CAFR_FY Ending_09/30/1979 t .-
,` ,,
I,
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1979
TABLE OF CONTENTS
PAGES
ACCOUNTANTS' REPORT 1_2
COMBINED BALANCE SHEET - ALL FUNDS
AND ACCOUNT GROUP 3-4
GENERAL FUND
Balance Sheet
Statement of Changes in Fund Balance
Statement of Revenues, Expenditures-and Transfers
SPECIAL REVENUE FUND - FEDERAL REVENUE SHARIDJG TRUST FUND 5
6
7
Balance Sheet g
Statement of Changes in Fund Balance g
Statement of Revenues and Transfers 10
DEBT SERVICE FUND
Balance Sheet 11
Statement of Revenues, Transfers,
Expenditures and Fund Balance 12
WATER FUND
Balance Sheet 13-14
Statement of Changes in Retained Earnings 15
Income Statement 16
Statement of Changes in Financial Position 17
STATEMENT OF GENERAL FIXED ASSETS i8
NOTES TO FINANCIAL STATEMENTS 19-24
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1979
TABLE OF CONTENTS
PAGES
SUPPLEMENTAL INFORMATION
General Fund
Schedule of Revenues and Transfers
Schedules of Expenditures and Transfers
Schedule of Revenues and Expenditures Under
Local Government Comprehensive Planning
Act Assistance Grant Contract No.
79TA-85-10-60--.2-006
Water Fund
Schedule of Operating Expenses -
Actual and Budgeted
Comparative Summary of Operations -
September 30, 1979 and 1978
Analysis of Restricted Funds Under
Revenue Bond Ordinance
Combined Schedule of Investments - All Funds
Amortization Schedule - Series 1978 Water
.Refunding Revenue Bonds
Schedule of Insurance
25-26
27-33
34
35-37
38
39-40
41-44
45-47
48-49
NOWLEN. LYNCH & STEWART
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUN TAN78
220 FLAGLER COURT BUILDING
PORT OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (306 668-3060
EVERETT B. NOWLEN, CPA
W. F. LYNCH, CPA ft®1a-7-1tM41
V. C. STEWART, CPA
ALAN L. TEDAMON80N, CPA
EDWARD T, HOLT, CPA
WILLIAM C. KISKER, 7R., CPq
WILLIAM B. MINER, CPA
JANET R. HARICEVICH, CPA
B. E. WEEKS, GPA
JACLYN J. TEDAMONHON, CPA
R. GREGORY SMITH, GPA
ROBERT W. HENDRIX, JR., GPA
DAVID B. BLAGK, CPA
The Honorable Mayor and Village Council
Village. of Tequesta, Florida
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA IN8T)TUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
BELLE GLADE, FLORIDA OFFICE
933 8. E. 2ND 8TREET
P09T OFFICE BOX 339
HELLS GLADE, FLORIDA 33430
TELEPHONE 19061 5196.5652
We have examined the financial statements of the various funds and
account group of the Village of Tequesta, Florida for .the year ended
September 30, 1979, 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 re-cords and such other auditing procedures as we con-
sidered necessary in the circumstances.
In our opinion, the aforementioned financial statements present
fairly the financial position of the various funds and account
group of the Village of Tequesta, Florida at September 30, 1979,
and results of operations of such funds and the changes in financial
position of the water fund for the year ended September 30, 1979,
in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding year,
We have also reviewed the provisions of the bond ordinances relating
to the receipts and application of funds, and in our opinion., based
on our examination of the financial statements, the Village has
complied. with such provisions. It should be noted that information
obtained on the basis of our examination of the financial statements
would not necessarily disclose defaults of a non-accounting nature.
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.
~~~~ ~
t
February 6, 1980 ~/
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUP
SEPTEMBER 30, 1979
ASSETS
Cash
Investments
Accrued interest receivable
Accounts receivable
Due from, other governments
Due from general fund (Note. 2)
Prepaid expenses and deposits
Restricted assets
Net property, plant and equipment
General fixed assets
Unamortized debt issue costs (Note l~
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Due to water funs
Customers' meter
Accrued interest
Long-term debt -
Less unamortized
and accrued payroll
3 (Note 2)
deposits
payable
water fund (Note 6)
debt discount (Note 1)
TOTAL
MEMORANDUM
ONLY
$ 180,126
281,200
6,785
131,722
23,5.56
123,472
820
1,711,939
3,666,691
405,548
178,337
$6,710,196
$ 82,994
123,472
65,988
132,131
3,915,000
(111,578)
TOTAL LIABILITIES
FUND EQUITY
Contributions
Investment in general fixed assets
Reserve - encumbrances (Note 7)
Reserves - water fund (Note 5)
Fund balances (deficit)
Retained earnings
TOTAL FUPv'D EQUITY
TOTAL LIABILITIES AND FUND EQUITY
The accompanying notes are an essential part
of the financial statements.
$4,208,007
$ 245,500
405,548
12,718
1,513,346
(62,746)
38.7,.823
$2,502,189
$6,710,196
3
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL .FUNDS AND ACCOUNT GROUP
SEPTEMBER 30, 1979
FEDERAL
REVENUE DEBT
GENERAL SHARING SERVICE WATER
FUND TRUST FUND FUND FUND
GENERAL
FIXED
ASSETS.
$ 84,614 $ 3,910. $ 602 $ 91,000 $
281,200
6,785
4,277. 127,445
19,794 3,762
123,472
280 540_
1,711,939
3,666,691
405,548
178,337
$108,965 $ 7,672 $ 602 $6,187,409 $405,548
$ 43,779 $ 16 $ 39,199 $
123,472
65,988
132,131
3,915,000
(111,578)
$167,251 $ -0-- $ 16 $4,040,740 $ -0-
$ $ $ $ 245,500 $
.405,548
10,618 2,1-00
1,513,346
(68,904) 5,572 586
387,823
$(58,286) $ 7,672 $ 586 $2,146,669 $405.,548
$108,965 $ 7,672 $ 602 $6,187,409 $405,548
The. accompanying notes are an essential part
of the financial statements.
4
NOWLEN, LYNCH & 57EWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30, 1979
ASSETS
Cash
Accounts receivable
Due from other governments
Deposits
TOTAL ASSETS
LIABILITIES, RESERVE AND FUND BALANCE (DEFICIT)
Liabilities:
Accaunts payable
Accrued payroll taxes
Prepaid occupational licenses
-Due to water fund (Note 2)
Total Liabilities
Reserve for encumbrances (Note 7)
Fund balance (deficit)
TOTAL LIABILITIES,. RESERVE
AND FUND BALANCE (DEFICIT)
The accompanying notes are an essential part
of the financial statements.
$ 84,614
4,277
19,794
$108,965
$ 25,742
4,398
13,639
123,472
$167,251
10,618
(68,904)
$108,965
5
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1979
FUND BALANCE, OCTOBER 1, 1978
Deduct:
Excess of expenditures and
transfers over revenues
and transfers
Increase in reserve for
encumbrances
FUND BALANCE, SEPTEMBER 30, 1979
The accompanying notes are an essential .part
' of the financial statements.
6
~ NOWLEN. LYNCH & STEWAR7
$286,296
344,582
10,618
$(68,904)
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 19.79
REVENUES AND TRANSFERS
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Intragovernmental services
TOTAL REVENUES
ACTUAL
$ 631,429
67,130
190,807
7,172
12,524
35,556
12,000
$ .956,618
39,500
$ 996,118
$ 628,998
58,250
195,737
5,820
8,000
20,300
12,000
$ 929;105
$ .169,923
395,799
150,930
543,838
4,397
63,813
$ 2,431
8,880
(4,930)
1,352
4,524
15,256
TRANSFERS FROM OTHER FUNDS
TOTAL REVENUES AND TRANSFERS
EXPENDITURES AND TRANSFERS
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
TOTAL EXPENDITURES
TRANSFERS TO OTHER FUNDS
TOTAL EXPENDITURES AND TRANSFERS
EXCESS. OF EXPENDITURES AND
TRANSFERS OVER REVENUES
AND TRANSFERS
$1,328,700
12,000
$1,340,700
BUDGET
39,500
OVER
(UNDER)
BUDGET
$ 27,513
$ 963.,605 $ 27,513
$ 194,510
415,027
153,800
400,434
6,728
80,169
$1,250,668
$ (.24,587)
(19,228)
(2,870)
143,404
(2,331)
(16,356a
$ 78,032
12,038
$1,262,706
(_3 8
$ 77,994
$ (.344,582) $ (294,101) $.50,481
The accompanying notes are an .essential part
of the financial .statements..
7
NOWLEN, LYNCH & S7EWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
BALANCE SHEET
SEPTEMBER 30, 1979
ASSETS
Cash $3,910
Due from Federal Government -
entitlement payment 3,762
TOTAL ASSETS $7,672
RESERVE AND FUND BALANCE
Reserve for encumbrances (Note 7) $2,100
Fund balance 5,572
TOTAL RESERVE AND
FUND BALANCE $7,672
The accompanying notes are an essential part-
of the financial statements.
8
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1979
FUND BALANCE, OCTOBER. 1, 1978
Deduct:
Excess of transfers over
revenues
Increase in reserve
FUND BALANCE, SEPTEMBER 30, 1979
The accompanying notes are an essential part
of the financial statements.
9
NOWLEN, LYNCH & $TEWART
$30, 600
22,928
2,100
$ 5,572
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF REVENUES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
OVER
(UNDER)
ACTUAL BUDGET BUDGET
REVENUES
Entitlement payments $ 15,045 $ 15,930 $ (885)
Investment earnings 1,527 1,375 152
TOTAL REVENUES $ 16,5?2 $ 17,305 $ (733)
Transfers to general .fund:
Road and street facilities $ 26,275 $ 26,900 $ (625)
Law enforcement 12,894 14,900 (2,006).
Parks and ,recreation 4,2.00 (4,200)
Financial and administrative 205 205
Other general government 126 300 (174).
TOTAL TRANSFERS $ 39,500 $ 46,505 $(7,005)
EXCESS OF TRANSFERS
OVER REVENUES $(_22,9281 $(29,200) $ 6,272
The accompanying notes are an essential part
of the financial statements.
10
NOWLEN, LYNCH & STEWART'
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
SEPTEMBER 30, 1979
ASSETS
Cash
LIABILITIES AND FUND BALANCE
Liabilities:
..Accounts payable
Fund balance.
TOTAL LIABILITIES AND
FUND BALANCE
The accompanying notes are an essential. part
of the financial statements.
$ 602
$ 16
586
$ 602
11
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
STATEMENT OF REVENUES, TRANSFERS, EXPENDITURES AND FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1979
Investment earnings $ 861
TRANSFERS
Transfers from general fund 12,000
TOTAL REVENUES AND TRANSFERS $ 12,861
EXPENDITURES
Principal payments $25,000
Lnterest payments 1,063
Premium paid on bond redemption 130
Paying agent's fee 55
Miscellaneous expense 137 26,385
EXCESS (DEFICIENCY) TO
FUND BALANCE
FUND BALANCE, OCTOBER 1, 1978
FUND BALANCE, SEPTEMBER 30, 1979
The accompanying notes are an essential part
of the financial statements.
$ (13,524)
14,110
$ 586
12
NOWLEN, LYNCH & 6TEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1979
ASSETS
CURRENT ASSETS
Cash $ 91,000
Certificates of deposit 281,200
Accounts receivable 127,445
Accrued interest receivable 6,785
Prepaid expenses 540
Due from general fund (Note 2) 123,472
TOTAL CURRENT ASSETS $ 630,442
RESTRICTED ASSETS
Cash and investments:
Cash with paying agent $ 132,131
Sinking fund 1,766
Bond amortization fund 615,575
Reserve account 266,744-
Renewal and replacement fund 24,596
Meter deposits fund 99,118
Water main relocation fund 19,898
1976 water construction fund 323,400
Capital improvement fund 254,017
Less unamortized discount on investments (38,624)
Accounts receivable - meter deposits fund 311
Accrued interest receivable 13,007
TOTAL RESTRICTED ASSETS 1,711,939
PROPERTY, PLANT AND EQUIPMENT
At cost:
Land $ 92,042
Plant and equipment 4,162,490
$4,254,532
Less accumulated depreciation (Note 1) 587,841
NET PROPERTY, PLANT AND EQUIPMENT 3,666,691
OTHER ASSETS
Unamortized debt issue costs (iJote 1? 178,337
TOTAL $6,187,409
The accompanying notes are an essential part
of the financial statements.
13
VILLAGE. OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1979
LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS
CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable, accrued payroll
and utilities taxes $ 38,725
CURRENT LIABILITIES (PAYABLE FROM RESTRICTED. ASSETS)
Accounts payable $ 474
Customers' meter deposits 65,988
Accrued interest payable 132,131 198,593
TOTAL CURRENT LIABILITIES $ 237,318
LONG-TERM DEBT
Water. refunding revenue bonds
payable - .series 1978 (Note 6)
Less: L'namortized debt discount
(Note 1)
TOTAL LONG-TERM DEBT
TOTAL LIABILITIES
RESERVES (rdote 5 )
CONTRIBUTIONS
Contributions from customers
RETAINED EARNINGS
TOTAL
$3,915,000
(111,578)
3,803,422
.$4,040,740
1,513,346
245,500
387,823
The accompanying notes are an essential part
of thefinancial statements..
14
NOWLEN, LYNCH & STEWART
$6,187,409
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND.
STATEMENT OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
Balance of Retained Earnings,
October 1, 1978
Add:
Net income for the year
Decrease in reserves
Balance of Retained Earnings,
September 30, 1979
The accompanying notes are an essential .:part
of the financial statements.
15
NOWLEN, LYNCH & STEWART
$ 67,844
131,660
188,319
$387,823
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
INCOME STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1979
OPERATING REVENUES
Water sales
Connection fees and service charges
Fire hydrant rental fees
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Purchased water
Pumping and storage expense
Distribution expense
Office and administrative expense
TOTAL OPERATING EXPENSES BEFORE
DEPRECIATION
OPERATING INCOME BEFORE DEPRECIATION
DEPRECIATION (Note d)
NET OPERATING INCOME
NON-OPERATING INCOME (EXPENSES)
Investment earnings
Interest on debt
Debt discount amortization and
paying agents' fees
NET INCOr1E
The accompanying notes are an essential part
of the financial statements.
16
NOWLEN. LYNCH & STEWART
$818,523
15,973
8,500
$842,996
_ $328,500
67,109
50,883
47,319
$493,811
$349,185
93,923
$255,262
152,596
(264,263)
(11,935)
$131,660
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1979
SOURCES OF FUNDS..
Operations:
Net income for the year
Items not requiring current outlay of funds:
Depreciation and amortization
Total Operations
Contributions from customers
Decrease in restricted assets
TOTAL
APPLICATIONS OF FUNDS
Increase in property, plant and equipment
Increase in working capital
TOTAL
Various Elements of Net Increase in Working Capital:
$131,660
104,095
$235,755
150,600
182,379
$568,734
$389,230
179,504
$568,734
INCREASE
(DECREASE)
Cash
Certificates of deposit.
Accounts receivable
Accrued interest receivable
Prepaid expenses
Due from general fund
Accounts payable, accrued payroll
and utilities taxes
Customers' meter deposits
TOTAL
The accompanying notes are an essential part.
of the financial statements.
$ 5,033
15,700
34,229
3,850
280
123,472
8,642
(11,7021
$179,504
17
NOWLEN, LYNCH & STEWART
.VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1979
GENERAL FIXED ASSETS
Land
Buildings
Improvements other than buildings
Equipment
Total General Fixed Assets
INVESTMENT IN GENERAL FIXED ASSETS
Total investment in .general fixed
assets from bonds, general
revenues and gifts
The accompanying notes are an essential part
of the financial statements..
18
NOWLEN, LYNCH & STEWART
$ 35,000
150,666
46,116
173,766
$405,548
$405,548
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The .Village of Tequesta, Florida is a municipality located in
Palm Beach County, Florida, .incorporated under the laws of the
State of Florida.
Funds
The following types of funds are used in accounting for the
financial operations of the Village of Tequesta, Florida:
General Fund
General fund to account for all financial transactions not
properly accounted for in another fund. -
Special Revenue Fund - Federal Revenue Sharing Trust Fund
Special revenue fund to account for the proceeds of specific
revenue sources or to finance specific activities as required
by law.
Debt Service Fund
Debt service fund. to account for the payment of interest and
principal on matured, long-term debt other than revenue bonds.
Water Fund
Water fund to account for the financing of services to the general
public where all or most of .the costs involved are paid for in the
form of charges by users of such services.
Group of Accounts
The following type of group of accounts is used in accounting
for the Village's general fixed assets:.
General Fixed Assets Group of Accounts
All long-term assets of the Village other than those recorded in
the water fund, are general .fixed assets. These assets are
accounted for by placing them in a single, self-balancing group
of accounts. The acquisition of assets by the Village is accounted
for as an expenditure in the .fund in which it is made and also, as
an increase-in the general fixed assets group of accounts. No
depreciation has been provided on general fixed assets.
19
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE l - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting
General Fund, Special Revenue Fund and Debt Service Fund
The modified accrual basis of accounting which is that method of
accounting in which revenues are normally recognized when collected,
except for revenues susceptible to accrual or of a material amount
which have not been received at the normal time of receipt and
in which expenditures are recognized when incurred, other than
accrued interest on general long-term debt which is recorded when
due.
Water Fund -
The accrual basis of accounting which is that method of accounting
whereby expenses and related liabilities are recorded when incurred
and revenues and related assets are recorded when earned.
Investments
Investments are stated at cost.
Accounts Receivable.
No allowance for doubtful accounts is considered necessary at
September 30, 1979.
Depreciation
Water fund fixed assets purchased are stated at cost. Depreciation
has been computed-using the straight-line method over the following
estimated useful lives of the assets.
Plant 50 Years
Equipment 20-30 Years
Office equipment 6 Years
Vehicles 4 Years
Amortization - Water Fund
Debt discount and issue costs are .amortized over the life of the
related bondissue. Amortization for 1979 is $10,172.
20
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE 2 - DUE TOjFROM WATER FUND/GENERAL FUND
During the year ended September 30, 1979, the water fund advanced
$123,472 to the general fund. .The purpose of the advance was to
assist the general fund in payment of expenditures for drainage
and street resurfacing improvements. It is .anticipated that this
advance will be returned to the water fund within one year
(see note 8).
NOTE 3 - PENSION PLAN.
A11 full-time Village. employees are eligible to participate in
the non-contributory state retirement system as authorized. by
Chapter 121 of the Florida Statutes. Total pension costs for
the year ended September 30, 1979 were $53,792. As of
September 30, 1979, there was no unfunded liability for prior
service costs.
NOTE 4 - WATER FUND - REQUIRED PAYMENTS PER BOND ORDINANCE
Pursuant to Ordinance 260 enacted by the Village Council on
May 9, 1978, the Village has issued water refunding revenue
bonds series 1978 outstanding in the principal amount of
$3,915,000. Ordinance 260 provides for the disposition of.
all revenues derived from the operation of the water system.
Revenues are first to be used for payment of all current
operating expenses. Revenues are next to be used for the
required payments for principal and interest on, and reserve
for, the outstanding water refunding revenue bonds. Revenues
are next to be used to maintain the renewal, replacement and
improvement of the water system. Such payments to the renewal
and replacement fund are made monthly equal to one-twelfth of .the
estimated annual cost of extensions, additions to, enlargements
and replacement of capital assets of the system and emergency
repairs thereto ,'such cost to be established by recommendation
of the consulting engineer. Finally, any revenues remaining
may be used for any lawful purpose.
21
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE 5 - RESERVES - WATER FUND
The revenue bond ordinance described in note 4, required the
e tablishment of the following accounts.:
Account Purpose
Revenue Fund To collect the entire gross revenues
derived from the system, except invest-
ment earnings.
Operation and To pay fully accrued operating
Maintenance Fund expenses.
Sinking Fund To accumulate sufficient f~znds to meet
.annual debt service requirements
through transfers from the revenue
fund.
Bond Amortization Fund Established within the sinking fund
to meet principal payment on the..
debt.
Reserve Account To accumulate funds for payment of
principal and interest. only if funds
in the sinking fund are insufficient.
Renewal and Replacement To accumulate funds for the purpose
Fund of funding the cost of extensions,
additions to, enlargements and
replacement of capital assets of the
system and emergency repairs thereto.
NOTE 6 - LONG-TERM DEBT - WATER FUND.
The long-term :debt. consists of series 1978 water. refunding revenue
term bends. The term bonds bear interest at 6.75% and mature as
follows:
$2,010,000 October 1, 2003
1,905,000 April 1, 2007
$3,915,000
22
- _ NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE 6 - LONG-TERM DEBT - WATER FUND (Continued?
U.S. Treasury obligations bearing 7-5/8~ interest will be
purchased with funds required to be deposited by the Village
into a bond amortization fund. The purpose of this fund is
to meet the principal payments on the term bonds. The
interest .derived from .the U.S. Treasury obligations will re-
main in the fund to be reinvested until fully funded. The
required deposits by the Village are as follows:
Date
10/1/78 $536,100
4/1/79 700
10/1/79 700
4/1/80 700
10/1/8 0 700/
4/1/81 _ 700
10/1/81 700
4/1/82 700
10/1/82 700
4/1/83 700
10/1/83 700
4/1/84 700
10/1/84 700
4/1/85 700
10/1/85 700
4/1/86 700
10/1/86 700
4/1/87 700
10/1/87 700
4/1/88 700
10/1/88 700
4/1/89 700
10/1/89 700
4/1/90 700
10/1/90. 700
4/1/91 700
10/1/91 70'0
4/1/92 704
10/1/92 700
4/1/93 700
10/1/93 700
$557,.10.0
23
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1979
NOTE 7 - RESERVES FOR ENCUMBRANCES
The encumbrances recorded represent amounts appropriated for
bicycle paths outstanding at September 30, 1979.
NOTE 8 - OTHER MATTERS
The Village was involved in a lawsuit with Jupiter Inlet
Corporation. The Corporation contended. that the Village had
withdrawn water from beneath its property depriving the Corpor-
ation of the use of its property. A final judgment was entered
in favor of the Village by the United States Supreme Court on
September 24, 1979.
The Village has entered into contracts for a drainage and
street resurfacing program amounting to approximately $856,000.
The Village has expended through September 30, 1979, approxi-
mately $411,000 of which .$123,472 was advanced from the water
fund. A final decision on how the remaining program costs will
be financed has not been made, but the Village is considering
issuing an amount not exceeding $910,000 improvement revenue
bonds to pay these remaining program costs and to repay the
water fund advance. Pledged revenues for the anticipated
bond issue would consist of the: guaranteed entitlement. portion
of state revenue sharing trust funds, public service utilities
taxes, certain franchise fees and occupational license taxes.
24
NOWLEN. LYNCH & STEWART
SUPPLEMENTAL INFORMATION
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
OVER
(UNDER)
ACTUAL BUDGET BUDGET
TAXES
Ad valorem taxes $374,462 $373,388 $ 1,074
Franchise taxe s 112,021 112,400 (379)..
Utility taxes 123,619 122,000 1,619
Cigarette taxes 15,778 15,600 ~ 178
Beverage license tax 4,466 4,410 56
Gas tax refund 1,083 1,200 (117)
TOTAL .TAXES $631,429 $628,998 $ 2,431
LICENSES AND PERMITS
Building permits $ 41,161. $ 36,000 $ 5,161
Occupational licenses 25,619 22,000 3,619
Other permits 350 250 100
TOTAL LICENSES AND PERMITS $ 67,130 $ 58,250 $ 8;880
INTERGOVERNMENTAL REVENUES
State revenue sharing. $129,249 $129,200 $ 49
County road and bridge tax 24,116 30,000 (5,884)
Homestead exemption 12,974 12,069 905
State planning assistance program. 5,406 5,406
County recreational funding 19,062 19,062
TOTAL INTERGOVERNMENTAL REVENUES $190,807 $195,737 $(4,930)
CHARGES FOR SERVICES
Zoning. fee s. $ 210. $ 100 $ 110
Certification, copying and
sale of maps and publications 933 920 13
Police desk message service 1,200 1,200
Building inspection service 2,865 500 2,365.
Tennis court light fees 1,964 3,100 (1,136)
TDTAL.CHARGES FOR SERVICES $ 7,172 $ 5,820. $ 1,352
25
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
OVER
(UNDER)
ACTUAL BUDGET BUDGET
FINES AND FORFEITURES
Fines and forfeitures
Parking fines
TOTAL FINES AND FORFEITURES
MISCELLANEOUS REVENUES
Investment earnings
Other miscellaneous
Trash bag sales
TOTAL MISCELLANEOUS REVENUES
$ 9,359 $ 5,200 $ 4,159
3,165 2,800 365
$.12,524 $ 8,000 $ 4,524
$ 29,934 $ 15,000 $14,934
2,025. 1,800 225
3,597 3,500 97
$ 35,556 $ 20,300 $15,256
INTRAGOVERNMENTAL SERVICES
Administrative management -
water fund
Office rent - water fund
TOTAL INTRAGOVERNMENTAL REVENUES.
TOTAL REVENUES
TRANSFERS FROM OTHER FUNDS
Federal revenue sharing fund
TOTAL REVENUES APID TRANSFERS
$ 7,000 $ 7,000 $
5,000 5,000
$.12,000. $ 12,000 $ -0-
$956,618 $929,105 $27,513
39,500 39,500
$996,118 $968,605 $27,513
26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
(OVER)
UNDER
GENERAL GOVERNMENT ACTUAL BUDGET BUDGET
Legislative
Salaries
Travel.
Other current charges
Total Legislative
Executive - Village Manager
Salaries-
FICA.taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Travel
Other current charges
Books, publications, dues
Total Executive - Village Manager
Executive - Village Clerk
Salaries
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Travel
Other current charges
Operating supplies
Books, publications, dues
$ 3,000 $ 3,100 $ 100
423 800 377
25 25
$ 3,423 $ 3,925 $ 502
$ 26,067 $ 2,067 $
1,229 .1,231 2
2,447 2,448 1
911 990 79
65 70 5
1,369 1,450 81
11 120 109
5 50 45
$ 32,104 $ 32,426 $ 322
$ 11,696 $ 12,540 $ 844
715 773. 58
1,099 1,163 64
229 263 34
30 34 4
318 750 432
1,641 2,200 559
40 300 260
35 50 15
Total Executive - Village Clerk
$ 15,803 $ 18,073 $ 2,270
27
NOWLEIV, LYNCH & S7EWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
GENERAL GOVERNMENT (Continued)
Financial and Administrative
(OVER)
UNDER
ACTUAL BUDGET BUDGET
Salaries
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Accounting and auditing
Travel
Other current charges
Office supplies
Books,. publications, dues
Machinery and equipment
Total Financial and Administrative
Legal Counsel
Professional services
Total Legal Counsel
Comprehensive Planning
Professional services
Printing and binding
Other
Total Comprehensive Planning
$ 9,780 $ 10,833 $ 1,053
598 668 70
916 1,005 89
731 823 92
24 29 5
3,500 3,500
50 50
50 50
68 ~ 100 32
50 50
.684 926 242
$ 16,301 $ 18,034 $ 1,733
$ 18,646 $ 23,000 $ 4,354
$ 18,646 $ 23,000 $ 4,354
$ 14,375 $ 14,375 $
568. 1,000 432
1,587 1,700 113
$ 16,530 $ 17.,075 $ 545
f
i
28
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
GENERAL GOVERNMENT .(Continued)
Other General Government
Salaries
Merit. pay
FICA taxes
Retirement contributions
Life and health insurance
LVorkmen's compensation
Unemployment compensation
Professional services
Communication services
Transportation
Utility services
Rentals and leases
Fire hydrant rental fees
Office equipment - Xerox
Others
Insurance
Village hall maintenance
Office machine repairs
Other current charges
Office supplies
Books, publications,. dues
Aid to private' organizations.
Other grants and aids
Contingencies
Machinery
Total. Other General Government
TOTAL GENERAL GOVERNMENT
ACTUAL BUDGET
(OVER)
UNDER
BUDGET
$ 15,112 $ 15,228 $ 116
2,203 7,815 5,612
931. 939 8
1,422 1,425 3
1,004 1,238 234
36 41 5
1,000 1,000
1,097 1,425 328
1,954 2;200. 246
1,179 1,300 121
6,760 6,800 40
8,500 8,500
3,381 3,250 (131)
30 40 10
896 1,515 619
3,409 4,700 1,291.
421 4.50 29
2,304 2,100 (204)
1,642 1,700 58
594 637 43
9,620 9,620
4,416 4,420. 4
5,429 5,429
205 205
$ 67,.116 $ 81,977 $ 14,861.
$ 169,923 $ 194,510 $ 24,587
29
NOWLEN, LYNCH & STEWART
.VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES A1VD TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
PUBLIC SAFETY
Law Enforcement
Salary - police chief
Salarv - lieutenant
Salary - patrol sergeants
Salary - detective
Salary - senior patrol officer
Salary - patrol
Salary - dispatchers
Overtime
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Travel
Communications services
Insurance
Repair and maintenance services
Printing and binding
Other current charges
Personnel training
Office supplies
Gasoline and oil
Uniforms and equipment
Books, publications, due s
Total Law Enforcement
.Detention .and/or Correction
Other contractual services -
Pa1m Beach County Sheriff's
Department
(OVER)
UNDER
ACTUAL BUDGET BUDGET
$ 20,712 $ 20,712 $
15,542 15,542
41,064 42,168 1,104
15,179. 15,179
14,194. 14,365 171
109,084 111,900 2,816.
31,650 33,691 2,041
1,651 1,850 199
15,319 16,092 773
32,978 35,579 2,601
_ 10.,959 12,731 1,772
6,930 7,960 1,030
2,635 2,500 (1351
2,133 2,200 67
7,198 7,350 152
7,901 8,500 ~ 599
422 500 78
826 1,530 704
405 500 95
362 500 ~ 138
12,185 12,300 115
15,234 15,234
205 250 45
$ 364,768 $ 379,133 $ 14,365
-0- $ 100 $ 100
30
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND TRANSFERS'
FOR THE YEAR ENDED. SEPTEMBER 30, 1979
PUBLIC SAFETY (Continued)
Protective Inspections
Salary - building official
Salary -.other
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Travel
Communications services
Other current charges
Books, publications, dues
Machinery and equipment
Total Protective Inspections
Emergency and Disaster .Relief
Civil defense
Disaster relief contingency
Machinery and equipment
Total Emergency and Disaster Relief
TOTAL PUBLIC SAFETY
PHYSICAL ENVIRONMENT
Contractual.: service - garbage
Contractual service - trash
TOTAL PHYSICAL ENVIRONMENT
(OVER)
UNDER
ACTUAL BUDGET BUDGET
$ 19,453 $ 19,453 $
4,912 4,912
1,426 1,441 15
2,288 2,288
501 594 93
900 934 34
816 900 84
335 _ 330 (5)
223 400 177
70 100 30
107 242 135
$ 31,031 $ 31,594 $ 563
$ $ 500 $ 500
3,200 3,200
500 500
$ -0- $ 4,200 $ 4,200
$ 395,799 $ .415,027 $ 19,22.8
$ 106,808 $ 109,000 $ 2,192
44,122 44,800 678
$ 150,930 $ 153,800 $ 2,870
31
1VOWLEN, LYNGH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1979
TRANSPORTATION
Road and Street Facilities
Salary,- superintendent
Salary - maintenance
Overtime
FICA taxes
Retirement
Life and health insurance
Workmen's compensation insurance
Travel
Utilities services
Insurance
Repair and maintenance - truck
Other current charges
Gasoline and oil - truck
Gasoline and oil - other
Small tools
Traffic signs
General maintenance
Trash bags
Road materials and supplies
Road and drainage improvements
Machinery and equipment
Total Road and Street Facilities
TOTAL TRANSPORTATION
HUMAN SERVICES
Health - Mosquito Control
Wages
FICA taxes
Retirement.
Repairs and maintenance
Other current charges
Gasoline and oil
Insecticide
ACTUAL
$ 13,167
28,536
465
2,581
3, 974
2,406
1,598
14
9,093
4,sOs
1,566
340
1,608
203
456
434
23,064
3,517
9,424
435,772
1,112
543,838
$ 543,838
$ 864
53
51
516
37
2,876
Total Health - Mosquito Control
TOTAL HUMAN SERVICES
$ 4,397
$ 4,397
BUDGET
$ 13,167
28,536
500
2,596
4,068
2,656
1,674
50
9;200
4,510
2,000
400
1, 650
200
664
600
23,000
3,6.00
9,450
290,801
1,112
$ 400,434
$ 400,434
$ 1,500
92
137
550
49
50
4,350
$ 6,728
$ 6.,728
32
NOWLEN, LYNCH & STEWART
(.OVER)
UNDER
BUDGET
35
15
94
250
76
36
107
2
434
60
42
(31
208
166
{64 )
83
26
(144,9?11
$ {143,404
$(143,404)
$ 636
39
86
34
49
13
1,474
2,331
$ 2,331
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE. OF EXPENDITURES AND TRANSFERS
FOR THE YEAR ELdDED SEPTEMBER 30, 1979
CULTURE/RECREATION
Parks and Recreation
(OVER)
UNDER
ACTUAL BUDGET BUDGET
Wages - director
Wages - maintenance
Wages - playground leaders
Wages - tennis court supervisor
Overtime
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Travel
Communication services
Electricity.- trailer and office
Electricity - field lights
Electricity - security lights
Water
Insurance
Building and equipment repairs
Field repairs
Truck repairs
Other current charges
Office supplies
Gasoline and oil - truck
Small tools.
Minor equipment
Program. expense
Books, publications, dues
Playground, parks, improvements
Bicycle path
Total Parks and Recreation
TOTAL CULTURE/RECREATION
TOTAL EXPENDITURES.
TRANSFERS TO OTHER FUNDS
Transfers to debt service fund
TOTAL EXPENDITURES AND TRANSFERS
$ 16,004 $ 16,004 $
8,912 8,912
3,180 3,600 420
2,401 2,500 99
122 200 78
1,552 1,574 22
2,364 2,386 22`
1,246 1,368 122
793 1,035 242
1,004 1,150 14b
293 400 107
1,466 1,700 234
455 1,700 1,245
179 200 21
953 700 (253)
452 700 248
2,916 3,000 84
2,489 2,500 11
289 300 11
165 170 5
1 50 49
264 240 (24)
141 150 9
769 800 31
461 800 339
25 30 5
.14,.917 15,000 83
13,000 13,000
$ 63,813 $ 80,169 $ 16,356
$ 63,813 $ 80,169 $ 16,356.
$1,328,700 $1,250,668 $(78,032)
12,000 12,038
$1,340,700 $1,262,706
33
NOWLEN, LYNCH & STEWART
38
$(77,994)
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF REVENUES AND EXPENDITURES. UNDER
LOCAL GOVERNMENT COMPREHENSIVE PLANNING ACT
ASSISTANCE GRANT CONTRACT NO. 79TA-85-10-60-2-006
FOR THE YEAR ENDED SEPTEMBER 30, 1979
REVENUES
State grant
Village cash match
TOTAL REVENUES
EXPENDITURES
Consultants' fees
Travel expenses. and
.miscellaneous expenses
Salaries
Office expense
Maps
Printing
Advertising
TOTAL EXPENDITURES
EXCESS OF EXPENDITURES
Amount Purpose
$ 5,406 State grant per agreement
2,703 Village matching funds per
agreement
$ 8,109
$10,000 .Preparation of comprehensive
development plan
51 Miscellaneous out-of-pocket
expenses of consultants
274 Typing services
180 Postage and stationery
80 Charge for maps
425 Printing of comprehensive
development plan
826 Publications of notices
of public hearings
$11,836
$ 3,727
34
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
FOR THE YEAR ENDED SEPTEMBER 30, 1979
PURCHASED WATER
PUMPING AND STORAGE EXPENSE
Regular salaries and wages
Superintendent
Assistant superintendent
Overtime
FICA taxes
Retirement contributions
Life and health insurance
Workmen's compensation
Professional services - U.S.G.S.
Water tank maintenance
Communications service -
telephone lease line - contols
Utility services - electricity
Insurance
Repair and maintenance services
.machinery and equipment
Building and other
Truck and tractor
Miscellaneous
Office supplies.
Truck and tractor gasoline
and oil
Chemicals
Small tools
Laboratory supplies.
General diesel fuel
TOTAL PUMPING AND STORAGE EXPENSE
DISTRIBUTION EXPENSE
Regular salaries and wages
Superintendent
Assistant superintendent
Meter reader/water analyst
Labor
Other salaries and wages
part-time
Overtime
Sub-Total
ACTUAL BUDGET
$328,500 $328,500
$ 9,727
5,566
1,485
996
1,573
629
607
3,217
3,400
672
27,494
3,327
3,616
481
1,102
560
193
1,178
531
612
75
67,109
$ 9,727
5,595
1,500
1,100
1,600
680
759
3,600
3,700
700
28,.50-0
3,330
5,000
500
1,200
625
300
1,300
800
700
250
299
$ 71,765
$ 9,726 $ 9,726
5,566 5,594
5,740. 8,483-
15,073 16,991
84 690
2,605 2,600
$ 38,794 $ 44,084
-35
NOWLEN,'LYNCH & STEWART
(OVER)
UNDER
BUDGET
29
15
104
27
51
152
383
300
28
1.,006
3
1,384
19
98
65
107
12z
269
88
175
$ .4,656
$ 28
2,743
1,918
606
(5 )-
$ 5, 290
VILLAGE OF TEQUESTA, FLORLDA-
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
FOR THE YEAR ENDED SEPTEMBER 30, 1979
DISTRIBUTION EXPENSE (Continued)
Total Brought. Forward
FICA taxes.
Retirement contributions
Life and health insurance
Workmen's compensation
Insurance - auto and truck
Repair and maintenance services
Machinery and equipment
Truck and tractor
Miscellaneous
Truck and tractor gasoline .and oil
TOTAL DISTRIBUTION EXPENSE
OFFICE AND ADMINISTRATIVE
(OVER1
UNDER
ACTUAL BUDGET BUDGET
38,794 $ 44,084 $ 5,290
2,381 2,506 125
3,676 3,852 176
1,586 1,675 89
947 975 28
827 830 3
246 1;500. 1,254
953 1,000 47
260 300 40
.1,213 1,250 __ 37
$ 50,883 $.57,972 $ 7,089
Regular salaries and wages
Office clerk $ 10,316 $ 10,316 $
Other salaries and wages
Office clerk - part-time 4,431 4,500 69
Merit pay 1,272 1,272
FICA taxes 681 700 19
Retirement contributions 1,003 1,010 7
Life and health insurance 201 232 31
Workmen's compensation 33 40 7
Unemployment compensation- 300 300
Professional service s
Legal. 300 8,000 7,700
Engineering service 1,328 3,000 1,672
Financial consultant l 1
Accounting and .auditing 5,900 5,000 (9001
Travel and per diem 400 400
Communications services - telephone 839. 884 45
Rentals and leases
Rent - Village of Tequesta 5,000. 5,000.
Lease - Florida East Coast Railway 80 80
Other 30 30
Insurance 1,595 2,300 705
Sub-Total $ 31,737 $ 43,065 $ it,328
_36
NOWLEN. LYNCH & STEWAR7
VILLAGE OF TEQUESTA, FLORIDA
WATEP. FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGET
FOR THE YEAR ENDED SEPTEMBER 30, 1979
(OVER)
OFFICE AND ADMINISTRATIVE (Continued)
Total Brought Forward
Repair and maintenance services
Office machines
Other
Licenses and fees
Miscellaneous
Administrative management
Contingencies
Personnel training
Office supplies
Books, publications, subscriptions
and memberships
TOTAL OFFICE AND ADMINISTRATIVE
TOTAL OPERATING EXPENSES
TOTAL NUMBER OF CUSTOMERS
CONNECTED TO SYSTEM AT
SEPTEMBER 30, 1979
(UNAUDITED)
UNDER
ACTUAL BUDGET BUDGET
$31,737 $ 43,065 $_11,328
153 225 72
100 100
1,650 1,700 50
1,459 2,000 541
7,000 7,000
~., 000 1, 000
60 300 240
5,160 6,000 840
100 200 100
$ 47,319 $ 61,590 $ 14,271
$493,811 $519,827 $ 26,016
2,934
37
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
COMPARATIVE SUMMARY OF OPERATIONS
FOR THE YEARS ENDED SEPTEMBER 30, 1979 AND 1978
OPERATING REVENUES
OPERATING EXPENSES BEFORE
OPERATING INCOME BEFORE
DEPRECIATION
NET OPERATING INCOME.
NON-OPERATING INCOME (EXPENSESI
INCOME BEFORE EXTRAORDINARY ITEM
EXTRAORDINARY ITEM
NET INCOME
1979
$ 842,996
1978
$ 796,737
493,811 494,792
$ 349,I85 $.301,945
93,923 74,940
$ 255,262 $ 227,005
(123,.602) (113,582)
$ 131,660 $ 113,423
334,363
$ 131,660 $447,786
38
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALYSIS OF' RESTRICTED FUNDS UNDER REVENUE BOND ORDINANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1979
TOTAL
Balance, October 1, 1978
Cash and investments
Unamortized discounts on investments
Accrued interest receivable
Due from paying agent
Increases:
Transfers from net income
Investment earnings
Total
Decreases:
Interest payments
Paying agent's fees
Transfers to other unrestricted funds
Total
Balance, September 30, 1979
Cash and investments
Unamortized discount on investments
Accrued interest receivable
Prepaid expenses
$ .861,558
(38, 007)
10,417
6,884
$ 840,852
262,669
72,741
$1,176,262
$ 264,263
660
33,831
$ 298,754
$ 908,681
(38,624)
7,151
300
$ 877,508
39
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALYSIS OF RESTRICTED FUNDS UNDER REVENUE BOND ORDINANCE
.FOR THE YEAR ENDED SEPTEMBER 30, 1979
REFUNDING
REVENUE- CAPITAL
BONDS BOND RENEWAL AND IMPROVEMENTS
SINKING AMORTIZATION RESERVE REPLACEMENT RESERVE.
FUND FUND ACCOUNT FUND FUND
$ $565,000 $266,758 $25,200 $ 4,600
(38,007)
5,547 4,675 195
6,884
$ 6,8:84 $532,540 $271,433 $25,395 $ 4,600
257,441 5,228
5,026 44,853 20,942 1,782 138
$269,351 $582,621 $292,375 $27,177 $ 4,738
$264,263 $ $ $ $
660
2,362 24,342 2,389 4,738
$267,285 $ -0- $ 24,342 $ 2,389 $ 4,738
$ .1,766 $615,575. $266,744 $24,596 $
(38,6241
5,670 1,289 192
300
$ 2,066 $582,621 $268,033 $24,788 $ -0-
40
NOWLEN. LYNCH & STEWART
.VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDU LE OF INVESTP~iENTS - ALL FUNDS
SEPTEMBER 30, 1979
UNITED STATES TREASURY OBLIGATIONS
UNAMORTIZED MARKET INTEREST MATURITY
PAR VALUE COST DISCOUNT VALUE RATE DATE
Water fund
Customer meter
deposits fund $ 55,000 $ 53,434 $ $ 52,899 6.750 8/15/80
Reserve account 55,000 54,880 51,832 8.250 8/15/85
Capital improve-
ment fund 35,000 34,009 33,663 6.750 8/15/80
Bond amortization
fund 590.,000 549,.998 38,624 .497,016 7.625 2/15/07
41
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1979
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
AMOUNT- DATE DATE
Water Fund
Reserve account
Renewal and replacement fund
1976 water .construction fund
Retained earnings account
$ 1,000 6.50
208,84.8 7.5.0
2,000 6.50
.1,800 6.00
1,700 6.00
3,300 6.00
2,000 6.00
15,700 .9:77
214,400 9.70
108,000 10.25
50,.800 9.49
22,100 9.42
99,900 9.04
13,100 9.48
40,200 6.50
2,900 6.50
5,000 6.50
2,000. 6.50
2,900 6.50
2.,000 6.50
1,800 6.50
21,100 .6.50
2,000 6.50
2,300 6.50
2,600 6.50
3,000 6.50
2,500 6.50
3,000 6.50
2,000 6..50
3/28/80
7/1/86
10/8/81
10/9/79
10/11/79
10/18/79
12/5/79
3/7/80
10/1/79
11/22/79
10/9/79
12/10/79
12/11/79
2/15/80
10/12/79
2/16/80
2/19/80
3/2/80
4/18/80
5/8/80
5/21/80
.6/1/80
6/6/80
7/9/80
8/8/80
8/21/80
.9/9/80
10/13/80
11/5/80
42
NOWLEN, LYNCF! & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1979
Water Fund
Customer meter deposits fund
Water main relocation fund
Capital improvement fund
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
AMOUNT RATE DATE
$ 1,8.00 6.50 11/26/79
2,900 6.50 1/28/80
17,100. 9.30 2/4/80
1,700 6.50 2/17/80
1,000 6.50 3/30/80
1,200 6.50 5/8/80
1,800 6.50 5/23/80
1,200 6.50 7/24/80
1,3.00 6.50 8/24/80
1,400 6.50 10/18/80
3,000 6.50 11/24/80
1,100.. 6.50 12/6/80
2,600 6.50 12/30/80
5,300. 5.25 11/26/79
19,800 9.50 2/21/80
10,600 9.60 11/28/79
3,400 5.50 11/28/79
1,000 5.50 11/28/79
2,000 5.50 11/28/79
.1,200 5,50 11/28/79
47,soo 8,90 1/2/80
4,400 6.50 1/26/80
2,300 6.50 2/1/80
1,700 6..50 2/10/80
2,000 6.50 2/17/80
1,400 6..50. 2/26/80.
1,400 6.50 3/21/80
1,000 6.50 3/26/8.0
1,400 6.50 4/3/80
2,000 6.50 4/20/80
1,200 6.50 5/2/80
1,100 6.50 .5/14/80
8,.400 6.50 5/23/80
1,100 6.50 6/22/80
1,300 6.50 7/13/80
43
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1979
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
AMOUNT RATE DATF.
Water Fund
Capital Improvement Fund
$ 1,000 6.50
1,300 6.50
1,300 6.50
1,200 6.50
1,200 6.50
2,000 6.50
1,300 6.50
1,300 6.50
1,200 6.50
3,200 5.50
1,100 5.25
20,200 9.77
1.,800 5.25
1,200 5.25
2,700 5.25
66,000 9.04
1,900 6.50
1,000 6.50
1,000 6.50
1,100 6.50
1,200 6.50
2,200 6.50
3,100. 6.50
7/20/80
8/10/80
8/15/80
8/22/80
8/24/80.
9/9/80
10/5/80
10/18/80
10/24/80
11/24/79
11/24/79
3/11/80
11/28/79
11/28/79
11/28/79
12/14/79-
12/1/80
12/7/80
12/13/80
12/20/80
12/23/80
1/6/81
1/12/81
44
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REr'UNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1979
The debt was incurred on August 1, 1978, through the issuance of
$3,915,000 water refunding revenue bonds. The .proceeds were used to refund
a portion of the outstanding Series 1967 and Series 1976A water revenue
certificates. The bonds are secured by the net revenues of the water fund.
On September 30, 1979, the outstanding bonds totaled $3,915,000; the pay-
ment schedule follows:
COUPON ANNUAL
RATE .PRINCIPAL INTEREST TOTAL REQUIREMENTS
1979 Oct. 1 .6.75%
1980
1980
1981
1981
1982
1982
1983
1983
1984
1984
1985
198.5
198E
198.6
1987
1987
1988
1.988
1989
1989
1990
1990
April 1
Oct. 1
April 1
Oct. 1
April 1
Oct. 1
April 1
Oct. 1
April 1
Oct. 1
April l
Oct. 1
April 1
Oct. l
April 1
Oct. 1
April 1
Oct. 1
April l
Oct. 1
April 1
Oct a l
6.75%
6.75 %
6,75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
6.75%
$ 132,131.25 $ 132,131.25 $ 132,131.25
132,131.25 132,131.25
132,131.25 132,131.25 264,262.50
132,131.25 132,131.25
132,131.25 132,131.25 264,262.50
132,131.25 .132.,131.25
132,131.25 132,131.25 264,262.50
132,131.25 132,131.25
132,131.25 132,131.25 264,262.50
132,131.25 132,131.25
132,131.25. 132,131.25 264,262.50.
132,131.25 132,131.25
132,131,25 132,131.25 264,262.50
132,131.25 132,131.25
132,131.25 132,131.25 264,262.50 i
132,131.25 132,131.25
132,131.25 132,131.25 264,262.50
132,131..25. 132,131.25
132,131.25 132,131.25 264,262.50-
.132,131..25 132,131.25
132,131.25 132,131.25 264,262.50 ~
132,131.25 132,131.25
132,13.1.25 132,131.25: 264,262.50
i
45
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
__ __ _ SEPTEMBER 3 0 , 19 7 9
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENTS
1991 April 1 6.75% $ $ 132,131.25 $ 132,131.25 $
1991 -0ct. 1 6.75 132,131.25 132,131.25 264,262.50
1992 April 1 6.75% 132,131.25 132,131.25
1992 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1993 April 1 6.75% 132,131.25 132,131.25
1993 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1994 April 1 6.75% 132,131.25. 132,131.25
1994 Oct. 1 6.75% 132.,131.25 132.131.25. 264,.262.50
1995 April 1 6.75% 132,131.25 132,131.25
1995 Oct. 1 6.75% 1.32,131.25 132,131.25 264,262.50.
1996 April 1 6.75% 132,131.25 132,131.25
1996 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1997 April l 6.75% 132,131.25 132,131.25
1997 Oct. 1 6.75% 132,131.25 132,131.25 264,26.2.50
1998 April 1 6.75% 132,131.25 132,131.25
19.98 .Oct. 1 6.75% 132,131.25 132,131.25 264.262.50
1999 April l 6.7'5% 132,131.25 132,131.25
1999 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
2000
A ri1 1
P %
6.75a
132,131.25 2 25
13 ,131.
2000 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
2001 April 1 6.75 132,131.25 132,131.25
2001 Oct. 1 6.75% 132,131..25 132,131.25 264,262.50..
2002 April 1 6.75% 132,131.25 132,131.25
2002 Oct. 1 6.75% 132,131..25. 132,131.25 264,262..50
2003 April 1 6.75% 132,131.25 132,131.25
2003 Oct. 1 6.75% 2,010,000.00 132,131.25 2,142,131.25 2,274,262:50
2004 April 1 6.75% 64,293.75 64,293.75
2004 Oct. 1 6.75% 64,293.75 64,293..75 128.,587.50.
2005 April 1 6.75% 64,293.75 &4,293.75
2005 Oct. 1 .6.75% 64,293..75 64,293.75 128,58.7.50.
46
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE.
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1979
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENTS
2006 April 1 6.750 $ $ 64,293.75 $ 64,293.75.$
2006. Oct. 1 .6.75% 64,293.75 64,293.75. 128,587.50
2007 April 1 6.750 1,905,000.00 64,293.75 1,969,293.75 1,969,293.75
TOTAL $3,915,000.00 $6,924,487.50 $10,839,4.87.50 $10,839,487.50
47
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1979
TYPE OF COVERAGE
Employees Statutory Life
Group Life Insurance
Group Hospitalization
Automobile - property damage,
bodily injury, physical damage
and uninsured motorists
Public Employees Blanket Bond
Workmen's Compensation
Multi-Peril Policy
INSURER
Reliance Insurance Co.
Western Life Insurance Co.
Blue Cross and Blue Shield
of Florida, Inc.
General Accident, Fire and
Life Assurance Co.
National Surety
General Accident, Fire and
Life Assurance Co.
General Accident, Fire and
Life Assurance Co.
Buildings and. personal
property (90~ co-insurance)
Public Official Bond
Treasurer
National Surety
48
VILLAGE OF TEQ'~
SCHEDULE OF
SEPTEMBER
POLICY NO. POLICY TERMS
SR 40914 10/1/78-10/1/79
3-2215 10/1/78-10/1/79
24883 10/1/78-10/1/79
JESTA, FLORIDA
INSURANCE
30, 1979
COVERAGE AMOUNT
$10,000 - $20,000
1.5 times annual salary
BAPO1-1111 10/1/78-10/1/79 $500,000 -
4135132 12/14/78-10/1/79 $25,000
U783358 10/1/78-10/1/79 $100,000
SMP 185214 10/1/78-10/1/79
$1,181,755
4087118 12/14/78-10/1/79 .$25,000
ANNUAL
PREMIUM
$ 341
4,092
18,870
6,801
360
12,022
10,257
199
49
NOWLEN, LYNCH & STEWART