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Audit Report - 1975-1976 TS"SON, FANCfiEB AND WffiTE, CPAs, P.A. GEEIIflfD NDLIC ACCOIMAMS 1 t CITY OF ATLANTIC BRACX, FIARIDA AUDIT RRPORT September 30, 1976 TYSON. PANCHER ANU WHRE. CPA.. P.A. ctxnPim cLauc AccotnYrA+rts CITY OP ATIANTIC BEACN, FLORIDA INDEA TO REPORT SEPTEl0{ER 30, 1976 Page Number Accountants' Opln ion L General Fund 2 - g Rater Accounts - Operations 9 - l2 Utility Aevenue Bond Pund l3 - IS Sever Pund 16 - 19 Police Court CosC Pund 20 1971 General Obligation Sever Bond Sinking Pund 21 - 23 Notes to Financial Statements 26 - 25 Auditors' Commence 26 TYSON, FANCHER AND WHRE. CPA,, P.A. CERTIFIED W'&JC ACCIXMfAMS TYSON. FANCHFR AND WH17E. CPAs. P.A. CFRTFIEb PUBLIC ACCOUATAftiS Pw qtr. B.. nni fie NFe~.~~A An.. ~. . ea rags a e.. I.Aan~4 BevA. FL tnw um..s e.xne. er.. Plw~e Iasi fY.~MlI 70 [he Ci[y Commies ion C1[y of AClan[ic Beach, Plorida We have examined Che financial etatemente of the various funds of Che CSty of A[lantle Beach, Plorida, as of September 30, 1976, and the related a[etementa of cash traneae [ions Eor [he fiscal year [hen ended. Ouc examination vas made in accordance with generally accepted auditing standards, and included such [eats of the accounting records and other auditing procedures as ve considered necessary. In our opinion, the attached atatementa present fairly the financial positions of the various f,alde of the City of A[lanCic Beach, Plorida, at September 30, 1976, and the related cash trans- actions far the faecal year ended, in conformity with generally accepted accounting principles applied on a coneletent basis vi [h previous full accounting years. The "Audi[ore' Commen[e" are no[ included within the above cerciflca Cion. ~,~n/ - I NOV 1 7 1976 L CITY OF ATLANTIC BEACH, PLORI DA 0@IENAL PUIBI FINANCIAL POSITION SEPTEMBER )0, 1976 RESOURCES Cash on Hand and In Bank - Page 3 539,037 Returned Checks on Hand 643 Savings Account - Jordan Utility Escrow 788 NS SCellaneous Receivables 44 Temporary Advance to Federally Funded Projects 6 ,000 Taxes Receivable - Page 4 32,710 Lot Clearing Charges Receivable (Noce P) 499 Assessments for Demolition (Note P) 1,620 Assessments for Tree Removals (Note F) 395 581_776 OBLI CATIONS AND PUND BALANCES Ob ll gatlona Unreml t[ed Payroll Dedue [ions 2,537 Utility Eecrw Accounts 78B TOTAL OBLIGATIONS 7,325 Pund Balances Reserve Eo[ Uncollected Resources 40,910 Available foc Appropria[Son 53_ 7r50t TOTAL PUND BALANCES 578,411 TOTAI OB I.AIIONC AND FUND BALANCES 581.736 The accompanying notes to financial e[etemente and "Auditors' Comments" are an integral part of [h 1s report. I TYtiON. FANCHER AND \VHfFE. CPA.. 1'.A. cTRnF1ED fT16IK AccovNrnr+rs z CITY OP ATLANTIC BEACN, FLORIDA GBNBRAL FUND CASH RECEIPTB ANG DISBO0.5ENENTS PISCAL YBAR ENDED SEPTEMBER 30. 1976 Cash Balance at Bev [ember 30, 1975- _`` 331,4 iT Add: Budgeted Receipts - Page 5 1,106,033 Lees - Beginning Cash Balance Budgeted (331,412) Unbudgeted Receipts - Page 5 282.600 Increase in Unremitted Payroll Deductions 205 1,057,426 1,388,838 Deduct: Budgeted Expenditures - Pages 6-8 840,069 Advance to Park Project 5,000 Increase in Aeturned Checks 160 Transfer to Police Court Coat Pund 292 Transfer [o Belva Marina Sever Pund 4,236 Increase In Xfacellaneous Receivables 44 g49i801 Cash Balance at September 30, 1976 5;9.037 Covpvaitlon of Ca eh Balance at September 30, 1976 S. E. Flret National Beach BaN~-Checking 31,615 Payroll BaNc Actoun[ 2,537 Cash Punde on Xand 325 Tt me Oepos lta - Oceen S[a to Bank 474,339 Time Deposits - S. E. First National Beach Bank X221 jQjp), 539.411 The accompanying no tee ko Financial statements and "Aud Store' Commence" are an integral part of th Se report. 3 TYSON. FANCHER AND WHRE. CPA.. P.A. crxnflm nauc Accouvrnnrts 3 CITY OP ATLANTIC BEACN. FLORIDA GENERAL FUND TAXES RECEIVABLE SEPTEMBER 70, 1976 Real Estate Taxes iax Certifies [es Outatand ing 1,697 Other Prior Year Taxe a: (Note H) R.C.B.S. Corporation ( lax Aeaessamn[s Sn Litigation) I4 ,620 Property Reverted to County 490 15,110 Uncollected Amounts Assessed by County for Years 1973 through 1975 1940 TOTAL REAL ESTATE 29,767 Pe ra onal Property Taxes: Assessed for Years 1968 through 1975 2y963 TOT 1. T~ AaT x -IV a v 32. 71Q 7fie accompanying no [es to financial etatemente and "Audi Cara' Comments" are an integral part of Chia report. 4 TYSON. FANCHER AND WHRE. CRA.. P.A. CTATIFIED plteuc nccouivrANrs 4 CITY OF ATLANTIC BEACN, PIgRIDA ' GENERAL PUNp BUDGETED RECEIPTS ES TINATED AND AC7UAL PISCAL YEAR ENDED SEPTEMBER ~. 1976 ' $ $ Estimated Ae coal BeginnLng Cash Balance 703,265 331,412 Slate Revenue Sharing - Gasoline Tax 80,000 77,60) S[a [e Revenue Sha clog - 2~ Cigarette Tax 17,500 15,647 Ad Valorem Taxes - Current (Note D) 126,980 123,381 ' Ad Valorem Taxes - Prior (Noce 0) 2,000 7,869 Personal Property Taz (Note D) 34,236 9,265 Fines and Porfeitures 50,000 82,173 ' Permits Electrical Pranchise 6,000 95,000 7,816 100,096 Garbage Collections 90,000 91,635 County DSs [rlbu[ion - Oecupa[Sonal Licenses 8,000 9,870 C1[y Licenses l2, OOD 14,774 ' Penalties and Interest 1,000 2,166 Hiacel lane ous Col le c[f ons 2,000 1,957 Telephone Franchise 7,000 4,278 Radio Service - Neptune Beach 12,500 I2 ,402 Lo[ Clearing 100 -0- S. M. Sever Service Charge 6,000 5,299 Sever - Service Charge 90,000 90,881 ' Transfer from X.O.H. b R. Account 78,000 78,000 Transfer from Xacer Revenue Account 37,397 77,397 Police Reports 500 664 ' House Removal State Puel Tax Refund 100 2,500 -0- 2,441 Additional Xomes teed Exemption 2,986 3,007 ' 10TALS j~41.064 j jQ UNBUDCEIED RECEIPTS ' Prior Yea r'e S[a to Revenue Sharing (Note C) 231,781 Prior Year's lbbf le Home Licenses (Note C) 19,325 Temporary Cash Invea tment Interest (Note A) 31,494 ' TOTALS 2g 2.600 The accompanying notes [o firune lal atatemente and "Auditors' Comments" ' are an integral par[ of this report. S TYSON. FANCHER AM WHITE. CPA.. P.A. CFRTIFXD PUBIJC ACCWhTANfS 5 1 1 1 1 1 1 CITY OP ATLANTIC BEACX, FLORIDA GENERAL FUND 4PPIIOPRIATIONS AND EXPENDITURES FISCAL YEAR ENDED SEP'P.JOlER 70, 1976 S S AD Dropriattons Expenditures ADNINISTRATICN Personnel 59,600 61,921 Insurance - eullding, Vehicle, N/C, etc. 35,000 36,897 Insurance - Life A Hospitalization 16,800 16,346 Office Suppllea and Poe Page 6,000 9,017 Nafntenance - Office Hachlnea 2,000 2,513 City Hall Maintenance 2,000 1,100 Audi[ 3.000 4,000 OASI b Expense 36,500 31,560 U[l li ties 5,500 4,195 Adverts slog 2.000 1,829 Commis stoner e' Fund 1,000 2,776 Elecciom Expense 100 1,299 City Manager's Expense 1,000 1,757 Memberships 1,500 998 Re [lremen[ Pimd 3,600 3,610 Mayor's Travel Expense 1,000 1,007 Professional Servlcee 60,654 29,536 City Attorney 4,140 4,140 Commissioners' Salaries 7,300 6,100 House Removal 2,000 -0- CSCy Street Lights 24,000 22,795 Tolls and Mileage 2,500 2.272 Selva Marina Cert. No. I 6,000 2,673 Pension Plan Expense 73,d97 73,897 Uniforms 900 896 Cleaning Service - City Hall 1,500 946 TDTAL ADMiNI57RATION 359.491 327.260 PUBLIC SAFETY Pe reonnel 10,702 10,702 Uniforms 3,000 2,456 Police Supplies 1,500 7,260 Fire Supplies 1,400 1,086 Jail Neale and Supplies 2,000 3,251 Ut111tles 5,000 6,542 Bull ding Hainte~nce 3,500 2,740 Radfn Repair 1,250 845 School Crossing Cuarde 1,500 1.372 Of Elce Supplies 1,400 1,345 Municipal Judge 1,600 1,600 Alternate Judge 800 800 Mlecel laneous 70TAL PUBLIC SAPEIY =0- ~$ .1_785 37.384 The accompanying no [es Co financial statements and "Auditors' Covmen[s" are an integral part of this report. 6 TYSON. FANCHFR ANU \VHffE. CPA.. P.A. CF7II7FHD PL'BIIC ACCOVMAN75 7 CITY OP ATLANTIC BEACH, I7ARIDA GENERAL FUND APPROPRIATIONS AND EXPENDINRES PISCAL YEAR ENDED SEPT@BER ]0. 1976 S S Approprlaclone Expenditures 7MRSPOATATION Peraomel 10,192 10,299 Gasoline ~ 25,000 25,666 Ofl and Crease 1,500 961 Parts and Tires 14,000 22,981 Supplies 1,000 552 Shop Toole 600 870 TOTAL TRANSPOALIT ION SANITATION Personnel 77,640 77,396 Garbage Disposal landfill 12,000 10,907 Supplies TOTAL SANITATION X000 128 LABOR - PUBLIC kVRKS Personnel 119,773 111,955 Uniform Rental TOTAL LABOR 5.600 jj~~ ,jam Sit 117.257 PUBLIC NOIU(S Toole and Supplies 2,500 3,545 Uci li [lea 1,800 4,404 Equipment Maintenance 7,500 5,953 Beaeh and Scree[ Bode 2,000 1,085 Drainage 6,000 6,053 Street Maintenance A General Street Improvements 15,000 4,453 Street SSgna 1,200 316 Building taintenance 3,000 402 Sidewalk Cutters 6,000 135 Schools, Training, etc. TOTAL. P1ntLIC NORRS 900 657 The accompanying no tee to financial e[atexnte and "Auditors' Co®enta" ere an integral part of [hie report. 7 TYSON. FANCHFR AND WHffE. CPA.. P.A. tomrim PUBI3C ACCOtrt+rnrrrs CITY OP ATLANTIC BEACH, PIARZDA GENERAL FUND APPROPRIATIONS AND ERPENDINRES PISCAL YEAA ENDED SEP7@fBER 30. 1976 8 5 S Appropriations Expenditures SERER DEPARTTfENT Repairs and Replacements 8,500 13,318 Plan[ Heintenance 2.000 2,578 Ut111 ties 33,000 36,081 Chlorine and Chemicals 7,000 4, 30J Supplies 1,000 2,003 Tools 500 85 TOTAL gEMER DRPAaTMENT 52.000 PAIIKS AND RECREATION Pexspnnel 26,072 24,801 Toole and Supplies 15(1 96 Recreation Maintenance 7,000 9.907 Park Lighting 2,000 2,216 Community School Program y y ~TAL PARRS AND RECBE.ATIO .~({]. CAPITAL ERPENDITURES Administration 28,827 28,466 Public Safety 20,000 16,254 Public Norke 70,000 20,117 Parke, New Land and Equipment Tn?A ePI Al. Yp NDI mPC 2_7000 105_827 ly OTNER emergency 171,683 1,456 Transfer to Pederal Revenue Sharing Fund TOTAL OTNER 3,534 ~ _0- .JS.E The accompanying notes to financial etc cements and "AUdltors' Commence" are an integral part of this report. 8 TYSON. FANCHER AND WHfEE. CPA.. P.A. [FITfiFlED PV&JC ACCOVhTANIS ~~ ~~ I1 1 1 1 CITY OP ATLANTIC BRACH, FLORIDA HATER ACCOUNTS - OPRRATIONS FINANCIAL POB ITION SRPTERBBR 30, 1976 RESOURCES Cash in Bank - Page ]0 175,059 Due from Sever Plant PuM 338 Uncollected Mater Asseeemente 1y471 TOTAt RESOURCF_c FUND BALANCBS Water Revenue Accoun[ 111 48,439 Hater Operations, Maintemnee and Repair Account (1) 135 Pater System Renewal and Replacement Pund 12gy294 TOTAL- PLmn g,LeNCBC_ 176"868 (I) $46,765 aval lable for transfer to General Pund The accompanying no tee to financial etatemente and "Auditors' Coamenta" are an integral part of th to report. 9 TYSON. FANCHER AND WHffE. CPAs. P.A. CF]TfIFRD PIIBIJC A[CIXRlfANTS 9 CITY OP ATLANTIC BBACH, FIARIDA HATER ACCODNTS - OPERATIONS GSH RECEIPTS AND DISBUIIS EMEN75 FISGL YEAR ENDED SEPTEMBER 30, 1976 __ C h Balance ac September 30, 1975 23,433 Add: Revenue Aeceipts - Page I1 370,617 Inte teat Earned (Note A) 642 371,259 TOTAL CA$H AVAI!ABLE 394,692 IO De ducC Actual Expenditures - Page l2 219,565 Interest Earned and Due from Sever Plant Pund - 68 219.613 GASN BALANCE AT SEPTEwBER 30. 1976 j]5_059 C poaiti f C h B la ce at September 30, 1976 Atlantic National Bank Checking Attounte: x,346 Mater Revenue Account Mater Operations, Maintenance and Repair Account 135 Mater Sys[am Renewal and Replacement Pund 27+771 71me Cer[lf icates: 100,521 Mater Sys Cem Renewal and Replacement Fund Na ter Revepu¢ AceounC 1-284 14TAL 176_069 The accompanying .w tee to financial stetemente and "Auditors' Commence" are an Sn[egral part of [h 1e report. 10 TYSON. FLrniifm n.~ uu nCmuNT~AxIS~A.. P.A. CITY OP ATIARITC BEACH, FLORIDA MA1RR ACCOUNTS - OPHRATIONS BUDOETHD RECEIPTS ESTIMATHD AND ACNAL PISGL YEAH eRDED SEPTEMBER 30. 1976 5 8 eat iva red Attual Minimum Uater Charges 55,000 60,324 excess Mater Charges I5 ,000 19,296 Cut-In Charges 3,000 5,258 Service Charges 600 1,700 Cigarette Tax 192,000 194,773 Utility Tex 78,000 89,151 Beginning Balance L,000 3,199 4a ter Ae sesamenta 500 115 TOTALS 345,100 373, RIb Lee e: Beginning Cash Balance 3.199 The accompanying notes to financial e[ateew•nte and "AUd store' Conneente" are an integral part of thin report. 11 TYSON. FANC'HFlt AND WHfI'E. CPA.. P.A. CERfIFlED PVBIIC ACCOLRlrANIS 11 12 CITY OF ATLANTIC BEACH, FLORIDA NATHt ACCOUtiI'S - OPERATIONS APPROPRIATIONS AND ER.oENDITllRES FISCAL YEAR ENDED SEP1P218PA 30, 1976 S S Ap prop[Satione Exvend Stores OPERATIONS, MAINTENANCE. AND REPAIRS INDIRECT COSTS - PAID TO GENERAL PU[D) Administration 21,600 21,600 Transpprta[lon 10,400 I0 ,400 ~ypr 33,400 3),400 Capital 12,600 12,600 Capital Improvements - Na[er Plant I67y358 59y791 TOTAL 245,358 137.791 DIRECT COSTS Repairs and Replacements 8,000 5,018 Utilities 12,000 12,113 Chemicals 6,000 T,I51 Building Ma lntertance 500 156 Miscellaneous 500 446 Tank Maintenance 500 _ -0- 70TAL 27y500 19,894 RENEMAL AND REPLACEMENT FUND Neu Mains, Meters, Service 20,000 10,648 Yater Re servolr 500 -0- Emergency Na[er Plan[ 540 -0- TOTAL 2I~004 IOy669 FUND TRANSFERS AND 01NER Revenue Bond Pund - Bond Principal, for 1977 11,000 11,000 Bond Interest and Paying Agent Charges (1977) 2,845 2.845 Transfer to General Pund ]j.,]$Z 3?~797 1 2. 5242 GRAND TOTAL ws +n O_ ~~ The aceonpanyfng no tea to financial statements and "Auditors' Conments" are ea integral part of this report. 12 TYSON, FANCHER AND WHRE. CPA.. P.A. CFI[1611D PUBIIC ACCOINfAN75 CITY OP ATLANTIC BEACH, PLORI DA UTILITY REVENDE BOND FUND PINANCIAL POSITION SEPT@ffiER 30, 1976 NESOUgces Ca eh in Atlantic Na[1ore1 Bank - Page l4 (I) 33,035 Pi xed Aa se to - Rater System Rater System Cons truc[ed Since Nay, 1958, from Proceeds of Bond Issue - Cost 238,828 Nev Rater Mains, Service and Meters Added Since Bond Issue - Cost 280,008 51836 TOTAL RESOURCES 551.871 OBI.I CATIONS AND FUND BALANCES Obligations: Utility Revenue Bonds Payable - Page IS 86,000 Fund Balances: Unrestrlc Ced Fund Balance 438,569 Restricted for Debt Service 27,302 46871 TOTAL OBLIGATIONS AND PUND BALANCER SS l.H7l (1) The excess of cash on deposl[ over the ree tr Sc fed fund balance is available for transfer to the General Fund of the City. 1J The accompany Lng notes to financial statements and "Auditors' Comments" are an integral part of this report. 13 TYSON. FANCISER ANU WHifE. CPA,. P.A. CFJttIFlED tV&JC ncCUll\TANfS CIT' OF ATLANTIC BEACH, PLORIDA UfILIIY REVBNUE BOND PUNB CASX RECEIPTS AND DISBURSEMO!N75 PISGL MBAR ENDED SEPTEXBER 30, 1976 _i Cash Balance a[ September 30, 1975 31,146 Add: Transfer from Rater Revenue Account 13,845 Inters st on Savf ngs (Added to Time Certificate Balance) (Note A) X268 l6yl l313 TOTAL CASH AVAILABLE 47,258 Deduct: Bond Principal Paid II,000 InCerest and Paying Agent's Pees 3223 ly CASH &1LANCE AT SEPT@1BER 30 76 ]3435 Composltlon of Cash Balance at September 30, 1916 Atlantic National Bank: Checking Account 666 71me CertlfScate 3y I4TAL 14 The accompanying notes to Ei Inc ial statements and "Auditors' Covwente" are an integral par[ of [hie report. 14 TYSON. FANC'f11iR AND WHRE. CPA:. P.A. a~Ifnfrzn ia~el3c Accarvrnn rs C11Y OP A11ANTiC BEALTI, FLORIDA UTILITY REVBNUB BOND POND UTILITY REVENUE BONDE PAYABLE I1~ PIECAL YEAR ENDED BEPT@OIER 30. 1976 S Maturity Dales Amount March 1, 1977 11,000 Match 1, 1978 17,000 March 1, 1979 12,000 March 1, 1980 12.000 March 1, 1981 13,000 March 1, 1982 13.000 Match I, 1983 14y000 TaT a~ (1) Does not include future Sntereat amounting to $11,025 which will accrue over the remaining Ii fe of [he bonds. IS The accompanying no tee to financial e[a temente and "Auditors' Cammenta" are an integral part of Chia report. 15 TYSON. EANCHER AND WHITE. CPA.. P.A. C772TN1FD PU&JC Accolr.+fANls CITY OF ATLANTIC BEACH, FLORIDA SENER PLANT FUND FINANCW. POBITION BEPTEM1tER 30. 1976 RESOURCES ~- Cash Sn Banks - Page 17 14,557 Time Certificates of Deposit - Page l7 103,167 Uncollected Sever Assessments 16,516 Note Receivable - Pecan Grove Apartments 6,254 Sever Cone Cruc tion Co s[a (I) I, 130.874 70T ~A ~OLC45 I-27L 368 OBLIGATIONS AND FUND BALANCE Ob liRatione General Obligatlon Bonds Payable (Issued, April 1, 1958) -Page 19 190,000 Cart iflca tes of Indebtedness Payable: Bull Interests - No. 2 464 Bull Interests - No. 5 12,521 Bull Interea to - No. 6 1 1040 TOTAL OBLIGATIONS 222,025 Fund Balances - By Source 1971 Bond Issue 414,591 Special Assessments 347,791 Covenwen[ Grant 67,094 Revolving Fund I59y867 i0TA1 FUND BALANCES 1,049,343 ZL 1 3¢8 TOTAL OBLIGATIONS A.4D POND BALANCES. (I) Includes costa incurred from 1971 Ge neral Obligation ± ~ Sever Bond Construction Account prior to 1977. 16 The accompanying notes to figuncial statements and "Auditors' Comments" are an integral part of th ie report. 16 TYSON. FANC'HER AND WHRE. CPA:. f.A. CFATFlED A,'BIJC ACCOO^O'ANfS CITY OF ATUIITIC BEACH, FLORIDA SEVER PLANT PUNII CA$N RECEIPTS AND DISBUR$EMENi$ PI $CAL YEAR ENDBD $EPTElBER 30. 1976 ~- Cash Balance at September 30. 1975 95,489 Add: Budgeted Revenue Receipts (Page Ig) I%,286 Lase: Beginning Ca eh Balanee Ina laded 989 60,797 Certificate of Indebtedness, (Bull Ia[erea ts) - No. 1 2,673 CertifLcate of Indebtedness, (Bull iateree t) - No. 2 4,237 Trans far From Va ter Revenue Pund 338 NTAL CA$X AVAILABLE 143,534 Deduct: Appropriated Eapenditurea (Page 18) 18,900 Bull Interests - No. 1 2.673 Bull Inteieate - No. 2 CASN MI.ANCE AT SEPTEMHEA 30.1976 4277 2~B 1D I17. 724 Comoosition of Cash Balance At September 30, .1976 The Ocean State Bank - Cheeking Aceoun[ 14,552 Southeast Piret Natlmna7 Beach Bank - Selva Harlna Sever Pund 5 Time Cer tificatee of Depoeft 103,167 T4tAL 117.72c 37 The accompanying notes to financial eta to manta and "Audito[e' Comments" are an in [egral part of this report. 17 TYSON. FAlJCHFlt A\D Wfif1E. CPA.. P.A. cTnTDIm xlBilc Accan.~Aftrs CITY OF ATLANTIC BEACH, FLORIDA SEWER PLANT PUND REVENUES AND E%PENDITDRE$ FISCAL YEAR ENDED SEPTEMBER 30. L976 5 5 Es[[ma ted Actual REVENUES Beginning Cash Balance 97,796 95.489 Pecan Grove No [e Rec. 7,020 -0- Ad Valorem Tazes (Note D) 7,106 7, IOb Special Sever Assessments 7,000 3,369 Interest on Time Ce Rlfica[es (Note A) 4,551 5,437 Miscellaneous Collections -0- '0' 50% Service Charge 5,400 5,625 Sever Conner[±on Charges TOTAL REVENUES 1000 126.473 1260 114~9SI E%PENDITURES Fund Balance 98,983 -0- Bond Principal 10,000 10,000 Bond Interest and Bank Charges 7,490 7,515 Sever Construe tlon LO 1000 _11794 TOTAL E%PE NDI TUBES 26 18.900 18 The accompanying notes Co fl nand el eCatements and "Auditors' Comments" are an integral part of this report. 18 Tl'tiON. 1'AN(lI6:H AXD N'I If(f. CI'A.. P.A. CTJtTIFIiU In.'81JC ACC(N']TAYFS CITY OP ATLANTIC BEACH, FLORIDA SE.IER PLANT FUND SENER BONDB PAYABLE FISCAL YEAR ENDED SGPTEMBER 30, 1976 Maturity 5 Dates Amount 19 April 1, 1977 10,000 April 1, 1978 !0,000 April 1, 1979 10,000 April 1, 1980 15,000 April I, f981 15,000 April 1, 1982 15,000 April 1, 1989 15,000 April 1, 1984 20,000 April ], 1985 20,000 April 1, 1986 20,000 April 1, 1987 20,000 April 1, 1988 2000 ~'[A1, 190,000 (I) (I) Does no[ Include future interest amo unting to $49,458, vh lch of 11 accrue over the re maining life of [he bonds. The accompany ing notes to ffnzncfal statements and "Auditors' Comments" are an integral part of this report. 19 71'ti(N. FaNCHEIt a\7> tt'HRF. (TA.. P.A. CI:RTIFIfU N &1C A('CCN MA?a 1 1 1 1 L 1 1 CITY OP ATLANTIC BEACH, FLORIDA POLICE COURT COST FUND PI NANCI AL POSITION S EP IEHBER 30, 1976 RESOURCES S Cash in Bank (Per Be lov)* 4 774 ~_ TOTAL RESOURCES 4.774 FUND BALANCE Restricted Fund ea lance 4.774 CASH RECEIPTS A.4D DISBURSEHENTS PIS CAL YEAR ENDED S EPTEHB ER 30, 1976 Cash Balance at September 30, 1975 4,416 Add: Co ur[ Costs Collected 3616 TOTAL CASN AVAILABLE 8,032 Deduct: Schools and Training 1,450 Remittances to State of Florida 1_:808 3258 Cash Balance a[ Seotember 3O. 1976 4.774 * Southeast Ftrst Ha [Tonal Beach Bank The accompanying notes Co financial s[a Cements and "Auditors' Comments" are an integral part of this report. 20 TYtiOA. PANC116:N A\U N'IIRP. CPAs. IU. CFRTIFIID N:BIJC ACCOV]TAhTS 20 CITY OP ATLANTIC BEACH, FLORIDA ' 1971 GENERAL OHLI CATION SEVER BOND Si KKINC FUND ' FINANCIAL POSITION SEPTEMBER 30, 1976 ' RESOURCES S ' Cash in Bank - Page 22 2,817 Time Certificates of Deposit 18,305 ' Amount To Be Provided By Ad Valorem Ta zes For Re [ire went of Hoods (Principal) 44000 ~ TOTAL RESOURCES 4~ l22 LIABILITIES AND PUND BALANCE Accrued Interest Due January 1, 1977 7,133 Bonds Payable - Paoe 23 444000 TOTAL LIABILITIES 451,133 Fund Balance 189 TOTAL LIABI LI iIES AND POND BALANCE ~~ 21 ' The aecompanying mtes [o finandal s[a temen[s and "Auditors' Comments" are an integral part of this repo[. 2l ' 7YtiON. FAN('IIFR ANU \VliRli. CPA.. It.4 (FXTIFIFD NJBLIG ACCO(']TAVfS I CITY OF ATLANTIC BEACN. FLORIDA 1971 CENEML OBLIGATION SENER BOND SIKKINC flMD CASX RECEIPTS AND OISBURSEMEN[S PI SCAL YEAR ENDED S EPTEI7HER JO 1976 $ $ $ Estimated Actual _ Cash Balance a[ Septeaber 30 , 1975 20,063 Receipts: Transferred From Ce ne ral Fund For Portion of 1974-1975 Ad Valorem Taz Levy (Noce D) 41,177 41,773 Interest on Investments (Note A) 1,059 4_y 32 TOTAL CASH AVAILABLE 41.373 42.432 62,495 Dl sb ursemen[s• Rond Prlncipal Pald 12,000 IT, 000 Bond Interest Paid 2_377 29a7?7 TOTAL CASH DISBURBED 4)..}7] ~~ 41_~ 777 CASH BAL CE Ai SEPTEMBER 30 1976 Za+)-22 2z C D f[f f Cash Balance at September 30, 1976 5. E. Firs[ National Bank Checking Account 2,017 Ocean State Bank, 90 Oay 61fX Time Cert ifiw [e 18r7~5 TOIBL 21.122 The accompanying notes to financial statements and "Auditors' Comments" are an integral part of this report. 22 TYSON. FAN('IIFR .4NU \VIIRIC. (YAs, RA. CTRTIF IIU N. BIJ[; ACC(R'~T.AI.'Iti CI Ty OF ATLANTIC BEACN, PLORI DA 1971 GENERAL OBLIGATION SENER BOND ISSUED IN 1971 OUTATANDI NC AS OF SEPTEMBER 70, 1976 SERIAL MATURITY $ $ $ NUMBERS DATES SALE PRICE DIS WONT T07AL 57-70 July 1, 1977 17,741 259 14,000 71-85 July 1, 3978 !4,722 278 15,000 A5-100 July 1, 1979 14,722 278 15,000 IOl-ll6 July 1, 1980 15,704 296 16,000 117-133 July 1, 1981 16,685 315 17,000 134-151 July 1, 1982 17,667 333 18,000 152-171 July 1, 1983 19,630 }70 20,000 172-191 July 1, 1984 19,630 370 20,000 192-211 July 1, 1985 19,630 770 20,000 212-233 July 1, 1986 21,593 401 22,000 234-258 July 1, 3987 24,538 462 25,000 259-283 July 1, 1988 24,538 462 25,000 284-308 July 1, 1989 24,538 462 25,000 309-333 July 1, 1990 24,i 38 462 25,000 334-363 July 1, 1991 29,445 555 30,000 364-393 July 1, 1992 29,445 555 30,000 394-423 July 1, 1993 29,445 555 30.000 424-467 July 1, 1994 39,260 740 40,000 464-500 July 1, 1995 36,315 685 3_7000 ~,1 L4 Vi(i) (1) Uces not include future in[a rest vhlch viii accrue over the re mai ring life of bonds amounting to $322,568. 23 The accompanying noces to financial statements and "Auditors' Coiment s" are an integral part of this report. 23 ll:tiON. PAX('111.R A\U \\'111iF. CPA.. P.A. CFATIFlID ICBIJC ACCtN,'}TA\TS CITY OP ATLANTIC BEACH, PLORI DA NOTES 1'0 PINANCTAL STATP.SIENTS SEPTE!®ER 30, 1976 (A) MONEY MANACEMEIiT The continued attention to [he management of money Drodueed the folio'-'S ng Snte[est earnings: General Fund 31,494 Water Accounts (Operations) 642 Utility Revenue Bond Pund T,268 Sever Fund 5,477 1971 G.O. Sever Bond Sinking Fund X059 TOTAL 40 (B) 7AXE5 RECEIVABLE Under prior year legis la[tve authorization, tax cer[if ica[es were issued for de lfnq cent [axes on certain properties described on page 4 of this report, totaling $15,110. (C) RESOURCES 24 As a resulc of the May 29, 1914, ruling of the Supreme Court of the State of Florida, the City o£ Atlantic sea cb Ss nov receiv- ing both Federal and State revenue sharing fords directly from chose governmental entitles. The Office of Pede ral Revenue Shar- ing remitted all prior period entitlement funds 1n November of 1975, amounting [o $175,679, and has subsequently been remitting quarterly Che cut[ent entitlements. It vas de tecmined Chat State Revenue Sharing and certain other distributions had no[ been re- ceived by [he CS[y of Atlantic Beach from the City of Jacksonville for periods orior to the above court ruling. A request vas made for payment, and the amount of $251,106 was received during the fiscal year covered by this report. 24 TYSOY. PTNC'HfH ADD N'Hf1[. CPA.. P.A. CERIIFIfL I'1'flIH; ACCOI:\TA"!f~ 25 (D) AD VALOREM TA%ES The ad valorem taxes collected during Che fiscal year were from: Real Estate 175.729 Personal Property J 265 1UTAL I84~994 The ad valorem [axes collected during the fiscal year ve re allocated to: General Fund 136,515 Sever Yund ],106 1971 G.O. Sever Bond Sinking Fund 4J1 _373 TOTAL 1@9394 (E) COURT COSTS TAe Lity Attorney Informed us that court costs vere collected in accordance vlth Chapter 943 Plorida Statutes. (F) LOT CLEARING, DENDLIIION AND TREE REF~VAL ASS ES SIffNTS 1[ is suggested that official Commission action be taken [o remove those aesessmenta on vh ich no collection efforts can legally be made. 25 TYtiON. FA\(')114R AtiD \VHRF-,. CPA,. P.A. CF]tTIFIrD 11'BIK ACCOt'M17ANT5 CITY OP ATLANTIC BEACH, FIARIDA AUDITOAS' (DfDffiITS BEPTEIIHER 30, 1976 The following comments are submitted in the sequence suggested in Uapter 10.500 - Rules of [he Auditor General. 1. There were no irregularities reported in [he preceding annual report. 2. The recommendations made in [he prior period report [hat cer- tain accounting procedures be changed have been subs wnHally accomplished. 3. No recommendations are made a[ this time to improve present accounting procedures or internal control. 4. To the best of our knwledge, there were no illegal expendi- tures made during the period under review. 5. '[here were no vtolaclons of the law discovered during the audit e xamina[Son. 6. Accounting procedures appear proper and adequate, therefore, no recommendation have been made in item q) above. 7. We found no evidence of failure to comply with adopted account- ing procedures. 6. He found no evidence of failure to record financial transactions. 9. 'There were no shortages discovered during she audit examl+u Lion. 10. The financial report subml tted [o the Department of Banking and Pinance vas in agreement vi th the annual audit report. 26 26 TYSON. PANCHF.N /.NU WHRF;. CPA+. V.T. CTMIFIID 11iBilC ACCOI \TA.'4fS TYSON, FANCfiES AND WfIITE, CPAA, P.A. CEATIfIfD NILIC ACCOI'NfAMS 1 CITY OP ATLANTIC BEACH, FLORIDA ACCOUNTANTS' REPORTS, FINANCLIL STATHMSHTS AND SUPPLENSNTARY DATA REVENUH SEARING PUNDS ACCOTRiT N0. 10-20016001 MBAR SNDHD SHPT&IDPR 30, 1976 TYSON. FANCHFR AND WHfI'E. CPA.. P.A. CERTFtm PIJBIIC MOOOIMMHIS CITY OP ATLANTIC BEACR. FLORIDA RBVENUH SNARING POtD) INDBR TO AUDIT RBPORT YRAR BNDBD. SRPTEiIDHR 30.'7976 Yage Acco~mtants' Report on FSmncial Audit 1 Statement of Changes in Available Funds 2 Statement of Obligation Incurred 3 S~moary of Data Submitted to the Bureau of the Cemm 4 Notes to Pimncial Statements 5 Aecom[anta' Report on Internal Controls and Compliance Natters 6-7 TYSON. FANCHFR AND WHITE. CPA., P.A. CPXIFaID PIJBISC ACCOUN7'AND3 TYSON. FANCHER AND WFiflE CPAs. P.A. ' CFR7ffED PUB11C AOLOIMI'Aft15 Pw7 OBwe Bn et7f I ' m ara,p,nm,4 Cr.~ 71e NweYaeL Aw. K 1.lY rawtzg m.esJ. AdsenuBr Bsd. F1. 711!0 ,eamra ~nra era. Plr (f01/1M6111 Magor and City Commission City of Atlantic Beach, Plorida ' we have examined the Revenue Sharing Fund Statement of ' Changes la Available Puads and Obligations Incurred for the year ended September 30, 1976, and have compared the fiaan- ' cial data included on Bureau of Census Form RS-9 with audited records of the City of Atlantic Beach, Plorida, for the year ended September 30, 1975. Our examination vas made is accord- ance with generally accepted auditing standards and the , "Audit Guide and Standards for Revenue Sharing Recipients", issued by the Office of Revenue Sharing, U. S. Department of the Treasury, and accordingly Included such testa of the aC- counting records and such other auditing procedures ae ve ' considered necessary in the circumstances. In our opinion, the Statement of Changes Sn Available Pmde and Obligations Incurred and the status of Fevenue Shar- ing Punde of the City of Atlantic Beach, Plorida, for the year i ended September 30, 1976, is in conformity with generally ac- cepted accounting principles applied on a basis conelstent with that of the preceeding year. Purther, except for the ad- ,~uements ae show on page 4, [he financial data show 1n the ' Bureau of Ceoaus Porm RS-9 for the year ended Sapter~er 30, 1975, Se in agreement with audited records of the City of At- lantic Beach, Plorida. 1 1 1 ~C,1sox , ka,M-cArn. "`~1., I~AA~~tL ' Rovember 17, 1976 JacWonv111e Beech, Plorida CITY OP ATLANTIC BEACH, PLOAIDA AEVHNOE SHARING PUNU STATBl~tiT-OP CHANCBS IN AVAILABLE FUNDS YBAR HNDHD SSPT6l18ER 30. 1976 S S S Per Booke Adiaetmente Ad ueted Available Punde, Beginning of Year: Unappropriated ~ 10,649 -0. 10,649 Dnencumbeted Appropriations ~. 220.748 -0. 220.748 Total 231,397 -0- 231,397 Add: Revenue Entitlement Payments 68,275 -0. 68,275 Interest 9,]36 -0- 9.336 Total 309,008 -0- 309,008 Ieea: Unappropriated, End of Year 95.921 -0- 95,921 Available for Obligations d:aing the Year 213,087 -0- ~ 213,087 Lees: Hzpendituree 213.087 -0- 213.087 iFaencumbered Balance, End of Year -0. -0. -0- Usapproprffi[ed, God of Year 95.921 -0- 95.921 Available Pmds - September 30, 1976 95.921 ~e 95.921 The accompanying antes to financial atatemente are an integral part of this report. 2 2 ' TYSON. FANCHFR AND WHfI'E. CPA.. P.A. CEa'R~7t•D PUBIJC AOOOIIN7'ANB CITY OP ATLANTIC BRACH. FLORIDA RBVBNUB SNARING FUND STATHIffi7T OP OBLIGATIQ7S INCURRRD YEAR BNOSD SBPT@®ER 30, 1976 OoezaiinR R~[penditvrea: public Safety Total Obliaa~ona Incurred• S S S S S S Applicable Revenue To Sharing Ad~vat- Qneationed Total Otber Punde Fwde seat ueted Coats l ~. ~ :~ 3 The accoapanying notes to fimncial e[atearnte are an integral part of tbL report. 3 TYSON• FANCHFR AND WHR'E, CPA.. PA. CERTFtD PUdJC ACCOUMAHD3 CITY OF ATLANITC BRACH, FIARIDA REVENUE SHARING PUND SUlD61RY OF DATA SOBt4TTED TYI THS BUREAD OP TNH CENSUS POR THH YRAR ENDED SEPTEMBER 30. 1975 ' S $ $ Report to Audit Ce¢eue Ad.1ue[menta Ad uated Part I - Taa Reve¢uea 1. Property Taaea 2. local Ssles Tezes: a. Public Utilitfea Tazee b. Other 3. Liceneee, PermiCa and Othei Teaea TOTAL - TAR REVENUE Part I1 - Eateraovernmental Revenue 1. From State: a. Other General Support 315,128 (2) (5,806) b. SCreete a¢d Highways 2,529 -0- c. Aid for Property Tea Belief 3,155 -0- 2. From Other Local Covernmenta: a. Radio Service -0- (1) 8,000 177,371 -0- 177,371 177,579 -0- 25.681 309,322 2,529 3,155 177,579 7,420 (1) (7,920) 19.875 (2) 5.806 5~=6 12.114) 8,000 3. Prom Pederal Cover®ent - Pederal Cran[ - E.Y.A. 40.200 -0- 40.200 TOTAL - INTERGOVRRNMRNTAL REVENUE 1 O1 2.194 (1) Ada uetment for reclaeaification of other [saes, which should be cla~s- ified as Intergovernmental Revenue. (2) Ad3uatme¢t co reclassify fees collected locally Eros licensee and building permits, included on Census Beport uadar-Cenerel Support from the States. 1'he eceospanying notes to financial atateme¢ta era an integrsl part of this report. 4 k ' TYSON. PANCHF7t AND WHfI'E, CPA., P.A. CTR7Y[D PUBLIC ACOOIIMAND3 CITY OP ATLANTIC HSACH, FLORIDA ASYBNUB SHARING FUND NOTRS TO FINANCIAL STAT@@NTS SBPTBNBHR 30. 1976 __ (A) Accounting Policies The cash method of aecounting is used in recording and reporting receipts esd dieburaemente by the Gity of Atlantic Beach, Florida. (B) Entitlements 5 During the year ended Septeaber 30, 1976, the City of Atlantic Heach, Florida, received the following from [he Office df Pedera/ P.ev-_ anus Sharing: Satitlamant Period - Date Received. Ammo 6 10/7/75 17,068 6 1/6/76 17,068 6 4/7/76 17,068 6 7/9/76 17.071 66,275 (C) Sumsery of Data Submitted to Bureau of the Census the latest zeport available from the Bureau of the Census was the information on Pori AS-9 for the period ended September 30, 1975, which vas signed by [heCity of Atlantic Beach, Flozida, on ibvober 11, 1976. 5 TYSON. FANCHER ANO WHITE, CPA.. PA. CEfCiFm PUBIC ACOOIMIAMS TYSON. FANCI-IFR AND WH17E, CPAs. P.A. CER744D PUBIJC ACCOIMMNB a ~rw,u, nfr.a era Pw ORk<Bv f Iffi •.rm,rrmu, m,era fie Nbnn,+4 A.e_ N. Jrd.w,ri4 Bud FL. fiifD era wer,era P6ar (fwl eM.enl Mayor and City Co®iseion City of Atlantic Beach, Plorida We have examined the Revenue Sharing Fund Statement of Changes ' in Available Punda and Obligations Incurred, for the year ended Sep- tember 30, 1976, and have compared the financial data included on the Bureau of the Census Porn RS-9 with Che audited records of the ' Ci[y of Atlantic Bead, Plorida, for the year ended September 30, 1975. Our report thereon, which appears on page 1, ie unqualified. Our examination was made in accordance with generally accepted O auditing standards and [he "Audi[ Guide and Standards for Revenue Sharing Recipients", (Guide) Ssaued by the Office of Revenue Sharing, U. S. Department of the Treasury, and accordingly, included such [eats of the accounting records and such other auditing procedures as ' we considered necessary in the circumstances. AB part of our exam- ination, we made a study of those internal accow[ing and administra- tive control procedures and compliance matters that we considered ' relevant to [he criteria established by the Office of Revenue Sharing as se[ forth in Section V. D. of fta "Guide". ' the objective of internal accounting control is to provide rea- sonable but not absolute, assurance ae to the safe-guarding of assets against lose from unauthorized use or disposition, and the reliability of financial records for preparing financial statements and maintain- ' Sng accountability for assets. Me understand that the objective of those administrative control procedures comprehended in the Office of Revenue Sharing's cri[erie is to provide similar assurance ae to Goff- ' plience with its related requirements. the covicept of reasomble assurance recognizes [fiat the coat of a system of internal cwtzol eho~IId not exceed the benefits derived and oleo recognizes that the ' evaluation of these factors neceeearily requires ea timatee and ~udge- ments by management. There are inherent limitations that should be recognized in con- , afdering potential effectiveneee of any system of internal control. In the performance of most control procedures, errors can result from mieunderatand£ng of inetructione, mietekee of judgement, carelessness ' or other personal factors. Control procedures whose effectiveneee depends upon segregation of duties can be circuwented by collusion. S1aiLrly, control procedures can be circurvented intmtiofully by mamgement with respect either to the execution and recording of trana- ections or with respect to the estimates and ]udgements required in the preparation of financial etatemente. Purther, pro]ection of any evalu- ation of internal control to future periods ie sub]ect to the risk that the procedures may become inadequate because of changes in conditions, and that the degree of compliance with the procedures may deteriorate. iie wdera tend that procedures iv conformity with the criteria re- ferred [o in the flret paragraph of Chia report aze considered by the Office of Revenue Sharing to be adequate for its purposes in determin- ing the adequacy of internal control and compliance vit6 lava and reg- uletiova applicable to the revenue sharing program, and that procedures that are not in confozmL[y therewith indicate some inadequacy for such purposes. Based on this underetending and on our study, we believe Chet the City of Atlantic Beach's procedures were adequate for the purposes of the Office of Revenue Sharing. 1Lis report !s intended for use in comeetion with the Revenue Bhsr- ing Program to rbich it refers snd should not be used for any other putpose• ~(.# SOU ~ YWV-(~J.~ atil' IA.M^^~ Roveaber 17, 1976 JacteomHlle Beach, Plorida TYSON. FANCHFIt AND VVFitIE. C4A.. P.A. CBR7FID fUdJC ACOOIMrANfB