CAFR_FY Ending_09/30/1978VILLAGE OF TEQUESTA, FLORIDA
FINANCIAL STATEMENTS
WITH ACCOUNTANTS' REPORT THEREON
SEPTEMBER 30, 1978
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33002
TELEPHONE 13051 659-3060
EVERETT B- NOW LEN, CPA M EMBER 9
W. F. LYNCH, CPA (1597-19641 AMERICAN INSTITUTE OF
V. G. STEWART, CPA 19 79
12
Februar GER TIFIED PUBLIC ACCOUNTANTS
OF
ALAN L. TEDAMONSO N, CPA ,
y FLORIDA INSTITUTE
EDWARD T HOLT, GPA GER TIFIED PUBLIC ACCOUNTANTS
WILLIAM C. KISKER, JR, CPA BELLE GLADE, FLORIDA OFFICE
WILLIAM B MINER, CPA 333 S E 2ND STREET
JANET R. BA RICE VIG H, GSA POST OFFICE BOX 335
RICHARD C. ALLEN, GPA BELLE GLADE, FLORIDA 33d30
B. E. WEEKS, CPA TELEPHONE 13051 996 5612
JACLYN J. TEDAMONSO N, GPA
R. GREGORY SMITH, CPA
ROBERT W. HENDRI X, JR , CPA
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, 1978, and have issued our report
thereon dated February 6, 1979. As a part of our examination we
reviewed and tested the Village's system of internal accounting
control to the extent we considered necessary to evaluate the
system as required by generally accepted auditing standards. Under
these standards the purpose of such evaluation is to establish a
basis for reliance thereon in determining the nature, timing, and
extent of other auditing procedures that are necessary for express-
ing an opinion on the financial statements.
The objective of internal accounting control is to provide
reasonable, but not absolute, assurance as to the safeguarding of
assets against loss from unauthorized use or disposition, and the
reliability for financial records for preparing financial statements
and maintaining accountability for assets. The concept of reasonable
assurance recognizes that the cost of a system of internal accounting
control should not exceed the benefits derived and also recognizes
that the evaluation of these factors necessarily requires estimates
and judgments by management.
There are inherent limitations that should be recognized in
considering the potential effectiveness of any system of internal
accounting control. In the performance of most control procedures,
errors can result from misunderstanding of instructions, mistakes
of judgment, carelessness, or other personal factors. Control
procedures whose effectiveness depends upon segregation of duties
can be circumvented by collusion. Similarly, control procedures
can be circumvented intentionally by management with respect either
to the execution and recording of transactions or with respect to
the estimates and judgments required in the preparation of financial
ti
Honorable Mayor and Village Council
Page 2
February 6, 1979
statements. Further, projection of any evaluation of internal
accounting control to future periods is subject to the risk that
the procedures may become inadequate because of changes in
conditions, and that the degree of compliance with the procedures
may deteriorate.
Our study and evaluation of the Village's system of internal
accounting control for the year ended September 30, 1978, which
was made for the purpose set forth in the first paragraph above,
was not designed for the purpose of expressing an opinion on
internal accounting control and it would not necessarily disclose
all weaknesses in the system. However, such study and evaluation
disclosed the following conditions that we believe to be weaknesses.
1. A written plan of organization which specifies the
division of duties and areas of responsibilit'es
concerned with accounting and administrative controls
relating to the safeguarding of assets, custody of
financial records, and the eliability of financial
statements needs to be adopted. Currently, the
Village is making progress in this area.
2. The Village should update and maintain its inventory
of fixed assets in accordance with Chapter 10.300
Rules of the Auditor General - Tangible Personal
Property.
3. Minutes of council meetings should be signed by the
Village Clerk and the councilmembers.
4. All overtime payroll slips. from the Police Department
should be dated so as to clearly designate the payroll
period. All slips should be kept on file. We noted
that several slips could not be located.
Items #1-2 described above were weaknesses existing in the
previous year.
We appreciate the cooperation and courtesy shown us by your
officials and employees.
Sincerely,
_ ~
-~
Nowlen, Lynch & .Stewart
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1978
TABLE OF CONTENTS
ACCOUNTANTS' REPORT
COMBINED BALANCE SHEET- ALL FUNDS
AND ACCOUNT GROUPS
GENERAL FUND
Balance Sheet
Statement of Changes in Fund Balance
Statement of Revenues, Expenditures,
Encumbrances and Transfers
SPECIAL REVENUE FUNDS
Combined Balance Sheet
Combined Statement of Changes in Fund Balance
Statement of Revenues and Expenditures -
Federal Revenue Sharing Trust Fund
Statement of Revenues and Expenditures -
Antirecession Fiscal Assistance Fund
DEBT SERVICE FUND
Balance Sheet
Statement of Revenues, Transfers, Expenditures
and Fund Balance
WATER FUND
Balance Sheet
Statement of Changes in Retained Earnings
Income Statement
Statement of Changes in Financial Position
STATEMENT OF GENERAL FIXED ASSETS
STATEMENT OF GENERAL LONG-TERM DEBT
NOTES TO FINANCIAL STATE'~IENTS
PAGES
1-2
3-4
5
6
7
8
9
10
11
12
13
14-15
16
17
18
19
20
21-25
NOWLEN, LYNCH & 5TEWART
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1978
TABLE OF CONTENTS
PAGES
SUPPLEMENTAL INFORMATION
General Fund
Schedules of Expenditures, Encumbrances
and Transfers 26-30
Water Fund
Schedule of Operating Expenses - Actual
and Budgeted 31-32
Comparative Summary of Operations -
September 30, 1978 and 1977 33
Analysis of Restricted Funds Under
Bond Ordinance 34-35
Combined Schedule of Investments - All Funds 36-39
Amortization Schedule - Excise Tax Revenue
Bonds - Series 1964 40
Amortization Schedule - Series 1978
Water Refunding Revenue Bonds 41-43
Schedule of Insurance 44-45
NOWLEN, LYNCH & STEWART
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER GOURT BUILDING
PORT OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 1305) 659-3080
EVERETT B..NOW LE N, CPA
W. F. LYNCH, CPA 11897-19641
V. C. STEWART, CPA
ALAN L. TEDAMONSO N, CPA
EDWARD T. MOLT, GPA
February 6, 1979
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
WILLIAM C. KISKER, JR., CPA
WILLIAM B. MINER; CPA
JANET R. BA RICEVIGH, CPA
RICHARD C. ALLEN, CPA
B. E. WEEKS, CPA
JACLYN J. TEDAMONSO N, CPA
R. GREGORY SMITH, CPA
ROBERT W. HEN DRIX, JR., CPA
The Honorable Mayor and Village Council
Village of Tequesta, Florida
BELLE GLADE, FLORIDA OFFICE
333 S. E. 2ND STREET
POST OFFICE BOX 335
BELLE GLADE, FLORIDA 33430
TELEPHONE 13051 996-5612
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, 1978, as listed in the fore-
going table of contents. Our examination was made in accordance
with .generally accepted auditing standards, and accordingly in-
cluded such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
As discussed in note 9 to the financial statements, the
Village is involved in litigation concerning the Water Fund. The
ultimate outcome of the litigation and the possible liability, if
any, cannot presently be determined.
In our opinion, subject to the effects, if any, on .the
financial statements of the ultimate outcome of the matter dis-
cussed 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, 197.8, and results of operations of such funds and
the changes in financial position of the Water Fund for the year
ended September 30, 1978, in conformity with generally accepted
accounting principles, which except for the change, with which we
concur, described in note 2 to the financial statements, have
been 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.
~~~~
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30, 1978
TOTAL
MEMORANDUM
ONLY
ASSETS AND OTHER DEBITS
Cash $ 188,079
Investments. 2,251,501
Cash with paying agent 132,131
Accrued interest receivable 27,286
Accounts receivable 102.,814
Due from other governments 3,874
Prepaid expenses and deposits 540
Property, plant and equipment 4,543,945
Accumulated depreciation (493,918)
Construction work in progress 19,909
Unamortized debt issue costs (Note 1) 184,594
Amount available for debt service 14,110
Amount to be provided for debt service 10,890
TOTAL ASSETS AND OTHER DEBITS $6,985,755
LIABILITIES
Accounts payable $ 73,8.64
Accrued interest payable 132,131
Customers' meter deposits 54,286
Bonds payable (Page 20) 25,000
Water refunding revenue bonds - Series 1978 (Note 7} 3,915,000
Less: Unamortized debt discount. (Note 1) (115,493)
TOTAL LIABILITIES $4,084,788
CONTINGENT LIABILITIES (Note 9)
RESERVES
Reserve for encumbrances (Note 8) 7,000
Reserves - Water Fund (Note 5) 1,701,665
CONTRIBUTIONS FROM CUSTOMERS 94,900
INVESTMENT IN GENERAL FIXED ASSETS 698,552
FUND BALANCES/RETAINED EARNINGS
Fund balance 331,006
Retained earnings 67,844
TOTAL LIABILITIES, CONTRIBUTIONS, RESERVES,
INVESTMENT IN GENERAL FIXED ASSETS AND
FUND BALANCES/RETAINED EARNINGS $6,985,755
The accompanying notes are an essential part
of the financial statements.
3
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30, 1978
SPECIAL DEBT GENERAL GENERAL
GENERAL REVENUE SERVICE WATER FIXED LONG-TERM
FUND FUNDS FUND FUND ASSETS DEBT
$ 73,604 $26,726 $ 68 $ 87,681 $ $
237,298 13,578 2,000,625
132,131
5,583 354. 21,349
2,554 110 100,150
3,874
280 260
3,845,393 698,552.
(493,918)
19,909
184,594
14,110
10,890
$319,319 $30,600 $14,110 $5,898,174 $698,552 $25,000
$ 26,023 $ $ $ 47,841 $ $
132,131
54,286
25,000
3,915,000
.(115,493)
$ 26,023 $ $ $4,033,765 $25,000
(Note 9)
7,000
1,701,665
94,900
698,552
286,296 30,600 14,110
67.,844
$319,319 $30,600 $14,110 $5,898,174 $698,552 $25,000
The accompanying notes are an essential part
of the financial statements.
4
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
.BALANCE SHEET
SEPTEMBER 30, 1978
ASSETS
Cash
Certificates of deposit
United States treasury bills
Accrued interest receivable
Accounts receivable
Deposits
TOTAL
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities:
Accounts payable
Accrued payroll-taxes
Prepaid occupational licenses
Total Liabilities
Reserve for encumbrances (Note 8)
Fund balance
TOTAL
The accompanying notes are an essential part
of the financial. statements..
5
NOWLEN, LYNCH & STEWAR7
$ 73,604
160,000
77,298
5,583
2,554
280
$319,319
$ 10,192
5,097
10,734
$ 26,023
7,000
286,296
$319,319
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1978
Fund .Balance, .October 1, 1977
Prior period adjustment {Note 2)
Adjusted Fund Balance, October 1, 1977
Add:
Excess of revenues
over expenditures
Fund Balance, September 30, 1978
The accompanying notes are an essential part
of the financial statements.
$258,585
(9,655)
$248,930
37,366
$286,296
b
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 197$
REVENUES
Ad valorem taxes
State revenue sharing
Utility taxes
Franchise taxes
State road and bridge funds
Occupational licenses
Building permits
Investment earnings
Cigarette taxes
Administrative management -
water department
Miscellaneous income
Fines and forfeitures
Office rent - water department
Beverage licenses
Police desk message service
Recreation fees
TOTAL REVENUES
TRANSFERS FROM OTHER FUNDS
Transfers from Federal Revenue
Sharing Trust Fund
Transfers from Antirecession
Fiscal Assistance Fund
TOTAL REVENUES AND TRANSFERS
EXPENDITURES AND ENCUMBRANCES
Streets and maintenance expense
Public safety expense
Administrative expense
Recreation and parks expense
Office expense
Building department
TOTAL EXPENDITURES AND ENCUMBRANCES
TRANSFERS TO DEBT SERVICE FUND
TOTAL EXPENDITURES, ENCUMBRANCES
AND TRANSFERS
EXCESS (.DEFICIENCY) OF REVENUES
AND TRANSFERS OVER
EXPENDITURES, ENCUMBRANCES
AND TRANSFERS
OVER
(UNDER)
ACTUAL BUDGET BUDGET
$355,229 $ 353,500 $ 1,729
129,243 129,300 (57)
125,394 109,500 15,894
101,921 94,500 7,421
27,307 22,000 5,307
22,168 19,800 2,368
22,814 20,000 2,814
21,.986 12,000 9,986
15,263 13,000 2,263
7,000 7,000
5,838 3,200 2,638
5,120 6,000 (880)
5,000 5,000
4,401 4,400 1
1,200 1,200
1,090 3,200 (2,110)
$850,974 $ 803,600 $ 47,374
11,825 II,825
2,695 2,695
$865,494 $ 818,120 $ 47,374
$288,565 $ 474,900 $(186,335)
257,398 260,055 (2,657)
150,555 185,417 (34,862)
55,271 60,300 (5,029)
44,165 46,900 (2,735)
20,773 21,400 (627)
$816,727 $1,048,972 $(232,245)
11,401 13,600 (2,199)
$828,128 $1,062,572 $(234,444)
$ 37,366 $ (244,452) $ 281,818
The accompanying notes are an essential part
of the financial statements.
7
N~WLEN, LYNGH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SPECIAL REVENUE FUNDS
COMBINED BALANCE SHEET
SEPTEMBER 30, 1978
FEDERAL ANTIRECESSION
REVENUE FISCAL
SHARING ASSISTANCE
TRUST FUND FUND
ASSETS
Cash
$26,726 $
Due from Federal Government -
entitlement payment 3,874
Total Assets $30,600
FUND BALANCE
Fund Balance
$30,600
$ None
$ None
The accompanying notes are an essential part
of the financial statements.
8
NOWLEN. LYNCH & 5TEWART
TOTAL
$26,726
3,374
$30,600
$30,600
VILLAGE OF TEQUESTA, FLORIDA
SPECIAL REVENUE FUNDS
COMBINED STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1978
FEDERAL ANTIRECESSION
REVENUE FISCAL.
SHARING ASSISTANCE
TRUST FUND FUND TOTAL
Fund Balance,.
October 1, 1977 $ 25,578 $ None $ 25,578
Add:
Excess of revenues
over transfers 5,022 None 5,022
Fund Balance,
September 30, 1978 $ 30,600 $ None $ 30,600
The accompanying notes are an essential part
of the .financial statements.
9
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING TRUST FUND
STATEMENT OF REVENUES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
REVENUES
Entitlement payments
Investment earnings
TOTAL REVENUES
Transfers to General Fund:
Public safety
Streets and drainage
Recreation
TOTAL TRANSFERS
EXCESS (DEFICIENCY) OF REVENUES
OVER TRANSFERS
OVER
(UNDER)
ACTUAL BUDGET BUDGET
$ 15,490 $ 15,490 $
1,357 1,357
$ 16,847 $ 15,490 $ 1,357
$ 4,425 $ 4,425 $
4,000 33,200 (29,200)
3,400 3,400
$ 11,825 $ 41,025 $(29,200)
$ 5,022 $(25,535) $ 30,557
The accompanying notes are an essential part
of the financial statements.
10
PIOWLEN, LYNGH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
ANTIRECESSION FISCAL ASSISTANCE FUND
STATEMENT OF REVENUES .AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
ACTUAL
OVER
(UNDER)
BUDGET BUDGET
REVENUES
Quarterly payments from
Federal Government
Investment earnings
TOTAL REVENUES
TRANSFERS
Transfers to General Fund:
Administrative
$ 2,594 $ 2,594 $
101 101
$ 2,695 $ 2,594 $ 101
2,695 2,594 101
EXCESS OF REVENUES OVER
TRANSFERS
$ None $ None $ None
The accompanying notes are an essential part
of the financial statements.
11
NOWLEN, LYfVCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
SEPTEMBER 30, 1978
ASSETS
Cash $ (g
Investments:
Certificates of deposit $3,70Q
United States Treasury Notes -
at cost 9,878 13,578
Accrued interest receivable 354
Other 110
Total Assets $14,110
FUND BALANCE
Fund Balance $14,110
The accompanying notes are an essential part
of the financial statements.
12
NOWLEN, LYNCH & 57EWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
STATEMENT OF REVENUES, TRANSFERS, EXPENDITURES AND
AND FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1978
REVENUES
Investment earnings
T T7 21 TT C 'GAT; D C
Transfers from General Fund
TOTAL REVENUES AND TRANSFERS
EXPENDITURES
Principal payments
Interest payments
Paying agent's fee
EXCESS (DEFICIENCY) TO
FUND BALANCE
FUND BALANCE, OCTOBER 1, 1977
FUND BALANCE, SEPTEMBER 30, 1978
The accompanying notes are an essential part
of the financial statements.
$ 1,264
11,401
$12,665
$12,000
1,572
29 13,601
$ (936)
15,046
$14,110
13
NOWLEN, LYNGN & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1978
ASSETS
CURRENT ASSETS
Cash
Certificates of deposit
Accounts receivable
Accrued interest receivable
Prepaid expenses
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Cash and investments:
Cash with paying agent
Sinking Fund
Bond Amortization Fund
Reserve Account
Renewal and Replacement Fund
Capital Improvements Reserve Fund
Meter Deposits Fund
Water Main Relocation Fund
1976 Water Construction Fund
Capital Improvement Fund
Accounts receivable - Meter Deposits
Fund
Due from paying agent - Sinking Fund
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
OTHER ASSETS
Unamortized debt issue costs {Note 1)
TOTAL
$ 85,967
265,500
93,216
2,935
260
$ 132,131
1
526,993
266,758
25,200
4,600
81,177
18,365
717,305
96,440
50
6,884
18,414
$ 92,042
3,753,351
$3,845,393
493,-918
$3,351,475
19,909
The accompanying notes are an essential part
of the financial statements.
$ 447,878
1,894,318
3,371,384
184,594
$5,898.,174
14
VILLAGE OF TEQUESTA, FLORIDA
WATER .FUND
BALANCE SHEET
SEPTEMBER 30, 197$
LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS
CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS.}
Accounts payable, accrued payroll
and utilities taxes $ 41,605
CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS)
Accounts .payable $ 6,236
Customers' meter deposits. 54,286
Accrued interest payable 132,131 192,653
TOTAL CURRENT LIABILITIES $ 234,258
LONG-TERM DEBT
Water refunding revenue bonds
payable - Series 1978 (Note 7) $3,915,000
Less: Unamortized debt discount
(Note 1) (115,493)
TOTAL LONG-TERM DEBT 3,.799,507
TOTAL LIABILITIES $4,033,765
CONTINGENT LIABILITIES (Note 9)
RESERVES (Note 5) 1,701,665
CONTRIBUTIONS
Contributions from customers 94,900
RETAINED EARNINGS 67,844
TOTAL
The accompanying notes are an essential part
of the financial statements.
$5,898,174
15
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
Balance of Retained Earnings,
October 1, 1977
Add:
Net income for the year
Decrease in reserves
Balance of Retained Earnings,
September 30, 1978
The accompanying notes are. an essential part
of the financial statements.
$ (693,084)
447,786
313,142
$ 67,844
16
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
INCOME STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1978
OPERATING REVENUES
Water sales $ 765,392
Connection fees and service charges 23,445
Fire hydrant rental fees 7,900
TOTAL OPERATING REVENUES $ 795,737
OPERATING EXPENSES
Purchased water $ 328,500.
Office and administrative expense 64,839
Pumping and storage expense 60,198
Distribution expense 41,255
TOTAL OPERATING EXPENSES $ 494,792
OPERATING INCOME $ 301,945
OTHER INCOME (EXPENSES)
Investment earnings 122,390
Interest on debt (228,.22.8)
Debt discount amortization and
paying agents' fees (7,744)
INCOME BEFORE DEPRECIATION AND
EXTRAORDINARY ITEM $ 188,363
DEPRECIATION (Note 1) 74,940
INCOME BEFORE EXTRAORDINARY ITEM $ 113,423
EXTRAORDINARY ITEM
Gain on advance refunding of debt (Note 5) 334,363
NET INCOME $ 447,786
The accompanying notes :are an essential part
of the financial statements.
17
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1978
SOURCE OF FUNDS
Operations:
Net income for the year before
extraordinary item $ 113,423
Items not requiring current outlay of funds:
Depreciation and amortization of debt discount 82,029
Total operations before extraordinary item $ 195,452
Extraordinary item 334,363
Total operations $ 529,815
New long-term debt 3,915,000
Contributions from customers 79,300
Decrease in restricted assets 268,418
Decrease in working capital 73,344
TOTAL $4,865,877
APPLICATION OF FUNDS
Increase in property, plant and equipment $ 623,398
Increase in other assets 175,986
Increase in unamortized debt discount 70,493
Reduction in long-term debt 3,996,000
TOTAL $4,865,877
INCREASE
(DECREASE)
Various Elements of Net Decrease in Working Capital:
Cash $ 695
Certificates of deposit (41,200}
Accounts receivable 17.279
Accrued interest receivable 1,042
Prepaid expenses (1,886)
Accounts payable, accrued payroll and
utilities taxes (6,689)
Customers' meter deposits (12,057)
Accrued interest payable (70.528}
Current portion of long-term debt 40,000
TOTAL $ (73,344)
The accompanying notes are an essential part
of the financial statements.
18
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1978
GENERAL FIXED ASSETS
Land $ 35,000
Buildings 150,666
Improvements other than buildings 363,102
Equipment 149,784
Total General Fixed Assets $698,552
INVESTMENT IN GENERAL FIXED ASSETS
Total Investment in General Fixed
Assets from Bonds, General
Revenues and Gifts $698,552
The accompanying notes are an essential part
of the financial statements.
19
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
1964 EXCISE TAX REVENUE BONDS
SEPTE'"iBER 30, 1978
Amount available and to be
provided for payment of
long-term debt:
Amount available in Debt
Service Fund
Amount to be provided
Total available and to be
provided
Bonds Payable (4.25, payable
from utilities taxes,
$12,000 due within one
year)
The accompanying notes are an essential part
of the financial statements.
$14,110
10,890
$25,000
$25,000
20
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1978
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 budgetary funds (general, special revenue
and debt service funds) which utilize the modified accrual basis of
accounting.
Investments
Investments are stated at cost.
Accounts Receivable
No allowance for doubtful accounts is .considered necessary at
September 30, 1978.
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.
Water Fund Fixed Assets
Water Fund fixed assets are stated at cost.. Depreciation has been
computed using the straight-line method over the following
estimated useful lives:
Plant 50 years
Equipment 20-30 years
Office equipment 6 years
Vehicles 4 years
Construction work in progress is not depreciated until completed
and placed in service.
21
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1978
NOTE 2 - PRIOR PERIOD ADJUSTMENT
General .Fund
The prior period adjustment was made to properly restate beginning
fund balance under the modified accrual basis of accounting.
NOTE 3 - PENSION PLAN
All 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, 1978 were $43,879. As of September 30,
1978, 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 on
September 30, 1978. Ordinance 260 provides for the disposition
of all revenues derived from the operation of the water system.
Revenues are first to be used for the 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.
NOTE 5 - RESERVES - WATER FUND
The Revenue Bond Ordinance described in Note 4, required the
establishment of the following accounts:
ACCOUNT PURPOSE
Revenue Fund To collect the entire gross
revenues derived from the system,
except investment earnings.
Operation and Maintenance Fund To pay fully accrued operating
expenses.
22
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1978
NOTE 5 - RESERVES - WATER FUND (Continued)
ACCOUNT
Sinking Fund
PURPOSE
To accumulate sufficient funds to
meet annual debt service require-
ments through. transfers from the
Revenue Fund.
Bond Amortization Fund
Reserve Account
Renewal and Replacement Fund
Established within the Sinking
Fund to meet principal payment on
the debt.
To accumulate funds for payment of
principal and interest only if
funds in the Sinking Fund are
insufficient.
To accumulate funds for the purpose
of .funding the cost of extensions,
additions to, enlargements and
replacement of capital assets of
the system and emergency repairs
thereto.
NOTE 6 - GAIN ON ADVANCE REFUNDING OF DEBT
The $334,363 gain resulted from the advance refunding of $1,511,000
Series 1967 water revenue certificates and $2,485,000 Series 1976A
water revenue certificates. On August 1, 1978, the Village nego-
tiated the sale of $3,915,000 Series 1978 water refunding revenue
bonds and $4,370,000 Series 1978A special obligation bonds for the
purpose of defeasing the Series 1967 and 1976A water revenue
certificates. An escrow agent was appointed and all proceeds from
the sale of both issues were .deposited into an escrow account.
The escrow agent purchased federal securities. The federal
securities and all earnings derived are pledged for the payment of
principal and interest on the Series 1967 and 1976A water revenue
certificates and the Series 1978A special obligation bonds.
Principal and .interest on the Series 1978 water refunding revenue
bonds shall be paid by the Village from revenues derived from the
operation of its water system. The Series 1978A special obligation
bonds and the aforementioned escrow account are not reflected on
the financial statements of the Village of Tequesta, Florida in
accordance .with generally accepted accounting principles because
the 1978A issue is a direct obligation of the escrow agent and the
federal securities are pledged to defease the 1967 and 1976A
Series and to meet debt service requirements of the 1978A special
obligation bond issue.
23
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUE5TA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1978
NOTE 7 - LONG-TERM DEBT - WATER FUND
The long-term debt consists of Series. 1978 water refunding revenue
term bonds. 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
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 princi-
pal payments on the term bonds. The interest derived from the U.S.
Treasury obligations will remain 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
10/1/80 700
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
10/1/91 700
4/1/92 700
10/1/92 700
4/1/93 700
10/1/93 _ 700
$557,100
24
NOWLEN, LYNCH & STEWAR7
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1978
NOTE 8 - RESERVE FOR ENCUMBRANCES
The encumbrances recorded represent amounts appropriated for
street improvements outstanding at September 30, 1978.
NOTE 9 - CONTINGENCIES
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. .The District
Court of Appeal overturned the decision holding the Village liable.
The Village filed a Petition for Writ of Certiorari to the State
Supreme Court.. A decision will be forthcoming in 1979. In the
opinion. of the Village attorney, if the Village is not successful
at this level, the matter will probably be remanded to the Circuit
Court and tried,. with an estimated exposure to the Village in
the event the plaintiff is successful of $75,000 to $100,000. This
contingent liability is not reflected on the financial statements.
25
NOWLEN. LYNCH & STEWART
SUPPLEMENTAL INFORMATION
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
ACTUAL BUDGET
(OVER)
UNDER
BUDGET
STREETS AND A'IAINTENANCE EXPENSE
Salary - superintendent
Salary - maintenance
Extra work
OASI expense
Street maintenance
Streets and drainage
Bicycle paths
Fogging expense
General maintenance
Truck and tractor expense
Truck insurance
Gasoline and oil - truck and tractor
Gasoline and oil - other
Small tools
Village Hall maintenance
Garbage collection
Yard trash collection
Trash bag program
Utilities - street lights
Fire hydrant rental fees
Street name signs
New equipment
$ 11,943 $ 11,943
25,074 25,074
30Q
2,294 2,300
3,852 4,390
56,446 220,200
36 16,800
4,073 5,000
13,823 15,700
1,127 1,500
971 1,200
1,226 1,200
132 150
190 500
4,307
0 4,393
99,23 100,500'
40,586 40,600
419
8,294 8,300
7,900 7,900
134 200
6,508 6,750
TOTAL STREETS AND
MAINTENANCE EXPENSE
300
6
538
163,754
16,764
927
1,877
373
229
(26)
18
310
86
1,270
14
(419 )
6
66
242
$288,565 $474,900 $186,335
26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
(OVER)
UNDER
ACTUAL BUDGET BUDGET
PUBLIC SAFETY EXPENSE
Salary - Police Chief $ 16,804 $ 16,854 $ 50
Salary - Police Lieutenant 14,816 14,816
Salaries - Patrol Sergeants 34,765 34,800 35
Salary - Detective 13,366 13,467 101
Salaries - Patrolmen 89,441 89,500 59
Salaries - Dispatchers 32,156 32,156
Merit increases 7,090 7,200 110
Pay for extra work 1,492 .1,500 8
OASI expense 12,631 12,850 219
Car expense 5,327 5,900 573
Gasoline and oil. 8,457 8,800 343
Car insurance 2,219 2,800 581
Equipment and uniforms 2,097 1,800 (297)
Telephone 2,150 2,300 150
Teletype 50 50
Printing 824 1,150 326
Utilities - traffic signals 1,834 1,900 66
Miscellaneous 2,051 2,237 186
Traffic signs 502 550 48
New equipment 9,026 9,125 99
Personnel training 300 300
TOTAL PUBLIC SAFETY EXPENSE $257,398 $260,055 $2,657
27
NOWLEN, LYNCH & sTEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF .EXPENDITURES, ENCUMBRA,'VCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
ACTUAL BUDGET
(OVER)
UNDER
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
Revision to Code of Ordinances
Disaster Relief Contingency Fund
Comprehensive planning
$ 24,826 $ 24,826
11,874 11,943
1,784/ 2,050
1,190 1,190
3,025 3,100
499 500
10,279 29,147
13,068 15,000
11,720 11,720
2,700 2,700
12,904 13,000
38,108 40,420
11,369 13,570
4,590 5,251
2 500
74 2,000
1,500 1,500
5,000
1,043 2,000
TOTAL ADMINISTRATIVE EXPENSE
69
266
?5
1
18,868
1,932
96
2,312
2,201
661
498
1,926
5,000
957
$150,555 $185,417 $34,862
28
NOWLEN, LYNCH & STEWART
.VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1978
ACTUAL BUDGET
RECREATION AND PARKS EXPENSE
Salary - Director $15,242
Salaries - Maintenance 8,082
Salaries - Playground Leaders (.part-time) 2,938
Salaries - Night Tennis Court Supervisor 1,252
OASI expense 1,400
Program expense 584
Telephone 341
Office supplies 20
Car allowance 700
Miscellaneous 387
Beautification 625
Electricity - field lights
Electricity - trailer and office 1,264
Electricity - security lights 179
Utilities - water 651
Field maintenance 1,926
General maintenance 1,467
Gasoline and oil - truck 168
Truck repairs and expense 134
Minor equipment
C
it
t
l i 536
17
375
ap
a
mprovemen
s ,
TOTAL RECREATION AND
PARKS EXPENSE $55,271
$15,242
8,082
3,200
2,400
1,400
700
400
100
700
526
1,000
1,800
1,700
200
700
2,000
1,500
250
300
700
17,400
(OVER)
UNDER
BUDGET
262
1,148
116
59
80
139
375
1,800
436
21
49
74
33
82
166
164
25
$60,300 $5,029
29
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR .THE YEAR ENDED SEPTEMBER 30, 1978
OFFICE EXPENSE
Salaries
OASI expense
Supplies
Postage
Telephone
Utilities
Miscellaneous
TOTAL OFFICE EXPENSE
BUILDING DEPARTMENT
Salary - Building Official
OASI expense
Telephone
Travel and car
Miscellaneous
TOTAL BUILDING DEPARTMENT
TRANSFERS_TO DEBT SERVICE FUND
TOTAL EXPENDITURES, ENCUMBRANCES
AND TRANSFERS
ACTUAL BUDGET
$ 27,917 $ 28,823
1,676 1,700
1,813 2,300
943 1,100
2,001 2,300
5,331 6,100
4,484 4,577
$ 44,165 $ 46,900
(OVER)
UNDER
BUDGET
$ 906
24
487
157
299
769
$ 2,735
$ 18,527 $ 18,527 $ -
1,045~ 1,050 5
339 401 62
566 800 234
296 622 326
$ 20,773 $ 21,400 $ 627
$ 11,401 $ 13,600 $ 2,199
$828,128 $1,062,572 $234,444
30
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
FOR THE YEAR ENDED SEPTEMBER 30, 1978
(OVER)
UNDER
ACTUAL BUDGET .BUDGET
PURCHASED WATER $328,500 $328,500 $ -0-
PUMPING AND STORAGE EXPENSE
Wages:
Superintendent $ 9,263 $ 9,263 $
Assistant superintendent 6,426 6,584 158
Merit increase 207 250 43
Extra work 600 600
Utilities 21,468 27,000 5,532
Chemicals 860 1,500 640
Repairs 14,764 14,995 231
General maintenance 697 1,000 303
Truck gasoline and oil 998 1,000 2
Truck repairs and expense 628 750 122
Small tools 394 500 106
Miscellaneous 1,293 1,453 160
U.S.G.S. Program 2,600 2,600
TOTAL PUMPING AND STORAGE EXPENSE $ 60,198 $ 67,495 $7,297
OFFICE AND ADMINISTRATIVE EXPENSE
Wages $ 9,356 $ 9,356 $
OASI expense 3,581 3,850 269
Rent 5,000 5,000
Administrative management 7,000 7,000
Supplies 4,720 5,900 1,180
Telephone 866 900 34
Hospitalization insurance premiums 2,213 2,300 87
Pension premiums 5,771 6,000 229
Financial. consultants fee 1 1
Engineering service 3,808 2,000 (1,808)
Licenses and fees 1,630 1,800 170
Dues and subscriptions 100 200 100
Insurance 4,145 2,800 (1,345)
Miscellaneous 1,900 1,993 93
Legal expense 6,049 12,000 5,951
Auditing expense. 3,700 3,700
Contingencies 1,000 1,000
Other personal services 4,000 4,000
TOTAL OFFICE AND ADMINISTRATIVE EXPENSE $ 64,839 $ 69,800 $4,961
31
NOWLEN, LYNCH & STEWAF27
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
FOR THE YEAR ENDED SEPTEMBER 30; 1978
DISTRIBUTION EXPENSE
Wages:
Superintendent
Assistant superintendent
Meter reader/water analyst
Labor
Merit increase
Extra work
Repairs
Truck gasoline and oil
Truck repairs. and expense
Miscellaneous
TOTAL DISTRIBUTION EXPENSE
TOTAL OPERATING EXPENSES
TOTAL NUMBER OF CUSTOMERS
CONNECTED TO SYSTEM AT
SEPTEMBER 30, 1978
UNA DITED
(OVER)
UNDER
ACTUAL BUDGET BUDGET
$ 9,264
6,426
7,149
14,851
372
591
650
969
750
233
$ 9,264
6,583
8,082
14,851
794
600
1,500
1,300
750
n~~
157
933
422
9
850
.331
243
$ 41,255 $ 44,200 $ 2,945
$494,792 $509,995 $15,203
2,625
32
NOWL~N, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
.WATER FUND
COMPARATIVE SUMMARY OF OPERATIONS
FOR THE YEARS ENDED SEPTEMBER 30, 1978 AND 1977
OPERATING REVENUES
Water sales
Connection fees and service charges
Fire hydrant rental fees
TOTAL OPERATING REVENUES.
OPERATING EXPENSES
Purchased water
Office and administrative expense
Pumping and storage expense
Distribution expense
TOTAL OPERATING EXPENSES.
OPERATING INCOME
OTHER INCOME (EXPENSES)
Investment earnings
Interest on debt
Debt discount amortization and
paying agents' fees
INCOME BEFORE DEPRECIATION AND
EXTRAORDINARY ITEM
DEPRECIATION
INCOME BEFORE EXTRAORDINARY ITEM
EXTRAORDINARY ITEM
Gain on advance refunding of debt
NET INCOME
1978 1977
$ 765,392 $.680,944
23,445 14,639
7,900 7,400
$ 796,737 $ 702,983
$ 328,500 $ 66,077
64,839 60,674
.60,198 64,058
41,255 37,012
$ 494,792 $.227,821
$ 301,945 $.475,162
122,390 124,817
0228,228) (216,456)
(.7,744) (3,095)
$ 188,363
$ 380,428
74,940
$ 113,423
334,363
$ 447,786
59,691
$ 320,737
$ 320,737
33
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALYSIS OF RESTRICTED FUNDS UNDER REVENUE BOND ORDINANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1978
Balance, October 1, 1977
Cash and investment
Accrued interest receivable
Increases:
Transfers from net income
Transfers from other
restricted funds
Transfers from other
unrestricted funds
Proceeds from sale of
Series 1978 water
refunding revenue bonds
Investment earnings
Total
Decreases:
Capital outlay and non-
recurring repairs
Interest payments
Principal payments
Paying agents' fees.
Transfers to other
restricted funds
Transfers to other
unrestricted funds
Total
Balance, September 30, 1978
1976 REFUNDING
SINKING INTEREST REVENUE
FUND - AND 1976 BONDS
SERIES SINKING RESERVE RESERVE SINKING
1967 FUND ACCOUNT ACCOUNT FUND
$ 50,600 $ 89,624 $101,812 $208,848 $
906 540 688 729
$ 51,506 $ 90,164 $102,500 $209,577 $
74,604 111,441
3,476
44,044
94,971
1,818 3,803 5,861 15,663 1,060
$131,404 $205,408 $108,361 $225,240 $140,075
$ $ $ $ $
76,175 184,916 132,131
25,000
83
13,717 20,466 101,998 213,493
16,429 26 6,363 11,747 1,060
$131,404$205,408 $108,361 $225,240 $133,191
Cash and investments $ $ $ $ $
Accrued interest receivable
Due from paying agent 6,884
$ -0- $ -0- $ -0- $ -0- $ 6,884
34
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALY SIS. OF RESTRICTED FUNDS UNDER REVENUE BOND ORDINAN CE
FOR THE YEAR ENDED SEPTEMBER 30, 1978
CAPITAL
BOND RENEWAL AND CERTIFICATE IMPROVEMENTS
AMORTIZATION RESERVE REPLACEMENT REDEMPTION RESERVE
FUND ACCOUNT FUND FUND FUND TOTAL
$ $ $ 54,043 $224,336 $ 52,269 $ 781,532
531 3,172 110 6,676
$ $ $ 54,574 $227,508 $ 52,379 $788,208
20,957 19,779 270,825
293,843. 271,433 568,752
238,418 233,418
i
94,971
279. 3,367 9,391 2,146 43,383
$532,540 $271,433 $ 78,898 $256,678 $ 54,525 $2,004,562
$ $ $ 11,580 $ $ 16,151 $ 27,731
393,222
25,000
83
41,923 143,451 33,704 56.8,752
113,227 70 148,922
$ -0- $ --0- $ 53,503 $256,678 $ 49,92.5 $1,163,710
$526,993 $266,758 $ 25,200 $ $ .4,600 $ 823,551
5,547 4,675 195 10,417
6,.884
$532,540 $271,433 $ 25,395 $ -0- $ 4,600 $ X40,852
35
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1978
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
FUND AMOUNT RATE DATE
General Fund $130,000 7.09a 12/1/78
30,000 7.55 3/6/79
Debt Service Fund 2,700 6.00 9/24/79
1,000 6.00 9/15/79
Water Fund
Operation and Maintenance Fund 42,000 6.00 10/i9/78
Reserve Account 2,000 6.50 4/8/79
1,000 6.50 3/28/80
208,848 7.50 7/1/86
Renewal and Replacement Fund 2,000 6.00 10/7/78
1,700 6.00 10/11/78
1,300 5.50 10/18/78
2,000 6.00 10/18/78
2,000 6.00 11/8/78
2,000 5.50 12/5/7$
3,200 6.00 3/8/79
4,200 6.00 3/9/79
2,300 5.50 3/9/79
1,300 5.50 3/9/79
1,700 5.50 3/9/79
1,500 6.00 9/2/79.
Bond Amortization Fund
1976 Water Construction Fund 212,000 7.50 10/10/78
20,000 5.00 11/10/78
2,900 5.50 11/22/78
3,000 5.50 11/24/78
I4I,800 7.39 1/3/79
85,000 7.25 2/17/79
160,000 7.25 3/9/79
3,6D0 5.50 1/3/79
47,468 7.16 12/1/78
3,900 6.00 12/22/78
5,300 6.00 10/19/78
4,000 6.00 12/20/78
1,600 6.00 2/21/79
2,100 6.00. 3/16/79
4,000 6.00 3/28/79
1,000 6.00 5/16/79
36
.VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1978
UNITED STATES TREASURY OBLIGATIONS
MARKET INTEREST MATURITY
AMOUNT COST VALUE RATE DATE
$ 80,000 $ 77.,298 $ 78,400 6.50a 10/5/78
10,000 9,878 9,420 6-7/8 9/30/78
55,000. 54,880 54,880 8.25 8/15/85
565,000 526,993 526,993 7-5/8 2/15/07
20,000 19,636 19,636 7.28 12/14/78
37
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1978
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
FUND AMOUNT RATE DATE
Water Fund
Customer Meter Deposits Fund $ 1,000 6.50°s 1/28/79
31,000 7.25 2/18/79
16,100 6.50 2/23/79
10,900 .6.50. 8/6/79
1,800 6.50 11/26/79
2,900 6.50 1/28/80
1,700. 6.50 2/17/80
1,000 6.50 3/30/80
1,200. 6.50 5/30/80
1.,800 6.50 5/23/80
1,200 6.50 7/24/80
1,300 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
Retained Earnings. Account 16,900 6..50 3/15/79
40,200 6.50 10/12/79
2,900 6.50 2/16/80
5,000 6.50 2/19/80
2,000 6.50 3/2/80
2,900 6.50 4/18/80
2,000 6.50 5/8/80
1,800 6.50 5/21/80
21,100 6.50 6/1/80
2,000 6.50 6/6/80
2,300 6.50 7/9/80
2,600 6..50 8/8/80
3,000 6.50 8/21/80
2,500 6.50 9/9/80
3,000 6.50 10/13/80
2,000 6.50 11/5/80
11,000 7..79 3/16/79
6,400 5.50 3/16/79
57,800 6..00 12/9/78
36,100 6.00 12/8/78
Capital Improvements Reserve Fund 4,600 6.00 3/28/79
38
NOWLEN, LYNCH & STEWAR7
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1978
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
FUND AMOUNT RATE DATE
Water Fund
Water Main Relocation Fund $ 3,300 5.508 11/26/78
15,000 7.47 2/22/79
Capital Improvement Fund 19,.800 7.39 12/30/78
1,300 5.50 12/30/78
1,300 5.50 12j30/78
1,300 .5.50 .12/30/78
1,400 5.50 12/30/78
1,000 5.50 12/30/78
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/EO
1,400 6.50 3/21/80.
1,000 6.50 3/26/80
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
1,000 6.50 7/20/80
1,300 6.50 8/10/80
1,300 6.50 8/15/80
1,200 6.54 8/22/80
1,200 6.50 8/24/80
2.,.000 6.50 9/9/80
1,300 6.50 10/5/80
1,300 6.50 10/18/80
.1,200 6.50. 1.0/24/80
1,900 6.50 12/1/80
1,000 6.50 12/7/80
1,000 6.50 12/13/80
1,100 6.50 12/20/80
1,200 6.50 12/23/80
2,200 6.50 1/6/81
3,100 6..50. 1/12/81
4,000 6.00 12/15/78
8,500 5.50 12/21/78
3,400 6.00 6/15j79
39
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
EXCISE Ti~X REVENUE BONDS - SERIES 1964
SEPTEMBER 30, 1978
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
$25,000 was outstanding on September 30, 1978; the schedule of
payments on the outstanding bonds follows:
COUPON ANNUAL
DUE DATE RATE PRINCIPAL INTEREST TOTAL REQUIREMENT
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 $25,000.00 $1,615.00 $26,615.00 $26,615.00
40
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30,.1978
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, 1978, the outstanding bonds totaled $3,915,000; the pay-
ment schedule follows:
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENTS
1978 Oct. 1 6.75% $ $ 132,131.25 $ 132,131.25 $ 132,131.25
1979 Aprii 1 6.75% 132,131.25 132,131.25
1979 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1980 April 1 6.75% 132.,131.25 132,131.25
1980 Oct. 1 6.75% 132,131.25 132,131.25 264,262.54
1981 April 1 6.75% 132,131.25 132,131.25
1981 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1982 April 1 6.75% 132,131.25 132,131.25
1982 Oct. 1 6.75% 132,131.25. 132,131.25 264,262.50
1983 April 1 6.75% 132,131.25 132,131.25
1983 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1984 April 1 6.75% 132,131.25 132,131.25
1984 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1985 April 1 6.75% 132,131.25 132,131.25
1985 Oct. 1 6.75 132,131.25 132,131.25 264,262.50
1986 April 1 6.75% 132,131.25 132,131.25
1986 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1987 April 1 6.75% 132,131.25. 132,131.25
1987 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
1988 April l 6.75% 132,131.25 132,131.25
1988 Oct. l 6.75% 132,131.25 132,131.25 264,262.50
1989 April 1 6.75% 132,131.25 132,131.25
1989 Oct. l 6.75% 132,131.25 132,131.25 264,262.50
1990 April 1 6.75% 132,131.25 132,131.25
1990 Oct. 1 6.75% 132,131.25 132,131.25 264,262.50
41
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1978
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENTS
1991 April 1 .6.75% $ $ 132,131.25 $ 132,131.25 $
1991 Oct. 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% 70,000.00 132,131.25 202,131.25
1994 Oct. 1 6.75% 75,000.00 129,768.75 204,768.75 446,900.00
1995 April 1 6.75% 80,000.00 127,237.50 207,237.50
1995 Oct. 1 6.75% 80,000.00 124,537.50 20.4,537.50 411,775.00
1996 April 1 6.75% 80,000.00 121,837.50 201,837.50
1996 Oct. 1 6.75% 85,000.00 119,137.50 204,137.50 405,975.00
1997 April 1 6.75% 90,000.00 116,268.75 206,268.75
1997 Oct. 1 6.75% 90,000.00 113,231.25 203,231.25 409,500.00
1998 April 1 6.75% 95,000.00 110,193.75 205,193.75
1998 Oct. 1 6.75% 95,000.00 106,987.50 201,987.50 407,181.25
1999 April 1 6.75% 100,000.00 103,781.25 203,781.25
1999 Oct. 1 6.75% 105,000.00 100,406.25 205,406.25 409,187.50
2000
A ril 1
p
6.75%
105 000.00 862.50
96 201 862.50
,
2000 Oct. 1 6.75% 110,000.00 93,318.75 203,318.75 405,181.25
2001 April 1 6.75% 115,004.00 89,606.25 204,606.25
2001 Oct. 1 6.75% 120,000.00 85,725.00 205,725.00 410,331.25
2002 April 1 6.75% 120,000.00. 81,675.00 201,675.00
2002 Oct. 1 6.75% 130,000.00 77,625.00 207,625.00 409,300.00
2003 April 1 6.75% 130,000.00 73,237.50 203,237.50
2003 Oct. 1 6.75% 135,000.00 68,850.00 203,850.00 407,087.50
2004 April 1 6.75% 64,293.75 64,293.75
2004 Oct. 1 6.75% 64,293.75 64,293.75 128,587.54
2005 April 1 6.75% 64,293.75 64,293.75
2005 Oct. 1 6.75% 64,293.75 64,293.75 128,587.5C
42
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEDIBER 30, 1978
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENTS
2006 April 1 6.75% $ $ 64,293.75 $ 64,293.75 $
2006 Oct. 1 6.75% 64,293.75 64,293.75 128,587.50
2007 April 1 6.75% 1,90,000.00 64,293.75 1,969,293.75 1,969,293.75
TOTAL $3,915,000.00 $6,618,543.75 $10,533,543.75 $10,533,543.75
43
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1978
TYPE -0F COVERAGE INSURER
Employees Statutory Life Reliance Insurance Co.
Group Life Insurance
Group Hospitalization
Western Life Insurance Co.
Blue Cross and Blue Shield
of Florida, Inc.
Automobile:
Physical damage and
uninsured motorists
Bodily injury
Property damage
Public Employees Blanket Bond
Workmen's Compensation
General Accident, Fire and
Life Assurance Co.
National Surety
General Accident, Fire and
Life Assurance Co.
Multi-Peril Policy
General Accident, Fire and
Life Assurance Co.
Buildings and personal
property (90% co-insurance)
Public Official Bond
Treasurer
National Surety
44
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1978
ANNUAL
POLICY NO. POLICY TERM5 COVERAGE AMOUNT PREMIUM
SR 40914 10/1/77-10/1/78. $10,000 - $20,000 $ 337
3-2215 10/1/77-10/1/78 1.5 times annual salary 4,476
24883 10/1/77-10/1/78 15,118
GLA 45-341-13 10/1/77-10/1/78 5,331
$250,000/$500,000
$250,000/$500,000
$50,000
4135132 12/14/77-12/14/78 $25,000 518
U761091 10/1/77-10/1/78 $100,000 9,082
SMP 15214 10/1/77-10/1/78
$319,800 8,340
087118 12/14/77-12/14/78. $25,000 250
45
NOWLEN, LYNCH & STEWART