VI (B) Comprehensive Annual Financial Report FY 93-94 1 AGENDA 1-17-95
Item VI B
"CENTER OF,GOOD LIVING -PRIDE OF WEST ORANGE"
CO@@ 5.��.U1 1 VANll1 KI,Klrl
�j, O COMMISSIONERS
CITY OF OCOEE RUSTY JOHNSON
_� �� . PAUL W.FOSTER
v O 150 N.LAKESHORE DRIVE SCOTT A.GLASS
��w (;:: _1 V I.
OCOEE,FLORIDA 34761-2258 JIM GLEASON
'yj. �JVJ •% (407)656-2322
(�� �� .� CITY MANAGER
Op G0o ELLIS SHAPIRO
MEMORANDUM
DATE: January 10, 1995
TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E. Beamer, Director
Administrative Services
SUBJECT: Comprehensive Annual Financial Report
Fiscal Year 1993-1194
McDirmit, Davis, Lauteria & Company have completed the independent audit of the
governmental funds, proprietary funds, and trust funds for fiscal year 1993-1994.
The difference from the last several years is that Water and Wastewater were not
completely separate. This is an unqualified audit. All necessary documentation is
attached.
Also included is the letter containing the management comments. The comments
include problems arising from an inadequate computer system and the change in
staffing. Staff's response to this letter is also attached.
, ' Action Requested
6 The Mayor and Board of City Commissioners accept the Comprehensive Annual
Financial Report for Fiscal Year 1993-1994.
MEB/jbw
Attachments
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� CITY OF OCOEE . FLORIDA
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
of the
CITY OF OCOEE, FLORIDA
for the
FISCAL YEAR ENDED SEPTEMBER 30, 1994
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, 1994, 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.
Datiio, 1w.. ua entfir g,PQ.
McDirmit, Davis, Lauteria & Company, P.A.
December 2, 1994
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 December 2, 1994
City of Ocoee, Florida Page Two
A. Status of Prior 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.
Corrective Action
During the year ended September 30, 1994, the planning department did
review the list of developer deposits and refund amounts on completed
projects.
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.
Corrective Action
During our testing of travel expenses for the year ended September 30, 1994,
we noted that the City is following their new travel policy.
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
11.
control account, the control account balance should be zero. It appears that
there was an system error which caused this to occur.
Management Comments December 2, 1994
City of Ocoee, Florida Page Three
A. Status of Prior Year Comments - Continued
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.
Corrective Action
There was no problem in 1994 with the expenditure control amounts.
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.
Corrective Action
There has been some discussion regarding updating the computer system and
we continue to recommend that the City do this, as discussed under Current
Year Comments.
B. Current Year Comments
1. Computer System
As noted in prior year comments, the City's computer system does not meet
the needs of a growing city like Ocoee.
Recommendation
We continue to recommend that the City acquire a new computer system.
2. Manual Preparation of Billings
During 1994, code and alarm violations were added to the list of billings which
are prepared manually. Currently, billings for developers, street lighting, code
violations, and alarm violations are prepared manually. Late fees are calculated
manually and added to the bills on a monthly basis. Also, the accountsNit
receivable ledger is prepared manually and reconciled to the general ledger.
Management Comments December 2, 1994
City of Ocoee, Florida Page Four
B. Current Year Comments - Continued
Recommendation
We recommend that billings be computerized since there are too many
opportunities for mistakes with a manual system. The current computer
system cannot handle this; therefore staff should keep this in mind when
considering acquisition of a new computer system.
3. Purchasing Procedures
During our testing of expenditures, we found four purchases which were not
supported by a purchase order and there was no indication on the invoices
that it was an emergency purchase. In addition, the dollar amount used to
determine whether a competitive bid was required was higher than the amount
indicated in the Purchasing Manual. We were told that some of the procedures
in the Purchasing Manual have been changed and that this Manual is in the
process of being revised.
Recommendation
We recommend that revisions to the Purchasing Manual be completed as soon
as possible and approved by the City Commission.
4. Due To/From Other Funds
At September 30, 1994, we had to make several adjustments because the due
to and due from funds accounts were out of balance. In addition, transfers in
and transfers out were not in balance.
Recommendation
We recommend that the due to and due from other funds and the transfer
accounts be reconciled monthly.
5. Fixed Asset Inventory
At September 30, 1994, the City did not take a physical inventory of fixed
assets. Rules of the Auditor General, Chapter 10.400, and Florida Statutes,
Chapter 274, require that once each year, and whenever there is a change of
custodian, each custodian shall inventory all property in this or her custody.
Recommendation
We recommend that the City perform the required annual physical inventory
so that additions, deletions and transfers for the year are properly accountedIA
for.
Management Comments December 2, 1994
City of Ocoee, Florida Page Five
B. Current Year Comments - Continued
6. Bank Reconciliations
During our tests of cash, we noted that the pooled cash account of AmSouth
Bank had not been reconciled for several months.
Recommendation
We recommend that the cash accounts be reconciled on a monthly basis.
7. Depreciation Schedules for Enterprise Funds
During our tests of Property and Equipment, we noted that the depreciation
schedules for the enterprise funds had not been updated since the prior year.
Recommendation
We recommend that the depreciation schedules be updated at least annually.
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.
• "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR• COMMISSIONER
OCOee S.SCOTT VANDERGRIFT
0� COMMISSIONERS
P1. 61...'
RUSTY JOHNSONwO TY OF OCOEE
a CIPAUL W.FOSTER
150 N.LAKESHORE DRIVE SCOTT A.GLASS
f`� �C, OCOEE,FLORIDA 34761-2258 JIM GLEASON
4. e_5___ (407)656-2322rA CITY MANAGER
f4 Of GOO �` ELLIS SHAPIRO
January 11, 1995
Elden G. McDirmit, CPA
McDirmit, Davis, Lauteria & Company, P.A.
612 East Colonial, Suite 350
Orlando, Florida 32803-4603
Dear Elden:
The following details corrective action taken on the management comments
resulting from the audit for fiscal year 1994.
1 . Computer System. The reviews of computer systems for citywide data
processing; document, storage and retrieval; and computer-aided dispatching have
been completed. Fiscal implications are now being calculated. From that a phasing
schedule will be developed, presented to the City Manager in February and discussed
with the Commission at its March 7, 1995 meeting. Not all problems can be resolved
during the first twelve months, but the new citywide system can provide analyses
free of manual intervention.
2. Manual Preparation of Billings. The present computer system is nothing more
than a manual operation computerized. The NCR program for accounts receivable
was expensive and would have required an additional accounting clerk to keep it
current. In 1991 when the management comment on accounts receivable was
included, the Finance Department began developing a personal computer based
program to accomplish billing and keep logs on a spread sheet to show aging.
Manual calculations are, in fact, handled just as are the data from specific invoices --
staff collects invoices and monthly inputs specific charges to specific developers
and/or property owners with totals.
The new system being reviewed has the capability to handle not only the
interest and summation calculations but also add the specific invoices from accounts
payable to the appropriate accounts receivable.
3. Purchasing Procedures. Purchases by departments are being reviewed
monthly to make certain purchase orders have been issued. Where possible, open
purchase orders or purchase orders for fixed fee contracts are being issued; credit
card purchases at Home Depot are no longer allowed or allowable.
Elden G. McDirmit, CPA
January 11, 1995
Page Two
State contracts or SYCOP bids are utilized when competitive bids would result
in higher prices because of the City's quantity of purchase. Based upon the
construction schedule, move requirements, and expenditures needed for immediate
use (as opposed to an emergency), there were larger items purchased by written
quotation as opposed to advertisements. Different procedures were followed
especially where delivery or style/type was more consistent with the design of the
structures -- sewer plant, City Hall or Police Department.
The revisions to the Purchasing Manual will be completed and presented to the
City Commission before the fiscal year's end.
4. Due To/From Other Funds. These accounts are now reconciled monthly.
5. Fixed Asset Inventory. A physical inventory is currently in process to be
completed by January 31, 1995.
6. Bank Reconciliations. Cash accounts are being reconciled to bank statements
monthly.
7. Depreciation Schedules for Enterprise Funds. Depreciation schedules for
enterprise funds will be updated on the computer annually before the current fiscal
year is closed.
Sincerely,
CITY OF OCOEE
Montye E. Beamer, Director
Administrative Services
MEB/jbw
COMPREHENSIVE ANNUAL FINANCIAL REPORT
I OF THE
CITY OF OCOEE, FLORIDA
FOR THE
■ FISCAL YEAR ENDED SEPTEMBER 30, 1994
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Prepared by: Finance Department
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Ocoee
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CITY OF OCOEE, FLORIDA
COMMISSION-MANAGER FORM OF GOVERNMENT
CITY COMMISSION
HONORABLE S. SCOTT VANDERGRIFT, Mayor
RUSTY JOHNSON, Commissioner SCOTT GLASS, 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 MANAGER
Wanda Horton
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Ocoee
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INTRODUCTORY SECTION
This section contains the following subsections:
. Table of Contents
. Letter of Transmittal
. City of Ocoee Organizational Chart
. Certificate of Achievement
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Ocoee
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1994
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
II. 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
1 COMBINED STATEMENT OF CASH FLOWS - ALL PRO-
PRIETARY FUND TYPES AND SIMILAR TRUST FUNDS 10-11
NOTES TO FINANCIAL STATEMENTS 12-45
1
3
COMPREHENSIVE ANNUAL FINANCIAL REPORT 3
OF THE CITY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1994 3
TABLE OF CONTENTS - CONTINUED
3
3
PAGE NO.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT 3
GROUP STATEMENTS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
COMPARED WITH THE BUDGET 46-47 1
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET 48-49
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 50-51
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET 52
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES 53
ENTERPRISE FUNDS 3
COMBINING BALANCE SHEET 54-55
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS 56
COMBINING STATEMENT OF CASH FLOWS 57-58
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET 59
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCE - NONEXPENDABLE
AND PENSION TRUST FUNDS 60
STATEMENT OF CHANGES IN ASSETS AND
LIABILITIES - AGENCY FUND 61 3
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN FIXED ASSETS 3
-
BY FUNCTION AND ACTIVITY 62
3
ii
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CCTY OF OCOEE, FLORIDA
FOR THE YEAR ENDED SEPTEMBER 30, 1994
TABLE OF CONTENTS - CONTINUED
PAGE NO.
SUPPLEMENTARY INFORMATION
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
COMPARATIVE SUMMARY OF REVENUES BY SOURCE
AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 63
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN COMPARATIVE SUMMARY OF REVENUES BY
SOURCE AND EXPENSES BY TYPE LAST TEN FISCAL YEARS 64
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
ANALYSIS OF FUNDING PROGRESS LAST TEN
FISCAL YEARS 65
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT
PENSION PLAN ANALYSIS OF FUNDING PROGRESS LAST
TEN FISCAL YEARS 66
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - WATER 0 & M FUND 67
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND
ACTUAL - WASTEWATER 0 & M FUND 68
SCHEDULE OF REVENUES AND EXPENSES -
BUDGET AND ACTUAL - SANITATION FUND 69
III. STATISTICAL SECTION
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER
FINANCING USES 70-71
GENERAL GOVERNMENTAL REVENUES AND OTHER
FINANCING SOURCES 72-73
TAX REVENUES BY SOURCE 74
PROPERTY TAX LEVIES AND COLLECTIONS 75
ASSESSED AND ESTIMATED VALUE OF TAXABLE
PROPERTY NET OF EXEMPTIONS 76-77
ill
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF OCOEE, FLORIDA 3
FOR THE YEAR ENDED SEPTEMBER 30, 1994
3
TABLE OF CONTENTS - CONTINUED
3
PAGE NO.
III. STATISTICAL SECTION - CONTINUED 3
PROPERTY TAX RATES AND TAX LEVIES DIRECT
AND OVERLAPPING GOVERNMENTS 78
SPECIAL ASSESSMENT COLLECTIONS 79 1
RATIO OF NET GENERAL OBLIGATION BONDED
DEBT TO ASSESSED VALUE AND NET BONDED
DEBT PER CAPITA 80
LEGAL DEBT MARGIN 81
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT 82
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO
3
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER USES 83
REVENUE BOND COVERAGE 84
DEMOGRAPHIC STATISTICS 85
PROPERTY VALUE, CONSTRUCTION AND BANK
DEPOSITS 86-87
SCHEDULE OF TEN LARGEST TAXPAYERS 88
MISCELLANEOUS STATISTICAL DATA 89-90
SCHEDULE OF INSURANCE IN FORCE 91 3
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 3
GOVERNMENT AUDITING STANDARDS 92-93
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE 3
FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING
STANDARDS 94-95 3
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE
OF STATE FINANCIAL ASSISTANCE 96
SCHEDULE OF STATE FINANCIAL ASSISTANCE 97 1
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM 98 3
iv 1
"CENTER OF GOOD LIVING- PRIDE OF WEST ORANGE" MAYOR.COMMISSIONER
C \ Ocoee "CENTER
SCOTT VANDERGRIFT
•I '`-.` ,'�°-06.
CITY OF OCOEE RUSTYJOHNSON
PAUL W.FOSTER
150 N.LAKESHORE DRIVE
OCOEE FLORIDA 34761-2258 VERN COMBS
�.e ?� (407)656-2322 JIM GLEASON
1e4, 0f Op V.�` CITY MANAGER
GOO ELLIS SHAPIRO
C
December 2, 1994
Honorable Mayor and
Members of the City Commission
CCity of Ocoee, Florida
Gentlemen:
The Comprehensive Annual Financial Report of the City of Ocoee, Florida, for the year ended
1 September 30, 1994, 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.
1 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
CWe have prepared this Comprehensive Annual Financial Report in conformance with the
reporting format and presentation standards set forth by professional pronouncements of the
Governmental Accounting Standards Board (GASB).
The accompanying financial statements present the financial position, results of operations,
and the cash flows of the applicable fund types governed by the City Commission. The
reporting entity for the City of Ocoee includes all organizations, functions, and activities of
government for which the City (the Mayor and City Commission) exercises oversight respon-
sibility. (See Notes to Financial Statements, Reporting Entity for more details.)
v
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FINANCIAL REPORTING AND CONTENT - CONTINUED
The Comprehensive Annual Financial Report (CAFR) is the City's official annual financial report
and has been designed to meet the needs of a broad spectrum of readers. The report has
been divided into four (4) distinctive sections; i.e., the Introductory Section, Financial Section,
Statistical Section and Compliance Section.
I. Introductory Section - This section includes the Table of Contents, Letter of
Transmittal, City's Organizational Chart, and the City of Ocoee's Certificate of
Achievement for Excellence in Financial Reporting for the year ended September 30,
1993.
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.
3
IV. Internal Control and Compliance Section - This section includes the independent
auditors' reports on the City's internal control and the City's compliance with laws 3
and regulations.
3
vi 3
ECONOMIC CONDMON AND OUTLOOK
The City of Ocoee, a municipal corporation of the State of Florida, operates under a commis-
sion/manager form of government. Located in Central Florida, Ocoee is the home of approxi-
C mately 17,489 residents. In addition to its close proximity to many tourist attractions, including
Disney World, Sea World and the new Universal Studios, Ocoee is also conveniently located
near other major employers such as Martin-Marietta. These factors bring large numbers of
people to the area, not only as visitors, but also as permanent residents.
As a result of the increasing population, during 1992 regional mall developers announced
plans to construct a one-million square foot mall within the City limits. By February 1995, the
mall developers will have completed their Regional review and the City's review and will be
awaiting only the State acceptance. 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;
through a Joint Planning Area Agreement with Orange County, these lands will be developed
consistent with the City's adopted Comprehensive Plan. According to the 1990 census, there
were 4,439 dwelling units in the City. Since the 1990 census, over 1,600 residential building
permits have been issued. Currently, there are over 3,000 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 two additional
centers have begun construction.
There are many factors that have influenced and continue to influence the growth of the City.
First, and foremost is the unique transportation system alignment in the region. In 1990, the
Western Extension of the East-West Expressway was completed. This extension,which is part
of a beltway system planned to surround the Orlando Metropolitan Statistical Area (MSA)
terminates just inside the City limits, making the trip to downtown Orlando approximately 20
minutes. In addition, State Road (SR) 50, a major east/west arterial that traverses all of
Orange County, divides the City. The proposed Northwest Beltway and the Florida Turnpike
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, several hundred of which are already under construction, 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.
As an example of combining services with amenities,the 240-acre effluent disposal site serves
another key role as an 18-hole PGA designed golf course. The City continues to expand and
improve its wastewater and water facilities to keep pace with the City's growth and to meet
1 state concurrency requirements through an aggressive capital improvements program.
vii
3
MAJOR INITIATIVES - CONTINUED 3
Along with the growth of residential development, the City has noted a marked increase in
industrial and commercial developments. 3
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" is the only one of its kind 3
in Central Florida. The concept incorporates office suites and services within the hospital area
creating a regional health care campus with high-tech images. 3
Final adoption of the City's Comprehensive Plan was approved on September 18, 1991.
Ocoee became the first city in Orange County to have a plan receiving State compliance. In
April 1991, the City issued $2,580,000 in revenue bonds to finance the construction of a new 3
City Hall and expansion of the Police Department building. These buildings reached
substantial completion in August 1994; occupancy followed soon after. 3
FINANCIAL INFORMATION
Accounting System
stem
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 3
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. Further3
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.
3
Internal Control Structure
The Finance Department is responsible for maintaining an internal control structure that 3
provides management with reasonable, but not absolute, assurance that assets are safe-
guarded against loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit the prepara- 3
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 3
assurance be clearly stated. The concept is as follows:
1. The cost of a control should not exceed the benefits, 3
and
2. The evaluation of costs and benefits requires the use of estimates and judgments
by management. 3
We believe that the City's internal accounting controls adequately safeguard assets and
provide reasonable assurance of proper recording of financial transactions. 1
viii 3
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Budgetary Control
Budgetary control is maintained in a manner to comply with the requirements and constraints
of the City Charter through a system of monthly financial schedules reflecting expenditures
and encumbrances against appropriations. The annual budget provides detail of the ap-
proved appropriation by specific purpose within each object of expense. Purchase orders
for supplies or equipment not provided for in the approved budget or which cause appropri-
ation balances to be exceeded, are not released until additional appropriations or appro-
Cpriation transfers are approved.
General Governmental Functions
11 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-
Cport these functions for current and prior fiscal years:
Increase
Percent (Decrease)
Revenue and Other Financing Sources Amount Of Total From 1993
Taxes $ 3,446,712 41.0% $ 428,573
Licenses & Permits 663,191 7.9 51,155
Intergovernmental Revenues 2,315,056 27.6 98,177
Charges for Services 95,109 1.1 11,705
Fines & Forfeitures 102,024 1.2 18,441
Investment Income 29,551 .4 1,212
CMiscellaneous Revenues 84,521 1.0 20,425
SUB TOTAL 6,736,164 80.2 629,688
CTransfers from Other Funds 1,303,154 15.5 383,626
Capital Lease Proceeds 357,029 4.3 221,369
C
TOTAL $ 8,396,347 100.0% $ 1,234,683
Property taxes are the major source of local tax revenue. In fiscalyear 1993, the City's
tY
property tax, all of which is for operating purposes, was 4.0 mills and for 1994, the rate was
4.0 mills. The related property values subject to taxes showed growth of 12.9 percent, repre-
senting $48,629,797 in added taxable property.
Another principal source of local tax revenue consists of utility service taxes. These taxes are
levied at the rate of 10 percent on telephone, electric, water, natural and bottled gas services
within the City. In 1994, total revenue from this tax reflected an increase of $155,296.
1
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
$94,623 in State shared sales tax.
The following summary shows the level of expenditures used in providing governmental
services:
Increase
Expenditures and Percent (Decrease)
Other Uses Amount Of Total From 1993
General Government $ 1,705,399 19.7% $ 105,970
Public Safety 4,253,374 49.3 849,156
Physical Environment 1,103,372 12.8 203,830
Culture & Recreation 325,331 3.8 146,099
Debt Service 156,509 1.8 76,786
SUB TOTAL 7,543,985 87.4 1,381,841
Transfers to Other Funds 1,085,080 12.6 575,508 3
TOTAL $ 8,629,065 100.0% $ 1,957,349
The increase in Public Safety expenditures is due to two main factors. The first is an increase
of $361,630 in salaries, benefits and workman's compensation expense in the police and fire
departments. The second is the capital lease purchase of nine police vehicles and a fire truck
amounting to approximately $357,029.
Special Revenue Funds 3
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
$4,234,866 and the following represents an analysis of sources and uses in the Special
Revenue Funds for 1994:
Change
in Fund
Fund Sources Uses Balance
Maguire House Grant $ 58,479 $ 55,873 $ 2,606
Road Impact 826,151 640,837 185,3143
Parks 102,135 35,658 66,477
Stormwater 376,492 224,661 151,831
Interim Services 23,607 21,554 2,0533
Police Training 1,464 400 1,064
Police Trust 23,999 1,957 22,042
Fire Impact 479,981 454,129 25,8523
Police Impact 102.292 101,253 1,039
TOTAL 11,9,14 600 ,$ 1,536,322 $ 458,278
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 maintaining City parks. The major
sources of revenues in this fund are recreation assessments and impact fees from developers.
The Stormwater Fund is used to account for the Stormwater Utility Fee Revenue and the
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
3
3
Debt Administration - Continued
I
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 19898, and improving the City's water and wastewater systems.
These bonds are secured by the combined Water and Wastewater Fund operating
revenues, interest earnings, impact fees and a first priority pledge of cash payments due
from developers.
Adequate reserves are being maintained in all sinking funds, in accordance with the provisions
of the ordinance governing the issuance of the above-referenced bonds.
I
Cash Management
The following schedule compares investment income (loss) in all funds for the current and
prior fiscal year:
1993-94 1992-93 Increase
Fund Type Amount Amount (Decrease)
General $ 29,551 $ 28,339 $ 1,212
Special Revenue 257,740 204,214 53,526
Debt Service 24,050 24,240 (190)
Capital Projects (53,761) 238,836 (292,597)
Expendable Trust 940 851 89
Nonexpendable Trust 2,279 1,882 397
Pension Trust 95,850 85,724 10,126
Enterprise 259,579 635,699 (376,120)
TOTAL $ 616,228 $ 1,219,785 $ (603,557)
The cash management program involves a theory of keeping funds free from risk, maintaining
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, 1994, all idle cash of the City was invested with mutual funds investing in
U.S. Government securities.
xii
C
Capital Projects Funds
aP 1
The J
Capital Projects Funds are used to account for financial resources to be used for the
P
acquisition or construction of major capital facilities. In Fiscal Year 1994, the Capital Projects
CFunds 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
CProprietary 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.
CWater Fund
1993-94 1992-93 Increase
Description Amount Amount (Decrease)
I Operating Revenues $ 1,401,077 $ 1,294,207 $ 106,870
Operating Expenses 1,563,330 1,500,833 62,497
Operating Income (Loss) (162,253) (206,626) 44,373
Net Income (Loss) (374,466) (404,277) 29,811
Revenues Available for Debt Service 576,702 511,368 65,334
Annual Bond Debt Service 155,639 117,850 37,789
Revenue Bond Coverage 3.71 4.34 (.63)
The 8.0 percent increase in the operating revenues of the Water Fund is primarily attributable
to an increase in water customers. Operating expenses increased 4.2 percent due to an
increase in salaries and benefits and depreciation expense.
Bond covenants require that total revenues (includingimpact fees) be at least 110 percent of
P
annual debt service requirements after deductions for operating expenses and debt service
requirements.
xiii
I
Wastewater Fund
1993-94 1992-93 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,610,972 $ 1,476,462 $ 134,510
Operating Expenses 1,334,020 1,055,298 278,722
Operating Income (Loss) 276,952 421,164 (144,212)
Net Income (Loss) 76,988 291,388 (214,400)
Revenues Available for Debt Service 818,995 1,255,623 (436,628)
Annual Bond Debt Service 492,855 443,865 48,900
Revenue Bond Coverage 1.66 2.83 (1.17)
The 9.1% 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, 1993. Operating expenses increased 26.4% due to an increase in
salaries and benefits and depreciation expense.
Bond covenants require that total revenues be at least 110 percent of annual debt service
requirements after deductions for operating expenses and debt service reserve requirements.
I
Sanitation Fund
1993-94 1992-93 Increase
Description Amount Amount (Decrease)
Operating Revenues $ 1,020,791 $ 945,856 $ 74,935
Operating Expenses 820,955 701,942 119,013
Operating Income (Loss) 199,836 243,914 (44,078)
Net Income (Loss) 97,666 146,005 (48,339)
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 3
The City maintains two separate single employer defined benefit pension plans which cover
virtually all full time employees of the City. In addition to a plan for general employees, the
City has a plan for the police officers and firefighters.
Further details concerning pension expense, vested benefits and actuarial assumptions are
included in the notes to the financial statements. At September 30, 1994, the pension funds
had total assets of $2,590,160.
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, 1994
was $520,972.
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, 1994, the general fixed assets of the City of Ocoee totaled $7,949,316. 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, 1993. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, the City must publish
an easily readable and efficiently organized comprehensive annual financial report whose
contents conform to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City has received a
Certificate of Achievement for the last six 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
3
Acknowledgements
I
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,
//� �eEllis Shapiro,
Wanda Horton, Finance Manager
3
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Ocoee
xso\,..%
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ray, ,`rV
r• OP GOO° ``
Certificate of
Achievement
1 for Excellence
in Financial
Reporting
Presented to
City of Ocoee,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1993
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.
pGOFft
Of
4. UNITED STATES '
MO N
f G MA A c, President
E
AL
cxK►oatl &
Executive Director
I
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\ Ocoee
s
La
1(11-)
3
FINANCIAL SECTION
This section contains the following subsections:
. Independent Auditor's Report
. General Purpose Financial Statements
. Combining Statements
. Supplementary Information
I
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3
Ocoee
1 3
�lry 3
„, o, coo. ��
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the accompanying general purpose financial statements of the City of
Ocoee, Florida, as of and for the year ended September 30, 1994, 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, 1994, 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
3
I
I
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.
711thiiv»ut, Daruio, 1au uuw GanpanRQ.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 2, 1994
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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.
3
CITY OF OCOEE, FLORIDA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1994
33
Governmental Fund Types
Special Debt 3
General Revenue Service
Assets
Cash And Cash Equivalents $ 94,165 $ 765,517 $ 39,171 3
Cash And Cash Equivalents - Nonexpendable Trust --- --- ---
Investments 780,620 3,487,446 ---
Receivables (Net Of Allowances For Uncollectibles) 109,684 45,912 -- 31
-
Inventories - At Cost 7,683 --- ---
Due From Other Funds 426 95,000
Due From Other Governments 54,232 14,139 ---
3
Prepaid Costs 18,507 --- ---
Restricted Assets:
Cash And Cash Equivalents --- --- ---
Investments --- --- 249,945
Cash With Paying Agent --- --- 540,284
Property, Plant And Equipment --- --- ---
Less: Accumulated Depreciation --- --- ---
3
Construction In Progress --- --- ---
Unamortized Bond Issuance Costs --- --- ---
Amount Available In Debt Service Funds --- --- ---
Amount To Be Provided For Retirement Of
General Long-term Debt --- --- ---
Total Assets ; 1,065,317 $ 4,408,014 $ 829,4003
3
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I
The accompanying notes are an integral part of the financial statements.
-1-
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)
C $ 60,033 $ 683,874 $ 51,684 $ --- $ --- $ 1,694,444
--- --- 6,183 --- --- 6,183
62,017 965,989 3,061,563 --- --- 8,357,635
--- 1,080,938 89,569
--- --- 1,326,103
--- 22,370 --- --- --- 30,053
--- --- --- --- --- 95,426
---
5,259 --- --- --- 73,630
--- --- - - --- --- 18,507
--- 880,878 --- --- --- 880,878
C --- 4,406,206 --- --- --- 4,656,151
-- 421,747 --- --- --- 962,031
--- 30,969,082 --- 7,934,946 --- 38,904,028
C ---
(5,989,833) --- --- --- (5,989,833)
--- 55,073 --- 14,370 --- 69,443
--- 335,892 --- --- --- 335,892
--- --- --- --- 289,116 289,116
--- --- --- --- 9,520,350 9,520,350
$ 122,050 $ 33,837,475 $ 3,208,999 $ 7,949,316 $ 9,809,466 $61,230,037
-2- (Continued)
CRY OF OCOEE, FLORIDA
3
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS -CONTINUED
SEPTEMBER 30, 1994 3
3
Governmental Fund Types
Special Debt
General Revenue Service 3
Liabilities And Fund Equity
Liabilities
Accounts Payable $ 268,308 $ 42,095 $ ---
3
Retainage Payable -- --- ---
Accrued Expenses 174,415 --- ---
Due To Other Funds --- 95,000 ---
Due To Other Governments 35,913 --- -- 3
-
Deferred Revenues 40,094 36,054 ---
Current Liabilities (Payable From Restricted Assets):
Customer Deposits --- --- ---
Matured Bonds Payable --- --- 210,000 3
Matured Interest Payable --- --- 330,284
Deferred Compensation Payable --- --- ---
Accrued Annual Leave --- --- -- 3
-
Bonds Payable --- --- ---
Obligations Under Capital Leases --- --- ---
Developer Agreements Payable --- --- -- 3
-
Total Liabilities 518,730 173,149 540.284
Fund Equity
3
Contributed Capital --- --- ---
Investment In General Fixed Assets --- --- ---
Retained Earnings:
Reserved For Renewal & Replacement --- --- -- 3
-
Reserved for Debt Service --- --- ---
Unreserved --- --- ---
Total Retained Earnings --- --- ---
3
Fund Balances:
Reserved:
3
Inventories 7,683 --- ---
Prepaid Costs 18,507 --- ---
Debt Service --- --- 289,116
Employee's Retirement System --- --- -- 3
-
Other Projects --- --- ---
Unreserved:
Designated For Capital Projects --- --- ---
3
Designated For Subsequent Year's Budget --- 4,234,865 ---
Undesignated 520,397 --- --
Total Fund Balances 546,587 4,234,865 289,1163
Total Equity And Other Credits 546,587 4,234,865 289,116
Total Liabilities, Fund Equity And 3
Other Credits $1,065,317 $ 4,408,014 $ 829,400
3
The accompanying notes are an integral part of the financial statements.
-33-
ll
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 OnW)
L $ --- $ 24,844 $
--- $ - $ --- $ 335,247
97,017 --- - -- --- 97,017
--- 100,138 --- --- --- 274,553
265 161 --- --- --- 95,426
E --- --- - -- --- 35,913
---
69,550 -- ---
---
145,698
C --- 292,078 --- - --- 292,078
--- 195,000 --- -- - - 405,000
--- 226,747 --- --- --- 557,031
II - --- 520,972 --- -- 520,972
- -- - - - 295,652 295,652
--- 8,142,599 --- --- 8,885,000 17,027,599
--- 262,567 --- --- 628,814 891,381
C --- 37,913 --- --- --- 37,913
97,282 9,351,597 520,972 --- 9,809,466 21,011,480
C --- 20,720,957 --- --- --- 20,720,957
--- -- --- 7,949,316 --- 7,949,316
--- 955,902 --- --- --- 955,902
--- 649,875 --- - - - 649,875
--- 2,159,144 --- --- --- 2,159,144
--- 3,764,921 --- --- --- 3,764,921
--- --- --- --- 7,683
--- --- --- --- --- 18,507
--- --- --- --- --- 289,116
--- ---
2,590,160 --- --- 2,590,160
--- --- 97,867 --- --- 97,867
24,768 --- --- --- --- 24,768
--- --- --- --- ---
4,234,865
--- --- --- --- --- 520,397
C24,768 -- 2,688,027 --- --- 7,783,363
24,768 24,485,878 2,688,027 7,949,316 --- 40,218,557
C
$ 122,050 $ 33,837,475 $ 3,208,999 $ 7,949,316 $ 9,809,466 $61,230,037
-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, 1994
I
Governmental Fund Types
Special Debt
General Revenue Service
Revenues
Taxes $ 3,466,712 $ --- $ ---
Licenses And Permits 663,191 --- ---
Intergovernmental Revenues 2,315,056 55,626 ---
Charges For Services 95,109 --- ---
Fines And Forfeitures 102,024 25,006 ---
Impact Fees/Special Assessments --- 1,560,331 ---
Investment Income (Loss) 29,551 257,740 24,050
Miscellaneous Revenues 84,520 8,200 ---
Total Revenues 6,756,163 1,906,903 24,050
Expenditures II
Current:
General Government 1,705,399 --- ---
Public Safety 4,253,374 355,937 ---
Physical Environment 1,103,372 208,195 ---
Culture And Recreation 325,331 91,532 ---
Capital Outlay --- --- ---
Debt Service:
Principal Retirement 139,509 82,105 210,000
Interest And Fiscal Charges 17,000 19,000 660,568
Total Expenditures 7,543,985 756,769 870,568
Excess (Deficiency) Of Revenues Over Expenditures (787,822) 1,150,134 (846,518)
Other Financing Sources (Uses)
Operating Transfers In 1,303,154 7,400 870,568
Operating Transfers Out (1,085,080) (779,554) ---
Capital Lease Proceeds 357,029 80,297 ---
Net Other Financing Sources (Uses) 575,103 (691,857) 870,568
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Financing Uses (212,719) 458,277 24,050
Fund Balances- Beginning Of Year 759,306 3,776,588 265,066
Fund Balances- End Of Year54
$ 6,587 $ 4,234,865 $ 289,116
The accompanying notes are an integral part of the financial statements. 3
-5-
C
C
II
Governmental Fiduciary
Fund Types Fund Types
Capital Expendable Totals
Projects Trust (Memorandum Only)
$ --- $ --- $ 3,466,712
--- --- 663,191
--- --- 2,370,682
--- --- 95,109
--- --- 127,030
--- - 1,560,331
(53,761) 940 258,520
C --- --- 92,720
(53,761) 940 8,634,295
C
--- --- 1,705,399
--- --- 4,609,311
--- 1,946 1,313,513
--- --- 416,863
2,224,878 --- 2,224,878
--- --- 431,614
--- --- 696,568
2,224,878 1,946 11,398,146
(2,278,639) (1,006) (2,763,851)
200,000 --- 2,381,122
--- --- (1,864,634)
--- --- 437,326
200,000 --- 953,814
(2,078,639) (1,006) (1,810,037)
2,103,407 52,690 6,957,057
24,768 $ 51,684 $ 5,147,020
-6-
I
CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL-GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
I
General Fund
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Taxes $ 3,217,700 $ 3,466,712 $ 249,012
Licenses And Permits 478,670 663,191 184,521
Intergovernmental Revenues 2,445,950 2,315,056 (130,894)
Charges For Services 90,600 95,109 4,509
Fines And Forfeitures 85,000 102,024 17,024
Impact Fees/Special Assessments --- --- ---
Investment Income 20,000 29,551 9,551
Miscellaneous Revenues 40,350 84,520 44,170
Total Revenues 6,378,270 6,756,163 377,893
Expenditures
Current:
General Government 1,861,070 1,705,399 155,671
Public Safety 4,130,010 3,896,345 233,665
Physical Environment 1,150,620 1,103,372 47,248
Culture And Recreation 381,620 325,331 56,289
Debt Service --- 156,509 (156,509)
Total Expenditures 7,523,320 7,186,956 336,364
Excess (Deficiency) Of Revenues Over Expenditures (1,145,050) (430,793) 714,257
Other Financing Sources (Uses)
Operating Transfers In 2,020,650 1,303,154 (717,496)
Operating Transfers Outs (1,175,600) (1,085,080) 90,520
Net Other Financing Sources (Uses) 845,050 218,074 (626,976)
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses (300,000) (212,719) 87,281
Fund Balance Allocation 300,000 212,719 (87,281)
Excess (Deficiency) Of Revenues And Other Financing
Sources Over Expenditures And Other Uses --- $ --- $ --
The accompanyingnotes are an integral part of the financial statements.
9
-7-
C
C
C
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
IC
$ --- $ --- $ ---
E ___
360,000 372,135 12,135
1,500 4,357 2,857
C361,500 376,492 14,992
C --- --- ---
332,550 194,892 137,658
332,550 194,892 137,658
28,950 181,600 152,650
C
(28,950) (29,769) (819)
(28,950) (29,769) (819)
--- 151,831 151,831
[ --- --- ---
$ --- $ 151,831 $ 151831
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CITY OF OCOEE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
CIN RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
Proprietary Fiduciary
Fund Types Fund Types Totals
Nonexpendable (Memorandum
Enterprise Trust Pension Trust Only)
Operating Revenues
User Charges $ 4,032,840 $ --- $ --- $ 4,032,840
Contributions --- --- 727,544 727,544
Revenue Earned On Investments - 2,279 95,850 98,129
Cemetery Lot Sales --- 6,200 --- 6,200
Total Operating Revenues 4,032,840 8,479 823,394 4,864,713
Operating Expenses
Personal Services 1,469,839 --- --- 1,469,839
Materials And Supplies 499,492 --- --- 499,492
Heat, Light And Power 238,328 --- --- 238,328
Depreciation And Amortization 1,126,725
--- --- 1,126,725
Other Expenses 352,634 --- 106,942 459,576
C Recycling Expenses 31,287 - - --- 31,287
Total Operating Expenses 3,718,305 --- 106,942 3,825,247
Operating Income 314,535 8,479 716,452 1,039,466
CNonoperating Revenues (Expenses)
Grant Revenue 25,290 --- --- 25,290
Investment Income 259,579 --- --- 259,579
Interest Expense (282,728) --- --- (282,728)
Total Nonoperating Revenues 2,141 -- --- 2,141
Income Before Operating Transfers 316,676 8.479 716,452 1,041,607
Operating Transfers
Operating Transfers In 9,538 --- --- 9,538
Operating Transfers Out (526,026) --- --- (526,026)
Net Operating Transfers (516,488) --- --- (516,488)
Net Income (Loss) $ (199,812) $ 8,479 $ 716,452 $ 525,119
Disposition Of Net Income (Loss)
Net Income (Loss) $ (199,812) $ 8,479 $ 716,452 $ 525,119
Depreciation On Contributed Assets 260,542 --- --- 260,542
Net Increase In Retained Earnings/
Fund Balance 60,730 8,479 716,452 785,661
Retained Eamings/Fund Balance -
Beginning Of Year 3,704,191 37,704 1,873,708 5,615,603
Retained Earnings/Fund Balance-
di End Of Year $ 3,764,921 $ 46,183 $ 2,590,160 $ 6,401,264
p The accompanying notes are an integral part of the financial statements.
lig
-9-
a
CfTY OF OCOEE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 19943
Proprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
Cash Flows From Operating Activities: 1
Receipts From Customers $ 3,950,834 $ 6,200 $ 3,957,034
Payments To Suppliers (1,437,669) --- (1,437,669)
Payments To Employees (1,453,924) --- (1,453,924)
Net Cash Provided By Operating Activities 1,059,241 6,200 1,065,441
Cash Flows From Noncapital Financing Activities:
Operating Transfers Out (516,488) --- (516,488)
Receipts From Grants 20,031 --- 20,031
3
Decrease in Due To Other Funds (37,636) --- (37,636)
Net Cash Used In Noncapital Financing Activities (534,093) --- (534,093)
Cash Flows From Capital And Related
Financing Activities:
Additions To Property, Plant and Equipment (2,695,337) --- (2,695,337) 31
Principal Paid On Bonds (105,000) --- (105,000)
Principal Paid On Leases (113,892) --- (113,892)
Interest Paid On Bonds And Leases (548,452) --- (548,452)
Proceeds from Capital Leases 109,861 --- 109,861
Capital Contributions 1,095,372 --- 1,095,372
Cash Received On Assessments Receivable 53,910 — 53,910
Net Cash Used In Capital And Related
Financing Activities (2,203,538) --- (2,203,538)
Cash Flows From Investing Activities:
Sale of Investments 2,979,181 --- 2,979,181
Purchase Of Investments (1,470,932) (15,000) (1,485,932)
Interest On Investments 444,900 2,279 447,179 3
Net Cash Provided By (Used In) Investing Activities 1,953,149 (12,721) 1,940,428
3 Net Increase (Decrease) In Cash And Cash Equivalents 274,759 (6,521) 268,238
Cash And Cash Equivalents At Beginning Of Year 1,711,740 12,704 1,724,444
Cash And Cash Equivalents At End Of Year $ 1,986,499 $ 6,183 $ 1,992,682
3
Classified As:
Current Assets $ 683,874 $ 6,183 $ 690,057
3
Restricted Assets 1,302,625 -- 1,302,625
Total $ 1,986,499 ; 6,183 $ 1992,682
3
The accompanying notes are an integral part of the financial statements.
-10-
C
EProprietary Fiduciary
Fund Types Fund Types
Nonexpendable Totals
Enterprise Trust (Memorandum Only)
Reconciliation Of Operating Income To Net Cash
Provided By Operating Activities:
Operating Income $ 314,535 $ 6,200 $ 320,735
Adjustments Not Affecting Cash:
Depreciation 1,112,121 --- 1,112,121
Amortization 14,604 --- 14,604
Provision for Uncollectible Accounts 10,500 --- 10,500
I
Change In Assets And Liabilities:
(Increase) Decrease In Accounts Receivable 12,936 --- 12,936
(Increase) Decrease in Inventory (218) - - (218)
Increase (Decrease) In Accounts Payable (110,560) --- (110,560)
Increase (Decrease) In Accrued Expenses 15,915 --- 15,915
Increase (Decrease) In Retainage Payable (215,847) --- (215,847)
Increase (Decrease) In Deferred Revenue 197 --- 197
Increase (Decrease) In Customer Deposits (94,942) --- (94,942)
Total Adjustments 744,706 --- 744,706
Net Cash Provided By Operating Activities $ 1,059,241 $ 6,200 $ 1,065,441
Noncash Investing, Capital and Financing Activities:
Contributed Property, Plant and Equipment $ 838,424 $ --- ; 838,424
II
1Y
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NOTES TO FINANCIAL STATEMENTS
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CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1994
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 financial statements of the City of Ocoee, Florida include all those separately
administered departments and funds for which the City has oversight responsi-
bility. Oversight responsibility is derived from the City's power and includes, but
is not limited to, financial interdependency, selection of governing authority,
designation of management, ability to significantly influence operations, and
accountability for fiscal matters.
Based upon the application of the above mentioned criteria as set forth in Gov-
ernment Accounting Standards Board Statement Number 14, The Financial
Reporting Entity,there were no potential component units or related organizations
of the City.
Fund Accounting
The accounts of the City are organized on the basis of funds or account groups,
each of which is considered a separate accounting entity. The operations of
each fund are accounted for with a separate set of self-balancing accounts. The
various funds are grouped by type in the financial statements. The following
fund types and account groups are used by the City.
Governmental Fund Types
General Fund
To account for all financial resources except those required to be accounted
for in another fund. All general tax revenues and other receipts that are not
allocated by law or contractual agreement to another fund are accounted for
in this fund. The general operating expenditures, fixed charges, and capital
improvement costs that are not paid through other funds are paid from the
general fund.
-12-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Governmental Fund Types - Continued 3
Special Revenue Funds
To account for the proceeds of specific revenue sources (other than 3
expendable trust, or major capital projects) requiring separate accounting
because of legal, regulatory provisions or administrative action.
Debt Service Funds 3
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).
3
Proprietary Fund Types
Enterprise Funds
To account for operations that are financed and operated in a manner similar 3
to private business enterprises, where the intent of the governing body is that
costs of providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges, or where the
governing body has decided that periodic determination of net income is
appropriate for capital maintenance, public policy, management control,
accountability, or other purposes. 3
Fiduciary Fund Types
Trust and Agency Funds 3
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 3
-
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. 3
Account Groups
General Fixed Assets Account Group 3
To account for all fixed assets of the City, other than those accounted for in
the enterprise funds. 3
General Long-Term Debt
To account for the outstanding principal balances on any general obligation 3
debt of the City.
-13 3
-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Basis of Accounting and Measurement Focus
Governmental fund types include the general, special revenue, debt service, and
capital projects funds. The governmental fund type measurement focus is upon
determination of financial flow (financial position, changes in financial position,
sources, uses, and balances of financial resources rather than upon net income
determination). These funds are maintained on the modified accrual basis of
accounting. Under this method of accounting, revenues are recognized when
they become measurable and available as net current assets, or when suscepti-
ble to accrual; i.e., both measurable and available. "Measurable" means that the
amount of the transaction can be determined and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities
of the current period. Revenues which are susceptible to accrual are substan-
L tially all governmental fund revenues except licenses and permits, charges for
services, franchise fees, and utility services taxes. Special assessments are
recognized as revenue only to the extent that individual installments are con-
sidered current assets. Property taxes are billed and collected within the same
fiscal period and are recognized when levied to the extent that they result in cur-
rent receivables. Expenditures are recorded when the liability is incurred, except
for principal and interest on general long-term debt, which is recognized when
due.
In applying the "susceptible to accrual" concept to intergovernmental revenues
(grants, entitlements and shared revenues), the legal and contractual require-
ments of the numerous individual programs are used as guidance. There are
essentially two types of these revenues. In one, monies must be expended on
the specific purpose or project before any amounts will be earned by the City;
therefore, revenues are recognized based upon when the expenditures are
made. In the other, monies are essentially unrestricted as to purpose of
expenditure and revocable only for failure to comply with prescribed compliance
requirements. These resources are reflected as revenues at the time of receipt
or earlier if they meet the criterion of availability.
The proprietary fund type measurement focus is upon determination of capital
maintenance (net income, financial position, and changes in financial position).
These funds are maintained on the accrual basis of accounting. Under this
method, revenues are recorded when earned and expenses are recorded at the
time liabilities are incurred. The City adopted GASB Statement No. 20 and
chose not to apply all FASB pronouncements issued after November 30, 1989.
-14-
a
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3
SEPTEMBER 30, 1994
3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Basis of Accounting and Measurement Focus - Continued
3
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
3
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 iii
accounting.
3 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. 3
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected 3
in the financial statements:
1. Prior to September 30th, the City Manager submits to the City Commission 3
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.
3
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 3
approved by the City Commission.
5. Formal budgetary integration is employed as a management control device 3
during the year for the General and Enterprise Funds.
-15-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES - CONTINUED
Budgets and Budgetary Accounting - Continued
6. Budgets are legally adopted for the General Fund, the Enterprise Operations
and Maintenance Funds and one Special Revenue Fund: the Stormwater
Fund. The budgets for the General Fund and the Stormwater Fund are
prepared on a budgetary basis, whereby encumbrances are treated as ex-
penditures. Unencumbered appropriations are lapsed at year end, except
an appropriation for a capital expenditure. An appropriation for a capital
expenditure shall continue in force until the purpose for which it was made
has been accomplished or abandoned; the purpose of any such appropria-
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.
c. Depreciation expense is not budgeted; however, expenditures for capital
outlays are budgeted. These outlays have been capitalized into fixed
assets and eliminated from the results of operations on a GAAP basis.
d. Principal and interest payments on capital leases are budgeted as
expenses. Principal payments are recorded as a reduction of capital
lease obligation and eliminated from the results of operations on a GAAP
basis.
it
7. Budgeted amounts presented in the accompanying financial statements have
been adjusted for legally authorized revisions of the annual budgets during
the year.
-16-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1994 3
3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Encumbrances 3
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of funds are recorded in order to reserve that 3
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. 3
Tap and Impact Fees
The City collects water and wastewater tap fees which are recorded as operat- 3
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. 3
Deposits received which reserve capacity in the City's water and wastewater
facilities are recorded as contributed capital. Other deposits received from3
customers are recorded as liability until all legal requirements, as stipulated by
the City's water and wastewater ordinances, are fulfilled.
3
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 Sur1
-
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 3
and cash equivalents.
Investments 3
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. 3
Inventories
Inventories are stated at cost, using the FIFO method. The cost of govern 3
-
mental fund-type inventories are accounted for by the consumption method,
under which such inventory is recorded as an expenditure when used. 3
-17-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Amortization of Bond Discount and Issuance Costs
In the governmental fund types, bond issuance costs are charged as current ex-
penditures when the bonds are issued. For all enterprise funds, bond discount
and issuance costs are amortized on a straight-line basis, which approximates
the interest method, over the life of the bonds. Amortization of bond issuance
costs amounted to $14,604 for the 1994 fiscal year. Amortization of bond dis-
Ccount, included in interest expense, amounted to $4,887 for the 1994 fiscal year.
Restricted Assets
The use of certain assets of enterprise funds is restricted by specific provisions
of bond resolutions and agreements with various parties. Assets so designated
are identified as restricted assets on the balance sheet.
Property, Plant and Equipment
Property, plant, and equipment owned by the enterprise funds is stated at his-
torical cost or estimated historical cost. Additions, improvements, and other
capital outlays that significantly extend the useful life of an asset are capitalized.
Other costs incurred for repairs and maintenance are expensed as incurred.
Depreciation of plant and equipment is provided on the straight line basis over
the following estimated useful lives:
Buildings, 10-30 years Improvements, 20-40 years
Equipment, 5 -10 years
Contributions of property, plant, and equipment received from federal, state, or
local sources are recorded as contributions to equity when received. Deprecia-
tion on contributed property, plant, and equipment is recorded as a reduction
of contributed capital.
General Fixed Assets
General fixed assets have been acquired for general governmental purposes.
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. In the case of gifts
or contributions, such assets are recorded at fair market value at the time
received.
Certain improvements, such as roads, bridges, curbs, gutters, streets, 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.
-18-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Postretirement Benefits
The City does not provide any postretirement health care and life insurance
benefits for employees.
Capitalization of Interest
Net interest cost relating to construction is capitalized.
Compensated Absences
The City accrues accumulated unpaid vacation and sick leave when earned by
the employee. Upon termination, the employee receives a cash benefit for the
number of days accrued at the employee's current wage rate. The non-current
portion (the amount estimated not to be used in the following year) for Govern-
mental Funds is recorded in the General Long-Term Debt Account Group. The
liability for Compensated Absences for Proprietary Fund Types is shown as a
current liability of those funds.
Long-Term Obligations
9 9
Long-term debt is recognized as a liability of a governmental fund when due, or
when resources have been accumulated in the debt service fund for payment
early in the following year. For other long-term obligations, only that portion
expected to be financed from expendable available financial resources is
reported as a fund liability of a governmental fund. The remaining portion of
such obligations is reported in the general long-term debt account group. Long-
term liabilities expected to be financed from proprietary fund operations are
accounted for in those funds.
Fund Equity
Proprietary Funds
Contributed capital consists of funds from developers, federal and state
(capital) grants, and a portion of connection fees charged to customers as
previously discussed. Grants received for operating assistance are recorded
as non-operating revenue.
Reservations of retained earnings are created by increases in assets
restricted for debt service, renewal and replacement, and other contractual
obligations. These increases result from earnings on restricted assets and
other intrafund transfers to (from) restricted accounts. Earnings on restricted
assets are included in net income of the Proprietary Funds. Reserves are not
established for bond proceeds deposited into construction accounts.
-19-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Fund Equity - Continued
Governmental Funds
Reserves of the governmental funds are limited to the portions of fund
balance which are either not subsequently appropriate for expenditures or
legally segregated for a specific use.
Interfund Transactions
Transactions which constitute reimbursements to a fund for expenditures
(expenses) initially made are recorded as expenditures or expenses (as appro-
priate) in the reimbursing fund and as reductions of the expenditures (expenses)
in the reimbursed fund.
All interfund transactions except advances and reimbursements are accounted
for as transfers. Nonrecurring or nonroutine transfers of equity between funds
are considered equity transfers. All other interfund transactions are treated as
operating transfers.
Total Columns on Combined Statements - Overview
Total columns on the combined statements are captioned Memorandum Only
to indicate that they are presented only to facilitate financial analysis. Data in
these columns do not present financial position, results of operations or its cash
flows in conformity with generally accepted accounting principles. Neither is
such data comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Compliance with Finance-Related Legal and Contractual Provisions
The City has no material violations of finance-related legal and contractual pro-
visions. However, at September 30, 1994, the City did not take an annual
physical inventory of fixed assets as required by Rules of the Auditor General,
Chapter 10.400, and Florida Statutes, Chapter 274.
-20-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
NOTE 3 - BUDGET BASIS OF ACCOUNTING
The General Fund and Stormwater Fund budgets are prepared on a budgetary basis,
whereby encumbrances are treated as budgeted expenditures in the year of incur-
rence of the commitment to purchase. In addition, the City includes a portion of the
prior year's fund balance represented by unappropriated liquid assets remaining in the
fund as a budgeted revenue in the succeeding year. The results of operations on a
GAAP basis do not recognize the fund balance allocation as revenue as it represents
prior periods' excess of revenues over expenditures. Also, the City does not budget
for capital outlay expenditures and other financing sources related to the acquisition
of assets through capital leases.
For the 1994 fiscal year, the following adjustments were necessary to convert General
Fund expenditures on the GAAP basis to the budgetary basis:
Other Financing
Expenditures Sources (Uses)
GAAP Basis $ 7,543,985 $ 575,103
Nonbudgeted Capital Lease I
Transactions (357,029) (357,029)
I
Budgetary Basis $ 7,186,956 $ 218,074
No adjustments for capital lease transactions or encumbrances were required for the
Stormwater Fund; therefore, no reconciliation is presented. However, since the City 3
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:
I
-21-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 3 - BUDGET BASIS OF ACCOUNTING - CONTINUED
Expenditures:
GAAP Basis $ 756,768
Expenditures Which Were Not Budgeted (561,876)
Budgetary Basis $ 194,892
NOTE 4 - CASH AND INVESTMENTS
Following are the components of the City's cash and investments at September 30,
1994:
Unrestricted Restricted Total
Cash & Cash Equivalents $ 1,700,627 $ 880,878 $ 2,581,505
Cash With Paying Agent --- 962,031 962,031
Investments 8,357,635 4,656,151 13,013,786
$10,058,262 $ 6,499,060 $16,557,322
Deposits
At year end, the carrying amount of the City's deposits was $3,543,536 and the
bank balance was $3,906,196. 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
The City's investment policies, except for pension fund and deferred compensa-
tion assets, are governed by State statutes and City ordinances. City ordinance
allows investments in any financial institution that is 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 -22-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1994
I
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, 1994:
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.
-23-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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.
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,
1994:
Category
Carrying Market
1 2 3 Amount Value
Pension Fund Investments:
U.S. Government
Obligations $ 1,061,303 $ --- $ --- $ 1,061,303 $ 1,013,334
Corporate Bonds and Notes 405,515 --- --- 405,515 395,466
Common Stock 818,337 -- --- 818,337 847,265
$ 2,285,155 $ — $ ---
Deferred Compensation Plan 520,972 520,972
Mutual Funds Investing In U.S. Government Securities 10,207,659 9,417,229
$13L013,786 $12194,266
-24-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 1
SEPTEMBER 30, 1994
3
I
NOTE 5 - ACCOUNTS RECEIVABLE
The following is an analysis of Accounts Receivable:
Proprietary Fiduciary
Governmental Fund Fund
Fund Types Types Types
Special Pension
General Revenue Enterprise Funds
Property Taxes $ 7,146 $ --- $ --- $ ---
Accounts Receivable --- 37,225 409,596 ---
Assessments
Current --- --- 64,000 --- ,
Noncurrent --- --- 420,260 ---
Maintenance Fee (Formerly
Guaranteed Revenue) --- --- 263,102 ---
Other Receivables 117,022 8,687 2,980 65,595
Accrued Interest --- --- --- 23,974 3
Total 124,168 45,912 1,159,938 89,569
Less: Allowance for
I
Uncollectible Accounts (14,484) --- (79,000) ---
$ 109,684 $ 45,912 $1,080,938 $ 89569
I
NOTE 6 - PROPERTY TAXES 3 .
All property is reassessed according to its fair value on the lien date, or January 1 of
each year. Taxes are levied on October 1 of each year. Discounts are allowed for
early payment at the rate of 4% in the month of November, 3% in the month of Decem-
ber, 2% in the month of January, and 1% in the month of February. The taxes paid
in March are without discount. All unpaid taxes become delinquent on April 1 following
the year in which they are assessed. On or around May 31 following the tax year, cer-
tificates are sold for all delinquent taxes on real property.
3
The County bills and collects property taxes and remits them to the City. City property
tax revenues are recognized when levied to the extent that they result in current receiv-
ables.
-25-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 6 - PROPERTY TAXES - CONTINUED
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, 1994, 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
$2,546,626 additional property tax revenue a year from the present assessed valuation
of $424,437,664 before the limit is reached.
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT
During the fiscal year ended September 30, 1994, the following changes in general
fixed assets occurred:
Balance Balance
10-1-93 Additions Deletions 9-30-94
Land $ 1,037,107 $ --- $ --- $ 1,037,107
Buildings 751,480 2,540,461 63,261 3,228,680
Improvements 693,787 61,159 --- 754,946
Equipment 1,916,151 1,080,507 82,445 2,914,213
4,398,525 3,682,127 145,706 7,934,946
Construction in
Progress 350,642 --- 336,272 14,370
$ 4,749,167 $3,682,127 $ 481,978 $7,949,316
Construction in progress for general fixed assets as of September 30, 1994 consisted
of improvements to the Ocoee Youth Center.
1 -26-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 31
SEPTEMBER 30, 1994
4
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT - CONTINUED
The sources of general fixed assets are as follows:
Balance Balance
10-1-93 Additions Deletions 9-30-9411
_
General Fund $2,913,115 $ 814,896 $ 82,445 $ 3,645,566
Special Revenue Funds: ]
Federal Revenue
Sharing 813,871 --- 63,261 750,610
Police Trust 10,760 --- --- 10,760 ]
Parks 69,987 22,884 --- 92,871
Stormwater Utility 23,685 --- --- 23,685
Fire Impact 100,871 342,928 --- 443,799
Contributions - Other 355,148 9,600 --- 364,748
State Grant 112,697 33,264 --- 145,961
Capital Projects Fund 349,033 2,122,283 --- 2,471.316
$4,749,167 $3,345,855 $ 145,706 $ 7,949,316
The components of property, plant and equipment for the Proprietary Fund Types at
September 30, 1994, are as follows:
Proprietary
Fund Types
Enterprise
Land and Land Improvements $ 4,722,072
Buildings 386,188 3
Improvements 24,190,006
Equipment 1,670,816
30,969,082
Less: Accumulated Depreciation 5,989,833
$24,979,249
Proprietary Fund construction in progress at September 30, 1994, consisted primarily 3
of improvements to water lines and the wastewater plant.
]
-27- 3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 7 - PROPERTY, PLANT, AND EQUIPMENT - CONTINUED
During the year, the City capitalized interest expense on construction in progress in
the following amounts:
Wastewater
Fund
Total Interest Expense Incurred $ 348,828
Interest Associated with Construction Projects 311,364
Interest Earned in Construction Accounts 118,155
Net Interest Capitalized 193,209
Interest Expense $ 155,619
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, 1994, amounted to $4,022,293 while the City's total
payroll for all employees was approximately $4,894,643.
All plans are contributory. The employees participating in the General
Employees' Pension Plan are required to contribute 5% of their salary. The
City is required to contribute the balance necessary to fund the Plan using
the actuarial basis specified by City ordinance.
-28-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3
SEPTEMBER 30, 1994
I
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 3
The Pension Benefit Obligation (PBO) is reflected as the Actuarial Present
Value of Credited Projected Benefits. The PBO is the standard measure
of the present value of pension benefits, adjusted for the effects of pro-
jected salary increases and any benefits projected to be paid in the future
as a result of employee service to date. The measure is intended to help
users assess the Public Employee's Retirement System (PERS) funding
status on a going concern basis, assess progress made in accumulating
assets to pay benefits when due, and make comparisons among PERS.
-29-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
NOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
Pension Plan Obligations - Continued
This measure is independent of the actuarial funding method used to
determine the City's contribution requirements. The City's pension plans
use the Frozen Initial Liability Funding Method which is one of the State
of Florida's acceptable methods. The State of Florida has established
guidelines for state and local pension plan funding and requires submis-
sion to and approval of the local government's actuarial reports by a state
agency, at least every third year. The City's pension plan, by policy, (1)
requires annual actuarial reports as of October 1 of each year, (2)
receives employer contributions based on the actuarially determined
requirement, and (3) uses the same assumptions (see the following sche-
Cdule) 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, 1993 for the two pension plans:
-30-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1994
3
I
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 43 34
Nonvested 46 24
Retirees and Beneficiaries 3 ---
Terminated Vested 5 1
97 59
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 3
Normal Retirement Benefit: 2% of average 2.5% of average
monthly earnings monthly earnings
times credited times credited
service service
3
Years to Vest: 5 years 5 years
3
-31-
CCITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
1 SEPTEMBER 30, 1994
CNOTE 8 - RETIREMENT PLANS - CONTINUED
Defined Benefit Pension Plan and Trust - Continued
General Police and
Employees Firefighters
Assumptions and Liabilities
Assumptions:
CInvestment Earnings 8% 8%
Salary Increases Attributable to Inflation 3% 3%
CSalary 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
CGeneral Police and
Employees Firefighters Total
Pension Benefit Obligations
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving
Cbenefits. $ 195,156 $ 12,439 $ 207,595
Current Employees
Accumulated Member Contribu-
tions 196,896 162,392 359,288
Employer-financed Vested 863,331 1,604,856 2,468,187
Employer-financed Nonvested 186,466 34,102 220,568
Total Pension Benefit Obligation 1,441,849 1,813,789 3,255,638
Net Assets Available for Benefits 941,671 989,107 1,930,778
Unfunded Pension Benefit
Obligation $ 5.00,178 $ 824,682 $ 1,324,860
Change in Pension benefit obliga-
tion as a result of a change in
benefit provisions, assumptions,
etc. $ 05,876) $ (39,896) $ (85,772)
-32-
CITY OF OCOEE, FLORIDA 3
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994 3
NOTE 8 - RETIREMENT PLANS - CONTINUED 3
Defined Benefit Pension Plan and Trust - Continued 3
Contributions Required General Police and
and Made Employees _ Firefighters 3
Asa As a
Actuarially determined contribu- As a Percentage As a Percentage
bution requirement for the Dollar of Covered Dollar of Covered 3
year ending 9/30/94: Amount Payroll Amount Payroll
Normal Cost 3
Employer $ 180,069 8.0% $ 283,545 16.1%
Employee 113,125 5.0% 87,990 5.0% 3
293,194 13.0% 371,535 21.1%
Unfunded Actuarial
Accrued Liability 36,737 1.6% 49,667 2.8% 3
Total $ 329931, 14.6% $ 421,202 23.9% 3
Actual Contributions Made:
Employer $ 216,806 9.6% $ 282,702 16.1% 3
Employee 126.448 5.6% 101,588 5.8%
1
0 0
Total $ 343,254 15.2%, $ 384,290 21.9/o
Payroll Characteristics: 3
Participating $2,262,495 86.2% $1,759,798 77.5%
Nonparticipating (ineligible 3
due to minimum service) 361,684 13.8% 510,666 22.5%
Total $2.624,179 100.0% $2,270,464 100.0% 3
The actuarial method employed to determine contributions to the fund is the 3
frozen initial liability cost method. It is assumed that an annual contribution
(normal cost) is made each year for each participant. This normal cost, if
contributed each year from the participant's eligibility date (or what would have 3
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 3
provide the retirement benefits provided for him under the Plan.
-33 3
-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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 beingmade
Y P 9
in the funding of the City's pension obligation:
Three-Year Historical Trend Information
as of September 30,
General Employees Police and Firefighters
1994 1993 1992 1994 1993 1992
Net assets available for benefits
expressed as a percentage of pension
benefit obligations 65.3% 57.6% 38.7% 54.5% 43.7% 22.8%
Unfunded pension benefit obligations
expressed as a percentage of annual
covered payroll 22.1% 22.9% 24.1% 46.9% 42.5% 51.6%
Employer contributions expressed as a
percentage of annual covered payroll 9.6% 8.6% 8.0% 16.1%, 18.3% 16.1%
-34-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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
pproperty 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,
1994 were $136,866.
3
-35-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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-
C 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, 1994.
All expenditures under this program are shown as expenditures of the general fund.
Water Excise Tax $ 5,327
Ad Valorem Taxes 13,819
Water Fees 53,439
Sanitation Fees 78,880
Total Over 65 Cost $ 151,465
NOTE 10 - BONDS PAYABLE
Summarized below are the City's bonds outstanding at September 30, 1994:
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 $ 2,028,000
Wastewater Fund 6,422,000
Total $ 8,450,000
Less: Current Maturities (195,000)
Unamortized Discounts (112,401)
$ 8,142,599
-36-
I
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
NOTE 10 - BONDS PAYABLE - CONTINUED
General Long-Term Debt Account Group
Transportation Refunding and Improvement Revenue Bonds,
Series 1990 - payable in annual installments of $125,000 to
$575,000 through 2015 with semi-annual interest payments at
at 6.0% to 7.5%. $ 6,515,000
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%. _ 2,370,000
$ 8,885,000
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.
-37-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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.
-38-
•
31
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
NOTE 10 - BONDS PAYABLE - CONTINUED
Capital Improvement Revenue Bonds, Series 1991 - Continued 3
P P
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
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 285,000 582,722 225,000 422,716 1,515,438
2000-2004 1,760,000 2,585,205 1,290,000 1,944,931 7,580,136
2005-2009 2,495,000 1,844,945 1,665,000 1,572,058 7,577,003 3
2010-2014 2,780,000 816,750 2,200,000 1,042,187 6,838,937
2015-2018 575.000 43,125 2,255,000 332,925 3,206,050
$ 8,885,000 $ 8,371 859 $ 8,450,000 $7,087,473 $32,794,332
I
During the year ended September 30, 1994, the following changes in general long-term
I
debt occurred:
I
Accrued Capital
Annual Lease Bonds
Leave Obligations Payable Total
Balance at
October 1, 1993 $ 245,179 $ 413,101 $9,095,000 $9,753,280
New debt issued/
Additions 50,473 437,326 --- 487,799
Principal payments --- (221,613) (210,000) (431,613)
Balance at Septem-
ber 30, 1994 $ 295,652 $ 628,814 $8,885,000 $9,809,466
I
-39-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
NOTE 11 - DEBT DEFEASANCE
In 1990 the City defeased the Public Improvement Revenue Bonds, Series 1987, by
creating a separate irrevocable trust fund. New debt was issued and the proceeds have
been used to purchase U.S. government securities that were placed in the trust fund.
The investments and fixed earnings from the investments appear sufficient to fully service
the defeased debt until the debt is called or matures. For financial reporting purposes,
the debt has been considered defeased and therefore removed as a liability from the
City's General Long-Term Debt Account Group. As of September 30, 1994, the amount
of defeased debt outstanding, but removed from the General Long-Term Debt Account
Group amounted to $1,070,000.
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, 1994 consists of the following:
Fire Trucks and Minipumper $ 597,086
Office Equipment 112,552
Vehicles and Trucks 220,118
$ 929,756
Debt service payments on equipment capitalized in the General Fixed Asset Group
are recorded as expenditures in either the General Fund or the Special Revenue
Funds.
-40-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
I
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:
1995 $ 259,696
1996 224,817
1997 160,197
1998 34,497
1999 4,512
Total Minimum Lease Payments 683,719
Less, Amount Representing Interest (54,905) 3
Present Value of Net Minimum
Lease Payments $ 628,814
The total of assets capitalized under lease-financing arrangements in proprietary
fund types is as follows:
Water Sanitation
Fund Fund Totals
Vehicles and
Equipment $ 47,164 $ 390,930 $ 438,094
Less Accumulated
Amortization (29,744) (107,679) (137,423) 3
Net Book Value $ 17,420 $ 283,251 $ 300,671
Amortization of equipment leased under capital leases is included in depreciation
expense.
3
-413-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
C
NOTE 12 - LEASE OBLIGATIONS - CONTINUED
Capital Leases - Continued
CI
The following is a schedule by years of future minimum lease payments under the
above capital leases, together with the present value of the net minimum lease
payments as of September 30:
Year Ending Sanitation
September 30: Fund Totals
1995 $ 12,807 $ 108,886 $ 121,693
1996 6,371 108,886 115,257
1997 --- 45,033 45,033
CTotal Minimum Lease
Payments 19,178 262,805 281,983
Less, Amount Repre-
senting Interest (1,430) (17,986) (19,416)
Present Value of Net
Minimum Lease
Payments $ 17,748 $ 244,819 $ 262,567
The current and noncurrent obligation under these capital leases are $109,441
Cand $153,126, respectively.
CNOTE 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.
-42-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3
SEPTEMBER 30, 1994
3
NOTE 13 - DEVELOPER AGREEMENTS PAYABLE - CONTINUED
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, 1994:
Total reimbursable costs of developers $ 37,913
Less current portion 37,913
Long-term portion $ ---
3
NOTE 14 - INTERFUND RECEIVABLES AND PAYABLES
The followingschedule as of September 30, 1994, represents interfund receivables and
p p
payables:
Interfund Interfund 3
Fund Tvoe Receivables Payables
General Fund $ 426 $ ---
Special Revenue:
Stormwater --- 95,000 3
Road Impact 95,000 ---
Capital Projects:
City Hall/Police Dept. Construction --- 265 3
Enterprise Funds:
Wastewater --- 94
Sanitation --- 67
$ 95,426 $ 95,426
3
-43-
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1994
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, 1994, is as
follows:
Water Wastewater Sanitation Total
Operating Revenues $ 1,401,077 $ 1,610,972 $ 1,020,791 $ 4,032,840
Depreciation and Amortization $ 581,426 $ 446,565 $ 98,734 $ 1,126,725
Operating Income (Loss) $ (162,253) $ 276,952 $ 199,836 $ 314,535
Operating Grants $ --- $ --- $ 25,290 $ 25,290
Operating Transfers:
In $ 5,255 $ --- $ 4,283 $ 9,538
Out $ (262,615) $ (139,823) $ (123,588) $ (526,026)
Net Income (Loss) $ (374,466) $ 76,988 $ 97,666 $ (199,812)
Current Capital Contributions $ 850,159 $ 1,083.637 $ --- $ 1,933,796
Property Additions $ 554,927 $ 5,834,825 $ 120,817 $ 6,510,569
Property Deletions $ --- $ --- $ --- $ ---
Net Working Capital $ 827,425 $ 939,747 $ 228,951 $ 1,996,123
Total Assets $12,255,032 $20,919,804 $ 662,639 $33,837,475
Long-Term Debt $ 1,960,399 $ 6,188,378 $ 146,948 $ 8,295,725
Total Equity 9,801,868 $14,281,726 $ 402,284 $24,485,878
1
-44-
3
CITY OF OCOEE, FLORIDA
NOTES TO FINANCIAL STATEMENTS - CONTINUED 3
SEPTEMBER 30, 1994
NOTE 16 - CONTRIBUTED CAPITAL 3
The following is a summary of changes in contributed capital during the year ended
September 30, 1994:
Water Wastewater Total i
Contributed Capital - Beginning of Year $6,706,005 $12,341,699 $19,047,704
Additions (Reductions)
Connection Fees 442,547 652,824 1,095,371 3
Developers 407,611 430,813 838,424
Depreciation on Contributed Assets (183,235) (77,307) (260,542)
Contributed Capital - End of Year $7,372,928 $13,348,029 $20,720,957 3
NOTE 17 - SUMMARY DISCLOSURE OF SIGNIFICANT CONTINGENCIES 3
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 3
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.
3
3
3
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ONfli 1Vf1OIAIONI aNd ONINI9WO0
SUPPLEMENTARY INFORMATION
Supplementary information is presented to provide greater detailed infor-
mation deemed useful for clarity. It is not necessary for presentation in
conformity with generally accepting accounting principles.
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C
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
C
Revenues By Source
Employer Contributions
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total
C1985(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
1994 126,448 216,806 9.58% 49,551 392,805
Expenses By Type
Fiscal Administrative
Year Benefits Refunds Expenses Total
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
1994 34,452 --- 28,193 62,645
(1) The Plan was effective as of October 1, 1985.
(2) Prior to October 1, 1991, City employees were not permitted to contribute to the Plan.
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3
CITY OF OCOEE, FLORIDA
POLICE OFFICERS AND FIREFIGHTERS DEFINED BENEFIT PENSION PLAN 3
REQUIRED SUPPLEMENTARY INFORMATION
COMPARATIVE SUMMARY OF REVENUES 3
BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS
33
Revenues By Source
Employer Contributions3
Percentage Of
Fiscal Employee Annual Covered Investment
Year Contributions Amount Payroll Income Total3
1985-1991(1) N/A N/A N/A N/A N/A
1992 $ 85,755 $ 246,180 14.35% $ 15,157 $ 347,092 3
1993 94,230 308,477 18.30% 40,541 443,248
1994 101,588 282,702 16.06% 46,299 430,589
3
3
Expenses By Type 3
Fiscal Administrative
Year Benefits Refunds Expenses Total
1
1985-1991(1) N/A N/A N/A N/A
1992 $ --- $ --- $ 15,346 $ 15,346 1
1993 1,362 --- 19,117 20,479 3
1994 16,778 --- 27,519 44,297
3
3
(1) The Plan was effective as of October 1, 1991.
3
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CITY OF OCOEE, FLORIDA
GENERAL EMPLOYEES' DEFINED BENEFIT PENSION PLAN
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
I
L (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)1(2) (2) - (1)
I1985-1987(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
1994 941,671 1,441,848 65.30% 500,177
C
Unfunded (Assets
in Excess of)
Pension Benefit
Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
CYear Payroll (4)/(5)
1985-1987 (1) N/A N/A
C 1988 $ 1,967,766 2.77%
1989 2,462,828 .56%
1990 2,829,357 (.32%)
1991 2,067,220 (3.24%)
1992 2,246,670 24.10%
1993 2,066,674 22.93%
1994 2,262,495 22.11%
(1) The Plan was effective as of October 1, 1985 and there was no actuarial report available
as of October 1, 1986.
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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)
(1) (2) (3) Unfunded
Net Assets Pension Percentage Of Pension Benefit
Fiscal Available Benefit Funded Obligation
Year For Benefits Obligation (1)1(2) (2) - (1)
1985-1991(1) N/A N/A N/A N/A
1992 $ 210,164 $ 923,367 22.76% $ 713,203
1993 555,482 1,271,372 43.69% 715,890
1994 989,107 1,813,789 54.50% 824,682
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(6)
Unfunded Pension
Obligation As A
(5) Percentage Of
Fiscal Annual Covered Covered Payroll
Year Payroll (4)/(5)
1985-1991 (1) N/A N/A
]
1992 $ 1,382,151 51.60%
1993 1,685,482 42.47%
1994 1,759,798 46.86%
(1) The Plan was effective as of October 1, 1991.
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CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WATERO & M FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1994
CVariance
Favorable
Budget Actual (Unfavorable)
C
Operating Revenues
g
User Charges $ 1,293,750 $ 1,401,077 $ 107,327
Nonoperating Revenues
Interest Revenues 50,000 30,690 (19,310)
Miscellaneous 3,100 --- (3,100)
Operating Transfers In 163,900 90,311 (73,589)
Retained Earnings Allocation --- --- ---
C217,000 121,001 (95,999)
Total Revenues $ 1,510,750 $ 1,522,078 $ 11,328
COperating Expenses
Personal Services $ 549,226 $ 556,391 $ (7,165)
Materials And Supplies 73,483 75,339 (1,856)
Heat, Light And Power 117,535 113,912 3,623
Other Expenses 180,766 145,816 34,950
C921,010 891,458 29,552
Nonoperating Expenses
Operating Transfers Out 456,850 323,210 133,640
Capital Lease Payments 6,400 6,339 61
C Capital Outlay 126,490 103,110 23,380
589,740 432,659 157,081
4
Total Expenses $11,510,750 $1,324117 $ 186,633
(1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds.
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CITY OF OCOEE, FLORIDA
I
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
WASTEWATER 0 & M FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1994
I
Variance 3
Favorable
Budget Actual (Unfavorable)
Operating Revenues
User Charges $ 1,310,000 $ 1,610,972 $ 300,972 3
Nonoperating Revenues
Interest Revenues 15,000 15,067 67
Miscellaneous --- --- ---
Operating Transfers In 501.100 40,915 (460,185)
516.100 55,982 (460,118)
I
Total Revenues $ 1,826 100 $ 1,666,954 $ (159,146)
Operating Expenses
Personal Services $ 469,639 $ 470,581 $ (942)
Materials And Supplies 86,937 84,562 2,375
Heat, Light And Power 155,211 124,418 30,793
Other Expenses 179.701 130,619 49,082
891,488 810,180 81,308 1
Nonoperating Expenses ]
Operating Transfers Out 672,800 238,648 434,152
Capital Lease Payments 16,500 9,755 6,745
Capital Outlay 116.550 83,098 33,452
805.850 331,501 474,349
Total Expenses $ 1,697,338 1,141,681 555,657
(1) This schedule only reflects receipts and disbursements from operating accounts and not
capital improvement funds.
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CITY OF OCOEE, FLORIDA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
SANITATION FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1994
C
CVariance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
User Charges $ 1,013,684 $ 1,020,273 $ 6,589
Nonoperating Revenues
Interest Revenues 1,500 6,302 4,802
Operating Transfers In 5,000 4,283 (717)
cRecycling Grant 22,000 25,290 3,290
28,500 35,875 7,375
CTotal Revenues 1 042 184 $ 1,056,148 $ 13,964
Operating Expenses
Personal Services $ 424,209 $ 400,025 $ 24,184
Materials And Supplies 242,697 243,405 (708)
Other Expenses 91,328 72,794 18,534
Recycling Expenses 23,000 5.997 17,003
781,234 722,221 59,013
Nonoperating Expenses
Operating Transfers Out 145,500 154,184 (8,684)
Capital Outlay 14,550 12,219 2,331
Capital Lease Payments 100,900 108,886 (7,986)
260,950 275.289 (14,339)
Total Expenses $ 1,042,184 $_ 997 510 $ _ 44,674
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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.
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Ocoee
115.11
,• O, 6000 �,
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STATISTICAL SECTION
LIST OF SCHEDULES
General Governmental Expenditures and Other Financing Uses
General Governmental Revenues and Other Financing Sources
Tax Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Value of Taxable Property Net of Exemptions
Property Tax Rates and Tax Levies Direct and Overlapping Governments
Special Assessment Collections
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt per
Capita
Legal Debt Margin
Computation of Direct and Overlapping General Obligation Debt
Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total
General Governmental Expenditures and Other Uses
Revenue Bond Coverage
Demographic Statistics
Property Value, Construction and Bank Deposits
Schedule of Ten Largest Taxpayers
Miscellaneous Statistical Data
Schedule of Insurance in Force
I
CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES
AND OTHER FINANCING USES
LAST TEN FISCAL YEARS
III
I
Fiscal Total w General Public Physical
Year Expenditures % Government % Safety % Environment
1985 $ 3,248,982 100.0 $ 831,174 25.6 $1,243,920 38.3 $ 740,772
1986 2,962,418 100.0 657,239 22.2 1,484,168 50.1 602,159
1987 3,261,035 100.0 846,360 26.0 1,796,761 55.1 281,576 (b)
1988 3,838,373 100.0 1,113,825 29.0 2,016,496 52.5 262,939
1989 3,748,802 100.0 953,004 25.4 1,953,951 52.2 271,390 3
1990 5,060,097 100.0 1,478,026 29.2 2,600,066 51.4 565,066
1991 6,295,025 100.0 1,877,608 29.8 2,823,667 44.9 744,722
1992 6,335,748 100.0 • 1,523,768 24.1 2,968,180 46.8 706,974
3
1993 6,671,716 100.0 1,599,429 24.0 3,404,218 51.0 899,542
1994 8,629,065 100.0 1,705,399 19.7 4,253,374 49.3 1,103,3723
(a) This schedule includes expenditures of the General Fund only.
(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.
(c) Beginning 1992, debt service on capital leases was reported as an expenditure of the General Fund. Prior 3
to 1992, these debt service amounts were transferred to the Debt Service Fund and reported as an expendi-
ture in the Debt Service Fund.
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ELoss On
Permanent
Decline In
I Culture And Debt Transfers To Of Market-
% Recreation % Service % Other Funds % able Security %
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 --- ---
6.9 166,532 4.3 --- --- 278,581 7.3 --- ---
7.2 175,643 4.7 --- --- 394,814 10.5 --- ---
11.2 202,206 4.0 --- --- 214,733 4.2 --- ---
11.8 167,749 2.7 --- --- 681,279 10.8 --- ---
11.1 152,762 2.4 41,626 (`) .7 942,438 14.9 --- ---
13.5 179,232 2.7 79,723 1.2 509,572 7.6 --- ---
12.8 325,331 3.8 156,509 1.8 1,085,080 12.6 --- ---
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CITY OF OCOEE, FLORIDA
GENERAL GOVERNMENTAL REVENUES
AND OTHER FINANCING SOURCES
LAST TEN FISCAL YEARS
33
Licenses Inter-
Fiscal Total And Governmental
Year Revenues % Taxes % Permits % Revenues %
1985 $ 2,756,918 100.0 $1,053,785 38.2 $ 85,205 3.1 $ 1,335,812 48.5
1986 2,957,068 100.0 1,189,915 40.2 109,843 3.7 1,442,938 48.8
1987 2,746,881 100.0 1,248,182 45.4 123,255 4.5 1,098,703 ro> 40.03
1988 3,200,750 100.0 1,362,805 42.6 137,009 4.3 1,300,030 40.6
1989 3,957,983 100.0 1,508,606 38.1 227,241 5.7 1,685,641 42.6
1990 5,027,968 100.0 1,967,285 39.1 591,160 11.8 1,890,285 37.6
1991 5,845,228 100.0 2,328,029 39.8 587,064 10.0 1,844,812 31.7
1992 6,981,337 100.0 2,631,241 37.7 488,522 7.0 1,967,790 28.2
1993 7,161,664 100.0 3,018,139 42.1 612,036 8.5 2,216,879 31.0
1994 8,416,346 100.0 3,466,712 41.2 663,191 7.9 2,315,056 27.5
(a) This schedule includes revenues of the General Fund only.
(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 r
and streets. In all other years, these revenues were included in General Fund Intergovernmental Revenues.
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Charges Other
E
For Fines And Investment Misc. Financing
Services % Forfeitures % Income % Revenue % Sources %
Es 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
C94,690 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
C95,109 1.1 102,024 1.2 29,551 .4 84,520 1.0 1,660,183 19.7
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CITY OF OCOEE, FLORIDA
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
3
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Fiscal Property Franchise Utility Total
Year Taxes Taxes Taxes Taxes
3
1985 $ 286,681 $ 294,504 $ 472,600 $1,053,785
1986 357,048 320,369 512,498 1,189,915
1987 392,536 315,269 540,377 1,248,182
1988 471,349 335,969 555,487 1,362,805 I
1989 567,410 353,007 588,189 1,508,606
1990 844,080 433,529 689,676 1,967,285
1991 1,061,160 498,617 768,252 2,328,029
1992 1,295,309 571,072 764,860 2,631,241
1993 1,455,968 666,811 895,360 3,018,1393
1994 1,647,742 777,783 1,041,187 3,466,712
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CITY OF OCOEE, FLORIDA
EPROPERTY 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
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
1989 588,036 567,410 3,279 96.49
1990 847,080 844,080 3,000 99.65
1991 1,064,847 1,061,160 3,687 99.65
1992 1,338,563 1,295,309 4,745 96.77
1993 1,503,231 1,455,968 4,941 96.86
1994 1,697,751 1,647,742 1,753 97.05
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CITY OF OCOEE, FLORIDA
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
NET OF EXEMPTIONS
LAST TEN FISCAL YEARS
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Real Property Personal Property
Fiscal Assessed Estimated Assessed Estimated
Year Value Actual Value Value Actual Value
1985 $ 72,498,499 $ 72,498,499 $ 9,827,873 $ 17,549,773
1986 85,087,900 85,087,900 10,314,135 18,316,702
1987 107,665,821 107,665,821 10,423,536 18,412,888
1988 126,876,147 126,876,147 12,708,713 22,437,700
1989 180,610,206 180,610,206 16,583,819 30,300,000
1990 198,284,327 198,284,327 20,307,367 36,922,000
1991 249,015,145 249,015,145 24,635,177 38,185,000
1992 305,993,279 305,993,279 28,647,558 44,762,000
1993 343,180,649 343,180,649 32,627,218 32,627,21831
1994 389,507,198 389,507,198 34,930,466 34,930,466
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Totals
Assessed Estimated
Value Actual Value
$ 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
424,437,664 424,437,664
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CITY OF OCOEE, FLORIDA
PROPERTY TAX RATES AND TAX LEVIES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS 31
Millage Rates ($1 per$1,000 of taxable value)
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1985 3.14 4.1166 6.730 13.9866
1986 3.14 4.9611 7.280 15.3811
1987 2.90 4.5144 7.550 14.9644
1988 2.80 4.5144 7.347 14.6614 1
1989 4.00 5.2889 8.414 17.7029
3
1990 4.00 5.2889 8.271 17.5599
1991 4.00 5.2889 9.149 18.4379
1992 4.00 5.2889 9.003 18.2919
1993 4.00 5.2889 8.930 18.2189 1
1994 4.00 5.2889 8.930 18.2189
Tax Levies
Fiscal City Of Orange School
Year Ocoee County Board Total (a)
1985 295,949 53,038,661 86,809,207 140,143,817
1986 372,913 78,518,523 115,266,880 194,158,316
1987 405,448 82,967,403 138,756,875 222,129,7263
1988 490,488 106,584,419 180,932,152 288,007,059
1989 588,036 124,196,244 215,618,692 340,402,972 3 •
1990 847,080 135,534,312 242,412,856 378,794,248 3
1991 1,064,847 155,011,166 287,746,102 443,822,115
1992 1,338,563 166,541,712 290,845,109 458,725,3843
1993 1,503,231 170,859,789 280,973,951 453,336,971
1994 1,697,751 174,905,763 294,730,923 471,334,437
(a) Tax Rates and Levies of a fraction of one mill assessed in various years by other units against districts 1
covering less than the entire City or County were omitted here.
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CffY OF OCOEE, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
LAST TEN FISCAL YEARS
The City of Ocoee, Florida did not have any material special assessment collections in the last
ten fiscal years.
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CITY OF OCOEE, FLORIDA
RATIO OF NET GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
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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
1985 10,682 $ 82,326,372 $ --- $ --- $ --- $ --- $ ---
1986 11,135 95,402,035 --- --- --- --- ---
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1987 11,552 118,089,357 --- --- --- --- ---
1988 11,765 139,584,860 --- --- --- --- ---
1989 11,822 197,194,025 --- --- --- --- ---
1990 13,852 218,591,694 --- --- --- ---
1991 14,926 273,650,322 --- --- --- --- ---
1992 15,107 334,640,837 --- --- --- --- ---
1993 16,418 375,807,867 --- --- --- --- ---
1994 17,489 424,437,664 --- --- --- --- ---
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Note: The City of Ocoee does not have any general obligation debt which is being repaid through general
property taxes.
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CITY OF OCOEE, FLORIDA
LEGAL DEBT MARGIN
SEPTEMBER 30, 1994
Assessed Value $ 424,437,664
Debt Limit: 50% of Assessed Value $ 212,218,832
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 17,335,000
Legal Debt Margin $ 194,883,832
Article VII Section 39 of the City Charter states that the City shall have the power to issue general
obligation bonds in an aggregate principal amount of bonds outstanding at any time not in
excess of fifty percent (50%) of the assessed value of the taxable property within the City as
shown on the pertinent tax records at the time of the authorization of the general obligation bonds
for which the full faith credit of the City is pledged.
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CITY OF OCOEE, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING
GENERAL OBUGATION DEBT
SEPTEMBER 30, 1994
Applicable To
Bonds City Of Ocoee
Government Unit Outstanding Percent (1) Amount I
Library District Refunding Bonds -
Series 1993 $ 11,725,000 1.28% $ 150,080
Total Overlapping Debt 150,080
Total Direct Debt (2) ---
Total Direct and
Overlapping Debt $ 150,080
I
(1) Ratio of assessed valuation of taxable property in overlapping unit to that within the City of Ocoee.
(2) The City of Ocoee does not currently have any general obligation debt which is being repaid through
general property taxes.
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CITY OF OCOEE, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES
LAST TEN FISCAL YEARS
I
Ratio Of
ETotal Debt Service
General To Total
Fiscal Total Debt Expenditures General
Year Principal Interest Service (2) Expenditures
E1985-
1987(1) N/A N/A N/A N/A N/A
1988 $ 3,706 $ 141,164 $ 144,870 $3,838,373 3.8%
1989 74,505 148,954 223,459 3,748,802 6.0%
1990 213,655 176,530 390,185 5,060,097 7.7%
1991 105,000 589,760 694,760 6,295,025 11.0%
1992 185,000 683,333 868,333 6,335,748 13.7%
1993 195,000 672,432 867,432 6,671,716 13.0%
1994 210,000 660,568 870,568 8,629,065 10.1%
(1) The City of Ocoee did not have any General Obligation Bonded Debt during these years.
(2) Includes expenditures of the General Fund only.
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CITY OF OCOEE, FLORIDA
REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
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WATER AND WASTEWATER REVENUE BONDS
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Water Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(3) Debt Service Principal Interest Total Coverage
1985-
1989(1) N/A N/A N/A N/A N/A N/A N/A
1990 $ 1,019,746 $ 629,387 $ 390,359 $ --- $ 98,090 $ 98,090 3.98
1991 $ 1,244,492 $ 737,261 $ 507,231 $ --- $ 129,720 $ 129,720 3.91
1992 $ 1,467,315 $ 830,328 $ 636,987 $ --- $ 141,567 $ 141,567 4.50
1993 $ 1,484,293 $ 972,925 $ 511,368 $ - $ 117,850 $ 117,850 4.34
1994 $ 1,558,606 $ 981,904 $ 576,702 $ 46,800 $ 108,839 $ 155,639 3.71
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Wastewater Fund
Net Revenue
Fiscal Gross Operating Available For Debt Service Requirements
Year Revenue(2) Expenses(3) Debt Service Principal Interest Total Coverage
1985-
1987(1) N/A N/A N/A N/A N/A N/A N/A
1988 $ 789,607 $ 334,548 $ 455,059 $ --- $308,951 $ 308,951 1.47
1989 $ 1,156,111 $ 435,039 $ 721,072 $ --- $491,411 $ 491,411 1.47
1990 $ 1,346,151 $ 519,561 $ 826,590 $ --- $374,692 $ 374,692 2.38
1991 $ 1,494,661 $ 579,698 $ 914,963 $ -- $586,560 $ 586,560 1.56
1992 $ 1,696,995 $ 637,603 $ 1,002,392 $ -- $640,129 $ 640,129 1.57
1993 $ 1,920,150 $ 664,527 $ 1,255,623 $ -- $443,865 $ 443,865 2.83
1994 $ 1,706,450 $ 887,455 $ 818,995 $148,200 $344,655 $ 492,855 1.66
(1) The City of Ocoee did not have any Revenue Bond Debt in this fund during these years.
(2) Total revenues (including interest and gain on sale of property, plant and equipment).
(3) Excludes depreciation, amortization and interest expense.
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CITY OF OCOEE, FLORIDA
DEMOGRAPHIC STATISTICS
Population
City of Ocoee Orange County
Year Population
% Increase Population % Increase
1985 10,682 .3% 554,659 4.6%
1986 11,135 4.2 577,856 4.2
1 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
z 1992 15,107 1.21 698,847 3.2
1993 16,418 8.68 727,780 4.1
1994 17,489 6.52 740,167 1.7
Population Projections
Orange State Of
Year County Florida
1994 740,167 13,878,905
2000 874,380 15,789,300
Population Distribution by Age
Orange State Of
Year County Florida
0-14 21.3% 19.2%
15-24 14.8% 12.2%
25-44 34.0% 29.6%
45-64 18.6% 20.5%
65 and over 11.3% 18.5%
Source: University of Florida, Bureau of Economic and Business Research
East Central Florida Planning Council, Council Quarterly, Second Quarter, 1994
-85-
3
CRY OF OCOEE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN YEARS
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Residential Construction (a) Commercial (a)
Number of Units Construction
One- Multi-
Year Fami FamilyValue Value
1985 139 --- $ 6,475,000 $ 5,273,000
1986 116 6 6,572,000 2,138,000
1987 118 6 5,610,000 9,553,000 3
1988 143 14 9,291,000 2,339,000
1989 239 6 14,656,699 8,183,652
1990 297 265 30,956,225 8,585,1953
1991 314 10 26,453,025 36,322,749
1992 438 0 36,622,069 1,040,010
1993 411 0 36,188,257 5,667,958
1994 402 0 35,211,374 3,569,955
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(a) Source: City of Ocoee Building Department.
(b) Source: Florida Bankers Association. Amounts for 1978-1986 are as of December 31;thereafter amount
is as of September 30. Bank deposits are for entire Orange County.
(c) Source: Federal Home Loan Bank Board Research Department. Amounts for 1978-1983, 1986 and 1987
are as of June 30. 1984 and 1985 amounts are as of December 31. Source for 1990 is Florida
3
Bankers Association. Amount is as of September 30. Savings and Loan deposits are for entire
Orange County.
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Bank Deposits
Additions/ (a) (In thousands)
1 Alternations Savings
Total And
Value Value (a) Banks (b) Loans (c)
$ 1,415,000 $ 13,163,000 $ 3,951,142 $ 2,239,660
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
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1,432,460 40,213,789 5,874,598 1,078,501
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CITY OF OCOEE, FLORIDAI
SCHEDULE OF TEN LARGEST TAXPAYERS
SEPTEMBER 30, 1994
I
Taxpayer Type of Business Valuation Percentage
1. Oak Forest Partners, Ltd Developer $ 9,284,522 2.2 %
2. Good Homes Plaza, Inc. Shopping Center 8,789,370 2.1 %
3. Florida Auto Auction Auto Auction 7,174,506 1.7 %
4. Towne Square Associates Shopping Center 6,416,976 1.5 %
5. Westlake Partners, Ltd. Developers 5,950,005 1.4 % 1
6. Sysco Corporation Food Distribution 4,953,099 1.2 %
7. Arvida/JMB Partners Developer 4,854,304 1.1 %
8. Mocny Ralph (Holiday Inn) Motel 3,802,650 0.9 %
9. Downey Savings & Loan Association Savings & Loan 3,481,779 0.8 %
10. Ocoee Health Care Partners Health Care 3,175,593 0.7 %
Total Taxable Assessed Value
of 10 Largest Taxpayers 57,882,804 13.6 %
Total Taxable Assessed Value of
Other Taxpayers 366,554,860 86.4 %
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Total Taxable Assessed Value of
All Taxpayers $ 424,437 664 100.0 %
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CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1994
I.
Date Of Incorporation May 13, 1925
City Charter Adopted November 8, 1988
CCommission Composed of: 1 Mayor, 4 Commissioners
1 Terms Of Office:
Mayor 2 years
Commissioners 2 years
City Manager Appointed
IAreas Of City 14.4 Square Miles
Municipal Employees 170
Elections:
Registered Voters 6,118
Votes Cast In Last Municipal Elections (November 1994) 1,807
Miles of Streets, Sidewalks And Bike Paths
Streets - Paved 73.02 miles
Streets - Unpaved 3.2 miles
Streets - Brick 1.1 miles
Sidewalks 52.9 miles
Bike Paths .5 miles
Fire Protection:
Stations 2
Employees 35
L Police Protection:
Stations i
Employees 53
Vehicular Patrol Units:
1 Patrol Cars 13
Other Vehicles 10
Recreation:
Community Center 1
Athletic Fields 8
Tennis Courts 7
Racquetball Courts 2
Shuffleboard Courts 2
City Playgrounds And Passive Parks 7
Parks and Recreation Developed Areas 2
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CITY OF OCOEE, FLORIDA
MISCELLANEOUS STATISTICAL DATA-CONTINUED
SEPTEMBER 30, 1994
I
Water System
Miles Of Water Mains 89.04
Daily Average Consumptions (Gallons) 2.95 MGD
Plant Capacity (Gallons) 10.94 MGD
Service Connections 6,395
Deep Wells 5
Fire Hydrants 492
Sewer System
Miles Of Sanitary Sewers 36.98
Lift Stations 29
Daily Average Treatment 821,000 GPD
Plant(s) Capacity (MGD) 3.0
Disposal Plants 1
3
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-90-
CITY OF OCOEE, FLORIDA
SCHEDULE OF INSURANCE IN FORCE
SEPTEMBER 30, 1994
Buildings And Personal Property:
Multi-period, 'all risk'
100% Of Replacement Value Stated Values
Blanket Building Coverage $ 7,547,500
Blanket Contents Coverage Inc. in Bldg Limit
C.. Boiler& Machinery 6,000,000
Inland Marine - Computer 119,395
Inland Marine - Equipment 391,286
Valuable Papers 150,000
Radio Equipment 208,000
Comprehensive General Liability:
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
Automobile Liability:
Combined Single Limit $ 1,000,000/$ 2,000,000
Uninsured Motorist $ 30,000
Law Enforcement Liability:
Combined Single Limit For Bodily & Property $ 2,000,000/$ 2,000,000
Blanket Fidelity $ 50,000
Public Official Errors & Omission Insurance $ 2,500 per Loss Deductible
Aggregate $ 2,000,000/$2,000,000
Worker's Compensation Statutory
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Ocoe_ I/§qe
1a.
Oi GOO° ``
REPORTS ON INTERNAL CONTROL AND COMPLIANCE
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McDIRTVIIT
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, 1994, and have issued our report thereon dated
December 2, 1994.
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, 1994, 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.
l
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
-92-
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For the purpose of this report, we have classified the significant internal control structure
policies and procedures in the following categories:
3
o General Ledger
o Cash
o Utility Billings/Receivables
o Property and Equipment
o Payables/Accrued Liabilities
o Debt
o Revenue/Receipts
o Purchases/Disbursements
o 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(educe 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
3
audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the internal
control structure and its operation that we consider to be material weaknesses as defined
above.
However, we noted certain matters involving the internal control structure and its operation
that we have reported to the management of the City of Ocoee in a separate letter dated
December 2, 1994.
This report is intended for the information of management,the CityCommission, and the Audi-
torP 9 �
General of the State of Florida. However, this report is a matter of public record and its
distribution is not limited. 3
7n oimnit, Datvio, �;�amIpan to,RQ.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
3
December 2, 1994
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-93-
CDIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
The Honorable City
Mayor and Commissioners
Y
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
and for the year ended September 30, 1994, and have issued our report thereon dated
December 2, 1994.
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.
Material instances of noncompliance consist of failures to follow requirements, or violations
of prohibitions, contained in statutes, regulations, contracts, or grants, that cause us to
conclude that the aggregation of the misstatements resulting from those failures or violations
is material to the general purpose financial statements. The results of our tests of compliance
disclosed the following instance of noncompliance that may be material to the general
purpose financial statements but for which the ultimate resolution cannot presently be
determined.
(1) At September 30, 1994, the City did not take a physical inventory of fixed assets. Rules
of the Auditor General, Chapter 10.400, and Florida Statutes , Chapter 274, require that
once each year, and whenever there is a change of custodian, each custodian shall
inventory all property in his or her custody.
ftt
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 PUBI ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
3
We considered this instance of noncompliance in forming our opinion on whether City of
Ocoee, Florida's 1994 general purpose financial statements are presented fairly, in all material
respects, in conformity with generally accepted accounting principles, and this report does
not affect our report dated December 2, 1994 on those general purpose financial statements.
Except as described above, the results of our tests of compliance indicate that, with respect
to the items tested, City of Ocoee, Florida, complied, in all material respects, with the
provisions referred to in the third paragraph of this report, and with respect to items not
tested, nothing came to our attention that caused us to believe that City of Ocoee Florida, had
not compiled, in all material respect, 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 December 2, 1994. 3
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 3
its distribution is not limited.
171r,an'm t, Dame& Aug ,P.Q.
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A. 3
December 2, 1994
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-95-
CDIRMIT
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, 1994, and have issued our report thereon dated
December 2, 1994. 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.
S
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.
Tt
Our audit was conducted for the purpose of forming an opinion on the general purpose
di
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.
171thi zonit, DOrio, U J efi ,P.R..
dil
McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
December 2, 1994
612 E.COLONIAL DRIVE•SUITE 350.ORLANDO,FLORIDA 32803-4603•(407)648-0713•FAX(407)839-3975
PRIVATE COMPANIES PRACTICE SECTION•AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS•FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
-96-
3
CITY OF OCOEE, FLORIDA
SCHEDULE OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1994 3
3
Florida Department Florida Department 3
of State - of State -
Division of Division of
1
Historical Resources Historical Resources
State Identification Number S4026 SC-550 3
Contract Amount $ 25,500 $ 45,000(1)
3
Cash Received 25,500 ---
Due From State at September 30, 1994 $0- $ 45,000 3
Intergovernmental Revenue Recognized $ 25,500 $ 7,764 3
Expenditures: Withers-Maguire House 57,906 7,764
Excess (Deficit) of Revenues 1
Over Expenditures $ (32,406)
(1) Total grant award is$180,000; however, at September 30, 1994, only$45,000 was due
to the City of Ocoee.
a
as
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a
[4DIRMIT
AVIS
AUTERIA & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO STATE
FINANCIAL ASSISTANCE PROGRAM
The Honorable Mayor and City Commissioners
City of Ocoee, Florida
We have audited the general purpose financial statements of the City of Ocoee, Florida as of
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and for the year ended September 30, 1994, and have issued our report thereon dated
December 2, 1994.
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
Financial Assistance, for the year ended September 30, 1994. Our procedures were
de
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.
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McDIRMIT, DAVIS, LAUTERIA & COMPANY, P.A.
,..
December 2, 1994
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
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