HomeMy WebLinkAboutItem VI (F) Comprehensive Annual Financial Report - Audit FY1993 AGENDA 2-15-94
Item VI F
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" •nn=....-.....,�.,,��.,���.
O� Ocoee ' _ S.SCOTT VANDERGRIFT
.� • O COMMISSIONERS
CITY OF OCOEE
,,,, D.ilik
RUSTY JOHNSON
O 150 N.LAK SHORE DRIVE PAUL W.FOSTER
<4?//
OCOEE FLORIDA 34761-2258 VERN COMBS
• re
.4° (407)656-2322 JIM GLEASON
E4Cf `
G0P QTY MANAGER
MEMORANDUM ERI SHAO
DATE: February 8, 1994
TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E . Beamer, Directore2-j_,
Administrative Services
SUBJECT: Comprehensive Annual Financial Report
Fiscal Year 1992-1993
McDirmit, Davis, Lauteria & Company have completed the independent
audit of the governmental funds, proprietary funds, and trust funds
for fiscal year 1992-1993 . As with the Water and Wastewater
audits, this is an unqualified audit . All necessary documentation
is attached.
Also included is the letter containing the management comments .
There continues to be a reduction in the number of comments and in
the extent of severity of problems with overall internal accounting
controls . Staff' s response to this letter is also attached.
Action Requested
The Mayor and Board of City Commissioners accept the Comprehensive
Annual Financial Report for Fiscal Year 1992-1993 .
MEB/jbw
Attachments
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
Ocoee S.SCOTTVANDERGRIFT
" ° Y NCITY OF OCOEE RUSTJOHNSON
0.
150 N.LAKESHORE DRIVE PAUL W.FOSTER
ey �� OCOEE FLORIDA 34761-2258 VERNCOMBS
JIM GLEASON
(407)656-2322
40 OF G 00� J ELS L S MANAGER
SHAPI O
February 02 , 1994
Elden G. McDirmit , CPA
McDirmit , Davis , Lauteria & Company, P.A.
612 East Colonial , Suite 350
Orlando , Fl 32803-4603
Dear Elden,
The following details corrective action taken on the management
comments resulting from the audit for fiscal year 1993 .
1 . Developer Deposits on the General Ledger over '$70 , 000 . 00 .
A review is in progress . Applying current procedures , a
determination as to whether developments should be closed
out is being made . Over $13 , 000 . 00 has been refunded as of
1/31/94 .
2 . Travel policy to clarify conflicts with Florida Statutes.
As noted, Ordinance 93-18 amending the Personnel policy on
travel for employees was passed. Additionally, Ordinance
93-20 adopting a travel policy for city officials was also
passed. Since then, all travel has been authorized utilizing
the Runzheimer Meal Lodging Index or Per Diem as outlined in
the ordinances.
3 . Expenditure control accounts in Funds 202 and 203 had balances
after expenditures had been closed out for the year.
The Finance Department will make adjustments in fiscal year
1994 to the expenditure control accounts for Funds 202 (Clarke
Road Debt Service ) and 203 (City Hall/Police Department Debt
Service ) . Our computer programmer will be consulted to
correct this problem.
4 . The City' s computer system is very cumbersome and difficult to
work with.
As the City moves into a building conducive to more
sophisticated systems , a review of possible computer changes
will be accomplished. It is agreed that a change is
necessary; the level of funding however must dictate timing .
Sincerely,
Montye Be mer
Director of Administrative Services
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
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, 1993, we are submitting for your consideration
the accompanying recommendations designed to help you improve the internal accounting
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.
171aDinimit, DuioAuthuann pcvxo,P, .
McDirmit, Davis, Lauteria & Company, P.A.
November 17, 1993
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Management Comments November 17, 1993
City of Ocoee, Florida Page Two
A. Status of Prior Year Comments
1. Utility Billing Computer Printouts
During the audit, we observed that on various monthly printouts of utility billing
summaries that the "header total" did not agree with the detailed summary
total.
Recommendation
The City should consult with its computer programmer and correct this system
error.
Corrective Action
We noted no further problem with utility billing summaries. We observed that
staff have been reconciling Utility Billing Receivables to the General Ledger
receivable balances on a regular basis. Also, we noted that staff are preparing
daily reconciliations of cash receipts in the General Ledger to the RPS.
2. Developer Files
During the course of our audit, it came to our attention that the City's record
keeping system for documents pertaining to developers, needs to be
improved. Documentation of changes to developer agreements were often
difficult to locate or missing completely. Follow-up of capacity sale billings and
letters of credit documentation appeared to be lax.
Recommendation
The City should implement a system to follow-up and review the developer files
to ensure proper documentation and proper payments by developers.
Corrective Action
There has been some improvement in the City's record keeping system for
documents pertaining to developers; however, additional improvement is still
needed, as discussed under Current Year Comments.
3. Travel Expense Documentation
During the audit, we noted that there was not proper documentation related to
American Express bills submitted for payment.
Management Comments November 17, 1993
City of Ocoee, Florida Page Three
A. Status of Prior Year Comments - Continued
Recommendation
The City should develop written guidelines that should be followed by all
personnel when they are using the City's charge card. Subsequent to our
audit, the City has developed written guidelines for use with the City's charge
card.
Corrective Action
There has been some improvement in properly documenting "public purpose"
of expenses on American Express bills; however, we still noted some with no
explanation on the bill.
4. Deficit Fund Balance
At September 30, 1992, the Stormwater Fund had a $150,633 deficit fund
balance.
Recommendation
We recommend the City work toward liquidating this deficit in future years by
an increase in growth related revenues and operating transfers from other
funds.
Corrective Action
The deficit in the Stormwater Fund has been reduced to$17,127 at September
30, 1993.
B. Current Year Comments
1. Developer Files
During the course of our audit, we noted that there is over $70,000 in
developer deposits on the General Ledger, of which there is an estimated
$40,000 of old deposits that should be refunded.
Recommendation
We recommend that the planning department review the list of developer
deposits maintained by the finance department and refund amounts on
completed projects.
•
Management Comments November 17, 1993
City of Ocoee, Florida Page Four
B. Current Year Comments - Continued
2. Travel Expenses
Florida Statutes Chapter 112.061 outlines travel expenses of public officers and
employees and states that "the provisions of any special or local law, present
or future, shall prevail over any conflicting provisions of this section, but only
to the extent of the conflict". It has been the City's understanding and practice
that an established travel policy by the City is sufficient.
Recommendation
We recommend that the City confirm their understanding of the travel reim-
bursement requirements or pass an ordinance relating to travel expenses.
Subsequent to September 30, 1993, the City did pass Ordinance No. 93-18,
which outlines their travel policy, including use of the Runzheimer Meal Lodging
Index for travel reimbursement.
3. Expenditure Control Totals
At September 30, 1993, the expenditure control accounts in Funds 202 and
203 had balances remaining after expenditures for the year had been closed
out. Once expenditures for the year have been closed to the expenditure
control account, the control account balance should be zero. It appears that
there was an system error which caused this to occur.
Recommendation
The City should consult with its computer programmer and correct this system
error. In addition, the Finance Department will need to make an adjustment in
fiscal year 1994 to ensure the beginning balance in the expenditure control
account is zero.
4. Computer System
The City's computer system is very cumbersome and difficult to work with, not
only for audit purposes, but for providing the necessary data needed by the
staff on a daily basis.
Recommendation
We recommend that the City consider the feasibility of updating their computer
system to meet the needs of a rapidly growing city like Ocoee.
Management Comments November 17, 1993
City of Ocoee, Florida Page Five
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 emer-
gency as a consequence of conditions described in Section 218.503(1) Florida
Statutes.
C I FY OF OCOEE, FLORIDA
r
Ocoee
t i F as
0
OF GOO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
for the
FISCAL YEAR ENDED SEPTEMBER 30, 1993
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
!
CITY OF OCOEE, FLORIDA
i
FOR THE
FISCAL YEAR ENDED SEPTEMBER 30, 1993
i
Prepared by: Finance Department
1
This page intentionally left blank.
16coee
0
„ru
of Goo°
CITY OF OCOEE, FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
RUSTY JOHNSON, Commissioner VERN COMBS, Commissioner
PAUL W. FOSTER, Commissioner JIM GLEASON, Commissioner
CITY MANAGER CITY ATTORNEY
Ellis Shapiro Paul Rosenthal
CITY CLERK CITY AUDITOR
Jean Grafton McDirmit, Davis, Lauteria &
Company, P.A.
FINANCE DIRECTOR
Ivan A. Poston
I
1
I
1
This page intentionally left blank.
o Ocoee
eti
r ( 1
'`• 0• 0000 ``+
INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
• Letter of Transmittal
. City of Ocoee Organizational Chart
. Certificate of Achievement
This page intentionally left blank.
Ocoee
►ti
� o
ti �r
�� or coo° ‘‘+
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1993
TABLE OF CONTENTS
PAGE NO.
I. INTRODUCTORY SECTION
TABLE OF CONTENTS i-iv
LETTER OF TRANSMITTAL v-xvi
CITY OF OCOEE ORGANIZATIONAL CHART xvii
CERTIFICATE OF ACHIEVEMENT xviii
IL FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT xix-xx
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
COMBINED BALANCE SHEET - ALL FUND TYPES AND
ACCOUNT GROUPS 1-4
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERN-
MENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 5-6
COMBINED STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL AND SPECIAL
REVENUE FUNDS 7-8
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCE-
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST
FUNDS 9
COMBINED STATEMENT OF CASH FLOWS - ALL PRO-
PRIETARY FUND TYPES AND SIMILAR TRUST FUNDS 10-11
NOTES TO FINANCIAL STATEMENTS 12-46
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1993
TABLE OF CONTENTS - CONTINUED
PAGE NO.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT
GROUP STATEMENTS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH THE BUDGET 47-48
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET 49-50
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 51-52
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET 53
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 54
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET 55
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 56
ENTERPRISE FUNDS
COMBINING BALANCE SHEET 57-58
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS 59
COMBINING STATEMENT OF CASH FLOWS 60-61
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET 62
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCE - NONEXPENDABLE
AND PENSION TRUST FUNDS 63
STATEMENT OF CHANGES IN ASSETS AND
LIABILITIES - AGENCY FUND 64
ii
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1993
TABLE OF CONTENTS - CONTINUED
PAGE NO.
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN FIXED ASSETS -
BY FUNCTION AND ACTIVITY 65
SUPPLEMENTARY INFORMATION
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
COMPARATIVE SUMMARY OF REVENUES BY SOURCE
AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 66
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN COMPARATIVE SUMMARY OF REVENUES BY
SOURCE AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 67
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
ANALYSIS OF FUNDING PROGRESS LAST TEN
FISCAL YEARS 68
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN ANALYSIS OF FUNDING PROGRESS LAST
TEN FISCAL YEARS 69
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - WATER O & M FUND 70
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND
ACTUAL - WASTEWATER 0 & M FUND 71
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - SANITATION FUND 72
III. STATISTICAL SECTION
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER
FINANCING USES 73-74
GENERAL GOVERNMENTAL REVENUES AND OTHER
FINANCING SOURCES 75-76
TAX REVENUES BY SOURCE 77
PROPERTY TAX LEVIES AND COLLECTIONS 78
ASSESSED AND ESTIMATED VALUE OF TAXABLE
PROPERTY NET OF EXEMPTIONS 79-80
iii
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1993
TABLE OF CONTENTS - CONTINUED
PAGE NO.
III. STATISTICAL SECTION - CONTINUED
PROPERTY TAX RATES AND TAX LEVIES DIRECT
AND OVERLAPPING GOVERNMENTS 81
SPECIAL ASSESSMENT COLLECTIONS 82
RATIO OF NET GENERAL OBLIGATION BONDED
DEBT TO ASSESSED VALUE AND NET BONDED
DEBT PER CAPITA 83
LEGAL DEBT MARGIN 84
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT 85
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER USES 86
REVENUE BOND COVERAGE 87
DEMOGRAPHIC STATISTICS 88
PROPERTY VALUE, CONSTRUCTION AND BANK
DEPOSITS 89-90
SCHEDULE OF TEN LARGEST TAXPAYERS 91
MISCELLANEOUS STATISTICAL DATA 92-93
SCHEDULE OF INSURANCE IN FORCE 94
IV. INTERNAL CONTROL AND COMPLIANCE SECTION
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE BASED ON AN AUDIT OF
GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS 95-96
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING
STANDARDS 97-98
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE
OF STATE FINANCIAL ASSISTANCE 99
SCHEDULE OF STATE FINANCIAL ASSISTANCE 100
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM 101
iv
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
Ocoee S.SCOTT VANDERGRIFT
° .'�° CITY OF OCOEE RUSYJJOHNNSSON
wr a
150 N.LAKESHORE DRIVE PAUL W.FOSTER
OCOEE,FLORIDA 34761 VERN COMBS
s'+�y (407)6562322 SAM WOODSON
'4, NN>J CITY MANAGER
or G00� ELLIS SHAPIRO
January 18, 1994
Honorable Mayor and
Members of the City Commission
City of Ocoee, Florida
Gentlemen:
The Comprehensive Annual Financial Report of the City of Ocoee, Florida, for the year ended
September 30, 1993, is submitted herewith pursuant to Article Ill, Section 11 of the City
Charter, Florida Statutes Chapter 11, Section 45, and Chapter 10.550 of the Rules of the
Auditor General of the State of Florida. The Annual Financial Report was compiled by the staff
of the Finance Department, with close cooperation of the External Auditors, and represents
the official report of the City's financial operations and condition to the citizens, City Commis-
sion, management personnel of the City, rating agencies, and other interested persons.
Responsibility for both the accuracy of the presented data, and the completeness and fairness
of the presentation, including all disclosures, rests with the City. We believe the data, as
presented, is accurate in all material aspects; that it is presented in a manner designed to
fairly set forth the financial activity of its various funds, and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
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
National Council on Governmental Accounting (NCGA) and the Governmental Accounting
Standards Board (GASB).
The accompanying financial statements present the financial position, results of operations,
and the cash flows of the applicable fund types governed by the City Commission. The
reporting entity for the City of Ocoee includes all organizations, functions, and activities of
government for which the City (the Mayor and City Commission) exercises oversight respon-
sibility. (See Notes to Financial Statements, Reporting Entity for more details.)
v
FINANCIAL REPORTING AND CONTENT - CONTINUED
The Comprehensive Annual Financial Report(CAFR) is the City's official annual financial report
and has been designed to meet the needs of a broad spectrum of readers. The report has
been divided into four (4) distinctive sections; i.e., the Introductory Section, Financial Section,
Statistical Section and Compliance Section.
I. Introductory Section - This section includes the Table of Contents, Letter of
Transmittal, City's Organizational Chart, and the City of Ocoee's Certificate of
Achievement for Excellence in Financial Reporting for the year ended September 30,
1992.
II. Financial Section - The Financial Section contains the opinion of the City's
independent auditors, McDirmit, Davis, Lauteria & Company, P.A., Certified Public
Accountants, the general purpose financial statements, the notes to the financial
statements, and the combining and individual fund financial statements for six
different fund types and the City's two account groups (encompassing 29 different
funds). The General Purpose Financial Statements are the City's basic financial
statements and provide an overview for readers who require less detailed informa-
tion about the City's finances. The remainder of the Financial Section presents the
combining statements, individual fund statements, and schedules focusing on indi-
vidual funds and account groups. The Financial Section necessarily contains the
major portion of the report and has been subdivided into the various descending
levels of reporting detail necessary to adequately disclose the financial position and
operating results of the City's various fund entities and account groups and to
demonstrate compliance with both finance-related, legal and contractual require-
ments.
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
auditors' reports on the City's internal control and the City's compliance with laws
and regulations.
vi
ECONOMIC CONDITION AND OUTLOOK
The City of Ocoee, a municipal corporation, of the State of Florida, operates under a commis-
sion/manager form of government. Located in Central Florida, Ocoee is the home of approxi-
mately 15,107 residents. In addition to its close proximity to many tourist attractions, including
Disney World, Sea World and the new Universal Studios, Ocoee is also conveniently located
near other major employers, such as Martin-Marietta. These factors bring large number of
people to the area, not only as visitors, but also as permanent residents.
As a result of the increasing population, during 1992, regional mall developers announced
plans to construct a one-million square foot mall within the City limits. With such continuing
economic growth, the financial position of the City remains sound. There were no significant
or material changes in financial policy. All required debt service payments of principal and
interest were met.
MAJOR INITIATIVES
The City is experiencing phenomenal growth. From 1987 through January of 1990, 1,504
acres of land were annexed into the City. During 1992, 1,856 additional acres were annexed;
while these have been challenged by Orange County, a settlement agreement allowing for
those to remain in the City is expected in the Spring of 1994. According to the 1990 census,
there were 4,439 dwelling units in the City. Since the 1990 census, over twelve hundred
residential building permits have been issued. Currently, there are over 5,000 dwelling units
proposed that are between the preliminary plan submittal and the approval and development
stages. Commercial centers to service these residential units have been planned and at least
one additional center has been added to the stock. A regional mall has been proposed to
be built within the City and is currently proceeding through the DRI/ADA process.
There are many factors that have influenced and continue to influence the growth in the City.
First, and foremost is the unique transportation system alignment in the region. In 1990, the
Western Extension of the East-West Expressway was completed. This extension,which is part
of a beltway system planned to surround the Orlando Metropolitan Statistical Area (MSA)
terminates just inside the City limits, making the trip to downtown Orlando approximately 20
minutes. In addition, State Road (SR) 50, a major east/west arterial that traverses all of
Orange County, divides the City. The proposed Northwest Beltway and the Florida Turnpike
both will have interchanges within the City.
To meet the increasing transportation needs,the City has opened Clarke Road (a major north-
south arterial roadway). This four-lane arterial roadway will add an additional 1,500 residential
homes and accompanying retail services, one retail center being the regional mall mentioned
above.
Another factor which influences the growth of Ocoee is the amenities in the area, including
numerous lakes,rolling hills, recreational opportunities,excellent schools and a plentiful supply
of potable water and the provision of services such as central water and wastewater service.
A 240 acre effluent disposal site has been planned to include an 18-hole PGA designed golf
course. The City continues to expand and improve its wastewater and water facilities to keep
pace with the City's growth and to meet state concurrency requirements through a major
capital improvements program.
vii
MAJOR INITIATIVES - CONTINUED
Along with the growth of residential development, the City has noted a market increase in
industrial and commercial developments.
Also of great importance to the City is the movement of the West Orange Hospital from the
adjacent community of Winter Garden to Ocoee. This "Medical Mall" will be the only one of
its kind in Central Florida. The concept incorporates office suites and services within the
hospital area creating a regional health care campus with a high-tech images.
Final adoption of the City's Comprehensive Plan was approved on September 18, 1991.
Ocoee became the first city in Orange County to have a plan receiving State compliance. In
April 1991, the City issued $2,580,000 in revenue bonds to finance the construction of a new
City Hall and expansion of the Police Department building.
FINANCIAL INFORMATION
Accounting System
In the design and direction of the City's accounting system, we have followed Generally
Accepted Accounting Principles (GAAP) for state and local governments as set forth in the
aforementioned statements on governmental accounting and financial reporting. Our
accounting policies follow the modified accrual concept of reporting revenues and
expenditures for all governmental funds; i.e., General Fund, Special Revenue Funds, Debt
Service Funds, Capital Project Funds, and Trust and Agency Funds. The City's Proprietary
Funds and Pension Trust Funds are accounted for on the full accrual basis. Further
explanation of the City's accounting policies is contained in the Notes to Financial Statements,
which are an integral part of the Financial Section of this report.
Internal Control Structure
The Finance Department is responsible for maintaining an internal control structure that
provides management with reasonable, but not absolute, assurance that assets are safe-
guarded against loss from unauthorized use of disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit the prepara-
tion of financial statements in accordance with generally accepted accounting principles.
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.
viii
I
Budgetary Control
I Budgetary control is maintained in a manner to comply with the requirements and constraints
of the City Charter through a system of monthly financial schedules reflecting expenditures
and encumbrances against appropriations. The annual budget provides detail of the ap-
proved appropriation by specific purpose within each object of expense. Purchase orders
for supplies or equipment not provided for in the approved budget or which cause appropri-
ation balances to be exceeded, are not released until additional appropriations or appro-
priation transfers are approved.
General Governmental Functions
I
The General Fund encompasses the general governmental functions of the City not required
to be accounted for in other funds. The following summary compares actual revenue to sup-
port these functions for current and prior fiscal years:
Increase
Percent (Decrease)
Revenue Sources Amount Of Total From 1992
ITaxes $ 3,018,139 42.1% $ 386,898
Licenses & Permits 612,036 8.5 123,514
Intergovernmental Revenues 2,216,879 31.0 249,089
Charges for Services 83,404 1.2 6,481
Fines & Forfeitures 83,583 1.2 (13,601)
I Interest Revenues 28,339 .4 17,294
Miscellaneous Revenues 64,096 .9 (101,052)
SUB TOTAL 6,106,476 85.3 668,623
Transfers from Other Funds 919,528 12.8 (623,956)
Capital Lease Proceeds 135,660 1.9 135,660
TOTAL $ 7,161,664 , 100.0% $ 180,327
I
The utility service tax is the major source of local tax revenue. These taxes are levied at the
rate of 10 percent on telephone, electric, water, natural and bottled gas services within the
City. In 1993, total revenue from this tax reflected an increase of $130,500.
Another principal source of local tax revenues consists of property taxes. In fiscal year 1992,
the City's property tax, all of which is for operating purposes, was 4.0 mills and for 1993, the
rate was 4.0 mills. The related property values subject to taxes showed growth of 12.3 per-
cent, representing $41,167,030 in added taxable property.
I
ix
I
General Governmental Functions - Continued
Intergovernmental revenue consists primarily of shared revenue from other governmental
agencies. The increase in intergovernmental revenues is due primarily to an increase of
$197,496 in State shared sales tax.
the level of expenditures used in providinggovernmental
The following summary shows p
services:
IncreaseI
Percent (Decrease)
Function Amount Of Total From 1992
0
General Government $ 1,599,429 24.0% $ 75,661
Public Safety 3,404,218 51.0 436,038
Physical Environment 899,542 13.5 192,568
Culture & Recreation 179,232 2.7 26,470
Debt Service 79,723 1.2 38,097
SUB TOTAL 6,162,144 92.4 768,834I
Transfers to Other Funds 509,572 7.6 (432,866)
TOTAL $ 6,671,716 100.0% $ 335,968
The increase in Public Safety expenditures is due to two main factors. The first is an increase
of $300,000 in salaries and benefits in the police and fire departments. The second is the
capital lease purchase of police vehicles and equipment amounting to approximately
$102,000.
Special Revenue Funds
Special Revenue Funds account for revenue from special revenue sources which are legally
restricted for specific purposes. The combined fund balances of these funds amount to
$3,776,588 and the following represents an analysis of sources and uses in the Special
Revenue Funds for 1993:
Change
in Fund
Fund Sources Uses Balance
Maguire House Grant $ 118,771 $ 112,697 $ 6,074
Road Impact 769,580 392,568 377,012
Parks 93,261 10,582 82,679
Stormwater 349,155 215,649 133,506
Interim Services 18,604 17,809 795
Police Training 1,172 2,325 (1,153)
Police Trust 15,975 30,665 (14,690)
Fire Impact 666,136 105,712 560,424
Police Impact 124,954 90.202 34,752
TOTAL 2157,608 978,209 $ 1,179 399
x
Special Revenue Funds - Continued
Maguire House Grant Fund is used to account for the grant revenue and related expenditures
on improvements to the historical site, Maguire House.
The Road Impact Fund is used to account for revenues received which are designated for use
solely for the purpose of planning, acquisition, expansion and development of off-site
improvements to the road system due to the impact of new development within the City.
The Parks Fund is used to account for funds used in maintainingCitymajor parks. The
sources of revenues in this fund are recreation assessments and impact fees from developers.
The Stormwater Fund is used to account for the Stormwater Utility Fee Revenue and the
related expenditures for drainage, stormwater and other related projects.
Interim Services Fund is used to account for fees collected and for disbursements made for
the purpose of providing additional municipal services to new development within the City.
The Police Training Fund is used to account for revenues to be used in educating and training
law enforcement personnel. The primary source of revenues in this fund is from inter-
governmental fines.
The Police Trust Fund is used to account for revenues to be used for law enforcement
purposes. The principal source of revenues in this fund is from confiscated funds.
The Fire Impact Fund is used to account for revenues received which are designated for use
solely for the purpose of acquisition of facilities and equipment needed to provide fire
protection for new development within the City.
The Police Impact Fund is used to account for revenues received which are designated for
use solely for the purpose of acquisition of facilities and equipment needed to provide police
protection for new development within the City.
Debt Administration
The City's outstanding debt is classified and reported according to the type of resource
pledged to satisfy the individual debt series.
General long-term debt consists of:
1. Transportation Refunding and Improvement Revenue Bonds, Series 1990, totalling
$7,000,000. The proceeds are designated to defease the City's Public 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.
xi
i
Debt Administration - Continued
t
2. Capital Improvement Revenue Bonds, Series 1991, totalling $2,580,000. The proceeds
are designated to finance the construction of a new City Hall and expansion of the Police
Station. These bonds are secured by non-ad valorem revenues of the City.
Proprietary Fund debt consists of:
During the year ended September 30, 1993, the City issued Water and Sewer System
Refunding and Improvement Revenue Bonds, Series 1993, totalling $8,555,000. The
proceeds are designated to finance the refunding of Water and Sewer System Revenue
Bonds, Series 1989A and 1989B, and improving the City's water and wastewater systems.
These bonds are secured by the combined Water and Wastewater Fund operating
revenues, interest earnings, impact fees and a first priority pledge of cash payments due
from developers.
I sinkingfunds, in accordance with the provisions
Adequate reserves are being maintained in all p
of the ordinance governing the issuance of the above-referenced bonds.
Cash Management
The following schedule compares interest earnings in all funds for the current and prior fiscal
year:
1992-93 1991-92 Increase
Fund Type Amount Amount (Decrease)
General $ 28,339 $ 11,045 $ 17,294
Special Revenue 204,214 170,893 33,321
Debt Service 24,240 19,172 5,068
Capital Projects 238,836 418,499 (179,663)
Expendable Trust 851 1,511 (660)
Nonexpendable Trust 1,882 736 1,146
Pension Trust 85,724 37,044 48,680
Enterprise 635,699 706,055 (70,356)
TOTAL $ 1,219,785 $ 1,364,955 $ (145j70) 1
The cash management program involves a theoryof keeping funds free from risk, maintaining
P 9 P 9
reasonable liquidity to meet obligations, and maximizing return through the use of competitive
rate comparison from various time deposits. The City invests in those instruments collater-
alized as required by the State of Florida under the Security for Public Deposits Act of 1981.
At September 30, 1993, all idle cash of the City was invested with mutual funds investing in
U.S. Government securities. 1
xii
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 1993, the Capital Projects
Funds were used to account for major road and street improvements, the construction of a
new City Hall and the expansion of the police department facility.
Proprietary Operations
Proprietary Fund Types are those that are financed and operated in a manner similar to a
private business enterprise where the intent of the governing body is that the cost of providing
goods and services on a continuing basis be financed through user charges or where the
governmental body has decided that periodic determination of revenues earned, expenses
incurred, and/or net income is appropriate for capital maintenance, budget policy, manage-
ment control, accountability, or other purposes. The City accounts for its water, wastewater
and sanitation funds as enterprise operations. These funds are primarily supported by user
charges.
Water Fund
1992-93 1991-92 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,294,207 $ 1,257,012 $ 37,195
Operating Expenses 1,500,833 1,278,230 222,603
Operating Income (Loss) (206,626) (21,218) (185,408)
Net Income (Loss) (404,277) (117,549) (286,728)
Revenues Available for Debt Service 511,368 636,987 (125,619)
Annual Bond Debt Service 117,850 141,567 (11,847)
Revenue Bond Coverage 4.34 4.50 (.56)
The 3.0 percent increase in the operating revenues of the Water Fund is primarily attributable
to an increase in water customers. Operating expenses increased 17.4 percent due to an
increase in salaries and benefits, depreciation expense, and the write-off of a canceled project.
The $286,728 increase in the net loss of the Water Fund is largely due to the increase in
operating expenses and the loss on extinguishment of debt.
Bond covenants require that total revenues (including impact fees) be at least 110 percent of
annual debt service requirements after deductions for operating expenses and debt service
requirements.
1 xiii
I
Wastewater Fund
1992-93 1991-92 Increase
Description Amount Amount (Decrease) 1
Operating Revenues $ 1,476,462 $ 1,144,627 $ 331,835
Operating Expenses 1,055,298 1,029,091 26,207
Operating Income (Loss) 421,164 115,536 305,628
Net Income (Loss) 291,388 49,239 242,149
Revenues Available for Debt Service 1,255,623 1,002,392 253,231
Annual Bond Debt Service 443,865 640,129 (53,569)
Revenue Bond Coverage 2.83 1.57 .57 1
The 28% increase in operating revenues of the Wastewater Fund is due to an increase in
customers and the implementation of a revenue and maintenance fee for sewer permits
beginning October 1, 1992.
Bond covenants require that total revenues be at least 110 percent of annual debt service
requirements after deductions for operating expenses and debt service reserve requirements.
Sanitation Fund
I ,
1992-93 1991-92 IncreaseI
Description Amount Amount (Decrease)
Operating Revenues $ 945,856 $ 922,140 $ 23,716
Operating Expenses 701,942 655,962 45,980
Operating Income (Loss) 243,914 266,178 (22,264)
Net Income (Loss) 146,005 189,685 (43,680) 1
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 1
City has a plan for the police officers and firefighters.
Further details concerning pension expense, vested benefits and actuarial assumptions are I
included in the notes to the financial statements. At September 30, 1993, the pension funds
had total assets of $1,873,708.
I
xiv
Agency Fund
The City maintains an optional deferred compensation plan which is funded solely by
employees through payroll deductions. The deferred compensation plan is comprised of four
types of funds --a Stock Fund, a Balance Fund (a combination of common stock and bonds),
a Bond Fund and a Guaranteed Fund. A participant in the deferred compensation plan has
an option regarding in which fund(s) his/her contribution will be invested. The amount due
to employees under the City's deferred compensation agency fund at September 30, 1993
was $407,489.
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, 1993, the general fixed assets of the City of Ocoee totaled$4,749,167. This
amount represents the original cost of the assets and does not include certain improvements,
such as streets, sidewalks and other items of an immovable nature. Also, depreciation is not
recognized in the City's accounting system for general fixed assets. Both of the proceeding
policies are in accordance with generally accepted accounting principles.
OTHER INFORMATION
Independent Audit
Pursuant to the City of Ocoee Charter, Florida Statutes Chapters 11.45 and 218, and Chapter
10.550 of the rules of the State Auditor General, an audit of the accounts and financial state-
ments has been completed by the City's independent certified public accountants, McDirmit,
Davis, Lauteria & Company, P.A., whose opinion is included in the financial section of the
report.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Ocoee, Florida for its comprehensive annual financial report for the year ended September
30, 1992. 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 five 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.
xv
Acknowledgements
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Finance Department. We wish to
express our appreciation to all members of the Department who assisted and contributed to
its preparation. We would also like to thank the members of the City Commission for their
interest and support in planning and conducting the financial operations of the City in a
responsible and progressive manner.
Respectfully submitted,
Ellis ha ' , ityf+Aanager
Ivan A. Poston, Finance Director
xvi
Z.; c u
�__ s > o
-- c r — — u AE. —.T 1. C.,
T/
cn
2 u
I — 43c to
— is — 0-- E
'O 1
q W
0
1 co bec u
S. — FE
0. u
(e:
f ). u
I
w Tv .Q h
W a F-
U d
U _ a
O0
IU
i B r-.a 0 a
U c
In A
I
v
— a — 0 — 5 — — ,
A.
I
Y qq'J
e
This page intentionally left blank.
Ocoee
.41 RI o
o
01 6000 ``
Certificate of
Achievement
for Excellence
1 in Financial
Reporting
Presented to
City of Ocoee,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1992
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.
orp,c
s tistiAtr
iID
ED STAiFS
AND N
CANMA President
women
>oo SEAL e
dICAN
Executive Director
3
This page intentionally left blank.
Ocoee
Clo
��
c000
a
I
FINANCIAL SECTION
This section contained the following subsections:
. Independent Auditor's Report
. General Purpose Financial Statements
. Combining Statements
. Supplementary Information
This page intentionally left blank.
Ocoee
o
v
rj V
Si „
" O, GOO. •
CDIRNIIT
DAVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the accompanying general purpose financial statements of the Cityof
Ocoee, Florida, as of and for the year ended September 30, 1993, as listed in the table of
contents. These general purpose financial statements are the responsibility of the City's man-
agement. Our responsibility is to express an opinion on these general purpose financial state-
ments based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing the accounting princi-
ples used and significant estimates made by management, as well as evaluating the overall
general purpose financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to in the first paragraph
present fairly, in all material respects, the financial position of the City of Ocoee, Florida, as
of September 30, 1993, and the results of its operations and the cash flows of its proprietary
fund types and nonexpendable trust funds for the year then ended in conformity with gen-
erally accepted accounting principles.
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, and supplementary information listed in the accompanying table of contents are
presented for purposes of additional analysis and are not a required part of the general pur-
pose financial statements of the City of Ocoee, Florida. Such information has been subjected
to the auditing procedures applied in the audit of the general purpose financial statements
and, in our opinion, is fairly presented in all material respects in relation to the general
purpose financial statements taken as a whole.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
XIX
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.
pa44.0, 11 ett noanr f,P.Q.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
November 17, 1993
xx
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
These basic financial statements provide a summary overview of the
financial position of all funds and account groups as well as the operating
results of all funds. They also serve as an introduction to the detailed
statements that follow in subsequent sections.
I
CITY OF OCOEE, FLORIDA
1
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1993
■
Governmental Fund Types
Special Debt
General Revenue Service
Assets
Cash And Cash Equivalents $ 894,083 $ 1,034,717 $ 12,321
Investments --- 2,491,597 ---
Receivables (Net Of Allowances For Uncollectibles) 164,006 31,634 1,400
Inventories - At Cost 3,380 --- ---
Due From Other Funds 8,269 343,793 1,400
Advances To Other Funds --- 145,000 ---
Prepaid Costs 15,642 --- ---
Restricted Assets:
Cash And Cash Equivalents --- --- ---
Investments --- --- 249,945
Cash With Paying Agent --- --- 531,216
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 $ 1,085,380 $ 4,046,741 $ 796,282 1
I
I
I
I
I
I
The accompanying notes are an integral part of the financial statements.
-1-
I
I
I
Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
Capital Trust And Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
I $ 39,004 $ 597,330 $ 66,078 $ --- $ --- $ 2,643,533
2,482,880 529,406 2,188,985 --- --- 7,692,868
I 14,526 1,158,284 117,212
--- --- 1,487,062
--- 22,152 --- --- --- 25,532
29,528 --- --- --- --- 382,990
--- --- --- --- --- 145,000
--- --- --- --- --- 15,642
--- 705,261 --- --- --- 705,261
--- 6,536,359 --- --- --- 6,786,304
--- 409,149 --- --- --- 940,365
--- 24,458,514 --- 4,398,525 --- 28,857,039
--- (4,877,710) --- --- --- (4,877,710)
I --- 2,838,671 --- 350,642 --- 3,189,313
- 350,496 --- --- --- 350,496
--- --- --- --- 265,066 265,066
--- --- --- --- 9,488,214 9,488,214
$ 2,565,938 $32,727,912 $ 2,372,275 $ 4,749,167 $ 9,753,280 $58,096,975
I
I
I
I
I
I
-2- (Continued)
CIN OF OCOEE, FLORIDA I
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS -CONTINUED
SEPTEMBER 30, 1993 1
Governmental Fund Types
Special Debt
General Revenue Service
Liabilities And Fund Equity
Liabilities
Accounts Payable $ 87,158 $ 24,751 $ ---
Retainage Payable 495 --- ---
Accrued Expenses 152,289 --- ---
Due To Other Funds -- 1,400 ---
Due To Other Governments 35,433 --- ---
Deferred Revenues 50,699 99,002 ---
Advances From Other Funds --- 145,000 ---
Current Liabilities (Payable From Restricted Assets):
Customer Deposits --- --- ---
Matured Bonds Payable --- --- 195,000
Matured Interest Payable --- --- 336,216 1
Retainage Payable --- --- ---
Deferred Compensation Payable --- --- ---
Accrued Annual Leave --- --- ---
Bonds Payable --- --- ---
Obligations Under Capital Leases --- --- ---
Developer Agreements Payable --- --- ---
Total Liabilities 326,074 270,153 531,216
Fund Equity
Contributed Capital --- --- ---
Investment In General Fixed Assets --- --- ---
Retained Earnings:
Reserved For Renewal & Replacement
Reserved for Debt Service --- --- ---
Unreserved --- --- ---
Total Retained Earnings --- --- ---
Fund Balances: I
Reserved:
Encumbrances --- 255,916
Inventories 3,380 --- ---
Prepaid Costs 15,642 --- --
Advances To Other Funds --- 145,000 ---
Debt Service --- --- 265,066
Employee's Retirement System --- --- --
Other Projects --- --- --
Unreserved:
Designated For Capital Projects --- --- ---
Designated For Subsequent Year's Budget --- 3,375,672 ---
Undesignated 740,284 --- ---
Total Fund Balances 759,306 3,776,588 265,066
Total Equity And Other Credits 759,306 3,776,588 265,066
I
Total Liabilities, Fund Equity And
Other Credits $1,c11§,34 380 $ 4,046,741. Ligag, 1
The accompanying notes are an integral part of the financial statements.
-3-
1
I
Governmental Proprietary Fiduciary Account Groups
Fund Types Fund Types Fund Types General General Totals
I Capital Trust And Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
I $ 101,684 $ 135,404 $ 684 $ --- $ --- $ 349,681
17,054 --- --- --- --- 17,549
--- 84,223 --- --- --- 236,512
I 343,793 37,797
--- --- --- 382,990
--- --- --- --- --- 35,433
--- 69,353 --- --- --- 219,054
--- --- --- --- --- 145,000
--- 387,020 --- --- --- 387,020
--- 105,000 --- --- --- 300,000
I --- 304,149 --- --- --- 640,365
--- 215,847 --- --- --- 215,847
--- --- 407,489 - --- --- 407,489
--- --- - - --- 245,179 245,179
--- 8,332,712 --- --- 9,095,000 17,427,712
--- 266,599 --- --- 413,101 679,700
--- 37,913 --- --- --- 37,913
462,531 9,976,017 408,173 --- 9,753,280 21,727,444
--- 19,047,704 --- --- --- 19,047,704
--- --- --- 4,749,167 --- 4,749,167
--- 793,523
--- --- --- 793,523
--- 649,875 --- --- - - 649,875
--- 2,260,793 --- --- --- 2,260,793
--- 3,704,191 --- --- --- 3,704,191
I
I --- --- --- --- --- 255,916
--- --- --- --- 3,380
--- --- --- --- --- 15,642
--- --- --- --- --- 145,000
1 --- ---
--- --- --- 265,066
--- ---
1,873,708 --- ---
1,873,708
--- --- 90,394 --- --- 90,394
1 2,103,407 -- --- --- --- 2,103,407
--- --- --- --- --- 3,375,672
--- --- --- --- --- 740,284
2,103,407 --- 1,964,102 --- --- 8,868,469
1 2,103,407 22,751,895 1,964,102 4,749,167 --- 36,369,531
$ 2,565,938 $ 32,727,912 2 372275 $ 4,749,167 $ 9,753,280 X58,096,975
-4-
I
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES AND
EXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993 I
I
Governmental Fund Types
Special Debt
General Revenue Service
Revenues
Taxes $ 3,018,139 $ -- $ ---
Licenses And Permits 612,036 --- ---
Intergovernmental Revenues 2,216,879 114,306 ---
Charges For Services 83,404 --- ---
Fines And Forfeitures 83,583 16,825 ---
Impact Fees/Special Assessments --- 1,473,561 --
Interest Revenues 28,339 204,214 24,240
Miscellaneous Revenues 64,096 --- -- I
-
Total Revenues 6,106,476 1,808,906 24,240
Expenditures I
Current:
General Government 1,599,429 --- ---
Public Safety 3,404,218 104,435 ---
Physical Environment 899,542 298,790 ---
Culture And Recreation 179,232 123,279 ---
Capital Outlay --- --- ---
Debt Service: I
Principal Retirement 72,672 29,628 195,000
Interest And Fiscal Charges 7,051 5,014 672,432
Total Expenditures 6,162,144 561,146 867,432
Excess (Deficiency) Of Revenues Over Expenditures (55,668) 1,247,760 (843,192) 1
Other Financing Sources (Uses)
Operating Transfers In 919,528 23,528 841,434
Operating Transfers Out (509,572) (417,063) --
Capital Lease Proceeds 135,660 325,174 --
Net Other Financing Sources (Uses) 545,616 (68,361) 841.4341
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Financing Uses 489,948 1,179,399 (1,758) 1
Fund Balances - Beginning Of Year 269,358 2,597,189 266,824
Fund Balances- End Of Year $ 759,306 $ 3,776,588 265 066 I
The accompanying notes are an integral part of the financial statements.
-5-
I
I
I
I
Governmental Fiduciary
Fund Types Fund Types
Capital Expendable Totals
Projects Trust (Memorandum Only)
$ --- $ --- $ 3,018,139
-- --- 612,036
--- --- 2,331,185
--- --- 83,404
-- --- 100,408
--- --- 1,473,561
238,836 851 496,480
I --- --- 64,096
238,836 851 8,179,309
I
--- --- 1,599,429
--- --- 3,508,653
--- 3,669 1,202,001
--- --- 302,511
I1,554,955 --- 1,554,955
--- --- 297,300
--- --- 684,497
1,554,955 3,669 9,149,346
1 (1,316,119) (2,818) (970,037)
---
1,784,490
(387,896) --- (1,314,531)
--- -- 460,834
(387,896) --- 930,793
1 (1,704,015) (2,818) (39,244)
3,807,422 55,508 6,996,301
1 $ 2,103,407 $ 52,690 $ 6,957,057
-6-
1
CITY OF OCOEE, FLORIDA 1
COMBINED STATEMENT OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL-GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993 1
I
General Fund
Variance 1
Favorable
Budget Actual (Unfavorable)
Revenues I
Taxes $ 2,811,375 $ 3,018,139 $ 206,764
Licenses And Permits 473,100 612,036 138,936
Intergovernmental Revenues 2,139,900 2,216,879 76,979 1
Charges For Services 77,550 83,404 5,854
Fines And Forfeitures 85,000 83,583 (1,417)
Impact Fees/Special Assessments --- --- --
Interest Revenues 12,000 28,339 16,339
Miscellaneous Revenues 59.794 64,096 4.302
Total Revenues 5,658,719 6,106,476 447,757 I
Expenditures
Current:
General Government 1,821,149 1,559,870 261,279
Public Safety 3,411,930 3,302,637 109,293
Physical Environment 942,820 899,542 43,278
Culture And Recreation 188,715 179,232 9,483
Debt Service --- 79.723 (79,723)
Total Expenditures 6,364,614 6,021,004 343.610 1
Excess (Deficiency) Of Revenues Over Expenditures (705,895) 85,472 791,367
Other Financing Sources (Uses) I
Operating Transfers In 1,347,600 919,528 (428,072)
Operating Transfers Outs (886,066) (509,572) 376.494 1
Net Other Financing Sources (Uses) 461,534 409.956 (51,578)
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses (244,361) 495,428 739,789
Fund Balance Allocation 244,361 --- (244,361) 1
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses $ --- $ 495,428 $ 495,428 1
The accompanyingnotes are an integral part of the financial statements. 1
9
-7-
I
I
I
I
I
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
I
$ --- $ --- $ ---
327,700 347,949 20,249
1,500 1,206 (294)
329,200 349,155 19,955
262,364 187,813 74,551
262,364 187,813 74,551
66,836 161,342 94,506
I
(66,836) (27,836) 39,000
(66,836) (27,836) 39,000
I
--- 133,506 133,506
$ --- $ 133,506 $ 133,506
-8-
1
1
I
1
This page intentionally left blank.
Ocoee
1
CfTY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
IFOR THE YEAR ENDED SEPTEMBER 30, 1993
Proprietary Fiduciary
Fund Types Fund Types Totals
Nonexpendable (Memorandum
Enterprise Trust Pension Trust Only)
Operating Revenues
User Charges $ 3,716,525 $ --- $ --- $ 3,716,525
Contributions --- --- 682,684 682,684
I Revenue Earned On Investments --- 1,882 85,724 87,606
Cemetery Lot Sales --- 11,300 --- 11,300
Total Operating Revenues 3,716,525 13,182 768,408 4.498,115
Operating Expenses
Personal Services 1,249,871 --- --- 1,249,871
Materials And Supplies 374,389 --- --- 374,389
I Heat, Light And Power 196,223 --- --- 196,223
Depreciation And Amortization 979,999 --- --- 979,999
Write-Off of Canceled Project 71,538 --- --- 71,538
Other Expenses 357,414 --- 60,880 418,294
Recycling Expenses 28,639 --- --- 28,639
Total Operating Expenses 3,258,073 --- 60,880 3,318,953
Operating Income 458,452 13,182 707,528 1,179,162
I
Nonoperating Revenues (Expenses)
Grant Revenue 20,736 --- --- 20,736
Interest Revenue 635,699 --- --- 635,699
Interest Expense (518,399) --- --- (518,399)
Total Nonoperating Revenues 138,036 --- --- 138,036
I Income Before Operating
Transfers and Extraordinary Item 596,488 13,182 707,528 1,317,198
Operating Transfers
Operating Transfers In 8,291 --- --- 8,291
Operating Transfers Out (478,250) --- --- (478,250)
Net Operating Transfers (469,959) --- --- (469,959)
Income Before
Extraordinary Item 126,529 13,182 707,528 847,239
Extraordinary Item
Loss on Extinguishment of Debt (93,413) --- --- (93,413)
Net Income $ 33,116 $ 13,182 $ 707,528 $ 753,826
Disposition Of Net Income
Net Income $ 33,116 $ 13,182 $ 707,528 $ 753,826
Depreciation On Contributed Assets 242,516 --- --- 242,516
Net Increase In Retained Earnings/
Fund Balance 275,632 13,182 707,528 996,342
Retained Eamings/Fund Balance-
Beginning Of Year 3,428,559 24,522 1,166,180 4,619,261
Retained Eamings/Fund Balance-
End Of Year $ 3,704,191 $ 37,704 $ 1,873,708 $ 5,615,603
The accompanying notes are an integral part of the financial statements.
1 -9-
CITY OF OCOEE, FLORIDA I
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993 I
Proprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
Increase (Decrease) in Cash and Cash Equivalents: I
Cash Flows From Operating Activities:
Receipts From Customers $ 3,374,741 $ 11,300 $ 3,386,041
Payments To Supplier (736,442) --- (736,442)
Payments To Employees (1,239,947) --- (1,239,947)
Net Cash Provided By Operating Activities 1,398,352 11,300 1,409,652
Cash Flows From Noncapital Financing Activities:
Operating Transfers In (Out) (469,959) --- (469,959)
Receipts From Grants 20,736 --- 20,7361
Decrease in Due From Other Funds 73,644 --- 73,644
Increase in Due To Other Funds 19,765 --- 19,765
Decrease in Due To Other Funds (9,949) --- (9,949)
Net Cash Used In Noncapital Financing Activities (365,763) --- (365,763)
Cash Flows From Capital And Related
Financing Activities: i
Additions To Property, Plant and Equipment (1,020,566) --- (1,020,566)
Additions To Construction In Progress (1,707,705) --- (1,707,705)
Additions to Bond Issue Costs (360,229) --- (360,229)
Proceeds from Bonds Issued 8,434,458 --- 8,434,458
Pay-Off of Bonds (10,160,000) --- (10,160,000)
Principal Paid On Leases (99,405) --- (99,405)
Interest Paid On Bonds And Leases (493,056) --- (493,056)
Proceeds from Capital Leases 285,200 --- 285,200
Capital Contributions 1,372,144 --- 1,372,144
Cash Received on Assessments Receivable 63,001 --- 63,001
Decrease in Developer Agreements Payable (197,618) --- (197,618)
Net Cash Used In Capital And Related
Financing Activities (3,883,776) --- (3,883,776) 1
Cash Flows From Investing Activities:
Sale (Purchase) Of Investments 3,014,234 (25,000) 2,989,234
Interest On Investments 635,699 1,882 637.581
Net Cash Provided By (Used In) Investing Activities 3,649,933 (23,118) 3,626,815
Net Increase (Decrease) In Cash And Cash Equivalents 798,746 (11,818) 786,928
1
Cash And Cash Equivalents At Beginning Of Year 912,994 24,522 937,516
Cash And Cash Equivalents At End Of Year $ 1,711,740 $ 12,704 $ 1,724,444 1
Classified As:
Current Assets $ 597,330 $ 12,704 $ 610,034
Restricted Assets 1,114,410 --- 1,114,410
Total $ 1,711,740 $ 12,704 $ 1,724,444 I
The accompanying notes are an integral part of the financial statements.
-10- i
I
I
Proprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
I
Reconciliation Of Operating Income To Net Cash
Provided By Operating Activities:
IOperating Income $ 458,452 $ 11,300 $ 469,752
I Adjustments Not Affecting Cash:
Depreciation 970,266 --- 970,266
Amortization 9,733 --- 9,733
Provision for Uncollectible Accounts 19,000 --- 19,000
Loss on Disposition of Equipment 1,034 --- 1,034
Write Off of Canceled Project 71,538
--- 71,538
Other 206 --- 206
I Change In Assets And liabilities:
(Increase) Decrease In Accounts Receivable (341,784) --- (341,784)
Increase (Decrease) In Accounts Payable (20,393) --- (20,393)
Increase (Decrease) In Accrued Expenses 9,924 --- 9,924
Increase (Decrease) In Retainage Payable 152,303 --- 152,303
Increase (Decrease) In Deferred Revenue 765 --- 765
Increase (Decrease) In Customer Deposits 67,308 --- 67,308
Total Adjustments 939,900 --- 939,900
Net Cash Provided By Operating Activities $ 1,398,352 $ 11,300 $ 1,409,652
Noncash Investing, Capital and Financing Activities:
Contributed Property, Plant and Equipment $ 217,468 $ --- 217,468
I
I
I
I
1 -11-
I
I
I
I
I
This page intentionally left blank.
1
Ocoee
o o ! .
Xl� a
.r o
1(!)
f..tip ��i�
I
'� O0 coop ��
I
I
I
1
I
NOTES TO FINANCIAL STATEMENTS
1
I
This page intentionally left blank.
Ocoee
i►�N a
o
1(4j
ri u
ti �
�
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Ocoee, Florida, conform to generally accepted
accounting principles as applicable to governments. The following is a summary of
the more significant policies:
Reporting Entity
The City operates under a commission-manager government whereby the Mayor
and Commission are elected by the registered voters of the City of Ocoee. The
Commission appoints the City Manager, who in turn performs as the admin-
istrator of the everyday operations of the City. The City provides a full range of
municipal services as directed by the City Charter, including general govern-
ment, public safety, public improvements, planning and zoning,water and waste-
water service, refuse collection, and related general administrative services.
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 of the City of Ocoee in accordance with the National Commission
on Governmental Accounting (NCGA) Statement 3, "Defining the Governmental
Reporting Entity" and subsequent NCGA Interpretation 7 clarifying the application
of Statement 3.
The reporting entityfor the Cityof Ocoee includes all organizations, functions,
p 9 9
and activities of government for which the City (the Mayor and City Commission)
exercises oversight responsibility. The criteria used in determining the ability to
exercise oversight responsibility over such agencies by the City's elected officials
includes, but is not limited to:
1. financial interdependency;
2. selection of governing authority;
3. designation of management;
4. ability to significantly influence operations; and
5. accountability for fiscal matters.
If and when the lines of fiscal responsibility are not clear, the following specific
areas have been reviewed:
1. budgetary authority;
2. responsibility for funding deficits and operating deficiencies;
3. fiscal management (i.e.,who governs the process controlling the collection
and disbursement of funds); and
4. revenue characteristics (i.e., if revenues are derived by means of a public
levy or charge).
-12-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Reporting Entity - Continued
Other factors of criteria the City considers are the scope of public service and
special financing relationships.
Based on the above criteria, the funds and account groups shown in the table
of contents are included in this report.
Boards andCommissions appearing in the
The following is a brief explanation of pp g
City's overall organizational chart which also have been included in the General
Fund portion of these financial statements:
1. The Code Enforcement Board consists of 7 members appointed by City
Commission for the purpose of interpreting provisions of the City's Code
of Ordinances when requested by an administrative City official.
2. The Planning and Zoning Board consists of 7 members appointed by City
Commission. The purpose of this board is to study and make recommen-
dations in areas affecting the systematic future development and better-
ment of the City; promotion of economic and industrial prosperity; and
enhancement of the health, comfort, and conveniences of the citizens.
3. The Board of Adjustments consists of 5 members appointed by the City
Commission for the purpose of holding hearings and making determina-
tions for appeals arising from requests for variances to the Code of
Ordinances and special exceptions permitted by the Code of Ordinances.
4. The Recreation Board consists of 7 members appointed by the City Com-
mission. The purpose of this board is to advise the City Commission on
recreation needs and improvements throughout the City.
5. Citizens Advisory Board was organized by the City Commission for the
purpose of advising the Commission on the City's Comprehensive Land
Use Plan. This board consists of six subcommittees totaling 74 members.
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.
-13-
a
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
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 con-
struction 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 and Agency Funds
To account for assets held by the City in a trustee capacity for individuals,
private organizations, other governments, and/or other funds. When these
assets are held under the terms of a formal trust agreement, either a pen-
sion trust fund, a nonexpendable trust fund, or an expendable trust fund is
used. The terms "nonexpendable" and "expendable" refer to whether or not
the government is under an obligation to maintain the trust principal.
-14-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Account Groups
General Fixed Assets Account Group
To account for all fixed assets of the City, other than those accounted for in
the enterprise funds. 3
General Long-Term Debt
To account for the outstanding principal balances on any general obligation
debt of the City.
Basis of Accounting and Measurement Focus3
Governmental fund types include the general,special revenue, debt service, and
capital projects funds. The governmental fund type measurement focus is upon
determination of financial flow (financial position, changes in financial position,
sources, uses, and balances of financial resources rather than upon net income
determination). These funds are maintained on the modified accrual basis of
accounting. Under this method of accounting, revenues are recognized when
they become measurable and available as net current assets, or when suscepti-
ble to accrual; i.e., both measurable and available. "Measurable" means that the
amount of the transaction can be determined and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities
of the current period. Revenues which are susceptible to accrual are substan-
tially all governmental fund revenues except licenses and permits, charges for
services, franchise fees, and utility services taxes. Special assessments are
recognized as revenue only to the extent that individual installments are con-
sidered current assets. Property taxes are billed and collected within the same
fiscal period and are recognized when levied to the extent that they result in cur-
rent receivables. Expenditures are recorded when the liability is incurred, except
for principal and interest on general long-term debt, which is recognized when
due.
In applying the "susceptible to accrual" concept to intergovernmental revenues
(grants, entitlements and shared revenues), the legal and contractual require-
ments of the numerous individual programs are used as guidance. There are
essentially two types of these revenues. In one, monies must be expended on
the specific purpose or project before any amounts will be earned by the City;
therefore, revenues are recognized based upon when the expenditures are
made. In the other, monies are essentially unrestricted as to purpose of
expenditure and revocable only for failure to comply with prescribed compliance
requirements. These resources are reflected as revenues at the time of receipt
or earlier if they meet the criterion of availability.
-15-
ei
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Basis of Accounting and Measurement Focus - Continued
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. This method
of accounting relates costs and expenses to the time period in which benefits
of the outlays are received. It is intended to provide an accurate matching of
+l these benefits with associated revenues. Revenues are recognized when they
have been earned and are measurable and expenses are recognized when they
are incurred.
Utility operating revenues (sanitation, water, and wastewater revenues, and
related utility taxes) are recognized during the month of consumption. Services
consumed, but not billed, are accounted for as unbilled utility revenues.
The basis of accounting and measurement focus of the expendable trust fund
is the same as governmental fund types and therefore is maintained on the
modified accrual basis of accounting. The basis of accounting and measure-
ment focus of the nonexpendable trust and pension trust funds is the same as
proprietary fund types and therefore is maintained on the accrual basis of
accounting.
Agency funds are purely custodial (assets equal liabilities) and thus do not
involve measurement of results of operations. The modified accrual basis of
accounting is followed for recognizing both assets and liabilities.
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected
in the financial statements:
1. Prior to September 30th, the City Manager submits to the City Commission
a proposed operating budget for the fiscal year commencing the following
October 1st. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted at the City Hall to obtain taxpayer comments.
3. Prior to October 1st, the budget is legally enacted through passage of a
resolution.
-16-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Budgets and Budgetary Accounting - Continued
9 9 ry
4. The City cannot legally exceed the budget; however, the City Manager is
authorized to transfer budgeted amounts between departments within any
fund. Any revisions that alter the total expenditures of any fund must be
approved by the City Commission. 3
5. Formal budgetary integration is employed as a management control device
during the year for the General and Enterprise Funds. 3
6. Budgets are legally adopted for the General Fund, the Enterprise Operations
and Maintenance Funds and one Special Revenue Fund: the Stormwater
Fund. The budgets for the General Fund and the Stormwater Fund are
prepared on a budgetary basis, whereby encumbrances are treated as ex-
penditures. Unencumbered appropriations are lapsed at year end, except
3
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 appropria3
-
tion shall be deemed abandoned if three years pass without any disburse-
ment from or encumbrance of the appropriation. The budgets for the Enter-
prise 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 avail-
able for operations.
b. Intrafund transfers to the restricted accounts are budgeted and transferred
on a budgetary basis, but are eliminated on a GAAP basis.
3
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.
-173-
di
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
di
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES - CONTINUED
d. Principal and interest payments on capital leases are budgeted as
expenses. Principal payments are recorded as a reduction of capital
lease obligation and eliminated from the results of operations on a GAAP
basis.
7. Budgeted amounts presented in the accompanying financial statements have
been adjusted for legally authorized revisions of the annual budgets during
the year.
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 Impact Im act Fees
The City collects water and wastewater tap fees which are recorded as operat-
1 ing revenue only to the extent that the amount equals the cost of physical con-
nection 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 and cash equivalents include cash on hand, demand deposits, cash with
paying agent, cash with State Board of Administration Local Government Sur-
plus Funds Trust Fund (SBA), and all highly liquid investments (including re-
stricted 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, other than the deferred compensation fund (See Note 8),are stated
at cost or amortized cost. Income from investments held by individual funds is
recorded in the respective fund as it is earned.
-18-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Inventories
Inventories are stated at cost, using the FIFO method. The cost of govern-
mental fund-type inventories are accounted for by the consumption method,
under which such inventory is recorded as an expenditure when used.
Amortization of Bond Discount and Issuance Costs
In the governmental fund types, bond issuance costs are charged as current ex-
penditures when the bonds are issued. For all enterprise funds, bond discount
and issuance costs are amortized on a straight-line basis, which approximates
the interest method, over the life of the bonds. Amortization of bond issuance
costs amounted to $9,733 for the 1993 fiscal year. Amortization of bond dis-
count, included in interest expense, amounted to$3,254 for the 1993 fiscal year.
Restricted Assets
The use of certain assets of enterprise funds is restricted by specific provisions
of bond resolutions and agreements with various parties. Assets so designated
are identified as restricted assets on the balance sheet.
Property, Plant and Equipment
Property, plant, and equipment owned by the enterprise funds is stated at his-
torical cost or estimated historical cost. Additions, improvements, and other
capital outlays that significantly extend the useful life of an asset are capitalized.
Other costs incurred for repairs and maintenance are expensed as incurred.
Depreciation of plant and equipment is provided on the straight line basis over
the following estimated useful lives:
Buildings, 10-30 years Improvements, 20-40 years
Equipment, 5 -10 years
Contributions of property, plant, and equipment received from federal, state, or
local sources are recorded as contributions to equity when received. Deprecia-
tion on contributed property, plant, and equipment is recorded as a reduction
of contributed capital.
3
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.
-19-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
General Fixed Assets - Continued
Certain improvements, such as roads, bridges, curbs, gutters, streets, side-
walks, drainage systems, and lighting systems have not been capitalized. Such
assets normally are immovable and of value only to the City. No depreciation
has been provided on general fixed assets.
Postretirement Benefits
The City does not provide any postretirement health care and life insurance
benefits for employees.
Capitalization of Interest
Net interest cost relating to construction is capitalized.
Compensated Absences
The City accrues accumulated unpaid vacation and sick leave when earned by
the employee. 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 Proprie-
tary 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.
I
-20-
a
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Fund Equity - Continued
Proprietary Funds - Continued
Reservations of retained earnings are created by increases in assets
restricted for debt service, renewal and replacement, and other contractual
obligations. These increases result from earnings on restricted assets and
other intrafund transfers to (from) restricted accounts. Earnings on restricted
assets are included in net income of the Proprietary Funds. Reserves are not
established for bond proceeds deposited into construction accounts.
Governmental Funds
Reserves of the governmental funds are limited to the portions of fund
balance which are either not subsequently appropriate for expenditures or
legally segregated for a specific use.
Interfund Transactions
Transactions which constitute reimbursements to a fund for expenditures
(expenses) initially made are recorded as expenditures or expenses (as appro-
priate) in the reimbursing fund and as reductions of the expenditures (expenses)
in the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted
for as transfers. Nonrecurring or nonroutine transfers of equity between funds
are considered 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.
3
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Compliance with Finance-Related Legal and Contractual Provisions 1
The City has no material violations of finance-related legal and contractual pro-
visions.
Deficit Fund Balances
At September 30, 1993, the Stormwater Fund had a $17,127 deficit fund
balance. This deficit will be liquidated in future years by an increase in growth
related to the stormwater fee.
-21-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 3 - BUDGET BASIS OF ACCOUNTING
The General Fund and Stormwater Fund budgets are prepared on a budgetary basis,
whereby encumbrances are treated as budgeted expenditures in the year of incur-
rence of the commitment to purchase. In addition, the City includes a portion of the
prior year's fund balance represented by unappropriated liquid assets remaining in the
fund as a budgeted revenue in the succeeding year. The results of operations on a
GAAP basis do not recognize the fund balance allocation as revenue as it represents
prior periods' excess of revenues over expenditures. Also, the City does not budget
for capital outlay expenditures and other financing sources related to the acquisition
of assets through capital leases.
For the 1993 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 $ 6,162,144 $ 545,616
September 30, 1992 Encumbrances
Budgeted as Expenditures (5,480) ---
Nonbudgeted Capital Lease
Transactions (135,660) (135,660)
Budgetary Basis $ 6,021,004 409,956
No adjustments for capital lease transactions or encumbrances were required for the
Stormwater Fund; therefore, no reconciliation is presented. However, since the City
only adopted a budget for one of the Special Revenue Funds (the Stormwater Fund)
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 State-
ment 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.
Adjustments necessary to convert Special Revenue Fund expenditures on the GAAP
basis to the budgetary basis are as follows:
-22-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 3 - BUDGET BASIS OF ACCOUNTING - CONTINUED
Expenditures:
GAAP Basis $ 561,146
Expenditures Which Were Not Budgeted (373,333) 1
Budgetary Basis $ 187.813 1
NOTE 4 - CASH AND INVESTMENTS
Following are the components of the City's cash and investments at September 30,
1993:
Unrestricted Restricted Total
Cash & Cash Equivalents $ 2,643,533 $ 705,261 $ 3,348,794
Cash With Paying Agent --- 940,365 940,365
Investments 7,692.868 6,786,304 14,479.172
$ 10,336,401 $ 8.431,930 $ 18,768,331
Deposits
At year end, the carrying amount of the City's deposits was $4,289,159 and the 1
bank balance was $4,601,047. All bank deposits were fully covered by federal
depository insurance and by deposits held in banks that are members of the
State of Florida's Collateral Pool as specified under Florida law. Florida Statutes
provide for collateral pooling by banks and savings and loans. This limits local
government deposits to "authorized depositories".
Investments 1
The City's investment policies, except for pension fund and deferred compensa-
tion assets, are governed by State statutes and City ordinances. City ordinance I
allows investments in any financial institution that is formally authorized as a State
approved depository for public funds, as identified on the list prepared by the
State Treasurer of the State of Florida. The basic allowable investment instru-
ments include the following:
1
-23- 1
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 4 - CASH AND INVESTMENTS - CONTINUED
Investments - Continued
1) The State Board of Administration Local Government Surplus Funds Trust
Fund;
2) Negotiable direct obligations of, or obligations where the principal and interest
are unconditionally guaranteed by the United States Government;
3) Interest-bearing time deposits or savings accounts in banks organized under
the laws of this state, in national banks organized under the laws of the United
States and doing business and situated in this state, in savings and loan
associations which are under state supervision, or in federal savings and loan
associations located in this state and organized under federal law and federal
supervision;
4) Obligations of the federal farm credit banks,the Federal Home Loan Mortgage
Corporation,including Federal Home Loan Mortgage Corporation participation
certificates, or the Federal Home Loan Bank or its district banks or obligations
guaranteed by the Government National Mortgage Association; or
5) Obligations of the Federal National Mortgage Association, includingFederal
9
National Mortgage Association participation certificates and mortgage pass-
through certificates guaranteed by the Federal National Mortgage Association.
The City's investments are categorized to give an indication of the level of risk
assumed by the City at September 30, 1993:
Category 1
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
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.
-24-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 4 - CASH AND INVESTMENTS - CONTINUED
Investments - Continued
Category 3
Category 3 includes uninsured and unregistered investments for which the
securities are held by the broker or dealer, or by a trust department or agent, but
not in the City's name.
During the 1993 fiscal year, investments were made in SBA Local Government
Surplus Funds Trust Fund; however, none of this type of security is owned by the
City at September 30, 1993. Investments in mutual funds and the Deferred
Compensation Plan are not required to be categorized since the investments are
not evidenced by securities that exist in physical or book entry form.
Following is a summary of risk levels assumed by the City at September 30,
1993:
Category
Carrying Market
1 2 3 Amount Value
Pension Fund Investments:
U.S. Government $ 644,603 $ --- $ --- $ 644,603 $ 662,203
Obligations
Corporate Bonds and Notes 180,926 --- --- 180,926 181,834
Common Stock 564.521 --- --- 564,521 567,085
$1,390,050 $ --- < $ ---
Deferred Compensation Plan 407,489 407,489
Mutual Funds Investing In U.S. Government Securities 12.681,633 12.514,503
$14,479,172 14,333,114
-25-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
I
NOTE 5 - ACCOUNTS RECEIVABLE
The following is an analysis of Accounts Receivable:
Proprietary Fiduciary
Governmental Fund Fund
Fund Types Types Types
Special Debt Capital Pension
General Revenue Service Projects Enterprise Funds
Property Taxes Receivable $ 4,484 $ --- $ --- $ --- $ --- $ ---
Accounts Receivable 174,006 34,249 --- --- 386,685 ---
Assessments Receivable
Current --- --- --- --- 63,774 ---
Noncurrent --- --- --- --- 474,396 ---
Guaranteed Revenue
Receivable --- --- --- --- 304,644 ---
3 Other Receivables --- 185 --- 2,477 9,285 99,771
Accrued Interest --- --- 1.400 12,049 --- 17,441
Total 178,490 34,434 1,400 14,526 1,238,784 117,212
Less: Allowance for
Uncollectible Accounts (14,484) (2,800) --- --- ( 80,500) ---
$ 164,006 $ 31,634 $ 1,400 $ 14,526 $1,158,284 $ 117,212
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 Decem-
ber, 2% in the month of January, and 1% in the month of February. The taxes paid
in March are without discount. All unpaid taxes become delinquent on April 1 following
the year in which they are assessed. On or around May 31 following the tax year, cer-
tificates are sold for all delinquent taxes on real property.
The County bills and collects property taxes and remits them to the City. City property
tax revenues are recognized when levied to the extent that they result in current receiv-
ables.
-26-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED I
SEPTEMBER 30, 1993
NOTE 6 - PROPERTY TAXES - CONTINUED 1
The City is permitted by the Municipal Finance Law of the State to levy taxes up to$10
per $1,000 of assessed valuation. The combined tax rate to finance general
governmental services for the year ended September 30, 1993, was $4.00 per$1,000
which means that the City has a tax margin of $6.00 per $1,000 and could raise up to
$2,254,847 additional property tax revenue a year from the present assessed valuation
of $375,807,867 before the limit is reached.
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT
year ended September 30, 1993, the followingchanges in general
During the fiscal p
fixed assets occurred:
Balance Balance
10-1-92 Additions Deletions 9-30-93
Land $ 1,047,107 $ --- $ 10,000 $ 1,037,107
Buildings 842,367 --- 90,887 751,480
Improvements 571,949 150,940 29,102 693,787
Equipment 1,654,104 293,966 31.919 1.916.151
4,115,527 444,906 161,908 4,398,525
Construction in
Progress 92,264 258,378 --- 350,642
7 1 703 284161 908 4 749,167
$ 4,207 9 � � $ $ .
Construction in progress for general fixed assets as of September 30, 1993 consisted
primarily of the new City Hall and Police Department renovations.
1
-27-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT - CONTINUED
The sources of general fixed assets are as follows:
Balance Balance
10-1-92 Additions Deletions 9-30-93
General Fund $2,967,754 $ 107,269 $ 161,908 $ 2,913,115
Special Revenue Funds:
Federal Revenue
Sharing 813,871 --- --- 813,871
Police Trust 7,635 3,125 --- 10,760
Parks 63,383 6,604 --- 69,987
Stormwater Utility --- 23,685 --- 23,685
Fire Impact --- 100,871 --- 100,871
Contributions - Other 355,148 --- --- 355,148
State Grant --- 112,697 --- 112,697
Capital Projects Fund --- 349.033 --- 349,033
$4,207,791 $ 703,284 • 161,908 $ 41749167
The components of property, plant and equipment for the Proprietary Fund Types at
September 30, 1993, are as follows:
Proprietary
I Fund Types
Enterprise
I Land and Land Improvements $ 4,681,157
Buildings 386,188
Improvements 17,960,456
Equipment 1,430,713
24,458,514
Less: Accumulated Depreciation (4,877,710)
$19580,804
Proprietary Fund construction in progress at September 30, 1993, consisted primarily
of improvements to water lines and the wastewater plant.
I -28-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT - CONTINUED I
During the year, the City capitalized interest expense on construction in progress in
the following amounts:
Wastewater
Water Fund Fund
Total Interest Expense Incurred $ 122,017 $ 448,131
Interest Associated with Construction Projects 91,890 282,485 1
Interest Earned in Construction Accounts 88,800 224,864
Net Interest Capitalized 3,090 57,621 1
Interest Expense $ 118,927 $ 390,510
NOTE 8 - RETIREMENT PLANS
Defined Benefit Pension Plan and Trust
Plan Description
The City maintains two separate single employer defined benefit pension
plans for the: 1) police officers and firefighters; and 2) substantially all other
full-time City employees. These benefit provisions and all other requirements
are established by City ordinance. The City's covered payroll for the year
ended September 30, 1993, amounted to $3,752,156 while the City's total
payroll for all employees was approximately $4,008,000.
All plans are contributory. The employees participating in the General I
Employees' Pension Plan are required to contribute 5% of their salary. The
City is required to contribute the balance necessary to fund the Plan using
the actuarial basis specified by City ordinance. I
I
I
-29- I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
Plan Description - Continued
The Police Officers and Firefighters' Pension Plan funding methods and
determination of benefits payable are provided in the various acts of Florida
Legislature, which created the funds, including subsequent amendments
thereto. The Statutes provide, in general, that funds are to be accumulated
from employee contributions, City contributions, state appropriations and
income from investments of accumulated funds. The act also provides that,
should the accumulated funds at any time be insufficient to meet and pay the
benefits due, the City shall supplement the fund by an appropriation from
current funds, or from any revenues which may lawfully be used for said
purposes, in an amount sufficient to make up the deficiency. The employees
are required to contribute 5% of their salary. The City's required contribution
is determined annually based upon current costs plus a provision for
amortization of the unfunded frozen accrued liability over thirty years less
contributions from the State.
Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting
The Plan's financial statements are prepared using the accrual basis of
accounting.
Investments
Assets of the Plan are invested in various investments, including common
stock, corporate bonds, government securities and mutual funds. Invest-
ment decisions are made by the trustee with direction from the board of
trustees. Investments are reported at cost.
Pension Plan Obligations
The Pension Benefit Obligation (PBO) is reflected as the Actuarial Present
Value of Credited Projected Benefits. The PBO is the standard measure
of the present value of pension benefits, adjusted for the effects of pro-
jected salary increases and any benefits projected to be paid in the future
as a result of employee service to date. The measure is intended to help
users assess the Public Employee's Retirement System (PERS) funding
status on a going concern basis, assess progress made in accumulating
assets to pay benefits when due, and make comparisons among PERS.
-30-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993 1
1
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
Pension Plan Obligations - Continued
This measure is independent of the actuarial funding method used to
determine the City's contribution requirements. The City's pension plans
use the Frozen Initial Liability Funding Method which is one of the State
of Florida's acceptable methods. The State of Florida has established
guidelines for state and local pension plan funding and requires submis-
sion to and approval of the local government's actuarial reports by a state
agency, at least every third year. The City's pension plan, by policy, (1)
requires annual actuarial reports as of October 1 of each year, (2) I
receives employer contributions based on the actuarially determined
requirement, and (3) uses the same assumptions (see the following sche-
dule) for determining the PBO and the employer contribution required.
The required contribution necessary to amortize the unfunded actuarial
accrued liability is calculated as a level percentage of payroll rather than
as a constant dollar amount.
The following schedule is derived from the respective actuarial reports and
City information and reflects accounting policies, membership and plan
provisions, assumptions and liabilities, and funding provisions as of
October 1, 1992 for the two pension plans:
I
I
I
-31-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
General Police and
Membership and Plan Provisions Employees Firefighters
Members:
Active Participants -
Vested 35 29
Nonvested 46 26
Retirees and Beneficiaries 2 ---
Terminated Vested 5 ---
88 55
Normal Retirement: Attainment of age Earlier of age 55
60. and 10 years of
credited service, or
age 52 and 25
years of credited
service.
Normal Form of Benefit: Ten year certain Ten year certain
and life annuity and life annuity
Normal Retirement Benefit: 2% of average 2.5% of average
monthly earnings monthly earnings
times credited times credited
service service
Years to Vest: 5 years 5 years
-32-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 8 RETIREMENT PLANS - CONTINUED
I
Defined Benefit Pension Plan and Trust - Continued
General Police and
Employees Firefighters
1
Assumptions and Liabilities
Assumptions:
Investment Earnings 8% 8% I
Salary Increases Attributable to Inflation 3% 3%
. Salary Increases Attributable to Seniority/Merit 6% 6%
Post-retirement Benefit Increases --- ---
Mortality Table 1984 Unisex 1984 Unisex
Pensioners Pensioners
Probability of Turnover Sarason W-80 Sarason W-80
Amortization of Initial Unfunded Liability 30 years 30 years
General Police andI
Employees Firefighters Total
Pension Benefit Obligations
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving
benefits. $ 138,227 $ --- $ 138,227 i
Current EmployeesI
Accumulated Member Contribu-
tions 99,625 77,907 177,532
Employer-financed Vested 379,956 972,503 1,352,459
Employer-financed Nonvested 499,692 220,962 720.654
Total Pension Benefit Obligation 1,117,500 1,271,372 2,388,872
I
Net Assets Available for Benefits 643,547 555,482 1,199,029
Unfunded (Assets in Excess of)
Pension Benefit Obligation $ 473,953 $ 715,890 $ 1,189,843
Change in Pension benefit obliga-
tion as a result of a change in
benefit provisions, assumptions, I
etc. --- $ --- . ---
-33- I
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
ISEPTEMBER 30, 1993
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
Contributions Required General Police and
and Made Employees Firefighters
Asa As a
Actuarially determined contribu- Asa Percentage As a Percentage
bution requirement for the Dollar of Covered Dollar of Covered
year ending 9/30/93: Amount Payroll Amount Payroll
INormal Cost
Employer $ 141,635 6.9% $ 258,600 15.3%
Employee 95.594 4.6% 79,606 4.7%
237,229 11.5% 338,206 20.0%
Unfunded Actuarial
• Accrued Liability 35.466 1.7% 49,877 3.0%
Total $ 272,695 , 13.2% $ 388,083 23.0%
3 Actual Contributions Made:
Employer $ 177,101 8.6% $ 308,477 18.3%
Employee 102,876 4.9% 94.230 5.6%
0 0
Total $ 279,977 13.5% $ 402,707 23.9/o
Payroll Characteristics:
Participating $2,066,674 92.9% $1,685,482 85.3%
Nonparticipating (ineligible
due to minimum service) 156,441 7.1% 290,636 14.7%
Total $2,223,115 100.0% $1,976,118 100.0%
The actuarial method employed to determine contributions to the fund is the
frozen initial liability cost method. It is assumed that an annual contribution
(normal cost) is made each year for each participant. This normal cost, if
contributed each year from the participant's eligibility date (or what would have
been such date if the Plan had been in existence on his employment date in its
present form) to his normal retirement date, is calculated to be sufficient to
provide the retirement benefits provided for him under the Plan.
-34-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
The initial liability is the accrual to the initial valuation date of all such normal
costs assumed payable in prior years for all present participants. The excess
of this over the assets (if any) in the fund on that date is the initial unfunded
liability. This unfunded liability is brought forward in each valuation year.
The normal cost for the second and each succeeding year is determined as
follows: first determine the excess of the actuarially redetermined present value
of future retirement benefits and ancillary death benefits for then active
participants plus any reserves for retired and terminated employees over the
sum of the unfunded liability brought forward to the valuation date and the
assets then in the fund. Then divide this figure by the present value of future
compensation. Finally, multiply the resulting fraction by the total current
compensation for then active participants.
To the extent that actual experience for a year is more favorable than that
assumed, an actuarial gain will result. This gain will tend to reduce future
required contributions. Similarly, if actual experience is less favorable than that
assumed, an actuarial loss will result, causing an increase in future required
contributions. Neither gains nor losses are separately determined,but either is
automatically spread over future normal cost.
The following is a three-year historical trend to reflect the progress being made
in the funding of the City's pension obligation:
Three-Year Historical Trend Information
as of September 30,
General Employees Police and Firefighters
1993 1992 1991 1993 1992 1991
Net assets available for benefits
expressed as a percentage of pension
benefit obligations 57.6% _38.7% 118.3% . 43.7% 22.8% „la_
Unfundedassets in excess o
( f) pension
benefit obligations expressed as a
percentage of annual covered payroll , 22.9% 24.1% (3.2%) 42.5% 51.6% (1)
Employer contributions expressed as a
percentage of annual covered payroll 8.6% 8.0% 3.4% 18.3% 16.1% _ (1)
(1) This plan was effective on October 1, 1991.
-35-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
In the Supplementary Section are the required supplemental ten-year historical
trend information about progress being made in accumulating assets to pay
benefits when due. The required schedules only reflect the last six years for the
general employees' pension plan, since the effective date of the plan was Octo-
ber 1, 1985. The police and firefighters' pension plan only reflects the last two
years' activity since this plan was effective on October 1, 1991.
Deferred Compensation Plan
The City has a single employer deferred compensation plan. The Plan is
voluntary and any employee may elect to participate.
The City offers its employees a deferred compensation plan created in accord-
ance with Internal Revenue Code Section 457. The Plan, available to all City
employees, permits them to defer a portion of their salary until future years. The
deferred compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
All amounts of compensation deferred under the Plan, all roe and rights
P property rtY 9
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other
beneficiary) solely the property and rights of the City (without being restricted
to the provisions of benefits under the Plan), subject only to the claims of the
City's general creditors. Participants' rights under the Plan are equal to those
of general creditors of the City in an amount equal to the fair market value of the
deferred account for each participant.
It is the opinion of the City that it has no liability for losses under the Plan, but
does have the duty of due care that would be required of an ordinary prudent
investor.
In accordance with current professional pronouncements, the City has
accounted for its deferred compensation plan as an agency fund in its financial
statements. The assets are stated at the market value which is represented by
the contract value provided by the City's third-party administrator.
Employee contributions to the Plan for the fiscal year ended September 30,
1993 were $83,100.
-36-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 9 - OVER 65 ASSISTANCE PROGRAM
The City of Ocoee, Florida began this program March 1, 1975. The program provides
that persons over 65 who qualify are entitled to receive free water and sanitation
services subject to limitations. They are also entitled to be reimbursed (up to $100)
for City of Ocoee, Florida ad valorem taxes after the taxes have been paid by the indi-
vidual to the Orange County tax collector. Approximately 440 residents of the City par-
ticipated in this program during the fiscal year ended September 30, 1993.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax $ 5,315
Ad Valorem Taxes 11,835
Water Fees 53,070
Sanitation Fees 78,832
Total Over 65 Cost $ 149,052
NOTE 10 - BONDS PAYABLE
Summarized below are the City's bonds outstanding at September 30, 1993:
Water and Wastewater Funds
Water and Sewer System Refunding and Improvement Revenue
Bonds, Series 1993 - payable in annual installments of $105,000
to $610,000 through 2017, plus semi-annual interest at 2.60% to
5.75%.
Allocation:
Water Fund $ 2,053,200
Wastewater Fund 6,501,800
Total $ 8,555,000
Less: Current Maturities (105,000)
Unamortized Discounts (117,288) 1
8332712
-37-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
a
NOTE 10 - BONDS PAYABLE - CONTINUED
General Long-Term Debt Account Group
1 Transportation Refunding and Improvement Revenue Bonds,
Series 1990 - payable in annual installments of $125,000 to
$575,000 through 2015 with semi-annual interest payments at
at 6.0% to 7.5%. $ 6,650,000
Capital Improvement Revenue Bonds, Series 1991 - payable
in annual installments of $70,000 to $230,000 through 2011
with semi-annual interest payments at 5.4% to 7.5%. 2,445,000
$ 9,095,000
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 prior out-
standing bonds and improvements to the City's water and wastewater systems.
These bonds are secured by the combined Water and Wastewater Fund operat-
ing revenues, interest earnings, impact fees and a first priority pledge of cash
payments due from developers.
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 establish a Reserve Fund and maintain the Reserve Fund
requirement of $649,875. The Reserve Fund requirement has been allocated
to the Water Fund and Wastewater Fund in the amounts of $155,970 and
$493,905, respectively.
-38-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 10 - BONDS PAYABLE - CONTINUED
Florida Transportation Refunding and Improvement Revenue Bonds, Series 1990
In September 1990, the City issued revenue bonds to finance the advance
refunding of$1,895,000 outstanding series 1987 bonds and finance the paving,
extension, and improvement of certain streets within the corporate limits.
These bonds are secured by the Local Option Gas Tax and certain local Public
Service Taxes.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the
next maturing principal and interest payment, respectively.
2) The City shall establish a revenue fund and will deposit all pledged revenues
to be used for funding the monthly sinking fund requirements. Any excess
funds may be withdrawn and used by the City for any legal purpose.
3) The City shall provide for the reserve requirement by purchasing a surety
bond.
Capital Improvement Revenue Bonds, Series 1991
In April 1991, the City issued revenue bonds to finance the construction of a new
City Hall and expansion of the Police Station.
These bonds are secured by non-ad valorem revenues of the City.
The major provisions of the ordinance authorizing the revenue bonds are as
follows:
1) The City shall make deposits on or before March 5 and September 5 to a
sinking fund such amounts sufficient to pay the next succeeding interest and
principal payments.
2) The City shall establish a Reserve Fund and maintain the Reserve Fund
requirement of $249,945.
3
-39-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
I
NOTE 10 - BONDS PAYABLE - CONTINUED
ICapital Improvement Revenue Bonds, Series 1991 - Continued
Following is a maturity schedule of outstanding bonds payable:
General Long-Term
Year Ended Debt Enterprise Funds Total Debt
Sept. 30: Principal Interest Principal Interest Service
1994 $ 210,000 $ 660,568 $ 105,000 $ 304,149 $ 1,279,717
1995 225,000 647,503 195,000 453,494 1,520,997
1996 240,000 633,198 200,000 447,254 1,520,452
1997 255,000 617,613 205,000 440,054 1,517,667
1998 270,000 600,798 215,000 431,854 1,517,652
1999-2003 1,645,000 2,701,158 1,230,000 2,004,205 7,580,363
2004-2008 2,320,000 2,016,965 1,580,000 1,658,062 7,575,027
2009-2013 2,820,000 1,028,250 2,080,000 1,161,787 7,090,037
2014-2018 1.110.000 . 126.375 2,745,000 490,763 4.472.138
$ 9,095000 $ 9,032,428 $ 8,555,000 $7,391,622 $34,074,050
During the year ended September 30, 1993, the following changes in general long-term
debt occurred:
Accrued Capital
Annual Lease Bonds
Leave • Obligations Payable Total
Balance at
October 1, 1992 $ 214,573 $ 54,567 $9,290,000 $9,559,140
New debt issued/
Additions 30,606 460,834 --- 491,440
Principal payments --- (102,300) (195,000) (297,300)
Balance at Septem-
ber 30, 1993 $ 245,179 $ 413,101 $9,095,000 9 753 280
-40-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 11 - PRIOR YEAR'S DEBT DEFEASANCE
In the prior year, the City defeased the Public Improvement Revenue Bonds, Series
1987, by creating a separate irrevocable trust fund. New debt was issued and the
proceeds have been used to purchase U.S. government securities that were placed in
the trust fund. The investments and fixed earnings from the investments appear
sufficient to fully service the defeased debt until the debt is called or matures. For
financial reporting purposes, the debt has been considered defeased and therefore
removed as a liability from the City's General Long-Term Debt Account Group. As of
September 30, 1993, the amount of defeased debt outstanding, but removed from the
General Long-Term Debt Account Group amounted to $1,295,000.
NOTE 12 - LEASE OBLIGATIONS
Capital Leases
The City has entered into lease agreements as lessee for financing the acquisition
of vehicles and trucks and data processing, communications, and office equip-
ment. These lease agreements qualify as capital leases for accounting purposes
and, therefore, have been recorded at the present value of the future minimum
lease payments as of the date of their inception in either the General Fixed Asset
Account Group or the proprietary fund types.
Equipment under capital leases recorded in the General Fixed Asset Account
Group at September 30, 1993 consists of the following:
Data Processing Equipment $ 89,285
Communication Equipment 55,968
Office Equipment 32,255
Vehicles and Trucks 204,275
$ 381,783
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.
Duringtheyear ended September 30, 1993, the Cityordered a fire truck and
P
encumbered $255,916 in the Fire Impact Fund. Since the fire truck was not
received by the City by September 30, 1993, it has not been recorded in the
General Fixed Asset Account Group. However, prior to September 30, 1993, the
City did receive $255,916 from the leasing company for the purchase of the fire
truck. Therefore, this amount is included in the lease commitments disclosed
below.
-41-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
illi
NOTE 12 - LEASE OBLIGATIONS - CONTINUED
Capital Leases - Continued
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:
1994 $ 152,084
Tr 1995 134,402
a 1996 99,523
1997 76.362
Total Minimum Lease Payments 462,371
Less, Amount Representing Interest (49,270)
Present Value of Net Minimum
Lease Payments $ 413,101,
1 The total of assets capitalized under lease-financing arrangements in proprietary
fund types is as follows:
1 Water Wastewater Sanitation
Fund Fund Fund Totals
Vehicles and
Equipment $ 47,164 $ 64,782 $ 285,200 $ 397,146
Less Accumulated
Amortization (20,311) (57,224) (35,991) (113526)
Net Book Value $ 26,853 7,558 $ 249,209 $ 283,620
Amortization of equipment leased under capital leases is included in depreciation
expense.
8
T.
•
di -42-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
I
NOTE 12 - LEASE OBLIGATIONS - CONTINUED3
Capital Leases - Continued
The followingis a schedule byyears of future minimum lease payments under the 3
P Y
above capital leases, together with the present value of the net minimum lease
payments as of September 30: 1
Waste-
Year Ending Water water Sanitation3
September 30: Fund Fund Fund Totals
1994 $ 12,807 $ 9,618 $ 78,806 $ 101,231
1995 12,807 --- 78,806 91,613
1996 6,371 --- 78,806 85,177
1997 --- --- 14,953 14,953
Total Minimum Lease
Payments 31,985 9,618 251,371 292,974
Less, Amount Repre-
senting Interest (3,800) (322) (22,253) (26.375)
Present Value of Net
Minimum Lease
Payments $ 28,185 $ 9,296 $ 229,118 $ 266,599
The current and noncurrent obligation under these capital leases are $87,390 and 3
$179,209, respectively.
Operating Leases
The City leases office equipment under various non-cancelable operating leases.
The following is a schedule by years of future minimum rentals on these non-
cancelable leases as of September 30, 1993:
Year Ending
September 30:
1993 $ 10,118
1994 ---
Total $ 10,118
-43-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 13 - DEVELOPER AGREEMENTS PAYABLE
The City's Water Fund entered into several agreements with private developers whereby
the developer constructs and installs treatment plants, distribution systems, etc., and
then conveys these projects to the Water Fund. The Water Fund reimburses the
developer for the project over a period of time based on specified percentages of
connection fees and/or service charges collected.
The assets acquired under these agreements are recorded at the estimated developer's
cost of the projects and depreciated over their estimated useful economic lives. The
following is a summary of the liability as of September 30, 1993:
Total reimbursable costs of developers $ 37,913
Less current portion (37,913)
Long-term portion ---
NOTE 14 - INTERFUND RECEIVABLES AND PAYABLES
The followingschedule as of September 30, 1993, represents interfund receivables and
P P
payables:
Interfund Interfund
Fund Type Receivables Payables
General Fund $ 8,269 $ ---
Special Revenue:
Road Impact 343,793 1,400
Debt Service:
Capital Improvement Revenue Bonds 1,400 ---
Capital Projects:
Road Construction 17,479 343,793
City Hall/Police Dept. Construction 12,049 ---
Enterprise Funds:
Water --- 19,438
Wastewater --- 15,500
Sanitation --- 2.859
$ 382,990 $ 382,990
-44-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 15 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains three enterprise funds which provide water, wastewater, and
sanitation services. Segment information for the year ended September 30, 1993, is as
follows:
Water Wastewater Sanitation Total
Operating Revenues $ 1,294,207 $ 1,476,462 $ 945,856 $ 3,716,525
Depreciation and Amortization $ 527,908 $ 390,771 $ 61,320 $ 979,999
Operating Income (Loss) $ (206 626) $ 421,164 $ 243,914 $ 458,452
Operating Grants $ --- $ --- $ 20,736 $ 20,736
Operating Transfers:
In $ 5,255 $ --- $ 3,036 $ 8,291,
Out $ (242,106) $ (121,500 $ (114,644) $ (478,250
Net Income (Loss) (404,277) 291,388 146,005 33116
Current Capital Contributions $ 706,871 $ 882,741, $ --- $ 1,589612
Property Additions $ 590,763 $ 777,698 $ 285,200 $ 1,653,661
Property Deletions $ (51325 $ (2,980) $ (58,349) $ {66 654
Net Working Capital $ 795,1.44 $ 417,673 $ 167,879 $ 1,380 696
Total Assets $11,939,481, 020,144,199 $ 644,232 $32,727,912
Long-Term Debt $ 2,017,597 $ 6,332,864 $ 161,460 $ 8,511,921
Total Equity $ 9,326,176 ;13,121,101, $ 304,618 $22,751,895
-45-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1993
NOTE 16 - CONTRIBUTED CAPITAL
The following is a summary of changes in contributed capital during the year ended
September 30, 1993:
Water Wastewater Total
Contributed Capital - Beginning of Year $ 6,170,396 $11,530,212 $ 17,700,608
Additions (Reductions)
Connection Fees 612,700 759,444 1,372,144
Developers 94,171 123,297 217,468
Depreciation on Contributed Assets (171.262) (71.254) (242,516)
Contributed Capital - End of Year 6,706,005 $12,341,699 1,12,14z294
NOTE 17 - SUMMARY DISCLOSURE OF SIGNIFICANT CONTINGENCIES
Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. If any expenditures are disallowed as a result of
these audits, the claims for reimbursement to the grantor agency would become
a liability of the City. In the opinion of management, any such adjustments would
not be significant.
Litigation
During the ordinary course of its operations, the City is a party to various claims,
legal actions, and complaints. In the opinion of the City's management and legal
counsel, these matters are not anticipated to have a material financial impact on
the City.
Commitments
Construction Contracts - At September 30, 1993, the City had outstanding con-
struction contracts for various projects totaling approximately $3,785,000.
NOTE 18 - EXTRAORDINARY ITEM
On February 25, 1993,the City extinguished$10,160,000 of the Water and Sewer System
Revenue Bonds, Series 1989A and 1989B. The maturity of these bonds was January
1995 and interest was payable quarterly at 7.05%. This was accomplished with a current
refunding whereby the proceeds from the issuance of new debt, together with excess
funds from the 1989 Construction Fund, were used immediately to repay the previously
issued debt. The transaction resulted in an accounting loss of $93,413.
-46-
1
This page intentionally left blank.
Ocoee
ti �r
`' o, coon ,,
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.
1
This page intentionally left blank.
Ocoee
vp
r° v
ti, (431 ��l
°. Oi GOOD ``
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.
I
CITY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED WITH THE BUDGET
FOR THE YEAR ENDED SEPTEMBER 30, 1993 I
Net Variance
Encum- Budgetary Favorable
Budget Actual brances Basis (Unfavorable)
REVENUE
Taxes
Property Taxes $1,429,400 $ 1,455,968 $ --- $1,455,968 $ 26,568
Franchise Taxes 605,500 666,811 --- 666,811 61,311
Utility Taxes 776,475 895,360 --- 895,360 118,885
2,811,375 3,018,139 --- 3,018,139 206,764
Licenses And Permits
Building Permits 354,500 488,874 --- 488,874 134,374 1
Occupational License 118,600 123,162 --- 123,162 4,562
II
473,100 612,036 --- 612,036 138,936
Intergovernmental Revenues
Cigarette Tax 79,800 77,222 --- 77,222 (2,578)
State Revenue Sharing 268,300 294,547 --- 294,547 26,247
Sales Tax 1,250,000 1,292,785 --- 1,292,785 42,785
Other State Shared Revenue 175,600 197,504 --- 197,504 21,904
County 60 Gas Tax 341,000 329,621 --- 329,621 (11,379)
Other County Shared Revenue 25,200 25,200 --- 25,200 --- I
2,139,900 2,216,879 --- 2,216,879 76,979
Charges For Services
Fire Contract 54,400 54,434 --- 54,434 34
Program Activity Fees 21,150 23,069 --- 23,069 1,919 1
City Staff Charges 2,000 5,901 --- 5,901 3,901
77,550 83,404 --- 83,404 5,854
Fines And Forfeitures
Fines And Forfeitures 85,000 83,583 --- 83,583 (1,417)
Interest Revenues
Interest Revenues 12,000 28,339 --- 28,339 16,339
Miscellaneous Revenues
Zoning And Election Fees 25,900 24,778 --- 24,778 (1,122)
Other 33,894 39,318 --- 39,318 5,424
59,794 64,096 --- 64,096 4,302 I
Total Revenues LUaag $6,106,476 $ --- $6,106,476 $ 447 757 1
-47-
I
CITY OF OCOEE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED WITH THE BUDGET-CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 1993
Net Variance
Encum- Budgetary Favorable
Budget Actual brances Basis (Unfavorable)
EXPENDITURES
General Government
Legislative $ 74,356 $ 73,005 $ --- $ 73,005 $ 1,351
Executive 251,815 247,291 --- 247,291 4,524
Finance And Administrative 1,008,169 808,052 (5,480) 802,572 205,597
Legal 165,000 139,348 --- 139,348 25,652
Planning And Zoning 244,882 235,414 --- 235,414 9,468
Building Maintenance 76,927 62,240 --- 62,240 14,687
1,821,149 1,565,350 (5,480) 1,559,870 261,279
Public Safety
Law Enforcement 1,929,970 1,809,422 --- 1,809,422 120,548
Fire Control 1,215,685 1,238,613 --- 1,238,613 (22,928)
Protective Inspections 266,275 254,602 --- 254,602 11,673
3,411,930 3,302,637 --- 3,302,637 109,293
Physical Environment
Roads And Streets 942,820 899,542 --- 899,542 43,278
Culture And Recreation
Parks And Recreation 188,715 179.232 --- 179,232 9,483
Debt Service
Principal Retirement --- 72,672 --- 72,672 (72,672)
I Interest And Fiscal Charges --- 7,051 --- 7,051 (7,051)
- 79,723 --- 79,723, (79,723)
Total Expenditures 6,364,614 6,026,484 (5,480) 6,021,004 343,610
Excess (Deficiency) Of Revenues
Over Expenditures (705,895) 79,992 5,480 85,472 791,367
Other Financing Sources (Uses)
Operating Transfers In 1,347,600 919,528 --- 919,528 (428,072)
Operating Transfers Out (886,066) (509,572) --- (509,572) 376,494
Net Other Financing
Sources (Uses) 461,534 409,956 --- 409,956 (51,578)
Excess (Deficiency) Of Revenues
And Other Sources Over Expend-
itures and Other Uses (244,361) 489,948 5,480 495,428 739,789
Fund Balance Allocation 244,361 -- --- --- (244,361)
Excess (Deficiency) Of Revenues
And Other Sources Over Expend-
itures And Other Uses $ --- $ 489,948 $ 5,480 $ 495 428 $ 495,428
-48-
i
i
i
i
i
This page intentionally left blank.
o Ocoee
1Q11;k
a
D
,• 0, .00
. i
1
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues from specific taxes or other
earmarked revenue sources which because of legal or regulatory provisions or administrative
action are designed to finance particular functions or activities of government and which,
therefore, cannot be diverted to other uses.
Description Of Funds
Maguire House Grant - Accounts for the grant revenue and related expenditures on
improvements to the historical site, Maguire House.
Road Impact - Accounts for the Road Impact fees collected and for P P
dis-
bursements made for the purpose of planning, acquisition,
expansion, and development of off-site improvements to the
road system.
Parks - Accounts for the land and/or money received from owners
or developers as a recreational facilities assessment when
lands are subdivided within the City. Funds must be used
for the improvement or expansion of City parks.
Stormwater - Accounts for the Stormwater Utility Fee revenues and the
related expenditures for drainage, stormwater, and other
related projects.
Interim Services - Accounts for impact fees collected and for disbursements
made for the purpose of providing additional municipal
services to new development within the City.
Police Training - Accounts for the revenues received pursuant to F.S.
943.25(8) which imposes a $2.00 court cost against every
person convicted for violation of state penal or criminal
statute or convicted of a municipal or county ordinance
violation where said offense occurred within the City of
Ocoee. Funds must be used to educate and train law
enforcement personnel.
Police Trust - Accounts for the proceeds from property confiscated in
police enforcement activities pursuant to F.S. 932.701
(Florida Contraband Forfeiture Act). Funds must be used for
police operations.
Fire Impact - Accounts for Fire Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide fire protec-
tion for new development within the City.
Police Impact - Accounts for Police Impact fees collected and for disburse-
ments made for the purpose of acquisition of facilities and
equipment determined to be needed to provide police pro-
tection for new development within the City.
CITY QF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
I
SEPTEMBER 30, 1993
I
Maguire
House Road
Grant Impact Parks Stormwater
Assets
Cash And Cash Equivalents $ 20,649 $ 208,181 $ 123,683 $ 110,328
Investments --- 1,597,489 119,895 ---
Receivable - Net --- 185 --- 31,449
Due From Other Funds --- 343,793 --- ---
Advances To Other Funds --- 145.000 -- ---
Total Assets $ 20,649 $ 2,294,648 $ 243,578 $ 141,777
Liabilities And Fund Balances
I
Liabilities
Accounts Payable $ --- $ 8,631 $ 1,262 $ 13,904
Due To Other Funds --- 1,400 --- ---
Deferred Revenue 14,575 31,394 53,033 ---
Advances From Other Funds --- --- --- 145,000
Total Liabilities 14,575 41,425 54,295 158,904 1
I
Fund Balances
Reserved: I
Encumbrances --- --- --- ---
Advances To Other Funds --- 145,000 --- ---
Unreserved:
Designated For Subsequent
Year's Budget 6,074 2,108,223 189.283 (17,127)
Total Fund Balances (Deficit) 6,074, 2,253.223 189,283 (17,127)
Total Liabilities And
Fund Balances $ 20,649 $ 2,294,648 $ 243,578 $ 141,777
I
-49-
I
I
I
I
Total
Special
Interim Police Police Fire Police Revenue
Services Training Trust Impact Impact Funds
$ 6,228 $ 1,584 $ 6,430 $ 513,128 $ 44,506 $ 1,034,717
I --- --- --- 699,213 75,000 2,491,597
--- --- --- --- --- 31,634
___ _-- _-- --- --- 343,793
--- --- --- --- --- 145,000
$ 6 228 $ 1,584 $ 6,430 $ 1,212,341 $ 119,506 $ 4,046,741,
I
$ --- $ --- $ 15 $ 744 $ 195 $ 24,751
--- --- --- --- --- 1,400
--- --- --- --- --- 99,002
___ -__ --- __- --- 145,000
--- --- 15 744 195 270,153
I
--- 255,916 --- 255,916
__- __- ___ ___ --- 145,000
6,228 1,584 6,415 955,681 119,311 3,375,672
1
6,228 1,584 6,415 1,211,597 119,311 3,776,588
$ 6,228 $ 1,584 $ 6430 $ 119,506 $4,046,741
$1,212,341
-50-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993
I
Maguire
House Road
Grant Impact Parks Stormwater
Revenues
Intergovernmental Revenues $ 112,697 $ --- $ 1,609 $ ---
Fines And Forfeitures --- --- --- ---
Impact Fees/Special Assessments --- 633,198 82,386 347,949
Interest Revenues 8 136.382 9,266 1.206
Total Revenues 112,705 769,580 93,261 349,155
Expenditures
Current:
Public Safety --- --- --- ---
Physical Environment --- 110,977 --- 187,813
Culture And Recreation 112,697 --- 10,582 ---
Debt Service:
Principal Retirement --- --- --- ---
Interest And Fiscal Charges --- --- --- ---
I
Total Expenditures 112,697 110,977 10,582 187,813
Excess (Deficiency) Of Revenues
( cY)
Over Expenditures 8 658,603 82,679 161.342
Other Financing Sources (Uses
)
Operating Transfers In 6,066 --- --- ---
Operating Transfers Out --- (281,591) --- (27,836)
Capital Lease Proceeds --- --- --- ---
Net Other FinancingI
Sources (Uses) 6,066 (281,591) --- (27.836)
Excess (Deficiency) Of RevenuesI
And Other Financing Sources Over
Expenditures And Other
Financing Uses 6,074 377,012 82,679 133,506
Fund Balances (Deficit) -
Beginning Of Year --- 1.876.211 106.604 (150.633)
Fund Balances (Deficit) -
End of Year 6,074 $ 2,253,2.23 $ 189,283 $ (17.127)
-51-
I
I Total
Special
Interim Police Police Fire Police Revenue
IServices Training Trust Impact Impact Funds
114,306
--- 1,133 15,692 --- --- 16,825
18,512 --- --• 290,393 101,123 1,473,561
92 39 283 50,569 6,369 204,214
18,604 1,172 15,975 340,962 107,492 1,808,906
I --- 2,325 30,665 71,070 375 104,435
--- --- --- --- --- 298,790
I --- --- --- --- --- 123,279
--- --- --- 29,628 --- 29,628
I --- --- --- 5,014 --- 5,014
--- 2,325 30,665 105,712 375 561.146
I
18,604 (1,153) (14,690) 235,250 107.117 1,247,760
I
--- --- --- --- 17,462 23,528
1 (17,809) --- --- --- (89,827) (417,063)
--- --- --- 325,174 --- 325,174
(17,809) --- --- 325,174 (72,365) (68,361)
I
1 795 (1,153) (14,690) 560,424 34,752 1,179,399
5,433. 2,737 21,105 651,173 84.559 2,597,189
$ 6,228 $ 1,584, $ 6,415 $ 1,211,597 $ 119,311 $ 3,776,588
1 -52-
This page intentionally left blank.
Ocoee
o
lei
El
1
a
o
OI GOOD J
4
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 1990
and Improvement Transportation Refunding and Improvement Revenue Bonds
Revenue Bonds which funded the design, construction, paving and improve-
ment of roads and related drainage improvements within the
City.
Capital Improvement - Accounts for the principal and interest payments on the 1991
Revenue Bonds Capital Improvement Revenue Bonds which will fund the up-
coming construction of a new City Hall and the expansion of
the police department facility.
This page intentionally left blank.
Oco11ee
p
i. OP GOOD '6`
I
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
1 SEPTEMBER 30, 1993
I
I
Transportation
IRefunding And Capital Total
Improvement Improvement Debt Service
Revenue Bonds Revenue Bonds Funds
Assets
Cash And Cash Equivalents $ 6,229 $ 6,092 $ 12,321
Receivables - Net --- 1,400 1,400
Due From Other Funds --- 1,400 1,400
Restricted Assets:
Investments --- 249,945 249,945
Cash With Paying Agent 372,096 159,120 531,216
Total Assets 378,325 $ 417,957 $ 796282
I
Liabilities And Fund Balances
Liabilities
I Matured Bonds Payable $ 125,000 $ 70,000 $ 195,000
Matured Interest Payable 247,096 89.120 336,216
ITotal Liabilities 372,096 159,120 531.216
Fund Balances
Reserved For Debt Service 6,229 258,837 265,066
Total Liabilities And Fund Balances $ 376325 $ 417,957 $ 796,282
I
I
-53-
1
1
1
1
1
This page intentionally left blank.
Ocoee
..41to s
a
o
Oi coo.
■
1
I
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993
I
I
Transportation
Refunding And Capital Total
Improvement Improvement Debt Service
Revenue Bonds Revenue Bonds Funds
Revenues
Interest Revenues $ 2,877 $ 21,363 $ 24,240
Total Revenues 2,877 21,363 24,240
Expenditures
Debt Service:
Bond Principal Payments 125,000 70,000 195,000
Bond Interest 494,192 178,240 672,432
Total Expenditures 619,192 248,240 867,432
Excess (Deficiency) Of Revenues
Over Expenditures (616,315) (226,877) (843,192)
Other Financing Sources
Operating Transfers In 619,192 222,242 841,434
Excess (Deficiency) of Revenues And
Other Financing Sources Over Ex-
penditures And Other Financing Uses 2,877 (4,635) (1,758)
Fund Balances - Beginning Of Year 3,352 263,472 266.824
Fund Balances - End Of Year $ 6,229 $ 258,837 $ 265066
I
I
-54-
1
1 ;
1
i
This page intentionally left blank.
1
1
Ccoee
j o
0 a
O��coo0 O,
1
CAPITAL PROJECTS FUNDS
The Capital Projects Funds account for all resources used for the acquisition and/or
construction of capital facilities by the City except for those financed and accounted for in the
Proprietary and certain Fiduciary Funds.
Description of Funds
Road Construction - Accounts for the proceeds of the 1990 Transportation
Refunding and Improvement Revenue Bonds which are
being used to fund the design, construction, paving, and
improvement of roads and related drainage improvements
within the City.
City Hall/Police Depart- - Accounts for the proceeds of the 1991 Capital Improvement
1 ment Construction Revenue Bonds to fund the construction of a new City Hall
and expansion of the police department facility.
1
1
i
i
I
This page intentionally left blank.
1 .
Ocoee
# o
o
rr U
r
,,• OP GOOD`
1
I
I
1
1
I
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
SEPTEMBER 30, 1993
I
I
City Hall/ Total
Road Police Dept. Capital Project
IConstruction Construction Funds
Assets
Cash And Cash Equivalents $ 1,132 $ 37,872 $ 39,004
Investments 332,825 2,150,055 2,482,880
Receivables (Net Of Allowances
For Uncollectibles) 2,477 12,049 14,526
Due From Other Funds 17,479 12,049 29.528
Total Assets $ 353,913 $ 2,212,025 $ 2,565 938
ILiabilities And Fund Balance
Liabilities
Accounts Payable $ 120 $ 101,564 $ 101,684
Retainage Payable 10,000 7,054 17,054
IDue To Other Funds 343,793 --- 343,793
Total Liabilities 353,913 108,618 462.531
Fund Balance
I Unreserved - Designated For
Capital Projects --- 2,103,407 2,103.407
Total Liabilities And Fund Balance $ 353,913 $ 2,212,025 $ 2,565,938
-55-
a
I
1
1
} 1
1
This page intentionally left blank.
Ocoee
►.. a
,„�
r• O, GOO. J
1
CIN OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
1 ALL CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993
;t
City Hall/ Total
Road Police Dept. Capital Project
Construction Construction Funds
Revenues
Interest Revenues $ 82,093 $ 156,743 $ 238,836
Total Revenues 82,093 156,743 238,836
IExpenditures
Capital Outlay:
General Government --- 144,682 144,682
1 Public Safety --- 90,446 90,446
Physical Environment 1,319,827 --- 1,319,827
Total Expenditures 1,319,827 235,128 1,554,955
Excess (Deficiency) Of Revenues
Over Expenditures (1,237,734) (78,385) (1,316,119)
Other Financing Sources (Uses)
Operating Transfers Out (343,793) (44,103) (387,896)
Excess (Deficiency) Of Revenues
And Other Financing Sources Over
Expenditures And Other Financing
Uses (1,581,527) (122,488) (1,704,015)
Fund Balances - Beginning Of Year 1,581,527 2,225,895 3,807,422
Fund Balances - End Of Year --- $ 2,103,407 $ 2,103,1
I
-56-
I
This page intentionally left blank.
Ocoee
O o
1 ': a
0
,• OI .000 ,s
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a
manner similar to private business enterprise or where the City has decided that periodic
determination of net income is appropriate for capital maintenance, management control,
accountability, public policy, or other purposes.
Description of Funds
Water - Accounts for the operations of the City's water system which
provides water service to the residents of the City. All
activities necessary to provide such service are accounted
for in this fund.
Wastewater - Accounts for the operations of the City's wastewater collec-
tion and treatment plant which provides wastewater service.
All activities necessary to provide such service are
accounted for in this fund.
Sanitation - Accounts for the collection of commercial and residential
garbage which is disposed of at a county landfill. All
activities necessary to provide such service are accounted
for in this fund.
I
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
ALL ENTERPRISE FUNDS
SEPTEMBER 30, 1993 1
I
Total
Enterprise
Water Wastewater Sanitation Funds
ASSETS
Current Assets
Cash And Cash Equivalents $ 244,082 $ 94,895 $ 258,353 $ 597,330
Investments 529,406 --- --- 529,406
Receivables (Net Of Allowance 132,148 464,060 87,680 683,888
For Uncollectibles)
Inventory - Materials --- 22,152 --- 22,152
Total Current Assets 905,636 581,107 346,033 1.832,776
Restricted Assets
Cash And Cash Equivalents 383,433 321,828 --- 705,261
Investments 2,885,531 3,650,828 --- 6,536,359
Cash With Paying Agent 98.196 310,953 --- 409,149
Total Restricted Assets 3 367160 4 283 609 --- 7.650,769
Fixed Assets
Property, Plant And Equipment 10,470,599 13,362,047 625,868 24,458,514
Less: Accumulated Depreciation (2,943,107) (1,606,934) (327,669) (4,877,710)
Construction In Progress 55,073 2,783,598 --- 2,838,671
1
Total Fbced Assets- Net 7,582,565 14,538,711 298,199 22,419,475
Other Assets
Assessments Receivable 474,396--- -_
474,396
Unamortized Bond Issuance Costs 84,120 266,376 -- 350,496
Total Other Assets 84,120 740,772 --- 824.892
Total Assets $11,939,481, ;20,144,199 $ 644,232 $32,727,912
I
I
-57-
1
a
I
1
3
Total
1
Enterprise
Water Wastewater Sanitation Funds
UABILIT1ES AND FUND EQUITY
I Current Liabilities (Payable
from Current Assets)
Accounts Payable $ 8,721 $ 35,611 $ 91,072 $ 135,404
Accrued Expenses 33,984 33,674 16,565 84,223
Due To Other Funds 19,438 15,500 2,859 37,797
Deferred Revenue --- 69,353 --- 69,353
Obligations Under Capital Leases 10,436 9,296 67,658 87,390
IDeveloper Agreements Payable 37,913 --- -- 37,913
Total Current Uabilities (Payable
From Current Assets) 110,492 163,434 178,154 452,080
Current Liabilities (Payable From
Restricted Assets)
Retainage Payable --- 215,847 --- 215,847
Customer Deposits 387,020 -- -- 387,020
Accrued Interest Payable 72,996 231,153 --- 304,149
IRevenue Bonds Payable 25,200 79,800 --- 105,000
Total Current Uabilities (Payable
From Restricted Assets) 485,216 526,800 --- 1,012,016
Long-Term Uabilities
Revenue Bonds Payable 1,999,848 6,332,864 -- 8,332,712
Obligations Under Capital Leases 17,749 --- 161,460 179,209
Total Long-Term Liabilities 2,017,597 6,332,864 161,460 8,511,921
ITotal Liabilities 2,613,305 7,023,098 339,614 9,976,017
Fund Equity
Contributed Capital 6,706,005 12,341,699 --- 19,047,704
Retained Earnings (Deficit):
Reserved For Renewal
And Replacement 379,264 414,259 -- 793,523
Reserved for Debt Service 155,970 493,905 -- 649,875
Unreserved 2,084,937 (128,762) 304,618 2,260,793
1 Total Retained Earnings 2,620,171 779,402 304,618 3,704,191
Total Fund Equity 9,326,176 13,121,101 304,618 22,751,895
1 Total Liabilities & Fund Equity $11,939 481 $20,144,199 $ 644,232 $32,727,912
-58-
I
ThisP 9 a e intentionallyleft blank.
Ocoee
a.
ti �l
r• O� GOOD ,
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993
Total
Enterprise
Water Wastewater Sanitation Funds
Operating Revenues
User Charges $ 1,294,207 $ 1,476,462 $ 945,856 $ 3,716,525
Operating Expenses
Personal Services 542,187 372,190 335,494 1,249,871
Materials And Supplies 126,893 55,426 192,070 374,389
Heat, Light And Power 106,991 89,232 --- 196,223
Depreciation And Amortization 527,908 390,771 61,320 979,999
Write-Off of Canceled Project 71,538 --- --- 71,538
Other Expenses 125,316 147,679 84,419 357,414
Recycling Expenses --- -- 28,639 28,639
Total Operating Expenses 1,500,833 1,055,298 701,942 3,258,073
Operating Income (Loss) (206,626) 421,164 243,914 458,452
Nonoperating Revenues
1 (Expenses)
Grant Revenue --- --- 20,736 20,736
Interest Revenue 190,086 443,688 1,925 635,699
Interest Expense (118,927) (390,510) (8,962) (518,399)
Total Nonoperating Revenues
(Expenses) 71,159 53,178 13.699 138,036
Income (Loss) Before Operating
Transfers and Extraordinary Item (135,467) 474,342 257,613 596,488
Operating Transfers
Operating Transfers In 5,255 --- 3,036 8,291
Operating Transfers Out (242,106) (121,500) (114,644) (478,250)
Net Operating Transfers (236,851) (121,500) (111,608) (469,959)
Income (Loss) Before Extra-
ordinary Item (372,318) 352,842 146,005 126,529
Extraordinary Item
Loss on Extinguishment of Debt (31,959) (61,454) -- (93,413)
Net Income (Loss) $ (404,277) $ 291.388 $ 146,005 $ 33,116
Disposition Of Net Income (Loss)
Net Income (Loss) $ (404,277) $ 291,388 $ 146,005 $ 33,116
Depreciation On Contributed Assets 171,262 71,254 --- 242,516
Net Increase (Decrease) In
Retained Earnings (233,015) 362,642 146,005 275,632
Retained Earnings-Beginning of Year 2,853,186 416,760 158,613 3,428,559
Retained Earnings-End of Year $ 2,620,171 $ 779,402,E 304 618 $3,704,191
-59-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 19931
Total
Erderprise
Water Wastewater Sanitation Funds
Increase(Decrease) In Cash And Cash Equivalents: I
Cash Flows From Operating Activities:
Receipts From Customers $ 1,279,630 $ 1,151,307 $ 943,804 $ 3,374,741
Payments To Suppliers (425,738) (85,533) (225,171) (736,442)
Payments To Employees (542,207) (363,389) (334,351) (1,239,947)
Net Cash Provided By Operating Activities 311,685 702,385 384,282 1.398,352
Cash Flows From Noncapital
Financing Activities:
Net Operating Transfers In (Out) (236,851) (121,500) (111,608) (469,959)
Receipts From Grants - - 20,736 20,736
(Increase) Decrease Due From Other Funds 37,843 35,801 - 73,644
Increase (Decrease) Due To Other Funds 16,906 (9,949) 2,859 9,816
Net Cash Used In Noncapital Financing Activities (182,102) (95,648) (88,013) (365,763)
Cash Flows From Capital And Related Financing Activities:
Additions To Property, Plant And Equipment - (80,966) (654,400) (285,200) (1,020,566)
Additions To Construction In Progress (15,703) (1,692,002) - (1,707,705)
Additions to Bond Issue Costs (86,455) (273,774) - (360,229)
Proceeds from Bonds Issued 2,024,270 6,410,188 - 8,434,458
Pay-Off of Bonds (1,840,000) (8,320,000) - (10,160,000)
Principal Paid On Leases (9,418) (14,699) (75,288) (99,405)
Interest Paid On Bonds and Leases (88,330) (395,764) (8,962) (493,056)
Proceeds from Capital Leases - 285,200 285,200
Capital Contributions 612,700 759,444 - 1,372,144
Cash Received On Assessments Receivable - 63,001 63,001
Decrease In Developer Agreements Payable (78,974) (118,644) - (197,618)
Net Cash Provided(Used) In Capital And
Related Financing Activities 437,124 (4,236,650) (84,250) (3,883,776)
Cash Flows From Investing Activities:
Sale (Purchase) Of Investments (407,249) 3,421,483 - 3,014,234
Interest On Investments 190,086 443,688 1,925 635,699
Net Cash Provided(Used) In Investing Activities (217,163) 3,865,171 1,925 3,649,933
Net Increase In Cash And Cash Equivalents 349,544 235,258 213,944 798,746
Cash And Cash Equivalents At Beginning Of Year 376,167 492,418 44,409 912,994
Cash And Cash Equivalents At End Of Year $ 725,711 $ 727,676 $ 258,353 L1711.7.1,0
Classified As: I
Current Assets $ 244,082 $ 94,895 $ 258,353 $ 597,330
Restricted Assets 481,629 632,781 - 1.114,410
Total $ 725,711 $ 727,676 $ 258,353 $1,711,740
-60-
I
I
Total
Erderpdse
Water Wastewater Sanitation Funds
I Reconciliation Of Operating Income(Loss)To Net
Cash Provided By Operating Activities:
Operating Income(Loss) $ (206,626) $ 421,164 $ 243,914 $ 458,452
Adjustments Not Affecting Cash:
Depreciation 525,573 383,373 61,320 970,266
Amortization 2,335 7,398 - 9,733
Provision For Uncollectible Accounts 700 12,900 5,400 19,000
Loss on Disposition of Equipment - 1,034 - 1,034
Write-Off of Canceled Project 71,538 - - 71,538
Other 206 - - 206
Change In Assets And Liabilities:
(Increase) Decrease In Accounts Receivable (14,577) (325,155) (2,052) (341,784)
Increase (Decrease) In Accounts Payable (107,396) 12,446 74,557 (20,393)
Increase (Decrease) In Accrued Expenses (20) 8,801 1,143 9,924
Increase(Decrease) In Retainage Payable (27,356) 179,659 - 152,303
Increase(Decrease) In Deferred Revenue - 765 - 765
Increase(Decrease) In Customer Deposits 67.308 - - 67,308
3 Total Adjustments 518,311 281,221 140,368 939,900
Net Cash Provided By Operating Activities $ 311.685 $� $ 384,282 $ 1,398,352
I
Noncash Investing,Capital And Financing Activities:
Contributed Property, Plant,And Equipment $ 94,171 $ $ 217,468
I
I
I
I
-61-
i
i
This page intentionally left blank.
Ocoee
.4/Rit
n
o
o, a000
TRUST AND AGENCY FUNDS
Expendable, Nonexpendable and Pension Trust Funds are used to account for assets held by
the City in a fiduciary capacity for individuals, governmental entities and others. Such trust funds
are operated by carrying out specific terms of trust indentures, statutes, ordinance, grant
requirements, or other governing regulations. The Agency Funds are used to account for assets
held by the City as agent for City employees.
Description of Funds
Expendable Trust Funds
HAC/Prairie Road Fund - Accounts for fund designated for improvement to HAC/Prairie
Road.
Nonexpendable Trust Funds
Cemetery Perpetual Care
Fund - Accounts for all proceeds received by the City for mainte-
nance of the City's cemetery.
Pension Trust Funds
General Employees - Accounts for the accumulation of resources to be used for
retirement annuity payments at appropriate amounts and
times in the future for employees of the City, except police
officers and firefighters.
Police and
Firefighters - Accounts for the accumulation of resources to be used for
retirement annuities of all police officers and firefighters. The
State contributes funds based upon the number of police
officers and firefighters and the City and employees contribute
the balance as determined by an actuarial study.
Agency Funds
Deferred Compensation
Plan - Accounts for the accumulation of resources to be used for
retirement payments at appropriate amounts and times in the
future for employees of the City in accordance with the
provisions of Internal Revenue Code Section 457.
1
i
1
1
1
ThisP 9 a e intentionallyleft blank.
1-Ocoee
o Cia
l 0 1
p
ti r
O, coop
1
1
CITY OF OCOEE, FLORIDA
COMBINING BALANCE SHEET
TRUST AND AGENCY FUNDS
1 SEPTEMBER 30, 1993
Expendable Nonexpendable Pension Trust
Trust Fund Trust Fund Funds Aciency Fund
HAC/Prairie Cemetery Police Deferred
Road Perpetual General And Compensation
Fund Care Fund Employees Firefighters Deferred
Totals
Assets
Cash And Cash
Equivalents $ 53,374 $ 12,704 $ -- $ - $ - $ 66,078
Investments - 25,000 864,628 891,868 407,489 2,188,985
Receivables-Net - - 44,401 72,811 - 117,212
ITotal Assets $ 53,374 $ 37,701 $ 909,029 $ 964,679 f____10121,119. $2,372,275
Liabilities And Fund
Balance
Liabilities
Accounts Payable $ 684 $ - $ - $ - $ - $ 684
Deferred Compensation
Payable - - - - 407,489 407,489
Total Liabilities 684 - - 407,489 408,173
Fund Balances
Reserved For Employees'
I Retirement System - - 909,029 964,679 - 1,873,708
Reserved For Other Projects 52,690 37,704 - -- - 90.394
Total Fund Balances 52,690 37,704 909,029 964,679 - 1,964,102
Total liabilities And
Fund Balances $ 53,374 $ 37,704 $ 909,029 $ 964,679 $ 407,489 $2,372,275
I
I
I
-62-
CITY OF OCOEE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES 1
IN FUND BALANCE
NONEXPENDABL E AND PENSION TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1993
i
Nonexpendable 1
Trust Fund Pension Trust Funds
Cemetery Perpetual General Police And
Care Fund Employees Firefighters Totals
Operating Revenues 1
Contributions $ --- $ 279,977 $ 402,707 $ 682,684
Cemetery Lot Sales 11,300 --- --- 11,300
Revenue Earned On Investments 1,882 45.183 40,541 87.606
Total Operating Revenues 13,182 325,160 443.248 781.590
Operating Expenses ---
Benefit Payments 23,881 1,362 25,243
Administrative Expenses --- 16,520 19,117 35,637
Total Operating Expenses --- 40,401 20,479 60,880
Net Income 13,182 284,759 422,769 720,710 1
Fund Balance- Beginning Of Year 24,522 624,270 541.910 1,190,702 1
Fund Balance-End Of Year $ 37,704 $ 909,029 964 679 $ 1,911,412 1
1
1
-63- 1
3
CITY OF OCOEE, FLORIDA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1993
Balance Balance
October 1, Sept. 30,
1992 Additions Deductions 1993
Deferred Compensation
Assets:
Investments $ 318,910 $ 1.15,523 $ 26,944 $ 407,489
Liabilities:
Deferred Compensation
Payable $ 318,910 115,523 $ 26,944 $ 407,489
1
-64-
I
This page intentionally left blank.
1
Ocoee
X§ # 0
� a
v D
,it•
Goo. '
1
1
1
i
i
1
1
1
1
ACCOUNT GROUPS
General Fixed Assets
Account Group - To account for all fixed assets of the City, other than those
accounted for in the Enterprise Funds.
This page intentionally left blank.
Ocoee
ci
(4:5 .00Goop
I
CITY OF OCOEE, FLORIDA
ISCHEDULE OF GENERAL FIXED ASSETS -BY FUNCTION AND ACT VRY
FOR THE YEAR ENDED SEPTEMBER 30, 1993
I
Culture
General Public Physical And
Government Safety Environment Recreation Total
Land $ 153,792 $ 40,793 $ 485,151 $ 357,371 $ 1,037,107
Buildings 183,730 286,000 262 281,488 751,480
Improvements 158,155 57,398 21,370 456,864 693,787
Equipment 374,092 1,018,588 469,216 54,255 1,916,151
Construction In Progress 212,218 136,815 --- 1,609 350,642
ITotal $ 1,081,987 ; 1,539,594 $ 975 999 $ 1,151,587 $4,749,167,
I
IBalance Balance
10-01-92 Additions Deletions 09-30-93
General Government $ 857,854 $ 351,201 $ 127,068 $ 1,081,987
Public Safety 1,270,333 287,101 17,840 1,539,594
Physical Environment 917,621 58,378 --- 975,999
Culture & Recreation 1,161,983 6,604 17,000 1,151,587
Total $ 4,207,791 $ 703,284 $ 161,908 $4,749,167
I
I
di
I
I
illi
-65-
1
1
1
1
1
This page intentionally left blank.
Ocoee
�
Xu a
Citi cru
r• Oi GOOO '�
1
,,.
1
SUPPLEMENTARY INFORMATION
Supplementary information is presented to provide greater detailed infor-
mation deemed useful for clarity. It is not necessary for presentation in
conformity with generally accepting accounting principles.
!
This page intentionally left blank.
Ocoee
o � o
Xu 0 a
v O '
'4 01 c000 ��,`�
1
CITY OF OCOEE, FLORIDA
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
COMPARATIVE SUMMARY OF REVENUES
BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS
I
Revenues By Source
Employer Contributions
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total
1984-1985(1) N/A N/A N/A N/A N/A
1986 (2) $ 44,219 3.61% $ --- $ 44,219
1987 (2) 73,165 4.58% 1,908 75,073
1988 (2) 84,869 5.30% 7,274 92,143
1989 (2) 72,429 3.68% 20,377 92,806
1990 (2) 111,562 4.53% 28,211 139,773
1991 (2) 94,952 3.36% 32,627 127,579
1992 $ 103,361 183,911 8.90% 21,887 309,159
1993 102,876 177,101 8.57% 45,183 325,160
I
Expenses By Type
Fiscal Administrative
Year Benefits Refunds Expenses Total
di 1984-1985(1) N/A N/A N/A N/A
1986 $ --- $ --- $ --- $
---
1987 1,946 --- 1 1,947
1988 1,573 --- 9 1,582
1989 --- --- 31 31
1990 5,912 --- 95 6,007
1991 --- --- 7,933 7,933
1992 12,018 --- 16,800 28,818
1993 23,881 --- 16,520 40,401
(1) The Plan was effective as of October 1, 1985.
iii
(2) Prior to October 1, 1991, City employees were not permitted to contribute to the Plan.
dik
-66-
CITY OF OCOEE, FLORIDA
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
COMPARATIVE SUMMARY OF REVENUES
BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS
I
Revenues By Source
Employer Contributions
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total
I
1984-1991(1) N/A N/A N/A N/A N/A
1992 85,755 246,180 14.35% $ 15,157 $ 347,092 1
1993 94,230 308,477 18.30% 40,541 443,2481
I
I
Expenses By Type
Fiscal AdministrativeI
Year Benefits Refunds Expenses Total
1984-1991(1) N/A N/A N/A N/A I
1992 $ --- $ --- $ 15,346 $ 15,346
1
1993 1,362 --- 19,117 20,479
I
I
(1) The Plan was effective as of October 1, 1991.
1I
-67-
1
CITY OF OCOEE. FLORIDA
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
I
(4)
Unfunded (Assets
(1) (2) (3) In Excess Of)
Net Assets Pension Percentage Of Pension Benefit
Fiscal Available Benefit Funded Obligation
Year For Benefits Obligation (1)/(2) (2) - (1)
1984-1987(1) N/A N/A N/A N/A
1988 $ 117,345 $ 171,911 68.30% $ 54,566
1989 207,697 221,443 93.80% 13,746
1990 300,472 291,303 103.15% (9,169)
1991 434,238 367,176 118.30% (67,062)
1992 341,619 882,951 38.70% 541,332
1993 643,547 1,117,500 57.60% 473,953
I
Unfunded (Assets
in Excess of)
Pension Benefit
Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
Year Payroll (4)/(5)
1984-1987 (1) N/A N/A
1988 $ 1,967,766 2.77%
1989 2,462,828 .56%
1990 2,829,357 (.32%)
1991 2,067,220 (3.24%)
1992 2,246,670 24.10%
1993 2,066,674 22.93%
(1) The Plan was effective as of October 1, 1985 and there was no actuarial report available
as of October 1, 1986.
I
-68-
I
CITY OF OCOEE, FLORIDA
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
I
(4)
Unfunded (Assets
(1) (2) (3) In Excess Of)
Net Assets Pension Percentage Of Pension Benefit
Fiscal Available Benefit Funded Obligation
Year For Benefits Obligation (1)/(2) (2) - (1)
1984-1991(1) N/A N/A N/A N/A
1992 210,164 923,367 22.76% $ 713,203
1993 555,482 1,271,372 43.69% 715,8901
I
I
(6)
Unfunded Pension
Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
Year Payroll (4)/(5)
1984-1991 (1) N/A N/A
I
1992 $ 1,382,151 51.60%
1993 1,685,482 42.47%
I
(1) The Plan was effective as of October 1, 1991.
1I
-69-
CITY OF OCOEE, FLORIDA
I SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WATER O & M FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1993
IVariance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
User Charges $ 1,218,550 $ 1,294,207 $ 75,657
I Nonoperating Revenues
Interest Revenues 35,000 58,056 23,056
Miscellaneous 1,600 --- (1,600)
I Operating Transfers In 129,750 5,255 (124,495)
Retained Earnings Allocation 376,167 --- (376,167)
542,517 63.311 (479,206)
Total Revenues $ 1,761,067 $ 1,357,518 $ (403,549)
I
Operating Expenses
P 9 P
Personal Services $ 528,704 $ 502,562 $ 26,142
Materials And Supplies 82,975 80,296 2,679
Heat, Light And Power 112,750 106,991 5,759
Other Expenses 168,985 106,946 62,039
893,414 796,795 96,619
INonoperating Expenses
Operating Transfers Out 759,429 615,817 143,612
Capital Outlay 74,859 68,767 6,092
Loss on Bond Refunding 33,365 31,959 1,406
867.653 716.543 151.110
Total Expenses $1,761,067 $1,513,338 $ 247,729
1
1 (1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds.
2
-70-
I
CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WASTEWATER 0 & M FUND 1
FOR THE YEAR ENDED SEPTEMBER 30, 1993
1
Variance I
Favorable
Budget Actual (Unfavorable)
I
Operating Revenues
User Charges $ 1.347,000 $ 1,476,462 $ 129.462 I
Nonoperating Revenues
Interest Revenues 12,500 12,979 479
Miscellaneous 100 --- (100)
Operating Transfers In 505,400 --- (505,400) 1
Retained Earnings Allocation 492,418 --- (492,418)
1.010.418 12.979 (997.439) 1
Total Revenues $ 2357,418 $ 1,489,441 $ (867,977)
Operating Expenses P 9 P
Personal Services $ 389,833 $ 372,190 $ 17,643
Materials And Supplies 68,680 54,782 13,898 1
Heat, Light And Power 141,360 89,232 52,128
Other Expenses 439,820 111,379 328.441
1,039,693 627,583 412.110
1
Nonoperating Expenses
Operating Transfers Out 1,194,400 470,502 723,898
Capital Lease Payments 16,500 15,114 1,386
Capital Outlay 45,370 32,806 12,564
Loss on Bond Refunding 61,455 61,455 --
1,317,725 579,877 737,848
Total Expenses $2,357,418 $1,207 460 $ 1,149,958 1
I
(1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds. I
-71-
I
CITY OF OCOEE, FLORIDA
ISCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
SANITATION FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1993
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
User Charges $ 844,800 $ 945,856 $ 101.056
Nonoperating Revenues
Interest Revenues 1,000 1,925 925
Operating Transfers In 5,000 3,036 (1,964)
Recycling Grant 22,000 20,736 (1,264)
Retained Earnings Allocation 44,409 ---
(44.409)
1 72,409 25,697 (46,712)
Total Revenues $ 917,209 $ 9. 71,553 54 34.4
Operating Expenses
P 9 P
Personal Services $ 343,463 $ 335,494 $ 7,969
Materials And Supplies 219,896 192,070 27,826
Other Expenses 120,869 84,419 36,450
1 Recycling Expenses 22,500 28,639 (6.139)
66
706,728 640,622 ,106
Nonoperating Expenses
Operating Transfers Out 113,431 114,644 (1,213)
Capital Outlay 3,050 1,213 1,837
Capital Lease Payments 94.000 84,250 9,750
210,481 200,107 10.374
Total Expenses 917 209 , 840,72g $ 76,480
1
-72-
1
1
1
1
1
1
This page intentionally left blank.
Ocoee
X►� n
tf „#V
0/ 6000
1
STATISTICAL SECTION
The statistical schedules differ from other financial statement presenta-
tions because they generally disclose more than one fiscal year and may
present non-accounting data, such as social and economic data and
financial trends of the City.
}
I
I
I
I
I
1
ThisP 9 a e intentionallyleft blank.
Ocoee
1
o � o
X�► WIF a
v p
or coo.
1
1
I .
1
1
STATISTICAL SECTION
UST OF SCHEDULES
General Governmental Expenditures and Other Financing Uses
General Governmental Revenues and Other Financing Sources
Tax Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates and Tax Levies Direct and Overlapping Governments
Special Assessment Collections
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt per
Capita
Legal Debt Margin
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
1
CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES 1
AND OTHER FINANCING USES
LAST TEN FISCAL YEARS
1
I
Fiscal Total w General Public Physical 1
Year Expenditures % Government % Safety % Environment
1984 $ 2,299,349 100.0 $ 546,881 23.8 $ 813,139 35.4 $ 680,581
1985 3,248,982 100.0 831,174 25.6 1,243,920 38.3 740,772 1
1986 2,962,418 100.0 657,239 22.2 1,484,168 50.1 602,159 1
1987 3,261,035 100.0 846,360 26.0 1,796,761 55.1 281,576 "
1988 3,838,373 100.0 1,113,825 29.0 2,016,496 52.5 262,939 1
1989 3,748,802 100.0 953,004 25.4 1,953,951 52.2 271,390
1990 5,060,097 100.0 1,478,026 29.2 2,600,066 51.4 565,066 1
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 1
(a) This schedule includes expenditures of the General Fund only. I
(b) For the years 1987 through 1989, a special revenue fund was set up to account for the County Six-Cent Local
Option Gas Tax and the State Revenue Sharing 8th-Cent Motor Fuel Tax. These revenues must be used for
roads and streets. In all other years, expenditures for roads and streets are included in the General Fund
Physical Environment Expenditures.
(`) Beginning 1992, debt service on capital leases was reported as an expenditure of the General Fund. Prior I
to 1992, these debt service amounts were transferred to the Debt Service Fund and reported as an expendi-
ture in the Debt Service Fund.
1
I
I
I
-73- 1
I
I
I
Loss On
Permanent
Decline In
I Culture And Debt Transfers To Of Market-
Other Funds % able Security %
29.6 $ 154,765 6.7 $ --- -- $ 103,983 4.5 --- -
1
22.8 151,050 4.6 --- --- 212,066 6.5 70,000 2.2
20.3 127,335 4.3 --- --- 91,517 3.1 --- ---
8.6 199,718 6.1 --- --- 136,620 4.2 --- -
1 6.9 166,532 4.3 --- --- 278,581 7.3 --- ---
7.2 175,643 4.7 --- -- 394,814 10.5 --- ---
1
11.2 202,206 4.0 --- --- 214,733 4.2 --- ---
11.8 167,749 2.7 --- --- 681,279 10.8 --- --
11.1 152,762 2.4 41,626 4`) .7 942,438 14.9 --- --
1 13.5 179,232 2.7 79,723 1.2 509,572 7.6 --- ---
I
I
I
I
di
-74-
I
CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL REVENUES
AND OTHER FINANCING SOURCES
LAST TEN FISCAL YEARS
1
I
Licenses Inter-
Fiscal Total w And Governmental
Year Revenues % Taxes % Permits % Revenues %
1984 $ 2,452,436 100.0 $ 957,284 39.0 $ 50,310 2.1 $ 1,172,765 47.8
1985 2,756,918 100.0 1,053,785 38.2 85,205 3.1 1,335,812 48.5 I
1986 2,957,068 100.0 1,189,915 40.2 109,843 3.7 1,442,938 48.8
1
1987 2,746,881 100.0 1,248,182 45.4 123,255 4.5 1,098,703 rot 40.0
1988 3,200,750 100.0 1,362,805 42.6 137,009 4.3 1,300,030 40.6
I
1989 3,957,983 100.0 1,508,606 38.1 227,241 5.7 1,685,641 42.6
1990 5,027,968 100.0 1,967,285 39.1 591,160 11.8 1,890,285 37.6 I
1991 5,845,228 100.0 2,328,029 39.8 587,064 10.0 1,844,812 31.7
1992 6,981,337 100.0 2,631,241 37.7 488,522 7.0 1,967,790 28.2
1993 7,161,664 100.0 3,018,139 42.1 612,036 8.5 2,216,879 31.0
f
(a) This schedule includes revenues of the General Fund only. I
ro> For the years 1987 through 1989, a special revenue fund was set up to account for the County Six-Cent Local
Option Gas Tax and the State Revenue Sharing 8th-Cent Motor Fuel Tax. These revenues must be used for roads I
and streets. In all other years, these revenues were included in General Fund Intergovernmental Revenues.
E
I
I
I
I
I
-75-
I
Charges Other
For Fines And Interest Misc. Financing
Services % Forfeitures % Revenue % Revenue % Sources %
$ 36,877 1.5 $ 56,140 2.3 $124,524 5.1 $ 54,536 2.2 $ --- ---
1
48,197 1.7 41,826 1.5 140,515 5.1 51,578 1.9 -- --
34,632 1.2 81,048 2.7 71,532 2.4 27,160 1.0 --- ---
37,500 1.4 80,277 2.9 64,699 2.4 75,230 2.7 19,035 0.7
54,479 1.7 103,316 3.2 24,428 .8 53,518 1.7 165,165 5.1
65,087 1.6 105,894 2.7 6,920 .2 104,779 2.7 253,815 6.4
66,231 1.3 105,927 2.1 17,097 .3 98,723 2.0 291,260 5.8
94,690 1.6 81,615 1.4 7,825 .1 18,395 .3 882,798 15.1
76,923 1.1 97,184 1.4 11,045 .2 165,148 2.3 1,543,484 22.1
83,404 1.2 83,583 1.2 28,339 .4 64,096 .9 1,055,188 14.7
I
I
I
w
iiii
-76-
t
I
CITY OF OCOEE, FLORIDA 1
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
I
I
Fiscal Property Franchise Utility Total
1
Year Taxes Taxes Taxes Taxes
1984 $ 260,037 $ 280,362 $ 416,885 $ 957,284 1
r
1985 286,681 294,504 472,600 1,053,785 1
1986 357,048 320,369 512,498 1,189,915
1987 392,536 315,269 540,377 1,248,182 1
1988 471,349 335,969 555,487 1,362,805
1989 567,410 353,007 588,189 1,508,606 1
1990 844,080 433,529 689,676 1,967,285 1
1991 1,061,160 498,617 768,252 2,328,029
1992 1,295,309 571,072 764,860 2,631,241 1
1993 1,455,968 666,811 895,360 3,018,139
I
4
I
I
I
I
1
I
-77-
I
3
3CRY OF OCOEE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
REAL AND BUSINESS TANGIBLE PERSONAL PROPERTY
LAST TEN FISCAL YEARS
Percentage
Total Total Of Total Col-
Fiscal Tax Tax lections To
Year Levy Collections Delinquent Tax Levy
1984 $ 264,943 $ 260,037 $ 780 98.15
1985 295,949 286,681 1,263 96.87
1986 372,913 357,048 4,683 95.75
1987 405,448 392,536 1,568 96.82
1988 490,488 471,349 5,228 96.10
1 1989 588,036 567,410 3,279 96.49
1990 847,080 844,080 3,000 99.65
1991 1,064,847 1,061,160 3,687 99.65
1992 1,338,563 1,295,309 4,745 96.77
1993 1,503,231 1,455,968 4,941 96.86
I
I
a
w
S
-78-
I
CITY OF OCOEE, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
NET OF EXEMPTIONS
LAST TEN FISCAL YEARS
1
I
Real Property Personal Property I
Fiscal Assessed Estimated Assessed Estimated
Year Value Actual Value Value Actual Value
1984 $ 66,174,334 $ 66,174,334 $ 8,952,929 $ 16,367,329 1
1985 72,498,499 72,498,499 9,827,873 17,549,773 1
1986 85,087,900 85,087,900 10,314,135 18,316,702
1987 107,665,821 107,665,821 10,423,536 18,412,888 1
1988 126,876,147 126,876,147 12,708,713 22,437,700
1989 180,610,206 180,610,206 16,583,819 30,300,000 1
1990 198,284,327 198,284,327 20,307,367 36,922,000 1
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 1
1993 343,180,649 343,180,649 32,627,218 32,627,218
I
I
1
I
I
I
I
1
-79-
Assessed TotalsEstimated
Value Actual Value
$ 75,127,263 $ 82,541,663
82,326,372 90,048,272
95,402,035 103,404,602
118,089,357 126,078,709
139,584,860 149,313,847
197,194,025 210,910,206
218,591,694 235,206,327
273,650,322 287,200,145
334,640,837 350,755,279
375,807,867 375,807,867
6
-80-
CITY OF OCOEE, FLORIDA
PROPERTY TAX RATES AND TAX LEVIES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Millage Rates ($ per$1,000 of taxable value)
I
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1984 3.17 4.4148 6.840 14.4248
1985 3.14 4.1166 6.730 13.9866 1
1986 3.14 4.9611 7.280 15.3811
1987 2.90 4.5144 7.550 14.9644 1
1988 2.80 4.5144 7.347 14.6614
1
1989 4.00 5.2889 8.414 17.7029
1990 4.00 5.2889 8.271 17.5599 1
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919 1
1993 4.00 5.2889 8.930 18.2189
Tax Levies
Fiscal City Of Orange School
Year Ocoee County Board Total (a) I
1984 264,943 50,008,342 77,479,675 127,752,960
1
1985 295,949 53,038,661 86,809,207 140,143,817
1986 372,913 78,518,523 115,266,880 194,158,316 1
1987 405,448 82,967,403 138,756,875 222,129,726
1988 490,488 106,584,419 180,932,152 288,007,059 1
1989 588,036 135,534,312 215,618,692 351,741,040
1990 847,080 155,011,166 242,412,856 398,519,692
1991 1,064,847 166,541,712 287,746,102 455,438,361 1
1992 1,338,563 170,859,789 290,845,109 463,043,461
1993 1,503,231 174,905,763 280,973,951 457,382,945 1
(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.
-81- I
to
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.
1
a
a
w
iiiie
a
-82-
CITY OF OCOEE, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
I
Debt Ratio Of
Gross Service Net Net Bonded Net Bonded
Fiscal Assessed Bonded Funds Bonded Debt To Debt Per
Year Population Value Debt Available Debt Assessed Value Capita
1984 10,645 $ 75,127,263 $ --- $ --- $ --- $ --- $
1985 10,682 82,326,372 --- --- --- --- ---
I
1986 11,135 95,402,035 --- --- --- --- ---
1987 11,552 118,089,357
1988 11,765 139,584,860 --- -- --- --- ---
1989 11,822 197,194,025 --- --- --- --- w.
1990 13,852 218,591,694 --- --- --- --- —
1
1991 14,926 273,650,322 --- --- --- --- ---
1992 15,107 334,640,837 --- --- --- --- --- I
1993 16,418 375,807,867 --- --- --- --- --
I
Note: The City of Ocoee does not have any general obligation debt which is being repaid through general
property taxes.
I
I
I
I
-83- I
CITY OF OCOEE, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 1993
a
7
I
Assessed Value $ 375,807 867
Debt Limit: 50% of Assessed Value $ 187,903,934
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 17,650,000
Legal Debt Margin $ 170253934
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.
a
•
a
a
a
a
a
a
-84-
I
CfTY OF OCOEE, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
SEPTEMBER 30, 1993
Applicable To
Bonds City Of Ocoee
Government Unit Outstanding Percent (1) Amount
Library District Expansion Bonds -
Series 1986 $ 18,000,000 1.14% $ 205,200
Total Overlapp9 in Debt 205,200
Total Direct Debt (2)
Total Direct and
Overlapping Debt $ 205,200
(1) Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Ocoee.
repaid The City of Ocoee does not currently have any general obligation debt which is being p aid throw gh
general property taxes.
1
1
it
1
{ 1
1
-85- 1
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
I
Ratio Of
Total Debt Service
General To Total
Fiscal Total Debt Expenditures General
Year Principal Interest Service (2) Expenditures
1984-
1987(1) N/A N/A N/A N/A N/A
1988 $ 3,706 $ 141,164 $ 144,870 $4,203,281 3.45%
1989 74,505 148,954 223,459 3,736,285 5.98%
1 1990 213,655 176,530 390,185 5,582,919 6.99%
1991 105,000 589,760 694,760 7,932,070 8.76%
1992 185,000 683,333 868,333 9,407,854 9.23%
1993 195,000 672,432 867,432 9,149,346 9.48%
1 (1) The City of Ocoee did not have any General Obligation Bonded Debt during these years.
(2) Includes General, Special Revenue, Debt Service, Capital Projects, and Expendable Trust
Funds.
a
-86-
al
I
CITY OF OCOEE, FLORIDA I
REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
1
WATER AND WASTEWATER REVENUE BONDS
1
I
Water Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(21 Expenses(3) Debt Service Principal Interest Total Coverage 1
1984-
1989(1) N/A N/A N/A N/A N/A N/A N/A
1990 $ 1,019,746 $ 629,387 $ 390,359 $ --- $ 98,090 $ 98,090 3.98
1991 $ 1,244,492 $ 737,261 $ 507,231 $ --- $ 129,720 $ 129,720 3.91 1
1992 $ 1,467,315 $ 830,328 $ 636,987 $ --- $ 141,567 $ 141,567 4.50
1
1993 $ 1,484,293 $ 972,925 $ 511,368 $ --- $ 117,850 $ 117,850 434
I
Wastewater Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(31 Debt Service Principal Interest Total Coverage
1984-
1987(1) N/A N/A N/A N/A N/A N/A N/A
1988 $ 789,607 $ 334,548 $ 455,059 $ --- $308,951 $ 308,951 1.47 1
1989 $ 1,156,111 $ 435,039 $ 721,072 $ --- $491,411 $ 491,411 1.47
I
1990 $ 1,346,151 $ 519,561 $ 826,590 $ --- $374,692 $ 374,692 2.38
1991 $ 1,494,661 $ 579,698 $ 914,963 $ - $586,560 $ 586,560 1.56 1
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 1
(1) The City of Ocoee did not have any Revenue Bond Debt in this fund during these years.
Total revenues (includinginterest andgain on sale of roeplant and equipment).
'
(2) o property,rtY�
(3) Excludes depreciation, amortization and interest expense.
I
-87-
I
I
CITY OF OCOEE, FLORIDA
DEMOGRAPHIC STATISTICS
I
Population
City of Ocoee Orange County
Year Population
% Increase Population % Increase
1984 10,645 3.2% 530,424 4.5%
1985 10,682 .3 554,659 4.6
1986 11,135 4.2 577,856 4.2
1987 11,552 3.7 603,074 4.4
1988 11,765 1.8 623,425 3.4
1989 11,822 .5 653,982 4.9
1990 13,852 17.17 665,312 1.7
1991 14,926 7.75 677,491 1.8
1992 15,107 1.21 698,847 3.2
1993 16,418 8.68 727,780 4.1
Population Projections
IOrange State Of
Year County Florida
1993 727,780 13,444,400
2000 874,380 15,789,300
Population Distribution by Age
T
it
Orange State Of
Year County Florida
0-14 20.8% 13.6%
15-24 16.0% 14.1%
25-44 35.3% 26.6%
45-64 17.3% 26.9%
65 and over 10.6% 18.8%
: Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly, Second Quarter, 1993
-88-
a
I
CrIY OF OCOEE, FLORIDA
I
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN CALENDAR YEARS
I
I
Residential Construction (a) Commercial (a)
Number of Units Construction
One- Multi-
Year Family FamilyValue Value
1984 62 46 $ 3,449,000 $ 1,014,000
I
1985 139 --- 6,475,000 5,273,000
1986 116 6 6,572,000 2,138,000 I
1987 118 6 5,610,000 9,553,000
1
1988 143 14 9,291,000 2,339,000
1989 239 6 14,656,699 8,183,652
I
1990 297 265 30,956,225 8,585,195
1991 314 10 26,453,025 36,322,749 1
1992 438 0 36,622,069 1,040,010
1993 411 0 36,188,257 5,667,958 I
I
(a) Source: City of Ocoee Building Department. I
(b) Source: Florida Bankers Association. Amounts for 1978-1986 are as of December 31;thereafter amount
is as of September 30. Bank deposits are for entire Orange County.
I
(c) Source: Federal Home Loan Bank Board Research Department. Amounts for 1978-1983, 1986 and 1987
are as of June 30. 1984 and 1985 amounts are as of December 31. Source for 1990 is Florida t
Bankers Association. Amount is as of September 30. Savings and Loan deposits are for entire
Orange County.
I
I
I
-89- '
I
I
I
Bank Deposits
Additions/ (a) (In thousands)
I Alternations Savings
Total And
Value Value (a) Banks (b) Loans (c)
I $ 509,000 $ 4,972,000 $ 3,243,587 $ 1,890,968
1,415,000 13,163,000 3,951,142 2,239,660
1 428,000 9,138,000 4,449,184 2,180,242
1 983,000 16,146,000 4,195,881 2,315,245
1,107,876 12,737,876 4,530,190 2,501,530
1,012,399 23,852,750 4,888,783 3,050,283
780,078 40,321,498 5,524,771 1,803,816
1,618,759 64,394,533 5,648,154 1,568,318
546,550 38,208,629 5,614,174 2,936,546
1,908,581 43,764,796 5,743,997 1,133,135
I
iii
VP
-90-
a
1
1
1
1
1
This page intentionally left blank.
1
EII
coee
o
a
1
1 )
1
CITY OF OCOEE, FLORIDA
SCHEDULE OF TEN LARGEST TAXPAYERS
SEPTEMBER 30, 1993
Taxpayer Type of Business Valuation Percentage
1 1. Oak Forest Partners, Ltd Developer $ 9,125,194 2.4%
2. Good Homes Plaza, Inc. Shopping Center 8,589,884 2.3 %
3. Florida Auto Auction Auto Auction 7,166,790 1.9 %
4. Towne Square Associates Shopping Center 6,422,341 1.7 %
5. Arvida/JMB Partners Developer 6,065,598 1.6 %
6. Westlake Partners, Ltd. Developers 5,834,141 1.6 %
7. BSL Investors II Developer 5,312,012 1.4 %
8. Sysco Corporation Food Distribution 4,905,736 1.3 %
a
9. Mocny Ralph (Holiday Inn) Motel 3,845,020 1.0 %
10. Ocoee Health Care Partners Health Care 3,260,156 .9 %
yTotal Taxable Assessed Value
ri of 10 Largest Taxpayers 60,526,872 16.1 %
Total Taxable Assessed Value of
Other Taxpayers 315,280,995 83.9 %
Total Taxable Assessed Value of
All Taxpayers $ 375,807,867 1000.0%
d
a
a
U.
it -91-
E
IN
1
CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1993
1
Date Of Incorporation May 13, 1925 I
City Charter Adopted November 8, 1988
Commission Composed of: 1 Mayor, 4 Commissioners
Terms Of Office:
Mayor 2 years
Commissioners 2 years
City Manager Appointed I
Areas Of City 14 Square Miles
Municipal Employees 170 I
Elections:
Registered Voters 5,672
Votes Cast In Last Municipal Elections 2,411
Miles of Streets, Sidewalks And Bike Paths
Streets - Paved 69.0 miles
Streets - Unpaved 3.2 miles
Streets - Brick 1.1 miles
Sidewalks 52.0 miles I
Bike Paths .5 miles
Fire Protection:
Stations 2
Employees 28
Police Protection:
Stations 1
Employees 40
Vehicular Patrol Units: I Patrol Cars 10
Other Vehicles 13
Recreation: 1
Community Center 1
Youth Center 1
Athletic Fields 8 1
Tennis Courts 7
Racquetball Courts 2
Shuffleboard Courts 2
5 '
City Playgrounds And Passive Parks
Parks and Recreation Developed Areas 2
1
-92-
CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA-CONTINUED
SEPTEMBER 30, 1993
Water System
Miles Of Water Mains 89.04
Daily Average Consumptions (Gallons) 2.9 MGD
Plant Capacity (Gallons) 10.94 MGD
Service Connections 5,574
Deep Wells 5
Fire Hydrants 473
Sewer System
Miles Of Sanitary Sewers 33.23
Lift Stations 24
Daily Average Treatment 855,000 GPD
Plant(s) Capacity (MGD) 3.0
Disposal Plants 1
•
w
41111
-93-
1
CITY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE
SEPTEMBER 30, 1993
1
Buildings And Personal Property:
Multi-period, "all risk'
100% Of Replacement Value Stated Values
Blanket Building Coverage $ 5,795,000
Blanket Contents Coverage 331,000
Boiler& Machinery 6,000,000
Inland Marine - Computer 265,404
Inland Marine - Equipment 224,500
Valuable Papers 150,000 ,
Radio Equipment 121,459
Comprehensive General Liability: 1
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
Automobile Liability:
Combined Single Limit $ 1,000,000/$ 2,000,000
Uninsured Motorist $ 30,000 1
Law Enforcement Liability: i
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
Blanket Fidelity $ 50,000
Public Official Errors & Omission Insurance $ 2,500p er Loss Deductible
{
Aggregate $ 2,000,000/$2,000,000
Worker's Compensation Statutory
1
1
-94-
•
REPORTS ON INTERNAL CONTROL AND COMPLIANCE
IP
Ii
a
11:
•
aris
A".
aio
I
1
I
I
I
1 .
a 1
This page intentionally left blank.
I
Ocoee
1
# o
a
_3$
ti �r
• o, coop 's,
.
1
1
1
CDIRNIIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT 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, 1993, and have issued our report thereon dated
November 17, 1993.
We have conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
In planning and performing our audit of the general purpose financial statements of the City
of Ocoee, Florida for the year ended September 30, 1993, we considered its internal control
structure 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 structure.
The management of the City of Ocoee, Florida is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control structure are to pro-
vide management with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the preparation
of financial statements in accordance with generally accepted accounting principles. Because
of inherent limitations in any internal control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of the structure to future
periods is subject to the risk that procedures may become inadequate because of changes
in conditions or that the effectiveness of the design and operation of policies and procedures
may deteriorate.
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-95-
1
1
For the purpose of this report, we have classified the significant internal control structure
policies and procedures in the following categories:
o General Ledger
o Cash
o Utility Billings/Receivables
• Property and Equipment
• Payables/Accrued Liabilities
° Debt
• Revenue/Receipts
• Purchases/Disbursements
• Payroll
For all of the internal control structure categories listed above, we obtained an understanding
of the design of relevant policies and procedures and whether they have been placed in
operation, and we assessed control risk.
Our consideration of the internal control structure would not necessarily disclose all matters
in the internal control structure that might be material weaknesses under standards estab-
lished by the American Institute of Certified Public Accountants. A material weakness is a
reportable condition in which the design or operation of one or more of the internal control
structure elements does not reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the general purpose financial statements being
audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the internal
control structure and its operation that we consider to be material weaknesses as defined ,
above.
However, we noted certain matters involving the internal control structure and its operation ,
that we have reported to the management of the City of Ocoee in a separate letter dated
November 17,1993.
This report is intended for the information of management,the City Commission, and the Audi-
tor General of the State of Florida. However, this report is a matter of public record and its
distribution is not limited.
7714.13umit, Darla, Authtcad G'irmfoonto,P.IL.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A. ,
November 17, 1993
1
-96-
1
I_cDIRMIT
NELAVIS
AUTERLA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENTAUDITING 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, 1993, and have issued our report thereon dated
November 17, 1993.
We conducted our audit in accordance with generally accepted auditing standards and
• Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of Ocoee,
Florida is the responsibility of City management. As part of obtaining reasonable assurance
about whether the financial statements are free of material misstatement, we performed tests
of City of Ocoee compliance with certain provisions of laws, regulations, contracts, and grants.
However, the objective of our audit of the general purpose financial statements was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not
express such an opinion.
The results of our tests indicate that, with respect to the items tested, City of Ocoee, Florida
complied, in all material respects, with the provisions referred to in the preceding paragraph.
With respect to items not tested, nothing came to our attention that caused us to believe that
the City of Ocoee had not complied, in all material respects, with those provisions.
We noted certain immaterial instances of noncompliance that we have reported to the man-
agement of the City of Ocoee, Florida in a separate letter dated November 17, 1993.
a
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-97-
1
1
This report is intended for the information of management, the City Commission, and the
Auditor General of the State of Florida. However, this report is a matter of public record and
its distribution is not limited.
11cAnnn at, Dana, empanto,P.Q.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A. I
November 17, 1993 1
I
1
1
I
I
1
1
I
1
I
1
1
-98- I
o
rVIcDIRMrr
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE OF
STATE FINANCIAL ASSISTANCE
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, 1993, and have issued our report thereon dated
November 17, 1993. 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.
e
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
Our audit was conducted for the purpose of forming an opinion on the general purpose
financial statements of the City of Ocoee, Florida, taken as a whole. The accompanying
schedule of state financial assistance is presented for purposes of additional analysis and is
not a required part of the general purpose financial statements. The information in this
schedule has been subjected to the auditing procedures applied in the audit of the general
purpose financial statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
1fcDinfmit, Do, , Auttaisd,amtpoing,PI 1.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
November 17, 1993
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-99-
i
I
This page intentionally left blank.
1
Ocoee
o
Cul
X1� n
Of 6000
1
CITY OF OCOEE, FLORIDA
SCHEDULE OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1993
Florida Department
of State -
Division of
tit Historical Resources
State Identification Number SC210
xt
Contract Amount $ 112,697
Cash Received 112,697
Due From State at September 30, 1993 $ -0-
Intergovernmental Revenue Recognized $ 112,697
Expenditures: Withers-Maguire House 112.697
Excess of Revenues Over Expenditures $ -0-
tho
a
a
-100-
a
This page intentionally left blank.
o Ocoee
rei a
v O
0, 0000 's
1
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
r CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM
d
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, 1993, and have issued our report thereon dated
November 17, 1993.
a
We have applied procedures to test City of Ocoee, Florida's compliance with requirements
applicable to its state financial assistance program, which is identified in the Schedule of State
er Financial Assistance, for the year ended September 30, 1993. Our procedures were
substantially less in scope than an audit,the objective of which is the expression of an opinion
on City of Ocoee, Florida's compliance with the requirements applicable to its state financial
assistance program. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements referred to in the second paragraph of this
report. With respect to items not tested, nothing came to our attention that caused us to
believe that City of Ocoee, Florida had not complied, in all material respects, with those
requirements. Also, the results of our procedures did not disclose any immaterial instances
of noncompliance with those requirements.
This report is intended for the information of management, the City Commission, the Florida
Department of State, and the Auditor General of the State of Florida. However, this report is
a matter of public record and its distribution is not limited.
• 171ca n.rmit, Datvio, amp/no .
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
November 17, 1993
,, 612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
ml
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-101-
1
I
1
1
i
1
This page intentionally left blank.
1
1
Ocoee
o
4
v p
►► 0► 6000`
1
1
1
1