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CAFR_FY Ending_09/30/1970VILLAGE OF TEQUESTA WATER DEPARTMENT AUDIT REPORT FOR THE CALENDAR YEAR 1970 NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS WEST PALM BEACH, FLORIDA VILLAGE OF TEQUESTA WATER DEPARTMENT AUDIT REPORT TABLE OF CONTENTS PAGE Auditors' Statement 2 Balance Sheet 3-4 Schedule of Investments 5 Consolidated Statement of Revenue and Expenses 6-7 Consolidated Source and Application of Funds Statement 8 Revenue Fund Statement 9 Operation and Maintenance Fund Statement 10 Sinking Fund Statement 11 Reserve Account Statement 12 Renewal and Replacement Fund Statement 13 Certificate Redemption Fund Statement 14 Capital Improvement Reserve Fund Statement 15 Bond Proceeds Account Statement 16 Customers Meter Deposit Fund Statement 17 Water Revenue Certificates Amortization Schedule 18-19 Delivery Schedule 20 NOWLEN, LYNCH & STEWAR7 NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS 220 FLAGLER COURT BUILDING POST OFFICE BOX 347 WEST PALM BEACH, FLORIDA 33402 EVERETT B. NOWLE N, CPA W. F. LYNCH, CPA. (1897-7884) V. C. STEWART. CPA F ebruary 19 , 19 70 EDMUND SCHIEVE, GPA Honorable Mayor and Village Council Village of Tequesta Tequesta, Florida MEMBERS AMERICAN IN 571T UTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUN7ANT9 We have examined the balance sheet of the Water Department of the Village of Tequesta as of December 31, 1970, and the related statement of revenue and expenses for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. We have reviewed the provisions of the certificate resolution relating to the receipts and application of funds. In our opinion, based on our examination of the financial statements, the Village has complied with the requirements. In our opinion, the accompanying balance sheet and related statement of revenue and expenses present fairly the financial position of the Village of Tequesta Water Department at December 31, 1970, and the results of its operation for the year ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. ~~~~~f VILLAGE OF TEQUESTA WATER DEPARTMENT BALANCE SHEET DECEMBER 31, 1970 ASSETS Property, plant and equipment Cash on hand and in banks Cash invested in Certificates of Deposit Cash invested in U. S. Treasury Obligations (Schedule A) Accounts receivable from customers Accrued interest receivable Prepaid insurance TOTAL ASSETS $ 1,753,218.59 41,243.50 56,000.00 105,674.00 42,792.77 2,399.28 1,216.13 $ 2,002,544.27 3 VILLAGE OF TEQUESTA WATER DEPARTMENT BALANCE SHEET DECEMBER 31, 1970 LIABILITIES Water Revenue Certificates payable (Scheduled on Page 20) Accounts payable, accrued payroll taxes and utility taxes payable Customer meter deposits TOTAL LIABILITIES EQUITY Balance December 31, 1969 Net earnings for calendar year 1970 TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 4 $ 1,616,000,00 2,319.24 26,775.00 $ 1,645,094.24 $ 202,125076 155,324.27 $ 357,450.03 $ 2,002,544.27 NOWLEN, LYNGH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT BALANCE SHEET DECEMBER 31, 1970 SCHEDULE A INVESTMENT IN U. S. TREASURY OBLIGATIONS RESERVE ACCOUNT $80,000 U. S. Treasury Note 7 3/4%, Due November 15, 1971, Cost CUSTOMERS METER DEPOSIT FUND $16,000 U, S. Treasury Note 7 3/4%, Due February 15, 1971, Cost $10,000 U. S. Treasury Bill, Due January 28, 1971, Cost TOTAL 5 $ 80,000.00 15,984,00 9,690,00 $ 105,674,00 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CONSOLIDATED STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 REVENUE Water sales $ 257,910.62 Connection charges 24,272.00 Fire hydrant rental fees for calendar year 1970 6,000.00 Interest earnings 9,$78.48 Frontage charges 3,071.00 Discounts earned 77.06 Palm Beach Cable TV 49.27 TOTAL REVENUE OPERATING EXPENSES Pumping and storage expense $ 24,290.98 Distribution expense 12,552.33 Office and administrative expense 22,189.49 Connection and frontage expenses 14,908.34 U. S. #1 Project expense 1,189.04 Reimbursement to Village of Tequesta on 196 fire hydrant rental fee 6,000.00 TOTAL OPERATING EXPENSES OPERATING INCOME DEBT SERVICE Interest maturities and paying Agent fees OPERATING NET INCOME (Note 1) 6 $ 301,258.43 81,130.18 $ 220,128.25 64,803.98 $ 155,324.27 NOWLEN, LYNGH & STEWART NOTE 1 Mandatory transfers of net operating income during the calendar year 1.970 were made to the following funds under provisions of the Bond Resolution and are subject to certain restrictions: Sinking Fund Reserve Account Renewal and Replacement Fund Certificate Redemption Fund TOTAL $ 18,000.00 20,459„14 9,973.44 9,879.96 $ 58,312.54 In addition, the following disbursements were made during the calendar year 1970 from funds provided by net operating income: Expenditures, capitalized and shown as property, plant and equipment asset 7 $ 121,434.99 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTI~NT CONSOLIDATED SOURCE AND APPLICATION OF FUNDS STATEMENT FOR THE CALENDAR YEAR 1970 SOURCE OF FUNDS Net operating income for the calendar year 1970 $ 155,32.27 Water revenue certificates delivered 341,000.00 Increase in customer meter deposits 2,635.00 Increase in accounts payable, accrued payroll taxes and utility taxes payable 750.69 TOTAL FUNDS TO ACCOUNT FOR $ 499,709.96 APPLICATION OF FUNDS Increased investment in property, plant and equipment $ 462,434.99 Payment of matured water revenue certificates 18,000.00 Increased accounts receivable 12,733.35 Increased accrued interest receivable and prepaid insurance 1,491,80 Increased cash balance and investment in Certificates of Deposit and U. S. Treasury obligations 5,049.82 TOTAL FUNDS ACCOUNTED FOR $ 499,709.96 8 NOWLEN, LYNCH & STEWART VILLAGE OF TES.~UESTA WATER DEPARTMENT REVENUE FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY 1, 1970 REVENUE Water sales Fire hydrant rental fees TOTAL REVENUE TOTAL RESOURCES TRANSFERS TO OTHER FUNDS Operation and Maintenance r^und Sinking Fund Reserve Account Renewal and Replacement Fund Certificate Redemption Fund Capital Improvement Revenue Fund TOTAL TRANSFERS FUND EQUITY ON DECEMBER 31, 1970 9 $ 257,910.62 6,000.00 $ 51,513.41 81,386.57 20,459.14 9,973.44 9,879.96 71,276.39 $ 44,694.78 263,910.62 $ 308,605.40 244,488.91 $ 64,116.49 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT OPERATION AND MAINTENANCE FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY 1, 1970 TRANSFERS RECEIVED From Revenue Fund REVENUE Connection charges $ 24,272.00 Frontage charges 3,071.00 Discounts earned 77.06 TOTAL REVENUE TOTAL RESOURCES EXPENSES Pumping and storage expense $ 24,290.98 Distribution expense 12,552.33 Office and administrative expense 22,189.49 Connection expense 14,908.34 TOTAL EXPENSES TRANSFERS To Capital Improvement Reserve Fund FUND EQUITY ON DECEMBER 31, 1970 10 $ 5,133.79 51,513.41 27,420.06 $ 84,067.26 73,941.14 3,071.00 $ 7,055.12 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT SINKING FUND STATEMEN'T' OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND E UITY ON JANUARY 1, 1970 TRANSFERS RECEIVED From Revenue Fund REVENUE Interest earnings TOTAL RESOURCES EXPENSES Interest maturities on outstanding certificates, 7-1-70 Interest maturities on outstanding certificates, 1-1-71 Paying Agent services TOTAL EXPENSES TRANSFERS To the Bond Proceeds Account FUND EQUITY ON DECEMBER 31, 1970 11 $ 32,325.00 32,325.00 153.98 $ 1,263.43 81,386.57 1,216.97 $ 83,866.97 64,803.98 18,000.00 $ 1,062.99 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT RESERVE ACCOUNT STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY 1, 1970 $ 58,983.57 TRANSFERS RECEIVED FROM OTHER FUNDS From Revenue Fund 20,459.14 REVENUE Interest earnings 5,138.00 TOTAL RESOURCES $ 84,580.71 DISBURSEMENTS None FUND EQUITY ON DECEMBER 31, L 70 $ 84,580.71 12 NOWLEN, LYNCH & STEWART VILLAGE OF TEL~UESTA WATER DEPARTMENT RENEWAL AND REPLACEMENT FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY 1, 1970 REVENUE Interest earnings TRANSFERS RECEIVED FROM REVENUE FUND TOTAL RESOURCES DISBURSEMENTS FUND EQUITY ON DECEMBER 31, 1970 13 $ 9,271.36 428.97 9,973.44 $ 19,673,77 None $ 19,673.77 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CERTIFICATE REDEMPTION FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY, 1, 1970 $ 9,900.,70 TRANSFERS. RECEIVED FROM OTHER FUNDS From the Revenue Fund 9,879.96 REVENUE Interest earnings 205.34 TOTAL RESOURCES $ 19,986.00 DISBURSEMENTS None FUND EQUITY ON DECEMBER 31^„ 1970 $ 19,986.00 14 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CAPITAL IMPROVEMENT RESERVE FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY ON JANUARY 1, 1970 $ 83,133.12 REVENUE Interest earnings $ 1,043.10 Palm Beach Cable TV 49.27 TOTAL REVENUE 1,09.2.37 TRANSFERS RECEIVED FROM OTHER FUNDS From the Revenue Fund $ 71,276.39 From the Operation and Maintenance Fund 3,071.00 TOTAL TRANSFERS RECEIVED 74,.347.39 TOTAL RESOURCES $ 158,572.88 EXPENSES U. S. #1 Project expense $ 1,189.04 Reimbursement to Village of Tequesta for 1969 fire hydrants rental fee 6,000.00 7,189.04 FUND EQUITY ON DECEMBER 31, 1970 $ 151,383.84 15 NOWLEM, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT BOND PROCEEDS ACCOUNT STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND EQUITY JANUARY 1, 1970 REVENUE TRANSFERS RECEIVED From the Sinking Fund TOTAL. EXP~ El`?SES FUND EQUITY DECEMBER 31, 1970 16 $ (11,830.44) None 18,000.00 $ 6,169.56 None 6,169.56 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CUSTOMERS METER DEPOSIT FUND STATEMENT OF REVENUE AND EXPENSES FOR THE CALENDAR YEAR 1970 FUND E UQ ITY JANUARY 1, 1970 REVENUE Interest earnings TOTAL RESOURCES EXPENSES FUND EQUITY DECEMBER 31, 1970 17 $ 1,575.45 1,846.10 $ 3,421.55 None $ 3,421.55 NOWLEN, LYNCH & STEWART AMORTIZATION SCHEDULE FOR $1,616,000 - WATER REVENUE CERTIFICATES VILLAGE OF TEQUESTA, FLORIDA OUTSTANDING AFTER APRIL 2, 1971 DELIVERY OF CERTIFICATES Dated: July 1, 1967 Due: Serially (as shown) Coupon Rate: 5/ FISCAL YEAR PRINCIPAL INTEREST TOTAL REQUIREMENTS 1971 July 1 $ $ 40,400 $ 40,400 $ 1972 Jan. 1 _ 19,000 40,400 59,400 99,.800 1972 July 1 39,925 39,925 1973 Jan. 1 20,000 39,925 _ 59,925 99,850 1973 July 1 39,425 39,425 1974 Jan. 1 21,000 39,425 60,42.5 99,850 1974 July 1 38,900 38,900 1975 Jan. 1 22,000 38,900 60,9.00 99,800 1975 July 1 38,350 38,350 1976 Jan. 1 23,000 38,350 61,350 99,700 1976 July 1 37,775 37,775 1977 Jan. 1 24,000 37,775 61,775 99,550 1977 July 1 37,175 37,175 1978 Jan. 1 25,000 37,175 62,175 99,356 1978 July 1 36,550 36,550 1979 Jan. 1 26,000 36,550 62,550 99,100 1979 July 1 35,900 35,900 1980 Jan. 1 28,000 35,900 63,900 99,800 1980 July 1 35,200 35,200 1981 Jan. 1 29,000 35,200 64,200 99,400 1981 July 1 34,475 34,475 1982 Jan. 1 30,000 34,475 64,475 98,950 1982 July 1 33,725 33,725 1983 Jan. 1 32,000 33,725 65,725 99,450 1983 July 1 32,925 32,925 1984 Jan. 1 34,000 32,925 66,925 99,850 1984 July 1 32,075 32,075 1985 Jan. 1 35,000 32,075 67,075 99,150 1985 July 1 31,200 31,200 1986 Jan. 1 37,000 31,200 68,200 99,400 18 NOWLEN, LYNCH & STEWART AMORTIZATION SCHEDULE FOR $1,616,000 - WATER REVENUE CERTIFTCATES VILLAGE OF TEQUESTA, FLORIDA OUTSTANDING AFTER APRIL 2, 1971 DELIVERY OF CERTIFICATES Dated: July 1, 1967 Due: Serially (as shown) Coupon Rate: 5/ FISCAL YEAR PRINCIPAL INTEREST TOTAL REQUIREMENTS .. 1986 July 1 $ $ 30,275 $ 30,275 1987 Jan. 1 39,000 30,275 69,2?5 1987 July 1 29,300 29,300 1988 Jan. 1 41,000 29,300 70,300 1988 July 1 28,2.75 28,275 1989 Jan. 1 43,000 28,275 71,2.75 1989 July 1 27,200 27,200 1990 Jan. 1 45,000 27,200 72,200 1990 July 1 26,075 26,075 1991 Jan. 1 47,000 26,075 73,075 1991 July 1 24,900 .24,900 1992 Jan. 1 50,000 24,900 74,900 1992 July 1 23,650 23,650 1993 Jan. 1 52,000 23,650 75,650 1993 July 1 22,350 22,350 1994 Jan. 1 55,000 22,350 77,350 1994 July 1 20,975 20,975 1995 Jan. 1 58,000 20,975 78,975 1995 July 1 19,525 19,525 1996 Jan. 1 61,000 19,525 80,525 1996 July 1 18,000 x$,000 1997 Jan. 1 720,000 18,000 __ 738,000 $1,616,000 $1,629,050 $3,245,050 19 99,550 99,600 99,550 99 , 400 99,150 99,800 99,300 99,700 99,950 100,050 756,000 $3,245,050 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER REVENUE CERTIFICATES An ordinance adopted on November 21, 1967, authorizing the acquisition of a water system by the Village of Tequesta, Florida, a political subdivision of the State of Florida, from the Tequesta Water Company, Inco, and the construction of additions, extensions and improvements to said system, authorizing the issuance of not exceeding $1,700,000 water revenue certificates of said Village to finance the cost of the acquisition and improvement of said water system; and providing for the terms of said water revenue certificates and the rights, security and remedies of the holders thereof . Pursuant to the ordinance and the purchase and sale agree- ment, certificates have been delivered as follows: March 1, 1968 at closing: certificates sold $ 200,000.00 certificates delivered 863,000.00 TOTAL $ 1,063,000.00 March 1, 1969 growth of system during 1968 resulting in 463 equivalent connections C $500 each: certificates delivered 231,000.00 January 1, 1970 growth of system during 1969 resulting in 32 equivalent connections C $500 each: certificates delivered 16,000.00 January 1, -1971 growth of system during 1970 resulting in 682 equivalent connections (a1 $500 each: certificates delivered 341,000.00 TOTAL CERTIFICATES DELIVERED $ 1,651,000.00 January 1, 1970 Less: certificates maturing and paid from Sinking Fund 17,000.00 January 1, 1971 Less: certificates maturing and paid from Sinking Fund 18,000.00 TOTAL CERTIFICATES OUTSTANDING $ 1,616,000.00 20 NOWLEN, LYNCH & STEWART