CAFR_FY Ending_09/30/1975
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STATE OF FLO$IDA
OFFICE OF THE AIIDITOB OENE73AL
TALi.AHASSEE
May 7, 1976
ERNEST ELlI50N, C. P. A.
AU 0170R GENERAL
Mr. Robert Harp
Village Manager
Village of Tequesta
Post Office Box 3273
Tequesta, Florida .33458
Dear Mr. Harp:
This ,is to acknowledge receipt by this office of the annual
postaudit report for the 1974-75 fisca'1 year, the separate report
containing the auditor's comments and the chief executive officer's
written statement of explanation or rebuttal concerning the auditors
comments which were filed pursuant to the provisions of RULES OF THE
AUDITOR GENERAL -ANNUAL POSTAUDIT REQUIREMENTS OF MUNICIPALITIES.
Thank you for your cooperation in the filing of the above-
mentioned documents.
Sincer y yours,
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Ernest Ellison
Auditor General
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OFFICE OF THE VILLAGE MANAGER
TELEPHONE
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746-7457
VILLAGE ^F TEQUE5TA
357 TEQUE5TA DRIVE
TEQUE5TA, FLORIDA '
May 3, 1976
State of Florida
Office of the Auditor General
Tallahassee, Florida 32304
Gentlemen:
MAiLtNG ADDRI•'S9
P. O. eQx 3x73
TEQUE5TA. FLORIDA 3345®
Enclosed is a copy of the Audit Report of the Village
of Tequesta, Florida for the period ending September 30, 1975
which was received from our auditors March l9, 1976 and formally
accepted by the Village Council April 13, 1976.
A copy of the audit was forwarded to the Department
of Administration, Planning and Budgeting at an earlier date.
The auditor's comments have been reviewed and we are
having their comments and suggestions followed.
Yours very truly,
VILLAGE OF TEQUESTA
Robert Harp
Village Manager
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'~OF FLS
.TALLAHASSEE
GERALD A. LEWES 32304
OOMATFOLLER OF FLOR~OA
To: The Municipal Clerk, financial Officer, or
Manager Addressed
from: B. J. Givens, Chief, Bureau of Local Government
Subject: Audit Report
Date: Apri] 29, 1976
The audit report for your municipality for the fiscal year ended
Septer~iber 30, 1975 has been received by this office.
..Your cooperation is appreciated.
BJG/sc
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VILLAGE OF TEQUESTA, FLORIDA
TABLE OF CONTENTS
PAGE
Auditors' Report 1-2
Combined Balance Sheet - All Funds and
Account Groups 3-4
Combined Statement of Changes in
Fund Balances - All Funds 5
GENERAL FUND
Comparative Statement of Revenues,
Expenditures, Encumbrances and Transfers 6
Statement of Revenues and Transfers 7
Statements of Expenditures, Encumbrances
and Transfers 8-12
FEDERAL REVENUE SHARING FUND
Statement of Changes in Fund Balance 13
DEBT SERVICE FUND
Statement of Changes in Fund Balance 14
STATEMENT OF GENERAL LONG-TERM DEBT 15
STATEMENT OF GENERAL FIXED ASSETS 16
WATER FUND
Balance Sheet 17-18
Comparative Income Statement 19
Income Statement 20
Statement of Changes in Financial Position 21
Revenue Fund - Statement of Changes in Fund Balance 22
Operation and Maintenance Fund - Statement of
Changes in Fund Balance 23
Sinking Fund - Statement of Changes
in Fund Balance 24
Reserve Account - Statement of Changes in
Fund Balance 25
Renewal and Replacement Fund -
Statement of Changes in Fund Balance 26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
TABLE OF CONTENTS
PAGE
WATER FUND (Continued) .
Certificate Redemption Fund - Statement of
Changes in Fund Balance 27
Capital Improvement Reserve Fund -
Statement of Changes in Fund Balance 28
Customer Meter Deposit Fund - Statement of
Changes in Fund Balance 29
NOTES TO FINANCIAL STATEMENTS
SUPPLEMENTAL INFORMATION
Excise Tax Revenue Bonds - Series 1964 -
Amortization Schedule
Water Revenue Certificates -
Amortization Schedule
30
31
32-34
NOWLEN, LYNCH & STEWART
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
EVERETT B. NOWLEN, GPA
W. F. LVNGH, CPA I1BY7-ta641
V. G. STEWART. CPA
ALAN L. TEDAMONSON, CPA
EDMUND SCHIEVE, CPA
EDWARD T. HOLT, CPA
WILLIAM C. KISKER, JR., CPA
WILLIAM B. MINER, CPA
February 27, 1976
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
TELEPHONE 665-3060
The Honorable Mayor and Village Council
Village of Tequesta, Florida
We have examined the financial statements of the various
funds and account groups of the Village of Tequesta, Florida
for the year ended September 30, 1975, as listed in the fore-
going table of contents. Our examination was made in
accordance with generally accepted auditing standards, and
accordingly included such tests of the accounting records
and such other auditing procedures as we considered necessary
in the circumstances.
The accompanying supplemental information and the column
on the accompanying combined balance sheet captioned "Total
Memorandum Only" are not necessary for a fair presentation
of the financial statements, but are presented as additional
analytical data. This information has been subjected to the
tests and other auditing procedures applied in the examination
of the financial statements mentioned above and, in our opinion,
is fairly stated in all material respects in relation to the
financial statements taken as a whole.
As discussed in Note 3 to the financial statements, the
Village is involved in litigation concerning water revenues.
The ultimate outcome of the litigation cannot presently be
determined.
In our opinion, subject to the effects, if any, on the
financial statements of the ultimate outcome of the matter
discussed in the preceding paragraph, the aforementioned
financial statements present fairly the financial position of
the various funds and account groups of the Village of Tequesta,
Florida at September 30, 1975 and results of operations of such
funds and the changes in financial position of the Water Fund
for the year ended September 30, 1975, in conformity with generally
accepted accounting principles applied on a basis consistent with
that of the preceding year.
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VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30, 1975
TOTAL
MEMORANDUM
ONLY
ASSETS AND OTHER DEBITS
Cash - checking accounts $ 261,823
Cash - savings accounts 41,858
Time certificates of deposit 308,400
United States Treasury Bills - at cost 19,542
United States Treasury Bonds - at cost 91,597
United States Treasury Notes - at cost 45,040
Accounts receivable 41,241
Accrued interest receivable 4,908
Prepaid insurance and deposits 1,974
Land 109,629
Buildings 145,319
Improvements other than buildings 182,662
Equipment 2,425,913
Accumulated depreciation (305,670)
Amount available for debt service 17,669
Amount to be provided for debt service 41,331
TOTAL ASSETS AND OTHER DEBITS $3,433,236
LIABILITIES
Accounts payable $ 13, 860
Customers' meter deposits 35,495
Accrued interest payable 19,788
Encumbrances outstanding 19,606
Bonds payable (Page 31) 59,000
Water revenue certificates payable (Page 32) 1,583,000
TOTAL LIABILITIES $1,730,749
CONTINGENT LIABILITIES (Note 3)
FUND BALANCES/RETAINED EARNINGS
Investment in general fixed assets 459,002
Fund balance 313,603
Retained earnings 929,882
TOTAL LIABILITIES AND FUND BALANCES/
RETAINED EARNINGS $3,433,236
The accompanying notes are an essential part
of the financial statements.
3
FEDERAL
REVENUE DEBT
GENERAL SHARING SERVICE
FUND FUND FUND
$100,343 $ $11,069
31, 616 ~ 10, 242
175,000 6,600
346•
367
280,
GENERAL GENERAL
WATER LANG-TERM FIXED
FUND DEBT ASSETS
$ 150,411 $ $
126, 800
19, 542 .
91, 597 „
45,040•
40, $95 ~ ..
4, 541
1, 694
74,,629 '
2,329,892
(305,670)
35,000
145, 319
182,662
96,021
17, 669
_ 41,331
$307,952 10~ ,242 17 669 $2,579,371 59 000 $459,002.•
$ 2,654' $ $ $ 11,206+ $ ~ $
35, 495
19,788 .
19, 606 •
59,000
1 X583 , 000 ~ _
$ 22,260 $ $ $1,649,489 $59,000 $
(Note 3)
459,002
285,692 10,242 17,669
929,882
$307,952 10$ ,242 17,669 $2,579,371 59 000 $459,002
The accompanying notes are an essential part
of the financial statements.
4
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED STATEMENT OF CHANGES IN FUND BALANCES - ALL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND
General Fund
Federal Revenue
Sharing Fund
Debt Service Fund
Water Fund
TOTAL ALL FUNDS
FUND
BALANCES
OCTOBER 1,
1974 REVENUES
FUND
BALANCES
SEPTEMBER 3 0 ,
EXPENDITURES 1975
$ 324,095 $ 656,419 $ 694,822 $ 285,692
18,984
21, 232
819,511
1, 183, 822
FUND BALANCES - ALL FUNDS
Cash $ 177,632
Investments 966,106
Accounts receivable 40,900
Accrued interest
receivable 9,093
Prepaid insurance
and deposits 1,485
Property, plant and
equipment (net of
depreciation) 1,661,834
Accounts payable (12,725)
Customers' meter
deposits (35,440)
Accrued interest
payable (20,063)
Encumbrances
outstanding
water revenue
certificates
payable (1, b05, 000)
TOTAL ALL FUNDS $1,183,822
15, 173
31,457
379,971
$1,083,020
23,915
35, 020
269,600
~ 1, 023, 357
The accompanying notes are an essential part
of the financial statements.
10, 242
17,669
929,882
$1,243,485
$ 303,681
464,579
41,241
4,908
1, 974
2,098,851
(13,860)
(35,495)
(19,788)
(19,606)
(1,583,000)
$1,243,485
5
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENE R,AL FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES,
ENCUMBRANCES AND TRANSFERS
FOR YEARS AS INDICATED
REVENUES AND TRANSFERS
Ad valorem taxes
Cigarette taxes and
state revenue sharing
Franchise taxes
Utility taxes
State road and bridge funds
Miscellaneous income
Occupational licenses
water department
Building permits
Fines and forfeitures
Beverage licenses
Sewer department
Transfers from Federal
Revenue Sharing Fund
YEARS ENDED SEPTEMBER 30,
1975 1974 1973 1972
$237,723 $176,130 $192,420 $135,646
141,953 141,770 141,180 145,855
73,689 60,146 49,175 34,962
72,338 75,915 64,926 54,101
25,783 17,135 7,250 8,346
24,432 32,686 13,149 6,861
18,360 16,702 17,173 24,749
18,000 16,000 20,000 14,000
8,247 5,513 13,975 11,741
7,631 6,997 4,396 3,052
4,348 3,796 2,603 2,360
9,307
23,915 16,302
TOTAL REVENUES AND TRANSFERS
EXPENDITURES, ENCUMBRANCES
AND TRANSFERS
Streets and maintenance expense
Public safety expense
Administrative expense
Recreation and parks expense
Office expense
Transfers to Sinking Fund
TOTAL EXPENDITURES, ENCUMBRANCES
AND TRANSFERS
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$656,419 $569,092 $535,554 .$441,673
$256,685 $178,928 $151,137 $149,798
201,083 168,993 127,618 104,821
121,302 101,578 77,825 72,560
74,578 49,594
27,149 22,498 19,262 15,698
14,02.5/ 12_,30.0 22,584 20,723
$694,822 $533,891 $398,426 $363,600
$(38,403) $ 35,201 $137,128 $ 78,073
The accompanying notes are an essential part
of the financial statements.
6
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES AND TRANSFERS
FOR THE YEAR ENDED SE PTEMBER 30, 1975
OVER
(UNDER)
ACTUAL BUDGET BUDGET
REVENUES
Ad valorem taxes
State revenue sharing
Franchise taxes
Utility taxes
State road and bridge funds
Investment earnings
Occupational licenses
Cigarette taxes
Building permits
Fines and forfeitures
Administrative management -
Water Department
Fire hydrant rental fees
Office rent - Water Department
Beverage licenses
Miscellaneous income
Police desk message service
TOTAL REVENUES
$237,723 $233,504 $ 4,219
129,3$0 129,300 80
73,689~~ 68,900 4,789
72, 338~~. 80,000 (7,662)
25, 783 7, 200 18, 583
22,389 12,000 10,389
18,360 9,000 9,360
12,573 12,000 573
8,247 6,000 2,247
7,631 5,000 2,631
7,0007 7,000
6, 000`x" 6, 000
5 , 000""" 5 , 000
4,348 4,000 348
1, 443'x" 1, 215 228
600J 600
$632,504 /~ $586,719 $45,785
TRANSFERS FROM OTHER FUNDS
Federal Revenue Sharing Fund
TOTAL REVENUES AND TRANSFERS
23,915 23,915
$656,419 $610,634 45,785
The accompanying notes are an essential part
of the financial statements.
7
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE. YEAR ENDED SEPTEMBER 30, 1975
(OVER)
UNDER
ACTUAL BUDGET BUDGET
STREETS AND MAINTENANCE EXPENSE
Salaries
OASI expense
Street maintenance
Streets and drainage
Street intersection improvements.
Fogging expense
General maintenance
Truck and tractor expense
Truck insurance
Gasoline and oil - truck and tractor
Gasoline and oil - other
Small tools
Village Hall maintenance
Garbage collection
Yard trash collection
Utilities - street lights
Fire hydrant rental fees
Street name signs
New equipment
Village Hall improvements
Lethal yellowing
$ 22,438 $ 22,222 $ (216)
1, 5101 1, 300 (210)
5,570 5,000 (570)
50,580% 257,000 206,420
22, 117 20, 000 (2, 117)
4, 118, 3, 000 (1, 118)
6,747 6,000 (747)
850 900 50
737 800 b3
822 800 (22)
68 100 32
259 300 41
3,446 3,500 54
84, 019~/ 87, 000 2, 986
35,0005 35,000
5,760 5,700 (60)
6,000 6,000
15 400 385
4,210 5,100 890
2,414 10,000 7,586
10 (10)
TOTAL STREETS AND MAINTENANCE EXPENSE
$256,685 $470,122 $213,437
The accompanying notes are an essential part
of the financial statements.
8
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1975
(OVER)
UNDE R
ACTUAL BUDGET BUDGET
PUBLIC SAFETY EXPENSE
Salary - Police Chief
Salary - Police Lieutenant
Salaries - Patrol Sergeants
Salary - Detective
Salaries - Patrolmen
Salary - Desk Sergeant
Salaries - Dispatchers
Pay for extra work
OASI expense
Car expense
Gasoline and oil
Car insurance
Equipment and uniforms
Telephone
Teletype
Utilities - traffic signals
Judge's fee
Prosecuting attorney
Miscellaneous expense
Traffic signs
New equipment
Personnel training
$ 14,344 $ 14,344 $
17., 304 11, 304
21, 518 21, 560 42
10,769 10,780 11
66,319 67,256 937
9,353 9,353
20,603 20,603
1, 117 1, 000 (117)
9,740 9,100 (640)
3,445 3,000 (445)
7,446 5,500 (1,946)
1,891 2,500 609
1,699 2,000 301
1,044 1,000 (44)
28 50 22
1,398 1,400 2
1,800 1,800
350 1,800 1,450
1,243 1,600 357
603 400 (203)
15,069 14,000 (1,069)
___ 200 200
TOTAL PUBLIC SAFETY EXPENSE
$201,083 200,550 533)
The accompanying notes are an essential part
of the financial statements.
9
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE REAR ENDED SEPTEMBER 30 1975
(OVER)
UNDER
ACTUAL BUDGET BUDGET
ADMINISTRATIVE EXPENSE
Salary - Village Manager $ 19,761 $ 19,761 $
Salary - Village Clerk 8,570 8,700 130
Salary - Building Official 13,860 13,860
OASI expense 2,248/ 2,050 (198)
Car allowance 949 1,190 241
Councilmembers' fees 3,025 3,000 (25)
Dues and subscriptions 437 350 (87)
Insurance 9,769 6,000 (3,769)
Legal 10,135 15,000 4,865
Contributions 7,200 7,100 (100)
Building department 1,174 1,500 326
Telephone - building department 368 350 (18)
Auditing 1,750 1,400 (350)
Employees insurance premiums 6,981/ 7,000 19
Employees pension plan premiums 25,533 18,000 (7,533)
Contingencies 1,730(1) 2,000 270
Miscellaneous expense 3,806 4,000 194
Civil defense 300 300
Unemployment compensation 706 1,500 794
Codification of ordinances 3,000 3,000
TOTAL ADMINISTRATIVE EXPENSE 121,302 $116,061 5 241)
(1) Ares Planning Board $ 1,000
Contribution - Council of Gover nments 530
Contribution - Jupiter/Tequesta Community
Civic Council 200
1 730
The accompanying notes are an essential part
of the financial statements.
10
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30 1975
(OVER)
UNDE R
ACTUAL BUDGET BUDGET
RECREATION AND PARKS EXPENSE
Salary - Director
Salaries - maintenance
Salaries - part-time
OASI expense
Telephone - office
Office supplies
Car allowance
Program expense
Miscellaneous expense
Beautification
Electricity - field lights
Electricity - trailer
Security lights
Field maintenance
General maintenance
Office improvements
Office equipment
Minor equipment and
maintenance equipment
Painting - park buildings
Capital improvements
TOTAL RECREATION AND PARKS EXPENSE
$11, 004 $11, 004 $
5,772 6,300 528
3,245 3,600 355
1,030 1,050 20
327 300 (27)
36 200 164
650 650
86 500 414
521 200 (321)
283 3,000 2,717
(651) 1, 300 1, 951
690 600 (90)
153 150 (3)
1,048 1,500 452
2,889 2,500 (389)
300 300
400 400
2,503 2,000 (503)
990
44
2 1,500 510
, 00 44_ , 715 713
74 578 ~ 81,769 7,191
The accompanying notes are an essential part
of the financial statements.
11
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30 1975
(OVER)
UNDER
ACTUAL BUDGET BUDGET
OFFICE EXPENSE
Salaries
OASI expense
Supplies
Postage
Telephone
Utilities
Miscellaneous.
New equipment
TOTAL OFFICE EXPENSE
TRANSFERS TO SINKING FUND
TOTAL EXPENDITURES ENCUMBRANCES
AND TRANSFERS
$ 14,202 $ 14,202 $
8951 830 (65)
2,796 2,500 (296)
764 600 (164)
1,392 1,300 (92)
3,677 3,500 (177)
2,430 2,100 (330)
993 1, 00.0 7
27, 149/ ~ 26, 032 1 117
$ 14, 025 ~ 17, 100 $_ 3L 75
694 822 911 634 216 812
The accompanying notes are an essential part
of the financial statements.
12
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING FUND (NOTE 2)
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SE PTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
REVENUES
Entitlement payments
Investment earnings
EXPENDITURE S
Transfers to General Fund
Recreation
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1975
23,915 /
The accompanying notes are an essential part
of the financial statements.
$14, 540
633 $15, 173
$18,984
8, 742)
10 242
13
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
SINKING RESERVE
FUND ACCOUNT TOTAL
FUND BALANCE, OCTOBER 1, 1974 532 $ 20,700 21 232
REVENUES
Transfers from General Fund $14,025 $ $14,025
Transfers from Reserve Account 15,766 15,766
Investment earnings 1,666 1,666
29 791 $ 1, 666 31 457
EXPENDITURES
Interest expense $ 3,225 $ $ 3,225
Revenue bonds matured 16,000 16,000
Paying agent's fee 29 29
Transfers to Sinking Fund 15,766 15,766
19 254 $ 15,766 35 020/
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 10 537 $ (14, 100) 3 563)
FUND BALANCE, SEPTEMBER 30, 1975
Cash in bank $11,069 $ $11,069
Time certificates of deposit 6,600 6,600
11,069 $ 6,600 17,669
The accompanying notes are an essential part
of the financial statements.
14
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
1964 EXCISE TAX REVENUE BONDS
SEPTEMBER 30, 1975
Amount available and to be
provided for payment of
long-term debt:
Amount available in Debt
Service Fund $17,669
Amount to be provided 41,331
Total available and to be
provided
Bonds Payable (Page 31)
The accompanying notes are an essential part
of the financial statements.
15
59,000
59 000
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FIARIDA
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1975
GENERAL FIXED ASSETS
Land $ 35,000
Buildings 145,319
Improvements other than buildings 182.,662
Equipment 96,021
Total General Fixed Assets $459,002
INVESTMENT IN GENERAL FIXED ASSETS
Total investment in General Fixed
Assets from Bonds, General
Revenues and Gifts $459,002
The accompanying notes are an essential part
of the financial statements.
16
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE- SHEET
SEPTEMBER 30, 1975
ASSETS
CURRENT ASSETS
Cash $ 45,644
Accounts receivable 40,790
Prepaid insurance 1,694
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Cash and investments:
Revenue Bond Sinking Fund $ 49,622
Reserve Account 103,018
Certificate Redemption Fund 152,905
Renewal and Replacement Fund 30,953
Capital Improvement Reserve Fund 610
Meter deposits fund 50,638
Accounts receivable 105
Accrued interest receivable 4,541
TOTAL RESTRICTED ASSETS
PROPERTY, PLANT AND EQUIPMENT
At cost
Land $ 92,042
Plant and equipment 2,312,479
$2,404,521
Less accumulated depreciation (Note 1) 305,670
NET PRO PERTY, PLANT AND EQUIPMENT
TOTAL
The accompanying notes are an essential part
of the financial statements.
$ 88, 128
392,392
2,098,851
$2,579,371
17
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1975
LIABILITIES AND RETAINED EARNINGS
CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable, accrued payroll taxes and
utility taxes payable
CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS
$ 1, 654
Accounts payable $ 9,552
Customers' meter deposits 35,495
Accrued interest payable 19,788
Water revenue certificates payable 23,000 87,835
TOTAL CURRENT LIABILITIES $ 89,489
LONG-TERM DEBT
Water revenue certificates
payable (Page 32) $1,583,000
Less long-term debt payable
within one year 23,000
NET LONG-TERM DEBT 1,560,000
TOTAL LIABILITIES $1,649,489
CONTINGENT LIABILITIES (Note 3)
RETAINED EARNINGS
Balance, October 1, 1974 $ 819,511
Net income - current year 110,371-
Balance, September 30, 1975 929,882
TOTAL $2,579,371
The accompanying notes are an essential part
of the financial statements.
18
NOWLEN, LYNCH & STEWART
VILLAGE OF TE4UESTA, FLORIDA
WATER FUND
COMPARATIVE INCOME STATEMENT
FOR PERIODS AS INDICATED
REVENUE S
OPERATING EXPENSES
OPERATING INCOME
OTHER INCOME (EXPENSES)
INCOME BEFORE
DEPRECIATION
DEPRECIATION
NET INCOME
YEAR ENDED
SEPTEMBER 30,
1975 1974
$371,319 ~ $400,645
NINE MONTHS CALENDAR
ENDED YEAR
SEPTEMBER 30, ENDED
1973 1972
$291,788 $348,310
129,934 110,L433 74,873 85,361
$241,385 $290,212 $216,915 $262,949
(74, 590) x,72, 8S7) (46, 771) (74, 245)
$166,795
56,424
$110, 371
$217,355
42, 345
175 O10
$170, 144
30,006
X140, 138
$188, 704
39,212
~ 149, 492
The accompanying notes are an essential part
of the financial statements.
19
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
INCOME STATEMENT
FOR THE YEAR ENDED SE PTEMBER 30, 1975
REVENUES
water sales $327,522 J
Fire hydrant rental fees _ 6,000
Investment earnings ~37,2~
Frontage charges q,68
Miscellaneous income 103+
TOTAL REVENUES $371,319
OPERATING EXPENSES
Pumping and storage expense $ 57,132
Office and administrative expense 42,451
Distribution expense 24,351
Reimbursement of fire hydrant rental fees 6,000
TOTAL OPERATING EXPENSES ,129, 934
OPERATING INCOME $241,385
OTHER INCOME (EXPENSES)
Connection charges 8,652
Connection expenses (3,700)
Interest maturities and paying
agent's fees (79 542)
INCOME BEFORE DEPRECIATION $166,795
DEPRECIATION (Note 1) 56,424
NET INCOME $110,371
The accompanying notes are an essential part
of the financial statements.
20
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED ,SEPTEMBER 30 ~ 197 5
SOURCE OF FUNDS
Operations:
Net income
Items not requiring capital outlay of funds:
Depreciation
Total operations
Decrease in restricted assets
TOTAL SOURCE OF FUNDS
APPLICATION OF FUNDS
Additions to property, plant and equipment
Payment of long-term debt
TOTAL APPLICATION OF FUNDS
NET (DECREASE) IN WORKING CAPITAL
VARIOUS ELEMENTS OF NET (DECREASE) IN WORKING CAPITAL
Increase (Decrease) in current assets:
Cash
Accounts receivable
Prepaid insurance
Decrease (Increase) in current liabilities:
Accounts payable, accrued payroll taxes,
and utility taxes payable
Customers' meter deposits
Accrued interest payable
Current portion of long-term debt
NET (DECREASE) IN WORKING CAPITAL
The accompanying notes are an essential part
of the financial statements.
$110,371
56, 424
$166,795
344,833
$511,628
$493,441
23,000
$516,441
$ (4, 813)
$ (5, 170)
316
489
$ (4, 365)
$ 332
(55)
275
,(1, 000)
$ ( 448)
(4, 813)
21
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
REVENUE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
$78,836
~~~r~nTrr~c
Water sales
Fire hydrant rental fees
$327,522
6,000 $333,522
EXPENDITURE S
Transfer of funds to:
Operation and Maintenance Fund
Sinking Fund
Renewal and Replacement Fund
Certificate Redemption Fund
Capital Improvement Reserve Fund
Reserve Account
EXCESS OF REVENUES OVER
EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account
Accounts receivable
Due from other funds
Utility taxes payable
$116,031
76, 964
17,553
23,735
90,698
5 324,986
8, 536
$ 36,717
39, 569
11, 963
(877) 87 372
The accompanying notes are an essential part
of the financial statements.
22
NOWLEN, LYNCM 8e STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
OPERATION AND MAINTENANCE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
REVENUES
Connection charges $ 8,652
Frontage charges 468
Miscellaneous income 103
Transfers from Revenue Fund 116,031 $125,254
EXPENDITURES
$ 6,473
Pumping and storage expense $ 57,132
Office and administrative expense 42,411
Distribution expense 24,351
Connection expenses 3,700
Capital outlay 2,928 130,522
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,268)
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account $ 8,927
Accounts receivable 1,221
Prepaid insurance 1,694
Accounts payable (777)
Due to other funds (9,860) 1 205
The accompanying notes are an essential part
of the financial statements.
23
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SINKING FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
$ 43,750
REVENUES
Investment earnings
Transfers from Revenue Fund
Transfers from Reserve Account
$ 2,936
76,964
8,489 $ 88,389
EXPENDITURES
Interest on water revenue
certificates
Water revenue certificates
matured
Paying agent's fee
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$79, 425
22,000
117 101 542
FUND BALANCE, SEPTEMBER 3 0 , 19 7 5
Cash - checking account
Time certificates of deposit
Accrued interest receivable
Accrued interest payable
(1) Funding requirement $37,041.
(13, 153)
$ 22
49,600
763
(19,788) $ 30,597(1)
The accompanying notes are an essential part
of the financial statements.
24
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
RENEWAL AND REPLACEMENT FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
REVENUES
Investment earnings $ 2,670
Transfers from Revenue Fund 17,553
EXPENDITURES
Capital outlay $ 724
Transfers to Capital Improvement
Reserve Fund 35,000
Bank charges 11
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account
Time certificates of deposit
United States Treasury Bills
Accrued interest receivable
Due from other funds
$20,223
35, 735
$ 46,974
(15,512)
$ 89
21,000
9,864
333
176 $ 31,462
The accompanying notes are an essential part
of the financial statements.
26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
CERTIFICATE REDEMPTION FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
$122,336
nL+c n+*TCtti+ e
Investment earnings
Transfers from Revenue Fund
$ 9,060
23,735 $32,795
EXPENDITURES
Bank charges
EXCESS OF REVENUES OVER
EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account
Time certificates of deposit
United States Treasury Bonds
United States Treasury Notes
Accrued interest receivable
11
32,784
$ 68
16,200
91, 597
45,040
2, 215 $155, 120
The accompanying notes are an essential part
of the financial statements.
27
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
CAPITAL IMPROVEMENT RESERVE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 197 5
FUND BALANCE, OCTOBER 1, 1974
$347,865
REVENUES
Investment earnings
Transfers from Revenue Fund
Transfers from Renewal and
Replacement Fund
$ 13,294
90,698
35,000 $138,992
EXPENDITURES
Capital outlay
Reimbursement to Village of
Tequesta for fire hydrant
rental fees
Bank charges
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$489,788
6,000
11 495,799
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account
Accounts payable
(356,807)
$ 610
(9,552) $ (8,942)
The accompanying notes are an essential part
of the financial statements.
28
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FIA RIDA
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Village of Tequesta, Florida conform
to generally accepted accounting principles as applicable to govern-
mental units. The following is a summary of the significant policies.
Basis of Accounting
The accrual basis of accounting is followed with minor exceptions
by all funds other than the General Fund and Debt Service Fund
which utilize the modified accrual basis of accounting.
Investments
Investments are stated at cost which approximates market value.
Water Fund Fixed Assets
Water Fund Fixed Assets are stated at cost. Depreciation has
been provided using the straight-line method over the estimated
useful lives of the assets.
General Fixed Assets
General Fixed Assets purchased are recorded as expenditures in
the General Fund at time of purchase. Such assets are capitalized
at cost in the General Fixed Assets group~of accounts. No depre-
ciation has been provided on General Fixed Assets.
NOTE 2 - FEDERAL REVENUE SHARING FUND STATEMENT OF
CHANGES IN FUND BALANCE
This statement is included as supplementary information only.
Expenditures from this Fund have been accounted for in the financial
statements of the appropriate funds.
NOTE 3 - LAWSUIT - WATER FUND
The Village of Tequesta, Florida is involved in a class action suit
with residents living within the unincorporated limits of Palm Beach
County. The plaintiffs are seeking declaratory relief from the water
service surcharge they are being assessed. In the opinion of the
Village attorney, the approximate liability to the Village would be
$54,000 if an unfavorable verdict is rendered. This contingent
liability is not presented on the financial statements.
30
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
EXCISE TAX REVENUE BONDS - SERIES 1964
SEPTEMBER 30, 1975
The bonded debt was incurred in 1964 through the issuance of
$148,000 excise tax revenue bonds. The proceeds were used for
construction of the Village Hall and Utility Garage. A balance of
$59,000 was outstanding on September 30, 1975; the schedule of
payments on the outstanding bonds follows:
COUPON
DUE-DATE RATE
April 1, 1976 4.25°1°
October 1, 1976 4.25
April 1, 1977 4.25
October 1, 1977 4.25
April 1, 1978 4.25
October 1, 1978 4.25
April 1, 1979 4.25
October 1, 1979 4.25
PRINCIPAL INTEREST TOTAL
$ $ 1,253.75 $ 1,253.75
11,.000.00 1,253.75 12,253.75
11,000.00
12,000.00
12,000.00
1,020.00
1,020.00
786.25
786.25
531.25
531.25
1,020.00
12,020.00
786.25
12,786.25
531.25
12,531.25
ANNUAL
REQUIREMENT
13 , 507.50
13,040.00
13,572.50
13,062.50
April 1, 1980 4.25 276.25 276.25
October 1, 1980 4.25 13,000.00 276.25 13,276.25 13,552.50
TOTAL $59,000.00 $ 7,735.00 $66,735.00 $66,735.00
31
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER REVENUE CERTIFICATES
An ordinance adopted on November 21, 1967, authorizing the
acquisition of a water system by the Village of Tequesta, Florida, a
political subdivision of the State of Florida, from the Tequesta Water
Company, Inc., and the construction of additions, extensions and
improvements to said system, authorizing the issuance of not exceeding
$1,700,000 water revenue certificates of said Village to finance the
cost of the acquisition and improvement of said water system; and
providing for the terms of said water revenue certificates and the
rights, security and remedies of the holders thereof.
Pursuant to the ordinance and the purchase and sale agreement,
certificates have been delivered as follows:
March 1, 1968 At closing:
Certificates sold $ 200,000
Certificates delivered 863,000
TOTAL $1,063,000
Certificates delivered:
March 1, 1969 463 equivalent connections
C~ $500 each 231,000
January 1, 1970 32 equivalent connections
C~ $ 500 each 16 , 000
January 1, 1971 682 equivalent connections
C~ $500 each 341,000
January 1, 1972 98 equivalent connections
C~ $500 each 49,000
TOTAL CERTIFICATES
DELIVERED $1,700,000
Less certificates maturing
and paid from Sinking Fund:
January 1, 1970 $ 17,000
January 1, 1971 18,000
January 1, 1972 19,000
January 1, 1973 20,000
January 1, 1974 21,000
January 1, 1975 22,000
TOTAL CERTIFICATES
OUTSTANDING $1,583,000
32
NC?1Ni_EN, LYNCH & STE~JVART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$1,583,000 - WATER REVENUE CERTIFICATES
SEPTEMBER 30, 1975
1976 Jan. 1
1976 July 1
1977 Jan. 1
1977 July 1
1978 Jan. 1
1978 July 1
1979 Jan. 1
1979 July 1
1980 Jan. 1
1980 July 1
1981 Jan. 1
1981 July 1
1982 Jan. 1
1982 July 1
1983 Jan. 1
1983 July 1
1984 Jan. 1
1984 July 1
1985 Jan. 1
1985 July 1
1986 Jan. 1
1986 July 1
1987 Jan. 1
1987 July 1
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5%
PRINCIPAL INTEREST
$ 23,000
24, 000
25, 000
26,000
28,000
29,000
30,000
32,000
34,000
35,000
37,000
39,000
$ 39, 57 5
39,000
39,000
38,400
38,400
37,775
37, 775
37, 125
37,125
36,425
36,425
35,,700
35,700
3 419 50
34,950
34, 150
34,150
33,300
33,300
32,425
32, 425
31, 500
31, 500
30, 525
TOTAL
$ 62, 575
39,000
63,000
38,400
63,400
37,775
63,775
37,125
65, 125
36,425
65, 425
35,700
65, 700
34, 950
66, 950
34,150
68,150
33, 300
68, 300
32,425
69,425
31, 500
70,500
30, 525
FISCAL YEAR
REQUIREMENTS
101, 57 5
101, 400
101, 175
100,900
101, 550
101,125
100,650
101, 100
101, 450
100,725
100,925
101,025
33
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
CUSTOMER METER DEPOSIT FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
T Te 9T 1,TT Tr1 l1
$12 , 199
Investment earnings $ 2,000
EXPENDITURE S None
EXCESS OF REVENUES OVER
EXPENDITURES 2,000
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account $ 960
Time certificates of deposit 40,000
United States Treasury Bills 9,678
Accrued interest receivable 1,230
Accounts receivable 105
Customers' meter deposits (35,495)
Due to other funds (2,279) 14 199
The accompanying notes are an essential part
of the financial statements.
29
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
RESERVE ACCOUNT
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1975
FUND BALANCE, OCTOBER 1, 1974
DLL[ 7L~ ATT T'C~ G~
Investment earnings $7,268
Transfers from Revenue Fund 5 $7,273
EXPENDITURES
Transfers to Sinking Fund $8,489
Bank charges 10 8,499
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1975
Cash - checking account
(1) Funding requirement $101,700.
The accompanying notes are an essential part
of the financial statements.
25
$104,244
(1,226)
$103,018(1)
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$1,583,000 - WATER REVENUE CERTIFICATES
SEPTEMBER 30, 1975
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5/
FISCAL YEAR
PRINCIPAL INTEREST TOTAL REQUIREMENTS
1988 Jan. 1 $ 41,000 $ 30,525 $ 71,525 $
1988 July 1 29,500 29500 101,025
1989 Jan. 1 43,000 29,500 72,500
1989 July 1 281 425 28,425 100,925
1990 Jan. 1 45,000 28,425 73,425
1990 July 1 27,300 27,300 100,725
1991 Jan. 1 47,000 27,300 74,300
1991 July 1 26,125 26,,125 100,425
1992 Jan. 1 50,000 26,125 76,125
1992 July 1 24,x,875 24, 875 101, 000
1993 Jan. 1 52,000 24,875 76,875
1993 July 1 231,575 23,575 100,450
1994 Jan. 1 55,000 23,575 78,575
1994 July 1 22,L200 22s 200 100, 775
1995 Jan. 1 58,000 22,200 80,200
1995 July 1 20750 20,750 100,950
1996 Jan. 1 61,000 20,750 81,750
1996 July 1 19,225 19,225 100,975
1997 Jan. 1 769,000 19,225 788,225 788,225
$1,583,000 $1,326,075
$2,909,075 $_2,909,075
34
NOWLEN, LYNCH & STEWART