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CAFR_FY Ending_09/30/1973AUDIT REPORT VILLAGE OF TEQUESTA, FLORIDA SEPTEMBER 30, 1973 NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS WEST PALM BEACH, FLORIDA VILLAGE OF TEQUESTA TABLE OF CONTENTS PAGES Accountants' Report 3 Combined Balance Sheet - A11 Funds 4-5 Combined Statement of Changes in Fund Balances - All Funds 6-7 GENERAL FUND Balance Sheet g Analysis of Fund Balance 9 Statement of Receipts 10 Statement of Disbursements 11 Schedule of Disbursements: Administrative Expense 12 Office Expense 13 Public Safety Expense 14 Streets and Parks Expense 15 Comparative Summary of Receipts and Disbursements 16 FEDERAL REVENUE SHARING FUND Statement of Changes in Fund Balance 17 SINKING FUND AND RESERVE ACCOUNT Statement of Changes in Fund Balance 18 STATEMENT OF GENERAL LONG-TERM DEBT 19 AMORTIZATION SCHEDULE - EXCISE TAX REVENUE BONDS - SERIES 1964 20 AMORTIZATION SCHEDULE - EXCISE TAX REVENUE BONDS - SERIES 1969 21 STATEMENT OF GENERAL FIXED ASSETS 22 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA TABLE OF CONTENTS PAGES WATER DEPARTMENT Balance Sheet 23-24 Statement of Sources and Applications of Cash Funds 25 Comparative Statement of Revenues and Expenses 2g Revenue Fund - Statement of Changes in Fund Balance 27 Operation and Maintenance Fund - Statement of Changes in Fund Balance 28 Sinking Fund - Statement of Changes in Fund Balance 29 Reserve Account - Statement of Changes in Fund Balance 30 Renewal and Replacement Fund - Statement of Changes in Fund Balance 31 Certificate Redemption Fund - Statement of Changes in Fund Balance 32 Capital Improvement Reserve Fund - Statement of Changes in Fund Balance 33 Customer Meter Deposit Fund - Statement of Changes in Fund Balance 34 Water Revenue Certificates Amortization Schedule 35-37 NOTES TO FINANCIAL STATEMENTS 38-39 NOWLEN, LYNCH & STEWART NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS 220 FLAGLER COURT BUILDING POST OFFICE BOX 347 WEST PALM BEACH, FLORIDA 33402 EVER ETT B. NOWLEN. CPA MEMBERS W. F. LVNC H. CPA IIB97-19641 January 8, 1974 AMERICAN INSTITUTE OF V. C. STEWART. CPA CERTIFIED PUBLIC ACCOUNTANTS ALAN L. TEDAMONSON. CPA FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS EDMUND SCHIEV E, CPA TELEPHONE 833.7778 Honorable Mayor and Village Council Village of Tequesta Tequesta, Florida We have examined the financial statements of the Village of Tequesta as of September 30, 1973 and for the year then ended and for the nine months beginning January 1, 1973 and ended September 30, 1973 for the Water Department. Our exam- ination 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 statements present fairly the financial position of the Village of Tequesta at September 30, 1973 and the results of its operations for the year then ended and for the nine months then ended for the Water Department, in conformity with generally accepted accounting principles applicable to governmental entities applied on a basis consistent with that of the preceding year. VILLAGE OF TEQUESTA ' COMBINED BALANCE SHEET - ALL FUNDS SEPTEMBER 30, 1973 FEDERAL GENERAL REVENUE FUND SHARING FUND ASSETS Cash $ 21,357 $ - Investments 267,661 20,435 Receivables 495 - Prepaid expenses and deposits 280 - Fixed assets - - Amount available for debt service - - Amount to be provided for ~ debt service - - TOTAL $289,793 2$ 0,435 ' LIABILITIES AND FUND BALANCES 899 $ Liabilities $ - Bonds payable - - Total investment in general fixed assets - - Fund balance 288,894 20,435 TOTAL $289,793 2$ 0,435 The accomp anying notes are an essential part of the financial statements. 4 DEBT SERVICE FUND $ 87 26,000 26 087 VILLAGE OF TEQUESTA COMBINED BALANCE SHEET - ALL FUNDS SEPTEMBER 30, 1973 WATER GENERAL GENERAL DEPARTMENT LONG-TERM FIXED ASSET FUND DEBT FUND $ 46,620 566,352 57,282 555 1,658,411 $2,329,220 $ - 26,087 63, 913 90 000 $ - 309,333 309 333 SUMMARY ALL FUNDS $ 68,064 880,448 57,777 835 1,967,744 26,087 63, 913 $3,064,868 $ - $ 58,719 $ - $ - $ 59,618 - 1,626,000 90,000 - 1,716,000 - - - 309,333 309,333 26,087 644,501 - - 979,917 26 087 $2,329,220 90 000 $309,333 $3,064,868 The accompanying notes are an essential part of the financial statements. 5 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA COMBINED STATEMENT OF CHANGES IN FUND BALANCES - ALL FUNDS FOR THE YEAR ENDED SEPTEMBER 30 1973 FUND General Fund Debt Service Fund Federal Revenue Sharing Fund Water Department Fund TOTAL ALL FUNDS FUND BALANCES - ALL FUNDS Cash Investments Accounts receivable Accrued interest receivable Property, plant and equipment (net of depreciation) Other assets Excise Tax Revenue Bonds Accounts payable and accrued payroll taxes payable Customer meter deposits Accrued interest payable Water Revenue Certificates payable TOTAL - ALL FUNDS (A) See Note 3 of the (Balance of $504, (B) See Note 4 of the (C) See Notes 4 and 5 (D) See Note 5 of the FUND BALANCES OCTOBER 1, 1972 $ 274,166 84,449 504, 363 (A) $ 862,978 $ 65,067 562,789 51,132 5, 350 2,021,321 1,909 (178,362) (6,128) (34,100) (1,626,000) ADJUSTMENTS $ (122,400) (B) (63,425) (C) ~ 185 825) $ - (364,187) (B) 178,362 (D) $ 862,978 $(185,825) Notes to Financial Statements 363 was as of January 1, 1973) Notes to Financial Statements of the Notes to Financial Statements Notes to Financial Statements The accompanying notes are an essential part of the financial statements. 6 VILLAGE OF TEQUESTA COMBINED STATEMENT OF CHANGES IN FUND BALANCES - ALTr FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1973 FUND BALANCES OCTOBER 1, 1972 FUND BALANCES RESTATED RECEIPTS DISBURSEMENTS SEPTEMBER 30, 1973 $ 151,766 $535,554 $398,426 $ 288,894 21,024 110,954 105,891 26,087 _ 20,435 - 20,435 504,363 322,703 182,565 644,501 $ 677,153 X989,646 $686,882 ,~, 979,917 $ 65,067 562,789 51, 132 5, 350 1,657,134 1,909 (6,128) (34,100) _.(1,626,000) $ 677,153 The accompanying notes are an essential part of the financial statements. 7 $ 68,064 880,448 43,871 13,906 1,658,411 835 (2,903) (36,390) (20,325) (1,626,000) ~ 979,917 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND BALANCE SHEET SEPTEMBER 30, 1973 ASSETS Cash: Petty cash Checking accounts Certificates of deposit Savings accounts Total cash Accounts receivable Utility deposits TOTAL LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable and employee payroll deductions FUND BALANCE Village of Teguesta (Page 9) TOTAL The accompanying notes are an essential part of the financial statements. 8 $ 25 21, 332 230,000 37,661 $289,018 495 280 X289,793 $ 899 288,894 $289,793 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA ANALYSIS OF FUND BALANCE - GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1973 FUND BALANCE, OCTOBER 1, 1972 $ 274,166 PRIOR YEARS' ADJUSTMENTS (Note 4) 621,400) FUND BALANCE, OCTOBER 1, 1972 RESTATED $ 151,766 ADD Excess of receipts over disbursements 137,128 FUND BALANCE, SEPTEMBER 30, 1973 $ 288,894 The accompanying notes are an essential part of the financial statements. 9 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF RECEIPTS BUDGETED AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1973 BUDGET ACTUAL RECEIPTS Taxes Ad valorem $190,760 $192,420" Cigarette and state revenue sharing 140,600 141,180'` Utility 55,000 .64,926', Franchise 39,400 49,175"` Building permits 12,000 13,975; Occupational licenses 8,000 17,173 Beverage licenses 2,400 2,603y State Road and Bridge Funds 6,625 7,~50~"~ Water Department Administrative management 5,000 5,750~j Fire hydrant rental fee 6, 000 10, 500~~~ Office and garage rent 3,000 3,750 r` Fines and forfeitures 2,500 4,396' Interest earned - 10,825~'~ Transfers from Sewer Department 11,050 9,307` Miscellaneous income 3,600 2,324 r., TOTAL RECEIPTS $485, 935 $535, 5,54 Cash balances on October 1, 1972 135,000 149,649 Accounts receivable on October 1, 1972 - 5,069 Employee payroll deductions on September 30, 1973 - 899 TOTAL FUNDS TO ACCOUNT FOR $620,935 691 171 The accompanying notes are an essential part of the financial statements. 10 VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF DISBURSEMENTS ' BUDGETED AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1973 BUDGET DISBURSEMENTS Administrative expense - (Page 12) Office expense - (Page 13) Public safety expense - (Page 14) Streets and parks expense - (Page 15) Transfers to Sinking Fund - (Page 18) TOTAL DISBURSEMENTS Cash balances on September 30, 1973 Accounts receivable on September 30, 1973 Employee payroll deductions on October 1, 1972 TOTAL FUNDS ACCOUNTED FOR ACTUAL $ 81,811 $ 77,825 19,969 19,262 133, 215 127,618 354,315 151,137 31,625 22,584 $620,935 $398,426 - 289,018 - 349 - 3, 378 $620,935 $691,171 The accompanying notes are an essential part of the financial statements. 11 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30 1973 BUDGET ACTUAL ADMINISTRATIVE EXPENSE Salaries $32,616 $32,615 OASI expense 1,471 1,470 Car allowance 750 750 Council fees 1,620 1,600 Dues 400 368 Insurance 5,917 4,634 Legal 9,146 9,145 Contributions 3,240 3,240 Telephone 300 258 Maps 1,000 743 Engineering 984 984 Building department 1,000 909 Auditing 900 900 Employees insurance premiums 5,500 5,195 Employees pension plan premiums 10,005 10,005 Miscellaneous expense 3,775 3,774 Civil defense 300 - Contingencies 2,887 1,235(1) TOTAL 81 811 77 825 Note (1) Professional services in connection with audit of books and records of Sewer Department and services in connection with revenue sharing reports. The accompanying notes are an essential part of the financial statements. 12 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1973 BUDGET ACTUAL OFFICE EXPENSE Salaries $11,060 $10,392 OAST expense 660 660 Supplies 1,449 1,448 Postage 634 634 Telephone 907 906 Utilities 2,303 2,303 Miscellaneous 1,200 1,164 New equipment 1,756 1,755 TOTAL 19 969 19 262 The accompanying notes are an essential part of the financial statements. 13 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1973 BUDGET ACTUAL PUBLIC SAFETY EXPENSE Police Chief salary $ 11,850 $ 11,850 Police Lieutenant salary 8,700 8,700 Police Sergeants' salaries 15,090 13,479 Detective salary 8,250 8,250 Patrolmen salaries 37,963 37,223 Dispatchers' salaries 17,363 17,362 Pay for extra work 1,000 796 OASI expense 6,119 6,118 Car expense 2,096 2,096 Gasoline and oil 4, 000 3, 558 Car insurance 1,500 1,293 Equipment and uniforms 1,500 916 Telephone 700 700 Teletype 50 18 Utilities - traffic signals 1,000 475 Judge's fee 1,500 1,500 Miscellaneous 1,400 1,223 Traffic signs 734 733 Equipment 11,800 11,157 Personnel training 600 171 TOTAL 5133,215 $127,618 The accompanying notes are an essential part of the financial statements. 14 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30. 1973 BUDGET ACTUAL STREET AND PARKS EXPENSE Salaries $ 19,000 $ 17,703 OASI expense 1,272 1,272 Street maintenance 3,143 3,142 Streets and drainage 153,000 2,935 Entrance gate expense 1,000 666 Fogging expense 3,000 2,642 General maintenance 5,700 4,719 Truck and tractor expense 801 801 Truck insurance 450 183 Gasoline and oil - truck 450 420 Gasoline and oil - other 100 49 Small tools 300 78 Village Hall maintenance 2,500 1,689 Garbage collection 73,260 70,362 ~ Trash collection 24,210 24,209 Utilities - street lights 4,000 3,960 Fire hydrant rental fees 10,500 10,500 Street name signs 400 54 Equipment 5,700 2,827 Beautification 1,230 - Village Hall - painting 2,500 - Village Hall - driveway 1,000 - Recreation 40, 799 2, 926~~ TOTAL 354 315 $151,137 The accompanying notes are an essential part of the financial statements. 15 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA COMPARATIVE SUMMARY OF RECEIPTS AND DISBURSEMENTS GENERAL FUND FOR YEARS AS INDICATED YEARS ENDED SEPTEMBER 30, 1973 1972 1971 1970 Taxes: Ad valorem $192,420 $135,646 $117,114 $ 93,955 Cigarette and state revenue sharing 141,180 145,855 102,421 90,877 Utility 64,926h 54,101 44,403 37,452 Franchise 49,175` 34,962 32,137 25,136 Building permits 13,9751 ~ 11,741 23,279 16,432 Occupational licenses 17,173~ 24,749 16,824 20,872 State Road and Bridge Funds 7,250 8,346 11,187 1,462 Beverage licenses 2,603 2,360 - - Sewer Department 9,307 - - - Water Department 20,000 14,000 15,232 12,446 Fines and forfeitures 4,396 3,052 1,327 1,148 Miscellaneous income 13,149 6,861 6,776 7,185 TOTAL RECEIPTS $535,554 ~ $441,673 $370,700 $306,965 DISBURSEMENTS Streets and parks $151,137 $149,798 $141,512 $100,546 Public safety 127,618 104,821 98,156 84,481 Administrative 77,825 72,560 76,094 72,289 Office 19,262 15,698 14,176 14,367 Sinking Fund transfers 22,584 20,723 1.7,175 19,555 TOTAL DISBURSEMENTS $398,426 X363,600 $347,113 $291,238 EXCESS OF RECEIPTS OVER DISBURSEMENTS $137,128 $ 78,073 23 587 ~ 15,727 The accompanying notes are an essential part of the financial statements. 16 NOWLEN, LYNCH & STEWART NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA FEDERAL REVENUE SHARING FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30 1973 FUND BALANCE OCTOBER 1, 1972 RECEIPTS Entitlement payments Investment earnings DISBURSEMENTS EXCESS OF RECEIPTS OVER DISBURSEMENTS FUND BALANCE .SEPTEMBER 30, 1973 ENTITLEMENT PERIOD ;. NO. 1 NO. 2 NO. 3 TOTAL $ - $ - $ - $ 6,321 6,065 7,516 19,90 2 533 533` $6,321 $6,065 $8,049 $20,435 6 321 6 065 8 049 20 435 6 321 6 065 8 049 20 435 The accompanying notes are an essential part of the financial statements. 17 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SINKING FUND AND RESERVE ACCOUNT EXCISE TAX REVENUE BONDS STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1973 FUND BALANCE, OCTOBER 1, 1972 PRIOR YEARS' ADJUSTMENTS (Notes 4 and 5) FUND BALANCE, OCTOBER 1, 1972 RESTATED Cash Investments RECEIPTS Proceeds from sale of Sewer Plant Transfers from General Fund Investment earnings DISBURSEMENTS Interest expense Revenue Certificates matured Transfer of monies due ENCON from sale of Sewer Plant Paying Agent fee EXCESS OF RECEIPTS OVER DISBURSEMENTS FUND BALANCE, SEPTEMBER 30, 1973 Cash Investments SINKING RESERVE FUND ACCOUNT TOTAL $ 66,449 $18,000 $ 84,449 (63,425) - (63,425) $ 3,024 $ - $ 3,024 - 18,000 18,000 $ 3,024 18 000 $ 21,024 J $ 87, 031 $ - $ 87, 031` ~°; 15,923 6,661 22,584 `' - 1, 339 1, 339 $102,954 8 000 ,$110,954 $ 8, 194 $ - $ 8, 194 88,363 - 88,363 9,306 - 9,306 28 - 28 X105, 891 ,~_ 105 891 $ (2,937) 8 000 $ 5,063 $ 87 $ - $ 87 - 26,000 26,000 S~ 87 26 000 26 087 The accompanying notes are an essential part of the financial statements. 18 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA STATEMENT OF GENERAL LONG-TERM DEBT 1964 AND 1969 EXCISE TAX REVENUE BONDS SEPTEMBER 30, 1973 Amount available and to be provided for payment of long-term debt: Amount available in Debt Service Fund (Page 18) $26,087 Amount to be provided 63,913 Total available and to be provided Bonds Payable. (Pages 20 and 21) The accompanying notes are an essential part of the financial statements. 19 90 000 90 000 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1964 SEPTEMBER 30, 1973 The bonded debt was incurred in 1964 through the issuance of $148,000 excise tax revenue bonds. The proceeds were used for construction of the Village Hall and Utility Garage. A balance of $80,000 was outstanding on September 30, 1973; the schedule of payments on the outstanding bonds follows: DUE DATE COUPON RATE PRINCIPAL ANNUAL INTEREST TOTAL REQUIREMENT April 1, 1974 October 1, 1974 April 1, 1975 gctober 1, 1975 April 1, 1976 October 1, 1976 April 1, 1977 October 1, 1977 April 1, 1978 October 1, 1978 April 1, 1979 October 1, 1979 April 1, 1980 October 1, 1980 TOTAL 4.00% $ 4.00 10,000.00 $ 1,687.50 $ 1,687.50 $ 1,687.50 11,687.50 13,375.00 4.00 1,487.50 1,487.50 4,25 11,000.00 1,487.50 12,487.50 13,975.00 4.25 1,253.75 1,253.75 4.25 11,000.00 1,253.75 12,253.75 13,507.50 4.25 1,020.00 1,020.00 4.25 11,000.00 1,020.00 12,020.00 13,040.00 4.25 786.25 786.25 4.25 12,000.00 786.25 12,786.25 13,572.50 4.25 531.25 531.25 4.25 12,000.00 531.25 12,531.25 13,062.50 4.25 276.25 276.25 4.25 13,000.00 276.25 13,276.25 13,552.50 $80,000.00 $14,085.00 $94,085.00 $94,085.00 The accompanying notes are an essential part of the financial statements. 20 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1969 SEPTEMBER 30, 1973 The bonded debt was incurred i $27,000 excise tax revenue bonds. acquire land east of Village Hall, Range 43 east, Palm Beach County. outstanding on September 30, 1973; the outstanding bonds follows: n 1969 through the issuance of The proceeds were used to Section 30, Township 40 south, A balance of $10,000 was the schedule of payments on COUPON ANNUAL DUE DATE RATE PRINCIPAL INTEREST REQUIREMENT October 1, 1974 5% $ 5,000.00 $500.00 $ 5,500.00 October 1, 1975 5% 5,000.00 250.00 5,250.00 TOTAL $10,000.00 750.00 $10,750.00 The accompanying notes are an essential part of the financial statements. 21 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA STATEMENT OF GENERAL FIXED ASSETS SEPTEMBER 30, 1973 GENERAL FIXED ASSETS Land (Note 6) $ 35, 000 Buildings 140,262 Improvements other than buildings 74,034 Equipment 60,037 Total General Fixed Assets $309,333 INVESTMENT IN FIXED ASSETS Total investment in General Fixed Assets from Bonds, General Revenues and Gifts $309,333 The accompanying notes are an essential part of the financial statements. 22 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT BALANCE SHEET SEPTEMBER 30, 1973 ASSETS CURRENT ASSETS Cash $ 42,664 Accounts receivable 43,077 Prepaid insurance 555 TOTAL CURRENT ASSETS RESTRICTED ASSETS Cash and investments: Revenue Bond Sinking Fund $ 47,048 Reserve Account 103,002 Certificate Redemption Fund 88,976 Renewal and Replacement Fund 27,692 Capital Improvement Reserve Fund 259,006 Meter deposits bank accounts 44,584 Accounts receivable 300 Accrued interest receivable 13,905 TOTAL RESTRICTED ASSETS PROPERTY, PLANT AND EQUIPMENT At cost: Land $ 41,316 Plant and equipment 1,823,995 $1,865,311 Less accumulated depreciation (Note 1) 206,900 NET PROPERTY, PLANT AND EQUIPMENT TOTAL The accompanying notes are an essential part of the financial statements. $ 86, 296 584,513 1, 658, 411 $2, 329j 220 23 VILLAGE OF TEQUESTA WATER DEPARTMENT BALANCE SHEET SEPTEMBER 30 1973 LIABILITIES AND FUND BALANCE CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS) Accounts payable, accrued payroll taxes and utility taxes payable CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) $ 2,004 Customer meter deposits $ 36,390 Accrued interest payable 20,325 Water revenue certificates payable 21,000 77,715 TOTAL CURRENT LIABILITIES $ 79,719 LONG-TERM DEBT Water revenue certificates payable (Page 35) $1,626,000 Less long-term debt payable within one year 21,000 NET LONG-TERM DEBT 1,605,000 TOTAL LIABILITIES $1,684,719 FUND BALANCE Balance, January 1, 1973 $ 504,363 Net income for the nine month period 140,138 TOTAL FUND BALANCE 644,501 TOTAL $2,329,220 The accompanying notes are an essential part of the financial statements. 24 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT STATEMENT OF SOURCES AND APPLICATIONS OF CASH FUNDS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 CASH FUNDS WERE PROVIDED BY: Net income before depreciation Decrease in current non-cash assets Increase in current liabilities TOTAL CASH FUNDS PROVIDED CASH FUNDS WERE APPLIED TO: Increase in restricted assets Increase in property, plant and equipment TOTAL APPLICATIONS OF FUNDS INCREASE IN CASH FUNDS DURING NINE MONTH PERIOD CASH BALANCE, JANUARY 1, 1973 CASH BALANCE, SEPTEMBER 30, 1973 $170,144 3,749 21,869 $153,046 31,282 The accompanying notes are an essential part of the financial statements. 25 $195,762 184,328 $ 11,434 31,230 42 664 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT COMPARATIVE STATEMENT OF REVENUES AND EXPENSES FOR PERIODS AS INDICATED NINE MONTHS ENDED SEPTEMBER 30, 1973 (NOTE 3) REVENUES Water sales $266,104 Fire hydrant rental fees 4,500 Interest earnings 19,316 Frontage charges 1,552 Miscellaneous income 316 TOTAL REVENUES $291,788 OPERATING EXPENSES Pumping and storage expense $ 24,690 Distribution expense 14,777 Office and administrative expense 24,906 Reimbursement on fire hydrant rental fees 10,500 U.S. No. l Project expense - TOTAL OPERATING EXPENSES $ 74,873 OPERATING INCOME (Note 2) $216,915 OTHER INCOME AND EXPENSES Connection charges $ 30,915' Connection expenses (16,519) Depreciation (Note ~.) (30,006) Interest maturities and Paying Agent fees (61,167) OTHER INCOME AND EXPENSES $(76,777) NET INCOME 140,138 CALENDAR YEARS ENDED 1972 1971 1970 $ 316,700 $ 273,636 $257,911 6,000 6,000 6,000 19,031 13,107 9,878 6,516 5,122 3,071 63 66 126 $ 348,310 $ 297,931 $276,986 $ 30,425 $ 24,905 $ 24,291 19,591 14,789 12,552 29,345 28,995 22,190 6,000 6,000 6,000 - - 1,189 $ 85, 361 $ 74, 689 ,~, 66, 222 $ 262,949 $ 223,242 $210,764 $ 29,892 $ 33,515 $ 24,272 (21,650) (24,399) (14,908) (39,212) (38,115) (35,220) (82,487) (80,976) (64,804) $(113,457) $(109,975) $(90,660) $ 149,492 ~ 113,267 $120,104 The accompanying notes are an essential part of the financial statements. 26 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT REVENUE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND BALANCE, JANUARY 1, 1973 ADD Water sales Fire hydrant rental fees DEDUCT Transfer of funds to: Operation and Maintenance Fund Sinking Fund Renewal and Replacement Fund Certificate Redemption Fund Capital Improvement Reserve Fund NET INCREASE FUND BALANCE, SEPTEMBER 30, 1973 $266,104 4,500 $270,604 $ 59, 57 3 76,725 12,101 17,801 104,251 270,451, The accompanying notes are an essential part of the financial statements. 27 $77,673 153 77 826 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUE5TA WATER DEPARTMENT OPERATION AND MAINTENANCE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND BALANCE, JANUARY 1, 1973 $(3,512) PRIOR YEARS' ADJUSTMENTS (Note 4) 230) FUND BALANCE, JANUARY 1~ 1973 RESTATED $(3,742) ADD Connection charges $30,915 Fxontage charges 1,552 Discounts earned 22 Transfers from Revenue Fund 59,573 $92,062 DEDUCT Pumping and storage expense $24,690 Distribution expense 14,777 Office and administrative expense 24,906 Connection expenses 16,519 80,x,892 NET INCREASE 111170 FUND BALANCE, SEPTEMBER 30, 1973 7 428 The accompanying notes are an essential part of the financial statements. 28 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA .WATER DEPARTMENT SINKING FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND BALANCE, JANUARY 1, 1973 $(112,026) PRIOR YEARS "ADJUSTMENTS (Notes 4 and 5) 122,4$8 FUND BALANCE, JANUARY 1, 1973 r .RESTATED $ 10,462 ADD Interest earnings $ 1,148 Transfers from Revenue Fund 76 X725 $77,873 DEDUCT Interest on Water Revenue Certificates $60,975 Paying Agent fees 192 61,167 NET INCREASE 16,706 FUND BALANCE, SEPTEMBER 30, 1973 $ 27,168 The accompanying notes are an essential part of the financial statements. 29 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT RESERVE ACCOUNT STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND BALANCE, JANUARY 1~ 1973 ADD Interest earnings FUND BALANCE, SEPTEMBER 30, 1973 The accompanying notes are an essential part of the financial statements. 30 $103,761 4,056 107 817 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT RENEWAL AND REPLACEMENT FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS_E_NDED SEPTEMBER 30, 1973 FUND BALANCE, JANUARY 1, 1973 PRIOR YEARS' ADJUSTMENTS (Note 4) FUND BALANCEl SEPTEMBER 30,, 1973 ADD Interest earnings $ 1,349 Transfers from Revenue Fund 12,101 Miscellaneous income 302 NET INCREASE Fi7ND BALANCES SEPTEMBER 30, 1973 13 752 The accompanying notes are an essential part of the financial statements. 31 $46,974 3 789) $43,185 13,752 56 937 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CERTIFICATE REDEMPTION FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND $ALANCE, JANUARY 1, 1973 ADD Interest earnings Transfers from Revenue Fund NET INCREASE FUND BALANCE, SEPTEMBER 30, 1973 $ 2, 615 17,801 20 416 The accompanying notes are an essential part of the financial statements. 32 $71,538 20,416 91 954 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CAPITAL IMPROVEMENT RESERVE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1.9.7_3_ FUND BALANCE, JANUARY 1, 1973 $ 313,012 PRIOR YEARS' ADJUSTMENTS (Note 4) (149,604) FUND BALANCE, JANUARY 1, 1973 RESTATED $ 163,408 ADD Interest earnings $ 7,910 Transfers from Revenue Fund 104,251 $112,161 DEDUCT Reimbursement to Village of Tequesta for fire hydrant rental fees 10,500 NET INCREASE 101,661 FUND BALANCE, SEPTEMBER 30, 1973 $ 265,069 The accompanying notes are an essential part of the financial statements. 33 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER DEPARTMENT CUSTOMER METER DEPOSIT FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1973 FUND BALANCES JANUARY 1, 1973 ADD Interest earnings FUND $ALANCE, SEPTEMBER 30, 1973 The accompanying notes are an essential part of the financial statementso 34 $6,943 2, 230 173 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 Comp any, 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 agreement, certificates have been delivered as follows: March 1, 1968 At closing: Certificates sold $ 200,000 Certificates delivered 863,000 TOTAL $1,063,000 Certificates delivered: March 1, 1969 463 equivalent connections C~ $500 each 231,000 January 1, 1970 32 equivalent connections C~ $500 each 16,000 January 1, 1971 682 equivalent connections C~ $500 each 341,000 January 1, 1972 98 equivalent connections C~ $500 each 49,000 TOTAL CERTIFICATES DELIVERED $1,700,000 Less certificates maturing and paid from Sinking Fund:. .January 1, 1970 $ 17,000 January 1, 1971 18,000 January 1, 1972 19,000 January 1, 1973 20,000 TOTAL CERTIFICATES OUTSTANDING $1,626,000 The accompanying notes are an essential part of the financial statements. 35 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE $1,626,000 - WATER REVENUE CERTIFICATES SEPTEMBER 30, 1973 Dated: July 1, 1967 Due: Serially (as shown) Coupon Rate: 5/0 FISCAL YEAR PRINCIPAL INTEREST TOTAL REQUIREMENTS 1974 Jan. 1 $ 21, 000 $ 40,650 $ 61,650 $ 61,650 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 1Q2,250 1980 July 1 36,425 36,425 1981 Jan. 1 291 ,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 The accompanying notes are an essential part of the financial statements. 36 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE $1,626,000 - WATER REVENUE CERTIFICATES SEPTEMBER 30, 1973 Dated: July 1, 1967 Due: Serially (as shown) Coupon Rate: 5% FISCAL YEAR PRINCIPAL INTEREST TOTAL REQUIREMENTS 1986 July 1 $ $ 31,500 $ 31,500 $ 1987 Jan. 1 39, 000 ~ 31,500 70,500 102,000 19$7 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 ~. 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 1994 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 81,750 102,500 1996 July 1 19,225 19,225 1997 Jan. 1 769 ,000 19,225 788,225 807,450 $1,626 ,000 $1 ,486,550 $3,112,550 $3,112,550 The accompanying notes are an essential part of the financial statements. 37 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA NOTES TO FINANCIAL STATEMENTS NOTE 1 Depreciation on fixed assets of the Water Department has been computed using the straight-line method over estimated lives ranging from four years to fifty years. NOTE 2 Mandatory transfers of net operating income during the nine month period were made to the following funds under provisions of the bond resolution and are subject to certain restrictions. Sinking Fund $ 76,725 Renewal and Replacement Fund 12,101 Certificate Redemption Fund 17,801 TOTAL X106,627 NOTE 3 The Village of Tequesta Water Department changed its fiscal year from a December 31 to a September 30 year end in order to comply with Florida Statutes Section 218.33 requiring all governmental units to adopt a uniform October 1 through September 30 fiscal year. NOTE 4 Property, plant and equipment amounting to $241,787 has been trans- ferred as of October 1, 1972 to the General Fixed Asset Fund from the Sinking Fund and Reserve Account and $122,400 from the General Fund. All fixed assets excluding Water Department fixed assets will be accounted for in this self-balancing fund. Property, plant and equipment in the following funds have been adjusted as of October 1, 1972 to account for these assets in the Water Department consolidated statements: 1. Operation and Maintenance Fund 2. Sinking Fund 3. Renewal and Replacement Fund 4. Capital Improvement Reserve Fund 38 NOWLEN, LYNCH & STEWART $ 230 1,503,512 3,789 149,604 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA NOTES TO FINANCIAL STATEMENTS NOTE 5 Sinking Fund Series 1964, 1969 and 1972 Bonds were transferred to the General Long-Term Debt Fund to be accounted for in the amount of $175,362 as of October 1, 1972. Water Revenue Certificates in the amount of $1,626,000 have been adjusted as of October 1, 1972 to account for this long-term debt in the Watex' Department consolidated statements. NOTE 6 Land donated to the Village of Tequesta May 9, 1961 has been included in the General Fixed Assets. Valuation at $5,000 was set by the Palm Beach County Tax Assessor in 1962 and is used as a basis therein. 39 NOWLEN. LYNCH & STEWART