Audit Report - 1990-19911
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CITY OF
r~!~'artle ~'iacl - ~li~tida
' FINANCIAL STATEMENTS
AND
' INDEPENDENT AUDITORS' REPORT
' SEPTEMBER 30, 1991
' FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORTS
' CITY OF ATLANTIC BEACH
ATLANTIC BEACH, FLORmA
' SEPTEMBER 30, 1991
1
FINANCIAL STATEMENTS
AND
WDEPENDENT AUDITORS' REPORTS
CITY OF ATLANTIC HEACH
ATLANTIC BEACH, FLORIDA
SEPTEMBER 30, 1991
CONTENTS
!4 e
Independent Auditors' Report 1
General Purpose Financial Statements
Combined Balance Shea -All Fund Types
and Accoum Groups Z.q
Combined Statement of Revenues, Expendimres
and Changes in Fund Balances -All Governmental
Fund Types and Expendable Trust Funds S
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances -Budga and
Actual -All GovernmenW Fund Types 6.7
Combined Statement of Revenues, Expenses and
Changes in Retained EarningslFund Balances -
All Proprietary Fund Types and Pension Tnut
Fund BA
Combined Statement of Cash Flows -Proprietary
Fund Types -Enterprise 10-11
Notes m Financial Statements 12-32
Combining and Individual Fund Statements and Schedule
Cenenl Fund
Schedule of Expendiures -Budga and Actual 33-35
Special Rerenue Funds
Combining Balance Shea ~
Combining Statement of Revenue, Expendimres
and Changes in Fund Balances 37
Capital Projeda Funds
Combining Balance Shea 3g
Combining Statement of Revenue, Expendimres
and Changes in Fund Balances 39
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FINANCIAL STATEMF,NfS
AND
INDEPENDENT AUDITORS' REPORTS
CITY OF ATLANFIC BEACH
ATLAN77C BEACH, FLORIDA
SEPTEMBER 30, 1991
CONI'EHTI'S
(Cauinae~
Combining and Individual Fund Statements and Schedule Pa e
(Condaded)
Enterprise Funds -Proprietary Fund Types
Combining Balance Sheet gp..gi
Combining Statemeot of Revenues, Expenses and
Changes in Retained Earnings 42-43
Combining Statement of Cash Flows gq.gs
Fidudary Funds
Combining Balance Sheet 46
Stalistinl Secfion (Unaudited)
Pension Revenues By Source and Expenses By Type q7
Computed Pension Contribution Comparative Schedule 48
Analysis of Pension Funding Progress 49
Additional Ekmenta of Report Prepared in Aceordance With
Government Auditing Stondardr, Issued By the Comptroller
General of the United States, the Provisions of the Office
of Management and Budget (OMB) Ciralar A-128 and the
Ruka of the Auditor General of the Stak of Fbrida
Independent Auditors' Report on Schedule of Federal
Finartdd Assistance Sp
Schedule of Federal Financial Assistance 51
Independent Auditors' Report on CompBartce With the
General Requirements Applicabk to Mgior and Nonmajor
Federal Finandal Assistance Programs 52-53
Independent Auditors' Report on CompBattce Wlth Spedfie
Requirements Applirabk to Nonrtwjor Federal Finandal
Assistance Program Transapioro 54
FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITORS' REPORTS
CITY OF ATLANTTC BEACH
ATLANTIC BEACH, FLORIDA
SEPTEMBER 30, 1991
CONTENTS
(Canduded)
Additional Ekstw~ls or Repors Prepared in Amordana With
Goveraateat Auditing Staadards, issued By the Comptroller
General of the united states, the Pro.Lsfom of the O(Bce
of Management and Budget (OMB) Ciralar A-128 and the
Rules of the Auditor General of the state of Florida (Conducted)
Independent Auditors' Report on the Internal Control
Structure Used in Administering Federal Fltlancial
Aseistaoa Programs
Independent Auditors' Report on Compliance With I~ws
and Rqu4tiaer Based on an Audit of Gerterd Purpose
FSnanrial Statemdtls Pedormcd in Aorordantx With
Gorcrastent Auditing Smnda/dr
Independent Auditors' Report on Internal Control Structure
Related Matters Noted in a General Purpose Finandal
Statement Audit Conducted in Acardance With Government
Auditing Standards, and Managemml Leiter
55-57
58
59b2
' INDEPENDENT AUDFI'ORS' REPORT
e Honorable Mayor, City Commission and City Manager
City of AUantic Beach
AUantic Beach, Florida
' We have audi[ed the accompanying general purpose financial staeemenu of the City of AUantic Beuh,
Florida, az of September 30, 1991, and for the year ended, az listed in the accompanying table of
contents. These general purpose financial statements are the responsibility of the City'a management.
Our respoasib0ity is m express an opinion on these general purpose financial statements based on our
audit.
' We conducted our audit in accordance with generally accepted auditing standards, Gavernmem Audirtng
Standards, issued by the Comptroller General of the United States, and the provisions of Office of
Management and Budget (OMB) Circular A-128, Audits of Srme and Lord Govem]rrenrs. Those
' standards and OMB Ctrcular A-128 require that we plan aM perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material misstatement. An
audit includes examining, on a test bazis, evidence supporting the amounts and disclosures in the general
purpose firancial statements. An audit also includes assessing the ucounting principles used and
significant estimates made by management, az well az evaluating the overall general purpose financial
statement presentation. We believe thaz our audit provides a reasonable bazis for our opinion.
' in our opinion, the general purpose financial statements referred m in the first paragraph present fairly,
in all material respects, the financial position of the City of Atlantic Beach, Florida, as of September 30,
' 1991, and the results of its operations and the cash flows of its proprietary fund types fo[ the yeaz then
ended in conformity wish generally accepted accounting principles.
As discussed in Note I to the financial statements, the City of AUantic Beach, Florida haz presented a
' statement of cash flows for the year ended September 30, 1991, rather than a statement of changes in
financial position.
' Our audit waz conduced for the purpose of forming an opinion on the general purpose financial
statements taken az a whole. Tile combining and iMividual fund financial statements and schedule listed
in the table of contents are presented for purposes of additional analysis and are not a required part of
1 the general purpose financial statements. Such information, except the portion marked 'unaudited,' on
which we express no opinion, haz been subjetted m the auditing procedures applied in the audit of the
general purpose financial statements and, in our opinion, is fairly stated in all material respects when
' considered In relation to the general purpose financial statements taken az a whole
' January 10, 1992
Gainesville, Florida ~~/. ~~.f ~~ ~a~ ~ ---// -
' Certified Vublit Actourdants U
P.O. Bo! 13999 • 212 N.f. Isl blreel • Gainesville. Flpida 31601 • 15001 376-1767
Laurel Ridge Protesslonal Center • 139] S.E. 17th Street • Ocala. Florida 31671 • 1904) 731-7871
' 1415 Piedmont Drive. Fast, Suite 1 • Tallahassee, ilwida 31312 • 19041365-0554
W iual[S V14NI•~CAY A4D r10t10! IVSnI VrfSOr Clli1r11D MDC KCWYUYIS
ulwlll[ to AW [rt nY ivSrylUn OI CI[OnID g1p14 MC W aNVIS rtmVi COUda~6 A V 5 f C rtACM! flCnOtit
GENERAL PURPOSE FINANCIAL STATEMENTS
' These basic statements provide a summary overview of Ne financial position of all funds and accoum
groups, as well u the operating results of all foods and cash flows of the Proprietary Fund Type. 7Ley
also serve as an introduction m and summary of the more detailed statements included in the
' accompanying information aeaion.
COMBBV® BALANCE SKEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPFEMBER 30, 1991
CITY OF ATLANTIC BEACN, FLORmA
G
C99QeeNebl PoN T7pm
SperBl Debt
nmel Rneeee Smice PiderLry
Peed TTpn AOroeW Gnepe
PropriAer7 Trent Caeni Graa11
Gpi61 Feed TTpm bed Lag•Tam PmN
ihojMa Eeterpriu Ageu1T Obl'gti9m A9ub
T/fa6
(INsoreedem oey)
1991 1790
Aae1o
CuB Ud COb FgoivakeU f
163,177 f
516,272 f N,MO S
)51}16 S 2,661.110 f
201.252
f 1.277.157 f
I,IM,362
Nvemoalc 2,9tl,170 2,9U,U0 3,SA,t19
C~ ie Rabe M,6tl M,6tl /1,900
Aceawe Raeire6le 256,133 271,913 355,770 2A,566
Speck) Aaameed
Rairvc6k-CLmml S1,6A 31,6A 0
OO,er Reccivebke 10,376 Ip 10,6M 0
bvedodu 57,695 56,1]1 116,369 57,567
]be Fenn Qhr
Gmrenvnem A,391 17,669 12],Itl 719,T71
Oee Fmm ONcr Fuobe 31,610 2,75] SI,M7 II6,M3
fkpoiN 5.000 SA50 5.000
P,ro,b ~~, 0 b5,u1
phcr Nrta1 A.de 16,N1 15,511 0
Wuxt<d A.dc:
Cab cvd Ceb EWirekdl 2.139.202 2.159.102 2,17l,Q6
ca,6 m F=,o. wa wnb
FdW Afcdc U5,761 133,761 416,590
Spakl Asenetl
Reunebk-loo{-Tam %2.912 %2,912 0
Ccea,ac0oo m ~a 256,301 156x115 171,956
Paped7. Pled W
Fgdpmcn-Nd 11,727,1% 3 1,675,206 19,/OI,q] 16,273,129
kYOfTk Am - I6fle b
Fobm Revcouee-Nd N1,66] 211,667 N1,66]
Amoud Arrikbk b 6a DeG
xrvke Fnod Fa n7nnd nr
taq-Tenn Oebr f 71,110 71.110 35.006
Amob6 b 6e P~vvidrd Far
pnlmrd of 6oof-Tcnn
prf, IAU$77 1,017,271 1,166,117
Amwd b b Flo,idtl For
R7mrc1 of i.oq-Tam
pnnko o! CompemMN
,Sy,e„e, 115.601 115,601 129,013
TeW AnM1 S 911,220 f 606463 f 71,N0 S 751,716 f 21,905.615 f 3,16f,2A f 1,19)715 /,615,206 S 33,03,016 S 33,SA,Wf
$CC 2CWIIIPMylilg MlfSf
2
~ ~ ~ w ~ ~ ~ ~ r ~ r ~ ~ ~ r ~ ~ ^~ ~
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, (991
CITY OF ATLANTTC BEACH, FLORIDA
(~~~
Pdochry
Pond T7pe Aet9eet C rvepe
Goeenereofel Food Trye Ploprklrt) Trari General Gored Tohb
Speiel Debt GFllal Feed Type end fag•Ttef Peed (Mem9nedm Oeh)
u
ar
;
r F Gored Rereeae Smite Fr9jef, P.olerpree Aaenc7 DbGaetion3 And3 1991 1990
.
n
e
.r F.eeiy
13e13Yb
AccwW P]ebk ur6
AcrnuN tiebaiin f 136,6)6 S 97t t 302,300 3 7115,719 f 123 3 M5,760 3 1,065,067
Dee b 016er FuNe
CMera lie6iGin 34,367 34,767 116.765
O'e7e6k Fmm Reerkkd
AWQ:
Rereae 3bde R3tlrk 95.000 95,000 tS,000
fioln h]Wk -Golf
a1Otl° TL,719
Y2,219
0
~~ ~~
N7e61s 63,711 6/,711 K,969
Feveme lae6r P/able I,OIT,700 f 1~3t,IN 3,360,7!1 1,901,113
Dep~e 3•~ 103•tll 410,131 3tl,/53
~fcna6 foeRmlee 97,512 97,512 /3,625
kole0rrrLL ead lies
Oblipkn 571,191 377,191 711,317
aesrel ObIK~i°° Bade 17].000 13].000 16].000
Neka R7dk -Gulf
~O° 1,133.639 2,039,092 1,177,]11 3,733,000
AceroN Cwrpe~k3
A6rrcee - Ia~3-Term 115,601 115,601 139,015
TeW 12e1ii1ie 161,673 35,N3 f 0 702,100 6,057,976 97,677 1,191,71/ f 0 10,163,711 10,670,533
See accompanying notes.
3
COMBBVFD BALANCE SHEEP
ALL FUND TYPES AND ACCOUNT' CROUPS
SEPfEINBER 30, 1991
CITY OF ATLANTIC BEACH, FLORmA
(CondRded)
PdriRq
Foad Tapes AmwRt GeoRps
CoeerRmedd Feed Tryn PloprielarP Tev3t fenerd Geeed 7e1s6
SpeeLi Debt GpiW PRRd Tapes srd (ag-Tees Pr<ed (Maorsedvs DRb)
G eneral Reemnt Ser rice PlOjab Rat~riu A;eec7 O bPKrtlom Ands 1991 1990
lishi4s r Peal Pte)
ta.rR~Ar~
Pl.d P.ai17
Caale4vee Cepeel S 7,767,367 S ],76],567 S 6,2q,9M
Ivveymetl m ('iererd Fiud
Aerdr S 1,671,201 I,Wt,UM 3,331,369
Re1rmW Fa~oinlr.
Rseeerd Far Reaml
r„e Rryyccmeee 1,666,611 1.666b11 1,1/9,7/1
Rescued F'a prior Seevice 32],07! 727,071 31].]66
Omer Resew IN,691 /L,647 3N,ON
U,seseeW Rwimd Firom6r S,bW,923 5,610.925 S,N3,M1
wod Belemn:
Reverved Paa R7meu o5
4y~Tsm l)e6e t U.]SS f 137,669 f N,MO 173,161 7b9,163
Rcsrved Par P,epeN
E,~ee.e, o w.w
Revered Far lvreaoe'se 37,/93 S],t9S 1],911
Resrvd For Iblicc Tnuvet
~ imulitnbn f IOJI1 10.766 16,672
ileserd For Re0smcs 7.010.25{ 7.0'10.151 1,/66,SM
Omv Resnee 391,116 f 39,1/0 132,321 1.916,33/
Vevevend woe Briscer 607,9)2 Odlh 600.296 591,917
TeW eLd P.a~) ]/9,562 SSIp17 N,aq SI.N6 15.650.169 3,0-0,6p. f 0 Ip76,m1 33,OO6a01 27.199,517
TeYI Ife6iais atl Pad
P91V f 911,110 f 606.762 f N,/10 t IN.316 f 11.901,u3 f 1.11/,119 f 1,191,711 f 1,671,2116 f 73,t75pit f 33.t70,Os
See xeompanying notes.
4
~ . r~ . a . . . . . . . . . . r . . .
COMBINED STATF.MFNI' OF RBYFlVULS, B7i1'FNDI7VR&S AND
CIUING&S IN FUND BALANCL+S
ALL COVERNMFXI'AL FUND TYPES AND EXPENDABLE TRUST PUNDS
FOR TNB FISCAL YEAR [~1VD® SFPI'EMBFdt 30, t991
CITY OR ATLANTIC BP.ACH, FLORIDA
P
iB
L
Cweraeetel
Feed 7ypa r
rY
Feed
Tofak
Spedal Def t pNssreadu Od7)
Ceeertl Rereara Serrke Projer4 TteW 1991 1990
Revsae
Taxes f 1,697,909 f 797.163 f 37,201 f 2,172,276 f 2,017,962
I.icmrn W Pemlf 129,703 0 0 129,30) 106,959
56deShued Revaua 921,210 0 0 924,210 919,276
Other haegovarvnrsal Revenue 27,735 18873 0 212,130 170,299
purge Fm Service 2,362 0 0 2,362 2,161
Few end Frorfeituw 101,670 0 0 S 6,806 110,676 132,155
h1emllnanu 61,020 6,700 2,158 f 37,603 1,216 129,197 771,321
Miacclhnem Reveue 17,179 12,729 0 12,806 100 12,611 U,923
T9W Reeeeae 2,%7,608 601,967 39,662 70,609 IO,124 3,682,970 7,777,836
Rvpmd'6ro
Currtra:
General Gwemnwa 628,061 19,129 0 0 0 847,493 711,669
Public Sakty 1,7M,459 0 0 0 12,108 1,7%,667 1,%9,592
TnnrpoNtion 316,166 0 0 0 0 316,166 /65,216
P.canomie Envimnmo6 0 166,762 0 0 0 166,762 16,607
Cuhum W Recwlion 139,619 0 0 0 0 139,8]9 28230
Inlemel Service 68,071 0 0 0 0 86,072 86,277
Debt Service:
Principl RtlimneN 0 0 171,131 0 0 171,131 106.753
In1eW W Foal Clurga 0 0 321,427 0 0 724,127 736,802
Gpiel OwhY 0 0 0 2,676,621 0 2,678,821 2,927,482
('fatal Rapendharo) p,356,S8d) (185.791) (796,576) (2.678.821) (12.108) (7,030.178) (7,201.620)
Earos (Defciearl) d Rermae Ora (Uad1r) Erpmditoro (3%.972) 119.176 (756.916) (2.608,212) (2,7Sp (3,317,208) [l,467,78q
Other Paarmg Soartel Nro)
Lorn Proeerdv 0 0 0 I,IA,619 0 I,IA,619 0
(Lan Pwneing GW) 0 0 0 (3,000) 0 (3,000) 0
Operating Tnrokra (n 355,101 0 756,330 136,073 6,000 1,157,186 1,116,835
(Operating Ttwfas Ora) pN,733) ({36,011) 0 0 0 (780,366) ry18,6%)
ToW Other Paatbg Soarta Ohas) 210,7/6 ({36,011) 75650 1,312,651 6,000 I,M9,739 4%,1{0
Hrces (Ddcimq) d Beeman aad Other P6eedeg Sasrea
Geer (Ueda) PapmdRarn aad Olhn Paeadag Ilrn (186,716) (16.833) (5667 (1.293,538) 3.716 (1,497,NA) (2,969,6H)
Pearl 6allaro, ReglaahgdYmr 1,117,207 388,15] ]5,006 1,317,101 16,672 2,901,M2 3,671,086
Rnidaal Pgahy Traufa la (0017 (IA,799) 179,399 0 0 0 0 0
Faad Ralaaro, Bad d Ym f 719,562 f 351,017 f 3{,110 f 31,316 f 20,788 f 1,106,973 f 2,901,M2
$e6 aCCOI11PL1yI08 IIOIm
Mss
Tvu
liceoree r hnele
SuleSbued Rerese
Olber Rerem¢
CTe{n Porbenku
i;ro. r Pnr7rinre4
teen. le<om
MnxWm~Yereeoe
TeW Rase
PaPSf1~s
CWnd:
aemd omm.®ed
iLbOc Sekry
Tnmpwlrioe
Fiae®c Fa/vemsd
Rlnrt W Reemlioe
L1nro1 Servkee
Oe619<nia:
Rimipd Ps16eme
lernw r Fv<V CLutn
Cpin~ 0~1k7
R.1.1 Expflaea)
P.trB OMLdsg7 NRnse Oyer
N96n1 P~9~
014r Fier,at Slot!! (U.ml
Lan Roceede
(lao Fimroieb Cou)
Openlint Tnmk n le
(Openlioj Tnrokn OoO
TaW OOrr Fs~eit Seerers Iilb)
Poem (orr~2s<7) a Rerewe r OOer
Puck Seaca Oro (tlederl
P+Proaeee w Oba F.r.s 111!
Pr w..ea. oetehr 4 tf9o
RmOW P.gil) Ttilhr b IDw)
Pr Belem, SePlratn b, i9f1
COMBTN® STATEMEPlT OF RBVF.NUFS, BXPFNDI'R1RES AND
CHANGES IN FUND BALANCES - BUDGLrI' AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
POR THE FISCAL YEAR BIYDBD SPPTTFMBBR 30, 1991
CITY OF ATLANTIC BEACH, FLORH)A Pagr l oJ1 Pales
Ctevd Pod S pteil Re9e~1e Fr Dept SQ7ire Fod
Vbrileee Vae6lace V1rilre
Pnortb4 F~nn01e P1r9e164
t.dset dNd N16.9nbir) 6 et Atteai (DNswnAle) she[ AtLd N9IIewaEk)
51,671,97/ fI,697,90- f 21,932 f 4It~60 f 39),163 3 pi,19'~ f 39,033 3 37,IM t (1,119)
133,6W 179?IIl p6,T971 0 0 0 0 0 0
901,771 921,T10 15,411 0 0 0 0 0 0
Iss6o v.us e,zss 219,go 1u,3)s pl,OV) 0 0 0
zsw xa6z pm o 0 0 0 0 0
n,ooo lol,r7o II,tA 0 0 0 0 0 0
91.959 61,@0 P1,939) 0 6,700 6,')00 1,000 T,ISt 1,{St
13,103 I7,IA /,071 3,000 17,89 9,719 0 0 0
3,941,413 T,%7,601 9,1% 6q,760 q1,%) p3,')9J) q,OSI 79,662 p91)
ft0,791 176,061 57,717 20,500 19,429 1,0)1 0 0 0
I,t21,9N I,)N,IS9 q,SV 0 0 0 0 0 0
sl],OO 316,166 WI 0 0 0 0 0 0
0 0 0 161,900 166,762 v,Sl1 0 0 0
165,371 139,119 v,SSJ 0 0 0 0 0 0
%,t% 16,072 7,121 0 0 0 0 0 0
0 0 0 0 0 0 %1,509 Q1.131 W,)St
0 0 0 0 0 0 NI,SV 374,!17 17,0-5
0 0 0 0 0 0 0 0 0
p,464,090) p.356S6q ~~ pm,go) (113,790 v,g9 pOJ,OII) ~'~ 106.153
(s33b7/) P%,97Z) I%,AS 1)1,360 119,176 (IZ,IM p62,97h ps6,9I6) 106,061
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
!62,31) !55,101 p,416) 0 0 0 162,971 J%]30 (106,626)
p15,12O PNa53) 769 pA,IM (IJ6,OID 313,1y 0 0 0
317,393 210,716 (6.617) p)9,131) (136,011) 31J,IV 16i,97t ~ (106,6Tn
p 11.26ry (116,226) UO,OSt p{1,O7Q (16,tli) 731,v9 0 P69 p66)
195,161 1,117,207 6z2,Otl 229,973 316,153 151,110 36,502 75,006 (1./%)
(1)6,110) (179,799) pS19) 176,610 IAJ99 2,519 0 0 0
)q,s11 719,SR ~ T~fi39 ~ T Jb,so2 f 71.410 ~ (2,067)
$0t 2CODIIIQMY111g OOIES.
6
i~ s B~ ~^ ~ ~ ~ ^~ ~ ~ ~ ~ ~ i~ ~ ~ ~ ~ w
COMBINED STATEAiF.NT OF REYFAVIIES, BXPFSipP1URL+S AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
ALL COVFJWMENTAL FUND TYEESS
FOR THE FISCAL YEAR ENDED SEF'1'F~NBER 30, 1991
CITY OF ATLANTIC BEACH, FLORLDA Agt 2 oj2 Pbga
!terse
Tae
liesauul famiu
5te1o66oN tleraere
Omer feer/oraeaW sonm
CLuSee Far3enicn
Fm u! Farleaw
Leoet heave
M'oa0.vewrserese
TeW ttea:aww
P~pfas
coves:
amN aoe,ms
ra56a s7a1
ileagaretiae
F<omoic Pnvi~aosre
LbOae o! Ftecralia
NIeeW faven
IkM Service:
Prieciptl FW"vmey
Ieert+ed PvW Cber/ee
~roiel ow.>
tr.1r Fsrefere)
Psee (OeGisq) e/ Reeeo~n Oyer
Ohm+l Fi/eo64oe
(h4r Per.ris5 Scarce libel
Laeo RaeaOe
(Lao Fu>.rcio/ Cab)
a9~a rr.a.6:n h
(Operelia Trwkn Oa0
TeW Omer Pietas Seam Obe)
Pxm (Ob•.du17) of Revsn ue1 Ome Frcia
Stare Ore fihde) P+Pefeea N Ome
Prtla Ilea
P.1 Belloe, Otlaber 1, 1990
Rei,hY P.p47 Trrde h IOSI
Pad tlelru, SepsM 70,1991
Gsit11 PreJerJ1 Psd9 TMW 161erPaYer Otl9)
Yan~[e Vsrysm
P~wnfk P~ien4k
sue. _ A4u1 ((M~AnMd ~ Aeml NO/awn6le)
f O f 0 f 0 f 2,00.790 f I,In,2'/6 f I,tp
0 0 0 155,60(1 129x00 R6.29'i/
0 0 0 901,712 921,210 17,4p
0 0 0 211,9m 2I2, 130 R2,71q
0 0 0 2370 2,762 (ISU
0 0 0 57,1100 101,/70 II,t70
0 17,p3 77,103 91,959 127,911 31,mZ
0 12,W6 12,m6 Ib,lm 12,714 26,609
0 70,609 70,6m 7,629,2m 7,6n,N6 tl
6m
,
0 0 0 901,291 N7,N7 67.79/
0 0 0 I.P11,9N I,iN,IH q3u
0 0 0 517,OA 116,([6 pl
0 0 0 Ip,9m 166362 22,5)/
0 0 0 1613n 179,/19 25357
0 0 0 91,596 p,On 7,/24
0 0 0
0 0 0
3,p1,16/ 2,677,QI I,In,647
R.bn,/20 1,1 w
O.p1,16q R,605,21D 1,197,276
597371 I,IA,619 212,013
0 R.OmI p,aay
4A,91s 136,m5 817,910)
0 0 0
137 ,329 I~ (61~
R.ro,93A (1,295359 I,IL371
2,n1,4T2 1347,101 (137131y
0 0 0
I ~97.+~5 ~ ~ RI5,91
Sce /coolnpanyieg holes.
161309 171,131 p315
w3zz 5u,m 17,095
),IDI,Ip 2,6]/,RI 1,121,617
(/391,919) ~ 13p,219
(1,7p,763) p3N,92~ I.ro.t99
/91374 1,179,619 2p,M5
0 R,OOq 8,0001
1.9m,450 I,N7,116 (457,960
(1,121331) 8/0366) 314,192
1,67/,465 j, 1~,71g 161,271
RA90.2971 (1301,1671 1359.112
7,4/3,061 3,M,7A (593.291)
0 0 0
I~ 3~ I.)p
7
COMBIN® STATBMEM' OF RBYFIVIIES, E]LPFd~ISL+S AND
CHANGES IN RETAINED BARNINGS/FUND BALANC&S
AIL PROPRIETARY FUND TYPES AND PENSION TRUST FUND
FOR TFIB FISCAL YR.AR H~ID® SFPT'®11BER 30, 1991
CITY OF ATLANTIC BEACH, FLORIDA
F
FwKk4q NxLr1
Fod
TaW1
Fob Rew (INesn~do A17)
Traal 1~1 ~/9f
Operlliag teears
CuYOmu C6a,Eea f 3,2~,Ii7 S 0 f 3,207,/17 S 3,011,%S
Fmpb3er's Coalr'Mtiom 0 118,428 IM./M 131301
Empb7aY Coatrbtio~u o u.1n z1.an via
SWe Ca,lriweiom 0 61,162 61,162 51,312
Firomp on InvaOnnra 0 157,152 137,152 37,201
OOsr lncann 220,186 0 220.886 /58,139
TaW Oper.ti.E Rere~a 3,121,70] 69!,169 4,115,78 3,161,213
D ~F~
Penaul5mices
181,367
0
1M363
789.632
Cmenuxual5ervied 538,135 D 558,135 318,156
Supplin 161.211 0 161,211 183,939
Repair and Maoeauoce 130,250 0 330.730 208,666
Hoy t.i1J1 and Power 231,470 0 231,170 221,%1
Oepreeiauon 628,531 0 628331 393.916
Amoa'vilion 100,000 0 100.000 100,000
Older F.apemn 170,613 0 170.645 128,080
Ra'nernni benef4 0 89,899 89,899 87,052
1'foW OperatiaR P:penaea) (3,Ia,811) (89.199) (3.191.710) (1,438,712)
OperatioE Income 319,192 601370 921,062 825,503
Nmopeat4E Iabome (Rspmae)
OpnalinE Goa 0 0 0 30,112
Camiea7bn Clurgn 116,961 0 1/6,961 118,831
Sewer Genenlion Clurbn 101,619 0 104.619 %,786
Imerta Income 417,761 0 417,761 M9,173
Omaea Expmre) (191.089) 0 (391.019) (388.8%)
(Loaq on Arra DupoW and AMndomnem p3I,037) 0 (91.037) Clay
Te1a1 No~spatliE to6sre (Eapema) 187,228 0 187,228 706,158
9kl lmmme Rdare~Trnefen 506,720 601370 1,108,290 1,131,%1
Sa E0000111>QI)70g 001!8.
8
w a w ~^ ~ w w ~^ ~ ~ a w w w w w w w ~^
COMBOIPD STATBMHYI' OF REVENUES, > AND
CHANCES DV REI'AINFD EARNINGSlFUND 6ALANCES
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUND
FOR THE FISCAL VEAR I~ID® SEPTF111R®t 30, 1991
CITY OF ATLANTIC BEACH, FLORmA
(CondltdaQ
qhe Piwri6 Sewe+a (Uus)
Oyae0nb Tnrofa. U
(Opmlins T~rkn Ou)
rw pM FLu.d.R s..rri Rl~ed
Net I~mre
a PkN Aeeeb AcpM 15 StetnAeM
Rereion F.eterrg Rewk3d Fir CyRd AtgmfSoe
Iwrae L Rafaiud F.er~Yp/Pd ta4~ro
Rehl~ed Firni~rlPd MY~ed, DQLuIeR ~f Ynr
ReUld PJrnigelFd Rdore, Pad of Yev
FnOrYlvf FAN 7'MLY
PaN Pmir (blesn~ds Od5)
ie Trvt Iffl Of0
s o s z,ILO s z,la s z,ILo
(6na6m o (a7s,zcol (soo,zbu
c6n,z6g za4o (6n,IZOI (L%.ug
(166310) 607,710 L31,I70 6Y3,t20
i%,bN 0
711304 603,710
6,035,002 2,166,54{
f b,o673% s 3,070,75{
1%,t1L 191,936
632,014
10,501,5(6 621,756
9,675,7%
f 14133360 S 10,101,5/6
Sa accompanying no14.
9
COMBINED STATF.ATENT OF CASH FLOWS
PROPRIETARY FUND TYPES -ENTERPRISE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1991
CITY OF ATLANTTC BEACH, FLORH)A
Cash flows From Operating ActiriGa
Opeuting Income S 319,492
Adjustments to Rewacile Operaing Lsenme to Net Cash
Provided By Olwatiom:
Deprsiation of Plan[ 62E,534
Amortintioo of Intangible Assoc 100.000
Changes in Aeaels - (Iocresse) Daresse:
Aaamb Receivable (39,061)
Due Fmm Other Gsrvernmenta (43,800)
Inventory (8,892)
Other Current Aautr (18,841)
Changes is liabilities -Increase (Decrease):
Atzamtr Payable and Atxrsred Liabilities 148,550
Cusmmer Deposits 66.978
NN Cash Prorided By Opentirsg Atiirities 1.152,960
Cash Fbws From NaotapiW Fronting Activities
Comsxlicn Charges 146,964
Sewer Generation Charges 104,649
Opeating Tnosfess OW m 01ber Funds (616,168)
Operating Tramfae /a Fsmn Other Ftuds 63,651
Repayment of Im Fmm Older Funds (25,474)
Ingo Proceeds Fmm Other Funds 22,733
Net Cash (Used In) NoonpiW Finanring Actirities (303,645)
Cash Fbws From Capita and Related Fimntirtg Attivites
Callectiaas en Special Aasessmm4 126,326
Pmpeny, Plmt and Equipment Additions (757,828)
Prixipal Payments w Bonds (231,801)
Interest Paid (372,361)
Operating Ttanefas OW b OILer Funds (122,743)
Net Cash Need In) Capita and Boated Fnaraing Attivites (1,358,40'7)
Cash Flows From Investing Aetiritits
Invealmeatr Purchased (16,471)
Interest Lrome 417,761
Net Cash Proritkd By Inveatiry( Activities 401,290
Net (Devease) in Cash and Cash Espdrakntr (107.602)
Cash and Cash Egtdrahntr, October 1, 19;8 4,926,414
Cash and Cash Etpdvalatla, Seplemher 30, 1991 f 4,620,612
See accompanying notes
10
1
1
COMBINED STATEMENT OF CASH FLOWS
PROPAIEPARY FUND TYPES - ENTERPRISE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1991
CITY OF ATLANTIC BEACH, FLORIDA
(Cond/ait~
Srhedute of Nonraeh Tousling, Capilel and Financing Transactions
Tramkr oy Section "H' Asst From Capita
Projects F~md and Liability From Ceoaal
Loetg-Term Obiig-tiooc Atcwmt Croup:
Section 'H" Aaret
Naa Pryable
Contributtd Capital
NH Noncash Trattsatlion
EstaWisb Spatial Assesattmt For Section "H" Project
Spoeial Asceaammt Receivabb
Contributed Capital
Nel Nonrach Transaction
Rteord Donated Ane1s
Antic Contributed
Contributed Capital
Net Nontash Tnnsutian
Abandoned Project - Beaeh Avenue
Sa accompanying sots.
I1
S 1,680,771
(1,160,908)
(519,863)
S 0
f 1,160,908
(1.160,908)
f 0
S 62,700
(62,700)
f 0
S (91,os~
Note 1
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FI.ORmA
Summary of Signifieant Accounting Polldes
The City of Atlantic Beach, Florida (the City), u incorporated and operates under a form
of government which comprises an elected City Commission (four Commissioners attd a
Mayor-Commissioner) and provides, under the administration of an appointed City Manager,
the following services: Public Safety (poflce and fice), Public Works (streets and
infrastructure), Recreation, Sanitation, Punning, Zoning, Water and Sewer Services and
General and Adminisvazive Services.
The accounting policies of the City conform to generally accepted accounting principles as
applicablemgovenunents. The following isasummary of the more significant policies used
in the preparation of these financial statements.
Reporting Entity
The basic ttiterion for including an agency, institution, authority, or other organization in
a governmental unit's reporting entity is the exercise of oversight responsibility over such
entities by the governmental unit's elected officials. Oversight responsibility is defined m
include, but is not limited to: financial interdependency; selection of governing authority;
designation of management; ability to significantly influence operazions; accountability for
fiscal matters; and other factors including special financial rdaziouships. There are no
entities over which the City exerts any type of influence and, accordingly, the accompanying
general purpose financial staemen[s include only the fund types and account groups of the
City itself.
Fund Accounting
The accounts of the City are organized on the basis of funds or account groups, each of
which is considered a separate accounting entity. The operations of each fund are accounted
for using a separate set of self-balancing accounts which comprise its assets, liabilities, fund
equities, revenue and expenditures or expenses. The vazious funds are grouped by type in
the financial statements. The following fund types and account groups are used by the City.
^ GorernmenWl Fund Types
General Fund -The Genera] Fund is the general operating fund of the City. It is used
to account for all financial resources, except those required m be accounted for N
atwther fund.
Spatial Rerenue Funds -The Special Revenue Funds are used to account for the
proceeds of specific revenue sources (other than major capital projects or expendable
vests) that are legally restritxed to expenditures for specified purposes.
Debt Service Fund -The Debt Service Fund is used to accoutrt for the accumulazion of
resources for, and Ne payment of, long-term debt principal, interest and cdazed costs
other than obligations payable from the oparazions of the Enterprise Funds.
12
r
1
1
Note 1
NOTFS TO FINANCIAL STATEMENTS
C1TY OF ATLANTIC BEACH, FLORIDA
(Conrinurd)
Summary of Significant Atxwunting PoBdea (Continued)
Fund Aooounling (Conefuded)
^ Governmental Fund Types (Concluded)
Capital Projects Funds - Capiul Projects Funds are used to account for the financial
resources a be used for the acquisition or construction of major capital facilities (other
than those financed by Enterprise and Special Revenue Funds).
^ Proprietary Fund Types
Fnterprlse Funds -Enterprise Funds are used m account for wazer, sewer and sanitation
operations which are financed and operated in a manner similar to privaze business
enterprises. The costs of providing goods or services to the general public are financed
or recovered primarily through user charges.
• Fidudary Fund Types
Trust and Agency Funds -Trust Funds are used [o account for assets Geld as a trustee
or agent by the City for others. The Pension Trust Fund is accounted for in essentially
the same manner as Proprietary Funds. The Expendable Trust Fund is acwunted for in
essentially the same manner as Governmental Funds. Agency Funds aze custodial in
aamre (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 the Enterprise Funds.
General Fixed Asset Account Group -This account group is used to account for all
fixed assazs of the City other than those accounted for in the Enterprise Funds.
Basis of Accounting and Measurement Focus
'Ihe accounting and reporting vestment applied to a fund is determined by its measurement
focus. Ail GovernmenW Funds and Expendable Trust Funds are accounted for on a
spending or 'financial Bow' measurement focus. This means that only wrtent areas and
wrtent liabilities are generally included on their balance sheets. Their reported fund balance
(net torten[ assets) is considered a measure of 'available spendable resources.'
Governmental fund operating statements present increases (revenues and other financial
sources} and decreases (expenditures and oNer financing uses) in net torten[ assets.
The Governmental Fund Types, Expendable Trust Fund and Agency Funds use the modified
accrual basis of accounting. Under the modified accrual bazis, revenues are recognized in
the accounting period in which they become available and measurable. Expenditures, other
than interest on general long-term deb[, which are recorded when due, are rewgnized in the
accounting period when inarted.
13
Note I
NOTFS TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Conrintud)
Summary of Significant Accounting Policies (Continued)
Basis of Aaounting end Measurement Focus (Canduded)
All Proprietary Funds and the Pension Trust Fund are accounted for on a cost of services
or 'capital maintenance' meaurement focus. This means that all assets and all liabilities
(wbethu current or concurrent) associated with their activity are included on their balance
sheets. Their reported (und equity (net total assets) is segregaze4 into contributed capital and
retained earnings wmponents. Proprietary Fund Type operating starements present increases
(revenues) and decreases (expenses) in net total assets.
The Proprietary Fund Types and Pension Trust Fund use the accrual basis of acwunting.
Revenue is recognized when earned and expenses are recognized when incurced. Water,
sewtt and sanitation services are billed to arstomers in advance on a quarterly cycle. A
receivable is recorded at year end for unpaid (delinquent) billings less an allowance for those
considered uncollectible.
Budgets
Genttal 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 monimred at varying levels of classification
detail; however, expenditures cannot legally exceed mW appropriations az the individual
fund level. The City curtendy does not use an encumbrance accounting system.
Budgets have been adopted for all Governmental Funds (General, Special Revenue, Debt
Service and Capital Projects Funds). The City Manager is authorized m transfer budgeted
amounts within departments within any fund; however, any revisions Wat inttease the total
expenditures of any depaztment or Pond must be approved by the City Commiuion. All
necessary supplemental appropriations wue adopted by the City Commission as part of a
quarterly budge review process and are included in the reported budgetary data. The budget
presented on the Combined Statement of Revenues, Expenditures and Changes m Fund
Balances -Budges and Actual is prepared on the GAAP basis.
Statement of Cash Flows
The City has presented a statement of rash Flows for the year ended Septembu 30, 1991,
m accordance with Governmental Accounting Standards Board Statement Number 9, rather
than a statement of changes tu financiaz position.
Cash and Investments
Except where prohibited, cash resources of the individual funds are combined m form a pool
of cash and investments. Investments in the Pooled Cash Fund coasist primarily of invested
rash and certificates of deposi[ which mature in one year or less plus cash invested with the
14
NOTFS TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (ConNnrud)
Note 1 - Summary of Significant Atxwunling PoGdes (Continued)
Cash and Investments (Cortdtukd)
State Board of Adminisvation. Intwest income earned on the pooled cash and investments
' is disvibuted m the approprfare funds based on the avwage monthly balance of investments
in each fund. Cash and investments in We Agency Funds represent employee deterred
compensation which is managed by the International City Managers' Associazion (ICMA).
' Investments are valued az cost, except for the investments of the deferred compensation and
pension vast funds, which are valued az markw (see Note 2).
' For the purposes of the statement of cuh Bows, the City considers cash and cash equivalents
m include cash and investments with an original maturity of three months or less.
Recevables
Receivables are recorded a[ their ntt realizable value. The allowance for unwllettible
accounts and assessments at September 30, 1991 is 529,377.
Inventories
Inventories wnsisting principally of expendable materials, supplies and fuel are dwermined
' by physical count at the City's year end and aze valued az the loww of cost (fast-in, fust-
out) or market.
1 During the year, inventory in the General Fund is recorded as an expenditure az We time of
purchase (purchase method) and convened m the consumption method for financial atazemem
purposes. The inventory balance reported is offsw by a fund balance reserve which indicates
' thaz i[ does not constimte'availablespenlable resources' even though it is a componem of
ntt current assar.
' Reslriwed Assets
Certain Enterprise Fund auets aze required m be segregated from othw current asses due
to various bond indenture agreements and City Ordinances. These assets are legally
resviwed for specific purposes, such as debt service, new wnstmttion, and renewals and
replacements.
Accounting For Fued Assets
Proprietary Fund capital expenditures made for revenuaproducing assets, which are
employed in operations maz are accounted for in the Proprietary Fulls, are capitalized az
historical costs and depreciated using the svaight-line method ova the'v estimated useful
lives as follows:
Buildings and Impmvemems 40 Years
' Improvements Othw Than Buildings 10.50 Years
Equipmem 3-40 Years
IS
Note 1 -
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTTC BEACH, FLORIDA
(Continued)
Summery of Sgnificant Aaounting Policies (Continued)
Accounting For Fixed Assets (Corteluded)
Contributed assets are recorded at fair market value at the date of contribution. Depreciation
recognized on assns acquired or constructed through resources eztetnally restricted for
capital acquisitions is closed to the appropriate contributed fund equity account.
General Fixed Assets Account Groups are feed assets used in governmental fund type
operazions and are accounted for in the General Fired Assets Actount Group rather than io
governmental funds, All feed assets aze valued az hisarical cost. Donated fixed assets are
valued az their estimated fair value on the date donated. No deprecation has been provided
on general fixed assets. Public domain ('infrastntcNre')gertera] feed assets such az streets
and sidewalks that are generally immovable aM of value ody to the City of Atlantic Beach
bave not been capitalized.
Atcounting For Long-Term Obligations
Long-teen 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 obligazion bonds and whet forms of long-term obligations supported by
general revenue are obligations of the Ciry ss a whole and tat its individual rgnstiNent
funds. Accordingly, such unmatured obligations of the City are accounted for in the General
Long-Term Obligations Account Group (see Note 5).
Compensated Absences
Accumulated unpaid vacation and sick pay are accrued when incurced in proprietary funds.
7Le amount of accumulated vacation and sick pay reodrded in the governmental funds is that
amount, adjusted to current salary costs, which is expected to De liquidazed with expendable
available financial resources. Only the cuttent portion is reflected in the funds. The
remainder of the liability is reported in the General Long Tenn Obligaions Account Group.
The guidelines of Financial Accounting Startdards Boazd Statement No. 43 were applied in
determining the liability for bold govemmenW and proprietary funds.
Revenue Rtxognition
Utility revenues are recorded when received and adjusted to the accrual basis for fuancial
reporting. Restritted grant revenues, which are received but not expended are recorded as
deferred revenues. Grant revenues receivable are rewtded when reimbursable expenditures
on those grants bave been inatted but rat reimbursed.
Property Taxes
The assessment of all properties and the collettion of all property taxes are made ihrougfi
the Progeny Appraiser and Taz Collector of the City of Jacksonville, Florida. General
ProPertY fazes are recorded az received, in cash, which approximates taxes levied Tess
discounts for the curcent fiscal year.
16
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
Note t - Summary of Signllicant Atxounling Policies (Continued)
A Property Taxes (Corteluded)
Taxes aze levied on November 1 of each year. All taxes become delinquent on April 1 of
the following yeaz. Discounts are allowed for early payment. On or prior m love 1,
certificates bearing interest ar IS% are sold for all uncollected real property taxes. Uosold
certificates are Geld by the City of laclcsooville, Florida.
Interfund Transactions
During the course of normal operations, the City bas various transactions bctrveen funds to
construct assets and comply with local ordinances and other legal restrictions. These
transactions are reflected as operating transfers (see Note 9).
Passion Plans
The City accounts for its pension plans undtt Financial Accounting Standards Board
StatementNo.35, Accounting and Reporting lryDefrned BeneJtt Pension Plans. The pension
plans cover substantially all of the City's tulHime employees. The City rewrds pension
' costs in the period salaries are gamed. Pension expense includes normal cost plus
amortization of past service wst aver twenty-five years (see Note 7).
Deferred Compensation Plan
' This City reports its internal Revenue Code Section 457 deferced compensation plan as an
agency fund N accordance with Governmental Accounting Standards Board Statement No. 2
' (see Note B).
ConMbuted Capital
Contributed capital in the proprietary fund types represents contributions from other funds,
' developers, and fedecal, state and local grant programs. Convibutions are used primarily
for capita outlay projects and are recognized as increases in equity in the period they are
' earned or received.
Reserve of Fund Balanar and Rdained 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 reserved fund balance in the Special Revenue Fund is for payment of long-term
debt (f 157,669), road and sveet expenditures (f207,739), arid tourism development
' (f I85,l09). The reserved Pond balance in the Capital Projects Funds is reserved for atreeu
and drainage projects.
Reserves recorded in the enterprise funds are tteated by the existence of assets restricted for
debt service, wnstrnction, renewals and replacements. The'Other Reserves' of (428,697
are the State Revenue Generation Charges reserved for future sewer plant expansion.
' 17
Note 1 -
Note 2 -
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Continued)
Summery of Significant Accounting Polities (Canduded)
Total Columns on Combined Statements
Total columns on dte combined financial statements are captioned 'Memorandum Only' m
indicate that they are presented only m facilitate financial analysis. Data in these columns
do not present financial position, results of operations, or cash flows in conformity with
generally accepted accounting principles. Neither is such data comparable m a
consolidation. Interfund eliminations have not been made in the aggregate of this data. 7'he
totals for 1990 are presented for the purpose of additional analysis and are not a requ'ved
part of the general purpose financial statements.
Cash and InreslmenLs
The City maintains a cash and investment pool that is designed for use by all funds, except
for those monies which aze periodically vansferced a the pension custodian and the deferred
compensation plan adminisvators. In addition, investments are sepazately held and
individually acwunted for by several of the Ciy's funds where convattual arrangements and
bond wvenants provide for and require such azrangements. The deposits and investment/
of the pension [mst fund which have been vansferced to We pension wstodian are held
separazely from those of other City funds and are required m be administered by an
investment advisor.
At September 30, 1991, the carrying amount of cash on hand and on deposit with banks,
including interest-bearing deposits, was 5343,661, and rite related bank balance was
S(t(16,417. Monies which are placed on deposit with financial institutions in the form of
demand deposit accounts, time deposit accounts and certificates of deposit are defined as
public deposits. All of dte City's public deposits aze held in qualified public depositories
pursuant to State of Florida Statutes, Chapter 280, 'Florida Security for Public Deposits
AM-. Under the Act, all qualified public depositories are required to pledge eligible
collateral having a market value equal m or greater than the average daily or monthly
balance of all public deposits, times the depository's collatttal pledged level. The pledging
level may range from 50% to 125% depending upon the deposimry's fmancial condition and
establishment period. All collateral must be deposited with an approved financial institution.
Any losses to 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 az the depository in default.
The City's investment practices are also governed by Chapter 260, Florida Statutes, which
allows the City to invest in certificates of deposit, naney market certificates, obligations of
the U.S. Treasury, its agencies and instmmentalities, repurchase and reverse repurchase
agreements collateralized by U.S. securities, and the State Board of Adminisvation. The
pennon trust funds are also authorized tu invest in corporate bonds, preferred stocks,
common stocks, and mutual funds.
18
r
e~
C
t
I
NOTFS TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
I (Contfnue~
Note 2 - Cash and Investments (Conducted)
I Cazh and invesWents az September 30, 1991, are categorized in accordance with GASB
Statement No. 3 m indicate the level of risk assumed by the City. 'fie pension investments
I held by Sun Bank Trust Depamnent are coatidered to be category one credit risk
investments, which mesas that they are fully insured (5100,000 per participant). 1be
deposits and investments with state agencies and the International City Managers'
I Association (deferred compensation) are not classified by credit risk since they are held by
independent agencies. There were no violations of Ne legal or contractual provisions for
deposits and investments.
I The total cash and investment balance of the City is comprised of the following items:
Cash
' Petty Cash on Hand S 500
Savings and Money Market Accounts 343,161
Total Cash ~ 343,661
I
Pension Trust Investments
Short-Term Treazury Portfolio p5,606
I High Grade Equity Fund 834,052
High Grade Bond Fund 1,973,472
Total Pension Trust Investments 2,963,130
I Investments
Investments With ICMA 97,5(2
Invested Cash in &crow and Cazh With Fiscal Agent 480,044
I Investment With State Board of Administration 5,951,886
Total Investments 6,529,442
I Total Cash and Investments 9,656,233
I (Restricted Cash and Investments) (2,594,563)
Total Unrestricted Cash and investmans f 7,261,670
I
Note 3 - Special Assessment
I During 1991, the City imposed a special azsessment on residents in a certain area of the City
known as 'Section H' a recover a portion of the costs of water aM wastewater
improvements construmed by the Ciry in that area. Assessments are payable in equal annual
I imullments over twenty years plus interest ar 8.65%. Initial asesmments are bazed on front
footage.
I f9
I
NOTES TO FINANCIAL, SfATEMENfS
CITY OF ATLANTIC BEACH, FLORIDA
(ConNnae~
Note 3 - Spedal Assessment (Conducted)
Following is a summary of the outstaz)ding balance az September 30, 1991:
Principal Receivable, September 30, 1991 S 1,034,582
(C1lrrent Portion) (51,670)
I'rinripal Receivable -Noncurrent S 982,912
No/e 4 - Property, Plant and Equipment
A summary of changes in general feed assets follows:
Balance B.,anct
10/]roo Addilior55 (Di3posal5) Tra3atas 9/30ro1
l~od S 561,407 f 561,407
Buildings 1,122,023 f 960,183 2,082,206
Improvelrcnk Other
Than Buildings 473,207 S 84.823 0 558,030
Bquipment 1,038,571 453,946 f (15,952) 0 1,476,565
Construction-in-Progress 357,381 602,802 0 (960,183) 0
7oW Property, Plant
and Fquipmalt S 3,552,589 f 1,141,571 f (15,952) S O f 4,678,208
A summary of feed assets of the Enterprise Funds at September 30, 1991, follows:
w.le
Frd
sewer 5
Foil
rialioa
FW It~~ n
wwr
Prd iaaiH
SIwQ
Frd O.t Baeaor
ww,
Prd Pd rar
falerpYe
Frill
4m S 251,311 f ]6,661 f 11],]99 f 125,551
IWOduaa f 793,]15 305.655 92,371 112,639 1,171,]57
ivpr9vsmenu
00wr 7Wv
au0dinle 3,OOD,342 7,615,012 1,5]1,557 3,396,912 S 112,119 f 111,513 15,131,101
NuSiary ed
Fqufpnne 115,730 2N,n6 t 350,521 63,13] 70,21] 0 1,940 1,03],721
(ACCUwYUd
Ikq,ecieuoo)
Coouuatiao- (1,000,114) (1,631,019 (301,906) 899.164) (561,17(0 (13,149 p2,127) H,039,219
utPml,su 59,113 0 0 31,750 163,IOD 0 0 236,305
They f 2,569,711 f 6,]69,776 f 25I,7U f 1,369,932 3 3,27).n7 f 139.27! f 7!5,151 f 11,9)9,50/
20
1
r
i
1
' NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANfiC BE
ACH, FLORIDA
' ,n
(COI111nYCu]
Note S - Long-Term Obligations
The following is a summary of the long-term obligations of the City for We year ended
September 30, 1991:
' Geeed I.9q.Te.v ODOaaasO
lulallmml
Geed N9W Accnad TneOr tre Ponds
'
~K~ aneae Obtigatim Nde and One C9mpmelie aesae
Boadr Bonds Pgdae 11Mi8adm3 Abse9e Baadt Neaa
Payab4 ToW
Pgable e
10/190 f 6]],781 S ]6],OOp 33,383,000 f 711,301 f 129,015 f0,3W,100 f 0 f8,9T-,278
Nsv Ik61 832,173 p 0 ]2],880 16,386 0 0 I,l%,103
Pirc',PJ
RewN (131,182) (iO,Q)01 (183,000) (103,633) 0 (131.800) 0 (707,91'!)
T,wan 0 0 (1,160.9pq 0 0 0 1.160.908 0
' P~rya6~ke
9/3091 f 1,738,071 f 137,000 52,039,092 f 537,191 f 113,601 ft.l 1],100 51,160,908 (9,171,326
' Bonds payable at September 30, 1991 are comprised of the followin g individual issues:
General Obligation Bonds
1971 Sewer System Serial Bonds, Payable in Annual
Installments of 530,000 m 540,000 Principal Plus
Semiannual Interest at 5.75% Through 1995. S ]37,000
Revenue Bonds
1985 Buccaneer DisVict Water and Sewer Serial Bonds
' ,
Payable in Annual Installments of Principal and Semiannual
Installments of Interest at 9 % Through 2000. Total Payments
are Approximately 5340,000 Annually. 2,082,300
State Pollution Convol Bonds, Series 'Q', Payable in Annual
Installments of Approximately 5185,000 Including Interest of
8% Through 2000. 1,750,000
' 1985 Florida Municipal Loan Council Pooled Loan Program
Revenue Bonds Payable in Quarterly Installments of 540,371
Plus Interest Through 1995, Bearing Interest at a Vaziable
Rate (Approximately 4.986% at September 30, 1991). 1,338,434
1989 Oak Harbor and Sewer District Revenue Bonds, Payable in
Annual Installments of Principal and Semiannual Insallments
of Interest at 8% Through 2015. Total Payments are Approxi-
mately 580,000 Annually. 885,000
' Total Bonds Payable S 5,592,734
r 21
r
Note 5 -
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Conrinaed)
Long-Term ObGgalions (Continuea7
Notes Payable and Lease Obligations
Notes payable at September 30, 1991 are comprised of the following:
City of Culf Breeze, Florida, Local Government Loan
Paol Program, Government Uuit Note, Payable in
Amual installments of Principal and Semiannual
Installments of interest ar a Floating Raze tacreasing
From 6.50% m 6.85% Over the Term of the Note. Total
Payments are Approximately 5225,000 Amually. The Note
is Secured By the City's Utility Service Taxes and Ne
Local Option Gaz Taxes. S 1,110,000
City of Gulf Breeze, Florida, Local Government Loan
Pool Program, Govermnent Unit Note, Payable in
Annual Installments of Principal and Semiannual
lastallments of interest at a Floating Raze increazing
From 7.40% m 7.70% Over the Term of the Note. Total
Payments are Approximaely 5195,000 Annually. The Note
is Secured By the City's Utility Service Taxes. 2,090,000
Installment Note, General Electric Fleet Services, Inc.,
Payable in Monthly Instalments of 53,283, Including
Interest at 8.1 %. 31,648
installment Note, General Electric Fleet Services, Inc.,
Payable in Monthly Installments of 56,199, Including
Interest at 8.1 %. 187,762
Capital Lease, Sun Bank, N.A., Payable in Monthly Installments
of 56,529, Including Interest at 7.29%. 313,781
Total Notes Payable and Lease Obligations S 3,733,191
Upon completion of the water and waztewater portion of the City's Section H project, the
City transferred assets totalling 51,680,771 from the Capital Projects Funds to the Enterprise
Funds and liabilities (Note Payable - City of Gulf Breeze) of 51,160,906 from the General
Long-Term Obligations Account Group to the Enterprise Funds. The liability transferted
represents the portion of the project expected to be paid from Enterprise Fund revenues.
22
1
1
1
1
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORH)A
(Continued
Note 5 - Long-Term Obligations (Continued)
The annual requirements m amortize all debts outstanding (excluding accrued compensated
absences) at September 30, 1991 are az follows:
Garral Loug-Term Obligafio~
Aexwunt Group Enlerpnae Funds
' 9/30 Pn=~ Inte+et 7ota1 PnnaDat Intuat Tole)
1992 S 514,298 S 247,603 S 761,911 S 117,218 S 333,824 S 451,042
1993 502,101 215,218 717,321 282,118 021,236 703,35d
1994 533,377 182,880 716,217 309,296 396,583 705,879
' 1995 479,834 151,414 671,248 335,096 369,648 701,744
1996 440.826 121,501 562,329 374,877 340,308 715,161
7lwmfter 1,577,317 763.997 2,339,314 3,859,607 2,367,088 6,206,695
T4nl S 4,047,717 S 1,660,653 S 5,728,770 S 5,278,208 S 4,206,687 S 9,686,895
' General obligazion bonds (1971 series) of the General Long-Term Obligations Account
' Group represent bonds issued by the City for conswaion, improvements and extensions to
the City's sewer system. These bolls were issued az general obligations of the City and,
therefore, are not obligations of the individual Enterprise (sewer) Fund.
~' During 1985, the City obtained a State Board Loan which is administered by the State Board
of Adminisvation and secured by State Pollution Convol Bonds, Series 'Q', to support
' funding for improvement and expansion of its sewer system. These bonds are payable from
pledged revenues derived from the operations of the sewer system. Under the terms of Ne
agrcement, the City may later pledge additional legal and available funds m repay the loan
az it deems appropriate.
During 1985, the City issued revenue bonds to acquire an additional water and sewer
system. These bonds are payable from the na revenues of the Buccaneer District Water and
' Sewer System and are not general obligations of the City.
During 1986, the City elected to panicipate in the Florida Municipal Loan Council Pooled
Loan Program (Revenue Bonds, Series 1985). Under this program, the City is eligible m
borrow up to 57,871,000 to be used to finance capital projects. At September 30, 1991,
51,336,434 waz outstanding and included az an obligation of the General Long-Term
' Obligations Account Group. The amortization schedule above includes interest on these
obligaions at an azsumed raze of 4.986%.
' During 1989, the City issued additional revenue bonds to acquire the Oak Harbor DIStrict
Water and Sewtt System. 711ese bonds are payable from the net revenues of this system and
are not general obligations of the City.
' 23
NOTES TO FINANCIAL STATEMENCS
CITY OF ATLANTIC BEACH, FLORH)A
(Continued)
Nole 5 - Long-Term Ob0gafions (Contfudrd)
During 1991, the City entered into a capital lease to purcbaze office equipment for
5327,464. The minimum leaze payments for the next five years are az follows: 1992 -
578,345; 1993 -576,345; 1994 -578,345; 1995 -578,345; and 1996 - 556,765. The
present value of the minimum leaze payments is 5313,781.
Revenue bonds of the Emerprise Funds contain various terms and covenants which require
the City to maintain adequate ustt rates and to account for the deposit and distribution of
revenues in accordance with established priorities. As of September 30, 1991, the City was
substantially is compliance with all such covenants, except that the renewal and replacement
account and the sicking fund accounts, az required by the ordinance that authorized the
purchase of the Oak Harbor water and sewer system, were unfunded.
Interest incurred during the year ended September 30, 1991 was 5324,427 in the Debt
Service Furl and 5391,069 in the Enterprise Funds. All the interest waz charged to expense
during the year.
Note 6 - Purchase of Oak Harbor
On Mazch 1, 1989, the City purcbazed the water distribution and sewer collection systems
from the Oak Harbor Water and Sewer Disvia for 5900,000. The acquisition waz financed
with Ne proceods from the Oak Harbor bond issue. The purchae price was in excess of
the fair value of the fixed assets acquired. The City haz allocated 5400,000 to the purchae
price of the feed assets and 5500,000 m the rights m furore revenues from this area. The
imangible asset is being amortized ova five years using the svaight-line method.
Amortization expense for 1991 waz 5100,000. The unamortized balance at September 30,
1991 waz 5241,667.
Note 7 - Empbyee Benefits
The City haz three aeparare defined benefit single-employer pension plans (Genttal
Employees', Police and Fvefighters') which cover substantially ali of its employees. The
City accounts for the plans az pension trust funds.
General Empbyeea' Pension Pion
All City employees, except for police, firefighters and part-time employees, are covered
ands the Genaal Employees' Pension Plan. Current membership is comprised of the
following:
24
1
1
' NOTES TO FINANCIAL STATEMENTS
' CITY OF ATLANTIC BEACH, FLORIDA
(Continrud)
Note 7 - Empbpee Benefits (Continued)
Gerwral Employees' Pension Plan (Continued)
' Retirees and Beneficiaries Curtendy Receiving Benefits 13
Vested Terminated Employees q
Active Employees:
Fully Vested 26
Nonvested 47
Total ~
Employees anaining the age of fA and completing five or more continuous years of service
are entitled m a monthly benefit of 2.25% of their average monthly earnings as defined in
the plan for pcb year of continuous service. AMive employees who become disabled
receive benefits computed az regular retirement benefits. If an active employee dies, his
designated beneficiary receives payments computed az regular retiremen[ beaefifs.
If a member's employment is terminated before he/she becomes eligible for any other
benefits under this plan, hehhe shalt receive a refund of hisPoer member conpributfons.
1 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
i
ret
rement under this plan, heJahe shall be entitled m a deterted vested benefit. The deferred
d b
fi
' veste
we
t ahali be hazed on monNly earnings and continuous service az of the
termination date.
The General Employees' Pension Plan was esublished pursuant to City Ordinance adopted
in t975 by the City Commission. The plan is also governed by certain provisions of
Chapter 112, Florida Statutes. The plan is administered by the Board of Trustees.
~' Po0
d Fi
f
h
'
ce an
re
ig
ters
Retirement System
Curcan membership in the Police and Firefighters' Retirement System is comprised of the
' following:
Retirees and Beneficiaries Curcently Receiving Benefits 3
Vested Terminated Employees 7
Active Employees:
Fully Vested ]q
Nonvested 10
Total 4
4
1
i 25
1
Note 7 -
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACiI, FLORIDA
(Conflnued)
Fmpbyce Bare/its (COnlGrrred)
Police and flreflgbters' Rel(rement Syslem (Condudaf)
Employees attaining the age of 60 and complaing five or more continuous years of service
are etnided to a monWy benefit at 2.4% of their avenge annual earnings as defined in the
plan for each yeaz of continuous service. Active employees who become disabled receive
benefits computed u regulaz ra'vemem benefits. If an aMive emptoyce dies, his/her
designated beneficiary ceceives paymema computed u regular rairemen[ benefits,
If a tnemba's employment is terminated before helshe becomes eligible for any other
benefits under this plan, he/she shall reeeive a refund of hisPoa member contributions.
)f a manta terminates his/ha employment either voluntarily or by lawful discharge after
the cotnplaion of a least five years of continuous service, but before becoming eligibte for
ret'vemem under Ibis plan, hNahe shill be entided m a deferred vested benefit. The deferted
vested benefit shall be based on monthly earnings and continuous service as of the
Lamination date.
The Police and F'vefightera' Passion Plan wu established pursuant m City Ordinance
adopted is 1975 by the City Commission. The plan is also govem~ by certain provisions
of Chapters 175 and 185, florida Statutes. The plan is administered by the Board of
Tmateea.
Summary of Significant AooounOng Polidea and Pion Asset Matters
Investments and Investmatt Inoome
Investments for the plans ue initially recorded oo the trade date. Investments are valued
az fair marks value. Marks viluea of invesuments are valued at the last reported sales price
on the last business day of the year from published sources. Investment policies are
daettnined by the Board ofTrustees and are implemented by investmem advisors. Earnings
on inveatmetns represent realized galas and losses, and the effects of adjusting the investment
portfolio to fair marks value az fisW year end.
Investmwts as of September 30, 1991 aze as follows
Fatr
Marks
Cost Value
Sun Bank High Grade Equity Fund S 689,101 S 834,052
Sun Bank High Grade Hotel Fund 1,601,922 1,973,472
Short-Term Treasury Portfolio 175,606 175,606
Tdai S 2,466,629 S 2,983,130
26
1
' NOT'FS TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORmA
' (Canrinrud)
Note 7 - Employee Benefits (Conrinurd)
Sumrtury of Significenl Aocounling Polidas and Plan Asset Matters (Continued)
' Rdaled Party Transactions
There are ra related party transanions recorded for any of the plans.
' Funding Status and Progress
The amount shown below as the 'pension benefit obligazion' is a standardized disclosure
measure of the present value of pension benefits, adjusted for the effects of projtcted salary
' intteazes, estimated to be payable in the furore az a result of employee service m date. 711is
measure is the acmariallydetermined present value using the credited projected benefits
method and is inteMed to (1) help users azsess the plan's funding stazus oa agoing-concern
' basis, (2) assess progress being made in accumulating sufficient assets to pay bwefits when
due, and (3) allow for comparisons among public employce retirement plans. The measure
is indgtendent of the actuarial (ending method used to daermine contributioas m the plan.
' 7'be petition benefit obligation waz determined as part of an actuarial valuazion of dre plan
as of September 30, 1990. Significant acuarial assumptions used in determining the peition
benefit obligation include (a) a rate of remm on the investment of present and furore assets
' of 8% per year compounded annually, (b) projected salary increazes of 6% per year
compounded amually, atuibutable to inflation, (c) additional projected salary increases
ranging from 0.0% to 3.0% per year, depending on age, atvibutable m seniority/merit; and
' (d) the assumption that benefits will not increase afttt retirement.
At September 30, 1990, the net asses were lower than the pension benefit obligazion
' by 598,921, deermined as follows:
Cmerel Police Fire
Pension Benefl Obligation
' Retirees and Ikaeficiaries CLrreotly
Receiving llcoefits f 570,219 f 137,436 f 49,993
Terminaud Employees Not YU Receiving
Benefits 63,046 16,714 87,242
CLtreat Employces:
Aaumulaled Employee Cootribmions,
' Includieg Allocated Investment
~~ 24,292 16,933 5,812
Employer-Financed -Vexed 705,630 605,549 112,374
Employer-Financed - Nonvested 89,249 41,433 39,543
' Total Peatsimt Berselt Obligation 1,452,436 818,065 294,964
Net Asads Available For Benefits (At
Market) 1,160,325 884,047 422,172
' Asset Node) in Excess of Ote Pauion
Betel Obligation f (292,111) f 65,982 f 127,208
' 27
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Continued)
Note 7 - Empbyce Benefits (Conducted)
Summary of Significant Acoounling Potides and Plan Asset Matters (Condaded)
Funding Status and Progress (Conducted)
During the year ended September 30, 3990, the plan experienced a na increase of 5366,09]
in the pension benefit obligaion.
Contributions Required and Contdbudons Made For All Plans
The City's funding policy provides for period employer contributions azactuarially-
determined rates that, expressed as percentages of annual covered payroll, aze designated to
accumulaze sufficient assets to pay benefits when due. The normal cost and actuarial accrued
Iiabiliry tr determined using an entry age actuarial funding mdhod. Unfunded actuarial
accrued liabilities are being artlortized as a laud percent of payroll over a period of
twenty-one years.
Contributions Required and Contribulions Wade Por All Plans
Outing the year eMed September 30, 1991, wntributions totalling 5234,017 (5209,590
employer and 524,427 employee) were made in accordance with contribution requirements
determined by an actuarial valuation of the plan as of September 30, 1989.
Significant actuarial auumptions used to compute contribution requirements were the same
az those used to compute the standardized meuure of the pension benefit obligation.
IBslodcai Trend In[ormalion -All Plans
Na Asaeta v • Peraolsae of Pension
Beoefil Obligatiw
Unfunded Pcasioa Beaefil 061igation
v a Pertmtage of Amud Covered
Payroll
ContributioN Expressed K a Peraouge
of Annual Covered Payroll:
Geanl
Police
Fire
1
1986 1987 1988 1989 1990 ,
133.3% 99.5% 96.5% 104.3% 96.2%
0.0% .6% 1.7% 0.0% 4.3%
9.53% 9.17% 9.24% 9.69% 9.20%
14.39% 9.15% 8.16% 10.32% 11.55%
15.06% 7.71% 7.64% 10.49% 9,36%
Ten-year historical trend information, designed to provide information shout the City's
progress made in accumulazing sufficient asets b pay benefits when due, is presented in the
statistical section of this report.
28
t
1
1
1
NOTFS TO FINANCIAL STATEMRNfS
CITY OF ATLANTIC BRACH, FLORIDA
(ConNnueQ)
Note 8 - Deferred Compensation Pkn
The City offers its employees a deferted comp6a3azion plan created in ucordance with
Internal Revenue Code Section 457. The plan, available to all City employees, permits them
m defer a portion of Neir salary until future years. The deferred compensation is not
available to employees until termination, retirement, death, or unforeseeable emergencies.
All amounts o(compensazion deferred under the plan, all property arld rights purchased with
those amounts, aM all income attributable [o those amounts, property, or rights are (until
paid or made available to the employee or other beneficiary) solely the property and rights
of the City (without being restrined m the provision of the benefits under the plan), subject
only to the claims of the City's general creditors. Participants' rights under the plan are
equal to those of general creditors of the City in an amount equal m the fair market value
of the deferred account for each participant.
It is We opinion on the City's legaz counel thaz the City hu no liability for losses under the
plan but does Gave the duty of due care thaz would be requved of any ordinary prudent
investor. The City believes that it is unlikely thaz it will use the assets ro auisfy the claims
of general tteditors in the tumre.
Note 9 - Interfund Tranactiom Reconci0ation
A summary of interfund tranfers during We focal yeaz ended September 30, 1995 is as
follows:
Tnmren To
Trml
Gpiul Deal and
General Proiatr Senkc Afexf Total
Tnmfen From:
General s o s o s 336,216 s e.lw s 3113ss
spw6l itevnve 2,361 136,aos 297,392 0 136,011
P+aaPrlee 332,317 0 122,713 0 673,260
TaW f 333,101 f 136,033 f 736.330 f B, 110 S 1,133,626
A summary of interfvnd receivable/payables az Septembu 30, 1991 is as follows:
Due To
Eapmdabk
General Trust Total
Due From
Special Revenue S 51,610 S 2,757 S 54,367
29
NOTES TO FINANCIAL STATEh1ENTS
CITY OF ATLANTIC BEACH, FLORIDA
(Conrinuern
Note 10 - Selpnent Information For Enterprise Funds
The City haz established separate Enterprise Funds to account for watu, sewer and saniution
services. Segment information for the Ci[y's Enterprise Funds for the year ended
September 30, 1991, is az follows:
a.9u.ee tli4,le1 o.a n.em. rolY
wrlr seder y.a.n,. w.Ia Frtlpe~e
iM6 Feed Flmd Po,o/ 85eed Pd Pool FoWo
np[ItlND
aeveow S 312,113 f 998,647 f 75T,U3 f 317,029 f DII,I28 f 62,007 fl)1,937 f l,lll,Tm
Dep,ecie0oo oed
Amtlfvua^ S 97.698 f 138,]81 3 37,333 S 70.202 f 116,981 f ID,673 f 16,U1 f 728,51!
OPO~O^t locoo^
(lae) f (161,026) S (110,100) S 143,871 S 71.058 S 397,010 S 20,081 S 69.]97 f 319,191
Nosnpenlio8
ioco^s
(Eepsoee) f II,U2 f 176,7% S 13,636 S (13.OOA S 68,181 f(19,5T0 t(17,91Jj f 167,27b
~A~
Tnwkn
(Ow) S (115,33q S (33],12(0 f (I IB,IIq t £21,233) f (11,]08) f (I9,5]q S (SI,IBA S (6]3,1610
Nq lecomc
(I.qe) S (268,216) f (170.92'0 f 39J94 S ]5,121 S )50,181 f (19,06 f (!6,028) f (16i,540j
Nq HWS^l.
PYtl oed
Fquipmetl f2,369,N1 26,769,'!86 f 256,]18 f1,569,952 f3.2T7,72] fIM,31b 5388,352 f 1/,979,SW
Specie!
Ao,saemetle
aacivobk:
CLrtetl f 21.]94 f 19,876 f 0 f 0 S 0 f 0 S 0 S 51,6]0
tort'-Teem f {11,432 3 370.190 f 0 S 0 f 0 3 0 f 0 S %2,912
Nq WOrtinB
~~
(Defica) 3 (178,107) f 553,607 f 156,861 f 193,6]8 51,519,939 f 16,197 f 3.051 f 2,399.119
Pro9e^Y.
P1etl W
Fqupmctl
A6deiooe 3 613,166 f1,381.6% f 39,160 f 51.916 S 195,815 S 0 f 0 f 2,501,199
Coe0ib,aiom f 360,131 (1,120.11] 3 0 3 29,]lp f 33,000 f 0 f 0 S 1,711,4]1
!sect-Te,m Debt f 460.195 f1,TTI,391 S 0 f bp,363 f1,39D,731 f27D,718 f3%,381 S 5,160,969
TaW Fqua7
(Defica) f1,N5,513 f7,391,016 f 117,581 f1,331,126 f1,160,352 f (19,329) S (47,7156 S IS,DSO,f69
T^W AeW f3,139,%1 f9,329,770 f 155.193 SI,l97,M2 f5,942,14b S1fId23 1372,067 f 31,95N,N5
Note Il • ~oinl Venture
In 1985, pursuant to an intulocal agreement authorized by Section 163.01, Florida Statutes,
the City joined with the City of Jacksonville Beach, Forida, and the City of Nepwne Beach,
Florida, to conswR and operate effluent outfall lines and disposal facilities, together with
dl the lands, rightof--ways, eazements, and othu entitlements necessary for the wnswaion
and use thueof.
30
1
NOTES TO FINANCIAL STATEMENTS
CITY OF ATLANTIC BEACH, FLORIDA
' (Continued)
Note 11 - Jotnt Venture (Condraded)
' The construgion of the outfall lines and disposal facilities were funded by Ne municipalities
in the following proportions:
Atlantic Beach 33.06%
Jacksonville Beach 55.78%
Neptune Beach 11.16%
' Total 100.00%
Each City has recorded its ahare of the project in its own financial staements. The City
' recorded its portion of the joint venture (approximately 5290,000) in the property accounts
of the Ciry's Sewer Fund. The City also records approximately 5325,000 of additional
property purchued with grant proceeds from the Florida Department of Environmental
R
l
i
i
h
' egu
az
on s
nce t
e grant for the outfali lines was awarded to the City of Atlantic Beach.
Therefore, the total cost of Ne joint venture on the City's books is approximately 5615,000.
The project was completed in 1986 and depreciation (using the straight-line method over 25
years) began in 1987.
The City of Atlantic Beach provides ail accounting and purchazing services for the joint
venture. Repair and maintenance of the outfall lines and disposal of the facilities will be
shared by the participazing municipalities in the percentages noted above. Repa'Ir and
maintenance expenses related m the joint venture during 1991 of 564,626 were offset by
t reimbursements of 547,889 in the accompanying income statements.
Noe II - Cotnmilmatts
' Following is a summary of commitments of the City and convects in progress as of
September 30, 1991:
' S`pa'ded
Contntl u of
1)esaitNiao Fund Amount 9/30191
' Raur4ce Tennis Couna GDisa1 ~1~ f 71,725 f 13,800
Vaipw Rving and 8lreet Impmvesnem
Pro)erta Gpual Pmjew f 193,/12 f 72,779
' Relubilaation of WLLer TreWncM
PIaMa 1 ud 2:
~B~MB &uerpriae (Weser) S 47,60D f 59,1{3
Water Main Bat<mion (Maypon Road):
~D~MB PAeryrue (Buccaneer Water) f /1,000 f 71,560
' Sta Cardau Lib Station:
~S~MB Psterprire Bnce+nnerfewer) f 57,885 f 31,627
Conrwction Pnteryrire (Buuanner Sewer) f 128,319 f 70,730
31
NOTES TO FEVANCIAL STATEMENTS '
CITY OF ATLANTIC BEACH, FLORIDA ,
r~~w~
Note 12 - Comndtmalte (coadtlded)
1
E~~
C9Ollart 55 OI '
_ DeBai@ti0n Fiord Amount 9lJO/91
Pbw Pquelvatioo Ruin end PgeipmcA:
Psgiottrin8 Paterprire (Buewneer Serer) S 11,1)3 f 10,013
CaoRNClioo
Palaprire (Bueanxr Sersr)
S
192.197 S
0 '
Repro b OurL41 Lion:
C.onWUCtiw Paierprire (Bucnneer Serer) S 85,853 f 64,626
ReunbunemeN Patughe (Bueeu~ur server) S (57,170) S (47,859)
BuCtUlGef WulewYa CoSmwo sYpwn '
Muw Pon:
BnBinen+ni Pmeryiiae (Buuanxr Serer) S 31,900 S 19,718
Buxaecr Wutewta Treument PWI '
xvalution:
~8ineeMB P~Inprire (Buccrrwer serer) S 25,600 S 20.150
O.t xubor sera symn xehebiliYtion:
~P~B
emaPrire (oet Hubor serer)
f
15,900 f
26x/6 '
32 ,
1
1
AND INDIVIDUAL FUND STATEMENTS
AND SCHEDULE
' Combining financial atatemems provide a more detailed view of the 'General Purpose Financial
Statements' preaentd nt the preceding subsection.
Individual statements and schedules, although not necessary for a fair presentation in conformity with
geaerally accepted accounting principles, are presented to providegreater daail and comparative financial
^ inforvution for certain fund types.
1
GENERAL FUND
1Le General Fund is the general operazing Pond of the City. It is used to account for alI financial
resources, except those required to be accounted for in another fund.
1
1
1
Expenditures
SCHIDULE OF EXPENDITURES
BUDGES AND ACTUAL
GENERAL FUND
FOR THE FISCAL YEAR ENDID SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OF ATLANTTC BEACH, FLORmA
General Government:
Legislative
Personal Services
Operazing Expenses
' Capital Ou0ay
Trial LegiskOve
Exeexnive
Personal Services
Operazing Expenses
Capita Outlay
Total Executive
' Finance and Administration
Personal Services
' Olxraziag Expenses
capital quay
Total Fnance and Administration
Legal Counsel
' Personal Services
Operating Expenses
Total Legal Counsel
' Planning and Zoning
Personal Services
Operazing Expenses
Capital Outay
Total Planning and Zoning
Code Enforcement
' Personal Services
Operazing Expenses
Total Code Enforarnenl
City Ckrk
Personal Services
Operating Expenses
' CapinlOutlay
Total Cily Clerk
1991 1990
Favorable
Budget Actual (Unfavorable) Actual
E 24,484 S 21,769 E 2,715 E 22,306
3,065 1,590 1,475 2,919
1,500 1,417 83 0
29,049 24,776 4,273 25,225
94,731 92,755 1,976 85,057
11,350 9,794 1,556 8,351
1,000 997 3 95
107,081 103,546 3,535 93,503
202,934 200,756 2,178 174,997
22,409 17,553 4,856 17,220
7,000 6,911 89 5,576
232,343 225,220 7,123 197,793
2,680 2,575 105 2,194
117,900 116,893 1,007 69,989
120,580 119,466 1,112 72,183
45,579 42,860 2,719 27,713
12,895 11,236 1,659 41,167
2,400 2,398 2 250
60,874 56,494 4,380 69,130
20,507 17,865 2,642 386
17,570 9,642 7,928 4,179
38,077 27,507 10,570 4,565
59,064 52,669 6,395 51,736
12,900 9,716 3,184 13,183
1,600 1,550 50 1,975
73,564 63,935 9,629 66,894
33
SCIiEDULE OF EXPENDITURES
BUDGET AND ACTUAL
GENERAL FUND
FOR THE FISCAL YEAR ENDID SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CTCY OF ATLANTIC BEACH, FLORIDA
(ConHnutd)
Expdtditurea (Continae~
Genaal GovernmenU (Cartduded)
Other General Government
Personal Services
Operating Expemea
Capital Outlay
Grants and Aids
Total Other General Government
ToW General Covermnent
PubGe Solely:
Lw Edoreanent
Personal Services
Operating Expenses
capital away
Total Low Enforodnenl
Fire Control
Personal Services
Operating Expenses
Capital Ou0ay
Total Fire Control
Protective Inspections
Personal Services
Operating Expenses
capital away
Total Protedlve Inspedtons
Total PubBc Safety
TrensporlaRon:
Roads and Streets
Personal Services
Operating Expenses
Capita Outlay
Total Transportation
1991 1990
Var(mce
Favorable
Budget Actual Nnfavorable) Astral
S 17,549 S 17,548 S 1 5 17,909
201,174 169,070 12,104 166,276
0 0 0 10,891
500 500 0 500
219,223 207,118 12,305 215,576
880,791 826,064 52,727 744,869
1,117,091 1,110,327 6,764 1,055,812
139,692 135,264 4,428 123,089
23,338 23,326 12 11,784
1,280,121 1,268,917 11,204 1,190,685
402,149 365,708 16,441 337,132
58,106 52,212 5,694 56,362
41,340 34,814 6,526 280,042
501,595 472,734 28,861 675,536
33,998 33,817 161 43,901
9,270 8,991 279 14,229
0 0 o zso
43,268 42,808 460 58, 80
1,824,984 1,784,459 40,525 1,924,601
311,523 310,650 873 241,116
189,684 189,677 7 199,245
15,840 15,839 1 24,855
_
517,047 516,166 861 ~4 5,216
34
i
SCHEDULE OF EXPENDITURES
BUDGET' AND ACTUAL
GENERAL FI1ND
FOR THE FISCAL YEAR ENDID SEPTEMBER 30, 1991
WITH COMPARATIVE TOTAIS FOR SITTEM1IBER 30, 1990
CITY OF ATLANI'[C BIRCH, FLORIDA
(Concluded)
1991 1990
Variance
Frvoreble
Budget Actual (Unfavorable) Actual
Expenditurrs (Condadcd)
Cullure/ReaeaUon:
Parks and Rerreatiom
Personal Services S 76,331 S 69,116 S 7,215 S 66,520
Operating Expenses 77,541 63,733 13,808 49,240
Capital Outay 11,500 6,970 4,530 31,998
Total CulturdRecreation 165,372 139,819 25,553 147,758
Internal Services:
Personal Services 72,531 66,949 5,582 74,838
Operating Expenses 13,778 12,543 1,235 7,745
Capita Outlay 9,567 8,580 1,007 3,654
Total Internal Services 95,896 88,072 7,824 86,237
Total Expenditures S 3,464,090 f 3,356,580 S 127,510 f 3,368,681
35
SPECIAL REVENUE FUNDS
Special Raenue Funds aze used to account for the proceeds of specific revenue sources (other than
special asseasmems or major capital projects) that aze legally resviaed to ezpeMimres for specified
purposes.
1
1
Amen
Cuh and Imepmnns
Due From OOru Cgveromg4
Due From Other Funde
Other Raeivebka
Tool Asseb
l.IahDiies and Raod Balaxn
L'mbiFtlin
Accouns Apbk
Due W OOrer Furrds
Taal LlabiGia
Faad Bataan
Rcxrved For Deb Service
Reservcd For Rwda ud SIrcU
Enpcnd?ores
Raervcd For Tourism Devebpnea
Taal Pood Balsan
Taal Liab66in and Food Behan
COMBQVDYG BALANCE SHEEP
SPECIAL REYENIJE FUND5
SEPTEMBER 30, 1991,
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OF ATLANTTC BEACH, FI.ORH/A
Iaol OWba
fa4 Ta: R/
vntoa
Gna
Ceaeal
Dee
lw
Tat
68oAe
Cra
anaa
ss
- heir6 ~ Draiage
Impart Pee
SeNw R
7otab
11 1 1 1990 I 1 ~( i ce 1 1 I 1 1
t322,7M 5354,116 S O f 0 3180,011 S O f O S 18,006 S 13,917 S 760 5316,732 5372,914
29,247 31,733 0 0 5.536 0 H,609 6,778 0 0 79,594 38,311
0 1,611 0 0 0 0 0 0 0 0 0 1,810
0 0 0 0 0 0 10,336 0 0 0 10,336 0
351,491 387,693 0 0 185.609 0 55,305 24,786 13,917 760 606,362 d18,239
0 0 0 0 0 0 976 s.m7 0 0 976 s,m7
0 0 0 0 0 0 54,367 19,749 0 0 31,367 19,719
0 0 0 0 0 0 55,345 7A,786 ~ 0 35,315 7A,786
157,669 152,476 0 0 0 0 0 0 0 0 137,669 152,436
193.822 235,257 0 0 0 0 0 0 13,917 760 207,719 236,017
0 0 0 0 165,609 0 0 0 0 0 I65,60- 0
751,191 387,697 0 0 185,609 0 0 0 II,917 760 351,017 388,{33
5351,191 536),693 f O f 0 5185,609 S O f 55,313 f 2{.786 f 13,917 f 760 f606,362 f413,299
COMBINING STATFJffFXP OF REVENUE, E%PEND17i1Rps AND CHANGES IN FUND BALANCES
SPHCUIL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED SEFTF7NBER 30, 1991,
WITH COMPARATIVE TOTALS FOR SFYTFMBER 30, 1990
CITY OF ATLANTIC BEACH, FLORIDA
4x1 O9tira G..atbv _ _ ~riglOrvirEe
Cm TQ Rerrnlba final
Tu Jnpal Pee
Rertow4 1 1 1 1 1 1 t I ~("~- Senfoa N --~~_
T~
Ivlmgor<mmnld Rtvmue: f772,111 f366,314 f O f O f 24,752 f O S O S O S O f 0 5397,163 3366,711
~°i r"~
Sttle Gneer O O
0 0 0
0 0
0 0 0 168,916 22,424 0
0
]68,946 22AT1
Cry of llekrovri0e Geuv 0 0 0 30 0 0 19,129 0 0 0 19,129 0
lnten+t larovs
6,272 6,167
0 1
53
d
1
419 0
0 0
0 0 0 0 0 0 130,353
1O~r Fen
0 0
0 ,
0 0 0 /2b 10 6,7011 10,612
Total Rermve
396,6E3 3'R,l97
0
131.771 0
24'.752 0
0 0
186
375 0
22A24 12,729 73p
13
3 12,719 730
R*
eedit , ,1
7 960 60!.967 ~ 53
aro
P
e[m~omie PmiroaokM
0 0
0
O
0
0O1Cn~l Ooremmed
0 p
0
0 0 166x62 16,60) p
0
166,362 16,607
COEurt and RrxRtliov 0 0 0 0 19,129 0 0 0 19,129 0
R.~ exome~er:)
0 0 0 131,7n
/ o 0
'
0
~
C 0
0 13/
TR
0 ,772)
03 0 0 183
.791
( ) (16,607) 0 D .
p63,791) (151,379)
exem (Ddelmry) d Rtreeve
Oyer (Uader)Pxpmddarer 378,683 371,497 0 0 24
752 0
, 2,SEl S,E11 13,137 760 119,176 379,071
Other PmavrJg (Iha)
(Opmt)ag 7nnskn DUt) (111,685) (579,841) 0 0 (18
342) 0 (2
36
, ,
q (S,EI
~)
0 0
(136,Oi 1) (583,650
P,xcm (Ddrieac7) d Rernoea
Orer (Mader) Expndil9re
and Other Fioaaig Mtn (76,202) (207,74/) 0 0 6
210 0
, 0 0 13,157 760
(16,835) (206,584)
Povd Ra4an - Rgav6>6 d Yrn 387,b93 595,p37 0 0
0 0 0 0 760 0 3E8,l5] 595,007
Raidnl Pgalry Tnm(er la
0 0
0 0 179,399 0 0 0 0 0 179,399 0
Foad Ba6aca - eat d Ynr S 351,491 f 387,693 S 0 1 O t 185,609 S O S O S O f 13,917 t 760 t55i,017 t 368,453
37
r r r r r r r it r r r r r r r r r ar r
i
1
1
1
1
i
1
STATISTICAL SECTION
' Statistical schedule differ from financial statements becauseWey usually cove more Wan one fiscal year
std may preaevt nonaccounting data.
e
~ ~ ~ ~ ~ ~ ~ i r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
COMBINING STATFMEDiI' OF CASH FLOWS
PROPRIETARY FUND TYPES - FNI'ERPRISE FUNDS
FOR THE YEAR ENDED SEPI'E111BER 30, 1991
CITY OF ATLANTIC BEACH, FLORH)A
(CoAdfdrJl
Mu~av I/Wh l 014 Onb1r Oimkl
wrv se.Q w.n. se. s wra S~wQ S. •" "• r1W
s1f6f.1..r11,.rr ~. c,tll.l r fr.~l. f T.~e~
n~ t s.s~.'li• A.e hw CyYd lai6n1
fi.e r 146iy Pn. CserY lw-Te.
Obfou.r A6n~t Cn.p
salm w•ASl t s6oasl f LIm,4v s a t o f o r o f o s 1,6eo.n1
Nau h7tlie ({69,66'0 (611,1/1) 0 0 0 0 0 (I.I60,901f
Cambwd Cupid pa.630 (/19,176) 0 0 0 0 0 (519,663)
P7~MsM'Gr[Me ~0 f O f O f O f O f O f O f 0
Viliii SfdY Aral Y1r Ssuw'll' Pnje[t
Spxid AnusmelRaeivdle f 469,667 f 671,211 f O f O S 0 3 O f 0 3 I,I60,90{
CanribaN CpiW (419,667) (671,211) 0 0 0 0 0 (1.160,9031
Na Oleertl Tnurli~r ~-~0 ~ ~ 0 ~ 0 ~ ~ ~~ }~~
Rswi D~M6Awb
AsU Caerib6ed t O f O f M,700 f 33,600 3 O f O f O f 61,700
Cae baled CyYl 0 0 (29,700) p3,000) 0 0 0 (63,7110)
Nd N1r~i Tnrattil~ f O f O S O f O f 0~ U f 0 ~0
A6~id I4~jed
Bacb Avsme
f
(51,636) S
P9.370 f
O S
O f
O f O f
O f (91,OS7)
45
~ ~ A ~ ~ e ~ ~ ~ ~ ~ ~ ~ ~ ~ ! ~ ~ ~
PENSION REVENUES BY SOURCB AND 1 BY TYPB
LAST THY FISCAL YBARS
CITY OF ATLANTIC BEACH, FLORIDA
199E
~~9r rater If91 IfA Ifp iffl IfK IflS 11M 11q Iftl
esr~ ~..~
caao-3r)nr:
s6.~.
s
u.m
Sss
s 21310
s uaw
s Izm
s Laos
s o
s o
s o
s o
s o
CA IH.Y71 213f< 131,501 111,106 126,]10 76,tl1 A31t /1336 ]1,611 63,939 91
016
Sw-PYSe U,119 6351 10,059 St3M 35,110 73,6U ]5,216 21 j17 10.tl1 15
121 ,
12
102
SuY-FvefitYsn 11,013 2.62 11,/0.1 11,603 12,S9t 10,397 9,11] 0.101 16,656 ,
5,216 ,
1
670
(msrm~s lrusa red QniRse6~ 7.663 1.15[ ],10( II,W 6,19] 161,619 171310 /19,212 103,016 91
719 ,
/9
997
Gaie or (i.9r) M9369 65.1E N,791 216,127 60,617 0 0 (31,526) 0 ,
0 ,
0
TMY Paiw Mns9e f 691.169 I~.OST S 260,A1 f N5.96S 3255,619 f 711,719 f 226.321 S 195305 f 213,227 f 176
027 f 19')
{53
~ e e e e ~ ,
~ ,
e
Psda Papf6aw
Flcsfa 9dA
S
19,/99
100.051
f 19.610
f tl3J6
f 62,110
S SI,7%
f 50,]92.
f 19361
f 10311
K1
f 30
f 11
910
Admid<rMi~<Fipeae~ 0 _
Ot 0 0 0 0 0 0 0 ,
0 ,
_ _ 2,010
T9W Pads P~pitao f M,t99 100.0 f~,610 f tl,33t f 62,610 ff 5,796 f~.792 f~361 f 10311 f 30.191 f I7,OM
47
COMPIiTED PENSION CON1'RIBV19ON COMPARATIVE SCIiIDULE
LAST TEN FISCAL YEARS
CITY OF ATLANTIC BEACH, FLORmA
Ffapl Contribution Rales
Year Valwtlon As PercenLS of Dollar Contribution
Ending Date Valwtion Payroll Valwtion For Fiscal Year
9130 9130 General Police Fire Payroll omputed Actual
1983 1981' 9.91% 12.31% 13.34% S 696,719 S 63,765 S 84,306
1984 1982 9.36 12.38 13.23 781,763 91,451 110,175
1985 1983 9.31 11.61 11.85 892,194 100,690 110,759
1986 1964 9.53 14.39 15.06 930,007 119,857 114,181
1987 1985' 9.17 9.15 7.71 3,138,958 ]11,550 119,895
1988 1986 9.24 8.36 7.84 1,277,843 122,759 174,476
1989 1987• 9.69 10.32 10.49 1,454,243 138,314 167,285
1990 1988' 9.20 11.55 9.36 1,716,170 184,687 186,050
1991 1989 9.27 11.76 7.16 1,909,994 202,961 209,590
1992 1990 9.89 12.77 8.85 2,295,583 264,753 N/A
• ARa rhaages in benefit provisions and/or actuarial experience estimates.
48
1
' ANALYSIS OF PENSION FUNDING PROGRESS
LAST TEN FISCAL YEARS
CITY OF ATLANTIC BEACH, FLORIDA
(2) Unfunded PBO
FSsul (t) Pension (3) (4) (5) as • Percmlage
Year Net Assets ~t Percent Unfunded Annual of Corered
' Ending Arailabk Obligation FLoded PBO Corered PayroO
!/!0 For Benefits (PBO) (ql(2) (2)-(1) PaproO (q/(S)
1981' S 697,000 8 848,000 82.216 f 151,000 S 697,000 21.715
1982 878,000 914,000 96.1 36,000 782,000 4.6
1983 1,023,000 1,012 IOLI (11,000) 692,000 0.0
' 1984 1,196,000 / X / 930,000 !
1985' 1,342,000 1,221,000 109.9 (121,000) 1,139,000 -
1986 1,520,000 1,341,000 113.3 (179,OOD) 1,278,000 -
' 1987' 1,695,000 1,703,000 99.5 8,000 1,454,0(q 0.6
1988• 1,889,000 1,918,000 98.5 29,000 1,716,000 1.7
1989 2,293,000 2,199,000 104.3 (94,000) 1,910,000 -
1990 2,467,OOD 2,565,000 96.2 98,000 2,296,000 4.3
' / No[ available from ECS, Inc. actuarial valuation report.
' After changes in benefit provisions and/or actuarial experience estimates.
' Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and
unfunded pension benefit obligation in isolation can be misleading. Expressing Ne na assns available
' for benefits az a percentage of the pemion benefit obligation provides one indication of Me system's
funding status on a going<oncern bazis. Analysis of this percenage ova time indicates whether the
system is becoming financially svonger or weaker. 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 az a pucentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of the progress befog made in
' accumulating sutTicien[ assets m pay benefits when due. Generally, the smaller Chia percentage, the
stronger the system.
' 49
1
f
1
1
1
1
1
1
' ADDITIONAL ELEMENTS OF REPORT PREPARED IN ACCORDANCE
WITH GOVERNMENT AUDITTNG STANDARDS, ISSUED BY THE
COMPTROLLER GENERAL OF THE UNTIED STATES, THE
PROVISIONS OF THE OFFICE OF MANAGEMENT AND
$UDGET (OMB) CIRCULAR A-128 AND THE RULES OF
THE AUDITOR GENERAL OF THE STATE OF FLORIDA
1
IIVDEPENDENT AUDITORS' REPORT ON
SCIIFDULE OF FEDERAL FINANCIAL ASS7SfANCE
' Honorable Mayor, City Commission and City Manager
City of AOamic Beach
Atlantic Beacb, Florida
' We Gave wdited the geoeral purpose financial statements of the City of Atlantic Beach, Florida for the
year ended September 30, 1991, and have iuued our report thereon dated Jwuary 10, 1992. These
' geoeral purpose financial statements ate the responsibility of Ne City's management. Our responsibility
is to express an opinion on these general purpose financial statements based on our wdit.
We conducted our wdk in accordance with generally accepted auditing standards, Cm+ernment Auditing
Standards, issued by the Comptroller General of the Uoited Brazes, and the provisions of Office of
Management and Budget (OMB) C"ocular A-128, Ardus of Stae rod Locd Governments. Those
' atmdards and OMB C'mcular A-126 requ've that we plw and perform the wdit to obtain reasonable
assllrattce about whether the grneral purpose financial stazements are free of rrlazerial misstatement. An
wdit includes examining, on a test bazis, evidence supporting the amounts and disclosures in the general
purpose financial statemeots. An audit also includes assessing the accounting principles used and
' significant estirrlazes made by management, az well az evaluating the overall financial statement
preamtation. We believe thaz our wdit provides a reasonable bazis for our opinion.
' Our wdit waz wnduaed for the purpose of forming an opinion on the general purpose financial
atatemems of the City of AOamic Beach, Florida taken az a whole. The accompanying Schedule of
Federal Financial Assistance is presented for purposes of additional analysis and is not a required part
of the general purpose financial statements. The information in that schedule has been subjected m the
auditing procedures applied in the wdit of the general purpose financial statements and, in our opinion,
is fairly presemed in all material respects in relation to the general purpose financial statements takes az
' a whole
' 7armary 10, 1992 //~~ ,,,~Q
' Gainesville, Florida J~J,fl.L~kA, ~1i12ty 21JLi~ ~'""7
CMiFred Public AccWMaMs
' P.O. lbz 2349 • 222 N.E. is151ree1 • Gainesville, Fiwida 31402 • (9041 3 78-2161
laurel Ridge Prdessional Center • 1347 S.E. 1 Ah SOeel • Ckala, fiorida 32671 • (9011 732-3 9 7 2
7475 Piedmont Drive, Easl, Suite 1 • Tallahassee, florida 72312 • (90/13BSA994
' w.urzs a w~r•Kwr ww nouw Irrsnrums a annrtD.ualK accw.~u..rs
u(ualrCN wW C1C/.a 14sInNIp C1(IIIIIDMIIC MCWVNYiS /r14VI COiunvnis WsK. ReC1KI NClqus
~ s +~ s . ~ ~ ~ ~ ~ ~ s ~ ~ ~ ~ r s ~
SCHIiDULB OF F®ERAL FQIANCIAL ASSISTANCE
FOR THE YEAR F1dDHf SEP'PF.INBER 30, 1991
CITY OF ATLANITC BEACH, FIARH)A
PeM~al (Aaawah Aleaola
CPDA M•7iraa6i Awed Realraile) Renira6k
Nvier Gnabr'a Nofv Asul IdN1Nd Reeipb RaPawdRarf6 NIlMI
U.S. Dya+0~fat of RawaYS aM
Uric UaaeLp~eat
Push ThmuBh c"ay of laeHooville,
Fbrida:
Ccocma'l3 fhvebpe,eot Bbei
Glaol/Patikmaa 6M 1/.216 fb-2-3 S 196,900 S (6,T76) S 150,3N
Taal Prdnd Foawrial Aabhace S (6,778) f 170,311
S (166,916) f 23,380
f (166,916) f 27,360
s(
~ GP~urvis
1 ~ Y8.
1
INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH THE GENERAL REQUIREMENTS
APPLICABLE TO MA]OR AND NONMAJOR
FFDF.RAL FINANCIAL ASSISTANCE PROGRAMS
Hotarable Mayor, City Commission and City Manager
1 City of Atlantic Beach
Atlantic Beach, Florida
' We have applied procedures to test the City of Atlantic Beach, Florida's compliance with the following
requirements applicable m iu mnmajor federal futancial assistance program, which is identified in the
Schedule of Federal Financial Assistance, for Ole year ended September 30, 1991 (the City had no major
' federal financial assistance programs):
^ Poli6lal Activity
^ Civtl Rights
^ Cash Management
^ Allowable Costs/Cost Principles
^ Drug-Free Workplace Atx
^ Administrazive Requirements
' Our procedures were limited to the applicable procedures described io Ne Office of Management and
Budget's Compliance Supplement jot Stng/e Auditr oJSrare and Locd GoverrtEnenrs, revised September
1990. Our procedures were substantially less in scope than an audit, the objeMive of which is the
expression of an opinion on the City of Atlantic Beach, Florida's compliance with the requiremenu listed
in the preceding paragraph. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material instances of
' noncompliance with the requirements listed in the first paragraph of this report. With respect a items
not tested, nothing came to our attention that mused us to believe that the City of Atlantic Beach, Florida
had tat complied, in all material respects, with those requirements. Also, the results of our procedures
' did tat disclose any immaterial instances of noncompliance with those requirements
Certified Public A(toun4Ms
' D.O. Box 13999 • 171 N.E. Is151reet • Gairsesville, rlaida 31601 • 19041 3 7 8-14 61
Laurel Ridge Process"tonal Center • 1347 SE 17th Street • Orala, Florida 31671 • 190017313871
Sude 1 • Tallahassee
Florida 32311 • {9041 385-0554
1415 Piedmont Drive. EaH
' ,
,
xtxBtBS w Axl•KAn Aw nw~o+rvnn~us ur ee•nom r~BSK+e(wvu-ns
xlxBq M AxIPK+'. wsOlNl q (IB-rpO •VBIK A(C W+IAA'6 Mnfll COxMap54+V S (C ti+OK! HCLMS
r
1
LJ
1
Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Beach, florida
IIVDEPENDENT AUDITORS' REPORT ON
COMPLWVCE WITH THE GENERAL REQUIREMENTS
APPLICABLE TO MA)OR AND NONMA)OR
FEDERAL FBVANCIAL ASSISTANCE PROGRAMS
(Concluded)
'ibis report is intended for the information of the City Commission, management, the U.S. Department
of Housing and Urban Development, the City of Jacksonville, Florida, and the Auditor General of the
State of Florida. Ibis restriction is tat imended m limit the disVibution of this report, which is a matter
of public record.
January 10, 1992 njl~~~ ~~~~ ~~.ypgnyf.
Gainesville, Florida X~ ~ f/
53
1 GP~urvis
1 ^ Y8.
i
1 INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH SPECIFIC REQUIREMENTB
APPLICABLE'!'O NONMAJOR FEDERAL
' FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS
Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
In connection with our audit of the 1991 general purpose financial statements of Ne City of Atantic
Beach, Florida, and with our mmideration of the City's internal control structure used w administer
federal financial azsistance programs, az required by Office of Management and Budget (OMB) Circular
1 A-128, Audits ojSrate and Loch Gosernmenrr, we selected certain trantaMions applicable m the City's
nonlnajor federal financial assistance program for the year ended September 30, 1991.
As required by OMB Circular A-128, we have performed auditing procedures to test compliance with
the requvements governing types cf services allowed or unallowed and reporting that are applicable W
those transactiortt. Our procedures were substantially less in scope than an audit, the objective of which
1 is the expreasiao of ao opinion on the City's compliance with these requiremems. Accordingly, we do
mot express such an opinion.
With respect m the items tested, the results of those procedures disclosed no material instances of
' noncompliance with the requiremena listed in the preceding paragraph. With respect to items not tested,
nothing came w our aaeation that caused us to believe that the City of Atlantic Beach, Florida had not
complied, is all material respects, with those requirements. Also, the results of our procedures did not
disclose soy immaterial instances of noncompliance with those requirements.
This report is intended for the information of the City Commission, management, the U.S. Department
' of Housing and Urban Development, the City of Jacksonville, Florida, and the Auditor General of the
State of Florida. This restriction is not intended to limit the distribution of this rgfort, which is a matter
of public ruord.
1 January 10, 1992 ~~//yy~~11 J L` ~ -,,,,„t
Gaineav8le, Florida SCJ~lLlLYda ~ Utf R~l'K ~ '~/""" 0'
1 (~
' Certified Public Attwntants
P.O. Box 23999 • 222 N.E. lsl Areel • Gainesville. florida 32601 • 19041378-Ia61
Laorel Ridge Professional Center • 2347 S.E, l ]lh iveel • Ocala. Florida 32671 • 1904) 7314871
1 1415 Piedmont Drive, East, Suite 1 • Tallahassee. Flaida 31311 • (9001 365Aii4
Meusns or.vuuc+v+.w nano+ivsmurrs a annnoruu~c+c<ou~ruvrs
Mruer• w uuuu. i~xnvn a <rnnrto PuuK accouu.rs nroar co.,e+rns+uo s r c. nwcna ucrrovs
1
1
INDEPF.NDENI' AUDITORS' REPORT ON
TF~ INTERNAL CONTROL STRUCTURE OSED IN
ADMBVISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Heach, florida
We Gave audited the general purpose financial statements of the City of Atantic Beach, florida for the
year ended September 30, 1991, and have issued our report thereon da[ed January 10, 1992.
We wnducted our audit in accordance with generally accepted auditing standards, Government Auditing
Standards, issued by the Compvoller General of the United States, and Office of Management and Budget
(OMB) Circular A-128, Audits of Stare and Local Governments. Those standards and OMB Circulaz
A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the
general purpose financial statements are free of material misstatement.
In planning and performing our audit for the year ended September 30, 1991, we wnsidered the City's
internal control swcture in order m determine our auditing procedures for the purpose of expressing our
opinion on the City's general purpose financial statements and not to provide assurance on the internal
control swcture. This report addresses our consideration of internal control swcture policies and
procedures relevant to wmpliance with requirements applicable to federal financial assistance programs.
We have addressed policies and procedures relevant to our audit of the general purpose financial
atatements in a separate report dazed January 10, 1992.
The management of the City of Atlantic Beach, Florida is responsible for esublishing and maintaining
an internal control swcture. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal control swcture policies and
procedures. The objectives of an intemat control structure are to provide management with reasonable,
but rat absolute, auurance thaz asses are safeguarded against loss from unauthorized use or disposition,
that transactions are executed in accordance with management's authorization and recorded properly to
permit the preparation of general purpose financial statements in accordance with generally accepted
accounting principles, and that federal financial assistance programs are managed in compliance with
applicable laws and regulations. Because of inherent limitations in any intemal control swcture, errors,
irregularities, or instances of nonwmpiiance may nevertheless occur and not be daected. Also,
projection of any evaluation of the awcture to future periods is subjen to the risk that procedures may
become inadequate because of changes in conditions or that the eNectiveness of the design and operation
of policies and procedures may deteriorate.
Certified Public Accountants
P.O. Box 23999 • 222 N.E. 1 it Street • Gainesville, Florida 32602 • (9041 3 78-2461
taurc! Fidxe Professional Center • 2347 AE. 17th greet • rhala, Florida 32671 • 1904) 732-38]1
7415 Picdmonl Drive. Easl, Suite 2 • Tallahassee. Florida 32312 • 19011 3 8 5-0 5 5 4
NI NeuY or .wuv+v+~o+so•lu+rvsnronsa arvmo roeu( +crou.r+ms
MINx19,p nN191( n\ I\NII Vn fH Cf•r1111n fl:111( +((UV \U\t5 hl\41(ONM\IiS+MU S I C h+Cll(1 SI[11U\t
' Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
' Atlantic Beach, Florida
INDEPENDENT AUDITORS' REPORT ON
' THE INTERNAL CONTROL STRUCTURE USED IN
ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS
(Continued)
' For the purpose of this report, we have classified the significant internal convol structure policies and
procedures used in administering federal financial assistance programs in the following caegories:
' Administrative Controk Accounting Controls
General Requirements: Cash Receipts and Disbursements
Political Activity Acwunts Re`eivable and Payable
' Civil Rights
Cash Management
Allowable Costs/Cost Principles
' Drug-Free Workplace Act
Administraive Requirements
Specific Requirements:
' Types of Services
Reporting Requirements
' For all of the internal comrol structure categories listed above, we obtained an understanding of the
design of relevant policies and procedures and dazermined whether they have been placed in operation,
' and we assessed convol risk.
During the year ended September 30, 1991, the City of Atlantic Beach, Florida had ra major federal
' financial auistance programs and expended 100% of its total federal financial assistance under the
following oonmajor federal financial assistance program:
U.S. Department of Housing and Urban Development -
' City of Jacksonville, Florida Convact No. 5692-3
We performed tests of convols, as required by OMB Circular A-128, to evaluate the effectiveness of the
design and operation of internal convol structure policies and procedures that we have considered relevant
to preventing or detecting material wncompliance with specific requirements, general requirements, and
requirements governing claims for advances and reimbursements that are applicable to the aforementioned
nomnajor program. Our procedures were less in scope than would be necessary to render an opinion on
these internal convol awcmre policies and procedures. Accordingly, we do not express such an opinion.
' S6
Honorable Mayor, City Commiuion and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
INDEPENDENT AUDITORS' REPORT ON
THE INTERNAL CONTROL STRUCTURE USID [N
ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS
(Conrfuded)
' We noted one matter involving the internal control structure and its operation that we consider a be a
reporable condition under standards established by the American Institute of Certified Public
' Accountants. Reportable condition involve matters coming to our attention relating to significant
deficiencies in the design or operation of the internal control swaure maz, in our judgment, mold
adversely affect the City's ability to administer federal financial assismace programs in accordance with
' applicable Taws and regulaziom.
^ In Ne administrazion of its federal financial azsistance program during 1991, the City paid outside
contractors for services performed relaing to housing rehabilitation. On two separate occasions, We
' City paid the same invoice twice. The anaunts are recorded az receivables from the mntraaor in
the accompanying financial statements. We recommend that the City maintain an adequate level of
oversight over the housing rehabilitation projects to emote that duplicate paymen6 are cot repeated
' in the furore.
A material weakness is a reportable condition in which the design or operaion of one or more of the
' imernal control swcmre elemems does not reduce to a relatively low level the risk that noncompliance
with laws and regulaziom thaz would be material m a federal financial assistance program may occur and
not be detected within a timely period by employees in the normal course of performing their auigoed
' firnaiom.
Our comidaazion of the internal mnvol swcmre would not necessarily disclose all matters in the internal
' mmrol swaure maz might be reponable condition and, accordingly, would wt necessarily disclose all
reportable cooditiom thaz are also comidered a be material weaknesses as defined above. However, we
believe the reportable condition desttibed above to be a material weakness.
' We also noted other mazters involving the internal control swaure and its operazion maz we Gave
reported to the marragemmt of the City of Atlantic Beach, Florida in a separate letter dated January 10,
' 1992.
Ibis report is intended solely for the me of We City Commission, management, the U.S. Department of
' Homing aM Urban Development, the City of Jacksonville, Florida, and the Auditor General of the State
of Florida, and should not be coed for any other purpose. This resviaion is rat interuled m limit the
distribution of this report, which is a matter of public record.
1
' January 10, 1992 /~ ~p
Gainesville, Florida /uatQ, ~il2t( 2sIL~. ~ /
' S7 e
1
' INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH LAWS AND RAGULATTONS BASED ON AN
AUDIT OF GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMID IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantlc Beach, Florida
We have audited the general putpose financial statements of the City of Atlantic Beach, Florida as of and
for the yeaz ended September 30, 1991, and have issued our report thereon dated January 10, 1991.
' We conducted our audit in accordance with generally accepted auditing standazds, Gotrrnnunr Alduing
Stardards, issued by the Comptroller General of the United States, and the provisions of Office of
Management and Budget (OMB) Ctrcular A-128, Atrdirs of Stare and Luca! Govet7lments. Those
' standards and OMB Circular A-128 require that we plan and perform the audit to obuin reasonable
assurance about whether the general purpose financial statements are frce of material misstatement.
Compliance with laws, regulations, contracts, std grants applicable to the City of Atlantic Beach, Florida
u the responsibilityof the City's managemant. As part of obtaining reasonable assurance about whether
the general purpose financial statements are free of material misstatement, we performed tats of the
City's compliance with certain provisions of laws, regulations, contracts, and grants. However, our
' objective was rat to provide an opinion on overall wmpliance with such provisions.
Tha results of our tests indicate that, with respect to the items tested, the City of Atlantic Beach, Florida
' complied, in all material respects, wi01 the provisions referred to in the preceding paragraph. With
respect m items not tested, nothing came to our attention that caused us to believe that the City had rat
complied, in all material respects, with those provisions.
We noted one immaterial instance of tancompliance that we have reported to the management of the City
of Atlantic Beach, Florida in our Management Letter dated January 10, 1992.
' This report is intended for the information of the City Commission, management, the U.S. Department
of Housing and Urban Development, the City of Jacksonville, Florida, and the Auditor General of the
State of Florida. This restriction is not intended m limit the distribution of this report, which is a matter
of public record.
' January lo, 1992 ~~~ ~(/ 2sId p~~~
' Gainesville, Florida (~'fQay 7/0
Cerlilird Public ArrwMants
' P,O. Boz 23999 • 222 N.E. 1s151reet • Gainesville, Florida 32602 • (9041 3782461
Laurel Ridge Professional Censer • 2347 s.F. 17th Areal • Ocab, Florida 32671 • 1904) 732.3872
1415 Piedmont Drive, East, Suite 2 • Tallahassee, Florida 32312 • 19041 385-OSi4
' A4Mart5 q AMftl(AV AVU fl0[IOA Iwfl11 V115 p Clllrlllln Na1K MCW V IAVIS
Ml Malt q AMItKAY Irvfln Nt IX CIRIIn10 NIIK MC W Vlnvlf RIW I COMM.VIIf AM S! C. RACfK! NCIpV S
IS
' INDEPENDENT AUDITORS' REPORT ON
INTERNAL CONTROL STRUCTURE RELATED MATTERS
NOTID IN A GENERAL PURPOSE FINANCIAL STATEMENT AUDIT
' CONDUCTED IN ACCORDANCE WfTH GOVERNMENT AUDITING STANDARDS,
AND MANACF.MENI' LETTER
1 Honorable Mayor, City Commission and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
' We have audited the general purpose financial statements of the City of Atlantic Beach, Florida for the
year erded September 30, 1991, and have issued our report thereon dated Jwuary 10, 1992.
1 We Gave conducted our wdit in accordwce with generally accepted auditing standards, Government
ArdiBng Standards, issued by the Comptroller General of We United States, and the provisions of Office
1 of Management and Budget (OMB) Circular A-128, Audits of State and Lots! Go3rrnnterur. 7bose
standards and OMB Circular A-128 require that we plan and perform the wdit m obtain reasonable
assurance about whether the general purpose financial statements are free of mazerial misstatement.
Lt planing and performing our audit of the general purpose financial statements of the City of Atlantic
Beach, Florida for Ole year ended September 30, 1991, we considered its iatemal control swcture in
order to determine our wditing procedures for the purpose of expressing our opinion on the general
' purpou financial stazements and not to provide assurance on the interoal control swcture.
The management of the City of Atlwtic Beach, Florida is responsible for establishing and maintaining
' an internal wnvol swcture. to fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal control swcture policies and
procedures. The objectives of an intemal conrol swcture are to provide management with reasonable,
1 but not absolute, assurance that asses are safeguarded against loss from unauthorized use or disposition,
and that vansactions are executed in accordance with management's authorization wd rewrded properly
to permit the preparation of financial statements in accordwce with generally accepted accounting
principles. Because of inherent limitations in any internal control sweture, errors or ircegularities tray
nevertheless occur and not be detected. Also, projection of any evaluation of the swcture m furore
periods is subject to the risk thaz procedures may become inadequate because of changes in conditions
' or that the effectiveness of the design and operation of policies and procedures may deteriorate
' Certilied Publi< A«ounlanls
P.O. Sox 23999 • 222 N.E. 1st Street • Gainesville, Florida 32601 • 1904) 3782461
Laurel Ridge Protnsional Center • 2347 S.E. 171h Slreel • Ocala, florida 3267[ • 19041 732dBR
1415 Piedmom Drive, fast. Suite 2 • Tallahassee, Florida 32312 • 19041 385-0554
+sl++ens a u+uaev.vo nwion rvsurous a unnno rveuc ucwvu+rs
+sreu• or •suuu+irvnmr rn crunrto wsuc eccoumnvis nrvvr coum.+,u nu s I c rucuu stnro+s
Honorable Mayor, City Comm)ssion and City Manager
City of Atlantic Beach
Atlantic Beach, Florida
IIVDEPENDENT AUDITORS' REPORT ON
WTERNAL CONTROL STRUCTURE RELATID MATTERS
NOTED IN A GENERAL PURPOSE FINANCfAL STATEMENT AUDIT
CONDUCTID IN ACCORDANCE WITH GOVERNMENT AUDIT/NG STANDAROS~
AND MANAGEMENT LETTER
(Continued)
1 For the purpose of this report, we Gave classified the significant internal wnvol svuaure policies and
procedures in the following categories.
' ^ Customer Billings and Receivables ^ Fixed Asset Record Maintenance
^ Cuh Receipts and Disbursements ^ General Ledger Maintenance
^ Inv~a~E ^ Debt Adminisvation
• Purchasing and Accounts Payable ^ Budgeu
For all of the wnvol categories listed above, we obtained an understanding of the design of relevant
policies and procedures and whether they have been placed in operation, and we assessed convol risk.
We Hood certain matters involving the internal wnuol structure and its operation that we coasider to be
reportable oo^ditions under standards established by the American Institute of Certitled Public
' Accountants. Reportable conditions involve matters coming to our attention relating m significant
deficiencies in the design or operation of the intemal wnvol s[ucture that, in our judgment, could
adversely affeM the entity's ability m record, process, summarize, and report financial data caasistent
' with the assertions of management in the general purpose financial statements.
• ^ Utility customer accounts receivable (manual bills oNy) and deposits (all customers) are not being
' reconciled to the general ledger. Such a procedure is a necessary wnvol check to assure the
collection of all moNes due the City from the customer and reduce the possibility of undetected
billing or posting errors. We recommend that the manual accounts receivable and subsidiary
customer deposit balances be reconciled m the general ledger or other convol totals monthly. The
new billing software that the City oow utilizes should facilitate this process, although the initial
reconciliation will need t^_ be performed manually.
^ For the year ended September 30, 1991, the City did no[ fund the debt service and renewal and
replacement accounts to an adequate level in the Oak Harbor Sewer Fund, as required by the Oak
Harbor Revenue Hond Ordinance. We recommend tlta[ the City comply with the provisions of the
~,' Oak Harbor Reverme Bond Ordinance.
Honorable Mayor, City Commiuion and City Manager
City of Atantic Beach
Atlantic Eeach, Florida
INDEPENDENT AUDITORS' REPORT ON
INTERNAL CONTROL STRUCTURE RELATED MATTERS
NOTED IN A GENERAL PURPOSE FINANCIAL STATEMENT AUDIT
CONDUCTED IN ACCORDANCE WITH GOVERNMENT AUDIT/NC STANDARDS,
AND MANAGEMENT LETTER
(Continued)
A material weakness is a reportable condition in which the design or operation of tha specific interrul
control atrupure dements does rat reduce m a rdazivdy low level the risk that ertors or irregularities
in amounts thaz woWd be material in relazion m tie general purpose financial statements being audited
may occur aM not be deteuW within a timely period by employees in the normal course of performing
their assigned Pooctions.
Our considerstioo of the internal control structure would rwt necessarily disclose all masers in the internal
dormnl swaure that might be reportable conditions and, accordingly, would not necessarily disclose all
reportable conditions thaz are also masidered m be material weaknesses as defined above. However, we
believe the reportable conditions described above are material weaknesses.
The following comments and recommettdazions are not considered by us to be material weaknesses but
ue ad forth to comply with the Rules of the Auditor General, State of Florida:
• ~ Certain administrazive and ovefiead expenses of the City are charged entirely to general governmem
services in the General Fund. Transfers are made from the Enterprise Funds to the General Fund
m cover the Enterprise Funds' share of these costs, but such transfers are not included in the
operating income or lou of each fund or departmen[, We rewmmend that the transfer method of
allocating administrazive and overhead costs among funds and departments be discontinued in favor
of direct charges m each fund and department for such costs. In addi[ion, the allocation of such cost
wBl fac8itate the computation of debt service covuage ratios, as required by various revenue bond
ordinances.
Prior year comments and recommendations, unless otherwise indicated, have been resolved m our
aaziafaaion. The City's financial records were well maintained during the audit period.
The City's financial reports filed with the Department of Banking and Finance for the fisral year ended
September 30, 1990 are in agreement with the annual financial audit report for the same period. The
1991 report haz not yel been prepared.
There were no irtegularities, illegal expenditures or compliance violations uncovered during the curtain
audit. The new Auditor General rule relating m the disclosure of financial emergencies is not applicable.
Other requirements of the Rules of the Auditor General, if not addressed above, aze not applicable to the
City of Atlamic Beach, Forida.
61
1
1
1
1
1
Honorable Mayor, City Commission aM City Manager
City of Atlantic Eeach
Atlantic Beach, Florida
INDEPENDENT AUDITORS' REPORT ON
INTERNAL CONTROL STRUCTURE RELATFA MATTERS
NOTED IN A GENERAL PURPOSE FINANCIAL STATEMF.N'f AUDIT
CONDUCT® TN ACCORDANCE W1TH GOVERNMENT AUDITING STANDARDS,
AND MANAGEMENT I,P,77'ER
(Condudcd)
This report is intended for the information of the City Covunission, management, the U.S. Department
of Housing and Urban Development, Me City of Jacksonville, Florida, and the Auditor General of the
State of Florida. This restriction u not intended to limit the distribution of This report, which is a matter
of public record.
January 10, 1992 ~ ~~ ~~
Gainesville, Florida ,L!'t1W4~
• Ladicatea a reps[ of a prior year recommeedation not wmpletely wrrected.
62
1
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
CAPITAL PROJECFS FUNDS
SEPFEMBER 30, 1991
WI'ITI COMPARATIVE TOTALS FOR SEPFEMBER 30, 1990
CITY OF ATLANTIC BEACH, FLORmA
Section N /Nittr ProJ etla Tolab
A
l 1991 1990 1991 1990 l99( 1990
ase
a
Cub aed Cash Fquisaknfa
S 234,263 S
580,990 f
120,083 f
101,042 S
354,346 f 682,032
levutmenta 0 1,520,608 0 0 0 1,520,608
Due From Other Funds 0 0 0 4,997 0 4,997
ToW Assets 234,263 2,IOI,598 120,083 106,039 354,346 2,207,637
Liabilities and Fund Balance
Liabilities
ContraW Payabk 591 395,925 12A,479 129,836 121,070 515,161
Reuitugea Payabk 174,492 204,550 7,238 31,120 181,730 235,670
Due W gher Feuds 0 0 0 99,102 0 99,102
Trial liabilities 175,083 600,475 527,717 260,058 302,800 860,533
Fiord BaLnon
Reserved Fm Section H 59,180 1,501,123 0 0 59,180 1,501,123
Unnxerved 0 0 (7,634) (154,019) (7,634) (154,019)
Tohl Fund Balances 59,180 I,SOI,123 (7,634) (154,019) 51,546 1,347,104
TMaI Liabilities and Fwd Balancer f 234,263 f 2,101,598 S 120,083 f 106,039 S 354,346 f 2,207,637
38
COMBIMNC STATEMENT OP REVENUE, EXPENDITURES AND CHANGES IN FUND SALANCESS
CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR RNDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OF ATLANTIC BEACH, FLORmA
Rer®~e
Imaeat Income
Mixellaaeous Revewe
ToW Rnmas
Sedlon N Other Projexxa Totab
1991 1990 1991 1990 1991 (990
f 57,803 f 210,747 f O f O f 57.803 f 240.747
2,013 1,500 10,793 0 12,806 1,500
59,816 242,247 10,793 O 70,609 242,247
Expenditures
Pmfeasiwal Hervim
Other Operating Expenses
Constnxxion ConlMs
(IoW Expmditurtc)
Excess Nefida~c7) of Rerenuee Oyer Nexkr)
Expenditum
Other Fitunring Soarers Nses)
taan Proceeds
(Im Financing Curet)
Operating Transfers In
ToW OOkr Fitnndeeg Sovras Nse)
Exms Ndidaeq) oI Rereemes and Other Fieundeg
Sources Cher (Uelder) Expenditures and Other
Fieundng Uses
Fund Balance, Begimtieg of Year
Fuel Balance, End of Year
76,309 210,763 44,990 69,189 121,299 299,952
2,860 72 297 0 3,157 72
1,422,590 2,045,501 1,131,775 577,957 2,554,365 2,623,458
(1,501,759) (2,256,336) (1,177,062) (667,196) (2,678,621) (2,923,482)
(1,441,943) (2,014,089) (1,166,269) (667,146) (2,608,212) (2,681,235)
0 0 1,179,619 0 1,179,6(9 O
0 0 (3,000) 0 (3,000) 0
0 0 136,035 316,794 136,075 316,794
0 0 1,312,654 316,794 1,312,654 316
794
,
(1,441,943) (2,014,089) 146,385 (350,352) (1,295,558) (2,364,M1)
1,501,123 3,515,212 (154,019) 196,333 1,347,104 3,711,545
f 59,180 f 1,501,123 f (7,634) f (154,019) f 51,546 f 1,347,104
39
ENTERPRISE FUNDS
' Enterprise Funds are used m account for operations maz are financed and operated in a manner similar
to private business emerprises, where the intent is maz the costs (expenses, including depreciation) of
providing goods or services m the general public, on a cominuing basis, be financed or recovered
' Primarily through user charges.
COMBBVING BALANCE SHEET
PROPRIETARY FUND TYPES - EPlTF,RPRISE FUNDS
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OF ATLANTIC BEACH, FLORIDA
Page 1 oJ2 Page
77.ee~r s Dilrkl
w.a' Pr 6rawr Pr ra P srwv r
1691 1660 1»I 19N 1391 1931 tl91 1930
Cm6 r9S Cmh FquFde9a
Acaaaa
R
d
6k f 11.916 f 109.7!7 f 616.660 f 707.017 f 113,161 f Jlz,rn f 1,310,391 3 I,I/I,tl6
.
aa
..
l9wauiee 4s.m 19,079 n,910 67,1a 67.001 16.2w 7~,ns 66,611
N,619 10,IR 0 0 9,tl5 9,400 0 0
Due F1°O ~'r ~' 0 0 0 0 0 0
D9r Fmm OWse O°"°`°md~
0
0
0 0 1,290
fpeciaAS®sa Raeirdk-CLraa
71.794
0
29
A6 0
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019 0
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7,91]
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Rear'slyd Mw: , 0 0
C16 utlCM Tyoirrkm
C 3/,]T7 0 971,!63 1,151,136 171,139 117,417 I,tl3,gl I
M
7A3
.b m Isiw ud Wa6 Firal l~trw 0 0 135,361 III
t90 0 0 0 ,
,
0
CwMrvaiae ie hafa~ 59,115 17,919 0 ,
fI,6N 31,760 17,300 163
100 17
712
PrW'%, 9ha.o6 Fgaymnt-Na
S 3310,596 2,OL,710 6,769,7!6 3,151,101 1.536,192 1,390,976 ,
3,101,327 ,
3
179
161
pecia M..mea RaeivWk-lav/-Term 111,172 0 5]OA90 0 0
0
0 ,
,
Lup3le Ma-RgMm Fame Reveosr-Na
0
0
0
0 0
Taal Aaal
ILbiir
r FL
1 E
7,159,901
2,2]3,
9~M,f/D
7,129,310 0
3,I97,Mi 0
2,119,051 0
5,912,111 0
5
615
166
as
9
gr7
I41i0n ,
,
(LIR91 Lhbi(Yiu IN]rbk Flom C9nea Avm):
Acu~R]rbk rah MamM Wbilaa 79,616 23.001 77.767 71.910 26,T7/ 19,tl0 tl
OS9 40
767
Duemgher F9mL 0 0 0 2,711 0 0 ,
0 .
IM
CLRa9er Depo.ile 237,n7 199,)01 0 0 136,1]3 171,366 0 0
Clrnsa lubiliirr (R7rble Fmm Aeaekkl AaeO):
Ravca,c Radr ROdk 0 0 15,000 75,000 0 0 0 0
Nae R7'bk 9,777 0 12,!17 0 0 0 0
Llae+l h]dk
],271
0
17,640
26,173
0
0
0 0
0
Reveoa bode P7'6k-Im/-Tam )bnio9 0 0 1.065.000 1,130,000 6tl,367 731.]37 I
D-I
n7 1
497yM
Narr R7Wk-Iaq-Term 14e1io9 110,793 0 656
391 0 0 0 ,
,
0 ,
TcW 1'°616°
/11,366
222 10 ,
1,936,IN
~
-~
u7
119
I
N1
7% 0
1 3/
319
Pr P,gil7 , ,
, ,
C9arib9led CyiW
Rdaimd lirdap: 1.307,711 916,317 1,161,311 7,IK,261 616,611 671,997 1,171,977 1,1n,097
Rcrcne6 Far Rem~rbr Rep6sreear
' 13.671 0 16/,901 tl0,0/9 171,159 117,M7 1
075
101 177
1
215
Rerard Far Deb Serr
re 0 0 727,OT! 717
766 0 0 ,
,
0 ,
,
~" R"^~'
0
0
171,697 ,
321,0/1
0
0
0 0
0
Vmearvp6
T9W Pr PlR3 IIl,lld
~ 1,066,111
1
057
7 1,00],035 1,9TIa69 557,656 N1,/65 (,957,027 1,616,517
Tad lLbiy°rPrr PTlb
f 3,159,901 ,
,
2]3
f 1 7x97,076
f 9aM
A0 636
17
tN
3fp 1 71,1
i~ ~f9,93
1 1,160,)31 1,0]6,169
.
, , ,
, f
,119,031 S 5,911,11/ 5,613.1/1
COMBINING BALANCE SHEET
PROPRIETARY FUND TYPES -ENTERPRISE FUNDS
SEPTEMBER J0, 1991
W1771 COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OF ATLANTIC BEACH, FLORIDA
Page 2 oj2 Pages
oft Nra•e Oktekl
wre er e..6 srl.n~ R.t n1.1•
1991 I9% IMI 1990 1991 1~ 19f1 1790
AwN
C••hr C•!F9•^'•1•°I•
f 11,7.74
f O f
O
S O
S 711,219
f 717,712
f 2,661,410
f 2,+3+,516
Attwr•ReaeirUk 3.SN 7,901 5,611 3,632 13,736 6a]I 271,913 IST,W
Smemiw o 0 0 0 0 o se,+71 19sn
oae F•am ame. Rme. o :1,6n o 0 0 0 o z29n
ar Feam Omr Oaraenawr. 0 0 0 0 0 o YI,Y9 0
Spair AS~eae ReceF•bk-Cner•1 0 0 0 0 0 0 31,6A 4,069
Omer Cher Arer
i
d 0 0 0 0 0 0 10,111 0
Reu
cle
Area:
C•drCWe Fq,mJem
1],679
0
17,116
0
0
0
2,I59.2n
2,m,nt
c.a m licmr.d web Flral A1em o 0 0 0 o a ns,)67 at,t90
coareeceioo ie eealeer o 0 0 0 0 0 236,705 In,s7s
IYa9enl. Wr•d Fgayemr-Na 139,271 136,ON 310,332 106.016 231,]71 in,093 14,]29,199 17,p0,221
Specir Asrmrr ReuirWk-2aee3-Trm 0 0 0 0 0 0 9n.912 0
LYe{bk Awn-9.68Mb Rmm Aeremse-Nr 76,9')9 IOD,U3 161,611 232.n1 0 0 111.667 311,667
TNr Aweb 232,121 270,112 3]2,067 615,)32 SS,i% 111,206 21~ 19,1%,N9
146i11r r Pr ems]
ILti4
s
Cberr IS•biflie• (e•9.6k Rom Came Arrq:
Accavr•h7•bkr Aarrdl7d'Jiie• 162 0 539 1,775 77,712 73,019 305,219 136,660
0ae b Odw Tad• 0 0 0 22,737 0 0 0 25,631
Curomer Depoir 11,919 7,96s 0 0 0 0 IOS,nI ])1,657
Cvreem li•b0+ie• O'9•bk Frwn Rewricrd A•a,):
Rcrcme Boe6e R)•bk 3,13] 3,700 6,163 6,tOD 0 0 95,000 13,000
Nre h7•bk 0 0 0 0 0 0 27,219 0
Iveerae h]•Ab 7517 7,601 16,On 16,261 0 0 61,]7{ K,919
Reveme Bode h]•bb-ImO-Tmn Wnian 271,]11 1AI,Y9 s%.7X1 603.112 0 0 4,OIS.711D I,7A1,103
NMC, h2tlk-2o•a-Trm Pbeeioo 0 0 0 0 0 0 7,751.689 0
Trr IJYitin b~ 300,676 619,78] -6~ ~~ 73,019 6.09%
Ca4rib1ed 6yil•1 0 0 0 0 0 0 7,717,367 6,210,9M
RWioeb Hemp:
Reweed Far Re•er•b •d Yephccnsti• 7,300 0 0 0 0 0 I,666,U1 2,IN,711
Rewrv<6 Far DeUe Service 0 0 0 0 0 0 327,07) 317,766
0elrr Resne• 0 0 0 0 0 0 121,697 n1,OM
Uamwrrd (36,1771 (io,i69 347,7}0) (I l,b-79 417jt1 7n,ln s,6p.92f 3.2/3,10)
rrr er ~] --~ p0.26q H7,71q P 1.6929 1 n i7e,11~ ITee9 u.n ,93
Trr 17•{i9irrhrt eplq f 2sz,121 2'90,771 f 372.067 61s,73T 135,29) f III.M6 f31,9d.t13 39,1%,109
41
COMBINUVG STATEMENT OF REVENUES, EXPENSES AND CHANGES iN RETAIN® EARNINGS
PROPRIETARY FUND TYPES - @YI'ERPRISE FUNDS
SFPTFJIIBER 30, 1991
WITH COMPARATIVE TOTALS FOR SFPTRJIIB®t 30, 1990
CITY OF ATLAN7TC BEACH, FLORIDA
Pa;e 1 oj2 Pg«
w.larr
s..rrnr smx~99
.ee r 11W41
arw+~e versa 1591 1990 1991 1990 1591 1991 If91 1991
Osnmer Cln0e.
~
gy t T29S% 3 27{.W7 3 930,113 : {53,251 f 291.600 S 39.629 f 917,696 9 761,121
°r
m' 32,567 3.361 61,IN 6N1 19}61 21,20- U1 001
2
T~BPII~i llerss
~m4 Tips 311,13 3Na6t 99t,N7 tSS,YI 313,029 ]IO,W 9N,13 ,
716,129
h..oslxrtR•r 131,111 177,72s 1111.769 196,019 tl,t67 39,310 90,69s 579
63
Cmrlrmrl Sr.ricn 12,316 19,105 773,197 111,016 11.999 63W 10.216 ,
19,365
~e T2.211 16,911 53,6]1 N,792 3,915 3,611 31x31 70
676
Rryrin 1d 61eisemocc 171,610 13371 M,319 136,156 10,711 {,615 113
16 ,
21
001
Nm,Ilth9ed Paver
Ik
i 31]72 73.726 IN300 177.65{ 19,2U 1.105 ,
59,W .
19.971
ruov
Vra
~ 91,699 t1,A2 236.711 236,996 7D,102 61,72] 119.914 110,791
°°~m1ioO
OVKr Erycmrr 0
23,701 0
3.927 0
19.]03 0
70.1% 0
14.059 0
11,(119 0
19,361 0
173
11
fPNeI O(xrM1e6 T+Pafe1 (476,119) (361,172) (1,111,91"0 (919,6]9) x39,978 (176,36]) (51],111) .
718
x30
89neDal ierar (LIIt) (161,01b) (5].908 (13a0q (93.MB3 -]l~pl 11,275 297
010 ,
165
751
Noe99ere6i0lm1.e (Filar) . ,
Opcnmq Cnm 0 0 0 0 0 0 0
Comecrioo Chu9n
51.060
3,IJ0
60,910
15,636
10,910
M,133
991
20 0
3
910
sr.ar«m,x;oe 9xl,te, o 0 101,619 96,716 0 0 ,
0 ,
0
iolertairceme 16,016 19,762 163,106 111,059 39,916 )73w 111
919 191
612
Or11^O P-`P'°r) (1.1'lq 0 (i 12.239) (101.190) (65.IfA (69.178 ,
(131,761) .
(112.191)
(66udmel Prolnl) (f 1,618 0 p9,171) 0 0 0 0 0
Te4l NoeeprNOg i.ela ffsPeme) 11,112 1,91 176,791 13,991 (13.0019 ~ (12,1511 61
111 91
63{
Nal lecae(IAO)BIleR OPerMies Trdrr 1131.618 x1,992) 36,197 11],193 36,036 120,1 ,
M5
191 .
51]
205
0t4r Fsad,1 (U~n) , ,
lOpemui9 Tnmftn 0a) (1ISJ38 (IN1360) 027,110) x01,051) x1,38 (173111 (11,70q (12
110)
del Isla ll.9o) x61,218 (112.352) (27D,928 _~_» ]3,n1 106.5 x
163 ,
71
39
nyrm.ri.... Pad Aueb 6ginet s3 , ,
9ue6 Itersa e.b.+~ Ow.:elet -s
ceil916e1olla
4rae fDrtrarl V RaliN P~refep 39.125
71,99)) 79,Y15
19 2 101367
(161
Sb0) 1x,367
27 Is,Q3
Sp
~Qj 17,135
119
710 31.170
7N
33 71,210
~
M41efeN Fi~p, L99i,1ie01f Ya
1,066,(15
1.160.112 ,
3391.172
3,366,761 ,
63],912 ,
511,201 ,6
2,601
78 6 ,
2
Rd1ie0 PireYp, Pa6 a Ya ~
a e) /,e{{ 1.066.11 7I yf.712 1,791,2 ~6t1~ x,912 ,
~qy
42
COMBINING STATFd1fFNf OF REVBNUFS, BltP0V58S AND CHANGES Hi RETABV® EARNINGS
PROPRIETARY FUND TYPES - BNTERPRLSB FUNDS
SBPTEMBER 30, 1991
.Y17'd COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
CITY OE ATLAKCIC BEACH, FLORIDA
Pose 2 oJ2 Para
(Ipaiul Reasa9
CbMUesr Cb„/n
Amer 6s9ae
T/bl Op96q ttea~
OP11i1 P~tsa
Renal Seevin
Cae1u[ml3erv'ca
Svpp41
~~)Itiaerne
11x1, I+Un and Ibva
Dry,cs'sa
nn
Other E,pcma
Rawl (/pai.t Vi4a1a1
(IpeaM~1 bcaue Mal
N9mpail let Q'i9me1
OpefYUt Ow
CanucOmClu,tu
Sevsr Gea,u4oo Olaelee
mne,ea 6swnc
(1,4crt1t Eupeme)
(MaMOrcd PniaO
Te1d Nmp.a'st Iaaae a5tpa~e)
Nat Iucaae Mal HNaae 09an1~ Tu/s+fm
(Nb Yarve !111x1
(Ogetainl Tnusfm Out)
Na/ Is1ae Mal
pa4na11fa~ r Wet Afeb Ae1ad M
9urtd Reasas FslearY3 Re4i[IN Pw
CgiW 6a9u1s4i1a
leclaee (Onnnle) ~ RaliN Pa~l~p
Rd~d iarip, ta6(~1 NYar
Na1iN Pavp, iid N Yer
o.-IlaMroinfet
Ys PV SrYai~le Tai
1~ Vfl 1410 lffl VM Ifl1 I )0
S 11.219 t 26,917 S 103,964 S 103,520 S 732.111 S 7%,71D S ],M3,417 S ],OM,90
33,7p ]l,iM 63,41) 65,]1] 321 6,510 TlO,p6 ISt,09
62,751 171,937 1]1,237 752,132 71),220 3,174 3,ZW,121
0 0 0 0 )53,111 77),711 111,50 719,651
2.066 0 6,295 25,'Kq 101,721 %,160 SSI,US 311,156
365 112 252 1,6]1 21,175 U,1% 161,211 10.959
0 299 2,T0 361 74,931 )1,737 350,250 2%,666
0 16 ],6% 2,369 0 0 251,170 236,901
6.120 6,371 16,191 0,629 5],355 59,7e1 631,SN 393,9K
n.eu n.u) 61.u] 61,11] o o laoaoo looaao
619 1,11• 2,90 2,163 T9,099 Y/,9t0 1]0,615 173.522
(11,915) (10.155) IID2,IW/ 1111,510) (60!,361) (SN,115) (3,101,610 8.349,102/
20.012 TT.S% 69,A] 56,691 11],1]1 129,103 719,192
0 0 0 0 0 70,M2 0 30,M2
0 0 0 0 0 0 116,941 u6,u1
D D o 0 0 0 101,619 %.7%
7.30 716 30 SS 17,6N 10,161 11],761 H9,171
Q2.910) (7J,02a (47,99)) (N,6793 0 0 (391,069) QM,190)
0 0 0 0 0 OIM (91,05]/ (260
(19 70 f12,26A (1].91.0 N 13.63/ 10.]19 10.226 j06~15
SOS II4 TI,151 1,113 157,505 169,621 506,710 91A.]60
(19,S7q (11,]Sq (5],60) (U,366) (1]1,]11) (IOI,Ibq (673,260) (500.211)
(19.%5) (11,010 (36,O1y (20,457) 39,791 6],176 (161,5/0) 160.199
0 0 0 0 0 0 I%,141 191,976
(19,065) (11,010 (36,OT6) ,153) - x,391 ~ 21,301 632.13
(30,26q 116,1301 (11,6423 1,761 371,1{7 IIO,]51 1,05,002 7,112,367
I (49,u0 (30.760 (1],]2Q ~ S 11],5{1 ~ IA,I / 1,00 /,075,002
43
COMBINING STATBMBiVI' OF CASH FLOWS
PROPRIETARY FUND TVPFS - BNCERPRISE I+l1ND6
FOR THB MBAR BND® SPPI'EMBER 30, 1991
CITY OF ATLAN77C BEACH, FLORIDA
Ce3 Flwe Pcc 0911e1)q ArOrICe
(lac) Inane
Adle,ImeW b Maaacik Operernl Da) IncamG
b Nr1 Cni 35eeidN 93 Nad V) Opeeeioe:
Pepailcol Fkel
AmM'renlioo d leuep3le Aenae
CWep'r Acar- (Isrnee) Pave:
Aawse Faeien6k
Pa Teem Oder Omeemee4
Iwerlep
Omer Cerrtd Asee
C1uv6ee ie Iiebillia - ]ales (Dance):
A[eoeW fl7bk eod AcceoN liebiliire
CLamrc Depoilr
Net Cab heeided ry Opa:s Areren
Cab )leery Free Nean3ilal FieoeeF .lrtiri(r.
Cmecbnn Cleraee
Serer Oesnrioe Corp
(Openuq Tnmfm Om m Oyer Fuod.)
OpeMin6 TnM n b From 06er Fade
(Rep7mee of Is+q Fraen Omer FveG)
Lmn Precade Frvn Omcr T1101n
Nee Cab (Ilded lal Prorided B) Nean9Ilnl FS.n.rig ktiritiea
Cab Fisas Free Gpilel atl Oe41N Perri6 AcOeitie
Cdkneiar oa Spaul Arwreen
Prapenl. FLvI w Fgtipmed Meaiom
(Prieci)vl A]mena w Bandq
Onenr Feld)
(Openriut Tremkn Om a Omn Fvade)
Nee Cab (Peed V) f+F%d sd wWd)idrd; Ae6.itis
Cab flerr3 Prlc Iaevli6 dl0ritic
(laecariem Pm<6nerd)
leaea locorre
Nal CW Fneeided S3 bn>di Aetiri0el
Nee laneue mseeuel i Cab aY Cab P.eiNCy
G+..6 Gr e~.l..w.n, pn+~ t. lf5s
Cad W Cab Fginlsy, 3e9Iec6lr 30, 13/1
Ilaaaaee llirricl f7b BaeMrPlatrk3
Nab 6ieas Wab hirer wab Sews sr.ur TMY
f (161,02A f (Im.lOA f 77,OSa f 297,060 f m,062 f 64,797 f IO,F71 f 319,192
97.69! 251,711 A,702 IIt,9N 6,1m 71,/91 57,333 626,SN
0 0 0 0 31,653 4,10 0 100,000
3.336 (IO,OA (6,WS) (66,190 360 11 (1,90) P4,060
0 /,M9 0 (17,6!91 0 0 0 (47,tOq
0,191)
(1.9/7) (10,19q 0 0 0 0 0 (16,NO
36,671 15,633 6,4a 12.T]2 162 (7,336) /,697 14,330
71,/75 0 U,609 0 3,971 0 0 66,976
13,779 666, 16],0]7 391,617 ~ I4, 141,131 1,133,960
51.060 q,9A 10.910 m,991 0 0 0 116.%1
0 101,64 0 0 0 0 0 101,619
(71,0A (tl5,la7) (q,261) (60,70) (19,570) P7,6t7) (118,111) (616,1bA
0 0 Ia,016 15,605 0 0 0 63,651
o OJIq o 0 0 (12,737) p (15.pA
0 ~~ 0 0 1,106 11,627 0 0 Zt,773
Cm,06q l^+.'^.~l (11, 7,392 ~ (]0.61 (116.111) 007,N5)
SS,I31 A,t75 0 0 ~
(n,IIA (41,m) (u.t7a) Obz,us) o 0 09,IIq ~s~.e s)
0 (15.000/ (4,19Q Ot,61D P.2M (6.766) 0 (01,80
0 (100,512) (63,65A (131,M1) (1J,O2A (4,I7A 0 07260
01,206) (61,5]'0 0 0 0 0 0 (123,10)
(6].16'0 (617,671) (176,716) (7%,m7) (16,25A (s/,wA 09,610 _ (1,156.107)
0 (16,00 0 0 0 0 0 (16,00
16.04 161,f01 ]9,916 It1,94 3,363 30 13,611 117,761
16,016 14~ 79,916 161.90 3,767 30 13,6N 81,190
06,ISq (117 > -~It2 Igo ~ UA16 -~'3j - (107,171)
109,7p 1,657,IA N3.233 2,756,41 0 0 II],7/2 1,911,111
~fi~ 1,09.3 I-51~ 2~1 Y9' } ~~73 ~ ; 11,219 I x,620,612
44
~ ~ ~ ~ ~ ~ ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~
f
1
1
1
i
1
1
1
FIDUCIARY FUNDS
' Fiduciary funds are used m account for assets Add by the City in a tmstee capacity or as m ageat for
individuals, private orgaoizazioas, other governments, and/or other funds.
1
conlBnvBVC BALANCE sIB~T
FIDUCIARY FUND TYPFS
ALd. FIDUCLUIY RUNDS
5'FPlI'BMBBR 30, 1991,
W17H COPU`ARATIVB TOTALS FOR SIrPM+ 1BER 30, 1990
CITY OF ATLANTIC BCACN, FLORIDA
PsaY~Trrl PaPSial k Tamil A~>•IC MA TcWe
A~ 1 1 V56 1991 V66 IMI 11!• 1961 1~
Cash ad Gab Fgoivakm f 77,121 f n,161 f 17,616 f I6b7x f 97511 f 65,625 f IOS,ux f 155,751
I..nlnanl. z,9u,uo zase,sll 0 0 0 o x.967,170 zase,sll
Dua Fm Olba, oo..,~n. o s1,uz zan o 0 0 tan s1.s1z
Olber Ra..eirWla 0 D 110 0 0 0 NO 0
Thal AVda 3,070,251 2,166,SN 10,517 16,671 _
~ X7,512 15,625 7,116.x79 x,566,M1
Itah3liu W PaaN 6a7rrn
Accwm P4abk o o Iss o 0 o Iss o
14renw co0peo,nleo 0 0 0 0 97,512 esbu 97,sIZ u,bu
rw.l li66iob o o ~ o ~Tx esbu 97b77
H.b n.l~e
lieaemd Fur PoOce Tnia~aM lseeifauom 0 0 10,7/7 16,671 0 0 20,78 16,672
IICrcYC6 Fw Rnirtnrn 7,070,2H 2.166.SN 0 0 0 0 7.070.2N 2.166,SM
TMaI Fr 8tlee 7,010,151 2,166,SN 10JM 16671 0 0 1,090,612 2,167,x16
TaW 13abibs aad P~6 Balaacv f 3,0'A,251 f x.166.5M f x0,517 f I6,6T2 f 97,512 f t5b2S f 7,116,279 S I,SSSb11