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Audit Report - 1989-1990 ~~~ C{TY OF ~asrtlc ~ea~c! - ~lau'da ' FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT S SEPTEMBER 30, 1990 ~~ FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS'REPORTS CITY OF ATLANTIC BEACH ATLANTIC BEACH, FLORIDA SEPTEMBER 30, 1990 CONTENTS Page Independent Auditors' Report 1 General Purpose Financial Statements Combined Balance Sheet -All Fund Types and Account Groups 2 - 3 Combined Statement of Revenues, Expendiares and Changes in Fund Balances -All Governmental Fund Types and Expendable Trust Funds 4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual -All Governmental Fund Types 5 - 6 Combined Statement of Revenues, Expenses and Changes in Retained Larnings/Fund Balances - AII Proprietary Fund Types and Pemion Trust Fund 7 Combined Statement of Changes in Financial Position -All Proprietary Fund Types and Pension Trust Fund 8 Notes to Financial Statements 9 - 29 Combining and Individual Fund Statements and Schedule General Fund Schedule of Expendimres -Budget and Actual 30 - 32 Special Revenue Funds Combining Balance Sheet 33 Combining Statement of Revenue, Expenditures and Changes in Fund Balances 34 Capital Projects Funds Combining Balance Sheet 35 Combining Statement of Revenue, Expendimres and Changes in Fund Balances 36 i~ 1 1 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS CITY OF ATLANTIC BEACH ATLANTIC BEACH, FLORIDA SEPTEMBER 30, 1990 CONTENTS (Concluded) Page Combining nud Individual Fuod Statements sad Schedule (COAdYAed) Enterprise Funds -Proprietary Fund Types Combining Balance Shcet 37 - 38 Combining Staremem of Revenues, Expenses and Changes in Retaita;d Earnings 39 - 40 Comb'uting Statement of Changes in Financial Position 41 - 42 Fiduaary Funds Combining Balance Shcet 43 statistical SedioA (Unaudited) Pemion Revenues By Source and Expenses By Type 44 Computed Pension Contribution Compazative Schedule 45 Analysis of Pension Funding Progress 46 Additional Ekmwfs o[ Report Prepared in Aaordance With the Rules of the Auditor Genera! o[ the State of Fbrida Independent Auditors' Report on Internal Control Structure and Management Letter 47 - 50 Independent Auditors' Report oA Complimce With taws and Regulations Based oo ao Audit of Financial Statements Performed in Aaordance With Government Auditing Standards 51 i E 1 1 Honorable Mayor, City Commission and City Manager City of Atlantic Beach Atlantic Heach, Florida We have audited the accompanying general purpose financial statements of the City of Atlantic Beach, Florida, as of September 30, 1990, and for the yeaz ended, as listed in the accompanying table of contents. Theca general purpou fmancial statements aze the responsibility of the City's management. Our responsibility is to express an opinion on rhea general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Compvoller General of the United States. Those standards require that we plan and perform the audi[ to obtain reasonable assurance abou[ whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supposing the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpou financial statement presentation. We believe thaz our audit provides a reasonable basis for our opinion. In our opinion, the general puryou financial statements referted to above precast fairly, in all material respects, the financial position of the City of Atlantic Beach, Florida, as of September 30, 1990, and the results of its operations and the changes in financial position of the proprietary fund types and similar trust funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpou of forming an opinion on the general purpou financial statements taken as a whole. The combining and individual fund financial statements and schedule listed in the table of contents are precasted for purpous of additional analysis and aze not a required pan of the general putpou financial statements. Such information, except the portion marked 'unaudited,' on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the general purpou financial statements and, in our opinion, is fairly stated in all material respects when considered N relation w the general purpou financial statements taken as a whole. January 23, 1991 Gainesville, Forida b~wwua, ~~- unto C~~ fartl8ed h6nc Accotnhnts P.O. Box 23999.222 N.E.7ft Street • W inesvllk, Fbrida 32602 •(9003762161 laurel Ridge Professional Center • 2305.E. 17th Street • Ogle, Fbrida 32671 •(9011732-3871 1701 Metropoliun Blvd., 5une 3 • Tallahuste, Fbrtda 3ZMM •19003850531 w•aru w •suLGw uo nunoa v4rrtln[S w rsawao rYRK rccouuw.rs wwn w •satrow nmmm w anaw ruwc •rtnuwurns rows rnsa•uas uo stc n•cr,a ssanws ' INDEPENDENT AUDITORS'REPORT COMBINED BALANCE SHEET ALL FUND TYPFS AND ACCOUNT GROUPS SEPTEMBER 30, 1990 C[71 OF ATLANTIC BEACH, FLORIDA ASSET'S Govemmeafal Fund Types Special Debt Capital General Revenue Service Projecfs Cash and Investments 726,266 72,914 35, 2,202,Er90 Cash in F-scrOW 41.900 Accounts Rrxivable 46,732 Inventories 37,981 Due From Other Govertm>ew 222,632 38,511 Due From Other Funds 117,037 1,614 4,997 Deposits 5,000 Prepaid Fapenses 68,841 Other Current Assets Restricted Assets: Cash and investmew invested Cash With Fiscal Agem Construction in Progress Property, Plant and Equipmem -Net Intangibk Asset - Right a Future Revenues -Net Amount Available in the Debt Service Fund For Payment of Long-Term Debt Amount a be Provided For Payment of Long-Term Debt Amount to be Provided For Payment of Long-Term Portion of Compensated Absences Total Assets f 1,266,389 S 413,239 S 35,006 S 2,207,637 See atcomparrying rates. 2 t 1 Proprietary Fiduciary Fuud Types Fuud Types Acceunt Groups Trusl General General and Long-Term Fused Enterprise Agency 061igetiom Assets 2,454,586 2,514,299 232,854 49,582 4,089 54,542 22,917 2,473,828 418,890 117,575 13,080,221 341,667 S 357,381 3,195,208 S 35,006 4,466,117 Totals (Memorandum Ooly) 1990 1989 8, 05,711 9,823,524 41,900 308,014 279,586 213,330 87,563 90,714 319,774 424,848 146,765 188,190 5,000 5,000 68,841 49,132 9,753 2,473,828 2,424,554 418,890 400,448 474,956 1931,271 16,275,429 15,315,686 341,667 441,667 35,006 33,529 4,466,117 4,873,879 129,015 129,015 103,780 S 19,196,209 S 2,568,841 f 4,630,138 S 3,552,589 S 33,870,048 S 35,307,314 See accompanying rata. 2 COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1990 CITY OF ATLANTIC BEACH, FLORIDA (Concluded) LIABILITIES AND FUND EQUITY Iia6Biliea Accoun4 Payable and Aarued liabilities Due m Other FuMr Deferred Graut Revenues CLrrent liabilities (Payable From Restricted Asseu): Revemte Bonds Payable Accrued Iv4rwt Payable Ravanue Bonds Payable DepouU Deferred CompevWion LutaOmeat Now General ObHgatiw Honda Notes Payable - GWf Breere Accrued Compeanled Absemes - lung-Term Tatal ILbHGiu Fend EquRy Contributed Capibl InveAment in General Feed AueU Retained Earnings: Reserved For Renewal and Replacement Reserved For Debt Service Other Reurvu Unreserved Retaimd P~mings Fund Balances: Reserved Fm Paymem of lung-Term Debt Reserved Fm Prepaid Eepewu Reserved Fm Iavenmries Reserved Fm Police Training and Investigations Reserved Fm Retiromem Older Rexrvea Unruerved Fund Balances Told Fend Fgdq 7ah1ILbBitie asuf Fend Pquky 1 Governmental Fund Types ' Spet9al Debt Capital Geaeral Revenue Service Projects S 141,926 S 5,037 2,256 19,749 5,000 S 761,431 ' 99,102 149,182 24,786 ~ 860,533 82,021 152,436 35,006 68,841 37,981 179398 276,017 1,501,(23 748,966 (154,019) 1,117,207 388,453 35,006 1,347,104 1 ,389 413,739 3~3,Od6 3 Sce accompanying rotes. 3 1 ~J 1 1 1 1 Proprietary Fidurlary Fuad Fund Types ~ ~ Aeto~uot Grou Trust Gweral General Totatc and liuag-Tam Fueed (Memorandum Oety) F~taprise Agency Obligations Assets 1990 1989 f 156,669 f 1,065,061 f 456,835 25,658 146,765 188,190 0 1]0,352 85.000 85,000 70.000 49,969 49,989 50,123 4,264,102 f 637,781 4,901,883 5,242,%3 338,857 343,853 285,259 S 85,625 85,625 77,201 311,342 311,342 3%,145 167,000 167,000 192,000 3,385,000 3,385,000 3,560,000 129,015 129,015 10!,780 4,920,271 85,625 4,630,138 f 0 10,670,535 10,752,848 6,210,936 6,780,936 6.123,866 3,552,589 3552,589 2,880,729 2,149,781 2,149,781 2,170,376 317,766 317,766 336,240 324,048 378,048 227,263 5,7A3,407 5,243,407 4,648,688 269,163 265,447 68,841 49,132 37,981 52,338 16,672 16,672 1,667 2,466,544 2,466,544 2,293,227 1,916536 4,113,622 594,947 1,391,684 14,275,938 2,167,216 0 3~ 27,199513 78554,471 19,1%,209 2,568,841 4,630,138 3,552589 73,870,048 35,707319 Ste BCCOnIpBllying IM)tC5 3 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS , FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 CITY OF ATLANTIC BEACH, FLORIDA Revenues Tues liaases and Permits Smte-Shared Revenues Other IatagovetmmenW Revmuea Charge For Servius Fixs and Forfeitures Interest Immure Misrellmenus Revenue ToW Revenues Expenditure CLfrenl: General Gmvmament Public Safety Physical limvvonmeat Tramportatioo Economic Favutrnmmt , pdture amd Recreation Intermal Services Debt Suvim: Principal RUiremrmt Imtereat and Fiaeal Charges Capita( Outlay , (ToW Expendilura) Excess (Ddidency) of Ramue Ova Nader) Expendiltnea Other Finanting Source Nse) Lam Proceeds ' Procxda our Installmamt Obligations (Lan Finmcimg Costs) Opentimg Trnnsfere Im , (opentimg rraasrers oat) ToW Other Fwndng Source Nse) Excess NeSsxicay) or Anenue and Other Fittarrhtg Sottrta Ova Nnda) ' Expenditures and Other Finanrirtg Uses Fund Balances, Beginning of Year Fund Balance, End of Year t Sa accompanying trotes. , 4 1 1 Fiduciary Governmental Fund Types Fund Totals Special Debt Capital Expendable (Memoran dum Only) General Revenue Service Projects _ Trust 1990 1989 f 1,616,255 f 35,413 S 1,651,668 f 1,194,172 104,959 0 104,959 159,106 919,236 f 366,314 0 1,285,550 1,261,909 17,s22 152,777 0 170,299 86,104 2.461 0 0 2.461 2.712 115,079 0 0 S 17,376 132,455 87,609 116,450 10,612 3,092 S 240,747 620 371,521 533,710 12,673 750 0 1,500 0 14,923 30,607 2,904,635 530,453 38,505 242,247 17,996 3,733,836 3,355,929 744,869 0 0 0 0 744,869 735,641 1,924,601 0 0 0 14,991 1,939,592 1,483,542 0 0 0 0 0 0 82,211 465,216 0 0 0 0 465,216 454,377 0 16,607 0 0 0 16,607 0 147,756 134,772 0 0 0 282,530 147,942 86,237 0 0 0 0 86,237 50,575 0 0 406,285 0 0 406,285 151,377 0 0 336,802 0 0 336,802 172,820 0 0 0 2,923,482 0 2,923,482 186,916 (3,368,681) (151,379) (743,087) (2,923,482) (14,991) ,201,620) (3,465,401) (464,096) 379,074 (704,582) (2,691,235) 3,005 3( 967,784) (109,472) 0 0 0 0 0 0 3,560,000 0 0 0 0 0 0 /09,615 0 0 0 0 0 0 (80,308) 361,982 0 706,059 316,794 12,000 1,416,835 721,227 (333,037) (895,658) 0 0 0 (918,695) (391,396) 48,945 (585,658) 706,059 316,794 12,000 498,140 4,219,15R (415,101) (206,5&) 1,477 (2,364,M1) 15,005 (2,969,644) 4,109,686 1,532,308 595,037 33,529 3,711,545 1,667 5,874,086 1,764,400 f 1,117,207 f 386,453 35,006 f1,347,101 f _ 16,672 2,904,142 f 5,874,086 see accompanying notes a COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 CITY OF ATLANTIC BEACH, FLORIDA Geaera! Fund Variance Favorable Budget At3ua! (Unfavorable) Rere,sues Taces S 1,597,516 S 1,616,155 t 18,739 liceasea sad Permits 133,300 104,959 (28,341) State-Shoed Revmres 998,738 919,236 (79,502) Other IntergovemmmW Revenue 15,500 17,522 2,022 Charges For Smites 4,350 2,461 (1,889) Fines sad Pmfeiturcs 87,000 115,079 28,079 Interest Income 100,000 116,450 16,450 Miacellaoeous Revenue 16,325 12,673 (3,652) ToW Revmteea 2,952,729 2,904,635 (48,094) Eapmditrva Clurmc GeacW Owmnment 796,695 744,869 51,826 Public Safety 2,037,356 1,924,601 112,755 Trwportatim 477,422 465,216 12,206 Fsooomic Favuaoment 0 0 0 Qdture and Rarestim 181,073 147,758 33,315 latnaal Services 86.140 86.237 203 Debt Service: Principal ReYuemmt 0 0 0 Tnteren and Fiaesl !'urges 0 0 0 Capita awy 0 0 0 (TOW EapmditrQea) (3,576,986) (3,368,681) 210,305 Eacass ~dency) o/ Reemrets Oyer Nnder) E:pmdi[mrs (61b,257) (464.046) 162,211 Other Fwodog Sotvices Nees) Io.n Pr«ceds 305,000 0 (305,OOD) Operating Tramfm In 376,164 381,982 5,618 (Opentin; Tnosfen OuQ (428,450) (333,037) 93,413 ToW Other Fioaoriog Sources Nras) 252,714 48,945 (203,769) Ecorse (Defiamey) of Rermtrs and Otha~ Fimnurq $o1QC6 Orer (Under) Ecpmdlturn and Other Finamog ilaea (373,543) (415,101) (41,558) Fund Balances, Oaober I, 1989 1,066,543 1,532,306 145,765 Ftmd Balaesro, Sepl®her 30, 1990 f 713,000 1,117,7A7 ~ 404,207 Stx accotltpalrying tIDI6S. 1 1 1 Special ]Revenue Fund Debt Service Fund Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) f 36,426 S 35,413 f (1,015) 0 0 0 f 360.000 S 366,314 f 6,314 0 0 0 u2.aoo sz,7n 4o,7n 0 0 0 0 0 0 0 0 0 a o 0 0 0 0 0 10,612 10,612 1,000 3,092 2,092 0 750 750 0 0 0 472,000 530,453 58,453 37,428 38,505 1,077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 112,000 16,607 95,393 0 0 0 175,000 134,772 (9,772) 0 0 0 0 0 0 0 0 0 0 0 0 429,297 406,285 23,012 0 0 0 393,654 336,802 Sb,852 0 0 0 0 0 0 237,000) (151,379) 85,621 (822,951) (743,087) 79,869 235,000 379,074 144,074 (785,523) (704,582) 80,941 0 0 0 0 0 0 0 0 0 766,273 706,059 (80,214) (566,428) (585,658) (19,230) 0 0 0 (566,428) (585,658) (19,230) 786,273 706,059 (80,214) (331,428) (206,584) 17A,844 750 1,477 727 909,080 595,037 (314,043) 31,513 33,529 2,016 577,652 388,453 (189,199) 32,263 S 35,006 x,743 See accompanying notes 5 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 CITY OF ATLANTIC BEACH, FLORIDA (Coneladea7 Capital Projects Funds Variance Favorable Budget AtYUaI (Unfavorable) Reeewse Tuee liceseee snd Pumice SWo-Slurtd Revewa Uther LnergovunmeoW Revenue CLarge Fm Service Fins and Forfeibues Intutel locome S 145,544 S 1A0,747 S 95,203 Miscellaneous Revenue 0 1,500 1,500 ToW Revenue 145,544 242,247 96,703 Expeoditmea G1rtmC Gmeal Government 0 0 0 Public Safety 0 0 0 Tsampoetatiw 0 0 0 Eccnomic Fnvirooment 0 0 0 Qdtum sod Recretion 0 0 0 Luernal Service 0 0 0 Debt Savix: Principal Retinmrnt 0 0 0 Lneret and Heal Chugee 0 0 0 GpiW onuay 4,831,891 2,923,482 1,908,409 (I'ofal Expatdinnes) (4,831,891) (2,923,482) 1,908,409 Excess (Defideocy) of Rtvmues Over (Under) Expenditure (4,686,347) (2,681,235) 2,005,112 Other Fioaoung Somee Nse) ra.n P,naea 800,OOD o (800,000> opa.tin8 Teamfen To 327,044 316.794 (10.250) (Dperuiog 7nnsfen t)1sQ o 0 0 Total Other Finandq Solmce (Uses) 1,127,044 316,794 (810,250) Exom 03eFuxency) of Revenue and ONer Fioandeq Sotvices Ove Nodrr) Expenditure and Other Fuvnuesg Urea (3,559,303) (2,364,141) 1,194,862 Fund Balance, October 1, 1989 3,742,218 3,711,545 (30,673) Ftmd Balama, Septembe 30, 1990 S 182,915 1,347,104 S 1,164,189 See accompanying rotes. 1 1 Totel4 (M1iemorandum Ouly) Variance Favorable Budget Adual (Unfavorable) S 1,633,944 S 1,651,668 f 17,724 133,300 104,959 (28,341) 1,358,738 1,285,550 (73,188) 127,500 170,299 42,799 4,350 2,461 (1,889) 87,000 115,079 28,079 246,544 370,901 17A,357 16,325 14,923 (1,402) 3,607,701 3,715,840 108,139 796,695 744,869 51,826 2,037,356 I,97A,601 112,755 477,422 465,216 12,206 112,000 16,607 95,393 306,073 282,530 23,543 86.440 86.237 203 429,297 406,285 23,012 393,654 336,802 56,852 4,631,891 2,923,482 1,908,409 (9,470,828) (7,186,629) 2,264,199 (5,863,127) (3,470,789) 2,392,338 1,105,000 0 (1,105,000) 1,489,481 1,404,835 (84,646) (994,878) (918,695) 76,163 1,599,603 486,140 (1,113,463) (4,763,524) (2,984,649) 1,278,875 5,769,354 5,872,419 103,065 1,505,830 2,867,770 1,381,940 See accompanying notes. 6 1 COMBINED STATEMENT OF REVENUES, EXPENSES AND 1 GRANGES IN RETAINED EARNINGS/FU1gD BALANCES ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 1 CITY OF ATLANTIC BEACH, FLORIDA 1 1 Operating Revenues Customer Charges Employer's Coo4ibmiore EmpSoyee'a Cmtribulions 1 Stata Contributions Earnings on Investments Other Income 1 Total Operating Revenues Operating Fspemes Persoml Services Cwtrxtual Services 1 Supplies Repaue and Mawtenance Rest, Iight and Power 1 Depreciation Amoniratiw Other Expeases 1 Rdircment Beaefits ffotal Operating Fxperne5) Opentiug Intsane Nonopenting Income (Expenses) 1 Operating Grants Camxtiw Charges Sewer Generation Charges 1 Interest Income Onterest Expenu) (Loss) m Axcet Disposal , Tohl Nonoperatirsg Income (txpemea) Nd Income Before Operelirtg Trcmfen Other Financing Sottrces Nsa) Operating Transfers In 1 (Operating Transfers onq ToW Othv Finandttg Sources (Uses) Nd Itsmme 1 Depreciation on Fued Assets Acgtdred By Stale-Shared Revenues Externally Reslrided For Capital Atgtusition Inveax is Retained EatniugslFwd Balaucrs Retained Earnings/Fwd Balances, Btgiooing of Year 1 Retained F.arnings/Fund Balances. End of Year See accompanying notes. 1 1 ' rnoyriehry 3Rdutisq FLnds F1wd Totals ' Fat[ rtse Pension Trust (M®oreudw~ Only) 1990 1989 ry S 3,044,985 S 3,004,985 f 2,859,791 ' 0 8 131,508 131,508 114,106 0 21,540 21,540 16,710 0 54,542 54,542 53,179 0 53,201 53,201 299,990 ' 158,439 0 158,439 149,2% 3,203,4TA 260,791 3,464,215 3,495,072 789,652 0 789,652 720,975 318,456 0 316,456 270,655 183,959 0 183,959 148,702 ' 208,666 0 208,666 577,692 228,901 0 226,901 197,750 593,946 0 593,946 521,843 100,000 0 100,000 58,333 125,522 2,558 128,080 134,746 0 87,052 87,052 79,992 (2,549,1023 (89,610) (2,638,712) (2,710,688) ' 654,322 171,181 825,503 784,364 30,842 0 30,842 1%,354 118,831 0 118,831 193,861 ' %,786 0 %,786 95,238 449,173 0 449,173 399,658 (388,890) 0 (388,8%) (375,807) ' (284) 0 (281) (1,409) 306,456 0 306,458 504,895 960,780 171,161 1,131,%1 1,289,279 0 2,140 2,140 2,140 (500,281) 0 (500,281) (331,982) (500,281) 2,140 (498,141) (329,842) ' 460,499 173,321 633,820 959,437 191,936 652,435 0 173,321 191,936 825,756 181,726 1,141,165 7,382,567 2,293,223 9,675,790 8,534,625 f 8,035,002 2,466,544 10,501,546 9,675,790 ' $ tG BCCOIIIQS111y1I18 [Y)IGB. 1 7 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TVPES AND PENSION TRUST FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 CITY OF ATLAM'IC BEACH, FLORIDA Sotmce of Worldog Gpital NG lacome Item Not Acquiring Ouday of Working Gpi W: Depreciation Amortvatiw Wadring Capital Provided By Operations Property, Pleat and Equipment Disposals Increase in Contributed Capital Decreare in Restricted Asses New Debt Increase in Current Labilities Payable From Restricted Assets ToW Source of Working Capital Use of Working Gpital Acquirition of Property, Plant and Bquipment Acquisition of Rights m Future Revwuea Increase in Restricted Asuts Reduction of Bonds Payable Decrease in Interest Payable From Restriced AbSCtB (Total Use of Working Gpitaq lnaease in Working Gpital (Below) Changes in Workirtg Gpifal By Component LLrreat Aasela -Increase (Decrease): Cash and Inveatmeob Accomts Receivable Inveamries Due From Other Funds Due Fmm Other Governments Other Curtest Assets Grant tibilitiea -Decrease (Increase): Auounte Payable and Aanud Liabilities Doe m Other Funds CLsmmer Depociu CLrteat Portion Revwue Bond Payable Increase in Working Gpital (Above) See accompanying notes. 1 ~~ Proprietary Fiduaary Funds Fund Tofats Pension (Memorandum Only) F~terpriu Trust 1990 1989 S 460,499 S 173,321 S 633,820 S 959,437 593,946 0 593,94b 521,843 100,000 0 100,000 58,333 1,154,445 173.321 1,327,766 1,539,613 0 0 0 29,409 309,006 0 309.006 1,237,679 26,916 D 26,916 49,971 0 0 0 895,000 a,666 0 4,a66 z9,ooo L495,233 173,321 1,668,554 3,760,672 155,514 0 755,514 1,606,736 0 0 0 500,000 94,632 0 94,632 977,042 209,598 0 209,398 202,025 0 0 0 1,215 (1,059,744) 0 (1,059,744) (3,267,018) 435,489 173,321 tA8,810 493,654 334,131 171,958 506,069 594,231 43,880 0 43,880 9,908 11,206 0 11,206 (5,895) (28,194) 0 (28,194) Sl,lll (60,616) 1,363 (59,253) 70,146 (9,753) 0 (9,753) (281) 177,976 0 177,976 (123,563) 25,453 0 25,453 (51,111) (58,594) 0 (58,594) (51,260) 0 0 0 3,368 d35,489 S 173,321 S 608.810 493,654 $ee aCCOmp811Ying a01e3. 8 NOTFS TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA Nole 1 - Summary of Significant Accounting Policies The City of Atlantic Beach, Florida (the `City'), is incorporated and operates under a form of government which comprises an elected Ciry Commission (four Commissioners and aMayor-Commissioner) and provides, uMer the administration of an appointed Ciry Manager, the fol(owing services: Public Safety (police and fuel, Public Worts (streets and intraswcture), Recreation, Sanitation, Planning, Zoning, Water and Sewer Services and General and Administrative Services. This report includes the financial statements of all the funds and account groups required to account for those financial attivities which are administered by and under the jurisdittion of the Mayor and the City Commission. The accounting policies of the Ciry wnform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies used in the preparation of these financ)al statements. Fund Accounting The accounts of the Ciry are organized on the basis of funds or account groups, each of which is wnsidered a separate accounting en[ity. The operations of each fund aze accounted for using a separate set of self-balancing accounts which comprise its assets, liabilities, twtd eq•~ities, revenue and expendimres or expenses. The various funds are grouped by type in the fuuneial statements. The following fund types and account groups aze used by the City. Goveromeotal Funds General Fund -The General Fund is the general operating fund of the City. It is used to account for all financial resources, except those required to be accounted for in another fund. Special Reveoue Funds -The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Fund -The Debt Service Fund is used to account for the accumulation of resources for, and the payment ot, long-term deb[ principal, interest and related costs other than obligations payable from the operations of the Entetprise Funds. Capital Projects Funds -Capital Projects Funds are used to account for the financial resources to be used for the acquisition or wnswction of major capital facilities (other than those financed by Enterprise and Special Revenue Funds). 1 1 ' NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA ' (Continued) Note 1 - Summery of Significant Accounting Polities (Continued) ' Fund Accounting (Concluded) ' ^ Proprietary Funds Enterprise Funds - Entetprise Funds are used to account for water, sewer and sanitation operations which are financed and operated in a manner similar to private ' business enterprises. The cosu of providing goods or services to the general public are fmattced or rewvered primarily through user charges. ^ Fidutiary Funds Trust and Agency Funds -Trust Funds are used to account for azuts held az a wstee or agent by the City for others. The Pension Trust Fund is accounted for in essentially ' the same manner az Proprietary Funds. The Expendable Trust Fund is accounted for in essentially the same manner az Governmental Funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. • Auouot Groups ' General Long-Term Obligations Acrnuot 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 Ne operations of the Enterprise Funds. ' General Raced Asset Account Croup -This account group is used to account for all feed azuts of the City other than those accounted for in the Enterprise Funds. ' Basis of Accounting The accounting and reporting treatment applied to a fund is determined by its measurement focus. All Governmental Funds and Expendable Trust Funds are accounted ' for on a spending or 'financial flow' measurement focus. This means that only current assets arW current 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 pcesent increases (revenues and other futancial sources) and decreases (expenditures and other financing uses) in net current azsets. ' The Governmental Fund Types, Expendable Tmst Fund and Agency Funds use the modified accmal basis of accounting. Under the modified accrual basis, revenues are ' recognized in the accounting period in which they become available and measurable. Expenditures, other than interest on general long-urm debt, which are recorded when due, are recognized in the stcounting period when incurred. ' 10 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Note 1 - Summary of Signifitartt Accounting Policies (Continued) Basis of Accounting (Concluded) All Proprietary Funds and the Pension Ttust Fund are accounted for on a cost of services or 'capital maintenance' meazurement locus. This means that all assets and all liabilities (whether current or noncurtenQ associated with their activity are included on their balance sheets. Their reported fund equity (net total azsets) is segregated into contributed capital and retained earnings components. Proprietary Fund Type operating statements present increases (revenues) and decreazes (expenses) in net total assets. The Proprietary Fund Types and Pension Trust Fund use the accrual bazis of accounting. Revenue is recognized when earned and expenses aze recognized when incurted. Water, sewer and sanitation services aze billed to customers 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 General governmental revenue and expenditures accounted for in budgetary Ponds are convolled by a budgetary accounting system in accordance with various legal requirements which govern the City's operations. Budgets are monitored at varying levels of classification detail; however, expenditures cannot legally exceed total appropriations at the individual fund level. The City curtently does not uu 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 to vanster budgeted amounts within departments within any fund; however, any revisions that increase the total expendiures of any department or fund must be approved by the City Commission. All necessary supplemental appropriations were adopted by the City Commission as pare of a quarterly budget review process and are included in the reported budgetary data. The budget presented on the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual is prepared on the GAAP basis. Cash and investments Except where prohibited, cash resources of the individual funds are combined to form a pool of cash and investments. Investments in the fooled Cash Fund wnsist primarily of invested cash and cenificates of deposit which mature in one yeaz or less plus cazh invested with the State Board of Adminisuation. Interest income earned on the pooled cash and investments is disvibuted to the appropriate funds based on the average monthly balance of investments in each fund. Cash and investments Po the Agency Funds represent employee deferred compensation which is managed by the International City Managers' Association (ICMA). 11 i i 1 ' NOTES TO FINANCIAL SPATEII7ENTS CITY OF ATLANTIC BEACH, FLORIDA ' (Continued) Note 1 - Summary or Significant Accounting Policies (Continued) ' Cash and Investments (Concluded) Investments are valued az cost, except for the investments of the deferred compensation ' and pension trust funds, which are valued az market [Sce Note 2]. Receivables ' Receivables are recorded az their net realizable value. 'There is no allowance for unwllectible accounts az September 30, 1990. Inventories ' Inventories consisting principally of expendable materials, supplies and fuel are determined by physical count az the Ciry's year end and are valued at the lower of cost ' (first-in, fuss-out) or market. During the yeaz, inventory in the General Fund is recorded as an expenditure at the time of purchase (purchase method) and converted to the consumption method for financial ' statement purposes. The inventory balance repotted is offset by a fund balance reserve which indicates that it does not constitute 'available spendable resources' even though it ' is a component of net anent assets. Restricted Assets Certain Enterprise Fund assets are required to be segregated from other current assets due to various bond indenture agreements and Ciry lhdinances. These assets are legally restricted for specific purposes, such as debt service, new construction, and renewals and ' replacements. Accounting For Fixed Assets ' Proprietary Fund capital expenditures made for revenue-producing assets, which are employed in operations thaz are accounted for in the Proprietary Funds, aze capitalized at historical cosu and depreciated using the svazght-line method over their estimated ' useful lives as follows: Buildings and Improvements 40 Years Improvements Other Than Buildings 10 - 50 Years ' Equipment 3 - 40 Yeazs Convibuted assets are recorded at farr market value az the daze of contribution. Depreciation recognized on assets acquired or constructed through resources extemaliy restricted for capital acquisitions is closed to the appropriate contributed fund equity ' account. 1 12 L. Note I NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Corttirtutd) Summary of SigniFicant Atxotrntiag Policies (Continued) Aocouotiag For Fixed Assets (Cortcfuded) General Fixed Assets Account Croups are feed azsW used in governmental fund type operations attd are accounted for in the General Fixed Assets Acwunt Group rather than in governmental funds. All fixed azsets aze valued ar historical cost. Donated fixed azsets are valued ar the"u estimazeA fair value on the date donated. No deprecation haz been provided on general feed azsets. Public domain ("infraztrnwtre') general fued assets such az streets and sidewalks that are generally immovable and of value only a the City of Atlantic Heath have not been capitalized. Aorouoting For Long-Term Obligations Long-term obligations, general obligation or revenue bonds, used to finance enterprise fund operazions and payable from revenue of the enterprise funds are recorded vt the applicable fund. General obligation bonds and other forms of long-term obligations supported by general revenue arc obligations of the City az a whole all not iu individual constituent funds. Accordingly, such unmatured obligations of the City are accounted for in the General Long-Term Obligattoro Accoun[ Group [Sce Note 4]. The notes payable to the City of Gulf Breeze, Florida, are recorded in the General Long-Term Obligations Account Group until the City determines which fulls will benefit from the expenditures and repay the obligations. The City estimates approximately 63% of the proceeds will be used for street all drainage projects, and 37% for water and sewer improvements. The City haz not determined which funds will repay the obligations. Compensated Absences Acamulated unpaid vacation and sick pay are accrued when incurred in proprietary funds. The amount of accumulated vacation and sick pay recorded in the governmental funds is that amount, adjusted a current salary costs, which is expected to be liquidated with expendable available futancial resources. Only the current portion is reflected in the funds. The remainder of the liability is reported in the General Long-Term Obligations Account Group. The guidelines of Financial Accounting Standards Board Statement No. 43 were applied in determining the liability for both governmental and proprietary funds. Revenue Rewgnition Utility revenues are recorded when received and adjusted to the accrual basis for financial reporting. Restricted grant revenues, which are received bu[ not expended are recorded u deferred revenues. Grant revenues receivable are recorded when reimbursable expenditures on those grams have been incurred but tat reimbursed. 13 1 1 1 NOTFS TO FINANCIAL STATEII~NTS CITY OF ATLANTIC BEACH, FLORIDA ' (Condaaed) Note 1 - Summary of Sigoifirant Accounting Polities (ConlJnurd) ' Property Taxes The assessment of all properties and the wllettion of all property taxes are made through the Property Appraiser and Tax Collector of the City of Jacksonville, Florida. General property taxes aze recorded as received, in cash, which approximates taxes levied less discounts for the current fiscal year. ' Taxes are levied on November 1 of each year. All taxes became delinquent on April 1 of the following year. Dismounts are allowed for early payment. On or prior to June 1, certificates bearing interest az 18% are sold for all uncollected real property taxes. Unsold certificates aze held by the City of Jacksonville, Florida. Intettund Ttansadioas During the course of normal operations, the City has various vansactions between funds to monetruct assets and comply with local ordinances and other legal resvictions. These ' transactions aze reflected as operating vansfers [Sze Note 8]. Pension Plaas The City accountl for its pension plans under Financial Accounting Standazds Board Statement No. 35 'Accounting aM Reporting by Defined Benefit Pension Plans'. The pension plans cove substantially all of the City's full-time employees. The City records ' pension mosu in the period salazies are earned. Pension expense includes normal cost plus amortization of past service cost over twenty-five years (See Note 6j. ' Deferred Compensation Man This City reports its Internal Revenue Code Settion 457 deferced compensation plan as an agency fund in accordance with Governmental Accounting Standards Board Statement ' No. 2 [See Note 7j. Contributed Capital Contributed capital in the proprietary fund types represents contributions from other funds, developers, and federal, state and local grant programs. Contributions are used primarily for capital outlay projects and are recognized as increases in equity in the period they are earned or received. 1 14 NOTES TO FINANCIAL STATEMENTS , CITY OF ATLANTIC BEACH, FLORIDA (Continued) ' Note 1 - Summary of Significant Accouofing Polities (Concluded) Reserve of Fund Balances aad Retained Earnings ' Reserves recorded m the governmental funds represent portion of fund balance which cannot be appropriated for expenditures or which have been segregated for specific future , uses. The amount included in 'Other Reserves' N the General Fund represents the urexpended portion of the Convention Development Tax revenues. The reserved fund balance in the Special Revenue Fund is for payment of long-term debt (SI52,436) and for ' road and street expenditures (5236,01'/). The reserved fund balance in the Capital Projects Funds is reserved for major water, sewer, streets aM drainage projects. Reserves recorded N the enterprise funds are tteated by the existence of azsets restricted for debt service, conswction, renewals and rephuxmems. The 'Other Reserves' of 5324,048 are the State Revenue Gereration Charges reserved for future sewer plant , expansion. Tofal Columns oo Combined Statemmfs ToW columns on the combined futancial statements are captioned 'Memorandum Only' to irdicate Nat they are preaeNed only to facilitate financial analysis. Data in these wlumns do rot present futancial position, rewits of operations, or changes N financial ' position inconformity wiN generally accepted accounting principles. Neither is such data comparable w a wnsolidation. (nterfurd eliminations have not been made in Ne aggregate of this data. ' Note 2 - Cash anti Iovesfmmts The City maintains a cash aM investment pool Naz is desigred for use by all funds, ' except for Nose monies which are periodically transferred to Ne pension astodian and Ne deferred compensation pion administrators. !n addition, investments are separately ' s fords where contratwal held and individually accounted to: by xveral of the City ' arrangements and bond covenants provide for and requve such arrangements. The deposiu and investments of Ne pension trust fund which have been transferred to Ne ' ved to peroion astodian are held separately from Nose of other City funds and are requ be administered by an investment advisor. IS 1 NOTFS TO FINANCIAL STATEMENT'S CITY OF ATLANTIC BEACH, FLORIDA (Conrfnued) Note 2 - Cash and Investments (Condnuuf) At September 30, 1990, the carrying amount of cazh on hand and on deposit vrith banks, including interest-bearing deposiu was 51.094,708, and the related bank balance was 51,678,162. Monies which are placed on deposit with financial institutions in the form of demand deposit accounu, time deposit accounu and certificates of deposit aze defined as public deposiu. All of the City's public deposiu are held in qualified public depositories pursuant to State of Florida Statutes, Chapter 280, 'Florida Security for Public Deposiu Att'. Under the Att, all qualified public depositories are required to pledge eligible collateral having a market value equal to or greater than the average daily or monthly balance of all public deposits, times the depository's collateral pledged level. The pledging level may range from 50% to 125% depending upon the depository's futancial condition and establishmem period. All collateral must be deposited with an approved financial institution. Any losses m public depositors are wvered by applicable deposit insurance, sale of securities pledged as collateral and, if necessary, assessments against other qualified public depositories of the same type as the deposimry in default. Tile City's investrnent practices are also governed by Chapter 280, Florida Stamtes, which allows the City to invest in certificates of deposit, rnorey market certificates, obligations of the U.S. Treasury, iu agencies and inswmentalities, repurchase and reverse repurchase agreemenu collateralized by U.S. securities, and the State Board of Administration. The pension trust fulls are also authorized to invest in corporate bonds, preferted stocks, common stocks, and mutual funds. Cash and investments at September 30, 1990, are categorized in accordance with GASB Statement No. 3 [o indicate the level of risk assurred by the City. The certificates of deposiu are considered to be Category ore txedit risk deposits, which means that they are iruured or wllateralized with searities held by the City's agent N the City's name. The ' pemion investmenu held by Sun Bank Trust DeparVrent are considered to be category one ttedit risk investmenu, which means that they are fully insured (5100,000 per participant). ' Tire deposiu and investmenu with state agencies and the International City Managers' Association (deferred compensation) are not classified by credit risk since they are held by independem agencies. 'There were no vioktions of the legal or corarata,tal provisions for depoaiu and investmenu. 16 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (ConBnued) Note 2 - Cash and Investments (Conefuded) The Wtal cash and investment balance of the City is comprised of the following items: Cash Petry Cash on Hand Savings and Money Market Accounts Total Cash Certificates o[ Deposit Certificates of Deposit With Local Banks: 180 Day Maturities or Less Pension Trust Investments Short-Term Treasury Portfolio High Grade Bond Fund Corporate Equity Fund Total Pension Trust Investments Investments Investments With ICMA Invested Cash in Escrow and Cash With Fiscal Agem Investment With State Boazd of Administration Total Investments Total Cash and Investments (RestriMed Cash and Investmeots) Total UorestriMed Cash and iovestmenfs S 500 1,094,208 1,094,708 930,468 545 1,734,742 623,255 2,358,542 85,625 1,050,929 5,720,057 6,856,611 I1,7A0,329 (2,892,718) S 8,347,611 17 1 1 NOTES TO FINANCIAL STATE117EN1'S CITY OF ATLANTIC BEACH, FLORIDA (ConCnued) Note 3 - Property, Plant fwd Equipmwt A summary of dlanges in general feed assets follows: Lod Buadiot, logmvcmem Od,ee iWv 9o0duq, MvLu,ery god Fquipven (McumuUkd Deprtc'vum) CoMrvcliU6itr Pmrrtu 2,125,913 6,3/1,079 1,679,117 7,261,17A f N2,119 f 118,535 11,129,216 111,A6 11],677 f 531.109 60,819 59,758 0 1,910 959,909 (%2,]16) (1,592,331) (151,016) P18,%3) (M3,N6) (6371) (13,639] PAI7,3773 1],919 31,6N 0 17,3W 17,712 0 0 117,575 3~ I--tf.633 31~i6 b 1~ ~~1 17,1 , 18 Land Buildings Improvements Other 'Than Buildings Equipment Comtmdion-in-Progress Total Property, Flant and Equipment Selena 10/31/89 ,868 1,079,123 441,418 950,190 6,130 Balance Additions Disposal9 09/30/90 157,539 561,407 42,900 1,122,023 31,789 473,207 347,907 f(259,526) 1,038,571 351,251 0 357,381 52,880,729 5931,366 8(259,526) 53,552,589 A summary of feed asuts of the Enterprise Funds az September 30, 1990, follows l4ads10'D Ydiel Ofk 9ub9r T9W wr.. se,v arratioa wrr 8e.a walr Sewn alb Pod imd fled Pad Pad Fod Ped FeW 10-,20D Tb,bal f 117,799 251,680 f 797,71! 505,665 93,531 IF1,839 1.171,]63 I NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (ConBnued) Note 4 - Long-Term Obligations The following is a summary of the long-term obligations of the City for the yeaz ended September 30, 1990: cm,l I ary-ram olr;f ,m~ mlap5u Accrved Ponds aoeeme Ofafation Nola I Waammt C9mpln58lmn Re,eme B9o& Baod~ PryaA4 Nola Ahvmca Bonds ioW Obti88dom Pgnb4 A110/In9: f 759,263 f 192,000 f 1,560,003 f I%,1IS f 103,780 f1,T53,700 f 9,361,888 Nev Dcb 0 0 0 0 25,235 0 25,233 PdrcipJ Rnirtd (121,482) QS,000) (173,000) (84,803) 0 -- 1204,600) (610,883) OE6fitiom PryeWe A89/JOI% f 637,781 f 167,000 5),385,000 f 711,342 f 129,013 54.349,100 f H,979,238 Bonds payable at September 30, 1990, are wmprised of the following individual issues: General Obligation Boods: 1971 Sewer System Serial Bonds, Payable in Annual Installmenu of f30,000 to 540,000 Principal Plus Semiannual Interest ar 5.75% Through 1995. Revenue Boods: 1985 Buccaneer District Water and Sewer Serial Bonds, Payable in Annual Installments of Principal and Semiannual Installments of Interest ar 9% Through 2000. Total Payments are Approximately 5340,000 Annually. State Pollution Control Bonds, Series 'Q', Payable in Annual Installments of Approximately E185,0001nduding Interest of 8% Through 2000. 1985 Florida Municipal Loan Council Pooled Loan Program Revenue Bonds Payable in Quarterly Installments of 530,371 Plus Interest Through 1995, Bearing Interest at a Variable Rate (Approximately 7.15% az September 30, 199(1). 1989 Oak Harbor and Sewer District Revenue Bonds, Payable in Annual Installmenu of Principal and Semiannual InsWlmena of Interest at 8% Through 2015. Total Paymenu aze Approxi- mately 580,000 Annually. Total Bonds Payable 19 S 167,000 2,229,100 1,225,000 637,781 895,000 f 5,153,881 1 1 1 1 t i NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Note 4 - Long-Term ObGgatioas (Contnued) Notes Payable: Notes payable at September 30, 1990, are comprised of the following: Ciry of 41df Breeu, Florida, Local Government Loan Pool Program, Govemment Unit Note, Payable in Annual Installments of Principal and Semiannual Installments of Interest a[ a Floating Rate Increasing From 6.50% to 6.85% Over the Term of the Note. Total Payments aze Approximately 5225,000 Annually. The Note is Secured By the City's Utility Service Taxes and the Local Option Cas Taxes. S 1,260,000 Ciry of Gulf Breeu, Florida, Local Government Loan Pool Program, Covemment Unit Note, Payable in Annual Installments of Principal and Semiannual Installmentl of Interest at a Floating Raze Increasing From 7.40% to 7.70% Over the Term of the Note. Total Payments are Approximately SI95,000 Annually. The Note is Secured By the City's Utility Service Taxes. 2,125,000 Installment Note, General Elearic Flcet Services, Inc., Payable in Monthly installmenu of 53,283, Including inurest at 8.1 %. 66,918 Installment Note, General Electric Flcet Services, Inc., Payable in Monthly Instalbnenu of 56,199, Including Interest az 8.1 %. 244,424 Total Note Payable 3,69 ,34 The annual requirements to amortize all debts outstanding az September 30, 1990, aze as follows: Year General Long-Term Obligations Ending Account Group Enterprise Funds 9/30 Prioripal Interest Total Pnndpal Interest Total 1991 f 425,467 f 3IO,I52 f 775,619 f 85,000 f 377 01 ~d62,501 1992 447,192 282,137 729,329 781,800 357,967 599,763 1993 427,625 252,273 679,896 259,900 336,471 5%,377 1994 451,987 222,611 674,598 284,300 313,346 597,648 1995 398,482 194,057 592,539 310,100 288,049 598,149 71era8er 2,350,370 1,742,641 4,093,011 3,168,000 1,736,606 4,904,606 7'aW (4,501,127 3,003,871 7,504,994 ,349,100 3,409,944 7,759,044 20 NOTES TO FINANCIAL STATEMENTS ' CITY OF ATLANTIC BEACH, FLORIDA (Continued) , Note 4 - Long-Term Obligations (Coneluded) General obligazion bonds (1971 aeries) of the General Long-Term Obligaziom Acwunt t Group represent bonds issued by the City for consavaion, improvements and extensions to the City's sewer system. These bonds were issued as 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 Hoard of Administration and secured by State Pollution Cordrol Honds, Series 'Q', to , support funding for improvement and exparoion of its sewer system. These bonds are payable from pledged revenues derived from the operations of the sewer system. Under the terms of the agreement, the City may later pledge additional legal and available Ponds ' to repay the loan as it deems appropriate. During 1985, the City issued revenue bonds to acquire an additional water and sewer ' system. These bonds are payable from the net revenues of the Buccaneer District Water and Sewer System and are not general obligations of the City. During 1986, the City elected to participate in the Florida Municipal Loan Council Pooled Loan Program (Revenue Bonds, Series 1985). Under this program, the City ie eligible to bortow up to f1,871,000 to be used to financial capital projects. At September 30, , 1940, (637,781 was outstanding and included as an obligation of the General Long-Term Obligations Account Group. The amortisation schedule above includes interest on these obligazions az an assumM rate of 7.0%. During 1989, the City issued additional revenue bonds [o acquire the Oak Hazbor District Wazer and Sewer System. These bonds are payable from the net revenues of this system ' and are not general obligazions of the City. Revenue bonds of the Enterprise Funds contain various terms and wverwtts which require ' the City to maintain adequate uxr rates and to account for the deposit and distribution of revenues in accordance with established priorities. As of September 30, 1990, the City was substantially in compliance with all such wvenants, except for the establishment of the renewal std replacement account and the sinking fund accounts as required by the ordinance that authorized the purchase of the Oak Harbor water and sewer system. I t t i d d i h ' n eres ncurte ur ng t e year ended September 30, 1990 wat 5336,802 in the Debt Service Fund and f388,890 in the Enterprise fiunds. All the imerest was charged to expense during the year. 1 21 1 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA I (Continued) Note 5 - Purchase of Oak Harbor System I On Mazch 1, 1989, the City purchased the water distribution and sewer wlleaion systems from the Oak Harbor Water and Sewer Distria for 5900,000. The acquisition was I financed with the proceeds from the Oak Harbor bond issue. The purchase price was in excess of the fair value of the fixed assets acquired. The City has allocated 5400,000 to Ne purchase price of the feed assets and 5500,000 to the rights to furore revenues from I this area. The intangible asset is being amortized over five years using the straight-line method. Amortization expense for 1990 was 5100,000. The unamortiud balance at September 30, 1990 was 5341,667. I Note 6 - Employce Benefits I The City has three separate defused benefit singletmployer pension plans (General Employees', Police and Firefighters') which cover substantially all of its employees. The City accounts for the plates as peroion trust funds. I General Employees' Peasioo Plan All City employees, except for police, fvefighters and part-time employees, are covered I under the General Employees' Pension Plan. Current membership is comprised of the following: Ret'uces and Beneficiaries Curren0y Receiving I Benefits 9 Vested Terminated Employees 3 Active Employees: I Fully-Vested 26 Nonvested q6 I Total g4 Employees attaining the age of 60 and completing five or more continuous yeazs of I service aze entitled to a monthly benefit of 2.25% of their average monthly earnings as defused in the plan for each year of continuous service. Active employees who become disabled receive benefns computed as regular retiretrem benefits. If an active employee I dies, his desigtsated beneficiary receives payments computed as regular reCnement benefits. I If a member's employtnem is terminated before he/she becomes eligible for any other benefns utder this plan, he/she shall receive a refund of his/her member convibutions. 1 I 22 i NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Note 6 - Employee Benefits (Continued) General Employees' Pension Plan (Concluded) If a member terminates his/her employment either voluntarily or by lawful discharge after the completion of az least five years of continuous service, but before becoming eligible for retirement under this plan, he/she shall be entitled to a deferted vested benefit. The deferred vested benefit shall be based on monthly earnings and continuous service as of the termination date. The General Employees' Pension Plan was established pursuant to City Ordinance adopted N 1975 by the City Commission. The plan is also govertted by certain provisions of Chapter 112, Florida Statutes. The plan is administered by the Board of Tmstees. Police end Firefighters' Retirement System Curtent membership m the Police and Firefighters' Retirement System is comprised of the following: Retirees and Beneficiaries Currently Receiving Benefits 3 Vested Terminated Employees 5 Active Employees: Fully-Vested 12 Nonvested l8 Total 38 Employees attaining the age of 60 and completing five or more continuous years of urvice are enfitled to a monthly benefit az 2.4% of the'v average annual comings as defined in the plan for each year of continuous service. Active employees who become disabled receive benefits computed as regular retirement benefits. If an active employee dies, his/her designated beneficiary receive payments computed as regular retirement benefits. If a member's employment is terminated before he/she becomes eligible for any other benefits under this plan, he/she shall receive a refund of his/her tnember contributions. If a member terminates hisPoer employment either voluntarily or by lawful discharge after the completion of az least five years of otntinuous service, but before bewming eligible for refuemem under this plan, he/she shall be entided to a deterred vested benefit. The deferced vested benefit shall be based on monthly earnings and corttinuotu service as of the termination date. 23 1 1 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Note 6 - Employee Benefits (Continued) Police and Firefighters' Retirement System (Concluded) The Police and Firefighters' Pension Plan was established pursuant a Ciry Ordinance adopted in 1975 by the City Commission. The plan is also governed by certain provisions of Chapters 175 and 185, Florida Statutes. The plan is administered by the Board of Trustees. Summary of Significant Accounting Policies and Pfau Asset Matters Inveslmentc and Investment Income: Investments for the plans are initially rewrded on the vade date. Investments are valued at fair market value. Mazket values of investments are valued at the last reported sales price on the last business day of the yeaz from published sources. Investment policies are determined by the Board of Trustees and are implemented by investment advisors. Earnings on investments represent realized gains and losses, and the effects of adjusting the investment portfolio a fair market value ar fiscal year end. Investments as of September 30, 1990, aze as follows: Corporate Equity Fund High Grade Hond Fund Short-Term Treasury Portfolio Total Fair Market Cost Value f 666,432 f 623,254 1,628,997 1,734,742 545 545 f2,295,974 52,356,541 Related Party Transactions: There are no related party transaaions recorded for any of the plans. Funding Status and Progress: The amount shown below as the 'pension benefit obligation' is a standardized disclosure measure of the present value of pemion benefits, adjusted for the effects of projected salary increases, estimated a be payable in the future as a result of employee service a date. This measure is the acuarial-0etemtined present value using the credited projected benefits method and is intended a (1) help users assess the plan's funding status on a going-concern basis, (2) assess progress being made in accumulating sufficient users a pay benefits when due, and (3) allow for comparisons among public employee retirement plans. The measure is independent of the actuarial funding method used a determine convibutions a the plan. 24 NOTFS TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Condnued) Note 6 - Employce Benefits (Condnued) Summary of Significant Accounting Polities and Plan Asset Matters (Condnued) Funding Status and Progress: (Concluded) The pension benefit obligation was determined az part of an actuarial valuation of the plan az of September 30, 1989. Significant actuarial azstunptions used in determining the pension benefit obligation include (a) a rate of remm on the investment of present and future assets of 8% per year compounded annually, (b) projected salary increases of 6% per year compounded annually, attributable to inflation, (c) additional projected salary increases ranging from 0.0% to 3.0% per year, depending on age, atributable to seniority/merit; and (d) the azsumption thaz benefits will not increase after retirement. At September 30, 1989, the azseu in excess of the pension benefit obligation were 593,849, determined az [ollows: Pension Benefit ObUgation: ReCvces and Beneficiaries Currently Receiving Benefiu Terminated Employees Not Yet Receiving Benefits Current Employees: Accumulated Employce Conuibutions, Including Allocated Investment Income Employer-Financed -Vested Employer-Firuvtced - Nonvested Tofal Pension Benefit Obggadoq Net Assets Available For Benefits (At Market) Assets (Under) in Excess of the Pension 1 General Police Firt , S 502,672 f 140,575 S 73,010 ' 58,259 9,533 58,456 9,802 5,171 1,938 625,615 446,531 98,313 79,669 73,124 16,706 1,276,017 674,934 248,423 1,085,232 813,031 394,960 Benefit ObBgation S (190,785) f 138,097 f 146,537 During the year ended September 30, 1989, the plan experienced a net change of 5281,665 in the pension betrefit obligation. 25 i 1 1 1 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Note 6 - Employee Benefits (Corteladed) Summary o[ Significant Accounting PoOaes and Plan Asset Matters (Coneladed) Contributions Required and Cootributions Made For All Plans The City's funding policy provides for period employer wnvibutions az actuazially- determined rates that, expressed as percentages of annual wvered payroll, are designated to accumulate sufficient assets to pay benefits when due The normal cost and actuarial accrued liability is determined using an entry age actuarial funding method. Unfunded actuarial accrued liabilities are being amortized as a level percent of payroll over a period of twenty-two years. During the year ended September 30, 1990, contributions totalling 5207,590 (5186,050 employer and 521,540 employee) were made in accordance with contribution requirements determined by an actuarial valuation of the plan as of September 30, 1988. Significant actuarial assumptions used to compute contribution requirements wire the same as those used to compute the standardized measure of the pension benefit obligazion. Historical Trend In[ormation -All Plans Net Assets as a Percentage of Pension Benefit Obligation Unfunded Pemion Benefit Obligation as a Percentage of Annual Covered Payroll Contributions Expressed as a Percentage of Annual Covered Payroll: General Police Fire 1986 1987 1988 1989 113.3% 99.5% 98.5% 1.04% 0.0% .6% 1.7% 0.0% 9.53% 9.17% 9.24% 9.69% 14.39% 9.15% 8.36% 10.32% 15.06% 7.71% 7.84% 10.49% Ten-year historical trend informaion, designed to provide information about the City's progress made in accumulating autficient assets to pay benefits when due, is presented in the statistical section of the report. 26 Note 7 Note 8 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Continued) Deferred Competisatioo Plan The City offers its employees a deferred compensaion plan created in accordance with ]nternal Revenue Cade Section 457. The plan, available to all City employees, permits Nem to defer a portion of their salary until future yeaza. The deferred compensation is tat available to employees until termination, retirement, death, or unforeseeable emergencies. All amounts of compensation deferrM under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights aze (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of the benefits under the plan), subject only to the claims of the City's general crediors. Participants' rights under the plan are equal to those of general crediors of the City in an amount equal to the fair mazket value of the deferred account for each participant. It is the opinion or, the City's legal counsel thaz the City has tw liability for losses under the plan but does have the duty of due raze thaz would be required of any ordinary prudent invesmr. The City believes thaz it is unlikely that K will use the assets m satisfy the claims of general creditors in the future. Interfund Transactloas Reconciliation A summary of interfund transfers during the fiscal year ended September 30, 1990, is as follows: 7ram(eta 70: Trust GpiW Debl and Genial ~ Sereioe AFL Total Tnmfas From: (imeral f 34,095 f 284,852 f 14,140 f 333,037 Special Revenue f 5,817 282,749 297,092 0 585,658 Fatetptix 376,165 0 124,115 f 40.742 0 541,022 ToW 5381,982 (316,794 706,059 f 40.742 f 14,140 1,459,717 A autnmary of imerfund receivable/payables az September 30, 1990, is as follows 27 1 1 ' NOTFS TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Conftnue~ ' Note 8 - Interfuud Traa9ections RetoDdliation (Condudtd) ' Due To: Spe4iel Capital General Revenue Projects Euterprise Total ' Due From: Gereral S 2,256 S 2,256 Special Revenue f 19,749 19,749 ' Capital Projects 97,288 S 1,814 99,102 Enterprix 0 0 2,741 f 22,917 25,658 Total 117,037 1,814 4,997 f 22,917 f 146,765 ' Note 9 - SepDeot Iaformatiou For Enterprise Funds ' The City has established separate Enterprise Funds to account for water, xwer and aanitaGon xrvitxs. Segment informazion for the City's Enterprise Funds for the yeaz ended September 30, 1990, is as follows: Eatt4nta• oat Harttr Diuritt Iaaeid 7o1a1 wtlrr Sent/ 8,att,tidn w,ls e~ w,~ Fnlcptite ' Peed Ptmd Fond Fmd Pwd Feed FL,d flmds Operuiag Revuua f 3m,M8 f 155,711 f 713,270 f 310,pt f 786,129 f 62,731 f 171,237 f 3,203,121 ' Depraiubu ud Amoaimioo 11,702 256,916 59,711 U,773 110,791 31,224 11,776 093,946 Opuuiug locome (Loa) (37,900 (93,790 IM.105 132,273 463,351 22,3% 36,697 631,322 ' ONerumg Gruu 0 0 30,712 0 0 0 0 30,812 Nonopauing lowme (Erpe,m) 13,912 IA3,991 9,x77 (12,132) 61,731 (T3,287) (41.380 273,616 ~~t rrueras m (Ouq (12o,56D) (306,052) (Im,3tq (13,517) (12,110) (11,330 (26,360 (500,110 Na lecovw (I.oa) (132,552) (70,1591 67,136 106,576 331,3% (II,ON) (20,433) 160,497 ' Na Proputy, Nut 1od Fgvipmut 2.076,659 3,186,011 217,093 1,608,226 3,1%,176 136,011 106,116 13,197,7% Na Workivd GpiW (Defica) (21,262) 733,875 91,091 216,965 1,200,0% 17,546 (25,190 2,212,118 ' Ikopetry, Plot a,d Fqugman Addkbv 269,570 91,351 21,011 112,910 162,212 9,270 12.163 755,SU Co,vibutioat 9,436 70,131 0 %,631 170,161 0 0 Loeg-Term Debt 0 1,150,000 0 731,733 1,197,311 281,189 603,112 309,006 4,264,102 TaW Fqurty (Denc9) 1,053,397 6,313,336 378,187 1,163,903 1,076,769 (!0,160 (11.693) 1/,275,931 ToW Aaas 1,275,707 7,129,310 411,206 2,149,051 5,615,177 270,112 61533 19,1%,309 28 1 NOTES TO FINANCIAL STATEMENTS CITY OF ATLANTIC BEACH, FLORIDA (Conefudt~ Note 10 -Joint Venture In 1985, pursuant to an interlocal agreement authorized by Section 163.01, Florida Statutes, the City joined with the City of lacksonville Beach, Florida, and the City of Neptune Reach, Florida, to construct and operate effluent outfall 1'utes and disposal facilities, together with all the lands, rightof--ways, easements, and other entitlements necessary for the construction and use thereof. The construction of the outfail lines and disposal tacilites were funded by the municipalities in the following proportions: Adantic Reach 33.06% Jacksonville Beach 55.78% Nepmne Beach 11.16% Total lU 100% Each City has recorded its shaze of the project in its own futaneial statements. The City recorded its portion of the joint vendee (approximately (290,000) in the property accounts of the City's Sewer Fund. the City also rewrds approximately f325,000 of additional property purchased with gram proceeds from the Florida Department of Environmental Regulation since the grant for the ouNall lines was awarded to the City of Atlantic Beach. Therefore, the toW cost of the join[ venture on the City's books is approximately (615,000. The ptojett was completed in 1986 and depreciation (using the straight-line method over 25 years) began in 1987. The City of Atlantic )leach provides all accounting and purchasing services for the joint venture. Repair and maintenance of the outfall lines and disposal of the facilities will be shared by the participating municipalities in the percentages noted above. No repair and maintenance expenses related to the joint vendee were incurred in 1990. Note ll -Commitments The City is committed on a consWMion wntraa for the new City Hall building vt the coral amount of 5875,000, of which 5311,200 has been expended as of September 30, 1990 N the Capital Projects Funds. The City plans to fund this project with draws from [he Forida Municipal Loan Council Pooled Loan Program (Note 4). The City also has paving and drainage improvemems N process az September 30, 1990 in the Capital Projects Funds under convects totalling (3,269,694, of which (2,045,501 has been expended at year end. 29 i 1 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULE Combining fmancia{ slatemenu provide a more detailed view of the 'Geceral Purpose Financial Statements' presented in the preceding subsection. individual sutetnenu and schedules, although not necessary for a fair presentation inconformity with generally accepted accounting principles, are presented to provide greater detail and comparative fmancial information for certain fund types. i I 1 1 GENERAL FUND ' The General Fund is the general operating PoM of the City. It is used to account for all financial resources, except Nose required to he accounted for in another Pond. 1 t 1 SCHEDULE OF EXPENDITURES BUDGET AND ACTUAL GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA Expenditures General Government: Legislative Personal Services Operating Expenses Total Legislative ExeaGve Personal Services Operating Expenses Capiul Ouday TomlExecutive Elnance and Administration Personal Services Operating Expenses Capita Outlay Total Finance and Administration Legal Counsel Personal Services Operaing Expenses Total Legal Counsel Planning and Zoning Personal Services Operating Expenses Capita Ouday Total Planning and Zoning Code Enforcement Personal Services Operazing Expenses Capita Outlay Total Code F~torcemeot 1990 Variance Favorable Budget Adual (Unfavorable) 1989 AWtal S 24,867 S 22,306 S 2,561 S 20,971 3,015 2,919 96 2,722 27,882 25,225 2,657 23,693 85,832 65,057 775 89,213 8,639 8,351 288 6,943 100 95 5 5,041 94,571 93,503 1,068 176,785 174,997 1,788 150,357 17,245 17,220 25 15,508 5,580 5,576 4 8,379 199,610 197,793 1,817 174,244 2,194 2,194 0 595 69,996 69,989 7 86,753 72,190 72,183 7 87,348 27,913 27,713 200 18,208 41,270 41,167 103 26,552 250 250 0 232 69,433 69,130 303 44,992 400 386 14 0 5,400 4,179 1,221 2,789 0 0 0 591 5,800 4,565 1,235 3,380 30 SCHEDULE OF EXPENDITURES BUDGET AND ACTUAL GENERAL FUND FOR TFIE FISCAL YEAR ENDED SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA (Contlnaed) Expenditures (Conltnaed) City Clerk Personal Services Operating Expenses Capital Outlay Total City Clerk Otber General Government Personal Services Operating Expenses capita quay Grants and Aids Total Otber Gweral Goveromeot Total Gweral Goveroment Public Safety: Law Enforcement Personal Services Operating Expenses Capital Outlay Total Law Enforcement Fire Control Personal Services Operating Expenses capital OuOay Total Fire Control ProteMive Inspections Personal Services Operating Expenses capi~al wuay Total Protective Inspegioos Total Public Safety 1990 Variance Favorable Budget Adual (Unfavorable) f 54,241 f 51,736 f 2,505 19,798 13,183 6,615 3,000 1,975 1,025 77,03 66,894 10,145 18,010 17,909 101 220,717 186,276 34,441 10,943 10,891 52 son son o 250,170 215,576 34,594 79695 744,869 51,826 1989 AMual S 47,574 7,593 1,153 15,077 161,281 65,747 0 2az,los 733,27 1,088,441 1,055,812 32,629 872,452 128,830 123,069 5,741 106,749 19,720 11,764 7,936 137,154 ' 1,236,991 1,190,685 46,306 1,116,355 ' 377,725 337,132 40,593 274,303 78,355 58,362 19,993 27,855 285,233 280,042 5,191 4,993 741,313 675,536 65,777 307,151 ' 44,192 43,901 291 20,801 ' 14,610 14,229 381 21,261 250 250 0 232 59,b ~ ~ 672 ~~4 2,037,356 1,924,601 112,755 1,465,800 ' 3] ' 1 SCHEDULE OF EXPENDITURES BUDGET AND ACTUAL GENERAL FUND FOR T'HE FISCAL YEAR ENDED SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA (Concluded) 1990 1989 Variance Favorable Budget Actual (Unfavorable) Actual Expenditures (Concluded) Transpottatioo: Roads aed Streets Personal Services S 241,888 S 241,116 S 772 S 218,582 Operating Expenses 209,959 199,245 10,714 187,636 CapitalOuOay 25,575 24,855 720 48,159 Total Transportation 477,422 ~~ 12,206 454,377 CulturdRecreatioo: Parlor end Rerreations Personal Services 81,703 66,520 15,183 52,973 Operating Expenses 66,220 49,240 16,980 51,777 Capital OuOay 33,150 31,998 1,152 14,363 Total Culture/Retreation 181,073 147,758 ~~ I~~ Internal Services: Personal Services 74,852 74,838 14 47,358 Operating Expenses 7,888 7,745 143 2,422 Capital Outlay 3,700 3,654 46 795 Total Internal Services 86,440 ~ 203 50,575 Iota! Expenditures 53,378,986 53,368,681 S 210,305 52,823,144 32 srECiv, x~vExt~ Fvrms Special Revenue Fulls aze used to account for ttte proceeds of specific revenue sources (other than special assessments or major capita projects) thaz are legally restriged to expenditures for specified ' Purposes. I' lilt 1 COMBINING BALANCE SHEET' SPECIAL REVENUE FUNDS SEPTEMBER 30, 1990, V/ffH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 C[TY OF ATLANTIC BEACH, FLORIDA Pavm6 k Dnma6e l,oeal Option Recreation Misodlsotoua ImpuY Fa Gas Tax Grant Grants Scefioo fl Totab Assets 1990 1989 1990 1989 1990 1989 1990 I%9 199019 Cash and Invesnttetrta 5354,146 5562,337 5130,352 S 18,008 S 760 5372,914 S69Z,b89 Due From Other Goverotrctsa 31,733 32,700 0 6,778 S 8,002 0 38,511 40,702 Due From Other Funds 1,814 0 0 0 0 0 0 0 I,BI4 0 ToW Assds ~ 595,0'7 ~0 130,2 ~-$,002 760 ~ 0 413,239 7~3 ,S'~I Liabilities and I'uod Balmtes LieM'litiea AccoumS Payable 0 0 0 0 5,037 0 0 0 3,037 0 Due to Other Funds 0 0 0 0 19,749 8,002 0 0 19,749 8,002 Deferred Revem¢s 0 0 0 130,352 0 0 0 0 0 130,352 Total Liabilities 0 0 0 130,352 TAB 8_002 0 0 24,786 138,354 Fond Balances Reserved For Debt Service 152,436 148,308 0 0 0 0 0 0 152,436 148,308 Reserved For Roads and Strcet Expenditures 235,257 446,729 0 0 0 0 760 0 236,017 446,729 Total Fuod Balances 387,693 59,037 0 0 0 0 ~ 0 ~3 $,~ 595,037 Total LisbiRfies and Fund Balances 5387,693 5595,037 S 0 5130,352 S 24,786 5 8,002 S 760 S 0 5413,239 5733,39] 33 w• T~ ~ r B~ ~ T~ lir r r a ~ ~ ~ ~ >• ~ ~ ~ COMBIMNG STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA Iaeal Optba Reeeallo e 116a~Dae caae Fa`6!~ Gr Ta: Geaal Gndt Imgd Feet Tout I I 1 0~ 1%f 1990 1989 1990 19b9 1990 1969 Revesea Federal Ormb f 22,424 f 2,362 f 22,424 f 2,762 IntergoveromenW Reveooe: SnnShmed Reve®a f 366,314 S 344,628 0 0 366,314 344,826 Sate Oman 0 0 0 46,979 0 46,979 City d laetsonrille OnM 0 0 f 130,353 f 24.648 0 0 130,753 24,648 Interest lnwme 6,183 4,720 4,419 4,181 0 0 f 10 10,612 8,901 Impact Ped 0 0 0 0 0 0 T50 750 0 TaW Revesatet 372,497 749,548 174,772 28,829 22,424 49,741 760 S 0 530,45) 427,718 Eapeadilard Ecwomic Eaviroamenl 0 0 0 0 16,607 2,362 0 0 16,607 2,362 Otoenl Oovcnmeat 0 0 0 0 0 0 0 0 0 0 Physical Enviroamnnl 0 0 0 0 0 62,211 0 0 0 E2,211 Caltore and Recratiw 0 0 04,772 28,829 0 0 0 0 134,772 28,829 (F41a1 EspeadYnes) 0 0 (134, (28,829) (16, ) 0 0 (I 1 113,40n Euen (Defrks+cy) d Revema Over Nader)Hapeedffara 372,497 349,548 0 0 5,617 (!5,232) 760 0 379,074 314,716 Olha FLaacios Soarto (Iha) Operting Tnmfm to 0 0 0 0 0 75,212 0 0 0 35,232 (OperatioB Trwfen OoQ (579,841) (68,469) 0 0 (5,817) 0 0 0 (585,658) (68,469) Taltl ONa Fssanrle6 Swrce (Ilso) (579,84Q (68,469) 0 0 (5,617) 75,232 0 0 (585,658) (l3,Zm Escep (Ihfrieacy) d Ilereaoet aed Older Fmocio6 Soarcee Orer (Under) Eapeebhna and Other Fmuchts Uta (20'7,344) 281,079 0 0 0 0 760 0 (206,584) 281,079 PLnd Balaotxs - 8~8 d Yea 595,037 717,958 0 0 0 0 0 0 595,077 317,958 Feed Balances - Fad d Yea 387,697 595,077 ~ 0 ~ 0 f 0 ~ 0 ~ 760 ~ 0 388,453 S 595,037 cnprrni, rxo.~crs ~tnvns COMBINING BALANCE SHEET CAPITAL PROJF.GTS FUNDS SEPTEMBER 30, 1990 WITN COMPARATIVE TOTALS FOR SEPTEMBER 30, 1969 CITY OF ATLANTIC BEACH, FLORIDA Ands Cash std brveamtenn Due From Other Funds Total Asset LiabBities and Faad Balaaca LlabBitiea Contracts Payabk Retainages Payabk Due to Other Funds Total LiabOities Fond Balantd Reserved Por Section H Unreserved Total Fund Balanaa Total LiabBities and Fund Balaaas Section H OILee Project Tolab 1990 1989 1990 1989 1 1969 S 2,101,598 S 3,531,245 S 101,042 S 325,409 S 2,202,640 S 3,856,654 0 0 4,997 0 4,997 0 2,101,598 3,531,245 106,039 325,409 2,207,637 3,856,654 395,925 16,032 129,836 0 525,761 16,032 204,550 0 31,120 129,07/ 235,670 129,077 0 0 99,102 0 99,102 0 600,475 16,032 260,058 ~ 860,533 145,109 1,501,123 3,515,213 0 0 1,501,123 3,515,213 0 0 (154,019) 1%,332 (154,019) 1%,332 1,501,123 3,515,2]3 (154,019) 1 , 32 ,7,104 3,711,545 S 2,101,598 S 3,531,245 S 106,039 S 325,409 S 2,207,637 S 3,856,654 35 .. . i. ~ . i. ire r . . . r . 9r r ~ . i. COMBINING STATEMENT OF REVENUE, EXPENDI'IURFS AND CHANGES IN FUND BALANCES CAPITAL PROJF.CIS FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA Revenue Imueat Income Miacellatteous Revemte Total Revenues Expenditores Profeubnal Services Other Operating Expenses ConstruUion CoMrads ToW Expenditures Excess (Defiden~7') oI Rrreaaea Over (Undo) Expenditures Ofher Fiaam sing Sousa (Uses) Loan Proceoda (Loan Fnancing Costa) Operating Transfers )n (Operating Transfers Out) Tofal Other Finandng Sources (Uses) Excess (Defidency) of Reveauea and Other Finan®g Sources Over Noder) Expend- itures and Other Pinaodng Uara Fnnd Balances, Beginning oI Year Fund Bslanoes, End of Year Section 1990 H 1989 Other Projects 199 I9gl~ Totab 1990 19419 S 240,747 S 246,098 S 153,945 S 240,747 f 400,043 1,500 0 0 1,500 0 242,247 246,098 ~ 0 153,945 242,247 00,043 210,763 108,016 89,189 38,273 299,952 146,289 72 2,113 0 6,66a 72 8,777 2,045,501 0 577,957 31,850 2,623,458 31,850 (2,256,336) (110,129) (667,146) (76,787) (2,923,482) (186,916) (2,014,089) 135,969 (667,146) 77,158 (2,681,235) 213,127 0 3,560,000 0 0 0 3,560,000 0 (78,043) 0 (2,265) 0 (80,308) 0 0 316,794 68,469 316,794 68,469 0 (102,7]4) 0 0 0 (102,714) 0 3,379,243 ~ -~ 316,794 3,445,447 (2,014,089) 3,515,212 (350,352) 143,362 (2,364,441) 3,658,574 3,515,212 0 196,333 52,971 3,711,545 52,971 1,501,123 3,515,212 (154,019) 196,333 1,347,104 3,711,545 36 1 1 1 i i 1 1 1 ENTERPRISE FUNDS Enterprise Funds are used to account for operation that aze fuumced and operated N a manner ' s'unilaz m private business enterprises, where the intent is that the costs (expenses, including depreciation) of providing goods or services to the general public, on a continuing basis, be financed or recovered primarily through user charges. 1 1 1 COMBDHNG BALANCE SHEET ENTERPRLSE FUNDS SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1909 CITY OF ATLANTIC BEACH, FLORIDA e....s .OilOkt w.19.er6 sl.sF.d 99 Aaw. 1 1 ^ 1~ ~_ ~iad1e^~m ~ O ~ ~ s 169,7n s snow t 7ro,on s 6m,1s7 s ]tlm s ns.sE s I,ul,zt6 s 6E311 ' LO p~ '° ° I H,QA tlb31 67.101 71.603 tl,707 3I,E1 :6,511 tl,711 vrt~ 10,10 30,W 0 0 9,10D 7,192 0 0 Us FNm OV~A~ 0 0 0 1,219 0 3,715 1,290 6 775 Oae P~vm ppr Ovw~eb 0 0 1,069 61,703 0 0 0 , 0 UiMrCmel AaMa 0 7t9 0 9 761 0 0 Aeniq,d ll~eU: , 0 0 ~~~ cae m Fiuo. W 99a Fnrd M«r 0 o 0 1,131,136 I,n1,127 112.N7 131,120 1,17/,2{5 1,172,073 o /Ie,690 /OO,//t o 0 0 0 Caeapioeis P~op11, 17,919 300,19[ 71,6{1 25,062 t7,10D 0 17 717 0 ~1•~IV1 P.geps~-Nr 2,OE,7q 1,766j93 7,ISI,p1 Sb19,S61 1,590,976 1,560,079 , 7,179,7W 7 115 6E ! ~Are1-llybblirms 6¢nmw-Na 0 0 0 0 0 0 , . T 2~1 ,TU7 N7 1 7. 10 t~0 6 N ~11~,~/ T,9~1, { 0 61 .Iq 0 I~F70 16.s=n. r 97.6 yrb 17+6+6 , a.,~u ILb71iw Rqu1. F~ao a,,.l Arw7: Arsamb RP6k r6 Aame61iW0i'r+ n.006 Itl,tit 71,910 161171 19,/10 6,1M q 70 6 116 OOe to~~R1O6' ~6 0 0 2,711 0 0 1,219 , IM , 0 °OCf~ 199,707. {67,701 0 0 171,566 10-,993 0 0 Caertel LiW1ir~ (gp6k lip Rmined A.eu7: Revems Ilooi, NpbM 0 0 75,000 65,000 0 0 0 0 ~N7~ble 0 0 E,In E,In 0 0 0 0 Nc~ear lbd~N7~6M-Inet-Tem pynioe 0 0 1,150.000 I,n5,00D 771.757 773.939 1 N7 71{ 567 1 761 T11d 571Yi1iw Ihn6 77iy ~ 7lI,On I,E3,771 I,g2,600 W,iN /0391 , , 1,:76,719 . , 1,597,671 CombwN 4pib1 Rnime6 Fimiep: 966,362 1,016,331 3,IN,761 7,277.200 671.9% 316,169 1./1).097 1,377.06 Resnvd FOf Reec~b~ed Rgieemedl ' 0 0 00,019 907,161 117,M 171,120 177 1 215 1 137 09f R~wave65 ar UebtBwvica 0 0 717,766 70-321 0 0 , , 0 , , 0 Ulher Qes^n 0 0 171,04! 227,261 0 0 0 0 Umrs~rtd 1,066,/15 2 1,160,112 1,9n369 1,977,016 K1.163 70,00 I,/E3n 906,07! 1Y1d 1716~iU6 r 9r 9 r ,D57397 1.176.197 6,513,:36 6.607.961 1,265.905 1.060,691 1.0/6./69 1,761.90 1 y t7 2.275.707 2,N7 1 ~ 9~M.llp ~5~1 2.IN. X1,43-1,2t! ~16~ 37 i ~ ~ : ~ r ~ ~ ~ T~ ~ ~ ~ ~ ~ r ~ ~ ~ i i i i i i i i i i i i i i i i i i i COMBINING BALANCE SHEET' ENTERPRISE FUNDS SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 19$9 CITY OF ATLANTIC BEACH, FLORIDA (CoecGtdedl of rt.1Ew IlYUkt f9rs hr/ Seas ha6 5'~ 91x1 Tray A ~ ~ 1 7 ~ ~ ~- rr1 CJ W 4raYUr f IO,Ip f 7}I6 f 111,712 E 11,730 f 2.131}t6 3 ;120,tl3 Aowore Yeearble E 3,901 2,9n E 3,632 3,061 6}71 I,M2 272,W IY,n1 bverrir o 0 0 0 0 0 M}n 31}]6 Ibefior Ol6erFdr x1,6r o a r,ux o o sun sl,w I3ae Flamm 0o.ra.er. 0 0 0 0 0 o I,Ot9 61,7os CiOer Qarr Arm i l d A R 0 0 0 0 0 0 0 9,733 c e rm: e4 r~ W /arefeerm 0 t,6U 0 16}0! 0 0 2,173,131 2,121}N Immra6G89(m Pr:r Afar, 0 0 0 0 0 0 IU,t90 IOO,Mt Comaorioab Pbpw 0 3,713 0 67.716 0 0 il]}73 3%,1l1 Pnpen7, 91x1 m6 Bgoipmea-Nr 176,011 1x,111 106,1/6 r1}26 2x,097 373,176 13,OIOj21 12,411,On Ialanlbk Ara-Ri~bPaar Rermin-Nr IOl,tll 110,666 232,13! 300,%{ 0 0 311 7 M1,66] Trr Arab ,11 ~t ~U jS '/d,036 111,206 ~ 19,1%,711- 1 , .ri f3ahlF4r r6 Mt P.~dp' IiaHi0r Cbrrer Ii16i61ir WaT61a P1m Cbmr Army A<wma h3161ead Aee19W I3rb03ir 0 I,I62 1,113 39x61 37,019 71,267 136,669 3N,613 Ooe b Olher ~ 0 p,63] x,n3 6,2)3 0 0 23,631 31,111 [1lromv D,paib 7,%3 3,060 0 0 0 0 371,633 1b,239 Amer [ubil4n ~P6b 14ar Aerrige6 A.1ar7: Rareme Bao61 h7tlY 3,200 1}% 6,100 7.101 0 0 IS,000 70,000 Iraert h7rbb 7,602 ],611 I6,T61 I6}tl 0 0 !9,969 30,123 Ileram Boat H2Wb•Ia6Tam Pxfim L1,/19 713,OEt 60!,111 609,912 0 0 !,261,102 1,1tl,700 TMY 1111t16r 300dn 312,176 637,021 693,29] 37,019 11,26] 1,920,x1 3,2b-,tl1 Prd FT4 [orrTlled GpiW 0 0 0 0 0 0 6,]A0,936 6,1x,166 Ruaioed Firlieta: ReleraN Far ftes~aY rd 9ep4r<merr 0 0 0 0 0 0 2,11],nl 2,170,776 9.elened l'ar Ur619ervia 0 t,6U A 11}07 0 0 31],766 776,210 Omer c.rr.ea o 0 0 0 0 0 321,ow m,w3 Votelerae6 p6,269 21,tl9 (11.697) N}IA In,ln 310,7s1 3,2U,l0i lb11.6it TMY Paa6 t~iq (70.269 (16,x0) UI,69A 6.761 7n,ln 310,]31 Il,xs,9lt 13,506,03 TaW (41i1s x11 PYa6 P.r~y 2p.112 3 ,9 6 ~N$a32 ~,OSt 111,1116 312,011 19,196, It,P6,x1 38 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ENTERPRISE FUNDS SEPTEMBER 30, 1990 WITH COMPARATIVE TOTAIS FOR SEPTEMBER 30, 1909 CITY OF ATLANTIC BEACH, FLORIDA op+llls nes4a G7raamer 6Tu{ae 016. rec9ae T6i ORadi Hnw 01nat~ PiPass Ideoael Sue~iem CaelneaW fu~icu fe9P6n Hen asd IIUI, iitY ed Poaa Omuu Ya~asea QeN OpelhH Hates) 0/ne0ei the U..1 Maas fi~aar) (I.as7 0o Asal biayo.l. rw.I NMs+lae laaeas (Palace! tNt Ise pwI Hds9O{sal:{ Tnada9 09er I'ir3s IUes) (Opnelm{ Tnmkn 0~ tie/ tave Uws7 Oepear1e41a ~ Pita[ Arb.49aEN H7 SYre1 He.~s -beaeHP tfs4feW Par Cep(W .kOetMie~ Isreaee Ois~ss) Y R4falae{ Pseiep R~aiei P.4riap, He¢aif 41 Y4r Releid ~, Pa6 e1 Yes Stances Utlldrl 99e1s P7si s...~rr wed tear P.ei 1 1 7l~ fiN- 1~ ~{j - ~ ~ f 374,107 f 300,{94 f tls,251 3 160,[x5 f Tt9.629 3 2%392 3 1M,111 f 701,Ii6 71361 - Is,139 630 1x,251 51309 7!,974 3, OOa 29,195 ~ 716, -1~ [79,10 310,[7/ 3I ~ T /N,~t~9 771,011 17731A I2S,146 1%,OK 167,NK 39x{0 A,6/5 6)37[ 67321 K,IOS 5,2<IO 111,016 113,401 6,3[0 30,001 79365 7i,21s It,911 J230i M,792 33,102 71,611 ]0,609 70,636 II,M6 1337/ 12,9tl 136,456 50/,OIi 4,615 6,65{ 21,001 19,059 37.726 29,114 U3,W IU,tl3 x,IOS 6,113 N,tll 0334 /1,A2 /0,335 256,916 253,003 61,713 51,029 1(0,79/ 100,7N 0 0 0 0 0 0 0 0 M,927 72yt 30,4% ]3,760 12,OH I3,9% 14,177 17,90 (T61,T~7 (317. ~9) (1.20 (1~l) (~,10I Q30.773) ~q 07,900 (I,IM7 Q3,79q (767,494) U3,17S IM,127 165351 79/.957 0 0 0 I%,351 0 0 0 0 16,ISD 11,945 13,676 99,77/ 70,I7S 21,939 ]6,910 30,60D 0 0 %,7x6 %,211 0 0 0 0 19,763 66,Otl itl,059 165,[76 3734a M,121 197,N2 01374 0 (1.01) (Id,49o1 (1a,173) (69,11» Q5.43Q (141,19q (150339) 0 0 0 0 0 0 0 0 45,912 1%399 220,991 4NJI0 (12,IS11 (8,41'0 [1,x31 11,315 01.9971 1 J I77,I9i tl.216 120,Itl IT2, ~ 40-.752 (120360) 02,1341 (MI/,032) (179,709) (030) (11,61A (11,610) (31,06q (13235?) 31,101 (30,{591 W,0-p 106376 Itl,326 sN395 7]5,6x6 39.125 3[,077 103.367 106,151 17,134 11,30 71,110 26,271 (93327) 121,111 17303 51,05[ 119,710 114,639 365,605 401,919 1,160,[12 1,033,901 3366,761 3311,700 SU,102 399,363 2,033,[67 1,676,2N f 1,066,115 1,160,IY/ 3 3391,272 f 3.766.761 t 677,913 f 514,101 f 1 ,T/2 3 2,07[,167 39 ~ IT. T~ T~ TTY ~ ~ w ~ ~ T~ ~ ~ ~ ~ ~ ~^ ^~ T~ ~^ . . . . . . ^^ ^w . . ~ ~ . . ~ . e COMBIMNG STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARMNGS F.NIERPR[SE FUNDS SEPTEMBER 30, 1990 W177I COMPARATIVE TOTALS FOR SEP[EMBER 30, 1989 CITY OF ATLAM'IC BEACH, FLORIDA (Conclude 09aetYt (t.ear CWOm,e CLryee Oma locos T1W Ofae6clt ~eeaa ~ Yats,9 heead feeviea Coeleec9N 9a~ica 3c~PP6ee RryNn d ileuteeeae /iot. Li/Y ad PV~er Oder Egmn tr.tr of.+l. f r~.l o9a.li/ Leese P+aa 7(1ae9vaiwt L9rel~ o9ead.t aaae caeeavaatbe,/a se.e. CkaceOoe C>wc/s (IMUeeI EWeae) (Ica) oo Ast Oi1P^eeV Tad Nrpr! Saes ~) tdel Lose O.s) lefae P9ae119i Teeakn OIb Piea3q (Uwl (O~Tceafae 0a0 Net Ltwe 0.1a) De9reuetlee r Pleet Aaeb Ac9~ead !7 SLM Rnesa 6leety Re4kld gar C+151d d119it4se Ieeaae ~eaere) Y RMeid Frdtp Ralree/ Fait'. MIL~t KYtM Petlieet Pay, PV M Yer of eae.. nir,ln wra " sew frr srrr rnl TMi ~ ~ -i31~ -1~ ~ Bi~" f M,91/ 3 16,697 f 103370 f 60,150 f 516,710 f 617b61 f 3,ON,9tl f 7,159,791 37,101 19,10/ 63,717 17,td2 6,310 6,tli /51,179 1193% 6351 _~ 171,n] 91,77 ~,~ -an,912 7 O1,M 0 0 0 0 337311 3%311 MAS2 80,975 0 l,l]1 n,]OD ],7tl %,160 31,376 318,156 7A,655 N2 2,%1 1,671 7,181 71,156 ]3,691 1tl,959 IN.702 799 I,7R MI 7,3]1 31J57 76,131 21Mb66 STlb92 16 1,605 7,569 1,661 0 0 571,901 197.]30 6x71 0 17,679 0 59,7ti 36,771 593,9N 531,N3 31,157 16,Sd1 N,11] 39,757 0 0 /00,000 S1}33 I,IN SOS 1,163 Stl 77,9111 37,601 173,512 (71,1110 (10,1 ~ (1 N,510) -35,010( N,11 ~T16~,~6T7) ~,1 p ~,I~q n.s% 1,/02 36,697 N,292 IM,IOS 139,211 6513n 31.977 0 0 0 0 Iota o 3o,eN 1%,3s! 0 0 0 0 0 o ud,tll 197,N1 o a o 0 0 0 %,7% 9s,nt 7N 1359 st 596 10,161 3,110 M9,17! 399b36 P3,Oiq (0,306) (N,6391 W,t9q 0 0 PN,t70s P75307) 0 0 0 0 Ptq (1,10-) PM (1,1091 P731A (17,51'0 (NSM W3961 10,719 571 306,{51 SOI,NS 3i4 (IO,M t,lU 11,9% - IY6 ~7 ~I ,957 ~V9 '!NW (It33q P.775) W36A (6,tl5) (101,7th (I03,'Rf) (1003/1) (771,912) (II,ON) (1637Q P0,437) 1,761 67bM SI,Itl NO,n9 SN,t30 0 0 0 0 0 0 191,916 It1,7L (1l,OIQ (16320) Od1,l3>) /,761 67,tl6 SI,Itl 657,Nt 716,57/ (16.121f 0 1,761 0 710,]51 156,561 7312,567 6,613,919 p~0,760 f (I6,72Q (11,697) f /.761 f 3]7,117 10,731 1,033,001 ] 40 COMBINING STATEMENT OF CHANGES tN FMANCIAL POSITION ENTERPRISE FUNDS SEPTEMBER 30, 1990 WITH COMPARATIVE T'OTAIS FOR SEPTEMBER 30, 1989 CITY OF A77,AN77C BEACH, FLORIDA wrrrr sre. 9lr - Jl.~er wrn ~..1 Dlw.iel &.1.91Y ~~ ti~ t 33~ -~ 1 ] I~ t~ Saaate d Wuiis Cillal IIa 6cme (Icr) 3 (132,1s2) S p,101 t p0,t5A t p{,0?7) t 106,576 S Im,3M 3 33{,)95 f 775btt F.ryemn ]lal2Mmbt Orle7 d WaeFiq Capiaf: Depesiwiaa t1,7m 10,2!5 ]56,916 217,Om 61,717 SI,OM 110,791 100,7{i Arweca0m 0 0 0 0 0 0 0 0 Taal Wow5a16pY1 PiveiW h (Drd ]a) Opnaos (O~, ~Q Ib].I16 / ~ -)gip 171,299 ~1 -1~$ ~,It9 P.upewf. Flan ad 6ptipmeel Dopoab 0 0 0 0 0 0 0 0 tocaaae ieCmeirrN Gp%al 9,136 IT/,991 20,{71 195b15 96b71 IN,17/ 110,{/1 {19,{11 Decens m Iar.ined Arm 0 19,971 0 0 0 0 0 0 t1e~ Dehe 0 0 0 0 0 0 0 0 inane b CWaa lieb0i'wa N7ebk Peam Rea6ired Arm 0 0 0 0 0 0 0 0 THa Swaee of WwHat fwlwai (11 90 391,155 1% Ii -9~{,.~2 ~ 37 -i-2{,670 1%,7U Ilse d warless C4itY Agosi4w dPgen7, flr ad F9aFmW 269,570 15;012 9tj51 151,571 11;910 IS-,670 162,112 111,377 Aalva2iovdfitW bl'mae ltarema 0 0 0 0 0 0 0 0 laenmia F.n6ier6 AreY 0 0 7E,133 SN,112 Ilpn 21.112 IS,I30 37],Im Raaanuad Oaa6a Pa7eble 0 I6b2S 63,000 60,000 M,I16 q,3m 90,IU R.t91 ikceearm)anew P7abk Aom Rewriq[d Aaa1a 0 0 0 1,215 0 0 0 0 Raa 1)rd Wards Cltlla) p69,5T0 - (170,707) _ P01,306) po1,913) (16/,133) pv,ml) (297.165) p61530) I~rsee (Daemre)io warl3s Ca11ta10)r19M P1o,96p ~ A ~+.~q Pm.ao) lol 11 ~i3 ~,w3 ca.te>. w+t6es ~.~+A a.F.r CLnea Arm - loertne (Daesaae): ce ad lenwmem (/13.113) 72,tl7 S,it6 (161.27Q 127,DDD 70,a6o 531,193 ]y.OTp Arcwaa ltevieaWe 5,251 pNj 1,199 1,116 11,919 3,211 11,7b p,007) Imena] 9,291 P.191) 0 0 1,9m 5,115 o Q,116} Dae From 06wr Paade 0 0 (1,219) 1,219 p,715) 3,7)5 (1,915) 6,Y13 Doe Frwn ODter Ooenercm 0 0 (60,616) 6{,705 0 0 0 0 DO,er Cberea Area W9) PtU 6.761) 0 0 0 0 0 pmea lirbir :.• - paca.r) Dnceeare: Auuom N3r6b ad AUad libi6iin 120,110 (117,015) 31,567 (1],21, (U,7t6) 7,SA P{,67D 7,612 Dee b DOsr Fm7a 0 0 p,71q 0 1,119 (l cawmwr Depailr P2.0-q P/,9ty 0 o P1370 p1,116) 0 0 Dona Poelioe Rneme Bode g7rbk 0 3,761 0 0 0 0 0 0 faeare ~) Y waAdrt C¢al IA09rd P10,96Q ~ P9.1 ~ Pmno} ~ ~ ~33;bd3 I~3I,7fG 41 ~ ~ 8! ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ COMBINING STATEMENT OF GRANGES IN FINANCIAL POSITION ENTERPRISE FUNDS SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTTC BEACH, FLORIDA (Cortd3rdP~ Stt enbla OWir! wrs Pt.b a~ Prtl sdla lti slam ' - ~ ~ ~ ~ sl.a. dw.rtiq c,Mw pet lean (lar) 3 (1/,Ol1j f (16,22Q 3 (10.453) 3 1,761 3 67,tl6 f 51,Ip f 1b0,V9 f SN,W ~ Nd Yegoo~ Ou W 7 ^f w^AR CTteL DNteeiriea 6,771 0 13,619 0 39,711 16,131 593,916 531,iq Avnlmlbe 31,131 16,311 61,117 39,752 0 0 100,000 S/,Y33 Torl Nakq Ceplel -,wi6eA BS (Usd le) Oparios N,ItO 1,361 61,373 ~1 }3 11 ~y6~ I~~ 1,1 AWea7. PYr etl ~a9eri 0 0 0 0 0 29,q- 0 M,109 Issm iCmm2ue6 Cepiel 0 0 0 0 0 0 30-,006 I,177b79 OaamutabicW Arm 1,613 0 16,303 0 0 0 1b,916 49,971 IXe~ DeM 0 213.011 0 60-,911 0 0 0 193,000 leans i CWSr IirbTiin R3e6m Pnm Rerrieed Arm 1,991 9,211 3,T75 19,iN 0 0 1,166 19,000 idllSwv dweAert GdW NON 196,660 6;901 6f311 ~i ,'fl ~ 1,~21~ 76.063 l3s d w.6y CatiW Argo;i49adPtWall. Pler WFgoipees 9,YW 137,119 R,I67 331312 11,ON 121,101 755,511 Ib06,936 Acgmdbe dRidae b Psec Reeaeaa 0 159,16] 0 3q,733 0 0 0 500,000 Iaesm Y Rs4iebd Asr 0 1,60 0 11,3N 0 0 91,671 917,0@ Redenioe dlbtle A7ebb 3,199 0 6,100 0 0 0 109391 101.025 Dswreie lrrer Nnbb Pmm Reat'sfd Sa<U 0 0 0 0 0 0 0 1¢IS Ralel Us dwsKS O~+%lan (11.119( P01,069) (N.967) (69/31q PLOW PD,10t) (1,059,1y P3t7,01n ian6eee ~eusW Y Warlal Cejlel 0deal 11,9 (1.10) (6,062) (19,UQ 106,169 (101,00Q 135,169 19,067 (seapa r w.eMet 111i1e167 Cr.lwr Qmeet Arm - Svemr (Dxteer): ~etl Lrermem (x.16'1) W,It3 PSIb) 7,316 105,993 (IS/p9) 731.01 195.065 Accamlr Rareirebb 91] 7,917 S6t 3,061 1,939 (62n 4,160 9,903 Iveeran o 0 0 0 0 o II,t06 Pb95) Uoe Fmm Omer M4 11.617 0 P7,teA 37,162 0 0 P1,19q 51,111 Oec Pmm Omer Oorer®em 0 0 0 0 0 0 (60,616) N,703 Omer CLms Arm 0 0 0 0 0 0 (9,753) PSn CYeatl IiebiGiu - Oeeaer Darss: AuwWPgebb etl Acaatl l.ielifilw 1,162 (1,162) 51,216 P936n (1,731) 56,011 M,936 (121,567) Dwbdhr Faedr 17,657 (13b5'0 (16,/93) (6,235) 0 0 25,157 PI,OO Ckroornepail• N,973) P.060) 0 0 0 0 P6399 P116A CYerM Patina Rerrme motle K7ebb 0 0 0 0 0 0 0 3x66 larrseOOatxrae)i WS/it CyiW (AMrA 11,95 ~ (6,062) (19,130 106,169 (103,07!) ~ 19,06] 42 FIDUCIARY FUNDS t Fduciary funds are used to account for users held hY the City in a trustee capacity or u an agent for individuals, private organizations, other govenunenu, and/or other funds. I• Hi ~ Ti a . ~ T. T+~ T. T. T~ T~ T~ . ~ ~ T. Ti COMBINING BALANCE SHEET FIDUCIARY FUND TYPES ALL FIDUCIARY I'UNDS SEPTEMBER 30, 1990, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989 CITY OF ATLANTIC BEACH, FLORIDA 1rW~Trri Ps1s66- le Tr~l Afsq- ICMA TMW 1156 IfA - 1 ~ - 1196 19A 1176 i1N A~ Cub rob Mrwow f 2A12,002 f 2,210,011 f 16,6]2 f 1,117 f 65,625 f 77.101 f 1,S I1799 f 1x19,162 Iler ham 06cr Q9ra~[dr 51,312 SI,IA 0 0 0 0 51,512 57.179 7141 Ar1rb 1,166,SM 2,197,221 16.672 1,11] 63,623 ~ 1,566,611 I,ITL,SII IWitie r rr e.l~e attn. Aacaaob hTblr 0 0 0 ISO 0 0 0 ISO I1ck~rtd Coepemtiae 0 0 0 0 65,625 97,101 6Tfi2f 77,101 7Mi 17666Lh 0 0 0 ~0 -~3 ~ x.62 -~F,6~ PN lllraa Relenrd POr Pafuc T'reu6 rah Lvrsrlifrbaer 0 0 i6,6]2 1,667 0 0 16,671 1,66] Reruw6 Par iuimmer 2,166,511 2,593,227 0 0 0 0 1,166311 1.191,12/ TM11 Psi [rluus 2,166,SM 1,293,121 16,672 1,66] 0 0 1,N7.216 2,29/,690 TM11 I1rH611s rr il~/ !Haas f 1,166311 f 2.191,2)7 f 16,571 f 2.117 f 65,675 f 57,201 f 2,566,611 f 7372311 43 STATISTICAL SECTTON Statistical schedules differ from financial statements because they usually cover more than one fiscal year and tray present nonaccounting data. i 1 1 1 1 else. fte.® comam.~: Melee Cry Sire-lbfics Sire-FdefilMeu iveerss6reurW Divi1e93e 0em a Oa7 Tral3~r Reece Pei 9`pilvs Beee6r -J6 Me®bries Ggesrte TMY ~~~ ~ PENSION REVENUES BY SOURCE AND EXPENSES BY TYPE LAST TEN FISCAL YEARS CITY OF ATLANTIC BEACN, FLORIDA 1990 If39 1931 19p 1936 Ifs V11 1981 If33 1311 f 21310 3.713 f It.7I0 f @3n f 1,205 171.503 30.1 111,106 176,710 '!6.331 f 79.513 f 11331 f 71,6tl f 67.979 f 91,016 f IOI,IYI 10,059 ISA 713M 77,110 32,6N 33,216 71,317 11,671 IS,I73 11,1@ 10377 11,137 5.5 11,601 13391 10397 9,117 3,301 16,376 5,716 1,6A 1.111 3,101 l3 !1,161 1,197 101,679 31/3/9 119,271. fO3,Oq 91.719 19,997 66,{71 N,797 19.1 213,131 60,617 0 0 (11336) _ _ 0 0 _ 0 0 f 3611,791 100.0>< f 115,915 S 297,619 f 2M,719 f 271321 f 197305 f 117,227 f 176,037 f I97,tl5 f 133,279 S 19,610 700.0E S 17333 S 61,610 S 73,'% S 30.791 S 19,361 S 8361 S 30.19{ S U,910 S 10,079 0 _0 0 0 0 0 0 0 0 1,010 0 3 19b10 IOO.OS f tl371 ! 62,510 f 33,796 f J0,791 f 19361 f 10311 S 30,19{ f 17p30 3 10,079 s ~ ee e o __ COMP[7fED PENSION CONTRIBUITON COMPARATIVE SCHEDULE ' LAST TEN FISCAL YEARS CITY OF ATLANTIC BEACH, FLORIDA ' Fiscal CaotrOtutioo Rates Year Valuation As Perants of Dollar Cootributioo Eodine Date Vatuafion Payroll Valuatloo For Fiscal Year 9/30 9/30 General Police Fire Pa 1 Comp tad Actual 1979 1977 13.13% 17.31% 16.99% S 343,936 S 86,7113 S 86,974 1980 1978• 13.32 13.02 15.14 393,610 82,838 84,130 1981 1979 13.19 14.71 16.03 718,363 99,732 115,848 1982 1980' 14.03 13.07 16.63 691,693 107,858 107,838 1963 1981• 9.91 12.31 13.34 696,719 83,763 84,308 1984 1982 9.36 12.38 13.23 781,763 91,431 110,175 1983 1983 9.31 11.61 11.83 892,194 100,690 110,739 1986 1984 9.33 14.39 15.06 930,007 119,837 114,181 1987 1983• 9.17 9.13 7.71 1,138,938 111,330 119,893 1988 1986 9.24 8.36 T.84 1,277,843 122,739 174,478 1989 1987• 9.69 10.32 10.49 1,434,243 138,314 167,283 1990 1986• 9.20 11.33 9.36 1,716,170 184,687 186,030 1991 1989 9.27 11.76 7.16 1,909,994 202,961 N/A • After changes in bercfit provisions and/or actuarial experience estimates 43 ~~ ' ANALYSIS OF PENSION FUNDING PROGRESS LAST TEN FISCAL YEARS ' CITY OF ATLANTIC BEACH, FLORIDA (~ ' (2) Unfunded PBO Fiscal (t) Pension (3) (d) (S) as a Percentage Year Net Assets Baa~t Percent Unfmded Amuai or Covered ' Eodiag Available Obligation Funded PBO Cowed Payroll 9l30 For Benefits (P80) (1)!(2) (2)-(1) PaymB (4)1(5) 1980" f 525,000 S 766,01111 68.496 f 243,000 f 692,000 35.1:6 ' 1981• 697,000 848,000 82.2 151,000 697,000 21.7 1982 878,000 914,000 96.1 36,000 762,000 4.6 ' 1983 1984 1,023,000 1,196,000 1,012 101.1 (11,000) 8 M N 892,000 930,000 0.0 M 1985• 1,342,000 1,221,000 109.9 (121,000) 1,139,000 - ' 1986 1,520,OOD 1,341,000 113.3 (179,000) 1,278,000 - 1987• 1,695,000 1,703,000 99.5 8,000 1,454,000 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 - p Not avai lable from ECS, Inc. acNarial valuation report. i * After changes in benefit provisions andlor actuarial experience estimates. Analysis of the dollaz amounts of net assets available for benefits, pension benefit obligation, and ' unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits u a percentage of the pension benefit obligazion provides one indication of the system's funding status on agoing-concern basis. Analysis of this percentage over time indicates ' whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the system. The unfunded pension berefit obligation and annual wvered payroll aze both affected by inflation. Expressing the unfutded pension benefit obligation as a ' percentage of annual wvered payroll approximately adjusU for the effects of inflation and aids analysis of the progress being made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the system. 1 1 1 1 46 ADDITIONAL ELEMENTS OF REPORT PREPARED IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 1 ' INDEPENDENT AUDITORS' REPORT ON INFERNAL CONTROL STRUCTURE AND MANAGEMENT LETTER ' Honorable Mayor, City Commission and City Manager City of Atlantic Heath Atlantic Beach, Florida We have audited the general purpose fmancial statements of the Ciry of Atlantic Beach, Florida, as of and for the year ended September 30, 1990, and have issued our report thereon dated January 23, ' 1991. We have conducted our audit in accordance with generally accepted auditing standards and ' Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose fmancial statements are free of material misstatement. ' In planning and performing our audit of the general purpose financial statements of the City of Atlantic Beach, Florida, for the year ended September 30, 1990, we wnsidered its internal wnvol sweture vt order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal wnvol swcture. ' The management of the City of Atlantic Beach, Florida, is responsible for establishing and maintaining an intemal convol swcture. In fulfilling this responsibility, estimates and judgments ' by management are required to assess the expected benefits and related costs of internal convol structure policies and procedures. The objectives of an internal convol structure are to provide management with reasonable, but twt absolute, assurance thaz assets are safeguarded against loss ' from unauthorized use or disposition, and maz vansaaioro are executed in accordance with management's authorization and recorded properly to permit the preparazion of fmancial statements in accordance with generally accepted accounting principles. Because of inherent limitations N any ' intemal wnvol svutture, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the swcwre to furore periods is subject to the risk that procedures may become inadequate because of changes in conditions or thaz the effectiveness of the design and ' operation of policies and procedures may deteriorate Certified Mlic Acrountards ' P.O. Box 27999.7!2 N.E. 1st Streit • WinesWlk, Fbrida 326@ • (9M) 3763a67 laurel Ridge Professional Center • 73/76.E. 17th Street • Orals, Fbrida 32671 • t90q 731-3871 1761 Metropolitan Blvd., Suhe 3 • Tallahassee, Florida 32308.190413f1SO55a wwtu a •watiiw uio noexu wsrnons or omran ruNC •ccoururns ' sarstaw~u.~tucw ummrrtacsrrvaonwcaccowwnsrenvs caru•rass~uo ucrucrxx s[crxxa ' Honorable Mayor, Ciry Commission and Ciry Manager City of Atlantic Beach ' Atlan[ic Beach, Florida INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE ' AND MANAGEMENT LETTER (Continued) ' For the purpou of this report, we have classified the significant internal control stmeNre policies and procedures in the following categories. ' ^ C7tstomer Billings and Receivables ^ Fixed Asut Record Maintenance ^ Cash Receipu and Disburumenu ^ General ledger Maintenance ^ Investmenu ^ Debt Administration ' ^ Purchasing and Accounu Payable ^ Budgeu For all of the control categories listed above, we obtained an understanding of the design of relevant ' policies and procedures and whether they have been placed N operation, and we assessed control risk. ' We noted certain matters involving the internal control sweture and its operation that we consider to be reportable conditions under standards established by the American hutltute of Certified Public Accoununu. Reponable conditions involve matters coming to our attention relating to significant ' deficiencies in the design or operation of the internal wntrol structure that, in our judgment, could adveruly affect the entity's ability to record, process, summarize, and report futancial data consistent with the azurtioro of managemem in the general purpou fmattcial taatemenu. ' ' ~ Utility astomer accounu receivable and deposiu are rot being reconciled in the general ledger. Such a procedure is a necessary control check to azsure the collection of all monies due the Ciry ' from the customer and reduce the possibility of undetected billing or posting errors. We recommend thaz the subsidiary accounu receivable and astomer deposit balances be reconciled to the general ledger or other convol totals monthly. The billing software that the Ciry arrently utilizes make this reconciliation somewhat ambersotte because the needed summary reports are not available. Better software mould make this a simple, routine procedure. ^ During our oburvarion of the City's materials and supplies inventory, we noted that the inventory taking procedures had not been completed on a timely bazis. We recommend that the City plan the next physical invenwry uveral weeks before the actual counting and recording ' proress begins. 1n addition, we recommend tltaz the inventory eking process be monitored by someoro other than the individuals responsible for taking the inventory. ^ For the year ended September 30, 1990, the Ciry did not fund the debt service and renewal and replacement accounts az retry'ved by the Oak Harbor Revenue Bord Ordinance. We rewmmend that the City comply with the proviaioro of the Oak Harbor Revenue Bond Ordinance. ' 48 Honorable Mayor, City Commission and City Manager City of Atlantic Beach Atlantic Beach, Florida INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE AND MANAGEMENT' LETTER (Condnurd) A material weakness is a reportable condition in which the design or operation of the specific internal control structure ekmenu does not reduce m a relatively low Ievel the risk that errors or irregularities in amounts thaz would be material in relations to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal wntrol stxuaure would nut necessarily disclose all matters m the internal control strucntre that might be reportable conditions and, accordingly, would not necessazify disclose all reportable conditions that are also Considered to be material weaknesses as defined above. However, we believe the reportable corditions described above are material weaknesses. The following comments and recommerdations are not considered by us to be material weaknesses but are set forth to comply with the Rules of the Auditor General, State of Florida: ~ Certain administrative and overhead expenses of the City are charged entirely to general government services in the General Fund. Transfers are made from the Enterprise Funds to the General Fund to rover the Enerprise Funds' share of these costs, but such transfers are trot included in the operating income or loss of each fund or department. We recommend Char the transfer method of allocating administrative std overhead coats among furls and departntenu be discontinued in favor of dvect charges to each fund std department for earl[ costs. In addition, the allocation of such cost will facilitate the computation of debt service wverage rdios, as rtquired by various revenue bond ord'mances. ^ The City has experienced declining revenues in most of its water and sewer funds during the past fiscal year. We recommend that the City continue to monitor the financial operations of iu Enterprise Funds to ensure Char srry necessary adjustmems in revenues or expenses are made on a timely basis. Prior year wmments and recommendations, unkas otherwise indicated, have been resolved to our satisfaction. The City's financial records were well tnaintaired during the audit period. The City's financial reports filed with the Depafinem of Banking and Fmana for the fiscal year eMW September 30, 1990, are in agreetnem with the annual futattcial audit report for the same period. Other requventenu of the Rules of the Auditor General, if not addressed above, are not applicable to the City of AtiaNic peach, Florida. 49 1 Hororable Mayor, City Commission and City Manager City of Atlantic Beadr Atlantic Beach, Florida INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE AND MANAGEMENT LETTER (Coeduded) This report is imanded for the information of management, the City Commissioners, and the Auditor General of the State of Florida. This restriction is rot intended m litnit the distribution of this report, which is a matter of public record. ' January 23, 1991 Gainesville, Florida 1 1 1 ~unnrt~, ~~,~. ate. x~, • Indicates prior year uncorceded recommendation. SO INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH ' GOVERNMENT AUDITING STANDARDS Honorable Mayor, Ciry Commission and Ciry Manager City of Atlantic Beach Atlantic Heach, Florida ' We have audited the general purpose financial statements of the City of Atlantic Beach, Florida, as of and for the year ended September 30, 1990, and have issued our report thereon dated January 23, 1991. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller Gereral of the United States. These standards require ' that we plan and perform the audit to obtain reasonabk assurance about whether the general purpose fuuncial statemenu are free of material misstatement. ' Compliance with laws, regulations, contracts, and grants applicable to the Ciry is the responsibility of the City's management. As part of obtaining reasonable assurance about whether the general purpose futancial statements are frce of material misstatement, we performed tests of the City's ' compliance with certain provisions of laws, regulations, wmracts, and grants. However, our objective was not m provide an opinion on ovuall compliance with such provisioro. ' The resulu of our tests of compliance indicate that, with respect to the items tested, the City of Atlantic Beach complied, in all maurial respects, with the provisioro referred to in the third paragraph of this report, and with respect to items not tested, mthing came to our attention that ' mused us to believe that the Ciry had not complied, in all material respects, with those provisions. This report is intended for the information of management, the City Commissioners and the Auditor General of the State of Florida. This restriction is not intended to limit the distribution of this report, which is a maser of public record. ' ]anuary 23, 1991 ~~~, ' Gainesville, Florida ~ C,br7YfJRiM.tl(, Certllied ~BBc ACCanlrb ° ~~ P.O. Box 23999.222 N.E.1st Street • Winesvilk, Fbrida 32E02.190q 37&2e67 Laurel Ridge Professional Center • 23[75.E.17th Street • Oda, ibrlda 32671 • (90Q 732-3672 r7W Melropolnan 81vd., Suite 3 • Tallahassee, Fbrida 32306 • (90q 36505.H ' .e.,rtu or.rraxw~roaownwsrnuresa ®mrim nnuc.uourtiwrs w.ue. auvucw na*nvn ar ortneonauic ncwrxowrs nnor car.vrs~wo u.c nnc~ia rcriwa