CAFR_FY Ending_09/30/1982No Text
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1982
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1982
TABLE OF CONTENTS
Page
Number
Introductory Section
Title Page i
Table of Contents ii
Letter of Transmittal iv
Village of Tequesta Organization Chart x
List of Principal Officials ix
Financial Section
Auditor's Report--Opinion of Independent Certified
Public Accountants 1
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and Account
Groups 3
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--All Governmental
Fund Types 7
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--Budget and
Actual--General and Special Revenue Fund Types 9
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
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual 29
Schedule of Departmental Expenditures--Budget
and Actual 31
ii
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1982
TABLE OF CONTENTS (Continued)
Page
Number
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual 39
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1982 and 1981 40
Schedule of Restricted Accounts Under Revenue Bond
Ordinance 41
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1978 43
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 45
All Funds
Schedule of Investments 46
Schedule of Insurance 48
Statistical Section
General Government Expenditures by Function 49
General Revenues by Source 51
Property Tax Levies and Collections 53
Assessed and Estimated Actual Value of
Taxable Property 54
Property Tax Rates--All Overlapping Governments 56
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 58
Legal Debt Margin 60
Computation of Overlapping Debt 61
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 62
Revenue Bond Coverage--Water Bonds 63
Principal Taxpayers 64
Miscellaneous Statistics 65
Letter of Comments to Management 67
Statutory Report 70
iii
OFFICE CF THE VILLAGE MANAGER
VILLAGE OF TEQUESTA
357 TEQUESTA DRIVE
TEQUESTA, FLORIDA
TELEPHDNE
AREA CODE 303
746-74b7
March 2,1983
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
MAILING ADDRE38
P. D. BOX 3273
TEQUESTA, FLORIDA 334SB
Submitted herewith is the Comprehensive Annual Financial Report
of the Village of Tequesta, Florida, for the fiscal year ended
September 30, 1982. This report is required by Florida Statutes
166.241 and Chapter 10.500 Rules of the Auditor General.
The books, records and annual financial report of the Village
have been examined by our independent auditors, Nowlen, Stewart,
Tedamonson & Holt, Certified Public Accountants, as required, and
their opinion on the financial statements of the Village is included
as a part of this report.
REPORT PURPOSE AND CONTENT
This comprehensive annual financial report reflects the Vil-
lage's financial operations, and is intended for the use and refer-
ence of investment firms, financial institutions, bond holders,
rating services and all persons interested in the Village's opera-
tions, in addition to the Village Council.
The report is divided into three major sections:
1. Introductory Section, which includes the title page, table
of contents, this transmittal letter, the names of the principal
officials and an organizational chart.
2. Financial Section, which includes the auditor's report,
general purpose financial statements and other supplemental informa-
tion.
3. Statistical Section, which contains data of the Village
relating to social, political and economic characteristics, zs pre-
sented to provide a more complete understanding of the financial
affairs of the Village, beyond the statements and schedules as found
in the Financial Section.
iv
The Honorable Mayor and
Village Council
Village of Tequesta
PRESENTATIONS AND STANDARDS
The accounting records of the general governmental operations
are maintained on a modified accrual basis in that revenue is recog-
nized when both measurable and available; whereas, expenditures are
recorded when incurred. The full accrual basis is used in the Enter-
prise Fund.
The Village's financial statements have been designed to conform
substantially to the high standards of financial reporting set forth
by the National Council on Governmental Accounting and the American
Institute of Certified Public Accountants.
The summary of the various funds and significant occurrences
therein, follows:
GENERAL FUND
The General Fund of the Village encompasses the Village's gene-
ral governmental operations and all other functions not accounted for
in other funds.
General Fund revenues totaled $1,360,829 and are summarized as
follows:
REVENUES
Percentage
1980-81 1981-82 of 1981-82
Source Amount Amount Total
Taxes $ 893,403 $ 991,734 72.9$
Licenses and permits 75,221 74,325 5.5
Intergovernmental revenues 234,568 183,644 13.5
Charges for services 8,178 8,200 .6
Fines and forfeitures 18,573 23,574 1.7
Miscellaneous revenues 107,603 79,352 5.8
Total $1,337,546 $1,360,829 100.0
v
The Honorable Mayor and
Village Council
Village of Tequesta
EXPENDITURES
Expenditures for the General Fund totaled $1,444,103 and are
summarized as follows:
Purpose
$ 197,191
518,049
127,641
125,801
8,382
76,857
$ 271,157 18.8$
622,703 43.1
159,155 11.0
298,563 20.7
10,202 .7
82,323 5.7
1980-81
Amount
Percentage
1981-82 of 1981-82
Amount _Total
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
Fund Balance
$1,053,921 $1,444,103 100.0
The General Fund has a deficit fund balance of $2,955 at
September 30, 1982. The balance is summarized as follows:
Fund balance, September 30,
Excess of expenditures over
Operating transfers in
Operating transfers out
Residual equity transfers
Increase in reserve for inv
1981 $ 57,981
revenues (83,274)
11,010
(78,654)
89,885
entories 97
Fund balance (deficit) $ (2,955)
The deficit will be eliminated in the next year through collec-
tions of general tax revenues and sales tax revenues.
SPECIAL REVENUE FUND
The Special Revenue Fund is used to account for revenue real-
ized from specific sources which is legally required to be accounted
for separately from other funds. The Federal Revenue Sharing Fund is
the only Special Revenue Fund maintained by the Village.
vi
The Honorable Mayor and
Village Council
Village of Tequesta
PROPRIETARY FUND
Water Fund
The Water Fund is used to account for the self-supporting activ-
ities of the Village which render services on a user charge basis to
the general public. The accrual method of accounting is used with
depreciation being taken on a straight-line method.
Income data is shown in the following schedule:
Operating revenues $978.329
Operating expenses 745,584
Operating income 232,745
Nonoperating revenues (expenses) (3,996)
Operating transfers out (11,010)
Net income $217,739
The Village issued $3,915,000 Water Refunding Revenue Bonds -
Series 1978, on August 1, 1978. The bond sale proceeds were used to
refund Series 1967 and Series 1976A Water Revenue Certificates.
The bonds are secured by the net revenues of the Water Fund. On
September 30, 1982, $3,195,000 of the bonds remained outstanding.
DEBT SERVICE FUND
The Debt Service Fund is used to account for the accumulation of
resources for the payment of long-term debt principal, interest and
related costs.
On October 1, 1979, the Village issued $910,000 Improvement
Revenue Bonds for the purpose of financing certain drainage improve-
ments within the Village.
The bonds received a Moody's A and Standard and Poor's AAA
(MBIA) rating.
The bonds are secured by the pledge of and first lien on the
guaranteed entitlement portion of the State Revenue Sharing Trust
Funds and by the pledge of and first lien on certain Franchise Fees,
Public Service Taxes and Occupational License Taxes.
On September 30, 1982, $865,000 of the bonds were outstanding.
vii
The Honorable Mayor and
Village Council
Village of Tequesta
GENERAL FIXED ASSETS
General Fixed Assets are those fixed assets which are not ac-
counted for in the Enterprise Funds. These assets are classified as
land, buildings, improvements other than buildings and equipment.
They are acquired by general fund revenue, federal or state grants or
gifts.
The total fixed assets at September 30, 1982, exclusive of
Enterprise Fund assets, amounted to $488,417.
CERTIFICATE OF CONFORMANCE
Government entities may receive a Certificate of Conformance for
their Comprehensive Annual Financial Report from the Municipal Fin-
ance Officers' Asssociation of the United States and Canada.
In order to be awarded a Certificate of Conformance, a govern-
mental unit must publish an easily readable financial report, whose
contents conform to program standards. Such reports must satisfy
both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Conformance is valid for a period of one year
only. We believe our current report conforms to the Certificate of
Conformance Program requirements, and we are submitting it to MFOA
for review and possible certification.
ACKNOWLEDGEMENTS
We wish to express our sincere appreciation to the members of
the Village Council for their interest and support in conducting the
financial operations of the Village in a sound and progressive man-
ner, thus assuring the citizens of the Village a high level of finan-
cial stability.
Respectfully submitted,
ert Harp, Villag Manager
~~~~
Bill C. Kasc is, Finance Director
viii
VILLAGE OF TEQUESTA
ORGANIZATION CHART
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1981-1982
W. Harvey Mapes, Jr.
Carlton D. Stoddard
Thomas J. Beddow
Lee M. Brown
Thomas J. Little
Mayor
Vice Mayor
Councilman
Councilman
Councilman
VILLAGE OFFICIALS
Robert Harp
Cyrese Colbert
John C. Randolph
(Johnston, Sasser & Randolph)
Bill C. Kascavelis
Franklin D. Flannery
Scott Ladd
Gary Preston
James Worth
Curtis S. Sapp
Manager
Clerk
Attorney
Finance Director
Police Chief
Building Official
Recreation Director
TAater Superintendent
Maintenance Superintendent
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Stewart, Tedamonson & Holt
NOwI,EN, STE«IART, TEDAMONSON & HOLT
IA PARTN[RS NIP 0- PRO-[SSIONAL ASSOCIATIONS AND INDIVIDUALSI
CERTIFIED PUBLIC ACCOUNTANTS
801 FLAGLER DRIVE COURT
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 13031 639.3060
EVERETT B. NOWLEN, CPA, P.A.
V.C. STEWART, CPA
ALAN L. TlDAMON50 N, CPA
EDWARD T. MOLT. CPA
WILLIAM C. KIBKER, JR., CPA
WILLIAM B. MINER, CPA
JAG LYN J. TEDA MONSON. CPA, P.A.
JANET R. BARIClVICN, CPA
B.E. WEEXB. CPA
ROB[RT W. HEN DRI X, JR.. CPA
JOHN B. BOY. JR., CPA
LAURA J. TINDALL. CPA
PHILIP D. MITCHELL. CPA
JANE BIlRL EY, CPA
MARK D. PERRY, CPA
RICHARD J. NUTCHINSO N, CPA
RICHARD G, EDSALL. GPA
RICHARD D. HOOVER, JR., CPA
LORI LEE CLUB. CPA
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Floria
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
BELLE GLADE OFFICE
393 S.E. 2ND STREET
POST OFFICE BOX 338
BELLE GLADE. FLORIDA 33430
TELEPHONE 13051 888.5612
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, as of and for the year ended
September 30, 1982, as set forth in the table of contents. Our exam-
ination was made in accordance with generally accepted auditing stan-
dards 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 general purpose financial statements present
fairly the financial position of the Village of Tequesta, Florida at
September 30, 1982, and the results of its operations and the changes
in financial position of its proprietary fund type 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 ordi-
nances 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 general purpose financial statements, the Village
has complied with such provisions. It should be noted that informa-
tion obtained on the basis of our examination of the general purpose
financial statements would not necessarily disclose defaults of a
nonaccounting nature.
Our examination was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The supple-
mental information listed in the the table of contents is presented
for purposes of additional analysis and is not a required part of the
general purpose financial statements of the Village of Tequesta,
Florida. The information has been subjected to the auditing proce-
dures applied in the examination of the general purpose financial
statements and, in our opinion, is f airly stated in all material
respects in relation to the general purpose financial statements
taken as a whole.
We did not examine the statistical data as set forth in the table of
contents and, therefore, express no opinion thereon.
December 17, 1982
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1982
Assets
Cash
Cash with fiscal agent
Investments
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
Accrued interest
Fixed assets
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
Total assets
Governmental
Fund Types
Special Debt
General Revenue Service
$52,081 $ 6,234 $ 8,145
630
9,766 100,000
3,426
2,773
19,675
4,318
735
$85,683 $10,552 $111,548
3
Proprietary
Fund Type
Enterprise
$ 188,805
1,001,434
95,309
20,498
15,843
159,565
89,889
132,131
1,211,711
13,487
4,199,903
$7,128,575
Account Groups
General General
Fixed Long-Term
488,417
CdQR_d17
110,918
754,082
$865,000
The notes to the financial statements
are an integral part of this statement.
Totals
(Memorandum
Only)
$ 255,265
630
1,111,200
98,735
23,271
19,675
4,318
16,578
159,565
89,889
132,131
1,211,711
13,487
4,688,320
110,918
754,082
$8,689,775
4
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1982
Liabilities and Fund Equity
Liabilities
Accounts payable
Accrued liabilities
Matured interest payable
Payable from restricted assets
Accrued interest
Deposits
Due to other funds
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 (deficit)
Reserved for inventory of supplies
Reserved for debt service
Reserved for recreation and parks
Unreserved
Designated for debt service
Undesignated
Total fund equity
Total liabilities and fund equity
Governmental
Fund Types
Special Debt
General Revenue Service
$42,738 $ $
17,642
630
28,258
8,452
88,638 8,452 630
735
10,617
(14,307) 2,100
92,635
18,283
(2,955) 2,100 110,918
$85,683 $10,552 $111,548
5
Proprietary
Fund Type
Enterprise
Account Groups
General General
Fixed Long-Term
Totals
(Memorandum
Only)
$ 32,182 $ $ $ 74,920
7,428 25,070
630
132,131 132,131
82,619 82,619
11,223 19,675
28,258
865,000 865,000
3,915,000 3,915,000
(99,833) (99,833)
4,080,750 865,000 5,043,470
647,930 647,930
488,417 488,417
1,232,468 1,232,468
1,167,427 1,167,427
735
92,635
10,617
18,283
(12,207)
3,047,825 488,417 3,646,305
$7,128,575 $488,417 $865,000 $8,689,775
The notes to the financial statements
are an integral part of this statement.
6
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances (Deficit) -
All Governmental Fund Types
For the Fiscal Year Ended September 30, 1982
General
Revenues
Taxes $ 991,734
Licenses and permits 74,325
Intergovernmental revenues 183,644
Charges for services 8,200
Fines and forfeits 23, 574
Miscellaneous revenues 31,352
Intrrgovernmental services 48,000
Total revenues 1,360,829
Expenditures
Current
General government 271,157
Public safety 622,703
Physical environment 159,155
Transportation 298,563
Human services 10,202
Culture/recreation 82,323
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures 1,444,103
Excess of revenues over (under) expenditures (83,274)
Other financing sources (uses)
Operating transfers in 11,010
Operating transfers out (78,654)
Total other financing sources (uses) (67,644)
Excess of revenues and other sources over (under)
expenditures and other uses (150,918)
Fund balances, October 1, 1981 57,981
Residual equity transfers 89,885
Increase in reserve for inventories 97
Fund balances (deficit), September 30, 1982 $ (2,955)
7
Governmental Fund Types
Special Debt Capital
Revenue Service Projects
17,272
365
17,63
13,704
3, 04
4,660
4,660
12,965
1,283
867
485
15,600
2,037
15,000
74,088
,08
(75,384)
4,660
2,037
63
$ 2,100
78,654
78,654
Totals
(Memorandum
-Only}
$ 991,734
74,325
200,916
8,200
23,574
50,081
48,000
1,396,830
271,157
635,668
159,155
299,840
11,069
82,808
15,000
74,088
1,548,791
(151,961)
89,664
(78,654)
11,010
3,270 4,660 (140,951)
102,751 237 161,032
4,897 (4,897) 89,885
97
$110,918 $ -0- $ 110,063
The notes to the financial statements
are an integral part of this statement.
8
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 r^iscal Year Ended September 30, 1982
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Intragovernmental services
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 (under) expenditures
and other uses
Fund balances, October i, 1981
Residual equity transfer
General Fund
Variance -
Favorable
Budget Actual (Unfavorable)
$ 982,618
63,700
180,882
8,343
23,300
28,600
48,000
,335,443
$ 991,734
74,325
183,644
8,200
23,574
31,352
48,000
$ 9,116
10,625
2,762
(143)
274
2,752
270,267
618,415
160,000
276,815
11,060
86,700
1,423,257
1,360,829
271,157
622,703
159,155
298,563
10,202
82,323
1,444,103
(87,814) {83,274)
11 ,010
(87,760)
11,010
(78,654)
(76,750)
(164,564)
57,981
Increase in reserve for inventories
(67,644)
(150,918)
57,981
89,885
97
Fund balances (deficit),
September 30, 1982 $ (106,583) $ (2,955)
9
25,38
(890)
(4,288)
845
(21,748)
858
4,377
(20,846)
4,540
9,106
9,106
13,646
89,885
97
$103,628
Special Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ 982,618 $ 991,734 $ 9,116
63,700 74,325 10,625
16,125 17,272 1,147 197,007 200,916 3,909
8,343 8,200 (143)
23,300 23,574 274
100 365 265 28,700 31,717 3,017
48,000 48,000
16,225 17, 37 1~~ , 51,668 ,3 8, 6 26,798
270,267 271,157 (890)
13,000 12,965 35 631,415 635,668 (4,253)
160,000 159,155 845
1,765 1,283 482 278,580 299,846 (21,266)
1,000 867 133 12,060 11,069 991
485 485 87,185 82,808 4,377
5-i ,~ 650 1,439,507 1,459,703 (20,196)
(25) 2,037 2,062 (87,839) (81,237) 6,602
11,010 11,01U
(87,760) (78,654) 9,106
(76,750) (67,644) 9,106
(25) 2,037 2,062 (164,589) (148,881) 15,708
25 63 38 58,006 58,044 38
89,885 89,885
97 97
$ -0- $ 2,100 $2,100 $ (106,583) $ (855) $105,728
The notes to the financial statements
are an integral part of this statement.
10
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1982
Proprietary
Fund Type
Enterprise
Operating revenues
Charges for services $ 978,329 '
Operating expenses
Purchased water 328,500
Personal services 131,605
Contractual services 93,502
Supplies 13,674
Heat, light and power 39,243
Repairs and maintenance 14,009
Depreciation 123,317
Bad debts 1,734
Total operating expenses 745,584
Operating income 232,745
Nonoperating revenues (expenses)
Computer service fee 4,044
Interest revenue 267,050/
Interest expense and fiscal charges. (275,090)
Total nonoperating revenues (expenses) (3,996)
Income before operating transfers 228,749
Operating transfers out 11,010
Net income 217,739
Retained earnings, October 1, 1981 2,272,041
Residual equity transfer (89,885)
Retained earnings, September 30, 1982 $2,399,895
The notes to the financial statements
are an integral part of this statement.
11
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1982
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
Contributions
Decrease in advance to general fund
Total sources of working capital
Uses of working capital
Acquisition of property, plant and equipment
Increase in restricted assets
Decrease in current liabilities payable from
restricted assets
Adjustment to retained earnings - forgiveness
of advance due from general fund
Total uses of working capital
Net increase in working capital
Elements of net increase (decrease) in working capital
Cash
Investments
Accounts receivable
Accrued interest receivable
Inventories
Accounts payable and accrued liabilities
Due to other funds
Net increase in working capital
The notes to the financial statements
are an integral part of this statement.
Proprietary
Fund Type
Enterprise
$217,739
123,317
10,172
351,228
210,775
89,885
651,888
428,555
47,987
61,772
89,885
628,199
$ 23,689
$ 71,890
(25,472)
6,300
(13,044)
1,671
(6,783)
(10,873)
$ 23,689
12
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
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 sepa-
rate set of self-balancing accounts that comprise its assets, liabil-
ities, fund equity, revenues, and expenditures, or expenses, as
appropriate. The various funds are grouped, in the financial state-
ments in this report, into five generic 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 Fund
The Special Revenue Fund is 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. The Special
Revenue Fund used by the Village is the Federal Revenue Sharing
Fund which accounts for revenue received from the Federal
government under the General Revenue Sharing Program.
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. The Debt Service Fund of the
Village accumulates monies for payment of the Series 1979
$865,000 improvement revenue bonds.
Capital Projects Fund
The Capital Projects Fund is used to account for financial
resources to be used for the acquisition or construction of
major capital facilities (other than those financed by proprie-
tary funds, Special Assessment Funds, and Trust Funds). The
Capital Projects Fund of the Village accounts for the costs of
paving and drainage improvements. The improvements were com-
pleted in 1982.
13
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Proprietary Fund
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. The
Enterprise Fund of the Village is the Water Fund which accounts
for the provision of water services to the residents of the
Village and some residents of the County. All activities
necessary to provide such services are accounted for in this
fund including, but not limited to, administration, operations,
maintenance, financing and related debt service and billing and
collection.
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 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 re-
sources" 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 capital-
ized. No depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated histori-
cal 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.
14
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
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.
Special reporting treatments are also applied to governmental fund
inventories to indicate that they do not represent "available spenda-
ble resources," even though they are a component of net current
assets. Such amounts are 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.
The proprietary fund is accounted for on a cost of services or "capi-
tal maintenance" measurement focus. This means that all assets and
all liabilities (whether current or noncurrent) associated with its
activity are included on its balance sheet. The reported fund equity
(net total assets) is segregated into contributed capital and
retained earnings components. Proprietary fund type operating state-
ments present increases (revenues) and decreases (expenses) in net
total assets.
Depreciation of all exhaustible fixed assets used by the proprietary
fund is charged as expense against the operations. Accumulated
depreciation is reported on the proprietary fund balance sheet.
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 ex-
penses are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the mea-
surements 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.
15
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Continued)
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.
The proprietary fund is accounted for using the accrual basis of
accounting. Revenues are recognized when they are earned, and the
expenses are recognized when they are incurred. Unbilled Water Fund
utility service receivables are recorded at year end.
Interfund transactions
Following is a description of the basic types of interfund transac-
tions made during the year and the related accounting policy:
Transactions for services rendered or facilities provided.
These transactions are recorded as revenue in the receiving
fund and expenditures in the disbursing fund.
Transactions to transfer revenue or contributions from the fund
budgeted to receive them to the fund budgeted to expend them.
These transactions are recorded as transfers in and out.
Transactions to record equity transfers. The receiving fund
records the transaction as an addition to equity. The disburs-
ing fund records the transactions as a reduction of equity.
Encumbrances
The Village records encumbrances, if any, as an appropriation of fund
balance until expended or accrued as a liability of the fund. There
were no encumbrances at September 30, 1982 or 1981.
Revenue Recognition
Ad Valorem Taxes
Ad valorem taxes are assessed as of January 1, and billed the
following October. They are due March 31, and become delin-
quent April 1. These taxes are collected by the County and
remitted to the Village. Revenue is recognized at the time
monies are received from the County. At September 30, unpaid
delinquent taxes, if any, are reflected as a receivable on the
balance sheet and are fully reserved.
16
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recognition {Continued)
Federal Revenue Sharing Entitlement Payments
Revenue sharing payments are normally received within 10 days
following the end of each entitlement period. Revenue is
recognized on the last day of each entitlement period at which
time the revenue has become both measureable and available.
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 Coun-
cil.
5. Formal budgetary integration is employed as a management
control device during the year for the General Fund and
Special Revenue Fund. The Finance Department maintains
control over expenditures of the debt service and capital
projects funds through the use of bond indenture provisions
and informal budgets prepared on the basis of the total
cost of the project.
6. Budgets for the General and Special Revenue Funds are
adopted on a basis consistent with generally accepted ac-
counting principles.
7. Appropriations which are neither expended, encumbered or
specifically designated to be carried over lapse at the end
of the fiscal year.
8. A budget for operating expenses of the Water Fund is also
adopted on a basis consistent with generally accepted ac-
counting principles in accordance with requirements of
Ordinance 260-Water Refunding Revenue Bonds, Series 1978.
17
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting (Continued)
Budgeted amounts are as originally adopted, or as amended by the
Village Council on September 28, 1982.
Investments
Investments, consisting of certificates of deposits and U.S. treasury
obligations, 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.
Amortization
The issue costs and debt discount on 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, 1982. Unused annual leave
does not accumulate to the following year. Such amounts are accrued
when incurred in the proprietary fund (using the accrual basis of
accounting). Such amounts are not accrued in governmental funds
{using the modified accrual basis of accounting). At September 30,
1982, the unrecorded General Fund liability was approximately $9,800.
Total Columns on Combined Statements
The Total columns on the combined statements are captioned Memorandum
Only to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity
with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
18
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 2 - PROPERTY TAXE5
Under Florida law, the assessment of all properties and the collec-
tion of all county, municipal and school board property taxes are
consolidated in the offices of the County Property Appraiser and
County Tax Collector. The laws of the State regulating tax assess-
ment are also designed to assure a consistent property valuation
method statewide.
The tax levy of the Village is established by the Village Council
prior to October 1 of each year and the Palm Beach County Property
Appraiser incorporates the Village millages into the total tax levy,
which includes Palm Beach County and Palm Beach County School Board
tax requirements.
All property is reassessed according to its fair market value January
1 of each year. Each assessment roll is submitted to the Executive
Director of the State Department of Revenue for review to determine
if the rolls meet all the appropriate requirements of State statutes.
All taxes are due and payable on November 1 of each year or as soon
thereafter as the assessment roll is certified and delivered to the
Tax Collector. All unpaid taxes become delinquent on April 1 follow-
ing the year in which they are assessed. Discounts are allowed for
early payment at the rate of 4~ in the month of November, 3$ 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.
19
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
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 was to be repaid to the
Enterprise Fund over two years at the discretion of the Village Coun-
cil. On September 30, 1982, the Village Council cancelled the unpaid
amount the Enterprise Fund was due from the General Fund. The can-
cellation of the advance is reported as a residual equity transfer in
both funds.
NOTE 4 - INTERFUND ADMINISTRATIVE FEE
During the year ended September 30, 1982 the Enterprise Fund remitted
$48,000 to the General Fund for administrative management fees. This
amount is reflected as intragovernmental services revenue in the
General Fund and as contractual services operating expenses in the
Enterprise Fund.
NOTE 5 - 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, 1982 were $84,760 (General Fund $73,477, Enterprise
Fund $11,283). The funding methods and the determination of benefits
payable are provided in various acts of the State Legislature. At
September 30, 1982, 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 Vil-
lage.
NOTE 6 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable are stated at net of $1,500 allowance for doubt-
ful accounts and consist of billed revenues totaling $82,294 and
unbilled revenues totaling $14,515.
20
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT
Water Fund: Water Refunding Revenue Bonds, Series 1978 were issued;
pursuant to Ordinance 260 enacted by the Village Council on May 9,
1978, for a total principal amount of $3,915,000. The bonds are term
bonds which bear interest at 6.75 and mature as follows:
October 1, 2003
April 1, 2007
$2,010,000
1,905,000
$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 esti-
mated 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 con-
sulting engineer. Finally, any revenues remaining may be used for
any lawful purpose.
The Ordinance requires the establishment of the following accounts:
Account Purpose
Revenue Account To collect the entire gross revenues
derived from the system, except
investment earnings.
Operation and To pay fully accrued operating
Maintenance Account expenses.
Sinking Account To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Bond Amortization Established within the Sinking Account
Account to meet principal payment on the debt.
Reserve Account To accumulate funds for payment of
principal and interest only if funds in
the Sinking Account are insufficient.
Renewal and Replacment To accumulate funds for the purpose of
Account funding the cost of extensions,
additions to, enlargements and
replacement of capital assets of the
system and emergency repairs thereto.
21
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT (Continued)
Water Fund: Continued
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Principal
2,010,000
1,905,000
$3,915,000
Interest
$ 264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,264
264,264
264,264
264,264
264,264
264,264
196,425
128,587
128,587
128,588
$6,131,701
Total
$ 264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,264
264,264
264,254
264,264
264,264
264,264
2,206,425
128,587
128,587
2,033,588
$10,046,701
22
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The Village will be required to make semi-annual deposits into a
special bond amortization account commencing April 1, 1994 for the
purpose of accumulating funds to meet the principal payments on term
bonds maturing 2003. The semi-annual deposits required will range
from $70,000 to $135,000 with the last deposit occurring October 1,
2003.
U.S. Treasury obligations bearing 7-5/8$ interest will be purchased
with funds required to be deposited by the Village into a bond amor-
tization account. The purpose of this account is to meet the princi-
pal 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 $536,100 due October 1, 1978 and $700 deposits due semi-annually
until October 1, 1993.
Debt issue expense and bond discount on the Water Refunding Revenue
Bonds, Series 1978, are being amortized over the life of the bonds.
23
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT (Continued)
General Long-Term Debt: This debt consists of Improvement Revenue
Bonds which were issued April 1, 1980, in the amount of $910,000 with
interest rates ranging from 8.30 to 8.50$. At September 30, 1982,
$865,000 of this issue, which consists of term and serial bonds, were
outstanding. The guaranteed entitlement portion of state revenue
sharing trust funds, public service utilities taxes, franchise fees
and occupational license taxes have been pledged. The bonds will be
repaid through the Debt Service Fund.
Annual requirements to amortize this debt are as follows:
Coupon Total
Rate Principal Interest Payments
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 8.408 54,600 54,600
2004 October 1 8.40$ 650,000 54,600 704,600
Totals $865,000 $1,298,075 $2,163,075
24
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT (Continued)
General Long-Term Debt: {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
The annual requirements to amortize all outstanding debt as of
September 30, 1982 are as follows:
Fiscal Year Ending
September 30
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
199?
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Improvement
Revenue
$ 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
$2,163,075
Water
Revenue
$ 264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,264
264,264
264,264
264,264
264,264
264,264
2,206,425
128,587
128,587
2,033,588
$10,046,701
Total
$ 356,897
355,197
353,497
351,797
355,117
353,017
350,917
353,842
351,352
318,862
318,862
318,862
318,862
318,862
318,862
318,864
318,864
318,864
318,864
318,864
318,864
2,911,025
128,587
128,587
2,033,588
$12,209,776
25
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 7 - LONG-TERM DEBT (Continued)
Changes in Long-Term Debt: Bond transactions for the Village for the
year ended September 30, 1982, are summarized as follows:
Improvement Water
Revenue Revenue
Bonds Bonds Total
Bonds payable at
October 1, 1981
Bonds retired
Bonds payable at
September 30, 1982
$880,000
15,000
$865,000 $3.,915,000
$3,915,000
$4,795,000
15,000
Interest Expense
$4,780,000
Interest expense on long-term debt for the fiscal year ended
September 30, 1982 totaled $338,172 (general long-term debt -
$73,910; Enterprise Fund - $264,262).
NOTE 8 - DEFICIT FUND BALANCE
The deficit fund balance of the General Fund was due to total expen-
ditures exceeding total appropriations. Specific areas where this
occurred are as follows:
General government
Executive $ 209
Financial and administrative 13
Legal counsel 4,818
Planning and zoning 373
Other 1,859
$ 7,272
Public safety
Police $ 7,851
Transportation
Road and street facilities $25,534
NOTE 9 - LEASE COMMITMENTS
The Village presently has no material lease commitments. In addi-
tion, the Village has no commitments under lease purchase or similar
contractual arrangements.
26
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 10 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of capital improvement charges. For the
year ended September 30, 1982, $210,775 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
1,500,000 gallons per day contracted minimum.
NOTE 12 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund Interfund receivables and payables at September 30,
1982 are as follows:
Fund
General Fund
Special Revenue Fund
Enterprise Fund
Interfund Interfund
Receivables Payables
$19,675 $
8,452
11,223
$19,675 $19,675
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1982
NOTE 13 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance Balance
Oc tober 1, September 30,
1981 Additions Deletions 1982
Land $ 35,000 $ $ $ 35,000
Buildings 157,280 14,045 171,325
Improvements other
than buildings 46,116 46,116
Equipment 205,375 30,601 235,976
Total $443,771 $44,646 $ -0- $488,417
The components of fixed assets at September 30, 1982 are summarized
as follows:
General
Enterprise Fixed Assets
Fund Account Group Total
Land $ 92,042 $ 35,000 $ 127,042
Buildings 372,444 171,325 543,769
Improvements other than
buildings 4,419,027 46,116 4,465,143
Machinery and equipment 232,007 235,976 467,983
15,520 8~ 5,603,937
Accumulated depreciation (915,617) (915,617)
Total $4,199,903 $488,417 $4,688,320
28
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Taxes
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Total taxes
Licenses and permits
Professional and occupational
licenses
Building permits
Other licenses and permits
Total licenses and permits
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
Local government crime control
Total intergovernmental revenues
Charges for services
Zoning fees
Map sales
Certification, copying,
record search
Police message desk service
Building inspection service
Municipal police academy
Tennis lights
Total charges for services
Variance
Favorable
Budget Actual (Unfavorable)
$ 541,677
1,690
180,751
258,500
$ 544,080
915
190,915
255,824
$ 2,403
(775)
10,164
(2,676)
982,618
36,000
25,000
2,700
63,700
16,500
129,249
5,200
4,500
1,100
16,350
4,200
3,783
180,882
600
60
800
1,133
1,450
1,600
2,700
8,343
29
991,734
42,350
28,640
3,335
74,325
16,463
129,233
8,002
4,502
1,199
15,635
4,827
3,783
183,644
750
60
840
1,133
1,622
1,435
2,360
8,200
9,116
6,350
3,640
635
10,625
(37)
(16)
2,802
2
99
(715)
627
2,762
150
40
172
(165)
(34U)
(143)
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Miscellaneous revenues
Interest
Contributions for 25th
anniversary
Contribution for police
building and equipment
Other
Trash bag sales
Abandoned bicycle sales
Total miscellaneous revenues
Intragovernmental services
Administrative management -
water fund
Total revenues
Budget Actual
$ 23,000 $ 23,307
300 267
23,300 23,574
21,400
2,000
3,100
2,000
23,525
2,000
3,428
2,224
100 175
28,600 31,352
48,000 48,000
$1,335,443 $1,360,829
30
Variance -
Favorable
(Unfavorable)
$ 307
(33)
274
2,125
328
224
75
2,752
$25,386
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
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
Repairs and maintenance -
office machines
Total executive
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Variance - "
Favorable
Budget Actual (Unfavorable)
$ 3,675 $ 3,422 $ 253
75 50 25
3,750 3,472 278
32,429 32,361f 68
2,160 2,049 111
3,525 3,469 56
1,775 1,771 4
636 635 1
1,700 1,438 262
106 106
50
16,022
15,985 50
37
1,090 1,070 20
1,750 1,710 40
1,615 1,610 5
40 28 12
950 692 258
1,208 1,417 (209)
300 282 18
50 40 10
70 65 5
65, 476 64~, 62~ 85~
32,330 32,264 66
2,195 2,159 36
3,540 3,426 114
1,900 1,832 68
60 55 5
31
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
General government {continued)
Financial and administrative
(continued)
Computer services
Accounting and auditing
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Machinery and equipment
Repairs and maintenance -
office machines
Total financial and
administrative
Legal counsel
Professional services
Total legal counsel
Planning and zoning
Consultant services
Other current charges
Total planning and zoning
Other general government
Salaries
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Unemployment compensation
Codification
Communication services
Postage
Variance -
Favorable
Budget Actual (Unfavorable)
$ 4,050 $ 4,044 $ 6
7,200 7,200
400 336 64
106 2 104
1,600 1,613 (13}
120 118 2
1,050 1,047 3
140 110 30
54,691 54,206 485
32,000 36,818 (4,818)
32,000 36,818 (4,818)
15,000 13,315 1,685
250 623 (373)
15,250 13,938 1,312
13,199 13,150r 49
900 880 20
1,440 1,407 33
1,600 1,598 2
25 23 2
300 296 4
2,000 1,098 902
3,400 3,199 201
2,150 1,938 212
32
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Variance -
Favorable
Budget Actual (Unfavorable)
General government (continued)
Other general government
(continued)
Utility services $ 10,500 $ 10,387 $ 113
Fire hydrant rental fees 10,900 10,900
Office equipment rentals 3,400 3,440 (40)
Other rentals 70 93 (23)
Insurance 7,800 9,574 (1,774)
Village Hall maintenance 11,250 10,377 873
Office machines maintenance 130 65 65
Other charges 559 555 4
Office supplies 2,000 1,884 116
Books, publications, dues 950 972 (22)
Aid to private organizations 11,150 11,150
Other grants and aids 3,022 3,022
Improvements other than
buildings - machinery and
equipment 725 493 232
Dual taxation study 1,230 1,216 14
Village 25th anniversary 10,400 10,384 16
Total other general government 99,100 98,101 999
Total general government 270,267 271,157 (890)
Public safety
Police department
Salaries 363,563 363,286 277
Overtime 3,700 3,613 87
F.I.C.A. 24,580 24,509 71
Retirement 47,390 47,384 6
Life and health insurance 26,825 26,584 241
33
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
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
Repairs and maintenance -
radio communications
Printing and binding
Other charges
Personnel training
Office supplies
Gasoline and oil
Uniforms and equipment
Books, publications, dues
Machinery and equipment
Building
Budget
Variance -
Favorable
(Unfavorable )
$ 6,885 $ 6,875 $ 10
3,350 3,518 (168)
4,600 4,511 89
8,160 8,157 3
7,700
225
2,200
500
2,892
1,500
1,400
25,150
2,650
305
6,685
4,000
Total police department
Detention and/or correction
Other contractual services -
P.B.C. Sheriff's Department
Total detention and/or
correction
Protective inspections
544,260
Actual
7,685
129
1,830
493
2,840
1,456
1,514
25,218
2,623
302
7,619
10,567
550,713
150
150
1~n
~Fn
Salaries 52,693 52,621f 72
F.I.C.A. 3,560 3,497 63
Retirement 5,870 5,428 442
Life and health insurance 4,890 4,349 541
15
96
370
7
52
44
(114)
(68)
27
3
(.934)
(6,567)
(6,453)
34
VILLAGE OF 'I'EQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Public safety (continued)
Protective inspections
(continued)
Office supplies
Workmen's compensation
insurance
Travel and per diem
Communication services
Other charges
Books, publications, dues
Machinery and equipment
Repairs and maintenance -
office machines
Total protective inspections
Total public safety
Physical environment
Contractual services - garbage
and trash
Total physical environment
Transportation
Road and street facilities
Variance -
Favorable
Budget Actual (Unfavorable)
$ 825 $ 618 $ 207
870 865 5
2,000 1,985 15
1,200 1,087 113
607 432 175
350 283 67
1,000 688 312
140 137 3
74,005 71,990 2,015
618,415 622,703 (4,288)
160,000 159,155 845
160,000 159,155 845
Salaries
Overtime
F.I.C.A.
63,242 63,176 66
1,000 376 624
4,370 4,350 20
35
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September, 30, 1982
Variance -
Favorable
Budget Actual (Unfavorable)
Transportation (continued)
Road and street facilities
(continued)
Retirement $ 7,200 $ 6,946 $ 254
Life and health insurance 6,290 6,125 165
Workmen's compensation
insurance 1,715 1,701 14
Travel and per diem 50 50
Street lights 15,590 15,660 (70)
Insurance 1,165 1,164 1
Repairs and maintenance -
truck and tractor 1,650 1,773 {123}
Repairs and maintenance -
drainage 11,000 9,886 1,114
Other charges 408 53 355
Gasoline and oil - truck and
tractor 2,000 1,727 273
Gasoline and oil - other 350 232 118
Small tools 625 949 (324)
Traffic signs 700 606 94
General maintenance 17,960 17,368 592
Road materials and supplies 4,000 3,954 46
Drainage 137,500 162,517 (25,017)
Total transportation 276,815 298,563 (21,748)
Human services
Health - mosquito control
Salaries 1,750 1,514 236
F.I.C.A. 135 4 131
Retirement 220 220
Repairs and maintenance 300 289 11
36
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Human services (continued)
Health - mosquito control
(continued)
Flushing solution
Other charges
Gasoline and oil
Insecticide
Budget
$ 400
55
100
8,100
Actual
$ 215
37
73
8,070
Variance -
Favorable
(Unfavorable)
$ 185
18
27
30
Total human services
Culture/Recreation
Parks and recreation
Salaries
F.I.C.A.
Retirement
Life and health insurance
Workmen's compensation
insurance
Travel and per diem
Communication services
Utility services - trailer
and office
Utility services - field lights
Utility services - security
lights
Utility services - water
Insurance
Buildings, equipment and
grounds repairs and
maintenance
Fields repairs and maintenance
Truck repairs and maintenance
Other charges
11,060 10,202
Q~Q
39,574 38,252 1,322
2,660 2,598 62
4,330 3,706 624
1,885 1,885
550 547 3
1,500 1,08 402
400 366 34
2,700 2,554 146
3,350 3,295 55
290 238 52
740 670 70
1,100 1,042 58
9,300 9,213 87
4,000 3,738 262
550 486 64
66 66
37
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Budget
Culture/Recreation (continued)
Parks and recreation (continued)
Office supplies
Gasoline and oil
Gasoline and oil - other
Small tools
Minor equipment
Program expense
Books, publications, dues
Buildings
Bicycle path
Playground parks
Machinery and equipment
Total culture/recreation
Total expenditures
Actual
Variance -
Favorable
(Unfavorable)
$ 30 $ 8 $ 22
650 509 141
100 12 88
350 184 166
6,000 5,974 26
1,000 525 475
60 40 20
5,100 5,063
415 320
86,700 82,323
$1,423,257 $1,444,103
38
37
~~
4,377
Sr~n_aati~
PROPRIETARY FUND
(ENTERPRISE FUND)
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1982
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water $345,000 $328,500 $ 16,500
Personal services
Wages $107,586 $104,385 $ 3,201
F.I.C.A. taxes 7,140 7,045 95
Retirement 11,485 11,283 202
Life and health insurance 9,135 8,892 243
Total personal services 135,346 131,605 3,741
Contractual services
Insurance $ 9,810 $ 9,446 $ 364
Professional services 11,800 11,064 736
Communication services 4,010 3,468 542
Other contractual services 25,000 25,000
Rentals 1,270 1,188 82
Legal 1,500 1,360 140
Engineering - 6,000 6,403 (403)
Accounting and auditing 9,350 9,300 50
Other current charges 2,401 1,497 904
Licenses and fees 1,600 1,590 10
Administrative management 48,000 48,000
Personnel training and travel. 900 186 714
Total contractual services 121,641 $ 93,502 $ 28,139
Supplies
Office supplies $ 8,750 $ 9,011 $ (261)
Truck gas and oil 4,200 2,747 1,453
Chemicals 2,500 1,379 1,121
Small tools 600 86 514
Laboratory supplies 350 48 302
Diesel fuel 750 177 573
Books 300 226 74
Total supplies 17,450 13,674 3,776
Heat, light and power $ 44,834 $ 39,243 $ 5,591
Repairs and maintenance $ 22,550 $ 14,009 $ 8,541
39
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1982 and 1981
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Income before operating transfers
Operating transfers in (out)
Net income
1982 1981
$978,329 $962,784
745,584 752,255
232,745 210,529
(3,996) (29,884)
228,749 180,645
(11,010)
$217,739 $180,645
40
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1982
Sinking
x ........,... ~
Balance, October 1, 1981
Cash and investments $ 1,081
Unamortized discount on investments
Accrued interest receivable
1,081
Increases
Transfers from unrestricted accounts 264,262
Investment earnings 6,895
Total 271,157
Decreases
Capital outlay
Interest payments 264,262
Other debt service costs 56
Transfers to other unrestricted accounts
Total 264,318
Balance, September 30, 1982
Cash and investments 7,920
Unamortized discount on investments
Accrued interest receivable
Total $ 7,920
41
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$724,683 $266,728 $18,834
(42,603)
6,730 1,161 638
688,810 267,889 19,472
1,921 5,328
58,242 21,258 2,040
60,163 21,258 7,368
22,518
600
20,560
600 20,560 22,518
785,992 266,758 4,288
(44,874)
7,255 1,829 34
$748,373 $268,587 $ 4,322
42
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$3,915,000 Water Refunding Revenue Bonds - Series 1978
September 30, 1982
The debt was incurred on August 1, 1978, through the issuance of
$3,915,000 water refunding revenue bonds. The proceeds were used to
refund a portion of the outstanding Series 1967 and Series 1976A water
revenue certificates. The bonds are secured by the net revenues of the
Water Fund. On September 30, 1982, the outstanding bonds totaled
$3,915,000; the payment schedule follows:
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1982 Oct. 1 6.75$ $ $ 132,131 $ 132,131 $ 132,131
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
1985 April 1 6.75$ 132,131 132,131
1985 Oct. 1 6.75$ 132,131 132,131
1986 April 1 6.75$ 132,131 132,131
1986 Oct. 1 6.75 132,131 132,131
1987 April 1 6.75$ 132,131 132,131
1987 Oct. 1 6.75 132,131 132,131
1988 April 1 6.75 132,131 132,131
1988 Oct. 1 6.75 132,131 132,131
1989 April 1 6.75$ 132,131 132,131
1989 Oct. 1 6.75 132,131 132,131
1990 April 1 6.75 132,131 132,131
1990 Oct. 1 6.75 132,131 132,131
1991 April 1 6.75 132,131 132,131
1991 Oct. 1 6.75 132,131 132,131
1992 April 1 6.75$ 132,131 132,131
1992 Oct. 1 6.75 132,131 132,131
1993 April 1 6.75$ 132,131 132,131
1993 Oct. 1 6.75$ 132,131 132,131
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
43
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$3,915,000 Water Refunding Revenue Bonds - Series 1978
September 30, 1982
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1994 April 1 6.75$ $ $ 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
2002 April 1 6.75 132,132 132,132
2002 Oct. 1 6.75$ 132,132 132,132 264,264
2003 April 1 6.75$ 132,132 132,132
2003 Oct. 1 6.75 2,010,000(1) 132,132 2,142,132 2,274,264
2004 April 1 6.75$ 64,293 64,293
2004 Oct. 1 6.75$ 64,294 64,294 128,587
2005 April 1 6.75 64,293 64,293
2005 Oct. 1 6.75 64,294 64,294 128,587
2006 April 1 6.75 64,293 64,293
2006 Oct. 1 6.75$ 64,294 64,294 128,587
2007 April 1 6.75 1,905,000 64,294 1,969,294 1,969,294
Total $3,915,000 $6,131,701 $10,046,701 $10,046,701
(1) To be retired through operation of the mandatory sinking and require-
ments.
44
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$865,000 Improvement Revenue Bonds - Series 1979
September 30, 1982
The debt was incurred on April 1, 1980, through the issuance of
$910,000 improvement revenue bonds. The proceeds were used for pav-
ing and drainage improvements. On September 30, 1982, the outstand-
ing bonds totaled $865,000:
Coupon
Rate
1983 October 1 8.50$
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$
Principal
Interest
Total
Payments
$ 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
$ 20,000
20,000
20,000
20,000
25,000
25,000
25,000
30,000
30,000
650,000
$ 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
Totals $865,000 $1,298,075
45
$2,163,075
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1982
United States Treasury Obligations
Unamortized Interest Maturity
Par Value Cost Discount Rate Date
Enterprise Fund
Reserve Account
Bond Amortization
Account
$ 55,000 $ 54,880
755,000 703,811
$ 8.25 8/15/85
44,874 7.625 2/15/07
46
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1982
Certificates of Deposit
General Fund
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Renewal and replacement account
Capital improvement account
Interest Maturity
Amounts Rate Date
$ 9,766 8.354 12/02/82
100,000 11.000 4/01/90
15,590 13.030 11/04/82
69,440 10.309 11/01/82
75,352 9.775 11/12/82
47,834 13.170 10/07/82
35,661 9.775 11/12/82
27,039 9.383 11/04/82
101,400 10.900 1/20/83
587,000 14.100 11/01/82
202,500 10.350 10/22/82
208,848 7.500 7/01/86
2,000 15.950 4/08/84
4,288 5.500 10/06/82
30,400 9.775 11/12/82
40,787 13.669 12/28/82
47
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1982
Policy
Number Coverage
Employees Statutory Life SR 40914 $10,000 - $20,000
Group Life Insurance 3-2215 1.5 times annual
salary
Group Hospitalization 24883 Various
Comprehensive automobile
liability BA 219440 500,000
Public Employees Blanket Bond 4135132 100,000
Workmen's Compensation 0073304-01 100,000
Multi-peril Policy
(90$ co-insurance) SMP276333 Various
Police Professional Liability P81100010-TC 10,000/100,000
Public Official's and
Employee's Liability 5240053602 200,000
Mini Computer Protection 309ZA1653 10,000/35,000
Umbrella Liability 5500023772 1,000,000
48
VILLAGE OF TEQUESTA, FLORIDA
General Government Expenditures by Function (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
General
Government
Public
Safety Transportation
1973 $ 97,087 $127,618 $ 50,998
1974 124,076 176,897 72,659
1975 148,451 201,083 133,553
1976 161,175 254,126 132,328
1877 199,850 261,261 246,482
1978 194,720 278,171 144,676
1979 169,923 395,799 543,838
1980 175,074 470,194 296,792
1981 197,191 534,729 125,801
1982 271,157 635,668 299,846
(1) Includes General, Special Revenue and Debt Service Funds.
49
Physical
Environment
Culture
Human and Debt
Services Recreation Service
Total
$ 94,571 $ 2,642 $ 2,926 $105,891 $ 481,733
103,162 3,107 57,992 25,951 563,844
119,014 4,118 74,578 35,020 715,817
128,259 4,784 57,860 13,562 752,094
132,264 3,781 46,387 13,070 903,095
139,816 4,073 55,271 13,601 830,328
150,930 4,397 63,813 26,385 1,355,085
186,776 7,281 71,986 101,330 1,309,433
127,641 8,382 76,857 90,535 1,161,136
159,155 11,069 82,808 89,088 1,548,791
50
VILLAGE OF TEQUESTA,
General Revenues by Source
Last Ten Fiscal
Fiscal Year Ended
September 30
FLORIDA
(Unaudited) (1)
Years
Licenses
and
Taxes Permits
1973 $306,521 $31,148
1974 312,191 22,215
1975 383,750 26,607
1976 499,044 31,687
1977 534,853 45,140
1978 582,544 44,982
1979 631,429 67,130
1980 736,789 60,366
1981 893,403 75,221
1982 991,734 74,325
(1) Includes General, Special Revenue, Debt Service and Capital
Projects Funds.
51
Charges
for Fines and
Intergovernmental Services Forfeits Miscellaneous Total
$170,935 $5,750 $ 4,396 $125,609 $ 644,359
176,520 6,600 6,997 44,866 569,389
186,624 7,600 7,631 37,131 649,343
179,354 7,600 12,850 34,233 764,768
258,817 8,200 7,311 24,982 879,303
216,284 8,200 5,120 14,650 871,780
202,807 7,172 12,524 35,556 956,618
237,467 7,874 11,891 45,767 1,100,154
249,224 8,178 18,573 124,152 1,368,751
200,916 8,200 23,574 98,081 1,396,830
52
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Levies and Collections (Unaudited) (1)
Last Ten Fiscal Years
Percent of
Fiscal Year Total Current Tax Percent Outstanding Delinquent
Ended Tax Levy Collections of Levy Delinquent Taxes to
September 30 (1) (1) Collected Taxes Tax Levy
i973 $190,760 $190,378 99.8$ $ 382 .2$
1974 178,440 176,130 98.7 2,310 1.3
1975 233,504 232,803 99.7 701 .3
1976 315,095 314,464 99.8 631 .2
1977 337,294 336,658 99.8 636 .2
1978 358,362 357,307 99.7 1,055 .2
1979 387,591 386,889 99.8 702 .2
1980 410,854 407,931 99.3 2,923 .7
1981 534,655 531,676 99.4 2,979 .6
1982 569,277 558,068 98.0 11,209 2.0
(i) Includes discounts taken by property taxpayers.
53
Fiscal Year
Ended
September 30
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
VILLAGE OF TEQUESTA, FLORIDA
Assessed and Estimated Actual Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Real Property
Assessed Estimated
Value Actual Value
$ 59,022,449
62,171,575
62,118,899
62,427,067
81,345,307
93,399,125
96,414,986
108,755,676
146,062,451
205,271,593
62,128,893
65,443,763
55,388,314
65,712,702
85,626,638
98,314,868
101,489,458
114,479,658
153,749,948
205,271,593
54
Personal Property
Estimated
Assessed Actual
Value Value
$2,936,648
4,287,834
5,149,726
5,720,139
6,147,522
6,398,719
7,218,482
8,036,976
8,576,046
9,030,079
$3,091,208
4,513,509
5,420,764
6,021,198
6,471,075
6,735,493
7,598,402
8,459,974
9,027,416
9,030,079
Total
Assessed Estimated
Value Actual Value
$ 61,959,097
66,459,409
67,268,625
68,147,206
87,492,829
99,797,844
103,633,468
116,792,652
154,638,497
214,301,672
$ 65,220,101
69,957,272
70,809,078
71,733,900
92,097,713
105,050,361
109,087,860
122,939,632
162,777,364
214,301,672
Ratio of
Assessed to
Total Estimated
Actual Value
95~
95
95
95
95
95
95
95
95
100
55
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Rates - All Overlapping Governments (Unaudited) (1)
(Per $1,000 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
County
General School County
Fund County Board Library
1974 3.6600 6.0750 8.4800 .3340
1975 4.7614 6.0650 8.4000 .3970
1976 4.9560 6.1500 9.9700 .4020
1977 4.1110 5.9808 9.7500 .3838
1978 4.0090 6.0734 8.3000 .3717
1979 4.0540 6.3170 7.0200 .3620
1980 5.0430 7.3227 8.6300 .4008
1981 2.9839 4.9361 6.9192 .3707
1982 2.6762 4.1823 6.1331 .3261
(1) Information not available prior to 1974.
(2) Two (2) year levy
56
South
Florida Jupiter
Water Jupiter Fire Palm Beach
Management Inlet District Junior
District District No. 1 College Total
.3940 .2500 1.6970 20.8900
.3750 .2270 1.647 0 21.8724
.3650 .2290 1.8600 23.9320
.3970 .1980 1.6810 22.5016
.3970 .1950 1.7610 21.1071
.4220 .1850 1.7049 20.0649
.4020 .1641 1.7014 .5.000(2) 24.1640
.3580 .1003 1.2422 .5000(2) 17.4104
.3840 .1866 1.1845 15.0728
57
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Net General Bonded Debt To Assessed Value and
Net Bonded Debt Per Capita (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Population*
Assessed
Value
1973 3,798 $ 59,022,449
1974 3,890 62,171,575
1975 3,912 62,118,899
1976 3,852 62,427,067
1977 3,812 81,345,307
1978 3,814 93,399,125
1979 3,842 96,414,986
1980 3,685 108,755,676
1981 3,750 146,062,451
1982 3,828 205,271,593
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census
58
Debt Ratio of Net
Gross Service Net Bonded Debt
Bonded Monies Bonded to Assessed
Debt (1) Available Debt Value
$ 90,000 $ 26,087 $ 63,913 .11~
75,000 21,232 53,768 .09
59,000 17,669 41,331 .07
48,000 13,766 34,234 .05
37,000 15,046 21,954 .02
25,000 14,110 10,890 .01
.00
895,000 147,650 747,350 .69
880,000 102,751 777,249 .53
865,000 110,918 754,082 .37
Net Bonded
Debt
Per Capita
$ 16.83
13.82
10.56
8.89
5.76
2.86
.00
202.81
207.27
196.99
59
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1982
The Village of Tequesta, Florida has no legal debt margin.
60
VILLAGE OF TEQUESTA, FLORIDA
Computation of Overlapping Debt (Unaudited)
September 30, 1982
Taxing Authority
Village of Tequesta
Palm Beach County
Palm Beach County School Board
Percentage Amount
Applicable Applicable
Net Debt To To
Outstanding Tequesta Tequesta
$ 865,000
52,775,000
4,865,000
100.00$ $ 865,000
.99~ 522,473
.99$ 48,164
Total $1,435,637
61
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Ratio
of Debt
Total Service to
Fiscal Year Total General Total
Ended Debt Expenditures General
September 30 Principal Interest Service (1) Expenditures
1973 $88,363 $ 8,194 $ 96,557 $ 481,733 20.0$
1974 15,000 3,875 18,875 563,844 3.3
1975 16,000 3,225 19,225 715,817 2.6
1976 11,000 2,507 13,507 752,094 1.7
1977 11,000 2,040 13,040 903,095 1.4
1978 12,000 1,572 13,572 830,328 1.6
1979 25,000 1,063 26,063 1,355,085 1.9
1980 15,000 86,330 101,330 1,309,433 7.7
1981 15,000 75,535 90,535 1,161,136 7.7
1982 15,000 73,910 88,910 1,548,791 5.7
(1) Includes General, Special Revenue and Debt Service Funds.
62
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Net
Revenue
Fiscal Year Available
Ended Gross Operating for Debt Debt Service Requirements
September 30 Revenues Expenses Service Principal Interest Total Coverage
1973 (1) $ 306,184 $ 74,873 $231,311 $ -0- $ 61,167 $ 61,167 3.78
1974 408,489 110,433 298,056 21,000 80,512 101,512 2.93
1975 376,271 129,934 246,337 22,000 79,425 101,425 2.42
1976 393,787 170,840 222,947 23,000 91,422 114,422 1.94
1977 827,800 227,821 599,979 -0- 216,456 216,456 2.77
1978 919,127 494,792 424,335 -0- 228,228 228,228 1.85
1979 995,592 493,811 501,781 -0- 264,263 264,263 1.89
1980 1,088,504 659,326 429,178 -0- 275,948 275,948 1.55
1981 1,207,659 752,255 455,404 -0- 274,759 274,759 1.65
1982 1,249,423 745,584 503,839 -0- 275,090 275,090 1.83
(1) Nine (9) month period
63
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1982
Percentage
1982 of
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Lighthouse Plaza Shopping plaza $ 2,500,001 1.17
Village Square Shopping center 2,044,609 .95
Tequesta Country Club Golf and social
club 1,689,439 .79
First Marine Bank Banking 1,681,664 .78
Tequesta Plaza Shopping plaza 1,631,582 .76
Tequesta Fashion Mall Shopping plaza 1,549,284 .72
Villager Apartments Apartment rental 1,300,525 .61
Pantry Pride Supermarket 1,080,930 .50
Shaw Properties Office building 634,507 .30
Kathleen Franklin Undeveloped land 620,559 .29
64
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1982
Date of Incorporation: 1957
Forms of Government: Council-Manager
Municipal Elections: Non-Partisan
Area: 1.69 square miles
Miles of Streets: Approximately 17 miles
Fire Protection:
Provided by - Jupiter Fire Control Tax District #1
Fire Insurance Rating - 6
Pn1 i ~P Prntac•t i nn
Number of stations - 1
Number of certified officers - 17
Number of dispatchers - 4
Municipal Water Department:
Number of customers - 2,700
Average daily consumption - 1.5 million gallons
Miles of water mains - 43 miles
Sanitary Sewage:
Service provided by - Loxahatchee River Environmental Control
District
Storm Sewers: Adequate coverage
Garbage Collection:
Service provided by - Franchised to Nichols Sanitation
Frequency - Bi-weekly
65
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited) (Continued)
September 30, 1982
Electric Service: Florida Power & Light
Telephone Service: Southern Bell Telephone & Telegraph Co.
Building Permits Issued: 385
Recreation and Culture:
Number of parks - 2, approximately
Number of libraries - 1, branch of
Number of volumes - 15,000-20,000
Municipal Employees:
Full-time - 43
Part-time - 5 (seasonal)
50 acres
Palm Beach County system
66
LETTER OF COMMENTS TO MANAGEMENT
NO~~VI,EN, STEWJ4RT, TEDAMONSON & BOLT
IA PARTNlRS NIP OP PROP[) iIONAL ASSOCIATION! AND IN DIVID YALl1
CERTIFIED PUBLIC ACCOUNTANTS
601 FLAGLER DRIVE COURT
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 1903) 838.3060
EVlRETT B. NOWL[N, C-A, P.A. JANET R. BARK EVIL H. CPA JANE BIERLET, CPA
V.C. STEWART. CPA B.E. WlEKS, CPA MARK D. -ERRY. CPA
ALAN L. TEOAMONSON, CPA ROBERT W. N[NDRI X. JR.. CPA RICHARD J. HUTCNINSO N, CPA
EDWARD T. BOLT, CPA JOHN B. BOY. JR., CPA RICHARD G. EDSALL. CPA
WILLIAM C. KISKER. JR., CPA LAURA J. TIN DALL. CPA RICNARO O. NOOYER. JR.. CPA
WILLIAM B. MINER. CPA PHILIP D. MITCHELL, CPA LORI LEE ELLIB. CPA
JACLYN J. TEDAMONSON. CPA, P. A.
December 17, 1982
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
Re: Letter of Comments to Management
Gentlemen:
MEMBERS
AMERICAN tN STIT UTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
BELLE GLADE OFFICE
333 S.E. 2ND STREET
POST OFFICE BOX 338
BELLE GLADE, FLORIDA 33430
TELEPHONE 13031 898.5812
We have examined the general purpose financial statements of the
Village of Tequesta, Florida for the year ended September 30, 1982,
and have issued our report thereon dated December 17, 1982. 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. The purpose of our study and evaluation was to
determine the nature, timing, and extent of the auditing procedures
necessary for expressing an opinion on the Village's financial state-
ments. Our study and evaluation was more limited than would be
necessary to express an opinion on the system of internal accounting
control taken as a whole.
The Village Council of the Village of Tequesta, Florida is responsi-
ble for establishing and maintaining a system of internal accounting
control. In fulfilling this responsibility estimates and judgments
by management are required to assess the expected benefits and
related costs of control procedures. The objectives of a system are
to provide management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized use or
disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the prepa-
ration of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitation in any system of internal accounting
control, errors or irregularities may nevertheless occur and not be
detected. Also, projection of any evaluation of the system to future
periods is subject to the risk that procedures may become inadequate
because of changes in conditions or that the degree of compliance
with the procedures may deteriorate.
67
Our study and evaluation made for the limited purpose described in
the first paragraph would not necessarily disclose all weaknesses in
the system. Accordingly, we do not express an opinion on the system
of internal accounting control of the Village of Tequesta, Florida
taken as a whole. However, our study and evaluation disclosed
conditions that we believed to be weaknessess as discussed below.
This report is intended solely for the use of management and should
not be used for any other purpose.
~. A written plan of organization which specifies the division
of duties and areas of responsibilities concerned with
accounting and administrative controls relating to safe-
guarding of assets, custody of financial records. and the
reliability of financial statements is in the process of
being prepared. The written plan needs to be completed and
adopted as required under Rules of the Auditor General
Chapter 10.500.
`~2. The system of accounting for fixed assets from acquisition
to disposition which has been established to properly
account for all fixed assets as required under Rules of the
Auditor General Chapter 10.300 is not being properly main-
tained. Property records did not contain all information
as required under Chapter 10.300 (date of last physical
inventory, condition and estimated useful lives. Also,
items traded during the year were not deleted from the
inventory). All new additions were not included in inven-
tory. The inventory included items costing less than $100
which had been expensed in previous years. The inventory
needs to be reviewed and updated to conform with require-
ments of Chapter 10.300.
3. Balances of due to and due from accounts between funds were
not reconciled at September 30, 1982. Balances in these
accounts should be reconciled on a monthly basis.
4. Water Fund accounts receivable are not reconciled on a
monthly basis to the customer account balance listing and
billing register. The accounts receivable control in the
general ledger should be reconciled monthly to the customer
account balance listing and billing register.
~5. It was noted that the books of the Water Fund were held
open past September 30. Checks were dated September 30,
1982, for invoices received in October, 1982. Adjustments
were made to properly state cash position. Proper cutoff
procedures should be observed.
T6. Currently, the Village maintains employees accrued vacation
and sick leave records on handwritten cards. The Village
should consider utilizing the computer to maintain these
records.
68
~~7. Petty cash vouchers were not cancelled upon reimbursement.
Vouchers should be cancelled upon reimbursement so they
cannot be resubmitted for payment.
8. Occupational licenses and County wide registrations were
not issued in numerical sequence thus making it difficult
to account for prepaid portion of licenses and registra-
tions at September 30, 1982. The licenses and registra-
tions which are prenumbered should be issued in numerical
sequence in order to provide a better accountability of
revenues.
9. Entries in the cash receipts journal maintained by the
Building Department are not referenced with the permit or
license number. Consideration should be given to recording
license and permit numbers to provide a control over
licenses and permits issued and to provide control over
receipts by insuring that all revenues have been received
for licenses and permits issued.
~10~' Minutes were not transcribed and submitted to Council for
approval on a timely basis. Minutes should be transcribed
promptly and, at every Council meeting, minutes of the
previous meeting should be approved by Council.
Items number 1 and 2 described above were reported in the previous
year.
We appreciate the courtesy and cooperation shown us by the Village
staff .
Respectfully submitted,
69
i
VILLAGE OF TEQUESTA, FLORIDA
The financial report for the Village of Tequesta, Florida, filed with
the Department of Banking and Finance pursuant to Section 218.32,
Florida Statutes, is in substantial agreement with the accompanying
annual financial report.
70