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