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Audit Report - 1970-1971CI^aY OF ATLANTIC BEACH, FLORIDA AUDIT AEFORf DECEMBER 31, 1971 ,_~ TYSON, RVANS & SUTAIRRB, CRARTRRRD CsRn/IW M41C wCCOVNTAN» .. 1. CITY OF ATLANTIC BEACH, FLORIDA INDEX TO REPORT DECEMBER 31, 1971 e ~~ i 1' ^:t r.r Page Number Certificate Lettex 1 General Fwd 2 - 8 Water Accowts - Operations 9 - 12 Utility Fe venue Bond Pwd 13 - 14 Sewer Pwd 15 - 17 Police Court Cost Fwd 18 1971 General Obligation Sewer Bond Construction Accowt 19 - 21 1971 Genezal Obligation Sewer Bond Sinking Pwd 22 - 23 Auditors' Coffients 24 - 25 ~ - -_ 7YS0 <, F.V ANS &SUMMERS, CHARTERED cesnr~eu eueucwccoUxrwxsa r TYBUN. SVANS & BQMMSSB. GHAHTBRSD DE RTIrE[D )DSL1D AOOOD MSADSY ilia sEwcD sOOL[vARD JACE[OMV~LL a. rLO RED• Ir [O] January 29, 1972 To The City Commission City of Atlantic Beach, Florida Gentlemen: We have examined the financial statements of the various funds of the City of Atlantic Beach, Florida, as of December 31, 1971, and the related statements of cash transactions for the year then ended. our examination was made in accordance with generally accepted auditing standards, and included such tests of the accounting records and other auditing procedures as we considered necessary. In our opinion, the attached statements present fairly the finan- cial positions of the various funds of the City of Atlantic Beath, Florida at Becember 31, 1971, and the related cash transactions for the year then ended, in conformity with generally accepted accounting prin- ciples applied on a consistent basis. The "Auditors' Conmpnts" submitted herewith in compliance with Section 9, (haptez 71-216, Florida Statutes is not included within the above certification. Respectfully submitted, Page 1 CITY OF ATLANTIC BEACH, FLORIDA GENERAL FUND FINANCIAL POSITION DECEMBER 31, 1971 V ~a ~~ RESOURCES Cash on Nand and in Bank - Page 3 $ 113,791 Savings Account - Jordan Utility Escrow 627 Taxes Receivable - Page 4 49,601 Paving Assessments Receivable - Page 4 150 Lot Clearing Liehs Receivable - Page 4 361 Assessments for bemolition - 1968 1,800 Due from 1971 General Obligation Sewer Hond Construction Account - Page 21 24,277 TOTAL RESOURCES $ 190,608 OBLIGATIONS AND FUND BALANCES Obligations Utility Eacrow Accounts $ 627 Ac rousts Payable 2,147 Bond Honey Held 1,181 Due Police Court Coet Pond 36 Due 1971 General Obligation Serer Bond Sinking Fund 3,828 Total Obligations $ 7,819 Fund Balances Fe se rve for Uncollected Resources S 76,189 Available for Appropriation 106,600 Total Fund Balances 182,789 TOTAL OBLIGATIONS AND FUND BALANCES $ 190,608 Page 2 TYSON, BVANB 4 SUMMBII3. CHwRTF.RRn ctsnnm ru~uc wrcourr.r.. CITY OF ATLANTIC REACH, FLORIDA GENERAL FUND CASN RECEIPTS AND DISBURSEMENTS 1971 Cash ealance at January 1, 1971 $ 51,842 Add: Revenue Receipts - Page 5 S 544,945 Bond Money in Police Department 1,181 Due Police Court Coat Fund 36 546,162 Total Cash Available S 598,009 Deduct: Actual Expenditures - Page a 464,212 Cash Balance at cecember 31, 1971 S___113,792 Composition of Cash Balance at December 31, 1971 Fi Yet National Beach Bank S 112,261 change and Petty Cash Funds 263 Cash on Hand - Police Department 1,248 Total S 113,792 Page 3 EVANS A SUMNRRR. CHARTRRRn CslT1I1aD MIIC ACCOUNTANT! v f CITY OF ATLANTIC BEACH, FLOAI DA GENERAL FUND DECEMBER 31, 1971 TAXES RECEIVABLE REAL ESTATE Year Assessed 1971 1970 1969 1968 1967 1966 1965 1969 1963 6 Prior PERSONAL PROPERTY 1971 Levy 1970 Levy 1969 Levy 1968 Levy TOTAL TAXES RECEIVABLE PAVING ASSESSMENTS RECEIVABLE ~! Y YedZ Assessed 1952 LDT CLEARING LIENS RECEIVABLE t Ye dZ ASeeeeed 1971 1970 1969 1968 1567 1966 1965 1963 TOTAL LOT CLEARING LIENS AECEIVABLE Page 4 S 28,083 4,264 3, 407 3,064 2,132 1,973 2,552 402 1,900 $ 97,777 5 1,004 234 292 294 1,824 5 49,601 5 150 5 170 5 30 40 31 21 54 10 S 361 TYSON, EVpNS & 9U-4fER8, CHARTERED csaTl~~sn IV~uC ACCOVIRAIIT/ ;. i e >1 Y 1 6Y t Y CITY OF ATLANTIC SEACF{, FLORIDA GENERAL FUND REVENUE RECEIPTS ESTIMATED ANO ACTUAL 1971 Account Estimated Actual 101 Ad valorem Taxes - 1971 S 78,900 $ 79,069 102 Ad valorem 'taxes - Prior 21,000 29,461 103 Personal Property Tax 5,100 8,263 104 Fines and Forfeitures 37,400 45,557 105 Permits 2,000 9,061 106 Electrical Franchise 30,000 30,138 107 Garbage Collections 54,000 54,595 108 1961 Paving Assessments 100 -0_ 109 Licenses 12,000 9,410 110 Penalties and Interest 1,000 1,731 111 Miscellaneous Collections 25,600 28,237 112 Telephone Franchise 1,600 1,907 113 Radio Service - Neptune Beach 4,200 9,200 114 Lot Clearing 1,500 894 115 5. M. Sewer Service Charge 500 702 116 Sewer Service Charge 50,000 53,599 117 Rnyal Palms Certificate No. 3 3,000 4,258 121 Transfer from W.O.M. s R. Account 36,875 36,875 122 Transfer from Water Revenue Account 80,787 80,777 123 Transfer from Unbudgeted Reserve 50,000 56,659 124 Life Guard Service 9,500 8,600 125 Police Reports 250 210 126 Secondary Road Fund Contract 8,000 -0- 127 AmGul once Service 100 -0- 128 House Removal _ 1,000 747 Total $ 509,412 $ 544,995 Page 5 TYSON, BVANS L 8U61Y663, CHARTBR¢D aannso tuMC axouMiuifl t r N CITY OF ATLANTIC BEACH, FIARI DA GENERAL FUND APP ROPAIATIONS AND EXPENDITURES 1971 Acmunt Appro priations Expenditures ADMINISTRATION 201 Personnel S 39,772 5 34,570 202-A Insurance - Building, Vehicles W/C, etc. 19,948 13,997 202-e Insurance - Li£e and Hospitalization 6,028 6,023 203-A Office Supplies 4,000 3,081 203-B Postage 1,350 1,322 203-C Maintenance Contract, Xerox 1,275 1,263 204 City Hall Repairs, etc. 2,324 1,154 205 Audit 1,600 1,600 206 O A 5 I and Expense 13,179 13,129 207 Office Utilities 2,050 1,007 208 Assessor 250 -0- 167(1) 1 209 Advertising 1,450 , 210 Commissioners' Fwd 1,100 811 211 Election expense 990 990 ~2) 212 City Manager's Expense 850 634 213 Memberships 950 950 216 Professional Services 2,850 2,512 217 City Attorney 3,000 3,000 218 Commissioners' Salaries 600 600 220 House Removal 725 395 1OTAL ADMINISTRATION $ 93,786 $ 87,675 PUBLIC SAFETY 301 Persowel S 109,968 5 109,468 302 Uniforms 1,775 1,687 303-A Police Supplies 728 727 303-B Pi ze Supplies 916 616 306 Jail Meals and Supplies 1,100 1,066 307 Utilities 2,764 2,763 308 Building Maintenance 900 666 309 Radio Repair 767 675 311 Humane Society 900 900 312 School Crossing Guard 200 200 313 Office Supplies 500 488 314 Municipal Judge 1,200 1,200 315 Alternate Judge 500 500 TOTAL PUBLIC SAFETY $ 121,71E 5 120,956 il)$3025 due from 1971 General Obligation Sewer Bond Const ruction Accowt 1215990 due from 1971 General Obligation Sewer Bond Wnstz vc[ion Accowt Page 6 TYSON, EVANS& SUM14ER8, CMARTeRRD ~»nnso rusuc Aecou»xe»Ys CITY OF ATLANTIC BEACN, FLOAI DA GENERAL FNND APPADP RI ATI GNS AND E%PENDITURE6 1971 Account Appropriations Expenditures TRANSPOFTATION 401 Personnel $ 7,202 S 7,176 402 Gasoline 12,187 11,209 403 Oil and Grease 825 766 409 Parts and Tires 9,275 9,275 405 Supplies 838 837 406 Shop Tools 600 585 TOTAL TRANSPORTATION $ 30,927 $ 29,449 SANITATION 501 Personnel $ 30,549 S 29,860 502 Landfill 9,000 7,648 503 Containers 1,500 1,487 504 Supplies 500 440 TOTAL SANITATION $ 41,549 S 39,435 LABOR 601 Personnel $ 59,318 $ 59,302 PUBLIC WORKS 701 Tools and Supplies S 2,000 S 1,686 702 Utilities 1,200 1,066 703 Equipment Maintenance 5,215 4,989 704 Beach and Street Bnds 1,000 747 705 Drainage 1,425 1,399 707-A Street Lights 10,00D 6,336 707-8 Lights - Atlantic Boulevard and Mayport Rd. 5,820 5,391 709 Street Maintenance and General Street Improvements 9,685 8,858 710 Engineering Service9 500 240 711 Street Signs 800 717 712 Building Maintenance 1,000 972 712-A Fire Uamage 875 875 713 Sidewalks and Guttets 3,500 2,269 714 Schools, Training, etc. 900 681 TOTAL PUBLIC WORKS $ 43,920 $ 36,226 Page 7 / TYSON. 6VAN9l~ 8U-1NER8. CHART61t6D RILTIIIW runic wccovxrwxn C 1TY GF ATLANTIC HEAC?i, FLORIDA GENERAL FOND APPRCP RI ATIONS AND EXPENDITURES 1971 ^1 Account SEWER DEPARTNF.NT 201 Repairs and Replacements 802 Plant llarntenance 803 Utr lr ti es 809 Chlorine and Chemicals 805 Supplies 806 Tools 827 Tcansfer to Sewex Fund Certificate No. 3 828 Transfer to S. Df. Sewer Fund N29 Transfer to Sewer Fund 830 Professron a! Services TOTAI. S£FJEA DEPARTMENT PARKS i1l'D RECREATION 901 Personnel 902 Recreation Supplies 903 Tools and Suoplaes 994 Recreation !taintenance 905 Park Lrqh ling 906 Community School Program TOTAL PARKS AND RECREATION CAPITAL APPROPRIATIONS L002 Admimstrat ron 1003-,~ Public Safety - Police 1005 Sanitation 1007 Publrc Works 1012 Park Improvements Transportatron Department TOTAC CAPITAL AP PIYJPRI ATIONS 1051 E.'~F.GEN CY E%P ENS F. FUND GPIv D TOTAL - ALL GEPARTMENTS Appropriations Expendrtures $ 3,500 $ 2,850 1,900 1,167 5,000 3,7?4 3,P00 3,56:: 100 9D loo e7 l,zoo 1,7r,s S00 7UL zo,ooo zo,onP, 7,500 __ S,OSLIl! $ 43,100 S 39,752 $ 17,889 5 17,889 600 594 139 134 4,968 4,407 1,032 1,Oll 3,000 1,499 $ 27,628 $ 25,634 S 8,000 $ 7,474 5:210 5,722 14,560 14,556 8,125 8,190 6,440 7,941 -.0- 350 $ 42,335 49,183 $ 5,131 S 1,200 5 509,412 $ 984.212 ~i~DUe from 1971 General Oblrgation Sewer Bond Construction Fwd i~ P TYSON. EVANS L BUMMERS. CHARTERED caanrJao ruauJ: AaovwTwun CITY OF ATLANTIC BEACN, FLORIDA WATER ACCOUNTS - OPERATIONS CASN RECEIPTS AND DISBURSEMENTS 1971 L ^ , is Cash Balance at .7anuary 1, 1971 Add: Revenue Receipts - Page 11 Lee6 - Actual Cash Balance (Water Revenue Account) Interest Earned Total Cash Available ceduct: Actual Expenditures - Page 12 Cash Balance at December 31, 1971 156,735 $" 53,557 Compo ition of Cash Balance at December 31, 1971 Atlantic National Bank Checking Accounts: Water Revenue Account $ 35,665 Water Operations, Maintenance and Repair Account 135 Water System Renewal and Replacement Pund 202 Time Certificates: Water System Renewal and Replacement Pond 17,555 Total $ 53,557 Page 10 $ 23,108 $ 209,434 23,108 $ 106,326 85H 107,184 S 210,292 "I'r `JVN, 6YA1Ya Y aUYMGI{a, CNARTKR6D csfn~,w r~~w: aw„vnswnn ,, 1 t 's I CITY OF ATLANTIC BEACR, PIAAIDA WATER ACCOUNTS - OPERATIONS REVENUE AELEIPTS ESTIMATED AND ACTUAL 1971 Account Estimated Actual 1101 Minimum Water Charges S 39,500 $ 92,007 1102 Excess Water Chaz9ea 12,500 18,289 1103 Cut-In tl~argea 3,000 7,028 1104 Service Chazges S00 542 1105 Cigarette Tax 50,000 66,223 1106 Utility Tax 50,000 52,227 1107 Budgeted Cash Balance 10,000 23,108 Totals S 165,500 S 203,424 Page 11 TYSON, EVANB 8 BU~IBpB, CNARTBRBD cµ'nnW rtnuc AccoVMiAMn CITY OF ATLANTIC BEACH, FLORIDA WATER ACCODNTS - OPERATIONS APPROPRIATIONS AND EXPENDITUAES 1971 Account Appropriations Ex penditures OPERATIONS, MAINTENANCE, AND FEPAI RE INDIRECT COSTS - PAID TO GENERAL POND 1402 Administration $ 10,000 $ 10,000 1403 Transportation 4,375 9,375 1404 Labor 17,500 17,500 1406 Capital 5,000 5,000 TOTAL $ 36,875 $ 36,875 DIRECT COSTS 1911 Repairs and Replacements $ 11,500 $ 9,540 1412 Tank Maintenance 440 269 1413 Utilities 5,500 5,337 1914 Chemicals 1,260 1,259 1415 Building Maintenance 500 984 1930 Miscellaneous 500 492 TOTAL S 19,700 $ 17,381 RENEWAL AND REPLACEMENT FUND 1501 New Mains, Meters, Services $ 13,500 $ 7,867 1502 Water Reservoir 500 187 1503 Emergency Water Plant 500 -0- TOTAL $ 14,500 $ 8,054 FUND TRANSFERS AND OTHER 1221 Revenue Bond Pund - Bond Principal $ 9,000 $ 9,000 1221 Bond Interest and Paying Agent Charges 4,638 4,638 1242 To General Pund 80,787 80,777 TOTAL $ 94,925 $ 99,415 GRAND TOTAL $ 165,500 $ 156,725 Page 12 TYSON, EVANB 4 SUlDAERB, CiIARTERED CL{nI1W rV~LIC ACCOUM?aMT1 CITY OF ATLANTIC BEACH, FLORIDA UTILITY REVENUE BOND FUND £INANCI AL POSITION DECEMBER 31, 1971 RESOURCES Cash in Atlantic National Rank - Page 14 Fixed Assets - Water System Water System constructed Since May, 1958 from proceeds of bond issue - Cost NeW Water Mains, Service and Me~ere added from Re Venue of System - Cost 11 )) Il7TAL RESOURCES OBLIGATIONS AND PUND BALANCES Obligations Utility Revenue Bonds Payable Certificates of indebtedness Payable (2) Selva Marina Realty Company No. 2 i Total Obligations ' Fund Balances i Investment in Water Eyatem ~ Accumulated Interest Earned on Investments Restricted for Debt Service Total Fund Balances TOTAL OBLIGATIONS AND FUND BALANCES ^ (1 58,054 added during 1971 (2~NOt including accrued interest Page 13 $ 36,372 $ 238,828 199,965 438,793 Y' $ 475,165 $ 136,000 4,700 $ 140,700 $ 298,093 8,989 27,883 334,465 $ 475,165 CHARTBABD C{4TITItD -U~LIC ACCOVNTANtf r e CITY OF ATLANTIC BEACH, FLORIDA UTILITY REVENUE 80ND FUND CASH RECEIPTS AND DISBURSEMENTS 1971 Cash Balance at Januan 1, 1971 Add: Transfers fYOm NateI Revenue Account Interest on Savings Total Cash Available Deduct: Bond Principal Paid Interest and Paying Agent's Fees Cash Balance at December 31, 1971 Composition of Cash Balance_at December 31, 1971 Atlantic National Hank Checking Account Time Certificate Total Page 14 $ 1,518 39,854 5 36,372 $ 39,989 / $ 13,638 1,700 15,338 $ 50,327 S 9,000 4,955 '-3,955 $ 36,372 TYSON, EVANB 6 BUIOBR3, CHARTBRBD w~'DnW -usuc ACCOVNTAMTI r f f CITY OF ATLANTIC BEACH, FLORIDA SEWEA FUND FINANCIAL POSITION DECEMBER 31, 1971 RESOURCES Cash rn Banks - Page 16 $ 17,060 '~ Uncollected Sewer Assessments 14,222 (1) 704,647 Sewer Construction Costs Due From General Obligation Sewer Bonds Construction Account 2x097 TCrTAL RESOURCES 5 736,226 OBLIGATIONS AND FUND BALANCES Obligations General Obligation Bonds Payable (Prior Issue, April 1, 1958) $ 240,000 Certificates of Indebtedness Payable (2) Selva Marina Realty Co. No. 1 18,006 Interstate Contracting Company No. 3 7,732 Total Ob llgations $ 265,738 Fwd Balances - By Source_ Government Grant $ 67,094 Special Assessments 330,096 Revolving Fund 75,296 Total Fund Balances 472.4 BB 1C)TAL OBLIGATIONS A27D FUND HALANCEH $ 738,226 (110oes not include cons is in<uxred in 1971 General Obligation Sewer Bond Construction Acco~.u~t (21DOes not Include accrued interest Pdge 15 QIAR'PLYm C{t1itQD}U1L0 ACCOi/1RA1R~ r Y CITY OF ATLANTIC BEACH, FIARI DA SEVER POND CASH RECEIPTS AND DISBUFSENENTS 1971 Cash Balance at January 1, 1971 Add: Revenue Heceipte Less: Beginning Cash Balance included Total Cash Available Deduct: Actual Expenditures Amount Expended xfii~ is due from 1971 G.O.B. Construction Account Cash Balance at December 31, 1971 Composition of Caeh Balance at December 31, 1971 The ocean State Bank Tne Piist National Beach Bank Total Page 16 $ 24,296 $ 47,018 24,296 22,722 $ 47,018 $ 27,861 2,097 29,958 $ 17,060 $ 17,055 5 $ 17,060 TY80N, EVANS L BUMMBAB, CHARTSRBD ceenrnm rowc wccooMrAN7s CITY OF ATLANTIC BEACH, FLORIDA SEWER FUND REVENUES AND EXPENDITURES 1971 Estimated ACtUal REVENUES Beginning Cash Balance $ 25,000 $ 24,296 Special Sewer Assessments 1,000 1,542 Interest and Miscellaneous Collections 1,000 1,180 Transfer from S. C. Charges 20,000 20,000 Transfer from Sewer Construction 20,000 -0- TOTAL S 67,000 S 47,010 EXPENDITURES Plans for New Sewer Plant $ 3,835 $ -0- Bond Principal 10,000 10,000 Hond Interest 9,480 9,475 Sewer Construction 23,165 8,386 Sewer Reserve Fund ._20,520 -0- TOTAL $ 67,000 $ 27,861 Page 17 BVANB i 8U-111BN. CNART[Ren eLnT-aD tInL70 ACCOVMTAX'ry CITY OF ATLANTIC BEACH, PLORI DA POLICE ODURT COST FUND FINANCIAL POSITION DECEMBER 31, 1971 RESOURCES Cash In Bank (Per Below)' Due From General Fund TDTAL RESOURCES FUND BALANCE Restricted Balance CASH RECEIPTE AND DISBURSENENTS 1971 Cash Balance at January 1, 1971 Add: COUYt CO6tS Total Cash Available Deduct: Remittances to State of Florida Schools and Training Cash Hal once at December 31, 1971 •First National Beach Bank Page 1g $ 2,312 36 S 2,348 $ 2,348 $ 1,438 2,540 s 4,o7a $ 1,320 446 1,766 $ 2,312 CHARTBItiD CitTllm tV~YC ACCOVMiAMT/ CITY OF ATLANTIC BEACH, FLORIDA 1971 GENERAL OBLI GATI017 S£WEA BOND • LbNSTRUCTION ACCUUNT • FINANCIAL POSITION DECElB3ER 31, 1971 RESOURCES • First National Beach Hank Checking Account $ 50,777 t U. S Treasury Bills at Cost (1J 363,803 • Eazned Discount on Treasury Bills 8,034 + Costs Incurred -Sewer Extensions, Additions, etc. including Bond Issue Co Sts - Page 21 106,908 • TOTAL RESOURCES S 529,522 r OBLIGATIONS AND FUND BALANCE ' Obligations + Due Sinking Fund $ 12,398 Due Sewer Fund - Fage 21 2,097 Due General Fund -Fage 21 24,277 • Total Obligations S 38,772 + Fund Balance 490,750 TOTAL OBLIGATIONS AND FUND BALANCE $ 529,522 Y ~ t (l~Par value of $375,000. Average yield of 5.7R • II Page 19 BVANB ~ BUgYBBS, CHARTBRBD caannm nnuc AoeovMtAan CITY OF ATLANTIC BEACN, FLORIDA 1971 GENERAL OBLIGATION SEWER BOND a CONSTRUCTION ACCOUNT • CASH RECEIPTS AND DISBURSEMENTS 1971 t , Receipts: Proceeds from Sale of Bonds -Page 23 S 490,750 Accrued Interest Received - Page 23 3,065 ~ Interest on Investments 1,299 Total Receipts S 495,119 F Disbursements: Construction Costs - Addition to Sewage Plant $ 72,000 ~ Engineering and Bond Issue Casts - Page 21 8,539 ' Investment in Treasury Bills 363,803 ~ Total Disbursements 444,337 Cash in First National Beach Bank Checking Account at oecevber 31, 1971 S 50,777 1 • T { ~~ Page 20 TYSON, EVANB Z BUIOISpB, CNARTBRiD csanruu nnuc ACGOYMTANT/ CITY OF ATLANTIC BEACH, FIgRI DA 1971 GENERAL OBLIGATION SEWER BOND WNSTRUCTION ACCOUNT STATEMENT OF WSTS INCURRED THROUGH DECEMEER 31, 1971 Paid PYOm Due Other Pund6 This Fund General Fund Sewez Pund TOTAL BOND ISSUE OUSTS Election Expense $ A90 $ 490 Advertising $ 1,012 1,012 Printing S 844 791 1,635 Financial Consultant Fees 5,050 5,050 Legal Peea 6,319 6,319 other Coats 600 ~ 600 1DTAL BOND ISSUE COSTS S 7,163 $ 6,331 S 1,612 $ 15,106 ENGINEERING PEES 1,371 17,946 985 19,802 CONSTRDCTION - ADDITION TO TREATl~NT PLANT 72,000 -0- -0- 72,000 TOTAL COSTS INCURRED $ 80,534 $ 24,277 $ 2,097 $ 106,908 Paye 21 TYSON, BVANB h SlMBRB, CFIAR7'BBBD esanrrtn nnuo Accopxrvm 1 t Y CTTY OF ATLANTIC BEACH, FLORIDA 1971 GENBRAL OBLIGATION SEWER BOND SINKING FUND FINANCIAL POSITION DECEPIDER 31, 1971 PESOURCES Amowt to be Provided by Ad Valorem Taxes for Retirement of Bonds (Principal) $ 500,000 Due from Construction Accowt~l) 12,398 Due from General Fwd~2) 3.828 TOTAL RESOURCES $ 516,226 OBLIGATIONS Accrued interest Due January 1, 1972 $ 16,226 Bond9 Payable - Page 23 500,000 TOTAL OBLIGATIONS $ 516,226 (l)Interest received upon sale of bonds and interest earned on investments. (2)Additional amowt needed to pay intereat on General Obligation Sewer Gonda due on January 1, 1972. Page 22 4 BU-RABRB. CHAR78RBD caanma nnuc Accourrw,m I , CITY OF ATLANTIC BEACH, FLORIDA 1971 GENERAL OBLIGATION SEWER BOND SINKING FUND BONDS PAYABLE DECEMBER 31, 1971 SERIAL NUFIDERS MATURITY DATES SALE PRI CE (1) DISCOUNT T0TAL~2) 1- 20 July 1, 1973 $ 19,630 $ 370 $ 20,000 21- 32 July 1, 1979 11,778 222 12,000 33- 44 July 1, 1975 11,778 222 12,000 45- 56 July 1, 1976 11,778 222 12,000 67- 70 July 1, 1977 13,742 259 14,000 71- 85 July 1, 1978 14,722 278 15,000 66-100 July 1, 1979 19,722 278 15,000 101-116 July 1, 1980 15,709 296 16,000 117-133 July 1, 1981 16,685 315 17, OOC 134-151 July 1, 1982 17,667 333 18,000 152-171 July 1, 1983 19,630 370 20,000 172-191 July 1, 1984 19,630 370 20,000 192-211 July 1, 1985 19,630 370 20,000 212-233 July 1, 1986 21,593 407 22,000 234-258 July 1, 1987 29,538 462 25,000 259-283 July 1, 1988 24,538 962 25,000 284-308 July 1, 1989 24,538 962 25,000 309-333 July 1, 1990 24,538 462 25,000 334-363 July 1, 1991 29,495 555 30,000 364-393 July 1, 1992 29,445 555 30,000 394-423 July 1, 1993 29,445 555 30,000 924-963 July 1, 1994 39,260 740 40,000 964-500 July 1, 1995 36,315 685 37,000 TOTALS $ 490,750 ~1~$ 9,250 $ 500,000(2) (1~This amount plus accrued in terest in the amount of 53,069 .96, deposited in Cora traction Fund. (2~DOes not include interest whith will accrue over the life of bonds amounting io 5478,110. Page 23 TYSON, EV,tNB fr BIIlWBRB. QiAR78R6D cirmuannLC wecoorrcum i r r f 1 t 1 f a r AUDITORB' CDMl~NfB The following coa~erts are submitted in the specified sequence as required by Section 4, Chapter 71-218, Florida Statutes: A. There were no irregulartiea reported in the preceding annual post audit. e. There were no recoamiendatione made in the preceding annual post audit. C. 't'he following recommendations are submitted for your consid- eration: 1. Pxe-numbered Building Permit POrmB, Electrical Permit Forms, and Plumbing Permit Porms should be obtained. The present Building Permit Form is adequate except for not being pre-numbered. The present form pmvidea for record- ing of information as to the issuance of Electrical and Plunbing permits. The Building Permits should be retained in "suspense" until all additional permits required are obtained in order that prooex fallow-up can more easily be made to establish compliance. 2. Consideration should be given to the adoption of proce- dures for public sale of certificates covering delinquent real estate taxes, as is the practice of the majority of municipalities in the State. Ae of December 31, 1971, there was approximately $20,000 in uncollected prior year taxes (exclusive of uncollected 1971 assessments.) It is our opinion that the annual administrative and clerical costs of maintaining subsidiary records of uncollected taxes outweight the accumulating interest eventually re- ceived when collected. 3. Attention is directed to obvious inconsistencies appearing in the valuations on the Personal Property Tax Roll. Page 24 ~ , TYSON, EVANS&SUNNRRE. CHARTERED Cetn/iao taeuC aCroBNraMra ~ 4. Durr ng the year under review it was noted that certain fines le vred were allowed to be paid on the installment basis. Zt is suggested that if such should occur in the future, that payment is required to be made at the City Nall rather than the Police Department. Proper accounting controls can be maintained in the City Rall and avoid bur- dening the Police Department with responsibilities of bookkeeping duties. 5. Constant surveilance ahould be made in all funds for accum- mulations of restricted cash which possibly could be in- vested in Time Certificates of Deposit or some other form of interest bearing securities. We recommend reporting of, and regular practice of review of all cash balances for this purpose. D. b E. To the best of our knowledge there were no illegal or improper expenditures made during the year, nor was there any violation of laws which could be determined within the ability of an in- dependent auditor to make such de to nnination. F. In our opinion close attention should be given to properly classify certain acquisitions as Capital Expenditures both in the budget preparation and classification when expended. 'i'his rs necessary to determine items to be included in the property accounting records as required under Section 3(C) of Chapter 71-218, Florrda Statutes. It is oui understanding that such property records are to be established during the year 1972. G. We found no evidence of failure to comply with accounting pro- cedures previously adopted. H. 'rhe only instances of variations in properly recording account- ing transactions were directly related to our comments in F above. Z. There were no shortages discovered by the current year audit. Page 25 TYSON, ¢VANS&SUMM¢RS. CRAR7ER¢D ceannso vaaucaccouxraxrs