Audit Report - 1985-1986
1
i
1
1
1
1
CITY OF
r~llaatle Mack - ~lostdu
ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1986
1JCIYI l~
~S~(IIIS+$~~S
e
i
1
1
1
1
1
1
1
1
1
1
1
1
Annual Financial Report
for the Fiscal Year Ended
September 30, 1986 and Auditors'
Opinion
' CITY OF ATLANTIC BEACH
ANNUAL PIBABCIAL R¢POHT
' FOE THE FISCAL YEAB 6ND¢D SEPTEMBER 30, 1986
t 1aaL6 ur cunxanxn
Auditors' Opinion
General Puraose Pinan 1 ma a
Combined Balance Sheet - All Fund Types and
Account Gzoupa
Combined Statement of Rovenuea, 6zpenditurea and
Changes is Fmd Balances - All Governmental Pund
Types and Ezpendable Trust Punda
Combined Statement of Beveauea, 6zpenditurea and
Changes is Pund Balances -Actual and Bud
et
g
(GAAP Haaie) - General, Special Havenue,
Debt Service and Capital Projects Pund Types
Combined St
atement of Revenues, Hryenaea and Changes
in Retained ¢arniags/pond Balance - All
' Proprietary Pund Types and Pension Trust Puad
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types and Pension Trust pond
N
t
t
o
es to P
naacial Statemeata
' Combiai g d I d' 'd al P d a e n
' Gen ral Pad
Statement of Ezpeaditurea -Actual and Budget
Saec"al_R e,yg p~~ d
'
Combining Balance Sheet
Combining Statement of Revenues, ¢zpeaditurea,
' sad Changes in Puad Balance
Pr9prietary Pund Tyo e- Yat R i F r
' Combining HalBace Sheet
Combining Statement of Revenues, ¢zpenses sad Changes
in Retained ¢arniags
' Combining Statement of Changes in Financial Position
Piducia[v Puads
' Combining Halaace Sheet
Pane
1
2
4
5
6
7
8
19
20
21
22
23
24
25
1 Deloitte
Haskins-i Sails
1 - -- - - _ -- __ - -- - - -
Cenlhetl Public Accou nta ms Suite 7240
1 200 West Forsyth Street
Jacksonville. Florida 32202-4371
19041 354-&333
' ITT Telex: 4995642
1 At1DITORS' OPINION
RonoraDle Mayor, City Commisaioa
' and City Maaaget
City of Atlantic Beach, Florida
We have azamined the general purpose financial ata[ements of the City of
1 Atlantic Beach, Florida, as of and f or the year ended September 30, 1986,
as listed is the foregoing Cable of contents. Our ezamiaation ras made in
1 accordance with generally accepted
included such teats of Che account audi tiaq etaadarda and, accordingly,
ing records and such other auditing
procedures as re considered necessary is Che circumstances.
1
1
1
1
~1
1
1
1
1
1
In our opinion, the general purpose financial s[atementa referred to above
present fairly the financial position of the City of Atlantic Heach,
Plorida, at September 30, 1986, and the results of its operations and the
changes in financial position of its proprietary fund types and pension
[rust Eund for the year then ended, in conformity with generally accepted
accounting principles applied oa a basis conaiateat rith that of the
preceding year.
Our ezamiaation vas made for the purpose of forming an opinion on the
general purpose financial statements of the Clty of Atlantic Beach,
Plorida taken as a who]e. The combining and individual fund financial
statements listed is the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose
financial statements of the City of Atlantic Beach, Plorida. Such
information has been subjected to the auditing procedures applied is the
e:aminatioa of the general purpose financial statements and, is our
opinion, is fairly stated in all material respects in relation to the
general purpose financial statements taken as a rhole.
~~.~e ~~
January 29. 1987
- 1 -
1
' GENERAL PURPOSE FINANCIAL STATEMENTS
1
1
CITY OF ATLANTIC BEACH. FLORId1
COMBINER BALANCE SHEET
ALL FUND TYPES AND ACCWNT OROUPS
$EPTEXBER 30. 1986
ASSETS
[ash and investeents
Accounts raceivabl•
Inventories
Due frow other goverments
Due frw other funds
Deposits
Prepaid espenses
Other assets
Refit ri eted investNnts:
Cash aM investants
Invested cash rich fiscal agent
Oue free other goverreNnts
[onstructi on in progress
Property, plant aM
ewipant -net
Mount available in the
debt service fuiM for
payment of long-tare debt
Mount to be provided far
payment of long-terw debt
Mount to 6t provided for
payeent of long-tem
portion of coepensated
absences
Notes
2
7
2
2
3
3
Gavorneental fund Tva
Special Debt CaPi cal
General Revenue Se rviee Prolee is
(1,112,050 f 59,212 (23,874 f294,452
193,437
19.088
25,814
25.61d
5,000
81,760
total assets
See notes to financial stateMnts.
1
1
1
proprietary fiduciary
Fund Tvoes Fund Tvoes
ExpeMabl•
and pension
Enterori se Trvst
f 741,274 (1,544,972
151,878 767
46,131
10,031
Recount Grouos
General General
Long-Tens Fixed
Oblteati ons Assets
1,605.510
693,705
351,322
995,811
8,491,219
(1.571,017
f 23,874
535.880
Totals
(Menerandui O nlv)
>~Q >4$`1
f3.775.8M (2,958, 116
346,082 400,435
63,217 65,571
25,614 14,188
25,614 3,649
5.000 5,000
61,760 27,052
10.034 10,034
1,605.510 1,091,508
693,705 1,488,064
351,322 69.309
995,811 347,271
10.062,236 6,657,100
23,874 20,923
535,880 328,077
77.726 77.726 fi9.235
Sfi37"afl0 Sl.SI].OlZ S1R.659~229 c_13 555 Sap
_p_
CITY Oi AT amTi R 4 N F ORIDA
COIBINEO BALANCE SHEET
AlL FUND TYPES ANO ACCOUL7 GROUPS
LIABILITIES A.r+7 ILUg EQUITY
LIABILITIES:
Accounts payable and
accrued liabilities
Oue to other Funds
Currant portion of revenue
bells paYabl•
Current liabilities (payable
from restricted aszetsl:
Accounts D+Yabia
Contracts Dayabl•
Revenue bolls paYabl•
Atcrved rots rest payable
Due to other funds
Accrued indrost payablo
Revanw bolls payable -
lang-terw portion
D4DOSi Ls
General long-terw debt payable
General long-Lem compensated
abs4nces payabb
Total liabf li ti es
FIRID EWIIY:
Contributed capilaT
Investment in general fined assets
Retained earnings:
Reserved for renewals
and replacements
Reserved for deh! service
Unroserved ratai mad earnings
Fund balances:
Reserved for payment of
long-term debt
Reserve for prepaid avpenses
Reserved for inventor( as
Reserved for police training
Reserved for retirement
Unreserved fund balances
Total fund equity
Total liabilities and fund
equity
Sae notes to financial statements.
Gevermental F~ d T
Special Debt Capi tit
Netes Ganera7 Revenue Sarvi ee Protects
f 79.503 f 855 f 80.053
25,674
4
4
4
5,000
4
61,760
19,086
(23,874
1.251.598 ~$,~~ 231.409
7.332.444 58.357 23.874 230.409
f1a416 ~Z SB~.925 f23.9Ig f294.44z
1
1
1
ProDri etary fiduciary
Fund Tvoes Fund Tvoes Aeeoun! Groups
Espandabl• Ganaral Gamral
uid Pension Eonq-Terw Fi sad
Enterorise Trost Obligations Assets
f 101,783
2,219
101,114
45,093
145,500
155,438
4,135,080
119,387
(559,754
77.726
4.805.81/ 637,4fQ
3.858,713
1,571,017
1,268,547
222,291
3,129,719
f 25,875
1,519,664
8.279.270 1.545.739
31'1.086.881 31.545.739
_, 1.571.017
S61] 480 51.571.017
Totals
(Maeprandu• Onlv1
14H5 14HS
f 212,191 f 137,925
25.614
2.219
101,114 87,9%
45,093
145,500 45,000
155.438 75,721
3,619
]7,217
4,135.080 4,255.000
124.387 88,809
559,751
77
728 349,000
89
235
.
5.814.119 .
5.147.552
3,858,713 1,323.015
7,571,017 1,/58,270
1,268,517 832,951
222,291 91,012
3,129,719 2,170,9M
23,874 20,923
61,760 26,719
19,086 21,985
25.875 26,415
1,519,864 1,342,135
1.544.364 1.095.581
13.045.110 8.407.960
e 1B.6s9. 29 S~1 a.s55,5ap
-3-
CITY OF ATLANfI[ BFACH. fLORiOA
[016INED STATEMENT Oi REVENUES, E%PENDITURES AND CHANGES IM fLfD BALANCES
ALL GOYERMIENTAL RMD TYPES AID ERPENOABLE TRUST f11ND5
FOR THE VEA0. FISGL EMDEO SEPTEMBER 30 1986
Gave rnemtal Fund Tvoes
Special Debt Capit>7
Notes General v n Servi~s Prniaets
Revenues:
Tazes S 548.781 X82,992
CicenNS aM perfits 488,790
Federal shared revenue (48,612
State shard rwenues 733,039 25,814
Stab grants
OCMr inbrgoverroental rwenws 15,427
Charges for services 3,137
Nms and ferlei lures 90,253
Court cos!
Confiscated property
Interest incase 89,208 2,827 2,377
Mtscellantaus rwenue 17.229
Total rwenues 1.981.882 78.85; 85.389
EzpeMi tuns:
Current:
General goverrewnt 51),544
Public safely 918,704
Roads and streets 427,891
Inbrgwer~Nnlal services 19,821
Parks aM recreation 45,761 3/,152
Deb[ urvfcr.
Principal nti rernt 42,000
Inbnst aM fiscal cfiarge 21,870
Capital outlay 13.470 f155.756
Total ezpendf lures 1.927.721 47 83.870 }55.758
Ezcess of rwenws over (under)
ezpandi tent S4.U7 29.231 1.499 (155.756)
Other ff ranting sources (uses): 7
BoM proceeds 35,138 212,660
Operating transfers in 317,878 8,538 1,452
Opuati nq lranshrs (ouU (10.415) (10.188)
Total other financing sources (uses) 342.399 (1.750) 7,qc 212.660
Escess of revenues and other sources
over (wrier) upends [ores and
other uses 396,540 27,481 2,951 56,904
fund balance, October 1, 1985 935.904 30.876 20.913 77).505
iwM balances, Septes4er 30. 1986
Se note to li nancial statements
1
r
1
iidudiary
land Tvoas Totalz
EzpaMaDl• (Msaoranduw Onlvl
Trust ]9$¢ ;p@S
f 609,773 f 806.922
486,790 452,906
48,612 57,264
758,653 730,021
9,807
15,427 9,712
3,137 3,22d
90,153 65,875
(4,252 4,252 3,019
1,763 1,763
2,139 98,349 103,092
17 229 11.159
8.154
517,544 485,230
9,119 925,823 837,830
127,891 331,143
19,821 15,830
79,913 15,291
42,000 40,000
21,870 22,492
169.228 1fi3.997
9.119 2.201.088 1.891.813
(985) -.1~$SQ) 181.428
247,798
425 328,091 458,257
(20.703) (381.309)
425 555.188 74.918
(540) 483.336 236,376
26.415 1.191 623 955.247
525 975 ~.~$ f7. lgl fi a
1 _
TV OF ATLANTIC BFACN. F
COMBINED STATEMENT OF REVENUES, E%PENOITiB(ES AND CIWIGES IN F(AYD BALANCES
ACTWL MID BUDGET (GMP BASIS)
GFNEIML, SPECIAL REVENUE, DEBT SERVICE AXD CAPITAL PROJECTS RIID TYPES
F TN Y T
General iu M Soe etal 0.wanue lands
Vartmn Variance
Favorable Favorable
Actual Budtet (Unfavorable) Aetual 5.udaet (IMfavorabl a)
Revenues'.
Taxes f 546.781 f 548.550 f (1,769)
Licenses and MM is 486,790 403,600 83.190
iadsral shared nvvnw: 6 18,612 5 43.332 5 5.280
State shared revenues 733,039 669,801 63,238 25,614 37,500 (11,886)
Other inGrgowrneental Humus 15,427 12,000 3,427
Charges for services 3,137 3,200 (63)
Fines a'M forAituns %.253 50,000 40,253
Interest inter 89,206 65,000 24,206 2,627 2,627
Miscellmeous revenue 17.229 2.500 14.729 _
Total revanwz 1.981.862 1.754.651 22.7.211 76.853 80.832 (3.979)
ExpeMitures:
Curnnb
Wneral governexnt 517,541 575,516
Public safety 916.704 992,283
Roads and streets 427,891 488,759
Intragmermental servi cez 19,821 22,021
Parks aM racreatim 45,761 50,170
Debt service:
Principal rota repent
Interest and fiscal charges
Capital outlay
Total eaparbituns 1.927.721 2.128.749
Excesz of revenues over
(under) expendf lures 51.141 (374.098)
Othe: •finmcing sources (uses):
Bend proceeds 35.138 36,878
Operating transfers in 317,676 350.720
Optrati ng transfers (out) (10.115) (84.500)
Total other financing
sources (uses) 342.399 303.098
Excess of revenues
and other sources over
expenditures and other uses 396,540 (71,000)
Fund balmces, October 1, 1985 935.904 935.904
Fund balances, Sapteeber 30,
1986 al nn 449 S a6d.904
Sea notes to financial statmen ts
57,972
75,579
60.868
2,200
4,409 34,152 50,000 15,848
13.470 zo.o9o 6.s3o
207.028 47.622 70.000 22.37e
428 239 -?3.211 x..972 X44
(1,740)
(33.OH) 8,538 12,500 (3.%2)
74.Oas (lo.zee) (43.33z) 33.Oa4
_12.741 ~1 .Z54) _174.5}2) 14.Qfi2
467,540 27,481 (20,000) 47,481
- 30.876
5467.Sd0 ~..~ 30.876
~~ 547.481
t
1
Totals
Oeb t Servi ca Fund [aof tal Prot t F d ( Nano ~d 0 i )
Vari ana Varfann Varf anca
favo rabl• Favorable Favorable
Actual Budoet (Unfavorablel Aetoal 9udwt LUnfavorable) Actual Budoet (Unfavorable)
(62,992 f62,MB f 546 f 609,773 (610,998 f (1,225)
486,790 403,600 83.190
48,612 43,332 5,280
758,653 707,301 51,352
15,427 12,000 3,427
3,137 3,200 (63)
90,253 50,000 40,253
2,377 2,377 91,210 65,000 29,210
17 229 2.590 11.729
~.]¢$ ~ 444 2.921 2.121.084 1.897.931 226.153
517,544 575,516 57,972
916,704 992,283 75,579
427,891 488,759 60,868
19,821 22,021 2,200
79,913 100,170 20,257
42,000 84,000 42,000 42,000 84,000 42,000
21,870 50,388 28.578 21,870 50,388 28,518
£155.756 7 7 11 169.'[26 487.700 318.474
63.870 134.388 70.518 155.756 467,700 311.96! 2.194.969 2.800.837 ~Q;,868
71 ) 73.439 1 7 ) (467.700) 311.941 (70.885) (902.906)
212,660 425,000 (212,340) 247,798 461,878 (214,080)
1,452 200,000 (198,548) 327,666 563,220 (235,554)
(20.703) (127.832) 107.129
~.~ 200.000 (198.548) 212.660 425 000 (212.340) 554.761 897.266 (342.505)
2,951 128,060 (725,109) 56,906 (42,700) 99,604 483,876 (5,640) 489.516
20.923 20.923 177.505 177.505 1.165.208 1.165.208
- 5 -
CITY OF ATLANTIC BFACH. fLORIOA
COMBINED STATEMENT OF REVENUES, IXPENSES ACID CHANGES iN RETATNEO EARNINGS/F1RID BAIAMCE
ALL PROPRIETARY 711110 1YPE5 AND PENSION T0.U5T fU1D
R H F PT 1
Proprietary Panfion
funds Fund
Totals
Ponsi on (Memrantlue Onlvl
Enterori sa Trust ~@¢ 1995
Operating rwsnuez:
Custonor charges
Employer's Contributions
State contributions
Other fncoM
Total operating revenues
Operating ezpenses:
personal nrvitos
Contractual zorvices
SupDli es
0.epai rs and mai ntonance
Heat, light and powr
Depreciation
Other ezponsas
Reti ranent benofitz
Total operati nq ezpenses
Operating incoM
Non-operating inane (ezpenses):
[onneetion charges
Sever genarati on charge
Intense incono
Donations
Interest azpense
Loss on investment
Total non-operating tncone
Net incase before operating transfers
Operating transfers (out)
Net intone
Add depreciation on fazed assets ac9uired by shared
revenues uGrnslly restricted for capital
ac9uizi Lions
Increase in retained earnings/fund balance
Retained earnings/fund balance, October 1, 1985
Retained earnings/fund balance, September 30, 1986
See notes to financial statements.
f1,897,607 f1,897,607 f1,278,729
f 79,518 79,518 81,338
34,663 34,663 29.121
104.723 101.723 34.523
2.002.330 114.181 2.116.511 1.424.011
457,397 457,397 379.176
322,103 322,103 60,868
155,355 155,355 178,767
86,336 86,336 135,622
137,705 137,705 113,745
237,361 237,361 112.776
55,534 55,534 61,918
50.792 50.792 49.368
1.451.791
550.539 50.792
63.389 1.502.583
613.928 1.091.580
332.431
7,303.411 1,303.411 315.645
43,130 43,130
245,615 114,340 359.985 306,159
18,406 18,406 12,816
(372,610) (372,610) (123,422)
(34.526)
1.237.982 114.340 1.352.322 476.672
1.788.521 177.729 1.966.250 809.103
(307.388) (307.388) (74.948)
1,481,133 177,729 1,658,862 734,155
41.517 44.517 30.638
1,525,650 177,729 1,703,379 764,793
3.094.907 1.342.135 4.437.042 3.672.249
Li.620.557 51.519.864 56"140.421 f9„j3jaQjj
1
1
-6- t
CITY OF ATLANTIC BFACX. FLORIDA
COMBINED STATENENI OF CHANGES IX FINANCIAL PoSITIpI
ALL PROPRIETARY FUq TYPES AND PENS[pl TRUST FIMD
Proprietary Psnsim
iuMs )y0q
Tolah
Pmtfon (Memrmdum Only)
Enlere ri se Trust ]%¢ lggg
FinmNal resources wre provided by:
Operatims:
Mt incoee
Item not re9ui ring wrkinq capf tal during
the period - depnctatim
Vorkiny capital provided by operatims
Incrwu in cmtri bated capital
Decrease In restricted assets
0l sposal of property, plant aM equipaent
Increase in lm9-terms debt
Decrease in other assets
Increase in current lfabiH ti es
payable from restricted assets
Total zourcet of wrkin9 capital
FinmNal resourus wre used for:
Acspiti tim of property, plmt and equfpMnt
Increase in reftri cted asuts
Reduc tim of bonds paYabl•
Total uses of wrkin9 capital
Net increase in wrkin9 capital
Chm9et in Cosgmmts of Vorking [apf tel:
Increase (decrease) in current assets:
Cash aM investewnts
Accounts rscei vable
Inventories
Other current astets
Increase in current assets
(Increase) decruse in current liabilities:
Accounts payable and accrued liabi 11t1es
Interest payable
Custoewr deposits
(Increase) in current liabilities
Increase fn wrkfnq capital
Sae notes to financl al statements.
f1,481,133 (177,729
237.361
1,718,494 177,729
2,360,185
679,150
1,451
27,799
234.779
5.041.858 177.729
4, 177,7tl
680,806
145.500
5.004.Od7
f 37.A 11 (177-729
f 30,531 (177,729
47,133
545
(333)
_jj,g7Q 1 7 7
(39.704)
37,217
(37.578)
(40.065)
S 37.Ai1 i111.I24
(1,658,862 f 734.155
237.361 112.776
1,8%,223 846,931
2,380,185 473,836
679.150 117,157
1,451
27,799 1,300,000
321
234.779 124.370
5.219.587 5.862.615
4,177,711 3,648,948
680,806 1,956.687
145.500 15.000
5.004.047 5.650.6]5
S zts.sm S 211.9fl0
f 208,260 f 280,665
47,133 52,131
545 (5,329)
(333) !308)
327.159
(39,701) (56,317)
37,217 (37,217)
(37.578) (21.645)
(40.065) !115.179)
f 215"540 ~.~
-7'
1
1
1
xoTNS To PIxANCIw srATenreNTs
1. SUMMANY OP SIGNIFICANT ACCOUNTING POLICIES
The City of Atlantic Beach, Plaride (the "Cite") is incorporated and
operetsa under a form of govarnseat rhich cosprisae an elected City
Conmiaaion (four Commiaaionere end a Mapor-eo®iaeioasz) and provides, under
tae admiaiatratioa of an appointed City Manager, the folloring servicea~
public safety (police and fire), public wrka (atreats and infrastructure),
recreation, senitatioa, planning, soniag, rater and serer aervicea and
general administrative aervicea.
She folloring is a summary of the more aigniEicant policies used is the
preparation of teens financial atatemants.
A.
The aceounta of tea Citp era ozganiaed oa the basis of funds or account
groups, each of rhich is considered a separate accomtinq entity. The
operations of each Eund era aceomted for using a separate net of
self-balancing accomts rhica comprise its assets, liabllitiea, Eund
aquitiea, revenue and azpenditures or ezQenaea. The various fords are
grouped by type in the financial atatemeats. Ths folloring fund types
and account groups are vaed by the Cityi
0
General Puna - The General Pund is the general operating fund of the
City. It is used to account for all financial reaourcee except [hone
required to be accounted for in another fund.
Saecial 8evenue Pund - 1'he Special Bevenue Puada are used to account
for the proceeds of specific revenue aourcea (otaer than major capital
projects) that are legally restricted to ezpenditurea for specified
purpoaea.
Debt Service Pund - Tae Debt Service Pund is used to account for tae
accumulation of reaourcee for, and the payment of long-term debt
principal, interest and related coats other than bonds payable from
the operations of tae anterpriae funds.
Cani[al Proiacts Pund - Capital Projects Punda era used to account for
financial reaourcee [o be used for the acquisition or construction of
major capital facilities (other than those financed by proprietary and
spacial revenue funds).
_ g _
i
1
t
1
Bnterpzias Pmde - Bnterprlae Pmda are uaed to account for rater,
never sad sanitation operations rhic6 are financed end operated in a
roamer similar to private business enterpriaea. The costa of
providlag goods or aervicss to the general public ars financed or
recovered primarily through user charges.
Trust Pmdn - Trust Pmde are uaed to accomt Eor aaaeta held as a
trustee or agent by the City for others. The Pension Trust Pmd is
accomted foz in eanentially the name roamer as proprietary funds.
The 6zpendabla Trust Pond 3a accounted for in saesntially the name
roamer as goveznmeatel Erode.
General L na-Term Obl ygatioaa AecoLt Gr •_ - Th1a accomt group is
uaed to account for the outatandinq principal belmcas of long-term
debt and other long-tern liabilities other than bonds payable from [he
opara[ioaa of the enterprise Erode.
r al pi ed Aaa t A o.at rrou -This account group is uaed to
accomt for all Eized aaaeta of the Citp other then Choas accomted
for in the 6nterpriae Prods.
B. BASIS OP ACCOUNTING
The accomting and reporting treatment applied to a fund is daterninad Dy
its measurement focus. A]1 Goverwzeatal Puada sad Bspendable Trust Pmda
are accomtad for on a apendiag or "financial flor" measurement focus.
Thin manna that only current aaaeta end current liabilities aza generally
included on their balance aheata. Their reported fmd balance (net
current aaaeta) is considered a measure of '•evailable spendable
reaourcea." Goverwnental fmd operating etatemeata present increaaea
(revenues sad other financial sources) and decreaeea (ezpeaditurea sad
other Financing uses) in net current aaaeta. Accordingly, they are said
Co present a summary of aourcea and uses o£ "available spendable
rasourcea" during a period.
The Governmental Fuad Types sad the Bzpeadable Tzuat Pmd use [he
modified accrual baaia of accomting. Under Che modified accrual Dasis,
revenues era recognized in the accomtiaq period in which they become
available and measurable. Bzpeaditurea, other than interest on general
long-tern debt rhic6 is recorded rhea due, are recognized in [be
accounting period rhea incurred.
- 9 -
1
1
1
1
1
1
All Proprietary Punda sad the Pensian Truitt Pmd are accomted for oa a
coat of aervicea or "capital meiatsnance" measurement Eocus. This means
that all assets and all liabilities (rhsthsr current or non-currant)
eeaociated rith their ectivitp era included oa their balance aheata.
Their reported fund equity (net total assets) is segregated into
contributed capital and retained earainga components. Proprietary fund
type operating stntemeats present increaeaa (revenues) and decreaaea
(e:peaaee) is net total anaeta.
The Proprietary Pund Types and Pension Trust Puad use the accrual baaia
of accounting. Revenue is recognised rhsn earned end azpeanea are
recognised rhsn incurred. Mater, never and sanitation services are
billed to cuatomern in advance on a quarterly cycle. A receivable is
recorded at year sad Eor mpaid (delinquent) billings lees m allorancs
for those coaaidered uncollectiDle.
C. BDDGBTS
General goverameatal revenue and ezpenditurea accounted tot is budgetary
funds are controlled by a budgatarp accounting apatem in accordance vita
various legal requirements rhich govern tea City's operations. The City
currently does not use an encumbrance accounting system.
Budgets have bean adopted for all Gover~eatal Pmds (General, Special
Revenue, Debt Service sad Capital Projects Punds). The City Manager is
authorised to transfer budgeted amounts rithia departments ritain asp
fund, horevar, any reviaiona that increase the total esQeaditurea of nay
department or fund must be approved by the City Commiaaioa. All
neceaaary supplemental appropriations rare adopted by the City Commiaaion
as part of a quarterly budget revier process and are included in the
reported budgetary data. The Dudget preaeated on the Combined Statement
of Reveauea, ezpendituren and Chaagen in Pund Balance - Actual and Budget
- is prepared oa a GAAP basis.
D. CASK ARD INVESTMENTS
I nveatmanta are stated at coat rhich approzimatea market. ezcept rhere
prohibited, cash resources of the individual funds are combined to form
pool of cash and iaveatmeata. Invea[ments in the Pooled Caeh Pund
conaiet primarily of invested cash and cezti Eicatea of deposit rhich
mature in one year or lase. Interest income earned on the pooled ceah
and investments ie distributed to the appropriate funds based on the
average monthly balance of investments is each fund.
In addition to their equities in the pooled ceah fund, cash of the
Enterprise and Penaioa Trust Punds include interest bearing depoaita held
by the State Board of Admiaiatration which are restricted as to their use.
E. INVENTORIES
Inventorlee consist principally of sspendable materials, auppliea sad
fuel and ere valued at the lower o[ coat (first-ia, first-out) or market.
- 10 -
t Inventory in the General Pmd is recorded an an ezpenditure at the time
' of purchase, therefore, tDs inventory balance reported is offset by a
£und balance reaerva rhieh iadicstea that it dose not coaatitute
"available apendaDle resources" even though it is a component of net
currant enaete.
' Y. ACCOUNTING FON PIPED ASSETS
Pronriecerv Yundn -Capital ssQeaditures meda for revenue-producing
aaaete, whieh are employed in operations that era accounted for in the
proprietary funds, are capitalised at historical eonts sad depreciated
using the straight-line method over their estimated useEUl lives as
' follows:
Buildiag6 40 pears
' Improvemeata 10 - 50 yearn
Equipment 10 - 40 yearn
' Depreciation recognized on aeaeta acquired or constructed through
reaourcea ezteraally restricted for capital acquiaitiona is closed to the
appropriate contributed fund equity accaunt.
' General Fired Aaaeta Account Grouo - Pized aaaete used in goveranantal
fund type operations ere accounted for is the General Pized Aaae[a
Accomt Group, rather than is goverm~eatal funds. All fired aanets are
' valued at historical cost. Donated fi:ad aeaeta are valued at their
estimated fair value on the date donated. No depreciation Dee been
provided on general Eized aeaeta. Public domain ("infrastructure")
general fired aaaete eucD as atraeta and sidvalka that era generally
' immovable and of value only to the City of Atlantic Beach Dave not been
capitalised.
G. ACCOUNTING POR LONG-TERM OBLIGATIONS
Long-term obligations, general obligation or revenue bonds, used [o
' Einance proprietary fund operations and payable from revenue of the
proprietary Eunds are recorded in the applicable fund. General
obligation boada sad other forme of long-term obligations supported by
general revenue are obligationa of the City as a whole sad not its
individual consti[ueat Eundn. Accordingly, eucD umnatured obligationa of
the City are accounted Eor in the General Loag-Term Obltgatioaa Account
Group.
' N. GENERAL LONG-TERM COMPENSATED ABSENCES PAYABLE
' Accumulated unpaid vacation and sick pay is accrued rhea incurred is
proprietary funds. The amount of accumulated vacation and sick pay
recorded in Che governmental funds in that amount, adjusted to current
salary costa, rhich is ezpected to be liquidated rith ezpeadab3e
' available financial reaourcea. Only the current portion ie reflected in
the fianda. The remainder of We liability is reported is the General
Long-Term Obligations Account Group. The guidelines of Pinancial
' Accounting Standards Board Statement No. 43 rare applied in determining
tba liability for both governmental and proprietary funds.
' - 11 -
1
1
1
1
1
I. TOTAL COLDlRIS ON COMBINHD STATEMENTS
Total columae oa the ComDlnad Fiasacisl Statsmsate era captioned
"Memorandm Oalp" to indicsts that Chey are presented only to facilitate
financial aaalysia. Data in these columns do not present financial
position, reaulta of operatioaa, or chaagse is financial position la
conformity vlth generally accepted accounting principles. Neither is
such data comparable to a coaaolidatioa. Iaterfund eliminations have not
been made in the aggregation of this data.
J. P80PEBTY TA86S
The easeaament of all properties and the collection of all property farce
are made through Lhs Property Appraiser and Tar Collector of the City of
Jacksonville. General property ta:ea era recorded ae received in cash,
rhich approzimatea ta:ae levied, lees discouate, for the current fiecel
year.
E. INTHHFUND SeANSACTIONS
During the course of normal opsretioaa, the Citp has various transactions
Detveen funds to coaa[ruct aaaeG end comply rith local ozdimncea and
other legal reatrictiona. These transactions are reflected ae operating
Cranefera.
L. PENSION TRUST FUNDS AND PENSION BYPENSB
Pension ezpense includes normal cost plus amortisation of past aervica
coat over 30 years. The City funds peaeioa costa rhich are accrued.
2. CASH AND INVESTMENTS
Ths total cash and iavea[men[ balance of the City is comprised of the
folloriaq items:
Petty cash on bend f 400
Savings and money market accounts 612,203
8estricted eacrov depoai[ 115,163
invented cash vi th fiecel agent (restricted) 693,706
State Board of Admiaiatratioa deposits 2.578,909
Total cash f4,000, 681
Certificates of deposit rich local bankas
Lees thaw 30 days maturf[y 1,552,317
31-90 days maturity 366,002
181-360 days maturity 156.059
Total certificates of deposit 2.074,378
Total caa6 and investments 6,075,059
Leset restricted cash and inveatmeate 2,299,215
Total unreatric[ed cash and investments E3.775.844
- 12 -
t
1
1
3. PHOP¢HTY, PLANT AND HQUIPIOStI'[
A aumsry of chmges in general fazed senate follorss
Balmce, Salaacs,
October 1, September 30,
1985 Additions Deletions 1986
Lend t 143,702 { 143,702
Buildings 307,175 = 21,896 329,071
Improvemsata other
than buildings 438,819 2,499 941,318
Hquipment 566.574 113.756 123.404 656.926
TOtal E1.456.270 1138.151 123.404 E1.571.017
A aummarp of fazed aeaeta of the Saterpriae Punds at September 30, 1986
folloxsx
Total
Vater Serer Sanitatf on Buccaneer Oist ri et En Grprise
Lund iurM Fund Vater Funds Serer Fends funds
LaM f 65,557 f 26.681 f 117,799 f 210,037
Build{nqs f 393,778 505.685 27,004 53,356 979.763
Isprovasents other
than buildings 1,424,974 3,626,149 1,134,221 2,267,247 8,052,591
Ma<hi nery nM
aquipeent 91,437 51,456 (290,013 132,906
lass - ac<uulated
deDreci ation (593.874) 1748.066) (152.272) (30.295) (59.571) (1.584.078)
Total
Construction in progress for ¢aterprise Punds ie as folloras
Committed
¢rReeded to Pedezal Required
Project September 30, Sever and State Putura
Authorisation 1986 Pund Pundin9 Yiaancina
Sever system
imp[OVementa E4 652,803 f3.579.552 H483.OOB (590.343 f~yf
- 13 -
4. LONG-TBBN OBLICATTONS
' The folloviaq is a auDOarp of long-toss obligntiona of the Citp for Chs peer
ended September 30, 1986:
GMeral Enterprise
Lano-Ter~ Oblieations Funds
GMeral Accrued
Revenue Obligation [agensatad Revenue
BoiMs Bonds Absences ~nQs_ local
Obligations payable at
October 1, 1985
Nw Bands Issued:
1985 First Municipal loan
Council Pooled teen
Program Revenue Bonds 5252,751
Oe6t principal Dafd
Nat increase in compensated
absences
{349,000 (69,235 (4,300,000 54,718,235
27,799 280,553
(12,000) (45,000) (87,000)
__ fi.491 8.491
Bonds payable at
SBDtenbar 30, 1986 l2_ 51 _]u fjQja(~QQ S]].726 ¢a B ]99 Y4.920.2]9
Bonds payable at Septeeber 30, 1986 era compri sad of the fol loving iMivi dual issues:
General obligation bonds:
1958 Serer Systm serial bonds, payable in annual
instalments of 520,000 plus interest through
1988, bearing interest at 3.Bf S 40,000
1971 Swer System serial bonds, payabl0 in annual
instalments of 522,000 to 540,000 plus interest
through 1995, bearing interest at 5.752 267.000
Revenue bonds:
1985 Buccaneer District Water and Sewr serial bonds,
payable in equal annual instalMnts of pri ncfpal
and interest of aDprominately 5347,500 through
2000. bearing interest at 9S 2.800.000
State Pollutf on Control Bonds, Series "Q°, payable
in annual instalments of 545,000 to 5190.000
plus interest through 2000, bearing interest at 8i 1,455.000
1985 Florida Municipal loan Council Pooled Loan
Program 0.wenw Bonds payable in annual
instalments of 510,000 to 539,000 Plus interest
through 1995, bearing interest at a varf able
rate approximating SL 200.553
Yotal ~Y~l 55]
_ 71
The annual raquiremeata to amortise all debts outatandinq at September 30,
' 1986, ere an follorss
General Loag-Tara Obligatioaa
' Year 6ndinq Account Grouo Eateroriae Punda
September 30, principal Interest Total Pzincinel Internet Total
1987 i 65,179 i 18,072 i 83,251 i 147,719 2 369,750 i 517,469
' 1988 66,629 15,688 82,317 161,279 357,155 518,434
3989 48,183 13,302 61,485 176,050 343,406 519,454
1990 49,869 11,678 61,527 191,133 328,359 519,492
' 1991-1995 320,737 30,863 351,600 1,283,609 1,359,564 2,642,173
1996-2000 9,177 9,177 2,005,409 696,042 2,701,451
2001 318.600 28.674 347.274
Total e5c9.]54 S 89"fi03 5649.3 r.7 E4-282.7x9 E3.482.948 E7.765 J47
' General obligation 6ondn of the Long-Term Obliqationa Accomt Group represent
bonds ieaued by [he City for coaatruction of (1958 aeries) and later,
improvements and a:tenaiona to (1971 aezias) the Citp's never system. These
' bonds rare ieaued as general obligatioaa of the Citp and, therefore, are not
obligatioaa of the individual 6nterpriae (Serer) fund.
During 1955, the City obtained a State Hond Loan which is administazed by the
State eoerd of Administration sad secured by Stara Pollution Control Bonds,
Serisa "0", to support funding for improvement and espspeion of its never
apetem. Tbeae Doads are payable from pledged revenues derived from the
' opezatioa6 of the never syatam. Under the terms of the agreement, the City
may later pledge additional legal sad eveilable funds to repay the loan, as it
deems appropriate.
' During 1985, We City ieaued revenue bonds to acquire an additional rater and
sever system. These bonds are payable from the net revenues of the early
acquired Buccaneer District water sad Serer System and era not general
' obligations of the City.
During 1986, the City elected to participate in the Ylozida Municipal Loan
' Council Pooled Loaa Program (Revenue Bonds, Series 1955). Under this program
the City is eligible to borrow up to 51,070,510 to be used to finance capital
projects. Through September 30, 1996 the City hen borrowed 1280,553 of which
approzimately 10~ ie included as an obligation of the ¢nterpzine pond with the
' remainder as an obligation of the Loaq-Term Obligatioaa Account Group. The
amortisation schedule above does not Seclude interest oa these obi igationa as
they bear a variable rate of iatereat rbic6 approzimaten 5~.
' Revenue bonds of the Enterprise Punda contain various terms and covenants
rhicb require the City to maintain adequate user rates sad to account for the
' deposit and diabursameat of revenues is accordance rith eataDliahed
priorities. As of September 30, 1986, the Citp wan substantially is
compliance with such covenants.
' - 15 -
s. Bi~I.oyaa 6aNarlTs
' The Citp ens three aoa-contributory de[iaad bsasEit pension plms (General
Bmplopaes', Police Officers', and rireEightere• aatiramsat Plms) rbich cover
' aubstmtiallp ell of Sta employsaa. 7'hsse retirement plena ere accomted for
in the Citp'e Pension Srust roads. Total pension azpenes for all fmde during
the yesr ended September 30, 1966 ras •86,602. The Citp'e pension
contribution ie computed using accepted ectusriel methods md, szcspt [or [ba
effects of plm mendments, if mp, is nos azpectsd to increase materiaily in
the future in relation to total payroll espeaae.
' The actuarial present value of accumulsted plm benefits is m actuarially
dstarninsd liability for beaefita papaDla to active and retired participmta
of the Citp'e retirement plans, determined in accordmcs rith plm provisions
' and based on the participmta' compaaeatioa and pears of service to the date
of valuation. Tae aignificmt assumptions used in t}u determination of the
actuarial present value of accumulated plm Deaefits of tW City•e retirement
plms as of September 30, 1985, the latest valuation data, were iaveatsrat
' return (varies from 8.31 to 6.6~), mortality (based on the 1984 Group Amuitp
Nortalitp Table), provieioae Eor future tsrniaatioaa, rithdrarals and
retirewnta, and increases in salaries and ezpensas.
' A susaserp of the actuarial preeeat values of accumrle[ed plm Deoefite and net
aesete available for plm benefits of tbs City's retirement pima ae of
September 30, 1985, the latest valuation date, is as follorax
' Ceaeral Police
6t0119veas Officsra Pirsfigb[ern
' Actuarial present value of eccumulatad
plm benefitei
Pasted beaefi tsz
Perticipmta currently receiving
beaefita 1258, 183 = 51,162 = 48,136
' Otber participmta 187,212 62,873 45.582
Total vested beaefita 445,395 114,035 93,718
Non-vented beaefita 50.376 21,1¢j 7,515
' Total f195.771 fS'+S•197 f101 '+"+
' Net aaeeta available for plan beaefita
at September 30, 1985 f663. 962 (945.008 ~2 ~'+ 16r
' A significant portion of the decrease is the combined actuarial present value
of accumulated plan beaefita of the Citp'e retirement plena during [he year
' ended September 30, 1955, the date of the latent valuations, ras attributable
to the increase of the investment return assumptions. The investment rate
anaumed as of September 30, 1985 varies from 8.3~ to 8.6~. Aa of the
previous valuation date, September 30, 3964, the Snveatment rate wan 7.5~.
1
- 16 -
1
1
1
1
1
6. SEGI~NT INPOeNATION POB P.NTSHPHISE FUNDS
The City nee eataDliahed aeparata Entarpriss Punda to account for rater,
serer and sanitation aervicaa. SatpNnt information for the Citp'a
Snterpriae Punda for the year ended September 30, 1986 is es follorat
Total
Huccanev OSs4 r9 ck $aniGHOn Enterprise
Yaler Lund $ewr Fund YaGr Fund $etmr Fund Lund Funds
Oparati n9 revenues 5 324,401 5 776,752 5 772,721 f 405,106 { 323,350 (2.002,330
Oepreci atfon 56,987 57,120 30,295 59,571 33,388 237,361
Operating incaew (loss) 1,173 296,501 52,429 161,430 39,003 550,539
Non-oparati ng intone
(erpanse) 106,841 418,794 103,460 605,027 5,860 1,237,982
Operating transfers in
(au t) (63,000) (131,388) 24,000 (81,000) (53,000) (307,388)
Nat incases (loss) 43.010 580,910 179,889 685,457 (8,137) 1,487,133
Nei property, plant arM
equipeent 1,316,255 3,500,781 1,157,611 2,378,831 137,741 8,491,279
Nei ewrkSn9 caPf tal 224,510 363.498 6.766 61,956 57,164 713.894
Long-terse debt 25.580 1,405,000 887,812 1,816,688 4,135,080
TaGI equity 1,569,456 4,986,161 380.861 1,127,884 19/,905 8,279.270
Total assets 1,725,692 6,669,740 1,374,034 3,106,370 209,048 13,084,884
7. INTEHPUND 'TRANSACTIONS RECONCILI ATION
A eumaary of totarfund tranafara during the fiscal year ended Septembe r 30,
1986, is ae Eollora:
Tranafera tot
Special Expendable Debt
General Revenue Trust Service ToSal
Sraasfer from:
Enterprise 5307,388 5307,358
General SB, 538 5425 51,452 10,415
Special Bevenue 10,288 10.288
Total E317.fi7fi ~,i;fl 5425 f1.A ,j (.328.091
As of September 30, 1986, one iaterflmd receivable and payable in the amount
of 525,614 remained outatandinq, payable from the Beaches Eroaioa Special
Revenue Plsnd CO the Geoerel Puad.
- 17 -
8. JOINT gBNTU86
Pureumt to m iatarloeal agreement authorised by Florida 6tatutae Section
163.01, the City joined rich the City of Jacteonvilla 6aach end the Citp of
Haptms Reach to conatruet and operate eEflwat outfail lines and disposal
Eacilitisa, togatbsr rich all [ha lends, right-of-raps, aaaemeats, and other
entitlements wcaeaary fo[ the construction and ues thereof.
The construction of the outfall lines and diapoaal facilities are fmdsd by
the mmicipalicise is the Eolloriaq proportions:
Atlmtie 9aach 33.06
Jackaoaville Beach 55.75
Haptms Beach 33,.LQ!
Total 149.49
hash City hm recorded their share of the project in their financial
atatemeata. The City of Atlmtic Baarh provides all accomting and
purchasing nerviees. The Citp rscorda their portion of the joint venture in
its property accomte in the City's Sarar Pmd.
Ths total coat of the project ie sstimted to bs 51,193,79. Duzing 1986 the
folloriaq amomts wrs funded/ezpendedf
Pmded by
Florida
1)spartmaat of Pmded by Pmded
eavironneatal Ci[y of Dp Other Total Project
eggulatioa Atlantic Reach Mmicioalitiea Total Pmded Sapeaditurea
5327,835 1271,539 5551,383 11,150,757 11,150,757
Repair and maintenance ezpeaaae of the out[all lines and disposal Eacil3tiea
rill bs shared Dy the participating mmicipalities is the percentages noted
above.
- 18 -
S~PLBMSNTABY INPOPAIATIOB
COMSINIBG AND INDIVIDUAL STATBMSNTS
' AND SCHSDULSS
Comhiainq financial atatamsate provlds a more detailed vier o[ the "General
Purpose Pimncial Statements" presented in the preceding suhasction.
i
1
1
1
1
1
1
1
1
1
Coabiaing atatemeate are presented rhen there ie more then oaa fund of a
given fund tppe.
Individual etatementa and achsdules, although not necessary for fair
presentation in conformity rith Gaaerellp Accepted Accomtinq Principles,
are presented to provide greater detail and comparative liaancial information
for Certain fund types.
' Sae General pond is the general operating fund of tae Citp. It is veed to
account for all financial resovreee ancept taoae required to be aeeomted
for is another fund.
1
CITY OF ATLANTIC BFACM. FLORIN
GENERAL gRID
STATEMENT OF ERPEMOlTURES -ACTWL AMD &10GET
GOR THE FI Y to ENDED a pTEMBER 30 1986 frith ti t t 1 f teeb 0 198
Variance
Favorable 1985
Actual @gQg(j (Unfavorablel Actual
General goverment:
Legislature:
Personal services f 20,378 f 20,988 f 590 f 18,650
Other services aM charges 2.299 4.650 2.351 5.079
Total 1e91 slature 22.677 25.618 2.911 23.729
Eaecutirex
Personal servlces 63,249 65,825 2,576 64,006
Other services and charges 6.848 Z4% _~j 11.998
Total osecuti re 70.097 73.315 3.218 76.404
Financial:
Personal servi ees 151,305 163,257 8,952 132,550
Other services and charges 34.637 83.712 g 07a 37.151
Total financf al 188.912 206.%9 18.027 169.701
General services:
Personal services 917 943 26 883
Other services aM charges 23q.911 268.671 33.769 194.513
Total general services 235.828 269.611 33.786 195.3%
Total general goverment 517.541 575.516 57.972 465.230
Public safety:
Personal servi ces 760,335 791,812 31,477 709,091
Other sorvices and charges 156.369 200.471 44.102 121.380
Total public safety 91fi .704 992.283 75.579 830.431
Roads and streets:
Personal services 243.501 244,342 841 219,830
Other services and charges 184.390 244.417
60.027
111.313
total roads and streets 827.997 488.759 fi0 868 331.143
Intra9overnarontal services:
Personal servi <as 17,269 18.125 856 15,626
Other services and Charges 2.552 3.8% 1.300 4
Total intragovermental servi ees 19.821 22.021 2.200 15.630
Parks and recreation -
Other services and charges 45.761 50.170 4.409 15.291
Totsl eaDendituras 51.927.721 f s of n R 57 657 72s
Sea notes to ff nancfai statements.
/9
Special @eveaue Puada
' Special IIeve¢ue Punds are used to account for the proceeds of specific reve¢us
' sources (other than special aeseaaneats or eutSor capital proSacts) that ere
legellP restricted to ezpendituren Eor specified purposes.
1
1
1
SDEC[AL REVENUE MIDS
COMBINING flALAMCE SHEET
SEPTEMBER 30. 1986 (vi th camoarative totals for Swtamber 30 1985)
Gsderal
Revenue Shari ne Beaches Erosive Totals
~ ~5 X85 ~ ~ ~~
ASSETS
Cash and invulmwts
Dw from other governments
total assets
LIABILITIES ANO FUN BALANCES
Liabf li ti os:
Accounts payable
Due to other funds
Total liabili tie
FurW cal wCls - Unnerved
Total fund balances
Total liabilities and fuM balances
559,212 (16,688 (59,212 (16,688
1!.._18$ f25.611 1@.5!4 tales
353d]Z S34.B1II 326"61e ~ S8l.HZ5 (34.915
f 855 f 855
{7S ~1< 25.61<
-855 25.611 35.954
58.357 30.876 58.357 f30.876
38.352 30.876 __ 58.357 30.876
L9.31Z tt0.876 525"611 394.925 334.915
See notes to financial statements.
-20-
SPE[UL REVENUE M/05
COMBINING STATE7IENT Oi REVENUE, IXPENDITURfS, AND CFUM6F5 IN MD BALANCE
FOR TXE FISdL YEa9 ENOFO SEPTEMBER 30 1986 [ itA LS t t 1 f e teub 30 19851
iederai
Revenue Sharino Beaches Eresi on Totals
>~ J99@ 7986 ?49S ?499 1995
Rwanws:
Federal shared revenues
Stab shared rsvmues
Interest incaeb
Total revenues
Expendi taros:
Parts and recreation
Capital outlay
Tobl expendi Cores
Excess of rwenues over (under)
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers (out)
Total other financing sources (uses)
Excess of revenues and other sources over
expendituret dnd Other US la
Pond balances, October 1, 1985
(48.612 357,264 518,612 (9,264
525.614 25,614
2.627 X29 2.fi27 2zD
51.239 57.484 25.614 76.853 s7.4ea
34,152 34,152
13.470 1 47
~~ 34.752 ~~
37.769 57.484 SB.S]@) X4.231 ~`L.'I~4
8,538 8,538
(tD.zea) f27.029) _ (tD.21u) 111.424)
Ilo.zse) f27.029> 8.538 r1.7w1 (27.029)
27,481 30,155 27,181 30,455
_74..974 421 30.876 421
Fund balances, Segteuber 30, 1986
See notes to financial sta tevrentz.
21
Ba[erpriae Punee
' Sntetprise Punda are used to nccount for opsrationa that era fioancad and
operated is a mercer aimilar to private buaiaeas antarpriass, chars the
' intent is that Lhs coots (e:penaes, including depreciation) of providing
goods or aervicea to the general public on a continuing beais ba financed or
recovered primarily through user charges.
1
1
1
1
w
CITY OF ATLANTIC BEACH. FLORIDA '
ENTERPRISE FLNDS
COMBINING BALANCE SHEET ,
SEPTEMBER 30. 1986 (ri th eoroarative totals for Seotee0er 30. 19851
VaGr Fund Sewr Fund '
>~ >~8 ~8¢ >QBri
ASSETS
Cash and investments
f 252,515
f 251,333
f 362,782
f 388,012
Accounts recsivabl• 38.520 35.739 53.617 22,452
Prepaid eapanses 333..
Invent9riK 41.131 13.586
Total current astets 335.166 330.658 416.429 408.797
Other assets 670 670 9,361 9,364
Restricted assets:
Cash and investments 73,601 10,476 868,845 1,035,649
Invested cash rich fiscal agents 693,705 7,488,064
Bue from otMr 9overments 351,322 69,309
Construction in progress 829,294 347,271
Property, plant and equipment - net 1.316.255 1.163.682 3.500.781 1.079.736
Total assets 51"]25"692 S1.SOS.a?a 55.669.]M 54.438.190
LIABILITIES ANO FIND EQUITY
Li abilitler.
Accounts payable and accrved liabilities f 12,691 f 10,354 f 52.931 f 16.905
Currant portion of revenue bonds payable 2,219
Currant 11abi11 ties (payable fran
restricted assets):
Accounts payable 101,174 87,996
Contracts payable 45,093
Revenue bonds payable 50,000 45,000
Accrued interest payable 29.438 30,338
Due to other funds 3,649
A<crugd interest payable
Customer deposits 95,746 72,307
Revenue Bonds payable - long-Leon portion 25.580 1.405.000 1.455.000
Total liabf li ti es 136.236 82.661 1.683.576 1.638.888
fund Equity:
Contributed capital 764,273 669,581 2,243,824 653,460
Retained earnings:
Reserved for renerals mW replacements 73,601 10,476 753,381 822,475
Reserved for debt z4rvice 222,291 91,012
Unreserved 751.582 742.768 1.766.668 1.232.351
Total retafnad earnings 825.183 753.249 2.742.340 2.145.838
Total fund aqui CY 1.589.156 1.422.825 4.986.164 2.799.302
total liabilities and fund equity 51"725.692 56.669.740 59.438"190
Sea notes to financial statements.
1
1
1
1
1
1
f
t
1
1
1
n r i r
Sanitation fund Vater Fund Sever Fund Totals
996 995 19116 995 996 995 996 1495
f 69,873 f 49,848 f 19.281 f 3,316 f 37,023 f 20.234 f 741,274 f 710,743
1,634 5,679 20,127 7,943 37,950 32,932 751,878 104,745
333
44.131 43.586
J1 3p7 X5.517 39.408 77 74.973 53.166 937.283 859.407
10,034 10.034
177,015 14,976 486,049 30,407 1,605,510 1,091,508
693,705 1,488,061
351,322 69,309
166,517 995,811 317,271
1 7 741 157.412 1.157.611 919.165 2.378.831 1.880.835 8,491.219 5.200.830
1209.049 1212"939 51.374.034 5945.400 S"+.106 X70 31.964.408 513.084.884 19.Ofi6.423
f 14,143 f 9.897 f 9,001 f 10,195 f 13,017 f 14,428 f 101,783 f 62,079
2,219
101,114 87,996
45,093
31,353 64,147 115.500 45,000
41,366 14,976 84,634 30.407 155,438 75,721
3,649
12,139 25,078 37,217
23,641 9,502 119,387 81,809
887.812 1 1 1.816.688 1.880.835 4.135.080 1.255.000
14.143 9.897 993.173 966.277 1.978.486 1.950.748 4.805.614 4.648.471
221,849 428,767 3,658,)13 1,323,045
104,297 337,268 1,268,517 832,951
222,291 91,012
194.905 203.042 54.715 (20.877) 361.849 13.660 3.129.719 2.170.9M
194.905 203.042 159.012 (2D.877) 699.117 13.660 4.620.557 3.094.907
194.905 203.042 380.861 (20.877) 1.127.884 13.660 8.279.270 4.417.952
5209.049 y~]y~,jg 31.374.034 ~r Q 53.106.370 f1.96b.4{~ 113.084.884 59.066.423
_2p _
CITY OF ATLANTIC BEACH. iLORTDA
ENTERPRISE MWS
COMBINING STATEMENT Of REVENUES, IXPENSES AND CIWIGES IN REIAIMEO EARNINGS
WR TXE i[SGL YEAA ENDED SEPTEMBER 30. 1986 (r5 th cure rive tot 1 f S teaE ~0 19851
Vab r Fund Sore r Fund
481 ]481 ~~ 181
Operating revenues:
Cuslmr charges 6284,830 (268,728 f 775,689 S 654,046
Other incur 39.571 31.620 1.083 716
Total op4raHng avenues 324.401 298.348 776J52 651.762
Operating expanses:
Personal services 105, U7 69,817 148,507 120,178
Contractual services 21,853 6,562 39,891 8.495
Supplies 77,552 88,657 51,671 57,233
Repairs and nainNnana 15,109 54,163 51,195 63.037
Neat, light air? powr 30,611 31,635 101,323 71,181
Oepreci ation 56,987 45,365 57,120 42.055
Other sxpentet 12.969 3.060 30.538 15.990
Total operating expenses 323"228 302.293 480.218 108.169
Operating incor (losf) 1.173 (3.915) 296.504 246.593
Non-oDe rating incur (expense):
Connection charger 71,930 18,985 301,825 210.931
Serer generation charge 13,130
Interest incotp 26.071 35,725 182,883 150,138
Contributions and donations 7,000 71,406 12,816
Interest ezpensa (160) (120.450) (10,822)
Total non-operating intone 104.841 84.710 418.79/ 363.063
Net incur (loss) be/ore operating transfers 106.011 80.765 715.298 609.656
Operating transfers in (out) (63.000) (72.500) (131.388) (62.148)
Het incur (loss) 43,014 8.265 580,970 547,208
Add depreciation on fixed assets
ac9ui red by shared revenues externally
rettri cted for capital ac9uisi lions 28.925 24.537 15.592 6,101
Increase in retained 4arnings 71,939 32,802 596,502 553,309
Retained Earnlnps, October 1, 1985 753.244 720.442 2.145.838 1.592.529
Retained Eaaingi, $ep teeter 30, 1986
See notes to financial statements.
1
1
1
1
1
1
Buccanur Dlatrict
Sanitation land Matar Lund Savor Lund Totals
1454 1495 ?~ 1995 1286 1485 1456 1$55
(323,350 (229,532
~2
323.350 229.594
203.743 174,475
931
25,877 31,521
14,993 7,669
33.388 25,356
6.3/fi 9.~
g4.u7 142.8]2
44.441 _219.28@)
(128, 152 f 22.107 f 385.805
N"569 2.125 19.500
172.721 24.232 405.108
S,d2B
66,792 19,608 170,561
255 966
897 508 4,112
191 281 5,580
30,295 59,571
1.862 1.239 3.819
120.292 28.030 243.676
52.429 (3.798) 161.430
(106,318 (1,897,807
104.723 (1,278,729
34.523
106.316 2.002.330 1.313.252
9,188 157,397 379,116
25,272 322,103 60,868
390 155,355 178,767
10,245 86,338 135,622
7,048 137,705 113,145
237,361 112,776
5,860
S.BfiO
41.863 524.21$)
553.444) 48.444
(8,137) 39,762
(8,137) 39.762
_143.43 163.280
t1S4 90S o3 D4z
~` ,,555 1.451.791 1.042.212
52.428 550.539 277.040
182,549 9,738 747,107 15,993 1,303,411 315,845
43,130
3,838 300 27,195 724 245,545 186,887
18,408 12,816
182.725) 127.115) i1fi9.275) (55.485) (372.810) (123.422)
1 4 1( 7.079) __4Q5,Q1L 1(5.265) 1.237.982 391.928
155.889 (20.877) 766.457 13.660 1.788.521 662,968
24.000 (81.000) (307.388) (74.948)
179,889 (20,877) 685,457 13,660 1,481,133 588,018
1]9,889 (20,877) 685.157
(20.877) 13.660
59"012 3(20.877) S 699.117
11.517 30.638
13,650 1,525.650 518,656
3.091.907 2.175.251
3 13.860 Sa.6zn"ss7 s3.D9/.9D7
-23-
TY OF ATIANTiC BEACX, FLOP
ENTE0.DRISE PU015
COMBINING STATEMENT Oi Cw1NGE5 IN FINANCIAL POSITION
fOR TXE FISGL YEAR EINIEO SEPTEMBER 30, 1986
frith .,.varalt,.. t„t.l f !h [Mad L tenb 30. 19861
Voter fun d Sever Fund
>~ 3985 1986 14E5
Rnanci al resources rare provided by:
Ope~a~i Ores:
Nef operating intone (loss) f 43.014 f 8,265 f 580,910 f 517,208
Depreciation ~' Q$j 45.365 57.120 42.055
Yorking capital provided by operations 100,001 53,630 638,030 589.263
Increase in cantri bated capital 123,617 100,199 1,605,952 373,637
Decrease in rastri cted assets 117,157 679,150
Disposition of property, plant and
e9ulpeMnt
Increase in long-terw debt 27,799 1,500,000
Decrease in other assets 321
Increase in current liabi li fiat
payable from restricted assets 58.662 78.987
Total sources of rorkf nq capital 251.417 270.986 2.981.791 2.542.208
Financial resourds are used for:
A<qui si ti on of property, plant
and equtpaent 209,560 268,337 2,960,188 482,384
Increase in restricted assets 63.125 1,917,304
Reduction of borMs paYabl• 50.000 45.000
Total uses of rorkin9 capital 272.685 268.337 3 010.188 2.438.688
Increase (decrease) in working caDi tat jjjyj6B) 5 2.W9 i rzn X94) s lDT czD
Changes in Components of Yorking Lapi tel:
Increase (decrease) in current assets:
Cash and investments f 1,182 f 14,972 f (23.230) f 138,206
Accounts raceivabl• 2,781 (6.593) 31,195 12,170
Inventory 545 (5,329)
Other currenk asset[ (308) [333)
Increase (decrease) in currant assets <.SOfl 2.742 7.632 150.376
(Increase) decrease in current liabilities:
Accounts payable antl accrued liabilities (2,337) 12.050 (36,026) (46,856)
Interest payable
Cuttoner deposits 12;•439) (12.143)
(increase) decrease in current li abiliti as (25.776) (93) (36.OZ6) (46.856)
Increase (decrease) in working capital S ' ) 5 2.649 S (28.394) S 103.520
See notes to flnanci al ttatementt.
e
1
1
F
1
1
1
t
Buccanur Oirtri ct
Sani tatian Fund Valer fund Savor Furl Totals
>4@1 ~ ]$~ 1986 ]4§,~ ]~
f (8,137) f 39.782 (179,889 ((20.877) f 685,457 f 13.880 f1,481,133 f 588,018
33.388 25.356 30.295 59 571 237.361 112,776
25,251 65,118 210,184 (20,877) 745,928 13,660 1,718,494 700,794
221,849 428,767 2,380,185 473,836
679,150 117,157
1,451 1,451
919,165 1,880,835 27,799 4,300.000
321
7 74 14.976 118.371 30.407 234.779 124
370
.
26.702 65.118 4~Q 77~ s1J
,j§~ 1.292.169 1.921.902 5.041.858 5.716.478
,
15,168 98,227 268,741 919,165 724,084 1,880,835 4,177,741 3.6/8,948
162,039 id,976 455,642 30,407 680,806 1,956,687
~1 ,3,Sj 64.147 145.500 45.000
15.168 98.227 462.133 931.141 1.213.873 1.911.292 5.004.0/7 5.650.635
S 11_SL t(aa 709) S 27.fi43 S(20"B]7) S 48.296 S 13.660 S 37"811 S fi5.843
f 19,825 f(42,200) S 15,965 f 3,316 f 16.789 f 20,234 f 30,531 f 134.528
(4,045) 5,679 12,184 7,913 5,018 32,932 /7,133 52.131
545 (5,329)
(333) (308)
15.780 (36.521) 14 11.259 1 7 53.166 77.876 181.022
(s,246) 3,412 1,494 (10,495) 1,171 - (14,428) (39,704) (56,317)
12,139 (12,139) 25,078 (25,078) 37,217 (37,217)
1~4 134) ~9./4j) (37.578) (21.615)
~) 41 (505) (32.136) 26.489 (39.505) (40.065) (115.179)
S 11.534 5!33"109) S 27.643 flZO~j) S 48.29fi S 13"660 S 37.811 S 65.843
-24-
Piduciarv Yunds
' Truat funda are used to account for assets held as a trustee or agent by the
' Citp for others. The panaion Truat Yund is accounta6 for in enaaiiallp ihs
saes Wenner as proprietary funds. The Ezpsndabls Trust Yund is accounted for in
eaaentiallp the name manner as govsrmsatal Euade.
CSTY OF ATLANTIC BFACH. rLORIDA
COMBINING BALANCE SHEET
FIOIICIARY MID TYRES
IXPENDABLE ANO PENSION TRUST
6EDTFMBER 30. 1986 (N!h c oroarstive tot als fer Seotes0 er 30. 1985 1
Pensio n Trust Esoendab l• crust To tals
1495 1495 14H5 1495 1495 1545
ASSETS
Cash and investwsnts (1,519,864 (1,312,135 f25, 108 (26,245 f1,5M,972 (1,368,380
Accounts receivable 767 170 767 170
Total assets tl S~ fl.t~ e2S A]S E26.115 Sl.uc_]ag 51.36~.S~Or
FUND EOIIITY
Reserved for police
training (25.875 (26,415 f 25,875 f 26,415
Reserved for reti reMnt (1.519.861 51.312.135 1.519.861 1.312.135
Total fmM equity fLi]Q~j el sv~] 1]a l R R]C ez6 11c 51.515.]39 51.368.550
See notes to ffnanci al statements.
-25-
~ Haskins+Sells
1-
CertAietl Public Accountants
1
CITY OF ATLANTIC BEACN, FLORIDA
Single Audit Report for the
Year Ended September 30, 1986
1 Deioitte
Haskins+Sells
1-- - _- - ---- --
Certifietl Public Accountants Suite 1240
1 200 WESt Forsyth Street
Jacksonville. Florida 32202-0371
1904) 354-8333
ITT Telex: 4995842
1 AUDI1'OBS' OPINION
1 Bonorabla Mayor, City Coamisaion
and City Mansgar
1 City of •tlsntic Beach, Ylarida
Me nave azaminad [he general purpose financial statements of the City of
' 7.claatic Heath, Ylor ids, ea of end for the year ended September 30,
1986, as listed in the foregoing table of contents. Our ezamination vas
made is accordance rit6 generally accepted auditing standards nod,
1 accordingly, included each tests of the accounting records and such
oUer auditing pracedurea as re considered necessary in the
ci zcumstaaces.
1 In ouz opinion, the general purpoas financial statements referred to
above present fairly Wa financial position of the City of )1[lantic
Beech, Plorida, at September 30, 19ad, and the zeaults of its operations
1 and the caaagea in financial poaitioa of its proprietary fund Cypes and
pension trust fund for tae year then ended, in conformity rith generally
accepted eccouating priaciplea applied oa a basin consistent with [hat
1 of tae preceding year.
January 29, 1987
1
1 _1_
1
~) V 7) i. 't `)
1
1
1
cIa or ATLANTIC B¢AC8
s1acLN ADDIr Naroer
TON d'H6 rISCAL 1'¢AN ENDBD E¢P'1'BImBR 30, 1986
TANLN or coNTBNTS
Pane
Auditors' Opiaioa 1
General Puroose Piaancial S ate e
Combined Balance Sheet - All Puad Types and
Account Groups 2
Combined Statement of ¢evenuea, Espenditurea and
Changes in Pund Balances - All Governmental Fund
Types and ¢speadable Trust Puada q
Combined Statement of Neveauea, ¢zpeadi[urea and
Changes in Yuad Balances - Actual and Budget
(GAAP Basis) - General, Special Revenue,
Debt Service and Capital Projects Fund Types 5
Combined Statement of 8evenuea, Ezpenaea sad Changes
in Retained Earnings/Puad Balaaca - All
Proprietary Puad Types sad Pension Trust Pund 6
Combined Statement of Changes in Piaancial Position -
All Proprietary Pund Types and Pension Trust Puad 7
No[e6 to Piaancial Statements B
Resort on Pederal and date Pi racial Aaaiata cex
Reports on Supplementary Information of Pederal and State
Piaancial Assistance 2p
Schedule of Pederal and State Piaancial Assistance 22
Compliance Report Based on an ¢:amiaatioa of General
Purpose Piaancial Statemeata Performed So Accordance
With the Standards Eor Audit Issued by Che Cenezal
Accounting Office 2;
Report on Compliance with Lars and Regulatioaa Related
Co Najor and Noamajor Pederal Piaancial Assistance
Programs 2q
Schedule of Findings sad Questioned Costa 26
Report oo Internal Accounting Controls Based on a Study and
Evaluation Nade as a Part of an Szamination of the
General Purpose Piaancial Statements 27
Report on Internal Controls (Accounting sad Administrative) -
Haeed on a Study sad ¢valuation Made as a Part of ao
E:amiaation of the General Purpose Piaanclal Statements
and Additional 7ea[a Required by the Single Audit Act 29
~ s.~
l; is .11 x.i
GENERAL PURPOSE FINANCIAL STATEI~NTS
1
V~1,.. SL
wTV of arLANnc BEaa. FLORIDA
COMBINED BALANCE SHEET
ALL FIMO TYPES AND ACCOUNT GROUPS
SEPTEMBER 30. 198fi
Govermntal FwW Tvoes
SDeci al Debt Capital
Notes General Revenue Sarvi ee Praf ec is
ASSETS
Cash and invesfavents 2 f1, 112,050 f 59,212 (23.874
accounts receivable 193,437
Inventories 19.086
Due from other goverments 25,614
Oue fray other funds 7 25,614
Deposits 5,000
Prepaid upmsez 61,760
Other assets
Restricted investrnts:
Cash and fnvastrnts 2
Invested cash vi th fiscal agent 2
Dve free other governments
Construction in progress 3
Property, plant and
equipMnt -net 3
Mount available in the
debt service fund far
payment of long-tem debt
Mount to be Drovidad for
payment of long-tem debt
Amount to be provided for
payment of long-tem
portion of compensated
absences
Total assets
See notes to financial statements.
(294,462
1
1
1
1
1
1
1
Proprietary Fiduciary
Fmul Tvoes Fund Tvoes o ~n •ro ~oz
Espenda6la General General Totals
aM Pension Lonq-Teri F1 aed fNenoranduw O nlvl
Enbrnri se Trust Obliaatlens Assets ~ ]18~
f 741,274 (1,544,972 (3,775,844 (2,958,116
151,878 767 346,082 400,435
44.131 63,217 65,571
25,614 14,188
25,610 3,649
5,000 5,000
61,760 27,052
10,034 10,034 10,034
7,605,510 1,605,510 1,091,508
693,705 693,705 1,488,064
351,322 351,322 69,309
99s,Bi1 995,811 347,271
8,491,219 (1,571,017 70,062,236 6,657,100
f 23,874 23,874 20,923
535,880 535,880 328,077
31'+.084.884
<1 'dc 7a9 77.726
<63~7 4y^n~
u,~,yu 77.726
118"659"229 5 69.235
13.555.532
_2_
i/ it ,) i i fJ
CITY OF ATLANTIC BFACH. FLORiOA
COMBINED BALANCE SNEET
ALL fUW TYPES AND ACCOUNT GRWPS
LIABILIilEG AND NNO EQUITY
LIAGILITI ES:
Atcounts payable and
accruM liabf li ti ff
Due to other fulls
Currant portion of revenue
bonds payable
Current if obi li if es (payable
from restricted assets):
Atcounts payable
Contracts payable
Revenue bonds payable
Accrued interest payable
Due to other funds
Accrued {merest payable
Revenue bonds payable -
lon9-testy portion
Deposits
General loop-tern debt payable
General long-terw carpensated
absences payable
Total liabilities
FUND EQIII TY:
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved for ranerals
and replaceemnis
Reserved for debt service
Unreserved retained earnings
Fund balances:
Reserved for payment of
long-tern debt
Reserve for prepaid expenses
Reserved for inventories
Reserved for police training
Reserved for retirement
Unreserved fund balances
Total fusW equity
Total liabilities and fund
equity
Sea notes to f{nanci al ztatesmnts.
Govermental fund Tvmes
Special Oebt CaPi tal
Notes n r Revenue Service Protects
f 79.503 f 855
25,614
4
4
4
5,000
4
61,760
19,086
(23,874
f 60,053
1.251.598 58.357 234.409
1.332.444 58.357 23.874 2~4 4~Q
11.41G.9a7 Sd9.B15 123.674 5294"462
(~V:)1 iv
1
1
1
1
1
1
ProDr/4tary Fiduciary
fund Tvoet land Twu Aeeeunt 6reuos
EtpeMabl• Gen4ral fi4n4ra1 Totalt
and P4nsion Long-T~re Fitts fManr+ndue Only) _
Ent4roris• Trust Oblf actions Assatt JQ@¢ >2@S
f 101,783 f 242,144 f 137,925
25,614
2,219 2,219
101,114 707,114 87,996
45,093 45,093
145.500 145,500 45,000
155.438 155.438 75,721
3,649
37,217
4,135,080 4,135,080 1,255,000
119,387 124,387 86,809
(559,751 559.751 349.000
77.726 77.726 69.235
4.805.614 637•d80 5.614.119 5.147.552
3,658,713 3.658,713 1,323,045
1,571,017 1,571,017 1,d56,270
1,268,547 1,268,547 832,951
222,291 222,291 91,012
3,129,719 3,129,719 2,170.944
23,874 20,923
61,760 26,719
19,086 21,985
f 25,875 25.875 26.415
1,519,864 1,519,864 1,342,135
1.5M.364 1 095.581
8.279.270
tla,oe4.eA4 1.545.739
51.545.739 '..571.017 13.045.110
5637.490 e) VL0i7 518.659.229 8.407.980
qa aac a
li ~r .): iJ _3_
CITY OF ATLANTIC BEACN RORI OA
COMBINED STATEMENT OF REVENUES, IXpEN01TURE5 AND [NANGE$ IN FUND BALANCES
ALL GOVERNIENML FUND TYPES AND EXPENDABLE TRUST MIDS
FOR 7ME YEAR FI a s7mcn «ar rnco an tea
GavermenLal Fund Tvoes
SDecial Dabt C4Pita1
Notes Gene ral Revenue $e rvi ee Protects
Revenues:
Taxes f 546,781 (82,992
licenses and perei is 488,790
Federal shared rwmws 548,812
State shared revenues 733.039 25,814
State grents
Other inHrywenrpntal revenues 15,427
[haryes for servf cef 3,137
Hnef and forfei taros 90,253
Court cost
Cenfi stated property
Interest in<aete 89,206 2,627 2,377
Misnll menus avenue 17.229
Total rwenues
1.981.852
76.853 _
65.359
ExpeMltuns:
Current:
General yovernern! 517,SM
Public safety 916,701
Roads and streets 427,891
Intaryonrmental services 19,821
Parks and recraatien 45,761 34,152
Debt service:
Principal roti remnt 42,000
Intenst aM Hscal charges 21,870
CaDilal outlay 13 470 5155.756
Total expendi lures 1.927.721 47.622 63.870 155.756
Excess of revenues over (under)
expendi [o res 54.141 29.231 1.499 (155.756)
Other financing sources (uses): 7
Bond proceeds 35.138 212,660
ODeratiny transfers in 317,676 8,538 1,452
Opsraling transfers (out) (10.415) (10.288)
Total other financing sources (uses) 342.399 (1.750) 1"452 212.660
Excess of revenues and other sources
aver (under) expenditures and
other uses 396,540 27,481 2,951 56,904
Fund balances, October 1, 1985 935.904 30.876 20 923 177.505
FurM balances, SeDterBer 30. 1986
See notes to financial statenents
Oi);) ~ :7 ii
1
1
1
i
1
1
1
1
1
Fi dudiary
Fund Tvoas Totals
EaD4ndabl• lMeeor andue Onlvl
7 rv st 39Q 14B5
j 609,773 f 606,922
486,790 452,996
48,612 57,264
758,653 730,021
9,807
15.427 9,712
3,137 3,224
90,253 65,875
(4,252 4,252 3,019
1,763 1,763
2,739 96,349 103,092
_ 17.229 11.159
8.154 2.132.238 2.053.041
517,544 465,230
9,119 925.823 837,830
427,891 331,143
19,821 15.630
79,913 15,291
42,000 40,000
21,870 22,492
169.226 1fi3.997
~ i1Q 2.204.088 1.891.613
~~) !71.850) 161.428
247,798
425 328,091 456,257
(20 703) (381.309)
425 555.186 74.948
(540) 483,336 236,376
z6.41s 1.191.623 955.247
<'J5 Y~5 X1.674.959 51.191.623
_q_
ATLANTIC BEA[H. FLORI
COMBINED STATEMENT OF REVENUES, IXPENOiTURES ANO CIUNGES IN FUND BALANCES
ACTWL AND BUDGET (GMP BASIS)
GENERAL, SPECIAL REVENUE, DEBT SERVICE AND GPITAL PROJECTS T1111D TYPES
iQR TXE FISG! YGR £NDED SEPTEMBER 30. 1486
General Fu nd Soe ei al Revenue FwMs
Variance Variance
favorahL Favorable
Actual Budaet (Unfava rablel Ae tual Budad {Unfavorable)
Revenuer:
Texas f 546,781 f 548,550 f (1,769)
Licenser and pess+i is 486,790 403.600 83,190
Federal shared nvanues f 48.612 f 43.332 f 5,280
State shared revenues 733.039 669,801 63,238 25,614 37,500 (11,886)
Other intergovermental revenue 15,127 12,000 3,427
Charges for services 3,137 3.200 (63)
Rnes aM forfeitures 90,253 50,000 40,253
Interest incozr 89,206 65,000 24,206 2,627 2,627
Miazvllaneous revenue 17.229 2.500 11.729
Total revenues 1.981.862 1.754.651 7 11 76.853 _80.832 (3.479)
ExDesMitures:
Current:
General goverment 517,5M 575,516
Publie safety 916,704 992,283
Roads aM streets 427,891 488,759
Intragoverrmpntal services 19,821 22,021
Parks aM recreati an 45,761 50,170
Debi service:
Principal retirement
Interest and fiscal charges
Capital outlay
Total expendi [ores 1 927.721 2.128.749
Excess of revenues over
(under) expends to ras 54.141 (37/.098;
Other ff nanci ng sources (uses):
Bond proceeds 35,138 36,878
Operating transfers in 317,676 350,720
Operating transfers (out) (10.415) (84.500
Total other financing
sources (uses) 342.399 303.098
Excess of revenues
and other sources over
eapendituraz and other uses 396,540 (71,000)
land balances. October 1, 1985 935.904 935.904
fund balances, September 30.
1986 tl a 444 S Bfi4.9m
See notes to financial statemen ts
57,972
75,579
00,868
2,200
4,409 34,152 50,000 15,848
1 47 zo.aoo 0.530
~Q1 +4j@ 47.fi22 7Q.g.~ 22.37&
428.239 ~~. .x.6:1 1$~~
(1,740)
(33,OH) 8,538 12,500 (3,962)
74 085 <to.2ea) (43.332) 3;•044
39.301 (t.7so) _599..fl32) _3.4,9$1
467,540 27,481 (20,000) 47,481
- 3U.876 3D.a7s
1
1
t
Totals
Oebt Servlta Fund Caoftal PreLcts Fund (Mwnrandoe Onlv)
Variance Variance Variance
F>vor>ble F>va table Favorable
4elual Budaek (Unfaverablal A<tusl Budget (Unfavorable) Actual Budaat (Unfavorable)
(62,991 (61,448 f 544 f 809,773 (610,998 f (1,225)
486,790 403.600 83,190
48,612 43,332 5,280
758,653 707,301 51,352
15,427 12,000 3,427
3,737 3,200 (63)
90,253 50,000 40,253
2.377 2.377 94.210 65.000 29,210
17.229 2.500 14.729
65.369 fi2.468 2 921 2.124.084 1,897.931 2 fi 1 a
517,544 575,516 57,972
916,704 992,283 75,579
427,891 488,759 60,868
19,821 22,027 2,200
74,913 100,170 20,257
42,000 84,000 42,000 42,000 84,000 42,000
21,870 50,388 26,$18 21,870 50,388 28,518
1' 7 7 7 11 169.226 487 700 1 474
63.870 134.388 70 518 155.756 4 7 7 11 44 2.194.969 2800 837 605.868
1 4 7( 1.940) 73.439 (155.756) 7 7 ) 13 1.944 (70.885) (902 906) 832.021
212,660 425.000 (212,340) 247,798 461,878 (214,080)
1,452 200.000 (198,548) 32),886 563,220 (235,554)
- (20 703) (127 832) 1 1
4;t I~Q,QpQ (198 548) 212.660 425.000 (212.340) 554.761 _ 897 266 (342.505)
2,951 128.060 (125.109) 56,904 (42,700) 99,604 483.876 (5.640) 489,516
.~~$~ ~2 ,~f 177.505 177.505 1.165.208 1.165 208
323.874 !148.983 3(125"109) ~$ f 1~q BOt f 99.664 53.69$.IVg.4 Si 1S9 568 S48o Gib
-5-
~1 V:) 1 1
ITY OF ATLANTI[ 8EA[N iLORIM '
COIBINED STATEMENT Oi RE9EMIES. IXPENSES AND CiiANGE$
ALL PROPRIETARY iiAVD TYPE$ AND PENSION TRUST i1A81
FOR THE FISGL YEAR ENOEO SEPTEMBER n0 1986 (N RETAINED EARNINGS/FUND BALANCE ,
Proprietary Plnsi pn ,
Funds Funtl
Totals
Pension fMeno d 0 , 1
Entarorf se Trvst 19¢¢ 3J§3
Operati ny revenues:
Custaewr charges 37,897,607 31,897,607 31,278,729
Fiplayar's tontributi one 3 79,518 79,518 81,338 '
State contributi one 31,663 34,fi63 29,427
Other ircaa 704.723 104.723 31.523
iotat operating rwenues 2.002 330 114.181 2.716.511 1.424.011 ,
Operating expenses:
Personal services 457,397 457,397 379,116
Contractual services 322,103 322,103 60,868
Supplies 156,355 755.355 178,767
RePai rs aM ewfntenance 86,336 86,336 135
622
Heat, l; ght and powr
137,705
137,705 ,
173,145 '
Depreciation 23),361 237,361 172,776
Other ezpenses 55.536 55,534 61,918
Reti recant benefits 50.792 50.792 49.368
total operating expenst!
1.451.791
50.792
1.502.583
1.091.580 '
Operating intone 550.539 63.389 fi13.928 332.131
Non-ope rot;ng in<ane (aapansei):
Connection charges 1,303,411 1,303.411 315.645
Serer generation charge 43.130 43,130 '
Interest income 245,695 114,340 359.985 306.159
Donations 18.406 18,406 72,876
Interest expense (372,610) (372,610) (123,422)
Loss on investesent
(30 526) '
Total nonroparati ng intone 7.237.982 114.340 1.352.322 476.672
Net intone before operating transfers 1.788 521 177.IZ9 1.966.250 809.10? '
Operating transfers (out) (307.388) (307 388) (74.948)
Net intact 1,481,133 )77,729 7,658,862 734,155
Add depreciation on fixed assets a<9ui red by shared
revenues externally restricted for capital
ac9ui si lions
44
517
' '
. 44.517 +0,638
Increase in retained earnings/fund balance 1,525,650 177,729 1,703,379 764,79;
Retained earnings/fund balance, October 1, 1985
3.091.907
7.342.135
4.137.042
3.672.249 '
Retained earnings/fund balance, September 30, 1986 fg,yj((,~j j].~19.Bbg Sfi.140.421 54.43].042
See notes to financial statements. t
_6_
1
1
1
1
CITY OF ATIANII[ BEAN. FLORIDA
COMBINED STATENENF Oi CHANGES IN FINAMC3AL g5ITI0N
ALL P0.0PRIETAIIV qlD TYPES AND PENSION T0.05T 11147
FOR THE FISGL YEAR ENOEO SEPTEMBER 30. 1986
Proprietary Pmsim
iuMs EVOY
TOtals
Pmsim (NSOranduw Only)
Enteroris• Trust jyg¢ ]fir
iinmcLl resources wre provided by:
Operatima:
Mt incoas
Itr not re4ui ring wrki n9 capital during
the period - depreciatim
VOrki n9 capital Provi dad by operati ms
Increase in cmtrfbuted capital
Decrease in restricted assets
Dispowl of prOpertY. Dl mt and a9uipsmt
Increase in img-tars debt
Oacreaa in other assets
Increase in current if abili ti es
payable free restricted assets
Total sources of wrking capital
Flnmctal resources wre used for:
Ac9uisitim of Droperty. Dl mt and e9ui psmt
Increase in restricted assets
Raductim of boruls pgabl•
Total uses of wrki ng capital
Nat increase in wrki ng capital
Changan in Components of Vorkf ng Capital:
Increase (decrease) in currant assets:
[ash and investants
Accounts recei vabl•
Inventories
Other current assets
Increase in Curren! assets
(increase) dwreaa in currant li abill ti as:
Accounts DaYabL and accrued liabilities
Interest Dayabl•
Cus tour denosi is
(Incraasa) in current 3iabili ti es
Incraav 1n wrktng capital
See notes to financial statements.
(1,481,133 5177,729
237.381
1,718,494 177,729
2,380,185
879,150
1,451
27,799
234.779
5.041.858 177.729
4,177,711
680,806
145.500
$.004.047
~ 37.811 (17].729
f 30,531 f177,729
47,133
515
f333)
77.878 177.729
(39,701)
37,217
(37.578)
(40.065)
S 37"811 5177.729
31,658,862 f 734,155
1,898,223 848,931
2,380,185 p3.836
879,150 117,157
1,451
27,799 4,300.000
321
234.779 124.370
5.219.587 5.862.815
4,177,741 3,618,948
680,806 1,9$6,687
14$.500 d5.000
$.604.047 5,5cn,cag
S 21$.540 S 211.980
f 208,260 f 280.665
47,133 52,131
545 (5,329)
(333) f308)
255.605 327.159
(39,704) (56,317)
37,277 (37,217)
(37.578) (21.615)
(40.065) (115.179)
S 215.540 S 211"980
_7_
~1 ii~)jJ:i
GU:~:7G
1
1
1
1
i
NOTES i0 FINANCIAL STATEMENTS
SBPT@038H 30. 1986
1. SUl9MEY OP SIGNIFICANT ACCOUNTING POLICIES
ids City of Atlantic Beach, Florida (the "City°) is incorporated and
opsratea under a fora of government rhich compriaea an slatted City
Commisaioa (four Cosa~iasionars and a lfspor-comissioaer) and provides, order
the administration of an appointed City Manager, the following ssrvicaa~
public safety (police sad firs), public corks (atraata sad infreatructure),
recreation, aaaitatioa, planning, soninq, water and never services sad
general administrative services.
The following is a aummarp of the ngra significant policies used in the
preparation of these financial atatemeata.
A. POND ACCOUNTING
Tha accounts of [he City srs organised on the beaia of funds or account
groups, each of which ie considered a separate accounting entity. T'ha
operations of each fund era accounted for uainq a aeperats set of
self-balancing accounts which comprias its asaats, liabilities, ford
equities, revenue and espeaditurea or e:panaea. The vsrious Emde era
grouped by type in the fiaaacisl statements. The folloriaq Euad typsa
and account groups are used by the Cityt
G ernmeat 1 P d
General Puad - Tha General Pund is the general operating fund of the
City. It is used to account for all financial reaourcea a:cept those
required to be accounted for in another fund.
Soe 1 R ue P ad - The Spaeial Beveaue Yunda are used to account
for the proceeds of specific revenue aourcea (other than major capital
projects) that are legally restricted to ezpendtturea for specified
purposes.
Debt service Pund - The Debt Service Puad is used to account Eor the
accumulation of reaourcea for, end tae payment of long-term debt
principal, interest and related costa other than bonds payable from
tae operations of the eaterpriae funds.
Caoit 1 Pro' is P nd - Capital Projects Punda ere used to account for
financial resources Co be used Eor the acquisition or construction of
major capital facilities (other than [nose financed by proprietary and
special revenue funds).
- 8 -
~iv.i i ;> l
U(;;i1:i3
1
1
1
1
1
1
1
1
1
Proprietary Pund
Eaterpriaa Puade - Enterprise Pvnds are used to account for rater,
sewer and sanitation operations rhich era financed and operated is a
manner similar to private business enterpriaea. The costa of
providing goods or services to the general public are financed or
recovered primarily through user chergea.
Trust Punda - Trust Puade are used to account for aaaeta held as a
truntae or agent Dy the City for othara. Ths Peaeioa Trust Pund is
accom[ed for is esaeatially the same mamar ae proprietary funds.
The H:Erandeble Trust Pund is accounted for in eaeentielly the crams
manner ae governmental fmda.
General f.oaq-Term Obligations Account G[ouo - Thia account group is
used to account for the outstanding principal balances of long-term
debt and other long-term liabilities other than bonds payable from the
operations of the enterprise funds.
General Yized Asset Account Group - Thia account group is used to
account for all fized aaaeta of the City other than those accounted
for in the Enterprise Punda.
B. BASIS OP ACCOGw1'ING
The accounting and reporting treatment applied to a fund is determined by
its measurement focus. All Governmental Yuada and 8zpendable Trust Punda
are accounted Eor on a spandtng or "financial flow'' measurement focus.
This means that only current aaaeta sad current liabilities are generally
included on their balance sheets. Their reported fund balance (net
current aaaeta) is considered a measure of "available spendable
resources." Governmental fund operating etatsmeata present increases
(revenues and other financial sources) and decreaaea (ezpenditurea and
other financing uses) in net current assets. Accordingly, they are said
to present a summary of sources and uses of "available spendable
resources" during a period.
The Governmental Pund Types and the ezpendable Trust Pund use the
moditied accrual basic of accounting. Under the modified accrual basis,
revenues are recognized in the accounting] period in rhich they become
available and measurable. Ezpeaditurea, other than interest oa general
long-term debt rhich is recorded rhea due, are racogniaed in the
accounting period when incurred.
_ g _
(1vii7
1
1
1
1
All Proprietary Pmda and the Penaio¢ Trust Pund ere accounted for oa a
coat of aervicee or "capital meintenmcs" erasurement focus. This mama
that ell aaaete and all liabilities (rhather current or non-current)
aeaociated rich their activitp are included oa their balance aheata.
Their reported fund equity (eat total assets) is segregated faro
contributed capital and retained earnings components. Proprietary fend
type operating atatementa present increases (zeveauea) and dacreaaea
(ezpenaea) in net total aaaeta.
Tha Proprietary fund Types and Pension Trust Pmd uas the accrual basis
of accomtinq. Revenue is recognized rhea earned and ezpenaes are
recognised rhea Incurred. Hater, serer and smitatlon aervicee are
billed to cuatomern in advmca oa a quasterly cycle. A receivable is
recorded at year sad for unpaid (delinquent) billiaga lees m allorance
for those considered uacollectible.
C. BDDCeTs
Cenexal governmental revenue and ezpeaditutea accounted for in budgetary
fends are controlled by a budgetary accomtiaq ayatem is accordmce rich
various legal requiremeata rbich govern the City's operatima. The City
currently does not use m encumbrmce accounting aya[em.
Budgets have been adopted for all Goveranentel Pmda (Geaazsl, Special
Revenue, Debt Service and Capital Projects Fends). Tha City Manager is
authoriaad to trmafer budgeted amomta rithin departmeata ritbia my
fend, horever, my reviaiona that increaas the total espenditucea of my
department or fund moat be approved by the City Comnieaion. All
neceanary supplemental appropriations rare adopted by the City Commiasioa
as par[ of a quarterly budget ravier process and are included in the
reported budgetary data. The budget preaeated oa Che Combined Statement
of Revenues, Ezpeaditures and Chmgea in Pmd Balance - Actual and Budget
- to prepared oa a GAAP basis.
D. CASH AND INVESTMENTS
Investments era stated at coat which approzimatea market. Except where
prohibited, cash reaourcea of the individual funds are combined to form a
pool of cash and iaveatmeata. Investments in the Pooled Caah Pund
coneiat primarily of invented caa6 and certificates of deposit rbich
mature in one year or lean. Interest income earned oa the pooled cash
and investments is distributed to the appropriate funds based oa the
average monthly balance of invea[meata in each fund.
In addition to their equities in the pooled cash fund, cash of the
Raterpriee and Pension Trust Puada include interest bearing depoaita held
by the State Board of Adminiatra[ioa rbich are restricted as to their use.
E. ;NVENTORIES
Inventories consist principally of ezpeadable materials, auppliea and
fuel and are valued at Che lower of coat (first-ia, fi rat-out) or market.
- 10 -
Inventory is the General Pond is recorded as as ezpenditure at the time
' of purchase, therefore, the inventory balance reported ie offset by a
fund balance reserve rhich indicates that it does not constitute
"eveilabls apsndaDle reaourcea" even though it is a component o[ net
currant aeaeta.
P. ACCOUNTING YOR PIXBD ASSBTS
' proprietary Panda - Capital a:Qenditurae made for revenue-producing
aeaeta, rhich are employed in operations Net are accounted for is the
proprietary fuada, are capitalised a[ 6iatorical coats sad depreciated
' uaiag Ne straight-line method over Neiz estimated useful lives as
folloret
Buildings 40 years
' Improvements 10 - 50 yearn
Bquipment SO - 40 yearn
Depreciation recognized on aasata acquired or coaatructed Nrough
reaourcea externally restricted for capital acquiaitione in closed to the
appropriate contributed fund equity account.
' General Pized Asaeta Account Grouo - Pized aaasta used is govermiental
fmd type operations are accounted for in the Gansral Pized Aeaeta
Account Croup, rather Nee is governmental funds. All fixed aaasta are
' valued at historical coat. Boasted fixed aeaeta are valued at Neir
estimated fair value on Ne date donated. No depreciation hoe been
provided oa general fixed aaeete. Public domain ("infrastructure")
' general Pized aasata such as atreeta and aidralkn Nat are generally
immovable and of value only to Ne City of Atlantic Beach have not been
capitalised.
' G. ACCOUNTING POR LONG-TERM OBLIGATIONS
Long-term obligations, general obligation or revenue bonds, used to
' finance proprietary fund opezatioaa and payable from revenue of the
proprietary funds ate recorded is the applicable fund. General
obligation bonds and other forma of long-term obligations supported by
general revenue era obligations of the Clty as a rhole and not its
' individual constituent funds. Accordingly, each unmaturad obligations of
the City are accounted for is the General Lonq-Tarty Obligations Account
Group.
' N. B R N- S B
Accumulated unpaid vacation sad sick pay is accrued rhea incurred fa
proprietary funds. The amount of accumulated vacation and sick pay
recorded in Ne governmental funds is that amount, adjua[ed to current
salary costa, which is ezpected to be liquidated wiN expendable
' available financial reaourcea. Only Che current portion is reflected in
the funds. The remainder of the liability is reported in the General
Long-Term Obligations Account Croup. The quideliaea of yinancial
' Accounting Standards Board Statement No. 43 rare applied in determining
the liability for both governmental and proprietary funds.
I.
' Total columns on the Combined Pinmcial Statements srs captioned
"Memormdum Oalp" to 3adieats chat they are presented oalp to facilitate
Einmcial mslyais. Deter is thane columns do not praaeat Einmcial
' position, reaulta of operations, or chafes is fiamcial position is
conformity rich generally accepted accounting principlsa. Faithar is
each data compereble Co a coneolidstion. intarEuad aliminetiona have not
' been made in the aggregation of this data.
J. PEOPEETY TAXES
' The eaaeaement of all properties and the collection of all property [area
are made through the Property Appraiser and Taz Collector of the Citp of
Jacksonville. General property razes era recorded ere received in casb,
' rhich epprozimatea terse levied, less diecomts, for [hs current Fiscal
year.
' E. INTEEPUND TRANSACTIONS
During the cause of normal operations, the City has verioue trmaaetions
hetrean Emda to construct aeaats and comply rlth local ordinances and
' other legal restrictions. These trmeactioas era reflected ere operating
tzmefere.
t L. PENSION TEllST FUNDS AFD PENSIOF ffiEN56
Peaaioa ezpenae includes normal coat plan amortization of past service
coat over 30 years. The City Emda pension costa rhich ere accrued.
2. CASH AND INVBSTMENTS
' The total cash and iaveatamat Dalmce of the City ie comprised of We
follortng items:
' Petty cash on hmd E 400
Savings and money market accomta 612,203
Nestric[ed escror deposit 115,463
Invented cash rith Eiacal agent (restricted) 693,706
' State Board of Administration deposits 2.578.909
Total cash 59,000,681
' Certificates of deposit ri[h local bmks:
Lees than 30 days maturity 3,552,317
31-90 days maturity 366,002
' 181-360 days maturity 156.059
Total certificates of deposit 2.074.378
Total cash and investmeata 6,075,059
Leas: restricted cash and investments 2,299.215
Total mreatricted cash and inveatmanta E3.775.844
' - 12 -
•.~:.
1
1
1
3. PEOPEHIR, PLAN2 AHD 6QDIPPiBlPI
A slimmatP of cbsngse in general Ei:ed aaaeta tollovst
eslaace, Balance,
October 1, September 30,
1985 Additions Delationa 1956
Land { 143,702 t 143,702
Buildings 307,175 j 21,896 329,071
It9provsmeats other
than buildings 438,819 2,499 441,318
Equipment 566.574 113.756 E23.404 fi5fi .926
Total f1.456.27D E13B.1$1 523.404 E1.571.017
A e1®arp of fized asae[e of the Enterpriaa Punde at September 30, 1986
follovat
Total
Vabr SsWr Sanitation Bueesneer Oistriet Entorp rise
Fund fund Fu:W Vat4r Funds Sawr funds Funds
Land f 65.557 f 26.661 f 117,799 f 210,037
Buildings f 393,718 505,685 27,004 53,356 979,763
Inprovenents other
than buildings 1,124,974 3,626.149 1,134,221 2,267,217 8,452,591
Machi nary and
equi Anent 91,437 51,456 (290,013 432,906
lass - accunulatad
depreciation !593.874) (748.066) (152.272) (30.295) (59.571) (1.584.078)
T9ta1
Coasttuction in progress for Enterprise Punda is as follova:
Committed
Expended to Pederal Required
Project September 30, Serer and State Puture
Authorization 1986 Pund Pundina Pinancia9
Sever system
improlrementa E4.652.903 E3.579.552 jggj,,pJ~$ E590.343 j~y~
- 13 -
4. LONG-TBBM OBLIGATION6
The follosriaq is a alsamary of long-term obliga[ioaa of the Citp for the year
ended September 30, 1986s
General Enterprise
Lono-Term Oblteatiens Funds
General Accrued
Revenue Oblf gati on Cosgensatad Revenue
end F__ Bonds Absences Bona: iotsl
Obligations payable at
October 1, 1985
Ner Bonds Issued:
7985 First Nuni cipal Loan
Council Poolsd Loan
Program Revenue Bonds (252,754
Debt principal paid
Net increase in caapensated
absences
f349.000 (69,235 ;x,300,000 (4,718,235
27,799 280,553
(42,000) (45,000) (87,000)
~ 4~1 8.491
Bonds payable at
September 30, 1986 f2C2,Jsd 5307.000 37].726 fg,~pja~pg u.9z0"z79
Bondi payable at Septuiter 30, 1986 era campri sad of the following individual istuac
General obligation bonds:
1958 Serer System serial bonds, payable in annual
instalments of 520,000 plus interest through
1988, bearing interest at 3.8% S 40,000
1971 Serer Sys ten serial bonds, payable in annual
instalments of (22,000 to (40,000 plus interest
through 1995, bearing interest at 5.75% 267,000
Revenue bonds:
1985 Buccaneer District Nater and Sever serial bonds,
payable in equal annual instalments of principal
and interest of aDDroxinately j347,500 through
2000, bearing interest at 9% 2,800,000
State Pollutf on Control Bonds, Sari of "Q", DaY+ble
in annual instalments of (45,000 to (190,000
plus interest through 2000, bearing interest at 8% 1,455,000
1985 ilorida NunicS pal Loan Council Pooled Loan
Prog ran pevenue Bonds payable in annual
instalments of 510,000 to (39,000 plus interest
through 1995, bearing interest at a variable
rate approximating 5% 280.553
Totai (4 a SSl
_ 74_
li l; ..) ! ~.i
t
The annual requirementn Co amortise all debts outatending at September 30,
1985, are as follovax
General Loag-Term Obligatioaa
' Year Bndiag Account Group Bnterpriee Puada
September 30. Principal Interest Total Principal Iatereat Total
1987 E 65,179 E 18,072 i 83,251E 147,719E 369,750E 517,469
1988 66,629 15,688 82,317 161,279 357,155 518,434
1989 98,183 13,302 61,485 176,050 343,404 519,454
1990 49,849 11,678 61,527 191,133 328,359 519,492
' 1991-1995 320,737 30,863 351,600 1,282,609 1,359,564 2,642,173
1996-2000 9,177 9,177 2,005,409 696,042 2,701,651
2001 318.600 28.674 347.274
TOtel E559.]54 E 89.603 Sa69.357 E4.282.799 f3.482.948 57.765.747
General obligation bondn of the Long-Term Obligations Account Group represent
bondn inaued by the City for conntructioa of (1958 series) end later,
improvemeata and e:tenaiona to (1971 aerien) [hs City's never ayatem. These
' bondn were iasuad as general ob3lgatioan of the City and, therefore, are not
obligations of the individual Bnterpriee (Serer) fund.
During 1985, the Ci[y obtained a State Hond Loan rhicb in administered by the
t State Board of Adminiatratioa end neeured by State Pollution Control Boada,
Series "Q", to support funding for lmpro9emeat and s:panaioa of its sever
system. These bondn are payable from pledged rewenuea derived from the
' operatioaa of the newer system. Under the terms of We agreement, the City
may later pledge additional legal and available Eunds to repay the loan, as it
deems appropriate.
' During 1985, the City issued revenue bonds to acquire an additional rater sad
newer ayatem. These bonds are payable from the net revenues of the newly
acquired Buccaneer District water and Sever System and are not general
t obligations of the City.
Duriaq 1986, the City elected [o participate in the Florida Municipal Loaa
' Council Pooled Loan Program (eevenue Boada, Series 1985). Under this program
the City is eligible to borrow up to E1,070,510 to be used to finance capital
projects. Through September 30, 1986 the City has borrowed E280, 553 of which
appzozimately 10~ is included as as obligation of the Enterprise Yund rich [he
' remainder as an obligation of the Lonq-Term Obligations Aecouat Group. The
amortization schedule above does not include iatereat on these obligations as
they bear a variable rate of iatereat which approzimatea 5i.
' Hevanue bonds of the Eaterpriae Funds contain various terms and covenants
which require [he City to maintain adequate user rates sad to account for the
' deposit sad diaburaement of revenues in accordance rlth established
priorities. As of September 30, 1986, the City ran subataatially in
compliance wiW such coveaanta.
- 15 -
' ., .'JJ
5. &~@IAY86 B817NPITS
The City Dee [Dreg non-coatributorp defined Deaefit pension plena (Csaersl
Smployeas', Police Officers', and Pirsfightsrs' Retirement plena) rhich cover
' suDStmtially ell of its employees. Thsea retirement plena ere accounted for
in tDe Citp'a Pmaion Trust Pmda. Total pension ezpenss Eor all Emda during-
ths year ended September 30, 1986 rss {86,802. The City's pension
watribution is computed using accepted actuarial wthods end, s:cspt for [he
effects of plm amendments, if my, is not a:pected to increase materially in
tDs future in relation to total payroll aspeaas.
The ectuerisl preasnt value of eccmulstsd plm benefits is m actuarially
determined liability Eor beaaEita papabls to active and retired perticipmts
of tDe Citp'a retirement plena, daterniaed in eccordmce rith plm provisions
' and based oa the participmta' compensation and years of asrvice to the date
of valuation. The aignificmt aaaumptions uasd is the determinatioa of the
actuarial present value of accumulated plm beaeEite of the Citp'a retirement
plena as of September 30, 1985, the lsteat valuation date, rare iavsstneat
return (varies from 8.37 to 8.6~), mortality (based on the 1984 Group Amuity
Mortality Table), proviaiona for future terminations, rithdrarala and
retirements, and increases is aalariea and espanses.
' A au®ary of the actuarial preasnt veluea of accumulated plm beaafita and net
aaseta available for plm benefits of the Citp'e retirement plena as of
September 30, 1985, the lsteat valuation date, is as follows:
' Gsnarsl police
E14ploveea Officers pirefightera
' Actuarial preasnt value of accumulated
plm beaefita:
' Vested benefits:
participmta currently receiving
benefits 5258,183 S 51,162 i 48,136
' Other participmta 187,212 62,873 45,582
Total vested beaefita 445,395 119,035 93,718
Non-vented benefits 50,376 21.162 7,515
' Total 5495.771 [135.19] •10
' Net assets available for plm Denefita
at September 30, 1985 tfifi 3.962 t445.00a a as lfis
' A aigaificmt portion of the decraaae is the combined actuarial preasnt value
of accumulated plan benefits of the City's retirement plane during the year
' ended Septend»r 30, 1985, the date of the latest valuatioaa, rae attributable
to the increase of the iaveatmeat return aaaumptione. The investment rate
assumed as of September 30, 1985 varies Erom 8.3~ to 8.6~. Ae of tDe
previous valuation date, September 30, 1984, the investment rate was 7.5~.
- 16 -
1
1
1
1
6. SBGI46NT INFORMATION PO8 HNTSRPRI56 PONDS
The City has established separate Bnterprias Funds Co account for eater,
serer sad aanitatioa services. Sespeent information for the City's
Bnterprias Punda for the year ended September 30, 1986 is sa Folloras
TOtal
Buccaneer District Sanitation Enterprise
Va ter Fund Sever Funtl Va trr Fund 8rwr Fund fund Funds
Operating revenues E 326,401 E 776,752 E 772,721 E 405,106 E 323.350 E2,002,330
Oepreciati on 56.987 57,120 30,295 59.571 33,388 237,361
Operating intone (loss) 1,173 296,504 52,429 161,430 39.003 550,539
Non-operating in<one
(eapensa) 104,841 418.7% 103,460 605,027 5.860 1,237,982
Operating transfers in
(out) (63.000) (134,388) 24,000 (81,000) (53,000) (307,380)
Nei incanr ilasz) 43,014 580,910 179,889 685,457 (8,137) 1,481,133
Net Droparty, plant and
equi Anent 1,316,255 3,500,781 1,157,611 2,378,831 137,741 8,491,219
Net working capital 224,510 363.498 6,766 61,956 57,164 713,8%
Long-tens debt 25,580 1,4(15,000 887,812 1,816,688 4,135,080
Total equity 1,589.456 4,986,164 380,861 1,127,884 194,905 8,279,270
Total assets 1,725,692 6,669,740 1,374,034 3.106,370 209,048 13,084,884
7. INTBBPUND TRANSACTIONS 86CONCILI ATION
A summary of 3atarEund transfers during the fiscal year ended Septembe r 30,
1986, is as follora:
Transfers tos
Special Brpeadable Dabt
General Revenue Trust Service Total
Transfer from•
Enterprise E307,388 E307,388
General EB,538 E425 E1,452 10,415
Special Revenue 10,288 10.288
Total 5317.676 S~SVe ee sc fl"A ~j 5328.091
Aa of September 30, 1986, one interfuad recetvable and payable in the amount
of 525,614 remained outstanding, payable from the Beaches Broaioa Special
Revenue Pund to the General Puad.
- 17 -
- } L~ -r
~ i . ~ i
1
1
1
S. JOIBT veBTUH6
Puraumt to m intarlocal agreement authorised by Florida Statutes Section
163.01, the CLtp joined rich the City of Jecteonvllla Beech and the Citp of
Bsptune Beach to cmetruct and operate effluent outfall linen and disposal
facilities, together rith all the lords, right-of-yaps, easements, and other
entillasiente necaesary for tea coaatructioa and use tASraof.
The construction of the outfall lines and disposal facilities are fmdad by
tbs mmicipalitiea is the folloring proportions:
Atlmtic Beach 33.06
Jacksonville Beeeh 55.78
Baptme Beach 11.16\
Total 100"00
Hacb City has recorded their share of the project is their finmcial
statements. The City of Atlmtic Beach provides all accomtinq and
purchasing services. The Citp records their portion of [hs joint venture in
its property accounts in the Citp'e Sever Pmd.
Tae total cost of Cbe project ie eetimeted to be j1,193,794. During 1986 the
following amomtn ware funded/sa:pendeds
Puaded by
Florida
Department of Pmdad by Pmded
¢nvironmental City of by Other Total Project
Hequlation Atla ti e b Municinalitiea Total Puaded ~enditurea
j327,835 j271,539 j551,383 j1, 150,757 j1,150,757
Hepair and maiateamce ascpeasas of the outfall linen and disposal facilities
ri12 be shared by the participating municipalities is the percentages noted
above.
li li v'i f/ j
- 18 -
t
~~o.~~.~
~,~ .~~,~~~u ~S=~~~8
uu516~
~ Deloitte
Haskins+Selis
~
CertTred Public Accou nlanis Suite 1240
' 200 West Forsyth Street
Jacksonville. Florida 32202-4371
(904) 354-8333
ITT Telex_ 4995642
To the Honorable Mayor sad City Commiasioaars
City of Atlantic Beach, Plorida
' , Na have ezamiaed the general purpose financial statements of the City of
Atlantic Beach, Plorida, for tbs year ended September 30, 1986, and hove
issued our report Chareoa dated Janvary 29, 1987. Our ezaminatlon of
1 ouch geaeral purpose financial s[atsmeata ran made is accordance rich
generally accepted auditing standards sad the standards for financial
and compliance audits contained in the Standards for Audit of
Govara.:_ntal Or~ganiza ioaa. Programs. A ivi i and Pun ion issued
by Che U.S. General Accounting OfLlce, and accordingly, included such
tests of the accounting records and such other auditing procedures as re
considered necessary in the circumstances.
Our s:amiaa[ioa ras made [or Ns purpose of forming as opinion on the
general purpose financial statements taken as a rhole. The accompanying
' Schedule o[ Padsral sad Stets Financial Aaaiatance is preaeated for
purpoaea of additional enalyais and is not s required part of the
geaeral purpose financial statements. The information is that schedule
has been aubiectad to [hs auditing procedures applied in the a:amination
of the general purpose [inaneial a[a[emeata end, is our opinion, is
fairly stated in all malarial cespec[a in relation to the geaeral
. purpose financial statemeata taken as a rhola.
~.~o ~~ie ~~ ck~
January 29, 1987
- 20 -
(il/f' ~ / i
' Tbie page intentionally left blank.
1
1
i/V;?i!I
CITY Oi ATLARTIC BEACH, FLORIDA
SCHEDULE OP PEDBRAL AND STATE -INANCIAL ASSISTANCE
!DR TRR R1 SO fit. r<~R 8ND8D H8PT8M88R lO, 1986 __ _
GRANT AGENCY/GRANT TITLE/
RR ar':' 2D RO./GRI~r'S PERIOD
PBDBRAL DIRECT ASSISTANCE
Department oS Treasury
Revenue Sharing IDI10-2-016-001
Period ending: EP16
Revenue Sharing ID 510-2-017-001
Period ending: EP17
Rwvi .,.mental P teetion Age ev
Nastevater Treatment Construction
ID /C120747-030
Period Eadiags 2/88
TOTAL FEDERAL DIRECT ASSISTANCE
S?ATB OP FLORIDA GRAM'S
Florida Department o[ Environmental
Reaulat ion
Nasterater Treatment Construction
ID /747040
Period Eadi aq: 2/87
Flor'da eoar[ment of Natural
Resources
Beaches Erosion Control
ID iC7509
Period Endiaq: 10/86
TOTAL BTATE OP FLORIDA GRANTS
BEGINNING
FUND
RBDERAL PROGRAM BALANCE AT
CPDA AMARD OC20BBR 1,
s~$$ ~QjQfj 1985
21.3 S 57,264 530,876
21.3 48,612
530.876
66.418 51,258,789 124.488
N/A 5693,326 ~~
N/A S 25,614 j=
~~
SNDING
POND
RH96NU6 RSCOGNIZBD BALANCe AT
YBDSBAC/ CITY INTeeeST TOTAL SePTElIDeB 30,
STATE MATCHING INCOME 8~& 6XPeNDITURES 1986
i - i - i - S - S 23,757 S 7,119
48.612 t 2,627 51,239 51.239
f 48.612 f - f 2.627 i 51.234 S 23.757 S 58.358
t 707.761 = 612.674 S 11.320.435 11.320.435 S 24.488
5756.373 S 612.674 f 2.627 51.371.674 {1.344.142 E 82.84fi
_22_
~i U ;-, T. ~ i
This page intentionally left blank. ,
~ It
Haskins -S
s
1 - - -- - - ---- -- -
CertRietl Publ¢ Accounts ms Suite 1240
200 West Forryth Sveel
' Jacksonville. Florida 32202-4371
(904) 3%8333
ITT Telex: 4995642
To the BoaoreDls Mayor sad City Commissioners
' City of Atlantic Beach, Tlorida
Me have ezamined Che general purpose financial statements of the City of
Atlantic Beach, Ylorida, (the "City") for the year ended September 30,
' 1986, and have issued our report thereon dated January 29, 1987. Our
ezamination vas made in accordance rich generally accepted auditing
standards and [ha standards Cor [iaaacial and compliance audits
' contained is the Standards [or Audit of Govercusental Organiaatlons.
Programs. Activities, and yunctiona, issued by the U.S. General
Accounting Office, and accordingly, included such tests of the
accounting records and such other auditing procedures as ve considered
' necessary is [he cireumatsaeea.
The management of the City of Atlantic Beach in responsible for the
' City's compliance rich lava and requlationa. In connection with our
e:amiaation referred to above, re selected and tested transactions and
records [o determine the City'• compliance rich lava and regal ations
' noncompliance rich rhich could have a material effect oa Che general
purpose financial statements of the City.
The resul to of our tests indicate Chat for the i[ema tested, the City of
' Atlantic Beach, Florida, complied rich those provisions of lava and
regulations ooncompliance rich rhich could have a material effect on the
general purpose financial s[a[emeata. Nothing came to our attention
that caused us to believe tbat [or the items not tested Che Ci [y of
Atlantic Beach, Florida, vas not is compliance rich lava or regulations
noncompliance ri[h rhich could have a material affect on the City's
' general purpoaa [iaancial statsmanta.
January 29, 1987
' UU:~ ~ f:i
- 23 -
1 Deloitte
1 Haskins~Sells
Cerfiheo Pu olrc Acmuntams $uite 1240
1 200 West Forsyth Sweet
Jacksonville. FIO~idd 32202-4371
19041 354-0333
1 1T7 Tetex: 4995642
io the Sonorable Mayor and Clty Commi ssionars
Atlsntic Beach, Florida
1
Me have examined Che general purpose financial statements of Che City of
1 Atlantic Beach, Florida, (the "City") Eor the year ended September 30,
1986 and have lasuad our report thereon dated January 29, 1987. Our
examination vas made in accordance rich generally accepted auditing
1 standards; the standards for financial and compliance audits contained is
the Standards for Audit f Go ernmental Organisations program
Activ't'ea and Punctio s, iaaued Dy the U. S. General Aecouatinq Office;
1 the Single Audit Act of 1984; end the provisions of OMB Circular A-12 B,
Audits o[ State and Local Goverwnenta, and accordingly, included such
testa of the accounting records and such other auditing procedures as ve
considered neeesaary in the cirematancea.
1 the management of the City is responsible for Ne City's compliance with
lava and regulations. In comeetion with the examination referred to
1 above, ve selected and tested transactions sad records from each major
federal and state financial assistance program and certain nonmajor
federal end state fiaanctal aasia[aaea programs, the purpose of our
1 tasting of traasactiona and records from thoaa federal and state
financial assistance programs vas to obtain reasoaaDle aasurence that Che
City had, in sit material rmspeeta, adnini stared major programs, and
1 executed the Cestsd noanajor program transactions, in compliance ri th
lava and rsqulatiosa, including those pertaining to financial reports and
claims for advances and ce imbursamsnts, ooacompliance ri th which we
believe could have a material sftact oa [ha allorability of program
1 expenditures.
Our testing of [ransactiona sad reeorda selected from nonmajor federal
1 financial assistance programs disclosed instances of noncompliance with
certain tars and regulations. All instances of noncompliance that we
found, and the programs to which they relate, era idegtif led in the
1 accompagying Schedule of Yiadings and Questioned Costs.
In our opining, for the year ended September 30, 1986, the City
admigistered Baca of its major federal sad state financial assistance
1 programs in compliance, in all material respects, with lays and
regulations, including Chose pertaining to financial reports and claims
for advances and re im'vursements, non-compliance rich which re believe
1 could have a material effect oa the allovability of program expenditures.
1
1 - 24 -
~ U : i i t~
i
t 2ha rasulte o[ ouc tasting of transsetion• end records selected from
nomsjor federal end crate tlnmcial eeeistmee programs indicate that
' for the trmsectims and records [eared the City complied rith the lars
and regulations referred to above, s:cept ea aotsd is the sccompaaytnq
Schedvls o[ tindings and Questioned Costs. Our tasting ras acre limited
then would De aeeeeaary to saprsse m opinion oa rhether the City
administerad those programs in eomplimce in all material respects ri th
those laws and regulations noacomplimes rlth rhicb ra believe could have
e material effect oa the sllorability of progrm szpandituraa; boraver,
' rith respect to the trmsactiona and records that rare aot tested Dy us,
mtbing came to our attmtioa to indicate that the C1ty had not complied
ritD laws and regulations othec thm [boas lava and regulations for rhich
' r'a n~o^,ted}violations in our taating referred to above.
' Jmuary T9, 1987
1
1
1
-15-
' CITY 0! ASLANTIC BEAW, YIARIDA
6CNEDUL6 OF YINDING6 AND QUESTIONED C0625
FOR TN6 YISCAL YEAR ENDED SEPTEl~ER 30 19 E6
' GRANT AGHNCY/GRANT TITLE/
GRANT ID NO /GRANT PERIOD QUESTIONHD
YINOINGS/NONCOPO'CII~MCB COSTS
PEPARTMHNT OF TRHASUHY
R
Sh
i
evenue
ar
ng Yaderel Revenue Sharing recipients Noae
I10-2-017-001 must puDlieh notice of Ne
Period ending: EP17 availability for public inspection
of the use report filed rith the
Office of Revenue Sharing ("ORS")
is a aarspsper, or by as ORS-
' approvad alternative means rithia
10 days of filing. The City of
' Atlantic Baae6 Eiled their use
report o¢ 3-19-Be, but did net
publish thenerspaper notice until
9-16-86.
1
Padaral Revenue Sharing recipients None
must make the audit report
evsilaDls for public inspection no
' later than 30 days folloring its
completion sad receipt by the
governn:eat. Notification of the
' availability of CBs report should
bs made is a nernpapar of general
circulation. The City of Atlantic
' Beaeh received their 9-30-e5 audit
report oa 2-12-Be, but did not
publish the aarspapsr notice
' until 9-16-E6.
1
' - 26 - ii U J 2. I Ci
1
1
1
1
1
1
Deloitte
Haskins ~-Belts
Cenilied Public Accountants
io Che Honorebls Mayor and City Commissioners
City o[ Atlantic esacb, [lorida
Suite ,240
200 West Forsyth Sueet
Jacksonville. Florida 32202-4371
(904) 354-8333
ITT Teen: 4995642
Ma have azamined Cha general purpose tinancial statemeata of the City of
Atlantic Beech, [bride, (the "City") Eor the year ended September 30,
1986, sad hove issued our report thereon dated January 29, 1987. As part
of ouc examination, re made a study and evaluation of the system of
internal accounting control of the Ci[y to CAe eztent re considered
necessary Co evaluate the system as required by generally accepted
auditing standards and the ataadards for financial compliance audits
contained is the U.S. General Accounting Office Standards for Audit of
Governmental O an'zatioos P ar s Activi t'es and Punctio ~. For the
purpose of this report, re have classified the significant internal
accounting coatrola in Che folloring categories: cash receipts and
disbursements, investments, receivables, budgets, fired assets, payroll,
purcbesinq, grants, debt admiaiatrat3on and general ledger. The pu*_pose
of our study and evaluation ras to determine the nature, timing, and
eztent of the auditing procedures necessary for ezpresaing an opinion on
the City's financial atstemen[a. Our study and evaluation ras more
limited Chao would bs necessary to espresa as opinion on the system of
internal accounting control taken as a whole oz oa any of Che categories
of controls identified above.
Tha management of the City of Atlantic Beach, Florida, is responsible for
eatabli ahinq and maintaining a sya[em of Lntsrnal accounting control. Ia
fulfilltnq this reapoasiblilty, aatimates and judgments by management are
required [o assess the szpec[ed benefits sad related costs of control
procedures. i'he objectivaa of a system are to provide management rith
reaaonaDla, but not absolute, assurance that assets are safeguarded
against loss from unauUorl:ed use or dispoaitioa, sad that transactions
are executed is accordance riN maaagement'a authorisation and recorded
properly to permit the preparation of financial statements is accordance
ri [h generally accepted setountinq principles. Because of inherent
limitations in any system of b[arnal eccoun[inq control, errors or
irregular idea may nevertheless occur and not be detected. Also,
projection of nay evaluation of [he system to future periods is subject
to the risk that procedures may become inadequate because of changes in
Conditions or that the degree of compliance with the procedures may
deteriorate.
1. U" t i
27 -
Our study and valuation asde for the 1lsiud purpose described is the
first parsgraph mould not wcessarily disclose all asterial wakaea sae
in the eystsa. Aceordinglp, w do not ezpreu ao opialoa on the syeGm
of internal accounting control of the City of Atlantic Beach, Plorida,
tstaa as a thole or on say o[ the eategorles o[ controls identified is
the tl rst parsgraph. Bowver, our study and evalustioa diacloaed no
condition tbat rs believe to W a aatarisl rsakness.
?his report is intended eolelp [or the use o[ the City of Atlantic
Beacb, Plorida, and Ue Baviroaaaatal Protection Aganey (the cognisant
audit agency) and should not bs used foz any other purpoaa. Thin
restriction Sa not intended to 13sit the distribution of thin report
rhich, upon acceptance Dy the City Commissioners and the Envlroaneatal
Protection Agaacy, is a natter of public record.
January 29, 1987
~: i; ) T "
'J
- 28 -
0
1___
i
Deloitte
Haskins+Sells
Certified Public Accountants Swte 1240
200 West Forsyth Street
Jacksonville. Florida 32 202-4 37 7
(904 354-8333
ITT Telex: 4995842
to eAe Honorable Mayor and City Coaaiseioners
City of Atlantic Beach, Florida
Ma bare aaemiaed the general pucpoae financial statements of the City of
Aelentic Beaeb, Florida, (the "City") for the year ended September 30,
1986, and Dave issued our report thereon dated January 39, 1987. As part
gf our e:aminntion, re made a study and svalustioa of the internal
control systaaa, including applicable internal admiaistzatire controls,
uaad is adminiatsrinq federal financial sesiataacs programs to the sstant
re considered aeceaaary to evaluate the syatema as required Dy generally
accepted auditing staadarda, the atsndarda for financial and compliance
audits contained in the Staadarda for Audit of Gore rnmen[al
Organizations. Programs, Activities. sad Punetiona, issued by the U.S.
General Accounting Office, the Siagls Audit Act of 198, sad the
proriaions of OMB Circular A-136, Audits of State and Local Coveromen[s.
Por Che purpose of this report, re 4ave elassi tied the significant
internal accounting and administrative eontrola uaad is adniniataring
[edezal Financial assistance programs in the folloring estegoriess
' Accounting Controls
Caab receipts sad disbursements, investments, zaceivaDles, budgets,
' filed eaaeta, payroll,
administration
and
e purchasing, grants, debt
neral led
er
,
g g
.
Admiaiatra[ive Controls:
General Requi rementa - Political acttrity, Davis-Bacon
Act, Civil Rights, cash aansgement,
relocation assistance and Paderal
' [inaatisl rsporta.
Specific 6equiremeats - types o[ servicaa, aligiDil3 Cy,
matching level of effort, reporting,
allocation coat sad spacial requirements
(the CiCy bas no sub-recipients or
' indirect cost allocation syabm).
-29-
' the wmsgeseat of Ne City of Atlantic Deacb, porida, ie responsible for
utsDliebinq and maintaiainq iabmsl cmtrol systama used io
t administering federal fiamcial assistmce programs. fa Eulti111aq that
responsibility, •atimsus and judgments Dy wmagawsat an nqui red to
assess the espected benefits and related costa of control pzoeadursa.
' Yhs objectives of internal control systama used in administering federal
fiamcial assistmea program era to provide management rith reasonable,
but not sDaoluta, aaauraaee that, rlth respect to federal financial
aaaiscmcs prograaa, resource use is consistent rith lava, rsqulatioas,
and policieei resources are safequsrdad against taste, loss, and misusai
and reliable date era obtained, maintained, and fairly disclosed in
reports.
eecauan of inherent limitations is my ayatsw of internal accounting and
administrative eontrola used is sdminieteriag federal fiamcial
asai stance program, strove or irraqularitiaa may nevertheless occur sad
not bs detected, klao, projection of my evaluation of the systems to
future periods is auDject to tDS risk that procaduraa may become
inadequate Decauas of chmges is conditioaa or that the degree of
compliance ri tb the procedures say deteriorate.
Our study included all o[ the applicable control categorise listed
above. Ducinq the year ceded September 30, 1986, [he Citp aspeaded 98>.
of its total federal [inmcial sssistmcs under wajor federal flameial
aaaiatmce programs. Mith teepee[ to internal control systems used is
' sdminiatsrinq wajor federal [inmcial easietancs programs, our study and
evaluation facluded eoaaidsriag the types of errors sad irregularities
that could occur, detarnininq the internal control procedures that should
' prevent or dsGCt such errors and irregularities, dateniaiag rhs[ber the
aecaaaary procedures are prescribed and era Deinq followed
satiatactorily, and evaluating mp vaaknesass.
' rt CD respect to the internal control systama uasd solely is admiai ate ring
the nownajor federal financial easistmce programs o[ the City, our study
sad evaluation vas limited [o a preliminary review of [he systems to
obtain m underatmdinq of the control envi roaaeat and We floe o[
transactions through she accomting system. Our study and evaluation of
Che internal control systems uasd solely ;a admiaiateriag the noamajor
' federal fiamcial aasistmce programs of the City did not a:tand beyond
Chia preliminary revier phase.
i
r _ld_
Our
tud
d
l
ti
y an
s
avs
us
m rss more 1SmiGd than wind M necessary to
a:prees m opinion on Ue inGrnsl control systems used in adminisGriaq
the federal [inmeiel assistmee progrma of the Citp of Atlmtlc Heseh,
' Plorids. Accordingly, w do not esQresa m opinion on the 1aNrnal
control systoa used in adminiaurinq the lsdaral Liamciel assistance
progrms of the Citp o[ Atlmtic eesch, Plorids. hrthar, ra do not
asprsss m opinlon on the !eternal control systems used !n admiaiaterinq
the major fadersl financial assistmce progrms of the City of Atlsatic
Beech, Plorids.
Also, our szmiaation, made in accordance rich the a[mdards mentioned
above, wind not nscssaarily disclose material vaaknasaas in the internal
control systems used aolaly in sdministsriaq nomajor federal financial
assincmce progrms.
1
1
1
1
1
1
1
Howver, our study and evaluation and our e:mination diacloaed ao
condition the[ re believe to ba a material reakaeas in relation [o a
fadersl tiamcisl aaaiatmee progrm of the City of Atlantic Beach,
Plorids.
Thin report is intended aolaly for the use of the City of Atlmtic Heach,
Plorids, and the Environmental protection Agsacy (the cognizmt audit
agency), and should not Da used for my other purpose. This restriction
is not iatsnde6 to limit the dietributioa of this report, rhich, upon
aeeaptmce Dp the City Coaoisaioaar• of Atlmtic Beach, Florida, and the
Eaviromeatai protection Agency, is a matter of public record.
~~"~l/ ~~~ ~~ ~~
lmuary 39, 1987
~;v1
- 31 -