CAFR_FY Ending_09/30/1984Comprehensive Annual Financial Report
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APR 5 1985 ~
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1984
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1984
TABLE OF CONTENTS
Page
Number
Introductory Section
Title Page 1
Table of Contents 2-3
Letter of Transmittal 4-10
Certificate of Conformance 11
Village of Tequesta Organization Chart 12
List of Principal-Officials 13
Financial Section
Auditor's Report--Opinion of Independent Certified
Public Accountants 14-15
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and Account
Groups 16-19
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--All Governmental
Fund Types 20-21
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances (Deficit)--Budget and
Actual--General and Special Revenue Fund Types 22-23
Statement of Revenues, Expenses and Changes in
Retained Earnings--Proprietary Fund Type 24
Statement of Changes in Financial Position--
Proprietary Fund Type 25
Notes to Financial Statements 26-41
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual 42-43
Schedule of Departmental Expenditures--Budget
and Actual 44-51
2
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1984
TABLE OF CONTENTS (Continued)
Page
Number
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual 52
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1984 and 1983 53
Schedule of Restricted Accounts Under Revenue Bond
Ordinance 54-55
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1978 56-57
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 58
All Funds
Schedule of Investments 59-61
Schedule of Insurance 62
Statistical Section
General Government Expenditures by Function 63-64
General Revenues by Source 65-66
Property Tax Levies and Collections 67
Assessed and Estimated Actual Value of
Taxable Property 68-69
Property Tax Rates--All Overlapping Governments 70-71
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 72-73
Legal Debt Margin 74
Computation of Overlapping Debt 75
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 76
Revenue Bond Coverage--Water Bonds 77
Property Value, Construction and Bank Deposits 78
Principal Taxpayers 79
Miscellaneous Statistics 80-81
Letter of Comments to Management 82-83
Statutory Report 84
3
~FFICE DF THE VILLAGE MANAGER
VILLAGE OF TEQUESTA
357 TEQUESTA DRIVE
TEQUESTA, FLORIDA
TELEPHONE
4 AREA CODE 3O3
` 746-7457
March 12, 1985
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
MAILING ADORERS
P. a. sax 3x73
TEgUESTA,FLDRIDA 33458
Submitted herewith is the Comprehensive Annual Financial Report
of the Village of Tequesta, Florida, for the fiscal year ended
September 30, 1984. This report is required by Florida Statutes
165.241 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 f 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-
t ion.
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
PRESENTATION 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.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the Village's accounting system,
consideration is given to the adequacy of internal accounting con-
trols. Internal accounting controls are designed to provide reasona-
ble, but not absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition; and (2) the
reliability of financial records for preparing financial statements
and maintaining accountability for assets. The concept of reasonable
assurance recognizes that: (1) the cost of a control should be
exceed the benefits likely to be derived; and (2) the evaluation of
costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above frame-
work. I believe that the Village's internal accounting controls
adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
Budgetary control is maintained at the department level by the
encumbrance of estimated purchase amounts prior to the release of
purchase orders to vendors. Purchase orders which result in an over-
run of departmental balances are not released until additional appro-
priations are made available. Open encumbrances are reported as
reservations of fund balance at September 30,1984.
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the
Village. In accordance with the provisions of Statement 3 issued by
the National Council on Governmental Accounting entitled, "Defining
the Governmental Reporting Entity," the Village of Tequesta has
determined that there are no additional governmental departments,
agencies, institutions, commissions, public authorities or other
governmental organizations operating within the jurisdiction of the
5
The Honorable Mayor and
Village Council
Village of Teguesta
Village that would be required to be included in the comprehensive
annual financial report of the Village. The Village of Tequesta does
not exercise oversight responsibility for any agencies or entities
other than itself.
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 $1,710,396 and are summarized as
follows:
n c~crc+wTrrz, e
Source
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous and intra-
governmental revenues
1982-83
Amount
$1,014,020
95,964
265,695
9,463
32,455
85,639
$1,503,236
1983-84
Amount
$1,129,107
113,982
317,597
8,807
48,783
92,120
$1,710,396
Percentage
of 1983-84
Total
66.0
6.6
18.6
.5
2.9
Total
5.4
100.0$
EXPENDITURES
Expenditures for the General Fund totaled $1,552,878 and are
summarized as follows:
Purpose
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
1982-83
Amount
$ 279,561
683,100
177,427
356,401
8,024
79,719
$1,584,232
6
Percentage
1983-84 of 1983-84
Amount Total
$ 274,038
737,008
183,591
227,840
2,154
128,24?
$1,552,878
17.6
47.5
11.8
14.7
.1
8.3
100.0$
The Honorable Mayor and
Village Council
Village of Tequesta
Fund Balance
The General Fund has a fund balance of $247,409 at September 30,
1984. The balance is summarized as follows:
Fund balance, September 30, 1983 $ 69,925
Excess of revenues over expenditures 157,518
Operating transfers in 96,673
Operating transfers out (76,707)
Fund balance, September 30, 1984 $247,409
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.
DEBT SERVICE FUND AND GENERAL LONG-TERM DEBT ACCOUNT GROUP
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.
The General Long-Term Debt Account Group is used to account for
long-term liabilities expected to be financed from governmental
funds.
On October 1, 1979, the Village issued $910,000 Improvement
Revenue Bonds~Series 1979 for the purpose of financing certain drain-
age improvements within the Village.
The bonds received 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, 1984, $825,000 of the bonds were outstanding.
During 1984, the Village changed its method of accounting for
compensated absences to conform with the requirements of Statement 4
issued by the National Council on Governmental Accounting. The non-
current portion of compensated absence liability of the governmental
funds is recorded in the Long-Term Debt Account Group.
7
The Honorable Mayor and
Village Council
Village of Tequesta
ENTERPRISE FUND
Water Treatment Plant Im rovements
The Village is currently in the process of upgrading the present
water treatment system, an aeration, chlorination, gravity sand
filtration system, with a pumping capacity of .96MGD, to a manganese
greensand system, with a pumping capacity of 1.8MGD.
The improvements are necessary to meet Department of Environmen-
tal Regulation requirements and projected future water demands for
customers of the system.
During the fiscal year, the planning and design phase of upgrad-
ing the Village water treatment system was completed. Installation
of new raw water lines to the plant and instrumentation modifications
at the treatment plant were also near completion.
Total estimated cost of the improvements is $650,000. Expendi-
tures for work completed through September 30, 1984 amounted to
$64,781.
The project should be completed during fiscal year 1985. Im-
provement costs will be paid from unreserved retained earnings of the
Enterprise 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 $1,094,051
Operating expenses 982,883
Operating income 111,168
Nonoperating revenues (expenses) (41,168)
Operating transfers out (96,673)
Net loss $ (26,673)
8
The Honorable Mayor and
Village Council
Village of Tequesta
The loss in the Water Fund was the result of an increase in
depreciation expense due to a change in the estimated lives of cer-
tain Water Fund Fixed Assets. In addition, another fixed asset was
disposed at a loss. Because these events are considered isolated
instances they are not expected to be recurring.
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, 1984, $3,915,000 of the bonds remained outstanding.
On October 23, 1984, the Village Council adopted a resolution
authorizing the refunding of the outstanding Series 1978 bonds. The
sale of $1,525,000 Water Refunding Revenue Bonds - Series 1985 will
be used to refund Series 1978 bonds.
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.
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1983 Additions Deletions 1984
Land $ 35,000 $ $ $ 35,000
Buildings 174,927 36,077 211,004
Equipment 243,512 72,056 22,361 293,207
Total $453,439 $108,133 $22,361 $539,211
CASH MANAGEMENT
Cash temporarily idle during the year was. invested in money
market accounts and certificates of deposit ranging from 180 to 365
days to maturity. The average yield on maturing investments during
the year was 10.3$. The average yield on money market accounts was
9.0$.
9
The Honorable Mayor and
Village Council
Village of Tequesta
CERTIFICATE OF CONFORMANCE
The Government Finance Officers Association of the United States
and Canada (GFOA) 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, 1983.
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 GFOA 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' lage Manager
Bill C. K sc lis, Finance Director
10
Certificate
of
Conformance
in Financial
Keporting
Presented to
Village of
Tequesta, Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1983
A Certificate of Conformance in Financial Reporting is
presented by the Government 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.
c~ Fs ~~~s`fl/~
1F0 STATES\ y
~~ t o resident
xeoaAnox s ~~~ ~'.
s.._~.~o\,,
cxrc~~o t,.
' Executive Director
11
VILLAGE OF TEQUESTA
ORGANIZATION CHART
Village Council
Village Manager
Village Clerk
Maintenance I I Water I (Administration
Department y Department Office
Village Attorney
Finance I I Bpilding I ( Police
De artment De artment Department
12
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1983-1984
Carlton D. Stoddard
Arthur R. Murphy
W. Harvey Mapes, Jr.
Lee M. Brown
William E. Wagar
VILLAGE OFFICIALS
Robert Harp
Cyrese Colbert
John C. Randolph
(Johnston, Sasser
Bill C. Rascavelis
Franklin D. Flannery
Scott D. Ladd
Gary Preston
James W. Worth
Curtis S. Sapp
& Randolph)
Manager
Clerk
Attorney
Mayor
Vice Mayor
Councilman
Councilman
Councilman
Finance Director
Police Chief
Building Official
Recreation Director
Water Superintendent
Maintenance Superintendent
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Holt, Miner & Risker
13
NOWLEN, HOLT, MINER &KISKER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 859.3060
EVERETT B. NOWLEN, CPA, (1930.7984)
EDWARD T. HOLT, CPA
WILLIAM B. MINER, CPA
WILLIAM C. KISKER, JR., CPA
R. GREGORY SMITH, CPA
ROBERT W. HENDRIX, JR., CPA
JANET R. BARICEVK:H, CPA
B.E. WEEKS, CPA
RICHARD J. HUTCHINSON, CPA
CAROL A. CALLAHAM, CPA
MARK A. MOORE, CPA
WANDA W. BERGERON, CPA
BERNARD J. DONTH, CPA
FRANK D. TEETS. JR., CPA
MARIA D. GALDOS, CPA
KATHLEEN A. BENTLEY, CPA
DIANE ERRERA, CPA
DEBRA M. MAWN, CPA
KIM HATCHER, CPA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Floria
BELLE GLADE OFFICE
333 S.E. 2nd STREET
POST OFFlCE BOX 338
BELLE GLADE. FLORIDA 33430
TELEPHONE (305) 998-5812
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, as of and for the year ended
September 30, 1984, 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, 1984, 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.
January 9, 1985
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1984
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
$153,936 $ 618 $ 7,432
1,260
150,000 100,000
7,097
1,068 94 2,773
5,393
4,574
735
$318,229 $5,286 $111,465
16
Proprietary
Fund Type
Enterprise
$ 151,738
950,700
116,794
15,380
11,090
147,050
207,488
132,131
1,558,925
13,577
3,993,046
$7,297,919
Account Groups
General General
Fixed Long-Term
A i..... i... T .. L. 1.
539,211
$539,211
110,205
745,578
$855,783
See notes to financial statements.
Totals
(Memorandum
Only)
$ 313,724
1,260
1,200,700
123,891
19,315
5,393
.4,574
11,825
147,050
207,488
132,131
1,558,925
13,577
4,532,257
110,205
745,578
$9,127,893
17
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1984
Governmental
Fund Types
Special Debt
General Revenue Service
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
Other liabilities
$ 17,626 $
32,290
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 subsequent year's
expenditures
Designated for debt service
Undesignated
Total fund equity
Total liabilities and fund equity
1,260
20,904
5,000
70,820 5,000 1,260
735
4,322
84,232
50,000
89,235
20, 970
108,120 286
247,409 286 110,205
$318,229 $5,286 $111,465
18
Proprietary
Fund Type Account Groups
General General Totals
Fixed Long-Term (~emorandum
Enterprise Assets Debt Only)
$ 41,676 $ $ $ 59,302
12,646 30,783 75,719
1,260
132,131 132,131
95,944 95,944
392 5,392
20,904
825,000 825,000
3,915,000 3,915,000
(92,004) (92,004)
5,924 5,924
4,111,709 855,783 5,044,572
879,669 879,669
539,211 539,211
1,684,046 1,684,046
622,495 622,495
735
89,235
4,322
84,232
50,000
20,970
108,406
3,186,210 539,211 4,083,321
$7,297,919 $539,211 $855,783 $9,127,893
See notes to financial statements.
19
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, 1984
General
Revenues
Taxes $1,129,107
Licenses and permits 113,982
Intergovernmental revenues. 317,597
Charges for services 8,807
Fines and forfeits 48,783
Miscellaneous revenues 36,680
Inteagovernmental services 55,440
Total revenues 1~b~~6
Expenditures
Current
General government 274,038
Public safety 737,008
Physical environment 183,591
Transportation 227.840
Human services 2,154
Culture/recreation 128,247
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures 1,.552,878
Excess of revenues over (under) expenditures 157,518
Other financing sources (uses)
Operating transfers in 96,673
Operating transfers out (76,707)
Total other financing sources (uses) 19,966
Excess of revenues and other sources over (under)
expenditures and other uses 177,484
Fund balances (deficit), October 1, 1983 69,925
Fund balances, September 30, 1984 $ 247,409
20
Governmental Fund Types Totals
Special Debt (Memorandum
Revenue Service Only)
$ $ $1,129,107
113,982
18,302 335,899
8,807
48,783
754 14,289 51,723
55,440
19,056 14,289 1,743,741
274,038
18,565 755,573
183,591
227,840
2, 154
128,247
20,000 20,000
71,299 71,299
18,565 91,299 1,662,742
491 (77,010) 80,999
76,707 173,380
(76,707)
76,707 96,673
491 (303) 177,672
(205) 110,508 180,228
$ 286 $110,205 $ 357,900
See notes to financial statements.
21
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, 1984
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Inteagovernmental services
Total revenues
Expenditures
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
Contingency
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, 1983
Fund balances, September 30, 1984
General Fund
Variance -
Favorable
Budget Actual (Unfavorable)
$1,087,606
107,000
294,767
7,725
40,300
15,850
55,440
$1,129,107
113,982
317,597
8,807
48,783
36,680
55,440
1, 1 ,396
$ 41,5Q1
6,982
22,830
1,082
8,483
20,830
1,608,688
312,278
738,681
187,000
275,827
12,589
98,400
24,000
1,648,775
274,038
737,008
183,591
227,840
2,154
128,247
1,552,878
(40,087) 157,518
96,673 96,673
(81,300) (76,707)
15,373
(24,714)
19,966
177,484
101,708
38,240
1,673
3,409
47,987
10,435
(29,847)
24,000
95,897
197,605
4,593
4,593
202,198
69,925 69,925
$ 45,211 $ 247,409 $202,198
22
Special Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $1,087,606 $1,129,107 $ 41,501
107,000 113,982 6,982
18,632 18,302 (330) 313,399 335,899 22,500
7,725 8,807 1,082
40,300 48,783 8,483
150 754 604 16,000 37,434 21,434
55,440 55,440
18,782 19,056 274 1,627,470 1,729,452 101,982
312,278 274,038 38,240
18,500 18,565 (65) 757,181 755,573 1,608
187,000 183,591 3,409
275,827 227,840 47,987
12,589 2,154 10,435
98,400 128,247 (29,847)
24,000 24,000
18,500 18,565 (65) 1,667,275 1,571,443 95,832
282 491 209 (39,805) 158,009 197,814
96,673 96,673
(81,300) (76,707) 4,593
15,373 19,966 4,593
282 491 209 (24,432) 177,975 202,407
(205) (205) 69,720 69,720
$ 77 $ 286 $ 209 $ 45,288 $ 247,695 $202,407
See notes to financial statements.
23
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1984
Proprietary
Fund Type
Enterprise
Operating revenues
Charges for services $1,094,051
Operating expenses
Purchased water ~ 333,352
Personal services 158,889
Contractual services 113,876
Supplies 10,508
Heat, light and power 55,015
Repairs and maintenance 14,755
Depreciation 296,039
Bad debts 449
Total operating expenses 982,883
Operating income 111,168
Nonoperating revenues (expenses)
Computer service fee 4,000
251,525
Interest revenue
Interest expense and fiscal charges (276,344)
Loss on disposal of fixed assets. (20,349)
Total nonoperating revenues (expenses) (41,168)
Income before operating transfers 70,000
Operating transfers (out) (96,673)
Net (loss) (26,673)
Retained earnings, October 1, 1983 2,333,214
Retained earnings, September 30, 1984 $2,306,541
See notes to financial statements.
24
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund ,Type
For the Fiscal Year Ended September 30, 1984
Sources of working capital
Operations
Net (loss)
Items not requiring working capital
Depreciation
Amortization of debt discount and issue costs
Loss on disposal of fixed asset
Working capital provided by operations
Increase in current liabilities payable from
restricted assets
Increase in other liabilities
Total sources of working capital
Uses of working capital
Acquisition of property, plant and equipment
Increase in restricted assets
Decrease in contributions
Total uses of working capital
Net decrease 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 decrease in working capital
See notes to financial statements.
Proprietary
_Fund Type
Enterprise
$ (26,673)
296,039
10,172
20,331
299,869
5,982
5,923
311,774
141,741
266,580
686
409,007
$ (97,233)
$ (14,022)
(160,250)
21,207
2,750
(8,800)
(124)
(4,783)
66,789
$ (97,233)
25
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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 four 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 gublic on a continuing basis be
financed or recovered primarily through user charges. The
26
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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 f and 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.
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 7 - 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 f and 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 - 25 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.
28
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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.
An exception to this general rule includes principal and interest on
general long-term debt which is recognized when due.
The proprietary f and 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 operating transfers in and
out.
Encumbrances
The Village records encumbrances, if any, as a reservation of fund
balance until expended or accrued as a liability of the fund. Encum-
brances at September 30, 1984 and 1983 were $84,232 and $37,005,
respectively..
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.
29
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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
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 f and 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 legally controlled at the departmental level within funds
and expenditures may not legally exceed budgeted appropriations at
that level.
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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 amounts 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, U.S. treasury
obligations and money market accounts 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.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Total Columns on Combined Statements
The Total columns on the combined statements are captioned "Memoran-
dum .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
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.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 2 - PROPERTY TAXES (Continued)
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, 1984, the Enterprise Fund
remitted $55,440 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, 1984 were $96,131 (General Fund $83,501, Enterprise
Fund $12,630). 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, 1984,
information was not available with regard to the excess of the
actuarially computed vested benefits over pension f and assets
relating to employees of the Village. Actuarial valuations of the
system are required by State Statute on a periodic basis.
NOTE 5 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable of $116,794 are stated net of a $1,500 allowance
for doubtful accounts and consist of billed revenues totaling $98,292
and unbilled revenues totaling $20,002.
NOTE 6 - COMPENSATED ANNUAL LEAVE AND SICFC PAY
During 1984, the Village changed its method of accounting for vaca-
tion pay to conform with the new requirements of Statement 4 of the
National Council on Governmental Accounting. In the past, vacation
costs of the governmental funds were recorded when paid to employees.
Statement 4 requires that such costs be recorded when earned by
employees. The effect of this change was to decrease revenues in
excess of expenditures of the General Fund by $18,553. The non-
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 6 - COMPENSATED ANNUAL LEAVE AND SICK PAY (Continued)
current portion of compensated absence liability of the General Fund
is recorded in the Long-Term Debt Account Group. For the fiscal year
ended September 30, 1984, the long-term amount was $30,783. It was
impractical to restate the financial statements for years prior to
1984 and the cumulative effect of the change is a one time charge to
income.
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.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 7 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
Account
Bond Amortization
Account
Reserve Account
Renewal and Replacement
Account
Purpose
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
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Principal
Interest
Total
2,010,000
1,905,000
$ 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
$3,915,000 $5,603,177
$ 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
$9,518,177
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
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, which was made when due October i, 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,
1984, $825,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
Annual requirements to amortize this debt are as follows:
Coupon Total
Rate Principal Interest Payments
1985 October 1 8.50$ $ 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,b00 54,600
1993 October 1 8.40 54,600 54,600
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 7 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Coupon Total
Rate Principal Interest Payments
1994 October 1 8.40$ $ $ 54,600
1995 October 1 8.40 54,600
1996 October 1 8.40$ 54,600
1997 October 1 8.44$ 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 $.825,000 $1,154,505
$ 54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
54,600
704,600
$1,979,505
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 including
interest payments of $6,757,682 as of September 30, 1984 are as
follows:
Fiscal
Year Ending Compensated Improvement Water
September 30 Absences Revenue Revenue Total
1985 $ $ 89,235 $ 264,262 $ 353,497
1986 87,535 264,262 351,797
1987 90,855 264,262 355,117
1988 88,755 264,262 353,017
1989 .86,655 264,262 350,917
37
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 7 - LONG-TERM DEBT (Continued)
Fiscal
Year Ending
September 30
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Various
Compensated. Improvement Water
Absences Revenue Revenue Total
$ 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
264,264
264,264
264,264
264,264
264,264
264,264
2,206,425
128,587
128,587
2,033,588
$ 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
30,783
30,783
$30,783 $1,979,505 $9,518,177 $11,528,465
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
Changes in Long-Term Debt: Transactions for the Village for the year
ended September 30, 1984, are summarized as follows:
Improvement Water.
Compensated Revenue Revenue
Absences Bonds Bonds Total
Long-term debt at
October 1, 1983 $ $845,000 $3,915,000 $4,760,000
Add: Compensated
absences 30,783 30,783
Less: Bonds retired (20,000) (20,000)
Long-term debt at
September 30, 1984 $30,783 $825,000 $3,915,000 $4,770,783
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 7 - LONG-TERM DEBT (Continued)
Interest Expense
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1984 totaled $335,197 (general long-term debt - $70,935;
Enterprise Fund - $264,262).
NOTE 8 - EXCESS EXPENDITURES
Expenditures of the police department
were in excess of appropriations of
culture/recreation department of the
excess of appropriations of $98,400.
of the General Fund of $653,677
$645,045. Expenditures of the
General Fund of $128,247 were in
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.
NOTE 10 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of capital improvement charges. For the
year ended September 30, 1984, $79,941 was received for capital
improvement charges. In addition, the Village ref untied $80,627
collected in prior years in accordance with Resolution 2-84/85.
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.
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 12 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund interfund receivables and payables at September 30,
1984 are as follows:
Fund
General Fund
Special Revenue Fund
Enterprise Fund
Interfund Interf and
Receivables Payables
$5,392 $
5,000
392
$5,392 $5,392
NOTE 13 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1983 Additions Deletions 1984
Land $ 35,000 $ $ $ 35,000
Buildings 174,927 36,077 211,004
Equipment 243,51.2 72,056 22,361 293,207
Total $453,439 $108,133 $22,361 $539,211
The components of fixed assets at September 30, 1984 are summarized
as follows:
General
Enterprise Fixed Assets
Fund Account Group Total
Land $ 109,998 $ 35,000 $ 144,998
Buildings 372,444 211,004 583,448
Improvements other than
buildings 4,627,878 4,627,878
Machinery and .equipment 198,967 293,207 492,174
5,309,287 539,211 5,848,498
Accumulated depreciation (1,316,241) (1,316,241)
Total $3,993,046 $539,211 $4,532,257
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1984
NOTE 14 - CHANGE IN USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT
During 1984, the Village reduced its estimate of the useful lives of
certain Enterprise Fund improvements and equipment to reflect tech-
nological changes. These changes had the effect of decreasing income
for the fiscal year ended September 30, 1984 by $155,679.
NOTE 15 - SUBSEQUENT EVENTS
On October 23, 1984, the Village Council adopted a resolution author-
izing the ref unding of outstanding $3,915,000 Water Refunding Revenue
Bonds, Series 1978 providing for the issuance of $1,525,000 Water
Ref unding Revenue Bonds, Series 1984.
NOTE 16 - CONSIDERATION OF DEFINITION OF THE REPORTING ENTITY
In accordance with the provisions of Statement 3 issued by the
National Council on Governmental Accounting entitled "Defining. the
Governmental Reporting Entity," the Village of Tequesta has deter-
mined that there are no additional governmental departments,
agencies, institutions, commissions, public authorities or other
governmental organizations operating within the jurisdiction of the
Village that would be required to be included in the comprehensive
annual financial report of the Village. The Village does not exer-
cise oversight responsibility for any agencies or entities other than
itself.
41
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and
For the Fiscal Year Ended September
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
Local option gas 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
Actual
30, 1984
Budget Actual
$ 621,056
1,000
197,050
268,500
1,087,606
$ 636,533
974
196,96Q
294,640
1,129,107
40,000
63,300
3,700
107,000
16,700
124,075
5,200
1,192
19,600
18,000
110,000
294,767
300
250
575
1,200
3,400
2,000
7,725
42
41,031
65,945
7,006
113,982
15,670
129,234
8,528
1,193
22,813
17,791
122,368
17,59
525
375
609
1,020
4,244
2,034
8,807
Variance -
Favorable
(Unfavorable)
$15,477
(26)
(90)
26,140
41,501
1,031
2,645
3,306
6,982
(1,030)
5,159
3,328
1
3,213
(209)
12,368
2830
225
125
34
(180)
844
34
1,082
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schellule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1984
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Budget
$ 40,000
300
40,300
Actual
Miscellaneous revenues
Interest
Contribution for park land
Other
Abandoned bicycle sales
Total miscellaneous revenues
Intragovernmental services
Administrative management -
water fund
Total revenues
$ 48,467
316
48,783
14,000 26,539
7,982
1,700 2,009
150 150
15,850 36,680
55,440 55,440
$1,608,688
$1,710,396
43
Variance -
Favorable
(Unfavorable}
$ 8,467
16
8,4 3
12,539
7,982
309
20,830
$101,708
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
General government
Legislative
Travel and per diem
Other charges
Total legislative
Variance -
Favorable
Budget Actual (Unfavorable)
$ 3,625 $
275
3,900 3,857
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
Worker's compensation
insurance
Travel and per diem
Other charges
Operating supplies
Books, publications, dues
Machinery and equipment
Repairs and maintenance -
office machines
Total executive
dz
35,840 35,627 213
2,491 2,445 46
3,832 3,831 1
1,646 T,617 29
80 78 2
1,800 1,510 290
50 11 39
50 5 45
18,214 18,055 159
1,270 1,247 23
1,969 1,958 11
2,606 2,605 1
40 40
1,395 1,394
1,250 930
350 149
60 47
105 95
73,E 71, 44
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
38,549
2,669
4,137
1,490
86
44
3,625 $
232 43
38,492
2, 619
4,122
1,390
84
1
320
201
13
10
1,404
57
50
15
100
2
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
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 -
of f ice machines
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 4,000 $ 4,000 $
12,410 12,408 2
500 452 48
400 315 85
1,500 1,364 136
100 80 20
400 400
150 150
66,391 65,476 915
45,000 29,689 15,311
45,000 29,689 15,311
23,000 22,420 580
1,000 1,000
24,000 22,420 1,580
14,621 14,028 593
1,068 970 98
1,585 1,583 2
2,000 1,697 303
36 34 2
500 500
45
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
Variance -
Favorable
Budget Actual (Unfavorable)
General government (continued)
Other general government
(continued)
Codification $ 3,500 $ $ 3,500
Communication services 3,600 3,521 79
Postage 2,000 1,626 374
Utility services 9,665 9,663 2
Fire hydrant rental fees 10,900 10,900
Office equipment rentals 4,515 4,132 383
Insurance 7,500 4,592 2,908
Village Hall maintenance 16,000 5,914 10,086
Office machines maintenance 200 87 113
Other charges 3,225 3,223 2
Office supplies 2,475 2,473 2
Books, publications, dues 1,100 1,060 40
Aid to private organizations 12,450 12,450
Other grants and aids 2,999 2,999
Total other general government 99,939 80,952 18,987
Total general government 312,278 274,038 38,240
Public safety
Police department
Salaries 401,010 413,965 (12,955)
Overtime 15,850 15,832 1g
F.I.C.A. 29,319 28,843 476
Retirement 56,100 55,114 986
Life and health insurance 48,200 48,098 102
46
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
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 -
of f ice equipment
Repairs and maintenance -
rad io 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
Building
Budget
Variance -
Favorable
(Unfavorable)
$ 9,626 $ 9,618 $ 8
3,700 3,416 284
4,710 4,705 5
7,725 7,722 3
385 384 1
12,000 11,478 522
250
3,130
125
1,010
3,200
2,020
3,565
25,050
4,775
425
12,270
600
Total police department
Detention and/or correction
Other contractual services -
P.B.C. Sheriff's Department
Total detention and/or
correction
Protective inspections
645,045
Actual
197
4, 143
30
689
2,198
2,018
3,028
25,034
4,739
415
11,876
135
653,677
150
150
~~n
~~n
Salaries 60,000 59,381 619
F.I.C.A. 4,176 4,112 64
Retirement 6,550 6,536 14
Life and health insurance ?,900 7,753 147
53
(1,013)
95
321
1,002
2
53?
16
36
10
394
465
(8,632)
47
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
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)
$ 1,000 $ 952 $ 48
1,310 (3S5) i,665
2,600 1,742 858
1,200 1,083 117
200 192 8
250 220 30
2,000 1,430 570
300 285
87,486 83,331
15
4,155
Emergency and disaster relief
Civil preparedness
Contingency fund
Capital outlay
Machinery and equipment
500
5,000
500
500
5,000
500
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
738,681 737,008
187,000 183,591
187,000 183,591
6,000
1,673
3,409
3,409
Salaries 73,607 75,172 (1,565)
Overtime 1,000 465 535
F.I.C.A. 5,163 5,127 36
48
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
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)
$ 8,020 $ 8,015
10,000 9,969
2,804 2,801
50
18,025 18,019
1,800 1,370
2,000 1,734
9,483 8,409
100
1,825 1,693
250 226
800 748
1,500 673
20,300 20,300
4,500 3,067
80,000 39,322
34,600 30,730
275,827 227,840
2,000
140
219
825
1,260
15
$ 5
31
3
50
6
430
266
1,074
100
132
24
52
827
1,433
40,678
3,870
47,987
740
125
219
49
824
1
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
Variance -
Favorable
Budget Actual (Unfavorable)
Human services (continued)
Health - mosquito control
(continued)
Flushing solution $ 600 $ $ 600
Other charges 100 100
Gasoline and oil 130 55 75
Insecticide 8,575 8,575
Total human services 12,589 2,154 10,435
Culture/Recreation
Parks and recreation
Salaries 43,164 44,396 (1,232)
Overtime 200 200
F.I.C.A. 3,065 2,985 80
Retirement 4,429 4,300 129
Life and health insurance- ,2,875 2,835 40
Worker's compensation
insurance 547 545 2
Travel and per diem 1,025 82.0 205
Communication services 500 443 57
Utility services - trailer
and office 3,275 3,263 12
Utility services - field lights 3,500 3,465 35
Utility services - security
lights 300 260 40
Utility services - water 650 647 3
Insurance 1,000 887 113
Buildings, equipment and
.grounds repairs and
maintenance 6,150 6,126 24
Fields repairs and maintenance 15,000 1,307 13,693
Truck repairs and maintenance 500 419 81
Bicycle path repairs and
maintenance
Other charges 50 50
50
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1984
Variance -
Favorable
Budget Actual (Unfavorable)
Culture/Recreation {continued)
Parks and recreation (continued)
Office supplies $ 50 $ 21 $ 29
Gasoline and oil - truck and
tractor 560 551 9
Gasoline and oil - other 75 75
Small tools and minor
equipment 1,000 704 296
Program expense 1,125 1,114 11
Books, publications, dues 100 40 60
Buildings - restroom facility 6,000 36,384 (30,384)
Playground parks - wood fence 2,000 15,475 (13,475)
Machinery and equipment 1,260 1,260
Total culture/recreation 98,400 128,247 (29,847)
Contingency 24,000 24,000
Total contingency 24,000 24,000
Total expenditures $1,648,775 $1,552,878 $95,897
51
THIS PAGE INTENTIONALLY LEFT BLANK
PROPRIETARY FUND
(ENTERPRISE FUND)
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1984
Purchased water
Personal services
Wages
F.I.C.A. taxes
Retirement
Life and health insurance
Total personal services
Contractual services
Ins urance
Professional services
Communication services
Rentals
Legal
Engineering
Accounting and auditing
Other current charges
Licenses and fees
Administrative management
Personnel training and travel
Total contractual services
Supplies
Office supplies
Truck gas and oil
Chemicals
Small tools
Laboratory supplies
Diesel fuel
Books
Total supplies
Heat, light and power
Repairs and maintenance
Variance -
Favorable
Budget Actual (Unfavorable)
$330,000 $333,352 $ (3,352)
$121,901 $121,981 $ (80)
8,439 7,944 495
13,084 12,630 454
17,743 16,334 1,409
161,167 158,889 2,2
$ 6,900 $ 4,991 $ 1,909
13,000 9,818 3,182
3,890 3,833 57
1,400 1,080 320
1,200 3,502 (2,302)
15,000 14,471 529
12,610 12,609 1
1,003 876 127
1,600 1,595 5
55,440 55,440
6,500 5,661 839
118,543 113,8 6 4,667
$ 6,950 $ 5,019 $ 1,931
2,900 2,519 381
2,000 2,186 (186}
500 508 (8)
200 101 99
750 750
300 175 125
13,600 10,508 3,092
$ 41,500 $ 55,015 $(13,515)
$ 17,280 $ 14,755 $ 2,525
52
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1984 and 1983
1984 1983
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Income before operating transfers
Operating transfers in (out)
Net income (loss)
$1,094,051 $1,023,321
982,883 804,402
111,168 218,919
(41,168) (52,824)
70,000 166,095
(96,673) (232,776)
$ (26,673} $ (66,681)
53
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1984
Sinking
T ...ww..wL
Balance, October 1, 1983
Cash and investments $ 4.117
Unamortized discount on investments
Accrued interest receivable
4,117
Increases
Transfers from unrestricted accounts 247,082
Investment earnings 25,648
Transfers from restricted accounts 656
Total 273,386
Decreases
Capital outlay
Interest payments 264,263
Other debt service costs 1,075
Transfers to other unrestricted accounts
Transfers to other restricted accounts 11,104
Total 276,442
Balance, September 30, 1984
Cash and investments 1,061
Unamortized discount on investments
Accrued interest receivable
Total $ 1,061
54
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$852,066 $268,228 $14,630
(46,991)
7,880 572 68
812,955 268,800 14,698
71,463 41,995 3,763
5,000 10,800
76,463 41,995 14,563
360
600
5,879 2,024
40,582
6,479 40,582 2,384
923,687 268,352 26,693
(49,253)
8,505 1,861 184
$882,939 $270,213 $26,877
55
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$3,915,000 Water Ref unding Revenue Bonds - Series 1978
September 30, 1984
The debt was incurred on August 1, 1978, through the issuance of
$3,91 5,000 water ref unding revenue bonds. The proceeds were used to
refun d a portion of the outstanding Series 1967 and Series 1976A water
reven ue certificates. The bonds are secured by the net rev enues of the
Water Fund. On September 30, 1984, the outstanding bonds totaled
$3,91 5,000; the payment schedule foll ows:
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1984 Oct. 1 6.75$ $ $ 132,131 $ 132,131 $ 132,131
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 i 6.75 132,131 132,131
1990 Oct. 1 6.75$ 132,131 132,131 264,262
1991 April 1 6.75 132,1.31 132,131
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
56
VILLAGE OF TEQUESTA, FLORIDA
.Amortization Schedule
$3,915,000 Water Refunding Revenue Bonds - Series 1978
September 30, 1984
Coupon Annual
Due Date Rate Principal Interest Total Requirements
1995 April 1 6.75$ $ $ 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 Apr i1 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~s 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 $5,603,177 $9,518,177 $9,518,177
(1} To be retired through operation of the mandatory sinking fund re-
quirements.
57
VILLAGE OF TEQUESTA, FLORIDA
Amortisation Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1984
The debt was incurred on April 1, 1980, through the
$910,000 improvement revenue bonds. .The proceeds were
ing and drainage improvements. On September 30, 1984,
ing bonds totaled $825,000:
issuance of
used for pav-
the outstand-
Co upo n
Rate Principal Interest
1985 October 1 8.50$ $ 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 $825,000 $1,154,505
Total
Payments
$ 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
$1,979,505
58
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1984
United States Treasur Obli ations
Unamortize Interest Maturity
Par Value Cost Discount Rate Date
Enterprise Fund
Reserve Account
Bond Amortization
Account
$ 55,000 $ 54,880
885,000 835,747
$ 120 8.25 8/15/85
49,253 7.625 2/15/07
59
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1984
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Capital improvement account
Certificates of Deposit
Interest Maturity
Amounts Rate Date
$100,000 11.000 4/01/90
208,000 11.250 3/11/85
250,000 11.250 3/04/85
100,000 10.500 11/16/84
587,000 11.375 9/18/85
208,848 7.500 7/01/86
2,000 10.750 4/20/87
180,000 10.500 11/05/84
60
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1984
Enterprise Fund
Meter deposits accounts
Retained earnings account
Renewal and replacement account
Bond amortization account
Capital improvement account
General Fund
Money Market Accounts
Interest
Amounts Rate
$ 3,250 Various
13,700 Various
25,800 Various
1,200 Various
39,200 Various
150,000 Various
61
VILLAGE OF TEQUESTA, FLORIDA
Schedule o£ Insurance
September 30, 1984
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 BAP384701 500,000
Public Employees Blanket Bond H04135132 100,000
Workmen's Compensation WC0074680 100,000
Multi-peril Policy
(90~ co-insurance) SMP486835 Various
Police Professional Liability ULF-0425 100,000/1,000,000
Public Official's and
Employee's Liability 5240053602 200,000
Mini Computer Protection 309ZA1895 10,000/40,000
Umbrella Liability 5502058392 1,000,000
Indemnity Bond 8N302954 2,500/30,000
62
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
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
1984 274,038 755,573 183,591
(1) Includes General, Special Revenue and Debt Service Funds.
63
Culture
Physical Human and Debt
Environment Services Recreation Service Total
$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
1.59,155 11,069 82,808 89,088 1,548,791
177,427 8,024 79,719 92,988 1,697,244
227,840 2,154 128,247 91,299 1,662,742
64
VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
Taxes
Licenses
and
Permits
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
1984 1,129,107 113,982
(1) Includes General, Special Revenue and Debt Service Funds.
(2) Includes intragovernmental services.
65
Charges
for
Intergovernmental Services
Fines and
Forfeits Miscellaneous(2)
Total
$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
335,899 8,807 48,783 107,163 1,743,741
66
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
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
1983 550,573 540,876 98.2 9,697 1.8
1984 641,179 636,533 99.3 4,646 .7
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
67
THIS PAGE INTENTIONALLY LEFT BLANK
VILLAGE OF TEQUESTA, FLORIDA
Assessed and Estimated Actual Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Real Property
Assessed
Value
Estimated
Actual Value
$ 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
206,820,038
Source: Palm Beach County Property Appraiser's office.
$ 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
206,820,038
68
Personal Proper_~r
Estimated
Assessed Actual
Value Value
$ 5,149,726
5,720,139
6,147,522
6,398,719
7,218,482
8,036,976
8,576,046
9,030,079
10,410,095
11,333,640
$5,420,764
6,021,198
6,471,075
6,735,493
7,598,402
8,459,974
9,027,416
9,030,079
10,410,095
11,333,640
Total
Assessed Estimated
Value Actual Value
$67,268,625
68,147,206
87,492,829
99,797,844
103,633,468
116,792,652
154,638,497
214,301,672
209,804,188
218,153,678
$ 70,809,078
71,733,900
92,097,713
105,050,361
109,087,860
122,939,632
162,777,364
214,301,672
209,804,188
218,153,678
Ratio of
Assessed to
Total Estimated
Actual Value
95~
95
95
95
95
95
95
100
100
104
69
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Rates - A11 Overlapping Governments (Unaudited)
(Per $1,000 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
General
Fund County
County
School County
Board Library
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
1984 4.9200 4.1836 7.1720 .3525
(1) Two (2) year levy
(2) Included in County millage rate.
At October 1, 1983, the Jupiter Fire Control District No. 1
became a part of Palm Beach County through consolidation.
Source: Palm Beach County Property Appraiser's office.
70
South
Florida Jupiter
Water Jupiter Fire Palm Beach
Management Inlet District Junior
District District No. 1 College Total
.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
.4270 .2290 (2) 17.2$41
?1
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
1975 3,912 $ 62,118,899
1976 3,852 62,427,067
1977 3,812 81,345,307
1978 3,81.4 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
1984 3,870 218,153,678
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census
72
Debt
Gross Service Net
Bonded Monies Bonded
Debt (1) Available Debt
$ 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
825,000 110,205 714,795
Ratio of Net
Bonded Debt
to Assessed
Value
.07
.05
.02
.01
.00
.69
.53
.37
.35
.33
Net Bonded
Debt
Per Capita
$ 10.56
8.89
5.76
2.86
.00
202.81
207.27
196.99
192.78
184.?0
73
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1984
The Village of Tequesta, Florida has no legal debt margin.
74
VILLAGE OF TEQUESTA, FLORIDA
Computation of Overlapping Debt (Unaudited)
September 30, 1984
Taxing Authority
Village of Tequesta
Palm Beach County
Total
Net Debt
Outstanding
$ 71.4,795
148,262,749
Percentage
Applicable
To
Tequesta
75
100.00
.82~
Amount
Applicable
TO
Tequesta
$ ?14,795
1,215,755
$1,930,550
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
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
1984 20,000 71,299 91,299 1,662,742 5.5
(1) Includes General, Special Revenue and Debt Service Funds.
76
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Net
Revenue
Available
Gross Operating for Debt Debt Service Requirements
Revenues Expenses Service Principal Interest Total Coverag=
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
1984 1,349,576 982,883 366,693 -0- 276,344 276,344 1.33
77
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Fiscal Year
Commercial Residential
Construction(1) Construction(1) Property Value(2)
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
1984 3 329,567 50 4,366,966 232,803,399 206,820,038 11,333,640
Source:
(1) Village of Tequesta Planning and Zoning Department.
(2) Palm Beach County Property Appraiser's office.
78
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1984
Taxpayer
Barnett Bank of Palm
Beach County
Lighthouse Plaza
Village Square
Pride Plaza
Tequesta Plaza
Tequesta Fashion Mall
Tequesta Country Club
Villager Apartments
Shaw Properties
Community Federal of
Riviera Beach
Percentage
1984 of
Assessed Assessed
Type of Business Valuation Valuation
Banking $6,828,585 3.13
Shopping plaza 4,080,214 1.87
Shopping center 2,864,108 1.31
Super market 2,288,785 1.04
Shopping plaza 2,195,168 1.00
Shopping center 1,859,550 .85
Golf and social
club 1,775,580 .81
Apartment rentals 1,226,608 .56
Office building 791,962 .36
Savings and loan
association 728,998 .33
Source: Palm Beach County Property Appraiser's office.
79
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1984
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 Prc~ter_ti_c~n:
Provided by - Palm Beach County
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 - 3,582
Average daily consumption - 1.997 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
80
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited) (Continued)
September 30, 1984
Electric Service:
Florida Power & Light
Telephone Service: Southern Bell Telephone & Telegraph Co.
Building Permits Issued: 732
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
Municipal Employees:
Full-time - 43
Part-time - 5 (seasonal)
81
LETTER OF COMMENTS TO MANAGEMENT
NOVVLEN, HOLT, MINER & KISKER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
suITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305} 659-3080
EVERETT B. NOWLEN, CPA, (1930.19841
EDWARD T. HOLT. CPA
~i WIWAM B. MINER, CPA
WIWAM C. KISKER, JR., CPA
~ R. GREGORY SMITH, CPA
ROBERT W. HENDRIX, JR., CPA
JANET R. BARICEVK;H, CPA
B.E. WEEKS, CPA
RICHARD J. HUTCHINSON, CPA
CAROL A.CALLAHAM,CPA
MARK A. MOORE, CPA
WANDA W. BERGERON, CPA
BERNARD J. DONTH, CPA
FRANK D. TEETS, JR., CPA
MARIA D. GALDOS. CPA
KATHLEEN A. BENTLEY, CPA
DIANE ERRERA, CPA
DEBRA M. MAWN, CPA
KIM HATCHER, CPA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFlED PUBLIC ACCOUNTANTS
FLORIDA INSTRUTE OF
CERTIFfED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
January 9, 1985
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
Re: Letter of Comments to Management
Gentlemen:
BELLE GLADE OFFICE
333 S.E. 2nd STREET
POST OFFICE BOX 338
BELLE GLADE. FLORIDA 33430
TELEPHONE (305} 996.5612
We have examined the general purpose financial statements of the
Village of Tequesta, Florida for the year ended September 30, 1984,
and have issued our report thereon dated January 9, 1985. 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
statements. 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 manager.-ent 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 limitations 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.
82
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 proce-
dures and controls:
1. 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.
2. 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.
3. Monies collected in the Building Department for licenses
and permits were held in some instances up to two weeks
before being deposited. Receipts should be deposited on a
daily basis. This will help prevent the loss or misuse of
f ands and will make. cash more readily available for expen-
ditures and investment activities.
Items number 1 and 2 described above were reported in the previous
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,
83
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.
84