Audit Report - 1988-1989
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CITY OF
~aoatic $'eac~i - ~feytida
FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORT
' SEPTEMBER 30, 1989
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CITY OF
~4tla.tilc b'eaek - ~laatda
P. o. Box x6
ATLANTIC BEACH. PLORB)A 38233
TELEPHONE 1901 2193396
February 23, 1990
M E M O R A N D U M
TO: Kim D. Leinbach, City Manager
FROM: Harry E. Royal, Pinance Director
In response to the auditors' management letter on internal control, I
would like to offer the following comments:
Internal Control Neaknesses:
1. Customer Accounts Receivable and Deposits
This weakness has existed for many years and is directly related to our
utility billing software and limited staff in the Pinance Department. I
have noted the auditors' recommendation concerning data processing
applications and, as you know, have hired a computer consultant to
analyze the City's options with regard to both computer software and
hardware.
2. Compliance with Gran[ Contracts
The reimbursement error noted by the auditor 1s the firs[ error of this
type brought [o my attention. In the future, I would recommend
designating the department head who Ss most directly affected by the
grant ae the individual responsible for monitoring grant compliance.
Compliance Violations:
1. I believe the personnel violations of [he type noted by the auditor
occur infrequently, but the Personnel office of [he City will continue [o
monitor [he employees leave records to prevent future occurrences.
~~~S:4,
Ocher Recommendations:
The other zecommendations the auditors made in chelr management letter
have been reviewed and passed an to the appropria [e department or
employee, where applicable. I will see that each recommendation is given
due consideration.
Sincerely,
rry ~1
Pinance Director
HRR/dst.
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PINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORT
CITY OF ATLANTIC BEACH
ATLANTIC BEACN, FLORIDA
SEPTElflfER 30, 1989
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FINANCIAL STATEFffiiTS
AND
INDEPENDENT AUDITORS' REPORT
CITY OF ATLANTIC BEACH
ATLANTIC BEACN, FLORIDA
SEPTEMBER 30, 1989
CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT 1
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - A11 Fund Types and Account Groups 2 - 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types and
Expendable Trust Funds 4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental
Fund Types S - 6
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balance - All Proprietary Fund
Types and Pensfon Trust Fund 7
Combined Statement of Changes in Financial Position - A11
Proprietary Fund Types and Pensfon Trust Fund g
Notes to Financial Statements q _ 27
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
General Pund
Schedule of Expenditures - Budge[ and Actual 28 - 29
Special Revenue Funds
Combining Balance Sheet 30
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance 31
Enterprise Funde - Proprietary Pund Types
Combining Balance Sheet 32 - 33
Combining Statement of Revenues, Expenses and Changes
in Re [wined Earnings 34 - 35
Combining Statement of Changes in Pinancial Position 36 - 37
Fiduciary Funde
Combining Balance Sheet 38
FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORT
CITY OP ATLANTIC BEACR
ATLANTIC BEACH, FLORIDA
SEPTEMBER 30, 1989
CONTENTS
(Concluded)
PAGE
STATISTICAL SECTION {Unaudited)
' Pension Revenues By Source and Expenses By Type 39
Computed Penalon Contribution Comparative Schedule 40
' Analysis of Pension Funding Progreso 41
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INDEPENDENT AUDITORS' REPORT
' Honorable lfayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
Ne Gave audited the accompanying general purpose financial statements of the
City of Atlantic Beach, Florida, as of and for the year ended September 30,
' 1989, as listed 1n the accompanying [able of contents. These general purpose
financial statements are [he reaponslb ility of the City's management. Our
responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and G_overnmenc Auditing Standards, issued by the Comptroller General of the
' United States. Those standards require [hat we plan and perform the audit to
obtain reasonable assurance about whether the general purpose financial
statements are free of macertal misstatement. An audit includes examining, on a
teat basis, evidence supporting the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe [hat our audit provides a reasonable basis
for our opinion.
' In our opinion, the general purpose Financial statements referred to above
present fairly, in all material respects, [he financial position of [he City of
Atlantic Beach, Florida, a[ September 30, 1989. and the results of its
operations and Che changes in financial position of the proprietary fund types
and similar trust funds for the year then ended, in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on [he general purpose
financial statements taken as a whole. The combining and individual fund
statements and schedule listed in the foregoing table of contents are presented
for purposes of additional analysis and are not a required part of the general
purpose financial statements. Such information has been subjected to the
' auditing procedures applied in our audit of the general purpose financial
sta temen[s and, Sn our opinion, is fairly stated in all material respects when
considered in relation co the general purposes financial statements taken as a
whole. The financial statements of the City of Atlantic Beach, Florida, ae of
September 30, 1988, were audited by other auditors whose report dated
January 16, 1989 expressed an unqualified opinion on the general purpose
financial statements, and the combining and individual fund s[atementa and
' schedules.
Cemi(ied Public A<courdanls
P.O. Box 23999 • i22 N.E. 1s151reet • Gainesville, Florida 32602 • (90913762467
Laurel Ridge Prolessional Center • 2347 iE. 17th Street • Ocala, florida 32671 •1904) ]72-IBR
v04 MelropoM1lan Blvd., Suite 7 • Tallahassee, Florida J230B • 190113850554
MI W145 U4 ANt41CAV AVO II W IOA I.YSIn U!(f (H C[4 tl,l(O W111C MC W NIANIS
MlMat4 nl 4M14~U41\Stl nil! M CIR Onto NanC ACCW V NV rf MryAI(CONMNOf A D f ( C. MACnCf HCIgYf
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Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
INDEPENDENT AUDITORS' REPORT
(Concluded)
The scat istical section, ae listed 1n the foregoing table of contents, has not
been subjected to the auditing procedures applied in the audit of the general
purpose financial statements and, accordingly, ve ezpreae no opinion.
December 20, 1989
Gainesville, Plorida
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COMBINED BALANCE SNEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, l9 9
CITY OF ATLANTIC BEACH, FLORIDA
ASSETS
Cash and Investments
Cash in Eacrov
Accounts Receivable
Inventories
Due From Other Governments
Due From Other Funds
Deposits
Prepaid Expenses
Other CurrenC Aeaets
Restricted Assets:
Cash and Investments
Invested Cash Gith Fiscal
Agent
Conatruc[ion in Progress
Property, Plant and Equipment - Net
Intangible Asset - Right to Future
Revenues - Net
Amount Available in the Debt
Service Pund For Payment of
Long-Term Debt
Amount to be Provided Pot
Payment of Long-Term Deb[
Amount to be Provided Por
Payment of Long-Term Portion
of Compensated Absences
TOTAL ASSETS
GOVERNMENTAL FUND TYPES
SPECIAL DEET CAPITAL
GENERAL REVENUE SERVICE PROJECTS
800,835 ;692,689 ;33,529 ;3,856,654
308,014
290,618
52,338
40,702
137,079
5,000
49,132
f L.643.O1b ~ 3~3Q1 317 S?2
See accompanying notes.
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PROPRIETARY FIDUCIARY
FUND TYPES FUND TYPES ACCOUNT GROUPS
TRUST GENERAL GENERAL TOTALS
AND LONG-TERN FIId'D (MEMORANDUM ONLY)
ENTERPRISE AGENCY OBLIGATIONS ASSETS 1989 1988
2,120,455 ; 2,319,362 S 9,823,524 ; 5,325,911
308,014 0
188,974 479,592 425,205
38,376 90,714 92,783
64,705 53,179 158,586 84,298
Sl,lll 188,190 8,418
5,000 5,000
49,132 109,630
9,753 9,753 10,034
2,424,554 2,424,554 1,711,858
400,448 400,448 186,073
595,141 j 6,130 601,271 246,462
12,441,087 2,874,599 L5,315.686 14,461,608
441,667 441,667 0
S 33,529 33,529 28,665
4,873,879 4,873,879 1,060,495
103,780 103,780 89,182
518.776.271 S 2.372.541 S 5.911.188 52.880.729 335.307.319 323.845.622
(Continued)
See accompanying notes.
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COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1989
CITY OF ATLANTIC BEACH, FLORIDA
(Concluded)
LIABILITIES
Accounts Payable and Accrued
Liabilities a
Due to Other Funds
Curren[ Portion of Revenue Bonds
Payable
Deferred Grant Reveaues
Curren[ Liabilities (Payable From
Restricted AaseCS):
Revenue Bonds Payable
Accrued Interesc Payable
Revenue Bands Payable - Long-Term
Portion
Deposits
Deferred Compensation
Installment Notes
General Obligation Bonds
Notes Payable - Gulf Breeze
Accrued Compensated Absences -
Long-Term
GOVERNMENTAL £UND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
105,706
¢ 8.002
130,352
5,000
S 16,032
129,077
TOTAL LIABILITIES 110,708 L38,354 ¢ 0 145,109
FOND EQUITY
Contributed Capital
Investment in General Fixed Aeaets
Retained Earnings:
Reserved For Renewals and
Replacements
Reserved For Deb[ Service
Other Reserves
Unreserved ReCaiaed Earnings
Fund Balances:
Reserved Por Payment of Long-Term
Cebt
Reserved Por Prepaid Expenses
Reserved For Inventories
Reserved For Police Training
and Investigations
Reserved For Retirement
Other Reserves
Unreserved Fund Balances
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
83,606 148,308 33,529
49,132
52,336
151,880 446,729 3,515,213
1,195.352 196,332
1,532,308 595,037 33,529 3,711,545
¢I.643.016 ¢733.391 ¢33.529 ¢3.856.654
See accompanylag notes.
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PROPRIETARY FIDUCIARY
FUND TYPES FUND TYPES ACCOUNT GROUPS
TRUST GENERAL GENERAL TOTALS
AND LONG-TERN FIXED (MElfOP.ANDUH ONLY)
ENTERPRISE AGENCY OBLIGATIONS ASSETS 1989 1988
$ 334,645 ; 450 ; 456,835 ; 380,447
51,111 188,190 8,418
0 3,368
130,352 0
70,000 70,000 60,000
50,123 50,123 27,338
4,483,700 ; 759,263 5,242,963 4,667,885
280,259 285,259 230,999
77,201 77,201 66,719
396,145 396,145 0
192,000 192,000 217,000
3.560,000 3,560,000 0
103,780 103,780 89,182
5,269,838 77,651 5,011,186 ; 0 10,752,848 5.751,356
6,123,866 6,123,866 5,067,915
2,880,729 2,880,729 2,727,326
2,170,376 2,170,376 1,383,055
336,240 336,240 295,214
227,263 227,263 132,025
4,648,688 4,648,688 4,835,695
265,443 28,665
49,132 109,630
52,338 48,512
1,667 1,667 5,614
2,293,223 2,293,223 1,888,636
4,113,822 434,213
1,391,684 L,137,760
13,506,433 2,294,890 0 2,880,729 24,554,471 18,094,266
318.776.271 f 2.372.541 S 5.011.188 52.880.7 535.307.319 323.845.622
See accompanying notes.
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REVENUES
Taxes
Licenses and Permits
Stale Shared Revenues
Other Intergovernmental Revenues
Charges For Services
Fines and Forfeitures
Interest Income
Miscellaneous Revenue
TOTAL REVENUES
EXPENDITURES
Current
General Government
Public Safety
Physical Environment
Transportation
Culture and Recreation
Internal Services
Deb[ Service:
Principal Retirement
Interest and Fiscal Charges
Capital Outlay
(TOTAL EXPENDITURES)
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURf,ES (USES)
Loan Proceeds
Proceeds on Installment Obligations
(Loan Financing Coste)
Operating Transfers In
(Operating Transfers Out)
TOTAL OTNER FINANCING SOURCES (USES)
EXCESS (DEFICIENCY) OP REVENUES AND OTNER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
PUND BALANCES, BEGIb"NING OP YEAR
PUFD BALANCES, EbD OP YEAR
See accompanying notes.
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FIDUCIARY
GOVERNMENTAL FUND TYPES FUND TOTALS
SPECIAL DEBT CAPITAL EXPENDABLE (41E1fORANDUM ONLY)
GENERAL REVENUE SERVICE PROJECTS TROST 1989 1988
$1,153,940 f 40,232 S 1,194,172 $ 1,164,956
159,106 0 159,106 519.799
917,081 f 344,628 0 1,261,909 899,512
12,115 73,989 0 86,104 16,510
2,712 0 0 2,712 4,620
76,300 0 0 ; 11,309 67,609 107,458
121,245 8,901 3,285 S 400,043 236 533,710 100,319
28,357 0 0 0 2,250 30,607 56,723
2,470,856 427,718 43.517 400,043 13.795 3.355,929 2,869,897
733,279 2,362 0 0 0 735,641 694,780
1,465,800 0 0 0 17,742 1,483,542 1,263,279
0 82,211 0 0 0 82,211 0
454,377 0 0 0 0 454,377 401,439
119,113 28,829 0 0 0 147,942 103,788
50,575 0 0 0 0 50,575 40,895
0 0 151,377 0 0 151,377 139,997
0 0 172,820 0 0 172,820 54,816
0 0 0 186,916 0 186,916 807,412
(2,823,144) (113,402) (324,197) (186,916) ( 17,742) (3,465,401) (3,506,406)
( 352,288) 314,316 (280,680) 213,127 ( 3,947) ( 109,472) ( 636,509)
0 0 0 3,560,000 0 3,560,000 0
409,625 0 0 0 0 409,625 407,211
0 0 0 ( 80,308) 0 ( 80,308) 0
331,982 35.232 285,544 68,469 0 721,227 872,072
' ( 220,203) (68,469) 0 ( 102,714) 0 ( 391,386) ( 563,571)
521,404 ( 33,237) 285,544 3,445,447 0 4,219,158 715,712
169,116 281,079 4,864 3,658,574 ( 3.947) 4,109,686 79,203
' 1,363,192 313,958 28,665 52,971 5,614 1,764,400 1,685,197
;1.532 6 ; 595.037 S 33.529 53.711.545 f 1.667 f 5.874.086 x.764.400
See accompanying notes.
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GENERAL FUND
VARIAI7CE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
REVENUES
Tares ; 1,176,955 § 1,153,940 {( 23,015)
Licenses and Permits 133,500 159,106 25,606
S[a[e Shared Revenues 967,396 917,081 ( $0,315)
Other Intergovernmental Revenue 15,500 12,115 ( 3,385)
Charges Por Services 4,200 2,712 ( L,4R8)
Fines and Forfeitures 95,000 76,300 ( 18,700)
Interest Income 90,000 121,245 31,245
Miscellaneous Revenue 12,475 28,357 15,882
TOTAL REVENUES 2,495,026 2,470,856 ( 24,170)
EXPENDITUREB
Current:
General Government 805,072 733,219 71,793
Public Safety 1,518,441 1,465,800 52,641
Physical Environment 0 0 0
Transportation 471,678 454,377 17,301
Culture and Recreation 121,996 119,113 2,885
Internal Services 51,070 50,575 495
Debt Service:
Principal R¢tirement 0 0 0
Interest and Fiscal Charges 0 0 0
Capital Outlay 0 0 0
(TOTAL EXPENDITURES) (2,968,259) (2,823,144) 145,115
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 473,233) ( 352,288) 120,945
OTNER FINANCING SOURCES (USES)
Loan Proceeds 0 0 0
Proceeds From Installment Obligations 104,625 409,625 305,000
(Loan Financing Costs) 0 0 0
Operating Transfers In 373,482 331,982 ( 41,500)
(Operating Transfers Out) ( 436,616) ( 220,203) 216,413
TOTAL OTHER FINANCING SOURCES (USES) 41,491 521,404 479,913
EXCESS (DEFICIENCY) OP REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING
USES ( 431,742)
PUND BALANCES, OCTOBER 1, 1988 1,229,043
FUND BALANCES, SEPTEMBER 30, 1989 S 797.301
See accompanying notes.
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169,116 600,858
1,363,192 134,149
S 1.532.308 S 735.007 '
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SPECIAL REVENUE FUNDS
VARIANCE
FAVORABLE
BUUGET ACTUAL (UNFAVORABLE)
5 360,000 S 344,828 S( 15,172)
205,000 73,989 ( 131,011)
0 0 0
0 0 0
0 8,901 8,901
0 0 0
565,000 427,718 ( 137,282)
2,400 2,362 38
0 0 0
90,600 82,211 8,389
0 0 0
155.000 28,829 126,171
0 0 0
0 0 0
0 0 0
0 0 0
(248,000) (113,402) 134,598
317,000 314,316 ( 2,684)
0 0 0
0 0 0
0 0 0
43,000 35,232 ( 7,768)
(396,500) ( 68,469) 328,031
(353,500) ( 33,237) 320,263
( 36,500) 281,079 317,579
DEBT SERVICE FUND
VAALANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
S 39,178 3 40,232 S 1,054
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
1,000 3,285 2,285
0 0 0
40,178 43,517 3,339
0 0 0
0 0 0
0 0 0
o a o
0 0 0
0 0 0
182,860 151,377 31,483
189,108 172,820 16,288
0 0 0
(371,966) (324,197) 47,771
(331,790) (260,680) 51,110
0 0 0
0 0 0
0 0 0
331,791 285,544 ( 46,247)
0 0 0
33(,791 285,544 ( 46,247)
1 4,864 4,863
213,880 313,958 100,078 26,561 28,665 2,104
¢ 17J~$0 ,{_fJ'~ ~ ~_4I7.657 S 26.562 S 33.529 S 6.967
(Continued)
See accompanying Dotes.
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CAPITAL PR07ECTS FUNDS
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
REVENUES
Taxes
Llcenses and Permits
State Shared Revenues
Other Intergovernmental Revenue
Charges For Services
Fines and Forfeitures
Interest Lncome ; 250,000 ; 400,043 ; 150,043
Miscellaneous Revenue 0 0 0
TOTAL REVENUES 250,000 400,043 150,043
EXPENDITURES
Current:
General Government 0 0 0
Public Safety 0 0 0
Physical Environment 0 0 0
Transportation 0 0 0
Culture and Recreation 0 0 0
Internal Services 0 0 0
Debt Service:
Princlpal Retirement 0 0 0
Interest and FSSCal Charges 0 0 0
Capital Outlay 4,120,003 186,916 3,933,087
(TOTAL EXPENDITURES) (4,120,003) ( 186,916) 3,933,087
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (3,870,003) 213,127 4,083,130
OTHER FINANCING SOURCES (USES)
Loan Proceeds 3,566,100 3,560,000 ( 6,100)
Proceeds From Installment Obliga[lon s 0 0 0
(Loan Financing Coats) ( 96,097) ( 80,308) 15,789
Ope racing Transfers In 400,000 68,469 ( 331,531)
(Operating Transfers Ou[) ( 102,715) ( 102,714) 1
TOTAL OTHER FINANCING SOURCES (USES) 3,767,288 3,445,447 ( 321,841)
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCLNG SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING
USES ( 102,715) 3,658,574 3,761,289
FUND BALANCES, OC70BER 1, 1988 39,797 52,971 13,174
FUND BALANCES, SEPTEMBER 70, 1989 f( 62.918) ; 3.711.545 f 3.774.463
See accompanying notes.
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TOTALS
(NEMORANDUN ONLY)
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNPAVORABLE)
1,216,133 ; 1,194,172 ;( 21,961)
133,500 159,106 25,606
1,327,396 1,261,909 ( 65,487)
220,500 86,104 ( 134,396)
4,200 2,712 ( 1,486)
95,000 76,300 ( 18,700)
341,000 533,474 192,474
12,475 28,357 15,882
3,350,204 3,342,134 ( 8,070)
807,472 735,641 71,831
1,518,441 1,465,800 52,641
90,600 82,211 8,389
471,678 454,377 17,301
276,998 147,942 129,056
51,070 50,575 495
182,860 151,377 31,483
189,108 172,820 16,288
4,120,003 186,916 3,933,087
(7,708,230) (3,447,659) 4,260,571
(4,358.026) ( LO5, 525) 4,252,501
3,566,100 3,560,000 ( 6,100)
104,625 409,625 305.000
( 96,097) ( 80,308) 15,789
1,148,273 721,227 ( 427,046)
( 935,831) ( 391,386) 544,445
3,787,070 4,219.158 432,088
( 570,956) 4,113,633 4,684,589
1,509,281 1,758,786 249,505
; 938.325 ; 5.872.419 ; 4.934.094
See accompanying notes.
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COlBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUND
FOR THE FISCAL YEAR ENDED SEPTEPIDER 30, 1989
CITY OF ATLANTIC BEACN, FLORIDA
OPERATING REVENUES
Customer Charges
Employer's Contributions
Employee's Contributions
Slate Contributions
Earnings on Investments
Other Income
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Personal Services
Contractual Services
Supplies
Repairs and Nain[enance
Heat, Light and Pover
Depreciation
Amortization
Other Expenses
Retirement Benefits
(TOTAL OPERATING EXPENSES)
OPERATING INCOME
NONOPERATING INCOME (EXPENSES)
Sewer Rehabilitation Grant
Connec cion Charges
Sever Generation Charges
Interest Income
(Interest Expense)
(Loss) on Asset Disposal
TOTAL NONOPERATING INCOME
NET INCOME BEFORE OPERATING TRANSPERS
OTHER FINANCING SOURCES (USES)
Operating Transfers In
(Operating Transfers Out)
TOTAL OTHER FINANCING SOURCES (USES)
NET INCOME
DEPRECIATION ON FIXED ASSETS ACQUIRED BY SHARED REVENUES
EXTERNALLY RESTRICTED FOR CAPITAL ACQUISITIONS
INCREASE IN RETAINED EARNINGS/FUND BALANCE
RETAZNED EARNINGS/FUND BALANCE, BEGINNING OF YEAR
RETAINED EARNINGS/PUND BALANCE, END OP YEAR
See accompanying notes.
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PROPRIETARY FLDIICIARY
FUNDS FUND TOTAL S
PENSION (MEMORANDUM ONLY)
ENTERPRISE TRUST 1989 1988
S 2,859,791 ; 2,859,791 ; 2,430,517
0 ; 114,106 114,106 126,740
0 18,710 18,710 12,327
0 53,179 53,179 47,738
0 299,990 299,990 68,814
149,296 0 149,296 62,689
3,009,087 485,985 3,495,072 2,748,825
720,975 0 720,975 677,643
270,655 0 270,655 248,676
148,702 0 148,702 210,743
577,692 0 577,692 220,308
l97, 750 0 197,750 198,712
521,843 0 521,843 443,651
58,333 0 58,333 0
L31,200 3,546 134,746 71,087
0 79,992 79,992 62,840
(2,627,150) ( 83,536) (2,710,688) (2,133,860)
381,937 402,447 784,384 614,965
196,354 0 196,354 0
193,861 0 193,861 384,415
95,238 0 95,238 92,634
399,658 0 399,658 294,471
( 375,807) 0 ( 375,607) ( 348,095)
( 4,409) 0 ( 4,409) 0
504,895 0 504,895 423,425
886,832 402,447 1,289,279 1,038,390
0 2,140 2,140 1,070
( 331,982) 0 ( 331,982) ( 309,571)
( 331,982) 2,140 ( 329,842) ( 308,501)
554,850 404,58) 959,437 729,889
161,728 0 181,728 157,134
736,578 404,587 1,141,165 687,023
6,645,989 1,886,636 8,534,625 7,647,602
; 7.382.567 52.293.223 t 9.675.790 S 8.534.625
See accompanying notes.
_7_
COHBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989
CITY OF ATLANTIC BEACH, FLORIDA
SOURCE OF WORKING CAPITAL
Ne[ Income
Item Not Requiring Outlay of Working Capital:
Depreciation
Amortization
Working Capital Provided By Operations
Property, Plant and Equipment Disposals
Increase in Contributed Capital
Decrease in Restricted Assets
Nev Oebt
Increase in Curren[ Liabilities Payable From Restricted Assets
TOTAL SOURCE OF NORKING CAPITAL
USE OF WORKING CAPITAL
Acquisition of Property, Plant and Equipment
Acquisition of Rights to Future Revenues
Increase in Restricted Assets
Reduction of Bonds Payable
Decrease in Interest Payable From Res[ric ted Assets
(TOTAL USE OF WORKING CAPITAL)
INCREASE IN WORKING CAPITAL (BELOW)
CHANGES IN WORKING CAPITAL HY COI~@ONENT
Current Assets - Increase (Decrease):
Cash and Investments
Accounts Receivable
Inventories
Due From Other Funds
Due Prom Other Governments
Other Current Assets
Current Liabilities - Decrease (Increase):
Accounts Payable and Accrued Liabilities
Due to Other Funds
Customer Deposits
Current Portion Revenue Hood Payable
INCREASE IN WORKING CAPITAL (ABOVE)
See accompanying noces.
_g_
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PROPRIETARY FIDUCIARY
FUNDS PUND TOTALS
P}I:SION (MENORANDUH ONLY)
ENTERPRISE TRUST 1989 1988
554,850 ; 404,587 S 959,437 ; 729,889
521,843 0 521,943 443,651
58,333 0 58,333 0
1,135,026 404,587 1,539,613 1,173,540
29,409 0 29,409 0
1,237,679 0 1,237,679 263,513
49,971 0 49,971 338,867
895,000 0 895,000 0
29,000 0 29,000 0
3,376,085 404,587 3,780,672 1,775,920
1,606,736 0 1,606,736 888,954
500,000 0 500,000 0
977,042 0 977,042 L54,32I
202,025 0 202,025 176,890
1,215 0 1,215 211,253
(3,287,018) 0 (3,287,018) (1,431,418)
89.067 404.587 493.654 344.502
195,085 399,146 594,231 432,751
9,908 0 9,908 45,603
( 5,895) 0 ( 5,895) ( 7,690)
51,131 0 51,111 0
64,705 5,441 70,146 0
( 281) 0 ( 281) 5,493
( 123,563) 0 ( 123,563) ( 74,538)
( 51,111) 0 ( 51,111) 0
( 54,260) 0 ( 54,260) ( 57,349]
3,368 0 3,368 232
E 89.067 } 404.587 3 493.654 S 344.502
See accompanying notes.
_g_
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC REACH, PLORIDA
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Atlantic Beach, Florida (the "City"), is incorporated and
operates under a form of government which comprises an elected City
Commission (four Commissioners and a Mayor-Commissioner) and provides,
under [he adminia tra tion of an appointed City Manager, the following
services: public safety (police and fire), public works (streets and
infrastructure), recreation, sanitation, planning, zoning, eater and
sever services and general administrative services.
This report includes the financial statements of all [he funds and
account groups required to account for those financial activities
which are administered by and under the jurisdiction of the Mayor and
[he City Commfss ion.
The accounting policies of the City conform to generally accepted
accounting principles as applicable to governments.
The following is a summary of the more signlf icant policies used in
the preparation of these financial statements.
Fund Accounting
The accounts of the Ci[y 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 using 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 type in the financial statements. The
following fund types and account groups are used by the City:
Governmental Funds:
General Fund - The General Fund is the general operating fund
of the City. Ic is used to account for all financial
resources, except chose required to be accounted for in another
fund.
Special Revenue Funds - The Special Revenue Funds are used to
account for the proceeds of specific revenue sources (ocher
than major capital projects) [hat are legally rea[ric ted [o
expenditures For specified purposes.
Debt Service Fund - The Debt Service Fund is used to account
for the accumulation of resources for, and the payment of,
long-term debt principal, interest and related costs ocher than
obligations payable from the operations of the Enterprise
Funds.
Capital Projects Funds - Capital Projects Punds are used to
account for the financial resources to be used for the
acquisition or construct ion of major capital facilities (other
than those financed by Enterprise and Special Revenue Funds).
Proprietary Fund:
Enterprise Funds - Enterprise Funds are used to account for
water, sever and sanitation operations which are financed and
operated in a manner similar io private business enterprises.
(Continued)
-q-
1
1
' NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE L - SUMMARY OP SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fund Accounting (Concluded)
Proprietary Fund: (Concluded)
Enterprise Funds (Concluded) - The costs of providing goods or
services to the general public are financed or recovered
primarily through user charges.
Fiduciary Fund:
' Trust and Agency Funds - Trust Funds are used [o account for
assets held as a trustee or agent 6y the City for others. The
Pension Trust Fund is accounted for in essentially the same
' manner as Proprietary Funds. The Expendable Trust Fund is
accounted for in essentially the same manner ae Governmental
Funds. Agency funds are custodial in nature (assets equal
liabilities) and do not involve measurement of results of
' operations.
Account Groups:
General Long-Term Obligations Account Group - This account
group is used to account for the outstanding principal balances
of long-term debt and other long-term liabilities other than
those payable from the operations of [he Enterprise Funds.
General Fired Asset Account Group - Thia account group is used
' to account for all fixed assets of the Ci[y other than those
accounted for in the Enterprise Funds.
' Basis of Accounting
The accounting and reporting treatment applied to a fund is determined
by its measurement focus. All Governmental Funds and Expendable Trust
' Funds are accounted for on a spending or "financial floe" measurement
focus. This means that only current assets and current liabilities
are generally included on their balance sheets. Their repotted fund
balance (net current saes ts) is considered a measure of "available
' spendable resources." Governmental Fund operating statements present
increases (revenues and other financial sources) and decreases
(expenditures and other financing uses) in net current assets.
' The Governmental Fund Types, Expendable Truac Fund and Agency Pund use
the modified accrual balls of accounting. Under the modified accrual
' basis, revenues are recognized in [he accounting period in which they
become available and measurable. Expenditures, other than interest on
general long-term deb[ which is recorded when due, are recognized in
the accounting period when incurred.
' All Proprietary Punds and the Pension Trust Fund are accounted for on
a toe[ of services or "capital maintenance" measurement focus. This
means chat all assets and all liabilities (whether current or
noncurrent) associated with their activity are included on their
balance sheets, Their reported fund equity (net total assets) Se
segregated Into contributed capital and retained earnings components.
Proprietary Pund Type operating etatementa present increases
(revenues) and decreases (expenses) in net total assets.
' (Continued)
_(O_
NOTES TO FINANCIAL STATE!ffiiT5
CITY OF ATLANTIC BEACH, FLORIDA
(Continued)
NOTE 1 - SUIBMRY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Concluded)
The Proprietary Fund Types and Pension Trust Fund use the accrual
basis of accounting. Revenue is recognized when earned and expenses
are recognized when incurred. Water, sever and sanitation services
are billed to customers in advance on a quarterly cycle. A receivable
is recorded a[ year end for unpaid (delinquent) billings less an
allowance for those considered uncollec[ible.
Budgets
General governmental revenue and expenditures accounted for in
budgetary funds are controlled by a budgetary accounting system in
accordance with various legal requirements which govern the City's
operations. Budgets are monitored a[ varying levels of classification
detail, however, expenditures cannot Legally exceed total
appropriations a[ the individual fund level. The Ci[y currently does
not use an encumbrance accounting system.
Budgets have been adopted for all Governmental Funds (General, Special
Revenue, Debc Service and Capital Pcoj acts Funds). The CSty Hanager
is authorized to transfer budgeted amounts within departments within
any fund, however, any revisions that increase the total expenditures
of any department or fund must be approved by the City Commission.
All necessary supplemental appropriations were adopted by the City
Commission as part of a quarterly budget review process and are
included in the reported budgetary data. The budget presented on the
Combined Statement of Revenues, Expenditures and Changes in Fund
Balance - Actual and Budget is prepared on the GAAP basis.
Cash and Investments
Except where prohibited, cash resources of the individual funds are
combined co farm a pool of cash and investments. Investments in the
Pooled Caeh Fund consist primarily of invested cash and certificates
of deposit which mature in one year or less plus cash invested with
[he S[a[e Board of Administration. Interest income earned on the
pooled cash and investments ie distributed to the appropriate funds
based on the average monthly balance of Snvestmen[s in each fund.
Cash and investments in the Agency Fund represent employee deferred
compensation which Ss managed by the International City Hanagers'
Association (ICNA).
Investments are valued at coat, except for the investments of the
deferred compensation and pension trust funds, which are valued at
market (see Note 2).
1
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Race Svablea '
Receivables are recorded at their net realizable value. There ie no
allowance for uncollectible accounts at September 30, 1989.
(Continued) '
-11-
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NOTES TO FINANCIAL STATE14~iTS
CITY OP ATLINTIC BEACH, FLORIDA
(Continued)
NOTE 1 - SUMIARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Inventories
Inventories consisting principally of expendable materials. supplies
and Euel are determined by physical count at the City's year-end and
are valued at the lover of cos[ (first-in, first-out) or market.
During the year, inventory in the General Fund is recorded ae an
expenditure at the time of purchase (purchase method) and converted to
the consumpilon method for financial statement purposes. The
inventory balance reported is offset by a fund balance reserve which
indicates [hat i[ does not constitute "available spendable resources"
even though 1t is a component of net current assets.
Restricted Assets
Certain enterprise fund assets are required [o be segregated from
other current assets due to various bond indenture agreements and City
Ordinances. These aeaets are legally restricted for specific
purposes, such as debt service, new canetruc[ion, and renewals and
replacements.
Accounting For Pixed Assets
Proprietary Fund capital expenditures made for revenue-producing
assets, which are employed So operations [hat are accounted for in the
Proprietary Funds, are capitalized at historical costa and depreciated
using the straighC-line method over [hair estimated useful lives as
follows:
Buildings and Improvements
Improvements Ocher Than Buildings
Equipment
40 Years
IO - 50 Yeats
3 - 40 Years
Contributed assets are recorded at fair market value at the date of
contribution. Depreciation recognized on aeaets acquired or
constructed through resources externally restricted for capital
acquisitions is closed to the appropriate contributed fund equity
account.
General Fixed Assets Account Groups are fixed assets used in
governmental fund type operations and are accounted far in the General
Fixed Aase to Account Group, rather than in governmental funds. All
fixed aeaets are valued at historical cos[. Donated fixed aeaets are
valued at their estimated fair value on the date donated. No
depreciation has been provided on general fixed aeaets. Public domain
("infrae[ructure") general fixed case is such as streets and sidewalks
that are generally immovable and of value only [o the City of Atlantic
Beach have no[ been capitalized.
_lp_
(Continued)
NOTES TO FINANCIAL. STATEMENTS
CITY OF ATLANTIC BFACH, FIABIDA
(Continued)
NOTE 1 - SUMNARY OF SIGNIPICANT ACCOUNTING POLICIES (Continued)
Accounting Por Long-Term Obligations
Long-term obligations, general obligation or revenue bonds, used to
finance enterprise fund operations and payable from revenue of the
enterprise funds are recorded in the applicable fund. General
obligation bonds artd ocher forms of long-term obligations supported by
general revenue are ohltgations of the Ci[y as a whole and no[ its
individual constituent funds. Accordingly, such unma[ured obligations
of the Clty are accounted for in the General Long-Term Obligations
Account Group (see Note 4). The notes payable to the CS[y of Gulf
Breeze, Plorida are recorded in the General Long-Term Obligatlons
Account Group until the City determines which funds will benefit from
[he expenditures and repay the obligations. The City estimates
approximately 63Z of the proceeds will be used for street and drainage
projects, 37X for water and sewer improvements. The City has not
determined which funds will repay the obligations.
Compensated Absences
Accumulated unpaid vacation and sick pay are accrued when incurred in
proprietary funds. The amount of accumulated vacation and sick pay
recorded Sn the governmental funds is that amount, adjusted to current
salary costs, which is expected [o be liquidated with expendable
available financial resources. Only [he current portion Ss reflected
Sn [he funds. The remainder of the liability ie reported in the
Cenecal Long-Term Obligations Account Group. The guidelines of
Financial Accounting Standards Board Statement No. 43 were applied in
determining the liabillty for both governmental and proprietary funds.
Revenue Recognition
Utility revenues are recognized when received and adjua [ed to [he
accrual basis for financial report Sng. Restricted gran[ revenues,
which axe received but not expended are recorded as deferred revenues.
Grant revenues receivable are recorded when reimbursable expenditures
on those grants have been Sncurred but not reimbursed.
Property Taxes
The assessment of all properties and the collection of all property
taxes are made through [he Property Appraiser and Tax Collector of the
City of Jacksonville. General property taxes are recorded as received
in cash, which approximates taxes levied, less discounts, fot the
current fiscal year.
Taxes are levied on November 1 of each year. All [axes become
,:alinquent on April 1 of [he following year. Discounts are allowed
for early payment. On or prior to June 1, certificates bearing
interest at lBZ are sold for all uncollected real property taxes.
Unsold certlfica tes are held by the CSty of Jacksonville.
(Continued)
-13-
t
t10TES TO FINANCIAL STATElffHTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded)
In[erfund Transactions
During the course of normal operations, the City has various
transactions between Funds to cone cruet assets and comply with local
' ordinances and other legal restrictions. These transactions are
reflected as operating transfers (see Note 8).
Pension Plans
The Ci[y accounts for its pension plans under Financial Accounting
Standards Board Statement No. 35 "Accounting and Reporting by Defined
' Benefit Pension Plana". The pension plans cover substantially all of
[he City's full-time employees. The City records pension coats in Che
period salaries are earned. Pension expense includes normal cos[ plus
amortization of past service coat over 25 years (see Noce 6).
' Deferred Compensation Plan
This City reports its Internal Revenue Code Section 457 deferred
compensation plan as an agency fund in accordance with Governmental
Accounting Standards Board Statement No. 2 (see Note 7).
Contributed Capital
' Contributed capital in the proprietary fund types represent
contributions from other funds, developers, and federal, state and
local grant programs. Coo[ributions are used primarily for capital
' outlay projects and are recognized ae increases in equity in the
period they are earned or received.
' Reserve of Fund Balances and Retained Earnings
Reserves recorded in the governmental funds represent portions of fund
balance which cannot be appropriated for expenditures or which have
been segregated for specific Future uses. The amount included in
' "Other Reserves" in the General Fund represents the unexpended portion
of the Convention Development Tax revenues. The reserved fund balance
in the Special Revenue Fund le for payment of long-term deb[
' ($148,308) and for road and street expenditures ($446,729). The
rase rved fund balance in [he Capital Pzoj act Fund is reserved for
major eater, sever, streets and drainage projects.
' Reserves recorded in the enterprise funds are created by the exls[ence
of assets restricted for debt service, construction, renewals and
replacements. The "Other Reserves" of $227,263 are the State Revenue
' Generation Charges reserved for future sever plant expansion.
Total Columns on Combined StaCemente
' Total columns on the Combined Financial Statements are captioned
"Memorandum Only" to Indicate [hat they are presented only to
Facilitate financial analysis. Data in Chase columns do no[ present
f inanclal position, results of operations, or changes in financial
' position in conformity with generally accepted accounting principles.
Neither 1s such data comparable [o a consolidation. Interfund
ellminatlons have no[ been made in the aggregation of [hie data.
-14- (Continued)
NOTE 2 -
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Continued)
AND INVESTMENTS (Continued)
The City maintains a cash and investment pool that is designed for use
by all funds, except for [hose monies which are periodically
transferred [o [he pension custodian and the deferred compensation
plan administrators. In addition, investments are separately held and
individually accounted for by several of the City's funds where
contractual arrangements and bond covenants provide for and require
such arrangements. The deposits and investments of the pension trust
fund which have been transferred to the pension custodians are held
separately from those of other Ci[y funds and are required to be
administered by an investment advisor.
At September 30, 1989, the carrying amount of cash on hand and on
deposit with banks, including interest-bearing deposits vas ;143,316,
and the related bank balance was ;818,138. Monies which are placed on
deposit with financial Snstitutions in the form of demand deposit
accounts, time deposit accounts and certificates of deposit are
defined as public deposits. All of the City's public deposits are
held in qualified public depositories pursuant [o State of Florida
Statutes, Chapter 280, "Plorida Security for Public Deposits Act".
Under the Act, all qualified public depositories are required to
pledge eligible collateral having a market value equal to or greater
than the average daily or monthly balance of all public deposits,
times the depository's collateral pledging level. The pledging level
may range from SOS to 125X depending upon the depository's financial
condition and establishment period. All Collateral moat be deposited
with an approved financial institution. Any losses [o public
depositors are covered by applicable deposit insurance, sale of
securities pledged as collateral and, if necessary, assessments
against other qualified public depositories of the same type ae the
depository in default.
The City's investment practices are also governed by Chapter 280,
Florida Statutes, which allows the City to invest in certificaiea of
deposit, money market certificates, obligations of the U.S. Treasury,
its agencies and instrumentalities, repurchase and reverse repurchase
agreements collateralized by U.S. securities, and [he Slate Board of
Administration. The pension trust funds are also authorized to invest
in corporate bonds, preferred stocks, common stocks, and mutual funds.
Cash and investments a[ September 30, 1989, are categorized in
accordance with CASB S[atemen[ No. 3 to indicate the level of risk
assumed by the Clty. The cer[if icatee of deposits are considered to
be category one credit risk deposits, which means chat they are
insured or cola [e ralized with securities held by the City's agent in
[he City's name. The pension investments held by Sun Bank Trust
Department are considered to be category one credit risk investments,
which means [hat they are fully insured (;100,000 per participant).
-15-
(Continued)
1
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' NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE 2 - CASH AND INVESTNENTS (Concluded)
' The deposits and investments with state agencies and [he International
City Managers' Association (deferred compensation) are rtot classified
by credit risk since [hey axe held by independent agencies. There
were no violations of the legal or contractual provisions fox deposits
and investments.
' The total cash and investment balance of the
following items: City £s comprised of the
CASN
' Petty Cash on Nand S 400
Savings and Noney Narks[ Accounts 143,316
TOTAL CASH 143,716
CERTIFICATES OF DEPOSIT
Certificates of Depoaft Ni[h Local Banks:
180 Day Maturities or Leee 2,738,367
PENSION TRUST INVESTMENTS
Short-Term Treasury Portfolio L2,144
High Grade Bond Fund 1,523,040
Corporate Equity Fund 683,56!
TOTAL PENSION TRUST INVESTMENT 2,218,745
INVESTMENTS
Investments Pith ICMA 77,201
Invested Cash in Escrow and Cash Hith Ffaca l Agent 708,462
' Investment With State Board of Administrati on 7,070,049
TOTAL INVESTMENTS 7,855,712
TOTAL CASN AND INNEST!!0>NTS 12,956,540
' (RESTRICTED CASH AND INVESTMENTS) (2,825,002)
TOTAL UNRESTRICTED CASH AND INVESTMENTS ;10.131.538
' NOTE 3 - PROPERTY, PLANT AND EQUIPNPNT
A summary of changes In general fixed assets follows:
' BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
1988 ADDITIONB DISPOSALS 1989
Land ; 403.868 ; 0 S 0 ; 403,868
Buildings 1,050,294 28.829 0 1,079.123
Improvements Other
Than Buildings 441,318 100 0 441,418
Equipment 831,846 188,202 ( 69,858) 950,190
Construction in
Progress 0 6,130 0 6,130
' TOTAL PROPERTY,
PLANT AND
EQUIYP,ENT ;2.727.326 f 223.261 S( 69.858) S 2.880.729
(Continued)
' -16-
NOTES TO FINANCIAL STATElOiNTS
CITY OF' ATLANTIC BEACH, FLORIDA
(Continued)
NOTE 3 - PROPERTY, PLANT AND EQUIPMENT (Concluded)
A summary of fixed assets of [he Enterprise Funds a[ September 30, 1989, follows:
Land
Buildings
Improvements Other Than
Buildings
Improvements From Joint
Venture
Machinery and Equipment
(Accumulated (Depreciation)
Construction-in-Progress
BUCCANEER DISTRICT OAK HARBOR TOTAL
WATER SE17ER SANITATION WATER SEWER WATER SEWER ENTERPRISE
FUND FUND FUND FUND FUND FUND FUND FUNDS
; 65,557 ; 26,681 ; 117,799 ; 210,037
393,718 505,685 92,531 182,829 1,174,763
1,704,563 5.603,067 1,561,644 3,143,043 ; 127,414 ; 272,586 12,412,317
U 616,802
111,026 163,741 f 524,158
2,209,307 6,954,852 524,158
( 821,014) (1,335,291) (198,332;
1,388,293 5,619,561 325,826
500,498 25,082 0
51.888.791 f 5.644.643 f 325.826
0 0 0 0 616,802
43,422 33,409 0 1,940 877,696
1,724,278 3,477,080 127,414 274,526 15,291,615
( 164,239) (331,652) 0 0 ( 2,850,528)
1,560,039 3,145,428 127,414 274,526 12,441,087
0 0 5,775 63,786 595,141
fl_560.039 53.145.428 1 1 9 f 338 12 ; 13.0 6 22
NOTE 4 - LONG-TERM OBLIGATION
the following is a summary of the long-term obligations of the City of the year ended September 30, 1959:
GENERAL LONG-TERN OBLIGATIONS ENTERPRISE
GENERAL ACCRUED FUNDS
REVENUE OBLIGATION NOTEB INSTALLMENT COl~ENSATED REVENUE
BONDS BONDS PAYABLE NOTES ABSENCES BONDS TOTAL
OBLTGATIONS PAYABLE AT OCTOBER 1,
1988: ; 872,160 ; 217,000 ; 0 ; 0 ; 89,182 ; 3,859,094 ; 5,037,436
New Debt 3,560,000 409,625 14,598 900,000 4,884,223
Principal Retired (11'1,897) ( 25,000) 0 ( 13,480) 0 ( 205,394) ( 356,771)
OBLIGATIONS PAYABLE AT SEPTElOSER 30,
1989 f 759_263 ~ 192.000 ;J~60.000 } 396.145 £_ 103.780 f 4.5
00 ; 9.564.888
-17-
NOTES TO FINANCIAL STATEHIIiTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE 4 - LONG-TERN OBLIGATIONS (Continued)
' Bonds payable at September 30, 1989, are comprised of t he following
individual issues:
Genetal Obligation Bonds:
' 1971 Sever System Serial Bonds, Payable in Annual
Ivatallmenta of ;25,000 to ;40,000 Principal
Plus Semi-Annual Interest a[ S.75S Through 1995. ; 192,000
Revenue Bonds:
1985 Buccaneer District Pater and Sewer Serial
' Bands, Payable in Annual Installments of Principal
and Semi-Annual Installments of Interest at 9S
Through 2000. Total Payments are Approximately
;340,000 Annually. 2,363,700
' Slate Pollution Control Bonds, Series "Q", Payable
in Annual Installments of ;50,000 of Principal
' and Semi-Annual Installments of Interest a[ 8S
Through 2000. Total Payments are Approximately
;175,000 Annually. 1,290,000
1985 Florida Hunic ipal Loan Council Pooled Loan
Program Revenue Bonds Payable in Quarterly
Ivstallmenca of ;30,371 Plus Interest Through 1995.
Bearing Interest at a Variable Rate (Approximately
7.OZ at September 30, 1989) 759,263
1989 Oak Harbor and Sewer District Revenue Bonds,
Payable in Annual Installments of Principal and
' Semi-Annual Installments of Interest at 8S Through
2015. Total Payments are Approximately ;80,000
Annually. 900,000
' TOTAL BONDS PAYABLE ;5.504.963
' Notes Payable:
Notes payable at September 30, 1989, are comprised of the following:
' City of Gulf Breeze, Florida, Local Government Loan
Pool Program, Government Uni[ Note, Payable in
Annual Installments of Principal and Semi-Annual
Installments of Interest at a Floating Ra[e Increasing
From 6.SOI to 6.BSX Over tF.e Term of the Note.
Total Payments Are Approximately ;225,000 Annually.
' The No[e 16 Secured By The City's UCiliCy Service
Taxes and The Local Option Gae Taxes.
;1,400,000
' (Coot ivued)
-18-
NOTES TO FINANCIAL STATEMENTS
CLTY OF ATLANTIC BEACH, FLORIDA
(Continued)
NOTE 4 - LONG-TERM OBLIGATIONS (Continued)
Notes Payable: (Concluded)
City of Gulf Breeze, Florida, Local Government Loan
Pool Program, Government Unit No[e, Payable in
Mnual Installments of Principal and Semi-Mnual
Installments of Interest at a Floating Rate Increasing
From 7.402 to 7.703 Over The Term of The Note.
Total Payments Are Approximately {195,000 Mnually.
The Note is Secured By The City's Utility Service
Taxes. 52.160,000
Installment Note, General Electric Fleet Services, Inc.
Payable in Monthly Installments of 53,283 Including
Interest at 8.13. 99,453
Installment Note, General Electric Fleet Services, Inc.
Payable in N,on[hly Installments of ;6,199 Including
Interest at 8.13. 296,692
TOTAL NOTES PAYABLE 33.956.145
The annual requirements to amortize all debts outstanding at
September 30, 1989, are as follows:
YEAR GENERAL LONG-TERN OBLIGATIONS
ENDING ACCOUNT GROUP
9/30 PRINCIPAL INTEREST TOTAL
1990 ; 398,953 ; 337,867 E 736,820
1991 432,798 312,303 745,101
1992 447,192 282,137 729,329
1993 427,625 252,273 679,898
1994 451,987 222,611 674,598
Thereafter 2,748,853 1,936,698 4,685,551
TOTAL #4.907.408 $3.343.889 58.251.297
ENTERPRISE FUNDS
PRINCIPAL INTEREST TOTAL
3 70,000 ; 282,857 5 352,857
219,600 377,501 597,101
241,800 357,963 599,763
259,900 336,476 596,376
284,300 313,348 597,648
3,478,100 2,024,655 5,502,755
34.553.700 33.692.800 38.246.500
General obligation bonds (1971 series) of the Long-Term Obligations
Account Group represent bonds issued by the City for conetructlon,
improvements and exteneiona to the City's sewer system. These bonds
were issued ae general obligations of [he CS[y and, therefore, are not
obligations of the individual En [erprise (sever) Pund.
During 1985, the City obtained a State Bond Loan which 1s administered
by the State Board of Administration and secured by State Pollution
Control Bonds, Series "q", co support funding for improvement and
expansion of its sewer system. These bonds are payable from pledged
revenues derived from the opera[Sone of the sewer system. Under the
terms of the agreement, the City may later pledge additional legal and
available Lunde to repay the loan, ae 1[ deems appropriate.
e
1
1
-19- (Continued) '
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE 4 - LONG-TERM OBLIGATIONS (Concluded)
' During 1985. the City issued revenue bonds to acquire an additional
water and sever system. These bonds are payable from the net revenues
of [he Buccaneer District Hater and Sewer System and are not general
' obligations of [he City.
During 1986, the City elected [o participate in the Florida Municipal
' Loan Council Pooled Loan Program (Revenue Bonds, Series 1985). Under
this program the City is eligible to borrow up to ;1,070,510 to be
used to finance capital pro,j acts. Through September 30, 1989, the
City has borrowed 51,070,510 of which the entire amount is included as
an obligation of [he General Long-Term Obligations Account Croup.
The amortization schedule above includes interest on these obligations
at an assumed race of 7.OE, which approximates the actual rate at
' September 30, 1969 (the actual rate is variable).
During 1989, the Gity issued additional revenue bonds to acquire the
' Oak Harbor District Haler and Sever System. These bonds are payable
from the net revenues of this system and are not general obligations
of the City.
' Revenue bonds of the Enterprise Punde contain various terms and
covenants which require [he City to maintain adequate user rates and
to account for the deposit and diabursemen[ of revenues Sn accordance
' with established priorities. As of September 30, 1989, [he Ci[y was
substantially in compliance with all such covenants.
' Interest incurred during the year ended September 30, 1989 was
5172,820 in the Debc Service Fund and 5375,807 in the Enterprise
Funds. All the interest vas charged to expense during the year.
' NOTE 5 - PURCHASE OF OAK HARBOR SYSTEH
On Parch 1, 1989, the City purchased the eater distribution and saver
' callectlon systems from the Oak Itarbar Hater and Sewer District of
5900,000. The acquisition was financed with the proceeds from the Oak
Harbor bond issue. The purchase price was in excess of the Eair value
' of the fixed assets acquired. The City has allocated 5400,000 [o the
purchase price of the fixed assets and 5500,000 to the rights to
future revenues from this area. The Sn[angible asset is befog
amortized over flue years using the straight-line method.
' Amortiza[Son expense for 1989 was fb8, 333. The unamortized balance at
September 30, 1989 was ;441,667.
' NOTE 6 - EMPLOYEE BENEFITS
The CSty has three separate defined benefit single-employer pension
plans (General Employees', Police and PSref lghtere') which cover
' substantially all of its employees. The City accounts for the plane
as pension [rust funds.
' (Continued)
-20-
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACR, FLORIDA
(Continued)
NOTE 6 - E[7PLOYEE BENEFITS (Continued)
General Employees' Pension Plan
All City employees, except for police, firefighters and part-time
employees, are covered under [he General Employees' Pension Plan.
Current membership at September 30, 1989, is comprised of the
fallowing:
Retirees and eenef is caries Currently Receiving
Benefits IO
Vested Terminated Employees 3
Active Employees:
Fully-Vested 27
Nan-Vested 43
TOTAL
Employees attaining the age of 60 and completing five or more
continuous years of service, are entitled to a monthly benefit of
2.25X aF their average monthly earnings as defined in the plan for
each year of continuous service. Active employees who become disabled
receive benefits computed as regular ce[ixement benefits. If an
active employee dies, hie designated beneficiary receives payments
computed as regular ret ixement benefits.
If a member's employment is terminated before he becomes eligible for
any other benefits under this plan, he shall receive a refund of his
member contributions.
If a member terminates his employmenC either voluntarily or by lawful
discharge after the completion of at least five years of continuous
service, but before becoming eligible for retirement under this plan,
he shall be entitled to a deferred vested benefit. The deferred
vested benefit shall be based on monthly earnings and continuous
service as of the termination date.
The General Employees' Pension PLan was established pursuant [o City
Ordinance adopted in 1975 by the City Commission. The plan is also
governed by certain provisions of Chapter 112, Florida Sta[utea. The
plan is administered by the Board of Trustees.
Police and Firefighters' Retirement System
Current membership in the Police and Plrefightera' Retirement System
is comprised of the fallowing:
Retirees and Beneficiaries Currently Receiving
Benefits 4
Vested Terminated Employees 4
Active Employees:
Fully-Vested 1R
Non-Vested l2
TOTAL j~
(Continued)
-21-
1
1
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
NOTE 6 - EMPLOYEE BENEFITS (Continued)
' Police and Firefighters' Retirement System (Concluded)
Employees attaining the age of 60 and completing five or more
continuous years of service, are entitled to a monthly benefit at 2.4X
of their average monthly earnings as defied in the plan for each year
of continuous service. Active employees who become disabled receive
benefits computed as regular retirement benefits. If an acCive
employee dies, his/her designated beneficiary receives payments
computed as regular retirement benefits.
IF a member's employment is terminated before he/she becomes eligible
for any ocher benefits under this plan, he/she shall receive a refund
of his/her member contribution.
' If a member terminates his/her employment either voluntarily or by
lawful discharge after the completion of at least five years of
continuous service, but before becoming eligible for retirement under
' this plan, he/she shall be entitled to a deferred vested benefit. The
deferred vested benefit shall be based on monthly earnings and
continuous service as of the termination date.
' The Police and Firefighters' Pension Plan was established pursuant [o
City Ordinance adopted in 1975 by the Ci[y Commission. The plan is
also governed by certain provisions of Chapters 175 and 185, Florida
' Statutes. The plan is administered by the Board of Trustees.
Summary of Slgnif lcanC Accounting Policies and Plan Asset Matters
1
1
1
Investments and investment Income:
Investments for [he plans are SniCially recorded on [he trade date.
Investments are valued ac fair market value. Market values of
investments are valued a[ the last reported sales price on the last
business day of the year from published sources. Investment policies
are determined by the Board of Trustees and are implemented by
iaveatmen[ advisors. Earnings on investments represent realized gains
and losses and the effects of adjusting the investment portfolio to
Fair market value at fiscal year end.
Inveetmenca as of September 30, 1989, are ae follows:
Corporate Equity Pund
High Grade Bond Fund
Short-Term Treasury Portfolio
TOTAL
FAIR NAItKBT
COST VALOE
i 563,148 ; 683,561
1,520,000 1,523,040
12,144 12,144
~~095.292 ; 2.218.745
Related Party Traneactiona:
There are no related party transactions recorded for any of the place.
(Continued)
-22-
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Continued)
NOTE 6 - EMPLOYEE BENEFITS (Continued)
Summary of Significant Accounting Policies and Plan Asset Natters
(Continued)
Funding S[a tus and Progress:
The amount shown be low as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases,
estimated to be payable in [he future as a result of employee service
[o date. This measure is the ac [uarfal-determined present value using
the credited projected benefits method and is intended to (i) help
users assess the plan's funding status on s going-concern basis, (11)
assess progress being made in accumulating sufficient assets [o pay
benefits when due, and (iii) alloy for comparisons among public
employee retirement plans. The measure is independent of the
actuarial funding method used to determine contributions to the plan.
The pension benefit obligation vas determined as part of an actuarial
valuation of the plan as of September 30, 1988. Significant actuarial
assumptions used in determining the pension benefit obligation include
(a) a rate of return on the investment of present and future assets of
BI per year compounded annually, (b) projected salary increases of 6Z
per year compounded annually, attributable to Inflation, (c)
additional projected salary increases ranging from O.OS to 3.Oi per
year, depending on age, attributable to seniority/merit; and (d) the
assumption that benefits will not increase after retirement.
A[ September 30, 1988, [he unfunded pension benefit obligations are as
follows:
Pension Benefit Ubligation:
Retirees and Beneficiaries
Currently Receiving Benefits
Terminated Employees Not Yet
Receiving Benefits
Current Employees:
Accumulated Employee Contri-
butions, Inc lading Allocated
Investment Income
Employer Financed - Vested
Employer Financed - Nonveeted
To [al Pension Benefit Obligation
Net Aaseta Available Por Benefits
(At HarkeC)
Unfunded (Overfunded) Pensfon
Benefit Obligation
GENERAL POLICE FIRE
; 397,870 ; 143,642 ; 72,562
53,913 8,803 51,616
6,905 4,238 1,733
586,740 339,559 97,461
69,142 57,976 25,549
1,114,570 554,218 248,921
( 898,109) (666,160) (324,366)
1 f(111.942) f( 75.445)
During the year ended September 30, 1988, the plans experienced a net
change of ;214,473 in the pension benefit obligation. Of this change,
;13,035 vas attributable to changes in benefit obligations.
(Continued)
_23_
1
1
1
1
1
1
t
1
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACN, FLORIDA
(Continued)
NOTE 6 - EMPLOYEE BENEFITS (Concluded)
Summary of Significant Accounting Policies and Plan Assets Matters
(CO¢C laded)
Contributions Required and Contributions Made Por All Plana
The City s funding policy provides for periodic employer contributions
at actuarially-determined rates that, expressed as percentages of
annual covered payroll, are designed to accumulate sufficient asseCa
Co pay benefits vhen due. The normal cost and actuarial accrued
liability is determined using a¢ entry age actuarial funding method.
Unfunded actuarial accrued liabilities are being amortized as a level
percent of payroll over a period of 23 years.
During the year ended September 30, 1989, contributions totalling
;185,995 (;167,285 employer and 518,710 employee) were made in
accordance with contribution requirements determined by an actuarial
valuation of the plan as of September 30, 1987.
Significant actuarial assumptions used to compute contribution
requirements were the same ae [hose used to compute the standardized
measure of the pension benefit obligation.
Historical Trend Information - All Plans
Net Assets as a Percentage of
Pension Benefit Obligation
Unfunded Pension Benefit 06ligation
ae a Percentage of Annual Covered
Payroll
Contributions Expressed as a
Percentage of Annual Covered
Payroll:
General
Police
Fire
1985 1986 1987 1988
109.95 113.35 99.55 96.55
0.05 0.05 .65 1.75
9.315 9.535 9.175 9.245
11.615 14.395 9.155 8.365
11.855 15.065 7.715 7.845
Ten-year historical trend information, designed to provide information
' about [he City's progress made in accumulating sufficient assets to
pay benefits vhen due, Ss presented in the statistical section of this
report.
NOTE 7 - DEPERRED COMPENSATION PLAN
' The Ci[y offers its employees a deferred compensation plan created 1n
accordance with Internal Revenue Code Section 457. The plan,
available to all City employees, permits them to defer a portio¢ of
their salary until future years. The deferred compensation Se not
' available to employees until termination, retirement, death, or
unforeseeable emergencies.
-24-
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, PLORIDA
(Continued)
NOTE 7 - DEFERRED COMPENSATION PLAN (Concluded)
All amounts of compensation deferred under the plan, all property and
rights purchased with those amounts, and all income attributable to
those amounts, property, or rights are (until paid or made available
co 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 She CS[y'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 £or each participant.
It is [he opinion of the City's legal counsel that [he City has no
liability for losses under the plan but does have the duty of due care
that would be required of any ordinary prudent investor. The City
believes that it ie unlikely that it will use the assets to satisfy
the claims of general creditors in [he future.
NOTE 8 - INTERFUND TRANSACTIONS RECONCILIATION
A summary of interfund transfers during she fiscal year ended
September 30, 1984, is as follows:
TRANBPERS T0:
Transfers From:
General
Special
Revenue
Capital
Projects
Enterprise
TOTAL
TRUST
SPECIAL CAPITAL DEBT AND
GENERAL REVENUE PROJECTS SERVICE ENTERPRISE AGENCY TOTAL
;35.232 ;182,830 ; 0 ;2,140 5220,202
0 ; 68,469 0 0 0 68,469
0 0 102,714 0 0 102,714
;331,982 0 0 0 0 0 331,982
;331.98 35 2 2 6; 8.469 2 44 £__ 0 2 40 S72~i,_367
A summary of interfund receivable/payables at September 30, 1989, is
ae follows:
DUE TO•
SPECLAL CAPITAL
GENERAL REVENUE PROJECTS ENTERPRISE TOTAL
Due From:
General ; 0 ; 0 f 0
Special Revenue ; 8,002 0 0 8,002
Capital Proj acts 129,077 0 0 129,077
Enterprise 0 0 0 ; 51,111 51,111
TOTAL 5137.079 J~ ~ f 51.111 1 1
(Continued)
- 25-
1
~ . ~ . ~ ....... ~ r ~ ....
NOTES TO PINANCIAL STATEMENTS
CITY OP ATLANTIC BEACH, FLORIDA
(Continued)
NOTE 9 - SEGMENT INFORiIATION FOR ENTERPRISE FUNDS
The City has established separate Enterprise Funds [o account for eater, sever and sanitation services. Segment
information for [he City's Enterprise Funds for the year ended September 30. 1989, ie ae follova:
HATER
PUND
Operating Revenues S 316,023
Depreciation and
Amortization 80,285
Operating Income (Loss) ( 1,264)
Operating Grants C
Nan-Operating Income
(Expense) 106,599
Operating Transfers In (Out) ( 22,134)
Net Income (Loss) 83.201
Net Property, Plan[ and
Equipment 1,888,791
Intangible Assets 0
Ne[ Horking Capital 287,702
Property, Plan[ and
Equipment Additions 452,082
Contributions 177,998
Long-Term Debt U
Total Equity 2,176,493
Total Asaecs 2,487,515
BUCCANEER DISTRICT OAR HARBOR DISTRICT TOTAL
SEWER SANITATION WATER SEVER WATER SEVER ENTERPRISE
FUND FUND FUND PUND FUND PUND PUNDS
879,143 ; 623,912 ; 321,566 S 734,011 S 36,100 S 98,332 S 3.009,087
253,003 36,778 51 ,f129 100,748 18,58L 39,752 580,176
( 363,494) 159,241 144,423 397,937 1,802 43,292 381,937
196,354 0 0 0 0 0 196,354
448,710 731 ( 22,417) 11,815 ( 12,247) ( 28,296) 504,895
( 139,309) ( 105,785) ( 18,680) ( 34,064) ( 5,775) ( 6,235) ( 331,982)
( 54,093) 54,187 103,326 375,688 ( 16,220) 8,761 554,850
5,644,643 325,826 1,560,039 3,145,428 133,189 338,312 13,036,228
0 0 0 0 140,686 300,981 441,667
740,573 ( 15,075) 145,471 672,231 ( 4,409) ( 19,134) (,807,359
151,578 223,408 159,630 148,537 133,189 338,312 1,606,736
495,615 0 144,178 419,888 0 0 1,237.679
1,225,000 0 775,939 1,587,761 285,088 609,912 4,483,700
6,603,964 310,751 1,060,691 3,361,993 ( 16,220) 8,761 13,506.433
8,006,564 342,018 1,954,288 4,955,870 325,958 704,058 18,776.271
-26-
NOTES TO PINANCIAL STATEMENTS
CITY OF ATLANTIC BEACB, FLORIDA
(Concluded)
NOTE 10 - JOINT VENTURE
Irt 1985, pursuant to as interlocal agreement authorized by Section ,
163.01, Florida SCatu[es, the City joined with the City of
Jacksonville Beach, Florida, and the Ci[y of Neptune Beach, Florida Co
construct sad operate effluent outfall lines and disposal facilities, ,
togecher with all the lands, righC-of-ways, easements, and other
entitlements necessary for the construction and use thereof.
The construction of the outfall lines and disposal facilities were '
funded by the municipalities in the following proportions:
Atlantic Beach 33.065
Jacksonville Beach 55.78E
Neptune Beach 11.16E
TOTAL 100.00E ,
Each City has recorded its share of the project in its ovn financial
statements. The City recorded ire portion of the joint venture
(approximately ;290,000) in [he property accounts of the City's Sever ,
Fund. The City also records approximately ;325,000 of additional
property purchased with grant proceeds from the Florida Department of
Environmental Reguletlon since [he grant for [he outfall Linea was
awarded to [he City of Atlantic Beach. Therefore, the [o Cal cos[ of '
the joint venture on the C1ty'e books is approximately $615,000. The
project vas completed in 1986 and depreciation (using [he
straight-line method over 25 years) began in 1987. '
The City of Atlantic Beach provides all accounting and purchasing
services for the join[ venture. Reps lr and maintenance of the outfall '
lines and disposal of the facilities will be shared by the
participating municipalities in the percentages noted above. No
repair and maintenance expenses related to the join[ venture were
Sncurred in 1989. '
_27 '
' CDMBINING AND INDIVIDUAL FUND STATEMENTS
' AND SCHIDULES
Combining financial statements provide a more detailed view of the "General
Purpose Financial Statemenca" presented in the preceding subsection.
Individual statements and schedules, although no[ necessary are fair
presentation in conformity with generally accepted accounting principles, are
presented to provide greater detail and comparative financial information for
certain fund types.
GENERAL FOND
The Ceveral Fund is the general operating Eund of [he Ci[y. IC is used [o
' account for all financial resources, except those required to be accounted for
in another fund.
1
1
1
SCHEDOLE OF EXPENDITURES
BUDGET AND ACTUAL
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989,
KITH COHPARAI'IVE TOTALS FOR SEPTEMBER 30, 1988
CITY OF ATLANTIC BEACH, FLORIDA
1969 1988
VARIANCE
PAVORABLE
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
EXPENDITURES
General Govemmen[:
Legislatlve
Personal Services ; 24,615 ; 20,971 S 3,644 ; 21,728
Operating Expenses 4,250 2,722 L,528 2,531
Total Legislative 28,865 23.693 5,172 24,259
Executive
Personal Services 89,487 89,213 274 78,602
Operating Expenses 8,005 6,943 1,062 6,133
Capital Outlay 5,049 5,041 8 3,136
Total Executive 102,541 101,197 1,344 87,871
Pinance and Administration
Personal Services 152,441 150,357 2,084 104,787
Operating Expenses 16,125 15,508 617 10,130
Capital Outlay 8,400 8,379 21 3,052
Total Pinance and
Administration 17 b,9b6 174,244 2,722 117,969
Legal Counsel
Personal Services 604 595 9 1,069
Operating Expenses 86,800 86,753 47 92,797
Total Legal Counsel 87,404 87,348 56 93,866
Planning and Zonin¢
Personal Services 19,496 18,208 1,288 16,144
Operating Expenses 43,075 26,552 16,523 1,816
Capital Outlay 255 232 23 2,267
Total Planning and
Zoning 62,826 44,992 17,834 20,227
Code Enforcement
Operating Expenses 5,000 2,789 2,211 2,272
Capital Outlay 600 591 9 1,800
Total Code Enforcement 5,600 3,380 2,220 4,072
City Clerk
Personal Services 56,327 47,574 10,753 56,105
Operating Expenses 15,244 7,593 7,651 13,211
Capital Outlay 1,318 1,153 165 11,562
Total City Clerk 74,889 56,320 18,569 80,878
Other Genetal Government
Personal Services 16,543 15,077 1,466 2,757
Operating Expanses 182,984 161,281 21,703 140,379
Capital Outlay 65,954 65,747 207 43,499
Grants and Aids 500 0 500 0
Total Ocher General Government 265,981 242,105 23,876 186,635
Total General Government 805,072 733,279 71,793 615,777
(Continued)
-28-
SCHEDULE OF EXPENDITURES
BUDGET AND ACTUAL
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTElOIER 30, 1989,
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
CITY OF ATLANTIC BEACH, FLORIDA
(Concluded)
EXPENDITURES (Concluded)
Public Safely:
Lav Enforcement
Personal Services
Operating Expenses
Capital Outlay
Total Lav Enforcement
Fire Control
Personal Services
Operatiog Expenses
Capital Outlay
Total Fire Control
Protective IneDeLC ions
Personal Services
Operating Expenses
Capital Outlay
Total Protective
Inspections
Total Public Safety
1989 1988
VARIANCE
FAVORABLE
BllDGET ACTUAL (UNFAVORABLE) ACTUAL
876,854 $ 872,452
107,225 106,749
137,154 137,154
1,121,233 1,116,355
298,018 274,303
37,820 27,855
13.921 4,993
349,759 307,151
23,554 20,801
23,640 21,261
255 232
47,449 42,294
1,518,441 1,465,800
5 4,402
476
0
4,878
23,715
9,965
8,928
42,608
2,753
2,379
23
5,155
52,641
TransDDZ8t1on:
Roads and Streets
Personal Services
Operating Expenses
Capital Outlay
Total Transportation
229,448 218,582
193,880 187,636
48,350 48,159
471,678 454,377
10,86b
6,244
191
17,301
Culture/Recreation:
Parka and Recreation
Personal Services
Operating Expenses
Capital Outlay
Total Culture/Recreation
54,507 52,973
53,101 51,777
14,390 14,363
121,998 119,113
1,534
1,324
27
2,885
Internal Services:
Personal Services
Operating Expenses
Capital Outlay
Total Internal Services
TOTAL EXPENDITURES
47,795 47,358
2,480 2,422
795 795
51,070 50,575
52.968.259 32.823.144
-29-
437
58
0
495
3 145.115
b 768,372
110,732
26,625
905,729
302,242
29,128
7,096
338,466
36,617
5,697
1,471
43,785
1,287,980
242,308
138,778
20,353
401,439
45,183
44,583
14,022
103,788
40,528
365
0
40,893
b2.449.877
1
1
1
1
SPECIAL. REVENUE FUNDS
Special Revenue Punds are used to account for the proceeds of specific revenue
sources (other than special asseesmente or major capital projects) that are
legally restricted to expenditures for specified purposes.
COMBINING BALANCE SHEET ,
SPECIAL REVENUE FUNDS
SEPTEMBER 30, 1989,
KITH COF~ARATIVE TOTALS FOR SEPTElIDER 30, 1988
CITY OF ATLANTIC BEACfI, FLORIDA
ASSET
S
Cash and Investments
Due From Other Governments ,
TOTAL ASSETS '
LIABILITIES AND PUND BALANCES
LIABILITIE
S
Accounts Payable
Due to Other Funds '
Deferred Revenues
TOTAL LIABILITIES '
FUND BALANCES
Reserved for Debt Service
Reserved for Roads and Streec Expenditures ,
TOTAL FUND BALANCES
'
TOTAL LIABILITIES AND FUND BALANCES
-30. ,
1
1
LOCAL OPTION
GAS TAX
1989 1988
E562,337 3286,700
32,700 27,258
_595.037 1 958
RECREATION HISCELLANE005
GRANT GRANTS
1989 1988 1989 1988
5130,352 S O S O j 0
0 0 8,002 9,302
130.352 0 8.002 9.302
TOTALS
1989 1968
1692,689 E286,700
40,702 36,560
733.391 2 0
0 0 0 0 0 884 0 884
0
0 0 0 0 8,002 8,418 8,002 8,418
0 130,352 0 0 0 130,352 0
0 0 130,352 0 8
002 9
302 1
, , 38,354 9,302
148,308 0 0 0 0 0 148,308 0
446,729 313,958 0 0 0 0 446,729 313,958
595,037 313,958 0 0 0 0 595,037 313,958
i 595.037 £3~1 .2~@ 1 0 3 2 ~ 0 f 8.002 ;_ 9.302 5733.391 5323.260
-30-
REVENUES
Intergovernmental Revenue;
Slate Shared Revenues
Slate Grants
City of .Tacksonville Gran[
Interesc Income
TOTAL REVENUES
EXPE[~TIITURES
General Governmenc
Physical Environment
Culture and Recrea[ion
(TOTAL EXPENDITURES)
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPEttDISURES
OTHER FINANCING SOURCES (USES)
Operating Transfers In
(Operating Transfers Out)
TOTAL OTHER FINANCING SOURCES (USES)
EXCESS (DEFICIENCY) OP REVENUES AND OTHER FINANCING SOURCEE
OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
-3l-
r
t
1
1
1
1
LOCAL OPTION RECREATION MISCELLANEOUS
GAS TAX GRANT GRANTS TOTALS
1989 1988 1989 1988 1989 1988 1989 1988
;344,828 ;353,017 ; 0 ; 0 ; 0 i 0 ;344,828 5353,017
0 0 0 0 49,341 21,481 49,341 21,481
0 0 24,648 0 0 0 24,648 0
4,720 0 4,181 0 0 0 8,901 0
349,548 353,017 28,829 0 49,341 21,481 427,718 374,498
0 0 0 0 2,362 32,365 2,362 32,365
0 0 0 0 82,211 0 82,211 0
0 0 28,829 0 0 0 28,829 0
0 0 (28,829) 0 (84,573) (32,365) (113,402) (32,365)
349,548 753,017 0 0 (35,232) (10,884) 314,316 342,133
0 0 0 0 35,232 L0,884 35,232 10,884
(68,469) (261,451) 0 0 0 0 (68,469) (261,451)
(68,469) (261,451) 0 0 35,232 10,884 33,237) (250,567)
281,079 91,566 0 0 0 0 281,079 91,566
313,958 222,392 0 0 0 0 313,958 222,392
5595.037 5313.958 S 0 ~~ ;; it ~4 5595.0 I. 5313.95$
-31-
EtrrEgpelse FUND
Enterprise Funds are used [o account for operations that are financed and
operated in a manner similar to private business enterprises, where the intent
is that the coats (expenses, including depreciation) of providing goods or
services to [he general public, on a continuing basis, be financed oz recovered
primarily through user charges.
COMBINING BALANCE SNEET
ENTERPRISE FUNDS
SEPTElIDER 30, 1989.
WITH CON3ARATIVE TOTALS FOR SEPTEPIDER 30, 1988
CITY OF ATLANTIC BEACN, FLORIDA
ASSETS
Cash and Investments
Accounts Receivable
Inventor tea
Due From Other Funds
Due Prom Other Governments
Other Current Assets
Restricted Assets:
Cash and Investments
Cash in Escrow and Ni[h Fiscal Agents
Conatructioa in Progress
Property, Plant and EquipmenC - Net
Intangible Asset - Right to Future
Revenues - Net
TOTAL ASSETS
LIABILITIES AND PUND EQUITY
LIABILITIES
Current Liabilities (Payable Fzom
Current Assets):
Accounts Payable and Accrued Liabilities
Due to Other Funds
Current Portion of Revenue Honda Payable
Customer Deposits
Current Liabilities (Payable From
Restricted Assets):
Revenue Bonds Payable
Interest Payable
Revenue Bonds Payable - Long-Term Portion
TOTAL LIABILITIES
FUND EQUITY
Contrlbu[ed Capital
Retained Earnings:
Reserved For Renewals and Rep lacementa
Reserved For Debt Service
O[het Reserves
Unreserved
TOTAL FUND EQUITY
TOTAL LIABILITIES AND PUh9 EQUITY
-32-
WATER FUND
1989 1988
§ 523,630 ; 451,197
43,821 44,670
30,884 38,778
0 0
0 0
389 670
0 49,971
0 0
500,498 93,419
1,388,293 1,423,575
r
0 0
2.487.515 2.102.280
143,818 26,773
0 0
0 3,368
167,204 138,220
0 0
0 0
0 18,625
311,022 186,986
1,016,351 876,386
0 49,672
0 0
0 0
1,160,142 989,236
2,176,493 1,915,294
2.467.515 52.102.280
e
r
1
1
1
SEWER FUND
1989 1988
S 697,157 f 858,395
54,605 53,487
0 0
1,219 0
64,705 0
9,364 9,364
1,134,423 759,656
400,448 186,073
25,082 0
5,619,561 5,746,068
0 0
8.006.564 7.613.0
BUCCANEER DISTRICT
WATER FUND SEWER FUND
1989 1988 1989 1988
E 215,578 § 145,318 S 628,341 S 300,271
34,284 29,066 43,771 46,778
7,492 2,377 0 3,116
5,775 0 6,235 0
0 0 0 0
0 0 0 0
131,120 103,238 1,132,095 798,993
0 0 0 0
0 105,223 0 47,820
1,560,039 1,346,215 3,145,428 3,049,819
0 0 0 0
1.954.288 1.731.437 4.955.870 4.246.797
86,477 73,263 6,444 14,023 6,116 9,728
0 0 1,219 0 0 0
0 0 0 0 0 0
0 0 109.995 87,779 0 0
65,000 60,000 0 0 0 0
26,123 27,338 0 0 0 0
1,225.000 1,290,000 775,939 816,448 1,587,761 1,670,652
1,402,600 1,450,601 893,597 918,250 1,593,877 1,680,380
3,237,200 2,847,736 546,489 413,624 1,323,826 930,169
907,161 431,152 131,120 103,238 1,132,095 798,993
309,324 295,214 0 0 0 0
227,263 132,025 0 0 0 0
1,923,016 2,456,315 383,082 296,325 906,072 837,255
6,603,964 6,162,442 1,060,691 813.187 3,361,993 2,566,417
38.006.564 57.613.043 f1.954.288 f1.731.437 34.955.870 f4.246.797
' (Continued)
-32-
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
SEPTEMBER 30, 1989,
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
CITY OF ATLANTIC BEACH, FLORIDA
(Concluded)
OAK HARBOR
assETs
Cash and Investments
Accounts Receivable
Inventories
Due Prom Other Punde
Due From Other Governments
Other Current Assets
Restricted Assets:
Cash and Investments
Invested Cash With Fiscal Agents
Construction in Progress
Property, Plant and Equipment - Net
Intangible Asset - Right to Future
Revenues - Ne[
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES
Current Liabilities (Payable From
Current Asaete):
Accounts Payable and Accrued Liabilities
Due to Other Funds
Current Portion of Revenue Bonds Payable
Customer Deposits
Current Liabilities (Payable From
Restricted Assets):
Revenue Bonds Payable
Interest Payable
Revenue Bonds Payable - Long-Term Portion
TOTAL LIABILITIES
FUND EQUITY
Contributed Capital
Retained Earnings:
Reserved For Renewals and Replacements
Reserved For Debt Service
Other Reserves
Unreserved
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
-33-
WATER FUND
1989 1988
$ 40,483 ; 0
2,987 0
0 0
0 0
0 0
0 0
8,613 0
0 0
5,775 0
127,414 0
140,686 0
325.958 0
1,162 0
43,657 0
0 0
3,060 0
1,593 0
7,618 0
285,088 0
342,178 0
0 0
0 0
8,613 0
0 0
( 24,833) 0
( 16,220) 0
S 325.958
1
1
e
DISTRICT
SEWER FUND SANITATION FUND TOTALS
1989 1988 1989 1988 1989 1988
S 3,516 S 0 ; 11,750E 170,189 E 2,120,455 S 1,925,370
5,064 0 4,442 5,065 188,974 179,066
0 0 0 0 36,376 44,271
37,882 0 0 0 51,111 0
0 0 0 0 64,705 0
0 0 0 0 9,753 10,034
16,303 0 0 0 2,424,554 1,711,858
0 0 0 0 400,448 186,073
63,786 0 0 0 595,141 246,462
274,526 0 325,826 168,605 12,441,087 11,734,282
300,981 0 0 0 441,667 0
704.058 0 342.018 343.859 18.776.271 16.037.4(6
59,361 0 31,267 87,295 334,645 211,082
6,235 0 0 0 51,111 0
0 0 0 0 0 3,368
0 0 0 0 280,259 225,999
3,407 0 0 0 70,000 60,000
16,382 0 0 0 50,123 27,338
609,912 0 0 0 4,483,700 3,795,725
695,297 0 31,267 87,295 5,269,838 4,323,512
0 0 0 0 6,123,866 5,067,915
0 0 0 0 2,170,376 1,383,055
18,303 0 0 0 336,240 295,214
0 0 0 0 227,263 132,025
( 9,542) 0 310,751 256,564 4,648,688 4,835,695
8,761 0 310,751 256.564 13.506,433 11,713.904
$ 704.058 S 0 E 342.018 5343.859 f 18.776.271
-33-
OPERATING REVENUES
Customer Charges
Other Income
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Personal Services
Contractual Services
Supplies
Repairs and Maintenance
Heat, Light and Pover
Depreciation
Amortization
Other Expenses
(TOTAL OPERATING EXPENSES)
OPERATING INCOME (LOSS)
NONOPERATING INCOME (EXPENSE)
Sewer Rehabilitation Grant
Connection Charges
Sever Generation Charge
Interest Income
(Interest Expense)
(Lose) on Asset Disposals
TOTAL NONOPERATING INCOME (EXPENSE)
NET INCOME (LOSS) BEFORE OPERATING TRANSFERS
OTHER FINANCING SOURCES (IISES)
Operating Transfers In (Out)
NET INCOME (LOSS)
DEPRECIATION ON FIXED ASSETS ACQUIRED BY
SHARED REVENUES EXTERNALLY RESTRICTED FOR
CAPITAL ACQUISITIONS
INCREASE (DECREASE) IN RETAINED EARNINGS
RETAINED EARNINGS, BEGINNING OF YEAR
RETAINED EARNINGS, END OF YEAR
-34-
WATER FUND
1989 1988
S 300,894 E 293,545
15.129 19.644
316,023 313,189
125,146 122,074
5.200 10,340
32,301 56.124
12,943 11,351
29,184 32,095
80,285 76,627
0 0
32,228 19,618
( 317,287) ( 328,229)
( 1,264) ( 15,040)
0 0
41,945 53,313
0 0
66,087 36,399
( 1,433) ( 1,391)
0 0
106,599 88,321
105,335 73,281
( 22,134) ( 19,256)
83,201 54,025
38,033 35,970
121,234 89,995
1,038,908 948,913
51.160.142 51.038.908
1
1
1
1
BUCCANEER DISTRICT
SEVER FUND WATER FUND SEWER FUND
1989 1988 1989 1968 1989 1988
S 860,885 ; 843,494 ; 298,592 ; 237,438 ; 704,816 ; 613,117
18,258 6,732 22,974 29,882 29,195 6,431
879,143 850,226 321,566 267,320 734,011 619,548
L67, 605 193,619 58,685 37.670 63,328 40,820
113,402 94,148 20,054 54,403 77,215 69,160
52,402 74,639 20,609 32,154 14,446 20,468
508,032 177,890 6,658 3.424 19,059 8,329
114,833 118,093 6,113 7,203 43,354 41,321
253,003 194,246 51,029 44.440 100,748 97,823
0 0 0 0 0 0
33,360 32,731 13,995 4.578 17,924 8,364
(1,242,637) ( 885,366) ( 177,143) ( 183.872) ( 336,074) ( 286,285)
( 363,494) ( 35,140) 144,423 83.448 397,937 333,263
196,354 0 0 0 0 0
99,377 135,630 21,939 31,651 30,600 163,821
95,238 92,634 0 0 0 0
165,876 139,591 29.124 23.103 131,574 80,364
( 108,135) ( 112,650) ( 73,480) ( 76,834) ( 150,359) ( 157,220)
0 0 0 0 0 0
448,730 255,205 ( 22,417) ( 22,080) 11,815 86,965
85,216 220,065 122,006 61,368 409,752 420,228
( 139,309) ( 145,842) ( 18,680) 7.085 ( 34,064) ( 82,768)
( 54,093) 74,223 103,326 68,453 375,688 777,460
106,151 86,958 11,313 10.448 26,231 23,758
52,058 161,181 1i4,639 78.901 401,919 361,218
3,314,706 3,153,525 399,563 320,662 1,636,248 1,275.030
f 3.366.764 )3.314.796 ~ 4 ; 399.563 f2.036. 167 8.636.248
(Continued)
-34-
OPERATING REVENUES
Cuatomex Charges
Other Income
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Personal Services
Contractual Services
Supplies
Repairs and Maintenance
Heat, Light and Paver
Depreciation
Amortization
Other Expenses
(TOTAL OPERATING EXPENSES)
OPERATING INCOME (LOSS)
NONOPERATING INCOME (EXPENSE)
Sever Rehabilitacion Gran[
Connection Charges
Sever Generation Charge
Interest Income
(Interest Expense)
(LO66) on Asset Disposals
TOTAL NONOPERATING INCOME (EXPENSE)
NET INCOME (LOSS) BEFORE OPERATING TRANSPERS
OTNER FINANCING SOURCES (USES)
Operating Transfers In (Out)
NET INCOME (LOSS)
DEPRECIATION ON FIXED ASSETS ACQUIRED BY
SHARED REVENUES EXTERNALLY RESTRICTED FOP.
CAPITAL ACQUISITIONS
INCREASE (DECREASE) IN RETAINED EARNINGS
RETAINED EARNINGS, BEGINNING OP YEAR
RETAINED EARNINGS, END OP YEAR
-35-
OAE HARBOR
1989 1968
; 1b,693 ; D
19.407 0
36.100 0
0 0
8,874 0
2,961 0
1,772 0
1,605 0
0 0
18.561 0
505 0
( 34,298) 0
1,802 0
0 0
0 0
0 0
1,259 0
( 13.506) 0
0 0
( 12.247) 0
( 10,445) 0
( 5,775) 0
( 16.220) 0
0 0
( 16,220) 0
0 0
S( 16.220) S 0
1
DISTRICT
SEVER FUND SANITATION FUND TOTALS
1989 1988 1989 1986 1989 1988
5 60,450 ; O f 617,461 f 442,923 f 2,859,791 E 2,430,517
37,882 0 6,451 0 149,296 62,689
98,332 0 623,912 442,923 3,009.087 2,493,206
0 0 306,211 283,460 720,975 677,643
7,382 0 38,528 20,825 270,655 248,876
2,288 0 23,695 27,358 148,702 210,743
2,374 0 26,854 19,314 577,692 220,308
2,661 0 0 0 197,750 198,712
0 0 36,778 30,515 521,843 443,651
39,752 0 0 0 58,333 0
583 0 32,605 5.796 131,200 71,087
( 55,040) 0 ( 464,671) (387,268) (2,627,150) (2,071,020)
43,292 0 159,241 55.655 381,937 422,186
0 0 0 0 196,354 0
0 0 0 0 193,861 384,415
0 0 0 0 95,238 92,634
598 0 5,140 15,014 399.656 294,471
( 26,894) 0 0 0 ( 375,807) ( 348,095)
0 0 ( 4,409) 0 ( 4,409) 0
( 28,296) 0 731 L5, 014 504,895 423,425
14,996 0 159,972 70,669 886,832 845,611
( 6,235) 0 ( 105,785) ( 68,790) ( 331,982) ( 309.571)
8,761 0 54,187 1,879 554,850 536,040
0 0 0 0 181,728 157,134
8,761 0 54,187 1,879 736,578 693.174
0 0 256,564 254,685 6,645,989 5,952,815
~_ 8.761 f O S 310.751 S 256.564 S 7.382.567 S 6.645.989
-35-
COMBINING BTATELMENT OF CHANGEB IN FINANCIAL POSITION '
ENTERPRISE FUNDS
SEPTEMBER 30, 1989,
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 ,
CITY OF ATLANTIC BEACH, PLORIDA
WATER FUND '
1989 1988
SOURCE OF WORKING CAPITAL
Net Income (Loss)
§ 83,201
§ 54,025 '
Expense Not Requiring Outlay of Working Capital:
Depreciation 80,285 76,627
Amortization 0 0
Total Working Capital Provided By Operations 163,486 130,652
Property, Plant and Equipment Disposals 0 0
Increase in Contrlbuted Capital 177,998 61,910
Decrease 1n Restricted Assets
49,971
74,587 ,
Nev Oebt 0 0
Increase in Current Liabilities Payable
From Res[ric ted Assets 0 0
TOTAL SOURCE OF WORKING CAPITAL 391,455 267,149
USE OF WORKING CAPITAL
Acquisition of Property, Plant and Equipment 452,082 191,256
Acquisition of Righ[e to Future Revenues 0 0
Increase in Re stric [ed Assets
0
0 ,
Fieduccion of Bonds Payable 18,625 3,390
Decrease in Interest Payable
From Restricted Assets
0
0 ,
(TOTAL USE OF WORKING CAPITAL) ( 470,707) ( 194,646)
IN WORKING CAPITAL (BELOW)
INCREASE
DECREASE ( 79
252) 72
503 ,
(
) . .
CHANGES IN WORKING CAPITAL BY COMPONENT ,
Current Assets - Increase (Decrease):
Cash and Investments 72,433 113,870
Accounts Receivable ( 849) ( 2,102)
Inventory ( 7,894) ( 7,690)
Due From Ocher Punds 0 0
Due From Other Governments 0 0
Other Current Assets
( 281)
0 ,
Current Liabilities - (Increase) Decrease:
Accounts Payable and Accrued Liabilities ( 117,045) ( 9,818)
Due to Ocher Funds
0
0 '
Customer Deposits ( 28,984) ( 21,989)
Current Fortson Revenue Bond Payable 3,368 232
INCREASE (UECREASE) IN WORKING CAPITAL (ABOVE) ¢( 79.252) f 72.503 t
1
-36- ,
e
1
BUCCANEER DISTRICT
SEWER FUND WATER FI1ND SEWER FUND
1989 1988 1989 1988 1989 1988
;< 54,093) ; 74,223 ; 703,326 ; 68,453 ; 375,688 ; 337,460
253,003 194,246 SL,029 44,440 100,748 97,823
D 0 D D 0 0
198,910 268,469 154,355 112,893 476,436 435,283
0 0 0 0 0 0
495,615 $8,255 144,178 32,894 419,888 80,454
0 181,689 0 62,591 0 0
0 0 0 0 0 0
0 0 0 0 0 p
694,525 538,413 298,533 228,378 896,324 515,737
151,578 356,028 159,630 L79,268 148,537 92,212
0 0 0 0 0 0
589,142 0 27,882 0 333,102 154,321
60.000 60,000 40,509 37,259 82,891 76,241
1,215 211,253 0 0 0 0
( 801,935) ( 627,281) 228,021) ( 216,527) 564,530) ( 322,774)
_( 107.410)
( 161,238)
1,118
0
1,219
64,705
0
( 13,214)
0
0
0
S( 107.410)
( 88.868) 70.512 11.851 331.794 192.963
( 65.251) 70,260 49,106
( 8,547) 5,218 ( 11)
0 5,115 0
0 5,775 0
0 0 0
0 0 2,377
( 15,070) 7,579 ( 4,261)
0 ( 1,219) 0
0 ( 22,21fi) ( 35,360)
0 0 0
;( 88.868) j___JQ~S ; 11.851
328,070
( 3,007)
( 3,116)
6,235
0
0
3,612
0
0
0
;S"--- '1'' -~-~-
166,383
7,075
0
0
0
3,116
16,389
0
0
0
-36-
13 9?-963
(Continued)
CONBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
ENTERPRISE FUNDS
SEPTEN,BER 30, 1989.
WITH CONPARATIVE TOTALS FOR SEPTEMEER 30, 1988
CITY OF ATLANTIC BEACH, FLORIDA
(Concluded)
SOURCE OF WORKING CAPITAL
Net Income (Loss)
Expense No[ Requiring Outlay of Working Capital:
Depreciation
Amortization
Total Working Capital Provided By Operatiwne
Property, Plant and Equipment Disposals
Increase in Contribuced Capital
Decrease in Restricted Asaeta
New Debt
Increase in Curren[ Liabilities Payable
From Restricted Assets
TOTAL SOURCE OF WORKING CAPITAL
USE OF WORKING CAPITAL
Acquisition of Property, Plant and Equipment
Acquisition of Rights Co Future Revenues
Increase in Restricted Aaseta
Reduction of Bonds Payable
Decrease in Interest Payable
From Restricted Assets
(TOTAL USE OF WORKING CAPITAL)
INCREASE (DECREASE) IN WORKING CAPITAL (BELOW)
CHANGES IN WORKING CAPITAL BY COMPONENT
Current Assets - Increase (Decrease):
Cash and Investments
Accounts Receivable
Inventory
Due Prom Other Funds
Due From Other Governments
Other Current Assets
Current Liabilities - (Increase) Decrease:
Accounts Payable and Acczued Liabilit iea
Due to Other Funds
Customer Deposits
Current PorCion Revenue Bond Payable
INCREASE (DECREASE) IN WORKING CAPITAL (ABOVE)
-37-
OAK HARBOR
WATER FUND
1989 1988
;( 16,220) ; 0
0 0
18,581 0
2,361 0
0 0
0 0
0 0
285,088 0
9.211 0
296,660 0
1
1
1
133,189 0
159,267 0 '
8,613 0
0 0
0 0
( 30L,069) 0
( 4.409) 0
40,483 0
2,987 0
0 0
0 0
0 0
0 0
( 1,162) 0
( 43,657) 0
( 3,060) 0
0
f( 4.409) f 0
0
1
DISTRICT
SEf7ER FUND SANITATION FUND TOTALS
1989 1988 1989 1988 1989 1988
' ; 8,761 ; 0 ; 54,187 ; 1,879 S 554,850 S 536,040
0
39,752 0
0 36,778
0 30,515
0 521,843
58,333 443,651
0
48,513 0 90,965 32,394 1,135,026 979,691
0 0 29,409 0 29,409 0
0 0 0 0 1,237,679 263,513
0 0 0 0 49,971 338,867
609,912 0 0 0 895,000 0
' 19,789 0 0 0 29,000 0
678,214 0 120,374 32,394 3,376,085 1,582,071
338,312 0 223,408 70,190 1,606,736 888,954
340,733 0 0 0 500,000 0
' 18,303 0 0 0 977,042 154,321
0 0 0 0 202,025 176,890
' 0 0 0 0 1,215 211,253
( 697,348) 0 ( 223,408) ( 70,190) (3,287,018) (1,431,418)
' ( 19
134) 0 ( 103
034
(
. .
)
37.796) 89.067 150.653
' 3,516
5,064 0
0 ( 158,439)
( 623) 22,532
1,450 195,085
9,908 286,640
( 2,135)
0 0 0 0 ( 5,895) ( 7,690)
37,882 0 0 0 51,111 0
0 0 0 0 64,705 0
0 0 0 0 ( 281) 5,493
' ( 59,361)
( 6,235) 0
0 56,028 (
0 61,778)
0 ( 123,563)
( 51,111) ( 74,536)
0
0 0 0 0 ( 54,260) ( 54,349)
0 0 0 0 3,368 232
;( 19.134) S 0 t( 103.034) S( 37.796) S 89.067 S 150.653
-37-
FIDUCIARY FUNDS
' Piduclary funds are used to account fot assets held by the City in a trustee
' capacity or as an agent for individuals, private organizations, other
governments, and/or other funds.
1
1
CONBINING BALANCE SNEET
PIDUCL9RY FUND TYPES
ALL FIDUCIARY FUNDS
SEPTEMBER 30, 1989,
WITH COlSARATIVE TOTALS FOR SEPTEMBER 30, 1988
CITY OF ATLANTIC BEACH, FLORIDA
PENSION TRUST
1989 1988
ASSETS
Caah and Investments $2,240,044 $1,840,898
Accounts Receivable 0 0
Due From Other Governments 53,179 47,738
TOTAL ASSETS 2.293.223 1.888.636
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable 0 0
Deferred Compensation 0 0
TOTAL LIABILITIES 0 0
FUND BALANCES
Reserved Por Police Training and
Investigations 0 0
Reserved For Retirement 2,293,223 1,888,636
TOTAL fl1ND BALANCES 2,293,223 1,888,636
TOTAL LIABILITIES AND FUND BALANCES 52.293.223 51.888.636
-38-
Cl
1
1
1
1
1
EXPENDABLE TRUST
1989 1988
S 2,117 5 5,584
0 30
0 0
2.117 5.614
450 0
0 0
450 0
1,667 5,614
0 0
1,667 5,614
2 11 14
AGENCY - LCNA
1989 1988
S 77,201 ; 66,719
0 0
0 0
721 6 71
0 p
77,201 66,719
77,201 66,719
0 p
0 p
0 0
7 1 f 66.719
-38-
TOTALS
1969 1988
52,319,362 $1,913,201
0 30
53,179 47,738
2.372.541 1.960.969
450 0
77,201 66,719
77,651 66,719
1,667 5,614
2,293,223 1,888,636
2,294,890 L,894, 250
2 2 ~1 ,-g~
STATISTICAL SECTION
Statistical schedules differ from financial atateme¢ta because they usually
cover more than one fiscal year and may present nonaccounting data.
1
PENSION REVENUES BY SOURCE AND EXPENSES BY TYPE
LAST TEN FISCAL YEARS
CITY OF ATLANTIC BEACH, FLORIDA
1989
AMOUNT PERCENT 1988 1987 1966
PENSION REVENUES
Contributions:
Hember ; 18,710 3.85 ; 12,327 ; 4,205
City 114,106 23.5 126,740 76,884 ; 79.518
State - Police 38,576 7.9 35,140 32,614 25,246
State - Firefighters 14,603 3.0 L2,598 10,397 9,417
Investment Interest and
Dividends 11,863 2.4 8,197 104,619 114,340
Cain or (Loss) 288,127 59.4 60,617 0 0
Correction 0 0 0 0 0
TOTAL REVENUES 4 5 8 1005 5225.619 f228.719 22 1
PENSION EXPENDITURES
Benefits Paid ; 63,538 1005 ; 62,840 ; 53,796 ; 50,792
Administrative Expenses 0 0 0 0 0
TOTAL EXPENDITURES f 83.538 1005 6S 2.840 S 50.792
-39-
1985 1984 1983 1982 1981
1980
S 81,338
21.217 # 74,696
18
631 $ 63,939
1 ; 91,086 5101,123
S 69,539
8,204 ,
16,856 5,123
5,246 12,102
4
670 10,537 10,735
, 4,188 3,876
119,272
(34,526) 103,048
0 91,719 89,997 66,431 46,184
0
0 0
0 0
0 0 0
0 3,786
1 50 21 22 17 027 1 7
E 79
182 2 1 4
3 3 .120
49,368
0 S 40,341 S 30,894 S 14,980 S 10,079 ; 9
330
0 0 2,040 0 ,
0
4 8 40 41 0 4 17 0 1 0 L2.7~
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COMPUTED PENSION CONTRIBUTION COMPARATIVE SCHEDULE '
LAST TEN FISCAL YEARS
CITY OF ATLANTIC BEACd, FLORIDA
CONTRIBUTION RATES
FISCAL YEAR VALUATION pS PERCENTS OF DOLLAR CONTRIBUTION
ENDING DATE VALUATION PAYROLL VALUATION FOR FISCAL YEAR
SEPTEMBER 30 SEPTEMBER 30 GENERAL POLICE FIRE PAYROLL COMPUTED ACTUAL
1981 1979 13.19 14.71 16.03 ; 718,363 ; 99,732 ;115.848 ,
1982 1980* 14.03 15.07 16.65 691,693 107,858 107,858
1983 1981* 9.91 12.31 13.34 696,719 83,765 84,308
1984
1982
9.36 12.38
13.23
781,763
91,451
110r 175 ,
1985 1983 9.31 11.61 11.85 892,194 100,690 110x759
1986 1984 9.53 14.39 15.06 930,007 119,857 114x181
1987 1985* 9.17 9.15 7.71 1,138,958 111,550 119,895
1988 1986 9.24 8.36 7.64 1,277,843 122,759 174,478
1989 1987* 9.69 10.32 10.49 1,454,243 158,314 0
1990 1988* 9,20 11.55 9.36 1,716,170 184,687 0
* After changes in benefit provisions and/or ac[uarial experience estimates.
1
1
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' ANALYSIS OF PENSION FUNDING PROGRES S
LAST TEN FISCAL YEARS
CITY OF ATLANTIC BEACH. FLORIDA
(6)
UNFUNDED
' (1) (2) (4) PBO AS A
NET ASSETS PENSION (3) UNFUNDED (5) PERCENTAGE
FISCAL
YEAR ENDING AVAILABLE
FOR BENEFIT PERCENT (FUNDED)
OBLIGATION FUNDED PBO ANNUAL
COVERED OF COVESIED
PAYROLL
SEPTEMBER 30 BENEFITS (PBO) (1)/(2) (2)-(1) PAYROLL (4)/(5)
1979 ; 400,000 ; 598,000 66.95 ;198,000 ; 718,000 27.65
' 1980* 525,000 768,000 68.4 243,000 692,000 35.1
1981* 697,000 848,000 82.2 151,000 697,000 21.7
1982 878,000 914,000 96.1 36,000 782,000 4.6
1983 1,023,000 1,012,000 101.1 ( 11,000) 892,000 0.0
' 1984 1,196,000 ** ** ** 930,000 **
1985* 1,342,000 1,221,000 109.9 (121,000) 1,139,000 0.0
' 1986
1987* 1,520,000
1,695,000 1,341,000 113.3 (179,000)
1,703,000 99.5 8,000 1,278,000
1,454,000 0.0
0.6
1988* 1,889,000 1,918,000 98.5 29,000 1,716,000 1.7
* After changes in benefit provisions and/or actuarial experience estimates.
** Not available from ECS, Inc. actuarial valuation report.
' Malysis of the dollar amounts of net aseeta available for benefi ts, pension
benefit obligation, and unfunded pension benefit obligation in Ssola tion can be
misleading. Expressing the net aseeta available fox bene fits as a percentage of
' [he pension benefit obligation provides one indication of the syst em's funded
status on a going-concern basis. Malyais of this percentage over time
indicates whether the system is becoming financially stronger or xeaker.
' Generally, the greater this percentage, the stronger the system. The unfunded
pension benefit obligation and annual covered payroll are both affected by
inflation. Expressing the unfunded pension benefit obligation ae a percentage
of annual covered payroll approximately adjusts for the effects of inflation and
' aids analysis of the progress being made in accumulating saff iclent assets to
pay benefits when due. Generally, the smaller Chia percentage, the stronger [he
system.
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