CAFR_FY Ending_09/30/1976~pR ~ 41977 ~
AUDIT REPORT
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1976
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
WEST PALM BEACH. FLORIDA
~~~
STATE OF FLOBIDA
OFFICE OF THE AUDITO$ (3ENE$AL
TALLAHASSEE
ERNEST ELLISON, c. a A. April 11 , 1977
AU OITOR GENERAL
Mr. Robert Harp
Village Manager
Village of Tequesta
Post Office Box 3273
Tequesta, Florida 33458
Dear Mr. Harp:
Thank you for forwarding to this office a copy of the
postaudit report for the 1975-76 fiscal year. I would like
to advise, however, that the separate report containing the
auditor's comments and the chief executive officer's written
statement of explanation or rebuttal concerning the auditor's
comments as required by Chapter 10.500, RULES OF THE AUDITOR
GENERAL-ANNUAL POSTAUDIT REQUIREMENTS OF MUNICIPALITIES were
not enclosed. In order that the files of this office may be
complete, please forward the above-mentioned reports at your
earliest convenience.
Thank you for your cooperation and if I can be of any
assistance, please let me know.
Sincerely yours,
Ernest Ellison
Auditor General
EE:he
R
APB ~~1g7~
v-~~~E of TEQ~ESta
NOWLEN, LYNCH 8c STEWART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT BUILDING
P03T OFFICE BOX 347
WEST PALM BEACH FLORIDA 33402
EVERETT B. NOWLEN, GPA
W. F. LVNGH, CPA (1897-1964)
V. C. STEWART, CPA
ALAN L. TEDAMONSON, CPA
EDWARD T. HOLT, CPA
EDMUND SCHIE VE, CPA
WILLIAM C. KISKE R, JR., CPA
WILLIAM B. MINER, CPA
JANET R. BA RICE VICM, CPA
February 17, 1
Honorable Mayor and Village Council
Village of Tequesta, Florida
~~~
~e ~4f~~
~~.~ ~
F~co
MEMBERS
AMERICAN INSTITUTE OF
TIFIED PUBLIC ACGOUN TANTS
FLORIDA INSTITUTE OF
IFIED PUBLIC ACCOUNTANTS
TELEPHONE 659.3060
During the course of our recently completed audit of the
Village of Tequesta, Florida, we noted certain areas in which
accounting procedures and controls could be improved or expanded.
1. An inventory of fixed assets is required to be
maintained in accordance with rules of the Auditor
General. Chapter 10.300 of Rules of the Auditor
General sets forth the minimum requirements.
Adjustments for additions and de le tions should be
made so that an updated record is always maintained.
Presently, the Village is making progress in attempting
to comply with the requirements.
2. Minutes of council meetings should be signed by both
the Village Clerk and one of the councilmembers.
3. A procedures manual should be adopted setting forth
the duties and responsibilities of employees.
If you have any questions or need any assistance
regarding the above, please do not hesitate to contact us.
Very truly yours,
Nowlen, Lynch & Stew art
NOWLEN, LYNCH 8c STEWART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACH FLORIDA 33402
EVERETT B. NOWLE N, CPA
W. F. LYNCH, CPA (1897-1964)
V. C. STEWART, CPA
ALAN L. TEDAM ON30N~ CPA
EDWARD T. HOLT~ CPA
EDMUND SCHIEVE, CPA
WILLIAM C. KISKER, JR., CPA
WILLIAM B. MINER, GPq
JANET R. BARICE VICM, CPA
February 17, 19
Honorable Mayor and Village Council
Village of Tequesta, Florida
MA,p ~ ~f~
~. 4~~~
~~'r ,(
MEMBERS
AMERICAN INSTITUTE OF
TIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
~FIED PUBLIC ACCOV NTANTS
1.TELEPHONE 659.3060
During the course of our recently completed audit of the
Village of Tequesta, Florida, we noted certain areas in which
accounting procedures and controls could be improved or expanded.
1. An inventory of fixed assets is required to be
maintained in accordance with rules of the Auditor
General. Chapter 10.300 of Rules of the Auditor
General sets forth the minimum requirements.
Adjustments for additions and de letions should be
made so that an updated record is always maintained.
Presently, the Village is making progress in attempting
to comply with the requirements.
2. Minutes of council meetings should be signed by both
the Village Clerk and one o f the councilmembers .
3. A procedures manual should be adopted setting forth
the duties and responsibilities of employees.
If you have any questions or need any assistance
regarding the above, please do not hesitate to contact us.
Very truly yours,
Nowlen, Lynch & Stewart
STATE OF FLORIDA
OFFICE OF TAE AUDITOE (3ENEBAL
TALLAHASSEE
ERNEST ELLISON, C. P. A. Aprll 11 , 1977
AUDITOR GENERAL
Mr. Robert Harp
Village Manager
Village of Tequesta
Post Office Box 3273
Tequesta, Florida 33458
Dear Mr. Harp:
Thank you for forwarding to this office a copy of the
postaudit report for the 1975-76 fiscal year. I would like
to advise, however, that the separate report containing the
auditor's comments and the chief executive officer's written
statement of explanation or rebuttal concerning the auditor's
comments as required by Chapter 10.500, RULES OF THE AUDITOR
GENERAL-ANNUAL POSTAUDIT REQUIREMENTS OF MUNICIPALITIES were
not enclosed. In order that the files of this office may be
complete, please forward the above-mentioned reports at your
earliest convenience.
Thank you for your cooperation and if I can be of any
assistance, please let me know.
Sincerely yours,
Ernest Ellison
Auditor General
EE:he
E~E~VED. ~
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Apt ~~0971
V1LI.AGE OE ~EQUEStII
/~
VILLAGE OF TEQUESTA
Iti'ATER FIND
OPENING BALANCES
10-1-76
Cash on deposit - Revenue Fund
Cash on deposit - Operation & Maintenance Fund
Cash on deposit - Meter Deposit Fund
Certificates of deposit - Meter Deposit Fund
Cash on deposit - Sinking Fund
Certificates of deposit - Sinking Fund
Cash on deposit - Reserve Account
Certificates of deposit - Reserve Account
U.S. Treas. Notes - Reserve Account
Cash on deposit - Renewal & Replacement Fund
Certificates of deposit - Renewal & Replacement Fund
Cash on dep nsi t - Cert. '
Reueutpcion Funci
Certificates of deposit - Cert. Redemption Fund
U.S. Treas. Bills - Cert. Redemption Fund
U.S. Treas, Notes - Cert. Redemption Fund
Cash on deposit - CIRF
Cash on deposit - Water Main Relocation
Cert, of deposit - Water Main Relocation
U,S. Treas. Notes - Water Main Relocation
Petty cash
Accounts receivable
Accounts receivable
Accrued interest receivable
Deferred charges - unamortized bond discount
Cylinder deposits
Prepaid insurance
Construction work in progress
Property, plant & equipment
Accumulated depreciation
Accounts payable -Operation & Maint. Fund
Accounts payable - other funds
Employees OASI tax W/H
Utility tax payable - Tequesta
Utility tax payable - Jupiter
Customer meter deposits payable
Accrued interest payable
Tax anticipation notes payable
k'ater revenue certificates payable
Total fund equity
Dr. Cr,
$ 36,945.16 $
19,083.94
90.94
55,200.00
20.62
50,800.00
1.31
2,000.00
99,811.00
35.90
45,400,00
121.06
50,900,00
45,039.83
91,597.50
3,702.19
36,069.68
5,900.00
106,299.33
100.00
61.00
45,700.56
7,197.31
605.82
190.00
1,388.72
159,251.33
2,443,574.35
361,735.19
449.75
13,175.07
543.10
805.61
168.'LQ
36,590.00
32,634.24
300,000.00.
1,560,000.00
1,000,986.39,E
EVERETT B. NOWLEN, GPA
W. F. LYNCH, GPA (1897-19641
V. C. STEWART, CPA
ALAN L. TEDAM ONSO N, CPA
EDWARD T. HOLT, CPA
EDMUND SCHIEVE, CPA
WILLIAM C. KISKER, JR., CPA
WILLIAM B, MINER, CPA
JANET R. BA RICEVICH~ CPA
February 17, 1977
Honorable Mayor and Village Council
Village of Tequesta, Florida
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
TELEPHONE 659-3060
During the course of our recently completed audit of the
Village of Tequesta, Florida, we noted certain areas in which
accounting procedures and controls could be improved or expanded.
1. An inventory of fixed assets is required to be
maintained in accordance with rules of the Auditor
General. Chapter 10.300 of Rules of the Auditor
General sets forth the minimum requirements.
Adjustments for additions and deletions should be
made so that an updated record is always maintained..
Presently, the Village is making progress in attempting
to comply with the requirements.
2. Minutes of council meetings should be signed by both
the Village Clerk and one of the councilmembers.
3. A procedures manual should be adopted setting forth
the duties and responsibilities of employees.
If you have any questions or need any assistance
regarding the above, please do not hesitate to contact us.
Very truly yours,
Nowlen, Lynch & Stewart
NOWLEN, LYNCH 8c STEV1
CERTIFIED PUBLIC ACCOUNTANTS
?_20 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACHI FLORIDA 33402
~ ~~~~~~
MAR ~ ~~
~ 4'19>> ,;
~'~
VILLAGE OF TEQUESTA
GENERAL FUND
OPENING BALANCES
10-1-76
Cash on deposit
Petty cash
Cash on deposit - (CFS-9774)
Cash on deposit - (CFS-15871)
Cash on deposit - (CFS-15872)
Cash on deposit - (CFS-15874)
Cash on deposit - (Fidelity Fed.)
Cash on deposit - Fed. Rev. Sharing
Tax sales certificates
Accounts receivable - others
Certificates of deposit
Due from Water Dept.
Due from No. County First Aid
Property, plant & equipment
Accrued interest receivable
Utilit;* deposits
Prepaic: insurance
Employees tax W/H (OASI)
Employees hosp. insurance prem. W/H
State sales tax payable
Surplus
Dr.
$139,959.75
50.00
5,000.00
5,000.00
1,000.00
1,000.00
20,673.80
9,501.56
146.30
977.89
T25,000.00
110.27
232.47
495,020.89
360.95
280.00
6,222.13
Cr.
2,791.98
170.07
43.18
807,530.78
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1976
TABLE OF CONTENTS
PAGE S
Auditors' Report 1-2
Combined Balance Sheet - A11 Funds and
Account Groups 3-4
Combined Statement of Changes in
Fund Balances - All Funds 5
GENERAL FU'~TD
Balance Sheet 6
Statement of Changes in Fund Balance 7
Comparative Statement of Revenues,
Expenditures, Encumbrances and Transfers 8
Statement of Revenues and Transfers g
Statements of Expenditures and Transfers 10-14
FEDERAL REVENUE SHARING FUND
Statement of Changes in Fund Balance 15
DEBT SERVICE FUND
Statement of Changes in Fund Balance 16
STATEMENT OF GENERAL LONG-TERM DEBT 1'7
STATEMENT OF GE NER,AL FIXED ASSETS 18
WATE R FUND
Balance Sheet 19-20
Comparative Income Statement 21
Income Statement 22
Statement of Changes in Financial Position 23
Revenue Fund - Statement of Changes in Fund Balance 24
NOWLEN, LYNGN & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1976
TABLE OF CONTENTS
WATER FUND (Continued)
Operation and Maintenance Fund - Statement
of Changes in Fund Balance
Sinking Fund - Statement of Changes
in Fund Balance
Re se rve Account - Statement of Changes in
Fund Balance
Renewal and Replacement Fund -
Statement of Changes in Fund Balance
Certificate Redemption Fund - Statement of
Changes in Fund Balance
Capital Improvement Re serve Fund -
Statement of Changes in Fund Balance
Customer Meter Deposit Fund - Statement of
Changes in Fund Balance
Water Main Relocation Fund - Statement of
Changes in Fund Balance
NOTES TO FINANCIAL STATEMENTS
PAGES
25
26
27
28
29
30
31
32
33-34
SUPPLEMENTAL INFORMATION
Excise Tax Revenue Bonds - Series 1964 -
Amortization Schedule 35
Water Revenue Certificates - Series 1967 -
An~ortization Schedule 36-38
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, CPA
W. F LYNCH, CPA (1897-1964)
V. C STEWART, CPA
ALAN L. TEDAMONSO N, CPA
EDWARD T. HOLT, CPA
EDMUND SCHIEV E, CPA
WILLIAM G. KISKER, JR., CPA
WILLIAM B. MINER, CPA
JANET R. BARICEVIC H, CPA
February 10, 1977
MEMBERS
AMERIG AN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
TELEPHONE 659-3060
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, 1976, 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 nece ssary
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 6 to the financial statements, the
Village is involved in litigations concerning the Water Fund.
The ultimate outcome of the litigations cannot presently be
de to rmine d .
In our opinion, subject to the effects, if any, on the
financial statements of the ultimate outcome of the matters
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, 1976 and results of operations of such
funds and the changes in financial position of the Water Fund
for the year ended September 30, 1976, in conformity with gene rally
accepted accounting principles applied on a basis consistent with
that of the preceding year.
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30 1976
ASSETS AND OTHER DEBITS
Cash
Investments
Cash with paying agent
Accrued interest receivable
Accounts receivable
Prepaid expenses and deposits
Property, plant and equipment
Accumulated depreciation
Construction work in progress ~,
Deferred charges
Amount available for debt service
Amount to be provided for debt service
TOTAL ASSETS AND OTHER DEBITS
LIABILITIES
Accounts payable
Accrued and matured interest payable
Customers' meter deposits
Matured bonds payable
Bonds payable (Page 35)
Water revenue certificates payable (Page
Tax anticipation notes payable (Note 4)
TOTAL LIABILITIES
CONTINGENT LIABILITIES
FUND BALANCES/RETAINED EARNINGS
Investment in general fixed assets
Fund balance
Retained earnings
TOTAL LIABILITIES AND FUND BALANCES/
RETAINED EARNINGS
36)
The accompanying notes are an essential part
of the financial statements.
TOTAL
MEMORANDUM
ONLY
$ 278,357
691, 626
6,127
7,645
47,229
8,081
2,938,595
(361,735)
159,251
606
13,766
34, 234
$3,823,782
$ 18,147
32, 761
36, 590
6,000
48,000
1,560,000
300,000
$2,001,498
(Note 6 )
495,021
326,277
1,000,986
X3,823,782
3
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30 , 1976
FEDERAL
REVENUE DEBT GENERAL GENERAL
GENERAL SHARING SERVICE WATER LONG-TERM FIXED
FUND FUND FUND FUND DEBT ASSETS
$172,684 $9,502 $ $ 96,171 $ $
125,000 13,679 552,947
6,127
361 ' 87 7 ,197
1,467 45,762
6,502 1,579
2,443,574 ~ 495,021
(361,735)
159,251
606
13,766
34,234
$306,014 $9,502 $19,893 $2,945,352 $48,000 $495,021
$ 3,005 $ $ $ 15,142 $ $
127 32,634
36,590
6,000
48,000
1, 560, 000
300,000
$ 3,005 $ $ 6,127 $1,944,366 $48,000 $
(Note 6)
495,021
303,009 9,502 13,766
1,000,986
$306,014 9 502 19,893 $2,945,352 48,000 $495,021
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, 1976
FUND FUND
BALANCES BALANCES
OCTOBER 1, SEPTEMBER 30,
1975 ADD DEDUCT 1976
FUND
General Fund (Page 8)
$285,692
$764,114
$746,797
$ 303,009
Federal Revenue
Sharing Fund (Page 15) 10,242 14,025 14,765 9,502
Debt Service
Fund (Page 16) 17,669 9,659 13,562 13,766
5dater Fund (Page 22) 929,882 397,823 326,719 1,000,986
The accompanying notes are an essential part
of the financial statements.
5
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
BALANCE SHEE T
SEPTEMBER 30, 1976
ASSETS
Cash $172,684
Time certificate of deposit 125,000
Accrued interest receivable 361
Accounts receivable 1,467
Prepaid expenses 6,222
Deposits 280
TOTAL $306,014
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 213
Accrued payroll taxes 2,792
Total liabilities $ 3,005
Fund balance 303,009
'T'OTAL v ~ o , 0 I4
The accompanying notes are an essential part
of the financial statements.
6
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
FUND BALANCE, OCTOBER 1, 1975 $285,692
Add:
Excess of revenues over
expenditures 17,317
FUND BALANCE, SEPTEMBE R 30, 1976 $303,009
The accompanying notes are an essential part
of the financial statements.
7
NCWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENE RAL rr^UND
COMPARATIVE STATEi~TT OF REVENUES, EXPENDITURES,
ENCUMBRANCES AND TRANSFERS
FOR YEARS AS INDICATED
YEARS ENDED SEPTEMBER 30,
1976 1975 1974 1973
REVENUES AND TRANSFERS
Ad valorem taxes
Cigarette taxes and
state revenue sharing
Utility taxes
Franchise 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
$316,580 $237,723 $176,130 $192,420
142,033 141,953 141,770 141,180
91,279 73,689 60,146 49,175
91,185 72,338 75,915 64,926
19,696 25,783 17,135 7,250
27,691 24,432 32,686 13,149
19,508 18,360 16,702 17,173
12,000 18,000 16,000 20,000
12,179 8,247 5,513 13,975
12,850 7,631 6,997 4,396
4,348 4,348 3,796 2,603
9,307
14,765 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
Building department
Transfers to Sinking Fund
$764,114 $656,419 $569,092 $535,554
$265, 371
235, 114
131,144
57,860
30,031
19,012
8, 265'
$256,685
201,083
121,302
74,578
27, 149
19,262
14,025 12,300 22,584
$178,928
168,993
101, 578
49,594
22,498
$151, 137
127, 618
77,825
TOTAL EXPENDITURES, ENCUMBRANCES
AND TRANSFERS 5746,797% 5694,822 $533,891 $398,426
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $ 17,317 $(38,403) $ 35,201 $13?,1~
The accompanying notes are an essential part
of the financial statements.
8
NONILEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES AND TRANSFE RS
FOR THE YEAR ENDED SEPTEMBER 30, 1976
OVE R
(UNDER)
ACTUAL BUDGET BUDGET
REVENUES
Ad valorem taxes
State revenue sharing
Utility taxes
Franchise taxes
State road and bridge funds
Occupational licenses
Investment earnings
Fines and forfeitures
Cigarette taxe s
Building permits
Administrative management -
water department
Fire hydrant rental fees
Office rent - water department
Beverage licenses
Miscellaneous income
Police desk message service
County cor_tribution - Tequesta Drive
TOTAL REVENUES
$316,580' $315,095 $ 1,485
129,258• 129,300 (42)
91,279' 73,000 18,279
91,185 75,000 16,185
19,696.'• 17,000 2,696
19,508f_ 17,000 2,508
19,042~Y' 11,000 8,042
12,850` 8,000 4,850
12, 77 5~~. 12, 000 775
12,179 '. 13, 000 ( 821)
7,000 7,000
6, 000 ~ 6, 000
5, OOd'`~° ~ 5, 000
4,348 ~ 4,400 (52)
2,049' 1,400 649
600 600
30,000 (30,000)
$749,349 $724,795 $24,554
TRANSFERS FROM OTEE R FUNDS
Federal Revenue Sharing Fund
TOTAL REVENUES AND TRANSFERS
14,765 14,765
5764,114 $739,560 24 554
The accompanying notes are an essential part
of the financial statements.
9
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1976
(OVER)
UNDE R
ACTUAL BUDGET BUDGET
STREETS AND MAINTENANCE EXPENSE
Salary - superintendent
Salary - maintenance
OASI expense
Stree t maintenance
Streets and drainage
Bicycle paths
Fagging expense
General maintenance
Truck and tractor expense
Truck insurance
G asoline and oil - truck
Gasoline and oil - other
Small tools
Village Hall maintenance
Garbage collection
Yard trash collection
Trash bags
Utilities - street lights
Fire hydrant rental fees
Street name signs
New equipment
Village Hall improvements
Lethal yellowing
TOTAL STREETS AND MAINTENANCE
EXPENSE
$ 10, 170 $ 10, 170 $
20,761 20,808 47
1,882- 1,862 (20)
5, 182 5, 275 93
68,098 280,628 212,530
25,000 25,000
4,784% 4,800 16
6,278 7,000 722
604 1,000 396
922 922
1, 124 1, 150 26
93 150 57
258 350 92
3,640 3,625 (15)
93, 2591 / 93, 450 191
35,000 35,000
116 (116)
6,235 6,500 265
6,000 6,000
200 200
892 1,275 383
336 2,275 1,939
(263) 263
$265,371 $507,440 $242,069
The accompanying notes are an essential part
of the financial statements.
10
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
FOR TIC YEAR ENDED SEPTEMBER 30, 1976
(OVER)
UNDE R
ACTUAL BUDGET BUDGET
PUBLIC SAFETY EXPENSE
Salary - Police Chief $ 16,078 $ 16,078 $
Salary - Police Lieutenant 12,663 12,663
Salaries - Patrol Sergeants 32,671 34,112 1,441
Salary - Detective 10,485 10,514 29
Salaries - Patrolmen 75,142 75,554 412
Salaries - Dispatchers 31,213 31,252 39
Pay for extra work 1,105 1,150 45
OASI expense 10,508; 10,480 (28)
Car expense 3,690 4,200 510
Gasoline and oil 9,257 9,300 43
Car insurance 1,912 1,950 38
Equipment and uniforms 1,753 1,755 2
Telephone 1,144 1,200 56
Teletype 15 5 0 3 5
Utilities - traffic signals 1,623 1,700 77
Judge's fee 1,800 1,800
Prosecuting attorney 1,200 1,700 500
Miscellaneous expense 1,745 1,802 57
Traffic signs 366 595 229
New equipment 20,707 20,777 70
Personnel training 37 200 163
TOTAL PUBLIC SAFETY EXPENSE
X235,114 X238,832 3 718
The accompanying notes are an essential part
of the financial statements.
11
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
F_OR THE YEAR ENDED SEPTEMBER 30 1976
ACTUAL BUDGET
(OVER)
UNDE R
BUDGET
ADMINISTRATIVE EXPENSE
Salary - Village Manager
Salary - Village Clerk
OASI expense
Car allowance
Councilmembers' fees
Dues and subscriptions
Insurance expense
Legal expense
Contributions
Auditing expense
Hospitalization insurance
premiums
Pension premiums
Contingencies
Miscellaneous
Civil defense
Unemployment Compensation Fund
Codification of ordinances
Disaster Relief Contingency Fund
Refund of insurance premiums to
State
$ 22,201 $ 22,201
10,090 10,090
1,417' 1,426
1,190 1,190
3,000 3,000
407 450
7,619 12,000
14,804 15,000
8,450 8,800
1,750 1,752
11,207/_ 11,207
33,343%~ 35,150
906 1,000
3,096 4,004
300
2, 118 ~ 2, 930
1, 100
5,000
9,546% 9,550
TOTAL ADMINISTRATIVE EXPENSE
9
43
4,381
196
350
2
1, 807
94
908
300
812
1, 100
5, 000
n
$131,144 $146,150 S 15,006
The accompanying notes are an essential part
of the financial statements.
12
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GE NE RAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBE R 30, 1976
ACTUAL BUDGET
(OVER)
UNDER
BUDGET
RECREATION AND PARKS EXPENSE
Salary - Director
Salaries - Maintenance
Salaries - Part-time
OASI expense
Program expense
Telephone
Office supplies
Car allowance
Miscellaneous
Beautification
Electricity - field lights
Electricity - trailer
Electricity - security lights
Utilities - water
Field maintenance
General maintenance
Gasoline and oil - truck
Truck repairs and expense
Minor equipment
Capital improvements
$ 12, 363 $ 12, 363
7,173 7,463
2,725 3,200
1,110, 1, 430
13 270
346 400
5 100
700 700
186 504
1,393 1,400
144 500
695 700
179 200
438 500
1, 641 1, 650
3,475 3,500
213 220
183 300
2,352 2,488
22,526 22,850
TOTAL RECREATION AND PARKS
EXPENSE
290
47 5
320
2 57
54
95
318
7
356
5
21
62
9
25
7
117
136
~~n
S 57,860 $ 60,738 $ 2,878
The accompanying notes are an essential part
of the financial statements.
13
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES AD]D TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1976
ACTUAL BUDGET
OFFICE EXPENSE
Salarie s
OASI expense
Supplies
Postage
Telephone
Utilities
Miscellaneous
New equipment
(OVER)
UNDE R
BUDGE T
$ 15, 520 $ 15, 707 $ 187
908 / 933 25
2, 127 2, 100 (27)
993 1,000 7
1,572 1,520 (52)
3,955 4,000 45
3,634 3,700 66
1,322 1,580 258
TOTAL OFFICE EXPENSE
$ 30,031 $ 30,540 $ 509
BUILDING DEPARTMENT
Salaries
OASI expense
Telephone
Travel and car
Miscellaneous
New equipment
$ 15,778 $ 15,778 $
977 909 (68)
332 450 118
527 620 93
858 883 25
540 600 60
TOTAL BUILDING DEPARTMENT
TRANSFERS TO SINKING FUND
TOTAL EXPENDITURES AND TRANSFERS
$ 19,012 $ 19,240 5 228
S 8,265 $ 8,620 $ 355
$746,797 $1,011,560 5264,763
The accompanying notes are an essential part
of the financial statements.
14
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING FUND (NOTE 2)
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SE PTE MBE R 30, 1976
FUND BALANCE, OCTOBER 1, 1975 $10,242
DL'T7L~TTTT LAC
Entitlement payments $13,277
Investment earnings 748 $14,025
EXPENDITURE S
Transfers to General Fund:
Public safety - land $13,277
Recreation 1,488 14,765
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 740)
FUND BALANCE, SEPTEMBE R 30, 1976 9 502
The accompanying notes are an essential part
of the financial statementso
15
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
SINKING RESERVE
FUND ACCOUNT TOTAL
FUND BALANCE, OCTOBER 1, 1975 $ 11,069 $ 6,600 $17,669
REVENUE S
Transfers from General Fund $ 2,493 $ 5,772 $ 8,265
Investment earnings 1,394- 1,394
$ 2,493 7,166 9 659
EXPENDITURE S
Interest expense $ 2, 507 $ $ 2, 507
Revenue bonds matured 11,000 11,000
Paying agent's fee 55 55
$ 13, 562 None 13 562
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $(11,069) 7,166 3,903)
BALANCE, SEPTEMBER 30, 1976
Cash with paying agent $ 6,127 $ $ 6,127
Time certificates of deposit 3,700 3,700
United States Treasury Notes -
(at cost, 8%, due 2/28/78) 9,979 9,979
Accrued interest receivable 87 87
Matured bonds payable (6,000) (6,000)
Matured interest payable (127) (127)
$ None 513,766 13,766
The accompanying notes are an essential part
of the financial statements.
16
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
1964 EXCISE TAX REVENUE BONDS
SEPTEMBER 30, 1976
Amount available and to be
provided for payment of
long-term debt:
Amount available in Debt
Service Fund $13,766
Amount to be provided 34,234
Total available and to be
provided
Bonds Payable (Page 35)
The accompanying notes are an essential part
of the financial statements.
48, 000
48 000
17
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENE RAL FIXED ASSETS
SEPTEMBE R 30, 1976
GENERAL FIXED ASSETS
Land $ 35,000
Buildings 145 319
Improvements other than buildings 182,662
Equipment 132,040
Total General Fixed Assets $495,021
INVESTMENT IN GENERAL FIXED ASSETS
Total investment in General Fixed
Assets from Bonds, General
Revenues and Gifts $495,021
The accompanying notes are an essential part
of the financial statements.
18
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBE R 30, 1976
ASSETS
CURRENT ASSETS
Cash
Accounts receivable
Prepaid expenses
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Cash and investments:
Revenue Bond Sinking Fund
Reserve Account
Certificate Redemption Fund
Renewal and Replacement Fund
Capital Improvement Reserve Fund
Meter Deposits Fund
Water Main Relocation Fund
Accounts receivable
Accrued interest receivable
TOTAL RESTRICTED ASSETS
PROPERTY, PLANT AND EQUIPMENT
At cost
Land
Plant and equipment
Less accumulated depreciation (Note 1)
Construction work in progress
NET PROPERTY, PLANT AND EQUIPMENT
DEFERRED CHARGES
Unamortized debt discount
TOTAL
$ 56, 129
45, 552
1, 579
$ 50,821
101,812
187,658
45,436
3,702
55,291
148,269
210
7,197
$ 92,042
2, 351, 532
$2,443,574
361,735
$2,081,839
159,251
The accompanying notes are an essential part
of the fi~sancial statements.
$ 103,260
600,396
2,241,090
606
$2,945,352
19
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1976
LIABILITIES AND RETAINED EARNINGS
CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable, accrued payroll taxes and
utility taxes payable
CURRENT LIABILITIES (PAYABLE FROM RE STRICTED ASSETS)
Accounts payable $ 13, 175
Customers' meter deposits 36, 590
Accrued interest payable 32,634 4
Water revenue certificates payable 24,000
Tax anticipation notes payable (Note 4) 300,000
TOTAL CURRENT LIABILITIES
LONG-TERM DEBT
Water revenue certificates
payable ( Page 36 ) $1, 560, 000
Less long-term debt payable
within one year 24,000
NET LONG-TE RM DEFT
TOTAL LIABILITIES
CONTINGENT LIABILITIES
RETAINED EARNINGS
Balance, October 1, 1975 $ 929, 882
Net income - current year 71, 104
Balance, September 30, 1976
TOTAL
The accompanying notes are an essential part
of the financial statements.
20
NOWLEN, LYNCH & STEWART
$ 1, 967
406,399
$ 408,366
1,536,000
$1,944,366
(Note 5)
1,000,986
$2,945,352
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
COMPARATIVE INCOME STATEMENT
FOR PERIODS AS INDICATED
NINE MONTHS
YEARS ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1976 1975 1974 1973
REVENUES $391,463 $371,319 $400,645 $291,788
OPERATING EXPENSES 170,840 129,934 110,433 74,873
OPERATING INCOME $220,623 $241,385 $290,212 $216,915
OTHER INCOME
(EXPENSES )
INCOME BEFORE
DEPRECI~,TiON
DEPRECIATION
NET INCOME
(91,399) (74,590) (72,857) (46,771)
$129,224 $166,795 $217,355 $170,144
58,120 56,424 42,345 30,006
$ 71,104 $110,371 $175,010 $140,138
The accompanying notes are an essenti a1 part
of the financial statements.
21
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
INCOME STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1976
REVENUES
Water sales $351, 664
Fire hydrant rental fees 6,000
Investment earnings 33,661
Miscellaneous income i~A
TOTAL REVENUES $391,463
OPERATING EXPENSES
Pumping and storage expense $ 77,302
Office and administrative expense 54,004
Distribution expense 33,534
Reimbursement of fire hydrant rental fees 6,000
TOTAL OPERATING EXPENSES $170, 840
OPERATING INCOME $220,623
OTHER INCOME (EXPENSES )
Connection charges
$ 6,360
Connection expenses (4,036)
Interest maturities and paying
agent's fees (93,723),/
TOTAL OTHER INCOME (EXPENSES) $ (91, 399
INCOME BEFORE DEPRECIATION $129,224
DEPRECIATION (Note 1) 58, 120
NET INCOME $ 71,104
The accompanying notes are an essential part
of the financial statements.
22
NOWLEN. LYNCH & ST=_WART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1976
SOURCE OF FUNDS
Operations:
Net income
Items not requiring capital outlay of funds:
Depreciation and amortization of debt discount
Total from operations
APPLICATION OF FUNDS
Increase in restricted assets
Additions to property, plant and equipment
(net of retirements)
Increase in deferred charges
Payment of long-term debt
TOTAL APPLICATION OF FUNDS
NET (DECREASE) IN WORKING CAPITAL
CHANGES IN COMPONENTS OF WORKING CAPITAL
Increase (Decrease) in current assets:
Cash
Accounts receivable
Prepaid expenses
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
Tax anticipation notes payable
NET (DECREASE) IN WORKING CAPITAL
The accompanying notes are an essential part
of the financial statements.
23
NOWLEN, LYNCH & STEWART
$ 71, 104
60, 148
$ 131,252
$ 208,004
200,359
2,634
24, 000
$ 434,997
$(303,745)
$ 10, 485
4,762
(115 )
$ 15, 132
$ (3,936)
(1,095)
(12,846)
(1,000)
(300,000)
$(318,877)
$(303,745)
VILLAGE OF TEQUESTA, FLORIDA
W ATE R FUND
REVENUE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBE R 30, 1976
FUND BALANCE, OCTOBE R 1, 1975
REVENUES
Water sales $351,664
Fire hydrant rental fees 6,000 $357,664
EXPENDITURES
Transfer of funds to:
$87,372
Operation and Maintenance Fund 173,458
Sinking Fund 92,522
Capital Improvement Reserve Fund 46,758
Certificate Redemption Fund 23,735
Renewal and Replacement Fund 16,676 353,149
EXCESS OF REVENUES OVER
EXPENDITURES 4,515
FUND BALANCE, SEPTEMBER 30, 197b
Cash - checking account $ 36, 945
Accounts receivable 44, 715
Due from other funds 11,201
Utility taxes payable (974) 91 887
The accompanying notes are an essential part
of the financial statements.
24
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUD1D
OPERATION AND MAINTENANCE FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SE PTEMBE R 30, 1976
FUND BALANCE, OCTOBER 1, 1975
REVENUE S
Connection charges $ 6,360
Miscellaneous income 220
Transfers from Revenue Fund 173,458 $180,038
EXPENDITURES
$ 1,205
' Pumping and storage expense $ 77,302
Office and administrative expense 53,941
Distribution expense 33,534
Connection expenses 4,036
Capital outlay 1,183 169,996
EXCESS OF REVENUES OVER
EXPENDITURES 10, 042
FUND BALANCE, SEPTEMBER 30, 1976
Cash - checking account $ 19,184
Accounts receivable 837
Prepaid expenses 1,579
Accounts payable (450)
Accrued payroll taxes (543)
Due to other funds (9,360) 11,247
The accompanying notes are an essential part
of the financial statements.
25
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SINKING FUND
STATEi~1ENT OF CHANGE S IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
FUND BALANCE, OCTOBER 1, 1975
REVENUE S
Transfers from Revenue Furld $92,522
Transfers from Reserve Account 8,482
Investment earnings 1,814 $102,818
EXPENDITURES
Interest on water revenue
certificates $91,422
Water revenue certificates
matured 23,000
Paying agent's fee 272 114,694
$ 30, 597
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(11,876)
FUND BALANCE, SE PTEMBE R 30, 1976
Cash - checking account $ 21
Time certificates of deposit 50,800
Accrued interest receivable 534
Accrued interest payable (32,634) S 18,721
The accompanying notes are an essential part
of the financial statements.
26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
RESERVE ACCOUNT
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
FUND BALANCE, OCTOBER 1, 1975
REVENUES
Investment earnings $ 7,961
EXPENDITURE S
Transfers to Sinking Fund 8,482
$103,018
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (521)
FUND BALANCE , SE PTEMBE R 3 0 , 1976
Certificate of deposit $ 2, 000
United States Treasury Notes (at cost,
8%, due 2/28/78) 99, 812
Accrued interest receivable 685 $102,497
The accompanying notes are an essential part
of the financial statements.
27
NOWLEN, LYNCH & STEWAF2T
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
RENEWAL AND RE PLACEMENT FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
FUND BALANCE, OCTOBER 1, 1975
$31,462
REVENUE S
Transfers from Revenue Fund
Investment earnings
$16,676
2,069 $18,745
EXPENDITURES
Capital outlay
EXCESS OF REVENUES OVER
EXPENDITURES
FUND BALANCE, SEPTEMBER 30, 1976
Cash - checking account
Time certificates of deposit
Accrued interest receivable
Due from other funds
4, 141
14,604
$ 36
45,400
454
176 46 066
The accompanying notes are an essential part
of the financial statements.
28
NOWLEN, LYNCH & ST'cWART
VILLAGE OF TE4UESTA, FLORIDA
WATER FUND
CERTIFICATE REDEMPTION FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1976
FUND BALANCE, OCTOBE R 1, 1975
REVENUE S
$155,120
Transfers from Revenue Fund $23,735
Investment earnings 11,265 $35,000
EXPENDITURES None
EXCESS OF REVENUES OVER
EXPENDITURES 35, 000
FUND BALANCE, SEPTEMBER 30, 1976
Cash - checking account $ 121
Time certificates of deposit 50,900
United States Treasury Bonds (at cost,
6-3/8%, due 2/15/82) 91, 597
United States Treasury Notes (at cost,
8%, due 5/18/82) 45,040
Accrued interest receivable 2,462 ~".`?~~, i20
The accompanying notes are an essential part
of the financial statements.
29
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, 1976
FUND BALANCE, OCTOBER 1, 1975
Transfers from Revenue Fund
Transfers from Water Main
Re location Fund
Investment earnings
$ (8,942)
$46,758
17, 207
272 $ 64,237
EXPENDITURE S
Capital outlay
Reimbursement to Village of
Tequesta for fire hydrant
rental fees
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 58, 768
6,000 64,768
FUND BALANCE, SE PTEMBER 30, 1976
Cash - checking account
Accounts payable
531)
$ 3,702
(13,175) 9 473)
The accompanying notes are an essential part
of the financial statements.
30
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, 1976
FUND BALANCE, OCTOBER 1, 1975
REVENUES
$14, 199
Investment earnings $ 3,133
EXPENDITURES None
EXCESS OF REVENUES OVER
EXPENDITURES 3,133
FUND BALANCE, SEPTEP~_BER 30, 1976
Cash - checking account $ gl
Time certificates o f deposit 55, 200
Accrued interest receivable 438
Accounts receivable 210
Customers' meter deposits (36, 590)
Due to other funds (2,017) 17,332
The accompanying notes are an essential part
of the financial statements,
31
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
WATER MAIN RELOCATION FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30 1976
FUND BALANCE, OCTOBER 1, 1975
REVENUE S
Proceeds from sale of tax
anticipation notes $297,366
Investment earnings 7,147
EXPENDITURES
Capital outlay $136, 350
Transfers to Capital Improvement
Reserve Fund 17,207
Miscellaneous expense 63
EXCESS OF REVENUES OVER
EXPENDITURE S
FUND BALANCE, SEPTEMBER 30, 1976
Cash - checking account
Time certificate of deposit
United States Treasury Notes
(at cost, 7-1/8%, due 11/30/76)
Accrued interest receivable
$304,513
153,620
$ 36,070
5, 900
$ None
150,893
106,299
2,624 5150,893
The accompanying notes are an essential part
of the financial statements.
32
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1976
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 governmental 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.
Investment s
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 me thod 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 depreciation has been provided on General Fixed Assets.
NOTE 2 - FEDERAL REVENUE SHP.RING 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 - PENSION PLAN
A11 permanent full-time employees of the Village are members
of the State retirement systemo
33
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1976
NOTE 4 - TAX ANTICIPATION NOTES PAYABLE - 5300,000
The debt was incurred in January, 1976 to provide interim
financing for the relocation of water lines. The notes bear
interest at 6% and become due on December 15, 1976. The
payment of principal and interest will be made from proceeds
derived from the sale of $2,500,000 Series 1976A Water Revenue
Certificates (See Note 5) .
NOTE 5 - SUBSEQUENT EVENT
On December 14, 1976, the Village of Tequesta negotiated the
sale of $2,500,000 Series 1976A Water Revenue Certificates.
The purpose of this issuance is to pay the tax anticipation
notes due December 15, 1976 and to finance the cost of construction
and acquisition of additions, extensions and improvements to the
Village's water system. The lien of the certificates on the
net revenues of the water system will rank junior and subordinate
to the lien thereon of the 1962 Series.
NOTE 6 - LAWSUITS - 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 had been 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.
The Village is involved in a lawsuit with Jupiter Inlet Corporation.
The Corporation contends that the Village had withdrawn water from
beneath its property depriving the corporation of the use of its
property A final judgment was entered in favor of the Village in
April, 1976, but the plaintiff has filed an appeal. In the opinion
of the Village attorney, the approximate liability to the Village
would range from $75,000 to $100,000 if the plaintiff should be
successful. This contingent liability is not presented on the
financial statements.
34
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
EXCISE TAX REVENUE BONDS - SERIES 1964
SEPTEMBER 30, 1976
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 $48,000 was outstanding on September 30, 1976; the schedule of
payments on the outstanding bonds follows:
COUPON ANNUAL
DUE DATE RATE PRINCIPAL INTEREST TOTAL REQUIREMENT
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 4.25 786.25 786.25
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 13,000.00 276.25 13,276.25 13,552.50
TOTAL ,548,000.00 X5,227.50 553,227.50 553,227.50
35
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 T equesta, 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
January 1, 1976 23,000
TOTAL CERTIFICATES
OUTSTANDING $1,560,000
36
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$1,560,000 - WATER REVENUE CERTIFICATES
SEPTEMBER 30, 1976
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5%
FISCAL YEAR
PRINCIPAL INTEREST TOTAL REQUIREMENT
1977 Jan. 1 $ 24,000 $ 39,000 $ 63,000 $
1977 July 1 38,400 38,400 101,400
1978 Jan. 1 25,000 38,400 63,400
1978 July 1 37,775 37,775 101,175
1979 Jan. 1 26,000 37,775 63,775
1979 July 1 37,125 37,125 100,900
1980 Jan. 1 28,000 37,125 65,125
1980 July 1 36,425 36,425 101,550
1981 Jan. 1 29,000 36,425 65,425
1981 July 1 35,700 35,700 101,125
1982 Jan. 1 30,000 35,700 65,700
1982 July 1 34,950 34,950 100,650
1983 Jan. 1 32,000 34,950 66,950
1983 July 1 34,150 34,150 101,100
1984 Jan. 1 34,000 34,150 68,150
1984 July 1 33,300 33,300 101,450
1985 Jan. 1 35,000 33,300 68,300
1985 July 1 32,425 32,425 100,725
1986 Jan. 1 37,000 32,425 69,425
1986 July 1 31,500 31,500 100,925
1987 Jan. 1 39,000 31,500 70,500
1987 July 1 30,525 30,525 101,025
37
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$1, 560, 000 - WATER REVENUE CERTIFICATES
SEPTEMBE R 30, 1976
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5%
PRINCIPAL INTEREST TOTAL
1988 Jan. 1 $ 41,000 $ 30,525 $ 71,525
1988 July 1 29,500 29,500
1989 Jan. 1 43,000 29,500 72,500
1989 July 1 28,425 28,425
1990 Jan. 1 45,000 28,425 73,425
1990 July 1 27,300 27,300
1991 Jan. 1 47,000 27,300 74,300
1991 July 1 26,125 26,125
1992 Jan. 1 50,000 26,125 76,125
1992 July 1 24,875 24,875
1993 Jan. 1 52,000 24,875 76,875
1993 July 1 23,575 23,575
1994 Jan. 1 55,000 23,575 78,575
1994 July 1 22,200 22,200
1995 Jan. 1 58,000 22,200 80,200
1995 July 1 20,750 20,750
1996 Jan. 1 61,000 20,750 81,750
1996 July 1 19,225 19,225
1997 Jan. 1 769,000 19,225 788,225
$1,560,000 $1,247,500
FISCAL FEAR
REQUIREMENTS
101, 025
100,925
100,725
100,425
101,000
100,450
100,775
100,950
100,975
788,225
$2,807,500 $2,807,500
38
NOWLEN, LYNCH & STEWART