HomeMy WebLinkAboutVII(B) Annual Audit Report Agenda 3-06-2001
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" Item• MMI V B
AYOR• SSIONER
Ocoee I S.SCOTT VANDERGRIFT
° r,. o CITY OF OCOEE COMMISSIONERS
�� a. 150 N.LAKESHORE DRIVE DANNY HOWELL
SCOTT ANDERSON
OCOEE,FoRID a 34761-2258 RUSTY JOHNSON
" 1,.y' (407)656-2322 NANCY J.PARKER
H of G001)
CITY MANAGER
ELLIS SHAPIRO
Memorandum
To Mayor and City Commissioners
•
From : Wanda Horton, Finance Director
Date : February 28,2001
Re Comprehensive Annual Financial Report (CAFR)-Fiscal Year 1999/2000
Attached is the Comprehensive Annual Financial Report for fiscal year 1999/2000. This
will be presented by Elden McDirmit at the March 6th commission meeting.
Please contact me if you have any questions prior to the meeting.
POINT"
Protect Ocaee's,'dater Resources c t
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CITY OF OCOEE, FLORIDA
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
for the
FISCAL YEAR ENDED SEPTEMBER 30, 2000
City of Ocoee, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended September 30, 2000
Prepared by: Finance Department
CITY OF OCOEE, FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
DANNY HOWELL, Commissioner RUSTY JOHNSON, Commissioner
SCOTT ANDERSON, Commissioner NANCY PARKER, Commissioner
ACTING CITY MANAGER CITY ATTORNEY
James Gleason Paul Rosenthal
CITY CLERK CITY AUDITOR
Jean Grafton McDirmit, Davis, Puckett & Company, P.A.
FINANCE DIRECTOR
Wanda Horton
INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
. City of Ocoee Organizational Chart
. Certificate of Achievement
CITY OF OCOEE
TABLE OF CONTENTS
Year Ended September 30, 2000
Page
Introductory Section:
Table of Contents
Letter of Transmittal iii-xii
City of Ocoee Organizational Chart xiii
Certificate of Achievement xiv
II. Financial Section:
Independent Auditor's Report 1-2
General Purpose Financial Statements (Combined Statements - Overview):
Combined Balance Sheet-All Fund Types and Account Groups 3-6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances -All Governmental Fund Types 7-8
Combined Statement of Revenues and Expenditures - Budget and
Actual - General and Special Revenue Funds 9-10
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings -All Proprietary Fund Types 11
Combined Statement of Changes in Pension Fund Net Assets 12
Combined Statement of Cash Flows -All Proprietary Fund Types 13-14
Notes to Financial Statements 15-45
Combining and Individual Fund and Account Group Statements:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual 46-47
Special Revenue Funds:
Combining Balance Sheet 48-49
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances 50-51
Debt Service Fund:
Combining Balance Sheet 52-53
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 54-55
Capital Projects Funds:
Combining Balance Sheet 56-57
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 58-59
Enterprise Funds:
Combining Balance Sheet 60-61
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 62
Combining Statement of Cash Flows 63-64
CITY OF OCOEE
TABLE OF CONTENTS
Year Ended September 30, 2000
Page
Introductory Section:
Table of Contents
Letter of Transmittal iii-xii
City of Ocoee Organizational Chart xiii
Certificate of Achievement xiv
II. Financial Section:
Independent Auditor's Report 1-2
General Purpose Financial Statements (Combined Statements - Overview):
Combined Balance Sheet-All Fund Types and Account Groups 3-6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances -All Governmental Fund Types 7-8
Combined Statement of Revenues and Expenditures - Budget and
Actual - General and Special Revenue Funds 9-10
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings -All Proprietary Fund Types 11
Combined Statement of Changes in Pension Fund Net Assets 12
Combined Statement of Cash Flows -All Proprietary Fund Types 13-14
Notes to Financial Statements 15-45
Combining and Individual Fund and Account Group Statements:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual 46-47
Special Revenue Funds:
Combining Balance Sheet 48-49
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances 50-51
Debt Service Fund:
Combining Balance Sheet 52-53
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 54-55
Capital Projects Funds:
Combining Balance Sheet 56-57
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 58-59
Enterprise Funds:
Combining Balance Sheet 60-61
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 62
Combining Statement of Cash Flows 63-64
CITY OF OCOEE
TABLE OF CONTENTS - Continued
Year Ended September 30, 2000
Page
II. Financial Section - Continued:
All Trust Funds:
Combining Statement of Pension Fund Net Assets 65
Combining Statement of Changes in Pension Fund Net Assets 66
General Fixed Assets:
Schedule of Changes in Fixed Assets - By Function and Activity 67
III. Statistical Section:
General Governmental Expenditures and Other Financing Uses 68-69
General Governmental Revenues and Other Financing Sources 70-71
Tax Revenues by Source 72
Property Tax Levies and Collections 73
Assessed and Estimated Value of Taxable Property Net of Exemptions 74-75
Property Tax Rates and Tax Levies Direct and Overlapping Governments 76
Special Assessment Collections 77
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 78
Legal Debt Margin 79
Computation of Direct and Overlapping General Obligation Debt 80
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures and Other Uses 81
Revenue Bond Coverage 82
Demographic Statistics 83
Property Value, Construction and Bank Deposits 84
Schedule of Ten Largest Taxpayers 85
Miscellaneous Statistical Data 86-87
Schedule of Insurance in Force 88
IV. Internal Control and Compliance Section:
Report on Compliance and on Internal Control over Financial 89-90
Reporting Based on an Audit of Financial Statements Performed
in Accordance With Government Auditing Standards
Federal Awards-
Report on Compliance with Requirements Applicable to each 91-92
Major Program and Internal Control over Compliance in
Accordance with OMB Circular A-133
Schedule of Findings and Questioned Costs 93
Schedule of Expenditures of Federal Awards 94
Notes to Schedule of Expenditures of Federal Awards 95
ii
"(7:''TER O/- GOOD 1./1'/,N(:- /'R/I)E OE WEST ORA.\GI: MAYOR•(•UMN,ISSIONI K
Ocoee S SCOTT VANDERGRII:I
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CITY OF OCOEE
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r ap 150 N. LAKISIIORE DRIVE DANNY I lOV I:LI.
SCOTT ANDERSON
RUSTY JOIINSON
OCOEE:, FLORIDARIDA 34761-2258
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JIM GI.I:.ASON
February 16, 2001
Honorable Mayor and
Members of the City Commission
City of Ocoee, Florida
The Comprehensive Annual Financial Report of the City of Ocoee, Florida, for the year ended
September 30, 2000 is submitted herewith pursuant to Article III, Section 11 of the City Charter,
Florida Statutes Chapter 11, Section 45, and Chapter 10.550 of the Rules of the Auditor General of
the State of Florida. The Annual Financial Report was compiled by the staff of the Finance
Department, with close cooperation of the External Auditors, and represents the official report of
the City's financial operations and condition to the citizens, City Commission, management
personnel of the City, rating agencies, and other interested persons. Responsibility for both the
accuracy of the presented data, and the completeness and fairness of the presentation, including
,all disclosures, rests with the City. We believe the data, as presented, is accurate in all material
aspects; that it is presented in a manner designed to fairly set forth the financial activity of its
various funds, and that all disclosures necessary to enable the reader to gain the maximum
understanding of the City's financial affairs have been included.
FINANCIAL REPORTING AND CONTENT
We have prepared this Comprehensive Annual Financial Report in conformance with the reporting
format and presentation standards set forth by professional pronouncements of the Governmental
Accounting Standards Board (GASB).
The accompanying financial statements present the financial position, results of operations, and
the cash flows of the applicable fund types governed by the City Commission. The reporting entity
for the City of Ocoee includes all organizations, functions, and activities of government for which
the City (the Mayor and City Commission) has financial accountability. (See Notes to Financial
Statements, Reporting Entity for more details.)
The Comprehensive Annual Financial Report (CAFR) is the City's official annual financial report
and has been designed to meet the needs of a broad spectrum of readers. The report has been
divided into four (4) distinctive sections; i.e., the Introductory Section, Financial Section, Statistical
Section and Compliance Section.
I. Introductory Section - This section includes the Table of Contents, Letter of Transmittal,
City's Organizational Chart, and the City of Ocoee's Certificate of Achievement for
Excellence in Financial Reporting for the year ended September 30, 1999.
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FINANCIAL REPORTING AND CONTENT -Continued
II. Financial Section - The Financial Section contains the opinion of the City's independent
auditors, McDirmit, Davis, Puckett & Company, P.A., Certified Public Accountants, the
general purpose financial statements, the notes to the financial statements, and the
combining and individual fund financial statements for six different fund types and the
City's two account groups (encompassing 29 different funds) The General Purpose
Financial Statements are the City's basic financial statements and provide an overview
for readers who require less detailed information about the City's finances. The
remainder of the Financial Section presents the combining statements, individual fund
statements, and schedules focusing on individual funds and account groups The
Financial Section necessarily contains the major portion of the report and has been
subdivided into the various descending levels of reporting detail necessary to
adequately disclose the financial position and operating results of the City's various fund
entities and account groups and to demonstrate compliance with finance-related, legal
and contractual requirements.
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.
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 23,531 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, and Lucent. 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 crossroads of several major
highways, a new one-million square foot regional shopping mall was built in Ocoee in October
1996. The top three other employers in Ocoee - Health Central Hospital, Sysco Foods, Inc. and
Florida Auto Auction -- have recently or are in the process of completing major expansions to their
businesses as well. With such continuing economic growth, the financial position of the City
remains sound. There were no significant or material changes in financial policy and all required
debt service payments of principal and interest were met.
MAJOR INITIATIVES
Ocoee continues to experience significant growth. From 1987 through January of 1990, 1504
acres of land were annexed into the City. From 1990 through the year 2000, Ocoee added an
additional 2,500 acres of land. Through a Joint Planning Area Agreement with Orange County,
these lands will be developed consistent with the City's adopted Comprehensive Plan.
iv
MAJOR INITIATIVES -Continued
There are many factors that have influenced and continue to influence the growth of the City.
Ocoee's proximity to Orlando and its location at the juncture of State Road 50, Florida's Turnpike,
the East-West Expressway, and the Western Expressway make it convenient for people to live
and work in the City. State Road 50 is a major east-west arterial that spans the State; Florida's
Turnpike provides a limited-access highway for north-south traffic and has an exit in Ocoee; the
East-West Expressway provides a 15-minute travel route from Ocoee to downtown Orlando and
continues to the eastern limits of Orange County; and the Western Expressway 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 even
further north in the future. Clarke Road has spawned the development of many residential
neighborhoods as well as neighborhood commercial centers and the West Oaks Mall. Additionally,
Maguire Road is being expanded to four lanes in the southern portion of the community to open up
further land for development.
Another factor which has influenced the growth of Ocoee is the amenities it has to offer, including
numerous lakes, recreational opportunities and excellent schools. The provision of services such
as municipal water and wastewater services is also an important aspect of Ocoee's growth
management. As an example of combining services with amenities, the City's 240-acre effluent
disposal site is also home to an 18-hole PGA designed golf course. Ocoee continues to expand
and improve its wastewater and water facilities to keep pace with the City's growth, and to meet
state concurrency requirements through an aggressive capital improvements program. One such
example is the development of a comprehensive water reuse plan. A new middle school,
elementary school and library have also been built to accommodate Ocoee's rapid growth.
The City restructured its debt portfolio and secured additional funding during fiscal year 1999. This
was achieved by refinancing the 1996 Capital Improvement note and advance refunding the 1991
Capital Improvement Revenue Bond Issue. The additional funds are earmarked for the family
aquatic center, a new police facility, another fire station which will also house fire administration,
park land, and expanding the public works facility. The City also refunded a portion of the Series
1990 Transportation refunding and Improvement Revenue Bonds and secured additional funds by
issuing the Series 1998 Transportation Refunding and Improvement Revenue Bonds. The
additional funds are for the acquisition of right-of-way and the design, construction, paving and
improvement of various roadway projects including Maguire Road and Professional Parkway.
FINANCIAL INFORMATION
Accounting System
In the design and direction of the City's accounting system, we have followed Generally Accepted
Accounting Principles (GAAP) for state and local governments as set forth in the aforementioned
statements on governmental accounting and financial reporting. Our accounting policies follow the
modified accrual concept of reporting revenues and expenditures for all governmental funds; i.e.,
General Fund, Special Revenue Funds, Debt Service Funds, Capital Project Funds, and Trust and
Agency Funds. The City's Proprietary Funds and Pension Trust Funds are accounted for on the
full accrual basis. Further explanation of the City's accounting policies is contained in the Notes to
Financial Statements, which are an integral part of the Financial Section of this report.
v
FINANCIAL INFORMATION -Continued
Internal Control Structure
The Finance Department is responsible for maintaining an internal control structure that provides
management with reasonable, but not absolute, assurance that assets are safe-guarded against
loss from unauthorized use or disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting principles.
To understand the limitations of internal controls it is essential that the concept of reasonable
assurance be clearly stated. The concept is as follows:
1. The cost of a control should not exceed the benefits, and
2. The evaluation of costs and benefits requires the use of estimates and judgments 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 1999
Taxes $6,644,332 40.3% $ 435,449
Licenses & Permits 1,095,829 6.7 28,819
Intergovernmental Revenues 5,014,951 30.4 538,554
Charges for Services 570,863 3.5 16,200
Fines and Forfeitures 182,226 1.1 (9,789)
Investment Income 230,049 1.4 92,719
Miscellaneous Revenues 141,861 9 (31,897)
Subtotal 13,880,111 84.3 1,070,055
Transfers from Other Funds 2,325,250 14.1 66,386
Capital Lease Proceeds 265,765 1.6 (463,120)
Total $16,471,125 100.0% $ 673,321
vi
General Governmental Functions -Continued
Property taxes are the major source of local tax revenue. In both fiscal years 2000 and 1999, the
City's property tax, all of which is for operating purposes, was 4.0 mills. The related property
values subject to taxes showed growth of 7.6 percent, representing $63,429,047 in added taxable
property.
Another principal source of local tax revenue consists of utility service taxes. These taxes are
levied at the rate of 10 percent on telephone, electric, water, and natural and bottled gas services
within the City. In 2000, total revenue from this tax reflected an increase of $113,232
Intergovernmental revenue consists primarily of shared revenue from other governmental
agencies. The increase in intergovernmental revenues is due primarily to an increase of$310,021
in State shared sales tax and an increase in Cops Fast Grant of$167,578.
The following summary shows the level of expenditures used in providing governmental services:
Increase
Percent (Decrease)
Expenditures and Other Uses Amount Of Total From 1999
General Government $ 2,966,837 19.3% $ 21,294
Public Safety 7,944,122 51.1 293,398
Physical Environment 1,810,784 10.8 (194,059)
Culture & Recreation 593,745 3.9 760
Debt Service 650,460 4.2 75,880
Subtotal 13,965,948 89.3 197,273
Transfers to Other Funds 1,639,027 10.7 (97,624)
Total $15,604,975 100.0% $ 99,649
The increase in Public Safety expenditures is due primarily to an increase in salaries and benefits,
as well as purchase of equipment under capital leases.
vii
Special Revenue Funds
Special Revenue Funds account for revenue from special revenue sources which are legally
restricted for specific purposes. The combined fund balances of these funds amount to
$9,011,316 and the following represents an analysis of sources and uses in the Special Revenue
Funds for 2000:
Change In
Fund Sources Uses Fund Balance
Road Impact $ 1,199,708 $ 1,328,783 $ (129,075)
Parks 107,346 98,658 8,688
Stormwater 1,066,841 792,205 274,636
Police Training 31,321 1,515 29,806
Police Trust 21,880 130,870 (108,990)
Fire Impact 378,859 263,795 115,064
Police Impact 97,894 85,034 12,860
Ocoee Recreation 51,803 38,864 12,939
Founder's Day 63,239 53,500 9,739
Total $ 3,018,891 $ 2,793,224 $ 225,667
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. These bonds were partially refunded by the Transportation Refunding and
Improvement Revenue Bonds, Series 1998.
2. Stormwater Utility Revenue Promissory Note, Series 1996, totaling $2,200,000. The
proceeds are being used to finance the acquisition, construction, and improvements of
certain stormwater utility capital improvements. This note is secured by a pledge of the net
revenues of the Stormwater System levied and collected by the City.
3. Transportation Refunding and Improvement Revenue Bonds, Series 1998, totaling
$19,255,000. The proceeds were used to refund a portion of the Series 1990
Transportation Bonds and to finance the design, construction, paving and improvement of
certain roads and related drainage improvements within the City. The bonds are secured
by certain public service taxes and the Local Option Gas Tax and is on a parity with the lien
and pledge granted to the holders of the 1990 Transportation Bonds discussed above.
4. Capital Improvement Refunding Revenue Bonds, Series 1999, totaling $11,405,000. The
proceeds were used to (1) refund the 1991 Capital Improvement Revenue Bonds, (2) pay
off the 1996 Capital Improvement Revenue Promissory Note and (3) finance certain capital
improvements, including the acquisition of land.
viii
Debt Administration - Continued
Proprietary Fund debt consists of
1. Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993,
totaling $8,555,000. The proceeds are designated to finance the refunding of Water and
Sewer System Revenue Bonds, Series 1989A and 1989B, and improving the City's water
and wastewater systems. These bonds are secured by the combined Water and
Wastewater Fund operating revenues, interest earnings, impact fees and a first priority
pledge of cash payments due from developers.
2. Water and Sewer System Improvement Revenue Bonds, Series 1997, totaling $10,150,000.
The proceeds are designated to expand the capacity of and construct and acquire other
improvements to the City's Water and Sewer System (the "System"). These bonds are
secured by prior lien upon and pledge of Net Revenues of the System, and the Water and
Sewer system development charges to the extent of the bond service component (the
"Pledged Funds"). Such prior lien and pledge of the Pledged Funds is on a parity with the
lien and pledge granted to the holders of the City's Water and Sewer System Refunding
and Improvement Revenue Bonds, Series 1993.
Adequate reserves are being maintained in all sinking funds, in accordance with the provisions of
the ordinance governing the issuance of the above-referenced bonds.
Cash Management
The following schedule compares investment income (loss) in all funds for the current and prior
fiscal year:
1999-2000 1998-1999 Increase
Fund Type Amount Amount (Decrease)
General $ 230,049 $ 137,330 $ 92,719
Special Revenue 430,921 257,596 173,325
Debt Service 59,255 53,914 5,341
Capital Projects 1,007,085 785,053 222,032
Pension Trust 1,246,243 1,260,942 (14,699)
Enterprise 702,831 793,924 (91,093)
Total $ 3,675,336 $ 3,288,759 $ 386,577
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.
ix
Debt Administration - Continued
Some of the cash is maintained in trust accounts, which are designated for a specific purpose and
have been isolated from normal operational cash. For example, the pension trust fund expenditure
needs are of a long-range nature and therefore investments are made in long-term investments.
Capital Projects Funds
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 2000, the Capital Projects
Funds were used to account for major road and street improvements, stormwater drainage
improvements, and other capital improvements.
Proprietary Operations
Proprietary Fund Types are those that are financed and operated in a manner similar to a private
business enterprise where the intent of the governing body is that the cost of providing goods and
services on a continuing basis be financed through user charges or where the governmental body
has decided that periodic determination of revenues earned, expenses incurred, and/or net income
is appropriate for capital maintenance, budget policy, management control, accountability, or other
purposes. The City accounts for its water, wastewater and solid waste funds as enterprise
operations. These funds are primarily supported by user charges.
Water and Wastewater Fund
1999-2000 1998-1999 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 4,687,737 $ 4,529,953 $ 157,784
Operating Expenses 4,796,848 4,702,186 94,662
Operating Income (Loss) (109,111) (172,233) 63,122
Net Income (Loss) (679,235) (737,403) 58,168
Revenues Available for Debt Service 2,141,428 2,141,714 (286)
Annual Bond Debt Service 1,342,476 1,345,315 (2839)
Revenue Bond Coverage 1.60 1.59 .01
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.
x
Solid Waste Fund
1999-2000 1998-1999 Increase
Description Amount Amount (Decrease)
Operating Revenues $1,601,362 $1,482,083 $ 119,279
Operating Expenses 1,218,795 1,184,471 34,324
Operating Income 382,567 297,612 84,955
Net Income $ 264,881 $ 175,194 $ 89,687
Fiduciary Operations
Trust Funds are established to account for assets held by the City in a trustee capacity for
individuals, private organizations, other government units, and/or other funds.
Pension Trust Fund
The City maintains two separate single employer defined benefit pension plans which cover
virtually all full time employees of the City. In addition to a plan for general employees, the City has
a plan for the police officers and firefighters.
Further details concerning pension expense, vested benefits and actuarial assumptions are
included in the notes to the financial statements. At September 30, 2000, the pension funds had
net assets of$15,161,449.
General Fixed Assets
The General Fixed Assets of the City of Ocoee are those fixed assets used in the performance of
general governmental functions and exclude the fixed assets of the proprietary funds. As of
September 30, 2000, the general fixed assets of the City of Ocoee totaled $22,364,752, including
construction in progress. This amount represents the original cost of the assets and does not
include certain improvements, such as streets, sidewalks and other items of an immovable nature.
Risk Management
Risk of loss from theft of, damage to or destruction of assets, errors and omissions, job-related
illnesses or injuries to employees, and natural disasters are transferred by the City to various
commercial insurers through the purchase of insurance. In addition, various control techniques,
including employee accident prevention training, have been implemented to minimize accident-
related losses.
OTHER INFORMATION
Independent Audit
Pursuant to the City of Ocoee Charter, Florida Statutes Chapters 11 45 and 218, and Chapter
10 550 of the rules of the State Auditor General, an audit of the accounts and financial statements
has been completed by the City's independent certified public accountants, McDirmit, Davis,
Puckett & Company, P.A., whose opinion is included in the financial section of the report.
xi
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, 1999 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 eleven 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
Acknowledgments
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
' •spectfully sub I; t=,;.
II 1
James Gleason. Acting City Manager
`cria<mAdia9/iit-e,5‘2L-.)
Wanda Horton, Finance Director
xii
CITY OF OCOEE
ORGANIZATIONAL CHART
Ocoee Voters
City Attorney City Commission Appointed Boards
Communications
City Manager
•
Finance Police Fire City Clerk Recreation Public Works Planning Personnel Building Engineering/ Information Community
Utilities Systems Relations
Utility Billing CID Suppression Cemetery Solid Waste/ Development Employee Zoning Water Mapping
Recycling Benefits
Projects Patrol Investigation Elections Traffic Concurrency Risk Management Inspections Wastewater
li
Operations Management
Payroll I DARE EMS Archives Facilities Projects Labor Negotiations Permits Stormwater Utility
Maintenance Engineering
Purchasing Fleet Say Code Utility
Maintenance y Enforcement Inspections
Street
Maintenance Occupational
Licensing
Stormwater
Drainage Animal Control
Park
Maintenance
* Present Structure
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Ocoee,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1999
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
jec.„,:7
UNTIED STATES -p Y .
_ CCANADA
ORPORATION MO s reside
�y04, SEAL ,y goCKO
Executive Director
xiv
FINANCIAL SECTION
This section contains the following subsections:
• Independent Auditor's Report
• General Purpose Financial Statements
• Combining Statements
MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E. Robinson Street,Suite 635 Telephone:(407) 843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail: info@mdpcpa.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, 2000, as listed in the table of contents. These
general purpose financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the general purpose financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the general purpose financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Ocoee, Florida, as of September 30, 2000,
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
November 17, 2000, on our consideration of the City of Ocoee, Florida's internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
contracts and grants. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be read in conjunction with this report in considering
the results of our audit.
CPAMcmbcrs Pnvatc Companies Practice Scctton•Amcncan Institute of Ccrtdtcd Public Accountants•Florida Institute of Ccrtdicd Public Accountants
1
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund and account group financial
statements listed in the accompanying table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial statements of the City of
Ocoee, Florida. The accompanying schedule of expenditures of federal awards is presented for
purposes of additional analysis as required by U. S. Office of Management and Budget Circular A-
133, Audits of States, Local Governments, and Non-Profit Organizations, and is 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.
g�t�l �.�Gflldf4rral�aJ�.�
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
November 17, 2000
2
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS -OVERVIEW)
These basic financial statements provide a summary overview of the
financial position of all funds and account groups as well as the operating
results of all funds. They also serve as an introduction to the detailed
statements that follow in subsequent sections.
CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 2000
Governmental Fund Types
Special Debt
General Revenue Service
Assets:
Cash and cash equivalents $ 1,683,159 $ 3,014,435 $ 137,329
Investments 1,868,598 5,787,764 -
Receivables (net of allowances for uncollectibles 100,042 121,187 -
Inventories-at cost 17,562 - -
Due from other funds 26,765 150,000 -
Due from other governments 389,088 - -
Prepaid costs 10,361 - -
Restricted assets:
Cash and cash equivalents - - -
Investments - - 208,729
Cash with paying agent - - 1,431,472
Accrued interest receivable - - 4,761
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 $ 4,095,575 $ 9,073,386 $ 1,782,291
The accompanying notes are an integral part of the financial statements.
-3-
Governmental Proprietary Fiduciary
Fund Types Fund Type Fund Type Account Groups
General General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Trust Assets Debt Only)
$ 5,594,536 $ 1,495,994 $ 109,545 $ - $ - $ 12,034,998
10,158,577 1,123,588 15,051,904 - - 33,990,431
112,302 833,508 18,408 - - 1,185,447
- 22,152 - - - 39,714
- - - - 176,765
- 134,230 - - - 523,318
9,993 750 - - - 21,104
- 4,140,021 - - - 4,140,021
- 5,325,886 - - - 5,534,615
- 881,238 - - - 2,312,710
- - - - 4,761
- 41,255,134 - 21,677,377 - 62,932,511
- (14,573,909) - - - (14,573,909)
8,473,535 - 687,375 - 9,160,910
514,037 - - - 514,037
-
- - - - 324,054 324,054
- - - - 34,251,170 34,251,170
$15,875,408 $ 49,626,164 $15,179,857 $22,364,752 $34,575,224 $ 152,572,657
(Continued)
-4-
CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 2000
Governmental Fund Types
Special Debt
General Revenue Service
Liabilities and Fund Equity:
Liabilities
Accounts payable $ 89,956 $ - $ -
Retainage payable - - -
Accrued liabilities 509,504 58,074 -
Due to other funds - - 26,765
Due to Other Governments 13,116 - -
Deferred revenues 253,851 3,996 -
Current liabilities(payable from restricted assets):
Customer deposits - - -
Matured bonds payable - - 685,000
Matured interest payable - - 746,472
Accrued annual leave - - -
Bonds payable - - -
Obligations under capital leases - - -
Notes payable. - -Total liabilities 866,427 62,070 1,458,237 ,
Fund equity:
Contributed capital - - -
Investment in general fixed assets - - -
Retained earnings:
Reserved for renewal and replacement - -
Unreserved - - -
Total retained earnings - - -
Fund balances:
Reserved:
Inventories 17,562 - -
Prepaid costs 10,361 - -
Renewal and replacement - 129,404 -
Debt service - - 324,054
Employee's pension benefits - - -
Unreserved:
Designated for capital projects - - -
Designated for subsequent year's budget - 8,881,912 -
Undesignated 3,201,225 -
Total fund balances 3,229,148 9,011,316 324,054
Total Equity and Other Credits 3,229,148 9,011,316 324,054
Total Liabilities, Fund Equity and Other Credits $ 4,095,575 $ 9,073,386 $ 1,782,291
The accompanying notes are an integral part of the financial statements.
- 5-
Governmental
Fund Proprietary Fiduciary
Types Fund Type Fund Type Account Groups
General • General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Trust Assets Debt Only)
$ 571,476 $ 140,063 $ 18,408 $ - $ - $ 819,903
90,759 76,217 - - - 166,976
- 255,412 - - 822,990
150,000 - - - 176,765
- - 13,116
26,675 39,743 - - - 324,265
- 426,549 - - - 426,549
- 420,000 - - - 1,105,000
- 461,238 - - - 1,207,710
- - - 696,834 696,834
- 16,253,201 - - 31,285,000 47,538,201
- 335,594 - - 808,390 1,143,984
- - - - 1,785,000 1,785,000
838,910 18,408,017 18,408 - - 34,575,224 56,227,293
- 27,232,843 - - 27,232,843
- 22,364,752 - 22,364,752
2,767,901 - - - 2,767,901
-
- 1,217,403 - - - 1,217,403
- 3,985,304 - - - 3,985,304
- _ - - - 17,562
-
- - - - 10,361
- - - - - 129,404
- . - - - - - - 324,054- - 15,161,449 - - 15,161,449
15,036,498 - - - - 15,036,498
- - - - - 8,881,912
- - 3,201,225
15,036,498 - 15,161,449 - - 42,762,465
15,036,498 31,218,147 15,161,449 22,364,752 - 96,345,364
$15,875,408 $49,626,164 $15,179,857 $22,364,752 $34,575,224 $ 152,572,657
- 6-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES
For the Year Ended September 30,2000
Governmental Fund Types
Special Debt
General Revenue Service
Revenues:
Taxes $ 6,644,332
Licenses and permits 1,095,829 - -
Intergovernmental revenues 5,014,951 21,168 -
Charges for services 570,863 86,415 -
Fines and forfeitures 182,226 21,466 -
Impact fees/special assessments 2,413,227 -
Investment Income 230,049 430,971 59,255
Miscellaneous revenues 141,861 45,694 -
Total revenues 13,880,111 3,018,941 59,255
Expenditures:
Current:
General government 2,966,837 - -
Public safety 7,944,122 130,267 -
Physical environment 1,810,784 410,172 -
Culture and recreation 593,745 124,564 -
Capital outlay - - -
Debt service:
Principal retirement 585,153 90,620 685,000
Interest and fiscal charges 65,307 7,296 1,538,480
Total expenditures 13,965,948 762,919 2,223,480
Excess (Deficiency)of Revenues
Over Expenditures (85,837) 2,256,022 (2,164,225)
Other Financing Sources (Uses)
Operating transfers in 2,317,090 - 2,136,735
Operating transfers out (1,639,027) (2,030,305)
Capital lease proceeds 265,765 -Net other financing sources (uses) 943,828 (2,030,305) 2,136,735
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses 857,991 225,717 (27,490)
Fund Balances-Beginning of Year 2,362,997 8,793,759 351,544
Residual Equity Transfers 8,160 (8,160)
Fund Balances -End of Year $ 3,229,148 $ 9,011,316 $ 324,054
The accompanying notes are an integral part of the financial statements.
-7-
Governmental
Fund Types Totals
Capital (Memorandum
Projects Only)
$ - $ 6,644,332
1,095,829
- 5,036,119
657,278
203,692
- 2,413,227
1,007,085 1,727,360
132,435 319,990
1,139,520 18,097,827
- 2,966,837
- 8,074,389
- 2,220,956
718,309
5,990,949 5,990,949
- 1,360,773
- 1,611,083
5,990,949 22,943,296
(4,851,429) (4,845,469)
119,250 4,573,075
(119,250) (3,788,582)
265,765
- 1,050,258
(4,851,429) (3,795,211)
19,887,927 31,396,227
$ 15,036,498 $ 27,601,016
-8-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUNDS
For the year Ended September 30, 2000
General Fund
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes $ 6,874,580 $ 6,644,332 $ (230,248)
Licenses and permits 1,098,100 1,095,829 (2,271)
Intergovernmental revenues 4,877,790 5,014,951 137,161
Charges for services 543,285 570,863 27,578
Fines and forfeitures 149,500 182,226 32,726
Impact fees/special assessments - - -
Investment Income 108,000 230,049 122,049
Miscellaneous 149,250 141,861 (7,389)
Total revenue 13,800,505 13,880,111 79,606
Expenditures:
Current:
General government 3,315,491 2,966,837 348,654
Public safety 8,298,139 7,826,134 472,005
Physical environment 1,969,035 1,663,007 306,028
Culture and recreation 693,380 593,745 99,635
Debt service 664,260 650,460 13,800
Total expenditures 14,940,305 13,700,183 1,240,122
Excess (Deficiency) of Revenues
Over Expenditures (1,139,800) 179,928 1,319,728
Other Financing Sources (Uses)
Operating transfers in 2,305,460 2,317,090 11,630
Operating transfers out (1,695,660) (1,639,027) 56,633
Net other financing sources
(uses) 609,800 678,063 68,263
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses (530,000) 857,991 1,387,991
Fund Balances - Beginning of Year 530,000 2,362,997 1,832,997
Residual Equity Transfer - 8,160 8,160
Fund Balances - End of Year $ - $ 3,229,148 $ 3,229,148
The accompanying notes are an integral part of the financial statements.
-9-
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ - $ - $
1,012,800 1,049,252 36,452
5,000 17,589 12,589
1,017,800 1,066,841 49,041
540,415 366,742 173,673
76,345 62,698 13,647
616,760 429,440 187,320
401,040 637,401 236,361
(401,040) (362,765) 38,275
(401,040) (362,765) 38,275
274,636 274,636
252,746 252,746
$ - $ 527,382 $ 527,382
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Ocoee
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For the Year Ended September 30, 2000
Proprietary
Fund Types
Enterprise
Operating Revenues:
User charges $ 6,289,099
Operating Expenses:
Personal services 2,229,425
Materials and supplies 818,729
Heat, light and power 424,530
Depreciation and amorization 1,742,724
Other expenses 796,210
Recycling expenses 4,025
Total operating expenses 6,015,643
Operating income (loss) 273,456
Nonoperating Revenue (Expenses):
Grant revenue 5,871
Investment Income 702,831
Interest expense (612,019)
Total nonoperating revenue (expense) 96,683
Income (loss) before operating transfers 370,139
Operating Transfers:
Operating transfers in 148,943
Operating transfers out (933,436)
Net operating transfers (784,493)
Net income (loss) $ (414,354)
Disposition of Net Income(Loss):
Net income (loss) - $ (414,354) _
Depreciation on fixed assets acquired from contributions 427,417
Net increase (decrease) in retained earnings 13,063
Retained Earnings -Beginning of Year 3,972,241
Retained Earnings -End of Year $ 3,985,304
The accompanying notes are an integral part of the financial statements.
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
For the Year Ended September 30, 2000
Additions:
Contributions:
Employer $ 984,659
State 157,244
Plan members 676,495
Total contributions 1,818,398
Investment income:
Net appreciation in fair value of investments 1,226,397
Interest 19,846
1,246,243
Less investment expense . (101,099)
Net investment income 1,145,144
Total additions 2,963,542
Deductions:
Benefits 313,748
Administrative expenses 43,039
Total deductions 356,787
Net Increase 2,606,755
Net Assets Held in Trust for Pension Benefits:
Beginning of Year 12,554,694
End of Year $ 15,161,449
-12-
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended September 30, 2000
Proprietary
Fund Types
Enterprise
Cash Flows from Operating Activities:
Receipts from customers $ 6,233,611
Payments to suppliers (2,489,056)
Payments to employees (2,230,310)
Net cash provided by operating activities 1,514,245
Cash Flows from Non-Capital Financing Activities:
Operating transfers in 148,943
Operating transfers out (933,436)
Receipts from grants 5,871
Net cash provided (used) by non-capital financing activities (778,622)
Cash Flows from Capital and Related Financing Activities
Acquisition of fixed assets (139,520)
Additions to construction in progress (3,965,592)
Principal paid on bonds and leases (601,210)
Interest paid on bonds and leases (958,211)
Capital contributions received 1,138,384
Cash received on assessments receivable 54,956
Net cash provided (used) by capital and related financing activities (4,471,193)
Cash Flows from Investing Activities
Sales of investments 4,839,972
Investment income 577,735
Net cash provided (used) by investing activities 5,417,707
Net Increase(Decrease) in Cash and Cash Equivalents 1,682,137
Cash and Cash Equivalents at Beginning of Year 4,835,116
Cash and Cash Equivalents at End of Year $ 6,517,253
Classified As:
Current assets $ 1,495,994
Restricted assets 5,021,259
Total $ 6,517,253
The accompanying notes are an integral part of the financial statements.
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Ocoee
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Proprietary
Fund Types
Enterprise •
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating income $ 273,456
Adjustments Not Affecting Cash:
Depreciation 1,717,701
Amortization 25,024
Change in Assets and Liabilities:
Increase in accounts receivable (123,604)
Increase in prepaid costs 1,509
Increase (decrease) in accounts payable (291,844)
Decrease in accrued expenses (885)
Decrease in retainage payable (155,228)
Increase in deferred revenue 39,743
Increase in customer deposits 28,373
Total adjustments 1,240,789
Net Cash Provided by Operating Activities $ 1,514,245
Noncash Investing, Capital and Financing Activities:
Contributed property, plant and equipment $ 1,018,404
Decrease in the fair value of investments 125,096
Obligation under capital lease for acquisition of equipment 172,689
-14-
NOTES TO FINANCIAL STATEMENTS
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Ocoee
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Note 1 -Summary of Significant Accounting Policies:
The accounting policies of the, City of Ocoee, Florida, conform to generally accepted
accounting principles as applicable to governments. The following is a summary of the more
significant policies:
Reporting Entity- The City operates under a commission-manager government whereby the
Mayor and Commission are elected by the registered voters of the City of Ocoee. The
Commission appoints the City Manager, who in turn performs as the administrator of the
everyday operations of the City. The City provides a full range of municipal services as
directed by the City Charter, including general government, public safety, public improvements,
planning and zoning, water and wastewater service, refuse collection, and related general
administrative services.
The financial statements of the City of Ocoee, F/oridainclude all those separately administered
departments and funds for which the City has financial accountability. Financial accountability
is present if the Commission appoints a voting majority of a component unit's governing body
and has the ability to impose its will on that organization or if there is a potential for the
organization to provide specific financial benefits to, or impose specific financial burdens on,
the City.
Based upon the application of the above mentioned criteria as set forth in Government
Accounting Standards Board Statement Number 14, The Financial Reporting Entity, there
were no potential component units or related organizations of the City.
Fund Accounting- The accounts of the City are organized on the basis of funds or account
groups, each of which is considered a separate accounting entity. The operations of each fund
are accounted for with a separate set of self-balancing accounts. The various funds are
grouped by type in the financial statements. The following fund types and account groups are
used by the City.
-15-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
Governmental Fund Types
General Fund To account for all financial resources except those required to be
accounted for in another fund. All general tax revenues and other receipts that are not
allocated by law or contractual agreement to another fund are accounted for in this
fund. The general operating expenditures, fixed charges, and capital improvement
costs that are not paid through other funds are paid from the general fund.
Special Revenue Funds - To account for the proceeds of specific revenue sources
(other than expendable trust or major capital projects) requiring separate accounting
because of legal, regulatory provisions or administrative action.
Debt Service Funds - To account for the accumulation of resources for, and the
payment of general long-term debt principal and interest.
Capital Projects Funds - To account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
proprietary funds).
Proprietary Fund Types
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 Funds - To account for assets held by the City in a trustee capacity for
individuals, private organizations, other governments, and/or other funds. When these
assets are held under the terms of a formal trust agreement, either a pension trust
fund, a non-expendable trust fund, or an expendable trust fund is used. The terms
"non-expendable" and "expendable" refer to whether or not the government is under an
obligation to maintain the trust principal.
Account Groups
General Fixed Assets Account Group - To account for all fixed assets of the City, other
than those accounted for in the enterprise funds.
General Long-Term Debt - To account for the outstanding principal balances on any
general-obligation debt of the City.
-16-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
Basis of Accounting and Measurement Focus - Governmental fund types include the
general, special revenue, debt service, and capital projects funds. The governmental fund type
measurement focus is upon determination of financial flow (financial position, changes in
financial position, sources, uses, and balances of financial resources rather than upon net
income determination). These funds are maintained on the modified accrual basis of
accounting. Under this method of accounting, revenues are recognized when they become
measurable and available as net current assets, or when susceptible to accrual; i.e., both
measurable and available. "Measurable" means that the amount of the transaction can be
determined and "available" means, collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. Revenues which are susceptible to
accrual are substantially all governmental fund revenues except licenses and permits, charges
for services, franchise fees, and utility services taxes. Special assessments are recognized as
revenue only to the extent that individual installments are considered current assets. Property
taxes are billed and collected within the same fiscal period and are recognized when levied to
the extent that they result in current receivables. Expenditures are recorded when the liability
is incurred, except for principal and interest on general long-term debt, which is recognized
when due.
In applying the "susceptible to accrual" concept to intergovernmental revenues (grants,
entitlements and shared revenues), the legal and contractual requirements of the numerous
individual programs are used as guidance. There are essentially two types of these revenues.
In one, monies must be expended on the specific purpose or project before any amounts will
be earned by the City; therefore, revenues are recognized based upon when the expenditures
are made. In the other, monies are essentially unrestricted as to purpose of expenditure and
revocable only for failure to comply with prescribed compliance requirements. These
resources are reflected as revenues at the time of receipt or earlier if they meet the criterion of
availability.
The proprietary fund type measurement focus is upon determination of capital maintenance
(net income, financial position, and changes in financial position). These funds are maintained
on the accrual basis of accounting. Under this method, revenues are recorded when earned
and expenses are recorded at the time liabilities are incurred. The City adopted GASB
Statement No. 20 and chose not to apply all FASB pronouncements issued after November
30, 1989.
Utility operating revenues (solid waste, water, and wastewater revenues, and related utility
taxes) are recognized during the month of consumption. Services consumed, but not billed,
are accounted for as unbilled utility revenues.
-17-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
The basis of accounting and measurement focus of the pension trust funds is the same as
proprietary fund,types and therefore is maintained on the accrual basis of accounting.
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 connection
to the system. Amounts that substantially exceed the cost to connect are recorded as an
addition to contributed capital.
Deposits' received which reserve capacity in the City's water and wastewater facilities are
recorded as contributed capital. Other deposits received from customers are recorded as
liability until all legal requirements, as stipulated by the City's water and wastewater
ordinances, are fulfilled.
Cash and Cash Equivalents - Cash balances from the majority of funds are pooled for
investment purposes. Earnings from such investments are allocated to the respective funds'
based on applicable cash participation by each fund.
Cash and cash equivalents include cash on hand, demand deposits, repurchase agreement,
cash with paying agent, cash with State Board of Administration Local Government Surplus
Funds Trust Fund (SBA), and all highly liquid investments (including restricted assets) with a
maturity of ninety days or less when purchased. Each fund's equity in the City's pooled cash
(checking) account is included in cash and cash equivalents.
Investments - Investments in all fund types are stated at fair value, which is the amount at
which an investment could be exchanged in a current transaction between willing parties, 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.
-18-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
Inventories- Inventories are stated at cost, using the FIFO method. The cost of governmental
fund-type inventories are accounted for by the consumption method, under which such
inventory is recorded as an expenditure when used.
Amortization of Bond Discount and Issuance Costs- In the governmental fund types, bond
issuance costs are charged as current expenditures when the bonds are issued. For all
enterprise funds, bond discount and issuance costs are amortized on a straight-line basis,
which approximates the interest method, over the life of the bonds. Amortization of bond
issuance costs amounted to $25,024 for the 2000 fiscal year. Amortization of bond discount,
included in interest expense, amounted to $9,261 for the 2000 fiscal year.
Restricted Assets - The use of certain assets of enterprise funds is restricted by specific
provisions of bond resolutions and agreements with various parties. Assets so designated are
identified as restricted assets on the balance sheet.
Property, Plant and Equipment - Property, plant, and equipment owned by the enterprise
funds is stated at historical cost or estimated historical cost. Additions, improvements, and
other capital outlays that significantly extend the useful life of an asset are capitalized. Other
costs incurred for repairs and maintenance are expensed as incurred. Depreciation of plant
and equipment is provided on the straight line basis over the following estimated useful lives:
Buildings 10 - 30 years
Improvements 20 -40 years
Equipment 5 - 10 years
Contributions of property, plant, and equipment received from federal, state, or local sources
are recorded as contributions to equity when received. Depreciation on contributed property,
plant, and equipment is recorded as a reduction of contributed capital.
General Fixed Assets - General fixed assets have been acquired for general governmental
purposes. Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. In the case of gifts or
contributions, such assets are recorded at fair market value at the time received.
Certain improvements, such as roads, bridges, curbs, gutters, streets, sidewalks, drainage
systems, and lighting systems have not been capitalized. Such assets normally are
immovable and of value only to the City. No depreciation has been provided on general fixed
assets.
-19-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
Postretirement Benefits - The City does not fund any postretirement health care and life
insurance benefits for employees.
Capitalization of Interest- Net interest cost relating to construction is capitalized. Capitalized
Interest totaled $346,533 during fiscal year ended September 30, 2000.
Compensated Absences - The City accrues accumulated unpaid vacation and sick leave
when earned by the employee. Upon termination, the employee receives a cash benefit for the
number of days accrued at the employee's current wage rate. The non-current portion (the
amount estimated not to be used in the following year) for Governmental Funds is recorded in
the General Long-Term Debt Account Group. The liability for compensated absences for
Proprietary Fund Types is shown as a current liability of those funds.
Long-Term Obligations- Long-term debt is recognized as a liability of a governmental fund
when due, or when resources have been accumulated in the debt service fund for payment
early in the following year. For other long-term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability of a
governmental fund. The remaining portion of such obligations is reported in the general
long-term debt account group. Long-term liabilities expected to be financed from proprietary
fund operations are accounted for in those funds.
Fund Equity
Proprietary Funds - Contributed capital consists of funds from developers, federal and
state (capital) grants, and a portion of connection fees charged to customers as
previously discussed. Grants received for operating assistance are recorded as non-
operating revenue.
Reservations of retained earnings are created by increases in assets restricted for debt
service, renewal and replacement, and other contractual obligations. These increases
result from earnings on restricted assets and other intrafund transfers to (from) restricted
accounts. Earnings on restricted assets are included in net income of the Proprietary
Funds. Reserves are not established for bond proceeds deposited into construction
accounts.
Governmental Funds- Reserves of the governmental funds are limited to the portions of
fund balance which are either not subsequently appropriated for expenditures or legally
segregated for a specific use.
-20-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
• September 30, 2000
Note 1 -Summary of Significant Accounting Policies (Continued):
Interfund Transactions Transactions which constitute reimbursements to a fund for
expenditures (expenses) initially made are recorded as expenditures or expenses (as
appropriate) in the reimbursing fund and as reductions of the expenditures (expenses) in
the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted for as
transfers. Non-recurring or non-routine transfers of equity between funds are considered
residual equity transfers. All other interfund transactions are treated as operating transfers.
Total Columns on Combined Statements - Overview- Total columns on the combined
statements are captioned Memorandum Only.to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not present financial position, results of
operations or its cash flows in conformity with generally accepted accounting principles.
Neither is such data comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
Note 2 -Stewardship, Compliance and Accountability:
Budgetary Information-The City follows these procedures in establishing the budgetary data
•
reflected in the financial statements:
1. Prior to August 1st, the City Manager submits to the City Commission a proposed
operating budget for the fiscal year commencing the following October 1st. The
operating budget includes proposed expenditures and the means of financing them.
2. Public hearings are conducted at the City Hall to obtain taxpayer comments.
3. Prior to October 1st, the budget is legally enacted through passage of an ordinance. - - -
4. The City cannot legally exceed the budget; however, the City Manager is authorized
to transfer budgeted amounts within departments within any fund. Any revisions that
alter the total expenditures of any department must be approved by the City
Commission. The legal level of budgetary control is the department level.
5. Formal budgetary integration is employed as a management control device during
the year for the General and Enterprise Funds.
-21-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 2 -Stewardship, Compliance and Accountability (Continued):
6. Budgets are legally adopted for the General Fund, the Enterprise Operations and
Maintenance Funds and one Special Revenue Fund: the Stormwater Fund. The
budgets for the General Fund and the Stormwater Fund are prepared on a budgetary
basis, whereby encumbrances are treated as expenditures. Unencumbered
appropriations are lapsed at year end, except an appropriation for a capital
expenditure. An appropriation for a capital expenditure shall continue in force until
the purpose for which it was made has been accomplished or abandoned; the
purpose of any such appropriation shall be deemed abandoned if three years pass
without any disbursement from or encumbrance of the appropriation. The budgets
for the Enterprise Funds are prepared on a modified accrual basis of accounting,
which is not the same basis of accounting as that used to account for the actual
results of operations. The actual results of operations are accounted for on an
accrual basis. The following items indicate the primary differences between the
budgetary basis and the GAAP basis used to account for the results of operations for
the operating accounts:
a. Interest income earned on restricted assets is included in the results of
operations. Such amounts are not budgeted in the operating accounts. This
portion of interest income is restricted for a specific purpose (debt, capital
projects, renewal and replacement, etc.) and is not normally available for
operations.
b. Intrafund transfers to the restricted accounts are budgeted and transferred on
a budgetary basis, but are eliminated on a GAAP basis.
c. Depreciation expense is not budgeted; however, expenditures for capital
outlays are budgeted. These outlays have been capitalized into fixed assets
and eliminated from the results of operations on a GAAP basis.
d. Principal and interest payments on capital leases are budgeted as expenses.
Principal payments are recorded as a reduction of capital lease obligation and
eliminated from the results of operations on a GAAP basis.
e. Retained earnings allocation is budgeted and recorded as revenue on the
budgetary basis, but eliminated on a GAAP basis.
7. Budgeted amounts presented in the accompanying financial statements have been
adjusted for legally authorized revisions of the annual budgets during the year.
-22-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 3 - Budget Basis of Accounting:
The General Fund and Stormwater Fund budgets are prepared on a budgetary basis, whereby
encumbrances are treated as budgeted expenditures in the year of incurrence of the
commitment to purchase. In addition, the City includes a portion of the prior year's fund
balance represented by unappropriated liquid assets remaining in the fund as a budgeted
revenue in the succeeding year. The results of operations on a GAAP basis do not recognize
the fund balance allocation as revenue as it represents prior periods' excess of revenues over
expenditures. Also, the City does not budget for capital outlay expenditures and other
financing sources related to the acquisition of assets through capital leases.
For the 2000 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 $ 13,965,948 $ 943,828
Nonbudgeted capital lease transactions (265,765) (265,765)
Budgetary basis $ 13,700,183 $ 678,063
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)
GAAP basis $ 2,256,022 $ (2,030,305)
Non-budgeted funds (1,618,621) 1,667,540
Budgetary basis $ 637,401 $ (362,765)
-23-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 4 - Cash and Investments:
Following are the components of the City's cash and investments at September 30, 2000:
Unrestricted Restricted Total
Cash and cash equivalents $ 12,034,998 $ 4,140,021 $ 16,175,019
Cash with paying agent - 2,312,710 2,312,710
Investments 33,990,431 5,534,615 39,525,046
$46,025,429 $ 11,987,346 $ 58,012,775
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, 2000
Bank balances:
Category 1 $ 542,239
Category 3 2,312,710
Total bank balances $ 2,854,949
Carrying amount $ 406,439
Investments-The City's investment policies, except for pension fund assets, are governed by
State statutes and City ordinances. City ordinance allows investments in any financial
institution that is a qualified public depository of the State of Florida as identified by the State
Treasurer, in accordance with Chapter 280 of the Florida Statutes. Authorized investments
are:
1) The State Board of Administration Local Government Surplus Funds Trust Fund;
2) U.S. Treasury bills, notes and bonds with maturity dates of 5 years or less;
3) Insured or fully collateralized Certificates of Deposit with maturity date of 3 years or
less with financial institutions qualifying as public depositories;
4) Federal agencies and instrumentalities with maturity date of 5 years or less;
5) Money market funds placed with financial institutions qualifying as public
depositories;
-24-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 4 - Cash and Investments (Continued):
6) Securities of any open-end or closed-end management type investment company or
investment trust registered under the Investment Company Act of 1940, provided the
portfolio of such investment company is limited to U.S. Government obligations and
to repurchase agreements fully collateralized by such U.S. Government obligations;
or
7) Repurchase agreements collateralized by U.S. Treasury Securities or U.S.
Government Agency securities.
The City's investments are categorized to give an indication of the level of risk assumed by the
City at September 30, 2000:
Category 1 includes investments that are insured or registered for which the securities are
held by the City or its agent in the City's name.
Category 2 includes uninsured and unregistered investments for which the securities are
held by a counterparty's trust department or agent in the City's name.
Category 3 includes uninsured and unregistered investments for which the securities are
held by a counterparty, its trust department or agent, but not in the City's name.
Investments in mutual funds are not required to be categorized since the investments are
not evidenced by securities that exist in physical or book entry form. As discussed in Note
1, investments are carried at fair value.
Following is a summary of risk levels assumed by the City at September 30, 2000:
Category
Carrying
1 2 3 Amount
Repurchase agreements $ - $ - $ 18,008,000 $18,008,000
U.S. Government obligations 22,640,458 - - 22,640,458
$ 22,640,458 $ - $ 18,008,000
Mutual funds investing In U.S. Government Securities 4,546,809
Pension funds investing in commingled bond and
stock funds 12,411,069
$ 57,606,336
-25-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
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 Projects Enterprise Funds
Property taxes $ 1,341 $ - $ - $ - $ -
Accounts receivable - 98,253 - 635,553 -
Assessments
Current - - 55,000 -
Non-current - - 101,774 -
Maintenance fee (formerly
Guaranteed revenue) - - 93,414 -
Other receivables 102,701 27,934 112,302 6,882 18,408
Total 104,042 126,187 112,302 892,623 18,408
Less: allowance for
uncollectible accounts (4,000) (5,000) - (59,115) -
$100,042 $121,187 $112,302 $ 833,508 $ 18,408
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. 1The taxes paid in March are without discount. All
unpaid taxes become delinquent on April 1 folowing 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, 2000, 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 $5,308,767 additional property
tax revenue a year from the present assessed valuation of $884,794,580 before the limit is
reached.
-26-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 7 - Property, Plant and Equipment:
During the fiscal year ended September 30, 2000, the following changes in general fixed
assets occurred:
Balance Balance
10-01-99 Additions Deletions 9-30-00
Land $ 1,766,395 $ 3,408,128 $ - $5,174,523
Buildings 7,405,986 0 - 7,405,986
Improvements 1,795,762 75,906 - 1,871,668
Equipment 6,735,738 489,462 - 7,225,200
17,703,881 3,973,496 - 21,677,377
Construction in
progress 69,658 617,717 - 687,375
Total $17,773,539 $4,591,213 $ - $22,364,752
Construction in progress for general fixed assets as of September 30, 2000 consisted
primarily of construction of a recreation center, a fire station and public works facility.
The sources of investment in general fixed assets are as follows:
General fund $ 6,442,566
Special revenue funds:
Federal revenue sharing 750,610
Road impact 145,548
Police trust 244,790
Police training 8,106
Parks 384,969
Stormwater utility 468,780
Fire impact - 1,324,578
Police impact 683,568
Contributions - other 389,745
State grant 365,715
Capital projects fund 11,155,777
$ 22,364,752
-27-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 7 - Property, Plant and Equipment(Continued):
The components of property, plant and equipment for the Proprietary Fund Types at
September 30, 2000, are as follows:
Proprietary
Fund Types
Enterprise
Land and land improvements $ 4,565,719
Buildings 380,497
Improvements - 32,717,743
Equipment 3,591,175
41,255,134
Less: accumulated depreciation 14,573,909
$26,681,225
Proprietary Fund construction in progress at September 30, 2000, consisted primarily of
improvements to water distribution system and the reclaimed water program.
Note 8 - Retirement Plans:
Defined Benefit Pension Plan and Trust -The City maintains two separate single employer
defined benefit pension plans for police officers and firefighters and substantially all other full-
time City employees which are included as part of the City's reporting entity in Pension Trust
Funds. Each plan provides retirement and death benefits to Plan members and beneficiaries.
In addition, the police and firefighters plan provides disability benefits to Plan members.
Florida Statutes, Chapter 175 and 185, establish minimum benefit provisions. The City of
Ocoee Commission appoints a board of trustees to administer the pension trust funds. This
board of trustees may not amend any provisions of the pension plans without the approval of
the City 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, 2000 to be reserved for general employees
and police and firefighter pension funds are $6,863,856 and $8,279,185 respectively.
-28-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued):
Summary of Significant Accounting Policies:
Basis of Accounting - The Plans' financial statements are prepared using the accrual
basis of accounting. Plan member contributions are recognized in the period in which the
contributions are due. Employer contributions to each Plan are recognized when due and
the employer has made a formal commitment to provide the contributions. Benefits and
refunds are recognized when due and payable in accordance with the terms of each plan.
Method Used to Value Investments- Investments are reported at fair value. Short-term
investments are reported at cost, which approximates fair value. Securities traded on a
national or international exchange are valued at the last reported sales price at current
exchange rates. Investments that do not have an established market are reported at
estimated fair value.
Plan Descriptions-The following schedule is derived from the respective actuarial reports
and City information for the two pension plans as of October 1, 1999:
General Police and
Membership and Plan Provisions Employees Firefighters
Members:
Retirees and beneficiaries receiving benefits 7 5
Terminated plan members entitled to but not
receiving benefits 9 7
Active plan members:
Vested 74 49
Non-vested 79. 52
169 113
•
-29-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued):
General Police and
Membership and Plan Provisions Employees 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/Year of Service—Early Age 50 and 5 years of Age 45 and 5 years of
Credited service. Credited service.
Benefit—Normal 2.5%Average Monthly 3.0%of Average
Earnings times Credited Monthly
Service. Earnings times
Credited
•
Service.
Benefit—Early Accrued benefit. Accrued benefit.
Form of Benefit 10 year Certain and Life 10 year Certain and
Annuity. Life Annuity.
Years to Vest 5 years 5 years
Disability Benefits:
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.
Preretirement Death Benefits:
Vested Accrued Benefit payable Accrued Benefit
To beneficiary for 10 payable
Years. To beneficiary for 10
Years.
Nonvested Refund Accumulated Refund Accumulated
Contributions without Contributions without
Interest. Interest.
-30-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued):
Funding Policy - All plans are contributory. The employees participating in the General
Employees' Pension Plan are required to contribute 7.4% of their salary. The City is required
to contribute at an actuarially determined rate; the current rate is 9.8% of annual covered
payroll.
The Police Officers' and Firefighters' Pension Plan funding methods and determination of
benefits payable are provided in the various acts of Florida Legislature, which created the
funds, including subsequent amendments thereto. The Statutes provide, in general, that funds
are to be accumulated from Plan members, City contributions, State contributions and income
from investments of accumulated funds. Contributions from the State of Florida are received
under Florida Statutes, Chapters 175 and 185. The Plan members are required to contribute
7.6% of their salary. The City is required to contribute at an actuarially determined rate; the
current rate is 15.1%, including expected State contribution, of annual covered payroll.
Costs to administer the plans are deducted from net assets of the respective plans.
Annual Pension Cost and Net Pension Obligation-The City has traditionally contributed
the annual required contribution (ARC) and thus has never actually had, or had need to report,
a net pension obligation (NPO). The City implemented GASB Statements No. 25 and 27 during
the fiscal year ending September 30, 1997. At the point of transition (October 1, 1996), the
City had no pension liability reflected in either the General Long-Term Debt Account Group or
any individual fund. In accordance with GASB Statement No. 27, the City calculated the
potential for a net pension liability (asset) and reaffirmed that none existed at September 30,
2000.
-31-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued): ,
The Plans' table of required supplementary information is presented below:
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF FUNDING PROGRESS
Actuarial
Accrued UAAL as
Actuarial Liability Unfunded a% of
Actuarial Value of (AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date b-a (a/b) Lo j(b-a)/cl
General Employees
10/01/99 $5,542,993 $7,027,304 $1,484,311 78.88% $4,758.675 31.19%
10/01/98 4,294,480 5,769,386 1,474,906 74.44% 4,407,277 33.47%
10/01/97 3,109,511 4,646,787 1,537,276 66.92% 3,656,410 42.04%
10/01/96 2,297,183 3,036,060 738,877 75.66% 3,191,788 23.15%
10/01/95 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%
10/01/93 941,671 1,461,756 520,085 64.42% 2,262,495 22.99%
Police Officers and Firefighters
10/01/99 $6,656,107 $7,926,608 $1,270,501 83.97% 3,697,592 34.36%
10/01/98 5,160,384 6,460,583 1,300,199 79.87% 3,263,647 39.84%
10/01/97 3,685,001 5,123,641 1,438,640 71.92% 2,954,018 48.70%
10/01/96 2,661,713 3,492,197 830,484 76.22% 2,428,615 34.20%
10/01/95 1,961,760 2,696,842 735,082 72.74% 2,191,537 33.54%
10/01/94 1,416,034 2,174,014 757,980 65.13% 2,002,476 37.85%
10/01/93 989,107 1,763,014 773,907 56.10% 1,706,230 45.36%
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
2000 $460,161 100% $681,742 100%
1999 443,771 100% 659,313 100%
1998 482,195 100% 765,818 100%
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%
-32-
•
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued):
Notes to the Required Supplementary Information-The information presented in the
required supplementary schedules was determined as part of the actual valuations at the date
indicated. Additional information as of the latest (October 1, 1999) actuarial valuation follows:
General Police and
Employees Firefighters
Assumptions:
Investment Earnings 8% 8%
Salary Increases -
Inflation 3% 3%
Merit, Longevity, etc. 6% 6%
Postretirement Benefit Increases 0% 0%
Mortality Table 1983 Group Annuity 1983 Group Annuity
Mortality Table Mortality Table
Retirement Age When First Eligible When First Eligible
Actuarial Valuation:
Frequency Annual Annual
Cost Method Frozen Entry Age Frozen Entry Age
Amortization Method Level Percent Level Percent
Amortization Period 30 Years Closed 30 Years Closed
Asset Valuation Method 4 Year Smoothed 4 Year Smoothed
Market Market
-33-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 8 - Retirement Plans (Continued):
Deferred Compensation Plan-The City offers its employees a deferred compensation plan
created in accordance with Internal Revenue Code Section 457. The Plan, available to all City
employees, permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency. In accordance with changes in federal law brought about by the
Small Business Job Protection Act of 1996, eligible deferred compensation plans established
and maintained by governmental employers must be amended to provide that all assets of the
Plan be held in trust for the exclusive benefit of the plan participants and their beneficiaries.
The City has executed plans with all of its third party administrators, which conform to the new
provisions of the law. Accordingly, all assets of these plans are no longer accounted for in the
City's financial statements.
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 303 residents of the City participated in this program during the
fiscal year ended September 30, 2000.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax $ 4,141
Water Fees 41,442
Solid Waste Fees 61,602
Total Over 65 Cost $ 107,185
-34-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable:
Summarized below are the City's bonds and notes payable outstanding at September 30,
2000:
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%. $ 7,175,000
Less: Current Maturities (245,000)
Unamortized Discounts (83,079)
6,846,921
Water and Sewer System Improvement Revenue Bonds,
Series 1997 - payable in annual installments of$120,000 to
$600,000 through 2026, plus semi-annual interest at 3.60% to
5.62%. $ 9,695,000
Less: Current Maturities • (175,000)
Unamortized Discounts (113,720)
9,406,280
$16,253,201
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 payments at
6.0% to 7.5%. $ 1,440,000
Transportation Refunding and Improvement Revenue Bonds,
Series 1998—payable in annual installments of$150,000 to
$1,240.000 through 2028 with semi-annual interest payments
at 3.35% to 4.5%. V 18,800,000
Capital Improvement Refunding Revenue Bonds, Series 1999
- payable in annual installments of$150,000 to $680,000
through 2028 with semi-annual interest payments at 3.00% to
4.75%. 11,045,000
$31,285,000
-35-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable (Continued):
General Long-Term Debt Account Group (Continued):
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. $1,785,000
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 $10,160,000 outstanding Series
1989A and B Water and Sewer System Revenue Bonds.
These bonds are secured by the combined Water and Wastewater Fund operating revenues,
interest earnings, impact fees and a first priority pledge of cash payments due from
developers.
The major provisions of the ordinances authorizing the revenue bonds are as follows:
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the next
maturing principal and interest payment, respectively.
2) Each month, provisions shall be made of the gross revenues sufficient to pay, in
order of preference, cost of operation and maintenance of the systems, then debt
service/sinking fund requirements.
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.
-36-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable (Continued):
Water and Sewer System Improvement Revenue Bonds, Series 1997- In January 1997,
the City issued Water and Sewer System Improvement Revenue Bonds, Series 1997 to
expand the capacity of and construct and acquire other improvements to the City's Water and
Sewer System (the "System").
These bonds are secured by prior lien upon and pledge of Net Revenues of the System, and
the Water and Sewer system development charges to the extent of the bond service
component (the "Pledged Funds"). Such prior lien and pledge of the Pledged Funds is on a
parity with the lien and pledge granted to the holders of the City's Water and Sewer System
Refunding and Improvement Revenue Bonds, Series 1993.
The major provisions of the ordinances authorizing the revenue bonds are as follows:
1) The City shall establish rates which will provide for necessary operating expenses and
110% of the bond service requirement due that year.
2) The City shall provide for the reserve requirement by purchasing a surety bond.
3) Amounts deposited into Debt Service Fund shall be depleted at least once a year
except for any carryover amount which will not exceed greater of (a) the earnings on
such fund for the immediately preceding bond year and (b) one-twelfth of the debt
service on the Series 1997 Bonds for immediately preceding bond year.
Florida Transportation Refunding and Improvement Revenue Bonds, Series 1990- In
September 1990, the City issued revenue bonds to finance the advance refunding of
$1,895,000 outstanding series 1987 bonds and finance the paving, extension, and
improvement of certain streets within the corporate limits.
These bonds are secured by the Local Option Gas Tax and certain local Public Service Taxes.
The major provisions of the ordinance authorizing the revenue bonds are as follows:
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the next
maturing principal and interest payment, respectively.
2) The City shall provide for the reserve requirement by purchasing a surety bond.
These bonds were partially refunded by the Transportation Refunding and Improvement
Revenue Bonds, Series 1998.
-37-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable (Continued):
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.
Transportation Refunding and Improvement Revenue Bonds, Series 1998 - In
October 1998, the City issued Transportation Refunding and Improvement Revenue
Bonds, Series 1998 to refund a portion of the Transportation Refunding and Improvement
Revenue Bonds, Series 1990 and to finance the design, construction, paving and
improvement of certain roads and drainage improvements within the City.
These bonds are secured by a prior lien upon and pledge of Local Option Gas Tax monies
and certain Public Service Taxes (the "Pledged Revenues"). Such prior lien on and pledge
of the Pledge Revenues is on a parity with the lien and pledge granted to the holders of the
Series 1990 Bonds described above.
The major provisions of the ordinances authorizing these bonds are as follows: -
1) The City shall provide for the reserve requirement by purchasing a surety bond.
2) Amounts deposited into Debt Service Fund shall be depleted at least once a
year except for any carryover amount which will.not exceed greater of (a) the
earnings on such fund for the immediately preceding bond year and (b) one-
twelfth of the debt service on the Series 1998 Bonds for immediately preceding
bond year.
-38-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable (Continued):
Capital Improvement Refunding Revenue Bonds, Series 1999— February 1999, the City
issued Capital Improvement Refunding Revenue Bonds, Series 1999 to (1) refund the 1991
Capital Improvement Revenue Bonds, (2) pay off the 1996 Capital Improvement Revenue
Promissory Note and (3) finance certain capital improvements, including the acquisition of land.
These bonds are secured by a pledge of half-cent sales tax revenue received by the City.
The major provisions of the ordinances authorizing these bonds are as follows:
1) The City shall provide for the reserve requirement by purchasing a surety bond.
2) Amounts deposited into Debt Service Fund shall be depleted at least once a
year except for any carryover amount which will not exceed greater of (a) the
earnings on such fund for the immediately preceding bond year and (b) one-
twelfth of the debt service on the Series 1998 Bonds for immediately preceding
bond year.
Following is a maturity schedule of outstanding bonds payable:
Year Ended General Long-Term Debt Enterprise Funds Total Debt
Sept. 30: Principal Interest Principal Interest Service
2001 $ 585,000 $ 1,423,615 $ 440,000 $ 903,366 $ 3,351,981
2002 610,000 1,401,510 460,000 882,476 3.353.986
2003 630,000 1,377,768 485,000 860,156 3,352,924
2004 660,000 1,352,683' 510,000 836,136 3,358,819
2005 690,000 1,322,943 535,000 810,266 3,358,209
2006-2010 3,890,000 6,153,978 3,125,000 3,595,161 16,764,139
-- -2011-2015 ---4,865,000. 5,178,808 4,100,000 2,627,163 16,770,970
2016-2020 6,150,000 3,901,288 3,330,000 1,450,850 ' 14,832,138
2021-2025 7,690,000 2,355,550 2,805,000 676,406 13,526,956
2026-2030 5,515,000 513,675 660,000 37,125 6,725,800
$ 31,285,000 $24,981,815 $16,450,000 $13,601,680 $85,395,921
-39-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 10 - Bonds and Notes Payable (Continued):
Following is a maturity schedule of principal payments on the stormwater note payable:
Year Ended
September 30:
2001 $ 125,000
2002 130,000
2003 135,000
2004 140,000
2005 145,000
Thereafter 1,110,000
$ 1,785,000
During the year ended September 30, 2000, the following changes in general long-term debt
occurred:
Accrued Capital Bonds and
Annual Lease Notes
Leave Obligations Payable Total
Balance at $646,827 $1,141,728 $33,755,000 $35,543,555
October 1, 1999
Additions 50,007 265,765 - 315,772
Principal payments - (599,103) - (685,000) _ (1,284,103) -
Balance at
September 30, 2000 $696,834 $ 808,390 $33,070,000 $34,575,224
Note 11 - Lease Obligations:
Capital Leases - The City has entered into lease agreements as lessee for financing the
acquisition of vehicles and trucks and data processing, communications, and office
equipment. These lease agreements qualify as capital leases for accounting purposes and,
therefore, have been recorded at the present value of the future minimum lease payments
as of the date of their inception in either the General Fixed Asset Account Group or the
proprietary fund types.
-40-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 11 - Lease Obligations (Continued):
Equipment under capital leases recorded in the General Fixed Asset Account Group at
September 30, 2000 consists of the following:
Fire Truck $ 180,535
Vehicles and Trucks 1,382,254
Equipment 112,334
$1,675,123
Debt service payments on equipment capitalized in the General Fixed Asset Group are
recorded as expenditures in either the General Fund or the Special Revenue Funds.
The following is a schedule by years of future minimum lease payments under capital leases,
together with the present value of the net minimum lease payments as of September 30:
Year Ending
September 30:
2001 $ 436,806
2002 292,513
2003 116,472
2004 16,472
Total Minimum Lease Payments 862,078
Less, Amount Representing Interest 53,689
Present Value of Net Minimum
Lease Payments $ 808,390
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 $ 268,409 $ 606,658 $ 875,067
Less: Accumulated Amortization (104,612) (212,977) (317,589)
$ 163,797 $ 393,681 $ 557,478
Amortization of equipment leased under capital leases is included in depreciation expense.
-41-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 11 - Lease Obligations (Continued):
The following is a schedule by years of future minimum lease payments under the above
capital leases, together with the present value of the net minimum lease payments as of
September 30:
Water and
Year Ending Wastewater Solid Waste
September 30: Fund Fund Totals
2001 $ 62,854 $ 125,770 $ 188,624
2002 47,451 79,082 126,533
2003 23,370 15,037 38,407
•
2004 2,727 •2,727
Total Minimum tease Payments 136,402 219,889 356,291
Less: Amount Representing Interest (18,590) (2,107) (20,697)
Present Value of Net
Minimum Lease Payments $ 117,812 $ 217,782 $ 335,594
The current and non-current obligation under these capital leases is $171,437 and $164,157,
respectively.
Operating Leases-The City leases office and computer equipment under non-cancelable
operating leases:. Rental expenditures for the year ended September 30, 2000 amount to
$79,665. The following is a schedule by years of future minimum rentals on these non-
cancelable leases as of September 30, 2000:
Year Ending
September 30:
2001 $ 61,828
2002 8,816
2003 678
$ 71,322
-42-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 12 - Interfund Receivables and Payables:
The following schedule as of September 30, 2000, represents interfund receivables and
payables:
Interfund Interfund
Fund Type Receivables Payables
General Fund $ . 26,765 $ -
Special Revenue Funds:
Road Impact Fund 150,000 -
Debt Service Funds
Transportation Refunding and Improvement - 26,765
Capital Projects Funds
Capital Projects Reserve - 150,000
$ 176,765 $ 176,765
Note 13 - 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.
-43-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 14-Segment Information for Enterprise Funds:
The City maintains two enterprise funds which provide water, wastewater, and solid waste
services. Segment information for the year ended September 30, 2000, is as follows:
Water and
Wastewater Solid Waste Total
Operating Revenues $ 4,687,737 $1,601,362 $6,289,099
Depreciation and Amortization $ 1,594,020 $ 148,704 $1,742,724
Operating Income (Loss) $ (109,111) $ 382,567 $ 273,456
Operating Grants $ - $ 5,871 $ 5,871
Operating Transfers:
In $ 148,943 $ - $ 148,943
Out $ (779,584) $ 153,852 $ 933,436
Net Income (Loss) $ (679,235) $ 264,881 $ (414,354)
Current Capital Contributions $ 2,156,838 $ - $ 2,156,838
Property Additions $ 1,153,231 $ 1,495 $ 1,154,726
Property Deletions $ - $ - $ -
Net Working Capital $ 1,885,661 $ 884,915 $ 2,770,576
Total Assets $48,267,867 $ 1,358,297 $49,626,164
Long-Term Debt $16,313,136 $ 104,222 $16,417,358
Total Equity $30,126,669 $ 1,091,478 $31,218,147
-44-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - Continued
September 30, 2000
Note 15 -Contributed Capital:
The following is a summary of changes in contributed capital of the water and wastewater fund
during the year ended September 30, 2000.
Contributed Capital - Beginning of Year $25,503,472
Additions (Reductions)
Connection Fees 1,079,869
Developers 1,018,404
Other 58,565
Depreciation on Contributed Assets (427,417)
Contributed Capital - End of Year $27,232,843
Note 16 -Summary Disclosure of Significant Contingencies:
Grants - Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits,
the claims for reimbursement to the grantor agency would become a liability of the City. In the
opinion of management, any such adjustments would not be significant.
Litigation- During the ordinary course of its operations, the City is a party to various claims,
legal actions, and complaints. In the opinion of the City's management and legal counsel,
these matters are not anticipated to have a material financial impact on the City.
Note 17 -Commitments:
At September 30, 2000, the City had entered into contracts for construction in the amount of
$12,418,998.
Note 18 -Subsequent Events:
In December 2000, the City issued a note to finance the acquisition of real property to be used
for a fire station, park, and school in a joint venture with the school board. The City entered
into an agreement with Mannheim Partnership to construct a road estimated to cost $2.6
million The City is obligated to begin construction by year 2003.
-45-
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Ocoee ti 0
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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
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
For the Year Ended September 30, 2000
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes:
Property taxes $ 3,437,020 $ 3,394,071 $ (42,949)
Franchise taxes 1,431,560 1,323,333 (108,227)
Utility taxes 2,006,000 1,926,928 (79,072)
6,874,580 6,644,332 (230,248)
Licenses and permits:
Building permits 805,100 774,895 (30,205)
Occupational license 293,000 320,934 27,934
1,098,100 1,095,829 (2,271)
Intergovernmental revenues:
Cigarette tax 98,100 86,293 (11,807)
State revenue sharing 543,400 629,201 85,801
Sales tax 2,859,570 2,950,551 90,981
Other state shared revenue 134,040 122,660 (11,380)
County 6 cent gax tax 860,000 857,306 (2,694)
Other county shared revenue 40,000 90,000 50,000
Federal grants 342,680 278,940 (63,740)
4,877,790 5,014,951 137,161
Charges for services:
Fire contract 431,585 431,086 (499)
Program activity fees 104,500 129,232 24,732
City staff charges 7,200 10,545 3,345
543,285 570,863 27,578
Fines and forfeitures:
Fines and forfeitures 149,500 182,226 32,726
Investment income:
Investment income 108,000 230,049 122,049
Miscellaneous revenues:
Zoning and election fees 37,850 23,860 (13,990)
Other 111,400 118,001 6,601
149,250 141,861 (7,389)
Total Revenues $13,800,505 $13,880,111 $ 79,606
(Continued)
-46-
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CITY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
For the Year Ended September 30, 2000
Variance
Favorable
Budget Actual (Unfavorable)
Expenditures:
General government:
Legislative $ 211,389 $ 176,378 $ 35,011
Executive 897,361 787,999 109,362
Finance and administrative 965,576 900,107 65,469
Legal 285,000 275,995 9,005
Planning and zoning 436,153 413,901 22,252
General government 214,867 147,249 67,618
Building maintenance 305,145 265,208 39,937
3,315,491 2,966,837 348,654
Public safety:
Law enforcement 4,478,105 4,099,985 378,120
Fire control 3,020,790 2,950,761 70,029
Protective inspections 799,244 775,388 23,856
8,298,139 7,826,134 472,005
Physical environment:
Roads and streets 1,969,035 1,663,007 306,028
Culture and recreation:
Parks and recreation 693,380 593,745 99,635
Debt service:
Principal retirement 595,110 585,153 9,957
Interest and fiscal charges 69,150 65,307 3,843
664,260 650,460 13,800
Total expenditures 14,940,305 13,700,183 1,240,122
Excess (Deficiency) of Revenues
Over Expenditures (1,139,800) 179,928 1,319,728
Other Financing Sources (Uses):
Operating transfers in 2,305,460 2,317,090 11,630
Operating transfers out (1,695,660) (1,639,027) 56,633
Net other financing sources (uses) 609,800 678,063 68,263
Excess (Deficiency) of Revenues and Other
Sources over Expenditures and Other Uses (530,000) 857,991 1,387,991
Fund Balance-Beginning of Year 530,000 2,362,997 1,832,997
Residual Equity Transfer - 8,160 8,160
Fund Balance- End of Year $ - $ 3,229,148 $ 3,229,148
-47-
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.
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues from specific taxes or other earmarked
revenue sources which because of legal or regulatory provisions or administrative action are
designed to finance particular functions or activities of government and which, therefore, cannot be
diverted to other uses.
Description Of Funds
Road Impact - Accounts for the Road Impact fees collected and for disbursements
made for the purpose of planning, acquisition, expansion, and
development of off-site improvements to the road system.
Recreation - Accounts for the land and/or money received from owners or
• developers as a recreational facilities assessment when lands are
subdivided within the City. Funds must be used for the improvement or
expansion of City parks.
Stormwater - Accounts for the Stormwater Utility Fee revenues and the related
expenditures for drainage, stormwater, and the other related projects.
Interim Services - Accounts for impact fees collected and for disbursements made for the
purpose of providing additional municipal services to new development
' within the City.
Police Training - Accounts for the revenues received pursuant to F.S. 943.25(8) which
imposes a $2.00 court cost against every person convicted for violation
of state penal or criminal statute or convicted of a municipal or county
ordinance violation where said offense occurred within the City of
Ocoee. Funds must be used to educate and train law enforcement
personnel.
Police Trust - Accounts for the proceeds from property confiscated in police
enforcement activities pursuant to F.S. 932.701 (Florida Contraband
Forfeiture Act). Funds must be used for police operations.
Fire Impact - Accounts for Fire Impact fees collected and for disbursements made for
the purpose of acquisition of facilities and equipment determined to be
needed to provide fire protection for new development within the City.
Police Impact - Accounts for Police Impact fees collected and for disbursements made
for the purpose of acquisition of facilities and equipment determined to
be needed to provide police protection for new development within the
City.
Ocoee Recreation - Accounts for fees collected for various athletic leagues.
Founders Day - Accounts for revenues and disbursements related to the celebration of
the City's Founder's Day.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
September 30, 2000
Road Police
Impact Recreation Stormwater Training
Assets:
Cash and cash equivalents $1,168,754 $ 333,664 $ 393,464 $ 55,772
Investments 4,238,881 313,471 51,498 -
Due from other funds 150,000 - - -
Receivables-net 27,246 - 93,038 833
Total assets $5,584,881 $ 647,135 $ 538,000 $ 56,605
Liabilities and Fund Balances:
Liabilities:
Accrued liabilities $ 47,456 $ - $ 10,618 $ -
Deferred revenue - 3,996 Total liabilities 47,456 3,996 10,618 -
Fund Balances:
Reserved:
Renewal and replacement - - 129,404 -
Unreserved:
Designated for subsequent
year's budget 5,537,425 643,139 397,978 56,605
Total fund balances 5,537,425 643,139 527,382 56,605
Total liabilities and fund balances $5,584,881 $ 647,135 $ 538,000 $ 56,605
-48-
Total
Special
Police Fire Police Ocoee Founders Revenue
Trust Impact Impact Recreation Day Funds
$ 90,359 $ 749,005 $ 196,236 $ 17,442 $ 9,739 $3,014,435
- 1,106,530 77,384 - - 5,787,764
- - - - - 150,000
- 70 - - - 121,187
$ 90,359 $1,855,605 $ 273,620 $ 17,442 $ 9,739 $9,073,386
$ - $ - $ - $ - $ - $ 58,074
- - - 3,996
- - - - - 62,070
- - - - - 129,404
90,359 1,855,605 273,620 17,442 9,739 8,881,912
90,359 1,855,605 273,620 17,442 9,739 9,011,316
$ 90,359 $1,855,605 $ 273,620 $ 17,442 $ 9,739 $9,073,386
-49-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
For the Year Ended September 30,2000
Road Interim Police
Impact Recreation Stormwater Services Training
Revenues:
Intergovernmental revenues $ - $ - $ - $ - $ 21,168
Charges for services - - - - -
Fines and forfeitures - - - - 7,619
Impact fees/special assessments 945,724 71,328 1,049,252 - -
Investment income 253,984 36,018 17,589 50 2,534
Miscellaneous revenues _ - - - -
Total revenues 1,199,708 107,346 1,066,841 50 31,321
Expenditures: ,
Current:
Public safety - - - - 1,515
Physical environment 43,430 - 366,742 - -
Culture and recreation - 32,200 - - -
Debt Service:
Principal retirement - - 58,872 - -
Interest and fiscal charges - - 3,826 - -
Total expenditures 43,430 32,200 429,440 - 1,515
Excess (Deficiency)of Revenues
over Expenditures 1,156,278 75,146 637,401 50 29,806
Other Financing Sources (Uses):
Operating transfers in - - - - -
Operating transfers out (1,285,353) (66,458) (362,765) - -
Net other financing sources (uses) (1,285,353) (66,458) (362,765) - -
Excess(Deficiency)of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses (129,075) 8,688 274,636 50 29,806
Fund Balance-Beginning of Year 5,666,500 634,451 252,746 8,110 26,799
Residual Equity Transfer Out - - - (8,160) -
Fund Balance-End of Year $ 5,537,425 $ 643,139 $ 527,382 $ - $ 56,605
-50-
Total
Special
Police Fire Police Ocoee Founders Revenue
Trust Impact Impact Recreation Day Funds
$ - $ - $ - $ - $ - $ 21,168
- 16,264 - 51,032 19,119 86,415
13,847 - - - - 21,466
- 263,252 83,671 - - 2,413,227
8,033 96,721 14,223 771 1,048 430,971
- 2,622 - - 43,072 45,694
21,880 378,859 97,894 51,803 63,239 3,018,941
102,786 25,844 122 - - 130,267
- - - - - 410,172
- - - 38,864 53,500 124,564
25,510 6,238 - - - 90,620
2,574 896 - - - 7,296
130,870 32,978 122 38,864 53,500 762,919
(108,990) 345,881 97,772 12,939 9,739 2,256,022
(230,817) (84,912) - - (2,030,305)
(230,817) (84,912) - - (2,030,305)
(108,990) 115,064 12,860 12,939 9,739 225,717
199,349 1,740,541 260,760 4,503 - 8,793,759
- - - - - (8,160)
$ 90,359 $ 1,855,605 $ 273,620 $ 17,442 $ 9,739 $ 9,011,316
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DEBT SERVICE FUNDS
The Debt Service Funds are used to account for the accumulation of resources for the payment of
interest and principal on all general long-term debt other than that payable from Proprietary Funds.
Description of Funds
Transportation Refunding - Accounts for the principal and interest payments on the
and Improvement 1990 Transportation Refunding and Improvement
Revenue Bonds Revenue Bonds which funded the design, construction,
paving and improvement of roads and related drainage
improvements within the City.
Stormwater Revenue - Accounts for the principal and interest payments on the
Promissory Note 1996 Stormwater Revenue Promissory Note issued to
acquire, construct, and improve certain stormwater utility
capital improvements.
Transportation Refunding - Accounts for Principal and interest payments on the 1998
and Improvement Transportation Refunding and Improvement Revenue
Revenue Bonds, Series Bonds issued to refund a portion of the 1990
1998 Transportation Refunding and Improvement Revenue
Bonds and to finance the design, construction, paving and
improvement of certain roads and drainage improvements
within the city.
Capital Improvement - Accounts for principal and interest payments on the 1999
Refunding Revenue Capital Improvement Refunding Revenue Bonds, issued
Bonds, Series 1999 to (1) refund the 1991 Capital Improvement Revenue
Bonds, (2) pay off 1996 Capital Improvement Revenue
Promissory Note and (3) finance certain capital
improvements, including acquisition of land.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
September 30, 2000
Transportation
Transportation Stormwater Refunding and
Refunding And Revenue Improvement
Improvement Promissory Revenue Bonds
Revenue Bonds Note Series 1998
Assets:
Cash and cash equivalents $ 31,819 $ 51,236 $ 20,651
Restricted assets:
Investments - 208,729 -
Cash with paying agent 105,296 142,745 721,767
Accrued interest receivable - 4,761 -
Total assets $ 137,115 $ 407,471 $ 742,418
Liabilities and Fund Balances:
Liabilities:
Due to other funds $ 26,765 $ - $ -
Matured bonds payable 50,000 120,000 305,000
Matured interest payable 55,296 22,745 416,767
Total liabilities 132,061 142,745 721,767
Fund Balances:
Reserved for debt service 5,054 264,726 20,651
Total liabilities and fund balances $ 137,115 $ 407,471 $ 742,418
•
-52-
Capital
Improvement Total
Refunding Debt
Revenue Bonds Service
Series 1999 Funds
$ 33,623 $ 137,329
208,729
461,664 1,431,472
- 4,761
$ 495,287 $ 1,782,291
$ - $ 26,765
210,000 685,000
251,664 746,472
461,664 1,458,237
33,623 324,054
$ 495,287 $ 1,782,291
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
For the Year Ended September 30, 2000
Transportation
Transportation Stormwater Refunding and
Refunding And Revenue Improvement
Improvement Promissory Revenue Bonds
Revenue Bonds Note Series 1998
Revenues:
Investment income $ 4,224 $ 16,432 $ 17,063
Total revenues 4,224 16,432 17,063
Expenditures
Debt Service:
Bond principal payments 50,000 120,000 305,000
Bond interest and fiscal charges 111,067 90,550 833,535
Total expenditures 161,067 210,550 1,138,535
Excess(Deficiency) of Revenues
over Expenditures (156,843) (194,118) (1,121,472)
Other Financing Sources (Uses)
Operating transfers in _ 133,827 210,487 1,138,535
Net other financing sources (uses) 133,827 210,487 1,138,535
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses (23,016) 16,369 17,063
Fund Balance- Beginning of Year 28,070 248,357 3,588
Fund Balance- End of Year $ 5,054 $ 264,726 $ 20,651
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Capital
Improvement Total
Refunding Debt
Revenue Bonds Service
Series 1999 Funds
$ 21,536 $ 59,255
21,536 59,255
210,000 685,000
503,328 1,538,480
713,328 2,223,480
(691,792) (2,164,225)
653,886 2,136,735
653,886 2,136,735
(37,906) (27,490)
71,529 351,544
$ 33,623 $ 324,054
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CAPITAL PROJECTS FUNDS
The Capital Projects Funds account for all resources used for the acquisition and/or construction of
capital facilities by the City except for those financed and accounted for in the Proprietary and
certain Fiduciary Funds.
Description of Funds
Road Construction - Accounts for the portion of building permits designated to
fund the design, construction, paving and improvement of
White Road in connection with the West Oaks Mall
construction project.
Stormwater Improvement - Accounts for the proceeds of the 1996 Stormwater
Revenue Promissory Note issued to acquire, construct,
and improve certain stormwater utility capital
improvements.
Computer Acquisition - Accounts for funds budgeted for the acquisition and
installation of a new computer system.
Capital Improvement - Accounts for the proceeds of the 1996 Capital
Improvement Revenue Promissory Note issued to finance
certain capital projects including two fire stations, a
gymnasium and recreational facility, and a public works
facility.
Capital Projects Reserve - Accounts for transfers from the General Fund for certain
capital projects including City Hall/Police siding and trim
project, sidewalks, and public restrooms at Starke Lake.
Transportation - Accounts for proceeds of the 1998 Transportation
Improvements, 1998 Bond Refunding and Improvement Revenue Bonds issued to
Issue finance the design, construction, paving and improvement
of certain roads and drainage improvements within the
City.
Capital Improvements, - Accounts for proceeds of the 1999 Capital Improvement
1999 Bond Issue Refunding Revenues Bonds Issued to finance certain
capital improvements, including acquisition of land.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
September 30, 2000
Road Stormwater Computer Capital
Construction Improvement Acquisition Improvement
Assets:
Cash and cash equivalents $ 213,555 $ 547,419 $ 59,138 $ 132,206
Investments - 4,468 - 398,718
Accounts Receivable - - - 4,621
Prepaid Expenses - - - -
Total assets $ 213,555 $ 551,887 $ 59,138 $ 535,545
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ - $ -
Retainage payable - -
Due to other funds - - -
Deferred Revenue - - - -
Total liabilities - - - -
Fund Balances:
Unreserved:
Designated for capital projects 213,555 551,887 59,138 535,545
Total liabilities and fund balances $ 213,555 $ 551,887 $ 59,138 $ 535,545
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Total
Capital Transportation Capital Capital
Projects Improvements Improvements Projects
Reserve 1998 Bond Issue 1999 Bond Issue Funds
$ 196,134 $ 3,489,989 $ 956,095 $ 5,594,536
- 7,454,332 2,301,059 10,158,577
- 61,370 46,311 112,302
- - 9,993 9,993
$ 196,134 $ 11,005,691 $ 3,313,458 $ 15,875,408
$ - $ 571,476 $ - $ 571,476
- 90,759 - 90,759
150,000 - - 150,000
26,675 - - 26,675
176,675 662,235 - 838,910
19,459 10,343,456 3,313,458 15,036,498
$ 196,134 $ 11,005,691 $ 3,313,458 $ 15,875,408
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL CAPITAL PROJECT FUNDS
For the Year Ended September 30, 2000
Road Stormwater Computer Capital
Construction Improvement Acquisition Improvements
Revenues:
Investment income $ 12,447 $ 29,870 $ 3,801 $ 29,994
Miscellaneous revenues - - - -
Total revenues 12,447 29,870 3,801 29,994
Expenditures -
Capital outlay: .
General government - - 1,043 -
Public Safety - - - 35,064
Physical environment 26 109,990 - 127,257
Culture and recreation - -_ -
Total expenditures 26 109,990 1,043 162,321
Excess(Deficiency)of Revenues
over Expenditures 12,421 (80,120) 2,758 (132,327)
Other Financing Sources (Uses)
Operating transfers in - - - 119,250
Operating transfers out - - - -
Net other financing sources (uses) - - - 119,250
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses 12,421 (80,120) 2,758 (13,077)
Fund Balances -Beginning of Year 201,134 632,007 56,380 548,622
Fund Balances-End of Year $ 213,555 $ 551,887 $ 59,138 $ 535,545
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Total
Capital Transportation Capital Capital
Projects Improvements Improvements Project
Reserve 1998 Bond Issue 1999 Bond Issue Funds
$ 13,888 $ 698,336 $ 218,749 $ 1,007,085
131,193 1,242 - 132,435
145,081 699,578 218,749 1,139,520
281,410 - 91,376 373,829
- - 42,859 77,923
20,615 3,315,850 1,051,114 4,624,852
702 - 913,643 914,345
302,727 3,315,850 2,098,992 5,990,949
(157,646) (2,616,272) (1,880,243) (4,851,429)
- - 119,250
(119,250) - - (119,250)
(119,250) - - -
(276,896) (2,616,272) ' (1,880,243) (4,851,429)
296,355 12,959,728 5,193,701 19,887,927
$ 19,459 $ 10,343,456 $ 3,313,458 $ 15,036,498
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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.
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL ENTERPRISE FUNDS
September 30, 2000
Water Total
And Enterprise
Wastewater Solid Waste Funds
Assets:
Current assets:
Cash and cash equivalents $ 786,913 $ 709,081 $ 1,495,994
Investments 922,733 200,855 1,123,588
Receivables (net of allowance for uncollectibles) 547,384 129,350 676,734
Inventory- materials 22,152 - 22,152
Due from other governments 126,004 8,226 134,230
Prepaid costs 750 - 750
Total current assets 2,405,936 1,047,512 3,453,448
Restricted assets:
Cash and cash equivalents 4,140,021 - 4,140,021
Investments 5,325,886 - 5,325,886
Cash with paying agent 881,238 - 881,238
Total restricted assets 10,347,145 - 10,347,145
Fixed assets:
Property, plant and equipment 39,665,938 1,589,196 41,255,134
Less: accumulated depreciation (13,295,498) (1,278,411) (14,573,909)
Construction in progress 8,473,535 - 8,473,535
Total fixed assets - net 34,843,975 310,785 35,154,760
Other assets:
Assessments receivable 156,774 - 156,774
Unamortized bond issuance costs 514,037 - 514,037
Total other assets 670,811 - 670,811
Total assets $48,267,867 $ 1,358,297 $49,626,164
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Water Total
And Enterprise
Wastewater Solid Waste Funds
Liabilities and Fund Equity:
Current liabilities (payable from current assets):
Accounts payable $ 137,115 $ 2,948 $ 140,063
Retainage payable 76,217 - 76,217
Accrued expenses 209,323 46,089 255,412
Deferred revenue- Grant 39,743 - 39,743
Obligations under capital leases 57,877 113,560 171,437
Total current liabilities (payable from
current assets) 520,275 162,597 682,872
Current liabilities (payable from restricted assets):
Customer deposits 426,549 - 426,549
Revenue bonds payable 420,000 - 420,000
Accrued interest payable 461,238 - 461,238
Total current liabilities (payable from
restricted assets) 1,307,787 - 1,307,787
Long-term liabilities:
Revenue bonds payable 16,253,201 - 16,253,201
Obligations under capital leases 59,935 104,222 164,157
Total long-term liabilities 16,313,136 104,222 16,417,358
Total liabilities 18,141,198 266,819 18,408,017
Fund Equity:
Contributed capital 27,232,843 - 27,232,843
Retained earnings:
Reserved for renewal and replacement 2,576,724 191,177 2,767,901
Unreserved 317,102 900,301 1,217,403
Total retained earnings 2,893,826 1,091,478 3,985,304
Total fund equity 30,126,669 1,091,478 31,218,147
Total liabilities &fund equity $48,267,867 $ 1,358,297 $49,626,164
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
For the Year Ended September 30, 2000
Water Total
And Enterprise
Wastewater Solid Waste Funds
Operating Revenues:
User charges $4,687,737 $1,601,362 $6,289,099
Operating Expenses:
Personal services 1,792,974 436,451 2,229,425
Materials and supplies 519,362 299,367 818,729
Heat, light and power 424,530 - 424,530
Depreciation and amorization 1,594,020 148,704 1,742,724
Other expenses 465,962 330,248 796,210
Recycling expenses - 4,025 4,025
Total operating expenses 4,796,848 1,218,795 6,015,643
Operating income (loss) (109,111) 382,567 273,456
Nonoperating Revenue (Expenses):
Grant revenue - 5,871 5,871
Investment Income 656,519 46,312 702,831
Interest expense (596,002) (16,017) (612,019)
Total nonoperating revenue (expense) 60,517 36,166 96,683
Income (loss) before operating transfers (48,594) 418,733 370,139
Operating Transfers:
Operating transfers in 148,943 - 148,943
Operating transfers out (779,584) (153,852) (933,436)
Net operating transfers (630,641) (153,852) (784,493)
Net income (loss) (679,235) 264,881 (414,354)
Disposition of Net Income(Loss):
Net income(loss) $ (679,235) $ 264,881 $ (414,354)
Depreciation on fixed assets acquired from contributions 427,417 - 427,417
Net increase (decrease) in retained earnings (251,818) 264,881 13,063
Retained Earnings-Beginning of Year 3,145,644 826,597 3,972,241
Retained Earnings -End of Year $2,893,826 $1,091,478 $3,985,304
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS
For the Year Ended September 30, 2000
Water Total
And Enterprise
Wastewater Solid Waste Funds
Cash Flows from Operating Activities:
Receipts from customers $4,634,065 $1,599,546 $6,233,611
Payments to suppliers (1,858,364) (630,692) (2,489,056)
Payments to employees (1,793,635) (436,675) (2,230,310)
Net cash provided by operating activities 982,066 532,179 1,514,245
Cash Flows from Non-Capital Financing Activities:
Operating transfers in 148,943 - 148,943
Operating transfers out (779,584) (153,852) (933,436)
Receipts from grants - 5,871 5,871
Net cash provided (used) by non-capital financing activities (630,641) (147,981) (778,622)
Cash Flows from Capital and Related Financing Activities
Acquisition of fixed assets (138,025) (1,495) (139,520)
Additions to construction in progress (3,965,592) - (3,965,592)
Principal paid on bonds and leases (467,886) (133,324) (601,210)
Interest paid on bonds and leases (942,194) (16,017) (958,211)
Capital contributions received 1,138,384 - 1,138,384
Cash received on assessments receivable 54,956 - 54,956
Net cash provided (used) by capital and (4,320,357) (150,836) (4,471,193)
related financing activities
Cash Flows from Investing Activities
Sales (Purchases) of investments 4,989,972 (150,000) 4,839,972
Investment income 535,347 42,388 577,735
Net cash provided (used) by investing activities 5,525,319 (107,612) 5,417,707
Net Increase (Decrease) in Cash and Cash Equivalents 1,556,387 125,750 1,682,137
Cash and Cash Equivalents at Beginning of Year 4,251,785 583,331 4,835,116
Cash and Cash Equivalents at End of Year $5,808,172 $ 709,081 $6,517,253
Classified As:
Current assets $ 786,913 $ 709,081 $1,495,994
Restricted assets 5,021,259 - 5,021,259
Total $5,808,172 $ 709,081 $6,517,253
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Water Total
And Enterprise
Wastewater Solid Waste Funds
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities:
Operating income (loss) $ (109,111) $ 382,567 $ 273,456
Adjustments Not Affecting Cash:
Depreciation 1,568,997 148,704 1,717,701
Amoritization 25,024 - 25,024
Change in Assets and Liabilities:
Increase in accounts receivable (121,788) (1,816) (123,604)
Increase in prepaid costs 1,509 - 1,509
Increase (decrease) in accounts payable (294,792) 2,948 (291,844)
Decrease in accrued expenses (661) (224) (885)
Decrease in retainage payable (155,228) - (155,228)
Increase in deferred revenue 39,743 - 39,743
Increase in customer deposits 28,373 - 28,373
Total adjustments 1,091,177 149,612 1,240,789
Net Cash Provided by Operating Activities $ 982,066 $ 532,179 $ 1,514,245
Noncash Investing, Capital and Financing Activities:
Contributed property, plant and equipment $ 1,018,404 $ - $ 1,018,404
Increase in the fair value of investments 121,172 3,924 125,096
Obligation under capital lease for acquisition $ 39,359 $ 133,330 $ 172,689
of equiment
•
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FIDUCIARY FUND TYPES
Pension Trust Funds are used to account for assets held by the City in a fiduciary capacity for
individuals, governmental entities and others. Such trust funds are operated by carrying out specific
terms of trust indentures, statutes, ordinances, grant requirements, or other governing regulations
Description of Funds
Pension Trust Funds:
General Employees - Accounts for the accumulation of resources to be used
for retirement annuity payments at appropriate
amounts and times in the future for employees of the
City, except police officers and firefighters.
Police and Firefighters - Accounts for the accumulation of resources to be used
for retirement annuities of all police officers and
firefighters. The State contributes funds based upon
the number of police officers and firefighters and the
City and employees contribute the balance as
determined by an actuarial study.
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF PENSION FUND NET ASSETS
September 30, 2000
•
Pension Trust Funds
General Police and
Employees Firefighters Totals
Assets:
Cash and short-term investments $ 55,450 $ 54,095 $ 109,545
Receivables:
Employer contribution 18,408 - 18,408
Employee contribution _
Total receivables 18,408 - 18,408
Investments, at fair value:
Commingled bank bond fund 2,728,614 3,287,521 6,016,135
Commingled bank stock fund 4,098,200 4,937,569 9,035,769
Total investments 6,826,814 8,225,090 15,051,904
Total assets 6,900,672 8,279,185 15,179,857
Liabilities:
Accounts Payable 18,408 - 18,408
Total liabilities 18,408 - 18,408
Net Assets Held in Trust for Pension Benefits
(A schedule of funding progress for each
Plan is.presented on page 32) $ 6,882,264 $ 8,279,185 $15,161,449
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CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CHANGES IN PENSION FUND
NET ASSETS
•
For the Year Ended September 30, 2000
Pension Trust Funds
General Police and
Employees Firefighters Totals
Additions:
Contributions:
Employer $ 460,161 $ 524,498 $ 984,659
State - 157,244 157,244
Plan Members 367,926 308,569 676,495
Total contributions 828,087 990,311 1,818,398
Investment income:
Net appreciation in fair value investments 567,051 659,346 1,226,397
Interest 10,403 _ 9,443 19,846
577,454 668,789 1,246,243
Less investment expense (46,146) (54,953) (101,099)
Net investment income 531,308 613,836 1,145,144
Total additions 1,359,395 1,604,147 2,963,542
Deductions:
Benefits 153,321 160,427 313,748
Administrative expenses 18,657 24,382 43,039
Total deductions 171,978 184,809 356,787
Net Increase 1,187,417 1,419,338 2,606,755
Net Assets Held in Trust for Pension Benefits:
Beginning of year 5,694,847 6,859,847 12,554,694
End of year $ 6,882,264 $ 8,279,185 $15,161,449
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ACCOUNT GROUPS
General Fixed Assets - To account for all fixed assets of the City, other than those
Account Group accounted for in the Enterprises Funds.
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CITY OF OCOEE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS -BY FUNCTION AND ACTIVITY
For the Year Ended September 30, 2000
Culture
General Public Physical And
Government Safety Environment Recreation Total
Land $ 928,797 $ 188,621 $ 3,699,734 $ 357,371 $ 5,174,523
Buildings 1,944,220 2,817,267 378,847 2,265,652 7,405,986
Improvements 565,125 63,125 147,749 1,095,669 1,871,668
Equipment 871,845 4,202,188 1,752,242 398,925 7,225,200
Construction in Progress 98,868 45,736 93,472 449,299 687,375
Total $ 4,408,855 $ 7,316,937 $ 6,072,044 $ 4,566,916 $22,364,752
Deletions
Balance and Balance
10/1/99 Additions Transfers 9/30/00
General Government $ 3,801,106 $ 508,880 $ - $ 4,309,986
Public Safety 7,028,702 242,499 - 7,271,201
Physical Environment 2,809,757 3,168,816 - 5,978,573
Culture & Recreation 4,064,316 53,301 - 4,117,617
Construction in Progress 69,658 617,717 _ - 687,375
Total $17,773,539 $ 4,591,213 $ - $22,364,752
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STATISTICAL SECTION
The statistical schedules differ from other financial statement presentations
because they generally disclose more than one fiscal year and may present
non-accounting data, such as social and economic data and financial trends
of the City.
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STATISTICAL SECTION
LIST OF SCHEDULES
General Governmental Expenditures and Other Financing Uses
General Governmental Revenues and Other Financing Sources
Tax Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates and Tax Levies Direct and Overlapping Governments
Special Assessment Collections
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt per
Capita
Legal Debt Margin
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(a) General Public Physical
Year Expenditures % Government % Safety % Environment(2)
1991 $ 6,295,025 100.0% $ 1,877,608 29.8% $ 2,823,667 44.9% $ 744,722
1992 6,335,748 100.0% 1,523,768 24.1% 2,968,180 46.8% 706,974
1993 6,671,716 100.0% 1,599,429 24.0% 3,404,218 51.0% 899,542
1994 8,629,065 100.0% 1,705,399 19.8% 4,253,374 49.3% 1,103,372
1995 8,808,659 100.0% 1,912,088 21.7% 4,373,302 49.6% 1,125,206
1996 9,362,905 100.0% 1,907,097 20.4% 4,689,003 50.1% 1,151,049
1997 11,217,057 100.0% 2,432,702 21.7% 5,826,668 51.9% 1,162,242
1998 13,967,349 100.0% 2,826,467 20.2% 6,890,597 49.3% 1,522,812
1999 15,239,562 100.0% 2,945,543 19.3% 7,532,736 49.4% 1,857,066
2000 15,604,975 100.0% 2,966,837 19.0% 7,944,122 50.9% 1,810,784
(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.
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Culture and Debt(b) Transfers to
% Recreation % Service % Other Funds %
11.8% $ 167,749 2.7% $ - 0.0% $ 681,279 10.8%
11.2% 152,762 2.4% 41,626 0.7% 942,438 14.9%
13.5% 179,232 2.7% 79,723 1.2% 509,572 7.6%
12.8% 325,331 3.8% 156,509 1.8% 1,085,080 12.6%
12.8% 319,341 3.6% 159,526 1.8% 919,196 10.4%
12.3% 417,495 4.5% 133,416 1.4% 1,064,845 11.4%
10.4% 466,593 4.2% 339,375 3.0% 989,477 8.8%
10.9% 628,211 4.5% 403,034 2.9% 1,696,228 12.2%
12.2% 592,985 3.9% 574,581 3.8% 1,736,651 11.4%
11.6% 593,745 3.8% 650,460 4.2% 1,639,027 10.5%
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CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL REVENUES
AND OTHER FINANCING SOURCES
Last Ten Fiscal Years
Licenses Inter-
Fiscal Total (a) And Governmental
Year Revenues % Taxes % Permits % Revenues %
1991 $ 5,845,228 100.0% $ 2,328,029 39.8% $ 587,064 10.0% $ 1,844,812 31.6%
1992 6,981,337 100.0% 2,631,241 37.7% 488,522 7.0% 1,967,790 28.2%
1993 7,161,664 100.0% 3,018,139 42.1% 612,036 8.5% 2,216,879 31.0%
1994 8,416,346 100.0% 3,466,712 41.2% 663,191 7.9% 2,315,056 27.5%
1995 8,992,823 100.0% 3,819,210 42.5% 634,263 7.1% 2,684,446 29.9%
1996 10,263,930 100.0% 4,269,994 41.6% 850,427 8.3% 3,088,521 30.1%
1997 11,744,062 100.0% 4,966,592 42.3% 879,650 7.5% 3,368,182 28.7%
1998 13,623,375 100.0% 5,733,592 42.1% 856,448 6.3% 4,160,011 30.5%
1999 15,797,804 100.0% 6,208,882 39.3% 1,067,010 6.8% 4,476,397 28.3%
2000 16,471,126 100.0% 6,644,332 40.3% 1,095,829 6.7% 5,014,951 30.4%
(a)This schedule includes expenditures of the General Fund only.
(b) Other financing sources for 1995 includes a residual equity transfer of$53,640.
-70-
Charges Other
For Fines and Investment Misc. Financing
Services % Forfeitures % Income % Income % Sources %
$ 94,690 1.6% $ 81,615 1.4% $ 7,825 0.1% $ 18,395 0.3% $ 882,798 15.1%
76,923 1.1% 97,184 1.4% 11,045 0.2% 165,148 2.4% 1,543,484 22.1%
83,404 1.2% 83,583 1.2% 28,339 0.4% 64,096 0.9% 1,055,188 14.7%
95,109 1.1% 102,024 1.2% 29,551 0.4% 84,520 1.0% 1,660,183 19.7%
138,481 1.5% 93,007 1.0% 9,329 0.1% 79,007 0.9% 1,535,080 17.1%
186,163 1.8% 101,895 1.0% 89,666 0.9% 108,379 1.1% 1,568,885 15.3%
208,119 1.8% 75,483 0.6% 146,357 1.2% 163,504 1.4% 1,936,175 16.5%
351,846 2.6% 120,259 0.9% 163,241 1.2% 103,355 0.8% 2,134,623 15.7%
554,663 3.5% 192,015 1.2% 137,330 0.9% 173,758 1.1% 2,987,749 18.9%
570,863 3.5% 182,226 1.1% 230,049 1.4% 141,861 0.9% 2,591,015 15.7%
-71-
CITY OF OCOEE, FLORIDA
TAX REVENUE BY SOURCE
Last Ten Fiscal Years
Property Franchise Utility Total
Fiscal Year Taxes Taxes Taxes Taxes
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
1998 2,872,599 1,132,896 1,728,097 5,733,592
1999 3,162,838 1,201,185 1,844,859 6,208,882
2000 3,394,071 1,323,333 1,926,928 6,644,332
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CITY OF OCOEE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
REAL AND BUSINESS TANGIBLE PERSONAL PROPERTY
Last Ten Fiscal Years
Percentage of
Total Total Tax Total Collections
Fiscal Year Tax Levy (1) Collections Delinquent To Tax Levy
1991 $ 1,064,847 $ 1,061,160 $ 3,687 99.65%
1992 1,338,563 1,295,309 4,745 96.77%
1993 1,503,231 1,455,968 4,941 96.86%
1994 1,697,751 1,647,742 1,753 97.05%
1995 1,877,240 1,803,405 - 96.07%
1996 2,022,628 1,953,410 2,247 96.58%
1997 2,329,421 2,243,488 1,388 96.31%
1998 3,004,905 2,872,599 - 95.60%
1999 3,285,462 3,162,838 - 96.27%
2000 3,539,178 3,394,071 - 95.90%
(1) Gross taxes before discounts.
-73-
CITY OF OCOEE, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY •
NET OF EXEMPTIONS
Last Ten Fiscal Years
Real Property Personal Property
Assessed Estimated Assessed Estimated
Fiscal Year Value Actual Value Value Actual Value
1991 $ 249,015,145 $ 249,015,145 $ 24,635,177 $ 38,185,000
1992 305,993,279 305,993,279 28,647,558 44,762,000
1993 343,180,649 343,180,649 32,627,218 32,627,218
1994 389,507,198 389,507,198 34,930,466 34,930,466
1995 430,582,556 430,582,556 38,727,447 38,727,447
1996 463,889,629 463,889,629 41,767,259 41,767,259
1997 541,006,278 541,006,278 41,348,867 41,348,867
1998 682,982,233 682,982,233 68,244,023 68,244,023
1999 747,443,436 747,443,436 73,922,097 73,922,097
2000 805,163,068 805,163,068 79,631,512 79,631,512
-74-
Totals
Assessed Estimated
Value Actual Value
$ 273,650,322 $ 287,200,145
334,640,837 350,755,279
375,807,867 375,807,867
424,437,664 424,437,664
469,310,003 469,310,003
505,656,888 505,656,888
582,355,145 582,355,145
751,226,256 751,226,256
821,365,533 821,365,533
884,794,580 884,794,580
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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)
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919
1993 4.00 5.2889 8.93 18.2189
1994 4.00 5.2889 8.93 18.2189
1995 4.00 5.2889 9.324 18.6129
1996 4.00 5.2889 9.375 18.6639
1997 4.00 5.2889 9.177 18.4659
1998 4.00 5.2889 9.077 18.3659
1999 4.00 5.2889 9.042 18.3309
2000 4.00 5.2264 8.612 17.8384
Tax Levies
Fiscal City of Orange School
Year Ocoee County Board Total(a)
1991 1,064,847 155,011,166 287,746,102 443,822,115
1992 1,338,563 166,541,712 290,845,109 458,725,384
1993 1,503,231 170,859,789 280,973,951 453,336,971
1994 1,697,751 174,905,763 294,730,923 471,334,437
1995 1,877,240 185,923,621 317,282,778 505,083,639
1996 2,022,628 186,439,938 330,479,770 518,942,336
1997 2,329,421 196,778,976 341,439,747 540,548,144
1998 3,004,905 198,742,271 366,170,753 567,917,929
1999 3,285,462 284,615,135 393,750,228 681,650,825
2000 3,539,178 245,058,507 383,327,261 631,924,946
(a) Tax Rates and Levies of a fraction of one mill assessed in various years by other units
against districts covering less than the entire City or County were omitted here.
-76-
CITY OF OCOEE, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
Last Ten Fiscal Years
The City of Ocoee, Florida did not have any material special assessment collections in the last
ten fiscal years.
-77-
CITY OF OCOEE, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of Net
Bonded Debt Net Bonded
Assessed Gross Bonded Debt Service Net Bonded to Assessed Debt Per
Fiscal Year Population Value Debt Funds Available Debt Value Capita
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 - - - - -
1998 21,653 751,226,256 - - - - -
1999 22,746 821,365,533 - - - - -
2000 23,531 884,794,580 - - - - -
Note:The City of Ocoee does not have any general obligation debt which is being repaid through general property taxes.
-78-
CITY OF OCOEE, FLORIDA
LEGAL DEBT MARGIN
September 30, 2000
Assessed Value $ 884,794,580
Debt Limit: 50% of Assessed Value 442,397,290
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 31,285,000
Legal Debt Margin $ 411,112,290
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, 2000
Applicable To
Bonds City Of Ocoee
Government Unit Outstanding
Percent(1) Amount
Library District Refunding Bonds - Series 1993 $6,495,000 1.43% $ 92,878
Total Overlapping Debt 92,878
Total Direct Debt (2)
Total Direct and Overlapping Debt $ 92,878
(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 OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES
Last Ten Fiscal Years
Ratio of Debt
Service to
Total Total General Total General
Fiscal Year Principal Interest Debt Service Expenditures (1) Expenditures
1991 105,000 589,760 694,760 6,295,025 11.0%
1992 185,000 683,333 868,333 6,335,748 13.7%
1993 195,000 672,432 867,432 6,671,716 13.0%
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%
1998 270,000 600,798 870,798 13,967,349 6.2%
1999 485,000 1,245,936 1,730,936 15,239,561 11.4%
2000 565,000 1,447,930 2,012,930 15,604,975 12.9%
(1) Includes expenditures for the General Fund only.
-81-
CITY OF OCOEE, FLORIDA
REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
WATER AND WASTEWATER REVENUE BONDS
Water Fund
Net Revenue Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(1) Expenses (2) Debt Service Coverage
Principal Interest Total
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 Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(1) Expenses (2) Debt Service Coverage
Principal Interest Total
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 Debt Service Requirements
Fiscal Gross Operating Available For
Year Revenue(1) Expenses (2) Debt Service Coverage
Principal Interest Total
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
1998 5,731,828 2,820,022 2,911,806 390,000 956,875 1,346,875 2.16
1999 5,286,200 3,144,486 2,141,714 405,000 940,315 1,345,315 1.59
2000 5,344,256 3,202,828 2,141,428 420,000 922,476 1,351,476 1.59
(1) Total revenues (including interest and gain on sale of property, plant and equipment).
(2) Excludes depreciation, amortization and interest expense.
(3) The City of Ocoee combined the Water and Wastewater Funds into one fund during the fiscal
year ended September 30, 1996.
-82-
CITY OF OCOEE, FLORIDA
DEMOGRAPHIC STATISTICS
Population
Year
City of Ocoee Orange County
Population % Increase Population % Increase
1991 14,926 7.75 677,491 1.8
1992 15,107 1.21 698,847 3.2
1993 16,418 8.68 727,780 4.1
1994 17,489 6.52 740,167 1.7
1995 18,578 6.23 758,962 2.5
1996 19,261 3.67 777,556 2.4
1997 20,560 6.74 803,614 3.3
1998 21,653 5.30 824,095 2.5
1999 22,746 5.05 839,095 1.8
2000 23,531 3.34 846,328 .87
Population Projections
Year Orange County State Of Florida
2005 965,909 16,882,830
2010 1,061,559 18,121,273
Population Distribution by Age
Year Orange County State Of Florida
0-14 20.8% 18.9%
15-24 14.7 12.0
25-44 33.3 28.0
45-64 20.4 22.7
65 and over 10.8 18.4
Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly
-83-
CITY OF OCOEE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
Commercial Additions/
Residential Construction (1) Construction (1) Alterations (1)
Number of Units
Single Multi Total
Year Family Family Value Value Value Value
1991 314 10 26,453,025 36,322,749 1,618,759 64,394,533
1992 438 0 36,622,069 1,040,010 546,550 38,208,629
1993 411 0 36,188,257 5,667,958 1,908,581 43,764,796
1994 402 0 35,211,374 3,569,955 1,432,460 40,213,789
1995 331 0 28,836,036 21,823,750 701,252 51,361,038
1996 366 0 33,950,817 63,337,471 2,327,526 99,615,814
1997 497 0 44,475,342 4,818,000 155,575 49,448,917
1998 381 0 38,054,799 6,770,000 52,200 44,876,999
1999 226 282 44,022,409 1,502,716 784,902 46,310,027
2000 269 199 35,696,151 12,206,191 1,734,806 49,637,148
(1) Source: City of Ocoee Building Department
(2) Source: Florida Bankers Association
-84-
CITY OF OCOEE, FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
September 30, 2000
Taxable Assessed
Type of Valuation As of
Taxpayer Business 1999 Tax Roll (1) Percentage
1. GGP/Homart, Inc. West Oaks Mall $ 67,404,761 7.6%
2. Manheim Remarketing, LP Developer 12,512,879 1.4
3. Good Homes Plaza Shopping Center 11,049,522 1.3
4. Parisian, Inc. Retail Sales 10,598,960 1.2
5. Oak Forest Partners, Ltd. Developer 10,386,757 1.2
6. Dillards Department Store, Inc. Retail Sales 9,806,877 1.1
7. West Orange Healthcare District Health Care 9,586,523 1.1
8. Sears Roebuck& Company Retail Sales 7,185,498 0.8
9. Wal-Mart Stores East , Inc. Retail Sales 6,858,150 0.8
10. TSSC, LLC Shopping Center 6,601,995 0.7
Total taxable assessed value of 10 largest
taxpayers 151,991,922 17.2
Total taxable assessed value of other
Taxpayers 732,802,658 82.8
Total taxable assessed value of all
Taxpayers $ 884,794,580 100.0%
Note:
(1) The tax levy for the fiscal year ended September 30, 2000 is based on the 1999 taxable value.
-85-
CITY OF OCOEE
MISCELLANEOUS STATISTICAL DATA
September 30, 2000
Date of Incorporation May 13, 1925
City Charter Adopted November 8, 1988
Commission Composed of: 1 Mayor,4 Commissioners
Terms of Office:
Mayor 3 Years
Commissioners 3 Years
City Administrator Appointed
Areas of City 16.8 Square Miles
Municipal Employees (Including Part-Time) 302
Elections:
Registered voters 10,953
Votes cast in last municipal elections(March 2000) 809
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 3
Employees 50
Police Protection:
Stations 1
Employees 95
Vehicular Patrol Units:
Patrol cars 36
Other vehicles 15
Recreation:
Multi-purpose recreation center 1
Community Center 1
Athletic fields 9
Tennis courts 7
Racquetball courts 2
Shuffleboard courts 2
Passive parks 2
Parks and recreation developed ares(including city playgrounds) 12
Water System:
Miles of water mains 104.96
Daily Average Consumption(gallons) 5,500,000(GPD)
Plant capacity(Gallons) 20,160,000(GPD)
Service connections 8,369
Deep wells 7
Fire hydrants 769
-86-
CITY OF OCOEE
MISCELLANEOUS STATISTICAL DATA -CONTINUED
September 30, 2000
Sewer System:
Miles of sanitary sewers 49.86
Lift stations 39
Daily average treatment 1,293,000(GDP)
Plants(s)capacity(MGD) 3
Disposal plants 1
-87-
CITY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE
September 30, 2000
Buildings and Personal Property:
Multi-period, "all risk"
100% of replacement value Stated values
Blanket building coverage $22,269,351
Blanket contents coverage Incl. in bldg. limit
Boiler & machinery 5,000,000
Inland marine— computer 645,671
Inland marine— equipment 845,896
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 limit 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
-88-
REPORTS ON INTERNAL CONTROL AND COMPLIANCE
This page intentionally left blank.
Ocoee
,n, • o
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OF G000
MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail:info@mdpcpa.com
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of and
for the year ended September 30, 2000, and have issued our report thereon dated November 17,
2000. We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States.
Compliance - As part of obtaining reasonable assurance about whether the City of Ocoee,
Florida's general purpose financial statements are free of material misstatement, we performed
tests of its compliance with certain provisions of laws, regulations, contracts and grants,
noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not
an objective of our audit and, accordingly, we do not express such an opinion. The results of our
tests disclosed no instances of noncompliance that are required to be reported under Government
Auditing Standards. However, we noted certain immaterial instances of noncompliance that we
have reported to management of City of Ocoee, Florida, in a separate letter dated November 17,
2000.
Internal Control Over Financial Reporting - In planning and performing our audit, we
considered the City of Ocoee, Florida's internal control over financial reporting in order to
determine our auditing procedures for the purpose of expressing our opinion on the general
purpose financial statements and not to provide assurance on the internal control over financial
reporting. Our consideration of the internal control over financial reporting would not necessarily
disclose all matters in the internal control over financial reporting that might be material
weaknesses. A material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the general purpose financial
statements being audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. We noted no matters involving the
internal control over financial reporting and its operation that we consider to be material
weaknesses. However, we noted other matters involving the internal control over financial
reporting that we have reported to the management of City of Ocoee, Florida, in a separate letter
dated November 17, 2000.
CPAMembers:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
89
This report is intended solely for the information and use of management, the City Commission,
and the Auditor General of the State of Florida and is not intended to be, and should not be used
by anyone other than these specified parties.
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
November 17, 2000
90
MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS .
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail: info@mdpcpa.com
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE
TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN
ACCORDANCE WITH OMB CIRCULAR A-133
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
Compliance - We have audited the compliance of the City of Ocoee, Florida with the types of
compliance requirements described in the U.S. Office of Management and Budget(OMB) Circular
A-133 Compliance Supplement that are applicable to its major federal program for the year ended
September 30, 2000. The City of Ocoee, Florida's major federal program is identified in the
summary of auditor's results section of the accompanying schedule of findings and questioned
costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to
its major federal program is the responsibility of the City of Ocoee, Florida's management. Our
responsibility is to express an opinion on the City of Ocoee, Florida's compliance based on our
audit.
We conducted our audit of compliance in accordance with generally accepted auditing standards,
the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States, and OMB Circular A-133, Audits of States, Local
Governments and Other Nonprofit Organizations. Those standards and OMB Circular A-133
require that we plan and perform the audit to obtain reasonable assurance about whether
noncompliance with the types of compliance requirements referred to above that could have a
direct and material effect on a major federal program occurred. An audit includes examining, on a
test basis, evidence about the City of Ocoee, Florida's compliance with those requirements and
performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal
determination on the City of Ocoee, Florida's compliance with those requirements.
In our opinion, the City of Ocoee, Florida complied, in all material respects, with the requirements
referred to above that are applicable to its major federal program for the year ended September
30, 2000.
internal Control Over Financial Reporting - The management of the City of Ocoee, Florida is
responsible for establishing and maintaining effective internal control over compliance with
requirements of laws, regulations, contracts and grants applicable to federal programs. In
planning and performing our audit, we considered the City of Ocoee, Florida's internal control over
Compliance with requirements that could have a direct and material effect on a major federal
program in order to determine our auditing procedures for the purpose of expressing our opinion
on compliance and to test and report on internal control over compliance in accordance with OMB
Circular A-133.
CPA Members:Private Companies Practice Section•American Institute of Certified Public Accountants.Florida Institute of-Certified Public Accountants
91
Our consideration of the internal control over compliance would not necessarily disclose all
matters in the internal control that might be material weaknesses. A material weakness is a
condition in which the design or operation of one or more of the internal control components does
not reduce to a relatively low level the risk that noncompliance with applicable requirements of
laws, regulations, contracts and grants that would be material in relation to a major federal
program being audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. We noted no matters involving the internal
control over compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information and use of management, the City Commission
and federal awarding agencies and pass-through entities and is not intended to be and should not
be used by anyone other than these specified parties.
•
McDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
November 17, 2000
92
THE CITY OF OCOEE , FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended September 30, 2000
SECTION I — SUMMARY OF AUDITOR'S RESULTS
FINANCIAL STATEMENTS
Type of Auditor's Report Issued: Unqualified
Internal Control over Financial Reporting:
• Material weakness identified? No
• Reportable condition identified that is not considered
to be material weakness? None Reported
Noncompliance Material to Financial Statements Noted? No
FEDERAL AWARDS
Internal Control Over Major Programs:
• Material weakness identified No
• Reportable condition identified that is not considered
to be material weakness? None Reported
Type of Auditor's Report Issued on Compliance for
Major Programs: Unqualified
Any Audit Findings Disclosed that are Required to be
Reported in Accordance with Section 510(a) of Circular
A-133? No
Identification of Major Programs:
S,FDA Number Name of Federal Program
16.710 Department of Justice
Public Safety Partnership and
Community Policing Grants
Dollar Threshold Used to Distinguish Between Type A and
Type B Programs: $300,000
Auditee Qualified as Low-Risk Auditee? No
SECTION II — FINANCIAL STATEMENT FINDINGS
No matters were reportable.
SECTION III — FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
No matters were reportable.
93
CITY OF OCOEE, FLORIDA
,SCHFflhIl F OF FXPFNDITURFS OF FFDERAI AWARDS
Year Ended September 30, 2000
Agency Or
Federal Pass-Through
Federal Grantor/Pass-Through CFDA Entity Grant Federal
Grantor/Program Title Number Numher Expenditures
U.S. Department of.Iiistioc
Office of Community Oriented Policing
Services —COPS Universal
Hiring Program 16.710 95-CF-WX-4000 $452,503
Local Law Enforcement Block Grant 16.592 1999-LB-VX-8770 23,063
Total U.S. Department of Justice 475,566
U.S. Federal Emergency Management Agency
Pass-through program from:
State of Florida Department of
Community Affairs -
Florida Emergency Management
Division 83.544 FEMA-1300-DR-FL 30,737
Fxeoi stive__Office of the President
Office of the National Drug Control
Policy-
HIDTA Award - I9PCFP507 12,460
Total Expenditures of Federal Awards $518,763
94
CITY OF OCOEE, FLORIDA
NOTFS TO SCHFDUI F OF FXPFNDITURFS OF FFIIERAI AWARD,
Year Ended September 30, 2000
Note 1 - Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of the City of Ocoee, Florida and is presented on the accrual basis of accounting in
accordance with generally accepted accounting principles. The information in this schedule is
presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations.
Note 2—COPS Grant:
The total Federal funds authorized at September 30, 2000 is $450,000 under the original grant
and $1,125,000 under the supplemental award. The Department of Justice pays for 75% of
salaries and benefits with the Federal share decreasing over the three-year grant period. The
City of Ocoee, Florida must expend matching amounts totaling 25% during the award period.
Note 3 — FEMA Award:
Total expenditures claimed for Hurricane Floyd damages were $30,737. The City of Ocoee
received $18,683 reimbursement for the Federal share and $3,114 for the State of Florida
share.
95
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Ocoee
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MCDIRMIT, DAVIS, PUCKETT & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
605 E.Robinson Street,Suite 635 Telephone:(407)843-5406
Post Office Box 1185 Fax:(407)649-9339
Orlando,Florida 32802-1185 E-Mail:info@mdpcpa.com
MANAGEMENT COMMENTS
Honorable Mayor and City Commission
City of Ocoee, Florida
In connection with our audit of the general purpose financial statements of the City of Ocoee, Florida,
for the year ended September 30, 2000, we are submitting for your consideration the accompanying
recommendations designed to help you improve the internal control structure and achieve operational
efficiencies. Our comments deal exclusively with weaknesses noted in operational, accounting, and
recordkeeping systems and procedures, and should not be regarded as reflecting on the integrity or
capabilities of anyone in your organization. Our comments reflect our desire to be of continuing
assistance to management.
Since the comments and observations contained in this letter are a by-product of the audit of financial
statements, the cost justification and other aspects of our suggestions have not been fully evaluated;
these evaluations should be made by management. Therefore, we recognize that, after
consideration, certain suggestions and recommendations may not be practical to implement.
We have also provided comments as required by the Rules of the Auditor General of the State of
Florida.
We appreciate the cooperation we have received from the City's personnel in connection with
developing these recommendations. We appreciate the opportunity to have been of service to you.
Should you have any questions about our recommendations, this letter, or other matters, please
contact us at your convenience.
ROifriialL ' h.�'e/.iefh fie ; An
McDIRMIT, DAVIS, PUCKETT& COMPANY, P.A.
November 17, 2000
C PA Members:Private Companies Practice Section•American Institute of Certified Public Accountants•Florida Institute of Certified Public Accountants
Management Comments November 17, 2000
City of Ocoee, Florida Page Two
A. Status of Prior Year Comments
1. TRIM Certification
Pursuant to Section 200.068 of Florida Statutes, the TRIM compliance package
must be received by the Department of Revenue not more than 30 days following
adoption of the ordinance or resolution that established the property tax levy.
Resolution Number 98-21 which established the property tax levy was adopted on
September 23,1998, however the Department of Revenue did not receive the
TRIM compliance package until November 13, 1998, 21 days late. The
Department of Revenue accepted the City's certification because the violation did
not materially impact on the disclosure requirements of the Truth in Millage Laws.
Recommendation
We recommend that the City comply with TRIM Laws since repeated violations
could be regarded as non-compliance with Section 200.065, Florida Statutes. The
consequences of such non-compliance could include the loss of state revenue
sharing funds and loss of ad valorem revenue in excess of the rolled-back rate.
Corrective Action
The millage certification documents submitted by the City for the fiscal year
ended September 30, 2000 met the certification requirements of the applicable
sections of Florida Statutes.
2. Blanket Purchase Orders
During our testing of expenditures, we noted a problem in the use of blanket
purchase orders. There were some situations where total on invoice received
from a vendor exceeded the blanket purchase order total authorized for that
vendor.
Recommendation
We recommend that notification be added to purchase orders that the vendor is
responsible for keeping track of blanket purchase order balances. In addition,
department heads need to monitor blanket purchase orders to insure they do not
go over budget. Blanket purchase orders should be used only for recurring
monthly supplies, not unusual high dollar items.
CnrrPc:tive Action
During our testing of expenditures for the year ended September 30, 2000, we
noted no problems in the use of blanket purchase orders.
s
Management Comments November 17, 2000
City of Ocoee, Florida Page Three
B. Current Year Comments
1. Check Numbers
The accounting software requires that when checks are printed, the first check
number to be used has to be input and the software does not warn the operator if
this number input does not follow the last number used. During our testing of cash
disbursements in the current year, there were three separate instances where the
operator input the vendor number as the check number or input a six digit number
rather than the five digit check number.
Recommendation
We believe this is a weakness in the software, which needs to be corrected. We
recommend the City contact their software vendor to discuss what can be done
to fix the problem.
2. Fixed Assets
Fixed asset additions for the current year were not tagged with an identification
number. Also, the annual physical inventory was not taken in all departments.
Recommendation
Even though the Rules of the Auditor General Chapter 10.400, do not apply to
municipalities unless they have adopted the Rules, we recommend that the City
use these rules as a guideline. It is much easier to take an annual physical
inventory and compare to detail records if all assets are tagged with an
identification number. We recommend that the City perform an annual physical
inventory to make sure that all transfers between departments and other
additions and deletions are recorded.
3. Investment Policy
Florida Statutes Section 218.415 revisions are effective October 1, 2000 and
require that certified public accountants conducting audits shall report, as part of
the audit, whether or not the unit of local government has complied with the
statute. The revisions in Section 218.415 also require that the local government
official responsible for making investment decisions must complete 8 hours of
continuing education courses of study related to investments.
Recommendation
We recommend that the City review its existing investment policy and revise it so
that it includes everything required by Florida Statutes Section 218.415.
Management Comments November 17, 2000
City of Ocoee, Florida Page Four
C. Comments Required by the Rules of the Auditor General
1. The financial report filed with the Department of Banking and Finance pursuant to
Section 218.32(1)(b), Florida Statutes, is in agreement in all material respects with
the annual financial audit report for the same period.
2. The City is not, or during the fiscal year was not, in a state of financial emergency
as a consequence of conditions described in Section 218.503(1) Florida Statutes.
3. The City of Ocoee, Florida was created under State of Florida law in 1923. There
were no component units identified by the City.
COcoee
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER -S.SCOTT VANDERGRIFT
CITY OF OCOEECOMMISSIONERS
150 N.LAKESHORE DRIVEDANNY HOWELL SCOTT HOWE LOCOEE,FLORIDA 34761-2258RUSTY JOHNSON
(407)905-3100 NANCY J.PARKER
ACTING CITY MANAGER
JIM GLEASON
February 27, 2001
Mr. Elden McDirmit
McDirmit, Davis,Puckett& Company, P.A. -
605 E. Robinson Street, Suite 635 -
P.O. Box 1185 -
Orlando,Florida-32802-1185 --
Dear Elden, _
The_following details corrective action taken on the Management Comments resulting from the
audit for fiscal year 2000. _
1) Check Numbers
Staff has requested a program modification from our software-vendor to automatically display _
the next check number to be used. Additionally, staff has been instructed to be more cautious -
= when entering check numbers.until this modification can be implemented.
2) Fixed Assets
Fixed assets were added to the City's fixed asset list. The assets were assigned an identification
number and -serial numbers , model, and make of the items were "recorded in-the fixed asset
system. The tags were not physically placed on the items. The-present bar coding system
generates paper tags to be applied to the asset. These tags are not durable enough to withstand
weather conditions. Staff is researching more durable tags and scheduling a complete inventory
for fiscal year 2001. _
3) Investment Policy _
Staff is currently working on the revisions needed for the investment policy. The revisions will
be presented to the City Commission for approval to ensure compliance with the revision of the
Statutes.
Sin erely/
091)/01- 010
Wanda B. Horton
Finance Director .ift
_
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