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Audit Report - 1979-19801 Tyson & Swtgdell, P.A. Certified Public Accountants ~~ ~'! 3 ' CITY OF ATLANTIC BEACH, FLORIDA ALL FUNDS AUDIT REPORT ' SEPTEMBER 30, 1980 Tyson & Swinde(/, P.A. ' CertifiedPUblicAccounlants noo7ln t CITY OF ATLANTIC BEACN, FLORIDA INDEX TO REPORT SEPTEMBER 30, 1980 Page(s) Accountants' Report 1 ' General Fund Financial Position 2 Changes in Fund Balances 3 Revenue Receipts - Estimated and Actual 4 Summarized Appropriations and Expenditures 5 Detailed Appropriations and Expenditures 6-9 S ecial Revenue Fund Fe eral Revenue S aring Fund: Financial Position 10 Revenues and Expenditures and Changes in Fund Balance 10 Debt Service Fund Financial osttion 11 ' Revenues and Expenditures and Changes in Fund Balance 12 Enterprise Funds - Combining Statements ' Financial Position 13 Statement of Operations 1A Changes in Contributed Capital and Retained Earnings 15 Changes in Financial Position 16 Trust and Aeencv Funds Employees' Retirement System Resources Available for Retirement Benefits 17 Changes in Net Assets 18 Changes in Financial Position 19 Combining Statements - Other Trust and Agency Funds: Financial Position 20 Receipts and Disbursements 20 General Long-term Debt 21 Notes to Financial Statements 22-25 Additional Information Genera ong-term ebt 26 Combined Statement of Financial Position 27 Audit Comments required under Rules of the Auditor General "Annual Post Audit Requirements of Munici- palities" 28 Pooled Cash Fund 29 Summary of Equities in Pooled Cash 30 Tyson & Swindell, P.A. Q 0 ~ 71 S Certified Pu6licAccountants Pacl U(rce aoa 5]351 2a5l5outh third S/rcel Jackwnvdle Beach, Florida 32250 gWr2J I~A196 ' ' Tyson & Swinde[-, P.A. Certified Public Accountants r The City Commission City of Atlantic Beach, Florida We have examined the financial statements relating to cash transactions relative to the various funds and account groups of the City of Atlantic Reach, Florida, for the year ended September 30, 1980, as listed in the foregoing "Index to Report". Our ' examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The aforementioned statements do not give effect to accounts ' receivable, accounts payable and accrued items. Accordingly, the statements do not present financial position and results of operations in conformity with generally accepted accounting prin- ciples. ' The City has not maintained a record of its general fixed assets, and accordingly, a statement of general fixed assets, required by generally accepted accounting principles, is not included in the financial report. No depreciation data has been recorded in the water and sewer proprietary fund aperations for current and prior periods. The amounts by which the financial statements would change, if these items were included, which could be material, cannot be determined. Because of the possibly material effect of the above omissions, irhich are at varianc_ with generally accepted accounting princi- pies, in our opinion, the aforementioned financial statements do not present fairly the financial position of the various funds and account groups of the City of Atlantic Beach at September 30, 1980, ' or the results of its operations or changes in its financial posi- tion for the year then ended in conformity with generally accepted accounting principles. -7-~r.~. ~ 5~.,.. ~ ~~ ' Fla rch 19, 1981 1 Alembers' ' Nnrriranlmlirulcrf (:.rrt fed PuhhcACCOnntanu n o 0 715 th,r;,u /,u~i//,/~,~ or.,n•,,r,6,~ ,, ,.,~,,.r.,,n. CITY OF ATLANTIC BEACH, FLORIDA GENERAL FUND (CASH BASIS) STATEMENT OF FINANCIAL POSITION SEPTEMBER 30, 1980 RESOURCES Equity in Pooled Cash Air Travel Deposit Returned Checks on Hand Escrow Funds - Savings Accounts Total Resources LIABILITIES AND FUND BALANCE Due Other Funds - $ 173 Escrow Funds held - Cox Cable T.V. Escrow Funds held -Jordan Fund Balance Total Liabilities and Fund Balance 1980 1979 $296,43L $489,599 -0- 425 231- 155 5,625r 916 $302,287 $491,095 $ -0- -0- 916 490.179 $491,095 5,000 62s 296,489 3302,267 See notes to financial statements. ~~.O.r l,r 2 Tyson & Swindell, P.A. Certified PublicAccounfants 2 CITY OF ATLANTIC BEACH, FLORIDA 3 GENERAL FUND (CASH BASIS) CHANGES IN FUND BALANCE SEPTEMBER 30, 1980 1980 1979 Balances at Beginning of Years $ 493,962 $ 519,226 Add: Revenues 1,052,804 1,071,960 Deduct: Expenditures (1,250,277) (1,100,091)./ Balances at End of Years $ 296,489 $ 491,095" See notes to financial statements. 3 Tyson & Swindell, P.A. (? n ~ 7,18 Certified l'ublicAccountants ' CITY OF ATLANTIC BEACH, FLORIDA GENERAL FUND (CASH BASIS) ' REVENUE RECEIPTS - ESTIMATED AND ACTUAL SEPTEMBER 30, 1980 1 1980 1979 stimate ctua ctua Description Ad Valorem Taxes - Net $ ~187,597~$ 181,180 ~$ 177,271 t Electric Franchise 117,500' 188,528+ 143,220 Telephone Franchise 6,000" 5,669/ 5,477 Cable Television Franchise -0- 2,000 / -0- ' Penalties and Interest - Taxes 2,000- 1,152 / 2,225 Occupational Licenses 11,500 -14,862`/ 13,393 ' Permits State Revenue Sharing 11,000 91,800/ 21,624 91,566° 14,877 99,882 Additional Homestead Exemption 4,000 -0- / 4,335 State Pension Contribution - Police 9,000 10,735~ 9,275 ' State Pension Contribution - Fire 3,000/ 3,876 ~ 3,462 Fuel Tax Refund 2,500 / 2,963 ~ 4 3,208 9 229 County Occupational Licenses 8,000 6,16 / , ' Public Safety - Radio Service P li R t 22,971v 600 / 12,507/ 791 ~ 12,402 732 ce epor s o 60 000 56 816/ 61 577 Fines and Forfeitures , 0 ~ ~ , ' Mobile Home Licenses Cash Investments Interest on Tem orar 1,500 000/ 30 9 1 49 653 / 11,465 34 766 p y Lot Clearing , 100/ , 0- / , 236 Water and Sewer Transfers 450,000/ 392,421) 444,680 ' State Grants -0- 000 5 -0- / 103 ( 8,949 299 11 Miscellaneous , , Totals $1 024,068 $1 ,052,604 $1 ,071,960 ' 1 1 ' See notes to financial statements. 4 ' Tyson & swindel-, P.A. n 0 0 719 Certified Public Accountants CITY OF ATLANTIC BEACH, FLORIDA GENERAL FUND (CASH BASIS) SUMMARIZED APPROPRIATIONS AND EXPENDITURES SEPTEMBER 30. 1980 De artment/Function: A ministration Public Safety Public Works Recreation Intra -governmental Services Totals ' Other 1 1 1 1 1980 1979 Estimate ctual c~tual- $ 278,581 $ 265,600 $ 289,645 510,502 495,292 441,093 229,550 223,626 207,642 109,858 94,332 15,098 97,997 96,602 89,694 78.349 74.825 56.919 51,304,837 51,250,277 $110,091 See notes to financial statements. 5 Tyson & Swindell, P.A. n n O 72 ~) Certified Pu61 is Accountants 5 ' CITY OF ATLANTIC BEACH, FLORIDA 6 GENERAL FUND (CASH BASIS) APPROPRIATIONS AND EXPENDITURES ' SEPTEMBER 30, 1980 1980 1979 ' ppropriate ctua c~T Administration: General Government: ' Professional Services S 51,087 $ 48,587 S 64,380 Per Diem 2,000 1,703 1,341 Utility Services 2,650 2,062 6,586 ' Repairs and Maintenance 5,000 3,510 5,967 Maintenance - Office Machines 7,010 5,466 4,885 ' Communication Expense Other Current Charges 5,412 3,000 5,412 2,698 -0- -0- Election Expense 2,745 2,744 21 Office Supplies 13,000 11,957 11,643 Comprehensive Plan 704 704 -0- ' Operating Supplies 1,500 1,500 1,013 Books and Publications 2,200 2,111 2,078 Schools and Training 1,191 1,191 900 ' Advertising -0- -0- 1,536 Liability, Vehicle and Workers ' Compensation Insurance ~-0~ 3 5 37'-57d Legislative: 7 0 7 200 Salaries 7,200 ,2 0 , ' Benefits 474 473 476 Florida League - Per Diem 3,392 3,391 2,503 Florida League - Travel 2 196 b$ -1-3iZ 2 195 ~3 ; LS~J - 905 3T~Aa Executive: , Salaries 25,200 25,200 23,731 ' Benefits Per Diem 5,416 1,796 4,034 1,831 3,525 1,521 Vehicle Insurance 2~ 7 635 25~ ~7 ' Finance: ' 7 9 69 920 485 6 Salaries 1,2 1 , 1, Benefits 18,562 16,707 17,732 Equipment 10,610 10,597 3,707 ' Other 6,000 5,895 703 Other Non-operating 3,610 3,610 3,600 Less amount paid by Federal Revenue ' Sharing Fund (7 500) (7 500) -0- 3 ' See notes to financial s tatements. 6 Tyson & Swindell, P.A. O O O 7?. O Certified Public Accountants ' CITY OF ATLANTIC BEACH, GENERAL FUND FLORIDA 7 (CASH BASIS) APPROPRIATIONS AND EXPE NDITURES SEPTEMBER 30, 1960 1980 1979 ppropriate ctua c~tu~ Legal Council: Professional Services $ 5,200 $ 4,767 S 4,983 ' 278 58 265 600 645 289 Total Administration , 1 , , ' Public Safety: Law Enforcement: ' Salaries Benefits 294,678 69,791 292,844% 60,725 240,605 58,285 Communication 3,160 3,154 -0- Utility Service 6,987 6,987 6,406 Rent 586 587 953 Repairs and Maintenance 3,310 3,300 1,544 Radio Repair 1,695 1,657 1,384 Office Supplies 1,700 1,685 1,267 Operating Supplies 2,041 2,038 2,152 Other Supplies 3,209 3,209 1,895 Automobiles 28,748 28,546 5,312 ' Less amount paid from Federal Revenue Sharing Fund (20 987) 4 ; (20 967) ; 7- 5 -0- ~ 3 ' Fire Control: ~6 3 S 353 4 1 , Salaries 59,971 59 ,971 65,235 Benefits 15,976 13,592 13,071 ' Utility Services -0- -0- 1,858 Communication 320 306 -0- Repairs and Dfa intenance 700 291 474 Office Supplies 300 277 824 ' Operating Supplies 350 341 1,430 Radio Repair 280 -0- 441 Other Supplies L-quipment 1,182 2,000 1,096 1,356 2,882 3,925 Less amount paid from Federal Revenue Sharing Fund 3 99 T) ( "(3,997) -0- D i J il Af l $ ~ ~fBS ~3"2"3'S ~~ -"4'~id'6 ~~S etent on - a ea s ' Utilities - Street and Traffic Lights 38,315 38,314 31,121 Total Public Safety 510,502 495,292 441,093 ' See notes to financial 7 statements. Tyson & Swindell, P.A. n ~ O 72 ,~ ' Certified Public Accou ntants 1 1 1 1 CITY OF ATLANTIC BEACH, FLORIDA 8 GENERAL FUND (CASH BASIS) APPROPRIATIONS AND EXPENDITURES SEPTEMBER 30, 1980 1980 1979 ppropriate ctua c Public Works: Roads and Streets: ~ 7 Salaries S 99,330 S 98,939 iS 140,1 3 Benefits 24,523 21,97 31,344 Communication 1,080 1,073 -0- Utility Service 2,500 1,760 2,291 Repairs and Dfaintenance 7,000 6,538 6,845 Building Maintenance 1,000 769 1,305 Operating Supplies 6,228 6,031 6,091 Tools and Supplies 3,200 2,561 3,734 Beach Street Ends 100 -0- -0- Street Maintenance 70,314 70,313 4,183- Street Signs and Sign Equipment 1,500 1,225 10,204 Books and Publications 715 713 792 Machinery and Equipment 10,560 10,556 -0- ' Other 1,500 1,176 680 School Crossing Lights 951 950 -0- Less amount paid from Federal Revenue Sharing Fund (951) (950) -0- Total Public Works 229,550 223,626 207,642 Recreation: Parks and Recreation: - 7 67 152 6 Salaries 57,850 ,5 5 , 347 Benefits ~ 17,179 14,555 Communication 450 162 -0- Utility Service 9,100 4,370 5,033 Repairs and Maintenance 5,000 4,400 2,487 Operating Supplies 279 278 224 Improvements - Non-buildings 20,000 13,000 -0- Office Supplies -0- -0- 855 Total Parks and Recreation 109,858 94,332 15,098 See notes to financial statements. 8 Tyson & Swindell, P.A. Certified Public Accountants X00723 ' CITY OF ATLANTIC BEACH, FLORIDA GENERAL FUND (CASH BASIS) APPROPRIATIONS AND EXPENDITURES ' SEPTEMBER 30, 1980 Intragovernmental Services: ' Motor Transportation: Gasoline Grease and Oil Parts ' Tires Shop Tools ' Other: Payments on Computer Total Intragovernmental Services Other Expenditures: Sanitation Fund Subsidy ' Less amount paid from Federal Revenue Sharing Fund Public Service Employment - ' Salaries Benefits Less amount reimbursed from Manpower ' Consortium Transfer to Community School Fund Total Other Expenditures 1 Totals 1 9 1980 1979 pp ropriate ctua c~aT- S 66,511 S 66,510 S 43,739 3,221 1,995 1,938 21,668 21,592 21,423 5,200 5,109 5,495 ~97 ~67 ~; 3~ -0- -0- 15,493 97,997 96,602 89,694 119,272 '106,351 55,405 (40,923) (40,923) -0- -0- 19,782 -0- -0- 1,205 -0- -0- (11,590) -0- -0- -0- 1,514 78,349 74,825 56,919 51,304,837 51,250,277 51,100,091 See notes to financial statements. 9 Tyson & Swinde-1, P.A. Certified Pu61ic Arcountanfs 00072q CITY OF ATLANTIC BEACH, FLORIDA 10 FEDERAL REVENUE SHARING FUND (CASH BASIS) STATEMENT OF FINANCIAL POSITION ' SEPTEMBER 30, 1980 1980 1979 ' Resources: Ca- sTi Trust Fund - Checking S 1 $ 1 Equity in Pooled Cash 115,173 122,103 ' Total Resources $115,174 5122,104 ' Fund Balance - Restricted 5115,174 5122,104 REVENUES AND EXPENDITURES i (CASH BASIS) YEAR ENDED SEPTEMBER 30, 1980 Revenues: CC-e~1 Entitlements -Interest Earned Totals E~x ~endit~u res: Copy Flachine School Crossing Lights Public Safety Subsidy Garbage Truck Parks and Recreation Streets and Highways General Government Totals Excess (Deficiency) of Revenues over Expe~'i tares Fund Balances at October 1, 1979 Fund Balances at September 30, 1980 See notes to financial statements. 10 Tyson & Swindell, P.A. Cert fed Public Accountants 1980 1979 u Bete ctua c ~i xv ¢ - S 49,045 S S2;S$3 $ 63,807 ~6A3- 1~i75'30'2T 7,500 _ 7,500 -0- 951 950 -0- 24,984 24,984 48,091 44,500 40,923 -D- -0- -0- 1,054 -0- -0- 3,336 -77; SS'S- ~35T 2-73',35 S 2,890 (6,930) (3,160) 122,104 125,284 5115,174 5122,104 000725 CITY OF ATLANTIC BEACH, FLORIDA 11 DEBT SERVICE FUND (CASH BASIS) STATEMENT OF FINANCIAL POSITION SEPTEMBER 30, 1980 Years Ending _September 30, 1'98 O'~JT4- Resources: Equity in Pooled Cash $47,529 540,376 Fund Balance Available x47,529 540,376 See notes to financial statements. 11 Tyson & Swindell, P.A. O O O 72~ Certified Pu6licAccountants 1 1 1 CITY OF ATLANTIC BEACH, FLORIDA DEBT SERVICE FUND (CASH BASIS) STATEMENT OF REVENUES AND EXPENDITURES SEPTEMBER 30, 1980 Revenues• Ad Valorem Taxes Interest Income Totals E~enditu res: Yn ncipal Payments - 1958 Issue Principal Payments - 1971 Issue Interest - 1958 Issue Interest - 1971 Issue Totals Excess of Revenues over Expenditures Available Fund Balances at beginning of years Available Fund Balances at end of years 12 Years Ended September 3Q, ~<J8~~i9T9- BuTi- cal clTtual 562,578 562,578 $67,661 3 ~57~ 3 ~; d~73 7~~2T ..t_ 15,000 15,000 10,000 16,000 16,000 15,000 6,125 5,867 6,354 25,453 25 452 26 503 ~$ 3~;3i4 5~'i,~ $ -0- 7,154 12,368 See notes to financial statements. 12 Tyaon & Swindell, P.A. Certifed Pu6licAccountants 40,376 26,008 $47,530 $40,376 ~U0727 ' CITY OF ATLANTIC REACH, FLORIDA ENTERPRISE FUNDS (CASH BASIS) ' COh18INING STATEh1ENT OF FINANCIAL POSITION S EPTEh1BER 30, 1980 13 ' Totals (Memorandum Onl ) ' Water Sewer Sanitation - e tem er Operations Operations Fund 1 1 ASSETS ~quity in Pooled Cash $ 58,105 $ 185,966 and Retirement Escrow Funds ~ssessments Receivable 42,135 937 -0- 10,250 ater System 1,344,492 -0- Sewer System -0- 1,243,273 ~ehicles 6 Containers -0- -0- ccumulated Deprecia- tion -0- -0- ~ue from Other Funds -0- 173 Totals $1, 445,669 $1,439,662 ' ~LIARILITIES ustomer Deposits S 13,278 $ -0- evenue Bonds Payable 40,000 -0- Certificates of In- ' debtedness -0- 7,577 Total Liabilities 53,278 7,577 EQUITY ~tetained Earnings 1, 392,391 1,432,085 Total Liabilities an ~quity $1, 445,669 51,439,662 1 $ -0- $ 244,071 -0- 42,135 -0- 11,187 -0- 1,344,492 -0- 1,243,273 193,036 193,036 (89,877) (89,877 -0- 173 $ 272,228 -0- 12,155 1,334,861 1,241,379 149,246 (74,985) -0- ' See notes to financial statements. 13 ' Tyson & Swindell, P.A. Certified Public Accountants $103,159 $2,988,490 $2,934,884 $ -0- $ 13,278 $ 9,524 -0- 40,000 52,000 -0- 7,577 16,639 -0- 60,855 78,363 103,159 2,927,635 2,856,521 $103,159 $2,988,490 $2,934,884 000728 1 1 1 0 eratin Revenues: ale o ater hater Tap Charges Connection Charges Late Charges Service Charges Totals Operating Expens_e_s: salaries' a~efits Operating Supplies Other Operating Expenses Utilities Depreciation _ Repairs and Maintenance Totals Operating Income (Loss) Non-Operating Revenues (Expenses): Interest Revenue Cigarette Taxes Utility Taxes Interest Expense and Fiscal Charges Total Non-0 eratin Revenues xpenses Income bQfore Operating Transfers Operating Transfers, in (out) Nat Tnrmm~ Retained Earnings, Octo er 1 Retained Earnings, ~eptemTei 3~ CITY OF ATLANTIC BEACH, FLORIDA ENTERPRISE FUNDS (CASH BASIS) COFDIINING STATEMENT OF OPERATIONS SEPTEMBER 30. 1960 Water Operations Sewer Operations Sanitation Fund Budget Actual Budget Actual Budget Actual Totals (Memorandum Onl ) u get Actua dual S 95,696 $ lOG,807 $ -0- $ -0- $ -0- $ -0- S 95,696 $ 100,607 $ 96,917 6,000 10,216 -0- -0- -0- -0- 6,000 10,216 9,037 10,000 26,315' 25,000 63,632 -0- -0- 35,000 90,147 64,820 3,000 5,732 -0- -0- -0- -0- 3,000 5,732 4,294 600 2 356 110 000 113 450 94 000 100,717 204 600 ~ 216 523 205 096 - - 1~~Sb ~3~5; 666 -3'f7"; T8~ -3~, DPI G ~ 3~d ;~ 61 T4 3$ 28,402 27 ,457 62,994 60,856148,462 142,986 239,858 231,299 199,453 3,675 3,670 8,270 8,106 1,000 886 12,945 12,662 11,618 1,310 -0- 20,368 2,215 19,410 19,407 41,086 21,622 18,569 23,500 23,439 58,429 56,428 -0- -0- 81,929 61,867 59,811 -0- -0- -0- -0- -0- 14,892 -0- 14,892 15,240 2 1 2 2 I ' -77 ;d3~ ~a65 X33;3'03 136 ,155 338 ~ 873 ~ ~, 13 ~1 ,T33 37,858 73,421 (21,603) 41,149 (74,872) (77,454) (58,617] 37,176 64,031 8,000 10,135 10,000 '32,359 -0- -0- 18,000 42,494 22,903 168,547 174,754 -0- -0- -0- -0- 168,547 174,754 183,594 30,000 104,800/ -0- -0- -0- -0- 30,000 104,600 45,395 (1,640) (1,981) -0- -0- _ -0- -0- (1,640) (1,981) -0- 204,907 287,706 10,000 32,359 _ -0- -0- 214,907 320,067 251,892 242,765 361,129 (11,603) 73,508 [74,872) (77,454) 156,290 357,183 315,923 (350,000) (344,000) (100,000) (48,421) 119,272 106,352 (330,728) (286,069) (369,502) S (107,235) 17,129 $ (111,603) 25,087 5=44,400 28,898 $ (174,438) 71,114 (73,579) 1,375,262 1,406,998 74,261 2,856,521 2,930,100 $1392,391 $1 4~ $103,159 $Z_927~ $2,656,521 See notes to financial statements. 14 Tyson & Swindell, P.A. Cert fled PublicAccountanis 14 .~_. 0007"9 .. ' CITY OF ATLANTIC BEgCH, FLORIDA 15 ENTERPRISE FUNDS (CASH BASIS) ' COMBINING STATE6fENT OF CHANGES IN RETAINED EARNINGS SEPTEMBER 30, 1980 ' Totals ' (Memorandum Onl ) Water Sewer Sanitation eptem er , Operations Operations Fund 1 Contributed Capital: ' Balances - Beginning of Periods $ 705,662 $ 97,065 Federal Revenue ' Sharing Funds -0- -0- Municipal Funds -0- -0- Balances at End of ' Pertods 705,662 97,065 ' Retained Earnings Un- c restri t Balances - Beginning of Periods 613,185 1, 147,918 Net Income 17,129 25,087 Transfers to Contri- buted Capital -0- -0- Transfers to Restrict- ed (40,667) (63,832) Balances at End of ' Periods 589,647 1, 109,173 Retained Earnings - Restricc-tee t Balances - Beginning of Periods 56,415 > 162,015 Transfers from Un- restricted i 40,667 63,832 ' Balances at End of Perio s _ 97,082 ~ 225,847 ' Totals $1,392,391 $1, 432,085 $ 55,404 $ 858,131 $ 858,131 40,924 40,924 -0- 96,328 899,055 858,131 18,857 1,779,960 1,912,240 26,698 71,114 (73,579) (40,924) (40,924) -0- -o- (lD4,a99) (sa,761) 6,831 11705,651 1,779,960 -0- 218,430 159,729 -0- 104,499 58,701 -0- 322,929 218,430 $103,159 $2,927,635 $2,856,521 ' See notes to financial statements. h4 15 nn~7J~) ' Tyson & Swindell, P.A. Certified Public Accountants ' CITY OF ATLANTIC BEACH, FLORIDA 16 ENTERPRISE FUNDS (CASH BASIS) COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION SEPTEMBER 30, 1980 ' Totals (Mem~ora~ndum Only) Water Sewer Sanitation ept eS m e~ Operations Operations Fund 1980 ~~ s ources of Working Capital: ~ Operations: Net Income $ 17,129 $ 25,087 $ 28,898 S 71,114 $(73,709) Items not requiring ' Working Capital (Depre- ciation) -0- -0- 14,892 14,892 15,240 iVo rking Capital Provi- ' ded by Operations 17,129 25,087 43,790 86,006 (58,469) Increase in Customer Deposits 3,754 -0- -0- 3,754 4,594 ' Collections on Assess- ments -0- 968 -0- 966 1,249 Total Sources of Working ' Capital 20,883 26,055 43,790 90,728 (52,626) ,i s es of Working Capital: ~ A cquisiiron of Property, Plant, and Equipment 9,631 1,894 43,790 55,315 7,176 ' Advances to Other Funds -0- 173 -0- 173 -0- Yayment on Revenue Bonds 12,000 -0- -0- 12,000 12,000 Payment on Certificates of Indebtedness -0- 9,262 -0- 9,262 7,685 ' Transfer to Bond Retire- ment Escrow Fund 42,135 -0- -0- 42,135 -0- Total Uses of Workin Capita 63,766 11,329 43,790 118,885 26,861 Net Increase (Decrease) in or ing aptta $(42,883) $ 14,726 $ -0- $(28,157)$(79,487) lements of Decrease in Wor in a ita ' Increase Decrease) in Pooled Cash $ 42 863) S 14,726 $ -0- $(28,157)$ 79 487) ' See notes to financial statements. 1G ' Tyson & Swindell, P.A. ~ ~ 0 7 31 Certified Public Accountants CITY OF ATLANTIC BEACH, FLORIDA 17 EMPLOYEES' RETIREMENT SYSTEM (CASH BASIS) STATEMENT OF RESOURCES AVAILABLE FOR RETIREMENT BENEFITS SEPTEMBER 30, 1980 Se tember 30 1 RESOURCES Equity in Pooled Cash $222,765 $125,793 New England Life Insurance Company - Investment Contract 302,163 276,151 Total Resources $524,948 5403,944 LIABILITIES AND RESERVES Reserve for Employer Contributions 5452,724 5365,534 Reserve for Retired Benefit Payments 72,224 38,410 Total Liabilities and Reserves 5524,948 $403,944 See notes to financial statements. 17 Tyson & Swindell, P.A. Cert~ed PublicAccountanrs n00732 CITY OF ATLANTIC BEACH, FLORIDA EDfP LOYEES' RETIREMENT SYSTEM ~ (CASH BASIS) ~ STATE4fENT OF CHANGES IN NET ASSETS AVAILABLE ~ SEPTEMBER 30 1980 ~ O C 1980 1979 Cenera o icemen firemen ota Genera o icemen firemen ota I. Reserve for Employer Con- tnTiuiions Balances at Beginning of Years $162,153 $124,730 $ 78,651 $365,534 $ 96,321 $ 94,308 $ 59,734 $252,363 A itions: City Contribution 69,539 -0- -0- 69,539 52,211 12,208 9,618 74,237 State Contribution -0- 10,735 3,876 14,611 -0- 9,275 3,462 12,737 Transfer to Reserve for Retiree Benefit Pay- ments (39,962) -0- -0- (39,962) -0- -0- -0- -0- Undistributed Invest~~ ment Income - Balances 20,071 14,248 8,683 43,002 11,621 8.939 5,637 26,197 Balances at End of Years $211,801 $149,713 $ 91,210 $452,724 $162,153 $ 124,730 $ 78,651 $365,534 I. Reserve for Retiree Bene- - rt ayments: Balances at Beginning of ~l ears $ 38,410 $ -0- $ -0- S 38,410 $ 45,504 $ -0- $ -0- S 45,504 Transfers for Benefit of Retirants, per Actuaries Recommendation 39,962 -0- -0- 39,962 -0- -0- -0- -0- Interest at 6.53 on Mean Balance (5.53 in 1979) 3,183 -0- -0- 3,181 2,237 -0- -0- 2,237 Payments to Retirants and Beneficiaries (9,330) -0- -0- 9 330) (9,331) -0- -0- (9,331) Balances at End of Years $ 72,225 $ -0- j -0- E 72,223 $ 38,410 $ -0- $ -0- $ 38,410 See notes to financial statements. 18 Tyson & Swinde(I, P.A. ~ ~ ~ ~ ~ ~ ~ ~Cer~P~A~~ta~ ~ ~ ~ ~ ~ ~ ~ 1 CITY OF ATLANTIC BEACH, FLORIDA EMPLOYEES' RETIREMENT SYSTEM (CASH BASIS) STATEMENT OF CHANGES IN FINANCIAL POSITION SEPTMEBER 30. 1980 ' Resources at Beginning of Year: ~guity inn PooTe3 Camginning of year Other Investments ' Other Assets Totals Sources of Funds: Earnings on Inon Investments Contributions from City ' Contributions from State of Florida Totals Uses of Funds: Pay- ment Pensions to Retirants Net Increase in Resources ' Total Resources at End of Year Summary of Changes in Re sources: ~-;;gutty in oo a as Other Investments Totals ' See notes to financial statements. 19 ' 7~son & Swindell, P.A. Certified Public Accountants 1980 5125,793 278,151 -0- xYi 3~4 46,184 69,539 1336;333 9 330 1~1 ,~T $524,948 S 96,992 24,012 5121,004 19 1979 S 58,132 231,857 6,694 3~56~ 663 29,618 74,237 liib;"59~Z 9 331 i~T;'~ 1403,944 ~ 45,089 62,172 5107,261 000734 ' CITY OF ATLANTIC BEACH, FLORIDA OTHER TRUST AND AGENCY FUNDS (CASH BASIS) COh1B INING STATEMENT OF FINANCIAL POSITION AND RECEIPTS AND DISBURSEMENTS SEPTEMBER 30, 1980 1 1 1 1 Financial Position: Resources: Equity in Pooled Cash ~ Funds held for Others: Outstanding Court Bonds Fund Balances: Restricted Unrestricted Total Funds held for Ot ers an Fun Balances Receipts and Disbursements: ,Receipts: Net increase in Outstanding Posted Bonds Court Costs Received Interest Earned Totals Disbursements: Payments for Police Schools and Training Excess of Receipts over Revenue Cash Balances at October 1 Cash Balances at September 30, 1 zo Totals ear~~ Case Bond Court Bond September 30, Escrow Fund Fund ~-9~79~ $ 458 512,383 $12,841 59701 398 -0- 398 77 -0- 12,383 12,383 9.,606 60 -0- 60 18 $ 458 512,383 512,841 59~7O1 S 321 S -0- S 321 S 77 -0- 2,464 2,464 2,607 - ' ~bT ,57 3 ~'T7b ~3Si -0- 1,080 1,080 1110 363 2,777 3,140 1,852 95 9,606 9,701 71849 5 458 512,383 512,841 5901 See notes to financial statements. 20 Tyson & Swindell, P.A. Certified Public Accountants 000735 ' CITY OF ATLANTIC BEACH, FLORIDA STATEMENT OF GENERAL LONG-TERM DEBT (CASH BASIS) SEPTEMBER 30, 1980 ' Amount Available and to be Provided: Amount avails a in De t ervice Fund ' Amount to be Provided from Ad Valorem Taxes Total Available and to be Provided Genera l_. Long-term Debt: General O I'igation Serial Bonds Payable: ' 1958 Issue 1971 Issue ' Total General Long-term Debt 1 See notes to financial statements. 21 Tyson & Swindell, P.A. ' Certified Public Accountants 21 Years Ended September 30 $ 47,529 $ 40,376 481,471 519,624 $529,000 $560,000 S14s,cao 384,000 5529,000 Sleo,ooo 400,000 5560,000 006'~~$ CITY OF ATLANTIC BEACH, FLORIDA 22 ALL FUNDS NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980 ' 1. Description of Funds and Summary of Significant Accounting Policies: • Description of Funds - The general government fund accounts for all revenues and expenditures of the activities financed by such revenues, which are not accounted fer in other funds. The other established funds or account groups are classified according to the guidelines established by governmental accounting and financial reporting prin- ciples (Statement No. 1, November 1979) and the uniform accounting system prescribed by the Department of Banking and Finance, which ' was officially adopted by the City. • Basis of Accounting - The cash basis of accounting is utilized for accounting as well as budgeting. ' • Inter-fund Transactions - Inter-fund transactions are not eliminated and no interest is charged on inter-fund advances. All funds parti- cipate in the "Pooled Cash Account" and interest earned on resulting temporary cash investments is apportioned pro-rata on the basis of average Mean" participating balances for each fiscal year. (See note 2) ' • General Fixed Asset Accounting - There are no formal accounting records maintained by the City relating to general fixed assets other than memorandum records. ' • Commitments and Contingent Liabilities - The cost of sick leave and vacation pay is recognized when actually disbursed to employees. Accumulated unpaid amounts could not be determined due to existing condition of personnel attendance and leave records. According to the City Attorney, there is no pending litigation that would materially affect the fund balance of the City. 1 1 1 ' 22 ' Tyson & Swlndel-, en. ~ 0 ©737 Certified PublicAcrountants ' CITY OF ATLANTIC BEACH, FLORIDA ALL FUNDS NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1980 23 ' 2. Pooled Cash During the prior year, the City combined substantially all of the ' cash and temporary cash investments into a "Pooled Cash Fund" in order to provide larger amounts for investing purposes to obtain higher yields and also to reduce detailed administrative and accounting procedures ' necessary to maintain numerous separate accounts. The composition of the pooled cash funds as of September 30, 1980 and 1979, were as follows: Cash Funds Undeposited Receipts ' Checking Accounts Savings Accounts Time Certificates I' ' 3 1 1 ' 4 1 1 1980 S 700 -0- 15,105 86,787 836,238 $938,830 Average Mean Balance for Year Ended September 30, 1980 $999,315 Earnings for Same Period $137,893 Average Yield 13.88 1979 $ Tao 79,658 6,844 76,666 895,732 51059,800 Ad Valorem Taxes Both real and personal property taxes are collected by the consoli- dated City of Jacksonville (Duval County). The Ad Valorem taxes remitted by Jacksonville for the years ended September 30, 1980 and 1979 were as follows: Fund General Debt Service (GOB) Totals General Lone-term Debt 1980 1979 $181,180 $177,271 62,578 67,661 $243,758 $244,932 The "Amount to be Provided from Ad Valorem Taxes" as shown on page 21 represents the amount by which the amount of principal remaining owed on the bonds exceeds the amount available in the Debt Service Fund. The amount of interest to accrue over the life of the bonds must also be provided for by ad valorem tax assessments. The total amount of interest to accrue is reflected on page 26 as "Additional Information". 23 Tyson & Swindell, P.A. Certified PublicACCOUntants noo7s~ ' CITY OF ATLANTIC BEACH, FLORIDA 24 ALL FUNDS NOTES TO FINANCIAL STATEMENTS ' SEPTEMBER 30, 1980 ' S. Proprietary Fund Operations The City conducts the following activities of which the financial transactions are presented in a manner essentially like those of similar business organizations: ' Water System Operations Sewer System Operations Sanitation and Refuse Service ' The water and sewer operations are both providing excess earnings which are available for transfers to the general government operations of the City. The sanitation operation is subsidized by revenues other ' than fees charged for the collection and disposal service. Since the City does not have a system to allocate its overall administrative or other applicable costs to the various funds, the results of operations ' of the enterprise operations do not include all applicable expenses. 6. Employees' Retirement System ' The City's Employees' Retirement System was established in 1976. The system includes general employees as well as police and firemen. The actuarial firm of Gabriel, Roeder, Smith E Company, are retained as continuing consultants for assistance in administering the plan. According to the latest actuary's report dated August 1, 1980, the unfunded accrued service costs as of September 30, 1979, amounted to 5197,861. ' 7. Special Assessment Fund The amounts formerly carried as assessments receivable resulting from ' prior years tree removal, lot clearing and demolitions are no longer considered as being materially valuable for presentation as resources of the financial position of the City. Collections on these assessments ' were nil for the past year and negligible for the past several years and consequently, a lOD$ valuation reserve was previously established to properly value the worth of these items. ' 8. Utility Revenue Bonds During the month of September 1980, the City Commission authorized ' the amount of 542,135.00, to be deposited with the Trust Department of the Atlantic National Bank of Jacksonville, Florida, as escrow agent for purposes of paying the remaining outstanding serial maturities due on the Utility Revenue Bonds issued as of March 1, 1955, as well as the interest to accrue. On October 2, 1980, the escrow agent reported that substantially all of the funds had been invested in United States Govern- ment obligations that mature on dates corresponding with the dates of ' the maturities, which are March 1, 1981, 1962, and 1983. 24 ' 7gaon & Swinde!!, P.A. Q Q Q 7$ 9 Certified PublicAccounrants CITY OF ATLANTIC BEACH, FLORIDA 25 ' ALL.FUNDS NOTES TO FINANCIAL STATEMENTS ' SEPTEMBER 30, 1980 t The escrow agent estimates the earnings on the invested funds will amount to $4,659.86, in excess of amounts necessary for p ayment of the principal amounts as well as interest to accrue. In our opinion, the above action constitutes a full adv ance defease- ment of the outstanding liability on the bond issue. The unpaid liabi- lity however, will continue to be carried on the fund sta tements, and reduced as payments are made by the escrow agent. The maturities to be retired are as follows: Interest . Principal at 3.5$ Total March 1, 1981 $13,000 $1,400 $14,400 March 1, 1982 13,000 945 13,945 March 1, 1983 14,000 490 14,490 ' Totals $40,000 $2,835 $42,835 t 1 1 The escrowed investments in the United States Government obligations are set forth below: U.S. Treasury Bills U.S. Treasury 6 3/8$ Notes U.S. Treasury 8$ Notes Totals Date Due 2-26-B1 2-15-82 2-15-83 Face Amount $15,000.00 15,000.00 14,000.00 $44,000.00 Cost $14,309.33 14,109.38 12,950.00 $41,368.71 25 Tyson & Swindell, P.A, n ~ 0 7~ (1 Certifed PublicAccounfants CITY OF ATLANTIC BEACH, FLORIDA ALL. FONDS ADDITIONAL INFORbfATION Our examination of the financial statements of the City of Atlantic Beach, Florida, for the year ended September 30, 19R0, was intended primarily for the purpose of formulating an opinion on the basic financial statements. The additional information presented on the following pages have been taken from the accounting records of the City and are not, in our opinion, necessary for fair presentation of the City's financial position, results of operations or changes in financial position. Such information had not been subjected to tests and other auditing procedures suffi- cient to enable us to express an opinion as to the fairness of all the details included, and accordingly, we do not express or imply an opinion on this information. OQ0741 7} son & Sw+nde!!, P.A. Cert~ed PublicAccountants G Year of Maturity ' 1981 1982 1983 ' 1984 1985 1986 ' 1987 1988 1989 CITY OF ATLANTIC BEACH, FLORIDA GENERAL LONG-TERN DEBT SEPTEMBER 30, 1980 Principal Amounts 1990 1991 1992 ' 1993 1994 1995 ' Total Principal ' Interest Rates Total Interest to Accrue over remaining ' life of debt Original Amounts Assets Pledged - 26 ~enerai eenerai Obligation Obligation Sewer Bonds Sewer Bonds Issued 7/1/71 Issued 4/1/58 5 17,000 S ls,ooD 18,000 15,000 20,000 16,000 20,000 20,000 20,000 20,000 22,000 20,000 25,000 20,000 25,000 20,000 25,000 -0- 25,000 -0- 30,000 -0- 30,000 -0- 30,000 -0- 40,000 -0- 37~0 -0- 5384,000 5145,000 5.75$ 3.8$ to 3.9$ 5208,214 ~ 23,461 5500,000 5300,000 Ad Valorem Ad Valorem Tax - All Tax - All Assessed Assessed Property Property 26 Tyson & Swindell, P.A. n n Q7~~ CertifiedPu6licAccountanfs 1 RESOURCES ' Cash and Temporary Cash Invest- ments Bond Retirement Escrow Funds ' Other Receivables - Net Other Depreciable Assets Accumulated Depreciation Due from Other Funds ' Investments Amounts Available in Debt Service Fund ' Amounts to be Provided from Ad Valorem Taxes Returned Checks on Hand ' Escrow Funds Total Resources LIABILITIES ' Due Other Funds Customer Deposits Bonds Payable ' Certificates of Indebtedness Funds held for Others ' Total Liabilities FUND EQUITY ' Contributed Capital Retained Earnings: Restricted ' Unrestricted Unreserved Fund Balances: Reserved for Employees Retire- ment System ' Restricted Unrestricted ' Total Fund Equity Tots i-T'L'abiTiies and Fun quity 1 CITY OF ATLANTIC BEACH, FLORIDA (CASH BASIS) COMBINED STATEMENT OF FINANCIAL POSITION SEPTEMBER 30, 1980 Governmental Fund Types Proprietary Fiduciary e era Fund Types Fund T es Revenue Debt etirement General Sharing Service Enterprise System Other Account Grou s Genera Genera Totals Fixed Long-term (Memorandum Assets Debt Only) 5296,431 5115,174 S 47,529 S 244,071 5222,785 512,841 S -0- S -0- S 938,831 -0- -0- -0- 42,135 -0- -0- -0- =0- 42,135 -0- -0- -0- 11,167 -0- -0- -0- -0- ]1,167 -0- -0- -0- 2,780,801 -0- -0- -0- -0- 2,780,801 -0- -0- -0- (89,877) -0- -0- -0- -0- (89,877) -0- -0- -0- 173 -0- -0- -0- -0- 173 -0- -0- -0- -0- 302,163 -0- -0- -0- 302,163 -0- -0- -0- -0- -0- -0- -0- 47,529 47,529 -0- -0- -0- -0- -0- -0- -0- 481,471 461,471 231 -0- -0- -0- -0- -0- -0- -0- 231 5,625 -0- -0- -0- -0- -0- -0- -0- 5,625 5302,287 811 ,174 S 47,529 52,988,490 5524,948 $12,841 S -0- 5529,0(0 54,520,269 5 173 S -0- S -0- S -0- S -0- S -0- $ -0- $ -0- <. 173 -0- -0- -0- 13,278 -0- -0- -0- -0- 13,278 -0- -0- -0- 40,000 -0- -0- -0- 529,000 569,000 -0- -0- -0- 7,577 -0- -0- -0- -0- 7,577 5,625 -0- -0- -0- -0- 398 -0- -0- 6,023 5,798 -0- -0- 60,855 -0- 396 -0- 529,000 596,051 -0- -0- -0- 899,055 -0- -0- -0- -0- 699,055 -0- -0- -0- 322,929 -0- -0- -0- -0- 322,929 -0- -0- -0- 1,705,651 -0- -0- -0- -0- 1,705,651 -0- -0- -0- -0- 524,948 -0- -0- -0- 524,946 -0- 115,174 47,529 -0- -0- 12,383 -0- -0- 175,066 296,489 -0- -0- -0- -0- 60 -0- -0- 296,549 296,489 115,174 47,529 2,927,635 524,948 12,443 -0- -0- 3,924,216 5302,287 5115,174 S 47,529 52,988,490 5524,948 512,841 S -0- 5529,000 54,520,269 27 Tyson & Swinde(1, P.A. Cert~ed Public Accountants z7 r ~-7a~ CITY OF ATLANTIC BEACH, FLORIDA 28 AUDITORS' COMMENTS AS REQUIRED UNDER RULES OF THE AUDITOR GDNERAL - ANNUAL POST AUDIT REQUIREMENTS OF MUNICIPALITIES ' SEPTEMBER 30, 1980 1. There were no irregularities reported in the preceding annual financial audit unless specific items mentioned in "recommendations" ' might be classified under that term. 2. None of the recommendations made in the preceding or those repeated from prior reports have been totally accomplished, except for ' (1) action taken subsequent to end of the audit period to eliminate accounting and reporting problems through acquisition of adequate computer "software" (which project is now underway) and (2) an ' attempt has been made to incorporate employee leave records with the computerized payroll system. The latter effort cannot be con- sidered as reliable due to lack of adequate beginning data and ' continued lack of centralized control over employee attendance. The remaining items previously recommended on which no or very little has been accomplished, pertain to the following general ' categories: (a) General Fixed Asset Fund (b) Enterprise Fund depreciation accounting ' (c) Inventory controls over materials and supplies (d) Obtaining satisfactory utilization from the centralized ' filing system. 3. Present recommendations, as stated in prior reports, are to attempt to accomplish prior recommendations as well as to comply with all of the "Rules of the Auditor General" as revised•..on September 15, 1980. Specifically we refer to adaptation of (1).a written plan of organization and (2) a manual of written policies and procedures covering all phases of financial management. 4. No comment is considered appropriate in this report as to this item ' in view of the current investigations being conducted by the State Attorney's office and the Ouval County Grand Jury. 5. See 4 above. 1 6 2 b . See ove. a ' 7. See 3 above. 8. See 2 and 4 above. ' 9. No defalcations were discovered by the auditor. 10. The financial report filed with the Department of Banking and Finance persuant to Section 218.32, Florida Statutes, for thefiscal year ended September 30, 1979, was substantially in agreement with the annual financial audit report for the same period. 28 Tyson & Swindell, P.A. A ~ 0 74 4 Cert~ed Public Accountan is ' CITY OF ATLANTIC BEACH, FLORIDA 29 POOLED,CASH FUND (CASH BASIS) ' SEPTEhIBER 30, 1980 ' September 30 ~T~ RESOURCES ' Cash Punds S 700 S 700 Cash held for Deposit -0- 79,858 Checking Accounts 15,105 6,844 Savings Accounts 86,787 76,666 Time Certificates of Deposit 836,238 895,732 ' Totals 3938,830 51 ,059,800 FUND EQUITIES General 5296,431 S 489,599 Enterprise 244,071 272,228 ' Federal Revenue Sharing 115,173 122,103 Retirement System 222,785 125,993 ' Debt Service Trust Funds 47,529 12,841 40,376 9,701 Totals $938,830 51, 059,800 ' 1 29 R~}~'745 ' Tyaon & Swindell, P.A. Certified Public Accountants CITY OF ATLANTIC BEACH, FLORIDA (CASH BASIS) SUMMARY OF EQUITIES IN POOLED CASH SEPTEMBER 30. 1980 Fund Amount General 5296,431 Water 58,105 Sewer 185,966 Federal Revenue Sharing 115,173 Retirement System 222,785 Case Bond 458 Court Bond 12,363 Debt Service 47,529 $938,830 30 3o fl00746 Tyaon & Swindell, P.A. Certified Puhlic accountants