HomeMy WebLinkAboutDocumentation_Regular_Tab 04_4/9/2026 Agenda Item #4.
Regular Council
A-1
STAFF MEMO
Meeting: Regular Council - Apr 09 2026
Staff Contact: Jeffery Snyder, Finance Director Department: Finance
Accept the Annual Comprehensive Financial Report (ACFR) for the Year Ended September 30, 2025.
The Finance Department has successfully completed the Village's Annual Comprehensive Financial
Report (ACFR). This report has been submitted to the Government Finance Officers Association
(GFOA) for consideration for the Certificate of Achievement for Excellence in Financial Reporting—an
honor the Village has proudly received for 43 consecutive years. As required by state law, the ACFR
undergoes an annual audit by an independent Certified Public Accounting firm. This year marks the
fifth consecutive audit conducted by our current auditors, Mauldin & Jenkins. They have prepared a
brief presentation summarizing the results of the audit and are available to answer any questions you
may have. They are presenting remotely.
This document and any attachments may be reproduced upon request in an alternative format by
completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-
768-0443.
BUDGET INFORMATION:
BUDGET AMOUNT N/A AMOUNT AVAILABLE N/A EXPENDITURE AMOUNT: N/A
FUNDING SOURCES: N/A IS THIS A PIGGYBACK:
❑ Yes ❑X N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes ❑X N/A
COMMENTS/EXPLANATION ON SELECTIONN/A
Accept the Annual Comprehensive Financial Report for the Year Ended September 30, 2025.
Vill age Presentation
2025 Financial Statements - Village of Tequesta
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2025 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
Page 37 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Prepared By
Finance Department
The Village of Tequesta,Florida
Page 38 of 1201
Agenda Item #4. VILLAGE OF TEQUESTA, FLORIDA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Letter of Transmittal i
Certificate of Achievement for Excellence in Financial Reporting v
Organization Chart vi
List of Principal Officials vii
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 29-86
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule—General Fund 87
Note to the Budgetary Comparison Schedule 88
Firefighters' Pension Trust Fund
Schedule of Changes in the Village's Net Pension Liability and Related Ratios 89
Schedule of Village Contributions 90
Schedule of Investment Returns 91
Police Officers' Pension Trust Fund
Schedule of Changes in the Village's Net Pension Asset and Related Ratios 92
Schedule of Village Contributions 93
Schedule of Investment Returns 94
General Employees' Pension Trust Fund
Schedule of Changes in the Village's Net Pension Liability(Asset)and Related Ratios 95
Schedule of Village Contributions 96
Schedule of Investment Returns 97
Schedule of Changes in Total OPEB Liability and Related Ratios 98
Schedule of Village's Proportionate Share of the Net Pension Liability—
Florida Retirement System Pension 99
Schedule of the Village's Proportionate Share of the Net Pension Liability—
Retiree Health Insurance Subsidiary Program 100
Schedule of the Village's Contributions—Florida Retirement System Pension Plan 101
Schedule of the Village's Contributions—Retiree Health Insurance Subsidy Program 102
Page 39 of 1201
Agenda Item #4.
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 103
Combining Statement of Revenues,Expenditures and Changes in Fund Balances—
Nonmaj or Governmental Funds 104
Budgetary Comparison Schedule—Building Fund 105
Budgetary Comparison Schedule—Special Law Enforcement Trust Fund 106
Budgetary Comparison Schedule—Capital Improvement Fund 107
Budgetary Comparison Schedule—Capital Projects Fund 108
Combining Statement of Fiduciary Net Position 109
Combining Statement of Changes in Fiduciary Net Position 110
III. STATISTICAL SECTION
Net Position by Component 111
Changes in Net Position 112-113
Fund Balances, Governmental Funds 114
Changes in Fund Balances, Governmental Funds 115
Assessed and Estimated Actual Value of Taxable Property 116
Property Tax Rates—All Direct and Overlapping Governments 117
Principal Property Taxpayers 118
Property Tax Levies and Collections 119
Ratios of Outstanding Debt by Type 120
Ratio of Net Outstanding Debt to Assessed Value and Net Bonded Debt Per Capita 121
Computation of Legal Debt Margin 122
Direct and Overlapping Governmental Activities Debt 123
Demographic and Economic Statistics 124
Principal Employers—Palm Beach County 125
Full-time-Equivalent Village Government Employees by Function/Program 126
Operating Indicators by Function/Program 127
Capital Asset Statistics by Function/Program 128
IV. REPORTING SECTION
Schedule of Expenditures of State Awards 129
Notes to the Schedule of Expenditures of State Awards 130-131
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 132-133
Independent Auditor's Report on Compliance for Each Major State Project and on Internal
Control over Compliance Required by Chapter 10.550,Rules of the Auditor General 134-136
Schedule of Findings and Questioned Costs 137-138
Schedule of Findings and Responses 139
Independent Auditor's Management Letter 140-141
Independent Accountant's Report 142
Page 40 of 1201
Agenda Item #4.
INTRODUCTORY SECTION
Page 41 of 1201
Agenda Item #4.
V '111age of Tequ
345 Tequesta Drive 561-768-0700
Tequesta, FL 33469 .- ►n►ww.tequesta.org
4
March 18, 2026
To the Honorable Mayor,
Members of the Village Council,
and Citizens of the Village of Tequesta, Florida:
We are pleased to present the Annual Comprehensive Financial Report (ACFR) of the Village of
Tequesta, Florida(the Village), for the fiscal year ended September 30, 2025.
State law requires that general-purpose local governments publish a complete set of financial
statements within nine months of the close of each fiscal year. This report has been prepared in
accordance with accounting principles generally accepted in the United States of America
(GAAP) and audited in accordance with generally accepted auditing standards and Government
Auditing Standards by an independent certified public accounting firm.
Management assumes full responsibility for the accuracy, completeness, and fairness of the
information presented in this report. We believe the data is presented fairly in all material
respects and that all disclosures necessary to enable readers to gain an understanding of the
Village's financial position and results of operations have been included.
Mauldin & Jenkins, Certified Public Accountants, have issued an unmodified ("clean") opinion
on the Village's financial statements for the fiscal year ended September 30, 2025. The
independent auditor's report is located at the beginning of the financial section.
Management's Discussion and Analysis (MD&A) immediately follows the independent auditor's
report and provides a narrative overview and analysis of the Village's financial performance.
This letter is intended to complement the MD&A and should be read in conjunction with it.
Profile of the Government
The Village of Tequesta was incorporated on June 4, 1957, pursuant to Special Act 57-1915,
Laws of Florida. The Village encompasses approximately two square miles in northern Palm
Beach County and is substantially built out, with limited opportunity for geographic expansion.
The Village operates under a Council-Manager form of government. Legislative authority is
vested in a five-member Village Council elected at large. The Council appoints the Village
Manager, who is responsible for the administration of municipal operations and implementation
of Council policies.
i Page 42 of 1201
Agenda Item #4.
The Village provides a full range of municipal services, including police protection, planning and
building services, public works and infrastructure maintenance, parks and recreation, water utility
operations, stormwater management, and contracted residential solid waste and recycling
services.
I
,7
Economic Condition and Outlook
The Village of Tequesta continues to benefit from a stable residential tax base, conservative
fiscal management, and sustained property value growth. For fiscal year 2025, gross taxable
value increased to $2,220,506,841, compared to $2,048,061,779 in the prior year an increase of
approximately $172,445,000, or 8.4 percent. The increase reflects continued strength in
residential property sales, reassessment activity following ownership transfers, and ongoing
reinvestment in the existing housing stock. This recurring growth enhances revenue stability and
supports long-term capital planning.
As a substantially built-out community with limited commercial development and minimal
undeveloped land, the Village's economic profile is characterized by stability rather than
expansion-driven growth. Accordingly, long-term financial sustainability depends on disciplined
expenditure management, structurally balanced operations, and proactive infrastructure
reinvestment.
Building permit activity during fiscal year 2025 remained consistent with recent years and
continued to reflect reinvestment within established neighborhoods. Utility operations remained
financially stable, supported by steady customer demand and rate structures designed to maintain
adequate system reserves and fund capital improvements.
The Village maintains a structurally balanced General Fund and prioritizes preserving
appropriate fund balance levels in accordance with adopted financial policies. Long-term
obligations, including pension liabilities and infrastructure replacement needs, are incorporated
into actuarial evaluations and the Village's multi-year capital improvement planning process.
Through conservative budgeting practices and long-range financial planning, the Village is well
positioned to manage economic variability while continuing to provide essential municipal
services at a high level.
Financial Management and Internal Controls
Village management is responsible for establishing and maintaining an internal control
framework designed to protect assets, ensure reliable financial reporting, and promote
ii Page 43 of 1201
Agenda Item #4.
compliance with applicable laws and regulations. The internal control system is designed to
provide reasonable assurance that these objectives are achieved.
The Village maintains budgetary controls to ensure compliance with legal provisions embodied
in the annual appropriated budget approved by the Village Council. The legal level of budgetary
control is at the fund level. Village Manager has the authority to transfer the budgeted amounts
between departments within the fund. Budget-to-actual comparisons are provided in the financial
section of this report.
For fiscal year 2025, the Village was not required to undergo a Single Audit under the Uniform
Guidance but was required to perform Single Audit under the Florida Single Audit Act.
Long-Term Planning and Major Initiatives
The Village Council continues to utilize strategic planning to guide policy direction and resource
allocation. The Council's strategic priorities include:
• Maintaining operational excellence in service delivery
• Investing in and rehabilitating critical infrastructure
• Preserving the Village's distinctive character and quality of life
• Strengthening long-term financial stability
During fiscal year 2025, the Village continued infrastructure improvements, including water
system enhancements, street and sidewalk maintenance, and water treatment facility upgrades.
The Village also pursued grant funding opportunities and evaluated alternative revenue strategies
to support capital reinvestment and operational sustainability.
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111 Page 44 of 1201
Agenda Item #4.
Long-range financial planning remains a priority to ensure that infrastructure replacement,
pension obligations, and utility system investments are addressed in a fiscally responsible
manner.
Awards and Acknowledgments
The Government Finance Officers Association (GFOA) awarded the Village a Certificate of
Achievement for Excellence in Financial Reporting for its Annual Comprehensive Financial
Report for the fiscal year ended September 30, 2024. This marked the Village's forty-third
consecutive year of receiving this prestigious award.
The Certificate of Achievement is valid for one year. We believe the current report meets the
program's high standards and will be submitted to the GFOA for consideration.
Preparation of this report would not have been possible without the dedication and
professionalism of the Finance Department staff and the cooperation of all Village departments.
We extend our appreciation to the Mayor and Village Council for their continued leadership and
commitment to sound financial management and transparency.
Respectfully submitted,
Jeremy Allen, ICMA-CM Jeff Snyder, CPA, CGMA
Village Manager Finance Director
iv Page 45 of 1201
Agenda Item #4.
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, 2024
0A.Za P. ;4%�
Executive Director/CEO
v Page 46 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
ORGANIZATION CHART
SEPTEMBER 30, 2025
Residents Gf 1equ-3.;-:,
VillRKC MR nagcr Villegc Atturnu
Umuthra AssIstant aepartme rrts
Human Rewurces village Clerk I rka rum Genera I cove rnmerrt+ Community Building
1 Development
Refuse&ftcyalm I- Code EnF4rcernc:n-
Police Department fire Resc ue r E . ti Public Works Leisure Services Utilities
Waber Utility Systern Stormw ter Utll rtw
Svstem
Vi Page 47 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30,2025
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
John McLoughlin 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
vii Page 48 of 1201
Agenda Item #4.
FINANCIAL SECTION
Page 49 of 1201
Agenda Item #4.
INDEPENDENT AUDITORS' REPORT
Page 50 of 1201
Agenda Item #4.
AA1
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MAULDIN&JENKINS
CPAs & ADVISORS
IndependentAuditor'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, 2025, 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, 2025, 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.
MAULDIN&JENKINS,LLC-1401 MANATEE AVENUE WEST,SUITE 1200•BRADENTON,FLORIDA 34205
941-747-4483•FAX 941-747-6035•www.mj*cpa.com
MEMBERS OF THE AMERICANINSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Page 51 of 1201
Agenda Item #4. H
mjcpaxom *0
MAULDIN&JENKINS
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 87 through
102) 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.
Page 52aof 1201
Agenda Item #4. H
mjcpaxom *0
MAULDIN&JENKINS
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.
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. The schedule of expenditures of state financial assistance is also presented
for purposes of additional analysis as required by Chapter 10.550, Local Governmental Entity Audits, Rules of
the Auditor General, and is not a required part of the basic financial statements of the Village. 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 and the schedule of expenditures of state financial assistance 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 18, 2026, 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.
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Bradenton, Florida
March 18, 2026
Page 53of-:2 1201
Agenda Item #4.
MANAGEMENT'S DISCUSSION AND ANALYSIS
(MD&A)
Page 54 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
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 year ended September 30, 2025. 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 Hi2hli2hts
• 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 $63,209,256. Of total net
position, $28,581,967 (45.2%) 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 $4,952,796, due mainly to establishing a governmental activities internal
service fund for vehicle replacement. Also, robust sales of existing residential homes which reset the
homestead exemptions and increases in property values. The business-type activities net position
increased by $2,881,036, due mainly to increases in user fees to fund improvements to aging and
much needed maintenance of reverse osmosis system.
• At the close of the current fiscal year, the Village's governmental funds reported a change in
combined fund balances of $1,727,582 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 $10,107,025. Of
this balance, $960,163 was non-spendable for inventories and prepaid expenditures; $307,000 was
restricted for debt service, $500,000 was committed to hurricane/disaster relief; and $102,997 was
assigned to subsequent years budget. $8,236,865, or 43.4% 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 $8,8 3 9,8 62.
Overview of the Financial Statements
This discussion and analysis are 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
4 Page 55 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
decreases in net position may serve as a useful indicator of whether the financial position of the Village of
Tequesta is improving or deteriorating.
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 ou flows 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 two types of proprietary fund — enterprise funds and internal
service fund.
5 Page 56 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
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.
Internal service fund. During the fiscal year, the Village established a Vehicle Replacement Internal Service
Fund (VRF) to provide for the systematic replacement of vehicles used across Village operations. The
creation of the VRF represents a significant financial structure change intended to strengthen long-term
capital planning, stabilize operating budgets, and ensure adequate funding for future vehicle replacements.
The VRF was established to accumulate resources for the replacement of vehicles used by both governmental
and business-type activities. The fund owns all vehicles acquired through the program and charges
participating departments an annual replacement charge. These charges are designed to recover the full cost
of vehicles over their estimated useful lives.
Because the VRF predominantly serves governmental activities, its financial activity is reported within
governmental activities in the government-wide financial statements. A portion of the fund's assets,
liabilities, revenues, and expenses attributable to business-type activities is allocated accordingly based on
annual replacement billings.
The Vehicle Replacement Fund is expected to enhance the Village's ability to manage its vehicle fleet on a
long-term basis. Management will continue to review vehicle replacement assumptions, rates, and fund
balances annually to ensure the fund remains financially sustainable and responsive to operational needs.
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-maj or 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 29-86 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 87-102 of this report.
6 Page 57 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
The combining and individual fund statements and schedules referred to earlier in connection with non-maj or
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 103-110 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
$63,209,256 at the close of the 2025 fiscal year. Net Position in governmental activities recorded an increase
of 19.6%. The Village's business-type activities recorded a 9.6% increase in total net position. This overall
increase of 14.1% 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.
Tequesta'sVillage of Position
Business-typeGovernmental
Activities _jln& Activities Total
�025,E& 2024 M02*10& W2024����025,W A Jr20�2,
Current and other assets $ 191305,902 $ 15,1081661 $ 17,299,517 $ 131187,064 $ 3616051419 $ 28,2951725
Capital assets,net 20,96702 1917891087 19,849,530 191531,179 4018171212 39,320,266
Total assets 401273,584 3418971748 37,149,047 32,718,243 7714221631 67,615,991
Total deferred outflows of
resources 21552,573 4,1611075 286,444 625,226 218391017 4,786,301
Noncurrent liabilities 85026,751 1015671206 2,853,647 1,623,023 10001398 12,190,229
Other liabilities 15287,769 1,208,072 1,401,258 1,406,428 209,027 2,614,500
Total liabilities 913141520 1117751278 412541905 310291451 1315691425 1418041729
Total deferred inflows of
resources 3928404 210089708 1981963 2131)431 314829967 2,2221139
Net position
Net investment in
capital assets 14,981,767 1315165727 161516,308 17,495,935 315498,075 31 M 202
Restricted
Pension Asset - 112721557 - - - 112721557
Infrastructure 1,0151416 4011490 - - 1,0151416 401,490
Debt Service 30700 30100 4831748 4201915 790,748 7211915
Building 1,044,496 7285931 - - 19044,496 7281931
Law Enforcement 278,554 257,579 - - 2781554 257,579
Unrestricted 1216001400 817961553 15,9811567 121183,737 2815811967 20,980,290
Total net position $ 30,227,633 $ 25,2741837 $ 32,981,623 $ 30,100,587 $ 6312091256 $ 55,3751424
Page 58 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
The largest portion of the Village's total net position (49.8%) 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 (5.0%) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of$28,581,967 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.
Village of Teat
Components of Net Position
Restricted
ricted
■2024
�225
Uurestr icted
Net I lives ri ent Mn
capital assets
- 10,0001000 $201000,000 $ 0,000.000 $40.000.000
8 Page 59 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
Village of Tequesta's Changes in Net Position
Village of Tequesta
Changes in Net Position
Governmental
Business-type Total
Activities Activities
2025 2024I I24 2025 2024
Revenues:
Program Revenues:
Charges for Services $ 5,061,974 $ 3,5481253 $ 1056871655 $ 91)766,656 $ 1597495629 $ 13,3141909
Operating Grants&Contributions 99,465 71,533 - 2,456 99465 73,989
Capital Grants&Contributions 32,280 129,253 255,139 289,512 287,419 418,765
General Revenues:
Ad valorem Taxes 1217791426 11,703,838 - - 12,779,426 11,703,838
Other Taxes 2,54901 2,419,262 - - 2,549,001 2,419,262
Franchise fees on gross receipts 59104 592,096 - - 59104 592,096
Unrestricted intergovernmental 1,065,969 11079,260 - - 110651969 11079,260
Unrestricted investment earnings 737,710 811,938 5619285 602,373 192989995 154149311
Gain(loss)on sale of capital assets 63,256 61,597 - 21,731 63,256 83,328
Other Miscellaneous 112,509 54,169 22,219 47,901 1341728 102,070
Total Revenues 23,093,454 201471,199 11,526,298 10,730,629 34,619,752 3112011828
Expenses:
General government 4,168,294 31740,337 - - 411681294 31740,337
Public safety 10,511,330 101789,074 - - 1015111330 1017891)074
Transportation 2,037,511 1,815,814 - - 2,0371511 11815,814
Leisure Services 1,517,738 11485,463 - - 1,517,738 1,485,463
Interest on long-term debt 1301785 1381762 - - 1305785 138,762
Water utility services - - 708,283 5,518,894 7081283 5,518,894
Stormwater services - - 592,508 605,901 592,508 605,901
Refuse&recycling services - - 739,471 617,328 739,471 617,328
Total Expenses 18,365,658 17,969,450 8,420,262 6,742,123 26,7851920 24,711,573
Increase in net position before transfers 4,727,796 29501,749 311061036 39988,506 7,8335832 6,490,255
Transfers 22500 - (225,000) - - -
Increase in net position 4,952,796 21501,749 21881,036 3,988,506 7,8331832 6,490,255
Net position-beginning 25,274,837 22177308 30,100,587 26,112,081 55,3751424 481885,169
Net position-ending $ 30,227,633 $ 2552741837 $ 32,9811623 $ 30,100,587 $ 6312091256 $ 55,3751424
For the fiscal year ended September 30, 2025, 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, 2025 by
$7,833,832 Combined entity-wide revenues increased between FY 2025 and FY 2024 due to higher ad
valorem taxes, driven by appreciating property values, property reconstruction, and property sales that reset
homestead exemptions. The establishment of the new Vehicle Replacement Fund and strong investment
returns from active portfolio management also contributed to the increase. These gains were partially offset
by reductions in charges for services, primarily due to lower plan review fees after several large construction
projects were completed in the prior fiscal year, as well as decreases in intergovernmental revenues (sales
taxes) and franchise fees. Revenues from business-type activities also increased, largely due to higher water
utility fees, which are designated to support significant infrastructure improvement projects planned for the
near future. In addition, interest income increased, reflecting stronger investment performance. Expenses
within the business-type activities also rose as the Water Fund initiated maintenance on its reverse osmosis
filters, resulting in higher repair and maintenance costs.
9 Page 60 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
Governmental Activities—Expenses and Program/General Revenues
Governmental activities. As previously stated, overall revenue from governmental activities increased from
the prior year, largely due to property sales and new construction that increased property tax revenues.
Additional contributing factors included the hiring of an outside firm to collect emergency medical transport
service (EMS) fees, the establishment of the Vehicle Replacement Fund, and higher income resulting from
favorable rates and active investment management. As a result of the Village's operations during the fiscal
year,the Village experienced an overall increase in net position of$4,952,796.
Expenses and P i�og i* tr��General ReNrenue s - Governmental Act' 't'�
in Thousands
$1'.000
$10.000
$ .000
$6.000
$4.000
$2.000
■Rev enues lExpelises
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 $13,171,939, a (7.4)% decrease
from the prior period. This is mainly a result of increase in the collection of EMS fees. As shown on the
Statement of Activities, functions directly benefiting from the programs generated revenue of$5,193,719 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 Page 61 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
The following is a comparison of revenues by source for governmental activities for fiscal year 2025 and
2024.
Revenues by Source - Governmental Activities
in Thousands
$14.000
04
$1 ,000 2025
$10.000
$ .000
$ .000
$4.000
$ ,000
$0
Business-type Activities. The Village's business-type activities reported program revenues exceeding
expenses by $2,522,532. General revenues were $358,504. This resulted in an increase in net position of
$2,8 81,03 6 over the prior year.
Total Revenue pen e -Buslue -Type AcfivMe
in Thousands
$10.000
$ .000
$ .000
$7.000
$6.000
$5.000
$4.000
$3.000
$2.00 0
$1.000
$0
w atei,Utility l effis e&Recycliug Storinwater Utility
■Rev.eime ■Expenses
L L
11 Page 62 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
As shown in the chart below, revenues from charges for services reported in business-type activities
increased by $920,999 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 and large maintanance projects used for water distribution. Stormwater Utility
reported increases in revenues of 2.0% and Refuse and Recycling revenues increased by 21.2% as
contractually required. General Revenues and transfers (non-operating) decreased by 46.7% over the
previous fiscal year due to interest rate reductions and normal changes to the miscelaneous income.
Revenues enues by. ounce-Business-Type Activities
in Thousands
1'.000
4 1 0y 0 00
S M O
6MO 025 2024
4,000
2025 2024
2,00 0
0
Charges for Services Noll-op eralui
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, 2025 the Village's governmental funds reported total combined fund balances of
$1317531793. Of this balance $8,236,865 (59.9%) of the combined governmental fund balances is unassigned
and is available for spending at the Village's discretion. Approximately 13.7% or $1,888,470 is assigned or
committed, with the largest portion assigned to capital projects. Approximately 19.2% or $2,645,466 is
restricted for a particular purpose (i.e. debt service, Building Fund, Law Enforcement Trust funds, etc.).
$982,992 is in nonspendable form (i.e. inventories, prepaid items, etc.). Total combined fund balances have
increased(14.4)% over the prior year.
12 Page 63 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
General Fund
C"'omponents of Fund Balance
eptember•30,2025 and 2024
2024 ■Cammitred
7sendable.
i Restricted
■Assipied
■1_Tna ssixied
2025
0 2),000,000 $4,000,000 $6,000,000 $8,000,000$10,000,000
Governmental Funds
Components of Fund Balance
September 30,2025 and 2024
024 ■Ccquinitted
isendable
Remitted
■Assiied
■Una ssi ied
2025
13 Page 64 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
The General Fund is the chief operating fund of the Village. At the end of the current fiscal year the total
fund balance was $10,107,025, an increase of$1,303,970 over the prior year. Unassigned fund balance of
$8,236,865, increased by $995,883 (13.8%) 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 47.9% of fiscal year 2025 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 $4.3 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
SourcesW General Fund .,ME"
P Revenues
L Change
Vevenue i of Total $ i
d valorem taxes $ 12,779,426 63.0% $ 110751588 9.2% $ I L703,838
Other taxes 1,614,990 8.0% 839816 5.5% L531J74
Charges for services 2,2661131 11.2% 597,068 35.8% 1091063
Intergovernmental 1,065,969 5.3% (13,29 1) (1.2)% 1,079,260
Intragovernmental 9101478 4.5% 71487 0.8% 9021991
Franchise fees 5911864 2.9% (232) -% 592,096
Licenses and permits 9,900 -% 11510 18.0% 8,390
Rents and Royalties 209,241 1.0% (19912) (0.9)% 2111153
Fines and forfeitures 33,853 0.2% 191499 135.8% 14,354
Misc. grants and contributions 2201771 1.1% (29,871) (11.9)% 250,642
Investment earnings 5691358 2.8% (119,690) (17.4)% 689,048
Total Revenue $ 20,271,981 100% $ 11619,972 8.7% $ 105209
As noted in the table above, total General Fund revenues increased by $1,619,972 (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 charges for services
which offset losses in sales taxes (intergovernmental), interest earnings, and grants and contributions.
Expenditures in the General Fund are shown in the following schedule:
General ,
Expenditures by Function/Classification
FunctionChange
I ' oflotal finam 2023
General government $ 4,021,820 23.4% $ 4891387 13.9% $ 3,532,433
Public Safety 9564015 89 56.0% 110451871 12.2% 815941718
Transportation 1,697,057 9.9% 1321640 8.5% 1,564,417
Leisure services 11301,321 7.6% 811785 6.7% 112191536
Debt service 515,860 3.0% (42,463) (7.6)% 558,323
Capital outlay 25,920 0.2% (743,932) (96.6)% 7691852
Total expenditures $ 175202,567 100% $ 9631288 5.9% $ 16,239,279
14 Page 65 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
Total General fund expenditures increased from the prior year by$963,288 or 5.9%. Payments to the Vehicle
Replacement Fundaccounted for for nearle all of the general government increase. The increase in public
safety mainly due to 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's purchase of a new pumper truck during in fiscal year 2024 for the Fire Department resulted in the
decrease of$743,932 or 96.6% of capital expenditures. Below is a graphical presentation of how the Village
expends funds and how they compare to the prior period.
Geri a ra l Fund- Expenditures by. Source
in Thousands
$10.000
9,00
.00
?.000
.00
5.00
4.00
$3.00
2,00
$1,000 pin
0
2025
04
+co -
At September 30, 2025, ending fund balances for the Non-major Special Revenue funds are as follows:
Building Fund - $1,084,267; Special Law Enforcement Fund - $341,393. The ending fund balances in the
Non-major Capital Projects Funds are as follows: Capital Projects Fund - $460,886, Capital Improvement
Fund- $1,760,222. 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 $410,215 the majority of which was for
salary and benefit adjustments with the International Assosiation of Fire Fighters during union negotiations.
The General Fund expenditures were less than appropriations by $915,905 or 4.6%. These savings were
spread across the departments: legal services resulted in savings of $104,000, Police Department was less
than budgeted by $270,000 due to staff openings, Fire Department was able to realize savings of nearly
$100,000 in operating expenditures, and Public Works experienced fewer emergency repairs during the fiscal
year,resulting in savings of nearly$120,000 across its accounts.
15 Page 66 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
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 $32,857,277 and an increase of $2,756,690 from the prior period as shown below. Other factors
concerning the finances of this ma j or fund have already been addressed in the discussion of the Village's
business-type activities.
ChangeProprietary Funds
in Operating Position
Operating g• in Net Position
2025 2024 2025 2024
Water $ 2,4309613 $ 3,1781716 $ 2,739,379 $ 4,0191777
Stormwater (29,076) (43,564) 1491079 (20,796)
Refuse and Recycling (19,575) (23,175) (7,422) (10,475)
$ 2,381,962 $ 3,111,977 $ 201,036 $ 3,988,506
Capital Assets and Debt Administration
Capital assets: The Village's capital assets for its governmental and business-type activities total
$40,817,212 (net accumulated depreciation) as of September 30, 2025. The Village acquired $3,842,784 in
assets during the year and disposed of$426,039 during the year.
Additional information on the Village's capital assets can be found in Note 3D, Capital Assets, starting on
page 50 of this report.
Capital •
Business-typests
Governmental Activities Activities Total
Land $ 634,017 $ 634M7 $ 83,335 $ 83,335 $ 7171352 $ 717,352
Construction in progress 113131441 9561203 4,0379437 2,9229314 513501878 318781517
Buildings 14,752,547 14,752,547 972,980 972,980 15,725,527 15,725,527
Improvements 2,6911348 216911348 581720 581720 297501068 217501068
Infrastructure 716851852 610451568 38,554,439 381554,439 461240,291 44001007
Machinery&Equipment 6,628,529 6,387,219 2,358,653 2,291,766 8,987,182 078,985
Intangibles - - 481649 48,649 481649 48,649
Other-K-9 161452 201549 - - 161452 201549
Total capital assets 33,7221186 3114871451 4611141213 44,932,203 7918361399 761419,654
Less accumulated depreciation (121754,504) (1116981364) (261264,683) (25,401,024) (39,019,187) (37,0991388)
Total capital assets,net $ 20,96702 $ 19,789,087 $ 19,849,530 $ 199531,179 $ 40,8171212 $ 39,320,266
16 Page 67 of 1201
Agenda Item #4.
Management's Discussion and Analysis 2025
Noncurrent liabilities: At the end of the current fiscal year, the Village had a total of $11,843,051 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
$848,034 and a total OPEB liability of $1,014,720, 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.
LiabilitiesNoncurrent
Business-typeGovernmental Activities Activities Total
2025 2024
Notes payable $ 5181000 $ 611111000 $ 219521056 $ 1154608 $ 817621056 $ 7,657,008
Financed purchases 61,104 1411898 - - 611104 1411898
Compensated absences 993,879 9281014 163,258 144,117 11157J 37 1,0721131
Total OPEB Liability 787,639 7111295 22701 187,276 110141720 8981571
Net Pension Liability 848,034 3J 83,959 - 191,537 848,034 3,3751496
Total Noncurrent Liabilities $ 89500,656 $ 11,076,166 $ 313421395 $ 2,068,938 $ 1198431051 $ 13J45J04
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 2025-2026 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 8.4%. 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 Police Officers contract for three years. The first year of
contract provides for 13% average increase.
• Village Council approved an increase of 8.4% in refuse and recycling rates to stabilize the fund.
• 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 Page 68 of 1201
Agenda Item #4.
BASIC FINANCIAL STATEMENTS
Page 69 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30,2025
Business-
Governmental type
Activities Activities Total
Assets
Cash $ 213321833 $ 2031340 $ 5,196,173
Investments 11,800,348 12,471,146 24,271,494
Receivables,net 1,590,973 1,121,482 2,712,455
Internal balances (124,346) 124,346 -
Inventories 521816 4311009 4831825
Prepaid items 930,176 1641418 1,094,594
Net pension asset 297239102 1231776 2,846,878
Capital assets not being depreciated 1,947,458 4,120,772 65068,230
Capital assets being depreciated,net 19,0201224 15,728,758 34,748,982
Total Assets 40,273,584 37,149,047 775422,631
Deferred Outflows of Resources
Deferred outflows-pensions 2,2581538 1461441 2,404,979
Deferred outflows-OPEB 294,035 84,772 37807
Deferred charge on refunding - 55,231 55,231
Total Deferred Outflows of Resources 215521573 2861444 2,839,017
Liabilities
Accounts payable 4081260 7801174 11188,434
Accrued liabilities 2571427 52,139 309,566
Accrued interest payable 631329 10,870 74,199
Retainage payable 151064 281023 4307
Customer deposits - 41,000 41,000
Unearned revenue 621262 - 62,262
Due to other governments 71522 304 71826
Noncurrent liabilities:
Due within one year 473,905 488,748 962,653
Due in more than one year 613911078 216261566 91017,644
Pension/OPEB liability due within one year 8041631 15,407 820,03 8
Total OPEB liability due in more than one year 7341198 2111674 945,872
Net pension liability due in more than one year 961844 - 96,844
Total Liabilities 9,314,520 4,254,905 13,569,425
Deferred Inflows of Resources
Deferred inflows-pensions 2,217,842 177,127 2,394,969
Deferred inflows-leases 990,423 - 990,423
Deferred inflows-OPEB 751739 21,836 97,575
Total Deferred Inflows of Resources 3,2841004 198,963 3,482,967
Net Position
Net investment in capital assets 14,9811767 16,516,308 315498,075
Restricted:
Infrastructure 1,0151416 - 11015,416
Debt Service 30700 483,748 790,748
Building 1,044,496 - 1,044,496
Law Enforcement 278,554 - 278,554
Unrestricted 1200,400 15,981,567 28,581,967
Total Net Position $ 30,227,633 $ 32,981,623 $ 63,209,256
The accompanying notes are an integral part of these financial stateP�g
ents.
18 70 Of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Net(Expense)Revenue and
Program Revenues Changes in Net Position
Primary Government
Operating Capital Grants
Charges for Grants and and Governmental Business-type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
Primary Government
Governmental Activities
General government $ 41168,294 $ 1,639,530 $ - $ - $ (2,528,764) $ - $ (2,528,764)
Public safety 101511,330 3,17603 81,651 32,280 (7,220,796) - (7,220,796)
Transportation 21037,511 - - - (2,037,511) - (2,037,511)
Leisure services 115171738 245,841 17,814 - (1,254,083) - (1,254,083)
Interest on long-term debt 130,785 - - - (130,785) - (130,785)
Total governmental activities 18,365,658 501,974 99,465 32,280 (13,171,939) - (13,171,939)
Business-type Activities
Water 71088,283 9,394,408 - 1105139 - 2,416,264 2,4161264
Stormwater utility 592,508 5735351 - 1455000 - 125,843 1251843
Refuse and Recycling 739,471 7191896 - - - (19,575) (19,575)
Total business-type activities 81420,262 1087,655 - 2551139 - 2,522,532 2,5221532
Total primary government $ 261785,920 $ 155749,629 $ 99,465 $ 287,419 (13,171,939) 2,522,532 (10,649,407)
General Revenues
General revenues:
Ad valorem taxes 12,7791426 - 1217795426
Utility taxes 10904 - 1,08904
Communication service tax 330,005 - 33005
Insurance premium taxes 396,958 - 3961958
Infrastructure surtax 631,990 - 6319990
Business taxes 100,964 - 1001964
Franchise fees based on gross receipts 591,864 - 5911864
Unrestricted intergovernmental revenues 1,065,969 - 110651969
Unrestricted investment earnings 737,710 561,285 112989995
Gain on sale of capital assets 631256 - 631256
Miscellaneous revenues 1121509 22,219 1341728
Transfers 2251000 (225,000) -
Total general revenues 18,124,735 358,504 18,483,239
Change in net position 4,952,796 201,036 7,833,832
Net Position-Beginning 25,274,837 30,100,587 5513751424
Net Position-Ending $ 30,227,633 $ 321981,623 $ 63,2091256
The accompanying notes are an integral part of these financial statements.
19 Page 71 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
BALANCESHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
Nonmaj or Total
General Governmental Governmental
Fund Funds Funds
Assets
Cash $ 9471045 $ 110411092 $ 1,988,137
Investments 8,336,262 2,5291390 1065,652
Receivables,net 1,4261380 146,843 11573,223
Inventories 52,445 371 52,816
Prepaid items 9071718 221458 9301176
Total Assets $ 1116691850 $ 317401154 $ 1514101004
Liabilities
Accounts payable $ 2671726 $ 551787 $ 323,513
Accrued liabilities 2411576 151851 257,427
Retainage payable - 15,064 15,064
Unearned revenue 621262 - 62,262
Due to other governments 838 61684 71522
Total Liabilities 5721402 93,386 6651788
Deferred Inflows of Resources
Deferred inflows-leases 9901423 - 990,423
Total Deferred Inflows of Resources 9901423 - 990,423
Fund Balances
Nonspendable:
Inventories 52,445 371 52,816
Prepaid items 9071718 22,458 9301176
Restricted:
Infrastructure - I M 151416 1,0151416
Debt Service 3071000 - 30700
Building - 1,044,496 1,044,496
Law Enforcement - 2781554 278,554
Committed to:
Disaster Reserve 5001000 - 50000
Capital Projects - 6701365 6701365
Assigned to:
Capital Projects - 4491578 4491578
Subsequent years budget 1021997 1651530 2681527
Unassigned:
General Fund 812361865 - 8,2361865
Total Fund Balances 1011071025 3,6461768 1317531793
Total Liabilities and Fund Balances $ 11091850 $ 3,7401154 $ 15,41004
The accompanying notes are an integral part of these financial statements.
20 Page 72 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30,2025
Amounts reported for governmental activities in the statement of net position are
different because:
Total Fund Balances-Governmental Funds $ 13,753,793
Net pension asset is not considered to represent a financial asset in
the governmental funds. 2,723,102
Net capital assets used in the governmental activities are not financial resources
and,therefore are not reported in the governmental funds,excluding Internal Service Fund. 20,6491630
Deferred outflows of resources related to pensions and OPEB transactions are not reported
in the governmental funds. 21552,573
Deferred inflows of resources related to pensions and OPEB transactions are not recognized
in the governmental funds. (2,2931581)
Long-term liabilities,including notes payable, are not due and payable in the
current period and,therefore,are not reported in the governmental funds. (6,928,312)
Total OPEB liability is not due and payable in the current period and,therefore,
not reported in the governmental funds. (787,639)
Net pension liability is not due and payable in the current period and,therefore,
not reported in the governmental funds. (848,034)
Internal service fund is used by management to charge the costs of fleet replacement to
individual funds. The assets and liabilities of the internal service funds are included in
governmental activities in the statement of net position. 1,406,101
Net Position of Governmental Activities $ 30,2271633
The accompanying notes are an integral part of these financial statements.
21 Page 73 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Nonmaj or Total
General Governmental Governmental
Fund Funds Funds
Revenues
Ad valorem taxes $ 1217791426 $ - $ 12,7791426
Other taxes 116141990 9341011 2,54901
Charges for services 212661131 41436 2,270,567
Intergovernmental 1,065,969 - 1,065,969
Intragovernmental 910,478 - 9101478
Licenses and permits 91900 1,4381818 1,448,718
Franchise fees 5911864 - 591,864
Rents and royalties 2091241 - 2091241
Miscellaneous 891026 358 891384
Fines and forfeitures 331853 2121242 246,095
Grants, contributions and donations 1311745 - 1311745
Investment earnings 5691358 1321979 702,337
Total Revenues 2012711981 21722,844 22,994,825
Expenditures
General government 410211820 787 4,0221607
Public safety 916401589 1,1971891 101838,480
Transportation 116971057 461386 1,743,443
Leisure services 113011321 - 11301,321
Capital outlay 251920 210311327 2,057,247
Debt service:
Principal 3811794 - 3811794
Interest 1341066 - 13406
Total Expenditures 17,202,567 3,276,391 20,478)958
Excess(Deficiency)of Revenues
Over Expenditures 390691414 (5535547) 2,5151867
Other Financing Sources(Uses)
Transfers in - 110521159 110521159
Transfers out (11801,949) (75,000) (1,876,949)
Sale of capital assets 361505 - 36,505
Total Other Financing Sources(Uses) (I,765,444) 9771159 (788,285)
Net change in fund balances 1,3031970 423,612 1,727,582
Fund Balances-Beginning 81803,055 3,223,156 121026,211
Fund Balances-Ending $ 1011071025 $ 316461768 $ 1317531793
The accompanying notes are an integral part of these financial statements.
22 Page 74 of 1201
Agenda Item #4.
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 30,2025
Amounts reported for governmental activities in the statement of activities
are different because:
Net change in fund balances-total governmental funds $ 1,727,582
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 210391839
Depreciation/amortization expense (1,179,296) 860,543
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.
Payment on notes payable 3011000
Payment on financed purchases 801794 3811794
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 31281
Compensated absences (65,865)
Total OPEB liability (53,591)
Net pension related 6921951 5761776
Internal service fund is used by management to charge the costs of fleet
replacement to individual funds.The net revenue of the internal service fund
is reported with governmental activities: 114061101 114061101
Change in net position of governmental activities $ 4,952,796
The accompanying notes are an integral part of these financial statements.
23 Page 75 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2025
Governmental
Business-type Activities Activities
Nonmaj or
Water Refuse& Internal
Fund Stormwater Recycling Total Service Fund
Assets
Current Assets:
Cash $ 2,628,474 $ 178,210 $ 561656 $ 2,863,340 $ 344,696
Investments 1212261711 2149612 295823 12,4711146 934,696
Receivables,net 1061873 30,030 41579 111211482 17,750
Inventories 429,694 11315 - 431,009 -
Prepaid items 161,541 2,877 - 164,418 -
Total Current Assets 16,533,293 427,044 911058 17,051,395 1,297,142
Non-current Assets:
Net pension asset 114,647 9,129 - 123,776 -
Capital assets not being depreciated 4,1201772 - - 4,1201772 -
Capital assets being depreciated,net 1314339224 25295,534 - 15,7281758 318,052
Total Non-Current Assets 1716681643 2,304,663 - 19,973,306 318,052
Total Assets 34,2011)936 217311707 911058 37,024,701 196151194
Deferred Outflows of Resources
Deferred outflows-pensions 135,641 1000 - 146,441 -
Deferred outflows-OPEB 78,520 6,252 - 84,772 -
Deferred charge on refunding 55,231 - - 55,231 -
Total Deferred Outflows of Resources 2691392 17,052 - 286,444 -
Liabilities
Current Liabilities:
Accounts payable $ 650,721 $ 68,071 $ 611382 $ 7801174 $ 84,747
Accrued liabilities 601667 2,342 - 639009 -
Retainage payable 281023 - - 28,023 -
Customer deposits 411000 - - 41,000 -
Compensated absences 500 - - 500 -
Due to other governments 304 - - 304 -
Notes payable 483,748 - - 483,748 -
Current OPEB liability 141271 1,136 - 15,407 -
Total Current Liabilities 1,283,734 71,549 611382 1141605 84,747
Noncurrent Liabilities:
Compensated absences 1521)156 6,102 - 1581)258 -
Notes payable 294681308 - - 2,468,308 -
OPEB liability 19602 155612 - 2111674 -
Total Noncurrent Liabilities 2,8161526 21,714 - 2,838,240 -
Total Liabilities 411001260 93,263 611382 4,254,905 841747
Deferred Inflows of Resources
Deferred inflows-pensions 164,063 13,064 - 1771127 -
Deferred inflows-OPEB 20,226 1,610 - 21,836 -
Total Deferred Inflows of Resources 184,289 14,674 - 198,963 -
Net Position
Net investment in capital assets 141261,836 2,254,472 - 16,516,308 233,305
Restricted:
Debt Service 4831748 - - 4831748 -
Unrestricted 15,441,195 386,350 291676 15,857,221 11297,142
Total Net Position $ 30,1861779 $ 2,640,822 $ 291676 32,8571277 $ 11530,447
Adjustment to report the cumulative internal balance for the net effect of the 1241346
activity between the Internal service funds and the enterprise funds over time
Net position of business-type activities $ 3219811623
Paae 24 The accompanying notes are an integral part of'thessefman7 al 91t ment1
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Governmental
Business-type Activities Activities
Nonmaj or
Water Refuse& Internal
Fund Stormwater Recycling Total Service Fund
Operating Revenues
Charges for services:
Metered water sale $ 9,394,408 $ - $ - $ 9,394,408 $ -
Stormwater fees - 573,351 - 5731351 -
Refuse and recycling fees - - 719,896 7191896 -
Vehicle replacement - - - - 498,046
Total Operating Revenues 9,3941408 573,351 719,896 101687,655 498,046
Operating Expenses
Cost of sales and services:
Plant production 2,856,873 - - 218561873 -
Distribution 1,531J80 - - 115311180 -
Stormwater - 3761167 - 3761167 -
Purchased services - - 739,471 7391471 -
Management services 741,187 52,482 - 79309 -
Administration 1,1081)888 - - 111081888 -
Depreciation/amortization 7251667 173,778 - 8991445 791513
Total Operating Expenses 6,963,795 602,427 739,471 8,305,693 79,513
Operating Income(Loss) 214301613 (29,076) (19,575) 213811962 418,533
Non-Operating Revenues(Expenses)
Investment earnings 533,429 15,703 12,153 561,285 35,373
Interest expense (119,403) - - (119,403) -
Gain(loss)on disposal of capital assets (125,462) 5,950 - (119,512) 26,751
Miscellaneous revenue 10,717 11,502 - 22,219 -
Total Non-Operating Revenues 299,281 33,155 12,153 3441589 62,124
Income(loss)Before Transfers and
Contributions 2,7291894 4,079 (7,422) 217261551 480,657
Transfers in - - - - 1,049,790
Transfers out (225,000) - - (225,000) -
Capital contributions 1101139 - - 110,139 -
Contributions-grants - 14500 - 14500 -
Change in Net Position 2,615,033 149,079 (7,422) 2,756,690 1,530,447
Net Position-Beginning 271571,746 214911743 37,098 -
Net Position-Ending $ 30,1861779 $ 2,640,822 $ 29,676 $ 1,530,447
Adjustment for the net effect of the current year activity between 1241346
the internal service funds and the enterprise funds.
Changes in net position of business-type activities $ 218811036
The accompanying notes are an integral part of these financial statements.
25 Page 77 of 1201
Agenda Item #4. VILLAGE OF TEQUESTA,FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Business-type Activities Vehicle
Water Storm Water Refuse Replacement
Fund Fund Nonmaj or Fund Totals Fund
Cash Flows from Operating Activities
Cash received from customers,governments and other funds $ 9,2811869 $ 5501012 $ 719,332 $ 10,551,213 $ 480,296
Cash paid to suppliers for goods and services (3,769,290) (322,750) (729,209) (4,821,249)
Cash paid to employees for services and benefits (2,522,367) (120,483) - (2,6421850) -
Net Cash Provided by(Used in)Operating Activities 2,990,212 1061779 (9,877) 307,114 4801296
Cash Flows from Noncapital Financing Activities
Transfers to other funds (225,000) - - (225,000)
Transfers from other funds - - - - 1,049,790
Net Cash Provided by(Used in)Noncapital Financing Activities (225,000) - - (225,000) 11049,790
Cash Flows from Capital and Related Financing Activities
Acquisition and construction of capital assets (1,353,829) - - (1,353,829) (312,818)
Cash received from sale of capital assets 10,571 51950 - 161521
Capital contributions-grants - 1451000 - 14500 -
Capital contributions-tap fees 110,13 9 - - 110,139 -
Proceeds from notes payable 1,826,963 - - 15826,963 -
Principal paid on long-term debt (420,915) - - (4205915) -
Interest paid (87,358) - - (87,358) -
Net Cash Provided by(Used in)Capital and Related Financing
Activities 85,571 1501950 - 2361521 (312,818)
Cash Flows from Investing Activities
Purchase of investments (I,446,519) (187,894) 42,899 (1,591,514) (9341696)
Interest and micsellaneous income 5421323 275205 121153 5811681 621124
Net Cash Provided by(Used in)Investing Activities (904,196) (160,689) 551052 (109,833) (872,572)
Net Change in Cash and Cash Equivalents 1,946,587 971040 451175 208,802 3441696
Cash and Cash Equivalents-Beginning 68107 81,170 11,481 774)538 -
Cash and Cash Equivalents-Ending $ 2,6281474 $ 1781210 $ 56,656 $ 203,340 $ 3441696
Adjustments to Reconcile Operating Income(Loss)to Net
Cash Provided by(Used in)Operating Activities
Operating income(loss) $ 21)4309613 $ (29,076) $ (19,575) $ 2,381,962 $ 418,533
Adjustments to reconcile operating income(loss)to net
cash provided by(used in)operating activities:
Depreciation/Amortization 725,667 1731778 - 899,445 79,513
Changes in operating assets,liabilities and deferred inflows/
outflows of resources:
(Increase)decrease in:
Accounts receivable (107,064) (23,339) (564) (130,967) (17,750)
Inventories (19,923) (I,190) - (21,113) -
Prepaid items (28,337) (11775) - (30,112) -
Increase(decrease)in:
Accounts payable (21,496) (15,156) 10,262 (26,390) -
Accrued liabilities 11,561 109 - 11,670 -
Retainage payable (37,386) - - (37,386) -
Customer deposits (5,475) - - (5,475) -
Long-term assets/liabilities 42,052 31428 - 451480 -
Due to other governments - - - - -
Net Cash Provided by(Used in)Operating Activities $ 2,990,212 $ 1061779 $ (91877) $ 3,087,114 $ 480,296
Schedule of non-cash capital and related financing activities:
Unrealized loss on investments $ (I,823) $ - $ - $ (1,823)$ -
26 Pang 78.o�f 12o 1
The accompanying notes are an integral part of thes Page
statements.
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2025
Pension
Trust
Funds
Assets
Cash and cash equivalents $ 976,679
Investments
Equities 2918711554
Fixed Income 10,406,123
Real Estate Fund 2,352,558
Total investments 42,630,235
Contributions receivable 67,291
Accrued interest receivable 43,120
Prepaid items 3 X6
Total Assets 43172013 51
Liabilities
Accounts payable 40,890
Total Liabilities 40,890
Net Position Restricted for Pension Benefits $ 4316791461
The accompanying notes are an integral part of these statement.
27 Page 79 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
Pension
Trust
Funds
Additions
Contributions:
State of Florida $ 396,958
Employer L236,297
Employee 9321077
Total Contributions 2,565,332
Investment Earnings
Net appreciation in fair value of investments 2,291,286
Gain on sale of investments 11715,221
Interest and dividends 788,691
4,795J98
Less investment expenses (124,093)
Net Investment Earnings 4,671,105
Miscellaneous 403
Total Additions 7,236,840
Deductions
Benefits paid 115241072
Refund of contributions 5,905
Administrative expenses 118 J 95
Total Deductions 15648 J 72
Change in Net Position 5,58808
Net Position Restricted for Pension Benefits
Beginning of year 3810901793
End of year $ 4316791461
The accompanying notes are an integral part of these statement.
28 Page 80 of 1201
Agenda Item #4.
NOTES TO BASIC FINANCIAL STATEMENTS
Page 81 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 82 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 nonmajar 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 types:
The Vehicle Replacement Internal Service Fund (VRF) accounts for the financing of vehicle
acquisitions and replacements used by various departments of the Village. The fund was
established to accumulate resources for the systematic replacement of vehicles used in Village
operations. The fund accounts for all vehicles acquired through the program and charges
participating funds an annual replacement charge designed to recover the full cost of vehicles
over their estimated useful lives. The fund is reported as a proprietary fund and supports both
governmental and business-type activities.
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.
30 Page 83 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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
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
31 Page 84 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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.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,
32 Page 85 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
money market accounts, and U.S. Government Securities and Agencies. Investments are stated at
fair value or amortized cost which approximates fair value.
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. The Village's
capitalization threshold for tangible capital assets is $10,000, buildings, improvements other that
buildings and intangible assets is $50,000, infrastructure is $75,000. In addition, this assets must
have an estimated useful life in excess of one year. 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
33 Page 86 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
life of the lease term. 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 ou flows
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 Page 87 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 88 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
2.Property Taxes
Property tax collections are governed by Chapter 197, Florida Statutes. Property taxes are based
on assessed property value at January 1 St 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 2025 was 6.4595 mills. Tax bills are mailed out
November 1 st 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 Page 89 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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
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. Village implemented GASB Statement No.
101, Compensated Absences, for the fiscal year ending September 30, 2025.
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 Page 90 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 $20,649,630 as explained in
the following detail (additional details shown in Note 3.D.):
Capital assets not being depreciated:
Land $ 6341017
Construction in progress 1,313,441
Capital assets being depreciated:
Buildings, net 9,766,692
Improvements other than buildings,net 753,993
Infrastructure,net 5,739,156
Machinery and equipment,net 214291169
Other K-9,net 13,162
Net Adjustment to Increase Fund Balance-
Total Governmental Funds to Arrive at
Net Position- Governmental Activities $ 20,6491630
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 $6,928,312 difference are as follows:
Note payable $ 5,8101000
Financed purchases 611104
Compensated absences 9931879
Accrued interest pyable 63,329
Net Adjustment to Increase Fund Balance-
Total Governmental Funds to Arrive at
Net Position—Governmental Activities $ 6,9281312
38 Page 91 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025, 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 Page 92 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
As of September 30,2025,the Village had the following demand deposits and investments:
Weighted Credit
Average Rating Percent
Deposits and Investments Reported Value Maturity (S&P) Distribution
Demand deposits $ 20403 0.69%
Money Market 4,991,570 16.94%
Florida Class 81111,937 AAAm 27.53%
Florida Safe 711701617 AAAm 24.3 3%
Total Deposits 2014781727
US Government Agencies 8,9881940 3.6 years AA 30.50%
Total Investments 81988,940
Total Deposits and Investments $ 29146707 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, 2025, 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
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:
40 Page 93 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025 the Village has the following recurring fair value investments:
Quoted Prices in Significant Significant
Active Markets for Observable Unobservable
Identical Assets Inputs Inputs
9/30/25 (Level 1) (Level 2) (Level 3)
Fixed income
U.S.Agencies $ 819881940 $ - $ 819881940 $ -
Total fixed income 899885940 - 8,9881940 -
Total investments at fair value 81988,940 $ - $ 81988,940 $ -
Investment at net asset value(NAV)
FL Class 81111,937
FL Safe 71170,617
Investment at net asset value(NAV) 155282,554
Total investments 24,271,494
Demand Deposits 5,196,173
Total cash equivalent and investments $ 29,467,667
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:
Level 1 -investments reflect unadjusted quoted prices in active markets for identical assets;
41 Page 94 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 I of the fair value hierarchy are valued using quoted
prices at September 30, 2025 (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, 2025 the Public Safety Pension Trust Fund,which includes the Firefighters
and Police Officers Pension Trust Funds,has the following recurring fair value investments:
Quoted Prices in Significant Significant
Active Markets for Observable Unobservable
Identical Assets Inputs Inputs
9/30/25 (Level 1) (Level 2) (Level 3)
Equities
Mutual funds equities $ 21,333,406 $ 2113331406 $ -
Total equities 2113 3 31406 2113 3 31406
Fixed income
Corporate bonds 284,890 $ 2841890
U.S. Government bonds 201,228 2,881,228
U.S.Agences 2)711,986 217111986
Bond mutual fund 11514,073 1,514,073
Total fixed income 713921177 115141073 518781104
Total investments at fair value 281725,583 $ 22,8471479 $ 5,878,104 $ -
Redemption Redemption
Investment at net asset value(NAV) Frequency Notice Period
Real Estate Fund 117021903 Quarterly 30 days
Total investments $ 30,4285486
42 Page 95 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
As of September 30, 2025, the Village of Tequesta's Public Safety Pension Trust Fund had the
following demand deposits and investments:
Weighted Credit
Reported Average Rating Percent Percent of
Value Maturity (Moody) Distribution Net Position
Cash $ 603 -% -%
Short-Term Money Market Fund 5661515 1.83% 1.82%
Total Cash and Cash
Equivalents 567,118
Equities
Mutual Funds 2113331406 68.83% 68.71%
Total Equities 21,3331406
Fixed Income
Corporate Bonds: 6.01 years
Bonds 2301492 Al 0.74% 0.74%
Bonds 541398 A2 0.18% 0.18%
U.S. Government Bonds 218811228 9.30% 9.28%
U.S.Agencies 217111986 10.41 years AAA 8.75% 8.73%
Bond Mutual Fund 115141073 4.88% 4.88%
Total Fixed Income 71392,177
Real Estate Fund 117021903 5.49% 5.48%
Total investments 30,4281486
Total cash and investments $ 3019951604 100.00% 99.83%
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 obi ectives require investment maturities to provide sufficient
liquidity to pay obligations as they become due.
• At September 30, 2025, 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 Al or
Moody's P 1.
• At September 30, 2025, the weighted average maturity in years for each investment type is
included in the preceding table and ranges from 6.01 to 10.41 years.
43 Page 96 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025, 21.39% 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, 2025 and 2024,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 11.34% and 20.27% 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 Page 97 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025 and
2024 are as follows:
Long-Term Expected Real
Target Rate of Return
Asset Class Allocation Range 2025 2024
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 Page 98 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Debt and equity securities classified as Level 1 of the fair value hierarchy are valued using quoted
prices at September 30, 2025 (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, 2025 the General Employees' Pension Trust Fund has the following recurring
fair value investments:
Quoted Prices in Significant Significant
Active Markets for Observable Unobservable
Identical Assets Inputs Inputs
9/30/25 (Level 1) (Level 2) (Level 3)
Equities
Common stocks $ 312171661 $ 312171661 $ -
Mutual funds equities 51320,487 5,3201487
Total equities 81538J48 815381148
Fixed income
Corporate bonds 7591938 $ 759,938
U.S. Government bonds 866,473 866,473
U.S.Agences 201873 20,873
Bond mutual fund 5865432 5861432
Exchange traded funds 7809230 7801230
Total fixed income 310139946 113661662 116471284
Total investments at fair value 1115521094 $ 919041810 $ 1,6471284 $ -
Redemption Redemption
Investment at net asset value(NAV) Frequency Notice Period
Real Estate Fund 649,655 Quarterly 30 days
Total investments $ 121201,749
46 Page 99 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
At September 30, 2025, the Village of Tequesta's General Employees'Pension Trust Fund had the
following demand deposits and investments:
Weighted Credit Percent
Reported Average Rating Percent of Net
Value Maturity (Moody) Distribution Position
Cash $ 418 -% -%
Short Term Money Market Fund 409,143 3.24% 3.24%
Total Cash and Cash equivalents 409,561
Equities
Common stocks 312171661 25.51% 25.47%
Mutual funds 513201487 42.19% 42.12%
Total Equities 8,53 8,148
Fixed Income
Corporate Bonds: 1.18 year
Bonds 1001304 Al 0.80% 0.79%
Bonds 1001728 A2 0.80% 0.80%
Bonds 1791925 A3 1.43% 1.42%
Bonds 241398 Aa3 0.19% 0.19%
Bonds 1511057 Baal 1.20% 1.20%
Bonds 177,851 Baa2 1.41% 1.41%
Bonds 25,675 Baa3 0.20% 0.20%
ETF-Exchange Traded Fund 7801230 6.19% 6.18%
U.S. Government Bonds 8661473 6.87% 6.86%
U.S.Agencies 201873 1.79 years AAA 0.17% 0.17%
Mutual Fund 5861432 4.65% 4.64%
Total Fred Income 31013,946
Real Estate Fund 6491655 5.15% 5.14%
Total Investments 12,201,749
Total Cash and Investments $ 1216111310 100.00% 99.84%
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 obj ectives require investment maturities to provide sufficient
liquidity to pay obligations as they become due.
• At September 30, 2025, the weighted average maturity in years for each investment type is
included in the preceding table and ranges from 1.18 to 1.79 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 Page 100 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025,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, 2025, 20.53% 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, 2025 and 2024,the overall annual money-weighted rate of
return (long-term expected real rate of return) on the General Employees' Pension Plan investments
was 12.89% and 20.91% 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 Page 101 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025 and
2024 are as follows:
Long-Term Expected Real
Target Rate of Return
Asset Class Allocation Range 2025 2024
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 nonmaj or governmental and enterprise
funds including the applicable allowances for uncollectible accounts:
Storm- Nonmaj or
General Water water Funds Total
Leases $ 1,075,477 $ - $ - $ - $ 11075,477
Accounts 32,870 1,038,625 - 171750 11089,245
Intergovernmental 120,437 620 301030 1071024 2581111
Francise fees 631827 - - - 631827
Other taxes 821146 - - 44,398 1269544
Interest 51,623 501507 - - 1021130
Gross receivables 1,426,380 110891752 301030 169,172 21715,334
Less: allowance for
uncollectibles - (21879) - - (2,879)
Net Total Receivables $ 114261380 $ 11086,873 $ 30,030 $ 1691172 $ 21712,455
49 Page 102 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
D. Capital Assets
Capital assets activity for the fiscal year ended September 30, 2025,was as follows:
Beginning Ending
Balance Additions Deductions Balance
Governmental Activities
Capital assets not being depreciated/amortized:
Land $ 634,017 $ - $ - $ 634,017
Construction-in-progress 9565203 9341358 (577,120) 1,313,441
Total Capital Assets Not Being Depreciated/Amortized 1,590,220 934,358 (577,120) 1,9475458
Capital assets being depreciated/amortized:
Buildings 14,752,547 - - 14,752,547
Improvements other than buildings 2,691,348 - - 2,691,348
Infrastructure 650451568 1,6405284 - 705,852
Machinery and equipment 6,387,219 423,430 (182,120) 6,628,529
Other K-9 20,549 161452 (20,549) 16,452
Total Capital Assets Being Depreciated/Amortized 29,897,231 2005166 (202,669) 3197741)728
Less accumulated depreciation/amortization for:
Buildings (4,616,963) (368,892) - (4,985,855)
Improvements other than buildings (1,840,254) (97,101) - (1,937,355)
Infrastructure (1,707,788) (238,908) - (1,946,696)
Machinery and equipment (3,514,278) (549,150) 182,120 (3,881,308)
Other K-9 (19,081) (4,758) 20,549 (3,290)
Total Accumulated Depreciation/Amortization (11,698,364) (1,258,809) 202,669 (12,754,504)
Total Capital Assets Being Depreciated/Amortized,Net 18,19807 8215357 - 19,020,224
Governmental Activities Capital Assets,Net $ 19,78907 $ 1,755,715 $ (577,120) $ 20,967,682
Included in the above totals are capital assets held by the Villages'Internal Service Fund in the
amouunt of$318,052.
Depreciation/amortization expense was charged to the functions/programs of the governmental
activities of the Village as follows:
Governmental Activities
General government $ 149,673
Public safety 5641788
Transportation 3101659
Leisure services 23309
Total Depreciation/Amortization Expense- Governmental Activities $ 1,25 8,809
50 Page 103 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Beginning Ending
Balance Additions Deductions Balance
Business-type Activities:
Capital assets not being depreciated/amortized:
Land $ 831335 $ - $ - $ 831335
Construction in progress 2,922,314 113021707 (187,584) 4,037,437
Total Capital Assets Not Being Depreciated/Amortized 305,649 113021707 (187,584) 4,120,772
Capital assets being depreciated/amortized:
Buildings 972,980 - - 972,980
Improvements other than buildings 581720 - - 581720
Infrastructure 38,554,439 - - 38,554,439
Machinery and equipment 2,291,766 1021673 (35,786) 2,358,653
Intangibles 48,649 - - 48,649
Total capital assets being depreciated/amortized 41,926,554 102,673 (35,786) 41,993,441
Less accumulated depreciation/amortization for:
Buildings (794,357) (14,863) - (809,220)
Improvements other than buildings (41,105) (2,349) - (43,454)
Infrastructure (22,549,523) (740,568) - (23,290,091)
Machinery and equipment (1,967,390) (141,665) 35,786 (2,073,269)
Intangibles (48,649) - - (48,649)
Total Accumulated Depreciation/Amortization (25,401,024) (899,445) 351786 (26,264,683)
Total Capital Assets Being Depreciated/Amortized,Net 16,525,530 (796,772) - 15,728,758
Business-type Activity Capital Assets,Net $ 19,531,179 $ 5051935 $ (187,584) $ 19,849,530
Depreciation/amortization expense charged to the water and stormwater funds of the business-type
activities was $899,445. The depreciation/amortization expense breakdown by activity is as follows:
Water utility $ 7251667
Stormwater 173,778
Total depreciation/amortization expence $ 899,445
51 Page 104 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
E. Accrued Liabilities
Accrued liabilities reported by governmental funds at September 30, 2025,were as follows:
Other Total
General Governmental Governmental
Fund Funds Funds
Salary and employee benefits $ 239,247 $ 151851 $ 2551098
Other 2,329 - 21329
Total Accrued Liabilities $ 2411576 $ 151851 $ 2571427
F. Pension Obligations
Florida Retirement System (FRSIHIS) - a Statewide Local Government Employees' Retirement
System (SL GERS)
For the fiscal year ended September 30, 2025 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 Page 105 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Membership in the Village of Tequesta's defined benefit pension plans as of the actuarial valuation
date of October 1, 2024:
FPTF PPTF GPTF
Number of:
Inactive members or beneficiaries currently receiving benefits 8 6 18
Inactive members entitled to but not yet receiving benefits 1 2 10
Active members 23 18 57
Total 32 26 85
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,
2024 measurement date were determined as of the beginning of the year, October 1, 2023 (based on
actuarial valuation results as reported in the October 1, 2023 actuarial valuation). Using a
measurement date of September 30, 2024 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, 2025.
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. 11 2023 Oct. 1, 2023 Oct. 1, 2023
Measurement Date of the net pension liability Sep. 30, 2024 Sep. 30, 2024 Sep. 30, 2024
Village's Fiscal Year Ended Date for Reporting
Purposes Sep. 30, 2025 Sep. 30, 2025 Sep. 30, 2025
53 Page 106 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Pension Expense
Fiscal Year Ended September 30,2025
(Based on Measurement Period Ended September 30, 2024)
FPTF PPTF GPTF
Service Cost $ 4941367 $ 404,474 $ 5891340
Interest on the Total Pension Liability 1,252,377 44807 629,197
Employee Contributions (made negative for
additions here) (136,161) (96,406) (218,037)
Projected Earnings on Plan Investments (made
negative for additions here) (11049,229) (520,096) (570,854)
Administrative Expense 531011 45,511 55,524
Other Changes in Plan Fiduciary Net Position
(Use of State Contribution Reserve) - 114,325 -
Other Changes in Total Pension Liability(Use
of State Contribution Reserve) - (114,325) -
Recognition of Outflow(Inflow) of Recourses
due to Liabilities 134,549 (58J51) (44,280)
Recognition of Outflow(Inflow) of Recourses
due to Assets (157J82) (67,205) (138,762)
Total Pension Expense $ 591,732 $ 157,014 $ 302,128
54 Page 107 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
The deferred outflow of resources, resulting from the Village's contributions to the Plans
subsequent to the measurement date of September 30, 2024 are recognized as a reduction of the
Village's net pension liability in the fiscal year ended September 30, 2025.
The Village reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
Fire:
Deferred Outflows of Deferred Inflows of
Resources Resources
Difference between expected and actual experience $ 5081853 $ 251539
Changes in assumptions 34,440 138,408
Net difference between projected and actual
earnings on pension plan investments - 759,208
Contribution subsequent to measurement date 751,190 -
Total $ 1,294,483 $ 923,155
Police:
Deferred Outflows of Deferred Inflows of
Resources Resources
Difference between expected and actual experience $ 57,840 $ 269,227
Changes in assumptions - 46,570
Net difference between projected and actual
earnings on pension plan investments - 3641518
Contribution subsequent to measurement date 398,280 -
Total $ 456,120 $ 680,315
General:
Deferred Outflows of Deferred Inflows of
Resources Resources
Difference between expected and actual experience $ 144,395 $ 169,772
Changes in assumptions 27,939 31,327
Net difference between projected and actual
earnings on pension plan investments - 590,400
Contribution subsequent to measurement date 482,042 -
Total $ 654,376 $ 791,499
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, 2026.
55 Page 108 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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
2026 (13,23 8) (109,351) (141,380)
2027 308,536 541885 705863
2028 (416,147) (282,855) (296,774)
2029 (332,243) (254J57) (253,662)
2030 59,448 (30,920) 1,788
Thereafter 131782 (77) -
Total $ (379,862) $ (622,475) $ (619,165)
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, 2024 (measurement date in accordance with GASB Statement No.
68).
Fire Police General
Measurement Date September 30, 2024 2024 2024
Total Pension Liability $ 19,097,281 $ 61745,092 $ 101249,576
Plan Net Position 18,249,247 9103806 10180200
Net Pension Liability(Asset) $ 848,034 $ (21293,774) $ (553J04)
Plan Net Position as a % of Total
Pension Liability 95.56% 134.01% 105.40%
At September 30,2025, the Village reported current portion of net pension liability in the amount
of$751,190.
In accordance with GASB Statement No. 67, information as of September 30, 2025 has been
disclosed:
Fire Police General
Measurement Date September 30, 2025 2025 2025
Total Pension Liability $ 1919521718 $ 714211716 $ 1113651805
Plan Net Position 20,1831023 1018651002 1216311436
Net Pension Liability(Asset) $ (230,305) $ (31443,286) $ (11265,631)
Plan Net Position as a % of Total
Pension Liability 101.15% 146.39% 111.14%
56 Page 109 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Below is a detail of the net changes in pension liability(asset):
FIREFIGHTERS' PENSION TRUST
CHANGES IN NET PENSION LIABILITY
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balances at September 30,2022 $ 17,622,113 $ 145826,903 $ 21795,210
Changes for the year:
Service cost 4941367 - 4941367
Interest 1,252,377 - 1,252,377
Changes of benefit terms - - -
Differences between expected
and actual experience 179,184 - 179,184
Changes in assumptions - - -
Contributions - employer - 442,363 (442,363)
Contributions - state - 249,399 (249,399)
Contributions - employee - 13 6,161 (136J61)
Net investment Income - 3,098,192 (31098,192)
Benefit payments, including refunds
of employee contributions (450,760) (450,760) -
Administrative expense - (53,01 1) 53,011
Net Changes 1,475,168 3,422,344 (I,947,176)
Balances at September 30,2023 $ 19,097,281 $ 18,249,247 $ 848,034
57 Page 110 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
POLICE OFFICERS' PENSION TRUST
CHANGES IN NET PENSION ASSET
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Asset
Balances at September 30,2023 $ 6,0761800 $ 713491357 $ (11272,557)
Changes for the year:
Service cost 4041474 - 4041474
Interest 44807 - 44807
Changes of benefit terms - - -
Differences between expected
and actual experience 66,473 - 66,473
Changes of assumptions - - -
Contributions - employer - 133,915 (133,915)
Contributions- employer(from state) - 227,895 (227,895)
Contributions -employee - 96,406 (96,406)
Net investment income - 1,528,346 (I,528,346)
Benefit payments, including refunds
of employee contributions (137,217) (137,217) -
Administrative expense - (45,51 1) 451511
Other (I 14,325) (I 14,325) -
Net changes 668,292 1,689,509 (11021,217)
Balances at September 30,2024 $ 6,7451092 $ 9,03806 $ (21293,774)
58 Page 111 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
GENERAL EMPLOYEES' PENSION TRUST
CHANGES IN NET PENSION LIABILITY
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balances at September 30,2023 $ 9,241,492 $ 8,661,206 $ 580,286
Changes for the year:
Service cost 5891340 - 5891340
Interest 6291197 - 629,197
Differences between expected
and actual experience 911293 - 91,293
Changes of Assumptions - - -
Contributions -employer(from City) - 381,565 (381,565)
Contributions -employee - 218,037 (218,037)
Net investment income - 1,899,142 (I,899,142)
Benefit payments, including refunds
of employee contributions (301,746) (301,746) -
Administrative expense - (55,524) 55,524
Net changes 10804 2,141,474 (IJ33,390)
Balances at September 30,2024 $ 10,249,576 $ 100200 $ (553,104)
Sensitivity of the Net Pension Liability(Asset) to Changes in the Discount Rate
A single discount rate of 7.00% as of September 30, 2025, same as of September 30, 2024, 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, 2025 same as of September 30, 2024. 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 Page 112 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Current Single
1% Discount Rate 1%
Decrease Assumption Increase
Fiscal Year Ended September 30, 2024 6.00% 7.00% 8.00%
Firefighters' $ 310441604 $ 8481034 $ (1,005,966)
Police Officers' (1,355,727) (2,293,774) (3,070,565)
Current Single
Discount Rate 1%
Decrease Assumption Increase
Fiscal Year Ended September 30, 2024 5.50% 6.50% 7.50%
General Employees' $ 786,149 $ (553J04) $ (I,674,151)
In accordance with GASB Statement No. 67, information as of September 30, 2025 has been
disclosed:
Current Single
1% Discount Rate 1%
Decrease Assumption Increase
Fiscal Year Ended September 30, 2025 5.95% 6.95% 7.95%
Firefighters' $ 118051658 $ (230,305) $ (2,397,968)
Police Officers' (2,409,376) (3,443,287) (4,301,712)
Current Single
Discount Rate 1%
Decrease Assumption Increase
Fiscal Year Ended September 30, 2025 5.50% 6.50% 7.50%
General Employees' $ 2051902 $ (11265,631) $ (2,497,755)
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 Page 113 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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
11 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, 201 S):
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 Page 114 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 firefighter s 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 Page 115 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 116 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 anon-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 Page 117 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Plan 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 Page 118 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025.
66 Page 119 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
FIREFIGHTERS' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30,2025
Assets
Cash and cash equivalents $ 3681507
Investments
Equities 1318631634
Fixed income 4031848
Real Estate Funds I,1061641
Total investments M7741123
Contributions receivable 351448
Accrued interest receivable 161687
Prepaid items 11513
Total Assets 20,1961278
Liabilities
Accounts payable 131255
Total Liabilities 131255
Net Position Restricted for
Pension Benefits $ 20,1831023
67 Page 120 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
FIREFIGHTERS' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Additions
Contributions:
State of Florida $ 271,163
Employer 481,771
Employee 13 9,475
Total Contributions 8921409
Investment earnings
Net appreciation in fair value of investment 11144,656
Gain on sale of investments 618,072
Interest and dividends 367,925
Total investment earnings 211301653
Less investment expenses (40,213)
Net investment earnings 21090,440
Miscellaneous 265
Total Additions 219831114
Deductions
Benefits paid 11016,594
Administrative expenses 32,744
Total Deductions 11049,338
Change in Net Position 119331776
Net Position Restricted for
Pension Benefits
Beginning of year 181249,247
End of year $ 201183,023
68 Page 121 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025.
POLICE OFFICERS' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30,2025
Assets
Cash and cash equivalents $ 1981611
Investments
Equities 714691772
Fixed income 215881329
Real Estate Funds 596,262
Total investments 1016541363
Contributions receivable 121088
Accrued interest receivable 81997
Prepaid items 11513
Total Assets 10,8751572
Liabilities
Accounts payable 101570
Total Liabilities 10,570
Net Position Restricted for
Pension Benefits $ 1018651002
69 Page 122 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
POLICE OFFICERS' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Additions
Contributions:
State of Forida $ 1251795
Employer 2721485
Employee 5531731
Total Contributions 9521011
Investment earnings
Net appreciation in fair value of investments 6409427
Gain on sale of investments 3101847
Interest and dividends 1931287
Total investment earnings 111441561
Less investment expenses (29,407)
Net investment earnings 111151154
Miscellaneous 138
Total Additions 210671303
Deductions
Benefits paid 2089399
Administrative expenses 32,768
Total Deductions 2411167
Change in Net Position 1,8261136
Net Position Restricted for
Pension Benefits
Beginning of year 910381866
End of year $ 1018651002
70 Page 123 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 124 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 125 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 126 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 Page 127 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025.
GENERAL EMPLOYEES' PENSION TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30,2025
Assets
Cash and cash equivalents $ 409,561
Investments
Equities 81538,148
Fixed income 3,0139946
Real Estate Funds 6491655
Total investments 12,2011749
Contributions receivable 195755
Accrued interest receivable 171436
Total Assets 1216481501
Liabilities
Accounts payable 179065
Total Liabilities 17,065
Net Position Restricted for
Pension Benefits $ 1216315436
75 Page 128 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
GENERAL EMPLOYEES' PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Additions
Contributions:
Employer $ 4821041
Employee 2381871
Total Contributions 720,912
Investment earnings
Net appreciaton in fair value of investments 5061203
Gain on sale of investments 7861302
Interest and dividends 2271479
Total investment earnings 115191984
Less investment expenses (54,473)
Net investment earnings 114651511
Miscellaneous -
Total Additions 211861423
Deductions
Benefits paid 2991079
Refund of contributions 5,905
Administrative expenses 521683
Total Deductions 3571667
Change in Net Position 118281756
Net Position Restricted for
Pension Benefits
Beginning of year 1018021680
End of year $ 1216315436
The following summarizes the pension related amounts for the pension plans as of the indicated
measurement date:
Deferred Deferred Pension
Measurement Net Pension Net Pension Outflow of Inflow of Expense
Date Asset Liability Resources Resources (Benefit)
General Employees'Pension
Trust Fund 9/30/24 $ 5531104 $ 6541376 $ 7911499 $ 302J28
Firefighters Pension Trust
Fund 9/30/24 - 848,034 112945483 9231155 591,732
Police Pension Trust Fund 9/30/24 21)2931774 - 4569120 6801)315 1571014
Total $ 2,8461878 $ 848,034 $ 2,4041979 $ 2,394,969 $ 11050,874
76 Page 129 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Village of Tequesta Defined Contribution Plan
The Village previously maintained a single-employer defined contribution plan (401(a) money
purchase plan) administered through the Empower Retirement Governmental Money Purchase Plan
and Trust. The Plan covered the Police Chief and Assistant Police Chief. The Village contributed 10%
of compensation, and participants made mandatory contributions of 1% to 12% of compensation.
Employees were immediately vested.
Effective January 31, 2025, the Plan was closed and no employees remain eligible to participate.
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, 2025 was $1,685. Employee contributions to the
Plan for fiscal year ended September 30, 2025 were $2,020; the Village's contributions were $4,349.
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.
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, 2024:
Inactive members or beneficiaries currently receiving benefits 6
Inactive members entitled to but not yet receiving benefits 0
Active members 95
Total 101
77 Page 130 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025, the Village reported an OPEB liability of $945,872 that is based on an
actuarial valuation results as reported in the September 30, 2023 valuation report dated October 28,
2024 and rolled-forward to the September 30, 2024 measurment date. Of that amount, $68,848
represents the current portion of the OPED liability.
For the fiscal year ended September 30, 2025, the Village recognized OPEB expense of$150,791.
Total OPEB Liability-Beginning(September 30, 2023) $ 8981571
Service cost 641977
Interest on the Total OPEB Liability 43,419
Changes in assumptions and other inputs 591293
Benefit payments (51,540)
Net change in Total OPEB Liability 1161149
Total OPEB Liability-Ending(September 30,2024) $ 1,0141720
In addition, the Village reported an deferred outflows and deferred inflows of resources related to
OPEB from the following sourses:
Deferred Outflows of Deferred Inflows of
Resources Resources
Difference between expected and actual experience $ 3305 $ -
Changes in assumptions and other inputs 2761354 971575
Benefit payments after the measurement date 68,848 -
Total $ 37807 $ 97,575
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,
2026. 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
2026 $ 42,395
2027 421395
2028 421395
2029 42,395
2030 33,054
Thereafter 9,750
$ 2121384
78 Page 131 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2024
Roll Forward Procedures The total OPEB liability was rolled forward twelve months from the
Valuation Date to the Measurement Date using standard actuarial techniques.
Actuarial Cost Method Entry age normal
Inflation 2.5 0 %
Discount Rate 3.81%
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 Based on the Getzen Model, with trends starting at 16.00% for 2024, 6.00%
Rates 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, 2024:
- The discount rate was changed from 4.63% as of the beginning of the
measurement period to 3.81% as of September 30, 2024.
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.
79 Page 132 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 3.81% (based on
the daily rate closest to but not later than the measurement date of the Bond Buyer "20-Bond GO
Index"). The discount rate was 4.63% 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 3.81%, 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
Current Discount Rate
1% Decrease Assumption 1% Increase
2.81% 3.81% 4.81%
Village's OPEB liability $ 1,093,114 $ 110141720 $ 9431094
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
Current Healthcare Cost
1% Decrease Trend Rate Assumption 1% Increase
Village's OPEB liability $ 913,014 $ 110141720 $ 111331543
80 Page 133 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
H. Construction and Other Commitments
The Village has active construction projects as of September 30, 2025, including renovation of
Villages building, improvements to parks and recreationl areas, and various ongoing utility
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 $ 1021997
Total Major Funds 1021997
Non-Maj or Funds 165,530
Total Governmental Activities $ 2681527
Business-type Activities
Major funds
Water Utility(variety of projects) $ 4,8711458
Total Major Funds 418711458
Non-Maj or Funds 2811441
Total Business-type Activities $ 511521899
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, 2025.
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.
L Contracted Services—Refuse and Recycling Collection
The Village's agreement with Waste Management, Inc. of Florida is for initial term for a period of
six years beginning October 1, 2024 and ending September 30, 2030, with the option to negotiate
future terms and conditions for a successive contract extension. 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.
81 Page 134 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
J. Risk Management
The Village is exposed to various risks including loss related to torts, theft, damages to and
destruction of assets, errors and omissions, injuries to employees and natural disasters. The Village
cannot predict with preciseness where potential claims may arise and purchases commercial
insurance to protect against areas of possible exposure connected to municipal entities, to include
property, liability, automobile, workers' compensation, crime, cyber-crime, storage tank, inland
marine, statutory accidental death and dismemberment and firefighter cancer program 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 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 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 2024/2025 was not available at time of reporting.
K. Financed Purchases
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, 2025:
Fiscal Year Ending
September 30: Principal Interest Total
2026 $ 1206 $ 11243 $ 14,M8
Total $ 121806 $ 11243 $ 14,048
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.
82 Page 135 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
The following is the schedule of the of the future minimum payments at September 30, 2025:
Fiscal Year Ending
September 30: Principal Interest Total
2026 $ 16,099 $ - $ 161099
2027 16,099 - 161099
2028 16,100 - 16,100
Total $ 481298 $ - $ 481298
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 1.19%to 3.69%per year.
The outstanding notes from direct borrowings and direct placements related to governmental
activities of$5,810,000 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
$2,952,056 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, 2025 are as follows:
Signed Original Interest Final Outstanding
Promissory Notes Payable Date Borrowing Rate Maturity 9/30/2025
Government Activities
Capital Improvements/Rec. Building 1/21/2021 $ 618901000 2.18% 10/01/2040 $ 518101000
Total Government Activities $ 5,81000
Business-type Activities
Public Improvement(Refunding) 7/14/2008 6,554,935 3.69% 3/l/2028 $ 1,1251093
State of Florida Revolving Fund Loan 5/15/2025 118631502 1.19% 5/15/2045 $ 118261963
Total Business-type Activities $ 2,952,056
83 Page 136 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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, 2025 was $2,024,349,561. As of
September 30, 2025 the Village did not exceed the debt limit of$202,434,956.
Changes in Long-Term Liabilities
Changes in the Village's long-term liabilities for the fiscal year ended September 30, 2025 are as
follows:
Governmental Activities
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
Governmental Activities
Note Payable-2021 $ 611111000 $ - $ 30100 $ 5,81000 $ 30700
Financed purchases 1411898 - 80,794 611104 28,905
Compensated absences 9281014 651865 - 9931879 1381000
Total Governmental Activities $ 711801912 $ 6505 $ 381,794 $ 61864,983 $ 473,905
Business-type Activities
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
Business-type Activities
Note Payable(2008) $ 115461008 $ - $ 420,915 $ 1,1251093 $ 4371238
State of Florida Revolving Fund Loan - 118261963 - 1,826,963 461510
Compensated absences 1441117 19,141 - 1631258 51000
Total Business-type Activities $ 1,690,125 118461104 $ 420,915 $ 3,115,314 $ 488,748
The debt service requirements for the Village's notes are as follows:
Governmental Activities
Fiscal Year Ending Promissory Notes
September 30: Principal Interest Total
2026 $ 30700 $ 1231312 $ 430,312
2027 31400 116,543 430,543
2028 3211000 1091621 4301621
2029 32800 1021547 4301547
2030 3351000 951321 4301321
2031-2041 4120500 5231995 4,728,995
Total $ 51810,000 $ 110711339 $ 61881,339
84 Page 137 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Business-type Activities
Fiscal Year Ending Promissory Notes
September 30: Principal Interest Total
2026 $ 483,748 $ 54,709 $ 538,457
2027 53904 371001 5761605
2028 317,335 211248 3381583
2029 86,058 181408 1041466
2030 8705 171375 1041460
2031-2045 114381226 1271884 1,566,110
Total $ 219521056 $ 2761625 $ 3122801
Total Primary Government Debt
Fiscal Year Ending Total Primary Government Debt
September 30: Principal Interest Total
2026 $ 790,748 $ 1781021 $ 9681769
2027 85304 1531544 1071148
2028 638,335 13009 769,204
2029 4141058 1201955 5351013
2030 42205 1121696 5341781
2031-2045 516431226 6511879 612951105
Total $ 81762,056 $ 113471964 $ 1011101020
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, 2025 the unassigned fund balance of the general fund was 43.40% of fund
operating expenditures and is above the minimum target level. It is a 1.23% increase compared to
the prior fiscal year.
85 Page 138 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
N. Interfund Transfers
The composition of interfund transfers for the fiscal year ended September 30, 2025 is as follows:
Transfers In
Capital Vehicle
Projects Fund Replacement Total
Transfers Out (1),(2) Fund(3)
General Fund $ 1,052,159 $ 749,790 $ 1,801,949
Building Fund 7500 7500
Water Fund 2259000 2259000
Total Interfund Transfers $ 110521159 $ 110491790 $ 211011949
(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.
(3) Transfer from varios funds to accumulate resources for the systematic replacement of vehicles
used in Village operations.
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.
86 Page 139 of 1201
Agenda Item #4.
REQUIRED SUPPLEMENTARY INFORMATION
Page 140 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Variance
with Final
Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Ad valorem taxes $ 12160308 $ 12031668 $ 12,779,426 $ 175,758
Other taxes 11498,293 1,498,293 11614,990 116,697
Charges for services 1,730,447 1001447 2,2661131 38504
Intergovernmental 1,105,205 1,105,205 1,065,969 (39,236)
Intragovernmental 910,478 910,478 910,478 -
Licenses and permits 91000 91000 9,900 900
Franchise fees 614,820 6149820 591,864 (22,956)
Rents and royalties 148,482 1481482 209,241 60,759
Miscellaneous 9,500 19,500 89,026 69,526
Fines and forfeitures 13,585 131585 339853 20,268
Grants,contributions and donations 76,228 106,228 131,745 25,517
Investment earnings 280,500 402,243 569,358 167,115
Total Revenues 191000,206 19,3111949 201271,981 960,032
Expenditures
Council 101,091 1011091 911413 078
Manager 381,662 38102 3801212 1,450
Human resources 5011502 5011502 4751194 261308
Clerk 4641414 4641414 422,416 41,998
Finance 8429590 8421590 818,936 23,654
Legal 246,500 2461500 1421834 10306
Comprehensive planning 409,622 4091622 364,500 451122
General government 77007 73507 681,573 54,094
Information technology 6121423 6471423 644,742 2,681
Police 41357,428 4,4491171 4,2349205 214,966
Code enforcement 138,325 138,325 9501 43,324
Fire 503,283 5,431,334 5,3111383 119,951
Public works 11796,551 118321022 196971057 1341965
Parks and recreation 11284,680 113041680 1,301,321 3,359
Capital outlay 91200 621201 251)920 369281
Debt service:
Principal 352,700 3621700 3811794 (19,094)
Interest 1341,600 1341600 1341066 534
Total Expenditures 171407,238 1810451504 179202,567 842,937
Excess of Revenues Over Expenditures 115929968 1,266,445 310691414 102,969
Other Financing Sources(Uses)
Transfers out (21030,000) (I,801,949) (I,801,949) -
Sale of capital assets 10,000 1000 36,505 26,505
Total Other Financing Uses,Net (21020,000) (I,791,949) (1,765,444) 26,505
Net Change in Fund Balance (427,032) (525,504) 113031970 1,829,474
Fund Balance-Beginning 818039055 818031055 81803,055 -
Fund Balance-Ending $ 8,376,023 $ 8,2771551 $ 10,107,025 $ 1,829,474
87 See note to budgetary comparison sph@M&.141 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
NOTE TO THE BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
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 in required
supplementary information. 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. The legal level of budgetary
control is 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 encumbrances)
=Original budget
The, anal buds 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$53,001 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.
88 Page 142 of 1201
Agenda Item #4.
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Page 143 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
FIREFIGHTERS' PENSION TRUST FUND
Fiscal Year Actuarially Contribution Actual
Ended Determined Actual Deficiency Covered Contribution as a%
September 30, Contribution Contribution (Excess) Payroll of Covered Payroll
2016 $ 4541871 $ 4541871 $ - $ 1,379,650 32.97%
2017 498,504 5101016 (11,512) 1,446,616 35.26%
2018 4851729 490,154 (4,425) 1,507,072 32.52%
2019 474,074 4881983 (14,909) 1,572,385 31.10%
2020 6141958 6141958 - 1,6999718 36.18%
2021 6031863 * 6031863 - 1,744,261 34.62%
2022 5239574 * 5231574 - 1,673,296 31.29%
2023 5381716 6841275 (145,559) 1,8281585 37.42%
2024 657,958 6911762 (33,804) 2,069,050 33.43%
2025 7521934 7521934 - 2,324,587 32.39%
*Excludes prepaid Employer contribution.
Notes to Schedule
Valuation Date 10/01/2023
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, 2022 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, 2023 Actuarial
Valuation report, dated January 22, 2024.
90 Page 144 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
FIREFIGHTERS' PENSION TRUST FUND
Fiscal Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Annual money-weighted rate of return,
net of investment expenses 11.34% 20.27% 8.69% (15.03)% 20.27% 8.30% 2.93% 8.92% 10.58% 7.69%
91 Page 145 of 1201
Agenda Item #4. ^ ^,� , ^^^ , �, o
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Page 146 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
POLICE OFFICERS' PENSION TRUST FUND
Fiscal Year Actuarially Contribution Actual
Ended Determined Actual Deficiency Covered Contribution as a%
September 30, Contribution Contribution (Excess) Payroll of Covered Payroll
2016 $ 37,377 $ 381638 $ (1,261)$ 341,342 11.32%
2017 401659 401829 (170) 339,957 12.01%
2018 175,116 175,116 - 582,166 30.08%
2019 317,338 3171338 - 1,153,957 27.50%
2020 2931462 293,462 - 11229,934 23.86%
2021 2931705 2931705 - 1,304,196 22.52%
2022 3209362 3201362 - 19470,899 21.78%
2023 3481850 348,850 - 1,593,652 21.89%
2024 3611810 361,810 - 1,660,442 21.79%
2025 4441269 4441269 - 2,115,566 21.00%
Notes to Schedule
Valuation Date 10/01/2023
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, 2022 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, 2023 Actuarial
Valuation report, dated January 22, 2024.
93 Page 147 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
POLICE OFFICERS' PENSION TRUST FUND
Fiscal Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Annual money-weighted rate of return,
net of investment expenses 11.34% 20.27% 8.69% (15.03)% 20.27% 8.30% 2.93% 8.92% 10.58% 7.69%
94 Page 148 of 1201
Agenda Item #4.
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Page 149 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF VILLAGE CONTRIBUTIONS
GENERAL EMPLOYEES' PENSION TRUST FUND
Fiscal Year Actuarially Contribution Actual
Ended Determined Actual Deficiency Covered Contribution as a%
September 30, Contribution Contribution (Excess) Payroll of Covered Payroll
2016 $ 2011704 $ 2011704 $ - $ 2,696,572 7.48%
2017 2351972 3051931 (69,959) 2,867,220 10.67%
2018 3501412 350,412 - 3,12800 11.20%
2019 3621848 362,848 - 3,231,060 11.23%
2020 3911341 3911341 - 303,500 10.86%
2021 3801003 3801003 - 3,435,840 11.06%
2022 3509247 3501247 - 3,629,500 9.65%
2023 3311983 3311983 - 3,933,440 8.44%
2024 3811565 3811565 - 4,360,740 8.75%
2025 4821041 4821041 - 4,7771420 10.09%
Notes to Schedule
Valuation Date 10/01/2023
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, 2023
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, 2023 Actuarial
Valuation report.
96 Page 150 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
GENERAL EMPLOYEES' PENSION TRUST FUND
Fiscal Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Annual money-weighted rate of return,
net of investment expenses 12.89% 20.91% 8.58% (15.89)% 19.38% 8.83% 3.36% 7.28% 12.52% 3.97%
97 Page 151 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND
RELATED RATIOS
OTHER POST-EMPLOYMENT BENEFITS
Measurement Date,September 30, 2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB Lability
Service cost $ 64,977 $ 59,465 $ 79,520 $ 63,270 $ 57,961 $ 50,439 $ 51,371 $ 53,040
Interest 43,419 37,405 21,209 12,060 12,064 25,960 22,929 19,739
Difference between expected and actual
experience - 441273 - - - (309,165) - -
Changes of assumptions and other inputs 59,293 (3,117) (144,458) 411,041 6,038 129964 (13,500) (149020)
Benefit payments (51,540) (60,216) (48,910) (20,244) (19,040) (34,636) (39,712) (37,725)
Net Change in Total OPEB Liability 116,149 771810 (92,639) 466,127 57,023 (254,438) 2108 211034
Total OPEB Liability-Beginning 898,571 820,761 913,400 447,273 390,250 64408 62300 602,566
Total OPEB Liability-Ending $ 11)014,720 $ 8981571 $ 820,761 $ 9131400 $ 447,273 $ 3901250 $ 64408 $ 6231600
Covered-Employee Payroll $ 7,904,149 716731931 61773,694 718251935 71597,995 712841363 61694,984 517081842
Total OPEB Liability as a percentage of
Covered-Employee Payroll 12.84% 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 3.81% from 4.63%. 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
2025 6.00%
2026 5.84%
2027 5.68%
2028 5.52%
2029 5.3 6%
2030 5.20%
2031 5.04%
2032 5.04%
2033 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.
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.
98 Page 152 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
FLORIDA RETIREMENT SYSTEM(FRS)
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Fiscal Year Ended June 30, 2025* 2024* 2023 2022 2021 2020 2019 2018 2017 2016
Proportion of the net pension liability -% -% 0.00025% 0.00041% 0.00135% 0.00165% 0.00158% 0.00166% 0.00189% 0.00227%
Proportionate share of the net pension
liability $ - $ - $991080 $ 152,863 $ 1011680 $717,034 $543,212 $501,303 $561,097 $572,594
Covered payroll $ - $ - $70,598 $ 10504 $297,735 $222,110 $285,622 $369,696 $391,643 $492,907
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%
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%
The amounts presented for each fiscal year were determined as of 6/3 0.
*At fiscal year end Village did not have any FRS participants and no pension liability related.
99 Page 153 of 1201
Agenda Item #4.
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, 2025* 2024* 2023 2022 2021 2020 2019 2018 2017 2016
Proportion of the net pension liability -% -% 0.00018% 0.00029% 0.00087% 0.00090% 0.00094% 0.00113% 0.00121% 0.00160%
Proportionate share of the net pension
liability $ - $ - $281300 $30,542 $ 1071220 $ 109,870 $ 1041854 $ 1191802 $ 1291440 $ 1861087
Covered payroll $ - $ - $70,598 $ 10504 $297,735 $222,110 $285,622 $3691696 $391,643 $4921907
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%
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%
The amounts presented for each fiscal year were determined as of 6/30.
*At fiscal year end Village did not have any HIS participants and no pension liability related.
100 Page 154 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
FLORIDA RETIREMENT SYSTEM (FRS)
SCHEDULE OF VILLAGE CONTRIBUTIONS
Fiscal Year Ended September 30, 2025* 2024* 2023 2022 2021 2020 2019 2018 2017 2016
Contractually required contribution $ - $ - $ 81422 $ 1308 $ 441150 $ 581313 $ 52,059 $ 489540 $ 471988 $ 629966
Contributions in relation to the
conractually required contribution - - (81422) (13,668) (44,150) (58,313) (52,059) (48,540) (47,988) (62,966)
Contribution deficiency(excess)
Covered payroll $ - $ - $ 49,714 $ 811619 $2771220 $233,482 $2611899 $3621908 $3821869 $4511085
Contributions as a percentage of
covered payroll -% -% 16.94% 16.75% 15.93% 24.98% 19.88% 13.38% 12.53% 13.96%
The information in this schedule determined as of the Village's most recent fiscal year.
*At fiscal year end Village did not have any FRS participants and no pension liability related.
101 Page 155 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA
REQUIRED SUPPLEMENTARY INFORMATION
HEALTH INSURANCE SUBSIDY PROGRAM (HIS)
SCHEDULE OF VILLAGE CONTRIBUTIONS
Fiscal Year Ended September 30, 2025* 2024* 2023 2022 2021 2020 2019 2018 2017 2016
Contractually required contribution $ - $ - $ 825 $ 11355 $ 402 $ 31876 $ 4,348 $ 61024 $ 6,356 $ 71488
Contributions in relation to the
conractually required contribution - - (825) (1,355) (4,602) (3,876) (4,348) (6,024) (6,356) (7,488)
Contribution deficiency(excess) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Covered payroll $ - $ - $ 491714 $ 811619 $277,220 $2331482 $2611899 $3621908 $38209 $4511085
Contributions as a percentage of
covered payroll -% -% 1.66% 1.66% 1.66% 1.66% 1.66% 1.66% 1.66% 1.66%
The information in this schedule determined as of the Village's most recent fiscal year.
*At fiscal year end Village did not have any HIS participants and no pension liability related.
102 Page 156 of 1201
Agenda Item #4.
- -J
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
Page 157 of 1201
Agenda Item #4.
r
r
i, -a
NONMAJOR GOVERNMENTAL FUNDS
Page 158 of 1201
Agenda Item #4.
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.
Page 159 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
Special Revenue Capital Projects
Total
Special Law Capital Capital Nonmaj or
Building Enforcement Improvement Proj ects Governmental
Fund Fund Fund Fund Funds
Assets
Cash $ 2300 $ 2151058 $ 7321863 $ 701091 $ 11041,092
Investments 1,098,843 138,168 8861520 4051859 2,529,390
Receivables,net 53 - 1461790 - 146,843
Inventories 371 - - - 371
Prepaid items 22,458 - - - 221458
Total Assets $ 1,144,805 $ 353,226 $ 1,766,173 $ 4751950 $ 3,740,154
Liabilities and Fund Balances
Liabilities
Accounts payable 39,403 101433 5,951 - 551787
Accrued liabilities 141451 1,400 - - 151851
Retainage payable - - - 151064 151064
Due to other governments 604 - - - 61684
Total Liabilities 601538 111833 51951 151064 931386
Fund Balances
Nonspendable:
Inventories 371 - - - 371
Prepaid Items 221458 - - - 22,458
Restricted for:
Infrastructure - - 110151416 - 11015,416
Building 110441496 - - - 1,044,496
Law Enforcement - 2781554 - - 2781554
Capital Projects - - 670,365 - 6701365
Assigned to:
Capital Projects - - 74,441 3751137 4491578
Subsequent years budget 16,942 621839 - 851749 165,530
Total Fund Balances 1,084,267 341,393 1,760,222 460,886 3,646,768
Total Liabilities and Fund Balances $ 11144,805 $ 353,226 $ 117661173 $ 4751950 $ 317401154
103 Page 160 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Special Revenue Capital Projects
Total
Special Law Capital Capital Nonmaj or
Building Enforcement Improvement Proj ects Governmental
Fund Fund Fund Fund Funds
Revenues
Other taxes $ - $ - $ 934,011 $ - $ 934,011
Charges for services 41436 - - - 41436
Licenses and permits 1,43 81818 - - - 1,43 81818
Miscellaneous 213 145 - - 358
Fines and forfeitures - 2129242 - - 2121242
Investment earnings 441123 1045 41,859 361352 1321979
Total Revenues 1,487,590 223,032 975,870 361352 2,7221844
Expenditures
General government - - 787 - 787
Public safety 1,058,848 139,043 - - 1,197,891
Transportation - - 461386 - 461386
Capital outlay 151000 175 - 210161152 210311327
Total Expenditures 110731848 139,218 47,173 210161152 3,2761391
Excess(Deficiency)of Revenues
Over(Under)Expenditures 413,742 83,814 928,697 (11979,800) (553,547)
Other Financing Sources(Uses)
Transfers in - - - 110521159 11052,159
Transfers out (75,000) - - - (75,000)
Total Other Financing Sources,Net (751,000) - - 110521159 9771159
Net Change in Fund Balances 3381742 83,814 928,697 (927,641) 4231612
Fund Balances-Beginning of Year 745,525 257,579 831,525 1,3881527 3,223,156
Fund Balances-End of Year $ 1,084,267 $ 341,393 $ 1,760,222 $ 4601886 $ 3,646,768
104 Page 161 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
BUDGETARY COMPARISON SCHEDULE
BUILDING FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Variance
with Final
Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Charges for services $ - $ - $ 4,436 $ 4,436
Licenses and permits 608,708 6081708 114381818 830,110
Miscellaneous - - 213 213
Investment earnings 2503 2503 44,123 19,120
Total Revenues 633,711 633,711 1,487,590 853,879
Expenditures
Public safety 111761805 1,1871805 11058,848 128,957
Capital outlay - 16,943 151000 1,943
Total Expenditures 111761805 1,204,748 1,073,848 130,900
(Deficiency)of Revenues
Under Expenditures (543,094) (571,037) 4131742 984,779
Other Financing Sources(Uses)
Transfers out (75,000) (75,000) (75,000) -
Total Other Financing Sources(Uses) (755000) (75,000) (75,000) -
Net Change in Fund Balance (618,094) (646,037) 3381742 984,779
Fund Balance-Beginning 7451525 7451525 7451525 -
Fund Balance-Ending $ 127,431 $ 99,488 $ 1,084,267 $ 984,779
105 Page 162 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
BUDGETARY COMPARISON SCHEDULE
SPECIAL LAW ENFORCEMENT TRUST FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Variance
with Final
Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Miscellaneous $ - $ - $ 145 $ 145
Fines and forfeitures $ 12609 $ 1261009 $ 2121242 $ 861233
Investment earnings 500 500 1045 5,645
Total Revenues 1311009 1311009 2231032 92,023
Expenditures
Public safety 131,009 14609 1391043 6,966
Capital outlay - 531001 175 52,826
Total Expenditures 131,009 1991010 1391218 59,792
Net Change in Fund Balance - (68,001) 83,814 151,815
Fund Balance-Beginning 257,579 257,579 2571579 -
Fund Balance-Ending $ 257,579 $ 189,578 $ 3411393 $ 151,815
106 Page 163 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Variance
with Final
Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Other taxes $ 850,467 $ 850,467 $ 934,011 $ 83,544
Grants,contributions and donations 34004 3401884 - (340,884)
Investment earnings 2500 2500 41,859 16,859
Total Revenues 112161351 112161351 9751870 (240,481)
Expenditures
General government - - 787 (787)
Transportation 1001000 1001000 46,386 53,614
Capital outlay 110341768 1,034,768 - 1,034,768
Total Expenditures 111341768 1,134,768 47,173 1,087,595
Net Change in Fund Balance 81,583 81,583 9281697 847,114
Fund Balance-Beginning 8311525 8311525 8311525 -
Fund Balance-Ending $ 9139108 $ 9131108 $ 11)7601222 $ 847,114
107 Page 164 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
Variance
with Final
Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Grants,contributions and donations $ 162,500 $ 1621500 $ - $ (162,500)
Investment earnings 900 91000 361352 271352
Total Revenues 171,500 171,500 36,352 (135,148)
Expenditures
Transportation 7109000 1,027,831 - 190271)831
Capital outlay 445,000 1,294,887 2,0161152 (721,265)
Total Expenditures 111551000 2,3221718 2,0161152 306,566
(Deficiency)of Revenues
Under Expenditures (983,500) (2,151,218) (11979,800) 171,418
Other Financing Sources(Uses)
Transfers in 112801210 1,280,210 1,052,159 (228,051)
Total Other Financing Sources(Uses) 112801210 1,2801210 1,052,159 (228,051)
Net Change in Fund Balance 2965710 (871,008) (927,641) (56,633)
Fund Balance-Beginning 113885527 1,3881527 1,388,527 -
Fund Balance-Ending $ 11685,237 $ 5171519 $ 4601886 $ (56,633)
108 Page 165 of 1201
Agenda Item #4.
FIDUCIARY FUNDS
Page 166 of 1201
Agenda Item #4.
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.
Page 167 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2025
Police General
Firefighters' Officers' Employees'
Pension Pension Pension
Trust Fund Trust Fund Trust Fund Total
Assets
Cash and cash equivalents $ 368,507 $ 1981611 $ 4091561 $ 976,679
Investments
Equities 131863,634 7,4691772 815381148 2918711554
Fixed Income 41803,848 2,5881329 3MI3,946 10,406,123
Real Estate Fund 111061641 5961262 649,655 2,352,558
Total investments 19,774,123 1016541363 121201,749 42,630,235
Contributions receivable 351448 121088 M755 67,291
Accrued interest receivable 169687 81997 171436 431120
Prepaid items 11513 11513 - 3 M26
Total Assets 20,1965278 1018751572 12,648,501 43,720,351
Liabilities
Accounts payable 13,255 101570 171065 40,890
Total Liabilities 13,255 M570 1705 40,890
Net Position Restricted for
Pension Benefits $ 20J 83,023 $ 10186502 $ 1216311436 $ 43,679,461
109 Page 168 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
Police General
Firefighters' Officers' Employees'
Pension Pension Pension
Trust Fund Trust Fund Trust Fund Total
Additions
Contributions:
State of Florida $ 271,163 $ 1251795 $ - $ 3961958
Employer 481,771 2721485 4821041 L236,297
Employee 1391475 553,731 2381871 9321077
Total Contributions 892,409 9521011 7201912 215651332
Investment Earnings
Net appreciation in fair value of
investments I,144,656 640,427 506,203 2,291,286
Gain on sale of investments 618,072 3101847 7861302 1,715,221
Interest and dividends 3671925 1931287 227,479 7881691
Total investment earnings 2,1301653 111441561 1,519,984 417951198
Less investment expenses (40,213) (29,407) (54,473) (124,093)
Net Investment earnings 21090,440 111151154 1,465,511 4,6711105
Miscellaneous 265 138 - 403
Total Additions 21983,114 210671303 2,186,423 7,2361840
Deductions
Benefits paid 11016,594 2081399 2991079 115241072
Refund of contributions - - 51905 51905
Administrative expenses 32,744 321768 5203 1181195
Total Deductions 11049,338 2411167 3571667 1,648,172
Change in Net Position 1,933,776 11826,136 1,828,756 5,58808
Net Position Restricted for
Pension Benefits
Beginning of year 18,249,247 9103806 10021680 38,090,793
End of year $ 203835023 $ 1018651002 $ 12,6311436 $ 431679,461
110 Page 169 of 1201
Agenda Item #4.
STATISTICAL SECTION
Page 170 of 1201
Agenda Item #4.
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. 111
Revenue Capacity_
These schedules contain information to help the reader assess the Village's most significant
local revenue source, the property tax. 116
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. 120
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. 124
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. 126
Sources: Unless otherwise noted, the information in these schedules is derived from the
Comprehensive Annual Financial Reports for the relevant year.
Page 171 of 1201
Agenda Item #4.
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Page 172 of 1201
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Page 175 of 1201
Agenda Item #4.
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Agenda Item #4.
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Agenda Item #4.
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Agenda Item #4.
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Agenda Item #4.
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Page 181 of 1201
Agenda Item #4.
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Page 182 of 1201
Agenda Item #4.
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Agenda Item #4.
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Page 185 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
PRINCIPAL EMPLOYERS-PALM BEACH COUNTY
CURRENT YEAR AND NINE YEARS AGO
2025 2016
Percentage of Percentage of
Total County Total County
Employer(service providing) Employees Rank Employment Employees Rank Employment
Palm Beach County School District 221801 1 2.90% 211656 1 3.20%
Palm Beach County 12,767 2 1.60% 11,210 2 1.70%
Baptist Health South Florida(prev. Bethesda Hospital) 6,773 3 0.90%
Florida Atlantic University 61335 4 0.80% 21529 7 0.40%
NextEra Energy,Inc. (Hdgtrs)/FL Power&Light 61139 5 0.80% 405 4 0.60%
Tenet Coastal Division Palm Beach County 51734 6 0.70% 41595 3 0.70%
Veterans Health Administration 2,948 7 0.40% 21700 6 0.40%
Hospital Corporation of America(HCA) 2,850 8 0.40% 31476 5 0.50%
Jupiter Medical Center 21495 9 0.30% 21195 9 0.30%
The Breakers 21400 10 0.30%
Boca Raton Regional Hospital 21500 8 0.40%
Bethesda Health,Inc. 2,150 10 0.30%
719242 9.10% 57,016 8.50%
Source: Business Development Board of Palm Beach County,Florida(last updated January 2025)
Employment information for the Town is not available
125 Page 186 of 1201
Agenda Item #4.
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Page 187 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Governmental Activities
General government
Registered voters 41813 41017 41951 5,056 51204 4,971 4,960 4,454 41611 41450
Public safety:
No.of full-time certified police officers 18 19 19 19 19 20 21 20 20 21
No.of calls received 31109 3,442 31443 3,614 31571 2,375 21735 21766 21650 21470
No.of arrests 94 108 69 61 46 40 43 32 43 44
No.of parking violations 61 39 20 48 48 34 - - 86 16
No.of incident numbers issued 345 312 254 259 181 280 434 371 348 276
Fire department:
No.of full-time certified firefighters 22 22 22 21 21 21 22 22 25 24
No.of emergency responses 11409 11286 11227 11168 11226 11186 11174 11374 11390 11346
No.of transports 817 722 724 721 11017 684 941 816 868 853
No.of fires extinguished/alarms 254 309 267 206 323 263 164 198 119 141
No.of inspections 654 742 608 767 405 558 648 720 682 668
Building,zoning:
No.of building permits issued 1,583 1,755 11356 1,226 11198 1,412 11522 11592 11371 11395
No.of building inspections conducted 21472 3,017 21634 2,649 21611 2,429 3,857 31817 4,599 41209
Leisure services:
No.of Spring Classes 12 10 10 10 7 4 14 14 14 16
No.of Summer Classes 4 4 4 4 - 1 18 18 18 18
No.of Movies 3 3 3 2 - - 1 - - -
Business-type Activities
Water:
No.of customers 51055 5,042 51087 5,084 51070 5,070 51087 51101 5,118 51113
Average daily consumption 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 2.910 mg
Sources:Various Village departments
127 Page 188 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12 10 12 11 11 12 13 13 13 15
Fire:
No.of stations 1 1 1 1 2 1 1 1 1 1
No.of ambulances 2 2 2 2 2 2 2 2 2 2
No.of pumpers 3 2 2 2 2 2 2 2 3 3
Transportation:
Miles of street lane miles 24 24 24 24 24 24 24 24 24 45
No.of bridges 1 1 1 1 1 1 1 1 1 1
Leisure services
No.of parks 6 7 7 7 7 7 6 6 6 6
No.of park acreage 62 62 62 62 62 62 60 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 77 77 77 77 72 74 74 74 74 76
No.of fire hydrants 456 435 435 435 579 580 580 580 615 630
Storage capacity(thousands of gallons) 2,750 2,750 21750 2,750 2,750 2,750 2,750 29750 2,750 21750
*This report is presenting the revised method in calculating the miles of street lane,from single-lane mesurement to two-lane.
Sources:Various Village departments
128 Page 189 of 1201
Agenda Item #4.
nr
REPORTING SECTION
Page 190 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA,FLORIDA
SCHEDULE OF EXPENDITURES OF STATE AWARDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
State
Pass Through CSFA Grant/Agreement
Program Title Organization Number Number Expenditures
State Financial Assistance
Florida Department of Environmental Protection
Drinking Water Revolving Loan-Drinking Water Facility Construction N/A 37.036 DW502700 $ 1,8261963
Statewide Water Quality Restoration Projects N/A 37.039 LPA0712 1451000
Total Florida Department of Environmental Protection 1,971,963
Florida Department of Health
County EMS Grant Program Palm Beach County BOCC 64.005 N/A 51081
Total Florida Department of Health 51081
Florida Department of Law Enforcement
FY 24-25 Local Firearm Safety Training Program N/A 71.103 FL001 321280
Total Florida Department of Law Enforcement 321280
TOTAL STATE FINANCIAL ASSISTANCE $ 2,009,324
129 Page 191 of 1201
Agenda Item #4.
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF EXPENDITURES OF SATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
Note 1 —Basis of Presentation
The accompanying Schedule of Expenditures of State Financial Assistance (the "Schedule") presents the
state financial assistance activities of the Village of Tequesta, Florida, for the fiscal year ended September
301 2025. The information in this Schedule is presented in accordance with the requirements of the Florida
Single Audit Act, Section 215.97, Florida Statutes, and Chapter 69I-5, Florida Administrative Code, which
prescribe the reporting requirements for state financial assistance. Because the Schedule presents only a
selected portion of the operations of the Village, it is not intended to and does not present the financial
position, changes in net position, or cash flow of the Village.
Note 2 —Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the same basis of accounting as the Village's basic
financial statements. Such expenditures are recognized in accordance with the cost principles and
compliance requirements contained in Chapter 69I-5, Florida Administrative Code, wherein certain types
of expenditures are not allowable or are limited as to reimbursement under state financial assistance
programs.
Note 3 —Catalog of State Financial Assistance (CSFA) Numbers
State financial assistance programs are identified by the Catalog of State Financial Assistance (CSFA)
number, as established and maintained by the Florida Department of Financial Services, in accordance with
Rule 69I-5.003, Florida Administrative Code. Programs that have not been assigned a CSFA number are
identified on the Schedule by the funding agency and program name.
Note 4—Matching Requirements
Certain state financial assistance programs require the Village to provide matching funds, as defined under
the applicable program agreements and Chapter 69I-5, Florida Administrative Code. No matching
requirements were applicable to the Village's state financial assistance programs during the fiscal year
ended September 30, 2025.
Note 5—Loans Outstanding
The Village received $1,826,963 for Drinking Water Revolving Loan state financial assistance. The full
amount is outstanding as of September 30, 2025, as defined by Rule 69I-5.003, Florida Administrative
Code.
The loan agreement contains standard covenants requiring the Project Sponsor to maintain legal authority
to perform, comply with applicable state and federal laws, obtain and maintain required permits, complete
and operate the project for a public purpose,and maintain utility system accounts in accordance with GAAP.
The Sponsor must ensure sufficient revenues for debt service, operations, and maintenance, including
130 Page 192 of 1201
Agenda Item #4.
budgeting legally available non-ad valorem revenues if pledged revenues are insufficient, without pledging
ad valorem taxes. The agreement also prohibits the use of loan funds for lobbying and requires timely
project completion subject to force maj eure events.
Note 6— Subrecipients
The Village did not pass through any state financial assistance to subrecipients during the fiscal year ended
September 30, 2025, as defined under Chapter 69I-5, Florida Administrative Code.
Note 7—Noncash State Financial Assistance
The Village did not receive any noncash state financial assistance during the fiscal year ended September
30, 2025, as defined by Rule 69I-5.003, Florida Administrative Code.
Note 8 - Contingency
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed
by a grantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies would
become a liability of the Village. In the opinion of management, all grant expenditures are in compliance
with the terms of the grant agreements and applicable federal and state laws and regulations.
131 Page 193 of 1201
Agenda Item #4.
AAT
"a
40wrT
MAULDIN&JENKINS
CPAs & ADVISORS
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, 2025, 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 18, 2026.
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.
MAULDIN&JENKINS,LLC•1401 MANATEE AVENUE WEST,SUITE 1200•BRADENTON,FLORIDA 34205
941-747-4483•FAX 941-747-6035•www.mjcpa.com
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Agenda Item #4. AT
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MAULDIN&JENKINS
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
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.
I f
Bradenton, Florida
March 18, 2026
Page 1 mot 1201
Agenda Item #4.
A AT
�T�
MAULDIN&JENKINS
CPAs & ADVISORS
Independent Auditor's Report on Compliance for Each Major State
Project and on Internal Control Over Compliance Required By
Chapter 10.550, Rules of The Auditor General
To the Honorable Mayor,Village Council
and Village Manager
Village of Tequesta, Florida
Report on Compliance for Each Major State Project
Opinion on Each Major State Project
We have audited the Village of Tequesta, Florida's (the "Village") compliance with the types of compliance
requirements identified as subject to audit in the Department of Financial Services'State Projects Compliance
Supplement that could have a direct and material effect on each of the Village's major state projects for the
year ended September 30, 2025. The Village's major state financial assistance projects are identified in the
summary of auditor's results section of the accompanying schedule of findings and questioned costs.
In our opinion, the Village complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on its major state project for the year ended
September 30, 2025.
Basis for Opinion on Each Major State Project
We conducted our audit of compliance 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 the audit requirements of Chapter
10.550, Rules of the Auditor General. Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of Village and to meet our other ethical responsibilities, in accordance
with 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 opinion on compliance for each major state
project. Our audit does not provide a legal determination of the Village's compliance with the compliance
requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the Village's
state projects.
MAULDIN&JENKINS,LLC•1401 MANATEE AVENUE WEST,SUITE 1200•BRADENTON,FLORIDA 34205
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Agenda Item #4. H
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MAULDIN&JENKINS
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the Village's compliance based on our audit. 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, Government Auditing Standards, and the audit requirements of
Chapter 10.550, Rules of the Auditor General will always detect material noncompliance when it exists. The
risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Noncompliance with the compliance requirements referred to above is considered material
if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment
made by a reasonable user of the report on compliance about the Village's compliance with the
requirements of each major state project as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing
Standards, and Chapter 10.550, Rules of the Auditor General, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 Village's compliance with the compliance requirements referred to
above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the Village's internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and report
on internal control over compliance in accordance with Chapter 10.550, Rules of the Auditor
General, but not for the purpose of expressing an opinion on the effectiveness of the Village's
internal control over compliance.Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
state project on a timely basis. A material weakness in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility
that material noncompliance with a type of compliance requirement of a state project will not be prevented,
or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a
deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a state project that is less severe than a material weakness in internal control over
compliance, yet important enough to merit attention by those charged with governance.
Page 1 a7eot 1201
Agenda Item #4. AT
mjcpaxom *0
MAULDIN&JENMNS
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined above. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance.Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of Chapter
10.550, Rules of the Auditor General.Accordingly, this report is not suitable for any other purpose
I f
Bradenton, Florida
March 18, 2026
Page 19&of61201
Agenda Item #4.
Village of Tecluesta, Florida
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
SECTION
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 as of September 30, 2025 due to the total amount
expended being less than $1,0001000.
State Financial Assistance Projects
Internal Control over major state projects:
Material weaknesses identified? Yes X No
Significant deficiencies identified not considered
to be material weaknesses? Yes X None reported
Type of auditor's report issued on compliance for
major state projects: Unmodified
Any audit findings disclosed that are required to
be reported in accordance with Chapter 10.550? Yes X No
Identification of major state financial assistance projects:
CSFA Number Name of State Program or Cluster
37.036 Drinking Water Facility Construction
Dollar threshold used to distinguish between
State Type A and Type B programs: $602,797
SECTION II
FINANCIAL STATEMENT FINDINGS AND RESPONSES
None reported.
Page 1%eot1201
Agenda Item #4.
Village of Tecluesta, Florida
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
SECTION III
STATE AWARDS FINDINGS AND QUESTIONED COSTS
None noted.
Page 20&of81201
Agenda Item #4.
Village of Tecluesta, Florida
SCHEDULE OF FINDINGS AND RESPONSES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
STATUS OF PRIOR YEAR AUDIT FINDINGS
None noted.
Page 2Gje0f91201
Agenda Item #4.
AAT
.a
40WTT
MAULDIN&JENKINS
CPAs & ADVISORS
IndependentAuditor'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, 2025 and have issued our report thereon dated March 18, 2026.
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; Independent Auditor's Report on Compliance for Each Major State Project
and Report on Internal Control over Compliance; Schedule of Findings and Questioned Costs; 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 18, 2026 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.
MAULDIN&JENKINS,LLC-1401 MANATEE AVENUE WEST,SUITE 1200•BRADENTON,FLORIDA 34205
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Agenda Item #4. AT
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MAULDIN&JENKINS
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.
Property Assessed Clean Energy(PACE) Programs
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, a PACE program authorized pursuant to
Section 163.081 or Section 163.082, Florida Statutes, did not operate within the Village's geographical
boundaries during the fiscal year under audit.
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.
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Bradenton, Florida
March 18, 2026
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Agenda Item #4.
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MAULDIN&JENKINS
CPAs & ADVISORS
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, 2025.
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, 2025.
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.
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Bradenton, Florida
March 18, 2026
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