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CAFR_FY Ending_09/30/1974o~~ ~~y .------ AUDIT REPORT VILLAGE OF TEQUESTA, FLORIDA SEPTEMBER 30, 1974 NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS WEST PALM BEACH, FLORIDA r NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS 220 FL AG LER COURT BUILDING POST OFFICE BOX 347 WEST PALM BEACH, FLORIDA 33402 EVER ETT B. NOW LEN, CPA W. F. LUNCH, CPA (18971964) V. G STEWART, CPA ALAN L. TEDAM ONSO N, GPA EDMUND SCHIEVE, CPA EDWARD T. HOLT, CPA January 25, 1975 Honorable Mayor and Village Council Village of Tequesta, Florida MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS TELEPHONE 659-3000 During the course of our recently completed examination of the books and records of the Village of Tequesta, Florida, we noted that accounting and internal control procedures should be implemented in connection with the fixed assets of the Village of Tequesta in accordance with Chapter 10.500 of Florida Rules of the Auditor General. If we can be of any assistance in connection with the above, please do not hesitate to contact us. We appreciate the cooperation and assistance given us by the Village staff during the audit. Very truly yours, `_ ; ''~` ~ ~ ~, Nowlen, Lynch & Stewart J ` i VILLAGE OF TEQUESTA GENERAL FUND ADJUSTMENTS 9/30/74 (1) First Nat'l. Bank of Jupiter/Tequesta Miscellaneous income To W/0 old outstanding checks Nos. 10683 and 10274. (2) Accured interest receivable Miscellaneous income To accrue interest earnings on CD's and U.S. Treas. Bills at 9/30/74. (3) Transfers to Sinking Fund Excess Sinking Fund Revenues To record transfer of excise tax funds to Sinking Fund. (4) Dr. $ 30.54 1,342.87 12,300.00 Cr. $ 30.54 1,342.87 y 12,300.00 Property, Plant and Equipment 30,516.24 Surplus 30,516.24 To record fixed assets purchased during fiscal year. VILLAGE OF TEQUESTA WATER FUND BUDGET TRANSFERS SEPTEi~Ii~EP 30, 1974 ORIGINAL TRANSFERS FINAL 500 PUMPING AND STORAGE EXPENSES BUDGET TO (FR0~1) BUDGET 501 Wages $ 6,640 $ 271 $ 6,911 504 Utilities 21,390 1,753 23,143 506 Repairs 7,000 6,392 13,392 507 Truck and Oil 360 120 480 600 DISTIRBUTION EXPENSES 601 Wages - Supt. $ 6,640 $ 271 $ 6,911 604 Wages - road and water analysis 6,500 794 7,294 606 Repairs 2,000 (1,552) 448 607 Truck - gas and oil 360 120 480 608 Truck repairs and expenses 200 89 289 609 Miscellaneous 200 31 231 700 OFFICE AND ADMINISTRATION EXPENSES 701 Wages $11,440 $(4,203) $ 7,237 702 OASI expense 3,020 (500) 2,520 705 Supplies 2,300 1,454 3,754 706 Telephone 320 81 401 708 Employee pension plan 2,500 400 2,900 710 Engineer services 8,000 (5,490) 2,510 713 Miscellaneous expense 300 1,269 1,569 716 Auditing expense 1,400 700 2,100 717 Contingencies 2,000 (2,000) S ~. ADMINISTRATION EXPENSES Salary - Village Manager Salary - Village Clerk Salary - Building Official OAST exp. Car allowance Council fees Dues and subscriptions Insurance exp. Legal exp. Contributions Bldg. dept, exp. Bldg, dept, telephone Audit exp. Employees ins. premium Employees pension premium Contingency Misc. exp. Civil Defence Maps Engineering service VILLAGE OF TEQUESTA GENERAL FUND BUDGET TRANSFERS SEPTEMBER 30, 1974 ORIGINAL TRANSFERS FINAL BUDGET TO (FROM) BUDGET $ 18,450 $ 154 $ 18,604 9,350 (1,319) 8,031 13,860 13,860 1,810 57 1,867 1,020 1,020 2,550 2,550 350 350 6,000 6,000 12,000 987 12,987 2,050 2,050 1,000 38 1,038 300 300 1,200 1,200 6,000 149 6,149 12,000 7,626 19,626 3,000 (466) 2,534 10,000 (5,045) 4,955 300 300 500 (500) 3,000 3,000) TOTAL ADMINISTRATION EXPENSES $104,740 1,319) 103,421 f ~ ... VILLAGE OF TEQUESTA GENERAL FUND BUDGET TRANSFERS SEPTEMBER 30, 1974 ORIGINAL TRANSFERS FINAL OFFICE EXPENSES BUDGET TO FROM) BUDGET Salaries $ 12,430 $ 207 $ 12,637 OAST exp. 730 730 Supplies 1,400 1,056 2,456 Postage ~ 660 660 Telephone 1,200 61 1,261 Utilities 2,600 292 2,892 Miscellaneous 1,200 222 1,422 New equip. 1,000 (519) 481 TOTAL OFFICE EXPENSES 21 220 1 319 S 2~,~39 PUBLIC SAFETY EXPENSES Police Chief salary $ 13,000 $ 281 $ 13,281 Lieutenant salary 9,540 517 10,057 Patrol Sgt, salary 18,620 689 19,309 Detective salary 9,310 404 9,714 Patrolmen's salary 59,935 (1,050) 58,885 Desk Sgt. 2,338 2,338 Dispatcher salary 24,000 24,000 Pay for extra work 1,000 1,000 OAST exp. 7,795 7,795 Car expense 2,500 384 2,884 Gas and oil 4,000 2,255 6,255 Car insurance 2,000 2,000 Equip. and uniforms 1,500 4 1,504 Telephone 700 191 891 Teletype 50 50 Utilities traffic signals 850 17 867 Judge's fee 1,650 1,650 Miscellaneous exp. 1,400 305 1,705 Traffic signs 700 700 New equip. 21,904 (6,335) 15,569 Pers. train. 500 500 TOTAL PUBLIC SAFETY EXPENSES 180,954 $ _0_ 1b0,9~4 ,+~, e VILLAGE OF TEQUESTA GENERAL FUND BUDGET TRANSFERS SEPTEMBER 30, 1974 ORIG ~itAL TRANSFERS FINAL STREETS AND MAINTENANCE EXPENSES BUDGET TO (FROM) BUDGET Salaries $ 21,700 $ $ 21,700 OASI exp. 1,270 1,270 Street maintenance 4,000 594 4,594 Streets and drainage 258,720 (6,967) 251,753 Entrance gate exp. 1,000 1,000 Fogging exp. 4,000 4,000 General maintenance 6,000 6,000 Truck and tractor repairs 800 528 1,328 Truck insurance 450 450 Gas and oil - truck and tractor 450 174 624 Other 100 100 Small tools 300 300 Village Hall maintenance 2,500 2,500 Garbage collection 79,000 79,000 Yard trash collection 26,000 9 26,009 Utilities - street lights 4,500 276 4,776 Fire hydrant rental fees 6,000 6,000 Street name signs 400 400 Neca equip. 4, 200 4, 200 Village Hall improvements 15,500 15,500 436 890 5,386) 431,504 VILLAGE OF TEQUESTA GENERAL FUND BUDGET TRANSFERS SEPTEMBER 30, 1974 ORIGIiv'AL TRANSFERS FINAL PARKS AND RECREATION BUDGET TO FROM) BUDGET Director salary $ 9,900 $ 33 $ 9,933 rlaintenance salary 6 180 6,180 Part time supervision 2,500 2,500 OAST exp. 1,090 1,090 Electricity - office 500 500 Telephone - office 300 5 305 Office supplies 200 200 Car allowance 600 600 Miscellaneous 500 500 Contributions 2,020 2,020 Beautification 3,000 3,000 Electric field lights 1,300 1,300 Electricity - trailer 250 I98 448 Field maintenance 1,500 1,500 General maintenance 1,500 1,025 2,525 Office improvement 2,000 768 2,768 Office equipment 800 800 Tennis court construction 12,333 3,357 15,690 Minor equipment 4,866 4,866 Shuffleboard construction 2,000 2,000 Mini parks _ 1,500 1,500 54,839 5,386 60,225 TRANSFERS TO SINKING FUND 12,300 S~ -0- 12 300 ERNEST ELLISON, C. P. A. AUDITOR GENERAL Mr. Robert Harp Village Manager Village of Tequesta Post Office Box 3273 Tequesta, Florida 33458 Dear Mr. Harp: May 22, 1975 This is to acknowledge receipt by .this office of the following documents which were filed pursuant to the provisions of RULES OF THE AUDITOR GENERAL - ANNUAL POSTAUDTT REQUIREMENTS OF MUNTCIPALTTTES: Document 1. Postaudit Report 2. Separate Report Containing Auditors Comments 3. Chief Executive Officers Written Statement of Explanation or Rebuttal Concerning the Auditors Comments Period Date Received 10-1-73 - 9-30-74 5-5-75 5-5-75 5-5-75 Sincerely yours, ~, ~ir.XA/J B'-~.i Ernest Ellison Auditor General EE:vh STATE OF FLORIDA OFFTCE OF THE AUDITOR GENERAL TALLAHAS S ~ E h VILLAGE OF TEQUESTA TABLE OF CONTENTS PAGES Auditors' Report 1 Combined Balance Sheet - All Funds and Account Groups 2-3 Combined Statement of Changes in Fund Balances - All Funds 4 GENERAL FUND Comparative Statement of Revenues, Expenditures and Transfers 5 Statement of Revenues and Transfers ~ Statements of Expenditures and Transfers 7-11 FEDERAL REVENUE SHARING FUND Statement of Changes in Fund Balance 12 pEBT SERVICE FUND Statement of Changes in Fund Balance 13 STATEMENT OF GENERAL LONG-TERM DEBT 14 STATEMENT OF GENERAL FIXED ASSETS 15 WATER FUND Balance Sheet 16-17 Comparative Statement of Income 18 Statement of Income lg Statement of Changes in Financial Position 20 Revenue Fund - Statement of Changes in Fund Balance 21 Operation and Maintenance Fund - Statement of Changes in Fund Balance 22 Sinking Fund - Statement of Changes in Fund Balance 23 Reserve Account - Statement of Changes in Fund Balance 24. Renewal and Replacement Fund - Statement of Changes in Fund Balance 25 NOWLEN. LYNCH & STEWART 1 VILLAGE OF TEQUESTA TABLE OF CONTENTS PA- GES WATER FUND (Continued) Certificate Redemption Fund - Statement of Changes in Fund Balance 26 Capital Improvement Reserve Fund - Statement of Changes in Fund Balance 27 Customer Meter Deposit Fund - Statement of of Changes in Fund Balance 28 NOTES TO FINANCIAL STATEMENTS 29 SUPPLEMENTAL INFORMATION Excise Tax Revenue Bonds - Series 1964 - Amortization Schedule 30 Excise Tax Revenue Bonds - Series 1969 - Amortization Schedule 31 Water Revenue Certificates - Amortization Schedule 32-34 NOWLEN, LYNCH & STEWART NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC AGCOUNTANT3 220 FLA6LER COURT BUILDING POST OFFICE BOX 367 WEST PALM BEAC M. FLORIDA 33402 EVERETT B NOWLEN, CPA W F LYNCH, CPA I1B 9719661 V G STEWART, GPA ALAN L TEDAMONSO N, CPA EDMUND SC HIE V E, CPA EDWA R D T HOL T, CPA MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE Ole' CERTIFIED PVBLIG ACCOUNTANTS TELEPHONE 659-3060 January 24, 1975 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, 1974, as listed in the foregoing 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. In our opinion 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, 1974 and the results of operations of such funds and the changes in financial position of the Water Fund for the year ended September 30, 1974, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. .~0_~ Lys ~,.~- VILLAGE OF TEQUESTA COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS SEPTEMBER 30, 197 TOTAL MEMORANDUM ONLY ASSETS AND OTHER DEBITS Cash - checking accounts $ 128,035 Cash - savings accounts 49,597 Time certificates of deposit 631,700 United States Treasury Bills - at cost 242,808 United States Treasury Bonds - at cost 91,598 Accounts receivable 40,900 Accrued interest receivable - investments 9,093 Prepaid insurance and deposits 1,485 Land 76,316 Buildings 145,319 Improvements other than building 89,949 Equipment 1,953,487 Accumulated depreciation (249,246) Amount available for debt service 21,232 Amount to be provided for debt service 53,768 TOTAL ASSETS AND OTHER DEBITS $3,286,041 LIABILITIES Accounts payable and accrued payroll taxes $ 12,725 Customer meter deposits 35,440 Accrued interest payable 20,063 Bonds payable (Pages 30 and 31) 75,000 Water revenue certificates payable (Page 32) 1,605,000 T~JT<<~L LIABILI~I'IE,'S $1, 748, 228 FUND BALANCES/RETAINED EARNINGS Investment in general fixed assets 353,991 Fund balance 364,311 Retained earnings 819,511 TOTAL LIA BILITIES AND FUND BALANCES/ RETAINED EARNINGS X3,286,041 The accompanying notes are an essential part of the financial statements. 2 VILLAGE OF TEQUESTA COMBINED BALANCE SHEET - AL L-FUNDS AND ACCOUNT GROUPS SEPTEMBER 30, 1974 FEDERAL REVENUE DE$T GENERAL GENERAL SHARING SERVICE WATER LONG-TERM FUND ~D FUND FUND DEBT $ 38, 366 ~ $ 532 $ 89 137 $ 30,613 V ~ 18,984 220,000 / 20,700 391,000 /~ 34,44 ~/ 208,4641/ 91, 598 336 'V/ ,~ ~ 1, 343 / ~ 40, 564 7, 750 280 1,205 41, 316 $325, 282 18~ 984 J $ 1, 187 $ 1,869,764 (249,246) 21, 232 _ 53,768 21 232 ~,2, 491, 552 75, 000 $ 1, 1874 $ $ 324,095 / 18,984 21,232 $325,282 18,984 21,232 ;: $ 11, 538' $ 3 5 , 440 r/ 20, 063 ~'~ 75,000 1,605,000 ~' $l, 672, 041 $75, 000 819 ~ 511 ~2,491~552 75,000 The accompanying notes are an essential part of the financial statements. GENERAL FIXED ASSTS 35, 000 145, 319 89,949 83,723 353,991 $353,991 3 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA COMBINED STATEMENT OF CHANGES IN FUND BALANCES - ALL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND FUND BALANCES BALANCES OCTOBER 1, SEPTEMBER 30, 1973 REVENUES EXPENDITURES 174 FUND General Fund $ 288,894 $ 569,092 $533,891 $ 324,095 Federal Revenue Sharing Fund 20,435 14,851 16,302 18,984 Debt Service Fund 26,087 21,096 25,951 21,232 Water Fund 644,501 418,584 ,/ 243,574 819,511 TOTAL ALL FUNDS ~ 979,917 $1,023,623 $819,718 X1,183,822 FUND BALANCES - ALL FUNDS Cash $ 68,064 $ 177,632 Investments 880,448 966,106 Accounts receivable 43,871, 40,900 Accrued interest receivable 13,906 9,093 Prepaid insurance and deposits 835 1,485 Property, plant and equipment (net of depreciation) 1,658,411 1,661,834 Accounts payable and accrued payroll taxes (2,903) (12,725) Customer meter deposits (36,390) (35,440) Accrued interest payable (20,325) (20,063) Water revenue certificates payable X1,626,000) X1,605,000) TOTAL ALL FUNDS ~ 979,9X7 $1,183,822 The accompanying notes are an essential part of the financial statements. 4 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND TRANSFERS FOR YEARS AS INDICATED REVENUES AND TRANSFERS Ad valorem taxes Cigarette taxes and state revenue sharing Utility taxes Franchise taxes Miscellaneous income State road and bridge funds Occupational licenses water Department Fines and forfeitures Building permits Beverage licenses Sewer Department Transfers from Federal Revenue Sharing Fund TOTAL REVENUES AND TRANSFERS EXPENDITURES AND TRANSFERS Street and maintenance expense Public safety expense Administrative expense Parks and recreation Office expense Transfers to Sinking Fund TOTAL EXPENDITURES AND TRANSFERS EXCESS OF REVENUES OVER EXPENDITURES YEARS ENDED SEPTEMBER 30,. 1974 1973 1972 1971 $176,130 $192,420 $135,646 $117,114 141,770 141,180 145,855 102,421 75,915 64,926 54,101 44,403 60,146 49,175 34,962 32,137 32,686 13,149 6,861 6,776 17,135 7,250 8,346 11,187 16,702 17,173 24,749 16,824 16,000 20,000 14,000 15,232 6,997 4,396 3,052 1,327 5,513 13,975 11,741 23,279 3,796 2,603 2,360 9,307 16,302 $569,092 $535,554 ,441,673 $370,700 $178,928 $151,137 $149,798 $141,512 168,993 127,618 104,821 98,156 101,578 77,825 72,560 76,094 49, 594 22,498 19,262 15,698 14,176 12,300 22,584 20,723 17,175 ~533.~$91 $398, 426 X363, 600 $347,113 $ 35,201 $137,128 $ 78,073 $ 23,587 The accompanying notes are an essential part of the financial statements. 5 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF REVENUES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 REVENUES Ad valorem taxes State revenue sharing Utility taxes Franchise taxes Investment earnings State road and bridge funds Occupat~.onal licenses Cigarette taxes Fines and forfeitures Administrative management - water Department Fire hydrant rental fees Building permits Office rent - Water Department Beverage licenses Miscellaneous income Police desk message service Contributions - Tequesta Park TOTAL REVENUES TRANSFERS FROM OTHER FUND5 Federal Revenue Sharing Fund TOTAL REVENUES AND TRANSFERS OVER (UNDER) ACTUAL BUDGET BUDGET $176,130 $178,440 $(2,310) 129, 326' 129, 300 26 75,915 78,600 (2,685) 60,146 ~ 71,400 (11,254) 30,913r~ 6,984 23,929 17,135r 6,600 10,535 16,702' 9,000 7,702 12,444 ~ 12,000 444 6,997 Y/ 3,000 3,997 6,000 6,000 6,000 6,000 5, 513' 5, 000 513 4, 000~-'^ 4, 000 3, 796% 4, 000 (204) 948` 216 732 600 ~ 600 225th 225 $552,790 $521, 140 $31,650 16,302 16,302 $569,092 X537,442 31 650 The accompanying notes are an essential part of the financial statements. 6 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 ACTUAL BUDGET STREET AND MAINTENANCE Salaries OASI expense Street maintenance Streets and drainage Entrance gate expense 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 Equipment Village Hall improvements (OVER) UND E R BUDGET $ 20,120 $ 21,700 $ 1,580 1,213 1,270 57 4, 594 4, 594 16,677 251,753 235,076 547 1,000 453 3,107 4,000 893 5,053 6,000 947 1,328 1,328 440 450 10 624 624 72 100 28 192 300 108 2,278 2,500 222 77,1537 / 79,000 1,847 26,0095 26,009 ~ 4,776 4,776 6,000 6,000 225 400 / 175 3,463 4,200 / 737 5,057 ~ 15,500 J 10,443 TOTAL STREETS AND MAINTENANCE EXPENSE X178,928 $431,504 $252,576 The accompanying notes are an essential part of the financial statements. 7 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 (OVER) UNpER ACTUAL BUDGET BUDGET PUBLIC SAFETY EXPENSE Police Chief salary Police Lieutenant salary Police Sergeants' salaries Detective salary Patrolmen salaries Desk Sergeant's salary Dispatchers' salaries Pay for extra work OASI expense Car expense Gasoline and oil Car insurance Equipment and uniforms Telephone Teletype Utilities - traffic signals Judge's fee Miscellaneous Traffic signs Equipment Personnel training TOTAL PUBLIC SAFETY EXPENSE $ 13,281 $ 13,281 $ 10,057 10,057 19,309 19,309 9,714 9,714 50,382 58,885 8,503 2,338 2,338 22,986 24,000 1,014 305 1,000 695 7,210 7,795 585 2,884 2,884 6,255 6,255 1,769 2,000 231 1, 504 1, 504 891 891 26 50 24 867 867 1,650 1,650 1, 705 1, 705 88 ~ 700 612 15, 569 15, 569 20 3 500 297 $168,993 $180,954 11,961 r ~t ,, "~~ ' 1 The accompanying notes are an essential part of the financial statements. 8 NOWLEN, LYNCM & STEWART . VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 ADMINISTRATIVE EXPENSE Salary - Village Manager Salary - Village Clerk Salary - Building Official OASI expense Car allowance Council fees Dues and subscriptions Insurance Legal Contributions. Maps Engineering service Building department Telephone - building department Auditing Employees insurance premiums Employees pension plan premiums Contingencies Miscellaneous expense Civil defense TOTAL ADMINISTRATIVE EXPENSE (1) Community School Program ACTUAL $ 18,604 7, 805 13,860 1,867 990 2,460 301 5, 275 12,986 2,050 1,038 282 1,200 6, 149 19,626 2,100(1) 4,955 30 (OVER) UNI?ER BUDGET BUDGET $ 18,604 8,031 13, 860 1, 867 1,020 2,550 350 6,000 12,987 2, 050 1,038 300 1,200 6, 149 19,626 2, 534 4,955 inn 226 30 90 49 725 1 18 434 270 ,101, 578 $103, 421 1 843 The accompanying notes are an essential part of the financial statements. 9 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 (OVER) UNDER ACTUAL BUDGET BUDGET PARKS AND RECREATION Director's. salary Maintenance salaries Part-time supvervision OAST expense Electricity - office Telephone - office Office supplies Car allowance Miscellaneous expense Contributions Beautification Electricity - field lights' Electricity - trailer Field maintenance General maintenance Office improvement Office equipment Tennis court construction Shuffleboard court construction Mini parks Minor equipment $ 9,933 $ 9,933 $ 4,038 6,180 2,142 2, 050 2, 500 450 805 1,090 285 500 500 305 305 200 200 600 600 316 500 184 2,020 2,020 1,705 3,000 1,295 855 1,300 445 448 448 500 1, 500 1, 000 2, 525 2, 525 2,768 2,768 366 ` 800 434 15, 690 15, 690 f 2,000 2,000 1, 500 1, 500 4,670 4,866 196 TOTAL PA~2KS AND RECREATION $49,594 $60,225 $10,631 The accompanying notes are an essential part of the financial statements. 10 NOWLEN, LYNCH 9c STEWART VILLAGE OF TEQUESTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS FOR THE YEAR ENDED SEPTEMBER 30, 1974 ACTUAL BUDGET OFFICE EXPENSE (OVER) UNDER BUDGET Salaries $ 12,637 $ 12,637 $ OASI expense 729 730 1. Supplies 2,456 2,456 Postage 620 660 40 Telephone 1,261 1,261 Utilities 2,892 2,892 Miscellaneous 1,422 1,422 / New equipment 481 481 TOTAL OFFICE EXPENSE ~ 22,498 $ 22,539 $ 41 TRANSFERS TO SINKING FUND ~ 12,300 $ 12,300 $ -0- TOTAL EXPENDITURES AND TRANSFERS $533,891 $810,943 $277,052 The accompanying notes are an essential part of the financial statements. 11 NOWLEN, LYNCH & STEWART 4 VILLAGE OF TEQUESTA FEDERAL REVENUE SHARING FUND (NOTE 3) STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR RNDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 REVENUES Entitlement payments Investment earnings EXPENDITURES Transfers to General Fund Public safety Recreation (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 $13,819 1,032 $14,851/ $ 7,904 8,398 16,302 The accompanying notes are an essential part of the financial statements. $20,435 1, 451) 18 984 12 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA DEBT SERVICE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 REVENUES Transfers from General Fund Transfers from Reserve Account Investment earnings SINKING RESERVE FUND ACCOUNT TOTAL $ 87 $26,000 25,087 $12,300 $ $12,300 7,048 7,048 1,748 1,748 19 348 1 748 21 096 EXPENDITURES Interest expense Revenue bonds matured Paying Agent's fee Transfers to Sinking Fund $ 3,875 $ $ 3,875 15, 000 15, 000 28 28 7 , 04.8 7 , 048 18 903 ? 048 25,951 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30L 1974 Cash in bank Time certificates of deposit, 445 5, 300) 4,855) $ 532 $ $ 532 20,700 20,700 532 20,700 2$ 1'232 The accompanying notes are an essential part of the financial statements. 13 NOWLEN, LYMCH & STEWART VILLAGE OF TEQUESTA STATEMENT OF GENERAL LONG-TERM DEBT 1964 AND 1969 EXCISE TAX REVENUE BONDS SEPTEMBER 30, 1974 Amount available and to be provided for payment of long-term debt: Amqunt available in Debt Service Fund Amount to be provided Total available and to be provided Bonds Payable (Pages 30 and 31) $21,232 53,768 T$e accompanying notes are an essential part of the financial statements. 75 000 75,000 14 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA STATEMENT 'OF GENERAL FIXED ASSETS SEPTEMBER 3Q, 1974 GENERAL FIXED ASSETS Land Buildings Improvements other than buildings Equipment Total General Fixed Assets INVESTMENT IN FIXED ASSETS Total investment in General Fixed Assets from Bonds, General Revenues and Gifts The accompanying notes are an essential part of the f~.nancial statements. $ 35,000 145, 319 89,949 83,723 $353,991 X353,991 15 NOWLEN, LYNCH & STEWART i ~7ILLAGE OF TEQU~STA WATER FUND $ALANCE SHEET SEPTEMBER 30~ 1974 ASSETS CURRENT ASSETS Cash Accounts recei.yable Prepaid insurance TOTAL CURRENT ASSET. RESTRICTED ASSETS Cash and investments: Revenue Bond Sinking Fund Reserve Account Certificate Redemption Fund Renewal and Replacement Fund Capital Improvement Reserve Fund MEtEr deposits bank acequnts Accounts receivable Accrued interest receivable TOTAL RESTRIC~'ET9 ASSETS PROPERTY, PLANT AND EQUIPMENT At cost: Land Plant and equ~.pment Less accumulated depreciation (Note 1) NET PROPERTY', PANT AND EQUIPMENT TOTAL $ 63,240 103,000 121,490 46,683 347 , 586 47, 386 90 7, 750 $ 41, 316 1, 869, 764 $1,911,080 249,246 The accompan~in,g notes are an essential part of the financial statements. $ 50 , 814 40,474 1,205 $ 92,493 737,225 1,661,834 $2,491,552 16 VILLAGE OF TEQUESTA WATER FUND BALANCE SHEET SEPTEMBER 30, 1974 LZAB~LITIES ANI) FUND BAT~.NCE CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS) Accounts payab~,e, accrued payroll taxes and utility taxes payak~le $ 8,764 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) Accounts payable $ 2,774 Customer miter deposits 35,440 Accrued interest payable 20,063 .Water revenue certificates payable 22,000 TOTAL CURRENT ~,TABI LITI ES 80.2 7 7 $ 89,041 LONGTERM AEBT Water rev~„nue certificates. payalale (Page 32) $1, 605, 000 Less long-term debt payable within one year 22,000 NET LONG-TERM DEBT 1,583,000 TOTAL LIABILITIES $1,672,041 RETAINED EARNINGS Balance, October 1, 1973- $ .644,501 Net income - current fiscal year 175,010 Balance, September 30, 1974 819,511 TOTAL $,2,491, 552 The accompanying notes are an essential part of the financial statements. 17 NOWLEN. LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND COMPARATIVE STATEMENT OF INCOME FOR PERIODS AS INDICATED NINE MONTHS YEAR ENDED ENDED CALENDAR SEPTEMBER 30, SEPTEMBER 30, YEAR ENDED 1974 1973 1972 REVENUES $400,645 $291,788 $348,310 OPERATING EXPENSES , 433 110 74, 873 85,, 361 , OPERATING INCOME $290,212 $216,915 $262,949 OTHER INCOME (EXPENSES) (72,857) (46,771) (74,245) INCOME BEFORE DEPRECIATION $217,355 $170,144 $188,704 DEPRECIATION 42345 30,006 39,212 NET INCOME $175,010 $140,138 X149,492 The accompanying notes are an essential part of the financial statements. 18 NOWLEN, LYNCH & STEWd1RT VILLAGE OF TEQUESTA WATER FUND STATEMENT OF INCOME FOR THE YEAR ENDED SEPTEMBER 30, 1974 REVENUES Water sales Fire hydrant rental fees Investment earnings Frontage charges Miscellaneous income TOTAL REVENUES OPERATING EXPENSES Pumping and storage expense Distribution expense Office and administrative expense Reimbursement on fire hydrant rental fees TOTAL OPERATING EXPENSES -~---- OPERATING INCOME OTHER INCOME (EXPENSES) Connection charges Connection expenses Interest maturities and Paying Agent's fees INCOME BEFORE DEPRECIATION DEPRECIATION (Note 1) NET INCOME The accompanying notes are an essential part of the financial statements. $344,971 6,000 49, 317 309 no $400,645 $ 46,654 20, 534 37,245 6,000 $110,433 $ 290, 212 17, 939 (10,095) (80,701) $217,355 42,345 175 O10 19 NOWLEN, .LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, _1974 SOURCE QF FUNDS Operations: Net income $175,010 Items not requiring capital. outlay of funds: Depreciation 42,345 Total operations $217,355 APPLICATION OF FUNDS Increase in restricted assets $152,711 Additions to property, plant and equipment 45,769 Payment of long-term debt 22,000 TOTAL APPLICATION OF FUNDS $220,480 NET (DECREASE) IN WORKING CAPITAL $ (31125) VARIOUS ELEMENTS OF NET (DECREASE) IN WORKING CAPITAL Increase (Decrease) in current assets: Cash $ 8, 150 Accounts receivable (2,003) Prepaid insurance 50 $ 6,197 Decrease (Increase) in current liabilities: Accounts payable, accrued payroll taxes, and .utility taxes payable $ (9,534) Customer meter deposits 950 Accrued interest payable 262 Current portion of long-term debt (1,000) ~ (9, 322) NET (DECREASE) IN WORKING CAPITAL $ (3, 125) The accompanying notes are an essential part of the financial statements. 20 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND REVENUE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 _ $77,826 REVENUES Water sales $344,971 Fire hydrant rental fees 6.,000 $350,971 EXPENDITURES Transfer of funds to: Operation and Maintenance Fund $ 92,985 Sinking Fund 102,427 Renewal and Replacement Fund 17,608 Certificate Redemption Fund 23,735 Capital Improvement Reserve Fund 113,206 349,961 EXCESS OF REVENUES OVER EXPENDITURES 1,010 FUND BALANCE, SEPTEMBER 30, 1974 Cash - checking account $ 28,620 Accounts receivable 39,916 Due from other funds 11,179 Utility taxes payable (879) 78 836 The accompanying notes are an essential part of the .financial statements. 21 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND. OPERATION AND MAINTENANCE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 REVENUES Connection charges $17,939 Frontage charges 309 Miscellaneous 40 Transfers from Revenue Fund 92,985 Sale of water lines 2,300 EXPENDITURES Pumping and storage expense $46,654 distribution expense 20,534 Office and administrative expense 37,245 Connection expenses 10095 EXCESS (DEFIGIENCY~ OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 Cash - checking account Accounts receivable Prepaid insurance and deposits Accounts payable Due to other funds -. The accompanying notes are an essential part of the financial statements. $113, 573 114, 528 $ 22, 194 558 1, 205 (7, 885) (9, 599) $7,428 955) 6 47 3 22 ~ NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND SINKING FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 REVENUES Investment earnings $ 2,704 Transfers from Revenue Fund 102,427 Transfers from Reserve Account 13,152 EXFENDITURES Interest on water revenue certificates Water revenue certificates matured Paying Agent's fee EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 Cash - checking account Time certificates of deposit United States Treasury Bills Accrued interest receivable Accrued interest payable $118,283 $ 80, 512 21,000 ,~„ 101,701 $ 9,911 29,000 24,329 573 (20, 063) $27,168 16,582 43 750 The accompanying notes are~an essential part of the financial statements. 23 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND RESERVE ACCOUNT STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 $107,817 REVENUES Investment earnings $ 9,579 EXPENDITURES Transfers to Sinking Fund 13,152 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,573) FUND BALANCE,,, SEPTEMBER 30, 1974 Time certificates of deposit $103,000 Accrued interest receivable 1,244 $104,244 The accompanying notes are an essential part of the financial statements. 24 NOWLEN, LYNCH & STEWART ~ • VILLAGE OF TEQUESTA WATER FUND RENEWAL AND REPLACEMENT FUND STATEMENT OF CHANGES TN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30~ 1974 FUND BALANCE, OCTOBER 1, 1973 PRIOR PERIOD ADJUSTMENTS (Nate 2) FUND BALANCE, OCTOBER 1, 1973 RESTATED REVENUES Investment earnings Transfers from Revenue Fund EXPENDITURES Capital outlay EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 ~ Cash - checking account. Time certificates of deposit United States Treasury Bills Accrued interest receivable Due from other funds 1,040 $ 2,936 5, 000 38,747 115 176 $ 56, 937 (28, 637) $ 28, 300 18,674 46 974 The accompanying notes are an essential part of the financial statements. $ 2,106 17,608 $19,714 25 NOWLEN, LYNCH & STEWART • i VILLAGE OF TEQUESTA WATER FUND CERTIFICATE REDEMPTION FUND STATEMENT OF CHANGES IN FUND. BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE1 pC~pBER 1, 19'73 REVENUES Investment earnings Transfers from Revenue Fund EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 Cash - checking account Time certificates of deposit United States Treasury Bills United States Treasury Bonds Accrued interest receivable None $ 2,659 8,000 19,234 91, 598 845 $ 91, 954 30, 382 $122,336 The accompanying notes are an essential part of the financial statements. $ 6,647 23,735 $ 30,382 26 NOWLEN. LYNCH & STEWART VILLAGE OF TEQUESTA WATER FUND CAPITAL IMPROVEMENT RESERVE FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCES OCTOBER 1, 1973 PRIOR PERIOD ADJUSTMENTS (Note 2) FUND BALANCE, OCTOBER 1, ],973 RESTATED ~~ REVENUES Investment earnings Transfers from Revenue Fund $ 25, 263 113,206 $138,469 EXPENDITURES Capital outlay. Reimbursement tq Village of Tequesta for fire hydrant rental fees EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE, SEPTEMBER 30, 1974 Cash - checking account Time certificates of deposit United States Treasury Bills Accrued interest receivable Accounts payable $ 20, 019 211,000 116,567 3,053 (2,774) $265, 069 (2, 644) $262,425 85,440 ,347,865 The accompanying notes are an essential part of the financial statements. 27 NOWLEN, LYNCH & STEWART $ 47,029 6,000 53,029 VILLAGE OF TEQUESTA WATER FUND CUSTOMER METER DEPOSIT FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUND BALANCE, OCTOBER 1, 1973 REVENUES Investment earnings $ 3,026 EXPENDITURES None EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE, SEFTEMBER 30, 1974 Cash - chec7~ing account $ 2.798 Time certificates of deposit 35,000 United States Treasury Bills 9,587 Accrued interest receivable 1,920 Accounts receivable 90 Customer meter deposits (35,440) Due to other funds (1,756) $ 9,173 3,026 12,199 The accampanyi.ng notes are an essential part of the financial statements. 28 NAWLEN, LYNCH & STEWART G VILLAGE QF TEQUESTA NOTES TO FINANCIAL STATEMENTS NQTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Bases 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 ut~.lize 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. 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 depreciation has been provided on General Fixed Assets. NOT E 2 - PRIOR PERIOD ADJUSTMENTS Plant and equipment in the following funds have been adjusted as of October 1, 1973 to account for these assets in the Water Fund consolidated statements. 1. Renewal and Replacement Fund $28,637 2. Capital Improvement Reserve Fund $ 2,644 NOTE 3 - 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. 29 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1964 SEPTEMBER 30, 1974 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 $70,000 was outstanding on September 30, 1974; the schedule of payments on the outstanding bonds follows: COUPON ANNUAL DUE DATE RATE PRINCIPAL INTEREST TOTAL REQUIREMENT April 1, 1975 4.00% $ $ 1,487.50 $ 1,487.50 $ October 1, 1975 4.25 11,000.00 1,487.50 12,4$7.50 13,975.00 April 1, 1976 4.25 1,253.75 1,253.75 October 1, 1976 4.25 11,000.QO 1,253.75 12,253.75 13,507.50 April 1, 1977 4.25 1,020.00 1,020.00 October 1, 1977 4.25 11,000.00 1,020.00 12,020.00 13,040.00 April 1, 1978 4.25 7$6.25 786.25 October 1, 1978 4.25 12,000.00 786.25 12,786.25 13,572.50 April 1 , 1979 4.25 531.25 531.25 October 1, 1979 4.25 12,000.00 531.25 12,531.25 13,062.50 April 1, 1980 4..25 276.25 276.25 October 1, 1980 4.25 X3,000.00 276.25 13,276.25 13,552.50 TOTAL $70~ 0.00 X10,710.00 $80,710.00 $80,710.00 30 J~1taWLEN. LYNCH & STEWART s • VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1969 SEPTEMBER 30, 1974 ' The bonded debt was incurred in 1969 through the issuance of $27,000 excise tax revenue bonds. The proceeds were used to acquire land east of Village Hall, Section 30, Township 40 south, Range 43, east, Palm Beach County. A balance of $5,000 was outstanding on September 30, 1974; the schedule of payments on the outstanding bonds follows: DUE DATE October 1, 1975 TOTAL COUPON ANNUAL RATE PRINCIPAL INTEREST REQUIREMENT 5% $5,000.00 250.00 $5,250.00 .5,000.00 250.00 $5,250.00 31 NOWLEN, LYNCH & STEWART i z VILLAGE OF TEQUE$TA 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 TOTAL CERTIFICATES OUTSTANDING _1 605 000 32 NC`!NS_EN, LYNCH Fie STC~JVART ~. r 4 1975 Jan.. 1 1975 July 1 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 JulX 1 1981 Jan. 1 1981 July 1 1.982 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. l 1987 July 1 VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE $1,605,000 - WATER REVENUE CERTIFICATES SEPTEMBER 30, 1974 Dated: July 1, 1967 Due: Serially (as shown) Coupon Rate; 5% PRINCIPAL INTEREST $ 22,000 $ 40, 125 39, 575 39, 575 39,000 39,000 38,400 38,400 37,775 37,775 37,125 37,125 _ 36,425 36,425 35, 700 35,700 34,950 34, 950 34,150 34,150 33,300 33,300 32,425 32,425 31, 500 31, 500 30, 525 23, 000 24,000 25, 000 26,000 28,000 29,000 30,000 32,000 34,000 35,000 37,000 39,000 TOTAL $ 62,125 39, 575 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 101,700 101, 57 5 101, 40Q 101, 17 5 100,900 101, 550 101,125 100,650 101, 100 101, 450 100,725 100,925 101,025 33 NOWLEN, LYNCH & STEWART 2 ~~ 1988 Jan. 1 ],988 July 1 1989 Jan. 1 1989 July 1 1990 Jan. 1 1990 Ju~.y 1 1991 Jan, 1 1991 July 1 1992 Jan. 1 1992 July 1 1993 Jan. 1 1993 July 1 1994 0'an . 1 1994 July 1 1995 Jan. 1 1995 July 1 1996 Jan. 1 1996 July ], 1997 Jan. 1 VILLAGE OF TEQUESTA AMORTIZATION SCHEDULE $1,605,000 - WATER REVENUE CERTIFICATES SEPTEMBER 30t 1974 Dated : July 1, 1967 Due: Serially (as shown) Coupon Rate: 5% PRINCIPAL INTEREST $ 41,000 43,000 45,000 47,000 .50,000 52,000 55,000 58,000 $ 30, 525 29, 500 29, 500 28,425 28,425 27, 300 27,300 26, 125 26,125 24,875 24,875 23,575 23, 575 22,200 22,200 20, 750 20,750 19,225 19, 225 61,000 769,000 $1,605,000 $1.,405,775 34 NOWLEN, LYNCH & STEWART TOTAL $ 71, 525 29, 500 72, 500 28,425 73,425 27,300 74, 300 ' 26,125 76,125 24,875 76,875 23,575 78,575 22,200 80,200 20,L7 50 81,750 19,225 788,225 FISCAL YEAR REQUIREMENTS .101, 025 100,925 100,725 100,425 101,000 100,450 100,775 100,950 100,975 788,225 $3,010,775 $.3,010,775