Audit Report - 1984-19851
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CITY OF
r~tla«llc $'eack - ~lartda
ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1985
e
' TABLE OF CONTENTS
' Page
' Auditors' Opinion 1
General Purpose Pinancial Statements
' Combined Balance Sheet - All Fund Types and
Account Groups 2
Combined Sta Ceme ¢[ of Revenues, Expenditures a¢d
Changes in Fund eala¢ces - All Gove[nmental Fu¢d
Types and Expendable Tres[ Pu¢ds 4
' Combined Statement of Revenues, Expenditures and
Changes in Pu¢d Balances - Actual a¢d Budget
(GAAP Budgetary Basis) - General, Capital Projects,
' Special Revenue and Deb[ Service Pund Types 5
Combined Statement of Revenues, Expenses a¢d Changes
in Retained Earnings/Pund Balance - All
Proprietary Fund Types and Pe¢sion Trust Fund 6
Combined Statement of Changes in Pinancial Position -
' All Proprietary Fund Types and Pe¢sion Trust Fund 7
Notes to Combined Financial S[atementa 8
' Infotmat ion
lementa
Su
ry
pp
' General Fund
Statement of Expenditures - Actual and Budget 19
' ProDrleta ry Fund Types - Enterprise Punds
Combining Balance Sheet 20
Combining Statement of Revenues, Expenses and Changes
' in Retained Earnings 21
Combining Statement of Changes in Pinancial Position 22
~ Deloitte
_ Haskins+Sells
Certilied Public Accountants Suite 1240. A0anlic Bank Building
' 200 West Forsyth Street
Jacksonville. Floritla 322024371
19041 354-8333
172 Telex: 4995842
' AUDITORS' OPINION
Honorable Mayor, Ci[y Commission
and City Manager
' City of Atlantic Beach, Florida
We have examined the combined financial statements of the City of At lactic
Beach, Florida, as of and for the year ended September 30, 1985, as lLsted
In the table of co¢tents. Our examination was made 1o accordance with
generally accepted auditing standards and, accordingly, included such
teats of the accounting records and aucn other auditing procedures as we
' considered necessary Sn [he circumstances.
In our opinion, the combined financial statements referred to above
present fairly the financial position of the Ci[y of Atlantic Beach,
Plorida, at September 30, l9b>, sad the results of its operations and the
changes in financial poaitioa of its proprietary fund types and pension
' trust fund for [he year then enaed, in conformity with generally accepted
accounting principles applied on a balls consistent with that of the
preceding year.
' Our examination vas made £or the purpose of forming an opinion on the
combined financial statements of the City of A[la¢tic Beach, Florida taken
as a whole. The combini¢g and individual Fund financial statements lisced
in the table of contests are presented for purposes of additional analysis
and are nu[ a reyulred par[ of the combined financial statements of the
Gity of AClan[ic Beach, Florida. The information has been subjected to
the auditing procedures applied in the exnm3naCion of the combined
financial statements and, in our opinion, is fairly stated in all material
Yespacts in relat\`i_on [o the c/o/`mbinea financial statemen[a taken as a whole.
~Q\Ol~e ~Ix/J lUxO Q .Y.IO~i
Ja¢uary 27, 1986
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GENERAL PURPOSE FINANCIAL STATEl~hTS
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CITY Oi ATLANTIC BEACH. FLORIDA
COMBINED BAUMLE SHEET
ALL FUXD TYPES AND ACCOUNT GROUPS ,
SEDTENBER 30. 1985
Gov4rns_egtal Fund Types ,
SDecial Debt LaD1ta1
Notes
General
Revenue
Service
pro acts ,
ASSETS
[ash and tnresbents 2 { 663,877 { 16,688 {20,923 {177,505 '
Invested cash rith fiscal agent 2
Accounts receiraDle 295,520
Inrentortes 21,985
Due fray other 9overnaents
14,188 '
Due frw other funds 7 3,649
Deposits
Prepaid expenses 5,000
26,719 '
Other assets
Pestricted fnvestaentz:
Cash and fnvestaents '
Due frw other tpvernaentz
Construction 1n progress 3
Property. Diant and
equipaa!nt - net
3 '
Mount available in the
debt service fund for
payaent of long-ten debt
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Mount to be provided for
payaw!nt of long-taro debt
Nqunt to De provided for '
pAYaent of long-ten
portion of coepensated
absences ~
Total assets 51.016.750 5 30.876 520.923 f177.505
See notes to coa6ined fi nanclal stateeents.
proprietary Fiduciary
Fund Types Fund Types Account Groups
Expendable General General Totals
and pension Long-Terms Fixed (Mp~orandw Onlr)
Enterpriu Trust Debt hssets 1985 1984
} 710,743 }1,368,380 }2,958,116 }2,540,980
1,488,064 1,488,064
104,745 170 400,435 284,481
43,585 65,571 61,404
14,188 12,157
3,649 12,157
5,000 5,000
333 27,052 7,583
10,034 10,034 10,355
1,091,508 1,091,508 809,351
69,309 69,309
347,271 317,271 115,917
5,200,830 }1,45fi,270 6,657,100 3,307,009
}20,923 20,923 18,306
328,077 328,077 370,699
69.235 69.235 63.723
59.06(i•423 51.360.550 U18.235 1 4 113.555.532 11
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CITY OF ATLANTIC BEACH, FLORIDA
CCMBIMEO BALANCE SHEET
ALL FUND TYPES ANO ACCOUNT GROLPS
SEPTEMBER 30, 1985
Gover~uental Fund Types
Special Debt GD1ta1
Notes feneral Revenue Service Pro Kts
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts Dayable and
acnved I1aDfltties j 75,816
Current liabilities (payable
froN restricted assets l:
Accounts payable
Revenue bonds DayaDle a
Accrued interest payable
Due to other funds
Accrued lntercsL payable
Revenue bonds DayaDle -
lgng-un portion a
Deposits 5,000
fxneral long-taro debt payable 4
General loig-ten ca~penzated
absences payable
Total liab11/tfes 80,846
FUND EQU17Y:
fnntrlDUtfpns fro. other
goverments
Investapnt 1n general flaed assets
Retained earnings:
Reserved for reneNals
and replaceaents
Reserved for debt service
Unreserved retained earnings
FunO balances:
Reserved for papent of
long-ten debt j20,923
Reserved for Inventories 21,985
Reserre0 for poi ice training
Reserved for retireapnt
Unreserved fund balances 913.919 0 876 177 505
Total fund equity 935.901 30816 2_ 0.923 177.505
Total llabil itfes and fund
equity 51.016"750 (30.676 X0.923 5177.505
See notes to cos6ined financial state~ents.
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ProDrtetary Fiduciary
Fund Tyces Fund Tyces Account Groups
EacendaDle General General Totals
and Densfon Long-Teri F1xed (Me~prandia Only)
Enterprise Trust Debt Assets 1985 1984
{ 62,079 j 137,925 ~ 164,733
12,157
87,996 87,996
45,000 45,000
75,721 75,721
3,649 3,649
37,217 37,217
4,255,000 4,255,000
87,809 86,809 65,164
j349,000 349,000 389,000
69.235 69,235 63.723
4.648,471 418,235 5,147,552 694.777
1,323,045 1,323,045 879,846
j1,456,270 1,456,270 1,410,998
832,951 832,951 809,351
91,012 91,012
2,170,944 2,170,994 1,666,900
20,923 18,306
21,985 5,410
{ 26,415 26,415 28,133
1,342,135 1,342,135 1,195,998
1.122.300 903.398
4,417,952 1,368,550 1,456.270 8.407,960 6,918,310
(9.066.423 51.368.550 f418.235 Si_456.270 213.555.532 57.613.117
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CITY OF ATLANTIC tlEACH. FLORIDA
COIIBI NED STATEMENT OF ItEYEXUES, E%PENDITURES AND CNANGES IN FIND BALANCES
ALL GOVERNMENTAL FUND TYPES AND E%PENOABIE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1985
6overnaental land Types
Special Debt Capital
lbtez General Revenue Service Pro ects
Revenues:
Taxes f 544,474 {62,448
Ucenses and per~i is 452,946
Federal shared revenues j57,264
State shared revenues 730,021
State grants g,gp7
OtAer inter9overnakntal revenues 9,712
Charges for services 3,224
Fines and forfefWres 65,875
Court cost
Interest incoae 97,552 220 2,661
Mfsceilaneous revenue 71,159
Total revenues
1,924.770
5_7484 _
65.109
ExpentliWres:
Current:
General governaknt 447,337
Publ tc Safety 820,928
Roads and streets 316,880
Intergorernatntal services 15,630
Parks and recreation 13.823
Debt service:
Principal reti resent 40,000
Interest and fiscal charges 22,492
Upital outlay 43.130 163 997
Total expendlWres 1,b57.728 6~4g2 163.997
Excess (deficiency of revenues over
expends Wres) f 267.042 7 4B4 X617 (163.997)
Other Pinancing sources (uses): 7
Operat/ng transfers in 134,948 327,309
Operating transfers (out) (354.280) (27029)
Total sources (uses) (219.332) 27 029) 321,309
Excess )deficiency) of revenues
and other sources over
expenditures one other uses 47,710 30,455 2,617 151,311
Fund balances, October 1, 1984 880.194 421 18306 20.193
Fund balances, Septetrier 30, 1985 f 935.904 530.876 520.923 f 177.505
See notes to flnancfal state~ents.
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Fidudiary
Fund Types Totals
Expendable (Ml~orandis Only)
Trust 1985 1984
606,922 j 517,060
152,946 381,833
57,261 18,625
730,021 661,148
9,807
9,712 12,142
3,224 3,712
65,875 70,785
j3,019 3,019 4,211
2,659 103,092 82,670
11,159 28.030
J678 2.053.011 1.840,216
441,337 344,143
7,396 828,321 710,821
316,880 267,385
15,630 20,810
13,823 13,549
40,000 40,000
22,192 24,185
207.127 241,735
X396 1.891,613 1.692.928
(1,118) 161.428 147,288
456,257 310,696
(381,3091 1206,313)
74.948 134.383
(1,718) 236,376 281,671
28y133 955,247 673,596
226.415 51.191.623 t 955.267
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CITY OF ATLANTIC BEACH. FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITUIIES AND CHANGES IM FUXD &1LAMLES
ACTUAL AND BUDGET (6AAP BUDGETARY BASIS)
GENEML, SPECIAL REVENUE, DEBT SERVICE AND CAPITAL PRQIELTS FUND TYPES
FOR TXE YEAR ENDED SEPTEMBER 30. 1%5
General Fund Scecial Revenue Funds
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
Revenues:
Taxes j 544,474 ; 472,700 ; 71,774
Licenses and per~f is 452,946 384,900 68,046
Federal shared revenues j 57,264 j 57,528 j (269)
State shared revenues 730,021 691,900 38,121
State grants 9,807 9,807
Other lnter9avenrental revenue 9,712 12,000 (2,288)
Charges for services 3,224 4,000 (776)
Fines and forfeitures 65,875 71,000 (5,125)
Interest incoae 97,552 60,000 37,552 220 250 (30)
Miscellaneous revenue 11,159 7,500 3,659
Total revenues 1,921,770 1,713,607 210.%3 57,484 57,778 (z94)
Expenditures:
current:
General goverment 447,337 978,563 31,226
PuD11c safety 820,928 824,810 3,882
Roads and streets 316,680 324,781 7,901
Intragorernaental services 15,630 21,677 6,047
Parks and recreation 13,823 15,100 1,277
Debt Service:
Principal retlreaent
Interest and fiscal Charges
CaDi cal outlay 43,130 44,510 1,380
Total expenditures 1,657,728 1,709.441 51.713
Excess (deficiency) of revenues
over expenditures 267,042 1,366 262.676 57.484 57.778 (294)
Other /lnancing sources lures):
Operating transfers in 134,948 172,M8 (37,50D)
Operating transfers (outl (354.2801 1354.280) (27,029) (59,000) 3~_
Total other financing
sources (uses) 1219,3321 (781,8321 (37,500) (27,029) (59.000) 3971
Fxcess (deficiency) of revenues
and other sources over
expenditures and otter uses 47,710 (177,466) 225,176 30,455 (1,222) 31,617
fund balances, October 1, 1964 888.194 888,191 421 421
Fund balances, Septeaber 30,
1985 ,~y3s•9o4 s no.7ze 5225.176 S 30.676 1 (BOy x11.1177
See notes to coa6lned financial sta teaknts
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Total For All Budgeted
Debt Service Fund Capital Protects Fund Gorernaental Fund Tyces
vartance vartance Variance
Favorable Favorable Favorable
Actuai Budget (Unfavorable) Actual Budgee (Unfavorable) Actual Budget (Unfavorable)
!62,418 (62,448 j 606,922 ;535,148 = 71,771
952,946 384,900 68,046
57,264 57,528 (264)
730,021 691,900 38,121
9,807 9,807
9,712 12,000 (2.288)
3,224 4,000 (776)
65,875 71,000 (5,125)
2,661 ; 2,661 100,433 60,250 40,183
11.159 7,500 3.659
6109 62,418 2.661 2.047.363 1 834 033 213.330
M7,337 478,563 31,226
820,928 824,810 3,882
316,880 324,781 7,901
15,630 21,677 6,047
13,823 15,100 1,27)
40,000 90,000 50,000 40,000 90,000 50,000
22,892 172,448 id9,956 22,492 172,498 149,956
163 997 A5 000 81 003 207 127 289.510 82.383
6492 262,4!8 19956 163,997 245.000 81,003 11889 217 2,216,889 332,672
2617 (200,000) 202.617 (163.997) (245.0001 81,003 163,145 (382.8561 546,002
200,000 (200,000) 321,309
200,000 (200,000) 321,309
2,617 2,617 15],312
18s306 1J 306 20,193
120.923 518.306 f 2.617 31]7.505
353,280 131,971)
353,280 (31.971)
108,280 49,032
20,193
~~ (49.032
456,257
138309)
7918
238,094
92~ 11
,165.208
725,728 (269,4711
(413,280) 31,971
312.N8 (237.5001
(70,408) 308,502
927.114
.~`.~. ii08.502
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CITY OF ATLANTIC BEACN, FLORIDA
CpIBI NED STATEMENT OF REVENUES, E%PEMSES AMD CNANGES IN RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNO
FOR THE YEAR ENDED SEPTEMBER 30. 1985
ProDrieta7 Pens ton
Funds Fund
Totals
Pension (Meeorandw Onlr)
Enterorise Truzt 1985 1984
Operating revenues:
Custaser charges
Eeployer's contributions
State contributions
other tnco.e
Total operating revenues
Operating expenses:
Personal services
Contractual services
Supplies
Repairs and wtntenance
Beat, light and paver
Oeprecfation
Other expenses
Reti resent Iv:iefits
Total operating expenses
Operating incase
Non-operating incase (expensed:
Connection charges
Interest tncose
Oonatfons
Interest expense
Loss on inreztssent
Total non-operating incase
Net incase before operating interfund transfers
Operating transfers lout)
Net incase
pdd depreciation on fixed assets acyuf red by shared
revenues externally restricted for capital
acquf sitfons
Increase 1n retained earnings
ketaired earnings/fund balance, October 1, 1984
Retaf ned earnings/fund balance, SeDtessber 30, 1985
See noes to combined flnandal statesents.
j1 ,276.729 j1,278,729 j1,083,091
j 81,338 61,336 74,666
29,421 29,421 35,487
34.523 31.523 29.216
1,313.252 110.759 1,424.011 1,222.482
379,116 379,116 319,086
60,(168 60,868 53,249
178,767 17(1,767 99,160
135,622 135,622 59,M7
113,145 113,145 67,533
112,116 112,776 109,629
61,918 61,918 4,024
49.368 49.368 40.341
1,042,212 49.368 1,091,580 767.469
271.040 61,391 332.431 455.013
315,695 315,645 192,839
186,867 119,272 306,159 210,194
12,816 12,816
(123,422) (123,422)
(34.5261 (34.526)
391.926 (14.746 476.672 403.028
662.966 146.137 809.103 (158.041
174.948) 174.948) (134.383)
588,018 146,137 734,155 723,658
30.636 30.638 30.638
618,656 146,137 761,793 754,296
2.476.251 1,195.998 3.672.249 2.917.953
9 4 S1.;d2.735 K•437~, f3.672.24s
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CITY OF ATWITIC [IEACN. FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AMO PENSION TRUST FUMO
FOR THE YEAR ENDED $EDTEMBER 30. 1985
Proprietary Pension
lands Fund
Totals
Pen;lon (Meaarandiu On1Y)
Enterprise Trust 1905 7984
FinaMial resources were provided by:
operations:
Net lncaaX:
Ita'not requirtn9 working capital during
the period - Depreciation
Porting capital Ororided Dy operations
Contributions frog other gorernNents
Decrease in restricted assets
Increase in long-ter+ debt
Decrease in other assets
Increase 1n current liabilities
payable froN restricted assets
Total sources of rorting capital
Financial resources were used for:
Mquisltton of property, plant and equipew!nt
Increase 1n restricted assets
Reduction of bonds payable
Total uses of wortfn9 capital
Net increase 1n working capital
Malyzis of Changes in Porting Capital:
Intredst (darea$e) in CYrreaL asSlti:
Cash and inrezbents
Invested Cash wd th fiscal agents
Mcaunts receivable
Inventory
Other current assets
Increase to current assets
(Increase) decrease in current 11ab111ties:
Mcounts payable and accrued 1labilfties
Interest payable
Cus[oaer deposits
IlMrease) in Current 11abi11tles
increase in working capital
j 588,018 ;116,137 j 734,155 j 723,657
112.776 112.776 109.630
700,794 146,137 8{6,931 833,287
473,836 473,836
117,157 117,157
4,300,000 4,300,000
321 321 832
124.370 124.370
5.716.478 146.137 5.862,615 831.119
3,648,998 3,648,948 212,440
468,623 468,623 788,510
45.000 45.000
4.162,571 9.162.571 400950
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j 134,528 ;146,131 j 280,665 j 490,603
1,488,064 1,488,064
52,131 52,131 3.568
(5,329) (5,329) 18,646
___ _ _1308) 1308) (513)
7.669.086 146.137 1.815.223 512.304
(56,317) (56,317) 158.424)
137,217) (37,2171
(21,645) 21 6451 120.711)
(115.179) (115.179) 179,135)
t1 .553.907 j]46.137 f1.100.OH ~
See notes to coabined financial stateaents.
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CITY OF ATLANTIC REACH, FLORIDA
' NOTES TO COMBINED FINANCIAL STATEMENTS
SEPTEMBER 3U, 1585
' 1. SUMMARY OF SLONIFLCANT ACCOUNTING POLICIES
The City of Atlantic Beach, Florida (the "City") is Sncorpora[ed a¢d
operates under a form of governme¢t which comprises an elected City
Commission (Four Commiseloners and a Mayor-commissLOne r) and provides, under
[he adminiat ration of an appointed City Manager, the following ee rvices:
public safety (police and fire), public works (streets and inf raet ruc[ure),
recreation, sanitation, planni¢g, zoning, water and sever services and
general administrative services.
The following ie a summary of [he more significant policies used in the
preparation of these financial statements.
A. PUND ACCOUNTING
The accounts of the City are organized on the basis of Fonda or account
' groups, each of which is considered a separate accau¢ting entity. The
operations of each Fund are accounted For us1¢g a separate set of
self-balancing accounts which comprise its assets, liabilities, fund
equities, revenue and expenditures or expenses. The various funds are
grouped by Cype in the financial statements. The following funs types
and account groups are used by Che City:
Governmental Funds
General Pund - The General Fund is the general operating fund of the
City. IC is used to account for all financial resources except those
reyuS red to be accounted for in another fu¢d.
' Special Revenue Fund - The Special Revenue Fonda is used to account
for the proceeds of specific revenue sources (other Chan special
assessments or major capital projects) that are legally teat ricted [o
' expenditures for apecif ied putpoaes.
Ue bt Service Fund - The Debt Service Fund Se used to account for the
accumulation of resources for, and the payment of long-term deb[
' principal, incereet and related costs other than bonds payable from
[he operations of [he enterprise funds.
' Capital Projects Fund - Capital projects Funds are used Co account for
financial resources Co be used for the acqulsltion or canatructiwn of
major capital facilities (other than those financed Ly proprie [a ry and
' special revenue fundei•
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Proprietary Fu¢d
Enterprise Punda - Enterprise Funds are used to account for va [e r,
sever and sanitation operations which are financed and operated in a
manner similar to private business en[e rpri sea. The costs of
providing goods or services to the general public are financed or
recovered primarily through user charges.
Fiduciary Pund
Trust Funds - Trust Funds are used to account for assets held as a
trustee or agent by the City for others. The pension Tcus[ Pund is
accounted for Su essentially the same manner ae proprietary funds.
The Expendable Trust Fund is accounted for in essentially the same
manner as governmental funds.
Account Groups
General Long-Tenn Debt Account Group - This account group is used to
account for the outstanding pri¢cipal balances of long-term deb[ and
other long-term liabilities other than bonds payable from the
operations of the enterprise funds.
General Pixed Aese[ Account Croup - This account group is used [o
account for all fixed assets of Che City other than those accounted
for 10 [he Enterprise Punds.
B. BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is determined by
its measurement focus. All Governmental Funds and Expendable Trust Punds
are accounted for on a spending or "financial floc" measurement focus.
This means [hat only Curren[ assets and current liabilities are generally
included on their balance sheets. Their reported fund balance (net
current assets) is conaiaered a measure of "available spendable
resources." Governmental fund operating statements present increases
(revenues and other financial sources) and decreases (expenditures and
ocher financing uses) in net current ae set s. Accordingly, they are said
to present a summary of sources and uses of "available spendable
resources" during a period.
The Governmental Pund Types and the Expendable Trust Pund use the
modified accrual basis of accounting. Under tt~e modif led accrual basis,
revenues are recognized in the accounting period in which they become
available ana measurable. Expenditures, other Chan interest on general
long-term debt which ie recorded when due, are recognized in the
accounting period when i¢curred.
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All Proprietary Fonda and the Pension Trust Fund are accounted for on a
cost of services or "capital maintenance" measurement focus. This mesas
Chet all assets and all liabilities (whether current or non-current)
associated with their activity are included on their balance sheets.
Their reported fund equity (net total assets) is segregated into
contributed capital and retained earnings components. Proprietary fund
type operating statements present increase (revenues) and decreases
(expenses) in net total assets.
' The Proprietary Fund Types and Pension Trust Fu¢d use [he accrual basis
of accounting. Revenue la recognized when earned and expenses are
recognized vhea incurred, Mater, sever and sanitation ee rvices are
billed [o customers in advance on a quarterly cycle. A receivable is
' recorded at year end for unpaid (delinquent) billings less an allowance
for [hose considered uncollectible.
' C. BUUGBTS
General governmental revenue and expenditures accounted for in budgetary
' funds are controlled by a budgetary accounting system in accordance with
various legal requi tements which govern [he City's operations.
Budgets have been adopted for all Governmental Punde (General, Special
Revenue, Deb[ Service and Capital Projects Puads). The City Manager ie
authorized to transfer budgeted amounts within departments within any
fund, however, any reviafoas that increase the Cotal expenditures of any
department or fund moat be approved by Che Ci[y Commission. All
necessary supplemental appropriations were adopted by the Ci[y Commission
as part of a quarterly budge[ review process and are included in the
reported budgetary data.
U. CASH AND INVESTMENTS
' lnveatmen[s are slated at cos[ which approximates market. Bxcep[ vhe re
prohibited, cash resources of [he individual funds are combined to Form a
pool of cash and investments. Invea[menta in the Pooled Cash Fund
' consist primarily of invested cash and certif icatea of deposit which
mature in one year or less. Interest income earned on [he pooled cash
and investments is distributed to the appropriate funds based on the
month end balance of investments in each fund.
In addition to their eyui[ies in the pooled cash fund, cash of [he
Enterprise and Pension Trust Funds include interest bearing deposits held
' by the State Board of Adminiatra[Son vhf ch are restricted as Co their use.
E. INVENTURIES
' Inventories [oasis[ principally of expendable materials, supplies and
fuel and are valued at [he lover of coat (first-in, first-out) or marks[.
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Inventory in the General Fund is recorded as an expenditure a[ Che time
of purchase, therefore, the inventory balance reported is offset by a
fund balance reserve which indicates that it does not constitute
"available spendable resources" even [hough it is a component of net
current assets.
F. ACCOUNTING POR PIXED ASSETS
Proprietary Punda - Capital expe¢ditures made for revenue-producing
assets, which are employed i¢ operations that are accounted for in the
proprietary funds, are capitalized at historical coats and depreciated
over their estimated useful lives as follows:
Buildings 40 years
Improvements 10 - SO years
Equipment 10 - 40 years
Depreciation recognized on assets acyui red or constructed through
resources externally restricted for capital acquieitfona ie closed to the
appropriate contributed fund equity account.
General Fixed Assets Account Group - Fixed assets used in governmental
fund type operatioca are accounted for in the General Fixed Assets
Account Group, rather than in governmental funds. All fixed assets are
valued at historical coat. Donated fixed assets are valued a[ [heir
estimated fair value on the date dooa[ed. No depreciation has been
provided on general fixed assets. Public domain ("infrastructure")
general fixed assets such as at rests and eidvalke that are generally
immovable and of value only [o the Ci[y of Atlantic Beach have not been
capitalized.
G. ACCOUNTING POR LONG-TERN DEBT
Long-term obligations, general obligation or revenue bonds, used Co
finance proprietary fund operations aM payable from revenue of the
proprietary funds are recorded in the applicable Fund. General
obligation bonds and other forma of long-term debt supported by general
revenue are obligations of the City ae a whole and not its individual
constituent funds. Accordingly, such u¢matured obligations of the City
are accounted for in [he General Long-Term Deb[ Account Croup.
h. GENERAL LONG-TERM COMPENSATED ABSENCES PAYABLE
' Accumulated unpaid vacation and sick pay Ss accrued when incurred in
proprietary funds. The amount of accumulated vacation and sick pay
recorded in the governmental funds is that amount, adjusted to current
' salary costa, which is expected to be liquidated with expendable
available financial resources. Only the current portion is reflected in
the funds. The remainder of the liability ie reported in [he General
' Long-Term Debt Account Croup. The guidelines of Pinancial Accounting
Standards Board Statement No. 43 ve re applied Sn determining the
liability fot both governmental and proprietary funds.
- 11 -
1
I. TOTAL COLUMNS ON COMBINED STATENENTE
Total columns on the Combined Financial 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, resul Cs of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither ie
such data comparable to a consolidation. In[e rfund eliminations have not
been made in [he aggregation of this data.
' J. PROPERTY TAXES
The assessment of all props rhea and the collection of all property taxes
' are made through the Property Appraiser and Tax Collector of [he City of
Jacksonville. General property taxes are recorded as received in cash,
vhich approximates taxes levied, less discounts, for the current fiscal
' year.
K. INTERPUND TRANSACTIONS
' During the course of normal operations, the City has various transactions
beCVeen funds to construct assets and comply with local ordinances and
other legal re strictiona. These transactions are reflected ae operating
' transfers.
L. PENSION TRUST PUNDS AND PENSION EXPENSE
' Pension expense includes normal coat plus amortization of past service
coat over 30 years. The City funds pension costa vhich are accrued.
2. CASN AND INVE S'fMENTS
The [o [al cash and investment balance of the City la comprised of the
' following Stems:
Petty cash on hand = 4UU
' Savings and money market accounts 397,282
Restricted sec row deposit 166,35U
State Board of Administration deposits 1,442,15U
Total cash s2 ,006,182
1 Certificates of deposit with local banks:
Less than 3U days maturity 1,U74,047
' 31-9U says maturity 344,443
Y1-180 days maturity 248,111
181-36U days maturity 276,841
' Total ce rt ifica tee of deposit 1,943,442
U. S. Treasury notes, maturing Herch 31, 1986 100,000
' Total cash and investments 4,049,624
Less: restricted cash and investments 1,091,508
Total unres[ric[ed cash and investments 2 9 6
Invested cash with fiscal agent 1 488 064
' - 12 -
1
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1
3. PROPERTY, PLANT AND El(UIPI~NT
A summary of changes in general fixed assets Follows:
Balance, Balance,
October 1, September 30,
1984 Additions Deletions 1985
Land $ 134,056 $ 9,646 S 143,702
Buildings 307,175 307,175
Improvements other
than buildings 411,361 27,458 438,819
Equipment' 558,406 62,692 =54,524 566,574
Total 1 410 998 99 796 54 524 1 456 270
A summary of fixed assets of [he Enterprise Funds at September 3U, 1985
follows:
Buccaneer
District Total
Ga[ec Suer Saniiatlon 4later and Enterprise
Pund Fund Fund Suer Funds Funds
Land E b5,5S7 ~ 144,480 $ 210,037
Buildings = 393,718 505,685 80,360 979,763
Improvements other
than buildings 1,292,551 1,168,716 2,575,160 5,036,427
Machinery and
equipment 14,300 30,724 $276,296 321,320
Lees - accumulated
depreciation (536,887) _ (690,946) (118,884) (1,346,717)
1 1 3 682 $1.079.736 157 412 52.800.000 55.200.830
Coaetruction in progress for Enterprise Punds is ae follows:
Committed
Expended to Pede ral Required
Project September 30, Sever and State Puture
Au[horization 1985 Puna Punding Pinencin~y
Sever system
Smprovements 3 892 957 347 271 1 79Y 821 1.745.865 Iio~
- 13 -
4. LONG-TERM DEBT
The following ie a summary of bond transactions of [he City for the year
ended September 30, 1985:
1 ,
i~
Bonds payable et October 1, 1984
Nev Bonds Issued:
1985 Buccaneer District
Na[er and Sever System
Sevez System Improvements
Deb[ principal paid
Bonds payable at September 30, 1985
General
Long-Term Enterprise
Debt Punda
General
Obligation Revenue
Bonds Bonds Total
3389,000 3 389,000
32,800,000 2,800,000
1,500,000 1,500,000
(40,000) (40,000)
349 000 /4.300.000 /4.649.000
Bonds payable at September 30, 1985 are comprised of the following
individual issues:
General obligation bonds:
1958 Sever System aerial bonds, payable in annual
inata lmen[s of 320,000 plus interest through
lYbY, bearing ante re s[ a[ 3.8X 3
1971 Sever System aerial bonds, payable in annual
instalments of 322,DUU to 340,000 plus Interest
through 1995, bearing interest at 5.75X
Revenue bonds:
1985 Buccaneer District Nater and Sever ee rial bonds,
payable in equal annual instalments of principal
end interest of approximately 3347,500 through
2001, bearing interest a[ 9X
State Pollution Control Bonds, Series "Q", payable
in annual instalments of 345,000 to 3190,000
plus interest through 2000, bearing interest at 8X
Total
60,000
289,000
2,800,000
1,500,000
34.649.000
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' The annual requirements to amortize all debts outstanding a[ September 3U,
1985, are as follows:
' General Long-Term Deb[
Year Ending Account Grou Enterprise Funds
September 3U, Principal Interest Tota Principal Interest Total
' 1986 = 42,000 S 20,262 = 62,262 = 45,000 ~ 203,949 = 248,949
1987 45,000 18,072 63,072 145,500 369,750 %5,250
' 1988 45,000 15,688 60,688 158,900 357,155 516,055
1989 25,000 13,302 38,302 173,500 343,404 516,904
1990 25,000 11,678 36,678 188,400 328,359 516,759
1991-1995 167 ,OUO 30,863 197,863 1,265,700 1,359,564 2,625,264
' 1996-2000 2,004,400 696,042 2,700,442
2001 318,600 28,674 347,274
' Total 349 000 lU5 865 458 865 =4.300.000 /3.686.897 X7.986.897
' General obligation bonds of [he Long-Term Debt Account Group represent bonds
issued by the City for cona[ructfo¢ of (1958 aeries) and later, Emproveme¢ta
aM extensions to (1971 series) the City's sever system. These bonds ve re
issued as general obligations of the City and, therefore, are not obligations
' of the individual Enterprise (Sever) fund.
During 1985, the City obtained a State Bond Loa¢ which is administered by the
' Stale Board of Administration and secured by Slate Pollu[io¢ Control Bonds,
Series "t~", to support funding for improvement and expansion of its sever
system. These bonds are payable from pledged revenues derived from the
operations of the sewer system. Under the terms of the agreement, the CE[y
' may later pledge additional legal and available funds to repay the loan, as it
deems appropriate.
t During 1985, the City Sssued revenue bonds to acquire an additional water and
sever system (See Note 8j. These bonds are payable from the net revenues of
the newly acquired Buccaneer District Hater and Sever System and are not
' general obligations of [he City.
Revenue bonds of the Enterprise Punda contain various terms and covenants
which require the City to maintain adequate user rates and to account fur Che
' deposit and die buraement of revenues in accordance with established
priorities. As of September 3U, 1985, [he Ci[y vas subs [an[ially in
compliance with such covenants.
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5. EHPLOYEE BENEFITS
The City has three non-contributory defined benefit pension plane (General
Employees', Police Officers', artd Ft refightere' Retirement Plans) which cover
substantially all of its employees. These retirement plane are accounted for
in the Cf ty'e Pension Trust Punde. Total pension expense for ell funds during
the year ended September 30, 1985 was $81,338. The City's pension
contribution ie computed using accepted actuarial methods and, except for [he
effects of plan amendments, if any, Se not expected to increase materially in
the fu[u[e in relation to total payroll expense.
The actuarial present value of accumulated plan benefits is an ac [aerially
determined liability for benefits payable [o active and retired participants
of the Cf ty'e ce [irement plans, determined in accordance with plan provisions
and based on the participants' compensation and years of service to the date
of valuation. The significant assumptions used in the determination of [he
actuarial present value of accumulated plan benefits of the City's zeti remen[
plane as of September 30, 1984, [he latest valuation date, were investment
return (7,5X), mortality (based on the 1971 Group Annuity Nortelity Table),
provisions Eor future terminations, withdrawals and retirements, and increases
in salaries a¢d eapensee.
A summary of the actuarial present values of accumulated plan benefits and net
assets available for plan benef ire of [he Ci[y'e retirement plane as of
September 30, 1984, [he latest valuation date, fa as follows:
Actuarial present value of accumulated
plan benefits:
Vee[ed benefits:
Retirees currently receiving
benefits
Terminated employees with future
' benefits
Active employees
Total vested benefits
Non-vested benefits
T
l
ota
Net assets available for plan benefits
1
General eolice
Employees Officers Firefighters
:289,768 $ 55,947 $ 84,828
47,317 40,882 13,906
. 165 044 ,~57 _499 21 752
SVG, iGY 174,3Lb 1
32,190 32,827 3,751
534 3 9 187 55 24 37
60 020 388 324 2 2 5
A significant portion of the increase in the combined actuarial present value
of accumulated plan benefits of the City's retirement plans during the year
ended September 3U, 1984, the date of the latest valuaClone, vas attributable
Co the reduction of [he investment return assumptions. The investment rate
assumed ae of September 30, 1984 vas 7.5X. As of the previous valuatio¢
dale, September 30, 1983, investment rates of 8.7X for active and f¢active
participants and 9.6X for re [ireee, were aseuoed.
- 16 -
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b. SEGlU:NT INFORMATION FOR ENTERPRISE PUNDS
The City has established separate Enterprise Punds to account for water,
sever and eanl[ation services. Segment information for the City's
En[e rpriee Punds for the year ended September 30, 1985 1e as follows:
7
Buccaneer
District
Natei Total
Hater Sever and Sewer Sanitation Enterprise
Pund Fund Punds Pund Funds
Operating
revenues = 298,348 $ 654,762 $ 130,548 $ 229,594 $1,313,252
Depreciation 45,365 42,055 25,356 112,776
Operating income
(loss) (3,945) 246,593 48,630 (20,238) 271,040
Operating
transfers in
(out) (72,500) (62,448) 60,000 (74 948)
~
Non-operating
income (expense) 84,710 3b3,063 (55,847) 391,926
Net income 8,265 547,208 (7,217) 39,762 588,018
Ne[ plan[,
property and
equipment 1,163,682 1,079,736 2,800,000 157,412 5,LOU,830
Ne[ working
capital 247,997 1,tl79,956 (7,217) 45,630 2,166,366
Long-term deb[ 1,455,000 2,800,000 4,255,000
Total equity 1,42"1,825 2,799,302 (7,217) 203,042 4,417,952
Total assets 1,505,48b 4,438,190 2,909,808 212,939 9,066,423
INTERPUND TRANSACT IONS RECONCI LIATION
A au®ary of inter fund [ransfe re during Che fiscal year ended September 3U,
1985, 1a as follows:
Transfe za to:
Capital
General En[e rpriee Pro ects Total
Transfer from:
Ente rpriee 5134,948 (134,948
General (60,000 1294,280 354,280
Special Revenue 27,029 27,029
Total 134 948 b0 000 3'21 309 516 2S7
As of September 3U, 1985, one interfund receivable and payable in the amount
of $3,b49 remained outs [ending, payable from an Ente rprlse Pund to the
General Pund.
- 17 -
' 8. ESTABLISNlB:NT OP NeN PUNDS
' During 1985, the City acquired Che fixed senate of [he Buccaneer Service
Company, Inc., a vats[ and never utility. The City acquired all the
oute[andi¢g shares of the Company's commo¢ stock in exchange For $2,800,000
' in revenue bonds and simultaneously liquidated the stock and established the
Buccaneer Water a¢d Sewer Dis[r1 ct. The assets of the system were recorded
at coat and allocated between eater and sever based on a valuation report
' obtained from Independent consulting engineers. The City hee established new
valet and sever funds to account for [he transactions of the new system.
These new Enterprise Funds are [he Buccaneer District Nater and Sever Punds.
' No changes in names or deaignationa, nor elimi¢at ions of any of Che CS[y'e
funds established ae of October 1, 1984, have occurred duri¢g the current
fiscal year.
1
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e
SUPPLEl~NTARY INPOENATION
' COHBINING AND INDIVIDUAL STATEMENTS
AND SCFIEDULES
' Combining financial statements provide a more detailed vier of the 'General
Purpose Pioanciel Statements" presented in [he preceding Subsection.
' Combining statements are presented rnen there ie more iron one fund of a
given fund type.
' Individual atatemeats and schedules, although not necessary for fait
presentation So conformity rlth Generally Accepted Accounting Principles,
are presented to provide greater detail and comparative Financial infotwation
' for certain fund types.
1
1
General Fund
The General Pund is the general opetaCiag fund of the Gity. IC is used to
account for all financial resources except those requl red to be accounted
for in another fucd.
1
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'
' CITY OF ATLANTIC BEACH, FLORIDA
GENERAL fUMD
STATEMENT OF E%PENDITURES - ACTUAL AMO BUDGET
FOR THE YEAR ENDED SEPTEMBER 30, 1985 Y[TH LOWARATIYE TOTALS FOR
EPTEMBER 30
1984
' 1985
Parlance
Favorable 1984
' Actual Budget (Unfarorabiel Actual
General goverment:
Legislature:
Personal Services j 18,650 j 20,151 f 1,501 j 16,987
Other services and charges 859 1.060 201 240
Total legislature 19.509 21,211 17,227
' Executive:
Personal services 64,105 66,074 1,568 40,213
Other services and charges
Total executive 3,498
67
904 3.747
69
821 249
1
917 3.673
{3
886
, , , ,
financial:
' Personal services 132,550 132,941 391 121,150
Other serrfces and charges 35.453 35,460 7 29,005
Total fi nantlal 168,003 168,401 398 150,165
' General serYfcez:
Personal services 883 887 4 713
' Other services and charges
Total general services 191.038
191.921 218.243
219.130 2~_
2209 132.152
132.865
Total general goverment 417,337 478.553 31226 341,143
'
Public safety:
Personal services 709,091 712,249 3.158 631,970
Other services and charges 111,837 112,561 724 105,879
' Total public safety 820,928 824.810 3,882 737,849
Roads and streets:
' Personal services 219,830 225,097 5,217 188,830
OtAer services and charges 97,050 99,734 j681 78.555
Total roads and streets 375.880 324.181 7,901 257,385
Intra9orernaental serrlces:
' Personal services 15,625 20,827 5,207 18,939
Other services and charges 4 850 846 1,871
Total intra9orernoental services 15.630 21,677 5047 20,810
Parks and recreation -
Other services and charges 13,823 15,100 11277 13,549
CaDf U1 outlay 43.130 14,510 1.380 80,733
' _
Total exDendlCUres 51.551.728 S1.709.µ1 f51.713 51.464.469
- 19 -
Enterprise Funds
Enterprise Fuoda are used [o account for operations [ha[ are financed and
' operated in a manner similar [o private business enterprises, where the
intent is that Che coats (expenses, including depreciation) of providing
goods or services [o the general public on a continuing basis be fisasced or
' recovered primarily through user charges.
1
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CITY OF ATLANTIC BEALN. FLOR(OA
ENTERPRISE FUMOS
COMBINING BALANCE SYEE7
SEPTEMBER 30, 1985 YITN COWAMTIYE TOTALS FOR SEPTEMBER 30, 1984
ASSETS
[ash and lnvestaents
Invested cash wiN fiscal agents
Accounts receivable
Prepaid expenses
inventories
Total current assets
Otner assets
Restricted assets:
Lash and fnvettaents
Due fray other governaents
Construction in Dro9ress
Droperty, plant and equt plant -net
Total
LIABILITIES AND FUND EpUITT
Liabilities:
Mcaunts Dayable and accrued liabilities
[ustwer deposits
Current liabilities (D;YaDIe froa
restricted assets):
Accounts Dayable
Revenue bonds payable
Accrued interest Dayable
Due to other funds
Accrued Interest Dayable
Revenue Bonds payable - long-ten portion
Total ItaDil ittez
Fund Equf ty:
[ontrioutfons frc~ other 9overnaents
Retained earnings:
Reserved for renewals and reDlaceaants
Reserved for debt service
Unreserved
Total retained earnings
Total fund equity
total liabtl ltles and tune equity
Water Fund Sewer Fund
1985 1984 1985 1984
j 251,333 j 236,361 j 386,012 j 247,806
1,988,064
35,739 42,332 22,452 10,282
308 333 333
43,586 48,915
330,658 327.916 1,896.861 258,421
670 670 9,364 9,685
10,476 127,633 1,035,649 681,718
69,309
347,271 115,917
1.163.682 940.709 1.019.736 870.761
1 5 1 96 (4.138.190 51.936.502
j 10,359 j 22,404
72,307 60,164
82,661
669,581
10,476
742,768
753,241
1,422,825
t1.505.486
See notes to cc~Dined ffnanclal stateaants.
82.568
593,918
127,633
592,809
720.442
1,314,360
!1"396"92
j 16,905 j 50,045
87,996
45,000
30,338
3,649
1,455.000
1,638.888
653,464
822,475
91,012
7,232,35)
2,145,838
2,799,302
4 1
58,045
285,928
681,718
97 D.811
1,592,529
1,878,457
51.936.502
i
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Sanitation Fund
1985 1984
69,818 ~ 92,018
5,679
55,527 92,048
157,472 89.591
12 93 176 58
9,897 ~ 13,309
9.897 13.309
203.012 163.280
203,042 163.260
203,012 163,280
f212,9;9 1 6 5
Bucta,reer District
Yater Sewer
1985 1985
3,316 ; 20,134
7,943 32,932
11,259 53.155
14,976 30,407
919,165 1,880,835
IS 00 1 964
f 10,495 ; 11,928
9,502
14,976 30,407
12,139 25,078
919.165 1,880,835
9fi6.277 1,950,748
(20.877) 13.660
(20.877) 13.660
(20.0771 13.660
f945.400 1 4
Totals
1985 1984
710,143 ; 576,215
1,488,064
704,745 52.614
333 641
43.566 48,915
2.347,471 678.385
10,034 10,355
1,091,508 809,351
69,309
347,271 115,917
5,200,830 1.896.011
6 4 510 1
j 52,019 ; 93.758
81,809 60,164
87,996
45,000
75,721
3,649
37,217
4,255,000
4,64b.471 153.922
1,323,045 879,846
832,951 839,351
91,012
2,170,944 1,666,900
3.094,907 2.476,251
4.417,952 3,356,097
39.Ofi6.423 (3.510.019
20
CITY OF ATLANTIS BEAOX. FLORIDA
ENTERPRISE FUXDS
COMBINING STATEMENT OF REVENUES, E%PENSES AND CHANGES IN RETAINED EARNINGS
SEPTEMBER 30. 1985 KITH OOIPARATIYE TOTALS FOR SEPTEMBER 30 1984
Mater Fund Serer Fund
1985 1984 1985 1984
Operating revenues:
Oustoaer charges X266,728 {241,920 j 659,096 ; 628,598
Other lncoae 31,620 19.388 716 6,200
Total operating revenues 298,348 261.308 654.762 634,798
Operating expenses:
Personnel services 69,847 51,251 120,178 85,416
OontracWal services 6,562 4,194 8,195 43,629
Supplies 68,657 25,971 57,233 34, M0
Repairs and awintenance 54,163 14,859 63,037 34,429
Heat, light and purer 34,635 26,827 71,181 60,706
Depreclatton 45,365 43,052 12,055 41,745
Other expenses _~ 255 45,990 1,621
Total operating expenses 302.293 166,409 408.169 301.986
Operating tncoac (loss) (3.945) 94.899 246.593 332.812
Ibn-operating incoae (expense l:
Connection charges 48,985 39,876 240,931 157,958
Interest intone 35,725 32,921 150,138 74,225
tontributlons and donations 12,816
Interest expense (40.822)
Total non-operating intone 84 710 67.797 363,063 232.183
Net incoap (lass) Defore operating
interfund transfers 80,765 162,696 609.656 569.995
Operating transfers in (out) (72.500) (100,000) (62.4481 (64,383)
Net incoap (loss) 8,265 62,696 547,208 500,612
Add deDrectatlon on fixed assets
acquf red by shared revenues externally
restricted for capital acquisitions 24,537 24.537 6,101 6.101
Increase in retained earnings 32,802 87,233 553,309 506,713
Re Wined Earnings, October 1, 1984 720.442 633,209 1.592x529 1,085,616
Retained Earnings, SeDtaaDer 30, 1985
See notes W coadined financial sWte~ents.
1
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e
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Bucca~ceer Oistrlct
Sani tatfon Funo 4ater 5e~er Totals
1985 1984 1985 1985 1985 1984
j229,532 ;212,573 j 22,107 =106,316 (1,278,729 j1,OB3,091
6T 3,628 2,125 34.523 29.216
229.594 216,201 24,232 106.316 1,313.252 1,112,307
171,175 182,419 5,928 9,188 379,116 319,086
931 5,426 19,608 25,272 60,868 53,249
31,521 38,749 %6 3% 178,767 99,160
7,669 5,159 SOB 10,245 135,622 54,447
281 7,048 113,145 87,533
T5,356 24,832 112,776 109,629
9.880 2,148 1,239 1.715 61.918 4,021
249.832 258.733 28.030 53.888 1,092.212 727 128
120,238) (42,5321 13,798) 52.428 271,040 385,179
9,736 15,993 315,645 192,834
300 724 186,887 107,116
12,816
(27,115) _155.485) (123.422)
(17,0]9) (38.768) 391,926 299,980
(20.238) (42.532) (20,877) 13.660 662.%6 685,159
60,000 30,000 174,948) (134,383)
39,762 112,532) (20,877) 13,660 588,018 550,776
30.638 30.638
39,762 112,532) (20,877) 13,660 618,656 581,114
163,280 175.812 __ 2.176.251 1.894.837
(203.042 f163.280 5120.8771 f 13.660 53.094.907 (2.476.251
21 -
LITY OF ATLANTIC BEACN, FLORIDA
ENTERDRI SE FUNDS
COMBINIIY STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30. 1985 NITN COIPARATIYE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1984
Yater Fund Serer Fund
1985 1984 1985 1984
Financial resources were provided Dy:
Operations:
Met operating iMOap (loss) } 8,265 } 62,696 } 547,208 }500,612
Depreciation 45.365 43,052 42,055 61.745
York lag capital provitled by operations 53,630 105,748 589,263 542,357
Contributions troll other governaen[s 100,199 373,637
Net decrease 1n reztrictetl assets 117,157
Increase in long-Carr. debt 1,500,000
Decrease in other assets 267 321 565
Increase in current 1faD111tfez
payable frog restricted assets 78.987
Totai sources of corking caDltal 270.986 106.015 2.512.208 542.922
Financial resources were used for:
Acquisition of property, plant
and equi pak:nt 268,337 22,730 482,384 184,210
Net increase fn restricted assets 30,552 423,210 157,958
Reduction of bands payable 45.000
Total uses of corking capf Cal 268.337 53.282 950.624 342.168
Increase (decrease) in corking
capital S 2.649 S 52.133 1 5 1 5200.751
Malyzis of Changes in Yorking LaDftal:
Increase Icecrease) in current assets:
Cash and invesfaents } 14,972 } 64,962 } 138,206 }237,399
Invested Cash rl th fiscal agents 1,488,064
Accounts receivable (6,593) 255 12,170 7,428
Inventory 15,329) 19,326 (680)
Other current assets 1308) 1246) 12671
Increase (decrease) in current assets 2.742 84.297 1,638.M0 213 880
(increase) decrease in current llabil tiles:
Accounts payable and accrued itaDilt ties 12,050 110,853) 146,856) (43,126)
interest Dayable
[ustoner deposits (12.143) 120,]11)
(Increase) decrease in current
1faDi11t1es (93) 131,564) U6.856) (43.126)
Increase (decrease) in working caDiul S 2.W9 5 52.733 51.591.584 f2W754
See notes to coagined financial stattaents.
1
1
1
1
Sanltatfon Fun4
1985 1984
~ 39,762 j112,532)
25,356 24.832
65,118 12,300
85,118 12.300
98,227 5,500
98.227 5.500
) 3 6"800
Buccaneer District
Yater Sever Totais
1985 1985 1985 1984
j(20,8771 j 13,680 j 588,018 (550,776
112.776 109.629
(20,877) 13,660 700,794 660,905
173,836
117,157
919,165 1,880,835 4,300,000
321 832
14.976 30.407 124.370
913.261 1,924,902 5.716,478 661,231
919,165 1,880,835 3,648,948 212,140
14,976 30,407 468,623 188,510
45.000
_934,141 1,911,242 4,162.571 400.950
f 13.650 1 55
if42.200) f 15,360 ; 3,316 j 20,234 ~ 134,528 j317,721
1,488,064
5,679 (4,1151 7,943 32,932 52.131 3,568
(5,329) 18,646
(308) (5131
(36,521) 11,245 11,259 53.166 1,669,086 339.422
3,412 (4,445) (10,495) (14,428) (56,317) (58,424)
112,1391 (25,078) (37,211)
9 502) (21,645) 120,711)
3,412 (4,465) (32,136) (39.506) (115.179) 179,1351
5133.1091 f 6.800 5(20"877) S 13.660 11.553.907 (260.287
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