CAFR_FY Ending_09/30/1983
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Village of Tequesta, Florida
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COMPREAENSTVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1983
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1983
TABLE OF CONTENTS
Introductory Section
Title Page
Table of Contents
Letter of Transmittal
Certificate of Conformance
Village of Tequesta Organization Chart
List of Principal Officials
Financial Section
Auditor's Report--Opinion of Independent Certified
Public Accountants
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and Account
Groups
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--All Governmental
Fund Types
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--Budget and
Actual--General and Special Revenue Fund Types
Statement of Revenues, Expenses and Changes in
Retained Earnings--Proprietary Fund Type
Statement of Changes in Financial Position--
Proprietary Fund Type
Notes to Financial Statements
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual
Schedule of Departmental Expenditures--Budget
and Actual
Page
Number
1
2-3
4-8
9
10
11
12-13
14-17
18-19
20-21
22
23
24-38
39-40
41-48
2
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1983
TABLE OF CONTENTS (Continued)
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1983 and 1982
Schedule of Restricted Accounts Under Revenue Bond
Ordinance
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1978
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979
All Funds
Schedule of Investments
Schedule of Insurance
Statistical Section
General Government Expenditures by Function
General Revenues by Source
Property Tax Levies and Collections
Assessed and Estimated Actual Value of
Taxable Property
Property Tax Rates--All Overlapping Governments
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita
Legal Debt Margin
Computation of Overlapping Debt
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures
Revenue Bond Coverage--Water Bonds
Property Value, Construction and Bank Deposits
Principal Taxpayers
Miscellaneous Statistics
Letter of Comments to Management
Statutory Report
Page
Number
49
50
51-52
53-54
55
56-57
58
59-60
61-62
63
64-65
66-67
68-69
70
71
72
73
74
75
76-77
78-80
81
3
DF~ICE CF THE VILLAGE MANAGER
VILLAGE CIF TEQUESTA
357 TEpUEBTA DRIVE
TEQUESTA, FL~R~DA
TELEPHONE
AREq CODE 3pS
746-7457
March 22, 1984
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
MAILING ADDRE39
P. D. BOX 3273
TEgUESTA.FLCRIDA 33458
Submitted herewith is the Comprehensive Annual Financial Report
of the Village of Tequesta, Florida, for the fiscal year ended
September 30, 1983. This report is required by Florida Statutes
166.241 and Chapter 10.550 Rules of the Auditor General.
The books, records and annual financial report of the Village
have been examined by our independent auditors, Nowlen, Holt, Miner &
Kisker, 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, is 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.
4
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 $1,503,236 and are summarized as
follows:
REVENUES
Percentage
1981-82 1982-83 of 1982-83
Source Amount Amount Total
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
$ 991,734 $1,014,020 67.4
74,325 95,964 6.4
183,644 265,695 17.7
8,200 9,463 .6
23,574 32,455 2.2
79,352 85,639 5.7
Total
EXPENDITURES
$1,360,829 $1,503,236 100.0$
Expenditures for the General Fund totaled $1,584,232 and are
summarized as follows:
5
The Honorable Mayor and
Village Council
Village of Tequesta
Pur ose
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
Fund Balance
1981-82 1982-83
Amount Amount
$ 271,157
622,703
159,155
298,563
10,202
82.323
$ 279,561
683,100
177,427
356,401
8,024
79,719
$1,444,103
$1,584,232
Percentage
of 1982-83
Total
17.6$
43.2
11.2
22.5
.5
5.0
100.0$
The General Fund has a fund balance of $69,925 at September 30,
1983. The balance is summarized as follows:
Fund balance, September 30,
Excess of expenditures over
Operating transfers in
Operating transfers out
Fund balance (deficit)
SPECIA
1982 $ (2,955)
revenues (80,996)
232,776
(78,900)
$ 69,925
L 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.
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 $1,023,321
Operating expenses (804,402)
Operating income 218,919
Nonoperating revenues {expenses) (52,824)
Operating transfers out (232,776)
Net loss $ (66,681)
6
The Honorable Mayor and
Village Council
Village of Tequesta
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, 1983, $3,915,000 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 Series 1979 for the purpose of financing certain
drainage improvements 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, 1983, $845,000 of the bonds were outstanding.
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, 1983, exclusive of
Enterprise Fund assets, amounted to $453,439.
WATER FUND
Planned Future Improvements
The Village is currently in the process of having a pilot study
undertaken by a private engineering consulting firm to study and
verify the acceptability of upgrading the Village water supply and
treatment system.
The study is being conducted to meet Department of Environmental
Regulation requirements.
7
The Honorable Mayor and
Village Council
Village of Tequesta
The improvements planned consist of the planning and design to
convert the present water treatment system of .96MGD pumping capacity
to a maganese greensand water treatment plant with a 1.8MCD pumping
capacity, to include the additional required new raw water piping and
the instrumentation modifications necessary for system control.
The total estimated cost of the improvements mentioned is
$650,000, of which $70,500 will be expended during fiscal year
1983/84 for engineering services.
The entire project cost will be paid from unreserved Retained
Earnings.
CERTIFICATE OF CONFORMANCE
The Municipal Finance Officers Association of the United States
and Canada (MFOA) awarded a Certificate of Conformance in Financial
Reporting to the Village of Tequesta for its comprehensive annual
financial report for the fiscal year ended September 30, 1982.
In order to be awarded a Certificate of Conformance, a govern-
mental unit must publish an easily readable and efficiently organized
comprehensive annual financial report, whose contents conform to pro-
gram 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 to
determine its eligibility for another certificate.
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,
~'~
Robert Harp, V llage Manager
Bill C. Kascave is, Finance Director
8
Certificate
of
Conformance
in Financial
Reporting
Presented to
Village of
Tequesta, Florida
For its Comprehensive Annual
Financial 13eport
for the Fiscal Year Ended
September 30, 1982
A Certificate of Conformance in Financial Reporting is
presented by the Municipal Finance Officers Association
of the United States and Canada to governmental units
and public employee retirement systems whose comprehensive
annual financial reports (CAFR's) are judged to substantially
conform to program standards.
~~cE OFf/~E9~ ~
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Executive Director
9
VILLAGE OF TEQUESTA
ORGANIZATION CHART
10
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL -.1982-1983
Carlton D. Stoddard
Thomas J. Beddow
Lee M. Brown
Thomas J. Little
William E. Wagar
Mayor
Vice Mayor
Councilman
Councilman
Councilman
VILLAGE OFFICIALS
Robert Harp
Cyrese Colbert
John C. Randolph
(Johnston, Sasser & Randolph)
Bill C. Rascavelis
Franklin D. Flannery
Scott Ladd
Gary Preston
James Worth
Curtis S. Sapp
Manager
Clerk
Attorney
Finance Director
Police Chief
Building Official
Recreation Director
Water Superintendent
Maintenance Superintendent
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Holt, Miner & Risker
11
NOWLEN, HOLT, MINER &KISKER
(A PARTNERSHIP OF A PROFESSIONAL ASSOCIATION ANO INDIVIDUALS)
CERTIFIED PUBLIC ACCOUNTANTS
601 FLAGLER DRIVE COURT
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 659-3060
EVERETT 8. NOWLEN, CPA, P.A.
EDWARD T. HOLT, CPA
WILLIAM B. MINER, CPA
WILLIAM C. KISKER, JR., CPA
JANET R. BARICEVICH, CPA
B.E. WEEKS, CPA
ROBERT W. HENDRIX, JR., CPA
JANE BIERLEY, CPA
RICHARD J. HUTCHINSON. CPA
RICHARD D. HOOVER, JR.. CPA
LORI LEE ELLIS, CPA
CAROL A. CALLAHAM, CPA
MARK A. MOORE, CPA
R. GREGORY SMITH. CPA
WANDA W. BERGERON. CPA
MEMBERS
AMERICAN INSTITUTE 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 GLAOE,FLORIDA 33430
TELEPHONE (305) 998-5612
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Floria
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, as of and for the year ended
September 30, 1983, 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, 1983, 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 fairly 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.
M 1A~W~~+u~.. ~`R.~.~ ~ 11 w1^aA.. 1. ~~JI~..IZ~~
December 20, 1983
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and. Account Groups
September 30, 1983
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
$ 99,850 $ 916 $ 7,735
1,050
5,000 100,000
4,738
72,616
4,314
735
2,773
$182,939 $5,230
$111,558
i4
Proprietary
Fund-Type
Enterprise
$ 165,760
1,110,950
95,587
12,630
8,800
11,214
153,308
52,390
132,131
1,444,177
16,843
4,167,674
$7,371464
Account Grou s
General General
Fixed Long-Term
Assets Debt
453,439
$453,439
110,508
734,492
$845,000
See notes to financial statements.
15
Totals
(Memorandum
Only}
$ 274,261
1,050
1,215,950
100,325
15,403
81,416
4,314
11,949
153,308
52,390
132,131
1,444,177
16,843
4,621,113
110,508
734.492
$81969,630
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1983
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 debt service
Unreserved
Fund balances (deficit)
Reserved for inventory of supplies
Reserved for debt service
Reserved for recreation and parks
Reserved for encumbrances
Unreserved
Designated for debt service
Undesignated
Total fund equity
Total liabilities and fund equity
Governmental
Fund Types
Special Debt
General Revenue Service
$ 59,043 $ $
21,784
8,800 5,435
23,387
1,050
113,014 5,435 1,050
735
26,724
37,005
90,935
19,573
5,461 ~)
69,925 (205) 110,508
$18.2,939 $5,230 $111,558
16
Proprietary
Fund Type Account Grou s
General General Totals
Fixed Long-Term (Memorandum
Enterprise Assets Debt Only)
$ 39,521 $ $ $ 98,564
10,018 31,802
1,050
132,131 132,131
89,962 89,962
67,181 81,416
23,387
845,000 845,000
3,915,000 3,915,000
(95,918) (95,918)
4,157,895 845,000 5,122,394
880,355 880,355
453,439 453,439
1,423,448 1,423,448
909,766 909,766
735
90,935
26,724
37,005
19,573
5,256
3,213,569 453,439 3,847,236
$7,371.,464 $453,439 $845,000 $8,969,630
See notes to financial statements.
17
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, 1983
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Intrrgovernmental services
Total revenues
Expenditures
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
Debt service
Principal retirement
Interest and fiscal charges
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 (deficit), October 1, 1982
Fund balances (deficit), September 30, 1983
General
$1,014,020
95,964
265,695
9,463
32,455
32,839
52,800
1,503,236
279,561
683,100
177,427
356,401
8,024
79,719
1,584,232
(80,996)
232,776
(78,900)
153,876
72,880
(2,955)
$ 69,925
18
Governmental Fund Types
Special Debt
Revenue Service
--___.__
17,435
284
17,719
20,024
20 024
2 305)
13,678
13 678
Totals
(Memorandum
__ Only__) ____
$1,014,020
95,964
283,130
9,463
32,455
46,801
52,800
1,534,633
279 , 561
703,124
177,427
356,401
8,024
79,719
20,000
72,988
1 697 244
_(162,611)
20,000
72s 988
9
79 310)
78,900
7---8 90~
(2,305)
2,100
$ (205)
(410)
11- 0,918
$110,508
~~
311,676
(78,900)
232,776
70, 165
110,063
$ 180,228
See notes to financial statements.
i9
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, 1983
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
CultureJrecreation
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 (deficit),
October 1, 1982
Fund balances (deficit),
September 30, 1983
General Fund
Variance -
Favorable
.Budget Actual (Unfavorable)
$1,002,773
66,700
278,091
7,000
22,300
5,100
52.800
$1,014,020
95,964
265,695
9,463
32,455
32,839
52,800
$ 11,247
29,264
(12,396)
2,463
10,155
27,739
1 , 4341764
302,723
696,093
175,700
397,586
13,865
84.238
1,670,205
1,503,236
279,561
683,100
177,427
356,401
8,024
?9.719
1,584,232
(2351441) (80y996)
300,926 232,776
{91,485} (78x900)
209,441
{26,000}
153,876
72,880
(106,583) (2,955)
$ (132,583) $ 69,925
20
6
23,162
12,993
(1,727)
41,185
5,841
4.519
85,973
154,445
(68,150)
12 X585
(55,565}
98,880
1031628
$202,508
Sp ecial Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual ( Unfavorable)
$ $ $ $1,002,773 $1,014,020 $ 11,247
66,700 95,964 29,264
17,954 17,435 (519) 296,045 283,130 (12,915)
7,000 9,463 2,463
22,300 32,455 10,155
150 284 134 5,250 33,123 27,873
52,800 52,800
18,104 17,719 (385) 1,452,868 1,520,955 68,087
302,723 279,561 23,162
20,024 20,024 716,117 703,124 12,993
175,700 177,427 (1,727)
397,586 356,401 41,185
13,865 8,024 5,841
84L238 79,719 4,519
20,024 20,024 1,690,229 1,604,256 85,973
.(1,920) (2,305) (385)
(1,920) (2,305) (385)
-0- 2,100 2,100
$(1~ 920) $ .205) $1,715
(237,361) (83,301,) 154,060
300,926 232,776 (68,150)
(91,485) (78,900) 12,585
209,441 153,876 (55,565)
(27,920) 70,575 98,495
(106,583) (855) 105,728
$ (134L503) $ 69,720 $204,223
See notes to financial statements.
21
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1983
Operating revenues
Charges for services
Operating expenses
Purchased water
Personal services
Contractual services
Supplies
Heat, light and power
Repairs and maintenance
Depreciation
Bad debts
Total operating expenses
Operating income
Nonoperating revenues (expenses)
Computer service fee
Interest revenue
Interest expense and fiscal charges
Total nonoperating revenues (expenses)
Income before operating transfers
Operating transfers (out)
Net (loss)
Retained earnings, October 1, 1982
Retained earnings, September 30, 1983
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$1,023,321
328,500
149,775
114,985
9,198
42,401
25,695
133,141
707
804,402
218 919
4,000
218,428
(275,252)
(52,824)
166,095
(232,776)
(66,681)
2,399,895
$2,333,214
22
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1983
Sources of working capital
Operations
Net (loss)
Items not requiring working capital
Depreciation
Amortization of debt discount and issue costs
Working capital provided by operations
Contributions
Increase in current liabilities payable from
restricted assets
Total sources of working capital
Uses of working capital
Acquisition of property, plant and equipment
Increase in restricted assets
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
Due from other funds
Inventories
Accounts payable and accrued liabilities
Due to other funds
Net increase in working capital
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$(66,681)
133,141
10,172
76,632
232,425
7,343
316,400
100,912
198,323
299,235
$ 17,165
$(23,045)
109,516
278
(7,868)
(4,629)
8,800
(9,929)
(55,958)
$ 17, 165
23
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
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 Improvement Reve-
nue Bonds, Series 1979.
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
24
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Proprietary Fund (Continued)
Enterprise Fund (Continued)
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.
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.
25
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Long-Term Liabilities (Continued)
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.
26
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
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. Unbill.ed 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 operating transfers in and
out.
Encumbrances
The Village records encumbrances, if any, as an appropriation of fund
balance until expended or accrued as a liability of the fund. Encum-
brances at September 30, 1983 and 1982 were $37,005 and $-0-, respec-
tively.
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.
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 1 - SUMMARY -0F SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recogn~ ition (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
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 fund through the use of bond indenture provisions and
informal budgets.
Budgets for the General and Special Revenue Funds are adopted on a
basis consistent with generally accepted accounting principles. For
budgeting purposes, current year encumbrances are not treated as
expenditures.
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.
Changes or amendments to the total budgeted expenditures of the
Village total departmental expenditures or items within a department
must be approved by the Village Council. However, in order to make
the most effective use of the budgetary process, it is the policy of
the Village to make as few budget adjustments as possible. Appropri-
ations are to make as few budget adjustments as possible. Appropria-
tions are legally controlled at the departmental level within funds
and expenditures may not legally exceed budgeted appropriations at
that level.
28
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting (Continued)
During the year, the Village did not make any supplemental appropria-
tion increases but did make several administrative changes on the
departmental level.
The Village has complied with the Florida requirement that budgets be
in balance. The General Fund and Special Revenue Fund budgets re-
flected in the accompanying financial statements are not balanced
because they do not include amount budgeted from beginning fund
balance.
Appropriations which are neither expended, encumbered or specifically
designated to be carried over lapse at the end of the fiscal year.
A budget for operating expenses of the Water Fund is also adopted on
a basis consistent with generally accepted accounting principles in
accordance with requirements of Ordinance 260-Water Refunding Revenue
Bonds, Series 1978.
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.
29
-LLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Employee Annual Leave
A contingent liability exists for accrued annual leave which will be
taken by employees prior to December 31, 1983. 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,
1983, the unrecorded General Fund liability was approximately
$16,200.
Total Columns on Combined Statements
The Total columns on the combined statements are captioned Memorandum
Only to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity
with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
NOTE 2 - PROPERTY TAXES
Under Florida law, the assessment of all properties and the collec-
tion of all county, municipal and school board property taxes are
consolidated in the offices of the County Property Appraiser and
County Tax Collector. The laws of the State regulating tax assess-
ment are also designed to assure a consistent property valuation
method statewide.
All property is reassessed according to its fair market value January
1 of each year. Each assessment roll is submitted to the Executive
Director of the State Department of Revenue for review to determine
if the rolls meet all the appropriate requirements of State statutes.
The tax levy of the Village is established by the Village Council
each year and the Palm Beach County Property Appraiser incorporates
the Village millages into the total tax levy, which includes Palm
Beach County and Palm Beach County School Board tax requirements.
All taxes are due and payable on November 1 of each year or as soon
thereafter as the assessment roll is certified and delivered to the
Tax Collector. All unpaid taxes become delinquent on April 1 follow-
ing the year in which they are assessed. Discounts are allowed for
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 2 -PROPERTF TAXES (Continued)
early payment at the rate of 4~ in the month of November, 3$ 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 since the collec-
tion of these taxes coincides with the fiscal year in which levied,
and since the Village consistently has no material uncollected prop-
erty taxes at year end.
NOTE 3 - INTERFUND ADMINISTRATIVE FEE
During the year ended September 30, 1983 the Enterprise Fund remitted
$52,800 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 4 - PENSION PLAN
All full-time Village employees are eligible to participate in the
noncontributory Florida Retirement System as authorized by Chapter
121 of the Florida Statutes. Total pension costs for the year ended
September 30, 1983 were $94,829 (General Fund $82,253, Enterprise
Fund $12,576). The funding methods and the determination of benefits
payable are provided in various acts of the State Legislature. All
accounting records relating to the Retirement System are maintained
by the State on a statewide basis only. At September 30, 1983,
information was not available with regard to the excess of the
actuarially computed vested benefits over pension fund assets
relating to employees of the Village. Actuarial valuations of the
system are required by State Statute on a periodic basis.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 5 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable are stated at net of $1,500 allowance for doubt-
ful accounts and consist of billed revenues totaling $81,810 and
unbilled revenues totaling $15,277.
NOTE 6 - 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.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 6 - LONG-TERM DEBT {Continued)
Water Fund: (Continued)
Account
Sinking Account
Bond Amortization
Account
Reserve Account
Renewal and Replacement
Account
Purpose
To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Established within the Sinking Account
to meet principal payment on the debt.
To accumulate funds for payment of
principal and interest only if funds in
the Sinking Account are insufficient.
To accumulate funds for the purpose of
funding the cost of extensions,
additions to, enlargements and
replacement of capital assets of the
system and emergency repairs thereto.
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
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
Interest
$ 264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264,262
264 , 2.62
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
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
264,264
264,264
264,264
264,264
264,264
264,264
2,206,425
128,587
128,587
2,033,588
$3,915,000 $5,867,439
$9,782,439
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 6 - 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, which was made when due October 1, 1978 and $700 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.
General Long-Term Debt: This debt consists of Improvement Revenue
Bonds Series 1979, dated October 1, 1979, in the amount of $910,000
with interest rates ranging from 8.30$ to 8.50$. At September 30,
1983, $845,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 6 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Annual requirements to amortize this debt are as follows:
1984 October
1985 October
1986 October
1987 October
1988 October
1989 October
1990 October
1991 October
1992 October
1993 October
1994 October
1995 October
1996 October
1997 October
1998 October
1999 October
2000 October
2001 October
2002 October
2003 October
2004 October
Totals
Coupon Total
Rate Principal Interest Payments
8.50$ $ 20,000
8.50$ 20,000
8.40$ 20,000
8.40$ 25,000
8.40 25,000
8.30$ 25,000
8.30 30,000
8.30$ 30,000
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8.40$
8 .40$
8.40$ 650,000
$ 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
$ 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
$845,000 $1,225,440
$2,070,440
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
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 6 -LONG-TERM DEBT (Continued)
General Lonq-Term Debt: (Continued)
The annual requirements to amortize all outstanding debt as of
September 30, 1983 are as follows:
Fiscal Year Ending
September 30
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1.999
2000
2001
2002
2003
2004
2005
2006
2007
Improvement Water
Revenue Revenue
$ 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
$ 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
$2,070,440 $9,782,439
Total
$ 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
$11,852,879
Changes in Lonq-Term Debt: Bond transactions for the Village for the
year ended September 30, 1983, are summarized as follows:
Improvement
Revenue
Bonds
Bonds payable at
October 1, 1982
Bonds retired
Bonds payable at
September 30, 1983
$865,000
20,000
Water
Revenue
Bonds
$3,915,000
$845,000 $3,915,000
Total
$4,780,000
20,000
$4,760,000
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
.September 30, 1983
NOTE 6 - LONG-TERM DEBT (Continued)
Interest Expense
Interest expense on long-term debt for the fiscal year ended
September 30, 1983 totaled $336,897 (general long-term debt -
$72,635; Enterprise Fund - $264,262).
NOTE 7 - DEFICIT FUND BALANCE/EXCESS EXPENDITURES
The deficit fund balance of the Sepcial Revenue Fund was due to total
expenditures exceeding total appropriations. The deficit will be
funded through General Revenue Sharing monies to be received in the
subsequent fiscal years.
The physical environment department of the general fund expenditures
of $177,427 were in excess of appropriations of $175,700.
NOTE 8 - 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.
NOTE 9 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of capital improvement charges. For the
year ended September 30, 1983, $232,425 was received for capital
improvement charges.
NOTE 10 - 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.
37
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1983
NOTE 11 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund interfund receivables and payables at September 30,
1983 are as follows:
Fund
General Fund
Special Revenue Fund
Enterprise Fund
8,800
$81,416
_~
NOTE 12 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Land
Buildings
Equipment
Total
Balance
October 1,
1982
$ 35,000
171,325
235,976
$442,301
--.---
Interfund
Receivables
$72,616
Additions
3,602
18,656
$ 22,258
Deletions
11,120
$11,120
Interfund
Payables
$ 8,800
5,435
67,181
$81,416
Balance
September 30,
1983
$ 35,000
174,-927
243,512
$453,439
The components of fixed assets at September 30, 1983 are summarized
as follows:
General
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Accumulated depreciation
Total
Enterprise Fixed Assets
Fund Account Group Total
$ 92,042 $ 35,000 $ 127,042
372,444 174,927 547,371
4,504,621 4,504,621
243,609 243,512 487,121
5,212,716 453,439 5,666,155
(1 , 0 4 5, 0 4 2) _.______. ( 1, 0 4 5i0 4 2)
$4,167,674 $453,439 $4,621,113
38
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1983
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
Municipal fuel tax
Countywide registrations
One-half cent sales tax
Total intergovernmental revenues
Charges for services
Zoning fees
Map sales
Certification, copying,
record search
Building inspection service
Municipal police academy
Tennis lights
Total charges for services
Budget Actual
$ 550,573
1,000
187,500
263,700
1,002,773
$ 540,876
2,077
203,132
267,935
1,014,020
39,000
25,000
2,700
66,700
16,700
129,234
5,200
1,100
17,000
108,857
278,091
500
50
800
1,200
1,750
2,700
7,000
39
45,747
47,552
21665
95,964
16,171
1 29, 234
5,769
549
16,614
97,358
265,695
750
118
792
1,525
4,278
2,000
9,463
Variance -
Favorable
(Unfavorable)
$(9,697)
1,077
15,632
4,235
11!247
6,747
22,552
~~..3 5 )
29,264
(529)
569
(551)
(386)
11 499)
12 396)
250
68
(8)
325
2,528
(700)
2,463
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Budget
$ 22,000
300
22,300
Actual
$ 32,170
285
32~ 455.
Miscellaneous revenues
Interest
Contribution for park land
Other
Abandoned bicycle sales
Total miscellaneous revenues
Intragovernmental services
Administrative management -
water fund
Total revenues
4,000
1,000
100
5,100
13,140
17,108
2,591
32,839
52,800 52,800
$1,434,764
$1,503,236
40
Variance -
Favorable
(Unfavorable)
$10, 170
10,155
9,140
17,108
1,591
~)
27,739
$68,472
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
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
Worker'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
Torker's compensation
insurance
Travel and per diem
Other charges
Operating supplies
Books, publications, dues
Machinery and equipment
Repairs and maintenance -
office machines
Total executive
Variance -
Favorable
Budget Actual (Unfavorable)
$ 3,700 $ 3,614 $ 86
50 42 8
3,750 3,656 94
34,914 34,419 495
2,211 2,210 1
3,729 3,728 1
2,341 2,340 1
129 129
1,438 877 561
103 103
50 13 37
17,612 17,042 570
1,114 1,092 22
1,918 1,846 72
2,164 2,163 1
25 25
950 697 253
2,003 379 1,624
350 201 149
60 30 30
950 750 200
95 95
72,156 68,036
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
37,298
2,366
4,047
2,517
36,745
2,363
3,964
2,285
4,120
553
3
83
232
54
41
53
1
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Variance -
Favorable
Budget Actual (Unfavorable)
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
$ 4,000 $ 4,000 $
10,545 10,545
450 286 164
315 249 66
1,700 665 1,035
150 75 75
370 370
140 140
Total financial and
administrative
Legal counsel
Legal services
Total legal counsel
Planning and zoning
Planning service
Other current charges
Total planning and zoning
Other general government
Salaries
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Unemployment compensation
63, 952 61 ,740 2, 212
50, 000 43 ,716 6, 284
50 ,000 43 ,716 6, 284
12,870 11,859
250 31
13,120 11,890
14,963
944
1,593
2,160
14,761
943
1,592
2 ,1 59
22
600
42
21
1,011
219
1,230
202
1
1
1
1
600
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Variance -
Favorable
Budget Actual (Unfavorable)
General government (continued)
Other general government
(continued)
Codification $ 3,500 $ 791 $ 2,709
Communication services 3,487 3,239 248
Postage 2,000 1,730 270
Utility services 9,811 9,810 1
Fire hydrant rental fees 10,900 10,900
Office equipment rentals 4,010 4,007 3
Insurance 7,700 9,190 (1,490)
Village Hall maintenance 10,450 6,064 4,386
Office machines maintenance 95 95
Other charges 4,138 4,137 1
Office supplies 2,300 1,577 723
Books, publications, dues 900 687 213
Aid to private organizations 12,700 11,350 1,350
Other grants and aids 2,917 2,917
Dual taxation study 4,555 4,553 2
Total other general government 99,745 90,523 9,222
Total general government 302,723 279,561 23,162
Public safety
Police department
Salaries 394,385 389,991 4,394
Overtime 15,000 14,715 285
F.I.C.A. 25,487 27,167 (1,680)
Retirement 53,400 52,809 591
Life and health insurance 38,222 38,215 7
43
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Public safety (continued)
Police department (continued)
Worker's compensation
insurance
Travel and per diem
Communication services
Insurance
Rentals and leases - office
equipment
Repairs and maintenance -
cars
Repairs and maintenance -
office equipment
Repairs and maintenance -
radio communications
Repairs and maintenance -
other
Printing and binding
Other charges
Personnel training
Office supplies
Gasoline and oil
Uniforms and equipment
Books, publications, dues
Machinery and equipment
Total police department
Detention and/or correction
Other contractual services -
P.B.C. Sheriff's Department
Total detention and/or
correction
Protective inspections
Variance -
Favorable
Budget Actual Unfavorable)
$ 7,856 $ 7,855
3,655 3,654
4,650 4,312
6,432 6,432
375 360
9,070 9,069
250 182
2,845 2,693
175
800
2,706
2,020
1,450
24,500
3,500
350
10,742
91
736
2,545
1,449
1,360
23,772
3,463
214
10,718
607,870
150
601,802
150
Salaries 59,624 59,291
F.I.C.A. 3,790 3,789
Retirement 6,402 5,402
Life and health insurance 6,548 6,547
44
$ 1
1
338
15
1
68
152
84
64
161
571
90
728
37
136
24
6,068
150
150
333
1
1
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Public safety (continued)
Protective inspections
(continued)
Office supplies
Worker'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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 1,246 $ 1,245 $ 1
207 207
2,215 2,173 42
1,200 1,094 106
233 9 224
251 250 1
200 135 65
157 156 1
82,073 81,298 775
Emergency and disaster relief
Civil preparedness
Contingency fund
Capital outlay
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
6,000 6,000
6,000
696,093 683,100
175, 700 177, 427
175 ,700 177, 427
61000
12,993
(1,727)
(1,727)
Salaries 71,264 70,293 971
Overtime 1,000 427 573
F.I.C.A. 4,530 4,594 (64)
45
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Transportation (continued)
Road and street facilities
(continued)
Retirement
Life and health insurance
Worker'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 and
tractor
Gasoline and oil - other
Small tools
Traffic signs
General maintenance
Road materials and supplies
Capital outlay
Drainage
Machinery and equipment
Building
Total transportation
Human services
Health - mosquito control
Salaries
F.I.C.A.
Retirement.
Repairs and maintenance -
equipment
Variance -
Favorable
Budget Actual (Unfavorable)
$ 7,880 $ 7,791 $ 89
8,345 8,343 2
1,903 1,903
50 50
15,650 15,602 48
610 610
1,600 775 825
5,200 5,178 22
100 100
1,825 1,691 134
300 220 80
400 280 120
1,500 1,389 111
20,731 20,730 1
4,450 3,551 899
242,585 205,579 37,006
4,663 4,663
3,000_ 2,782 218
397,586 356,401 41_,185
2,000 1,110 890
135 135
220 220
1,000 180 820
46
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Human services (continued)
Health - mosquito control
(continued)
Flushing solution
Other charges
Gasoline and oil
Insecticide
Variance -
Favorable
Budget Actual (Unfavorable)
$ 600 $ 268 $ 332
200 4 196
110 53 57
9,600 6,409 3,191
Total human services
Culture/Recreation
Parks and recreation
Salaries
Overtime
F.I.C.A.
Retirement
Life and health insurance
Worker'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
Bicycle path repairs and
maintenance
Other charges
13,865 8,024 5,841
43,735 42,929 806
200 20 180
2,875 2,751 124
4,122 4,122
2,475 2,471 4
465 464 1
1,500 820 680
400 372 28
2,515 2,514 1
3,500 3,275 225
290 260 30
550 454 96
820 819 1
8,231 8,230 1
5,000 3,377 1,623
400 306 94
631 631
50 50
47
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Culture/Recreation (continued)
Parks and recreation (continued)
Office supplies
Gasoline and oil - truck and
tractor
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 75 $ 51
550 525
75
350
1,200 922
1,200 1,165
75 40
820 820
1,334
800
84,238
$1,670,205
$ 24
25
75
350
278
35
35
(973)
95
4,519
$85,973
2,307
705
79,719
$1,584,232
48
PROPRIETARY FUND
(ENTERPRISE FUND)
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1983
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water $330,065 $328,500 $ 1,565
Personal services
Wages $118,870 $117,224 $ 1,646
F.I.C.A. taxes 7,816 7,763 53
Retirement 12,744 12,576 168
Life and health insurance 14,697 12,212 2,485
Total personal services $154,127 $149,775 $ 4,352
Contractual services
Insurance $ 6,539 $ 7,707 $ (1,168)
Professional services 18,500 13,756 4,744
Communication services 3,860 3,501 359
Rentals 1,680 1,266 414
Legal 4,446 675 3,771
Engineering 16,030 16,181 (151)
Accounting and auditing 10,545 10,544 1
Other current charges 1,405 1,216 189
Licenses and fees 1,600 1,550 50
Administrative management 52,800 52,800
Personnel training and travel 6,172 5,789 383
Total contractual services $1231577 $114,985 8,592
Supplies
Office supplies $ 4,675 $ 4,016 $ 659
Truck gas and oil 3,000 2,389 611
Chemicals 2,082 2,020 62
Small tools 500 464 36
Laboratory supplies 200 95 105
Diesel fuel 750 750
Books 300 214 86
Total supplies $ 11,507 $ 9,198 $ 2,309
Heat, light and power $ 40,845 $ 42,401 $ (1,556)
Repairs and maintenance $ .45,514 $ 25,695 $ 19,819
49
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1983 and 1982
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Income before operating transfers
Operating transfers in (out)
Net income (loss)
1983 1982
$1,023,321 $978,329
804,402 745,584
218,919 232,745
(52,824) (3,996)
166,095 228,749
(232,776) (11,010)
$ (66,681) $217,739
50
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1983
Sinking
Account
Balance, October 1, 1982
Cash and investments $ 7,920
Unamortized discount on investments
Accrued interest receivable
7,920
Increases
Transfers from unrestricted accounts 255,416
Investment earnings 5,683
Transfers from restricted accounts
Total 261,099
Decreases
Capital outlay
Interest payments 264,262
Other debt service costs 640
Transfers to other unrestricted accounts
Transfers to other restricted accounts
Total 264,902
Balance, September 30,.1983
Cash and investments 4,117
Unamortized discount on investments
Accrued interest receivable
Total $ 4,117
51
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$785,992 $266,758 $ 4,288
(44,874)
7,255 1,829 34
748,373 268,58? 4,322
1,700
23,100
63,482 19,338 815
65,182 19,338 23,815
11,439
600
19,125 2,000
600 19,125 13,439
852,066 268,228 14,630
(46,991)
7,880 572 68
$812,955 $268,800 $14,698.
52
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$3,915,000 Water Refunding Revenue Bonds - Series 1978
September 30, 1983
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 Serie s 1976A water
revenue certificates. The bonds are secured by the net revenues of the
Water Fund. On September 30, 1983, the outstanding bonds totaled
$3,915,000; the payment schedule follows:
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1983 Oct. 1 6.75$ $ $ 132,131 $ 132,131 $ 132,131
1984 April 1 6.75$ 132,131 132,131
1984 Oct. 1 6.75$ 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
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
53
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$3,915,000 Water Refunding Revenue Bonds - Series 1978
September 30, 1983
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1995 April 1 6.75$ $ $ 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 A ril
P 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
i 2004 Oct. 1 6.75$ 64,294 64,294 128,587
I
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 A ril
P 1 6.75$ 1 905 000 64 294 1 969 294 1 969 294
Tota l $3,915,000 $5,867,439 $9,782,439 $9,782,439
~ ~
(1) To be ret ired thro ugh operation of the manda tory sinking an require-
ments.
54
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1983
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, 1983, the outstand-
ing bonds totaled $845,000:
Coupon Total
Rate Principal Interest Payments
1984 October 1 8.50$ $ 20,000 $ 70,935
1985 October 1 8.50$ 20,000 69,235
1986 October 1 8.40$ 20,000 67,535
1987 October 1 8.40$ 25,000 65,855
1988 October 1 8.40 25,000 63,755
1989 October 1 8.30$ 25,000 61,655
1990 October 1 8.30$ 30,000 59,580
1991 October 1 8.30 30,000 57,090
1992 October 1 8.40$ 54,600
1993 October 1 8.40$ 54,600
1994 October 1 8.40$ 54,600
1995 October 1 8.40 54,600
1996 October 1 8.40$ 54,600
1997 October 1 .8.40$ 54,600
1998 October 1 8.40$ 54,600
1999 October 1 8.40$ 54,600
2000 October 1 8.40$ 54,600
2001 October 1 8.40$ 54,600
2002 October 1 8.40$ 54,600
2003 October 1 8.40$ 54,600
2004 October 1 8.40$ 650,000 54,600
Totals $845,000 $1,225,440
$ 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
$2,070,440
55
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1983
United States Treasury Obligations
Unamortized Interest Maturity
Par Value Cost Discount Rate Date
Enterprise Fund
Reserve Account
Bond Amortization
Account
$ 55,000 $ 54,880
820,000 764,735
$ 8.25 8/15/85
55,265 7.625$ 2/15/07
56
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1983
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Renewal and replacement account
Capital improvement account
Sinking fund
_ Certificates of De osit
Interest Maturity
Amounts Rate Date
$100,000 11.000 4/01/90
90,000 9.590 3/13/84
89,000 9.590 3/13/84
70,000 9.210 12/08/83
75,000 9.690 3/08/84
75,000 9.690 3/08/84
75,000 9.690 3/08/84
587,000 9.900 7/23/84
100,000 9.250 1/13/84
208,848 7.500 7/01/86
2,000 15.950 8/08/84
2,500 9.590 3/19/84
4,288 5.500 10/06/82
75,000 9.690 3/08/84
75,000 9.690 3/08/84
50,000 9.040 12/15/83
2,890 8.000 3/30/84
57
VILLAGE OF TEQUE5TA, FLORIDA
Schedule of Insurance
September 30, 1983
Policy
Number Coverage
Employees Statutory Life SR 40914 $10,000 - $20,000
Group Life Insurance 3-2215 1.5 times annual
salary
Group Hospitalization 24883 Various
Comprehensive automobile
liability BAP316554 500,000
Public Employees Blanket Bond 4135132 100,000
Workmen's Compensation U905289 100,000
Multi-peril Policy
(90$ co-insurance) SMP277Q67 Various
Police Professional Liability P81100010-TC 100,000/1,000,000
Public Official's and
Employee's Liability 5240053602 200,000
Mini Computer Protection 309ZA1653 10,000/35,000
Umbrella Liability 5500030137 1,000,000
Indemnity Bond 8N302954 2,500/30,000
58
VILLAGE OF TEQUESTA, FLORIDA
General Government Expenditures by Function (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
General Public
Government Safety Transportation
1974 $124,076 $176,897 $ 72,659
1975 148,451 201,083 133,553
1976 161,175 254,126 132,328
1977 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
1983 279,561 703,124 356,401
(1) Includes General, Special Revenue and Debt Service Funds.
59
Physical Human
Environment Services
Culture
and
Recreation
Debt
Service Total
$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
177,427 8,024 79,719 92,988 1,697,244
60
VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
Licenses
and
Taxes Permits
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
1983 1,014,020 95,964
(1) Includes General, Special Revenue and Debt Service Funds.
61
Charges
for Fines and
Intergovernmental Services Forfeits Miscellaneous Total
$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
283,130 9,463 32,455 99,601 1,534,633
62
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Levies and Collections (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Total Current Tax Percent Outstanding
Tax Levy Collections of Levy Delinquent
(1) (1Z Collected Taxes
Percent of
Delinquent
Taxes to
Tax Levy
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 358,362 357,30? 99.? 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
1983 550,573 540,876 98.2 9,697 1.8
(1) Includes discounts taken by property taxpayers.
63
Fiscal Year
Ended
September 30
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
VILLAGE OF TEQUESTA, FLORIDA
Assessed and Estimated Actual Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Real Property
Assessed Estimated
Value Actual Value
$ 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
199,394,093
$ 65,443,763
65,388,314
65,712,702
85,626,638
98,314,868
101,489,458
114,479,658
153,749,948
205,271,593
199,394,093
64
Personal Property
Estimated
Assessed Actual
Value Value
Total
Assessed Estimated
Value Actual Value
Ratio of
Assessed to
Total Estimated
Actual Value
4,287,834 $4,513,509 $ 66,459,409 $ 69,957,272 95$
5,149,726 5,420,764 67,268,625 70,809,078 95
5,720,139 6,021,198 68,147,206 71,733,900 95
6,147,522 6,471,075 87,492,829 92,097,713 95
6,398,719 6,735,493 99,797,844 105,050,361 95
7,218,482 7,598,402 103,633,468 109,087,860 95
8,036,976 8,459,974 116,792,652 122,939,632 95
8,576,046 9,027,416 154,638,497 162,777,364 95
9,030,079 9,030,079 214,301,672 214,301,672 100
10,410,095 10,410,095 209,804,188 209,804,188 100
65
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
1983 3.1506 4.2489 6.9329 .3526
(1) Two (2) year levy
66
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 1.6470 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 .5000(1) 24.1640
.3580 .1003 1.2422 .5000(1) 17.4104
.3840 .1866 1.1845 15.0728
.3990 .2290 1.4660 16.7790
67
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
Assessed
Population* Value
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
1983 3,810 209,804,188
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census
68
Debt Ratio of Net
Gross Service Net Bonded Debt Net Bonded
Bonded Monies Bonded to Assessed Debt
Debt (1) Available Debt Value Per Capita
$ 75,000 $ 21,232 $ 53,768
59,000 17,669 41,331
48,000 13,766 34,234
37,000 15,046 21,954
25,000 14,110 10,890
895,000 147,650 747,350
880,000 102,751 777,249
865,000 110,918 754,082
845,000 110,508 734,492
.09$
.07
.05
.02
.01
.00
.69
.53
.37
.35
$ 13.82
10.56
8.89
5.76
2.86
.00
202.81
207.27
196.99
192.78
69
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1983
The Village of Tequesta, Florida has no legal debt margin.
70
VILLAGE OF TEQUESTA, FLORIDA
Computation of Overlapping Debt (Unaudited)
September 30-, 1983
Percentage Amount
Applicable Applicable
Net Debt To To
Taxing Authority Outstanding Tequesta Tequesta
Village of Tequesta $ 734,492 100.00 $ 734,492
Palm Beach County 85,170,000 .90~ 766,530
Palm Beach County School Board 2,475,000 .90$ 22,275
Total $1,523,297
71
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Principal Interest
Total
Total General
Debt Expenditures
Service (1)
Ratio
of Debt
Service to
Total
General
Expenditures
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
1983 20,000 72,988 92,988 1,697,244 5.5
(1) Includes General, Special Revenue and Debt Service Funds.
72
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Gross
Revenues
Net
Revenue
Available
Operating for Debt
Expenses Service
Debt Service Requirements
Principal Interest Total Coverage
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
1983 1,245,749 804,402 441,347 -0- 275,252 275,252 1.60
73
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Fiscal Year
Commercial Residential
Construction Construction Property Value
Number Number
Fiscal of of Bank Real Personal
Year Units Value Units Value Deposits Property Property
1983 2 $687,754 39 $5,535,834 $270,278,000 $199,394,093 $10,410,095
74
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1983
Percentage
1983 of
Assessed Assessed
___ Tax aver Type of Business Valuation Valuation
Lighthouse Plaza Shopping plaza $3,984,008 1
99$
First Marine Bank Banking 3,587,850 .
1
79
Village Square Shopping center 2,667,284 .
1.33
Tequesta Plaza Shopping plaza 1,941,747 .97
Tequesta Country Club Golf and social
Tequesta Fashion Mall club
Shopping plaza 1,867,420
1,719,977 .93
.g6
Ernest & Herbert Dorner Undeveloped land 1,568,945 .7g
Pantry Pride
Villa
er A
a
t
t Supermarket 1,467,064 .73
g
p
r
men
s Apartment rental 1,260,156 63
Kathleen Franklin Undeveloped land 803,496 .
.40
75
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1983
Date of Incorporation: 1957
Forms of Government: Council-Manager
Municipal Elections: Non-Partisan
Area: 1.69 square miles
Mi~Ies of Streets: Approximately 17 miles
Fire Protection:
Provided by - Jupiter Fire Control Tax District #1
.Fire Insurance Rating - 6
Police Protection:
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
76
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited) (Continued)
September 30, 1983
Electric Service: Florida Power & Light
Telephone Service: Southern Bell Telephone & Telegraph Co.
Building Permits Issued: 586
Recreation and Culture:
Number of parks - 2, approximately 50 acres
Number of libraries - 1, branch of Palm Beach County system
Number of volumes - 15,000-20,000
Munici al Em to ees:
Full-time - 43
Part-time - 5 (seasonal)
77
LETTER OF COMMENTS TO MANAGEMENT
LETTER OF COMMENTS TO MANAGEMENT
NOV~LEN, HOLT, MINER & KISKER
(A PARTNERSHIP OF A PROFESSIONAL ASSOCIATION AND INDIVIDUALS)
CERTIFIED PUBLIC ACCOUNTANTS
601 FLAGLER DRIVE COURT
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 659-3060
EVERETT B. NOWLEN, CPA, P.A.
EDWARD T. HOLT, CPA
WILLIAM B. MINER, CPA
WILLIAM C. KISKER, JR., CPA
JANET R. BARICEVICH. CPA
B.E. WEEKS, CPA
ROBERT W. HENDRIX, JR., CPA
JANE BIERLEY, CPA
RICHARD J. HUTCHINSON, CPA
RICHARD D. HOOVER, JR., CPA
LORI LEE ELLIS, CPA
CAROL A. CALLAHAM, CPA
MARK A. MOORE, CPA
R. GREGORY SMITH, CPA
WANDA W. BERGERON, CPA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
BELLE GLADE OFFICE
333 S.E. 2ntl STREET
POST OFFICE BOX 33B
BELLE GLADE. FLORIDA 33430
TELEPHONE (305) 996-5612
December 20, 1983
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
Re: Letter of Comments to Management
Gentlemen:
We have examined the general purpose financial statements of the
Village of Tequesta, Florida for the year ended September 30, 1983,
and have issued our report thereon dated December 20, 1983. 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.
7$
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.
The following suggestions are submitted to assist in improving
procedures and controls:
1. Balances of due to and due from accounts between funds were
not reconciled at September 30, 1983. Balances in these
accounts should be reconciled on a monthly basis.
2. 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. We also
recommend segregating customer accounts receivable from
miscellaneous receivable amounts.
3. County-wide occupational licenses were not prepared and
issued at the time monies were received. In addition,
these licenses were not issued in numerical sequence.
These licenses should be prepared and issued at the time
monies are received. In addition, they should always be
issued in numerical sequence.
4. Entries in the cash receipts journal maintained by the
Building Department are not referenced to the prenumbered
permit or license form. Consideration should be given to
recording these numbers to provide assurance that revenues
have been received for all licenses and permits issued.
5. It was noted that the books of the Water Fund were held
open past September 30. Cash receipts of October 3 and 4
were included in year end cash. The books should always be
properly closed on the last day of the fiscal year.
6. Cash disbursements checks prepared on the computer were not
printed in numerical sequence. A log should be maintained
of the beginning and ending check number of all check runs.
This would prevent checks being issued out of sequence and
provide control over disbursements.
7. We noted that backup cartridges for computerized data was
being stored in the same location as the original data. We
recommend storing the backup cartridges in the Village fire
proof vault or offsite to provide an adequate measure of
security in the event of disaster or interruption.
79
Items number 1 through 4 described above were reported in the pre-
vious year.
This report is intended solely for the use of management and should
not be used for any other purpose.
We appreciate the courtesy and cooperation shown us by the Village
staff .
Respectfully submitted,
11~C~' ~ ~~M.IA"" d
80
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.
81