Audit Report - 1981-19820
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CITY OF ATLANTIC BEACH, FLORIDA
ANNUAL FINANCIAL REPORT
(WITH SUPPLEMENTARY INFORMATIONI
SEPTEMBER 30, 1982
~~`~ixusc
CITY OF ATLANTIC BEACH, FLORIDA
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1982
TABLE OF CONTENTS
PaKes
Report of Independent Certified
Public Accountants 3
General Purpose Financial Statements
Combined Balance Sheet - All Fund
Types and Account Groups 4 - 5
Combined Statement of Revenues, Expenditures and
Changea in Fund Balance - All Governmental Fund
Types and Expendable Trust Funds 6
Combined Statement of Revenues, Expenditures and
Changea in Fund Balance - Budget and Actual (GAAP
Budgetary Basis) - General, Special Revenue
and Debt Service Funds 7 - 8
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balance - All
Proprietary Fund Types and Pension Trust Fund 9
Combined Statement of Changes in Financial
Position - All Proprietary Fund Types and
Pension Trust Fund 10
Notes to Financial Statements 11 - 18
Individual Fund and Combinin Financial
Statements y Fun yQe
General Fund
Statement of Expenditures - Budget and Actual 19
Pages
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenuea, Expenditures
amd Changes in Fund Balances
Proprietary Fund Types - Enterprise Funds
Combining Balance Sheet
Combining Statement of Revenuea, Expenses
and Changes in Retained Earnings
Combining Statement of Changes in
Financial Position
20
Z1
22
23
24
~ 1 ~.
~~e 2500 iN DEVENDENi SppPRE
' ~ ~ateTh0U3e `~~'~Y~ J/CNSONVIL LE,FLOflI0P J4102
L i 90s 9559533
' January 13, 1983
Honorable City Commission
' City of Atlantic Beach, Florida
' We have examined the combined financial statements of the
City of Atlantic Beach, Florida, as of and for the year ended
September 30, 1982, as listed in the foregoing table of contents.
Our examination was made in accordance with generally accepted
' auditing standards and, accordingly, included such testa of the
accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion the combined financial statements referred
to above present fa~rly the financial position of the City of
Atlantic Beach, Florida, at September 30, 1982, and the results
of its operations and the changes in financial position of its
proprietary fund types end pension trust fund for the year then
ended, in conformity with generally accepted accounting
principles applied on a basis consistent with that oY the
preceding year, after giving retroactive effect to the changes,
with which we concur, in the methods of accounting as described
in Note 8 to the financial statements.
Our examination was made for the purpose of forming an
opanion on the combined financial statements taken as a whole.
The combining and individual fund financial statements listed in
the foregoing table of contents are presented for purposes of
additional analysis and are not a required part of the combined
financial statements of the City of Atlantic Beach, Florida. The
information has been subjected to the auditing procedures applied
in the examination of the combined financial statements and, in
our opanion, is fairly stated in all material respects in
relation to the combined financial statements taken as a whole.
~j7,~~ (~C/q~l~fLVUd2-
Certified Public Accountants
ATIAMID >~. e1a91141
OOMBIItD 6AIN[E 512
All. tlw TYPES Aro AOOOIIRI' amuys
SFP1811a1 70. 19X2
PLMciwrP
_ _ Oovenvatel Puid 71Px _ T~ Msuk Omn•
SpecLl B¢arMble
Deb[
lon
~
l Cererel
iag-Tm Cerenl
FIyM lbtel
Okfo[syhn
Axes Carrel Re~yue Seevice P
to
ects Fire Ise Trvat Debt Meets Onlyl
~ Cssh ad 1mestve9te
Aeaases receivable $515,0%
42 305 $115,690 $!4,244 $ )76,740
4 $997,729 51,919,659
y Invarcoriei
5.945 55,
99
600
19 9R,904
25
745
Ore fros otlrr . ,
i
Dueottvs fuide
13,%5
~~~
3155,000 ~.~
179
%5
Depoei[e
8eetrlcted a.xts: S,OOp ,
5,000
Imntvvvrce
p~Y. plarc sN 277,842
277,X2
equipaat-rec
Avant sveilebl! 1n tir 1.887.0% 3797.872 2,594,9Nt
DeM, $exvlre Fled Eoc
of lo.g-tm
Aunt to 6e paovlded ~4,2G4 14,244
for psysait of lag-
teA debt 44156 440.758
Total Besets 272 184 4244 155 000 2 517 977 7729 ,000 797 A72 35.723-t52
Sae Hutee to Yit~srfel 9r..ede..
CL1Y OP ATIANI'1C spear f3nRIM
aaeletn RAt
rla:
e
SRlrr
Att. n.m rrve9 A18) A007M x10185
9tr1aeln 30. 1982
1'Ldorleay
B
O~+senul n..+ 7Ycea M
A Tvoea Tea Acmnt Frans
SpecLl Debt Cepi[el ~ble~ Caerel
7aq-Ten ~.meral
PtxM Total
Elte~tsrF~
Cslrrsl Re~ebe See~lOe Pro sets Pn[ lse 7mn[ Ikbt Assets A,il1
LLbi1£Nsa
Acrw.ts a td
ecet,ed tlnbilittee
Cuetaeer depnih $52,723 $39,055 $22,504 $ 24,332 $ 1311,614
Des m atller finds
84 585
93.788 28,115
592 28,115
Deferred Raane
5,774 t7R,955
Deposits
S,OOp 5,774
Cmerel lhg-cam debt 5,~
~~~ ~~
- 4N.,OtIO
7ots1 1Lbil1cler 1082 132,843 ,~ 2095 52,447
~~ 454 ryp
y --
- ~ 669
1 ~
~ M_ d P.uuicy/Belr~eea
.nei%timt n~8~ra1
1 E1rmd seeeb
Ynd eyolty;
3797,872
797,872
Contr161cfane fra•
other gruet'n°'te
Re 1rcd 973,515 973,815
~~l e
aM replnceaelte
Ibenetved R[e/red 277,842
277,842
eem
flsd belscea: 1,314,072
1,3!4,072
Reserved for payrmt
of lmg-tare debt $14,244
Aeserved for tmmtoq 5,945 14,144
Reaervad for ponce 5,~
tn1n1~
Ibeexrvad fuM 19,745
19,745
belenoes 42B` 515 1411 877y983 1.400.545
iotel frsd equitp/ -- --
belsloes 4Y..190 5415 ly 14904 2,555,530 897 797 RM 4,9112
M4.
7oce1 llnbilitfee __ _
,
~4/
bslenas
$~ 184 258 4 244 55 000 32 5~y17A977 ~ y~6yryM1 797 R72 SS 7,~y 2352
See ROtm to Ptnelclel Stn[aarts.
I
O~
CIiY OP ATLANTIC BEtL_ N,_It00.IDA
COMBINED 6TATfMEHT OF REYEHU yE%PfHDITURfS AND
CHANGES IH NHD BALANCPS
ALL fiUVETNI6NTAL FUND TYPES AND E%PENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER )Oy1982
covernsentel Pund iypee
Cenere ~~pe-<[ei- -6e~c C'p-[~e7 Eypendeble To[ele
Fund Revenue $ervlee rro)et[. Trve[ (Neeorendue O^IV)
Revenue:
Texee $ 541,165 $14,091 $ 555,262
Llceneea end pent[e 289,)21 289,]21
Federal r
Shored revences - $ 66,210 66,210
Greece - 29),46] 29),66)
5[e[e eMred revenues:
Shared revenues )11,864 B64
3U
Grente 5,001 ,
5,001
Other /ntergoverceenul
revences 12 ,OIB 1),018
CM rgee car serv(cee ),Ill ),2l)
Fines end [orfet~u~es 59,]01 59,101
Court cost $ 4.628 4,628
Intemec tncoae 49,510 IJ,]B4 4,711 1,9]2 )0,047
Double [eu[lon
e¢erd (Note 6) 41,008 41,006
Mf e¢eileneoue revenue $.J 96 __ 5,196
Total revenues )720,619 ll_y45~ ly 6600 1.111,550
Expendlturee:
Curren[:
General gov¢rnsent 2]1,669 2)2,669
Public e[e[y 559,265 4),617 T,125 609,21)
Public vet [ere - 99,)48 99,148
Rosde end etreet• 266,919 266,919
Int ngovermen[el
sere lcee 18,658 18,658
Perko end recreeclon 12,225 145 910
12
Deb[ a rvice: ,
Principal retlreaen[ 1],000 )7,000
In[ereet end flecel
chergee 28,109 28,109
Gplul outlay 2_9)0 9 t_tJ 098 __ 228.066
To[al eApend )cacao I~IY9 r)36 35_1_086 6109 23`098 ].725 1.569.752
Exeees (d<tic t[) of
revenues o
ex lwndl[ureer
190.881
2_x_)11
42 2)5) Z7 098)
y
154.198
Othee flnancing • rces (uses):
Opernttng [rene[ere to 107,750 8,000 )65,000 2)6,)50
Opers[Ing [rem [ere (ou[) (161.658) 8( 0,415) __ _ ~ (241 ,Op)
(58,708) 12 415) 165[_000 ]4,211
Exceee (dac)e lc) o[
e end other
eependl[uree
r
v
end
0[her
w e• ))2,515 (48,044) (42,2351 141,904 4,1)5 188,4 )5
Pund belencee, Oc[ober 1, 1981,
e re raced (Noce B) 295_1669 99,_459 f6_c4)9 ~_ 1~ 461.018
land balance,
$eP[eeber 30, 1982 {- 428x244 { 51 x41,1 {14 ~241y {141x5!114 {{9xj46 {„-{5{.{}]
See Ib[es [o il nenc let N[a[eeen h.
.. r ... _ ....... ~ . ~ ..
cm a bllwmc aeral. 61IXIIN
IIIBRED SdIWM OF MUR61F5, FXP6IDITIP6 NO
OWOS V6 i1M W.SIr]: - aA(tT A`61 ACILLW (CMP eltl}.TARY ebslsl
GF]tIW., BRYW. el1921C ND OF8! BfAVICE F110lYPFS
WI TNB YFIR FIl4D SF]TDBFR b, 1982
Carrel Fled
fewteble
Acpal Bg~e (unfewrdle)
Aesat:
Teue
$ 541,165
$ 559,658
$ (18,49))
L4enae_c wtl pmlu 289,121 2]2,200 1],521
fe0ertl ,eaaac
Stored r
~®
(tnu
Suu ri,eral tt-.aata.
9ared reiaape 311,864 2%,246 Is,618
Crmu 5,001 5,001 -
OJV intctgwertrntel
m~aate 12,018 lO,Oro 2,018
ax.ges fa cervlm 1,zJ] 1.800 1,4)I
6Yree ad forfelrvee 59,A1 Y.,Oro S,AI
Internet 4toae 49,510 JO,Oro 19,510
~DIe tmetlm
setd (tbre 6) 41,006 - 41,006
Mlecellam,s retort 5.l% 10,100 5 104
1 Tool reaaum I,J20,fi19 1,241.605 ~Ol4
thpend/rgv:
V
Oattn[:
1 fanenl gmn~t 2]2,669 284,865 12,1%
Pb11c mferY 559,265 590,811 11,566
pbitc ael4ce
Bowie M areeu 266,919 2ffi,025 15,106
Ikregaertratel mrvlm 18,658 II,BJ4 3, V6
pri. .a rtrrorim lz,us u,9w ns
Omr mrvta:
Rircipel tttlrmK - -
N[etesr wtl 61re1 drtge - -
Ceplml qtly __
iatei eapaditues 1,129 ))6 1,192.505 y]69
iiu a (~(lc(t) reva~f
ont epatlitwu 190,881 49.Iro ILIy]0)
gYretl.g trw(en N IO1, 150 112,558 (9,2118)
Oprre[Lg usu(se (Out) 161 658) 161 658) -
58 108) (49,Iro) 9208
Hasa (de[ICIt) o[ re~eaxs
N abler m,rce, ov
erpadl[urm ad 1)2,5]5 Q~~~e }31.5)5
Fud belrus, ht,Lei 1, 1%1,
Y tesuted (IMe 8) 295.669
n.,a bleat, sevr~. 1982 g 4zq z!~
(font•_ . m ,axt pate)
SY~ I6r(cA to ilrvrcini Stnt,wa rta.
~ . ~ ~ ~ ~ r ~ ~ ~ ~ ~ r ~ o r ~ ~
CItY Of AlWR1C BF]AI. FILFILJ
QOIBI)m STATF1tNE OF NLJM9iS. L1P@DIRBtS AtD
llV]O°. V1 F[NI 861/2YfS - Oat.T HO 6CII1V. - (CMP BIAIt.TARY BA915)
(62FIW.. 866TL5L RLY6NE 610 BF81' 9FA9I2 FitD TYPfS
IIX TIE YFA9 F#iD SFP1}JBFII ]0 1981
Sce clel Peca.,e FSMe Debe Se[vlm Pad Taut (M®MMa
-- OnIY)
-
Nerd '"-~6re M~T v .<.>
i[Ce
Fewee6le Fiwreble ~caY Fevaeble
Acobl Bum BB[Zewce6le) A<[usl p.~ BBlfworeble) 8eele W.1~ (Ontevors6le)
~~~
Teeee 414,091 514,09] S - 5554,261 3513,155 $08,493)
Ltc~nae ad pe,LLu 289, 121 171,1(A 1],511
Feh el [evasee:
9rr4d ae[aece
$ fi6,210
$ 61,418 $ 4,782
1
1
8
68
66,210
291
463
61,418
6]1
45]
4,)82
(158
168)
o-sits 291,461 (
,1
)
454,6]
5 , , ,
5[..o elated [eraeas:
9
d
113,864
198.246
15,618
~e
re+eMe
tr~b 5.001 5.001 -
Rlnr Inre[gwen°vs) II,OIB 10,000 1,018
~rrses
ar[g+ Ear servLes 1,217
A1
59 1,800
54,000 1,4)1
5,A1
FLV N ~~~~
m[eree[ Les 13,784 - 0,784 4,17] - 4,)11 ,
68,0]1 ]O,OOD 38,011
Dnble [verLn
rN (~ 6)
41.006
-
41.006
Blaxllaeaa raaer 4.196 10,700 (5.1041
Tool revaess J)_ l,_4J1 41~_O5y )( ]9.(aQ) 1~ ly 4077 1.116 950 1 Jn.)61 45 811
OIIf01r:
) ree<n ~.a+.erc
DI
R
4)
62]
0% 1
4)1
49 2n,669
606.888 184,Bbs
619,921 12.196
)].039
~ n
L: r
ry
)Wltc rlfAre .
]48
99 .
,
ITO,[AO 110.631 99,748 120.400 120.652
) Fnede a[N ecra[e . 2 B
65B 121,8][, 11,1/6
InrABova[an[el arvla
Pate s[d recrsclan m
Jos
15,000 14,155 ,
11,970
27,950
14,9BD
Dot ee[vice:
Pclnctpel [etl<,aeH
I tl
31,m0 IJ.OOD
091 (11)
109 28
28
1].000
28,109
33,000
18,091
-
(11)
r[
Inlercet sU tLU
Cpltel aelry Sed
y ,
,
2y000 21 `OJ0 21Y..9TJ 112.000 1___. X010
Taal epadLLVee 35_~OB6 5151-496 16),_.410 b1y09 6y097 12 I,Y,1.931 1.]]0.098 12y
a,nx upatlL,ree _y311 563 2)~_B08 4Z Zl5 4( 1.000) di65 ])1.019 2,66] 1_ A•S56
Open[L6 [rwfere H 8.000 8,000 - 111.350 120,558 19,208)
OpcruLg rrw6rre (aur) _{~ ~~3) BO 413 __ 242 0)l 2( 41,01]) -
)( 1,41s) II 413 Il0 n3 111 s15 9208
F+<eee (6[Icl[) of reras[ee
s.) War v. n oar
pmE1[,ma N
a[Isr ices
(48.W4)
n 52 311.808 (42.1]5) ,(~?~ ~.' ]6~
42.296
($118.852)
$161.148
F,ed Mlam, Oc[.ber 1, 1
aalued Q9,[a B) 981
y459
Sby19
451.60)
Fwd Wlaw,
Sep[a~Ler 30, 1982
;jl 41
X144
4 491.903
(Cwr1,tlW)
sre r1,re. m eL[~L,1 ws[~+[..
CITY OP ATLAN7iC BEACH. PLfiRIDA
COMBINED S7ATEMENi' OP REVENUES EI(PENSES AND
CNANCES IN RETAINED EARNINGS/FUND BALANCE
ALL PROPRIETARY POND TYPES AND PENSION TAUS? FVND
P0R iNE YEAR ENDED SEPTEMBER 30 1982
Proprletery
Funds Piduelery
Pund
En[erpdee Pension
cruet
Operating revenues:
Cuetoeer eMrgee $ 639,721
Connection charges
' 3Y 788
Eeployer
s eontrl6utions
State eontrl6utions
Other Sntoee 2,697
Total operating revenues 675.206
Operating expenses:
Peraonel eervleee 252
267
1 Contree[uel eervieee ,
16
841
~ Supplies ,
94 316
Repairs end ulntenence 27,607
1 Neeq light end purer BB,T80
Depreeietton 96
793
Other expenses ,
5
731
Retireeent beneftb ,
_
7ota1 operating expenses ~ 581.831
Operating Sncoee 97,375
Nonopere[ing ineose:
i
t
S
n
erest
neoee 67,165
Releburseeent of landfill
Eees (Note 6) 74.063
7ote1 nonoperstfng fneoee 141,148
Net incoee before operating
Snterfund transfers 234.623
Opareting tnneEere (out) (34.2771
Net incoee 200
746
Retained eerninge/fund belenee, ,
ae restated Detober 1, 1981 (Note 8) 1,791,566
Retained eerninga/fund belenee,
Se
t
b
10
p
o
er
, 1982 1 591 914
$ 91,086
16,772
lm,ese
2,040
14,980
17.020
90,878
85,675
65.675
176,51]
175,513
701.470
SR7
Total
(Me~orendus
on1Y1
9 639,727
32,788
91,086
]6,772
2.697
783.054
252,257
16,841
94,316
27,603
88,280
96,793
7,771
14.980
598.851
1 84,213
152,960
74.053
226,927
411,136
(34,2777
376,959
2,097,038
9~2 459.897
See Notea to Pinentfel Steteeente.
CITY OF ATLANTIC PFACN, FLORTDA
COMBINED STATEMENT OP CHANGES IN PiNANC1AL POSITION
ALL PROPRIETARY PUND TYPES AND PFNS70N
TRUST POND
FOR THE YEAR ENDED SF.PTEMBFR 70, 19A2
Proprietary Ptdu<tnry
-Fonda _ Fund
Total
Penaf on lMeeorendue
Enterprise 7r9nt oniyl
Pinenetel reaoureee were prow lded by: -
Operettone:
Net incoee (IOae) $2n0, 746 3175,511 Si76,R59
Iteea not requiring rorking
cepitel during the period:
Deprectetion 95,797 - _ 9y
Yorkingg cepitel provided by operations 297,139 175,Si1 473,552
Contribu[tone Eros other governwents 170 ,fl A9 1rn,Aa9
total eourcea of vorktng eapt[el 46R,02R 176,511 544,541
1 Pineneiei reeoureea were used for:
r Acquleit ion of property, plant
~ end equipeent 199,flfl6 - 199,aR5
1 Decrease (tncree[e) in restricted eeeete 59,412 59,412
Increeae in vorktng eepltel 20R 7 n 75 1 StR i
Ane lyeia of ChenR .ee in YorklnR Cepltel
Increase (decrease) in current
eeeete:
Cash end tnveeteenta $111,459 S1P0, R35 5397,t04
Accounts reeetveble 19,452 (4,1221 15,1)0
Due Eros other funds (I ,414) __ 31,4241
Increeae in current eeeete 227,497 176,517 404 ~ln
(Increeae) decreeee in current
1Sebilities:
Accounts payable end accrued
llebi74tiee 17,412 17,412
Cue[oeer Deposits 5,155 _
_ 5,155
Decrease in current lleb111ties 1R,757 _
__ _1J ?67
Increeae in vorktng cepitel 20R 710 176.517 S3RSh241
See Notes to Plnsnelal SG trernta.
1
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CITY OF ATLANTIC BEACH FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1982
Note 1 - Basis of Presentation
The City of Atlantic Beach, Florida (the "City"~, a
municipality within the boundaries of Duval County, Florida, is
an instrumentality of the State of Florida established to carry
on a centralized municipal government. The City Commission (the
"Commission") is responsible for the legislative and fiscal
control of the City. A City Manager is appointed by the
Commission and is responsible for the management of the resources
of the City maintained in the City's funds and the account
groups.
The City records Its financial transactions in numerous
individual funds and two account groups. A fund is an
independent fiscal and accounting entity with a self-balancing
set of accounts which is established to account for specific
activities or functions.
The fund types and account groups maintained by the City are
described below:
Governmental Fund Types
- The General Fund is used to account for all revenues and
expenditures applicable to the general operations of the
City which are not properly accounted for in another
fund.
- Special Revenue Funds are used to account for revenues
which are legally restricted for specified purposes.
- Debt Service Funds are used to account for the payment
of interest end principal on long-term debt and revenues
pledged for debt service.
- Capital Projects Funds are used to account for resources
designated to construct or acquire general fixed assets
other than those financed by enterprise funds.
Proprietary Fund Types
- Enterprise Funds are used to account for water, sewer
and sanitation services that are financed and operated
in a manner similar to private business enterer is ea.
The costs of providing these services to the general
public are recovered through user charges.
- 11 -
Fiduciary Fund Types
' - The Pension Trust Fund is used to account for the assets
of the pension plan.
' - Expendable Trust Fund is used to account for assets held
by the City as trustee. These funds are accounted for
similar to governmental funds.
' Account Groups
- The General Fixed Asset Account Group is used to account
for those fixed assets owned by the City except those
accounted for in the Enterprise Funds.
' - The General Long-Term Debt Account Group is used to
account for the outstanding principal balances of
general long-term debt except those accounted for in the
Enterprise Funds.
' The columns entitled "Totals (Memorandum Onlyl" are included
for information purposes only. These total columns are not
comparable to consolidated financial information as the basic
reporting entities and fund types use differing bases of
accounting. In addition, interfund eliminations have not been
' made in arriving at the amounts included in these columns.
Budget Requirements
' State of Florida statutes require that the City establish a
budgetary system for general operations. The City budget process
is based on estimates of revenues and expenditures on a modified
accrual basis.
Note 2 - Summary of Significant Accounting Policies
The Governmental Fund Types use Che modified accrual basis
of accounting. Under the modified accrual basis, revenues are
recognized in the accounting period in which they become
available and measurable. Exppenditures, other [hen interest on
general long-term debt which is recorded when due, are recognized
in the accounting period when incurred.
' The Proprietary Fund Types and Pension Trust Fund use the
accrual basis of accounting. Under the accrual basis, revenues
are recognized in the accounting period in which they are earned.
' Expenses are recognized in the accounting period when incurred.
Water, sewer and sanitation services are billed in advance
quarterly to customers on a cycle basis; revenues are recorded
when earned.
- 12 -
1
Cash
Except where prohibited, the City commingles cash balances
for all funds in a single investment account to maximize the
yield on its investment of surplus cash. Interest earned on
investments has been appropriately allocated to each fund.
Investments
The City's investments for all funds, except the Pension
Trust Fund, consist of certificates of deposit. Interest is
recorded when earned.
Inventories
Inventories of the Enterprise Funds and the General Fund,
consisting principally of materials, supplies and fuel, are
recorded at the lower of first-in. first-out cost or market.
Property Taxes
General property taxes are
which approximate taxes levied,
fiscal year. No material amount
to accrual.
recorded as received in cash,
less discounts, for the current
of property taxes is susceptible
Property, Plant and Equipment
General fixed assets are recorded es expenditures in the
purchasing governmental fund and recorded at coat in the General
Fixed Assets Account Group. Infrastructure assets such as
streets, sidewalks and street lights are not reported in the
General Fixed Assets Account Group.
Property, plant and equipment purchased by the Enterprise
Funds are carried at cost, less accumulated depreciation.
Expenses for maintenance end repairs are expensed as incurred.
Major renewals and betterments are capitalized.
The cost and related accumulated depreciation on disposals
are removed from the accounts with gains or losses recorded on
disposition. Depreciation is provided using the straight-tine
method over the following useful lives:
Buildings 25-30 Years
Improvements other than buildings 40-50 Years
Machinery and equipment 3-7 Years
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Interfund Transactions
During the course of normal operations, the City has various
transactions between funds to construct assets and comply with
local ordinances and other legal restrictions. These
transactions are reflected as operating transfers.
Pension Trust Funds and Pension Expense
The City's investment contract with the New England Life
Insurance Company (New England Life) is valued at contract value.
Contract value represents deposits made under the contract, plus
interest. Pension expense includes normal cost plus amortization
of past service cost over 30 years. The City funds pension costa
accrued.
Note 3 - Property, Plant and Equipment
Property, plant, and equipment o£ the Enterprise Funds at
September 30, 1982 follows:
Total
Water Sewer Sanitation Enterprise
Fund Fund Fund Funds
Land
Buildings $393,718 $505,685 S 899,403
Improvements other
than buildings 985,378 908,479 1,893,857
Machinery and equipment - - S194,542 194,542
Less-accumulated
depreciation (406,432) (566,145) (128,129) (1,100,705
972 664 S848.019 56 413 1 887 096
The changes in the general fixed asset account group follow:
Improvements
other than
Land Buildings buildings Equipment
Balance at
October 1,
1981 as restated
(Note 8)
Additions
Dispositions
Balance at
September
30, 1982
$80,461 $24,246
$292,432
2,033
$374,715
50,7A3
(26,799
$80 461 24 246
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294 4 ~39A•700
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Note 4 - Long-Term Debt
General long-term debt includes 1958 and 1971 General
Obligation Sewer Bonds. The proceeds from the 1958 bonds were
used for construction of a sewer system. The proceeds from the
1971 bond issue were used for extensions and Improvements to the
existing sewer system. Interest rates range from 3.8X to 5.75
per annum. General long-term debt decreased from $497,000 at
September 30, 1981, through payment of scheduled principal
maturities. The remaining maturities for this debt foil-ow:
Due in 1958 1971
Fiscal Sewer Sewer
Year Bonds Bonds Total
1983 $ 15,000 $ 20,000 $ 35,000
1984 20,000 20,000 40,000
1985 20,000 20,000 40,000
1986 20,000 22,000 42,000
1987 20,000 25,000 45,000
1988 20,000 25,000 45,000
1989 25,000 25,000
1990 25,000 25 000
1991 30,000 30,000
1992 30,000 30,000
1993 30,000 30,000
1994 40,000 40,000
1995 __ 37,OD0 37,000
115 000 349 000 464 0
Summary debt service requirements (principal and interest)
to maturity are as follows:
General Lon¢-T_erm Debt
1983 $ 61,253
1984 64,383
1985 62,323
1986 62,262
1987 63,072
1988-1992 213,823
1993-1995 119.708
564
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Note 5 - Emolovee Benefits
' The City has a noncontributory defined
covering aubatantially all employees. Tota benefit pension plan
l pension expense for
all funds for the
ear endin
Se
tember 30 1982 was $91
086
y
g
p
, ,
.
The City's pension contribution is computed using accepted
' actuarial methods and, except for the effec ts of plan amendments,
if any, is not expected to increase materia lly in the future in
relation to total payroll expense.
' Accumulated plan benefits, determined ea of September 1,
1981 by the City's actuary, end net assets of the plan follow. A
' 7.S;G rate of return was used in determining accumulated benefits.
Actuarial present value of
accumulated plan benefits:
' Vested $363,533
Non-Vested 22,290
t 385 823
Net assets available for
plan benefits 697 148
Vacation and sick pay is recorded when paid rather than when
earned in governmental funds. The unrecord ed liability for
vacation and sick pay at September 30, 1982 was $43,993.
' N
t
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T
ti
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o
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ou
e
axa
on
et
emen
' In fiscal year 1982, the City received
Jacksonville $115,069 in settlement of a do from the City of
uble taxation suit
brought by the City.
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Note 7 - Segment Information for Enterprise Punda
The City has established three EnCerprise Funds to account
for water, sewer and sanitation services. Segment information
for the year ended September 30, 1982 ie as follows:
Total
Hater Sewer Sanitation Enterprise
Fund Fund Fund Funds
Operating Revenues $ 260,857 $ 223,441 $190,908 $ 675,206
Depreciation 41,561 37,566 17,646 96,793
Operating Income (Loss) 122,747 32,135 (61,507) 93,375
Operating Transfera-
In (Out) (103,350) - 69,073 (34,277)
Non-operating income 24,024 43,161 74,063 141,248
Net income 43,421 75,296 81,629 200,346
Net plant, property
and equipment 972,664 848,019 66,413 1,RR7,096
Net working capital 65,190 53,470 90,070 208,730
Total equity 1,159,707 1,255,201 150,622 2,565,530
Note 8 - Changes in Methods of Accountin¢ and Adiustmenta to
YreV1oLL91y lasueA Finflnc191 Statements
In 1982, the City changed its method of accounting from the
cash basis to the modified accrual basis for governmental funds
and from the cash basis to the accrual basis for proprietary
funds. Also, the City established a General Fixed Assets
Account Group.
In addition, $14,809 of fixed assets, previously recorded as
expense in 1981, were recorded.
The effects of these changes in methods of accounting and
adjustments on fund balances/retained earnings at October 1, 1981
are set forth on the following page:
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~ ~ v ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ e
Note 8 -Chen ec Sn Nethode of Accounting and Adlueteente to Pr io ly I au d
P e t t me nt nue -
Piduc lery
Pund
General Special
Revenue
8nterpr /se Types
P.Rpen e e sn General Fixed
Aeeet Areount
Pund Punde Funds Pension True[ Croup
Pund balances/retained
earnings, October 1, 1981
ae prevfouely reported 5151,392 $74,192 $2, 256, A4A $712,372
Retroee[Sve effect of accrual
of vecetlon pay (10,920)
Retrosetfve effect of re-
cording depreciation (912,fi71)
~ Retroactive effect of
N recording Snventory 800
19
w ,
~ Retroactive effect of change
Eros cseh to seerwl beefs 143,277 25, 2fi7 27,702 4,569
Retroactive effect of re- '
carding aC f[xed eneets
In Pixed Aesete Account
Group
$771,855
AAJueteent to record fixed
ease GS expensed 1n 1981 24 ,A09
Pund belenees/re [e fined _
-'
eernfngs, October 1, 1981
es restated £Y,9~~ ,~~9 4 ~1,,~,Q~,4q ~~q41,
$7 l.nsc
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SUPPLEMENTARY INFORMATION
... ~ ~ . r r ... ~ . ~ . ~ ...
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CITY OP ATWNTIC BPLCH. PIARIDA
CENPJUL FUND
STAiENCNT OP EXPENDITURES. COMPMED TO BUDOE7
POR THE YEAR ENDED SEPTP.lIBER 31. 1982
Aetuel on Variance
Dudgetery PevoraAle
Beals Actusl (Unfavorable)
General Coveroaent: -
Legialature:
Pereonel aervicet $ 9,899 $ 9,221 $ 678
Other eervteet end cherge• 4,IZ0 3.356 764
Tottl legAL[vre 14,019 12.577 1.442
Execut tve:
Personal servlcee 34,888 33,826 062
1
Other services and ehargee 1.855 1,600 ,
255
Total executive 36,743 35,426 1,317
Pfnanctel•
Personal services 97,027 95,225 1,802
Ocher eervSCes end ehargee 21,176 19,591 1,5R5
Tottl financial 118.203 114,816 3.387
Cenerel Servlees:
Personal eerviees
Other aervLCes end cherge^ 115.900 109.850 6,050
Tote] general servlcee 115.900 109,850 6.050
Tottl general goverment 284.865 272.669 12,196
Pu611c Safety:
Pereonel eerviees 521 900 485,589 36,111
Ocher servlcee end ehargee _ 68,911 73.676 4 745)
Total public safety 590,831 559.265 71,566
Roads and Straeb:
Personal eerviees 182, i0S i76, 346 759
5
Other servLees end ehargee 99.920 90,573 ,
9.347
Total roads end streets 282.025 266.919 15,106
Parks and Recreation Oeper[ant:
Pereonel services
Other servlcee and charger
]2,950
12.225 _
725
Total parks end recreation-depar[aent 12.950 12,225 725
Intragovernaen[el Servieee:
Personal eerviees 19,834 18,22] 1
511
Other servlcee and ehargee 2.000 435 ,
1,555
Teu1 fntragavernaental servlcee _ 21,834 ]B,55A _ 3,]76
Total expendlturea ~,~~7~Q~ 776 759
See Notes to Ptnenctel SUteaents.
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CITY OF ATLANTIC BEACH, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1982
Federal Revenue CDBG
Sharing Fund Fund
Assets
Cash and investments
Due from other governments
Total assets
Liabilties and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities
Due to other funds
Total liabilities
Fund Equity:
Unreserved fund balance
Total fund equity
Total liabilities and
fund equity
Total
$115,771 $ 119 $115,890
16,553 51,615 58,368
132,324 51 _ 1R4 2
$ 494 $38,561 $ 39,055
80 ,415 13,373 93,788_
80 ,909 51,934 132,843
51 ,415 - 51,415
51 .415 - 51 ,415
$132 324 ~ A4
See Notes to Financial Statements.
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CITY OF ATLANTIC BEACH, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1982
Revenue
Sharing CDBG
Fund _ Fund Total
Revenues:
Federal revenues:
Shared revenues $66,210 $ 66,210
Grants $297,463 297 463
Interest income 13,784 _ 13,784
Total revenues 79,994 297,463 377,457
Expenditures:
Current:
Public safety 47,623 47,623
Public welfare 99,748 99,748
Parks and recreation 745 745
Capital outlay 204,970 204,970
Total expenditures 47,623 305,463 353,086
Excess (deficit) of
revenues over
expenditures 32,371 (R ,000) 24,371
Other financing sources (uses):
Operating transfers in 8,000 8,000
Operating transfers (out) (80,415) (80,415)
(80,415) A,000 (72,415)
Excess (deficit) of
revenues and other
sources over expenditures (48,044) - (48,044)
Fund balances, October 1, 1981,
as restated (Note 8) 99,459 99,459
Fund Balances,
September 30, 1982 51 4~ ~ S 51,415
See Notes to Financial Statements.
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CITY OP ATUNTIC HEACN. PLOR3DA
COMBINING BAUNCE SNEET
ENTERPRISE PUNDS
SEPTEMBER 30, 19A2
Voter Serer Sanitation
Pond pond Pund Total
Aseeb
Cash and Snvesbente $ 168,007 $ 174,379 9 34,354 9 376 740
Ateounta reeelveble - 41,425 1,47A 2,209 45~J12
Asseaseente receivable 977 10,250 - ]1
187
Inventorle• 11.875 7,925 ,
19,800
Total current assets 222.444 194,032 J6, 567 _ 453,030
Restricted eseets:
Investeents 221,427 56,415 277
842
~ Propert7, plant and equipvent-net 972.664 A48.019 A4 ,413 ,
1,RR7,n96
N Total eseets 1 195 lOR $1.263.478 159 9 32.617.977
N
~ LtebLlities and Pund E9uitY
Liabilities:
Aeeounte pgable end accrued
l iebll tt ice $ 7 296 $ 8,277 $ 8,769 $ 24
332
Cuetoser depoelt• 28,115 ,
28,115
Total liabilities 35.401 8.277 R,76q 52,447
Pond equiq:
Contributions - other
governsents 705,662 267,954 973,616
Retained earnings: '
Reserved for renerals end
repleeeaent• 56,415 221,427 277
842
Unreserved 397,630 765,820 150,622 ,
7,714,072
total retained earnings 454.045 987.247 150,622 1,591,914
Total fund equltP 1,159,707 1,255,201 150,622 2,565,530
Total 11ebi11ties end fund equit7 1 1 5a3~1 1 26 59 9 32$2 6~~
See Notes [o PSnanctei S[etesents.
CITY OF ATLANTIC BEACH FLORIDA
COMBINING STATEMENT OF REVENUES E%PENSES AND
CHANCES IN RETAINED EARNINGS
EN[ERPAISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30. 1982
Operating revenues:
Customer charges
Connec [ion charges
Other Lnrome
7ota1 operating revenues
Operating expenses:
Pereonel services
Contraccuel eervlcee
Suppllea
Repairs end oeln[enance
Heet ,l fight end pover
Deprec fiat ion
1 Other ex penees
ru 7ote1 operating expenaee
w
~ Operating income (lose)
Nonopereting Sncoee:
Interest Lncome
Refmbureevent of landfill
face (Note 6)
To[el nonopereting income
Net income before operating
in[erfund trenafere
Operating transfers in (out)
Ne[ income
Retained earnings, October 1, 1981
es restated (Note 8)
Retained eerninge et end of year
4ecer Sever Sanitation
Pund Fund Pund To[el
$226,704 $163,097 $190,908 $ 580,309
12,788 59,412 92,200
1 765 932 2,697
260.857 223,441 190.908 675,206
38,689 41,099 172,479 252,267
5,170 6,619 5,092 16,841
19,060 31,300 43,956 94,316
7 628 ]0,492 9,483 27,603
24,540 63,740 88,280
41,561 37,586 17,646 96,793
1.502 470 3.759 5,'31
138.110 191,306 252,415 581,831
]22,747 32,135 61 507) 93,375
24,024 43,161 - 67,185
_ - 74.063 74,063
24.024 41,161 74.063 141,248
146,771 75,296 12,556 234,623
103 350) - 69.073 _ (34.277)
43,42] 75,296 81,629 200,346
410,624 _911,_951 68,993 1,391,568
_ 0 2 ~f9~1,+~(
See Notes to Pinenc lei Statements.
CITY 0P ATLANTIC BPACH. FLORIDA
COMBINING STATEMENT OP CHANGES IN PINANC IAL POSITION
ENTERPRISE FUNDS
POR 7RE YEAR ENDED SEPiP.MBER 10, 1982
Veer Serer SenlbNon
Fund Pund Pund Total
Pinenciel resorrees rare provided
by: -
Dpentions:
Net ineoae 943,421 $ 75,298 $81,629 $200,368
Ite•e not reyulring working
espi[el during [he period:
Depreciation 41,561 77.586 17.666 98.793
Yorking capital prodded
by operations R4,9R2 112,882 99,275 297,170
Contrlbutlone frog other
governsen[s 17D.RR9 17D,RR0
Total soureea of rorking capl[el R4 ,982 283.771 99,275 4RR,02R
1 Pinenciel reeourees were used for:
N Acquiatt ion of property, plant
F end equlpaent 19,792 170,RR9 9,285 199,RRR
Decreeee (increase) Sn restrleted
~ sseets 59,412 50,412
Increase Sn working capital 6 190 3 470 0$ n.0711 208 730
Analyele of ChenRee Sn VorklnR Cepi[e]
Increase (decrease) to current
assets:
CuM1 snd Snvesbente $53,749 $66,951 590,769 $211,489
Accounts reeelveble 25,910 l6, R'LO) 382 19,452
Due Erw other funds (3,257) 171) (1,424)
Increase (deereaee) to
current uaete 76,4D6 59,960 91,]31 227,497
(Decrease) Sn current
liebll it Ses:
Accounts ps[e63e end accrued
Ifebllitfes S, Rbl 6,490 1,061 13,412
Custoser Depoa its 5,755 5.355
Decrease in current
liebil it tea 11,216 _ 8,490 1,061 1R,7R7
Inereaee to rorking capital 1 0 3 470 n 070 208 730
See Notes [o Financial Steteaente.