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Audit Report - 1977-19781 i 1 1 1 1 1 I,~cF~" T1"SON, FA.~ICfiEE Ai~ID WffiTE, CPAs, P.A. CEATIRFD NlLIC ACCDI•!lEAMS CITY OF Y~OM~IC 8ll~[~f ~ HAIi~ J,e OCEAN BOULEVARD-DRAWER 33 ATLANTIC REwcR. FLORIDA 32233 7/6/78 Savings Accounts: ~ General Fund #0-021-7837( ;t Atlantic Beach Utility Deposit Savings Acct. #0-023-811X \ Sewer Bond Debt Service Acct. 0-023-9867( e~ Fla: Employee's Retirement System Acct. 0-017-y32 J! Federal Revenue Sharing Savings Acct. #0-023-810( C D's General Fund - TCD SM 245 j Atlantic Beach Police & Firemen Pension Trust Fund #2485, #2530~Y Checking Accounts: ~, Caee Bond Escrow Acct. #00 0055 6r Federal Revenue Sharing Acct. #00-0041-3 General Fund Acct. #0052-3 ~ Payroll Acct. 0053-4~ ~` Pension Fund Acct. 0043-5 Pep Acct. 00-0044-6~ ~ Sewez Fund Acct. #0012-7 \ Community Development Block Grant #00-11061-1 ~`~ EDA Storm Drains Acet.#94-8-4-22-09 f ~-.~>t ^ ~~ f~12"~--'-~ ~' ~F.C~SEtT vo-dC1G 3-'s Yt LLU AAA 5 NOW ELL JAMES E. MNOON ALAN C JENSEN L. W MINTON. JR. R09ERT B. COON. SR Mz;o~-Gb~^.m ~s;~or:nr Commissioner Commissioner Commns~oner Commissrcncr R ~ y0 [,EL OLIVE P.C BALL MRS ADELAIDE R TUCKER CARL STUCKI RICRARD NIL LIA RD f~~,~ .,,. ~ ply Amm~ey City Gerw-Tl eawrm~COmpv m~e. (NCI OI RCI~CC DirCGIOr nI PUbLC WOr45 ana Fie nepagmem 1 CITY OF ATLANTIC BEACN, FLORIDA AUDIT REPORT FISCAL YEAR ENDING SEPTElIDER 30, 1977 TYSON, _P anilEOER:e1.ri. nc oi{hinkiPAS, P.A. S 1 CITY OF ATLANTIC eEACfl. FLORIDA INDE% TO REPORT SEPTBMBER 70, 1977 Accountants' Letter General Fund Water Accounts - Operations Uti11 q• Revenue Bond Fund Sewer Funds Police Court Cos[ Pund Federal Revenue Sharing Trust Fwd Federal EDA Local Public Works Crant S casement of Long-term Deb[ Employees' Re firemen[ System Notes to Financial Sta Cements T"YSON. FANCHER AND WHITE. CFAs. P.A. f FRTIFlFU VOtll.lf. A<U)1'NTANTS Page Numbe rs I 2 - IO I1- IS 16 - 18 19-25 26 27 - 28 29 - 70 71 72 - 35 36 - 39 1 I I 1 1 1 nsov. r.~~:crir:e .ano ~~'nnr:. cr',~~. r.n. CI RTIFIfU tt'BLIC ACCOP]T1]TS Pe-~ (Tb.14.. RtN ya. ]I4 Snrbnnli A.v. _ ~..~~ .. ~. ... L. L,.,...IL 14.:.1, IL. RT.n .Kxi.o ,. xim,. C.i pt oe:^ (MHI Li~~INI l To [he City Covmiss ion City of Atlantic Beach, Florida We have examined the Statements of Financial Position of the City of Atlantic Beach at September 30, 1977, and the related B[ate- men is of Changes in Fund Balances, Revenues-Estimated and Actual, and Expend Mures compared vi th authorizations for the year then ended. Our examination vas made in accordance with generally accepted auditing standards, and accordingly included such tests of the account- ing records and such other auditing procedures as ve considered neces- sary in the circumstances. Bue to Che absence of certain recognized governmental accounting Funds and procedures and spedEically [he situation discussed in Ro to 10 to the Financial S[a Cements, the Financial State men[s are pre- sented vi shout an accountants' opinion. The financial infotmatlon included for the prior fear is also rendered without an opinion. `"Y"." ::ovemb er 1g. 1977 1 1 1 1 e CITY OF ATLANTIC BEACH, FLORIDA 2 GENERAL FUND FINANCIAL POSITION SEPTEMBER 30. 1977 and 1976 September 30 1977 1976 RESOURCes Budgetary Assets: Cash and Temporary Cash Investments (Page 3) 579,164 539,037 Due from Other Punds (Note 2) 60.282 6,000 Total Budgetary Assets 639,446 545.037 Non-budgetary Asse CS: Returned Checks 656 643 Savings Account - Jordan Utility £sc rov (Contra 8elov) 829 788 Miscellaneous Receivables 44 44 Taxes Receivable (Page 4) 35,441 32,710 Loc Clearing Charges Receivable 499 499 Assessments for Demolition 1,420 1,620 Assessments fot Tree Removals 395 J95 total Non-budgetary Assets 39.284 36,699 Total Resources 678.730 58t. 736 LIABILITIES AND FUND BALANCES Liabilities: Budgetary Liabilities: Due Po13ce Court Cos[ Fund (Note 2) 1,646 -0- Unremicted Payroll Deductions 772 2,537 Non-budgetary Liabilities: Jordan Escrow Account (Contra Above) 829 788 To [al Liab111t ies 3,247 X325 Fund Balances: (Page 10) Budgetary 637,028 542,500 Non-budgetary 38,455 35,911 Total Fund Balances 675.483 578,411 Total Liabilities and Fund Balances 678"730 581.736 The accountants' letter and accompanying nD Ces [o financial aCatementa are an integral part of this report. 2 TYSON. FANCHFR AND WHITE. CPAs. P.A. LL xl111iU YI'NI.If. All ul'NTASTS ~ / ,- ~- , ~ ,, ~'t;< J___--_ ~ r 1 CITY OF ATLANTIC BEACR, FLORIDA CEYERAL FUND STATEMENT OF CHANCES IN CASH BALANCES YEARS ENDED SEPTEMBER 30, 1977 and 1976 S $ey[emb er 30 1977 1976 ' Cash Balances - Beginning 539.037 331,412 Add: Budgeted Revenue Receipts 1,066,868 948,665 Unbudge [ed Revenue Receipts 45,844 263,275 Increase or (Decrease) in Payroll Deduc [ions (1,764) 205 Due to Police Court Cos[ Fund 1,646 -0- Recelpc of Prior Year Advances to Federal Projects 6,000 -0- 1 ,118,594 1212,_145 ' Deduct: Budgeted Expenditures 1 ,046,097 994,788 Advance to Re [iremen[ System 20,236 -0- Advance to EDA Project 5,737 -0- 1 Increase Sn Returned Checks 11 160 Unbudge ced Contribution to Sever Bond Sinking Fund 6,384 -0- Advance m Park Project -0- 5,000 ' Transfer Co Police CourC Cos[ Fund -0- 292 Transfer to Selva :Marina Sever Fund -0- 4,236 Increase in Miscellaneous Receivables -0- 44 1. 078,467 1,004,520 ' 519 017 Cash Balances - Ending . Compost tf on of Cash Balances: S.E. PS rsC National Beach Bank - Checking -0- 31,615 Payroll Bank Account 4.-L 5,688 2,537 Cash Funds on Nand ~, ~ 325 - 725 Time Deposits - Ocean Sta [e Bank -0- 474,339 ' Time Deposits - S.E. First National Beach Bank ~~ 32,518 30,221 Ocean State Bank - Checking 5~ 18,131. -0- Savings AccounC - Ocean State Bank rjoj 9S ,7bD -0- ' Savings AccounC - B.B. Pirsc Na[Sowl Beach Bank dry( 1,229 -0- Savings Account - American Federal Savings b Loan Savings Account - Beach Federal Savings b Loan Gip ljy~ 100,000 .-65,546 -0- -0- Savings Account - Duval Federal Savings b Loan 9e~ 53,972 -0- ' $avings Account - First Federal Savings b Loan 9 ~ 105,995 -0- Time Deposits - Citizens Federal Savings b Loan 9~ / 100,000 -0- Totals (Note 1) 579.161 519.077 ' '[he accouneants letter and accompanying no tea to financial statements are an inceg ral pare of this report. 7 ' iY50N, [n NCHERd ND WH`rnliPAs. P.A. 1 1 i i f 1 1 1 i 1 1 1 CITY OF ATLA37fIC BEACH, FLORI HA 4 GENERAL FUND TAXES RECEIVABLE SEPTEMBER 30, 1977 and 1976 Septemb er 30 1977 1976 Real Estate Taxes: Tax Certificates 17,146 14,637 Taxes in Litigation I4 ,620 14,620 Taxes on Property Reverted to County 490 490 Total Real Es [a to 32,256 29,747 Personal Property 3.185 2,963 io tal Taxes Recel vable 35.441 ~..~ The accountants' letter and accompanying notes to financial aca[ements are an ineegral par[ of this report. 4 TYSON. EANCHEft AND WHITE. CPAs. P.A. S F.RTIH F.U PI'tlLll ACf OI :CTAR15 CITY OF ATLANTIC BEACH, FLORIDA - ' GENERAL FIP.1D STATEMENT OF REVENUE - ESTITWTED AND ACTUAL -YEARS ENDED SEPTEMBER 30, 1977 and 1976 S $ 19 77 _ 1976 Budgeted Receipts: Es Cima ted Actual Actual State Revenue Sharing - Gasoline Tax ]5,911 77,891 77,603 ' Sea [e Revenue Sharing - 2C Cigarette Tax 16,000 17,760 15,647 Ad Valorem Taxes - Real Fs to [e (Note 3) 147,832 146,590 127,250 Refund Additional Tax - H/S Over 65 (Noce 3) 2,071 2,556 3,007 ' Disability Exemption 112 -0- -0- Personal Propercy Taxes (Note 3) 8,902 8,A46 9,265 Fines and Forfeitures (Note 4) 40,000 46,048 82,173 Permits 7,500 10,240 7,816 ' Electrical Franchise 95,000 111,886 100,096 Garbage Collection (No to 5) 92,000 91,948 91,635 County Dis [ribu[ion - Occupational Licenses 5,500 5,148 9,870 Gi ty Licenses 10,000 12,608 14,774 ' Penalties and Interest 500 1,134 2,166 Miscellaneous Collections 1,000 1,378 1,957 Telephone Franchise 1,000 4,728 4,278 ' Radio Service - Neptune Beach 12,500 12,402 12,402 Lot Clearing 100 80 -0- S. M. Sever Service Charges 6,000 6,283 5,299 ' Transfer Sever Plant Fund - (Sever Svc. Charges) Revolving Account 84,011 1,000 49,609 -0- 72,513 -0- Pnlice Off leers Retirement Fund- SL Contrib.(NOte 6) 7,582 7,839 -0- Firemen Re[i rement Pund - Sato Contribu[ion<NOte 6) 4,562 4,033 -0- Transfer from W.O.H.4 R. Pund 90,000 90,000 78.000 Transfer from Water Revenue Pund 116,157 266,035 37,397 Transfer from Fed. Revenue Sharing Fund (Noce IIL ,664 81,267 213,087 Police Reports 500 538 664 State Fuel Taz Refund (SC) 2,600 2,636 2,441 ' Nohile Home Licenses Distribution 7,400 7,385 19,325 Total Budgeted Receipts 952.404 L06fi.flfiR 94 A.fi6j. Unbudgeted RetoipCS: Prior Years - S[a to Revenue Sharing -0- -0- 231,781 Interest Incomz - temporary Cash Investments (Note I) -0- 30,161 31,494 Anti-Recession Fiscal Assistance -0- 13,180 -0- ' Condemned Bui ldings -0- 200 -0- Council on Aging -0- 2,303 -0- Tn[al Unbudgeted Receipts -0- 45,844 263.275 ' GR,IFD i0TA7. [1 ~2 ~Q1 1.112.712 L21 L940 1 The accountants' letter and accompanying notes to financial statements are an ' integral part of Nts report. 5 ANU WH`r~ (sPAs. P.A. TYSON. Fan iHER ' ~ ~ CITY OF A1'LAIiTIC BEACN, PLORI DA 6 ' C¢NERAL FUND APPROPRIATIONS AND EXPEND71'ORES YEARS ENDED SEPTEHBER 30, 1977 and 1976 $ $ 1977 1976 Aporopria [ions Ex p endltures Expenditures Administration: ' Personnel 61.406 55. 134 61,921 PICA 3,592 3,538 1,759 H d A Insurance 3,722 2+832 1.945 Pension (Note 6) 9,744 9,874 9,100 Insurance 41(C Building, Vehicles, eic. 56,500 56,376 36,897 Office Supplies b Postage 13,500 13,003 9,017 City Hall Maintenance 3,700 3.571 2,046 Audit 4,SOD 5,000 4,000 ' utilities 6,000 6,754 4,195 Advercising 2.000 1,791 1,829 Commissioners` Fund 2,000 1,778 2,776 ' Election Expense ' 1,100 423 128 2 1,299 1 357 s Expense City Manager 1,800 , , Memberships 1,500 2.286 998 Retirement Payments - Adele S. Grage 3,610 3,610 3,610 ' Mayor's Travel Expense 1,000 1,809 1,007 Professional Services 50,000 40,214 29,536 C1 [y Attorney 4,392 4,825 4,140 Commissioners' Salaries 7,200 7,200 6,100 ' Ma int esance Office Machines 4,000 3,436 2,513 House Removal 25 24 -0- City Street Lights 24.800 26,876 22.395 ' Tolls and Mileage I 2,500 6 000 1,130 370 2,272 2 673 Se lva Marina Cert. No. Uniforms , 900 428 , 876 Unemployment Compensation _., 1+bU0 1,330 ` ` -0- 1 Total Administra Cf on jj7.091 2$1 ..7 2 ~~ The accountants' letter and accompanying notes to financia l statement s are an ' integral part of Ch is repor [ . 6 TYSON. Ea NC eu D WHn~npiPAs, P. HE R A. ' i r r c CITY OF ATLANTIC BEACN, FWAI DA GENERAL FUND 7 APPAOPAI ATI GNS ANO E%PENDITURES YEAAS ENDED SEPTFNBER 30 1977 and 1976 ' S B y977 1976 Appropria[iovs Ex ~ndi[ures Expenditures Public Safety: Personnel 250,623 254,287 227,561 FICA 14,428 14,876 13,731 ' N d A Insurance 7,462 10,256 ], :12 Pension (NO[e 6) 40,118 41,310 37,564 Uniforms 3,000 1,345 2,456 Supplies 4,700 4,571 4,346 ' Miscellaneous -0- -0- 1,785 Jail Peale 1,000 1, 106 3,251 Utilities 7,000 7,617 6,542 Building Maintenance 4,000 4,498 2,340 ' Radio Repairs 750 424 845 Office Supplies 90D 705 I, 345 Tocal Public Safety 333.981 354..2.°S. ~1-~91~ Transporcatfon• Gasoline 30,000 32,104 25,466 011 d Grease 1,500 1,155 961 Parts and Tires 30,500 21,021 22,981 Shop Tools b Supplies 1100 _ 1.341 1.422 ' Total Trans por [a H On 63.200 35Se31 _10.$34 Sancta tfon• Personnel 84,844 79,145 87,695 FICA 4,963 4,631 5,321 R d A Insurance 3,444 3.598 2,756 Pension (Note 6) IJ,465 12,544 13,000 ' -Lsposal - Landfill 12,000 13.039 10,907 Supplies 1,000 470 1,218 Tv [al Sanitation 719.716 113.427 120.897 1 The ac co on [ante' lette r and accompanying no [ea to financial statements are an ' integral part of Chia report. 7 TYSON.dEp Ni off ~inpiPAe. P.A I,tA DEP B . ' E 4 L CC CITY OF ATLANTIC BEACN, FLORIDA 8 GENERAL FUND APPROPRIATIONS AND EXPENDITURES YEARS ENDED SEPTEMBER 30, 1977 and 1976 $ $ 1977 1976 A ppropriations ExpendLtures ExEenditures Iabor - Public Works: Personnel 92,880 79,286 111,955 FICA 5,433 4,638 6,792 N b A Insurance 3,731 3,603 3,518 Pension (Note 6) 14,740 12,564 16,467 Uniform Rental - Personnel 5.000 5,560 5,302 To cal Labor - Public Horks 121.784 105.651 144.034 Public Norks: Tools d Supplies 3.000 3,656 3,545 UC IISties 2,500 1,756 4,404 Heavy Equipment !Maintenance 6,000 5,603 5,953 Beach S Scree[ Ends 1,000 516 1,085 Street Yaince,ance and Dral~ge, etc. 3,500 2,830 10,641 Street Signs 1,000 1,094 316 Building Na incenance 2,000 1,848 402 Schools, Training, ecc. 1.200 1,266 657 Total Public Corks 20.200 18.549 21.003 Parks and Recreation: Personnel 34,112 37,733 32,291 FICA 1,996 2,409 1,957 H d A Insurance 1,435 1,871 1,015 Pension (Note 6) 5,414 6,524 4,766 ioo is 6 Supplies 500 121 96 Recreation S Park Maintenance 9,000 9,272 9,907 Park Lighting 3,000 2,6 J3 2,216 Recreation Program 1,550 90 -0- Community School Salaries 5,500 J,445 -0- Equipment Supplies and Adminis[ra [ive Costs 1,950 3.573 -0- Total Parks and Rec tea HOn 64.457 67.671 ~~ The accountants' letter and accompanying no tee to financial statements are an integral part of this repot[. 8 TYSON.riaiiilEOiR;eLNDrWH1~ANT PAS. P.A. 1 1 S L 1 1 CITY OF ATLANTIC BEACN, FLORIDA 9 GENERAL FUNB APPROPRIAT70NS AND E1(PENDITURES YEARS ENDED SEPTEMBER 30, 1977 and 1976 Cap i[al BudReC Adminis tracion Public Safety Sanitation Public Works Parks, Nev Land, etc. Total Capital Budce[ Other: Eme rgenry Purchase Discounts To [al Other CRAND TOTAL S S 1977 1976 ApP[opriatlons F.xpendi [u res Expenditures 4,600 4,831 28,466 8,600 35,586 16,254 2,100 1,905 -0- 29, I00 29,079 20,117 14,700 U,322 15344 59.100 Eg.723 g0 X181 -0- -O- 1,456 -0- C285) -0- -0- _52.95.) _1.4551 The accountants' lett¢r and accompanying notes to financial statements are an integral par[ of [h SS report. 9 TYSON,EEAa NFIEOEP ,aLND W,un~nkiPAs, P.A CITY OP ATLANTIC BFACN, FLORIDA 10 GENERAL PUND STATEMENT OF CNANGPS IN FUND BALANCES YEARS E14DR0 SEPTEMBER 30, 1977 and 1476 $ $ 1977 1976 Budgetary Non-Budge Cary Budgetary Non-BUd Re tore Balances - BeRinninR of Year 542,500 35,911 331,288 3J 759 Excess of Budgeted Receipts Over Budgeted Disbursements 66,615 20,152 ?ncrease in Returned Checks (13) 13 (160) 160 Increase 1n Miscellaneous Receivable - Over Payment To Vendor (44) 44 Contribution Transfers to Other Punds (6,384) (4,236) Increase or (Decrease) in Amo~mts Due From Other Punds 34,309 (1,500) Net Increase oz (Decrease) In Uncollected Liens and Assessments 2,531 (52) Difference - Dollar Rounding _ 1 Balances - End of Year 'Ihe accountants' letter and accoapanying notes to financial statements are en integral par[ of Chia report. 10 TYSON.CEAa Ne,EDEPUeLN~c000~TrnkiPAs. P.A. 1 CITY OP ATLANTIC BEACH, FLORIDA 17ATEA ACCOUNTS STATEMENT OF PI NANCIAL POSITION SEPTEMBER 30, 1977 and 1976 1977 1976 RESOURCES Cash in Banks (Page 12) 166,451 175,059 Due from Sever Plant Pund 339 338 Uncollected Nater Assesemen[s 1,204 1 204 176 FUND BALANCES Nater Revenue Account 17,386 48,172 Dater Operations, Hai ntenance d Repa i[ Aecaunt 135 135 Nater Systev Renewal and Replaeem¢nt Account 130 473 128.294 542.434 176,601 The accountants' letter and accompanying no tea [o fiwnc lal statements are an integral part of Chis report. I1 TYSON, ERNCiEllEVR4~6LICDA000HMnF+iPAs. P.A. ,1 CITY OF ATLANTIC BEACN, FIARIDA 12 WATER ACCOUNTS CASfI RECEIPTS AND DI58URSEHENTS YEARS ENDED SEPTEI78ER 30, 1977 and 1916 $ S 1977 1976 _ Beginning Cash Balanre 175,059 23.473 Add: Budgeted Revenue (Page 13) 577,631 374,458 Less: Beginning Cash ea lance l7_5~059- 402,572 3.199- 371,259 Non-budgeted Receipts: Wa CCr CooneCtion Charges y _~D Total Available 581,961 394,692 Less: Budgeted Disbursements (Page 14) 635,509 219.565 Increase in Amount Due from Sever Plant Fund -0- 68 Difference Due to Dollar Rounding 1 435,510 -0- 219,633 Caeh Balance - Ending 146.461 OjQ CONPOSITIOIi OP CASH BALANCES Water Revenue Fund Atlantic National Bank - Checking 4,940 36.346 Fidelity Fed. Savings b Loan - Savings 10,903 -0- Ocean Slate Bank - Certificate of Deposit -0- 15,843 10,284 46,630 Renewal and Replacement Fund Atlantic National Bank - Checking 3 27.771 Ff de llty Fed. Savings b Loan - Savings 85,118 -0- Atlantic Rational Bank - Cert. of Deposit 24,299 20,235 A[lant i< National Bank - Savings 7.1,053 -O- Ocean Slate Hank - Certificate of Deposit -0- 130.473 80,288 128,294 Water Operations, :aintenance and Repair Fund A[lant is National Bank - Checking 135 136 Totals (Note 1) l.~ ~S 12 TYSUN. FxNF HER uANU WH`TF. rYAs. N.A. 1 1 1 1 1 1 CITY OF ATLAMI'IC BEACN, FLORIDA WATER ACCOID7TS BUDGETED REVENUES YEARS ENDED SEPTEMBER 30 1977 and 1976 S S 1977 1976 Budge[ AcCUal Actual Beginning Cash Balance 71,676 176,059 3,199 Minimum Hater 60,000 61,624 60,324 Excess (later 20,000 72, 74R 19,296 Cut-Sn Charges 4,OG0 6,002 5,258 Service Charges I, 100 4,053 1,700 CSgare [te Tax 195,000 195,611 194,773 Utili [y Tax 90,000 92,423 E9,ISl Hater Assessments 500 -0- 115 Interest Earned on Cash Investments 4.667 445_.453 IO,lll (77.421 642 124..458 The accountants' letter and accompanying notes to financial statements are an integral part of this report. 13 TYSON. FANCHER AND VG'H ITE. CPAs. P. A. Cf RTIf If Il RI'Ni.lf. Af f ul'Sl ASR 13 CITY OF ATLANTIC BEACH, YIARIDA HATER ACCODNTS APPROPRIATIONS AND E%PENDITURES YEARS ENDED SEPTEMBER 30 1977 and 1976 14 $ $ 1977 1976 Budget Actual Actual C t W t SysCem Operations. Maintenance and Repair Indlxeci Costs - 7ransfex to Genez al Fund: Adm inls tra[ion 25,200 25,200 21,fi00 Transportation 11,700 I1, 700 10,400 labor 38,700 38,700 33,400 Capital - Public Works 14 400 14.400 12,600 90.000 , _QQ= QQQ SOU Dire c[ Costs: Repair and Replacement 7,000 5,496 5,018 Tank Maintenance 500 220 -0- UCillties 12,000 14.451 12.113 Chemicals 4,000 2,967 2,157 Building Nalntenance 500 704 156 Miscellaneous 500 639 446 Personnel 18,200 18,668 (Note 9) FICA 1,069 1,085 (No [e 9) Employee Insurance 574 598 (Note 9) Pension Benefits (Note b) 2,868 2,888 (Note 9 47.227 47,712 19.884 Cur[en[ Water SYS [em Renewal and ReDla cemenC New Mains, Meters and Service 35,000 9,711 10,648 Water Reserwir SOD 31 -0- Emergency Water Plant 500 -0- -0- 16.000 9.742 10.648 Future Water System Renewal and Replacement Capital Improvements - Water Plant 145..10.E 8176 69.791 Inter-fund Transfers Transfer to Utility Revenue Bond Fund for Succeeding Year's Debt Service 13,458 13,845 13,845 Transfer Co General Pund - Net 116,157 26035 37,397 129,615 279 88D 642 Crand Totals 554.,243 434+_3-02 3~L.i@ The accountants' lett¢r and accompanying no [es to financial ste [zments are an integral par[ of this report. 14 TYSON. F~NCHE R.aA.hD WH`iAtiPAs. P.A. CITY OF ATLANTIC BEACH, FLORIDA HATER ACCOUNTS CHANCES IN FUND BALANCPS YEARS ENDED SEPTEt~ER 30. 1977 and 1976 Balances - September 30, 1975 Add: Budgeted Revenues Intra-Fund Transfers Less: Expendi CUres Inter-fund Transfers Reduction of Mater Assessments Balance -September 30, 1976 Add: Budgeted Revenues Pater Connection Charges In tra-fund Transfers Less: Ezpendi cures Inter-fund Transfers Balance - September 30, 1977 $ Operaciona, $ $ Na ter Maintenance Renewal and Total Revenue and Repair Aeplacemen[ 23,020 20,438 135 4,447 371,259 370,971 288 -0- (291,882) 97 884 193,994 396,279 99,527 98,019 198.733 168,323 -0- 97,884 70,439 51,242 51,242 -0- -0- 313 133 -0- -0- 219,678 S1, 355 97 884 70 439 176,601 48,172 135 128,294 402,572 393,079 9,493 4,330 4,330 -0- (143,985) 137,712 6 273 563,503 297,266 137,847 148 390 155,629 137,712 17,917 279,880 279,880 4J5.509 279.880 137.712 17,917 141..241 17.386 l3s 139.41] Is The accountants' letter and accompanying notes to financial statements are an integral part of this report. 15 3VSON, FANCHER AND WHITE. CPAs. P.A. Lf BTI HfD YI"bl.lf. ACf bI:VTA\TS CITY OF ATLANTIC BEACH, FLORIDA UTILITY REVENUE BOND FUND STATEMENT OP FINANCIAL POSITION SEPTEMBER 30 1977 and 1976 S September 30 _ RESOURCES 1977 1976 Cash - (Page 17) 34,762 33,035 Ma Cez System• Mater Sys [em Constructed Since May 1958 from Proceeds of Bond Issue (Cost) 238,828 298,828 Nev Mater ifains, Service, and Meters Added Since Bond Issue (Cos[) 347.974 339,799 LIABILITIES AND PUND BALANCE Utility Revenue Bonds Payable (Page 31) 75,000 66,000 Fund Balances (Page 18) Investment in Mayer System - Net 511,802 492,627 Restricted for Deb[ Servl ce 27,463 27,302 Unrestricted 7,299 5,733 62LSfL4 G-S~62 16 The accountants' letter and accompanying notes [o financial statements are an Sntegral part of Chia report. tb IYSON, PEp N(; pER sALNU WHI f~NrPAs, P.A. C IIY OP ATLANTIC BEACH, PIARi DA 17 UTILITY RE\ENUE BOND FUND CASH RECEIPTS AND DISBOBSENENTS YEARS ENDED SEPTEFBER 30 1977 and 1976 $ 8 1917 1976 Beginning Cash Balance 33,035 31,145 Rece1D[s: Transfer from Na ter Revenue Account 13,845 13,845 Interest Earned on Investments 1.727 _ ? To [al Available 48,607 4J 258 Disbursements: Bond Principal 11,000 11,000 Hond Interest and Agent's Peea 2+845 3 223 13.845 34,223 EndioB Cash Balance CONPOSITION OP CASH BALANCES Atlantic National Hank - Checking Account 666 666 Aclant3c National Bank - Cer[S firsts of Deposit 34.096 32,365 To [ale (Note I) ~_4.I¢$ 33.035 The acwun[ants' letter and accompanying no tee to finanelal eta[ements are an Sntegral part of Chia report. 17 TYSON,CEAa Ni~EO VR~eu DtWHhinHr PAs, P.A. CITY OP ATLANPIC BEACH, PLORI DA 18 UTILITY REVEINIR BDND PBND CFIANCES IN PUND BALANCES YEARS ENDED SEPTEMBER 30, 1977 and 1976 $ ~ S Inves [men[ In Hater System- Res [Acted Unrestricted Net Balances - September 30, 1975 421,836 27,070 4,075 Add: Additions to Hater System Made By Na ter Renewal and Replacement Fund 59,791 Change in Requirement for Principal and In Cerest for Nex[ 1NO Years 232 (232) Excess of Receipts Over Disbureementa- FY 9-30-76 1,890 Reduction of Bonds Payable 11 000 Balances - September 30, 1976 492,627 27,302 5,733 Add: Additions [o Hater System Made ey Hater Renewal and Replacement Pw~d 8,175 Change in Requirement for Principal 16l (161) and Interest for Nex[ 1YO Years Fxcese of Receipts Over Disbursements - 727 1 FY 9-30-77 , Reduction of Bonds Payable 11.000 Balances - September 30r 1977 511_802 -3-7- (-3 the accountants' letter and accompanying notes [o financial statements are an integral part of this report. 18 7YS0N,LEaNf DER BAND WH~~~~~cPAs. P.A. 1 i 1 f 1 1 CITY OF ATLANTIC BEACH, PLORIDA 19 SENE0. YI.AMT POND STATEMENT OP PINANCL4L POSITION SEP 1'EMBER 30 1977 and 1976 S SeSe tee 1977 1976 RESOURCES Cash in Hack (Page 20) 130,975 117,724 Uncollected Sever Assessments 12,921 13,246 Note Receivable - Pecah Grove Apartments 6,255 6,255 Sever Constrvction Costs 1,131.935 1.131,435 LIABILITIES AND PUND BALANCES General Obligation Bonds Payable (Page 31) 180,000 190,000 Certlf iea tes of Indeb cedne ss Payable: Bull lntereste - Ho. 2 ~ 464 464 Bull Interea to - No. 5 L2,52L 12,521 Bull Interests - Ho. 6 19.040 19.040 212,025 222,025 Fund Balances - BY Source (Page 1971 Bond Issue 474,59( 474,591 Special As sesemen[a 347,791 347,791 Government Grant 106,194 67,094 Revolvtrg Puod 141 ,4R5 L57.159 1.070.061 1,046,635 The accountants' letter and accompanyimg notes to fi~nc ial etatementa are an integral part of this report. 19 TYSON,CinnfiEDEPLBLRDACWLUM1TAHTPAS. P.A. 1 S 1 1 r 1 CITY OP ATLANTIC BEACH, FLORIDA SEWER PLANS FUND CASH RECEIPTS AND DISBURS ENENiS YEARS ENDED SEPTEMBER 30 1977 and 1976 Beginning Cash Balance Add: Budgeted Revenues (Page 2l) Less: Beginning Cash Balance Included Non-budgeted Receipts: EPA Relmbursemenc Transfer from Water Revenue Yund Total Available Deduct: Budgeted Expenditures (Page 21) Ending Cash - Balance COMPOSITION OF CASH BALANCES Ocean State Bank - Checking Southeast Pirat National Beach Bank - Checking Ocean State Bank - Certifi<at¢s of Deposit Beach Guaranty Bank - Certif lca[es of Depoa E[ Jacksonville Pederal Savings and Loan - Savings Totals (Note I) 39,100 -0- -0- 338 255,229 194,992 124.254 77,268 1101'!0_97 7 4 $ 5 1977 1976 5 14,552 5 5 -0- 103,167 87.981 -0- 42,984 -0- 13Q_275 112.7 the accoun[ante' letter and accomnanying no tee [o financial s[etemente are an Sntegral part of [hie reporC. 20 TYSON. fANCHER AND WNITE. CVAs. F.A. CERTI FlF.h PI'bLIC ACU)I NTANTS 20 $ 5 1977 1976 117,724 95,489 216,129 194,654 117, 724- 98.405 9_ 5.489- 99,165 CITY OF ATLANTIC PEACH, FLORIDA 21 SE'dEA PLANT FUND BUDGETED REVENUES AND EXPENDITURES YEARS ENDED SEPTElBER 30, 1977 and 1976 S S 1977 1976 Budget Actual Actual Revenues Beginning Cash Balance 111,018 117,724 95,489 Sever Assessments 3,000 325 3,369 Ad Valorem Taxes (Note 3) II,615 11,358 7, 106 Interest on Inves tmencs (Note 1) 4,292 7,190 5,437 Sever Connection Charges 19,600 32,075 19,260 Sever Service Chazges 24.023 1.Z.3..55fl 47.457 314=122 63.993 124.554 Ezpendltures: Personnel 25,896 30,894 (Note 9) FICA, Pension, Employee Insurance (Note 6) 6,773 6,907 (NO [e 9) Refunds -0- ll3 -0- Repair and Replacement 14,500 I7 ,968 13,318 Plant Maintenance 2,792 2,595 2,578 Utilities 36,000 37,!16 36,08! Chlorine aad aemicale 6,000 5,915 4,303 Tools and Supplies 2,000 5,124 2,088 Hond Principal 10,000 10,000 10,000 Bond Interest 7,100 7,120 7,516 Sever Cons [ruction 5,000 500 3.384 124.25?1 77.26e fie accountants' le[fer and accompanying no tea [o financial statements are an integral par{ of this report. 21 TYSON. Fgili HER B ND WHvinS(SPAs. P.A. CITY OF ATLANTIC BEACH, FI.ORI DA SENER PLANT FUND CHANGES IN POND BALINCES YEARS ENDED SEPTE!ffiER 30, 7971 and 5976 Balance - September 30, 1975 Add: Addition to Sever System- Curren[ Year Inter-fund Trana fera Principal Reduction of Bonds Payable Reduction of Certificates of Indebtedness Payable Excess of Budgeted Revenues Over Budgeted Expenditures Less: Reduction of Assessmen[a Receivable Balance - September 3D. 1976 Add: Additions to Sever Syatem- Current Year EPA Grant Received P ri nc lpal Reduction of Bonds Payable Less: Excess of Budgeted :xpen- diturea Over Budgeted Aece ip [a Reduction of Aases amen to Receivable Balance - September 30, 1977 22 $ $ $ $ 1971 Hond Special Government Revolving Issue Assessments Grant Fund 474,591 347,791 67,094 120,000 I, 384 338 10,000 6,909 21,897 474,591 347,791 67,044 160,528 __ (3, 369 ) 414,591 347,791 67,094 157,159 5(10 39,100 IO 000 474,591 347,791 106,194 167,659 (25,849) ~) 474.591 31714.1 104_.144 X11 'fie aceoun[ance' letter and accompanying notes to financial statements are an integral part of Chia report. 22 TYSON, ie hF DEVUULN n CC oo~TraNiS A~, P.A. CITY OF ATLANTIC BEACH, FLORIDA 1971 GENERAL OBLIGATION SEWER BOND SINKING POND STATEMENT OF YINA.NCIAL POSITION SEPTElIDER 70, 1977 and 1976 S September 30 1977 1976 RESOURCES Gsh in Bank - (Page 24) 27,677 21,123 Amount [o be Provided by Ad Valorem Taxes for Retirement of Bond Principal 430.000 444.000 467.677 466_123 LIABILITIES AND FUND BALANCE Accrued Interest Due January 1,1978 6,888 7,133 Bonds Payable (Page 31) 430,000 444.000 Total LS abilities 436,888 451,133 Pund Balance (Page 26) 20.789 13,990 467.677 465.12? 23 The accountants' le[Cer and eccompanylvg votes to financial statements are an integral part of [h le report. 23 TYSON.L[anfiEOEPRt~xLic~LCO~uNTHiF;iPAs. P-A. 1 i 1 1 1 CITY OF ATLANTIC BEACN, FLORIDA 1971 GENERAL OBLIGATION SENER BOND SI MCI NG PUND CASN RECEIPTS AND DISBURSEMENTS YEARS ENDED SEPTEMBER 30, 1977 and L976 $ $ 1977 L915 Budget Actual Actual Cash Balance - Beginning 21.123 20,064 Recefots• Budgeted: Portion of Ad Valorem Taz Levy (Note 3) 42"533 41,592 41,373 Non-budgeted: Interest on Investments (Note 1) l,lll 1,059 Inter-fund Transfers: Transfer from General Flmd 6.384 -0- To [al Available 70.210 ~~ Budgeted Disbursements: Bond Principal 14,000 14,000 12,000 Bond Interest 28,533 28 533 29 373 [~ 42,533 41,373 Cash Be lance - Ending 27 .fi 77 COMPOSITION OP CASN BALANCE Southeast Pirs[ Natfonal Beach Bank - Checking 2,862 2,817 Ocean Sete Bank - Cert ifSCate of Deposit -0- 18,306 Jacksonville Federal Savings 4 Loan - Savings 24,815 ]~422 -0- 21~t23 7}~e accountants' letter and accompanyimg no tee to financial etatemente are an Integral part of this report. 24 "fYSON,[Eanv1 pER eL•ND WHIA~~kTPAs. P.A. 24 CLTY OF ATLANTIC BFACN, FLORIDA 1971 GENERAL OBLIGATION SEWER BOND SINKING FUND CN.4NGES IN FUND BALANCE YEARS ENDED SEPTEMBER 30, 1977 and 1976 S 1977 Fund Balance - Beginning 13,990 Add: Tncer-fund Transfers 6,384 Nombudgeted Receipts i, 111 Adjustment of Accrued Incerest Payable 245 21,730 Less: Excess of Budgeted Disbursements Ove[ Budgeted Reeelpta 941 Fund Balance - End in¢ _14.162 1976 12,721 _0_ 1,059 210 13,990 -0- 1't.990 zs The aeeountante' le t[er end ac companying notes Co financial statements are en integral pert of this report. 25 TYSON. FANCHER ANU lY'H ITE, CPAs. P.A. GE 0.TIHTL YI'NLI!. AUDI :cTASTS 1 f S 1 1 CITY OP ATLANTIC BEACR, FLORIDA 26 POLICE COURT COST FUND PI NANC IAL POSITION SEPTEYJiER 30, 1977 and 1976 S September 3D RESOURCES 1977 1976 Cash in Savings Account - S.E. First National Beach Bank 4,849 4,774 Due from G¢neral Fund (Note 2) 1,646 -0- Total Resources ~ ~-.Z79 FUND BALANCE Restricted Fund Balance 6J496 4.774 STATEMENT OP CHANCES IN FUND BALANCE YEARS ENDED SEPTEMBER 30, 1977 and 1976 $ S 1977 1976 Balance at 8exinninR of Yeara 4,774 4,416 Court Cost Collected 2,175 3,616 Interest Earned 76 -0- Payments for Police Sciwols and Training -0- (1,450) Remi [tanees to State of Plo rf da (529) (1,808) Balance a[ End of Years ~_.42I -S.,.Z75 The accountants' letter and aemmpanying no tee [o financial atatemente are an integral par[ of Chia report. 26 TYSON.certnFlEOEVLeu n CC ai{'livTinNiPAs. P.A. CITY OF ATLANTIC HEACN, FLORIDA FEDERAL REVENUE SHARING TRUST POND FINANCIAL POSITION SEPTEMBER 30, 1977 and 1976 RESOURCES Cash on Deposit LIAB ILLTIEB AND FUND BALANCE 11ue [o General Fund Fund Balanee Total Liabilities and Fund Balanee S September 3D _ 1977 1976 74.309 -0- 53,059 95,921 ~.$ 27 The aecoun[an[s' letter and actompanyfng no tee to flnanclal statements are an integral par[ of this report. 27 TYSON, ~~hF foERi,~tND WNM~HrPA~. P.A. 1 1 e 1 CITY OP ATLANTIC BEACH, F(ARIDA 28 FEDEML REVENUE SNARING TRUST POND STATEMENT OF CHANGES IN PUND BALAFCES YEARS ENDED SEPTEMBBR ?0, 1977 and 1976 6 $ 1977 1976 Balances at BeRinninR of Years 95,921 271 397 Enti[lemenc Payments Received 71,970 68,275 Interest Earned 4,277 9,336 Balance of Prior Year's Public Safety Budgeted Obligation (3,532) -0- Curren[ Year's Public Safety Budge red Obligation (115,577) (213.087) Net Transactions (4_2862) (135,476) Balances a[ End of Years S3.O59 The accountente' letter and amompanying wtea to financial statements are an integral Part of Chia report. 28 TYSON. FANCHER AND WHITE. CPAs. PA. CERTIi1FU PC bl.ll ACU )1'STA\'fS 1 CITY OP ATLANTIC BEACH, FLORIDA EDA LOCAL PUBLIC NOR1C5 GRANT N0. 04-SI-00370 FINANCIAL POSITION SEPTEMBER 30, 1977 RESOURCES S Cash Sn Ocean Sta [e Bank 2l Amount Avaflable - U.s. Treasury Letter of CredLt - Ocean S[a[e Bank 381,464 Acceptable Protect Cos to - To Da[e (Page 30) 747.819 To [al Resources LIABILITIES AND FUND BALANCE Due to City of Atlantic Beach General Fund 5,737 Retalnage Due Sub-contrac COra 69,183 Total Liab111ties 74,940 Pund Balance - Original Cranc 1,054,384 Total Liabilities and Fund Balance .12 Te accoantanta' letter and accompanying notes Co flnanclal aCatementa are an integral par[ of this report. 29 TYSON. FANCHER ANU WHITE, CPAs. P.A. f f.RTit IED rPhLIC AR.OO\TAFTS 29 1 1 1 1 1 CITY OF A17ANTIC BEACN, PI.OAIDA BDA LOCAL PUBLIC NOAKS GRANT N0. 04-51-00370 COMPARISON OP ACCEPTABLE PROJECT COSTS MCTR ESTIMATED PROJECT COSTS AS OP SEPTEMBER 30, 1977 30 Cost Acceptable Unpaid Overrun Es [imatea Protect Contract (UOderrm) Per Grmt* Coe to Commitments ** Administration 15,500 6,498 -0- (9 ,C02) Engineering 46,985 48,378 -0- 1,393 Project Inagec [ton 26,320 1,110 -0- (25,210) Cone [ruction Coats 869,426 691,833 341,489 163,896 Equipment 300 -0- -0- (300) Contingencies 95,853 -0- -0- (95,853) To tale Q~ 747~@j ~ /$ ~ ** * Av Amend¢d through September 30, for transfers of line items. ** The City hoe budgeted for the ensuing year a contribution of $64,000 from the General Pund, to the Project. According to the minutes of the City Commlaslon mee [Ing of April 12, 1977, wherein a telephone canversaClon with Nx. Don Russell of [he Department of Commerce was quoted, he Olr. RusaelU gave hie verbal approval for Cranefer of the "Contingency" line Stem of $95,853 Co "Cons [ruction Coe ta" and [he commitment for [he contribution of necessary funds from the City's Cene[al Pund. As of September 30, 1977, no Formal wr1 [Gen approval had been received. The accsuntanta' letter and aceompanying no [ea to financial statements are an integral part of th fe report. 30 TVSON.cipiiilEOEeuBiiJDncCOFuMnf+iPAs, P.A. CITY OF ATLANTIC BEACH, FIARIDA 57ATEMENT OF LONG-TERN DEBT AS OF SEPTEMBER 30. 1977 31 Principal Amun[s Utf lity General General Revenue Obligation Obligation Bonds Sever Bonds Sever Bonds Year of Maturity Issued 3/I/55 Issued 7/1/71 Issued 4/1/58 To [al 1978 11,000 15,000 10,000 36,000 1979 12,000 15,OOD 10,000 37,000 1980 12,000 16,000 15,000 43,000 1981 13,000 17,000 15,000 45,000 1982 13,000 18,000 15,000 46,000 1983 14,000 20,000 15,000 49,000 1984 -0- 20,000 20,OD0 40,000 J985 -0- 20,000 20,000 40,000 1986 -0- 22,000 20,000 42,000 7987 -0- 25,000 20,000 45,000 1988 -0- 25,000 20,000 45,000 1489 -0- 25,000 -0- 25,000 1990 -0- 25,000 -0- 25,000 1991 -0- 30,000 -0- 70,000 1992 -0- 30,000 -0- 30,000 1993 -0- 30,000 -0- 30,000 1994 -0- 40,000 -0- 40,000 1995 -0- 37,000 -0- 37,000 Total Principal 75"000 ~ 180.000 ~b5 •QOo Interest Races 3.25 m 7.5 ~ 3.8 m 3.9 To cal Interest [o Accrue Over Life of Deb[ 8.208 2y, 45.810 348.053 Original Amounts 5~- 1"060.OW Asse [s Pledged - GaCer Revenue Ad Valorem Ad Valorem Cigarette Tax Tax - All Tax - All Uti 11 [Y Tax As 6esaed Assessed Property Property Ass¢cs Presently Sn Sinking Funds .~!E,,~ 27"677 ,~2 0}Q The accouncante' letter and ac<ompanyfng no tee to financial statements are an incegral part of this report. 31 TYSON.ciniiiiEO eR~elic~ACmHirtntin As, P.A. 1 S 1 CITY OF ATLANTIC BFACN, FLORIDA EMPLOYEES RETIREMENT SYSTEM PINANCIAL POSITION SEPTEMBER 30, 1977 and 1976 S $ 1977 1976 RESOURCES Ocean Stale Bank - Checking Account 76 9l Ocean S[a[e Hank - Savings Account 756 93,871 Ocean State Hank - Time Certificates of Deposit 12,211 12,210 Nev England Life inauraoce Company Inveatmenc Contract 214.252 -O- Total Resources 227.295 .¢~jj LIABILITIBS AND RESERVES Liability - Advance from General Yund (Note 2) 20,236 -0- Reserve for Employer Contributions 156 ,R 23 81,662 Reserve for Retired Benefit Payments 50,236 24,510 total Lfabllltiea and Reserves ~j~jQ The accountants' letter and aceompenying tutee [o flnanefal s[atemente are an Sntegra7 part of thle report. 32 TYSON ~ianweuER eLNDaooivTrnknPAs, P.A. 32 CITY OP ATLANTIC BEACH, FLORIDA EMPLOYEES RETIREMENT SYS TEN RECEIPTS AND DISBURSFl~NTS YEARS ENDED SEPTEMBER 30, 1977 and 1976 33 S 5 1977 3976 Cash Balances at Beginning of Years 106,172 None Receipts: Loan from Ci[y of At lantie Beach 20,236 Transferred from Police and Firemen's Pension Trust Fund -0- 26,1fi3 Contribution from City of Atlantic Beach 78,607 73,897 Cont ributlon from State of Plorida 11,872 12,145 Interest Received or Credited l6 234 3.738 To [al Receipts 126,949 115.943 Disbursements: Refwds [o Policemen for Prior Con[ributiona -0- 9,522 Payments to Retired Employees 4,691 249 Actuarial Expense 1,120 -0- OCher Adminiatrative Cos ea 15 -0- Amount Deposited with Nev England Mutual Life Insurance Company (Including Interest Credit) 214 252 -0- Total Disbursements 220.078 9.771 Cash Balances a[ End of Years 'O~e accowtanta' letter and accompanying noCe9 to financial eta[eapnte are an integral Bart of this report. 33 TYSON.rEaiiilfoER eGND~COHenniv7 PAs. P.A. CITY OF ATIANTIC BEACH, PLORI DA n° QIPLOY EES RBTIREMENT SYSTEM STATEMENT OF C HANCES IN RESERVE BALANCES YEARS ENDED SEPTEMBBR 3D, 1977 and 1976 197 7 1976 C~neral Policecen Piremen Total General Policemen Plrewen Total I. Reaerve foe Employer Cohtributions: ' Balances a[ Beginning of Year 2I,3R5 37,473 22,804 SI,662 -0- 10.69R 5,943 16,641 Additions: City Contrfbu[ton 49,169 17,915 11,527 78,607 44,743 17,729 11,425 73,897 Stale Contribution -0- 7,839 4,037 11,872 7,583 4,562 12,165 (Transfers Due to Retiring Members) (27, 79A) (27, 79 R) [24,759) (24,759) Balance Sn Reserve for Dndisnibuted Investcen[ Income 3,316 5,467 3,697 I2 ,480 1y401 1463 - p74 3,73A Ralances at End of Year 46.p71 68.694 42.057 156.823 11 .}~5 47 22.804 _ ~~~-2 II. Reserve for Retired Benefit Payments: Balances at Beginning of Year 'L4,510 -0- -0- 24,510 (249) -0- -0- (249) Transfers Due to Ae tiring Members 27, 79R -O- -0- 27,798 14,759 -U- -U- 24,754 Re [i rement Payments to Re bran is and Beneficiaries (4,691) -0- -0- (4,691) interest at S.SS on Mean Balance 2,614 -0- -0- 2,619 Balances at End of Year ~ -0- ~0- 50"236 24.S I0I0 -0- g_ 24.510 III. Reaerve for tind[s [ributed Snv¢stmen[ Income: Balances at Beg{nn1nR of Year -0- -0- In[erest Received or Credited During Year ]6,234 3,738 Admtnistrative Costs (1,1;5) Interest Cred i[ed to Reserve for Retired gene fft Payments (2,619) t merest Credited [o Reaerve for Employer Contributions (12,48p) 3 738) Balances a[ End of Year ~_ _0- 'the attountante' letter and accompanying rotes to fisanc lal atatecen[s are an lh[egral part of Chia report. 3G TYSON. FANCHER ANb W{{ITE, CPAs. P.A. L! F t IF1fU YUNIIt. AFFgPN1AM5 ~ ~ ~ ~. ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ a ~ CITY OF ATLANITC BEACH, FIDRIDA EMPIAYEES RETIREHENT SYSTBM SCHEDULE OP PENSIONS PAID FOR THE YEARS ENDED 1977 and 1976 lames Rey Dived Jackie Deloach Emma S[ephens So to is Year Re [l red FY 1976 FY 1976 FY 1977 $ $ 1977 1976 1,382 115 1,611 134 1.698 -0- x(141 The accountants' letter and accompanying no tea to firuncial statements are an integral par[ of thle report. 35 TYSON. Fa Nf pER,eLND WHI~~~r PAs. P.A. 35 CITY OF ATLANTIC BEACN, PLORIDA 36 ' ALL FUNDS NOTES TO FINANC SAL STATEl1ENT1 YEARS ENDED SEPTEMBER 30, 1977 and 1976 Description of Fwds and Summary of Significant Accounting Policies Description of Funds - The Cenxral Fwd accounts for all revenues and expenditures of the activities financed by such revenues, which are ' not accounted Eor in other fwds. Ilse Enterprise Punds were es [ablished by both voted and non-voted bond ordinances which allow for wneeded surpluses [o be transferred as revenue to the General Pwd. The Police Court Cost Fwd is restricted fund established under provisions of the ' State of Florida Statutes. The Pederal Revenue Sharing Tres[ Fund and other Federal Grant Funds are maintained in accordance with the apPlica- ble Federal lays and regulations. The Employees' Re [i rement System is ' included in this report. Basis of Accounting - The cash basis of accow[ing is used to record rev- enues and expenditures when received or expended. Uncollected property ' liens and assessments are recorded for control purposes and reflected in fund balances of the respective funds. Investments - There were no investments other Chan time certificates of ' deposit and they are carried a[ their original cost plw earned interest. Inter-fwd Transactions - Inter-fund transactions are not eliminated and ' no 1n [e rest fa charged on Snter-fund advances. General Fixed Asset Accowting - There are no accounting records main- tained by the City relating to General Pixed Asa e[s. Enterprise Punds Depreciation Accowting - No formal deptecis[ion actpw[- ing is maintained for assets of Enterprise Funds. Commitments and Contingent Liab111tiee - The coat of sick leave and vaca- tion pay is recognized when actually disbursed to employees. Any accumu- lated amowts not paid are not cone idered material. See Note 6 for Snfar- motion as to unfwded liabilities for employees' retirement. According ' to [he City Attorney, there Se no material pending litiga tlon thac would affect the fwd balances of the City. 1 r PAS. P. A. TYSON in E O ' PUUU nccoH v tv ~eanfito CITY OF ATLANTIC BEACN, FLORIDA 37 NOTES 70 PINANC IAL STATEMENTS YEARS ENDED SEPTEMBER 311, 1977 and 1976 1. Cash Investments: Through CempocaYy cash investments, the interesc earnings produced Eor the years ended September 30, 1977 and 1976 are as follows: 1977 1976 General Fund 70,161 31,494 ' Nater Utility Funds 11,838 2,910 Sever Funds it y Totals ~O ,;iQQ 44.944 2. Advances io (From) Other Punds: September 30 General Fund: 1977 1976 ' Federal Funded Projects 5,737 6,000 Employees' Retl rement System (Note 6) 20,236 -0- Police Court Cos[ Fund (Noce 7) (1,646) -0- Federal Revenue Sharing Pund (Note 8) J4 L9 -0- Totals -General Pund $g.,t~34. 6.000 3. Ad Valorem Taxes: Both Real and PecsoEal Property Taxes for tfie Cicy are assessed and collected by the Consolidated Cicy of Jacksonville (Duval County). The Ad Valorem Taxes collected for [he years ended September 30, 1977 and 1976 were ae follows: 1977 1976 Real Estate 202,096 178,736 ' Pe<sonal Property 8,846 9.265 Totals 212,912 1$g~44 The Ad Valorem Taxes collected were allocated as follows: 1977 1976 General Fund 157,992 139,522 Sever Fund 11,358 7,106 Sever Bond Sinking Fund 41.592 41,373 Totals ~ 18A•OOI 4. Fines and Porfetturea: ' During the Fiscal year [he municipal courts were abolished and now all traffic and misdemeanor charges occuring within the City are handled by Cow[y Court judges. This change of procedure has resulted Sn subs tantfal decline in municipal revenue for the City as follws: ' 1977 1976 (Decrease) Fines and Forfeitures Collected §§_ QyQ ¢2~1j3 112. ' PecceniaAe Decrease 443 There is considerable confusion and question as to the accucacy and propriety ' of the amounts being remitted to the C1 ty by the Duval County Court Clerk. ' 37 ' TYSON. FANCHER AND WHITE. CPAs, P.A. tERTIFIf.U PIiBIJC ACrOUNTANTS ' CLTY OF ATLANTIC BEACN, FLORIDA 38 NOTES TO FINANCTAI. STATEMENTS YEARS ENDED SEPTEMBER 30, 1977 and 3976 ' S. Garbage Collection Fees: The Ci [y does not consider the operation of the Sanitation Department as an ' Enterprise Fund since the collection fees amount to only a subsidy providing for only a portion of the operating costs of that department. ' 6. Employees' Re [l cement System: The City's Employees' Retirement System vas established as of January 1, 1976. Assets of [he Police and Firemen's Pension Trust Fund were traazfe rred [o the new system. The ac [uarlal firm of Gab tiel, Roeder, Smith S Company were re [aired az continuing consul [ants for ass Ls[anee Sn administering the plan. ' According to the actuary's laces[ report dated April 21, 1977, [he unfunded accrued aervtce costs as of September 30, 1976 amounted to $292,138. This amount is to be financed as level percents of payroll over a period of 39 years. The contributions made during [he year ended September 30, 1977, sire ' s1lghCly in excess of the actuarially recommended amount for that year. Had the unfunded accrued service cost been recorded as a definite liability, the general fund balance would have been reduced [o $383,345. During the year ended September 30, 1977, the Ceneral Pund advanced the amount of $20,236 to @,e Retirement System to enable i[ to make a substantial roves [went with the New England ttu[ual Li Ee Insurance Company a[ a guaranteed interest rate of ' 9-1/82 per annum. 7. Police Court Cos[ Pund: The City's portion of the court costa collected were deposited in the General Pund. TM1e amount of $1,646, had not been transferred [o the separate Pollee ' Court Cost Pund as of September 30, 1977. 8. Federal Revenue Sharing: The City budgeted for the Pederal Revenue Sharing Trust Pund to reimburse the ' General Fund for the Fire Department portion of the Cost of Public Safe [y. The total cost of that Department amounted to $115,576. Of that amount, only $81,267 vas actually transferred az of [he end of the year. The difference t of $34,309 is carried by the General Pund as being "Due Prom" the Pederal Revenue Sharing Pund. ' 9. Prior Year Personnel Costa - Mater and Sever Funds: In the prior year, the labor and fringe benefits costa were budgeted and expended as part of Ghe total Public Marks cost and consequently no comparative amovn[a are available. ' 10. P.udit Findings and General Comments: (a) During [he year under review, a mini-computer sya rem, purchased near the close of the prior year, vas installed and all general accounting transactions were recorded using a software package furnished by the hardware manufacturer. Ibe [o inadequate ins true tional installation, failure to adapt the system to [he separate fund accounting, and inex- ' perienced accounting personnel, control vas lost of adequate recording WHMA ND rPAs, P.A. TYSON, [n NF pER B ' L t N ' CITY OF ATLANTIC BBACH, FLORIDA 39 NOTES TO PINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 3D, 1977 and 1976 I0. Audi[ Findinxs and Ceneral Comments (Continued): of in[erfund transactions. 'this resulted 1n the auditors having to substantially reconstruct the transaction and in doing so, having to ' make many important acco unting decisions. (b) The following covments are submitted in the sequence suggested in Chapter 10.500 Rules of the Auditor General. State of P1orlda: ' o There were no irregularl ties reported in the preceding annual report. e Immediate attention should be given [o eliminating [he possibility of recur:ance of the situation that existed as set forth So IO (a) above. Also, the City should establish a general fixed asset fund ' and develop depreciation accolmting for its enterprise funds. o No reco®endations are made a[ this Came to improve present accounC- ing procedures or internal control, except as mentioned Sn the above recommendation. ' e To Che beet of our knowledge, there were no illegal expenditures nude during the period under review. e There were no violations of [he law discovered during the audit exem- ' inatian. e Re found no evidence of failure to record financial transactions, excepc those affecting inter-fund items. ' e There were no shortages dSSCOVered during the audit examination. e The financial report submitted to the Department of Banking and Finance for the preceding year vas in agreement with the annual audit teporC. 1 1 1 ' 39 TYSON. nHiPAs. P.A. eanv UEe e ~lc~ oH1 T ' c lE t CC .v r AUDZT IIATA '~ ~1 ~. CITY OF AUOM~iG aGOt~s - HO{If~O JI6 OCEAN BOULEVARD-OF ~WEP 2S ATLANTIC nEACN. FLORIDA 32233 .holy 10, 1978 Tyson, Fancher and White, CPAs, P.A. Jacksonville Beach, Florida In connection with your examination of the (1) Statements of Projects Costs Claimed from May 3, 1977 through April 30, 1978 and Status oY Grant Fund Payments as of April 30, 1978 for the City of Atlantic Beach, Florida, Economic Development Administration Local Public Works Project No. 04-31-00370 for the purpose of expressing an opinion as to wnether these statements present fairly project costs claimed and status of grant funds in conformity with generally accepted account- ing principles, and (2) compliance with the Department of Commerce's ''Audit Instmctions for Local Public Works Grants Unaer 7Ytle I of the Public Works Employment Acts of 1976 and 197T', we wnfinn, to the best of our knowledge and belief, the following representations m~de to you during your examination an matters pertaining to the project being audited. 1. We are responsible for the fair presentation in the State- ments of vroject Costs Claimed and Status of Grant Fund Payments in conformity with generally accepted accounting principles. 'e believe that all costs claimed are eligible for reimbursement under the terms of the grant agreement. In this regard, our response to costs questioned by you are set forth as an appendix m this letter. 2. 19e have made available to you all a. Financial records and related data. b. Minutes of the meetings of The City Commission or sumn2ries of actions of recent nnetings for which minutes have not yet " been prepared. c. Background information set forth in Section IV E of the "Audit Instructions for Local Public Works Grants Under Title I of the Public Works Employment Acts of 1976 and 197T' there- after referred to as the Audit Guide. : J~!' L 1: r'~'//E'. :. JAMES E MMOON ALAN C JEN'iEN L V/ MINION. JR RORERT B. GOOK. SR ,~, .. ~. .~• fommissioner fomiazs~nn .r ,.ommissmnrr Coma"~ss~oner f+ ~ :OLF~_ 'nIVER C BALL MRS ADELAIDE R TUCKER CARL $T UCNI RICHARD HnLIARD G:. L+a~,q,.r Cny AltorneY Uq Glerk-Treasurer COmOVOller finel of Polrce Dueclm cl Pu DLC WoM1s anri Ene Oeoarlmem 3. There have been no: a. Irregularities imrolving management or employees who have signi- ficant roles in .the system of internal accounting wntml. b. Irregularities involving other enployees that could have a material effect on the Statements of Project Costs Claimed and Status of Grant Fund Payments. c. Commaucations from regulatory agencies concerning nonco~liance with, or deficiencies in, financial reporting practices that could have a material effect on the-Statemenu of Project Costs Claimed and Status of Grant Fund Paymenu. 4. Related party transactions and related .~mounu receivable or payable, including revenues, expenditures, loans, transfers, leasing arrangemenu and guarantees have been properly recorded or disclosed in the Statements of Project Cosu Claimed and Status of Grant Fund Paymenu. There have been ro bribes or kickbacks. ' 5. There are no: a. Matters of ronwmpliance wish ~*ant contract terms or requirements set forth in the Audit (Bide whole effecu should be considered for disclosure or questioning cosu in the Statement of Project Cosu Claimed and Status of Grant Fund Payments or az a basis for rewrding a loss contingency. b. Other material liabilities or gain or loss contingencies that are required to be accrued or disclosed by Statement of Financial Acmunt.ng Standards No. 5. 6. 'There are no unasserted claims or assessments that our attorney has advised us are probable of azsertion and must be disclosed in accordance with Statement of Financial Accounting Standards No. 5. 7. There are no material transactions that have not been properly recorded in the accounting records underlying the Statemenu of Project Cosu Claimed and Status of Grant Fund Payments. All liabilities with respect to EDA -~ funds have been recorded in the proper records. 8. The city has satisfactory tittle or anon-cancelable long-term lease to all real property relevant to the project, and them are no liehs or. _,a.: enaanbrances on such asseu nor haz any of these asseu been pledged. 9. Purchase conmitmenu have not been made for inventory quantities in excess of normal requirements or at prices in excess of the rcevailing market prices. 10. We have complied with all aspects of contractual agreements that would have a material effect on the Statements of Project Costs Claimed and Status of Grant Fund Payments in the event of nonco~liance. 11. No events have ocam~ed subseq•~ent to date of the financial statements that would require adjustment to, or disclosure in the Statements of Project Costs Claimed and Status of Grant Fund Payments. n 1 / yor 'IFeasurer CITY OF l~h~IC /~GAG~- ~ T~At(AO Q T6 OCEAN BOULEVARD-DRAWER 33 ATLANTIC BEACN, FLORIDA 32233 January 24, 1978 Tyson, Fanchet and Whtter CPAs, P.A. P, B. Box 51351 2lB Nineteenth Avenue, Horth Jacksonville Beach, Florida 32250 Gentlemen: 7t is anticipated that final acceptance of the work connected with Part ! (New Water Pumptng Station No. 2) of fOq Project No. 04-3/-00370 will 6e effected wl th `n a week. With respect to the foregoing, it is requested that appreprtate audit of pertinent contractors (see attached enclosure) be acrnmpltshed at any early date. If we can assist you in any manner on this subfect, please advise. Stncerely yours, ~~~~a~ Paul R, steckla Profeat Coordinator PRS/rr Enc: a/s cc: Jax Btilities Construction Co., /nc. Walter 1. Parks, City Engineer Robert C. Vogel, City Nanaqer - .. .. IA,.115 E I,IH GON AIdU C JE:JS[N V/ 611pi p!! JI: Rr. ItEFI b COCK -- -.~ .nmmisa~uror furi,ru ~,.mmr C•nc.r ~...e..~n r.r. ~~.-... a~/i. i•<. OI.LL MRS ApEI. AIDER iUf.K FR CA PI S: U(I Kr Rif,N ANU !n LL'.cu~ ,. r.norr~•-, cnv rren-nu.~.,,,ir t•,mplrnm~ rm,.r „I I',mc• ... D~o-,.;,~• ..r c,::., .., .. ,,,,) c.,. o..r..,rn.,..,,r PRINE CONTRACTOR Jax Utilities Construction Co., Inc. 3709 Stepp Avenue Jacksonville, florlda 32216 Phonr~ 737-]990 Contact: Hr. Jim K. Smith SUB-CONTRACTOR lax Concrete Construction Co., Inc. 3754 San Vi scaya Dr1ve Jacksonville, Florida 32277 Phone: 737-2645 E/ectrical Systems 586] Lone Pine Road Jacksonville, Florida 32216 Phone: 731-2388 George P. Coyle E Sons, Inc. 2361 Dennis Street lacksonvi lie, florlda 32204 Phone: 336-4821 A E A Contracting, Inc. 6240 Bizier Road lacksonvi lie, Florida 322!0 Phone: 771-2230 fmpi re Roofing 8334 Eaton Avenue Jacksonville, Florida 32211 Phone: 721-2084 Southern Tank Painting Co., Inc. 71257 Young Road Jacksonville, florlda 12219 Phone: 783-1937 I/otse Control Corp. 1232 Orton Street 7ackson vi ]l a, florlda 32205 Phone: 786-8774 Wal di ng Co. 5639 Witten Road lacksonvi lie, Florl da 32205 Phonr: 786-9560 CITY OF s/fjONd~G BLR[Is - ~6t(Ib J18 OCEAN BOULEVAR 0.0FAWER 23 ATLANTfC BEAC N. FLORIDA 32233 necember 16, 1977 Tyson, Fancher and White, CPAs, P.A_ P. O. Box 51351 219 Nineteenth Avenue, North 3ackaonville Beach, Florida 32250 Gentlemen: On December 26, 1977, a recommendation will be submitted to the Atlantic Beach City Commission to accept the work of Charles F. Smith & Son, Inc. and Chapll.an Construction, Inc. on EDA Project Llo_ 04-51-00370 and to approve the associated final payments to the contractors. Accordingly, it is requested that the audit reports embracing Parta ii, III and 7`~ of the project },e available to the Grantee by the above mentioned date. if we can assist you i-n any manner on this subject, please advise. Sincerely yours, ~a~1 /~~~ Paul P., Steckla project Coordinator PRS/rr cc: Walter s. Parks, City Engineer Robert C. Vogel, City tanager 'NIL LIAM 5 HOWELL JAMES E. MHOON ALAN C JENSEN L. W. MINTO N. JR RORtHT B. COOK, SB. IAx/Or-CrimmiSYaner Commi55100Pr Ccmmissi otvr Com misLOner CommlTSi000r R r; Vf.G EI OLIVER C BALL MRS ADELAIDE R TUCKER CARL SiUG Y.I RICHARD HILLIARD C'~Iy IA anayrr Cily Anorney Cily Herb Treasu rer-Cam punller CM1ief al PoLCe Direcbr of Public Worts an0 !'ve Department "I'1'SON. PANCHhR AND WHI"f L. CPA. ItA. CF.RTIPIICD PCRi.IC ACCOUhTA1xT5 October 27, 1977 roa on... Ro.:m:. x. ,.rxrnx r,rox. r.... va re,H,..~d, n.... c.. w r.xcx er m. ~ r.. 1.~4wxr~lh R,a.6. Fl, s?1sa .~cn.m r. vxrtc cr .. I'4on< loa+l ZY,~M II To the Hayor and City Commission City of Atlantic Beach Atlantic Beach, Plorida Gentlemen: 1• In accordance with your request to perform interim audits and a final audit of LPW Grant No. 04-51-00370, we submit the following information: We are independent Certified Pu611c Accountants as defined in Section IV, Part 62 of the Department of Commerce "Instruction for Audits of Grants under Title I of the Public Works Employment Act of 1976 and of 1977," and are Cer[i fled Public Accountants licensed by [he regulatory autha:i[ies of the State of Florida. 2, We will comply with guidelines In [he Department of Commerce "Instruc Cions for Audi to of Ctenta under the Public Works Employment Acte of 1976 and 1977 (including Appendixes B, C, D and E). The scope of the audits and the res ulting reports will be eufficlen[ [o meet the requlrementa of these instructions. 3. Claseifi cation of Accountants: (a) Principals; $40.00 per hour or $280 per 7 hour day (b) Senior; $30.00 per hour or $210 per 7 hour day (c) Junior; $25.00 per hour or $175 per 7 hour day (d) Typing; $10.00 per hour or $70 per 7 hour day 4. We estimate [hat 25 man-days viii be required to perform [he audits. 5. We estimate the out-of-pocket costs to be none. 6. The estimated maximum fee based on conditions at the present time will not exceed 55,000.00. 7. The 'nte rim audit procedures viii begin upon acceptance of th ie proposal, with the Pinel Project Report being delivered within 45 days after [he completion of the total projecC. If during [he course of our examination, it becomes apparent that the above deadline cannot be me [, you viii be promptly notlfie d. 6. We agree that all vorking papers prepared in connection with the audits shall be retained for a period of three years and that these vorking papers viii be made available for examination, if requested by duly auth- orized representatives of the Department of Commerce, Office of Audits. :Mayor and City Commission -2- October 27, 1971 9. We will comply with all applicable sections of the Department of Commerce's Audit Instructions, including the section requiring prompC notification of Che Department of Commerce's Regional Audit Manager if irregularities as contemplated by the audit guide are encountered. 10. By :. ceptance of this proposal, you ere authorizing ua to comply with Sec- tions B end 9 of th Se letter. I1. Irterlm billings will be invoiced u work is performed wl th their aggregate not to exceed the total amount stated in Section 6. Respectfully submitted, ~. ~~"~ Zf the terms of [hie engagement, as set forth in this letter are acceptable, please indicate by an authorized signature placed below, Da TYSON'c,caniiEVUxi.i%ncYOi±NinlatspAs. P.A. CITY OF f~OMEIG aCGf/s - ~Alffa'O J16 OCE1N BOULEVARD-DRAWER 25 AiuNnc nEwc N. FLORI nw 32233 October 13, 1977 1~wn, Fancher, aid tdlte, C.P.A.'s P. O. Bat 51351 Jacksarville Heath, Florida 32250 Dear Sir: Request a propceal frvn your firm for the ornduct of an audit in accord with established govermpntal rn,;,aot inea of EDA Project No. 04-51-00370. Ib facilitate the a3ainietrative aepeate of the audit effort, it is felt that the proposal et:o:rld ooreider the project in four parts as follaas: Part I (Jar Utilities Canetrvctica: Co. , Ir:c.) , New Water PusQu:g Statlan NO. 2 Part II (ChazleB F. ~th i Son, Inc.) , Water Distribution Systen Reinforoaoente Parts III and iV (Chapman Crnstsvction, Ir:c.) , Sanitary Sewer Exte':eione and Water DigrriF.+rim Systen F]ctensions Part V (Diclrer8en, Irc.), Paving std Drair:age Please advise if I can assist ycu fiatlw.r in this:retter. Sincerely yaws, ~~ ~~~~ Paul R. Steckler Project Coordinator PRS/n /[ r.. i (~ HALL rA 1VS ADiI AI:;r i! ~UI.M t:i r,Ail, `.l i+....r .. - ..'. Alr'ir,r"i f,~l.:.lr rA i~r..... rr..r (r.:.. r..r,~ll..r !.n ...,I I~ ...... I:... 1 ir. '.. ~..r......... . • TYSON. FANCHER AND WHITE. CPAs. P.A. camP1ED Pusuc Accounrrnbrrs October 27, 1977 x •rxron nxn. cu rANp,q 0. C1.. ttttldm G w,m4 cr-A. To the Mayor and City Commission City of Atlantic Beach Atlantic Beach, Plorida Gentlemen: Pw10(fcc Bo: slssi sla NiK~o~R A.<.. N. l.h.«..dL• Bn~R. FL. Sxxw PLert (9n1) 2Mfi111 1. In accordance with your request to perform interim audits and a final audit of LPN Grant No. 04-51-00370, we submit [he following information: We are independent Certified Public Accountants as defined in Section IV, Par[ 82 of the Department of Commerce "Instruction for Audits of Grants under Title I of the Public Works Employment Act of 1976 and of 1977," and are Certified Public Accountants licensed by the regulatory authorities of the Slate of Florida. 2. We will comply with guidelines in the Department of Commerce "Instructions for Audits of Grants under the Public Works Bmployment Acts of 1976 and 1977 (including Appendixes B, C, D and E). 'lire scope of the audits and Che resulting reports will be sufficient [o meet the requirements of these instructions. 3. Classification of Accountants: (a) Principals; $40.00 per hour or $280 per 7 hour day (b) Senior; $30.00 per hour or $210 per 7 hour day (c) Junior; $25.00 per hour or $175 per 7 hour day (d) Typing; $10.00 per hour or $70 per 7 hour day 4. We estimate that 25 man-days will be required to perform the audits. 5. Ne estimate the out-of-pocket costs to be none. 6. The estimated maximum fee based on conditions at the present time will no[ exceed $5,000.00. 7. The interim audit procedures will begin upon acceptance of thla proposal, with the Pinal Project Report being delivered within 45 days after the completion of the total project. If during the course of our examination, i[ becomes apparent that the above deadline cannot be met, you will be promptly notified. 8. We agree that all working papers prepared in connection with the audits shall be retained for a period of three years and that these working papers will be made available for examination, if requested by duly auth- orized representatives of the Department of Commerce, Office of Audits. .~ Mayor and City Commission -2- October 27, 1977 9. We will comply with all applicable sections of the Department of Commerce's Audit Instructions, including the section requiring prompt notification of the Department of Commerce's Regional Audit Manager if irregularities as contemp]ated by the audit guide are encountered. 10. By acceptance of this proposal, you are authorizing us to comply with Sec- tions R and 9 of this letter. 11. Interim billings will be invoiced as work is performed with their aggregate not to exceed [he total amount stated in Section 6. Respectfully submitted, If the term9 of Chis engagement, as set forth in this letter are acceptable, please indicate by an authorized signature placed below. October 27, 1977 Name and T e Date William S. Nowell, Mayor City of Atlantic Beach, Plorida ~Op v e1~'(~or `r~ ~` too •° /~'~ ~ TYSON.cEenFieoEeueu ~tcoui+inNiPAs, P.A. i t T]'SON, FANCHEE ARID WH1TE, CPAs, P.A. CERTIDFD NlLIC ACCd'NTANTS CITY OF ATLANTIC BEACH, FLORIDA AUDIT REPORT SEPTEMBER 30, 1978 1 r r Iru m'. rns~.i+eR A~u u~~in: ~r.A. P.A ~lPIIH LI•Vi NIP d~(ul \IAS I• 1 1 1 CIN OF ATLANTIC BEACH, FLORIDA INDE% TO REPORT S EPTE`HfER 30, 1978 Page Numb er~ Accountan [s' Letter 1 General Tund: Financial Position 2 Changes in Cash Balances } Taxes Receivable 4 Revenue - Estimated and Actual 5 Appropriations and Expenditures 6 - 8 Changes in Pund Balances 9 General Bonded Debt: Fi na nclal Pmsttinn 10 Recelp is and Expenditures 11 Statement of Long-term Debt 12 Enterprise Funds: Sever Plant Fund - Financial Position 1} Sever Plant Fund - Operations 14 Sever Plant Fund - Changes In Retained Earnings 15 4ater Fund - Pins ncial Position 16 !la ter Fund - Operations 17 Rater Fund - Changes in Retained Earnings 1g Eater Fund - Long-term Debt 19 Special Revenue Funds: Storm Drains Prof ect - Financial Position 20 S[o rs Drains Pr of ec[ - Operations 21 Co®wlcy Block Grant Program - Operations 22 Federal Revenue Sharing 27 Trust and Agency Funds: Police Court Cost Pund 24 Employees Retirement System - FSx~anc ial Position 25 Employees Retirement System - Receipts and.Dis- bursements 26 Employees Ae [icemen[ System - Changes in Reserves 27 Employees Re ci cement System - Pens tons Pafd 28 votes [o Financial Stateaents 29 - 32 Additional Information 7} - y, 11'su,\'. hASC.H[H ABU \\'H I"1"6.I NAs. P;l ~IY.I IfIIU Y1 Nl If {If ul ":i A`~It ' TYSON. PANCHER .4ND 44rHITG. CPAs. P.A. CFRTIFlFD %'BLIC ACCOVbT.A\TS ' ... rw. ar.B+. sl }sl Le S„w.o~h A.e_ N. L, 4.an.~l4 &,.h. Fb. mw onum c.xne, c.. pron. IoW l xn.al I To the Ci cy Commission ' City of Atlantic Beach, Florida ' Ne have examined [he flnancial staceaente of the various General Government, General Long-term Debt, and Enterprise Funds of [he City of Atlantic Beach, Florida, for [he years ended September 30, 1978 and 1977, listed in the foregoing "Index to Report". Our Examination vas made 1n ' accordance wi [h generally accepted auditing standards and accordingly, such tee is of the aecouncing records and such other auditing procedures as ve considered necessary in the circumstances. ' 'ills flnancial statements of the Employees Re [iremenc System, Other Trust and Agency Funds and Special Revenue Punds are also lnc laded Sn this report. The City has maintained only memorandum records of its General Fixed Asse [s, and consequently, a statement of General Pi zed Aare is required by generally accepted aecouncing principles is not included Sn [he statements ' with this report. No depreciation informs Cfon is available for inclusion in the Enter- prise Fund s[a cements. ' Due [o absence of information set forth in the tvo preceding paragraphs, the financial sca[emencs lis ced fn [he aforementioned "Index [o Report" do not present fairly [he financial post [ion of such funds, or the results of operations of such funds for the years then ended, in conforms [y with general- ly accepted accounting principles applied on a consistent beefs. ' January 8, 1979 1 1 CITY OP ATLANTIC BEAM, FLORIDA 2 GENERAL FUND FINANCIAL POSITION SEPTEBIER 30, 1478 AtDJ 1977 September 30 1978 1977 RESOURCES Budgetary Assets: Cash and Temporary Cash Investments (Page 3) 529,808 579,139 Due from Other Funds - Net -0- 60,282 Total Budgetary Assets 529,808 639,421 Non-Budge [ary As se [s Retained Checks 99 25 Savings Accounc - Jordan Utility Escrov (Concra Belov) 871 829 Mis eel laneo us Receivables 44 44 Taxes Receivable (Page 4) 34,231 35,441 Lot Clearing Charges Receivables 419 499 Assessments for Demolition 1,420 1,420 Assessments for Tree Removals 395 395 Provia fon for Uncollectib le Accounts 2( 2,000) -0- Set Son-Budgetary Asse cs 15.479 38,653 Total Resources 545.287 67 0 LIABI LTR ES AND FUND BALANCES Liab ili[Sea: Budgetary Liabilities: Due [o Other Punds 27,203 1,645 Unremi[[ed Payroll Deductions -p- 77p Non-Budge [ary Liabilities: Jordan Escrov Account (Enn[ra Above) 871 829 Total Liabilities 2ft,074 3,247 Fund ea lances: (Page 9) Budgetary 502,605 677,003 Non-Budge [ary 14,608 37,824 To [al Pund Balances 577,213 674827 Total Lfa6111[ies and Fund Balances ~5..~$Z 678.074 See accompanying accountants' latter. 2 T YSCr\. F.4K7.IIPR A\U U'i II'fP. iPA.. P A r iP I IHI U PI MIDI At t q! ~ i AITc t 1 1 1 r 1 1 1 CIN OF ATLANTIC BEACH, FLORIDA 3 GENERAL FUND STATEMENT OF CHANGES IN CASH BALANCES Y'EpP.S ENDED SEP TENSER 30, 1978 AND 1977 S Seo[emb er 30 1978 1977 Cash Balances. Beginning of Years 579,139 539,012 Add Receipts: Budgeted Receipts 1,076,335 1,112,712 Transfers from other Fwds 76,896 7,646 Total Received 1.153,231 1.120,358 Deduct Disbursements: Appropriated Bxpenditures 1,201,716 1,046,097 Transfers [o Other Funds -0- 32,357 Changes in Returned Checks for Year 74 13 Payment of Prlor Year's Payroll Tax Liabilities 772 _ 1y764 Total Disbursed 1,202,562 1,080,271 Cash Balances. End of Years 529.808 579.139 Composition of Cash Balances: Checking Accounts 43,947 23,819 Savings Accounts 235,561 422,502 Time Deposits 250,000 132,518 Petty Cash Funds 300 _ 300 Totals 529.808 579.139 See accovpanying accoun [an [s' letter. 3 'I Y'SU\. F.A]CIIP.R A]D IX'H ITh. LPAt, PJ. nxNUU ri ei.u nn ui nism CITY OF ATLANTIC BEACH, FLORIDA 4 GENERAL FWD TA%CS RECEIVABLE SEPTEMRER 30. 1978 AND 1977 September 30 _ 1978 1977 Real Es to [e: Prior Year Assessed Taxea 15,936 17,146 Taxes in LLtiFa[iov 14,620 14,620 Taxea on Property 0.everted to Cowty 490 490 Total Real Es [a [e 31,046 32,256 Personal Property 3.185 3 185 Total 34.231 35.441 Bee accompanying accow [ants' letter. 4 1 YSU\~. FANLIIF.R A\'U WfII'fF.. CPAs Y.A. ~..x nvn DVi ai.u Arv ursi s:rs CI1Y OF ATLANTIC BEACH, FLORIDA GENERAL FUND ' STATEMENT OF REVENUE-ESTIMATED AND ACTUAL YEARS ENDED SEPTEMBER 30, 197 8 AND 1977 ' S $ 1978 1977 Es [Sma[ed Actual Actual Revenue Receipts: State Revenue Sharing - Gasoline Tax 73,665 78,941 77,891 State Revenue Sharing - 2~ Gasoline Tax 16,500 15,830 17,760 ' Ad Valorem Taxes - Real Fs tale Refund Additional Nomea teed Exemption 154,731 2,748 152,776 2,891 146,590 2,556 Disability Exemption 134 134 -0- Peraonal Property Taxes 12,357 11,039 8,846 Fines and Forfeitures 35,000 48,534 46,048 ' Permits 12,000 15,572 10,240 Electric Franchise 11D ,000 126,394 111,886 Cerbage Collection 93,500 93,778 91,948 ' County DSS trl6ution - Occupational Licensee 6,500 7,523 5,148 CSty Occupational Licenses 9,000 14,128 12,608 Penalties and Interest 800 1,823 1,134 MSs cellaneous Collections S, SOD 3 693 1 378 ' Telephone Franchise 4,500 , 4,902 , 4,728 Radio Service, Neptune Beach 12,500 12,402 12,402 Lo[ Ciearing and Condemnation 100 BO 280 ' Interest on Temporary Cash Investments Transfer from Mater and Sever Revenues 20,000 352 263 30,659 385 212 30,161 411 927 Police Repor [s , 500 , 683 , 538 State Fuel Tax Rebate 2,500 2,846 2,636 Mcbile Nome Licenses 1,350 2,317 7,385 Florida State Recreational Crant 32,795 32,395 -0- Antlrecesafon Fiscal Assistance 10,000 8,515 13,180 Sale of Surplus Haterials -0- 1,411 -0- Transfer from Federal Revenue Sharing 155,000 2,798 81,267 State of Florida Eor Police and Firemen -0- 13,569 11,872 E.D.A. Reimbursement - Curren[ -0- 5,528 -0- ' Beaches Council on Aging T l R 1.900 -0- 2,303 ota evenue Receipts 1.128.443 1.076.335 j", jjj 1 See accompanying accoun[an [s' letter. 5 'I"YSOS. PAM1CHF.R ANU SC'H 1'fF,. LYAF. P A tFFiIi IFU YI HI if Aft UC\lA\ {( CITY OP ATLANTIC BEACN, PLORI DA 6 ' GENERAL FUND APPROPRIATIONS AND EXPENDITURES YEAAS ENDED SEPTEMBER 1978 AND 1977 ' $ S 1978 1977 ' ADDroprlaHons Excendi[~res Excenditores Adminis [ration: Personnel - Salaries 72,874 72,776 55,134 ' FICA Taxes 4,862 4,858 3,536 Health b Accident Insurance 2,160 2,109 2,e J2 Pension Contribu[3on 10,843 8,484 9,874 ' Insurance, G.C. Vehicle, etc. Office SupPliea and Postage 58,000 10,905 52,097 10 909 56,776 13 003 City Hall Haintenance 7,000 , 4,156 , 3,571 Audit 5,000 5,000 5,000 Utilities 6,500 6,431 6,754 ' Advertising 3,000 1,354 1,791 Commisslone~ Fund 2,55D 2,5 J5 1,778 Election Expense 1,160 1,159 423 City Managers Expense 1,310 1,168 2,128 Memberships 1,500 2,147 2,286 Retirement - Adele Grage 3,620 3,618 7,610 Mayors Travel, Florida League of Cit ies 1,250 1,232 1 809 ' Profeaelonal Services 44,150 44,289 , 40,219 Attorney 4,800 4,800 4,825 Commission Salaries 7,300 7,300 7,200 ' Maintenance - Office Machines Mouse Removal 6,000 2 000 3,313 -0- 3,476 24 City Street Llgh is , 27,280 27,278 26,876 Tolls and Mileage 2,000 1,607 1,130 Uniforms 1,500 1,J32 428 ' Unemployment Compensation Insurance 2,850 2,846 1,330 Schools and Traf ping 700 606 -0- Selva Ratios Certt fica [e No. 1 -0- -0- 370 ' Total Adml me [ration 291.114 273.404 251745 See accompa nyl ng accountants' letter. ' b 71'SU.V. C4NCHF.R A]'U WHfIZ. LYA~. P A V.RI Ii l{ U YI" MI It .4U nl \ I A`. 1: CIlY OF ATLANTIC BEACN, FLORI OA 7 GENERAL FUND APPROPRIATIONS AND E%PENDITURES ' YEARS ENDED SEPTEFffiER 30, 1978 AND 19 J 7 1 6 5 1978 1977 Aoororia[SO ns Ex penditures Expenditures ' Public Safety: Personnel - Salaries 289,906 273,641 254,287 FLCA Taxes 17,171 16,411 14,876 Health and Accident Insurance 30,080 9,834 10,256 ' Pension Contr ibucion 36,264 28,362 41,310 Uniforms 7,000 2,502 1,345 Supplies 3,500 3,394 4,571 Jail Meals 500 412 1,106 Utilities 8,525 8,516 7,617 Building Maintenance L,000 1,096 4,498 Radio Repairs 1,260 1,256 424 ' Office Supplies 2,000 1,994 705 Radio Equipment 350 350 -0- Totals - Public Safety 376,556 347,968 340,995 ' o [Ca tion Department: Trans p 34 560 34,551 32,104 Gasoline 011 and Grease , 1,680 1,678 1,155 Parts and Tires 23,000 516 1 19,112 516 1 21,021 1 341 Shop Tools and Supplies , , , Beaches Council on Aging y 1.919 -0- ' 7 c 1 - T nsporcation Department 62,656 58,776 55,621 Public Works De oa rtmen[: Personnel - Salaries 137,047 125,224 120,464 FICA Taxes 8,291 7,735 7,047 Health and Accident Insurance 6,480 6,325 5,474 Pension Contribution 22,023 17,229 19,088 Uniform Rental 6,435 6,435 5,560 Tools and Supplies 3,2(10 2,544 3,656 ' Utl li ties 2,125 2,120 1,756 Heavy Equipment - Maln cenance 7,000 4,760 5,603 Beach and Street Ends 1,000 10 516 ' S tree[ Main cenance 10,000 605 2 3,709 2 601 2,810 094 1 S tree[ SS gns , , , euilding Halntenance 2.500 283 1,848 Schools, Training, etc. 1.200 500 1,266 ' To[ Is - Public Works De oartment 209,906 179,475 176,182 See accompanying accountants' letter. ' 7 71'$n~. F.4KCI{FR ADD V('HITE. (. P,{~. P A .leniui,n siu nn ui ~. ~.r.n 1 CITY OF ATLANTIC BEACH, FLORIDA 8 GENERAL FUND APPROPRIATIONS AND EXPENDI I'IIRES YEARS ENDED SEPIENBER 30 1978 AND 1977 ' S $ 1978 1977 Appropria[fona Ex penditures Expenditures Parks and E9uipment Department: Tools 500 13 121 Park Maintenance 10,000 4,113 9,272 ' Park Utilities 4,285 4,285 2,633 Recreation Program 10,800 8,796 3,663 Totals -Parks and Eouipment Dept. 25,585 17,207 15,689 ' Sanitation Departmene Personnel - Salaries 91,703 88,836 79,145 FICA Taxes 5,548 5,373 4,631 Health and Accident Insurance 4,320 4,216 3,598 ' Pension Contribution 14,737 11,525 12,544 Disposal - Landfill 13,975 13,968 13,039 Supplies 1,000 754 470 Sanitation Truck 31,000 28,946 -0- ' Sanitation Containers 7.250 -0- -0- Totals - Sanitation Department 165,531 153,618 113,427 Capital Budget: E.D.A. Project Commitment 76,850 74,336 -0- Beaeh Drains Commitment 47,000 10,370 -0- Adminia tratlon 4,750 3.534 4,831 ' Public Safety 19,650 14,537 35,586 Public Morks 6,500 4,796 30,984 Sidewalks 10,500 5,470 -0- Donner Park Renovation 44,395 43,857 17,322 ' Resurface Tennis Courts 10,585 10.585 -0- easeball Field - Russell Park 5.100 3,783 -0- Totals - Cap1 [al Budget 225,330 171,268 88,723 ' Less - Purchase Discounts - -0- -0- (285) Total Appropriations and ~ Expends CUres 1.356.680 1. 201.716 1.046.097 See accompanying accountants' letter. 8 71'SOX. PANC.I IFR A\"D \Y'I IiTE. CYA,. V A. :ItlIf IIP VI Nllt .1t. ni `.1 A]li 1 1 1 CITY OP ATLANTIC BEACH, FLORIDA GENERAL FUND STATEMENT OF CHANCES IN PUND BALANCES YEARS ENDED SEPTEMBER 30, 1978 AND 1977 Balances - Beginning of Years Excess of Receipts over Approprla[ed Expenditures Excess of Appropriated Expendltures over Receipts Net Increase or (Decrease) in Un- collected Liens and Assessments Unbudgeted Contributions [o Other Funds (flanges in Returned ('necks Provision for Unco7lectible Amounts Increase in Amoun cs due from Other Funds Dollar Rounding Balances - End of Year 1978 Budgetary Non-Budgetary 637,003 ~ 37,824 (125,381) (1,290) 9 1977 Budgetary Non-Budgetary 542,475 35,280 66,615 2,531 (8,943) (6,384) (74) 74 (13) 13 (22,000) -0- 34,309 1 __ 502.605 14 "6pg 637.003 37.824 See accompanying accountants' lett¢r. 9 'Il'SC1\. PAXLIIEH A\U \Y'HITt. fPAt. P.A IIYIII II Ir YI HIP {I ntlSiA\lt 1 1 1 1 CITY OP ATLANTIC BEACH, FLORIDA 10 GENERAL BONDED DEBT STATEMENT OF FINANCIAL POSITION S EPTEl4lER 30, 1978 AND 1977 1978 1977 RESOURCES Cash in Banks 70,571 27,677 Amount [o be Provided by Puture Ad Valorem Tax Levies for Pri nclpal and Current Year's Accrued Interest 591,626 616,888 ~21.,LZ 644.565 LIABILITIES ANO FUhTI BAGAtiCE Accrued Interest Payable 6,626 6,888 Bonds Payable: 1971 Series 415,000 430,000 1958 Series 170,000 18]_,000 Total Liabilities 591,626 616,886 Fund Balance resulting from prior year Sever Plant Fund contributions 30,571 27.677 ¢ 2~Qj 4 5 See accompanying accountants' letter. 10 ll'tiUN. FANi.IIER ASU }};'HITF. CPA. P.A r LP lI Hf U YI Nl.lf. Af t ul'SI A`. K 1 1 1 1 CITY OF ATLANTIC BEACH, FLORIDA GENERAL BONDED DEBT RECEIPTS AND E%PENDI117RE5 YEARS ENDID SEPTElID EA 30, 1978 AW 1977 Be RSMinR Cash Balances Receipts Ad Valorem Taxes In [crest Earned Transfer from Ce ne ral Fund Transfer from Sever Plant Fund To [al Available Expenditures Bond Principal: 1958 Series 1971 Series interest and Fees: 1958 Series 1971 Series Total Excendf CUres End1 nR Cash Balance 11 $ $ ~ 1977 Es tlvtated Actual Actual -0- 27,677 21,123 59,263 59,263 52,950 -0' 2,904 1,111 '0- -0- 6.384 _p_ -0_ 5~%2 62167 661207 89,844 BJ 7~(1 10,000 10,000 10,000 15,000 15,000 I4 ,000 6,710 6,720 7,120 27,553 27,553 26,533 59.263 SJ 273 59,653 30 ,$_Zl ZZ.4Z2 See accompanying accountants' lei ter. 11 7"5'$U\. f.A\CHLR ASD U'HITE. LPAi. P A. t [N ^Hf U VI MI J(. .1. (nl'.`:I A :1. 1 1 1 1 1 1 1 1 CITY OF ATLAC7TIC BEACN, FLORIDA GENERAL BONDED DEBT STATEMENT OF IANC-TERH DEBT Ag OF SEPTEIOlER 30, 1978 Year of Maturity 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 199 3 1994 1995 Total Princfoal Interest Rates Total Interest to Accrue Over Life cf Debt Orlglnal Amounts As se rB Pledged - 12 S Pri nciP al Amounts General General Obligation Obligation gever Bonds Sever Bonds Issued 7/1/71 Issued 4/1/58 15,000 10,000 16,000 15,000 17,000 15,000 18,000 15,000 20,000 15,000 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 -o- 30,000 -0- 40,000 -0- 31,000 415 DOO -0- D . 5.75 .0o0 17 3.8 co 3.9 266"482 39.090 549 92Q ~P,4.~ Ad Valorem Ad Valorem Tax - All Tax - All Assessed Assessed Property Pmpe rty gee accompanying accountants' letter. 12 TYSO\. fANCiIER ARU VL'H ITE. (.PA,. P.A , LP ^1IFU Yi nLlt. At(ul ]lAV a CITY OP ATLANTIC BEACH, FLORIDA S LTiER PLANT FUND STATEMENT OF PINANCIAL POSITION SEPTEMBER 30, 1978 AND 1977 RESOURCES Cash in Bank Uncollected Sever Assessments Note Receivable - Pecan Cmve Less-E6 CSma ted Uncollec t161e Amoun cs Sever Cons tructlon Costs Total Resources 13 S 1978 1977 168,792 130,475 12,711 12,921 6,255 6,255 (6,255) -0- 1,241,;79 1,141,940 jy~Q 1.292.091 LIABILITIES, GONTItIBUT® CAPITAL AND RETAINED EARNINGS Cercif lca[ea of Indeb Cedneas payable 24,524 32,025 Contributed Capital - Sanitary Sever System Improvements funded by Local Public Works Pro3 ec[ 97,065 -0- Re [a fined Earnings - (Page 15) 1,300,493 1,260,066 Total Contributed Capital and Retained Earnings 1.3g]i558 1,260,066 To [al L1a6111 ties, Con[rib uted Capl tal and Retained Earnings 1.422.082 1..2Q3.Q$ See accompanying accouncants' letter. 13 TYSON. FANCHER AND WHITE. CPAs. PA ~FRTI FIFD Y~HIU AfI OI'1 rA]Tc 1 1 1 CITY OF ATLANTIC BEACH, FIORI DA SEVER PLANT PUND STATEtlENT OF OPERATIONS FISCAL YEARS ENDED SEPTEMBER 30, 1978 AND 1977 Ope rating Revenues Sever Service (barges Sever Connection Q~arges E.P.A. Reimbursement Interest Earnings Total Revenues Op¢ra[dnR Expenses Personnel - Salaries Employee Benefits Refunds Repair and Replacevents Plan[ Malntonanee Utilities Chlorine and Chemicals Tools and Supplies To [al Operatin¢ Excens Ooe ratin¢ Profit Avafla6le for Capl[al Im rovemen[s and Trans fez to General Pund 1978 Es CSmated Actual 107, Y38 20,000 -0- -0- 127,308 108,453 81,949 28,198 9.185 227,785 77,993 9,836 -0- 19,500 2,970 40,990 6,930 2.000 120,219 See accoapanying accoun[ants' le t[er. 14 ll'SOK. PAVCI{I:R A\D WHITE. c.pA,. P A ~ 10.TIH hb Yi N I_It A, ! ~~1> I AS P 37,984 8,539 -0- 4,556 2,963 40,986 6,929 807 102,764 14 1977 - Actual 103,349 32,08 39,100 7,190 181,714 30,894 6,907 113 17,968 2,595 37,118 5,915 5.124 106,634 CITY OF ATLANTIC BEACH, FLORIDA SEWER PLANT FUND CHANGPS IN RETAINED EARNINGS YEARB °h'DED SEPTENB ER 30. 1978 AND 1977 15 $ $ $ Res Cric[ed for Capital To [al Unrestricted Improvements Balance - September 30, 1976 1,246,640 1,246,640 -O- Operating Profit (Page 14) 75,080 43,005 32,075 Capital Improverents -0- 500 (500) Transfer to General Pund (55,892) (55,892) -0- Tra~fer to General Obligation Bond Pund 5 762) (5.762) -0- Balance - September 30, 7977 1,260,066 1,228,491 31,575 Operating Profit (Page 14) 125,021 43,072 81,949 Capltal Improvements -0- 266 (266) Transfer to Cereral Pund (78,341) (78,341) -0- Valuation Ada us [men[ of No[e Receivable (6,255) (6,255) -0- Dollar Rounding 2 ___ ? _- 0_ Balance - September 30, 1978 L 300.493 1.187.235 113.268 See accompanying accouncan[s' letter. 15 T}'80h. FANCHER ABU WIIITF., S.PA~. P.d CFR rINiU YI'NLI(. Af (aL\ IAS T$ CITY OF ATLANTIC BEACH, FLORIDA WATER FUNDS ST.<.TENENY OF FINANCIAL CONDITION SEPTElD7 ER 30, 1978 AND 1977 S 1978 1977 RESOURCES Cash in Bank 198,104 181,2L3 Uncollec [ed Water Assessments 1,093 1,204 Pacer Sys cem Assets - a[ cos[ 1,328,860 6151909 Total Resources 1. 528.017 7Q &~~Z[i LIABILITIES, CONTRIBUTED CAPITAL AND RETAINED EARNINGS Customer Deposits 4,930 -0- Utility Revenue Bonds Dayable 64,000 J6J_D_oo Total Liab 111 ties 69.930 15.000 Con [ribu[ed Capital - System Improvements funded by Local Public Yorks Prof etc 705,652 -0- Retained Earnings - (Page 18) _.1 17.461 ?~,~ Total Contributed Capital and Retained Earnings 1.459,y~7 71J,]Z6 Total Lfabi if ties. Contributed Capital and Retained Ea rnings 1.529.057 i9A 2h 16 See act ompanying accountants' letter. 16 '11'bU\. EgS(.I IFR AVD U'l llli. c 1'A.. D A ~I x11HH1Vl ~111~ AR U~ `.1 !ll~ CITY OF ATLANTIC BEACH, PLORI DA 17 IfATER PUND STATE!ffiNT OF OPERATIONS 1'E AR B_ F,YDED BEPTE!®ER 30~ 197ft AND 1977 $ $ ~ ~____ Es tinated Actual Actual Opera tf nR Revenues H ini mum 4la ter 62,250 63,908 fi1,524 Excess Na ter 40,000 30,763 72,748 Cut-in Charges 4,000 7,135 6,002 BervSce Charges 1,500 968 4,053 Connection Charges 3,000 26,120 4,770 Late Charges 2,500 2,569 -0- tnterest Earnings -0- 10,686 11.838 Total Revenues 113,250 1422169 120595 Ope ra tl nR Coats Personnel - Salaries 19,887 19,887 1A,668 Employee gene fi is 5,077 4,364 4,571 Repair and Replacements 7,000 4,675 5,496 Talc Maintenance 500 441 220 UtiliCles 14,915 14,914 14,411 Chemicals 3,690 3,686 2,953 Miscellaneous -0- -0- 639 Building Maintenance 2,000 g09 704 Interest Expense and Fees 2,675 2,457 J8G5 Total Oae ra [1 ng Cos [s 55,740 91,193 50,557 Operating Profit 57,510 90,976 70 ,03A Non-Revenue Receipts - Pledged as Additional Collateral for Debt Service Cigarette Taz 179,200 184,751 195,611 Utility Tax 60,000 74,500 92.423 Total Non-Revenue Rece apes 239_,200 219_251 288x034 Net Profit Avaf laS le for Oebr Service, Capf Cal ILIDrOVemep[a and Tran9f C General Fund 296.710 350.227 355.072 See accompanying accountants' letter. 17 'I'YN 1\'. P.gKCI ILR T\U U'111 I}}. t I':'.. I' A •INIII II II YI IfI.n 1r,~~1\li\'.I• CITY OP ATLANTIC BEALR, FLORIDA WATER POND CHANGES IN RETAINED EARNINGS YEARS ENDED SEPT@ffiER 30, 1978 AND 1977 Balance - September 30, 1976 Opera [ion of System (Page 17) Expenditure of Rea [ric [ed Punda Change in Debt Service Requireaents Transfer to General Fund Balance -September 30, 1977 _ Operation of Sys [em (Page 17) Expendl CUre of Restricted Punda Change 1n Debt Service Fequiremen[s Transfer to General Fund Adj us tmen[ due [a Conversion [o Enterprise Yund Aeccunting Balance - September 30, 1978 18 $ S Rae tric[ed for S S Debt Renevel and Total Unrestricted Service Reolecemen[ 721,289 693,987 27,302 -0- 358,072 353,742 -0- 4,330 -0- 4,330 -0- (4,330) -0- (161) 161 -0- (356.035) 356 035) -0- -0- 723,326 695,863 27,463 -0- 350,227 324,107 -0- 2b,120 -0- 7,289 -0- (7,289) -0- (177) 177 -0- (306,871) (306,871) -0- -0- 13 217) 13 217) -0- -0- 753.465 DZ ~ 18.a31 See aecompanying aeeow[ante' letter. 18 IYSON. PANCHF.R AND WHITE. CPAs, P.A. ctamiso vnx[¢ Ac<ouurAars CITY OP ATLANTIC BRACH, PIgAIDA 19 HATER FUND STATE!@NT OP LONFTP.RN DEBT SRPTENBRR 30, 1978 $ Utility Revenue Bonds Issued Year of Ma curlty 3/1/55 1979 12,000 1980 12,000 1981 13,000 1982 13,000 1963 }4,000 4.000 Interest Ra[es 7ota1 Interest to Accrue over reoaininR Life $ 6.871 O ri Rlnal Amoun[ $Z(+¢=Q(ZO Pte dRed Assets Hater Revenue Cigarette Tax U[S11ty Taz See accotryanying accountants letter. 19 1 Y50N. FANCHER AND WNITC. CPA,. P. A. i. F.fttlFltO Vf'NLIC M c (IC\t AV 5 1 1 i 1 1 1 1 1 1 CZ TY OP ATLANTIC EEACR, FLORIDA 2p STORM DRAINS PRO.IECT STATEMENT OF FZ NANCI AL POSI TI OH SEPTEMBER b, 197R RESOURCES Gash on Nand 3,645 Grant Punds Receivable 20,900 Due from General Fund J 2q9 Total Resources j¢~Q9 LIAEILI TI ES Enginee riirg Feea Payable 994 Balance due on Construction Contract 26,000 Total Liablll[ies 26.994 See accompanying accountants' letter. 20 7 Y511S. PAYU{f.R A\U WHI'1'F.. CPAs. Y.A. L1AlIRiU 4119E Att uP\11.\ic CITY OF ATLANTIC BEACH, PIARIDA 21 STORH DRAINS YR07ECT STATEMENT OP PROSECT OPERATIONS TEAR ENDED SEPTEMBER 30, 1978 _~_ Revenue* Crane Proceeds - U.S. Department of Commerce Economic Development Adminfs [ration 41,800 Local Funds - City of Atlantic Beach, Florida 12 •.y i9 Total Revenue Expenses Cons crucCion Cos [s 52,019 Pro fesslonal Servl cea 2 ;;0 Advertising 70 Total Exoe[sses ~y~ * Includes amounts accually received and due to be received from the tvo funding agencies. See accompanying accountants' letter. 21 lY5[1.V. FLKU{FH AVU VVI II'ilL LPAi. P.A. ~IeiIHfL YI lLL4 ~[r pl !:I A.AIS ' CI7Y OF ATL4NTIC BEACN, FLORIDA 22 CCPMUNITY DEVELOPMENT BLOCK GRANT PROGRAM STATEMENT OF PROGRAM OPERATIONS ' OCTOBER 11, 1977 10 SEPTE!ffiER 30. 1978 ' $ Receipts Grant Proceeds - U.S. De par[men[ of Nousing ' and Urban Development 49,000 Con[r tb u[1 on from General Fund - C1fy of Allan tic Beach 32056 Total Funds Available 52,056 ' Expenditures Engineering Costs 3,584 Roue Surveys 6,676 Construction Coats 41,671 Adver[is ing 125 52__0_56 ' Balance - September 10, 1978 =~_ ' See accompanying accountants' le[[e r. 22 ' 'I YS~4\ 1'.gNLIIIiR A\U V('llull. r PA.. P.A ~ I k! IHI U Y~ Itl Y nU nl Al Ati U 1 1 CITY OF ATLANTIC BEACH, FLORIDA 23 FEDERAL REVS NUE SNARING TRNST PI1hV FINANCIAL POSITION YEARS ENDED SEPTEMBER 30, 1978 AND 1977 Sep [ember 30 1978 1977 RESOORCES Cash on Deposit - T7iecking Accounts 2,284 87,368 U.S. Treasury Bonds - At Cos[ 104,740 -0- Due from General Fund* 18.260 -0- Total Resou[ces 125.284 87.368 L IABI LITT ES AND FUND BALANCE Due to General Fund _0_ y,~30y Fund Balance 125284 53.059 Total Liabilities and Fund Balance 125.284 87.368 STATEMENT OF CHANCES IN FUND BALANCES September 30 1978 1977 Balance at Beginning of Years 53.059 95,920 Entitlement Payments Received 69,950 71,970 Interest Earned 5,056 4,277 Balances of Prior Year's Budgeted Public Safely Obligation (2,780) (119,109) Dollar Ro undf ng ~1) 1 Ne[ Changes During Years 72,225 (4861) Balance at End of Years 125.284 53.059 * Unexpended portion of amount transferred ro Ceneral Pund on September 29, 1978 for purchase of U.S. Treasury Bonds for the account o[ this Fund. See accompany1 ng accoun cants' letter. 23 ll'S(1.\, f.ANCllfft AVU YY'f 1I'I'f:. (,PAs. P.A ~1 NIIIIHrYI'1~I Ii Atl ill'\IA\IS CITY OF ATLANTIC BEACH, FLORIDA 24 POLICE COURT COST PUND FINANCIAL POSITION SEP1EMBER 30, 1978 AND 1977 September 30 1978 1977 RESOURCEB Cash in Savings Account - Sou[heas[ First National Beach Bank 7,850 4,849 Due from General Fund -0- 1646 Total Resources 7.850 6.495 FUND BALANCE Restricted Fund Balance L850 6.495 STATEMENT OF CNe~NGES IN FUND BALANCE YEARS ENDED SEP TEIIDER 30. 1978 AND 1977 September 30 1978 1977 Balance at Beni nninR of Years 6,495 4,774 Co ur[ Cos[ Collected 1,907 2,175 Interest Earned 247 75 Payments for Police Srlioois and Training (799) -0- Remittances [o S[a[e o[ Florida -0- (529) Balance at End of Years 7.850 §.495 See accompanying accountan [s' le [Cer. 24 11~~~ ~.`:. (A.\f IIPN A\U \\'H I'I 1. LP.1.. V A .!ran oi~n un~ i,rni t.i n~.n 1 CITY OF ATLANTIC BEACH, FLORIDA 25 E1B'LOYEES RETI RENENT SYSTEM FINANCIAL POSITION YEARS ENDED SEP TEFID ER 30, 1978 AND 1977 September 70 1978 1977 RESOURCES Cash in Cne ck ing Account 76 76 Cash in Savfngs Account 845 756 Time Deposit 12,211 12,211 0.S. Treasury Bonds - At Cos[ 45,000 -0- Nev England Life Insurance Company - Investment Con cracc 231,857 214,252 Due from Atlantic Beach, General Fund 6,694 -0- Total Resources 296.683 227.295 LIABILITIES ANU RESERVES Advance from General Fund -0- 20,236 ke serve for Employer Co ntributlons 251,179 115,623 Reserve (or Retired Benefit Payments 45,504 50236 Total Liabilities and Reserves 296.683 227.295 See accompanying arcoun [ants' letter. 25 71 ~~ ~.`:. FAST IIfR ASU U'I^TI. ~.P ~1. P A .. ei u:n rv~n;n a,ur v+~. i. CITY OF ATLANTIC BEACH, FLORIDA 26 E1@LOYEES RETIREMENT SYSTEM RECEIPTS AND DISBURSEMENTS YEARS ENDED SEPTENBER 30, 1978 AND 1977 S Septenber 30 1978 1977 Cash Balances at Heginn ing of Years 13,043 106.172 Recelp[s: Advance from City -0- 20,236 Cont rlb u[ion from City 59,004 78,607 Con[rl6 ution from S[a [e of Plorida 13,569 11,872 Interest Reee ived or Credited 19 401 16,234 Total Receipts 91.974 126.949 Disbursements: Payments to Retired Employees 7.294 4,691 Admfnis tra[ion Cos [s 1,750 1,135 I nteres[ Credited by Nev England Life Insurance Company, Remaining on Deposit 17,605 14,252 Amopni of Principal Deposited vich Nev England Life -0- 200,000 Repayment of Advance from General Pund 20x236 -0- Purchase of U.S. Trezsury Bonds 45y000 -0- Total Disbursements 91.885 220.078 Cash Balance at End of Years See accompa nyfng act oun [ants' letter. 26 1 Y,..::. fa~:l.nf R Asu a•tfire, f.P,lS P A .vin ui~r: ran nr, ur srnax N L Reserve for Employer Cuntribu[io ns: Balances a[ Beginning of Year Additions: City Con[rib utt on S [a to Co n[rfbuti on Transfers One to Retiring Members Balance in Reserve for Dndfstributed Investment Income Balances a[ End of Year II. Reserve (or Retired Benefit Payments: Balances at ee Ri nni nR of Year Transfers Due [o Retiring Members Re[i rement Payments [o Re [i rants and Beneficiaries Interest a[ 5.57, on Mean Balance Balances_ a[ F.nd of Year [II. Reserve for Undls[rib aced Investment Income' Balances a[ BeginntnR n( Year In[e rest Re cx ived or Credited During Year Admi nis tra [ive Costs In to rest Credited [o Reserve for Re ttred Bene(i[ Paycents Interest Credited Ca Reserve for Employer Contrtb u[io ns Balances a[ End o[ Year CITY OF ATLANTIC BEACH, FLORIDA ENP LOYEES RETI REMQIT SYSTElf STATEMENT OP CHANGES IN RESERVE BALANCES YEARS ENDED SEPTEMBER 30, 1978 AHD 1977 S 1978 General Policemen Piremen Total S 1977 General Policemen Piremen Total 46,072 68,694 42,057 156,827 46,45(1 10,801 8,447 65.698 -0- 8,365 5,204 17.569 X723 6,012 X56 15 089 97_845 ~~? 9_462 251_179 50,236 -0- -o- 50,236 -0- -0- -0- -0- (7,294) -0- -o- (7,294) _. z, 562 -0- _ -o- x, s6z -45_504 ~ -a- 45_504 -0- 19,401 (1,750) (2,562) (151089) -0- See accompanying accountants' letter. 27 11"Sl1N. pAK(.Ut H ANU V('I (i'I'(.. ( Pib. PA ~LNIIf II U I'1'Inn Ntul \IA\I• 21,385 49,169 -0- (27,798) 3.316 46.072 24,510 27,798 (4,691) 6,619 50.236 37,473 17,915 7,839 5,467 68.694 -0- -o- -0- -o- -°- 22,804 11,523 4,037 ~~ 42_057 -0- -o- -0- -0- -o- 81,662 78,607 11,872 (27,798) 12,480 156.823 24,510 27, 798 (4,691) _2 50.236 -0- 16,234 (1,135) (2,619) (12,480) -0- i 1 1 CITY OF ATLANTIC BEACH, FLORIDA 2g Elff LOYEES RETIREMENT SYSTEM SCHEDULE OP PENSIONS PAID FOR THE YEARS ENDEL 1978 AND 1977 $ $ Year Retired 1978 1977 James Key FY 1976 1,382 1,382 Divzrl Jackie DeLoach FY 1976 1,611 1,611 Emaa Stephens PY 1977 2,265 1,698 R.C. Vogel FY 1978 2036 -0- Totals 7.294 4.691 See accompanying accountants' letter. 28 TYSf!\. PA\CHLN AVU 1C'i IITF.. LYA~. P A ~ LP.IiHfb Yl bI I~ .l(f pl w1AA1( CITY OF ATLANTIC BEACH, FLORIDA 29 ' ALL FUNDS NOTES TO FINANCIAL. StAT£HENTB YEARS ENDED $EPTEPBER 30, 1978 A,W 1977 1 Description of Funds and Summary of Significant Accounting Policies ' Description of Funds - The General Fund accounts for all revenues and expe ndltures of the activities financed by such revenues, ufi ich are not accounted for fn other funds. The Enterprise Funds were established ' by both voted and non-voted bond ordinances whirl, alloy for unneeded surpluses to be transferred as revenue [o the General Fund. Tne Police Court Cos[ Fund is restricted fund es tab ifsh ed under provisions of [he $ta [e Statutes. The F¢decal Revenue Sharing Trust Fund and ocher Federal Grant Funds are maintained in accordance with [he applicable Federal Laws and regulations. The employees' Retirement Sya tem fs included in this reporC• Basis of Accounting - The cash basis of acco un[Sng is used to record revenues and expenditures when receiv¢d or expended. Uncollected prior year [axes, property liens, and assessments are recorded for control ' purposes and reflected in fund balances of the respective funds. Investments - Time ce rtif ica Ce5 of deposit and other investments are carried at their original cost plus applied interest. ' Inter-Fund Transactions - Inter-fund transactions are no[ eliminated and no interest fs charged on inter-fund advances. ' General Pi zed Asset Accounting - ihere are no accounting retor ds main- tained by the City relating to General Fixed Assets other than memorandum records. ' Enterprise Funds Depreciation Accounting - No formal depre cis [ion account- ing is maintained for assets of Enterprise Funds. ' Comitmen[s and Contingent Lf ab llf ties - The cost of sick leave and vaca- tion pay 1s recognized vdn en actually disbursed co employees. Any acmmu- lated amounts not paid are no[ considered material. See Noce 6 for Infor- mation as [o unfunded llabill ties for employees' re [l cement. According [o [he City Ateorne v, there is no material pending 11 Ligation that would affect Ne fund balance of the CfCy. Subsequent Events - For the fiscal year beginning October 1, 3978, [he ' uniform accounting system pre sc rib ed by [he Department of Banking and Finance has been imp lemen [ed by [he City. ' See accompanying accoun [ants' letter. 29 11'Sn\. EA\'cIIf:N A!:D U'fIPI F.. cYA~. pA. r.e neoovi rdu ernn-n s:rs Ci TY OF ATLANT[G BEACH, FLORIDA 30 SOTES TO FI N,\NC IAL STATEMENTS ' YEARS ENDEU SEPTE.NB ER 70`1978 AND 1977 ' I. Cash Investments: Th rough temporary cash loves [men[s, [fie unres[rlu [ed inter est ea rninRs pro- duced for [he years ended September 30, L97A and 1977 are as follow: , 1978 1977 C,e ne ral Fund $30,569 S30,1fi1 Watur Utility Funds 10,868 11,H1R ' S carer Funds JlBi _R, 301 Totals 850 622 $dU (3_10 2. Advances to (From) Ocher Funds: General Fund: 1978 1977 Federal Funded Projects 8(2,249) S 5,777 ' Emp loyees~ Retirement System (6,694) 20,215 Police Court Cosc Fund -0- (1,646) Federal Revenue Sharing Fund (18~ 260) 34y309 ' Totals - General Fund $(;7.203) $58.6 % 3. Ad Valorem Taxes: Both Real and Personal Property Taxes for Che City are ass essed and collected by the Co nsolicta ted City of .la cksonvi lie (Duval County). 'fie Ad Valorem Taxes collected for the years ended 5e ptemb er 30, 1978 and 1977 were as follows: 1978 19 ii Real Estate $211,999 $202,096 ' Personal Property 1~0 J9 8.846 To [als $27]_,038 $21Q .942 ' The Ad Valorev Taxes collected ve re allocated as fo llovs: _ 1978 1917 ' General Fund $163,775 General Handed Debe Fund i9 261 ~__._ 5157,992 52,9 i0 Tofp Is $223.038 $210.942 ' 4. Fines and Forfeitures: During [he fiscal year the municfpal courts were abolished and now all traffic and visdemeanor charges occu rl ng within the CL[y are handl ed by County Court ' }udges. This change of procedure has resulted in substant ial decline In munlci- pa] revenue for the Pity as follws: Decrease 197A 1977 1976 Since 1976 Fines and Forfeftu res fnl lected $48.57. $46.048 $82.t7a ' C l l P Si 9 h umu at vo e rc_ntaRC Decrease n to 1 7 J7.5% There remains considerable roof union and question as [o [h e accuracy and propriety of the avxrunts 5eing remf tted to the Cf[y by the Duval County Court Clerk. Sec accompanying acc ou n[ants' letter. I {'aU\. FA\r I II-.H AXU \C'H I"1'P CY,{,. p:\ ~r. a iron uiu ~,nn ~i. r.i. 1 J CITY Ol A7LA%T[C BEACl1, FLORIDA ' \OT F_S 7Y1 FI WNCIAL STATF.ME\15 1_EA RS F.YD F.D SEPTL++IB ER 30, 197ft Ah'D 1977 ' S. Garbage Collection F'e es: The City does no[ consider the operation of [he Sa!S Cation Department as an En Ce rp ri se FunE sin.-e the npe rating rns [s of [ha[ tle pa r[me nt arc soh stan[i al ly subsidized by rceen ues nth t•r [h:m rolleotion fees. ' 6. Em lovees' Retire rent $es tem: The City's F,mp In t'ees' Re Cl remen[ System was established as of .lama ry 1, 1976. Asses of the Pnli ce and Firemen's ..^e nsinn Trust Fund were transferred to [he new system. The actuarial firm of Gabriel, Roeder, Smf ti: S Company were ' retained as continuing consul tan is for ass(st ante to administering the plan. According rn the actuary's latest report Aatcd April 21, 1977, [he unfunded accrued service costs as of Septemher 30, 1977 amounted to $255,935. This amount is [o be financed as level percents Of payroll over a period of 38 years. ' Cad the unfunded accrued service cost been recorded as a Jeff mite liability, the gene raj fund balance woo td have been red uceJ [o $261,267. 7. Police Court Cos[ Fund: The City's per [ion of the court costs collected were de po si [ed in the General Fund. The remainder was danosi[ed in Che separate Police Court Cos[ Fund Trust and dge ncy' atco unt. 1 1 1 1 31 8. Fede tat Reven uc• Sha ri nR: 'Die 6alanre of 534,309 dux to tha re ne rai Fuad for ret!,h ursenenc of Fire Depart- ns'n[ portion of Puh lie Safe [y Uepartmen[ Cnst for the fiscal year ended September 30, 1977 vas Ira nsf or red AurinK thu fiscal year ended Sente tuber 30, 1978. Irm ediately preceding [ho close of the current ifscal year, [here was [he amount of $123.000.00 [ra nsfe rred to the fe ne rai Fund for pooled purchase of L!ni [ed S[a tes Tmasury fin nds. Of this amount SIA,259.78, was unexpended and has sub seq ven[ly been transferred back to [he Federal Revenue Sharing Fund. 9. Cs ne ra] Bonded Ucht 'fie "dmount to be Provided by Future Ad Valorem Tax Levies" as shown re prw cots only [he pri n,_i pal pavrhm [s due on the outs [a ndi ng bonds plus [he interest expense accrued since the prior payment. R does not Include [he mtal in[e rest to be pa iJ over [he life of [he bonds, which must also be funded through future ad valorem tax levies. The schedule of long-tern debts pre sen [ed on page 12, reflects this tote rest commi[me nt. The fund ha lance shown is the result of pri o: pe r!od transfers iron Sever Plant Fund revenues to prnvide• funds ro retire CF.e outstanding hoods. The bonds were pre viovsl)' pre se ntvd as Sever Plan[ Fund ob if ga [ions rather [Tan f:eueral Obliga- tions of [h .~ C; r: horaus." ti!r. prnrr•ds u~:.m •.!sod to cons trurt sewer fad ll tles. This r portin3 hss been r.,-:nR~~d on this ro no r[ to correct the current and prio[ period. See ace m~Pa rtvinR accountants' le [ter. 31 I'."~~ 4. I as III. Y, :1 f~U U'I 11Th t l':\,. I' 9 CITY OF ATLANTIC BEACH, FLORIDA y2 NOTES TO FINANCIAL STATEl~tICB Y FA RS F.W FD SEP TElD1 F.R 70, 1978 AND 1977 10. Audi[ Findin s and Cene ral Coomen[s: ~__._ 7fie i!i ni-comp ter system purchased during a prior year, due to manufacturers soE[vare and support deficiencies, cunttnued to ere ate [he same problems as reported Ln our Sep[emb et 30, 1977 audl[. Ano [her manufnrturcr's ha rdvarc ' and sof ware has been acquired and it is expected that the accounting def{denc ies can be eliminated. 1 1 See accompanying arco un [an [s' letter. ' 32 I 1"]I C:. I :1YC1Ih.N A>:11 \Y'H lll.. L1'A,. I' A ~IYIII II I~YI Itl Ii a~~nl '.l !'.I~ 1 1 CIN OF ATIAYTIC BEACN, FIAR[DA ALI. FD4DS ADpIT 109a1. I VFDk L1T IIIH Our exanina[ton of [he financial state x n[s of the Cfty of Atlantic Beach. Florida for [he year ended Se p[ember 70, 1978 vas intended primarily for [he purpose. of fo rmula[ing an opinion on [he basic financial tits cements. The addi[+. anal informer [i nn presented on the folio: in3 page hati he en [ak en from the ncc o•.mtirg records of the City and is not, in our opinion, necessary for fair presentation of [he Gity's financial position, results of operations or changes in financial pmation. Such in Pornition had no[ been sobjec[ed to tests and o[h er auditing procedures sufficient to enaM1 le. us [n express an opinion is [n [he faf mess of al] the de[a(ls included and accordingly, ve do not oxpress or imply an opin inn on Ch is information. 33 I Yti~di-~I ~r ~~u it-_II :~;~:U \t~l li ll tP:4..P' 33 1 1 1 1 t 1 CITY OP ATLANTIC BEACH, FLORIDA 34 COMBINED STAT@IENT OP FINANCIAL P0.SITION ALL FUNDS SEPTEMBER 30 1978 Special Revenue Trust and ARencv General Pederal Police Employee Bonded Storm Drains Revenue Court Retirement Enterp rise (Memrandsu) Resources Ceveral Deb[ Protect Sharing Cost System Mater Sever Combined Cash 44,247 J,007 3,845 2,284 -0- 76 21,344 201 75,004 Temporary Cash Investments 485,561 27,564 -0- 104,740 7,850 58,056 136,914 168,191 990,876 Cash or Inveatmev[a held by Pascal Agents -0- -0- -0- -0- -0- -0- 37,846 -0- 37,846 Other Investments -0- -0- -0- -0- -0- 231,857 -0- -0- 231,857 Reeelvablea - Ne[ 15,4?9 -0- 20,900 -0- -0- -0- 1,093 12,311 49,783 Due from other Funds -0- -0- 2,249 18,260 -0- 6,694 -0- -0- 27,203 Amunt to be Provided by Puture Appropria- Ievles f t i -0- 591 626 -0- -0- -0- -0- -0- -0- 591,626 ax ons o t Pixed Assets -0- , -0- -0- -0- -0- -0- 1,328,860 1.241.379 2,570.239 Total Resources 545.287 422.197 26.994 125.284 1.&54 296.68; 1.52fl~ Liabilities and Pund Balances Liabilities: 7uounts held for Others 871 -0- -0- -0- 7,850 296,683 4,930 -0- 310,334 Due ONer Yunde 27,203 -0- -0- -0- -0- -0- -0- -0- 27, 20J Interest and Engineering Peen Payable ~ 6,626 994 -0- -0- -0- -0- -0 -0- -0- 7,620 000 585 Inng-term Debt -0- 585,000 -0- -0- -0- -0- - , Certifica [es of Indebtedness Payable -0- -0- -0- -0- -0- -0- 64,000 24,524 88,524 Balance Due on Coretruc[SOn Contract -0- -0- 26,000 -0- -0- -0- -0- -D- 26,000 1 044 681 Total LSabilitfea 28.074 591.626 2~4 -0= j0 29fi,683 68.93D 24,524 , , Yuvd Balances: Reatrie[ed -0- 30,571 -0- 125,284 -0- -0- -0- -0- 155,855 Unrestricted 517,213 -0- -0- -0- -0- -0- -0- -0- 517,213 Retaired Earninge -Restricted -0- -0- -0- -0- -0- -0- 72,866 180,703 257,569 Retaired Earnings -Unrestricted -0- -0- -0- -0- -0- -0- 1.386.261 1,216,855 2,603,116 Total Pund Balances 517.213 30.571 =0- 125,284 =0- -0- 1,459,127 1.397,558 3.529,753 Total L1ab111 ties and Pund Balmcea 545.287 622.19) 26.994 iu-2fl4 _1954 296.683 1 5~ 1.422.082 yam' 4 See accompe~ing accountants' letter. 34 TYSDN. FANCHER AND WHITE. CPAs. P.A. CEATIiIED PUa1JC ACCOI~MANTS