Accounts for the principal and interest payments on the 1996
Promissory Note Stormwater Revenue Promissory Note issued to acquire,
construct, and improve certain stormwater utility capital
improvements.
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Capital Improvement - Accounts for the principal and interest payments on the 1996
Revenue Promissory Capital Improvement Revenue Promissory Note issued to
Note finance certain capital projects including two fire stations, a
gymnasium and recreational facility, and a public works
facility.
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CRY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
SEPTEMBER 30, 1997
Capital
Transportation Capital Stormnwater Improvement
Refunding And improvement Revenue Revenue Total
Improvement Revenue Promissory Promissory Debt Service
Revenue Bonds Bonds Note Note Funds
Assets
Cash And Cash Equivalents $ 31,992 $ 88,644 $ 15,174 $ 60,557 $ 196,367
Restricted Assets:
Investments - 229,286 207,520 396,983 833,789
Cash With Paying Agent 394,011 169,795 202,271 55,055 821,132
Total Assets $ 426,003 $ 487,725, $ 424,965 $ 512,595 $ 1,851,288
Liabilities And Fund Balances
Liabilities
Matured Bonds Payable $ 165,000 $ 90,000 $ 70,000 $ - $ 325,000
Matured Interest Payable 229,011 79,795 132,271 55,055 496132
Total Liabilities 394,011 169,795 202,271 55,055 821,132
Fund Balances
Reserved For Debt Service 31,992 317,930 222,694 457,540 1,030,156
Total Liabilities And
Fund Balances $ 426,003 $ 487,725, $ 424,965_ 512 595 $ 1,8511288
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Cl1Y OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Capital
Transportation Capital Stom,water Improvement
Refunding And Improvement Revenue Revenue Total
Improvement Revenue Promissory Promissory Debt Service
Revenue Bonds Bonds Note. Note Funds
Revenues
Investment Income $ 9,940 $ 17,111 $ 17,775 $ 17,542 $ 62,368
Total Revenues 9,940 17,111 17,775 17,542 62,368
Expenditures
Debt Service:
Bond Principal Payments 165,000 90,000 70,000 - 325,000
Bond Interest and Fiscal
Charges 458,498 159,590 132,271 , 181,682 932,041
Total Expenditures 623,498 249,590 202,271 181,682 1,257,041
Excess (Deficiency) Of Revenues
Over Expenditures (613,558) (232,479) (184,496) (164,140) (1,194,673)
Other Financing Sources
Operating Transfers In 623,022 249,590 203,452 181,680 1,257,744
Bond Proceeds - - - 440,000 440.000
Total Other
Financing Sources 623,022 249,590 203,452 621,680 1,697,744
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Excess of Revenues And Other
Financing Sources Over
Expenditures And Other
Financing Uses 9,464 17,111 18,956 457,540 503,071
Fund Balances-Beginning of Year
As Previously Reported 22,528 319,438 203,738 - 545,704
Prior Period Adjustment - (18,619) - - (18,619)
As Restated 22,528 300,819 203,738 - 527,085
Fund Balances-End Of Year $ 31,992 $ 317,930 $ 222,694 $ 457,540 $ 1,030,156
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! CAPITAL PROJECTS FUNDS
i
The Capital Projects Funds account for all resources used for the acquisition and/or
construction of capital facilities by the City except for those financed and accounted for in the
Proprietary and certain Fiduciary Funds.
' Description of Funds
Road Construction - Accounts for the portion of building permits designated to
fund the design, construction, paving and improvement of
White Road in connection with the West Oaks Mall construc-
1 tion project.
City Hall/Police Depart- - Accounts for the proceeds of the 1991 Capital Improvement
ment Construction Revenue Bonds to fund the construction of a new City Hall
and expansion of the police department facility.
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 instal-
lation 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.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
SEPTEMBER 30, 1997
City Hall/
Road Police Dept
Construction Construction
Assets
Cash and Cash Equivalents $ 370,307 $ 2,720
Investments --- ---
Accounts Receivable 26 ---
Total Assets $ 370.333, $ 2,720
Liabilities And Fund Balance
Uabilities
Accounts Payable $ --- $ ---
Retainage Payable 55.594 1214
Total Liabilities 55.594 1.214
Fund Balance
Unreserved - Designated
For Capital Projects 314.739 1.506
Total Liabilities And
Fund Balance $ 370.333
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Total
Stormwater Computer Capital Capital Project
Improvement Acquisition Improvements Funds
$ 1,034,035 $ 144,312 $ 1,816,447 $ 3,367,821
594,514. --- 1,992,014 2,586,528
--- --- --- 26
1 628 549 $ 144,3.12 $ 3,808,461 $ 5,954,375,
$ 8,192 $ --- $ --- $ 8,192
9,266 --- --- 66.074
17.458 --- --- 74.266
1.611,091 144.312 3.808,461 5.880.109
$ 1,628,549 $. 144,312 $ 3,808,461 $, 5,954,375
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
AND CHANGES IN FUND BALANCES
ALL CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
City Hall/
Road Police Dept.
Construction Construction
Revenues
Building Permits $ 8,252 $ ---
Investment Income 27,286 1,394
Miscellaneous Revenues --- ---
Total Revenues 35.538 1,394
Expenditures
Capital Outlay:
General Government --- 9,907
Public Safety --- 7,060
Physical Environment 284,293 ---
Culture & Recreation --- ---
Total Expenditures 284.293 16,967
Excess (Deficiency) Of Revenues
Over Expenditures (248,755) (15,573)
Other Financing Sources (Uses)
Operating Transfers In --- -
Operating Transfers Out (16,472) ---
Promissory Note Proceeds - ---
Net Other Financing l
Sources (Uses) (16,472) ---
Excess (Deficiency) Of Revenues
And Other Financing Sources
Over Expenditures And Other 1
Financing Uses (265,227) (15,573)
Fund Balances - Beginning Of Year 579,966 17,079 -
Fund Balances - End Of Year $ 314.739 $ 1,506
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Total
Stormwater Computer Capital Capital Project
Improvement Acquisition Improvements Funds
---
$ 8,252
98,052 17,700 208,836 353,268
--- --- 900 900
98,052 17.700 209.736 362,420
--- 364,810 --- 374,717
--- --- 715,048 722,108
400,814 --- 14,128 699,235
--- --- 72.099 72.099
400,814 364.810 801.275 1,868.159
(302,762) 347,110 591,539) (1,505,739)
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--- 100,000 --- 100,000
(1,012) (10,485) --- (27,969)
--- --- 4.400,000 4,400,000
(1,012) 89.515 4,400.000 4.472.031
(303,774) (257,595) 3,808,461 2,966,292
1,914.865 401,907 --- 2.913.817
$ 1,611,091 $ 144,312 $ 3,808.461 $ 5,880,109
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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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CRY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL ENTERPRISE FUNDS
SEPTEMBER 30, 1997
, Water Total
and Enterprise
Wastewater Solid Waste Funds
ASSETS
Current Assets I-
Cash And Cash Equivalents $ 611,955 $ 132,850 $ 744,805
Investments 1,809,700 46,395 1,856,095
Receivables (Net Of Allowance
For Uncollectibles) 410,554 108,705 519,259
Inventory - Materials 22,152 — 22,152 '
Due From Other Governments —-- 8,226 8,226
Total Current Assets 2,854,361 296,176 3150537
Restricted Assets
Cash And Cash Equivalents 2,810,666 95,943 2,906,609
Investments 10,833,216 — 10,833,216
Cash With Paying Agent 822,326 — 822,326
Total Restricted Assets 14,466,208 95,943 14,562,151
Food Assets
Property, Plant And Equipment 34,536,625 1,320,933 35,857,558 -
Less: Accumulated Depreciation (9,160,493) (908,988) (10,069,481)
Construction In Progress 2,969,186 — 2,969,186
Total Food Assets-Net 28,345,318 411,945 28;757,263
Other Assets
Assessments Receivable 251,775 — 251,775
Unamortized Bond Issuance Costs 589,109 — 589,109
Total Other Assets 840,884 — 840,884
Total Assets $ 46,506z771 804 064 $47,310,835
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Total
Water and Enterprise
Wastewater Solid Waste Funds
LIABILITIES AND FUND EQUITY
Current Liabilities (Payable
From Current Assets)
Accounts Payable $ 228,366 $ 1,805 $ 230,171
Accrued Expenses 139,850 22,869 162,719
r Due To Other Funds - 20,610 20,610
Deferred Revenue 39,002 - 39,002
Obligations Under Capital Leases 8,442 45,096 53,538
Total Current Liabilities (Payable
From Current Assets) 415,660 90,380 506,040
Current Liabilities (Payable From
- Restricted Assets)
Customer Deposits 344,224 - 344,224
Retainage Payable • 27,518 - 27,518
Accrued Interest Payable 487,326 - 487,326
Revenue Bonds Payable 335,000 - 335,000
Total Current Liabilities (Payable
From Restricted Assets) 1,194,068 - 1,194,068
.
Long-Term Liabilities
Revenue Bonds Payable 17,440,418 - 17,440,418
Obligations Under Capital Leases 21,015 124,245 145,260
,___) Total Long-Term liabilities 17,461,433 124,245 17,585,678
Total Liabilities 19,071,161 214,625 19,285,786
Fund Equity
Contributed Capital 24,120,382 - 24,120,382
Retained Earnings:
Reserved For Renewal
And Replacement 1,638,008 95,943 1,733,951
Unreserved 1,677,220 493,496 2,170,716
Total Retained Earnings 3,315,228 589,439 3,904,667
Total Fund Equity 27,435,610 589,439 28,025,049
Total Liabilities&Fund Equity $46,506,771, 804 064 $ 47,310L835
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
--i
Total
Water and Enterprise
Wastewater Solid Waste Funds
Operating Revenues
User Charges $ 4,030,639 $ 1,243,295 $ 5,273,934
Operating Expenses
Personal Services 1,514,777 404,805 1,919,582
Materials And Supplies 383,422 359,960 743,382
Heat, Light And Power 340,850 - 340,850
Depreciation And Amortization 1,329,432 201,955 1,531,387
Other Expenses 362,839 148,978 511,817
Recycling Expenses - 5,739 " 5,739
Total Operating Expenses 3,931,320 1,121,437 5,052,757
Operating Income (Loss) 99,319 121,858 221,177
Nonoperating Revenues
)
Grant Revenue J - 29',000 29,000
Investment Income 865,103 9,096 874,199
Interest Expense (829,608) (10,633) (840,241)
Loss on Sale of Fixed Assets (68,724) - (68,724)
. Total Nonoperating Revenues (Expenses) (33,229) , 27,463 (5,766)
Income Before Operating Transfers 66,090 149,321 215,411
Operating Transfers
i- Operating Transfers In 22,819 , 6,807 29,626
Operating Transfers Out (625,411) (132,774) (758,185)
L_, Net Operating Transfers (602,592) (125,967) (728,559)
•
Net Income (Loss) $ (536,502) L 23,354 $ (5513,148
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Disposition Of Net Income (Loss)
Net Income (Loss) $ (536,502) $ 23,354 $ (513,148)
j Depreciation On Contributed Assets 366,739 - 366,739
Net Increase (Decrease) In
Retained Earnings (169,763) 23,354 (146,409)
Retained Earnings-Beginning of Year
( As Previously Stated 3,644,245 566,085 4,210,330
H Prior Period Adjustment (159,254) - (159,254)
As Restated 3,484,991 566,085 4,051,076
' Retained Earnings-End of Year $ 3,315,228 $ 589,439 $ 3,904,667
-63-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Total
Water and Enterprise
Wastewater Solid Waste Funds
Cash Flows From Operating Activities:
Receipts From Customers $ 4,011,160 $ 1,227,336 $ 5,238,496
Payments To Suppliers (949,141) (524,542) (1,473,683)
Payments To Employees (1,487,713) (401,762) (1,889,475)
Net Cash Provided By Operating Activities • 1,574,306 301,032 1,875,338
Cash Flows From Noncapital
Financing Activities:
Net Operating Transfers In (Out) (602,592) (125,967) (728,559)
Receipts From Grants — 24,267 24,267
Increase (Decrease) Due To Other Funds (1,515) 20,610 19,095
Net Cash Used In Noncapital Financing Activities (604,107) (81,090) (685,197)
Cash Flows From Capital And Related Financing Activities:
Proceeds From Sale of Property and Equipment 87,630 — 87,630
Purchase Of Property, Plant And Equipment (190,630) • (143,290) (333,920)
Additions to Construction in Progress (1,296,658) — (1,296,658)
Principal Paid On Bonds and Leases (212,532) (88,013) (300,545) ,
Interest Paid On Bonds and Leases (567,681) (10,633) (578,314)
Proceeds from Bonds and Capital Leases 10,019,878 119,299 10,139,177
Capital Contributions 114,180 — 114,180
Cash Received On Assessments Receivable 60,518 — 60,518
Bond Issue Costs Paid (304,987) — (304,987)
Net Cash Provided By (Used In) Capital And
Related Financing Activities 7,709,718 (122,637) 7,587,081
Cash Flows From Investing Activities:
Sale Of Investments 487,200 50,000 537,200
Purchase Of Investments (7,705,920) — (7,705,920)
Investment Income 514,387 9,477 523,864
Net Cash Provided By (Used In) In Investing Activities (6,704,333) 59,477 (6,644,856)
Net Increase (Decrease) In Cash And Cash Equivalents 1,975,584 156,782 2,132,366
Cash And Cash Equivalents At Beginning Of Year 2,269,363 72,011 2,341,374
Cash And Cash Equivalents At End Of Year $ 4,244,947 $ = 228 793 $ 4,473,740
Classified As:
Current Assets $ 611,955 $ 132,850 $ 744,805
Restricted Assets 3,632,992 95,943 3,728,935
Total $ 4,244,947 228 793 $ 4,473,740
-64- •
Total
Water and Enterprise
Wastewater Solid Waste Funds
Reconciliation Of Operating Income (Loss) To Net
Cash Provided By Operating Activities:
Operating Income (Loss) $ 99,319 $ 121,858 $ 221,177
Adjustments Not Affecting Cash:
Depreciation 1,306,870 201,955 1,508,825
Amortization 22,562 — 22,562
Provision For Uncollectible Accounts 5,500 4,000 9,500
Change In Assets And I i gin•
(Increase) Decrease In Accounts Receivable (19,657) (15,959) (35,616)
Increase (Decrease) In Accounts Payable 196,532 (13,865) 182,667
Increase (Decrease) In Accrued Expenses 27,064 3,043 30,107
Increase (Decrease) In Retainage Payable (64,062) — (64,062)
Increase.(Decrease) In Deferred Revenue (6,724) — (6,724)
Increase (Decrease) In Customer Deposits 6,902 — 6,902
Total Adjustments 1.474,987 179,174 1,654,161
Net Cash Provided By Operating Activities $ 1,574,306, $ 301,032 $ 1,875,338,
•
•
Noncash Investing, Capital And Financing Activities:
Contributed Property, Plant, And Equipment $ 684,610 $ — $ 684,610
Write Off Capital Contributions Billed in Prior Year (268,782) — (268,782)
L_ Increase (Decrease) in the Fair Value of Investments 342,621 (381) 342,240
$ 758,449 $ (381) $ 758,068
.
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Ocoee
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4 OF GOOV
TRUST AND AGENCY FUNDS
Expendable and Pension Trust Funds are used to account for assets held by the City in a
fiduciary capacity for individuals, governmental entities and others. Such trust funds are operated
by carrying out specific terms of trust indentures, statutes, ordinances, grant requirements, or
other governing regulations. The Agency Funds are used to account for assets held by the City
as agent for City employees.
Description of Funds
Pension Trust Funds
General Employees - Accounts for the accumulation of resources to be used for
retirement annuity payments at appropriate amounts and
times in the future for employees of the City, except police
officers and firefighters.
Police and
Firefighters - Accounts for the accumulation of resources to be used for
retirement annuities of all police officers and firefighters. The
State contributes funds based upon the number of police
officers and firefighters and the City and employees contribute
the balance as determined by an actuarial study.
•
Agency Funds •
Deferred Compensation
Plan - Accounts for the accumulation of resources to be used for
retirement payments at appropriate amounts and times in the
future for employees of the City in accordance with the
provisions of Internal Revenue Code Section 457.
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Ocoee
ti\<‘\°2-2_
fG00•
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
TRUST AND AGENCY FUNDS
SEPTEMBER.30, 1997
Trust Funds Agency Fund
Pension Deferred
Trust Compensation
Funds Plan Totals
Assets
Cash And Cash
Equivalents $ 21,486 $ --- $ 21,486
Investments 7,661,477 1,092,244 8,753,721
Receivables - Net 100,189 --- 100,189
Due From Other Funds 122 --- 122
Total Assets $ 7,783,274, $ 1,092,244 $ 8,875,518
Liabilities And Fund
Balance
Liabilities
Due To Other Funds $ 122 $ --- $ 122
Deferred Compensation
Payable --- 1,092,244 1,092,244
--I
Total Liabilities 122 1,092,244 1,092,366
Fund Balances
Reserved For Employees'
Pension Benefits 7,783,152 --- 7,783,152
Total Fund Balances 7,783,152 --- 7,783,152
Total Liabilities And
Fund Balances $ 7,783,274, $ 1,092,244 $ 8,875,518
-66-
EEFLORIDA
CITY OF OCOEE, FLORI
COMBINING STATEMENT OF PENSION FUND NET ASSETS
• SEPTEMBER 30, 1997
Pension Trust Funds
General Police And
Employees Firefighters Totals
Assets
Cash and Short-Term Investments $ 8.930 $ 12.556 $ 21,486
Receivables -
Employer Contribution 31,799 43,345 75,144
Employee Contribution 13,997 11,048 25,045
Due From Other Funds --- 122 122
Total Receivables 45,796 54,515 100,311
Investments, at Fair Value
Commingled Bank Bond Fund 1,554,204 1,844,379 3,398,583
Commingled Bank Stock Fund 1.951.144 2,311,750 4.262.894
Total Investments 3505,348 4.156,129 7.661,477
Total Assets 3,560,074 4,223,200 7,783,274
Liabilities
Due To Other Funds
122 --- 122
Net Assets Held in Trust for
Pension Benefits (A schedule
of funding progress for each
Plan is presented on page 33) $ 3,559,952 4,223,200 $ 7,783,152
-67-
I
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
I
Pension Trust Funds
General Police And
Employees Firefighters Totals
Additions
Contributions
` Employer $ 381,590 $ 520,140 $ 901,730
State --- 85,820 85,820
LI Plan Members 181,606 138.422 320,028
Total Contributions 563,196 744.382 1,307,578
1
Investment Income
Net Appreciation in Fair Value
Investments 573,683 697,368 1,271,051
Interest 40,157 15.699 55.856
- 613,840 713,067 1,326,907
j , Less Investment Expense (20.725) (24,710) (45.435)
L-' Net Investment Income 593.115 688.357 1.281,472
Total Additions 1.156.311 1.432,739 2,589.050
�' Deductions
Benefits 50,544 72,293 122,837
Administrative Expenses 17,458 15,558 33,016
Total Deductions 68,002 87.851 155.853
Net Increase 1,088,309 1,344,888 2,433,197
Net Assets Held in Trust for Pension Benefits
Beginning Of Year -
As Previously Reported 2,027,266 2,350,264 4,377,530
Prior Period Adjustment 444.377 528.048 972.425
As Restated 2.471.643 2,878.312 5,349,955
End Of Year $ 3,559,952 $ 4,223,200 $ 7,783,152,
1 -68-
L_ ,
CITY OF OCOEE, FLORIDA
STATEMENT OF CHANGES IN ASSETS AND LIABI1111ES
AGENCY FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1997 .
•
Balance Balance
October 1, September 30,
1996 Additions Deductions 1997
Deferred Compensation
Assets: • .
Investments $ 801,305, $ 307,339 $ 16,400 $. 1,_092,244
Liabilities:
Deferred Compensation -
Payable $ 801,305 $ 307,339, $ 16,400 $ 1,092,244
•
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L_1 •
L_
•
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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.
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CITY OF OCOEE, FLORIDA
SCHEDULE OF GENERAL FDCED ASSETS-.BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Culture
General Public Physical And
Govemment Safety Environment Recreation Total
Land $ 153,792 $ 188,621 $ 613,099 $ 357,371 $ 1,312,883
Buildings 1,972,541 1,214,108 262 286,188 3,473,099
Improvements 253,072 62,909 59,058 599,718 974,757
Equipment 881,145 2,938,295 905,234 282,341 5,009,015
Construction In Progress 16,916, 890,841 14,128 99,752 1,021,637
Total _$ 3,277,466_ $ 5,294,774 $ 1,593,781 $ 1,625,370 $11,791,391
Balance Balance
10-01-96 Additions Deletions 09-30-97
General Government $ 3,004,776 $ 274,555 $ 18,781 $3,260,550
Public Safety 4,047,469 496,623 140,159 4,403,933
Physical Environment 1,479,425 205,883 105,655 1,579,653
Culture& Recreation 1,340,161 185,457 — 1,525,618
Construction in Progress 32,353 993,984 4,700 1,021,637
Total $ 9,904,184, $2,156,502 $ 269,295 $11,791,391
•
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SUPPLEMENTARY INFORMATION
Supplementary information is presented to provide greater detailed infor-
mation deemed useful for clarity. It is not necessary for presentation in
conformity with generally accepting accounting principles.
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OF 0000
II
CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WATER AND WASTEWATER 0 & M DEPARTMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1997
i
Variance
Favorable
Budget Actual (Unfavorable
Operating Revenues
User Charges $ 3.903.300 $ 4,030,639 $ 127,339
Nonoperating Revenues
Interest Revenues 118,000 170,024 52,024
Miscellaneous 879,100 --- (879,100)
Operating Transfers In 5,500 46,369 40,869
Retained Earnings Allocation 900.000 --- (900.000)
1,902,600 216.393 (1,686.207)
Total Revenues $ 5,805,900 $ 4.247.032, $ (1,558,868)
Operating Expenses
Personal Services $ 1,551,569 $ 1,445,477 $ 106,092
1 Materials And Supplies 423,725 381,366 42,359
L_i Heat, Light And Power 330,000 340,850 (10,850)
Other Expenses 330,041 242,725 87,316
Reserve for Contingency 489.431, --- 489,431
3,124.766, 2.410.418 714.348
Nonoperating Expenses
Operating Transfers Out 1,612,600 1,568,433 44,167
Loss On Sale Of Fixed Assets --- 68,724 (68,724)
Capital Outlay 1,064,534 565,630 498,904
-j Interest Expense 4,000 9.071 (5.071)
2.681.134 2.211,858 469.276
Total Expenses $ 5,805,900 $ 4,622,276, $ 1,183,624
(1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds.
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Ocoee
6`74,1,
04> Q..:;N:Y.S
Of GOO
_ CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
SOLID WASTE FUND
r-,
FOR THE YEAR ENDED SEPTEMBER 30, 1997
Variance
L- Favorable
Budget Actual (Unfavorable)
Operating Revenues
User Charges $, 1,215,000 $ 1,243,295 $ 28,295
r Nonoperating Revenues
Interest Revenues 4,000 9,096 5,096
Operating Transfers In 5,000 6,807 1,807
Recycling Grant 22.000 29.000 7,000
31,000 44,903 13,903
I
Total Revenues $ 1,246,000 $ 1.288,198, $ 42,198
1 Operating Expenses
UI Personal Services $ 429,320 $ 404,805 $ 24,515
Materials And Supplies 320,027 359,960 (39,933) ,
Other Expenses 159,310 148,978 10,332
-' Recycling Expenses 22,000 5,739 16,261
Reserve for Contingency 54,903 --- 54,903
985.560 919,482 66.078
Nonoperating Expenses
Operating Transfers Out 157,750 169,957 (12,207)
--) Capital Outlay 30,580 30,566 14
1 Capital Lease Payments 72.110 72,108 2
260.440 272.631 (12,191)
Total Expenses $ 1.246.000, $ 1,192,113 $ 53,887
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�lOcoee\,�
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a
fEQ
OF GOOV
STATISTICAL SECTION
The statistical schedules differ from other financial statement presenta-
tions because they generally disclose more than one fiscal year and may
present non-accounting data, such as social and economic data and
financial trends of the City.
ii
i
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Ocoee
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nay 44.5
lf�
OFG001)
STATISTICAL SECTION
LIST OF SCHEDULES
General Governmental Expenditures and Other Financing Uses
General Governmental Revenues and Other Financing Sources
Tax Revenues by Source
Property Tax Levies and Collections
J \
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
GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER FINANCING USES
LAST TEN FISCAL YEARS
Fiscal Total w General Pubic Physical
Year Expenditures % Government % Safety % Environment
1988 $3,838,373 100.0 $1,113,825 29.0 $2,016,496 52.5 $ 262,939
1989 3,748,802 100.0 953,004 • 25.4 1,953,951 52.2 271,390
1990 5,060,097 100.0 1,478,026 29.2 2,600,066 51.4 565,066
1991 6,295,025 100.0 1,877,608 29.8 2,823,667 44.9 744,722
1992 6,335,748 100.0 1,523,768 24.1 2,968,180 46.8 706,974
1993 6,671,716 100.0 1,599,429 24.0 3,404,218 51.0 899,542
1994 8,629,065 100.0 1,705,399 19.7 4,253,374 • 49.3 1,103,372
1995 8,808,659 100.0 1,912,088 21.7 4,373,302 49.7 1,125,206
1996 9,362,905 100.0 1,907,097 20.3 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
(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 Debt Service Fund and reported as an
expenditure in the Debt Service Fund.
•
•
-73-
Culture And Debt Transfers.To
Recreation % Service % Other Funds %
6.9 $ 166,532 4.3 -- - $278,581 7.3
7.2 175,643 4.7 - - 394,814 10.5
11.2 202,206 4.0 - - 214,733 4.2
11.8 167,749 2.7 - - 681,279 10.8
11.1 152,762 2.4 41,626 m .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
10.4 466,593 4.2 339,375 3.0 989,477 8.8
•
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'Apo pund ieieue0 NI jo senuenai sepnloul appayos s1U1 �)
L'8Z Z81'89£'£ S'L 099'618 E'Zb Z69'99647 0'00 L Z90'b17L'11 L661
l'OE 1Z9'880'E E'8 L3171098 9'Lb 1766'69Z'b 0'001 OE6'E9Z 01 966 L
6'6Z 9117' '89'Z 0'L £9Z'b£9 SZb O In L8'E 0'001 EZ8`Z66'8 9661
S'LZ 990'S 16'Z 6'L L61'£99 Z'Lb Z LL'9917'£ 0'001 90£'911718 b661
0'LE 6L9'9 LZ'Z 9'8 9E0'3 19 L'Zb 6E 1'9 IO`E 0'001 b99'l9 L'L 8661
Z'8Z 06L'L96'L 0'L ZZS'88P L'LE In'1E9'Z 0'001 LEE'186'9 3661
L'LE Z L8'bb8'L 0'0 I. 1790'18S 8'6E 6ZO'8ZE`Z O'001 8ZZ'Sb8'S 1661
9'LE 99Z'068'L 9'1 L 09 L'169 1'6e 58Z'L96`L 0'00 I 896'LZ0'9 066 L
9'Z17 L179'989'1 L'S LbZ'LZZ l'8E 909'809'1 WOO £86'L96'E 6861.
9'017 080'00E'1 $ £'b 600'LE1 $ 9'Zb 908'Z9E'L$ 0'001 09L'00Z'£ $ 8861
96 sanuanaH % S!wied % SeXB1 . % SOCIUeF9H !BOA
1 ILWOUIWAA09 PW 0) 1n01 1133S14
-J0viI S8eSUESOrl
St'IV3A 1VOSIA N311SV1
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S3f1N3A311 1V.w3WNH3nOO 1V113N39
V011:101i '33000 d0 AJYJ
I- -
Charges Other
For Fines And investment Misc. Financing
Services % Forfeitures % Income % Revenue % Sources %
$ 54,479 1.7. $ 103,316 3.2 $ 24,428 .8 $ 53,518 1.7 $ 165,165 5.1
65,087 1.6 105,894 2.7 6,920 .2 104,779 2.7 253,815 6.4
66,231 1.3 105,927 2.1 17,097 .3 98,723 2.0 291,260 5.8
94,690 1.6 81,615 1.4 7,825 .1 18,395 .3 882,798 15.1
76,923 1.1 - 97,184 1.4 11,045 .2 165,148 2.3 1,543,484 22.1
83,404 1.2 83,583 1.2 28,339 .4 64,096 .9 1,055,188 14.7
it •
- 95,109 1.1 102,024 1.2 29,551 • .4 84,520 1.0 1,660,183 19.7
138,481 1.5 93,007 1.0 9,329 .1 79,007 .9 1,535,080 ro> 17.1
186,163 1.8 101,895 1.0 89,666 .9 108,379 1.0 1,568,885 15.3
208,119 1.8 75,483 .6 146,357 1.2 163,504 1.4 1,936,175 16.5
i •
L j -76-
CITY OF OCOEE, FLORIDA
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
Fiscal Property Franchise Utility Total
Year Taxes Taxes Taxes Taxes
1988 $ 471,349 $ 335,969 $ 555,487 $1,362,805
1989 567,410 353,007 588,189 1,508,606
1990 844,080 433,529 689,676 1,967,285
1991 1,061,160 498,617 768,252 2,328,029
1992 1,295,309 571,072 764,860 2,631,241
1993 1,455,968 666,811 895,360 3,018,139
1994 1,647,742 777,783 1,041,187 3,466,712
1995 1,803,405 856,678 1,159,127 3,819,210
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
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i ; CITY OF OCOEE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
- REAL AND BUSINESS TANGIBLE PERSONAL PROPERTY
LI LAST TEN FISCAL YEARS
I 'i
Percentage
Total Total Of Total Col-
Fiscal Tax Tax factions To
Year Levy Collections Delinquent Tax Lew
1988 $ 490,488 $ 471,349 $ 5,228 96.10
_ 1989 588,036 567,410 3,279 96.49
1990 847,080 844,080 3,000 99.65
jI
1991 1,064,847 1,061,160 3,687 99.65
1992 1,338,563 1,295,309 4,745 96.77
J
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
L' 1996 2,022,628 1,953,410 — 96.50
j 1997 2,329,421 2,243,488 1,388 96.31
L
L
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I
1 -78-
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L99(Ste 117 L98 817E 137 82 900 1179 8LZ 900 L179 L661.
69Z'L9L'Lb 69Z'L9L'Lb 639'688'£9b 6Z9'688'S917 966 L
Lbb'LZL'8£ Lbb'LZL'8£ 999'399'0 17 9SS'Z9S'OEb 9661.
9917'0£647E 99680£647£ 86 L'L09'68E 86 L'L09'69E b66 L
8 LZ'LZ9'Z£ 8 LZ'LZ9'Z£ 6b9'08 VE17E 6179'09 L'£b£ 8661
000'Z9L'1717 999'Lb9'8Z 6LZ'E66'90E 6LZ'B66'90£ Z66 L
000'99 L'8E LL L'S£9'bZ 917 L'91O'6n 917 L'S LO'6bZ L66 L
000 ZZ6 9E L9£L0E 0Z LZE 178Z 86 L LZ£178Z 86 L 066 L
000'00£'0£ 618'E89'91. 90Z'0 19'08 L 90Z'0 L9 08 L 686 L
00L'LEb'ZZ$ E LL'80L'Z L $ Lb L'9L8'9Z L$ Lb L'9L8'9Z L$ 886 L
enIBA Ieni3V anleA enleA Ief13V enleA JeaA
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• S&IV3A 1VOSid N31 IS1f1
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Valdold '33030 dO ALIO
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Totals
Assessed Estimated
Value Actual Value
II
$ 139,584,860 $ 149,313,847
197,194,025 210,910,206
218,591,694 235,206,327
273,650,322 287,200,145
- 334,640,837 350,755,279
375,807,f367
375,807,867
I_
424,437,664 424,437,664
469,310,003 469,310,003
505,656,888 505,656,888
L_ 582,355,145 582,355,145
L—�
CITY OF OCOEE, FLORIDA
PROPERTY TAX RATES AND TAX LEVIES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Millage Rates ($1 per$1,000 of taxable value)
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1988 2.80 4.5144 7.347 14.6614
1989 4.00 5.2889 8.414 17.7029
1990 4.00 5.2889 8.271 17.5599
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919
1993 4.00 5.2889 8.930 18.2189
1994 4.00 5.2889 8.930 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 9.077 18.3659
Tax levies
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1988 490,488 106,584,419 180,932,152 288,007,059
1989 588,036 124,196,244 215,618,692 340,402,972
1990 847,080 135,534,312 242,412,856 378,794,248
1991 1,064,847 155,011,166 287,746,102 443,822,115
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
(a) Tax Rates and Levies of a fraction of one mill assessed in various years by other units against dis-
tricts 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
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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 OBIJGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Debt Ratio Of
Gross Service Net Net Bonded Net Bonded
Fiscal Assessed Bonded Funds Bonded Debt To Debt Per
Year Population Value Debt Available Debt Assessed Value Capita
1988 11,765 $139,584,860 $ — $ — $ — $ --- $ —
1989 11,822 197,194,025 — — — — —
1990 13,852 218,591,694 — — — — —
1991 14,926 273,650,322 — — — — —
1992 15,107 334,640,837 — — — — —
1993 16,418 375,807,867 — — — — —
1994 17,489 424,437,664 — — — — —
1995 18,578 469,310,003 — — — -- —
1996 19,261 505,656,888 — — — — —
1997 20,560 582,355,145 • — — — — -
Note: The City of Ocoee does not have any general obligation debt which is being repaid through general
property taxes.
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CITY OF OCOEE, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 1997
Assessed Value $ 582,355,145
Debt Limit: 50% of Assessed Value $ 291,177,573
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Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 8,165,000
Legal Debt Margin $ 21,012,573
Article VII Section 39 of the City Charter states that the City shall have the power to issue general
obligation bonds in an aggregate principal amount of bonds outstanding at any time not in
excess of fifty percent (50%) of the assessed value of the taxable property within the City as
shown on the pertinent tax records at the time of the authorization of the general obligation'bonds
for which the full faith credit of the City is pledged.
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CITY OF OCOEE, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
SEPTEMBER 30, 1997
Applcable To
Bonds City Of Ocoee
Government Unit Outstanding Percent (1) Amount
Library District Refunding Bonds -
Series 1993 $ 9,205,000 1.43% $ 131,632 i_
Total Overlapping Debt 131,632
Total Direct Debt (2)
Total Direct and
Overlapping Debt 131,632
(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 SERVICE EXPENDITURES
FOR GENERAL OBUGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES
J LAST TEN FISCAL YEARS
h Ratio Of
Total Debt Service
General To Total
Fiscal Total Debt Expenditures General
Year Principal Interest Service (1) Expenditures
1
1988 $ 3,706 $ 141,164 $ 144,870 $3,838,373 3.8%
1989 74,505 148,954 223,459 3,748,802 6.0%
1990 213,655 176,530 390,185 5,060,097 7.7%
1991 105,000 589,760 694,760 6,295,025 11.0%
J 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%
1996 240,000 633,198 873,198 9,362,905 9.3%
—� 1997 255,000 618,088 873,088 11,217,057 7.8%
(1) Includes expenditures of the General Fund only.
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CITY OF OCOEE, FLORIDA
REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
WATER AND WASTEWATER REVENUE BONDS
Water Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(3) Debt Service Principal Interest Total Coverage
1988-
1989(1) N/A N/A N/A N/A N/A N/A N/A
1990 $ 1,019,746 $ 629,387 $ 390,359 $ - $ 98,090 $ 98,090 3.98
1991 $ 1,244,492 $ 737,261 $ 507,231 $ - $ 129,720 $ 129,720 3.91
1992 $ 1,467,315 $ 830,328 $ 636,987 $ - $ 141,567 $ 141,567 4.50
1993 $ 1,484,293 $ 972,925 $ 511,368 $ - $ 117,850 $ 117,850 4.34
1994 $ 1,558,606 $ 981,904 $ 576,702 $46,800 $ 108,839 $ 155,639 3.71
1995 $2,085,987 $ 1,035,963 $ 1,050,024 $ 48,000 $ 107,341 $ 155,341 6.76
Wastewater Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(3) Debt Service Principal Interest Total Coverage
1988 $ 789,607 $ 334,548 $ 455,059 $ - $308,951 $ 308,951 1.47
1989 $ 1,156,111 $ 435,039 $ 721,072 $ - $491,411 $491,411 1.47
1990 $ 1,346,151 $ 519,561 $ 826,590 $ - $374,692 $374,692 2.38
1991 $ 1,494,661 $ 579,698 $ 914,963 $ - $586,560 $ 586,560 1.56
1992 $ 1,696,995 $ 637,603 $ 1,002,392 $ - $640,129 $ 640,129 1.57
1993 $ 1,920,150 $ 664,527 $ 1,255,623 $ - $443,865 $ 443,865 2.83
1994 $ 1,706,450 $ 887,455 $ 818,995 $148,200 $344,655 $492,855. 1.66
1995 $ 1,945,095 $ 878,102 $ 1,066,993 $152,000 $339,913 $ 491,913 2.17
Water and Wastewater Fund (4)
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(3) Debt Service Principal Interest Total Coveraqe
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
(1) The City of Ocoee did not have any Revenue Bond Debt in this fund during these years.
(2) Total revenues (including interest and gain on sale of property, plant and equipment).
(3) Excludes depreciation, amortization and interest expense.
(4) The City of Ocoee combined the Water and Wastewater Funds into one fund during the fiscal year ended
September 30, 1996.
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CFIY OF OCOEE, FLORIDA
j DEMOGRAPHIC STATISTICS
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Population
,_, City ci Ocoee Orange County
Year Population % Increase Population % Increase
1988 11,765 1.8 623,425 3.4
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1989 11,822 .5 653,982 4.9
L_ 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
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1995 18,578 6.23 758,962 2.5
1996 19,261 3.67 777,556 2.4
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1997 20,560 6.74 803,614 3.3
Population Protections
Orange State Of
Year County Florida
1997 803,614 14,411,563
2000 846,697 15,428,873
Population Distribution bV Ape
Orange State Of
Year County Florida
0-14 21.1% 19.3%
15-24 14.8 11.9
25-44 34.4 29.0
, 45-64 18.9 21.3
IT 65 and over 10.8 . 18.5
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Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly, Second Quarter, 1996
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CITY OF OCOEE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN YEARS
Residential Construction (a) Commercial (a)
Number of Units Construction
One- Multi-
Year Family Family Value Value
1988 143 14 $ 9,291,000 $ 2,339,000
1989 239 6 14,656,699 8,183,652
1990 297 265 30,956,225 8,585,195
1991 314 10 26,453,025 36,322,749
1992 438 0 36,622,069 1,040,010
1993 411 0 36,188,257 5,667,958
1994 402 0 35,211,374 3,569,955
1995 331 0 28,836,036 21,823,750
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1996 366 0 33,950,817 63,337,471
1997 497 0 44,475,342 4,818,000
(a) Source: City of Ocoee Building Department.
(b) Source: Florida Bankers Association. Amounts for 1978-1986 are as of December 31;thereafter amount
is as of September 30. Bank deposits are for entire Orange County.
(c) Source: Federal Home Loan Bank Board Research Department. Amounts for 1978-1983, 1986 and 1987
are as of June 30. 1984 and 1985 amounts are as of December 31. Source for 1990 is Florida
Bankers Association. Amount is as of September 30. Savings and Loan deposits are for entire
Orange County.
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Bank Deposits
Additions/(a) (In thousands)
Alternations Savings
Total And
Value Value (a) Banks (b) Loans (c)
$ 1,107,876 $ 12,737,876 4,530,190 2,501,530
1,012,399 23,852,750 • 4,888,783 3,050,283
780,078 40,321,498 5,524,771 1,803,816
`j 1,618,759 64,394,533 5,648,154 1,568,318
546,550 38,208,629 5,614,174 2,936,546
1,908,581 43,764,796 5,743,997 1,133,135
1,432,460 40,213,789 5,874,598 1,078,501
701,252 51,361,038 6,147,414 828,351
2,327,526 99,615,814 6,937,918 859,921
155,575 49,448,917 7,128,190 793,849
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Ocoee
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CITY OF OCOEE, FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
J SEPTEMBER 30, 1997
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j Taxable Assessed
Valuation As of
Taxpayer Type of Business 1996 Tax Roll (1) Percentage
1. GGP/Homart, Inc. West Oaks Mall $ 15,489,250 2.7 %
2. Oak Forest Partners, Ltd. Developer 9,600,006 1.6 %
3. Manheim Remarketing, LP Developer 9,405,293 1.6 %
1 4. Good Homes Plaza Shopping Center 9,302,171 1.6 %
5.' Towne Square Associates Shopping Center 6,585,168 1.1 %
L_( 6. West Orange Healthcare District • Health Care 6,383,453 1.1 %
7. Westlake Partners, Ltd. Developers 6,151,569 1.0 %
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i_J 8. Lake Olympia Square Partnership Shopping Center 5,306,914 .9 %
9. Sysco Food Services of
Central Florida Food Distribution 5,051,752 .9 %
,— 10. Teachers Insurance &Annuity Investments 4.375.720 0.8 %
Total Taxable Assessed Value
of 10 Largest Taxpayers 77,651,296 13.3 %
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! Total Taxable Assessed Value of
Hi Other Taxpayers 504.703.849 86.7 %
1 Total Taxable Assessed Value of
J All Taxpayers 2 582,355,145 100.0 %
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Note:
(1) The tax levy for the fiscal year ended September 30, 1997 is based on the 1996 taxable value.
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CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1997
Date Of Incorporation May 13, 1925
City Charter Adopted November 8, 1988
Commission Composed of: 1 Mayor, 4 Commissioners
Terms Of Office:
Mayor 2 years
Commissioners 2 years
City Manager Appointed
Areas Of City 16.8 Square Miles
Municipal Employees (Including Part-Time) 249
Elections:
Registered Voters 8,567
Votes Cast In Last Municipal Elections (February 1997) 2,321
Miles of Streets, Sidewalks And Bike Paths
Streets - Paved 103.4 miles
Streets - Unpaved 3.2 miles
Streets - Brick 1.1 miles
Sidewalks 68.7 miles
Bike Paths 5 miles
Fire Protection:
Stations 2
Employees 43
Police Protection:
Stations 1
Employees 73
Vehicular Patrol Units:
Patrol Cars 17
Other Vehicles 11
Recreation: • _
Community Center 1
Athletic Fields 8
Tennis Courts 7
Racquetball Courts 2
Shuffleboard Courts 2
City Playgrounds And Passive Parks 8
Parks and Recreation Developed Areas 3
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CRY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA-CONTINUED
�—� SEPTEMBER 30, 1997
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Water System
Miles Of Water Mains 100.47
Daily Average Consumptions (Gallons) 4,400,000 (GPD)
Plant Capacity (Gallons) 20,160,000 (GPD)
Service Connections 7,447
Deep Wells 7
Fire Hydrants 722
Sewer System
Miles Of Sanitary Sewers 46.84
Lift Stations 36
Daily Average Treatment 1,100,000 (GPD)
Plant(s) Capacity (MGD) 3.0
Disposal Plants 1•
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CRY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE
SEPTEMBER 30, 1997
Buildings And Personal Property:
Multi-period, 'all risk'
100% Of Replacement Value Stated Values
Blanket Building Coverage $ 18,143,474
Blanket Contents Coverage Inc. in Bldg Limit -,
Boiler& Machinery 5,000,000
Inland Marine -Computer 440,268
Inland Marine - Equipment 681,071
Valuable Papers 5,000
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/person
$2,000,000/occurrence
Uninsured Motorist $ 20,000
Law Enforcement Liability:
Combined Single Umit For Bodily & Property $2,000,000/occurrence
$2,000,000/aggregate
Blanket Fidelity $ 50,000
Public Official Errors & Omission Insurance $ 2,500 per Loss Deductible
Aggregate $2,000,000/$2,000,000
Worker's Compensation $ 1,000,000/occurrence
$ 1,000,000/aggregate
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REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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Ocoee\,.
o�i. po ,
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'- MCDIRMIT, DAVIS, LAUTERIA,
PUCKETT, VOGEL & COMPANY, P.A.
Certified Public Accountants
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail:mdlpv@aol.com
Li
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENTAUDIT7NG 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, 1997, and have issued our report thereon dated
Ji December 5, 1997.
We have conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
The management of the City of Ocoee, Florida is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control structure are to
L provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and recorded properly to permit the
preparation of financial statements in accordance with generally accepted accounting
principles. Because of inherent limitations in any internal control structure, errors or
irregularities may nevertheless occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the effectiveness of the design and
operation of policies and procedures may deteriorate.
In planning and performing our audit of the general purpose financial statements of the City
J of Ocoee, Florida for the year ended September 30, 1997, we obtained an understanding of
the internal control structure. With respect to the internal control structure, we obtained an
understanding of the design of relevant policies and procedures and whether they have,been
placed in operation, and we assessed control risk in. order to determine our auditing
procedures for the purpose of expressing our opinion on the general purpose financial
statements and not to provide an opinion on the internal control structure. Accordingly, we
do not express such an opinion.
Members:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
(CPA) -95-
Our consideration of the internal control structure would not necessarily disclose all matters
'in the .internal control structure that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A material weakness
is a reportable condition in which the design or operation of one or more of the internal
control structure elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the general purpose financial
statements being audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. We noted no matters involving
the internal control structure and its operation that we consider to be material weaknesses as
defined above.
However, we noted certain matters involving the internal control structure and its operation
that we have reported to the management of the City of Ocoee in a separate letter dated
December 5, 1997.
This report is intended for the information of management, the City Commission, and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
radah m t via,itataat,
McDIRMIT, DAVIS, LAUTERIA,
PUCKETT, VOGEL & COMPANY, P.A.
December 5, 1997
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-' MCDIRMIT, DAVIS, LAUTERIA,
PUCKETT, VOGEL & COMPANY, P.A.
Certified Public Accountants
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail:mdlpv@aol.com
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
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, 1997, and have issued our report thereon dated
December 5, 1997.
We conducted our audit in accordance with generally accepted auditing standards and
Govemment Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of Ocoee,
Florida is the responsibility of City management. As part of obtaining reasonable assurance
about whether the financial statements are free of material misstatement, we performed tests
of City of Ocoee compliance with certain provisions of laws, regulations, contracts, and grants.
However, the objective of our audit of the general purpose financial statements was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not
express such an opinion.
The results of our tests disclosed the following instance of noncompliance that is required to
be reported herein under Government Auditing Standards.
(1) The City did not take a physical inventory of fixed assets during 1997. Rules of the
Auditor General, Chapter 10.400 and Florida Statutes, Chapter 274, require that once
each year, and whenever there is a change in custodian, each custodian shall
inventory all property in his or her custody.
We considered these instances of noncompliance in forming our opinion on whether the City
of Ocoee, Florida's 1997 general purpose financial statements are presented fairly, in all
material respects, in conformity with generally accepted accounting principles, and this report
does not affect our report dated December 5, 1997 on those general purpose financial
statements.
Members:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
(C PA) -97-
We also noted certain immaterial instances of noncompliance that we have reported to the
management of City of Ocoee is a separate letter dated December 5, 1997.
This report is intended for the information of management, the City Commission, and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
McDIRMIT, DAVIS, LAUTERIA,
PUCKETT, VOGEL & COMPANY, P.A.
December 5, 1997
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