CAFR_FY Ending_09/30/1981VILLAGE OF TEQUESTA, FLORIDA
FINANCIAL STATEMENTS WITH
ACCOUNTANTS' REPORT THEREON
SEPTEMBER 30, 1981
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Nowlen, Stewart, Tedamonson & Holt
Certified Public Accountants
MEMORANDUM
From: Village Manager
To: Councilmembers, Village Attorney, Village Clerk, Finance Birector
Subject: 1981/82 Audit Report
Enclosed is a copy of the referenced report.
The receipt of same will be an agenda item for the April 12, 1983
Council Meeting.
~~i
Robert Harp
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Enc..
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~9FFICE OF THE VILLAGE MANAGER
VILLAGE OF TEQUESTA
357 TEgUESTA DRIVE
TEgUE5TA, FLORIDA
TELEPHONE
AREA CODE 3D3
746-745'7
May 3, 1983
MAtL1Nt3 ADDRE93
P. D. HDX 3373
TEgUESTA,FL~RIDA 33459
State of Florida
Office of Auditor General
Tallahassee, Florida 32304
Gentlemen:
Enclosed is a copy of the Comprehensive Annual Financial Report,
Village of Tequesta, Florida, fiscal year ended September 30, 1982 which was
received from the Auditors March 28, 1983 and considered by the Village Council
at their April 12, 1983 Council Meeting..
In regard to our Auditor's Comment No. 1, our Finance Director- has
been active in getting the interactive budget .control system on the computer
completed and has campleted most of the plan of organization specifying the
division of duties and areas of responsibilities concerned with accounting
and administrative controls and same is expected to be completed and adopted
within the next several months.
Item No. 2 has been reviewed, most of the items have been corrected
in anticipation of the physical inventory to be taken before the end of the
fiscal year.
Item No. 3 has been discussed with the Finance Director and the
accounts will be reconciled on a monthly basis with the preparation of each
month's financial statement.
Item No. 4 is being further pursued with our Auditors to obtain a
clearer understanding of the procedure suggested and will implant such
procedure conforming to their recommendations.
.Item No. 5 will be accomplished by providing closing the books at
September 30 and establishing accounts payable for invoices received after
September 30.
Item No. 6 is now in the process of being converted to the computer.
Item No. 7 is now being conformed to.
State of Florida
Office of Auditor General
May 3, 1983
Page -2-
Item No. 8 has been discussed with the clerk in the Building
Department and licenses and registrations will be issued in numerical
sequence.
Item No. 9 is now being complied with.
Item No. 10 has been discussed with the Village Clerk and barring
any unforseen circumstances, will be complied with.
Yours very truly,
VILLAGE OF TEQUESTA
Robert Harp.
Village Manager -
RH:jf ~
Enc.
cc: Dlr. Bill C. Kascavelis, Finance Director
Nowlen, Stewart, Tedamonson & Holt
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VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1981
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 of Revenues, Expenditures,
and Changes in Fund Balances - 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 13-24
Supplemental Information:
General Fund:
Schedule of Revenues - Budget and Actual 25-26
Schedule of Departmental Expenditures -
Budget and Actual 27-34
Enterprise Fund:
Schedule of Operating Expenses -
Budget and Actual 35
Comparative Summary of Operations - Fiscal Years
Ended September 30, 1981 and 1980 36
Schedule of Restricted Accounts Under
Revenue Bond Ordinance 37-38
Schedule of Investments - All Funds 39-40
Amortization Schedule - Improvement
Revenue Bonds - Series 1979 41
Amortization Schedule - Water
Refunding Revenue Bonds - Series 1978 42-44
Schedule of Insurance 45
NOWLEN, STEWART, TEDAMONSON & HOLT
(A Partnership of Professional Associations and Individuals)
CERTIFIED PUBLIC ACCOUNTANTS
601 FLAGLER DRIVE COURT
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 13051 6543060 MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
EVERETT 8. NOWLEN, CPA, P.A. JANET R. BARICEVICH, CPA PHILIP D. MITCHELL, CPA CERTIFIED PUBLIC ACCOUNTANTS
V.C. STEWART, CPA B.E. WEEKS, CPA JANE BIERLEY, CPA ACCOUNTING FIRMS ASSOCIATED INC.
ALAN L. TEDAMONSON, CPA R. GREGORY SMITH, CPA MARGARET G. CALDWELL, CPA
EDWARD T. HOLT, CPA ROBERT W. HENDRIX, JR., CPA MARK D. PERRY, CPA BELLE GLADE OFFICE
WILLIAM C. KISKEA, JR., CPA WANDA W. BERGERON, CPA DAVID N. MILLER, CPA 333 S.E. 2ND STREET
WILLIAM B. MINER, CPA JONN 8. BOY, JR., CPA DAVID J. JOHNSON, CPA POST OFFICE BOX 33B
JACLYN J. TEDAMONSON, CPA, P.A. LAURA J. TINDALL, CPA SUSAN B. TOOMEY, CPA BELLE GLADE, FLORIDA 334.90
TELEPHONE (305) 996-5612
The Honorable Mayor and Village Council
Village of Tequesta, Florida
We have examined the financial statements of the various funds and
account groups of the Village of Tequesta, Florida, as of and for
the year ended September 30, 1981, 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, 1981,
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.
Our examination was made for the purpose of forming an opinion on
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 14, 1981
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1981
ASSETS
Cash
Cash with fiscal agent
Investments, at cost or amortized cost
Receivables:
Accounts (net of allowance for
uncollectibles)
Accrued interest
Due from other funds
Due from other governments
Inventories of supplies
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
Accumulated depreciation
Improvements other than buildings
Accumulated depreciation
Machinery and equipment
Accumulated depreciation
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
$162,477 $5,044 $ 1
420
17,145 100,000
5,099
209 2,750
8,995
3,664
637
$194,562 $8,708 $103,171
NOµ'LEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
Governmental Proprietary
Fund Types Fund Type
Capital
Projects Enterprise
Account Groups
General General
Fixed Long-Term
Assets Debt.
$ 1 $ 116,916 $
4,645 1,026,906
89,009
33,542
14,172
165, 822
39,598
132, 131
1,210,984
16,518
89,885
92,042 35,000
170, 274' 157, 280
(2,129)
4,197,634 46,116
(714,004)
227,015 205,375
(76,167)
$4,646 $6,830,148 $443,771
102,751
777,249
$880,000
Totals
(Memorandum
Only)
$ 284,439
420
1,148,696
94,108
36,501
8,995
3,664
14,809
165, 822
39,598
132,131
1,210,984
16,518
89,885
127,042
327,554
(2,129)
4,243,750
(714,004)
432,390
(76,167)
102,751
777,249
$8,465,006
(Continued)
The notes to the financial statements
are an integral part of this statement.
4
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1981
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Accrued liabilities
Matured interest payable
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:
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved for revenue bond retirement
and improvements
Unreserved
Fund Balances:
Reserved for inventory of supplies
Reserved for debt service
Reserved for recreation and parks
Reserved for police building
Unreserved:
Designated for debt service
Undesignated
Total Fund Equity
Total Liabilities and
Fund Equity
Governmental
Fund Types
Special Debt
General Revenue Service
$ 8,972 $
14,017
420
89,885
23,707
8,645
$136,581 $8,645 $ 420
$ $ $
637
16,000
7,791
2,751
100,000
33,553 63
$ 57,981 $ 63 $102,751
$ 194,562 $8,708 $103,171
5
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
Governmental Proprietary
Fund Types Fund Type
Capital
Projects Enterprise
Account Groups
General General
Fixed Long-Term
Assets Debt
Totals
(Memorandum
Only)
$4,409 $ 25,000 $ $ $ 38,381
7,827 21,844
420
62,906 62,906
132,131 132,131
81,485 81,485
350 8,995
89,885
23,707
880,000 880,000
3,915,000 3,915,000
(103,747) (103,747)
$4,409 $4,120,952 $ $880,000 $5,151,007
$ $ 437,155 $ $ $ 437,155
443,771 443,771
1,122,709 °1,122,709
1,149,332 1,149,332
637
2,751
16,000
7,791
100,000
237 33,853
$ 237 $2,709,196 $443,771 $ $3,313,999
$4,646 $6,830,148 $443,771 $880,000 $8,465,006
The notes to the financial statements
are an integral part of this statement.
6
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
Governmental
Fund Types
General
Revenues:
Taxes $ 893,403
Licenses and permits 75,221
Intergovernmental revenues 234,568
Charges for services 8,178
Fines and forfeits 18,573
Miscellaneous revenues 107,603
Total Revenues 1,337,546
Expenditures:
Current:
General government $ 197,191
Public safety 518,049
Physical environment 127,641
Transportation 125,801
Human services 8,382
Culture/recreation 76,857
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures ~`1,053,92~
Excess of Revenues Over (Under}
Expenditures $ 283,625
Other Financing Sources {Uses):
Operating transfers in $
Operating transfers out (29,521}
Total Other Financing Sources (Uses) $ (29,521)
Excess of Revenues and Other Sources Over
Expenditures and Other Uses $ 254,104
Fund Balances (Deficit), October 1, 1980 (196,760)
Increase in Reserve for Inventories 637
Fund Balances, September 30, 1981 $ 57,981
7
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
Governmental
Fund Types
Special Debt Capital
Revenue Service Projects
14,656
197
14,853
16,680
$ 16,680
$ (1,827)
$ (1,827)
1,890
$ 63
16, 115'--
16,115
15,000'.
75,535
$ 90, 535~~
$(74,420)
$ 29,521
$ 29,521
$(44,899)
147,650
c~n~ ~S~
,,
l
237
$ 237
$ 237
$ 237
-0-
$ 237
The notes to the financial statements
are an integral part of this statement.
8
NOWLEN, STEWART, TEDAMONSON & HGLT
Certified PuGlic Accountants
Totals
(Memorandum
Only)
$ 893,403
75,221
249,224
8,178
18,573
124,152
$1,368,751
$ 197,191
534,729
127,641
125,801
8,382
76,857
15,000
75,535
1,161,13
$ 207,615
$ 29,521
(29,521)
$ 207,615
(47,220)
637
$ 161,032
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, 1981
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
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, 1980
General Fund
Variance -
Favorable
Budget Actual (Unfavorable),
$ 863,219
6i-,500
227,149
6,980
11,000
54,400
1,224,248
$ 202,764
540,196
1.40,200
144,292
10,500
84,366
$ 893,403
75,221
234,568
8,178
18,573
107,603
$1,337,546
$ 197,191
518,049
127,641
125,801
8,382
76,857
$ 30, 184
13,721
7,419
1 , 198
7,573
53,203
$113,298
$ 5,573
22,147
12,559
18, 491
2,118
7,509
$1,122,318
$1,053,921
$ 68,397
$ 101,930 $ 283,625 $181,695
(50,185)
(29,521)
20,664
$ (50,185)
$ 51,745
(196,760)
$ (29,521)
$ 254, 104
(196,760)
637
Increase in Reserve for Inventories
Fund Balances (Deficit),
September 30, 1981
$ (145,015) $ 57,981
9
NOWLEN, STEWART, TEDAMONSON & HOLT
$ 20,664
$202,359
637
$202,996
Certified PuGlic Accountants
Sp ecial Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ 863,219 $ 893,403 $ 30,184
61,500 75,221 13,721
14,656 14,656 241,805 249,224 7,419
6,980 8,178 1,198
11,000 18,573 7,573
102 197 95 54,502 107,800 53,298
14,758 14,853 $ 95 $1,239,006 $1,352,399 $113,393
$ $ $ $ 202,764 $ 197,191 $ 5,573
16,622 16,680 (58) 556,818 534,729 2.2,089
140,200 127,641 12,559
144,292 125,801 18,491
10,500 8,382 2,118
84,366 76,857 7,509
16, 22 16,680 $ (58) 1,138,940 1,070,601 68,339
$(1,864) $(1,827} $ 37 $ 100,066 $ 281,798 $181,732
$ $ $ $ $ $
(50,185) (29,521) 20,664
$ $ $ $ (50,185) $ (29,521) $ 20,664
$(1,864) $(1,827) $ 37 $ 49,881 $ 252,277 $202,396
1,890 1,890 (194,870) (194,870)
637 637
$ 26 $ 63 $ 37
$ (144,989) $ 58,044 $203,033
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, 1981
Operating Revenues:
Charges for services
Operating Expenses:
Purchased water
Personal services
Contractual services
Supplies
Heat, light and power
Repairs and maintenance
Depreciation
Total Operating Expenses
Operating Income
Nonoperating Revenues (Expenses):
Interest revenue
Interest expense and fiscal charges
Total Nonoperating Revenues (Expenses)
Net Income
Retained Earnings, October 1, 1980
Prior Period Adjustment
Retained Earnings Restated, October 1, 1980
Retained Earnings, September 30, 1981
The notes to the financial statements
are an integral part of this statement.
11
NOWLEN,STEWART,TEDAMONSON & HOLT
Proprietary
Fund Type
Enterprise
$ 962,784
$ 331,937
118,456
109,318
13,671
38 , 027
31,555
109,291
$ 752,255
$ 210,529
$ 244,875
(274,759)
$ (29,884)
$ 180,645 /
$2,054,399
36,997
$2,091,396
$2,272,041 /~
Certified Pubiic Accountants
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 19$1
Proprietary
Fund Type
Enterprise
Sources of Working Capital:
Operations:
Net income $180,645
Items not requiring working capital:
Depreciation 109,291
Amortization of debt discount
and issue costs 10,174
Working capital provided by operations 300,110
Net decrease in restricted assets 38,758
Net increase in current liabilities
payable from restricted assets 38,734
Net decrease in advance to general fund 114,825
Capital improvement charges 82,545
Total Sources of Working Capital 574,972
Uses of Working Capital:
Acquisition of property, plant and equipment $299,664
Net Increase in Working Capital $275,308
Elements of Net Increase (Decrease) in Working Capital:
Cash $ 35,376
Investments 253,301
Accounts receivable (10,957)
Accrued interest receivable (4,398)
Inventories 14,172
Accounts payable and accrued liabilities (25,700)
Due to other funds 13,514
Net Increase in Working Capital $275,308
The notes to the financial statements
are an integral part of this statement.
12
NOWLEN, STEWART, TEDAMONSON & HO[.T
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
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 the 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 Funds
Debt Service Funds are used to
resources for, and the payment
interest, and related costs.
account for the accumulation of
of, long-term debt principal,
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[an[s
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
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.
Fixed Assets and Long-Term Liabilities
The accounting and reporting treatment applied to the fixed assets
and long-term liabilities associated with a fund are determined by
its measurement focus. All governmental funds and Expendable Trust
Funds are accounted for on a spending or "financial flow"
measurement focus. This means that only current assets and current
liabilities are generally included on their balance sheets. Their
reported fund balance (net current assets) is considered a measure
of "available spendable resources." Governmental fund operating
statements present increases (revenues and other financing sources)
and decreases {expenditures and other financing uses) in net
current assets. Accordingly, they are said to present a summary of
sources and uses of "available spendable resources" during a
period.
Fixed assets used in governmental fund type operations (general
fixed assets) are accounted for in the General Fixed Assets Account
Group, rather than in governmental funds. Public domain
{"infrastructure") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs
and gutters, streets and sidewalks, drainage systems, and lighting
systems, are not capitalized. No depreciation has been provided on
general fixed assets.
All fixed assets are valued at historical cost or estimated
historical cost if actual historical cost~is not available.
Donated fixed assets are valued at their estimated fair value on
the date donated.
Long-term liabilities expected to be financed from governmental
funds are accounted for in the General Long-Term Debt Account
Group, not in the governmental funds. The single exception to this
general rule is for special assessment bonds, which are accounted
for in Special Assessment Funds.
14
NO WLEN, STEWART, TEDAMONSON & HOLT
Certified FuGlic Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Long-Term Liabilities (Continued)
The two account groups are not "funds." They are concerned only
with the measurement of financial position. They are not involved
with measurement of results of operations.
Noncurrent portions of long-term receivables due to governmental
funds are reported on their balance sheets, in spite of their
spending measurement focus. Special reporting treatments are used
to indicate, however, that they should not be considered "available
spendable resources," since they do not represent net current
assets. Recognition of governmental fund type revenues represented
by noncurrent receivables is deferred until they become current
receivables. Noncurrent portions of long-term loans receivable are
offset by fund balance reserve accounts.
Special reporting treatments are also applied to governmental fund
inventories to indicate that they do not represent "available
spendable resources, even though they are a component of net
current assets. -Such amounts are generally offset by fund balance
reserve accounts.
Because of their spending measurement focus, expenditure
recognition for governmental fund types is limited to exclude
amounts represented by noncurrent liabilities. Since they do not
affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the
General Long-Term Debt Account Group.
All proprietary funds are accounted for on a-cost of services or
"capital maintenance" measurement focus. This means that all
assets and all liabilities (whether current or noncurrent)
associated with their activity are included on their balance
sheets. Their reported fund equity (net total assets) is
segregated into contributed capital and retained earnings
components. Proprietary fund type operating statements present
increases (revenues) and decreases (expenses) in net total assets.
15
NOWLEN. STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Long-Term Liabilities (Continued)
Depreciation of all exhaustible fixed assets used by proprietary
funds is charged as expense against their operations. Accumulated
depreciation is reported on proprietary fund balance sheets.
Depreciation has been provided over the estimated useful lives
using the straight-line method. The estimated useful lives are as
follows:
Buildings 40 years
Improvements 20 - 50 years
Equipment 4 - 10 years
Basis of Accounting
Basis of accounting refers to when revenues and expenditures or
expenses are recognized in the accounts and reported in the
financial statements. Basis of accounting relates to the timing of
the measurements made, regardless of the measurement focus
applied.
All governmental funds are accounted for using the modified accrual
basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets.
Taxpayer-assessed income and gross receipts are considered
"measurable" when in the hands of intermediary collecting
governments and are recognized as revenue at that time.
Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is incurred.
Exceptions to this general rule include: (1) accumulated unpaid
vacation, sick pay, and other employee amounts which are not
accrued; and (2) principal and interest on general long-term debt
which is recognized when due.
Proprietary funds are accounted for using the accrual basis of
accounting. Their revenues are recognized when they are earned,
and their expenses are recognized when they are incurred. Unbilled
Water Fund utility service receivables are recorded at year end.
16
NOWLEN, STEW ART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting
The Village follows these procedures in establishing the budgetary
data reflected in the financial statements:
1. Prior to September 1, the Village Manager submits to the
Village Council a proposed operating budget for the fiscal year
commencing the following October 1. The operating budget
includes proposed expenditures and the means of financing
them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to October 1, the budget is legally enacted through
passage of a resolution.
4. Any budget revisions must be approved by the Village Council.
5. Formal budgetary integration is employed as a management
control device during the year for the General Fund, Special
Revenue Funds, Capital Projects Fund, and Enterprise Fund.
Formal budgetary integration is not employed for Debt Service
because effective budgetary control is alternatively achieved
through bond indenture provisions.
6. Budgets for the General, Special Revenue, Capital Projects
and Enterprise Funds are adopted on a basis consistent with
generally accepted accounting principles.
Budgeted amounts are as originally adopted, or as amended by the
Village Council on July 14, 1981.
Investments
Investments are stated at cost or amortized cost, which
approximates market.
Inventories
Inventories are valued at cost (first-in, first-out) or market.
Inventories in the General Fund consist of expendable supplies held
for consumption. The cost is recorded as an expenditure at the
time individual inventory items are purchased. Reported
inventories are equally offset by a fund balance .reserve which
indicates that they do not constitute "available spendable
resources" even though they are a component of net current assets.
17
NOWLEN,STEWART,TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Amortization - Enterprise Fund
The issue costs of long-term. debt are amortized over the life of
the bonds using the straight-line method.
Employee Annual Leave
A contingent liability exists for accrued annual leave which will
be taken by employees prior to December 31, 1981. Unused annual
leave does not accumulate to the following year. Such amounts are
accrued when incurred in proprietary funds (using the accrual basis
of accounting). Such amounts are not accrued in governmental funds
(using the modified accrual basis of accounting). At September 30,
1981, the unrecorded General Fund liability was approximately
$5,800.
Total Columns on Combined Statements
The Total columns on the combined statements are captioned
Memorandum Only to indicate that they are presented only to
facilitate financial analysis. Data~in these columns do not
present financial position, results of operations, or changes in
financial position in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
NOTE 2 - PROPERTY TAXES
Under Florida law, the assessment of all properties and the
collection of all county, municipal and school board property taxes
are consolidated in the offices of the County Property Appraiser
and County Tax Collector. The laws of the State regulating tax
assessment are also designed to assure a consistent property
valuation method statewide.
The tax levy of the Village is established by the Village Council
prior to October 1 of each year and the Palm Beach County Property
Appraiser incorporates the Village millages into the total tax
levy, which includes Palm Beach County and Palm Beach County School
Board tax requirements.
18
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 2 - PROPERTY TAXES (Continued)
All property is reassessed according to its fair market value
January 1 of each year. Each assessment roll is submitted to the
Executive Director of the State Department of Revenue for review to
determine if the rolls meet all the appropriate requirements of
State statutes.
All taxes are due and payable on November 1 of each year or as soon
thereafter as the assessment roll is certified and delivered to the
Tax Collector. All unpaid taxes become delinquent on April 1
following the year in which they are assessed. Discounts are
allowed for early payment at the rate of 4$ in the month of
November, 3$ in the month of December, 2$ in the month of January
and 1$ in the month of February. The taxes paid in March are
without discount.
Delinquent taxes on real property bear interest of 18~ per year.
On or prior to June 1 following the tax year, certificates are sold
for all delinquent taxes on real property. After sale, tax
certificates bear interest of 18$ per year or at any lower rate bid
by the buyer. Application for a tax deed on any unredeemed tax
certificates may be made by the certificate holder after a period
of two years.
Delinquent taxes on personal property bear interest of 18$ per year
until the tax is satisfied either by seizure and sale of the
property or by the five year statute of limitations.
The Village does not accrue property tax revenues when levied since
the collection of property taxes does not coincide with the end of
the fiscal year and since the Village consistently has no material
uncollected property taxes at year end.
NOTE 3 - ADVANCE TO/FROM ENTERPRISE FUND/GENERAL FUND
At September 30, 1981, the General Fund was liable to the
Enterprise Fund in the amount of $89,885 for advances received
during the fiscal year ended September 30, 1980. This advance is
to be repaid to the Enterprise Fund over the two years at the
discretion of the Village Council.
19
NOWLEN, STEWART, TEDAMONSON & NOLT
Certified Public'ACCOUntants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 4 - WATER FUND ADMINISTRATIVE FEE
During the year ended
$53,600 to the General
management fees. This
in the General Fund an
in the Water Fund.
NOTE 5 - PENSION PLAN
September 30, 1981 the Water Fund remitted
Fund for office rent and administrative
amount is reflected as miscellaneous revenue
d as contractual services operating expenses
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, 1981 were $69,463 (General Fund $60,569,
Enterprise Fund $8,894). The funding methods and the determination
of benefits payable are provided in various acts of the State
Legislature. At September 30, 1981, information is not available
from the State of Florida with regard to the excess of the
actuarially computed vested benefits over pension fund assets
relating to employees of the Village.
NOTE 6 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable are stated at net of $967 allowance for
doubtful accounts and consist of billed revenues totaling $77,105
and unbilled revenues totaling $12,871.
NOTE 7 - ENTERPRISE FUND - REQUIRED PAYMENTS PER BOND ORDINANCE
Pursuant to Ordinance 260 enacted by the Village Council on May 9,
1978, the Village has issued water refunding revenue bonds, Series
1978 outstanding in the principal amount of $3,915,000. Ordinance
260 provides for the disposition of all revenues derived from the
operation of the water system. Revenues are first to be used for
payment of all current operating expenses. Revenues are next to be
used for the required payments for principal and interest on, and
reserve for, the outstanding water refunding revenue bonds.
Revenues are next to be used to maintain the renewal, replacement
and improvement of the water system. Such payments to the renewal
and replacement fund are made monthly equal to one-twelfth of the
estimated annual cost of extensions, additions to, enlargements and
replacement of capital assets of the system and emergency repairs
thereto, such cost to be established by recommendation of the
consulting engineer. Finally, any revenues remaining may be used
for any lawful purpose.
20
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountanu
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 8 - RESERVES - ENTERPRISE FUND
The revenue bond ordinance described in Note 7, required the
establishment of the following accounts:
Account
'~~ Revenue Fund
Operation and
Maintenance Fund
•~ f' Sinking Fund
.,, Bond Amortization Fund
Purpose
To collect the entire gross revenues
derived from the system, except
investment earnings.
To pay fully accrued operating
expenses.
To accumulate sufficient funds to meet
annual debt service requirements
through transfers from the Revenue
Fund.
Established within the Sinking Fund to
meet principal payment on the debt.
Reserve Account To accumulate funds for payment of
principal and interest only if funds
in the Sinking Fund are insufficient.
' Renewal and To accumulate funds for the purpose of
Replacement Fund funding the co st of extensions,
additions to, enlargements and
replacement. of capital assets of the
system and eme rgency repairs thereto.
NOTE 9 - LONG-TERM DEBT - ENTERPRISE FUND
The long-term debt consists of Series 1978 water refunding revenue
term bonds. These term bonds bear interest at 6.75$ and mature as
follows:
$2,010,000 October 1, 2003
1,905,000 April 1, 2007
$3,915,000
21
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 9 - LONG-TERM DEBT - ENTERPRISE FUND (Continued)
U.S. Treasury obligations bearing 7-5/8$ interest will be purchased
with funds required to be deposited by the Village into a bond
amortization account. The purpose of this account is to meet the
principal payments on the term bonds maturing 2007. 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
4j 1/79 700
10/1/79 700
4/1/so 700
1o/1/ao 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
22
NOWf.EN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 10 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of capital improvement charges. For
the year ended September 30, 1981, $82,545 was received for capital
improvement charges.
NOTE 11 - LONG-TERM AGREEMENT TO PURCHASE WATER
On July 15, 1976, the Village entered into an agreement with
Tri-Southern Utilities Company, Inc. (the agreement subsequently
assumed by the Town of Jupiter) to purchase water for the Village's
water system for a period of 30 years. Rates for water service are
based on wholesale rates. The Village is billed monthly based upon
a 1,SOO,000 gallons per day contracted minimum.
NOTE 12 - PRIOR PERIOD ADJUSTMENT
Enterprise Fund
An adjustment to retained earnings as of October 1, 1980 has been
made to correct an error in recording depreciation expense for the
fiscal year ended September 30, 1980.
NOTE 13 - 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
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 $880,000
23
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accoun[anus
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1981
NOTE 13 - IMPROVEMENT REVENUE BONDS (Continued)
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
NOTE 14 - CHANGES IN GENERAL LONG-TERM DEBT
Improvement revenue bonds payable,
October 1, 1980 $895,000
Less: Retirement of bonds during the fiscal year.
ended September 30, 1981 15,000
Improvement revenue bonds payable
September 30, 1981 $880,000
NOTE 15 - CHANGES IN GENERAL FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance
October 1,
1980
Land $ 35,000
Buildings 152,875
Improvements other
than buildings 46,116
Equipment 188,374
Total $422,365
Additions
4,405
29,783
$34,188
24
Deletions
12,782
$12,782
Balance
September 30,
1981
$ 35,000
157,280
46,116
205,375
$443,771
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, 1981
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 Revenues:
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 street
resurfacing
Town of Jupiter street
resurfacing
Total
Charges for Services:
Zoning fees
Map sales
Certification, copying,
record search
Police message desk service
Building inspection service
Municipal police academy
Tennis lights
Total
Variance -
Favorable
Budget Actual (Unfavorable)
$ 514,319
400
130,700
217,800
863,219
$ 520,223
1,464
135,960
235,756
893,403
$ 5,904
1,064
5,260
17,956
30,184
$ 27,200
34,000
300
61,500
$ 16,000
129,249
5,200
12,700
1,100
9,000
39,400
7,800
6,700
$ 227,149
$ 200
30
900
1,550
1,000
600
2,700
~ 6,980
25
NOWLEN, STEWART, TEDAMONSON & HOLT
$ 37,068
37,198
955
75,221
$ 16,367
129,246
5,264
10,812
1 , 207
10,776
46,691
7,800
6,405
$ 234,568
$ 700
54
901
1,550
1,209
1 , 138
2,626
8,178
$ 9,868
3, 198
655
13,721
$ 367
(3)
64
(1,888)
107
1,776
7,291
-0-
(295)
7,419
$ 500
24
1
-0-
209
538
(74)
1,198
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
Fines and Forfeits:
Court fines
Parking tickets
Total
Miscellaneous Revenues:
Interest
Contributions for recreation
Contribution for police
building
Other
Trash bag sales
Abandoned bicycle sales
Administrative management -
Water Fund
Office rent - Water Fund
Total
Total Revenues
Variance -
Favorable
Budget Actual (Unfavorable)
$ 10,000 $ 17,998
1,000 575
~ 11,000 18,573
$ 1,000 $ 25,683
16,000
1,800
3,500
100
8,510
634
3,176
44,000
4,000
54,400
$1,224,248
26
NOWLEN, STEWART, TEDAMONSON ff HOGT
Certified Public Accountants
44,000
9,600
~ 107,603
$1,337,546
$ 7,998
(425)
$ 7,573
$ 24,683
16,000
8,510
(1, 166)
(324)
(100)
-0-
5,600
53, 03
$113,298
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 19$1
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:
Finance director's salary
Bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Variance -
Favorable
Budget Actual (Unfavorable)
$ 3,100 $ 3,000 $ 100
75 14 61
$ 3,175 $ 3,014 $ 161
$ 31,229 $ 31,365 $ (136)
1,970 1,883 87
2,845 2,818 27
1,130 1,031/ 99
1,000 710 290
1,700 1,342 358
150 54 96
50 5Q
15,021 14,974 47
1,030 978 52
1,370 1,345 25
975 8851 90
25 15 10
930 676 254
2,000 964 1,036
400 89 311
50 40 10
$ 61,875 $ 59,169 $ 2,706
$ 20,181 $ 20,481 $ (300)
1,776 1,776 -0-
2,480 1,452 1,028
3,100 2,020 r" 1,080
1,740 895/ 845
55 34 21
27
NOWLEN, STEWART, TEDAMONSON & HOLT
Certitied Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
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
Other General Government:
Salaries
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Unemployment compensation
Professional services
Communication services
Postage
variance -
Favorable
Bud et Actual (Unfavorable)
$ 6,500 $ 6,500 $ -0-
700 277 423
100 122 (22)
100 80 20
100 43 57
400 279 121
$ 37,232 $ 33,959 $ 3,273
$ 25,000
$ 25,000
$ 30,860
$ 30,860
$ (5,860)
$ (5,860)
$ 12,358 $ 12,415 $ (57)
845 811 34
1,125 1,115% 10
950 872 78
20 13 7
1,000 1,000
2,000 1,660 340
2,350 2,317 33
1,700 1,737 (37)
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, 1981
General Government (Continued):
Variance -
Favorable
Budget Actual (Unfavorable)
Other General Government (Continued):
Utility services
Fire hydrant rental fees
Office equipment rentals
Other rentals
Insurance
Village Hall maintenance
Office machines maintenance
Other charges
Office supplies
Books, publications, dues
Aid to private organizations
Other grants and aids
Improvements other than
buildings - machinery and
equipment
Total Other General Government
$ 7,800 8,947 (1,147)
10,700 10,700 -0-
3,700 2,956 744
45 45 -0-
2,850 4,128 (1,278)
5,500 4,267 1,233
500 369 131
3,195 3,345 (150)
3,500 2,622 878
950 576 374
9,620 9,620 -0-
3,774 1,674 2,100
1,000 1,000
$ 75,482 $ 70,189 $ 5,293
Total General Government
Public Safety:
Police Department:
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
$ 202,764 $ 197,191 $ 5,573
$ 24,564 $ 24,672 $ (108)
38,100 38,062 38
17,362 17,218 144
55,430 55,041 389
16,882 16,937 (55)
127,584 124,151 3,433
43,180 41,332 1,848
1,700 1,804 (104j
22,095 20,843 1,252
41,460 40,3531 1,107
15,680 13,583,- 2,097
29
NOWLEN. STEWART. TEDAMONSON & HOLT
Certi[ied Public Accountanu
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF DEPARTMENTAL EXPENDITURES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
Variance -
Favorable
Budget Actual (Unfavorable)
Public Safety (Continued):
Police Department (Continued):
Workmen's compensation
insurance $ 9,000 $ 6,287 $ 2,713
Travel and per diem 2,500 2,321 179
Communication services 3,000 2,783 217
Insurance 7,023 3,813 3,210
Repairs and maintenance -
cars 6,500 6,363 137
Repairs and maintenance -
office equipment 200 193 7
Repairs and maintenance -
radio communications 2,000 1,540 460
Printing and binding 500 388 112
Other charges 1,900 2,839 (939)
Personnel training 1,200 1,-342 (142)
Office supplies 500 618 (118)
Gasoline and oil 22,000 24,447 (2,447)
Uniforms and equipment 1,800 1,701 99
Books, publications, dues 300 242 58
Machinery and equipment 800 743 57
Total Police Department $ 463,260 $ 449,616 $ 13,644
Detention And/Or Correction:
Other contractual services -
P.B.C. Sheriff's Department $ 150 $ -0- $ 150
Total Detention And/Or
Correction $ 150 $ -0- $ 150
Protective Inspections:
Salaries - building official $ 23,304 $ 22,966 $ 338
Salaries - building inspector 19,122 18,799 323
Salaries - other 11,770 11,507 263
F.I.C.A, 3,710 3,457 253
Retirement 4,935 4,898 ~ 37
Life and health insurance 2,155 1,849/ \ 306
30
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, 1981
Public Safety (Continued):
Variance -
Favorable
Bud et Actual (Unfavorable)
Protective Inspections (Continued):
Workmen's compensation
insurance
Travel and ger diem
Communication services
Other charges
Books, publications, dues
Machinery and equipment
Total Protective Inspections
Emergency and Disaster Relief:
Civil defense
Disaster relief contingency
Machinery and equipment
Total Emergency and Disaster
Relief
Total Public Safety
Physical Environment:
Contractual services - garbage
and trash
Total Physical Environment
Transportation:
Road and Street Facilities:
$ 1,040
2,300
500
300
550
1 , 100
$ 70,786
$ 977
1,770
402
427
359
1,022
$ 68,433
$ 63
530
98
(127)
191
78
$ 2,353
$ 500
5, 000
500
$ 6,000
$ 540,196
$ 140,200
$ 140,200
$ 518,049
$ 127,641
$ 127,641
$ 500
5,000
~~~
$ 6,000
$ 22,147
$ 12,559
$ 12,559
Salaries - superintendent $ 15,773 $ 15,845/ $ (72)
Salaries - maintenance 40,174 36,071/ 4,103
Overtime 1,000 188'' 812
F.I.C.A. 4,085 3,489 / 596
31
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, 1981
Transportation (Continued):
Budget
Road and Street Facilities (Continued):
Retirement
Life and health insurance
Workmen's compensation
insurance
Travel and per diem
Street lights
Insurance
Repairs and maintenance -
truck and tractor
Repairs and maintenance -
drainage
Other charges
Gasoline and oil - truck
Gasoline and oil - tractor
Small tools
Traffic signs
General maintenance
Road materials and supplies
Machinery and equipment
Total Transportation
Human Services:
Health - Mosquito Control:
$ 5,430
3,310
1,520
50
15-,000
4,400
3,100
13,000
800
2,200
350
400
700
20,000
4,000
9,000
$ 144,292
Variance -
Favorable
Actual (Unfavorable)
$ 4,700~~ $ 730
2, 829r~ 481
1,514c' 6
50
13,095• ~` 1,905
4,378 ':, 22
2,173 ', 927
13,491 ~% (491)
93 ~ 707
1,958 ! 242
269 t
352
6 9 7--
16,922
853
6 , 8 8 4'`~
$ 125,801
81
43
3,078
3,147
2,116
$ 18,491
Salaries $ 1,800 $ 1,426 $ 374
F.I.C.A. 130 13 117
Retirement 170 34 / 136
Repairs and maintenance 1,000 309 691
32
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, 1981
Variance -
Favorable
Budget Actual (Unfavorable)
Human Services (Continued):
Health - Mosquito Control (Continued):
Other charges $ Z00 $ 248 $ (48)
Gasoline and oil 200 65 135
Insecticide 7,000 6,287 713
Total Human Services $ 10,500 $ 8,382 $ 2,118
Culture/Recreation:
Parks and Recreation:
Salaries - director $ 19,171 $ 19,258 $ (87)
Salaries - maintenance 11,210 11,261 (51)
Salaries - playground leaders 4,320 3,700 620
Salaries - tennis court
supervisor 2,700 2,302 398
Overtime 200 52 148
F.I.C.A. 2,585 2,380 205
Retirement 3,425. 3,284 141
Life and health insurance 1,575 1,2511 324
Workmen's compensation
insurance 820 496 324
Travel and per diem 1,500 1,080 420
Communication services 400 325 75
Utility services - trailer
and off ice 2, 700 2, 103 597.
Utility services - field lights 1,500 2,201 (701)
Utility services - security
lights 260 250 -0-
Utility services - water 1,200 794 406
Insurance 1,200 518 682
Buildings, equipment and
grounds repairs and
maintenance 5,500 5,518 (18)
Fields repairs and maintenance 9,000 8,768 232
Truck repairs and maintenance 450 341 109
Other charges 100 15 85
33
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, 1981
Variance -
Favorable
Budget Actual (Unfavorable)
Culture/Recreation (Continued):
Parks and Recreation (Continued):
Office supplies $ 50 $ 2 $ 48
Gasoline and oil 580 481 99
Gasoline and oil - other 80 33 47
Small tools 350 322 28
Minor equipment 1,000 569 431
Program expense 800 524 276
Books, publications, dues 50 40 10
Buildings 4,500 4,406 94
Bicycle path 4,840 2,853 1,987
Playground parks 600 539 61
Machinery and equipment 1,700 1,181 519
Total Culture/Recreation $ 84,366 $ 76,857 $ 7,509
Total Expenditures $1,122,318 $1,053,921 $ 68,397
34
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Pubtic Accountants
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water $340,900 $331,937 $ 8,963
Personal services:
Wages $100,779 $102,996 $ (2,217)
F.I.C.A. taxes 6,790 6,567 223
Retirement 9,220 8,893 327
Total Personal Services 116,789 118,456 (1,667)
Contractual Services: /
Insurance $ 10,750 $ 7,915/ $ 2,835
Professional services 8,000 26,990 (18,990)
Communication services 1,875 1,796 79
Other contractual services 25,000 25,000
Rentals 10,510 9,725 785
Legal 2,000 1,085 915
Engineering 5,000 6,664 (1,664)
Accounting and auditing 8,500 8,500
Other current charges 3,545 950 2,595
Licenses and fees 2,000 1,560 440
Administrative management 44,000 44,000
Personnel training and travel 1,100 133 967
Total Contractual Services $122,280 $109,318 $ 12,962
Supplies:
Office supplies $ 10,500 $ 7,747 $ 2,753
Truck gas and oil 4,000 4,169 (169)
Chemicals 1,500 1,056 444
Small tools 700 462 238
Laboratory supplies 350 112 238
Diesel fuel 500 500
Books 300 125 175
Total Supplies $ 17,850 $ 13,671 $ 4,179
Heat, Light and Power $ 40,000 $ 38,027 $ 1,973
Repairs and Maintenance $ 17,200 $ 31,555 $(14,355)
35
NOWLEN, STEWART. TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
COMPARATIVE SUMMARY OF OPERATIONS
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1981 AND 1980
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Net income
36
NOWLEN,STEWART,TEDAMONSON & HOLT
Certified Public Accountants
1981 1980
$962,784 $898,068
752,255
$210,529
(29,884)
$180,645
622,329
$275,739
(85,512)
$190,227
VILLAGE OF TEQUESTA, FLORIDA
ENTERPRISE FUND
SCHEDULE OF RESTRICTED ACCOUNTS UNDER REVENUE BOND ORDINANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1981
Sinking
Account
Balance, October 1, 1980
Cash and investments
Unamortized discount on investments
Accrued interest receivable
Prepaid expenses
Increases:
Transfers from unrestricted accounts
Investment earnings
Total
Decreases:
Capital outlay
Interest payments
Other debt service costs
Transfers to other unrestricted accounts
Total
Balance, September 30, 1981
Cash and investments
Unamortized discount on investments
Accrued interest receivable
37
NOWLEN,STEWART,TEDAMONSON & HOLT
Certified Public Accountants
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$666,987 $270,673 $12,198
(40,511)
6,017 1,161 91
2,300 12,802
54,617 20,536 2,553
$689,410 $292,370 $27,644
$ $ $ 8,172
600
24,481
$ 600 $ 24,481 $ 8,172
$724,683 $266,728 $18,834
(42,603)
6,730 1,161 638
$688,810 $267,889 $19,472
I 38
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1981
Enterprise Fund:
Retained Earnings
Account
Reserve Account
Capital Improvement
Account
Bond Amortization
Account
United States Treasury Obligations
Unamortized Interest Maturity
Par Value Cost Discount Rate Date
$ 25,000 $ 23,346
55,000 54,880
20,000 18,925
695,000 647,879
39
NOWLEN, STEWART, TEDAMONSON & HOLT
$ 14.667 10/22/81
8.25$ 8/15/85
16.086$ 10/1/81
42,604 7.625 2/15/07
Certified Public Accoun[ancs
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1981
General Fund
Debt Service Fund
Capital Projects Funds
Enterprise Fund:
Sinking Account
Reserve Account
Retained Earnings Account
Renewal and Replacement Account
Meter Deposits Account
Capital Improvement Account
40
Certificates of Deposit
Interest Maturity
Amounts Rate Date
17,145 15.896$ 3/4/82
100,000 11.00 4/1/90
4,645 8.00 10/11/81
1,000 8.00 3/31/82
208,848 7.50 7/1/86
2,000 6.50 10/8/81
1,000 11.75 9/28/82
10,160 12.00 10/8/81
17,965 15.354- 11/4/81
22,505 15.354 11/5/81
15,005 15.781 11/10/81
69,450 15.781 11/13/81
63,825 15.781 11/16/81
20,130 15.925 11/25/81
17,570 15.568 1/19/82
52,095 15.568 1/21/82
23,785 15.821 2/4/82
40,000 15.821 2/8/82
5,525 5.50 10/8/81
9,545 5.50 11/2/81
636,000 15.00 11/2/81
8,340 5.50 10/26/81
10,455 15.354 11/9/81
11,700 15.354 11/5/81
58,310 15.04 2/1/82
64,250 15.372 2/12/82
3,600 5.50 10/1/81
55,925 15.781 11/16/81
19,505 15.821 2/8/82
39,850 15.372 2/12/82
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$880,000 IMPROVEMENT REVENUE BONDS - SERIES 1979
SEPTEMBER 30, 1981
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, 1981, the outstanding
bonds totaled $880,000:
Coupon
Rate
1982, October 1 8.50
1983, October 1 8.50
1984, October 1 8.50$
1985, October 1 8.50$
1986, October 1 8.40
1987, October 1 8.40$
1988, October 1 8.40$
1989, October 1 8.30$
1990, October 1 8.30
1991, October 1 8.30$
1992, October 1 8.40$
1993., October 1 8.40$
1994, October 1 8.40
1995, October 1 8.40
1996, October 1 8.40
1997, October 1 8.40
1998, October 1 8.40
1999, October 1 8.40$
2000, October 1 8.40
2001, October 1 8.40
2002, October 1 8.40
2003, October 1 8.40
2004, October 1 8.40
Totals
Principal
$ 15,000
20,000
20,000
20,000
20,000
25,000
25,000
25,000
30,000
30,000
650,000
$880,000
41
Interest
$ 73,910
72,635
70,935
69,235
67,535
65,855
63,755
61,655
59,580
57,090
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
$1,371,985
Total
Payments
$ 88,910
92,635
90,935
89,235
87,535
90,855
88,755
86,655
89,580
87,090
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
704,600
NOWLEN. STEWART, TEDAMONSON & HOLT
$2,251,985
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1981
The debt was incurred on August 1, 1978, through the issuance of
$3,915,000 water refunding revenue b onds. 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 reve nues of the Water Fund.
On September 30, 1981, the outstandi ng bonds totaled $3,915,000; the
payment sched ule follows:
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1981 Oct. 1 6.75$ $ 132,131 $ 132,131 $ 132,131
1982 April 1 6.75$ 132,131 132,131
1982 Oct. 1 6.75$ 132,131 132,131 264,262
1983 April 1 6.75$ 132,131 132,131
1983 Oct. 1 6.75 132,131 132,131 264,262
1984 April 1 6.75 132,131 132,131
1984 Oct. 1 132,131 132,131 264,262
1985 April 1 6.75$ 132,131 132,131
1985 Oct. 1 6.75$ 132,131 132,131 264,262
1986 April 1 6.75 132,131 132,131
1986 Oct. 1 6.75 132,131 132,131 264,262
1987 April 1 6.75 132,131 132,131
1987 Oct. 1 6.75$ 132,131 132,131 264,262
1988 April 1 6.75$ 132,131 132,131
1988 Oct. 1 6.75$ 132,131 132,131 264,262
1989 April 1 6.75 132,131 132,131
1989 Oct. 1 6.75 132,131 132,131 264,262
42
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1981
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1990 April 1 6.75 $ $ 132,131 $ 132,131 $
1990 Oct. 1 6.75$ 132,131 132,131 264,262
1991 April 1 6.75$ 132,131 132,131
1991 Oct. 1 6.75$ 132,131 132,131 264,262
1992 April 1 6.75 132,131 132,131
1992 Oct. 1 6.75 132,131 132,131 264,262
1993 April 1 6.75 132,131 132,131
1993 Oct. 1 6.75$ 132,131 132,131 264,262
1994 April 1 6.75 132,131 132,131
1994 Oct. 1 6.75$ 132,131 132,131 264,262
1995 April 1 6.75 132,131 132,131
1995 Oct. 1 6.75$ 132,131 132,131 264,262
1996 April 1 6.75$ 132,131 132,131
1996 Oct. 1 6.75$ 132,131 132,131 264,262
1997 April 1 6.75 132,131 132,131
1997 Oct. 1 6.75$ 132,132 132,132 264,263
1998 April 1 6.75$ 132,132 132,132
1998 Oct. 1 6.75 132,132 132,132 264,264
1999 April 1 6.75 132,132 132,132
1999 Oct. 1 6.75 132,132 132,132 264,264
2000 April 1 6.75$ 132,132 132,132
2000 Oct. 1 6.75 132,132 132,132 264,264
2001 April 1 6.75 132,132 132,132
2001 Oct. 1 6.75 132,132 132,132 264,264
43
NOWLEN. STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$3,915,000 WATER REFUNDING REVENUE BONDS - SERIES 1978
SEPTEMBER 30, 1981
Coupon
Due Date Rate Principal
2002 April 1 6.75$ $
2002 Oct. 1 6.75
2003 April 1 6.75$
2003 Oct. 1 6.75 2,010,000(1
2004 April 1 6.75$
2004 Oct. 1 6.75
2005 April 1 6.75
2005 Oct. 1 6.75
2006 April 1 6.75$
2006 Oct. 1 6.75$
2007 April 1 6.75 1,905,000
Tota l $3,915,000
Interest
$ 132,132
132,132
132,132
132,132
64,293
64,294
64,293
64,294
64,293
64,294
64,294
$6,395,963
Total
$ 132,132
132,132
132,132
2,142,132
64,293
64,294
64,293
64,294
64,293
64,294
1,969,294
$10,310,963
Annual
Requirements
264,264
2,274,264
128,587
128,587
128,587
1,969,294
$10,310,963
(1) To be retired through operation of the mandatory sinking fund
requirements.
44
NOWLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1981
Policy
Number Coverage
Employees Statutory Life SR 40914 $10,000 - $20,000
Group Life Insurance 3-2215 1.5 times annual
salary
Group Hospitalization 24883 Various
Comprehensive automobile
liability BAPO 15-21-31 $500,000
Public Employees Blanket Bond 4135132 $100,000
Public Official's Bond 4087118 $25,000
Workmen's Compensation U82271 $100,000
Multi-peril Policy
(90$ co-insurance) SMP258557 $1,191,893
Police Professional Liability PPL03476 $100,000/500,000
45
NO WLEN, STEWART, TEDAMONSON & HOLT
Certified Public Accountants