Audit Report - 1971-1972i
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TYSON, EVANS S SUMY.ERS
Certified Public Accountants
Jacksonville, Plozida
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CITY OF ATLANTIC BEACH, FLORIDA
AUDIT REPORT
DECEMBER 31, 1972
TYSON, EVANS Q SUNMER$, CLRi1V16D PVBLIC ACCOVNIAIRB
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CITY OF ATLANTIC BEACH, FIARIDA
INDE% 1'O REPORT
DECEMBER 31, 1972
Page Number
Certificate Letter 1
General Fund 2 - 8
Water Accounts - Operations 9 - 12
Utility Revenue Bond Fund 13 - 14
Sewez Fund 15 - 17
Police Court Coet Fund 18
1972 General Obligation Sewer Bond
Construction Account 19 - 21
1972 General Obligation Sewer Bond
Sinking Fund 22 - 24
Auditors' Comments 26 - 26
SUNNERS. ceanneo euauc ACCOVNTARra
TYHON. SVANB & 9GMMSRB. GHARTSRBD
arannan evaLto wvvovavaxs
uea arwca aovLevwan
JAOGBOn VILL a. ILOIIOw al~a~
February 17, 1973
To The City Coamission
City of Atlantic Beach, Florida
Gentlemen:
We have examined the financial statements of the vazious funds of
the City of Atlantic Heach, Florida, as of December 31, 1972, and the
related statements of cash transactions for the year then ended. Our
examination was made in accordance with generally accepted auditing
standards, and included such tests of the accounting records and other
auditing procedures as we considered necessary.
In our opinion, the attached statements present fairly the finan-
cial positions of the various funds of the City of Atlantic Beach,
Florida at December 31, 1972, and the related cash transactions for the
yeaz then ended, in conformity with generally accepted accounting prin-
ciples applied on a consistent basis.
The "Auditors' Cowsents" submitted herewith in compliance with
Section 9, Chapter 71-218, Florida Statutes is not included within the
above certification.
kespectfully submitted,
i~ C
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CITY OF ATLANTIC BEACH, FLORIDA
GEC:ERAL FUND
FINANCIAL POSITIOB
DECEt1BER 31, 197?
RESOURCES
Cash on Nand and in Bank - Page 3
Savings Account - Jordan Utility Escrow
Taxes Receivable - Page 4
Lot Clearing Liens Receivable - Page 9
Assessments for Demolition - 1968
TOTAL RESOURCES
OBLIGATIONS AND FUCID BALANCES
Obligations
Utility Escrow Accounts $ 627
Total Obligations
Fund Balances
Reserve For Uncollected Resources 5 66,027
Restricted for Jail Renovation 4,675
Available for Appropriation 111,963
Total Fund Balances
TCTAL OALIGATIONS ANU FUND BALAhC ES
Page 2
$ 116,138
627
63,812
415
l,eoo
$ 182,792
$ 627
S 182,165
$ 182,792
TYSON, RVANS & SUMMERS, CERTIPI6D PUBLIC ACCOUNTANTS
CITY OF ATLANTIC BEACH, FLORIDA
GENERAL PUND
GSH RECEIPTS AND DISBURSEMENTS
1972
Cash Balance at January 1, 1972
Add:
Revenue Receipts - Page 5 $ 542,211
Received from Developers for Paving,
Drainage, and Sewer Lines, Selya Karim
Unit 48 14,221
Transfer from Sewer Construction Fund for
Prior Yeaza Obligation 24,277
Received from State of Florida foY Jail
Renovation - Less amount ExpendedP 4,675
Total Caeh Available
$ 713,792
SpS_iAd
$ 699,176
Deduct:
Temporary Loan to G.O. Sewer Bond Sinking Fund $ 100
Actual Expenditures - Page 8 582,938 $ 583,038
Cash Balance at December 31, 1972 $ 116,138
Composition of Cash Balance at December 31, 1972
Southeast First National Beach Bank
Change and Petty Cash Punds
Time Certificate - Southeast Firet Natioml Beach
Bank
TOTAL
•Restricted
Page 3
$ 90,875
263
25,000
EVANS & SUMMERS, C8RTP18D PUBLIC ACCOVNTAMTS
CITY OF ATLANTIC BEACH, FLORIDA
GENERAL FUND
DECEMBER 31, 1972
TAXES RECENABLE
REAL ESTATE
Yeai Asse65ed
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963 & Pzioz
PERSONAL PROPERTY
Yeaz Assessed
1972
1971
1970
1969
1968
TOTAL TAXEE RECEIVABLE
S 36,660
5,760
3,608
3,076
2,930
2,060
1,938
2,531
396
1,883 S 60,842
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S 1,956
243
214
276
281 $ 2,970
$ 63,812
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LOT CLEARING LIENS RECEIVABLE
Yeaz ABSessed
1972
1971
1970
1969
1968
1967
1966
$ 200
120
40
20
20
3
$ 12
5 415
Page 4
1 iJV N, G V ANJ 41 SUMtlEMS, CCBTIPIB V P VBLIC ACCOVNTANT9
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C ITi GF AT LAI:T IC BEACH, FIARIDA
GENERAL FUND
REVENUE RECEIPTS
E51'IN.ATEO AND ACTUAL
1972
Account Estimated Actual
100 Ad valorem Revenue, City of Jacksonville I11 5 56,700 $ 23,532
101 i,d Valorem faxes - 1972 92,000 93.553
102 Ad Valorem Taxes - Prior 30,000 23,590
103 Personal Property Tax 6,000 7,834
104 Fines and Forfeitures 36,000 41,082
105 Permits 5,000 17,646
106 electrical Franchise 38,000 35,020
107 Garbage Collections 55,000 59,659
108 1961 Paving Assessments 100 -0-
309 Licenses 8,000 10,983
110 Penalties and Interest 1,000 ~ 466
111 t:iscellaneous Collections 2,500 2,763
112 Telephone Franchise 2,000 2,290
113 Radio Service - Neptune Beach 9,200 9,200
114 Lot Clearing 1,000 820
115 S. bt. Sewer Service Chazge 600 2,354
116 sewer Service Chazge 72,250 71,533
117 Royal Palms Certificate No. 3 3,500 6,539
121 Transfer from W.Odb. s R. Account 36,875 36,875
122 TYansfei from Water Revenue Account 90,000 92,828
123 Transfer from Unbudgeted Reserve 50,000 -0-
124 Life Guard Service 4,300 -0-
125 Police Reports 200 376
126 Secondary Road Fund Contract 8,000 8,373
127 Ambulance Service -0- -0-
128 Nouse Removal 500 395
Total S 603,725 5 542,211
~l~Terminology used in budget.
Page 5
TYSUN, EVANS h '~"MMERB, ceannro reeuc AccovnrenTs
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CITY OF ATLANTIC BEACH, FLORIDA
GENERAL FUND
APPROPRIATIONS AND E%PENDITURES
1972
Account Appropria lions Expenditures
ADMINISTRATION
201 Personnel $ 41,262 S 40.883
202-A Insurance - Building, Vehicles W/C, e tc. 15,500 13,465
202-B Insurance - Life and Hospitalization 6,847 6,847
203-A Office Supplies 4,074 4,074
203-8 Postage 1,351 1,351
203-C Maintenance, Office Machines 1,655 1,524
204 City Hall Maintenance 1,345 1,300
205 Audit 1,800 1,675
206 O A S I and Expense 15,366 15,366
207 Office Utilities 5,277 5,277
208 Assessor 250 250
209 Advertising 1,450 1,137
210 Commissioners' Fund 1,000 332
211 Election Expense 34 -0-
212 City Manager's Expense 850 834
213 Memberships 950 911
216 Professional Services - Codification 2,350 1,665
217 City Attorney 3,000 3,000
218 Commissioners' Salaries 600 600
220 House Removal 500 -0-
2-1002 Capital Appropriations 2,000 1,695
TOTAL ADMINISTRATION $ 107,961 $ 102,186
PUBLIC SAFETY
301 Personnel $ 123,510 $ 322,243
302 Uniforms 1,637 1,637
303-A Police Supplies 1,051 1,051
303-B Pire Supplies 800 789
306 Jail Meals and Supplies 1,529 1,529
307 utilities 3,672 3,672
308 Building Maintenance 1,000 946
309 Radio Repair 1,000 959
311 Nusane Society 900 900
312 School Crossing Guard 200 15
313 Office Supplies 700 655
314 Municipal Judge 1,200 1,200
315 Alternate Judge 500 500
5-1003 P. 6 F.D. - Capital 14,501 7,832
TOTAL PUBLIC SAFETY $ 152,200 $ 143,928
Page 6
TYSON, EVANS & SUMMERS, ceannviep eueLw AccouxrAxra
CITY OF ATLANTIC BEACH, FLORIDA
GENERAL PUND
APPROPRIATIONS AND E%PENDITURES
1972
Account App ropriations Expenditures
TRANSPORTATION
401 Personnel $ 7,570 $ 7,570
402 Gasoline 13,226 11,148
403 Oil and Grease 850 848
404 Pazts and Tires, Tolls, Mileage 13,641 13,641
405 Supplies 700 695
906 Shop Tools 600 593
TOTAL TRANSPORTATION $ 36,587 $ 34,495
SANITATION
501 Personnel $ 42,723 $ 42,723
502 Gazbage Disposal Landfill 7,566 7,566
503 Containers 5,149 5,107
504 Supplies 770 742
5-1005 Garbage Truck 17,400 17,339
TOTAL SANITATION $ 73,603 $ 73,472
LABOR
601 Personnel $ 72,935 $ 72,935
PUBLIC WORKS
701 Tools and Supplies $ 1,922 $ 1,776
702 Utilities 1,278 1,277
703 Equipment Maintenance 5,000 4,872
704 Beach and Street Ends 1,830 1,828
705 Drainage 6,800 6,776
707- A Street Lights 6,359 5,573
707- B Lights - Atlantic Blvd. s Mayport Rd. 7,527 7,527
709 Street Maintenance S General Street Imp. 8,250 8,237
711 Street Signs 550 516
712 Building Maintenance 1,003 1,003
713 Sidewalks and Gutters 5,765 5,765
714 Schools, Training, etc. 900 737
7-1007 Trucks 4,100 3.950
TOTAL PUBLIC tiORKS $ 51,284 $ 49,837
Page 7
SUMMERS. CP.0.TIili.D PUBLIC AGCOUNTANTB
CITY OF ATLANTIC BEACH, FLORIDA
GENERAL FUND
APPROPRIATIONS AND EXPENDITURES
1972
Account
SEWER DEPARTMENT
801 Repairs and Replacements
802 Plant Maintenance
803 Utilities
804 Chlorine and Chemicals
805 Supplies
806 Tools
827 Transfer to Sewer Fund Certificate No. 3
828 Transfer to S. M. Sewer Fund
829 Transfers to Sewer Fund 6 1971 G.O. Sewer
Bond Sinking Fund
TOTAL SEWER DEPARTMENT
PARKS A[ID RECREATION
Appropriation8 Expenditures
$ 4,500 $ 4,417
1,000 900
4,800 4,705
5,000 4,409
300 250
100 69
1,500 2,615
600 2,359
53,300 53,300
$ 71,100 $ 73,019
901 Personnel $ 12,980 $ 12,373
903 Tools and Supplies 150 16
904 Recreation taintenance 9,200 9,189
905 Park Lighting 1,$00 1,237
906 Cortmmni ty School Program 6,900 6,896
9-1012 Park Imp. and New Land, Professional Svcs. 8,875 8,355
TOTAL PARKS AND RECREATION $ 39,105 $ 33,066
1051 FlIERGENCY E%PENSE FDND $ 1,950 $ -0-
GRAND TOTAL - ALJ, DEPARTMBNTS $ 603,725 $ 582,938
Page 8
EVANS & SUMMERS. ceanv7ep
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CITY OF ATLANTIC REACH, FLORIDA
WATER ACCOUNTS ' OPERATIONS
FINANCIAL POSITION
DECEFHiER 31, 1972
RESOURCES
Cash in Hank - Page 10
FUND BALANCES
Water Revenue Account (1)
Water Operation6, Maintenance and
Repair Account I1)
Wa tez System Renewal dnd Replacement Fund
TCffAL PUND BALANCER
~1~AVailable for transfer to Genetal Fund
Page 9
$ 92,986
S 63,877
135
28,979
$ 92,986
CITY OF ATLANTIC BEACH, FLORIDA
WATER ACCWNTS - OPERATIONS
CASH RECEIPTS A!ID DISBURSEMENTS
1972
Cash Balance at January 1, 1972 $ 53,557
Add:
Revenue Receipts - Page 11 $ 250,485
Lees - Actual Cash Balance (Water
Revenue Account) 35,665 $ 214,820
Interest Earned 897 215,717
Total Cash Available $ 269,274
Deduct:
Actual Expenditures - Page 12
Less - Inter-Puna Transfer
Cash Balance at December 31, 1972
Composition of Cash Balance at December 31, 1972
Atlantic National Bank
Checking Accounts:
Water Revenue Account
Water Operations, Maintenance aMl Repair Account
Water System Renewal and Replacement Pund
Time Certificates:
Water System Renewal and Replacement Pund
Total
Page_30
$ 186,608
10,320 176,288
$ 92,986
$ 63,877
135
10,522
18,452
$ 92,986
EVANS & SUMMERS. caane~en eueuc Accovxmxrs
CITY OF ATLANTIC BEACH, FLOAI DA
WATER ACCOUNTS - OPERATIONS
REVENUE RECEIPTS
ESTIMATE[) AND ACTUAL
1972
Account Estimated Actual
1101 Minimum Water Chazges $ 45,000 S 46,139
1102 Excess Water Charges 12,500 19,391
1103 Cut-In Charges 7,000 13,790
1104 Service Charges 500 496
1105 Cigarette Tax 60,000 73,389
1106 Utility Tax 52,000 60,BBd
1107 Beginning Aalance 10,000 35,665
1108 Transfer from General Fund -0- 28A
1109 Miscellaneous - Water Lines -0- 497
TOTALS 5 187,000 $ 250,485
Page 11
EVANS&SUMMERS. eeenrLen eueuc eceouxreHrs
CITY OF ATLANTIC BEACH, FLORIDA
WATER ACCWNTS - OPHFNTIONS
APPROPRIATIONS AND E%PENDI'NRES
1972
Account Appropriations 8xpenditures
OPERATIONS, MAINTENANCE, ANO REPAIRS
INDIRECT COSTS - PAID TO GENERAL FUND
1902 Administration $ 10,000 $ 10,000
1403 Transportation 4,375 4,375
1409 Lahor 17,500 17,500
1406 Capital 5,000 5,000
TOTAL $ 36,875 $ 36,875
DIRECT COSTS
1411 Repairs and Replacements $ 11,500 $ 7,922
1412 Tank Maintenance 500 70
1413 Utilities 6,000 6,318
1414 Chemicals 1,500 1,801
1415 Building Maintenance 500 506
1430 Miscellaneous 500 493
TOTAL $ 20,500 $ 17,110
RENEWAL AND REPLACEMENT FUND
1501 New Mains, Meters, Services $ 14,000 S 14,266
1502 Water Reservoir 500 485
1503 Emergency Water Plant 500 420
TOTAL $ 15,000 $ 15,171
FU!'D TRANSPERS AND OTHER
1221 Revenue Bond Fund - Bond Principal,
for 1973 $ 10,000 $ 10,000
1221 Bond Interest and Paying Aqen!
Charges (1973) 4,305 4,304
1242 Tb General Pund 90,000 92,828
1291 Trf. to Water System, Ren, and Aep. 10,320 10,320
TOTAL $ 114,625 $ 117,452
GRAND TOTAL $ 187,000 $ 186,608
Paae 12
SUMMHRS. CBRTI IICp PUBLIC ACCOUNTANTS
CITY OF ATLANTIC BEACH, FLORIDA
UTILITY REVENUE BOND FUND
FINANCIAL POSITION
DECEMBER 31, 1972
RESOURCES
Casb in Atlantic National Bank - Faga 19
Fixed Assets - Water System
Water System Constructed since May, 1958
from proceeds of bond issue - Cost
New Water Mains, Service and Meters added
from Revenue of System - Cost (l)
TOTAL RESOURCES
$ 238,828
S 38,826
214,231 953,059
S 991,885
OBLIGATIONS ANp FUND BALANCES
Obligations
Utility Revenue Bonds Payable $ 127,000
Certificates of Indebtedness Payable
Selva Marina Realty Company No. 2 4,700
Total Obligations
Fund Balances
Investment in Water System $ 321,358
Accumulated Interest Earned on Investments 10,277
Restricted for Debt Service 28,550
Total Fund Balances
TOTAL OBLIGATIONS AND FUND BALANCES
~1~$19,266 added during 1972
Pa_ qe 13
$ 131,700
360,185
$ 491,885
ceanv~eo eueuc Accovxrasrs
C ZTY OF ATLANTIC BEACN, PIARIDA
UTILITY REVENUE BOND PUND
CASN RECEIPTS AND DISBURSEMENTS
1972
Cash Balance at January 1, 1972 $ 36,372
Add:
Transfers from Water P.eyenue Account S 14,304
Interest on Sayings (added to time certificate
balance) 1,788 16,092
Total Cash Available $ 52,464
Deduct:
Bond Principal Paid S 9,000
Interest and Paying Agent's Pees 4,638 13,638
Cash balance at December 31, 1972 S 38,826
Composition of Caeh Balance at December 31, 1972
Atlantic National Hank
Checking Account S 2,185
Time Certificate 36,641
Total S 38,826
Pave 14
ceanneo eueuc 4ccovMrnate
CITY OF ATIA NTIC BEACH, FLORIDA
SEWER FUND
FINANCIAL POSITION
DEC'FMBER 31, 1972
RESOURCES
Cash in Banks - Page 16 $ 5,079
Uncollected Sewer Assessments 20,082
Note Receivable- Fecan Grove Apartments 11,831
Sexer Construction Costs (l) 716,718
TOTAL RESOURCES $753,710
OBLIGATIONS Ala PUND BALANCES
Obligations
General Obligation Bonds Payable
(Issued, April 1, 1958) $ 230,000
Certificates of Indebtedness Payable
Selva Farina Realty Co. No. 1 15,652
Interstate Contracting Company No. 3 7,732
Total Obligations $253,384
Fund Balances - By Source
Government Grant $ 67,094
Special Assessments 338,6X4
Revolving Fund 94,548
Total Fund Balances $500,326
TOTAL OBLIGATIONS AND FUND BAIANCEB 5753,710
(1)DOes not include costs incucred in 1971 General Obligation Sexer
Bond COnatruc Lion Account
Paae 15
'Py$I1N, EV AN$ & 517MA)EH$. CCNTI PI I,D PUBLIC ACCOVNTANTB
C1 T'f ~f APrpRTLC BEACN, FIgRIDA
~EKl:R FI1ND
CASN RECE [PTS AND DISBURSEFIENTS
1972
Cash Nalance at January 1, 1971 $ 17,060
Add:
Budgeted Revenue Receipts $ 31,061
Less: Beginning Cash Balance Included 17,060 14,001
Transferred from 1971 General Obligation
Sewer Board Fund 2,097
Transferred from General Fund for Payment
Certificate of Indebtedness, Selva Marina
Realty Company (NO. 1) 2,354
Received for Selva Marina Unit MB for Construction 19,070
Amount of Principal Collected on Pecan Grove Apaztment Project 1,129
Total Cash Available $ 55,711
Deduct:
Actual Appropriated Expenditures $ 30,947
Payment on Certificate of Indebtedness 2,354
Selva Marina Realty (NO. 1)
Amount Deducted for Selva Marina Unit YB 17,331 50,632
Cash Balance at Uecember 31. 1972 $ 5,079
Composition of Cash Balance at December 31, 1972
The Ocean State Bank - Checking Account $ 1,825
Southeast First National Beach Bank - Selva Marina
Sewer Fund 1,744
The ocean State Bank - Certificates of Oepoait 1,510
Total $ 5,079
Yage 16
CH0.TIIiHD PUBLIC ACCOUNTANTH
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CITY OF ATLANTIC REACH, FLORIDA
SEWER FO NO
REVENUES AtSI EXPENDITURES
1972
Estitrta ted Actual
REVENUES
Beginning Cash Balance
Special Sewez Assessments
Interest and Miscellaneous Collections
Transfer from General Fund
TOTAL
$ 20,000
1,000
1,000
53,300
$ 17,060
2,727
1,274
10,000
EXPENDITURES
Plans for New Sewer Plant
Bond Principal
Bond Interest and Bank Chazges
Sewer Construction
TOTAL
$ 75,300
$ 1,000
20,000
40,600
13,700
$ 75,300
Page 17
EVANS&
PVBWCACCOVNTANTB
$ 31,061
$ -0-
10,000
9,076
11,871
$ 30,947
CITY OF ATLANTIC REACH, FLORIDA
POLICE COURT COST FUND
FINANCIAL POSITION
DECEMBER 31, 1972
RESOURCES
Cash in Bank (eer Be1ow)* S 2,642
TOTAL RESWRCES S 2,642
FUND BALANCE
Restricted Balance S 2,642
CASH RECEIPTS AND DIS&1RSENENTS
1972
Cash Balance at 3anuaxy 1, 1972 S 2,313
Add:
Court Coata 2,410
Total Cash Available S 4,723
Deduct:
Remittances to State of Florida $ 1,205
Schools and Training H76 2,081
Cash Balance at December 31, 1972 S 2,642
*SOUtheast Fix at National Beach Bank
Page 1H
CCaTIPIED PUBLIC ACCOVNTANTB
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CITY OF ATLANTIC BEACH, FIgRIDA
1971 GENERAL OBLIGATION BOND
CONSTRUCTION ACCOUNT
FINANCIAL POSITION
DECEMBER 31, 1972
RESOURCES
Cash in Bank
Costs Incurred - Statement 21
Total Resources
OBLIGATIONS AND FUND BALANCE
Due -Reliance Insurance Company
Fund Balance
Total Obligations and Fund Balance
Page 19
ceanneo rusuc AccovxrAxra
$ 140,072
383,711
$ 523,783
49,191
474,592
$ 523,763
CITY OF ATLANTIC BEACN, FLORIDA
1971 GENERAL OBLIGATION SSWI:R 80ND
CONSTRUCTION ACCOUNT
CASH RDCEIPTS AND DISBURSEMENTS
1972
Cash Balance at lanuazy 1, 1972
Add-Aeceipta:
Proceeds from redemption of Treasury Bills
including interest in the amount of $11,197.
Interest on Time Certif icatee of Deposit
Temporary Loan from General Fund
Total Cash Available
Deduct-Expenditure8
Construction
Engineering Fees
Miscellaneous Costs
Transfer to Other Funds in repayment
of prior obligations
Transfer to Sinking Fund fox Payment of interest
Current Interest transferred to Sinking Pund
Cash Balance at December 31, 1972
Composition of Cash Balance:
Southeast Fix et National Beach Hank - Checking Acct.
Southeast Pirat National Beach Bank - Time Certificates
of Deposit
TOTAL
S 50,777
5 375,000
1,406
100 376,506
S 427,283
S 225,283
729
1,599
38,773
16,226
4,601 287,211
5 140,072
S 72
140,000
$ 140,072
Page 20
TYSON
ACCOUBTAXTB
CITY OF ATLANTIC BEACH, FLORIDA
1971 GENERAL OBLIGATION SEWER BOND
CONSTRUCTION ACCOUNT
STATEMENT OF COSTS INCURRED
THROUGH DECEMBER 31, 1972
Incurred in Pe id in Obligated Total Coats
1972 1972 A6 of 12/31/72 Incurred
Bond Ieeue Costs $ 15,106 $ -O- $ -0- S 15,106
Engineering Pees 19,802 729 -0- 20,531
Construction 72,000 225,284 49,191 396,475
Miscellaneous Coats -0- 1,599 -0- 1,599
TOTAL $ 106,908 $227,612 $49,191 $ 383,711
Pege 21
TYSON, BVANR d[ SUMMERS, C6aTIilED PUBLIC ACCOUNTANTa
CITY OF ATLANTIC BEACN, FLORIDA
1971 GENERAL OBLIGATION SEWER BOND
SINKING FUND
FINANCIAL POSITION
DECEMBER 31, 1972
RESWRCES
Caeb in Bank
Amount to be Provided by Ad Valorem
Taxes for Retirement of Gonda (Principal)
Total ReBOUroea
LIABILITIES AND FUND BAIANCE
Accrued Interest due January 1, 1973
Bonds Payable (Pa9e 23)
Total Liabilitles
Fund Balance
Total Liabilities and
Fund Balance
Pa9e 22
$ 33,614
500,000
S 533,614
$ 16,226
500,000
S 516,226
17,388
$ 533,614
C0.0.TII8D PUBLIC ACCOVNIANTB
1
CITY OP ATLANTIC BEACH, PIARIDA
1971 GENERAL OBLIGATION SEWE[t BOND
SINKING FUND
BONDS PAYABLE
DECF1~NiER 31, 1972
58RIAL NUMBERS MATURITY DATES SALE PRICE (1) DISCOUNT TOTAL (2)
1- 20 July 1, 1973 $ 19,530 $ 370 $ 20,000
21- 32 July 1, 1974 11,778 222 12,000
33- 44 July 1, 1975 11,778 222 12,000
45- 56 July 1, 1976 11,778 222 12,000
57- 70 July 1, 1977 13,741 259 14,000
71- 85 July 1, 1978 14,722 278 15,000
86-100 July 1, 1979 14,722 278 15,000
101-116 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 19,630 370 20,000
172-191 July 1, 1984 19,630 370 20,000
192-211 July 1, 1985 19,630 370 20,000
212-233 July 1, 1986 21,593 407 22,000
234-258 July 1, 1987 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 29,538 462 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
424-463 July 1, 1994 39,260 740 40,000
469-500 July 1, 1995 36,315 685 37,000
TOTALS $ 490,750 L1) $ 9,250 $ 500,000 (2~
(1~Thie amount plus accrued interest in the amount of $3,064.96, deposited in
Construction Pund in 1 971 .
~2~DOee not include inter est which will accrue over the life of hoods amounting
to $478,110.
Page 23
(YSON, EVANS & SUMMERS. ceanr~eo eusuc wccouNrwwn
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CITY OF ATIANTZC BEACH, FLORIDA
1971 GENERAL OBLIGATION HE{JRR BOND
SI NICING FUND
CASH RECEIPTS AND DSSBURSEC;F.NTS
1972
Cash Balance at January 1, 1972
Receipts:
Transferred from General Fund for prior
year's obligation 5 3,828
Other Transfers from General Fund 39,472
Transferred from Construction Fund 17,000
Interest on Investments 5,767
Total Cash Available
Disbursements:
Bond Interest Paid
Cash Balance at December 31, 1972
Composition of Cash Balance at December 31, 1972
Southeast First National Beach Hank - Checking Acct.
Time Certificate of Deposit, Southeast Pixst
National Beach Bank
TOTAL
Page 24
None
5 66,067
$ 32,953
$ 33,614
$ 114
33,500
$ 33,619
EVANS &
AVDITORS' C0.MMENTS
II The following cm:ments are submitted in the specified sequence ae
required by Section 4, Chapter 71-21&, Florida Statutes:
A. There were no irregularities repor tc-d in the
' preceeding annual poet audit.
8. It appears that consideration and remedial action
was undertaken covering all recommendatzons made in
' the preceeding annual post audit except for item 0.2
relative to possible sale of tax certificates: we
intend to write a separate letter further elaborating
' on this item which we feel is of considerable impor-
tance.
C. The following recommendations are submitted for your
consideration:
1. It is suggested that at the clone of each
' accounting year, all books zn possession of
the police department containing unissued tickets
be turned in to the City Treasurer and new books
' be issued. Any unissued tickets can be re-issued
at a later date. The purpose of this ie to faci-
litate the accounting for all pre-numbered tickets
' issued during the year.
2. Aad itional care should be exercised in classi-
fication between capital and expendable items.
It appears that better control can be obtained
through budgeting processes rather than accounting
decisions. It is necessary that this be done in
' order [o insure the success of the newly installed
property record system through dollar controls as
well as physical. We further recommend that
serious consideration be given to establishment
' of a formal "Property Fund" to complete the account-
ing for the City's Fixed Assets now that the afore
' mentioned property record system ie in use.
D. 6 E. To the best of our knowledge there were no illegal or improper
expenditures made during the year, nor was there any violation
1 of laws which could be determined within the ability of an
independent auditor to make such determination.
1
TYSON, FVANS L SUMNBAS, cssnr:su rusuc AccovarAwrs
F. See C. 2 above.
G. We Found no evidence of failure to comply with accounting pro-
cedures previously adopted.
x. The only instances of vaziations in properly recording trane-
ac[ione were directly related to ouc Coaments in C.2 above.
I. There were no shortages discovered by the current year audit.
Pace 26
_ _ TYSON, BVANS h BUMM6N8, ceanneo tuauc acoomrrawr.