CAFR_FY Ending_09/30/1980No Text
No Text
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1980
TABLE OF CONTENTS
PAGES
Report of Certified Public Accountants 1-2
Financial Statements:
Combined Balance Sheet - All Fund Types and
Account Groups 3-6
Combined Statement o.f Revenues, Expenditures,
and Changes in Fund Balances (Deficit) - All
Governmental Fund Types 7-8
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances (Deficit) - Budget and
Actual - General and Special Revenue Fund Types 9-10
Statement of Revenues, Expenses and
Changes in Retained Earnings -
Proprietary Fund Type _ 11
Statement of Changes in Financial
Position - Proprietary Fund Type 12
Notes to Financial Statements 13-21
Supplemental Information:
General Fund:
Schedule of Revenues - Budget and Actual 22-23
Schedule of Departmental Expenditures -
Budget and Actual 24-31
Enterprise Fund:
Schedule of Operating Expenses -
Budget and Actual 32
Comparative Summary of Operations - Fiscal Years
Ended September 30, 1980 and 1979 33
Schedule of Restricted Accounts Under
Revenue Bond Ordinance 34-35
Schedule of Investments - All Funds 36-37
Amortization Schedule - Improvement
Revenue Bonds - Series 1979 38
Amortization Schedule - Series 1978 Water
Refunding Revenue Bonds 39-41
Schedule of Insurance 42
NOW[,EN, STEWART, TEDAMONSON & HOLT
Certitied Public Accouvtants
N OWLEN. S TEWART. TEDAMONSON & HOLY
CERTIFIED PUBLIC ACCOUNTANTS
200 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (303) 669-3060
EV ER ETT B. NOW LE N, CPA
V. C. STEW ART, CPA
ALAN L. TEDAMO NSO N, CPA
[DWARD T. MOLT, CPA
WILLIAM C. KISKlR, JR., GPA
WILLIAM B. MINff R, CPA '
JAN[T R. BA RIGEVICN, CPA WILLIAM D. DRAKE, CPA
B. E. WEE%S, CPA WANDA W. BE RGl RO N, CPA
IACLYN J. TEDAMONSON, CPA JOHN B. BOY, JR., CPA
R. GREGORY SMITN, CIA LAURA WEDD Ll, CPA
ROBERT W. HEN ORIX, JR.. CPA
JOSEPH F. BE RG ERO N, CPA
The Honorable Mayor and Village Council
Village of Tequesta, Florida
MlMBERS
AMEWICAN INSTITUTE OP
CERTI PIlD PV ^LIC ACCOUNTANTS
FLORIDA INETITUT[ OP
GERT9 PIED PV ELIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
BELLE GLADE. FLORIDA OIPIC[
]]] S.l. 2ND STREET
POST OIPICC BOX ]31
BELLE GLADE, PLORIOA ]].]0
' TELEPNONE I703I 996-Sf12
We have examined the combined financial statements of the various
funds and account groups of the Village of Tequesta, Florida, as of
and for the year ended September 30, 1980, as listed in the
preceding table of contents. Our examination was made in
accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such
other auditing procedures as we considered necessary in the
circumstances.
In our opinion, the aforementioned financial statements present
fairly the financial position of the various funds and account
groups of the Village of Tequesta, Florida at September 30, 1980,
and the results of its operations and the changes in financial
position of its proprietary fund for the year then ended, in
conformity with generally accepted accounting principles applied..on
a basis consistent with that of the preceding year.
We have also reviewed the accounting requirements of the bond
ordinances associated with both the Improvement Revenue Bonds,
Series 1979 and Water Refunding Revenue Bonds, Series 1978,
relating to the receipts and application of funds'. 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.
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1980
ASSETS
Cash
Investments, at cost or amortized cost
Receivables:
Accounts (net of allowance for
uncollectibles)
Accrued interest
Due from other funds
Due from other governments
Unamortized debt issue costs
Restricted assets:
Cash
Cash with paying agent
Investments, at cost or amortized cost
Receivables: "
Accrued interest
Advance to general fund
Land
Buildings
Improvements other than buildings
Accumulated depreciation
Machinery and equipment
Accumulated depreciation
Construction work in progress
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
Total Assets
3
Governmental -
Fund Types-
Special Debt
General Revenue Service
$44,544 $ 324 $ 1
142,200
4,495
5,449
15,964
3,666
$65,003 $3,990
NOWLEN,STEWART,TEDAMONSON & HOLT
$147,650
Certified Public Accountants
Our examination was made for the purpose of forming an opinion qn
the financial statements taken as a whole. The supplemental
information listed in the table of contents are presented for
purposes of additional analysis and are not a required part of the
financial statements of the Village of Tequesta, Florida. The
information has been subjected to the auditing procedures applied
in the examination of the financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
financial statements taken as a whole.
December 17, 1980
Governmental Proprietary
Fund Types Fund Type
Capital
Projects Enterprise
$4,409
$ 81,540
773,605
99,966
37,940
172,080
58,303
132,131
1,233,993
13,562
204,710
92,042
4,120,380
(668,975)
173,964
(51,031)
915
147,650
747,350
$895,000
Account Grou s
General General
Fixed Long-Term
Assets Debt
35,000
152,875
46,116
188,374
$4,409 $6,475,125 $422,365
The notes to the financial statements
are an integral part of this statement.
4
NOWLEN, STEWART, TEDAMONSON & HOLT
Totals
(Memorandum
Only)
$ 130,818
915,805
104,461
43,389
15,964
3,666
172,080
58,303
132,131
1,233,993
.13,562
204,710
127,042
152,875
4,166,496
(66.8,975)
362,338
(51,031)
915
147,650
747,350
$8,013,542
(Continued)
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1980
Governmental
Fund Types
Special Debt
General Revenue Service
LIABILITIES AND FUND EQUITY (DEFICIT)
Liabilities:
Accounts payable
Accrued liabilities
Payable from restricted assets:
Accounts payable
Accrued interest
Deposits
Due to other funds
Advance from water fund
Deferred revenue
Improvement revenue bonds payable
Water refunding revenue bonds payable
Unamortized debt discount-
Total Liabilities '
Fund Equity .(Deficit):
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved for revenue bond retirement
and improvements
Unreserved
Fund Balances:
Reserved for debt service
Unreserved:
Designated for debt service
Undesignated
Total Fund Equity (Deficit)
Total Liabilities and
Fund Equity Deficit)
5
$ 23,642
8,906
204,710
24,505
2,100
$261,763 $2,100 $
$ $ $
47 , 6-5 0
100,000
(196,760) 1,890
$(196,760) $1,890 $147,650
$ 65,003 $3,990 $147,650
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
Governmental Proprietary
Fund Types -Fund Type Account Groups
General General Totals
Capital Fixed Long-Term (Memorandum
Projects Enterprise Assets Debt Only)
$4,409 $ 5,.061 $ $ $ 33,112
2,066 ~ 10,972
30,852 30,852
132,131 132,131
74,805 74,805
13,864 15,964
• 204,710
24,505
895,000 895,000
3,915,000 3,915,000
(107,663) (107,663)
$4,409 $4,066,116 $ $895,000 $5,229,388
$ $ 354,610 $ $ $ 354,610
422,365 422,365
1,200,•201 1,200,201
854,198 854,198
47,650
100,000
(194,870)
$2,409,009 $422,365 $ $2,784,154
$4-,409 $6,475,125 $422,365 $895,000 $8,013,542
The notes to the financial statements
are an integral part of this statement.
6
NOWLEN, STEW ART, TEDAMONSON & HOLT
Certified Public Accountants
0
VILLAGE OF TEQUESTA, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (DEFICIT) -
ALL GOVERNMENTAL FUND TYPES
FOR TAE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Total Revenues ~~
Expenditures:
Current:
General government
Public safety
Physical environment
.Transportation
Human services
Culture/recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total .Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources {Uses):
Proceeds of general obligation bonds
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Sources Over
Expenditures-and Other Uses
Fund Balances (Deficit), October 1, 1979
Fund Balances (Deficit), September 30, 1980
7
Governmental
. Fund. Types.
General
$ 736,789
60,366
222,452
7,874
11,891
33,726
$1,073,098
$ 175,074
453,471
186,776
106,242
7,281
71,022
189,174
1,189,040
$ (115,942)
586
(12,500)
(11.910
$ (127,8.56)
(68,904)
$ (196,760)
NOWLEN,STEWART,TEDAMONSON & HOLT
Certified Public Accountants
Governmental
Fund Types
Special Debt Capital
Revenue Service Projects
$ $
15,015
366 11,205
15,381 11,205
$ $
16,723
1,376
964
15,000
86,330
$ 19,063 $101,330
$ (3,682) $(90,125)
$ $225,275
12,500.
'(586)
~~ 237,189
$ (3,682) $147,064
5,572 586
$ 1,890 $147,650
470
$ 470
~.
685,195
$ 685,195
$(684,725)
$ 684,725
$ 684,725
The notes to the financial statements
are an integral part of this statement.
8
NOWLEN, STEWART, TEDAMONSON & HOLT
Totals
(Memorandum
Only)
$ 736,789/
60,366
237,467
7,874/
11,891'.
45,767`
$1,100,154/
$ 175,074 j
470,194
186,776/
107,618 l
7,281/
71,986 ~
• 874,369
15,000/
86, 330/
1,994,628
$ (894,474)
$ 910,000
13,086
(13,086)
$ 910,000
$ 15,526
(62,746)
$ (47,220)
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (DEFICIT)
BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUND TYPES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Total~Revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
Capital outlay road
improvements
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess of Revenues and Other
Sources Over Expenditures
and Other Uses
Fund Balances (Deficit),
October 1, 1.979
Fund Balances (Deficit),
September. 30, 1980
General Fund
Variance -
Favorable
Budget Actual (Unfavorable)
$ 716,398 $ 736,789 $ 20,391
5.1,300 60,366 9,066
219,950 222,452 2,502
6,955 7,874 919
11,000 11,891 891
33,590 33,726 136
$1,039,193 $1,073,098 $ 33,905
$ 198,575 $ 175,074 $ 23,501
483,971 453,471 30,500
180,000 186,776 (6,776)
127,990 106,242 21,748.
9,050 7,281 1,769
80,792 71,022 9,770
282,000 189,174 92,826
$1,362,378 $1,189,040 173,33
$ (323,185) $ (115,942) $207,243
$ 585 $ 586 $ 1
(12,000) (12,500) (500)
$ (11,415) $ (11,914) $ (499)
$ (334,600) $(127,856) $206,744
(68,904) (68,904)
$ (403,504) $ (196,760) $206,744
9
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
Sp ecial Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget. Actual (Unfavorable) Bum Actual (Unf avorable)
$ $ $ $ 716,398 $ 736,789 $ 20,391
51,300 60,366 9,066
.15,589 15,015 (574) 235,539 237,467 1,928
6,955 7,874 919
11,000 11,891 891
1,000 366 (634') 34,590 34,092 (498)
1 ,589 15,3 1 (1,208) 1,055,782 $1,088,479 $ 32,697.
$ $ 198,575 $ 175,074 $ 23,501
18,825 16,723 2,102 502,796 470,194 32,602
180,000 186,776/ (6,776)
1,700 1,376 324 129,690 107,618 22,072
9,050 7,28 1 1,769
964 964 81,756 71,986/ 9,770
282,000 189,1740 92,826
$21,489 $19,063 $ 2,426 $1,383,867 1,208,103 175,764
$(4,900) $(3,682) $ 1,218
$ $ $
$ $ $
$ (328,085) $ (119,624) $208,461
$ 585 $ 586 $ 1
(12,000) (12,500) (500)
$ (11,415) $~ (11,914) $ (499)
$(4,900) $(3,682) $ 1,218
5,572 5,572
$ 672 $ 1,890 $ 1,218
$ (339,500) $ (131,538) $207,962
(63,332) (63,332)
$ (402,832) $ (194,870) $207,962
The notes to the financial statements
are an integral part of this statement.
10
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN RETAINED EARNINGS -
PROPRIETARY FUND TYPE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Proprietary
Fund Type
Enterprise
Operating Revenues:
Charges for services $ 898,068
Operating Expenses:,
Purchased water $ 339,310
Personal services 91,275
Contractual services 45,046
Supplies 11,881
Heat, Light and power 26,504
Repair and maintenance 10,217
Depreciation 135,093
Total Operating Expenses $ 659,326
Operating Income $._ 238,742
Nonoperating Revenues (Expenses):
Interest revenue
Interest expense
Total Nonoperating
Net Income
Retained Earnings,
Retained Earnings,
and fiscal charges $ (275 948
Revenues (Expenses) $ (85,512)
$ 153,230
October 1, 1979 1,901,169
September 30, 1980 $2,054,399
The notes to the financial statements
are an integral part of this statement.
11
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Sources of Working Capital:
Operations:
Net income
Items not requiring working capital:
Depreciation
Amortization of debt discount
and issue costs
Working capital provided by operations
Net decrease in restricted assets
Net increase in current liabilities
payable from restricted assets
Connecting fees
Total Sources of Working Capital
Uses of Working Capital:
Acquisition of property, plant and equipment
Advance to general fund
Total Uses of .Working Capital
Net Increase in Working Capital
$153,230
135,093
10,172
Elements of Net Increase (Decrease) in Working Capital:
Cash ,
Investments
Accounts receivable
Accrued interest receivable
Prepaid expenses
Due from general fund
Accounts payable .and accrued liabilities
Due to general fund
Net Increase in Working Capital
The notes to the financial statements
are an integral part of this statement.
12
Proprietary
Fund Type
Enterprise
$ 298,495
273,950
39,195
109,110
$ 720,750
$ 135,697
204,710
$ 340,407
$ 380,343
$ (9,460)
492,405
(27,479)
31,155
(540)
(123,472)
28,434
(10,700)
$ 380,343
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounts of the Village are organized on the basis of funds and
account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a
separate set of self -balancing accounts that comprise its assets,
liabilities, fund equity, revenues, and expenditures, or expenses,
as appropriate. The various funds are grouped, in the financial
statements in this report, into five fund types and two broad fund
categories as follows:
GOVERNMENTAL FUNDS
General Fund
The General Fund is a general operating fund of the Village. It is
used to account for all financial resources except those required
to be accounted for in another fund.
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of
specific revenue sources (other than special assessments,
expendable trusts, or major capital projects) that are legally
restricted to expenditures for specified purposes.
Debt Service Fund
The Debt Service Fund is used to account for the accumulation of
resources for, and the payment of, long-term debt principal,
interest, and related costs.
Capital Projects Funds
Capital Projects Funds are used to account for financial resources
to be used for the acquisition or construction of~ major capital
facilities (other than those financed by proprietary funds, special
assessment funds, and trust funds).
13
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accoun[ants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
PROPRIETARY FUNDS
Enterprise Fund
The Enterprise Fund is used to account for operations that are
financed and operated in a manner similar to private business
enterprises - where the intent of the governing body is that the
costs (expenses, including depreciation) of providing goods or
services to the general public on a continuing basis be financed or
recovered primarily through user charges.
ACCOUNT GROUPS
General Fixed Assets Group of Accounts
All fixed assets of the Village, other than those recorded in the
Enterprise Fund, are accounted for in this single, self-balancing
group of accounts. The acquisition of the assets is accounted for
as an expenditure in the governmental funds and an increase in the
general fixed assets group of accounts. The group of accounts do
not include certain improvements other than buildings, including
roads, bicycle paths, bridges and streets. Depreciation has not
been provided on the general fixed assets.
General Long-Term Debt Group of Accounts
All long-term liabilities of the Village, other than those of the
Enterprise Fund, are accounted for in a separate self-balancing
group of accounts called the general long-term debt group of
accounts.
Basis of Accounting
The governmental. funds are accounted for by using the modified
accrual basis of accounting. Under the modified accrual basis,
expenditures other than accrued interest on general long-term debt
are recorded at the time liabilities are incurred and revenues are
recorded when received in cash, except for certain revenues which
are accrued when they are both measurable and available or have not
been received at the normal time of receipt and certain grant
revenues which are accrued when funds are expended.
14
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Continued)
The accounts of the proprietary fund are maintained on an accrual
basis of accounting. Under the accrual basis, expenses and related
liabilities are recorded when incurred and revenues and related
assets are recorded when earned. Unbilled water and sewer fund
utility service receivables are recorded at year end.
Investments
Investments are stated at cost or amortized cost, which
approximates market. '
Amortization - Enterprise Fund
The issue costs of long-term debt are amortized over the life of
the bonds using the straight-line method.
Enterprise Fund Fixed Assets
Enterprise 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 40 - 50 Years
Equipment 20 - 30 Years
Office equipment 6 Years
Vehicles 4 Years
Employee Annual Leave
A contingent liability exists for accrued annual leave which will
be taken by employees prior to December 31, 1980. Unused annual
leave does not accumulate to the following year. This liability is
not reported on the balance sheet but will be paid in the latter
part of 1980 as part of the normal operations of the Village. The
Village estimates this liability to be approximately $5,000 at
September 30, 1980.
15
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Total Columns on Combined Statements
The Total columns on the combined statements are captioned
Memorandum Only to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes in
financial position in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
NOTE 2 - ADVANCE TO/FROM ENTERPRISE FUND/GENERAL FUND
At September 30, 1980, the General Fund was liable to the
Enterprise Fund in the amount of $204,710 for advances received
during the fiscal year ended September 30, 1980. This advance is
to be repaid to the Enterprise Fund over the next three years at
the discretion of the Village Council.
NOTE 3 - ENTERPRISE FUND - REQUIREI) 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.
16
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 4 - RESERVES - ENTERPRISE FUND
The revenue bond ordinance described in note 3, 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 To pay fully accrued operating
Maintenance Fund expenses.
Sinking Fund To accumulate sufficient funds 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 Tb accumulate funds .for payment of
principal and interest only if funds
in the Sinking Fund are insufficient.
Renewal and To accumulate funds for the purpose of
Replacement Fund. funding the cost of extensions,
additions to, enlargements and
replacement of capital assets of the
system and emergency repairs thereto.
NOTE 5 - LONG-TERM DEBT - ENTERPRISE 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
$3,915,000
17
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF 'PEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 5 - LONG-TERM DEBT - ENTERPRISE FUND (Continued)
U.S. Treasury obligations bearing 7-5/8$ 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 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 70.0
1o/1/a8 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
$557,100
18
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE~6 - IMPROVEMENT REVENUE BONDS
The improvement revenue bonds were obtained to finance the cost of
a major drainage and street resurfacing program. The interest rate
ranges from 8.30$ to 8.50. The guaranteed entitlement portion of
state revenue sharing trust funds, public service utilities taxes,
franchise fees and occupational license taxes have been pledged.
Maturity Dates
Years Ending September 30, Amount
1981 $ 15,000
1982 15,000
1983 20,000
1984 20,000
1985 20,000
1986-90 125,000
1991 30,000
2004 (term bonds) 650,000
Total $895,000
Monies will be deposited into a bond amortization account for the
retirement. of 'the 2004 term bonds on October 1 in such years and
such amounts as follows:
Year Amount Year Amount
1992 $ 35,000 1999 $ 55,000
1993 35,000 2000 55,000
1994 40,000 2001 60,000
1995 40,000 2002 65,000
1996 45,000 2003 70,000
1997 45,000 2004 55,000
1998 50,000
19
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 7 - CHANGES IN ACCOUNT GROUPS
Schedule of Changes in General Fixed Assets:
Investment in General Fixed Assets,
October 1, 1979 $405,548
Additions 27,360
Deletions (10,543)
Investment in General Fixed Assets,
September 30, 1980 $422,365
Schedule of Changes in General Long-Term Debt:
Improvement revenue bonds payable,
October 1, 1979 $ -0-
Add: Bonds sold during the fiscal year
ended September 30, 198.0- 910,000
Less: Retirement of bonds during the fiscal year
ended September 30, 1980 (15,000)
Improvement revenue bonds payable
September 30, 1980 $895,000
NOTE- 8 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of water connecting fees. For the
year ended September 30, 1980, $107,400 was received for connecting
fees.
NOTE 9 - PENSION PLAN
All full-time Village employees are eligible to participate in the
noncontributory state retirement system as authorized by Chapter
121 of the Florida Statutes. Total pension costs for the year
ended September 30, 1980 were $60,322 (General Fund $52,816,
Enterprise Fund $7,506). As of September 30, 1980, there was no
unfunded liability for prior service costs.
20
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1980
NOTE 10 - GENERAL FUND (DEFICIT)
The deficit of the General Fund is a result of costs in excess of
the $910,000 Improvement Revenue Bonds issued to finance a street
resurfacing and drainage program. The deficit will be reduced and
eliminated over the next several years through collections of
general tax revenues.
21
NOWLEN, STEWART, TEDAMONSON & HOLT
CertiEed Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Budget
Taxes:
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Total
Licenses and permits:
Professional and occupational
licenses
Building permits
Other licenses and permits
Total
Intergovernmental revenue:
Cigarette tax.
State revenue sharing
Alcoholic beverage licenses
Homestead exemptions
Municipal fuel tax
Countywide registrations •
Municipal share of county
road and bridge tax
County share recreational
funding
County share Dover Road
drainage
Total
Charges for services:
Zoning fees
Map sales
Certification, copying,
record search.
Police message desk service
Building inspection-service
Municipal police academy.
Tennis lights
Men's softball league
Total
$ 394,190
1,090
123,918
197,200
$ 716,398
$ 17,000
34,000
300
$ 51,300
Actual
$ 397,075
3,475
123,378
212,861
$ 736,789
$ 19,493
40,743
130
$ 60,366
Variance
Favorable
(Unf avorable)
$ 2, 885
2,385
(540)
15,661
20,391
$ 2,493
6,743
(170)
9,066
$ 15,700 $ 16,032 $ 332
129,200 129,246 46
5,200 5,264 64
12,700 12,720 20
~~
1,100 1,300 200
9,500 9,530 30
39,000
3,850
3,700
$ 219,950
$ _ 200
30
900
1,400
1,500
625
2,000
300
$ 6,955
40,946
3,714
3,700
$ 222,452
$ 590
31
942
1,400
.1,997
652
2,262
$ 7,874
1,946
(136)
2,502
$ 390
1
42
497
27
262
(300)
$ 919
22
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Budget
Fines and Forfeits:
Court fines $ 10,000
Parking tickets 1,000
Total $ 11,000
Miscellaneous Revenues:
Interest $ 14,000
Refund of prior year's
expenditures 510
Other 1 ,.800
Trash bag sales 3,000
Abandoned bicycle sales 280
Administrative management -
Water Fund 8,000
Office rent - Water Fund 6,000
Total $ 33,590
Total Revenues $1-,039,193
23
Variance -
Favorable
Actual (Unf avorable)
$ 10,756 $ 756
1,135 135
$ 11,891 $ 891
$ 14,746 $ 746
(510)
1,217 (583)
3,481 481
282 2
8,000
6,000
$ 33,726 $ 136
$1,073,098 $33,905
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Budget
General Government:
Legislative:
Travel and per diem
Other charges
Total Legislative
Executive:
Village manager's salary
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Travel and per diem
Other charges
Books, publications, dues
Village clerk's salary
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Travel and per diem
Other charges
Operating supplies
Books, publications, dues
Total Executive
Financial and Administrative:
Salaries
F.I.C.A.
Retirement
Life and health insurance
.Workmen's compensation
insurance
$ 4,000 $
50
Variance -
Favorable
Actual (Unfavorable)
3,413 $ 587
$ 4,050 $ 3,448 $ 602
$ 27,883
1,490
2,540
1,130
70
1,500
50
50
13,412
825
1,225
540
35
700
2,200
300
50
$ (214)
(13)
15
107
30
256
26
40
(52)
20
66
16
196
1,195
185
15
$ 1,888
28,097,
1,503
2,525
1,023
40
1,244
- 24
10
13,464
825
1,205
474
19
504
1,005
115
35
$ 54,000 $ 52,112
$ 18,850 $ 15,998 $ 2,852
1,175 981 194
1,725 1,311 414
1,100 903 197
75 40 35
24
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF~TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Budget
General Government (Continued):
Financial and Administrative
(Continued):
Accounting and auditing
Travel and per •diem
Other charges
Office supplies
Books, publications, dues
Machinery and equipment
Total Financial and
Administrative
Legal Counsel:
Professional services
Total Legal Counsel
Planning:
Professional services
Other charges
Total Planning
Other General Government:
Salaries
F.I.C.A.
Retirement
Life and health. insurance
Workmen's compensation
insurance
Unemployment compensation
Professional services
Communication services
Postage
$ 5,000
150
50
50
50
1,000
Variance -
Favorable
Actual (Unfavorable)
$ 5,000
11
6
33
-.573
139
44
17
50
427
$ 29,225 $ 24,856 $ 4,369
$ - 22,000 $ 18,459 $ 3,541
$ 22,000. $ 18,459 $ 3,541
$ 7,500 $ 3,125 $ 4,375
500 37 463
$ 8,000 $ 3,162 $ 4,838
$ 16,294 $ ,15,803 $ 491
1,000 968 32
1,485 1,423 62
1,400 1,221 179
40 23 17
1,000 172 828
3,000 655 2,345
2,350 2,349 1
1,400 1,405 (5)
25
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
• GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
General Government (Continued):
Variance -
Favorable
Budget Actual (Unfavorable)
Other General Government (Continued):
Utility services
Fire hydrant rental fees
Office equipment rentals
Other rentals
Storage
Insurance
Village Hall maintenance
Office machines maintenance
Other charges
Office supplies
Books, publications, dues
Aid to private organizations
Other grants and aids
Contingencies
Total Other General Government
Total General Government
Public Safety:
Police Department:
$ 7,100 $ 7,074 $ 26
10,700 10,700
3,573 3,573
40 30 10
1,200 1,200
2,600 2,046 554
5,000 4,520 480
450 444 6
3,500 3,430 70
2,786 2,793 (7)
950 629 321
9,620 9,620
4,159 4,159
1,653 1,653
$ 81,300 $ 73,037 $ 8,263
$ 198,575 $ 175,074 $ 23,501
Salaries - police chief
Salaries - lieutenants
Salaries - detective
Salaries - patrol sergeants
Salaries. - senior patrol
Officer
Salaries - patrolmen
Salaries - dispatchers
Overtime
F.I.C.A.
Retirement
Life and health insurance
$ 22,067 $ 22,237 $ (170)
33,856 34,116 (260)
.15,702 15,821 (119)
51,000 .50,318 682
15,105 15,221 (116)
112,802 106,044 6,758
39,344 37,826 1,518
1,650 1,508 142
17,665 17,353 312
38,290 35,900 2,390
16,510 12,848 3,662
26
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Public Safety (Continued):
Police Department (Continued):
Workmen's compensation
insurance
Travel and per diem
Communication services
Insurance
Repairs and maintenance -
cars
Repairs and maintenance -
office equipment
Printing and binding
Other charges
Personnel training
Office supplies
Gasoline and oil
Uniforms and equipment
Books, publications, dues
Machinery. and equipment
Total Police Department
Detention And/Or Correction:
Variance -
Favorable
Budget Actual (Unfavorable)
$ 9,000 $ 8,380 $ 620
2,500 .2,486 14
3,000 2,830 170
9,170 9,169 1
9,500
5,061
4,439
300
500
1,800
900
600
18,236
2,500
250
110
$ 422,357
Other contractual services -
P.B.C. Sheriff's Department $ 100
Total Detention And/Or
Correction
Protective Inspections:
$ 100
148
193
1,521
619
615
18,236
2,155
237
,,,,
$ 400,952
152
307
279
281
(15)
345
13
$ 21,405
$ 100
$ 100
Salaries - building official $ 20,807 $ 20,967 $ (160)
Salaries - building inspector 16,302 15,350 952
Salaries - other 5,256 5,275 (19)
F.I.C.A. 2,600 2,550 50
Retirement 3,860 3,625 235
Life and health insurance 1,385 1,287 98
27
NOWLEN, STEWART, TEDAMONSON & HOLT
Cert~ed Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
' FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Variance -
Favorable
Budget Actual (Unfavorable)
Public Safety (Continued):
Protective Inspections (Continued):
Workmen's compensation
insurance $ 1,754 $ 609 $ 1,145
Travel and per diem 1,600 1,529 71.
Communication services 450 414 36
Other charges 200 122 78
Books, publications, dues 300 265 35
Machinery and equipment 1,000 518 482
Total Protective Inspections $ 55,514 $ 52,511 $ 3,003
Emergency and Disaster Relief
Civil defense ~ $ 500 $ 8 $ 492
Disaster relief contingency - 5,000 5,000
Machinery and equipment 500 500
Total Emergency and Disaster
Relief $ 6,000 $ 8 $ 5,992
Total Public Safety $ 483,971 $ 453,471 $ 30,500
Physical Environment:
Contractual services - garbage $ 125,000 $ 130,381 $ (5,381)
Contractual services - trash 55,000 56,395 (1,395)
Total Physical Environment $ 180,000 $ 186,776 $ (6,776)
Transportation:
Road and Street Facilities:
Salaries - superintendent $ 14,083 14,191 $ (108)
Salaries - maintenance 30,257 28,491 1,766
Overtime 500 189 311
F.I.C.A. 2,750 2,630 120
28
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Variance -
Favorable
Bud et• Actual (Unfavorable)
Transportation (Continued):
Road and Street Facilities (Con tinued):
Retirement $ 4,085 $ 3•,862 $ 223
Life and health insurance 2,815 2,513 302
Workmen's compensation
insurance 3,360 3,352 8
Travel and per diem 50 50
Utilities services 12,700 12,107 593
Insurance 2,750 2,724 26
Repairs and maintenance -
truck and tractor 2,900 2,007 893
Repairs and maintenance -
drainage 10,000 1,998 8,002
Other charges 800 3 797
Gasoline and oil - truck 2,100 1,967 133
Gasoline and oil - other - 320 288 32
Small tools 720 536 184
Traffic signs 1,300 739 561•
General maintenance 22,000 19,734 2,266
Trash bags ~ 4,500 4,116 384
Road materials and supplies 10,000 4,795 5,205
Total Transportation
Capital Outlay - Road
Improvements
Human Services:
Health - Mosquito Control:
Salaries
F.I.C.A.
.Retirement
Repairs and maintenance
$ 127,990 $ 106,242
$ 282,000 $ 189,174
$ 1,600 $ 1,278 $ 322
100 76 24
150 107 43
750 663 87
29
$ 21,748
$ 92,826
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
. VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Variance -
Favorable
Budget Actual (Unfavorable)
Human Services (Continued):
Health - Mosquito Control (Continued):
Other charges $ 150 $ 97 $ 53
Gasoline and oil 100 77 23
Insecticide 6,200 4,983 1,217
Total Human Services $ 9,050 $___7,281 $ 1,769
Culture/Recreation:
Parks and Recreation:
Salaries - director $ 17,117 $ 17,249 $ (132)
Salaries - maintenance 10,009 10,086 (77)
Salaries - playground leaders 3,240 3,240
Salaries - tennis court
supervisor 2,100 2,051 49
Overtime 200 200
F.I.C.A. 2,100 2,000 100
Retirement 3,120 2,858 262
Life and health insurance 1,560 1,418 142
Workmen's compensation
insurance 350 349 1
Travel and per diem 1,500 820 680 ---
Communication services 400 325 75
Utility services - trailer
and office 1,700 1,544 156
Utility services - field lights 2,500 425 2,075
Utility services - security
~
lights 200 179 21
Utility services.- water 900 747 153
Insurance 400 355 45
Buildings, equipment and
grounds repairs and
maintenance 5,500 5,426 74
Fields repairs and maintenance 3,800 3,699 101
Truck repairs and maintenance 450 182 268
Tennis court repairs and
maintenance 7,775 7,765 10
Other charges 200 4 196
30
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountance
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Bud et
Culture/Recreation (Continued):
Parks and Recreation (Continued):
Office supplies
Gasoline and oil
Small tools
Minor equipment
Program expense
Books, publications, dues
Buildings
Improvements other than
buildings - playground -
parks
Improvements other than
buildings - bicycle path
Improvements other than
buildings - machinery and
equipment
Total Culture/Recreation
Total Expenditures
50
461
150
801
800
50
4,000
4,209
5,000
150
$ 80,792
$1,362,378
31
Variance -
Favorable
Actual (Unf avorable)
41
1
5
1
191
5
9
460
145
800
609
45
4,000
4,209
23
$ 71,022
$1,189,040
5,000
$ 9,770
$173,338
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water $339,310 $339,310 $ -0-
Personal services:
Wages $ 88,802 $ 78,629 $10,173
F.I.C.A. taxes 5,625 5,139 486
Retirement 8,500 7,507 993
Total Personal Services $102,927 91,275 11,652
Contractual Services:
Insurance $ 13,800 $ 10,200, $ 3,600
Unemployment compensation 300 150 150
Professional services -
well monitoring, 8.,525 4,761 3,764
Communication services 1,850 1,647 .203
Other contractual services 4,200 4,200
Rentals 6,135 6,110 25
Legal - 2,600 1,307 1,293
Engineering 3,900 2,918 982
Accounting and auditing 6,000 6,000
Other current charges 1,648 2,038 (390)
Licenses and fees 1,900 1,560 340
Administrative management 8,000 8,000
Personnel training and travel 1,100 355 745
Total Contractual Services 59,958 45,046 14,912
Supplies:
Office supplies $ 9,950 ~ $ 7,121 $ 2,829
Truck gas and oil. 3,800 3,472 328
Chemicals 840 780 60
Small tools 812 408 404
Laboratory supplies 250 250
Diesel fuel 700 700
Books 300 100 200
Contingencies 1,000 1,000
Total. supplies 17,652 $ 11,881 5,771
Heat, Light and Power $ 26,690 $ 26,504 $ 186
Repairs and Maintenance $ 10,955 $ 10,217 $ 738
32
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
COMPARATIVE SUMMARY OF OPERATIONS
FOR TAE FISCAL YEARS ENDED SEPTEMBER 30, 1980 AND 1979
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Net income
33
1980
$898,068.
659,326
$238,742
(85,512)
$153,230
1979
$842,996
587,734
$255,262
(123,602)
$131,660
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
SCHEDULE OF RESTRICTED ACCOUNTS UNDER REVENUE BOND ORDINANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1980
Balance, October 1, 1979
Cash and investments
Unamortized discount on investments
Accrued interest receivable
Prepaid expenses
Increases:
Transfers from unrestricted accounts
Investment earnings
Total
Decreases:
Interest payments
Other debt service costs
Transfers to other unrestricted accounts
Total
Balance, September 30, 1980
Cash and investments
Unamortized discount on investments
Accrued interest receivable
34
NOWLEN, STEWART, TEDAMONSON & HOLT
Sinking
Account
$ 1,766
300
258,337
6,677
$267,080
$264,263
614
$264,877
$ 2,203
$ 2,203
Certified Public Accountants
Bond
Amortization
Account
$615,575
(38,624)
5,670
1,700
49,072 20,295 2,681
$633,393 $288,328 $27,469
Renewal and
Reserve Replacement
Account Account
$266,744 $24,596
1,289 192
Total
$ 908,681
(38,624)
7,151
300
260,037
78,725
$1,216,270
$ $ - $
900 '
16,494 15,180
$ 900 $ 16,494 $15,180
$666,987
(40,511 )
6,017
$270,673
1,161
$271,834
$12,198
91
$12,289
35
NOWLEN, STEWART, TEDAMONSON & HOLT
$ 264,263
1,514
31,674
$ 297,451
$ 952,061
(40,511)
7,269
$ 918,819
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INVESTMENTS ALL FUNDS
SEPTEMBER 30, 1980
Certificates of Deposit
Interest Maturity
Amounts Rate Date
Debt Service Fund $ 38,230 14.804 10/8/80
3,970 8.00 3/31/81
100,000 11.00 4/1/90
Enterprise Fund:.
Sinking Account 2,200 8.00 3/31/81
Reserve Account 2,000 6.50 10/8/81
208,848 -7.50 7/1/86
1,000 11.75 9/28/82
Renewal and Replacement Account 12,185 10.50 3/6/81
Water Main Relocation Account 8,035 5.50 10/22/80
Retained Earnings Account 14,290 10.79 11/5/80
60,035 13.54 10/16/80
58,280 14.226 10/9/80
636,000 11.30 5/2/81
Meter Deposits Account 55,000 9.117 2/13/81
4,700 5.50 2/2/81
37,500 8.526. 2/2/81
2,600 6.50 .12/30/80
1,100 6.50 12/6/80
• 3,000 6.50 11/24/80
1,400 6.50 10/18/80
Certificate Redemption Account 2,000 6.50 11/5/80
3,000 6'.50 10/13/80
Capital Improvement Account 22,880 9.117 2/13/81
79,000 8.36 1/21/81
73,400 8.347 1/1/81
3,100 6.50 1/10/81
2,200 6.50 1/6/81
1,200 6.50 12/23/80
1,100, 6.50 12/20/80
1,000 6.50 12/13/80
1,000 6.50 12/7/80
1,900 6.50 12/1/80
1,200 6.50 10/24/80
1,300 6.50 10/18/80
1,300 6.50 10/5/80
40,430 11.074 3/31/81
36
NOWLEN,STEWART,TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1980
United States Treasury Obligations
Unamortized Interest Maturity
Par Value Cost Discount Rate Date
Enterprise Fund:
Meter Deposits
Account
Reserve Account
Bond Amortization
Account
$ 10,000 $ 9,046 $ -0-
55,000 54,880 -0-
640,000 596,608 40,511
37
9.25$ 11/6/80
8.25 8/15/85
7.625 2/15/07
NOWLEN. STEW ART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$895,000 IMPROVEMENT REVENUE BONDS - SERIES 1979
SEPTEMBER 30, 1980
The debt was incurred on April 1, 1980, through the issuance of
$910,000 improvement revenue bonds. The proceeds were used for paving
and drainage improvements. On September 30, 1980, the outstanding
bonds totaled $895,000:
Coupon Total
Rate Principal Interest Payments
1981, October 1 8.50$ $ 15,000 $ 75,185 $ 90,185
1982, October 1 8.50 15,000 73,910 88,910
1983, October 1 8.50$ 20,000_ 72,635 92,635
1984, October 1 8.50 20,000 70,935 90,935
1985, October 1 8.50$ 20,000 69,235 89,235
1986, October 1 8.40 20,000 67,535 87,535
1987, October 1 8.40$ 25,000 65,855 90,855
1988, October 1 8.40$ 25,000 63,755 88,755
1989, October 1 8.30$ 25,000 61,655 86,655
1990, October 1 8.30$ 30,000 59,580 89,580
1991, October 1 8.30$ 30,000 57,090 87,090
1992, October 1 8.40$ - 54,600 54,600
1993, October 1 8.40$ 54,600 54,600
1994, October 1 8.40$ 54,600 54,600
1995, October 1 8.40$ 54,600 54,600
1996, October 1 8.40 54,600 54,600
1997, October 1 8.40$ 54,600 54,600
1998, October 1 8.40 54,600 54,600
1999, October 1 8.40$ 54,600 54,600
2000, October 1 8.40 54,600 54,600
2001, October 1 8.40$ 54,600 54,600
2002, October 1 8.40 54,600 54,600
2003, October 1 8.40$ 54,600 54,600
2004, October 1 8.40$ 650,000 54,600 704.,600
Totals $895,000 $1,447,170 $2,342,170
38
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1.980
The debt was incurred on August 1, 1978, through the issuance of
$3,915,000 wa ter refunding revenue bonds. The proceeds were use d to refund
a portion of the outstanding Series 1967 and Series 1976A water revenue
certificates. The bonds are secured by the net reve nues of the Water Fund.
On September 30, 1980, the outstanding bonds totaled $3,915,000; the
payment sched ule follows:
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1980 Oct. 1 6.75$ $ $ 132,131.25 $ 132,131.25 $ 132,131.25
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. 1 132,131.25 132,131.25 264,262.50
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 1 6.75$ 132,131.25 132,131.25
1988 Oct. 1 6.75 132,131.25 132,131.25 264,262.50
1989 April 1 6.75$ 132,131.25 132,131.25
1989 Oct. 1 6.75$ 132,131.25 132,131.25 264,262.50
39
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUE5TA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1980
Coupon
Due Date Rate Principal
1990 April 1 6.75 $
1990 Oct. 1 6.75
1991 April 1 6.75$
1991 Oct. 1 6.75$
1992 April 1 6.75
1992 Oct. 1 6.75$
1993 April 1 6.75$
1993 Oct. 1 6.75$
1994 April 1 6.75
1994 Oct. 1 6.75
1995 April 1 6.75$
1995 Oct. 1 6.75$
1996 April 1 6.75
1996.Oct. 1 6_.75$
1997 April 1 6.75$
1997 Oct. 1 6.75
1998 April 1 6.75$
1998 Oct. 1 6.75
1999 April 1 6.75
1999 Oct. 1 6.75
2000 April 1 6.75
2000 Oct. 1 6.75
2001 April 1 6.75
2001 Oct. 1 6.75
Annual
Interest Total Re quirements
$ 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
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
40
NOWLEN,STEWART.TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1980
Coupon Annual
Due Date Rate Principal Interest Total Requirements
2002 April 1 6.75$ $ $ 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 64,293.75
2005 Oct. 1 6.75 64,293.75 6:4,293.75 128,587.50
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,.905,000.00 64,293.75 1,969,293.75 1,969,293.75
Total $3,915,000.00 $6,660,225.00 $10,575,225.00 $10,575,225.00
41
NOWLEN. STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1980
Employees Statutory Life
Group Life Insurance
Group Hospitalization
Comprehensive automobile
liability
Public Employees Blanket Bond
Public Official's Bond
Workmen's Compensation
Multi-peril Policy
(90~ co-insurance)
Policy
Number
SR 40914
3-2215
24883
BAPO 3-17-03
4135132
4087118
U783358
SMP185214
42
NOWLEN, STEWART, TEDAMONSON & HOLT
Coverage
$10,000 - $20,000
1.5 times annual
salary
Various
$500,000
$25,000
$25,000
$100,000
$1,191,893
Certified Public Accountants
Y
N OWLEN, S TEWART: TEDAMONSON & BOLT
CERTIFIED PUBLIC ACCOUNTANTS
200 FLAGLER COURT BUILDING
POST OFFICE BOX 347
WEST PALM BEACN, FLORIDA 33402
TELEPNON6 (305) 659-3060
[V[R[TT f. NOWL[N, C-A
V. C. fT[WART. CIA
ALAN L. T[DAMONION, CIA
tOWARO T. MOLT, CIA
WILLIAM C. KIfK[R, JR., G-A
WILLIAM f. MIN l R, C-A
JAN[7 R, fA RIC[VICN, CPA WILLIAM D. ORAKi. CIA
/. 6. W[[Nf, CPA WANDA W.f[RG[RON,CPA
JACLYN J. T[pAMONfON. CPA JOHN B. fOY, JR., CIA
R. OR[GORYfMITN, GIA LAYAA W[DDL[, CPA
ROf[RT W.N[NDR1%,JR., C-A
January 29, 1981
Honorable Mayor and Village Council
Village of Tequesta, Florida
M[Mf[Rf
AM[R1GAN {NSTITUT[ O-
C[wT1/1[D -YfLIC ACCOYNTANTf
ILORIOA /NfTITYTi O•
C[RTIr1iD WtLIC ACCOYNTANTf
ACCOUNTING -IRMf AffOC/AT[D INC.
f[LL[ GLAD[, rLORIDA OIIICf
7]] f.i. aND fTR[[T
rofr orncc fox aas
•[LL[ DEAD[, rww/Dw a]sae
T[L[-NOw[ IaosY sss-ss/ ]
We have examined the financial statements of the Village of
Tequesta, Florida for the year ended September 30, 1980, and have
issued our audit report thereon dated December 17, 1980. As part
of our examination, we made a study and evaluation of 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 purposes of such
evaluation are to establish a basis for reliance on the system of
internal accounting control in determining the nature, timing, and
extent of other auditing procedures that are necessary for
expressing an opinion on the financial statements and to assist the
auditor in planning and performing his examination of the financial
statements. A description of~the objective of internal accounting
control and the inherent limitations of any system is included in
Appendix A to this report.
Our examination of the financial statements made in accordance
with generally accepted auditing standards, including the-study and
evaluation of .the. Village's system of internal. accounting control
for the year ended September 30, 1980, that was made for the
purposes set forth in the first paragraph above,~would not
necessarily disclose all weaknesses in the system because it was
based on selective tests of accounting records and related data.
However, such study and evaluation disclosed the following
conditions that we believe to be material weaknesses, excluding
those which were corrected before they came to our attentioh.
Honorable Mayor and Village Council
Village of Tequesta, Florida
January 29, 1981
Page 2
1. A written plan of organization which specifies the
division of duties and areas of responsibilities .
concerned with accounting and administrative controls
relating to safeguarding of assets, custody of financial
records and the reliability of financial statements. has
not been prepared. A written plan should be adopted which
complies with Rules of Auditor General Chapter 10.500.
The Village had commenced work on a written plan curing
the fiscal year ended September 30, 1979. No additional
work was performed during the fiscal year ended
September 30, 1980.
2. Invoices and supporting documentation should be cancelled
upon payment. We noted that 'invoices and. supporting
documentation were not always cancelled. All invoices and
supporting documentation should be cancelled to prevent
duplicate payment..
3. We noted that overtime paid to watez department employees
were accounted for as a reduction to a revenue account
rather than accounted for in an expenditure account.
Employees' overtime pay should be properly budgeted and
reported as "overtime pay."
4. Employees' time cards were not always signed by them and
approved by their respective department heads. Time cards
should be signed by employees and approved by department
heads. Overtime hours not reported on time cards but o~
standardized forms should also be signed by the employees
and their department heads.
Item Nos. 1 and 2 described above were weaknesses existing in
the previous year.
Honorable Mayor and Village Council
Village of Tequesta, Florida
January 29, 1981
Page 3
The foregoing conditions were considered in determining the
nature, timing, and extent of audit tests to be applied in our
examination of the financial statements. This report of such
conditions does not modify our audit report dated December 17,
1980, on such financial statements.-
. Sincerely,
~~ ~ /~~'C" P,iiQ,
. Nowlen, Stewart, Tedamonson & Holt
APPENDIX A
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 of 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 either with respect
to the execution and recording of transactions or with respect to
the estimates and judgments required in the preparation of
financial 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. -