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VILLAGE OF TEQUESTA, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 2024
2024 Village of Tequesta Council
L to R: Vice-Mayor Rick Sartory,
Mayor Molly Young, Council Member Patrick Painter,
Council Member Laurie Brandon, Council Member Jayson E.French
VILLAGE OF TEQUESTA, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Prepared By
Finance Department
The Village of Tequesta, Florida
VILLAGE OF TEQUESTA, FLORIDA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Letter of Transmittal i
Certificate of Achievement for Excellence in Financial Reporting vi
Organization Chart vii
List of Principal Officials viii
II. FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT 1
MANAGEMENT’S DISCUSSION AND ANALYSIS (Required Supplementary Information) 4-17
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position 18
Statement of Activities 19
Fund Financial Statements
Balance Sheet – Governmental Funds 20
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position 21
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds 22
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances of Governmental Funds to the Statement of Activities 23
Statement of Net Position – Proprietary Funds 24
Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds 25
Statement of Cash Flows – Proprietary Funds 26
Statement of Fiduciary Net Position – Fiduciary Funds 27
Statement of Changes in Fiduciary Net Position – Fiduciary Funds 28
Notes to Basic Financial Statements 29-87
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule – General Fund 88
Note to the Budgetary Comparison Schedule 89
Firefighters’ Pension Trust Fund
Schedule of Changes in the Village’s Net Pension Liability and Related Ratios 90
Schedule of Village Contributions 91
Schedule of Investment Returns 92
Police Officers’ Pension Trust Fund
Schedule of Changes in the Village’s Net Pension Asset and Related Ratios 93
Schedule of Village Contributions 94
Schedule of Investment Returns 95
General Employees’ Pension Trust Fund
Schedule of Changes in the Village’s Net Pension Liability (Asset) and Related Ratios 96
Schedule of Village Contributions 97
Schedule of Investment Returns 98
Schedule of Changes in Total OPEB Liability and Related Ratios 99
Schedule of Village’s Proportionate Share of the Net Pension Liability –
Florida Retirement System Pension 100
Schedule of the Village’s Proportionate Share of the Net Pension Liability –
Retiree Health Insurance Subsidiary Program 101
Schedule of the Village’s Contributions – Florida Retirement System Pension Plan 102
Schedule of the Village’s Contributions – Retiree Health Insurance Subsidy Program 103
VILLAGE OF TEQUESTA, FLORIDA
TABLE OF CONTENTS
II. FINANCIAL SECTION (CONTINUED)
SUPPLEMENTARY INFORMATION
Combining and Individual Fund Statements and Schedules
Combining Balance Sheet – Nonmajor Governmental Funds 104
Combining Statement of Revenues, Expenditures and Changes in Fund Balances –
Nonmajor Governmental Funds 105
Budgetary Comparison Schedule – Building Fund 106
Budgetary Comparison Schedule – Special Law Enforcement Trust Fund 107
Budgetary Comparison Schedule – Capital Improvement Fund 108
Budgetary Comparison Schedule – Capital Projects Fund 109
Combining Statement of Fiduciary Net Position 110
Combining Statement of Changes in Fiduciary Net Position 111
III. STATISTICAL SECTION
Net Position by Component 112
Changes in Net Position 113
Fund Balances, Governmental Funds 115
Changes in Fund Balances, Governmental Funds 116
Assessed and Estimated Actual Value of Taxable Property 117
Property Tax Rates – All Direct and Overlapping Governments 118
Principal Property Taxpayers 119
Property Tax Levies and Collections 120
Ratios of Outstanding Debt by Type 121
Ratio of Net Outstanding Debt to Assessed Value and Net Bonded Debt Per Capita 122
Computation of Legal Debt Margin 123
Direct and Overlapping Governmental Activities Debt 124
Demographic and Economic Statistics 125
Principal Employers – Palm Beach County 126
Full-time-Equivalent Village Government Employees by Function/Program 127
Operating Indicators by Function/Program 128
Capital Asset Statistics by Function/Program 129
IV. REPORTING SECTION
Independent Auditor's Report on Internal Control over Financial R eporting and on
Compliance and Other Matters based on an Audit of Financial S tatements Performed
in Accordance with Government Auditing Standards 130
Schedule of Findings and Responses 132
Independent Auditor's Management Letter 134
Independent Accountant's Report 136
INTRODUCTORY SECTION
Village of Tequesta
345 Tequesta Drive
Tequesta, FL 33469
561 -768-0700
www.tequesta.org
March 10, 2025
To the Honorable Mayor,
Members of the Village Council
And Citizens of the Village of Tequesta, Florida
We are pleased to submit the Annual Comprehensive Financial Report of the Village of Tequesta,
Florida (the Village), for the fiscal year ended September 30, 2024.
This report provides the Village’s Council, staff, our citizens, and other interested parties with detailed
information concerning the financial condition and activities of the Village government. State law
requires that all general-purpose local governments annually publish a complete set of financial
statements within nine months of the fiscal year close. These financial statements are presented in
conformity with generally accepted accounting principles (GAAP) and audited by an independent audit
firm in accordance with generally accepted auditing standards and government auditing standards.
We believe that this report complies with these requirements and upholds the the Village's strong
tradition of full financial transparency. This committmetn is demonstrated through the financial analysis,
exhibits, and statistical tables included in the report.
Purpose of the Annual Comprehensive Financial Report
This report serves as a critical tool for decision-making and accountability, helping to:
• Compare actual financial results with the legally adopted budget.
• Assess the Village’s financial condition and operational performance.
• Ensure compliance with finance-related laws, rules, and regulations.
• Evaluate the efficiency and effectiveness of Village operations.
Responsibility for the accuracy, completeness, and fairness of this report rests with the management of
the Village. We affirm that the presented data is accurate in all material respects, fairly represents the
Village’s financial position and operations, and includes all necessary disclosures to provide a clear
understanding of the Village’s financial activities.
Mauldin & Jenkins, Certified Public Accountants, have issued an unmodified (“clean”) opinion on the
Village of Tequesta’s financial statements for the fiscal year ended September 30, 2024. The independent
auditors’ report is located at the front of the financial section of this report.
Following the auditors’ report, Management’s Discussion and Analysis (MD&A) provides a narrative
introduction, overview, and analysis of the financial statements. The MD&A complements this letter and
should be read in conjunction with it.
i
The Village of Tequesta's Profile
The Village of Tequesta, established on June 4, 1957, is a municipal corporation under Special Act
57-1915, Laws of Florida. Covering approximately two square miles in northern Palm Beach County, the
Village is nearly fully developed.
Bordered by the Atlantic Ocean to the east, the Loxahatchee River to the west, the Town of Jupiter to the
south, and Martin County to the north, Tequesta’s growth potential is limited by its natural and municipal
boundaries. However, the Village retains the authority to expand through annexation, as permitted by
state law.
Governmental Structure
The Village operates under a Council-Manager form of government. Legislative and policy-making
authority is vested in a five-member Village Council, elected at large, with members selecting a Mayor at
their first annual organizational meeting. Council members serve two-year terms, with three seats up for
election every other year. The Council appoints a Village Manager, who oversees daily operations and
staff management.
Services Provided
The Village provides a comprehensive range of municipal services, including:
• Public Safety – Police and fire protection
• Community Development – Building inspections, planning, and zoning
• Public Works – Road and infrastructure maintenance, streetlights, sidewalks
• Utilities – Water utility services and stormwater operations
• Environmental Services – Residential refuse and recycling (via contracted services)
• Recreation & Cultural Activities – Parks, community programs, and special events
ii
Financial Overview
Accounting and Internal Controls
Village management maintains an internal control system to safeguard assets and ensure compliance with
financial reporting requirements. While no system can provide absolute assurance, our internal controls
aim to achieve:
• Protection of Village assets against loss, theft, or misuse.
• Accurate financial reporting in compliance with GAAP.
• Efficient use of resources, balancing cost with effectiveness.
Single Audit Compliance
As a recipient of federal, state, and county financial assistance, the Village is required to maintain
internal controls that ensure compliance with program regulations.
For the fiscal year ended September 30, 2024, the Village was not subject to an audit under the Uniform
Guidance or the Florida Single Audit Act under the provisions of the U.S. Office of Management and
Budget Compliance Supplement (Uniform Guidance) and the Rules of the Auditor General, State of
Florida.
Budgetary Controls
The Village Council is required to adopt an annual budget before October 1 of each fiscal year. In
compliance with state law, the approved budget is posted on the Village’s website within 30 days of
adoption to ensure transparency. This annual budget serves as the foundation for the Village of
Tequesta’s financial planning and control.
The objective of budgetary controls is to ensure expenditures remain within appropriated limits while
maintaining financial integrity and accountability. To achieve this, the Village implements the following
safeguards:
• Legally Appropriated Budget: Activities for the General Fund, Special Revenue Funds, and Capital
Project Funds are included in the annual appropriated budget to maintain financial oversight and
regulatory compliance.
• Fund-Based Budgeting: The budget is prepared by fund, function (e.g., public safety), and
department (e.g., police) and is formally adopted by fund total.
• Expenditure Oversight: Department Directors are authorized to transfer funds within their
department with the approval of the Village Manager. However, transfers between funds or changes
exceeding the appropriated amounts require a formal budget amendment approved by the Village
Council.
• Legal Level of Control: The legal level of budgetary control is at the fund level, ensuring that
appropriations are not exceeded without formal approval from the governing body.
• Monthly Budget Reviews: The Finance Department conducts monthly financial reviews to compare
actual expenditures to budgeted amounts, providing updates to the Village Council and ensuring
fiscal responsibility.
iii
• Capital Improvement Planning (CIP): The budget incorporates a multi-year Capital Improvement
Plan (CIP) to guide long-term infrastructure investments and ensure sustainable financial planning
for large-scale projects.
• Performance-Based Budgeting: The Village is working towards integrating performance-based
budgeting to align financial resources with service outcomes, ensuring taxpayer dollars are used
effectively.
• Grant and Special Revenue Oversight: All grant funds and restricted revenues are tracked separately
to ensure compliance with grantor requirements, state statutes, and federal regulations.
• Reserves and Emergency Preparedness: The budget maintains a healthy reserve policy, ensuring the
Village is prepared for emergencies, economic downturns, and unforeseen capital expenditures.
These budgetary controls ensure that financial resources are allocated effectively, legal requirements are
met, and operational needs are balanced with long-term financial stability.
Economic Overview
As of April 1, 2024, the Village of Tequesta had a population of 6,093. The Village primarily consists of
middle-to-upper income suburban families and has a small commercial section with no major industries.
Economic Indicatiors
• Palm Beach County Unemployment Rate (Sept. 2024):3.6% (up from 3.3% in 2023).
• Florida Unemployment Rate (Sept. 2024) 3.3% (up from 2.8% in 2023).
• U.S. Unemployment Rate (Sept. 2024) 4.1% (up from 3.8% in 2023).
The housing market is slowing as the fed works to keep the economy our of recession. In September the
fed fund rates decreased by 50 basis points to 4.75% to 5.00% and pushed mortgage rates a little lower to
an average of 6.24%. Housing starts have decreased (-12.8% in Florida between September 2023 and
September 2024, according to the Florida Realtors). Per the Palm Beach County Property Appraiser's
Office, gross taxable value increased roughly 10% due to construction and existing home sales which
adjusted the save our homes protections.
Strategic Plan and Major Initiatives
The Village Council continues to focus on:
• Maintaining operational excellence accross all services.
• Upgrading critical infrastructure, including roads and utilities
• Preserving Tequesta's unique character and community spirit.
• Ensuring long-term financial stability through responsible fiscal management.
Major Initiatives for 2025 and Beyond:
• Upgrading the Water Treatment Plant for energy efficiency and reliability.
• Expanding water infrastructure, including well rehabilitiation and pipline improvements.
• Establishing a Vehicle Replacement Fund to smooth out the payments for Village rolling stock.
• Enhancing local business partnerships to support economic growth.
• Continuing street and sidewalk maintenance programs.
iv
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the Village for its annual comprehensive financial report for the
fiscal year ended September 30, 2023. The Village has received this prestigious award for 42 consecutive
years. The Village must publish an easily readable and efficiently organized annual comprehensive
financial report. This report satisfied both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year. We believe that our current annual
comprehensive financial report will continue to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
We extend our gratitude to the staff of the Finance Department and all Village departments for their
cooperation and contributions. A special thank you to Ms. Tatiana Racanati, Assistant Finance Director,
for her dedication to this report's completion.
Lastly, we appreciate the Mayor and Village Council for their leadership, commitment to financial
excellence, and community service.
Respectfully submitted,
ph&fax
Jeremy Allen, ICMA-CM
Village Manager
Jeff Snyder, CPA, CGMA
Finance Director
v
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Tequesta
Florida
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
September 30, 2023
Executive Director/CEO
vi
VILLAGE OF TEQUESTA, FLORIDA
ORGANIZATION CHART
SEPTEMBER 30, 2024
Residents of Tequesta
Village Council
Village Manager
Executive Assistant Departments
Human Resources Village Clerk Finance
Refuse & Recycling
General Government
IT
Community
Development Building
Code Enforcement
Po lice Department Fire Rescue / EMS Public Works Leisure Services Utilities
Water Utility System Stormwater Utility
System
Village Attorney
VILLAGE OF TEQUESTA, FLORIDA
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 2024
VILLAGE COUNCIL
Molly Young Mayor
Rick Sartory Vice-Mayor
Laurie Brandon Council member
Jason E.French Council member
Patrick Painter Council member
VILLAGE OFFICIALS
Jeremy Allen, ICMA-CM Village Manager
Davis & Associates, PA Village Attorney
Lori McWilliams, MMC Village Clerk
Jeffery Snyder, CPA, CGMA Finance Director
Jim Trube Fire Chief
Gus Medina Police Chief
Merlene Reid, Ed.D., SPHR Human Resources Director
Jeremy Hubsch Community Development Director
Wayne Cameron Building Director
Greg Corbitt Parks and Recreation Director
Marjorie Craig, PE Utilities Director
VILLAGE INDEPENDENT AUDITORS
Mauldin & Jenkins, LLC
viii
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor, Village Council
and Village Manager
Village of Tequesta, Florida
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the Village of Tequesta, Florida (the “Village”) as
of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively
comprise the Village’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information of the Village, as of September 30, 2024, and the respective changes in financial
position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Village and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Village’s ability to continue as a going concern for
twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
1401 MANATEE AVENUE WEST, SUITE 1200 • BRADENTON, FLORIDA 34205 • 941-747-4483 • FAX 941-747-6035 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards
will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial
likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based
on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Village’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Village’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we
identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion
and Analysis (on pages 4 through 17), the General Fund Budgetary Comparison Schedule, the Schedule of Changes
in the Net Pension Liability (Asset) and Related Ratios, the Schedule of Village Contributions, the Schedule of
Investment Returns, the Schedule of Changes in the Total OPEB Liability and Related Ratios, and the Schedules of
Proportionate Share of the Net Pension Liability (on pages 88 through 103) be presented to supplement the basic
financial statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Village’s basic financial statements. The accompanying combining and individual nonmajor fund financial
statements are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of America. In
our opinion, the combining and individual nonmajor fund financial statements are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditor’s report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an
opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements, or
the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 10, 2025, on our
consideration of the Village’s internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely to describe the scope of our testing of internal control over financial reporting and compliance and the results
of that testing, and not to provide an opinion on the effectiveness of the Village’s internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Village’s internal control over financial reporting and compliance.
3
ph&fax Bradenton, Florida
March 10, 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
(MD&A)
Management’s Discussion and Analysis 2024
Village of Tequesta, Florida
Management’s Discussion and Analysis
As management of the Village of Tequesta, we offer the following narrative overview and analysis of the
financial activities of the Village of Tequesta (Village) for the fiscal (FY) year ended September 30, 2024.
We encourage readers to consider this overview and analysis in combination with the basic financial
statements, notes to the financial statements, and the additional information that we have furnished in the
letter of transmittal found on pages i to iv of this report.
Financial Highlights
• The assets and deferred outflows of resources of the Village of Tequesta exceeded its liabilities and
deferred inflows of resources at the close of the most recent fiscal year by $55,375,424. Of total net
position, $20,980,290 (37.9%) is unrestricted and may be used to meet the ongoing obligations to the
citizens and creditors.
•• The Village’s total net position increased during the current period. Net position for governmental
activities increased by $2,501,749, due mainly to robust sales of existing residential homes which
reset the homestead exemptions and increases in property values. The business-type activities net
position increased by $3,988,506, due mainly to increases in user fees to fund improvements in
infrastructure, and better than projected interest revenues.
• At the close of the current fiscal year, the Village’s governmental funds reported a change in
combined fund balances of $1,059,406 due to the building permit fees for the construction of a
high-end condominium situated on the Atlantic Ocean, increases in ad valorem taxes due to sales of
existing residential property significantly contributed to this increase, and strong investment earnings
due to active investing and the rate increases.
• At the end of the current fiscal year, the total fund balance for the General Fund was $8,803,055. Of
this balance, $761,073 was non-spendable for inventories and prepaid expenditures; $301,000 was
restricted for debt service and $500,000 was committed to hurricane/disaster relief; and $7,240,982,
or 42.2% of General Fund operating expenditures and other financing uses was unassigned. At the
end of the fiscal year, unrestricted fund balance (the total of the committed, assigned and unassigned
components of fund balance) reported in the General Fund was $7,740,982.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Village’s basic financial
statements. The Village’s basic financial statements consist of three components: 1) government-wide
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also
contains supplementary information intended to furnish additional details to support the basic financial
statements themselves.
Government-wide Financial Statements: The government-wide financial statements are designed to provide
readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business.
The statement of net position presents financial information on all of the Village’s assets, liabilities, and
deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the Village of
Tequesta is improving or deteriorating.
4
Management’s Discussion and Analysis 2024
The statement of activities presents information showing how the Village’s net position changed during the
most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported
in this statement for some items that will result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the Village that are principally
supported by taxes and intergovernmental revenues (governmental activities) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-type
activities). The governmental activities of the Village include general government, public safety,
transportation and leisure services. The business-type activities of the Village include water, stormwater and
refuse and recycling.
The government-wide financial statements can be found on pages 18-19 of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The Village of Tequesta, like other
states and local governments, uses fund accounting to ensure and demonstrate compliance with financial and
legal requirements. All of the funds of the Village can be divided into three categories: governmental funds,
proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements utilize the modified accrual basis of accounting
which focuses on near-term inflows and outflows of spendable resources, as well as on balances of
spendable resources available at the end of the fiscal year. Such information is useful in assessing a
government’s near-term financing requirements.
Because the focus of governmental funds is different than that of government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government’s near-term financing decisions. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund
balances provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The Village maintains five individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the General Fund which is always considered a major fund. Data from the other
four governmental funds is combined into a single aggregated presentation. Individual fund data for each of
these non-major governmental funds is provided in the form of combining statements in the combining and
individual fund statements and schedules section of this report.
The Village adopts an annual appropriated budget for its governmental funds. A budgetary comparison
schedule has been provided for the General Fund to demonstrate compliance with this budget.
The Village’s governmental fund financial statements can be found on pages 20-23 of this report.
Proprietary Funds. The Village maintains one type of proprietary fund – enterprise funds. Enterprise funds
utilize the full accrual basis of accounting which is the same basis used to report the same functions
presented as business-type activities in the government-wide financial statements. The Village uses enterprise
funds to account for its water, stormwater, and refuse & recycling funds.
5
Management’s Discussion and Analysis 2024
Proprietary funds provide the same type of information as the government-wide financial statements, only in
more detail. The proprietary fund financial statements provide separate information for the Water Fund and
the Stormwater Fund, major funds, as well as the Refuse and Recycling Fund, a non-major fund.
The basic proprietary fund financial statements can be found on pages 24-26 of this report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the
Village. Fiduciary funds are not reported in the government-wide financial statement because the resources
of those funds are not available to support the Village’s own programs. The accounting used for fiduciary
funds is much like that used for proprietary funds.
The Village maintains one type of fiduciary fund – a Pension trust fund which is used to report resources
held in trust for retirees and beneficiaries covered by the Public Safety Pension Plan (which includes the
Firefighters’ Pension Trust Fund and the Police Officers’ Pension Trust Fund) and the General Employees’
Pension Plan.
The fiduciary fund financial statements can be found on pages 27-28 of this report.
Notes to basic financial statements: The notes provide additional information that is necessary to acquire a
full understanding of the data provided in the government-wide and fund financial statements. The notes to
the basic financial statements can be found on pages 29-87 of this report.
Other information: In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the Village’s progress in funding its
obligation to provide pension benefits and OPEB benefits to its employees, as well as the Village’s net
pension liability (asset) and related ratios, contributions and pension investment returns. Required
supplementary information can be found on pages 88-103 of this report.
The combining and individual fund statements and schedules referred to earlier in connection with non-major
governmental funds and fiduciary funds are presented immediately following the required supplementary
information on pensions and OPEB. Combining and individual fund statements and schedules can be found
on pages 104-111 of this report.
Government-wide Overall Financial Analysis
Net position over time may serve as a useful indicator of a government’s financial position. In the case of the
Village of Tequesta, assets and deferred outflows of resources exceeded liabilities and deferred inflows at the
close of the most recent fiscal year. This change is discussed below.
Village of Tequesta’s Total Net Position
The Village of Tequesta’s total assets and deferred outflows exceeded total liabilities and deferred inflows by
$55,375,424 at the close of the 2024 fiscal year. Net Position in governmental activities recorded an increase
of 11.0%. The Village’s business-type activities recorded a 15.3% increase in total net position. This overall
increase of 10.2% is the result of the overall results of operations. The majority of this change was due to an
increase in real estate transactions which increased (reset) the taxable value of residential property for ad
valorem taxes, increase in interest earnings, and the ramping up for water infrastructure improvements.
6
Management’s Discussion and Analysis 2024
Village of Tequesta's Net Position
Governmental
Activities
Business-type
Activities Total
2024 2023 2024 2023 2024 2023
Current and other assets $ 15,108,661 $ 12,574,143 $ 13,187,064 $ 10,893,905 $ 28,295,725 $ 23,468,048
Capital assets, net 19,789,087 18,058,974 19,531,179 18,174,184 39,320,266 36,233,158
Total assets 34,897,748 30,633,117 32,718,243 29,068,089 67,615,991 59,701,206
Total deferred outflows of
resources 4,161,075 5,219,671 625,226 838,539 4,786,301 6,058,210
Noncurrent liabilities 10,567,206 10,921,930 1,623,023 2,203,279 12,190,229 13,125,209
Other liabilities 1,208,072 1,209,725 1,406,428 1,039,627 2,614,500 2,249,352
15,374,561 Total liabilities 11,775,278 12,131,655 3,029,451 3,242,906 14,804,729
Total deferred inflows of
resources 2,008,708 1,961,214 213,431 525,291 2,222,139 2,486,505
Net position
Net investment in
capital assets 13,516,727 11,470,215 17,495,935 16,026,834 31,012,662 27,497,049
Restricted
Pension Asset 1,272,557 1,013,169 - - 1,272,557 1,013,169
Infrastructure 401,490 361,199 - - 401,490 361,199
Debt Service 301,000 294,000 420,915 406,556 721,915 700,556
Building 728,931 1,052,159 - - 728,931 1,052,159
Law Enforcement 257,579 298,778 - - 257,579 298,778
Unrestricted 8,796,553 8,283,568 12,183,737 9,678,691 20,980,290 17,962,259
Total net position $ 25,274,837 $ 22,773,088 $ 30,100,587 $ 26,112,081 $ 55,375,424 $ 48,885,169
The largest portion of the Village’s total net position (56.0%) represents investments in capital assets (e.g.,
land, buildings, machinery and equipment), less depreciation and any related outstanding debt and deferred
inflows/outflows used to acquire those assets. The Village uses these capital assets to provide services to
citizens; consequently, they are not available for future spending. Although the Village’s investment in its
capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt
must be provided from other sources, since the capital assets themselves cannot be used to liquidate these
liabilities.
An additional portion of the Village's net position (6.1%) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of $20,980,290 is unrestricted and may be used
to meet the government’s ongoing obligations to its citizens and creditors.
At the end of the current fiscal year, the Village is able to report positive balances in all categories of net
position, both for the government as a whole, as well as for its separate governmental and business-type
activities. The same situation held true for the prior fiscal year.
7
Management’s Discussion and Analysis 2024
8
Management’s Discussion and Analysis 2024
Village of Tequesta’s Changes in Net Position
Village of Tequesta
Changes in Net Position
Governmental
Activities
Business-type
Activities
Total
2024 2023 2024 2023 2024 2023
Revenues:
Program Revenues:
Charges for Services $ 3,548,253 $ 4,049,386 $ 9,766,656 $ 8,132,497 $ 13,314,909 $ 12,181,883
Operating Grants & Contributions 71,533 151,370 2,456 -73,989 151,370
Capital Grants & Contributions 129,253 171,857 289,512 163,631 418,765 335,488
General Revenues:
Ad valorem Taxes 11,703,838 9,530,215 --11,703,838 9,530,215
Other Taxes 2,419,262 2,365,480 --2,419,262 2,365,480
Franchise fees on gross receipts 592,096 607,485 --592,096 607,485
Unrestricted intergovernmental 1,079,260 1,110,601 --1,079,260 1,110,601
Unrestricted investment earnings 811,938 551,106 602,373 312,564 1,414,311 863,670
Gain (loss) on sale of capital assets 61,597 53,480 21,731 18,500 83,328 71,980
Other Miscellaneous 54,169 37,336 47,901 39,131 102,070 76,467
Total Revenues 20,471,199 18,628,316 10,730,629 8,666,323 31,201,828 27,294,639
Expenses:
General government 3,740,337 3,423,592 --3,740,337 3,423,592
Public safety 10,789,074 9,511,503 --10,789,074 9,511,503
Transportation 1,815,814 1,847,580 --1,815,814 1,847,580
Leisure Services 1,485,463 1,345,068 - - 1,485,463 1,345,068
Interest on long-term debt 138,762 147,503 - -138,762 147,503
Water utility services
- -5,518,894 5,389,292 5,518,894 5,389,292
Stormwater services - -605,901 497,582 605,901 497,582
Refuse & recycling services - -617,328 600,664 617,328 600,664
Total Expenses
17,969,450 16,275,246 6,742,123 6,487,538 24,711,573 22,762,784
Increase in net position before transfers 2,501,749 2,353,070 3,988,506 2,178,785 6,490,255 4,531,855
Transfers - (516,530)- 516,530 - -
Increase in net position 2,501,749 1,836,540 3,988,506 2,695,315 6,490,255 4,531,855
Net position - beginning 22,773,088 20,936,548 26,112,081 23,416,766 48,885,169 44,353,314
Net position - ending $ 25,274,837 $ 22,773,088 $ 30,100,587 $ 26,112,081 $ 55,375,424 $ 48,885,169
For the fiscal year ended September 30, 2024, the Village’s overall net position increased from the prior
fiscal year. Revenues increased in the governmental activities as well as in business-type activities.
Combined entity-wide revenues exceeded expenses for the fiscal year ended September 30, 2024 by
$6,490,255. Combined revenues entity-wide increased between FY 2023-24 and FY 2022-23 due to increases
in ad valorem taxes (property values appreciating including reconstruction and property sales that reset the
homestead exemptions) and strong investment returns due to active investing offset reductions in charges for
services (plan review fees for a large construction project completed during the prior fiscal year) plus a
reduction in intergovernmental revenues (sales taxes) and franchise fees. Revenues increased in
business-type activities due to an increase in water utility fees which are earmarked for significant
infrastructure improvement projects on the horizon. Also impacting the business-type activities were
increases in interest income as well as modest increases in expenses as the Water Fund pivots to capital
improvements (an asset) instead of repair and maintenance (an expense).
Governmental Activities – Expenses and Program/General Revenues
Governmental activities. As previously stated, overall revenue from governmental activities increased from
the prior year due largely from property sales, new construction and interest income due to favorable rates
and active investing. The results of the Village’s operations allowed for an overall increase in net position of
$2,501,749.
9
Management’s Discussion and Analysis 2024
The Village’s programs/functions include General Government, Public Safety, Transportation and Leisure
Services. The net cost shows the extent to which the Village’s general revenues support each of the Village’s
programs/functions. The net cost of all governmental activities this year was $14,220,411, a 19.5% increase
from the prior period. This is mainly a result of adding additional Firefighter/Paramedic, information
technology improvements, and the effects of inflation on prices. As shown on the Statement of Activities,
functions directly benefiting from the programs generated revenue of $3,749,039 and the remaining net cost
of all governmental activities were financed by ad valorem taxes as well as other taxes and fees (general
revenues).
10
Management’s Discussion and Analysis 2024
The following is a comparison of revenues by source for governmental activities for fiscal year 2024 and
2023.
Business-type Activities. The Village's business-type activities reported program revenues exceeding
expenses by $3,316,501. General revenues were $672,005. This resulted in an increase in net position of
$3,988,506 over the prior year.
11
Management’s Discussion and Analysis 2024
As shown in the chart below, revenues from charges for services reported in business-type activities
increased by $1,634,159 from the prior year. An increase in water rates and sales in the Water Utility Fund
resulted in a significant portion of the total increase. As stated earlier, this increase was necessary to replace
the aging infrastructure used for water distribution. Stormwater Utility reported increases in revenues of
7.7% and Refuse and Recycling revenues increased by 3.5% as contractually required. General Revenues and
transfers (non-operating) decreased by (24.2)% over the previous fiscal year due to a transfer from the
General Fund to the Stormwater Utility fund for a much-needed system repairs in FY 2023.
Financial Analysis of the Village’s Funds
As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental funds: The focus of the Village’s governmental funds is to provide information on near-term
inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Village’s
financing requirements. In particular, unassigned fund balance may serve as a useful measure of a
government’s net resources available for discretionary use as they represent the portion of fund balance
which has not yet been limited to be used for a particular purpose by either an external party, the Village
itself, or a group or individual that has been delegated authority to assign resources for use for particular
purposes by the Village of Tequesta’s Council.
At September 30, 2024 the Village’s governmental funds reported total combined fund balances of
$12,026,211. Of this balance $7,240,982 (60.2%) of the combined governmental fund balances is unassigned
and is available for spending at the Village’s discretion. Approximately 19.3% or $2,318,562 is assigned or
committed, with the largest portion assigned to the subsequent year's budget. Approximately 14.0% or
$1,689,000 is restricted for a particular purpose (i.e. debt service, Building Fund, Law Enforcement Trust
funds, etc.). $777,667 is in nonspendable form (i.e. inventories, prepaid items, etc.). Total combined fund
balances have increased (9.7)% over the prior year.
12
Management’s Discussion and Analysis 2024
13
Management’s Discussion and Analysis 2024
The General Fund is the chief operating fund of the Village. At the end of the current fiscal year the total
fund balance was $8,803,055, an increase of $774,319 over the prior year. Unassigned fund balance of
$7,240,982, increased by $1,471,948 (25.5%) over the prior year. As a measure of the General Fund’s
liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund
expenditures. Unassigned fund balance represents approximately 44.6% of fiscal year 2024 General Fund
expenditures. The Village's policy is to keep unassigned fund balance at a minimum of three months (25.0%)
or of expenditures (approximately $4.9 million) due to our proximity to the Atlantic Ocean and the very real
threat of hurricanes. This leaves nearly $2.4 million available for one-time use for necessary projects.
The amount of General Fund revenue by type, their percentage of the total and the amount of change
compared to last fiscal year are shown in the following schedule:
General Fund Revenues – by Source
General Fund
Revenues
Revenue Sources 2024 % of Total
Change
2023$%
Ad valorem taxes
$ 11,703,838 62.7%$ 2,173,623 22.8%$ 9,530,215
Other taxes 1,531,174 8.2%(834,306)(35.3)%2,365,480
Charges for services 1,669,063 8.9%48,815 3.0%1,620,248
Intergovernmental 1,079,260 5.8%(31,341)(2.8)%1,110,601
Intragovernmental 902,991 4.8%39,917 4.6%863,074
Franchise fees 592,096 3.2%(15,389)(2.5)%607,485
Licenses and permits 8,390 -%(320)(3.7)%8,710
Rents and Royalties 211,153 1.1%(9,797)(4.4)%220,950
Fines and forfeitures 14,354 0.1%1,304 10.0%13,050
Misc. grants and contributions 250,642 1.3%(88,530)(26.1)%339,172
Investment earnings 689,048 3.7%204,223 42.1%484,825
Total Revenue $ 18,652,009 100%$ 1,488,199 8.7%$ 17,163,810
As noted in the table above, total General Fund revenues increased by $1,488,199 (8.7%). The largest
changes were due to increased ad valorem tax revenue resulting from increased property values, new
construction; and property sales which resets the homestead exemption ceilings plus investment earnings
which offset losses in other taxes, sales taxes (intergovernmental) and grants and contributions.
Expenditures in the General Fund are shown in the following schedule:
General Fund
Expenditures by Function/Classification
Function 2024 % of Total
Change
2023$%
General government
$ 3,532,433 21.8%$ 305,427 9.5%$ 3,227,006
Public Safety 8,594,718 52.9%592,645 7.4%8,002,073
Transportation 1,564,417 9.6%51,231 3.4%1,513,186
Leisure services 1,219,536 7.5%119,429 10.9%1,100,107
Debt service 558,323 3.4%(33,039)(5.6)%591,362
Capital outlay 769,852 4.7%(422,869)(35.5)%1,192,721
Total expenditures $ 16,239,279 100% $ 612,824 3.9% $ 15,626,455
14
Management’s Discussion and Analysis 2024
Total General fund expenditures increased from the prior year by $612,824 or 3.9%. Information Technology
accounted for a significant portion of the general government increase dedicated to enhancing cyber security.
The increase in public safety included two new firefighters and union negotiated raises. The large change in
Leisure services is related to the operation of the new community center including classes (paying for
instructors) which are very well attended. The Village paid off a loan for the purchase a pumper truck during
the prior year which accounted for the $(293,408) reduction in debt service payments. The Village’s purchase
of a new pumper truck during the current fiscal year was offset by the purchase of a ladder truck for the Fire
Department during the year resulted in the decrease of $422,869 or 35.5% of capital expenditures. Below is a
graphical presentation of how the Village expends funds and how they compare to the prior period.
At September 30, 2024, ending fund balances for the Non-major Special Revenue funds are as follows:
Building Fund - $745,525; Special Law Enforcement Fund - $257,579. The ending fund balances in the
Non-major Capital Projects Funds are as follows: Capital Projects Fund - $1,388,527, Capital Improvement
Fund - $831,525. Fund balances in these funds are restricted or assigned for capital projects/improvements;
public safety/enforcement of the building code. The Building Fund derives its revenue primarily from
building permit fees, while the Special Law Enforcement Fund receive its revenue from the U.S. Department
of Justice from asset forfeitures/seizures. The Capital Projects Fund receives its funding from the
infrastructure sales tax and the water utility tax while the Capital Improvement Fund receives revenue
primarily from capital grants and transfers-in from the General Fund plus other funds.
General Fund Budgetary Highlights
The General Fund original budgeted expenditures were increased by $992,110, the majority of which was for
the purchase of a pumper fire truck. Unfortunately, this fire truck was casualty of the supply chain issues and
was not completed and delivered until this year. The General Fund expenditures were less than
appropriations by $447,025 or 2.7% the vast majority of this is the first year's operations of the
Comprehensive Planning Department and the change in the Tequesta Festival.
15
Management’s Discussion and Analysis 2024
Proprietary funds: The Village’s proprietary funds provide the same type of information found in the
government-wide financial statements, the main difference is the basis of accounting utilized. Proprietary
funds use the full accrual basis of accounting while the governmental funds utilize the modified accrual basis
of accounting. The table below summarizes the operating income (loss) and the change in net position for
each of the Village’s proprietary funds. At the end of the year, the total net position of the proprietary funds
was $30,100,587 and an increase of $3,988,506 from the prior period as shown below. Other factors
concerning the finances of this major fund have already been addressed in the discussion of the Village’s
business-type activities.
Proprietary Funds
Change in Operating Income (Loss) and Net Position
Operating Income (Loss)Change in Net Position
2024 2023 2024 2023
Water
$ 3,178,716 $ 1,750,834 $ 4,019,777 $ 2,155,894
Stormwater (43,564)24,615 (20,796)564,491
Refuse and Recycling (23,175)(28,291)(10,475)(25,070)
$ 3,111,977 $ 1,747,158 $ 3,988,506 $ 2,695,315
Capital Assets and Debt Administration
Capital assets: The Village’s capital assets for its governmental and business-type activities total
$39,320,266 (net accumulated depreciation) as of September 30, 2024. The Village acquired $5,321,269 in
assets during the year and disposed of $737,993 during the year.
Additional information on the Village’s capital assets can be found in Note 3D, Capital Assets, starting on
page 51 of this report.
Capital Assests
Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Land
Construction in progress
Buildings
Improvements
Infrastructure
Machinery & Equipment
$ 634,017 $ 634,017 $ 83,335 $ 83,335 $ 717,352 $ 717,352
956,203 25,524 2,922,314 1,559,852 3,878,517 1,585,376
14,752,547 14,693,652 972,980 972,980 15,725,527 15,666,632
2,691,348 2,509,454 58,720 58,720 2,750,068 2,568,174
6,045,568 5,444,760 38,554,439 37,920,088 44,600,007 43,364,848
6,387,219 5,987,473 2,291,766 2,094,975 8,678,985 8,082,448
Intangibles - - 48,649 48,649 48,649 48,649
Other - K-9 20,549 20,549 - - 20,549 20,549
Total capital assets 31,487,451 29,315,429 44,932,203 42,738,599 76,419,654 72,054,028
Less accumulated depreciation (11,698,364)(11,256,455)(25,401,024)(24,564,415)(37,099,388)(35,820,870)
Total capital assets, net $ 19,789,087 $ 18,058,974 $ 19,531,179 $ 18,174,184 $ 39,320,266 $ 36,233,158
16
Management’s Discussion and Analysis 2024
Noncurrent liabilities: At the end of the current fiscal year, the Village had a total of $13,145,104 of
noncurrent liabilities. The largest portion are debt instruments in the form of promissory notes with Bank of
America that are secured by general revenue sources, not the full faith and credit of the Village. The table
below summarizes the Village’s debt position.
In accordance with GASB Statements No's. 68 and 75, the Village recognized a net pension liability (NPL) of
$3,375,496 and a total OPEB liability of $898,571, respectively. The Village is presenting the NPL and
OPEB liability as separate components of the noncurrent liabilities on the face of the financial statements to
present more clearly the Village’s long-term pension and other post-employment benefit obligations. A more
detailed explanation can be found in Note 3.K – Noncurrent Liabilities.
Noncurrent Liabilities
Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Notes payable $ 6,111,000 $ 6,405,000 $ 1,546,008 $ 1,952,564 $ 7,657,008 $ 8,357,564
Financed purchases 141,898 183,758 -- 141,898 183,758
Compensated absences 928,014 836,773 144,117 127,693 1,072,131 964,466
Total OPEB Liability 711,295 651,857 187,276 168,904 898,571 820,761
Net Pension Liability 3,183,959 3,183,959 191,537 385,674 3,375,496 3,569,633
Total Noncurrent Liabilities $ 11,076,166 $ 11,261,347 $ 2,068,938 $ 2,634,835 $ 13,145,104 $ 13,896,182
Economic Factors and Next Year’s Budgets and Rates
The following economic factors currently affect the Village of Tequesta and were considered in developing
the 2024-2025 fiscal year budget:
• The Village Council’s decision to hold the millage rate at 6.4595.
• Significant new construction, reconstruction, and home sales caused the gross taxable value of
properties to increase 26.3%. Approximately 61% of residential housing has homestead exemption.
• Interest rates were expected to be reduced significantly by the end of 2024-25 fiscal year affecting
interest earnings as a result budgeted revenues were significantly decreased.
• The Village Council approved a water rate increase of 3.5% to fund capital needs.
•• The Village Council approved a new Firefighters/Paramedics contract for three years.
• Village Council approved increase of 21.6% in refuse and recycling rates to facilitate automated
collections and lock in favorable rates for the next five years.
• Village Council approved increase of 3.5% in stormwater rates.
Requests for Information
This financial report is designed to provide a general overview of the Village of Tequesta’s finances for all
those with an interest in the government’s finances. Questions concerning any of the information provided in
this report or requests for additional financial information should be addressed to the Village of Tequesta,
Finance Department, 345 Tequesta Drive, Tequesta, Florida 33469.
17
BASIC FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
Governmental
Activities
Business-
type
Activities Total
Assets
Cash $ 861,874 $774,538 $ 1,636,412
Investments 10,452,312 10,877,809 21,330,121
Receivables, net 1,744,251 990,515 2,734,766
Inventories 58,009 409,895 467,904
Prepaid items 719,658 134,307 853,965
Net pension asset 1,272,557 -1,272,557
Capital assets not being depreciated 1,590,220 3,005,649 4,595,869
Capital assets being depreciated, net 18,198,867 16,525,530 34,724,397
Total Assets 34,897,748 32,718,243 67,615,991
Deferred Outflows of Resources
Deferred outflows - pensions 3,875,001 472,209 4,347,210
Deferred outflows - OPEB 286,074 75,319 361,393
Deferred charge on refunding -77,698 77,698
Total Deferred Outflows of Resources 4,161,075 625,226 4,786,301
Liabilities
Accounts payable 304,043 806,564 1,110,607
Accrued liabilities 235,806 41,761 277,567
Accrued interest payable 66,610 -66,610
Retainage payable 17,408 65,409 82,817
Customer deposits -46,475 46,475
Unearned revenue 68,562 -68,562
Due to other governments 6,683 304 6,987
Noncurrent liabilities:
Due within one year 508,960 445,915 954,875
Due in more than one year 6,671,952 1,244,210 7,916,162
Total OPEB liability due in more than one year 711,295 187,276 898,571
Net pension liability due in more than one year 3,183,959 191,537 3,375,496
Total Liabilities 11,775,278 3,029,451 14,804,729
Deferred Inflows of Resources
Deferred inflows - pensions 740,786 189,595 930,381
Deferred inflows - leases 1,177,391 -1,177,391
Deferred inflows - OPEB 90,531 23,836 114,367
Total Deferred Inflows of Resources 2,008,708 213,431 2,222,139
Net Position
Net investment in capital assets 13,516,727 17,495,935 31,012,662
Restricted:
Pension Asset 1,272,557 -1,272,557
Infrastructure 401,490 -401,490
Debt Service 301,000 420,915 721,915
Building 728,931 -728,931
Law Enforcement 257,579 -257,579
Unrestricted 8,796,553 12,183,737 20,980,290
Total Net Position $ 25,274,837 $ 30,100,587 $ 55,375,424
The accompanying notes are an integral part of these financial statements.
18
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Functions/Programs Expenses
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Primary Government
Governmental
Activities
Business-type
Activities Total
Primary Government
Governmental Activities
General government $ 3,740,337 $ 1,273,767 $ 2,150 $ 102,486 $ (2,361,934) $ -$ (2,361,934)
Public safety 10,789,074 2,060,300 67,933 26,767 (8,634,074)-(8,634,074)
Transportation 1,815,814 ---(1,815,814)-(1,815,814)
Leisure services 1,485,463 214,186 1,450 -(1,269,827)-(1,269,827)
Interest on long-term debt 138,762 ---(138,762)-(138,762)
Total governmental activities 17,969,450 3,548,253 71,533 129,253 (14,220,411)-(14,220,411)
Business-type Activities
Water 5,518,894 8,610,166 2,456 289,512 -3,383,240 3,383,240
Stormwater utility 605,901 562,337 ---(43,564)(43,564)
Refuse and Recycling 617,328 594,153 ---(23,175)(23,175)
Total business-type activities 6,742,123 9,766,656 2,456 289,512 -3,316,501 3,316,501
Total primary government $ 24,711,573 $ 13,314,909 $ 73,989 $ 418,765 (14,220,411)3,316,501 (10,903,910)
General Revenues
General revenues:
Ad valorem taxes 11,703,838 -11,703,838
Utility taxes 1,028,627 -1,028,627
Communication service tax 314,511 -314,511
Insurance premium taxes 362,969 -362,969
Infrustructure surtax 615,413 -615,413
Business taxes 97,742 -97,742
Franchise fees based on gross receipts 592,096 -592,096
Unrestricted intergovernmental revenues 1,079,260 -1,079,260
Unrestricted investment earnings 811,938 602,373 1,414,311
Gain on sale of capital assets 61,597 21,731 83,328
Miscellaneous revenues 54,169 47,901 102,070
Total general revenues 16,722,160 672,005 17,394,165
Change in net position 2,501,749 3,988,506 6,490,255
Net Position - Beginning 22,773,088 26,112,081 48,885,169
Net Position - Ending $ 25,274,837 $ 30,100,587 $ 55,375,424
The accompanying notes are an integral part of these financial statements.
19
VILLAGE OF TEQUESTA, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
General
Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Assets
Cash $ 388,330 $ 473,544 $ 861,874
Investments 7,800,875 2,651,437 10,452,312
Receivables, net 1,602,692 141,559 1,744,251
Inventories 57,615 394 58,009
Prepaid items 703,458 16,200 719,658
Total Assets $ 10,552,970 $ 3,283,134 $ 13,836,104
Liabilities
Accounts payable $ 278,194 $ 25,849 $ 304,043
Accrued liabilities 224,302 11,504 235,806
Retainage payable -17,408 17,408
Unearned revenue 68,562 -68,562
Due to other governments 1,466 5,217 6,683
Total Liabilities 572,524 59,978 632,502
Deferred Inflows of Resources
Deferred inflows - leases 1,177,391 -1,177,391
Total Deferred Inflows of Resources 1,177,391 -1,177,391
Fund Balances
Nonspendable:
Inventories 57,615 394 58,009
Prepaid items 703,458 16,200 719,658
Restricted:
Infrastructure -401,490 401,490
Debt Service 301,000 -301,000
Building -728,931 728,931
Law Enforcement -257,579 257,579
Committed to:
Disaster Reserve 500,000 -500,000
Capital Projects -368,345 368,345
Assigned to:
Capital Projects -282,500 282,500
Subsequent years budget -1,167,717 1,167,717
Unassigned:
General Fund 7,240,982 -7,240,982
Total Fund Balances 8,803,055 3,223,156 12,026,211
Total Liabilities and Fund Balances $ 10,552,970 $ 3,283,134 $ 13,836,104
The accompanying notes are an integral part of these financial statements.
20
VILLAGE OF TEQUESTA, FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
Amounts reported for governmental activities in the statement of net position are
different because:
Total Fund Balances - Governmental Funds $ 12,026,211
Net pension asset is not considered to represent a financial asset in
the governmental funds.1,272,557
Net capital assets used in the governmental activities are not financial resources
and, therefore are not reported in the governmental funds.19,789,087
Deferred outflows of resources related to pensions and OPEB transactions are not reported
in the governmental funds.4,161,075
Deferred inflows of resources related to pensions and OPEB transactions are not recognized
in the governmental funds.(831,317)
Long-term liabilities, including notes payable, are not due and payable in the
current period and, therefore, are not reported in the governmental funds:
Loans payable (7,247,522)
Total OPEB liability is not due and payable in the current period and, therefore,
not reported in the governmental funds.(711,295)
Net pension liability is not due and payable in the current period and, therefore,
not reported in the governmental funds.(3,183,959)
Net Position of Governmental Activities $ 25,274,837
The accompanying notes are an integral part of these financial statements.
21
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
General
Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Revenues
Ad valorem taxes $ 11,703,838 $ -$ 11,703,838
Other taxes 1,531,174 888,090 2,419,264
Charges for services 1,669,063 2,216 1,671,279
Intergovernmental 1,079,260 -1,079,260
Intragovernmental 902,991 -902,991
Licenses and permits 8,390 681,333 689,723
Franchise fees 592,096 -592,096
Rents and royalties 211,153 -211,153
Miscellaneous 49,856 1,094 50,950
Fines and forfeitures 14,354 61,972 76,326
Grants, contributions and donations 200,786 -200,786
Investment earnings
Total Revenues
689,048
18,652,009
122,890
1,757,595
811,938
20,409,604
Expenditures
General government 3,532,433 -3,532,433
Public safety 8,594,718 1,127,400 9,722,118
Transportation 1,564,417 21,841 1,586,258
Leisure services 1,219,536 -1,219,536
Capital outlay 769,852 2,103,771 2,873,623
Debt service:
Principal 416,356 -416,356
Interest 141,967 -141,967
19,492,291
917,313
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses)
16,239,279
2,412,730
3,253,012
(1,495,417)
Transfers in -1,899,895 1,899,895
Transfers out (1,700,008)(199,887)(1,899,895)
Sale of capital assets 61,597 -61,597
Issuance of debt
Total Other Financing Sources (Uses)
Net change in fund balances
-
(1,638,411)
774,319
80,496
1,780,504
285,087
80,496
142,093
1,059,406
Fund Balances - Beginning
Fund Balances - Ending
8,028,736
$ 8,803,055
2,938,069
$ 3,223,156
10,966,805
$ 12,026,211
The accompanying notes are an integral part of these financial statements.
22
VILLAGE OF TEQUESTA, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Amounts reported for governmental activities in the statement of activities
are different because:
Net change in fund balances - total governmental funds
$ 1,059,406
Governmental funds report capital outlay as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense. This is the amount by which
capital outlay exceeded depreciation/amortization in the current period.
The details of the difference are as follows:
Capital outlay 2,873,623
Capital asset class reclasified 12,266
Depreciation/amortization expense (1,155,777)1,730,112
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net position.
Proceeds from financed purchase (80,496)
Payment on notes payable 294,000
Payment on financed purchases 122,356 335,860
Some revenues and expenses reported in the statement of activities do not
require the use of current financial resources and, therefore, are not
reported in governmental funds:
The details of the difference are as follows:
Accrued interest payable 3,205
Compensated absences (91,241)
Total OPEB liability (62,286)
Net pension related (473,307)(623,629)
Change in net position of governmental activities $ 2,501,749
The accompanying notes are an integral part of these financial statements.
23
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
Business-type Activities
Water
Fund Stormwater
Nonmajor
Refuse &
Recycling Total
Assets
Current Assets:
Cash $ 681,887 $ 81,170 $ 11,481 $ 774,538
Investments 10,778,369 26,718 72,722 10,877,809
Receivables, net 979,809 6,691 4,015 990,515
Inventories 409,770 125 -409,895
Prepaid items 133,205 1,102 -134,307
Total Current Assets 12,983,040 115,806 88,218 13,187,064
Non-current Assets:
Capital assets not being depreciated 3,005,649 --3,005,649
Capital assets being depreciated, net 14,056,218 2,469,312 -16,525,530
Total Non-Current Assets 17,061,867 2,469,312 -19,531,179
Total Assets 30,044,907 2,585,118 88,218 32,718,243
Deferred Outflows of Resources
Deferred outflows - pensions 433,928 38,281 -472,209
Deferred outflows - OPEB 69,236 6,083 -75,319
Deferred charge on refunding 77,698 --77,698
Total Deferred Outflows of Resources 580,862 44,364 -625,226
Liabilities
Current Liabilities:
Accounts payable $ 672,217 $ 83,227 $ 51,120 $ 806,564
Accrued liabilities 39,528 2,233 -41,761
Retainage payable 65,409 --65,409
Customer deposits 46,475 --46,475
Compensated absences 25,000 --25,000
Due to other governments 304 --304
Notes payable 420,915 --420,915
Total Current Liabilities 1,269,848 85,460 51,120 1,406,428
Noncurrent Liabilities:
Compensated absences 114,974 4,143 -119,117
Notes payable 1,125,093 --1,125,093
Net pension liability 170,805 20,732 -191,537
Total OPEB liability 172,152 15,124 -187,276
Total Noncurrent Liabilities 1,583,024 39,999 -1,623,023
3,029,451 Total Liabilities 2,852,872 125,459 51,120
Deferred Inflows of Resources
Deferred inflows - pensions 179,240 10,355 -189,595
Deferred inflows - OPEB 21,911 1,925 -23,836
Total Deferred Inflows of Resources 201,151 12,280 -213,431
Net Position
Net investment in capital assets 15,058,174 2,437,761 -17,495,935
Restricted:
Debt Service 420,915 --420,915
Unrestricted 12,092,657 53,982 37,098 12,183,737
Total Net Position $ 27,571,746 $ 2,491,743 $ 37,098 $ 30,100,587
The accompanying notes are an integral part of these financial statements.
24
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Business-type Activities
Water
Fund Stormwater
Nonmajor
Refuse &
Recycling Total
Operating Revenues
Charges for services:
Metered water sale $ 8,610,166 $ -$ -$ 8,610,166
Stormwater fees -562,337 -562,337
Refuse and recycling fees --594,153 594,153
Total Operating Revenues 8,610,166 562,337 594,153 9,766,656
Operating Expenses
Cost of sales and services:
Plant production 1,904,647 --1,904,647
Distribution 1,190,131 --1,190,131
Stormwater -372,051 -372,051
Purchased services --617,328 617,328
Management services 694,954 70,645 -765,599
Administration 944,189 --944,189
Depreciation/amortization 697,529 163,205 -860,734
Total Operating Expenses 5,431,450 605,901 617,328 6,654,679
Operating Income (Loss)3,178,716 (43,564)(23,175)3,111,977
Non-Operating Revenues (Expenses)
Investment earnings 576,703 12,970 12,700 602,373
Interest expense (87,444)--(87,444)
Gain on disposal of capital assets 21,731 --21,731
Miscellaneous revenue 38,103 9,798 -47,901
Total Non-Operating Revenues 549,093 22,768 12,700 584,561
Income (loss) Before Transfers and
Contributions 3,727,809 (20,796)(10,475)3,696,538
Capital contributions 289,512 --289,512
Contributions - grants 2,456 --2,456
Change in Net Position 4,019,777 (20,796)(10,475)3,988,506
Net Position - Beginning 23,551,969 2,512,539 47,573 26,112,081
Net Position - Ending $ 27,571,746 $ 2,491,743 $ 37,098 $ 30,100,587
The accompanying notes are an integral part of these financial statements.
25
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Business-type Activities
Water
Fund
Storm Water
Fund
Refuse
Nonmajor Fund Totals
Cash Flows from Operating Activities
Cash received from customers, governments and other funds
$ 8,498,236 $ 565,217 $ 593,123 $ 9,656,576
Cash paid to suppliers for goods and services (2,743,087)(432,577)(615,442)(3,791,106)
Cash paid to employees for services and benefits (2,071,018)(134,288)-(2,205,306)
Net Cash Provided by (Used in) Operating Activities 3,684,131 (1,648)(22,319)3,660,164
Cash Flows from Capital and Related Financing Activities
Acquisition and construction of capital assets (1,801,027)(416,702)-(2,217,729)
Cash received from sale of capital assets 21,731 - - 21,731
Capital contributions - grants 2,456 - - 2,456
Capital contributions - tap fees 289,512 - - 289,512
Principal payments on long-term debt (406,556)- - (406,556)
Interest paid (66,225)--(66,225)
Net Cash Used in Capital and Related Financing Activities (1,960,109)
(416,702)
-(2,376,811)
Cash Flows from Investing Activities
Purchase of investments (6,681,809)(26,718)(72,722)(6,781,249)
Interest and micsellaneous income 560,212 22,768 12,700 595,680
(6,185,569)
(4,902,216)
Net Cash Used in Investing Activities (6,121,597)(3,950)(60,022)
Net Change in Cash and Cash Equivalents (4,397,575)(422,300)(82,341)
Cash and Cash Equivalents - Beginning 5,079,462 503,470 93,822 5,676,754
Cash and Cash Equivalents - Ending
$ 681,887 $ 81,170
$ 11,481
$ 774,538
Adjustments to Reconcile Operating Income (Loss) to Net
Cash Provided by (Used in) Operating Activities
Operating income (loss) $ 3,178,716 $ (43,564) $ (23,175) $ 3,111,977
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Depreciation/Amortization 697,529 163,205 -860,734
Changes in operating assets, liabilities and deferred inflows/
outflows of resources:
(Increase) decrease in:
Accounts receivable (120,975)2,880 (1,030)(119,125)
Inventories (156,120)287 -(155,833)
Prepaid items (83,472)(1,102)-(84,574)
Increase (decrease) in:
Accounts payable 401,612 (134,211)1,886 269,287
Accrued liabilities 9,424 498 -9,922
Retainage payable 65,409 - - 65,409
Customer deposits 9,045 - - 9,045
Long-term assets/liabilities (317,064) 10,359 -(306,705)
Due to other governments 27 - - 27
Net Cash Provided by (Used in) Operating Activities
$ 3,684,131 $ (1,648)$ (22,319) $ 3,660,164
Schedule of non-cash capital and related financing activities:
Unrealized loss on investments $ (54,594)$ -$ -$ (54,594)
The accompanying notes are an integral part of these financial statements.
26
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Pension
Trust
Funds
Assets
Cash and cash equivalents $ 805,549
Investments
Equities 25,837,292
Fixed Income 8,975,940
Real Estate Fund 2,418,502
Total investments 37,231,734
Contributions receivable 56,406
Accrued interest receivable 41,800
Total Assets 38,135,489
Liabilities
Accounts payable 44,696
Total Liabilities 44,696
Net Position Restricted for Pension Benefits $ 38,090,793
The accompanying notes are an integral part of these statement.
27
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Pension
Trust
Funds
Additions
Contributions:
State of Florida $ 362,969
Employer 957,843
Employee 450,604
Total Contributions 1,771,416
Investment Earnings
Net appreciation in fair value of investments 5,654,089
Gain on sale of investments 275,717
Interest and dividends 713,020
6,642,826
Less investment expenses (117,155)
Net Investment Earnings 6,525,671
Miscellaneous 10
Total Additions 8,297,097
Deductions
Benefits paid 847,668
Refund of contributions 42,056
Administrative expenses 154,046
Total Deductions 1,043,770
Change in Net Position 7,253,327
Net Position Restricted for Pension Benefits
Beginning of year 30,837,466
End of year $ 38,090,793
The accompanying notes are an integral part of these statement.
28
NOTES TO BASIC FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Note 1 – Summary of Significant Accounting Policies
A. Description of Government-Wide Financial Statements
The government-wide financial statements (i.e. the statement of net position and the statement of
activities) report information on all non-fiduciary activities of the primary government and any
component units. All fiduciary funds are presented separately. Governmental activities, which
normally are supported by taxes, intergovernmental revenues, and other non-exchange transactions,
are reported separately from business-type activities, which rely to a significant extent on fees and
charges to external customers for support.
B. Reporting Entity
The Village of Tequesta, Florida (the Village) is a municipal corporation organized in 1957
pursuant to Special Act 57-1915, Laws of Florida. The Village has a Council-Manager form of
government governed by a five (5) member Council elected at large. Each year, the Council
appoints one of its members Mayor, to serve at the pleasure of Council for one year. The Village’s
major operations include public safety (police, fire rescue/EMS, building and code enforcement),
transportation (streets and roads), leisure services (culture and recreation), water, stormwater,
refuse & recycling services and general and administrative.
The definition of the financial reporting entity is based upon the concept that elected officials are
accountable to their constituents for their actions. One of the objectives of financial reporting is to
provide users of financial statements with a basis for assessing the accountability of the elected
officials. The financial reporting entity consists of the Village, organizations for which the Village
is financially accountable and other organizations for which the nature and significance of their
relationship with the Village are such that exclusion would cause the reporting entity’s financial
statements to be misleading or incomplete. The Village is financially accountable for a component
unit if it appoints a voting majority of the organization’s governing board and it is able to impose
its will on that organization or there is a potential for the organization to provide specific financial
benefits to, or impose specific financial burdens on the Village, or has operational responsibility.
The Village has no component units to report.
The financial statements of the Village have been prepared in conformity with accounting
principles generally accepted in the United States of America (U.S. GAAP) as applied to
governmental units. The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial reporting principles.
C. Basis of Presentation – Government-Wide Financial Statements
While separate government-wide and fund financial statements are presented, they are interrelated.
Both sets of statements distinguish between the governmental and business-type activities of the
Village. The governmental activities column incorporates data from governmental funds while
business-type activities incorporate data from the Village’s enterprise funds. Separate financial
statements are provided for governmental funds, proprietary funds, and fiduciary funds, even
though the latter are excluded from the government-wide financial statements.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are payments in lieu of taxes where the
amounts are reasonably equivalent in value to the interfund services provided and other charges
between the Village’s water and various other functions of the government. Elimination of these
29
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
charges would distort the direct costs and program revenues reported for the various functions
concerned.
The Statement of Net Position reports all financial and capital resources of the Village’s
governmental and business-type activities. Governmental activities are those supported by taxes
and intergovernmental revenues. Business-type activities rely to a significant extent on fees and
charges for support. The Statement of Activities demonstrates the degree to which the direct
expenses of a given function or segment are offset by program revenues. Direct expenses are those
that are clearly identifiable with a specific function or segment. Program revenues include 1)
charges for goods or services that are recovered directly from customers for services rendered and
2) grants and contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among program
revenues are reported instead as general revenues.
D. Basis of Presentation – Fund Financial Statements
The fund financial statements provide information about the Village’s funds, including its fiduciary
funds. Separate statements for each fund category – governmental, proprietary and fiduciary – are
presented. The emphasis of fund financial statements is on major governmental and enterprise
funds, each displayed in a separate column. All remaining governmental and enterprise funds are
aggregated and reported as nonmajor funds. Major individual governmental and enterprise funds
are reported as separate columns in the fund financial statements. Fiduciary funds are presented
apart from major and nonmajor funds.
The Village reports the following major governmental fund:
The General Fund is the Village’s primary operating fund. It accounts for all financial resources
of the general government, except those accounted for in another fund.
The Village reports the following major enterprise funds:
The Water Fund, which accounts for the activities of the water utility, which includes the
processing and distribution of potable water to Village residents and some surrounding
communities, and the Stormwater Utility Fund, which accounts for the construction and
maintenance of the Village’s stormwater system.
Additionally, the Village reports the following fund type:
The pension trust funds account for the activities of the Public Safety Employees’ (Police and
Fire) and the General Employees’ Pension Trust Funds, which accumulate resources for pension
benefit payments to qualified employees.
During the course of operations, the Village has activity between funds for various purposes. Any
residual balances outstanding at year end are reported as due from/to other funds (short-term) and
advances to/from other funds (long-term). While these balances are reported in fund financial
statements, certain eliminations are made in the preparation of the government-wide financial
statements. Balances between the funds included in governmental activities are eliminated so that
only the net amount is included as internal balances in the governmental activities column.
Similarly, balances between the funds included in the business-type activities (i.e., the enterprise
30
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
funds) are eliminated so that only the net amount is included as internal balances in the
business-type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In
fund financial statements these amounts are reported at gross amounts as transfers in/out. While
reported in fund financial statements, certain eliminations are made in the preparation of the
government-wide financial statements. Transfers between the funds included in governmental
activities are eliminated so that only the net amount is included as transfers in the governmental
activities column. Similarly, balances between the funds included in business-type activities are
eliminated so that only the net amount is included as transfers in the business-type activities
column.
E. Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement
focus and basis of accounting. Measurement focus indicates the type of resources being measured
such as current financial resources or economic resources. The basis of accounting indicates the
timing of transactions or events for recognition in the financial statements.
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when earned and
expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.
Property taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the provider have
been met.
The governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the Village considers revenues to be available if they are collected within
60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability
is incurred, as under accrual accounting. However, debt service expenditures, including lease
liabilities, as well as expenditures related to compensated absences, and claims and judgments, are
recorded only when payment is due. Capital asset acquisitions, including entering into contracts
giving the Village the right to use leased assets, are reported as expenditures in governmental funds.
Issuance of long-term debt and financing through leases are reported as other financing sources.
Property taxes, sales taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as revenues of
the current fiscal period. Entitlements are recorded as revenues when all eligibility requirements are
met, including any time requirements, and the amount is received during the period or within the
availability period for this revenue source (within 60 days of year-end). Expenditure driven grants
are recognized as revenue when the qualifying expenditures have been incurred and all other
eligibility requirements have been met, and the amount is received during the period or within the
availability period for this revenue source (within 60 days of year-end). All other revenue items are
considered to be measurable and available only when cash is received by the Village.
31
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
The proprietary funds are reported using the economic resources measurement focus and the
accrual basis of accounting for reporting its assets and liabilities and deferred inflows and outflows
of resources (as described previously).
The pension trust funds are reported on the accrual basis of accounting using the economic
resources measurement focus. Plan member and state contributions are recognized as revenues in
the period that the contributions are due. Employer contributions to each Plan are recognized when
due and the employer has made a formal commitment to provide the contributions. Benefits and
refunds are recognized when due and payable in accordance with the terms of the plan. All plan
investments are reported at fair value, except for a money market fund which is reported at
amortized cost; securities traded in the over-the-counter market and listed securities for which no
sales were reported on that date are valued at the last reported bid price. Securities without an
established fair value are reported at estimated fair value. Purchases and sales of securities are
recorded on a trade-date basis.
F. Budgetary Information
1. Budgetary Basis of Accounting
Annual budgets are adopted on a basis consistent with generally accepted accounting principles.
The appropriated budget is prepared by fund, function and department. Per established procedures
approved by the Village Council, the designated budget officer may approve a department head’s
request to transfer appropriations between accounts, within a department. Although the Village
Council requires all inter-department budget amendments to go before the Village Council, the
budget was adopted on a fund basis and the legal level of budgetary control is therefore at the fund
level. Any amendments that change the total fund’s budget requires the Village Council to approve
it in the same manner that the original budget was approved – by resolution.
Appropriations in all budgeted funds lapse at the end of the fiscal year even if they have related
encumbrances. Encumbrances are commitments related to unperformed (executory) contracts for
goods or services (i.e., purchase orders, contracts, and commitments). Encumbrance accounting is
utilized to the extent necessary to assure effective budgetary control and accountability and to
facilitate effective cash planning and control. While all appropriations and encumbrances lapse at
year end, valid outstanding encumbrances (those for which performance under the executory
contract is expected in the next year) are re-appropriated and become part of the subsequent year’s
budget pursuant to state regulations.
G. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance
1. Cash
The Village’s cash is considered to be cash on hand and demand deposits.
2. Investments
The Village has adopted an investment policy in accordance with Section 218.415, Florida Statutes
that allows the Village to invest in relatively low risk securities, such as certificates of deposit,
money market accounts, and U.S. Government Securities and Agencies. Investments are stated at
fair value or amortized cost which approximates fair value.
32
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
3. Inventories and Prepaid Items
Inventories are valued at cost using the first-in/first-out (FIFO) method. Inventories consist of
expendable supplies and water distribution repair parts. The cost of such inventories is recorded as
expenditures/expenses when consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded
as prepaid items in both the government-wide and fund financial statements. The cost of prepaid
items is recorded as expenditures/expenses when consumed rather than when purchased.
4. Capital Assets
Capital assets, which include property, plant, equipment, infrastructure and intangible assets (e.g.
roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or
business-type activities column in the government-wide financial statements. Capital assets, except
for infrastructure and intangible assets, are defined by the Village as assets with an initial,
individual cost of $5,000 or more and an estimated useful life in excess of one year. For
infrastructure and intangible assets the same estimated minimum useful life is used (in excess of
one year), but only those projects that cost more than $25,000 are reported as capital assets. In the
case of the initial capitalization of general infrastructure assets (i.e., those reported by
governmental activities), the Village chose not to capitalize infrastructure acquired in fiscal years
ending prior to September 30, 2004. As the Village constructs or acquires additional capital assets
each period they are capitalized and reported at historical cost. The reported value excludes normal
maintenance and repairs which are essentially amounts spent in relation to capital assets that do not
increase the capacity or efficiency of the item or increase its estimated useful life. Donated capital
assets are recorded at their acquisition value at the date of donation.
Land and construction in progress are not depreciated. The other property, plant, equipment, and
infrastructure of the primary government are depreciated using the straight line method over the
following estimated useful lives:
Buildings 20 – 40 years
Improvements 20 – 40 years
Infrastructure 20 – 50 years
Machinery and equipment
5 – 15 years
Intangibles 5 – 20 years
Other 5 – 15 years
5. Leases
Lessor
The Village is a lessor for noncancellable leases of certain parcels of real property.
Lease receivable is measured at the commencement date at the present value of payments expected
to be received during the lease term. Subsequently, the lease receivable is reduced by the principal
portion of lease payments received. The deferred inflow of resources is measured as the initial
amount of the lease receivable, adjusted for lease payments received at or before the lease
commencement. Subsequently, the deferred inflow of resources is recognized as revenue over the
life of the lease term.
33
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Lease assets are reported with other capital assets and lease receivables are reported on the balance
sheet and on the statement of net position.
6. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position reports a separate section for deferred outflows
of resources. This separate financial statement element represents a consumption of net assets that
applies to a future period(s) and will not be recognized as an outflow of resources
(expense/expenditure) until then. The Village has three items that qualify for reporting in this
category. They are; 1) Deferred outflows related to pensions; 2) Deferred outflows related to
OPEB; and 3) Deferred charge on refunding resulting from the difference in the carrying value of
refunded debt and its reacquisition price, and is amortized over the shorter of the life of the
refunded or refunding debt. These items are reported in the government-wide statement of net
position and the statement of net position of the proprietary funds.
In addition to liabilities, the statement of net position reports a separate section for deferred inflows
of resources. This separate financial statement element represents an acquisition of net assets that
applies to a future period(s) and will not be recognized as an inflow of resources (revenue) until
that time. The Village has two items that qualify for reporting in this category - 1) Deferred inflows
related to pensions and 2) Deferred inflows related to leases. This items reported in the balance
sheet governmental funds and/or government-wide statement of net position and the statement of
net position of the proprietary funds.
7. Net Position Flow Assumption
Sometimes the Village will fund outlays for a particular purpose from both restricted and
unrestricted resources (e.g. restricted bond or grant proceeds). In order to calculate the amounts to
report as restricted net position and unrestricted net position, in the government-wide and
proprietary fund financial statements, a flow assumption must be made about the order in which
the resources are considered to be applied. It is the Village’s policy to consider restricted net
position to have been depleted before unrestricted net position is applied.
8. Fund Balance Flow Assumptions
Sometimes the Village will fund outlays for a particular purpose from both restricted and
unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to
calculate the amounts to report as restricted, committed, assigned and unassigned fund balance in
the governmental fund financial statements a flow assumption must be made about the order in
which the resources are considered to be applied. It is the Village’s policy to consider restricted
fund balance to have been depleted before using any of the components of unrestricted fund
balance. Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned
fund balance is applied last.
9. Fund Balance Policies
The Village classifies fund balance in accordance with GASB Statement No.54 Fund Balance
Reporting and Governmental Fund Type Definitions. This statement enhances the usefulness of
fund balance information by providing clearer fund balance classifications that can be more
consistently applied and by clarifying the existing governmental fund type definitions. In the fund
34
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
financial statements, governmental funds report classifications that comprise a hierarchy based
primarily on the extent to which the Village is bound to honor constraint of the specific purposes
for which amounts in those funds can be spent.
The Village reports the following fund classifications:
Nonspendable fund balance. Nonspendable fund balances are amounts that cannot be spent
because they are either not in spendable form such as inventory or legally or contractually required
to be maintained intact such as a perpetual trust.
Restricted fund balance. Restricted fund balances are amounts that are constrained by the
imposition externally by creditors, grantors, or laws or regulations of other governmental agencies
or imposed by law through constitutional provisions or enabling legislation.
Committed fund balance. Those amounts can only be used for specific purposes determined by a
formal action of the government’s highest level of decision-making authority. The Village Council
is the highest level of decision-making authority for the Village that can, by adoption of an
ordinance or resolution equally binding and of equal decision-making authority, prior to the end of
the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance or
resolution remains in place until a similar action is taken (the adoption of another ordinance or
resolution) to remove or revise the limitation.
Assigned fund balance. Amounts in the assigned fund balance classification are intended to be
used by the Village for specific purposes but do not meet the criteria to be classified as committed.
The Village Council (Council) has, by adopting a fund balance policy, authorized the Village
Manager and/or the Finance Director to assign fund balance. The Council may also assign fund
balance as it does when appropriating fund balance to cover a gap between estimated revenue and
appropriations in the subsequent year’s appropriated budget. Unlike commitments, assignments
generally only exist temporarily. In other words, an additional action does not normally have to be
taken for the removal of an assignment. Conversely, as discussed above, an additional action is
essential to either remove or revise a commitment.
Unassigned fund balance. Unassigned fund balance represents fund balance that has not been
assigned to other funds and that has not been restricted, committed, or assigned to specific
purposes within the general fund.
The General Fund is the only fund that reports a positive unassigned fund balance amount. The
other governmental funds may report negative unassigned fund balance if that fund's expenditures
incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to
those purposes.
H. Revenues and Expenditures/Expenses
1. Program Revenues
Amounts reported as program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function
or segment and 2) grants and contributions (including special assessments) that are restricted to
meeting the operational or capital requirements of a particular function or segment. All taxes,
including those dedicated for specific purposes, and other internally dedicated resources are
reported as general revenues rather than as program revenues.
35
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
2. Property Taxes
Property tax collections are governed by Chapter 197, Florida Statutes. Property taxes are based
on assessed property value at January 1st as determined by the Palm Beach County Property
Appraiser. The Village sets the property tax millage rate in September. The Palm Beach County
Tax Collector bills and collects all property taxes levied within the County. Florida Statutes limit
Village's millage rate to a maximum of 10 mills, excluding voter-approved debt service millage
rates. The millage rate for the Village in fiscal year 2024 was 6.4595 mills. Tax bills are mailed out
November 1st and discounts are available for payments made in the following months; November
4%, December 3%, January 2% and February 1%. Taxes become delinquent on April 1st. The
owner of a tax certificate may at any time after taxes have been delinquent (April 1), for two years,
file an application for a tax deed sale. Tax deeds are issued to the highest bidder for the property
which is sold at public auction.
The Tax Collector remits current taxes collected through four distributions to the Village in the
first two months of the tax year and one distribution each month thereafter. The Village recognizes
property tax revenue in the period in which they are levied. The Tax Collector pays the Village
interest on monies held from day of collection to day of distribution.
3. Compensated Absences
Vacation
The Village’s policy permits employees to accumulate earned but unused vacation benefits, which
are eligible for payment upon separation from the Village’s service up to the maximum allowable
limit. The liability for such leave is reported as incurred in the government-wide and proprietary
fund financial statements. A liability for those amounts is recorded in the governmental funds only
if the liability has matured as a result of employee resignations or retirements. The liability for
compensated absences includes salary-related benefits, where applicable.
Sick Leave
The Village’s policy permits employees to accumulate unused sick leave up to a maximum amount
approved by Council. Upon termination, this leave is eligible for payment at percentages
determined by years of service. The liability for such leave is reported as incurred in the
government-wide and proprietary fund financial statements when the liability has matured. A
liability for those amounts is recorded in the governmental funds only if the liability has matured as
a result of employee resignations or retirements.
4. Proprietary Funds Operating and Non-Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. The
principal operating revenues of the water fund, refuse and recycling fund and stormwater fund are
charges to customers for sales and services. The water fund also recognizes as operating revenue,
the portion of tap fees intended to recover the cost of connecting new customers to the system.
Operating expenses for the enterprise funds include the cost of sales and services, administrative
expenses and depreciation on capital assets. All revenues and expenses not meeting this definition
are reported as non-operating revenues and expenses.
36
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
I. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and assumptions
that affect certain reported amounts of assets and deferred outflows of resources and liabilities and
deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenditures/expenses during the
reporting period. Actual results could differ from those estimates.
J. Implementation of new GASB Pronouncements
In June 2022, GASB issued Statement No. 101, Compensated Absences, which is effective for the
Village beginning with its fiscal year ending September 30, 2025. The objective of this standard is
to better meet the information needs of financial statement users by updating the recognition and
measurement guidance for compensated absences. The object is achieved by aligning the
recognition and measurement guidance under a unified model.
In December 2023, GASB issued Statement No. 102, Certain Risk Disclosures, which is effective
for the Village beginning with its year ending year end September 30, 2026. The objective of this
standard is to improve financial reporting by providing users of financial statements with essential
information that is not currently provided. This includes information about risks related to a
government’s vulnerabilities due to certain concentration or constraints. The Village continues to
review this standard to assess the impact on its financial reporting.
In April 2024, the Governmental Accounting Standards Board (GASB) issued Statement No. 103,
Financial Reporting Model Improvements, which is effective for the Village beginning with its
fiscal year ending September 30, 2026. The objective of this standard is to enhance the
effectiveness of the financial reporting model in providing information essential for
decision-making and assessing governmental accountability. Key provisions include updates to
management's discussion and analysis (MD&A), the presentation of unusual or infrequent items,
the proprietary fund statement of revenues, expenses, and changes in fund net position, information
about major component units in basic financial statements, and budgetary comparison information.
The Village is currently reviewing this standard to assess its impact on financial reporting.
In September 2024, the Governmental Accounting Standards Board (GASB) issued Statement No.
104, "Disclosure of Certain Capital Assets," which is effective for the Village beginning with its
fiscal year ending September 30, 2026. The objective of this standard is to enhance financial
reporting by providing users with essential information about specific types of capital assets. Key
provisions include the separate disclosure of lease assets, intangible right-to-use assets recognized
by operators in public-private and public-public partnerships, subscription-based information
technology arrangements (SBITAs), and other intangible assets by major class. Additionally, the
standard requires governments to evaluate and disclose capital assets held for sale, including
historical cost, accumulated depreciation, and any related debt pledged as collateral. The Village is
currently reviewing this standard to assess its impact on financial reporting.
37
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Note 2 – Reconciliation of Government-Wide and Fund Financial Statements
A. Explanation of Certain Differences Between the Governmental Fund
Balance Sheet and the Government-wide Statement of Net Position
The governmental fund balance sheet includes a reconciliation between fund balance – total
governmental funds and net position – governmental activities as reported in the
government-wide statement of net position. One element of that reconciliation explains that
“capital assets used in governmental activities are not financial resources and, therefore are not
reported in the funds.” The amount of this reconciling element is $19,789,087 as explained in
the following detail (additional details shown in Note 3.D.):
Capital assets not being depreciated:
Land $ 634,017
Construction in progress 956,203
Capital assets being depreciated:
Buildings, net 10,135,584
Improvements other than buildings, net 851,094
Infrastructure, net 4,337,780
Machinery and equipment, net 2,872,941
Other K-9, net 1,468
Net Adjustment to Increase Fund Balance-
Total Governmental Funds to Arrive at
Net Position - Governmental Activities
$ 19,789,087
Another element of that reconciliation explains that “long-term liabilities, including bonds/notes
payable, are not due and payable in the current period and therefore are not reported in the funds.”
The details of this $7,247,522 difference are as follows:
Note payable
$ 6,111,000
Financed purchases 141,898
Compensated absences 928,014
Accrued interest pyable 66,610
Net Adjustment to Increase Fund Balance -
Total Governmental Funds to Arrive at
Net Position – Governmental Activities
$ 7,247,522
38
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Note 3 – Detailed Notes on All Activities and Funds
A. Cash Deposits with Financial Institution
Custodial credit risk-deposits. In the case of deposits, this is the risk that in the event of a bank
failure, the government’s deposits may not be returned to it. All of the Village’s deposits are held in
qualified public depositories (QPD) pursuant to State of Florida Statutes, Chapter 280, Florida
Security for Public Deposits Act. Under the Act, every qualified public depository shall deposit
with the Treasurer eligible collateral of the depository to be held subject to his or her order. The
pledging level may range from 25% to 200% of the average monthly balance of public deposits
depending upon the depository’s financial condition and establishment period. All collateral must
be deposited with an approved financial institution. Any potential losses to public depositors are
covered by applicable deposit insurance, sale of securities pledged as collateral and, if necessary,
assessments against other qualified public depositories of the same type as the depository in
default. At September 30, 2024, none of the Village’s primary bank balances or certificates of
deposit were exposed to custodial credit risk.
B. Investments
The Village has adopted an investment policy in accordance with Florida Statutes and is authorized
to invest in obligations of the U.S. Treasury, its agencies and instrumentalities, certificates of
deposit, the State Board of Administration Investment Pool, any intergovernmental investment
pools authorized pursuant to Chapter 163 of the Florida Statutes, SEC registered money market
funds with the highest credit quality rating from a nationally recognized rating agency, and
securities of any interest in any open-end or closed-end management type investment company or
investment trust registered under the Investment Company Act of 1940, provided that the portfolio
is limited to obligations of U.S. government, its agencies and instrumentalities and to repurchase
agreements fully collateralized by such U.S. government obligations and provided that such
investment company or investment trust takes delivery of such collateral either directly or through
an authorized custodian.
The Florida local government investment pool balance consists of two governmental investment
pools: Florida Cooperative Liquid Assets Securities System (FLCLASS) and Florida Surplus Asset
Fund (FLSAFE). The pools are organized under Florida Statutes Section 163, the Florida Interlocal
Cooperation Act, by Florida public agencies for the purpose of operating an independent
investment pool for local governments and administered by a Board of Trustees elected by the
participants in the pool. FLCLASS and FLSAFE are operated in a manner consistent with SEC
Rule 2a7 of the Investment Company Act of 1940. Rule 2a7 allows SEC registered mutual funds to
use amortized cost rather than fair value, to report net position used to compute share prices if
certain conditions are met. Those conditions included restrictions on the types of investments held,
restrictions on the term to maturity of individual investments, the dollar weighted average of the
portfolio, requirement for portfolio diversification, and requirement of divestiture considerations in
the event of security downgrades and defaults, plus required actions if the fair value of the portfolio
deviates from amortized costs by a specific amount. The fair value of the position in the pools is
considered to be the same as the Village’s account balance (amortized cost) in the pool. These
pools are not insured by FDIC or any other governmental agency.
39
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
As of September 30, 2024, the Village had the following demand deposits and investments:
Deposits and Investments Reported Value
Weighted
Average
Maturity
Credit
Rating
(S&P)
Percent
Distribution
Demand deposits $ 152,753 0.67%
Money Market
1,483,659 6.46%
Florida Class 7,009,802 AAAm 30.52%
Florida Safe 4,335,620 AAAm 18.88%
Total Deposits 12,981,834
Corporate Note 1,000,000 4.35%
US Government Agencies 8,984,699 2.0 years AA 39.12%
Total Investments 9,984,699
Total Deposits and Investments $ 22,966,533 100%
Interest Rate Risk - Interest rate risk exists when there is a possibility that changes in interest rates
could adversely affect an investment’s fair value. The Village’s investment policy limits
investments to the following: (1) current operating funds should have maturities of no longer than
24 months and (2) core funds shall have a final maturity of five and one-half (5.5) years or less
from the date of purchase. The overall weighted average duration of principal return for the core
funds shall be less than 3 years.
Credit Risk - Credit risk exists when there is a possibility that the issuer or other counterparty to an
investment transaction may be unable to fulfill its obligations. The Village’s investment policy
allows investments in U.S. Government-sponsored agencies and enterprises, commercial paper, the
Florida PRIME investment pool, interlocal investment pools. The Village invests surplus funds in
FLCLASS and FLSAFE Investment Pools. Both are rated by Standard & Poor’s as AAAm, the
highest rating for 2a7 investment pools. Although the corporate note does not carry a credit rating,
the risk of loss is mitigated with a funding agreement with Pacific Life. Funding Agreements are
obligations of corporations with assets exceeding $500,000,000 rated at the time of purchase in one
of the 3 highest classifications established by at least 2 standard rating services rated. Additionally,
the US Government Agencies are rated by Standards and Poor as investment grade AA.
Concentration of Credit Risk – Maximum investment concentration ranges from 25% for other
municipal bonds to 100% for US Treasuries. At September 30, 2024, the Village’s investments
were within the established policy levels for all investments to mitigate this risk.
Custodial Credit Risk - The risk that, in the event of the failure of the counter party, the Village
will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. At this time, the Village is invested in US Government Agencies
held by a third party custodian in the Village's name and the highest rating by S&P for both local
government investment pools; FLCLASS and FLSAFE.
Fair value of Investments - The Village follows the provision of GASB Codification, I50:
Investments, which establishes a framework for measuring the fair value of investments in a fair
40
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The
three levels of the fair value hierarchy under GASBC I50 are described below:
Level 1 – Investments reflect unadjusted quoted prices in active markets for identical assets.
Level 2 – Investments reflect prices that are based on inputs that are either directly or indirectly
observable for an asset (including quoted prices for similar assets), which may
include inputs in markets that are not considered to be active.
Level 3 – Investments reflect prices based upon unobservable inputs.
As of September 30, 2024 the Village has the following recurring fair value investments:
9/30/24
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed income
U.S. Agencies $ 8,984,699 $ - $ 8,984,699 $ -
Corporate Note 1,000,000 - - 1,000,000
Total fixed income 9,984,699 - 8,984,699 1,000,000
Total investments at fair value 9,984,699 $ - $ 8,984,699 $ 1,000,000
Investment at net asset value (NAV)
FL Class 7,009,802
FL Safe 4,335,620
Investment at net asset value (NAV)11,345,422
Total investments 21,330,121
Demand Deposits 1,636,412
Total cash equivalent and investments $ 22,966,533
Investments – Public Safety Pension Trust Fund
Investment Policy Statement
The Public Safety Pension Board of Trustees, as fiduciaries, adopts an Investment Policy Statement
and directs that it applies to all assets under their control. It is the Board’s intention to review the
policy at least annually subsequent to the actuarial report and to amend this statement to reflect any
changes in philosophy, objectives, or guidelines. When the Investment Manager feels that the
specific objectives defined in the statement cannot be met, or the guidelines constrict performance,
the Investment Manager will present a formal modified investment policy statement to the Board of
Trustees at a meeting for the Board’s review. Once the Board has adopted, the new investment
policy goes into effect 31 days after it has been filed with the State of Florida. The investments of
the Public Safety Pension Trust Fund were in compliance with the investment policy.
Fair Value Hierarchy
The Plan categorizes its fair value measurement within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on valuation input used to
measure the fair value of an asset:
41
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Level 1 - investments reflect unadjusted quoted prices in active markets for identical assets;
Level 2 - investments reflect prices that are based on inputs that are either directly or indirectly
observable for an asset (including quoted prices for similar assets), which may include
inputs in markets that are not considered to be active;
Level 3 - investments reflect prices based upon unobservable inputs for an asset.
The investment pricing transparency determines the category within the hierarchy and should not
be observed at the investment risk. The custodian bank's (primary external pricing vendors) quoted
prices were used to determine level classification based on the fair value hierarchy.
Debt and equity securities classified as Level 1 of the fair value hierarchy are valued using quoted
prices at September 30, 2024 (or the most recent market close date if the markets are closed on
September 30) in active markets. This includes common stock, equity mutual funds and bond
mutual funds.
Debt securities are valued using pricing inputs that reflect the assumptions market participants
would use to price an asset or liability and are developed based on market data obtained from
sources independent of the reporting equity (Level 2). It is valued using a matrix pricing technique.
Matrix pricing values securities based on the securities relationship to benchmark quoted prices.
This includes U.S. Treasury bonds and notes, U.S. agencies, mortgage backed securities, municipal
bonds and corporate obligations, including asset backed securities.
The Real Estate Fund - this fund enters into real estate partnerships with various joint venture
partners. The portfolio is valued quarterly at net asset value (NAV). Investments valued at NAV are
excluded from the fair value hierarchy because the valuation is not based on actual market inputs
but rather is quantified using the fund’s reported NAV. The fund had no outstanding commitments.
As of September 30, 2024 the Public Safety Pension Trust Fund has the following recurring fair
value investments:
9/30/24
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Equities
Mutual funds equities
$ 18,598,178 $ 18,598,178 $ -
Total equities 18,598,178 18,598,178
Fixed income
Corporate bonds 485,518 $ 485,518
U.S. Government bonds 2,164,023 2,164,023
U.S. Agences 2,389,914 2,389,914
Bond mutual fund 1,303,629 1,303,629
Total fixed income 6,343,084 1,303,629 5,039,455
Total investments at fair value 24,941,262 $ 19,901,807 $ 5,039,455 $ -
Investment at net asset value (NAV)
Redemption
Frequency
Redemption
Notice Period
Real Estate Fund 1,750,637 Quarterly 30 days
Total investments $ 26,691,899
42
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
As of September 30, 2024, the Village of Tequesta’s Public Safety Pension Trust Fund had the
following demand deposits and investments:
Reported
Value
Weighted
Average
Maturity
Credit
Rating
(Moody)
Percent
Distribution
Percent of
Net Position
Cash
$ 1,283 -%-%
Short-Term Money Market Fund
556,023 2.04%2.04%
Total Cash and Cash
Equivalents 557,306
Equities
Mutual Funds 18,598,178 68.25%68.15%
Total Equities 18,598,178
Fixed Income
Corporate Bonds:5.96 years
Bonds 228,799 A1 0.84%0.84%
Bonds 54,079 A2 0.20%0.20%
Bonds 88,135 A3 0.32%0.32%
Bonds 114,505 Aa2 0.42%0.42%
U.S. Government Bonds 2,164,023 7.94%7.93%
U.S. Agencies 2,389,914 11.30 years Aaa 8.77%8.76%
Bond Mutual Fund 1,303,629 4.78%4.78%
Total Fixed Income 6,343,084
Real Estate Fund 1,750,637 6.42%6.42%
Total investments 26,691,899
Total cash and investments $ 27,249,205 100.00%99.86%
Interest Rate Risk - the risk that changes in interest rates will adversely affect the fair value of an
investment in debt securities. Generally, the longer the time to maturity the greater the exposure.
The Plan does not have a formal policy relating to interest rate risk, however;
• The established performance objectives require investment maturities to provide sufficient
liquidity to pay obligations as they become due.
• At September 30, 2024, there were investments in mutual funds that included debt
instruments in their portfolio.
Credit Risk - the risk that a debt issuer will not fulfill its obligations. The investment policy limits
credit risk by requiring that:
• Fixed income investments must hold a rating in one of the four highest classifications by a
major rating service.
• Equities must be traded on a national exchange.
• Money market investments must hold a minimum rating of Standard & Poor’s A1 or
Moody’s P1.
• At September 30, 2024, the weighted average maturity in years for each investment type is
included in the preceding table and ranges from 5.96 to 11.30 years.
43
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Concentration of Credit Risk - the risk of loss attributed to the magnitude of an investment in a single
issuer. The investment policy limits exposure to this risk by:
• Limiting investments in common stock, capital stock or convertible stock of any one
issuing company or aggregate of any one issuing company to 5% of the outstanding capital
stock of the company.
• Limiting the value of corporate bonds issued by any single corporation to not more than 5%
of the total fund.
• Limiting investments in corporate common stock and convertible bonds (not to exceed 70%
of the fund assets at fair value). Mortgage-backed securities issued by non-government
entities are limited to 15% of the fixed income portfolio.
• Limiting investments in foreign securities (not to exceed 25% of the value at cost of the
fund).
Custodial Credit Risk - the risk that, in the event of the failure of the counterparty, the plan will not
be able to recover the value of its investments or collateral securities that are in the possession of an
outside party. The Plan’s investment policy limits exposure to this risk by:
• Requiring all securities to be held with a third party custodian.
• Requiring security transactions between a broker/dealer and the custodian involving the
purchase or sale of securities by transfer of money or securities are made on a “delivery vs.
payment” basis to ensure that the custodian will have the security or money, as appropriate,
in hand at the conclusion of the transaction.
Foreign Currency Risk - is the risk of an investment's value changing due to changes in currency
exchange rates. Exposure to foreign currency risk is low as:
• Foreign investments are through ADR’s (shares listed in the U.S.), mutual funds (registered
in the U.S.), or Yankee bonds (denominated in U.S. dollars should not to exceed 5% of total
fund).
• The investment policy permits a maximum of 25% of the fair value of the fund securities to
be invested in foreign securities.
• At September 30, 2024, 19.62% of the fair value of the fund was invested in international
funds.
• All the international securities are denominated in U.S. dollars. There is no foreign currency
risk.
Money Weighted Rate of Return and Target Allocation
For the fiscal years ended September 30, 2024 and 2023, the overall annual money-weighted rate of
return (long-term expected real rate of return) on the Public Safety Pension Plan investments (both
Police Officers’ and Firefighters’) was 20.27% and 8.69% respectively. The money-weighted rate
of return expresses investment performance, net of investment manager and consultant expenses
adjusted for the changing amounts actually invested.
The long-term expected rate of return on pension plan investments, shown below by asset class, is
developed using best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expenses and inflation). These ranges are combined to produce the long
term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and by adding expected inflation.
44
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Best estimates of arithmetic real rates of return for each major asset class included in the target
asset allocation as well as the long-term expected real rate of return as of September 30, 2024 and
2023 are as follows:
Asset Class
Target
Allocation Range
Long-Term Expected Real
Rate of Return
2024 2023
Domestic Equity 50%45%-55%7.5%7.5%
International Equity 15%10%-20%8.5%8.5%
Total Equities 65%60%-70%
Domestic Core Fixed Income 20%15%-25%2.5%2.5%
Diversified Fixed Income 5%0%-10%3.5%3.5%
Total Fixed Income 25%20%-30%
Core Real Estate 10%5%-15%4.5%4.5%
Investments – General Employees' Pension Trust Fund
Investment Policy Statement
The General Employees’ Pension Board of Trustees, as fiduciaries, adopts an Investment Policy
Statement and directs that it applies to all assets under their control. It is the Board’s intention to
review the policy at least annually subsequent to the actuarial report and to amend this statement to
reflect any changes in philosophy, objectives, or guidelines. When the Investment Manager feels
that the specific objectives defined in the statement cannot be met, or the guidelines constrict
performance, the Investment Manager will present a formal modified investment policy statement
to the Board of Trustees at a meeting for the Board’s review. Once the Board has adopted, the new
investment policy goes into effect 31 days after it has been filed with the State of Florida.
Investments of the General Employees’ Pension Trust Fund were in compliance with the
investment policy.
Fair Value Hierarchy
The Plan categorizes its fair value measurement within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on valuation input used to
measure the fair value of an asset:
Level 1 - investments reflect unadjusted quoted prices in active markets for identical assets;
Level 2 - investments reflect prices that are based on inputs that are either directly or indirectly
observable for an asset (including quoted prices for similar assets), which may include
inputs in markets that are not considered to be active;
Level 3 - investments reflect prices based upon unobservable inputs for an asset.
The investment pricing transparency determines the category within the hierarchy and should not
be observed as the investment risk. The custodian bank's (primary external pricing vendors) quoted
prices were used to determine level classification based on the fair value hierarchy.
45
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Debt and equity securities classified as Level 1 of the fair value hierarchy are valued using quoted
prices at September 30, 2024 (or the most recent market close date if the markets are closed on
September 30) in active markets. This includes common stock, mutual funds and fixed income
funds.
Debt securities are valued using pricing inputs that reflect the assumptions market participants
would use to price an asset or liability and are developed based on market data obtained from
sources independent of the reporting equity (Level 2). It is valued using a matrix pricing technique.
Matrix pricing values securities based on the securities relationship to benchmark quoted prices.
This includes U.S. Treasury bonds and notes, U.S. agencies, mortgage backed securities, municipal
bonds and corporate obligations, including asset backed securities.
The Real Estate Fund - this fund enters into real estate partnerships with various joint venture
partners. The portfolio is valued quarterly at net asset value. Investments valued at NAV are
excluded from the fair value hierarchy because the valuation is not based on actual market inputs
but rather is quantified using the fund’s reported NAV. The fund had no outstanding commitments.
As of September 30, 2024 the General Employees' Pension Trust Fund has the following recurring
fair value investments:
9/30/24
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Equities
Common stocks
$ 2,844,248 $ 2,844,248 $ -
Mutual funds equities 4,394,866 4,394,866
Total equities 7,239,114 7,239,114
Fixed income
Corporate bonds 669,703 $ 669,703
U.S. Government bonds 759,601 759,601
U.S. Agences 27,070 27,070
Bond mutual fund 443,056 443,056
Exchange traded funds 733,426 733,426
Total fixed income 2,632,856 1,176,482 1,456,374
Total investments at fair value 9,871,970 $ 8,415,596 $ 1,456,374 $ -
Investment at net asset value (NAV)
Redemption
Frequency
Redemption
Notice Period
Real Estate Fund 667,865 Quarterly 30 days
Total investments $ 10,539,835
46
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
At September 30, 2024, the Village of Tequesta’s General Employees’ Pension Trust Fund had the
following demand deposits and investments:
Reported
Value
Weighted
Average
Maturity
Credit
Rating
(Moody)
Percent
Distribution
Percent
of Net
Position
Cash
$ 643 0.01%0.01%
Short Term Money Market Fund 247,600 2.30%2.29%
Total Cash and Cash equivalents 248,243
Equities
Common stocks 2,844,248 26.36%26.33%
Mutual funds 4,394,866 40.74%40.68%
Total Equities 7,239,114
Fixed Income
Corporate Bonds:1.00 year
Bonds 149,113 A1 1.38%1.38%
Bonds 97,950 A2 0.91%0.91%
Bonds 152,789 A3 1.42%1.41%
Bonds 123,222 Baa1 1.14%1.14%
Bonds 121,670 Baa2 1.13%1.13%
Bonds 24,959 Baa3 0.23%0.23%
ETF - Exchange Traded Fund 733,426 6.80%6.79%
U.S. Government Bonds 759,601 7.04%7.03%
U.S. Agencies 27,070 1.66 years AAA 0.25%0.25%
Mutual Fund 443,056 4.11%4.10%
Total Fixed Income 2,632,856
Real Estate Fund 667,865 6.19%6.18%
Total Investments 10,539,835
Total Cash and Investments $ 10,788,078 100.00%99.86%
Interest Rate Risk - the risk that changes in interest rates will adversely affect the fair value of an
investment in debt securities. Generally, the longer the time to maturity, the greater the exposure.
The Plan does not have a formal policy relating to interest rate risk, however:
• The established performance objectives require investment maturities to provide sufficient
liquidity to pay obligations as they become due.
• At September 30, 2024, the weighted average maturity in years for each investment type is
included in the preceding table and ranges from 1.00 to 1.66 years.
Credit Risk - the risk that a debt issuer will not fulfill its obligations.
The Plan limits exposure that a debt issuer will not fulfill its obligations by limiting investments
made or held in the fund to:
• Obligations issued by the U.S. Government or obligations guaranteed as to principal and
interest by the U.S. government or by an agency of the U.S. Government;
• Bonds, stocks, or commingled funds administered by national or state banks, or other
evidences or indebtedness, issued or guaranteed by a corporation organized under the laws of
the United States, any state or organized territory of the United States, or District of
Columbia provided that the securities meet the following ranking criteria:
47
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
o Fixed income investments holding a rating in one of the four highest classifications by a
major rating service.
o Equities that are traded on a National Exchange.
Concentration of Credit Risk - the risk of loss attributed to the magnitude of an investment in a
single issuer. The Plan’s investment policy limits exposure by:
• Limiting investments in common stock or capital stock of any one issuing company or
aggregate of any one issuing company to 5% of the outstanding capital stock of the company.
• Limiting the value of bonds issued by any single corporation not to exceed 10% of the total
fund.
• Limiting investments in corporate common stock and convertible bonds not to exceed 70%
of the fund assets at fair value.
• Limiting investments in foreign securities not to exceed 25% of the fair value of the fund.
Custodial Credit Risk – the risk that, in the event of the failure of the counterparty, the plan will
not be able to recover the value of its investments or collateral securities that are in the possession
of an outside party. The Plan’s investment policy limits exposure to this risk by:
• Requiring all securities to be held by a third party custodian in the name of the Plan. As of
September 30, 2024, the Plan’s investment portfolio was held with a third-party custodian.
• Requiring securities transactions between a broker-dealer and the custodian involving
purchase or sale of securities by the transfer of money or securities to be made on a “delivery
vs. payment” basis to ensure that the custodian will have the security or money in hand at the
conclusion of the transaction.
Foreign Currency Risk - is the risk of an investment's value changing due to changes in currency
exchange rates. Exposure to foreign currency risk is low as:
• Foreign investments are through ADR’s (shares listed in the U.S.), mutual funds (registered
in the U.S.), or Yankee bonds (traded in U.S. dollars).
• The investment policy permits a maximum of 25% of the fair value of the fund securities
(including equities and fixed income securities) to be invested in foreign securities.
• At September 30, 2024, 17.60% of the fair value of the fund was invested in international
funds.
• All the international securities are denominated in U.S. dollars. There is no foreign currency
risk.
Money Weighted Rate of Return and Target Allocation
For the fiscal years ended September 30, 2024 and 2023, the overall annual money-weighted rate of
return (long-term expected real rate of return) on the General Employees’ Pension Plan investments
was 20.91% and 8.58% respectively. The money-weighted rate of return expresses investment
performance, net of investment manager and consultant expenses adjusted for the changing
amounts actually invested.
The long-term expected rate of return on pension plan investments, shown below by asset class, is
developed using best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expenses and inflation). These ranges are combined to produce the long
48
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and by adding expected inflation.
Best estimates of arithmetic real rates of return for each major asset class included in the target
asset allocation as well as the long-term expected real rate of return as of September 30, 2024 and
2023 are as follows:
Asset Class
Target
Allocation Range
Long-Term Expected Real
Rate of Return
2024 2023
Domestic Equity 50%45%-55%7.5%7.5%
International Equity 15%10%-20%8.5%8.5%
Total Equities 65%60%-70%
Domestic Core Fixed Income 20%15%-25%2.5%2.5%
Diversified Fixed Income 5%0%-10%3.5%3.5%
Total Fixed Income 25%20%-30%
Core Real Estate 10%5%-15%4.5%4.5%
C. Receivables
Below is the detail of receivables for the general, water, and nonmajor governmental and enterprise
funds including the applicable allowances for uncollectible accounts:
General Water
Storm-
water
Nonmajor
Funds Total
Leases $ 1,277,044 $ - $ - $ - $ 1,277,044
Accounts
18,430
919,384 -39,129 976,943
Intergovernmental 120,490 302 6,691 106,445 233,928
Francise fees 55,106 - --55,106
Other taxes 67,088 - --67,088
Interest 64,534 63,002 --127,536
Gross receivables 1,602,692 982,688 6,691 145,574 2,737,645
Less: allowance for
uncollectibles - (2,879)--(2,879)
Net Total Receivables $ 1,602,692 $ 979,809 $ 6,691 $ 145,574 $ 2,734,766
49
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
D. Capital Assets
Capital assets activity for the fiscal year ended September 30, 2024, was as follows:
Beginning
Balance Additions Deductions
Ending
Balance
Governmental Activities
Capital assets not being depreciated/amortized:
Land $ 634,017 $ - $ - $ 634,017
Construction-in-progress 25,524 937,453 (6,774) 956,203
Total Capital Assets Not Being Depreciated/Amortized 659,541 937,453 (6,774) 1,590,220
Capital assets being depreciated/amortized:
Buildings 14,693,652 58,895 - 14,752,547
Improvements other than buildings 2,509,454 247,305 (65,411)2,691,348
Infrastructure 5,444,760 600,808 - 6,045,568
Machinery and equipment 5,987,473 1,048,203 (648,457)6,387,219
Other K-9 20,549 - - 20,549
Total Capital Assets Being Depreciated/Amortized 28,655,888 1,955,211 (713,868) 29,897,231
Less accumulated depreciation/amortization for:
Buildings (4,248,072)(368,891)- (4,616,963)
Improvements other than buildings (1,786,019)(119,646) 65,411 (1,840,254)
Infrastructure (1,560,908)(146,880)- (1,707,788)
Machinery and equipment (3,645,310)(517,425) 648,457 (3,514,278)
Other K-9 (16,146)(2,935)- (19,081)
Total Accumulated Depreciation/Amortization (11,256,455)(1,155,777) 713,868 (11,698,364)
Total Capital Assets Being Depreciated/Amortized, Net 17,399,433 799,434 - 18,198,867
Governmental Activities Capital Assets, Net $ 18,058,974 $ 1,736,887 $ (6,774) $ 19,789,087
Depreciation/amortization expense was charged to the functions/programs of the governmental
activities of the Village as follows:
Governmental Activities
General government
$ 141,023
Public safety 563,074
Transportation 200,473
Leisure services 251,207
Total Depreciation/Amortization Expense - Governmental Activities $ 1,155,777
50
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Beginning
Balance Additions Deductions
Ending
Balance
Business-type Activities:
Capital assets not being depreciated/amortized:
Land $ 83,335 $ -$ -$ 83,335
Construction in progress 1,559,852 1,580,112 (217,650) 2,922,314
Total Capital Assets Not Being Depreciated/Amortized 1,643,187 1,580,112 (217,650) 3,005,649
Capital assets being depreciated/amortized:
Buildings
972,980 - - 972,980
Improvements other than buildings 58,720 - - 58,720
Infrastructure 37,920,088 634,351 -38,554,439
Machinery and equipment 2,094,975 220,916 (24,125)2,291,766
Intangibles 48,649 - -48,649
Total capital assets being depreciated/amortized
41,095,412 855,267
(24,125) 41,926,554
Less accumulated depreciation/amortization for:
Buildings (779,146)(15,211)-(794,357)
Improvements other than buildings (38,756)(2,349)-(41,105)
Infrastructure (21,819,528)(729,995)-(22,549,523)
Machinery and equipment (1,878,336)(113,179)
24,125 (1,967,390)
Intangibles (48,649) - - (48,649)
Total Accumulated Depreciation/Amortization (24,564,415) (860,734) 24,125 (25,401,024)
Total Capital Assets Being Depreciated/Amortized, Net 16,530,997 (5,467) -16,525,530
Business-type Activity Capital Assets, Net
$ 18,174,184 $ 1,574,645
$ (217,650) $ 19,531,179
Depreciation/amortization expense charged to the water and stormwater funds of the business-type
activities was $860,734. The depreciation/amortization expense breakdown by activity is as follows:
Water utility
$ 697,529
Stormwater 163,205
Total depreciation/amortization expence $ 860,734
51
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
E. Accrued Liabilities
Accrued liabilities reported by governmental funds at September 30, 2024, were as follows:
General
Fund
Other
Governmental
Funds
Total
Governmental
Funds
Salary and employee benefits
$ 209,716 $ 11,504 $ 221,220
Other 14,586 -14,586
Total Accrued Liabilities $ 224,302 $ 11,504 $ 235,806
F. Pension Obligations
Florida Retirement System (FRS/HIS) - a Statewide Local Government Employees’ Retirement
System (SLGERS)
For the fiscal year ended September 30, 2024 the Village did not have any active FRS/HIS participants
and therefore no contributions were made to the FRS/HIS Pension Plan.
The Village of Tequesta Single-Employer Defined Benefit Pension Plans
Overview: The Village maintains two single-employer defined benefit pension plans, the Public
Safety Officers’ Pension Trust Fund and the General Employees’ Pension Trust Fund. The sole
administration of and responsibility for the proper operation of the retirement system is vested in The
Board of Trustees. The defined benefit pension plans do not issue stand alone financial statements.
All full-time general employees who are not classified as police officers or firefighters are eligible for
membership in the General Employees' Pension Plan on the date of employment. The General
Employees' Pension Board consists of five Trustees. Two are legal residents of the municipality,
appointed by the Village Council, and two are full time General Employee members. The fifth Trustee
is selected by a majority vote of the other Trustees.
The Public Safety Board consists of five Trustees. Two are legal residents of the municipality,
appointed by the Village Council, one is a full time police officer member, and one is full time
firefighter member. The fifth Trustee is selected by a majority vote of the other Trustees.
All full-time police officers and all full-time firefighters are eligible for membership in the Public
Safety Officers' Pension Plan on the date of employment. The Public Safety Officers’ Pension Trust
Fund receives contributions that may not be used to pay benefits of all employee classes, therefore,
two separate trust funds, the Firefighters’ Pension Trust Fund (FPTF) and the Police Officers’
Pension Trust Fund (PPTF) are reflected separately in the financial statements, as well as the General
Employee’s Trust Fund (GPTF).
52
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Membership in the Village of Tequesta’s defined benefit pension plans as of the actuarial valuation
date of October 1, 2023:
FPTF PPTF GPTF
Number of:
Inactive members or beneficiaries currently receiving benefits
8 6 14
Inactive members entitled to but not yet receiving benefits 1 1 11
Active members 21 18 52
Total 30 25 77
Funding Policies are presented below under each of the plans.
Actuarial Assumptions and Net Pension Liability (NPL)
The actuarial valuation of the liabilities for the FPTF, PPTF and GPTF as of the September 30,
2023 measurement date were determined as of the beginning of the year, October 1, 2022 (based on
actuarial valuation results as reported in the October 1, 2022 actuarial valuation). Using a
measurement date of September 30, 2023 allows for timelier reporting at the end of the year. These
liabilities are used for GASB Statement No. 68 reporting for the reporting fiscal year ending
September 30, 2024.
The total pension liability for the Village’s defined benefit pension plans was determined using the
following actuarial methods and assumptions, applied to all prior periods included in the
measurement period. Actuarially determined contribution rates are calculated as of October 1, two
years prior to the end of the fiscal year in which contributions are reported. If significant changes
occur during the year, such as benefit changes or changes in assumptions or methods, these would
be noted in the footnotes.
FPTF PPTF GPTF
Actuarial Valuation Date Oct. 1, 2022 Oct. 1, 2022 Oct. 1, 2022
Measurement Date of the net pension liability Sep. 30, 2023 Sep. 30, 2023 Sep. 30, 2023
Village's Fiscal Year Ended Date for Reporting
Purposes Sep. 30, 2024 Sep. 30, 2024 Sep. 30, 2024
53
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Pension Expense
Fiscal Year Ended September 30, 2024
(Based on Measurement Period Ended September 30, 2023)
FPTF PPTF GPTF
Service Cost $ 459,269 $ 387,331 $ 539,870
Interest on the Total Pension Liability 1,162,950 415,171 578,739
Employee Contributions (made negative for
additions here)(109,715)(92,612)(196,672)
Projected Earnings on Plan Investments (made
negative for additions here)(956,655)(469,285)(509,735)
Administrative Expense 33,186 33,186 56,335
Other Changes in Plan Fiduciary Net Position
(Use of State Contribution Reserve)-113,845 -
Other Changes in Total Pension Liability (Use
of State Contribution Reserve)-(113,845) -
Recognition of Outflow (Inflow) of Recourses
due to Liabilities 78,772 (64,285)(30,275)
Recognition of Outflow (Inflow) of Recourses
due to Assets 341,120 171,758 161,588
Total Pension Expense $ 1,008,927 $ 381,264 $ 599,850
54
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
The deferred outflow of resources, resulting from the Village's contributions to the Plans
subsequent to the measurement date of September 30, 2023 are recognized as a reduction of the
Village's net pension liability in the fiscal year ended September 30, 2024.
The Village reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
Fire:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Difference between expected and actual experience $ 466,522 $ 39,113
Changes in assumptions 91,845 184,543
Net difference between projected and actual
earnings on pension plan investments
1,132,573 -
Contribution subsequent to measurement date 691,762 -
Total $ 2,382,702 $ 223,656
Police:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Difference between expected and actual experience $ - $ 325,662
Changes in assumptions - 56,919
Net difference between projected and actual
earnings on pension plan investments 576,527 -
Contribution subsequent to measurement date 247,485 -
Total $ 824,012 $ 382,581
General:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Difference between expected and actual experience $ 111,909 $ 273,236
Changes in assumptions 47,897 50,908
Net difference between projected and actual
earnings on pension plan investments 599,126 -
Contribution subsequent to measurement date 381,564 -
Total $ 1,140,496 $ 324,144
55
The deferred outflows of resources related to the Pension Plans contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the fiscal year
ended September 30, 2025.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Net Deferred Inflows and Deferred Outflows of Resources by Year to be Recognized in
Future Pension Expenses
Net Deferred Inflows and Outflows of Resources
Fiscal Year Ending September 30, FPTF PPTF GPTF
2025
359,593 67,661 64,715
2026 368,988 83,666 106,377
2027 690,762 247,902 318,620
2028 (33,921)(89,838)(49,017)
2029 49,981 (61,140)(5,907)
Thereafter 31,881 (54,305)-
Total $ 1,467,284 $ 193,946 $ 434,788
Net Pension Liability (Asset)
Below is a summary of components of the net pension liability (asset), by Plan, which was
measured as of September 30, 2023 (measurement date in accordance with GASB Statement No.
68).
Measurement Date September 30,
Fire
2023
Police
2023
General
2023
Total Pension Liability
$ 17,622,113 $ 6,076,800 $ 9,241,492
Plan Net Position 14,826,903 7,349,357 8,661,206
Net Pension Liability (Asset)$ 2,795,210 $ (1,272,557)$ 580,286
Plan Net Position as a % of Total
Pension Liability 84.14%120.94%93.72%
In accordance with GASB Statement No. 67, information as of September 30, 2024 has been
disclosed:
Measurement Date September 30,
Fire
2024
Police
2024
General
2024
Total Pension Liability
$ 19,097,281 $ 6,745,092 $ 10,249,576
Plan Net Position 18,249,247 9,038,866 10,802,680
Net Pension Liability (Asset)$ 848,034 $ (2,293,774)$ (553,104)
Plan Net Position as a % of Total
Pension Liability 95.56%134.01%105.40%
56
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Below is a detail of the net changes in pension liability (asset):
FIREFIGHTERS' PENSION TRUST
CHANGES IN NET PENSION LIABILITY
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at September 30, 2022 $ 16,613,857 $ 13,745,648 $ 2,868,209
Changes for the year:
Service cost
459,269 -459,269
Interest 1,162,950 -1,162,950
Changes of benefit terms ---
Differences between expected
and actual experience 305,139 -305,139
Changes in assumptions ---
Contributions - employer -439,538 (439,538)
Contributions - state -244,737 (244,737)
Contributions - employee -109,715 (109,715)
Net investment Income -1,239,553 (1,239,553)
Benefit payments, including refunds
of employee contributions (919,102)(919,102)-
Administrative expense - (33,186)33,186
Net Changes 1,008,256 1,081,255 (72,999)
Balances at September 30, 2023 $ 17,622,113 $ 14,826,903 $ 2,795,210
57
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
POLICE OFFICERS' PENSION TRUST
CHANGES IN NET PENSION ASSET
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Asset
Balances at September 30, 2022
$ 5,630,173 $ 6,643,342 $ (1,013,169)
Changes for the year:
Service cost 387,331 -387,331
Interest 415,171 -415,171
Changes of benefit terms - - -
Differences between expected
and actual experience (69,051)-(69,051)
Changes of assumptions - - -
Contributions - employer -126,138 (126,138)
Contributions - employer (from state)-222,712 (222,712)
Contributions - employee -92,612 (92,612)
Net investment income -584,563 (584,563)
Benefit payments, including refunds
of employee contributions (172,979)(172,979)-
Administrative expense -(33,186)33,186
Other (113,845)(113,845)-
Net changes 446,627 706,015 (259,388)
Balances at September 30, 2023 $ 6,076,800 $ 7,349,357 $ (1,272,557)
58
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
GENERAL EMPLOYEES' PENSION TRUST
CHANGES IN NET PENSION LIABILITY
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at September 30, 2022
$ 8,500,338 $ 7,742,454 $ 757,884
Changes for the year:
Service cost 539,870 - 539,870
Interest 578,739 - 578,739
Differences between expected
and actual experience (104,387)- (104,387)
Changes of Assumptions - - -
Contributions - employer (from City)- 331,983 (331,983)
Contributions - employee - 196,672 (196,672)
Net investment income - 719,500 (719,500)
Benefit payments, including refunds
of employee contributions (273,068)(273,068)-
Administrative expense - (56,335)56,335
Net changes 741,154 918,752 (177,598)
Balances at September 30, 2023 $ 9,241,492 $ 8,661,206 $ 580,286
Sensitivity of the Net Pension Liability (Asset) to Changes in the Discount Rate
A single discount rate of 7.00% as of September 30, 2024, same as of September 30, 2023, was
used to measure the total pension liability for the Police Officers' and Firefighters' Pension trusts.
This single discount rate was based on the expected rate of return on pension plan investments of
7.00%. A discount rate of 6.50% was used to measure total pension liability for the General
Employees' Pension Trust as of September 30, 2024 same as of September 30, 2023. This single
discount rate was based on the expected rate of return on pension plan investments of 6.5% for both
years. The projection of cash flows used to determine this single discount rate assumed that plan
member contributions will be made at the current contribution rate and that employer contributions
will be made at rates equal to the difference between the total actuarially determined contribution
rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net position
was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments (7% for the
Police Officers' and Firefighters' and 6.5% for the General Employees' Pension Trusts) was applied
to all periods of projected benefit payments to determine the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the
tables below present the plan’s net pension liability, calculated using a single discount rate of
7.00% (for the Police Officers' and Firefighters' Pension Trusts) and 6.50% (for the General
Employees' Pension Trust) as well as what the plan’s net pension liability would be if it were
calculated using a single discount rate that is 1-percentage-point lower or 1-percentage-point higher
(amounts in parenthesis represent a net pension asset).
59
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Fiscal Year Ended September 30, 2023
1%
Decrease
6.00%
Current Single
Discount Rate
Assumption
7.00%
1%
Increase
8.00%
Firefighters' $ 4,902,497 $ 2,795,210 $ 1,017,425
Police Officers'(452,872)(1,272,557)(1,950,542)
Fiscal Year Ended September 30, 2023
Decrease
5.50%
Current Single
Discount Rate
Assumption
6.50%
1%
Increase
7.50%
General Employees' $ 1,805,799 $ 580,286 $ (443,731)
In accordance with GASB Statement No. 67, information as of September 30, 2024 has been
disclosed:
Fiscal Year Ended September 30, 2024
1%
Decrease
6.00%
Current Single
Discount Rate
Assumption
7.00%
1%
Increase
8.00%
Firefighters' $ 3,044,604 $ 848,034 $ 1,005,966
Police Officers'(1,355,727)(2,293,774)(3,070,565)
Fiscal Year Ended September 30, 2024
Decrease
5.50%
Current Single
Discount Rate
Assumption
6.50%
1%
Increase
7.50%
General Employees' $ 786,149 $ (553,104)$ (1,674,151)
Village of Tequesta Public Safety Employees’ Pension Plan (PSEPP)
Summary of Plan Provisions
A. Ordinances
The Plan was established under the Code of Ordinances for the Village of Tequesta, Florida,
Chapter 2, Article III, Division 1, Section 2-61 (b), and was most recently amended under
Ordinance No. 02-19 , passed and adopted on March 14, 2019. The Plan is also governed by
certain provisions of Chapters 175 and 185, Florida Statutes, Part VII, Chapter 112, Florida
Statutes and the Internal Revenue Code.
B. Effective Date
Not currently available
60
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full-time police officers and all full-time firefighters are eligible for membership on the date of
employment.
F. Credited Service
Service is measured as the total number of years and completed months of a year as a police officer
or firefighter with the Village. No service is credited for any periods of employment for which the
member received a refund of their contributions.
G. Compensation
Total cash remuneration for services rendered as a police officer or firefighter. For firefighters and
police officers hired before October 1, 2010, overtime hours are limited to 300 hours per year,
effective October 1, 2013 for firefighters and October 1, 2014 for police officers. For firefighters
and police officers hired before October 1, 2010, payments for unused leave earned after October
1, 2013 for firefighters and October 1, 2014 for police officers are excluded from pensionable
salary. For firefighters hired on or after October 1, 2010, fixed monthly remuneration including
regular earnings, vacation pay and sick pay but excluding lump sum payments, overtime, bonuses,
incentives and longevity.
H. Average Final Compensation (AFC)
The average of Compensation over the highest 5 years during the last 10 years of Credited Service.
I. Normal Retirement
Eligibility - A member may retire on the first day of the month coincident with or next following
the earlier of:
(1) age 55 and 6 years of Credited Service (10 years of Credited Service for firefighters hired
on or after August 14, 2015), or
(2) age 52 and 25 years of Credited Service.
Benefit - For police officers hired before February 1, 2013 and firefighters hired before August 14,
2015 (firefighters: Credited Service only prior to September 1, 2015):
3.0% of AFC multiplied by the first 6 years of Credited Service, plus
3.5% of AFC multiplied by the next 4 years of Credited Service, plus
4.0% of AFC multiplied by the next 5 years of Credited Service, plus
3.0% of AFC multiplied by the next 6 years of Credited Service, plus
61
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
2.0% of AFC multiplied by the next 4 years of Credited Service, plus
3.0% of AFC multiplied by all years of Credited Service over 25 years
For firefighters hired before August 14, 2015, Credited Service on or after September 1, 2015:
3.0% of AFC multiplied by years of Credited Service
For police officers hired on or after February 1, 2013 and firefighters hired on or after August 14,
2015:
2.75% of AFC multiplied by all years of Credited Service
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
J. Early Retirement
Eligibility - A member may elect to retire earlier than the Normal Retirement Eligibility upon
attainment of age 50 and 6 years of Credited Service (10 years of Credited Service for firefighters
hired on or after August 14, 2015).
Benefit - The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early
Retirement date precedes the Normal Retirement date.
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
L. Service Connected Disability
Eligibility - Any member who becomes totally and permanently disabled and unable to render
useful and efficient service to the Village as a result from an act occurring in the performance of
service for the Village is immediately eligible for a disability benefit.
62
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Benefit - The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 42% of AFC.
Normal Form of Benefit - 10 Years Certain and Life thereafter.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
M. Non-Service Connected Disability
Eligibility - Any member who becomes totally and permanently disabled and unable to render
useful and efficient service to the Village is immediately eligible for a disability benefit.
Benefit - The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 25% of AFC.
Normal Form of Benefit - 10 Years Certain and Life thereafter.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
N. Death in the Line of Duty
Eligibility - Members are eligible for survivor benefits regardless of Credited Service.
Benefit - The member’s spouse or dependent child will receive the 50% of the member’s AFC as of
the date of death.
Normal Form of Benefit - Payable for the life of the beneficiary.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
63
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
O. Other Pre-Retirement Death
Eligibility - Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service (10 years of Credited Service for firefighters hired on or after August 14, 2015).
Benefit - The beneficiary will receive the actuarial equivalent of the member’s accrued Normal
Retirement Benefit taking into account compensation earned and service credited as of the date of
death.
Normal Form of Benefit - Payable for the life of the beneficiary.
COLA: None
Supplemental Benefit - All retirees and beneficiaries receiving pension benefits will be paid a
supplemental benefit equal to $20 for each year of the member’s Credited Service up to a
maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
The beneficiary of a plan member with less than 6 years of Credited Service (10 years of Credited
Service for firefighters hired on or after August 14, 2015) at the time of death will receive a refund
of the member’s accumulated contributions.
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all
retirees are the Life Annuity option or the 50%, 66 2/3%, 75% and 100% Joint and Survivor
options.
R. Vested Termination
Eligibility - A member has earned a non-forfeitable right to Plan benefits after the completion of 6
years of Credited Service (10 years of Credited Service for firefighters hired on or after August 14,
2015).
Benefit - The benefit is the member’s accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the member’s Normal Retirement date. Alternatively, members can
elect a reduced Early Retirement benefit any time after age 50.
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
64
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Supplemental Benefit - Once in pay status, all retirees and beneficiaries receiving pension benefits
will be paid a supplemental benefit equal to $20 for each year of the member’s Credited Service up
to a maximum of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
Members terminating employment with less than 6 years of Credited Service (10 years of Credited
Service for firefighters hired on or after August 14, 2015) will receive a refund of their own
accumulated contributions.
S. Refunds
Eligibility - All members terminating employment with less than 6 years of Credited Service (10
years of Credited Service for firefighters on or after August 14, 2015) are eligible. Optionally,
vested members (those with 6 or more years of Credited Service – 10 years of Credited Service for
firefighters hired on or after August 14, 2015) may elect a refund in lieu of the vested benefits
otherwise due.
Benefit - Refund of the member’s contributions.
T. Member Contributions
5% of Compensation for police officers hired before February 1, 2013 and 6% of compensation for
police officers hired on or after February 1, 2013. 5%t of compensation for firefighters through the
fiscal year ending September 30, 2016; 5.5% of Compensation for firefighters beginning in the
fiscal year ending September 30, 2017; thereafter, 6% of Compensation for firefighters. Employee
contributions for firefighters would revert back to 5% of Compensation if the Village opts out of
participation in Chapter 175.
U. State Contributions
Chapter 185 Premium Tax Revenue: The Village is permitted to use all annual Chapter 185
revenue as a credit toward the Required Employer Contribution and to apply half of the Chapter
185 reserve of $333,315 to reduce Required Employer Contribution. The remaining half of the
Chapter 185 reserve of $333,315 is alocated to a Share Paln for police officers.
Chapter 175 Premium Tax Revenue: The Village is permitted to use all annual Chapter 175
revenue as a credit toward the Required Employer Contribution and to apply the Chapter 175
reserve of $545,142 to reduce the Required Employer Contribution for the fiscal year ending
September 30, 2016 through September 30, 2018, as determined by Village.
V. Employer Contributions
Any additional amount determined by the actuary needed to fund the plan properly according to
State laws.
65
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
W. Cost of Living Increases
Not Applicable
X. 13th Check
Not Applicable
Y. Deferred Retirement Option Plan
Eligibility - Plan members who have met one of the following criteria are eligible for the DROP:
(1) age 55 and 6 years of Credited Service (10 years of Credited Service for firefighters hired
on or after August 14, 2015), or
(2) age 52 and 25 years of Credited Service.
Police officers must make a written election to participate in the DROP before the 27th year of
employment. Firefighters must make a written election to participate in the DROP within two years
of normal retirement eligibility.
Benefit - The member’s Credited Service and AFC are frozen upon entry into the DROP. The
monthly retirement benefit as described under Normal Retirement is calculated based upon the
frozen Credited Service and AFC. Firefighters have the optional sell back of vacation and sick
leave when entering the DROP.
Maximum DROP Period - Police officers: The earlier of 5 years of participation in the DROP or 30
years of employment. Firefighters: 5 years.
Interest Credited - The member's DROP account is credited on September 30 of each year with
investment earnings or losses at the same rate earned by the pension fund less any administrative
expenses. The interest rate will not be less than 0% nor greater than 7.5%.
Normal Form of Benefit - Lump Sum; other options are also available.
COLA: None
Z. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed
a Village of Tequesta Public Safety Officers’ Pension Trust Fund liability if continued beyond the
availability of funding by the current funding source.
AA. Changes from Previous Valuation
None
The Firefighters’ Pension Trust Fund (part of the PSEPP) does not issue separate stand-alone
financial statements. Included below are the Statement of Fiduciary Net Position and the Statement
of Changes in Fiduciary Net Position as of and for the fiscal year ended September 30, 2024.
66
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
FIREFIGHTERS' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Assets
Cash and cash equivalents $ 372,337
Investments
Equities 12,430,388
Fixed income 4,239,501
Real Estate Funds 1,170,066
Total investments 17,839,955
Contributions receivable 35,604
Accrued interest receivable 17,577
Total Assets 18,265,473
Liabilities
Accounts payable 16,226
Total Liabilities 16,226
Net Position Restricted for
Pension Benefits $ 18,249,247
67
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
FIREFIGHTERS' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Additions
Contributions:
State of Florida $ 249,399
Employer 442,363
Employee 136,161
Total Contributions 827,923
Investment earnings
Net appreciation in fair value of investment 2,651,308
Gain on sale of investments 148,222
Interest and dividends 337,501
Total investment earnings 3,137,031
Less investment expenses (38,839)
Net investment earnings 3,098,192
Total Additions 3,926,115
Deductions
Benefits paid 448,011
Refund of contributions 2,749
Administrative expenses 53,011
Total Deductions 503,771
Change in Net Position 3,422,344
Net Position Restricted for
Pension Benefits
Beginning of year 14,826,903
End of year $ 18,249,247
68
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
The Police Officers’ Pension Trust Fund (part of the PSEPP) does not issue separate stand-alone
financial statements. Included below are the Statement of Fiduciary Net Position and the Statement of
Changes in Fiduciary Net Position as of and for the fiscal year ended September 30, 2024.
POLICE OFFICERS' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Assets
Cash and cash equivalents $ 184,969
Investments
Equities 6,167,790
Fixed income 2,103,583
Real Estate Funds 580,571
Total investments 8,851,944
Contributions receivable 6,722
Accrued interest receivable 8,727
Total Assets 9,052,362
Liabilities
Accounts payable 13,496
Total Liabilities 13,496
Net Position Restricted for
Pension Benefits $ 9,038,866
69
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
POLICE OFFICERS' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Additions
Contributions:
State of Forida $ 113,570
Employer
133,915
Employee 96,406
Total Contributions 343,891
Investment earnings
Net appreciation in fair value of investments
1,314,900
Gain on sale of investments 73,495
Interest and dividends 167,398
Total investment earnings 1,555,793
Less investment expenses (27,447)
Net investment earnings 1,528,346
Total Additions 1,872,237
Deductions
Benefits paid 126,812
Refund of contributions 10,405
Administrative expenses 45,511
Total Deductions 182,728
Change in Net Position 1,689,509
Net Position Restricted for
Pension Benefits
Beginning of year 7,349,357
End of year $ 9,038,866
70
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
General Employees’ Pension Plan
A. Ordinances
The Plan was established under the Code of Ordinances for the Village of Tequesta, Florida,
Chapter 2, Article III, Division 1, Section 2-61 (a), and was most recently amended under Ordinance
No. 12-19. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes
and the Internal Revenue Code.
B. Effective Date
December 11, 2003
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full-time general employees who are not classified as police officers or firefighters are eligible
for membership on the date of employment.
F. Credited Service
Service is measured as the period of contenious service as a general employee with the Village of
Tequesta. No service is credited for any periods of employment for which the member received a
refund of their contributions.
G. Compensation
Base compensation including regular earnings, vacation pay, sick pay, plus all tax-deferred items of
income, but excluding any lump sum payments, overtime, bonuses and longevity bonus.
H. Average Final Compensation (AFC)
The average of Compensation over the highest 5 years during the last 10 years of Credited Service;
does not include lump sum payments of unused leave.
71
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
I. Normal Retirement
Eligibility - A member may retire on the first day of the month coincident with or next following the
earlier of:
(1) age 62, or
(2) 30 years of Credited Service regardless of age.
Benefit - 2.0% of AFC multiplied by Credited Service with a maximum benefit equal to 100% of
AFC.
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
J. Early Retirement
Eligibility - A member may elect to retire earlier than the Normal Retirement Eligibility upon
attainment of age 50 and 6 years of Credited Service.
Benefit - The Normal Retirement Benefit is reduced by 5.0% for each year by which the Early
Retirement date precedes the Normal Retirement date.
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
L. Service Connected Disability
Eligibility - Any member who becomes totally and permanently disabled and unable to render useful
and efficient service to the Village as a result from an act occurring in the performance of service
for the Village is immediately eligible for a disability benefit.
Benefit -The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 42% of AFC.
Normal Form of Benefit - 10 Years Certain and Life thereafter.
COLA: None
72
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
M. Non-Service Connected Disability
Eligibility - Any member who has 6 years of Credited Service and becomes totally and permanently
disabled and unable to render useful and efficient service to the Village is immediately eligible for a
disability benefit.
Benefit -The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 25% of AFC.
Normal Form of Benefit - 10 Years Certain and Life thereafter.
COLA: None
N. Death in the Line of Duty
Eligibility - Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service.
Benefit - The beneficiary will receive the member’s accrued Normal Retirement Benefit taking into
account compensation earned and service credited as of the date of death. The benefit is payable at
the member’s Normal Retirement date.
Normal Form of Benefit - 10 Years Certain
COLA: None
The beneficiary of a plan member with less than 6 years of Credited Service at the time of death will
receive a refund of the member’s accumulated contributions with interest.
O. Other Pre-Retirement Death
Eligibility - Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service.
Benefit - The beneficiary will receive the member’s accrued Normal Retirement Benefit taking into
account compensation earned and service credited as of the date of death. The benefit is payable at
the member’s Normal Retirement date.
Normal Form of Benefit - 10 Years Certain
COLA: None
The beneficiary of a plan member with less than 6 years of Credited Service at the time of death will
receive a refund of the member’s accumulated contributions with interest.
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
73
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees
are the Life Annuity option or the 50%, 66 2/3%, 75% and 100% Joint and Survivor options.
R. Vested Termination
Eligibility - A member has earned a non-forfeitable right to Plan benefits after the completion of 6
years of Credited Service.
Benefit - The benefit is the member’s accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the member’s Normal Retirement date. Alternatively, members can
elect a reduced Early Retirement benefit any time after age 50.
Normal Form of Benefit - 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Members terminating employment with less than 6 years of Credited Service will receive a refund
of their own accumulated contributions with interest.
S. Refunds
Eligibility - All members terminating employment with less than 6 years of Credited Service are
eligible. Optionally, vested members (those with 6 or more years of Credited Service) may elect a
refund in lieu of the vested benefits otherwise due.
Benefit - Refund of the member’s contributions with interest. Interest is currently credited at a rate
of 3%.
T. Member Contributions
5% of Compensation
U. Employer Contributions
Any additional amount determined by the actuary needed to fund the plan properly according to
State laws.
V. Cost of Living Increases
Not Applicable
W. 13th Check
Not Applicable
74
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
X. Deferred Retirement Option Plan
Not Applicable
Y. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed a
Village of Tequesta General Employees’ Pension Trust Fund liability if continued beyond the
availability of funding by the current funding source.
Z. Changes from Previous Valuation
There have been no changes since the last valuation.
The General Employees’ Pension Trust Fund does not issue separate stand-alone financial
statements. Included below are the Statement of Fiduciary Net Position and the Statement of
Changes in Fiduciary Net Position as of and for the fiscal year ended September 30, 2024.
GENERAL EMPLOYEES' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Assets
Cash and cash equivalents $ 248,243
Investments
Equities
7,239,114
Fixed income 2,632,856
Real Estate Funds 667,865
Total investments 10,539,835
Contributions receivable 14,080
Accrued interest receivable
15,496
Total Assets 10,817,654
Liabilities
Accounts payable 14,974
Total Liabilities
14,974
Net Position Restricted for
Pension Benefits $ 10,802,680
75
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
GENERAL EMPLOYEES' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Additions
Contributions:
Employer
$ 381,565
Employee 218,037
Total Contributions 599,602
Investment earnings
Net appreciaton in fair value of investments
1,687,881
Gain on sale of investments 54,000
Interest and dividends 208,121
Total investment earnings 1,950,002
Less investment expenses (50,869)
Net investment earnings 1,899,133
Miscellaneous 10
Total Additions 2,498,745
Deductions
Benefits paid 272,845
Refund of contributions 28,902
Administrative expenses 55,524
Total Deductions 357,271
Change in Net Position 2,141,474
Net Position Restricted for
Pension Benefits
Beginning of year 8,661,206
End of year $ 10,802,680
The following summarizes the pension related amounts for the pension plans as of the indicated
measurement date:
Measurement
Date
Net Pension
Asset
Net Pension
Liability
Deferred
Outflow of
Resources
Deferred
Inflow of
Resources
Pension
Expense
(Benefit)
General Employees' Pension
Trust Fund 9/30/23 $ -$ 580,286 $ 1,140,496 $ 324,144 $ 599,850
Firefighters Pension Trust
Fund 9/30/23 -2,795,210 2,382,702 223,656 1,008,927
Police Pension Trust Fund 9/30/23 1,272,557 -824,012 382,581 381,264
Total $ 1,272,557 $ 3,375,496 $ 4,347,210 $ 930,381 $ 1,990,041
76
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Village of Tequesta Defined Contribution Plan
The Village Single-Employer Defined Contribution Plan (the Plan) was established on February 1,
2013 with an effective date of March 1, 2013. The Plan is a 401(a) money purchase plan in the form
of the Empower Retirement Governmental Money Purchase Plan and Trust (The Plan) with assets of
the Plan held in trust for the exclusive benefit of the Plan participants and their beneficiaries. The
assets shall be invested in the Plan and shall not be diverted to any other purpose. The employer’s
beneficial ownership of Plan assets held in the Empower Retirement Trust shall be held for the further
exclusive benefit of the Plan participants. The Village Manager is the coordinator for the Plan and is
authorized to execute all necessary agreements with the Empower Retirement Trust incidental to the
administration of the Plan. The Village serves as Trustee under the Plan.
In a defined contribution plan, benefits depend solely on the amounts contributed to the Plan plus
investment earnings.
The Plan covered the Police Chief and Assistant Police Chief. Employees must designate a mandatory
participation contribution between the range of 1% to 12% for the Plan year as a condition of
participation in the Plan. The participant shall not have the right to discontinue or vary the rate after
becoming a Plan participant. Newly eligible employees have an election window of 30 days from the
date of eligibility to make the election to participate in the mandatory contribution portion of the Plan
which will begin the first of the month following the end of the election window. This election is
irrevocable and remains in force until the employee terminates employment or ceases to be eligible to
participate in the Plan.
The Village contributes 10% of compensation. Employees are immediately vested in the Plan. Plan
provisions are established and may be amended by the Village.
The Village does not hold or administer resources of the Plan and consequently, the Plan does not
meet the requirements for inclusion in the Village’s financial statements. The Plan does not issue a
stand-alone financial report. The fair value of the Plan assets at September 30, 2024 was $352,526.
Employee contributions to the Plan for fiscal year ended September 30, 2024 were $14,095; the
Village’s contributions were $30,356.
On November 11, 2024 the Village Council amended Chapter 2 of the Village Code of Ordinances
section 2-61 Public Safety Officers' Trust Fund to permit the purchase of prior Village of Tequesta
Police Officer Service. Both the Chief of Police and the Assistant Chief have been provided an
opportunity to transfer into the defined benefit plan, and permitted to purchase their service into, and
join the Tequesta Public Safety Officers' Pension Trust Fund.
G. Other Postemployment Benefits (OPEB)
Village of Tequesta’s Other Postemployment Benefits Plan
Plan description. The Village of Tequesta provides health insurance benefits to its retired employees
through a single-employer plan administered by the Village. Pursuant to the provisions of Section
112.0801, Florida Statutes, former employees who retire from the Village and eligible dependents may
continue to participate in the Village’s fully-insured benefit plan for medical insurance coverage. The
Village subsidizes the premium rates paid by retirees by allowing them to participate in the plan at
reduced or blended group (implicitly subsidized) premium rates for both active and retired employees.
77
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
These rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and
future claims are expected to result in higher costs to the plan on average than those of active
employees. The benefits provided under this defined benefit plan are provided until the retiree’s
attainment of age 65 (or until such time at which retiree discontinues coverage under the Village
sponsored plans, if earlier).
Funding Policy. The Village’s Other Post-Employment Benefits are unfunded (pay-as-you-go basis).
That is, the Village does not have a separate Trust Fund to make contributions to advance-fund the
obligation. Current and future retirees are required to pay 100% of the blended premium to continue
coverage under the Village’s group health insurance program.
Summary of Membership Information. The following table provides a summary of the number of
participants in the plan at the measurement date of September 30, 2023:
Inactive members or beneficiaries currently receiving benefits
6
Inactive members entitled to but not yet receiving benefits 0
Active members 95
Total 101
OPEB Liability, Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources
The Village recognizes the OPEB liability and the OPEB expense in the financial statements, along
with the related deferred outflows and inflows of resources. The OPEB liability is the difference
between the total OPEB liability and the plan’s fiduciary net position. Since the plan is currently
unfunded, the net OPEB liability is equal to and reported as total OPEB liability.
The OPEB expense recognize each fiscal year is equal to the change in the total OPEB liability from
the beginning of the year, not including the impact of the employer contributions, adjusted for deferred
recognition of the liability.
At September 30, 2024, the Village reported an OPEB liability of $898,571 that is based on an
actuarial valuation performed as of September 30, 2023 and a measurment date of September 30, 2023.
78
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
For the fiscal year ended September 30, 2024, the Village recognized OPEB expense of $132,121.
Total OPEB Liability - Beginning (September 30, 2022)
$ 820,761
Service cost 59,465
Interest on the Total OPEB Liability 37,405
Difference between expected and actuarial experience of the
Total OPEB Liability 44,273
Changes in assumptions and other inputs (3,117)
Benefit payments (60,216)
Net change in Total OPEB Liability 77,810
Total OPEB Liability - Ending (September 30, 2023) $ 898,571
In addition, the Village reported an deferred outflows and deferred inflows of resources related to
OPEB from the following sourses:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Difference between expected and actual experience
$ 38,939 $ -
Changes in assumptions and other inputs 270,914 114,367
Benefit payments after the measurement date 51,540 -
Total $ 361,393 $ 114,367
The deferred outflows of resources related to the contributions subsequent to the measurement date
will be recognized as a reduction of the total OPEB liability in the fiscal year ended September 30,
2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to the OPEB will be recognized in future OPEB expenses as follows:
Fiscal Year Ending Amount
2025
$ 35,251
2026 35,251
2027 35,251
2028 35,251
2029 35,251
Thereafter 19,231
$ 195,486
79
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Actuarial methods, assumptions and other inputs. The total OPEB liability was determined
using actuarial assumptions outlined below.
Valuation Date September 30, 2023
Measurement Date September 30, 2023
Actuarial Cost Method Entry age normal
Inflation 2.50 %
Discount Rate 4.63%
Salaty Increase For participants in the General Employees Plan, 4.75%-5.50% per year,
including inflation. For participants in the Public Sfety Plan, 6.0% per year,
including inflation.
Retirement Age Retirement rates used in the October 1, 2023 pension actuarial valuations of
the General and Public Safety employees.
Mortality Mortality rates are the same as used in the July 1,2023 acruarial valuation of
the Florida Retirement System. These rates were taken from adjusted
Pub-2010 mortality tables published by the SOA with generational mortality
improvements using scale MP-2018. Adjustments to reference tables are
based on the results of a statewide experience study covering the period 2013
through 2018.
Healthcare Cost Trend
Rates
Based on the Getzen Model, with trends starting at 16.00% for 2024, 6.00%
for 2025, and then gradually decreasing to an ultimate trend rate of 4.00%.
Aging factors Based on the 2013 SOA Study "Healt Care Cost - From Birth to Death".
Expenses Administrative expenses are included in the per capita health costs.
Other infornation
Notes The following assumption changes have been reflected in the Schedule of
Changes in the Total OPEB Liability for the measurement period ending
September 30, 2023:
-The discount rate was changed from 4.40% to 4.63% as of September 30,
2023.
-The expected claims costs and premiums were updated to reflect recent
information provided for this valuation.
-Healthcare cost trend assumption was updated to reflect new healthcare
trend rates.
There were no benefit changes during the year.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time
of each calculation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The methods and assumptions used include techniques that are designed to
reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of
assets, consistent with the long-term perspective of the calculations.
80
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Discount Rate
For plans that do not have formal assets, the discount rate should equal to the tax-exempt municipal
bond rate based on an index of 20-year general obligation bonds with an average AA credit rating as of
the measurement date. For the purpose of this valuation, the municipal bond rate is 4.63% (based on
the daily rate closest to but not later than the measurement date of the "Fidelity 20-Year Municipal GO
AA Index"). The discount rate was 4.40% as of the beginning of the measurement year.
Plan Assets
There are no plan assets accumulated in the trust that meets the criteria in paragraph 4 of GASB
Statement No. 75.
Sensitivity of Total OPEB Liability
Regarding the sensitivity of the total OPEB liability to changes in the discount rate, the following
presents the plan’s total OPEB liability, calculated using a discount rate of 4.63%, as well as what the
plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent lower
or one percent higher:
Sensitivity of Total OPEB Liability to the Discount Rate Assumption
1% Decrease
3.63%
Current Discount Rate
Assumption
4.63%
1% Increase
5.63%
Village's OPEB liability $ 967,422 $ 898,571 $ 835,641
Regarding the sensitivity of the total OPEB liability to changes in the healthcare cost trend rates, the
following presents the plan’s total OPEB liability, calculated using the assumed trend rates as well as
what the plan’s total OPEB liability would be if it were calculated using a trend rate that is one percent
lower or one percent higher:
Sensitivity of Total OPEB Liability to the Healthcare Cost Trend Rate Assumption
1% Decrease
Current Healthcare Cost
Trend Rate Assumption 1% Increase
Village's OPEB liability $ 817,894 $ 898,571 $ 992,222
81
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
H. Construction and Other Commitments
The Village has active construction projects as of September 30, 2024, including roads, sidewalks,
recreationl area improvements, and various water projects. At year end, The Village had the
following significant related to uncompleted contacts for construction and equipment:
Description Remaining Commitment
Governmental Activities
Major funds
General Fund
$ -
Total Major Funds -
Non-Major Funds 1,167,717
Total Governmental Activities $ 1,167,717
Business-type Activities
Major funds
Water Utility (variety of projects) $ 1,601,432
Total Major Funds 1,601,432
Non-Major Funds -
Total Business-type Activities $ 1,601,432
All commitments are financed from existing Village resources.
Village uses encumbrance accounting and, therefore, construction and commitments noted above
represent outstanding encumbrances at September 30, 2024.
Inter-Local Agreement
On December 20, 1994, the Village entered into an Inter-local agreement with Palm Beach County.
Per the agreement, Palm Beach County provided for partial funding, land acquisition and design
and construction of a branch library within Tequesta. Upon completion of the project, the library
was leased to Palm Beach County for 50 years for an annual rent of one dollar. In the event the
Village terminates the lease before the end of 50 years, the Village must reimburse Palm Beach
County a depreciated value using a useful life of 25 years based on an initial value of $405,000
calculated on a straight-line basis.
I. Contracted Services – Refuse and Recycling Collection
The Village's agreement with Waste Management, Inc. of Florida is for initial term for a period of
eight years beginning October 1, 2017 and ending September 30, 2025 with optional renewal for
one additional five year period. With this agreement the Village granted Waste Management the
exclusive franchise for solid waste collection of residential, commercial, industrial and roll-off
refuse, recycling and vegetative waste. The annual change in the collection component is
determined using the Water, Sewer, and Trash Collection CPI published monthly by The Bureau of
Labor Statistics during the most recent previous twelve consecutive months period beginning on
April 1 and ending March 31.
82
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
J. Risk Management
The Village is exposed to various risks of loss related to torts, theft of, damage to and destruction
of assets, errors and omissions, injuries to employees and natural disasters. While the Village
cannot always anticipate the areas in which potential claims may arise, it purchases commercial
insurance to protect against areas of possible exposure connected to municipal entities such as
property, liability, automobile, workers’ compensation, crime, storage tank, inland marine, statutory
accidental death and dismemberment, firefighter cancer program coverage, and railroad coverage.
Deductibles and limits vary by coverage and are secured based upon the Village’s tolerance of risk
retention in each area.
At the Village Council’s direction, the property deductible of $100,000 is applicable for all perils
excluding hurricane/windstorm damage. The Florida Municipal Insurance Trust (FMIT) applies a
named storm deductible of 5% of the 100% value of real and personal property, personal property
of others in our care, custody and control values at the time of loss or damage at the locations
where the damage occurred, subject to the policy deductible, whichever is greater. The Village
continues to self-insure all property claims up to $100,000 via a policy deductible.
The Village remains fully insured with the FMIT for workers’ compensation coverage with
statutory limits. Premiums are based upon risk class and remuneration of covered employees
adjusted by an experience modification factor which includes three prior years of claims history. At
the end of each fiscal year, the plan is audited and the Village can either receive a return of
premium or be required to pay additional premium base upon actual versus estimated payroll.
FMIT’s final audit for fiscal year 2023/2024 resulted in a total refund to the Village of $10,926 due
to payroll alterations that impacted the workers' compensation premium.
K. Financed Purchases
Financed Purchase - Computer Equipment
The Village entered into a master agreement with Truist Bank, a North Carolina banking
corporation in the amount of $168,390 with funding on February 18, 2021 for the financing of
computer hardware equipment. The applicable interest rate is 1.67% and interest and principal
payments are due annually on February 18th. This is a three (3) year contract with three (3)
payments maturing at February 18, 2024. It is paid off at fiscal year ending 9/30/2024.
Financed Purchase - Police Fleet
The Village entered into an agreement with Enterprise Fleet Management Trust in the amount of
$105,305 with funding on September 18, 2020 for the financing of three Dodge Durango vehicles.
The applicable interest rate is 3.15% and interest and principal payments are due monthly. This is a
five (5) year contract with sixty (60) payments.
The following is the schedule of the of the future minimum payments at September 30, 2024:
Fiscal Year Ending
September 30:Principal Interest Total
2025
$ 51,661 $ 4,590 $ 56,251
2026 25,840 1,975 27,815
Total $ 77,501 $ 6,565 $ 84,066
83
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Financed Purchase - Police Tasers
The Village entered into a 60 month capital lease with Axon Enterprise, Inc. in the amount of
$80,496 on December 11, 2023 for the financing of twenty (20) tasers. Interest and principal
payments are due annually. This is a five (5) year contract with five (5) payments.
The following is the schedule of the of the future minimum payments at September 30, 2024:
Fiscal Year Ending
September 30:Principal Interest Total
2025
$ 16,099 $ -$ 16,099
2026 16,099 -16,099
2027 16,099 -16,099
2028 16,100 -16,100
Total $ 64,397 $ -$ 64,397
L. Long-Term Liabilities
Promissory Notes
The Village issues long-term debt to provide funds for the acquisition and construction of major
capital facilities. Promissory notes have been signed for both governmental and business-type
activities. These notes mature in 5 to 16 years and have interest rates from 2.18% to 3.69% per year.
The outstanding notes from direct borrowings and direct placements related to governmental
activities of $6,111,000 contain events of default and remedies whereby failure of the Village to
pay the principal and interest on any debt when due or failure to observe and perform any covenant
or condition applicable to the various Village obligations, constitutes an "event of default." Upon
the occurrence of any event of default, the noteholder may declare all outstanding amounts become
immediately due.
The Village's outstanding notes from direct borrowings related to its business-type activities of
$1,546,008 are secured by pledged revenues of the water utility system or by a pledge of a covenant
to budget and appropriate non-ad valorem revenues. These notes contain (1) a provision that, in an
event of default, the timing of repayment of outstanding amounts may become immediately due if
pledged revenues during the fiscal year are less than 120% of debt service requirements for that
year and (2) a provision that if the Village is unable to make payment, outstanding amounts may
become due immediately.
The Notes outstanding at September 30, 2024 are as follows:
Promissory Notes Payable
Signed
Date
Original
Borrowing
Interest
Rate
Final
Maturity
Outstanding
9/30/2024
Government Activities
Capital Improvements/Rec. Building 1/21/2021
$ 6,890,000 2.18% 10/01/2040 $ 6,111,000
Total Government Activities $ 6,111,000
Business-type Activities
Public Improvement (Refunding)7/14/2008 6,554,935 3.69%3/1/2028 $ 1,546,008
Total Business-type Activities $ 1,546,008
84
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Legal Debt Margin
The Village is subject to a bonded debt limitation of 10% of total assessed value of taxable real
property. The final gross taxable value at September 30, 2024 was $1,850,804,632. As of
September 30, 2024 the Village did not exceed the debt limit of $185,080,463.
Changes in Long-Term Liabilities
Changes in the Village’s long-term liabilities for the fiscal year ended September 30, 2024 are as
follows:
Governmental Activities
Beginning
Balance Additions Deletions
Ending
Balance
Due Within
One Year
Governmental Activities
Note Payable - 2021
$ 6,405,000 $ - $ 294,000 $ 6,111,000 $ 301,000
Financed purchases 183,758 80,496 122,356 141,898 67,760
Compensated absences 836,773 91,241 - 928,014 140,200
Total Governmental Activities $ 7,425,531 $ 171,737 $ 416,356 $ 7,180,912 $ 508,960
Business-type Activities
Beginning
Balance Additions Deletions
Ending
Balance
Due Within
One Year
Business-type Activities
Note Payable (2008)
$ 1,952,564 $ - $ 406,556 $ 1,546,008 $ 420,915
Compensated absences 127,693 16,424 - 144,117 25,000
Total Business-type Activities $ 2,080,257 $ 16,424 $ 406,556 $ 1,690,125 $ 445,915
The debt service requirements for the Village’s notes are as follows:
Governmental Activities
Fiscal Year Ending
September 30:
Promissory Notes
Principal Interest Total
2025 $ 301,000 $ 129,939 $ 430,939
2026 307,000 123,312 430,312
2027 314,000 116,543 430,543
2028 321,000 109,621 430,621
2029 328,000 102,547 430,547
2030-2041 4,540,000 619,316 5,159,316
Total $ 6,111,000 $ 1,201,278 $ 7,312,278
85
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Business-type Activities
Fiscal Year Ending
September 30:
Promissory Notes
Principal Interest Total
2025
$ 420,915 $ 49,309 $ 470,224
2026 437,238 33,273 470,511
2027 455,564 16,563 472,127
2028 232,291 1,819 234,110
Total $ 1,546,008 $ 100,964 $ 1,646,972
Total Primary Government Debt
Fiscal Year Ending
September 30:
Total Primary Government Debt
Principal Interest Total
2025 $ 721,915 $ 179,248 $ 901,163
2026 744,238 156,585 900,823
2027 769,564 133,106 902,670
2028 553,291 111,440 664,731
2029 328,000 102,547 430,547
2030-2041 4,540,000 619,316 5,159,316
Total $ 7,657,008 $ 1,302,242 $ 8,959,250
M. Fund Balance
Minimum Fund Balance Policy
The Village Council has adopted a financial policy to maintain a minimum level of unassigned fund
balance in the general fund. The target level is set at three months of general fund operating
expenditures (25%). This amount is intended to provide fiscal stability when economic downturns
and other unexpected events occur. If fund balance falls below the minimum target level because it
has been used, essentially as a “revenue” source, as dictated by current circumstances, the policy
provides for actions to replenish the amount to the minimum target level. Generally, replenishment
is to occur within a three-year period.
At September 30, 2024 the unassigned fund balance of the general fund was 42.17% and is above
the minimum target level. It is a 6.13% increase compared to the prior fiscal year.
N. Interfund Transfers
The composition of interfund transfers for the fiscal year ended September 30, 2024 is as follows:
Transfers Out
Transfers In
Capital
Improvement Fund
(1)
Capital
Projects Fund
(1), (2)
Total
General Fund
$ 15,000 $ 1,685,008 $ 1,700,008
Capital Improvement Fund -199,887 199,887
Total Interfund Transfers $ 15,000 $ 1,884,895 $ 1,899,895
86
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
(1) Transfer is to restrict portion of increased General Fund revenues to fund capital projects and
improvements
(2) Transfer of funds to fund specific capital projects.
O. Joint Ventures
The Village, in conjunction with six other municipalities, organized a consortium to provide mutual
fire and emergency aid. The consortium is known as the Northern Area Mutual Aid Consortium
(NAMAC). During 1999, the consortium purchased equipment and supplies as well as collected
contributions. The consortium does not issue separate financial statements. The Village has not
been obligated to contribute any funds to the consortium since its inception in 1999.
87
REQUIRED SUPPLEMENTARY INFORMATION
VILLAGE OF TEQUESTA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Actual
Amounts
Variance
with Final
Budget
Positive
(Negative)Original Final
Revenues
Ad valorem taxes $ 11,524,090 $ 11,524,090 $ 11,703,838 $ 179,748
Other taxes 1,350,252 1,350,252 1,531,174 180,922
Charges for services 1,498,500 1,578,500 1,669,063 90,563
Intergovernmental 984,222 984,222 1,079,260 95,038
Intragovernmental 902,991 902,991 902,991 -
Licenses and permits 9,000 9,000 8,390 (610)
Franchise fees 530,938 530,938 592,096 61,158
Rents and royalties 188,839 188,839 211,153 22,314
Miscellaneous 21,374 21,374 49,856 28,482
Fines and forfeitures 18,275 18,275 14,354 (3,921)
Grants, contributions and donations 126,821 207,549 200,786 (6,763)
Investment earnings 280,500 280,500 689,048 408,548
Total Revenues 17,435,802 17,596,530 18,652,009 1,055,479
Expenditures
Council 74,640 76,140 75,977 163
Manager 362,368 392,318 387,714 4,604
Human resources 456,599 433,599 421,553 12,046
Clerk 447,453 435,453 400,072 35,381
Finance 783,536 763,886 784,561 (20,675)
Legal 195,000 219,500 215,275 4,225
Comprehensive planning 495,338 408,808 308,838 99,970
General government 328,215 314,212 282,281 31,931
Information technology 535,503 656,431 656,162 269
Police 3,748,841 3,829,569 3,784,924 44,645
Code enforcement 109,261 99,261 58,574 40,687
Fire 4,764,250 4,770,562 4,751,220 19,342
Public works 1,626,076 1,682,545 1,564,417 118,128
Parks and recreation 1,201,176 1,286,152 1,219,536 66,616
Capital outlay 23,688 759,518 769,852 (10,334)
Debt service:
Principal 400,200 416,300 416,356 (56)
Interest 142,050 142,050 141,967 83
Total Expenditures 15,694,194 16,686,304 16,239,279 447,025
Excess of Revenues Over Expenditures 1,741,608 910,226 2,412,730 1,502,504
Other Financing Sources (Uses)
Transfers out (1,700,008)(1,700,008)(1,700,008)-
Sale of capital assets 8,398 8,398 61,597 53,199
Total Other Financing Uses, Net (1,691,610)(1,691,610)(1,638,411)53,199
Net Change in Fund Balance 49,998 (781,384)774,319 1,555,703
Fund Balance - Beginning 8,028,736 8,028,736 8,028,736 -
Fund Balance - Ending $ 8,078,734 $ 7,247,352 $ 8,803,055 $ 1,555,703
See note to budgetary comparison schedule.88
VILLAGE OF TEQUESTA, FLORIDA
NOTE TO THE BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Note 1 – Budgets and Budgetary Accounting
The Village is required to present a budget to actual comparison for the general fund and
any major special revenue fund with a legally adopted annual budget. The Village may not
include nonmajor special revenue funds, or funds of other fund types. This fiscal year, the
Village presents this schedule for the general fund only.
Budgets are adopted on a basis consistent with accounting principles generally accepted in
the United States of America. For budgeting purposes, current year encumbrances are not
treated as expenditures.
All budgets are legally enacted through passage of a resolution. Although the Village
Council requires all inter-department budget amendments to go before the Village Council
for approval, the budget was adopted on a fund basis. The legal level of budgetary control is
therefore at the fund level. What this means is that any amendment that changes the funds’s
total budget requires the Village Council to approve it in the same manner that the original
budget was approved – by resolution.
The original budget is the budget in place at the start of the fiscal year, which includes all of
the following:
The budget passed by the Village Council
+Subsequent amendments made prior to the start of the fiscal year
+Carryovers from the previous year (encumbrances)
=Original budget
The final budget includes all adjustments to the budget applicable to the fiscal year, even if
they take place after the close of the fiscal year.
During the year, total supplemental appropriations of $881,380 were adopted for the
General Fund. Appropriations are legally controlled at the fund level and expenditures may
not legally exceed budgeted appropriations at that level.
89
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
FIREFIGHTERS' PENSION TRUST FUND
Fiscal year ending September 30,2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Pension Lability
Service cost $ 494,367 $ 459,269 $ 444,381 $ 470,978 $ 447,688 $ 333,395 $ 392,933 $ 366,393 $ 348,504 $ 334,559
Interest
1,252,377 1,162,950 1,106,369 1,059,130 951,218 878,984 827,256 788,885 778,642 679,400
Changes of benefit terms - - - - (6,147)22,243 - - - 318,787
Difference between expected and actual
experience 179,184 305,139 48,796 (50,743)346,662 (41,742)71,910 (22,327)(401,835)108,010
Changes of assumptions - - - (322,948)- 378,870 - (136,724)300,255 -
Benefit payments (448,011)(913,443)(693,145)(216,799)(216,799)(216,799)(518,495)(163,805)(438,149)(61,913)
Refunds (2,749)(5,659)- - (8,648)- (1,852) - -
Other (151,438)(151,438)(242,266)118,555
Net Change in Total Pension Liability 1,475,168 1,008,256 906,401 939,618 1,513,974 1,354,951 622,166 679,132 345,151 1,497,398
Total Pension Liability - Beginning 17,622,113 16,613,857 15,707,456 14,767,838 13,253,864 11,898,913 11,276,747 10,597,615 10,252,464 8,755,066
Total Pension Liability - Ending (a)$ 19,097,281 $ 17,622,113 $ 16,613,857 $ 15,707,456 $ 14,767,838 $ 13,253,864 $ 11,898,913 $ 11,276,747 $ 10,597,615 $ 10,252,464
Plan Fiduciary Net Position
Contributions - employer *
$ 442,363 $ 439,538 $ 322,926 $ 410,585 $ 443,018 $ 332,559 $ 182,198 $ 209,615 $ 60,162 $ 335,771
Contributions - employer (from State)**249,399 244,737 200,648 193,278 171,939 156,424 307,956 300,401 394,709 189,010
Contributions - member 136,161 109,715 100,398 104,656 101,983 94,343 90,424 79,564 68,982 64,721
Net Investment income 3,098,192 1,239,553 (2,375,836) 2,697,602 1,021,058 358,277 943,640 974,383 609,318 77,213
Benefit payments (448,011)(913,443) (693,145)(216,799) (216,799)(216,799)(518,495)(163,805) (438,149)(61,913)
Refunds (2,749)(5,659)- - (8,648)- - (1,852)- -
Administrative expense (53,011)(33,186) (31,060)(26,570) (25,874)(30,043)(31,858)(18,789) (27,450)(27,290)
Other (Use of State Contribution Reserve)- - - - - - (151,438)(151,438)(242,266)-
Net Change in Plan Fiduciary Net Position 3,422,344 1,081,255 (2,476,069)3,162,752 1,486,677 694,761 822,427 1,228,079 425,306 577,512
Plan Fiduciary Net Position - Beginning 14,826,903 13,745,648 16,221,717 13,058,965 11,572,288 10,877,527 10,055,100 8,827,021 8,401,715 7,824,203
Plan Fiduciary Net Position - Ending (b)$ 18,249,247 $ 14,826,903 $ 13,745,648 $ 16,221,717 $ 13,058,965 $ 11,572,288 $ 10,877,527 $ 10,055,100 $ 8,827,021 $ 8,401,715
Net Pension Liability - Ending (a) - (b)$ 848,034 $ 2,795,210 $ 2,868,209 $ (514,261)$ 1,708,873 $ 1,681,576 $ 1,021,386 $ 1,221,647 $ 1,770,594 $ 1,850,749
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 95.56%84.14%82.74%103.27%88.43%87.31%91.42%89.17%83.29%81.95%
Covered Payroll $ 2,069,050 $ 1,828,585 $ 1,673,296 $ 1,744,261 $ 1,699,718 $ 1,572,385 $ 1,507,072 $ 1,446,616 $ 1,379,650 $ 1,294,416
Net Pension Liability as a Percentage of
Covered Payroll 40.99%152.86%171.41%(29.48)%100.54%106.94%67.77%84.45%128.34%142.98%
* Net of prepaid Employer contribution.
** State Contribution Reserve was used to offset the Village's contribution requirements for the fiscal year ending 2016, 2017 and 2018.
90
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
FIREFIGHTERS' PENSION TRUST FUND
Fiscal Year
Ended
September 30,
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
(Excess)
Covered
Payroll
Actual
Contribution as a %
of Covered Payroll
2015
$ 403,211 $ 406,226 $ (3,015) $ 1,294,416 31.38%
2016 454,871 454,871 -1,379,650 32.97%
2017 498,504 510,016 (11,512)1,446,616 35.26%
2018 485,729 490,154 (4,425)1,507,072 32.52%
2019 474,074 488,983 (14,909)1,572,385 31.10%
2020 614,958 614,958 -1,699,718 36.18%
2021 603,863 *603,863 -1,744,261 34.62%
2022 523,574 *523,574 -1,673,296 31.29%
2023 538,716 684,275 (145,559)1,828,585 37.42%
2024 657,958 691,762 (33,804)2,069,050 33.43%
* Excludes prepaid Employer contribution.
Notes to Schedule
Valuation Date 10/01/2022
Actuarially determined contribution rates are calculated as of October 1, which is two years
prior to the end of the fiscal year in which contributions are reported.
Methods and Assumptions Used to Determined Contribution rates:
Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 20 years
Asset valuation method 5-year smoothed market
Inflation 2.50%
Salary increases 6.0%, including inflation
Investment rate of return 7.00%
Retirement age 100% upon reaching normal retirement age. Probability of early
retirement is 5% or each year eligible.
Mortality The same version of PUB-2010 Headcount-Weighted Mortality
Tables as used by the Florida Retirement System (FRS) for Special Risk
Class members in their July 1, 2021 actuarial valuation (with mortality
improvements projected for healthy lives to all future years after 2010
using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f) mandates
the use of mortality tables from one of the most recently publiched FRS
actuarial valuation reports.
Other Information:
Notes See discussion of valuation results in the October 1, 2022 Actuarial
Valuation report, dated January 20, 2023.
91
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
FIREFIGHTERS' PENSION TRUST FUND
Fiscal Year Ended September 30, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Annual money-weighted rate of return,
net of investment expenses 20.27% 8.69% (15.03)% 20.27% 8.30% 2.93% 8.92% 10.58% 7.69% 0.38%
92
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION ASSET AND RELATED RATIOS
POLICE OFFICERS' PENSION TRUST FUND
Fiscal year ending September 30, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Pension Lability
Service cost $ 404,474 $ 387,331 $ 362,053 $ 327,856 $ 304,219 $ 100,925 $ 98,621 $ 80,711 $ 110,495 $ 126,703
Interest 448,887 415,171 388,327 364,708 345,149 215,318 193,922 200,356 201,452 213,603
Benefit changes - - - - - 821,833 - - - (39,467)
Difference between expected and actual
experience 66,473 (69,051)(148,672)(135,030)(121,364)(85,146) 34,217 (329,387)(226,384)(391,613)
Changes of assumptions - - - (87,966)- 120,973 - (30,633) 75,463 -
Benefit payments (126,575)(129,304)(64,802)(49,095)(49,095)(40,184)(27,708)(27,708)(27,708)(30,312)
Refunds (10,642)(43,675)(15,915)- (42,075)- (52,038)
Other (increase in State contribution reserve)(114,325)(113,845)(116,656)(101,437)(202,087)649,262 - - - -
Net Change in Total Pension Liability 668,292 446,627 404,335 319,036 234,747 1,782,981 299,052 (106,661) 81,280 (121,086)
Total Pension Liability - Beginning 6,076,800 5,630,173 5,225,838 4,906,802 4,672,055 2,889,074 2,590,022 2,696,683 2,615,403 2,736,489
Total Pension Liability - Ending (a) $ 6,745,092 $ 6,076,800 $ 5,630,173 $ 5,225,838 $ 4,906,802 $ 4,672,055 $ 2,889,074 $ 2,590,022 $ 2,696,683 $ 2,615,403
Plan Fiduciary Net Position
Contributions - employer $ 133,915 $ 126,138 $ 110,759 $ 100,619 $ - $ 317,338 $ 175,116 $ 40,829 $ 38,638 $ 80,782
Contributions - employer (from State)* 227,895 222,712 209,603 193,086 293,462 649,262 - - - -
Contributions - member 96,406 92,612 84,799 75,796 70,327 65,446 31,338 16,998 17,067 20,545
Net Investment income 1,528,346 584,563 (1,149,235) 1,259,833 477,038 143,441 344,620 357,477 306,504 20,718
Benefit payments (126,575)(129,304)(64,802)(49,095)(49,095)(40,184)(27,708)(27,708)(27,708)(30,312)
Refunds (10,642)(43,675)(15,915)- (42,075) - - - (52,038) -
Administrative expense (45,511)(33,186)(36,426)(28,748)(25,874)(30,034)(31,858)(18,788)(27,026)(27,967)
Other - use of State contribution reserve (114,325)(113,845)(116,656)(101,437)(202,087) 297,733 ** - - - -
Net Change in Plan Fiduciary Net Position 1,689,509 706,015 (977,873) 1,450,054 521,696 1,403,002 491,508 368,808 255,437 63,766
Plan Fiduciary Net Position - Beginning 7,349,357 6,643,342 7,621,215 6,171,161 5,649,465 4,246,463 3,754,955 3,386,147 3,130,710 3,066,944
Plan Fiduciary Net Position - Ending (b) $ 9,038,866 $ 7,349,357 $ 6,643,342 $ 7,621,215 $ 6,171,161 $ 5,649,465 $ 4,246,463 $ 3,754,955 $ 3,386,147 $ 3,130,710
Net Pension Asset - Ending (a) - (b) $ (2,293,774) $ (1,272,557) $ (1,013,169) $ (2,395,377) $ (1,264,359) $ (977,410) $ (1,357,389) $ (1,164,933) $ (689,464) $ (515,307)
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 134.01%120.94%118.00%145.84%125.77%120.92%146.98%144.98%125.57%119.70%
Covered Payroll $ 1,660,442 $ 1,593,652 $ 1,470,899 $ 1,304,196 $ 1,229,934 $ 1,153,957 $ 582,166 $ 339,957 $ 341,342 $ 410,897
Net Pension Asset as a Percentage of
Covered Payroll (138.14)%(79.85)%(68.88)%(183.67)%(102.80)%(84.70)%(233.16)%(342.67)%(201.99)%(125.41)%
* State contribution reserve was used to offset the Village's contribution requirements for fiscal year ending 2020 and 2021.
** Transers from 401(a) plan.
93
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
POLICE OFFICERS' PENSION TRUST FUND
Fiscal Year
Ended
September 30,
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
(Excess)
Covered
Payroll
Actual
Contribution as a %
of Covered Payroll
2015 $ 80,782 $ 80,782 $-$ 410,897 19.66%
2016
37,377 38,638 (1,261)341,342 11.32%
2017 40,659 40,829 (170)339,957 12.01%
2018 175,116 175,116 -582,166 30.08%
2019 317,338 317,338 -1,153,957 27.50%
2020 293,462 293,462 -1,229,934 23.86%
2021 293,705 293,705 -1,304,196 22.52%
2022 320,362 320,362 -1,470,899 21.78%
2023 348,850 348,850 -1,593,652 21.89%
2024 361,810 361,810 -1,660,442 21.79%
Notes to Schedule
Valuation Date 10/01/2022
Actuarially determined contribution rates are calculated as of October 1, which is two years
prior to the end of the fiscal year in which contributions are reported.
Methods and Assumptions Used to Determined Contribution Rates:
Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 20 years
Asset valuation method 5-year smoothed market
Inflation 2.50%
Salary increases 6.0%, including inflation
Investment rate of return 7.00%
Retirement age 100% upon reaching normal retirement age. Probability of early
retirement is 5% or each year eligible.
Mortality The same version of PUB-2010 Headcount-Weighted Mortality
Tables as used by the Florida Retirement System (FRS) for Special Risk
Class members in their July 1, 2021 actuarial valuation (with mortality
improvements projected for healthy lives to all future years after 2010
using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f) mandates
the use of mortality tables from one of the most recently publiched FRS
actuarial valuation reports.
Other information:
Notes See discussion of valuation results in the October 1, 2022 Actuarial
Valuation report, dated January 31, 2023.
94
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
POLICE OFFICERS' PENSION TRUST FUND
Fiscal Year Ended September 30, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Annual money-weighted rate of return,
net of investment expenses 20.27% 8.69% (15.03)% 20.27% 8.30% 2.93% 8.92% 10.58% 7.69% 0.38%
95
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
GENERAL EMPLOYEES' PENSION TRUST FUND
Fiscal year ending September 30, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Pension Lability
Service cost $ 589,340 $ 539,870 $ 502,759 $ 470,535 $ 547,702 $ 461,164 $ 447,305 $ 380,051 $ 359,231 $ 300,325
Interest 629,197 578,739 519,671 497,428 468,322 425,911 373,859 329,590 285,954 253,701
Benefit changes - - - - - - - - -
Difference between actual and expected
experience 91,293 (104,387) 102,847 (332,590) 101,865 (156,013) 66,509 (112,103)(40,094)(157,539)
Assumption changes - - - (109,651) 127,729 - - 362,784 - -
Benefit payments (272,844)(236,372)(226,227)(178,474)(161,419)(160,588)(79,332)(41,859)(16,657)(11,918)
Refunds (28,902)(36,696)(7,996)(18,820)(53,330)(48,114)(27,837)(13,511)(16,161)(5,959)
Net Change in Total Pension Liability 1,008,084 741,154 891,054 328,428 1,030,869 522,360 780,504 904,952 572,273 378,610
Total Pension Liability - Beginning 9,241,492 8,500,338 7,609,284 7,280,856 6,249,987 5,727,627 4,947,123 4,042,171 3,469,898 3,091,288
Total Pension Liability - Ending (a) $ 10,249,576 $ 9,241,492 $ 8,500,338 $ 7,609,284 $ 7,280,856 $ 6,249,987 $ 5,727,627 $ 4,947,123 $ 4,042,171 $ 3,469,898
Plan Fiduciary Net Position
Contributions - employer and State $ 381,565 $ 331,983 $ 350,247 $ 380,003 $ 391,341 $ 362,848 $ 350,412 $ 305,931 $ 201,704 $ 194,376
Contributions - member 218,037 196,672 181,475 171,792 180,175 161,553 156,434 143,361 134,829 115,288
Net investment income 1,899,142 719,500 (1,390,881) 1,435,710 615,311 235,519 417,228 562,828 191,848 (36,136)
Benefit payments (272,844)(236,372)(226,227)(178,474)(161,419)(160,588)(79,332)(41,859)(16,657)(11,918)
Refunds (28,902)(36,696)(7,996)(18,820)(53,330)(48,114)(27,837)(13,511)(16,161)(5,959)
Administrative expense (55,524)(56,335)(43,004) (40,527)(54,652)(48,241)(43,300)(37,296)(44,359)(38,098)
Net Change in Plan Fiduciary Net Position 2,141,474 918,752 (1,136,386) 1,749,684 917,426 502,977 773,605 919,454 451,204 217,553
Plan Fiduciary Net Position - Beginning 8,661,206 7,742,454 8,878,840 7,129,156 6,211,730 5,708,753 4,935,148 4,015,694 3,564,490 3,346,937
Plan Fiduciary Net Position - Ending (b) $ 10,802,680 $ 8,661,206 $ 7,742,454 $ 8,878,840 $ 7,129,156 $ 6,211,730 $ 5,708,753 $ 4,935,148 $ 4,015,694 $ 3,564,490
$ 26,477 $ (94,592) Net Pension Liability (Asset) - Ending (a) - (b) $ (553,104) $ 580,286 $ 757,884 $ (1,269,556) $ 151,700 $ 38,257 $ 18,874 $ 11,975
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 105.40%93.72%91.08%116.68%97.92%99.39%99.67%99.76%99.34%102.73%
Covered Payroll $ 4,360,740 $ 3,933,440 $ 3,629,500 $ 3,435,840 $ 3,603,500 $ 3,231,060 $ 3,128,680 $ 2,867,220 $ 2,696,572 $ 2,305,760
Net Pension Liability (Asset) as a Percentage
of Covered Payroll (12.68)%14.75%20.88%(36.95)%4.21%1.18%0.60%0.42%0.98%(4.10)%
96
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
GENERAL EMPLOYEES' PENSION TRUST FUND
Fiscal Year
Ended
September 30,
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
(Excess)
Covered
Payroll
Actual
Contribution as a %
of Covered Payroll
2015 $ 194,376 $ 194,376 $ -$ 2,305,760 8.43%
2016
201,704
201,704 -2,696,572 7.48%
2017 235,972 305,931 (69,959) 2,867,220 10.67%
2018 350,412 350,412 -3,128,680 11.20%
2019 362,848 362,848 -3,231,060 11.23%
2020 391,341 391,341 -3,603,500 10.86%
2021 380,003 380,003 -3,435,840 11.06%
2022 350,247 350,247 -3,629,500 9.65%
2023 331,983 331,983 -3,933,440 8.44%
2024 381,565 381,565 -4,360,740 8.75%
Notes to Schedule
Valuation Date 10/01/2022
Actuarially determined contribution rates are calculated as of October 1, which is two years
prior to the end of the fiscal year in which contributions are reported.
Methods and Assumptions Used to Determined Contribution Rates:
Actuarial cost method Aggregate method
Amortization method N/A
Remaining amortization period N/A
Asset valuation method 5-year smoothed market
Inflation 2.25%
Salary increases 4.75% to 5.50%, including inflation, based on years of service.
Investment rate of return 6.50%
Retirement age 100% if eligible for normal retirement before age 62, else age based
from 30% at age 62 to 100% at age 70; 5% for each year eligible for
early retirement.
Mortality The same version of PUB-2010 Headcount-Weighted Mortality Table as
used by the Florida Retirement System (FRS) in their July 1, 2022
actuarial valuation (with mortality improvements projected to all future
years after 2010 using Scale MP-2018). Florida Statutes Chapter
112.63(1)(f) mandates the use of mortality tables from one of the two most
recently published FRS actuarial valuation reports.
Other information:
Notes See discussion of valuation results from the October 1, 2022 Actuarial
Valuation report.
97
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
GENERAL EMPLOYEES' PENSION TRUST FUND
Fiscal Year Ended September 30, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Annual money-weighted rate of return,
net of investment expenses 20.91% 8.58% (15.89)% 19.38% 8.83% 3.36% 7.28% 12.52% 3.97% (2.11)%
98
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND
RELATED RATIOUS
OTHER POST-EMPLOYMENT BENEFITS
Measurement Date, September 30,
Total OPEB Lability
2023 2022 2021 2020 2019 2018 2017
Service cost $ 59,465 $ 79,520 $ 63,270 $ 57,961 $ 50,439 $ 51,371 $ 53,040
Interest
37,405 21,209 12,060 12,064 25,960 22,929 19,739
Difference between expected and actual
experience 44,273 - - - (309,165)- -
Changes of assumptions and other inputs (3,117) (144,458) 411,041 6,038 12,964 (13,500)(14,020)
Benefit payments (60,216)(48,910)(20,244)(19,040)(34,636)(39,712)(37,725)
Net Change in Total OPEB Liability
77,810 (92,639)466,127 57,023 (254,438)21,088 21,034
Total OPEB Liability - Beginning 820,761 913,400 447,273 390,250 644,688 623,600 602,566
Total OPEB Liability - Ending $ 898,571 $ 820,761 $ 913,400 $ 447,273 $ 390,250 $ 644,688 $ 623,600
Covered - Employee Payroll $ 7,673,931 $ 6,773,694 $ 7,825,935 $ 7,597,995 $ 7,284,363 $ 6,694,984 $ 5,708,842
Total OPEB Liability as a percentage of
Covered-Employee Payroll 11.71%12.12%11.67%5.89%5.36%9.63%10.92%
Notes to Schedule
Changes of benefit terms. There have been no significant changes (other than premium rate increases)in
any health benefits during the year.
Changes of assmptions. Changes of assumptions and other inputs reflect the effect of changes in the
discount rate each period. Discount rate changed to 4.63% from 4.40%. Inflation is 2.50%.
There are no plan assets accumulated in the trust fund that meets the criteria of GASB Statement No. 75
to pay related benefits.
The following is a select health cost trends:
FY Beginning
2024 16.00%
2025 6.00%
2026 5.84%
2027 5.68%
2028 5.52%
2029 5.36%
2030 5.20%
2031 5.04%
2032 5.04%
Ultimate health cost trend 4.00%
Salary increases General Employees plan participants 4.75%-5.50%, including
inflation; Public Safety - 6.00% per year, including inflation.
99
The Village of Tequesta implemented GASB Statement No.75 in fiscal year ending 9/30/2018 with a measurement date of
9/30/2017. This schedule is presented as required, however, until a full 10-year trend is compiled, the Village is only
presenting information for those years for which information is available.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
FLORIDA RETIREMENT SYSTEM (FRS)
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Fiscal Year Ended June 30,2024* 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability 0.00000% 0.00025% 0.00041% 0.00135% 0.00165% 0.00158% 0.00166% 0.00189% 0.00227% 0.00223%
Proportionate share of the net pension
liability
$ - $ 99,080 $ 152,863 $ 101,680 $ 717,034 $ 543,212 $ 501,303 $ 561,097 $ 572,594 $ 287,876
Covered payroll $ - $ 70,598 $ 105,084 $ 297,735 $ 222,110 $ 285,622 $ 369,696 $ 391,643 $ 492,907 $ 508,785
Proportionate share of the net pension
liability as a percentage of its
covered payroll -%140.34% 145.47% 34.15% 322.83% 190.19% 135.60% 143.27% 116.17%56.58%
Plan fiduciary net position as a
percentage of the total pension
liability -%82.38%82.89%96.40%78.85%82.61%84.26%83.89%84.88%92.00%
The amounts presented for each fiscal year were determined as of 6/30.
* At fiscal year end Village did not have any FRS participants and no pension liability related.
100
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
HEALTH INSURANCE SUBSIDY PROGRAM (HIS)
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Fiscal Year Ended June 30, 2024* 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability 0.00000% 0.00018% 0.00029% 0.00087% 0.00090% 0.00094% 0.00113% 0.00121% 0.00160% 0.00168%
Proportionate share of the net pension
liability
$ - $ 28,300 $ 30,542 $ 107,220 $ 109,870 $ 104,854 $ 119,802 $ 129,440 $ 186,087 $ 171,031
Covered payroll $ - $ 70,598 $ 105,084 $ 297,735 $ 222,110 $ 285,622 $ 369,696 $ 391,643 $ 492,907 $ 508,785
Proportionate share of the net pension
liability as a percentage of its
covered payroll
-%40.09%29.06%36.01%49.47%36.71%32.41%33.05%37.75%33.62%
Plan fiduciary net position as a
percentage of the total pension
liability
-%4.12%4.81%3.56%3.00%2.63%2.15%1.64%0.97%0.50%
The amounts presented for each fiscal year were determined as of 6/30.
101
* At fiscal year end Village did not have any HIS participants and no pension liability related.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
FLORIDA RETIREMENT SYSTEM (FRS)
SCHEDULE OF VILLAGE CONTRIBUTIONS
Fiscal Year Ended September 30, 2024* 2023 2022 2021 2020 2019 2018 2017 2016 2015
Contractually required contribution $ -$ 8,422 $ 13,668 $ 44,150 $ 58,313 $ 52,059 $ 48,540 $ 47,988 $ 62,966 $ 43,642
Contributions in relation to the
conractually required contribution -(8,422) (13,668) (44,150) (58,313) (52,059) (48,540) (47,988) (62,966) (43,642)
Contribution deficiency (excess) $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -
Covered payroll $ -$ 49,714 $ 81,619 $ 277,220 $ 233,482 $ 261,899 $ 362,908 $ 382,869 $ 451,085 $ 484,772
Contributions as a percentage of
covered payroll -% 16.94% 16.75% 15.93% 24.98% 19.88% 13.38% 12.53% 13.96%9.00%
The information in this schedule determined as of the Village's most recent fiscal year.
102
*At fiscal year end Village did not have any FRS participants and no pension liability related.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
HEALTH INSURANCE SUBSIDY PROGRAM (HIS)
SCHEDULE OF VILLAGE CONTRIBUTIONS
Fiscal Year Ended September 30, 2024* 2023 2022 2021 2020 2019 2018 2017 2016 2015
Contractually required contribution $ -$ 825 $ 1,355 $ 4,602 $ 3,876 $ 4,348 $ 6,024 $ 6,356 $ 7,488 $ 5,381
Contributions in relation to the
conractually required contribution -(825)(1,355)(4,602)(3,876)(4,348)(6,024)(6,356)(7,488)(5,381)
Contribution deficiency (excess) $ -$ -$ -$ -$ -$ -$ -$ -$ - $ -
Covered payroll $ -$ 49,714 $ 81,619 $ 277,220 $ 233,482 $ 261,899 $ 362,908 $ 382,869 $ 451,085 $ 484,772
Contributions as a percentage of
covered payroll -%1.66%1.66%1.66%1.66%1.66%1.66%1.66%1.66%1.11%
The information in this schedule determined as of the Village's most recent fiscal year.
103
*At fiscal year end Village did not have any HIS participants and no pension liability related.
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
NONMAJOR GOVERNMENTAL FUNDS
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Special revenue funds are used to account for specific revenue sources that are restricted to
expenditures for particular purposes.
Building Fund - This fund accounts for permit fees required on all public or private buildings,
structures, and facilities. The revenue obtained shall be used solely for carrying out
responsibilities in enforcing Florida Building Code.
Special Law Enforcement Trust Fund – This fund accounts for forfeitures received by the
Police Department. Forfeitures obtained locally are expended as prescribed by Florida Statute
Chapter 932.704. Forfeitures obtained through federal programs are expended according to the
Department of Justice Asset Forfeiture Program.
Capital Projects Funds
Capital Projects Funds are used to account for and report financial resources that are restricted,
committed or assigned to expenditures for capital outlays including the acquisition or
construction of capital facilities and other capital assets. The use of the capital projects fund type
is permitted rather than mandated for financial reporting purposes. Capital projects funds can be
a valuable management tool for multi-year projects.
Capital Improvement Fund – This fund is used to account for the maintenance and upkeep of
the Village’s general infrastructure (such as roads, bridges, sidewalks and storm water drainage
systems) and streetscape beautification projects.
Capital Project Fund – This fund accounts for the acquisition or construction of major capital
projects, other than those financed by proprietary fund types.
VILLAGE OF TEQUESTA, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
Special Revenue Capital Projects
Total
Nonmajor
Governmental
Funds
Building
Fund
Special Law
Enforcement
Fund
Capital
Improvement
Fund
Capital
Projects
Fund
Assets
Cash $ 81,660 $ 30,393 $ 132,653 $ 228,838 $ 473,544
Investments 668,218 229,961 557,580 1,195,678 2,651,437
Receivables, net 49 218 141,292 -141,559
Inventories 394 ---394
Prepaid items 16,200 ---16,200
Total Assets $ 766,521 $ 260,572 $ 831,525 $ 1,424,516 $ 3,283,134
Liabilities and Fund Balances
Liabilities
Accounts payable 5,123 2,145 -18,581 25,849
Accrued liabilities 10,656 848 --11,504
Retainage payable ---17,408 17,408
Due to other governments 5,217 ---5,217
Total Liabilities 20,996 2,993 -35,989 59,978
Fund Balances
Nonspendable:
Inventories 394 ---394
Prepaid Items 16,200 ---16,200
Restricted for:
Infrastructure --401,490 -401,490
Building 728,931 ---728,931
Law Enforcement -257,579 --257,579
Capital Projects --368,345 -368,345
Assigned to:
Capital Projects --61,690 220,810 282,500
Subsequent years budget ---1,167,717 1,167,717
Total Fund Balances 745,525 257,579 831,525 1,388,527 3,223,156
Total Liabilities and Fund Balances $ 766,521 $ 260,572 $ 831,525 $ 1,424,516 $ 3,283,134
104
VILLAGE OF TEQUESTA, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Special Revenue Capital Projects
Total
Nonmajor
Governmental
Funds
Building
Fund
Special Law
Enforcement
Fund
Capital
Improvement
Fund
Capital
Projects
Fund
Revenues
Other taxes $ -$ -$ 888,090 $ -$ 888,090
Charges for services 2,216 ---2,216
Licenses and permits 681,333 ---681,333
Miscellaneous 1,094 ---1,094
Fines and forfeitures -61,972 --61,972
Investment earnings 44,250 13,817 53,636 11,187 122,890
Total Revenues 728,893 75,789 941,726 11,187 1,757,595
Expenditures
Public safety 1,001,704 125,696 --1,127,400
Transportation --21,841 -21,841
Capital outlay 45,308 7,911 1,280,642 769,910 2,103,771
Total Expenditures 1,047,012 133,607 1,302,483 769,910 3,253,012
Excess (Deficiency) of Revenues
Over (Under) Expenditures (318,119)(57,818)(360,757)(758,723)(1,495,417)
Other Financing Sources (Uses)
Transfers in --15,000 1,884,895 1,899,895
Transfers out --(199,887)-(199,887)
Issuance of debt --80,496 -80,496
Total Other Financing Sources, Net --(104,391)1,884,895 1,780,504
Net Change in Fund Balances (318,119)(57,818)(465,148)1,126,172 285,087
Fund Balances - Beginning of Year 1,063,644 315,397 1,296,673 262,355 2,938,069
Fund Balances - End of Year $ 745,525 $ 257,579 $ 831,525 $ 1,388,527 $ 3,223,156
105
VILLAGE OF TEQUESTA, FLORIDA
BUDGETARY COMPARISON SCHEDULE
BUILDING FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Actual
Amounts
Variance
with Final
Budget
Positive
(Negative) Original Final
Revenues
Charges for services $-$-$ 2,216 $ 2,216
Licenses and permits 608,708 608,708 681,333 72,625
Miscellaneous --1,094 1,094
Investment earnings 15,000 15,000 44,250 29,250
Total Revenues 623,708 623,708 728,893 105,185
Expenditures
Public safety 952,970 970,167 1,001,704 (31,537)
Capital outlay 235,000 267,000 45,308 221,692
Total Expenditures 1,187,970 1,237,167 1,047,012 190,155
Net Change in Fund Balance (564,262)(613,459)(318,119)295,340
Fund Balance - Beginning 1,063,644 1,063,644 1,063,644 -
Fund Balance - Ending $ 499,382 $ 450,185 $ 745,525 $ 295,340
106
VILLAGE OF TEQUESTA, FLORIDA
BUDGETARY COMPARISON SCHEDULE
SPECIAL LAW ENFORCEMENT TRUST FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Actual
Amounts
Variance
with Final
Budget
Positive
(Negative) Original Final
Revenues
Fines and forfeitures $ 25,000 $ 25,000 $ 61,972 $ 36,972
Investment earnings 1,500 1,500 13,817 12,317
Total Revenues 26,500 26,500 75,789 49,289
Expenditures
Public safety 164,661 177,695 125,696 51,999
Capital outlay --7,911 (7,911)
Total Expenditures 164,661 177,695 133,607 44,088
Net Change in Fund Balance (138,161)(151,195)(57,818)93,377
Fund Balance - Beginning 315,397 315,397 315,397 -
Fund Balance - Ending $ 177,236 $ 164,202 $ 257,579 $ 93,377
107
VILLAGE OF TEQUESTA, FLORIDA
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Actual
Amounts
Variance
with Final
Budget
Positive
(Negative) Original Final
Revenues
Other taxes $ 757,055 $ 757,055 $ 888,090 $ 131,035
Investment earnings --53,636 53,636
Total Revenues 757,055 757,055 941,726 184,671
Expenditures
Transportation 44,000 639,782 21,841 617,941
Capital outlay 1,010,077 1,031,391 1,280,642 (249,251)
Total Expenditures 1,054,077 1,671,173 1,302,483 368,690
(Deficiency) of Revenues
Under Expenditures (297,022)(914,118)(360,757)553,361
Other Financing Sources (Uses)
Transfers in 15,000 15,000 15,000 -
Transfers out (199,887)(199,887)(199,887)-
Issuance of debt --80,496 80,496
Total Other Financing Sources (Uses)(184,887)(184,887)(104,391)80,496
Net Change in Fund Balance (481,909)(1,099,005)(465,148)633,857
Fund Balance - Beginning 1,296,673 1,296,673 1,296,673 -
Fund Balance - Ending $ 814,764 $ 197,668 $ 831,525 $ 633,857
108
VILLAGE OF TEQUESTA, FLORIDA
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Actual
Amounts
Variance
with Final
Budget
Positive
(Negative) Original Final
Revenues
Grants, contributions and donations $ 200,000 $ 200,000 $ -$(200,000)
Investment earnings --11,187 11,187
Total Revenues 200,000 200,000 11,187 (188,813)
Expenditures
Transportation 710,000 710,000 -710,000
Capital outlay 1,250,000 1,250,000 769,910 480,090
Total Expenditures 1,960,000 1,960,000 769,910 1,190,090
(Deficiency) of Revenues
Under Expenditures (1,760,000)(1,760,000)(758,723)1,001,277
Other Financing Sources (Uses)
Transfers in 1,884,895 1,884,895 1,884,895 -
Total Other Financing Sources (Uses)1,884,895 1,884,895 1,884,895 -
Net Change in Fund Balance 124,895 124,895 1,126,172 1,001,277
Fund Balance - Beginning 262,355 262,355 262,355 -
Fund Balance - Ending $ 387,250 $ 387,250 $ 1,388,527 $ 1,001,277
109
FIDUCIARY FUNDS
FIDUCIARY FUNDS
Fiduciary funds are used to report assets held in a trustee or agency capacity for others and
therefore cannot be used to support the government’s own programs. Pension trust funds are
fiduciary funds that are used to report resources required to be held in trust for the members and
beneficiaries of defined benefit pension plans, defined contribution plans, other post-employment
benefit plans, or other employee benefit plans. The Village accounts for two defined benefit
plans (Public Safety reports separate trust funds for Police Officers and Firefighters) and a
separate fund is reported for each individual trust fund. The three trust funds are as follows:
Firefighters’ Pension Trust Fund – This fund accounts for the accumulation of resources and
for contributions and benefits of the firefighter employees.
Police Officers’ Pension Trust Fund – This fund accounts for the accumulation of resources
and for contributions and benefits of the police employees.
General Employees’ Pension Trust Fund – This fund accounts for the accumulation of
resources and for contributions and benefits for the general employees of the Village.
VILLAGE OF TEQUESTA, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Firefighters'
Pension
Trust Fund
Police
Officers'
Pension
Trust Fund
General
Employees'
Pension
Trust Fund Total
Assets
Cash and cash equivalents $ 372,337 $ 184,969 $ 248,243 $ 805,549
Investments
Equities 12,430,388 6,167,790 7,239,114 25,837,292
Fixed Income 4,239,501 2,103,583 2,632,856 8,975,940
Real Estate Fund 1,170,066 580,571 667,865 2,418,502
Total investments 17,839,955 8,851,944 10,539,835 37,231,734
Contributions receivable 35,604 6,722 14,080 56,406
Accrued interest receivable 17,577 8,727 15,496 41,800
Total Assets 18,265,473 9,052,362 10,817,654 38,135,489
Liabilities
Accounts payable 16,226 13,496 14,974 44,696
Total Liabilities 16,226 13,496 14,974 44,696
Net Position Restricted for
Pension Benefits $ 18,249,247 $ 9,038,866 $ 10,802,680 $ 38,090,793
110
VILLAGE OF TEQUESTA, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
Firefighters'
Pension
Trust Fund
Police
Officers'
Pension
Trust Fund
General
Employees'
Pension
Trust Fund
Total
Additions
Contributions:
State of Florida $ 249,399 $ 113,570 $ -$ 362,969
Employer 442,363 133,915 381,565 957,843
Employee 136,161 96,406 218,037 450,604
Total Contributions 827,923 343,891 599,602 1,771,416
Investment Earnings
Net appreciation in fair value of
investments 2,651,308 1,314,900 1,687,881 5,654,089
Gain on sale of investments 148,222 73,495 54,000 275,717
Interest and dividends 337,501 167,398 208,121 713,020
Total investment earnings 3,137,031 1,555,793 1,950,002 6,642,826
Less investment expenses (38,839)(27,447)(50,869)(117,155)
Net Investment earnings 3,098,192 1,528,346 1,899,133 6,525,671
Miscellaneous --10 10
Total Additions 3,926,115 1,872,237 2,498,745 8,297,097
Deductions
Benefits paid 448,011 126,812 272,845 847,668
Refund of contributions 2,749 10,405 28,902 42,056
Administrative expenses 53,011 45,511 55,524 154,046
Total Deductions 503,771 182,728 357,271 1,043,770
Change in Net Position 3,422,344 1,689,509 2,141,474 7,253,327
Net Position Restricted for
Pension Benefits
Beginning of year 14,826,903 7,349,357 8,661,206 30,837,466
End of year $ 18,249,247 $ 9,038,866 $ 10,802,680 $ 38,090,793
111
STATISTICAL SECTION
STATISTICAL SECTION
This part of the Village of Tequesta's Annual Comprehensive Financial Report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the Village's overall financial
health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand how the Village's
financial performance and well-being have changed over time.112
Revenue Capacity
These schedules contain information to help the reader assess the Village's most significant
local revenue source, the property tax.117
Debt Capacity
These schedules present information to help the reader assess the affordability of the
Village's current levels of outstanding debt and the Town's ability to issue additional debt in
the future.121
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the Village's financial activities take place.125
Operating Information
These schedules contain service and infrastructure data to help the reader understand how
the information in the Village's financial report relates to the services the Village provides
and the activities it performs.127
Sources: Unless otherwise noted, the information in these schedules is derived from the
Comprehensive Annual Financial Reports for the relevant year.
VILLAGE OF TEQUESTA, FLORIDA
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities
Net investment in capital assets $ 10,058,956 $ 9,948,379 $ 10,023,291 $ 10,678,761 $ 10,470,562 $ 10,473,238 $ 7,103,735 $ 10,335,163 $ 11,470,215 $ 13,516,727
Restricted 1,572,614 1,343,543 1,776,769 1,615,279 2,067,445 1,398,916 1,628,800 1,769,822 3,019,305 2,961,557
Unrestricted 1,638,243 1,612,070 1,157,654 978,157 1,086,789 1,781,225 9,028,159 8,831,563 8,283,568 8,796,553
Total Governmental Activities Net
Position $ 13,269,813 $ 12,903,992 $ 12,957,714 $ 13,272,197 $ 13,624,796 $ 13,653,379 $ 17,760,694 $ 20,936,548 $ 22,773,088 $ 25,274,837
Business-type Activities:
Net investment in capital assets $ 12,681,504 $ 12,321,453 $ 13,078,584 $ 12,774,847 $ 13,012,584 $ 14,166,351 $ 15,470,616 $ 15,642,791 $ 16,026,834 $ 17,495,935
Restricted - - - - - 397,997 376,728 391,822 406,556 420,915
Unrestricted 5,781,969 6,117,202 5,883,331 6,972,014 7,967,052 6,896,819 6,444,980 7,382,153 9,678,691 12,183,737
Total Business-type Activities Net
Position $ 18,463,473 $ 18,438,655 $ 18,961,915 $ 19,746,861 $ 20,979,636 $ 21,461,167 $ 22,292,324 $ 23,416,766 $ 26,112,081 $ 30,100,587
Primary government:
Net investment in capital assets $ 22,740,460 $ 22,269,832 $ 23,101,875 $ 23,453,608 $ 23,483,146 $ 24,639,589 $ 22,574,351 $ 25,977,954 $ 27,497,049 $ 31,012,662
Restricted 1,572,614 1,343,543 1,776,769 1,615,279 2,067,445 1,796,913 2,005,528 2,161,644 3,425,861 3,382,472
Unrestricted 7,420,212 7,729,272 7,040,985 7,950,171 9,053,841 8,678,044 15,473,139 16,213,716 17,962,259 20,980,290
Total Governmental Activities Net
Position $ 31,733,286 $ 31,342,647 $ 31,919,629 $ 33,019,058 $ 34,604,432 $ 35,114,546 $ 40,053,018 $ 44,353,314 $ 48,885,169 $ 55,375,424
112
VILLAGE OF TEQUESTA, FLORIDA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expenditures
Governmental activities:
General government $ 1,714,571 $ 1,918,843 $ 2,201,162 $ 2,308,838 $ 2,411,174 $ 2,353,750 $ 3,121,260 $ 2,961,670 $ 3,423,392 $ 3,740,337
Public safety 5,812,114 7,270,731 7,004,196 7,023,664 8,455,155 8,806,935 7,507,748 7,926,208 9,511,503 10,789,074
Transportation 1,161,613 1,381,760 1,650,162 1,945,513 1,436,674 1,496,229 1,944,570 1,986,016 1,847,580 1,815,814
Leisure services 566,585 663,524 699,068 704,448 771,783 675,172 701,364 1,055,418 1,345,068 1,485,463
Interest on long-term debt 124,331 117,709 111,504 96,109 71,803 44,058 59,662 239,652 147,503 138,762
Total Governmental Activities Expenditures 9,379,214 11,352,567 11,666,092 12,078,572 13,146,589 13,376,144 13,334,604 14,168,964 16,275,046 17,969,450
Business-type activities:
Water 4,911,816 4,726,849 5,038,740 4,871,601 5,079,244 2,964,202 5,810,515 5,551,570 5,389,292 5,518,894
Stormwater 262,413 490,405 338,758 687,878 485,566 453,776 524,732 715,004 497,582 605,901
Refuse and recycling 499,670 489,874 479,278 479,478 480,268 496,619 511,299 529,107 600,664 617,328
Total Business-type Activities Expenses 5,673,899 5,707,128 5,856,776 6,038,957 6,045,078 3,914,597 6,846,546 6,795,681 6,487,538 6,742,123
Total Primary Government Program
Expenses $ 15,053,113 $ 17,059,695 $ 17,522,868 $ 18,117,529 $ 19,191,667 $ 17,290,741 $ 20,181,150 $ 20,964,645 $ 22,762,584 $ 24,711,573
Program Revenues
Governmental activities:
Charges for services:
General government $ 786,792 $ 814,596 $ 865,589 $ 899,257 $ 997,556 $ 1,150,219 $ 1,930,346 $ 1,548,158 $ 146,811 $ 1,273,767
Public safety 1,563,375 1,734,116 1,775,824 1,867,606 1,845,894 1,552,009 2,416,823 2,017,300 2,425,081 2,060,300
Transportation - - - - - - - - - -
Leisure services 67,777 69,570 83,749 83,209 83,794 27,402 11,253 38,063 156,195 214,186
Operating grants and contributions 48,300 9,505 10,235 253,986 16,045 105,492 1,676,429 1,581,739 151,370 71,533
Capital grants and contributions - 73,828 23,657 82,000 17,692 8,500 63,568 61,667 171,857 129,253
Total Governmental Activities Program
Revenues 2,466,244 2,701,615 2,759,054 3,186,058 2,960,981 2,843,622 6,098,419 5,246,927 3,051,314 3,749,039
Business-type Activities
Charges for services:
Water 4,422,030 4,826,495 5,487,305 5,894,396 6,173,278 6,370,552 6,641,698 6,579,570 7,037,927 8,610,166
Stormwater 319,993 325,005 340,118 375,534 430,814 432,355 450,271 490,267 522,197 562,337
Refuse and recycling 478,616 490,801 493,753 488,121 486,893 487,874 486,643 507,306 572,373 594,153
Operating grants and contributions - - - - - - - - - 2,456
Capital grants and contributions - - - - - - 19,157 108,464 163,631 289,512
Total Business-type Activities Program
Revenues 5,220,639 5,642,301 6,321,176 6,758,051 7,090,985 7,290,781 7,597,769 7,685,607 8,296,128 10,058,624
Total Primary Government Program
Revenues $ 7,686,883 $ 8,343,916 $ 9,080,230 $ 9,944,109 $ 10,051,966 $ 10,134,403 $ 13,696,188 $ 12,932,534 $ 11,347,442 $ 13,807,663
Net (Expense) Revenue
Governmental activities $ (6,912,970) $ (8,650,952) $ (8,898,038) $ (8,892,514) $ (10,185,608) $ (10,532,522) $ (7,236,185) $ (8,922,037) $ (11,902,633) $ (14,220,411)
Business-type activities (453,260)(64,827) 464,400 719,094 1,045,907 376,184 751,223 889,926 1,808,590 3,316,501
Total Primary Government Net Expense $ (7,366,230) $ (8,715,779) $ (8,433,638) $ (8,173,420) $ (9,139,701) $ (10,156,338) $ (6,484,962) $ (8,032,111) $ (10,094,043) $ (10,903,910)
113
VILLAGE OF TEQUESTA, FLORIDA
CHANGES IN NET POSITION (CONTINUED)
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
General Revenues 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental activities:
Taxes:
Property taxes
$ 5,275,411 $ 5,683,707
$ 6,098,723 $ 6,420,058
$ 6,800,483
$ 7,497,093
$ 7,848,744 $ 8,260,937
$ 9,530,215
$ 11,703,838
Other taxes 1,304,312
1,271,278 1,512,354
1,556,934 2,222,910 1,711,817 1,966,890
2,170,196 2,365,480 2,419,262
Franchise fees based on gross receipts 462,312 449,126 452,496 459,076 467,670 447,682 509,963 530,165 607,485 592,096
Unrestricted intergovernmental 811,044 822,390 830,570 848,666 861,647 807,939 901,243 1,062,117 1,110,601 1,079,260
Unrestricted investment earnings 7,139 8,465 15,605 92,520 133,769 54,602 13,296 58,188 551,106 811,938
Miscellaneous revenues 17,739 27,041 32,676 19,414 27,131 19,996 54,949 23,999 37,336 54,169
Gain on sale of capital assets 13,073 23,123 9,336 13,375 24,597 21,976 26,524 972 53,480 61,597
Transfers - - - - - - 21,891 (188,565)(516,530) -
Total Governmental Revenues and transfers 7,891,030 8,285,130 8,951,760 9,410,043 10,538,207 10,561,105 11,343,500 11,918,009 13,739,173 16,722,160
Business-type Activities
Unrestricted Investment earnings 9,986 14,601 28,064 86,097 147,356 59,333 7,917 (6,014)312,564 602,373
Miscellaneous revenues 20,432 25,408 30,796 29,106 37,290 46,014 64,074 45,162 39,131 47,901
Gain on sale of capital assets - - - 4,278 2,222 - 29,834 6,803 18,500 21,731
Transfers - - - - - - (21,891)188,565 516,530 -
Total Business-type Activities 30,418 40,009 58,860 119,481 186,868 105,347 79,934 234,516 886,725 672,005
Total Primary Government 7,921,448 8,325,139 9,010,620 9,529,524 10,725,075 10,666,452 11,423,434 12,152,525 14,625,898 17,394,165
Change in net position:
Governmental activities 978,059 (365,822)53,722 517,529 352,599 28,583 4,107,315 2,995,972 1,836,540 2,501,749
Business-type activities (422,842)(24,818)523,260 838,575 1,232,775 481,531 831,157 1,124,442 2,695,315 3,988,506
Total Primary Government $ 555,217 $ (390,640)$ 576,982 $ 1,356,104 $ 1,585,374 $ 510,114 $ 4,938,472 $ 4,120,414 $ 4,531,855 $ 6,490,255
114
VILLAGE OF TEQUESTA, FLORIDA
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund
Nonspendable
$ 161,036
$
174,985
$ 212,042
$ 224,994
$ 237,510
$ 290,921
$ 732,800
$ 812,308
$ 634,320
$ 761,073
Restricted
790,582 995,512
1,440,911
1,506,888
1,562,700
420,583
561,007 288,000 294,000 301,000
Committed - -
- - 391,214 500,000 500,000 500,000 500,000 500,000
Assigned 1,010,978 1,060,578 1,214,418 1,000,000 - 298,661 55,709 2,036,098 831,382 -
Unassigned 2,024,550 2,079,187 1,478,525 1,150,229 1,479,005 1,884,304 4,356,864 4,375,473 5,769,034 7,240,982
Total General Fund $ 3,987,146 $ 4,310,262 $
4,345,896 $ 3,882,111 $ 3,670,429 $ 3,394,469 $ 6,206,380 $ 8,011,879 $ 8,028,736 $ 8,803,055
All Other Governmental Funds
Nonspendable $- $- $- $- $- $ 3,056 $ 24,807 $ 18,844 $ 14,242 $ 16,594
Restricted 286,965 348,031 335,858 108,391 504,745 978,333 1,067,793 1,481,822 1,712,136 1,388,000
Committed - - - - - 46,485 262,429 312,722 271,687 368,345
Assigned 16,441 110,232 60,149 234,838 175,167 87,956 2,581,784 241,653 940,004 1,450,217
Total Other Governmental Funds $ 303,406 $ 458,263 $396,007 $ 343,229 $ 679,912 $ 1,115,830 $ 3,936,813 $ 2,055,041 $ 2,938,069 $ 3,223,156
115
VILLAGE OF TEQUESTA, FLORIDA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues
Taxes
$ 6,579,723
$ 6,954,985
$ 7,611,077
$ 7,976,992
$ 9,023,393
$ 9,208,910
$ 9,815,634
$
10,431,133
$
11,895,695
$ 14,123,102
Intergovernmental 841,950 825,990 836,780 893,555 869,592 815,868 2,641,140
1,062,117
1,110,601 1,079,260
Franchise fees 462,312 449,126 452,496 459,076 467,670 447,682 509,963 530,165 607,485 592,096
Charges for services 1,192,142 1,246,301 1,272,994 1,300,331 1,276,167 1,387,682 2,113,512 1,653,861 1,623,322 1,671,279
Intragovernmental 534,416 550,350 561,350 577,300 696,600 725,436 1,031,297 856,342 863,074 902,991
Grants, contributions and donations 17,394 79,733 27,682 291,097 25,792 106,063 100 1,643,406 303,628 200,786
Licenses and permits 346,529 554,591 646,126 753,211 653,497 385,873 872,285 760,207 1,062,335 689,723
Interest 7,139 8,465 15,605 92,520 133,769 54,602 13,296 58,188 551,106 811,938
Fines and forfeitures 150,323 67,010 32,743 8,241 87,490 11,708 114,322 109,078 281,497 76,326
Miscellaneous 20,017 28,389 40,660 20,547 27,131 19,996 54,949 16,589 35,544 50,950
Rents and royalties 192,256 198,682 203,965 209,856 213,490 218,931 227,006 231,443 220,950 211,153
Impact fees
- - -
- - - - - - -
Total Revenues 10,344,201 10,963,622 11,701,478 12,582,726 13,474,591 13,382,751 17,393,504 17,352,529 18,555,237 20,409,604
Expenditures
Current:
General government 1,615,339 1,811,777 2,104,039 2,210,205 2,275,900 2,207,621 2,690,661 2,905,106 3,227,006 3,532,433
Public safety 6,201,180 6,154,309 6,632,707 6,968,142 8,452,601 8,054,006 8,106,046 8,414,837 8,886,706 9,722,118
Transportation 1,010,126 1,203,513 1,462,522 1,761,729 1,243,062 1,309,050 1,740,042 1,832,271 1,634,970 1,586,258
Leisure services 527,223 609,009 629,764 647,830 700,649 603,268 639,963 827,654 1,100,107 1,219,536
Capital outlay 399,457 309,399 356,224 999,035 260,796 720,011 5,351,177 2,556,453 1,752,151 2,873,623
Debt service:
Principal 334,630 428,048 440,676 429,614 395,856 412,060 430,097 718,072 440,720 416,356
Interest 113,986 106,848 92,164 74,486 59,573 44,058 59,662 166,698 150,642 141,967
Fiscal charges 10,345 18,643 19,340 21,623 12,230 - - - - -
Total Expenditures 10,212,286 10,641,546 11,737,436 13,112,664 13,400,667 13,350,074 19,017,648 17,421,091 17,192,302 19,492,291
Excess (Deficiency) of Revenues
Over Expenditures 131,915 322,076 (35,958)(529,938)73,924 32,677 (1,624,144)(68,562)1,362,935 917,313
Other Financing Sources (Uses)
Transfers in 85,000 366,800 106,000 740,100 422,754 1,520,093 896,154 806,231 1,168,478 1,899,895
Transfers-out (85,000)(366,800)(106,000)(740,100)(422,754)(1,520,093)(874,263)(994,796)(1,685,008)(1,899,895)
Issuance of debt 253,730 132,774 - - 26,480 105,305 7,208,623 - - 80,496
Other proceeds - 23,123 9,336 13,375 24,597 21,976 26,524 972 53,480 61,597
Total Other Financing Sources (Uses)253,730 155,897 9,336 13,375 51,077 127,281 7,257,038 (187,593)(463,050)142,093
Net Change in Fund Balances
$ 385,645 $ 477,973 $ (26,622)$ (516,563)$ 125,001 $ 159,958 $ 5,632,894 $ (256,155)$ 899,885 $ 1,059,406
Debt Service as a Percentage of
Noncapital Expenditures 4.57%5.18%4.68%4.16%3.47%3.61%3.58%5.95%3.83%3.36%
116
VILLAGE OF TEQUESTA, FLORIDA
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Real Property Personal Property
Centrally
Assessed Property Total
Fiscal Year Ended
September 30
Taxable
Assessed
Value
Estimated
Actual "Just"
Value of
Taxable
Property
Taxable
Assessed
Value
Estimated
Actual "Just"
Value of
Taxable
Property
Taxable
Assessed
Value
Estimated
Actual "Just"
Value of
Taxable
Property
Taxable
Assessed
Value
Direct
Tax
Rate
Estimated
Actual "Just"
Value of
Taxable
Property
Assessed
Value as a
Percentage of
Actual
Value
2015 $ 844,999,610 $ 1,154,086,000 $ 17,344,269 $ 22,968,598 $ 1,593,192 $ 1,832,732 $ 863,937,071 6.2920 $ 1,178,887,330 73%
2016 909,292,932 1,269,361,269 19,880,161 25,574,708 1,810,329 1,837,722 930,983,422 6.2920 1,296,773,699 72%
2017 978,487,013 1,404,754,183 21,837,763 27,617,131 1,900,210 1,907,953 1,002,224,986 6.2920 1,434,279,267 70%
2018 1,039,469,424 1,469,747,205 19,372,909 24,908,873 1,930,206 1,934,055 1,060,772,539 6.2920 1,496,590,133 71%
2019 1,100,472,687 1,551,282,505 21,121,271 26,506,260 1,940,096 1,944,199 1,123,534,054 6.2920 1,579,732,964 71%
2020 1,149,591,099 1,613,291,960 21,858,849 27,142,879 1,943,025 1,946,645 1,173,392,973 6.6290 1,642,381,484 71%
2021 1,197,194,961 1,692,004,722 21,962,096 27,870,809 1,943,231 1,947,436 1,221,100,288 6.6290 1,721,822,967 71%
2022 1,271,843,481 1,842,430,152 21,629,866 27,127,527 1,961,352 1,965,352 1,295,434,699 6.6290 1,871,523,031 69%
2023 1,467,478,624 2,442,065,856 23,092,020 28,558,201 2,022,155 2,028,502 1,492,592,799 6.6290 2,472,652,559 60%
2024 1,848,726,759 3,198,941,010 26,493,937 31,980,915 2,077,873 2,083,585 1,877,298,569 6.4595 3,233,005,510 58%
Source: Palm Beach County Property Appraiser's office:
Form DR-489V Revised Recapitulation of the Ad Valorem Rolls of Tequesta, Palm Beach County Florida
117
VILLAGE OF TEQUESTA, FLORIDA
PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTS
(Per $1,000 of Assessed Value)
LAST TEN FISCAL YEARS
Direct Rates Overlapping Rates (1)
Fiscal Year Ended
September 30
Village
Rate County
County
Debt
Everglades
Construction
School
District
County
Library
S. Florida
Water Mgmt.
District
Jupiter
Inlet
District
Fl. Island
Nav. District
(FIND)
Children's
Services
Council
County
Health Care
District
2015
6.2920 4.7815 0.1914 0.0548 7.5940 0.6024 0.1577 0.1285 0.0345 0.6745 1.0800
2016 6.2920 4.7815 0.1462 0.0506 7.5120 0.5985 0.1459 0.1216 0.0320 0.6677 1.0426
2017 6.2920 4.7815 0.1327 0.0471 7.0700 0.5933 0.1359 0.1145 0.0320 0.6833 0.8993
2018 6.2920 4.7815 0.1208 0.0441 6.7690 0.5891 0.2659 0.1089 0.0320 0.6590 0.7808
2019 6.2920 4.7815 0.1165 0.0417 6.5720 0.5901 0.2519 0.1042 0.0320 0.6403 0.7261
2020 6.6290 4.7815 0.0765 0.0397 7.1640 0.5870 0.2398 0.0998 0.0320 0.6497 0.7261
2021 6.6290 4.7815 0.0309 0.0380 7.0100 0.5833 0.2295 0.0964 0.0320 0.6497 0.7261
2022 6.6290 4.7815 0.0334 0.0365 6.8750 0.5824 0.2207 0.0921 0.0320 0.6233 0.7261
2023 6.6290 4.7150 0.0289 0.0327 6.5190 0.5781 0.1974 0.0818 0.0320 0.5508 0.7261
2024 6.4595 4.5000 0.0188 0.0327 6.4570 0.5599 0.1974 0.0729 0.0288 0.4908 0.6761
(1) Overlapping rates are those of local and county governments that apply to property owners within the Village of Tequesta.
Sources: Palm Beach County Property Appraiser's office
118
VILLAGE OF TEQUESTA, FLORIDA
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2024 2015
Taxpayer
Taxable
Assessed
Value Rank
Percentage of
Total Village
Taxable
Value
Taxable
Assessed
Value Rank
Percentage of
Total Village
Taxable
Value
250 Beach Road Developer, LLC $ 69,263,395 1 3.69%
Tamwest Realty, INC (County Line Plaza) 26,574,812 2 1.42% $ 18,387,403 1 2.13%
300 Beach Road Developer, LLC 26,086,437 3 1.39%
GMH Tequesta Holdings, LLC 20,939,245 4 1.12% 13,787,586 2 1.60%
Noble Centers Tequesta FL, LLC (Tequesta Shopps) 16,559,070 5 0.88% 11,368,315 3 1.32%
Russell Properties of Tequesta, LLC 15,591,491 6 0.83%
Florida Power & Light Co. 14,045,015 7 0.75% 9,064,824 4 1.05%
Tequesta Propco, LLC 12,782,137 8 0.68%
Duke Daniel III 12,526,526 9 0.67%
Brandt William F Jr. 10,976,146 10 0.58%
Tequesta Investors LP 9,058,220 5 1.05%
Terrace Communities Tequesta, LLC 7,827,815 6 0.91%
ALS North America, Inc. 5,501,857 7 0.64%
Tequesta Mall, LLC (SLO ML LLC) 4,313,502 8 0.50%
Tylor William B. 4,056,872 9 0.47%
Elliot Edward W Jr. 3,788,611 10 0.44%
Total $ 225,344,274 12.00%$ 87,155,005 10.09%
Source: Palm Beach County Tax Collector's System, tax year 2024
119
VILLAGE OF TEQUESTA, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal Year
Ended
September 30,
Taxes
Levied for
for the Fiscal
Year (1)
Collected within the
Fiscal Year of the Levy
Collections
in
Subsequent
Years
Total Collections to Date (2)
Amount
Percentage
of Levy Amount
Percentage
of Levy
2015
$ 5,437,423 $ 5,237,859 96.3%$ 4,280 $ 5,242,139 96.4%
2016 5,866,490 5,651,698 96.3%382 5,652,080 96.3%
2017 6,314,407 6,083,598 96.3%338 6,083,936 96.4%
2018 6,674,381 6,422,680 96.2%3,146 6,425,826 96.3%
2019 7,069,276 6,799,389 96.2%5,421 6,804,810 96.3%
2020 7,778,422 7,494,948 96.4%3,039 7,497,987 96.4%
2021 8,094,674 7,843,537 96.9%4,693 7,848,230 97.0%
2022 8,587,437 8,259,906 96.2%1,295 8,261,201 96.2%
2023 9,894,398 9,524,480 96.3%149,775 9,674,255 97.8%
2024 12,444,612 11,548,570 92.8%-- 11,548,570 92.8%
(1) The tax levied in a fiscal year is based on the taxable value of the prior year
(2) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
120
VILLAGE OF TEQUESTA, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Fiscal Year Ended
September 30
Governmental Activities
Business-type
Activities Total
Primary
Government
Percentage
of Personal
Income
Per
Capita
Notes
Payable
Financed
Purchases
Notes
Payable
2015
$ 2,249,720 $ 561,001 $ 4,925,818 $ 7,736,539 2.37%1,366
2016 1,968,023 547,423 4,592,420 7,107,866 1.81%1,247
2017 1,674,030 400,739 4,244,561 6,319,330 1.53%1,103
2018 1,367,204 277,951 3,882,784 5,527,939 1.26%944
2019 1,046,986 228,793 3,507,581 4,783,360 1.03%818
2020 712,790 256,234 3,119,113 4,088,137 0.84%696
2021 7,254,007 493,543 2,721,115 10,468,665 1.95%1,702
2022 6,693,000 336,479 2,344,387 9,373,866 1.51%1,524
2023 6,405,000 183,758 1,952,564 8,541,322 1.27%1,382
2024 6,111,000 141,898 1,546,008 7,798,906 1.09%1,280
Note: Details regarding the Village's outstanding debt can be found in the notes to the financial statements.
121
VILLAGE OF TEQUESTA, FLORIDA
RATIO OF NET OUTSTANDING DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Fiscal Year Ended
September 30,
(1)
Population
(2)
Assessed
Value of
Taxable
Property
(A)
Gross
Outstanding
Debt
(B)
Debt Service
Funds
Available
( A - B)
Net
Outstanding
(O/S) Debt
Ratio of Net
O/S Debt to
Value of
Taxable Property
Net
Outstanding
Debt
Per Capita
2015
5,665 $ 863,937,071 $ 7,736,539 - $ 7,736,539 0.90%1,366
2016 5,699 930,983,422 7,107,866 - 7,107,866 0.76%1,247
2017 5,731 1,002,224,986 6,319,330 - 6,319,330 0.63%1,103
2018 5,857 1,060,772,539 5,527,938 - 5,527,938 0.52%944
2019 5,850 1,121,712,544 4,783,360 - 4,783,360 0.43%818
2020 5,874 1,172,469,036 4,088,137 - 4,088,137 0.35%696
2021 6,152 1,227,113,001 10,468,665 - 10,468,665 0.85%1,702
2022 6,152 1,294,696,716 9,373,866 - 9,373,866 0.72%1,524
2023 6,179 1,490,829,688 8,541,322 - 8,541,322 0.57%1,382
2024 6,093 1,876,189,050 7,798,906 - 7,798,906 0.42%1,280
(1) Florida Estimates of Population - Bureau of Economic and Business research, University of Florida.
(2) Form DR-422 "Certificate of Final Taxable Value"
122
VILLAGE OF TEQUESTA, FLORIDA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Total Assessed Value (1) $ 1,850,804,632
Legal Debt Margin
Debt limitation - 10% of total assessed value of taxable real property (2)185,080,463
Total bonded debt outstanding -
Less amount in debt service fund -
Total Debt Applicable to Limitation -
Legal Debt Margin $ 185,080,463
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Debt Limit
$ 86,393,707 $ 93,098,342 $ 100,222,499 $ 106,077,254 $ 110,241,278 $ 115,153,412 $ 119,913,819 $ 127,380,483 $ 146,950,078 $ 185,080,463
Total Net Debt Applicable to Limit - - - - - - - - - -
Legal debt margin $ 86,393,707 $ 93,098,342 $ 100,222,499 $ 106,077,254 $ 110,241,278 $ 115,153,412 $ 119,913,819 $ 127,380,483 $ 146,950,078 $ 185,080,463
Total Net Debt Applicable to Limit
as a Percentage of Debt Limit 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
(1)
Form DR-420 "Certification of Taxable Value"
(2)Village of Tequesta Charter Section 5.02 Limitations
123
VILLAGE OF TEQUESTA, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF SEPTEMBER 30, 2024
Governmental Unit
Net
Debt
Outstanding
Estimate
Percentage
Applicable to
Tequesta
Estimate
Share of
Direct and
Overlapping
Debt
(a)(b)
OVERLAPPING
Palm Beach County
$ 104,915,000 0.65%$ 678,506
Palm Beach County School Board
1,525,000 0.65%
9,862
Subtotal, overlapping debt 688,369
DIRECT DEBT
Village of Tequesta 6,252,898 100.00%6,252,898
Total direct and overlapping debt $ 6,941,267
(a) Sources: Palm Beach County and Palm Beach County School Board
Note: For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values.
Applicable percentages were estimated by determining the portion of the Village taxable assessed value and dividing it by the Palm Beach
County taxable assessed value. (Data provided by the Palm Beach County Property Appraiser's Office)
Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the Village of Tequesta. This schedule
estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the Village of
Tequesta. This process recognizes that, when considering the Village's ability to issue and repay long-term debt, the entire debt burden
borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident and
therefore responsible for repaying the debt of each overlapping government.
124
VILLAGE OF TEQUESTA, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Fiscal
Year
Population
(1)
Personal
Income (2)
Per
Capita
Personal
Income (2)
Median
Age (3)
Palm Beach
County
Unemployment
Rate (4)
2015
5,665 $ 379,067,810 $ 66,914 49.9 5.3%
2016 5,699 391,766,357 68,743 49.9 5.2%
2017 5,731 412,322,526 71,946 49.9 3.7%
2018 5,857 437,834,178 74,754 49.9 3.1%
2019 5,850 466,596,000 79,760 49.9 3.2%
2020 5,874 489,116,232 83,268 49.9 6.6%
2021 6,152 538,164,656 87,478 53.9 4.1%
2022 6,152 619,057,304 100,627 53.9 2.6%
2023 6,179 673,850,845 109,055 53.9 3.3%
2024 6,093 714,842,946 117,322 53.9 3.6%
Sources:
(1) Florida Estimates of Population - Bureau of Economic and Business research, University of Florida.
(2) US Department of Commerce, Bureau of Economic Analysis, Regional Economic
Information System.
(3) U.S. Census Bureau, 2010 and 2020 Census
(4) U.S. Department of Labor, Bureau of Labor Statistics, Labor Market Statistics Center,
Local Area Unemployment Statistics Program
125
VILLAGE OF TEQUESTA, FLORIDA
PRINCIPAL EMPLOYERS - PALM BEACH COUNTY
CURRENT YEAR AND NINE YEARS AGO
2024 2015
Employer (service providing)Employees Rank
Percentage of
Total County
Employment Employees Rank
Percentage of
Total County
Employment
Palm Beach County School District
22,218 1 3.0%22,000 1 3.40%
Palm Beach County 12,367 2 1.6%5,507 3 0.80%
Florida Atlantic University 6,335 3 0.7%2,655 6 0.40%
Tenet Coastal Division Palm Beach County 5,734 4 0.8%6,100 2 0.90%
NextEra Energy, Inc. (Hdqtrs) / FL Power & Light 5,598 5 0.7%3,854 4 0.60%
Baptist Health South Florida (prev. Bethesda Hospital)3,135 6 0.3%2,600 7 0.40%
Veterans Health Administration 2,948 7 0.3%2,500 8 0.40%
Hospital Corporation of America (HCA) 2,612 8 0.3%2,714 5 0.40%
Jupiter Medical Center 2,540 9 0.3%2,000 10 0.30%
The Breakers 2,300 10 0.3%
Boca Raton Regional Hospital 2,500 9 0.40%
65,787 8.500% 52,430 8.0%
Source: Business Development Board of Palm Beach County, Florida (last updated January 2024)
Employment information for the Town is not available
126
VILLAGE OF TEQUESTA, FLORIDA
FULL-TIME EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function/Program
2015
2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities
General government 10.3 10.3 10.8 11.8 13.3 12.9 12.8 12.8 13.8 14.8
Public safety 51.0 52.0 53.0 52.0 53.6 50.0 50.0 54.0 51.0 55.0
Transportation 5.9 6.9 8.1 7.1 8.3 5.3 6.7 6.7 6.7 6.2
Leisure services 3.0 3.0 3.0 3.0 3.0 3.0 3.0 4.0 4.0 4.0
Total Governmental Activities 70.2 72.2 74.9 73.9 78.2 71.2 72.5 77.5 75.5 80.0
Business-type Activities
Water 18.6 18.6 20.4 20.9 22.1 21.2 19.9 19.9 17.9 19.3
Stormwater 1.2 2.2 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7
Total Business-type Activities 19.8 20.8 22.1 22.6 23.8 22.9 21.6 21.6 19.6 21.0
Total Primary Government 90.0 93.0 97.0 97.0 102.0 94.0 94.0 99.0 95.0 101.0
Source: Village of Tequesta Finance Department
Notes: A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Full-time-equivalent employment is calculated by dividing total labor hours by 2,080.
127
VILLAGE OF TEQUESTA, FLORIDA
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Governmental Activities
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General government
Registered voters
4,634 4,813
4,017
4,951
5,056
4,971
4,960
4,454
4,611
Public safety:
No. of full-time certified police officers 19 18 19 19 19 19 20 21 20 20
No. of calls received 3,853 3,109 3,442 3,443 3,614 3,571
5,204
2,375 2,735 2,766 2,650
No. of arrests 174 94 108 69 61 46 40 43 32 43
No. of parking violations 207 61 39 20 48 48 34 -- 86
No. of incident numbers issued 552 345 312 254 259 181 280 434 371 348
Fire department:
No. of full-time certified firefighters 22 22 22 22 21 21 21 22 22 25
No. of emergency responses 1,291 1,409 1,286 1,168 1,226 1,186 1,174 1,374 1,390
No. of transports 1,006 817 722
724
1,227
721 1,017 684 941 816 868
No. of fires extinguished/alarms
285 254 309 267 206 323 263 164 198 119
No. of inspections 499 654 742 608 767 405 558 648 720 682
Building, zoning:
No. of building permits issued 1,034 1,583 1,755 1,356 1,226 1,198 1,412 1,522 1,592 1,371
No. of building inspections conducted 1,705 2,472 3,017 2,634 2,649 2,611 2,429 3,857 3,817 4,599
Leisure services:
No. of Spring Classes 8 12 10 10 10 7 4 14 14 14
No. of Summer Classes 4 4 4 4 4 -1 18 18 18
No. of Movies 3 3 3 3 2 -- 1 - -
Business-type Activities
Water:
No. of customers 5,038 5,055 5,042 5,087 5,084 5,070 5,070 5,087 5,101 5,118
Average daily consumption 2.500 mg 2.600 mg 2.700 mg 2.781 mg 2.642 mg 2.656 mg 2.573 mg 2.626 mg 2.683 mg 2.740 mg
Sources: Various Village departments
128
VILLAGE OF TEQUESTA, FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities
General government:
Municipal center
1
1
1
1
1
1
1
1
1
1
Public safety
Police:
No. of stations 1 1 1 1 1 1 1 1 1 1
No. of patrol units 10 12 10 12 11 11 12 13 13 13
Fire:
No. of stations 1 1 1 1 1 2 1 1 1 1
No. of ambulances 2 2 2 2 2 2 2 2 2 2
No. of pumpers 3 3 2 2 2 2 2 2 2 3
Transportation:
Miles of street lane miles 24 24 24 24 24 24 24 24 24 24
No. of bridges 1 1 1 1 1 1 1 1 1 1
Leisure services
No. of parks 6 6 7 7 7 7 7 6 6 6
No. of park acreage 62 62 62 62 62 62 62 60 60 60
No. of playgrounds 2 2 2 2 2 2 2 2 2 2
No. of baseball/softball diamonds 3 3 3 3 3 3 3 3 3 3
No. of skate-parks 1 1 1 1 1 1 1 1 1 1
Business-type activities:
Water:
Miles of water mains 73 77 77 77
77 72 74 74 74 74
No. of fire hydrants 430 456 435 435 435 579 580 580 580 615
Storage capacity (thousands of gallons)2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750
Sources: Various Village departments
129
REPORTING SECTION
1401 MANATEE AVENUE WEST, SUITE 1200 • BRADENTON, FLORIDA 34205 • 941-747-4483 • FAX 941-747-6035 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor, Village Council
and Village Manager
Village of Tequesta, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States, the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the Village of Tequesta, Florida (the “Village”),
as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively
comprise the Village’s basic financial statements and have issued our report thereon dated March 10, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Village’s internal control over
financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances
for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on
the effectiveness of the Village’s internal control. Accordingly, we do not express an opinion on the effectiveness of the
Village’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements
on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that
there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or
detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in
internal control that is less severe than a material weakness, yet important enough to merit attention by those
charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and
was not designed to identify all deficiencies in internal control that might be material weaknesses or significant
deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we
consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were
not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Village’s financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the financial statements.
However, providing an opinion on compliance with those provisions was not an objective of our audit, and
accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or
other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
131
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards
in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Bradenton, Florida
March 10, 2025
VILLAGE OF TEQEUSTA, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
SECTION I
SUMMARY OF AUDIT RESULTS
Financial Statements
Type of report the auditor issued on whether the financial
statements were prepared in accordance with GAAP: Unmodified
Internal control over financial reporting:
Material weaknesses identified? ____ yes X no
Significant deficiencies identified not considered
to be material weaknesses? ____ yes X none reported
Noncompliance material to financial statements noted? ____ yes X no
Federal Programs and State Financial Assistance Projects
There was not an audit of major federal award programs or state financial assistance projects as of September 30,
2024 due to the total amount expended being less than $750,000.
SECTION II
FINANCIAL STATEMENT FINDINGS AND RESPONSES
None reported.
SECTION III
FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS
Not applicable.
SECTION IV
STATE PROJECTS FINDINGS AND QUESTIONED COSTS
Not applicable.
132
VILLAGE OF TEQEUSTA, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
STATUS OF PRIOR YEAR AUDIT FINDINGS
None noted.
133
1401 MANATEE AVENUE WEST, SUITE 1200 • BRADENTON, FLORIDA 34205 • 941-747-4483 • FAX 941-747-6035 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S MANAGEMENT LETTER
To the Honorable Mayor, Village Council
and Village Manager
Village of Tequesta, Florida
Report on the Financial Statements
We have audited the financial statements of the Village of Tequesta, Florida (the "Village"), as of and for the fiscal
year ended September 30, 2024 and have issued our report thereon dated March 10, 2025.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America;
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States; and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government
Auditing Standards; Schedule of Findings and Responses; and Independent Accountant’s Report on an examination
conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance
requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and
schedule, which are dated March 10, 2025 should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions
have been taken to address findings and recommendations made in the preceding annual financial audit report. There
were no findings or recommendations in the preceding annual financial report requiring correction.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for
the primary government and each component unit of the reporting entity be disclosed in this management letter,
unless disclosed in the notes to the financial statements. The Village was incorporated in 1957 by laws of Florida
57-1915. There are no component units related to the Village.
Financial Condition and Management
Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures
and communicate the results of our determination as to whether or not the Village has met one or more of the
conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In
connection with our audit, we determined that the Village did not meet any of the conditions described in Section
218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition
assessment procedures for the Village. It is management’s responsibility to monitor the Village’s financial
condition, and our financial condition assessment was based in part on representations made by management and the
review of financial information provided by same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the
financial statements that is less than material but which warrants the attention of those charged with governance. In
connection with our audit, we did not have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee,
members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, federal and
other granting agencies, the Mayor and Members of the Village Council, and applicable management, and is not
intended to be and should not be used by anyone other than these specified parties.
ph&fax
135
Bradenton, Florida
March 10, 2025
INDEPENDENT ACCOUNTANT’S REPORT
To the Honorable Mayor, Village Council
and Village Manager
Village of Tequesta, Florida
We have examined the Village of Tequesta, Florida’s (the “Village”) compliance with Section 218.415, Florida
Statutes, regarding the investment of public funds during the year ended September 30, 2024. Management is
responsible for the Village’s compliance with those requirements. Our responsibility is to express an opinion on the
Village’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of
Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Village’s
compliance with those requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Village’s compliance with specified requirements.
We are required to be independent and to meet our ethical responsibilities in accordance with relevant ethical
requirements relating to the examination engagement.
In our opinion, the Village complied, in all material respects, with the aforementioned requirements for the year
ended September 30, 2024.
This report is intended solely for the information and use of the Village and the Auditor General, State of Florida,
and is not intended to be and should not be used by anyone other than these specified parties.
ph&fax Bradenton, Florida
March 10, 2025
1401 MANATEE AVENUE WEST, SUITE 1200 • BRADENTON, FLORIDA 34205 • 941-747-4483 • FAX 941-747-6035 • www.mjcpa.com
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS