CAFR_FY Ending_09/30/1971VILLAGE OF TEQUESTA
WATER DEPARTMENT
AUDIT REPORT
FOR THE CALENDAR YEAR 19 71
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
WEST PALM BEACH, FLORIDA
VILLAGE OF TEQUESTA
WATER DEPARTMENT
AUDIT REPORT
TABLE OF CONTENTS
PAGE
Auditors' Statement 2
Consolidated Balance Sheet 3-4
Consolidated Statement of Changes
in Financial Position 5
Comparative Consolidated Statement
of Revenue and Expenses 6
Consolidated Statement of Revenue
and Expenses ~-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
Customer Meter Deposit Fund
Statement 16
Water Revenue Certificates
Amortization Schedule 17-19
NOWLEN, LYNCH & STEWART
NOWLEN, LYNCH 8c STEW ART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT EVIL DING
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
EVERETT B. NOWLEN, GPA
W. F. LYNG H, GPA 11897-196 41
V. G. STEWART, GPA
EDMUND SC MIEVE, CPA
ALAN L. TEDAMONBON, CPA
March 15, 1972
MEMBERS
AMERICAN IN 9TIT UTE OF
CERTIFIED PVBLIC ACCOUNTANTS
FLORIDA IN 9TIT UTE OF
CERTIFIED PUBLIC ACCOUNTANTS
TELEPHONE 833-7738
Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
We have examined the financial statements of the
Village of Tequesta Water Department as of December 31,
1971, and for the calendar 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 considered necessary in the
circumstances.
In our opinion, the accompanying financial state-
ments present fairly the financial position of the
Village of Tequesta Water Department at December 31,
1971, and the results of its operations for the
calendar year then ended, in conformity with generally
accepted accounting principles applicable to govern-
mental entities applied on a basis consistent with
that of the preceding year.
/~
~~
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Cash
Certificates of Deposit
Accrued interest receivable
Accounts receivable
Property, plant and equipment
TOTAL
$ 31,745.39
276,000.00
3,762.02
41,533.25
1,833,660.46
$ 2,186,701.12
3
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1971
LIABILITIES AND EQUITY
LIABILITIES
Accounts payable, accrued payroll
taxes and utility taxes payable
Customer meter deposits
Water revenue certificates
payable (Page 17)
TOTAL LIABILITIES
EQUITY
Balance, December 31, 1970
Net earnings for calendar
year 1971
$ 357,450.03
151,382.19
TOTAL EQUITY
TOTAL
4
$ 1,693.90
30,175.00
1,646,000.00
$ 1,677,868.90
508,832.22
$ 2,186,701,12
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE CALENDAR YEAR 1971
SOURCE OF FUNDS
Net income for the calendar
year 1971
Net increase in water revenue
certificates outstanding
TOTAL
APPLICATION OF FUNDS
Increase in property, plant
and equipment
Increase in working capital
TOTAL
ANALYSIS OF
Increase in
Increase in
Decrease in
Decrease in
Increase in
INCREASE IN WORKING CAPITAL
cash and invested funds
receivables
prepaid insurance
accounts payable
customer meter deposits
INCREASE IN WORKING CAPITAL
5
$ 151,382.19
30,000.00
$ 181,382.19
$ 80,441.87
100,940.32
$ 181,382.19
$ 104,827.89
103.22
( 1,216.13)
625.34
3,400.00)
$ 100,940.32
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
COMPARATIVE CONSOLIDATED STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEARS AS INDICATED
1968 1969 1970 1971
REVENUE
Water sales
Connection charges
Fire hydrant rental fees
Interest earnings
Frontage charges
Gain on sale of land
Miscellaneous income
TOTAL REVENUE
OPERATING EXPENSES
Pumping and storage expense
Distribution expense
Office and administrative
expense
Connection and frontage
expense
Reimbursement on fire
hydrant rental fees
U.S. No. 1 Project expense
TOTAL OPERATING EXPENSES
OPERATING INCOME
DEBT SERVICE
Interest maturities and
paying Agent fees
NET INCOME
$ 159,280 $ 193,469 $ 257,911 $ 273,636
22,030 30,306 24,272 33,515
4,700 6,000 6,000 6,000
719 9,141 9,878 13,107
1,480 1,835 3,071 5,122
- 9,292 - -
100 93 126 66
~ 188,309 ~ 250,136 $ 301,258 $ 331,446
$ 15,497
9,482
13,044
15,800
$ 18,147
13,597
19,481
17,458
$ 24,291
12,552
22,190
14,908
$ 24,905
14,789
28,995
24,399
- 4,700 6,000 6,000
- - 1,189 -
$ 53,823 $ 73,383 ~ 81,130 $ 99,088
$ 134,486 $ 176,753 $ 220,128 $ 232,358
44,292 64,821 64,804 80,976
$ 90,194 $ 111,932 $ 155,324 $ 151,382
6
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CONSOLIDATED STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
REVENUE
Water sales $ 273,635.59
Connection charges 33,515.00
Fire hydrant rental fees
for calendar year 1971 6,000.00
Interest earnings 13,107.02
Frontage charges 5,122.25
Discounts earned 66.11
TOTAL REVENUE
OPERATING EXPENSES
Pumping and storage expense $ 24,905.26
Distribution expense 14,788.94
Office and administrative expense 28,995.22
Connection expense 24,398.76
Reimbursement to Village of
Tequesta for 1970 fire
hydrant rental fees 6,000.00
TOTAL OPERATING EXPENSES
OPERATING INCOME
DEBT SERVICE
Interest maturities and
paying Agent fees
NET INCOME (Note 1)
7
$ 331,445.97
99,088.18
$ 232,357.79
80,975.60
$ 151,382.19
NOWLEN, LYNCH & STEWART
NOTE 1
Mandatory transfers of net operating incase during the
calendar year 1971 were made to the following funds under
provisions of •the Bond Resolution and are subject to certain
restrictions:
Sinking Fund $ 19,000.00
Reserve Account 17,050.00
Renewal and Replacement
Fund 13,195.53
Certif icate Redemption
Fund 23,520.00
TOTAL $ 72,765.53
In addition, the following disbursements were made during
the calendar year 1971 from funds provided by net operating
income:
Expenditures, capitalized
and shown as property,
plant and equipment $ 31,441.87
8
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
REVENUE FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
REVENUE
Water sales $ 273,635,59
Fire hydrant rental fees 6,000.00
TOTAL REVENUE
TOTAL RESOURCES
EXPENSES
Transfer of Funds to:
Operation and Maintenance Fund $ 57,232.06
Sinking Fund 99,800.00
Reserve Account 17,050,00
Renewal and Replacement Fund 13,195.53
Certificate Redemption Fund 23,520.00
Capital Improvement Reserve Fund 74,327.62
TOTAL EXPENSES
FUND EQUITY, DECEMBER 31, 1971
9
$ 64,116.49
279,635.59
$ 343,752.08
285,125.21
$ 58,626.87
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
OPERATION AND MAINTENANCE FUND
STATEMENT OF REVENUE AND EXPENSES
' FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
REVENUE
Connection charges $ 33,515.00
Frontage charges 5,122.25
Discounts earned 66.11
Transfers from Revenue Fund 57,232.06
TOTAL REVENUE
TOTAL RESOURCES
EXPENSES
Pumping and storage expense $ 24,905.26
Distribution expense 14,788.94
Office and administrative expense 28,995.22
Connection expense 24,398.76
Transfer to Capital Improvement
Reserve Fund 5,122.25
TOTAL EXPENSES
FUND EQUITY, DECEMBER 31, 1971
10
$ 7,055.12
95,935.42
$ 102,990.54
98,210.43
$ 4,780.11
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NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
SINKING FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
TRANSFER OF FUND EQUITY, JANUARY 1, 1971,
FROM BOND PROCEEDS ACCOUNT
TOTAL FUND EQUITY, JANUARY 1, 1971
REVENUE
Interest earnings
Transfers from Revenue Fund
TOTAL REVENUE
TOTAL RESOURCES
Interest maturities on outstanding
water revenue certificates
due 7-1-71
Interest maturities on outstanding
water revenue certificates
due 1-1-72
Paying Agent fees
TOTAL EXPENSES
FUND EQUITY, DECEMBER 31, 1971
11
$ 1,323.92
99,800.00
$ 40,400.00
40,400.00
175.60
$ 1,062.99
6,169.56
$ 7,232.55
101,123.92
$ 108,356.47
80,975.60
$ 27,380.87
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
RESERVE ACCOUNT
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY. JANUARY 1, 1971
REVENUE
Interest earnings
Transfers from Revenue Fund
TOTAL REVENUE
TOTAL RESOURCES
EXPENSES
FUND EQUITY, DECEMBER 31, 1971
12
$ 6,038.71
17 L050.00
$ 84,580.71
23,0.88.71
$ 107,669.42
None
$ 107,669.42
NOWLEN, LYNCH & 3TEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
RENEWAL AND REPLACEMENT FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
REVENUE
Interest earnings
Transfers from Revenue Fund
TOTAL REVENUE
TOTAL RESOURCES
EXPENSES
FUND EQUITY, DECEMBER 31, 1971
13
$ 1,128.72
13,195.53
$ 19,673.77
14,324.25
$ 33,998.02
None
$ 33,998.02
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CERTIFICATE REDEMPTION FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
REVENUE
Interest earnings
Transfers from Revenue Fund
TOTAL REVENUE
TOTAL RESOURCES
EXPENSES
FUND EQUITY, DECEMBER 31, 1971
14
$ 1,487.20
23,520.00
$ 19,986.00
25,007.20
$ 44,993.20
None
$ 44,993.20
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CAPITAL IMPROVEMENT RESERVE FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971
REVENUE
Interest earnings
Transfers from Revenue Fund
Transfers from Operation and
Maintenance Fund
TOTAL REVENUE
TOTAL RESOURCES
EXPEL~TSES
Reimbursement to Village of
Tequesta for 1970 fire hydrant
rental fees
FUND EQUITY, DECEMBER 31, 1971
15
$ 1,560.67
74,327.62
5,.122.25
$ 151,383.84
81,010.54
$ 232,394.38
6,000.00
$ 226,394.38
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA
WATER DEPARTMENT
CUSTOMER METER DEPOSIT FUND
STATEMENT OF REVENUE AND EXPENSES
FOR THE CALENDAR YEAR 1971
FUND EQUITY, JANUARY 1, 1971 $ 3,421.55
REVENUE
Interest earnings 1,567.80
TOTAL RESOURCES $ 4,989.35
EXPENSES None
FUND EQUITY, DECEMBER 31, 1971 $ 4,989.35
16
NpWLEN, 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, Inc., 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
certificates delivered
TOTAL
March 1, 1969 growth of system during
1968 resulting in 463
equivalent connections
C $500 each:
certificates delivered
January 1, 1970 growth of system during
1969 resulting in 32
equivalent connections
Cal $500 each:
certificates delivered
January 1, 1971 growth of system during
1970 resulting in 682
equivalent connections
Cal $500 each:
certificates delivered
January 1, 1972 growth of system during
1971 resulting in 98
equivalent connections
Cal $500 each:
certificates delivered
January 1, 1970
January 1, 1971
January 1, 1972
TOTAL CERTIFICATES
DELIVERED
Less: certificates
maturing and paid
from Sinking Fund
Less: certificates
maturing and paid
from Sinking Fund
Less: certificates
maturing and paid
from Sinking Fund
TOTAL CERTIFICATES
OUTSTANDING
17
$ 200,000.00
863,000.00
$ 1,063,000.00
231,000.00.
16,000.00
341,000.00
49,000.00
~ 1,700,000.00
$ 17,000,00
18,000.00
19,000.00
$ 1,646,000.00
NOWLEN, LYNCH & STEWART
AMORTIZATION SCHEDULE
$1,646,000 - WATER REVENUE CERTIFICATES
VILLAGE OF TEQUESTA, FLORIDA
OUTSTANDING AFTER MARCH 30, 1972 DELIVERY OF CERT_I_FI_CATES
Dated: July 1, 1967
Due: Serially (as shown)
' Coupon Rate: 5%
FISCAL YEAR
PRINCIPAL INTEREST TOTAL REQUIREMENTS
1972 July 1 $ $ 41,150 $ 41,150 $
1973 Jan. 1 20,000 41,150 61,150 102,300
1973 July 1 40,650 40,650
1974 Jan. 1 21,000 40,650 61,650 102,300
1974 July 1 40,125 40,125
1975 Jan. 1 22,000 40,125 62,125 102,250
1975 July 1 39,575 39,575
1976 Jan. 1 23,000 39,575 62,575 102,150
1976 July 1 39,000 39,000
1977 Jan. 1 24,000 39,000 63,000 102,000
1977 July 1 38,400 38,400
1978 Jan. 1 25,000 38,400 63,400 101,800
1978 July 1 37,775 37,775
1979 Jan. 1 26,000 37,775 63,775 101,550
1979 July 1 37,125 37,125
1980 Jan. 1 28,000 37,125 65,125 102,250
1980 July 1 36,425 36,425 .
1981 Jan. 1 29,000 36,425 65,425 101,850
1981 July 1 35,700 35,700
1982 Jan. 1 30,000 35,700 65,700 101,400
1982 July 1 34,950 34,950
1983 Jan. 1 32,000 34,950 66,950 101,900
1983 July 1 34,150 34,150
1984 Jan. 1 34,000 34,150 68,150 102,300
1984 July 1 33,300 33,300
1985 Jan. 1 35,000 33,300 68,300 101,600
1985 July 1 32,425 32,425
1986 Jan. 1 37,000 32,425 69,425 101,850
1986 July 1 31,500 31,500
1987 Jan. 1 39,000 31,500 70,500 102,000
18
NOWLEN, LYNCH & STEWART
AMORTIZATION SCHEDULE
$1,646,000 - V~1TER REVENUE CERTIFICATES
VILLAGE OF TEQUESTA, FLORIDA
OUTSTANDING AFTER MARCH 30, 1972 DELIVERY OF CERTIFICATES
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5%
FISCAL YEAR
PRINCIPAL INTEREST TOTAL REQUIREMENTS
1987 July 1 $ $ 30,525 $ 30,525 $
1988 Jan. 1 41, 000 30,525 71,525 102,050
1988 July 1 29,500 29,500
1989 Jan. 1 43, 000 29,500 72,500 102,000
1989 July 1 28,425 28,425
1990 Jan. 1 45, 000 28,425 73,425 101,850
1990 July 1 27,300 27,300
1991 Jan. 1 47 ,000 27,300 74,300 101,600
1991 July 1 26,125 26,125
1992 Jan. 1 50 ,000 26,125 76,125 102,250
1992 July 1 24,875 24,875
1993 Jan. 1 52 ,000 24,875 76,875 101,750
1993 July 1 23,575 23,575
1994 Jan. 1 55 ,000 23,575 78,575 102,150
].994 July 1 22,200 22,200
1995 Jan. 1 58 ,000 22,200 80,200 102,400
1995 July 1 20,750 20,750
1996 Jan. 1 61 ,000 20,750 8.1_,_750 102,500
1996 July 1 19,225 19,225
1997 Jan. 1 769 ,000 19,225 788,225 807,450
$ 1,646,000 $ 1,609,500 $ 3,255,500 $ 3,255,500
19
NOWLEN, LYNCH & STEWART